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Welcome in to This Week in Bitcoin, episode 94.

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My name is Chris, ChrisLAS.com, JupyterBroadcasting.com.

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Whenever the price of Bitcoin has been down for a bit,

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Bitcoiners always start whispering about price suppression.

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And frankly, I think most of it's narrative, most of it's cope, so I don't even touch on it on the show.

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This week, though, we're going to prove something that, to me at least, is a little uncomfortable.

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Two things can be true at the same time.

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If you're paying attention to the news, you might see the name Jane Street going around,

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and I want to give you a complete picture of the implication here.

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And hopefully you walk away with a practical understanding of the situation.

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So Jane Street is a large privately held quantitative trading firm and global liquidity provider

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based out of New York City.

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They have offices around the world, of course.

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And not so long ago, they got into the Bitcoin market

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in a very big, very important way with a very special client.

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But I'll come back to that in just a moment,

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because first, you should fully understand who we're dealing with here.

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Jane Street is like hiring an assassin or a ninja

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when you need somebody to go work in the markets for you, right?

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They're a special ops investor.

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They've got a bunch of proprietary in-house tech that they brag about and they have access to money that nobody else has access to.

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And we've been getting little glimpses of this just over the last few months.

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And starting about nine months ago, Bloomberg ran a piece about dark money pools of which Jane Street most likely very heavily trades out of.

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Wall Street's infamous dark pools, they are getting even darker.

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It's today's big take.

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These are private rooms booming by taking off exchange trading platforms and adding another layer of exclusivity to talk about what's happening under the surface.

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Bloomberg Finance reporter Catherine Dougherty.

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You know, I was stunned by the data that you presented in this story.

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How have these dark pools gotten so big?

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These are not brand names.

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This is not the Goldman Sachs of J.P.

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Morgan's of the world, although Morgan Stanley is up there.

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These are companies that are kind of off the books.

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Jane Street is an example of this.

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They trade heavily in off-exchange venues, alternative trading systems, over-the-counter

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systems.

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They're cited often when you do any kind of research on them as what's called a systematic

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internalizer.

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In other words, they are part of a big dark pool of money that these larger companies

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like a Goldman Sachs could tap and get access to.

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And then the firm executes orders on behalf of their clients.

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off the exchanges, on their own order books,

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with their own buyers and sellers that they've set up privately with special deals.

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And they almost certainly route money in these dark pools

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because that's how they would move the funds around.

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All right, now why do I bring all this up?

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Because in July of 2025, Jane Street went from a quiet company

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that maybe you'd never heard of, who was just silently making billions of dollars,

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to an international name and brand when they were barred entirely

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from the markets in India.

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And not only were they barred,

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but the regulators there froze $566 million from Jane Street.

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India's market regulator is barring Jane Street

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from access to its local securities market.

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SEBI also plans to seize $570 million

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of what it calls unlawful gains from the U.S. trading firm

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after an investigation into derivatives traits

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that generated billions of dollars.

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Jane Street, in a statement, says they're disputing these findings.

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They always do.

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Let's get the details with senior reporter Abhishek Vishnoy.

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Abhishek, it's really about SEBI clamping down, having greater scrutiny over these foreign

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institutional investors.

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All right, so stick with this for a second, because I want you to understand there's a

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pattern of behavior.

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That's right.

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And this may possibly be the biggest, you know, fine that SEBI has employed on a foreign

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entity like Jane Street.

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It may actually be the biggest fine if it materializes ever, you know, for such kind of market manipulation, alleged market manipulation.

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Now, the ramifications are strong, especially for the derivatives market.

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I mean, if you look at India's derivatives to cash volume, it's more than 400 times.

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That kind of figure does not exist in the U.S., Germany, and, you know, many of the developed markets.

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They got greedy, they got greedy, and they got caught messing around.

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Now, the reason why this comes back to Bitcoin is because of the news from earlier this week.

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And Jane Street is facing a massive lawsuit that accuses the trading giant of using insider information to accelerate the 2022 collapse of Terra Luna.

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Todd Snyder, the administrator winding down Do Kwon's bankrupt Terraform Labs,

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alleges Jane Street front-ran the market panic.

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The lawsuit claims that just 10 minutes after Terraform quietly withdrew 150 million TerraUSD from a liquidity pool,

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a wallet linked to Jane Street withdrew 85 million TerraUSD before the public was informed.

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Snyder accuses the firm of rigging the market to pocket massive profits while everyday investors lost billions.

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Jane Street has fired back, calling the lawsuit a desperate and opportunistic attempt to extract money for a collapse that was ultimately caused by Terraform Labs' own multi-billion dollar fraud.

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It's a nice dig at the end.

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And probably technically accurate.

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They always are.

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It's always always.

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It's never their fault.

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Yeah.

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The ghost of Terra Luna, the crash from 2022.

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This week, we find out that Jane Street was possibly doing insider trading around that collapse.

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It's pretty serious accusation.

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And some of the things in there seem to be kind of plausible.

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So here's the rundown, just so you know.

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The suit claims that a Jane Street trader, a former Terraform intern, which I think that was the company,

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shared insider information in a private group chat named Bryce's Secret.

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That's what the name of the group chat was, like a signal chat named Bryce's Secret.

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and the suit alleges that they shared insider trading information in this secret chat and that

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by doing so, Jane Street avoided more than $200 million in losses and was able to profit from the

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meltdown. And the order operation is like this. Less than 10 minutes after Terraform folks did

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their own withdrawal, which had not been made public to anyone, they didn't announce it to

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anyone on the market, a crypto wallet that analysts have, although it hasn't been exactly

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confirmed, I believe, but analysts have linked to Jane Street.

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Ten minutes after Terraform made their move, that wallet linked to Jane Street withdrew

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$85 million worth of TerraUSD, which that was from the same liquidity pool that Terraform

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had just pulled from.

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And it just completely collapsed that liquidity pool.

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And it really accelerated the DPEG process that Terraform was already trying to patch.

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It already begun.

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But the implosion was just wild after that.

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And it led to a massive $20 billion wipeout across the crypto industry and sent Bitcoin below $20,000.

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Now, it was always going to blow up.

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But I think Jane Street probably tossed some fuel on that fire.

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And that is that history lesson and their history lesson in India is worth keeping in mind.

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Let's talk about that special Bitcoin client of Jane Street, because this is the other reason why you've heard the name a lot.

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Because one of their clients, where they deal in Bitcoin orders and trades, is for a little company called BlackRock.

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And Jane Street is the major market maker and authorized participant for the BlackRock Ibit ETF.

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Now, in this role, they help facilitate trading, they provide liquidity, and they also handle the share creation and redemption process.

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BlackRock doesn't even manage that aspect of it.

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And they're often dealing in cash.

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They're buying and selling Bitcoin, and then they're settling in cash.

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Sometimes they do in-kind transactions for Bitcoin as well, and other types of agreements.

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Now, I mention all of this because what is notable is the day this suit against Jane Street was made public...

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from the bankruptcy administrators for Terraform,

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the 10 a.m. slam against Bitcoin stopped.

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Of course, it's 10 a.m. for me.

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It might be a different time for you,

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but we've commented before.

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People have been talking about it online.

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Since October, since that Binance stablecoin DPEG,

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there has essentially been a 10 a.m. slam

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just about every day,

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especially when the market is thin in liquidity.

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And then the day that the Jane Street information

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with public, the 10 a.m. slam stopped for two days so far. Could resume. But no slam. And it seems

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odd that it would stop just because the suit went public. Because one, it's not like they're the only

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people out there playing market games. Let's not kid ourselves. Two, there's nothing illegal about

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a seller finding a buyer and a buyer finding a seller. There has to be a market for this trade

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to work. I'm not sure anything illegal is happening here. So I'm not sure why they would have to stop

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just because the suit went public.

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So it just doesn't make sense.

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But yet, here we are, right?

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The slam stops just after the suit goes public.

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So explain that one to me, people out there.

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Give me your best take on that,

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because I can't explain it.

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We're up like 7% since the suit went public.

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Riddle me that one, Batman.

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I just, I find that to be absolutely fascinating.

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But the Jane Street stuff seems to be a history

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of basically getting in there and manipulating the market

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in a way that's probably legal, I imagine.

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I mean, maybe not entirely.

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I suppose the insider trading part isn't.

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That's probably where they have them.

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If that little secret chat can be proven,

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and if they can get access to that secret chat,

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if that stuff goes out,

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that could be a real bad look for Jane Street, couldn't it?

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Because that's documented insider trading right there.

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So we'll see what happens.

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But they are very much involved with Bitcoin

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because they are facilitating all of the back-end

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buying, selling, and trading for BlackRock

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who's one of the largest Bitcoin purchasers in the entire world right now.

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Well, if you've been listening to the show since probably, I don't know, a little bit before the end of last year,

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you might recall that I've been saying if the AI pump fades, so will Bitcoin's price, at least for a little bit.

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Of course, I thought this might happen via like open AI blowing up or another version of DeepSeek coming out that just really reminds the market that the open source models will eventually eat everything.

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But it seems it's been agentic AI. Even simple things like Claude Cowork have completely spooked the market and have caused the AI monster to start eating its own funding tail. But what's wild about these supposedly professional, lifelong investors who speak with such authority and honestly with kind of a tone that speaks down to all of us who don't get it, right? They're so smart.

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Well, it turns out in the last three weeks, they've kind of been in a panic and have done one of the most 180 investment hedges in my lifetime.

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I just absolutely can't believe it.

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And we start with a piece from Bloomberg.

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Wall Street is suddenly waking up to the fact that AI might impact a larger number of industries and faster than they had expected.

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What this story is about is how AI disruption fear is leading to sell-offs in parts of the market outside technology.

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All right, so they say stocks outside of technology.

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Chapter one, the situation.

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On Wall Street, rising fears about artificial intelligence and specifically where it will disrupt certain companies are sending shares of those companies tumbling.

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Wall Street has done an about-face. Investors were concerned that AI was costing too much and might lead to a big bubble with untold harms. Now investors are concerned that AI is going to be so disruptive that it renders countless businesses obsolete. There's definitely been a spillover, starting with concerns about leaps.

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Did you catch that?

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That's the important part there.

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That's why I want to let that go.

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Did you catch it?

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They've gone from hedging.

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They're hedging that the whole AI bubble was going to blow up in everyone's face.

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Of course, Tom Lee and, you know, Cathie Wood and those types aren't.

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But if you're not Tom Lee and you're not Cathie Wood, you've been hedging that this thing was going to blow up.

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And it kind of makes sense.

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It's crazy kind of spending.

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And now, since agentic work has come out, I'm not making this up, guys.

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It really is.

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This is it.

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This is how these people are buying and selling their long investments Since Claude Cowork came out and OpenClaw and all that they decided that every industry is in trouble

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And then to add a little bit of additional accelerant to all of this, Anthropic released a piece recently saying, yeah, Cobalt, we got that.

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We can reproduce Cobalt now.

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So you can fire all those old high-paid engineers.

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And of course, IBM stock dropped like it was the dot-com bubble again because of a press release from an AI company that has every incentive to make that claim.

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It might lead to a big bubble with untold harms.

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Now investors are concerned that AI is going to be so disruptive that it renders countless businesses obsolete.

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There's definitely been a spillover, starting with concerns about legal services, SaaS companies,

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adding into insurance firms, tax preparation services, financial services,

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each of these in reaction to incremental AI products.

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The market sell-off really started in early February when Anthropic introduced a plug-in to an existing product,

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one that they did not even really do a formal announcement for.

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So what we saw on February 10th, for example, was shares of wealth management companies sell off after Altruist, which is a little known AI startup, came out with a new tax strategy tool.

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This is really something.

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I mean, just again, I'm just I know I keep harping on this, but these supposed big time investors, right?

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Supposed smart investors that are dumping on all of this.

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I just find that to be incredible.

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So here they are.

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It's coming for all our businesses, your accountants, your tax professionals.

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they're absolutely screwed. So Wall Street is hedging that software is doomed and tech stocks

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are doomed and AI is coming for everything. Not only is it not a bubble, but it's the biggest,

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I guess, revolution of all time. And it's going to cost, I guess, jobs. I guess your accountant's

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going to lose their job and your tax professional is going to lose their job. And it's going to be

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absolutely devastating. So they're de-investing in anything that's technology related.

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And this is the lump of labor fallacy. We do it all the time in all different kinds of aspects of the labor market. It assumes there's a fixed number of jobs. But history shows us that automation doesn't shrink the pie. It bakes a bigger pie. Demand for labor grows the economy. Or I should say, as the economy grows, it increases demand for labor, which then increases the size of the economy. Do you follow what I mean?

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So if when you hire people, they do more work, which makes your company more productive, which makes you hire more people. Do you understand what I'm saying? So the fallacy here is that when we get automation and we can do things that people lose their jobs. But the reality is probably going to be a lot more in the middle. The accountant is now going to have a team of agents working for it. And why do I say that? Because it's already happening to the podcaster.

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This episode has a couple of clips that were collected by an agent that uses the perplexity model specifically to monitor trendy news on Bitcoin in different types of outlets on the Internet from different news outlets.

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And then it monitors all of that and issues me a report.

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If there's one I like, it downloads the clips and saves them automatically to a sync service for me.

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saves me some time, which eventually will mean that when I am on the road, I will be able to

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maintain production of the show because it's the research and the clip production that takes hours,

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right? As long as I can keep reading and as long as this thing can keep clipping,

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then I can sit down and I can do a show. And if it can organize the show notes for me to some

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degree, and that's the other thing it does, is it creates a history with sources of everything that

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it's collected in a markdown document in that same directory. So all of the links, the sources,

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how it found it, the logic it used.

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And then additionally, if it had any errors

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or anything like that, it also documents in there.

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I set this up yesterday.

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I set it up in the afternoon

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after I got done recording the launch.

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And I don't even think it took me that long.

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I think I was done by like 4 or 5 p.m.

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You understand what I'm saying.

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It doesn't take my job away.

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It makes me better at my job

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because now I wish I had done this.

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I wish I could have done this six months ago

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because I'm leaving next week.

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I'm going to be gone for two weeks.

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I hope to have a show, but this show is a massive amount of work and I have to drive to Pasadena and back.

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That takes hours of time.

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That time I'm going to spend driving is usually the time I spend preparing this show.

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So like in the future, it's going to be really beneficial if I can automate more of that.

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And I'm not there yet, but I can see a path to where that's actually possible now.

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It doesn't take away my job.

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So you look it up.

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I think it'd be if you're interested in this at all, I think you'd really enjoy this read.

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Go look up the lump of labor fallacy.

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Go give it a little googs.

250
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You can find some talks on YouTube.

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They're usually in the context of boomers staying in the marketplace for longer, but it's a similar theory.

252
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And that's what's that's what at the core of all of the A.I. fear.

253
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And I just don't think it really holds up.

254
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I think you do have some.

255
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Right.

256
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We used to have how they used to call them like tapper uppers or something like this.

257
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Maybe somebody can boost in if you remember the name.

258
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But before the Industrial Revolution, at a job site, when it was time to start working,

259
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there was actually an individual whose job it was to go around with a really big stick

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and tap people's windows.

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And when the alarm clock came out, they all lost their jobs.

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It's a real thing.

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I'm not even, there was actually, I'm not sure if I'm getting the name right, but that

264
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is a real thing.

265
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And these things, they happen and we transition to other jobs.

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But the idea that all these are lost forever, it just doesn't really seem to be how history has played out. Because how could we have survived the industrial revolution and the invention of electricity and ended up with more net jobs?

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You're telling me AI is more disruptive to business than the industrial revolution?

268
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You're telling me AI is more disruptive to manufacturing and to accounting firms than

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electricity?

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I don't know about that.

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I don't think so, chief.

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And somehow all of those things created more jobs and more economic opportunity.

273
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So to me, this seems like a buyer's market right now because it's clearly an overreaction.

274
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Everybody's freaking out.

275
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And they're also selling their Bitcoin, which is ridiculous because, you know, what would be great right now is a hedge with no counterparty risk.

276
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Seems like a great time to consider that.

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But these morons, they're still trading Bitcoin like it's a tech stock.

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I don't know when they're going to figure it out.

279
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Bitcoin doesn't have these kinds of risks inherently that they're scared about right now.

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Bitcoin doesn't have a board.

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Bitcoin doesn't have a CEO.

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Bitcoin doesn't have a market capture via complexity that allows them to milk customers.

283
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It's not how it works.

284
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There's no counter party risk with Bitcoin.

285
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Unless you hold it in a dumb exchange.

286
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But they haven't gotten there yet.

287
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I don't think they have felt enough pain to get there yet.

288
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And so the idiots out there continue to just trade Bitcoin like a tech stock.

289
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Bitcoin is off to a brutal start to the year and is now on track for its worst month since the crypto collapsed back in June of 2022.

290
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This would be Bitcoin's fifth straight monthly decline, the longest losing streak in eight years.

291
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So big question, is this a healthy reset for crypto or the start of a deeper downturn?

292
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And I've been wanting to talk with you about this for a long time.

293
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Because you're a bull about Bitcoin.

294
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Who's the expert?

295
00:21:32,356 --> 00:21:32,876
Do you have a guess?

296
00:21:32,936 --> 00:21:39,516
Before I let it go, who's the expert that the big money show, the big money show brings on to talk about Bitcoin?

297
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What do you make of the slide here?

298
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Is this reset, just a nice reset?

299
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Or is there something more fundamental going on?

300
00:21:46,176 --> 00:21:48,396
Well, I think if you just zoom out for a second, right?

301
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If it's not going to zero, Bitcoin is going to a million dollars at some point in the future.

302
00:21:51,856 --> 00:21:54,536
And I don't think that most people think Bitcoin is going to zero.

303
00:21:54,816 --> 00:21:57,616
And maybe a decade ago, that was a question.

304
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Now people may say it could go down a lot, but ain't going to go to zero.

305
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So I think that's first.

306
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The second thing is, I think Bitcoin really has two things that people look at.

307
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One is expected, is there's this kind of four-year cycle that people have gotten used to.

308
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And so there's a halving.

309
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Bitcoin runs up for about 18 months.

310
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It peaks.

311
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And then it has these really nasty drawdowns.

312
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And the drawdowns in the past have been 85%.

313
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Wall Street is not used to that.

314
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Wall Street, remember, the global financial crisis was a 50% drawdown.

315
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And I always remind people, Bitcoin has had a 50% drawdown approximately every 18 months for the last decade.

316
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So these people are used to the volatility.

317
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But when you see these numbers compared to stocks, you're like, oh, it's down 50%.

318
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That's a lot.

319
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The bigger thing, though, is Bitcoin, more so than any market in the world, is a forward-looking market.

320
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And so if you go back to why did Bitcoin run all summer long in 2025?

321
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I believe it's because a lot of people thought inflation was coming because of the tariffs.

322
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And so they said, well, if inflation is coming, just like I thought in 2020 inflation was coming, I'm going to go in and buy Bitcoin.

323
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So Bitcoin ran up.

324
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In Q3 and Q4, we realized that inflation is not coming.

325
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And so now the two biggest risks in the US economy, in my opinion, are deflation and

326
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the contracting liquidity globally.

327
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Those two things are a major headwind for asset prices.

328
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Bitcoin has been selling off for five months.

329
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Guess what's also been happening?

330
00:23:09,456 --> 00:23:12,216
Truflation's inflation metric has been selling off aggressively.

331
00:23:12,756 --> 00:23:15,356
So Truflation is a real-time alternative inflation metric.

332
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It uses 14 million data points from 40 different independent providers.

333
00:23:19,156 --> 00:23:25,636
it has in my opinion more accuracy than the bls's cpi metric and it went from three percent down to

334
00:23:25,636 --> 00:23:30,756
point six percent now what's interesting is truflation has a 97 correlation with a one

335
00:23:30,756 --> 00:23:35,416
month lag to bls and so my expectation is the cpi number is going to fall off a cliff here over the

336
00:23:35,416 --> 00:23:39,596
next 90 days or so and you're actually going to see inflation come down under two percent okay

337
00:23:39,596 --> 00:23:44,736
bitcoin was the alarm system so i think that's an interesting observation that's why i let it play

338
00:23:44,736 --> 00:23:52,616
I think what he's saying there is that the Bitcoin price decline has matched the true inflation decline for the most part.

339
00:23:52,876 --> 00:23:54,536
I think that is mostly true.

340
00:23:54,616 --> 00:23:55,856
I don't think it's 100 percent true.

341
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And it's an interesting idea.

342
00:23:57,256 --> 00:23:58,696
And he says there's a 90 day lag.

343
00:23:58,796 --> 00:24:03,816
So if his theory is correct, we should see it show up in the official Cook numbers from the federal government.

344
00:24:04,136 --> 00:24:07,396
I don't know about that, but I think it's, you know, it's something I hadn't heard.

345
00:24:07,656 --> 00:24:10,976
That clip, though, is a little brutal, right, because Bitcoin's up like seven percent.

346
00:24:11,116 --> 00:24:12,576
So he says it's a brutal sell off.

347
00:24:12,636 --> 00:24:13,196
Well, here we are.

348
00:24:13,196 --> 00:24:33,336
It's up 7%. It's up 7%. There's been a lot going on in this space. And I don't want to over-index on this, but I think I have to really demonstrate to you how much pressure, how much psychological warfare is almost going on right now.

349
00:24:33,336 --> 00:24:42,776
And there was the Citrini AI report. I'll just play a little bit of this clip that went out that really spooked people because it proposed a near future.

350
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Like I think it was the year 2028, if I recall, where we are essentially essentially in total economic collapse because of the AI industrial revolution.

351
00:24:51,736 --> 00:24:59,996
It was a hypothetical piece based on research, but it landed in the market, I guess, because their future forward looking.

352
00:25:00,116 --> 00:25:02,376
It landed in the market like a total bomb.

353
00:25:02,376 --> 00:25:08,036
Well, tell us a bit more about that timeline here. And what's the probability that this could actually come into fruition?

354
00:25:08,776 --> 00:25:18,876
The timeline we were seeking to just find a time period that is far enough away that ultimately we can start driving a conversation on what needs to be done to avoid such a timeline.

355
00:25:18,876 --> 00:25:30,436
The great thing is, unfortunately, it's in the video, the absolute masterclass in shoulder shrugging he's doing when he's talking about this, because I don't know if it comes across in his voice, but it's clear. It's like arbitrary day.

356
00:25:30,436 --> 00:25:39,096
I mean, like, if when I say that, so if you say, oh, I don't know, arbitrary date and you shrug like the most emote kind of IDK kind of shrug.

357
00:25:39,276 --> 00:25:41,956
He's doing that multiple times during his answer.

358
00:25:42,276 --> 00:25:43,076
Oh, IDK.

359
00:25:43,196 --> 00:25:45,736
You know, we just kind of picked a date that was sexy.

360
00:25:46,236 --> 00:25:53,016
Is far enough away that ultimately we can start start driving a conversation on what needs to be done to avoid such a timeline.

361
00:25:53,316 --> 00:25:56,476
But near enough that, you know, would would kind of shake people a little bit.

362
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And oh, they literally were trying to shake people.

363
00:25:59,716 --> 00:26:05,996
So they warn people about a ghost GDP scenario of an absolute economic wipeout.

364
00:26:05,996 --> 00:26:10,516
And ultimately, we do think it's going to take a while for this to diffuse through the entire economy.

365
00:26:10,936 --> 00:26:14,536
But it's more a question of, you know, what happens at the leading edge.

366
00:26:14,636 --> 00:26:19,576
I think especially in the U.S., the job market is just very weak for white collar jobs already.

367
00:26:20,156 --> 00:26:29,016
And so the thinking and the ultimate fear is that it's not going to take that much to sort of push things over when we haven't really generated any white collar jobs in the U.S. over the last three years.

368
00:26:29,016 --> 00:26:32,296
when you take out things like health care and education

369
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that are primarily driven by government spending.

370
00:26:34,536 --> 00:26:35,216
Is that the fear?

371
00:26:35,716 --> 00:26:40,776
Or is the fear that we have spent 30 years creating BS, do-nothing jobs

372
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that are basically adult daycare programs

373
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that have resulted in a bunch of entitled adults going around acting like grown-up children

374
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because they don't have serious jobs and serious responsibilities

375
00:26:50,396 --> 00:26:52,556
that could be replaced with an LLM?

376
00:26:53,076 --> 00:26:56,096
That's the only scenario in which I can accept this as a true statement.

377
00:26:56,096 --> 00:27:19,956
Right. That's the only scenario in which literally millions of jobs are at risk. If you if your job can be replaced by a large language model, then it was you were getting paid for daycare. I'm sorry, but that's how it goes. I just don't understand this. Sure, it's going to help people, but I just boy this. So this guy, this is a Trini folks. This is one of the authors here. He's the CIO.

378
00:27:19,956 --> 00:27:20,956
O.

379
00:27:20,956 --> 00:27:25,536
And so that's kind of the underlying thesis here is that there's going to be significant

380
00:27:25,536 --> 00:27:29,396
replacement of jobs with AI, specifically AI agents.

381
00:27:29,396 --> 00:27:33,156
Those things only really came into fruition in the last few months.

382
00:27:33,156 --> 00:27:46,473
And so as it comes through and shows up in the productivity of different corporations that when things are going to get a little more interesting and where we got to pay real attention All vague all hypothetical could be maybe And that why the sell has happened right

383
00:27:46,933 --> 00:27:53,913
But it's these vagaries and this uncertainty that is just exhausting. It's, oh, the tariffs are off.

384
00:27:53,973 --> 00:27:58,233
Oh, the tariffs are back on. Now it's 10%. Nope, it's going to be 15%. Oh, China's going to fight

385
00:27:58,233 --> 00:28:02,893
it again. We're going to fight it all over again. This on and off crap with the tariffs or this on

386
00:28:02,893 --> 00:28:09,433
off crap with every PR announcement from any AI company or even a dude who goes on social media

387
00:28:09,433 --> 00:28:14,693
and tells people that something big is happening, but they don't realize it yet, can actually move

388
00:28:14,693 --> 00:28:22,213
the largest financial market in the world right now. A viral post on Twitter can move the entire

389
00:28:22,213 --> 00:28:28,853
financial market or anthropic releasing a PR that their tool does something that they say that can do

390
00:28:28,853 --> 00:28:33,733
can devastate one of the oldest tech companies in the world in one day.

391
00:28:34,153 --> 00:28:38,733
So that's one reason why you don't need any kind of weird price suppression

392
00:28:38,733 --> 00:28:42,473
or price manipulation to have the Bitcoin price down again,

393
00:28:42,513 --> 00:28:45,873
because that's literally the environment in which it has to survive right now.

394
00:28:56,313 --> 00:28:58,573
Now, two things can be true at the same time.

395
00:28:58,573 --> 00:29:06,513
There can be natural market forces that we might not like that are suppressing the Bitcoin price.

396
00:29:06,873 --> 00:29:19,633
Last week, I floated the idea others have as well, that perhaps all of the excitement around digital asset treasury companies like Strategy and others may have diverted retail from Bitcoin into these stocks.

397
00:29:19,833 --> 00:29:21,673
And the case seems kind of solid.

398
00:29:21,733 --> 00:29:26,733
If you ask me, they could just open up the Robinhood or whatever their app is that they use to buy stocks.

399
00:29:26,733 --> 00:29:31,093
They don't have to have a weird Coinbase account or anything like that that was weird and skeevy.

400
00:29:31,233 --> 00:29:33,233
They can just use the app they already have.

401
00:29:33,293 --> 00:29:34,873
They can use the damn cash app if they want.

402
00:29:35,573 --> 00:29:37,813
And they essentially get exposure to the Bitcoin price action.

403
00:29:38,213 --> 00:29:42,333
And if they're doing that, they probably would never bought into the Bitcoin thesis to begin with.

404
00:29:42,353 --> 00:29:52,633
So it seemed possible that digital asset companies, like Strategy, could have diverted retail attention from Bitcoin into Bitcoin derivative products.

405
00:29:53,213 --> 00:29:54,473
Sure, OK, that's one theory.

406
00:29:55,093 --> 00:29:58,253
Natalie Brunel sat down with Saylor on CoinStories this week.

407
00:29:58,593 --> 00:29:59,653
I'll link it in the show notes.

408
00:30:00,313 --> 00:30:04,273
And he suggested perhaps something else is pushing the price of Bitcoin down.

409
00:30:04,433 --> 00:30:09,333
And it ain't digital asset treasury companies, of course, he would say, since he has the largest.

410
00:30:09,333 --> 00:30:16,893
And it's not necessarily a shadow group that are meeting in a secret signal chat to front run the market,

411
00:30:17,033 --> 00:30:22,493
but something much more ordinary and much more common and much more disappointing.

412
00:30:22,493 --> 00:30:26,013
and that is re-hypothecated Bitcoin.

413
00:30:26,513 --> 00:30:30,493
Now, there's a third place you can get credit.

414
00:30:31,053 --> 00:30:34,073
And the third place is you go to a crypto exchange

415
00:30:34,073 --> 00:30:35,753
or an OTC exchange

416
00:30:35,753 --> 00:30:38,873
and they'll oftentimes give you a loan at 4%

417
00:30:38,873 --> 00:30:42,433
or 3% or 5% or 2%.

418
00:30:42,433 --> 00:30:46,553
I've had people offer me Bitcoin-backed credit

419
00:30:46,553 --> 00:30:50,613
at 1% or 0%.

420
00:30:50,613 --> 00:30:52,393
What's the catch, Natalie?

421
00:30:52,493 --> 00:30:53,813
Right. That's the question.

422
00:30:53,913 --> 00:30:59,553
There's always the catch is they want me to transfer the Bitcoin to them so they can rehypothecate it.

423
00:30:59,713 --> 00:30:59,853
Right.

424
00:31:00,293 --> 00:31:14,733
So if you have $10 million, you either cannot get a loan from a legitimate bank or you can get a small loan at a 10 percent interest rate or you can get a three or four percent loan.

425
00:31:14,733 --> 00:31:16,473
but then it gets rehypothecated.

426
00:31:16,593 --> 00:31:19,533
So your $10 million of Bitcoin gets sold once,

427
00:31:20,233 --> 00:31:22,913
gets sold twice, gets sold three times.

428
00:31:23,293 --> 00:31:28,493
You might actually create 30 or $40 million worth of selling

429
00:31:28,493 --> 00:31:31,493
because the Bitcoin that you posted

430
00:31:31,493 --> 00:31:34,953
that you transferred to the shadow bank

431
00:31:34,953 --> 00:31:38,753
or the crypto exchange rehypothecated it three times.

432
00:31:39,493 --> 00:31:41,553
Okay, so what's holding down the price?

433
00:31:41,553 --> 00:31:44,393
I think what holds down the price of the asset

434
00:31:44,393 --> 00:31:54,333
is the lack of a fully formed non-rehypothecating credit system, right? And there's a limit to how

435
00:31:54,333 --> 00:32:01,293
much you can rehypothecate certain other assets, right? When you post your home as collateral for

436
00:32:01,293 --> 00:32:08,113
a mortgage, the bank doesn't turn around and sell the house on your street 10 times. If they did,

437
00:32:08,113 --> 00:32:11,453
the price of houses on your street would be lower, right?

438
00:32:11,853 --> 00:32:15,853
So I think that the lack of a fully formed banking system

439
00:32:15,853 --> 00:32:17,633
holds the price back.

440
00:32:18,533 --> 00:32:20,913
The existence of rehypothecation

441
00:32:20,913 --> 00:32:23,993
and the crypto economy damps the vol.

442
00:32:24,413 --> 00:32:26,233
It works to both sides, right?

443
00:32:26,293 --> 00:32:27,933
When people want to get short,

444
00:32:28,013 --> 00:32:31,213
they might get short 50X leverage.

445
00:32:31,433 --> 00:32:32,833
When they want to get long,

446
00:32:32,913 --> 00:32:35,833
they might get long 50X leverage.

447
00:32:35,833 --> 00:32:43,693
So right now we're in that bear market where you've got the rehypothecation holding back the price.

448
00:32:44,333 --> 00:32:47,473
And I think at some point it reverses itself.

449
00:32:47,713 --> 00:32:49,273
We'll just have to wait.

450
00:32:49,913 --> 00:32:54,473
The reason why I play this clip is because the theme of this episode could be kind of probably summed up pretty simply.

451
00:32:54,473 --> 00:33:06,173
There can be things that pull and hold the price down that we might hate to see that are actual just natural functions of the market mixed with supply and demand dynamics.

452
00:33:06,433 --> 00:33:09,033
And of course, secret signal chats.

453
00:33:09,573 --> 00:33:10,353
But you know what I mean, right?

454
00:33:10,413 --> 00:33:20,093
If the supply side dynamics are such that there's not enough people buying the supply, then these things have a dampening suppressive effect.

455
00:33:20,093 --> 00:33:26,213
if there are more buyers than the market can accommodate, these things don't tend to really

456
00:33:26,213 --> 00:33:29,973
have much of a suppressive effect. And we don't seem to really dig around looking for price

457
00:33:29,973 --> 00:33:34,853
suppression. It'd be nice. And I think what Saylor is saying is if there was a more formal

458
00:33:34,853 --> 00:33:41,453
structure, different types of loan products, perhaps, perhaps, perhaps one that strategy

459
00:33:41,453 --> 00:33:46,113
could offer, who knows? Although I do have some strike news coming up for you. But I think that's

460
00:33:46,113 --> 00:33:51,833
where Saylor sees things going, is if you have a more robust banking system, then perhaps

461
00:33:51,833 --> 00:33:56,993
you reduce the rehypothecation, where when you go and you put your Bitcoin on a lender,

462
00:33:57,613 --> 00:33:59,693
they are lending it out on the back end.

463
00:34:00,353 --> 00:34:02,793
And it's always worth checking to see if your lender does that or not.

464
00:34:03,213 --> 00:34:05,293
And he says it's rehypothecation.

465
00:34:05,433 --> 00:34:07,073
But I say, what say you?

466
00:34:08,133 --> 00:34:12,773
I want to get this down because I feel like this AI stuff is stupid and getting out of

467
00:34:12,773 --> 00:34:13,013
hand.

468
00:34:13,013 --> 00:34:16,493
There's so much noise that we need to create a little signal here.

469
00:34:16,593 --> 00:34:18,673
So I want you to boost into the show.

470
00:34:18,833 --> 00:34:22,633
Is AI impacting your job right now?

471
00:34:23,333 --> 00:34:23,893
Your job.

472
00:34:24,233 --> 00:34:26,893
And be honest, is AI actually changing your job today?

473
00:34:27,053 --> 00:34:28,033
Or is it hype?

474
00:34:28,273 --> 00:34:29,713
Is it not even hitting your workplace?

475
00:34:30,713 --> 00:34:35,053
I want to compare what you're saying to what all the media reports are saying.

476
00:34:35,373 --> 00:34:38,413
And see what our community is seeing in the real world.

477
00:34:38,833 --> 00:34:41,273
Is AI impacting your job right now?

478
00:34:41,653 --> 00:34:42,613
If so, how?

479
00:34:43,013 --> 00:34:43,993
Or not at all.

480
00:34:44,193 --> 00:34:46,433
Boost in and tell me, let's just get this done with.

481
00:34:46,613 --> 00:34:50,633
Because I'm not sure where reality really is anymore with this topic.

482
00:34:51,413 --> 00:34:54,073
So boost in and tell me if it's impacting you right now.

483
00:34:54,413 --> 00:34:56,713
And I will read that on the next episode.

484
00:35:13,013 --> 00:35:18,333
Well, you can support the show just by doing what you do.

485
00:35:18,393 --> 00:35:21,273
If you want to buy Sats on River, one of the best places in the U.S.,

486
00:35:21,273 --> 00:35:22,593
use the link in the show notes.

487
00:35:23,133 --> 00:35:26,393
If you're all about self-custody and you want to go to and from your own wallets

488
00:35:26,393 --> 00:35:29,173
where it's never on their system, that's the Bitcoin Well.

489
00:35:29,533 --> 00:35:31,093
They're available in the U.S. and Canada.

490
00:35:31,453 --> 00:35:35,013
The Bitcoin company goes from Sats to gift card in just seconds.

491
00:35:35,133 --> 00:35:36,753
Probably going to be using that on the road trip soon.

492
00:35:37,113 --> 00:35:40,893
The Fold Card lets you stack Sats while you're paying bills and buying stuff day to day.

493
00:35:40,893 --> 00:35:45,773
and then Salt Lending, they let you get access to your Bitcoin value without having to sell it.

494
00:35:45,913 --> 00:35:48,173
Links to all of those are in the show notes.

495
00:35:48,253 --> 00:35:49,453
You use those if you want to get started.

496
00:35:49,573 --> 00:35:51,173
You support the show just by doing what you're doing.

497
00:35:51,513 --> 00:35:55,853
Of course, we've also got the membership and the boosts and a lot more show coming up.

498
00:35:55,853 --> 00:36:15,733
and now it is time for le boost oh let's do it the fun shall now commence fun will now commence

499
00:36:15,733 --> 00:36:25,193
let's get into our first boost lili lili lili came in with a row of mcducks that's 22 222 sets

500
00:36:25,193 --> 00:36:55,173
Things are looking up for old McDuck.

501
00:36:55,193 --> 00:37:03,373
Your timeframes are right in what is landing news-wise, but probably not right in terms of money-wise, is my estimation.

502
00:37:04,193 --> 00:37:11,813
The net effect is asset owners often still end up paying their Bitcoin or selling their Bitcoin to help pay their taxes.

503
00:37:11,953 --> 00:37:12,893
Maybe different this year.

504
00:37:13,213 --> 00:37:16,753
I'd like to see that change, especially with the strike product I'm about to talk about.

505
00:37:16,753 --> 00:37:21,513
But that does tend to be an issue around tax time, as Bitcoin has tended to be a little soft.

506
00:37:21,513 --> 00:37:28,733
because people are cashing out of a scarce digital asset of generational wealth

507
00:37:28,733 --> 00:37:30,773
so that way they can pay their yearly tax bill.

508
00:37:31,352 --> 00:37:32,973
And it sucks, man. It sucks real bad.

509
00:37:33,533 --> 00:37:39,373
As far as the Fed stuff, I think that's more likely to cause volatility at first than it is PAMP.

510
00:37:39,852 --> 00:37:44,073
And the first rate decision isn't, I believe, until a month after he's been in there.

511
00:37:44,333 --> 00:37:48,833
However, that said, if Warsh were to get out ahead of that and start talking very dovish

512
00:37:48,833 --> 00:37:51,113
and start signaling to the market what he intends to do,

513
00:37:51,393 --> 00:37:52,993
I think that would dampen the volatility.

514
00:37:53,453 --> 00:37:55,053
However, I think that'd probably be looked at

515
00:37:55,053 --> 00:37:57,613
as stepping on JPOW and considered,

516
00:37:57,733 --> 00:37:59,893
you know, probably uncouth, but I'm not sure.

517
00:38:00,733 --> 00:38:01,553
Also, Clarity.

518
00:38:01,673 --> 00:38:02,713
I think we'll know by April.

519
00:38:04,013 --> 00:38:06,233
I wish Clarity didn't have an impact on Bitcoin.

520
00:38:06,833 --> 00:38:08,693
It really pisses me off that it does

521
00:38:08,693 --> 00:38:11,393
because the bill itself really has nothing to do with Bitcoin.

522
00:38:11,993 --> 00:38:15,613
But for the investment class, they're waiting on that.

523
00:38:15,613 --> 00:38:20,793
And I think that will be a beginning of an unrolling of funding.

524
00:38:20,953 --> 00:38:22,373
I don't think it'll be like a floodgate.

525
00:38:23,013 --> 00:38:24,373
That's just from my experience.

526
00:38:24,613 --> 00:38:26,053
That's just my gut feeling there.

527
00:38:26,173 --> 00:38:27,833
Thanks, Lee, Lee, Lee, Lee, Lee.

528
00:38:27,933 --> 00:38:29,673
Appreciate that, McBoost.

529
00:38:29,773 --> 00:38:31,473
This old duck still got it.

530
00:38:31,833 --> 00:38:33,473
And thanks for supporting the show.

531
00:38:34,033 --> 00:38:38,293
User 303 came in with 21,420 sats.

532
00:38:39,393 --> 00:38:42,352
Now, user, if you want to update your name and your profile

533
00:38:42,352 --> 00:38:45,273
and come back in with a boost to tell me who you are,

534
00:38:45,613 --> 00:38:48,133
Totally, totally love that.

535
00:38:48,193 --> 00:38:50,593
You don't even have to do the above 2000 if you don't want.

536
00:38:50,913 --> 00:38:52,073
Rock and roll.

537
00:38:52,433 --> 00:38:52,813
Hi, Chris.

538
00:38:52,873 --> 00:38:58,093
On your last episode, you mentioned being open to attending a Bitcoin meetup, if it's relatively close.

539
00:38:58,093 --> 00:39:02,473
So I want to invite you to Bitcoin is for everyone in Portland, Oregon.

540
00:39:02,973 --> 00:39:05,293
It's on May 22nd to the 23rd.

541
00:39:05,373 --> 00:39:11,973
I'm a volunteer at the event, which features workshops on day one and a main stage with talks on day two.

542
00:39:11,973 --> 00:39:23,733
Tickets are available at BitcoinIsForEveryone.com with an early bird special until February 28th, plus a 21% discount with the code NosterInsider.

543
00:39:23,973 --> 00:39:25,173
I'd love to see you there.

544
00:39:25,613 --> 00:39:27,613
Hey, this is really cool.

545
00:39:28,253 --> 00:39:29,953
Man, I think I could try to make that work.

546
00:39:30,953 --> 00:39:37,233
I have to see how if I can if I can link it in with my plans to go to Texas, which maybe I can.

547
00:39:37,293 --> 00:39:37,673
I'm not sure.

548
00:39:38,073 --> 00:39:40,933
And depending on when Red Hat Summit is, I might be able to make that work.

549
00:39:40,933 --> 00:39:41,513
User 30.

550
00:39:41,973 --> 00:39:43,293
Thank you for boosting that in.

551
00:39:43,373 --> 00:39:44,293
Bitcoin for everyone.

552
00:39:44,453 --> 00:39:46,873
Bitcoin is for everyone.com.

553
00:39:47,013 --> 00:39:52,173
And again, the early bird special to get 21% discount is Noster Insider.

554
00:39:52,893 --> 00:39:53,713
That's pretty cool.

555
00:39:53,833 --> 00:39:55,593
May 22nd to the 23rd.

556
00:39:55,873 --> 00:39:57,133
Thank you for boosting that in.

557
00:39:57,813 --> 00:39:58,533
Blanket invitation.

558
00:39:58,633 --> 00:40:00,033
Anybody let me know about Bitcoin events.

559
00:40:00,813 --> 00:40:02,293
Use this space to promote your event.

560
00:40:02,733 --> 00:40:03,973
I think that's a great little exchange of value.

561
00:40:04,733 --> 00:40:08,333
OB is here with 21,420 sats.

562
00:40:11,973 --> 00:40:15,173
Thanks for the BIP 110 rundown.

563
00:40:15,253 --> 00:40:15,593
It's funny.

564
00:40:15,813 --> 00:40:19,213
The bankless guys are responsible for me selling my ETH and going Bitcoin only.

565
00:40:19,513 --> 00:40:24,313
I was trying to understand the industry and their promotions of garbage taught me a valuable lesson.

566
00:40:24,733 --> 00:40:26,153
Taught me a valuable lesson, too.

567
00:40:26,293 --> 00:40:27,133
Watching from afar.

568
00:40:27,352 --> 00:40:28,693
Don't ever do that.

569
00:40:30,833 --> 00:40:31,633
Thanks, OB.

570
00:40:31,953 --> 00:40:32,953
Appreciate the boost.

571
00:40:33,513 --> 00:40:37,793
Marist February comes in with 21,021 sats.

572
00:40:37,893 --> 00:40:39,073
Oh, I think he's going for it.

573
00:40:39,073 --> 00:40:41,352
21 gigawatts!

574
00:40:41,352 --> 00:40:42,133
There you go.

575
00:40:42,533 --> 00:40:43,993
Agree with your take on BIP 110.

576
00:40:44,513 --> 00:40:47,413
Enjoy the compilation of clips and, oh, I enjoy them,

577
00:40:47,493 --> 00:40:48,733
and I particularly enjoy your comments.

578
00:40:48,793 --> 00:40:49,413
Well, thank you.

579
00:40:49,733 --> 00:40:52,733
I am here to serve, and I hope you do enjoy.

580
00:40:52,993 --> 00:40:54,852
You're doing very well.

581
00:40:55,873 --> 00:40:58,633
Muy Frio comes in with 12,000 sats.

582
00:40:59,333 --> 00:41:01,273
That's, okay, oh, across two booths.

583
00:41:01,293 --> 00:41:02,673
All right, all right, I got you.

584
00:41:03,373 --> 00:41:07,213
And cheap food and Doritos and Coke decreasing in prices

585
00:41:07,213 --> 00:41:10,753
seem to be evidence of government subsidizing illegal benefits

586
00:41:10,753 --> 00:41:12,613
were causing prices to go up.

587
00:41:13,413 --> 00:41:14,613
Interesting observation.

588
00:41:16,352 --> 00:41:18,253
Thank you very much, Miro.

589
00:41:18,713 --> 00:41:19,373
Appreciate that.

590
00:41:19,693 --> 00:41:22,953
One doll geeks here with 10,110 sats.

591
00:41:23,113 --> 00:41:35,509
It over 9 I am running BIP and you made an argument against it that made me reconsider The argument was that BIP changes Bitcoin because it allows the minority to force their opinion on the majority

592
00:41:36,169 --> 00:41:38,669
After thinking about it, I don't come to the same conclusion.

593
00:41:39,089 --> 00:41:44,929
I don't think BIP-110 changes anything with respect to this risk, and opposing BIP-110 doesn't mitigate that risk.

594
00:41:44,929 --> 00:41:47,549
This is a feature of the Nakamoto consensus that exists today.

595
00:41:47,829 --> 00:41:54,709
Okay, so your message got cut off at part here, but I'm curious what you mean if, say, 10% to 12% of the hash rates only required,

596
00:41:54,809 --> 00:41:55,689
to enforce the fork.

597
00:41:57,189 --> 00:41:58,829
If you wouldn't mind following up on that one,

598
00:41:58,869 --> 00:42:01,029
dull geek, I like that line of conversation.

599
00:42:01,269 --> 00:42:02,989
It's at least it's an alternative opinion

600
00:42:02,989 --> 00:42:05,209
that I appreciate somebody being willing to send in.

601
00:42:05,629 --> 00:42:07,269
So I'd love to hear follow up on that.

602
00:42:07,409 --> 00:42:07,989
Thank you very much.

603
00:42:08,709 --> 00:42:12,029
Nakamoto 6102 is here with 3,500 cents.

604
00:42:13,029 --> 00:42:15,869
The majority of money will not leave banks

605
00:42:15,869 --> 00:42:18,269
for 3% yield on stable coins.

606
00:42:18,729 --> 00:42:20,869
Wouldn't they just be giving up FDIC insurance too?

607
00:42:21,289 --> 00:42:23,089
I don't think 3% is worth that risk.

608
00:42:23,289 --> 00:42:23,949
Thanks for the value.

609
00:42:23,949 --> 00:42:26,469
Nakamoto right there with your brother.

610
00:42:26,929 --> 00:42:28,529
I mean, especially, I don't know.

611
00:42:29,169 --> 00:42:29,569
Yeah.

612
00:42:30,609 --> 00:42:36,029
Unless they can have FDIC insurance, I don't think a lot of typical consumers are going to want to move.

613
00:42:36,789 --> 00:42:41,889
Especially for what is essentially a tech company that could have a run on the bank.

614
00:42:42,589 --> 00:42:43,509
Very possibly.

615
00:42:43,929 --> 00:42:44,329
Right.

616
00:42:44,509 --> 00:42:46,789
It's like the very thing FDIC insurance is there to protect for.

617
00:42:46,969 --> 00:42:47,789
That's a great point.

618
00:42:49,109 --> 00:42:50,189
Thank you for the boost.

619
00:42:50,669 --> 00:42:51,709
I appreciate that.

620
00:42:51,709 --> 00:42:53,789
You make me want to be a better man.

621
00:42:53,949 --> 00:42:57,229
Sloppy Joe's here with 4,600 sats.

622
00:42:58,349 --> 00:43:07,409
I always thought people in the Bitcoin space were really interesting because to really understand it, you need adequate knowledge of economics, history, game theory, computer science and networking.

623
00:43:07,869 --> 00:43:09,829
So, Chris, can you tell us a bit about your background?

624
00:43:10,309 --> 00:43:14,429
I'm guessing you're a software engineer by trade, but you have a solid grasp on macroeconomics, too.

625
00:43:14,609 --> 00:43:15,889
How did you get to where you are?

626
00:43:15,889 --> 00:43:20,989
Not a software engineer, per se, but I guess I would call myself a systems engineer for sure.

627
00:43:20,989 --> 00:43:28,269
I spent over 10 years heads down working very, very hard in the tech industry and kind of getting a fundamental understanding of all of that.

628
00:43:28,569 --> 00:43:32,949
Then after the 2008 financial collapse, I almost lost everything.

629
00:43:33,269 --> 00:43:41,709
And it was rough because of a house situation I was in the middle of where we were attempting to sell the studio that I'm sitting in right now, which, by the way, we didn't sell.

630
00:43:42,149 --> 00:43:42,689
Spoiler.

631
00:43:43,069 --> 00:43:44,369
And building a new home.

632
00:43:44,809 --> 00:43:46,869
And the credit market was collapsing.

633
00:43:47,489 --> 00:43:50,569
And it became really, really scary there for a little bit.

634
00:43:50,989 --> 00:43:55,889
And he realized at that moment that my blissful ignorance had cost me greatly.

635
00:43:56,109 --> 00:44:07,829
And that if I had been paying even just a little bit of attention to the news and the macroeconomic news, I would have realized what was going on in the mortgage market and would not have put myself in that position.

636
00:44:08,049 --> 00:44:08,709
But I hadn't been.

637
00:44:09,089 --> 00:44:13,949
I had just decided to not pay attention to that because I had plenty of things to care about.

638
00:44:14,289 --> 00:44:19,769
And I realized that that isn't how it works, especially when it comes to protecting your future and your investments.

639
00:44:19,769 --> 00:44:35,709
And then, you know, Bitcoin is a fantastic teacher. Through the lens of Bitcoin, you learn so much. I don't know if I ever could have understood the money creation process in the United States if I didn't have something to view it from outside the system with.

640
00:44:35,709 --> 00:44:45,469
And Bitcoin gave me that lens to understand, to look back at the thing that I'd always existed in and actually understand for the first time how it operates.

641
00:44:45,709 --> 00:44:56,189
And once I understood how the financial system operates and how the markets work, so much of what goes on in our day-to-day life started to make sense.

642
00:44:56,189 --> 00:45:04,469
So much of what people contribute to wild smoke room filled conspiracies can actually be attributed to market dynamics and pressures.

643
00:45:04,469 --> 00:45:06,629
and the macroeconomic situation.

644
00:45:07,009 --> 00:45:09,809
And it is the unlock to understanding

645
00:45:09,809 --> 00:45:11,289
what is really going on

646
00:45:11,289 --> 00:45:13,809
in so many aspects of our day-to-day lives

647
00:45:13,809 --> 00:45:16,449
and the incentives and things that motivate

648
00:45:16,449 --> 00:45:20,049
the Congress critters and even our local politicians,

649
00:45:20,509 --> 00:45:22,009
and I mean all around the world.

650
00:45:22,169 --> 00:45:24,489
And once I understood that unlock,

651
00:45:24,809 --> 00:45:27,289
it became a passion of mine to follow it pretty heavily.

652
00:45:27,649 --> 00:45:30,229
Then I had the opportunity to meet the Bitcoin dad,

653
00:45:30,409 --> 00:45:31,929
who is an economic genius,

654
00:45:32,329 --> 00:45:33,469
and I learned a bunch from him

655
00:45:33,469 --> 00:45:35,529
and was able to view the world through his lens

656
00:45:35,529 --> 00:45:37,649
and continue to study Bitcoin more

657
00:45:37,649 --> 00:45:40,709
and just appreciate it more as a macroeconomic instrument.

658
00:45:40,869 --> 00:45:43,049
And that's really when my passion for Bitcoin went from,

659
00:45:43,149 --> 00:45:44,069
it's a cool technology

660
00:45:44,069 --> 00:45:46,049
and I really like the distributed P2P network,

661
00:45:46,249 --> 00:45:47,909
which is originally what got me into Bitcoin,

662
00:45:48,289 --> 00:45:50,989
was mining and the network

663
00:45:50,989 --> 00:45:55,189
and the way, just the technical aspects of Bitcoin

664
00:45:55,189 --> 00:45:59,449
and just the elegant simplicity and beauty of the white paper.

665
00:45:59,949 --> 00:46:03,189
And then after that, that sustained me for many years,

666
00:46:03,189 --> 00:46:07,769
But my interest faded because it was a technology and a lot of other altcoins came out and it just got really frustrating.

667
00:46:08,209 --> 00:46:16,169
But then when I began to understand macroeconomics again later on and then re-picked up Bitcoin, you know, many years ago from that perspective.

668
00:46:16,789 --> 00:46:20,369
Well, it just became to me obvious math where this this one's going.

669
00:46:20,509 --> 00:46:22,789
And then it's just a matter of how much patience do I have to write it out.

670
00:46:23,509 --> 00:46:26,409
And I don't know if I just I really got on a tangent there, Sloppy Joe.

671
00:46:26,469 --> 00:46:27,589
I hope I answered your question.

672
00:46:27,589 --> 00:46:33,949
10 gold blooms out of a possible 10 gold blooms.

673
00:46:34,069 --> 00:46:35,349
But there you go.

674
00:46:35,689 --> 00:46:37,169
I hope that helps a little bit.

675
00:46:37,289 --> 00:46:39,349
And if I didn't, feel free to send a follow.

676
00:46:40,209 --> 00:46:43,909
PJ's here with 4,444 sats.

677
00:46:48,769 --> 00:46:51,309
Great show as always, but I have an ask.

678
00:46:51,429 --> 00:46:54,109
Could you add your questions to the audience, to the show notes?

679
00:46:54,569 --> 00:46:56,429
By the time I boost, the show's over.

680
00:46:56,429 --> 00:46:57,509
and by the time I want to boost,

681
00:46:57,569 --> 00:46:58,489
the show's over and I've forgotten.

682
00:46:59,149 --> 00:47:00,789
Oh, and he also sent a row of ducks

683
00:47:00,789 --> 00:47:01,969
to our song artist.

684
00:47:02,049 --> 00:47:02,489
Thank you, PJ.

685
00:47:02,809 --> 00:47:03,249
That's great.

686
00:47:04,189 --> 00:47:05,189
That's a good question.

687
00:47:05,409 --> 00:47:06,449
I hadn't thought about that.

688
00:47:07,269 --> 00:47:07,489
Hmm.

689
00:47:07,609 --> 00:47:08,849
It's really, now it's a process

690
00:47:08,849 --> 00:47:10,369
of me trying to remember after the show.

691
00:47:10,569 --> 00:47:11,709
Who remembers first?

692
00:47:12,169 --> 00:47:13,089
I will try to remember

693
00:47:13,089 --> 00:47:14,329
to add that to the show notes.

694
00:47:14,369 --> 00:47:15,569
Not a big deal at all, actually.

695
00:47:16,109 --> 00:47:16,849
It's more of, you know,

696
00:47:16,849 --> 00:47:18,769
I've been doing this for 94 episodes

697
00:47:18,769 --> 00:47:19,649
and now I have a habit

698
00:47:19,649 --> 00:47:20,469
of how I do the show notes.

699
00:47:21,469 --> 00:47:22,429
But I will try to remember.

700
00:47:22,509 --> 00:47:23,209
I like that idea

701
00:47:23,209 --> 00:47:24,389
because I would like more people

702
00:47:24,389 --> 00:47:25,249
to boost in and answer,

703
00:47:25,329 --> 00:47:26,409
especially this week's question.

704
00:47:26,909 --> 00:47:29,869
I deeply want people to answer this week's question.

705
00:47:30,009 --> 00:47:31,489
Is AI impacting your job?

706
00:47:31,849 --> 00:47:32,869
Yes, no, how?

707
00:47:33,129 --> 00:47:35,149
Please help me understand what's going on out there.

708
00:47:35,589 --> 00:47:37,869
And I will try to remember to put that in the show notes.

709
00:47:37,949 --> 00:47:38,429
Thank you, PJ.

710
00:47:38,829 --> 00:47:39,649
It's always good to hear from you.

711
00:47:39,649 --> 00:47:42,009
I hope to see you very soon on the way down to scale.

712
00:47:42,849 --> 00:47:46,749
HODL HODL is coming in with 12,345 sets.

713
00:47:46,849 --> 00:47:47,849
That's a Spaceballs boost.

714
00:47:48,109 --> 00:47:52,169
So the combination is one, two, three, four, five.

715
00:47:52,569 --> 00:47:52,869
Yes.

716
00:47:52,989 --> 00:47:53,589
That's amazing.

717
00:47:53,689 --> 00:47:55,349
I've got the same combination on my luggage.

718
00:47:55,349 --> 00:48:22,409
Great show as always. I think you should start using a soundbite from Fleetwood Mac's The Chain whenever you play a highly regarded clip from Mr. Wonderful. I enjoy laughing at his far left curve takes and it's a great song. It might help these institutions learn that you would never break the chain. Oh, never break the chain. I got you. Yeah, I got you. Of course, it's going to get me in trouble.

719
00:48:25,349 --> 00:48:27,989
You know, I'm not allowed to play that.

720
00:48:28,869 --> 00:48:35,669
So I like the idea, but, you know, we'll have to come up with maybe a karaoke version or something.

721
00:48:36,049 --> 00:48:36,829
Thanks, Hot Hala.

722
00:48:37,469 --> 00:48:40,109
Appreciate the Spaceballs boost.

723
00:48:40,749 --> 00:48:42,209
The hell was that?

724
00:48:42,529 --> 00:48:43,509
Spaceball 1.

725
00:48:43,949 --> 00:48:45,649
They've gone to plaid.

726
00:48:46,569 --> 00:48:48,009
All right, we got Gene Bean.

727
00:48:48,009 --> 00:48:51,009
He's back with 2,267 sats.

728
00:48:51,129 --> 00:48:53,309
Oh, my God, this drawer is filled with fruit loops.

729
00:48:54,129 --> 00:48:57,889
The BIP 110 stuff makes me sick, and it's why I returned to CORE a while back.

730
00:48:58,109 --> 00:48:58,689
Here's a question.

731
00:48:59,269 --> 00:49:02,349
Where are Jack Maulers, Jack Dorsey, and Michael Saylor on this?

732
00:49:02,689 --> 00:49:05,649
Can they not help counter this stupidity with their reach and influence?

733
00:49:06,149 --> 00:49:07,329
What about other treasury companies?

734
00:49:07,829 --> 00:49:08,989
Don't they have a vested interest?

735
00:49:09,389 --> 00:49:10,349
Don't they have big microphones?

736
00:49:10,789 --> 00:49:11,729
Good questions, Gene.

737
00:49:11,989 --> 00:49:16,669
So we did see Saylor kind of address it in his interview with Natalie Brunel.

738
00:49:16,929 --> 00:49:20,349
He talked about a little bit more broadly about people that are all gung-ho to make these changes.

739
00:49:20,889 --> 00:49:23,029
But it seemed pretty clear he was talking about some of this.

740
00:49:23,309 --> 00:49:41,969
I think the better question, I would love to hear Jack's opinion on it, but I don't know how much of this, although Jack's company gets screwed. If BIP-110 were actually going to full effect and we had the fork, Lightning would just be so wrecked. So many Lightning transactions would get rugged. So it would probably really screw up Strike's business.

741
00:49:41,969 --> 00:49:47,049
But the one I would like to hear from is Jack Dorsey because he's funded Ocean.

742
00:49:47,649 --> 00:49:53,929
And Ocean, unfortunately, who I have had a lot of respect for until this, would be some of the top beneficiaries from this.

743
00:49:54,609 --> 00:49:57,029
Luke, Dasher, and Mechanic, they work for Ocean.

744
00:49:57,849 --> 00:50:05,589
And where do you think the mining centralization, where do you think they're going to get enough mining hash power to actually implement this?

745
00:50:06,049 --> 00:50:07,349
It's going to be from Ocean.

746
00:50:08,129 --> 00:50:09,949
There's no coincidence here.

747
00:50:09,949 --> 00:50:11,409
And then who runs Knott's?

748
00:50:11,409 --> 00:50:29,549
Oh, right. It's Luke. So Knotts is the way they enforce BIP-110 and implement it. And Ocean will be the way they have the hash power. And in both scenarios, you essentially end up with Luke running the Bitcoin network now. Huh. Wonder how that works.

749
00:50:29,549 --> 00:50:33,429
So, yeah, I would love to hear Dorsey's take on that because he's funding this.

750
00:50:33,769 --> 00:50:35,969
So be good to hear what he has to think about it.

751
00:50:36,349 --> 00:50:41,849
And I would love to hear a few more people come out because the people that do come out have been brutally attacked, brutally attacked.

752
00:50:42,509 --> 00:50:43,509
Why do you hate Bitcoin?

753
00:50:43,669 --> 00:50:44,849
Why do you like child pornography?

754
00:50:45,689 --> 00:50:50,729
And then and then also criticize for not technically understanding what's going on, which is particularly ironic.

755
00:50:50,929 --> 00:50:52,889
So it's I hope they do, Gene.

756
00:50:52,929 --> 00:50:54,369
And I think maybe a September approaches.

757
00:50:54,689 --> 00:50:56,269
A few more folks might wake up.

758
00:50:56,589 --> 00:50:57,129
Good question.

759
00:50:57,329 --> 00:50:58,269
It's always good to hear from you, too.

760
00:50:58,629 --> 00:50:59,569
Wish we were going to see it scale.

761
00:51:00,049 --> 00:51:01,729
Ace Ackerman's here with a row of ducks.

762
00:51:03,509 --> 00:51:06,409
BIP-110 is unnecessary and could lead to censorship.

763
00:51:06,649 --> 00:51:06,769
Yep.

764
00:51:07,389 --> 00:51:07,589
Yep.

765
00:51:08,049 --> 00:51:08,309
Yep.

766
00:51:08,589 --> 00:51:09,029
Yep.

767
00:51:09,569 --> 00:51:09,949
Agreed.

768
00:51:09,949 --> 00:51:15,249
The market should be allowed to determine what Bitcoin is best and suitable for which is a store of value and money.

769
00:51:15,649 --> 00:51:17,089
Crater has gone off the deep end.

770
00:51:17,349 --> 00:51:18,429
Stop running knots as well.

771
00:51:18,669 --> 00:51:19,089
You did, huh?

772
00:51:19,569 --> 00:51:20,789
Well, the market already has, Ace.

773
00:51:21,129 --> 00:51:22,949
It's clear in the Core 30 adoption.

774
00:51:23,209 --> 00:51:25,069
It's clear in the prediction markets.

775
00:51:25,189 --> 00:51:26,529
It's clear by the miners.

776
00:51:26,529 --> 00:51:28,809
None of them are doing any of it.

777
00:51:29,249 --> 00:51:30,669
So the market has already decided.

778
00:51:30,769 --> 00:51:33,989
So that's why it's extremely clever that they've come up a way where they don't really need the market.

779
00:51:34,169 --> 00:51:35,369
They just need part of the market.

780
00:51:35,669 --> 00:51:37,909
And you can always find a few radicals.

781
00:51:38,109 --> 00:51:45,469
Or you can always scare people with talks of child porn and find people that want to cover their own ass and have a lawyer breathing down their neck.

782
00:51:46,009 --> 00:51:47,489
So I think that's the strategy, Ace.

783
00:51:47,789 --> 00:51:48,469
And I don't like it.

784
00:51:49,129 --> 00:51:49,749
My opinion, though.

785
00:51:50,209 --> 00:51:51,649
Kiwi Bitcoin guide comes in.

786
00:51:51,749 --> 00:51:55,689
He's back 6,543 sats.

787
00:51:55,849 --> 00:51:56,829
Let's hear it, good buddy.

788
00:51:57,649 --> 00:51:58,689
Bear Mark, you getting you down?

789
00:51:59,209 --> 00:52:00,669
Bip110, doing your head in?

790
00:52:01,029 --> 00:52:02,489
Well, here's just what you need.

791
00:52:02,749 --> 00:52:03,249
All of you.

792
00:52:03,309 --> 00:52:05,089
A Bitcoin meetup in New Zealand.

793
00:52:05,409 --> 00:52:07,489
We run these really relaxed and friendly meetups.

794
00:52:07,589 --> 00:52:10,029
We call them Bitkiwikis.

795
00:52:12,309 --> 00:52:12,749
Bitkiwikis.

796
00:52:13,109 --> 00:52:15,889
Three times a year, all the Bitcoiners are welcome.

797
00:52:16,229 --> 00:52:18,509
We often have overseas Bitcoiners come along, too.

798
00:52:18,649 --> 00:52:19,889
The next one's real soon.

799
00:52:20,529 --> 00:52:23,309
We'll let you off, Chris, because I know you're at Planet Nix.

800
00:52:23,409 --> 00:52:24,329
But maybe next time.

801
00:52:24,709 --> 00:52:25,449
Everyone is welcome.

802
00:52:25,449 --> 00:52:27,949
Check out KiwiBitcoinGuide.org.

803
00:52:28,209 --> 00:52:30,409
And they've got the BitKiwi meetups.

804
00:52:30,849 --> 00:52:34,309
And they're the BitKiwi, BitKiwi, BitKiwi, of course, BitKiwi, of course.

805
00:52:34,789 --> 00:52:38,469
So check out KiwiBitcoinGuide.org.

806
00:52:38,909 --> 00:52:40,249
Thank you, KiwiBitcoinGuide.

807
00:52:40,309 --> 00:52:41,069
That's a great heads up.

808
00:52:41,189 --> 00:52:43,069
Two really awesome Bitcoin meetups.

809
00:52:43,169 --> 00:52:44,669
I'm glad I brought that conversation up.

810
00:52:45,389 --> 00:52:48,369
Boy, oh boy, I need a database of these.

811
00:52:49,169 --> 00:52:53,089
I need like an overlay when I'm route planning or going on a trip.

812
00:52:53,089 --> 00:52:55,129
and I just plug in my destination

813
00:52:55,129 --> 00:52:57,029
and it just tells me all the Bitcoin meetups around.

814
00:52:57,269 --> 00:52:58,189
Could somebody make that tool?

815
00:52:58,889 --> 00:52:59,749
You know, like a route planner

816
00:52:59,749 --> 00:53:01,149
that puts Bitcoin meetups on there?

817
00:53:01,949 --> 00:53:02,749
Appreciate it, Kiwi.

818
00:53:03,689 --> 00:53:06,529
Massey 01, 35, MSI?

819
00:53:06,789 --> 00:53:07,329
Probably MSI.

820
00:53:07,449 --> 00:53:10,389
Came in with 4,096 sats.

821
00:53:10,589 --> 00:53:12,329
This is a tasty burger.

822
00:53:12,549 --> 00:53:14,269
Do you think it's reasonable to use Bitcoin

823
00:53:14,269 --> 00:53:16,589
as a more long-term savings account?

824
00:53:17,149 --> 00:53:19,289
Like the things maybe for five years

825
00:53:19,289 --> 00:53:20,789
to longer in the future.

826
00:53:21,269 --> 00:53:22,089
I'm a college student

827
00:53:22,089 --> 00:53:30,809
And I'm currently and currently every time I put money in savings, I put half of it in a standard savings account, stable with very little interest and half into Bitcoin.

828
00:53:31,009 --> 00:53:38,649
I use the short term savings account for things like new to new toys or a computer part or other big purchases that might be coming up in a few months.

829
00:53:39,209 --> 00:53:42,789
Yeah, that makes sense. Right. Even he says even something may be coming up in a year or two.

830
00:53:43,109 --> 00:53:48,249
And in case I suddenly need money and then I need. Oh, and then more Bitcoin gets stored.

831
00:53:48,249 --> 00:53:49,269
but that got cut off.

832
00:53:49,349 --> 00:53:50,769
Oh man, another one got cut off.

833
00:53:51,329 --> 00:53:52,269
But I get your jest.

834
00:53:52,849 --> 00:53:55,849
You're saying that you save half your money in fiat

835
00:53:55,849 --> 00:53:56,869
and half your money in Bitcoin.

836
00:53:56,989 --> 00:53:58,229
And you're asking if that seems smart.

837
00:53:58,569 --> 00:54:00,089
Yeah, I think especially at your age too.

838
00:54:00,749 --> 00:54:01,809
It's really smart.

839
00:54:02,009 --> 00:54:02,949
You know, when you get to my age

840
00:54:02,949 --> 00:54:04,869
and you want to collect, you want to stack more,

841
00:54:04,969 --> 00:54:05,269
you start thinking,

842
00:54:05,369 --> 00:54:06,489
well, can I just put everything in Bitcoin?

843
00:54:06,849 --> 00:54:07,549
What can I do?

844
00:54:08,009 --> 00:54:08,869
But at your age,

845
00:54:09,309 --> 00:54:11,469
I think one of the biggest mistakes you could make

846
00:54:11,469 --> 00:54:13,089
is actually going to all in.

847
00:54:13,429 --> 00:54:14,729
And the reason why I say that is

848
00:54:14,729 --> 00:54:16,669
if you go too deep, you get tapped out.

849
00:54:16,889 --> 00:54:18,089
And when you're tapped out,

850
00:54:18,089 --> 00:54:22,849
your only option is to sell your Bitcoin. There are other products. We're going to talk about that

851
00:54:22,849 --> 00:54:28,809
in a little bit, but that's something you need to be aware of. Bitcoiners tend to be so passionate

852
00:54:28,809 --> 00:54:34,309
that they go so deeply in that they kind of run out of dry powder. And when a life event comes up,

853
00:54:34,349 --> 00:54:39,309
they sometimes have to sell off. And if you can avoid that by having a little bit of a, you know,

854
00:54:40,029 --> 00:54:44,289
piggy bank there, if you're thinking one, two years, if you're, man, I really like your time

855
00:54:44,289 --> 00:54:49,509
preference too, dude. If you're thinking two years is short term, I think you're really in the sweet

856
00:54:49,509 --> 00:54:55,989
spot. And for your Bitcoin, I think five years is a really, really reasonable spot. And for some

857
00:54:55,989 --> 00:55:00,809
reason, you know, in my head, I've just been kind of mentally saying, don't even think about that

858
00:55:00,809 --> 00:55:06,149
stack until 2031, 2032, for some reason. That's just where I'm at. I don't know if that's where

859
00:55:06,149 --> 00:55:10,269
it'll stay, but that's how I think about it mentally. It's like, dude, don't even think

860
00:55:10,269 --> 00:55:12,229
about the stack that much until 2030.

861
00:55:12,669 --> 00:55:12,969
Right.

862
00:55:13,449 --> 00:55:17,369
And just let it sit because you look at all this panic we're seeing in the market.

863
00:55:17,369 --> 00:55:18,969
Is AI going to take this job?

864
00:55:18,969 --> 00:55:19,689
Is this industry about?

865
00:55:19,745 --> 00:55:24,345
to be devastated. Bitcoin doesn't care about any of that. None of that changes the Bitcoin

866
00:55:24,345 --> 00:55:31,845
fundamentals. And it's truly one of the genuine benefits is you can just stack sats and not pay

867
00:55:31,845 --> 00:55:36,845
attention and let it go to work over time. You don't have to worry about what the CEO is doing.

868
00:55:36,985 --> 00:55:42,225
You don't have to worry about the quarterly report for NVIDIA taking out a stock that's nearby,

869
00:55:42,825 --> 00:55:46,485
you know, like collateral damage on the stock market because NVIDIA had a bad day.

870
00:55:46,485 --> 00:56:02,585
I mean, you do in the short term, you do in the short term, but the fundamental thesis doesn't change. And so in the long term, it plays out. And so while maybe some companies come and go, this one's leader today, that one's leader today. Oh, this one's gone bust. This one's been acquired. None of that matters in Bitcoin.

871
00:56:02,585 --> 00:56:06,885
And so it's the type of money that I like to just think about way off in the future.

872
00:56:07,005 --> 00:56:13,905
I keep a little hot stash just because I like to dabble in the community because I've been doing this forever, you know, like 16 years.

873
00:56:14,225 --> 00:56:16,805
So I like I've, you know, I've built up routines.

874
00:56:16,885 --> 00:56:18,465
I like to dabble in the economy.

875
00:56:18,865 --> 00:56:20,445
But I think you're doing a really good job.

876
00:56:20,945 --> 00:56:21,285
Thank you.

877
00:56:21,525 --> 00:56:26,085
Appreciate the boost to Bobby pins here with 10,000 stats.

878
00:56:26,225 --> 00:56:26,405
Woo.

879
00:56:26,645 --> 00:56:28,785
I got answers and I want some questions.

880
00:56:28,785 --> 00:56:32,585
I'm still running knots, but I'm deliberately not signaling for BIP 110.

881
00:56:33,365 --> 00:56:38,365
I also have a BIDAC solo mining with the Datum Gateway, but won't be moving a large amount of my hash rate to Ocean.

882
00:56:38,905 --> 00:56:40,505
At least until all of this settles down.

883
00:56:41,025 --> 00:56:47,345
If my spam, if spam is as much of an issue as Luke and Mechanic State, why does the majority of the network not agree with them?

884
00:56:47,605 --> 00:56:49,525
Either fix the spam issue permanently or let it be.

885
00:56:49,905 --> 00:56:56,085
A temporary soft fork is just unnecessary way for them to feel like they got a win after they lost the node war.

886
00:56:56,565 --> 00:56:57,985
I think that's what you said because I got cut off.

887
00:56:57,985 --> 00:57:04,445
I completely agree, too, is they pivoted to this after they were unsuccessful at campaigning core to change version 30.

888
00:57:05,045 --> 00:57:08,645
This just sort of feels like, well, we built a movement and now we need cope.

889
00:57:09,005 --> 00:57:12,725
And so we're going to take over Bitcoin with this movement, with this momentum.

890
00:57:13,265 --> 00:57:15,345
But something you said there, it struck me.

891
00:57:15,605 --> 00:57:23,645
And it seems to me this argument would be a lot stronger if we had more than one sat per V byte right now for a transaction fee.

892
00:57:23,645 --> 00:57:26,685
if we were looking at real money,

893
00:57:26,965 --> 00:57:29,445
if we were looking at real expenses

894
00:57:29,445 --> 00:57:31,245
to transact on the Bitcoin network,

895
00:57:31,605 --> 00:57:33,745
I think they'd maybe have a stronger argument.

896
00:57:33,985 --> 00:57:35,425
But the spam isn't a problem.

897
00:57:35,965 --> 00:57:38,345
In fact, pretty much everybody

898
00:57:38,345 --> 00:57:39,965
that is using quote-unquote spam,

899
00:57:40,205 --> 00:57:41,225
if you even want to call it that,

900
00:57:41,765 --> 00:57:42,925
some of it seems like spam to me,

901
00:57:43,005 --> 00:57:43,645
but you know, whatever.

902
00:57:44,125 --> 00:57:45,405
They're still doing it the old way,

903
00:57:45,785 --> 00:57:47,065
the pre-version 30 way.

904
00:57:47,585 --> 00:57:48,725
And it would make sense

905
00:57:48,725 --> 00:57:50,285
because a lot of the majority of the nodes

906
00:57:50,285 --> 00:57:51,365
are still pre-version 30.

907
00:57:51,365 --> 00:57:54,565
so literally nothing has changed

908
00:57:54,565 --> 00:57:56,365
and nothing would change

909
00:57:56,365 --> 00:57:57,685
there you go

910
00:57:57,685 --> 00:57:59,065
genius came in with a row of ducks

911
00:57:59,065 --> 00:57:59,825
thank you for the boost though

912
00:57:59,825 --> 00:58:00,485
appreciate it

913
00:58:00,485 --> 00:58:02,145
boost

914
00:58:02,145 --> 00:58:03,125
well boost to you

915
00:58:03,125 --> 00:58:04,105
and you wrap us up

916
00:58:04,105 --> 00:58:04,985
thank you very much sir

917
00:58:04,985 --> 00:58:05,965
appreciate that

918
00:58:05,965 --> 00:58:10,825
in fact thank you everybody

919
00:58:10,825 --> 00:58:11,945
who supported the show

920
00:58:11,945 --> 00:58:13,625
either through a jupiter.party membership

921
00:58:13,625 --> 00:58:15,425
a fountain.fm membership

922
00:58:15,425 --> 00:58:17,585
which after the travel season

923
00:58:17,585 --> 00:58:18,765
you'll see some life there

924
00:58:18,765 --> 00:58:20,345
or those of you who boosted

925
00:58:20,345 --> 00:58:21,825
We really do, really do appreciate it.

926
00:58:22,165 --> 00:58:25,605
And it's no advertisers, just me sitting here doing the show with you.

927
00:58:25,945 --> 00:58:26,985
It's a tight little community.

928
00:58:27,185 --> 00:58:28,405
It's a value for value circle.

929
00:58:28,785 --> 00:58:31,325
And we had some of you, 41 actually.

930
00:58:31,645 --> 00:58:32,965
That's not a bad number at all.

931
00:58:33,345 --> 00:58:34,525
Stream sats as you listened.

932
00:58:34,925 --> 00:58:40,205
Collectively, you sat streamers, had the largest boost, 85,905 sats.

933
00:58:40,205 --> 00:58:49,505
When you combine that with those of you who sent a message, our grand total for episode 94 is 278,152 sats.

934
00:58:50,345 --> 00:59:03,805
Now, just a little PSA.

935
00:59:03,925 --> 00:59:05,365
I'm going to be on the road for two weeks.

936
00:59:05,465 --> 00:59:11,165
I don't really know what the recording schedule is or what the release schedule will be or if there will be episodes.

937
00:59:11,165 --> 00:59:22,365
But if by the force of the road and nature, I can get to an Airbnb and find a spot to record, I hope to sit down with Mr. Westpain and do a node special.

938
00:59:22,885 --> 00:59:32,985
We'll see. I don't know if it's the full node episode we want to do, but we do have a lot on our minds right now when it comes to Bitcoin nodes and what we're doing these days differently than even just five months ago.

939
00:59:33,205 --> 00:59:35,185
So I hope we have an opportunity to do that.

940
00:59:35,185 --> 00:59:41,305
it's not locked in, but if you have no questions, one way to motivate us to really make it happen

941
00:59:41,305 --> 00:59:45,485
would be a bunch of boosts coming in. You know what I mean? Like, Hey man, if we got a bunch of

942
00:59:45,485 --> 00:59:49,925
boosts, we got to sit down and work. You know what I'm saying? We got a job to do, but don't

943
00:59:49,925 --> 00:59:54,425
be worried if you don't see me coming out on the regular time and day. It's going to be a little

944
00:59:54,425 --> 00:59:58,845
inflex. Let's just say that. And of course, meetup.com slash Jupiter broadcasting. If you're

945
00:59:58,845 --> 01:00:05,025
going to be in the Pasadena area, say March 5th to like the 7th, meetup.com slash Jupiter broadcasting,

946
01:00:05,025 --> 01:00:06,625
Love to see you there.

947
01:00:07,045 --> 01:00:11,605
I think it's going to be a great event, and I am looking forward to nice weather and an open road.

948
01:00:11,705 --> 01:00:20,485
Let me tell you, you know work has been rough and a lot when you're looking forward to 11 and 12-hour drive days as a relief.

949
01:00:20,845 --> 01:00:22,885
You know what I'm talking about, right?

950
01:00:22,885 --> 01:00:37,965
Ah, here's one that hits me right in the feels even 12 years later.

951
01:00:38,445 --> 01:00:41,945
12 years ago today, Mt. Gox collapsed.

952
01:00:42,405 --> 01:00:45,545
850,000 Bitcoin were initially lost.

953
01:00:46,105 --> 01:00:48,505
Not too long afterwards, they recovered around 200,000.

954
01:00:48,505 --> 01:00:49,765
But there we were.

955
01:00:49,765 --> 01:00:57,665
It was early February, 2014, and Mt. Gox users noticed that tens of thousands of Bitcoin were stuck as bad transactions.

956
01:00:58,125 --> 01:01:02,385
And the only way we knew this was you could query it via the Mt. Gox public API.

957
01:01:02,705 --> 01:01:08,225
And there were websites that were monitoring this because Mt. Gox was the exchange for Bitcoin.

958
01:01:08,385 --> 01:01:11,265
They were extremely critical to the entire economy.

959
01:01:11,905 --> 01:01:16,505
And withdrawals on February, I guess that would be 25th, were paused.

960
01:01:17,265 --> 01:01:20,805
And this actually began, it was, now that I'm thinking about it, it was a multi-day process.

961
01:01:20,985 --> 01:01:22,485
I'm now replaying it a little bit.

962
01:01:22,705 --> 01:01:27,365
And it initially started earlier and people are asking Mt. Gox what was going on.

963
01:01:27,425 --> 01:01:31,285
And they started giving us bullcrap answers that didn't technically check out.

964
01:01:31,645 --> 01:01:33,165
And this was pre-Sigwit era.

965
01:01:33,285 --> 01:01:36,225
So they were trying to make some claims that were maybe technically possible.

966
01:01:36,445 --> 01:01:39,905
But anybody that really understood what was going on knew they were full of crap.

967
01:01:39,905 --> 01:01:55,084
And so over on the Bitcoin talk forums we started to panic because like the explanation didn make any sense And so we knew something was bad and trust got flushed really fast and it started to get bad And Mt Gox came into the

968
01:01:55,084 --> 01:01:59,084
Bitcoin talk forum and started making statements and trying to assure us everything was just fine.

969
01:01:59,864 --> 01:02:05,504
Inevitably, we just we discovered that the Bitcoin was lost. And as soon as the BS technical

970
01:02:05,504 --> 01:02:11,584
explanations came out, my heart started to sink. I had a lot of Bitcoin. I had I had I had a lot

971
01:02:11,584 --> 01:02:12,624
of Bitcoin on the exchange.

972
01:02:13,104 --> 01:02:15,264
And because it was really one of the ways to transact.

973
01:02:15,564 --> 01:02:16,664
Oh man, it was rough.

974
01:02:16,704 --> 01:02:17,504
It still sucks today.

975
01:02:17,744 --> 01:02:19,564
And I was so devastated at the time.

976
01:02:19,644 --> 01:02:24,944
I mean, I literally mourned the loss because I'd lost Bitcoin before that, about the same

977
01:02:24,944 --> 01:02:25,624
amount actually.

978
01:02:26,304 --> 01:02:30,304
And I didn't understand and appreciate that it was valuable at the time because I was

979
01:02:30,304 --> 01:02:31,584
just interested in mining.

980
01:02:31,884 --> 01:02:34,324
I wasn't even really interested in the Bitcoin it was producing.

981
01:02:35,624 --> 01:02:39,284
It was fun to build a pie stuff with it on Newegg or whatever, but actually that time

982
01:02:39,284 --> 01:02:39,924
you couldn't even do that.

983
01:02:40,404 --> 01:02:41,564
You couldn't do much with it.

984
01:02:41,584 --> 01:02:49,264
And so I didn't really mourn the loss of my initial batch of Bitcoin when an online wallet got hacked that I was reviewing for TechSnap.

985
01:02:49,804 --> 01:02:53,524
But by the time I think I lost my Mt. Gox money, I think I knew what I was losing.

986
01:02:53,804 --> 01:02:54,804
And that hurt.

987
01:02:55,524 --> 01:02:57,904
And I mourned the loss.

988
01:02:58,144 --> 01:03:00,144
I didn't even want to engage in the legal process.

989
01:03:00,584 --> 01:03:03,704
I didn't even want to interface with it.

990
01:03:04,264 --> 01:03:06,184
Now, some people did get their money back.

991
01:03:06,184 --> 01:03:08,224
In fact, some people are still getting their money back today.

992
01:03:08,364 --> 01:03:10,884
In frickin' 2026, the payments are still happening.

993
01:03:10,884 --> 01:03:17,164
this thing went down 12 years ago which i think it tells you how long this process can drag on

994
01:03:17,164 --> 01:03:24,144
but it's just so funny that here we are 12 years later and it still feels like i don't know

995
01:03:24,144 --> 01:03:30,984
nothing's changed in a way like we had ftx happen we had the tara luna stuff happen now we see the

996
01:03:30,984 --> 01:03:35,804
jane street shenanigans it's not an equivalent it's not the same but there's always some idiot

997
01:03:35,804 --> 01:03:43,004
out there that's screwing stuff up. And that's why the key takeaway from all of this is you've

998
01:03:43,004 --> 01:03:47,424
got to at least self-custody some of your stack or do it in a way where you're really, really sure

999
01:03:47,424 --> 01:03:51,984
that if somebody else is watching it for you, that they're not going to get taken out by some sort of

1000
01:03:51,984 --> 01:03:56,924
collateral risk, by some sort of third party, counterparty risk that maybe you didn't know about.

1001
01:03:57,244 --> 01:04:01,684
You didn't even know they're affiliated with that kind of company. That's how this space works,

1002
01:04:01,684 --> 01:04:05,364
is when one company goes, it's a blast radius.

1003
01:04:06,024 --> 01:04:10,524
And so self-custody is your insurance policy against that.

1004
01:04:11,264 --> 01:04:14,324
Now, every setup is unique

1005
01:04:14,324 --> 01:04:15,884
and everybody has their own individual requirements.

1006
01:04:16,364 --> 01:04:18,044
So if you can't do self-custody,

1007
01:04:18,384 --> 01:04:20,424
it's just something you have to really take very seriously.

1008
01:04:20,804 --> 01:04:24,264
And I'm not saying even you need to self-custody everything.

1009
01:04:24,404 --> 01:04:25,764
I think the more you can, the better.

1010
01:04:25,764 --> 01:04:28,584
But there may be a reason why maybe you want to set

1011
01:04:28,584 --> 01:04:30,204
a little bit of your stash aside.

1012
01:04:30,204 --> 01:04:35,584
And that's because the Strike line of credit appears to be very close.

1013
01:04:36,184 --> 01:04:38,044
Strike has been working on this for a bit.

1014
01:04:38,144 --> 01:04:43,124
It's an open-term loan with no origination fee and no repayment fee.

1015
01:04:43,444 --> 01:04:47,084
And you only accure interest for what you're actually using.

1016
01:04:47,164 --> 01:04:52,464
Now, no affiliation here, no particular interest in this outside of, I think this is a compelling

1017
01:04:52,464 --> 01:04:53,144
product idea.

1018
01:04:53,544 --> 01:04:56,804
I think you should think about this from a Bitcoin miner standpoint, or you should think

1019
01:04:56,804 --> 01:05:01,544
about it from a large expense comes up that you would have had to maybe put on a credit card

1020
01:05:01,544 --> 01:05:07,084
that you could now charge against a line of credit. And Jack explains some of the use cases

1021
01:05:07,084 --> 01:05:14,824
in a recent episode of his podcast. Right now, the only credit product in Bitcoin are these 12-month

1022
01:05:14,824 --> 01:05:20,464
loans, okay, which are fine and they serve their purpose. If you have a large tax bill, I had one

1023
01:05:20,464 --> 01:05:25,364
of those and I got a 12-month loan on strike. If you are getting married and you need to finance a

1024
01:05:25,364 --> 01:05:29,464
wedding, you're buying a new house, you're starting a new business, you take out a large

1025
01:05:29,464 --> 01:05:33,924
chunk of capital, you lock in the term for 12 months, so it's not a variable rate or anything,

1026
01:05:34,044 --> 01:05:36,944
and you deploy that capital, you're able to plan ahead, you're going to say, hey,

1027
01:05:37,044 --> 01:05:41,644
I want to finance my wedding collateralized by Bitcoin, I'm going to pay it back over this

1028
01:05:41,644 --> 01:05:46,284
duration, because I'm calculating my salary, and I'm calculating what my bonus is going to be.

1029
01:05:46,284 --> 01:05:52,944
And that works. But what it doesn't really do is it's not the best way to live on Bitcoin.

1030
01:05:52,944 --> 01:06:00,784
The dream for me is I get my paycheck, I convert it into Bitcoin, I am able to live on Bitcoin

1031
01:06:00,784 --> 01:06:04,004
without selling it and pay my bills.

1032
01:06:04,664 --> 01:06:10,584
And so what the line of credit is, is instead of taking out a large lump sum of capital at

1033
01:06:10,584 --> 01:06:17,284
once and needing to use it for 12 months, you are just drawing the capital that you

1034
01:06:17,284 --> 01:06:18,824
need when you need it.

1035
01:06:19,044 --> 01:06:20,884
So let me give you guys a concrete example.

1036
01:06:21,544 --> 01:06:30,584
Let's say I'm keeping 10 to 20% of my Bitcoin stack on strike and I want to do live on that by borrowing against a little bit of it.

1037
01:06:31,004 --> 01:06:39,184
But if I do 50% LTV loan and then Bitcoin goes through a bear market like it is and I got to go post more collateral, I risk a margin call.

1038
01:06:39,664 --> 01:06:43,804
I'm borrowing a large lump sum of cash all at once.

1039
01:06:44,144 --> 01:06:48,584
And that's what ends up stressing people out and getting people in trouble is they're like, what if the price goes down?

1040
01:06:48,904 --> 01:06:49,984
There's going to be a margin call.

1041
01:06:49,984 --> 01:06:51,964
There's a chance I'm going to get liquidated.

1042
01:06:52,124 --> 01:06:55,244
That's really it really makes me lose sleep doing math.

1043
01:06:55,304 --> 01:06:55,844
I'm doing numbers.

1044
01:06:55,924 --> 01:06:56,604
I feel uncomfortable.

1045
01:06:57,064 --> 01:07:01,464
The other thing he's not really saying here, probably because it's particularly bad on strike.

1046
01:07:01,744 --> 01:07:11,324
A lot of these Bitcoin backed loans that you get that have like a 12 month term, they have minimums that are pretty high in some states, $10,000, $15,000.

1047
01:07:11,804 --> 01:07:16,184
And outside the United States, they can be even significantly higher than that.

1048
01:07:16,184 --> 01:07:23,584
SALT, I think, is $5,000. But OK, let's just use this. Let's go with $5,000. I think strikes

1049
01:07:23,584 --> 01:07:28,964
$10,000 minimum loan in Washington, I think is. I'm not sure, but I think that's what it is.

1050
01:07:29,604 --> 01:07:34,364
Last time I looked it up, which was towards the end of last year, it looked like it was a $10,000

1051
01:07:34,364 --> 01:07:39,184
minimum loan in Washington state. Depends on the state. And I believe SALT was $5,000.

1052
01:07:39,184 --> 01:07:45,684
and but let's say you just you needed to get a new transmission and you only needed two thousand or

1053
01:07:45,684 --> 01:07:50,244
three thousand dollars well you have to if you wanted if you wanted to get access to that via

1054
01:07:50,244 --> 01:07:55,564
your bitcoin liquidity you have to take out a five thousand dollar loan and now your loan is

1055
01:07:55,564 --> 01:08:01,124
at five thousand dollars that means you you have to have an ltv ratio that supports five thousand

1056
01:08:01,124 --> 01:08:05,784
dollars during a bear market instead of just the two thousand or three thousand dollars that you're

1057
01:08:05,784 --> 01:08:21,742
actually using So the strike line of credit you can get approved to whatever your Bitcoin is supporting So if you got you know of Bitcoin in your strike account then you could take out in theory a line of credit But they will only charge you

1058
01:08:21,782 --> 01:08:26,242
and you'll only have to cover the LTV for the actual amount of the line of credit you're using.

1059
01:08:26,342 --> 01:08:31,462
So if you get a $10,000 line of credit, but you only use $2,000, you only have to cover that $2,000

1060
01:08:31,462 --> 01:08:37,242
with the LTV. I hope that makes sense, because that's massive in terms of dynamic management

1061
01:08:37,242 --> 01:08:42,922
there and it is truly a unique product. It's not necessarily for everybody, but Bitcoin miners or,

1062
01:08:43,062 --> 01:08:47,802
I don't know, podcast shops that primarily are operating off of Bitcoin at this point,

1063
01:08:48,102 --> 01:08:52,602
it's a pretty nice tool. Ice goes down. There's going to be a margin call. There's a chance I'm

1064
01:08:52,602 --> 01:08:57,662
going to get liquidated. It really makes me lose sleep. Doing math, I'm doing numbers. I feel

1065
01:08:57,662 --> 01:09:02,342
uncomfortable. And I understand that. I genuinely understand that. And I'm not trying to put anyone

1066
01:09:02,342 --> 01:09:08,542
in that position. And so I came up with this idea for the line of credit because it actually suits

1067
01:09:08,542 --> 01:09:13,022
my use case, my predominant use case. I do have large tax bills and one-off expenses every now

1068
01:09:13,022 --> 01:09:20,302
and then, but my predominant use case is what I want is I have, you know, like I said, let's say

1069
01:09:20,302 --> 01:09:27,942
some small fraction of my Bitcoin stack on strike and I have bill pay hooked up on strike and the

1070
01:09:27,942 --> 01:09:32,742
line of credit is just a payment method. So when a bill comes in that Strike is going to pay,

1071
01:09:32,822 --> 01:09:37,222
because I have it all hooked up, Strike has an account and a routing number. When a bill comes

1072
01:09:37,222 --> 01:09:43,362
in, I say, I want my line of credit to pay that bill. And so what Strike does is it takes, it

1073
01:09:43,362 --> 01:09:49,002
borrows a little bit of credit against my stack of Bitcoin and pays the bill for me. So let's say

1074
01:09:49,002 --> 01:09:55,522
I'm making numbers up. Let's say my credit card is $5,000 a month. My mortgage is $2,500 a month.

1075
01:09:55,522 --> 01:10:00,602
and my ComEd bill is $50 a month

1076
01:10:00,602 --> 01:10:02,422
and my HOA is $100 a month.

1077
01:10:02,482 --> 01:10:05,882
So I'm looking at around $8,000 of monthly expenses.

1078
01:10:06,182 --> 01:10:07,062
Okay, let's say that.

1079
01:10:07,682 --> 01:10:11,282
So Strike would pay those for me against my line of credit.

1080
01:10:11,602 --> 01:10:13,622
So then at the end of the month when I've paid all the bills,

1081
01:10:13,962 --> 01:10:18,182
I don't have 50% LTV in this giant loan that I need to manage.

1082
01:10:18,182 --> 01:10:21,042
And if Bitcoin's price goes down, I'm risk of margin call.

1083
01:10:21,102 --> 01:10:21,982
I got to add more collateral.

1084
01:10:22,202 --> 01:10:23,762
I'm sweating about liquidation.

1085
01:10:23,762 --> 01:10:32,182
instead my LTV is like 1% because my LTV is only big as my monthly expenses and I mean hopefully

1086
01:10:32,182 --> 01:10:38,402
you guys aren't spending 50% of your net worth every month right so I think it is a particularly

1087
01:10:38,402 --> 01:10:42,222
compelling product for some folks I don't think you'd want to put your entire stack in any

1088
01:10:42,222 --> 01:10:47,402
particular service and it's probably not something everybody needs but I hope they're successful with

1089
01:10:47,402 --> 01:10:50,862
this no word if he's going to put a credit card in front of it or something like that don't know

1090
01:10:50,862 --> 01:10:52,282
if it's really necessary to tell you the truth,

1091
01:10:52,622 --> 01:10:55,362
but I can just, I can look back,

1092
01:10:55,442 --> 01:10:56,802
you know, around the Mt. Gox era,

1093
01:10:56,922 --> 01:10:58,622
just think of a product like this

1094
01:10:58,622 --> 01:11:01,222
that you have access to via an app on your phone.

1095
01:11:01,742 --> 01:11:04,662
It's actually kind of mental that we're this far.

1096
01:11:04,962 --> 01:11:07,282
This type of product, while not for everyone,

1097
01:11:07,962 --> 01:11:10,442
is mental from an old timer's perspective.

1098
01:11:10,842 --> 01:11:12,482
And for somebody who's been stacking,

1099
01:11:12,822 --> 01:11:13,982
you know, through proof of work,

1100
01:11:14,482 --> 01:11:16,582
it may one day be the thing that, you know,

1101
01:11:16,582 --> 01:11:18,762
keeps the business going on a lean month.

1102
01:11:18,922 --> 01:11:20,702
Like it's been a lean month for the other shows

1103
01:11:20,702 --> 01:11:21,402
that have advertising.

1104
01:11:22,242 --> 01:11:23,462
It's been not a month.

1105
01:11:23,622 --> 01:11:24,582
It's been a lean year

1106
01:11:24,582 --> 01:11:26,562
that they don't have advertising on them.

1107
01:11:27,362 --> 01:11:29,802
And so if a product like this was available,

1108
01:11:29,862 --> 01:11:31,622
I could see JB leaning on that

1109
01:11:31,622 --> 01:11:33,282
until a couple of advertisers came on board

1110
01:11:33,282 --> 01:11:35,642
for Linux Unplugged or something like that.

1111
01:11:35,822 --> 01:11:38,942
And you could see how that could apply

1112
01:11:38,942 --> 01:11:39,942
to your personal life too.

1113
01:11:40,442 --> 01:11:41,642
So I hope it's successful

1114
01:11:41,642 --> 01:11:42,502
because if it is,

1115
01:11:42,742 --> 01:11:44,742
we'll see other competitors enter the market.

1116
01:11:45,282 --> 01:11:47,722
I don't think Lava is a serious one at this time

1117
01:11:47,722 --> 01:11:49,142
unless they can prove they're doing it legally.

1118
01:11:49,142 --> 01:11:51,862
and we'll see more and more options for consumers.

1119
01:12:02,462 --> 01:12:05,702
All right, it's time for the final clip of the week.

1120
01:12:05,742 --> 01:12:07,402
And I love these types of clips.

1121
01:12:07,602 --> 01:12:09,622
There's been a bit of a theme recently, I think.

1122
01:12:10,362 --> 01:12:12,122
And I want to play Eric B.

1123
01:12:12,202 --> 01:12:12,962
He's from Bloomberg.

1124
01:12:12,962 --> 01:12:14,862
I think he's a great ETF analyst

1125
01:12:14,862 --> 01:12:17,982
because he was calling the Bitcoin stuff early on.

1126
01:12:17,982 --> 01:12:22,382
And truth be told, he was a Bitcoin skeptic initially.

1127
01:12:22,702 --> 01:12:26,262
And over time, he began to change his mind.

1128
01:12:26,822 --> 01:12:35,482
And I love it when these guys that are pretty deep in the financial system, pretty deep into all of it, begin to have a new understanding through Bitcoin.

1129
01:12:36,182 --> 01:12:39,562
Two things about Bitcoin caught my interest before I cared.

1130
01:12:39,822 --> 01:12:42,802
One is it just seemed to piss all the right people off.

1131
01:12:42,802 --> 01:12:45,022
I shouldn't name names, but like someone like Paul Krugman.

1132
01:12:45,022 --> 01:12:49,762
Just the fact that he was so upset about it, I was like, something must be good about it.

1133
01:12:49,882 --> 01:12:52,342
You know, I like that he's upset about it, just being honest.

1134
01:12:52,482 --> 01:12:55,422
Like if you're uptight, it just bothers you for some reason.

1135
01:12:55,682 --> 01:12:57,322
And that's a good thing.

1136
01:12:57,482 --> 01:13:02,662
The second thing is it came back from these basically near-death experiences over and over.

1137
01:13:02,822 --> 01:13:05,702
There was multiple times where I was like, oh, okay, fine, it's gone now.

1138
01:13:05,782 --> 01:13:06,802
And it came back and back.

1139
01:13:06,882 --> 01:13:11,182
And then when you study other things that have come back from like 50% drawdowns multiple times,

1140
01:13:11,322 --> 01:13:13,902
you realize it's all the best stocks on planet Earth.

1141
01:13:13,902 --> 01:13:14,762
It's Amazon.

1142
01:13:14,762 --> 01:13:16,682
It's Microsoft. It's Berkshire.

1143
01:13:16,842 --> 01:13:20,082
Only stud things come back three or four times.

1144
01:13:20,282 --> 01:13:22,822
And that's why I was like, I gave it respect.

1145
01:13:33,482 --> 01:13:36,142
Let's check in on the state of the network.

1146
01:13:36,362 --> 01:13:40,182
I'm wrapping up the block height 938,342.

1147
01:13:40,742 --> 01:13:42,942
One Bitcoin to the US dollar?

1148
01:13:42,942 --> 01:13:47,162
69,220 US dollars to get that one Bitcoin.

1149
01:13:47,522 --> 01:13:50,962
That puts our sats per dollar at 1,445,000.

1150
01:13:51,322 --> 01:13:57,282
Just 1,444,000 is just a little bit fewer sats to get that dollar since last week's episode.

1151
01:13:57,382 --> 01:13:58,062
Just a little bit.

1152
01:13:58,602 --> 01:14:04,142
In fact, our 24-hour price change right now is sitting at 7.9% upwards adjustment.

1153
01:14:04,682 --> 01:14:07,142
Over the last seven days, we're up 4.8%.

1154
01:14:07,142 --> 01:14:08,802
Not too shabby.

1155
01:14:08,802 --> 01:14:11,802
That makes our 30-day price decline now at 20%.

1156
01:14:11,802 --> 01:14:19,782
20%, and our overall decline from the all-time high, 45.1%. There are 25,113 reachable nodes

1157
01:14:19,782 --> 01:14:25,742
on the network right now. Not too bad. I wonder if we could get that to 25.5. I'm going to be on

1158
01:14:25,742 --> 01:14:32,302
the road. You should be deploying nodes, obviously, obviously. The Bitcoin network did adjust upwards

1159
01:14:32,302 --> 01:14:48,200
in difficulty by 14 14 That a massive difficulty upwards adjustment I guess the Winterminers are getting back online now It good to see Things are humming right along Fee estimates are still really low One sat to a V right now

1160
01:14:48,680 --> 01:14:50,740
Great time to rebalance those lightning channels.

1161
01:14:51,520 --> 01:14:52,800
The state of the network is strong.

1162
01:15:07,540 --> 01:15:12,240
This Week in Bitcoin.show, that's the website.

1163
01:15:12,380 --> 01:15:16,300
Get the show notes, the past episodes, the RSS feed, all that over there.

1164
01:15:16,720 --> 01:15:20,560
My goal is to create something here that doesn't get too distracted by the emotions around what's happening,

1165
01:15:20,660 --> 01:15:21,860
but focuses on the signal.

1166
01:15:22,260 --> 01:15:25,340
So you can plan for yourself, your family, your business, whatever it might be.

1167
01:15:25,560 --> 01:15:27,160
So let me know how I did there with a boost.

1168
01:15:27,520 --> 01:15:30,360
And don't forget meetup.com slash Jupiter Broadcasting.

1169
01:15:30,500 --> 01:15:32,200
While I'm gone, I'm going to be in Pasadena.

1170
01:15:32,280 --> 01:15:32,940
I'd love to see you.

1171
01:15:33,320 --> 01:15:35,060
It'll be one of a few events this year.

1172
01:15:35,060 --> 01:15:40,720
So it's not the only event, but it is going to be one of the largest open source events in North America.

1173
01:15:41,040 --> 01:15:42,180
So I'd love to see you there.

1174
01:15:42,280 --> 01:15:48,300
And of course, if you use if you're going to be at scale and use my promo code unplugged, that's U N P L G.

1175
01:15:48,520 --> 01:15:50,360
You get like 40 percent off your registration.

1176
01:15:50,980 --> 01:15:51,600
That's not too bad.

1177
01:15:51,840 --> 01:15:52,420
That's not too bad.

1178
01:15:52,800 --> 01:15:54,420
And if you miss me, go listen to a back episode.

1179
01:15:54,520 --> 01:15:55,120
See how I did.

1180
01:15:55,760 --> 01:15:58,540
Maybe clip it, send it in if it's embarrassing or if it's good.

1181
01:15:59,000 --> 01:16:02,540
And of course, as a reminder, I want you to boost.

1182
01:16:02,540 --> 01:16:04,760
is AI impacting your job

1183
01:16:04,760 --> 01:16:06,080
right now today

1184
01:16:06,080 --> 01:16:08,200
or is it just not at all?

1185
01:16:08,240 --> 01:16:08,960
I'd like to know.

1186
01:16:09,180 --> 01:16:10,460
So boost in and tell me if it is

1187
01:16:10,460 --> 01:16:12,300
even in a small way, I guess.

1188
01:16:12,760 --> 01:16:14,480
And then if you're seeing people

1189
01:16:14,480 --> 01:16:15,700
get laid off and things like that,

1190
01:16:15,760 --> 01:16:16,400
tell me about that.

1191
01:16:17,100 --> 01:16:17,980
All right, we're going to get out of here,

1192
01:16:18,040 --> 01:16:18,760
but I'm going to leave you

1193
01:16:18,760 --> 01:16:21,080
with a value for value track.

1194
01:16:21,660 --> 01:16:23,640
Justin Landrip is just rocking it

1195
01:16:23,640 --> 01:16:25,180
over on the Fountain FM charts.

1196
01:16:25,180 --> 01:16:26,840
And today I am leaving you

1197
01:16:26,840 --> 01:16:27,500
with his track,

1198
01:16:27,940 --> 01:16:29,720
All's Well That Ends.

1199
01:16:32,540 --> 01:16:36,540
Swings through the night, search for you

1200
01:16:37,540 --> 01:16:42,540
Just to be no better to

1201
01:16:42,540 --> 01:16:46,540
Don't lie for me

1202
01:16:50,540 --> 01:16:53,540
You drove me to the field that day

1203
01:16:53,540 --> 01:16:56,540
The smell of oil in my glow

1204
01:16:56,540 --> 01:17:01,540
told me I couldn't lose

1205
01:17:01,540 --> 01:17:07,540
was the world a cool and good

1206
01:17:07,540 --> 01:17:13,540
in love of the only answer

1207
01:17:13,540 --> 01:17:19,540
in love and only night stole

1208
01:17:19,540 --> 01:17:28,080
Shoot, I'll wait for a call to end

1209
01:17:28,080 --> 01:17:35,320
I'll wait for a light to descend, please

1210
01:17:35,320 --> 01:17:43,900
Control this world, it ends well

1211
01:17:43,900 --> 01:17:46,780
All is well

1212
01:17:46,780 --> 01:17:49,100
And how does it end

1213
01:17:49,100 --> 01:17:51,820
All is well

1214
01:17:51,820 --> 01:17:56,140
All is well

1215
01:17:56,140 --> 01:17:59,180
Don't lose your life

1216
01:17:59,180 --> 01:18:01,700
All is well

1217
01:18:01,700 --> 01:18:03,440
It ends well

1218
01:18:03,440 --> 01:18:06,360
All is well

1219
01:18:06,360 --> 01:18:08,760
And how will it end

1220
01:18:08,760 --> 01:18:11,280
All is well

1221
01:18:11,280 --> 01:18:13,280
All is well

1222
01:18:13,280 --> 01:18:20,280
Just don't lose your heart

1223
01:18:36,280 --> 01:18:41,280
Don't kiss the mountain river

1224
01:18:41,280 --> 01:18:47,380
My phone at bounty comes, I'll know where to find you

1225
01:18:47,380 --> 01:18:54,080
Hold me like you used to

1226
01:18:54,080 --> 01:19:03,420
I'm a cascade of ideas, we dance ceaselessly

1227
01:19:03,420 --> 01:19:06,940
No progress couldn't cure you

1228
01:19:06,940 --> 01:19:14,440
Into the light without you

1229
01:19:16,120 --> 01:19:21,360
In love, the only answer

1230
01:19:21,360 --> 01:19:26,740
In love, an only knife stone

1231
01:19:26,740 --> 01:19:35,580
Sure, I'll wait for a cough to end

1232
01:19:35,580 --> 01:19:42,580
I'll wait for light to descend, please

1233
01:19:42,580 --> 01:19:48,580
Come true, all is well

1234
01:19:48,580 --> 01:19:53,580
It ends well, all is well

1235
01:19:53,580 --> 01:19:58,580
And how does it end, all is well

1236
01:19:58,580 --> 01:20:02,580
All is well, all is well

1237
01:20:02,580 --> 01:20:06,540
Don't lose your mind

1238
01:20:06,540 --> 01:20:10,800
Oh, this world, it ends well

1239
01:20:10,800 --> 01:20:16,020
Oh, this world, how will it end?

1240
01:20:16,020 --> 01:20:21,240
Oh, this world, it ends

1241
01:20:21,240 --> 01:20:26,020
Don't lose your mind

1242
01:20:32,580 --> 01:20:50,680
I'm a casket of ideas we dance ceaselessly

1243
01:20:50,680 --> 01:20:54,500
And I know where to find you

1244
01:21:02,580 --> 01:21:08,520
Aheading Amanah