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like safe haven. I believe that in a world where central bankers are tripping over themselves to

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devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.

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I mean, that's part of the bull case for Bitcoin. If you're not paying attention,

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you probably should be. Yeah, are you really ninja launches there, Logan?

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Over here getting stuff ready. Happy Friday afternoon, everybody.

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He literally told us I'm going to hit the button.

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And then he hit the button.

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He didn't even wait a little bit.

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You'll have to pull that up now.

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I'm just putting that in there.

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Logan.

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It just, it, where the fuck are we?

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Everyone gets a little plump going and everyone just gets distracted.

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I used to start on just a picture or something.

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Are we considering this a pump?

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yeah 100%

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whereas like

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Central Bank of

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Marty is

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not declaring it

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a pump yet

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where are we

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let me see

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over the last

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seven days

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Bitcoin is up

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11%

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that's a pump

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that's a good pump

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10% weak

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I feel like

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is a

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currently sitting

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at $122,084

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cold opening with this

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beautiful landscape

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coming to you live

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on a Friday afternoon

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this week

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I think we discussed it last week

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that I read about in the newsletter

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but we had our 1031

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portfolio company retreat

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out in Utah

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year number four

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year number four

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always a rejuvenating week

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inspiring week and of course

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Bitcoin's pumping I think it knew that

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the 1031 portfolio was

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congregating

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any

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from the hip thoughts on the week that

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was for us

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are you

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asking me

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no I'm asking Logan

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yes I'm asking you

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I mean look I think

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it was great it's always

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great

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I think it's something special that we get to be a part of.

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I mean, 1031 in total, we've invested in 35 Bitcoin companies.

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I think, like just off the top of my head, I want to say like 20 were there.

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Founders from 20 were there.

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And it's a broad cross-section of the ecosystem.

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There's miners there.

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There's financial services.

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There's nodes with Start9.

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There's just many different types of companies that are all operating in the same industry.

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I mean, it's just great to see everyone and have more intimate conversation, right?

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Be able to talk off the record.

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And I always come away from it extremely optimistic and extremely bullish.

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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.

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uh you know not only in terms of like 1031 portfolio but just as an industry and as a

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movement uh we've we've come a massive way um so it's cool to see it firsthand i'm always exhausted

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after these weeks so this is also freaks why we're a day late it was monday tuesday wednesday

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and then thursday was travel yeah now here we are but never gonna miss a week on you so

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So the show must go on.

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What about you, Marty?

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What are your thoughts?

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I'm going to co-sign everything you just said.

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And I just feel complete gratitude for being able to work with some incredible people as we all do our own part individually.

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Obviously, we're investing via 1031, but we also do this show.

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You do Citadel Dispatch.

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I do TFTC.

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And every other founder is working on their little part in the industry.

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some parts or big parts of the industry to move the Bitcoin ball forward.

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To your point about it being four years, the first year,

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John Arnold from our team pulled out the stats.

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The Bitcoin price was $22,000.

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Hash rate was at $225x a hash.

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I remember the second year, one of the big topics was,

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I don't think it had been named at that point,

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but Operation Chokepoint 2.0, the banking crisis.

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and to think that we're sitting at 122,000,

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all that's behind us.

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And it does put into perspective

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how fast things can change in four years.

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100%.

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I see Soap Miners have just 21,000 sets.

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Yes, we are going to win.

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Yeah.

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No, and on that point too.

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of how things can change in four years.

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It's funny because he juxtaposed that to what we discussed last week

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or the week before, which is the amount of unrest that materializes

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when the price of Bitcoin goes sideways for longer than two weeks.

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It's a long game. It's a marathon, Freaks.

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And during those periods of relative boring price movement,

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it's important to put things in perspective.

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if things are happening faster than you realize.

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Yeah, I mean, it's kind of insane to think that like 5x in four years is slow, but...

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Yeah.

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Speaking of 5x, it's going up now.

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We'll go to Clark's dashboard.

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Current price of Bitcoin is $122,180.

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Cuck bucks. Sats getting more expensive. $1 is going to get you 818 sats. We are at a $2.43

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trillion market cap approaching 2.5. We're currently 1.8% below the previous all-time

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high of $124,460. That was hit in mid-August, August 13th. We are at block height

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917,527

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which means we had a difficulty adjustment

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and it was a pretty big one

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last week an upwards adjustment of

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6%

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new difficulty all time high

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at 150 trillion

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we are well over a zeta hash now

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according to mempool.space

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sitting at 1.06 zeta hash per second

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over the last week

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and if you look at

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mempools mempool there's 139 654 transactions mempool heating up a little bit mempools are

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heating up nine sats per vbyte if you want to get your transaction in the next block eight sats if

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you have medium priority seven sats per vbyte if you're willing to wait a bit and just to make sure

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we hit all the boxes here i'll go back to clark's dashboard which has his mempool with 23 809

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transactions in it. And we are 1,769 blocks away from the next difficulty adjustment estimated to

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be on October 15th. As of right now, looking like a downwards adjustment of negative 11%,

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but it's pretty early in this difficulty epoch. So that is not as reliable as it will be a week

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from now. Estimated adjustment. What went on in the world this week? We were completely off the

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grid i think that was the best thing of uh of this trip is that you just literally have no cell

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service for three days yeah you have no cell service and just a lot of good conversation so

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you're not looking at your phone um yeah i mean i had to catch up to make the list

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i said i tried my best hope i didn't miss anything or substance um but before we get there we got a

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bunch of supporters in the Nostra live chat, which you can find on any compatible Nostra app.

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I personally, I'm very focused on building out Primal. If you download the Primal app

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in your favorite app store, it makes it really easy to join the live chat, but you can also go

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to zap.stream. I see Scarcity Fight Club zap does 21,000 sats. He said, sup. Zeke zap does 21,069

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sats said dear lord bless these two podcasters and pleb ed zap does 21 000 sats saying hash rate

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heating season is upon us pleb plebs get those miners plugged in i love to see the momentum on

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the home heating mining side i think it's just a nice natural forcing function for decentralizing

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hash i do too right oh and on that oh yeah on that note um i put in the list because i didn't

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want to forget uh but one of the ride or die freaks came out with a nostril app for apple tv

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is called nostril tv um the nostril tv beta and uh test flight right now right yeah the link to

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the test swipe is in the show notes but i think also i'm pretty sure you can just cast it from the

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primal app or um i'm pretty sure you can cast it from like the primal app or nestier amethyst or

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zapstream wherever you watch um if you don't have an apple tv and you want to like just send it to

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your tv i personally don't have an apple tv so i haven't tested it um but this guy layers zero

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propaganda was really excited about the show and maybe the interface is much better than if you

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cast so check it out if you have an apple tv that's the cool part about nostril being an open

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protocol is that someone can go and ship an app for a different platform and it works across the

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board which is awesome really does phil mustang on the nostril live stream 21,212 sats

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Poundrome, Zap.

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Marty, you look like my cousin Hank.

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You know what?

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Hank's probably a good-looking dude, so I'll take that as a compliment.

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Shout out, Hank.

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It's sweater.

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I mean, going back to the comment on home mining,

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it's a little cool here in the Northeast,

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so I had to throw on the sweater.

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Petronius, Aloha Freaks, Kauai Bitcoin Meetup,

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October 25th, 8.30 a.m.

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Meet at Henalei Pier, Stay Humble, Stack Sats,

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21,000 zap

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21,000 sat zap

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I like that

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early morning meetup

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I think that's the first

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early morning meetup

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we've ever

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yeah that's a cool

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and it's at the pier too

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which I feel like

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is like a nice way

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you know

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on the ocean

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start your morning

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yeah

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shout out to all the

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Kawhi Bitcoiners out there

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aloha

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alright should we get to the list

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because there were some things

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happening this week

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and

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this is our thumbnail.

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We have Brian Armstrong on our thumbnail this week

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if you're listening on YouTube.

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That was better than last week's thumbnail.

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Hopefully nobody gets confused

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and cups in thinking we're Coinbase shills here.

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But a big announcement from Coinbase this week

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was their partnership with Samsung,

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which, if we're being honest,

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does seem pretty big in the sense that

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they're going to get access to a lot of Samsung users.

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So Samsung is going to bring crypto to more than 75 million Galaxy users.

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So it looks like they're going to have the Coinbase One app automatically installed on the phone once they're delivered.

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I don't know. Is that what's going on?

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That's what I assume.

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No, I think it might just be like a pop-up.

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Like sign up for Coinbase.

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exclusive access to coinbase one will be offered within the samsung wallet app in the u.s

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introducing more than 75 million samsung galaxy owners to a premium crypto experience with the

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oh this is just like a coinbase one coinbase is their is their subscription plan yeah i mean um

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um people seemed excited about it i don't it's kind of right now mostly a non-story

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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

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developing, I mean, the holy grail to really accelerate adoption is direct integration in

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Apple Pay and Google Pay and to a subset Samsung Pay. I mean, Samsung Pay, if we're to believe

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their numbers is 75 million people. That's pretty big adoption. Um, so the ideal situation would be

243
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like, you could just fund it with Bitcoin. And then when you tap to pay, it automatically sells

244
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it and you can just, you know, do mobile pay that way. I heavily doubt that's going to happen anytime

245
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soon. Um, it's probably just, they'll probably just like make it easy for you to put their credit

246
00:16:22,758 --> 00:16:29,998
card in there doesn't really change anything um and even if they didn't it would probably be usdc

247
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and it'd probably be circle instead of bitcoin but people are excited about it seemed relevant

248
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that's why it's there hopefully we can ride the coinbase algo rip on on youtube we had to talk

249
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about it that's just an embedded ad people are coinbase coinbase is going to get integrated into

250
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Google Pay.

251
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People are going to be paying

252
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for groceries with Shina Inu

253
00:16:57,238 --> 00:16:59,558
coin. It's the future.

254
00:17:00,238 --> 00:17:01,558
Shibu Inu, whatever

255
00:17:01,558 --> 00:17:02,018
it is.

256
00:17:03,298 --> 00:17:04,278
It is the future.

257
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I wonder if there'd be any vendor lock-in.

258
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Queen Mace is like,

259
00:17:10,998 --> 00:17:13,698
don't let people download other wallets if they're using this.

260
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I don't know.

261
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I think it's just...

262
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I think it's notable that it's the beginning

263
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of a partnership.

264
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there's a lot of Samsung phones out there.

265
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There is.

266
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Speaking of Samsung phones,

267
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if you're in EU and you have one and you're using Signal app,

268
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that could be changing within the next two weeks.

269
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Or an iPhone or any other phone.

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Yeah.

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Our girl Meredith Whitaker,

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president of the Signal Foundation,

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came out with a blog post.

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saying that she's very worried right now because it seems like Germany is about to make an about

275
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face, reversing its longstanding and principled opposition to the EU's chat control proposal.

276
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We've been following the story for probably over five years now. The EU has been trying to

277
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introduce backdoors and to end encrypted chat applications for many years, but Germany has

278
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sort of in the stalwart standing up for privacy within the EU.

279
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And she doesn't really say explicitly what leads her to believe this in the article.

280
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And I went to the German report that she linked to in her blog post, and it wasn't clear either.

281
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But it seems like they have a new coalition government that may not be as steadfast in

282
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terms of protecting privacy, particularly the Minister of Defense.

283
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so there was a big vote on October 14th in the European parliament about

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this chat control proposal and yeah I mean

285
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I mean she's at the tip of the spear in terms of

286
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trying to protect strong encryption standards for the world and she's you know constantly speaking

287
00:19:13,878 --> 00:19:20,878
publicly about it. And, you know, Signal is from a project point of view and a user number point of

288
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view, very much at the tip of the spear for a fight that's been going on for like 30 years,

289
00:19:26,678 --> 00:19:33,278
40 years. So it wouldn't surprise me if she's getting insider information, right, that she

290
00:19:33,278 --> 00:19:39,638
decided she needed to sound the alarm for. I mean, it's pretty hard to imagine a stronger source than

291
00:19:39,638 --> 00:19:47,298
her if that's actually the case, right? Like, I don't think she would be doing this unless she

292
00:19:47,298 --> 00:19:56,798
thought it was a real risk. We reported on this a couple of weeks ago. We're obviously not EU

293
00:19:56,798 --> 00:20:02,598
government experts, but like the way this works in the EU, it's like a threshold. We covered like

294
00:20:02,598 --> 00:20:07,558
the exact threshold of, it's like a certain number of member states need to approve it,

295
00:20:07,558 --> 00:20:10,698
but then also it's based on population of those member states.

296
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So some states have more influence than others.

297
00:20:13,418 --> 00:20:15,738
There's a dual-based threshold there.

298
00:20:16,778 --> 00:20:20,578
And so Germany has been against it this whole time.

299
00:20:20,678 --> 00:20:23,758
So Germany flipping would be a big, significant change

300
00:20:23,758 --> 00:20:27,038
that could result in it getting passed.

301
00:20:27,498 --> 00:20:30,158
Now, Signal has said in the past that they will just pull out

302
00:20:30,158 --> 00:20:32,298
of any market that does this.

303
00:20:32,358 --> 00:20:33,218
They will not comply.

304
00:20:33,578 --> 00:20:35,998
They say there's no secure way to comply, and they're correct.

305
00:20:35,998 --> 00:20:40,178
I mean, there's no such thing as a secure backdoor.

306
00:20:40,338 --> 00:20:44,538
If someone has access to the messages, then anyone can have access to it.

307
00:20:45,578 --> 00:20:54,598
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.

308
00:20:54,678 --> 00:20:58,518
It's like literally, she like reached out to her assistant.

309
00:20:58,638 --> 00:21:00,758
She's like, upload this PDF onto the website.

310
00:21:00,758 --> 00:21:09,318
so maybe it's like not actually maybe they sent this to a bunch of

311
00:21:09,318 --> 00:21:15,558
regulators and stuff and then they just uploaded it to the website maybe i think they have like an

312
00:21:15,558 --> 00:21:20,678
actual blog i've read things on their actual blog that's not pdfs it's interesting uh it's just

313
00:21:20,678 --> 00:21:25,718
interesting that it's not a yeah their last blog post was on october 2nd yesterday they posted a

314
00:21:25,718 --> 00:21:33,678
real blog post and this one's a pdf which is just something to point out yeah i mean do we

315
00:21:33,678 --> 00:21:39,918
did we cover it last week the uk digital id yeah of course we did that was the thumbnail that got

316
00:21:39,918 --> 00:21:46,478
us in trouble remember oh yeah yes logan made it just the the youtube thumbnail was we need digital

317
00:21:46,478 --> 00:21:52,958
ids i did not make that thumbnail i made the other our head our head of our head of uh clickbait

318
00:21:52,958 --> 00:22:01,898
made it yeah no yeah it seems like the that part of the world eastern europe is or western europe

319
00:22:01,898 --> 00:22:08,438
excuse me is developing quickly into overly censorious and this is par for the course when

320
00:22:08,438 --> 00:22:12,518
you lose control of the narrative lose control of your financial system

321
00:22:12,518 --> 00:22:20,618
i will say and isn't android about to crack down on sideloading apps

322
00:22:20,618 --> 00:22:26,978
no i mean so so a couple things here first of all android historically you've always been able

323
00:22:26,978 --> 00:22:33,918
to sideload apps um and on iphone uh you're not able to easily you have to jailbreak the phone

324
00:22:33,918 --> 00:22:39,298
um which is great because it means that you don't have on android you don't have a central

325
00:22:39,298 --> 00:22:43,038
point of failure that is the app store that's where they're going to really target these things

326
00:22:43,038 --> 00:22:46,138
right if you don't comply they're going to remove you from the app store in these different

327
00:22:46,138 --> 00:22:56,798
jurisdictions um now uh there is a registration process that they're going to require for official

328
00:22:56,798 --> 00:23:03,578
google devices uh even for side-loaded apps but it's different than like their app store approval

329
00:23:03,578 --> 00:23:06,638
process where they're actually like signing each app that's happening.

330
00:23:08,758 --> 00:23:11,918
So it's still, it's still going to be more open than Apple.

331
00:23:12,038 --> 00:23:19,018
Now, if you run, if you're running like Graphene or another Android distro, that's not, you

332
00:23:19,018 --> 00:23:24,618
know, Google play services, official distro or whatever, those won't have it.

333
00:23:24,618 --> 00:23:27,838
So you can still run Graphene, you can still run lineage OS.

334
00:23:27,838 --> 00:23:33,998
there's like a bunch of other you know ones you can run and and easily sideload apps

335
00:23:33,998 --> 00:23:44,398
the bigger piece here too is i think is is it really and so this is in the software update

336
00:23:44,398 --> 00:23:52,398
section but it's relevant here um is this is where you know the necessity and the robustness

337
00:23:52,398 --> 00:23:55,758
of open source software is truly important.

338
00:23:57,758 --> 00:24:01,778
And the story I'm highlighting is the guys behind White Noise

339
00:24:01,778 --> 00:24:05,978
are protocolizing what they're building,

340
00:24:06,178 --> 00:24:07,738
and they're calling it the Marmot protocol.

341
00:24:08,658 --> 00:24:13,198
And the idea is that you have a signal level type of privacy,

342
00:24:13,198 --> 00:24:16,638
but it's an open protocol that doesn't require any kind of proprietary

343
00:24:16,638 --> 00:24:20,378
foundation run servers or anything like that.

344
00:24:20,378 --> 00:24:25,438
So it's much more right now. It's not that reliable and needs a lot of work.

345
00:24:26,598 --> 00:24:34,078
But it's much more resistant to this type of centralized pressure because Signal is not a company.

346
00:24:34,758 --> 00:24:40,098
They're an independent nonprofit, but they're running the servers that make everything work.

347
00:24:41,238 --> 00:24:43,878
So they're a central point of failure that can be pressured.

348
00:24:43,878 --> 00:24:50,038
right? WhatsApp is a private company. Facebook has its own incentives, but also it can be

349
00:24:50,038 --> 00:24:56,398
pressured and they can either comply or remove it from app stores. And this is where open source

350
00:24:56,398 --> 00:25:05,938
software really becomes truly powerful, right? It is viral in nature. It's really hard to stop.

351
00:25:06,238 --> 00:25:12,018
It's easy to distribute. It's easy to use. It's easy to build on top of. And that's where I think

352
00:25:12,018 --> 00:25:19,838
the real optimism needs to lie because, um, as we've said many times in the past, like

353
00:25:19,838 --> 00:25:24,858
this, this fight for freedom on the internet and the digital age is, is a multi-pronged

354
00:25:24,858 --> 00:25:25,178
battle.

355
00:25:25,358 --> 00:25:29,218
You have the regulatory side, you have the corporate side.

356
00:25:29,698 --> 00:25:34,838
Um, but then you also have the open source side and the open source side is, you know,

357
00:25:34,838 --> 00:25:37,598
like the final, the final defense, right?

358
00:25:37,598 --> 00:25:43,418
That's the piece that's just really hard to stop.

359
00:25:47,138 --> 00:25:52,678
Yeah, it's a never-ending battle, and it's only escalating from here.

360
00:25:52,758 --> 00:25:56,978
I feel like it's only going to escalate faster as things get more chaotic.

361
00:25:57,718 --> 00:26:02,198
I mean, did you see big news this week in the United States earlier this week?

362
00:26:02,198 --> 00:26:10,538
um tiktok officially or tiktok us officially getting bought out by larry ellison i think

363
00:26:10,538 --> 00:26:16,958
was the largest investor and a couple others and he is doing like oracle is larry ellison is like

364
00:26:16,958 --> 00:26:21,158
80 but there's like saudi money there there's a bunch of other money in there

365
00:26:21,158 --> 00:26:35,438
yeah yeah i mean centralized centralized platforms for speech or for money transmission

366
00:26:35,438 --> 00:26:41,538
or for any kind of communication is um historically the way they've always controlled things right

367
00:26:41,538 --> 00:26:48,538
it's the it's what it it's what makes uh the digital world relatively easy to control

368
00:26:48,538 --> 00:26:53,638
and open protocols, open source software is what stops that,

369
00:26:53,718 --> 00:26:54,658
what makes that obsolete.

370
00:26:57,238 --> 00:27:00,678
I mean, this Marmot open source thing is super exciting.

371
00:27:00,838 --> 00:27:02,478
I mean, I've been talking to them a lot.

372
00:27:02,678 --> 00:27:04,338
OpenSats has been supporting them.

373
00:27:06,878 --> 00:27:10,298
And they're also launching a development kit, right?

374
00:27:10,298 --> 00:27:13,078
So like you have BDK for Bitcoin, you have LDK.

375
00:27:14,178 --> 00:27:16,918
And now you're going to have, so that's on like a payment side

376
00:27:16,918 --> 00:27:18,898
and now you'll have Marmot Development Kit.

377
00:27:19,858 --> 00:27:20,518
MDK, baby.

378
00:27:20,858 --> 00:27:22,198
Messaging, payments.

379
00:27:24,058 --> 00:27:27,038
And then hopefully we'll see many apps come out

380
00:27:27,038 --> 00:27:28,258
that support this kind of thing.

381
00:27:29,438 --> 00:27:29,638
Yeah.

382
00:27:30,858 --> 00:27:33,018
Marmot provides proven cryptographic standards

383
00:27:33,018 --> 00:27:34,438
with Nostric Decentralized Network

384
00:27:34,438 --> 00:27:35,958
to deliver truly private messaging

385
00:27:35,958 --> 00:27:37,058
without centralized servers,

386
00:27:37,178 --> 00:27:38,778
requiring your phone number or email.

387
00:27:38,958 --> 00:27:41,218
Protects both your message content and metadata,

388
00:27:41,618 --> 00:27:43,438
meaning it hides who you're talking to,

389
00:27:43,498 --> 00:27:44,378
not just what you're saying.

390
00:27:45,458 --> 00:27:46,058
Love to see it.

391
00:27:46,058 --> 00:27:46,638
Shout out to Jeff.

392
00:27:46,638 --> 00:27:50,218
Everybody remember at White Noise working on this stuff.

393
00:27:51,838 --> 00:27:54,738
And the real hypocrisy here on the signal side.

394
00:27:55,418 --> 00:28:00,558
Was that Signal's actual, is that Signal's, do they control that account or is that like a mirror account?

395
00:28:00,838 --> 00:28:01,878
That's Signal's account.

396
00:28:02,218 --> 00:28:02,418
Yeah.

397
00:28:02,678 --> 00:28:03,078
Very good.

398
00:28:04,578 --> 00:28:13,538
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.

399
00:28:13,538 --> 00:28:23,138
so their politicians think that they have a right to use it but god forbid the average person

400
00:28:23,138 --> 00:28:27,518
has reasonably strong privacy guarantees on the internet

401
00:28:27,518 --> 00:28:34,658
yep beware freaks next up on the list we have

402
00:28:34,658 --> 00:28:43,478
ICE the immigration what does ICE stand for immigration immigration and customs

403
00:28:43,478 --> 00:28:51,578
enforcement a student support raids a bitcoin mine in uh pod texas shout out to the block space

404
00:28:51,578 --> 00:28:59,658
team the block space media team for scooping this story um but yeah there was a bitcoin

405
00:28:59,658 --> 00:29:11,378
mining operation that ice raided and they deported i think at least a dozen of the employees there

406
00:29:11,378 --> 00:29:15,398
who were Chinese nationals who had overstayed their visas.

407
00:29:16,638 --> 00:29:21,258
Yeah, it seems that there were like 25 employees in total there.

408
00:29:22,138 --> 00:29:24,898
And it specifically was like a bit main repair facility.

409
00:29:24,898 --> 00:29:28,878
So it's for repairing ASICs in Texas.

410
00:29:29,558 --> 00:29:32,438
But yeah, that's one of the pieces that I think is an interesting highlight

411
00:29:32,438 --> 00:29:37,458
is that in most of this ICE enforcement news,

412
00:29:37,678 --> 00:29:41,138
it's about Hispanic illegals.

413
00:29:41,378 --> 00:29:44,158
coming from Central and South America.

414
00:29:44,518 --> 00:29:46,638
But this one seems like it was mostly Chinese.

415
00:29:48,078 --> 00:29:49,098
It was all Chinese, yeah.

416
00:29:49,338 --> 00:29:52,038
I was talking to somebody about it.

417
00:29:52,138 --> 00:29:54,778
I mean, that's post-Chinese mining man.

418
00:29:54,838 --> 00:29:56,738
A lot of Chinese miners came over here.

419
00:30:00,318 --> 00:30:03,738
I mean, just make sure you're...

420
00:30:03,738 --> 00:30:05,338
What's the word I'm looking for?

421
00:30:05,998 --> 00:30:07,838
Renewing your visa, if you're over here.

422
00:30:08,058 --> 00:30:09,258
No, you're not a citizen.

423
00:30:09,258 --> 00:30:22,358
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.

424
00:30:23,998 --> 00:30:25,498
And they were young people.

425
00:30:26,478 --> 00:30:30,918
All of a sudden, they had opportunity and well-paying jobs, and it's possible.

426
00:30:31,518 --> 00:30:33,258
I think more people should do that.

427
00:30:36,238 --> 00:30:37,598
We have them here in the States too.

428
00:30:37,598 --> 00:30:39,378
There's a hundred percent.

429
00:30:39,778 --> 00:30:42,698
There's a couple of mining repair facilities.

430
00:30:42,778 --> 00:30:43,738
I believe one in North Carolina.

431
00:30:45,158 --> 00:30:47,138
Others sprinkled throughout the country.

432
00:30:48,658 --> 00:30:51,378
I see Mick zapped 22,000 sats.

433
00:30:51,458 --> 00:30:52,778
He said, loving the live stream fellas.

434
00:30:52,918 --> 00:30:58,838
Nothing helped this non-dev technical retard to understand Noster more than the show over the last couple of months.

435
00:30:59,058 --> 00:31:01,618
It's really changed my life for the better.

436
00:31:02,098 --> 00:31:03,098
Love to hear it.

437
00:31:03,218 --> 00:31:04,058
Great to have you.

438
00:31:04,058 --> 00:31:07,698
and I see million zap does 23,000 sets.

439
00:31:07,698 --> 00:31:21,856
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

440
00:31:21,856 --> 00:31:25,476
porch overlooking the mountains. Um, so go check that out. It was, it was a

441
00:31:25,476 --> 00:31:33,776
great conversation. Yeah. Yeah. I see Rob. Okay. And the YouTube chat was

442
00:31:33,776 --> 00:31:41,336
that was like a hyundai facility right that they raided and they were all koreans right yeah

443
00:31:41,336 --> 00:31:46,836
south koreans yeah but that one was interesting because i mean i don't know

444
00:31:46,836 --> 00:31:52,636
you know who can you believe um it's always he said she said but they said it was temporary

445
00:31:52,636 --> 00:31:59,856
to train americans right yeah and i believe they were asked to come build the plant in america

446
00:31:59,856 --> 00:32:03,096
so that we could create jobs.

447
00:32:03,336 --> 00:32:04,656
But their visas have expired.

448
00:32:05,996 --> 00:32:06,696
I don't know.

449
00:32:09,936 --> 00:32:11,456
Let's avoid the culture war stuff

450
00:32:11,456 --> 00:32:12,456
so we don't have the energy.

451
00:32:12,696 --> 00:32:13,356
I don't have the energy.

452
00:32:14,536 --> 00:32:15,376
Let's talk about good stuff,

453
00:32:15,456 --> 00:32:16,136
positive stuff.

454
00:32:16,476 --> 00:32:18,156
Did you hear this yet?

455
00:32:18,336 --> 00:32:19,076
Breaking news.

456
00:32:20,136 --> 00:32:21,116
I don't think you know about this.

457
00:32:21,116 --> 00:32:22,436
It's the 14th wave of OpenSAT

458
00:32:22,436 --> 00:32:23,776
Bitcoin grants have been set up.

459
00:32:24,236 --> 00:32:24,416
Wow.

460
00:32:25,316 --> 00:32:26,256
Really impressive.

461
00:32:27,616 --> 00:32:27,976
Yes.

462
00:32:27,976 --> 00:32:36,076
um yeah i mean like we're just gonna keep shipping uh i think these projects that we're

463
00:32:36,076 --> 00:32:43,776
supporting are fucking awesome um and i would like to see them succeed uh so just to call out a few

464
00:32:43,776 --> 00:32:52,216
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

465
00:32:52,216 --> 00:32:57,956
grants but it's 10 projects specifically all the projects we support and all the individual

466
00:32:57,956 --> 00:33:04,576
grant recipients we support are listed on opensats.org. We're trying to be one of the

467
00:33:04,576 --> 00:33:09,076
most transparent charities in the world. But just to highlight a couple of them,

468
00:33:09,316 --> 00:33:17,396
Stratum B2 is trying to distribute mining, specifically transaction selector with individual

469
00:33:17,396 --> 00:33:22,516
miners being able to choose which transactions are included in the blocks they mine, but also

470
00:33:22,516 --> 00:33:27,516
just more secure messaging transport between miners and their mining pools. Orchard is one

471
00:33:27,516 --> 00:33:35,016
that I'm really excited about, Orchard, is a user interface for managing Cashew mints.

472
00:33:36,576 --> 00:33:42,256
So I think one of the cool things about Cashew is individual, smaller community mints.

473
00:33:43,156 --> 00:33:46,016
And historically, you've had to be very technical to be able to do that.

474
00:33:46,496 --> 00:33:50,896
You can imagine just an awesome interface that you run on your start nine that just manages

475
00:33:50,896 --> 00:33:53,856
the Lightning Node and everything else for your community.

476
00:33:53,856 --> 00:33:58,156
I believe we're the largest supporter of BTC pay server at this point.

477
00:33:59,476 --> 00:34:03,556
Those guys continue to do amazing work.

478
00:34:04,756 --> 00:34:07,836
But yes, all the information is listed on the blog post.

479
00:34:08,176 --> 00:34:21,476
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,

480
00:34:21,476 --> 00:34:27,676
please go to opensats.org you can donate with dollars or bitcoin it's tax deductible if you

481
00:34:27,676 --> 00:34:34,316
donate in dollars we automatically convert it to bitcoin um it's like you're dcaing into open

482
00:34:34,316 --> 00:34:42,116
source developers and recently we added um we added automatic credit card donations so you can

483
00:34:42,116 --> 00:34:47,936
set like 20 a month um and we'll automatically convert that to bitcoin take no cut and pass it

484
00:34:47,936 --> 00:34:49,196
to open source contributors.

485
00:34:50,816 --> 00:34:51,556
Oh, yeah.

486
00:34:52,336 --> 00:34:54,296
It's good to see Mutiny on the list.

487
00:34:56,656 --> 00:34:59,796
Mutiny wallet still getting worked on.

488
00:35:00,816 --> 00:35:02,576
People taking the baton and running with it.

489
00:35:04,816 --> 00:35:05,916
Oh, I missed that.

490
00:35:07,576 --> 00:35:07,836
Here.

491
00:35:09,216 --> 00:35:10,336
Is Mutiny on the list?

492
00:35:10,396 --> 00:35:11,396
Mutiny is not on the list.

493
00:35:12,516 --> 00:35:13,136
Yes, it is.

494
00:35:14,136 --> 00:35:15,096
I don't see it.

495
00:35:17,936 --> 00:35:21,116
Oh, that was the first wave of Bitcoin Earth.

496
00:35:21,136 --> 00:35:21,956
How did I get on that?

497
00:35:22,756 --> 00:35:23,876
Yeah, this is the 14th.

498
00:35:24,336 --> 00:35:25,636
This is the 14th wave.

499
00:35:25,876 --> 00:35:30,856
Orchard, Floresta, Alt, Signet, Faucet, Lightning Detective, Cove.

500
00:35:31,356 --> 00:35:32,076
Cove is awesome.

501
00:35:32,176 --> 00:35:32,836
It's on mobile.

502
00:35:33,936 --> 00:35:35,696
It's trying to be the Sparrow mobile.

503
00:35:37,116 --> 00:35:40,116
It's trying to be two, BTCPay server, Satsy's Pocket Guides,

504
00:35:40,976 --> 00:35:43,136
Daniela Brozzini, and LaRink.

505
00:35:44,236 --> 00:35:46,136
Last two being independent contributors.

506
00:35:46,136 --> 00:35:54,876
yeah i'll listen on the blog and more yeah your website's got a weird bug on it

507
00:35:55,556 --> 00:36:05,676
i'll report it to our so i clicked i clicked btc pay server i clicked btc pay server on yeah

508
00:36:05,676 --> 00:36:12,436
and then you click that and it looks like you're scrolling down the page to btc pay server

509
00:36:12,436 --> 00:36:13,896
that I scroll back up.

510
00:36:14,536 --> 00:36:15,516
It takes you back.

511
00:36:15,616 --> 00:36:16,156
Oh, you're right.

512
00:36:16,916 --> 00:36:18,336
Yeah, you're right.

513
00:36:18,416 --> 00:36:19,036
I see that.

514
00:36:19,996 --> 00:36:24,136
Maybe because we already funded them.

515
00:36:24,256 --> 00:36:26,236
So it's just he didn't want to

516
00:36:26,236 --> 00:36:27,076
re-put the descriptions

517
00:36:27,076 --> 00:36:28,156
in every blog post.

518
00:36:28,956 --> 00:36:30,176
But yeah, that's a good point.

519
00:36:30,216 --> 00:36:31,316
That'll be confusing for people.

520
00:36:31,716 --> 00:36:32,416
Thanks for highlighting.

521
00:36:33,416 --> 00:36:35,136
That's good for SEO purposes too, Gigi.

522
00:36:35,296 --> 00:36:37,076
You should repeat it as much as possible.

523
00:36:40,316 --> 00:36:40,756
Boom.

524
00:36:40,756 --> 00:36:44,416
So shout out to you guys at OpenSats.

525
00:36:46,096 --> 00:36:53,676
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.

526
00:36:54,336 --> 00:36:55,376
Riyadh, excuse me.

527
00:36:56,516 --> 00:36:57,516
A little dyslexic there.

528
00:36:57,516 --> 00:37:04,536
In Saudi Arabia, crown prince Mohammed bin Salman has ordered a five-year freeze on residential and commercial rents in the capital of Riyadh.

529
00:37:05,276 --> 00:37:10,836
This follows a sharp rise in rent prices in recent years, a trend that the policy aims to curb.

530
00:37:11,036 --> 00:37:13,176
Violations face steep financial punishments.

531
00:37:13,316 --> 00:37:15,316
Property owners violate the freeze fines.

532
00:37:16,296 --> 00:37:24,096
Risk fines of up to a year's rent plus compensation for tenants and whistleblowers can earn 20% of any fines collected.

533
00:37:25,156 --> 00:37:30,636
While billed as relief, rent freezes are a form of price control that can often yield adverse effects.

534
00:37:30,636 --> 00:37:35,036
property owners may reduce upkeep, shift investments away from housing, or demand

535
00:37:35,036 --> 00:37:39,916
informal payments to compensate for the loss of income. This can create shortages and deteriorating

536
00:37:39,916 --> 00:37:45,716
conditions, making it disproportionately harder for new or lower income residents to find affordable

537
00:37:45,716 --> 00:37:50,656
housing amid the backdrop of authoritarian rule and immense digital repression. For more stories

538
00:37:50,656 --> 00:37:54,396
like this and others, go to financialfreedomreport.org, sign up for the newsletter.

539
00:37:55,876 --> 00:37:57,416
Price controls never really work.

540
00:37:57,416 --> 00:38:02,236
yeah i mean i think it also really highlights that investment real estate is a shit coin

541
00:38:02,236 --> 00:38:09,216
and your government can effectively socialize your buildings at will whenever they want

542
00:38:09,216 --> 00:38:13,896
we've seen it happen time and time again and now we're seeing it happen in saudi arabia

543
00:38:13,896 --> 00:38:21,236
i mean the difference between this versus a government just confiscating your real estate

544
00:38:21,236 --> 00:38:26,556
is really like, it's, you know, it's not that different.

545
00:38:26,856 --> 00:38:29,056
It's quite close to the same thing,

546
00:38:29,156 --> 00:38:31,236
particularly if you mix it together with inflation

547
00:38:31,236 --> 00:38:34,836
and you're not, you know, as an owner of a building

548
00:38:34,836 --> 00:38:37,196
or a landlord, you're not able to raise rents.

549
00:38:37,456 --> 00:38:39,096
It's effectively confiscation.

550
00:38:39,996 --> 00:38:42,276
So shitcoin, not a good store of value,

551
00:38:43,056 --> 00:38:44,016
investment in real estate.

552
00:38:44,576 --> 00:38:46,996
And I would put a carve out for a home you're going to live in

553
00:38:46,996 --> 00:38:48,816
because you can't raise a family in a Bitcoin.

554
00:38:51,236 --> 00:38:58,496
two different things rent control coming to a new york city by you next year

555
00:38:58,496 --> 00:39:05,436
i um i just really want to go i want to quickly go back to the open sets announcement

556
00:39:05,436 --> 00:39:11,056
um because i'm exhausted this week and i did want to highlight specifically

557
00:39:11,056 --> 00:39:17,916
due to a lot of the discussion that is happening uh over the last few months in the bitcoin

558
00:39:17,916 --> 00:39:25,796
community to Floresta. I think Floresta is a really interesting project. So the whole idea

559
00:39:25,796 --> 00:39:35,336
is to create a Bitcoin implementation that uses UtrexO to make it much easier to sync and have

560
00:39:35,336 --> 00:39:41,076
less storage requirements for running a Bitcoin full node. So you can still independently verify

561
00:39:41,076 --> 00:39:49,396
Bitcoin, but you have a much, the trade-off balance results in a much more efficient implementation.

562
00:39:51,076 --> 00:39:55,876
So this is something, this is a project that we have supported in the past. They've been making

563
00:39:55,876 --> 00:40:00,456
good progress. Now we're supporting another contributor to the project. But I just wanted

564
00:40:00,456 --> 00:40:05,576
to highlight that specifically because that's something that we're quite excited about.

565
00:40:08,356 --> 00:40:10,576
Floresta is the Portuguese word for forest.

566
00:40:11,076 --> 00:40:13,836
is a reference to the utrexo accumulator,

567
00:40:14,076 --> 00:40:16,256
which is a forest of Merkle trees.

568
00:40:16,336 --> 00:40:16,836
I like that.

569
00:40:16,916 --> 00:40:17,676
It's a very good name.

570
00:40:18,096 --> 00:40:18,836
It's a great name.

571
00:40:20,196 --> 00:40:20,816
Shout out to the Floresta.

572
00:40:20,836 --> 00:40:22,876
By combining pruning with utrexo,

573
00:40:23,036 --> 00:40:25,396
Floresta has reduced storage requirements and sync times,

574
00:40:25,476 --> 00:40:28,016
making it possible to run full nodes on resource-constrained devices

575
00:40:28,016 --> 00:40:30,436
while still independently verifying Bitcoin.

576
00:40:33,916 --> 00:40:37,676
This support specifically will expand its RPC interface,

577
00:40:38,016 --> 00:40:40,856
so it'll be more similar to how current developers

578
00:40:40,856 --> 00:40:43,476
and infrastructure providers integrate Bitcoin Core

579
00:40:43,476 --> 00:40:45,416
so it can be more of a drop-in replacement.

580
00:40:45,596 --> 00:40:47,036
Like if you're currently running Bitcoin Core,

581
00:40:47,116 --> 00:40:48,216
you can easily switch to it.

582
00:40:50,176 --> 00:40:51,116
Love to see it.

583
00:40:51,496 --> 00:40:52,216
Love to see it.

584
00:40:53,196 --> 00:40:55,396
Shout out to Trajraja for you, TreeXO.

585
00:40:58,836 --> 00:41:00,476
Very underrated Bitcoiner.

586
00:41:00,696 --> 00:41:01,516
It's not underrated.

587
00:41:03,116 --> 00:41:07,016
Probably not well-known enough in wider Bitcoin.

588
00:41:07,016 --> 00:41:07,956
It's in your circle.

589
00:41:08,576 --> 00:41:09,416
Medium-rated.

590
00:41:10,296 --> 00:41:10,556
Yeah.

591
00:41:10,856 --> 00:41:14,956
um next up on

592
00:41:14,956 --> 00:41:26,236
software update section of the show sparrow version 2.3.0 has been released this comes with

593
00:41:26,236 --> 00:41:32,496
send to silent payments pay to dns address and it'll gather your min fee rate from the server

594
00:41:32,496 --> 00:41:39,296
it is pretty funny so this update allows you to send sub one set uh fees

595
00:41:39,296 --> 00:41:45,216
it would be pretty funny if we don't fall below one side provide again

596
00:41:45,216 --> 00:41:54,336
definitely not making a bet but it would be like just shout out craig raw right like he goes out

597
00:41:54,336 --> 00:42:00,156
and builds it update sparrow and then we don't see them again we probably will see them again

598
00:42:00,156 --> 00:42:06,076
i'm definitely not a hill i'm trying to die on anymore but silent payments pretty awesome we saw

599
00:42:06,076 --> 00:42:12,396
a drag release frigate, which makes it easy to run silent payments on the server side.

600
00:42:13,036 --> 00:42:21,816
Silent payments big trade-off is that the user has to be able to figure out what addresses

601
00:42:21,816 --> 00:42:27,516
are used for each payment in a more computation intensive way.

602
00:42:28,736 --> 00:42:31,956
A lot of people have done that on the local side rather than the server side.

603
00:42:31,956 --> 00:42:36,216
and he made a very efficient way to use it with Electrum Server

604
00:42:36,216 --> 00:42:38,276
so that you can do it on the server side.

605
00:42:38,736 --> 00:42:40,636
But SilentPayments, just to remind people,

606
00:42:42,436 --> 00:42:48,436
is like a different take on the same goal as BIP47 and PayNIMS before it.

607
00:42:49,176 --> 00:42:54,596
But the idea is that you could give someone something that looks like an address,

608
00:42:54,856 --> 00:43:00,396
just a text string, and they're able to pay a new address every time they pay you.

609
00:43:00,396 --> 00:43:03,896
So you don't have address reuse, which is a strictly a privacy improvement.

610
00:43:05,676 --> 00:43:07,156
So I absolutely love to see it.

611
00:43:08,376 --> 00:43:08,496
Yeah.

612
00:43:08,956 --> 00:43:14,516
Shout out to Craig and the team, the large team that he has over there at Sparrow working on all this.

613
00:43:16,296 --> 00:43:17,796
My favorite desktop wallet.

614
00:43:19,076 --> 00:43:19,536
Yeah, I know.

615
00:43:21,656 --> 00:43:25,096
My family and projects heavily rely on Sparrow.

616
00:43:25,096 --> 00:43:34,856
That's a perfect example of an integral key open source project that if I didn't have, my life would be strictly worse.

617
00:43:35,156 --> 00:43:35,916
So thank you, Craig.

618
00:43:37,456 --> 00:43:40,376
Also, reminder, there's no Sparrow mobile wallet.

619
00:43:40,536 --> 00:43:42,116
There's a bunch of scam wallets out there.

620
00:43:42,456 --> 00:43:44,876
The official website is sparrowwallet.com.

621
00:43:45,656 --> 00:43:49,096
But with the popularity of Sparrow has come the scams.

622
00:43:49,636 --> 00:43:52,576
A lot of fake wallets out there that have the Sparrow branding.

623
00:43:52,576 --> 00:43:54,716
So make sure you go to the correct website.

624
00:43:55,096 --> 00:43:56,996
when you download Sparrow.

625
00:43:57,056 --> 00:43:59,536
And that's desktop only, Mac, Linux, Windows.

626
00:44:02,576 --> 00:44:04,636
Staying on the wallet thread,

627
00:44:04,856 --> 00:44:07,616
this is pretty big from Coldcard.

628
00:44:08,496 --> 00:44:10,036
Disclaimer, sponsor of the show,

629
00:44:10,976 --> 00:44:12,316
1031 Portfolio Company.

630
00:44:13,296 --> 00:44:15,556
1031 is an exclusive investor in Coldcard.

631
00:44:16,236 --> 00:44:18,776
Yes, Coldcard has released new spending policy,

632
00:44:19,356 --> 00:44:22,176
which is really cool.

633
00:44:22,176 --> 00:44:24,396
So spending policy for single-siders,

634
00:44:24,396 --> 00:44:36,796
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.

635
00:44:37,836 --> 00:44:40,376
So you can basically say, hey, somebody's trying to spend.

636
00:44:41,736 --> 00:44:42,876
You have a Bitcoin.

637
00:44:43,196 --> 00:44:47,796
You want to limit the amount of Bitcoin that can leave over a certain period to 10 million sats.

638
00:44:47,876 --> 00:44:48,716
You can do that.

639
00:44:48,716 --> 00:44:55,356
and you can set timing conditions where i don't want to be able to move more than

640
00:44:55,356 --> 00:45:01,776
one bitcoin off this wallet over the course of x amount of blocks makes it harder to steal

641
00:45:01,776 --> 00:45:10,276
obviously or adds more burden to to uh a five dollar wrench attacker um and then this is what

642
00:45:10,276 --> 00:45:14,996
i thought was extremely cool um they found a way to support 2fa authentication using the usual

643
00:45:14,996 --> 00:45:20,056
phone apps. If it's enabled, you'll not be able to spend using your cold card unless you also have

644
00:45:20,056 --> 00:45:26,736
your phone provide the correct six digit numeric code. This is pretty cool to say. Yeah, I mean,

645
00:45:26,776 --> 00:45:31,696
people are already very familiar with two factor. They use it to secure plenty of other apps.

646
00:45:32,576 --> 00:45:36,456
Obviously, you're not just relying on the two factor here. You're also relying on

647
00:45:36,456 --> 00:45:42,776
the incredibly strong hardware guarantees of cold card in the first place.

648
00:45:42,776 --> 00:45:50,236
but I think this goes with the trend that we've talked about in the past which is I think it's

649
00:45:50,236 --> 00:45:57,096
been a mistake in this industry to you know multi-sig is awesome but a lot of recommendations

650
00:45:57,096 --> 00:46:01,036
are like if you're going to self-custody you have to use multi-sig and if you're not going to do

651
00:46:01,036 --> 00:46:07,396
that you should buy MSTR the ETF instead and no I think I think single-sig is incredibly powerful

652
00:46:07,396 --> 00:46:13,656
for a lot of people. And it depends on your technical proficiency and use case and threat

653
00:46:13,656 --> 00:46:19,456
model on what is the best Bitcoin setup for you. For public figures, for large organizations,

654
00:46:19,716 --> 00:46:27,256
companies, multi-sig should be the default recommendation. But for the average user,

655
00:46:27,416 --> 00:46:34,336
single-sig, offline, cold storage is an incredibly powerful tool. And the nice part about it is it's

656
00:46:34,336 --> 00:46:37,096
much less complex and burdensome than multi-sig.

657
00:46:38,136 --> 00:46:43,976
So with Coldcard, NVK and Peter, their goal has been to just give users as many tools as

658
00:46:43,976 --> 00:46:44,576
possible.

659
00:46:45,056 --> 00:46:55,054
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

660
00:46:55,354 --> 00:46:58,914
But I would say specifically the two factors really cool, the spending policies.

661
00:46:58,914 --> 00:47:05,194
There's a lot of interesting ways that you can, I think, use that to have a more resistant setup or more secure setup.

662
00:47:07,494 --> 00:47:13,974
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.

663
00:47:13,974 --> 00:47:15,674
it's called hobble mode.

664
00:47:16,634 --> 00:47:19,074
So stuff like exporting the seed and stuff

665
00:47:19,074 --> 00:47:21,434
are not possible unless you put in a separate pin.

666
00:47:21,534 --> 00:47:22,654
So then you get two pins.

667
00:47:24,514 --> 00:47:26,694
And the coolest part is because it's single sig,

668
00:47:26,814 --> 00:47:27,794
at the end of the day,

669
00:47:27,834 --> 00:47:30,414
all you have to do is secure your seed.

670
00:47:30,594 --> 00:47:31,374
Like if you put,

671
00:47:32,194 --> 00:47:35,534
if you take your 12 or 24 words

672
00:47:35,534 --> 00:47:36,694
and you put it in steel

673
00:47:36,694 --> 00:47:38,114
and you secure it somewhere safe,

674
00:47:38,194 --> 00:47:39,434
maybe have a redundant copy.

675
00:47:40,574 --> 00:47:42,294
If you lose your two-factor app,

676
00:47:42,294 --> 00:47:45,614
if you mess up your pins, anything like that,

677
00:47:46,154 --> 00:47:48,514
you make a spending policy that's way too aggressive

678
00:47:48,514 --> 00:47:49,574
or something like that,

679
00:47:50,214 --> 00:47:52,414
you can always just restore from seed.

680
00:47:53,534 --> 00:47:56,074
So you have the peace of mind that you know you have,

681
00:47:56,374 --> 00:47:58,154
you know, these backup boards that you can always,

682
00:47:58,294 --> 00:48:00,134
and you don't necessarily have to restore it on a cold card either.

683
00:48:00,214 --> 00:48:01,294
You can restore it in Sparrow Wallet.

684
00:48:01,374 --> 00:48:05,894
You can restore it in hardware wallets provided by other vendors.

685
00:48:08,274 --> 00:48:09,454
Really, really fucking cool.

686
00:48:10,134 --> 00:48:11,174
Absolutely love to see it.

687
00:48:12,294 --> 00:48:19,014
yeah Logan go back like 40 seconds in the demo but for the 2FA here it's really cool

688
00:48:19,014 --> 00:48:26,854
looks like they have a companion sort of URL you'll initial go to set up a transaction

689
00:48:26,854 --> 00:48:36,634
it'll ask you to put your 2FA code into this website or this URL this app here and you'll

690
00:48:36,634 --> 00:48:43,834
be able to sign that and she'll give you the transaction they had to do this because um

691
00:48:43,834 --> 00:48:52,514
uh two factor relies on a working clock and uh cold card doesn't have a clock in it and it

692
00:48:52,514 --> 00:48:58,394
doesn't have internet um by design uh so they figured out a workaround so that it could work

693
00:48:58,394 --> 00:49:03,174
with with two-factor apps and like the standard two-factor open protocol

694
00:49:03,174 --> 00:49:06,474
it's a beautiful thing

695
00:49:06,474 --> 00:49:07,534
it's a beautiful thing

696
00:49:07,534 --> 00:49:08,214
shout out to

697
00:49:08,214 --> 00:49:09,794
NVK

698
00:49:09,794 --> 00:49:11,934
Peter and crew over there

699
00:49:11,934 --> 00:49:13,494
vibes are high

700
00:49:13,494 --> 00:49:15,554
looks like they have

701
00:49:15,554 --> 00:49:17,794
a post on our Bitcoin too

702
00:49:17,794 --> 00:49:19,014
NVK is asking

703
00:49:19,014 --> 00:49:20,274
for people to go on our Bitcoin

704
00:49:20,274 --> 00:49:21,794
and upvote his post

705
00:49:21,794 --> 00:49:28,274
Reddit is so fucking gameable

706
00:49:28,274 --> 00:49:30,914
Confernius has zapped

707
00:49:30,914 --> 00:49:33,114
21,212

708
00:49:33,114 --> 00:49:34,674
sats and he says open water

709
00:49:34,674 --> 00:49:36,714
BTC is the best

710
00:49:36,714 --> 00:49:38,394
BTC. I agree.

711
00:49:38,954 --> 00:49:40,434
We're not in open water Bitcoin yet.

712
00:49:40,554 --> 00:49:42,514
I was going to say, is this open water? I don't think so.

713
00:49:43,154 --> 00:49:44,834
No, we have to pass the previous all-time

714
00:49:44,834 --> 00:49:47,054
high before we're in open water, but it is the best.

715
00:49:47,674 --> 00:49:48,954
We're in micro pump territory.

716
00:49:49,434 --> 00:49:50,294
Okay, micro pump.

717
00:49:50,454 --> 00:49:52,234
It is a pump, but it's a micro pump.

718
00:49:53,994 --> 00:49:54,914
Feels good though.

719
00:49:55,994 --> 00:49:56,694
Feels good.

720
00:49:57,214 --> 00:49:58,314
The price was just going up.

721
00:49:58,314 --> 00:50:02,134
every morning we'd wake up on this retreat the price was a little higher

722
00:50:02,134 --> 00:50:10,074
vibes were high yeah marty pretends um marty pretends he doesn't check the price but then

723
00:50:10,074 --> 00:50:14,114
he's staying in airbnb with him and he's just like constantly just shouting out the price every time

724
00:50:14,114 --> 00:50:25,294
it changes that doesn't happen i know what you're talking about uh i'd be lying if i said i didn't

725
00:50:25,294 --> 00:50:27,054
My wife doesn't check the price.

726
00:50:27,154 --> 00:50:28,034
I just sent her a screenshot.

727
00:50:28,274 --> 00:50:30,294
She's like, oh my God, $120,000?

728
00:50:30,954 --> 00:50:31,894
Yeah, it's back there.

729
00:50:33,994 --> 00:50:35,274
Get the champagne ready.

730
00:50:37,454 --> 00:50:39,494
Moving on, Shakespeare, Act 2.

731
00:50:43,374 --> 00:50:46,274
Act 2 is a dramatic improvement over the first version of Shakespeare.

732
00:50:46,854 --> 00:50:49,954
We have completely rewritten the code from the ground up.

733
00:50:50,854 --> 00:50:53,434
It is more freedom-respecting AI web builder tools.

734
00:50:53,534 --> 00:50:54,754
So this is from Alex Gleason, correct?

735
00:50:55,294 --> 00:51:00,394
yes and i had him on sale dispatch to talk about shakespeare act one

736
00:51:00,394 --> 00:51:07,754
you built uh what you built who won your price prediction last year last month i mean this is

737
00:51:07,754 --> 00:51:12,974
why it's an actual pump marty because that was a week ago and the price lock-in was 109 dollars

738
00:51:12,974 --> 00:51:20,414
109 000 which is like i mean the difference between 109 000 and 122 it feels like a big

739
00:51:20,414 --> 00:51:27,994
difference. I'd be lying if I said it wasn't. Someone, what was it? It's price prediction game

740
00:51:27,994 --> 00:51:39,294
dot Shakespeare dot two. It looks like it has a bug because it changed what the lock price is,

741
00:51:39,294 --> 00:51:46,534
but this is vibe coded apps for you. But whoever it was got paid. I actually paid the wrong person,

742
00:51:46,534 --> 00:51:51,214
5,555 sats. And then I discovered the right person and they were off by about a hundred

743
00:51:51,214 --> 00:51:57,214
dollars, which is a pretty impressive prediction. Um, and so I, I paid out two people, the prize,

744
00:51:57,214 --> 00:52:07,034
um, and it was 109,500, something like that was, was the lock-in date on September 26th,

745
00:52:07,034 --> 00:52:10,534
about a week ago. Um, but the cool thing about Shakespeare, so Shakespeare,

746
00:52:10,534 --> 00:52:23,654
Shakespeare is Alex Gleason, who formerly built out Truth Social for Trump, has a lot of experience on the social side.

747
00:52:25,014 --> 00:52:30,754
So he got very interested in Noster and now he's very interested in AI and vibe coding.

748
00:52:30,754 --> 00:52:33,894
so Shakespeare uses Bitcoin

749
00:52:33,894 --> 00:52:35,134
and he's a Bitcoiner

750
00:52:35,134 --> 00:52:37,314
uses Bitcoin for payments

751
00:52:37,314 --> 00:52:38,694
open API for the world

752
00:52:38,694 --> 00:52:42,074
uses Nostra for communications and identity

753
00:52:42,074 --> 00:52:43,574
open API for the world

754
00:52:43,574 --> 00:52:45,674
and

755
00:52:45,674 --> 00:52:48,134
LLMs

756
00:52:48,134 --> 00:52:50,054
AI models to create

757
00:52:50,054 --> 00:52:52,034
a super easy way for people

758
00:52:52,034 --> 00:52:52,854
to vibe code

759
00:52:52,854 --> 00:52:55,914
super easy way for people

760
00:52:55,914 --> 00:52:57,834
to vibe code apps

761
00:52:57,834 --> 00:52:59,434
that have all the support

762
00:52:59,434 --> 00:53:02,514
for those two open protocols.

763
00:53:02,734 --> 00:53:05,214
So you can, like the sky's the limit

764
00:53:05,214 --> 00:53:06,654
and it is incredibly easy.

765
00:53:06,734 --> 00:53:09,014
As Marty said, in three prompts,

766
00:53:09,134 --> 00:53:12,554
I created a Bitcoin price prediction game

767
00:53:12,554 --> 00:53:14,354
where people were making predictions on Nostr

768
00:53:14,354 --> 00:53:16,674
and it was automatically feeding into the Vibe-coded app.

769
00:53:17,794 --> 00:53:20,414
And the cool part is with a lot of Vibe-coded apps,

770
00:53:21,074 --> 00:53:23,634
you have security issues,

771
00:53:23,894 --> 00:53:26,854
but because it uses Bitcoin and because it uses Nostr,

772
00:53:26,934 --> 00:53:28,674
you're not managing any login systems.

773
00:53:28,674 --> 00:53:30,494
You're not managing any backend stuff.

774
00:53:30,574 --> 00:53:31,674
It's all front-end stuff.

775
00:53:32,014 --> 00:53:38,374
You don't have to go pay for an API, like a Twitter API, or a Stripe API or something

776
00:53:38,374 --> 00:53:39,354
like that for payments.

777
00:53:40,274 --> 00:53:42,154
So you can just iterate really quickly.

778
00:53:42,394 --> 00:53:43,894
You don't have to have a secure backend.

779
00:53:44,514 --> 00:53:47,374
You can just build all these different cool front-end applications.

780
00:53:48,754 --> 00:53:54,834
And Shakespeare Act 2 is taking it a step further, gives you much more functionality,

781
00:53:54,834 --> 00:54:02,054
the ability to switch which AI models you use and do things locally rather than server-based.

782
00:54:02,234 --> 00:54:03,254
So this is a really big update.

783
00:54:03,474 --> 00:54:04,554
Absolutely love to see it.

784
00:54:04,694 --> 00:54:07,774
And if you haven't listened to the Scylla Dispatch I did with them,

785
00:54:07,834 --> 00:54:11,194
consider going to listen to it because we actually revive coding live on air.

786
00:54:12,554 --> 00:54:14,714
And it's easier than you think it is.

787
00:54:15,274 --> 00:54:17,654
Anyone can do this.

788
00:54:19,434 --> 00:54:19,834
Yes.

789
00:54:20,074 --> 00:54:21,694
I mean, he says in an act too,

790
00:54:21,694 --> 00:54:25,394
while companies like Lovable, Replit, and Cursor lock you into their platforms,

791
00:54:25,534 --> 00:54:26,854
AI models, and hosting solutions,

792
00:54:27,114 --> 00:54:30,074
Shakespeare Act 2 has been rebuilt from the ground up,

793
00:54:30,294 --> 00:54:31,754
complete freedom over all those things.

794
00:54:31,894 --> 00:54:35,074
But it would be really fascinating to see

795
00:54:35,074 --> 00:54:37,014
if this actually begins to eat into the market share

796
00:54:37,014 --> 00:54:38,354
of those three apps specifically.

797
00:54:39,854 --> 00:54:44,234
They're darlings of the AI world right now,

798
00:54:44,614 --> 00:54:47,734
and if Shakespeare can catch hold

799
00:54:47,734 --> 00:54:51,534
and this sort of open source, open model can win,

800
00:54:51,694 --> 00:54:54,574
it'd be very interesting

801
00:54:54,574 --> 00:54:56,174
that's all I'll say

802
00:54:56,174 --> 00:54:59,314
it looks like he's shipping at

803
00:54:59,314 --> 00:55:00,914
breakneck speed I mean just the

804
00:55:00,914 --> 00:55:02,554
screenshots of the interface alone

805
00:55:02,554 --> 00:55:04,394
compared to

806
00:55:04,394 --> 00:55:06,994
when I last checked it looked completely different

807
00:55:06,994 --> 00:55:08,554
it does look very Replit-esque

808
00:55:08,554 --> 00:55:10,314
particularly in the preview of building

809
00:55:10,314 --> 00:55:13,534
photo that it is

810
00:55:13,534 --> 00:55:13,634
and

811
00:55:13,634 --> 00:55:16,294
I

812
00:55:16,294 --> 00:55:17,434
Alex

813
00:55:17,434 --> 00:55:20,414
is an open source grant recipient

814
00:55:20,414 --> 00:55:22,314
to OpenSats grant recipient.

815
00:55:24,934 --> 00:55:26,274
So I absolutely love to see it.

816
00:55:26,274 --> 00:55:28,634
He's one of our LTS grant recipients.

817
00:55:28,934 --> 00:55:30,394
So that's on a two-year basis,

818
00:55:30,534 --> 00:55:32,254
paid out monthly in Bitcoin.

819
00:55:33,094 --> 00:55:35,034
So he can focus on open source

820
00:55:35,034 --> 00:55:37,534
without worrying about paying the rent.

821
00:55:37,534 --> 00:55:40,954
And he can actually do it full-time,

822
00:55:41,414 --> 00:55:42,374
which is really fucking cool.

823
00:55:43,934 --> 00:55:45,834
Shout out to Alex and shout out to OpenSats

824
00:55:45,834 --> 00:55:47,414
for letting him do his thing.

825
00:55:48,674 --> 00:55:49,194
Ships fast.

826
00:55:49,194 --> 00:55:51,294
I see Milian.

827
00:55:51,594 --> 00:55:54,034
I've been told sometimes that I say too much on air,

828
00:55:54,154 --> 00:55:57,554
but Milian is giving us permission in the live chat.

829
00:55:57,554 --> 00:55:59,934
They have a solid primal update in the pipeline,

830
00:56:00,154 --> 00:56:02,554
which will level up the streaming UX,

831
00:56:03,454 --> 00:56:05,734
hopefully ready by next RHR.

832
00:56:06,214 --> 00:56:07,414
I'm currently testing it.

833
00:56:07,634 --> 00:56:08,074
It's awesome.

834
00:56:09,434 --> 00:56:10,414
Shipping fast.

835
00:56:11,394 --> 00:56:12,774
Milian, when can I test it?

836
00:56:13,854 --> 00:56:16,754
Do we not have you on the test flight?

837
00:56:17,294 --> 00:56:18,054
Oh, yeah, I'm on there.

838
00:56:18,054 --> 00:56:20,574
he shipped an update this morning

839
00:56:20,574 --> 00:56:22,534
I gotta update

840
00:56:22,534 --> 00:56:23,354
my bad

841
00:56:23,354 --> 00:56:24,634
my bad for accusing

842
00:56:24,634 --> 00:56:26,494
I have it

843
00:56:26,494 --> 00:56:32,894
hashpool live on testnet v4

844
00:56:32,894 --> 00:56:33,774
this is actually

845
00:56:33,774 --> 00:56:35,654
talked about hashpool a lot this week

846
00:56:35,654 --> 00:56:38,194
VMPRC and Gary

847
00:56:38,194 --> 00:56:39,534
you guys are inspiring people

848
00:56:39,534 --> 00:56:42,194
people are very interested in hashpools

849
00:56:42,194 --> 00:56:45,414
so it's live on

850
00:56:45,414 --> 00:56:47,294
testnet

851
00:56:47,294 --> 00:56:49,354
for and it currently has

852
00:56:49,354 --> 00:56:53,514
6,069,840,960 eHash.

853
00:56:55,134 --> 00:56:57,094
Click in the mint here. Minting.

854
00:57:03,034 --> 00:57:05,354
Yeah, so I mean, I think

855
00:57:05,354 --> 00:57:07,134
hash pools are awesome. I think

856
00:57:07,134 --> 00:57:09,334
VNPRC is a legend among men

857
00:57:09,334 --> 00:57:11,214
and a fantastic

858
00:57:11,214 --> 00:57:12,154
open source contributor.

859
00:57:13,274 --> 00:57:15,014
I see Average Gary is saying

860
00:57:15,014 --> 00:57:17,174
VNPRC does most of the work, but he's

861
00:57:17,174 --> 00:57:21,794
getting there. I mean, hash pools are really cool just at the top level because it uses

862
00:57:21,794 --> 00:57:32,594
cash you to make it much easier for smaller miners to mine privately with just a better

863
00:57:32,594 --> 00:57:38,514
trade-off balance than your standard custodial setup. So right now, for people that are not

864
00:57:38,514 --> 00:57:43,594
aware, if you have a small amount of hash rate, you are using a pool in a custodial way until

865
00:57:43,594 --> 00:57:50,734
you're able to withdraw to your own wallet. So that trade-off of CashU that it is custodial in

866
00:57:50,734 --> 00:57:59,274
that you're trusting the Mint operator to not inflate you or rug you is kind of irrelevant

867
00:57:59,274 --> 00:58:05,754
in this situation because the status quo is that already. So with that being said, then you get

868
00:58:05,754 --> 00:58:11,094
additional privacy benefits from CashU, you get the additional programmability benefits.

869
00:58:11,094 --> 00:58:20,494
And I think personally, this will be very interesting as like small proxy pools that are mining with a much larger pool.

870
00:58:21,214 --> 00:58:23,974
I think it could be really, really interesting.

871
00:58:23,974 --> 00:58:37,114
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.

872
00:58:37,114 --> 00:58:43,554
but on the back end there's you know 100 200 people that are mining through hash pools

873
00:58:43,554 --> 00:58:52,634
that's pretty cool i think that's pretty awesome yeah it really is trying to figure out how to

874
00:58:52,634 --> 00:59:00,774
join this is invite only right now i do not think so right now it's five miners connected

875
00:59:00,774 --> 00:59:10,194
producing 4.9 entire hash a second they've created 61,335 shares for testnet 4 this isn't on mainnet

876
00:59:10,194 --> 00:59:17,034
yet but i see gary gary's caps lock button is broken and he's saying more importantly we get

877
00:59:17,034 --> 00:59:25,454
hash rate marketplaces fpps for your friends not for ant pool yes a lot of cool things here

878
00:59:25,454 --> 00:59:40,994
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.

879
00:59:41,634 --> 00:59:46,994
Then you can go sell those e-hash tokens for SATs of the Lightning Network immediately.

880
00:59:47,754 --> 00:59:48,874
So that's what Gary is saying here.

881
00:59:49,714 --> 00:59:51,874
FPPS for your friends, not for Manpool.

882
00:59:51,874 --> 00:59:59,074
and so it's creating this hash rate marketplace where if somebody wants to take on the risk

883
00:59:59,074 --> 01:00:07,154
the uh the luck risk of the pool they can exchange your e-hash tokens for actual stats they'll pay

884
01:00:07,154 --> 01:00:13,494
for them in sats and so you can monetize those tokens immediately um if you're a miner not at

885
01:00:13,494 --> 01:00:20,694
the way for amp pool or foundry to pay you out every day with their fps model it's beautiful i

886
01:00:20,694 --> 01:00:35,254
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.

887
01:00:35,254 --> 01:00:40,914
I recently had Justin and Brad on sale dispatch from the Fediment open source project.

888
01:00:41,454 --> 01:00:44,434
And that introduction and recommendation was made by VNPRC.

889
01:00:45,414 --> 01:00:47,574
So it's all coming together, freaks.

890
01:00:48,374 --> 01:00:49,914
Good people helping good people, you know.

891
01:00:50,694 --> 01:00:51,694
That's what it's all about.

892
01:00:52,674 --> 01:00:56,314
We got central authorities.

893
01:00:57,094 --> 01:00:58,534
Don't seem to be good people right now.

894
01:00:58,574 --> 01:01:00,354
They're not looking to help good people like you and me.

895
01:01:01,134 --> 01:01:04,034
We got to stand together, help each other out,

896
01:01:04,154 --> 01:01:05,534
and more importantly, build the tools.

897
01:01:06,434 --> 01:01:08,654
They're all neighbors to stay free.

898
01:01:10,734 --> 01:01:11,614
Back to the list.

899
01:01:11,714 --> 01:01:12,554
What do we got next?

900
01:01:12,894 --> 01:01:13,914
Last but not least.

901
01:01:14,034 --> 01:01:15,994
Well, it's not last because I added a few things to the list.

902
01:01:17,414 --> 01:01:20,134
AG releases ad-free news app.

903
01:01:20,694 --> 01:01:28,414
Yeah, so this is not related to Naster, not related to Bitcoin, tangentially related to AI.

904
01:01:29,334 --> 01:01:32,074
But I don't know how to pronounce it.

905
01:01:32,134 --> 01:01:32,434
Kagi?

906
01:01:32,694 --> 01:01:33,034
KG?

907
01:01:33,874 --> 01:01:35,174
It's like Kagi to me.

908
01:01:35,814 --> 01:01:36,214
Kagi.

909
01:01:37,114 --> 01:01:41,734
It's a great privacy-focused search tool is their main business.

910
01:01:41,734 --> 01:01:43,394
And they offer a bunch of other tools.

911
01:01:44,314 --> 01:01:45,874
And it's a subscription model.

912
01:01:45,874 --> 01:01:51,534
So you pay them in Bitcoin and you get really good search with strong privacy guarantees.

913
01:01:52,354 --> 01:01:55,134
And this is their latest app that they've shipped.

914
01:01:56,854 --> 01:01:58,314
It's just fucking awesome.

915
01:01:58,814 --> 01:01:59,894
It's ad-free news.

916
01:02:01,374 --> 01:02:05,234
They're compiling it from a bunch of different sources using RSS feeds.

917
01:02:06,054 --> 01:02:11,694
Then they're doing AI analysis on it and giving you a very strong summary.

918
01:02:11,914 --> 01:02:14,734
It's super customizable on how you want the summary to look.

919
01:02:14,734 --> 01:02:16,714
like do you want a timeline in there

920
01:02:16,714 --> 01:02:19,894
do you want links to the original sources

921
01:02:19,894 --> 01:02:20,914
that they pulled it from

922
01:02:20,914 --> 01:02:22,314
do you want quotes to be pulled out

923
01:02:22,314 --> 01:02:23,014
do you want images

924
01:02:23,014 --> 01:02:24,874
like you can choose all the different things

925
01:02:24,874 --> 01:02:25,794
that are in the stories

926
01:02:25,794 --> 01:02:26,414
and

927
01:02:26,472 --> 01:02:29,692
And then they just updated at noon UTC every day.

928
01:02:29,972 --> 01:02:31,492
So it's one time update.

929
01:02:32,392 --> 01:02:35,612
So it like removes the doom scrolling.

930
01:02:35,772 --> 01:02:37,292
So you can stay up to date on the news.

931
01:02:37,732 --> 01:02:39,012
You're not doom scrolling.

932
01:02:39,112 --> 01:02:41,652
You're not constantly pulling to refresh to see what else happens.

933
01:02:42,372 --> 01:02:43,532
It's just every morning.

934
01:02:43,532 --> 01:02:47,832
And so just keep in mind, noon UTC is 8 a.m. Eastern time.

935
01:02:47,932 --> 01:02:52,792
So 8 a.m. Eastern time every day, they're just updating all the stories.

936
01:02:53,612 --> 01:02:54,392
And it's just fantastic.

937
01:02:54,592 --> 01:02:56,292
It just works really, really well.

938
01:02:56,472 --> 01:03:01,012
they're not tracking you. I mean, obviously you have to trust them that they're not tracking you.

939
01:03:01,072 --> 01:03:07,992
They're not selling ads. They're not trying to get you addicted to the app. I just absolutely

940
01:03:07,992 --> 01:03:12,312
love to see it. And just in general, they're just a great company. They're just one of those

941
01:03:12,312 --> 01:03:17,072
awesome companies that's trying to do it the right way, trying to align incentives with users,

942
01:03:17,072 --> 01:03:22,752
not trying to do the data surveillance model that has completely dominated our tech landscape

943
01:03:22,752 --> 01:03:26,072
and trying to do it in a sustainable way.

944
01:03:26,712 --> 01:03:27,512
They're Bitcoiners.

945
01:03:27,712 --> 01:03:28,692
They're active on Noster.

946
01:03:30,312 --> 01:03:31,572
So check out all their stuff.

947
01:03:31,692 --> 01:03:33,532
But specifically this news app,

948
01:03:33,952 --> 01:03:35,532
if you've been looking to a news alternative

949
01:03:35,532 --> 01:03:36,752
from Doomscrolling,

950
01:03:36,892 --> 01:03:38,552
which I've been looking for for years,

951
01:03:39,312 --> 01:03:41,112
I think this might be it.

952
01:03:41,172 --> 01:03:41,912
It's really great.

953
01:03:43,252 --> 01:03:44,132
Play with it now.

954
01:03:44,212 --> 01:03:44,792
Easy to download.

955
01:03:45,052 --> 01:03:46,312
It seems like this is a free offering.

956
01:03:47,152 --> 01:03:48,232
It's completely free.

957
01:03:48,392 --> 01:03:48,632
Yes.

958
01:03:48,712 --> 01:03:49,672
This is just like,

959
01:03:50,212 --> 01:03:52,172
I think the way they justify it

960
01:03:52,172 --> 01:03:54,692
It's top of funnel for everything else they do.

961
01:03:55,652 --> 01:04:04,012
They also have another free app that just summarizes any article that you're reading on the internet using AI.

962
01:04:05,572 --> 01:04:07,552
So they're already running the infrastructure.

963
01:04:09,512 --> 01:04:13,472
And they figured, hey, let's do it.

964
01:04:13,512 --> 01:04:14,332
Let's solve this problem.

965
01:04:14,912 --> 01:04:19,152
You know, Apple shifting the Vision Bro team to focus on AI wearable glasses now?

966
01:04:19,152 --> 01:04:24,032
yeah i mean facebook really is leading the way on that i mean i think it's

967
01:04:24,712 --> 01:04:30,472
um quite dystopian the idea of having everyone have you know internet connected camera glasses

968
01:04:30,472 --> 01:04:35,812
on them it's like ring cameras on everyone's faces but uh let's be honest i think i mean we

969
01:04:35,812 --> 01:04:39,872
made fun of them as soon as the apple vision pro got released it's like no one's going to walk

970
01:04:39,872 --> 01:04:44,392
around with huge goggles on um even at home you feel like a fucking idiot wearing those goggles

971
01:04:44,392 --> 01:04:51,672
probably um so obviously i think glasses are probably the form factor that we see um

972
01:04:51,672 --> 01:04:59,712
become more dominant on that side it's glasses and it's going to be just also i think microphone

973
01:04:59,712 --> 01:05:07,932
stuff right like i think uh people overthink it um and i know people have a love or hate

974
01:05:07,932 --> 01:05:13,752
relationship with airpods but like i think the airpod form factor is like the is an ideal

975
01:05:13,752 --> 01:05:20,052
ai form factor uh if you actually nail it and you're able to use local models and stuff and

976
01:05:20,052 --> 01:05:24,552
it's just like super quick um it's a really strong form factor

977
01:05:24,552 --> 01:05:34,632
sorry i had a you're good but speaking of like wearables i'm sure you saw this but uh

978
01:05:34,632 --> 01:05:37,912
Logan, pull up the latest tweet I put in to our Signal chat.

979
01:05:38,712 --> 01:05:46,212
Do you see the backlash from this friend.com?

980
01:05:48,912 --> 01:05:50,872
What, just the hardware being complete shit?

981
01:05:51,932 --> 01:05:57,272
Well, it's complete shit, and then they're doing a whole physical

982
01:05:57,272 --> 01:06:00,272
billboard ad campaign throughout New York City.

983
01:06:00,912 --> 01:06:01,932
Actually, Logan, this is better.

984
01:06:03,352 --> 01:06:04,092
Pull this one up.

985
01:06:04,092 --> 01:06:12,272
People have completely just violated every single one of these posters in the New York subway.

986
01:06:13,032 --> 01:06:14,052
AI is not your friend.

987
01:06:14,252 --> 01:06:14,992
Look up Palantir.

988
01:06:15,312 --> 01:06:16,132
AI kill chain.

989
01:06:18,792 --> 01:06:20,332
Human connection is sacred.

990
01:06:21,412 --> 01:06:25,032
So this device is supposed to be like a wearable you wear around your neck.

991
01:06:25,572 --> 01:06:26,552
They did pre-orders.

992
01:06:26,772 --> 01:06:29,652
It's like massively VC funded by the typical big tech VCs.

993
01:06:31,132 --> 01:06:33,832
And the build quality is just also horrible.

994
01:06:34,092 --> 01:06:36,432
It's just like, it looks like people were making fun.

995
01:06:36,492 --> 01:06:44,992
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.

996
01:06:46,192 --> 01:06:55,652
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.

997
01:06:57,172 --> 01:07:01,612
But I mean, just look at what's been successful so far in form factors.

998
01:07:01,612 --> 01:07:10,312
Like I think there will be some changes with AI in terms of, you know, maybe new innovative form factors.

999
01:07:10,732 --> 01:07:12,412
But what are the successful form factors?

1000
01:07:12,872 --> 01:07:17,252
It's the earbuds, it's the phone, and it's the watches, right?

1001
01:07:17,372 --> 01:07:20,592
How many people do you see wearing Apple watches nowadays or Samsung watches?

1002
01:07:20,852 --> 01:07:21,872
Tons and tons of people.

1003
01:07:22,352 --> 01:07:24,432
I know we're not, but a lot of people do.

1004
01:07:25,092 --> 01:07:29,452
And then so you think it's like, are people going to wear a big-ass AI medallion around their neck?

1005
01:07:29,452 --> 01:07:32,552
or are they going to use the watch, the smartwatch that they already have on?

1006
01:07:33,092 --> 01:07:34,632
It seems pretty obvious to me.

1007
01:07:35,652 --> 01:07:38,752
But yeah, their advertising campaign is also super dystopian.

1008
01:07:40,312 --> 01:07:42,452
Well, not only that, but...

1009
01:07:42,452 --> 01:07:44,612
An interesting strategy.

1010
01:07:45,412 --> 01:07:49,452
The amount of money they spent on that campaign and the domain name itself...

1011
01:07:51,232 --> 01:07:52,592
Is it friend.com?

1012
01:07:53,232 --> 01:07:53,472
Yeah.

1013
01:07:54,132 --> 01:07:57,132
Friend spent a massive chunk of its funding on buying friend.com.

1014
01:07:57,132 --> 01:08:00,212
They spent even more taking over the NYC subway station.

1015
01:08:00,932 --> 01:08:02,312
All these moves garnered attention.

1016
01:08:02,432 --> 01:08:05,212
Attention builds hype, which builds intrigue, which boosts sales.

1017
01:08:05,572 --> 01:08:06,452
That much is true.

1018
01:08:06,672 --> 01:08:08,912
None of that matters, however, when the product sucks.

1019
01:08:09,372 --> 01:08:11,032
This product is just frankly not very good.

1020
01:08:12,472 --> 01:08:14,332
So there's some capital set on fire.

1021
01:08:15,432 --> 01:08:18,272
I see Jeremy zapped 21,000 sats.

1022
01:08:18,272 --> 01:08:19,472
under the

1023
01:08:19,472 --> 01:08:21,172
oh actually he zapped

1024
01:08:21,172 --> 01:08:23,312
20,999

1025
01:08:23,312 --> 01:08:24,812
sats

1026
01:08:24,812 --> 01:08:26,612
which technically

1027
01:08:26,612 --> 01:08:29,472
doesn't hit our threshold for reading but I'll read it anyway

1028
01:08:29,472 --> 01:08:30,852
under the fucking radar zap

1029
01:08:30,852 --> 01:08:33,192
insomnia in Korea

1030
01:08:33,192 --> 01:08:34,692
has me finding y'all live again

1031
01:08:34,692 --> 01:08:37,052
shout out to you

1032
01:08:37,052 --> 01:08:38,112
joining us from Korea

1033
01:08:38,112 --> 01:08:43,452
alright Logan go back to right under the list

1034
01:08:43,452 --> 01:08:44,672
let's talk about a couple things

1035
01:08:44,672 --> 01:08:46,452
going on in the economy

1036
01:08:46,452 --> 01:08:48,152
wait before we go there

1037
01:08:48,152 --> 01:08:51,252
because you mentioned anti-Palantir sentiment.

1038
01:08:52,112 --> 01:08:54,612
Marty and the gentleman at TFTC

1039
01:08:54,612 --> 01:08:56,552
came out with their latest AI video

1040
01:08:56,552 --> 01:08:59,132
that was anti-CBDCs.

1041
01:08:59,632 --> 01:09:02,252
And a bunch of TikTokers thought it was a Palantir ad

1042
01:09:02,252 --> 01:09:04,552
and it went viral with people shitting on Palantir

1043
01:09:04,552 --> 01:09:09,352
over their dystopian ad that Marty and the boys created.

1044
01:09:10,152 --> 01:09:11,032
How funny is that?

1045
01:09:11,172 --> 01:09:12,092
I thought that was hilarious.

1046
01:09:12,832 --> 01:09:14,032
Shout out to Ed and Trevor.

1047
01:09:14,192 --> 01:09:17,192
Those are the two that worked on that video in here.

1048
01:09:17,512 --> 01:09:17,912
But it's great.

1049
01:09:17,912 --> 01:09:29,452
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.

1050
01:09:29,452 --> 01:09:35,212
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.

1051
01:09:35,212 --> 01:09:44,512
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.

1052
01:09:44,692 --> 01:09:47,552
It was a warning that Palantir could lead us to that.

1053
01:09:47,552 --> 01:09:58,050
Yeah like how retarded could you be like that literally the ending frames are like CBDCs are horrible for you Like escape the dystopia

1054
01:09:58,130 --> 01:09:58,430
And they're like,

1055
01:09:58,450 --> 01:09:58,810
oh my God,

1056
01:09:58,810 --> 01:09:59,850
this is a Palantir ad.

1057
01:10:00,270 --> 01:10:00,670
Oh my God,

1058
01:10:00,690 --> 01:10:01,410
they're going to get us.

1059
01:10:02,850 --> 01:10:04,630
I saw something about Palantir today too.

1060
01:10:04,690 --> 01:10:06,170
Their stock's down 20%.

1061
01:10:06,170 --> 01:10:07,850
Yeah.

1062
01:10:07,850 --> 01:10:11,230
There was some kind of army memo that went out.

1063
01:10:11,230 --> 01:10:11,810
So there was,

1064
01:10:12,010 --> 01:10:13,490
it was not secure at all.

1065
01:10:14,030 --> 01:10:14,430
Well,

1066
01:10:14,430 --> 01:10:17,550
specifically it was actually something Andrew based.

1067
01:10:18,070 --> 01:10:21,550
But they work very closely together and are funded by the same people.

1068
01:10:25,130 --> 01:10:29,210
Palantir, not secure. Some exposed back doors, apparently, according to the U.S. Army.

1069
01:10:30,510 --> 01:10:34,410
I mean, one, that's not very surprising.

1070
01:10:34,690 --> 01:10:38,710
And two, I don't think long term that's going to make much of a difference.

1071
01:10:39,830 --> 01:10:47,550
I mean, they're palantir-ing and drilling up the entire military industrial complex in a really big way.

1072
01:10:47,550 --> 01:10:51,210
And like what Palantir is up like 3000% or maybe even higher.

1073
01:10:53,870 --> 01:10:56,670
It's interesting when it's like news that it's down 4%.

1074
01:10:56,670 --> 01:10:59,630
I haven't checked it since we went live, but last I checked,

1075
01:10:59,650 --> 01:11:01,210
it was like four and a half percent down.

1076
01:11:01,890 --> 01:11:03,950
It's down six and a half percent today.

1077
01:11:06,710 --> 01:11:07,250
Beware.

1078
01:11:09,470 --> 01:11:10,130
It's up.

1079
01:11:10,150 --> 01:11:10,430
It's up.

1080
01:11:10,430 --> 01:11:12,410
It's up 350% in the last year.

1081
01:11:13,410 --> 01:11:13,950
Oh God.

1082
01:11:13,950 --> 01:11:19,690
this was big news

1083
01:11:19,690 --> 01:11:21,650
I lost you

1084
01:11:21,650 --> 01:11:23,050
there you are

1085
01:11:23,050 --> 01:11:25,510
put to Mohammed El Iran

1086
01:11:25,510 --> 01:11:28,030
El Arrain

1087
01:11:28,030 --> 01:11:31,290
it's funny all the haters

1088
01:11:31,290 --> 01:11:33,590
the haters who have been hating on Bitcoin for years

1089
01:11:33,590 --> 01:11:34,390
are coming around

1090
01:11:34,390 --> 01:11:37,690
and having to recognize that Bitcoin

1091
01:11:37,690 --> 01:11:39,770
is not only here to say but something that is

1092
01:11:39,770 --> 01:11:40,550
highly coveted

1093
01:11:40,550 --> 01:11:43,650
this is Mohammed El Arrain

1094
01:11:43,650 --> 01:11:49,430
who is commenting on a CNBC reporting.

1095
01:11:49,670 --> 01:11:52,490
I think Mohammed has been very bearish Bitcoin

1096
01:11:52,490 --> 01:11:53,510
for many years now,

1097
01:11:53,610 --> 01:11:58,590
and he's one of the mainstream finance boys

1098
01:11:58,590 --> 01:11:59,830
that a lot of people respect.

1099
01:12:00,430 --> 01:12:01,690
He said, per the CNBC reporting,

1100
01:12:01,770 --> 01:12:03,930
the strategy favoring gold and Bitcoin now has a name.

1101
01:12:04,030 --> 01:12:06,750
JP Morgan analysts are calling it the debasement trade.

1102
01:12:07,650 --> 01:12:09,310
And so, JP Morgan analysts,

1103
01:12:09,310 --> 01:12:24,170
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.

1104
01:12:24,370 --> 01:12:32,310
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,

1105
01:12:32,310 --> 01:12:37,550
from the elevated geopolitical policy uncertainty to uncertainty about the longer-term inflation backdrop

1106
01:12:37,550 --> 01:12:42,910
to concerns about debt debasement due to persistently high government deficits across major economies

1107
01:12:42,910 --> 01:12:49,310
to concerns about Fed independence to waning confidence in fiat currencies in certain emerging markets,

1108
01:12:49,390 --> 01:12:52,950
in particular to a broader diversification away from the U.S. dollar.

1109
01:12:53,730 --> 01:12:59,970
So it looks like the banks and the popular finance analysts and fund managers

1110
01:12:59,970 --> 01:13:06,130
are beginning to wake up after almost 17 years that Bitcoin is here to stay.

1111
01:13:06,210 --> 01:13:10,290
And people want it because they recognize that governments and central banks are completely

1112
01:13:10,290 --> 01:13:12,790
debasing their currencies.

1113
01:13:13,390 --> 01:13:19,890
And when you juxtapose the uncertainty of the fiat system with the reliability, resilience,

1114
01:13:20,330 --> 01:13:24,090
uncertainty of the Bitcoin network, there's only ever going to be 21 million Bitcoin.

1115
01:13:24,510 --> 01:13:26,290
Blocks are going to be traded roughly every 10 minutes.

1116
01:13:26,830 --> 01:13:27,850
It's a transparent ledger.

1117
01:13:27,850 --> 01:13:30,690
consensus rules make it to only valid transactions

1118
01:13:30,690 --> 01:13:31,450
are confirmed.

1119
01:13:32,430 --> 01:13:35,070
And people want that certainty,

1120
01:13:35,290 --> 01:13:37,070
the resilience, the reliability.

1121
01:13:39,250 --> 01:13:41,130
I mean, we've been saying it for years,

1122
01:13:41,130 --> 01:13:43,890
but it's crazy to see it said out loud by CNBC.

1123
01:13:45,270 --> 01:13:45,410
Yeah.

1124
01:13:46,190 --> 01:13:47,530
The debasement trade.

1125
01:13:50,350 --> 01:13:53,570
That's like some mimetic accelerant right there.

1126
01:13:55,190 --> 01:13:57,130
If people believe that debasement is just...

1127
01:13:57,850 --> 01:13:58,950
We all believe it.

1128
01:13:59,030 --> 01:14:04,030
Oh, I guess specifically, this is J.P. Morgan called it this?

1129
01:14:04,650 --> 01:14:04,970
Yes.

1130
01:14:05,690 --> 01:14:06,470
There you go.

1131
01:14:06,710 --> 01:14:07,210
That's crazy.

1132
01:14:07,450 --> 01:14:10,130
J.P. Morgan analyst, not Jamie Dimon himself.

1133
01:14:10,550 --> 01:14:11,530
Yeah, but J.P. Morgan.

1134
01:14:14,850 --> 01:14:17,170
Gradually, then suddenly, people start to realize.

1135
01:14:18,230 --> 01:14:18,450
Yeah.

1136
01:14:20,130 --> 01:14:22,630
And then one other thing I had here.

1137
01:14:24,490 --> 01:14:25,570
I didn't put it in.

1138
01:14:25,570 --> 01:14:26,410
I didn't put it in.

1139
01:14:26,410 --> 01:14:32,270
But I can just say we don't need it, but we don't need to pull it up.

1140
01:14:33,630 --> 01:14:34,770
There's two other things, actually.

1141
01:14:35,470 --> 01:14:43,290
Yesterday, two nights ago, overnight, the government, the Treasury, added $60 billion in debt.

1142
01:14:43,530 --> 01:14:48,570
So we're currently sitting at $37.864 trillion in national debt here in the United States.

1143
01:14:48,570 --> 01:14:58,230
So if they were to do that, moving forward, we would be at $38 trillion by the middle of next week.

1144
01:14:58,430 --> 01:15:01,190
So we're approaching $38 trillion in debt.

1145
01:15:02,970 --> 01:15:15,230
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.

1146
01:15:15,230 --> 01:15:25,850
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.

1147
01:15:25,850 --> 01:15:29,890
And I'm not going to say that Coca-Cola would otherwise have failed.

1148
01:15:30,130 --> 01:15:42,930
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.

1149
01:15:45,230 --> 01:15:53,010
well i saw something else like what is it it's like 40 of coca-cola products are bought with

1150
01:15:53,010 --> 01:15:58,190
food stamps was that the stat or am i what are my percent of coca-cola's u.s revenue comes from

1151
01:15:58,190 --> 01:16:06,930
food stamps yeah that was that's crazy yeah i mean when you do stuff like this it's like

1152
01:16:06,930 --> 01:16:14,870
um well i want does that include that includes like the family of coca-cola products so is that

1153
01:16:14,870 --> 01:16:16,530
like people buying Dasani water and stuff?

1154
01:16:16,830 --> 01:16:17,550
Probably, right?

1155
01:16:17,910 --> 01:16:18,810
I would assume so, yeah.

1156
01:16:22,210 --> 01:16:25,010
But yeah, I mean, this is when you're breaking the free market,

1157
01:16:25,670 --> 01:16:30,430
companies don't have actual pressures to improve their operations.

1158
01:16:31,850 --> 01:16:33,350
I mean, Coca-Cola is a juggernaut,

1159
01:16:33,930 --> 01:16:37,130
but maybe they'd have to actually have better product

1160
01:16:37,130 --> 01:16:39,550
in order to compete.

1161
01:16:40,990 --> 01:16:41,110
Yeah.

1162
01:16:42,190 --> 01:16:43,770
Did you see the zap for McCoy?

1163
01:16:44,870 --> 01:16:45,190
No.

1164
01:16:45,510 --> 01:16:47,350
This is how we just grind ourselves down.

1165
01:16:48,250 --> 01:16:51,530
20,999 cents zapped by McCoy.

1166
01:16:51,750 --> 01:16:52,430
Let's fucking go.

1167
01:16:52,530 --> 01:16:53,030
New threshold.

1168
01:16:58,730 --> 01:16:59,410
It's crazy.

1169
01:16:59,570 --> 01:17:01,710
How many other zombie companies like that exist?

1170
01:17:01,710 --> 01:17:05,290
The government subsidies keeping Coca-Cola above,

1171
01:17:06,470 --> 01:17:08,230
like pushing Coca-Cola to profitability.

1172
01:17:09,110 --> 01:17:10,350
There's so much shit like that.

1173
01:17:10,950 --> 01:17:12,990
I mean, what about the entire healthcare industry?

1174
01:17:13,790 --> 01:17:13,930
Yeah.

1175
01:17:14,870 --> 01:17:34,868
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

1176
01:17:34,868 --> 01:17:41,888
a level of grift like the only way you can actually figure out where the problems are

1177
01:17:41,888 --> 01:17:45,008
is if you just clean house and try and start fresh.

1178
01:17:45,008 --> 01:17:47,168
Like the Elon approach of just coming into X

1179
01:17:47,168 --> 01:17:50,148
and just canceling all the credit cards and seeing what breaks.

1180
01:17:50,968 --> 01:17:54,408
It's like, because it goes so deep everywhere.

1181
01:17:56,628 --> 01:17:57,348
Like Coke is-

1182
01:17:57,348 --> 01:17:58,468
It's just hard to comprehend.

1183
01:17:59,388 --> 01:18:01,628
Coke is vaunted as this pristine American brand.

1184
01:18:01,908 --> 01:18:02,528
I mean, it is a pristine American brand.

1185
01:18:02,528 --> 01:18:03,488
I mean, it still is.

1186
01:18:04,028 --> 01:18:04,328
Yeah.

1187
01:18:04,488 --> 01:18:06,208
I mean, it definitely is.

1188
01:18:06,208 --> 01:18:11,708
But like the fact that they just are basically able-

1189
01:18:11,888 --> 01:18:14,568
to survive, not only survive, but profit massively

1190
01:18:14,568 --> 01:18:20,408
because the government is printing money and airdropping it in EBT accounts.

1191
01:18:20,428 --> 01:18:24,728
I mean, in this case, are they going to lose money this year

1192
01:18:24,728 --> 01:18:27,448
or are they just not going to be as profitable?

1193
01:18:28,128 --> 01:18:31,108
They just printed the first two months of negative cash flows.

1194
01:18:32,048 --> 01:18:32,948
So losses.

1195
01:18:33,808 --> 01:18:34,188
Yes.

1196
01:18:35,048 --> 01:18:40,808
I mean, there's also an argument that it's being combined with recessionary stuff

1197
01:18:40,808 --> 01:18:43,768
because like i do think we're like in a silent depression right now

1198
01:18:43,768 --> 01:18:49,148
um yeah but i don't think coke products are luxury goods that people will be cutting back

1199
01:18:49,148 --> 01:18:52,128
on first i mean they have tons of stuff

1200
01:18:52,128 --> 01:18:59,928
like what like what are the coca-cola brands i mean dasani is the one i keep thinking of

1201
01:18:59,928 --> 01:19:08,948
um but like there's a bunch of stuff that like compete with tap water if you're poor

1202
01:19:08,948 --> 01:19:13,088
Topo Chico

1203
01:19:13,088 --> 01:19:15,408
Fanta, Cola, Dasani

1204
01:19:15,408 --> 01:19:17,088
Aquarius, Coke Zero

1205
01:19:17,088 --> 01:19:19,408
No Sugar, Fresca

1206
01:19:19,408 --> 01:19:21,288
Minute Maid, Diet Coke

1207
01:19:21,288 --> 01:19:21,888
Sprite

1208
01:19:21,888 --> 01:19:24,608
Fair Life

1209
01:19:24,608 --> 01:19:27,548
Fuse Tea, Gold Peak Tea

1210
01:19:27,548 --> 01:19:29,308
Appletizer

1211
01:19:29,308 --> 01:19:31,488
Schweppes, Aquabata

1212
01:19:31,488 --> 01:19:33,368
Shield, Barks, I love Barks for a beer

1213
01:19:33,368 --> 01:19:35,628
but Barks is like once every other year

1214
01:19:35,628 --> 01:19:37,068
Ayataka

1215
01:19:37,068 --> 01:19:38,328
toasted coffee

1216
01:19:38,328 --> 01:19:38,988
mellow yellow

1217
01:19:38,988 --> 01:19:39,648
mellow yellow

1218
01:19:39,648 --> 01:19:40,568
haven't heard that one in a while

1219
01:19:40,568 --> 01:19:41,168
powerade

1220
01:19:41,168 --> 01:19:42,048
vitamin water

1221
01:19:42,048 --> 01:19:43,028
topo chico

1222
01:19:43,028 --> 01:19:44,668
oh yeah they did just buy topo chico

1223
01:19:44,668 --> 01:19:46,608
and simply beverages

1224
01:19:46,608 --> 01:19:49,008
simply is like orange juice

1225
01:19:49,008 --> 01:19:50,588
it's like the expensive orange juice

1226
01:19:50,588 --> 01:19:51,368
yeah

1227
01:19:51,368 --> 01:19:52,728
if actually look

1228
01:19:52,728 --> 01:19:53,648
simply orange juice

1229
01:19:53,648 --> 01:19:54,508
is actually legit

1230
01:19:54,508 --> 01:19:56,408
doesn't have any high fructose corn syrup

1231
01:19:56,408 --> 01:19:57,588
in it

1232
01:19:57,588 --> 01:19:59,288
here is their lemonade

1233
01:19:59,288 --> 01:20:01,848
maybe there's actually be some pressure now

1234
01:20:01,848 --> 01:20:03,928
for coke to get rid of high fructose corn syrup

1235
01:20:03,928 --> 01:20:04,448
and release

1236
01:20:04,448 --> 01:20:07,428
one with cane sugar in it.

1237
01:20:08,308 --> 01:20:08,488
Yeah.

1238
01:20:11,768 --> 01:20:13,628
I would say they're also getting

1239
01:20:13,628 --> 01:20:15,048
squeezed on both sides, right?

1240
01:20:15,048 --> 01:20:17,128
Because it's like people that can afford it

1241
01:20:17,128 --> 01:20:18,248
also aren't drinking.

1242
01:20:18,648 --> 01:20:21,068
My family will not drink any

1243
01:20:21,068 --> 01:20:22,308
of those fucking sonos.

1244
01:20:24,048 --> 01:20:24,488
No.

1245
01:20:25,528 --> 01:20:27,328
So they're kind of getting hit on both sides.

1246
01:20:27,408 --> 01:20:29,488
It's hard to isolate where's what,

1247
01:20:29,688 --> 01:20:31,328
but it's definitely part of it.

1248
01:20:31,468 --> 01:20:33,088
I mean, clearly.

1249
01:20:34,448 --> 01:20:38,368
Yeah, they have over 200.

1250
01:20:38,488 --> 01:20:41,608
I see Aaron in the live chat say it's called Mexican Coke.

1251
01:20:41,848 --> 01:20:43,508
That, by the way, is one of the psyops.

1252
01:20:43,508 --> 01:20:47,868
In America, we call it Mexican Coke because the Mexican Coke is the closest to us.

1253
01:20:48,268 --> 01:20:51,408
But it's really like global Coke doesn't have high fructose corn syrup.

1254
01:20:51,648 --> 01:20:54,188
There's only like a handful of countries that use high fructose corn syrup.

1255
01:20:54,248 --> 01:20:59,228
You go to like Europe or whatever, like British Coke has got real sugar in it.

1256
01:20:59,228 --> 01:21:03,328
that's just

1257
01:21:03,328 --> 01:21:05,628
our American privilege

1258
01:21:05,628 --> 01:21:06,408
of just having

1259
01:21:06,408 --> 01:21:07,988
shittier ingredients

1260
01:21:07,988 --> 01:21:09,008
than everyone else

1261
01:21:09,008 --> 01:21:12,388
it's the American way

1262
01:21:12,388 --> 01:21:13,548
yeah

1263
01:21:13,548 --> 01:21:16,308
we got the expensive insulin

1264
01:21:16,308 --> 01:21:17,068
to save you

1265
01:21:17,068 --> 01:21:17,968
when you get the diabetes

1266
01:21:17,968 --> 01:21:20,108
from the oils

1267
01:21:20,108 --> 01:21:21,568
and the high fructose

1268
01:21:21,568 --> 01:21:22,088
current syrup

1269
01:21:22,088 --> 01:21:25,948
alright last one

1270
01:21:25,948 --> 01:21:26,668
I'm going to pull this up

1271
01:21:26,668 --> 01:21:27,768
like pulling on this thread

1272
01:21:27,768 --> 01:21:28,348
coke

1273
01:21:28,348 --> 01:21:34,588
being heavily subsidized by the US government via the EBT program, first time having negative

1274
01:21:34,588 --> 01:21:41,908
cash flows in decades. And I think when you corrupt the money, when you issue debts and

1275
01:21:41,908 --> 01:21:46,748
just flood it to the economy, misallocate capital, it's really hard to tell what the hurdle rate

1276
01:21:46,748 --> 01:21:53,288
should be. And I just thought this analysis by Porter Stansbury, who's a great follow on Twitter,

1277
01:21:53,288 --> 01:21:54,268
if you're not following him.

1278
01:21:56,168 --> 01:21:57,108
It was a great thread.

1279
01:21:57,488 --> 01:21:59,488
I retweeted it, so you can go to my page

1280
01:21:59,488 --> 01:22:00,868
and find it from a couple days ago.

1281
01:22:01,748 --> 01:22:03,208
He basically starts the thread,

1282
01:22:03,288 --> 01:22:05,348
but if you're trying to understand why gold is going parabolic,

1283
01:22:05,768 --> 01:22:06,448
please read the thread.

1284
01:22:06,528 --> 01:22:09,368
It's also why 52% of Americans do not own financial assets

1285
01:22:09,368 --> 01:22:10,148
are being destroyed.

1286
01:22:10,708 --> 01:22:11,888
What is the real rate of inflation?

1287
01:22:12,128 --> 01:22:14,748
In absent the Fed, what would the interest rate be?

1288
01:22:14,888 --> 01:22:15,768
That's how he prefaces it.

1289
01:22:15,888 --> 01:22:19,008
I'm not going to read the whole thread word for word,

1290
01:22:19,008 --> 01:22:20,308
but the tweet we pulled up here.

1291
01:22:20,308 --> 01:22:25,888
basically if you take the actual rate of inflation, which he's using the Chapwood Index to gauge

1292
01:22:25,888 --> 01:22:33,548
what it is, and you use the Taylor rule, which the Fed does use to basically determine the Fed

1293
01:22:33,548 --> 01:22:39,848
funds rate, what you do is you take the rate of inflation, do some Taylor rule calculus, and then

1294
01:22:39,848 --> 01:22:46,668
you add that output on top of the inflation. That's how you get to where the Fed funds rate

1295
01:22:46,668 --> 01:22:48,408
It should be. Obviously, CPI is low.

1296
01:22:49,488 --> 01:22:51,268
The Fed funds rate right now is 475,

1297
01:22:51,268 --> 01:22:55,708
but if you use the Taylor rule with actual inflation numbers,

1298
01:22:56,228 --> 01:22:59,128
the short-term rate should be somewhere around 17.5%.

1299
01:22:59,128 --> 01:23:05,068
You have just a wild mispricing of the cost of money,

1300
01:23:05,588 --> 01:23:09,188
and it leads to a misallocation of capital.

1301
01:23:10,308 --> 01:23:13,828
That sounds about right to at least where my gut is.

1302
01:23:13,828 --> 01:23:22,308
like somewhere between like 10 and 20 percent yeah um i mean to his number on 52 percent of

1303
01:23:22,308 --> 01:23:30,888
americans don't own assets like stocks or bonds or whatever bitcoin or gold i think that number

1304
01:23:30,888 --> 01:23:41,208
is also probably way higher like in any kind of meaningful amount um like there is um this is

1305
01:23:41,208 --> 01:23:51,288
actually a conversation I had offline the other day, which is there's about 240 million adult

1306
01:23:51,288 --> 01:24:01,088
Americans, 220 to 240 million adult Americans. What percent of them do you think hold, have

1307
01:24:01,088 --> 01:24:07,628
savings greater than $100,000 liquid, so not houses?

1308
01:24:07,628 --> 01:24:17,668
220 i mean you can do a percentage-wise if you want over a hundred thousand dollars liquid

1309
01:24:17,668 --> 01:24:26,948
like in stocks or a bank account earned gold or bitcoin we'll count gold as liquid 15 so around

1310
01:24:26,948 --> 01:24:32,048
30 million maybe i think it's less than that i think so i think it's probably less than that

1311
01:24:32,048 --> 01:24:35,188
and that's pretty fucked up

1312
01:24:35,188 --> 01:24:36,248
when you start to think about it

1313
01:24:36,248 --> 01:24:37,208
like they're just

1314
01:24:37,208 --> 01:24:39,208
especially in a high inflation environment

1315
01:24:39,208 --> 01:24:41,108
they're just getting absolutely wrecked

1316
01:24:41,108 --> 01:24:53,466
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

1317
01:24:53,466 --> 01:24:57,546
the boomers who definitely have that in their 401ks but they've been uh they've been shifted

1318
01:24:57,546 --> 01:25:03,806
to the 60 40 or 80 20 bond stock portfolio and bonds been down for for five plus years

1319
01:25:03,806 --> 01:25:11,566
yeah i mean i think if i my gut would be like 10 10 million americans 10 million adult americans

1320
01:25:11,566 --> 01:25:16,786
have greater than 100 000 liquid uh savings

1321
01:25:16,786 --> 01:25:27,186
yeah i mean to this point um back to the quarter i think someone asked grok and grok said 35 million

1322
01:25:27,186 --> 01:25:27,926
for what it was worth.

1323
01:25:28,986 --> 01:25:29,566
I said 30.

1324
01:25:29,786 --> 01:25:30,346
I guess 30.

1325
01:25:31,766 --> 01:25:35,346
But to this point about the mispricing of capital,

1326
01:25:35,466 --> 01:25:37,186
I think that's, and we've talked about this before,

1327
01:25:37,266 --> 01:25:40,906
but I think it's being driven home again.

1328
01:25:41,206 --> 01:25:44,746
Obviously, the Fed cut rates by 25 bps last month.

1329
01:25:44,986 --> 01:25:46,386
Many are saying it wasn't enough.

1330
01:25:47,026 --> 01:25:49,566
But people are just convinced, like, oh, the Fed's going to cut rates

1331
01:25:49,566 --> 01:25:51,586
and mortgage rates are going to go down.

1332
01:25:51,586 --> 01:25:53,246
The 10-year and the 30-year are going to go down.

1333
01:25:53,346 --> 01:25:54,006
It's not happened.

1334
01:25:54,006 --> 01:26:01,846
Since the Fed cut rates on the 15th of last month, the 10-year was at 4.02.

1335
01:26:02,586 --> 01:26:05,086
Six, the yield was on the 10-year.

1336
01:26:05,146 --> 01:26:06,566
Now it's at 4.121.

1337
01:26:08,526 --> 01:26:11,726
And so it's gone up pretty materially for bond yields.

1338
01:26:12,706 --> 01:26:13,886
Mortgage rates are going up.

1339
01:26:14,066 --> 01:26:15,786
And this is the free market.

1340
01:26:16,306 --> 01:26:23,886
So yes, it's a US Treasury yield, but the rate, the yield is set by the free market demand for the bonds.

1341
01:26:24,006 --> 01:26:27,506
at auction or floating on the free market at any given point in time.

1342
01:26:28,586 --> 01:26:32,046
And I think this is a signal like, Hey, yeah,

1343
01:26:32,086 --> 01:26:35,686
the Fed is mispricing money. It's not, not doing it.

1344
01:26:35,686 --> 01:26:41,226
At our retreat to all of our founders,

1345
01:26:41,346 --> 01:26:45,386
Marty made fun of me for saying mandibles all the time. I,

1346
01:26:45,566 --> 01:26:47,646
I feel like

1347
01:26:47,646 --> 01:26:53,806
I'm allowed to break Chatham House rules

1348
01:26:53,806 --> 01:26:55,666
for a troll against me.

1349
01:26:56,626 --> 01:26:59,446
But meanwhile, he just describes

1350
01:26:59,446 --> 01:27:01,386
Mandibles every episode.

1351
01:27:09,066 --> 01:27:09,726
It's true.

1352
01:27:11,586 --> 01:27:12,726
We're going to be positive, though.

1353
01:27:12,786 --> 01:27:13,486
Good things are happening.

1354
01:27:14,586 --> 01:27:17,386
I mean, look, I don't do it from a Blackpill point of view.

1355
01:27:17,646 --> 01:27:25,886
I think there's plenty of opportunity in an inflationary environment if you're aware it's happening and you prepare accordingly.

1356
01:27:27,086 --> 01:27:46,066
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.

1357
01:27:46,066 --> 01:27:51,426
yeah and speaking of that logan last last thing i'll pull up i thought this was really cool i

1358
01:27:51,426 --> 01:27:57,626
saw this earlier today speaking of open source technology the open source technology that we

1359
01:27:57,626 --> 01:28:04,386
talk about mostly here revolves around software distributed systems and a lot of times hardware

1360
01:28:04,386 --> 01:28:09,346
wallets and stuff like this i saw this earlier today it looked into master right someone tagged

1361
01:28:09,346 --> 01:28:20,506
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

1362
01:28:20,506 --> 01:28:28,866
name or million i forget but he's he's like a famous like uh optimistic tech poster on so

1363
01:28:28,866 --> 01:28:34,106
someone someone probably are they it looks like i was the only one tagged someone probably pulled

1364
01:28:34,106 --> 01:28:39,466
it for max and tagged me this looks fucking awesome i love this shit yeah but like open

1365
01:28:39,466 --> 01:28:45,746
source hardware this guy was saying like how he has built all the industrial building equipment

1366
01:28:45,746 --> 01:28:51,206
uh that you would need tractors things like that uh for a tenth of the cost and made it in a modular

1367
01:28:51,206 --> 01:28:57,046
way so it's all repairable rather cheap this is the this is the quote that i was tagged in the

1368
01:28:57,046 --> 01:29:03,926
global village construction set gvcs is a modular diy low cost high performance platform

1369
01:29:03,926 --> 01:29:07,786
that allows for the easy fabrication of the 50 different industrial machines

1370
01:29:07,786 --> 01:29:12,066
that it takes to build a small, sustainable civilization with modern comforts.

1371
01:29:12,066 --> 01:29:14,466
We're developing open-source industrial machines

1372
01:29:14,466 --> 01:29:16,406
that can be made at a fraction of commercial costs

1373
01:29:16,406 --> 01:29:18,926
and sharing our designs online for free.

1374
01:29:19,886 --> 01:29:22,386
It's like proper Citadel tech right there.

1375
01:29:23,106 --> 01:29:25,606
Yeah, well, I saw this video.

1376
01:29:25,726 --> 01:29:26,726
It doesn't mention Bitcoin once.

1377
01:29:26,786 --> 01:29:28,526
You go to the website, look and scroll down a little bit,

1378
01:29:29,366 --> 01:29:31,086
and they accept Bitcoin for donations.

1379
01:29:31,406 --> 01:29:32,766
I mean, of course he's a Bitcoiner.

1380
01:29:33,926 --> 01:29:37,966
that's awesome

1381
01:29:37,966 --> 01:29:39,346
yeah

1382
01:29:39,346 --> 01:29:44,766
does have some shit coins on the donation page

1383
01:29:44,766 --> 01:29:47,086
and he spells bitcoin with a capital C

1384
01:29:47,086 --> 01:29:47,446
but

1385
01:29:47,446 --> 01:29:50,686
still using like addresses you know

1386
01:29:50,686 --> 01:29:52,286
can't win them all

1387
01:29:52,286 --> 01:29:53,326
no

1388
01:29:53,326 --> 01:29:55,646
but this is really cool to see

1389
01:29:55,646 --> 01:29:58,566
opensourceecology.org

1390
01:29:58,566 --> 01:30:00,686
for anybody listening that did not see that

1391
01:30:00,686 --> 01:30:03,586
yeah Logan throw it in the bottom of the show notes

1392
01:30:03,586 --> 01:30:08,466
awesome um we said we're gonna do a tight hour

1393
01:30:08,466 --> 01:30:13,946
it looks like we've officially hit the 90 minute point logan was right again

1394
01:30:13,946 --> 01:30:21,906
we did it we did it logan was like you guys are gonna do a tight 90 minute hour is what he said

1395
01:30:21,906 --> 01:30:24,866
yeah and we did look at where we at right now

1396
01:30:24,866 --> 01:30:32,466
uh one uh hour 27 almost 28 a tight 87 minutes

1397
01:30:32,466 --> 01:30:40,246
a tight 87 minute hour 88 minutes right now okay so i see marp in the live chat he says

1398
01:30:40,246 --> 01:30:46,226
23 and a half million millionaires in the u.s he says there's got to be more than 10 million people

1399
01:30:46,226 --> 01:30:52,046
with 100k plus in liquid assets the key is the liquid part because there's a high percentage of

1400
01:30:52,046 --> 01:30:55,786
those millionaires that are sitting on the majority of their equity is in their homes

1401
01:30:55,786 --> 01:31:02,746
there it's in their houses and if you've ever tried to sell a house uh they are not liquid at

1402
01:31:02,746 --> 01:31:12,266
all maybe in boom times you know um during like the covid boom or something uh but you know usually

1403
01:31:12,266 --> 01:31:21,166
you're looking at like six to 12 months to offload that shit yeah yeah liquid can you

1404
01:31:21,166 --> 01:31:24,346
get the cash in the bag

1405
01:31:24,346 --> 01:31:25,146
account same day.

1406
01:31:25,506 --> 01:31:26,466
That's how I would determine it.

1407
01:31:26,546 --> 01:31:27,626
Or within three days, maybe.

1408
01:31:28,586 --> 01:31:29,866
But see, 23.5 million,

1409
01:31:29,926 --> 01:31:30,706
I would almost treat that

1410
01:31:30,706 --> 01:31:31,446
as an upper bound.

1411
01:31:33,226 --> 01:31:34,426
Because there's probably

1412
01:31:34,426 --> 01:31:35,126
not that many people

1413
01:31:35,126 --> 01:31:35,746
that are millionaires

1414
01:31:35,746 --> 01:31:36,666
with 100K.

1415
01:31:38,106 --> 01:31:38,866
You know, one Bitcoin

1416
01:31:38,866 --> 01:31:39,786
worth of savings

1417
01:31:39,786 --> 01:31:43,126
that are not millionaires.

1418
01:31:44,026 --> 01:31:45,406
0.8 Bitcoin worth of savings

1419
01:31:45,406 --> 01:31:46,086
now these days.

1420
01:31:46,886 --> 01:31:47,146
Yeah.

1421
01:31:47,826 --> 01:31:48,086
Today.

1422
01:31:51,166 --> 01:31:57,306
beautiful thing to say all right i uh i'm having an allergy attack i'm sneezing i'm sure you guys

1423
01:31:57,306 --> 01:32:05,106
can see not event did not make it on today great rip love you marty love you for example stack sets

1424
01:32:05,106 --> 01:32:07,186
love all y'all peace of love