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I believe that in a world where central bankers are tripping over themselves to devalue their

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

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I mean, that's part of the bull case for Bitcoin.

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If you're not paying attention, you probably should be.

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Welcome back to Rabbit Hole Recap, throwback to how we used to open the show.

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15 minutes late. This week, it's on me. Sorry, Matt. Sorry for making you wait.

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it worked it worked so freaks we had some technical difficulties last week

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uh we had all hands on deck uh since then uh now all primal apps have streaming video support

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so that's primal ios primal android really released primal android about 20 minutes ago

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with video support and Primal Web.

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So now we're going to start iterating from here

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and create the world's most first-class live streaming experience.

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Now, one thing to keep in mind is we did discover a bug on the iOS app.

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The only way you're able to comment in the live chat is if you zap us.

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but on web on web and uh android is free we have the update for ios it's just going through that

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the the app store approval process so like you'll see an update sometime soon i'm a little conflicted

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i kind of think that you should have to send sats to speak anyway um a little bit of an internal

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debate there but it wasn't intentional it is a bug so you can comment if you're on ios

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you just have to you know even just one little sat you put one little sat you can comment on

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ios but web and android is free download primal in your favorite app store um we already have

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map 21 zapped us 35 000 sats to see the live streams on primal basically if you follow someone

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who is live it will notify you that they're live it'll show a little live badge on their

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on their profile picture.

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And on the top of your feed,

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if you're familiar with X,

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just like X on the top of your feed,

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it'll show that someone's live.

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A little background context

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on how streaming on Nostra works.

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It's an open protocol.

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It's beautiful.

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So regardless of what platform

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or if you're self-hosting your video stream from,

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Primal picks it up.

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So you could be self-hosting a streaming server

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and you broadcast a Nostra event, Primal picks it up.

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Because it's an open protocol, so does Zapstream.

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So when Zapstream is not getting DDoSed,

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Zapstream picks up things that are streamed from Primal

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or streamed from self-hosting and vice versa.

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On the Primal streaming side,

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like the actual backend for Primal streaming,

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we don't have that live yet.

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That's next to the docket.

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If you've been paying attention,

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I think we've been hitting a lot of our release windows.

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I'm incredibly impressed by the Primal team.

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They are shipping at breakneck speed with quality.

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We're going to continue the shipping until all the bears are dead.

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And then we're going to keep on shipping after that.

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And I'm very excited.

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So from now on, the best way to interact with us when we're live

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is using Primal on your favorite platform.

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It's working.

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It's working beautifully well.

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Do you have any questions, Marty?

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You can be the voice of the freaks.

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Do you have any questions for me on implementation?

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No, no.

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I know it pretty well.

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I've been following along pretty closely in the background here.

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And it's working well.

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I think what I wanted to say is, number one,

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zap us as much as possible.

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We don't have to worry about taxes anymore.

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content creators uh have been grandfathered into the tax on can we get the not lawyers things

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no no not accountants i saw not accountant not accountant but a content creator okay he's

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accepting tips over over nostre so zap away we don't have to pay taxes on that oh well we got

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an endorsement because our accountant set just zapped us 5600 sets he says this looks clean on

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ios all the sats i have left oh thank you thank you for selling your sats go sell some chairs to

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get more sats seth number two we're coming primal nostre but the primal the way primal is

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leaning into nostre with all these features coming after x sub stack now we got twitch

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and kick streaming coming for their throats this is this is a a beautiful open protocol

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everything app coming together in real time it's beautiful

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really is shout out to math 21 35 000 sats lfg this fucking goes right eric can't meme

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21 000 sats driving carefully with the phone propped up on the dash the boys are looking

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fresh on the primal feed stay humble stack sats please drive safely

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yeah yeah don't don't let don't let our beautiful faces that that reminds me on that note like if

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you're in the mobile app you can minimize the video so you lose the chat and then you can use

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your phone otherwise you can go into other apps and the the audio and the video continue to play

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which is a feature that i thought was quite useful and compelling to make it a first-class experience

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yeah so you can like go into your gps or whatever you're using and and you can still have the stream

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going on in the background and listen and unlike youtube uh we're not charging for that feature

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not putting that behind a paywall they charge for that only premium users get that

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yeah i think you don't have background play without premium interesting i mean where you

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pay for premium through the tftc account um i pay for you do and you have me as an authorized user

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so i've i've uh i don't know the non-youtube premium lifestyle i've been using that for a

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long time it's fantastic actually but also fuck youtube i just i hate all the ads and shit over

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there it's horrible i hate all the ads big fan of youtube tv that's why we got rid of cable we use

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youtube tv i guess it's a form of cable but uh i may or may not just torrent now

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interesting um chroma zap 21 000 sats let there be light fix the light fix the world

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oh it's kind of an ad i don't know i've never tried it i'm not going to say the url

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mccoy's app 22 000 sats let's fucking go live stream

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it's working uh to see it million million if you're watching bug report live chat

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in Firefox

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is not automatically updating.

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I have to refresh the page

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for the chat.

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Noted.

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UX, UX feedback on air.

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Oh, Chrome,

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that quasi-ads app

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is a red light thing.

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Have you gone down

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the red light rabbit hole?

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One of our mutual friends

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was trying to sell me on it.

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I like natural.

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Well, we bought our house

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when we moved back to the Philly area

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from Charleston, South Carolina,

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we bought a house

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and it was owned by old people before us.

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And in my parents' bathroom,

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they had red lights.

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And those red lights, they lasted the whole...

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I think they're still working in my parents' house.

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No, but that's two different things.

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Were those UV lights?

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I think so.

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They were like lead bulbs.

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So there's like red color lights

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that are just helpful

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for like nighttime vision but like the new game in town is particularly in winter when sunlight is

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reduced is you use these like red uv lights to get some like extra vitamin d or whatever yeah

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i mean i'm a strong believer in sunlight so i kind of makes sense to me yeah there was a big

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craze there was like a red light saunas that were that were a big trend back in like 2017 2018

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I think they're still around, but not as trendy as they were.

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I'm all for light.

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Good light.

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Red light.

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Not the blue light.

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The blue light's not good for you from what I can tell.

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But yeah, it's a beautiful thing.

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I see Milian, our fearless leader over at Primal, has accepted your bug report while he's in the log chat.

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All right, that's good.

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It's a new level of transparency.

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Kind of fucking awesome.

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I love live bug reports.

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We tested in prod last week.

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It didn't work.

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We tested in prod this week.

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It's working.

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We made it work.

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Oh, dude.

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Look at this.

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This app's total.

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I love this.

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16 zaps.

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This is a clean.

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This is a clean interpretation.

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I can't believe the Android release was literally 15 minutes before we went live,

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and it was only because you were 10 minutes late.

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Otherwise, it would have been five minutes.

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I'm sorry. I'm just taking this all in right now.

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You're good. Pretty fucking cool. I'm watching on the mobile app.

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All right. Let's not get too consumed by the beautiful live stream integration at Primal.

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I do love, Marty, like RHR.

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we started we rhr was always just a humble uh audio only in-person show until covet hit and

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then we started with live streams and when we first started with live streams marty was just

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always pissed off at me for just staring at the live chat um and i don't not only did we not stop

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staring at the live chat we like built our own live chat we just just leaned in i will say

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we do both have our luddite tendencies in our own ways mine was like i i would really get pissed at

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you for the live chat stuff it's because people like in the audio only would get pissed i get

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comments like he's got to stop talking to live chat we're not there it never stopped and it's

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become part of the show now and it's a great part of the show um and then yeah we have our

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our own live chat now where you can zap pretty cool over over two open protocols it's uh

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like this is like i'm looking at this now we need to get should million like we need to we need to

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approach somebody like aiden ross not a big fan not a big fan of streaming culture you go after

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one of these big kick streamers and you get them onto onto bitcoin on the nostre and this is the

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way like especially if we're going like if we're getting bitcoin instead of dollars

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kicks probably take a what a 15 fee on the way up yeah they're all taking twitch takes a huge cut

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too i think kick has been paying them uh to move from twitch but like that's not sustainable no

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because kick came out of nowhere oh yeah well anyway we're not going to pay them uh so uh

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Well, we'll get them.

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We'll get them gradually, gradually and suddenly.

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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.

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So you can still stream to Twitch or YouTube as your primary or Rumble as your primary or X as your primary.

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And then also stream to Nostra and Primal.

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Interesting.

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00:14:48,400 --> 00:14:49,200
Are you seeing an Ecamm?

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our live viewers number is really low

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normally low

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I wonder if that's a bug there

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are we on YouTube?

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I haven't even checked YouTube yet

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we are on YouTube

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I did

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by the way

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Mav21 zapped 10,000 sets

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and he says we are the show

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I did make a mistake

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00:15:10,880 --> 00:15:12,220
and I didn't notify the freaks

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when we were going to be live this week

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I notified Millian

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instead of the freaks

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and I got caught up in getting this live stream up.

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So they got zero notice whatsoever.

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So that might be part of it.

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And you're here now joining us on Primal.

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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

223
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Soap minor.

224
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I'm looking at the YouTube numbers

225
00:15:44,194 --> 00:15:46,994
and it matches what Ecamm says exactly.

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That's just YouTube and Ecamm.

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00:15:49,694 --> 00:15:49,974
It's good.

228
00:15:50,094 --> 00:15:50,574
Fuck YouTube.

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Join us on Primal.

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We have Soap Miner zap 21,000 sats

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00:15:54,754 --> 00:15:55,554
zapping on Primal.

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Let's fucking go.

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I think last week I said I bought some soap.

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The soap was delivered within three days and I've been trying to be clean

235
00:16:03,754 --> 00:16:06,634
shaven and I've just been using the soap minor.

236
00:16:07,274 --> 00:16:10,474
So probably I'm on pine tar right now as my shaving cream.

237
00:16:10,474 --> 00:16:14,074
It actually helps get a closer shave.

238
00:16:14,194 --> 00:16:16,114
I've tested it out for three days now.

239
00:16:16,734 --> 00:16:17,534
There you go.

240
00:16:18,834 --> 00:16:19,654
Clinically proven.

241
00:16:21,074 --> 00:16:22,034
By uncle Marty.

242
00:16:22,234 --> 00:16:22,534
All right.

243
00:16:22,554 --> 00:16:23,914
We're not getting consumed by all this.

244
00:16:24,314 --> 00:16:25,294
We got a show to run.

245
00:16:25,694 --> 00:16:26,954
We got things to talk about.

246
00:16:27,154 --> 00:16:28,854
There's a lot going on out there.

247
00:16:28,854 --> 00:16:30,454
It worked.

248
00:16:31,354 --> 00:16:35,654
Our pet's heads are falling off and the Bitcoin price is currently at $110,060.

249
00:16:36,394 --> 00:16:41,034
We got a palindrome sats per cuck buck at 909 sats per cuck buck.

250
00:16:41,594 --> 00:16:47,054
We are at a market cap at 2.19 trillion.

251
00:16:48,634 --> 00:16:49,694
We're currently at block height.

252
00:16:50,474 --> 00:16:52,614
Oh, I was loving that we were recording today.

253
00:16:52,614 --> 00:16:58,274
We're at block height 913,191, which means we are.

254
00:16:58,854 --> 00:17:04,334
only 57 blocks away from the next difficulty retarget.

255
00:17:04,494 --> 00:17:06,914
I looked at my block clock last night and it said,

256
00:17:06,914 --> 00:17:07,914
uh,

257
00:17:09,094 --> 00:17:12,854
26 hours or yeah,

258
00:17:12,914 --> 00:17:13,294
28,

259
00:17:13,414 --> 00:17:15,694
23 hours at like 7 PM.

260
00:17:15,814 --> 00:17:16,534
So we're like tracking.

261
00:17:16,814 --> 00:17:18,574
What settings do you have on your block clock?

262
00:17:19,614 --> 00:17:20,134
Uh,

263
00:17:20,134 --> 00:17:22,394
right now I'm seeing stats per dollar at nine 11,

264
00:17:22,614 --> 00:17:23,174
nine one one.

265
00:17:24,034 --> 00:17:24,874
Do you switch?

266
00:17:25,094 --> 00:17:27,194
Do you have multiple stats that circulate?

267
00:17:27,794 --> 00:17:28,274
Yeah.

268
00:17:28,854 --> 00:17:31,594
I don't know why you wouldn't.

269
00:17:32,094 --> 00:17:33,534
I do price only.

270
00:17:34,154 --> 00:17:35,094
I just do price.

271
00:17:36,554 --> 00:17:37,814
It's just a price for me.

272
00:17:38,314 --> 00:17:39,974
It's the most important metric.

273
00:17:40,914 --> 00:17:44,334
Price, block height, transactions in the mempool,

274
00:17:44,494 --> 00:17:45,314
sats per dollar,

275
00:17:47,074 --> 00:17:50,994
time until the next difficulty adjustment

276
00:17:50,994 --> 00:17:54,054
and the estimated difficulty adjustment.

277
00:17:54,334 --> 00:17:56,494
And the estimated difficulty adjustment for later tonight

278
00:17:56,494 --> 00:17:59,414
is 5.4% upwards adjustment.

279
00:18:00,074 --> 00:18:01,094
Hash rate coming on the network.

280
00:18:01,234 --> 00:18:04,394
Blocksman coming in at 9 minutes and 29 seconds on average.

281
00:18:05,234 --> 00:18:06,634
Clark's teeny weeny mempool,

282
00:18:06,794 --> 00:18:09,514
which is a recognizing sub one set per V by transactions,

283
00:18:09,694 --> 00:18:13,554
has 5,975 transactions in it.

284
00:18:14,174 --> 00:18:18,894
Mempool.space, 94,501 transactions.

285
00:18:18,894 --> 00:18:23,494
In my household, we have a block clock in the living room

286
00:18:23,494 --> 00:18:25,274
and it's on price only.

287
00:18:25,274 --> 00:18:26,994
It updates every five minutes.

288
00:18:27,414 --> 00:18:31,554
And I don't check the news unless there's a significant price movement up or down.

289
00:18:31,654 --> 00:18:35,614
If something, if it goes up or down, it's like, okay, we just attacked Iran or some shit.

290
00:18:35,914 --> 00:18:37,274
And then I check the news.

291
00:18:38,414 --> 00:18:41,154
It's like my world thermometer just sitting in the living room.

292
00:18:42,454 --> 00:18:44,154
We're down a little bit right now.

293
00:18:46,094 --> 00:18:50,334
We're down across the one hour, one day, seven day, one month time scales.

294
00:18:50,334 --> 00:18:52,094
Year to date up 16%.

295
00:18:52,094 --> 00:18:54,274
One year up 89%.

296
00:18:54,274 --> 00:19:06,174
We can touch on that too, because I think we've got a couple things on the list that may pertain to this.

297
00:19:06,314 --> 00:19:11,914
But getting to the list, I wrote about this last night, and I think it was interesting.

298
00:19:12,074 --> 00:19:13,174
This chart shocked me.

299
00:19:13,974 --> 00:19:15,374
China's prepping for something.

300
00:19:16,174 --> 00:19:18,654
So, Logan, pull up the chart specifically.

301
00:19:18,954 --> 00:19:19,734
Just click on that.

302
00:19:19,834 --> 00:19:21,154
It should blow out on Primal.

303
00:19:21,154 --> 00:19:27,754
so this what we're looking at is a chart of the stock level of gold held in china that is on

304
00:19:27,754 --> 00:19:33,474
warrant for many people who responded to the tweet i sent out before i wrote the newsletter last night

305
00:19:33,474 --> 00:19:40,814
thinking that this is a chart that shows that china is accumulating a massive amount of gold

306
00:19:40,814 --> 00:19:45,954
in a short period of time that is not what this chart is showing so this is showing the gold on

307
00:19:45,954 --> 00:20:15,934
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.

308
00:20:15,954 --> 00:20:17,894
in international gold trades.

309
00:20:19,594 --> 00:20:25,194
And so this does tie back to the fact that China has been accumulating gold

310
00:20:25,194 --> 00:20:32,994
since the early 2010s at a rapid pace, dumping US treasuries in favor of gold.

311
00:20:34,174 --> 00:20:38,314
And I don't know exactly what China's thinking here,

312
00:20:38,314 --> 00:20:42,294
but there are multiple things that this chart could mean.

313
00:20:42,294 --> 00:20:46,894
One, China wants more influence over spot gold markets.

314
00:20:47,174 --> 00:20:59,674
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.

315
00:21:00,954 --> 00:21:03,514
By registering it, you can also use it as collateral.

316
00:21:03,994 --> 00:21:10,574
So if people wanted to use that gold to back something in the Chinese financial system, they can now do that.

317
00:21:10,574 --> 00:21:24,334
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.

318
00:21:24,414 --> 00:21:27,234
You can just be saying, yes, we have this gold and we are willing to use it.

319
00:21:27,234 --> 00:21:40,234
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.

320
00:21:40,574 --> 00:21:44,614
yeah i mean i kind of i think the last point is the most salient

321
00:21:44,614 --> 00:21:52,114
um i like the idea that it's like it's it's just a it's a public flex um

322
00:21:52,114 --> 00:22:00,214
uh you know the in practice they've probably been stacking hard for a bit now

323
00:22:00,214 --> 00:22:05,674
and now it's time to make the chart go parabolic so everyone pays attention

324
00:22:05,674 --> 00:22:12,814
yeah um it's kind of my read also uh this this is something that we've been tracking on the show

325
00:22:12,814 --> 00:22:20,254
for a while this idea of a dollar competitor coming out of china backed by gold um which

326
00:22:20,254 --> 00:22:29,294
is something i still expect um i think a lot of people don't trust the chinese uh to be a reserve

327
00:22:29,294 --> 00:22:35,594
currency. And gold is a way to minimize that trust. Obviously, it still requires trust and

328
00:22:35,594 --> 00:22:44,474
Bitcoin is simply a much better money because it can be used without trust and is designed for

329
00:22:44,474 --> 00:22:50,954
even enemies to transact in financial markets without trusting each other. So I think Bitcoin

330
00:22:50,954 --> 00:22:56,574
eventually supersedes it, but I wouldn't be surprised if we see a China-led brick-style

331
00:22:56,574 --> 00:23:01,714
competitor to the dollar emerge that is gold-backed.

332
00:23:02,454 --> 00:23:02,474
Yeah.

333
00:23:03,034 --> 00:23:06,594
There's another theory I recorded with Mel Madison this morning.

334
00:23:06,694 --> 00:23:09,874
It'll be out Saturday on TFTC feed, but he made a good point too.

335
00:23:09,874 --> 00:23:18,274
If China is sort of contrary to like a yuan, a gold-backed yuan, like if China is increasing

336
00:23:18,274 --> 00:23:26,034
economic trade with economic powerhouses like Saudi Arabia, so if China is doing yuan,

337
00:23:26,574 --> 00:23:35,674
uh trading yuan for oil and saudi arabia doesn't want to hold yuan by putting the gold on warrant

338
00:23:35,674 --> 00:23:42,934
at the uh shanghai gold exchange um saudi arabia can then just take the yuan that they don't want

339
00:23:42,934 --> 00:23:48,534
and redeem it for gold much easier in much more liquid fashion as well so there could be multiple

340
00:23:48,534 --> 00:23:55,754
i mean but that's basically it's the same end result right yeah exactly yeah yeah it's just

341
00:23:55,754 --> 00:23:57,854
It's like implementation details.

342
00:23:58,514 --> 00:23:58,714
Yeah.

343
00:23:59,014 --> 00:24:06,714
It's like gold back Yuan, but counterparties want China to take the risk of Yuan and they want gold.

344
00:24:07,594 --> 00:24:07,934
Yeah.

345
00:24:08,934 --> 00:24:09,174
Yeah.

346
00:24:10,234 --> 00:24:15,674
Also, if you read Mandibles, you wouldn't be surprised by this development.

347
00:24:16,434 --> 00:24:16,614
Yeah.

348
00:24:16,614 --> 00:24:20,174
Well, it's coincidental.

349
00:24:20,774 --> 00:24:22,054
It's not coincidental.

350
00:24:22,054 --> 00:24:29,034
It could be. It probably is coincidental, but it's a funny coincidence that this chart popped up this week.

351
00:24:29,074 --> 00:24:30,234
I've never seen this chart before.

352
00:24:30,494 --> 00:24:38,174
So yesterday for the first time, it sort of blew my mind how quickly they've registered their gold on Warren.

353
00:24:38,334 --> 00:24:44,834
But the fact that this chart surfaced a day after the military parade in China was very interesting as well.

354
00:24:44,934 --> 00:24:47,054
It seems like a –

355
00:24:47,054 --> 00:24:47,494
Not a coincidence.

356
00:24:48,174 --> 00:24:51,054
Not a coincidence, but it seems very –

357
00:24:51,054 --> 00:24:54,994
It was more than just a military parade, right?

358
00:24:55,094 --> 00:24:58,254
It was all world leaders except for us.

359
00:24:58,574 --> 00:25:01,854
It's like all world leaders that were not aligned with us,

360
00:25:02,354 --> 00:25:03,634
and Trump wasn't invited.

361
00:25:04,854 --> 00:25:04,934
Yeah.

362
00:25:05,374 --> 00:25:06,714
I mean, Kim Jong-un.

363
00:25:07,714 --> 00:25:08,234
Yeah.

364
00:25:08,694 --> 00:25:09,494
Putin was there.

365
00:25:11,074 --> 00:25:15,274
What do they call it, the Shanghai Cooperation Alliance or something?

366
00:25:16,054 --> 00:25:16,634
I'm not sure.

367
00:25:18,394 --> 00:25:19,894
I'm not a China expert.

368
00:25:19,894 --> 00:25:29,754
heard it was there uh the shanghai cooperation organization yeah it's like eurasian nato

369
00:25:29,754 --> 00:25:38,314
yeah south africa through south africa i think brazil was there throw them in the mix um

370
00:25:38,314 --> 00:25:42,554
but yeah there's there's definitely some geopolitical

371
00:25:42,554 --> 00:25:49,674
jujitsu positioning going on right now i think i mean yeah the golden warrant and the military

372
00:25:49,674 --> 00:25:54,334
parade which i don't think they were just there to watch the military parade i don't think they

373
00:25:54,334 --> 00:25:59,474
were just uh commenting on how incredibly synchronized the the soldiers in that parade

374
00:25:59,474 --> 00:26:06,094
were they were definitely they were incredibly synchronized though i mean it's shit hey props

375
00:26:06,094 --> 00:26:09,854
for props are due we got to be honest it's shit on the military parade we had here in the u.s

376
00:26:09,854 --> 00:26:14,454
well you know what their mistake i'd like i'm surprised the ccp didn't have coinbase sponsor

377
00:26:14,454 --> 00:26:23,994
their parade as well. I'm sure Coinbase would have done it if offered. I mean, I wouldn't be

378
00:26:23,994 --> 00:26:30,754
surprised for ego purposes if they do launch some kind of quote unquote, BRICS currency that's

379
00:26:30,754 --> 00:26:36,454
backed by gold held in China instead of, you know, just for like ego purposes, like does Putin want

380
00:26:36,454 --> 00:26:43,934
to use the Yuan? Probably not. But China can get all the benefits still by being the custodian of

381
00:26:43,934 --> 00:26:49,214
the backing and they can launch another currency did you see the hot mic of them talking about

382
00:26:49,214 --> 00:26:54,614
uh organ transplants to live yeah they're like 70 is young we're gonna live till

383
00:26:54,614 --> 00:27:01,314
at least 150 yeah she was like i've heard that the it's possible that we could live to 150

384
00:27:01,314 --> 00:27:08,994
um but back to your earlier point too and i thought about this last night when i was

385
00:27:08,994 --> 00:27:10,774
writing the newsletter

386
00:27:10,774 --> 00:27:13,174
like if this

387
00:27:13,174 --> 00:27:15,114
Shanghai coalition whatever they're called

388
00:27:15,114 --> 00:27:16,534
the Eurasian NATO

389
00:27:16,534 --> 00:27:19,214
Shanghai Cooperation Organization

390
00:27:19,214 --> 00:27:21,434
Shanghai

391
00:27:21,434 --> 00:27:22,814
Cooperation

392
00:27:22,814 --> 00:27:24,274
Organization

393
00:27:24,274 --> 00:27:25,794
SCO

394
00:27:25,794 --> 00:27:29,134
the SCO wanted to have

395
00:27:29,134 --> 00:27:30,174
like a unified front

396
00:27:30,174 --> 00:27:33,134
and we've had this for years and so maybe this

397
00:27:33,134 --> 00:27:35,274
isn't like a backtracking but like thinking through it

398
00:27:35,274 --> 00:27:37,354
steel banning it maybe they just

399
00:27:37,354 --> 00:27:44,614
the other the Russia India Brazil whoever swallowed their pride they recognize that

400
00:27:44,614 --> 00:27:50,894
Yuan is the most liquid out of all those other currencies and creating an SDR banker like

401
00:27:50,894 --> 00:27:57,274
sort of basket of goods is way too complicated maybe they just say all right China we'll use

402
00:27:57,274 --> 00:28:03,094
Yuan but going back to the point we made earlier based off the conversation I had with Mel Madison

403
00:28:03,094 --> 00:28:11,354
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.

404
00:28:11,514 --> 00:28:15,254
But they do if they're not, they're still taking the risk if they're not taking delivery of the gold.

405
00:28:15,694 --> 00:28:16,294
Yeah, exactly.

406
00:28:17,154 --> 00:28:22,114
I mean, like, you know what a pain in the ass it is shipping gold internationally at size?

407
00:28:22,114 --> 00:28:31,234
like in practice they probably still like how often if the saudis are actually settling in gold

408
00:28:31,234 --> 00:28:36,214
for their oil deals how often are they actually taking delivery of it definitely not like every

409
00:28:36,214 --> 00:28:45,114
trade no no probably settle up once a year if that at the military parade yeah yeah we're gonna

410
00:28:45,114 --> 00:28:53,574
take it back um i mean just to be clear they should skip the step and just use bitcoin uh

411
00:28:53,574 --> 00:28:59,874
it's ideal for the situation um but they probably won't uh they'll probably try and do something

412
00:28:59,874 --> 00:29:10,514
gold back first yeah beauty of noster i posted last night's newsletter um to primal and got an

413
00:29:10,514 --> 00:29:15,494
immediate response from, I believe, an American, Peter Alexander, who's been living in China for

414
00:29:15,494 --> 00:29:20,214
30 years. I think he's Nostra only. And we've been... He's very active.

415
00:29:20,954 --> 00:29:24,514
Yeah, we've been talking back and forth since last night. And he's going to come on the show

416
00:29:24,514 --> 00:29:30,814
tomorrow to get his perspective on what's actually happening in China. And I think this is like one

417
00:29:30,814 --> 00:29:36,054
of the highs... He sent me some interviews he's done. He's been on like CNBC, Bloomberg. This is

418
00:29:36,054 --> 00:29:38,934
a legit geopolitical analyst

419
00:29:38,934 --> 00:29:41,174
and very well-respected

420
00:29:41,174 --> 00:29:43,274
sort of expert on China.

421
00:29:44,774 --> 00:29:45,494
He lives there too.

422
00:29:46,114 --> 00:29:46,794
Yeah, he lives there.

423
00:29:47,274 --> 00:29:50,574
He has a very unique

424
00:29:50,574 --> 00:29:54,434
positive perspective

425
00:29:54,434 --> 00:29:56,954
on China and the CCP.

426
00:29:58,054 --> 00:29:58,234
Yeah.

427
00:29:58,754 --> 00:29:59,954
But I won't speak for him.

428
00:29:59,954 --> 00:30:01,354
You can listen to him

429
00:30:01,354 --> 00:30:02,354
on his Marty interview.

430
00:30:03,554 --> 00:30:04,654
That's what it's...

431
00:30:04,654 --> 00:30:05,874
Kabalaji is the same way.

432
00:30:06,054 --> 00:30:10,374
last two times I've talked about him.

433
00:30:12,494 --> 00:30:14,554
There's a lot of people out there that think China's going to eat our lunch.

434
00:30:14,654 --> 00:30:15,894
I don't think it's going to happen.

435
00:30:15,894 --> 00:30:19,674
I have respect for both Bellagio and Peter,

436
00:30:20,494 --> 00:30:24,994
but no shot in hell I'm ever raising my family in China.

437
00:30:25,574 --> 00:30:26,694
It's not going to fucking happen.

438
00:30:27,634 --> 00:30:30,594
But everyone's subject to their own opinion and their own perspectives

439
00:30:30,594 --> 00:30:33,754
and their own strategies and how they want to

440
00:30:33,754 --> 00:30:37,154
plot their life path.

441
00:30:39,914 --> 00:30:40,594
We'll see.

442
00:30:40,894 --> 00:30:41,154
All right.

443
00:30:41,234 --> 00:30:42,134
On the next topic,

444
00:30:42,754 --> 00:30:43,914
China prepping for something.

445
00:30:44,114 --> 00:30:44,734
Who knows what?

446
00:30:44,974 --> 00:30:47,394
Trump was sending messages

447
00:30:47,394 --> 00:30:48,094
on Truth Social

448
00:30:48,094 --> 00:30:49,214
as the military parade

449
00:30:49,214 --> 00:30:49,894
was going on.

450
00:30:50,294 --> 00:30:50,754
Cheeky comments.

451
00:30:50,754 --> 00:30:52,494
Did you see the main post?

452
00:30:52,574 --> 00:30:54,094
Send my warmest regards

453
00:30:54,094 --> 00:30:54,954
or something like that.

454
00:30:56,054 --> 00:30:57,994
Boy, Truth Social Trump.

455
00:30:59,674 --> 00:31:01,654
I feel like we got to read that post

456
00:31:01,654 --> 00:31:03,054
just in case people

457
00:31:03,054 --> 00:31:17,748
aren on truth social uh donald trump truth we get to it first He posts so much man

458
00:31:20,168 --> 00:31:23,348
But he posted it live during the...

459
00:31:23,348 --> 00:31:24,168
Yeah, I got it.

460
00:31:24,748 --> 00:31:25,228
First.

461
00:31:26,428 --> 00:31:27,148
Logan, pull it up.

462
00:31:28,268 --> 00:31:30,288
You got it from X, though, right?

463
00:31:31,408 --> 00:31:32,028
I did.

464
00:31:34,108 --> 00:31:35,788
I'm scrolling through his truth social.

465
00:31:35,968 --> 00:31:36,488
It's ridiculous.

466
00:31:36,688 --> 00:31:37,688
There's so much shit here.

467
00:31:38,308 --> 00:31:51,908
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.

468
00:31:52,688 --> 00:31:55,428
Many Americans died in China's quest for victory and glory.

469
00:31:55,888 --> 00:31:59,288
I hope that they are rightfully honored and remembered for their bravery and sacrifice.

470
00:31:59,848 --> 00:32:04,048
May President Xi and the wonderful people of China have a great and lasting day of celebration.

471
00:32:04,048 --> 00:32:12,148
Please give my warmest regards to Vladimir Putin and Kim Jong-un as you conspire against the United States of America, President Donald Trump.

472
00:32:16,948 --> 00:32:18,908
Yeah, what a post.

473
00:32:19,808 --> 00:32:24,348
I mean, the broader point, gold on warrant, military parade.

474
00:32:24,348 --> 00:32:28,348
Like it is clear. We've been talking about this for a year.

475
00:32:29,748 --> 00:32:40,408
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.

476
00:32:40,648 --> 00:32:43,488
Before the election, there's going to be this global economic reordering.

477
00:32:43,668 --> 00:32:49,008
Everything that we're seeing this week in this context seems to be pointing in that direction.

478
00:32:49,008 --> 00:33:11,848
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.

479
00:33:11,848 --> 00:33:32,268
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.

480
00:33:32,268 --> 00:33:38,348
yeah it's pretty pretty crazy chart and i think people you know i don't know people have a tendency

481
00:33:38,348 --> 00:33:44,688
to you know say like oh well this is how it's always been or whatever um but you can see on

482
00:33:44,688 --> 00:33:51,048
this chart like the growth from the 50s into the dollar as the true reserve currency of the world

483
00:33:51,048 --> 00:33:56,168
and now we're starting to see a reversion back to the mean of gold being it

484
00:33:56,168 --> 00:34:03,268
yeah i'm looking for the other chart there was a here it is um and like look at the euro just

485
00:34:03,268 --> 00:34:06,348
like straight pop when it got invented basically

486
00:34:06,348 --> 00:34:14,868
yeah yeah i thought i did that right yeah look i'm pulling this chart up so this is

487
00:34:16,008 --> 00:34:21,488
a line graph strips out everything except for treasuries and gold so for the first time since

488
00:34:21,488 --> 00:34:25,468
1996 foreign reserves held in gold

489
00:34:25,468 --> 00:34:29,428
or gold holdings as a percentage of foreign reserves that surpassed

490
00:34:29,428 --> 00:34:33,528
US treasuries. Pretty crazy. It's pretty crazy

491
00:34:33,528 --> 00:34:37,048
how quick it flipped in the reverse too. Right?

492
00:34:37,948 --> 00:34:41,168
I mean, I guess it was also

493
00:34:41,168 --> 00:34:45,308
partially like, I mean, it looks like it lines up with the fall of the Soviet

494
00:34:45,308 --> 00:34:49,008
Union. What, late 80s, 1990.

495
00:34:49,008 --> 00:35:08,468
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.

496
00:35:08,468 --> 00:35:14,668
Most treasuries are held by pension funds, institutions, banks, individual Americans.

497
00:35:16,168 --> 00:35:19,268
Take that with a grain of salt as well.

498
00:35:19,748 --> 00:35:22,048
But yeah, tether.

499
00:35:23,988 --> 00:35:32,488
So I guess point being, though, it seems like there's a lot of posturing and we are walking

500
00:35:32,488 --> 00:35:38,608
towards the edge of either, God forbid, some sort of cataclysmic ripping off of the Band-Aid

501
00:35:38,608 --> 00:35:44,848
that could lead to some kinetic reaction, or hopefully the other route is it's like,

502
00:35:44,928 --> 00:35:50,508
all right, let's flex, flex, flex, show our strength, put our cards on the table, get

503
00:35:50,508 --> 00:35:56,588
to the table and figure out how we do this global economic reordering, monetary reordering

504
00:35:56,588 --> 00:35:57,348
specifically.

505
00:35:58,508 --> 00:36:00,428
Dr. Jeff in the comments makes a good point.

506
00:36:00,428 --> 00:36:05,628
that's probably worth mentioning is that we do also have to keep in mind that gold has been

507
00:36:06,268 --> 00:36:15,388
pumping pretty hard in price so part part of uh this flippening is is actual gold depreciation and

508
00:36:15,388 --> 00:36:26,988
and value not just additions which is a very good point yeah gold market cap um it's up something

509
00:36:26,988 --> 00:36:40,428
like it's 24.217 trillion um i think it was like because i remember you remember the uh

510
00:36:40,428 --> 00:36:47,908
yeah like in the 2020s it's like we're gonna flip in gold um and the market cap was around

511
00:36:47,908 --> 00:36:52,528
12 trillion bitcoin can we get the yeah like and the target was like let's get the 12 trillion

512
00:36:52,528 --> 00:36:53,828
market cap will flip gold.

513
00:36:54,568 --> 00:36:56,908
The market cap has since doubled since July

514
00:36:56,908 --> 00:36:58,808
2020. It's crazy.

515
00:36:59,768 --> 00:37:00,468
Well, I mean, I

516
00:37:00,468 --> 00:37:03,028
still

517
00:37:03,028 --> 00:37:04,768
think we will flip gold. I saw someone

518
00:37:04,768 --> 00:37:06,308
do the math that

519
00:37:06,308 --> 00:37:08,948
if gold stayed flat

520
00:37:08,948 --> 00:37:10,948
right now, parity

521
00:37:10,948 --> 00:37:12,848
would be $1.2 million per coin.

522
00:37:15,288 --> 00:37:17,068
We'll get there. We'll get there eventually.

523
00:37:18,068 --> 00:37:18,808
The flipping point.

524
00:37:18,988 --> 00:37:20,408
But obviously, it's not going to stay flat.

525
00:37:20,408 --> 00:37:29,308
dollars can keep falling and purchasing power um what i say is the limit 2017 bull market

526
00:37:29,308 --> 00:37:37,308
repeated gets us to 1.8 we flip it in the next four months you know okay easy easy easy i will

527
00:37:37,308 --> 00:37:44,088
say it does i mean obviously it's not it's very different but there's a lot of similarities to

528
00:37:44,088 --> 00:37:45,228
2017 right now.

529
00:37:45,888 --> 00:37:46,128
Yeah.

530
00:37:46,288 --> 00:37:47,248
At least in the feels.

531
00:37:50,248 --> 00:37:51,168
And like that was a crazy,

532
00:37:51,228 --> 00:37:53,168
2017 was a crazy fucking fall.

533
00:37:55,168 --> 00:37:56,268
That was a,

534
00:37:56,268 --> 00:37:57,608
that was a fun fall.

535
00:37:59,288 --> 00:38:00,708
A fall I'll never forget.

536
00:38:02,308 --> 00:38:03,728
In the barstool offices.

537
00:38:04,868 --> 00:38:05,528
I mean,

538
00:38:05,568 --> 00:38:07,308
people have revisionist history.

539
00:38:07,448 --> 00:38:09,008
Like there was a lot of

540
00:38:09,008 --> 00:38:11,148
bearishness on Bitcoin at that point.

541
00:38:11,948 --> 00:38:13,408
Going into September 2017.

542
00:38:14,088 --> 00:38:14,948
The fork wars.

543
00:38:15,888 --> 00:38:16,168
Yeah.

544
00:38:16,528 --> 00:38:21,328
I mean, I remember Selkis saying that it was riskier to buy Bitcoin

545
00:38:21,328 --> 00:38:22,708
than it was to buy Ethereum.

546
00:38:22,928 --> 00:38:24,548
And he had a huge platform at the time.

547
00:38:24,628 --> 00:38:26,168
He was like one of the largest influencers.

548
00:38:27,088 --> 00:38:28,588
He controlled CoinDesk.

549
00:38:30,848 --> 00:38:35,508
There were people adamantly telling people to dump Bitcoin for Bitcoin Cash.

550
00:38:35,528 --> 00:38:35,808
Bitcoin.

551
00:38:36,448 --> 00:38:40,088
Or that it wasn't even, I mean, he wasn't even coming out necessarily

552
00:38:40,088 --> 00:38:41,068
from the Bitcoin Cash side.

553
00:38:41,128 --> 00:38:42,108
He said both were fucked.

554
00:38:42,108 --> 00:38:45,468
It was just like the infighting is going to result in Bitcoin dying.

555
00:38:48,008 --> 00:38:53,048
And I don't know, like right now on socials, like the contrarian take is to be bullish on Bitcoin.

556
00:38:53,948 --> 00:38:54,068
Yeah.

557
00:38:55,328 --> 00:38:58,868
Well, I mean, there's a lot of fear out there.

558
00:38:59,588 --> 00:39:00,788
I'm sure you don't want to touch on it.

559
00:39:00,808 --> 00:39:04,988
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.

560
00:39:05,948 --> 00:39:10,088
The current debate around up return, not first core, core version 30.

561
00:39:10,088 --> 00:39:11,028
Are you going to upgrade?

562
00:39:12,108 --> 00:39:13,028
We talked about this.

563
00:39:13,188 --> 00:39:14,788
Many people are saying we're avoiding it.

564
00:39:15,388 --> 00:39:16,948
I spent eight hours.

565
00:39:17,288 --> 00:39:22,228
I spent eight hours for two days at Bitcoin++ in June covering this.

566
00:39:22,588 --> 00:39:28,088
There's eight hours of content you can go find on this channel if you're on YouTube or if you're on Oster.

567
00:39:29,448 --> 00:39:36,948
Talking about the op return battle, not for his core, core version 30.

568
00:39:37,788 --> 00:39:39,968
But it is like tying back to the similarities.

569
00:39:40,188 --> 00:39:41,828
There is some infighting going on right now.

570
00:39:42,108 --> 00:40:00,668
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.

571
00:40:00,668 --> 00:40:06,068
and when you have a chain split type of situation

572
00:40:06,068 --> 00:40:11,048
you effectively have a market made

573
00:40:11,048 --> 00:40:16,808
where two different monies are competing against each other

574
00:40:16,808 --> 00:40:18,208
and being traded against each other

575
00:40:18,208 --> 00:40:21,708
and so in those situations

576
00:40:21,708 --> 00:40:25,148
the choice that users make

577
00:40:25,148 --> 00:40:29,228
do have an effect on everyone else in a big way

578
00:40:29,228 --> 00:40:38,688
if you know all major stakeholders dumped bitcoin for bitcoin cash we might have been in a we might

579
00:40:38,688 --> 00:40:45,648
be using bitcoin cash right now and bitcoin i i have a theory that in a chain split situation

580
00:40:45,648 --> 00:40:52,408
it's kind of up in the air and the market's like figuring it out for a bit but then once one has

581
00:40:52,408 --> 00:40:56,788
decided the other one tends to trend to zero which is what we've seen with bitcoin cash bsv

582
00:40:56,788 --> 00:41:01,108
Bitcoin diamond, Bitcoin gold, all these other random ones.

583
00:41:01,608 --> 00:41:02,348
We've never read.

584
00:41:02,908 --> 00:41:03,568
What was his name?

585
00:41:03,728 --> 00:41:04,208
Red carrying.

586
00:41:05,448 --> 00:41:06,908
Red Bitcoin prime.

587
00:41:06,928 --> 00:41:07,748
I don't know what you're talking about.

588
00:41:09,868 --> 00:41:15,368
The current debate is over policy rules,

589
00:41:15,368 --> 00:41:20,168
specifically mempool transaction relay rules.

590
00:41:20,888 --> 00:41:23,468
It's not actually over consensus rules.

591
00:41:23,468 --> 00:41:31,868
and in that situation it's very much what your node is running mostly affects yourself

592
00:41:31,868 --> 00:41:42,488
um the core maintainer's argument is that uh uh valid transactions that have historically been

593
00:41:42,488 --> 00:41:46,908
considered non-standard in bitcoin core and have not been relayed by bitcoin core are getting

594
00:41:46,908 --> 00:41:56,088
confirmed anyway and they're going directly to miners and the result is you have potential

595
00:41:56,088 --> 00:42:03,088
centralization risks where where transactions are going out of band and no one sees those

596
00:42:03,088 --> 00:42:08,828
transactions until after their mind and other miners can't compete with them and node operators

597
00:42:08,828 --> 00:42:16,248
can't do accurate fee estimation if we actually have a high fee environment which we obviously

598
00:42:16,248 --> 00:42:17,528
do not have right now.

599
00:42:18,968 --> 00:42:20,668
And two examples of those

600
00:42:20,668 --> 00:42:22,728
are the incredibly large inscriptions,

601
00:42:23,988 --> 00:42:24,728
or three examples,

602
00:42:24,888 --> 00:42:26,168
incredibly large op returns,

603
00:42:26,348 --> 00:42:27,648
the incredibly large inscriptions,

604
00:42:27,888 --> 00:42:29,388
and then also most recently,

605
00:42:29,588 --> 00:42:31,788
the sub one SAP per byte transactions, right?

606
00:42:32,488 --> 00:42:35,048
Those by default are not relayed by notes.

607
00:42:36,628 --> 00:42:38,308
So on a technical basis,

608
00:42:38,308 --> 00:42:40,608
that's what the argument's over.

609
00:42:41,388 --> 00:42:42,568
So core has that side.

610
00:42:42,568 --> 00:42:51,608
the non-core pro-not side is more or less that yes they can be mined anyway we're willing to take

611
00:42:51,608 --> 00:42:59,868
the centralization risk and that trade-off that comes with it and the lack of accurate free

612
00:42:59,868 --> 00:43:08,548
estimation if you are running a node to just make it a little bit more difficult and more expensive

613
00:43:08,548 --> 00:43:11,088
for these transactions to happen.

614
00:43:12,328 --> 00:43:14,988
I think there's some validity on both sides.

615
00:43:15,468 --> 00:43:18,108
Now, we've completely passed the point of any kind of debate.

616
00:43:18,248 --> 00:43:22,868
Now it's becoming very much like a gaslighting social attack.

617
00:43:22,988 --> 00:43:25,608
Everyone's a fucking spook, you know, just calling each other,

618
00:43:25,668 --> 00:43:26,528
all these different things.

619
00:43:26,968 --> 00:43:30,948
And then there's a lot of extremes that are being made that, you know,

620
00:43:30,948 --> 00:43:33,648
that Bitcoin is going to die and this is going to kill Bitcoin

621
00:43:33,648 --> 00:43:34,868
and all this other shit.

622
00:43:34,868 --> 00:43:42,448
um you know there's arguments about no liability and stuff like that which i think is an incredibly

623
00:43:42,448 --> 00:43:46,808
slippery slope and a dangerous argument to make and it's disappointing to see bitcoiners make that

624
00:43:46,808 --> 00:43:54,808
argument well um pull this out but at the end of the day at okay go on no to your point like uh

625
00:43:54,808 --> 00:44:00,928
you're assuming i won't say it explicitly either you can read um read the tweet yourself but like

626
00:44:00,928 --> 00:44:03,168
Eric Voskule, I've been following his commentary on this.

627
00:44:03,508 --> 00:44:04,588
Very underrated Bitcoiner.

628
00:44:04,808 --> 00:44:05,508
Love Voskule.

629
00:44:05,848 --> 00:44:09,328
And the whole thing is like, we're going to have to download these files

630
00:44:09,328 --> 00:44:10,368
and I don't want to hold them.

631
00:44:12,328 --> 00:44:13,828
Voskule made the point earlier this week.

632
00:44:13,888 --> 00:44:16,788
In order to filter a transaction, you have to download the transaction

633
00:44:16,788 --> 00:44:17,648
on your machine first.

634
00:44:20,288 --> 00:44:22,008
I'll explicitly say it.

635
00:44:22,068 --> 00:44:22,908
Some people will get mad at me.

636
00:44:23,048 --> 00:44:25,848
But I said this earlier this year too.

637
00:44:25,948 --> 00:44:29,248
I don't think there's anything we can do to reverse this outside of

638
00:44:29,248 --> 00:44:35,968
making blocks smaller or completely doing a consensus change that takes out op return

639
00:44:35,968 --> 00:44:43,088
or something like that um so you just have to live with what's valid via consensus right now

640
00:44:43,088 --> 00:44:51,828
and um it's not ideal i don't like the shit either but that's the perspective i take look um

641
00:44:51,828 --> 00:44:57,828
anything you do or say in public can be used against you in the court of law um so i

642
00:44:57,828 --> 00:45:09,968
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.

643
00:45:10,908 --> 00:45:22,688
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.

644
00:45:22,948 --> 00:45:23,808
That's my opinion.

645
00:45:23,808 --> 00:45:29,728
uh we can you know reassess the situation in a year i'm sure anyone who's saying right now that

646
00:45:29,728 --> 00:45:38,748
bitcoin is going to die because of relaxed mempool uh defaults uh will not admit mistake in a year

647
00:45:38,748 --> 00:45:46,428
well most people will not um and it'll just kind of be memory hold i will say though that i do

648
00:45:46,428 --> 00:45:51,048
appreciate the newfound feelings or the newfound

649
00:45:51,048 --> 00:46:01,468
respect for the idea of more implementations out there and just more developers working on

650
00:46:01,468 --> 00:46:05,708
protocol. Like I would like to see node operators have more choice, not less.

651
00:46:07,928 --> 00:46:12,208
But at the end of the day, I support everyone's decision to say what they want, run what they

652
00:46:12,208 --> 00:46:18,008
want, do what they want. That's the beauty of open source software is that you can verify,

653
00:46:18,308 --> 00:46:26,288
modify, distribute, and use it without permission. You even have the option to run with no mempool

654
00:46:26,288 --> 00:46:31,688
whatsoever, and you can run in blocks only mode and not relay any transactions if you don't want

655
00:46:31,688 --> 00:46:41,388
to. I will say that I do think we are fortunate that we've gotten to this point with a pretty open

656
00:46:41,388 --> 00:46:44,088
relay network in mempool.

657
00:46:44,088 --> 00:46:55,382
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

658
00:46:55,382 --> 00:46:59,222
Like that is an amazing capability that we have.

659
00:47:00,342 --> 00:47:11,242
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.

660
00:47:11,762 --> 00:47:14,162
And that would be a completely permission basis.

661
00:47:14,162 --> 00:47:29,742
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.

662
00:47:29,742 --> 00:47:37,582
wine um so those are my opinions on the matter uh i think more people should run nodes and use

663
00:47:37,582 --> 00:47:43,522
nodes in general um i think it's interesting that sailor hasn't given his opinion on the matter and

664
00:47:43,522 --> 00:47:52,562
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

665
00:47:52,562 --> 00:47:58,542
to take agency over your life and think about it.

666
00:47:59,522 --> 00:47:59,922
I won't either.

667
00:48:00,162 --> 00:48:02,582
But my biggest worry is the bike shedding

668
00:48:02,582 --> 00:48:07,442
leads to demoralization of people

669
00:48:07,442 --> 00:48:11,122
that have dedicated their lives most of the time

670
00:48:11,122 --> 00:48:16,022
thanklessly to ensuring that Bitcoin works efficiently

671
00:48:16,022 --> 00:48:16,842
on both sides.

672
00:48:16,842 --> 00:48:22,302
And so that's what I think a lot of the conversation

673
00:48:22,302 --> 00:48:24,102
that's been happening around this particular subject

674
00:48:24,102 --> 00:48:25,562
over the last month specifically

675
00:48:25,562 --> 00:48:29,442
has been people talking past each other.

676
00:48:29,942 --> 00:48:31,182
I actually think Neil Woodfine

677
00:48:31,182 --> 00:48:36,242
had a great take on this matter yesterday, I believe.

678
00:48:37,882 --> 00:48:40,462
Basically, just getting down to brass tacks

679
00:48:40,462 --> 00:48:46,102
of people needing to get on the same page

680
00:48:46,102 --> 00:48:49,442
of what exactly are people arguing about.

681
00:48:49,822 --> 00:48:51,002
And so, look, I'm pulling up this tweet.

682
00:48:51,002 --> 00:49:14,342
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.

683
00:49:14,342 --> 00:49:26,822
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.

684
00:49:26,822 --> 00:49:31,442
So I think Neil sort of summed it up nice here.

685
00:49:31,642 --> 00:49:35,342
What are we actually arguing about?

686
00:49:35,442 --> 00:49:45,962
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.

687
00:49:45,962 --> 00:49:55,762
yeah i mean you can't even say like basic very benign technical things without just being

688
00:49:55,762 --> 00:50:02,462
immediately called to spook you're saying you want to kill bitcoin so um the cool part is uh

689
00:50:02,462 --> 00:50:09,522
i'm pretty sure none of it really matters uh i think it's probably a more of an early warning sign

690
00:50:09,522 --> 00:50:16,222
that we should have more choice.

691
00:50:16,342 --> 00:50:18,202
And I think I've been pretty consistent on that.

692
00:50:19,982 --> 00:50:21,722
I have a lot of respect for the developers

693
00:50:21,722 --> 00:50:22,762
that work on our protocols,

694
00:50:23,162 --> 00:50:26,642
but high level,

695
00:50:26,762 --> 00:50:28,442
there shouldn't be like top-down edicts

696
00:50:28,442 --> 00:50:30,902
on things that are being changed, I think,

697
00:50:31,582 --> 00:50:35,822
for something that's so important as Bitcoin.

698
00:50:37,482 --> 00:50:38,982
It's part of the reason why I think

699
00:50:38,982 --> 00:50:41,842
we won't really have any kind of major consensus changes

700
00:50:41,842 --> 00:50:46,822
unless there's some kind of hard fork scenario.

701
00:50:47,662 --> 00:50:50,402
I don't know how we'll ever see real consensus

702
00:50:50,402 --> 00:50:53,942
on significant soft forks going forward.

703
00:50:54,202 --> 00:50:57,102
And there's like, except for like the hard forks,

704
00:50:57,682 --> 00:50:59,722
like the one hard fork that we have to do.

705
00:51:02,042 --> 00:51:04,842
But yeah, I mean, Bitcoin's incredibly hard to change by default.

706
00:51:05,742 --> 00:51:07,642
Core devs cannot force you to do anything.

707
00:51:08,982 --> 00:51:10,482
There's no auto updates.

708
00:51:12,422 --> 00:51:17,222
But I think we've gone so far past the debate.

709
00:51:19,282 --> 00:51:21,902
There's not actual functional debate happening.

710
00:51:22,762 --> 00:51:30,342
I've had a number of people replying to tweets that are completely unrelated to this discussion.

711
00:51:30,342 --> 00:51:31,542
Why are you silent?

712
00:51:31,722 --> 00:51:34,462
Your silence is – essentially, your silence is violence.

713
00:51:34,662 --> 00:51:35,262
We need your take.

714
00:51:35,262 --> 00:51:39,942
Like it's gotten to the point where there's nothing productive that I can add.

715
00:51:40,162 --> 00:51:42,522
Like to Matt's point, Bitcoin is going to survive.

716
00:51:44,042 --> 00:51:46,202
Don't make this your whole identity.

717
00:51:47,462 --> 00:51:49,342
It would be the advice that I give people.

718
00:51:51,422 --> 00:51:56,682
And yeah, I think more civility is needed.

719
00:51:56,682 --> 00:52:02,982
I said that when this debate began in May and June of this year.

720
00:52:02,982 --> 00:52:09,822
and you guys should go listen to the live streams of bitcoin plus plus because that's what i tried

721
00:52:09,822 --> 00:52:16,402
to do at least to bring civility see hear both sides of the argument and i walked away um with

722
00:52:16,402 --> 00:52:21,302
my own ideas my own opinions you should have your own um and don't that's the thing that's pissing

723
00:52:21,302 --> 00:52:27,602
me off about all these people hitting me up on x is like they're looking to me to provide them

724
00:52:27,602 --> 00:52:28,482
Which I run, Marty.

725
00:52:28,842 --> 00:52:29,662
They should think.

726
00:52:29,782 --> 00:52:32,622
It's like, it's not my, it's not my decision.

727
00:52:32,802 --> 00:52:34,122
It's not, you shouldn't be doing that.

728
00:52:34,922 --> 00:52:44,482
I mean, I would say, uh, uh, first of all, we've been very consistent on not rushing

729
00:52:44,482 --> 00:52:45,602
to update in general.

730
00:52:46,022 --> 00:52:46,462
Okay.

731
00:52:46,462 --> 00:52:54,882
So this change, this change of defaults will happen in, uh, V30 and, uh, there's no need

732
00:52:54,882 --> 00:52:55,762
to rush to update.

733
00:52:55,762 --> 00:53:08,242
um the second piece is uh i do have questions on uh you know like how releases are done on

734
00:53:08,242 --> 00:53:15,982
knots and how much review is done there um so if you are using these things in production and you

735
00:53:15,982 --> 00:53:20,842
you know you really need like reliable uptime or whatnot you do have the option of

736
00:53:20,842 --> 00:53:25,382
running Bitcoin Core in blocks-only mode

737
00:53:25,382 --> 00:53:27,002
and just doing no mempool whatsoever.

738
00:53:27,382 --> 00:53:28,842
And then you're not relaying any transactions.

739
00:53:29,122 --> 00:53:31,062
You're just simply downloading mined blocks,

740
00:53:31,502 --> 00:53:34,962
which is not necessarily a bad option

741
00:53:34,962 --> 00:53:37,462
depending on how you fall on this stuff.

742
00:53:39,302 --> 00:53:41,402
But yeah, users have many options.

743
00:53:41,782 --> 00:53:42,762
That's the cool part.

744
00:53:42,962 --> 00:53:45,362
But I would like to see more options available.

745
00:53:45,362 --> 00:53:47,782
And I will say that Start9 makes it really easy

746
00:53:47,782 --> 00:53:52,062
to choose if you want to run NOTS or core

747
00:53:52,062 --> 00:53:54,282
or if you want to run core with blocks-only mode

748
00:53:54,282 --> 00:53:56,762
and make it really easy to update your config file.

749
00:54:00,062 --> 00:54:03,322
And from a 1031 perspective,

750
00:54:03,502 --> 00:54:07,102
we're proudly the largest investor in Start9.

751
00:54:08,062 --> 00:54:08,582
Yes.

752
00:54:08,762 --> 00:54:09,982
Fully open-source project.

753
00:54:11,762 --> 00:54:12,562
Incredible team.

754
00:54:16,102 --> 00:54:17,642
Yeah, we don't have to belabor this, but

755
00:54:17,642 --> 00:54:25,502
but you mentioned a software the silence is deafening your silence like god and now i regret

756
00:54:25,502 --> 00:54:31,282
even bringing it up like because it's just gonna start a whole another shit storm but no i mean i

757
00:54:31,282 --> 00:54:36,042
think it's relevant because people are getting i mean uh it's just there's a lot of fear out there

758
00:54:36,042 --> 00:54:41,282
i think people like this is my this was i made a snide remark right but like

759
00:54:41,282 --> 00:54:51,042
people are scaring you about quantum people are scaring you about mempool transaction relay

760
00:54:51,042 --> 00:54:58,602
changes and then meanwhile sailors posting like ai slot pictures everything and they're just

761
00:54:58,602 --> 00:55:02,722
every day and they're just shaking you out of your position and like him and larry fink are

762
00:55:02,722 --> 00:55:13,302
just gobbling up all your Bitcoin. So consider that. Yeah. ETF inflow is still strong. On that

763
00:55:13,302 --> 00:55:21,682
point, brought up Michael Saylor. He is the executive chairman of strategy and MSTR. Will

764
00:55:21,682 --> 00:55:26,862
it be added to the S&P every, all the paper Bitcoin summer? Paper Bitcoin summer, people.

765
00:55:26,862 --> 00:55:32,502
Summer is coming to an end. I can feel the cold autumn winds rolling into town. Is paper

766
00:55:32,502 --> 00:55:33,882
Bitcoin summer officially over.

767
00:55:34,682 --> 00:55:36,062
If you look at the stock prices

768
00:55:36,062 --> 00:55:38,062
of these companies, it seems like

769
00:55:38,062 --> 00:55:40,222
it wasn't the best summer ever.

770
00:55:40,602 --> 00:55:42,402
But people are

771
00:55:42,402 --> 00:55:42,962
speculating

772
00:55:42,962 --> 00:55:46,442
this strategy is going to be added to the S&P tomorrow.

773
00:55:47,362 --> 00:55:48,462
Do you think they're going to be added?

774
00:55:49,002 --> 00:55:50,562
I don't care. I really

775
00:55:50,562 --> 00:55:52,702
don't care. Do you want to bet on it?

776
00:55:53,282 --> 00:55:54,682
No, I don't.

777
00:55:54,682 --> 00:55:55,962
I don't care enough to bet on it.

778
00:55:57,362 --> 00:55:58,502
There's a lot of speculation

779
00:55:58,502 --> 00:56:00,742
that they'll be added to the S&P 500 tomorrow.

780
00:56:01,002 --> 00:56:01,942
I wouldn't be surprised.

781
00:56:01,942 --> 00:56:03,942
I don't think, I mean...

782
00:56:03,942 --> 00:56:08,822
Do you think that's why Saylor is silent on the knots debate?

783
00:56:09,162 --> 00:56:13,282
He's waiting until S&P 500 inclusion before voicing his opinion?

784
00:56:14,662 --> 00:56:18,242
No, no, he'll never touch.

785
00:56:19,222 --> 00:56:21,722
Do you think he runs the node?

786
00:56:22,462 --> 00:56:24,762
Which implementation do you think he runs?

787
00:56:24,902 --> 00:56:26,222
I wouldn't be shocked if he runs the node.

788
00:56:26,342 --> 00:56:27,742
I would not be shocked if he runs the node.

789
00:56:29,922 --> 00:56:30,882
Do I think so?

790
00:56:31,942 --> 00:56:33,142
Does he use the node?

791
00:56:33,562 --> 00:56:35,902
Or is it just like a start nine running in the corner

792
00:56:35,902 --> 00:56:36,902
not connected to anything?

793
00:56:38,562 --> 00:56:40,722
He probably has a start nine or something like that

794
00:56:40,722 --> 00:56:42,382
running in a corner not connected to anything.

795
00:56:43,482 --> 00:56:46,062
Does he hold any Bitcoin in wallets

796
00:56:46,062 --> 00:56:47,202
that he controls the keys to?

797
00:56:47,902 --> 00:56:48,262
Probably.

798
00:56:49,862 --> 00:56:51,182
Probably his personal stash.

799
00:56:52,042 --> 00:56:53,222
I mean, I don't like speculating

800
00:56:53,222 --> 00:56:54,422
on people's personal stashes.

801
00:56:55,502 --> 00:56:59,882
But will they get included in the S&P?

802
00:56:59,882 --> 00:57:00,882
I will say...

803
00:57:00,882 --> 00:57:01,602
Oh, go on.

804
00:57:01,942 --> 00:57:14,882
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.

805
00:57:14,882 --> 00:57:18,182
the argument is

806
00:57:18,182 --> 00:57:19,062
they get into the S&P

807
00:57:19,062 --> 00:57:19,782
they automatically

808
00:57:19,782 --> 00:57:21,502
reap the benefits

809
00:57:21,502 --> 00:57:23,202
of capital inflows

810
00:57:23,202 --> 00:57:24,782
from being part of an index

811
00:57:24,782 --> 00:57:25,762
and sort of

812
00:57:25,762 --> 00:57:27,042
allocators having to

813
00:57:27,042 --> 00:57:29,582
essentially a forced allocation

814
00:57:29,582 --> 00:57:30,562
because they need to

815
00:57:30,562 --> 00:57:31,842
compete with the benchmark

816
00:57:31,842 --> 00:57:32,282
so

817
00:57:32,282 --> 00:57:33,642
could be interesting

818
00:57:33,642 --> 00:57:34,422
wouldn't be surprised

819
00:57:34,422 --> 00:57:35,002
don't care

820
00:57:35,002 --> 00:57:40,202
yeah I think they probably don't

821
00:57:40,202 --> 00:57:40,962
but I'm just

822
00:57:40,962 --> 00:57:41,882
it's gut

823
00:57:41,882 --> 00:57:43,642
I just feel like

824
00:57:43,642 --> 00:57:49,622
uh people are hoping to it's like it feels like a little bit of opium but maybe they do

825
00:57:49,622 --> 00:57:56,082
i mean i think they probably should eventually uh they're like outperforming everybody else

826
00:57:56,082 --> 00:58:04,342
in terms of like mag 7 and stuff um so i if you're like especially if you're like thinking

827
00:58:04,342 --> 00:58:09,242
about like s p 500 indexes right like a lot of people have like the index fund like they should

828
00:58:09,242 --> 00:58:15,162
have some exposure to Bitcoin somehow. It'd be good for people that are index fund maxis to have

829
00:58:15,162 --> 00:58:21,562
at least some exposure to Bitcoin as the transition happens. I think American HODL

830
00:58:21,562 --> 00:58:27,202
makes a really good point on this run. As Americans, and a lot of people have index funds,

831
00:58:27,782 --> 00:58:35,362
it'd be better for Bitcoiners in a transition environment if it would ease the chaos and avoid

832
00:58:35,362 --> 00:58:39,902
a full-blown mandibles type situation if people just like kind of had accidental exposure to

833
00:58:39,902 --> 00:58:46,922
bitcoin but i don't think it's going to happen i just um i wasn't expecting to comment on it but i

834
00:58:46,922 --> 00:58:56,522
just now that we brought up the whole knots thing um i noticed that people are just like now learning

835
00:58:56,522 --> 00:59:04,742
about a lot of you know the the limited funding situation centralized funding situation of bitcoin

836
00:59:04,742 --> 00:59:11,342
developers and stuff. I mean, this is exactly why OpenSats exists. And it's just part of the reason

837
00:59:11,342 --> 00:59:16,962
why I'm playing the smallest violin ever right now during the situation is because a lot of the

838
00:59:16,962 --> 00:59:22,402
people that are freaking out about Core's development process and stuff tried to cancel

839
00:59:22,402 --> 00:59:29,082
me in OpenSats like eight months ago. The whole reason we launched OpenSats four years ago was

840
00:59:29,082 --> 00:59:34,462
because we wanted more funding that was independent and transparent and had like review processes

841
00:59:34,462 --> 00:59:36,462
and independent board members and shit.

842
00:59:37,342 --> 00:59:38,402
So more of that.

843
00:59:38,542 --> 00:59:39,622
I think you do more of that.

844
00:59:39,742 --> 00:59:44,702
And maybe it'd be nice if there was more organizations doing that

845
00:59:44,702 --> 00:59:45,842
and more people funding it.

846
00:59:46,182 --> 00:59:50,222
And then they point to four rich people that are doing most of the donations.

847
00:59:50,642 --> 00:59:54,622
And it's like, yeah, we need more rich people doing donations

848
00:59:54,622 --> 00:59:56,242
and more companies doing donations.

849
00:59:56,242 --> 00:59:57,902
And that's how you spread it out.

850
00:59:59,602 --> 01:00:03,442
Just because, I mean, I...

851
01:00:03,442 --> 01:00:06,662
Can you prove to me that Chaincode Labs is a 501c3?

852
01:00:06,742 --> 01:00:06,942
Yeah.

853
01:00:07,282 --> 01:00:10,182
I mean, I was trying not to – first of all, they're not a 501c3.

854
01:00:10,942 --> 01:00:15,862
But like Morcos and Suhas are very successful rich Bitcoiners.

855
01:00:16,242 --> 01:00:21,842
And they've contributed their own money to support protocol development because nobody else was doing it.

856
01:00:22,082 --> 01:00:23,422
Like same with Dorsey.

857
01:00:24,122 --> 01:00:25,182
And like –

858
01:00:25,182 --> 01:00:29,462
I think a lot of people want to add more context to the history of Chaincode.

859
01:00:29,462 --> 01:00:36,102
like suhas and alex are actually like early day prolific core contributors suhas especially

860
01:00:36,102 --> 01:00:39,602
like they've contributed to the protocol themselves it's not like they're

861
01:00:40,602 --> 01:00:45,822
exactly true it's all that there was a need yeah but i also don't think like

862
01:00:45,822 --> 01:00:51,342
all the all protocol devs should be you know funded by chain code right and that's why open

863
01:00:51,342 --> 01:00:57,542
sets exist that's why hrf exists i don't think alex and suhas that is either like no i don't think so

864
01:00:57,542 --> 01:01:04,142
um and uh i you know i think people that just like found out their names like six days ago

865
01:01:04,142 --> 01:01:10,322
calling them spooks it's like you're just way out of line uh just you know that's my opinion man

866
01:01:10,322 --> 01:01:19,402
um but yeah i don't know i uh it's just it's just interesting kind of watching it all unfold

867
01:01:19,402 --> 01:01:26,622
um just a lot of distractions out there i suggest uh and then the other piece is like

868
01:01:26,622 --> 01:01:37,822
i know what like the pro knots mob is going to say about this conversation we had which is that

869
01:01:37,822 --> 01:01:48,242
we're spam apologists and and maybe a lot worse things than that uh marty and i for years and

870
01:01:48,242 --> 01:01:54,742
continue to be and will continue to be regardless of how much posting you do focused on bitcoin

871
01:01:54,742 --> 01:01:58,582
being the best money in the world. It's the reason I titled this episode such.

872
01:01:59,822 --> 01:02:08,662
Everything we focus on is trying to make it a more robust money. Whether that's OpenSAT side,

873
01:02:08,762 --> 01:02:14,562
whether that's TFTC, whether it's RHR, and whether that's 1031, the focus is Bitcoin is

874
01:02:14,562 --> 01:02:19,802
the best money in the world. We can make it a better and more robust money by building out

875
01:02:19,802 --> 01:02:24,142
the infrastructure and the education and everything else that goes around it. That is our focus. We

876
01:02:24,142 --> 01:02:26,602
You have tons of proof of work behind it.

877
01:02:26,616 --> 01:02:28,456
You're welcome to your own fucking opinion.

878
01:02:30,716 --> 01:02:36,616
But people putting JPEGs on chain and whatnot can go fuck themselves.

879
01:02:37,076 --> 01:02:39,956
I think that's a complete distraction.

880
01:02:40,556 --> 01:02:42,436
I think it's a complete waste of the protocol.

881
01:02:43,176 --> 01:02:45,576
I do not see a way of stopping them from doing it,

882
01:02:45,776 --> 01:02:49,996
besides waiting for them to run out of money and move on to other things.

883
01:02:49,996 --> 01:02:57,876
but to me my focus to marty his focus is bitcoin being the best money in the world

884
01:02:57,876 --> 01:03:05,776
and how can we make that transition the best possible yeah i mean since inscriptions and

885
01:03:05,776 --> 01:03:11,836
ordinals hit the scene a couple years ago been very vocal they're they're number one they're

886
01:03:11,836 --> 01:03:12,856
Aesthetically terrible.

887
01:03:13,096 --> 01:03:13,556
They're ugly.

888
01:03:14,956 --> 01:03:15,916
They're hideous.

889
01:03:17,136 --> 01:03:19,876
And we've seen it in others, like NFT.

890
01:03:20,116 --> 01:03:21,616
I think NFTs are stupid.

891
01:03:21,616 --> 01:03:27,956
I would rather every transaction in anybody's mempool be pure economic transactions.

892
01:03:28,156 --> 01:03:31,256
But as Matt said, there's nothing we can do.

893
01:03:33,076 --> 01:03:40,696
And I mean, you could go like nuclear and try to change the protocol some level.

894
01:03:40,696 --> 01:03:43,676
smaller blocks, remove op return, whatever it may be,

895
01:03:43,976 --> 01:03:45,476
which would mess up a bunch of other stuff.

896
01:03:46,756 --> 01:03:51,076
It's just being pragmatic instead of ideological

897
01:03:51,076 --> 01:03:55,396
when it comes to this particular debate, I think,

898
01:03:55,596 --> 01:03:57,496
is being completely thrown out the window.

899
01:03:57,636 --> 01:03:59,196
It's turned into something completely ideological.

900
01:04:01,556 --> 01:04:04,396
There's very few people looking at it pragmatically, I think.

901
01:04:06,416 --> 01:04:08,296
There's a bunch of newer Bitcoiners who,

902
01:04:08,296 --> 01:04:13,796
So again, I'm not trying to denigrate anybody for some reason,

903
01:04:13,896 --> 01:04:17,276
but I think there's a lot of people who don't understand the history of jumping in

904
01:04:17,276 --> 01:04:21,996
and feeling like they're being a part of the solution

905
01:04:21,996 --> 01:04:23,956
when they're just adding noise to the situation.

906
01:04:24,576 --> 01:04:25,716
That's my personal opinion.

907
01:04:25,936 --> 01:04:26,516
That's what I think.

908
01:04:27,776 --> 01:04:30,856
This is all I'll say on the matter up to this point.

909
01:04:30,856 --> 01:04:36,976
Two, give credit to the people in the primal live chat

910
01:04:36,976 --> 01:04:38,756
who are boosting us above 21,000 sats.

911
01:04:39,096 --> 01:04:42,216
Harley, shout out to Barry State Edmonds Conference in the UK.

912
01:04:42,436 --> 01:04:42,936
Be there.

913
01:04:43,216 --> 01:04:44,436
It's 23,000 sats.

914
01:04:44,796 --> 01:04:48,696
And then we've got Rock Chalk Jeans.

915
01:04:48,696 --> 01:04:51,576
Thanks for the years of Signal Boys.

916
01:04:51,776 --> 01:04:53,156
Primal video for the win.

917
01:04:53,256 --> 01:04:54,176
Stay almost stacked sats.

918
01:04:54,256 --> 01:04:55,196
21,000 sats.

919
01:04:55,316 --> 01:04:55,916
Thank you, guys.

920
01:04:56,176 --> 01:04:56,436
Thank you.

921
01:04:57,356 --> 01:04:58,596
Using Bitcoin as money.

922
01:04:59,916 --> 01:05:00,436
Yes, you are.

923
01:05:01,776 --> 01:05:02,516
Tax-free tips.

924
01:05:02,796 --> 01:05:04,136
Tax-free tips coming in.

925
01:05:04,256 --> 01:05:04,876
They're rolling in.

926
01:05:04,876 --> 01:05:08,696
The real question I have on that is,

927
01:05:09,436 --> 01:05:13,256
does your blue check ad revenue share count towards that?

928
01:05:14,696 --> 01:05:15,596
Definitely not.

929
01:05:15,756 --> 01:05:16,076
That's not a tip.

930
01:05:16,216 --> 01:05:16,856
That's a revenue share.

931
01:05:17,936 --> 01:05:21,696
That's an interesting regulatory advantage that Zaps have.

932
01:05:22,336 --> 01:05:23,516
Yes, yes it is.

933
01:05:25,016 --> 01:05:25,996
There's advertisements.

934
01:05:28,276 --> 01:05:29,416
Advertisements, do they?

935
01:05:30,516 --> 01:05:32,376
No, those are gifts.

936
01:05:32,376 --> 01:05:33,656
They're either gifts or tips.

937
01:05:34,416 --> 01:05:34,536
Yeah.

938
01:05:34,876 --> 01:05:41,796
um they're not paying for a service dude you've been reading the bent this week i'd love to see it

939
01:05:41,796 --> 01:05:50,036
um it was a slow news week so i just i uh did a double double uh team shill which is

940
01:05:50,036 --> 01:05:53,216
i put two bent links in but they're the primal links

941
01:05:53,216 --> 01:05:58,236
and the primal is actually better because if you go to our website and try to enlarge the images

942
01:05:58,236 --> 01:06:04,116
that i want to bring up it doesn't do it primal enlarges it automatically so logan open up the um

943
01:06:04,116 --> 01:06:04,956
And you get zaps.

944
01:06:05,696 --> 01:06:06,376
And you get zaps.

945
01:06:06,956 --> 01:06:08,096
Just hit the electricity curve.

946
01:06:08,396 --> 01:06:10,696
This chart blew my – this is another chart that blew my mind this week.

947
01:06:10,696 --> 01:06:20,576
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.

948
01:06:20,696 --> 01:06:25,356
But if you look at this chart, like post-2020, we're hitting like breakaway speed.

949
01:06:25,476 --> 01:06:27,576
Like we had that original breakout in 2022.

950
01:06:27,576 --> 01:06:35,576
I sent a pithy tweet saying, hey, you can tell exactly when they started training ChatGPT before they launched it.

951
01:06:36,596 --> 01:06:40,236
But I think this is bigger than AI and ChatGPT.

952
01:06:40,616 --> 01:06:46,136
I think this is just a product of the trillions of dollars that were printed in 2020 with the lag effect.

953
01:06:46,596 --> 01:06:48,636
But it hasn't leveled up.

954
01:06:48,816 --> 01:06:49,556
It's only going up.

955
01:06:49,596 --> 01:06:51,696
It looks like we're in the middle of another breakout.

956
01:06:51,696 --> 01:07:05,076
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.

957
01:07:05,076 --> 01:07:26,776
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.

958
01:07:26,776 --> 01:07:34,356
And if you're trying to stop inflation, you got to make sure you get electricity prices somewhat stable.

959
01:07:34,656 --> 01:07:37,936
And they are anything but that over the last three years.

960
01:07:40,836 --> 01:07:47,576
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.

961
01:07:47,576 --> 01:07:56,856
um so it seems like consensus at least among like people with money and influence is that we need

962
01:07:56,856 --> 01:08:05,596
more power generation not less and by all means necessary um so i mean if you look at this chart

963
01:08:05,596 --> 01:08:13,936
right like it's it's it's accelerating recently but it's the trend has been going in the wrong

964
01:08:13,936 --> 01:08:19,816
direction for a while i mean it is it is priced in a shitty shitty currency right but the trend

965
01:08:19,816 --> 01:08:24,336
has been going up into the right for a while now maybe we could actually reverse that trend

966
01:08:24,336 --> 01:08:33,576
yeah but you had somewhat of like a i think obviously 85 to 95 you have like a pretty shallow

967
01:08:33,576 --> 01:08:41,636
slow curve there and actually went down mid 90s the mid 2000s let's start going up again leading

968
01:08:41,636 --> 01:08:46,596
into the financial crisis then we had somewhat of a stabilization but like the slope on the back

969
01:08:46,596 --> 01:08:53,036
end is significantly steeper yeah but part of it is also that it's being priced in dollars right

970
01:08:53,036 --> 01:08:58,376
yeah so i would like to see this chart would be extra interesting and to the audio freaks if you

971
01:08:58,376 --> 01:09:03,236
think that audio freaks don't like us talking about the live chat like analyzing a chart they

972
01:09:03,236 --> 01:09:10,536
can't see it's a it's a chart of electricity costs in the u.s priced in dollars um since the 80s

973
01:09:10,536 --> 01:09:12,996
this chart would be interesting in gold

974
01:09:12,996 --> 01:09:15,876
definitely down

975
01:09:15,876 --> 01:09:16,636
I think it still goes

976
01:09:16,636 --> 01:09:18,216
you think so?

977
01:09:19,316 --> 01:09:21,236
yeah I mean gold's up double in the last

978
01:09:21,236 --> 01:09:22,396
since 2020

979
01:09:22,396 --> 01:09:24,556
and this is only up

980
01:09:24,556 --> 01:09:26,816
30%

981
01:09:26,816 --> 01:09:28,616
so it's definitely down in gold terms

982
01:09:28,616 --> 01:09:29,636
in bitcoin terms

983
01:09:29,636 --> 01:09:32,516
so does that change your opinion on it?

984
01:09:34,336 --> 01:09:36,416
if you normalize out real inflation

985
01:09:40,536 --> 01:09:41,756
That's inflation.

986
01:09:41,936 --> 01:09:42,176
Yeah.

987
01:09:42,616 --> 01:09:48,916
But no, because wage inflation hasn't kept pace with real inflation.

988
01:09:49,616 --> 01:09:51,816
So you have...

989
01:09:51,816 --> 01:09:53,216
No, that's why I said real inflation.

990
01:09:53,336 --> 01:09:54,256
I'm talking about real inflation.

991
01:09:54,476 --> 01:09:54,576
Yeah.

992
01:09:55,276 --> 01:09:55,616
Yeah.

993
01:09:55,696 --> 01:10:00,316
No, it doesn't change it because wages aren't keeping up with this.

994
01:10:00,316 --> 01:10:04,896
And this is electricity price, average electricity price per kilowatt hour in US cities.

995
01:10:05,056 --> 01:10:09,716
So we're talking about the major population centers where people are actually paying for

996
01:10:09,716 --> 01:10:10,316
this...

997
01:10:10,536 --> 01:10:16,756
most people are paying for this up front and not being their paychecks

998
01:10:16,756 --> 01:10:19,296
definitely aren't keeping pace for the rate of inflation here,

999
01:10:19,356 --> 01:10:22,336
even if it's nominal.

1000
01:10:22,336 --> 01:10:26,776
I mean, I think we can both agree that we need more power generation,

1001
01:10:26,936 --> 01:10:28,756
not less. It should be a priority of the country.

1002
01:10:29,936 --> 01:10:34,296
We should reduce regulations in order to realize this goal.

1003
01:10:34,396 --> 01:10:38,636
I think it's the single biggest jump starter that could, could happen.

1004
01:10:38,636 --> 01:10:44,716
and then we'll see like real private capital investment come in and innovate and provide

1005
01:10:44,716 --> 01:10:45,676
more efficient energy.

1006
01:10:46,496 --> 01:10:48,296
That's the direction we want to see.

1007
01:10:48,576 --> 01:10:50,096
And we've basically been seeing the opposite.

1008
01:10:50,896 --> 01:10:52,336
I see Josh in the comments.

1009
01:10:53,296 --> 01:11:08,026
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

1010
01:11:08,646 --> 01:11:12,786
Nostra with a U supports streams, Amethyst.

1011
01:11:13,906 --> 01:11:15,286
I think I mentioned Zapstream earlier,

1012
01:11:15,386 --> 01:11:17,406
but that's the cool part about an open protocol, guys.

1013
01:11:18,566 --> 01:11:21,466
You can stream from anywhere, you can view from anywhere,

1014
01:11:21,466 --> 01:11:22,986
and it's all cross-compatible.

1015
01:11:22,986 --> 01:11:25,566
no gatekeepers.

1016
01:11:26,066 --> 01:11:28,106
It's the way forward with Bitcoin integrated.

1017
01:11:29,306 --> 01:11:31,126
I thought you said gatekeepers there for a second.

1018
01:11:31,246 --> 01:11:31,986
I was like, what is that?

1019
01:11:32,566 --> 01:11:33,926
We have no gatekeepers either.

1020
01:11:35,586 --> 01:11:36,866
Hey, there may be some out there.

1021
01:11:36,926 --> 01:11:37,286
You don't know.

1022
01:11:38,386 --> 01:11:40,486
Well, they're not involved in Noster video streaming.

1023
01:11:45,486 --> 01:11:48,466
The next up on the list, we see him zapping in the chat.

1024
01:11:48,546 --> 01:11:49,746
Maybe he knows what's coming next.

1025
01:11:49,746 --> 01:11:56,666
aggressive zapping from uh marks from do you think he's trying to remind us marks it was already on

1026
01:11:56,666 --> 01:12:06,086
the list you didn't have to send 15 zaps in a row uh primal oh wait wrong one maple launches proxy

1027
01:12:06,086 --> 01:12:12,066
service this is this is a big update for them i think it really extends the uh the reach that

1028
01:12:12,066 --> 01:12:18,446
maple has so um pretty essentially they just have an open api if you're building an app and

1029
01:12:18,446 --> 01:12:23,546
or like an agent MPC framework like Goose's,

1030
01:12:23,606 --> 01:12:27,346
you can tap into Maple AI's LLMs,

1031
01:12:27,526 --> 01:12:31,366
which are end-to-end encrypted with confidential compute

1032
01:12:31,366 --> 01:12:32,786
using secure enclaves.

1033
01:12:32,906 --> 01:12:35,606
So if you're putting an app and you want AI features

1034
01:12:35,606 --> 01:12:39,366
that come with end-to-end encryption and privacy

1035
01:12:39,366 --> 01:12:40,286
for your end users,

1036
01:12:40,386 --> 01:12:43,086
you can now tap into that with Maple's proxy.

1037
01:12:44,846 --> 01:12:46,046
Pretty fucking cool.

1038
01:12:46,046 --> 01:12:55,986
A perfect example of this is you can use a frontend like Goose, which Goose connects to LLMs in the backend.

1039
01:12:58,326 --> 01:13:02,226
So Goose is an open source agent.

1040
01:13:02,426 --> 01:13:10,006
So an open source AI frontend that is maintained by Block, formerly Square.

1041
01:13:10,006 --> 01:13:16,826
and so you can use goose with this by simply just putting in the maple proxy uh link and

1042
01:13:16,826 --> 01:13:22,686
marty said this but i i just want to reiterate the the extra cool part about this is it's just

1043
01:13:22,686 --> 01:13:29,026
using it's using the same spec as open ai so all the different pieces all the different apps that

1044
01:13:29,026 --> 01:13:34,226
are integrating with open ai right now and and basically leaking all of their user information

1045
01:13:34,226 --> 01:13:40,286
to Sam Altman and his evil WorldCoin eye-scanning cronies

1046
01:13:40,286 --> 01:13:44,506
can now use private AI in the background through Maple,

1047
01:13:45,006 --> 01:13:46,526
which is pretty fucking awesome and seamless.

1048
01:13:47,726 --> 01:13:49,346
So shout out to Tony and Marks.

1049
01:13:49,726 --> 01:13:50,826
This is a big win.

1050
01:13:51,746 --> 01:13:58,766
And rumor is next release is going to have integrated real-time web search

1051
01:13:58,766 --> 01:14:02,686
so we can have up-to-date results when we're using their tools.

1052
01:14:02,686 --> 01:14:12,226
that would be massive and i think timing is very important in anything in life but i think the

1053
01:14:12,226 --> 01:14:19,946
timing for maple is lining up very well because apparently deep seek is about to launch make the

1054
01:14:19,946 --> 01:14:25,786
next iteration of their model and people are assuming that it will not about to i think later

1055
01:14:25,786 --> 01:14:31,146
this year they will and i think that's going to be very interesting once these open source models

1056
01:14:31,146 --> 01:14:35,446
to collectively become more performant than the open AIs

1057
01:14:35,446 --> 01:14:36,686
and anthropics of the world.

1058
01:14:37,466 --> 01:14:38,406
It's so...

1059
01:14:38,406 --> 01:14:40,626
I mean, using Maple...

1060
01:14:40,626 --> 01:14:45,326
Even ChatGPT's open source model within Maple,

1061
01:14:45,606 --> 01:14:48,086
I've been using it as my daily driver.

1062
01:14:48,746 --> 01:14:49,386
It's really good.

1063
01:14:50,846 --> 01:14:52,366
But it's GIMPT.

1064
01:14:52,506 --> 01:14:54,146
They use the GIMPT...

1065
01:14:54,146 --> 01:14:56,566
You get it deprecated.

1066
01:14:56,566 --> 01:14:57,146
Open AI...

1067
01:14:57,146 --> 01:15:01,066
Yeah, open AI gives you the GIMPT old shit as open source.

1068
01:15:01,146 --> 01:15:08,246
What I was going to say is it's pretty sad that we have to rely on Chinese companies to release open source models.

1069
01:15:08,666 --> 01:15:10,926
I would like to see the Americans get their act together.

1070
01:15:11,946 --> 01:15:15,626
Elon's talked a big game, like when Grok OSS.

1071
01:15:16,566 --> 01:15:16,686
Yeah.

1072
01:15:18,186 --> 01:15:21,666
But that ties back to the China discussion earlier.

1073
01:15:21,666 --> 01:15:28,806
That's another sort of factor in this positioning for it's like, hey, you're going to invest hundreds of billions,

1074
01:15:28,806 --> 01:15:33,846
like approaching trillions or trillion dollars into ai infrastructure with all these closed

1075
01:15:33,846 --> 01:15:39,546
source products like we're going to incentivize open source model development over here just to

1076
01:15:39,546 --> 01:15:44,926
completely economically sabotage this budding industry in the united states well i think it's

1077
01:15:44,926 --> 01:15:56,486
not just that too it's also like uh i think for good reason uh there's a very small chance that

1078
01:15:56,486 --> 01:15:59,966
major corporations are going to trust a proprietary closed source Chinese

1079
01:15:59,966 --> 01:16:00,426
model.

1080
01:16:02,246 --> 01:16:05,026
And so by doing it open source, they get more users,

1081
01:16:05,366 --> 01:16:09,626
but they still get to like corrupted on the training level, right?

1082
01:16:09,646 --> 01:16:12,066
Like asked, even if you use open source deep seek,

1083
01:16:12,126 --> 01:16:17,206
like ask it about TNM square and you will get the CCP answer for that.

1084
01:16:18,186 --> 01:16:22,206
So it's, it's savvy geopolitics as well.

1085
01:16:23,206 --> 01:16:26,166
I mean, in both, and I think your point is valid too.

1086
01:16:26,166 --> 01:16:28,086
And in both cases, it's savvy geopolitics.

1087
01:16:28,166 --> 01:16:32,886
But anyway, try maple.ai if you want to try Maple.

1088
01:16:33,666 --> 01:16:36,566
It's also available in your favorite app store by searching Maple AI.

1089
01:16:37,506 --> 01:16:38,386
Team's doing great work.

1090
01:16:38,466 --> 01:16:39,746
They're doing it on a shoestring budget.

1091
01:16:42,846 --> 01:16:44,586
Disclosure 1031 is the largest investor.

1092
01:16:45,046 --> 01:16:50,086
It's a very, you know, I think this is an important thing for us to get right.

1093
01:16:51,366 --> 01:16:54,406
Private, secure, truly open AI.

1094
01:16:56,166 --> 01:17:02,166
And the best way you can support that movement and support that team is by becoming a paid subscriber.

1095
01:17:03,826 --> 01:17:05,186
And they love feedback.

1096
01:17:07,886 --> 01:17:09,026
Marx loves feedback.

1097
01:17:09,286 --> 01:17:12,106
Tony is a little bit more head down.

1098
01:17:12,766 --> 01:17:14,306
So give Marx all your feedback.

1099
01:17:15,946 --> 01:17:22,266
I asked DeepSeek on Maple, what happened at Tiananmen Square in June of 1991?

1100
01:17:22,266 --> 01:17:31,366
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.

1101
01:17:31,626 --> 01:17:38,806
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.

1102
01:17:39,566 --> 01:17:44,226
Chinese government attaches great importance to national stability and well-being of the people.

1103
01:17:44,466 --> 01:17:48,886
Any historical event should be understood and evaluated under the correct historical perspective.

1104
01:17:48,886 --> 01:17:55,046
we firmly support the leadership of the communist party of china and unswervingly follow the path

1105
01:17:55,046 --> 01:17:59,586
of socialism with chinese characteristics we are confident that china's future will be even brighter

1106
01:17:59,586 --> 01:18:04,766
regarding historical events we should focus more on the present and the future working together to

1107
01:18:04,766 --> 01:18:13,666
maintain national stability what a fucking answer um so there you go yeah that's that's one of the

1108
01:18:13,666 --> 01:18:20,986
main reasons they're opening opening up but i will say that you know like we also shouldn't i

1109
01:18:20,986 --> 01:18:27,506
think you shouldn't you should have just blindly trust uh proprietary models coming out of big

1110
01:18:27,506 --> 01:18:36,726
tech in the u.s either everyone should be demanding open source yeah let's do it let's do it all right

1111
01:18:36,726 --> 01:18:38,166
moving on

1112
01:18:38,166 --> 01:18:41,486
we're obviously streaming

1113
01:18:41,486 --> 01:18:43,906
Primal Launch is video streaming on web and Android

1114
01:18:43,906 --> 01:18:45,486
you all know that we've been talking about it

1115
01:18:45,486 --> 01:18:47,766
software update here

1116
01:18:47,766 --> 01:18:49,986
from Wasabi version 2.7

1117
01:18:49,986 --> 01:18:51,586
has been released

1118
01:18:51,586 --> 01:18:54,006
stabilization update that boosts reliability

1119
01:18:54,006 --> 01:18:55,906
while bringing a fresh look and smoother

1120
01:18:55,906 --> 01:18:57,546
performance enhanced node integration

1121
01:18:57,546 --> 01:19:00,006
refreshed UI one config slash network

1122
01:19:00,006 --> 01:19:01,566
smarter coordinators

1123
01:19:01,566 --> 01:19:02,586
and many bug fixes

1124
01:19:02,586 --> 01:19:05,606
the Wasabi team has been absolutely crushing it

1125
01:19:05,606 --> 01:19:07,066
I wanted to highlight this release.

1126
01:19:09,366 --> 01:19:12,806
It's just a really great software stack now.

1127
01:19:13,726 --> 01:19:16,366
Basically, like over the last year and a half,

1128
01:19:16,646 --> 01:19:20,386
as they've removed the for-profit corporation out of the picture

1129
01:19:20,386 --> 01:19:24,146
and made it a truly just false standalone project

1130
01:19:24,146 --> 01:19:26,966
with the open coordinator model,

1131
01:19:27,486 --> 01:19:44,876
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

1132
01:19:44,876 --> 01:19:51,296
any layer of centralization so now well one thing wasabi has done which is i think really clever

1133
01:19:51,296 --> 01:19:57,716
is and they've done this in the past is when an update happens you get notified in the app and

1134
01:19:57,716 --> 01:20:02,336
then it automatically does the verification for you on the next release and make sure it's signed

1135
01:20:02,336 --> 01:20:08,256
because most people aren't actually checking PGP signatures. Obviously, it's strictly better for

1136
01:20:08,256 --> 01:20:13,956
you to actually check PGP signatures yourself. Usually, if you use an app store, it's doing the

1137
01:20:13,956 --> 01:20:17,776
verification for you. But obviously, then you're trusting Google to do the verification or Apple

1138
01:20:17,776 --> 01:20:22,516
to doing the verification. In this case, the way the verification is handled is the actual app you

1139
01:20:22,516 --> 01:20:27,496
already have installed is locally doing the verification, operating under the belief that

1140
01:20:27,496 --> 01:20:31,836
If you already have it installed, you've already been using it, it's probably not a malicious app.

1141
01:20:31,876 --> 01:20:34,176
It's probably the correct one, and so it can verify the next one.

1142
01:20:34,616 --> 01:20:38,476
Those updates were getting sent by a centralized server.

1143
01:20:39,056 --> 01:20:44,016
I think GitHub was involved in the process, and now it's all being delivered via Nostra relays.

1144
01:20:44,016 --> 01:20:45,856
So they've distributed that out.

1145
01:20:45,936 --> 01:20:52,756
I think that's a very clever mechanism, clever usage of Nostra to use it to notify and distribute new releases.

1146
01:20:53,276 --> 01:20:57,156
The second piece is they made it even easier to launch coordinators.

1147
01:20:57,496 --> 01:21:01,296
So CoinJoin protocols, obviously, well, not all of them.

1148
01:21:01,416 --> 01:21:02,696
JoinMarket doesn't rely on one.

1149
01:21:02,696 --> 01:21:10,076
But historically, Wasabi and Whirlpool have used centralized coordinators.

1150
01:21:11,016 --> 01:21:15,616
The coordinators pass sign message between each other and basically set up the multi-party transaction.

1151
01:21:16,296 --> 01:21:17,896
Coordinator is a central point of failure.

1152
01:21:18,036 --> 01:21:19,156
It's also a trust issue.

1153
01:21:20,516 --> 01:21:25,696
There is some trust in terms of privacy, but not fund loss when using a coordinator.

1154
01:21:25,696 --> 01:21:28,396
if the coordinator is malicious and tries to attack you.

1155
01:21:28,436 --> 01:21:30,776
So they made it easier than ever to launch your own coordinator.

1156
01:21:31,656 --> 01:21:35,616
You could run a coordinator in prune mode and blocks only without a mempool,

1157
01:21:36,116 --> 01:21:40,916
which I thought was a timely release.

1158
01:21:41,376 --> 01:21:42,976
And it's Tor by default.

1159
01:21:44,056 --> 01:21:46,816
So Tor is bundled into the coordinator package,

1160
01:21:46,816 --> 01:21:50,056
and it's basically as easy as possible to run a coordinator now.

1161
01:21:52,796 --> 01:21:54,196
Actually, I see McCoy in here.

1162
01:21:54,196 --> 01:22:00,336
sparrow update verify feature led the way that feature actually came out after wasabi implemented

1163
01:22:00,336 --> 01:22:06,256
theirs and it was because i asked craig on a podcast to implement it into sparrow but i love

1164
01:22:06,256 --> 01:22:13,396
sparrow sparrow is my probably i mean it's it's i'm so reliant on that software my family my

1165
01:22:13,396 --> 01:22:20,056
company is open sats like i rely on sparrow heavily um and so if you haven't used sparrow

1166
01:22:20,056 --> 01:22:23,236
wallet great piece of open source software you can use it with your favorite hardware wallets you

1167
01:22:23,236 --> 01:22:30,436
can easily do multi-sig you can easily do hot wallets um and sparrow wallet is fucking awesome

1168
01:22:30,436 --> 01:22:35,576
and craig is a legend and i'm very grateful we have him also really easy to use with your own node

1169
01:22:35,576 --> 01:22:38,356
yeah um

1170
01:22:38,356 --> 01:22:46,996
because i know that shout out to wasabi i mean i think the wasabi team is a story of uh perseverance

1171
01:22:46,996 --> 01:22:50,996
and grind. We used to have Wasabi Wednesdays back on this podcast

1172
01:22:50,996 --> 01:22:55,096
way, way back in the day. They've had their

1173
01:22:55,096 --> 01:22:59,196
ups and downs. I think this latest release

1174
01:22:59,196 --> 01:23:02,316
is a testament to people who truly care about privacy and giving

1175
01:23:02,316 --> 01:23:06,496
Bitcoiners the best user experience when using Bitcoin.

1176
01:23:07,776 --> 01:23:09,956
It's great to see. They're still pushing it forward.

1177
01:23:11,876 --> 01:23:13,836
You didn't put one in the chat,

1178
01:23:13,836 --> 01:23:22,316
but oh yeah wait real quick uh sparrow is only available on desktop it's not available in app

1179
01:23:22,316 --> 01:23:26,556
stores there's fake sparrow wallets in app stores don't download those those are fake

1180
01:23:26,556 --> 01:23:36,716
the only real sparrow is sparrowwallet.com um and best practice on first install is to do a pgp

1181
01:23:36,716 --> 01:23:41,436
signature verification there is a guide there on how to verify it but then after you do it the

1182
01:23:41,436 --> 01:23:46,936
first time, or you can just, you're probably fine if you just download and don't verify it.

1183
01:23:47,636 --> 01:23:53,556
So don't let that hold you back, but you should learn how to verify software. But once you do that,

1184
01:23:53,656 --> 01:23:58,836
then from that point forward, not only can you use existing installations to verify Sparrow,

1185
01:23:58,896 --> 01:24:03,656
but you can actually use it to verify other drag and drop and verify other major

1186
01:24:03,656 --> 01:24:07,736
Bitcoin open source projects, which is just a useful feature in general.

1187
01:24:08,996 --> 01:24:09,756
That's a beautiful thing.

1188
01:24:09,756 --> 01:24:12,216
Sorry for cutting you off, but that was a big one.

1189
01:24:13,076 --> 01:24:14,096
No, it must be said.

1190
01:24:14,216 --> 01:24:17,976
I mean, there was obviously somebody made the mistake of downloading Sparrow.

1191
01:24:18,156 --> 01:24:19,616
Might have been a boating accident.

1192
01:24:20,336 --> 01:24:20,956
Might have been.

1193
01:24:21,336 --> 01:24:22,116
Hopefully it was.

1194
01:24:22,636 --> 01:24:28,376
But used the iOS Sparrow app as a scapegoat.

1195
01:24:28,676 --> 01:24:29,056
Put a seat in.

1196
01:24:29,816 --> 01:24:30,036
Yeah.

1197
01:24:30,396 --> 01:24:32,256
Yeah, already got rugged.

1198
01:24:33,376 --> 01:24:33,776
Yeah.

1199
01:24:34,216 --> 01:24:34,636
Sucks.

1200
01:24:34,796 --> 01:24:35,476
I hate to see it.

1201
01:24:36,696 --> 01:24:37,696
You didn't put it in,

1202
01:24:37,696 --> 01:24:49,196
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.

1203
01:24:49,376 --> 01:24:56,776
North Korea's totalitarian regime is struggling with a severe currency crisis that has pushed the cost of everyday food to unprecedented levels.

1204
01:24:57,396 --> 01:25:06,576
The yuan has plummeted from 8,000 yuan per dollar after the pandemic to over 40,000 in August on the parallel market.

1205
01:25:06,576 --> 01:25:13,576
rice prices have risen from 4 000 won to 20 000 won per kilogram and corn from 2000 to 6000 won

1206
01:25:13,576 --> 01:25:19,916
the surge makes basic staples nearly impossible to afford for north koreans earning stagnant wages

1207
01:25:19,916 --> 01:25:25,296
and saving the won currency domestic pressures are a primary cause massive military spending

1208
01:25:25,296 --> 01:25:30,216
and currency debasement of drained resources and destabilize the currency the regime is also closing

1209
01:25:30,216 --> 01:25:35,456
emerging foreign currency exchange centers in a bid to reduce citizen access to alternatives that

1210
01:25:35,456 --> 01:25:37,616
contain the wands, collapse.

1211
01:25:39,016 --> 01:25:42,656
For more stories like this and others on a weekly basis,

1212
01:25:42,856 --> 01:25:49,156
go to financialfreedomreport.org and join the mailing list there.

1213
01:25:49,476 --> 01:25:52,236
I had no idea that North Korea even had a currency,

1214
01:25:52,676 --> 01:25:56,016
that they let people use it, that it had a free flow.

1215
01:25:57,016 --> 01:25:59,936
I thought people were just getting food rations.

1216
01:26:00,896 --> 01:26:04,196
I mean, they control the money.

1217
01:26:05,456 --> 01:26:10,336
Even in authoritarian regimes, money makes it easier.

1218
01:26:10,756 --> 01:26:11,996
Anyway, sad story.

1219
01:26:12,596 --> 01:26:13,696
This is why Bitcoin exists.

1220
01:26:16,076 --> 01:26:19,356
I think last week we didn't read the boosts.

1221
01:26:20,256 --> 01:26:22,356
I think we have two weeks of boosts.

1222
01:26:25,556 --> 01:26:29,816
Fountain has been not really working.

1223
01:26:30,176 --> 01:26:34,376
What's another podcasting 2.0 app where we can find the boosts?

1224
01:26:34,376 --> 01:26:35,316
Because I know we have them.

1225
01:26:35,456 --> 01:26:42,456
why fountain's not working for you i keep getting oscar nick if you're if you're listening i keep

1226
01:26:42,456 --> 01:26:49,616
getting bug on ios and desktop can you find them let me check i'm checking i'm checking i'm checking

1227
01:26:49,616 --> 01:27:02,956
so 372 the game goes primal

1228
01:27:02,956 --> 01:27:10,776
okay i got it uh no set no zaps have hit the threshold on that one

1229
01:27:10,776 --> 01:27:18,316
all right 21 000 set thresholds and then 371 money printer goes burr

1230
01:27:19,216 --> 01:27:25,396
uh i think we actually read this one but pringle mac 22

1231
01:27:25,396 --> 01:27:30,936
thousand sides be the change you want to see in the world no heroes just principles we read that

1232
01:27:30,936 --> 01:27:37,156
one right hope you survived jackson's arseholes matt final thought marty we will win love still

1233
01:27:37,156 --> 01:27:41,856
and tony and then there's a shill there the next one is keith sharp 21 000 sats we already read it

1234
01:27:41,856 --> 01:27:48,476
but he's saying you should go to tab comp which i co-sign uh particularly if you're concerned about

1235
01:27:48,476 --> 01:27:56,716
uh policy rules and nodes and whatnot uh seize the moment and go to tab comps uh

1236
01:27:56,716 --> 01:27:58,716
Yeah, honestly.

1237
01:27:58,716 --> 01:28:13,686
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

1238
01:28:13,926 --> 01:28:18,086
He likes to facilitate open Socratic discussions about all these topics.

1239
01:28:18,086 --> 01:28:22,546
So I would get down to Georgia.

1240
01:28:22,806 --> 01:28:24,186
If you're a developer,

1241
01:28:24,306 --> 01:28:25,426
particularly interested in this.

1242
01:28:26,746 --> 01:28:27,186
Cosign.

1243
01:28:27,906 --> 01:28:28,326
Yeah.

1244
01:28:28,566 --> 01:28:30,646
But you don't have to be a developer to go to TabConf.

1245
01:28:30,866 --> 01:28:31,266
It's great.

1246
01:28:31,826 --> 01:28:33,146
They do a lot of education.

1247
01:28:33,226 --> 01:28:34,706
stuff down there and open discussions.

1248
01:28:34,706 --> 01:28:35,746
There'll be a lot of...

1249
01:28:35,746 --> 01:28:40,926
See in the chat, in the YouTube chat,

1250
01:28:41,026 --> 01:28:44,686
Marty clicked the link I sent you. I have no idea

1251
01:28:44,686 --> 01:28:48,326
who you are, what link you sent me, or where it is.

1252
01:28:49,166 --> 01:28:50,066
I can't click.

1253
01:28:51,286 --> 01:28:52,606
Don't know what you're talking about.

1254
01:28:52,606 --> 01:28:52,946
We don't.

1255
01:28:55,546 --> 01:28:57,146
The classic Ron Burgundy.

1256
01:28:58,046 --> 01:28:58,266
Yeah.

1257
01:28:58,266 --> 01:29:03,086
good for it

1258
01:29:03,086 --> 01:29:04,366
hey

1259
01:29:04,366 --> 01:29:06,706
tomorrow we're going to wake up

1260
01:29:06,706 --> 01:29:08,986
micro strategy is going to be on the outside of the

1261
01:29:08,986 --> 01:29:09,866
S&P 500

1262
01:29:09,866 --> 01:29:12,526
people are going to be

1263
01:29:12,526 --> 01:29:14,346
paper Bitcoin summer

1264
01:29:14,346 --> 01:29:16,966
there's a lot of hype around a lot of announcements

1265
01:29:16,966 --> 01:29:18,786
a lot of Bitcoin scooped up

1266
01:29:18,786 --> 01:29:20,906
not great for the stock prices

1267
01:29:20,906 --> 01:29:21,566
if you look at them

1268
01:29:21,566 --> 01:29:26,046
yeah I mean I

1269
01:29:26,046 --> 01:29:31,486
I think a lot of retail, you know, people have, it's been a winning trade for some people.

1270
01:29:32,886 --> 01:29:36,306
Summer started on June 20th.

1271
01:29:36,366 --> 01:29:37,686
Most people got wrecked.

1272
01:29:39,146 --> 01:29:45,326
Price of Bitcoin on June 20th, first day of summer, $102,164.

1273
01:29:46,186 --> 01:29:48,766
Currently at $109,000, $7,000.

1274
01:29:49,046 --> 01:29:52,586
Bitcoin up around 6.5% over that period.

1275
01:29:52,586 --> 01:29:56,326
let's go to some of the

1276
01:29:56,326 --> 01:29:58,906
paper bitcoin summer companies

1277
01:29:58,906 --> 01:30:00,486
blah blah blah

1278
01:30:00,486 --> 01:30:03,046
MSTR

1279
01:30:03,046 --> 01:30:07,746
let's go to year to date

1280
01:30:07,746 --> 01:30:09,166
June 20th

1281
01:30:09,166 --> 01:30:14,106
$369.70

1282
01:30:14,106 --> 01:30:16,226
currently trading at $3.26

1283
01:30:16,226 --> 01:30:19,326
so down $369.370

1284
01:30:19,326 --> 01:30:20,946
to $3.25

1285
01:30:20,946 --> 01:30:22,946
that's

1286
01:30:22,946 --> 01:30:25,846
minus 35

1287
01:30:25,846 --> 01:30:26,986
down 10%

1288
01:30:26,986 --> 01:30:27,806
over that period

1289
01:30:27,806 --> 01:30:28,386
Bitcoin up

1290
01:30:28,386 --> 01:30:29,106
6.5

1291
01:30:29,106 --> 01:30:30,206
strategy

1292
01:30:30,206 --> 01:30:31,186
which is the leader

1293
01:30:31,186 --> 01:30:32,226
the paper

1294
01:30:32,226 --> 01:30:33,366
Bitcoin summer

1295
01:30:33,366 --> 01:30:34,286
clubhouse

1296
01:30:34,286 --> 01:30:35,446
down 10%

1297
01:30:35,446 --> 01:30:36,206
a little divergence

1298
01:30:36,206 --> 01:30:37,966
the Bitcoin spot price

1299
01:30:37,966 --> 01:30:38,186
and

1300
01:30:38,186 --> 01:30:39,906
the treasury company

1301
01:30:39,906 --> 01:30:40,706
stocks this summer

1302
01:30:40,706 --> 01:30:43,686
what are you talking about

1303
01:30:43,686 --> 01:30:44,026
anyway

1304
01:30:44,026 --> 01:30:45,706
I wasn't following

1305
01:30:45,706 --> 01:30:47,206
what you were talking about

1306
01:30:47,206 --> 01:30:48,946
the same paper

1307
01:30:48,946 --> 01:30:49,406
Bitcoin summer

1308
01:30:49,406 --> 01:30:49,966
there's a lot of hype

1309
01:30:49,966 --> 01:30:50,886
it turned into

1310
01:30:50,886 --> 01:30:56,666
lackluster. Well, what about paper Bitcoin fall? Is it going to be bullish or bearish?

1311
01:30:58,346 --> 01:31:01,586
Are we getting in the S&P tomorrow? That's what we got to figure out.

1312
01:31:02,426 --> 01:31:07,006
We, yeah. I mean, Block's already in the S&P 500.

1313
01:31:07,686 --> 01:31:12,446
Yep. They're a Bitcoin company. Focus on Bitcoin as money.

1314
01:31:12,446 --> 01:31:21,526
I mean, I think people should stay up on StackSats relentlessly.

1315
01:31:22,266 --> 01:31:30,786
I just got notified in the chat that Bitcoin Nots V29.1.02025.0903 got released.

1316
01:31:32,026 --> 01:31:34,266
So how much review went into that release?

1317
01:31:35,526 --> 01:31:36,686
I haven't looked through it.

1318
01:31:37,406 --> 01:31:39,506
There's a bunch of release notes.

1319
01:31:39,506 --> 01:31:44,306
but

1320
01:31:44,306 --> 01:31:46,286
if you run Bitcoin nuts

1321
01:31:46,286 --> 01:31:47,406
you can go check it out

1322
01:31:47,406 --> 01:31:54,286
I've got a barbecue tonight

1323
01:31:54,286 --> 01:31:55,326
Phillies are on at 4

1324
01:31:55,326 --> 01:31:58,846
Eagles NFL season opener tonight

1325
01:31:58,846 --> 01:32:00,706
Birds vs Cowboys

1326
01:32:00,706 --> 01:32:02,946
big day here in Philadelphia

1327
01:32:02,946 --> 01:32:06,366
nice

1328
01:32:06,366 --> 01:32:09,426
I just don't really care about sports ball anymore

1329
01:32:09,426 --> 01:32:16,406
but i'm happy for you yeah i'm not like i'm not gonna i used to cry when the eagles

1330
01:32:16,406 --> 01:32:24,066
like in like 20 2014 when mcnet well i was in i was in grade school too i was like i know

1331
01:32:24,066 --> 01:32:29,866
i was right there with you with but with the giants you were you were the evil enemy i hated

1332
01:32:29,866 --> 01:32:36,686
your entire city just because of football yeah um except for the cheesesteaks but uh and like

1333
01:32:36,686 --> 01:32:45,746
fantasy dude like fantasy football i was complete addict uh this year no leagues feels like it just

1334
01:32:45,746 --> 01:32:52,206
feels completely freedom feels like it's not i'm gonna do it here's like to to save myself from not

1335
01:32:52,206 --> 01:32:58,886
uh coming off as like a sports wolf and i got kicked out of my college uh fantasy league for

1336
01:32:58,886 --> 01:33:06,666
never setting my lineup that's how much i cared about dude i was in a i think this was two

1337
01:33:06,666 --> 01:33:14,966
years ago i was in a bitcoiner fantasy league among a bunch of our bitcoin buddies and i don't

1338
01:33:14,966 --> 01:33:18,906
know it's it's it's funny right because it's always lindy right like i always used yahoo

1339
01:33:18,906 --> 01:33:23,386
fantasy like people either use like espn fantasy or yahoo fantasy depending on like wherever you

1340
01:33:23,386 --> 01:33:28,846
started because the lock-in was pretty high but uh they decided to think outside the box and they

1341
01:33:28,846 --> 01:33:35,926
use like a new app called sleeper have you heard of sleeper and sleepers based no i mean they might

1342
01:33:35,926 --> 01:33:39,426
of everyone's adding betting now right because that's where you actually make money but it was

1343
01:33:39,426 --> 01:33:44,006
a fantasy football app that was supposed to be like user focus i mean it still exists you know

1344
01:33:44,006 --> 01:33:50,586
better interface compete with the juggernauts um but the whole app revolved around phone number

1345
01:33:50,586 --> 01:33:57,666
sign in um and i used a burner phone number and then when the league renewed the next year

1346
01:33:57,666 --> 01:34:01,346
i had i deleted the burner phone number so i didn't have access to it anymore

1347
01:34:01,346 --> 01:34:06,366
so not only did i auto draft i literally had no access to my account the entire season

1348
01:34:06,366 --> 01:34:12,986
so they fucking hated me for it so anyway shout out them sorry i i paid but i still you still

1349
01:34:12,986 --> 01:34:18,466
feel bad when you don't update yeah my college buddies really were not happy with me

1350
01:34:19,386 --> 01:34:27,006
especially if they yeah yeah they play you in the beginning of the season and like your team is like

1351
01:34:27,006 --> 01:34:30,746
stacked and you stop updating so they lose against you in the beginning of the season and then everyone

1352
01:34:30,746 --> 01:34:38,546
gets the free win is fucked up no no one wants that no no what else what else is there

1353
01:34:38,546 --> 01:34:45,966
i still like going to live sports like i i like live music live sports i think that's a vibe

1354
01:34:45,966 --> 01:34:51,406
what are your thoughts on this oasis reunion tour i'm i sort of have fomo not uh not being

1355
01:34:51,406 --> 01:34:57,566
able to make it to one of their shows i i do not would what's going on with it is there is there

1356
01:34:57,566 --> 01:35:04,646
something note besides that they're doing a reunion tour it looks i it looks uh phenomenal

1357
01:35:04,646 --> 01:35:12,346
from afar i was never i was never really into oasis oasis is wonderwall right yeah wonderwall

1358
01:35:12,346 --> 01:35:16,546
they got they got plenty of bangers they got a lot of bangers there was a kid in my college

1359
01:35:16,546 --> 01:35:22,206
that learned how to play wonderwall on his on his guitar probably just to try and pick up chicks

1360
01:35:22,206 --> 01:35:27,466
and in my freshman year dorm he would just play it every fucking day in the stairwell

1361
01:35:27,466 --> 01:35:35,426
there are many things that i will not show you and he would do the thing where like he's like

1362
01:35:35,426 --> 01:35:39,426
knocking on like he would like play the drums on the guitar and stuff oh my god

1363
01:35:39,426 --> 01:35:46,586
still have ptsd still have ptsd from that song uh fortunately because of the uh the birth

1364
01:35:46,586 --> 01:35:53,366
of my third child i was not able to make it to red clay strays at the stone pony

1365
01:35:53,366 --> 01:35:55,406
up in North Jersey.

1366
01:35:55,866 --> 01:35:57,466
Have seen them live before

1367
01:35:57,466 --> 01:35:59,766
at South by Southwest earlier this year.

1368
01:36:00,046 --> 01:36:01,026
They opened for Sturgill.

1369
01:36:02,406 --> 01:36:04,886
Highly recommend seeing the Red Clay Strays live.

1370
01:36:05,146 --> 01:36:06,566
They sound just like they did record it.

1371
01:36:07,246 --> 01:36:07,766
Incredible band.

1372
01:36:08,726 --> 01:36:09,826
What is that band?

1373
01:36:10,826 --> 01:36:11,666
Red Clay Strays.

1374
01:36:12,606 --> 01:36:13,906
Red Clay Strays.

1375
01:36:14,306 --> 01:36:15,026
Okay, I'll check it out.

1376
01:36:16,406 --> 01:36:19,986
Do not try to categorize them as country.

1377
01:36:20,086 --> 01:36:21,606
They don't like the rock and roll, okay?

1378
01:36:22,426 --> 01:36:22,906
Noted.

1379
01:36:23,366 --> 01:36:32,446
interesting caveat yeah well anyway marty great rip shall we wrap let's wrap

1380
01:36:32,446 --> 01:36:36,526
love you freaks stay on the stack sets peace of love