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What's up freaks? This rip of RHR was brought to you by our good friends at CoinKite.

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They produce the Cold Card Q, my favorite hardware wallet. It's got two secure enclaves,

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it's got a full screen, full keyboard here. As you can see, if you're watching, if you can't

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watch, just imagine something that looks like a BlackBerry. It allows you to create private

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public key pairs offline in an airgat fashion. Never have to connect the Cold Card Q to an

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internet device you can sign transactions and pspts remotely in the most secure fashion if you're a

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bitcoin power user and you're looking for the best security go pick up a cold card queue and go to

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coin kite.com find the cold card queue there i think you go to cold card.com as well use the code

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rh for five percent off step up your security get a cold card queue it was also brought to you by

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our good friends at stack work if you're looking for a great way to make kyc free sets stack work

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has bounties go to stackwork.ai find their bounties page and contribute to the bounties

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you can make bitcoin kyc free for completing the bounties if you're a developer looking to scoop up

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some easy sets go check out the bounties contribute to them and stack some sets stackwork.ai

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stuff freaks this rip was brought to you by our good friends at obscura obscura is the first vpn

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that can't log your activity by design.

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Instead of empty promises,

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Obscura fully embraces the Bitcoin

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or don't trust verify mantra.

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They can't log your traffic,

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even if they tried.

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Obscura believes that user data is toxic waste.

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In addition to private payments via lightning,

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you can sign up with an account

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without having to give any personal

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identifying information.

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It's a beautiful thing.

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It's the VPN I use every day.

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It's incredibly fast.

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You can go on streaming sites with it.

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They don't say, hey, you've got a VPN.

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It just works.

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Go to Obscura.net,

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use the code RHR25 for 25% off

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in annual subscription. This is an incredible deal. Obscura.net RHR 25 for 25% off in annual

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subscription. You've had a dynamic where money has become freer than free.

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When you talk about a Fed just gone nuts, all the central banks going nuts.

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So it's all acting like safe haven. I believe that in a world where central bankers are tripping

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over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies,

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Bitcoin is the victor. 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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Hey, guys. Early morning, Rep, we wanted to get it out of the way because this is the last one.

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Bitcoin's dying.

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It's dying right in front of us.

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The last rabbit hole recap ever.

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The rest in peace, Rip.

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It's been fun.

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Do you know what the title of today's rip is, Marty?

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No, I have no idea.

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Stay humble, stack gold.

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Hey.

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Hey.

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We're a gold podcast now.

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I mean, we got to continue, right?

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If Bitcoin's going to die, we've got to pivot.

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We're hard money.

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Some are from the state.

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Monetarist.

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I guess gold's the next best thing.

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I like how

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Logan completely faded this time,

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even though Squawk Box is one of the most popular financial podcasts in the world

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and airs at this time every fucking day.

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Yeah.

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we're competing with

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Uncle Joe Kernan right now

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everybody's watching Squawk Box

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come over here

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they're going to be so confused why their numbers

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are down today

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we're taking them out

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we're taking them out

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Joe, Joe will be our third

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member, third host

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in a few weeks

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in all seriousness

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Matt is drinking a beer

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we've been talking about it

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He's in Switzerland for the Plan B conference.

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Speaking of conferences, I had a parent-teacher conferences this morning,

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and so we had to do a 7.30 a.m. Eastern rip.

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Yeah, I'm in Switzerland for Tether's annual event in Lugano.

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And, I mean, we can just – I think there's zero list

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because I'm fucking jet-lagged and exhausted, and Marty's also exhausted.

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so we're just going to be riffing today.

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But I think we can start it off with the fact

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that Tether made their first commitment to OpenSats,

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$250,000 for free and open source devs.

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As always with OpenSats, that's 100% pass-through.

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It's already in Bitcoin, in our multi-sig,

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and 100% of it will go to open source developers.

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So I'm incredibly grateful for their support.

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and I hope it's the beginning of a long relationship

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in terms of them supporting the open source ecosystem

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that we all very much rely on.

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If you want to join Tether in this endeavor,

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you can go to opensats.org slash donate.

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We recently added monthly credit card donations

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so you can just set and forget $20, $50 a month.

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We'll auto stack that into Bitcoin for devs.

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If you want to see less corporate pressure on developers,

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the way we do that is having 50,000 plebs all give $20 a month in Bitcoin to developers.

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Then I can stop flying around the world for free, trying to get people to,

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when I say for free, I don't get paid. I spend a lot of money doing it.

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Try and get donations for open source developers.

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Congrats. Tether coming in.

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Are you ready for the Tether conspiracy theories

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if they haven't started already?

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Dude, all the conspiracy theories, bring them my way.

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It just means we got more funding for open source developers

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than more conspiracy theories.

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This donation caught the eye of another billionaire,

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Jack Dorsey, friend of the show.

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He was curious why only 250K.

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I'm not putting you on the spot.

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I mean, you literally just put me on the spot.

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First of all, I saw that along with everyone else.

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The only difference is I probably got it in a million different private messages,

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screenshots of it, while other people probably saw it on Twitter.

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Look, I'm glad that there's multiple billionaires around the world

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excited about supporting open source development.

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And it'd be interesting to see who comes out on top.

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The more the merrier.

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pit them against each other.

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And to be clear,

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I thought someone asked Jack

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how much did he donate. Well, he donated

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$31 million.

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That's public information.

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He actually does a really good job with his

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non-profit arm,

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Start Small, where there's literally

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an Excel document that lists how much

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he's donated to which organizations,

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all public information.

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And what was

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nice about that donation is it was

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stacked a Bitcoin to our multi-sig.

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So it's the gift that keeps giving.

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That was like around $40,000 Bitcoin.

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So just, that was all rolled into Bitcoin multi-sig

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for the devs.

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Bitcoin $40,000.

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To the people...

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Seems like forever ago.

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Yeah, go on.

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Look, and to the people that maybe question

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who OpenSats is funding,

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it's literally all public.

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You can go to opensats.org slash transparency.

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We list every grant we've ever given over 300 grants.

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I think we're at 328 or something.

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328 grants.

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They have to send us,

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they send us quarterly reports that we reviewed to make sure that whatever

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they said they're going to do,

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they're doing not a single one has worked on changing Bitcoin soft forks or

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anything like that.

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we have a soft policy just not to fund that.

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We do support some core developers,

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but it's definitely a smaller subset

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of the greater ecosystem that we support.

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If you have a favorite open source wallet,

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we're probably supporting it.

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If you have a favorite Nostrad client,

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we're probably supporting it.

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A lot of the security fixes,

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bug testing, vulnerability testing,

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stuff like that, we're supporting.

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BTC Pay Server, we're the largest supporter of.

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all public information.

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Me and the rest of the volunteer board

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are very dedicated to making Bitcoin

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the best money in the world.

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We already believe it's the best money in the world.

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We think it can be even more robust

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and better for everybody.

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And we're mission focused on that.

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So if you're aligned with that mission,

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consider supporting us in any way you can.

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It really does go a long way.

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It really does.

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You guys are doing an incredible job.

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shout out to Tether and Palo

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I was being pedantic there

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by pulling up the Jack tweet but it's just great to see

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Palo

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no one should be

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giving them shit about this I'm very grateful for the support

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I think more companies should support

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and it's been a long grind

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there's very few that will

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and I will say

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that Tether just was

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immediately 100% we're in let's do it

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there is

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no

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back and forth. I was like, we could really use your support.

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They asked where's a good place to start. I said

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$250 is a great place to start. They said yes. Boom, done. Ship press release.

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Send us the Bitcoin. Done. Easy peasy. No strings attached.

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I'll tell people to go fuck themselves before they can ever attach strings

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to donations. I think my track record proves

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for itself on that. There's a long list of sponsors that are no longer

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sponsors anymore.

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Well, speaking of

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donations going off

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the tip of the tongue here

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since we don't have a list, I think a natural

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progression into the next topic

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would be a

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free and open source project that we supported

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at 1031 that you've supported at OpenSats

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and others like HRF have

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supported. It looks like there was a hackathon.

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Was it a BTC++ or a

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TabConf?

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I believe it was TabConf.

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I think it was BTC++

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BTC++.

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Tapcom's going on right now.

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So it was BTC++.

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Because they saw Nifty take partial credit for it.

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Yeah, I think it was Callie and Adam Soltis.

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They did the hackathon.

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There was another guy that's only on Noster.

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Low profile, I think is his name.

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Okay, low profile.

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I saw Adam Soltis in one of the demos,

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so maybe that's why I assumed it was him.

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But Callie, low profile, many others.

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maybe others, did a hackathon to implement Cashew into Signal.

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And there's been a growing campaign over the last few days

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to convince the Signal Foundation.

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I've seen Meredith Whitaker get tagged in a lot of tweets

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to implement Bitcoin.

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Did she respond, though?

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I haven't seen her respond yet.

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But the idea is that you'd put a Cashew wallet

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or e-cash wallet within Signal

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to align private communications with private money.

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This seems like a great alignment for those who are unaware.

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The Signal Foundation launched a shitcoin, I believe in 2021,

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called MobileCoin. It didn't really go anywhere.

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Wait, wait, wait. They didn't launch the shitcoin.

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The founder of Signal, Moxie, launched the shitcoin

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and then Signal integrated the shitcoins.

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that okay slight loose loose loose separation there between the founder of uh signal and then

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they kicked him out and then they kicked him out so let's be a little bit easy on signal

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in that regard yes but from what i can tell

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talking to some people working on this uh ecash stuff it seems like signals a bit

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averse. They're reputationally

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aware of the

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fuck up that mobile coin was and

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they've been apprehensive

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to add

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cryptocurrencies or a digital

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wallet to the app after the mobile

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coin debacle. But

259
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hey, time heals all wounds.

260
00:13:02,780 --> 00:13:03,740
You need good products

261
00:13:03,740 --> 00:13:05,000
to implement into

262
00:13:05,000 --> 00:13:08,100
Signal that align with the private

263
00:13:08,100 --> 00:13:10,120
communication. We've been talking

264
00:13:10,120 --> 00:13:12,280
about it for years and we're very bullish

265
00:13:12,280 --> 00:13:14,300
Shoney Cashmint's, particularly

266
00:13:14,300 --> 00:13:18,000
both the protocols, Fetty Mint and Cashew.

267
00:13:18,080 --> 00:13:20,040
It seems like Cashew's having rapid development.

268
00:13:21,000 --> 00:13:21,200
No.

269
00:13:22,820 --> 00:13:24,140
This looks really clean.

270
00:13:24,460 --> 00:13:25,240
I didn't realize that

271
00:13:25,240 --> 00:13:28,160
they would have a full

272
00:13:28,160 --> 00:13:30,080
website, like propaganda website.

273
00:13:30,720 --> 00:13:31,960
The UI of

274
00:13:31,960 --> 00:13:34,120
this implementation looks

275
00:13:34,120 --> 00:13:35,120
incredibly sleek.

276
00:13:36,320 --> 00:13:37,860
The website's great. Is it

277
00:13:37,860 --> 00:13:39,720
SignalForBitcoin.com or .org?

278
00:13:40,760 --> 00:13:42,040
Maybe BitcoinForSignal.

279
00:13:42,280 --> 00:13:45,120
No, it's Signal4Bitcoin.

280
00:13:45,320 --> 00:13:46,200
I think it's .org.

281
00:13:48,720 --> 00:13:50,360
Or is it Bitcoin4Signal?

282
00:13:50,440 --> 00:13:50,940
Am I wrong?

283
00:13:51,440 --> 00:13:52,700
I think it's Bitcoin4Signal.

284
00:13:53,060 --> 00:13:55,760
Let me find Bitcoin4Signal.org.

285
00:13:56,020 --> 00:13:56,980
Yeah, that's what it is.

286
00:13:57,280 --> 00:13:58,120
Bitcoin4Signal.org.

287
00:13:58,220 --> 00:13:58,880
Great domain name.

288
00:14:01,560 --> 00:14:05,140
You know, I mean, I think Cashew could be a really good fit here.

289
00:14:06,020 --> 00:14:08,700
I think Bitcoin and Signal needs to happen.

290
00:14:08,700 --> 00:14:14,420
I think there's a question if it should be Cashew

291
00:14:14,420 --> 00:14:18,520
or if it should be maybe Spark or ARK or something like that.

292
00:14:20,520 --> 00:14:28,040
I think Signal is the gold standard for a successful Freedom Tech project.

293
00:14:28,180 --> 00:14:29,640
They have about 100 million users.

294
00:14:32,460 --> 00:14:37,860
For comparison's sake, against the slave techs that they're competing against,

295
00:14:37,860 --> 00:14:40,160
WhatsApp has like 3 to 5 billion users.

296
00:14:41,480 --> 00:14:44,680
So there's a very small subset of that.

297
00:14:44,900 --> 00:14:47,080
But if you look at any Freedom Tech project,

298
00:14:47,220 --> 00:14:51,380
having 100 million users is an absolute massive success and growing.

299
00:14:51,980 --> 00:14:57,300
So the question is, if you throw them into a custodial cashew mint type of situation,

300
00:14:57,900 --> 00:14:59,380
there's some friction there.

301
00:14:59,440 --> 00:15:00,420
Which mint do they choose?

302
00:15:01,500 --> 00:15:05,620
So far, all the successful cashew projects, and I love cashew,

303
00:15:05,620 --> 00:15:07,240
have been basically using mini-bits.

304
00:15:07,860 --> 00:15:14,100
It's like the quiet secret is just like, just choose mini-bits as your Mint.

305
00:15:14,100 --> 00:15:18,540
So we don't have any large establishments, so it might be a little bit premature.

306
00:15:18,540 --> 00:15:23,340
I think in an ideal situation, actually, Signal is running their own Mint.

307
00:15:23,340 --> 00:15:33,551
But maybe they don want the heat of running a private Bitcoin service which I respect and I understand that

308
00:15:34,011 --> 00:15:37,911
So in that situation, maybe like an ARK or a Spark makes more sense.

309
00:15:38,671 --> 00:15:41,091
Or even like a Phoenix wallet type setup.

310
00:15:41,291 --> 00:15:43,051
I think Phoenix has an interesting setup.

311
00:15:43,611 --> 00:15:45,771
I actually recently was testing out BullBitcoin.

312
00:15:46,951 --> 00:15:49,351
They released their new self-custody wallet.

313
00:15:49,951 --> 00:15:52,671
Me and Francis are going to rip for dispatch in person.

314
00:15:52,671 --> 00:15:56,431
in Lugano, which I'm pretty excited about.

315
00:15:56,771 --> 00:15:58,471
So I was testing out ahead of that.

316
00:15:59,751 --> 00:16:01,691
And they use Liquid on the back end.

317
00:16:02,131 --> 00:16:05,111
So at rest, everything stays in Liquid.

318
00:16:05,391 --> 00:16:09,551
And then you do both swaps to pay and receive on Lightning or on-chain.

319
00:16:10,871 --> 00:16:12,971
And the wallet handles the UX really well.

320
00:16:12,971 --> 00:16:15,971
If it's an on-chain address or if it's a Lightning invoice,

321
00:16:16,891 --> 00:16:18,231
it just automatically does the swap.

322
00:16:18,351 --> 00:16:20,231
The user doesn't even realize it's happening.

323
00:16:20,231 --> 00:16:23,371
maybe that makes sense

324
00:16:23,371 --> 00:16:25,371
there's a bunch of different ways they can go

325
00:16:25,371 --> 00:16:27,491
I do like

326
00:16:27,491 --> 00:16:29,111
that the domain is

327
00:16:29,111 --> 00:16:30,671
specifically Bitcoin for Signal

328
00:16:30,671 --> 00:16:32,171
I would like to see Bitcoin in Signal

329
00:16:32,171 --> 00:16:35,091
I don't know necessarily

330
00:16:35,091 --> 00:16:37,011
if Cashew is the best option for it

331
00:16:37,011 --> 00:16:38,931
Cashew is easy to work with

332
00:16:38,931 --> 00:16:39,391
it's lightweight

333
00:16:39,391 --> 00:16:42,931
but it comes with a trade-off

334
00:16:42,931 --> 00:16:44,691
that users have to choose mints

335
00:16:44,691 --> 00:16:45,791
and someone has to run the mint

336
00:16:45,791 --> 00:16:49,311
someone has to run the mint

337
00:16:49,311 --> 00:16:50,871
Who will run the mints?

338
00:16:51,671 --> 00:16:52,811
Who will build the roads?

339
00:16:54,331 --> 00:16:56,231
The nice thing about using cashew

340
00:16:56,231 --> 00:17:00,671
is it means that Signal can also add gold sending,

341
00:17:01,271 --> 00:17:04,091
which is important for the longevity of this podcast.

342
00:17:04,511 --> 00:17:07,191
If Signal is allowing people to send gold between each other,

343
00:17:07,291 --> 00:17:09,811
we can just have a mint that holds bars of gold.

344
00:17:10,831 --> 00:17:13,091
And then they can just use the cashew protocol

345
00:17:13,091 --> 00:17:15,171
to send them on Signal between each other.

346
00:17:15,691 --> 00:17:17,171
We have that going for us.

347
00:17:17,771 --> 00:17:18,911
Eat reds of gold.

348
00:17:19,311 --> 00:17:25,111
yeah there you go look and pull up what why you brought up bull bitcoin i thought this was really

349
00:17:25,111 --> 00:17:29,931
cool i mean francis is really working on this i saw him earlier this year and he was demoing the

350
00:17:29,931 --> 00:17:34,811
wallet to me it seems like they made a lot of progress but he tweeted this out and basically

351
00:17:34,811 --> 00:17:41,231
to combat the fud that no bitcoin's not private nobody uses it and he sent this tweet out earlier

352
00:17:41,231 --> 00:17:46,191
this week i bought coffee with bull wallet how much should i pay tell me anything about merchant

353
00:17:46,191 --> 00:17:50,591
identity other clients wallet info transaction history where's the money now where did it get

354
00:17:50,591 --> 00:17:57,071
these coins from what's my balance what's my cost basis who has the kyc info um and if you go to

355
00:17:57,711 --> 00:18:02,111
mempool.space on their liquid explorer you see here that these are confidential transactions and

356
00:18:02,991 --> 00:18:08,431
um i think it's a really creative way to to bring privacy to bitcoin and underappreciated way to do

357
00:18:08,431 --> 00:18:14,351
it via liquid yeah you have a you get with liquid swaps you get a decent amount of privacy

358
00:18:14,351 --> 00:18:16,791
just embedded in it.

359
00:18:18,431 --> 00:18:20,211
Not as good as cashew,

360
00:18:20,771 --> 00:18:22,091
but very good privacy.

361
00:18:22,871 --> 00:18:25,171
I was talking to one of the activists

362
00:18:25,171 --> 00:18:27,611
at the Global Bitcoin Summit last week

363
00:18:27,611 --> 00:18:30,651
that we hosted a Bitcoin park in Nashville.

364
00:18:31,711 --> 00:18:35,751
And they use liquid to send to their people.

365
00:18:35,951 --> 00:18:37,111
They use Aqua Wallet,

366
00:18:37,191 --> 00:18:38,711
which also uses liquid swaps

367
00:18:38,711 --> 00:18:41,991
to send Bitcoin to people on the ground.

368
00:18:41,991 --> 00:18:46,471
and it gives them a decent level of plausible deniability and privacy

369
00:18:46,471 --> 00:18:48,751
while having really good UX.

370
00:18:49,471 --> 00:18:52,371
I will say for the last decade, there's been multiple false starts

371
00:18:52,371 --> 00:18:55,071
where I get super hyped on Liquid and then it never happens.

372
00:18:55,171 --> 00:18:56,211
But maybe this time is different.

373
00:18:56,371 --> 00:18:58,171
It feels like this time is different.

374
00:18:58,771 --> 00:19:01,831
This is the most optimistic I've ever seen you about Liquid.

375
00:19:01,851 --> 00:19:02,251
On Liquid?

376
00:19:02,671 --> 00:19:04,611
No, there's plenty of times.

377
00:19:04,751 --> 00:19:07,471
If you go back in Dispatch history, there's whole episodes

378
00:19:07,471 --> 00:19:09,511
where I'm like, this is the moment.

379
00:19:09,691 --> 00:19:10,271
We're doing it.

380
00:19:10,771 --> 00:19:11,611
Liquid's going to happen.

381
00:19:11,991 --> 00:19:14,631
So just like a quick primer on Liquid for the peeps.

382
00:19:14,891 --> 00:19:16,311
It was led by Blockstream.

383
00:19:17,491 --> 00:19:19,311
It's a federated side chain.

384
00:19:19,411 --> 00:19:20,831
So you can think of it like a multi-sig,

385
00:19:20,891 --> 00:19:22,811
a big multi-sig run by corporations.

386
00:19:23,451 --> 00:19:25,531
I think the only individual that's involved is Wiz.

387
00:19:27,531 --> 00:19:28,811
So there is some trust.

388
00:19:28,931 --> 00:19:30,151
There's a trust set up there.

389
00:19:30,151 --> 00:19:33,431
You can't permissionlessly get out of Liquid.

390
00:19:33,811 --> 00:19:35,211
You have to rely on swaps.

391
00:19:37,331 --> 00:19:39,091
But it is denominated in Bitcoin

392
00:19:39,091 --> 00:19:40,931
and you get confidential transactions.

393
00:19:40,931 --> 00:19:42,631
So you get a decent amount of privacy.

394
00:19:42,831 --> 00:19:45,951
So you can imagine it looks just like if you go to liquid.network,

395
00:19:46,031 --> 00:19:48,271
it looks like the regular Bitcoin block explorer,

396
00:19:48,711 --> 00:19:50,111
except that you can't see amounts.

397
00:19:50,931 --> 00:19:51,991
And when you can't see amounts,

398
00:19:52,131 --> 00:19:58,891
it really starts to add significant privacy to the probability analysis that's

399
00:19:58,891 --> 00:20:04,431
used to transact, to, to attract transactions, which is awesome.

400
00:20:04,751 --> 00:20:08,391
So the, the way, the way bull Bitcoin wallet is doing it.

401
00:20:08,391 --> 00:20:12,671
And you can go to wallet.bullbitcoin.com.

402
00:20:13,111 --> 00:20:15,251
It's available on iPhone and Android.

403
00:20:16,071 --> 00:20:17,151
It just works really well.

404
00:20:18,031 --> 00:20:18,831
The biggest...

405
00:20:18,831 --> 00:20:21,631
From a user point of view, the biggest trade-off is

406
00:20:21,631 --> 00:20:25,911
you basically can't receive and send transactions under 1,000 sets.

407
00:20:27,891 --> 00:20:29,451
Because you have to do the swap.

408
00:20:29,651 --> 00:20:33,291
And between the liquid fee and the swap fee, it just eats it up.

409
00:20:33,371 --> 00:20:34,751
So the wallet won't let you do that.

410
00:20:34,851 --> 00:20:35,831
That's the big trade-off.

411
00:20:35,831 --> 00:20:38,591
that's a dollar.

412
00:20:39,071 --> 00:20:41,111
So if you're doing a transaction over a dollar,

413
00:20:41,831 --> 00:20:42,731
that works really well.

414
00:20:45,311 --> 00:20:46,431
That's good UX too.

415
00:20:46,551 --> 00:20:48,031
Just like not let people do that.

416
00:20:48,911 --> 00:20:49,531
So they don't...

417
00:20:49,531 --> 00:20:50,331
And it's cool too,

418
00:20:50,451 --> 00:20:54,871
like how they show it in the wallet

419
00:20:54,871 --> 00:20:57,211
is so like you have one seed phrase

420
00:20:57,211 --> 00:20:58,171
that stores both

421
00:20:58,171 --> 00:20:59,451
or you can do a cloud backup

422
00:20:59,451 --> 00:21:02,291
and then you have a secure Bitcoin wallet

423
00:21:02,291 --> 00:21:04,091
and then you have an instant payments wallet.

424
00:21:04,271 --> 00:21:05,691
The secure Bitcoin is on chain.

425
00:21:05,831 --> 00:21:08,171
So you can swap to on-chain where you have a large amount

426
00:21:08,171 --> 00:21:09,751
and you don't want to be stuck in liquid.

427
00:21:10,911 --> 00:21:14,651
And then the instant payments is doing liquid with lightning swaps.

428
00:21:15,831 --> 00:21:18,531
And I think that's just a good way for people to think about it.

429
00:21:18,571 --> 00:21:20,871
It's like, okay, I got my instant payments

430
00:21:20,871 --> 00:21:23,551
and I got my secure payments, my secure savings.

431
00:21:24,651 --> 00:21:26,931
This is something that Zeus has been doing with Cashew,

432
00:21:27,291 --> 00:21:31,151
where they have self-custody lightning coupled with the Cashew wallet

433
00:21:31,151 --> 00:21:33,171
and the Cashew wallet is for smaller amounts.

434
00:21:33,971 --> 00:21:34,851
But just that framing.

435
00:21:35,351 --> 00:21:36,971
And so by the way, for Signal too,

436
00:21:37,071 --> 00:21:38,571
I think that could be interesting, right?

437
00:21:38,571 --> 00:21:40,231
Where you use cashier for small amounts

438
00:21:40,231 --> 00:21:43,151
and then you build in an on-chain wallet at the same time.

439
00:21:43,691 --> 00:21:46,171
I like the combination, right?

440
00:21:46,191 --> 00:21:48,711
Where you have the instant payments and secure Bitcoin.

441
00:21:48,951 --> 00:21:50,351
And I think that's how we should frame it

442
00:21:50,351 --> 00:21:52,651
because young people have no idea

443
00:21:52,651 --> 00:21:54,951
what the difference between a checking and savings account is.

444
00:21:54,991 --> 00:21:56,311
So that metaphor falls flat.

445
00:21:56,431 --> 00:21:58,851
But secure versus instant makes sense to me.

446
00:21:59,311 --> 00:22:01,391
Yeah, and I like that verbiage

447
00:22:01,391 --> 00:22:04,851
better than sending lightning on Bitcoin

448
00:22:04,851 --> 00:22:06,191
or sending on-chain Bitcoin.

449
00:22:06,971 --> 00:22:08,491
Just make it secure, instant.

450
00:22:10,111 --> 00:22:13,491
And if you go to the wallet.bullbitcoin.com website,

451
00:22:13,791 --> 00:22:18,191
it looks like on their sort of demo UI,

452
00:22:18,331 --> 00:22:19,891
they have Cold Card Q watch signer.

453
00:22:20,051 --> 00:22:23,791
So it looks like you can load up a hardware wallet expub

454
00:22:23,791 --> 00:22:24,591
and use it as a signer.

455
00:22:24,591 --> 00:22:24,731
Yeah.

456
00:22:25,771 --> 00:22:28,191
So their wallet works even better

457
00:22:28,191 --> 00:22:30,271
if you're in a country that supports bull Bitcoin

458
00:22:30,271 --> 00:22:37,251
because you can set it to automatically send your stacking,

459
00:22:37,671 --> 00:22:40,171
your DCA can automatically send to your wallet

460
00:22:40,171 --> 00:22:43,151
and then it can automatically,

461
00:22:43,291 --> 00:22:46,871
once it hits a certain amount, switch to a cold card,

462
00:22:47,311 --> 00:22:48,511
which is why they have that feature.

463
00:22:49,331 --> 00:22:53,091
So you can just be constantly getting these liquid payments

464
00:22:53,091 --> 00:22:55,131
and then once it hits a certain threshold,

465
00:22:55,131 --> 00:22:56,891
it just automatically goes to cold storage,

466
00:22:57,231 --> 00:22:59,971
all self-custody, which is pretty dope.

467
00:22:59,971 --> 00:23:02,291
UX. It's the Valhalla of UX.

468
00:23:03,751 --> 00:23:04,251
Full Bitcoin

469
00:23:04,251 --> 00:23:05,651
is not available in the US yet.

470
00:23:05,931 --> 00:23:07,991
Most of our listeners are in the US. I'm a proud

471
00:23:07,991 --> 00:23:09,971
American, so I've never been

472
00:23:09,971 --> 00:23:10,691
able to use it.

473
00:23:12,911 --> 00:23:13,951
That's pretty cool. I think

474
00:23:13,951 --> 00:23:14,691
that's a cool feature.

475
00:23:15,511 --> 00:23:17,991
It really is. Shout out to Francis

476
00:23:17,991 --> 00:23:19,971
and the team. We've said it many

477
00:23:19,971 --> 00:23:22,091
times throughout the years on this podcast.

478
00:23:23,211 --> 00:23:23,611
Underappreciated.

479
00:23:23,771 --> 00:23:25,971
Grinding for well over a decade now

480
00:23:25,971 --> 00:23:26,491
at this point.

481
00:23:28,051 --> 00:23:29,911
You know what I didn't realize?

482
00:23:29,971 --> 00:23:34,011
Francis posted

483
00:23:34,011 --> 00:23:36,091
a bit of

484
00:23:36,091 --> 00:23:38,231
history that I never knew

485
00:23:38,231 --> 00:23:40,151
which was Bull Bitcoin was originally

486
00:23:40,151 --> 00:23:41,951
called Bitcoin Outlet and they had

487
00:23:41,951 --> 00:23:44,211
the most basic WordPress

488
00:23:44,211 --> 00:23:46,291
branding and then Madex

489
00:23:46,291 --> 00:23:48,311
switched them to Bull Bitcoin and gave them the best

490
00:23:48,311 --> 00:23:50,291
branding in the space. I knew Madex was

491
00:23:50,291 --> 00:23:52,011
heavily involved in the branding aspect

492
00:23:52,011 --> 00:23:54,291
but I didn't realize how bad it was before he

493
00:23:54,291 --> 00:23:56,431
joined. So also a huge

494
00:23:56,431 --> 00:23:57,291
shout out to Madex

495
00:23:57,291 --> 00:24:00,311
madex.art. Check them out.

496
00:24:01,231 --> 00:24:02,231
Great way to

497
00:24:02,231 --> 00:24:04,251
switch to a gold standard

498
00:24:04,251 --> 00:24:05,691
from a Bitcoin standard.

499
00:24:07,851 --> 00:24:09,311
Best artists in the space.

500
00:24:09,311 --> 00:24:10,311
If you need them.

501
00:24:14,151 --> 00:24:14,831
Shout out to everybody.

502
00:24:14,951 --> 00:24:16,491
I'm trying to think on the Bitcoin side,

503
00:24:16,571 --> 00:24:18,311
what happened this week. Obviously, the price is crashing.

504
00:24:18,971 --> 00:24:19,871
The price is crashing.

505
00:24:20,571 --> 00:24:21,451
I think it's...

506
00:24:21,451 --> 00:24:24,111
So we had the great apocalypse

507
00:24:24,111 --> 00:24:26,011
the day after last RHR.

508
00:24:26,011 --> 00:24:28,071
Do you have any thoughts on the great apocalypse?

509
00:24:28,651 --> 00:24:29,231
Oh, yeah.

510
00:24:31,571 --> 00:24:36,931
The insane flash crash where all the shit corners got liquidated?

511
00:24:37,851 --> 00:24:39,371
All the shit corners got liquidated.

512
00:24:39,491 --> 00:24:42,371
Some insiders made a lot of money.

513
00:24:43,271 --> 00:24:46,351
I mean, I think this goes back to, I saw a thread.

514
00:24:46,491 --> 00:24:50,891
I don't know if it was ever confirmed, but it seems plausible enough.

515
00:24:50,891 --> 00:24:52,711
back up

516
00:24:52,711 --> 00:24:55,211
almost exactly

517
00:24:55,211 --> 00:24:56,491
seven days ago, minus

518
00:24:56,491 --> 00:24:58,051
six hours or whatever.

519
00:24:59,451 --> 00:25:00,831
They waited until RHR ended.

520
00:25:01,631 --> 00:25:02,471
Yeah, they did.

521
00:25:03,311 --> 00:25:04,071
Prices around

522
00:25:04,071 --> 00:25:06,591
$117,000,

523
00:25:06,631 --> 00:25:09,011
$118,000, fell swiftly to

524
00:25:09,011 --> 00:25:11,031
$108,000, currently sitting at

525
00:25:11,031 --> 00:25:13,531
$105,604.

526
00:25:14,971 --> 00:25:17,031
I think we're still

527
00:25:17,031 --> 00:25:18,731
feeling ramifications of this, but

528
00:25:18,731 --> 00:25:20,051
Donald Trump came out.

529
00:25:20,891 --> 00:25:24,371
China's not cooperating. 100% tariffs on the rare earth metals.

530
00:25:24,891 --> 00:25:28,571
We don't like the way G's positioning. Markets absolutely tank.

531
00:25:29,471 --> 00:25:31,791
And Bitcoin and broader crypto markets tanked.

532
00:25:32,031 --> 00:25:35,911
The hardest. I believe, what was it?

533
00:25:35,951 --> 00:25:37,211
$19.5 billion.

534
00:25:37,451 --> 00:25:42,171
He waited until after the market closed on Friday. So we were the only thing traded.

535
00:25:44,091 --> 00:25:46,911
Yes. No, I thought it was...

536
00:25:46,911 --> 00:25:49,191
No, this started at like 9.30.

537
00:25:49,491 --> 00:25:51,751
No, it was post-market close on Friday.

538
00:25:52,531 --> 00:25:52,991
Was it post-market?

539
00:25:52,991 --> 00:25:53,851
Check is Truth Social.

540
00:25:54,531 --> 00:25:55,751
Yeah, scroll through all the ads,

541
00:25:55,831 --> 00:25:57,311
they added to Truth Social and checked.

542
00:25:57,571 --> 00:26:00,191
But it was right after markets closed on Friday.

543
00:26:00,611 --> 00:26:01,571
We were the only things trading.

544
00:26:02,491 --> 00:26:04,151
So maybe why we fell so hard.

545
00:26:04,151 --> 00:26:08,591
But there were some trades positioned earlier in the morning.

546
00:26:08,691 --> 00:26:09,351
That's what I'm referencing.

547
00:26:10,051 --> 00:26:12,511
People put on heavy shorts in the morning.

548
00:26:12,591 --> 00:26:14,651
The price started falling a little bit throughout the day.

549
00:26:14,831 --> 00:26:18,271
Yeah, and some of the DEXs where we could see the trades, right?

550
00:26:18,271 --> 00:26:20,691
The centralized exchanges, you can't see the trades,

551
00:26:20,831 --> 00:26:22,891
but I guess the big one is Hyperliquid.

552
00:26:22,971 --> 00:26:24,671
Is that on Solana or some shit?

553
00:26:25,331 --> 00:26:28,411
But it's a DEX, and you can see the trades,

554
00:26:28,511 --> 00:26:30,111
and someone took a huge fucking short

555
00:26:30,111 --> 00:26:33,091
30 minutes before the Truth Social post went up.

556
00:26:33,751 --> 00:26:33,911
Yeah.

557
00:26:34,291 --> 00:26:37,131
Ed is listening.

558
00:26:37,491 --> 00:26:40,191
Shout out to Ed, who's at the Canadian Bitcoin conference right now.

559
00:26:40,291 --> 00:26:41,431
He's saying markets were open.

560
00:26:42,631 --> 00:26:43,711
What time was it?

561
00:26:44,571 --> 00:26:46,051
Ed, what time was it?

562
00:26:46,051 --> 00:26:49,071
And he also says we cannot be live at the same time as Becky Quick.

563
00:26:49,191 --> 00:26:50,071
We can't take her views.

564
00:26:50,291 --> 00:26:50,631
But Becky.

565
00:26:50,871 --> 00:26:51,351
Was there?

566
00:26:53,531 --> 00:26:56,291
Becky, if Becky supports open stats, we won't do it again.

567
00:26:58,331 --> 00:26:59,031
Becky Quick.

568
00:27:00,311 --> 00:27:03,071
What time was it?

569
00:27:03,171 --> 00:27:05,991
If it was a half an hour before it closed, then it's just semantics.

570
00:27:06,111 --> 00:27:07,411
It was around 10 or 11 a.m.

571
00:27:07,751 --> 00:27:08,311
I knew it was.

572
00:27:08,471 --> 00:27:09,211
I don't think so.

573
00:27:10,251 --> 00:27:10,991
I don't think so.

574
00:27:12,071 --> 00:27:12,871
Okay, I'm going to check.

575
00:27:13,531 --> 00:27:14,091
You check.

576
00:27:14,191 --> 00:27:14,751
I don't even know.

577
00:27:14,751 --> 00:27:17,491
I have to check his actual fucking website, right?

578
00:27:17,531 --> 00:27:20,231
Because I can't search when did Donald Trump tank the market.

579
00:27:24,391 --> 00:27:26,071
Regardless of when it happens, the dynamic.

580
00:27:26,311 --> 00:27:27,771
I guess I could check the Bitcoin price.

581
00:27:28,491 --> 00:27:31,091
Bitcoin crypto trades 24-7, 365.

582
00:27:32,771 --> 00:27:38,791
The effects of that tariff post were felt very acutely

583
00:27:38,791 --> 00:27:41,511
in the Bitcoin and broader crypto markets,

584
00:27:41,511 --> 00:27:42,911
more acutely in the crypto markets.

585
00:27:42,911 --> 00:27:44,611
reportedly

586
00:27:44,611 --> 00:27:47,131
$19.5 billion of

587
00:27:47,131 --> 00:27:49,631
leverage longs were taken out

588
00:27:49,631 --> 00:27:50,511
in

589
00:27:50,511 --> 00:27:52,491
probably more than that

590
00:27:52,491 --> 00:27:54,291
well that's what I was going to say

591
00:27:54,291 --> 00:27:56,851
reportedly $19.5 billion was the number

592
00:27:56,851 --> 00:27:58,451
that people were

593
00:27:58,451 --> 00:28:00,891
you see Boomtown

594
00:28:00,891 --> 00:28:02,951
you see Boomtown in the YouTube chat

595
00:28:02,951 --> 00:28:05,031
the announcement of 100% tariffs

596
00:28:05,031 --> 00:28:07,331
on China was 4pm Eastern time

597
00:28:07,331 --> 00:28:09,311
his post

598
00:28:09,311 --> 00:28:10,931
he had a post about China a little bit

599
00:28:10,931 --> 00:28:12,671
he had earlier than that in the day

600
00:28:12,671 --> 00:28:17,331
but the 100% tariffs was the one that really dropped us off the cliff.

601
00:28:17,871 --> 00:28:20,131
Like all the cross liquidations and shit happened.

602
00:28:21,311 --> 00:28:22,471
That's 4 p.m. Eastern time.

603
00:28:22,551 --> 00:28:25,491
That's literally close the markets.

604
00:28:25,571 --> 00:28:25,731
Yeah.

605
00:28:27,691 --> 00:28:30,431
So crypto markets fell.

606
00:28:31,411 --> 00:28:34,051
19.5 billion publicly stated,

607
00:28:34,251 --> 00:28:36,371
but many are surmising that it was much bigger than that.

608
00:28:36,951 --> 00:28:38,631
Finance's API went down.

609
00:28:39,631 --> 00:28:41,451
They were offline for 30 minutes,

610
00:28:41,451 --> 00:28:42,591
Coinbase was offline.

611
00:28:42,751 --> 00:28:43,571
33 minutes.

612
00:28:45,991 --> 00:28:48,271
And just chaos.

613
00:28:49,271 --> 00:28:50,511
Highlighted a few things.

614
00:28:51,571 --> 00:28:53,851
Number one, if you're going to make an announcement,

615
00:28:53,991 --> 00:28:55,911
write a market close, what markets can you trade?

616
00:28:56,531 --> 00:28:58,331
Bitcoin and crypto, they're going to react first.

617
00:28:58,671 --> 00:29:02,391
Number two, shitcoins are completely illiquid,

618
00:29:02,491 --> 00:29:06,491
being propped up by, for lack of a better term,

619
00:29:06,491 --> 00:29:14,991
insiders trying to basically position these things as legitimate when in reality their

620
00:29:14,991 --> 00:29:23,171
liquidity is extremely thin. And we saw that on Friday. I believe some of them were down 80

621
00:29:23,171 --> 00:29:31,351
to 90% within minutes. Many people got completely wiped out. I believe there was

622
00:29:31,351 --> 00:29:33,971
the stat out there more than 1 million people

623
00:29:33,971 --> 00:29:36,111
trading on Hyperliquid

624
00:29:36,111 --> 00:29:37,271
and other DEXs like that

625
00:29:37,271 --> 00:29:39,371
got completely wiped out but

626
00:29:39,371 --> 00:29:41,551
Matt's shaking his head

627
00:29:41,551 --> 00:29:43,931
I mean bullish that there's

628
00:29:43,931 --> 00:29:46,051
a million people trading on Hyperliquid

629
00:29:46,051 --> 00:29:47,931
I don't think there's that many people but okay

630
00:29:47,931 --> 00:29:50,091
many people

631
00:29:50,091 --> 00:29:51,711
many people are saying many people

632
00:29:51,711 --> 00:29:53,791
so I guess

633
00:29:53,791 --> 00:29:55,991
a lot of people had like cross margin

634
00:29:55,991 --> 00:29:57,211
right where they were like

635
00:29:57,211 --> 00:29:59,791
they got liquid like the shit coins

636
00:29:59,791 --> 00:30:01,431
literally went to zero.

637
00:30:01,771 --> 00:30:03,311
They scam wick to zero.

638
00:30:03,951 --> 00:30:05,951
And then their Bitcoin and ETH positions

639
00:30:05,951 --> 00:30:07,811
got liquidated because that was

640
00:30:07,811 --> 00:30:10,091
part of their margin for the other...

641
00:30:10,091 --> 00:30:11,811
Once again, you should just stay on

642
00:30:11,811 --> 00:30:14,231
both tax odds. If you were just holding self-custody

643
00:30:14,231 --> 00:30:14,731
Bitcoin,

644
00:30:15,511 --> 00:30:17,851
it was a 10% drop,

645
00:30:17,931 --> 00:30:19,831
15% drop to prices we're

646
00:30:19,831 --> 00:30:20,451
seeing today.

647
00:30:21,371 --> 00:30:23,831
I would say I'm not surprised

648
00:30:23,831 --> 00:30:25,791
we're seeing the prices we're seeing today because a lot

649
00:30:25,791 --> 00:30:27,291
of people got absolutely wrecked.

650
00:30:27,971 --> 00:30:29,771
And the last thing they had left was Bitcoin

651
00:30:29,771 --> 00:30:31,551
that was self-custodied.

652
00:30:31,891 --> 00:30:33,611
So now they're selling their liquid asset.

653
00:30:33,891 --> 00:30:36,991
Now they're trying to cover the hole that they had.

654
00:30:37,711 --> 00:30:41,091
And so of course we're getting driven lower on that.

655
00:30:42,031 --> 00:30:43,391
It is what it is.

656
00:30:45,551 --> 00:30:48,111
DGENs use Bitcoin as a store of value as well.

657
00:30:48,671 --> 00:30:51,231
So when they need liquidity, they sell Bitcoin

658
00:30:51,231 --> 00:31:01,763
because everything else is worthless and they can sell it Yeah So we down on 105 approaching 106 right now

659
00:31:01,763 --> 00:31:02,083
Oh, nice.

660
00:31:02,503 --> 00:31:04,583
We got Karner in the chat, in the YouTube chat.

661
00:31:04,743 --> 00:31:06,343
Hyperliquid is a custom L2.

662
00:31:06,503 --> 00:31:07,443
It's not on Solana.

663
00:31:07,663 --> 00:31:09,023
Whatever the fuck that means.

664
00:31:09,203 --> 00:31:09,723
I don't know.

665
00:31:09,843 --> 00:31:12,863
But it's the most popular DEX right now, I think.

666
00:31:13,403 --> 00:31:15,203
I keep seeing people talk about it.

667
00:31:16,163 --> 00:31:16,463
Yeah.

668
00:31:16,463 --> 00:31:19,643
And Trading Tool Crypto saying unified trading account on Binance.

669
00:31:19,643 --> 00:31:21,303
were forced liquidated because of

670
00:31:21,303 --> 00:31:23,743
USDE Oracle pricing.

671
00:31:23,963 --> 00:31:25,403
So there's some problem with

672
00:31:25,403 --> 00:31:27,683
Binance's Oracle. They've come out

673
00:31:27,683 --> 00:31:28,923
since and they've issued

674
00:31:28,923 --> 00:31:31,523
how would you call this?

675
00:31:31,723 --> 00:31:33,303
What would you call it? They've issued

676
00:31:33,303 --> 00:31:34,083
reparations.

677
00:31:35,363 --> 00:31:35,843
Reparations.

678
00:31:36,583 --> 00:31:38,443
The traders on their platform.

679
00:31:39,523 --> 00:31:40,143
Literally nothing.

680
00:31:40,463 --> 00:31:42,963
There was no problem. Then people are like, there was obviously a problem.

681
00:31:43,103 --> 00:31:44,003
They're like, okay, here's 300.

682
00:31:44,003 --> 00:31:46,303
Did you see the

683
00:31:46,303 --> 00:31:49,223
one DeFi protocol was giving people

684
00:31:49,223 --> 00:31:51,543
$5 KFC gift cards.

685
00:31:52,343 --> 00:31:53,403
I did not see that.

686
00:31:54,363 --> 00:31:56,323
I forget what the name of the protocol was,

687
00:31:56,403 --> 00:31:57,603
but are you fucking kidding me?

688
00:31:57,723 --> 00:31:59,043
You lose your life savings?

689
00:31:59,183 --> 00:32:01,143
Well, first of all, it's kind of your fault

690
00:32:01,143 --> 00:32:02,683
that you lost your life savings.

691
00:32:02,983 --> 00:32:05,683
But then you give them a $5 KFC gift card.

692
00:32:06,143 --> 00:32:07,723
It's like the biggest slap in the face.

693
00:32:09,543 --> 00:32:11,703
Yeah, Binance, on the Bitcoin side,

694
00:32:11,703 --> 00:32:13,923
I think what was relevant is Ellen Markets

695
00:32:13,923 --> 00:32:17,423
apparently is very heavily dependent on Binance.

696
00:32:17,423 --> 00:32:19,923
So Ellen Markets was down for 33 minutes.

697
00:32:20,903 --> 00:32:22,783
And I don't know if you saw the tweet they sent out.

698
00:32:23,143 --> 00:32:26,643
Logan, if you go to their Twitter...

699
00:32:26,643 --> 00:32:27,203
I got it.

700
00:32:29,023 --> 00:32:32,983
The tweet they sent out was morbid as fuck.

701
00:32:33,283 --> 00:32:37,223
I wouldn't be surprised if people just got absolutely wrecked on Ellen Markets.

702
00:32:39,603 --> 00:32:41,423
But yeah, this is like...

703
00:32:41,983 --> 00:32:45,943
We didn't come up with Stay Humble Stack Sats on our own.

704
00:32:45,943 --> 00:32:51,243
What happened was we weren't humble and we got wrecked over and over again.

705
00:32:51,743 --> 00:32:54,523
And that's where the lifestyle comes from.

706
00:32:55,403 --> 00:32:56,743
Bitcoin is a game of survival.

707
00:32:57,403 --> 00:32:58,963
You either stay humble or you get humbled.

708
00:32:59,403 --> 00:33:00,783
That's the rules of the game.

709
00:33:02,043 --> 00:33:03,803
We've got the Dago Hobbler.

710
00:33:03,983 --> 00:33:04,783
Shout out from Delco.

711
00:33:05,043 --> 00:33:07,383
Shout out to all the Delco people in the room.

712
00:33:07,463 --> 00:33:08,183
That's where I'm from.

713
00:33:08,423 --> 00:33:10,323
Logan, click in on the quoted tweet.

714
00:33:11,223 --> 00:33:13,083
Dear Ellen Market users,

715
00:33:13,083 --> 00:33:15,643
we're seeing all your messages and concerns and the support it.

716
00:33:15,943 --> 00:33:18,283
regarding the liquidations that occurred on October 10th.

717
00:33:18,323 --> 00:33:20,203
We will do our best to address them.

718
00:33:20,303 --> 00:33:21,683
We need some time for this.

719
00:33:21,763 --> 00:33:23,023
You will hear about it this week.

720
00:33:23,743 --> 00:33:25,583
The problem was that Binance crashed

721
00:33:25,583 --> 00:33:29,383
and it affected our services during 3 minutes and 30 seconds

722
00:33:29,383 --> 00:33:31,303
in total between...

723
00:33:31,303 --> 00:33:32,303
No, 30 minutes.

724
00:33:32,903 --> 00:33:33,923
33 minutes.

725
00:33:35,443 --> 00:33:36,463
They said it weird.

726
00:33:36,563 --> 00:33:38,203
They said 30 minutes and 3 minutes,

727
00:33:38,363 --> 00:33:40,203
which is fucking 33 minutes.

728
00:33:40,663 --> 00:33:42,943
33 minutes between

729
00:33:42,943 --> 00:33:47,943
8.57 and 11.20 UTC.

730
00:33:48,923 --> 00:33:52,643
On October 10th, we did our best to resolve the situation ASAP.

731
00:33:52,763 --> 00:33:54,043
We were pretending to do so best.

732
00:33:54,403 --> 00:33:59,963
And if you go out of the quote tweet, they have a longer sort of explanation,

733
00:34:00,143 --> 00:34:01,783
which I'm not going to read on air, but yeah.

734
00:34:03,603 --> 00:34:07,283
Trusted third parties are security holes, not only in your custody model,

735
00:34:07,283 --> 00:34:08,683
but dependencies.

736
00:34:09,823 --> 00:34:12,203
If you're building a company, it's something you have to be aware of.

737
00:34:12,203 --> 00:34:15,483
I think learn a hard lesson.

738
00:34:15,743 --> 00:34:17,102
That's the thing, trading on leverage.

739
00:34:17,323 --> 00:34:19,263
To your point, Matt, stay humble, stack sats.

740
00:34:19,863 --> 00:34:21,102
Everybody's feeling happy.

741
00:34:21,363 --> 00:34:24,403
Everybody thought, like, hey, fall rip.

742
00:34:24,602 --> 00:34:25,363
Uptober's here.

743
00:34:25,723 --> 00:34:26,443
Uptober's here.

744
00:34:26,543 --> 00:34:27,763
Get your lever longs on.

745
00:34:27,863 --> 00:34:28,743
We're going to Valhalla.

746
00:34:29,443 --> 00:34:36,063
And then Bitcoin does an incredible job of humbling anybody who thinks they know what's going to happen.

747
00:34:36,563 --> 00:34:37,843
Bitcoin loves to do this.

748
00:34:37,903 --> 00:34:40,203
It loves to catch people off sides.

749
00:34:40,203 --> 00:34:44,582
and ruin their lives if they're not being humble.

750
00:34:45,143 --> 00:34:46,783
That happened last week.

751
00:34:47,383 --> 00:34:49,523
And this gets to the question, is there manipulation?

752
00:34:50,243 --> 00:34:53,163
I saw people in the YouTube chat asking about it.

753
00:34:55,923 --> 00:34:58,403
Manipulation is a very loose term.

754
00:34:58,602 --> 00:35:01,683
If you're buying and selling, you are manipulating the order book to a certain way.

755
00:35:01,803 --> 00:35:06,323
So I don't like to think that manipulation is a good...

756
00:35:06,323 --> 00:35:09,363
I think manipulation is a hot house at the end of the day.

757
00:35:09,363 --> 00:35:20,263
Well, we, I mean, I think it was actually a really press pression episode last week because we were talking about insider trading on poly market.

758
00:35:20,743 --> 00:35:24,323
And the number one prediction market in the world is actually Bitcoin USD.

759
00:35:26,463 --> 00:35:31,082
And, and also, you know, to a lesser extent, all the other shitcoin markets, right?

760
00:35:31,082 --> 00:35:40,082
In practice, Bitcoin markets are the freest market we've ever seen in humanity.

761
00:35:40,643 --> 00:35:43,883
They trade 24-7, 365 on markets around the globe.

762
00:35:45,963 --> 00:35:49,503
And when you have free markets without regulation,

763
00:35:50,363 --> 00:35:52,683
I think there's real questions around,

764
00:35:53,063 --> 00:35:55,783
is insider trading really a thing or is it just something

765
00:35:55,783 --> 00:35:58,582
that gets traded into the price of Bitcoin?

766
00:35:59,023 --> 00:36:00,043
It's just what it is.

767
00:36:01,082 --> 00:36:10,923
You got to take away the bumpers and just realize that most of the time we're just putting Band-Aid on a pig when we're saying there's all these insider trading regulations.

768
00:36:11,563 --> 00:36:15,343
Now, if you have a fiduciary responsibility to shareholders, that's one thing.

769
00:36:16,923 --> 00:36:18,543
And fraud is another.

770
00:36:18,743 --> 00:36:19,703
Like fraud is a crime.

771
00:36:19,703 --> 00:36:23,403
but if you're pricing in knowledge

772
00:36:23,403 --> 00:36:25,623
that you have on a global

773
00:36:25,623 --> 00:36:26,683
liquid

774
00:36:26,683 --> 00:36:28,082
money

775
00:36:28,082 --> 00:36:31,703
is that really

776
00:36:31,703 --> 00:36:33,543
manipulation? Is that really insider trading?

777
00:36:33,763 --> 00:36:35,483
I would argue it isn't. I would argue

778
00:36:35,483 --> 00:36:36,763
that just doesn't even exist.

779
00:36:37,423 --> 00:36:39,582
It's just participants

780
00:36:39,582 --> 00:36:41,563
pricing in their knowledge on

781
00:36:41,563 --> 00:36:42,203
a free market.

782
00:36:43,463 --> 00:36:43,483
So

783
00:36:43,483 --> 00:36:47,683
sample stacks ass about it.

784
00:36:48,183 --> 00:36:49,623
Yeah. Well and that's

785
00:36:49,703 --> 00:36:54,723
I'm tying the knot in this whole Friday, October massacre,

786
00:36:54,883 --> 00:36:57,403
Friday, October 10th crypto massacre.

787
00:36:58,003 --> 00:37:00,463
I mean, it seems pretty clear that there's somebody

788
00:37:00,463 --> 00:37:03,883
within the Trump administration circle who got out

789
00:37:03,883 --> 00:37:07,983
and got word that the tariffs were coming

790
00:37:07,983 --> 00:37:10,602
and went and put a big leverage short on the market,

791
00:37:10,763 --> 00:37:12,343
made hundreds of millions of dollars.

792
00:37:13,023 --> 00:37:15,943
And I think people have traced it back to like a wallet

793
00:37:15,943 --> 00:37:17,483
associated with World Liberty Fi.

794
00:37:17,483 --> 00:37:19,623
And I want to bring this up to say like,

795
00:37:19,703 --> 00:37:21,582
Donald Trump, just get your sons in order.

796
00:37:23,203 --> 00:37:25,523
This is the biggest foot gun.

797
00:37:25,963 --> 00:37:29,763
I think this could come back to bite him in the ass if it comes out

798
00:37:29,763 --> 00:37:32,503
that World Liberty Five was a part of this

799
00:37:32,503 --> 00:37:37,983
or loosely associated with that big, profitable short.

800
00:37:38,803 --> 00:37:40,703
And it's just not a good look.

801
00:37:40,703 --> 00:37:43,263
I mean, look, I think in that situation,

802
00:37:43,743 --> 00:37:46,943
you're breaking your fiduciary responsibility

803
00:37:46,943 --> 00:37:48,623
as the President of the United States

804
00:37:48,623 --> 00:37:51,582
if insiders are trading something ahead of time.

805
00:37:51,883 --> 00:37:53,823
I think if you're a participant of the market, though,

806
00:37:54,343 --> 00:37:58,383
it really doesn't matter if someone did that two minutes before

807
00:37:58,383 --> 00:38:00,123
versus after the tweet went out.

808
00:38:00,123 --> 00:38:03,423
The market was going to crash in that direction regardless.

809
00:38:04,143 --> 00:38:07,783
I think hopefully we're getting to a place

810
00:38:07,783 --> 00:38:10,602
where a single individual can't crash global markets.

811
00:38:11,343 --> 00:38:14,843
That is insane that that even is a thing.

812
00:38:15,023 --> 00:38:17,223
I think as Bitcoin matures, I've become less of a thing.

813
00:38:18,623 --> 00:38:35,623
Um, but, but yeah, like I, I think like as the American people, like if it, if it does get traced back to the fact that the president's family was trading on information of a truth social post going out, that was obviously going to tank the market and they knew it.

814
00:38:35,623 --> 00:38:37,803
So that's why they shorted it in the first place.

815
00:38:38,443 --> 00:38:40,463
Um, there should be repercussions on that side.

816
00:38:40,903 --> 00:38:48,243
Um, but, but also like if, if you have free markets, like you're not going to be able to stop that.

817
00:38:48,243 --> 00:38:56,963
You can have repercussions after the fact due to certain fiduciary responsibilities, but you're never going to be able to stop it preemptively.

818
00:38:57,843 --> 00:38:59,123
This is a brave new world.

819
00:38:59,123 --> 00:39:15,463
And to be frank, it's better for humanity that we exist in this proper free market world than a couple corrupt gatekeepers pretending like the system is fair and equitable.

820
00:39:16,363 --> 00:39:20,723
Free markets are the most fair and equitable thing because you don't have any gatekeepers.

821
00:39:20,863 --> 00:39:24,703
You don't have anyone who can stop you from trading at will whenever you want.

822
00:39:25,663 --> 00:39:25,823
Yeah.

823
00:39:26,483 --> 00:39:31,243
To your point, though, I tweeted this out earlier this week.

824
00:39:31,343 --> 00:39:32,063
Love them or hate them.

825
00:39:32,183 --> 00:39:34,923
You have to admit that Trump's influence on global markets is unprecedented.

826
00:39:35,423 --> 00:39:37,423
The scale of his influence is insane.

827
00:39:37,543 --> 00:39:39,403
The last 72 hours made that abundantly clear.

828
00:39:39,843 --> 00:39:42,143
Not ideal, but undeniably impressive.

829
00:39:42,143 --> 00:39:45,023
I sent that out Sunday night when he flip-flopped and said,

830
00:39:45,223 --> 00:39:46,843
hey, Xi had a bad day.

831
00:39:47,503 --> 00:39:48,743
We're getting back to the table.

832
00:39:49,403 --> 00:39:50,723
All systems are go again.

833
00:39:51,423 --> 00:39:54,863
Well, he waited until right before markets were going to open again.

834
00:39:55,703 --> 00:39:55,923
Yeah.

835
00:39:57,403 --> 00:39:58,943
I mean, it's become very predictable.

836
00:39:59,243 --> 00:40:02,363
You do something, market close Friday, and then Sunday you come out.

837
00:40:02,743 --> 00:40:03,563
It's called the taco.

838
00:40:03,923 --> 00:40:07,943
Trump always cops out or chickens out.

839
00:40:08,443 --> 00:40:09,643
Trump always chickens out.

840
00:40:09,643 --> 00:40:13,203
So that's a taco moment we had last week.

841
00:40:13,383 --> 00:40:15,483
But things have progressed.

842
00:40:15,623 --> 00:40:21,803
It seems like they've spread beyond Bitcoin and crypto markets.

843
00:40:21,943 --> 00:40:26,123
Logan, if you would pull up the newsletter, I mean, that was the big discussion yesterday.

844
00:40:26,203 --> 00:40:27,983
Obviously, the price of gold, we haven't mentioned it yet.

845
00:40:28,063 --> 00:40:32,143
We've alluded to it, but the price of gold has been screaming this week.

846
00:40:32,143 --> 00:40:35,623
It's actually coming down from its run right now.

847
00:40:35,623 --> 00:40:38,943
But it reached, let me see here.

848
00:40:39,643 --> 00:40:44,623
It hit $4,350, $60 at some point.

849
00:40:45,123 --> 00:40:48,283
Late last night, currently sitting at $4,308.

850
00:40:48,783 --> 00:40:50,463
It's on this generational run.

851
00:40:50,543 --> 00:40:51,883
If you zoom out, look at the chart.

852
00:40:52,383 --> 00:40:53,143
Over 50 years.

853
00:40:53,143 --> 00:40:58,983
I think we're still outperforming them over a year basis, over a two-year basis.

854
00:40:59,683 --> 00:41:00,783
I don't think on a year.

855
00:41:01,843 --> 00:41:04,503
I think we are not year to date, but we are on a year.

856
00:41:06,543 --> 00:41:07,023
61%.

857
00:41:07,023 --> 00:41:07,943
Let me add a bit quick.

858
00:41:07,943 --> 00:41:09,843
I set up a trading view account.

859
00:41:09,943 --> 00:41:11,003
I'm addicted to it now.

860
00:41:11,663 --> 00:41:13,723
No, so Wicked posted this on Nostra.

861
00:41:13,843 --> 00:41:15,763
One year, we're up 81%,

862
00:41:15,763 --> 00:41:17,963
and gold is up 52%.

863
00:41:17,963 --> 00:41:20,023
That was four days ago, but still

864
00:41:20,023 --> 00:41:22,263
they haven't caught up in the meantime.

865
00:41:22,983 --> 00:41:24,123
As of right now,

866
00:41:24,203 --> 00:41:26,023
gold's up 60.27%.

867
00:41:26,023 --> 00:41:28,023
Bitcoin's only up 56.87%.

868
00:41:28,683 --> 00:41:30,003
So they've crossed that.

869
00:41:30,003 --> 00:41:30,623
On the one year?

870
00:41:31,303 --> 00:41:32,043
Yeah, on the one year.

871
00:41:32,423 --> 00:41:33,063
On the one year?

872
00:41:33,783 --> 00:41:34,023
Yeah.

873
00:41:34,823 --> 00:41:36,663
Okay, well, anyway, we're neck and neck with them.

874
00:41:36,663 --> 00:41:42,183
Like everyone, like it was always a long game.

875
00:41:42,183 --> 00:41:46,123
And the fact that the fact that gold market cap is up so much,

876
00:41:46,903 --> 00:41:48,543
like if we were to,

877
00:41:48,663 --> 00:41:51,703
if we were to make up what gold has done over the last year,

878
00:41:51,723 --> 00:41:53,143
it's like a five X on Bitcoin.

879
00:41:54,163 --> 00:41:58,183
So I think the future is bright jokes aside.

880
00:41:58,183 --> 00:42:01,723
Like now would probably be the worst time for you to convert your Bitcoin

881
00:42:01,723 --> 00:42:02,323
into gold.

882
00:42:03,582 --> 00:42:05,363
Unless it's made X, go to made X.

883
00:42:05,363 --> 00:42:07,503
out art to convert

884
00:42:07,503 --> 00:42:09,283
into a nice gold chain

885
00:42:09,283 --> 00:42:10,283
for gold.

886
00:42:10,683 --> 00:42:13,243
Joe Contori tweeted this out yesterday. Gold has

887
00:42:13,243 --> 00:42:15,323
added 1.76 Bitcoin market

888
00:42:15,323 --> 00:42:17,363
caps in the past four weeks, which

889
00:42:17,363 --> 00:42:18,383
is pretty crazy to think.

890
00:42:19,102 --> 00:42:20,703
And this gets to...

891
00:42:20,703 --> 00:42:22,043
200,000 Bitcoin.

892
00:42:23,263 --> 00:42:24,102
Yeah, and I wrote

893
00:42:24,102 --> 00:42:27,143
a newsletter about this and a tweet

894
00:42:27,143 --> 00:42:29,143
about and a note on Noster about this

895
00:42:29,143 --> 00:42:31,123
last night. People are like, why isn't Bitcoin pumping?

896
00:42:32,082 --> 00:42:32,582
I'm going to call it...

897
00:42:32,582 --> 00:42:34,303
You're not on X anymore.

898
00:42:34,303 --> 00:42:41,143
but a whale panda who allegedly years whale panda's new name is it's whale pussy it's on a

899
00:42:41,143 --> 00:42:46,843
whale pussy from now on because he's the most butthurt like person i've ever seen particularly

900
00:42:46,843 --> 00:42:50,663
about bitcoin in relation to gold like it's not it's like like you just said they're neck and neck

901
00:42:50,663 --> 00:42:55,303
over the last year over the last five years if you zoom out even further bitcoin's up like 600

902
00:42:55,303 --> 00:43:02,643
gold's up 130 bitcoin's doing fine and as it pertains to what's happening with gold i had

903
00:43:02,643 --> 00:43:07,383
Vince Lancey on, I think I mentioned this last week when we were recording RHR, but that episode

904
00:43:07,383 --> 00:43:13,663
dropped on Monday. And I think his explanation of what the thesis about what's happening is pretty

905
00:43:13,663 --> 00:43:20,803
compelling in the sense of like China and the BRICS nations for 15 years been preparing to create an

906
00:43:20,803 --> 00:43:27,183
alternative settlement network to SWIFT. And Vince said, particularly post 2008 with the bailouts,

907
00:43:27,183 --> 00:43:32,523
apparently China came to the US and said, hey, we're not comfortable with these bailouts we own.

908
00:43:32,643 --> 00:43:39,443
a huge amount of U.S. treasuries and the fact that you're printing this money and bailing out banks

909
00:43:39,443 --> 00:43:44,523
and stuffing the money with liquidity doesn't make us comfortable as treasury holders. And

910
00:43:44,523 --> 00:43:49,623
Vince said, like, from that moment on, China started looking for alternatives. And if you

911
00:43:49,623 --> 00:43:54,463
look at the charts of China's central bank gold accumulation, it really picked up in 2010.

912
00:43:54,463 --> 00:43:59,003
And so they've been accumulating gold for 2010. We talked about it about a month ago,

913
00:43:59,003 --> 00:44:05,343
the gold on warrant at the Shanghai gold exchange has increased exponentially over the last six

914
00:44:05,343 --> 00:44:11,602
months. And that's a signal that like, hey, we're going to use the gold for settlement. And I think

915
00:44:11,602 --> 00:44:17,163
post 2022 with the freezing of the Russian treasury assets, other brick nations are like, okay,

916
00:44:17,643 --> 00:44:22,163
we get what you've been saying, China. Maybe we should look at these alternatives. And so it seems

917
00:44:22,163 --> 00:44:24,263
pretty clear, at least

918
00:44:24,263 --> 00:44:24,983
the most

919
00:44:24,983 --> 00:44:28,203
thesis with the most teeth is

920
00:44:28,203 --> 00:44:29,823
that China and BRICS nations

921
00:44:29,823 --> 00:44:31,683
are setting up this

922
00:44:31,683 --> 00:44:34,483
alternative settlement network using gold

923
00:44:34,483 --> 00:44:35,723
and trading yuan.

924
00:44:36,663 --> 00:44:38,563
China buys oil from Saudi Arabia.

925
00:44:39,323 --> 00:44:40,383
They pay in yuan.

926
00:44:40,863 --> 00:44:42,023
Saudi Arabia takes that yuan,

927
00:44:42,283 --> 00:44:44,423
immediately converts it to gold, brings it back.

928
00:44:44,543 --> 00:44:45,783
They've set up this vault network

929
00:44:45,783 --> 00:44:47,823
across the BRIC nations as well.

930
00:44:48,783 --> 00:44:50,343
And many people are saying,

931
00:44:50,463 --> 00:44:52,143
why isn't it Bitcoin? Why isn't it Bitcoin? Well, it's like,

932
00:44:52,163 --> 00:44:54,903
because Bitcoin doesn't have the liquidity profile to support all this.

933
00:44:55,063 --> 00:44:58,863
So it would make sense that these countries would fall back to gold.

934
00:44:58,983 --> 00:45:01,023
It's now $30 trillion market cap.

935
00:45:01,463 --> 00:45:02,443
If you want to settle these big trades.

936
00:45:02,443 --> 00:45:03,063
Gold is lindy.

937
00:45:03,983 --> 00:45:04,743
Very lindy.

938
00:45:05,183 --> 00:45:06,363
People are familiar with it.

939
00:45:06,503 --> 00:45:07,963
They've already got a bunch of it.

940
00:45:08,783 --> 00:45:11,403
And so I think let gold have its moment.

941
00:45:11,523 --> 00:45:12,643
Let our gold bugs have a moment.

942
00:45:12,643 --> 00:45:16,763
We're philosophically aligned on sound money.

943
00:45:17,163 --> 00:45:19,923
But the point is, Bitcoin, it's liquidity profile.

944
00:45:20,123 --> 00:45:21,483
I support it for that.

945
00:45:21,483 --> 00:45:23,943
The countries are not going to buy into it.

946
00:45:24,582 --> 00:45:27,023
And I think this is what's happening right now.

947
00:45:27,463 --> 00:45:29,483
China is basically saying we have this settlement network

948
00:45:29,483 --> 00:45:33,082
and they're forcing every other country to get in a bid up the price of gold.

949
00:45:33,683 --> 00:45:34,523
How long will it last?

950
00:45:34,903 --> 00:45:35,303
I don't know.

951
00:45:36,343 --> 00:45:37,602
Gold is a shitcoin.

952
00:45:39,582 --> 00:45:46,143
It's the best shitcoin compared to everything else out there besides Bitcoin.

953
00:45:46,143 --> 00:45:48,082
It's going to take years.

954
00:45:48,243 --> 00:45:50,582
It's going to take decades for Bitcoin to eat away.

955
00:45:50,582 --> 00:45:53,203
at gold's first mover advantage.

956
00:45:53,423 --> 00:45:55,443
It's been moving for thousands of years.

957
00:45:56,423 --> 00:45:57,663
We will get there.

958
00:45:58,323 --> 00:46:00,983
I think Bitcoin will continue to outperform gold

959
00:46:00,983 --> 00:46:03,963
on any time scale that really matters.

960
00:46:04,283 --> 00:46:06,903
Two years, five years, 10 years, 20 years,

961
00:46:07,163 --> 00:46:08,063
Bitcoin's going to outperform.

962
00:46:08,883 --> 00:46:13,363
I think people complaining about Bitcoin

963
00:46:13,363 --> 00:46:14,703
not having upward momentum

964
00:46:14,703 --> 00:46:16,383
while we're sitting over 100K

965
00:46:16,383 --> 00:46:18,163
in basically a silent depression.

966
00:46:20,582 --> 00:46:31,294
should find some perspective Bitcoin is doing fucking great We in a really solid position As Marty said stop being a pussy

967
00:46:31,814 --> 00:46:34,554
I see SoapMiner, Zap does 21,000 sats.

968
00:46:34,734 --> 00:46:37,694
I will say the Noster homies

969
00:46:37,694 --> 00:46:39,594
and the ride or die chat

970
00:46:39,594 --> 00:46:42,314
seem to be less Zap friendly in the mornings.

971
00:46:42,814 --> 00:46:46,014
They zap more in afternoons, I guess.

972
00:46:46,414 --> 00:46:49,654
You know, they're just too tired to send zaps.

973
00:46:49,654 --> 00:46:51,554
was Soap Miner's app, 21,000 sacks.

974
00:46:51,614 --> 00:46:52,594
He said, poured a cup of coffee,

975
00:46:52,734 --> 00:46:53,774
found out that you're all wrong.

976
00:46:53,914 --> 00:46:54,374
Good morning.

977
00:46:55,054 --> 00:46:56,714
And he also asked why I'm drinking beer

978
00:46:56,714 --> 00:46:57,494
at eight in the morning.

979
00:46:58,374 --> 00:47:00,454
You know, there's not only one time zone in the world.

980
00:47:00,614 --> 00:47:03,074
I'm sitting in a bar in Switzerland

981
00:47:03,074 --> 00:47:07,714
because our HR must always happen every week

982
00:47:07,714 --> 00:47:09,054
and we're here for you guys.

983
00:47:09,634 --> 00:47:10,994
So even when I'm jet lagged,

984
00:47:11,054 --> 00:47:11,894
even when I'm traveling,

985
00:47:12,874 --> 00:47:15,694
even before Marty's parent-teacher conference,

986
00:47:15,874 --> 00:47:17,554
we make sure the show must go on

987
00:47:17,554 --> 00:47:18,314
and we're here for you.

988
00:47:18,854 --> 00:47:19,514
It does.

989
00:47:19,654 --> 00:47:24,414
With that, we've got a few other zaps, Sven, Zap, 21,000 sats.

990
00:47:24,514 --> 00:47:28,054
The price drop clearly shows that your freedom is your responsibility,

991
00:47:28,294 --> 00:47:29,114
not anyone else's.

992
00:47:29,194 --> 00:47:30,574
For all you German folks out there,

993
00:47:30,654 --> 00:47:34,174
check out my podcast about taking responsibility for your own life.

994
00:47:34,254 --> 00:47:40,114
Search on dein Wernthuhrtung on your favorite podcast app.

995
00:47:40,194 --> 00:47:41,214
Stay humble, stack sats.

996
00:47:41,274 --> 00:47:42,474
For all you German folks out there,

997
00:47:42,554 --> 00:47:46,154
check out my podcast about taking responsibility for your own life.

998
00:47:46,154 --> 00:47:48,934
Search dein Wernthuhrtung on your favorite podcast.

999
00:47:49,654 --> 00:47:57,854
baron on your favorite podcast up yes stay humble stack sats and then we had one up above from lake

1000
00:47:57,854 --> 00:48:03,414
surfer check out foise on nostril for chicago meetup on sunday october 19th we read that out

1001
00:48:03,414 --> 00:48:08,654
before we forget let's just get the fountain boost and i want to wrap up with what's going on

1002
00:48:08,654 --> 00:48:13,454
in the banking world here in the united states because i think it's important to bring up

1003
00:48:13,454 --> 00:48:21,614
For context, because it looks like we are approaching another liquidity crunch in the banking system.

1004
00:48:21,814 --> 00:48:28,114
If we go back last week, one boost over 21,000 sats.

1005
00:48:28,434 --> 00:48:29,934
Stimmy, 21,000 sats.

1006
00:48:30,054 --> 00:48:36,134
Governments are literally willing to incinerate the entire planet by continuing to stockpile nuclear weapons.

1007
00:48:36,134 --> 00:48:44,414
And Silicon Valley tech bros think they'll just let market forces and AI casually deflate the Fiat Ponzi on which it all rests?

1008
00:48:45,574 --> 00:48:47,434
Good point. Good point.

1009
00:48:49,254 --> 00:48:53,814
And Oscar, Mary, I'm just going to read his because it's interesting.

1010
00:48:53,994 --> 00:49:00,254
And he's the founder of Fountain and has helped us out by setting up our hosting on Fountain.

1011
00:49:00,414 --> 00:49:01,954
If you're a podcaster and want to host, host on Fountain.

1012
00:49:01,954 --> 00:49:05,214
Very interesting discussion on the dynamics of prediction markets slash polymarket.

1013
00:49:05,214 --> 00:49:06,914
hadn't heard this perspective before.

1014
00:49:08,234 --> 00:49:09,094
Inside trading.

1015
00:49:09,254 --> 00:49:09,494
Love it.

1016
00:49:09,494 --> 00:49:10,094
It's good for the market.

1017
00:49:11,094 --> 00:49:14,554
It's something that I've been fascinated with for a while.

1018
00:49:16,014 --> 00:49:17,574
And it's cool to see prediction markets

1019
00:49:17,574 --> 00:49:20,954
finally having their day and becoming mainstream.

1020
00:49:21,314 --> 00:49:22,474
I'm very excited about it.

1021
00:49:24,014 --> 00:49:25,814
It's important to say humble, Stacksats,

1022
00:49:25,894 --> 00:49:29,034
but I also enjoy a little degeneracy

1023
00:49:29,034 --> 00:49:32,854
betting on outcomes in the world with Freedom Money.

1024
00:49:32,854 --> 00:49:34,974
I think it's fucking awesome.

1025
00:49:35,214 --> 00:49:37,474
and the best way to stay up to date.

1026
00:49:37,594 --> 00:49:39,654
I see the commoners app does 21,000 sets.

1027
00:49:40,074 --> 00:49:43,194
He says stay humble stack sets as always the easiest way to participate in

1028
00:49:43,194 --> 00:49:47,854
our Nostra enabled live stream is by downloading the Primal app in your

1029
00:49:47,854 --> 00:49:51,814
favorite app store or going to primal.net on web.

1030
00:49:52,094 --> 00:49:56,294
I will say we have a lot of big updates coming on Primal and I'm very excited

1031
00:49:56,294 --> 00:49:56,654
about.

1032
00:49:57,314 --> 00:50:02,354
But one that we weren't able to ship before this episode is a big update to

1033
00:50:02,354 --> 00:50:03,294
the streaming client.

1034
00:50:03,834 --> 00:50:04,834
A lot of little fixes.

1035
00:50:05,014 --> 00:50:06,494
Marty's been testing it out with us.

1036
00:50:07,774 --> 00:50:08,714
It's going to be great.

1037
00:50:08,854 --> 00:50:09,554
It's going to be awesome.

1038
00:50:09,994 --> 00:50:11,674
But one update we did ship this week

1039
00:50:11,674 --> 00:50:13,914
is you can finally remove reposts.

1040
00:50:13,914 --> 00:50:15,914
You accidentally repost something

1041
00:50:15,914 --> 00:50:16,954
you didn't want to repost.

1042
00:50:17,574 --> 00:50:18,594
You just press it again

1043
00:50:18,594 --> 00:50:20,254
and it removes it from your feed.

1044
00:50:21,174 --> 00:50:23,474
Really just trying to knock out

1045
00:50:23,474 --> 00:50:24,174
all the little things.

1046
00:50:24,254 --> 00:50:25,354
But that was a big one for me

1047
00:50:25,354 --> 00:50:27,294
because there was a single repost that I did

1048
00:50:27,294 --> 00:50:29,554
that really fucked up with my OCD

1049
00:50:29,554 --> 00:50:31,214
on the RHR feed,

1050
00:50:31,434 --> 00:50:32,994
which I was finally able to remove.

1051
00:50:32,994 --> 00:50:35,534
so we have that going for us

1052
00:50:35,534 --> 00:50:37,774
I'm pretty excited about that

1053
00:50:37,774 --> 00:50:40,174
it's fun to say

1054
00:50:40,174 --> 00:50:41,654
Marty your attempt at the pronunciation

1055
00:50:41,654 --> 00:50:43,574
was not even close but I appreciate your

1056
00:50:43,574 --> 00:50:45,494
I don't speak German

1057
00:50:45,494 --> 00:50:46,354
I'm sorry

1058
00:50:46,354 --> 00:50:49,194
yeah you have to give us it phonetically

1059
00:50:49,194 --> 00:50:51,674
and we're still going to fuck it up

1060
00:50:51,674 --> 00:50:52,194
Dine

1061
00:50:52,194 --> 00:50:54,194
Weren Torgan

1062
00:50:54,194 --> 00:50:57,494
I don't know

1063
00:50:57,494 --> 00:50:59,054
I'm going to forget it but

1064
00:50:59,054 --> 00:51:01,054
I can hear my kids running

1065
00:51:01,054 --> 00:51:02,274
I can hear

1066
00:51:02,274 --> 00:51:04,614
my mother-in-law coming to watch the kids.

1067
00:51:05,334 --> 00:51:06,554
Let's get to the banking stuff.

1068
00:51:06,994 --> 00:51:08,354
Son, I'm live on air.

1069
00:51:08,394 --> 00:51:09,454
Do you want to say hi to the freaks?

1070
00:51:12,854 --> 00:51:15,194
Out there.

1071
00:51:15,674 --> 00:51:16,034
Out there.

1072
00:51:16,474 --> 00:51:17,094
I'll be right out.

1073
00:51:17,094 --> 00:51:17,474
Yeah.

1074
00:51:19,074 --> 00:51:20,174
Not on camera.

1075
00:51:22,494 --> 00:51:24,314
The banking stuff.

1076
00:51:24,634 --> 00:51:26,374
Look, I'm going to pull up the Ben from last night.

1077
00:51:26,694 --> 00:51:28,154
For the first time in a while,

1078
00:51:28,154 --> 00:51:35,614
this standing repo facility is being tapped yesterday and the day before collectively for

1079
00:51:35,614 --> 00:51:43,034
$15 billion. This chart here is showing the spread between the SOFR rate and the Fed's fund rate.

1080
00:51:43,154 --> 00:51:49,574
That's spiking to levels not seen since the COVID crisis. Obviously, the Fed has been engaged in

1081
00:51:49,574 --> 00:51:55,634
quantitative tightening for the better part of three years. And it seems like repo's dried up,

1082
00:51:55,634 --> 00:52:01,174
reverse repo. Nobody's giving out money there because the cost of capital isn't appeasing

1083
00:52:01,174 --> 00:52:07,174
enough and people are going to the standing repo facility. So they're basically going to JP Morgan

1084
00:52:07,174 --> 00:52:11,834
saying, hey, I will pay you this much to get your reserves because I need them that bad.

1085
00:52:12,734 --> 00:52:19,354
And so rates are spiking behind the scenes. On top of that, yesterday we saw a rollover

1086
00:52:19,354 --> 00:52:24,494
in regional bank stock prices. So it looks like this may be affecting the regional banks.

1087
00:52:24,494 --> 00:52:37,094
And the stock prices were falling yesterday because it became apparent that the Tricolor auto lender debacle that happened a month or two ago was not isolated for those who are unaware.

1088
00:52:37,274 --> 00:52:40,994
Tricolor was giving out subprime loans to illegal immigrants.

1089
00:52:41,574 --> 00:52:46,134
And with the immigration policy, all of them had to go home and they can't pay their loans.

1090
00:52:46,194 --> 00:52:52,634
And that created a systemic credit crisis for the lenders associated with Tricolor.

1091
00:52:52,634 --> 00:53:09,714
That seems to be spreading. J.P. Morgan and a couple of other banks have had to write down loans of over nine figures on their books. And it seems like the tricolor subprime underwriting practice was not isolated to them.

1092
00:53:09,714 --> 00:53:19,214
There are many other regional banks out there that had due diligence processes that were sort of lacking rigor, if you will.

1093
00:53:19,534 --> 00:53:25,894
And it seems like there is an emerging credit liquidity crisis in the banking system.

1094
00:53:26,974 --> 00:53:30,974
And so something to pay attention to in the weeks ahead.

1095
00:53:31,974 --> 00:53:37,054
It'll be very interesting to see what happens today when markets open in just over an hour.

1096
00:53:37,054 --> 00:53:40,534
because 2023,

1097
00:53:42,114 --> 00:53:46,214
try to put yourself back in that timeline early 2023.

1098
00:53:46,634 --> 00:53:48,034
Remember how chaotic that was.

1099
00:53:48,674 --> 00:53:50,894
A great time to stack sats and move it to cold storage.

1100
00:53:51,594 --> 00:53:52,994
What are you laughing at over there?

1101
00:53:53,894 --> 00:53:57,034
No, I just said to my wife before we ripped

1102
00:53:57,034 --> 00:53:59,394
that it was just crazy that we were starting two hours

1103
00:53:59,394 --> 00:54:00,494
before markets opened.

1104
00:54:01,114 --> 00:54:03,874
And then also, it's just insane that markets opened

1105
00:54:03,874 --> 00:54:05,534
at 9.30 Eastern time.

1106
00:54:05,534 --> 00:54:08,014
It's just like so antiquated.

1107
00:54:08,234 --> 00:54:09,434
It's such antiquated bullshit.

1108
00:54:09,674 --> 00:54:12,514
Like you should lose 20% of your net worth while you sleep.

1109
00:54:12,854 --> 00:54:13,714
That's the future.

1110
00:54:14,654 --> 00:54:16,094
That's how it's supposed to be.

1111
00:54:17,494 --> 00:54:20,314
So it's just hard for me to grapple with the fact

1112
00:54:20,314 --> 00:54:24,594
that we're going to end this episode about an hour before markets open.

1113
00:54:24,994 --> 00:54:25,894
We'll see what happens.

1114
00:54:26,074 --> 00:54:27,194
Judging by the Bitcoin price,

1115
00:54:27,294 --> 00:54:29,714
my guess is markets are going to get fucking whacked.

1116
00:54:29,714 --> 00:54:32,594
and also

1117
00:54:32,594 --> 00:54:35,654
huge shout out to all the influencers

1118
00:54:35,654 --> 00:54:37,674
that decided to join the board of their favorite

1119
00:54:37,674 --> 00:54:39,714
treasury companies because you

1120
00:54:39,714 --> 00:54:41,634
guys are all getting fucking wrecked right

1121
00:54:41,634 --> 00:54:42,014
now

1122
00:54:42,014 --> 00:54:45,654
maybe not the best career decision

1123
00:54:45,654 --> 00:54:47,514
I hope you can sleep with them and look at your

1124
00:54:47,514 --> 00:54:49,734
kids in the face in 10

1125
00:54:49,734 --> 00:54:50,134
years

1126
00:54:50,134 --> 00:54:52,994
but yeah that's what I was

1127
00:54:52,994 --> 00:54:55,774
laughing at

1128
00:54:55,774 --> 00:54:59,334
it's not looking good out there

1129
00:54:59,334 --> 00:55:00,534
Micro strategies down below.

1130
00:55:03,114 --> 00:55:03,634
Yeah.

1131
00:55:04,634 --> 00:55:06,434
I saw what Metaplanet

1132
00:55:06,434 --> 00:55:08,194
finally went under 1M now.

1133
00:55:11,194 --> 00:55:12,854
Had a good run.

1134
00:55:14,074 --> 00:55:15,134
Back to basics.

1135
00:55:16,234 --> 00:55:17,614
Back to basics, freaks.

1136
00:55:17,814 --> 00:55:18,354
Stay humble.

1137
00:55:19,254 --> 00:55:19,914
Stack sats.

1138
00:55:20,594 --> 00:55:23,454
It's chaos out there.

1139
00:55:23,834 --> 00:55:24,714
You could have a liquidity crunch.

1140
00:55:24,714 --> 00:55:27,274
If there is a liquidity crunch,

1141
00:55:27,274 --> 00:55:28,894
they're going to come in with so much stimulus.

1142
00:55:28,894 --> 00:55:30,034
that way you could see that.

1143
00:55:30,034 --> 00:55:31,134
They're going to print like crazy.

1144
00:55:31,854 --> 00:55:33,934
No, I've never been more bullish on Bitcoin.

1145
00:55:34,134 --> 00:55:35,894
I will say that...

1146
00:55:37,894 --> 00:55:44,314
I do wonder that if I had...

1147
00:55:44,314 --> 00:55:45,214
Maybe it's my fault.

1148
00:55:45,314 --> 00:55:46,514
Because if I hadn't deleted my Twitter

1149
00:55:46,514 --> 00:55:48,114
and I still reminded people to stay humble

1150
00:55:48,114 --> 00:55:49,414
and stack stats every morning,

1151
00:55:50,034 --> 00:55:52,274
maybe we wouldn't have gotten into this place.

1152
00:55:53,854 --> 00:55:55,594
But anyway, here we are.

1153
00:55:56,054 --> 00:55:57,694
Everyone needs to take personal responsibility

1154
00:55:57,694 --> 00:55:58,474
for themselves.

1155
00:55:58,894 --> 00:56:01,834
try and think long term.

1156
00:56:03,954 --> 00:56:06,334
Now make quick decisions

1157
00:56:06,334 --> 00:56:07,814
that they'll regret later.

1158
00:56:08,254 --> 00:56:10,354
I'm talking about quick decisions that they'll regret later.

1159
00:56:10,954 --> 00:56:12,374
When Bitcoin was at about

1160
00:56:12,374 --> 00:56:14,394
$110,000, you might see

1161
00:56:14,394 --> 00:56:16,434
my child Band-Aid I have on here.

1162
00:56:16,554 --> 00:56:17,314
I bought a

1163
00:56:17,314 --> 00:56:19,594
Swiss-made knife.

1164
00:56:20,254 --> 00:56:22,594
A Swiss-made knife because I'm in Switzerland.

1165
00:56:23,674 --> 00:56:24,214
A clutch

1166
00:56:24,214 --> 00:56:25,654
very sharp.

1167
00:56:27,054 --> 00:56:28,274
Immediately cut myself.

1168
00:56:28,894 --> 00:56:30,974
But, uh...

1169
00:56:30,974 --> 00:56:32,354
How did you immediately cut it?

1170
00:56:33,074 --> 00:56:33,974
Store of value.

1171
00:56:35,694 --> 00:56:36,934
No, no.

1172
00:56:37,394 --> 00:56:38,894
The knife accidentally opened

1173
00:56:38,894 --> 00:56:40,414
and then I grazed against it

1174
00:56:40,414 --> 00:56:41,414
and just cut myself

1175
00:56:41,414 --> 00:56:42,774
because I like holding it on my belt.

1176
00:56:45,454 --> 00:56:47,614
But I bought it with Bitcoin,

1177
00:56:47,774 --> 00:56:48,294
which is cool.

1178
00:56:49,714 --> 00:56:50,194
Oh, yeah.

1179
00:56:50,414 --> 00:56:52,454
Can you spend Bitcoin all over the place there?

1180
00:56:54,554 --> 00:56:58,814
Yeah, I mean, Lugano is the...

1181
00:56:58,894 --> 00:57:00,634
Lugano is

1182
00:57:00,634 --> 00:57:05,214
the richest Bitcoin circular economy in the world.

1183
00:57:05,994 --> 00:57:08,354
You can go into Gucci and spend Bitcoin.

1184
00:57:08,814 --> 00:57:11,514
I feel like all the other circular economies are in the developing world.

1185
00:57:12,654 --> 00:57:13,854
Except for Lugano.

1186
00:57:15,674 --> 00:57:15,834
Yeah.

1187
00:57:16,394 --> 00:57:19,134
What was I going to say?

1188
00:57:20,094 --> 00:57:21,214
Oh, Square.

1189
00:57:21,754 --> 00:57:25,274
We saw their first point of sale system.

1190
00:57:25,274 --> 00:57:26,534
Oh, that was huge.

1191
00:57:26,534 --> 00:57:29,354
in the wild. Huge shout out to Miles and Jack

1192
00:57:29,354 --> 00:57:30,694
and the rest of the team over there.

1193
00:57:33,714 --> 00:57:34,354
I feel like

1194
00:57:34,354 --> 00:57:36,974
it's all coming together.

1195
00:57:37,374 --> 00:57:39,094
They're actually making it happen. Talking about

1196
00:57:39,094 --> 00:57:41,434
the treasury companies, while they were doing that,

1197
00:57:42,014 --> 00:57:42,934
Block was quietly

1198
00:57:42,934 --> 00:57:44,834
making a Bitcoin juggernaut,

1199
00:57:44,914 --> 00:57:47,074
a vertically integrated, full-stack Bitcoin

1200
00:57:47,074 --> 00:57:49,274
business. And they are building a treasury

1201
00:57:49,274 --> 00:57:51,294
too. They're just creating cash flows

1202
00:57:51,294 --> 00:57:53,034
and profits that they've been funneling into

1203
00:57:53,034 --> 00:57:55,354
Bitcoin. Which is how it should be.

1204
00:57:55,354 --> 00:58:00,354
right like that's what i'm most bullish on is companies i mean if anything they're a little

1205
00:58:00,354 --> 00:58:05,374
bit bearish i think they're taking 10 of their profits and stacking into bitcoin like it should

1206
00:58:05,374 --> 00:58:11,734
probably be closer to 90 and like maybe there's a happy medium somewhere between 10 and 90

1207
00:58:11,734 --> 00:58:18,114
so they're a little bit on the low end but i mean that's that's the dream right the dream is

1208
00:58:18,114 --> 00:58:22,154
profitable, efficient, productive businesses

1209
00:58:22,154 --> 00:58:26,094
stacking to Bitcoin treasuries. And we see that

1210
00:58:26,094 --> 00:58:29,734
on the private sector all the time with 1031. And

1211
00:58:29,734 --> 00:58:33,914
Strike is our best example of that. Strike has been profitable for the last

1212
00:58:33,914 --> 00:58:37,694
five quarters. And they just keep stacking to their Bitcoin treasury

1213
00:58:37,694 --> 00:58:41,174
for the long haul. I think they run

1214
00:58:41,174 --> 00:58:46,054
90%, 95% Bitcoin reserves. And they have a little bit of

1215
00:58:46,054 --> 00:58:47,774
float on the dollar sign.

1216
00:58:48,634 --> 00:58:48,794
Yeah.

1217
00:58:49,674 --> 00:58:52,034
It's a beautiful thing. I want to put it in the public ether

1218
00:58:52,034 --> 00:58:53,854
because he agreed behind the scenes.

1219
00:58:53,994 --> 00:58:55,994
Miles, somebody I've been trying to get on the

1220
00:58:55,994 --> 00:58:57,814
pod, I've let him know, like, hey, you're ready.

1221
00:58:58,574 --> 00:58:59,914
TFTC rip. It seems like

1222
00:58:59,914 --> 00:59:00,974
he's ready. We're going to be ripping.

1223
00:59:01,694 --> 00:59:02,374
Beginning of next month.

1224
00:59:04,374 --> 00:59:05,574
That's going to be an awesome rip.

1225
00:59:05,834 --> 00:59:08,054
Hopefully that's a three-hour conspiracy-fueled

1226
00:59:08,054 --> 00:59:10,054
episode. You can start the first half an hour.

1227
00:59:10,194 --> 00:59:11,854
The first half an hour can just be like what

1228
00:59:11,854 --> 00:59:13,914
Block is doing on the Bitcoin side and then just

1229
00:59:13,914 --> 00:59:15,794
get him going and it'll be a fucking

1230
00:59:15,794 --> 00:59:17,834
an amazing episode. I want to hear about

1231
00:59:17,834 --> 00:59:19,194
the Nazis under the ice caps.

1232
00:59:20,454 --> 00:59:20,474
But

1233
00:59:20,474 --> 00:59:23,554
he's a good friend.

1234
00:59:24,094 --> 00:59:25,754
I have this one beef tallow

1235
00:59:25,754 --> 00:59:27,774
burger place that does beef

1236
00:59:27,774 --> 00:59:29,794
tallow fries that uses square terminals

1237
00:59:29,794 --> 00:59:31,734
and I'm incredibly excited to pay with

1238
00:59:31,734 --> 00:59:33,634
Bitcoin there. It's going to be fucking

1239
00:59:33,634 --> 00:59:35,494
awesome. So I'm pretty

1240
00:59:35,494 --> 00:59:37,314
excited about that.

1241
00:59:37,914 --> 00:59:38,674
Never read the line.

1242
00:59:39,674 --> 00:59:41,274
I am as well. I think

1243
00:59:41,274 --> 00:59:43,334
they made a beautiful thing.

1244
00:59:43,454 --> 00:59:45,754
4 million merchants. And that's the thing I wrote.

1245
00:59:45,794 --> 00:59:51,914
end of the newsletter people are freaking out bitcoin prices down uh many people are having

1246
00:59:51,914 --> 00:59:57,794
existential crisis out there like oh was i right what's going on back to basics bitcoin is free to

1247
00:59:57,794 --> 01:00:04,174
money it is a peer-to-peer distributed cash system with geographically distributed hash rate that is

1248
01:00:04,174 --> 01:00:09,614
using an immense amount of energy to secure the network we have people building out tech we talked

1249
01:00:09,614 --> 01:00:16,974
earlier about bitcoin for signal what the cashew protocol is doing to bring bitcoin payments to

1250
01:00:16,974 --> 01:00:22,174
signal and who knows that ultimately is what they they choose or if they ever implement anything if

1251
01:00:22,174 --> 01:00:27,854
it's cashew or whatever we've got square making it easy for merchants to sweep cash flows into

1252
01:00:27,854 --> 01:00:35,334
bitcoin and to accept bitcoin as payment we've got a number you mentioned strike strikes making it

1253
01:00:35,334 --> 01:00:41,954
easy to get on and off bitcoin if you want to get off uh you can use your bitcoin lend against uh

1254
01:00:41,954 --> 01:00:47,714
you lend against your bitcoin to get cash the product services are getting better and i ended

1255
01:00:47,714 --> 01:00:53,194
the newsletter is like i if you're bearish on bitcoin right now ask yourself these questions

1256
01:00:53,194 --> 01:00:58,394
um do you think governments are ever going to print more money do you think governments are

1257
01:00:58,394 --> 01:01:06,914
ever going to freeze people's bank accounts and stop them from sending money again? Do you think

1258
01:01:06,914 --> 01:01:16,054
censorship is going to rise? Do you think people are going to get tired of paying credit card

1259
01:01:16,054 --> 01:01:22,494
companies 4% for fees? If the answer is yes to any of those questions, then there are going to

1260
01:01:22,494 --> 01:01:27,794
be more Bitcoiners in the world and adoption is going to increase. Bitcoin is far superior

1261
01:01:27,794 --> 01:01:32,214
across all those facets. It's scarce. It's divisible. You can send it over the internet

1262
01:01:32,214 --> 01:01:39,514
relatively cheaply. And there is extreme value in those properties and people will recognize that.

1263
01:01:40,534 --> 01:01:46,334
Bitcoin's not that. My answer is yes to all those questions. Onward, stay humble,

1264
01:01:46,334 --> 01:01:48,254
sex ads. Peace and love, freaks.

1265
01:01:52,494 --> 01:01:52,754
Thank you.