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

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

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

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Breaking news. The Bitcoin mining industry has changed forever.

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Jack Dorsey's Proto Mining launches the rig.

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I hope you guys are staying around for that exciting hook that we have.

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I hope you'll be able to look your sons in the eye in 10 years.

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It's all in jest.

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It's been a fun day, though.

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It's been a pretty cool event.

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In all seriousness, though, it is a pretty...

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I think it was a pretty big announcement today.

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I mean, from afar, it seems like a massive announcement.

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You're on the ground over there.

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Why don't you give us the down low?

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Yeah.

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So for those who are unaware, I'm currently, I think it's disclosed in Georgia, the unveiling of Proto, which is a subcompany of Block, formerly Square, which is now a subsidiary of Block.

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They launched their mining rig called The Rig today.

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Great name.

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Great name. Incredible name.

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There's not even The in front of it, right?

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It's just called The Rig.

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Yeah.

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buying rigs but yeah it's pretty profound i think they were very meticulous in terms of

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getting feedback from many miners in the industry discovering their pain points and trying to design

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a product a full suite product not only from the hardware but also up to the software

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to solve a lot of long-standing issues that have existed that bitmain and micro bt have

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for some reason or another refused to address.

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And so the big difference with rig is it's a modular miner

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with sort of flexibility and, what's the other word,

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the sort of customizability in terms of what you actually get

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depending on what your mining operation looks like.

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So they have, as you can see here, hash boards that you can easily slide in or out.

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They have fans that you can pop off and fix.

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And there you're seeing a look at the software side of things, the mining management software.

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So, yeah, this is pretty big for many reasons.

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And on top of that, I think fully loaded rig will get you around 830 terahash.

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can get efficiency up to 14.1 joules per tera hash,

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which is not the cutting edge that Bitmain has

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with 12.5 joules per tera hash right now.

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But I think it's competitive enough.

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And I think most importantly, it's built for durability.

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Tom, Thomas Templeton,

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who's designed a lot of the hardware at Square.

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Part of his speech is like,

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hey, we designed hardware to be durable

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because it has to be at Square

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if you're at a bar or a restaurant

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and your point of sale device gets wet,

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you got to keep accepting pigments.

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Similarly with what we built with RIG,

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we basically built essentially a box

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where you can replace the hashboards

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instead of having to buy a whole new miner,

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a whole new mining machine.

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You just buy new hashboards and you replace them.

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And they're marketing and they believe

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that these boxes will be durable for up to 10 years, depending on...

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Well, first of all, I mean, Tom and the rest of the hardware team over there is, you know,

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they're best in class. First of all, they're awesome people to hang out with. And second of

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all, they're best in class in terms of product. So that's not surprising. Did they mention

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a price or date? I'd look like some are already in operation, right? Like you actually saw them

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operation yeah we're at a core scientific site so core scientific has them plugged in

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um and yeah there was a big wall i've got a video i'll share later they're operational i don't know

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what i'm allowed to disclose in terms of when they'll get to market i've been talking to the

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guys uh behind the scenes i think they'll be in market for um for the broader market i think at

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the very latest in 2026.

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But I mean,

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it sounds like they're kind of in market already,

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right?

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Just like they're selectively being used.

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So that's a good sign.

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Yeah.

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That means it's probably soon.

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So this is.

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But price is undisclosed,

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right?

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Price.

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And like if you,

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well,

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that's the thing.

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I think price is dependent on what you actually buy,

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depending on your particular operation.

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So that I think that's the beauty of what they've built and designed is the

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modularity and customizability of the rigs is that it's sort of what do you need?

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What are you solving for?

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Are you solving for?

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Are you in a desert?

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Are you in the middle of an oil field?

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Are you in the middle of a temperate climate doing air cooled?

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Are you doing hydro?

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Yeah.

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I mean, I say it can be used for immersion or air, but isn't the idea like, isn't the

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idea you buy the full setup and then as hashboards either break or need to be upgraded you're pulling

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them out and as psus need to be replaced or upgraded and fans need to be replaced and upgraded

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then you're starting to buy the individual parts but like when you do your first order

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is it not like you're you're kind of getting like the whole chassis and everything together

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no yeah but i think what was a bit um deceiving is like the chassis i think they give what you saw

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like the big box i think it was three chassis at one so like you can even customize it like around

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the chassis design as well um depending on what your rack that's awesome yeah i i mean i think

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well first of all we haven't seen it's amazing to see great competition um actually emerge for uh

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Bitmain and MicroBT.

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What most people don't realize is

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the founder of MicroBT is ex-Bitmain2.

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So we haven't seen, you know,

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real external competition happen

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pretty much ever since the dawn of Bitmain

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in the early days of ASICS.

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So that's fucking awesome.

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I mean, I think what people are really sleeping on is

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in an actual mining operation,

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when you have tons of miners operating in either big warehouses or storage containers or whatnot.

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What happens a lot, particularly if you're in bad conditions, is you'll have hashboard failures,

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right? Where dust is getting in the miners or just from age or power issues or whatnot.

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And in those situations, you have to pull the whole miner from the line.

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You have to bring it into a lab. I was at one of Penguin's mining facilities.

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And one of the coolest things they did was they trained locals and had an in-house clean lab to repair hashboards and replace hashboards.

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But that whole time you're doing that, you're not mining with the rest of the hashboards that are part of that machine.

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In this situation, you can literally just hot swap a single hashboard from one of the chassis and just you're up and running again.

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So even if it's a slightly more expensive, like all in original cost, long term, it should be significantly more profitable to mine using these things.

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Yeah, because the chassis are durable.

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And if your hashboards crap out, you just buy new hashboards instead of new machines.

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And you literally just slide it out and slide it back in.

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Talk about like also like the training difference, right?

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Like they were like picking a part, like pieces of hashboards and shit.

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the level of training for the person who's replacing the hashboards has got to be a lot less too

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yeah and that's like again like full stack really well thought out design like the the software that

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they built on top of it like it's if you've ever logged into like stock firmware it's horrible

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micro bt bitmain it literally is like build on windows 7 and you get these error codes you don't

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know what they mean you have to go to the individual miner and sort of like play around

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with it but they built like you feel like you're managing like a router from like 1990 like a net

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gear router from like 1997 yeah and they built a filled a full suite like you can even um like they

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you like you can run their their software with micro bt or bitmain you know hardware as well

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So you can like, from like the software perspective.

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Well, there's two pieces, right?

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There's like the fleet management software, which I guess they're calling fleet.

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Very clean naming scheme.

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But then this, I mean, it actually ships with open source firmware, which is a complete game changer on its own, right?

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Yeah, because that's the historically been the biggest.

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I was talking to Eric from Gridless about this.

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We took the bus out to the site together this morning.

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I was talking to him and like, that's one of their,

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I'm going back to again,

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the customizability for different mining environments,

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like what they're doing at grid list,

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like they need demand response and they need the firmware to be very responsive.

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Like he was explaining,

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like he would love instead of turning five miners off and then having to turn

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them back on, which really messes with the hash boards.

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I would love to turn 15 miners down two thirds of the way.

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So I don't have to do that. Stop restart, which fries the hash boards.

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and the software and firmware allows you to do that pretty simply in a very intuitive way too

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and then on top of that they have ai tools that like connect to the weather like weather apps and

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electricity pricing apps they sort of do diagnostics on your fan lifestyle life cycle

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and they'll like give you a warning like hey it looks like you're probably a month away from

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needing to replace these fans you should buy them now um and from the part supply they had that

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they have ownership over that whole thing and so you'll get an update from the software like hey

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you need to replace this part in x amount of weeks and you can buy it right here so it's really

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simplifying the whole process game changer i mean i think it's crazy like so much of the industry

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has been caught up in this hype of the bitcoin treasury companies um and then meanwhile blocks

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just like been quietly building like a well-rounded bitcoin juggernaut it's fucking massive yeah

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it's fine i'm excited for obviously we have a lot of friends on the block team i've been working

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for them uh working with them for a while and uh i'm pumped for them uh it was a big day for them

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big day for the industry big day for bitcoin uh we've said it many times this is i said on a

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podcast two weeks ago i was asked what's the most centralizing part of the bitcoin ecosystem in my

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Mine is two parts, basic manufacturing and Bitcoin mining pools.

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And one of those just got a little bit more distributed today, which is good to see.

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I mean, and Jack has his hands in both, right?

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I mean, or even on three sides, right?

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Because he is, I believe, the largest investor in Ocean mining pool.

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Obviously, they're changing the game in terms of actual hardware with the A6 here.

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and then Spiral, his nonprofit

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focused on open source development

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is spearheading Stratum v2

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which I saw was a key point out of the box

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these support Stratum v2 as well

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yeah, that's a very important point to bring up

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Stratum v2 will be out of the box compatible with the rigs

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I like the name the rigs

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it's really a

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rig fleet, very clean

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I mean I like Proto too, Proto.xyz

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If you want to learn more, it's at proto.xyz.

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It's a very strong debate, Dave.

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I mean, I think this is also, I didn't have this on the list, but it is because this is a Bitcoin show, but it is kind of relevant given this news.

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I mean, mining decentralization and the robustness of the mining ecosystem is a key part of Bitcoin's security model and something that all stakeholders think about at length.

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And basically, at this point, the entire quote unquote crypto industry has moved over to proof of stake because they think proof of work is a problem.

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And they're absolutely wrong about that. And I think time will prove us right.

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And I don't really want to go into the specifics of why proof of work is better.

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I think, like I said, I think time will prove it was right.

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Except for one chain which is Monero And Monero has been under attack recently from like some of shit coin operation What is the dynamic Is it like a merge mine shit coin that it called cubic

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Yeah.

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It's,

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it's like some low cap,

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like super low cap shit coin,

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uh,

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that has their own Monero mining pool.

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And,

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uh,

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I guess when they mine Monero,

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they buy qubit with it and then burn the qubit.

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to try and pump the price. Um, and they're trying to 51% attack Monero. I think they don't,

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I think they're like, yeah, I think they're more around like the 30% point, you know,

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it's hard to know for sure, but they did a couple of big reorgs. They didn't do any actual double

226
00:16:18,882 --> 00:16:26,002
spend attacks where they like try and commit fraud on exchanges. Um, so right now, I mean,

227
00:16:26,002 --> 00:16:27,202
if you are using Nero,

228
00:16:27,722 --> 00:16:32,102
it's a relatively easy mitigation to just require more confirmations.

229
00:16:34,582 --> 00:16:35,522
Because they,

230
00:16:35,682 --> 00:16:36,162
they,

231
00:16:36,302 --> 00:16:37,702
they haven't been able to,

232
00:16:37,702 --> 00:16:38,762
you know,

233
00:16:38,802 --> 00:16:41,362
sustain incredibly large reorgs.

234
00:16:41,462 --> 00:16:41,582
I mean,

235
00:16:41,622 --> 00:16:44,142
Monero's block time is much smaller than Bitcoin too.

236
00:16:44,882 --> 00:16:45,762
I think it's,

237
00:16:46,282 --> 00:16:47,702
I think it averages two minutes.

238
00:16:47,702 --> 00:16:52,202
So a six block reorg is really like almost like 12 minutes.

239
00:16:52,782 --> 00:16:52,922
Yeah.

240
00:16:52,922 --> 00:16:56,142
but just something

241
00:16:56,142 --> 00:17:01,442
I think it just highlights why

242
00:17:01,442 --> 00:17:05,022
making sure the mining ecosystem is robust is so important

243
00:17:05,022 --> 00:17:08,602
and it was timely that that kind of happened at the same time

244
00:17:08,602 --> 00:17:11,242
that Block pretty much

245
00:17:11,242 --> 00:17:16,482
shot a missile across the bow of Bitmain

246
00:17:16,482 --> 00:17:20,962
and MicroBT, the two massive heavyweights in the Bitcoin mining industry

247
00:17:20,962 --> 00:17:34,422
Yeah, and Dora, who's on their hardware team, I think she made it a point to express that they intend to manufacture most of their parts in the United States, too, which is massive.

248
00:17:35,922 --> 00:17:36,422
That's awesome.

249
00:17:37,202 --> 00:17:37,362
Yeah.

250
00:17:39,222 --> 00:17:42,522
I think a lot of speculation to the price point.

251
00:17:43,242 --> 00:17:45,762
I don't think it's very clear right now.

252
00:17:45,762 --> 00:17:50,102
I think many people are expecting it to be premium pricing from a dollar per

253
00:17:50,102 --> 00:17:50,942
tera hash perspective.

254
00:17:50,942 --> 00:17:54,882
But I think other people I saw on Twitter were saying,

255
00:17:54,962 --> 00:17:55,102
Oh,

256
00:17:55,162 --> 00:18:00,182
this is not up to snuff with Bitmain's state of the art machines,

257
00:18:00,282 --> 00:18:02,362
which are at 12 and a half joules per tera hash,

258
00:18:02,642 --> 00:18:03,982
even if you get the 14.1.

259
00:18:04,022 --> 00:18:09,522
But I think those people are missing like less efficient machines are sometimes

260
00:18:09,522 --> 00:18:12,442
better for different mining environments.

261
00:18:12,542 --> 00:18:15,582
Like if you're doing off peak mining and you're not mining 24,

262
00:18:15,582 --> 00:18:21,182
seven like less efficient if you can get the price point right actually makes sense if you're

263
00:18:21,182 --> 00:18:29,702
doing off-grid mining like on vented vented gas yeah in your energy input cheap like less efficient

264
00:18:29,702 --> 00:18:34,922
machine is not that bad and i mean the key variable is what is the price point right it's

265
00:18:34,922 --> 00:18:40,282
like those are the those are the two main inputs right efficiency like what is your power consumption

266
00:18:40,282 --> 00:18:46,242
going to be per hash? And then what is the actual price point of the machine? But then the last

267
00:18:46,242 --> 00:18:51,662
piece with this specifically, as we highlighted earlier, is how much money do you save in terms

268
00:18:51,662 --> 00:18:59,002
of uptime and upgradability in the long term by moving to a modular setup, which is a harder thing

269
00:18:59,002 --> 00:19:03,922
to quantify. It's one of those things that we'll probably see people running numbers for the next

270
00:19:03,922 --> 00:19:11,742
five years on which was the better outcome because it's the type of variable that you need time in

271
00:19:11,742 --> 00:19:17,182
the market to see it pay off. But I wouldn't be surprised, as long as the price point comes in

272
00:19:17,182 --> 00:19:24,462
reasonably close, I wouldn't be surprised if people underappreciate how much money is saved

273
00:19:24,462 --> 00:19:28,102
bottom line wise, just in terms of the modularity of it.

274
00:19:28,102 --> 00:19:34,282
yeah it's interesting as you're saying that too i'm like thinking back to

275
00:19:34,282 --> 00:19:41,322
attempted attempts of years past to like compete with bitmain and microbeet going to dragon mint

276
00:19:41,322 --> 00:19:48,682
specifically like they raised a bunch of money in 2016 2017 then it took them too long to tape out

277
00:19:48,682 --> 00:19:53,162
the the a6 and then by the time they got to the market they were completely inefficient and

278
00:19:53,162 --> 00:19:58,802
not profitable and i think this is and going back to timing we've talked about asa commodification

279
00:19:58,802 --> 00:20:05,422
like yeah bitmain's at two twelve and a half joules per tera hash but 14.1 is not in order

280
00:20:05,422 --> 00:20:12,722
magnitude behind that then maybe like the timing and the physical limits that the asics are beginning

281
00:20:12,722 --> 00:20:19,782
to brush up on like creates the environment where more competition at this level the the bitcoin

282
00:20:19,782 --> 00:20:24,702
network can actually begin to flourish. Yeah. And then you also have to remember another one

283
00:20:24,702 --> 00:20:31,062
that's hard to quantify is reducing third-party risk, right? And reliance on third parties.

284
00:20:31,822 --> 00:20:39,242
I mean, a lot of miners, their destiny is completely tied into a Bitmain or a microBT

285
00:20:39,242 --> 00:20:46,422
or a combination of both. Having more diversity on the manufacturing side and being able to have

286
00:20:46,422 --> 00:20:50,522
diversity on your suppliers and be able to do that as well as,

287
00:20:50,682 --> 00:20:50,962
I mean,

288
00:20:52,302 --> 00:20:54,382
de-risks a lot of these operations significantly,

289
00:20:54,642 --> 00:20:55,922
especially in a world of,

290
00:20:56,282 --> 00:20:57,622
you know,

291
00:20:58,062 --> 00:21:02,662
good morning tariffs where you never know if it's going to happen and when

292
00:21:02,662 --> 00:21:03,422
it's going to happen.

293
00:21:05,182 --> 00:21:06,022
Trade wars.

294
00:21:06,482 --> 00:21:07,622
It's a good day for Bitcoin.

295
00:21:07,882 --> 00:21:08,802
It's a good day for Bitcoin.

296
00:21:09,382 --> 00:21:12,102
A lot of people are focused on the price.

297
00:21:12,202 --> 00:21:12,882
We got a dump today.

298
00:21:13,062 --> 00:21:13,502
I thought we were,

299
00:21:13,702 --> 00:21:13,982
I mean,

300
00:21:14,002 --> 00:21:15,282
my call last week.

301
00:21:15,602 --> 00:21:16,322
I know.

302
00:21:16,422 --> 00:21:17,522
Sunday night, dude.

303
00:21:18,182 --> 00:21:25,842
Sunday night, I was laying next to my wife thinking of you and your price call.

304
00:21:25,922 --> 00:21:26,642
It was the memes.

305
00:21:26,842 --> 00:21:28,002
Like, he's probably thinking about that woman.

306
00:21:28,102 --> 00:21:28,882
Oh, I'm thinking of Marty.

307
00:21:29,322 --> 00:21:31,222
He's like, damn, Marty got the price call right.

308
00:21:35,182 --> 00:21:39,822
I told you, Marty, though, that it wasn't, you know, it was a good little pumpage.

309
00:21:39,882 --> 00:21:40,762
I was feeling it, too.

310
00:21:41,282 --> 00:21:41,582
You're right.

311
00:21:41,702 --> 00:21:42,582
You had that pump.

312
00:21:42,582 --> 00:21:43,522
You were vibing into it.

313
00:21:46,422 --> 00:21:47,762
I'm trying to think if there's anything.

314
00:21:48,442 --> 00:21:51,722
Meanwhile, we're at the same price as last Thursday.

315
00:21:51,802 --> 00:21:53,382
We're at 117 right now.

316
00:21:53,882 --> 00:21:55,342
I think we're at 118.

317
00:21:55,462 --> 00:21:57,202
I got a block clock right in front of me.

318
00:21:58,102 --> 00:21:59,382
We hit 124.

319
00:21:59,482 --> 00:22:01,782
We hit a new all-time high in the last 24 hours.

320
00:22:03,002 --> 00:22:05,482
It's pretty good.

321
00:22:06,562 --> 00:22:12,282
But no, I think the overall tenor here is measured optimism.

322
00:22:12,282 --> 00:22:13,182
I think a lot.

323
00:22:13,182 --> 00:22:20,222
everybody in the mining industry has seen a lot.

324
00:22:20,462 --> 00:22:21,142
It's been through a lot.

325
00:22:21,342 --> 00:22:26,142
I think the PTSD that exists in this industry specifically is relatively high

326
00:22:26,142 --> 00:22:27,162
compared to other industries.

327
00:22:27,522 --> 00:22:34,022
So I think measured optimism is the best way to describe our feeling right now.

328
00:22:35,022 --> 00:22:37,462
A lot of them are excited to get their hands on machines,

329
00:22:37,562 --> 00:22:38,422
begin tinkering with them.

330
00:22:38,422 --> 00:22:48,802
you got econo scott um from pod 256 uh are here and like bidaxe bidaxe tyler stevens is here

331
00:22:48,802 --> 00:22:57,722
um for the the what they're doing with like waste heat uh at home mining uh those guys are pumped

332
00:22:57,722 --> 00:23:01,622
as well so i think everybody's excited to get their hands on these begin tinkering

333
00:23:01,622 --> 00:23:05,482
and i think that's actually what's best for block two and it seems like they've been very

334
00:23:05,482 --> 00:23:12,742
like I said, very proactive to talk to as many miners of different types from across the industry,

335
00:23:12,882 --> 00:23:18,262
your mega miners, your at-home miners, your off-grid miners. So I think they did a really

336
00:23:18,262 --> 00:23:21,142
good job. Agreed. Agreed.

337
00:23:25,242 --> 00:23:32,542
So my, you know, what? I got it. I mean, I figure you've been out of it, but today,

338
00:23:32,542 --> 00:23:34,842
Treasury Secretary Scott Bessent

339
00:23:34,842 --> 00:23:39,122
said he was in an interview, I think it was with Fox.

340
00:23:40,042 --> 00:23:42,742
Logan, why don't you play the interview? I'd link to it.

341
00:23:53,662 --> 00:23:56,542
A number way above, $750 billion.

342
00:23:56,782 --> 00:23:57,942
What's the story on gold?

343
00:23:59,902 --> 00:24:02,282
We've got the large gold holding.

344
00:24:02,542 --> 00:24:10,462
I doubt we're going to revalue it, but we are going to keep it there, again, as a store of value for the American people.

345
00:24:10,462 --> 00:24:16,922
We've also started, to get into the 21st century, a Bitcoin strategic reserve.

346
00:24:17,302 --> 00:24:25,042
We're not going to be buying that, but we are going to use confiscated assets and continue to build that up.

347
00:24:25,082 --> 00:24:26,482
We're going to stop selling that.

348
00:24:26,482 --> 00:24:33,322
You know, I believe that Bitcoin reserve at today's prices is somewhere between 15 and 20 billion.

349
00:24:35,882 --> 00:24:44,722
So a lot of people are pointing to this interview as the reason we dumped because we did dump pretty hard around it.

350
00:24:47,422 --> 00:24:52,602
I there was also simultaneously PPI numbers were released.

351
00:24:52,602 --> 00:25:02,582
So US producer prices, so inflation measured on the producer side was way higher than expected, which was probably more of the reason.

352
00:25:03,622 --> 00:25:13,082
With the expectation that Fed won't cut because inflation is still running hot, which should not be a surprise to anyone who actually listens to the show and is paying attention.

353
00:25:13,842 --> 00:25:17,662
But I want to comment on Basant's comments.

354
00:25:17,662 --> 00:25:21,842
First of all, based on his numbers, that's roughly 125,000 Bitcoin.

355
00:25:22,602 --> 00:25:29,702
which we've been waiting for them to verify how much Bitcoin they actually hold.

356
00:25:29,942 --> 00:25:35,562
And there's been a lot of theorizing that the Biden administration sold a lot of Bitcoin towards the end there.

357
00:25:36,322 --> 00:25:42,202
But anyway, that's the closest we've gotten to a real number on how much Bitcoin is in the strategic Bitcoin reserve

358
00:25:42,202 --> 00:25:46,102
or whatever they're calling the strategic Bitcoin reserve based on an executive order.

359
00:25:48,442 --> 00:25:52,062
And obviously, I think the big highlight is that he said they're not going to buy Bitcoin.

360
00:25:52,602 --> 00:25:55,002
and that they're going to continue to confiscate Bitcoin.

361
00:25:55,202 --> 00:25:57,782
I mean, they just got Bitcoin from the Samurai case.

362
00:25:59,342 --> 00:26:02,402
Obviously, the US government loves civil asset forfeiture,

363
00:26:02,502 --> 00:26:04,162
not just in terms of Bitcoin.

364
00:26:05,202 --> 00:26:08,842
I would probably push back a little bit

365
00:26:08,842 --> 00:26:12,602
on kind of taking him at his word about buying Bitcoin.

366
00:26:13,662 --> 00:26:15,582
I wouldn't be surprised if they're playing

367
00:26:15,582 --> 00:26:16,942
a little bit of a sleight of hand here.

368
00:26:18,002 --> 00:26:20,102
It is very on brand for this administration

369
00:26:20,102 --> 00:26:21,642
to say one thing and do another.

370
00:26:22,602 --> 00:26:34,262
I would also remind people the single biggest data point, which is that Trump has absolutely filled his bags with as much Bitcoin as possible, including all of his cronies.

371
00:26:34,262 --> 00:26:42,162
I mean, right now, his stock, Trump Media, has 15,000 Bitcoin in their treasury.

372
00:26:44,142 --> 00:26:46,202
Bro has more Bitcoin than Coinbase.

373
00:26:46,202 --> 00:26:52,482
um so i would say that's probably the single biggest data point of why trump would support

374
00:26:52,482 --> 00:27:00,542
buying more bitcoin and uh why it makes it still pretty likely that it happens um but regardless

375
00:27:00,542 --> 00:27:06,082
i mean i think marty has said has highlighted this in the past i mean the real american bitcoin

376
00:27:06,082 --> 00:27:11,802
treasury is everyone individually stacking for their families and and keeping it in self-custody

377
00:27:11,802 --> 00:27:15,962
particularly in an environment with heavy confiscation,

378
00:27:16,062 --> 00:27:17,682
self-custody becomes even more important.

379
00:27:20,162 --> 00:27:20,642
Yeah.

380
00:27:22,302 --> 00:27:26,222
It really is the true strategic reserve.

381
00:27:26,342 --> 00:27:27,922
And sorry, I'm doing a...

382
00:27:27,922 --> 00:27:32,802
We should also touch on the PPI numbers.

383
00:27:33,422 --> 00:27:34,542
Because I think a lot of people...

384
00:27:34,542 --> 00:27:37,662
I think that's the real reason we dropped.

385
00:27:38,242 --> 00:27:38,522
Yeah.

386
00:27:38,862 --> 00:27:41,622
I think that's going to be the big question as we head into the fall.

387
00:27:41,802 --> 00:27:42,562
end of the year.

388
00:27:44,022 --> 00:27:45,842
I think a lot of people are going to try,

389
00:27:46,982 --> 00:27:48,602
and they may be right in doing this,

390
00:27:48,922 --> 00:27:50,422
to blame terrorists for this.

391
00:27:50,502 --> 00:27:52,882
But I think it certainly could be

392
00:27:52,882 --> 00:27:54,602
the predominant contributing factor.

393
00:27:54,662 --> 00:27:55,582
But look and pull up the chart.

394
00:27:55,682 --> 00:27:56,682
I would not be surprised

395
00:27:56,682 --> 00:27:59,042
if this is the main reason.

396
00:27:59,162 --> 00:28:01,882
I mean, energy is the first input

397
00:28:01,882 --> 00:28:04,122
in anything that you're building.

398
00:28:04,122 --> 00:28:07,482
And so like PPI going up significantly

399
00:28:07,482 --> 00:28:12,962
could be driven by this electricity chart.

400
00:28:13,102 --> 00:28:14,862
If you look at electricity inflation.

401
00:28:14,862 --> 00:28:16,682
It's definitely a key part.

402
00:28:17,242 --> 00:28:22,582
I mean, I saw, I think it was,

403
00:28:23,102 --> 00:28:26,462
first of all, this is also a bullshit number,

404
00:28:26,542 --> 00:28:31,382
just like CPI, but it's 3.3% from a year ago.

405
00:28:31,382 --> 00:28:33,342
It's up 3.3% from a year ago.

406
00:28:33,602 --> 00:28:36,642
And I think the analysts were saying 2.8% or something,

407
00:28:36,642 --> 00:28:42,042
which is a pretty significant miss in terms of inflation being much higher.

408
00:28:43,082 --> 00:28:46,102
So it makes sense that the market would react pretty hard,

409
00:28:46,822 --> 00:28:52,582
particularly since we were reacting pretty high in the opposite direction in the lead up to it.

410
00:28:53,282 --> 00:28:56,562
People are getting a little bit frothy and degenerate.

411
00:28:57,762 --> 00:29:00,822
We're never going to see 120K Bitcoin again kind of thing.

412
00:29:01,882 --> 00:29:03,962
And then they hit us with the PPI numbers.

413
00:29:03,962 --> 00:29:06,202
yeah the uh

414
00:29:06,202 --> 00:29:13,602
and again i think this this is going to be an interesting

415
00:29:13,602 --> 00:29:21,082
narrative it's going to be interesting to observe the narrative around not only ppi but most

416
00:29:21,082 --> 00:29:30,502
importantly electricity um electricity prices because obviously ai is exploding you know the

417
00:29:30,502 --> 00:29:32,682
hyperscale are talking about expanding energy infrastructure,

418
00:29:33,122 --> 00:29:37,642
obviously consuming a ton of energy, but look and pull up this chart too.

419
00:29:38,122 --> 00:29:41,762
Like, and now the tech bros are on our side in terms of, we need to,

420
00:29:41,862 --> 00:29:46,342
we need to produce more power for society to flourish. By the way, freaks,

421
00:29:46,402 --> 00:29:51,682
if you're an audio freak, the electricity chart, Marty had, had a Logan pull up.

422
00:29:51,682 --> 00:29:57,142
You can just imagine just like a straight upward graph of electricity cost in the

423
00:29:57,142 --> 00:29:59,082
U S that's basically what the chart was.

424
00:29:59,082 --> 00:30:18,722
And now we have a dot plot of electricity prices across the US. And if you're not listening, there's a lot of very dark red dots and electricity prices that are over $225 per megawatt hour, which is 22 and a half cents per kilowatt hour, which is insane.

425
00:30:18,722 --> 00:30:33,262
And so I think we're beginning to see the effects of the insatiable demand for energy that's coming from the AI hyperscalers really begin to affect energy prices, which affects the PPI.

426
00:30:33,262 --> 00:30:35,262
Why is energy so cheap in California?

427
00:30:36,002 --> 00:30:37,202
I mean, so I'm looking at this chart.

428
00:30:37,322 --> 00:30:41,702
It's mostly like the Eastern Seaboard, Northeast and Midwest.

429
00:30:42,062 --> 00:30:45,562
It's kind of like a population chart, except for Texas and California.

430
00:30:45,562 --> 00:30:52,422
I mean, Texas has had good energy policy for a while now, but California is like one of the worst energy policies in the world.

431
00:30:53,102 --> 00:30:57,582
They import cheap coal, cheap coal electricity from Wyoming, from what I understand.

432
00:30:57,782 --> 00:31:00,582
They're not allowed to produce it in state, but they can import it.

433
00:31:01,002 --> 00:31:04,982
But isn't like people, like I always hear like people in California, like they're residential.

434
00:31:05,242 --> 00:31:06,662
Is this industrial?

435
00:31:07,902 --> 00:31:19,644
Their residential electricity costs are like Europe prices Like 35 cents a kilowatt hour or whatever Solar particular suited to meet air conditioning loads reliably and affordably

436
00:31:19,644 --> 00:31:24,684
Unfortunately, PGM and MISO, even though they operate in 28 states, have less solar in stores in Texas alone.

437
00:31:24,904 --> 00:31:27,244
Yeah, so these are residential prices, I think.

438
00:31:29,344 --> 00:31:30,724
Maybe is it peak pricing?

439
00:31:32,184 --> 00:31:33,504
Maybe they just have better weather?

440
00:31:34,624 --> 00:31:38,164
Yeah, well, I think it's summer and they have way more sunlight.

441
00:31:38,404 --> 00:31:43,964
And the solar is actually performing and I could be wrong.

442
00:31:44,684 --> 00:31:46,404
California can go fuck itself.

443
00:31:47,404 --> 00:31:47,464
And,

444
00:31:47,584 --> 00:31:51,584
but shout out them for winning on this chart.

445
00:31:51,644 --> 00:31:52,724
At least guys,

446
00:31:52,764 --> 00:31:56,964
we have map 21 zap 21,000 sets and sync zap 21,000 sets.

447
00:31:57,124 --> 00:31:58,584
Thank you freaks for your support.

448
00:31:59,004 --> 00:32:02,504
You can join the Nostrum Bitcoin live chat at rh.

449
00:32:02,684 --> 00:32:03,524
TV slash stream.

450
00:32:06,464 --> 00:32:07,904
Josh is asking the live chat.

451
00:32:07,904 --> 00:32:09,244
why are there no stats for Florida?

452
00:32:09,964 --> 00:32:10,744
That's a good question.

453
00:32:10,984 --> 00:32:11,284
I don't know.

454
00:32:11,384 --> 00:32:12,644
They don't have internet down there,

455
00:32:12,664 --> 00:32:15,184
so we're not able to track the cost.

456
00:32:15,964 --> 00:32:17,984
Florida man does not like his energy prices.

457
00:32:18,204 --> 00:32:20,564
It looks like that whole south right corner,

458
00:32:20,744 --> 00:32:23,664
like the southeast corner doesn't have any data for it, right?

459
00:32:23,964 --> 00:32:24,544
On that chart?

460
00:32:25,204 --> 00:32:25,444
Yeah.

461
00:32:27,484 --> 00:32:28,384
That's a good question.

462
00:32:33,504 --> 00:32:34,344
Moving on.

463
00:32:35,524 --> 00:32:37,624
Yeah, there's zero data.

464
00:32:37,624 --> 00:32:43,384
that in like georgia and florida the whole the whole it's like looks like there's not much data

465
00:32:43,384 --> 00:32:52,244
in tennessee either yeah okay wow pull up this chart logan this is really interesting because

466
00:32:52,244 --> 00:32:58,384
consensus was i think there was like a 99.5 wall street consensus not on polymarket but

467
00:32:58,384 --> 00:33:04,184
yeah i just i decided we're gonna highlight polymarket more often until we have a

468
00:33:04,184 --> 00:33:12,704
true bitcoin prediction market yeah but you can see here on this chart earlier today when the ppi

469
00:33:12,704 --> 00:33:21,384
numbers came out completely flipped we were at 55 percent chance of a 25 bit cut in rates

470
00:33:21,384 --> 00:33:32,344
38 chance of no change and now oh wait i'm reading no no they thought it was going to be a 50 bips

471
00:33:32,344 --> 00:33:36,484
decrease right and instead now they think it's going to be a 25 bips decrease

472
00:33:36,484 --> 00:33:46,024
isn't that how you read it no it was like neck and neck was 25 cut and no change at all now

473
00:33:46,024 --> 00:33:52,264
i guess they're pricing in um oh that was no change was the highest

474
00:33:52,264 --> 00:33:57,964
yeah interesting now they're pricing in a 25 bip decrease at 74 percent

475
00:33:57,964 --> 00:34:02,444
but no changes climbing

476
00:34:02,444 --> 00:34:06,284
climbing right now

477
00:34:06,284 --> 00:34:12,364
the fed man it's crazy like we're here we're looking at a poly market chart

478
00:34:12,364 --> 00:34:19,564
the world is trying to guess what a board of governors is going to decide what one man

479
00:34:19,564 --> 00:34:22,664
in his board of governors are going to decide about the price of money

480
00:34:22,664 --> 00:34:26,224
looking at betting markets.

481
00:34:26,804 --> 00:34:28,824
This is not how monetary systems should run.

482
00:34:29,704 --> 00:34:31,744
I mean, the best prediction market

483
00:34:31,744 --> 00:34:34,484
for short-term Fed decisions

484
00:34:34,484 --> 00:34:36,524
is actually the Bitcoin price.

485
00:34:36,844 --> 00:34:37,884
And it's the most liquid.

486
00:34:40,464 --> 00:34:41,704
But yeah, like I said,

487
00:34:41,744 --> 00:34:42,704
I'm pretty sure that's,

488
00:34:43,244 --> 00:34:44,864
besides the fact that we were frothy

489
00:34:44,864 --> 00:34:46,764
and it was a good opportunity

490
00:34:46,764 --> 00:34:48,364
for market makers to

491
00:34:48,364 --> 00:34:51,304
liquidate some short sellers.

492
00:34:52,664 --> 00:34:59,844
I mean, some, uh, DJ longs, uh, I think it was most of the PPI news, not the percent interview,

493
00:34:59,844 --> 00:35:04,984
uh, that drove us lower today. But like, I, like guys, I think this is all noise. I mean,

494
00:35:04,984 --> 00:35:09,544
I think everyone should be trying to stack as many sats as possible as quickly as possible.

495
00:35:10,544 --> 00:35:16,484
Um, I think no one's going to, in a few years, no one's going to give a shit if you got in at

496
00:35:16,484 --> 00:35:18,424
118 or 124

497
00:35:18,424 --> 00:35:20,184
or 116.

498
00:35:20,604 --> 00:35:21,904
I think that's just going to... It's like,

499
00:35:22,004 --> 00:35:24,424
did you get in at 11K or 13K

500
00:35:24,424 --> 00:35:26,264
or 15K or 20K?

501
00:35:26,564 --> 00:35:28,384
And we were saying that around then and it

502
00:35:28,384 --> 00:35:30,404
sounded fucking batshit crazy.

503
00:35:30,984 --> 00:35:32,504
People were like, that's a 2X difference.

504
00:35:32,604 --> 00:35:34,324
It's like, yeah, okay, well now we're sitting

505
00:35:34,324 --> 00:35:36,424
here and we're sitting near 120K

506
00:35:36,424 --> 00:35:38,384
and no one gives a shit if you got

507
00:35:38,384 --> 00:35:39,644
in at 10K or 20K.

508
00:35:40,364 --> 00:35:42,284
It doesn't really matter. Just

509
00:35:42,284 --> 00:35:43,824
stack as many sats as possible.

510
00:35:45,064 --> 00:35:45,224
Yeah.

511
00:35:45,224 --> 00:35:52,264
shout out to silent link zap does 42 000 sets go to silent.link make sure you're buying

512
00:35:52,264 --> 00:35:59,864
your sim cards in a private way it's amazing silent link is amazing i use it as my daily driver

513
00:35:59,864 --> 00:36:08,604
um starlink went out the other day uh i'm able to have 5g internet as a backup but also as my

514
00:36:08,604 --> 00:36:14,104
main driver on my phone it's fantastic i use it all over the world you could pick your provider

515
00:36:14,104 --> 00:36:21,464
very cost effective and you just top up with lightning awesome speaking of losing uh losing

516
00:36:21,464 --> 00:36:25,904
signal i finally uh i'm around a bunch of bitcoiners for the first time in a couple months

517
00:36:25,904 --> 00:36:32,324
and was finally able to use bitchat and on the bus ride out to the uh the site that we toured today

518
00:36:32,324 --> 00:36:38,764
and we were driving through the wilderness the boonies of uh georgia had no cell service sos on

519
00:36:38,764 --> 00:36:40,564
It was like sending messages on BitChat.

520
00:36:40,724 --> 00:36:41,264
It works.

521
00:36:41,424 --> 00:36:41,764
It's pretty cool.

522
00:36:43,284 --> 00:36:44,324
It was in a bus?

523
00:36:45,064 --> 00:36:45,344
Yeah.

524
00:36:46,364 --> 00:36:47,084
That's awesome.

525
00:36:47,224 --> 00:36:48,144
The bus is group chat.

526
00:36:48,804 --> 00:36:48,984
Yeah.

527
00:36:52,144 --> 00:36:54,024
All right.

528
00:36:54,084 --> 00:36:59,044
We're going to do a quick rep today because I got to get back to festivities here with the Proto launch.

529
00:36:59,604 --> 00:37:02,024
Moving on to Human Rights Foundation.

530
00:37:03,084 --> 00:37:05,984
Financial Freedom Report's story of the week coming out of Bolivia,

531
00:37:05,984 --> 00:37:10,284
where banks limit withdrawals as digital asset usage and inflation climb.

532
00:37:10,384 --> 00:37:13,564
In Bolivia, where annual inflation has reached 25%

533
00:37:13,564 --> 00:37:16,964
and banks have been limiting withdrawal of U.S. dollars to $100 a week.

534
00:37:17,484 --> 00:37:20,924
Bloomberg reports that Bolivians are turning to Bitcoin and digital assets

535
00:37:20,924 --> 00:37:22,584
as alternatives to the Boliviano.

536
00:37:23,644 --> 00:37:26,984
That's a very well-named currency there.

537
00:37:27,064 --> 00:37:28,224
I'm just going to call it the Boliviano.

538
00:37:28,384 --> 00:37:29,584
It's very close to the U.S. dollar.

539
00:37:30,384 --> 00:37:32,084
I'm not the only one using Bitcoin.

540
00:37:32,404 --> 00:37:35,364
Christopher Salas, a coffee vendor in La Paz, said,

541
00:37:35,984 --> 00:37:40,464
There's a barbershop over there and a gym that also accepts Satoshi's for Salus.

542
00:37:41,644 --> 00:37:46,704
Bitcoin is both a hedge and a protest, a way to preserve the value of my savings, but also

543
00:37:46,704 --> 00:37:49,764
a way to go against the system, against bureaucracy.

544
00:37:50,044 --> 00:37:54,524
Bolivia's hybrid authoritarian regime lifted a decade-long ban on digital assets in 2024.

545
00:37:55,324 --> 00:37:59,664
Since then, the volume of digital asset payments has grown more than fivefold to nearly $300

546
00:37:59,664 --> 00:38:01,864
million in the first half of 2025.

547
00:38:02,704 --> 00:38:06,564
University of San Andreas allegedly pays its international faculty in Bitcoin.

548
00:38:07,164 --> 00:38:10,524
Carlos Nira, co-founder of Colombian wallet provider Meru,

549
00:38:11,064 --> 00:38:15,984
reports a staggering 6,600% increase in Bolivian users since the ban was lifted.

550
00:38:16,584 --> 00:38:20,104
For more stories like this, make sure you're signed up for the Financial Freedom Report.

551
00:38:20,104 --> 00:38:23,384
Go to financialfreedomreport.org and get on the mailing list.

552
00:38:24,064 --> 00:38:25,084
This is a fascinating story.

553
00:38:25,164 --> 00:38:28,444
This is another blaring piece of signal.

554
00:38:28,444 --> 00:38:35,884
we talked last week about necessity is the mother of all invention it's also the mother of

555
00:38:35,884 --> 00:38:44,944
wider bitcoin adoption a 6600 increase in bolivian users turning to bitcoin when their government

556
00:38:44,944 --> 00:38:50,324
cracks down as a signal that bitcoin is working as freedom money this is great to see i mean i think

557
00:38:50,324 --> 00:38:58,084
but great to see it's it's it's pretty hard for americans to fathom first of all 25 inflation

558
00:38:58,084 --> 00:39:04,624
and second of all a withdrawal limit of 100 us dollars a week like that's fucking insane like

559
00:39:04,624 --> 00:39:12,184
this is why bitcoin exists um bitcoin is a lifeboat it's there for you if if you need it

560
00:39:12,184 --> 00:39:18,344
and when you need it and no one can stop you from using it except yourself yeah it's crazy that

561
00:39:18,344 --> 00:39:20,964
Bloomberg was reporting that language specifically.

562
00:39:23,484 --> 00:39:27,384
Let me say, for Salus, Bitcoin is both a hedge and a protest.

563
00:39:30,224 --> 00:39:36,004
So Bloomberg actually covering the actual news, the actual story on the ground.

564
00:39:37,664 --> 00:39:37,924
Love it.

565
00:39:38,524 --> 00:39:47,704
I mean, I have my qualms with Bloomberg, but I will say that their incentive model compared to most corporate media is pretty strong

566
00:39:47,704 --> 00:39:51,784
because they make their money on the terminals, not really on the news.

567
00:39:51,884 --> 00:39:53,284
The news is kind of a loss leader.

568
00:39:56,524 --> 00:39:58,504
So the product tends to be a little bit better.

569
00:40:00,824 --> 00:40:03,724
I don't have it on the list, but before we get to the next topic,

570
00:40:04,024 --> 00:40:08,544
there was some concern yesterday about Google Play banning self-custody wallets.

571
00:40:09,744 --> 00:40:14,224
They have since clarified that that was not their intention.

572
00:40:14,224 --> 00:40:27,644
I will say that app stores in general are intentionally vague and a massive central centralization risk for us like central point of failure risk, basically like Apple and Google can decide if people can get your app or not.

573
00:40:28,544 --> 00:40:34,864
This is one of the cool reasons that progressive web apps exist.

574
00:40:34,864 --> 00:40:36,964
I think it's also

575
00:40:36,964 --> 00:40:38,804
one of the important reasons things like

576
00:40:38,804 --> 00:40:39,604
graphing exist

577
00:40:39,604 --> 00:40:43,144
and why it's so important for us to have open source

578
00:40:43,144 --> 00:40:45,304
open source

579
00:40:45,304 --> 00:40:47,084
wallets that are just viral in nature

580
00:40:47,084 --> 00:40:49,064
and not controlled by any

581
00:40:49,064 --> 00:40:51,204
individual. I will say that

582
00:40:51,204 --> 00:40:53,124
someone asked for

583
00:40:53,124 --> 00:40:55,044
a tutorial of how to sideload

584
00:40:55,044 --> 00:40:57,084
on Android while this was all

585
00:40:57,084 --> 00:40:59,164
going down like you literally just download the APK

586
00:40:59,164 --> 00:41:00,984
file and press install. Super

587
00:41:00,984 --> 00:41:01,404
simple.

588
00:41:03,284 --> 00:41:04,804
You can do it very easily

589
00:41:04,804 --> 00:41:11,244
uh but i mean i'm pretty sure that this was you know i have people have their conspiracy theories

590
00:41:11,244 --> 00:41:15,484
or whatnot but i'm pretty sure that this was just a comms fuck up they have thousands of employees

591
00:41:15,484 --> 00:41:22,964
like 12 of them fuck something up didn't really understand what was going on um and uh

592
00:41:23,564 --> 00:41:31,544
you know bitcoin twitter freaked the fuck out about it and they clarified yeah i mean google

593
00:41:31,544 --> 00:41:34,064
Google responded to Jack. They responded to the TFTC

594
00:41:34,064 --> 00:41:36,004
account covering it. They responded to

595
00:41:36,004 --> 00:41:37,884
everyone. They were like literally

596
00:41:37,884 --> 00:41:39,884
just copying and pasting the response over and over

597
00:41:39,884 --> 00:41:41,844
again. And it was like probably 12 people that

598
00:41:41,844 --> 00:41:43,044
like updated the docs.

599
00:41:45,384 --> 00:41:45,864
Well,

600
00:41:46,144 --> 00:41:46,844
yeah.

601
00:41:48,744 --> 00:41:49,924
I'm saying it in

602
00:41:49,924 --> 00:41:51,904
the YouTube chat. Shout out to Lola. That is true.

603
00:41:51,984 --> 00:41:53,524
Shout out to Lola and The Rage who were first

604
00:41:53,524 --> 00:41:55,284
on this story.

605
00:41:55,904 --> 00:41:57,924
But I do think, I think

606
00:41:57,924 --> 00:41:59,644
Lola and The Rage clarified

607
00:41:59,644 --> 00:42:00,964
today that they're

608
00:42:00,964 --> 00:42:08,524
is some nuance around it because there have been a lot of sort of malicious bitcoin wallet apps

609
00:42:08,524 --> 00:42:14,484
quote unquote that have been getting into the google play store and i think they're trying to

610
00:42:14,484 --> 00:42:22,584
sort of fix that problem and this was like some uh collateral pr damage that um that was a

611
00:42:22,584 --> 00:42:27,684
manifestation of them trying to solve the malicious app problem i think electron like

612
00:42:27,684 --> 00:42:32,864
as I got kicked off because they were being accused of being malicious but

613
00:42:32,864 --> 00:42:42,704
look I I appreciate Lola um I consider a friend and I'm very grateful the rage exists

614
00:42:42,704 --> 00:42:49,364
um app stores fucking suck working with either the big app stores fucking suck they make your

615
00:42:49,364 --> 00:42:53,904
life fucking miserable when you're trying to submit apps regardless of what type of app you

616
00:42:53,904 --> 00:43:01,584
have. All of that is true. They block updates, they ask for more information, you have to go

617
00:43:01,584 --> 00:43:06,744
back and forth. Historically, Apple has been worse, but Google is also pretty bad. The one

618
00:43:06,744 --> 00:43:12,144
saving grace we have on the Google side is that you can sideload and you can also install outside

619
00:43:12,144 --> 00:43:17,044
app stores very easily. The one that we've highlighted in the past is ZapStore. You can

620
00:43:17,044 --> 00:43:24,984
go to zapstore.dev, which uses Nostra Web of Trust for signed releases and makes it very easy to

621
00:43:24,984 --> 00:43:31,504
publish apps. But also you can just download an APK file from GitHub. Apple lost a case in Europe.

622
00:43:31,664 --> 00:43:37,004
So in Europe, you can install alternative app stores, which was a big win. But I will just

623
00:43:37,004 --> 00:43:41,004
reiterate that in this situation, I do think...

624
00:43:41,004 --> 00:43:50,784
I think, uh, I mean, I think in practice, like from last week or two weeks ago to like the day

625
00:43:50,784 --> 00:43:54,284
of the release or whatever, before everyone freaked out, like, I don't think anything really

626
00:43:54,284 --> 00:44:02,004
changed. Um, I don't, I, it's, it's good for people to be on alert. I'll never tell people

627
00:44:02,004 --> 00:44:06,584
not to be on alert, but I, I think this one was a false alarm and it wasn't like actually

628
00:44:06,584 --> 00:44:10,444
some big conspiracy where they're like testing out the waters,

629
00:44:10,444 --> 00:44:12,404
but because like Jack Dorsey tweeted,

630
00:44:12,544 --> 00:44:15,344
they decided not to ban all Bitcoin self-custody wallets.

631
00:44:16,704 --> 00:44:18,024
Choke point 3.0, dude, it's here.

632
00:44:18,924 --> 00:44:20,504
I actually do.

633
00:44:20,624 --> 00:44:22,624
I saw Stoney's been talking about that a lot.

634
00:44:22,844 --> 00:44:24,964
And I do agree with him that,

635
00:44:25,084 --> 00:44:29,404
that there is a choke point 3.0 happening on the self-custody side.

636
00:44:30,384 --> 00:44:34,184
This has been a trend that I think we've highlighted for years and I've been

637
00:44:34,184 --> 00:44:34,864
worried about.

638
00:44:36,584 --> 00:44:39,804
I just don't think this was necessarily it.

639
00:44:40,404 --> 00:44:40,564
Yeah.

640
00:44:40,664 --> 00:44:44,624
If we are going to raise legitimate alarm bells,

641
00:44:44,624 --> 00:44:47,524
I think you point out the White House crypto report

642
00:44:47,524 --> 00:44:51,044
and that section on extending the Patriot Act.

643
00:44:51,804 --> 00:44:51,944
Yeah.

644
00:44:53,744 --> 00:44:56,824
That's like, that's the big one

645
00:44:56,824 --> 00:44:59,884
that we have to make sure it doesn't get included into.

646
00:45:00,404 --> 00:45:03,164
No, and I mean, and I think like you can group

647
00:45:03,164 --> 00:45:05,224
with this whole concept of stroke point 3.0,

648
00:45:05,224 --> 00:45:09,164
you can group the samurai and tornado cash cases in there too.

649
00:45:09,664 --> 00:45:15,164
You go after privacy and self custody. And I think, uh, you know,

650
00:45:15,184 --> 00:45:16,824
people are like, Oh, well I, you know,

651
00:45:16,824 --> 00:45:19,484
don't use coin joint or other Bitcoin privacy tools.

652
00:45:19,484 --> 00:45:23,384
So it doesn't affect me. Like they start there and then they, you know,

653
00:45:23,564 --> 00:45:28,464
start pushing back, pushing on just, you know, naive self custody,

654
00:45:28,624 --> 00:45:30,484
regular self custody, um,

655
00:45:31,304 --> 00:45:34,804
and claim that that is a privacy tool in itself. Cause it does,

656
00:45:34,804 --> 00:45:39,724
inherently offer you greater seizure resistance

657
00:45:39,724 --> 00:45:42,604
and not on-demand tracking.

658
00:45:44,104 --> 00:45:45,964
Yeah, and not directly related,

659
00:45:46,104 --> 00:45:47,304
but somewhat directly related.

660
00:45:47,524 --> 00:45:49,964
Don't sleep on dissents comments this morning

661
00:45:49,964 --> 00:45:52,624
about not buying and leaning into.

662
00:45:53,144 --> 00:45:56,664
This is something that's concerned me for a while, right?

663
00:45:56,664 --> 00:45:59,824
So like civil asset forfeiture is already fucking horrible,

664
00:46:00,284 --> 00:46:01,564
no matter what, right?

665
00:46:01,564 --> 00:46:05,284
and this is not unique to Bitcoin, right?

666
00:46:05,304 --> 00:46:06,264
Like they pull you over

667
00:46:06,264 --> 00:46:07,664
and you have a bunch of cash in your car.

668
00:46:07,744 --> 00:46:08,704
They just take your cash

669
00:46:08,704 --> 00:46:11,924
and then you have to like try and claw it back later.

670
00:46:13,484 --> 00:46:14,964
It's incredibly fucked up

671
00:46:14,964 --> 00:46:18,344
and specifically historically with civil asset forfeiture,

672
00:46:18,464 --> 00:46:19,844
it's like the individual police departments

673
00:46:19,844 --> 00:46:21,464
that do it get to keep it as funding,

674
00:46:22,204 --> 00:46:24,544
which is even more of a broken incentive

675
00:46:24,544 --> 00:46:26,904
because oftentimes they're underfunded

676
00:46:26,904 --> 00:46:30,104
and they would like to use that extra money

677
00:46:30,104 --> 00:46:32,104
and claim that it's for drugs or whatever.

678
00:46:34,024 --> 00:46:38,024
But with like the formalization of an SBR

679
00:46:38,024 --> 00:46:41,824
and the US government saying that they're gonna hold it

680
00:46:41,824 --> 00:46:43,584
and not just immediately sell it,

681
00:46:45,004 --> 00:47:02,826
it does create a very strong incentive to ramp up the seizures This is what we saw with Executive Order 6102 with gold This is also what we saw in mandibles where they went after the gold because they were desperate and had a direct incentive to do it

682
00:47:04,406 --> 00:47:08,726
So it would not surprise me to see confiscations ramp up.

683
00:47:08,726 --> 00:47:14,246
But it's a trend that has been ramping up for a long time before any of this happened.

684
00:47:15,106 --> 00:47:21,606
There is actually a relatively easy solution, which is when we confiscate cocaine, we burn it.

685
00:47:22,386 --> 00:47:25,186
So we should just burn Bitcoin when we confiscate it.

686
00:47:25,186 --> 00:47:26,786
And then there's no direct incentive.

687
00:47:27,286 --> 00:47:32,726
And every holder of Bitcoin is equally benefited when the supply is reduced.

688
00:47:33,626 --> 00:47:43,806
So I think if I had my wish list on any government policy thing, that would probably be one of my top ones.

689
00:47:43,806 --> 00:47:46,886
is and he sees Bitcoin is automatically burned.

690
00:47:47,606 --> 00:47:50,006
Do I think that's actually tenable in the short term

691
00:47:50,006 --> 00:47:50,966
and that's actually going to happen?

692
00:47:51,066 --> 00:47:52,446
No, but I don't know.

693
00:47:53,426 --> 00:47:55,506
I still like to put it out there from time to time.

694
00:48:00,266 --> 00:48:02,566
Let's just, yeah, I hope they just don't seize the Bitcoin.

695
00:48:02,846 --> 00:48:04,086
That's not even get to the point of them.

696
00:48:04,706 --> 00:48:05,886
They're going to seize it regardless.

697
00:48:06,206 --> 00:48:08,486
So they should burn it if they seize it.

698
00:48:12,746 --> 00:48:13,066
The...

699
00:48:13,806 --> 00:48:22,226
yeah i think we need to stay and we said this last week and i think it's become

700
00:48:22,226 --> 00:48:30,766
a more prominent trend where i think a lot of people are caught up in

701
00:48:30,766 --> 00:48:37,986
the fervor and perceived optimism of the direction the country is going under the

702
00:48:37,986 --> 00:48:48,186
second trump administration but i would be have your antenna up antennae up um and just aware i

703
00:48:48,186 --> 00:48:54,146
guess there's a lot of sleight of hands happening out there um and then another thing i mean you

704
00:48:54,146 --> 00:48:58,706
don't have it on the list but like bo hinds just stepping down from his position out of nowhere

705
00:48:58,706 --> 00:49:06,646
i mean i think that is people are like oh like he's uh he doesn't think like it's he's not bullish

706
00:49:06,646 --> 00:49:09,726
on the Bitcoin trajectory inside the government,

707
00:49:09,886 --> 00:49:12,986
I think that is just like a fucking classic revolving door

708
00:49:12,986 --> 00:49:14,306
in hyperspeed.

709
00:49:14,846 --> 00:49:18,146
Like he got in, no one knew who the fuck he was,

710
00:49:18,546 --> 00:49:19,546
like came out of nowhere,

711
00:49:20,386 --> 00:49:24,246
had a massive level of influence and notoriety

712
00:49:24,246 --> 00:49:25,446
like thrown on him.

713
00:49:25,446 --> 00:49:27,746
And now he wants to front run

714
00:49:27,746 --> 00:49:33,886
what looks like a very strong Bitcoin bull run

715
00:49:33,886 --> 00:49:35,566
in the private sector

716
00:49:35,566 --> 00:49:37,986
because that's where he can profit from it.

717
00:49:38,186 --> 00:49:39,746
That's my read on him.

718
00:49:40,526 --> 00:49:41,806
Not him being like,

719
00:49:42,246 --> 00:49:44,086
oh, they sold out

720
00:49:44,086 --> 00:49:45,446
and they're not actually going to do

721
00:49:45,446 --> 00:49:48,006
my ideological Bitcoin journey

722
00:49:48,006 --> 00:49:49,306
here in the White House.

723
00:49:50,046 --> 00:49:51,866
Yeah, I saw people surfacing the tweet

724
00:49:51,866 --> 00:49:53,006
his dad sent out.

725
00:49:53,186 --> 00:49:54,306
Apparently there's some shitcoin.

726
00:49:54,506 --> 00:49:56,566
Yeah, he's an advisor to his shitcoin.

727
00:49:57,226 --> 00:49:57,506
Yeah.

728
00:49:58,506 --> 00:49:59,446
His dad.

729
00:50:00,606 --> 00:50:00,846
Yeah.

730
00:50:02,626 --> 00:50:04,526
Yeah, I think they're just trying to cash in.

731
00:50:04,526 --> 00:50:11,846
I wouldn't be surprised if we see him link up with a Bitcoin treasury company, like all the influencers are doing these days.

732
00:50:13,886 --> 00:50:16,286
Been a lot of talk about that behind the scenes here.

733
00:50:17,026 --> 00:50:19,486
And I just worry.

734
00:50:19,726 --> 00:50:29,126
I worry for a lot of otherwise sensible Bitcoiners in my mind jumping on the train and getting their asses handed to them at some point down the line.

735
00:50:29,926 --> 00:50:32,406
A lot of reputations are being destroyed this cycle.

736
00:50:32,406 --> 00:50:39,266
short-term thinking you got to think long-term by the way to the new freaks um just because i

737
00:50:39,266 --> 00:50:43,226
realized there might be some confusion when you burn bitcoin you basically just send it to a

738
00:50:43,226 --> 00:50:47,786
provably unspendable address you're not like taking cold cards and like lighting them on fire

739
00:50:47,786 --> 00:50:55,866
do you think people people are saying i think there's probably like a few hundred that are

740
00:50:55,866 --> 00:51:00,806
listening to the show that are thinking that's what i meant so it's important i guess you could

741
00:51:00,806 --> 00:51:15,406
And technically, if you only ever, if you create a private public key pair, backed it up the seed phrase and only have it on one hardware wallet, you could technically like burn the Bitcoin by throwing it in a fire and never having access to it again.

742
00:51:16,066 --> 00:51:21,506
Yeah, but that would require, like the cool part about this is it doesn't actually require us to trust that.

743
00:51:21,506 --> 00:51:27,046
So I say the government burns cocaine when they seize it, but how do we know they actually burn it?

744
00:51:27,186 --> 00:51:30,546
Like I wouldn't be surprised if a lot of that cocaine goes to corrupt, you know.

745
00:51:30,546 --> 00:51:34,226
Like corrupt bureaucrats and shit.

746
00:51:34,926 --> 00:51:36,966
But with Bitcoin, you can actually prove it, right?

747
00:51:37,026 --> 00:51:39,066
Like we can see on chain, they got this Bitcoin,

748
00:51:39,246 --> 00:51:42,486
then they sent it to an unspendable address.

749
00:51:42,626 --> 00:51:47,906
And then from there, we know it can't be spent again.

750
00:51:49,246 --> 00:51:51,446
Logan, did we lose Marty or did I get lost?

751
00:51:52,966 --> 00:51:53,986
Marty looks frozen.

752
00:51:55,066 --> 00:51:55,386
Nice.

753
00:51:55,646 --> 00:51:58,526
So you see, I was a professional, but I just kept talking.

754
00:52:00,546 --> 00:52:06,826
and then I brought it up. Okay. So I know Marty's tight. So even though he's lost internet,

755
00:52:06,826 --> 00:52:15,746
I'm going to continue to the next story. The founder of SimpleX, one of the latest and most

756
00:52:15,746 --> 00:52:21,866
promising encrypted messaging apps has wrote a blog post about why he is not implementing MLS,

757
00:52:22,166 --> 00:52:26,166
which a lot of people have positioned as the successor to Signal Protocol,

758
00:52:26,166 --> 00:52:30,126
which right now is like the gold standard of encrypted messaging.

759
00:52:31,406 --> 00:52:35,586
Signal has pushed back on implementing MLS for a bit now.

760
00:52:35,766 --> 00:52:37,306
They really like their signal protocol.

761
00:52:37,686 --> 00:52:41,366
The biggest trade-off of the signal protocol is that it's really built for

762
00:52:41,366 --> 00:52:42,426
two-person messaging.

763
00:52:43,606 --> 00:52:45,606
But if you want to do group chats,

764
00:52:45,706 --> 00:52:48,586
basically what you're doing is you're doing like a bunch of DMS in the

765
00:52:48,586 --> 00:52:49,046
background.

766
00:52:49,766 --> 00:52:52,546
So it scales really bad for large group chats.

767
00:52:53,206 --> 00:52:55,006
Don't worry, Marty, the show goes on.

768
00:52:56,166 --> 00:52:58,466
Did you catch my federal comment?

769
00:52:59,266 --> 00:53:00,126
No, what was your federal?

770
00:53:00,286 --> 00:53:01,606
That's why they cut you off your internet.

771
00:53:02,386 --> 00:53:07,166
Yeah, the cocaine may disappear up to the noses of the federal agents in a lot of cases.

772
00:53:07,306 --> 00:53:07,926
I wouldn't be shocked.

773
00:53:08,566 --> 00:53:10,486
That's what they mean when they say burning cocaine.

774
00:53:12,146 --> 00:53:13,306
Come back later, please.

775
00:53:14,826 --> 00:53:16,866
You're not going to have her do the room while you're in there?

776
00:53:17,106 --> 00:53:19,006
No, they already did the room, too.

777
00:53:19,066 --> 00:53:19,926
I don't know why they're coming back.

778
00:53:19,926 --> 00:53:25,786
Um, so if you listen to Citadel Dispatch, uh, you might have heard my conversation,

779
00:53:25,786 --> 00:53:30,946
uh, with Jeff and Max from the white noise project where they're trying to meld, uh,

780
00:53:31,006 --> 00:53:33,106
Noster and MLS together.

781
00:53:33,366 --> 00:53:34,406
And it's interesting.

782
00:53:34,506 --> 00:53:36,386
They did get a shout out here.

783
00:53:36,386 --> 00:53:43,406
So, um, basically his, the simple X's founder, he has, he has two main concerns with MLS.

784
00:53:43,406 --> 00:53:53,866
First of all, he thinks it's overcomplicated for what amounts to scalability improvements when you can deal with the current scalability issues anyway.

785
00:53:56,146 --> 00:53:58,386
So he thinks it's overcomplicated.

786
00:53:58,506 --> 00:54:05,026
In general, you want to avoid overcomplicated things because if you fuck up one little thing, then your users are at risk.

787
00:54:05,026 --> 00:54:14,086
And then the second piece is the whole threat model for these encrypted messaging apps is that the server operator shouldn't be able to compromise your chat.

788
00:54:15,286 --> 00:54:17,126
That's who you're protecting yourself from.

789
00:54:17,886 --> 00:54:25,246
And in MLS, it requires effectively a trusted authentication server that can man in the middle.

790
00:54:25,346 --> 00:54:28,846
Basically, they can join a group and pretend they're Marty or me or whatever.

791
00:54:28,846 --> 00:54:30,966
and in that

792
00:54:30,966 --> 00:54:33,266
handshake and that key exchange

793
00:54:33,266 --> 00:54:34,986
the other user doesn't realize

794
00:54:34,986 --> 00:54:37,186
and so he actually

795
00:54:37,186 --> 00:54:39,206
questions if it's actually secure

796
00:54:39,206 --> 00:54:41,466
but he says with white noise

797
00:54:41,466 --> 00:54:43,266
because white noise uses open

798
00:54:43,266 --> 00:54:45,246
relays and Nostra pub keys

799
00:54:45,246 --> 00:54:47,226
it is actually

800
00:54:47,226 --> 00:54:49,206
the only implementation of MLS

801
00:54:49,206 --> 00:54:51,466
that makes sense to him

802
00:54:51,466 --> 00:54:53,026
and he's optimistic on

803
00:54:53,026 --> 00:54:55,066
what the guys at white noise are cooking

804
00:54:55,066 --> 00:54:57,406
because it is still very much beta and not very reliable

805
00:54:57,406 --> 00:54:58,146
right now but

806
00:54:58,146 --> 00:55:02,986
promising nonetheless. So anyway, if this kind of stuff interests you,

807
00:55:03,026 --> 00:55:05,526
you should definitely go read the blog post. It's not that long.

808
00:55:06,486 --> 00:55:11,486
And his TLDR at the top is if you accept trust me,

809
00:55:11,546 --> 00:55:14,526
bro, as your security model, then MLS is perfect for you.

810
00:55:16,106 --> 00:55:21,566
Yeah. The, a lot of, like a lot of talk about the intersection of

811
00:55:21,566 --> 00:55:23,566
combining these open protocols,

812
00:55:23,566 --> 00:55:28,726
whether it's Bitcoin and Nostra, MLS and Nostra.

813
00:55:29,346 --> 00:55:35,706
I think it's becoming clear that there is an incredible place for Nostra to play

814
00:55:35,706 --> 00:55:38,906
as a connective tissue between all these technologies.

815
00:55:39,346 --> 00:55:46,206
Like BitChat, when I was on the app, on the road,

816
00:55:46,726 --> 00:55:49,186
I was with Steve Lee, a bunch of others,

817
00:55:49,186 --> 00:55:53,546
like able to verify that they're in my contact list now and then we'll be able to message each

818
00:55:53,546 --> 00:55:58,146
other go through a relay and when i get back online it'll be there it's really cool yeah when

819
00:55:58,146 --> 00:56:01,726
you're close to each other it goes through the bluetooth mesh and then when you're far away from

820
00:56:01,726 --> 00:56:11,066
each other it goes through nostril seamlessly and the user doesn't even realize yeah you don't have

821
00:56:11,066 --> 00:56:16,106
this on the list but logan did i put it in i want to put this in the chat it was cool to see shout

822
00:56:16,106 --> 00:56:24,066
out to all of our friends at hodl hodl debify baltic honey badger conference was held over the

823
00:56:24,066 --> 00:56:30,346
weekend last weekend it was uh another massive success but this is i think one of the bigger

824
00:56:30,346 --> 00:56:37,946
stories to come out of that conference is you had an arc mainnet sort of uh experiment with the

825
00:56:37,946 --> 00:56:44,726
the merchants at the conference all the payments were being um being run by arc and lightning

826
00:56:44,726 --> 00:56:54,766
network in the back end. So I mean, I think a major piece of context here is that the annual

827
00:56:54,766 --> 00:57:02,266
Honey Badger conference in Riga, and as Marty said, run by the team at HODL HODL, tends to be

828
00:57:02,266 --> 00:57:07,406
one of the larger, more hardcore conferences. So people tend to spend Bitcoin a lot more there.

829
00:57:07,406 --> 00:57:12,866
All their merchants always accept Bitcoin. They always have like a high count of

830
00:57:12,866 --> 00:57:17,866
merchant payments per conference goer there.

831
00:57:18,586 --> 00:57:20,026
So it was a perfect place to test it.

832
00:57:20,666 --> 00:57:26,266
And basically what Kooks did is he used ARK on the backend for merchants,

833
00:57:26,666 --> 00:57:29,866
but on the front end, it just looked like a BTC pay server,

834
00:57:30,206 --> 00:57:31,106
lightning invoice.

835
00:57:31,806 --> 00:57:35,466
So conference goers didn't even know that ARK was being used.

836
00:57:35,526 --> 00:57:37,766
They could just pay with their, any lightning wallet they wanted.

837
00:57:37,866 --> 00:57:38,986
And lightning was the glue.

838
00:57:38,986 --> 00:57:44,266
but in the back end the merchants didn't have to have lightning channels they didn't have to have

839
00:57:44,266 --> 00:57:51,886
they didn't have to run their own nodes and they were just able to accept bitcoin and then settle

840
00:57:51,886 --> 00:57:57,366
it out on chain afterwards but they were accepting it on arc effectively and it seemed to have worked

841
00:57:57,366 --> 00:58:03,286
flawlessly everyone said that i talked to said they had a really good experience with it and i

842
00:58:03,286 --> 00:58:11,566
I just put that out there that both ARC and Spark show a lot of promise here.

843
00:58:11,866 --> 00:58:13,266
I'm pretty excited about them.

844
00:58:13,266 --> 00:58:20,026
And the fact that they're able to use this interoperable network that is,

845
00:58:20,106 --> 00:58:24,386
that is lightning so that we don't have to wait for all the different apps to

846
00:58:24,386 --> 00:58:27,626
update in order to support them is absolutely massive.

847
00:58:28,506 --> 00:58:32,046
Yeah. And here's another example of this coming from Baltic honey badger,

848
00:58:32,046 --> 00:58:39,186
different context so this is from eric sirian uh the sort of inventor founder of the fediment

849
00:58:39,186 --> 00:58:48,466
protocol distributed show me a man like he sent e-cash to an arc wallet and it was possible

850
00:58:48,466 --> 00:58:53,586
because of the lightning network being this connective tissue so to your point eric says

851
00:58:53,586 --> 00:58:58,366
it here like our wallets have not been talking to each other like they haven't been building

852
00:58:58,366 --> 00:59:04,066
with the same goals in mind, completely different layer twos on Bitcoin, yet they were able to

853
00:59:04,066 --> 00:59:09,766
complete a transaction between each other because of the lingua franca, franqua, franqua, franqua,

854
00:59:09,766 --> 00:59:17,546
franca. That is a, that is a lightning. Yeah. Right now you have cashy wallets,

855
00:59:17,846 --> 00:59:22,426
you have Fetiment wallets, you have ARC wallets, you have Spark wallets, and you have liquid wallets

856
00:59:22,426 --> 00:59:27,486
that all do lightning swaps that can interact with any lightning wallet on the network or,

857
00:59:27,486 --> 00:59:34,226
or interact with each other, which to me is probably the single biggest success of Lightning.

858
00:59:35,146 --> 00:59:39,266
And it's something that we're just watching play out right now. And the cool part there is

859
00:59:39,266 --> 00:59:44,186
we could have a whole two-hour episode on the different trade-off models of each of those.

860
00:59:44,786 --> 00:59:50,546
They all offer users different pros and cons, and users can choose without having to worry about,

861
00:59:50,786 --> 00:59:56,226
does my wallet, can I go to Steak and Shake and spend with this wallet or not?

862
00:59:56,226 --> 01:00:00,166
or can I be a merchant and receive Bitcoin payments from my customer?

863
01:00:00,786 --> 01:00:03,926
Because you know you get the benefit of the entire network effect,

864
01:00:04,426 --> 01:00:07,526
regardless of which individual layer two you use,

865
01:00:07,586 --> 01:00:09,666
or in the case of cashew and phoenix.

866
01:00:09,806 --> 01:00:12,666
I mean, there's all nuances about what's a layer two and what's not,

867
01:00:12,746 --> 01:00:15,046
but regardless of which tech stack you use,

868
01:00:15,126 --> 01:00:16,986
you know that they're all lightning capable,

869
01:00:17,686 --> 01:00:20,406
and you'll be able to send and receive from each other.

870
01:00:20,706 --> 01:00:21,286
Pretty awesome.

871
01:00:22,126 --> 01:00:22,466
It is.

872
01:00:22,466 --> 01:00:24,006
This is where the signal is.

873
01:00:24,006 --> 01:00:27,826
everybody's focused on treasury companies is the government going to stack

874
01:00:27,826 --> 01:00:36,266
what's happening with censorship laws in in europe noise people are building well text

875
01:00:36,266 --> 01:00:45,726
no not noise but the last part not know when our next story uh is about uh meredith whitaker the

876
01:00:45,726 --> 01:00:52,846
head of signal pushing back on censorship laws in uh europe um and i've said i said many times

877
01:00:52,846 --> 01:00:59,926
in the past that I think she's just one of the single best advocates for the freedom

878
01:00:59,926 --> 01:01:05,646
from the freedom side of this conversation and does a way better job at arguing our case

879
01:01:05,646 --> 01:01:08,106
than me or many other people can.

880
01:01:09,106 --> 01:01:13,666
So I would put the archive link in there, but I just suggest people, she makes a lot

881
01:01:13,666 --> 01:01:19,326
of good arguments, very strong arguments about why these laws are all about control and they're

882
01:01:19,326 --> 01:01:25,466
short-sighted and they're bad for society. They're bad for human flourishing. Um, and why we need to

883
01:01:25,466 --> 01:01:30,626
push back on them. And, and she specifically talks a lot about dystopian AI type situations,

884
01:01:30,626 --> 01:01:36,066
um, which I think are going to become more and more of an issue as people

885
01:01:36,066 --> 01:01:44,746
pour their deep and darkest secrets into chat GPT and other closed walled systems, um, that are

886
01:01:44,746 --> 01:01:51,426
very easy to track and control you. Um, Marty, the next story is on the same bent. I don't know

887
01:01:51,426 --> 01:01:59,926
if you saw this. Um, click the second link, Logan, the X link. I have an archive link,

888
01:01:59,966 --> 01:02:03,046
which is a writeup. And then this one's the actual video. Did you see this?

889
01:02:04,726 --> 01:02:08,326
I did see this. It's, uh,

890
01:02:08,326 --> 01:02:12,786
It's freaky.

891
01:02:13,786 --> 01:02:17,906
So this is a new AI surveillance company

892
01:02:17,906 --> 01:02:21,786
that basically indexed a ton of photos and videos

893
01:02:21,786 --> 01:02:26,766
from Airbnb and Zillow and Google maps.

894
01:02:26,808 --> 01:02:34,408
And they can take a little piece of any photo, whether it's, or most photos, whether it's inside or outside.

895
01:02:35,508 --> 01:02:40,328
And within a matter of seconds, pinpoint the location of where it was taken.

896
01:02:40,328 --> 01:02:43,568
So in this demo, they're looking at a TikTok video.

897
01:02:44,008 --> 01:02:48,248
They take a tiny little screenshot of like the corner of the room.

898
01:02:48,628 --> 01:02:50,508
And then they put it in the AI tool.

899
01:02:50,508 --> 01:02:57,688
And then like 10 seconds later or less than 10 seconds later, it comes back with the exact address of where that video was taken.

900
01:02:59,128 --> 01:03:02,608
And they're selling their services to governments, to law enforcement.

901
01:03:03,308 --> 01:03:12,268
I mean, this is kind of the crazy thing about surveillance tech being commoditized is that you could be it used to be like you had to be.

902
01:03:13,308 --> 01:03:20,488
You know, the US or Russia or China or Israel or, you know, a very sophisticated government to use this against your citizens.

903
01:03:20,508 --> 01:03:26,228
Now it's like you just pay like a SAS fee of like $1,000 per user or something.

904
01:03:27,408 --> 01:03:29,588
And then you have access to it.

905
01:03:29,648 --> 01:03:33,568
So like any tin pot dictator anywhere is able to access these tools.

906
01:03:34,648 --> 01:03:35,748
Very accessible.

907
01:03:36,868 --> 01:03:41,388
And I think this is just, I put the archive link to the 404 media write-up.

908
01:03:42,068 --> 01:03:43,628
I think everyone should read this.

909
01:03:44,308 --> 01:03:45,868
The tech is called GeoSpy.

910
01:03:46,128 --> 01:03:47,868
They're not the only ones doing this.

911
01:03:47,868 --> 01:03:55,108
but just be very wary about what you're posting on the internet and what you're posting publicly

912
01:03:55,108 --> 01:04:01,808
you combine this with social media you know you combine this with posting your life on facebook

913
01:04:01,808 --> 01:04:09,588
or whatever social you use and it gets really dark really really quickly and i don't think

914
01:04:09,588 --> 01:04:13,408
people understand the implications here and it's going to be something we're grappling with over

915
01:04:13,408 --> 01:04:15,928
the next few decades as the fallout happens.

916
01:04:16,268 --> 01:04:17,608
It's not even going to be a few decades,

917
01:04:17,808 --> 01:04:18,888
a few years.

918
01:04:19,948 --> 01:04:20,388
Dude,

919
01:04:20,448 --> 01:04:24,008
it's so bad because it's not even like as someone who like has been

920
01:04:24,008 --> 01:04:27,828
intimately paying attention to this stuff and,

921
01:04:27,828 --> 01:04:28,768
you know,

922
01:04:28,788 --> 01:04:30,768
has a growing family now and,

923
01:04:30,768 --> 01:04:34,228
and just concerned about like what the digital footprint is,

924
01:04:34,908 --> 01:04:35,208
is like,

925
01:04:35,228 --> 01:04:36,688
it's not even just your own decisions,

926
01:04:36,688 --> 01:04:37,108
right?

927
01:04:37,128 --> 01:04:39,108
It's like who you're hanging out with,

928
01:04:39,148 --> 01:04:40,188
what they're posting,

929
01:04:40,368 --> 01:04:41,248
what they're sharing,

930
01:04:41,328 --> 01:04:42,668
all of that combined together.

931
01:04:43,408 --> 01:05:02,668
Um, and these AI tools, like everyone wants to speculate on what they'll be capable in five years, 10 years or whatnot. But right now, what they're really good at is sorting through large amounts of information. And that's exactly the kind of tooling you need to make data surveillance that much more powerful.

932
01:05:03,608 --> 01:05:07,988
Yeah. And I paused a little bit because I didn't see that exact video, but, um,

933
01:05:07,988 --> 01:05:15,308
did you see the external one i saw the one i think it was geoguesser ai that just took somebody's

934
01:05:15,308 --> 01:05:21,828
avatar on x and had like a piece of the building in the background yeah yeah that was like it used

935
01:05:21,828 --> 01:05:28,488
google and it used google maps and it knew like the exact cross street yeah it wasn't it's very

936
01:05:28,488 --> 01:05:36,488
creepy but i mean just think about like the zillow listing for the house like you're staying

937
01:05:36,488 --> 01:05:38,548
in right now. There's pictures of every

938
01:05:38,548 --> 01:05:40,448
single room and these AI

939
01:05:40,448 --> 01:05:41,608
tools have scraped all of it.

940
01:05:42,408 --> 01:05:44,768
They know exactly what the internals

941
01:05:44,768 --> 01:05:46,108
of all of these houses are.

942
01:05:46,548 --> 01:05:48,588
Even if you buy a new house

943
01:05:48,588 --> 01:05:50,648
and have pictures of it on

944
01:05:50,648 --> 01:05:51,968
Zilla, you don't even need Zilla.

945
01:05:52,148 --> 01:05:53,428
Google Maps if you have

946
01:05:53,428 --> 01:05:55,708
if you're outside.

947
01:05:55,708 --> 01:05:56,728
That's an outside.

948
01:05:58,828 --> 01:05:59,348
Fuck.

949
01:06:01,288 --> 01:06:02,288
Be aware, freaks.

950
01:06:02,948 --> 01:06:03,408
Be aware.

951
01:06:04,368 --> 01:06:05,248
It's a brave new world.

952
01:06:06,488 --> 01:06:13,268
mm's commenting on youtube uh ted kaczynski was right uncle ted did warn us about this

953
01:06:13,268 --> 01:06:18,468
uncle ted did warn this was his his nightmare that drove him a little insane it was actually

954
01:06:18,468 --> 01:06:22,708
probably mk ultra and harvard experiments that drove him insane but he warned about this

955
01:06:22,708 --> 01:06:29,048
he warned what was his manifesto techno industrial uh

956
01:06:30,088 --> 01:06:43,938
forget what it was called somebody in the comments will recall i don i don now remember the name of Ted manifesto but the theme was there Yes Yeah All right

957
01:06:45,118 --> 01:06:47,218
On to more optimistic.

958
01:06:47,218 --> 01:06:51,138
We're going to end on an incredible white pill, American HODL,

959
01:06:51,638 --> 01:06:56,338
really doing his best to drag people to Nostra.

960
01:06:56,858 --> 01:07:00,458
And any of you, Industrial Society, that's what it was called.

961
01:07:00,458 --> 01:07:07,458
if any of you are missing his content on X because he has gone Nostra only this year,

962
01:07:07,698 --> 01:07:12,358
he's back to vlogging. And if you want to see it, you have to get to Nostra. Actually,

963
01:07:12,418 --> 01:07:15,098
you don't because people are starting to cross post on X, which is a good signal.

964
01:07:15,098 --> 01:07:23,498
Well, I mean, that's always been my theory on reach and network effects. You actually don't

965
01:07:23,498 --> 01:07:28,278
need to get all the users for something like Nostra to be incredibly useful. You just need

966
01:07:28,278 --> 01:07:35,618
you need enough attention that the top content gets reposted to other socials.

967
01:07:35,838 --> 01:07:37,878
And then you need the reverse.

968
01:07:38,018 --> 01:07:41,978
You need enough people that are just posting top content from other socials

969
01:07:41,978 --> 01:07:45,558
onto Noster. And I mean, we, we've seen this historically with,

970
01:07:45,718 --> 01:07:49,718
with the centralized platforms. Like I've never installed Tik TOK in my life,

971
01:07:49,718 --> 01:07:53,178
but when I was like, I saw tons of Tik TOK videos, um,

972
01:07:53,178 --> 01:07:56,878
because people cross post the most viral stuff and the most interesting stuff.

973
01:07:56,878 --> 01:08:03,498
but yeah if you want to um see his vlogs easiest way is to download primal in your favorite app store

974
01:08:03,498 --> 01:08:12,238
um until it gets banned what you just call him vlogs that's what he's calling him he's very

975
01:08:12,238 --> 01:08:18,318
excited about it did you see the title he called it nostril vlogs it's i vlogs were like a thing in

976
01:08:18,318 --> 01:08:25,138
like the early 2000s or whatever he's got he's got like his full gyroscope setup like isn't that

977
01:08:25,138 --> 01:08:29,398
what it's called oh nostril series number two well he's he's specifically called them vlogs

978
01:08:29,398 --> 01:08:40,918
oh is it vlogs i guess i don't know well there's always got to be one common commentary that that

979
01:08:40,918 --> 01:08:45,298
we have that we get wrong here or at least did you did you notice he tagged us earlier today

980
01:08:45,298 --> 01:08:50,738
yeah he said we should he said we should post more content on nostril

981
01:08:50,738 --> 01:08:57,558
no vlogs specifically does bro does that does he know is he aware that for the last two years

982
01:08:57,558 --> 01:09:02,498
every week we posted rabbit hole recap just to naster like he's got to catch up to us

983
01:09:02,498 --> 01:09:08,158
not naster only i'm gonna do a v-log after this um okay then i'm gonna write then i'm gonna write

984
01:09:08,158 --> 01:09:12,978
a b-log about all the stuff we talked about later tonight i don't know if i've ever heard vlog said

985
01:09:12,978 --> 01:09:19,698
out loud. Um, but anyway, you can, that shocks me if you're on, if you're, if you want to,

986
01:09:19,938 --> 01:09:26,138
if you want to tag along, uh, and you want to zap American HODL, like I said,

987
01:09:26,178 --> 01:09:31,878
you can download Primal in your favorite app store. Um, and just in general freaks,

988
01:09:31,878 --> 01:09:37,418
like if you enjoy the show, it's Primal or any Nostra app is a great way to interact with us.

989
01:09:37,418 --> 01:09:42,098
Like I would already call, I would already call it a massive success in terms of it just being

990
01:09:42,098 --> 01:09:45,798
an awesome way to interact with the ride or die freaks.

991
01:09:46,658 --> 01:09:51,118
And I appreciate all the freaks that are messing around with us over there.

992
01:09:51,918 --> 01:09:54,578
If you, if you used it once and haven't used it in a while,

993
01:09:54,698 --> 01:09:58,238
it's gotten a lot better and it gets better. It gets better every day.

994
01:09:58,318 --> 01:09:59,058
We're working on it.

995
01:09:59,878 --> 01:10:02,918
It really has. And before we forget, I know that was the last topic.

996
01:10:03,198 --> 01:10:05,078
It would be remiss of me not to read.

997
01:10:06,278 --> 01:10:09,978
BTC pins is telling me I'm wrong and telling me I'm wrong in his vlog,

998
01:10:09,978 --> 01:10:11,798
not V-log. Well, I promise you

999
01:10:11,798 --> 01:10:13,578
this is the last time I'm ever going to say it.

1000
01:10:14,078 --> 01:10:15,978
Thanks for letting me know.

1001
01:10:16,538 --> 01:10:17,818
I think we should V-log.

1002
01:10:18,078 --> 01:10:19,378
I'm going to B-log tonight.

1003
01:10:20,338 --> 01:10:21,258
I'm going to B-log.

1004
01:10:23,218 --> 01:10:23,658
Whatever.

1005
01:10:23,998 --> 01:10:24,578
Fuck you all.

1006
01:10:25,218 --> 01:10:27,438
BTC Pins is going to go buy some C-logs

1007
01:10:27,438 --> 01:10:29,258
and then go dancing later.

1008
01:10:30,838 --> 01:10:32,658
I like it.

1009
01:10:32,778 --> 01:10:33,258
Well, anyway,

1010
01:10:33,778 --> 01:10:36,018
American Hodel's last vlog was

1011
01:10:36,018 --> 01:10:37,058
very inspirational.

1012
01:10:37,678 --> 01:10:38,518
It always is.

1013
01:10:38,518 --> 01:10:39,838
You should go listen to it.

1014
01:10:39,978 --> 01:10:41,418
This is how to get you jacked up.

1015
01:10:42,238 --> 01:10:43,358
You know what gets me jacked up?

1016
01:10:43,578 --> 01:10:45,738
And the freaks like the content and they boost it.

1017
01:10:45,898 --> 01:10:57,768
Here are the top boosts to over 21 Good memory Over 21 sats from Rabbit Hole Recap 369 Nice Bitcoin is coming is going much higher It did go much higher

1018
01:10:57,868 --> 01:11:00,248
And then we're back to where it was last week.

1019
01:11:00,808 --> 01:11:03,868
22,222 sats from a girl Pringle Mac.

1020
01:11:04,588 --> 01:11:05,288
Palindrome Boost.

1021
01:11:05,628 --> 01:11:06,368
Two's across the board.

1022
01:11:06,468 --> 01:11:07,068
Life is short.

1023
01:11:07,548 --> 01:11:08,308
Don't be a toddler.

1024
01:11:08,608 --> 01:11:09,028
Man up.

1025
01:11:09,148 --> 01:11:10,028
Make your own life count.

1026
01:11:10,268 --> 01:11:10,808
Love, Syl.

1027
01:11:11,768 --> 01:11:12,508
Love you, Syl.

1028
01:11:13,608 --> 01:11:16,328
Next up, another Palindrome Boost from Keith Sharp.

1029
01:11:16,328 --> 01:11:19,448
It's that time of the year, 21,212 sats.

1030
01:11:20,088 --> 01:11:24,488
Shilling Tab Comp 7, the Atlanta Bitcoin Conference, October 13th to 16th.

1031
01:11:24,708 --> 01:11:27,028
A technical conference, pleb-friendly.

1032
01:11:27,748 --> 01:11:29,968
Teasing the ATL BTC meetup.

1033
01:11:30,148 --> 01:11:36,928
That's meetup with an EA dinner satellite event on Tuesday evening, the 14th.

1034
01:11:37,348 --> 01:11:37,908
Stay tuned.

1035
01:11:38,028 --> 01:11:38,448
Stay humble.

1036
01:11:39,128 --> 01:11:39,668
Stack sats.

1037
01:11:39,828 --> 01:11:40,328
Peace and love.

1038
01:11:40,528 --> 01:11:41,108
Thank you, Keith.

1039
01:11:42,248 --> 01:11:44,908
Last but not least, our good friend Ben Justman.

1040
01:11:44,908 --> 01:11:47,188
21,000 sats have either of you bought

1041
01:11:47,188 --> 01:11:49,368
anything by paying with a zap yet

1042
01:11:49,368 --> 01:11:50,828
no

1043
01:11:50,828 --> 01:11:53,128
like zapping and receiving

1044
01:11:53,128 --> 01:11:54,348
something I've paid

1045
01:11:54,348 --> 01:11:57,268
that's accumulated from people zapping me

1046
01:11:57,268 --> 01:11:59,168
but never no no what they mean

1047
01:11:59,168 --> 01:12:00,748
is some of them like zap

1048
01:12:00,748 --> 01:12:03,308
like he'll be like

1049
01:12:03,308 --> 01:12:04,608
so Ben has

1050
01:12:04,608 --> 01:12:06,588
the best wine in the business

1051
01:12:06,588 --> 01:12:09,048
Bitcoin winemaker

1052
01:12:09,048 --> 01:12:10,708
I had the pleasure of

1053
01:12:10,708 --> 01:12:13,208
touring his home

1054
01:12:13,208 --> 01:12:13,728
vineyard

1055
01:12:13,728 --> 01:12:17,068
and getting to know him.

1056
01:12:17,108 --> 01:12:18,208
And it was, it was really great.

1057
01:12:18,548 --> 01:12:21,568
But so like, sometimes it'd be like, you know,

1058
01:12:21,568 --> 01:12:23,088
like him or so minor would be like,

1059
01:12:23,148 --> 01:12:27,988
if you zap 20,000 sets, then I'll send you supplies.

1060
01:12:28,128 --> 01:12:30,428
I'll send you what you want or whatever the number is.

1061
01:12:30,428 --> 01:12:30,708
Right.

1062
01:12:30,968 --> 01:12:33,448
And then I think they coordinate in DMs afterwards.

1063
01:12:35,708 --> 01:12:38,748
I just don't think the interface is really there yet for that.

1064
01:12:39,008 --> 01:12:40,868
I mean, first of all, I hate Nostradms.

1065
01:12:40,868 --> 01:12:44,488
so I don't really like that coordination method

1066
01:12:44,488 --> 01:12:45,448
I'm just old school

1067
01:12:45,448 --> 01:12:46,608
I like going to like a website

1068
01:12:46,608 --> 01:12:47,688
and pressing buy

1069
01:12:47,688 --> 01:12:49,968
putting my shipping address in

1070
01:12:49,968 --> 01:12:51,868
and scanning an invoice

1071
01:12:51,868 --> 01:12:54,348
but I like zapping

1072
01:12:54,348 --> 01:12:56,868
I have zapped value for value

1073
01:12:56,868 --> 01:12:59,748
you got me thinking

1074
01:12:59,748 --> 01:13:01,148
particularly on the shipping address

1075
01:13:01,148 --> 01:13:01,808
it would be great

1076
01:13:01,808 --> 01:13:02,768
if there was a way to

1077
01:13:02,768 --> 01:13:06,588
be able to selectively reveal that

1078
01:13:06,588 --> 01:13:07,688
after zapping for

1079
01:13:07,688 --> 01:13:10,028
something intentional like that

1080
01:13:10,028 --> 01:13:14,128
yeah i mean this is like a little bit you know it's kind of cool because it's got like a little

1081
01:13:14,128 --> 01:13:19,068
bit of a digital farmer's market vibe yeah first of all you see the commerce happening right there's

1082
01:13:19,068 --> 01:13:23,328
a social signal alongside it right so like you know like odell just bought some wine

1083
01:13:23,328 --> 01:13:28,488
but then the second piece is then you have to hand to hand the shipping address and facilitate

1084
01:13:28,488 --> 01:13:31,248
the actual trade after the fact yeah

1085
01:13:31,248 --> 01:13:42,828
if there is a way you can like encrypt your shipping address then selectively

1086
01:13:42,828 --> 01:13:49,008
do it no i think what i think what you would do is

1087
01:13:49,008 --> 01:13:53,928
the ideal setup would be first of all we fix nostril dms and implement

1088
01:13:53,928 --> 01:13:59,688
the white noise spec across everything once it's actually reliable i saw pseudo carlos

1089
01:13:59,688 --> 01:14:02,708
mentioning in the comments that he hasn't been able to get white noise to work.

1090
01:14:03,188 --> 01:14:04,668
Don't worry, that's not user error.

1091
01:14:05,588 --> 01:14:06,948
It's very early alpha.

1092
01:14:07,228 --> 01:14:08,968
I also have a lot of difficulty with it.

1093
01:14:09,008 --> 01:14:11,028
I haven't had one successful message with it yet.

1094
01:14:11,708 --> 01:14:16,888
But once we fix Nostrad DMs and we have signal level privacy on them

1095
01:14:16,888 --> 01:14:18,968
and forward secrecy and backward secrecy,

1096
01:14:19,728 --> 01:14:22,808
you could imagine a situation where as soon as you zap,

1097
01:14:22,808 --> 01:14:25,848
a bot messages you and asks for your shipping address.

1098
01:14:25,848 --> 01:14:29,268
and your app on your side

1099
01:14:29,268 --> 01:14:31,408
could recognize that

1100
01:14:31,408 --> 01:14:33,168
and automatically provide your shipping address

1101
01:14:33,168 --> 01:14:34,448
through the encrypted DM

1102
01:14:34,448 --> 01:14:39,248
you could just handle it like that it'd be relatively easy

1103
01:14:39,248 --> 01:14:40,248
yeah

1104
01:14:40,248 --> 01:14:43,428
but the hard part is fixing Nostradams

1105
01:14:43,428 --> 01:14:45,748
that we're working on

1106
01:14:45,748 --> 01:14:47,508
Rome wasn't built in the day

1107
01:14:47,508 --> 01:14:50,408
Nostradams won't be perfected in the day

1108
01:14:50,408 --> 01:14:51,708
okay

1109
01:14:51,708 --> 01:14:54,888
everybody calm down

1110
01:14:54,888 --> 01:15:12,958
I going to get ready for my V log to respond to a American huddle What is I can believe you called it a V log Like I thought he was joking because i i watch it i was like i don remember him saying vlog i just i never even considered how to pronounce it out of

1111
01:15:12,958 --> 01:15:17,178
all my pronunciation issues i don't know if that's my biggest one but you know i'm glad you guys are

1112
01:15:17,178 --> 01:15:22,518
having fun with it i see a bunch of people in the comments i do not great yeah marty it's a very

1113
01:15:22,518 --> 01:15:28,898
yeah it's a very rare occasion where i get to uh call out your mispronunciation fair enough well i'm

1114
01:15:28,898 --> 01:15:31,798
I'm looking forward to your vlog.

1115
01:15:32,758 --> 01:15:32,978
Yeah.

1116
01:15:34,058 --> 01:15:34,898
This is great.

1117
01:15:35,258 --> 01:15:37,698
Guys, bullish day for Bitcoin.

1118
01:15:38,318 --> 01:15:39,198
Bullish week for Bitcoin.

1119
01:15:39,618 --> 01:15:40,158
Cross the board.

1120
01:15:40,878 --> 01:15:42,118
You see BTC pins?

1121
01:15:43,538 --> 01:15:44,558
That is the new party.

1122
01:15:45,778 --> 01:15:47,318
We like to switch it up for you freaks.

1123
01:15:47,938 --> 01:15:48,178
Yeah.

1124
01:15:49,118 --> 01:15:53,458
Don't get caught up in the noise of SBR, Bitcoin treasury companies.

1125
01:15:53,938 --> 01:15:55,678
I mean, you can get caught up in it if you want to.

1126
01:15:55,678 --> 01:16:01,538
I don't think it's as productive as many others seem to think it is.

1127
01:16:01,778 --> 01:16:09,378
But I think if you look at what's happening in the space, again, ARK mainnet being tested at Baltic Honeybadger.

1128
01:16:09,498 --> 01:16:10,178
I mean, you mentioned Spark.

1129
01:16:10,278 --> 01:16:19,818
There's a lot of very prominent, capable Bitcoiners at this conference on the technical side that are very excited about Spark as well.

1130
01:16:21,978 --> 01:16:23,598
We've got the new rig.

1131
01:16:23,598 --> 01:16:26,778
We've got the rig from Proto out there.

1132
01:16:26,878 --> 01:16:27,258
We've got Fleet.

1133
01:16:28,098 --> 01:16:28,718
We've got Fleet.

1134
01:16:30,878 --> 01:16:31,678
Vibes are high.

1135
01:16:31,898 --> 01:16:32,438
Vibes are high.

1136
01:16:32,998 --> 01:16:33,558
It's happening.

1137
01:16:34,378 --> 01:16:35,458
A little price dump today.

1138
01:16:36,358 --> 01:16:37,638
Don't get caught up like Matt said.

1139
01:16:37,938 --> 01:16:41,398
It doesn't matter if you buy 118 or 127.

1140
01:16:42,318 --> 01:16:43,318
You're going to look back years.

1141
01:16:43,618 --> 01:16:45,138
Oh, look at that little price call.

1142
01:16:46,078 --> 01:16:46,278
Yeah.

1143
01:16:49,278 --> 01:16:50,038
Well said.

1144
01:16:50,118 --> 01:16:50,558
I agree.

1145
01:16:50,558 --> 01:16:52,798
ignore the noise or

1146
01:16:52,798 --> 01:16:55,118
try and filter

1147
01:16:55,118 --> 01:16:57,018
the signal you don't have to get mad every day about

1148
01:16:57,018 --> 01:16:57,638
something new

1149
01:16:57,638 --> 01:17:00,538
focus on what's important focus on what

1150
01:17:00,538 --> 01:17:02,998
we can actually affect and what we can

1151
01:17:02,998 --> 01:17:05,198
change it's all coming together

1152
01:17:05,198 --> 01:17:07,118
but the grind continues

1153
01:17:07,118 --> 01:17:08,458
it's going to continue to be a grind

1154
01:17:08,458 --> 01:17:10,898
and just stay humble and stack sets

1155
01:17:10,898 --> 01:17:13,138
yeah I know you wanted to end it there

1156
01:17:13,138 --> 01:17:14,538
you had like a really good

1157
01:17:14,538 --> 01:17:16,998
outro but I think

1158
01:17:16,998 --> 01:17:18,398
we should bring this up

1159
01:17:18,398 --> 01:17:25,518
because it is like it went under reported i know we were talking about it in our dms what do you

1160
01:17:25,518 --> 01:17:33,898
got for us marty stone ridge um oh i didn't see this yes you did oh i did see this yeah we were

1161
01:17:33,898 --> 01:17:42,438
talking about this yeah but i don't know for anybody who hasn't read ross's annual letter

1162
01:17:42,438 --> 01:17:43,818
from Stone Ridge last year.

1163
01:17:44,358 --> 01:17:45,618
Highly recommend you go read it.

1164
01:17:46,098 --> 01:17:47,758
There was a lot of...

1165
01:17:47,758 --> 01:17:49,818
He was sort of alluding to a lot of things

1166
01:17:49,818 --> 01:17:53,038
that Stone Ridge may lead into in the future.

1167
01:17:53,478 --> 01:17:56,498
And they've been acquiring a lot of natural gas assets

1168
01:17:56,498 --> 01:17:59,238
over the last few years.

1169
01:17:59,438 --> 01:18:00,698
And they're continuing that.

1170
01:18:00,898 --> 01:18:02,558
So the news story here, I'm bringing it up

1171
01:18:02,558 --> 01:18:08,518
because they acquired $1.3 billion worth of oil and gas assets

1172
01:18:08,518 --> 01:18:10,118
from ConocoPhillips.

1173
01:18:10,118 --> 01:18:25,118
And if you go back and read his annual letter from 2024, there was a lot of sort of alluding to we want to optimize the sort of revenue of these assets that we're acquiring with Bitcoin mining.

1174
01:18:25,798 --> 01:18:28,738
So this is a portfolio of over 11 gigawatt power.

1175
01:18:30,198 --> 01:18:40,018
My favorite part about this presser is Ross Stevens quote, where he said, powered by a uniquely non-fiat focused energy platform.

1176
01:18:40,118 --> 01:18:42,338
which I just

1177
01:18:42,338 --> 01:18:43,918
I love that as

1178
01:18:43,918 --> 01:18:46,798
a commentary. It's a non-fiat

1179
01:18:46,798 --> 01:18:47,758
energy platform.

1180
01:18:48,618 --> 01:18:50,618
Yeah. So this is something that

1181
01:18:50,618 --> 01:18:52,678
they're working quietly

1182
01:18:52,678 --> 01:18:54,718
in the background. This is

1183
01:18:54,718 --> 01:18:56,718
something to pay attention to. They could be like a

1184
01:18:56,718 --> 01:18:58,198
sleeper in the mining industry

1185
01:18:58,198 --> 01:18:59,658
in the years ahead.

1186
01:19:00,818 --> 01:19:02,578
Years from now they will not be a sleeper but

1187
01:19:02,578 --> 01:19:04,538
it seems like they're building pretty methodically

1188
01:19:04,538 --> 01:19:05,038
in the background.

1189
01:19:06,458 --> 01:19:08,298
Love it. Peace and love freaks.

1190
01:19:08,298 --> 01:19:10,498
stay on the stack sets