What's up freaks? This rip of RHR was brought to you by our good friends at CoinKite.
They produce the Cold Card Q, my favorite hardware wallet. It's got two secure enclaves,
it's got a full screen, full keyboard here. As you can see, if you're watching, if you can't
watch, just imagine something that looks like a BlackBerry. It allows you to create private
public key pairs offline in an airgat fashion. Never have to connect the Cold Card Q to an
internet device you can sign transactions and pspts remotely in the most secure fashion if you're a
bitcoin power user and you're looking for the best security go pick up a cold card queue and go to
coin kite.com find the cold card queue there i think you go to cold card.com as well use the code
rh for five percent off step up your security get a cold card queue this route was also brought to
by our good friends at stackwork if you're looking for a great way to make kyc free sets stackwork
has bounties go to stackwork.ai find their bounties page and contribute to the bounties
you can make bitcoin kyc free for completing the bounties if you're a developer looking to scoop up
some easy sets go check out the bounties contribute to them and stack some sets stackwork.ai
Matt and I have been talking about privacy and the importance of using a VPN for seven years now, literally seven years, I believe at least once every episode or two.
It's like, hey, make sure you're running a VPN.
I think it's especially important today when you have governments in the UK, other parts of Europe, all across the world, really trying to introduce digital ID and curbing speech with hate speech laws.
Make sure you're protecting your privacy and shielding yourself from government surveillance as you're perusing the web.
Our VPN of choice here at RHR is Obscura.
It's built by a Bitcoiner.
Four Bitcoiners, Carl Dong, did some very critical work for Bitcoin back in the day, but he decided to shift his focus to bringing privacy to everybody with Obscura.
It is a VPN that cannot log.
Literally, by the way, it's designed.
A lot of VPNs will hand waves, say, we're not logging, we're not logging, you can't trust them.
You want the VPN that cannot log.
That is Obscura.
Go to obscura.net, use the code RHR for 25% off when you sign up.
Any of their deals, make sure you're using it, particularly if you're in one of these countries where the governments are becoming extremely censorious and targeting citizens that exhibit wrong think.
You should be running a VPN. That VPN should be obscura. Obscura.net, code RHR, 25% off.
This rip was brought to you by our official electrolyte sponsor here at RHR, Salt of the Earth.
You've been hearing Matt and I talk about it quite a bit.
I drink multiple packets up in a day
You gotta stay hydrated
That's why my face looks so good
That's why I'm getting buff
I'm able to get to the gym more
Because I'm hydrated
Matt, he's looking incredible
I'm sure you've all noticed it
You wanna know why?
Salt of the earth, baby
Go to drinksauté.com
Use the code RHR
You're gonna get 15% off
I'm dead serious
It hasn't made my life way better
My wife, she's right behind me right now laughing
But she's laughing because she knows it's true
She drinks like seven a day
I drink a few a day
maybe seven a day too. Matt, I don't even want to tell you how much he's drinking. It's good.
It keeps you hydrated. It keeps you alert. Keeps you ready to go. Drink saute.com. That's D-R-I-N-K-S-O-T-E.com.
Use the code RHR for 15% off any order.
You've had a dynamic where money's become freer than free.
If you talk about a Fed just gone nuts, all the central banks going nuts.
So it's all acting like safe haven.
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.
In the world of fiat currencies, Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention, you probably should be.
My camera first before we go live, Logan.
Another ninja one.
I said button, and then you started cleaning your camera.
And then you did that.
Pull up the tweet.
Logan completely warned us.
That was 100% intentional.
Ah, fuck.
Wow.
Hey, language.
There's children listening to this, Logan.
Really messing up.
We can bleep that out.
If your children are in the car, listen with an earphone in.
73 chance that bitcoin will fall below 90 000 should i bet on this one are you betting on this
one i mean i think these are the funniest markets because like literally you could just
buy or sell bitcoin you don't you don't need to bet on the price of bitcoin in polymarket but
uh marty the freaks have been waiting that is it a is it a dump
i think it's safe to say we're in a dump down 25 that's a dumb is the bear market here
are you is super cycle still in play maybe it's too early to tell it's too early to tell sir
what do you think
ah fuck
I think people should stay on one stack sets
language
I mean
I've been shitting on the super cycle theory
for a while
you have
but I don't think we're entering like a
traditional bear market like a three year bear market
or something we just didn't really have a blow off top
so
So I don't think anyone really knows where we're going.
I think this price action is a mix of macro stuff.
The macro environment continues to be fucking horrible.
The regular markets today are not doing great.
I guess they're not doing horrible, now that I'm checking.
They weren't doing great earlier.
S&P is kind of even.
but uh gold's down a bit for gold two and a half percent 2.35 percent um but uh the macro
environment is not great and then i think there's something we've been covering for a while is like
i think there's a shit ton of fucking overhang on these bitcoin stocks micro strategy all the
micro strategy copycats um the natural like shit coin stuff uh like there's people you you look at
Bitcoin and what we are down about 25% from all time high. And then you look at like shit coin
land and they're down 80%. And you look at Bitcoin stocks land and they're down depending on the
stock, like 50 to 90%. And then all of a sudden you realize why people are selling Bitcoin is
because they're fucking in over their heads. They didn't stay humble. They got absolutely wrecked.
They're trying to cover losses.
God forbid they're actually leveraged on these things too.
And they're in a debt hole on it.
And I think it's dragging Bitcoin down with it.
Like it's hard to, this is part of the nuance.
I mean, that we've talked about in the past is like you have a lot of the focus on micro strategy.
Well, first of all, it's strategy and then there's everything else, right?
There's a lot of shit out there that is even worse quality than strategy.
But a lot of the focus on strategy has always been actually strategies leverage, right?
Like how much leverage is Saylor taking on?
And will he blow himself up?
There's been less focus on his retail customers and the people that are buying his stock and how much leverage they're taking on.
I think they were a lot more reckless than he was.
And I think he fanned the flames with it a lot.
And if you look at the micro strategy chart, it looks like fucking absolute destruction.
like that thing just keeps going down just grinding lower and lower and lower um there
were a lot of big corners that had a shit ton of fucking exposure to it and it's yet to be seen if
his preferred strategy will pay off i mean this week was i think the first week where he bought
decent size without selling common stock and the stock just kept going down you know that's what
people have been waiting for.
It's under $200 right now.
It peaked over $500 this time last year.
So yeah, it's down way more than 50%.
I saw Fartface, OG, RHR freak.
I don't know if Fartface still listens these days.
If you do, let us know.
But he had a long tweet basically expressing regret about,
I guess quote unquote diversifying in the strategy.
No, no, no, no, no. He's been anti-strategy.
He was, his long tweet was quoting someone else,
like one of his buddies who messaged him.
But same, same, same, same.
And I mean, it also goes like MetaPlanet,
like what is MetaPlanet down from its peak?
Like that's got to be like 90% down.
Yeah, Mike Mann saying he's still 50% up on Nostra.
Like congratulations on strategy.
Like congratulations, that's great.
There's a lot of people that aren't.
And they're selling Bitcoin, presumably.
And then the other piece, which we've talked about in the past, is like, I don't think,
you know, Saylor will be a forced seller.
I think he's pretty deliberate about his goal here to just try and accumulate and take on
reasonable risk relentlessly.
But something we've talked about in the past is like, when there's fear in the streets,
like people are just going to theorize that he's dumping.
and that's going to cause a circular feedback loop.
And that's what we saw today.
I don't know if you saw,
all the engagement accounts were like,
sailors selling, blah, blah, blah.
And then he posted poorly timed AI slop
that looked like he was evacuating the Titanic
before he corrected the record and said,
oh no, we didn't sell anything.
That was a terrible AI generation.
Looking at it now.
I know what he meant to do.
Yeah, it's like, come on, brother.
You meant to mean like the economy was the Titanic and he was – the microstrategy was the lifeboat.
But it did look like he was just abandoning microstrategy by himself.
Look, I'm going to pull it up.
If we look at the fear and greed index, it's at 16, which is five points below where it was last week when we checked it.
It was at 21, I believe.
So it's fear in the streets.
My personal indicators are going off with a couple of Bitcoiners who are getting, at least one of them is getting a bit nervous.
And I'm like, brother, hold on.
I'm not going to give financial advice, but it's using pattern recognition, sentiment recognition.
You're not going to give financial advice?
Over 12 years.
We've been giving financial advice every week for seven years.
I also got texts from a buddy this morning like, hey, how far is this going?
I'm looking to scoop up some coin.
I was like, I don't know.
Sentiment-wise, people are freaking out.
Everybody's convinced we're going to 80K.
As we know, Bitcoin doesn't do what you think it's going to do
or what you want it to do at any given point in time
over the long time horizon.
It certainly proves to be a good store of value.
Sentiment-wise, I'm like, we're getting close to a point
where things feel exacerbated.
Then you couple that with, I mean, we were just talking about
in a personal message strike just tweeted out they're having like a record volume day a bunch
of people buying the dip there and we have it on the list we'll talk about it but i think to be
clear that includes selling the dip but yes yes that's true but uh it's a big announcement about
60 40 buy sells i think right now that's hey still in favor of buys uh square cash app big
release week for them we'll talk about that in depth uh i think abu dhabi just filed a report
they doubled their allocation to ibit um we know the actual like besides the price action
like when i was making the list like it was a really bullish week
besides the fact that like our our net worth is just fucking plummeting going yeah just
absolutely going to fucking hell and back.
Besides that, quite bullish week.
Yeah.
Should we jump in?
Let's get people bullish.
Let's get people,
let's remind people
that we're here for a peer-to-peer
distributed cash system
with a hard cap supply
that can be controlled by no individual,
no corporation, no government.
That has fundamental value
that has not gone away
despite the price going.
Dude, before we get bullish,
I just,
just in the spirit,
in the spirit of the bearishness,
I just want to just put it out there.
Like if,
if it takes four years to reclaim all time,
I like,
fuck that shit.
That would fucking suck.
Okay.
Now we can,
we can return.
People believe that it's going to take four years,
but despite that,
that would just,
that would be the worst timeline ever.
That would just fucking suck.
I mean,
it is what it is.
Unlike sailor I going down with the ship but we in it for the tech brother we in it for the tech okay number go up it just a sideshow yeah well the the tech is my family life savings
so speaking of the tech uh obviously i alluded to it square finally or not finally uh they said
they were going to enable uh their sellers to be able to accept bitcoin on november 10th
stayed to that deadline, released it to all merchants.
It seems like it was a very successful launch for them.
A lot of Bitcoiners were activated going around to local Square merchants
and helping them turn on the Accept Bitcoin feature.
And I believe on btcmaps.org, which is an open source map project,
that will let you know where all the vendors are that accept Bitcoin are throughout the world.
I saw a tweet earlier this week that there was 50 pages of pending sort of PR merges for Square Merchant Saloon.
So it seems like there are a lot of merchants out there that are turning this on and looking to reap the benefits of being on the map within Cash App.
We'll talk about that.
I was actually in New York City on Wednesday this week for the Cash App releases event.
Incredibly impressive.
they've released a ton of features not just bitcoin related they enabled a ai chat bot
called money bot i want to talk about that uh really just making the app more featureful
making it easier for people to pull money together to pay for things obviously bitcoin
becoming a first class citizen again
making it very easy to pay
Bitcoin invoices with your dollar
balance on Cash App, that's a massive feature
that Strike really innovated
on. What else did they
release? LNURL
you can send Bitcoin
to Cash App user
using their cash tag at cash.app
Everyone has a lightning
address
Everyone has a lightning address
They enabled stable coins as well
so you can send stable coins
that's not live yet right no i think they were teasing that it's going to go live in 2026 so
but they were demoing it at um at the releases event and it was really cool i think it was
a massive week for for block the parent company of square in cash app and um i think i alluded
to it last week but i recorded with miles suitor who's a good friend of ours and the head of bitcoin
product at block and we talked a lot about how that company has sort of reorganized themselves
to really begin leaning into shipping more products at a increased clip and then leaning
into they've been on a tear lately yeah um what do you think about all this good week
yeah i mean massive huge props to their team i mean i had dorsey on dispatch late january
early February, I forget the exact date. And we were talking about Bitcoin as a medium of exchange.
And of course, the obvious question came up. Well, you have 4 million merchants,
when are you going to enable Bitcoin payments? And he said it was not on the near-term roadmap at all,
that we weren't at the right timing for the adoption cycle. So that just gives you a little
context um about how quick they ship this thing right it probably was like six months ago seven
months ago they're like okay we need to make this happen for our four million merchants and then
they just fucking made it happen which is uh quite fast love to see you know less hype and more
more shipping um and it just feels it feels like a big moment it feels like a big moment
we've had multiple false starts in terms of merchant adoption in the past.
So I think it's clever that they packaged it with all these other things. First of all,
0% fees for merchants. Look, merchants are hurting. We've talked about the silent depression going on
right now. If a merchant can save 3%, that moves the needle. I think that really moves the needle.
Then on the user side, enabling the strike-like feature of being able to pay for your cash balance
so you don't have to have Bitcoin to be able to pay the merchant in Bitcoin.
And then that last piece where the merchant, whether they accept Bitcoin or dollars,
basically can choose how much in Bitcoin or dollars they want to keep.
I think it kind of just brings it all together and will hopefully make it more sticky.
I would say with all that said, once again, huge congrats.
I'm sure this is just the beginning and they're going to iterate from here.
It's good to get things live.
when they were first talking about this like right before the bitcoin conference when they
enabled they were talking about enabling it by default but if the merchant didn't opt in
it would just automatically convert to dollars i think that would reduce a lot of friction
specifically uh specifically when when you have the square payment terminals that are facing the
user like facing the customer it should just whether like it should just always show a lightning
qr code there like i shouldn't have to ask the merchant i want to pay with bitcoin because i
we're going to be like two months down the road the cashier is not going to know what i'm talking
about they're going to like there's going to be like five people behind me like my fucking toddler
is going to be screaming and i'm going to be like joe do you accept bitcoin and it's just i it could
be cleaned up like they can they can make that a little bit more streamlined but make let like
then the merchant gets it in dollars. We're not forcing the merchant to accept Bitcoin.
That makes sense to me. I think that would go a long way to make this process a little bit easier.
Then the second piece, which I expect them to do, but I don't think they really announced it,
is, okay, so it's obvious to the merchant why they would want to enable it. They want to save
the 3%. How do we encourage Bitcoin to spend Bitcoin when many of our peers don't want to
spend Bitcoin. I mean, we have at Bitcoin Park in Nashville, we have ride or die Bitcoiners come
every month. And every month we put out, we have food for sale in Bitcoin, like local vendors in
Bitcoin and the payment percentage is like 20%. And that's like among a specific ride or die that
know that they can pay with Bitcoin. And I think Cash App specifically is really uniquely positioned
to go heavy in the reward space, right? Like give the users direct incentive to pay with Bitcoin.
because if a user is able to save 2%, 3%,
once again, they're also in a silent depression,
they'll probably take them up on that offer
and pay in Bitcoin.
Yeah, it's everybody saying,
why would I spend my Bitcoin?
It's like, get on a Bitcoin standard
if you run the numbers.
That's another thing.
I mean, they've had it,
but if you direct deposit your paycheck
into Cash App,
you can automatically convert that
and the Bitcoin live on a Bitcoin standard.
So yeah, I think...
really big.
And in terms of, you mentioned the conference
and the rollout of the, I guess, beta test at the conference.
Miles told a really cool story about that on TFTC,
like seeing the evolution of this.
I think to your point about your conversation with Jack
earlier this year, I think they weren't really expecting
to roll it out this fast at all.
And just felt like, hey, let's go do it.
But I'm not going to spoil that.
yeah it's just big like if not us then who energy and they're just fucking shit the thing
so awesome and uh i mean if you if you just put numbers around it too i think collectively the
four million square sellers last year did something like 250 million dollars or billion dollars excuse
me quarter of a trillion dollars in um in gross volume sales through through their terminals and
So if you just run the numbers there, you get 10% of that volume converted to Bitcoin.
I think that's probably a lofty goal, but let's just throw it out there.
If you were to do that, it'd be $25 billion of constant buy pressure if you're converting fiat, 10% of your fiat revenues into Bitcoin.
And that is almost half of the ETF flows from last year or from this year as well.
So that's like a pretty...
I think in the short term, that's going to be, if you look at like actual volume numbers,
I think that feature is going to dwarf people actually paying in Bitcoin.
The ability for the merchant to choose how much of their dollars automatically get converted.
I think it's zero fee into Bitcoin.
I think a lot of merchants will choose that.
And I think it's going to be a long grind to actually get consumer adoption up on people spending Bitcoin.
but I will just say
I love spending Bitcoin
but also at the same point
I've been at conferences
where they accept Bitcoin
and if the merchant
if the cashier behind the counter
has to do an extra step
to accept your Bitcoin
if it's Apple Pay or Google Pay
it's literally just like
you just tap your fucking phone
but for the cashier it's super easy
but if they have to do something else
to get you to accept Bitcoin
they start resenting it
Like they really, really resent it.
And Square is in this unique position where a lot of their point of sales are already pointed at the user, right?
Where you pick your tip amount.
You know, everyone always gets mad that they like force the tip in front of you.
But that screen that's facing you, you know, dedicate at the top, you know, the top right corner and just put a lightning invoice over there all the time.
So you don't have to say anything to the merchant.
You just fucking take out your phone as if you're going to pay with Apple Pay and just scan the invoice.
or maybe it's just like a button by the tip like pay bitcoin like hit the tip pay bitcoin yeah but
put it in the put it in the user's hands yeah instead of them scrolling in the background and
clicking bitcoin yeah look at us product feedback for the for the square team here think about it
power users here now in the i mean the other feature to the cash app release and i
was able to sort of interact with the demo money bot like this is from
from a fintech app sort of feature like it it was extremely powerful like i'm not sure if you
guys watched a demo but you can interact with it like say hey it's like chat gpt and cash app right
but it's even more like it feels more sort of focused than chat gpt because like let's say
one of the user flows they walk through is like you out we go out to dinner i pick up the bill
with my cash card. And then I go into Cash App and say, hey, I actually split this bill
with Matt. Can you send him an invoice for half the bill minus the tip? And I'll automatically
do that. Matt in the middle at the end, like, yes, confirm. This is how much I want to request
for Matt. And then on top of that, you can say, hey, how's my spending been? Over the last month,
I'm going to start saving. Can you help me build a diversified portfolio of Bitcoin and stocks?
and it can do stuff like that and say hey if you wanted to or i want to dump all my
sort of excess disposable income that i'm not spending in bitcoin per month i want to do that
automatically and it can set up that flow for you and i just think it's like what it's like a
virtual financial planner basically sass assistant right yeah which is like from a fintech feature
perspective i think it's cutting edge um and they're leveraging goose in a bunch of i think
dedicated models that they built
internally for the different features and obviously
they have a ton of data on all
their users on the consumer side and the
merchant side
so I'm actually really excited to see how
people interact with that as well
but yeah
it's a good day for Bitcoin again like 4 million
merchants now have
the ability to incorporate
Bitcoin into their business strategy
very easily
pretty cool and to your point about timing
isn't giving up too much but it's like
miles said it's like today's the best day tomorrow will be the best day let's just get it out there
and yeah it's like what people talk about with the ai stuff right it's like this is the worst
it'll ever be yeah exactly um no yeah i i'm overwhelmingly positive about this and i think
uh the team deserves huge credit i mean we've been talking about it right like i i think block
has quietly become like the shining example of a large well-executed vertically integrated bitcoin
business, right? That that's cashflow positive, they're profitable, and then they're saving,
you know, they're saving in Bitcoin, they're saving a portion of their profits in Bitcoin.
And we've also talked about in the past that, you know, a lot of focus has historically been
on public companies and their Bitcoin strategy. And that makes sense because public companies are
large companies and people can buy and sell the stock and there's a lot of attention on them.
But Bitcoin has historically been a massive equalizer and superpower for small businesses.
So to see the stack get rolled out to, you know, the local ice cream store, the local
taco shack, uh, and give them first-class Bitcoin tools, uh, I think we'll pay massive
dividends to those Square merchants long-term.
Agreed.
Shout out to everybody at Cash App Square Jack Miles Owen I trying to think of the other names in my mind right now they escaping me but i know it been
a massive effort by everybody over there pushing bitcoin forward great to see with that we have a
couple of 21 000 so you you missed about 10 000 people um yeah it was close yeah so minor's app
as 21,000 sats, so a miner will always accept sats no matter what. Bitcoin is money. Use it as
such. Number go up. Doesn't matter. Freedom go up. Matters. Royster, 21,212 sats, palindromes,
zap. Guys, I'm feeling bullish. I am too, Royster. I am too, believe it or not. I feel most bullish
when everybody is scared.
Is scared.
FL Justin zapped.
103,301 zats.
Palindrome zap.
Cheers to you, fellas.
Marty, appreciate you taking a look at my DM on LinkedIn.
Sorry to make you go to that hellscape.
Three weeks viewing live show
and not worrying about curse words in the car with kiddos
thanks to Primal.
Noster dads.
Hashtag Noster dads are going to help us win.
Yes, we are.
Shout out to you, Justin.
that's it for the zaps right now while we're speaking to the audience i want queen to know
that i can speak whenever i want hey no you can't shut up don't interject again
i support you logan oh kidding i'm kidding you can speak whenever you want if it's valuable you know
uh next up on the list we mentioned it but record strike day uh from a volumes perspective
didn't throw out any hard numbers but all systems are running smoothly they're big numbers
big numbers i like big numbers i like very big numbers the biggest numbers the biggest numbers
uh this was big news earlier this week tether has committed 100 million dollars for rumble
advertising so on the surface uh you know this doesn't seem like really notable bitcoin news
but I mean as a freaks know Tether bought you know effectively half of Rumble
for I believe 750 million dollars earlier in the year and since then Rumble's entire roadmap
seems to be turning into basically like Paolo's dream public operating business and do you see this
this roadmap that Logan, can you click it?
The founder of rumble came out with.
It's like literally just like if Palo was building a company from scratch,
it's like Bitcoin wallet, AI, encrypted email, web browser.
So, I mean, I think, and then obviously, you know,
Tether's kind of paying themselves here with this a hundred million dollar ad
budget. But I assume a lot of that will be Bitcoin focused as well to Rumble users.
Is it like Tether's doing a hundred million dollar ad spend to pump Tether in their services
or is it just? Yes. Yes. On Rumble, on Rumble. Right. So it's like,
you know, when you're watching Rumble and you get one of the horrible ads on Rumble,
Now one of the horrible ads will be like Tether focus.
And probably a lot of them will be at that level of spend.
But at the same time, they're releasing the Rumble wallet,
which is going to be Tether and Bitcoin enabled.
So I just think this is something to highlight.
Clearly, they have massive ambitions here.
Obviously, Tether has a massive war chest.
Rumble has a significant user base.
And it should be interesting to watch them build this out.
yeah i just i thought it needed to be highlighted i feel comfortable saying this but i actually
some of you may know i was in uh dc recording with connor brown a few weeks ago in the rumble
studios and it's funny after we recorded there was a rumble employee there who was our producer
that day and he was asking us questions about bitcoin he's like it's a good time but i were
like yeah it's the humble stack stats and he's like i'm just waiting for the uh the rumble wallet
to launch it's like so i think internally they're really driving this too i feel like it that was a
sort of anecdotal data point to me that's not smoke and mirrors are actually moving towards
this internally at rumble i mean chris has clearly bought in um and i mean rumble put
bitcoin on their balance sheet as well so we'll see how it plays out but i uh
I don't know.
You can go back and listen to Rabbit Hole Recap
when MicroStrategy first launched,
Saylor first launched his Bitcoin strategy.
Nobody had any idea who he was.
You can look back when Cash App first started dabbling in Bitcoin.
And I feel like this is also could be one of those moments,
like the quiet before Rumble starts,
just going hard on
Bitcoin and related things.
It should be interesting. Obviously, it's centralized.
It comes with all the issues of centralization,
but that roadmap is kind of fascinating.
When you think Rumble, what do you think? You think a YouTube competitor.
But if you look at that roadmap, it's literally like
AI data centers.
It's what Paolo and Tether have been investing in.
It's like AI, encryption, P2P communication, wallet infrastructure.
So we'll see.
Very freedom tech forward, if you will.
Yeah.
MAV21 zapped us 21,000 sats with no message.
Thank you, MAV21.
Ride or die.
Sats speak louder than words.
They do.
They really do.
I love that.
Sats speak louder than words.
And there was a lot of words spoken on the internet and other places this week after over the weekend, President Trump, I believe, at Mar-a-Lago announced that he's going to make an FDR-like move, which I thought was pretty interesting that he would try to compare himself to FDR is known as the enabler of the welfare state here in the United States.
And he's going to introduce a 50-year mortgage, work to introduce a 50-year mortgage to United States citizens to help them get into housing.
And a day later, it was reported by Unusual Whales that they're also working on 15-year car loans.
And this seems to me like the president and his administration are completely disconnected from the zeitgeist and not really sort of attuned to what the core of the problem is.
housing affordability.
It's lipstick on a pig.
It's worse than lipstick on a pig.
It's like,
it's,
I mean,
I think that that makes housing more affordable.
Yes,
your monthly payment may go down,
but you're going to put way more money into,
into that.
No,
no,
no.
But I mean,
that's not the goal.
That might be what they say the goal is.
But the,
the goal is to actually do the opposite is to prop up the housing market.
because it drives prices higher in a market where it's been very shaky recently.
Expenses are going up.
People are having trouble.
We've talked in the past, the 30-year mortgage as it is,
it's an American welfare program, right?
Which, I mean, Trump so vividly reminded people by mentioning that FDR was the creator of it.
But most countries, you can't get a 30-year fixed rate mortgage.
In a free market, banks would never give you a 30-year fixed rate mortgage in a highly inflationary environment.
So it's a massively successful welfare program that also drives the prices of real estate up.
And instead of fixing the core of the problem, you just push it out even more and just juice the welfare.
I mean, another important detail of this is he was presented this idea by the leader of the FHA, Fannie Mae, Freddie Mac, Bill Pult, whose family is very big in the real estate development world.
Yeah.
Massively.
From this policy, if we're to.
That's what I'm saying.
It's really like a bailout for the real estate market portrayed as helping the average person.
Now, that said, if you're not going to actually fix the core of the problem, this is one of the things we've talked about in the past, something that don't hate the player, hate the game.
I think there's an argument, there's a very strong argument that let's forget the 50-year mortgage for a second.
If you don't take a 30-year fixed rate mortgage in an inflationary environment, then you're leaving sats on the table.
right like they're giving you like the best debt terms ever priced in a shit coin that's losing
value over time um and the same is true for the 50 year right so there's two pieces here right
one it's proof of mandibles but then the second one is it doesn't necessarily mean it's a bad
deal for people um i can't be the only one who like went to bed thinking like oh i can't wait
to upgrade my third year mortgage to a 50 year mortgage like like why wouldn't you fucking do it
you're going to make more,
you're going to make more purchasing power,
having that excess in Bitcoin,
um,
then,
you know,
having the terms be shorter.
Yeah.
But it's like,
to your point,
it's going to drive prices higher.
100%.
Well,
we may be able to stomach the carrying cost of a 50 year mortgage.
I would gander to say that probably like 80% of the country probably isn't in
a position to do that particularly uh younger millennials and zoomers and eventually gen alpha
and that's like i mean just this was him announcing this at mar-a-lago is the beginning of a five-day
stretch which i would be very confident in saying was probably the worst five-day stretch of either
term that trump has served 2016 2020 and beginning of this year to today absolute
narrative collapse for for the administration this week i mean i would also take a 15-year car loan
i took a four-year hvac loan zero percent was fantastic
um because you know wells fargo just assumes you're gonna miss a payment and then they raise
it to 25 and it's super predatory but if you actually make your payments uh you're just like
leaving money on the table. But yeah, no, I look, if you have no assets, and you have no savings,
obviously, centrally planned methods of trying to inflate the value of assets is negative for you
is bad. Now, the question is, and we've talked about this in the past, like the real question
is, is like, I don't know how you unwind it. I don't think there's actually a good way to unwind
it. And if you wanted to give them the benefit of the doubt, which I'm not sure I want to give them,
you can imagine sitting in, you can be sitting in meetings for weeks trying to figure out how
to ethically unwind it. And then just at the end, be like, fuck, we're not going to be able to,
let's just give them 50 year mortgages. I don't know how you do without a widespread chaos,
massive hurting. I mean, you want to talk about the people without assets? Yeah, it sucks. It
sucks when government policy is just trying to inflate assets while your salaries are staying
stagnant. But you crash asset prices, you crash markets, you launch us into an even worse depression
than we're currently in. And I think those entry-level wage earners, the lower income folk,
it's going to be even harder for them. They're going to lose their jobs, their wages are going to
be a mess, even worse than it currently is. So I don't know what the solution is there.
I think you kind of just have to walk through mandibles and then get out Bitcoin Standard on the other side.
Did you have room cleaning? Just stop by?
I thought I had a late checkout. I thought it was 2 p.m. Apparently it was noon.
I'm on the West Coast, so 20 minutes past my late checkout, but I'll deal with it.
Did you tell them you're on air?
I did not.
Well, we have a hard stop in 40 anyway.
Well, I mean, this is a thread we've been pulling on for weeks now.
It ties back to what we talked about in the beginning of the episode, which is the government's not going to save you.
You've got to save yourself.
Incorporating Bitcoin into your life, however that may be, staying humble, stacking sats, even if you're working paycheck to paycheck, just trying to shovel away 50 to 100 bucks a month.
That'll go a long way over the course of a decade.
If you're a small business.
All sats matter.
Yeah.
Make it happen.
If you a business that is running a square terminal turn on the ability to convert a portion of your revenue into Bitcoin hold it on your business balance sheet I mean I think for the housing market specifically I think one thing you all know is I bullish on this intersection of Bitcoin as collateral for real estate
I don't think it's going to be a panacea quick fix, but I think over time, if you begin to introduce Bitcoin as collateral into these credit structures,
it can begin to minimize the need to have the equity value of the house increase if bitcoin's
doing its thing over the course of 30 or now 50 years maybe you're more comfortable selling your
house at a at a price that is not as high as many have come to expect maybe the growth rate of the
equity value the real estate doesn't raise doesn't increase at the pace that has been over the last
30 years that wanes and bitcoin does the heavy lifting for you in those credit structures and
you begin to level out housing cost obviously uh another driver of housing affordability is the
fact that we let a tens of millions of illegal immigrants in the country and they're sort of
competing for the same scarce resources and all of them or many of them are are being subsidized
by the government itself or were to a certain extent.
Yeah, it's a complete shit show.
Mandibles, I guess you could say.
But we've got to stay positive.
We're rationally optimistic.
We can save ourselves.
Get the message out there.
No, I mean, thank God Bitcoin exists.
Otherwise, there'd be zero optimism here.
But I'm a very hopeful person because of Bitcoin.
This next story I thought was fascinating
and actually kind of a cool feature.
You want to talk about fintech innovation?
Robinhood now delivered cash to your debt.
door this is gonna why this is gonna lead to like gopuff drivers stealing people's money
no so did you the gopuff ceo uh commented on this um they already deliver deliver like beats
headphones and shit so they're already delivering high value items um and the driver doesn't know
what's in the bag which i think is like a decent trade-off and they they're not allowed to leave it
on the door. They have to hand it to you.
Okay.
All right. My first
sort of reaction was
I feel like this is a great way to lose money.
So just for the freaks that are not
aware, Robinhood is now allowing
you to withdraw cash from your Robinhood
account by having effectively a
DoorDash driver bring you a bag of cash.
Which, yeah, I don't know
how useful it is. I'm sure there's going to be
limits on it.
But to me, it's
fascinating. It's a fascinating
feature ad that I just never expected.
Yeah.
Did you see
our buddy Joe Weisenthal's
comment on it? No.
He's like, you can now self-custody
cash with Robin Hood.
Yeah.
Yeah, we'll see.
So it's like you're trading stocks
and you need to...
So this is just going to lead to
people using stocks as their savings account right like you're not yeah you're not making any any money
in your savings well to be fair they already kind of are that's probably the way to do it if you're
not in bitcoin i mean obviously bitcoin is better um but you definitely don't want to keep it in
just a savings account and make way under the inflation rate so you end up you know gambling
on spx but then what do they do they have to go to an atm to withdraw right so this just removes
the ATM from the step.
And then if you think about it from Robinhood's point
of view, it's like they could roll out a bunch
of ATMs and maintain them, blah, blah, blah,
and do all that. Or they could partner with
someone who's already got a delivery network around the country
and just deliver cash
that way.
We'll see how it goes. We'll see how it goes.
Cash coming to you
from the partnership between Robinhood
and GoPuff.
Cash making a return.
You know what else is making a return? Vine, apparently.
I didn't see this until you put the list out.
Jack. Yeah. So this is Jack's Noster Collective and specifically it's Rabble.
But their group of dev hackers and other stuff is what they go by, is relaunching Vine using a recovered Vine archive that I guess was publicly out there.
So they actually have hundreds of thousands of old Vine videos that they're populating with it.
and it's Nostra enabled.
And you can obviously post new videos as well
as using the old archive.
So they're using the old archive to seed it,
but you can also post new videos.
And they're taking a hard stand against AI-created content.
So they're going to try and flag things that are AI
and block them.
And it's supposed to only be real shit.
Yeah, yeah.
Vine.
It was so much fun back in the day.
Yeah, and then I think Twitter
bought it and then like killed it right and it just died on the vine that was the joke yeah and
then tiktok came out and basically just innovated on vine and became the most successful social
network uh well i guess behind meta facebook's still ahead of them but tiktok went from rags
to riches real quick um yeah no i by the way it's not out yet it sounds like the release is imminent
um i saw rabble complaining about getting app store approvals and having issues with it
so I assume by
maybe by the time you listen to this it'll already be in the app stores
it's as Marty says called Devine
but in the next few days
it should be up
love it shout out to you Rabble
bring back Vine, Devine
go check it out we got a speed
through here I can hear the
cleaning crew getting that
we only have four things left
in shout outs the next one is
Starlink offers now a cheaper plan
as a massive Starlink fanboy.
I just wanted to quickly highlight
that now you could get unlimited,
low priority Starlink data for $40 a month,
which I think is a fantastic deal.
I think they're at 8 million users now.
They over half the satellites in space
are Starlink satellites.
That's great.
The growth of that business is insane.
Obviously, there's massive centralization risk.
Um, they had their first outage ever a couple of months ago.
And instead of just like your block losing internet access, it was like people in Nigeria,
people in the UK, people in Kansas all lost the internet at the same time, which is probably
not a good thing.
Um, but it's awesome.
It's fucking awesome.
I'm a very happy customer of Starlink.
So, um, I, I might give Elon a lot of shit, but, uh, him and his team deserve a lot of
credit on, on that product.
i haven't used it yet and i need to mess around with it so for the mobile one like i literally
just i don't even mount it or whatever you just like put it on the dash of of my truck
and plug it into usbc and you have high speed wi-fi wherever you go yeah it's fucking insane
um i just got a picture of my oldest son in the dentist chair it's pretty funny the uh
Next thing on the list, Human Rights Foundation story of the week coming out of Thailand, where new anti-scam measures have been implemented.
The Bank of Thailand announced new measures to enhance monitoring of payments, financial institutions, and money transfer services to combat online scams and financial fraud.
Governor Vitae Radenakhorn said the central bank will step up due diligence, prioritize investigations into suspicious transactions, require immediate reporting of irregular activity from banks, currency exchanges, and gold traders.
While the policy aims to disrupt transnational criminal networks engaged in online scams and human trafficking, experts fear such a development may lead to broader surveillance of digital transactions and payments, which could threaten the privacy of many Southeast Asian dissidents based in Thailand.
for more stories like this,
make sure you sign up for the financial freedom report newsletter at
financial freedom report.org.
Yeah.
Sounds like a suspicious activity reports coming to,
to,
to a Thai bank near you.
Every week,
every week HRF brings us more and more examples of why we need freedom money
more than ever.
And this,
this week there was like,
I,
it was hard picking which story cause they were all highly,
highly relevant.
Yeah.
So we do shout outs.
and then we have two software updates yeah let me pull up fountain here okay while you're pulling
up fountain i know you're pressed your time i'll just do the software updates maple 2.0 has been
released um it's the big feature ad is something me and marty have been testing behind the scenes
for a few weeks now which is live web search uh fucking awesome it uses brave web search
uh so now the biggest thing holding back maple so maple is obviously it's like signal chat gpt
and signal had a baby.
So private, secure, AI chatbot.
But it was, for new data, it had a lot of difficulty
because it was whatever the last open source model
was updated was the newest data you got.
Now it has real-time web search,
so you can look for sports scores,
anything that's up to date,
population count, stuff like that.
They really improved their model selector
when you're choosing which open source model you want.
It makes it much easier for new users.
And now they have a proper anonymous accounts where you don't need to go through the trouble of making a burner email.
You can just easily just pay with lightning and not have it tied to your identity.
So if you haven't used it, definitely check it out.
Try maple.ai.
I use it on a daily basis now.
I've literally had the window open on my computer as we speak.
It's fucking awesome.
And then the other big update was white noise v0.2.0.
White Noise is the Nostor-enabled signal competitor.
It doesn't require a phone number.
We've talked about it in the past.
I think it's an absolute massive project.
I'm very excited about it.
OpenSAT's helped seed its creation.
But it's fully open source, open protocol, doesn't require a phone number, gives you
signal-level privacy guarantees.
It's even more efficient when it comes to group chats than Signal is.
It's still very early, but I would say this feels like the first real stable release.
Messages are working.
I'm testing it out.
But still early days, still early days, but very optimistic here.
It also uses the Nostra network for what?
It uses it for the white noise team doesn't have to run servers.
It just uses open Nostra relays.
And then more importantly, it uses the social graph.
So if you're already using a Nostra app, you can easily just message people that you're interacting with.
So I think this is like DMs on steroids.
And it could become one of the major adoption drivers for Nostor going forward.
Because I could see people using White Noise as their first Nostor app and then moving to other apps like Primal after that.
You love to see it.
And it is very much in line with the top boost from last week's episode of RHR.
RHR
382. Steak and shake
is on a Bitcoin standard.
From NOS Fabrica,
25,052 sats palindrome boosts.
Join NOS Fabrica
in the first ever hashtag
Wodathon to develop the
web of trust ecosystem for NOSTR.
Build open source libraries, relays
and applications. Integrate portable and
personalized trust
metrics into NOSTR clients.
A grand total pool of 50 million
sats will be rewarded to the best projects.
Sign up via Formster and tune into weekly hackathon calls broadcasted to zap.stream starting Thursday, November 20th.
That is next Thursday at 4 p.m. UTC, running through April 2026.
I love that initiative. That's great.
That little boost.
And second boost and last boost, over 21,000 sats from last week's episode from a girl,
sell pringle mac 22 222 sats twos across the board pound drone boost bitcoin is the tool it still
needs muscle and brain power to move the needle for mass adoption block and square know this
it's confirmed we will be visiting nashville and texas in march of 2026 bring it love sill and tony
love you guys hopefully we'll be seeing you in nashville or texas in march love it thank you for
True sport, guys.
Fucking awesome.
And separately, I got a message, a private message from a rider-dive freak that just came in.
RHR is still the best show on Bitcoin.
Marty getting kicked out of his hotel room while mispronouncing names is peak.
Hey, you know what you're going to get here.
You know what you're going to get here.
We're going to get kicked out of our hotel rooms.
I'm going to mispronounce some words every once in a while.
We're going to give you a signal.
we're going to be irrationally bullish on Bitcoin when everybody's afraid.
Nothing has changed from a fundamentals perspective.
Love it. Stay on the stack sides.
Peace and love, freaks.