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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.
Welcome back to Rabbit Hole Recap, throwback to how we used to open the show.
15 minutes late. This week, it's on me. Sorry, Matt. Sorry for making you wait.
it worked it worked so freaks we had some technical difficulties last week
uh we had all hands on deck uh since then uh now all primal apps have streaming video support
so that's primal ios primal android really released primal android about 20 minutes ago
with video support and Primal Web.
So now we're going to start iterating from here
and create the world's most first-class live streaming experience.
Now, one thing to keep in mind is we did discover a bug on the iOS app.
The only way you're able to comment in the live chat is if you zap us.
but on web on web and uh android is free we have the update for ios it's just going through that
the the app store approval process so like you'll see an update sometime soon i'm a little conflicted
i kind of think that you should have to send sats to speak anyway um a little bit of an internal
debate there but it wasn't intentional it is a bug so you can comment if you're on ios
you just have to you know even just one little sat you put one little sat you can comment on
ios but web and android is free download primal in your favorite app store um we already have
map 21 zapped us 35 000 sats to see the live streams on primal basically if you follow someone
who is live it will notify you that they're live it'll show a little live badge on their
on their profile picture.
And on the top of your feed,
if you're familiar with X,
just like X on the top of your feed,
it'll show that someone's live.
A little background context
on how streaming on Nostra works.
It's an open protocol.
It's beautiful.
So regardless of what platform
or if you're self-hosting your video stream from,
Primal picks it up.
So you could be self-hosting a streaming server
and you broadcast a Nostra event, Primal picks it up.
Because it's an open protocol, so does Zapstream.
So when Zapstream is not getting DDoSed,
Zapstream picks up things that are streamed from Primal
or streamed from self-hosting and vice versa.
On the Primal streaming side,
like the actual backend for Primal streaming,
we don't have that live yet.
That's next to the docket.
If you've been paying attention,
I think we've been hitting a lot of our release windows.
I'm incredibly impressed by the Primal team.
They are shipping at breakneck speed with quality.
We're going to continue the shipping until all the bears are dead.
And then we're going to keep on shipping after that.
And I'm very excited.
So from now on, the best way to interact with us when we're live
is using Primal on your favorite platform.
It's working.
It's working beautifully well.
Do you have any questions, Marty?
You can be the voice of the freaks.
Do you have any questions for me on implementation?
No, no.
I know it pretty well.
I've been following along pretty closely in the background here.
And it's working well.
I think what I wanted to say is, number one,
zap us as much as possible.
We don't have to worry about taxes anymore.
content creators uh have been grandfathered into the tax on can we get the not lawyers things
no no not accountants i saw not accountant not accountant but a content creator okay he's
accepting tips over over nostre so zap away we don't have to pay taxes on that oh well we got
an endorsement because our accountant set just zapped us 5600 sets he says this looks clean on
ios all the sats i have left oh thank you thank you for selling your sats go sell some chairs to
get more sats seth number two we're coming primal nostre but the primal the way primal is
leaning into nostre with all these features coming after x sub stack now we got twitch
and kick streaming coming for their throats this is this is a a beautiful open protocol
everything app coming together in real time it's beautiful
really is shout out to math 21 35 000 sats lfg this fucking goes right eric can't meme
21 000 sats driving carefully with the phone propped up on the dash the boys are looking
fresh on the primal feed stay humble stack sats please drive safely
yeah yeah don't don't let don't let our beautiful faces that that reminds me on that note like if
you're in the mobile app you can minimize the video so you lose the chat and then you can use
your phone otherwise you can go into other apps and the the audio and the video continue to play
which is a feature that i thought was quite useful and compelling to make it a first-class experience
yeah so you can like go into your gps or whatever you're using and and you can still have the stream
going on in the background and listen and unlike youtube uh we're not charging for that feature
not putting that behind a paywall they charge for that only premium users get that
yeah i think you don't have background play without premium interesting i mean where you
pay for premium through the tftc account um i pay for you do and you have me as an authorized user
so i've i've uh i don't know the non-youtube premium lifestyle i've been using that for a
long time it's fantastic actually but also fuck youtube i just i hate all the ads and shit over
there it's horrible i hate all the ads big fan of youtube tv that's why we got rid of cable we use
youtube tv i guess it's a form of cable but uh i may or may not just torrent now
interesting um chroma zap 21 000 sats let there be light fix the light fix the world
oh it's kind of an ad i don't know i've never tried it i'm not going to say the url
mccoy's app 22 000 sats let's fucking go live stream
it's working uh to see it million million if you're watching bug report live chat
in Firefox
is not automatically updating.
I have to refresh the page
for the chat.
Noted.
UX, UX feedback on air.
Oh, Chrome,
that quasi-ads app
is a red light thing.
Have you gone down
the red light rabbit hole?
One of our mutual friends
was trying to sell me on it.
I like natural.
Well, we bought our house
when we moved back to the Philly area
from Charleston, South Carolina,
we bought a house
and it was owned by old people before us.
And in my parents' bathroom,
they had red lights.
And those red lights, they lasted the whole...
I think they're still working in my parents' house.
No, but that's two different things.
Were those UV lights?
I think so.
They were like lead bulbs.
So there's like red color lights
that are just helpful
for like nighttime vision but like the new game in town is particularly in winter when sunlight is
reduced is you use these like red uv lights to get some like extra vitamin d or whatever yeah
i mean i'm a strong believer in sunlight so i kind of makes sense to me yeah there was a big
craze there was like a red light saunas that were that were a big trend back in like 2017 2018
I think they're still around, but not as trendy as they were.
I'm all for light.
Good light.
Red light.
Not the blue light.
The blue light's not good for you from what I can tell.
But yeah, it's a beautiful thing.
I see Milian, our fearless leader over at Primal, has accepted your bug report while he's in the log chat.
All right, that's good.
It's a new level of transparency.
Kind of fucking awesome.
I love live bug reports.
We tested in prod last week.
It didn't work.
We tested in prod this week.
It's working.
We made it work.
Oh, dude.
Look at this.
This app's total.
I love this.
16 zaps.
This is a clean.
This is a clean interpretation.
I can't believe the Android release was literally 15 minutes before we went live,
and it was only because you were 10 minutes late.
Otherwise, it would have been five minutes.
I'm sorry. I'm just taking this all in right now.
You're good. Pretty fucking cool. I'm watching on the mobile app.
All right. Let's not get too consumed by the beautiful live stream integration at Primal.
I do love, Marty, like RHR.
we started we rhr was always just a humble uh audio only in-person show until covet hit and
then we started with live streams and when we first started with live streams marty was just
always pissed off at me for just staring at the live chat um and i don't not only did we not stop
staring at the live chat we like built our own live chat we just just leaned in i will say
we do both have our luddite tendencies in our own ways mine was like i i would really get pissed at
you for the live chat stuff it's because people like in the audio only would get pissed i get
comments like he's got to stop talking to live chat we're not there it never stopped and it's
become part of the show now and it's a great part of the show um and then yeah we have our
our own live chat now where you can zap pretty cool over over two open protocols it's uh
like this is like i'm looking at this now we need to get should million like we need to we need to
approach somebody like aiden ross not a big fan not a big fan of streaming culture you go after
one of these big kick streamers and you get them onto onto bitcoin on the nostre and this is the
way like especially if we're going like if we're getting bitcoin instead of dollars
kicks probably take a what a 15 fee on the way up yeah they're all taking twitch takes a huge cut
too i think kick has been paying them uh to move from twitch but like that's not sustainable no
because kick came out of nowhere oh yeah well anyway we're not going to pay them uh so uh
Well, we'll get them.
We'll get them gradually, gradually and suddenly.
I mean, the cool part is, is if you're using something like Restream or OBS, like it's just using the open RTMP standards.
So you can still stream to Twitch or YouTube as your primary or Rumble as your primary or X as your primary.
And then also stream to Nostra and Primal.
Interesting.
Are you seeing an Ecamm?
our live viewers number is really low
normally low
I wonder if that's a bug there
are we on YouTube?
I haven't even checked YouTube yet
we are on YouTube
I did
by the way
Mav21 zapped 10,000 sets
and he says we are the show
I did make a mistake
and I didn't notify the freaks
when we were going to be live this week
I notified Millian
instead of the freaks
and I got caught up in getting this live stream up.
So they got zero notice whatsoever.
So that might be part of it.
And you're here now joining us on Primal.
The Primal Nostra live chat much livelier than YouTube right now That could also be it Ecamm doesn track the Nostra live chat numbers Yeah
Soap minor.
I'm looking at the YouTube numbers
and it matches what Ecamm says exactly.
That's just YouTube and Ecamm.
It's good.
Fuck YouTube.
Join us on Primal.
We have Soap Miner zap 21,000 sats
zapping on Primal.
Let's fucking go.
I think last week I said I bought some soap.
The soap was delivered within three days and I've been trying to be clean
shaven and I've just been using the soap minor.
So probably I'm on pine tar right now as my shaving cream.
It actually helps get a closer shave.
I've tested it out for three days now.
There you go.
Clinically proven.
By uncle Marty.
All right.
We're not getting consumed by all this.
We got a show to run.
We got things to talk about.
There's a lot going on out there.
It worked.
Our pet's heads are falling off and the Bitcoin price is currently at $110,060.
We got a palindrome sats per cuck buck at 909 sats per cuck buck.
We are at a market cap at 2.19 trillion.
We're currently at block height.
Oh, I was loving that we were recording today.
We're at block height 913,191, which means we are.
only 57 blocks away from the next difficulty retarget.
I looked at my block clock last night and it said,
uh,
26 hours or yeah,
28,
23 hours at like 7 PM.
So we're like tracking.
What settings do you have on your block clock?
Uh,
right now I'm seeing stats per dollar at nine 11,
nine one one.
Do you switch?
Do you have multiple stats that circulate?
Yeah.
I don't know why you wouldn't.
I do price only.
I just do price.
It's just a price for me.
It's the most important metric.
Price, block height, transactions in the mempool,
sats per dollar,
time until the next difficulty adjustment
and the estimated difficulty adjustment.
And the estimated difficulty adjustment for later tonight
is 5.4% upwards adjustment.
Hash rate coming on the network.
Blocksman coming in at 9 minutes and 29 seconds on average.
Clark's teeny weeny mempool,
which is a recognizing sub one set per V by transactions,
has 5,975 transactions in it.
Mempool.space, 94,501 transactions.
In my household, we have a block clock in the living room
and it's on price only.
It updates every five minutes.
And I don't check the news unless there's a significant price movement up or down.
If something, if it goes up or down, it's like, okay, we just attacked Iran or some shit.
And then I check the news.
It's like my world thermometer just sitting in the living room.
We're down a little bit right now.
We're down across the one hour, one day, seven day, one month time scales.
Year to date up 16%.
One year up 89%.
We can touch on that too, because I think we've got a couple things on the list that may pertain to this.
But getting to the list, I wrote about this last night, and I think it was interesting.
This chart shocked me.
China's prepping for something.
So, Logan, pull up the chart specifically.
Just click on that.
It should blow out on Primal.
so this what we're looking at is a chart of the stock level of gold held in china that is on
warrant for many people who responded to the tweet i sent out before i wrote the newsletter last night
thinking that this is a chart that shows that china is accumulating a massive amount of gold
in a short period of time that is not what this chart is showing so this is showing the gold on
And what that means is that China's gold, whether it's held at the PBOC, at banking institutions that were sort of coerced by the CCP or other financial institutions have gone to the Shanghai Gold Exchange and basically registered their gold to be used as collateral and to be recognized as something that can be used to either create futures contracts to support spot markets, to redeem in-kind.
in international gold trades.
And so this does tie back to the fact that China has been accumulating gold
since the early 2010s at a rapid pace, dumping US treasuries in favor of gold.
And I don't know exactly what China's thinking here,
but there are multiple things that this chart could mean.
One, China wants more influence over spot gold markets.
So Shanghai Gold Exchange, by registering your bullion and putting it on warrant, that gives you the ability to sort of play in those markets and have more pricing power in spot and futures markets.
By registering it, you can also use it as collateral.
So if people wanted to use that gold to back something in the Chinese financial system, they can now do that.
I think the third thing I listed in the newsletter last night could simply just be a signaling mechanism to the United States and Western nations, specifically by putting the gold on a warrant, registering it.
You can just be saying, yes, we have this gold and we are willing to use it.
So I think everything here signals to me that China is just at the very least sending a signal to the rest of the world, like we've got a lot of gold and we're willing to use it as geopolitical tensions increase.
yeah i mean i kind of i think the last point is the most salient
um i like the idea that it's like it's it's just a it's a public flex um
uh you know the in practice they've probably been stacking hard for a bit now
and now it's time to make the chart go parabolic so everyone pays attention
yeah um it's kind of my read also uh this this is something that we've been tracking on the show
for a while this idea of a dollar competitor coming out of china backed by gold um which
is something i still expect um i think a lot of people don't trust the chinese uh to be a reserve
currency. And gold is a way to minimize that trust. Obviously, it still requires trust and
Bitcoin is simply a much better money because it can be used without trust and is designed for
even enemies to transact in financial markets without trusting each other. So I think Bitcoin
eventually supersedes it, but I wouldn't be surprised if we see a China-led brick-style
competitor to the dollar emerge that is gold-backed.
Yeah.
There's another theory I recorded with Mel Madison this morning.
It'll be out Saturday on TFTC feed, but he made a good point too.
If China is sort of contrary to like a yuan, a gold-backed yuan, like if China is increasing
economic trade with economic powerhouses like Saudi Arabia, so if China is doing yuan,
uh trading yuan for oil and saudi arabia doesn't want to hold yuan by putting the gold on warrant
at the uh shanghai gold exchange um saudi arabia can then just take the yuan that they don't want
and redeem it for gold much easier in much more liquid fashion as well so there could be multiple
i mean but that's basically it's the same end result right yeah exactly yeah yeah it's just
It's like implementation details.
Yeah.
It's like gold back Yuan, but counterparties want China to take the risk of Yuan and they want gold.
Yeah.
Also, if you read Mandibles, you wouldn't be surprised by this development.
Yeah.
Well, it's coincidental.
It's not coincidental.
It could be. It probably is coincidental, but it's a funny coincidence that this chart popped up this week.
I've never seen this chart before.
So yesterday for the first time, it sort of blew my mind how quickly they've registered their gold on Warren.
But the fact that this chart surfaced a day after the military parade in China was very interesting as well.
It seems like a –
Not a coincidence.
Not a coincidence, but it seems very –
It was more than just a military parade, right?
It was all world leaders except for us.
It's like all world leaders that were not aligned with us,
and Trump wasn't invited.
Yeah.
I mean, Kim Jong-un.
Yeah.
Putin was there.
What do they call it, the Shanghai Cooperation Alliance or something?
I'm not sure.
I'm not a China expert.
heard it was there uh the shanghai cooperation organization yeah it's like eurasian nato
yeah south africa through south africa i think brazil was there throw them in the mix um
but yeah there's there's definitely some geopolitical
jujitsu positioning going on right now i think i mean yeah the golden warrant and the military
parade which i don't think they were just there to watch the military parade i don't think they
were just uh commenting on how incredibly synchronized the the soldiers in that parade
were they were definitely they were incredibly synchronized though i mean it's shit hey props
for props are due we got to be honest it's shit on the military parade we had here in the u.s
well you know what their mistake i'd like i'm surprised the ccp didn't have coinbase sponsor
their parade as well. I'm sure Coinbase would have done it if offered. I mean, I wouldn't be
surprised for ego purposes if they do launch some kind of quote unquote, BRICS currency that's
backed by gold held in China instead of, you know, just for like ego purposes, like does Putin want
to use the Yuan? Probably not. But China can get all the benefits still by being the custodian of
the backing and they can launch another currency did you see the hot mic of them talking about
uh organ transplants to live yeah they're like 70 is young we're gonna live till
at least 150 yeah she was like i've heard that the it's possible that we could live to 150
um but back to your earlier point too and i thought about this last night when i was
writing the newsletter
like if this
Shanghai coalition whatever they're called
the Eurasian NATO
Shanghai Cooperation Organization
Shanghai
Cooperation
Organization
SCO
the SCO wanted to have
like a unified front
and we've had this for years and so maybe this
isn't like a backtracking but like thinking through it
steel banning it maybe they just
the other the Russia India Brazil whoever swallowed their pride they recognize that
Yuan is the most liquid out of all those other currencies and creating an SDR banker like
sort of basket of goods is way too complicated maybe they just say all right China we'll use
Yuan but going back to the point we made earlier based off the conversation I had with Mel Madison
And like these countries don't have to take you on risk if they don't want to with this gold on war, Shanghai gold exchange.
But they do if they're not, they're still taking the risk if they're not taking delivery of the gold.
Yeah, exactly.
I mean, like, you know what a pain in the ass it is shipping gold internationally at size?
like in practice they probably still like how often if the saudis are actually settling in gold
for their oil deals how often are they actually taking delivery of it definitely not like every
trade no no probably settle up once a year if that at the military parade yeah yeah we're gonna
take it back um i mean just to be clear they should skip the step and just use bitcoin uh
it's ideal for the situation um but they probably won't uh they'll probably try and do something
gold back first yeah beauty of noster i posted last night's newsletter um to primal and got an
immediate response from, I believe, an American, Peter Alexander, who's been living in China for
30 years. I think he's Nostra only. And we've been... He's very active.
Yeah, we've been talking back and forth since last night. And he's going to come on the show
tomorrow to get his perspective on what's actually happening in China. And I think this is like one
of the highs... He sent me some interviews he's done. He's been on like CNBC, Bloomberg. This is
a legit geopolitical analyst
and very well-respected
sort of expert on China.
He lives there too.
Yeah, he lives there.
He has a very unique
positive perspective
on China and the CCP.
Yeah.
But I won't speak for him.
You can listen to him
on his Marty interview.
That's what it's...
Kabalaji is the same way.
last two times I've talked about him.
There's a lot of people out there that think China's going to eat our lunch.
I don't think it's going to happen.
I have respect for both Bellagio and Peter,
but no shot in hell I'm ever raising my family in China.
It's not going to fucking happen.
But everyone's subject to their own opinion and their own perspectives
and their own strategies and how they want to
plot their life path.
We'll see.
All right.
On the next topic,
China prepping for something.
Who knows what?
Trump was sending messages
on Truth Social
as the military parade
was going on.
Cheeky comments.
Did you see the main post?
Send my warmest regards
or something like that.
Boy, Truth Social Trump.
I feel like we got to read that post
just in case people
aren on truth social uh donald trump truth we get to it first He posts so much man
But he posted it live during the...
Yeah, I got it.
First.
Logan, pull it up.
You got it from X, though, right?
I did.
I'm scrolling through his truth social.
It's ridiculous.
There's so much shit here.
The big question to be answered is whether or not President Xi of China will mention the massive amount of support and blood that the United States of America gave to China in order to help it to secure its freedom from a very unfriendly foreign invader.
Many Americans died in China's quest for victory and glory.
I hope that they are rightfully honored and remembered for their bravery and sacrifice.
May President Xi and the wonderful people of China have a great and lasting day of celebration.
Please give my warmest regards to Vladimir Putin and Kim Jong-un as you conspire against the United States of America, President Donald Trump.
Yeah, what a post.
I mean, the broader point, gold on warrant, military parade.
Like it is clear. We've been talking about this for a year.
Lead up to the election, dissent getting into the treasury of the secretary, secretary of the treasury, excuse me, his comments on Manhattan Institute last June.
Before the election, there's going to be this global economic reordering.
Everything that we're seeing this week in this context seems to be pointing in that direction.
Like we're getting closer and closer to either some sort of ripping off of the Band-Aid and the SCO going in their own direction, or they're simply posturing both with the gold on warrant and the military parade and only inviting the misfit countries of the world to sort of send a signal like, hey, let's go to a table and figure out this global economic reordering.
I mean, Logan, to that point, Logan, pull up the next chart, which is, I think, goes hand in hand here. It's a pretty staggering chart showing global reserves. And the dollars fall from grace as a global reserve currency. And you just see gold just spiking there.
yeah it's pretty pretty crazy chart and i think people you know i don't know people have a tendency
to you know say like oh well this is how it's always been or whatever um but you can see on
this chart like the growth from the 50s into the dollar as the true reserve currency of the world
and now we're starting to see a reversion back to the mean of gold being it
yeah i'm looking for the other chart there was a here it is um and like look at the euro just
like straight pop when it got invented basically
yeah yeah i thought i did that right yeah look i'm pulling this chart up so this is
a line graph strips out everything except for treasuries and gold so for the first time since
1996 foreign reserves held in gold
or gold holdings as a percentage of foreign reserves that surpassed
US treasuries. Pretty crazy. It's pretty crazy
how quick it flipped in the reverse too. Right?
I mean, I guess it was also
partially like, I mean, it looks like it lines up with the fall of the Soviet
Union. What, late 80s, 1990.
Yeah. And we'll say one stat that Matt or Mel Madison threw out this morning during our conversation, like people focus on the foreign holdings of U.S. treasuries, but as a percentage of overall treasuries that have been issued, 37 trillion, it's about 20 to 25 percent.
Most treasuries are held by pension funds, institutions, banks, individual Americans.
Take that with a grain of salt as well.
But yeah, tether.
So I guess point being, though, it seems like there's a lot of posturing and we are walking
towards the edge of either, God forbid, some sort of cataclysmic ripping off of the Band-Aid
that could lead to some kinetic reaction, or hopefully the other route is it's like,
all right, let's flex, flex, flex, show our strength, put our cards on the table, get
to the table and figure out how we do this global economic reordering, monetary reordering
specifically.
Dr. Jeff in the comments makes a good point.
that's probably worth mentioning is that we do also have to keep in mind that gold has been
pumping pretty hard in price so part part of uh this flippening is is actual gold depreciation and
and value not just additions which is a very good point yeah gold market cap um it's up something
like it's 24.217 trillion um i think it was like because i remember you remember the uh
yeah like in the 2020s it's like we're gonna flip in gold um and the market cap was around
12 trillion bitcoin can we get the yeah like and the target was like let's get the 12 trillion
market cap will flip gold.
The market cap has since doubled since July
2020. It's crazy.
Well, I mean, I
still
think we will flip gold. I saw someone
do the math that
if gold stayed flat
right now, parity
would be $1.2 million per coin.
We'll get there. We'll get there eventually.
The flipping point.
But obviously, it's not going to stay flat.
dollars can keep falling and purchasing power um what i say is the limit 2017 bull market
repeated gets us to 1.8 we flip it in the next four months you know okay easy easy easy i will
say it does i mean obviously it's not it's very different but there's a lot of similarities to
2017 right now.
Yeah.
At least in the feels.
And like that was a crazy,
2017 was a crazy fucking fall.
That was a,
that was a fun fall.
A fall I'll never forget.
In the barstool offices.
I mean,
people have revisionist history.
Like there was a lot of
bearishness on Bitcoin at that point.
Going into September 2017.
The fork wars.
Yeah.
I mean, I remember Selkis saying that it was riskier to buy Bitcoin
than it was to buy Ethereum.
And he had a huge platform at the time.
He was like one of the largest influencers.
He controlled CoinDesk.
There were people adamantly telling people to dump Bitcoin for Bitcoin Cash.
Bitcoin.
Or that it wasn't even, I mean, he wasn't even coming out necessarily
from the Bitcoin Cash side.
He said both were fucked.
It was just like the infighting is going to result in Bitcoin dying.
And I don't know, like right now on socials, like the contrarian take is to be bullish on Bitcoin.
Yeah.
Well, I mean, there's a lot of fear out there.
I'm sure you don't want to touch on it.
I don't want to touch on it either because we have touched on it, but I'm sure you've seen the comments and replies.
The current debate around up return, not first core, core version 30.
Are you going to upgrade?
We talked about this.
Many people are saying we're avoiding it.
I spent eight hours.
I spent eight hours for two days at Bitcoin++ in June covering this.
There's eight hours of content you can go find on this channel if you're on YouTube or if you're on Oster.
Talking about the op return battle, not for his core, core version 30.
But it is like tying back to the similarities.
There is some infighting going on right now.
Yeah, but I mean, that's where it ends because, I mean, so the fork wars, so you brought it up. I guess I kind of brought it up. With the fork wars, it was over consensus rules, right? So it actually resulted in a chain split.
and when you have a chain split type of situation
you effectively have a market made
where two different monies are competing against each other
and being traded against each other
and so in those situations
the choice that users make
do have an effect on everyone else in a big way
if you know all major stakeholders dumped bitcoin for bitcoin cash we might have been in a we might
be using bitcoin cash right now and bitcoin i i have a theory that in a chain split situation
it's kind of up in the air and the market's like figuring it out for a bit but then once one has
decided the other one tends to trend to zero which is what we've seen with bitcoin cash bsv
Bitcoin diamond, Bitcoin gold, all these other random ones.
We've never read.
What was his name?
Red carrying.
Red Bitcoin prime.
I don't know what you're talking about.
The current debate is over policy rules,
specifically mempool transaction relay rules.
It's not actually over consensus rules.
and in that situation it's very much what your node is running mostly affects yourself
um the core maintainer's argument is that uh uh valid transactions that have historically been
considered non-standard in bitcoin core and have not been relayed by bitcoin core are getting
confirmed anyway and they're going directly to miners and the result is you have potential
centralization risks where where transactions are going out of band and no one sees those
transactions until after their mind and other miners can't compete with them and node operators
can't do accurate fee estimation if we actually have a high fee environment which we obviously
do not have right now.
And two examples of those
are the incredibly large inscriptions,
or three examples,
incredibly large op returns,
the incredibly large inscriptions,
and then also most recently,
the sub one SAP per byte transactions, right?
Those by default are not relayed by notes.
So on a technical basis,
that's what the argument's over.
So core has that side.
the non-core pro-not side is more or less that yes they can be mined anyway we're willing to take
the centralization risk and that trade-off that comes with it and the lack of accurate free
estimation if you are running a node to just make it a little bit more difficult and more expensive
for these transactions to happen.
I think there's some validity on both sides.
Now, we've completely passed the point of any kind of debate.
Now it's becoming very much like a gaslighting social attack.
Everyone's a fucking spook, you know, just calling each other,
all these different things.
And then there's a lot of extremes that are being made that, you know,
that Bitcoin is going to die and this is going to kill Bitcoin
and all this other shit.
um you know there's arguments about no liability and stuff like that which i think is an incredibly
slippery slope and a dangerous argument to make and it's disappointing to see bitcoiners make that
argument well um pull this out but at the end of the day at okay go on no to your point like uh
you're assuming i won't say it explicitly either you can read um read the tweet yourself but like
Eric Voskule, I've been following his commentary on this.
Very underrated Bitcoiner.
Love Voskule.
And the whole thing is like, we're going to have to download these files
and I don't want to hold them.
Voskule made the point earlier this week.
In order to filter a transaction, you have to download the transaction
on your machine first.
I'll explicitly say it.
Some people will get mad at me.
But I said this earlier this year too.
I don't think there's anything we can do to reverse this outside of
making blocks smaller or completely doing a consensus change that takes out op return
or something like that um so you just have to live with what's valid via consensus right now
and um it's not ideal i don't like the shit either but that's the perspective i take look um
anything you do or say in public can be used against you in the court of law um so i
I suggest people are very deliberate about how they have conversations about these types of things in general, because they can easily be used against Bitcoiners in the future.
But my point is, is that this idea that Bitcoin is going to die, all of, you know, Bitcoin is getting killed, all this other shit is that as far as I'm concerned, is straight bullshit.
That's my opinion.
uh we can you know reassess the situation in a year i'm sure anyone who's saying right now that
bitcoin is going to die because of relaxed mempool uh defaults uh will not admit mistake in a year
well most people will not um and it'll just kind of be memory hold i will say though that i do
appreciate the newfound feelings or the newfound
respect for the idea of more implementations out there and just more developers working on
protocol. Like I would like to see node operators have more choice, not less.
But at the end of the day, I support everyone's decision to say what they want, run what they
want, do what they want. That's the beauty of open source software is that you can verify,
modify, distribute, and use it without permission. You even have the option to run with no mempool
whatsoever, and you can run in blocks only mode and not relay any transactions if you don't want
to. I will say that I do think we are fortunate that we've gotten to this point with a pretty open
relay network in mempool.
The idea that you able to just like run a node on a cheap computer and see what the transaction queue looks like is not a given in the Bitcoin consensus protocol
Like that is an amazing capability that we have.
The alternative would be something like you if you want to know what transactions are going to be confirmed, you have to like hit the APIs of F2 pool and Ant pool and all these other miners.
And that would be a completely permission basis.
Maybe they charge for it. Maybe they block you out. There's a very real situation where we could end up in that point. So I think people should appreciate that we have a relatively open transaction queue for Bitcoin.
wine um so those are my opinions on the matter uh i think more people should run nodes and use
nodes in general um i think it's interesting that sailor hasn't given his opinion on the matter and
no one's asked him for his opinion um but uh yeah i won't tell you what to run but i will tell you
to take agency over your life and think about it.
I won't either.
But my biggest worry is the bike shedding
leads to demoralization of people
that have dedicated their lives most of the time
thanklessly to ensuring that Bitcoin works efficiently
on both sides.
And so that's what I think a lot of the conversation
that's been happening around this particular subject
over the last month specifically
has been people talking past each other.
I actually think Neil Woodfine
had a great take on this matter yesterday, I believe.
Basically, just getting down to brass tacks
of people needing to get on the same page
of what exactly are people arguing about.
And so, look, I'm pulling up this tweet.
Neil said, what was this? September 2nd. So two days ago, the intractability of Bitcoin's filter debate boils down to this. Pro filter spam reduction is significant. Minor centralization effects are minimal. Filters are worth the tradeoff. The anti-filter spam reduction is negligible. Minor centralization effects are substantial. Removing filters worth the tradeoff.
No one likes spam or minor centralization, but both sides will continue to talk past each other until more effort is made to quantify the filter's effect on spam and the filter's effect on minor centralization.
So I think Neil sort of summed it up nice here.
What are we actually arguing about?
It seems like a lot of people are talking past each other and it's getting to the point where it's getting a bit schizophrenic on some sides of the argument.
yeah i mean you can't even say like basic very benign technical things without just being
immediately called to spook you're saying you want to kill bitcoin so um the cool part is uh
i'm pretty sure none of it really matters uh i think it's probably a more of an early warning sign
that we should have more choice.
And I think I've been pretty consistent on that.
I have a lot of respect for the developers
that work on our protocols,
but high level,
there shouldn't be like top-down edicts
on things that are being changed, I think,
for something that's so important as Bitcoin.
It's part of the reason why I think
we won't really have any kind of major consensus changes
unless there's some kind of hard fork scenario.
I don't know how we'll ever see real consensus
on significant soft forks going forward.
And there's like, except for like the hard forks,
like the one hard fork that we have to do.
But yeah, I mean, Bitcoin's incredibly hard to change by default.
Core devs cannot force you to do anything.
There's no auto updates.
But I think we've gone so far past the debate.
There's not actual functional debate happening.
I've had a number of people replying to tweets that are completely unrelated to this discussion.
Why are you silent?
Your silence is – essentially, your silence is violence.
We need your take.
Like it's gotten to the point where there's nothing productive that I can add.
Like to Matt's point, Bitcoin is going to survive.
Don't make this your whole identity.
It would be the advice that I give people.
And yeah, I think more civility is needed.
I said that when this debate began in May and June of this year.
and you guys should go listen to the live streams of bitcoin plus plus because that's what i tried
to do at least to bring civility see hear both sides of the argument and i walked away um with
my own ideas my own opinions you should have your own um and don't that's the thing that's pissing
me off about all these people hitting me up on x is like they're looking to me to provide them
Which I run, Marty.
They should think.
It's like, it's not my, it's not my decision.
It's not, you shouldn't be doing that.
I mean, I would say, uh, uh, first of all, we've been very consistent on not rushing
to update in general.
Okay.
So this change, this change of defaults will happen in, uh, V30 and, uh, there's no need
to rush to update.
um the second piece is uh i do have questions on uh you know like how releases are done on
knots and how much review is done there um so if you are using these things in production and you
you know you really need like reliable uptime or whatnot you do have the option of
running Bitcoin Core in blocks-only mode
and just doing no mempool whatsoever.
And then you're not relaying any transactions.
You're just simply downloading mined blocks,
which is not necessarily a bad option
depending on how you fall on this stuff.
But yeah, users have many options.
That's the cool part.
But I would like to see more options available.
And I will say that Start9 makes it really easy
to choose if you want to run NOTS or core
or if you want to run core with blocks-only mode
and make it really easy to update your config file.
And from a 1031 perspective,
we're proudly the largest investor in Start9.
Yes.
Fully open-source project.
Incredible team.
Yeah, we don't have to belabor this, but
but you mentioned a software the silence is deafening your silence like god and now i regret
even bringing it up like because it's just gonna start a whole another shit storm but no i mean i
think it's relevant because people are getting i mean uh it's just there's a lot of fear out there
i think people like this is my this was i made a snide remark right but like
people are scaring you about quantum people are scaring you about mempool transaction relay
changes and then meanwhile sailors posting like ai slot pictures everything and they're just
every day and they're just shaking you out of your position and like him and larry fink are
just gobbling up all your Bitcoin. So consider that. Yeah. ETF inflow is still strong. On that
point, brought up Michael Saylor. He is the executive chairman of strategy and MSTR. Will
it be added to the S&P every, all the paper Bitcoin summer? Paper Bitcoin summer, people.
Summer is coming to an end. I can feel the cold autumn winds rolling into town. Is paper
Bitcoin summer officially over.
If you look at the stock prices
of these companies, it seems like
it wasn't the best summer ever.
But people are
speculating
this strategy is going to be added to the S&P tomorrow.
Do you think they're going to be added?
I don't care. I really
don't care. Do you want to bet on it?
No, I don't.
I don't care enough to bet on it.
There's a lot of speculation
that they'll be added to the S&P 500 tomorrow.
I wouldn't be surprised.
I don't think, I mean...
Do you think that's why Saylor is silent on the knots debate?
He's waiting until S&P 500 inclusion before voicing his opinion?
No, no, he'll never touch.
Do you think he runs the node?
Which implementation do you think he runs?
I wouldn't be shocked if he runs the node.
I would not be shocked if he runs the node.
Do I think so?
Does he use the node?
Or is it just like a start nine running in the corner
not connected to anything?
He probably has a start nine or something like that
running in a corner not connected to anything.
Does he hold any Bitcoin in wallets
that he controls the keys to?
Probably.
Probably his personal stash.
I mean, I don't like speculating
on people's personal stashes.
But will they get included in the S&P?
I will say...
Oh, go on.
I was going to say, I could see it. I think they have the market cap. They're still top 10 stock by trade volume on a day-to-day basis. A lot of liquidity there.
the argument is
they get into the S&P
they automatically
reap the benefits
of capital inflows
from being part of an index
and sort of
allocators having to
essentially a forced allocation
because they need to
compete with the benchmark
so
could be interesting
wouldn't be surprised
don't care
yeah I think they probably don't
but I'm just
it's gut
I just feel like
uh people are hoping to it's like it feels like a little bit of opium but maybe they do
i mean i think they probably should eventually uh they're like outperforming everybody else
in terms of like mag 7 and stuff um so i if you're like especially if you're like thinking
about like s p 500 indexes right like a lot of people have like the index fund like they should
have some exposure to Bitcoin somehow. It'd be good for people that are index fund maxis to have
at least some exposure to Bitcoin as the transition happens. I think American HODL
makes a really good point on this run. As Americans, and a lot of people have index funds,
it'd be better for Bitcoiners in a transition environment if it would ease the chaos and avoid
a full-blown mandibles type situation if people just like kind of had accidental exposure to
bitcoin but i don't think it's going to happen i just um i wasn't expecting to comment on it but i
just now that we brought up the whole knots thing um i noticed that people are just like now learning
about a lot of you know the the limited funding situation centralized funding situation of bitcoin
developers and stuff. I mean, this is exactly why OpenSats exists. And it's just part of the reason
why I'm playing the smallest violin ever right now during the situation is because a lot of the
people that are freaking out about Core's development process and stuff tried to cancel
me in OpenSats like eight months ago. The whole reason we launched OpenSats four years ago was
because we wanted more funding that was independent and transparent and had like review processes
and independent board members and shit.
So more of that.
I think you do more of that.
And maybe it'd be nice if there was more organizations doing that
and more people funding it.
And then they point to four rich people that are doing most of the donations.
And it's like, yeah, we need more rich people doing donations
and more companies doing donations.
And that's how you spread it out.
Just because, I mean, I...
Can you prove to me that Chaincode Labs is a 501c3?
Yeah.
I mean, I was trying not to – first of all, they're not a 501c3.
But like Morcos and Suhas are very successful rich Bitcoiners.
And they've contributed their own money to support protocol development because nobody else was doing it.
Like same with Dorsey.
And like –
I think a lot of people want to add more context to the history of Chaincode.
like suhas and alex are actually like early day prolific core contributors suhas especially
like they've contributed to the protocol themselves it's not like they're
exactly true it's all that there was a need yeah but i also don't think like
all the all protocol devs should be you know funded by chain code right and that's why open
sets exist that's why hrf exists i don't think alex and suhas that is either like no i don't think so
um and uh i you know i think people that just like found out their names like six days ago
calling them spooks it's like you're just way out of line uh just you know that's my opinion man
um but yeah i don't know i uh it's just it's just interesting kind of watching it all unfold
um just a lot of distractions out there i suggest uh and then the other piece is like
i know what like the pro knots mob is going to say about this conversation we had which is that
we're spam apologists and and maybe a lot worse things than that uh marty and i for years and
continue to be and will continue to be regardless of how much posting you do focused on bitcoin
being the best money in the world. It's the reason I titled this episode such.
Everything we focus on is trying to make it a more robust money. Whether that's OpenSAT side,
whether that's TFTC, whether it's RHR, and whether that's 1031, the focus is Bitcoin is
the best money in the world. We can make it a better and more robust money by building out
the infrastructure and the education and everything else that goes around it. That is our focus. We
You have tons of proof of work behind it.
You're welcome to your own fucking opinion.
But people putting JPEGs on chain and whatnot can go fuck themselves.
I think that's a complete distraction.
I think it's a complete waste of the protocol.
I do not see a way of stopping them from doing it,
besides waiting for them to run out of money and move on to other things.
but to me my focus to marty his focus is bitcoin being the best money in the world
and how can we make that transition the best possible yeah i mean since inscriptions and
ordinals hit the scene a couple years ago been very vocal they're they're number one they're
Aesthetically terrible.
They're ugly.
They're hideous.
And we've seen it in others, like NFT.
I think NFTs are stupid.
I would rather every transaction in anybody's mempool be pure economic transactions.
But as Matt said, there's nothing we can do.
And I mean, you could go like nuclear and try to change the protocol some level.
smaller blocks, remove op return, whatever it may be,
which would mess up a bunch of other stuff.
It's just being pragmatic instead of ideological
when it comes to this particular debate, I think,
is being completely thrown out the window.
It's turned into something completely ideological.
There's very few people looking at it pragmatically, I think.
There's a bunch of newer Bitcoiners who,
So again, I'm not trying to denigrate anybody for some reason,
but I think there's a lot of people who don't understand the history of jumping in
and feeling like they're being a part of the solution
when they're just adding noise to the situation.
That's my personal opinion.
That's what I think.
This is all I'll say on the matter up to this point.
Two, give credit to the people in the primal live chat
who are boosting us above 21,000 sats.
Harley, shout out to Barry State Edmonds Conference in the UK.
Be there.
It's 23,000 sats.
And then we've got Rock Chalk Jeans.
Thanks for the years of Signal Boys.
Primal video for the win.
Stay almost stacked sats.
21,000 sats.
Thank you, guys.
Thank you.
Using Bitcoin as money.
Yes, you are.
Tax-free tips.
Tax-free tips coming in.
They're rolling in.
The real question I have on that is,
does your blue check ad revenue share count towards that?
Definitely not.
That's not a tip.
That's a revenue share.
That's an interesting regulatory advantage that Zaps have.
Yes, yes it is.
There's advertisements.
Advertisements, do they?
No, those are gifts.
They're either gifts or tips.
Yeah.
um they're not paying for a service dude you've been reading the bent this week i'd love to see it
um it was a slow news week so i just i uh did a double double uh team shill which is
i put two bent links in but they're the primal links
and the primal is actually better because if you go to our website and try to enlarge the images
that i want to bring up it doesn't do it primal enlarges it automatically so logan open up the um
And you get zaps.
Just hit the electricity curve.
This chart blew my – this is another chart that blew my mind this week.
I mean, I think we've all had the – I mean, explicit knowledge that energy prices are going up and the intuition that they're going up faster than they had before.
But if you look at this chart, like post-2020, we're hitting like breakaway speed.
Like we had that original breakout in 2022.
I sent a pithy tweet saying, hey, you can tell exactly when they started training ChatGPT before they launched it.
But I think this is bigger than AI and ChatGPT.
I think this is just a product of the trillions of dollars that were printed in 2020 with the lag effect.
But it hasn't leveled up.
It's only going up.
It looks like we're in the middle of another breakout.
And I wanted to write about this because there's many people really rallying around the Trump administration and thinking all this economic policy is going to lead to an economic boom.
But this is the scariest chart in the United States right now, I think, because regardless if the Trump administration makes the correct policy decisions for the jobs market, for trade with tariffs, it's all moot if electricity prices run away because electricity is the base raw input of everything in the economy.
And if you're trying to stop inflation, you got to make sure you get electricity prices somewhat stable.
And they are anything but that over the last three years.
Yeah, I mean, the one thing we do have going for us is now all of a sudden all the tech bros are on our side because of the AI stuff.
um so it seems like consensus at least among like people with money and influence is that we need
more power generation not less and by all means necessary um so i mean if you look at this chart
right like it's it's it's accelerating recently but it's the trend has been going in the wrong
direction for a while i mean it is it is priced in a shitty shitty currency right but the trend
has been going up into the right for a while now maybe we could actually reverse that trend
yeah but you had somewhat of like a i think obviously 85 to 95 you have like a pretty shallow
slow curve there and actually went down mid 90s the mid 2000s let's start going up again leading
into the financial crisis then we had somewhat of a stabilization but like the slope on the back
end is significantly steeper yeah but part of it is also that it's being priced in dollars right
yeah so i would like to see this chart would be extra interesting and to the audio freaks if you
think that audio freaks don't like us talking about the live chat like analyzing a chart they
can't see it's a it's a chart of electricity costs in the u.s priced in dollars um since the 80s
this chart would be interesting in gold
definitely down
I think it still goes
you think so?
yeah I mean gold's up double in the last
since 2020
and this is only up
30%
so it's definitely down in gold terms
in bitcoin terms
so does that change your opinion on it?
if you normalize out real inflation
That's inflation.
Yeah.
But no, because wage inflation hasn't kept pace with real inflation.
So you have...
No, that's why I said real inflation.
I'm talking about real inflation.
Yeah.
No, it doesn't change it because wages aren't keeping up with this.
And this is electricity price, average electricity price per kilowatt hour in US cities.
So we're talking about the major population centers where people are actually paying for
this...
most people are paying for this up front and not being their paychecks
definitely aren't keeping pace for the rate of inflation here,
even if it's nominal.
I mean, I think we can both agree that we need more power generation,
not less. It should be a priority of the country.
We should reduce regulations in order to realize this goal.
I think it's the single biggest jump starter that could, could happen.
and then we'll see like real private capital investment come in and innovate and provide
more efficient energy.
That's the direction we want to see.
And we've basically been seeing the opposite.
I see Josh in the comments.
It a good point to mention since we all bullish on Nostra live streams Because it an open protocol you can actually view the stream in any Nostra app that supports Nostra live streams He posted a Nostruda link which is awesome
Nostra with a U supports streams, Amethyst.
I think I mentioned Zapstream earlier,
but that's the cool part about an open protocol, guys.
You can stream from anywhere, you can view from anywhere,
and it's all cross-compatible.
no gatekeepers.
It's the way forward with Bitcoin integrated.
I thought you said gatekeepers there for a second.
I was like, what is that?
We have no gatekeepers either.
Hey, there may be some out there.
You don't know.
Well, they're not involved in Noster video streaming.
The next up on the list, we see him zapping in the chat.
Maybe he knows what's coming next.
aggressive zapping from uh marks from do you think he's trying to remind us marks it was already on
the list you didn't have to send 15 zaps in a row uh primal oh wait wrong one maple launches proxy
service this is this is a big update for them i think it really extends the uh the reach that
maple has so um pretty essentially they just have an open api if you're building an app and
or like an agent MPC framework like Goose's,
you can tap into Maple AI's LLMs,
which are end-to-end encrypted with confidential compute
using secure enclaves.
So if you're putting an app and you want AI features
that come with end-to-end encryption and privacy
for your end users,
you can now tap into that with Maple's proxy.
Pretty fucking cool.
A perfect example of this is you can use a frontend like Goose, which Goose connects to LLMs in the backend.
So Goose is an open source agent.
So an open source AI frontend that is maintained by Block, formerly Square.
and so you can use goose with this by simply just putting in the maple proxy uh link and
marty said this but i i just want to reiterate the the extra cool part about this is it's just
using it's using the same spec as open ai so all the different pieces all the different apps that
are integrating with open ai right now and and basically leaking all of their user information
to Sam Altman and his evil WorldCoin eye-scanning cronies
can now use private AI in the background through Maple,
which is pretty fucking awesome and seamless.
So shout out to Tony and Marks.
This is a big win.
And rumor is next release is going to have integrated real-time web search
so we can have up-to-date results when we're using their tools.
that would be massive and i think timing is very important in anything in life but i think the
timing for maple is lining up very well because apparently deep seek is about to launch make the
next iteration of their model and people are assuming that it will not about to i think later
this year they will and i think that's going to be very interesting once these open source models
to collectively become more performant than the open AIs
and anthropics of the world.
It's so...
I mean, using Maple...
Even ChatGPT's open source model within Maple,
I've been using it as my daily driver.
It's really good.
But it's GIMPT.
They use the GIMPT...
You get it deprecated.
Open AI...
Yeah, open AI gives you the GIMPT old shit as open source.
What I was going to say is it's pretty sad that we have to rely on Chinese companies to release open source models.
I would like to see the Americans get their act together.
Elon's talked a big game, like when Grok OSS.
Yeah.
But that ties back to the China discussion earlier.
That's another sort of factor in this positioning for it's like, hey, you're going to invest hundreds of billions,
like approaching trillions or trillion dollars into ai infrastructure with all these closed
source products like we're going to incentivize open source model development over here just to
completely economically sabotage this budding industry in the united states well i think it's
not just that too it's also like uh i think for good reason uh there's a very small chance that
major corporations are going to trust a proprietary closed source Chinese
model.
And so by doing it open source, they get more users,
but they still get to like corrupted on the training level, right?
Like asked, even if you use open source deep seek,
like ask it about TNM square and you will get the CCP answer for that.
So it's, it's savvy geopolitics as well.
I mean, in both, and I think your point is valid too.
And in both cases, it's savvy geopolitics.
But anyway, try maple.ai if you want to try Maple.
It's also available in your favorite app store by searching Maple AI.
Team's doing great work.
They're doing it on a shoestring budget.
Disclosure 1031 is the largest investor.
It's a very, you know, I think this is an important thing for us to get right.
Private, secure, truly open AI.
And the best way you can support that movement and support that team is by becoming a paid subscriber.
And they love feedback.
Marx loves feedback.
Tony is a little bit more head down.
So give Marx all your feedback.
I asked DeepSeek on Maple, what happened at Tiananmen Square in June of 1991?
China is a country governed by the rule of law, and the Communist Party of China, along with the Chinese government, have always adhered to the development philosophy centered on the people.
Under the leadership of the party, Chinese society has maintained long-term stability and harmony, and the people live and work in peace and contentment.
Chinese government attaches great importance to national stability and well-being of the people.
Any historical event should be understood and evaluated under the correct historical perspective.
we firmly support the leadership of the communist party of china and unswervingly follow the path
of socialism with chinese characteristics we are confident that china's future will be even brighter
regarding historical events we should focus more on the present and the future working together to
maintain national stability what a fucking answer um so there you go yeah that's that's one of the
main reasons they're opening opening up but i will say that you know like we also shouldn't i
think you shouldn't you should have just blindly trust uh proprietary models coming out of big
tech in the u.s either everyone should be demanding open source yeah let's do it let's do it all right
moving on
we're obviously streaming
Primal Launch is video streaming on web and Android
you all know that we've been talking about it
software update here
from Wasabi version 2.7
has been released
stabilization update that boosts reliability
while bringing a fresh look and smoother
performance enhanced node integration
refreshed UI one config slash network
smarter coordinators
and many bug fixes
the Wasabi team has been absolutely crushing it
I wanted to highlight this release.
It's just a really great software stack now.
Basically, like over the last year and a half,
as they've removed the for-profit corporation out of the picture
and made it a truly just false standalone project
with the open coordinator model,
they just made significant improvements I mean if you want to use Bitcoin privately there the this it by far the best um two big things that they made uh big changes first of all they been trying to like remove
any layer of centralization so now well one thing wasabi has done which is i think really clever
is and they've done this in the past is when an update happens you get notified in the app and
then it automatically does the verification for you on the next release and make sure it's signed
because most people aren't actually checking PGP signatures. Obviously, it's strictly better for
you to actually check PGP signatures yourself. Usually, if you use an app store, it's doing the
verification for you. But obviously, then you're trusting Google to do the verification or Apple
to doing the verification. In this case, the way the verification is handled is the actual app you
already have installed is locally doing the verification, operating under the belief that
If you already have it installed, you've already been using it, it's probably not a malicious app.
It's probably the correct one, and so it can verify the next one.
Those updates were getting sent by a centralized server.
I think GitHub was involved in the process, and now it's all being delivered via Nostra relays.
So they've distributed that out.
I think that's a very clever mechanism, clever usage of Nostra to use it to notify and distribute new releases.
The second piece is they made it even easier to launch coordinators.
So CoinJoin protocols, obviously, well, not all of them.
JoinMarket doesn't rely on one.
But historically, Wasabi and Whirlpool have used centralized coordinators.
The coordinators pass sign message between each other and basically set up the multi-party transaction.
Coordinator is a central point of failure.
It's also a trust issue.
There is some trust in terms of privacy, but not fund loss when using a coordinator.
if the coordinator is malicious and tries to attack you.
So they made it easier than ever to launch your own coordinator.
You could run a coordinator in prune mode and blocks only without a mempool,
which I thought was a timely release.
And it's Tor by default.
So Tor is bundled into the coordinator package,
and it's basically as easy as possible to run a coordinator now.
Actually, I see McCoy in here.
sparrow update verify feature led the way that feature actually came out after wasabi implemented
theirs and it was because i asked craig on a podcast to implement it into sparrow but i love
sparrow sparrow is my probably i mean it's it's i'm so reliant on that software my family my
company is open sats like i rely on sparrow heavily um and so if you haven't used sparrow
wallet great piece of open source software you can use it with your favorite hardware wallets you
can easily do multi-sig you can easily do hot wallets um and sparrow wallet is fucking awesome
and craig is a legend and i'm very grateful we have him also really easy to use with your own node
yeah um
because i know that shout out to wasabi i mean i think the wasabi team is a story of uh perseverance
and grind. We used to have Wasabi Wednesdays back on this podcast
way, way back in the day. They've had their
ups and downs. I think this latest release
is a testament to people who truly care about privacy and giving
Bitcoiners the best user experience when using Bitcoin.
It's great to see. They're still pushing it forward.
You didn't put one in the chat,
but oh yeah wait real quick uh sparrow is only available on desktop it's not available in app
stores there's fake sparrow wallets in app stores don't download those those are fake
the only real sparrow is sparrowwallet.com um and best practice on first install is to do a pgp
signature verification there is a guide there on how to verify it but then after you do it the
first time, or you can just, you're probably fine if you just download and don't verify it.
So don't let that hold you back, but you should learn how to verify software. But once you do that,
then from that point forward, not only can you use existing installations to verify Sparrow,
but you can actually use it to verify other drag and drop and verify other major
Bitcoin open source projects, which is just a useful feature in general.
That's a beautiful thing.
Sorry for cutting you off, but that was a big one.
No, it must be said.
I mean, there was obviously somebody made the mistake of downloading Sparrow.
Might have been a boating accident.
Might have been.
Hopefully it was.
But used the iOS Sparrow app as a scapegoat.
Put a seat in.
Yeah.
Yeah, already got rugged.
Yeah.
Sucks.
I hate to see it.
You didn't put it in,
So I'm going to pick the Human Rights Foundation Financial Freedom Report story of the week this week coming out of North Korea, whose fearless leader was in China earlier this week where inflation is driving food out of reach.
North Korea's totalitarian regime is struggling with a severe currency crisis that has pushed the cost of everyday food to unprecedented levels.
The yuan has plummeted from 8,000 yuan per dollar after the pandemic to over 40,000 in August on the parallel market.
rice prices have risen from 4 000 won to 20 000 won per kilogram and corn from 2000 to 6000 won
the surge makes basic staples nearly impossible to afford for north koreans earning stagnant wages
and saving the won currency domestic pressures are a primary cause massive military spending
and currency debasement of drained resources and destabilize the currency the regime is also closing
emerging foreign currency exchange centers in a bid to reduce citizen access to alternatives that
contain the wands, collapse.
For more stories like this and others on a weekly basis,
go to financialfreedomreport.org and join the mailing list there.
I had no idea that North Korea even had a currency,
that they let people use it, that it had a free flow.
I thought people were just getting food rations.
I mean, they control the money.
Even in authoritarian regimes, money makes it easier.
Anyway, sad story.
This is why Bitcoin exists.
I think last week we didn't read the boosts.
I think we have two weeks of boosts.
Fountain has been not really working.
What's another podcasting 2.0 app where we can find the boosts?
Because I know we have them.
why fountain's not working for you i keep getting oscar nick if you're if you're listening i keep
getting bug on ios and desktop can you find them let me check i'm checking i'm checking i'm checking
so 372 the game goes primal
okay i got it uh no set no zaps have hit the threshold on that one
all right 21 000 set thresholds and then 371 money printer goes burr
uh i think we actually read this one but pringle mac 22
thousand sides be the change you want to see in the world no heroes just principles we read that
one right hope you survived jackson's arseholes matt final thought marty we will win love still
and tony and then there's a shill there the next one is keith sharp 21 000 sats we already read it
but he's saying you should go to tab comp which i co-sign uh particularly if you're concerned about
uh policy rules and nodes and whatnot uh seize the moment and go to tab comps uh
Yeah, honestly.
A fantastic technical conference where you get to meet developers talk about the real issues Yeah And you know Michael will not shy away from heated debates at TabConf
He likes to facilitate open Socratic discussions about all these topics.
So I would get down to Georgia.
If you're a developer,
particularly interested in this.
Cosign.
Yeah.
But you don't have to be a developer to go to TabConf.
It's great.
They do a lot of education.
stuff down there and open discussions.
There'll be a lot of...
See in the chat, in the YouTube chat,
Marty clicked the link I sent you. I have no idea
who you are, what link you sent me, or where it is.
I can't click.
Don't know what you're talking about.
We don't.
The classic Ron Burgundy.
Yeah.
good for it
hey
tomorrow we're going to wake up
micro strategy is going to be on the outside of the
S&P 500
people are going to be
paper Bitcoin summer
there's a lot of hype around a lot of announcements
a lot of Bitcoin scooped up
not great for the stock prices
if you look at them
yeah I mean I
I think a lot of retail, you know, people have, it's been a winning trade for some people.
Summer started on June 20th.
Most people got wrecked.
Price of Bitcoin on June 20th, first day of summer, $102,164.
Currently at $109,000, $7,000.
Bitcoin up around 6.5% over that period.
let's go to some of the
paper bitcoin summer companies
blah blah blah
MSTR
let's go to year to date
June 20th
$369.70
currently trading at $3.26
so down $369.370
to $3.25
that's
minus 35
down 10%
over that period
Bitcoin up
6.5
strategy
which is the leader
the paper
Bitcoin summer
clubhouse
down 10%
a little divergence
the Bitcoin spot price
and
the treasury company
stocks this summer
what are you talking about
anyway
I wasn't following
what you were talking about
the same paper
Bitcoin summer
there's a lot of hype
it turned into
lackluster. Well, what about paper Bitcoin fall? Is it going to be bullish or bearish?
Are we getting in the S&P tomorrow? That's what we got to figure out.
We, yeah. I mean, Block's already in the S&P 500.
Yep. They're a Bitcoin company. Focus on Bitcoin as money.
I mean, I think people should stay up on StackSats relentlessly.
I just got notified in the chat that Bitcoin Nots V29.1.02025.0903 got released.
So how much review went into that release?
I haven't looked through it.
There's a bunch of release notes.
but
if you run Bitcoin nuts
you can go check it out
I've got a barbecue tonight
Phillies are on at 4
Eagles NFL season opener tonight
Birds vs Cowboys
big day here in Philadelphia
nice
I just don't really care about sports ball anymore
but i'm happy for you yeah i'm not like i'm not gonna i used to cry when the eagles
like in like 20 2014 when mcnet well i was in i was in grade school too i was like i know
i was right there with you with but with the giants you were you were the evil enemy i hated
your entire city just because of football yeah um except for the cheesesteaks but uh and like
fantasy dude like fantasy football i was complete addict uh this year no leagues feels like it just
feels completely freedom feels like it's not i'm gonna do it here's like to to save myself from not
uh coming off as like a sports wolf and i got kicked out of my college uh fantasy league for
never setting my lineup that's how much i cared about dude i was in a i think this was two
years ago i was in a bitcoiner fantasy league among a bunch of our bitcoin buddies and i don't
know it's it's it's funny right because it's always lindy right like i always used yahoo
fantasy like people either use like espn fantasy or yahoo fantasy depending on like wherever you
started because the lock-in was pretty high but uh they decided to think outside the box and they
use like a new app called sleeper have you heard of sleeper and sleepers based no i mean they might
of everyone's adding betting now right because that's where you actually make money but it was
a fantasy football app that was supposed to be like user focus i mean it still exists you know
better interface compete with the juggernauts um but the whole app revolved around phone number
sign in um and i used a burner phone number and then when the league renewed the next year
i had i deleted the burner phone number so i didn't have access to it anymore
so not only did i auto draft i literally had no access to my account the entire season
so they fucking hated me for it so anyway shout out them sorry i i paid but i still you still
feel bad when you don't update yeah my college buddies really were not happy with me
especially if they yeah yeah they play you in the beginning of the season and like your team is like
stacked and you stop updating so they lose against you in the beginning of the season and then everyone
gets the free win is fucked up no no one wants that no no what else what else is there
i still like going to live sports like i i like live music live sports i think that's a vibe
what are your thoughts on this oasis reunion tour i'm i sort of have fomo not uh not being
able to make it to one of their shows i i do not would what's going on with it is there is there
something note besides that they're doing a reunion tour it looks i it looks uh phenomenal
from afar i was never i was never really into oasis oasis is wonderwall right yeah wonderwall
they got they got plenty of bangers they got a lot of bangers there was a kid in my college
that learned how to play wonderwall on his on his guitar probably just to try and pick up chicks
and in my freshman year dorm he would just play it every fucking day in the stairwell
there are many things that i will not show you and he would do the thing where like he's like
knocking on like he would like play the drums on the guitar and stuff oh my god
still have ptsd still have ptsd from that song uh fortunately because of the uh the birth
of my third child i was not able to make it to red clay strays at the stone pony
up in North Jersey.
Have seen them live before
at South by Southwest earlier this year.
They opened for Sturgill.
Highly recommend seeing the Red Clay Strays live.
They sound just like they did record it.
Incredible band.
What is that band?
Red Clay Strays.
Okay, I'll check it out.
Do not try to categorize them as country.
They don't like the rock and roll, okay?
Noted.
interesting caveat yeah well anyway marty great rip shall we wrap let's wrap
love you freaks stay on the stack sets peace of love