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Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention, you probably should be.
Breaking news. The Bitcoin mining industry has changed forever.
Jack Dorsey's Proto Mining launches the rig.
I hope you guys are staying around for that exciting hook that we have.
I hope you'll be able to look your sons in the eye in 10 years.
It's all in jest.
It's been a fun day, though.
It's been a pretty cool event.
In all seriousness, though, it is a pretty...
I think it was a pretty big announcement today.
I mean, from afar, it seems like a massive announcement.
You're on the ground over there.
Why don't you give us the down low?
Yeah.
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.
They launched their mining rig called The Rig today.
Great name.
Great name. Incredible name.
There's not even The in front of it, right?
It's just called The Rig.
Yeah.
buying rigs but yeah it's pretty profound i think they were very meticulous in terms of
getting feedback from many miners in the industry discovering their pain points and trying to design
a product a full suite product not only from the hardware but also up to the software
to solve a lot of long-standing issues that have existed that bitmain and micro bt have
for some reason or another refused to address.
And so the big difference with rig is it's a modular miner
with sort of flexibility and, what's the other word,
the sort of customizability in terms of what you actually get
depending on what your mining operation looks like.
So they have, as you can see here, hash boards that you can easily slide in or out.
They have fans that you can pop off and fix.
And there you're seeing a look at the software side of things, the mining management software.
So, yeah, this is pretty big for many reasons.
And on top of that, I think fully loaded rig will get you around 830 terahash.
can get efficiency up to 14.1 joules per tera hash,
which is not the cutting edge that Bitmain has
with 12.5 joules per tera hash right now.
But I think it's competitive enough.
And I think most importantly, it's built for durability.
Tom, Thomas Templeton,
who's designed a lot of the hardware at Square.
Part of his speech is like,
hey, we designed hardware to be durable
because it has to be at Square
if you're at a bar or a restaurant
and your point of sale device gets wet,
you got to keep accepting pigments.
Similarly with what we built with RIG,
we basically built essentially a box
where you can replace the hashboards
instead of having to buy a whole new miner,
a whole new mining machine.
You just buy new hashboards and you replace them.
And they're marketing and they believe
that these boxes will be durable for up to 10 years, depending on...
Well, first of all, I mean, Tom and the rest of the hardware team over there is, you know,
they're best in class. First of all, they're awesome people to hang out with. And second of
all, they're best in class in terms of product. So that's not surprising. Did they mention
a price or date? I'd look like some are already in operation, right? Like you actually saw them
operation yeah we're at a core scientific site so core scientific has them plugged in
um and yeah there was a big wall i've got a video i'll share later they're operational i don't know
what i'm allowed to disclose in terms of when they'll get to market i've been talking to the
guys uh behind the scenes i think they'll be in market for um for the broader market i think at
the very latest in 2026.
But I mean,
it sounds like they're kind of in market already,
right?
Just like they're selectively being used.
So that's a good sign.
Yeah.
That means it's probably soon.
So this is.
But price is undisclosed,
right?
Price.
And like if you,
well,
that's the thing.
I think price is dependent on what you actually buy,
depending on your particular operation.
So that I think that's the beauty of what they've built and designed is the
modularity and customizability of the rigs is that it's sort of what do you need?
What are you solving for?
Are you solving for?
Are you in a desert?
Are you in the middle of an oil field?
Are you in the middle of a temperate climate doing air cooled?
Are you doing hydro?
Yeah.
I mean, I say it can be used for immersion or air, but isn't the idea like, isn't the
idea you buy the full setup and then as hashboards either break or need to be upgraded you're pulling
them out and as psus need to be replaced or upgraded and fans need to be replaced and upgraded
then you're starting to buy the individual parts but like when you do your first order
is it not like you're you're kind of getting like the whole chassis and everything together
no yeah but i think what was a bit um deceiving is like the chassis i think they give what you saw
like the big box i think it was three chassis at one so like you can even customize it like around
the chassis design as well um depending on what your rack that's awesome yeah i i mean i think
well first of all we haven't seen it's amazing to see great competition um actually emerge for uh
Bitmain and MicroBT.
What most people don't realize is
the founder of MicroBT is ex-Bitmain2.
So we haven't seen, you know,
real external competition happen
pretty much ever since the dawn of Bitmain
in the early days of ASICS.
So that's fucking awesome.
I mean, I think what people are really sleeping on is
in an actual mining operation,
when you have tons of miners operating in either big warehouses or storage containers or whatnot.
What happens a lot, particularly if you're in bad conditions, is you'll have hashboard failures,
right? Where dust is getting in the miners or just from age or power issues or whatnot.
And in those situations, you have to pull the whole miner from the line.
You have to bring it into a lab. I was at one of Penguin's mining facilities.
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.
But that whole time you're doing that, you're not mining with the rest of the hashboards that are part of that machine.
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.
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.
Yeah, because the chassis are durable.
And if your hashboards crap out, you just buy new hashboards instead of new machines.
And you literally just slide it out and slide it back in.
Talk about like also like the training difference, right?
Like they were like picking a part, like pieces of hashboards and shit.
the level of training for the person who's replacing the hashboards has got to be a lot less too
yeah and that's like again like full stack really well thought out design like the the software that
they built on top of it like it's if you've ever logged into like stock firmware it's horrible
micro bt bitmain it literally is like build on windows 7 and you get these error codes you don't
know what they mean you have to go to the individual miner and sort of like play around
with it but they built like you feel like you're managing like a router from like 1990 like a net
gear router from like 1997 yeah and they built a filled a full suite like you can even um like they
you like you can run their their software with micro bt or bitmain you know hardware as well
So you can like, from like the software perspective.
Well, there's two pieces, right?
There's like the fleet management software, which I guess they're calling fleet.
Very clean naming scheme.
But then this, I mean, it actually ships with open source firmware, which is a complete game changer on its own, right?
Yeah, because that's the historically been the biggest.
I was talking to Eric from Gridless about this.
We took the bus out to the site together this morning.
I was talking to him and like, that's one of their,
I'm going back to again,
the customizability for different mining environments,
like what they're doing at grid list,
like they need demand response and they need the firmware to be very responsive.
Like he was explaining,
like he would love instead of turning five miners off and then having to turn
them back on, which really messes with the hash boards.
I would love to turn 15 miners down two thirds of the way.
So I don't have to do that. Stop restart, which fries the hash boards.
and the software and firmware allows you to do that pretty simply in a very intuitive way too
and then on top of that they have ai tools that like connect to the weather like weather apps and
electricity pricing apps they sort of do diagnostics on your fan lifestyle life cycle
and they'll like give you a warning like hey it looks like you're probably a month away from
needing to replace these fans you should buy them now um and from the part supply they had that
they have ownership over that whole thing and so you'll get an update from the software like hey
you need to replace this part in x amount of weeks and you can buy it right here so it's really
simplifying the whole process game changer i mean i think it's crazy like so much of the industry
has been caught up in this hype of the bitcoin treasury companies um and then meanwhile blocks
just like been quietly building like a well-rounded bitcoin juggernaut it's fucking massive yeah
it's fine i'm excited for obviously we have a lot of friends on the block team i've been working
for them uh working with them for a while and uh i'm pumped for them uh it was a big day for them
big day for the industry big day for bitcoin uh we've said it many times this is i said on a
podcast two weeks ago i was asked what's the most centralizing part of the bitcoin ecosystem in my
Mine is two parts, basic manufacturing and Bitcoin mining pools.
And one of those just got a little bit more distributed today, which is good to see.
I mean, and Jack has his hands in both, right?
I mean, or even on three sides, right?
Because he is, I believe, the largest investor in Ocean mining pool.
Obviously, they're changing the game in terms of actual hardware with the A6 here.
and then Spiral, his nonprofit
focused on open source development
is spearheading Stratum v2
which I saw was a key point out of the box
these support Stratum v2 as well
yeah, that's a very important point to bring up
Stratum v2 will be out of the box compatible with the rigs
I like the name the rigs
it's really a
rig fleet, very clean
I mean I like Proto too, Proto.xyz
If you want to learn more, it's at proto.xyz.
It's a very strong debate, Dave.
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.
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.
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.
And they're absolutely wrong about that. And I think time will prove us right.
And I don't really want to go into the specifics of why proof of work is better.
I think, like I said, I think time will prove it was right.
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
Yeah.
It's,
it's like some low cap,
like super low cap shit coin,
uh,
that has their own Monero mining pool.
And,
uh,
I guess when they mine Monero,
they buy qubit with it and then burn the qubit.
to try and pump the price. Um, and they're trying to 51% attack Monero. I think they don't,
I think they're like, yeah, I think they're more around like the 30% point, you know,
it's hard to know for sure, but they did a couple of big reorgs. They didn't do any actual double
spend attacks where they like try and commit fraud on exchanges. Um, so right now, I mean,
if you are using Nero,
it's a relatively easy mitigation to just require more confirmations.
Because they,
they,
they haven't been able to,
you know,
sustain incredibly large reorgs.
I mean,
Monero's block time is much smaller than Bitcoin too.
I think it's,
I think it averages two minutes.
So a six block reorg is really like almost like 12 minutes.
Yeah.
but just something
I think it just highlights why
making sure the mining ecosystem is robust is so important
and it was timely that that kind of happened at the same time
that Block pretty much
shot a missile across the bow of Bitmain
and MicroBT, the two massive heavyweights in the Bitcoin mining industry
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.
That's awesome.
Yeah.
I think a lot of speculation to the price point.
I don't think it's very clear right now.
I think many people are expecting it to be premium pricing from a dollar per
tera hash perspective.
But I think other people I saw on Twitter were saying,
Oh,
this is not up to snuff with Bitmain's state of the art machines,
which are at 12 and a half joules per tera hash,
even if you get the 14.1.
But I think those people are missing like less efficient machines are sometimes
better for different mining environments.
Like if you're doing off peak mining and you're not mining 24,
seven like less efficient if you can get the price point right actually makes sense if you're
doing off-grid mining like on vented vented gas yeah in your energy input cheap like less efficient
machine is not that bad and i mean the key variable is what is the price point right it's
like those are the those are the two main inputs right efficiency like what is your power consumption
going to be per hash? And then what is the actual price point of the machine? But then the last
piece with this specifically, as we highlighted earlier, is how much money do you save in terms
of uptime and upgradability in the long term by moving to a modular setup, which is a harder thing
to quantify. It's one of those things that we'll probably see people running numbers for the next
five years on which was the better outcome because it's the type of variable that you need time in
the market to see it pay off. But I wouldn't be surprised, as long as the price point comes in
reasonably close, I wouldn't be surprised if people underappreciate how much money is saved
bottom line wise, just in terms of the modularity of it.
yeah it's interesting as you're saying that too i'm like thinking back to
attempted attempts of years past to like compete with bitmain and microbeet going to dragon mint
specifically like they raised a bunch of money in 2016 2017 then it took them too long to tape out
the the a6 and then by the time they got to the market they were completely inefficient and
not profitable and i think this is and going back to timing we've talked about asa commodification
like yeah bitmain's at two twelve and a half joules per tera hash but 14.1 is not in order
magnitude behind that then maybe like the timing and the physical limits that the asics are beginning
to brush up on like creates the environment where more competition at this level the the bitcoin
network can actually begin to flourish. Yeah. And then you also have to remember another one
that's hard to quantify is reducing third-party risk, right? And reliance on third parties.
I mean, a lot of miners, their destiny is completely tied into a Bitmain or a microBT
or a combination of both. Having more diversity on the manufacturing side and being able to have
diversity on your suppliers and be able to do that as well as,
I mean,
de-risks a lot of these operations significantly,
especially in a world of,
you know,
good morning tariffs where you never know if it's going to happen and when
it's going to happen.
Trade wars.
It's a good day for Bitcoin.
A lot of people are focused on the price.
We got a dump today.
I thought we were,
I mean,
my call last week.
I know.
Sunday night, dude.
Sunday night, I was laying next to my wife thinking of you and your price call.
It was the memes.
Like, he's probably thinking about that woman.
Oh, I'm thinking of Marty.
He's like, damn, Marty got the price call right.
I told you, Marty, though, that it wasn't, you know, it was a good little pumpage.
I was feeling it, too.
You're right.
You had that pump.
You were vibing into it.
I'm trying to think if there's anything.
Meanwhile, we're at the same price as last Thursday.
We're at 117 right now.
I think we're at 118.
I got a block clock right in front of me.
We hit 124.
We hit a new all-time high in the last 24 hours.
It's pretty good.
But no, I think the overall tenor here is measured optimism.
I think a lot.
everybody in the mining industry has seen a lot.
It's been through a lot.
I think the PTSD that exists in this industry specifically is relatively high
compared to other industries.
So I think measured optimism is the best way to describe our feeling right now.
A lot of them are excited to get their hands on machines,
begin tinkering with them.
you got econo scott um from pod 256 uh are here and like bidaxe bidaxe tyler stevens is here
um for the the what they're doing with like waste heat uh at home mining uh those guys are pumped
as well so i think everybody's excited to get their hands on these begin tinkering
and i think that's actually what's best for block two and it seems like they've been very
like I said, very proactive to talk to as many miners of different types from across the industry,
your mega miners, your at-home miners, your off-grid miners. So I think they did a really
good job. Agreed. Agreed.
So my, you know, what? I got it. I mean, I figure you've been out of it, but today,
Treasury Secretary Scott Bessent
said he was in an interview, I think it was with Fox.
Logan, why don't you play the interview? I'd link to it.
A number way above, $750 billion.
What's the story on gold?
We've got the large gold holding.
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.
We've also started, to get into the 21st century, a Bitcoin strategic reserve.
We're not going to be buying that, but we are going to use confiscated assets and continue to build that up.
We're going to stop selling that.
You know, I believe that Bitcoin reserve at today's prices is somewhere between 15 and 20 billion.
So a lot of people are pointing to this interview as the reason we dumped because we did dump pretty hard around it.
I there was also simultaneously PPI numbers were released.
So US producer prices, so inflation measured on the producer side was way higher than expected, which was probably more of the reason.
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.
But I want to comment on Basant's comments.
First of all, based on his numbers, that's roughly 125,000 Bitcoin.
which we've been waiting for them to verify how much Bitcoin they actually hold.
And there's been a lot of theorizing that the Biden administration sold a lot of Bitcoin towards the end there.
But anyway, that's the closest we've gotten to a real number on how much Bitcoin is in the strategic Bitcoin reserve
or whatever they're calling the strategic Bitcoin reserve based on an executive order.
And obviously, I think the big highlight is that he said they're not going to buy Bitcoin.
and that they're going to continue to confiscate Bitcoin.
I mean, they just got Bitcoin from the Samurai case.
Obviously, the US government loves civil asset forfeiture,
not just in terms of Bitcoin.
I would probably push back a little bit
on kind of taking him at his word about buying Bitcoin.
I wouldn't be surprised if they're playing
a little bit of a sleight of hand here.
It is very on brand for this administration
to say one thing and do another.
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.
I mean, right now, his stock, Trump Media, has 15,000 Bitcoin in their treasury.
Bro has more Bitcoin than Coinbase.
um so i would say that's probably the single biggest data point of why trump would support
buying more bitcoin and uh why it makes it still pretty likely that it happens um but regardless
i mean i think marty has said has highlighted this in the past i mean the real american bitcoin
treasury is everyone individually stacking for their families and and keeping it in self-custody
particularly in an environment with heavy confiscation,
self-custody becomes even more important.
Yeah.
It really is the true strategic reserve.
And sorry, I'm doing a...
We should also touch on the PPI numbers.
Because I think a lot of people...
I think that's the real reason we dropped.
Yeah.
I think that's going to be the big question as we head into the fall.
end of the year.
I think a lot of people are going to try,
and they may be right in doing this,
to blame terrorists for this.
But I think it certainly could be
the predominant contributing factor.
But look and pull up the chart.
I would not be surprised
if this is the main reason.
I mean, energy is the first input
in anything that you're building.
And so like PPI going up significantly
could be driven by this electricity chart.
If you look at electricity inflation.
It's definitely a key part.
I mean, I saw, I think it was,
first of all, this is also a bullshit number,
just like CPI, but it's 3.3% from a year ago.
It's up 3.3% from a year ago.
And I think the analysts were saying 2.8% or something,
which is a pretty significant miss in terms of inflation being much higher.
So it makes sense that the market would react pretty hard,
particularly since we were reacting pretty high in the opposite direction in the lead up to it.
People are getting a little bit frothy and degenerate.
We're never going to see 120K Bitcoin again kind of thing.
And then they hit us with the PPI numbers.
yeah the uh
and again i think this this is going to be an interesting
narrative it's going to be interesting to observe the narrative around not only ppi but most
importantly electricity um electricity prices because obviously ai is exploding you know the
hyperscale are talking about expanding energy infrastructure,
obviously consuming a ton of energy, but look and pull up this chart too.
Like, and now the tech bros are on our side in terms of, we need to,
we need to produce more power for society to flourish. By the way, freaks,
if you're an audio freak, the electricity chart, Marty had, had a Logan pull up.
You can just imagine just like a straight upward graph of electricity cost in the
U S that's basically what the chart was.
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.
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.
Why is energy so cheap in California?
I mean, so I'm looking at this chart.
It's mostly like the Eastern Seaboard, Northeast and Midwest.
It's kind of like a population chart, except for Texas and California.
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.
They import cheap coal, cheap coal electricity from Wyoming, from what I understand.
They're not allowed to produce it in state, but they can import it.
But isn't like people, like I always hear like people in California, like they're residential.
Is this industrial?
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
Unfortunately, PGM and MISO, even though they operate in 28 states, have less solar in stores in Texas alone.
Yeah, so these are residential prices, I think.
Maybe is it peak pricing?
Maybe they just have better weather?
Yeah, well, I think it's summer and they have way more sunlight.
And the solar is actually performing and I could be wrong.
California can go fuck itself.
And,
but shout out them for winning on this chart.
At least guys,
we have map 21 zap 21,000 sets and sync zap 21,000 sets.
Thank you freaks for your support.
You can join the Nostrum Bitcoin live chat at rh.
TV slash stream.
Josh is asking the live chat.
why are there no stats for Florida?
That's a good question.
I don't know.
They don't have internet down there,
so we're not able to track the cost.
Florida man does not like his energy prices.
It looks like that whole south right corner,
like the southeast corner doesn't have any data for it, right?
On that chart?
Yeah.
That's a good question.
Moving on.
Yeah, there's zero data.
that in like georgia and florida the whole the whole it's like looks like there's not much data
in tennessee either yeah okay wow pull up this chart logan this is really interesting because
consensus was i think there was like a 99.5 wall street consensus not on polymarket but
yeah i just i decided we're gonna highlight polymarket more often until we have a
true bitcoin prediction market yeah but you can see here on this chart earlier today when the ppi
numbers came out completely flipped we were at 55 percent chance of a 25 bit cut in rates
38 chance of no change and now oh wait i'm reading no no they thought it was going to be a 50 bips
decrease right and instead now they think it's going to be a 25 bips decrease
isn't that how you read it no it was like neck and neck was 25 cut and no change at all now
i guess they're pricing in um oh that was no change was the highest
yeah interesting now they're pricing in a 25 bip decrease at 74 percent
but no changes climbing
climbing right now
the fed man it's crazy like we're here we're looking at a poly market chart
the world is trying to guess what a board of governors is going to decide what one man
in his board of governors are going to decide about the price of money
looking at betting markets.
This is not how monetary systems should run.
I mean, the best prediction market
for short-term Fed decisions
is actually the Bitcoin price.
And it's the most liquid.
But yeah, like I said,
I'm pretty sure that's,
besides the fact that we were frothy
and it was a good opportunity
for market makers to
liquidate some short sellers.
I mean, some, uh, DJ longs, uh, I think it was most of the PPI news, not the percent interview,
uh, that drove us lower today. But like, I, like guys, I think this is all noise. I mean,
I think everyone should be trying to stack as many sats as possible as quickly as possible.
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
118 or 124
or 116.
I think that's just going to... It's like,
did you get in at 11K or 13K
or 15K or 20K?
And we were saying that around then and it
sounded fucking batshit crazy.
People were like, that's a 2X difference.
It's like, yeah, okay, well now we're sitting
here and we're sitting near 120K
and no one gives a shit if you got
in at 10K or 20K.
It doesn't really matter. Just
stack as many sats as possible.
Yeah.
shout out to silent link zap does 42 000 sets go to silent.link make sure you're buying
your sim cards in a private way it's amazing silent link is amazing i use it as my daily driver
um starlink went out the other day uh i'm able to have 5g internet as a backup but also as my
main driver on my phone it's fantastic i use it all over the world you could pick your provider
very cost effective and you just top up with lightning awesome speaking of losing uh losing
signal i finally uh i'm around a bunch of bitcoiners for the first time in a couple months
and was finally able to use bitchat and on the bus ride out to the uh the site that we toured today
and we were driving through the wilderness the boonies of uh georgia had no cell service sos on
It was like sending messages on BitChat.
It works.
It's pretty cool.
It was in a bus?
Yeah.
That's awesome.
The bus is group chat.
Yeah.
All right.
We're going to do a quick rep today because I got to get back to festivities here with the Proto launch.
Moving on to Human Rights Foundation.
Financial Freedom Report's story of the week coming out of Bolivia,
where banks limit withdrawals as digital asset usage and inflation climb.
In Bolivia, where annual inflation has reached 25%
and banks have been limiting withdrawal of U.S. dollars to $100 a week.
Bloomberg reports that Bolivians are turning to Bitcoin and digital assets
as alternatives to the Boliviano.
That's a very well-named currency there.
I'm just going to call it the Boliviano.
It's very close to the U.S. dollar.
I'm not the only one using Bitcoin.
Christopher Salas, a coffee vendor in La Paz, said,
There's a barbershop over there and a gym that also accepts Satoshi's for Salus.
Bitcoin is both a hedge and a protest, a way to preserve the value of my savings, but also
a way to go against the system, against bureaucracy.
Bolivia's hybrid authoritarian regime lifted a decade-long ban on digital assets in 2024.
Since then, the volume of digital asset payments has grown more than fivefold to nearly $300
million in the first half of 2025.
University of San Andreas allegedly pays its international faculty in Bitcoin.
Carlos Nira, co-founder of Colombian wallet provider Meru,
reports a staggering 6,600% increase in Bolivian users since the ban was lifted.
For more stories like this, make sure you're signed up for the Financial Freedom Report.
Go to financialfreedomreport.org and get on the mailing list.
This is a fascinating story.
This is another blaring piece of signal.
we talked last week about necessity is the mother of all invention it's also the mother of
wider bitcoin adoption a 6600 increase in bolivian users turning to bitcoin when their government
cracks down as a signal that bitcoin is working as freedom money this is great to see i mean i think
but great to see it's it's it's pretty hard for americans to fathom first of all 25 inflation
and second of all a withdrawal limit of 100 us dollars a week like that's fucking insane like
this is why bitcoin exists um bitcoin is a lifeboat it's there for you if if you need it
and when you need it and no one can stop you from using it except yourself yeah it's crazy that
Bloomberg was reporting that language specifically.
Let me say, for Salus, Bitcoin is both a hedge and a protest.
So Bloomberg actually covering the actual news, the actual story on the ground.
Love it.
I mean, I have my qualms with Bloomberg, but I will say that their incentive model compared to most corporate media is pretty strong
because they make their money on the terminals, not really on the news.
The news is kind of a loss leader.
So the product tends to be a little bit better.
I don't have it on the list, but before we get to the next topic,
there was some concern yesterday about Google Play banning self-custody wallets.
They have since clarified that that was not their intention.
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.
This is one of the cool reasons that progressive web apps exist.
I think it's also
one of the important reasons things like
graphing exist
and why it's so important for us to have open source
open source
wallets that are just viral in nature
and not controlled by any
individual. I will say that
someone asked for
a tutorial of how to sideload
on Android while this was all
going down like you literally just download the APK
file and press install. Super
simple.
You can do it very easily
uh but i mean i'm pretty sure that this was you know i have people have their conspiracy theories
or whatnot but i'm pretty sure that this was just a comms fuck up they have thousands of employees
like 12 of them fuck something up didn't really understand what was going on um and uh
you know bitcoin twitter freaked the fuck out about it and they clarified yeah i mean google
Google responded to Jack. They responded to the TFTC
account covering it. They responded to
everyone. They were like literally
just copying and pasting the response over and over
again. And it was like probably 12 people that
like updated the docs.
Well,
yeah.
I'm saying it in
the YouTube chat. Shout out to Lola. That is true.
Shout out to Lola and The Rage who were first
on this story.
But I do think, I think
Lola and The Rage clarified
today that they're
is some nuance around it because there have been a lot of sort of malicious bitcoin wallet apps
quote unquote that have been getting into the google play store and i think they're trying to
sort of fix that problem and this was like some uh collateral pr damage that um that was a
manifestation of them trying to solve the malicious app problem i think electron like
as I got kicked off because they were being accused of being malicious but
look I I appreciate Lola um I consider a friend and I'm very grateful the rage exists
um app stores fucking suck working with either the big app stores fucking suck they make your
life fucking miserable when you're trying to submit apps regardless of what type of app you
have. All of that is true. They block updates, they ask for more information, you have to go
back and forth. Historically, Apple has been worse, but Google is also pretty bad. The one
saving grace we have on the Google side is that you can sideload and you can also install outside
app stores very easily. The one that we've highlighted in the past is ZapStore. You can
go to zapstore.dev, which uses Nostra Web of Trust for signed releases and makes it very easy to
publish apps. But also you can just download an APK file from GitHub. Apple lost a case in Europe.
So in Europe, you can install alternative app stores, which was a big win. But I will just
reiterate that in this situation, I do think...
I think, uh, I mean, I think in practice, like from last week or two weeks ago to like the day
of the release or whatever, before everyone freaked out, like, I don't think anything really
changed. Um, I don't, I, it's, it's good for people to be on alert. I'll never tell people
not to be on alert, but I, I think this one was a false alarm and it wasn't like actually
some big conspiracy where they're like testing out the waters,
but because like Jack Dorsey tweeted,
they decided not to ban all Bitcoin self-custody wallets.
Choke point 3.0, dude, it's here.
I actually do.
I saw Stoney's been talking about that a lot.
And I do agree with him that,
that there is a choke point 3.0 happening on the self-custody side.
This has been a trend that I think we've highlighted for years and I've been
worried about.
I just don't think this was necessarily it.
Yeah.
If we are going to raise legitimate alarm bells,
I think you point out the White House crypto report
and that section on extending the Patriot Act.
Yeah.
That's like, that's the big one
that we have to make sure it doesn't get included into.
No, and I mean, and I think like you can group
with this whole concept of stroke point 3.0,
you can group the samurai and tornado cash cases in there too.
You go after privacy and self custody. And I think, uh, you know,
people are like, Oh, well I, you know,
don't use coin joint or other Bitcoin privacy tools.
So it doesn't affect me. Like they start there and then they, you know,
start pushing back, pushing on just, you know, naive self custody,
regular self custody, um,
and claim that that is a privacy tool in itself. Cause it does,
inherently offer you greater seizure resistance
and not on-demand tracking.
Yeah, and not directly related,
but somewhat directly related.
Don't sleep on dissents comments this morning
about not buying and leaning into.
This is something that's concerned me for a while, right?
So like civil asset forfeiture is already fucking horrible,
no matter what, right?
and this is not unique to Bitcoin, right?
Like they pull you over
and you have a bunch of cash in your car.
They just take your cash
and then you have to like try and claw it back later.
It's incredibly fucked up
and specifically historically with civil asset forfeiture,
it's like the individual police departments
that do it get to keep it as funding,
which is even more of a broken incentive
because oftentimes they're underfunded
and they would like to use that extra money
and claim that it's for drugs or whatever.
But with like the formalization of an SBR
and the US government saying that they're gonna hold it
and not just immediately sell it,
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
So it would not surprise me to see confiscations ramp up.
But it's a trend that has been ramping up for a long time before any of this happened.
There is actually a relatively easy solution, which is when we confiscate cocaine, we burn it.
So we should just burn Bitcoin when we confiscate it.
And then there's no direct incentive.
And every holder of Bitcoin is equally benefited when the supply is reduced.
So I think if I had my wish list on any government policy thing, that would probably be one of my top ones.
is and he sees Bitcoin is automatically burned.
Do I think that's actually tenable in the short term
and that's actually going to happen?
No, but I don't know.
I still like to put it out there from time to time.
Let's just, yeah, I hope they just don't seize the Bitcoin.
That's not even get to the point of them.
They're going to seize it regardless.
So they should burn it if they seize it.
The...
yeah i think we need to stay and we said this last week and i think it's become
a more prominent trend where i think a lot of people are caught up in
the fervor and perceived optimism of the direction the country is going under the
second trump administration but i would be have your antenna up antennae up um and just aware i
guess there's a lot of sleight of hands happening out there um and then another thing i mean you
don't have it on the list but like bo hinds just stepping down from his position out of nowhere
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
on the Bitcoin trajectory inside the government,
I think that is just like a fucking classic revolving door
in hyperspeed.
Like he got in, no one knew who the fuck he was,
like came out of nowhere,
had a massive level of influence and notoriety
like thrown on him.
And now he wants to front run
what looks like a very strong Bitcoin bull run
in the private sector
because that's where he can profit from it.
That's my read on him.
Not him being like,
oh, they sold out
and they're not actually going to do
my ideological Bitcoin journey
here in the White House.
Yeah, I saw people surfacing the tweet
his dad sent out.
Apparently there's some shitcoin.
Yeah, he's an advisor to his shitcoin.
Yeah.
His dad.
Yeah.
Yeah, I think they're just trying to cash in.
I wouldn't be surprised if we see him link up with a Bitcoin treasury company, like all the influencers are doing these days.
Been a lot of talk about that behind the scenes here.
And I just worry.
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.
A lot of reputations are being destroyed this cycle.
short-term thinking you got to think long-term by the way to the new freaks um just because i
realized there might be some confusion when you burn bitcoin you basically just send it to a
provably unspendable address you're not like taking cold cards and like lighting them on fire
do you think people people are saying i think there's probably like a few hundred that are
listening to the show that are thinking that's what i meant so it's important i guess you could
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.
Yeah, but that would require, like the cool part about this is it doesn't actually require us to trust that.
So I say the government burns cocaine when they seize it, but how do we know they actually burn it?
Like I wouldn't be surprised if a lot of that cocaine goes to corrupt, you know.
Like corrupt bureaucrats and shit.
But with Bitcoin, you can actually prove it, right?
Like we can see on chain, they got this Bitcoin,
then they sent it to an unspendable address.
And then from there, we know it can't be spent again.
Logan, did we lose Marty or did I get lost?
Marty looks frozen.
Nice.
So you see, I was a professional, but I just kept talking.
and then I brought it up. Okay. So I know Marty's tight. So even though he's lost internet,
I'm going to continue to the next story. The founder of SimpleX, one of the latest and most
promising encrypted messaging apps has wrote a blog post about why he is not implementing MLS,
which a lot of people have positioned as the successor to Signal Protocol,
which right now is like the gold standard of encrypted messaging.
Signal has pushed back on implementing MLS for a bit now.
They really like their signal protocol.
The biggest trade-off of the signal protocol is that it's really built for
two-person messaging.
But if you want to do group chats,
basically what you're doing is you're doing like a bunch of DMS in the
background.
So it scales really bad for large group chats.
Don't worry, Marty, the show goes on.
Did you catch my federal comment?
No, what was your federal?
That's why they cut you off your internet.
Yeah, the cocaine may disappear up to the noses of the federal agents in a lot of cases.
I wouldn't be shocked.
That's what they mean when they say burning cocaine.
Come back later, please.
You're not going to have her do the room while you're in there?
No, they already did the room, too.
I don't know why they're coming back.
Um, so if you listen to Citadel Dispatch, uh, you might have heard my conversation,
uh, with Jeff and Max from the white noise project where they're trying to meld, uh,
Noster and MLS together.
And it's interesting.
They did get a shout out here.
So, um, basically his, the simple X's founder, he has, he has two main concerns with MLS.
First of all, he thinks it's overcomplicated for what amounts to scalability improvements when you can deal with the current scalability issues anyway.
So he thinks it's overcomplicated.
In general, you want to avoid overcomplicated things because if you fuck up one little thing, then your users are at risk.
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.
That's who you're protecting yourself from.
And in MLS, it requires effectively a trusted authentication server that can man in the middle.
Basically, they can join a group and pretend they're Marty or me or whatever.
and in that
handshake and that key exchange
the other user doesn't realize
and so he actually
questions if it's actually secure
but he says with white noise
because white noise uses open
relays and Nostra pub keys
it is actually
the only implementation of MLS
that makes sense to him
and he's optimistic on
what the guys at white noise are cooking
because it is still very much beta and not very reliable
right now but
promising nonetheless. So anyway, if this kind of stuff interests you,
you should definitely go read the blog post. It's not that long.
And his TLDR at the top is if you accept trust me,
bro, as your security model, then MLS is perfect for you.
Yeah. The, a lot of, like a lot of talk about the intersection of
combining these open protocols,
whether it's Bitcoin and Nostra, MLS and Nostra.
I think it's becoming clear that there is an incredible place for Nostra to play
as a connective tissue between all these technologies.
Like BitChat, when I was on the app, on the road,
I was with Steve Lee, a bunch of others,
like able to verify that they're in my contact list now and then we'll be able to message each
other go through a relay and when i get back online it'll be there it's really cool yeah when
you're close to each other it goes through the bluetooth mesh and then when you're far away from
each other it goes through nostril seamlessly and the user doesn't even realize yeah you don't have
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
out to all of our friends at hodl hodl debify baltic honey badger conference was held over the
weekend last weekend it was uh another massive success but this is i think one of the bigger
stories to come out of that conference is you had an arc mainnet sort of uh experiment with the
the merchants at the conference all the payments were being um being run by arc and lightning
network in the back end. So I mean, I think a major piece of context here is that the annual
Honey Badger conference in Riga, and as Marty said, run by the team at HODL HODL, tends to be
one of the larger, more hardcore conferences. So people tend to spend Bitcoin a lot more there.
All their merchants always accept Bitcoin. They always have like a high count of
merchant payments per conference goer there.
So it was a perfect place to test it.
And basically what Kooks did is he used ARK on the backend for merchants,
but on the front end, it just looked like a BTC pay server,
lightning invoice.
So conference goers didn't even know that ARK was being used.
They could just pay with their, any lightning wallet they wanted.
And lightning was the glue.
but in the back end the merchants didn't have to have lightning channels they didn't have to have
they didn't have to run their own nodes and they were just able to accept bitcoin and then settle
it out on chain afterwards but they were accepting it on arc effectively and it seemed to have worked
flawlessly everyone said that i talked to said they had a really good experience with it and i
I just put that out there that both ARC and Spark show a lot of promise here.
I'm pretty excited about them.
And the fact that they're able to use this interoperable network that is,
that is lightning so that we don't have to wait for all the different apps to
update in order to support them is absolutely massive.
Yeah. And here's another example of this coming from Baltic honey badger,
different context so this is from eric sirian uh the sort of inventor founder of the fediment
protocol distributed show me a man like he sent e-cash to an arc wallet and it was possible
because of the lightning network being this connective tissue so to your point eric says
it here like our wallets have not been talking to each other like they haven't been building
with the same goals in mind, completely different layer twos on Bitcoin, yet they were able to
complete a transaction between each other because of the lingua franca, franqua, franqua, franqua,
franca. That is a, that is a lightning. Yeah. Right now you have cashy wallets,
you have Fetiment wallets, you have ARC wallets, you have Spark wallets, and you have liquid wallets
that all do lightning swaps that can interact with any lightning wallet on the network or,
or interact with each other, which to me is probably the single biggest success of Lightning.
And it's something that we're just watching play out right now. And the cool part there is
we could have a whole two-hour episode on the different trade-off models of each of those.
They all offer users different pros and cons, and users can choose without having to worry about,
does my wallet, can I go to Steak and Shake and spend with this wallet or not?
or can I be a merchant and receive Bitcoin payments from my customer?
Because you know you get the benefit of the entire network effect,
regardless of which individual layer two you use,
or in the case of cashew and phoenix.
I mean, there's all nuances about what's a layer two and what's not,
but regardless of which tech stack you use,
you know that they're all lightning capable,
and you'll be able to send and receive from each other.
Pretty awesome.
It is.
This is where the signal is.
everybody's focused on treasury companies is the government going to stack
what's happening with censorship laws in in europe noise people are building well text
no not noise but the last part not know when our next story uh is about uh meredith whitaker the
head of signal pushing back on censorship laws in uh europe um and i've said i said many times
in the past that I think she's just one of the single best advocates for the freedom
from the freedom side of this conversation and does a way better job at arguing our case
than me or many other people can.
So I would put the archive link in there, but I just suggest people, she makes a lot
of good arguments, very strong arguments about why these laws are all about control and they're
short-sighted and they're bad for society. They're bad for human flourishing. Um, and why we need to
push back on them. And, and she specifically talks a lot about dystopian AI type situations,
um, which I think are going to become more and more of an issue as people
pour their deep and darkest secrets into chat GPT and other closed walled systems, um, that are
very easy to track and control you. Um, Marty, the next story is on the same bent. I don't know
if you saw this. Um, click the second link, Logan, the X link. I have an archive link,
which is a writeup. And then this one's the actual video. Did you see this?
I did see this. It's, uh,
It's freaky.
So this is a new AI surveillance company
that basically indexed a ton of photos and videos
from Airbnb and Zillow and Google maps.
And they can take a little piece of any photo, whether it's, or most photos, whether it's inside or outside.
And within a matter of seconds, pinpoint the location of where it was taken.
So in this demo, they're looking at a TikTok video.
They take a tiny little screenshot of like the corner of the room.
And then they put it in the AI tool.
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.
And they're selling their services to governments, to law enforcement.
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.
You know, the US or Russia or China or Israel or, you know, a very sophisticated government to use this against your citizens.
Now it's like you just pay like a SAS fee of like $1,000 per user or something.
And then you have access to it.
So like any tin pot dictator anywhere is able to access these tools.
Very accessible.
And I think this is just, I put the archive link to the 404 media write-up.
I think everyone should read this.
The tech is called GeoSpy.
They're not the only ones doing this.
but just be very wary about what you're posting on the internet and what you're posting publicly
you combine this with social media you know you combine this with posting your life on facebook
or whatever social you use and it gets really dark really really quickly and i don't think
people understand the implications here and it's going to be something we're grappling with over
the next few decades as the fallout happens.
It's not even going to be a few decades,
a few years.
Dude,
it's so bad because it's not even like as someone who like has been
intimately paying attention to this stuff and,
you know,
has a growing family now and,
and just concerned about like what the digital footprint is,
is like,
it's not even just your own decisions,
right?
It's like who you're hanging out with,
what they're posting,
what they're sharing,
all of that combined together.
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.
Yeah. And I paused a little bit because I didn't see that exact video, but, um,
did you see the external one i saw the one i think it was geoguesser ai that just took somebody's
avatar on x and had like a piece of the building in the background yeah yeah that was like it used
google and it used google maps and it knew like the exact cross street yeah it wasn't it's very
creepy but i mean just think about like the zillow listing for the house like you're staying
in right now. There's pictures of every
single room and these AI
tools have scraped all of it.
They know exactly what the internals
of all of these houses are.
Even if you buy a new house
and have pictures of it on
Zilla, you don't even need Zilla.
Google Maps if you have
if you're outside.
That's an outside.
Fuck.
Be aware, freaks.
Be aware.
It's a brave new world.
mm's commenting on youtube uh ted kaczynski was right uncle ted did warn us about this
uncle ted did warn this was his his nightmare that drove him a little insane it was actually
probably mk ultra and harvard experiments that drove him insane but he warned about this
he warned what was his manifesto techno industrial uh
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
On to more optimistic.
We're going to end on an incredible white pill, American HODL,
really doing his best to drag people to Nostra.
And any of you, Industrial Society, that's what it was called.
if any of you are missing his content on X because he has gone Nostra only this year,
he's back to vlogging. And if you want to see it, you have to get to Nostra. Actually,
you don't because people are starting to cross post on X, which is a good signal.
Well, I mean, that's always been my theory on reach and network effects. You actually don't
need to get all the users for something like Nostra to be incredibly useful. You just need
you need enough attention that the top content gets reposted to other socials.
And then you need the reverse.
You need enough people that are just posting top content from other socials
onto Noster. And I mean, we, we've seen this historically with,
with the centralized platforms. Like I've never installed Tik TOK in my life,
but when I was like, I saw tons of Tik TOK videos, um,
because people cross post the most viral stuff and the most interesting stuff.
but yeah if you want to um see his vlogs easiest way is to download primal in your favorite app store
um until it gets banned what you just call him vlogs that's what he's calling him he's very
excited about it did you see the title he called it nostril vlogs it's i vlogs were like a thing in
like the early 2000s or whatever he's got he's got like his full gyroscope setup like isn't that
what it's called oh nostril series number two well he's he's specifically called them vlogs
oh is it vlogs i guess i don't know well there's always got to be one common commentary that that
we have that we get wrong here or at least did you did you notice he tagged us earlier today
yeah he said we should he said we should post more content on nostril
no vlogs specifically does bro does that does he know is he aware that for the last two years
every week we posted rabbit hole recap just to naster like he's got to catch up to us
not naster only i'm gonna do a v-log after this um okay then i'm gonna write then i'm gonna write
a b-log about all the stuff we talked about later tonight i don't know if i've ever heard vlog said
out loud. Um, but anyway, you can, that shocks me if you're on, if you're, if you want to,
if you want to tag along, uh, and you want to zap American HODL, like I said,
you can download Primal in your favorite app store. Um, and just in general freaks,
like if you enjoy the show, it's Primal or any Nostra app is a great way to interact with us.
Like I would already call, I would already call it a massive success in terms of it just being
an awesome way to interact with the ride or die freaks.
And I appreciate all the freaks that are messing around with us over there.
If you, if you used it once and haven't used it in a while,
it's gotten a lot better and it gets better. It gets better every day.
We're working on it.
It really has. And before we forget, I know that was the last topic.
It would be remiss of me not to read.
BTC pins is telling me I'm wrong and telling me I'm wrong in his vlog,
not V-log. Well, I promise you
this is the last time I'm ever going to say it.
Thanks for letting me know.
I think we should V-log.
I'm going to B-log tonight.
I'm going to B-log.
Whatever.
Fuck you all.
BTC Pins is going to go buy some C-logs
and then go dancing later.
I like it.
Well, anyway,
American Hodel's last vlog was
very inspirational.
It always is.
You should go listen to it.
This is how to get you jacked up.
You know what gets me jacked up?
And the freaks like the content and they boost it.
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
And then we're back to where it was last week.
22,222 sats from a girl Pringle Mac.
Palindrome Boost.
Two's across the board.
Life is short.
Don't be a toddler.
Man up.
Make your own life count.
Love, Syl.
Love you, Syl.
Next up, another Palindrome Boost from Keith Sharp.
It's that time of the year, 21,212 sats.
Shilling Tab Comp 7, the Atlanta Bitcoin Conference, October 13th to 16th.
A technical conference, pleb-friendly.
Teasing the ATL BTC meetup.
That's meetup with an EA dinner satellite event on Tuesday evening, the 14th.
Stay tuned.
Stay humble.
Stack sats.
Peace and love.
Thank you, Keith.
Last but not least, our good friend Ben Justman.
21,000 sats have either of you bought
anything by paying with a zap yet
no
like zapping and receiving
something I've paid
that's accumulated from people zapping me
but never no no what they mean
is some of them like zap
like he'll be like
so Ben has
the best wine in the business
Bitcoin winemaker
I had the pleasure of
touring his home
vineyard
and getting to know him.
And it was, it was really great.
But so like, sometimes it'd be like, you know,
like him or so minor would be like,
if you zap 20,000 sets, then I'll send you supplies.
I'll send you what you want or whatever the number is.
Right.
And then I think they coordinate in DMs afterwards.
I just don't think the interface is really there yet for that.
I mean, first of all, I hate Nostradms.
so I don't really like that coordination method
I'm just old school
I like going to like a website
and pressing buy
putting my shipping address in
and scanning an invoice
but I like zapping
I have zapped value for value
you got me thinking
particularly on the shipping address
it would be great
if there was a way to
be able to selectively reveal that
after zapping for
something intentional like that
yeah i mean this is like a little bit you know it's kind of cool because it's got like a little
bit of a digital farmer's market vibe yeah first of all you see the commerce happening right there's
a social signal alongside it right so like you know like odell just bought some wine
but then the second piece is then you have to hand to hand the shipping address and facilitate
the actual trade after the fact yeah
if there is a way you can like encrypt your shipping address then selectively
do it no i think what i think what you would do is
the ideal setup would be first of all we fix nostril dms and implement
the white noise spec across everything once it's actually reliable i saw pseudo carlos
mentioning in the comments that he hasn't been able to get white noise to work.
Don't worry, that's not user error.
It's very early alpha.
I also have a lot of difficulty with it.
I haven't had one successful message with it yet.
But once we fix Nostrad DMs and we have signal level privacy on them
and forward secrecy and backward secrecy,
you could imagine a situation where as soon as you zap,
a bot messages you and asks for your shipping address.
and your app on your side
could recognize that
and automatically provide your shipping address
through the encrypted DM
you could just handle it like that it'd be relatively easy
yeah
but the hard part is fixing Nostradams
that we're working on
Rome wasn't built in the day
Nostradams won't be perfected in the day
okay
everybody calm down
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
all my pronunciation issues i don't know if that's my biggest one but you know i'm glad you guys are
having fun with it i see a bunch of people in the comments i do not great yeah marty it's a very
yeah it's a very rare occasion where i get to uh call out your mispronunciation fair enough well i'm
I'm looking forward to your vlog.
Yeah.
This is great.
Guys, bullish day for Bitcoin.
Bullish week for Bitcoin.
Cross the board.
You see BTC pins?
That is the new party.
We like to switch it up for you freaks.
Yeah.
Don't get caught up in the noise of SBR, Bitcoin treasury companies.
I mean, you can get caught up in it if you want to.
I don't think it's as productive as many others seem to think it is.
But I think if you look at what's happening in the space, again, ARK mainnet being tested at Baltic Honeybadger.
I mean, you mentioned Spark.
There's a lot of very prominent, capable Bitcoiners at this conference on the technical side that are very excited about Spark as well.
We've got the new rig.
We've got the rig from Proto out there.
We've got Fleet.
Vibes are high.
It's happening.
A little price dump today.
Don't get caught up like Matt said.
It doesn't matter if you buy 118 or 127.
You're going to look back years.
Oh, look at that little price call.
Yeah.
Well said.
I agree.
ignore the noise or
try and filter
the signal you don't have to get mad every day about
something new
focus on what's important focus on what
we can actually affect and what we can
change it's all coming together
but the grind continues
it's going to continue to be a grind
and just stay humble and stack sets
yeah I know you wanted to end it there
you had like a really good
outro but I think
we should bring this up
because it is like it went under reported i know we were talking about it in our dms what do you
got for us marty stone ridge um oh i didn't see this yes you did oh i did see this yeah we were
talking about this yeah but i don't know for anybody who hasn't read ross's annual letter
from Stone Ridge last year.
Highly recommend you go read it.
There was a lot of...
He was sort of alluding to a lot of things
that Stone Ridge may lead into in the future.
And they've been acquiring a lot of natural gas assets
over the last few years.
And they're continuing that.
So the news story here, I'm bringing it up
because they acquired $1.3 billion worth of oil and gas assets
from ConocoPhillips.
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.
So this is a portfolio of over 11 gigawatt power.
My favorite part about this presser is Ross Stevens quote, where he said, powered by a uniquely non-fiat focused energy platform.
which I just
I love that as
a commentary. It's a non-fiat
energy platform.
Yeah. So this is something that
they're working quietly
in the background. This is
something to pay attention to. They could be like a
sleeper in the mining industry
in the years ahead.
Years from now they will not be a sleeper but
it seems like they're building pretty methodically
in the background.
Love it. Peace and love freaks.
stay on the stack sets