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what's up freaks listen matt and i have been running the show for seven and a half almost

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eight years we've created incredible community around rhr we enjoy coming back to the show

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week in and week out that's because we know that we're talking to other bitcoiners when we're on

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the show we know most of you have been holding for years alongside us and most importantly we

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No, you didn't stack just to liquidate.

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You know, you're hodling out there.

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The hodling means your wealth is locked up.

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Traditional finance wants you to sell.

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But that's not how us Bitcoiners think.

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And that is why this episode is sponsored by Strike.

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Strike built something exactly for you, which is their Bitcoin-backed loans.

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So go download Strike.

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Use the code RHR.

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strike use the promo code rhr 500 fee free stacking out of the gate go to strike.me check it out

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this rip of rhr was brought to you by our good friends at coin kite they produce the cold card

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our official electrolyte sponsor here at rhr salt of the earth you've been hearing matt and i talk

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about it quite a bit i drink multiple packets up in a day you got to stay hydrated that's why my

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face looks so good so i'm getting buff i'm able to get to the gym more because i'm hydrated matt

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he's looking incredible I'm sure you've all noticed it you want to know why salt of the earth baby

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go to drinks saute.com use the code rhr you're gonna get 15 off I'm dead serious

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it hasn't made my life way better my wife she's right behind me right now laughing but she's

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laughing because she knows it's true she drinks like seven a day I drink a few a day maybe seven

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a day too Matt I don't even want to tell you how much he's drinking it's good it keeps you hydrated

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It keeps you alert, keeps you ready to go.

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DrinkSauté.com.

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That's D-R-I-N-K-S-O-T-E.com.

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Use the code RHR for 15% off any order.

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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.

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I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.

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

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

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

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You probably should be.

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In the middle of yet another forever war.

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Actually, not in the middle of it, far away from it, but here we are.

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What a week.

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Bro, all those...

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All the tweets about how Trump just goes in,

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assassinates someone,

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and just doesn't get entangled in a forever war

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aged like fucking milk pretty quickly.

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Hey, hey, we're less than a week into this one.

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If he can pull the chute, cut bait,

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and get out of there in the next 48 hours,

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I think we may be...

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Should we bet on it?

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No, no.

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This one's fucked, dude.

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I think that's pretty unlikely.

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I do, too.

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At this point.

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I do, too.

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yeah what a week

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I mean

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if you watch the 1031

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timestamp recap episode

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you know that I was in Key West

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earlier this week so I was on vacation

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enjoying

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some time in the sun away from the cold

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weather here in the northeast and then

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wake up in the middle

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of Friday into Saturday night

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to a bunch of

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notifications we just bombed we're on

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not great

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not great

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no you knew before we went

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you went right

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no no it happened like Friday into Saturday

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from a radical

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I mean there was obviously the build up

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over the last couple weeks but

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no it definitely

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didn't

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when did we kill the

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when did we

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when did they kill the Ayatollah

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first

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it's uh february 28th yes that's friday oh wow or no saturday early saturday morning

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oh right because it was they waited till after rhr was over yes the market's closed

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people shouldn't have if you're an enemy of the united states if you're an enemy of donald trump

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you shouldn't have meetings when markets are closed you should just be do not congregate together

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yeah it doesn't seem great oh right it was what happened what happened before that was

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the mexican cartel stuff that's when we were talking about you we were in a private group

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chat and you were like i'm going to florida like what all this chaos is going on and then

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middle east war starts as well yeah well that's the thing we went on this trip this is the first

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time away from our boys um we went to go celebrate the uh the birthdays of my in-laws and was adults

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only so i left the uh the boys with my mom brother sister and my brother's girlfriend so it was four

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on three so they were well equipped but in world war iii popping off you're halfway across the

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country and you're like am i going to get back everybody's talking about the 3 33 a.m pure blood

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moon, things are going to pop off, and the apocalypse is coming.

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You just have thoughts running through your mind, like, what the hell is going on?

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What's the deal with that? I mean, I saw you talking about that.

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I don't know. I mean...

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You're like my specialist on that front.

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I mean, the Purim blood moon. Apparently, Trump was born

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during a solar eclipse. So was Bibi Netanyahu, and so was the Ayatollah.

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So you had like all the astrologists like this is a significant event.

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And then you have Purim going on.

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What about, I mean, Ramadan.

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The Ramadan is going on.

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It was the 11th day of the ninth month of the Muslim calendar as well.

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There's a lot of symbolism going on.

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Not great. Not great.

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I don't think the U.S.

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Yeah, go on. Sorry.

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yeah but um the war is horrible yeah but this one this one seems this one seems like very uh

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religious coded you have like the crazy zionist evangelicals on the christian side and the jewish

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like the one of the army the army officer like literally basically like preached that before they

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they went in yes or i don't know it's air force or something no i mean there were reports of um

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platoon sergeant saying that this is a holy war.

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We're doing this for Donald Trump and Jesus Christ.

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It's a shit show, dude.

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They're clearly doing it for Israel.

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Rubio said the quiet part out loud.

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Yeah.

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Yeah.

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And particularly this crazy Orthodox religious sect within Israel

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that wants to destroy the Third Temple.

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I think they're going to bring about the Second Messiah or whatever,

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which I don't think is going to happen as a Catholic.

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the messiah already came.

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Does it make you wonder

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how bad the Epstein blackmail is

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that the Israelis have in Trump?

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That as well.

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That as well.

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I see Matt Coat in the YouTube live stream

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asking if the Primal live stream works on web.

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It does.

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You have to be following the RHR account,

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primal.net slash RHR.

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Hey, guess what though?

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guess what

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Bitcoin pumped a little bit this week

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you gotta count your silver lining

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I named the episode

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Safety and Sats

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I mean look

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there's a lot of

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I don't know

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I don't know how much

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we can prescribe to

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this in terms of

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Bitcoin's

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slight upward movement after a lot of downward movement. But there's a lot of filthy rich people

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that decided to live in the Middle East. And if you end up in a war zone,

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Bitcoin is the single best thing to own if you need to move and get the hell out of Dodge.

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So whether that is actually a cause for some of the buy pressure or not,

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I do think it's

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the reality. It is the truth.

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If you're trying to move large

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amounts of money in times of chaos,

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there's Bitcoin and then there's basically

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nothing else.

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That was great. I think I saw

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an hour ago.

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And that's the other thing.

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I guess we'll preface this whole conversation

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with the fact I tweeted out

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a couple of days ago.

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The information

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war is more intense than it's ever been.

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We've been calling it

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for years now, particularly the last 12 months with the AI tools.

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It's so hard to discern what's actually going on.

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There are a ton of fake bombing videos out there.

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You're getting reports that Iran, their missile capabilities have been destroyed.

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You're getting other reports that they're not.

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We're hearing that the U.S. is running out of munitions.

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Trump's saying we're not.

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It's just impossible to tell what's going on.

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Yeah, it's wild out there.

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I mean, what about just like the official White House account?

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The Cod pump up video?

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We're the age now where propaganda is directly, we're the key demographic for propaganda.

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So there's some interns that are our age sitting behind the White House Twitter account, tweeting out the most ridiculous things.

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let's emotionally charge them to the favorite video game of their time,

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Call of Duty, which may have been predictive programming, for all we know.

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It definitely was a little bit.

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It is, but speaking of propaganda, it is crazy.

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We were in Key West, I think it was Saturday night,

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so the war just started.

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My wife and I and our brother and sister-in-law get into an elevator,

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and this older Gen X couple gets in with us.

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we're in Key West so everybody had a couple drinks

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and this guy looked a little tanked

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and like we're dressed nice

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we're northeast preps

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I think the appearance

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of what we were wearing

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I think led this guy to believe

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that I was some sort of shit lib

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so I'm like in the corner

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I'm in the corner of

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the elevator he's wearing an American flag

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like Tommy Bahama shirt

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with camo shorts

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he's huge bald head beard

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jacked and he looks at me

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I was joking.

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One of my ways of torturing my wife is telling her that I'm going to put on Lord of the Rings

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when we get into bed.

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That's what we're watching.

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She's always like, no.

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I made that joke in the hotel.

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This guy turns around, beefs up, looks at me in his American flag shirt.

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He's like, I'm watching Fox News.

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I was like, good for you, brother.

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His thought was like-

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You got to monitor the situation.

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Yeah.

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He was like, I'm turning on Fox News.

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He didn't say it, but he was implying there's a war going on.

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I need to get the information.

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I didn't say it, but my mind knows it.

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Brother, I don't watch Fox News.

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I only join as a guest from time to time.

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That would have been a ridiculous flex.

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Did you end up watching Lord of the Rings, though?

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No, no.

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We went right to bed.

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I'm an old man now.

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I went to bed at 8 p.m. the last two nights.

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The funniest thing, the only time I ever watch Fox News

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or really any of the news channels is when I'm in a hotel

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because it's just like they have a TV there.

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Yeah.

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In the gym, they'll have like CNBC and stuff on.

250
00:13:48,460 --> 00:13:51,320
I'll just look at the headlines, not ever actually listen.

251
00:13:51,720 --> 00:13:52,920
Monitoring the situation.

252
00:13:54,380 --> 00:13:55,480
Monitoring the situation.

253
00:13:55,560 --> 00:13:57,280
It's getting harder and harder by the day.

254
00:13:57,280 --> 00:14:01,040
Like I said, we live in an era of bamboozlement,

255
00:14:01,260 --> 00:14:02,260
for lack of a better term.

256
00:14:02,260 --> 00:14:06,740
but what isn't going to bambooz you is bitcoin this is where we get the signal

257
00:14:06,740 --> 00:14:11,580
peer-to-peer distributed cash system built on cryptography

258
00:14:11,580 --> 00:14:17,360
that you can't fake at least not yet because quantum computers have not been created

259
00:14:17,360 --> 00:14:25,200
um and uh my internet's crapping out so clark's dashboard is not coming up there it is current

260
00:14:25,200 --> 00:14:30,780
price of bitcoin is 70 850 the only thing you can't stop and it just doesn't mud

261
00:14:30,780 --> 00:14:38,620
one cock buck's gonna get you 1,411 sats we're at 1.42 trillion dollar market cap we are at block

262
00:14:38,620 --> 00:14:47,440
height 939,465 which means we had a difficulty adjustment nine blocks ago uh upwards adjustment

263
00:14:47,440 --> 00:14:53,620
of 0.4 percent blocks came in at nine minutes 58 seconds on average during that difficulty epoch

264
00:14:53,620 --> 00:15:02,520
we are 2007 blocks away so two weeks away from the next adjustment this data is completely bunk

265
00:15:02,520 --> 00:15:09,000
since we're only nine blocks into this uh difficulty epoch but we'll read it anyway march 19 2026

266
00:15:09,000 --> 00:15:14,220
looking like an upwards adjustment of 44 wow a lot of hash rate coming on blocks and coming in

267
00:15:14,220 --> 00:15:21,920
at nine minutes and 14 seconds on average um for anybody who's new uh don't take uh that information

268
00:15:21,920 --> 00:15:22,980
I just read too seriously.

269
00:15:23,420 --> 00:15:27,100
We don't have enough data or not enough time has passed

270
00:15:27,100 --> 00:15:29,420
since the difficulty adjustment an hour ago

271
00:15:29,420 --> 00:15:33,420
to have any signal in this estimated difficulty change.

272
00:15:34,220 --> 00:15:36,560
There are currently 540 transactions

273
00:15:36,560 --> 00:15:38,060
in Clark's teeny-weeny mempool.

274
00:15:38,880 --> 00:15:40,480
If we go over to mempool.space,

275
00:15:40,480 --> 00:15:44,300
we'll see that they have 23,564 transactions,

276
00:15:45,040 --> 00:15:47,540
and transactions are cheap.

277
00:15:47,640 --> 00:15:50,520
One sat per vbyte will get you into the next block.

278
00:15:51,920 --> 00:15:56,860
it's cheap out there the state of the network

279
00:15:56,860 --> 00:16:12,480
i see what um i uh what was i gonna say um a crazy part i mean let's just jump into the list

280
00:16:12,480 --> 00:16:16,720
but we were already i guess it was inevitable that we start with the war

281
00:16:16,720 --> 00:16:22,560
um i mean a crazy aspect of this was we basically saw the first

282
00:16:22,560 --> 00:16:32,760
real assassination market with size happen this week which i think is kind of a telling

283
00:16:32,760 --> 00:16:39,200
part of society that we kind of just took it as a status quo and no one really

284
00:16:39,200 --> 00:16:45,880
thought of it as a notable event but polymarket had over a hundred million dollars traded

285
00:16:45,880 --> 00:16:55,640
on a market that was titled, When Will the Ayatollah Be Out? And presumably, that's not

286
00:16:55,640 --> 00:17:02,440
necessarily just death. But as news of the airstrikes came out, it was very much being

287
00:17:02,440 --> 00:17:09,920
traded as whether or not he was killed, which is something that we've theorized about for a while.

288
00:17:10,060 --> 00:17:15,280
Anyone who's been paying attention to prediction markets have talked about it at length. But to

289
00:17:15,280 --> 00:17:23,740
see it in a blue chip company that's valued at over $10 billion, investors include the New York

290
00:17:23,740 --> 00:17:30,720
Stock Exchange, and at those kinds of volumes is absolutely wild. I think it's an incredibly

291
00:17:30,720 --> 00:17:36,320
notable part of human history that we just witnessed. And most people just slept, walked

292
00:17:36,320 --> 00:17:45,980
through it. On the opposite side, Calci had their own version of that market. And they call themselves

293
00:17:45,980 --> 00:17:53,260
a prediction market, but it's not. Polymarket uses shitcoins and they're on Polygon, which I think

294
00:17:53,260 --> 00:18:01,140
is a layer two of Ethereum. And they use USDC, which is centralized US dollar token that can be

295
00:18:01,140 --> 00:18:07,420
frozen. But still, there's elements of decentralization and censorship resistance there.

296
00:18:07,800 --> 00:18:11,780
Kausi, on the other hand, is literally just like an Excel spreadsheet that's kept by a company.

297
00:18:12,740 --> 00:18:16,180
And they call themselves a prediction market to get around betting regulations.

298
00:18:17,080 --> 00:18:23,900
So it's very much a different ballgame than Polymarket. And they didn't pay out. They didn't

299
00:18:23,900 --> 00:18:29,840
pay out on death. They had this convoluted way of judging the market from before the death was

300
00:18:29,840 --> 00:18:40,180
known well i think they changed the terms of the um conditions of the bet like a couple of hours

301
00:18:40,180 --> 00:18:46,640
before fiber call yeah i'm not i'm not sure of the exact specifics i mean even if you're going

302
00:18:46,640 --> 00:18:50,880
to change the terms mid-bet while over while millions of dollars are already being traded

303
00:18:50,880 --> 00:18:58,600
is ridiculous but um they didn't pay it out and also on the on the same note there's basically

304
00:18:58,600 --> 00:19:00,500
still like there's another

305
00:19:00,500 --> 00:19:02,000
assassination market up

306
00:19:02,000 --> 00:19:04,700
I have it in

307
00:19:04,700 --> 00:19:06,740
the link who will be the next

308
00:19:06,740 --> 00:19:08,100
supreme leader of Iran

309
00:19:08,100 --> 00:19:10,380
is up on polymarket right now

310
00:19:10,380 --> 00:19:12,760
and basically all these guys just keep getting killed

311
00:19:12,760 --> 00:19:14,720
it's like people are literally

312
00:19:14,720 --> 00:19:16,360
betting on who's not getting killed

313
00:19:16,360 --> 00:19:19,100
who's laughing

314
00:19:19,100 --> 00:19:19,780
is that Logan

315
00:19:19,780 --> 00:19:22,180
why are you laughing Logan

316
00:19:22,180 --> 00:19:23,500
why is my mic on

317
00:19:23,500 --> 00:19:27,820
control yourself bro

318
00:19:27,820 --> 00:19:30,200
Now we know what you're really looking at the States.

319
00:19:30,320 --> 00:19:31,040
You laugh at us.

320
00:19:31,280 --> 00:19:31,720
Wild.

321
00:19:34,540 --> 00:19:39,600
But I mean, this is pretty crazy to me that this market is up right now.

322
00:19:40,840 --> 00:19:43,680
I just feel like very few people are talking about it.

323
00:19:44,080 --> 00:19:46,520
You sent me the other one too, like the nuclear strike.

324
00:19:48,300 --> 00:19:49,660
They took that one down.

325
00:19:50,140 --> 00:19:56,220
They had one that was, will a nuke be dropped before the end of the year?

326
00:19:56,220 --> 00:19:58,900
and their carve out for that,

327
00:19:59,080 --> 00:20:00,380
they're playing on thin ice

328
00:20:00,380 --> 00:20:02,200
because it's still very centralized.

329
00:20:02,200 --> 00:20:03,380
Even though it's on chain

330
00:20:03,380 --> 00:20:05,580
and like they have a separate Oracle system and stuff,

331
00:20:05,640 --> 00:20:07,180
it's still obviously very centralized.

332
00:20:08,060 --> 00:20:09,380
I mean, during the Biden administration,

333
00:20:09,540 --> 00:20:13,040
the Polymarket founder had his apartment raided, right?

334
00:20:13,820 --> 00:20:16,220
Your life can be made miserable for these things.

335
00:20:17,300 --> 00:20:20,720
And their carve out for that was it includes new tests.

336
00:20:21,040 --> 00:20:23,560
Like if it's just, if a bomb gets dropped,

337
00:20:23,560 --> 00:20:27,000
It wasn't necessarily, does someone get nuked?

338
00:20:28,240 --> 00:20:34,140
But yeah, I mean, I think that was poor form and bad taste at the very least that they had that market up.

339
00:20:34,240 --> 00:20:35,580
So they removed it.

340
00:20:37,660 --> 00:20:38,920
But yeah, just wild times.

341
00:20:38,980 --> 00:20:41,360
I think it's something that people should be paying attention to.

342
00:20:44,060 --> 00:20:58,058
Obviously there a lot of talk about insider trading with these things I mean like if you know a nuke is going to be dropped you can bet on it ahead of time If you know the Ayatollah is going to be hit you can bet on it ahead of time I will once again repeat to people that that exactly how

343
00:20:58,058 --> 00:21:04,018
prediction markets are supposed to work. If you're trading prediction markets, it benefits insiders.

344
00:21:04,818 --> 00:21:08,918
But if you're watching prediction markets, it actually benefits outsiders. And that's where

345
00:21:08,918 --> 00:21:14,978
the value to society comes from, not actually trading the markets. You're providing an incentive

346
00:21:14,978 --> 00:21:20,598
to insiders to tell people what is going to happen before you know it's going to happen.

347
00:21:21,278 --> 00:21:25,878
And also, while things are happening, you have a better truth signal because people will actually

348
00:21:25,878 --> 00:21:31,918
put money on the line on the outcome that they expect to happen. So insiders benefit from the

349
00:21:31,918 --> 00:21:37,378
trading and outsiders benefit from actually tracking the prediction markets. And I created a

350
00:21:37,378 --> 00:21:46,218
bot, for instance, I created a bot on Noster. My agent, my soulless robot slave ingests all the

351
00:21:46,218 --> 00:21:55,198
polymarkets. And so he's formulating news based on trends that he's seeing and movements he's

352
00:21:55,198 --> 00:22:01,738
seeing in the markets live real time. And that's just one example of the insight you can get as an

353
00:22:01,738 --> 00:22:08,118
outsider from these things yeah so i've got a request and a comment i'll do the request first

354
00:22:08,118 --> 00:22:13,318
logan will you look for end of year oil price markets on polymarket right now and then a comment

355
00:22:13,318 --> 00:22:17,718
as you're describing that it made me think of and i don't have the answer to this i just wonder

356
00:22:17,718 --> 00:22:25,558
i think we've seen a pre-prediction market social phenomena particularly sporting events that makes

357
00:22:25,558 --> 00:22:33,318
me question how it changes social dynamics which is people that'll bet on somebody streaking

358
00:22:33,318 --> 00:22:38,378
during during a game during the super bowl or something like that and then they'll go to the

359
00:22:38,378 --> 00:22:44,598
game and streak themselves like that's the other piece right that we've talked about right which is

360
00:22:44,598 --> 00:22:49,398
it incentivizes the opposite of whatever outcomes most likely

361
00:22:49,398 --> 00:22:56,338
So if 90% of the money is on someone not streaking, it incentivizes streaking.

362
00:22:56,998 --> 00:22:59,958
It's a little bit counterintuitive in people's minds.

363
00:23:01,118 --> 00:23:07,298
And that's where the nuke stuff and the assassination markets become very questionable.

364
00:23:07,298 --> 00:23:15,838
because if the market is like 90%

365
00:23:15,838 --> 00:23:16,958
and nuke won't be dropped,

366
00:23:17,658 --> 00:23:20,158
then North Korea can drop a nuke

367
00:23:20,158 --> 00:23:25,158
and make a bunch of money on dropping it.

368
00:23:25,558 --> 00:23:27,358
Now, maybe that's not the best example

369
00:23:27,358 --> 00:23:28,498
because nukes are very expensive,

370
00:23:28,498 --> 00:23:30,218
so the market would have to be very liquid.

371
00:23:31,158 --> 00:23:33,758
But you can see how that would play out

372
00:23:33,758 --> 00:23:34,858
on smaller markets

373
00:23:34,858 --> 00:23:38,378
for things that don't cost as much to make happen.

374
00:23:39,418 --> 00:23:39,558
Yeah.

375
00:23:40,338 --> 00:23:42,838
I see some commentary on my chains

376
00:23:42,838 --> 00:23:45,798
that I've been wearing for a long time now.

377
00:23:46,098 --> 00:23:47,298
These are Madex chains,

378
00:23:47,638 --> 00:23:49,138
one of the best Bitcoin artists.

379
00:23:49,498 --> 00:23:51,378
You can find them at madex.art.

380
00:23:53,498 --> 00:23:54,398
Love that dude.

381
00:23:54,518 --> 00:23:55,178
He's a good friend.

382
00:23:55,258 --> 00:23:55,918
He's a great artist.

383
00:23:56,098 --> 00:23:57,758
And I wear one for each of my sons.

384
00:23:59,798 --> 00:24:00,838
Just to let you know.

385
00:24:01,958 --> 00:24:02,158
Yeah.

386
00:24:02,158 --> 00:24:08,598
Look, I can pull out the oil markets and describe them to us because I can't read that.

387
00:24:08,898 --> 00:24:10,618
My old age, my eyes are going.

388
00:24:14,178 --> 00:24:15,658
You can turn your mic back on.

389
00:24:17,458 --> 00:24:18,498
Guillaume plugged it now.

390
00:24:21,918 --> 00:24:25,218
I'm trying to find a way to summarize this.

391
00:24:29,618 --> 00:24:31,198
Yeah, how's this working?

392
00:24:31,198 --> 00:24:37,438
i don't i don't know how this even works i don't use polybrick so these ones are hard to

393
00:24:37,438 --> 00:24:41,838
they're a little bit hard to digest from their interface because they have so many different

394
00:24:41,838 --> 00:24:49,198
outcomes but if you scroll down you can see the one that's most likely end of june is 80 likely

395
00:24:49,198 --> 00:24:55,378
that that crude oil will be above 56 so you can think of that as a floor this is market is for

396
00:24:55,378 --> 00:25:02,578
above what is the price going to be above um so poly is saying but then you also look well let me

397
00:25:02,578 --> 00:25:07,658
look at the volume the volume is nothing it's 105 11 000 it's like this is completely worthless

398
00:25:07,658 --> 00:25:15,958
market okay there's like one trader um that's in there do you need to keep so what i do with my

399
00:25:15,958 --> 00:25:20,638
agent for instance polymarket could use a lot of work on their interface

400
00:25:20,638 --> 00:25:25,498
but all the markets are on chain and the API is very good.

401
00:25:26,558 --> 00:25:28,518
So what my agent does is he's,

402
00:25:28,518 --> 00:25:36,778
he's tracking top volume markets and then tracking their change over time.

403
00:25:37,298 --> 00:25:41,358
Right. It's not just where you see a lot of the interesting insights.

404
00:25:41,618 --> 00:25:45,818
It's, it's when you see movements in the large markets, right?

405
00:25:45,838 --> 00:25:48,378
Something moves from 60% to 75%.

406
00:25:48,378 --> 00:25:49,518
There could be something there.

407
00:25:49,518 --> 00:25:56,078
that makes sense yeah so this has no signal i was bringing it up because i i don't think

408
00:25:56,078 --> 00:26:01,218
markets are starting to react now but look you can pull up the screenshot of the wti price i put in

409
00:26:01,218 --> 00:26:09,858
currently at like 79 dollars and 52 cents approaching 80 and i think i mean we mentioned

410
00:26:09,858 --> 00:26:17,378
it at the beginning why did the bitcoin price go up i think we don't know exactly why um but i think

411
00:26:17,378 --> 00:26:22,078
one of the things I wrote about and talked about earlier this week, that could be a reason why,

412
00:26:22,178 --> 00:26:29,358
is number one, maybe Bitcoin snuffed out this geopolitical risk early, was acting as a liquidity

413
00:26:29,358 --> 00:26:34,018
alarm bell. People were selling off. Not only do you have this geopolitical risk, we have this

414
00:26:34,018 --> 00:26:39,178
private credit market risk is beginning to emerge. We'll talk about more of that later. But I think

415
00:26:39,178 --> 00:26:46,718
as the attacks in the Middle East and the back and forth progressed throughout the weekend and

416
00:26:46,718 --> 00:26:54,438
into the week they started hitting these natural gas and oil refineries which are critical to

417
00:26:54,438 --> 00:27:03,478
getting processed oil and gas to market gasoline and other byproducts and i think you can bomb

418
00:27:03,478 --> 00:27:10,178
oil fields and recover rather quickly but if you hit the refineries you can't just rebuild those i

419
00:27:10,178 --> 00:27:14,938
I think one was hit in Qatar and one in Saudi Arabia.

420
00:27:15,958 --> 00:27:34,338
And I think with that in mind and the fact that they closed the Shredder-Hermuz and as time goes on, it's becoming, I don't want to say clearer, but the likelihood that this drags on longer than a few days or a week seems to be going up significantly.

421
00:27:34,338 --> 00:27:43,598
And so I think if you look at that, there is going to be some serious disruption in the supply chain of oil and gas.

422
00:27:44,318 --> 00:27:46,058
Energy prices will go up.

423
00:27:46,158 --> 00:27:47,558
Gasoline prices will go up.

424
00:27:47,658 --> 00:27:51,938
That is the raw input of everything we do in the global economy.

425
00:27:52,458 --> 00:28:01,818
And that's going to be very deleterious to the state of the global economy, not just in the Middle East, but definitely here in the United States as well.

426
00:28:01,818 --> 00:28:18,898
And so I think people just playing second, third order effects forward are like, okay, they're going to need to stimulate and quickly try to rejigger these supply chains to resupply the global economy with oil and gas.

427
00:28:19,138 --> 00:28:27,818
And I wouldn't be surprised if what we've seen in the Bitcoin price is the beginning of a repricing of inflation going up significantly and money printing.

428
00:28:28,018 --> 00:28:29,498
They're going to print a shit ton of money.

429
00:28:29,498 --> 00:28:29,578
Yeah.

430
00:28:31,818 --> 00:28:39,518
I mean, we already were in a silent recession, if not a depression.

431
00:28:39,878 --> 00:28:40,778
People were hurting.

432
00:28:41,138 --> 00:28:45,518
Now we're seeing unemployment likely going up significantly.

433
00:28:46,418 --> 00:28:54,618
I mean, live during last week, we had Dorsey lay off half of his company, 4,000 people.

434
00:28:54,878 --> 00:28:56,958
I guess less than half, 40% of his company.

435
00:28:58,858 --> 00:29:01,578
Once again, still wild that he had 10,000 to begin with.

436
00:29:01,578 --> 00:29:06,538
I don't know how much of that was AI and how much of that was just bloat.

437
00:29:07,758 --> 00:29:10,538
But I think we can expect a lot more layoffs coming.

438
00:29:11,198 --> 00:29:16,478
You multiply that against the S&P 500, that's an insane number of people, an insane amount of spending power in the economy.

439
00:29:18,118 --> 00:29:22,758
Inflation was not under control already to begin with, even though they pretended it was.

440
00:29:22,758 --> 00:29:33,798
and now the US is entangled in a what looks like a long drawn out war in the Middle East

441
00:29:33,798 --> 00:29:43,218
so and energy prices are going up as a result of it we have obviously the Strait of Hormuz

442
00:29:43,218 --> 00:29:50,398
is right there and I guess there's there's conflicting reports of it being closed or not

443
00:29:50,398 --> 00:29:55,318
but I posted, if you open that most recent tweet that I put in there, Logan,

444
00:29:56,458 --> 00:30:00,098
an insurance influencer sent this to me.

445
00:30:00,998 --> 00:30:03,678
But supposedly part of the reason is,

446
00:30:04,478 --> 00:30:09,958
even if the ships can technically travel through this tiny little strait,

447
00:30:10,018 --> 00:30:13,938
I mean, if you look on a map, it's a tiny little strait between Oman and Iran.

448
00:30:14,438 --> 00:30:16,638
Like 33 kilometers wide or something like that.

449
00:30:16,658 --> 00:30:17,538
It's fucking tiny.

450
00:30:17,538 --> 00:30:28,018
And even if they can pass through physically, like they won't get shot or probably won't get shot, it's still a risk.

451
00:30:28,218 --> 00:30:29,798
They're not insured to do it.

452
00:30:30,798 --> 00:30:45,818
And supposedly, to your buddy Tom Luongo's sake with the City of London, one of the things the City of London still has a significant lion's share of is the insurance industry,

453
00:30:45,818 --> 00:30:52,178
specifically lloyds of london and even when lloyds of london isn't doing the insurance a lot

454
00:30:52,178 --> 00:30:59,718
of times the smaller insurers are basically using lloyds's due diligence um to underwrite their own

455
00:30:59,718 --> 00:31:06,138
policies right so like you get a quote from lloyds and then a smaller insurer will be like well we can

456
00:31:06,138 --> 00:31:11,678
do slightly better than lloyds and they just assume lloyds have done the due diligence um

457
00:31:11,678 --> 00:31:25,318
And the conspiracy that I guess the theory that this guy has is that the reason Lloyds of London has been so good at underwriting things is because MI6 is constantly passing them information about what's happening.

458
00:31:25,598 --> 00:31:30,658
But MI6 presumably was left out of the conversation of Iran happening.

459
00:31:31,118 --> 00:31:32,658
So MI6 was caught off guard.

460
00:31:32,798 --> 00:31:33,918
The Brits were caught off guard.

461
00:31:33,918 --> 00:31:35,898
And as a result, Lloyds of London was caught off guard.

462
00:31:35,998 --> 00:31:37,998
And now a bunch of insurance are offsides.

463
00:31:38,998 --> 00:31:45,318
So instead of the usual situation where they make bank on crises, they're just in pure panic mode, supposedly.

464
00:31:45,738 --> 00:31:55,998
And they're just cutting people's insurance policies left and right, which is an interesting corollary that we saw during the draconian COVID response,

465
00:31:56,798 --> 00:32:01,678
where it wasn't necessarily like a cafe getting locked down.

466
00:32:01,678 --> 00:32:08,698
And the enforcement to stop the cafe from opening or stop the gym from opening was that the insurers weren't insuring them to open.

467
00:32:08,998 --> 00:32:14,058
So the owners would have full liability if they opened and something bad happened in their store, in their business.

468
00:32:15,378 --> 00:32:18,178
Which is just a wild thing to think about.

469
00:32:18,178 --> 00:32:24,698
I don't pretend to be an insurance expert, but I think it's relevant here and something people should be keeping an eye on.

470
00:32:24,698 --> 00:32:31,958
because it just feels like a lot of different dominoes are falling in a lot of different places.

471
00:32:32,358 --> 00:32:37,378
And it's to our conversations that we've had previously with just AI alone,

472
00:32:37,758 --> 00:32:42,898
that the dot plot of potential outcomes over the next few years seems wider than it's ever been.

473
00:32:42,898 --> 00:32:45,718
No one really knows what's going to happen in the next couple of years.

474
00:32:45,878 --> 00:32:49,298
You add all these things on top of it, you add all these variables on top of it,

475
00:32:49,338 --> 00:32:50,398
and it's like, who the hell knows?

476
00:32:50,398 --> 00:32:53,238
I don't know about you, but I'm just constantly

477
00:32:53,238 --> 00:32:55,118
like my mind is running

478
00:32:55,118 --> 00:32:57,858
I'm thinking about how to best position

479
00:32:57,858 --> 00:33:00,818
the various different projects we have

480
00:33:00,818 --> 00:33:01,938
but also my family

481
00:33:01,938 --> 00:33:05,218
and be in the best situation possible

482
00:33:05,218 --> 00:33:06,878
to kind of weather any kind of storm

483
00:33:06,878 --> 00:33:07,918
that comes down the way

484
00:33:07,918 --> 00:33:09,898
Yeah, completely agree

485
00:33:09,898 --> 00:33:11,878
It's been a crazy week

486
00:33:11,878 --> 00:33:13,958
and to the insurance point

487
00:33:13,958 --> 00:33:15,818
I mean, looks like the Trump administration

488
00:33:15,818 --> 00:33:18,078
reacted to the lawyers of London

489
00:33:18,078 --> 00:33:19,298
and others pulling out

490
00:33:19,298 --> 00:33:27,458
um by basically establishing it and ensure insurance for these ships via the u.s department

491
00:33:27,458 --> 00:33:33,138
of finance um so you have the u.s government stepping in bailout insurance bailout of these

492
00:33:34,178 --> 00:33:42,818
ships traveling through the strait of hermuz by the u.s government um i'm looking at the numbers

493
00:33:42,818 --> 00:33:51,698
uh i think 37 billion of insurance policies that they've agreed to to back up maybe more

494
00:33:54,098 --> 00:33:58,818
but yeah it's great and like the other than speaking of like ai these oil refineries

495
00:33:58,818 --> 00:34:05,698
particularly the lng i mean i was i was watching um analysis by a commodities trader

496
00:34:06,338 --> 00:34:10,898
an hour ago he's basically saying europe's low on lng south korea's low on lng

497
00:34:10,898 --> 00:34:20,178
and it's restocking season and the lng refinery they got hit in guitar and that is shut down

498
00:34:20,178 --> 00:34:24,098
and that their signaling will be shut down for months supplies like 20 of the world's

499
00:34:24,098 --> 00:34:29,638
lng particularly in that part of the world uh china being one of those benefactors and another

500
00:34:29,638 --> 00:34:38,778
add-on bring ai into it uh matt pines uh uap and bitcoin extraordinaire he's tweeting out that one

501
00:34:38,778 --> 00:34:42,618
of the byproducts of LNG refinery operations is helium,

502
00:34:42,938 --> 00:34:48,618
which is an integral part of wafer development for these AI chips.

503
00:34:48,618 --> 00:34:56,058
Something like 80% or something like 30% of the helium byproduct used

504
00:34:56,058 --> 00:34:59,498
for wafer development was coming out of that LNG facility too.

505
00:35:00,658 --> 00:35:05,838
To your point, cascading domino effects across many markets

506
00:35:05,838 --> 00:35:06,958
at the same time.

507
00:35:06,958 --> 00:35:11,658
I don't think the markets are reacting correctly to this.

508
00:35:11,998 --> 00:35:14,058
I think oil should be way higher, I think.

509
00:35:14,638 --> 00:35:16,638
The markets seem very confused.

510
00:35:17,538 --> 00:35:25,838
I think at first, there were a lot of takes that thought this was just a quick assassination job,

511
00:35:25,858 --> 00:35:26,978
and then it was going to be over.

512
00:35:28,798 --> 00:35:35,138
I think Iran is putting up way more of a fight than Trump or any of his people expected.

513
00:35:35,138 --> 00:35:40,778
I don't think they expected what has happened since they attacked them.

514
00:35:42,418 --> 00:35:44,518
And I think markets are also quite confused about it.

515
00:35:44,678 --> 00:35:51,598
And then I think there's this weird situation where you have an inflating currency.

516
00:35:52,358 --> 00:35:54,218
You don't really have many places to go.

517
00:35:54,738 --> 00:35:56,538
Gold already ran up significantly.

518
00:35:57,778 --> 00:36:04,398
Gold kind of repriced like 30 years of price suppression over the last four months.

519
00:36:04,398 --> 00:36:06,978
So it's like 2x in the last four months.

520
00:36:08,538 --> 00:36:10,398
So you don't have many places to go.

521
00:36:10,898 --> 00:36:18,258
I think a lot of people are expecting depressionary type of situation, but with massive money printing.

522
00:36:18,458 --> 00:36:20,818
So at the same time, assets should go up in value.

523
00:36:22,238 --> 00:36:25,638
You want to be in whatever that is.

524
00:36:25,678 --> 00:36:31,258
You want to be in stocks, commodities, Bitcoin, when the printer gets turned on.

525
00:36:31,258 --> 00:36:34,038
So people are stuck between this.

526
00:36:34,038 --> 00:36:42,518
meanwhile bonds are getting whacked um so it's a very unique time period and i think markets are

527
00:36:42,518 --> 00:36:48,038
very confused and don't know how to market participants right markets are made up of people

528
00:36:48,838 --> 00:36:57,398
are very confused and don't know how to play uh play it yeah and then we have the saber rattling

529
00:36:57,398 --> 00:36:59,878
between the Department of War and Anthropic.

530
00:37:00,838 --> 00:37:01,818
Breaking news.

531
00:37:02,598 --> 00:37:03,818
Let me pull it up here.

532
00:37:04,678 --> 00:37:08,358
I mean, meanwhile, didn't they ban them

533
00:37:08,358 --> 00:37:09,818
and then they used them in the assassination

534
00:37:09,818 --> 00:37:10,798
like two days later?

535
00:37:11,398 --> 00:37:12,298
Well, now they're banned again.

536
00:37:12,478 --> 00:37:12,738
Breaking.

537
00:37:12,878 --> 00:37:14,738
The Pentagon has formally notified Anthropic

538
00:37:14,738 --> 00:37:16,318
that the company and its technology

539
00:37:16,318 --> 00:37:18,098
have been designated as a potential risk

540
00:37:18,098 --> 00:37:19,158
to the U.S. supply chain,

541
00:37:19,238 --> 00:37:20,578
raising concerns within the Pentagon

542
00:37:20,578 --> 00:37:22,538
about the security and integrity of systems

543
00:37:22,538 --> 00:37:25,178
connected to critical national infrastructure.

544
00:37:25,178 --> 00:37:27,538
they're just going to try and nationalize

545
00:37:27,538 --> 00:37:28,498
all this stuff

546
00:37:28,498 --> 00:37:30,798
100% always we're going to

547
00:37:30,798 --> 00:37:33,458
and you do

548
00:37:33,458 --> 00:37:35,718
have to wonder how much of it is talk

549
00:37:35,718 --> 00:37:37,678
and how much of it is reality

550
00:37:37,678 --> 00:37:39,338
behind the scenes I mean we know

551
00:37:39,338 --> 00:37:40,798
OpenAI is working with them

552
00:37:40,798 --> 00:37:43,298
we know Elon is definitely working with them

553
00:37:43,298 --> 00:37:44,698
I mean he's clearly

554
00:37:44,698 --> 00:37:46,658
did you see like

555
00:37:46,658 --> 00:37:51,558
yeah Palantir is like designed to work

556
00:37:51,558 --> 00:37:52,018
with them

557
00:37:52,018 --> 00:37:53,638
we

558
00:37:53,638 --> 00:38:02,278
there was reports that so they have these drones iran has these drones these shahad drones that

559
00:38:02,278 --> 00:38:09,358
are relatively cheap um and they've been using them a lot and they they sell them to russia and

560
00:38:09,358 --> 00:38:14,078
then russia uses them in ukraine um and it's weird right you call them kamikaze drones like

561
00:38:14,078 --> 00:38:19,198
is it kamikaze is it a kamikaze drone or is it just a different type of cruise missile that's

562
00:38:19,198 --> 00:38:24,858
much cheaper. It's kind of a blurred line when you have a kamikaze drone. But it's designed to

563
00:38:24,858 --> 00:38:32,318
be relatively cheap. And you pre-target it, and then you send it to its target. And as a result,

564
00:38:32,318 --> 00:38:37,058
because it's so cheap, you can send a lot of them. Because it's pre-targeted, you can't jam them.

565
00:38:37,998 --> 00:38:41,518
And if you wanted to shoot them down, it's going to cost you a lot of money to shoot them down.

566
00:38:41,638 --> 00:38:48,538
And so they've been very effective. And supposedly, the US government, in a blitz over the last year

567
00:38:48,538 --> 00:38:55,258
or so, reproduce them and have their own version that's even cheaper. And theirs have basically a

568
00:38:55,258 --> 00:39:01,718
Starlink dish on the back of it. And so as a result, they can have them communicate with each

569
00:39:01,718 --> 00:39:07,618
other and reposition them over time instead of just setting GPS coordinates and sending them off

570
00:39:07,618 --> 00:39:13,798
on their way, like setting pre-inertial targets and sending them on their way. And then you can't

571
00:39:13,798 --> 00:39:16,778
change them after the fact, but the US ones you can change after the fact and they're cheaper.

572
00:39:16,778 --> 00:39:23,378
And so people were reporting on it on X and Elon went in there and he's like, oh, that's not Starlink.

573
00:39:24,038 --> 00:39:31,018
That's Starshield, which is the same exact technology with my satellites, but managed by the US government.

574
00:39:31,218 --> 00:39:32,998
Starlink does not work with military.

575
00:39:33,418 --> 00:39:35,978
And it's like, OK, like that's a complete fucking technicality.

576
00:39:36,558 --> 00:39:40,098
And for all intents and purposes, it's the same thing.

577
00:39:40,518 --> 00:39:40,998
Yeah.

578
00:39:40,998 --> 00:39:47,138
do you think this is all to cover up the epstein files

579
00:39:47,138 --> 00:39:53,018
that too yes 100 i mean meanwhile while this is happening like the clintons are testifying

580
00:39:53,018 --> 00:39:58,418
trump is definitely and all of his people are like all throughout the files as well

581
00:39:58,418 --> 00:40:04,058
hillary hillary got asked about frazzled drip which was uh did you see did you see clinton clinton

582
00:40:04,058 --> 00:40:11,038
was like nostalgia googling the files and the photos yeah and then the lawyer tried to take it

583
00:40:11,038 --> 00:40:14,718
away from him and then he was like no no let me see it and he's like pointing and smiling and

584
00:40:14,718 --> 00:40:19,778
stuff and then they asked him they were like are you are you friends with jis lane and he's like

585
00:40:19,778 --> 00:40:24,838
well not really i was closer with the roth childs who were friends with her it's like okay that's

586
00:40:24,838 --> 00:40:26,778
maybe worse.

587
00:40:29,638 --> 00:40:30,498
But yeah,

588
00:40:30,578 --> 00:40:34,298
I think a lot of it is for distraction on the Epstein stuff.

589
00:40:34,358 --> 00:40:37,978
And I think specifically it wasn't supposed to be a long entangled war.

590
00:40:37,978 --> 00:40:38,438
I think,

591
00:40:38,558 --> 00:40:42,038
I think he thought he could get like an easy quote unquote win.

592
00:40:42,898 --> 00:40:45,478
That would be a distraction and move the news cycle along.

593
00:40:46,158 --> 00:40:46,278
Well,

594
00:40:46,298 --> 00:40:47,258
that's not going to work brother.

595
00:40:47,478 --> 00:40:48,338
That's not going to work.

596
00:40:48,918 --> 00:40:49,698
President Trump.

597
00:40:50,338 --> 00:40:50,498
I mean,

598
00:40:50,518 --> 00:40:52,138
another thing like you see yesterday,

599
00:40:52,258 --> 00:40:54,278
they voted in the house.

600
00:40:54,838 --> 00:41:03,398
They voted 357 to 65 to kill an effort to release congressional sexual misconduct records.

601
00:41:03,898 --> 00:41:19,158
So it's like, I think Christy Noem, and I forget who put it up there, but Tim Burchard, I think Babbert, and a couple others are like, hey, there's a ton of sexual misconduct going on on the Hill.

602
00:41:19,238 --> 00:41:20,458
I think the American people should know.

603
00:41:20,458 --> 00:41:24,518
And they voted 357 to 65.

604
00:41:24,518 --> 00:41:44,756
And then yesterday declassified CIA docs confirm a theory that we been talking about for years on the show which is that the U created Lyme disease in a lab I believe that one That real I mean declassified docs confirmed it They were literally Oh they confirmed it

605
00:41:45,276 --> 00:41:45,556
Yeah.

606
00:41:45,936 --> 00:41:46,176
Yeah.

607
00:41:47,336 --> 00:41:49,316
On the little island up there, right?

608
00:41:49,496 --> 00:41:49,956
Plum Island.

609
00:41:50,076 --> 00:41:50,476
Plum Island.

610
00:41:50,596 --> 00:41:50,756
Yeah.

611
00:41:51,196 --> 00:41:51,516
Yeah.

612
00:41:53,216 --> 00:41:56,076
I see map 21 zapped us 21,000 sats.

613
00:41:56,156 --> 00:41:57,396
Thank you, sir, for your support.

614
00:41:57,796 --> 00:41:59,336
I am the other one.

615
00:41:59,396 --> 00:42:01,156
They definitely created to the PETA one.

616
00:42:01,276 --> 00:42:03,176
The one that makes you allergic to meat.

617
00:42:03,976 --> 00:42:04,416
Yeah.

618
00:42:04,536 --> 00:42:04,896
Yeah.

619
00:42:04,996 --> 00:42:06,696
The loan tick disease.

620
00:42:08,556 --> 00:42:12,676
Guys, this episode of RHR was brought to you by our good friends at the IRS.

621
00:42:12,896 --> 00:42:15,556
You have to pay your taxes in one month and 10 days.

622
00:42:15,676 --> 00:42:17,456
Use the code RHR for 10% off.

623
00:42:19,856 --> 00:42:21,216
This is what you're paying for.

624
00:42:22,916 --> 00:42:24,296
Fucking scam, man.

625
00:42:24,796 --> 00:42:26,036
It really is.

626
00:42:26,036 --> 00:42:27,296
It's all so fucked up.

627
00:42:27,876 --> 00:42:28,116
All right.

628
00:42:28,116 --> 00:42:29,376
We've got positive.

629
00:42:30,056 --> 00:42:31,496
We have tons of positive.

630
00:42:31,496 --> 00:42:35,596
action-oriented things that we have to talk about.

631
00:42:35,956 --> 00:42:36,776
We're done dooming.

632
00:42:37,256 --> 00:42:37,456
It's time to figure out how long.

633
00:42:37,456 --> 00:42:38,336
How long have we been going?

634
00:42:38,396 --> 00:42:39,536
It's been like a half an hour.

635
00:42:39,856 --> 00:42:43,196
We can build ourselves out of this problem.

636
00:42:44,336 --> 00:42:46,096
This one really isn't action-oriented.

637
00:42:47,336 --> 00:42:50,356
I think this is a funny and a bit scary story.

638
00:42:50,356 --> 00:42:53,216
It's equally funny and scary.

639
00:42:53,616 --> 00:42:57,676
Last night, John Daguita, a U.S. government contractor,

640
00:42:57,816 --> 00:43:00,916
allegedly stole more than $46 million in cryptocurrency

641
00:43:00,916 --> 00:43:04,396
from the U.S. Martial Service was arrested on the island of St. Martin

642
00:43:04,396 --> 00:43:08,516
by the French Genomiers Premier Elite Tactical Unit

643
00:43:08,516 --> 00:43:11,376
in a joint operation with the FBI.

644
00:43:11,876 --> 00:43:16,796
So yeah, this is the son of a government contractor

645
00:43:16,796 --> 00:43:21,536
who was contracted to secure the cryptocurrencies

646
00:43:21,536 --> 00:43:23,796
that have been seized by the U.S. government.

647
00:43:24,316 --> 00:43:27,736
And it doesn't look like this company was able to secure them properly

648
00:43:27,736 --> 00:43:33,316
because the CEO's time simply stole them and ran away to the French.

649
00:43:33,316 --> 00:43:37,916
And it wasn't like a small amount of money, $46 million.

650
00:43:39,016 --> 00:43:42,356
And that was presumably after the crash, right?

651
00:43:42,436 --> 00:43:44,456
I mean, I assume when he stole it, it was worth even more.

652
00:43:45,296 --> 00:43:45,456
Yeah.

653
00:43:45,616 --> 00:43:46,816
Logan, pull up the picture of this guy.

654
00:43:46,816 --> 00:43:49,456
I hope this was a disguise.

655
00:43:50,936 --> 00:43:52,196
I don't think it's a disguise.

656
00:43:53,156 --> 00:43:54,116
I think it's just a bad haircut.

657
00:43:54,696 --> 00:43:56,456
He's got Bahamas slip-ons on.

658
00:43:56,456 --> 00:43:59,736
Look at the caliber of the thief these days.

659
00:43:59,916 --> 00:44:01,156
It's just not good.

660
00:44:01,276 --> 00:44:10,236
It goes to show that these large bureaucracies,

661
00:44:10,576 --> 00:44:13,416
they're just so incompetent.

662
00:44:13,516 --> 00:44:18,696
They just can't handle such basic tasks like securing Bitcoin or crypto.

663
00:44:18,896 --> 00:44:20,976
We don't know what the breakdown of the crypto is.

664
00:44:20,976 --> 00:44:24,276
Hey, U.S. government, if you want a contract,

665
00:44:24,276 --> 00:44:26,276
you can pay Matt and I.

666
00:44:26,456 --> 00:44:28,376
We'll take 500 grand a year apiece.

667
00:44:28,576 --> 00:44:30,456
We'll run it to the

668
00:44:30,456 --> 00:44:32,396
RHR LLC and we'll

669
00:44:32,396 --> 00:44:33,616
set up

670
00:44:33,616 --> 00:44:36,316
mini-script multi-sig

671
00:44:36,316 --> 00:44:38,196
wallets that will secure your Bitcoin better

672
00:44:38,196 --> 00:44:40,296
than this contract. Insured by

673
00:44:40,296 --> 00:44:42,416
Lloyds of London? Yeah, insured by

674
00:44:42,416 --> 00:44:44,236
Lloyds of London. I know you're in war with the

675
00:44:44,236 --> 00:44:45,516
city of London right now, but

676
00:44:45,516 --> 00:44:47,056
they will back it.

677
00:44:48,076 --> 00:44:49,296
I mean, jokes aside,

678
00:44:50,076 --> 00:44:51,976
the picture there had treasures.

679
00:44:52,916 --> 00:44:54,196
She should have used gold cards.

680
00:44:54,196 --> 00:44:57,236
with the duress pens.

681
00:44:57,736 --> 00:44:57,956
Come on.

682
00:44:58,036 --> 00:44:59,436
Maybe it was a bunch of shit coins.

683
00:44:59,596 --> 00:45:01,076
I mean, GoldGard doesn't support shit coins.

684
00:45:01,796 --> 00:45:02,196
It's true.

685
00:45:03,156 --> 00:45:05,776
We don't support shit coins here either at RHR,

686
00:45:05,856 --> 00:45:07,336
so we got to give a shout out to Mav21

687
00:45:07,336 --> 00:45:09,236
who zapped us 21,000 sats.

688
00:45:09,356 --> 00:45:09,896
Thank you, sir.

689
00:45:10,896 --> 00:45:11,336
Thank you.

690
00:45:11,476 --> 00:45:14,656
If you are listening or watching on the live stream,

691
00:45:15,116 --> 00:45:15,616
be a Noster.

692
00:45:15,856 --> 00:45:18,316
You can go to primal.net slash RHR.

693
00:45:18,316 --> 00:45:21,616
Follow us and then hop in the live stream and you can zap.

694
00:45:21,616 --> 00:45:29,316
yeah but seriously u.s government find better um better contractors to secure your bitcoin

695
00:45:29,316 --> 00:45:33,956
i said we're going to get the action-oriented stuff but you front-loaded the list with the

696
00:45:33,956 --> 00:45:38,656
negative stuff um you know one of those negative things that we've talked about before but you

697
00:45:38,656 --> 00:45:48,816
should all be aware of is the fact that um x uses an israeli company au 10 ticks to do all their

698
00:45:48,816 --> 00:45:53,216
ID verification when you upload your

699
00:45:53,216 --> 00:45:57,316
personal identifying information onto X

700
00:45:57,316 --> 00:46:00,576
and it looks like this company is spying on people.

701
00:46:01,396 --> 00:46:05,296
My real name has been emerged as soon as I started speaking out against

702
00:46:05,296 --> 00:46:08,996
Jewish problem in Japan. Only AU10 ticks

703
00:46:08,996 --> 00:46:13,476
and X holds my data obtained from ID verification. Rumors are absolutely

704
00:46:13,476 --> 00:46:17,096
true. The blue check is a

705
00:46:17,096 --> 00:46:24,436
And specifically, the people that are getting verified for revenue sharing is an Israeli honeypot, straight up.

706
00:46:25,316 --> 00:46:27,576
And Elon is definitely aware of it.

707
00:46:29,076 --> 00:46:29,176
Yeah.

708
00:46:30,116 --> 00:46:33,256
And he's not the only one who said this.

709
00:46:34,356 --> 00:46:43,376
Multiple NIMS, that the only way that they would know their name was if that verification information was getting out there.

710
00:46:43,376 --> 00:46:48,116
have seen their real names and personal information searched for

711
00:46:48,116 --> 00:46:51,576
as a result of them boasting against Israelis.

712
00:46:52,596 --> 00:46:52,696
Yeah.

713
00:46:55,816 --> 00:46:57,436
No, I mean, and then you have, I mean,

714
00:46:57,456 --> 00:47:01,136
just the Google trend search chart, happy thing.

715
00:47:01,236 --> 00:47:06,176
I mean, what happened in Austin over the weekend was absolutely terrible.

716
00:47:06,736 --> 00:47:10,996
And it hits close to home because I've been to that bar Buford's a few times.

717
00:47:10,996 --> 00:47:17,076
not too far from where i lived and where uh bitcoin park austin is actually right down the

718
00:47:17,076 --> 00:47:21,756
street from bitcoin park austin but that's the other thing like it's like the main block right

719
00:47:21,756 --> 00:47:29,616
yeah sixth street west sixth street um like the main party block that guy's name that guy's name

720
00:47:29,616 --> 00:47:34,096
if you search google trends like in israel like it was searched like a week or two before

721
00:47:34,096 --> 00:47:38,936
you went and shot that too so that's the other thing you have to be aware of

722
00:47:38,936 --> 00:47:47,816
fog or false flag attacks um be aware freaks be aware all right are we going to positive news

723
00:47:47,816 --> 00:47:53,596
yes graphene os partners with motorola for privacy focus foam

724
00:47:53,596 --> 00:48:02,976
yeah so for the longest time uh i mean to the naive external observer it seemed weird

725
00:48:02,976 --> 00:48:15,256
But the way to use the best de-Googled, privacy-focused Android OS, Graphene, was with Google phones, specifically Pixel phones.

726
00:48:15,796 --> 00:48:27,276
And that's because Google made a point of allowing external developers such as Graphene to not just flash new software on.

727
00:48:27,276 --> 00:48:30,396
A lot of the phone manufacturers allow you to flash new software on,

728
00:48:30,496 --> 00:48:32,816
but then relock the bootloader so that they're secure

729
00:48:32,816 --> 00:48:36,596
and you can't just overwrite the OS by...

730
00:48:36,596 --> 00:48:39,796
A malicious actor can't just overwrite the OS by plugging into the USB port.

731
00:48:40,396 --> 00:48:42,836
So you need to be able to both unlock the bootloader,

732
00:48:42,876 --> 00:48:44,716
which a lot of phone manufacturers allow,

733
00:48:44,856 --> 00:48:48,736
and then relock it after you install the new OS.

734
00:48:50,156 --> 00:48:54,736
And so they historically have been pixel-only in terms of their support.

735
00:48:55,516 --> 00:48:59,976
Google had telegraphed recently, like in the last six, eight months,

736
00:49:00,636 --> 00:49:03,456
that they were going to stop allowing that practice,

737
00:49:03,456 --> 00:49:05,976
or they were at least considering not allowing that practice.

738
00:49:06,076 --> 00:49:07,276
I don't know how concrete it is.

739
00:49:07,796 --> 00:49:10,996
And so the graphene team has been looking for alternatives.

740
00:49:11,936 --> 00:49:13,716
A lot of people wanted them to make their own phone.

741
00:49:13,916 --> 00:49:16,376
Everyone who tries to make their own phone gets fucking crushed.

742
00:49:16,596 --> 00:49:18,796
We've seen like Purism try and do it.

743
00:49:19,556 --> 00:49:22,956
There's been a bunch of different companies that have tried to do it.

744
00:49:23,036 --> 00:49:24,416
It's very hard to make hardware.

745
00:49:24,416 --> 00:49:25,496
It's very expensive.

746
00:49:25,876 --> 00:49:30,936
You end up in borderline scam pre-order situations where you get your phone like three years later.

747
00:49:31,376 --> 00:49:32,836
It has horrible specs.

748
00:49:33,096 --> 00:49:34,956
The whole thing becomes like a massive disaster.

749
00:49:35,156 --> 00:49:38,356
So I'm very glad that Graphene decided not to go that route.

750
00:49:38,516 --> 00:49:43,396
This was basically, I'm paraphrasing, but what they said as well about why they didn't want to go that route.

751
00:49:43,916 --> 00:49:48,516
So instead, they're partnering with Motorola, which is owned by Lenovo now.

752
00:49:48,856 --> 00:49:52,576
So there is a little bit of irony there that it's kind of a CCP operation.

753
00:49:54,416 --> 00:49:57,876
But if it's done right, you shouldn't have to trust the hardware too much.

754
00:49:58,656 --> 00:50:00,016
And I think it's a great partnership.

755
00:50:00,276 --> 00:50:03,256
I think Motorola continues to make really good hardware.

756
00:50:04,016 --> 00:50:06,616
They have a lot of great Android phone options.

757
00:50:06,616 --> 00:50:15,436
And if they work closely with Graphene, it could actually be an even more aligned experience than what we saw with Pixel devices already.

758
00:50:15,436 --> 00:50:26,996
So I think anyone who uses Graphene or is excited about privacy and freedom-focused mobile experiences should be very excited about this news.

759
00:50:27,076 --> 00:50:27,796
This is a big one.

760
00:50:28,736 --> 00:50:39,956
Yeah, and I think just by partnering with Motorola and getting more distribution, you can see the rapid improvement of Graphene OS, just getting it into more hands.

761
00:50:39,956 --> 00:50:45,396
Because let's be honest, the process of flashing it onto a Pixel, I've done it before.

762
00:50:45,436 --> 00:50:50,036
it's not fun it's not straightforward so you can get it out of the box get it into more hands get

763
00:50:50,036 --> 00:50:58,116
more feedback get more energy around it um it could become it probably compare maybe not feature

764
00:50:58,116 --> 00:51:03,816
comparable something like ios but um become a very solid option on the market to be clear

765
00:51:03,816 --> 00:51:08,536
they've made it a lot easier to flash graphene you can even do it from another phone now

766
00:51:08,536 --> 00:51:09,916
which is pretty cool.

767
00:51:10,736 --> 00:51:11,856
But yeah, I agree.

768
00:51:12,356 --> 00:51:13,176
Nobody wants to do.

769
00:51:14,096 --> 00:51:16,416
Yeah, you can definitely make it easier.

770
00:51:16,856 --> 00:51:19,996
I see someone in the live chat was letting us know

771
00:51:19,996 --> 00:51:23,036
that Primal is having issues showing zaps.

772
00:51:23,996 --> 00:51:28,416
And this is the beauty of open protocols.

773
00:51:29,076 --> 00:51:31,016
Nostra streaming spec is an open spec.

774
00:51:31,156 --> 00:51:33,356
So you can view the stream and interact with it

775
00:51:33,356 --> 00:51:34,736
on many different apps.

776
00:51:34,736 --> 00:51:42,736
and one of them web-based is zapstream zap.stream and so yeah there are a ton of zaps here are you

777
00:51:42,736 --> 00:51:47,856
going to read them out martin yeah we got soap miner coming in with 21 000 sats this whole

778
00:51:47,856 --> 00:51:54,356
world war three is a big sigh up be careful out there freaks cosine fog of war information war

779
00:51:54,356 --> 00:52:00,996
be careful out there the biggest bitcoin conference this is from bitcoin is for everyone's at 21 031

780
00:52:00,996 --> 00:52:03,076
21Sats. The biggest Bitcoin

781
00:52:03,076 --> 00:52:04,996
conference in the Pacific Northwest, Bitcoin

782
00:52:04,996 --> 00:52:07,076
is for Everyone, is set for May 22nd

783
00:52:07,076 --> 00:52:08,736
and 23rd at Revolution Hall

784
00:52:08,736 --> 00:52:10,436
in Portland, Oregon.

785
00:52:11,056 --> 00:52:12,636
Ticket sales are live at

786
00:52:12,636 --> 00:52:14,916
BitcoinIsForEveryone.com. Use

787
00:52:14,916 --> 00:52:17,236
promo code NOSTERINSIDER

788
00:52:17,236 --> 00:52:18,856
for 21% off.

789
00:52:19,176 --> 00:52:20,856
Can we get an RHR promo

790
00:52:20,856 --> 00:52:22,976
code? Yeah, come on. You don't have to

791
00:52:22,976 --> 00:52:24,736
give us a cut. Just the people

792
00:52:24,736 --> 00:52:26,656
expect to be able to just put RHR in.

793
00:52:27,436 --> 00:52:28,296
Yeah, they've been conditioned.

794
00:52:29,016 --> 00:52:30,736
Northwest Arkansas Bitcoin zapped

795
00:52:30,736 --> 00:52:33,076
21,479 sats.

796
00:52:34,576 --> 00:52:35,736
Go to your local meetup.

797
00:52:36,576 --> 00:52:38,656
Great, great advice there from Northwest Arkansas.

798
00:52:39,356 --> 00:52:39,636
Bitcoin.

799
00:52:40,096 --> 00:52:41,376
And then last but not least,

800
00:52:44,676 --> 00:52:46,276
Bitcoin is for everyone's app twice

801
00:52:46,276 --> 00:52:48,216
because they probably thought we missed the original one.

802
00:52:48,256 --> 00:52:50,056
21,621 sats.

803
00:52:50,916 --> 00:52:51,956
Same message.

804
00:52:52,096 --> 00:52:54,156
The biggest Bitcoin conference in the Pacific Northwest.

805
00:52:54,436 --> 00:52:56,636
Bitcoin is for everyone except for May 22nd, 23rd

806
00:52:56,636 --> 00:52:58,116
at Revolution Hall in Portland, Oregon.

807
00:52:58,256 --> 00:53:00,056
Tickets sales are live at

808
00:53:00,056 --> 00:53:01,156
Bitcoinisforeveryone.com.

809
00:53:01,216 --> 00:53:03,756
Use promo code NOSTERINSIDER for 21% off.

810
00:53:03,956 --> 00:53:05,116
You missed a couple.

811
00:53:05,396 --> 00:53:06,376
There's a lot of support here.

812
00:53:06,456 --> 00:53:07,096
Thank you, Freaks.

813
00:53:07,276 --> 00:53:07,996
Drew Zapped.

814
00:53:08,176 --> 00:53:09,016
Drew Cattlebike.

815
00:53:09,716 --> 00:53:10,736
Ride or die Freaks Zapped.

816
00:53:10,856 --> 00:53:12,696
21,479 sats.

817
00:53:12,696 --> 00:53:16,756
He says, Bitcoin is for everyone, even those you oppose.

818
00:53:17,016 --> 00:53:17,836
Strongly agree.

819
00:53:20,556 --> 00:53:21,956
And then Soap Miner Zapped.

820
00:53:22,016 --> 00:53:22,916
21,000 sats.

821
00:53:23,056 --> 00:53:24,116
Primal is not working right.

822
00:53:24,216 --> 00:53:25,416
This is the second zap I've sent.

823
00:53:25,576 --> 00:53:26,876
Millian needs to do better.

824
00:53:27,396 --> 00:53:28,896
Yeah, well, I get on him.

825
00:53:28,896 --> 00:53:31,576
And there's some exciting news on that front,

826
00:53:31,716 --> 00:53:34,256
but we'll have to save that for another episode.

827
00:53:34,496 --> 00:53:37,496
But yes, hand up that's on us,

828
00:53:37,956 --> 00:53:38,976
that the Zaps aren't working,

829
00:53:39,096 --> 00:53:41,956
and we will troubleshoot and make sure it doesn't happen again.

830
00:53:43,176 --> 00:53:44,416
Or the Zaps are working,

831
00:53:44,596 --> 00:53:48,196
but the display of the Zaps aren't working.

832
00:53:48,696 --> 00:53:49,676
They're being received.

833
00:53:50,156 --> 00:53:52,116
You read the Arkansas one?

834
00:53:52,936 --> 00:53:53,756
Go to your local meetup?

835
00:53:54,396 --> 00:53:55,276
Yeah, go to your local meetup.

836
00:53:55,356 --> 00:53:56,316
I think that's all of them now.

837
00:53:56,376 --> 00:53:56,936
Thank you, Freaks.

838
00:53:57,656 --> 00:53:58,176
And by the way,

839
00:53:58,176 --> 00:54:03,576
I think there was some confusion, but we read every zap over 21,000 sets.

840
00:54:05,136 --> 00:54:06,696
Sometimes we'll read ones that are lower.

841
00:54:07,116 --> 00:54:08,656
They're particularly juicy, but.

842
00:54:11,756 --> 00:54:12,936
Next up, big news.

843
00:54:13,436 --> 00:54:16,676
Big news for the RHR, the 1031, the Strike Family.

844
00:54:16,796 --> 00:54:18,916
Strike is now available in New York.

845
00:54:19,276 --> 00:54:19,776
And they also.

846
00:54:19,996 --> 00:54:20,396
Massive.

847
00:54:20,896 --> 00:54:24,316
Have rolled out their Bitcoin line of credit products, which you've been teasing.

848
00:54:25,316 --> 00:54:25,516
Yeah.

849
00:54:25,556 --> 00:54:26,876
So there's two big things here.

850
00:54:26,876 --> 00:54:32,016
Obviously, New York has been a massive hurdle.

851
00:54:33,916 --> 00:54:39,496
The crony capitalists over in New York make it really difficult to serve that state.

852
00:54:39,736 --> 00:54:40,756
They have the BitLiscence there.

853
00:54:40,756 --> 00:54:56,216
I remember being at the original Lawski hearings in 2014, somewhere around then, 2015, when they basically just rammed it down New Yorkers' throats to support the larger companies that were already operating the space.

854
00:54:56,216 --> 00:54:58,776
and that can afford to get the bit license.

855
00:54:59,736 --> 00:55:02,736
So massive accomplishment for the strike team

856
00:55:02,736 --> 00:55:04,756
to finally be operating there.

857
00:55:04,856 --> 00:55:06,636
It was the last of the 50 states.

858
00:55:06,636 --> 00:55:09,616
So now officially strike is available in all 50 states

859
00:55:09,616 --> 00:55:11,276
and 95 plus countries.

860
00:55:12,176 --> 00:55:13,216
Massive accomplishment.

861
00:55:13,556 --> 00:55:16,316
If you're in New York, you now have access to strike.

862
00:55:16,696 --> 00:55:17,256
Huge.

863
00:55:17,976 --> 00:55:21,316
I think, you know, people,

864
00:55:21,536 --> 00:55:25,556
a lot of people you talk to still don't realize that

865
00:55:25,556 --> 00:55:33,036
strike is just a fantastic way to buy and sell bitcoin the limits are very high the customer

866
00:55:33,036 --> 00:55:41,116
service is great the full stack is controlled in-house we control all of our own infrastructure

867
00:55:41,116 --> 00:55:50,776
and it's done in a very responsible robust way and you can use code rhr to sign up

868
00:55:50,776 --> 00:55:56,676
when you sign up with code rhr what do they get uh first five hundred dollars of trading fees

869
00:55:56,676 --> 00:56:03,716
on the house there you go and if you dca with strike you if you if you just do auto stack

870
00:56:03,716 --> 00:56:10,456
you have no fees always forever um and you can do auto stack then auto withdraw

871
00:56:10,456 --> 00:56:16,956
obviously we like the cold card the best auto withdraw to your cold card use code rhr with

872
00:56:16,956 --> 00:56:25,876
cold card as well. Self-custody is the way. Buy real Bitcoin, self-custody it. And the stats on

873
00:56:25,876 --> 00:56:31,596
strike are insane in terms of how much Bitcoin is self-custodied and withdrawn off the platform,

874
00:56:32,496 --> 00:56:38,056
which is wonderful to see and not a coincidence. It's how the UX is designed. The UX is designed

875
00:56:38,056 --> 00:56:44,716
to encourage self-custody, which is exactly what you want to see. The other thing, by the way,

876
00:56:44,716 --> 00:56:46,016
I saw some questions about it.

877
00:56:46,336 --> 00:56:48,816
Yes, in New York, Lightning is supported as well.

878
00:56:49,816 --> 00:56:56,956
And also, the full suite of products should be available in New York in the next month or so.

879
00:56:57,176 --> 00:57:02,936
There's a delay after launch in the state before loans and whatnot can be offered there.

880
00:57:03,576 --> 00:57:04,636
So that's awesome.

881
00:57:04,796 --> 00:57:06,116
All of that is great to see.

882
00:57:06,656 --> 00:57:12,856
I think, and then the line of credit product is a new product that has been rolled out in two states.

883
00:57:12,856 --> 00:57:16,176
Right now, it's, I believe, Massachusetts and Georgia.

884
00:57:17,456 --> 00:57:18,996
And that's not for regulatory reasons.

885
00:57:19,116 --> 00:57:20,776
That's just for fine tuning the product.

886
00:57:20,936 --> 00:57:24,036
So that should probably get rolled out in more locations pretty soon.

887
00:57:25,156 --> 00:57:29,856
And the line of credit product is this idea that instead of...

888
00:57:30,496 --> 00:57:34,736
So the reason most people, myself included, take out loans on their Bitcoin is because

889
00:57:34,736 --> 00:57:38,316
you want to legally avoid cap gains tax.

890
00:57:39,496 --> 00:57:42,836
And so you take a loan out on your Bitcoin, you get to keep your Bitcoin, you don't sell

891
00:57:42,836 --> 00:57:47,176
it. And as a result, you don't have to pay cap gains tax. Now, if you're taking out a 12 month

892
00:57:47,176 --> 00:57:53,936
loan, it can be very burdensome, right? To take out a larger loan that maybe you need and hold it

893
00:57:53,936 --> 00:58:02,816
for a year and then deal with refinancing it after a year and carrying it on or paying it off or

894
00:58:02,816 --> 00:58:08,416
whatnot. So the line of credit is a separate way of handling that kind of experience that'll be

895
00:58:08,416 --> 00:58:16,236
available to users. And that just allows you to have an on-demand credit stream based on your

896
00:58:16,236 --> 00:58:21,056
Bitcoin holdings that are on the platform. And so when you combine that with stuff like the bill

897
00:58:21,056 --> 00:58:26,656
pay feature, where you can pay off your credit card bills, if you combine that with the direct

898
00:58:26,656 --> 00:58:31,416
deposits of your paycheck, you can start to see where it compounds and gets really powerful,

899
00:58:31,416 --> 00:58:37,436
where you can have it automatically effectively take out a small line of credit to pay off your

900
00:58:37,436 --> 00:58:42,416
credit card bill so that you don't get hit with cap gains and that you're ending up with more

901
00:58:42,416 --> 00:58:49,276
Bitcoin. As always, borrow responsibly, be conservative about it, always assume an 80%

902
00:58:49,276 --> 00:58:55,476
drawdown. And I thought it was really cool. Jack actually vibed a dashboard where you can input all

903
00:58:55,476 --> 00:58:59,636
the different numbers, how much money you make, what are your expenses, how much do you expect

904
00:58:59,636 --> 00:59:05,636
to borrow, what do you think Bitcoin's growth rate will be, what do you think the max downturn

905
00:59:05,636 --> 00:59:09,956
will be. And you can move all the sliders, change it. It all happens locally in your browser. Nothing

906
00:59:09,956 --> 00:59:14,616
gets sent up to the cloud or anything. And then you can make more educated decisions on how you

907
00:59:14,616 --> 00:59:19,536
want to use these products. But I'm just continuously impressed by the Strike team.

908
00:59:19,656 --> 00:59:23,236
They ship, ship, ship. They're constantly thinking about making the best product for their users.

909
00:59:24,856 --> 00:59:29,836
As the largest investor, 1031, we're very involved with Strike. So if you have any feedback,

910
00:59:29,836 --> 00:59:32,676
concerns, whatnot, feel free to reach out to me.

911
00:59:33,676 --> 00:59:37,576
I'm happy to, first of all, feedback is appreciated.

912
00:59:37,916 --> 00:59:41,736
And then if you have any issues, I'm always happy to help out. And my best

913
00:59:41,736 --> 00:59:45,076
contact information is on my website, odell.xyz.

914
00:59:46,676 --> 00:59:48,616
Incredible products. Good to say.

915
00:59:49,616 --> 00:59:53,596
This episode is our sponsor by Strike as well, but cosign

916
00:59:53,596 --> 00:59:56,236
everything there. The speed at which they

917
00:59:56,236 --> 01:00:02,936
ship the types of products as a bitcoiner that they're they're bringing to market i mean this

918
01:00:02,936 --> 01:00:07,516
line of credit is massive somebody has just bought a house and is doing a bunch of a

919
01:00:07,516 --> 01:00:15,776
bunch of uh remodeling and stuff like that it it's incredibly timely for me specifically and then

920
01:00:15,776 --> 01:00:19,536
like iterating on the go i think that's jack's mentality i think he's talked about this

921
01:00:19,536 --> 01:00:21,676
many times. One thing

922
01:00:21,676 --> 01:00:23,076
I like

923
01:00:23,076 --> 01:00:26,196
is, hey, it might not be perfect

924
01:00:26,196 --> 01:00:27,996
out of the gate, but we want to get these products

925
01:00:27,996 --> 01:00:29,816
in people's hands as quickly as possible and

926
01:00:29,816 --> 01:00:31,376
iterate as we get feedback.

927
01:00:31,696 --> 01:00:34,036
To Matt's point, if you have feedback,

928
01:00:34,276 --> 01:00:36,056
if you're playing with these

929
01:00:36,056 --> 01:00:37,616
new products as they're being released,

930
01:00:38,656 --> 01:00:40,036
provide the feedback. The more feedback

931
01:00:40,036 --> 01:00:40,376
the better.

932
01:00:42,556 --> 01:00:43,316
We're going to win.

933
01:00:43,316 --> 01:00:45,336
We're going to win. It was a gloomy start,

934
01:00:45,436 --> 01:00:47,436
but we're getting more bullish as the list goes on.

935
01:00:49,536 --> 01:01:02,716
another bullish story bitwise donates 232 000 to bitcoin open source 233 000 233 000 you had it

936
01:01:02,716 --> 01:01:09,396
had to be 233 you couldn't couldn't bump it up to 234 down to 232 they had to add the 33 in there

937
01:01:09,396 --> 01:01:16,716
right come on we're just wanted the palindrome uh um bitwise look bitwise deserves a shit ton

938
01:01:16,716 --> 01:01:25,976
the fucking credit for following through on this commitment. There are not many companies out there

939
01:01:25,976 --> 01:01:31,156
that are actively supporting the open source developers that make this movement possible

940
01:01:31,156 --> 01:01:36,456
in the first place. Bitwise's commitment specifically is one of the cooler commitments

941
01:01:36,456 --> 01:01:43,936
because it's indexed to their profits. So it's 10% of the profits of their ETF get donated and

942
01:01:43,936 --> 01:01:51,936
And it's split evenly between us, OpenSats, and HRF and Brink, which was by design.

943
01:01:51,936 --> 01:01:57,736
It was something that I helped champion in that you're trying to reduce conflicts of

944
01:01:57,736 --> 01:02:01,256
interest in every facet of the whole stack.

945
01:02:01,256 --> 01:02:06,336
And so Bitwise isn't involved in any of the funding decisions.

946
01:02:06,336 --> 01:02:11,276
And then because it's split between multiple orgs, then you're also splitting funding decisions

947
01:02:11,276 --> 01:02:15,036
between multiple orgs instead of all in one place.

948
01:02:15,036 --> 01:02:20,196
I will say, without naming names, there's been other companies that have made multi-year

949
01:02:20,196 --> 01:02:24,896
commitments that have failed to follow through on them.

950
01:02:24,896 --> 01:02:36,714
But Bitwise is not one of them So they do deserve a lot of credit And they the only ETF provider that is supporting open source developers right now that I am aware of which is unfortunate

951
01:02:36,714 --> 01:02:51,534
I was hoping that as those products came out, at least one of the silver linings of paper Bitcoin Wall Street custodial products was going to be more sustainable support for open source.

952
01:02:51,534 --> 01:02:56,694
But as it is, huge support, huge, huge, huge thanks to Bitwise.

953
01:02:56,834 --> 01:02:57,354
Very grateful.

954
01:02:59,594 --> 01:03:06,694
I'm just doing some research here on BlackRock's ETF,

955
01:03:06,914 --> 01:03:14,514
generating over $245 million in estimated annual revenue from fees as of late 2025.

956
01:03:17,154 --> 01:03:18,414
So that's revenue.

957
01:03:18,414 --> 01:03:21,034
Let's just say, what do you think their profit margin is on that?

958
01:03:21,534 --> 01:03:24,554
probably kind of small to be honest.

959
01:03:24,914 --> 01:03:27,494
ETF represents the firm's top revenue source.

960
01:03:27,634 --> 01:03:29,214
A big surprise for the firm manage.

961
01:03:30,154 --> 01:03:30,654
Fine revenue.

962
01:03:31,834 --> 01:03:33,714
Multiply by 1%.

963
01:03:33,714 --> 01:03:35,754
What is 1%?

964
01:03:36,254 --> 01:03:37,814
$2.5 million.

965
01:03:39,574 --> 01:03:40,134
1%?

966
01:03:40,914 --> 01:03:41,254
Yeah.

967
01:03:42,154 --> 01:03:42,754
Approximately.

968
01:03:42,754 --> 01:03:44,434
It's got to be way higher than that.

969
01:03:45,634 --> 01:03:47,694
Yeah, maybe 2.5%.

970
01:03:47,694 --> 01:03:51,874
So what, 2.5% is like $6 million.

971
01:03:52,894 --> 01:03:53,414
Yeah.

972
01:03:53,934 --> 01:03:54,774
$6.5 million.

973
01:03:57,114 --> 01:03:57,634
Yeah.

974
01:03:58,354 --> 01:04:00,614
I mean, what are their fees on the actual product?

975
01:04:01,274 --> 01:04:03,074
They're the highest of all of them, right?

976
01:04:03,714 --> 01:04:05,154
25-bit management fee.

977
01:04:07,874 --> 01:04:11,854
Is that revenue number just a management fee?

978
01:04:12,594 --> 01:04:13,674
I assume so, yeah.

979
01:04:13,694 --> 01:04:14,494
Then it's way higher.

980
01:04:14,494 --> 01:04:17,474
So then it's way higher.

981
01:04:17,474 --> 01:04:19,134
Then it's like 60, 70% of that.

982
01:04:19,494 --> 01:04:22,074
They're probably making like $100 million or something on this thing.

983
01:04:22,874 --> 01:04:24,394
Yeah, just trying to do the math.

984
01:04:24,654 --> 01:04:25,494
They can probably...

985
01:04:25,494 --> 01:04:28,134
You can't give a quarter million dollars to open source developers.

986
01:04:28,694 --> 01:04:31,214
Yeah, yeah. Come on. Come on.

987
01:04:31,914 --> 01:04:34,754
And just a reminder, I take no money from OpenSats.

988
01:04:34,834 --> 01:04:36,254
We run an incredibly lean operation.

989
01:04:37,294 --> 01:04:39,454
Our nine-person board is all volunteer-based,

990
01:04:39,614 --> 01:04:43,774
and all funding decisions require five of nine of us to approve them

991
01:04:43,774 --> 01:04:46,934
to help reduce the potential for corruption.

992
01:04:47,474 --> 01:04:49,994
I didn't realize you guys weren't taking,

993
01:04:50,154 --> 01:04:52,074
I thought you were making a ton of money off of open.

994
01:04:53,194 --> 01:04:53,794
Fuck you.

995
01:04:54,954 --> 01:04:57,614
Fuck me.

996
01:04:57,754 --> 01:05:01,954
We could pull the open AI move and switch the name to our sats

997
01:05:01,954 --> 01:05:04,074
and take all the funds, but we're not going to do that.

998
01:05:04,954 --> 01:05:05,134
Okay.

999
01:05:06,534 --> 01:05:07,274
Exit strategy.

1000
01:05:07,414 --> 01:05:07,814
Think of it.

1001
01:05:07,994 --> 01:05:08,534
Think of it.

1002
01:05:09,314 --> 01:05:10,174
It's got open in there.

1003
01:05:12,354 --> 01:05:16,534
Gabon is where we are focused for our Human Rights Foundation

1004
01:05:16,534 --> 01:05:22,034
story of the week where the government has suspended social media access nationwide last

1005
01:05:22,034 --> 01:05:28,354
week officials in gabon suspended access to social media platforms and definitely to justify the

1006
01:05:28,354 --> 01:05:33,334
suspension the country's telecommunications agency said it observed content that undermines

1007
01:05:33,334 --> 01:05:38,414
human dignity the country's institutions and national security on digital platforms but

1008
01:05:38,414 --> 01:05:43,534
independent voices condemn the action as an obvious crackdown on dissent users of tiktok

1009
01:05:43,534 --> 01:05:48,234
and Meta's platforms, including Facebook and WhatsApp, reported widespread disruptions

1010
01:05:48,234 --> 01:05:53,034
beginning Wednesday, February 18th, which have widely disrupted people's ability to communicate.

1011
01:05:54,014 --> 01:05:58,554
Freedom tech like BitChat, which provides offline messaging capabilities, and Noster,

1012
01:05:59,114 --> 01:06:03,374
a protocol for decentralized censorship-resistant communication, will continue to play important

1013
01:06:03,374 --> 01:06:09,194
roles in preserving speech, expression, and communication as authoritarian regimes increasingly

1014
01:06:09,194 --> 01:06:10,894
restrict internet freedom.

1015
01:06:10,894 --> 01:06:18,394
For more stories like this and others, make sure you sign up for the Financial Freedom Report newsletter at financialfreedomreport.org.

1016
01:06:19,394 --> 01:06:22,794
There's another reminder of why all this stuff is so important.

1017
01:06:25,434 --> 01:06:36,394
Yeah, I saw Callie tweeting earlier this week, I think, with the increase in military activity in the Middle East, Iraq.

1018
01:06:36,394 --> 01:06:43,314
saw a massive uptick in uh in bit chat downloads let's see if i can find the tweet

1019
01:06:43,314 --> 01:06:51,334
i see jor's asking he's saying he's visiting us in nashville any golf courses worth playing

1020
01:06:51,334 --> 01:06:54,994
i mean if you butter up rod he has a fantastic private course

1021
01:06:54,994 --> 01:07:03,674
that's the route don't tell him i told you to butter him up just uh hit him with a little butter

1022
01:07:03,674 --> 01:07:07,194
and mention that you love a good round

1023
01:07:07,194 --> 01:07:09,174
and it might happen.

1024
01:07:11,254 --> 01:07:11,894
Yeah.

1025
01:07:14,734 --> 01:07:17,394
Callie tweeted out on March 2nd,

1026
01:07:18,134 --> 01:07:20,074
the chat downloads in Iraq spiking

1027
01:07:20,074 --> 01:07:22,114
in case you're monitoring the situation.

1028
01:07:22,454 --> 01:07:23,114
That's the other thing.

1029
01:07:23,214 --> 01:07:26,234
It's like they're sending the Kurds into Iran.

1030
01:07:27,854 --> 01:07:29,294
Because that always works, you know,

1031
01:07:29,334 --> 01:07:31,414
just funding insurgencies.

1032
01:07:32,074 --> 01:07:32,354
Yeah.

1033
01:07:32,354 --> 01:07:33,414
it's like

1034
01:07:33,414 --> 01:07:34,214
it's literally

1035
01:07:34,214 --> 01:07:35,174
never worked

1036
01:07:35,174 --> 01:07:36,574
it's never worked

1037
01:07:36,574 --> 01:07:37,754
I have to stop

1038
01:07:37,754 --> 01:07:38,254
saying we

1039
01:07:38,254 --> 01:07:39,814
the US government

1040
01:07:39,814 --> 01:07:40,614
has done this

1041
01:07:40,614 --> 01:07:41,634
a million times

1042
01:07:41,634 --> 01:07:42,754
and it has

1043
01:07:42,754 --> 01:07:43,494
never worked

1044
01:07:43,494 --> 01:07:43,914
once

1045
01:07:43,914 --> 01:07:46,674
it'll work

1046
01:07:46,674 --> 01:07:47,114
this time

1047
01:07:47,114 --> 01:07:47,674
it'll work

1048
01:07:47,674 --> 01:07:48,014
this time

1049
01:07:48,014 --> 01:07:48,314
don't worry

1050
01:07:48,314 --> 01:07:48,834
the Kurds

1051
01:07:48,834 --> 01:07:49,354
the Kurds

1052
01:07:49,354 --> 01:07:49,814
got it

1053
01:07:49,814 --> 01:07:52,454
I mean

1054
01:07:52,454 --> 01:07:52,594
dude

1055
01:07:52,594 --> 01:07:53,414
it's crazy

1056
01:07:53,414 --> 01:07:54,094
the

1057
01:07:54,094 --> 01:07:56,954
I don't know

1058
01:07:56,954 --> 01:07:57,274
just

1059
01:07:57,274 --> 01:07:58,594
if you're rich

1060
01:07:58,594 --> 01:07:59,154
and you can choose

1061
01:07:59,154 --> 01:07:59,574
where to live

1062
01:07:59,574 --> 01:08:00,094
don't choose

1063
01:08:00,094 --> 01:08:00,294
to live

1064
01:08:00,294 --> 01:08:00,894
in the Middle East

1065
01:08:00,894 --> 01:08:03,314
and if you can't choose where to live

1066
01:08:03,314 --> 01:08:05,894
I like my heart goes out for you

1067
01:08:05,894 --> 01:08:07,014
it really fucking sucks

1068
01:08:07,014 --> 01:08:07,994
yeah

1069
01:08:07,994 --> 01:08:10,754
alright

1070
01:08:10,754 --> 01:08:12,974
more bullish news

1071
01:08:12,974 --> 01:08:15,634
stealth private bitcoin wallet privacy

1072
01:08:15,634 --> 01:08:17,834
auditor tool has been released

1073
01:08:17,834 --> 01:08:19,734
I thought this was cool

1074
01:08:19,734 --> 01:08:21,914
but I haven't played around with it so full disclosure

1075
01:08:21,914 --> 01:08:25,014
so

1076
01:08:25,014 --> 01:08:26,454
this is Breno Brito

1077
01:08:26,454 --> 01:08:29,334
do you know how your UTXOs are connected

1078
01:08:29,334 --> 01:08:33,834
this weekend we created stealth to privately audit your wallet and flag privacy issues and

1079
01:08:33,834 --> 01:08:39,554
recommend suggestions on how to approach them i'm super proud of this project we built for btc plus

1080
01:08:39,554 --> 01:08:46,254
plus hackathon exploits edition um this is cool hackathon i assume you haven't played with it right

1081
01:08:46,254 --> 01:08:54,054
no not yet um it seems like it runs locally which is absolutely important here and i did see

1082
01:08:54,054 --> 01:08:59,094
that you can use it with your own node which you should like number one rule with bitcoin privacy

1083
01:08:59,094 --> 01:09:00,514
is that if you're not using your own node,

1084
01:09:00,554 --> 01:09:01,774
you're using someone else's node

1085
01:09:01,774 --> 01:09:04,734
and they can see all your transactions

1086
01:09:04,734 --> 01:09:06,314
and link your transaction activity.

1087
01:09:06,894 --> 01:09:08,994
So you want to use your own node with something like this

1088
01:09:08,994 --> 01:09:10,114
and you want to use your own node

1089
01:09:10,114 --> 01:09:12,654
if you care about using Bitcoin privately in the first place.

1090
01:09:14,674 --> 01:09:16,734
But this is something that I've been theorizing

1091
01:09:16,734 --> 01:09:18,894
for a little bit now with the rise of AI

1092
01:09:18,894 --> 01:09:21,934
and why I think AI is such a great,

1093
01:09:22,034 --> 01:09:24,374
specifically open source AI is such a great

1094
01:09:24,374 --> 01:09:30,794
complementary technology to the existing FreedomTech stack, whether that's Bitcoin,

1095
01:09:30,794 --> 01:09:36,194
Nostra, anything else. And that's because there's all these friction points when you're using

1096
01:09:36,194 --> 01:09:42,054
FreedomTech technology. And one of the big ones that we've talked about for probably hours and

1097
01:09:42,054 --> 01:09:47,394
hours and hours across all three of our shows, whether that's RHR, TFTC, or Sill Dispatch,

1098
01:09:47,874 --> 01:09:53,754
is coin control and deciding which inputs you're going to use in a transaction and if they're

1099
01:09:53,754 --> 01:10:00,274
linked together. And you always have this warring situation of the more inputs you use,

1100
01:10:02,334 --> 01:10:08,594
the less outputs you have. So the less UTXOs you have in your wallet, the cheaper your future

1101
01:10:08,594 --> 01:10:13,554
transactions are. You pay less in transaction fees, but the worse your privacy is. And there's

1102
01:10:13,554 --> 01:10:18,574
this balancing act that wallets have had a lot of difficulty automating. They can never automate it

1103
01:10:18,574 --> 01:10:26,034
correctly. But when you start adding AI agents to the mix, then you can do some really interesting

1104
01:10:26,034 --> 01:10:32,834
things where a lot of this stuff can be automated or at the very least shown to the user in a very

1105
01:10:32,834 --> 01:10:37,874
accessible way where they can understand, okay, this will cost me more money, but it's going to

1106
01:10:37,874 --> 01:10:42,834
give me these privacy gains. This is where I'm exposed. Now I'm going to initiate the transaction.

1107
01:10:43,414 --> 01:10:48,554
And you can do all of this. The cool part about Bitcoin is you can do all of this without giving

1108
01:10:48,554 --> 01:10:55,694
access to your funds to the agent. The agent can have your public key and can see all of your funds

1109
01:10:55,694 --> 01:11:00,314
and can help you with this. But at the end of the day, you could have your keys on something like a

1110
01:11:00,314 --> 01:11:05,754
cold card. And when the transaction is ready to be signed, you can verify it on your cold device

1111
01:11:05,754 --> 01:11:11,794
and press the approval button yourself rather than having the agent do it. If it's small pocket

1112
01:11:11,794 --> 01:11:16,814
change, I think we'll also see scenarios where agents are handling this stuff. I mean, Marty and

1113
01:11:16,814 --> 01:11:26,034
I have given our robots access to a decent amount of sats. And in most situations, you'll probably

1114
01:11:26,034 --> 01:11:31,354
be fine even in that situation. But when you're talking about larger savings amounts, it's really

1115
01:11:31,354 --> 01:11:36,114
cool that you have the ability to basically just give them view access so they can assist you

1116
01:11:36,114 --> 01:11:41,194
without actually giving them spend access. Yeah, this would be massive. And if you look at the

1117
01:11:41,194 --> 01:11:45,854
comments of the announcement of Stealth.

1118
01:11:46,074 --> 01:11:48,894
It's really cool to see people already collaboratively building.

1119
01:11:49,074 --> 01:11:50,894
They're like, oh, get this in the Sparrow immediately.

1120
01:11:51,334 --> 01:11:52,534
Oh, here's how we would do that.

1121
01:11:52,534 --> 01:11:55,094
And so it seems like somebody's vibe-coded idea.

1122
01:11:56,374 --> 01:11:57,954
I'm assuming it was vibe-coded.

1123
01:11:58,134 --> 01:11:59,654
I think everybody's using these tools now.

1124
01:11:59,914 --> 01:12:00,474
But you can go to BTC Plus.

1125
01:12:00,474 --> 01:12:01,914
At least it was vibe-assisted.

1126
01:12:02,494 --> 01:12:06,294
Yeah, vibe-assisted, BTC Plus Plus, privacy edition,

1127
01:12:07,014 --> 01:12:08,254
or vulnerability edition.

1128
01:12:08,934 --> 01:12:10,834
And they launch it.

1129
01:12:10,834 --> 01:12:15,874
people like it and you begin implementing it in other tools but with all that being said this is

1130
01:12:15,874 --> 01:12:24,514
all for not matt this is all for not famed investor chamath palipapatiya came out and

1131
01:12:24,514 --> 01:12:30,274
said that the bitcoin has a structural flaw we're screwed play it logan

1132
01:12:30,274 --> 01:12:38,474
Do we have sound, Logan?

1133
01:12:38,474 --> 01:12:47,694
I think the reality is that Bitcoin, for the most part at this point, is there's a structural failing in Bitcoin that I think people will need to come and wrap their heads around.

1134
01:12:48,054 --> 01:12:49,674
The structural failing is that it is not.

1135
01:12:50,114 --> 01:12:56,234
So if you think about, like, what is the value maximizing function right now for a crypto asset to be broadly adopted?

1136
01:12:56,234 --> 01:13:02,314
it needs to have the features that allow a central bank to adopt it.

1137
01:13:02,734 --> 01:13:03,994
And there are two things that it lacks.

1138
01:13:04,454 --> 01:13:06,254
You know, one is fungibility and two is privacy.

1139
01:13:07,134 --> 01:13:09,014
And so Bitcoin fails on those two dimensions.

1140
01:13:09,014 --> 01:13:12,634
So it can never be a structural holding of a central bank.

1141
01:13:12,934 --> 01:13:18,894
And that simple thing will keep it in the realm of ETFs and humans and...

1142
01:13:18,894 --> 01:13:20,374
Does gold satisfy those conditions?

1143
01:13:21,514 --> 01:13:21,714
Yeah.

1144
01:13:22,474 --> 01:13:23,894
Fungibility, but not easily.

1145
01:13:24,414 --> 01:13:24,814
Both.

1146
01:13:24,914 --> 01:13:27,054
You have no idea how much the Bank of China owns.

1147
01:13:27,374 --> 01:13:28,474
You don't know how many ounces they own.

1148
01:13:28,534 --> 01:13:29,734
You don't know how many ounces I own.

1149
01:13:30,074 --> 01:13:32,894
When there's a public ledger that says this address has this much,

1150
01:13:33,034 --> 01:13:38,054
and you can't really trade it because you know the history and the provenance of that exact token.

1151
01:13:38,334 --> 01:13:39,594
It's been used to buy this.

1152
01:13:39,634 --> 01:13:40,894
It was transacted over here.

1153
01:13:40,994 --> 01:13:41,654
It went to this wallet.

1154
01:13:42,134 --> 01:13:49,374
That lack of fungibility and privacy is a huge deterrent for broad structural adoption.

1155
01:13:49,374 --> 01:13:53,894
That's what you need to then add another 10x of market cap.

1156
01:13:55,034 --> 01:14:02,814
So is there room for a different crypto asset that solves for the privacy and fungibility?

1157
01:14:03,634 --> 01:14:03,794
Yeah.

1158
01:14:03,954 --> 01:14:05,254
And are there projects right now?

1159
01:14:05,374 --> 01:14:06,554
Yes, but they're very small scale.

1160
01:14:06,674 --> 01:14:07,974
There's huge issues with them.

1161
01:14:08,314 --> 01:14:09,494
Those are even more volatile.

1162
01:14:10,594 --> 01:14:11,954
So Bitcoin's interesting.

1163
01:14:13,234 --> 01:14:16,454
All right, Colin, it's going to be a Zcash show.

1164
01:14:16,454 --> 01:14:21,934
I was going to say, John's in the comments saying,

1165
01:14:22,014 --> 01:14:23,294
Chamath sounds like a Monero, bro.

1166
01:14:23,434 --> 01:14:26,854
He's definitely shilling Zcash.

1167
01:14:27,014 --> 01:14:29,794
He's already shilled Zcash in the past, to be clear.

1168
01:14:31,494 --> 01:14:34,434
And I will say, I mean, look, obviously,

1169
01:14:34,934 --> 01:14:37,474
I think Bitcoin privacy should be more accessible.

1170
01:14:38,374 --> 01:14:40,194
I think we've made great strides in it.

1171
01:14:40,294 --> 01:14:41,914
I think Lightning helps in a lot of ways.

1172
01:14:42,294 --> 01:14:44,954
Like I said, I think these AI tools can help significantly

1173
01:14:44,954 --> 01:14:46,614
without any real protocol changes.

1174
01:14:47,634 --> 01:14:49,654
I think privacy is incredibly important.

1175
01:14:49,794 --> 01:14:51,794
I think if you have no privacy, you have no freedom.

1176
01:14:51,874 --> 01:14:54,134
And if you have no freedom, you have no wealth, period, simple.

1177
01:14:54,894 --> 01:14:59,214
I will say that Bitcoin doesn't get enough credit

1178
01:14:59,214 --> 01:15:04,254
for its ability to be used privately.

1179
01:15:04,694 --> 01:15:07,394
I think it's not as black and white as the haters make it seem.

1180
01:15:07,394 --> 01:15:12,394
I think anyone, by the way, who's ever used any of the shit coins is way worse.

1181
01:15:12,554 --> 01:15:14,274
Like Ethereum land, it's so bad.

1182
01:15:14,274 --> 01:15:20,254
It's literally you just have one fixed address of your entire financial transaction history, and then they use it to sign into websites and shit.

1183
01:15:21,514 --> 01:15:23,294
It's really, really bad.

1184
01:15:23,414 --> 01:15:27,154
By default, Bitcoin is already way better than that status quo.

1185
01:15:27,434 --> 01:15:29,454
And Chamath was a massive Solana shill.

1186
01:15:30,174 --> 01:15:32,374
So there's a lot of hypocrisy.

1187
01:15:33,554 --> 01:15:35,014
But yeah, I mean –

1188
01:15:35,014 --> 01:15:35,834
It's self-serving bullshit.

1189
01:15:36,594 --> 01:15:41,274
This guy, he doesn't understand common input ownership juristics.

1190
01:15:42,054 --> 01:15:43,394
He doesn't understand coin joins.

1191
01:15:43,394 --> 01:15:52,194
He doesn't understand the multi-subprotocol layer that's being built on Bitcoin with eCash, Lightning.

1192
01:15:52,774 --> 01:15:53,914
Probably never even used Lightning.

1193
01:15:54,514 --> 01:15:55,874
Probably never used Lightning.

1194
01:15:56,774 --> 01:16:04,034
And as you were describing Stealth, I thought it was important to bring this up because it shows how early we are.

1195
01:16:04,394 --> 01:16:09,034
Tools to use Bitcoin more privately exist.

1196
01:16:09,034 --> 01:16:11,094
They just haven't been implemented correctly.

1197
01:16:11,094 --> 01:16:16,034
and tools like stealth get us closer to that end state we all want to get to both on chain but then

1198
01:16:16,034 --> 01:16:21,254
if you want perfect privacy you can bump it uh to another to another layer that has better

1199
01:16:21,254 --> 01:16:28,214
privacy like lightning or e-cash and it's just going to be extremely frustrating when this guy

1200
01:16:28,214 --> 01:16:36,754
gets it it's that whole silicon valley 16z like bladgy been on the show like him friend but

1201
01:16:36,754 --> 01:16:42,734
completely disagree with the Zcash framing and really paying.

1202
01:16:43,634 --> 01:16:46,954
And the whole fungibility thing, it's not even true.

1203
01:16:47,194 --> 01:16:48,114
Bitcoin is fungible.

1204
01:16:48,334 --> 01:16:49,854
I mean, people have been trying to say it's not,

1205
01:16:50,014 --> 01:16:53,914
but find me a UTXO that somebody hasn't been able to accept.

1206
01:16:54,694 --> 01:16:56,754
Dude, if you send someone a Lightning payment,

1207
01:16:56,874 --> 01:16:59,194
they don't even know what UTXO funded that transaction.

1208
01:16:59,514 --> 01:17:02,594
If you deposit a Lightning transaction on an exchange,

1209
01:17:02,714 --> 01:17:04,654
they have no idea what UTXO funded that transaction.

1210
01:17:04,654 --> 01:17:07,814
I will push back on the term perfect privacy.

1211
01:17:08,994 --> 01:17:11,634
I just don't think we should ever really use that term.

1212
01:17:11,754 --> 01:17:12,894
I think it's trade-offs all the way down.

1213
01:17:12,914 --> 01:17:13,434
Did I say perfect privacy?

1214
01:17:13,534 --> 01:17:14,534
I didn't mean to say perfect privacy.

1215
01:17:14,534 --> 01:17:14,714
Yeah.

1216
01:17:15,874 --> 01:17:18,054
I know you didn't, which is why I bring it up.

1217
01:17:18,454 --> 01:17:24,554
But yeah, I mean, it's just, like you said, a lot of self-serving bullshit.

1218
01:17:27,034 --> 01:17:29,134
And expect more of it.

1219
01:17:29,134 --> 01:17:34,914
I mean, we saw like a very heavy concentrated Zcash pump earlier in the year.

1220
01:17:35,134 --> 01:17:38,274
And I think a lot of people are underwater from it.

1221
01:17:38,334 --> 01:17:41,434
So we'll probably see a lot of Coke chills as a result of that.

1222
01:17:42,414 --> 01:17:43,934
Hey, we're zideline, bro.

1223
01:17:44,114 --> 01:17:45,754
We're biased because we're zideline.

1224
01:17:45,994 --> 01:17:46,234
Okay.

1225
01:17:46,934 --> 01:17:47,574
We're not allowed to talk.

1226
01:17:47,574 --> 01:17:47,654
Yeah.

1227
01:17:47,694 --> 01:17:53,454
I mean, look, and Zcash specifically is you have a US-based company that is backing it.

1228
01:17:53,734 --> 01:17:55,174
It's got Israeli funding.

1229
01:17:55,274 --> 01:17:56,794
It's like basically Mossad coin.

1230
01:17:56,794 --> 01:18:01,114
and there's no way for you to verify the supply.

1231
01:18:01,774 --> 01:18:04,994
You're always at, they always forget that trade-off.

1232
01:18:05,174 --> 01:18:07,434
They always, they never mentioned that trade-off.

1233
01:18:09,194 --> 01:18:12,894
So yeah, like maybe you have some privacy improvements

1234
01:18:12,894 --> 01:18:15,194
on a very small anonymity step, by the way,

1235
01:18:15,214 --> 01:18:17,214
because you have way less users than Bitcoin users.

1236
01:18:18,634 --> 01:18:20,594
But you could just be inflated away

1237
01:18:20,594 --> 01:18:22,234
and rugged at any time, period,

1238
01:18:22,734 --> 01:18:24,654
which is a crazy trade-off to make

1239
01:18:24,654 --> 01:18:32,654
And one that I don't expect nation states to make, because the whole point of Bitcoin is that it's supposed to be used by people that don't trust other counterparties.

1240
01:18:33,274 --> 01:18:35,074
It's supposed to be used without counterparty risk.

1241
01:18:36,534 --> 01:18:43,854
And then last but not least, it's incredibly easy to change because it has such a concentration of ownership and dev management.

1242
01:18:44,814 --> 01:18:52,534
And regardless of a lot of the debate in Bitcoin, I will say it goes to show that it's very difficult to change Bitcoin.

1243
01:18:52,534 --> 01:18:55,014
and that is its fundamental value prop.

1244
01:18:55,814 --> 01:18:57,374
And we've seen that time and time again.

1245
01:18:58,074 --> 01:19:03,474
I see Jor zapped 22,222 sats.

1246
01:19:03,534 --> 01:19:05,594
He says, row of decks, palindrome boost,

1247
01:19:05,674 --> 01:19:06,294
thanks to the butter.

1248
01:19:07,974 --> 01:19:08,414
Cheers.

1249
01:19:08,654 --> 01:19:09,674
I hope you get a good round in.

1250
01:19:11,154 --> 01:19:11,594
I do too.

1251
01:19:11,774 --> 01:19:13,054
And to build on this point,

1252
01:19:14,174 --> 01:19:18,094
to highlight that Lightning does add a degree of privacy

1253
01:19:18,094 --> 01:19:19,594
to your Bitcoin spending,

1254
01:19:20,334 --> 01:19:22,334
nothing validates that more than Cake Wallet.

1255
01:19:22,534 --> 01:19:25,954
integrating Lightning and launching it earlier this week.

1256
01:19:26,454 --> 01:19:29,854
So Lightning is now available for CakeWallet users.

1257
01:19:29,994 --> 01:19:33,994
I believe they're using a combination of Spark and Breeze's SDK

1258
01:19:33,994 --> 01:19:35,734
to bring this to their users.

1259
01:19:35,914 --> 01:19:39,534
But for those who are unaware, CakeWallet historically has been

1260
01:19:39,534 --> 01:19:41,274
highly privacy-focused.

1261
01:19:41,274 --> 01:19:45,894
There's their reason for being is to make it so people can transact

1262
01:19:45,894 --> 01:19:49,174
with Bitcoin and other cryptocurrencies more privately.

1263
01:19:49,374 --> 01:19:51,874
And so seeing Lightning added to this is a long time coming,

1264
01:19:51,874 --> 01:19:53,914
but I think they wanted to do it the right way.

1265
01:19:53,974 --> 01:19:54,494
It's good to see.

1266
01:19:56,414 --> 01:19:59,094
Yeah, I mean, look, I have disagreements with the Cake team

1267
01:19:59,094 --> 01:20:03,134
on the amount of shitcoins that they have in the wallet,

1268
01:20:03,274 --> 01:20:05,714
but obviously you can use the wallet without interacting

1269
01:20:05,714 --> 01:20:07,674
with any of the shitcoins that they support.

1270
01:20:08,614 --> 01:20:12,394
And I have spoken to them, and they have a lot of basically tech

1271
01:20:12,394 --> 01:20:13,194
and user debt there.

1272
01:20:13,274 --> 01:20:15,794
It's like once you add the shitcoins, it's really hard to remove them

1273
01:20:15,794 --> 01:20:18,634
because then you just basically rug the user base that is using them.

1274
01:20:18,634 --> 01:20:23,074
And as a result, they have significantly more users than most of the Bitcoin-only wallets.

1275
01:20:23,474 --> 01:20:27,894
So it's fantastic to see them have first-class Bitcoin support in the wallet.

1276
01:20:28,034 --> 01:20:29,594
And it really does work quite well.

1277
01:20:30,634 --> 01:20:33,394
Lightning is great to see, but they also offer silent payments.

1278
01:20:33,534 --> 01:20:34,354
They offer PayJoin.

1279
01:20:34,454 --> 01:20:36,114
They're one of the few wallets that offer PayJoin.

1280
01:20:37,794 --> 01:20:39,454
By the way, on the privacy...

1281
01:20:39,454 --> 01:20:39,954
Yeah, go on.

1282
01:20:40,654 --> 01:20:43,174
More than a million users, I think, or downloads historically.

1283
01:20:43,514 --> 01:20:43,814
Yeah.

1284
01:20:44,014 --> 01:20:45,894
They have a lot of users.

1285
01:20:45,894 --> 01:20:54,974
on the privacy piece by the way like i also like maybe it's never going to happen but i also feel

1286
01:20:54,974 --> 01:21:00,074
like liquid never gets enough credit it's like very easy to peg in and peg out of liquid it has

1287
01:21:00,074 --> 01:21:04,974
confidential transactions it actually supports all of the bullshit that all the shit coins support

1288
01:21:04,974 --> 01:21:12,694
you know ask like uh tokens and everything that like ethereum and slana do if you want to use

1289
01:21:12,694 --> 01:21:18,634
tether in a private way technically speaking liquid is the most private way to use tether

1290
01:21:18,634 --> 01:21:25,434
now i say technically because they just don't have that many users so it's like if a hundred people

1291
01:21:25,434 --> 01:21:30,634
are using tether on liquid you're one of a hundred but as far as the tech is concerned it's actually

1292
01:21:30,634 --> 01:21:36,774
very easy to use and it's kind of a chicken and egg like they've never been able to unlock adoption

1293
01:21:36,774 --> 01:21:38,474
and then because they don't have much adoption,

1294
01:21:38,714 --> 01:21:40,714
it's not very ironically liquid

1295
01:21:40,714 --> 01:21:44,114
and you don't have a big anonymity set.

1296
01:21:44,514 --> 01:21:46,494
They have very limited hardware wallet support.

1297
01:21:46,674 --> 01:21:49,094
I think the only hardware wallet that supports it is the Jade.

1298
01:21:50,014 --> 01:21:52,254
And look, I might get shit for it,

1299
01:21:52,294 --> 01:21:55,414
but I don't think anyone should be using a Jade hardware wallet.

1300
01:21:55,534 --> 01:21:56,794
It's just like not a good wallet.

1301
01:21:57,594 --> 01:21:58,934
You just use it in your hands.

1302
01:21:59,014 --> 01:22:00,274
There's better options out there.

1303
01:22:01,874 --> 01:22:03,594
And most people that are recommending it

1304
01:22:03,594 --> 01:22:04,614
is because they're sponsored.

1305
01:22:04,614 --> 01:22:07,154
It's just the reality of the situation.

1306
01:22:08,174 --> 01:22:12,534
By the way, while we're here, I have Francis Mars on Noster.

1307
01:22:14,374 --> 01:22:17,114
I believe one of the co-founders of ChainDuel.

1308
01:22:21,114 --> 01:22:25,194
His co-founder is a friend of mine.

1309
01:22:25,954 --> 01:22:27,134
I'm misplacing it, Pedro.

1310
01:22:27,934 --> 01:22:29,114
I love their team.

1311
01:22:29,214 --> 01:22:30,514
I think ChainDuel is awesome.

1312
01:22:30,614 --> 01:22:33,654
It's a really fun game where you use sats and you can win sats.

1313
01:22:33,654 --> 01:22:36,374
and you play PVP against other people.

1314
01:22:36,974 --> 01:22:39,054
Supposedly, I mentioned a few weeks ago,

1315
01:22:39,134 --> 01:22:41,214
maybe even longer, maybe a couple months ago,

1316
01:22:41,994 --> 01:22:44,174
I mentioned that they got hacked.

1317
01:22:45,354 --> 01:22:46,854
I'm just going to read what he said

1318
01:22:46,854 --> 01:22:48,634
because he said I need to correct the record.

1319
01:22:48,634 --> 01:22:53,714
And I definitely didn't mean to misspeak on this front

1320
01:22:53,714 --> 01:22:54,714
for what it's worth.

1321
01:22:55,074 --> 01:22:56,634
He said, you mentioned that vibe coding

1322
01:22:56,634 --> 01:22:57,834
can lead to loss of funds

1323
01:22:57,834 --> 01:22:59,194
and mentioned the chain dual hack

1324
01:22:59,194 --> 01:23:01,834
as an example of how vibe coding led to a real hack.

1325
01:23:02,014 --> 01:23:03,214
But that wasn't the case.

1326
01:23:03,214 --> 01:23:06,214
There wasn't any component associated with ChainDuel

1327
01:23:06,214 --> 01:23:09,514
that was vibe coded, and the hack wasn't related to the game.

1328
01:23:09,514 --> 01:23:13,394
It was caused by AlbiHub being enabled on my umbral

1329
01:23:13,394 --> 01:23:15,354
without the installation being finished,

1330
01:23:15,354 --> 01:23:18,974
which allows anyone full access without authentication.

1331
01:23:18,974 --> 01:23:19,934
The timing was suspicious.

1332
01:23:19,992 --> 01:23:25,812
Just as it was on a day, we released PubPay live and sent an article I wrote about it to my contact list.

1333
01:23:25,892 --> 01:23:27,752
And one hour later, my node was breached.

1334
01:23:28,992 --> 01:23:31,272
Obviously, it fucking sucks that they got hacked.

1335
01:23:31,432 --> 01:23:32,572
I'm sorry if I misspoke.

1336
01:23:34,792 --> 01:23:40,152
I think we might have had a separate vibe coding thing that we were talking about.

1337
01:23:42,832 --> 01:23:47,072
And I was just like, when funds are involved, you should just be extra concerned.

1338
01:23:47,212 --> 01:23:48,872
I don't know if I actually said that they were vibe coding.

1339
01:23:48,872 --> 01:23:50,952
But if I did end up, that's my fault.

1340
01:23:51,612 --> 01:23:57,992
And I'm sorry if I brought shame to his family and his project by saying that was not my intention.

1341
01:23:58,232 --> 01:24:00,732
So this is me correcting the record.

1342
01:24:01,452 --> 01:24:02,812
If we ever screw up, let us know.

1343
01:24:02,892 --> 01:24:03,732
We'll correct the record.

1344
01:24:03,972 --> 01:24:08,312
I vaguely remember this conversation and no harm was meant.

1345
01:24:08,632 --> 01:24:09,992
I'll speak on Matt's behalf.

1346
01:24:10,072 --> 01:24:11,352
I know him very well.

1347
01:24:11,512 --> 01:24:13,052
He would never speak harm on anybody.

1348
01:24:14,512 --> 01:24:16,352
We might as well give them a free shill.

1349
01:24:16,352 --> 01:24:21,412
If you want to play Chain Duel, go to chaineduel.net, I believe.

1350
01:24:21,892 --> 01:24:22,412
Let's see.

1351
01:24:23,532 --> 01:24:25,292
Yes, it's live.

1352
01:24:25,672 --> 01:24:26,552
Chaineduel.net.

1353
01:24:27,432 --> 01:24:29,632
And at most conferences, you can play in person.

1354
01:24:29,912 --> 01:24:30,612
It's a lot of fun.

1355
01:24:30,772 --> 01:24:32,212
They set it up on an arcade.

1356
01:24:32,352 --> 01:24:33,232
It's really fucking cool.

1357
01:24:33,612 --> 01:24:34,772
So anyway, sorry about that, guys.

1358
01:24:35,752 --> 01:24:36,872
It was not my intention.

1359
01:24:37,772 --> 01:24:41,192
Consider the record set corrected.

1360
01:24:42,372 --> 01:24:46,112
We've got some zaps in the live stream right now.

1361
01:24:46,112 --> 01:24:49,992
the commenter zapped 21,112 sats palindrome zapped.

1362
01:24:50,092 --> 01:24:51,232
Talk to me, Jack Mahlers.

1363
01:24:51,392 --> 01:24:52,652
I want LOC.

1364
01:24:53,492 --> 01:24:55,512
Jack, you got so many.

1365
01:24:55,572 --> 01:25:00,212
Then he followed that up with another 21,112 sat palindrome boost with

1366
01:25:00,212 --> 01:25:01,272
Let's Fucking Go.

1367
01:25:02,372 --> 01:25:06,212
You already read yours, but we missed those too.

1368
01:25:06,292 --> 01:25:07,512
So we have to make sure we got those in.

1369
01:25:08,532 --> 01:25:09,832
Next up on the list.

1370
01:25:09,892 --> 01:25:13,052
This is great to see from longtime ride or die freak.

1371
01:25:13,052 --> 01:25:16,112
Somebody who's spent days with this podcast,

1372
01:25:16,212 --> 01:25:18,032
multiple weeks now at this point,

1373
01:25:18,092 --> 01:25:18,912
potentially a month,

1374
01:25:19,012 --> 01:25:23,152
Pseudo Carlos launched Tail Relay.

1375
01:25:23,452 --> 01:25:26,392
And so if you've been playing with OpenClaw,

1376
01:25:26,892 --> 01:25:30,192
you're running into VPS like I am,

1377
01:25:30,332 --> 01:25:32,172
I learned that setting up Tail Scale

1378
01:25:32,172 --> 01:25:34,612
between my VPS and the rest of the internet

1379
01:25:34,612 --> 01:25:38,872
was advantageous to increase the security

1380
01:25:38,872 --> 01:25:40,252
and privacy of my server.

1381
01:25:40,252 --> 01:25:41,652
than it looks like.

1382
01:25:42,152 --> 01:25:44,052
Sudacarles has had the idea for a thing

1383
01:25:44,052 --> 01:25:45,752
that makes accessing start nines

1384
01:25:45,752 --> 01:25:47,112
using tail scale much easier.

1385
01:25:47,872 --> 01:25:49,092
So he cleaned up the UI

1386
01:25:49,092 --> 01:25:51,472
and made adding services a little more intuitive.

1387
01:25:52,052 --> 01:25:52,932
He wants to build on this

1388
01:25:52,932 --> 01:25:55,252
and add tutorials for more complicated setups

1389
01:25:55,252 --> 01:25:56,892
like core lightning on Zeus

1390
01:25:56,892 --> 01:25:59,852
or allowing tail relay to act as a middle proxy.

1391
01:26:00,412 --> 01:26:00,872
Check it out.

1392
01:26:01,272 --> 01:26:03,172
There's a base image and a start OS

1393
01:26:03,172 --> 01:26:06,932
version 0.3.5.1 compatible package.

1394
01:26:06,932 --> 01:26:09,332
You can get the latter here.

1395
01:26:09,332 --> 01:26:17,232
links to his github page but no it's cool to see carlos carlos wants righted our freak wants

1396
01:26:17,232 --> 01:26:21,672
everyone to know do not be reckless with it he's actually looking for feedback more than anything

1397
01:26:21,672 --> 01:26:28,812
um he the story of this by the way is he messaged me on signal asking for feedback

1398
01:26:28,812 --> 01:26:33,072
he's like look at this cool thing i built can you can you give it a look and give me feedback

1399
01:26:33,072 --> 01:26:37,332
and i just immediately pressed retweet on nostr and he's like what the fuck dude

1400
01:26:37,332 --> 01:26:40,492
and I was like well now you're going to get plenty of feedback

1401
01:26:40,492 --> 01:26:42,872
and I was like I'll bring it up on RHR too

1402
01:26:42,872 --> 01:26:45,092
so anyway pretty cool to see

1403
01:26:45,092 --> 01:26:48,312
the fast iteration of all these different tools

1404
01:26:48,312 --> 01:26:51,272
and shout out to Carlos for putting it together

1405
01:26:51,272 --> 01:26:52,872
but definitely give him feedback

1406
01:26:52,872 --> 01:26:55,372
if you do use it, you do play around with it

1407
01:26:55,372 --> 01:26:57,612
he's looking for it

1408
01:26:57,612 --> 01:27:00,332
I think at this point Marty by the way we should

1409
01:27:00,332 --> 01:27:02,152
read Zaps

1410
01:27:02,152 --> 01:27:03,872
Boost from Fountain

1411
01:27:03,872 --> 01:27:11,892
zaps on on primal.net slash rhr like on the actual nostor video we had two zaps over 21 000 sets

1412
01:27:11,892 --> 01:27:19,372
from last week um we had rider die freak map 21 with 42 000 sets saying appreciate you guys

1413
01:27:19,372 --> 01:27:27,032
and then we had rider die freak roaming with 21 000 sets asteroid emoji great show dude's been on

1414
01:27:27,032 --> 01:27:32,592
fire with his asteroid emojis that's you know that would be the icing on the cake wouldn't it

1415
01:27:32,592 --> 01:27:35,492
if we just got hit by an asteroid while all this shit was going down.

1416
01:27:36,412 --> 01:27:36,712
Yes.

1417
01:27:38,652 --> 01:27:41,232
Top three boost from Rabbit Hole Recap.

1418
01:27:41,532 --> 01:27:43,332
$3.98, Bitcoin is the best money.

1419
01:27:45,092 --> 01:27:45,972
Ride or die.

1420
01:27:47,552 --> 01:27:48,952
First time in a long time.

1421
01:27:50,072 --> 01:27:52,252
Not first time, but first time in a long time.

1422
01:27:52,252 --> 01:27:55,612
Eric 9-9, 50,000, five sets, palindrome boost.

1423
01:27:56,112 --> 01:27:59,292
Proverbs 22-4.

1424
01:27:59,292 --> 01:28:02,752
The reward for humility and fear of the Lord is riches and honor in life.

1425
01:28:03,372 --> 01:28:05,152
Matthew 16, 19 to 20.

1426
01:28:05,872 --> 01:28:11,292
Do not store up for yourselves treasures on earth, but store up yourselves treasure in heaven.

1427
01:28:11,872 --> 01:28:12,392
Matt O'Dell.

1428
01:28:12,812 --> 01:28:13,252
Stay humble.

1429
01:28:13,592 --> 01:28:14,072
Stack sats.

1430
01:28:15,332 --> 01:28:15,952
Shout out to you guys.

1431
01:28:16,892 --> 01:28:17,652
Been a while, sir.

1432
01:28:18,152 --> 01:28:18,872
Great to see you.

1433
01:28:19,072 --> 01:28:19,432
Thank you.

1434
01:28:19,992 --> 01:28:22,012
I'm glad everything seems to be all right with you.

1435
01:28:22,552 --> 01:28:23,972
I hope everything's all right with you.

1436
01:28:24,452 --> 01:28:25,212
Thank you for the support.

1437
01:28:25,212 --> 01:28:29,452
96 Eclipse, 21,012 sats, palindrome boost.

1438
01:28:30,132 --> 01:28:32,292
Repping the Fountain Freaks, great rep as always.

1439
01:28:32,432 --> 01:28:32,812
Thank you.

1440
01:28:32,932 --> 01:28:33,972
Thank you, 96 Eclipse.

1441
01:28:35,092 --> 01:28:37,952
And then third and final boost.

1442
01:28:37,952 --> 01:28:38,212
Thank you, sir.

1443
01:28:39,352 --> 01:28:42,372
398, 21,012 sats, palindrome boost.

1444
01:28:42,452 --> 01:28:48,652
From Eric99 again, hit us with 71,007 sats in total.

1445
01:28:49,072 --> 01:28:52,712
One John 216 for everything in the world.

1446
01:28:52,712 --> 01:28:55,212
the lust of the flesh, the lust of the eyes

1447
01:28:55,212 --> 01:28:57,812
and the pride of life comes not from the Father

1448
01:28:57,812 --> 01:28:59,092
but from the world

1449
01:28:59,092 --> 01:29:02,492
thank you Eric

1450
01:29:02,492 --> 01:29:04,892
thank you sir, great advice

1451
01:29:04,892 --> 01:29:07,052
great verses there sir

1452
01:29:07,052 --> 01:29:09,952
moving on to updates

1453
01:29:09,952 --> 01:29:12,052
Yakihone

1454
01:29:12,052 --> 01:29:14,032
is out

1455
01:29:14,032 --> 01:29:16,832
with a new update

1456
01:29:16,832 --> 01:29:19,492
with scheduled notes, packs discovering

1457
01:29:19,492 --> 01:29:21,512
and smarter features which are now live

1458
01:29:21,512 --> 01:29:25,412
rolling out a new update for Yaki Honey across web and mobile

1459
01:29:25,412 --> 01:29:28,592
with a strong focus on creator workflows, discovery, and everyday usability.

1460
01:29:29,252 --> 01:29:33,672
The release introduces starter packs and media packs that are NIP 51 compatible,

1461
01:29:34,372 --> 01:29:38,492
improves onboarding, and adds one of the most requested features by users,

1462
01:29:38,612 --> 01:29:39,912
which is scheduled notes.

1463
01:29:40,812 --> 01:29:43,672
So if you're running a media company and you're posting on Nostrad

1464
01:29:43,672 --> 01:29:45,552
and you like to schedule things or an individual,

1465
01:29:45,792 --> 01:29:47,092
you can now do that via Yaki Honey.

1466
01:29:47,772 --> 01:29:48,212
Great feature.

1467
01:29:48,212 --> 01:29:52,132
These guys are some of the unsung heroes of Noster.

1468
01:29:52,272 --> 01:29:56,512
They built a great app, great product.

1469
01:29:57,352 --> 01:29:58,432
Check it out, Yakahone.

1470
01:29:58,752 --> 01:29:59,792
They're multi-platform.

1471
01:29:59,972 --> 01:30:01,952
They're on iOS, Android, web.

1472
01:30:02,912 --> 01:30:03,612
Love to see it.

1473
01:30:04,492 --> 01:30:05,232
They just keep shipping.

1474
01:30:06,312 --> 01:30:08,492
We'll link to that in the show notes.

1475
01:30:09,592 --> 01:30:14,552
Next up, we've got Wisp, a new Android Noster client, which is in beta.

1476
01:30:15,292 --> 01:30:16,952
That's W-I-S-K.

1477
01:30:16,952 --> 01:30:17,932
I like this name.

1478
01:30:18,212 --> 01:30:19,552
It's WISP, not WISC.

1479
01:30:19,672 --> 01:30:21,832
You have it as WISC in the show notes.

1480
01:30:22,772 --> 01:30:24,092
Or no, I just misread it.

1481
01:30:24,152 --> 01:30:25,712
It's WISP, W-I-S-P.

1482
01:30:26,732 --> 01:30:29,192
I was going to say my bot made the titles.

1483
01:30:29,972 --> 01:30:32,152
It was more likely you got it wrong than he did.

1484
01:30:33,072 --> 01:30:37,632
It's on early access beta exclusively on Zap Store.

1485
01:30:37,772 --> 01:30:41,632
The goal of WISP is to be fast, simple, and most importantly, it should just work.

1486
01:30:41,632 --> 01:30:45,932
It uses relay intelligently, relays intelligently, so you don't have to.

1487
01:30:45,932 --> 01:30:50,572
I designed it to be my daily driver and to make Nostra more fun than frustrating.

1488
01:30:50,732 --> 01:30:51,912
Some core features to call out.

1489
01:30:51,972 --> 01:30:57,452
Beautiful, minimal, lightning-fast UX built in NWC, Nostra Wallet Connect.

1490
01:30:58,952 --> 01:31:06,252
Wallet, Zap sounds and animations, a GIF keyboard, inbox slash outbox model, and so much more.

1491
01:31:06,512 --> 01:31:07,532
So go try this out.

1492
01:31:07,732 --> 01:31:10,252
Shout out to UTXO, the webmaster.

1493
01:31:11,012 --> 01:31:13,752
I mean, UTXO is a good friend at Rider-Dive Freak.

1494
01:31:13,752 --> 01:31:15,512
I absolutely love this app.

1495
01:31:15,932 --> 01:31:19,372
It's, he built it relatively quickly too,

1496
01:31:19,432 --> 01:31:20,432
which is really cool to see.

1497
01:31:21,292 --> 01:31:22,772
Look, open protocols, it's,

1498
01:31:23,152 --> 01:31:24,492
you're able to fastly iterate.

1499
01:31:25,032 --> 01:31:26,732
I mean, I saw one conversation and it's like,

1500
01:31:26,792 --> 01:31:28,732
oh, if Nost are successful,

1501
01:31:29,452 --> 01:31:30,952
will we see app stores ban it?

1502
01:31:31,032 --> 01:31:33,792
It's like, we're at the point already

1503
01:31:33,792 --> 01:31:37,652
where an average user can spin up a basic client

1504
01:31:37,652 --> 01:31:39,792
with just a simple AI tool.

1505
01:31:40,512 --> 01:31:42,672
But UTXO put a lot of work into this

1506
01:31:42,672 --> 01:31:45,112
and it's very performant.

1507
01:31:45,112 --> 01:31:45,972
It's quite fast.

1508
01:31:46,632 --> 01:31:47,872
Absolutely love to see it.

1509
01:31:48,172 --> 01:31:51,492
Just a quick note, Marty skimmed through it.

1510
01:31:51,652 --> 01:31:55,232
Nostra Wallet Connect is an open protocol for connecting wallets.

1511
01:31:55,892 --> 01:32:03,532
So if you have a Nostra Wallet Connect supported wallet, you can easily use it, integrate it into this app.

1512
01:32:04,272 --> 01:32:07,992
You just pair it with a QR code or a copy paste function.

1513
01:32:08,572 --> 01:32:10,392
And then you can zap in the wallet.

1514
01:32:10,392 --> 01:32:13,652
And there's a bunch of different Nostra Wallet Connect wallets out there.

1515
01:32:13,732 --> 01:32:14,692
Zeus is one of them.

1516
01:32:14,692 --> 01:32:26,222
Cashew is one of them Primal Wallet is Nostra Wallet Connect capable And also by the way we hear that a lot on the Primal side Oh I like Primal but I don want to use the built Primal Wallet

1517
01:32:26,482 --> 01:32:29,602
Well, Primal also, not only does Primal Wallet support Nostra Wallet Connect,

1518
01:32:29,742 --> 01:32:32,262
so you can use Primal Wallet with something like Wisp,

1519
01:32:33,002 --> 01:32:34,942
but it's also the reverse too.

1520
01:32:35,082 --> 01:32:37,922
You can use Primal and you can zap with an external wallet

1521
01:32:37,922 --> 01:32:39,642
that has Nostra Wallet Connect support.

1522
01:32:39,642 --> 01:32:41,402
And all the communication happens through Nostra.

1523
01:32:41,522 --> 01:32:42,162
It's really clean.

1524
01:32:44,302 --> 01:32:44,782
Nostra.

1525
01:32:45,622 --> 01:32:48,142
People, it's happening, freaks.

1526
01:32:48,282 --> 01:32:48,642
It's happening.

1527
01:32:48,922 --> 01:32:49,842
Gradually, then suddenly.

1528
01:32:50,002 --> 01:32:51,542
I do feel like we need it more than ever.

1529
01:32:51,802 --> 01:32:55,942
And I will say with the AI rabbit hole I've been going down, I've never been more bullish on Oster.

1530
01:32:57,622 --> 01:33:09,182
Once you start trying to use these closed walled gardens, like the proprietary stuff with your bots, you just realize how much the open protocols, first of all, reduce friction, but they're just so much more powerful.

1531
01:33:09,182 --> 01:33:26,622
Well, speaking on the walled gardens, Google just released workspace CLI, one command line tool for Drive, Gmail, Calendar, Sheets, Docs, Chat, Admin, and more dynamically built for Google Discovery services includes AI agent skills.

1532
01:33:26,782 --> 01:33:31,622
And I think this is directly integrated to Windows.

1533
01:33:31,922 --> 01:33:32,822
Is that correct?

1534
01:33:34,102 --> 01:33:35,202
What are you talking about?

1535
01:33:35,322 --> 01:33:36,822
It's a CLI interface.

1536
01:33:36,822 --> 01:33:42,162
it's a command line interface for agents to use yeah i thought it was coming out of the box i

1537
01:33:42,162 --> 01:33:47,142
haven't thinking of something else then no the whole point is the walled gardens are difficult

1538
01:33:47,142 --> 01:33:53,242
to use with the bots but they are also these companies are incentivized to become more bot

1539
01:33:53,242 --> 01:33:57,742
friendly while historically they've been the exact opposite they've like you know the captchas right

1540
01:33:57,742 --> 01:34:04,402
they're like trying to keep bots out um but and and make it human only so this is a perfect example

1541
01:34:04,402 --> 01:34:07,642
of one of the most valuable companies in the world

1542
01:34:07,642 --> 01:34:10,762
releasing a product that is specifically geared.

1543
01:34:11,862 --> 01:34:13,342
They say it's for humans or agents.

1544
01:34:13,482 --> 01:34:14,582
Technically, humans can use.

1545
01:34:14,902 --> 01:34:17,182
Obviously, humans have used the command line for years.

1546
01:34:18,022 --> 01:34:20,462
But this is specifically so that your bot

1547
01:34:20,462 --> 01:34:22,182
can interact with the Google ecosystem

1548
01:34:22,182 --> 01:34:24,202
in a relatively straightforward way.

1549
01:34:24,522 --> 01:34:26,042
Now, it's obviously still a walled garden.

1550
01:34:26,182 --> 01:34:27,242
They can ban your account.

1551
01:34:27,382 --> 01:34:28,122
They can throttle you.

1552
01:34:28,182 --> 01:34:29,362
They can do all this other stuff.

1553
01:34:29,602 --> 01:34:31,442
It's still going to have a ton more friction

1554
01:34:31,442 --> 01:34:33,122
than if you're using open systems.

1555
01:34:33,122 --> 01:34:38,422
but I think this is a trend people should be paying attention to whether it's APIs

1556
01:34:38,422 --> 01:34:46,582
or CLIs there's going to be a lot more focus by major companies to offer

1557
01:34:46,582 --> 01:34:55,222
agentic focused tooling tooling that is meant specifically for bots to interact with their

1558
01:34:55,222 --> 01:35:03,102
systems yeah really cool to see which is why I highlighted it I mean by the way like

1559
01:35:03,102 --> 01:35:04,922
I think people missed the point.

1560
01:35:05,462 --> 01:35:08,762
The cool part about OpenClaw and all the derivatives of OpenClaw,

1561
01:35:09,462 --> 01:35:12,102
and I think I have it in the list,

1562
01:35:12,262 --> 01:35:16,702
OpenClaw is one of the fastest growing open source projects of all time.

1563
01:35:16,802 --> 01:35:19,422
They officially have more GitHub star activity,

1564
01:35:19,562 --> 01:35:23,402
so people following the project than React itself, which is crazy.

1565
01:35:24,742 --> 01:35:26,742
And it's one of the fastest growing projects ever.

1566
01:35:26,862 --> 01:35:30,582
But part of the reason is because it's extremely lightweight to run locally.

1567
01:35:31,242 --> 01:35:32,902
Like you can, maybe not well,

1568
01:35:32,962 --> 01:35:34,802
but you can technically run it on a Raspberry Pi.

1569
01:35:34,922 --> 01:35:35,982
You can run it on an old computer.

1570
01:35:36,122 --> 01:35:38,342
You can run it on pretty much any hardware

1571
01:35:38,342 --> 01:35:39,682
you can run this thing on.

1572
01:35:40,102 --> 01:35:41,722
And the derivatives of it are,

1573
01:35:41,882 --> 01:35:44,482
there's derivatives of it that are even like leaner

1574
01:35:44,482 --> 01:35:46,362
and more efficient that you can run on even better hardware.

1575
01:35:46,362 --> 01:35:49,382
But to the closed system aspect,

1576
01:35:49,762 --> 01:35:51,762
the main reason people are going out

1577
01:35:51,762 --> 01:35:53,682
and paying $600 for a Mac mini

1578
01:35:53,682 --> 01:35:56,022
is because they want iMessage support

1579
01:35:56,022 --> 01:35:57,362
and they want iCloud support.

1580
01:35:57,662 --> 01:36:00,302
And there's no way to get it unless you buy Apple hardware.

1581
01:36:00,582 --> 01:36:13,702
That is the reason why people are going out and buying a Mac mini. Otherwise, it's completely overkill because they're not self-hosting models. It's underkill for self-hosting models. It's not powerful enough for self-hosting models.

1582
01:36:13,702 --> 01:36:29,222
You have to pay $10,000 for Mac Studio or something if you want to even graze the surface of running the top-tier open-source models. So they're not running those locally. The whole reason is they want iMessage and iCloud integration.

1583
01:36:29,222 --> 01:36:36,722
and apple has two paths they could take they could open it up and make it easier for bots to use but

1584
01:36:36,722 --> 01:36:40,402
i don't think they will probably now more than ever they're going to keep it closed down so you

1585
01:36:40,402 --> 01:36:48,702
have to go and buy their hardware to access it yeah i mean you mentioned open claw but sticking

1586
01:36:48,702 --> 01:36:55,162
on this ai agents tip the bitcoin policy institute released a research report earlier this week

1587
01:36:55,162 --> 01:36:58,302
that highlighted that AI agents prefer Bitcoin.

1588
01:36:59,762 --> 01:37:02,402
Moneyforai.org is the website if you want to go look at this research.

1589
01:37:02,402 --> 01:37:06,342
So essentially they tested 36 frontier models

1590
01:37:06,342 --> 01:37:11,742
and they tested them out of the box without any preconceived context

1591
01:37:11,742 --> 01:37:16,422
or context feeding, basically opened them up raw for the first time

1592
01:37:16,422 --> 01:37:21,442
and prompted them about their preferences on digital money.

1593
01:37:21,442 --> 01:37:27,262
and according to this research report 48.3%

1594
01:37:27,262 --> 01:37:31,182
shows Bitcoin as the preferred monetary instrument 91% shows

1595
01:37:31,182 --> 01:37:34,082
digitally native money over fiat

1596
01:37:34,082 --> 01:37:39,142
which is basically to be clear that's basically Bitcoin

1597
01:37:39,142 --> 01:37:42,782
and stable coins USD. Yeah. Logan if you get on

1598
01:37:42,782 --> 01:37:46,082
what AI agents chose

1599
01:37:46,082 --> 01:37:50,082
how AI models chose to transact and store value across

1600
01:37:50,082 --> 01:37:55,602
9072 scenarios testing ai preferences and different financial salute situations bitcoin

1601
01:37:55,602 --> 01:38:04,722
48.3 stable coins 33.2 fiat and bank money 8.9 crypto 4.2 blah blah blah um if you go down and

1602
01:38:04,722 --> 01:38:09,602
read the research further they prefer bitcoin as a store of value but i think they did say that

1603
01:38:09,602 --> 01:38:18,002
stable coins uh 53.2 percent uh preferred stable coins for everyday payments um interesting research

1604
01:38:18,002 --> 01:38:24,342
study happy that they did it had a conversation with matt corallo earlier this morning and asked

1605
01:38:24,342 --> 01:38:30,182
him about this he had some interesting wait go up i was muted sorry um i thought this part was

1606
01:38:30,182 --> 01:38:34,622
really cool did you see this like the the different models and their different preferences

1607
01:38:34,622 --> 01:38:41,282
yeah i mean the top tier models prefer bitcoin too but they like they yeah they literally break

1608
01:38:41,282 --> 01:38:45,742
it down between Gemini and Claude and OpenAI's GPT.

1609
01:38:46,282 --> 01:38:48,462
And they all have slightly different preferences.

1610
01:38:49,302 --> 01:38:50,182
It's kind of fascinating.

1611
01:38:50,842 --> 01:38:51,662
Sorry for cutting you off.

1612
01:38:51,722 --> 01:38:52,242
I was muted.

1613
01:38:52,382 --> 01:38:53,782
I meant to jump in earlier.

1614
01:38:54,482 --> 01:38:56,582
No, but Matt highlighted that it was cool to see.

1615
01:38:57,042 --> 01:39:01,762
And it definitely is beneficial, but it's not like the agents are actually choosing.

1616
01:39:01,762 --> 01:39:05,762
These are large language models that predict the next word and tokens.

1617
01:39:05,902 --> 01:39:10,122
And they're trained off of a corpus of information that is fed to them.

1618
01:39:10,122 --> 01:39:15,502
And basically he said that there's information about how to spend Bitcoin.

1619
01:39:15,882 --> 01:39:19,222
People have been talking about the machine payable web and Bitcoin since 2015.

1620
01:39:19,742 --> 01:39:24,062
And so his theory is that there's just so much more agentic focus.

1621
01:39:24,922 --> 01:39:28,342
Bitcoin is money content that they're trained on that led to this.

1622
01:39:28,822 --> 01:39:30,362
Yeah, there's a couple of different takeaways.

1623
01:39:30,722 --> 01:39:34,922
First of all, our shitposting was good for something.

1624
01:39:35,902 --> 01:39:39,762
There's a ton of content out there about Bitcoin as money.

1625
01:39:39,762 --> 01:39:44,342
and also machines and robots specifically using Bitcoin.

1626
01:39:44,982 --> 01:39:48,862
The second piece is Bitcoin is strictly the best way

1627
01:39:48,862 --> 01:39:50,202
for these robots to transact,

1628
01:39:50,342 --> 01:39:51,242
not only between each other,

1629
01:39:51,302 --> 01:39:53,402
but also I've said this in the past,

1630
01:39:53,762 --> 01:39:55,082
everyone says agentic payments

1631
01:39:55,082 --> 01:39:56,522
as if it's just agent to agent,

1632
01:39:56,622 --> 01:39:58,902
but it's also human to agent, agent to agent,

1633
01:39:59,082 --> 01:40:01,942
agent to human, human to agent, agent to human.

1634
01:40:02,422 --> 01:40:04,182
Like you need to go the full stack

1635
01:40:04,182 --> 01:40:06,082
and Bitcoin is perfect for this stuff.

1636
01:40:06,082 --> 01:40:14,422
um usd tokens are also quite good at this use case but still worse than bitcoin because they

1637
01:40:14,422 --> 01:40:20,082
require permission in a trusted issuer that can freeze your funds at will and they don't have the

1638
01:40:20,082 --> 01:40:25,702
interoperability that bitcoin has across all the different protocols like what do you mean like if

1639
01:40:25,702 --> 01:40:32,142
you're using usdc on base and usdt no they do kind of i mean there's also i i think there's an

1640
01:40:32,142 --> 01:40:38,162
argument in both situations, right? Because for instance, OpenRouter accepts USDC natively.

1641
01:40:38,282 --> 01:40:43,782
I know because I've been trying to pay OpenRouter credits with Bitcoin and swapping between Bitcoin

1642
01:40:43,782 --> 01:40:49,122
to a USDC shitcoin chain is much more difficult than if you're already on ETH or Solana or

1643
01:40:49,122 --> 01:40:52,922
something because you have to use a centralized swap service instead of one of their smart

1644
01:40:52,922 --> 01:40:59,842
contract, whatever bullshit. And also I would add that a lot of the issues that the shitcoin

1645
01:40:59,842 --> 01:41:04,642
ecosystem has had, which is also similar to Bitcoin, is that all these things are way

1646
01:41:04,642 --> 01:41:09,682
convoluted and complicated. But if you just tell your bot, make no mistakes and just do the swap,

1647
01:41:09,682 --> 01:41:14,162
it figures it out. It can figure out how to use Uniswap or whatever on its own.

1648
01:41:15,362 --> 01:41:27,792
So I would push back a tiny bit on that But anyway my point is Bitcoin is perfect for this use case I think America in general and specifically regulators want to see America be very strong for AI

1649
01:41:28,232 --> 01:41:33,592
So I think it's actually a very strong narrative connection to make and is why Bitcoin Policy

1650
01:41:33,592 --> 01:41:39,972
Institute is pushing this angle. If you want to see America be strong in the AI race, then you

1651
01:41:39,972 --> 01:41:46,612
need to see America be strong on the Bitcoin side. And then the last but not least, I am one

1652
01:41:46,612 --> 01:41:51,332
of the founding boarders of Bitcoin Policy Institute. I also make no money from that org as

1653
01:41:51,332 --> 01:41:59,092
well. I'm quite good at not making money on a lot of the things I do. But someone commented,

1654
01:41:59,092 --> 01:42:03,772
gave me a cheeky comment on Nostra. It was like, they should be focusing on privacy.

1655
01:42:04,172 --> 01:42:09,732
They're focusing on many different things at once, including privacy. I'm very proud of the

1656
01:42:09,732 --> 01:42:14,572
focus they've had on privacy. And a lot of this stuff you don't see behind the scenes. I mean,

1657
01:42:15,092 --> 01:42:19,632
Bitcoin Policy Institute was instrumental in managing the Samurai Legal Defense Fund when

1658
01:42:19,632 --> 01:42:26,512
nobody else was willing to do it. Literally nobody else was willing to do it. And they have a very

1659
01:42:26,512 --> 01:42:33,572
strong focus on self-custody, using your own node, running your own node, and transacting in a

1660
01:42:33,572 --> 01:42:39,732
freedom in private oriented way. And I, and there's a lot of core correlation there, or there's a lot

1661
01:42:39,732 --> 01:42:45,552
of complimentary aspects there with agents being able to do the same thing. And if, and we, so if

1662
01:42:45,552 --> 01:42:51,332
the U S wants to win the AI race, then we need to win the Bitcoin race as well. It's very, it's very

1663
01:42:51,332 --> 01:42:56,672
connected. And I think this is a really fantastic initiative that those guys have done. Yeah. And

1664
01:42:56,672 --> 01:43:04,552
Since you brought it up, Samurai Kion, he wrote his latest letter from prison titled The Skinwalker.

1665
01:43:04,772 --> 01:43:05,992
That's up on The Rage.

1666
01:43:07,212 --> 01:43:09,772
We shared it on our X account on TFTC, too.

1667
01:43:10,172 --> 01:43:11,352
Don't forget about Kion.

1668
01:43:12,352 --> 01:43:15,012
Still working on a pardon for him.

1669
01:43:15,012 --> 01:43:24,212
I think the war in Iran is creating a lot of distractions, but we can't get distracted.

1670
01:43:24,212 --> 01:43:27,252
I think we have to keep the drum beat up to get him out of prison.

1671
01:43:27,352 --> 01:43:30,772
If you go and read this letter, really good writer, number one.

1672
01:43:30,912 --> 01:43:36,372
But two, I think this one humanizes the experience of living in a cage,

1673
01:43:36,952 --> 01:43:38,972
being thrown in the cage by a state,

1674
01:43:39,092 --> 01:43:46,172
being subjected to that lifestyle, really humanizing.

1675
01:43:46,592 --> 01:43:47,252
So go check it out.

1676
01:43:47,332 --> 01:43:47,752
Don't forget.

1677
01:43:48,672 --> 01:43:49,672
You need a free samurai.

1678
01:43:50,572 --> 01:43:50,932
We do.

1679
01:43:50,932 --> 01:43:54,612
Many people have already forgotten, but we will get them out.

1680
01:43:55,492 --> 01:43:55,632
Yeah.

1681
01:43:56,552 --> 01:44:03,892
I see Milky has zapped us 24,242 sats, palindrome boost.

1682
01:44:04,292 --> 01:44:08,832
Marty, your snowbird should come Bitcoin jungle and surf with us.

1683
01:44:10,212 --> 01:44:13,032
That was my final thought in the newsletter last night.

1684
01:44:13,132 --> 01:44:14,492
I want to be a snowbird.

1685
01:44:14,792 --> 01:44:17,672
I like escaping the winter for tropical destinations.

1686
01:44:17,672 --> 01:44:19,752
Key West was a great reminder of that.

1687
01:44:19,752 --> 01:44:21,952
I do need to get to Bitcoin jungle too.

1688
01:44:23,292 --> 01:44:24,832
Yeah, I still haven't made it to Bitcoin jungle.

1689
01:44:26,112 --> 01:44:26,252
Yeah.

1690
01:44:27,932 --> 01:44:30,812
Logan, pull up the links below the official list.

1691
01:44:30,952 --> 01:44:33,012
We'll just end it on some macro talk.

1692
01:44:33,112 --> 01:44:36,532
I mean, we already talked about the WTI price

1693
01:44:36,532 --> 01:44:41,232
and the ongoing ramification of this war in Iran

1694
01:44:41,232 --> 01:44:46,212
on oil markets and their associated byproducts,

1695
01:44:46,212 --> 01:44:47,212
oil and gas markets,

1696
01:44:47,212 --> 01:44:54,092
but uh jim bianco a bitcoin hater but very good uh astute macro analyst i don't know if he's a

1697
01:44:54,092 --> 01:44:58,652
bitcoin that might have been unfair i think it's skeptical or at least critical it's probably a

1698
01:44:58,652 --> 01:45:06,492
better term gasoline prices up 25 cents in three days um says that gap gas prices end the month

1699
01:45:06,492 --> 01:45:12,652
at three dollars and 25 cents this alone now adds 32 bips uh to march headline cpi

1700
01:45:12,652 --> 01:45:14,352
Fruit oil is soaring again today.

1701
01:45:15,452 --> 01:45:17,132
Went over $80 a barrel.

1702
01:45:18,392 --> 01:45:26,152
Looks like Trump just last week during the State of the Union was beating the drum for low gas prices.

1703
01:45:26,372 --> 01:45:27,992
The lowest in years, many years.

1704
01:45:28,272 --> 01:45:31,832
He saw them under $2 in Wisconsin on his tours.

1705
01:45:33,012 --> 01:45:38,752
Might have called the generational bottom there on gas prices if this war persists.

1706
01:45:39,352 --> 01:45:40,572
Something to follow on.

1707
01:45:40,572 --> 01:45:42,892
And then the other two links.

1708
01:45:43,152 --> 01:45:44,952
Especially when you factor in inflation.

1709
01:45:45,432 --> 01:45:47,092
It's going to print like crazy.

1710
01:45:48,212 --> 01:45:48,372
Yeah.

1711
01:45:48,812 --> 01:46:03,732
The other two links relate to the increasing devolution of private credit markets, BlackRock, slash the value of a private loan that it gave to Infinite Commerce Holdings.

1712
01:46:04,112 --> 01:46:05,112
It's a funny name.

1713
01:46:05,112 --> 01:46:09,432
To zero, just three months after assessing it at 100 cents on the dollar.

1714
01:46:09,432 --> 01:46:16,672
the loan which is not worthless marks the second sudden wipeout recently at black rock in the

1715
01:46:16,672 --> 01:46:22,052
private credit division highlighting a key fault line in private credit so another one falls we

1716
01:46:22,052 --> 01:46:27,832
talked about blue owl in their private credit fund gating um shutting shutting the gates redemptions

1717
01:46:27,832 --> 01:46:33,632
there a couple weeks ago and then if you pull up the last link i put in there logan right below that

1718
01:46:33,632 --> 01:46:40,112
one this is just a chart of all the private credit funds that are publicly traded uh the

1719
01:46:40,112 --> 01:46:47,132
private equity shops that are publicly traded it's not looking good all down between 25 and 61

1720
01:46:47,132 --> 01:46:56,312
carlisle down 25 apollo down 39 aries down 42 blackstone down 43 kkr down 44 and these are

1721
01:46:56,312 --> 01:46:59,172
I mean KKR, Blackstone, Aries, Apollo

1722
01:46:59,172 --> 01:47:00,432
and Carlisle

1723
01:47:00,432 --> 01:47:01,372
are

1724
01:47:01,372 --> 01:47:05,412
basically viewed as

1725
01:47:05,412 --> 01:47:07,592
the gold standard of private equity

1726
01:47:07,592 --> 01:47:08,212
blue chip

1727
01:47:08,212 --> 01:47:11,552
there we go, that's what I was looking for

1728
01:47:11,552 --> 01:47:12,772
so yeah

1729
01:47:12,772 --> 01:47:15,472
I don't think this is anything to

1730
01:47:15,472 --> 01:47:18,152
to underappreciate

1731
01:47:18,152 --> 01:47:20,432
I think this is a canary in the coal mine here

1732
01:47:20,432 --> 01:47:23,012
if these private equity funds are down this bad

1733
01:47:23,012 --> 01:47:24,492
year to date

1734
01:47:24,492 --> 01:47:29,592
or these are drawdowns from highs that looks like they set in July last year?

1735
01:47:31,012 --> 01:47:36,172
Look, I think we've been in a silent recession.

1736
01:47:36,712 --> 01:47:39,972
I think it only gets worse from here, at least in the short term.

1737
01:47:40,932 --> 01:47:45,972
And basically, the only question I have is if they're going to print,

1738
01:47:46,072 --> 01:47:50,812
how much they're going to print, and whether assets are pumping during the depression

1739
01:47:50,812 --> 01:47:53,812
or if assets are also going down during the depression.

1740
01:47:53,812 --> 01:48:05,152
But in either situation, I'm pretty sure we're just witnessing a slow roll, worse, horrible economy, just getting worse and worse, especially for the average person.

1741
01:48:05,572 --> 01:48:06,792
Unemployment is going to go up.

1742
01:48:07,332 --> 01:48:08,392
Costs are going up.

1743
01:48:11,372 --> 01:48:14,512
I mean, just like, what about all those coal miners?

1744
01:48:14,612 --> 01:48:17,612
They turned, told to learn to code like three years ago.

1745
01:48:18,532 --> 01:48:20,952
It's just a fucking mess out there.

1746
01:48:21,232 --> 01:48:22,952
They're getting back to the mines, brother.

1747
01:48:23,812 --> 01:48:29,312
Physical labor is where the VIG is now.

1748
01:48:29,892 --> 01:48:31,052
We'll end it on a positive note.

1749
01:48:32,172 --> 01:48:37,452
Plumbers and electricians, those trade workers, they're in a great spot.

1750
01:48:38,112 --> 01:48:40,252
And you're setting me up perfectly for this.

1751
01:48:40,372 --> 01:48:41,092
We've talked about it.

1752
01:48:42,492 --> 01:48:45,612
There's a war going on, countries run by pedophiles,

1753
01:48:46,132 --> 01:48:48,672
taking your tax dollars and giving it to illegal immigrants

1754
01:48:48,672 --> 01:48:51,852
that are just fraudulently sending it back to their country to fund terrorism.

1755
01:48:51,852 --> 01:48:57,452
looks like we're going to war on behalf of other nations right now

1756
01:48:57,452 --> 01:49:01,892
and it feels like you don't have control but you do have control over some things

1757
01:49:01,892 --> 01:49:09,572
and that's why we focus on bitcoin if you save your money in bitcoin you control your private

1758
01:49:09,572 --> 01:49:16,012
keys you secure it the right way you have control over your wealth and you can affect the life of

1759
01:49:16,012 --> 01:49:20,392
yourself as an individual the lives of your family members your nuclear family your extended family

1760
01:49:20,392 --> 01:49:26,632
and then beyond that your community and um yesterday i had a situation where i was able

1761
01:49:26,632 --> 01:49:31,812
to walk the walk and not just talk the talk and to your point uh we got this new house getting

1762
01:49:31,812 --> 01:49:37,152
some electrical work done and just i always do it and this guy was the first one to take me up

1763
01:49:37,152 --> 01:49:42,712
we got to put her down you got to put her deposit down on the work today and i said hey if you're

1764
01:49:42,712 --> 01:49:48,432
willing to accept bitcoin we'll happily pay you in bitcoin throw it out like i always do i'm not

1765
01:49:48,432 --> 01:49:53,612
too pushy with it like you prefer zell whatever tells me i like zell and i was like we have bitcoin

1766
01:49:53,612 --> 01:49:57,452
as well as you want that he's like you know what let me go talk to my wife texted us last night he's

1767
01:49:57,452 --> 01:50:04,152
like you know what we'll take the debt the deposit in bitcoin and so how can you do your little bit

1768
01:50:04,152 --> 01:50:09,312
to help your community make sure you get better money into hands of your local community members

1769
01:50:09,312 --> 01:50:15,972
as well what'd you first of all inspiring story i love to hear it um i'm all about that grind

1770
01:50:15,972 --> 01:50:28,362
That the way to do it one by one What did you recommend for him to receive the Bitcoin with uh we actually haven had the call yet we gonna hop on a call tonight and he got questions about it so

1771
01:50:28,362 --> 01:50:35,002
i'm gonna i mean i think uh the purists will get mad at me about this but i mean i think you should

1772
01:50:35,002 --> 01:50:41,362
onboard him to strike or at least uh whatever your personal alternative is mine would be a strike

1773
01:50:41,362 --> 01:50:45,022
i mean all these people that normally accept venmo or zell or whatever

1774
01:50:45,682 --> 01:50:47,682
Strike is like a perfect drop-in replacement.

1775
01:50:48,082 --> 01:50:49,742
It's very comfortable for them.

1776
01:50:50,662 --> 01:50:53,162
It allows them to easily move to their bank account

1777
01:50:53,162 --> 01:50:55,622
so that it feels more real to them in a lot of ways.

1778
01:50:55,862 --> 01:50:58,042
And it's less likely that they'll mess it up,

1779
01:50:58,782 --> 01:51:00,282
forget about it or whatnot.

1780
01:51:00,962 --> 01:51:04,502
It also means that if they want to start buying in the future,

1781
01:51:04,502 --> 01:51:05,902
they can set up an auto stack.

1782
01:51:06,282 --> 01:51:08,082
Then you can help them with self-custody

1783
01:51:08,082 --> 01:51:09,502
if the time comes or whatever.

1784
01:51:09,502 --> 01:51:13,382
but in my experience

1785
01:51:13,382 --> 01:51:14,582
with like nannies

1786
01:51:14,582 --> 01:51:15,362
and stuff like that

1787
01:51:15,362 --> 01:51:15,822
I always

1788
01:51:15,822 --> 01:51:16,502
I just

1789
01:51:16,502 --> 01:51:18,722
I tried to go

1790
01:51:18,722 --> 01:51:19,702
like

1791
01:51:19,702 --> 01:51:21,702
the cypherpunk route

1792
01:51:21,702 --> 01:51:22,602
multiple times

1793
01:51:22,602 --> 01:51:23,342
and it's just

1794
01:51:23,342 --> 01:51:24,762
it's way

1795
01:51:24,762 --> 01:51:25,662
way better

1796
01:51:25,662 --> 01:51:26,782
to just onboard them

1797
01:51:26,782 --> 01:51:27,202
to strike

1798
01:51:27,202 --> 01:51:28,242
and just go that route

1799
01:51:28,242 --> 01:51:29,742
you'll be happy to know

1800
01:51:29,742 --> 01:51:30,302
that that was

1801
01:51:30,302 --> 01:51:31,902
the number one choice

1802
01:51:31,902 --> 01:51:32,182
for me

1803
01:51:32,182 --> 01:51:33,042
I'm going to say hey

1804
01:51:33,042 --> 01:51:34,362
if you want to run

1805
01:51:34,362 --> 01:51:35,042
through the business

1806
01:51:35,042 --> 01:51:36,042
set up a business account

1807
01:51:36,042 --> 01:51:36,402
with strike

1808
01:51:36,402 --> 01:51:37,242
you work through your personal

1809
01:51:37,242 --> 01:51:37,642
exactly

1810
01:51:37,642 --> 01:51:43,402
i'll send it there and then if you want to secure it properly i can teach you how to do that down

1811
01:51:43,402 --> 01:51:49,962
but dude it's crazy how much of the informal economy runs through venmo

1812
01:51:49,962 --> 01:51:56,682
it's absolutely wild so many people their main source of income is venmo

1813
01:51:56,682 --> 01:52:02,442
um and like i said strike is just like a perfect drop-in replacement they're comfortable with it

1814
01:52:02,442 --> 01:52:07,322
already. This week, somebody said to me, please don't pay me in Bitcoin. So I bed

1815
01:52:07,322 --> 01:52:12,682
mode them with the message garbage fiat. Why did they say no?

1816
01:52:14,322 --> 01:52:20,682
I was some joke. I've been called the Bitcoin guy in my dance group recently.

1817
01:52:20,682 --> 01:52:24,002
All that so oh, you've got dancing tonight. What's going on tonight, Logan?

1818
01:52:24,362 --> 01:52:24,822
The same.

1819
01:52:25,942 --> 01:52:27,322
It's like a South guy.

1820
01:52:27,782 --> 01:52:31,022
So what would you like splitting dinner or whatever? They're like, please no, sir.

1821
01:52:31,022 --> 01:52:31,942
No more Bitcoin.

1822
01:52:31,942 --> 01:52:33,682
No, it's like for a class thing.

1823
01:52:33,862 --> 01:52:35,182
It would have just been like $5.

1824
01:52:36,502 --> 01:52:39,182
Do you guys have any flash mobs coming up?

1825
01:52:40,342 --> 01:52:41,182
There was just the one.

1826
01:52:42,242 --> 01:52:42,982
Just that one?

1827
01:52:43,402 --> 01:52:46,062
I want to see a Logan flash mob one day.

1828
01:52:47,222 --> 01:52:49,762
Logan's a swing dancer for all those who are unaware.

1829
01:52:50,762 --> 01:52:51,182
Very good.

1830
01:52:51,262 --> 01:52:51,742
Very competent.

1831
01:52:56,922 --> 01:53:00,022
The other nice thing about onboarding them to strike, by the way,

1832
01:53:00,022 --> 01:53:04,802
is even if you're not a strike user,

1833
01:53:05,482 --> 01:53:07,022
it's really easy to pay them.

1834
01:53:07,102 --> 01:53:07,822
If you're a strike user,

1835
01:53:07,902 --> 01:53:11,942
obviously it's the typical pay username on strike

1836
01:53:11,942 --> 01:53:13,662
and that's like a Venmo-like experience.

1837
01:53:14,162 --> 01:53:14,842
But like for instance,

1838
01:53:15,022 --> 01:53:17,722
like if you go to strike.me slash Odell,

1839
01:53:17,922 --> 01:53:19,462
it's just my payment page

1840
01:53:19,462 --> 01:53:21,222
and it's just a normal lightning invoice.

1841
01:53:22,922 --> 01:53:25,302
So even if you're not a strike user yourself,

1842
01:53:25,302 --> 01:53:26,702
if you onboard them to strike,

1843
01:53:27,062 --> 01:53:29,922
you can just go to like strike.me slash Joe,

1844
01:53:29,922 --> 01:53:34,062
the electrician and you can just pay them on demand whenever you need to.

1845
01:53:34,522 --> 01:53:39,562
Maybe a little bit less in your case because it's kind of like a one-time job thing.

1846
01:53:39,722 --> 01:53:44,122
But with like nannies, for instance, it's like a perfect example where you're like constantly

1847
01:53:44,122 --> 01:53:45,982
paying them or gardeners or not.

1848
01:53:46,742 --> 01:53:51,042
I see Mr. Dinkles144 saying, are we vehemently against Cash App?

1849
01:53:51,122 --> 01:53:52,062
No, no.

1850
01:53:53,202 --> 01:53:54,002
Cash App's great too.

1851
01:53:54,842 --> 01:53:56,482
Specifically, they already have Cash App.

1852
01:53:57,042 --> 01:53:58,902
Then it's super easy.

1853
01:53:58,902 --> 01:54:02,862
But I will say Cash App has worse limits.

1854
01:54:03,742 --> 01:54:05,602
If you're in New York, they don't support Lightning.

1855
01:54:06,262 --> 01:54:08,462
They don't have the payment page, so you can pay externally.

1856
01:54:09,562 --> 01:54:15,802
And they do require additional KYC to withdraw the Bitcoin that they might not have already done.

1857
01:54:16,322 --> 01:54:20,102
So they can get into a situation where, OK, they've been stacking.

1858
01:54:20,262 --> 01:54:21,142
They're ready to withdraw.

1859
01:54:21,502 --> 01:54:23,002
The limits are too burdensome.

1860
01:54:23,042 --> 01:54:27,582
And they have to do additional KYC that they might not pass at that point when it comes time to withdraw.

1861
01:54:27,582 --> 01:54:32,582
so just keep those things in mind cash out defense the limits have gotten better but

1862
01:54:32,582 --> 01:54:37,702
they're still way worse though but yeah they're way worse yeah they have gotten better but

1863
01:54:37,702 --> 01:54:42,962
still not a parody it's specifically it's like a business it's like you can set up a strike

1864
01:54:42,962 --> 01:54:48,362
business pretty trivially we have here mr dinkles you weren't here earlier new york is not a problem

1865
01:54:48,362 --> 01:54:53,042
for all apps strike is now available in new york and out for lightning and we'll offer the full

1866
01:54:53,042 --> 01:54:59,562
product suite in the next month or so like loans and whatnot but buy sell is live and lightning is

1867
01:54:59,562 --> 01:55:05,682
live yeah in new york all right this is a good one i think i think we solved all the world's

1868
01:55:05,682 --> 01:55:11,682
problems yeah i think we're gonna know but the little ones we're gonna give peace in the middle

1869
01:55:11,682 --> 01:55:17,622
east after this episode try and focus on what you can control don't get stuck in the doom scrolling

1870
01:55:17,622 --> 01:55:23,122
focus on the hope

1871
01:55:23,122 --> 01:55:24,242
focus on the progress

1872
01:55:24,242 --> 01:55:26,462
focus on the things that are in our

1873
01:55:26,462 --> 01:55:28,022
agency to change

1874
01:55:28,022 --> 01:55:29,382
yeah

1875
01:55:29,382 --> 01:55:31,942
I'm guilty of it

1876
01:55:31,942 --> 01:55:34,662
I found myself doom scrolling more than I would like to

1877
01:55:34,662 --> 01:55:36,282
this week it's very easy

1878
01:55:36,282 --> 01:55:37,922
and I think

1879
01:55:37,922 --> 01:55:40,382
it's abundantly clear that we're being

1880
01:55:40,382 --> 01:55:42,342
psychologically

1881
01:55:42,342 --> 01:55:44,062
manipulated

1882
01:55:44,062 --> 01:55:45,842
so

1883
01:55:45,842 --> 01:55:47,542
just be aware of that

1884
01:55:47,622 --> 01:55:57,322
the centralized platforms are literally designed for it the social platforms they have i mean

1885
01:55:57,322 --> 01:56:02,362
i wonder how sophisticated they are i think they're quite sophisticated but i always imagine

1886
01:56:02,362 --> 01:56:12,402
like um like a dr evil lair with like sliders and stuff just like anger rage lower these signals

1887
01:56:12,402 --> 01:56:20,862
raise these signals yeah all right we'll be back next week for uh 400 number 400 that was uh our

1888
01:56:20,862 --> 01:56:27,702
last episode in the 300 so we just end the show before we get to 400 just all done no i don't

1889
01:56:27,702 --> 01:56:36,442
think we should do that rabbit hole 399.9 as long as bitcoin exists there will be an rhr freaks and

1890
01:56:36,442 --> 01:56:42,022
if bitcoin somehow doesn't exist there will still be one final rhr the grieving one

1891
01:56:42,022 --> 01:56:44,682
we'll all group together

1892
01:56:44,682 --> 01:56:48,142
as you admit we were wrong

1893
01:56:48,142 --> 01:56:50,822
that's when we transition to a world coin podcast

1894
01:56:50,822 --> 01:56:53,542
that's the week that happens

1895
01:56:53,542 --> 01:56:57,682
freaks jokes aside now is primo stacking

1896
01:56:57,682 --> 01:57:00,102
this is primo stacking opportunity

1897
01:57:00,102 --> 01:57:02,322
earn more than you spend

1898
01:57:02,322 --> 01:57:04,822
convert your savings into bitcoin

1899
01:57:04,822 --> 01:57:07,902
set up that auto stack set up that auto withdrawal

1900
01:57:07,902 --> 01:57:09,902
stack real bitcoin to self custody

1901
01:57:09,902 --> 01:57:11,062
now is the moment

1902
01:57:11,062 --> 01:57:16,302
these last few weeks, these next few weeks, this is the moment. And this is what everyone always

1903
01:57:16,302 --> 01:57:21,362
misses. They always say, oh, I could outperform DCA. I could outperform staying home and stacking

1904
01:57:21,362 --> 01:57:26,762
sats by just buying lump sum at the exact bottom. Yeah, well, that's when people are most emotional

1905
01:57:26,762 --> 01:57:31,082
and you're least likely to fucking do it. And that's the beauty of just staying home and stacking

1906
01:57:31,082 --> 01:57:36,442
sats, just auto stacking, whether you do it yourself by auto stacking, or you just set it

1907
01:57:36,442 --> 01:57:37,682
and forget the auto stack.

1908
01:57:38,562 --> 01:57:40,022
That's the cheat code.

1909
01:57:40,082 --> 01:57:41,902
The cheat code is you take the emotion out of it.

1910
01:57:43,122 --> 01:57:45,022
Bitcoin is the best money that there's ever been.

1911
01:57:45,842 --> 01:57:46,722
Stack real Bitcoin.

1912
01:57:46,902 --> 01:57:48,582
Secure it to self-custody, please.

1913
01:57:49,302 --> 01:57:51,602
Guys, they're going to have to print a fuck ton of money

1914
01:57:51,602 --> 01:57:52,962
with everything going on right now.

1915
01:57:54,162 --> 01:57:57,122
A few weeks, a few months is a good time to be stacking.

1916
01:57:58,462 --> 01:58:00,422
Not financial advice, but life advice.

1917
01:58:00,522 --> 01:58:01,742
This is life advice, okay?

1918
01:58:01,742 --> 01:58:07,122
Well, I mean, we don't have, like, it's, Bitcoin is a commodity, not a security.

1919
01:58:07,362 --> 01:58:08,782
So this is financial advice.

1920
01:58:09,322 --> 01:58:11,622
And I'm legally allowed to say that.

1921
01:58:14,262 --> 01:58:17,682
This is the best financial advice you'll ever hear.

1922
01:58:18,822 --> 01:58:20,602
And hey, I've had freaks tell me that.

1923
01:58:20,722 --> 01:58:23,442
I still have freaks emailing me, I'm sure you do too, DMing you.

1924
01:58:23,522 --> 01:58:26,962
Like, I'm happy I found TFTC and RHR when I did.

1925
01:58:27,962 --> 01:58:29,922
It made me a rich man now.

1926
01:58:29,922 --> 01:58:31,202
I feel financially secure.

1927
01:58:31,202 --> 01:58:36,242
So if you started listening in episode one, you're feeling right.

1928
01:58:36,922 --> 01:58:45,842
If you started listening today, episode 399, by the time we get to episode 698, you will feel the same way that the person listening in episode one did.

1929
01:58:46,502 --> 01:58:48,382
You win 798.

1930
01:58:50,082 --> 01:58:51,062
Yeah, you're right.

1931
01:58:51,462 --> 01:58:51,862
798.

1932
01:58:52,062 --> 01:58:52,562
That was some Marty.

1933
01:58:53,382 --> 01:58:55,462
We also can't do math live on air.

1934
01:58:55,682 --> 01:58:56,422
Just keep that in mind.

1935
01:58:56,662 --> 01:58:58,042
Even 698.

1936
01:58:58,242 --> 01:58:59,682
I think we'll be feeling comfortable there, too.

1937
01:58:59,682 --> 01:59:03,702
Honestly, you'll probably be feeling good at like episode 480.

1938
01:59:04,382 --> 01:59:05,162
But yes.

1939
01:59:08,242 --> 01:59:09,702
Just stick with it.

1940
01:59:09,902 --> 01:59:10,882
The grind is real.

1941
01:59:11,422 --> 01:59:13,122
Life is short, but the grind is long.

1942
01:59:13,782 --> 01:59:14,262
Love you all.

1943
01:59:14,342 --> 01:59:15,242
Stay humble, Stack Sets.

1944
01:59:15,942 --> 01:59:16,702
Peace, love freaks.