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Welcome in to This Week in Bitcoin, episode 103.

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

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Well, confusing military policy, games around the Fed, and a lot more have the world selling

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dollars.

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Some of them are buying Bitcoin.

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You might say Bitcoin's recent price strength is as much about the dollar's perceived decline

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in energy prices.

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Well, they're also putting the squeeze on the dollar system.

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The fact is we're nine weeks into a four-week war that we supposedly won eight weeks ago,

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with proclamations being made every Sunday on the regular right before the markets open

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in Asia.

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And the longer this goes on, the more people are starting to worry about the impact this

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is going to have on the future.

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And this right here is economics professor Steve Keen, and you can tell he's rather concerned.

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What's happening right now, I spoke with five people who are financial markets experts in a

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Twitter forum some couple of weeks back, and I finally got bored and left the damn thing

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because not one of them talked anything about the physical manufacturing processes behind what's

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happening in the strait. And when you destroy helium production, when you destroy fertilizer

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throughput. When you lock all those resources up, the production system has to fall over.

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So this is going to be a financial crisis caused by damage to the production system,

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which is the opposite of the usual situation, the financial system.

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You know, it's interesting. We've kind of heard that about the Ukraine war too,

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but it is something people are worried about, but even more so than, you know,

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things like fertilizer is energy prices.

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20% of the world's energy supply flows through the Strait of Hormuz. That's oil,

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that's liquefied natural gas, it's refined products,

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goes to Europe and Asia primarily,

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and both of those regions are seeing the impact

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of having that much cut off.

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The U.S. can't make up all of that supply.

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This is the CEO of Chevron, Mike Wirth.

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Inventories in the system are being drawn down,

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and the supply situation is tightening,

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and that's a concern.

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And, you know, you think about the U.S.

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and where we stand when it comes to production,

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that, of course, has insulated the U.S. consumer

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to some degree from some of the higher prices that we're seeing in Asia, that we're seeing

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in Europe.

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And I just wonder from where you're sitting, how long you think that will continue to be

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the case?

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Or, you know, is the U.S. heading towards a situation where consumers are going to see

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the same sort of prices that we're starting to see in Asia?

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I think the real thing is the U.S. is not going to see supply outages.

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We're starting to see risks of supply outages in some of these economies.

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In Europe, you're seeing flights canceled and schedules re-optimized because jet fuel

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is getting very, very tight in Europe.

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We've seen a number of economies in Asia

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that have instituted policies to reduce demand

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because they're concerned about running out of supply.

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Uh-oh, that doesn't sound very good.

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But don't worry.

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Treasury Secretary Scott Besant says it's transitory.

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Again, we are cognizant that this short-term blip up in prices

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is affecting the American people.

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But I am also confident on the other side of this,

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prices are going to come down very quickly.

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You know, the conflict will end. If we look at the stock market, what does the stock market see right now? The stock market is looking through this. Corporate earnings are good. Employment is good. And this gasoline, this temporary aberration will be over in a matter of weeks or a month.

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temporary aberration will be over in weeks or a month.

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We'll see how accurate that was.

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That seems like a big roll of the dice.

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And they're going to have to get things kind of put together

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rather quickly to make that work.

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I mean, it's a big roll of the dice.

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Anything that starts to shave off GDP is also a problem

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just because of the debt.

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And the debt to GDP ratio just looks a lot worse when that happens.

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It's a really big gamble.

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And we'll come back to this later in the update section,

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but I want to move on because energy and raw materials, that's one part of what's going on

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right now. But here in the States, back here in the good old U.S. of A, we have ourselves a bit

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of drama unfolding. And that is the games going around the Fed. It's pretty bad timing when you've

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got a conflict that's showing the world and everyone watching the limits of the dollar

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system and the U.S. military.

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That really matters because the games around the Fed chair also are impacting the, I guess

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what you could say, the reputation, the faith of the dollar system.

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And what really has people talking is last week while I was recording, Jerome Powell was

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having his press conference and he announced that he would be staying on the board.

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Thank you, Mr. Chair.

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Appreciate the kind words about the press.

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Often doesn't come from the podium in different places, but appreciate that.

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Can you talk about what has gone into your decision to remain on the board?

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What kind of criteria are you weighing and how long might you stay?

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Thank you.

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Sure.

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So, you know, my concern is really about the series of legal attacks on the Fed, which

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threaten our ability to conduct monetary policy without considering political factors.

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Now, I have to think that if Jay Powell really wanted to minimize the impact on the Fed,

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he would just quietly go away and this lawsuit would probably be dropped.

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This does seem to me a little, all right, you want to F around and find out?

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Well, this is what you're going to get.

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I'm going to stick around.

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And seems a little bit like games to me.

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All in the name of protecting the independence.

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And I want to note here, this has nothing whatever to do with verbal criticism by elected officials.

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No, of course not.

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I've never suggested that such verbal criticism is a problem and neither has anyone else here.

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No, because he's just a man and his ego is not a factor at all.

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I don't know what you're thinking, guys.

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he is just but a humble servant of the people, but the sanctity of the institution.

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But these legal actions by the administration are unprecedented in our 113-year history,

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and there are ongoing threats of additional such actions. I worry that these attacks

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are battering the institution and putting at risk the thing that really matters to the public.

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You know, the people are so much worse off since he took this position. I'm not saying he did it

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intentionally. But to sit up there and talk about like this institution as if it has been some

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pristine central bank that has served the people is such a load of horse manure. It's such a load.

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Which is the ability to conduct monetary policy without taking into consideration political

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factors. Yeah, no. No, of course, if you look at all the times he cut rates, they happen to look

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very political. But besides that, it is so important for our economy, for the people that we serve,

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that they can depend over time on a central bank that stealing your time and energy.

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operates that way free of political influence. Yeah, no, of course. Yeah, of course, because

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there's no way that the Fed is just inherently a political organization. No, they're totally

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independent. It's part of the absolute foundation of this amazing economy that we have. It's just

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one of the many reasons why the U.S. economy is the envy of the world. That piece of

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institutional architecture separates successful countries from unsuccessful countries. It is

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extremely important, not for the people who work at the Fed at any given time, but for the people

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that we serve, that the Fed remain able to conduct monetary policy in a way that doesn't

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get pulled into politics, trying to help or hurt any particular politician or political party.

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Mm-hmm. Mm-hmm. Okay. Yeah. And then when asked to follow up on it.

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What would you say to the criticism that by remaining on the board, you're actually taking

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a political act and denying President Trump the majority of the board, which as president,

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he would have if you left? I don't see that at all. As I mentioned.

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Not a factor at all.

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You know, I'm literally staying because of the actions that have been taken.

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I had long planned to be retiring.

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Oh, yeah.

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But you see, the nation needs Jay Powell to keep working.

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They need Jay Powell to stay as a governor to make sure he can keep voting against the

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current administration.

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Now, I think the entire idea of the central bank is a farce, because if you look at all

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the other central banks around the world, they all work hand in glove with their government.

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you know, when they're undergoing certain economic activities or military activities.

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The central bank's always there.

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And, you know, the things that have happened really in the last three months have, I think,

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left me no choice but to stay until I see them through at least that long.

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You see, these kinds of things, they do undercut credibility of the institution,

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which I'm all here for, but it freaks people out.

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And, you know, he talks about precedent and the unusual nature of it.

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But what he's doing is also rather unusual.

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Secretary, we look forward to the Kevin Warsh era at the Fed.

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I know you've been a big supporter. Unfortunately, today, ungentlemanly, Jay Powell.

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Kudlow is such a bootlegger.

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Has decided to stay on as a governor. It's only the second time in 113 years.

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I don't know why. You know, let's just say, why did he have to do it?

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Why not just leave it up to Kevin Warsh for a new era?

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Well, Larry, I want to come back to the Warsh bed.

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But I will say it's highly unusual what former chair, soon to be former Chair Powell did.

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And Larry, to be clear, the last time that a Fed chair stayed on the board, it was at the request of the president.

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And one thing I can promise you is President Trump did not request for Jay Powell to stay.

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I think it's highly unusual for someone who says he's an institutionalist and cares about norms at the Fed.

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This is a violation of all Federal Reserve norms.

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And I've got to tell you also, Larry, I think it is an insult to Kevin Warsh, Mickey Bowman and Chris Waller to think that these other Republican nominees do not care about the institution of the Fed and that he alone can maintain the integrity of the Fed.

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I think they're a little annoyed.

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What do you think?

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Well, we got Besson on the line here.

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This is another thing that I think is, to me, it seems like the biggest ad against stablecoins in the world right now.

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You're actually, in some cases, seizing assets, are you not?

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That's right, Larry.

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We were able to grab about $350 million, the crypto assets, and then on top of another $100 that we had recently gotten.

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So we're almost at half a billion there.

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and we are freezing bank accounts everywhere.

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More importantly, we are making people less willing to deal with the regime.

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It's just to me, it seems like that's an advertisement against stablecoins.

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Go ahead, use a stablecoin, and then we'll just seize it.

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I don't know.

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It doesn't seem like a very good pitch,

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although the usage of stablecoins does seem to be on the rise.

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But back to the Fed, you see, Kevin Warsh has quite the problem

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because not only is he going to have J-Pow breathing over his shoulder

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and, of course, voting, no doubt, in the dissent,

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But if Warsh, when he gets in, lowers rates, that will also undercut the credibility of the Fed.

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Now, again, as Bitcoiners, this is just basically pop the popcorn, stack the sats and watch the show.

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But it is something to note the rock and a hard place that they're in now.

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They have reached a certain inevitability of their position.

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We are expecting Kevin Warsh to be confirmed and the next Fed chair by potentially the next Fed meeting.

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Would it be a mistake for him to cut interest rates in this environment?

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And this here is Ray Dahlia.

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Yeah, in my opinion, it certainly would.

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Why? Because of oil prices?

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Well, because of the issues that are here in terms of a more immediate inflation,

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farther from the target in terms of inflation target,

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and also the credibility that everybody's going to look at how he behaves in terms of monetary policy.

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So if you were to take and ask that question to almost anybody who's objective, they would say, certainly you would not cut interest rates now.

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OK, you will lose your credibility.

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The Federal Reserve would lose its credibility, particularly now, almost at any time.

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And if you what I guess the part that I haven't made implicitly clear but should be obvious is that if the Reserve, if the Federal Reserve, if the central bank, if the House of Dollars loses its credibility, the dollar loses its credibility.

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The reserve status begins to get chipped away at.

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These things have second and third order effects.

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And so I would say, but beyond that, it's not the right way to have monetary policy, given all things considered.

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He should wait till when?

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Well, you have a dual mandate, right?

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You're in a stagflationary period.

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We're in a stagflationary period.

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You think we are?

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We are certainly in the stagflationary period.

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Now, how that transpires has a lot of parts to it, but we're certainly in a...

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And if you look at monetary policies by other countries, you're not going to see them cutting.

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OK so whatever your benchmarks are you not going to be inclined to cut the monetary policies not with today information Well that why Warsh has been trial ballooning the idea of AI being inherently deflationary and it being a special time with all of that blah blah blah blah blah

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But the reality is that there is really no recovery path here because this is going to

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be spun in multiple different ways.

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And you could tell because some of the banker politicians are coming out.

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And this here is the former World Bank president.

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And he's just put it out there like even it doesn't matter who runs the Fed.

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The economics of it don't make sense.

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Yeah, it's worrisome.

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You know, the Fed basically has become now just a giant hedge fund.

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It's lost a trillion dollars, you know, and counting.

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It's going to be a gigantic loss.

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What it does is borrows money at 5.4% from banks and then dumps it into government bonds.

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So think what that trade does.

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That causes the government to think that it's better off than it is.

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And so that encouraged the government to be short when rates were zero.

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So why did the government borrow so much in T-bills?

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Well, because the Fed was buying the bonds and it made it look like yields were going

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to stay low for, remember the low for long phrase.

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So we've got these multiple problems that are going on and it endangers the dollar.

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So that's the basic case.

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Instead of the Fed having such large balances, wouldn't the private sector be starting

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businesses and risking capital and bringing returns and adding to growth. Wouldn't all that

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money be better if it wasn't with the Fed? That's right. And we're depending on private equity.

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So as the banks get squeezed out, because they're lending so much to the Fed,

222
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you know, it's literally... This is the problem right here. And this is why the fiat system

223
00:14:51,364 --> 00:14:57,164
is doomed for savings. I'm going to back it up because what you have to understand is as the debt

224
00:14:57,164 --> 00:15:02,864
grows and the need to buy more government debt grows, that money comes from somewhere, right?

225
00:15:02,904 --> 00:15:06,204
They're sucking it out of other places, loans that could have gone to other places.

226
00:15:06,424 --> 00:15:09,084
That money be better if it wasn't with the Fed.

227
00:15:09,404 --> 00:15:14,704
That's right. And we're depending on private equity. So as the banks get squeezed out,

228
00:15:14,704 --> 00:15:20,904
because they're lending so much to the Fed, you know, it's literally a floating rate loan

229
00:15:20,904 --> 00:15:26,144
from banks to the Federal Reserve so it can buy government bonds. So if that were freed up,

230
00:15:26,144 --> 00:15:35,704
That would allow the banks to at least consider a small business loan, an inventory loan, the kinds of things that help the economy grow.

231
00:15:35,984 --> 00:15:39,364
I mean, they can print fiat, but they have to manage their risk books.

232
00:15:39,544 --> 00:15:41,544
They have to keep that stuff.

233
00:15:41,724 --> 00:15:45,344
The accounting has to work still, so they can only do so much lending.

234
00:15:45,464 --> 00:15:46,784
And this is on a global basis.

235
00:15:46,944 --> 00:15:47,964
It's not just the Fed.

236
00:15:48,124 --> 00:15:55,564
It's all the major central banks doing the same thing, meaning taking money from the economy in order to buy government bonds.

237
00:15:55,564 --> 00:16:15,384
We need to be clear on that. I heard the previous segment, they talk about money printing. There isn't any money printing on it. It's just money borrowing and they pay top dollar for it. The Fed pays 5.4 to banks and 5.3 to money market funds. So to the Fidelity and Vanguard and so on.

238
00:16:16,404 --> 00:16:19,484
It's just so, so baked in.

239
00:16:19,484 --> 00:16:32,224
and this is why it truly is a historically perfect moment for a digitally scarce asset

240
00:16:32,224 --> 00:16:39,804
for a terminally online generation this is our moment when countries get to this problem it's a

241
00:16:39,804 --> 00:16:44,124
it's called a sovereign debt crisis this is lauren sliphard there's really only one way out and

242
00:16:44,124 --> 00:16:49,084
that's inflation and so the money is going bad it's going bad at an increasing rate and that's

243
00:16:49,084 --> 00:16:53,044
why we're all Bitcoiners, because we now have a perfect form of money that cannot be diluted.

244
00:16:53,724 --> 00:16:58,304
And as Jesse Myers pointed out, this is a once in humanity kind of event. I mean,

245
00:16:58,444 --> 00:17:01,964
we're going to talk about this as there's going to be pre-Bitcoin and post-Bitcoin.

246
00:17:02,384 --> 00:17:05,704
That's how big a deal this is. And most people don't even get it. It's stunning. I mean, it's

247
00:17:05,704 --> 00:17:10,384
like the fact that I can buy Bitcoin at $85,000, I feel like a kid in a candy store. I'm just trying

248
00:17:10,384 --> 00:17:17,644
to figure out, you know, do I really want to sell a kidney? I mean, probably not. But I mean,

249
00:17:17,644 --> 00:17:19,164
It's just an unbelievable opportunity.

250
00:17:19,604 --> 00:17:20,784
He's thinking about it.

251
00:17:20,844 --> 00:17:23,104
Although, you know who is thinking about selling?

252
00:17:23,324 --> 00:17:28,744
This week, Michael Saylor started talking about potentially selling in order to pay some of their dividends.

253
00:17:29,284 --> 00:17:34,384
The never sell your Bitcoin guy is now talking about why it makes sense to sell his Bitcoin.

254
00:17:35,064 --> 00:17:38,644
And this is Saylor during this week's, what is it called?

255
00:17:38,724 --> 00:17:39,924
Finance, you know, financial call.

256
00:17:40,064 --> 00:17:42,264
I'm drawing a blank on the call.

257
00:17:42,884 --> 00:17:44,284
But, you know, for the shareholders.

258
00:17:44,464 --> 00:17:44,984
Jeez, I'm sorry.

259
00:17:45,324 --> 00:17:47,084
I'm drawing a blank on the shareholder meeting.

260
00:17:47,084 --> 00:17:53,204
There we go. I got it, you guys. I did it. So again, the most important point here is

261
00:17:53,204 --> 00:17:58,224
there are occasionally some short narratives. People would say things like, well, you know,

262
00:17:58,264 --> 00:18:02,464
if they sell the Bitcoin, that's bad for the business or it proves the business doesn't work

263
00:18:02,464 --> 00:18:07,184
or something. But, you know, we look at it as if you're a real estate development company and you

264
00:18:07,184 --> 00:18:13,344
bought land for $10,000 an acre and you sold it at $100,000 an acre and then you bought more land

265
00:18:13,344 --> 00:18:17,504
with the profit, or if you sold $100,000 an acre

266
00:18:17,504 --> 00:18:20,784
to pay some interest expense on debt

267
00:18:20,784 --> 00:18:21,864
that you use to buy more land,

268
00:18:22,224 --> 00:18:23,824
nobody would say that that's bad

269
00:18:23,824 --> 00:18:25,184
for the price of real estate.

270
00:18:25,324 --> 00:18:26,804
And no one would say that that proves

271
00:18:26,804 --> 00:18:27,884
business doesn't work.

272
00:18:28,324 --> 00:18:30,844
Real estate development companies literally exist

273
00:18:30,844 --> 00:18:33,304
to buy land cheap and sell it expensively.

274
00:18:33,584 --> 00:18:35,744
We're like a Bitcoin development company.

275
00:18:35,864 --> 00:18:36,724
We buy it cheap.

276
00:18:36,844 --> 00:18:38,064
We sell it dear.

277
00:18:40,104 --> 00:18:42,204
Where do the dividends come from?

278
00:18:42,204 --> 00:18:52,444
capital gains fund credit dividends right that is the essence of the business we invest in digital

279
00:18:52,444 --> 00:18:59,664
capital bitcoin the capital gains from the investment fund the credit dividends they will

280
00:18:59,664 --> 00:19:07,344
do it in perpetuity if you if the capital appreciates at that break-even rate and it turns

281
00:19:07,344 --> 00:19:12,624
out that sometimes we will sell a bitcoin derivative because it's in the best interest of

282
00:19:12,624 --> 00:19:19,024
the company but it's not necessary this chart really illustrates that you can strip the business

283
00:19:19,024 --> 00:19:25,344
down to something very simple you buy bitcoin with credit you let it appreciate and then you

284
00:19:25,344 --> 00:19:32,144
sell bitcoin to pay the dividend and as long as you're you're issuing credit and access of the

285
00:19:32,144 --> 00:19:37,224
the break-even point, then this business works and grows forever.

286
00:19:38,924 --> 00:19:44,664
Okay, so I've got to ask. It's quite the reversal from the never sell strategy.

287
00:19:45,384 --> 00:19:49,924
So how do you feel about this? What do you have to say? Boost in and let me know. Is this

288
00:19:49,924 --> 00:19:56,284
a practical strategy pivot to squash the Ponzi scheme claims? Or is it a total bait and switch

289
00:19:56,284 --> 00:20:01,844
and a total warning sign for Bitcoiners of where Saylor might go? I mean, this is probably the

290
00:20:01,844 --> 00:20:05,164
largest possible reversal he could make in his position. And if he can reverse this,

291
00:20:05,704 --> 00:20:10,164
what else can he reverse? So what say you? Boost in, let me know, and support the show.

292
00:20:10,624 --> 00:20:13,944
What you think about Saylor's strategy and his willingness now to sell his Bitcoin.

293
00:20:31,844 --> 00:20:35,344
You can support the show just by doing what you do.

294
00:20:35,444 --> 00:20:37,984
If you want to buy sats on River, use my link in the show notes.

295
00:20:38,024 --> 00:20:39,944
It's one of the best ways to stack sats in the U.S.

296
00:20:40,304 --> 00:20:43,624
The Bitcoin Well, it's an amazing automatic self-custody Bitcoin platform.

297
00:20:43,784 --> 00:20:46,004
They don't host the wallet. You do. It's all self-custody.

298
00:20:46,404 --> 00:20:47,524
Then there's the Bitcoin Company.

299
00:20:48,004 --> 00:20:48,984
You got sats on Lightning.

300
00:20:49,084 --> 00:20:52,104
You can send them into a gift card in just seconds with the Bitcoin Company.

301
00:20:52,184 --> 00:20:53,584
And they don't mess with any of the other stuff.

302
00:20:53,644 --> 00:20:54,664
They only do Bitcoin.

303
00:20:55,104 --> 00:20:56,564
You can even log in with the Lightning Network.

304
00:20:56,844 --> 00:20:59,764
Now, if you're all about passively stacking sats, the Bold Card.

305
00:21:00,164 --> 00:21:01,104
It's a favorite in our community.

306
00:21:01,104 --> 00:21:03,184
It's how I use, what I use to pay my bills.

307
00:21:03,464 --> 00:21:03,984
It's the Fold Card.

308
00:21:04,084 --> 00:21:06,404
It comes with a debit card and a banking account, essentially, and all of that.

309
00:21:06,484 --> 00:21:08,564
And you can stack sats just by paying your bills.

310
00:21:08,924 --> 00:21:12,604
Now, if it's time to get access to your Bitcoin value without selling it, check out Salt Lending.

311
00:21:12,944 --> 00:21:14,484
I like their liquidation protection.

312
00:21:14,664 --> 00:21:16,364
I like their lower limits as well.

313
00:21:16,724 --> 00:21:18,064
And they seem to have pretty reasonable rates.

314
00:21:18,504 --> 00:21:24,184
Salt Lending, you can use the link in my show notes for any of those to support the show just by doing what you do.

315
00:21:31,104 --> 00:21:39,524
Stay a while and listen.

316
00:21:39,604 --> 00:21:42,844
Well, we have some boost to support the show.

317
00:21:43,304 --> 00:21:45,404
And we'll start with our baller booster this week.

318
00:21:45,604 --> 00:21:48,084
And that is Whomever Whiz.

319
00:21:48,124 --> 00:21:48,744
There, I got it.

320
00:21:48,804 --> 00:21:48,964
Yeah.

321
00:21:49,724 --> 00:21:51,244
Whomever Whiz.

322
00:21:51,244 --> 00:21:55,804
You are our baller booster with 32,768 sats.

323
00:21:55,884 --> 00:21:57,264
Hey, rich lobster.

324
00:21:59,264 --> 00:22:00,164
Oh, this is great.

325
00:22:00,164 --> 00:22:04,444
I published my first value for value track, an unreleased banger back from 2004.

326
00:22:04,904 --> 00:22:08,084
I was a lot younger, but the word still seemed like something that would come out of my mouth today.

327
00:22:08,504 --> 00:22:12,924
It's a theme that continues from the music I used to make to the things that still interest and inspire me,

328
00:22:13,164 --> 00:22:16,424
like podcasting, Bitcoin, Linux, and the right to repair, DIY, etc.

329
00:22:16,604 --> 00:22:17,224
Keep it up, Chris.

330
00:22:17,324 --> 00:22:17,864
Love the show.

331
00:22:18,344 --> 00:22:20,284
More to come later when I'm feeling inspired.

332
00:22:20,584 --> 00:22:24,324
So I'll put a link to his song in the show notes called Pick It Up.

333
00:22:24,944 --> 00:22:26,164
I like the sound of it.

334
00:22:27,064 --> 00:22:28,124
A little preview of it right here.

335
00:22:30,164 --> 00:22:31,244
Kind of a spaceship sound.

336
00:22:33,444 --> 00:22:39,724
So I'll put a link to pick it up in the show notes from our baller booster, Whomever Whiz, this week.

337
00:22:39,784 --> 00:22:41,244
Thank you, Whomever. Appreciate that.

338
00:22:41,564 --> 00:22:44,224
And Paranoid Coder comes in with 4,000 sats.

339
00:22:44,724 --> 00:22:46,664
This old duck still got it.

340
00:22:46,764 --> 00:22:48,204
No message, just the value.

341
00:22:48,644 --> 00:22:50,044
Coming in hot with the booze.

342
00:22:50,064 --> 00:22:51,544
Thank you very much. Appreciate that.

343
00:22:52,264 --> 00:22:54,724
We've got Chaka coming in. Chaka coming in.

344
00:22:54,804 --> 00:22:57,464
I always get it wrong with 6,666 sats.

345
00:22:57,604 --> 00:22:59,464
Oh, my God. This drawer is filled with brood.

346
00:22:59,464 --> 00:23:00,664
Which was a whole bunch of ducks.

347
00:23:01,844 --> 00:23:04,264
I would just say, I'd like more technical content.

348
00:23:04,664 --> 00:23:07,804
What's new, what can be connected to what, and how to set up a company to accept Bitcoin.

349
00:23:08,584 --> 00:23:10,244
You know, that's probably a different podcast.

350
00:23:10,444 --> 00:23:13,024
Not a bad podcast, but not a bad idea.

351
00:23:13,604 --> 00:23:14,724
This is more news-focused.

352
00:23:15,504 --> 00:23:18,464
But I do like the idea of that kind of focus.

353
00:23:18,604 --> 00:23:20,104
Probably would be good for a YouTube channel, too.

354
00:23:20,784 --> 00:23:22,924
Listening to 99, I hear you're having troubles with ditching the show.

355
00:23:23,004 --> 00:23:25,684
Since I'm new in the last few months and not listening so much,

356
00:23:25,704 --> 00:23:28,144
I think it would be nice to give in your thoughts on the loudspeaker.

357
00:23:28,144 --> 00:23:30,024
I'm getting a negative and angry vibe from Twib.

358
00:23:30,264 --> 00:23:30,524
Really?

359
00:23:31,184 --> 00:23:32,444
I think it's probably because of the news.

360
00:23:32,644 --> 00:23:34,484
I mean, you think about the macro stories we're covering.

361
00:23:34,744 --> 00:23:36,984
Not exactly the same vibe as what we cover on Love.

362
00:23:37,504 --> 00:23:39,344
And you say to add value, you say node up.

363
00:23:39,464 --> 00:23:41,404
And at the same time, you say you don't want to make a guide.

364
00:23:41,864 --> 00:23:44,144
In episode 99, it goes on so far

365
00:23:44,144 --> 00:23:45,644
that Kiwi Bitcoin guide promotes himself.

366
00:23:46,244 --> 00:23:48,344
I think that a consequence of you taking action,

367
00:23:48,464 --> 00:23:51,164
of not taking action or taking action on a guide

368
00:23:51,164 --> 00:23:52,664
to set up a node would get more nodes

369
00:23:52,664 --> 00:23:54,324
than the words node up.

370
00:23:54,684 --> 00:23:55,404
Give us use cases.

371
00:23:55,864 --> 00:23:56,884
Yeah, I agree to a degree.

372
00:23:56,884 --> 00:23:59,104
I think you're kind of misunderstanding the show.

373
00:23:59,524 --> 00:24:06,464
If I came on this week in Bitcoin and I spent 30 minutes doing a node tutorial, I would lose 80% of the audience.

374
00:24:07,304 --> 00:24:09,864
Yeah, you have to understand people expect this to be a news podcast.

375
00:24:10,664 --> 00:24:12,304
And so that's why I try to do it in a special.

376
00:24:12,524 --> 00:24:16,904
But even then, sort of our least listened to episode in the last couple of months, right?

377
00:24:17,024 --> 00:24:18,364
So what does that tell you?

378
00:24:18,924 --> 00:24:21,784
In fact, a lot of people boosted and said they just skipped it because it wasn't on topic.

379
00:24:21,784 --> 00:24:28,124
so you have to appreciate there is a dynamic and a kind of a lane for each show and what you're

380
00:24:28,124 --> 00:24:32,484
kind of asking for is a different show but maybe it would be a good one for you to do i don't know

381
00:24:32,484 --> 00:24:38,204
if i had unlimited time and and there was a clear path to making it sustainable i'd probably consider

382
00:24:38,204 --> 00:24:44,044
it thank you for the boost mac jollers comes in with 19 500 sats woo

383
00:24:44,044 --> 00:24:50,564
Thank you for the pure signal in Bitcoin.

384
00:24:50,804 --> 00:24:55,584
I'd be thrilled to subscribe if you'd commit to so many episodes, been worried you'd throw the towel in.

385
00:24:55,964 --> 00:24:56,584
Gonna boost more.

386
00:24:56,904 --> 00:24:57,384
Yeah, we're going.

387
00:24:57,484 --> 00:24:59,684
You know, I think we picked up Steam with 99 to 100.

388
00:25:00,224 --> 00:25:00,664
I'm here.

389
00:25:00,844 --> 00:25:02,564
I'm here today, even when sick.

390
00:25:02,624 --> 00:25:04,184
Under the weather, I am here.

391
00:25:04,624 --> 00:25:05,924
Because I love you guys.

392
00:25:06,324 --> 00:25:06,904
Thank you for the boost.

393
00:25:07,204 --> 00:25:08,564
Gene Bean's here with a row of ducks.

394
00:25:09,984 --> 00:25:11,784
I spent some time chatting with AI tonight,

395
00:25:11,784 --> 00:25:14,784
And I think you may have a proposal for a member feed setup you'll like that.

396
00:25:14,904 --> 00:25:16,344
I can you can get bonus content more.

397
00:25:16,784 --> 00:25:18,304
We're going to refine a little more and then post an article.

398
00:25:18,644 --> 00:25:19,804
Hopefully the idea pans out.

399
00:25:20,284 --> 00:25:22,104
You know, really, it's a for us, Gene.

400
00:25:22,224 --> 00:25:36,224
It's a it's a technical issue is I need a reliable way to generate a specific hidden RSS feed that I can supply to the memberful platform that mirrors the special features that go on the fountain platform.

401
00:25:37,004 --> 00:25:38,304
That thing does not exist.

402
00:25:38,304 --> 00:25:40,444
I will have to build that thing

403
00:25:40,444 --> 00:25:41,924
and that's just a matter of, I don't

404
00:25:41,924 --> 00:25:43,504
I mean, I could take a week off

405
00:25:43,504 --> 00:25:45,904
If I took a week off from the show, I could probably do it

406
00:25:45,904 --> 00:25:48,184
Thank you for the boost, and I'd love to hear what you got, Gene

407
00:25:48,184 --> 00:25:50,164
Debitcoiners comes in

408
00:25:50,164 --> 00:25:52,344
.eu with 10,000

409
00:25:52,344 --> 00:25:54,204
sats, woo! That's gotta be like

410
00:25:54,204 --> 00:25:54,944
10 gold blooms

411
00:25:54,944 --> 00:25:57,264
10 gold blooms out of a possible 10 gold blooms

412
00:25:57,264 --> 00:26:00,504
Double celebration, 102 episode, and the best Dutch price chart

413
00:26:00,504 --> 00:26:02,504
Up and running for 15 years, keep up the good work

414
00:26:02,504 --> 00:26:04,224
at, I'll put a link in it to

415
00:26:04,224 --> 00:26:05,344
Debitcoiners.eu

416
00:26:05,344 --> 00:26:06,924
Pulling it up right now

417
00:26:07,504 --> 00:26:08,464
I do like it.

418
00:26:08,764 --> 00:26:10,064
Oh, except for I'm getting an SSL error.

419
00:26:10,184 --> 00:26:10,604
Oh, no.

420
00:26:10,744 --> 00:26:11,504
I'll accept the risk.

421
00:26:11,544 --> 00:26:12,044
I trust you.

422
00:26:12,724 --> 00:26:13,684
Oh, I have seen this before.

423
00:26:13,924 --> 00:26:21,448
I have seen this before Yeah that great That is great Thank you Debit Appreciate it Joey DD is also here with 10 sats

424
00:26:26,188 --> 00:26:29,748
Twib all the way. Thank you, sir. Appreciate the value, Joey.

425
00:26:30,488 --> 00:26:33,068
Turd in the bunch. Punchbowl is here with 2,000 sats.

426
00:26:34,288 --> 00:26:38,308
Lowell at Novograt stumbling through his statement like an LM using tokens trying to pick word by

427
00:26:38,308 --> 00:26:43,068
word in an attempt to not describe a Ponzi-like strategy. Dilute the investors to benefit existing

428
00:26:43,068 --> 00:26:49,568
investors. Hmm. Yeah. Yeah. That was embarrassing, wasn't it? OB is here with six. Thank you for the

429
00:26:49,568 --> 00:26:56,348
boost. OB is here with 16,000 sats. Wow. Big strike news. Yeah. Well, it's not. So I decided

430
00:26:56,348 --> 00:27:00,848
not to put the strike news in the show yet because it's not actually final. But Tether,

431
00:27:01,388 --> 00:27:09,108
Strike's largest shareholder, has proposed a merger of 21 and Strike and also Tether's mining

432
00:27:09,108 --> 00:27:15,868
business, which was, I guess, extracted from Swan Bitcoin, if you remember that whole drama.

433
00:27:16,648 --> 00:27:17,728
So that's all very interesting.

434
00:27:18,028 --> 00:27:19,828
And I'll definitely be watching where it goes.

435
00:27:20,288 --> 00:27:23,928
And I think we all kind of saw that one coming when Jack announced 21.

436
00:27:24,068 --> 00:27:24,308
Yes.

437
00:27:24,348 --> 00:27:24,628
Hi.

438
00:27:24,908 --> 00:27:27,568
You know, they needed to have something that shows value in production.

439
00:27:28,048 --> 00:27:28,668
I don't know.

440
00:27:29,268 --> 00:27:31,068
I just I'm not too surprised to hear the announcement.

441
00:27:31,388 --> 00:27:32,828
But it isn't actually final yet.

442
00:27:32,928 --> 00:27:33,968
It is not final yet.

443
00:27:34,588 --> 00:27:35,868
Hey, Adversary 17 is back.

444
00:27:36,048 --> 00:27:36,688
Let's hear it.

445
00:27:36,688 --> 00:27:37,068
Good buddy.

446
00:27:37,068 --> 00:27:39,908
And he's coming in with 17,908 sats.

447
00:27:43,648 --> 00:27:46,768
Well, I don't really like government or companies having a bunch of the supply either.

448
00:27:47,068 --> 00:27:54,148
But if we as plebs start the dictating who can buy Bitcoin, then we're just becoming the very people that Bitcoin was designed to combat in the first place.

449
00:27:55,508 --> 00:27:57,208
Wise adversaries. Wise.

450
00:27:57,868 --> 00:28:02,308
Oh, man. Again, I appreciate the feedback on the clip audit, too.

451
00:28:03,008 --> 00:28:03,508
That's nice.

452
00:28:04,148 --> 00:28:05,288
Eric, thank you for the boost.

453
00:28:05,288 --> 00:28:08,288
Eric PP is here with 3,333 sats.

454
00:28:08,448 --> 00:28:09,488
Well, I'll be dipped.

455
00:28:09,708 --> 00:28:11,308
No message, just the value.

456
00:28:11,488 --> 00:28:12,208
Appreciate that.

457
00:28:12,548 --> 00:28:15,608
And Philip is back with 5,333 sats.

458
00:28:15,808 --> 00:28:18,588
Thank you for helping us help you help us all.

459
00:28:18,708 --> 00:28:19,688
No message, just value.

460
00:28:19,768 --> 00:28:20,208
Thank you, Philip.

461
00:28:20,328 --> 00:28:22,208
You're doing very well.

462
00:28:22,288 --> 00:28:22,968
It's nice to hear from you.

463
00:28:23,468 --> 00:28:24,988
Bitcoin is for everyone.

464
00:28:25,128 --> 00:28:26,828
May 22nd through the 23rd.

465
00:28:26,908 --> 00:28:30,768
Boost in with 5,121 sats.

466
00:28:30,848 --> 00:28:32,068
Just pump the brakes right there.

467
00:28:32,248 --> 00:28:33,448
I think there's a message in there.

468
00:28:33,448 --> 00:28:35,308
Why you got to put numbers and letters together?

469
00:28:35,608 --> 00:28:36,848
Why can't you just go yourself?

470
00:28:37,508 --> 00:28:44,068
Hey, Chris, would love to have you join us in Portland, Oregon for Bitcoin is everyone for everyone on May 22nd through the 23rd.

471
00:28:44,488 --> 00:28:45,948
Friday is Bitcoin pizza day.

472
00:28:46,028 --> 00:28:47,448
Hands on workshop at the Kennedy School.

473
00:28:47,568 --> 00:28:50,128
Saturday is the main conference at the Revolution Hall.

474
00:28:50,668 --> 00:28:54,868
Use the code this week in Bitcoin for a 21 percent off discount.

475
00:28:54,988 --> 00:28:56,268
Well, I'll be dipped.

476
00:28:56,468 --> 00:28:56,788
Nice.

477
00:28:56,908 --> 00:28:58,808
Bitcoin is for everyone dot com.

478
00:28:58,908 --> 00:29:00,048
I will look into that.

479
00:29:00,548 --> 00:29:02,028
Would very much like to be able to make it.

480
00:29:02,028 --> 00:29:03,468
Do you have a press pass?

481
00:29:03,968 --> 00:29:05,728
You know, do you have press passes?

482
00:29:06,108 --> 00:29:06,928
I'm just saying.

483
00:29:07,548 --> 00:29:08,268
I'm just saying.

484
00:29:08,488 --> 00:29:10,668
That's a spicy meatball.

485
00:29:10,928 --> 00:29:12,408
Bitcoin is for everyone.com.

486
00:29:12,588 --> 00:29:15,808
And again, it'll be May 22nd through the 23rd in Portland, Oregon.

487
00:29:16,168 --> 00:29:20,008
If you think you might make it, let me know, because I'm thinking I'm going to try to make it.

488
00:29:20,388 --> 00:29:21,168
Thank you for the invite.

489
00:29:21,648 --> 00:29:22,428
That's really great.

490
00:29:23,168 --> 00:29:24,528
I hope they do have a press pass.

491
00:29:25,008 --> 00:29:25,688
This is the way.

492
00:29:25,688 --> 00:29:32,988
And on comes in with 2,267 cents.

493
00:29:33,228 --> 00:29:35,188
I am programmed in multiple techniques.

494
00:29:35,408 --> 00:29:37,548
Boosting to show my appreciation for your coverage of the news.

495
00:29:37,628 --> 00:29:38,188
Well, thank you.

496
00:29:38,288 --> 00:29:39,408
I do appreciate that value.

497
00:29:39,828 --> 00:29:41,508
Ace Ackerman's back with a row of duckies.

498
00:29:42,428 --> 00:29:44,148
2,222 sats.

499
00:29:44,608 --> 00:29:46,248
Big bank adoption of Bitcoin is inevitable.

500
00:29:46,628 --> 00:29:49,508
Part of the process and the trade-off that has to be accepted.

501
00:29:49,828 --> 00:29:50,528
I think you're right, Ace.

502
00:29:50,968 --> 00:29:51,328
Thank you.

503
00:29:51,808 --> 00:29:53,348
Brother Mike's also here with a row of duckies.

504
00:29:53,348 --> 00:29:59,468
you're doing a good job well thank you brother mike you are also doing a good job and thank you

505
00:29:59,468 --> 00:30:04,688
for helping us all thank you for helping us help you help us all really do appreciate that now if

506
00:30:04,688 --> 00:30:10,328
i could if i could hit the button and it would uh i have this for you superior ability breeds

507
00:30:10,328 --> 00:30:17,808
superior ambition i do love that one when does he say that what episode does he say that i can't

508
00:30:17,808 --> 00:30:22,688
even i mean i've seen like every episode of star trek and i have i cannot remember that clip but

509
00:30:22,688 --> 00:30:24,968
Clearly he's on the bridge, so that should narrow it down.

510
00:30:25,228 --> 00:30:26,388
Live long and prosper.

511
00:30:27,208 --> 00:30:28,308
Thank you, Brother Mike.

512
00:30:28,928 --> 00:30:32,448
Nakamoto 6102 is here with 3,500 sats.

513
00:30:33,348 --> 00:30:34,268
Thanks for the value.

514
00:30:34,388 --> 00:30:35,308
Well, thank you for the value.

515
00:30:36,088 --> 00:30:39,848
Kiwi Bitcoin Guide's back with 4,567 sats.

516
00:30:40,008 --> 00:30:41,188
All systems are functional.

517
00:30:41,748 --> 00:30:45,948
Amongst all the suit coiners and politicians, there was some good content at the Bitcoin conference.

518
00:30:46,468 --> 00:30:49,748
Announcements from Block, Strike, and LightSpark were all positive for Bitcoin as money.

519
00:30:50,148 --> 00:30:51,488
Did you see Paolo from Tether's talk?

520
00:30:51,488 --> 00:30:53,268
some really cool storytelling

521
00:30:53,268 --> 00:30:55,128
and then he talked about their work

522
00:30:55,128 --> 00:30:56,728
on the hole punch and keep stack

523
00:30:56,728 --> 00:30:58,288
a real peer-to-peer protocol

524
00:30:58,288 --> 00:30:59,608
take a look and let us know what you think

525
00:30:59,608 --> 00:31:00,668
I will I'll look it up

526
00:31:00,668 --> 00:31:02,008
I did not see it

527
00:31:02,008 --> 00:31:03,708
I do kind of tune out

528
00:31:03,708 --> 00:31:04,908
some of the tether stuff

529
00:31:04,908 --> 00:31:06,608
I will be honest with you

530
00:31:06,608 --> 00:31:08,248
so I will go back and look for that

531
00:31:08,248 --> 00:31:11,228
Hodler comes in with 2,103 sats

532
00:31:11,228 --> 00:31:14,228
I don't understand what the heck is going on here

533
00:31:14,228 --> 00:31:16,508
I'm not the biggest fan of the name digital asset

534
00:31:16,508 --> 00:31:17,528
but you may be right

535
00:31:17,528 --> 00:31:20,428
I'm not sure crypto can shake off the scammy connotation

536
00:31:20,428 --> 00:31:23,768
but it's kind of happened before, like what happened with the internet and email when things

537
00:31:23,768 --> 00:31:28,908
started out and cell phones and pagers. As a young lad that had a pager and a cell phone,

538
00:31:29,108 --> 00:31:35,468
because I was a nerd, my teachers were very suspicious, right? Because it was very odd

539
00:31:35,468 --> 00:31:39,908
back then. Unless I'm dating myself, but cell phones and pagers were the domain of doctors

540
00:31:39,908 --> 00:31:43,488
and drug dealers. And so they were all very concerned that Chris had a pager.

541
00:31:43,488 --> 00:31:46,288
I just wanted the ladies to get a hold of me

542
00:31:46,288 --> 00:31:49,408
That's all it was

543
00:31:49,408 --> 00:31:51,248
You know, send me a code and I'll call you back

544
00:31:51,248 --> 00:31:53,448
Thanks Hodler, appreciate the boost

545
00:31:53,448 --> 00:31:55,888
I'm looking through, thank you everybody who also

546
00:31:55,888 --> 00:31:57,588
Boost below the 2,000 sat cutoff

547
00:31:57,588 --> 00:31:59,428
Are on air, I did want to pull one

548
00:31:59,428 --> 00:32:01,408
Forward this week just because it's so great

549
00:32:01,408 --> 00:32:03,628
Strange love of music, our value

550
00:32:03,628 --> 00:32:05,408
For value artist last week

551
00:32:05,408 --> 00:32:06,988
Boosted in 1,000 sats

552
00:32:06,988 --> 00:32:09,408
I like you, you're a hot ticket

553
00:32:09,408 --> 00:32:11,288
Thanks so much for including our latest song

554
00:32:11,288 --> 00:32:12,848
What You Mean To Me in your latest episode

555
00:32:12,848 --> 00:32:16,908
We are truly amazed and humbled by how much this latest release has been played across the valueverse.

556
00:32:17,488 --> 00:32:19,968
Stay humble and stack good songs.

557
00:32:20,168 --> 00:32:21,288
I love it.

558
00:32:21,748 --> 00:32:22,128
Yep.

559
00:32:22,468 --> 00:32:22,868
Yep.

560
00:32:23,388 --> 00:32:23,788
Yep.

561
00:32:24,088 --> 00:32:24,268
Yeah.

562
00:32:24,588 --> 00:32:25,508
I like it a lot.

563
00:32:26,088 --> 00:32:26,928
Thank you very much for that.

564
00:32:27,008 --> 00:32:30,888
Thank you, everybody who boosted the show below the 2000s that cut off and those of you stream sets.

565
00:32:30,988 --> 00:32:38,668
In fact, 29 of you stream stats and stacked a nice, healthy 54,715 sets for this here episode.

566
00:32:38,788 --> 00:32:39,528
Thank you very much.

567
00:32:39,628 --> 00:32:41,548
Did you buy that from a certified vendor?

568
00:32:41,548 --> 00:32:48,328
When you combine that with our boosters, this episode stacked 228,861 sats.

569
00:32:48,748 --> 00:32:53,068
Not going to blow the doors off in terms of payroll this week, but you know what keeps the show going.

570
00:32:53,408 --> 00:32:54,508
And I'm grateful for that.

571
00:32:54,828 --> 00:32:57,148
If you'd like to boost the show, you can do it with Fountain FM.

572
00:32:57,248 --> 00:32:59,588
It makes it really easy with fiat or sats these days.

573
00:32:59,888 --> 00:33:01,808
And that's probably the majority of the way people boost.

574
00:33:02,108 --> 00:33:08,568
You can also load yourself up with Albi and you can boost from a plethora of apps, including Fountain and the podcast index.

575
00:33:08,708 --> 00:33:10,508
It's nice to be able to boost from the web sometime.

576
00:33:10,508 --> 00:33:13,148
but Fountain's definitely the number one choice in our audience

577
00:33:13,148 --> 00:33:15,388
and they're just going from strength to strength these days

578
00:33:15,388 --> 00:33:17,368
and you also get all the podcasting

579
00:33:17,368 --> 00:33:19,188
2.0 features like transcripts

580
00:33:19,188 --> 00:33:21,068
you get immediate updates

581
00:33:21,068 --> 00:33:22,928
when it goes live, it's like boom

582
00:33:22,928 --> 00:33:25,228
in your app within seconds when I publish an episode

583
00:33:25,228 --> 00:33:27,448
you get the podcasting 2.0 chapters

584
00:33:27,448 --> 00:33:29,168
and when the show does a live event

585
00:33:29,168 --> 00:33:30,608
it'll show up in your feed as well

586
00:33:30,608 --> 00:33:32,108
there's a bunch of other great features in there

587
00:33:32,108 --> 00:33:35,388
thank you everybody for supporting episode 103

588
00:33:35,388 --> 00:33:36,728
of This Week in Big Land

589
00:33:40,508 --> 00:33:46,028
All right, let's get to some updates.

590
00:33:46,148 --> 00:33:46,648
What do you say?

591
00:33:57,148 --> 00:33:58,188
Well, we did it.

592
00:33:58,448 --> 00:33:59,788
We did it, you guys.

593
00:33:59,988 --> 00:34:00,188
Woo!

594
00:34:00,448 --> 00:34:01,248
We are the best.

595
00:34:02,048 --> 00:34:02,568
USA!

596
00:34:03,248 --> 00:34:03,768
USA!

597
00:34:05,988 --> 00:34:06,828
We did it.

598
00:34:06,828 --> 00:34:10,588
The U.S. debt has exceeded the country's GDP for the first time.

599
00:34:11,328 --> 00:34:14,608
The United States has hit a grim financial milestone.

600
00:34:14,788 --> 00:34:21,668
For the first time since World War II, our national debt is now larger than our entire annual economic output.

601
00:34:21,808 --> 00:34:29,228
Now, I think you could kind of quibble about how this is measured, you know, but it is still remarkable because I don't know if you do this, but World War II is kind of a big deal.

602
00:34:29,228 --> 00:34:34,968
Public debt climbed to $31.27 trillion by the end of April.

603
00:34:35,068 --> 00:34:41,788
And that is compared to the U.S. gross domestic product, which is $0.05 trillion less.

604
00:34:42,508 --> 00:34:45,668
So they are currently projecting, which this is the Congressional Budget Office.

605
00:34:46,128 --> 00:34:49,288
And the way they project is just a continuous line.

606
00:34:49,408 --> 00:34:54,608
So they just take what's happening now and they just sort of project it upwards on a continuous trajectory.

607
00:34:54,608 --> 00:35:07,388
It doesn't account for random conflicts, energy crisis, recessions, any kind of money printing that might have to take place, you know, private markets blowing up in, you know, inequity.

608
00:35:07,468 --> 00:35:09,988
It doesn't it doesn't it doesn't count for any of that stuff.

609
00:35:10,188 --> 00:35:13,908
So this is a very piss poor estimate.

610
00:35:14,088 --> 00:35:17,008
It is, unfortunately, a best case scenario.

611
00:35:17,008 --> 00:35:24,728
They don't position it that way, but it is actually a best case scenario because it assumes that everything's just going to be fine until the year 2035.

612
00:35:25,928 --> 00:35:29,688
Like we're going to ride out from 2026 to actually 2036.

613
00:35:29,788 --> 00:35:31,608
So like the next 10 years, nothing's going to go wrong.

614
00:35:31,968 --> 00:35:37,768
There's not going to be anything that causes disruption to the financial market or to the U.S. government where they'll have to put on more debt.

615
00:35:37,768 --> 00:35:47,788
So they're projecting that the U.S. national debt will likely, at its continuous at its continuous trend, hit fifty three trillion dollars by 2036.

616
00:35:48,348 --> 00:35:58,168
Fifty three trillion. But if anything goes wrong between 2026 and 2036, it's probably going to be more than fifty three trillion dollars.

617
00:35:58,628 --> 00:36:02,708
Now, the numbers are from a nonprofit think tank based in Washington, D.C.

618
00:36:02,788 --> 00:36:04,688
I want to bring in CBS News Business.

619
00:36:04,688 --> 00:36:30,308
Yeah, we'll stop there. I just thought that was quite the milestone. Now, the other thing that caught my attention doesn't quite fit in, but you know it's going to annoy and impact Bitcoiners is sounds like perhaps a new suit coin is in the works. This is my term, right? Did I just come up with that? Probably not. But a suit coin is what I'm going to call the coins that the banks produce to just sell financial derivatives. And BlackRock CEO Larry Fink, he sees a potential for a new suit coin.

620
00:36:30,308 --> 00:36:50,128
The United States has short power. We're short compute. We're short chips. And there are going to be shortages in all three. Memory, four things. I actually believe a new asset class will be buying futures of compute. We just don't have enough compute power right now.

621
00:36:50,128 --> 00:36:53,948
A new asset class will be buying futures of compute.

622
00:36:55,088 --> 00:36:57,168
Ooh, that'll be interesting.

623
00:36:57,448 --> 00:36:58,448
Think that'll be on Salooner?

624
00:36:58,648 --> 00:36:59,048
What do you think?

625
00:36:59,648 --> 00:37:03,468
And then I also caught this next clip that just is absolutely terrifying.

626
00:37:03,708 --> 00:37:12,188
And I've heard Trump make comments about this before, in that he's pretty happy with the way things are going energy price-wise, because he thought it was going to be, like, way worse.

627
00:37:12,308 --> 00:37:14,248
And so, overall, pretty good.

628
00:37:14,868 --> 00:37:16,688
They're learning to buy.

629
00:37:16,808 --> 00:37:17,848
They're changing their habits.

630
00:37:18,488 --> 00:37:21,748
So when I did this, I thought the market would go down 25%.

631
00:37:21,748 --> 00:37:24,208
And I thought that was a great deal if it did.

632
00:37:24,288 --> 00:37:26,508
If it went down 25%, I was satisfied.

633
00:37:26,508 --> 00:37:30,268
Because we cannot let these people have a nuclear weapon.

634
00:37:30,388 --> 00:37:30,848
They'll use it.

635
00:37:31,188 --> 00:37:31,608
We can't.

636
00:37:31,868 --> 00:37:35,408
I also thought oil would go up to 200, 250, maybe 300.

637
00:37:35,768 --> 00:37:37,168
And I know it would be short term.

638
00:37:37,728 --> 00:37:39,228
But I thought it would go.

639
00:37:39,748 --> 00:37:41,988
I look today, it's like at 102.

640
00:37:41,988 --> 00:37:50,428
and that's a very small price to pay for getting rid of a nuclear weapon from people that are

641
00:37:50,428 --> 00:37:56,148
really mentally deranged. Yeah. Yeah, we'll see if he feels that way during the midterms. But so I

642
00:37:56,148 --> 00:38:02,528
just was doing a little research, $300 gas, you know, for a barrel of oil, roughly about 4x current

643
00:38:02,528 --> 00:38:06,728
prices, even if that only lasted for two weeks, which so far we're eight weeks into this, but just

644
00:38:06,728 --> 00:38:11,708
assuming that things went well and only lasted for two weeks, there would be massive shockwaves,

645
00:38:11,708 --> 00:38:13,968
felt almost immediately throughout the global economy.

646
00:38:14,368 --> 00:38:17,108
First of all, gas prices at home in the U.S.

647
00:38:17,188 --> 00:38:18,628
would go up overnight.

648
00:38:19,168 --> 00:38:21,948
$8 to $10, you'd be $10 a gallon in California immediately.

649
00:38:22,528 --> 00:38:24,428
Of course, heating oil and natural gas prices

650
00:38:24,428 --> 00:38:25,628
would also surge in sympathy.

651
00:38:26,048 --> 00:38:28,608
And consumer spending would be completely cratered

652
00:38:28,608 --> 00:38:30,348
because almost all available funds

653
00:38:30,348 --> 00:38:32,708
would be going to covering energy costs and energy bills.

654
00:38:33,288 --> 00:38:34,548
It would shave off GDP,

655
00:38:34,728 --> 00:38:36,688
putting our debt-to-GDP ratio even worse,

656
00:38:36,688 --> 00:38:38,168
even if it was just for two weeks.

657
00:38:38,888 --> 00:38:39,728
Just two weeks.

658
00:38:39,728 --> 00:38:41,928
and there would be lasting damage

659
00:38:41,928 --> 00:38:43,288
through locked and forward contracts.

660
00:38:43,828 --> 00:38:45,328
Consumer confidence would be

661
00:38:45,328 --> 00:38:46,388
absolutely in the crapper

662
00:38:46,388 --> 00:38:49,268
and there would be politics fallout

663
00:38:49,268 --> 00:38:51,208
that would just absolutely be a sweep

664
00:38:51,208 --> 00:38:53,328
for the Democrats in the midterms.

665
00:38:54,128 --> 00:38:57,408
So if, if, I just can't believe

666
00:38:57,408 --> 00:38:58,528
Trump would be willing to do that.

667
00:38:58,808 --> 00:38:59,708
I think he's boasting.

668
00:38:59,868 --> 00:39:00,748
He has to be boasting.

669
00:39:01,508 --> 00:39:02,528
I'd like to know what you think.

670
00:39:02,888 --> 00:39:04,148
And then before we wrap up

671
00:39:04,148 --> 00:39:04,968
the update segment,

672
00:39:05,048 --> 00:39:05,508
because this is kind of

673
00:39:05,508 --> 00:39:06,528
a shorter episode this week

674
00:39:06,528 --> 00:39:07,828
because it's a lot of macro stuff.

675
00:39:07,828 --> 00:39:11,248
And I know you guys, we don't need to, you know, we don't need to overdo it.

676
00:39:11,248 --> 00:39:14,708
But I just wanted to play one of my favorite J-Pow clips of all time.

677
00:39:14,788 --> 00:39:17,908
I should probably save it for when he's actually no longer the chair.

678
00:39:18,328 --> 00:39:21,488
But I have it now, and I just have to play this moment.

679
00:39:22,108 --> 00:39:22,848
Just love it.

680
00:39:23,448 --> 00:39:35,452
We expect growth to moderate in coming quarters Of course J by refusing to trade climate change like this is a risk that we are putting in us So climate change protesters break in

681
00:39:35,452 --> 00:39:37,872
during the International Monetary Fund

682
00:39:37,872 --> 00:39:39,892
24th Annual Research Conference

683
00:39:39,892 --> 00:39:41,652
when Jay Powell is up on stage.

684
00:39:42,172 --> 00:39:43,132
Thank you very much.

685
00:39:44,052 --> 00:39:44,832
Thank you very much.

686
00:39:45,272 --> 00:39:45,792
Yep.

687
00:39:46,632 --> 00:39:47,152
Thank you.

688
00:39:48,092 --> 00:39:49,212
Just close the fucking door.

689
00:39:49,212 --> 00:39:49,692
Close the door.

690
00:39:51,272 --> 00:39:52,652
I love that moment.

691
00:39:52,652 --> 00:39:53,852
Just close the door.

692
00:39:54,372 --> 00:39:55,092
What's your problem here?

693
00:39:55,712 --> 00:39:56,452
Just close the door.

694
00:39:58,192 --> 00:40:00,792
It's the best moment Jay Powell will ever have up on stage.

695
00:40:00,972 --> 00:40:02,092
And I'm here for it.

696
00:40:02,132 --> 00:40:03,292
I'm just so here for it.

697
00:40:14,012 --> 00:40:15,992
All right, I have, I don't know if you've noticed,

698
00:40:16,512 --> 00:40:20,352
I have never played a clip of Eric Trump on the show.

699
00:40:20,352 --> 00:40:24,492
I don't really, you know, I don't really, doesn't really seem newsworthy.

700
00:40:24,632 --> 00:40:28,952
However, American Bitcoin is putting in the proof of work.

701
00:40:29,072 --> 00:40:32,412
They are growing while other Bitcoin mining companies are pivoting to AI.

702
00:40:32,672 --> 00:40:35,132
American Bitcoin is focusing on Bitcoin mining.

703
00:40:35,732 --> 00:40:37,652
And there was the Bitcoin conference.

704
00:40:38,032 --> 00:40:41,292
And it seems like they're very much all in.

705
00:40:41,792 --> 00:40:47,492
And I wanted to play this because, well, the conviction seems, it seems believable to me.

706
00:40:47,492 --> 00:40:48,732
And I'd like to know your take.

707
00:40:49,572 --> 00:40:50,832
Well, let me hop in here, guys.

708
00:40:50,992 --> 00:40:53,732
You know, the compression of Bitcoin is unbelievable.

709
00:40:54,292 --> 00:40:59,032
You know, I think I was the first guy on a stage like this wearing a suit, maybe in this industry.

710
00:40:59,032 --> 00:41:02,032
And that was about, you know, three years ago advocating for this industry.

711
00:41:02,392 --> 00:41:04,392
And now every single day you see what they're doing.

712
00:41:04,452 --> 00:41:05,772
You see what Charles Schwab is doing.

713
00:41:05,852 --> 00:41:07,272
You see what JP Morgan is doing.

714
00:41:07,272 --> 00:41:13,332
I mean, you know, you literally had Jamie Dimon two years ago that was laughing at Bitcoin, not believing in the asset.

715
00:41:13,472 --> 00:41:16,612
Now, all of a sudden, using JP Morgan Chase, you can go out.

716
00:41:16,612 --> 00:41:22,152
you can borrow against your Bitcoin holdings to get home mortgages. You have Charles Schwab that's

717
00:41:22,152 --> 00:41:25,872
about to, you've seen all the announcement that they've made, but they're about to custody

718
00:41:25,872 --> 00:41:32,152
Bitcoin for the first time. This is the low cost provider of all wealth management in the country

719
00:41:32,152 --> 00:41:37,012
with 30 million bank accounts. And they're going all in. You see what they've done at BlackRock.

720
00:41:37,112 --> 00:41:40,272
You see what they're doing with all the ETFs that you just mentioned, the most successful

721
00:41:40,272 --> 00:41:47,192
ETFs in history. In history, every single one of them that launches has become an incredible

722
00:41:47,192 --> 00:41:51,392
success. Now, all of a sudden, they're adding on top of that. They're adding yield strategies

723
00:41:51,392 --> 00:41:56,092
on top of that. Then you look at what Michael Saylor's doing, and he's a dear friend and doing

724
00:41:56,092 --> 00:42:00,892
a phenomenal job. You look at what Simon and Metaplanet's doing, doing a phenomenal job. You

725
00:42:00,892 --> 00:42:06,232
look at what 21 Capital is doing. Guys, they are buying and they are not selling. You look at what

726
00:42:06,232 --> 00:42:10,532
I'm doing at American Bitcoin mining. We are we are mining and we are not selling. We believe in

727
00:42:10,532 --> 00:42:14,812
the asset. You look at all the companies, how they're growing their Bitcoin treasuries. You

728
00:42:14,812 --> 00:42:18,892
look at private companies like the Trump Organization, how we're treasuring Bitcoin

729
00:42:18,892 --> 00:42:25,212
because we believe in it as an asset class. We are compressing Bitcoin. There is a limited supply

730
00:42:25,212 --> 00:42:29,392
and that limited supply, as much as we like to throw around 21 million, it's not 21 million.

731
00:42:29,992 --> 00:42:34,472
People have lost it. But beyond that, people are not selling it. People are holding it.

732
00:42:34,472 --> 00:42:40,432
Bitcoin is becoming sticky and it's no longer, you know, the DeFi crowd who are incredible,

733
00:42:40,552 --> 00:42:44,992
the young kids who really believed in digital assets and were buying Bitcoin when it was $10

734
00:42:44,992 --> 00:42:50,772
and $50 and $100. Now you have the biggest institutional accounts. You have governments,

735
00:42:50,892 --> 00:42:56,672
you have the United States government that holds 300,000 Bitcoin and will not sell it.

736
00:42:57,192 --> 00:43:04,452
You have the Middle East that is using energy from cities that they don't need to cool in the

737
00:43:04,452 --> 00:43:07,472
have to cool in the middle of summer because it's hot as hell. Guess what they're using all that

738
00:43:07,472 --> 00:43:14,512
extra capacity for? To mine Bitcoin. Guys, it is compressing and it is compressing hard. And

739
00:43:14,512 --> 00:43:18,392
honestly, I was saying this backstage. We were talking a little while. I'm more confident in

740
00:43:18,392 --> 00:43:25,012
Bitcoin today at the number that it's at today than I was in Bitcoin when it was 125,000. Because

741
00:43:25,012 --> 00:43:30,252
honestly, what Bitcoin's done in the last six months relative to what Bitcoin's done in the

742
00:43:30,252 --> 00:43:33,352
the previous three years is transformational.

743
00:43:33,532 --> 00:43:35,452
I mean, this rush is only getting going

744
00:43:35,452 --> 00:43:37,312
and we are in the greatest period,

745
00:43:37,552 --> 00:43:39,332
I think, in the history of crypto.

746
00:43:39,972 --> 00:43:41,112
And just hold on, guys.

747
00:43:41,212 --> 00:43:41,732
Hold on.

748
00:43:41,812 --> 00:43:42,392
It's coming.

749
00:43:54,212 --> 00:43:59,012
I'm wrapping up at block height 948,184.

750
00:43:59,012 --> 00:44:03,332
The current Bitcoin price, the U.S. dollar, is $181,510.

751
00:44:03,972 --> 00:44:08,732
That makes our sats per dollar 1,227 satoshis to one U.S. dollar.

752
00:44:08,932 --> 00:44:09,752
That's the number I like.

753
00:44:10,372 --> 00:44:16,152
That is a 35.4% decline from our all-time high 211 days ago.

754
00:44:17,192 --> 00:44:17,532
Whoa.

755
00:44:18,512 --> 00:44:18,892
Whoa.

756
00:44:19,412 --> 00:44:25,352
We have a retarget date of May 15th with an estimated difficulty change upward of 1.2%.

757
00:44:25,352 --> 00:44:32,012
Slight downward on the reachable Bitcoin nodes at 23,866 this week, but still not too bad.

758
00:44:32,672 --> 00:44:35,332
And you've got, whoa, look at this.

759
00:44:36,592 --> 00:44:39,212
Huh, three stats of eBite right now for fees.

760
00:44:39,632 --> 00:44:41,112
Whoa, it's getting expensive out there.

761
00:44:41,632 --> 00:44:43,252
Better pass BIP 110 fast.

762
00:44:43,772 --> 00:44:47,452
All right, we are down 0.1% on 24 hours.

763
00:44:47,572 --> 00:44:50,392
We are up 7.3% on the last seven days.

764
00:44:50,852 --> 00:44:54,372
And we are up 16.8% in the last 30 days.

765
00:44:54,372 --> 00:44:57,992
That makes our year down only 13% right now.

766
00:44:58,352 --> 00:44:58,932
How about that?

767
00:45:00,052 --> 00:45:01,192
Man, look at all this.

768
00:45:01,432 --> 00:45:03,272
Things are moving on the Bitcoin network right now.

769
00:45:03,352 --> 00:45:06,632
People are taking advantage of the low transaction fees.

770
00:45:07,232 --> 00:45:09,192
And more mining capacity is coming online.

771
00:45:09,632 --> 00:45:10,312
The network's strong.

772
00:45:24,372 --> 00:45:33,412
This week in Bitcoin.show, that's where the links are at.

773
00:45:33,532 --> 00:45:35,292
This was episode 103.

774
00:45:36,252 --> 00:45:39,312
My goal is to give you a show that doesn't get distracted too much,

775
00:45:39,832 --> 00:45:41,932
at least not too much, by the emotions around what's happening,

776
00:45:41,992 --> 00:45:43,312
but just focuses on the signal.

777
00:45:44,212 --> 00:45:47,092
Something for you, your friends, your family, your future, your business,

778
00:45:47,172 --> 00:45:47,912
whatever it might be.

779
00:45:48,172 --> 00:45:49,472
So let me know how I did with the boost.

780
00:45:49,472 --> 00:45:53,132
Let me know what you think about Sailor now selling his Bitcoin, all of that.

781
00:45:53,132 --> 00:46:01,152
Any thoughts you've had during the production, of course, also, if there was a story in Bitcoin that you thought I missed this week that should have been covered, boost in and I'll try to incorporate it in the next episode.

782
00:46:01,612 --> 00:46:02,812
I'm always happy to do that as well.

783
00:46:03,232 --> 00:46:05,112
Now, you know, I'm going to leave you with a value for value track.

784
00:46:05,312 --> 00:46:07,972
And what I've got this week is a little different than what I normally play.

785
00:46:07,972 --> 00:46:11,752
This is the intro by Death of Rock and Roll.

786
00:46:23,132 --> 00:46:32,212
I'll see you back here next week.

787
00:46:32,272 --> 00:46:33,392
If you boost during the track,

788
00:46:33,872 --> 00:46:36,712
95% of the sats will go to the artist.

789
00:46:37,052 --> 00:46:37,912
Thank you for joining me.

790
00:46:53,132 --> 00:47:23,112
guitar solo

791
00:47:23,132 --> 00:47:53,112
guitar solo

792
00:47:53,132 --> 00:48:23,112
guitar solo

793
00:48:23,132 --> 00:48:53,112
We'll be right back.

794
00:48:53,132 --> 00:49:23,112
guitar solo

795
00:49:23,132 --> 00:49:27,372
I'm rock and roll

796
00:49:27,372 --> 00:49:32,252
Get down, get down

797
00:49:32,252 --> 00:49:38,112
I know I've taken things

798
00:49:38,112 --> 00:49:40,392
I did not need

799
00:49:40,392 --> 00:49:44,112
It's so blatantly obvious

800
00:49:44,112 --> 00:49:46,172
I've adapted to the life

801
00:49:46,172 --> 00:49:47,872
Turned me thin and gray

802
00:49:47,872 --> 00:49:51,372
I can't watch a dirty thing

803
00:49:51,372 --> 00:49:53,912
You're gonna want the one that's the truth

804
00:49:53,912 --> 00:49:58,592
And I did it in the name of pleasure in me

805
00:49:58,592 --> 00:50:00,272
What they grow like you

806
00:50:00,272 --> 00:50:02,992
To feed upon the lights of you

807
00:50:02,992 --> 00:50:12,692
The waves go out, the waves go in

808
00:50:12,692 --> 00:50:16,072
The undertow separates them

809
00:50:16,072 --> 00:50:20,332
You gotta know by now which way you're going

810
00:50:20,332 --> 00:50:24,312
Run, motherfucker

811
00:50:24,312 --> 00:50:26,952
Run

812
00:50:26,952 --> 00:50:30,932
Run, motherfucker

813
00:50:30,932 --> 00:50:33,732
You better run

814
00:50:33,732 --> 00:50:37,612
You see the light, you're delivering

815
00:50:37,612 --> 00:50:40,192
Way too fast for the other

816
00:50:40,192 --> 00:50:45,912
Pick up the pace, grind your faith

817
00:50:45,912 --> 00:50:48,912
No, no, no, no, no.

818
00:50:48,912 --> 00:50:50,752
Burn, motherfucker.

819
00:50:52,612 --> 00:50:53,852
Out, out.

820
00:50:55,532 --> 00:50:57,312
You're gonna burn, motherfucker.

821
00:50:58,412 --> 00:50:59,952
You burn out.

822
00:51:01,752 --> 00:51:05,232
You see the light that you're living for the flame.

823
00:51:05,452 --> 00:51:07,032
Move back.

824
00:51:09,432 --> 00:51:10,472
Pick up the pace.

825
00:51:10,632 --> 00:51:12,392
Put the blinds on your face.

826
00:51:12,732 --> 00:51:14,352
Raise your glass to that.

827
00:51:15,912 --> 00:51:19,912
We took a half to five

828
00:51:19,912 --> 00:51:23,232
When I get old and back

829
00:51:23,232 --> 00:51:26,792
There ain't no going back

830
00:51:26,792 --> 00:51:32,312
Go running through the middle of the sea

831
00:51:32,312 --> 00:51:35,512
Black and gray, don't let you need

832
00:51:35,512 --> 00:51:37,952
Touching jacks through the door

833
00:51:37,952 --> 00:51:41,432
Can't let the motherfucking turn some more

834
00:51:41,432 --> 00:51:45,392
I've been doing this a long, long time

835
00:51:45,392 --> 00:51:48,752
Couple tunnels that's running up my mind

836
00:51:48,752 --> 00:51:51,352
You all along what I'm getting

837
00:51:51,352 --> 00:51:55,712
Look at me, I'm a fucking wreck

838
00:51:55,712 --> 00:52:15,632
Way too fast

839
00:52:15,632 --> 00:52:22,232
Way too fast

840
00:52:22,232 --> 00:52:25,512
Way too fast

841
00:52:25,512 --> 00:52:28,672
Way too fast

842
00:52:28,672 --> 00:52:31,732
Way too fast

843
00:52:31,732 --> 00:52:35,552
Now you're done, motherfucker