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sets stackwork.ai matt and i've been talking about privacy and the importance of using a vpn for
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You've had a dynamic where money's become freer than free.
When you talk about a Fed just gone nuts,
all the central banks going nuts.
So it's all acting like safe haven.
I believe that in a world where central bankers
are tripping over themselves to devalue their currency,
Bitcoin wins.
In the world of fiat currencies,
Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention,
you probably should be.
I'm tired.
No dooming in the chat.
No dooming.
It's not dooming.
It's just, I'm fucking tired.
I'm not speaking to you.
I'm speaking to everybody out there.
I know everybody's a little scared right now.
Press Bitcoin crash.
Another 5% did.
I don't know what...
Yeah, this is your fault, by the way.
Why is this my fault?
Taking victory laps two weeks ago.
I knew it was.
I know.
It's all the Luke, it's Luke Roman's fault.
It's my fault for getting triggered at Luke.
And now it's, now we all live in Luke's world.
So it is what it is.
I'll take some responsibility for that.
Thank you.
That's all I asked for.
I will say like, it's not a 5% dip because the reason it hurts so much is,
is the gold ratio, right?
So we're like near the last low priced in gold.
And I think that's why it hurts more.
I also think people were like way over leveraged
on MicroStrategy and MetaPlanet and whatnot.
And those are a fuck ton.
So I think that adds to it.
But I will say, guys, at least the ride or dies
that have been with us for the last eight years or so.
I mean, mandibles on Bitcoin standard,
like did you think a monetary reset was just going to be
like just us pumping forever and everything just not being chaotic
and there's not being pain?
Like this is what fucking happens in the hyperinflationary,
you know, death of a money environment.
And unfortunately, it's probably just barely getting started.
We're like chapter one.
So batting down the hatches, don't get shaken out.
Those of us who don't will be rewarded.
Yeah, have fun with it too.
We try and have fun.
I think we have a good time.
I don't think we've ever had a bad time.
I think we're doing all right here.
Hope all of you are doing all right.
Bitcoin isn't your life.
Touch grass if you're a little stressed right now.
Dude, the grass is getting really expensive in SaaS terms,
like to maintain shit.
People, grass doesn't maintain itself.
It's time to get back in the fiat mines, okay?
Put that McDonald's hat on, put the uniform on,
get back to the fiat mines, humble yourself.
Good buying opportunities here.
You know, my son likes, when I cut our grass, I put my son on top of the lawnmower.
He likes, he said, I don't, Bitcoin hasn't hit the price yet where I could justify a ride-on lawnmower.
So I have a push, assisted push motor, a push lawnmower.
But he gets to ride on it, so he sits on it.
And whenever he was in a bad mood this year, I would just mow the lawn.
because he just loved it so much until my wife was like,
you are killing our grass.
You are mowing it way too often.
You can't do it anymore.
So we had to take a break from that.
Vague is saying the mandibles is the poor man's Atlas shrugged.
Yeah, sure.
Okay.
I don't disagree.
I don't think it's necessarily the poor man, though.
I think it's just, it's an easy read.
It's an easy read.
And it doesn't leave much up to the imagination.
It just kind of lays it out there for you, particularly if you're American.
So that's where the advantage is.
I mean, I think the best one-to-one comparison is When Money Dies.
But that book is –
That's morbid.
And is dense as hell.
I mean, the gold chart does look similar to Weimar.
The Weimar gold chart.
The Weimar Mark gold chart.
Yeah.
Back in the day, and I was actually on the Coffee and Mike podcast with Mike Ferris earlier today and brought up when Monday dies.
Funny that you mentioned it.
But yeah, the social conditions or the social parallels that exist with the DGN culture, winning it all back on one bet.
A lot of people trading prediction markets, pumped up fun meme coins, even though they're down.
I don't think they're as popular as they were this time last year.
The social parallels are very similar, eerily similar, some would say.
Did you see that chart that Gladstein posted?
Trump personally made $400 million on the Trump meme coin.
Yeah.
And then he made another $400 million on World Liberty Fi.
Yeah.
Was it him or something?
We're grouping them together.
It's on the same chart.
To this point, though, Logan, pull this up.
I don't think that really matters.
If my toddler makes $400 million on an Odell meme coin, you can blame me.
It wasn't my toddler.
Logan pulled it up.
I think Autism Capital had a great tweet earlier today.
Haters will disagree, but Trump and Melania launching their shitty Trump and Melania shitcoin.
And embedding themselves so deeply into crypto is the reason why Democrats won't help inactively sabotage crypto.
So anything that is perceived as enriching the Trumps is thwarted.
This is quote tweeting Watcher Guru, who reported that zero Democrats voted in favor of advancing the crypto market structure legislation in the Senate Ag Committee.
Yeah, I mean, I saw it.
Yeah, go on.
It's just an unforced error.
Like, why did you need to launch these shit coins?
Why did you later send them to launch?
It's not an unforced error when you realize that they made $800 fucking million off of it.
But that is – it was a calculated grift, an effective calculated grift.
I saw another – I don't remember who posted it, but there was other commentary that I saw that was kind of similar to that, which is the combination of the Trump cash out on it and the strategic, quote-unquote, strategic Bitcoin reserve or stolen Bitcoin reserve.
the combination of those two and sailor having satoshi level stack of coin actually hurt
the china bid right right now like silver and gold a lot of it is coming from china presumably
and you can see you can see how wealthy chinese would be maybe more hesitant to allocate to bitcoin
because it's seen as almost American-dominated at this point.
And I think, which is funny.
Yeah, because it was China-
I mean, China was dominating for it.
It was China's game to lose.
Yeah, I mean, I think all these things, right,
you can only take so much.
Don't put too much stock in them.
I mean, when Bitcoin is going down,
people have like a million excuses for why it's going down.
And then when the momentum switches in the opposite direction, like all those excuses evaporate and there'll be a China bid and, you know, Dems will support it because they can make money off of it too and blah, blah, blah.
Everyone forgets about quantum, like as soon as we go up 20%.
But all these pieces definitely have some to do with it.
But I think probably the biggest thing is, you know, we are seeing a debasement trade, period.
Like you are blind if you do not think we are seeing that.
We're seeing a sovereign debt crisis.
We're seeing a monetary reset.
And Bitcoin front ran like years of, you know, suppressed prices on silver and gold and other commodities.
And so I actually just pull up the first link I have in the list.
this is Eric Balkanis, one of our favorite ETF influencers.
And because he's an ETF influencer,
people are going to accuse him of cherry picking this chart,
but he started it right before the ETFs were launched
because that's when he discovered Bitcoin.
And it's got Bitcoin there, it's got gold there,
and it's got silver there.
And then it's got QQQ,
so top 100 non-financial stocks in NASDAQ,
basically tech stocks, the best tech stocks in the world.
And Bitcoin crushed all of them all the way up until this most recent point.
And we're still in a great position compared to them right now.
So it's like you get caught up in it.
Maybe you open X and all of X is like, holy shit, the world is ending.
I can't believe gold's pumping this crazy.
And it's impressive.
It's wild to see gold in one day move up an entire Bitcoin market cap or in an hour fall, trillions of dollars.
Like that is insane Weimar type shit.
But also at the same time, like you look at the gold chart,
it's up 25% in the last month.
It's like, okay, congratulations.
It's like Bitcoin is a need to just have some perspective here.
It's always been a long game.
It was always going to be chaotic.
There was always going to be pain.
We've had so much pain since we've gotten to Bitcoin.
Most times we're in pain.
And credit to us.
We've been beating this drum.
for eight years.
This is literally what we've told you
consistently for eight years.
It's a long game.
There's going to be a lot of emotions.
It sucks more than it is good.
The pumps last for a couple months.
They're so fleeting.
But stay strong out there.
And to your point there,
I know you're a precious metals influencer now.
I think I am as well.
The gold and silver guys are crushing
on YouTube right now. I can tell you that for a fact, having had some of them on.
But I had a very good friend of ours
on the show yesterday, Matthew Mazingtious.
That'll be out Saturday. We had a little sneak peek there.
We went over the power curve for
Bitcoin priced in gold and silver. And in silver terms, it's literally at the zero percentile.
So unless something is structurally broke,
statistically speaking, it's very hard for the Bitcoin to silver ratio to go lower.
It could go lower. Matthew said that, but...
Probably just in person.
It could go lower.
Probably going to go lower.
Yeah, I mean, I'm definitely not a precious metals influencer.
I have many jewelry.
I have my wedding ring.
my wedding ring is up $800
fucking wild
I bought this in 20
I lost this is not my original wedding band
the original fell down the drain
I lost mine too
but I bought a Mene
I think it was like a year into our marriage
this is like 2018 buy
I think gold was at like maybe 1200
no the cool part about Mene
is they have price charts for the jewelry
you buy your wife which is awesome
so like it's basically just my wife's
jewelry is my quote unquote
my gold portfolio and then my two made exchange and then I have my wedding ring.
And then I have thousands of rounds of ammunition.
That is basically, but I guess to that point, right?
Most influencers don't actually have much of the bags that they show.
So maybe it does fit.
Maybe that does make sense.
Yeah.
I'm like the proverbial Bitcoin influencer that has like 10 million sacks.
and it's on Coinbase.
Not even self-custody.
Hey, hey.
People are stacking at their own pace.
Let's not make fun of them.
Before we get to...
I'm just making fun of the influencers.
You got to put the mask on first, influencers.
Have you ever been on an airplane?
You put the mask on first
before you start sending out the engagement tweets.
Yeah.
Guys, if you...
Let's go to Clark's dashboard.
if it doesn't have it on Clark's dashboard,
but I'm on Bitbo looking at it.
If you put it on the one hour chart, we're up right now.
We're up at half percent last hour.
We're currently sitting at 84,020 cuck bucks.
One cuck buck's gonna get you 1,190 sats.
We're at a $1.68 trillion market cap,
lowest we've seen in quite some time.
We are at block height, 930,260.
Nice even block height there.
We are 1,164 blocks away from the next difficulty adjustment estimated to be on February 7th,
2026.
So nine days from now, a week from Sunday, as of right now, looking like a negative 15.9%
difficulty adjustment.
Blocks been coming in at 11 minutes and 53 seconds on average.
what's Clark's teeny weenie mempool looking like 4,171 transactions even though blocks are coming
in slow mempools are not filling up which is an interesting signal he's not tracking sub one
sap or byte what is mempool spaces mempool yeah go to mempool.space logan
we're looking at 38 39 389 off by 35 000 transactions he's not saying
where is this guy what's that guy's name is like the uh
the quantum fudder runs a fun charles something nick carter no no charles not nick charles
something somebody in the chat he had like some crazy idiotic tweet today like trying to
pull up go back to been pulled out space and go to the mining um mining chart oh he said like a
death spiral tweet right yeah he's like ah like like bro have you not watched the news yeah let
me check my likes i know i liked uh one of the responses to it but uh hash rates down considerably
We warned you freaks last week before the winter storm hit the East Coast.
The chat is saying he's Charles Edwards.
Charles Edwards.
There we go.
We'll pull up his tweet.
Hash rate's down considerably.
As we just mentioned, it's looking like a negative 15.86% difficulty adjustment.
Something like 20% of network hash rate has come offline over the last week.
And as we warned you all last week when we last met, before the winter storm rolled across the southwest all the way through the northeast, miners are participating in demand response programs.
And when it gets cold in Texas, Tennessee, Kentucky, those miners are going to shut off.
And that is exactly what happened.
But some people are using the temporary reduction in hashrate.
And I can confirm I'm involved with some mining operations that have an ass to turn off so that there's enough electricity supply for residential consumers on the grid.
But Charles Edwards took to Twitter this morning and said, no one is talking about Bitcoin's hash rate collapsing 40% from all time high.
The biggest miner capitulation since 2021.
Yikes.
Energy value falling in turn very certainly means some big miners are pivoting out of crypto.
there may be some big miners pivoting out of crypto but uh i think i mean wait just it's only
bitcoin it's like the only proof of i guess technically monero is still proof of work but
they you know have their asic resistant potnet mining like that's there's no industrial mining
for it the only chain that has industrial mining is bitcoin yeah and so i see a spiritual evolution
in the YouTube chat. Great name. Great name. All for spiritual evolutions.
Doesn't Iran and Bikman hashrate have to contribute to this? Yes. I don't know
what's going on in Venezuela, but Iran turned the internet off, so that might be
constricting The mining operations there Yeah but more importantly I think people forget there was another Chinese mining ban Galaxy Blox Space Media and Chinese miners confirmed in one of the provinces
in China, it's well known in the industry, even though there was a Chinese mining ban,
quote unquote ban in 2021, there was anywhere between 15 and 20% of hash rate
that returned to China between now and then.
And about a month ago, one of the provinces
um reinstated the ban and there was about 10 of network cash rate in that province at the time so
like that can be contributing obviously we got demand response we got stuff popping off in iran
and his whale up unsure how much ash rate was there and if the mining operations were affected
by the u.s um u.s extraction of maduro uh earlier this month but um i think charles edwards is trying
to FUD and basically say that quantum is the reason why hash rate is down, quantum fears.
It doesn't even make sense.
No.
Even if that was the case.
There's many more reliable factors that are explaining this decrease in hash rate.
Well, can we just walk through it?
Let's first of all pretend there wasn't a historic winter storm that went through Southern
America.
um the like okay so you like you're concerned about quantum and you own a shit ton of fucking
asics and you have power agreements and you own warehouses and shit and so what you just
turn it off and just lose even more money or do you just you sell the asics maybe to someone else
who runs them at a at a lower at a you know you try and salvage some cost there like you wouldn't
just even in that situation you wouldn't just shut off your minors yeah doesn't make any sense
retarded no yeah there's people falling for it yeah well let's be back up what was the uh
what was the engagement on that tweet and what did it get
dude the rage algo man you get to read it out i can't i don't have it up and uh i'm squinting
1.1 thousand likes 141 retweets 265 000 views there you go i almost just retweeted it
well you contributed to the algo by just looking at it
right as soon as you look at it it gives it a boost yeah but the retweets are definitely
uh so by the way we have the freaks are are strong today and the ride or die chat on nostor
easiest way to access it is by downloading primal in your favorite app store and following rhr there
but so minor zap 21 000 sats it's down because people want to pay more sats for soap don't worry
it will get cheaper a low time preference is essential go to so minor.com use code rhr
Florida Justin, ride or die freak, 22,122 sats.
Palindrome boost.
Vibes are high for freaks.
Here for the volatility.
And then there's another big one, MAV21, 21,000 sats.
No comment.
Thank you, MAV21.
Thank you, guys.
Guys, I think, you know what?
You know what we need to pump the price?
to be the most
zapped RHR episode of all time.
I'm not just saying that
because price is low.
I'm saying we really need to
breathe some life back into this market.
But in gold terms, it needs to be the most
zapped in skudos.
In skudos.
Can we get it?
Do you want us to add Tether Gold to Primal?
Yeah.
I think that would be cool. I'd like the option
to receive scooters.
I don't hate the idea.
We got a hedge.
I don't think it's a horrible idea.
I mean, jokes aside,
jokes aside,
and there's a lot of,
I don't think the Primal team agrees with me on this,
but I would be down for you to be able to deposit
and withdraw.
so Tether dollars and Tether gold in the Primal wallet,
but you can only zap sats.
So you can receive and send sats,
but you can draw or deposit in the way you want to withdraw and deposit.
Well, guess what?
You know, it can be a forcing function for this.
What?
we move some of our audience over to rumble we set up our rumble wallet yeah
we get it they support tether gold um i don't like i don't think that's i don't think that's
a horrible idea like if someone wants to if someone wants to withdraw their sats as gold
IOUs, that's their power to them.
Okay.
All right.
We got one more boost before we go on the list.
Focus on family.
This is from Bitter21, 21,000 stats.
Focus on family.
Enjoy time with friends.
Treasure good friendships in life and take care of yourself.
Make sure you spend less than you earn.
If you're still stacking Bitcoin now, don't worry.
Everything will be fine.
I do think it's hilarious.
like the entire fire ecosystem like these like write books and books and books and like literally
it's just save more money than you then than you spend you know spend less than you earn that's all
it is fixed income retire early what is it yeah whatever that's it's uh i don't know it's it's
It's make a bunch of money, put it into savings, and then retire.
What does FIRE stand for?
Money market funds.
What does FIRE stand for?
Drew, Cattle Bike, 21,069 sats.
Go to your local meetup.
Financial independence.
Financial independence, retire early.
That's what it is.
I got half of it right.
I'll take a 50%.
50 points on that test right there.
And then the retire piece is like, you know, I mean,
I guess it just depends on your definition of retirement.
I don't think I'm ever going to retire.
Yeah, I mean, I think if your definition of retirement
is that you're just not going to take shit from anybody,
then that 100%, I 100% aligned with it.
If it means like you're going to sit on the beach,
then that's just you're going to go straight brain rot yeah it's like not a good not a
productive way to live your life there's things to do uh all right what do we got next up on the list
okay here this is um so like i uh
there's a couple bit corners that i'm close with and we just like to hate on the fire movement
together. So can I, can I just, I'm all, I'm here for it. I'm here to do whatever you want to
since we're trying to have fun right now. Can I just read this post that was trending and
the fire Reddit? Yes. Yeah. Wait, send the link and have Logan pull it up. Cause I want to.
What can I send you a, can I just send you a photo Logan? Okay. Okay. Okay.
there you go
okay my fire journey wife called me a quote-unquote loser
41 year old male 2 million liquid 650k retirement and i get 75k a year royalty from a business i
sold recently i retired wife is a school teacher good for health care i make 125k a year in income
off my liquid assets. Since November began, it's cold and dark early. So a lot of what I do Monday
through Friday when she's at work is I play Grand Theft Auto on THC edibles because nothing else to
do where I live this time of year. Wife came home early today and I'm stoned in the middle of a
conversation with my GTA online friends. She told me I'm becoming a loser, quote unquote,
but this is me during the day when she works. I admit it's immature, but we don't have kids and I
just want to chill after working a stressful job for 15 years. I make dinner, clean the house,
paid for our nice house and make 2x what she makes as a school teacher for my assets and royalty
income. If I want to get high and play video games when she is working, what is the problem?
We take nice trips across the world in the summer when she's off. She said, I'm too old for this,
but there's not much else to do in the winter. I just want to chill, but I can't tell she doesn't
like it. Early retirement does not fit well in this society. I mean, your wife's mad at you
because you're 41, you're cooking, you're cleaning,
you're taking pot gummies, and you don't have any kids.
She's working.
And she's working.
That's the icing on the fucking cake.
And she's working taking care of other people's kids.
She's a fucking teacher.
If you retire, you need to retire your wife too.
Gentlemen, gentlemen, this is not very gentlemanly.
This is an older millennial too.
So this is like, hey, I love my older millennials out there.
Our compatriots who are like six to seven years older.
They were in college when we were in grade school.
Some of you lost your way.
You watched too much Girls back in that era.
You fell for that trick, that degenerate.
You're 41.
Your wife's working as a school teacher.
You're getting high and playing GTA.
She's surrounded by kids all day being reminded of what she's missing out on.
That she comes home and you're stoned talking to some 17-year-old in Thailand about GTA 5.
About when GTA 6 is coming out.
There's no way to go through life.
Okay.
Well.
I'm happy, Brian.
I saw that the other day.
I laughed out loud.
To your point, though, to Bitter 21s.
message
in his app.
I just spent, right before our chart,
I spent 45 minutes catching up with a friend.
Haven't seen in a while. I lives in Detroit.
Was one of the first people
who took my advice
back in the early days and bought Bitcoin.
He was very happy, very successful.
And it was good catching up.
It was good catching up.
Yeah, no, his wholesome
zap is what made me think of that
very non-wholesome
firepost.
Great advice.
We have Cognitronics at 21,000
sats. Long-time listener. First time on the
live stream. Greetings from Sweden. Thank you, sir.
Appreciate our
global freaks out there.
Guggenau.
I think that's Swedish.
Wait, did someone send us a...
Is this actually a $25 super chat
on YouTube? Do we have super chats
enabled on YouTube?
I saw the pop-up on my interface here.
I think that's the first time I've seen that.
I feel like I'm ideologically not aligned with YouTube Super Chats.
But anyway, this guy paid $25 to Marty.
Marty, feel free to zap me my cut.
I'll zap you $12.50, okay?
You control the rabbit hole.
You just subtract $12.50 from our story.
Okay, deal.
So, sold the business I co-founded to private equity at 44, retired my wife.
I play COD, smoke weed, made $1.9 million selling call options on iBit last year.
I'm in my underwear right now.
Do you have kids?
That's the question.
I'm not going to kid shame, but if you don't have kids, I'm curious.
You should.
Yeah, I'll be that guy.
I'm not going to kid shame, but you should.
He said yes, he does have kids.
All right, good. You're fine then.
And you retired your wife.
Yeah, this guy didn't retire his wife.
And you're not posting on Reddit
asking why she's calling you a loser.
If your wife's...
You're good.
If your wife's coming home and grading papers
and talking about how annoying little Timmy
from period four is every day
and you're sitting there playing COD,
retired, and you haven't retired her yet.
It's unacceptable.
Hi, Box 05.
Thank you for the super chat.
What you're doing is acceptable.
Your wife is retired too.
You're good in our book.
But next time, zap us.
Don't use the YouTube super chat.
He's one of those Bitcoin influencers.
Also, make sure you own actual real self-custody Bitcoin,
and it's not just an all-in-i bit.
His wife was a school teacher.
See, you're doing it right.
You need to reach out to this guy on Reddit.
Look at this.
What a flex, bro.
She has a G-Wagon now.
Are you a new freak?
Thank you for joining us.
It's great to have you.
Loving the vibes you're bringing.
Hi, Box05.
All right.
We got a list to get on.
Should we even get a list?
Yeah, we should.
Covering it over the last many months,
Callie took to Noster earlier this week
to alert everybody that BitChat
almost has a million active Android users.
Yeah, this is just Android.
Yeah.
That's awesome.
And every one of them has a Nostra pub key.
That's really fucking awesome.
We talked about Nostra versus Farcaster last week, right?
Or did we?
Well, what is the proverb or whatever?
This is one of my favorite parts about Rabbit Hole Recap
where it's just a very common saying
and we just butcher the fuck out of it.
But it's like never interrupt your enemies
while they're like drifting down the river or something.
Bodies of your enemies.
You're a good teacher.
There's one that's like if you wait long enough,
you'll see the bodies of your enemies float down the river.
Yeah, that's the Nostra strategy.
Don't interrupt your enemy when they're making mistakes.
The second one is the Bitcoin strategy.
I guess they both align.
But I meant the one where you just –
If Noster is just, you know, it's the honey badger of comms and identity.
And all these other ones are just slowly dying.
And Farcaster was the latest casualty.
And also, they sold the protocol, which is just clearly not an open protocol.
You can't sell Noster.
There can't be like an acquisition and exit on Noster.
You could sell an individual company like Primal, but not the actual protocol.
What do we call it?
A dyno decentralized name only?
Yeah.
Decentralization theater.
Shitcoin fuckery.
By the way, on the Cali topic, first of all, One Million Mouse is just really impressive,
particularly for a freedom project, for any kind of project, that's really impressive,
but particularly for a freedom project, that's really impressive. He posted a,
let me see if I can find this chart.
he posted a chart that showed whatsapp um that that showed whatsapp versus signal versus
telegram and it's just really humbling right because like to me like signal is
not perfect it's definitely not perfect um but as far as accessible privacy freedom focused
projects uh it's one of our wild most wild successes like there's 100 million users
uh it's incredibly easy to use i talk all the time about how my 90 plus year old grandmother
like gets baby photos on signal like that's just it's just a massive win across the book
across the board perfect example of good ux and privacy tech yeah but then you compare it then
you compare it to whatsapp and telegram it's getting its fucking ass kicked like there's
billions of users of whatsapp yeah whatsapp is higher than that i think telegram allegedly there's
no way for us to verify it is like one and a half billion and then whatsapp is like three plus
billion four billion or something um and if they're a lot if if population numbers are fake
then maybe they literally have every single person just using whatsapp yeah nearly every
single person. So I just think it's important, you know, to the point of perspectives. Also,
I think expectations, right? I think when you're trying to do the math of how many people will be
using Bitcoin as freedom money when we're successful, it's going to be way lower than
the people that aren't using it. It's going to be an order of magnitude lower. And that's fine.
It is what it is.
Personal responsibility is the harder path unless people will take it.
But the key is to make it as accessible as possible.
So when people realize the need that they can easily take that path.
Yeah.
I wish I had that chart, but I just described it.
It's a long-term game with Bitcoin, Noster, BitChat.
BitChat obviously having early success, Signal.
It's worth it.
As long as it works for you, that's all that's important.
Posted by Odell replying to Callie.
Okay, here's the chart. Let's pull up the chart. I found it.
Advanced search and primal, it works. Gets the job done. Could it be better?
Sure.
We'll make it better. I knew I had replied to him, so I did.
I searched for when I replied to Kelly.
Look at this chart.
Look how tiny that fucking signal line is.
Fucking brutal.
I got to pull it up.
You can't see it?
I got to scroll.
Oh, wow.
Yeah.
Yeah, WhatsApp.
WhatsApp's the green one.
3 billion?
Holy shit.
Yeah, I'm telling you, Facebook products, Facebook's the big boss.
Like Instagram, Facebook, WhatsApp,
like literally the only thing stopping user growth is birth rate.
They have nearly full saturation.
Well, how many of them are bots too?
Can you set them up?
Set bots up there?
I think you can.
Look, I mean, directionally, they have way more users than anyone else,
and it's not even fucking close.
You have to remember that there's a bunch of different ways to measure Nostra users or Bitcoin users, but both of them are open networks.
Like different people can have different analysis on it and say how many users there are.
When you ask how many users of Facebook or how many users of X or how many users of Telegram, like you are literally just trusting the people that run it that want those user numbers to be as high as possible to tell you the truth on how many users there are.
There's no way for you to take your own view on how many users exist on Facebook, for instance, and how many are real users, how much is AI slop, and obviously that's getting way worse recently.
So, yeah.
What's that?
Hmm.
For the meta specifically, it's advantageous for them to be truthful,
particularly if they're being priced in public markets on revenue or profit per user.
So they would actually want to downplay that, right?
I mean, to a degree.
I mean at the end of the day your user number is a TAM right It your addressable market So I think there an incentive there We have potential monetizable
Yeah, that's why equities trade on multiples, right?
Because you're constantly pricing the future value.
But their incentives are definitely aligned with lying more.
I mean, look, this is why you don't see the bot.
Like, you don't want, as an operator,
you don't want the bots to degrade the experience
of your real paying users, right?
So there's a balancing act there.
But you don't want to completely eliminate the problem
and maybe cut 20% of your user base
or 30% of your user base,
because that'll hurt your valuation.
So the incentives are broken,
And that's why open, interoperable, verifiable protocols are key.
Yeah.
And I'm being reminded of the power of Bitcoin, too, right now as I move to the next topic, which is something we mentioned already, but Tether Gold.
Why did you put a Bloomberg article in there?
I can't read it.
I would love to be able to pay 100 sats.
I would pay 100 sats to read this Tether Gold article.
Because I didn't realize I could read it.
Because I'm not a Bloomberg supporter.
You know, like sometimes you hit a...
Are you on a VPN?
No.
I turn it off for when we record.
I like Bloomberg.
Bloomberg usually doesn't have a paywall.
Oh, wow.
I got hit by one.
Except.
Maybe there's...
$199 a month.
We pay 100 sats per article.
Archive.
What about this?
well anyway
the crux of the article is that they have a shit ton of gold
everyone was talking about it
okay here I have the archive link
here's the archive link
how much do they have?
14.5 billion or something like that?
I think they have
let's see
I think they have 140 tons
yeah they have 140 tons of gold
that's fucking wild
what's the price of dollars Logan?
and they have it
They have it in a bunker in Switzerland.
Pretty based.
Local for them.
It says approximately $24 billion, but also this article is a day old,
so it could be worth significantly more at this point.
No, we're dumping.
We're dumping right now.
Well, it could be worth significantly less.
It's pretty wild.
but here's how long I've been complaining about this
here's a tweet
this link doesn't work anymore
do you remember the TFTC Dimebag
god
so many mems
building TFTC
but for those who don't
remember
we created this tool
at TFTC
called the Dimebag
where you can pay 10 cents worth of sats
and it would randomly
generate a let's see if it's actually still up i don't know if our btc pay server still works
yeah yeah it's not working but um anyway like this like point being
because i was tweeting at bloomberg in 2019
a picture of their of their paywall like sign up just let me pay 10 cents in bitcoin
I don't want to click a link, put in a credit card.
And here we are seven years later, almost seven years,
six and a half years later.
No progress yet.
I'm still waiting for these SATs enables paywalls
on mainstream media sites
for when I seldomly try to redarkle there.
Yeah.
Well, anyway,
yeah, I mean, paying with lightning is just so much.
I don't want to sign up for a fucking subscription.
I will say it's definitely getting messier because now you have all these AI models basically harvesting all of their information.
And then you just ask the AI model, like, how much gold does Tether own and what quotes did Paolo say?
And then they just tell you and you don't even hit Bloomberg.
So, like, they have to figure out different business models.
I will say, to Bloomberg's point, one of the reasons I like them as one of the larger news sources is because their business model historically has been selling the subscriptions to the Bloomberg terminals and not actually – the news is just like a value-add thing.
It's not actually where they make the majority of their money, and that's arguably a sustainable business because you have lock-in on the Bloomberg terminals that everyone loves.
Very expensive.
I think it's like $12,000 a month per terminal.
Yeah, I mean it's fucking insane.
But anyway, they own 140 tons of gold worth $24 billion.
They're stacking about one to two tons every week to this bunker.
One to two tons?
Yeah.
And I love how they have a – they don't know how many tons.
They're going to say, hey, one or two, something like that.
It's not a specific amount.
and they're basically,
that's more than reported by almost any single central bank,
only Poland which added 102 tons to its reserves
in terms of how much they added over the last year.
They're basically one of,
they're an independent, sovereign,
non-sovereign central bank,
which is fucking crazy.
And to people that don't understand
what their business model is,
is their business model is people,
hold Tether, USDT.
They keep them in treasuries,
and then they just take all the interest for themselves.
They don't give the interest back to the users.
Then they take that interest,
and they buy Bitcoin and gold with it.
It's a fucking...
Which makes...
Just impressive execution.
Which makes the regulatory market structure bill squabble
going on right now incredibly hilarious
because Brian Armstrong and Jeremy Allaire are like,
we want to be able to share the yield with uh with our customers and tether the longest running
the successful stablecoin company has never even feigned um an attempt to to offer their yields
they're like no this is our yield we're just gonna buy bitcoin and gold with it i mean to be fair to
be fair to them uh when they first started there was basically no yield right i'm not saying it's a
bad thing i'm not saying it's a bad thing but i'm saying like when when the product officially
launched and was growing, right?
Like treasury yields were like 1% or something or less.
Zerp, Zerp.
Yeah.
So they didn't really have much yield to pass on to them.
Then we went into a higher interest rate environment and all of a sudden
became a massive fucking cash cow.
And then I'm not, I hate, you know, defending Allaire and Armstrong,
but to their point,
the only shot in hell they have taking any market share from Tether
is if they offer yield to people.
So it kind of makes sense that they would be fighting on that front,
but it's all a distraction.
Anyway, I think a lot of people,
I don't know, there was some spicy rage-based takes on like,
Tether has given up on Bitcoin and has moved into gold,
and they just clearly haven't.
They own a shit ton of Bitcoin.
They're continuously stacking Bitcoin.
They're just also stacking gold.
The Shark Tank show just got released.
You don't have that on the list.
Was it today?
It's not out yet, is it?
Oh, it's not out yet.
You know I'm the judge on it, right?
I know, I know.
Previews for the show have been released.
They swore me to secrecy.
I'm not supposed to talk about it.
Who won?
Who's coming out?
Tell us who won right now.
Come on.
I'm not going to make this a must-watch show every week.
We need to slip out insider.
We had multiple winners.
There was an open source.
There was an open source section and like nonprofit open source.
And then there was a for-profit section.
And so there's a winner on both sides of that.
and me being a crazy person and being involved in both worlds,
I was a judge on both sides.
Hell yeah.
Before we go on to the next,
I'm going to give Jeremy a benefit of the doubt
and say maybe he lost a sat in transit and she's 20,999 sat.
What do you think, Matt?
Yeah, I think that he's close enough.
Morning, y'all.
Another lucky coincidence here at UTC Plus 9.
So is that like 6 a.m.?
UTC plus nine is, I mean, California, I think, is UTC plus eight.
So, oh, no, that UTC minus eight is California.
That's minus eight, yeah.
So he's somewhere in Europe?
Sounds like it.
McCoy, 21,012 sats, palindrome zap.
Kaji news for the win.
I like Kaji.
Kaji's good.
Kagi?
Kajai.
Who knows? Speaking of Kajai, S and I
are good friends, Michael Goldstein.
Speaking of catching up with friends,
I had the pleasure of catching up with him last night
on a phone call.
Satoshi Nakamoto Institute
is bringing back
the annual dinner.
I went to the first ever
Satoshi Nakamoto Institute annual dinner
at the first ever BitBlock Boom
in
2017, 2018.
Cody Wilson.
I wasn't at that one. I think I missed that one.
Yeah.
I'm excited for this.
I was up to the year after that.
I was talking to Michael last night about his plans for S&I.
He's got the best plans, incredible plans.
The best plans.
And he's having a dinner
in Austin, March 12th.
I've already bought my ticket. I will be there.
Tickets are limited.
and all proceeds minus the cost of the dinner will go to supporting Michael and the team at SNI
in making sure that they preserve the canon of Bitcoin, the cypherpunk writings that led to
the combination of technologies that ultimately brought Bitcoin to the market, the early email
and of course the SNI commentary from over a decade ago
from Pierre, Michael, and Daniel Krawitz.
And they're obviously going to expand the corpus of that canon as well.
So I think it's one of the most important projects.
And part of what we were discussing last night is his plans to make sure
that we have this digital archiving of Bitcoin.
It makes it very hard to lose the important research papers, discussions over time.
So one of my favorite institutions in the world.
I love Michael.
I love SNI.
OpenSats is a proud supporter or was a proud supporter of SNI.
We're not currently right now.
And it'll be a great event.
And tickets are very limited.
So I just wanted to highlight it for the writer to us.
um also i just hand up we're retarded uh europe is basically gutc because it's based in london
or greenwich this is australia no he's in korea jeremy's in korea 6 a.m in korea and then we see
hawaii satoshi zapped 21 212 sats all in on freedom path the secret to living is giving heart
nice
give
get out there and give
I'm going to give you an update
on the financial freedom report
this week coming out of Nicaragua
where economic control sustains
the Ortega Murillo regime
in an investigative series published
by Confidential
reporters identify economic control
as one of the four central pillars
sustaining the dictatorship
of Daniel Ortega
and Rosario Murillo
the regime increasingly relies
on restrictive controls
over civil society's monetary flows to punish dissent.
In 2023, the regime froze the bank accounts of institutions
affiliated with the Catholic Church,
which led a Nicaraguan seminary to cease operations.
Since 2018, thousands of NGOs have been forced to close
or had their assets seized for alleged financial violations
in Nicaragua.
Authoritarian financial control is a primary way
to stifle civil society.
For more stories like this and others,
make sure you sign up for the Financial Freedom Report weekly newsletter at financialfreedomreport.org.
And the burping.
Sorry, I just had to go mute the burp there.
Another reoccurring theme on the show throughout eight years, financial suppression,
is one of the most high leverage tools that governments,
particularly despotic governments will use to stifle dissent it looks like it's happening in
nicaragua as we speak and been happening for quite a while software updates i feel like we
haven't done software updates in a while we only got one but it's one uh that's very welcomed co
Cove Wallet, Cove Android Beta, is finally available in the Play Store.
Go check it out.
I think, so Praveen, who is a maintainer of Cove, is awesome.
I think Cove is, you know, fully open source, self-custody focused,
specifically on-chain self-custody focused.
Mobile Wallet, historically, it's been on iOS.
He's been working on Android for a while.
The Android beta is out now.
It's been a massive success, a massive success in terms of a project being funded by OpenSats.
I think I just absolutely love to see it.
It's a wallet that I've been recommending more and more now to people.
And specifically, it works really well with hardware wallets.
So any hardware wallets that support QR codes, cold card, seed signer, passports, I guess Jade supports QR codes.
They have a little camera on there.
Anything that supports QR codes works really well with Cove.
It's very focused.
It's not trying to add lightning.
This is a way for you to interact with on-chain Bitcoin.
in a, I like to say it's funny because both Praveen and Craig kind of get offended when I
say this, but it's like kind of like Sparrow Wallet for mobile. And so, you know, I'm over
the target when both sides of the equation are like, wait, wait, wait, wait, we're trying to do
something a little bit different here. But I love Sparrow on desktop. I really like Cove on mobile.
So definitely, definitely check it out. Specifically, I personally really like using
it with cold cards. I use cold cards on a day-to-day basis with my friend. All my projects,
my family relies on them. My businesses rely on them. You can get your own cold card at
coldcard.com. Use code RHR for a discount. You're muted.
What I have in my hands is a cold card queue. Matt was mentioning the QR scanner.
You can use this with Cove, but also Cove is NFC enabled too.
And this has an NFC.
It's NFC compatible.
So if you don't want to scan the QR code, you can tap inside a transaction with a cold card.
I'm going to do the NFC stuff.
But it's a nice option.
Honestly, I like the scanner.
It feels tactile, you know?
Yeah.
I see that I'm scanning something and I scan it.
Is our bundle up?
It supports NFC.
I don't know.
but uh yeah no i think code's great i think cult guard's awesome but shout out profane
i'm checking uh bundles and then also freaks uh
i mean unless you're a new freak you're probably
aware that 1031 is the only external investor of coin kite uh the makers of cold card uh so it's
just the two founders nbk and his very quiet wizard co-founder uh peter yeah in the background um and
it's them and us are the only people that own shares of CoinKite.
Also, they are a sponsor of the show.
So we have been working with them recently and they want to give away cold cards.
So we gave away our first cold card last week and we'll be giving away another cold card
specifically to X users, which I know.
I know you're fixing to know how I feel about that aspect.
But if you're on X, just pay attention for the giveaway going on.
You know what?
Why should we leave the Nostra users out of this?
I think there's a way.
You know I've got a little AI slave employee right now.
We can have him vibe code up, a random generator that combines the Twitter tweet with the Nostra note, and we can pick a random out of the two.
Okay, so if you reply to the X post, well, you'll see.
A giveaway post will go out on Noster and it'll go out on X and just follow the instructions.
We'll figure it out after the show.
Obey. Obey. I'm kidding.
Also, use the code RHR anywhere with a promo code.
5% off literally any product.
Anywhere.
I'll seriously say that.
While we're doing it,
drinksauté.com.
Salty water.
You get 15% off?
10% off?
I forget what it is.
Use code RHR.
Whatever salty water.
I had to travel for a board meeting yesterday,
in the last two days.
And when you're flying specifically, just keep chugging salt.
How high do the CO2 levels?
I forgot my monitor.
I feel like I have a feeling for it now.
It felt like we peaked around like 1700, 1800.
Okay.
Guys, we're pumping right now.
If you go to the hourly chart, we're up like 56 bips right now.
It's fucking sick.
You get to cherry pick.
You get to cherry pick any time frame you want.
Put it on the hour chart.
Things are looking great right now.
On to something more important, more impactful.
You mentioned this earlier.
Zero Hedge just tweeted out, which comes first,
Bitcoin 300K or global liquidity crash, which triggers a worldwide depression?
Wild times.
I think the former.
Because as we all know, the governments will never allow it to happen.
The liquidity crisis, they'll print the money.
They'll never allow it to happen.
On to the next update which is coming from another organization near and dear to Matt heart as a co OpenSats 2025 year in review How was it What did Gigi write about I just want to say Gigi was a little bit self that our year in review came out 27 days after
the year ended and I told him it was no rush.
I think you should be a little self-conscious. I liked my year in review stuff the first week.
So, you know, we're, we just want to get out good, ship a good, good review.
And I don't think there's a rush.
I think we're good.
But anyway, it's been a great year for open stats.
I'm incredibly proud of our team.
It's kind of, I mean, the stats are wild.
I think people just don't, you don't appreciate, even I, I'm like, I'm involved on a day-to-day
base.
I don't appreciate the scale of what we've accomplished so far.
And we're just getting started.
There's a lot more to do, but over $32 million worth of Bitcoin we have sent out to open source contributors.
That's 34.6 billion sats to 371 grant recipients in 40 plus countries.
We sent out about a million dollars a month.
I mean, freaks, this shouldn't be like a surprise to you.
I talk about a decent amount.
and obviously we do that without taking a single cut of donations so you can donate anonymously
you can zap us we have people that do podcast splits we do a podcast split for this if you're
streaming sats of the show some go to open sets you can donate dollars we'll automatically convert
into bitcoin we'll hold it in multi-sig and every month without taking a cut of donations
we send out about a million dollars worth of Bitcoin
to like at any given time,
like roughly like 200 grand recipients.
To 2025 specifically, we added 131 new grants
and we renewed 113.
So I think we've done a pretty good job with it.
You know, are we perfect?
No.
Are we one of the most transparent,
most efficient, most effective charities in the world?
I would say yes.
and we'll make it even better.
That's our plan.
I think you're selling yourself short.
Don't be so humble.
We all know you're the most humble man in Bitcoin.
You guys are crushing it.
It's very important work.
I don't pretend to be humble.
I just remind myself that it's important to stay humble.
So, Binder, I appreciate it.
And just due to the nature of the show,
week in, week out, we're working together at 1031.
A lot of people think I'm involved.
I mean, I am loosely involved in the sense of,
like, if anybody wants to go to OpenSats.
sometimes I help
think about how to frame a proposal
if anybody wants to
donate I'm like go to OpenSats
it's so minor I saw he was tweeting
thank you Marty and Matt for OpenSats
to be clear I have no official
association with OpenSats
I am
a humble bystander who is very proud
of my co-host
and co-partner
for doing what he does
you guys are crushing it
thank you sir
Speaking of crushing it, we crushed it
in Podcasting 2.0
Boost last week. Rabbit hole recap.
393.
Our future is bright.
OB, 40,000
sats. Excited for the conversation
that took place on Sessions recently.
Simon Dixon
versus Jeff Booth. Excellent signal.
I'm always confused why Simon does not get
more exposure.
I would like to see him on Citadel and TFTC.
It was a welcome white pill. A masterclass
from Jeff.
we are winning
Marty
can you get
Doonberg on TFTC
getting scam calls
somebody's trying to
change my email
apparently
not today
not today's scammer
I was in contact
with Simon
we were supposed to
set something up
for this month
but never
never able to
coordinate
maybe I'll have
work on getting
him on Doonberg
I haven't had him
on in like
five years
six years
it was like
COVID
didn't Simon
get wrecked
on Bcash
I have no idea.
I remember him from the Bcash days,
and then he disappeared, and then he just re-showed up.
I mean, his defense, like Bank to the Future,
I think they got in the seed round of Coinbase,
so I think he's doing fine.
Did all right.
Yeah.
Thank you for the boost, 40,000 sats.
BTC NIM, Lemon, 22,500 sats.
Enjoy this 25,000 sat boost.
I use code RHR and save 10%.
BTC NIM.
We have no idea where.
I think he just sent in his taxes and used the code RHR.
He got a 10% discount.
Try it.
Love it.
Orange Horizon making up for the big kerfuffle last week.
If you guys don't remember,
he told us to tell all of you to go buy a sunscreen
and then didn't leave a URL and didn't have one on his profile.
So you were left wandering the internet to find the sunscreen.
He sent us 21,212 Sats palindrome boost.
After last week's marketing critique on RHR number 392, we are back again so Marty can share the URL to shop our products.
TakeMySats.com slash orange dash horizon.
We'll also appreciate Marty Jones' thoughts on sun exposure, conventional sunscreens, sun creams, excuse me.
The theory that consuming seed oils leads to sunburn and why you should use Orange Horizon natural sunblock instead.
Shout out to BullishBitcoiner who continues to grind and push out incredible Nostra link tools in web stores such as TakeMySats.com and the Bullish Marketplace held on the 21st of each month.
Thoughts? I mean, as a pale-skinned Irishman, American citizen, Irish heritage.
I get burnt.
I'm going to be like, get my base burn.
I go down the shore.
I go to the beach.
I spend three months of the year in heavy sun, peak sun season.
Base burn, a little burnt for like a week.
My wife demands that I put sunscreen, sun cream on.
Horizon, you'll be happy to know.
It's mineral-based, tallow-based.
So when I do put it on to protect my pale skin,
spend a lot of time in the sun, that's what I use.
But yeah, I mean, I wouldn't be surprised if the seed oils contribute to sunburn.
I think big sunscreen is definitely not helping people.
I haven't done deep analytical research on the literature as it pertains to the connection between sunscreens and skin cancer,
but I would not be shocked if skin cancer and sunscreen are linked.
You just put chemicals on and they burn into your skin.
Like mainstream corporate sunscreen is like literally just poison.
You're just like putting poison all over your pores and all over your skin.
But I think, you know, in the spirit of everyone being mad at you, I also think
the good opinions, you have people on all the sides get mad at you.
You know, I also think extended sun exposure without any kind of protection is probably
horrible for you.
Yeah.
Yeah, if you look past my receding hairline, you'll see some sunspots in my head.
My wife's very adamant about me wearing a hat at the beach, which I do.
I do.
Madness are 1031 weekly catch-up calls in the summer.
I'm usually out on my morning walk, getting push-ups in, no shirt on the beach, but always lathered.
And mineral-based sunscreen.
Orange Horizon, I'm sure you'll let me know that that's going to give me cancer, too.
So I can't wait for that.
this is
this what is going on here
how does this happen how i've never heard of this guy
until yesterday yeah i mean why would we
i mean cisa like it's a pretty it's a it's always in the news uh
in terms of what i mean during the biden administration like surveilling people but
trump's acting cyber that uploaded sensitive files into a public
version of chat gbt the interim director of cyber security and infrastructure security agency
triggered an internal cyber security warning with the uploads and a dhs level damage assessment um
so the interim head of the country cyber defense agency uploaded sensitive contracting documents
into a public version of chat gbt last summer triggering multiple automated security warnings
that are meant to stop the theft or unintentional disclosure of government material from federal
networks. According to the Department of Homeland Security officials with knowledge of the incident,
the apparent misstep from Madhu Ghatumukala
was especially noteworthy
because the acting director of the Cybersecurity and Infrastructure Security Agency
had requested special permission from CISA's Office of the
Chief Information Officer to use the popular AI tool soon after arriving at
the agency this May. Interim director
shows up, it's like, hey, I need access to JATGBT to load up all these sensitive files.
I mean, you're supposed to be securing infrastructure in cyberspace.
And it seems like a pretty bad mess up.
This is something that I wouldn't even mess up.
I would be a better interim director of this agency.
I mean, look, I think this is a theme that's just going to get worse and worse.
And I mean, this is the scary part, right?
And I talked about this.
I had marks on dispatch, and we talked about this specifically.
like the scary part of the data collection that is happening with people using these
like big tech AI tools, right? These non-private hosted
AI tools that are harvesting all of their information is that you don't even have to
use it to be compromised by it. Like if your accountant or your doctor or your government
officials are using it then they're just uploading all of the shit and then not only do they have the
shit once you upload it but then they also have the llms that make it very easy for them to sort
through all that fucking data and then use it against people um so i you know i think this
probably gets worse before it gets better um and this is just a you know the the first major example
of it and then the last piece here which is interesting is i'm pretty sure the feds that
they contract with a bunch of these guys including chad gpt and grok and anthropic and they have like
their own government version yeah which i think he's allowed to upload to the department of war
i think has one yeah but i bet you like that is also probably horrible in like in like security
wise like they they just have like a contract that's like sam altman's like hey it's private
We'll keep it safe.
It's just a trust me, bro.
It's a trust me, bro relationship.
Somebody's saying American Bitcoin with the Trump brothers and eight.
Don't read his post.
52%.
That's, yeah.
He also said, he said higher up, the 2025 price of Bitcoin is the all-time high for Bitcoin.
It is truly over from here.
okay so look look this is the cool part about bitcoin you can disagree with us i am fine with
that and place your bets accordingly and we'll you know we'll see who whose family ends up on top
afterwards that's the cool part if we're wrong you know i'm gonna be poor as fuck
we had fun though that'll be the answer yeah well we had a lot of fun even if we even if we lose
that's the
that's the cool part
it's PVP
let's place your bets
player versus player
I'm not taking
weed edibles playing GTA
I forget the nomenclature of the gaming world
PVE is
player versus everyone and PVP is
player versus player
yeah
last thing on the list
I got 20 minutes
so we can chat after this
TikTok has updated its privacy policy
after Larry Ellison
bought them, Oracle
or was it Larry personally and his son
I think it was Larry personally
no his son bought
CBS or some shit
oh yeah
CBS
because it's separate, it's not connected
No.
But yeah, this was the most obvious thing about the TikTok deal was the US government forced the CCP to sell TikTok to a US big tech insider, Larry Ellison, so that they could use it to surveil everyone and control thoughts and how it's used.
And they're already seeing a bunch of censorship happen.
And the first order of business, besides the censorship, is updating the privacy policy to like, we're going to track everything you fucking do and ultimately use it against people.
And just to be clear here, the CCP was definitely also doing this.
They just don't care about privacy policies.
So like, that's like the difference between the East and the West.
It's like they have lawyers – in the West, we have lawyers that put it all in the privacy policy because they know no one is going to freaking read it and still track and control everything you fucking do.
And then the CCP, they just do it, and if you disagree, they send you to the gulag.
Yeah.
Yeah, one of the first things they censored was the mention of Epstein in DMs.
Did you see that?
Yeah, even in DMs.
It's not even public posts.
Yeah.
Interesting.
Transition into the banter section.
Be aware on TikTok.
Not a free platform.
Sticking with Oracle, though,
the Oracle collateralized debt securities,
their CDS rates, basically,
which prices in how risky their debt exposure is,
is at its highest point since the great financial crisis.
and about 30% higher, 33% higher than it was during COVID.
To bring this up, Oracle, I think it's part of the Starship program.
I think building a ton of data centers for open AI specifically
has taken on a lot of debt to do this.
And I don't know, this could be a signal that there is an AI bubble
and there are stressors out there who's going to foot this bill.
Obviously, we know the Trump administration views the expansion of the energy grid and implementation of AI data centers to win the large language model wars is an existential threat.
So maybe there will be a big daddy government bailout of this, but I just want to flag this while we're talking about Larry Ellison because not a great signal of financial strength from Oracle, which is a key player in this AI wave right now.
Yeah, I mean, I think they'd all just be bailed out.
I mean, that's the crazy, right?
We have a big tech...
The big tech guys have all joined the oligarchy in America.
It's all intertwined.
And the beautiful thing is if you have big tech spying control on people,
you don't need a warrant.
It's an end around in the Constitution.
so
most of these guys are just
I think
they've come to the conclusion that they can take
insane risk
they can take way additional risk on
because they know they'll be bailed out
yeah
it's interesting
you know
this is like
this is one of those weeks
it's going to sound cheesy
I know you're going to be like, Marnie, you're like, you're succumbing to the hype cycle of the day.
But I downloaded, you set up a Claude bot.
I did say it because I know exactly what's going to be thrown at you.
Defend yourself by, it's the eight mile strategy.
It's the last rap battle where Eminem comes up.
He's like, yeah, I'm white.
Yeah, I went to Pride.
I know what you're going to say.
I set up a Claudebot.
I haven't slept much this week because it's been very productive.
The reason I bring it up is because you look at charts like that
and you realize the productivity gains of AI,
like I have over the last year,
very specifically this last four days.
It's insane what Maltbot, previously Claudebot, can do once you set it up.
But it does beg the question because I'm using a lot of new open source
models via the Maple proxy that I set up for my
Moldbot. And it does make you wonder how much capital
misallocation are all these hyperscalers
forcing on the market when a lot of these open source models are
getting just as good and much cheaper than the
Frontier models. Akimik K25 launched this week
and it seems like it's better than Opus 4.5 on a bunch of different metrics.
yeah i i mean i don't know i i do think um were you not impressed with what i showed you this week
i mean i was kind of impressed uh i uh look i like i think um i think they're making a
calculation that this stuff is going to be ingrained in all aspects of society
and they don't want to be left behind.
So it makes sense, right?
Where a lot of the expense is going on,
specifically on the foundational models, right?
Like the question is, I think,
is there like going to be a real moat there?
Probably not.
Like the moat is probably closer to
where you interact directly with the user, right?
So, and then also data access.
I think data access is important.
So what's interesting about Claudebot, right?
So Claudebot is an open source piece of software that you run,
and then you like connect it to a bunch.
It's an agent, right?
So you're like connecting it to a bunch of,
you're connecting it to whatever LLMs you want to use it for.
And technically they can be self-hosted LLMs.
But if you want the latest and greatest, you're not self-hosting it.
It would be way too expensive.
so you're like pinging an outside server but then you're also connecting it to accounts
right and then so then how are you also so there's two pieces like how are you interacting with it
and what data is it interacting with and so how are you interacting with it I think the
the the manufacturers of the devices that we're using have an advantage they're remote wise right
So like iPhone, Macs, right?
Everyone, like a bunch of people are going out and buying Mac minis to run CloudBot.
Like you can imagine, even if something is slightly inferior and it's already running natively on a Mac, most people are going to use that.
And then you have, where is the data?
And what data, so then you're giving access to the data to actually make informed decisions and do things.
You know, whatever, you know, in the simplest form, like make a deck on company metrics or
something.
And that's where things like...
that's where like and so if you mix both those together google has such a massive fucking
advantage because they have all the data they g suite dominates in business right so they have
all your docs you don't have to give them like authentication tokens and stuff they have all your
docs all your emails your calendar all that shit already um and then they also obviously have android
they're powering their gemini their ai shit is powering samsung uh which is the largest
manufacturer of phones and then the second largest manufacturer is iphone and they're
powering iphone as well um and then so like okay so then to your original question why are they
spending so much on foundational models can you imagine so google has that lead in those two mode
levels and then what they're going to use some model that they don't have full control over like
it makes sense they would spend a shit ton of money on gemini so like but in that situation
gemini is almost like the lost leader it's not the moat it might not even be the thing that makes
them the money um it's the data harvesting that will probably make them the money um but they
need it as a part of the of the package right yeah no that makes a lot of sense it is funny
though how competitive it is like can we k2 five coming out this week it's like holy shit
I haven't tested it yet because I'm not
piping into
an API service that feeds
data back to servers hosted in
China.
Mark and Anthony, I know you're working on it,
but Kimmy K2.5 and Maple
would be awesome.
Yeah, it's fun.
But that
dynamic is also interesting,
right? Because
the CCP models know
they have to be open source.
no one's going to trust a CCP model that's not open source.
I mean, you shouldn't trust a proprietary American model either,
but people do, they don't really care about it.
But we do have this advantage on the open source side
in this particular dynamic that the CCP wants people to use their models which have CCP tints to them If you ask a CCP model what the best company in the world
It's Claude.
No, that's how you know it's Chinese.
It's because you ask, hello, who made you?
Like Claude, it's like, oh, yeah, you just stole all their data.
You trained against the competitors.
But also, you ask them what happened at Tiananmen Square or whatever,
and they'll be like, oh, nothing happened.
So they have their censorship hooks at the model level
and then they have to offer it open source
and otherwise no one else would use it.
So it's an interesting dynamic at play.
Yeah.
I see Mark's in the chat from Maple.
They have it on strong intel that multiple people
in the US government are using Maple
for current legislative work.
You love to see it.
shouldn't be using
ChachiBT.
You say you love to see it, but then Mark's next
comment says, but we can't see it.
Because by design, they can't see what's happening.
I can't see it. It's true.
How is Kimi 2.5 a cloud model
but still open source?
I mean, the makers of Kimi,
they host it. If you want to use
their API, you can pipe in,
but it's also open source.
So anyone can host it.
Yeah, you're just waiting for people to set up the infrastructure to host it and test it.
Yeah, there's providers, there's independent providers that are hosting open source models for other people.
Because if you want to host Kimmy K2 yourself, even though it's open source, like if you want to self-host it, it costs you, I don't know, about like $30,000 or $40,000 or something in equipment.
Like you have to get like a $10,000, like two $10,000 Mac studios.
I think I saw someone who was like, I'm running Kimmy on this.
I see Bitcoin Revolution in the chats asking about my hat.
My hat is from a ride-or-die freak, Kiwi.
He has a new service called BitcoinButlers.com that he's working on
that is trying to make it easier to onboard people independently into self which I think is a very noble endeavor
Yeah, it's a noble mission.
And look, like freaks,
I feel like the story of the last two years
is that the plot has been lost a little bit.
Like we need as many self-custody Bitcoins as possible.
To the chart that I showed you earlier of Signal versus Telegram and WhatsApp, the overwhelming majority of users are not going to use Bitcoin in a freedom-oriented way.
But we do need that absolute number to go up.
We need an intolerant minority that is holding real Bitcoin, using real Bitcoin, holding it with open source tools in a sovereign way is absolutely key.
And Kiwi is working on that with Bitcoin butlers.
and I just
the hat's cool too
it is a sick hat
this has been a sick rip
you know
I'm having fun
I hope you guys are too
if we look at the hour chart
we're up
70 bips right now
we're pumping
up almost $600
in the last hour
things are looking great
basically rich again
yeah
I see Mark's in the chat
just real quick
with Maple
they have Kimmy K2 support.
They just don't have two and a half yet.
But that should be up and running soon.
You can go to trymaple.ai
I think you can use the code RHR.
You can use the code RHR there.
Yeah, and if it doesn't work,
just badger them until it works
because it should work.
Yeah.
But I use Maple all the time.
Maple's fantastic.
You can think Signal.
so like signal level privacy with uh in a in a typical uh chat ai environment uh it's fantastic
yeah i mean i bought 500 with the credits hooked it up to my cloud bot
and i got a bunch of sub agents running the uh different models that that maple offers right now that pretty awesome in a uh trusted execution environment it pretty sick it pretty sick yeah it basically like a secure element in the cloud
so neither them nor the servers can uh see what you're searching for and what you're using it for
yeah it's a beautiful thing as it should be
i gotta run i gotta call in five minutes and gotta hit the head before
I take that, but this has been an honor.
It's been a pleasure.
Guys, this is a long journey.
We've been here for eight years.
We're going to be here for eight more years probably.
We'll be at $115K in eight years.
We'll be talking about, hey, just stick with us, guys.
It's going to work out.
I promise, okay?
If that bear in the YouTube chat is correct and Bitcoin hits zero,
there will still be RHR that week.
Yes.
We promise you that.
If Bitcoin goes to zero, we will go down the ship alongside you.
We're going to own up to it.
We're going to be probably hammered that week if it ever comes.
Don't think it's coming.
My strategy if that happens is me and my family are going to build a small cabin on federal land and squat in the forest.
I like that.
Maybe we'll join you.
There you go.
You're welcome for the mining operations that I'm involved with in Tennessee turning off this week.
I know it's been a rough week there.
Insane.
It's a good example, by the way, of Ness, which has a National Electric Service, which has a de facto monopoly, basically government-run operation.
It's just fucking horrible.
Just so inefficiently run.
We got Pico here in Pennsylvania, Pennsylvania Electric.
You need free markets would fix that.
It would.
All right.
This was fun.
We'll do this again next week.
Sounds like a plan.
Love you all.
Stay on the Stack Sets.
Peace and love, freaks.
Tiki.