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Welcome in to This Week in Bitcoin, episode 119.

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My name is Chris, chrislas.com, jupiterbroadcasting.com.

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It's funny.

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Every major macro shift, more and more people come out of the woodwork and they start sounding

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like Bitcoiners. And this week, we got a lot to get into, but you could sum a lot of it up with

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just told you so, at least Bitcoiners told you so. The recent consequences that happened in just the

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last 24 hours is something Bitcoiners have warned about for ages. And I woke up to quite the surprise

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this morning.

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Just so we can really appreciate what happened today, I'm going to give you a little bit of context.

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It starts with a clip that went viral this week for all of the wrong reasons.

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It's actually a clip of Vice President J.D. Vance before the election, before he was vice president.

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But what he says has been echoed throughout the Trump administration since they have been in office.

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That's yeah, that's exactly right. And by the way, you know, I am.

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This is like maybe super heterodox.

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I am not sure that I think the reserve currency is actually good for the United States of America.

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I think there is a good argument that reserve currency status is akin to coal in Appalachia.

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It's a resource curse, right?

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It allows your consumers to consume very cheaply, right?

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That's been the story of the American economy for the last 15 or so years, even before that,

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is we can just borrow basically in an unlimited way because we have the reserve currency.

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Well, what he got a lot of heat for is actually a well-known economic theory.

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It's called the Triffin Dilemma.

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We talked about it.

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Economist Robert Triffin identified this problem in the 1960s.

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I did a little bit about this a while ago.

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The idea is a country issuing the global reserve currency has to run chronic trade deficits to supply the world with the liquidity that they need.

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If everybody has to trade in the dollar, right?

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So there's constant demand.

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and ultimately undermines and weakens the currency of the nation that is the reserve currency,

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because it leads to things like exporting your manufacturing.

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And then the money that is out there in dollars often comes back into the economy through

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financialization, not through investment in infrastructure.

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So, I mean, this has just been a general way of thinking that's been echoed by the Trump

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administration for quite a while.

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In fact, here is President Trump shortly after taking office.

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You might remember this exact moment.

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Bring our industry back.

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We want to bring pharmaceuticals back to the country.

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And the way you bring it back to the country is by putting up a wall.

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And the wall is a tariff wall.

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We were the richest country in the world.

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We were at our riches from 1870 to 1913.

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That's when we had, we were a tariff country.

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And then they went to an income tax concept.

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And, you know, how did that work out?

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It was fine.

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I mean, it's OK.

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But it would have been very much better.

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So we'll be doing pharmaceuticals, importantly, and drugs, medicines, etc., all forms of medicine and pharmaceuticals.

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And we'll be doing, very importantly, steel.

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We all remember this. I don't need to play the whole thing.

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Tariffs were his favorite word after love.

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He thought maybe I even like tariffs more than the word love.

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And there were multiple references to a time when foreigners paid for America's expenses, not Americans.

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I think we all recall him going on about the period of 1870 to 1913 being the richest period,

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and it was because of tariffs.

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And during this, especially in the first year of the administration, you'd hear reference

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to Alexander Hamilton, the first U.S. Treasury Secretary.

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He's famous for Hamilton economics, and amongst other things, like establishing the first

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central or national bank, not central, but national bank, he advocated for tariffs and

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subsidies to protect and grow domestic industries, to allow certain domestic industries time to

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flourish. And that's what he's really known for now. So when somebody says Hamilton economics,

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it's sort of shorthand for that. And the administration has been signaling this

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since they took office, but nobody took them seriously. Everybody just figured it was probably

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political spin for their base or something like that. So to further drive the message early in

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the Trump presidency, Ambassador Jameson Greer, who is the U.S. trade representative for I don't

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know what, spoke at the Freedom 250 event in Davos. In Davos. The event was titled, get this,

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quote, From Hamilton to Today, Trade and U.S. Economic Strategy. Well, that pretty much sums

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up what they're to talk about. What they're there to talk about, isn't it? It's kind of wild.

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I mean, these people, they're just saying this stuff out in the open now. This is stuff that

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was quiet behind closed doors. Now they're having events and they're declaring it like it's a

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national pride. And in this speech, Greer lays out the new economic vision from the White House.

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But we should start at the beginning. On another cold day, on December 5th, 1791,

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America's first Treasury Secretary, Alexander Hamilton, delivered something called the Report

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on Manufacturers to Congress. In that report, Hamilton articulated a plan for the United States

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to shake off its economic dependency on the British Empire.

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In that report, Hamilton argued for...

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You might read British Empire as China today, perhaps?

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...dependency on the British Empire.

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In that report, Hamilton argued for a strong economic policy

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that would allow America to become an industrial power.

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He called for a combination of tariffs and subsidies

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to incentivize industrialization.

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Hamilton believed that such measures were necessary

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to promote the development of industries like textiles at the time

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that needed protection from dominant foreign producers

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to develop the scale that would allow them to supply U.S. needs

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and also be globally competitive.

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So here Greer is, he's laying out sort of the vision.

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And around this same time, Treasury Secretary Besant

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was at the Economic Club of New York for an America 250 gala dinner.

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These are all so fancy.

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And the title of this one was, quote,

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American economic statecraft in the 21st century.

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So to have the Treasury Secretary,

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the sitting Treasury Secretary of the United States,

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attend an event like this, that's a pretty big deal.

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But yet his speech, it didn't get much attention.

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And in the speech, Besant directly invokes

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Hamilton and Hamilton economics.

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And in case you didn't really take him seriously,

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he also published an op-ed in the Wall Street Journal,

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the same day. First is that economic security begins with national capacity. We have rediscovered

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at great cost what Alexander Hamilton taught us around the time of our founding, that every nation

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ought to endeavor to possess within itself all the essentials of national supply. That our strength,

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in other words, is derived from what we can build, for the nation that cannot produce what it needs

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is not truly secure. The nation that depends on its adversaries for critical impulse is not truly

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sovereign, and the nation that reduces its economics to consumptions is not truly prosperous.

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Instead, as Hamilton put it, it is essential to enlarge the sphere of our domestic commerce

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because economic security begins at home. It begins with the capacity to build, invent, finance,

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and scale the industries that will define the next thing.

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Okay, all right, all right.

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Well, hold on, we'll get there.

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Because while I don't necessarily disagree with that idea,

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you know, you want your military to be able to produce its own weaponry

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and not depend on China and then end up in a conflict with China.

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But him saying this and the White House signaling this

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is like realizing that you should probably start cooking at home

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and that it's healthier and it's cheaper

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and it makes you less dependent on deliveries to your door,

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which costs a ton of money.

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But the problem is you also sold the kitchen 10 years ago to finance the DoorDash purchases So you don have a kitchen anymore So you have to rebuild the entire kitchen buy the appliances and you need to relearn how to cook because you haven cooked for a very long time Oh by the way you still owe payments on the debt though So you still

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have to make those payments while you're building the kitchen and learning how to cook.

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I just, that's the problem. I mean, sorry, you've already made your choice. You made your choice a

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long time ago. The other problem is, functionally, what they're talking about when you really wrap

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your noodle around what they're signaling here. What they're saying is a complete 180 degree

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difference from how we've done things for my entire lifetime, literally my entire lifetime.

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Luke Groman explains. The United States Treasury bond can no longer be the world's reserve asset

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under this, right? Basically, we've been offshoring dollars, exporting dollars and financial assets and

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getting back stuff. And now we want to make stuff. Well, we can't do both. And so if we start making

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more stuff, ultimately our deficits are going to have to be resolved in something other than

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treasury bonds in particular, and in financial assets more broadly. So it has massive, massive

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implications for global capital flows, the dollar, rates, national competitiveness,

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industries, et cetera. So just massive, massive shift. Arguably, if they continue down the line,

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it's as big or bigger than the Berlin Wall coming down in 90 and Nixon, every bit as big as Nixon

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closing the gold window in 71. Wrap your noodle around that. It's a totally different way of the

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United States doing business. It is, well, I guess, ambitious, foolheartedly. It sort of,

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It reminds me of the Doge effort, really.

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And maybe, you know, and maybe it all would have just worked out.

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Maybe if not for that pesky debt, that intrinsic inflation.

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Oh, and that hot war with Iran that just won't quit.

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Because those macro conditions are real and seemingly not changing anytime soon,

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a new normal has started to settle in.

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And the market spent the week quietly freaking out and repricing bonds and all kinds of things as a result.

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And everyone started to notice that the global bond market was starting to go under a lot of pressure.

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OK, ladies and gentlemen, markets have been open for six minutes.

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Let's get down to business.

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The yield on the 30-year U.S. Treasury bond has hit its highest level since 2007,

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as investors remain very worried about inflation and government borrowing.

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So what does it mean for the state of our economy?

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Joining me now to discuss this and more, Scott Lincecone, Vice President of General Economics at the Cato Institute, and Greg Ipp, The Wall Street Journal's Chief Economics Commentator and Deputy Economics Editor.

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OK, Greg, why is this happening and what does it mean for the average American who is not focused on the bond market?

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OK, there's several reasons that long term interest rates, which is what bond yields are, are going up.

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First of all, I think there were a lot of hopes that the Fed could cut interest rates this year.

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But inflation has been sticky. And with the war in Iran pushing up the price of oil, nobody thinks that's going to happen. So that's one factor. Another is that we have this federal deficit, which is approaching actually top $2 trillion this year. The federal debt is approaching $40 trillion. All that borrowing is pushing up interest rates. And the Treasury is now competing with all the companies building AI data centers who have to borrow money for that. So that's pushing up long-term costs.

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And finally, it's a global phenomenon. You look at Japan. Japan is also seeing rising long-term

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interest rates. What does that mean for the after family? Well, things like mortgage rates and

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business borrowing rates, those are all essentially benchmarked to the long-term treasury real. So

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what you're seeing in the bond market is making borrowing more expensive for every business and

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household out there. I got to give it to this guy. He nervously and manically ran through all of it

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there in about 40 seconds. Everyone notices when the bond market starts to hit historical highs.

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And, well, they're the foundation of the global fiat finance system. So they underpin just about

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everything from mortgages to government spending. Still, I got to admit, I was a bit surprised this

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morning when I woke up to the news that Treasury Secretary Besant was breaking out the checkbook

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and buying his own supply. The Treasury Department is doubling the size of liquidity support buyback

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operations that are being used for longer dated nominal coupon securities. This impacts everything

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from the 10-year to 20-year sector and the 20-year to 30-year sector, so anything from 10 to 30 years

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on this. You can see that as a result, bond prices are rallying and yields have continued to drop.

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The 10-year right now is sitting at 6.49%. Just to give a little additional perspective on this,

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This is a process that was reintroduced for the first time in 2024 after not being used for a couple of decades before that.

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Back in 2025, about a year ago in July, the Treasury Department actually doubled the size at that point, the frequency of liquidity and how often they'd be doing it.

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They said at that point a year ago that they'd be going from two to four operations a quarter.

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They again were targeting the long end from 10 years to 30 year maturities.

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At that point, every operation retained a $2 billion cap.

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This is now doubling that cap.

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They're now saying that they're going to be going from the current size of $2 billion per operation to $4 billion per operation.

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And it is having an instantaneous and pretty severe impact on some of those yields.

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Here we go.

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So for the Bitcoiners out there, the short version is this is the signal that the bonds aren't going to eat the debt problem.

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The currency is.

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The currency is going to eat the debt problem just like we all suspected.

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And this is essentially yield control through the back door. And Bitcoin is surging hard on this news. And what I find notable about that is Bitcoin is surging right now for the reasons it should be, because it is a sovereign monetary asset. They're a sovereign for monetary control asset. Right. It's it's surging right now because it is protection from debasement. It's surging right now because it can't be issued by the U.S. government. There can't be more created.

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But it's pumping up like almost 6%.

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We'll see at the end.

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Actually, I could tell you right now.

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Let's take a look right now just because it's interesting.

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Oh, man.

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Look at this.

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So in the last 24 hours, Bitcoin is up 5.7%.

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It's up 8% since the last episode, currently sitting at 68,420, which is the most strength

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we have seen since really the bear market took hold.

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We really haven't broke above 65 very often.

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This is a very strong, although maybe temporary, but a very strong pump right now.

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That means our 30-day price is up 5%.

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This is a real move here.

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And it's a real move for the very reasons Bitcoin was designed for.

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That, I think, is extremely notable and something we're going to have to think more about.

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Ultimately, Bitcoin is surging because the path of debasement is now clear.

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The Fed will ultimately have to print money to cover this.

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And we have gone from what Doge promised us, budget cuts and all of that, to now historical spending with this administration and letting bonds get to a 19-year high before blinking and taking action.

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They did drop.

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When I checked right after the news, they dropped down to 5.189 percent.

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Here's a little wonk analysis.

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As we said, Mohamed El-Erian joins us here, chief economic advisor at Allianz.

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He's already written about this on some social platforms.

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Good to see you, Em.

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Thanks for having me.

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Are we calling this yield curve control?

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We are.

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We're calling it.

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It's really Operation Twist.

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Like the good old days, you end up buying the long end and you'll issue more at the short end.

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And you're just trying to influence yields in the short term.

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00:16:30,801 --> 00:16:35,261
Does it suggest to you that 5.3 was some kind of pain point of sorts?

215
00:16:35,721 --> 00:16:36,201
It does.

216
00:16:36,201 --> 00:16:43,181
we got a small signal when we got the joint intervention with Japan because the U.S. was

217
00:16:43,181 --> 00:16:47,161
worried that Japan would be selling more treasuries. But this is a much bigger signal.

218
00:16:47,581 --> 00:16:51,761
And it's not because of the economic implication as much as it is the political implications and

219
00:16:51,761 --> 00:16:57,301
the social implications. What do you mean by that? Well, mortgage rates go up. That adds to

220
00:16:57,301 --> 00:17:01,581
the affordability pressures. That's a political issue, a big political issue ahead of the election.

221
00:17:01,581 --> 00:17:03,901
And then you have the old issue.

222
00:17:03,901 --> 00:17:05,541
Do we have a K or do we not have a K?

223
00:17:05,541 --> 00:17:06,521
You know, a K.

224
00:17:06,521 --> 00:17:07,581
Do we have a K?

225
00:17:07,581 --> 00:17:09,841
In other words, a K-shaped economy.

226
00:17:10,841 --> 00:17:26,742
It just such a casual way to describe what is a historical divide between the have and have nots And the people that are at the bottom of this K are really struggling especially with inflation as it has been for the last five six years

227
00:17:27,782 --> 00:17:31,522
So it's just such a like a cold, disconnected way.

228
00:17:31,622 --> 00:17:33,822
You know, do we have a K? Do we not have a K?

229
00:17:34,062 --> 00:17:35,822
I can't believe it's even a question.

230
00:17:36,042 --> 00:17:36,782
You're ahead of the election.

231
00:17:37,242 --> 00:17:39,082
And then you have the old issue.

232
00:17:39,242 --> 00:17:40,722
Do we have a K or do we not have a K?

233
00:17:40,722 --> 00:17:44,982
Now, who gets priced out of the mortgage market?

234
00:17:45,482 --> 00:17:49,442
Who ends up having higher interest rates on their credit cards?

235
00:17:49,622 --> 00:17:50,782
It's the low-income households.

236
00:17:51,302 --> 00:17:56,702
So look at this as trying to address this sociopolitical issue that is an issue for this administration.

237
00:17:57,182 --> 00:17:57,962
Does it address it, though?

238
00:17:58,042 --> 00:18:02,782
Because, you know, we've talked about all the different culprits for why the long-end yields were going up.

239
00:18:03,782 --> 00:18:06,562
You know, does some sort of financial engineering actually solve that?

240
00:18:06,602 --> 00:18:08,262
Does it keep the bond vigilantes at bay?

241
00:18:08,262 --> 00:18:10,642
So, look, fundamentally, we have a race going on.

242
00:18:10,722 --> 00:18:14,442
between the promise and the earnings that comes with AI

243
00:18:14,442 --> 00:18:18,942
and the cost of funding, all that.

244
00:18:19,282 --> 00:18:20,382
That's a waste going on.

245
00:18:21,042 --> 00:18:24,322
And that waste is going to determine many, many things.

246
00:18:24,502 --> 00:18:28,602
Now, can you in the short term influence somehow the balance?

247
00:18:28,742 --> 00:18:28,982
Yes.

248
00:18:29,782 --> 00:18:30,582
Does it come?

249
00:18:30,722 --> 00:18:31,442
Is it a free lunch?

250
00:18:31,622 --> 00:18:32,222
Absolutely not.

251
00:18:32,222 --> 00:18:34,582
Every form of yield curve control,

252
00:18:34,802 --> 00:18:36,722
and there's many more forms of yield curve control,

253
00:18:37,182 --> 00:18:39,402
have collateral damage and unintended consequences.

254
00:18:39,922 --> 00:18:40,182
Yeah.

255
00:18:40,722 --> 00:18:42,362
So we'll be watching for those.

256
00:18:42,802 --> 00:18:46,482
Also, I think it's notable the timing of this.

257
00:18:47,762 --> 00:18:52,822
The Treasury announcement happened while the Fed minutes were about to reveal more support for rate hikes.

258
00:18:52,922 --> 00:18:54,682
You know, they released their meeting minutes.

259
00:18:56,202 --> 00:18:58,462
And that would have really upset the markets.

260
00:18:58,462 --> 00:19:02,822
Yet the markets interpreted the Treasury's intervention as essentially fiscal easing.

261
00:19:03,942 --> 00:19:07,182
Which, do you smell that?

262
00:19:07,862 --> 00:19:11,342
That smells like, uh, smells like train brakes have burned out.

263
00:19:11,802 --> 00:19:13,522
Yeah, it's fiscal dominance here.

264
00:19:13,922 --> 00:19:16,982
Brakes is not in service. Please make a note of it.

265
00:19:17,002 --> 00:19:17,862
This is Lynn's train.

266
00:19:18,322 --> 00:19:23,702
This is another example of we're living in a time where the market is being driven by the treasury in reality.

267
00:19:24,842 --> 00:19:31,242
And, uh, they have no choice because the cost to service the debt and the bond market have forced their hand.

268
00:19:32,022 --> 00:19:36,802
And the situation with Iran put the fine point on all of this.

269
00:19:37,182 --> 00:19:39,682
Their biggest customer, Japan, started to struggle.

270
00:19:40,082 --> 00:19:42,522
Japan gets most of its energy through the strait.

271
00:19:43,522 --> 00:19:47,882
It became a building and building problem of dominoes.

272
00:19:48,162 --> 00:19:49,362
So I got a question for you.

273
00:19:51,142 --> 00:19:57,522
Trump came in promising tariffs and, you know, reshoring, lower deficits and a new economic model.

274
00:19:58,922 --> 00:20:01,262
Now we've got crazy war spending.

275
00:20:01,262 --> 00:20:06,982
They are putting a budget proposal in for $1.5 trillion in military spending.

276
00:20:06,982 --> 00:20:08,202
I've done the math on that.

277
00:20:08,862 --> 00:20:09,742
That's horrible.

278
00:20:10,422 --> 00:20:14,062
We have persistently high oil prices now since the beginning of the year.

279
00:20:14,362 --> 00:20:21,762
There's been pressure on the global bond markets that are causing us to do crazy things like sell euros and bail out the Japan bond market.

280
00:20:22,102 --> 00:20:25,242
Like, it's just getting really kind of dicey out there.

281
00:20:25,722 --> 00:20:29,042
And now the Treasury is stepping in to support the long-term debt.

282
00:20:30,602 --> 00:20:32,542
So, put your macro glasses on.

283
00:20:32,542 --> 00:20:37,602
And do you think Iran ends up as being the decision that derailed Trump's economic agenda?

284
00:20:38,262 --> 00:20:39,982
Or can they still turn this around?

285
00:20:40,522 --> 00:20:41,302
Let me know what you think.

286
00:20:41,482 --> 00:20:43,742
Boost.jupiterbroadcasting.com.

287
00:20:44,142 --> 00:20:45,042
Go over there.

288
00:20:45,182 --> 00:20:45,742
Let me know.

289
00:20:46,522 --> 00:20:48,582
Support the show and tell me what you think.

290
00:20:48,962 --> 00:20:51,182
And then we'll talk about it together on the next episode.

291
00:20:51,602 --> 00:20:54,622
Is this situation with Iran the thing that derails it all?

292
00:20:54,742 --> 00:20:56,402
Like, I could almost see some of it working.

293
00:20:56,402 --> 00:21:03,382
But the pressures that Iran put on this seems like it could end up being historically a massive blunder by the Trump administration.

294
00:21:04,242 --> 00:21:04,982
What do you think?

295
00:21:04,982 --> 00:21:27,662
you could support the show just by doing what you're going to do if you want to stack sats on

296
00:21:27,662 --> 00:21:31,902
river use my link in the show notes to get started one of the best ways to stack sats in the u.s if

297
00:21:31,902 --> 00:21:34,942
If you're all about self-custody, the Bitcoin whale doesn't even have a wallet.

298
00:21:35,382 --> 00:21:36,502
Great Lightning support.

299
00:21:37,022 --> 00:21:38,982
Links to the Bitcoin whale in the show notes as well.

300
00:21:39,382 --> 00:21:44,042
If you're ready to spend some sats, you can go from Lightning to gift card in seconds using the Bitcoin company.

301
00:21:45,062 --> 00:21:46,502
And you don't even have to create an account.

302
00:21:46,762 --> 00:21:47,462
You can along with Lightning.

303
00:21:47,982 --> 00:21:48,862
It's really great.

304
00:21:48,942 --> 00:21:50,062
And the only thing they support is Bitcoin.

305
00:21:50,262 --> 00:21:50,802
I love that.

306
00:21:51,262 --> 00:21:56,302
Now, check out FoldCard if you want to stack sats passively while you pay your bills and go about your daily dailies.

307
00:21:56,482 --> 00:22:00,262
Then if it's time to get access to your Bitcoin without selling it, I got two recommendations.

308
00:22:00,482 --> 00:22:01,202
Salt and Strike.

309
00:22:01,682 --> 00:22:02,362
Both are great.

310
00:22:02,542 --> 00:22:03,382
See which one works for you.

311
00:22:03,442 --> 00:22:08,702
Salt has lower loan limits, but Strike has a lot of fancy payment options, lines of credit,

312
00:22:08,802 --> 00:22:09,242
things like that.

313
00:22:09,702 --> 00:22:11,102
Links to all of them in the show notes.

314
00:22:11,202 --> 00:22:14,142
No official relationship, but they are services I use.

315
00:22:14,522 --> 00:22:17,482
And you can support the show just by doing what you do.

316
00:22:31,202 --> 00:22:44,422
All right, we do have some boosts for this episode.

317
00:22:44,962 --> 00:22:47,942
And now it is time for le boost.

318
00:22:47,942 --> 00:22:53,582
And we're going to get into our first boost by starting with our baller this week, which is Marius February.

319
00:22:54,062 --> 00:22:55,942
Coming in with 210 Satoshis.

320
00:22:58,822 --> 00:23:01,082
210,000, I should say, obviously.

321
00:23:01,202 --> 00:23:15,102
obviously 210,000 stoshis bip 110 was just one more turn in the bitcoin labyrinth sadly we can't

322
00:23:15,102 --> 00:23:19,402
do that on the nation state level as this method would be much more efficient than endless political

323
00:23:19,402 --> 00:23:23,982
debates elections and votes it is nice that eventually just forks off and resolves itself

324
00:23:23,982 --> 00:23:28,982
it's one of the things i like about economic news in general is eventually the bill comes due

325
00:23:28,982 --> 00:23:30,722
Thank you, Marius, for that baller boost.

326
00:23:30,862 --> 00:23:31,862
Appreciate you.

327
00:23:32,522 --> 00:23:33,162
Make it so.

328
00:23:34,482 --> 00:23:39,982
Ah, the podfather, Mr. Adam Curry, comes in with 88,888 satoshis.

329
00:23:40,702 --> 00:23:43,242
I hoard that, but you're kind coveted.

330
00:23:43,262 --> 00:23:44,662
Coming in hot with the boost.

331
00:23:44,762 --> 00:23:47,082
Still listening, still boosting, Rip JCD.

332
00:23:47,422 --> 00:23:48,302
Oh, indeed.

333
00:23:48,902 --> 00:23:49,822
Nice to hear from you, Adam.

334
00:23:49,962 --> 00:23:53,202
And, man, I know you hear this a thousand times already,

335
00:23:53,322 --> 00:23:57,402
but JCD's death was really, it impacted me more so than I would have ever thought.

336
00:23:57,402 --> 00:23:58,662
I can only imagine.

337
00:23:59,482 --> 00:24:02,222
And I've been thinking about you and your overall situation,

338
00:24:02,462 --> 00:24:04,682
and I really appreciate you listening and boosting, sir.

339
00:24:05,182 --> 00:24:06,282
Go podcasting.

340
00:24:07,022 --> 00:24:13,662
Adversaries 17 comes in with 58,417 big old supposed to Toshers, whatever.

341
00:24:13,982 --> 00:24:14,222
Yes, hi.

342
00:24:16,102 --> 00:24:17,362
It is quite a good one.

343
00:24:17,382 --> 00:24:18,142
Hello, adversaries.

344
00:24:18,362 --> 00:24:21,082
Thank you for helping us help you help us all.

345
00:24:21,182 --> 00:24:22,742
58,417.

346
00:24:22,882 --> 00:24:25,682
He says, all right, I'm thinking about my cold store situation.

347
00:24:25,682 --> 00:24:36,262
I wrote a little rust program to roll a virtual dice using the rand crate, then use that running on my desktop, which at that time had been online and doing a bunch of things in the background for a while to get some random dice rolls.

348
00:24:36,782 --> 00:24:37,622
You can check out the bit key.

349
00:24:37,942 --> 00:24:40,222
Also, maybe an ESP32 based seed signer.

350
00:24:41,742 --> 00:24:45,262
You know, I the thing and I like the seed signer.

351
00:24:45,322 --> 00:24:46,262
I also like the Jade.

352
00:24:47,322 --> 00:24:48,942
Jade just has had a security update.

353
00:24:49,002 --> 00:24:50,882
We have some more wallet security updates in the updates.

354
00:24:51,722 --> 00:24:53,922
And I really, really like the ESP32.

355
00:24:53,922 --> 00:24:54,462
I'm not.

356
00:24:54,582 --> 00:24:54,942
I don't know.

357
00:24:54,942 --> 00:25:02,082
something gives me a little bit of pause about using the esp32 as a wallet base it just seems

358
00:25:02,082 --> 00:25:06,162
like such a common attack vector but then again you could also argue it's out in the open lot of

359
00:25:06,162 --> 00:25:12,162
eyes etc etc um i don't know where seed signer gets its random from um i would not consider the

360
00:25:12,162 --> 00:25:16,542
esp's uh source of randomness strong enough so what i don't know something i should look into

361
00:25:16,542 --> 00:25:22,382
keep me posted actually would you let me know not to outsource that but i would actually be like no

362
00:25:22,382 --> 00:25:23,362
I don't think I'll have a chance to check.

363
00:25:23,882 --> 00:25:24,382
Thank you, sir.

364
00:25:24,842 --> 00:25:25,502
Appreciate it.

365
00:25:25,902 --> 00:25:29,362
Alex here with 54,321 Satouchers.

366
00:25:29,482 --> 00:25:31,662
Boy, they are doing a lot with mayo these days.

367
00:25:31,742 --> 00:25:32,142
Thank you, Alex.

368
00:25:32,182 --> 00:25:33,862
He says, so relieved about BIP-110.

369
00:25:34,302 --> 00:25:37,062
This doesn't mean I, love, sailor, have forgotten about Bitcoin Core.

370
00:25:37,182 --> 00:25:37,902
30 shenanigans.

371
00:25:38,082 --> 00:25:39,622
Bitcoin has survived another attack, though.

372
00:25:40,122 --> 00:25:41,362
Anyway, everyone, please donate.

373
00:25:41,802 --> 00:25:43,742
Keep your Fisher-Free Eagle Screech.

374
00:25:43,902 --> 00:25:44,762
And keep you...

375
00:25:44,762 --> 00:25:45,182
What?

376
00:25:45,342 --> 00:25:45,942
Okay, here.

377
00:25:46,042 --> 00:25:48,722
I don't know what you mean, but I'm going to give that to you right there.

378
00:25:48,722 --> 00:25:59,642
I know I so relieved about the BID 110 stuff too Derivation Dingus comes in with 21 Satoshi He a good guy He a real good guy

379
00:25:59,783 --> 00:26:00,462
No, he's a great guy.

380
00:26:00,822 --> 00:26:04,702
Regarding the BIP-110 thing, I did at first sympathize with the not side,

381
00:26:05,202 --> 00:26:08,482
but then I never actually did switch away from Core.

382
00:26:08,482 --> 00:26:11,543
I just monitored things and delayed installing Core 30 for a little while.

383
00:26:11,682 --> 00:26:12,922
I was never interested in BIP-110.

384
00:26:13,102 --> 00:26:16,523
I felt like a group of people trying to force a significant rush change to Bitcoin,

385
00:26:16,523 --> 00:26:19,682
And that convinced me core was the right one to stick with.

386
00:26:19,822 --> 00:26:21,342
Yeah, I agree, actually.

387
00:26:21,562 --> 00:26:22,462
Well, I'll be dipped.

388
00:26:24,062 --> 00:26:29,102
The BIP-110 medicine was so much worse than the sickness, right?

389
00:26:29,242 --> 00:26:35,543
Like the core 30 change was just a change to a default config setting that you could change.

390
00:26:35,783 --> 00:26:42,982
And then like BIP-110 came along and wanted to like fundamentally start changing stuff, which ultimately would have led to centralization.

391
00:26:43,082 --> 00:26:44,182
And look where Luke has taken it now.

392
00:26:44,182 --> 00:26:45,803
It's just obvious it was a bad idea.

393
00:26:46,523 --> 00:26:47,442
Thank you, Derivation.

394
00:26:47,543 --> 00:26:48,122
Appreciate you.

395
00:26:48,882 --> 00:26:51,763
A Monday is here with 4,444 Satoshis.

396
00:26:51,803 --> 00:26:52,602
I make duck boost.

397
00:26:52,702 --> 00:26:54,882
Things are looking up for all the duck.

398
00:26:55,322 --> 00:26:58,862
Free Bitcoin convergence event date.

399
00:26:58,962 --> 00:26:59,882
Ah, the website is correct.

400
00:26:59,962 --> 00:27:00,543
It is September.

401
00:27:00,722 --> 00:27:01,922
I did a brain fart in the original boost.

402
00:27:01,962 --> 00:27:02,582
Well, I'm glad I checked.

403
00:27:03,322 --> 00:27:05,222
So Bitcoin convergence is in September.

404
00:27:06,102 --> 00:27:06,422
Cool.

405
00:27:06,582 --> 00:27:06,862
All right.

406
00:27:06,962 --> 00:27:08,982
I'm going to circle back on that, as they say.

407
00:27:09,142 --> 00:27:09,602
Thank you, Monday.

408
00:27:09,803 --> 00:27:10,442
Appreciate you.

409
00:27:11,562 --> 00:27:13,702
Satoshi-san is here with a row of ducks.

410
00:27:13,702 --> 00:27:15,602
2,222 Satoshis.

411
00:27:16,523 --> 00:27:18,642
The Bitcoin community got tested last week.

412
00:27:18,783 --> 00:27:21,162
First, cold card bug, and then BIP110 was rejected.

413
00:27:21,422 --> 00:27:22,102
Thanks for the signal.

414
00:27:22,222 --> 00:27:22,803
Thank you.

415
00:27:23,082 --> 00:27:24,622
B-O-O-S-T.

416
00:27:24,763 --> 00:27:25,382
Appreciate you.

417
00:27:25,942 --> 00:27:29,023
Lee is here with 5,000 sats.

418
00:27:29,283 --> 00:27:30,122
Hmm, all right.

419
00:27:30,242 --> 00:27:30,822
Okay, you know what?

420
00:27:30,842 --> 00:27:31,722
I'm going to give that a sailor.

421
00:27:31,803 --> 00:27:33,102
The traders love the vol.

422
00:27:33,263 --> 00:27:34,362
Good music, Lee-Lee-Lee says.

423
00:27:34,442 --> 00:27:34,862
Thank you, Lee.

424
00:27:34,982 --> 00:27:35,602
Appreciate you.

425
00:27:36,002 --> 00:27:39,263
Gene Bean is here with 6,666 satoshis.

426
00:27:39,482 --> 00:27:40,182
Oh, my God.

427
00:27:40,222 --> 00:27:41,722
This drawer is filled with Froot Loops.

428
00:27:41,922 --> 00:27:43,862
Sad to see Nick's Bitcoin is shutting down.

429
00:27:43,862 --> 00:27:44,462
I know.

430
00:27:45,662 --> 00:27:46,342
I know.

431
00:27:46,523 --> 00:27:51,722
So it is the best node implementation if you're doing it in production at any scale.

432
00:27:52,322 --> 00:27:55,763
I'm hopeful that somebody else will pick it up or that my clanker will.

433
00:27:56,662 --> 00:27:57,382
You know what I mean?

434
00:27:57,462 --> 00:28:02,043
Like, I mean, seriously, like maybe we should, you, me, and Wes, we should clanker it up there, Gene.

435
00:28:03,002 --> 00:28:03,602
Oh, okay.

436
00:28:03,702 --> 00:28:04,543
He says, here's an update.

437
00:28:04,702 --> 00:28:05,642
I'm not sure if it's suited for the show.

438
00:28:05,702 --> 00:28:06,462
All right, that's a primal link.

439
00:28:06,482 --> 00:28:07,122
I'll look at it later.

440
00:28:07,523 --> 00:28:11,162
I set up a two or three multi-sig with Sparrow, Jade Plus, Bitbox, Nova, and Trezor.

441
00:28:11,803 --> 00:28:16,082
It was easy enough, but I'm also curious on your thoughts about using BlueWalt instead of Sparrow here.

442
00:28:16,523 --> 00:28:17,162
Hmm.

443
00:28:18,783 --> 00:28:23,562
I really like Sparrow.

444
00:28:23,783 --> 00:28:27,182
My concern with Sparrow is the developer is well-known,

445
00:28:27,402 --> 00:28:30,122
is a public figure, seems like a bad attack surface.

446
00:28:31,402 --> 00:28:34,803
Maybe one of the lessons to consider from Cold Card

447
00:28:34,803 --> 00:28:39,043
is you don't want a tiny team behind your family wealth.

448
00:28:39,882 --> 00:28:42,502
However, that said, Sparrow has been amazing, has been solid.

449
00:28:43,142 --> 00:28:44,382
It's open source. It's great.

450
00:28:44,382 --> 00:28:45,222
It's, ah.

451
00:28:46,142 --> 00:28:48,882
So I still, I still trend Sparrow.

452
00:28:49,962 --> 00:28:52,822
Early on in Blue Wallet's history, I had a couple of problems with it.

453
00:28:52,842 --> 00:28:54,102
I'm sure it's much better now, though.

454
00:28:54,142 --> 00:28:55,283
But I still trend Sparrow.

455
00:28:55,482 --> 00:28:56,023
Thank you, Gene Bean.

456
00:28:56,102 --> 00:28:56,562
Good question.

457
00:28:56,642 --> 00:28:57,462
I'd like to know where you go.

458
00:28:58,182 --> 00:29:01,263
Derivation Dingus, 10,101 sets.

459
00:29:05,082 --> 00:29:09,303
I've managed to not get any funds stolen, but I regenerated a bunch of wallets.

460
00:29:09,402 --> 00:29:11,362
And not just the cold card as a result of all of this.

461
00:29:11,362 --> 00:29:12,562
Thanks for the inspiration from LUP.

462
00:29:12,563 --> 00:29:16,502
I decided to build an offline Nix OS ISO with Sparrow and build a script.

463
00:29:16,582 --> 00:29:18,662
I wrote to generate the seed phrase using dev you random.

464
00:29:18,822 --> 00:29:19,783
It worked like a charm.

465
00:29:19,922 --> 00:29:22,563
And now I can be quite sure no one else creates wallets like I do.

466
00:29:22,642 --> 00:29:23,283
Thanks for the value.

467
00:29:23,722 --> 00:29:23,862
Yeah.

468
00:29:23,862 --> 00:29:26,303
That's the nice thing is that Linux random number generators.

469
00:29:26,442 --> 00:29:27,682
One of the best in the industry now.

470
00:29:27,682 --> 00:29:29,382
I mean like in the industry.

471
00:29:31,002 --> 00:29:31,642
That's nice.

472
00:29:31,742 --> 00:29:32,043
Good job.

473
00:29:32,122 --> 00:29:33,043
Thanks for letting me know derivation.

474
00:29:33,142 --> 00:29:33,622
I like your,

475
00:29:33,682 --> 00:29:35,043
I like your solution there.

476
00:29:35,242 --> 00:29:36,023
Thanks for boosting in.

477
00:29:36,642 --> 00:29:38,622
I'll be 1984 is here with a row of Mick ducks.

478
00:29:38,722 --> 00:29:40,382
This old duck still got it.

479
00:29:40,582 --> 00:29:41,023
All right.

480
00:29:41,063 --> 00:29:41,682
He says,

481
00:29:41,682 --> 00:29:44,722
I know there's better ways to cold store my stack,

482
00:29:45,182 --> 00:29:46,662
but paper wallets have just worked for me.

483
00:29:46,803 --> 00:29:48,862
Plus, I was always uneasy about hardware wallets.

484
00:29:49,162 --> 00:29:50,342
I've never been able to trust them.

485
00:29:50,482 --> 00:29:52,303
A paper wallet generated on an air gap machine,

486
00:29:52,563 --> 00:29:54,523
I understand and I trust.

487
00:29:55,362 --> 00:29:56,502
On Start9 and BIP110,

488
00:29:56,682 --> 00:29:58,982
I'm currently running a Start9 and have removed Nots,

489
00:29:59,063 --> 00:30:01,122
but when I open Nots on the App Store,

490
00:30:01,202 --> 00:30:02,662
it still shows as installed.

491
00:30:03,122 --> 00:30:04,842
Between their support for 110 and now this,

492
00:30:04,982 --> 00:30:06,043
I'm giving Umbrella a look.

493
00:30:06,482 --> 00:30:07,722
I may end up switching over.

494
00:30:07,722 --> 00:30:16,362
yeah and i still see hmm i have not been impressed so far by start nine i like that they put out

495
00:30:16,362 --> 00:30:20,582
guides helping users migrate off but whoever's doing their social media i don't know the ceo

496
00:30:20,582 --> 00:30:25,662
whoever it is they don't seem to have like learned anything here about how they kind of

497
00:30:25,662 --> 00:30:30,842
misled customers and sold nodes on a false premise and all of that like it'd be i don't know

498
00:30:30,842 --> 00:30:37,402
they were supposed to be one of the good guys they chose the wrong side

499
00:30:37,402 --> 00:30:40,303
but I still want to leave room for people to come around, right?

500
00:30:40,362 --> 00:30:41,202
Because it's very useful.

501
00:30:42,602 --> 00:30:44,502
And they didn't completely remove choice,

502
00:30:44,602 --> 00:30:45,523
so I have to give them credit for that.

503
00:30:45,662 --> 00:30:46,462
I have to give them credit for that.

504
00:30:46,822 --> 00:30:47,862
Code 27, thank you.

505
00:30:47,982 --> 00:30:49,422
Code 27's here with a row of ducks.

506
00:30:50,382 --> 00:30:51,622
No mess, it's just value.

507
00:30:52,263 --> 00:30:53,303
Atone's here, thank you.

508
00:30:53,402 --> 00:30:56,362
Atone's here with 5,555 Satoshis.

509
00:31:01,783 --> 00:31:02,942
Luke's always been nuts.

510
00:31:03,622 --> 00:31:06,902
I had a positive opinion about Mechanic and Cratter going into this, though.

511
00:31:07,402 --> 00:31:09,962
The concern that started all this seemed to be reasonable.

512
00:31:10,202 --> 00:31:12,763
But as things progress, they seem to completely lose the plot.

513
00:31:13,142 --> 00:31:18,622
It's weird to see guys who really should know better follow a literal flat earther off the proverbial cliff.

514
00:31:19,523 --> 00:31:25,402
One only needs to read what Luke and co. are posting on Twitter to realize how far off the rails this thing has gone.

515
00:31:25,822 --> 00:31:27,023
Yeah, I know.

516
00:31:27,622 --> 00:31:34,043
I mean, okay, so you know, A-Tone, since you're reading these, I could just be sitting like in the update section of the show,

517
00:31:34,043 --> 00:31:36,303
just going through all these crazy posts

518
00:31:36,303 --> 00:31:37,822
that are totally disconnected from reality.

519
00:31:38,102 --> 00:31:40,722
And I think really underscore the point I made last week

520
00:31:40,722 --> 00:31:41,862
of what a bubble they're in.

521
00:31:42,322 --> 00:31:43,622
That's everything I keep reading is like,

522
00:31:43,702 --> 00:31:45,303
oh yeah, this is just kind of underscoring it.

523
00:31:45,842 --> 00:31:46,803
He goes on to say, honestly,

524
00:31:47,062 --> 00:31:50,142
I worry the horrible way this was handled

525
00:31:50,142 --> 00:31:52,482
only hurts the prospects of future protocol upgrades,

526
00:31:52,862 --> 00:31:54,642
including ones that could address the very things

527
00:31:54,642 --> 00:31:56,023
that we were concerned about.

528
00:31:56,402 --> 00:31:58,263
The irrational way BIP-110 was carried out

529
00:31:58,263 --> 00:32:00,102
of itself was an attack on Bitcoin.

530
00:32:00,763 --> 00:32:01,822
Yeah, although you could argue

531
00:32:01,822 --> 00:32:03,803
that because of how crazy and irrational it was,

532
00:32:03,803 --> 00:32:10,342
right in the obvious low threshold of 55% and the hard rush deadline for signaling and all of that.

533
00:32:10,422 --> 00:32:16,263
Those are all lessons learned of what is a bad fork. And so maybe lessons will be learned, but

534
00:32:16,263 --> 00:32:21,162
it'll take time. And so as it should, things will slow down for a little bit, I would imagine.

535
00:32:22,002 --> 00:32:27,023
Though you are probably seeing all sorts of opportunities now try to push their pet project

536
00:32:27,023 --> 00:32:35,102
through everything from, you know, more storage options on blockchain to tail emissions.

537
00:32:35,902 --> 00:32:37,402
I mean, it's just all over the place.

538
00:32:37,662 --> 00:32:38,502
I don't know if you've seen any of that.

539
00:32:38,642 --> 00:32:40,982
It's just, but I don't think, I don't think any of it has any traction.

540
00:32:41,322 --> 00:32:43,622
I'm watching, but I don't think it has any traction.

541
00:32:44,382 --> 00:32:46,023
Nice observations and thank you for the boost.

542
00:32:46,303 --> 00:32:48,303
Magnolia Mayhem's back with a row of ducks.

543
00:32:50,922 --> 00:32:54,922
I'm a metalhead first and foremost, but something about this song gives me chills.

544
00:32:55,462 --> 00:32:56,402
Oh, supporting the song.

545
00:32:56,482 --> 00:32:56,822
Thank you.

546
00:32:57,023 --> 00:32:57,822
Appreciate that, man.

547
00:32:58,642 --> 00:33:01,063
Techison's here with 2,118 sats.

548
00:33:01,582 --> 00:33:01,982
Boost!

549
00:33:02,242 --> 00:33:03,462
No message, just value.

550
00:33:03,722 --> 00:33:05,582
And user 26 is here with a row of ducks.

551
00:33:06,702 --> 00:33:08,622
Ah, username is Axelrod.

552
00:33:08,702 --> 00:33:10,402
All right, you got to put that in your Faptum profile.

553
00:33:10,803 --> 00:33:13,023
Bip 110 is Block Wars 2.0.

554
00:33:13,322 --> 00:33:14,122
Love the show.

555
00:33:14,422 --> 00:33:15,622
I'll get my boost going again

556
00:33:15,622 --> 00:33:17,202
because the coin card highlights the weakness

557
00:33:17,202 --> 00:33:19,102
and dangers of our current advertising model.

558
00:33:19,382 --> 00:33:20,202
Keep up the good work.

559
00:33:20,342 --> 00:33:21,242
You're on the right side of history.

560
00:33:21,543 --> 00:33:21,902
You know what?

561
00:33:21,942 --> 00:33:23,722
I appreciate Axelrod, the recognition there.

562
00:33:23,783 --> 00:33:24,082
Thank you.

563
00:33:24,242 --> 00:33:25,023
Thank you for the value too.

564
00:33:25,622 --> 00:33:29,543
User 809 comes in with 10,500 Satoshis.

565
00:33:29,662 --> 00:33:30,162
Make it so.

566
00:33:31,043 --> 00:33:32,222
Just an ongoing thank you.

567
00:33:32,303 --> 00:33:33,043
Well, thank you.

568
00:33:33,222 --> 00:33:34,582
But that's not possible.

569
00:33:34,722 --> 00:33:35,682
Nothing can do that.

570
00:33:35,763 --> 00:33:37,382
It can, and they did.

571
00:33:37,462 --> 00:33:39,563
User 809, if you go in the fountain and change your profile too,

572
00:33:39,582 --> 00:33:40,382
I'll get your name next time.

573
00:33:40,942 --> 00:33:45,362
Kiwi Bitcoin guide came in with 6,543 Satoshis.

574
00:33:45,362 --> 00:33:46,482
I like you.

575
00:33:46,862 --> 00:33:47,922
You're a hot ticket.

576
00:33:48,242 --> 00:33:49,662
Now that we're all entropy enthusiasts,

577
00:33:49,922 --> 00:33:53,043
can you share some tips on how to create a seed 100% offline?

578
00:33:53,043 --> 00:33:54,882
the best method I found was roll a dice

579
00:33:54,882 --> 00:33:56,962
and then create a seed phrase offline on Tails,

580
00:33:57,543 --> 00:33:59,222
which is then wiped after a shutdown.

581
00:33:59,362 --> 00:34:01,362
But I still wonder how offline that could be.

582
00:34:01,523 --> 00:34:02,263
I saw another boost.

583
00:34:02,342 --> 00:34:04,142
We're talking about using NixOS offline to do it.

584
00:34:04,182 --> 00:34:05,842
Do you have any tips or shared experience in this area?

585
00:34:07,402 --> 00:34:09,422
I don't know, man.

586
00:34:10,462 --> 00:34:10,862
Yes.

587
00:34:11,402 --> 00:34:14,582
However, I'm going to couch and caveat with saying,

588
00:34:14,762 --> 00:34:17,982
didn't we just learn that all of this hocus pocus magic

589
00:34:17,982 --> 00:34:19,902
really didn't save our butt much in the end?

590
00:34:20,362 --> 00:34:21,782
But it is good still.

591
00:34:21,782 --> 00:34:27,302
in the same it's good math and all of that um you nailed it i don't really have anything to add i

592
00:34:27,302 --> 00:34:31,142
have seen people talk about a type of box you can put your dice in and all this kind of stuff i feel

593
00:34:31,142 --> 00:34:32,102
like we're losing the plot here

594
00:34:32,163 --> 00:34:38,603
though i really resist this i don't want the message on from this show to be you got to do

595
00:34:38,603 --> 00:34:45,803
this to self custody i want the message on this show to be you can do this but there still needs

596
00:34:45,803 --> 00:34:50,403
to be safe ways where you don't have to do this and so that's the line i'm trying to walk right now

597
00:34:50,403 --> 00:34:55,783
but uh i do think like i mentioned earlier the linux random generator using tails or nix os

598
00:34:55,783 --> 00:35:00,943
offline is is pretty solid the problem there is you may get a little less entropy you could always

599
00:35:00,943 --> 00:35:04,123
generate some and then disconnect it, I suppose.

600
00:35:04,863 --> 00:35:07,783
But the hardcore purists are always going to say, roll your dice, right?

601
00:35:09,063 --> 00:35:11,103
Tell me what you think, Kiwi, and I appreciate the boost.

602
00:35:11,623 --> 00:35:15,203
Anon comes in with 5,100 Satoshers.

603
00:35:16,483 --> 00:35:17,483
Thank you for the value.

604
00:35:17,603 --> 00:35:20,023
Just testing my self-hosted core lightning node setup.

605
00:35:20,163 --> 00:35:21,663
This is my first boost ever.

606
00:35:21,803 --> 00:35:22,863
Well, it worked.

607
00:35:23,623 --> 00:35:24,843
Well done, Anon.

608
00:35:25,143 --> 00:35:25,943
Core lightning is great.

609
00:35:26,783 --> 00:35:30,383
Love Down Babylon comes in with 2,722 Satoshis.

610
00:35:30,943 --> 00:35:34,283
Heck, shoot, you got 500 more sats for my misfire.

611
00:35:34,403 --> 00:35:34,963
Here you go.

612
00:35:35,083 --> 00:35:35,583
Oh, I see.

613
00:35:35,623 --> 00:35:36,683
It was originally a row of ducks.

614
00:35:38,263 --> 00:35:39,703
I can be wordy, Chris.

615
00:35:39,763 --> 00:35:40,463
So here's some ducks.

616
00:35:40,563 --> 00:35:42,303
Regarding the cold card hack, I want to say this.

617
00:35:42,383 --> 00:35:43,003
Wisdom cuts.

618
00:35:43,143 --> 00:35:44,903
And when it cuts Bitcoin, it reveals diamond.

619
00:35:45,163 --> 00:35:45,403
True.

620
00:35:45,583 --> 00:35:47,463
I do feel like we're starting to internalize lessons.

621
00:35:48,163 --> 00:35:51,723
The cost was still perhaps too high, but that's wise words.

622
00:35:51,803 --> 00:35:52,323
Thanks, Love Down.

623
00:35:52,603 --> 00:35:53,223
Appreciate you.

624
00:35:53,803 --> 00:35:55,343
Ace Ackerman's here with a row of ducks.

625
00:35:56,643 --> 00:35:57,003
Boost.

626
00:35:59,003 --> 00:35:59,783
Yes, thank you, Ace.

627
00:35:59,963 --> 00:36:00,663
Appreciate you.

628
00:36:00,943 --> 00:36:04,743
Nakamoto 6102 is back with 3,500 Satoshis.

629
00:36:05,223 --> 00:36:06,303
Linux or something.

630
00:36:06,543 --> 00:36:07,403
Thank you for the value.

631
00:36:07,683 --> 00:36:09,043
Thank you for the boost.

632
00:36:09,183 --> 00:36:09,923
Appreciate you.

633
00:36:10,903 --> 00:36:13,243
Ah, we have a fiat boost from the Department of Lulz.

634
00:36:13,263 --> 00:36:14,583
Give me a holler when this goes south.

635
00:36:14,843 --> 00:36:15,903
No message, just value.

636
00:36:15,983 --> 00:36:16,803
Thank you very much.

637
00:36:17,203 --> 00:36:18,603
And that is all of the boost.

638
00:36:18,683 --> 00:36:19,503
Wow, that was a good round.

639
00:36:19,623 --> 00:36:20,143
Thank you, everyone.

640
00:36:20,203 --> 00:36:21,123
I really do appreciate it.

641
00:36:21,123 --> 00:36:22,483
We're keeping the show going strong,

642
00:36:22,563 --> 00:36:24,663
and there is so much to get into,

643
00:36:24,803 --> 00:36:26,223
and it takes a lot of effort.

644
00:36:26,363 --> 00:36:28,763
So I really do appreciate you recognizing that.

645
00:36:28,763 --> 00:36:34,123
28 of you stream sats as you listen to the show and you all look at you we'll all be dipped you

646
00:36:34,123 --> 00:36:40,543
stack 73 400 sats just streaming well i'll be dipped how about that that is pretty great

647
00:36:40,543 --> 00:36:44,903
because i'm the way so when you combine that all together with a couple of our generous

648
00:36:44,903 --> 00:36:51,423
baller boosters and our sat streamers and our fiat boost taking uh the current fiat value to sats

649
00:36:51,423 --> 00:36:58,923
That brings our total, all combined down to sats, for this episode, 688,315 sats.

650
00:37:00,043 --> 00:37:01,243
That is pretty great.

651
00:37:01,843 --> 00:37:02,463
That's pretty great.

652
00:37:02,563 --> 00:37:03,263
Thank you, everybody.

653
00:37:04,143 --> 00:37:05,483
Eight of you use the Web Boost.

654
00:37:06,383 --> 00:37:07,323
Not too bad.

655
00:37:08,023 --> 00:37:11,103
27 of you coming in with the podcasting Tududo app.

656
00:37:11,663 --> 00:37:12,443
Pretty good there, too.

657
00:37:13,183 --> 00:37:14,943
Boost.JupiterBroadcasting.com.

658
00:37:14,983 --> 00:37:15,543
That's where you go.

659
00:37:21,423 --> 00:37:32,523
You can also put your support on autopilot with a membership through fountain or

660
00:37:32,523 --> 00:37:33,483
jupyter.party.

661
00:37:33,603 --> 00:37:34,703
That's always appreciated.

662
00:37:34,703 --> 00:37:37,943
And then you get a free member boost as a jupyter.party member at

663
00:37:37,943 --> 00:37:39,823
boost.jupyterbroadcasting.com.

664
00:37:40,003 --> 00:37:42,763
It's all based on an open standard using the lightning network.

665
00:37:43,063 --> 00:37:44,603
And it's a great implementation of lightning.

666
00:37:44,763 --> 00:37:45,163
I think too,

667
00:37:45,523 --> 00:37:46,743
this is a value for value podcast,

668
00:37:46,823 --> 00:37:47,523
no advertiser.

669
00:37:47,663 --> 00:37:50,143
You are my customer and I'm trying to make you happy.

670
00:37:50,263 --> 00:37:50,883
Let me know how I did.

671
00:37:50,883 --> 00:37:56,303
boost.jupiterbroadcasting.com. And with that, we have more to get into.

672
00:38:06,543 --> 00:38:12,343
Well, you heard the milestone earlier. I think you probably caught it, but it is a big one.

673
00:38:12,943 --> 00:38:19,043
The U.S. is looking fat and happy with a new milestone of the largest amount of debt ever.

674
00:38:19,043 --> 00:38:26,883
U.S. national debt is expected to hit a record high as soon as this week, crossing a major threshold of $40 trillion.

675
00:38:27,583 --> 00:38:34,663
Our congressional correspondent, Jason Taylor, joins us now to explain why that milestone is a warning sign for many economists.

676
00:38:34,863 --> 00:38:38,683
Lisa, remind us what this whole means and why it all matters.

677
00:38:38,843 --> 00:38:44,663
Now this is one of those moments where the fiatists of the fiat analysts start saying, like that corners.

678
00:38:44,663 --> 00:38:53,463
U.S. national debt is important to us because it helps drive the engine of our government, but it is also a quarterstone of the world economy, though sometimes can be good things.

679
00:38:53,523 --> 00:38:56,703
But let me explain why this level is now a new red flag.

680
00:38:56,983 --> 00:38:59,123
Let's take a look and define terms.

681
00:38:59,423 --> 00:39:03,703
We are fast approaching $40 trillion in gross or total national debt.

682
00:39:04,123 --> 00:39:11,023
One major problem is that interest alone now costs more than $1.2 trillion a year for U.S. taxpayers.

683
00:39:11,203 --> 00:39:12,463
That's according to the Federal Reserve.

684
00:39:12,463 --> 00:39:35,403
So we now spend more on interest on them than we do on national defense, and basically more than almost anything else the government does. Rising debt also adds inflationary pressure to the economy.

685
00:39:35,403 --> 00:39:43,123
We spoke with Carolyn Rowe of the Concord Coalition, and she explained the concern if this red ink line keeps rising.

686
00:39:44,683 --> 00:39:58,343
Eventually, we will hit some sort of very serious fiscally-induced economic crisis, which means that massive debt we're carrying, we're adding to it, and eventually we will cause a very serious economic crisis.

687
00:39:58,343 --> 00:40:00,163
It can take many different forms.

688
00:40:00,603 --> 00:40:06,183
Often it takes a lot of hyperinflation, high interest rates, really, really serious problems.

689
00:40:06,403 --> 00:40:08,423
It would be very, very difficult for us to do that.

690
00:40:08,683 --> 00:40:09,823
Yeah, that's what's going to happen.

691
00:40:10,043 --> 00:40:12,403
I like actually, it's not is.

692
00:40:12,803 --> 00:40:13,663
It's not is.

693
00:40:13,943 --> 00:40:15,203
It's what's been happening.

694
00:40:15,403 --> 00:40:17,263
It's what's been happening for a while.

695
00:40:17,603 --> 00:40:21,183
And it's just getting more obvious now because the numbers get more obvious.

696
00:40:21,803 --> 00:40:24,843
They weren't concerned about it when it was $30 trillion, apparently.

697
00:40:24,843 --> 00:40:27,103
But now that it's $40 trillion, they're starting to coin us.

698
00:40:28,343 --> 00:40:29,263
This is why we stack.

699
00:40:30,043 --> 00:40:35,943
And this is why we self-custody, because the likely scenario is just this debasement that

700
00:40:35,943 --> 00:40:42,483
just completely destroys purchasing power while getting even more aggressive with yield

701
00:40:42,483 --> 00:40:46,643
controls and obviously rates continuing to be high, mortgage rates.

702
00:40:47,043 --> 00:40:48,443
So we stack.

703
00:40:48,763 --> 00:40:50,023
We stack Bitcoin.

704
00:40:50,203 --> 00:40:52,283
And we're getting it at a great price right now.

705
00:40:52,663 --> 00:40:56,543
So this is why I think I still am a big believer in self-custody, because that's the best case

706
00:40:56,543 --> 00:40:56,783
scenario.

707
00:40:56,783 --> 00:40:59,263
The worst case scenario is some sort of crazy economic crash

708
00:40:59,263 --> 00:41:00,363
and everybody's grabbing funds.

709
00:41:00,703 --> 00:41:01,803
So we self-custody,

710
00:41:02,403 --> 00:41:05,043
which is why I want to mention a couple of important updates.

711
00:41:07,803 --> 00:41:08,843
Starting with Bitbox.

712
00:41:09,963 --> 00:41:14,603
Bitbox 08-2026 Desenix update or whatever.

713
00:41:14,903 --> 00:41:15,983
I'm probably saying that wrong.

714
00:41:16,403 --> 00:41:26,425
But it is an important firmware update for Bitbox owners And I know a lot of you have just gone out and purchased one I have one myself They write During our internal audits

715
00:41:26,465 --> 00:41:28,605
we were able to discover and fix security issues

716
00:41:28,605 --> 00:41:29,625
in the BitBox firmware.

717
00:41:29,765 --> 00:41:32,045
This update comes with several important security improvements

718
00:41:32,045 --> 00:41:33,645
for the BitBox firmware.

719
00:41:34,145 --> 00:41:36,665
The TLDR is the update fixes two severe vulnerabilities

720
00:41:36,665 --> 00:41:37,465
in the firmware,

721
00:41:37,605 --> 00:41:39,545
which were internally discovered by the team.

722
00:41:39,985 --> 00:41:42,165
We also inform about potential application

723
00:41:42,165 --> 00:41:44,605
of a vulnerability already fixed in the recent update.

724
00:41:44,605 --> 00:41:49,525
initially discovered internally and later disclosed independently by an external researcher.

725
00:41:49,745 --> 00:41:53,605
There are no reports of stolen user funds, and there is no reason for anyone to panic,

726
00:41:53,705 --> 00:41:57,125
but we do recommend all users update their BitBox device to the latest firmware.

727
00:41:57,825 --> 00:42:01,425
And my understanding, roughly, is that one of the vulnerabilities

728
00:42:01,425 --> 00:42:07,885
would allow for you to be, I guess, misled into installing a malicious firmware,

729
00:42:07,885 --> 00:42:09,825
which would instill your keys.

730
00:42:10,805 --> 00:42:13,785
Probably an edge case, but update when you can.

731
00:42:14,025 --> 00:42:14,765
Update when you can.

732
00:42:15,645 --> 00:42:17,825
While we're talking about wallets,

733
00:42:17,885 --> 00:42:20,465
we have an update on the cold card wallet stuff.

734
00:42:20,765 --> 00:42:21,965
Some of this we already knew,

735
00:42:22,625 --> 00:42:24,585
but there is a few interesting updates

736
00:42:24,585 --> 00:42:25,965
and kind of bringing it all together.

737
00:42:26,065 --> 00:42:27,485
And I'll put a link to this in the show notes

738
00:42:27,485 --> 00:42:28,505
if you want to read it on your own.

739
00:42:29,105 --> 00:42:30,765
Law enforcement may already know,

740
00:42:30,885 --> 00:42:31,945
this is from Bitcoin Magazine,

741
00:42:32,145 --> 00:42:34,105
who emptied more than a thousand Bitcoin

742
00:42:34,105 --> 00:42:35,265
from cold card wallets

743
00:42:35,265 --> 00:42:38,605
in the first and largest wave of the July 2026 strains.

744
00:42:39,525 --> 00:42:52,265
Block's investigation believes they trace the attacks on chain sweeps to a paid account at a major blockchain data provider whose internal logs match the theft pattern with a, quote, extraordinarily specificity.

745
00:42:52,265 --> 00:43:09,005
OK. And then also kind of bringing all this together, Alex Thorne at Galaxy Digital Research has publicly disclosed the possibility that law enforcement already holds a concrete lead on the operator behind the largest tranche, i.e. the first wave.

746
00:43:09,305 --> 00:43:18,525
And in a Bitcoin Policy Institute segment hosted on their YouTube channel, Thorne said, quote, wave one's identity, attacker identity may be known to law enforcement.

747
00:43:18,525 --> 00:43:23,945
On July 31st, Garrett posted the findings from Block's investigation, saying, quote,

748
00:43:24,365 --> 00:43:30,545
During our investigation of the cold car drain yesterday, we identified an unusual pattern in the sweeps.

749
00:43:30,725 --> 00:43:34,305
That pattern led us to a hypothesis that has since then been confirmed.

750
00:43:34,765 --> 00:43:44,245
The operator used a paid account at a well-known blockchain services provider to query the source's address and perform other related activity during the sweeps.

751
00:43:44,245 --> 00:43:55,505
We contacted the provider directly, and their internal logs matched the suspected workflow with extraordinary, again, specificity, including the number, timing, and sequence of requests.

752
00:43:56,045 --> 00:44:00,945
The provider was supplying its standard services in response to requests and did not reveal the broader purpose.

753
00:44:01,445 --> 00:44:05,185
We have seen no evidence that the provider no longer participated or facilitated the suspected theft.

754
00:44:06,465 --> 00:44:10,765
Thorne and others have noted that later, smaller waves show different operational patterns,

755
00:44:10,765 --> 00:44:16,385
some rapid opportunistic drains followed by quick laundering suggesting additional actors

756
00:44:16,385 --> 00:44:21,865
may have reverse engineered the same weak seed space after the initial public disclosure weak

757
00:44:21,865 --> 00:44:26,045
seed space anyways it's suggesting that other attackers figured out how it worked and they

758
00:44:26,045 --> 00:44:31,645
started sweeping to different wallets and then tried to launder those coins um the article also

759
00:44:31,645 --> 00:44:36,205
goes into you know was it an inside job and speculation around that and dismisses that if

760
00:44:36,205 --> 00:44:40,685
you're curious i'll put a link to that in the show notes and you can read more we knew some of

761
00:44:40,685 --> 00:44:45,705
that, but I think it's worth just kind of getting it on the record. And another security update for

762
00:44:45,705 --> 00:44:52,185
you. Electrum 481 has been released. If you have a node with Electrum, you do need to update. This

763
00:44:52,185 --> 00:44:56,085
is going to happen pretty frequently. I don't know if you want me covering all of these on the show

764
00:44:56,085 --> 00:45:00,365
or not, but what's happening here is these projects are getting red teamed. They're discovering

765
00:45:00,365 --> 00:45:05,365
vulnerabilities, and then they are discreetly telling you to update quickly before this goes

766
00:45:05,365 --> 00:45:10,405
public. So they say security fixes and disclosures. Quote, this release contains important security

767
00:45:10,405 --> 00:45:17,365
fixes. Details will be disclosed later. In other words, they're going to tell you what's really bad

768
00:45:17,365 --> 00:45:21,485
here, but they want to give you a little bit of time to update before the entire world knows to

769
00:45:21,485 --> 00:45:28,965
go point their clanker at this. So go get Electrum 481 released on August 10th of this week. That's

770
00:45:28,965 --> 00:45:35,025
an important update for you. Now, going on right now, as I am recording, the White House is holding

771
00:45:35,025 --> 00:45:41,225
a crypto meeting. In fact, they may actually be live streaming some of it. As I speak, I think

772
00:45:41,225 --> 00:45:45,225
that I don't know. Sometimes, you know, you know how they love the cameras over there. Sometimes

773
00:45:45,225 --> 00:45:51,685
they do, but I don't see any obvious live streams up. But they are getting together with quote unquote

774
00:45:51,685 --> 00:45:56,405
crypto industry leaders right now over there at the White House. And I think this is the White

775
00:45:56,405 --> 00:46:02,205
House putting together a plan B, if you will, for the Clarity Act. I think this is maybe recognition

776
00:46:02,205 --> 00:46:06,665
that they're going to have to do it their own way through whatever agency powers they have.

777
00:46:07,085 --> 00:46:11,205
The president reportedly expected to attend a meeting with several top crypto executives

778
00:46:11,205 --> 00:46:16,045
of the White House this week. The meeting comes as that Clarity Act does remain stuck in the Senate

779
00:46:16,045 --> 00:46:21,005
with the odds of the sweeping crypto regulation passing this year beginning to dwindle. Let's

780
00:46:21,005 --> 00:46:24,765
bring in Matt Hogan, chief investment officer at Bidwise Asset Management, talk about some of the

781
00:46:24,765 --> 00:46:29,365
moving pieces in crypto. Matt, good morning. Good to have you. Thanks for having me, Carl. It's great

782
00:46:29,365 --> 00:46:33,805
to be here. Do we know much about what they're going to talk about Wednesday? You know, we haven't

783
00:46:33,805 --> 00:46:38,505
seen a formal agenda, but we can look at the attendee list and make some inferences. When I

784
00:46:38,505 --> 00:46:42,825
look at who's attending, it's a lot from the crypto exchange side. It's a lot from the traditional

785
00:46:42,825 --> 00:46:49,885
exchange side, folks like the CME, ICE, the DTCC. I think topic number one is actually going to be

786
00:46:49,885 --> 00:46:54,965
tokenization. As you know, there's this huge change in how we trade everything. We're going from

787
00:46:54,965 --> 00:47:00,965
930 to 4 to 24-7. We're going from calendar futures to perpetual futures. I think we're

788
00:47:00,965 --> 00:47:06,185
going to talk about this mega trend of tokenization and making sure we have the rules in place for

789
00:47:06,185 --> 00:47:12,365
investors to do well and for America to lead on innovation. Yeah, we had Tom Farley of Bullish

790
00:47:12,365 --> 00:47:16,745
on the show late last week, and that did seem to be the tone of the discussion is that, okay,

791
00:47:17,445 --> 00:47:22,105
it's going to be what it's going to be, and let's move on to maybe some other practical use cases.

792
00:47:22,105 --> 00:47:26,705
What do you think it means for, let's just say, the raw Bitcoin price?

793
00:47:26,925 --> 00:47:27,105
Anything?

794
00:47:28,525 --> 00:47:32,085
Look, I think broadly it's positive for Bitcoin specifically.

795
00:47:32,485 --> 00:47:36,825
Bitcoin is the largest asset in crypto, and it generally benefits when the administration

796
00:47:36,825 --> 00:47:39,525
is focused on making crypto a hospitable place.

797
00:47:39,605 --> 00:47:44,025
And I think having this meeting with leaders, with the president there, is an indication

798
00:47:44,025 --> 00:47:46,105
of a continued commitment to crypto.

799
00:47:46,345 --> 00:47:48,025
So that is good for Bitcoin.

800
00:47:48,025 --> 00:47:58,645
The bigger winners from this, the key winners, I think are actually the DeFi apps, things like Uniswap, Aave, maybe Hyperliquid, even oracles like Chainlink.

801
00:47:58,885 --> 00:48:15,527
The reason for that is those apps are priced today like they serving the crypto market which is a trillion market This kind of meeting says those apps are actually going to serve the equity market That trillion market or the bond market That a trillion market So I think

802
00:48:15,527 --> 00:48:20,287
investors are going to have to upsize their total addressable market for those things.

803
00:48:20,647 --> 00:48:26,347
In ETF land, that means things like the Bitwise Hyperliquid ETF, maybe the Bitwise Solana ETFs,

804
00:48:26,347 --> 00:48:31,547
a lot of tokenized stocks trade on Solana. I think those are the kind of winners we're going to see.

805
00:48:32,447 --> 00:48:34,147
Is there a motivation?

806
00:48:34,427 --> 00:48:35,107
All right, all right, all right, all right.

807
00:48:37,387 --> 00:48:42,787
I just want to stay with this tokenization thing for one more moment, because it just feels like something's building here that ain't great.

808
00:48:43,387 --> 00:48:48,547
And Vlad from Robinhood, the CEO of Robinhood, he was on CNBC to give the full-throated pitch.

809
00:48:48,627 --> 00:48:49,247
Very effective.

810
00:48:50,347 --> 00:48:54,067
Let's talk about tokenization, because that's something I just wrote about.

811
00:48:54,167 --> 00:48:57,027
It's a conversation I think that's top of mind for you.

812
00:48:57,387 --> 00:48:58,727
But also controversial.

813
00:48:58,727 --> 00:49:02,947
to some extent, it depends how people think about tokenization. So why don't we talk about

814
00:49:02,947 --> 00:49:09,447
the context with which you're describing it first? Yeah. So tokenization, we're at the beginning of

815
00:49:09,447 --> 00:49:17,547
a super cycle and it's going to take over the entire financial system. Now, a month ago, we

816
00:49:17,547 --> 00:49:24,907
launched Robinhood chain outside the US and this is our crypto blockchain. And one of the interesting

817
00:49:24,907 --> 00:49:31,447
things about it is it includes stock tokens as a primitive. What does that even mean? Which give

818
00:49:31,447 --> 00:49:39,307
tokenized exposure to U.S. stocks. Now, we started with 90 of them. Now we're up to 190. Is this like

819
00:49:39,307 --> 00:49:47,487
an NFT for a stock? And these trade 24-7. Yeah. And you can move them around the blockchain like

820
00:49:47,487 --> 00:49:54,807
you can Bitcoin or any other crypto asset. Now, stop right there. Stop right there. You can't

821
00:49:54,807 --> 00:50:00,507
move it around like Bitcoin. You can't. This is crap. Who else runs the Robin chain, right?

822
00:50:01,187 --> 00:50:06,167
Like this is essentially a SQL database. Yeah, you can move it around the SQL database. How

823
00:50:06,167 --> 00:50:11,587
frickin great is that? And move them around the blockchain like you can Bitcoin or any other

824
00:50:11,587 --> 00:50:17,807
crypto asset. And what they really do is give exposure to U.S. stocks to people in over 120

825
00:50:17,807 --> 00:50:24,667
countries. I think this provides a roadmap for what the financial system can look like.

826
00:50:25,647 --> 00:50:32,287
So tokenization is just as much about, you know, gambling and giving, you know,

827
00:50:32,287 --> 00:50:37,727
the plebs access to buy stuff when they're early companies, blah, blah, blah. But it's also just as

828
00:50:37,727 --> 00:50:44,387
much about letting everyone else out in the world grab some stable coins and buy themselves

829
00:50:44,387 --> 00:50:49,147
a tokenized U.S. stock. Even if they're not a U.S. citizen, even if they don't live in the U.S.,

830
00:50:49,147 --> 00:50:55,587
they can go buy themselves five dollars of Apple, right? And if you think about it, what has the U.S.

831
00:50:55,647 --> 00:51:00,087
benefited the most from being the reserve currency is that these nations take their surplus dollars

832
00:51:00,087 --> 00:51:05,507
and they put it back into the stock market and bonds and things like that. And as that happens

833
00:51:05,507 --> 00:51:10,687
less and less, you need more customers. You need more money coming back into the financial system

834
00:51:10,687 --> 00:51:15,127
from outside the U.S. because, well, let's be honest, we have a K economy or what do you call

835
00:51:15,127 --> 00:51:20,867
it? We have a K. We have a K right now. So you can't get it from the people because you've crushed

836
00:51:20,867 --> 00:51:27,207
them. You've destroyed them. They're broke. So you can't we can't run your casino anymore

837
00:51:27,207 --> 00:51:32,927
from the customers that live there. So you need to import new customers. And that's what tokenization

838
00:51:32,927 --> 00:51:35,047
is really, really about.

839
00:51:36,767 --> 00:51:39,527
One more little piece of Bitcoin news for you

840
00:51:39,527 --> 00:51:41,767
and some conspiracy bacons.

841
00:51:41,827 --> 00:51:43,007
Let's start with the conspiracy bacon

842
00:51:43,007 --> 00:51:45,787
and we'll wrap up with the Bitcoin Core news.

843
00:51:46,307 --> 00:51:48,547
So my personal conspiracy bacon,

844
00:51:49,307 --> 00:51:51,127
and it's really just sort of speculation

845
00:51:51,127 --> 00:51:52,747
from the vantage point that I have,

846
00:51:52,787 --> 00:51:54,067
because I don't play everything on the show

847
00:51:54,067 --> 00:51:54,987
that I watch, obviously.

848
00:51:55,447 --> 00:51:58,387
There has been a narrative forming

849
00:51:58,387 --> 00:52:00,847
around quantum computing for a while now.

850
00:52:01,387 --> 00:52:02,407
They're trying to position,

851
00:52:02,407 --> 00:52:07,987
they being, you know, investors, you know, the hype people on TV, whatnot, they, quote unquote,

852
00:52:08,087 --> 00:52:13,047
are trying to position it as the next big thing after AI. You've probably picked up on this.

853
00:52:13,247 --> 00:52:20,187
And clearly the idea is that if the AI boom starts to slow and the need for an exit becomes clear,

854
00:52:20,587 --> 00:52:25,607
well, you need something else you can hype up that has these long term crazy promises that take

855
00:52:25,607 --> 00:52:30,027
forever to actually materialize that you can just sort of talk about and build and build and build

856
00:52:30,027 --> 00:52:34,787
for years. And what you're going to hear more and more, and I want you to put your filters on,

857
00:52:34,827 --> 00:52:39,467
because you're going to hear this a lot as we start to transition to this, is that quantum

858
00:52:39,467 --> 00:52:43,947
computing is going to move at faster paces. Development is moving faster than ever.

859
00:52:44,307 --> 00:52:49,167
Quantum computing is moving at very, very fast speed. In fact, it's unprecedented right now that

860
00:52:49,167 --> 00:52:53,187
we have two super cycles back to back. So we're in the middle of the AI super cycle,

861
00:52:53,687 --> 00:52:59,067
and quantum is right behind it. Wait, I thought we were in the middle of the tokenization super

862
00:52:59,067 --> 00:53:05,387
cycle. Oh man, three super cycles. Could it be true? We're in the middle of the AI super cycle

863
00:53:05,387 --> 00:53:12,727
and quantum is right behind it. So we've had five IPOs this year for quantum companies. So it's been

864
00:53:12,727 --> 00:53:19,527
a very, very busy time. And what's happening is with the speed of development is the security we

865
00:53:19,527 --> 00:53:26,927
use today, which is called RSA security, was developed in 1977. So it's quite old and it was

866
00:53:26,927 --> 00:53:32,467
firmly embedded in the internet by 1994, quantum computers soon will be able to break that

867
00:53:32,467 --> 00:53:37,527
encryption. And that is called Q-Day. And nobody knows when Q-Day is arriving. It could be anywhere

868
00:53:37,527 --> 00:53:44,007
between now and probably 2029. Oh, I'd love to put money on that. I'd love to put some sats on that.

869
00:53:45,247 --> 00:53:49,227
You know, I think they should, this is, I mean, don't got to listen to me, but here's a little

870
00:53:49,227 --> 00:53:56,647
free advice, I think they should take notes from the absolute lashing, the 77% disapproval

871
00:53:56,647 --> 00:54:00,347
rating that the AI industry has in the United States right now.

872
00:54:00,667 --> 00:54:01,807
And I'm sure it's even worse in Europe.

873
00:54:03,107 --> 00:54:06,907
Maybe the doomerism talk isn't the way to sell people on this.

874
00:54:07,647 --> 00:54:11,347
You know, going out there and saying, yeah, we're about to crack your bank accounts, military

875
00:54:11,347 --> 00:54:15,607
encryption, we're coming for your Bitcoin, we're going to just wreck it all.

876
00:54:15,607 --> 00:54:22,147
maybe we have learned from sam altman and dario that that ain't the way to actually pitch the

877
00:54:22,147 --> 00:54:26,027
future product maybe you want to say it's going to do great things for this and that it's going

878
00:54:26,027 --> 00:54:34,107
to do the xyz which i don't know is it i suspect you know the conspiracy part of me almost wonders

879
00:54:34,107 --> 00:54:41,327
if they have to pre-fud bitcoin because they don't want i mean they again right don't want

880
00:54:41,327 --> 00:54:47,067
this free liquidity going to Bitcoin. They want it going to these pet projects that make everybody

881
00:54:47,067 --> 00:54:52,687
rich, that pump the entire economy, that everybody gets to ride, that they get to financialize.

882
00:54:53,227 --> 00:55:07,109
That what they want And that what quantum is going to give them So they really trying to get them They trying to get the message out there They really want people to figure it out Get on pump Just get on the quantum pump Just start talking about stuff You know I went to tech events the year

883
00:55:07,109 --> 00:55:12,989
that Chad GPT came out and I watched the Red Hats and the Microsofts and these CEOs essentially

884
00:55:12,989 --> 00:55:19,129
manifest the AI pump and revolution into existence just by making all these radical claims.

885
00:55:19,749 --> 00:55:22,989
They just got to figure it out. They got to figure it out. And they're going to try.

886
00:55:22,989 --> 00:55:24,929
and you're going to hear more about it very soon.

887
00:55:25,029 --> 00:55:25,289
All right.

888
00:55:27,009 --> 00:55:30,929
Bitcoin Core version 32 is targeted for release in October.

889
00:55:31,109 --> 00:55:32,309
And I'm noting this one

890
00:55:32,309 --> 00:55:33,669
because there's something in here I like a lot.

891
00:55:33,729 --> 00:55:34,389
There's a couple of things.

892
00:55:34,449 --> 00:55:36,249
I mean, there's a lot of nice improvements and fixes,

893
00:55:36,489 --> 00:55:38,569
but this one's a big one.

894
00:55:38,969 --> 00:55:41,569
Up to three times faster initial sync.

895
00:55:42,149 --> 00:55:44,769
Block validation now fetches transaction inputs

896
00:55:44,769 --> 00:55:49,969
from the disk in parallel instead of one at a time.

897
00:55:51,229 --> 00:55:52,729
Also, something else that's going to help

898
00:55:52,729 --> 00:55:55,829
as max peer connections have been raised from 125 to 200,

899
00:55:56,229 --> 00:55:58,469
so you have more open slots for new nodes to sync from,

900
00:55:58,849 --> 00:56:00,889
and faster block propagation,

901
00:56:01,149 --> 00:56:03,269
and a harder network eclipse to partition.

902
00:56:04,869 --> 00:56:05,469
All right.

903
00:56:05,869 --> 00:56:07,249
Lots of other nice improvements in there.

904
00:56:07,489 --> 00:56:10,649
I really think if you are on an older version of core

905
00:56:10,649 --> 00:56:11,849
or if you switch to knots

906
00:56:11,849 --> 00:56:13,149
and you're thinking about switching back,

907
00:56:13,869 --> 00:56:15,669
this could be a great release to target.

908
00:56:15,849 --> 00:56:18,089
And remember, you can set your own operaturn limits.

909
00:56:18,209 --> 00:56:18,989
It's a config option.

910
00:56:19,389 --> 00:56:20,209
So here's the schedule.

911
00:56:20,289 --> 00:56:22,609
The feature freeze is set for tomorrow.

912
00:56:22,729 --> 00:56:25,009
as I record August 20th.

913
00:56:25,149 --> 00:56:26,209
That'll be RC1.

914
00:56:27,949 --> 00:56:31,609
Then September, I guess, 10 is like the final kind of,

915
00:56:31,669 --> 00:56:32,609
I don't know, I may have the,

916
00:56:32,709 --> 00:56:34,089
oh, the feature freeze is October 20th,

917
00:56:34,109 --> 00:56:35,189
RC1 is September 10th.

918
00:56:35,209 --> 00:56:36,069
Here we go, I got it now.

919
00:56:36,509 --> 00:56:37,789
So the feature freeze is coming tomorrow.

920
00:56:38,229 --> 00:56:39,549
RC comes September 10th,

921
00:56:39,549 --> 00:56:41,909
and then they're targeting October 10th

922
00:56:41,909 --> 00:56:43,269
for a release around there,

923
00:56:43,309 --> 00:56:44,169
depending on how everything goes.

924
00:56:44,549 --> 00:56:46,709
So if you're planning a node transition,

925
00:56:48,809 --> 00:56:52,149
October, you know, 15th, something like that,

926
00:56:52,149 --> 00:56:55,989
Probably a pretty safe time to target because it'll have been out for a couple of days.

927
00:56:56,089 --> 00:56:59,489
Any major issues would likely have been found and you'll be good to go.

928
00:56:59,969 --> 00:57:00,489
So there you go.

929
00:57:00,549 --> 00:57:02,169
Bitcoin Core version 32.

930
00:57:02,309 --> 00:57:03,269
And there's a lot of others.

931
00:57:03,429 --> 00:57:07,009
There's a new fork actually that was launched this week of Knots as well.

932
00:57:07,369 --> 00:57:10,869
That's trying to refocus on some of the core ideas of Knots from back in the day.

933
00:57:11,469 --> 00:57:14,869
So, you know, you're just going to have to keep your eyes peeled because there's a lot

934
00:57:14,869 --> 00:57:17,209
of great options coming for the Bitcoin node space.

935
00:57:17,669 --> 00:57:21,369
And Core, still a very great option, still a great piece of software and has a lot of

936
00:57:21,369 --> 00:57:21,869
eyes on it.

937
00:57:22,149 --> 00:57:44,509
Let's check in on the State of the Network.

938
00:57:44,509 --> 00:57:48,489
I'm wrapping up at Blockhike 963,217.

939
00:57:48,489 --> 00:57:53,489
Our Bitcoin price in U.S. dollars right now, 68,410.

940
00:57:54,389 --> 00:57:58,169
That puts our sats per dollar at 1,462.

941
00:57:58,409 --> 00:58:00,069
Now, it's not all great news.

942
00:58:00,409 --> 00:58:05,549
Still down 45.8% from our all-time high, which was 317 days ago.

943
00:58:06,309 --> 00:58:11,569
Estimated difficulty change next time, at least at this point, is an upward adjustment of 0.2%.

944
00:58:11,569 --> 00:58:16,429
There are 27,018 reachable Bitcoin nodes on the network.

945
00:58:16,429 --> 00:58:24,489
We are up 5.8% in price in the last 24 hours, 8% since the last episode, and 5% in the last 30 days.

946
00:58:24,869 --> 00:58:32,649
There are 431 blocks until the next difficulty retarget, and it's one sat per V-byte for an immediate transaction right now.

947
00:58:32,969 --> 00:58:36,429
Things are looking good. The network is strong.

948
00:58:46,429 --> 00:58:54,789
Well, if you made it this far, I'm going to do something a little different for now, for this week, for a couple of weeks.

949
00:58:55,189 --> 00:58:56,009
I'm not sure.

950
00:58:57,049 --> 00:59:04,429
I've recently had a problem, and it's not related to just fountain hosting or pod home hosting, but across multiple platforms.

951
00:59:05,369 --> 00:59:09,209
The platforms cannot resolve the value for value artist that I'm featuring.

952
00:59:10,369 --> 00:59:14,749
I don't know why that is, because some of them I went back and they're like, you know, from years ago.

953
00:59:14,749 --> 00:59:17,609
so I haven't been able to properly credit the artist

954
00:59:17,609 --> 00:59:19,049
and so some of the booths haven't gone to the artist

955
00:59:19,049 --> 00:59:21,749
so I'm putting the Value for Value songs on hold for now

956
00:59:21,749 --> 00:59:23,069
until that gets sorted out

957
00:59:23,069 --> 00:59:24,569
so that way the artists get properly credited

958
00:59:24,569 --> 00:59:27,249
but you know

959
00:59:27,249 --> 00:59:28,409
I think it's the right thing to do

960
00:59:28,409 --> 00:59:29,369
but I don't know

961
00:59:29,369 --> 00:59:31,269
I'd love to know if any artists are listening

962
00:59:31,269 --> 00:59:32,049
what they'd like to do

963
00:59:32,049 --> 00:59:34,109
because it means they also don't get exposure

964
00:59:34,109 --> 00:59:35,549
sometimes it works

965
00:59:35,549 --> 00:59:36,709
most of the time it does work

966
00:59:36,709 --> 00:59:37,749
it's just sometimes it doesn't

967
00:59:37,749 --> 00:59:40,489
so if you're a Value for Value music artist

968
00:59:40,489 --> 00:59:41,109
listening to the show

969
00:59:41,109 --> 00:59:42,009
I'd like to know your opinion

970
00:59:42,009 --> 00:59:47,589
links to what i talked about this week in bitcoin.show that's where you go this is episode 119

971
00:59:47,589 --> 00:59:51,549
and there's a lot of links stuff didn't make it in the show my goal is try to give you something

972
00:59:51,549 --> 00:59:55,409
that focuses on the signal that matters to bitcoiners and doesn't get distracted by the

973
00:59:55,409 --> 00:59:59,969
emotions the politics or whatever it might be right we just we zero in on what matters for

974
00:59:59,969 --> 01:00:03,889
bitcoiners so you can plan for yourself your friends your family your future your business

975
01:00:03,889 --> 01:00:08,349
whatever it might be let me know how i did boost.jupiterbroadcasting.com and boost in with

976
01:00:08,349 --> 01:00:12,949
what you might like to see from the show as well, because I'm always open to adding more things.

977
01:00:13,429 --> 01:00:16,229
They're always, you know, maybe there's another segment that could be in here. You never know.

978
01:00:16,830 --> 01:00:21,789
Calls? No, probably not calls, huh? Probably not. Probably not. So anyways, thank you very much for

979
01:00:21,789 --> 01:00:26,429
this week's episode. Appreciate you very much. Go check out the back catalog. I recommend digging

980
01:00:26,429 --> 01:00:30,949
around. You can always point your clanker at my RSS feed because there's JSON files in there and

981
01:00:30,949 --> 01:00:34,389
transcriptions. And you can find out the other times we've talked about some of these previous

982
01:00:34,389 --> 01:00:36,509
topics. All right. See you next week.

983
01:00:38,349 --> 01:01:08,330
Thank you.

984
01:01:08,349 --> 01:01:38,330
Thank you.

985
01:01:38,349 --> 01:01:38,849
you