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Matt and I have been talking about privacy and the importance of using a VPN for seven years now, literally seven years.
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You've had a dynamic where money's become freer than free.
If you talk about a Fed just gone nuts, all the central banks going nuts.
So it's all acting like safe haven.
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.
In the world of fiat currencies, Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention, you probably should be.
You probably should be.
Woo doggie.
Hair of the dog episode.
The day after Thanksgiving.
Black Friday.
Some people like to call it.
Oh, I like this title.
Happy Thanksgiving.
Did I do good?
It was a very creative one.
Yeah.
What do we got here?
Dead Cat Bounce?
We were celebrating the bear market last week.
A lot of people did not appreciate it.
it's either a dead cat bounce or hyper bitcoinization
either or either we either we either go up or down from here but either way stay almost tax
outs yeah all right we got a tight list how was your thanksgiving did you have a good thanksgiving
it was a great thanksgiving
boys and I
we woke up
we went on an adventure
walked around the neighborhood
we found a large branch
at the playground
that I
it was demanded that I carry it home
so we carried it home back to our house
and we worked on it
for about four hours
so we had a lot of
a lot of distraction
in the early part of the day
which is what you hope for
on Thanksgiving. A lot of fascination. It's crazy
what young boys will get fascinated over.
So we're hitting a baseball bat. At one point, we were going to go buy an axe
and cut it up into pieces and bring firewood to the host
of our Thanksgiving dinner. And then, yeah, the dinner was great.
It was a good time.
That's such a boy thing. They demanded that you bring back the branch.
it was like um it was a massive one too it was probably it's probably like 10 feet long
i can envision it did they call it a tree or did they did they acknowledge that it was a branch
they acknowledge it was a branch i you brought up an axe did you see that uh
it went viral this week did you see that tractor supply is selling a 50 spear
i did see that i i really want that spear are we going to start i don't know what i need it for i
I don't really need a spear, but.
We're going to start a legion.
We're bringing it back to Roman legion days.
Fucking hilarious.
I love Thanksgiving.
I did a lot to be grateful for this year.
Truly blessed.
It's good to be with family, good to eat good food.
We didn't do turkey this year.
We did smoked meat, braised beef.
tried we smoked tri-tip and ham and then did some braised beef which i found so josh i posted
that on nostr and josh uh beefsteak josh got very triggered said you have to do turkey
sorry josh tradition we did a turkey we did a turkey was in bed by 11
it was a good day great day thankful for a lot of things
You see the J.D. Vance
The J.D. Vance turkey quote
No what'd he say
I don't want to butcher it
Let me read it specifically
J.D. Vance turkey
Here it is
On the clip if you want
Turkey
Oh, yeah, you want to play the clip?
Let's pull up the clip.
Play the clip.
Instead of me doing my J.D. Vance impression.
One of the things that I love about Thanksgiving, it's probably my favorite American holiday.
If you think about all the holidays that we celebrate, Thanksgiving is the most uniquely American holiday.
You know, Christmas, of course, the birth of Jesus, all of these other holidays, they're very important.
And I love Christmas as much as anybody.
I've got three little kids, but Christmas is a holiday that 1.8 billion Christians eat
about Turkey.
That's why, for example, we have Turkey.
Think about Turkey.
Who really likes, be honest with yourselves, who really likes Turkey?
You're all full of s**t, everybody who raised your hand.
I know.
Think about it.
And here's how I know.
Wait, keep playing.
Keep playing.
I know that every single one of you who raised your hand is lying to me.
How many times do you roast an 18-pound turkey just randomly?
Just, you know, a nice summer afternoon, we're going to go get an 18-pound turkey.
Nobody does it because turkey doesn't actually taste that good.
But on Thanksgiving, on the most American holiday, I got a fan over here.
on the most American holiday, we're going to cook a turkey by God because that's what Americans do.
We cook this gigantic American bird and we do all kinds of crazy things to make it taste good.
I talked to a soldier today who she said she's going to deep fry a turkey. And I'm actually
going to deep fry a turkey myself tomorrow. And look, here's the thing. If you've got to deep fry
something to make it taste good, it probably isn't that good. That's a pretty good rule of
home when it comes to food. Chicken is good
all the time. Chicken is good when
you deep fry it, but it's also good outside of it.
Epic.
We do. We do a turkey
roast once a summer.
We have a turkey dinner in the middle of the summer.
There you go.
Sleeper. Sleeper.
Cut of meat
at Terry Black's
in Austin, Texas.
It's a smoked turkey.
Put it in their tangy.
they're tangy like yellow oranges orange-ish barbecue sauce it's incredible yeah i mean i
think you can definitely do turkey right um we just changed it up this year we had a small
thanksgiving and we changed it up this year but anyway i love that rant it's a good i want to i
want to give a good speech i want to give a shout out to my brother-in-law's father who i think is a
a low-key freak listens to the podcast.
If you're listening now, dinner was great last night.
It was great talking to you.
Who is this?
My brother-in-law's father.
Your brother-in-law's father?
Yeah, he was at dinner last night.
So he's like your father-in-law once removed?
I guess.
I don't think that's a thing, but I mean, it could be.
My wife's sister's husband.
and his grandkids are my kids' cousins.
There's your father-in-law once removed.
Yeah.
Shout out to you.
It's clean.
Yeah, it's a great time of year.
Had a good Wednesday before Thanksgiving.
Some of you freaks may know,
I have a tradition with my brother
where we go and get clothes shaves.
Did it in Center City this year.
That was a good rip.
We did a little sauna cold plunge before.
Hit a bar after.
Had some beverages in my dad's honor.
It was a great time.
Did you see what Logan posted in the Nostra live chat?
We pulled it up.
Everyone should reset their political opinions and recalculate them based on Vance's turkey comments.
Logan, do you agree with them or are you big turkey?
You can just speak, Logan.
Turkey's okay.
Yeah, it's not like the best, but I'm not going to run with JD's line of thinking that it's terrible.
I was a big turkey sandwich guy growing up.
There's nothing better than a high-quality turkey club sandwich.
Yeah, and leftovers.
Leftovers are legit.
Yeah.
Logan, Queen may be your biggest fan of all time.
I just want to say that.
Seems so.
She loves you.
Hi, Queen.
In both chats. She hops between
YouTube and Nostra.
Speaking of Nostra, we've got
some pretty big boost already. Soap
Miner, 21,000 sats. Hello, freaks.
Hope everyone had a great Thanksgiving.
Then
Confernius,
77,777
sats. Sevens across the board.
Poundrome. Zap. Great post.
Thumbs up.
Went with the generic
preset
comment there. Thank you.
No, I mean, with a huge zap.
Thank you, sir.
It means a lot.
Absolutely love to see it.
As always, you can join the Nostra live chat
where the ride or die freaks dwell.
In your favorite Nostra app, I really like Primal.
You can download Primal in your favorite app store.
On desktop, you can go to zap.stream
and various other Nostra apps support it.
Love getting the support and the Bitcoin zaps.
It's pretty fucking cool.
fernius is saying send it too quickly love you guys love you too brother
um oh someone asked on uh nostor last week uh for the context and the origin story of
palindrome boosts and marty just responded back i just like palindromes i do they're fascinating
it that simple there nothing really uh nothing really much to it it gave me massive i like turtles vibes by the way i just like palindromes Nothing not much to it Soap miner I used your soap about an hour and 40 minutes ago
Went to the gym to get a post Thanksgiving sweat.
Lemongrass.
I'm onto a bar of lemongrass right now.
It's a great bar.
Just say that.
Yeah, I also used your soap today.
I don't know which one I'm on.
Maybe I'm using tea tree.
Tea tree.
I haven't tried tea tree yet.
I don't know.
My son,
my oldest is like at the age where he's just like a soap bar destroyer.
Just hangs out in the shower and destroys bars of soap.
Just lets it soak.
Let's the soap soak.
And like throws it on the ground,
slams it against the wall of the shower.
That's it.
No, we just let him hang out in the shower.
He'll just hang in the shower for like 25 minutes and destroy soap.
That's the way to do it.
All right, we're going to Clark's dashboard because we've got a great price right now.
$91,000 on the dot.
We're up 7% from where we were last week when we met.
One cuck buck is going to get you 1,098 sats.
Marty's the bottom end?
We'll see. We'll see. We shall see.
I mean, the bottom in 2015 was like $180.
That was pretty low.
It's just an ongoing super cycle.
That was brutal.
Yeah, it's just one forever super cycle, I guess, depending on your definition.
We're at a $1.82 trillion market cap.
We are still 27.8% below the previous all-time high of $126,160.
We're at block height.
925,593.
Just want to say, felt proud of myself.
I was sitting at my desk earlier today.
I saw block 925,000, more numerology on my block clock mini,
or my micro, excuse me, right here.
Got a good picture of it.
I was here to witness block 925,000.
The mini is the bigger one.
The micro is the tiny one.
Yeah, micro is like.
And then the original one is not for sale anymore and use the like old school train clicker clacker numbers.
Yeah.
And when that was for sale, that was one Bitcoin.
So like a month ago, that was $120,000 clock.
And now it's a $90,000 clock.
Still a good clock.
Worth every set.
Oh, no, not the OG one.
I'm fucking talking about being thankful.
I'm thankful I didn't buy the OG clock.
I mean, we're going to talk about it later, but the CoinKite Black Friday sale is still going on.
I mean, you already brought it up.
It's 25% off on CoinKite.com right now.
So if you've been itching for a cold card, itching for a block clock, I think the block clock is $50 off.
Now's a great time.
It's always a good time to buy a cold card, but now's an even better time.
and if you're looking for a guide by the way um
the cool part about cold cards are they're very power user friendly you can use them in a million
different ways but i think people tend to get overwhelmed with them but you can also use them
incredibly simple way with your phone um so i changed my guide my main cold card guide now
focuses on using it on your phone with uh the bull bitcoin wallet you don't need to have a
bitcoin account it's an open source self-custody wallet um so if you just go to uh we run btc.com
slash cold card um that's where my guide is it's really really easy use a cold card queue with your
phone qr codes you have the ability to broadcast the transaction via nfc just tapping your phone
if you want really great ux and really strong security guarantees yeah here's my proof of uh
of block catch caught it looks great on the desk it's right here you want random yeah i have one
network i have one right underneath my monitor so i see it whenever i'm working or i'm on air
and uh unlike you i don't do like a million different metrics it's just a bitcoin price
the most important metric you're not utilizing it you know i can see sats per dollar right now 10.99
every five minutes every five minutes i get the bitcoin price it's the only metric you need to
to know you can also ignore the news if we fall ten thousand dollars you can check the news maybe
we bombed her on you know if we go up ten thousand dollars like maybe like we printed money or
something it's just a good temperature gauge of the world at large yeah
we'll get into it because price is recovering right now silver's screaming right now too but
we have more stats to get to.
Do you own any silver?
No.
I have some made X pieces that are silver.
Oh, yeah, sure.
That's about it.
I'm allergic to silver.
Wow.
As well.
I can't wear it.
Is that a common thing?
Gives you like a rash or something?
Actually, no, I'm allergic to nickel.
So if it's actually like fake silver, it's got some nickel in it.
Yeah, that happens to a lot of people.
like you get fake gold pieces or something.
I see sui generis
John zapped us
80,000
and 85 sats, thupa
thigol.
Sui generis.
What does his message mean?
Who benefits?
No, that's qui bono. Sui generis is
a...
But what is
his message mean?
Why would I take a dead
language in high school?
because it's the the basis in a class by itself that's what it means
what but what does thupa thicol mean thupa thicol where's that that's his message
uh i don't know but 80 000 sats thank you sir huge boost huge zap boobs boost dude 80 085
We love our boobs boost here.
Harlan, long time listener, first time live.
Thank you guys for keeping it real every week.
Thank you for joining us live and for the zap, Harlan.
Please keep saying it.
I'm not going to keep saying it.
Tupa Thigle.
What does that mean?
I feel like it's a phonetic.
He's trying to get us to say something.
Yeah.
What are we saying? I have no idea.
Say it over and over again fast.
Thupacycle.
Oh, Thupacycle.
There we go.
Are you saying I have a lisp or something like that?
Thupacycle.
John Arnold zapped us 100 sats.
Cattle bike is still in play.
Thupacycle.
Highest signal show in Bitcoin.
Thank you, Freaks, for joining us week in and week out.
with that let's get you back to some signal we are 1 766 blocks away from the next difficulty
adjustment which means we had one between last week's episode and this week's episode that was
a negative 2 difficulty adjustment right now early in this difficulty epoch it's looking like
the next adjustment will be on december 11th 2025 it's looking like a negative 0.5
percent difficulty adjustment there are 2,159 transactions in clark's mempool
we go over to mempool.space we'll see that there are loading loading loading very slow today
50,023 transactions and snotty bed it's coming back
i'm got a bit of a cold here freaks bear with me um those are the stats of the day
oh god pick it up that those are the stats of the day
marty's sneezing and handling himself you pick it up monologue um i'm supposed to pick it up
uh i think the biggest the biggest news of the week was the rumble wallet launch
um i guess i could have oh whatever i'll just jump right into it oh i guess before i jump right
into it i'm wearing my silk road anonymous market hoodie uh on this thanksgiving i think it's
important to realize that uh this was the first thanksgiving that uh ross was able to spend with
his family absolutely wonderful to see it um but yes uh your dog need a diaper
found there's one on the on the floor of my office i'll send her over um the biggest the
biggest news of the week was the rumble wallet launch in my opinion so i i let us off with it
did you see this i did see it are we are we on rumble we are and not live right no but
posted after the fact but there's a hack for rumble they like live shows that's what gets the
most so why don't we stream their live we got to figure out the the they're working on it they just
got a big investment from uh tether obviously earlier this year the ux and rumbles back end
is not incredible but we're gonna go live there um but even if we don't go live you can premiere
the episode and make it seem like it's live which is what we need to do that we need to start doing
it logan we talked about this for both but it's on the tfdc account button for that is it's not on
the upload page the rumble people we we got in contact with their team we we have their email
now figure it out but is it is it in one omnibus tftc account like we do with youtube yeah okay so
if the rumble freaks are are zapping tether over there you gotta send me my cut
wogan keep track of that um anyway they added a wallet they added a self-custody wallet to rumble
uh as marty said they own just under tether owns just under 50 of the company that happened earlier
this year um we've talked about in the past i think we talked about maybe last week or the week
before um that it seems like a bunch of palos tech dreams are all kind of coming together in rumble
and that's kind of their one of their mainstream tech plays in terms of ai and content and whatnot
But they also use the Tether's wallet development kit, which is open source development kit, to do the self-custody wallet.
It supports regular dollar USD tokens, so regular Tether.
It supports Tether Gold, so you can zap gold.
And it supports right now on-chain Bitcoin.
Supposedly, they're going to release Lightning as well.
It's important for them that they want to do it self-custody.
It seems like they're going to use Spark as the back end light sparks.
Basically lightning SDK.
Did, did NVK zap us? How much did he zap us?
He zapped us 21,000 sats. So I have to read it.
NVK zapped us 21,000 sats.
I was trying to use cold cards, push TX feature.
So do you know the push TX feature?
So the Push TX feature is new, right? So you set up your transaction on Sparrow.
Yeah, you broadcast via Mempool, right?
Yeah, so you scan the QR code with your cold card, then you sign it.
And then when it comes time to broadcast, the standard QR method is then you scan the QR code.
You scan your cold card with the webcam on your laptop, but a lot of laptops have bad webcams.
So they added the Push TX feature where all you have to do is tap the cold card queue to your phone
and then it broadcasted it through coldcard.com or mempool.space.
And so NVK is obsessed with this feature and he asked me to test it
and I was trying to test it and I couldn't get it to work.
Turns out you can't have airplane mode on if you want to use this feature.
I know it seems obvious.
I know it seems obvious, but 99% of the time,
I'm just running airplane mode and Wi-Fi.
So it did not seem obvious to me.
But if you have airplane mode on, Push TX does not work.
Why does that turn off NFC?
I believe now they're going to put a warning in the UX.
There's other dullards like me who can't figure out why Push TX doesn't work.
Is that because this airplane mode turned off NFC?
I guess so, yeah.
Speaking of all, we're – you know what?
Coin cut.
I'm going to give you your props.
I went to a wedding last Friday.
As you guys know, we recorded last Friday.
I had some champagne.
I was prepping for a wedding.
Gave a SATS card as a gift and received a very thankful text
on monday morning saying it's the coolest gift that the couple got love it i like the open times
better just like they cypherpunk they are cypherpunks they like they just look cool you have to give a usb dongle when you give it to them now because no one has a USB port I see Florida Justin ride Freak Zapped is 22 SATs Palindrome Zapped
Thankful for the weekly signal and the Freaks.
Thank you, sir.
Open Dime Fallout.
I have so many Open Dimes from previous Black Fridays.
I love these two.
I feel like the normies are afraid of like, you have to break.
That's good.
They should be intimidated.
They should get a little intimidation.
You know, that should feel, it feels nice.
It's got good weight.
Yeah.
Logan, pull up the tweet back to, I mean, Tether.
We got distracted.
I think this is huge news.
I think it is too.
I mean, Rumble is a big platform, but it's funny.
This is not that tweet.
The other tweet that I put in the link, you had Jason Calacanis out here saying that Paolo,
and tether need to go 100 american and the way to do that is to sell all their bitcoin and buy
us treasuries exclusively i don't see a tweet in the chat where did i put it i don't know
oh i didn't put it i don't no it didn't uh give me a second um but this comes i mean i think this
is newsworthy too this comes i forgot to put this on the list during the same week that uh
S&P downgraded Tether to weak.
I didn't even realize they were getting official S&P ratings.
I mean, it's fucking hilarious because they cited that Tether owns nearly 100,000 Bitcoin as a risk factor,
even though that is completely unrelated to the reserve.
They're fully reserved just on treasuries alone.
Then they own a bag of gold and a bag of Bitcoin.
and I put this later on, but we might as well talk about it.
They became the largest individual independent holder of gold.
So, I mean, this FUD is just fucking exhausting
because basically we have a Ponzi banking system
and everyone's running on fractional reserve
and Tether is running a full reserve bank
that's easier to use than any other bank,
completely full reserve and then some.
They have gold plus Bitcoin in addition to their treasury reserves.
So it just seems like such even more bullshit than it has been in the past in terms of TetherFUD.
Yeah.
They feel threatened.
Well, I thought Paolo's response was awesome.
Did you see it?
Pulled up, Logan.
Paolo said, to S&P regarding your Tether rating, we wear your loathing with pride.
the classical rating models built for legacy financial institutions historically led private
and institutional investors to invest their wealth into companies that despite being attributed
investment grade ratings collapsed pushing worldwide regulators to challenge such models
the independence and objective assessment of all major rating agencies the traditional finance
propaganda machine is growing worried when any company tries to defy the force of gravity of the
broken financial system. No company should dare to decouple itself from it.
Tether instead built the first overcapitalized company in the financial industry
with no toxic reserves, and yet is and remains extremely
profitable. Tether is living proof that traditional financial system
is so broken that it's becoming feared by the emperors with no clothes.
It looks like the 1031
intern saw this too. That's the first response
I mean, we keep having to fire and hire new interns.
It's been a real process over there.
This is a good reply guy from the intern.
It's a good reply guy from the intern.
I mean, we've talked about in the past,
if you have what effectively amounts to a full reserve bank,
like it could cause a bank run on all the Ponzi banks.
Like why would you keep money in a fractional reserve bank when there's a full reserve alternative?
Definitely a full reserve alternative, but incredibly profitable full reserve alternatives.
I mean, I know just to straw man my own argument, the argument will be that the US government will bail out the Ponzi banks when they fail.
they might not bail out tether um but you give it a few years and uh they probably would bail out
tether too they bailed out usdc earlier last year when they bailed out silicon valley banks so
well i wouldn't be surprised if they bailed out tether if they if something went down
well this is a good segue we're just going to hop around the list then because it's a good
segue into the genesis mission launch which is essentially a light signal from the u.s government
that they plan to bail out the AI industry no matter what.
Yeah.
I mean, they compared it to the Manhattan Project
when we built Nukes.
And it came on the heels of NVIDIA
taking an absolute beating
on the news that Google
might be selling their chips to
Meta instead of NVIDIA.
Yeah, I mean, this is classic. When people say they have issues with capitalism, most of the time they don't realize they have issues with crony capitalism because we don't have free markets in this country.
It's all corrupted by regulators and backstops and broken incentives. This is just another example.
yeah i mean this and this comes in conjunction with comments from crypto and ai's are david
sacks um i forget exactly what he said but along the same lines of like hey this is a systemically
important industry we need to make sure that the u.s government is publicly showing its full support
and again implicit acknowledgement that there will be backstops to to make sure that we win
this arms race against china like just uh can we just go back for a second because we sped through
this uh logan can you pull up sam callahan's tweet this is fucking crazy tweet tether bought
more gold last quarter than any other than any central bank how crazy is that
even while gold was pumping and there was this
i mean when gold was pumping all-time highs people were
basically assuming that a bunch of central banks around the world were scrambling to buy more
just to make sure they're not caught offside so i think there definitely was
stuff like that going on at least to a degree so the fact that they were able to out buy everybody
during that particular period is quite impressive.
The crazy thing is also like
the largest central bank purchase last quarter
was Kazakhstan, which is just to the audio freaks.
This is what we're looking at on the chart.
Pretty crazy.
Is that Brazil in third?
I can't see.
Kazakhstan, Brazil, Turkey, Iraq, Guatemala,
Czech Republic, then China.
but China is an asterisk because no one really knows.
Wild times, freaks, wild times.
Like I said, price of silver running.
I've barely been able to dive into that today,
but apparently the CME came out and said it was a data glitch
that sort of exacerbated the situation.
All the precious metal bugs on the internet are saying that's fake news, though.
There's a short squeeze going on right now.
Mandibles.
and bitcoin standards i mean this is like and i read about this on monday or tuesday i forget
when i wrote about it but the empire striking back big topic of discussion this week as well
and over the last really over the last two weeks is the notion of jp morgan attacking
strategy specifically and i'm not gonna lie i was skeptical of this narrative um
for a couple months.
And I think I've become more convinced
that this does seem like a pretty scummy move
from J.P. Morgan.
Bullshit narrative.
You think so?
Why?
Because, I mean, look,
I'm no friend of Jamie Dimon.
He can politely go fuck himself.
But what he's best known for
is his risk management.
In 2008, when everyone else was crumbling, they were in the strongest position.
They saw the issues ahead of time.
And all of this stems from them increasing margin requirements on strategy equity holders.
So if you held strategy stock and you were taking out leverage on top of it, they required
that you added more margin to it.
This is something we covered earlier.
And you know, it turns out that like that was actually really prudent risk management over the last six months.
It was.
It was down like 80%.
It's down like 70%.
Well, what has to ask?
Like, was it prudent risk management?
So this is where, I mean, I was very much in that line of thinking up until the last two weeks.
And so in retrospect, it's like, oh, that was good risk management.
But you could also say, did they?
do that and then incite a sell-off which like if you're going to raise your
ltv requirements from 50 to 95 or your margin requirements from 50 to
95 then people have loans out that's going to catch them off size they're gonna have to begin
selling and to your point it's like okay maybe it's like a risk management thing bitcoin and
strategy specifically are volatile maybe we should de-risk and i think the smoking gun for me because
I've talked to individuals who had this happen to me and they've showed me the paper trail is
when that happened in July, there were a number of people who said, okay, like this is an egregious
collateral requirement that you're thrusting on us overnight. Banks like Fidelity and other
prime brokers are offering a 40% LTV. So I'd like to transfer my shares there. And they were
extremely slow to deliver the shares to other prime brokers, which would signal that they
had lent out shares that they custody to short sellers.
And so an egregious amount of time.
I talked to one person who had 50,000 shares and it took them three months.
They moved 2,500 shares after three weeks and it took months to move the whole position,
which 50,000 shares of MicroStrategy's float is a pittance.
It's relatively small.
You should be able to move that.
And if you can't move that,
it's a signal that you're rehypothecating those shares
to people that are probably going short the stock.
And so you could raise margin requirements overnight,
force people to sell,
and then not saying that J.P. Morgan was short itself.
And then the cherry on top is they launch a competing yield product
with MicroStrategy's preferred offerings?
I mean, so first of all,
first of all, I still think
prudent risk management explains it.
And I wouldn't be surprised
if MicroStrategy was like bucketed in
with a bunch of other equities
and it was kind of happening
at the current margin requirements
and they didn't even realize.
And then they were like, holy shit,
like we have a ton of risk exposure here.
It's a leveraged Bitcoin equity
Bitcoin itself is already volatile. And then the actual holders are leveraged up too.
And ultimately, by the way, I don't think the freaks need me to tell you this,
but if you're leverage long using a third party on a stock that requires trust in multiple third
parties, and you get into margin hot water, that is your fucking fault. Take some personal
responsibility over your actions there. Then the second piece is counterpoint. The second piece is
these banks are just so fucking slow with fucking everything.
They're antiquated institutions.
And especially when you want to leave them,
regardless of how you're leaving them and why you're leaving them,
they're particularly slow.
Once you try and take ownership over your money and your assets,
they're slow across the board.
And that's malicious and predatory and inefficient.
It's like a combination of all the three.
And then the last piece is, first of all, this is not JP's first.
iBit product. I have a link there to other iBit products that they offer. But this is hilarious
because like three days before they released this product, the narrative on X was that JP Morgan
hates Bitcoin and wants Bitcoin to die. And then as soon as this product hit the newswire, everyone
was like, no, it's not that they hate Bitcoin, it's that they're releasing a competitive...
Like the narrative shifted. The narrative shifted to fit the facts, which is usually a telltale sign
of just people stretching,
people stretching to come up with reasons for why something happening I don know The failure to deliver I mean it should have taken months to deliver 50 shares of a very highly
When you're leaving a banking institution, they're always fucked with you.
Well, it's not like you're shutting down your account and you're saying like,
hey, I'm going to go to this prime broker for this particular position.
I think that's pretty common.
What is it?
50,000 shares, I'm guessing it wasn't –
was if it was like five months ago microstrategy was at like 350 bucks um so like whoever your
friend is wanted to move 17 million dollars about 17 million dollars worth of assets away from them
to someone else you know that it's not the most surprising thing in the world that they drag their
fucking feet while you're trying to move 17 million dollars of assets away from their platform
could be anyway they shut down jack's bank account too if you're self-custody bitcoin
if you're self-custody bitcoin you don't have to deal with this yeah they shut down jack's bank
account and jack's a good friend and uh i knew about this when it happened um and the most
annoying part is with all these things when they shut down your bank account you never get a reason
um so jack doesn't know jack mallards doesn't know why they shut down his account his dad had a
private wealth account with them for 30 plus years um and jack's account was through that
and they didn't shut down his dad but that's just worth noting because you know presumably it was you
know a high value account um but all that said like jack did call jamie diamond jeffrey epstein's
banker which he was he was that is factual he was jeffrey upstune's banker but that's probably
why they shut it down they probably didn't shut it down because they hate bitcoin
i mean jamie diamond specifically hates bitcoin i don't think they hate bitcoin either
i think they want to co-opt i would not be surprised if they want to co-opt things they
want everything to the point of their inefficiency jack very loudly said that they were jeffrey up
that they were Jeffrey Epstein's banker
and it took them months to shut down his account.
I think he said that.
I think he said that first like two years ago, actually.
And anything Jack says hits all the wires.
That was all over the fucking place.
I don't know.
I'm going to still fall on the side of –
there's some shenanigans at play here.
Anyway, did you look into this structured note
that they released on iBit?
It's a weird one.
No.
What did they release on Wednesday?
And I've been very busy, but I've heard it's like downside protection up to like a 30% drawdown.
Yeah, but it's not fully downside protected yet.
Correct.
It's like if it goes down by more than 30%, then you don't have downside protection.
Okay, here.
JP Morgan's proposed instrument will set a specific price level for BlackRock's IBIT fund next month.
In approximately a year, if IBIT is trading at a price equal to or greater than the set price,
the notes will be automatically called and investors will receive a guaranteed minimum
return of 16%. If, however, IBIT's price is lower than the set price a year from now,
the notes will not be called and participating investors will ride the investment out until
2028. Should IBIT pass JP Morgan's next set price by the end of 2028, investors will earn 1.5x,
so a little bit of leverage there on their investment with no cap, meaning if Bitcoin
shoots up by 2028, investors stand to earn a hefty return. As an added protection incentive,
If Ibit is down in 2028, but by no more than 30%, investors will recoup their entire initial investment.
Basically, the main reason investors would choose this note over simply investing in Ibit,
with JP Morgan's instrument, investors get a chance at 1.5x upside,
a fixed return if Ibit is flat in a year, and long-term downside protection up to 30%
if Ibit is down more than 30% in 2028.
However, investors lose the equivalent of Ibit's depreciation.
like just stay humble and stack sats like what the fuck is going on there is super fucking
confusing yeah i'm trying to think of like how jp mori makes money from that like obviously
management fees they just collect fees yeah they pull fees out of that
yeah just stay humble stacks that's it's uh sage advice
i wonder what the chat is i've read that blur multiple times and it's just
so complicated yeah chat what do you think we're saying chat now this is what all the kids do chat
chat is jp morgan uh nefarious action actions or simply uh practicing good risk management
update from the chat we have rider die freak map 21 zap 21 000 sats thank you sir for your
constant saps as i saw the big zap you gave to dispatch this week thank you appreciate it
and nvk zapped again 21 000 sats rh the macro pod well it's not really it's all related to
bitcoin now not really macro come on come on nvk um note of note of note i mentioned tuesday we went
and got close shaves the uh the barber who did it just asked him very nonchalantly he's like hey
would you be willing to be paid in bitcoin he's like yep no questions asked had a wallet ready to
go how'd you pay him did he already have big in a wallet he had a wallet i don't know which one
he was using some weird software one you didn't ask or look at the screen i did i think it might
have been phantom wallet if i'm being honest but uh so he said he assured me assured me he's gonna
sweep at the cold storage. He's got a USB wallet.
So it's on-chain Bitcoin? Yeah. What wallet did you pay from?
I paid
from
the strike app.
Oh, look at that.
Yeah. Do you not have like...
I tried to pay on my zaps, but my
it was above my threshold.
I really like the Bull Bitcoin wallet now.
You like what one?
What?
The Bull Bitcoin wallet?
Yeah, for a self-custody wallet that supports Lightning.
Yeah.
It uses Liquid at risk for the Lightning side.
I think it's Wallet.
Is it?
Wait.
I don't know.
It is wallet.boldbitcoin.com.
Or you can just search Bold Bitcoin in your favorite app store.
Self-custody, no KYC, pay with lightning, receive on chain, pay on chain.
Basically, any type, pay liquid, any type of Bitcoin invoice you can pay really easily.
And in general, Freaks, I just like, you know, you just keep a couple hundred dollars worth on your phone.
So when those situations arise, you're able to just pay people really easily.
um but yeah obviously you can pay from strike or cash app or primal wallet
river pretty cool cool to see that's awesome yeah it was uh it was nice i wasn't i was if i'm being
honest with myself i was expecting it and now i'm good but it was like yeah yeah i'll gladly take it
it's rare that you ask and they already have a wallet set up uh but also it's not surprising
that it was a shitcoin wallet.
I think Phantom is the largest Solana wallet.
Trust wallet is the largest self-custody wallet
in the world.
That's Binance's wallet.
It might be that one.
I don't know.
It's a US trust wallet.
Big news out of Bitcoin.
Protocol development this week.
Cluster mempools.
Have they been merged?
Were they getting set up to be merged?
Yeah, I mean, I think the plan is to release it with Core V31.
Yeah.
But they've been in the works for years.
This thread that I linked to in the show notes is from 2024.
It's Merch Explaining It, just to show you how long it's been worked on.
But basically, the idea, yeah, Cluster Mempool has been merged.
Basically, the idea is that it makes it easier for a node to calculate which transactions are paying the highest fee when ancestors and parents or children are accounted for.
So a child transaction is a transaction that happens after your transaction, and a parent one is transactions that happened before.
and if they're all unconfirmed then their fee rates are all dependent on each other right like
if you are receiving a three sat per byte transaction and then you send a two sat per
byte transaction after that um that chain has a that chain of transactions has basically an
equivalent fee rate um usually what happens is actually the opposite right so you're like
receiving at three sats per byte and then you pay out another transaction at six sats per byte
the equivalent fee rate is somewhere between three and six sets per byte.
It's like four and a half, five sets per byte or something like that.
Yeah.
And this just makes everything more computationally efficient, right?
Because if you have them in clusters,
instead of trying to desperately connect them and figure out which child's
paying for parent, you just have basically like a cluster ID.
Once you add a child.
The whole,
the whole idea of mempools is,
is that we have an independent relay network,
but also that nodes are able to easily figure out and validate ahead of time which blocks will be mined next and what those transactions will be in the next mined block,
which makes block propagation a lot smoother and results in a more competitive mining landscape.
and individual notes had a lot of trouble calculating these effective fee rates when
you had large chains of transactions and this is attempts to mitigate that and provides a much more
efficient path shout out to everybody working on this a lot more efficiency in menpools but you
just went into the software update so can we read the boost from last week uh yes and while we're
doing that, NBK zapped a third
time 21,000 sats
pulling the leg.
You must be selling out a cold card this
Black Friday. Getting extra generous here.
Pulling the leg on Primal
live stream zaps are the new pulling the
leg.
Reminder freaks, you can use
any Nostra app that supports video streaming
to participate in our live chat.
We really like Primal.
You can download in your favorite app store. Any zap
over 21,000 sats must be read on
air. That is our rule.
Ceter zapped 21,000 sats.
Think my zap vanished.
Feedback for silent payment wallet is appreciated.
It's an early alpha.
And then he linked to the GitHub.
His GitHub name is set Avenger.
Slash blind bit dash desktop.
If you're listening,
github.com slash set Avenger slash blind bit dash desktop.
If you want to check it out,
silent payments.
we have one boost that passes the 21 000 sat threshold from rabbit hole recap 384 are you not
entertained it comes from our good friend long time freak long time supporter mike clear 21
212 sats palindrome zap boost whatever we're calling it um listen to this rip while installing
a hash rate heat system winter is coming stack sats with your heater and go to xergyheat.com
e-x-e-r-g-y heat.com shout out to mike tyler everybody else on the xergy team
that's a project i'm pretty excited about
oh yeah fountain podcast app is also also streams our video too and you can participate
been in a live chat through that as well since they enabled Noster. Yes. Building on
the software updates, White Noise version 0.2.1 has been released. This comes with...
By the way, the dream is that Rumble just adds Noster support. So the live streams and the
apps are all just cross compatible but um i also want to pet unicorn so we'll see if that ever
happens i'm gonna go whole punch dude come on come on well i mean rumble is like if the argument
the tether guys don't really love nostr because they think it's too centralized but like if the
argument is rumble and rumbles incredibly centralized this is the straight youtube model
so just broadcast as nostr events yeah not a horrible idea
But anyway, white noise, V0.2.1 is out.
If you remember, white noise.
Noise is attempting to use NOSTA identities and NOSTA relays to build an alternative signal that is as secure and easy to use as signal, but doesn't require a phone number and doesn't require them to run servers.
You know, Signal right now is running all the servers for Signal.
If you remember, there was an outage the other day when AWS went down, there was an outage for a few hours.
Also, it creates a central point of failure.
um so they're using the nostor interoperable network for identity and actual comms sending
the encrypted messages back and forth um historically or historically it's a relatively
new project it hasn't been that stable it's starting to get really stable um so
if you want to test it out you can download white noise in your favorite app store
what is the i think it's white.noise is the url nope is a white noise.chat
is white noise.chat white noise.chat and uh if you if you message me i'll reply back
you can test it out that way
check it out freaks white noise.chat you don't have it on the list but i saw
just because I appreciate the hustle that they sent out a financial freedom report yesterday on Thanksgiving Day.
This is financial freedom report number 99 in the Human Rights Foundation story of the week is coming from Venezuela,
where hyperinflation and growing digital asset use is happening.
Venezuelans are bracing for hyperinflation as the Bolivar rapidly loses value.
The country's central bank stopped pushing inflation data last year after Nicolas Maduro fraudulently claimed victory in the 2024 elections.
International institutions project 548% inflation in 2025 and 629% in 2026, while some economists warn the rate could exceed 800%.
800%. Inside the country, the detentions of economists and a former finance minister have left few willing to challenge the regime's official narrative. At the same time, major retailers are increasingly accepting digital assets for payment. The head of the country's National Association of Supermarkets, Italo Atencio, projected that digital assets will account for 10% of all grocery transactions by early 2026.
It's Bitcoin there when you need it.
When your government becomes completely despotic
and throws all the economists and finance ministers in jail
because they're trying to warn you that your money is being debased,
that you should get away from it.
Bitcoin allows you to save yourself.
Venezuela I think has been a shining example of that over the last decade Time and time again Venezuelans have turned to Bitcoin to escape the ills of their government and its management of their monetary system
Take agency over your life.
Use Bitcoin in Austria.
Yes.
For more stories like this, make sure you shine up.
make sure you sign up for the Financial Freedom Report.
You can do that at financialfreedomreport.org.
Last but not least,
big topic of discussion this week,
exlocation doxing going on.
What's your opinion on this one?
I'm not a big fan.
I think if you don't have the developed Twitter muscle
to understand when you're being gaslit by a foreign sock puppet,
you shouldn't be on the app.
Yeah, I mean, so X this week launched a location feature
on people's profiles.
So if you go to their profile and you click their join date,
it showed what country they were based in or they were tweeting from.
Are they like last accessed?
Originally, it showed also where the country of the account they created it and was.
I think they still do.
No, they removed the account created location.
It's just where you've last connected from.
And in settings, after the fact, you can set it to region.
So like instead of saying you're in, you know, Costa Rica, it says Central America or something.
um the the funniest one being australia because it's just also the continent it's both um but uh
i mean it's it seems like there's been widespread support for it on x uh the big one is uh it seems
like a lot of people want to root out which accounts are based in india uh there was like
a bunch of maga accounts for instance uh that were pretending to be like super pro-american accounts
um and they were like in india and nigeria and shit but uh i don't know i i think it's
there there are definitely people that were put at risk for it particularly in smaller countries
right like if you're a publicly american and it says you're in america like
that doesn't really affect you um but if you're in a tiny ass country
and you're already a sensitive individual and then it gets publicly released okay that's that
That could be pretty bad.
But the big piece of this was when they first released it supposedly the Department of Homeland Security was based in Israel I saw that And then they immediately pulled the plug on the feature
They waited three hours.
They re-released the feature.
And then all government accounts did not have the location set up for.
and i guess the head of product this guy nikita said the reason that they don't have
um location set up uh the the location docs for government accounts is because it puts them under
threat of like physical violence or something which okay so that means if you believe that
then you believe that all accounts are under threat of physical violence not just government
accounts, but you still did it anyway. Um, so yeah. And then last but not least, uh, if there
were like a bunch of accounts pretending to be from one place and we're actually from another
X has known this the entire time and hasn't done anything about it. They were fine while they were
trying to become profitable and sustainable, pretending that those huge bot accounts were real,
um, until it's, it's suited their goals. So I think there was a bunch of different takeaways here.
I originally in the show notes, I had a link to Grok admitting that the Department of Homeland Security was originally based in Israel or their Twitter intern was at least.
But they deleted that Grok post.
Since been deleted, not there.
Just erase that little piece of history, which makes you think that you should have some kind of distributed interoperable server mechanism where all posts are signed and anyone can easily archive them.
I think that would probably be a good win for humanity.
Do you think the Department of Homeland Security account was actually started in Israel?
Would it shock you, actually?
I guess that's another way to frame it.
No, it would not shock me.
I mean, to give them like the biggest benefit of the doubt, it could be that the person who runs their social media is a dual Israeli-American citizen that was in Israel at the time.
I don't think that makes it any better.
No, it doesn't really.
No, it doesn't.
But to give them the biggest benefit of the doubt, that's what they got going.
But instead, they didn't even argue that.
They just said, no, that's not true.
That never happened.
And they just deleted all the tweets related to it.
Did you see the other interesting coincidences going on this week?
Or not only this week, but even in the lead up to Charlie Kirk's thing with the Google
What about the murder of the National Guard?
Yeah.
That's what I'm alluding to.
Absolutely fucking tragic.
And the guy who murdered them was trained and paid by the CIA in Afghanistan.
Yeah.
That thing reeks of some kind of false flag psyop.
I just don't know which side did it.
Like there a bunch of you can follow a bunch of different motives down that path Have you seen people servicing the Google trend data for the names of some of the people Yeah they were searching them ahead of time right
Yeah, like days before, these no names
had a questionable amount of Google search.
Yeah.
Apparently, Charlie Kirk's murder,
similar things happened with buildings around.
The UVU campus.
I mean, in this case, like the actual guy who did the assassination, who they have in custody, was trained by the CIA and paid by the CIA.
Afghan special forces.
Like that's fucking crazy.
Are you fucking kidding me?
The CIA created Al-Qaeda in the 80s.
Supported the Mujahideen.
There's New York Times articles about it.
You can go read.
Insane.
It is.
Tragic.
That's very tragic.
I mean, the one guard.
My heart goes out to the National Guardsman.
She's 25 years old.
It was her first week on the job.
And like, they're not, I guess they're like not allowed.
My understanding is they're not allowed to carry rifles.
They're not allowed to have their handguns chambered.
The guy, the third guardsman who actually took him down,
took him down with a pocket knife.
Did you see that?
No, I didn't.
Fucking insane.
I didn't look too, to be honest, I didn't look too much into it
because I was like, you know, it's Thanksgiving,
and I don't want to be depressed on Thanksgiving.
Let's end it on a good note.
We got a 21,000 sat zap from one of the Bitcoin veterans, guys.
Your name is abbreviated in the UI right now.
Thank you to everyone who contributed hash rate to our Veterans Day telehash.
We reached over 98 petahash a second and raised 5,240,000 sats.
all funds raised going to providing freedom tech education to military veterans
awesome love to see it and by the way that's from the official operation bitcoin
nostril account yeah i can see it on my side
um hey crazy out there but be thankful we have each other no i'm thankful for you freaks i'm
thankful for you matt thankful for my family for this life the fact that we're here able to talk
about this stuff and try to get through all this madness with you all together.
We're going to do it.
Week in, week out.
And chip away, block by block, week by week.
We're going to help support and equip each other with the knowledge and tools necessary
to make sure that we can live free.
Well said.
Love you all.
Stay on the Stack Sets.
Peace and love.
Okay.
you