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What I think is interesting about this is that nobody has said,

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this is a crazy idea to go make sure the gold is actually there.

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And, you know, just think about that. I mean, I think the gold is probably there.

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I think the gold is almost certainly there. But nobody thinks it's a crazy idea

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to go check because we don't know.

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That's how bad the corruption has gotten in Washington. . .

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Music.

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.

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Welcome into This Week in Bitcoin, episode 48. My name is Chris,

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chrislas.com, jupiterbroadcasting.com.

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Welcome to The Shakedown.

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Remember these days in the future when they tell us that Bitcoiners just got lucky. It was so easy.

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Hodling isn't always all that easy, and this week we're learning why.

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These are the moments these hard assets transfer from weak hands to serious hodlers.

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And this market will always either try to scare you out or wear you out.

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And I think we start this week with the macro picture that's screwing up our Bitcoin game.

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Volatility is being created by the trump administration we

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kind of knew this was going to happen kind of been expecting this these

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are aggressive new economic policies that are being tried well

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maybe not new but they're being tried which is new and bitcoin

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plunged to a three-month low following president trump's announcement of 25

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percent tariffs on canada and mexico effective march 4th and then earlier today

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as i record during his first cabinet meeting there was a q a And he also said

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we should expect tariffs on the EU very soon.

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So when we bring all of it together, it now means we're set to see 25 percent

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tariffs on Canada, 25 percent tariffs on Mexico, 25 percent tariffs on the EU,

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10 percent tariffs on China.

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And there's been a potential threatened 100 percent tariffs on the BRICS nations.

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So, you know, that is rocking things.

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One thing that's definitely shifted is the market's expectation for future inflation

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was at 2.7%. Now they're thinking 4.3% and easily could see it double from there.

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That's what they're predicting now.

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And the country is stuck between a rock and a hard place, right?

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We've lived beyond our means for a long time.

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My entire lifetime, this country has borrowed so we'd have a better standard

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of living, so we could spend money on things that we didn't necessarily have the revenue for.

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And in doing this and going for the cheapest items, we collapsed our domestic

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production, we borrowed heavily, and now here we are.

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We're in this hard place with no great options. And so when the market saw the

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new Republican spending plan coming out and it authorized four trillion dollars

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of increase in the debt limit,

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it sent a real message that there is two very big concerning things on the horizon.

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And the biggest of them is stagflation.

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This is Representative Thomas Massey.

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He's a Republican and he's blasting the other Republicans for not actually putting

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forward a serious, real budget. Can you just talk to us? Are you still a no? Is there anything?

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They convinced me in there. I'm a no.

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Is there anything? Look, let me let me their own numbers.

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If the Republican plan passes under the rosiest assumptions,

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which aren't even true, we're going to add three hundred and twenty eight billion

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dollars to the deficit this year.

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We're going to add $295 billion to the deficit the year after that and $242

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billion to the deficit after that under the rosiest assumptions.

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Why would I vote for that?

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So were you solidly a no? Yeah, they convinced me. I was a lean no until this meeting.

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Not a no. This no confirmed you right now. Why? They're talking points.

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Look, these are not something I made up. This is the leadership's talking points.

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It adds $328 billion to the deficit.

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It adds $295 billion to the deficit the year after that.

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The only way they get to this magic thing... And these numbers,

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by the way, are best case numbers.

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When does the federal government spending always go, ever? Has it ever gone best case?

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Where it's not going to kill our country is five years from now,

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they imagine that 2.5% growth accumulates.

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And that even right here, they say they're going to cap discretionary spending.

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You think we're going to cap discretionary spending and then spend at the rate

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of inflation after that? That has never happened.

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So their assumptions are wrong. But even if you take their assumptions at face

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value, they told us in there they're going to increase the deficit in 2025 by $328 billion.

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And I've been here long enough. I've been here 12 years. So,

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I've seen a 10-year plan or two come all the way to 10 years.

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Under Boehner, we had these 10-year plans. Under Ryan, we had these 10-year plans.

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Anything past the third year never happens.

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There you go. Anything past the third year, it never happens. And he's right.

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So government spending is going to be going up. It looks like for the short

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term, revenue will be coming down.

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And doge cuts are looming over the market. Now, don't take me the wrong way

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here on doge cuts, but we have to talk about the reality is there is a cost to it.

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And the statistics show, and I don't know if these are true,

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but this is a study that's out there. It's by Apollo Investments. You can look it up.

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They note for every one federal employee, there are actually maybe three jobs.

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Because according to the statistics, there are two contractors for every one federal employee.

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And so you end up potentially with a much larger number when you lay off federal

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employees, and that drives up the unemployment number.

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You know, if we lay off, say, 300,000 federal employees, probably not even going

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to make a blip on the unemployment charts unless things are already sliding pretty bad.

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But you double that, that starts to make a difference.

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If the unemployment number gets affected, that's going to have consequences

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for rates, equities, the credit market, which has so far been fairly good.

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And today, Trump ordered the federal agencies to prepare for major staff cuts

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with a deadline of March 13th.

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They see this as existential, and they might be right.

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I'd be curious to know if you agree. Here is Elon from earlier today describing

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the scale of the crisis. We spend a lot on the defense department,

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but we're spending like over a trillion dollars on interest.

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If this continues, the country will go become de facto bankrupt.

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It's not an optional thing. It is an essential thing.

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That's the reason I'm here. I'm taking a lot of plaques and getting a lot of

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death threats, by the way. I like to stack them up, you know.

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But if we don't do this, America will go bankrupt. That's why it has to be done.

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Confidence at this point, knock on wood, you know, knock on my wooden head.

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There's a lot of wood up there, that we can actually find a trillion dollars in savings.

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That would be roughly 15% of the $7 trillion budget.

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He said this before, but he's saying it again. He believes they can find a trillion dollars in spending.

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And obviously, it can only be done with the support of everyone in this room.

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And I'd like to thank everyone for your support. Thank you very much.

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This can only be done with your support.

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They say it's possible to cut a trillion. It's existential to the...

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To prevent the company from... to prevent the country... to prevent the country from going bankrupt.

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And I think he could be right. I think the situation is much worse than is commonly believed.

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And because we have waited this long to address it, it's going to be extremely painful to fix it.

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You could make the argument the only way to fix it, though, is to rip the Band-Aid

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off and go hard and fast. just break things,

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Just let things just be broken for a few, for, I don't know,

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a year. I don't know what it would take.

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And then let a new regime take over. One that is theoretically a lighter federal

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government, more people in the workforce, because hopefully most of those federal

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employees would get jobs, lower regulations.

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Increase in external revenue.

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These types of things would all kind of come together and be a new regime.

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Maybe. You know, we just don't know at this point. But we've never really tried

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this in modern history. So it's safe to assume some of this is going to work

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and probably some of this won't work so well.

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And the reality is, is that just uncertainty is going to be the word everybody's

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kicking around for a while.

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I think uncertainty. And it might be bigger than the word of the day.

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It might be the word of the week, maybe the word of the month.

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So what I've seen in the last week is uncertainty is really amping up.

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It's concerning clients. I think it's suppressing risk appetite.

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And we see it at the individual stock level.

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We see it at the market level. But when things like Mexico and Canada tariffs,

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maybe they're on, maybe they're off, it makes people like me who analyze stocks,

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it makes our jobs very difficult. I'll give you a quick example.

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I would like to research Ford for the portfolio, but I can't research Ford unless

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I know what steel tariffs are actually going to be and what Mexico tariffs might

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actually be. It makes the job nearly impossible.

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So that uncertainty leaks in kind of from the bottom and works its way up into

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valuations, into risk appetite, into people's sentiment and comfort with paying

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what was a 22 times multiple for the market.

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But auto tariffs are just a tricky thing in general, just to take a slight deviation here.

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If you think about it, say auto tariffs go in on European cars.

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You want to buy yourself a European vehicle. You know, I drive a Volkswagen.

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You start tariffing those. So you bring the price up by 25%.

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Maybe 20%, maybe they eat 5%. So it brings up the price by 20%.

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You go to finance that. Well, you now have to finance an additional 20% on top of the value of the car.

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It's already tricky right now to get financing for a $40,000,

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$50,000 car for some. But now it's going to have a 20% increase in price.

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Well, are you even willing to buy that car if you suspect that maybe the tariffs

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are a negotiation strategy and that maybe in six months to a year those tariffs go away?

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You'd be inclined just to wait. But my God, what happens if you did buy that car?

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And then the tariffs roll off and you go to try to sell that car.

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Well, guess what? It just dropped in value.

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The tariffs were artificially bringing the price up. You could now just imagine

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that scenario across other goods.

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So there's going to be tricky dynamics here with this. Some of these might not last.

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Music.

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Another big shift happened in the last week or so that I don't think people

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really want to even talk about right now because it's just too scary for them.

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But I think us Bitcoiners knew this was going to happen.

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Not saying the show's over yet, but the hype around AI is definitely beginning to slow.

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And it's coming from within the ship, which I did not expect.

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Sachi Nadella and Microsoft have kind of begun downplaying AI a bit and the investments in it.

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Sachi has been getting more excited about quantum computing.

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I'll link to an article in the show notes where he kind of downplays so far

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the results of AI and comments on how they haven't really improved the workforce

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productivity like we thought they would.

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That's fine. Those are words. The actions I find to be interesting as well,

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and it is simply quite clear, Microsoft is culling some of their data center plans.

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So what's going on with Microsoft's data center spending?

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Yeah, well, just to step back a bit, Microsoft has been one of the big technology

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companies that is investing the most in AI and AI data centers in particular.

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They've talked about spending $80 billion this year on data center capacity.

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So this note from TD Cowan really raised a lot of questions.

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They said that there's evidence. They did some channel checks.

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They said that there's evidence that Microsoft has been canceling leases at

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data centers, totaling a couple hundred megawatts of data.

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They also said that they're stopping something called SOQs, the Statement of

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Qualifications, which is sort of the step before leases.

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In other words, they're pulling back pretty dramatically from some of their

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data center commitments in the U.S., and they're reallocating some of the spending

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that they were planning on doing internationally into the U.S.

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So it's a bit of onshoring and it's a bit of reducing investment.

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I just wonder if the AI hype cycle isn't just slowing down a bit,

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which means money isn't rushing into the S&P as much.

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You're going to see the Magnificent Seven not really get the infusion of cash

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that they have been. I don't know. We'll see.

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I could be way off on this, but it's weird to see Microsoft,

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Satya Nadella, CEO, come out and kind of downplay AI.

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And then it's interesting to see them kind of roll back some of their data center

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investments. And today, the whole market just was on the edge waiting for NVIDIA's

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results, which were fine. You know, they're fine.

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But I think it shows us a, it really shows us that that AI hype bubble has been

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pulling a lot of liquidity in the market.

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And if it does start to slow, that money's going to be looking for somewhere else to go.

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It's not like all the money printing that happened didn't create deep pockets.

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The money's still there.

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It's just they're not so sure this is the best bet yet.

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Maybe they'll look at Bitcoin.

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Somebody's got to. I think retail is just a little dipped out right now.

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You know, the stats seem to show it.

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I don't think retail is buying right now, even though the price is great.

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The situation has just sort of been, I think, we expected, most Bitcoiners expected

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Bitcoin to be ripping by this time.

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You know, it was going to be the year of a million Bitcoin.

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I think some Bitcoiners thought it was going to be 200k Bitcoin.

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You'll notice I never said any of that on the show, but I think there was an

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expectation out there. So people went all in earlier, in my opinion.

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I could be wrong, but that's the sense that I have.

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There's just, you know, this there's this sort of euphoria that happened,

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which is generally a sign that something wrong is going to happen.

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When everyone expects the Bitcoin price or the market to go in one direction,

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that's generally when you should be a little a little skeptical.

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I want to play this clip from former Blackstone president, Tony James.

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He's an interesting character.

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He also has a tie into Costco.

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So he's got his pulse on kind of a more affluent consumer base.

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I thought his comments were worth listening to a bit.

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From the state of the stock market to major companies rolling back DEI policies,

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there's so much going on.

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And our next guest says concerns loom for business leaders because many fear

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losing access influence and potentially attracting retribution.

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I want to talk about all of these things to discuss everything that's going

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on in our economy, what it means to be a CEO today, former Blackstone president and COO Tony James.

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Also, we should mention the chairman of retailer Costco, and we can get a pulse

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on what's going on with the state of the consumer as well. Good morning to you.

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Morning, Andrew. OK, so I'm just curious, your sort of sense of confidence in

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today's economy relative to what we're seeing in the stock market.

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What is what's your sort of gut on what's happening here? I think the economy is weakening.

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It didn't have a lot of momentum, but it was okay, but it's definitely starting to turn down, I think.

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The consumer, there's several warning signs. Confidence was down, obviously.

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The base of consumers that are driving spending is narrowed to affluent.

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Defaults, delinquencies are rising. Meme stocks are down.

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There's a lot of things to say the consumer is starting to buck a little bit.

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At the same time, I think the uncertainty coming out of Washington is causing

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businesses to slow down.

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What's my supply chain going to cost? I don't know. Can I export?

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Are there going to be reciprocal duties? I don't know. Should I build another

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plant? Let's wait and see.

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OK, so but just tell me with this, because there feels like there's a disconnect.

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We've had so many business leaders come on our air,

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I would say over the last two or three months and say, oh, my goodness,

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we're going to become unshackled by regulations that are just going to disappear.

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We are excited about, you know, taxes, all sorts of things.

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Right. I mean, you've heard that over and over again. So explain that with the

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perspective that you're offering right now.

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Well, there's certainly been an ambulance about my Republican friends who are

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business leaders. I agree.

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One of the greatest areas of American history is going to unleash the deals

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business and so on and so forth.

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I don't see it happening. I mean, on the ground. I actually think we are slowing.

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And for all the reasons I mentioned, I think business leaders are very reluctant

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to stick their head up right now and start start complaining.

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Hey, Tony, just what we've heard over the last week from a lot of the retailers

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that have been reporting their earnings is that they're cautious about this

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next year that's coming up.

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But the results they saw in December and even in January have been stronger

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than they had anticipated. The consumers have been doing better.

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What do you see, maybe through Costco, maybe through other places,

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that makes you think that the consumers actually are already starting to turn down?

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I don't think I see it at Costco, honestly. But I'd say they generally target

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a more affluent consumer.

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The average Costco consumer has about two times the national median average of wages.

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And those results are holding up. Are they exceeding expectations,

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like you said, Becky? No.

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But they're holding up. Home Depot and Lowe's in the last two days have both.

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Said that they've exceeded their own expectations on some of these things.

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And January was pretty strong for Walmart.

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January was, but Walmart also blew a caution whistle on the future.

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I'd say Costco's hanging in there. But that's not where we see the slowdown. It's in confidence.

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Ironically, something like as simple as egg prices seem to have a lot of correlation

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with the economy and consumer attitudes. And obviously, you know where those are going.

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Well, we know why they're there. It's a total one-off. But do you think that we were overregulated?

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I think the egg prices comment is a weird one.

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I know people are, I mean, I've noticed the price of eggs, too.

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In fact, at our grocery store, they've limited eggs in some times.

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But thankfully, we've had a line on local chicken eggs.

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But I think most people know that that's a transitory issue.

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I thought that was sort of almost a partisan remark.

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Which was a bit of a flag, and I think old Joe noticed it too.

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And obviously you know where those are going.

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Well, we know why they're there. It's a total one-off.

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But do you think that we were over-regulated, the economy and business,

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during the Biden administration?

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You think only Republican business people are optimistic about a more friendly

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regulatory environment for business? You don't think there's anything to that?

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No, I totally agree with you. I think all business executives felt we were over-regulated.

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Honestly and I think there's both Republicans

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and Democrats there's a lot of good things that

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they like about the directions that President Trump is going okay however

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there's also a lot of uncertainty tariffs and

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a lot of variability and it's very hard if you're a

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business to plan right now we own a fertilizer company

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that's that sells a lot into Canada we were

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going to build a new plant now we're holding off we don't

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if there's duties on Canada and the reciprocal duty's coming back but

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we don't know what that does to us similarly a

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lot of our companies the supply chains are completely up

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in the air what's what's the cost of goods and how it's all tariff related

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it's where a lot of the tariff related some of that we have we have plenty of

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health care companies that are looking at much slower regulatory approvals with

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doge and everything so so if you had if you're a if you're a biotech company

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and you had one year's worth of runway in your cash.

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Now maybe you have to slow things down, stretch it out. So you have two years.

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They already are assuming that cuts at the FDA are going to make we have to put advisory panels.

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They have to assume that because running out of money is death.

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Yep. That's their problem, isn't it?

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Music.

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All right, so Bitcoin. If you look at it through the lens that we've just constructed,

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it's kind of remarkable Bitcoin's holding up as well as it is, isn't it?

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I mean, my God, think about it. Bitcoin is not only going through a historic

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economic regime change in the United States and,

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of course, the reaction that creates around the world, but it's also been feeling

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intense liquidity pressure from the wider crypto market.

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And I have to make this clear.

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You do not hate shit coins enough. It is bad out there.

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Cryptocurrency exchange, a Bybit disclosing on Friday that it was hacked in

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what could be the largest crypto heist ever.

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Join us right now to discuss the crypto market and what's just happened.

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Anthony Pompliano is the founder and CEO of Professional Capital Management

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and author of How to Live an Extraordinary Life This Week.

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Yeah, it's Pom. Pom's back. So I was going to break down the Bybit hack.

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But because it is so Ethereum specific, I'm just going to give you the high

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level. Boost in if you would like a full breakdown.

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I'd be happy to do it. I just wasn't sure if a Bitcoin audience would be interested.

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But ByteBit accidentally signed essentially a transaction that executed a smart

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contract that then proceeded to steal $1.4 billion worth of Ethereum.

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And it's believed that the Lazarus Group is behind this hack,

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I guess you could call it.

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It wasn't ByteBit that was hacked, but it was a front-end provider of theirs that was hacked.

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And it was a replacement of a front-end web app that hid the execution of the smart contract.

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They then proceeded to take the stolen ETH funds and launder them by creating

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meme coins and then ultimately buying Solana and Bitcoin with the profits from their meme coins.

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So that's the high level of Bytebit. And that's why CNBC has invited Pomp onto the show.

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Anthony is hosting New York Bitcoin Investor Week.

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Which is happening right now as I record. So they're there at the Investor Week

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watching this crash, by the way. Well, a crash.

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A crash, right? It's not really a crash. You know what I mean.

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Which we'll get to as well. Good morning. So how much should we worry about

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the safety or security, if you will, of crypto after this situation?

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Well, look, anytime that you have a hack, people obviously get worried about

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this. But the way that I describe it, the Treasury and the Fed has never been hacked.

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The further you get away from the creation of the money point,

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then you get less secure. Banks have been hacked, armored cars have been hacked,

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or people have had money stolen from their wallet.

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Same thing in crypto. The blockchain itself, the Bitcoin blockchain has never been hacked.

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But if you go and you take that and you put it in an exchange or you put it

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in some sort of custody solution, those can get hacked. And so I think it's

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important to pay attention to.

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The most impressive part to me, though, was this is a $1.4, $1.5 billion hack.

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Customers obviously were worried. They ran to the exchange. They withdrew $4

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billion, no problem. And so obviously the exchange had the money.

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Usually what we've seen is when these things happen, the exchange gets caught

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not having the money or there's some sort of issue.

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But I think that really the system kind of worked how it was supposed to.

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And now they're going to work to try to recover that $1.4 billion that was taken

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from them. Oh, and they have. They've been using market makers to crash the

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price of all crypto assets.

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They hire market makers to buy and sell assets from their platforms for them.

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And you can see it on chain. It's actually, it should be illegal.

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It should be because they're basically liquidating their own customers.

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So you have all the shit coins digesting the end of the meme coin boom right now.

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I mean, it'll take a while to fully fizzle out. You're always going to have

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some things going on, but the hype has come crashing down. When you have the

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combination of the Melania coin, the Libra, the Lazarus group using the meme coins to launder.

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Well, Bitcoin just experienced the biggest amount of selling pressure on spot

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exchanges since the China mining ban in May of 2021.

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And yet, let me see, checking my notes, Bitcoin's at $84,000 right now.

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So, you know, we're 22.5% down from the all-time high, as I record.

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So prices we haven't seen since November. But the reality is a 20% or even a

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30-ish percent drawdown isn't unusual.

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In fact, it's very common. It almost always happens.

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So if we're around, you know, a 22-ish percent drawdown, well,

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Bitcoin's 200-day moving average price is $81,000. So we're still above,

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by just a little bit, the 200-day moving day average price.

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So that's the price when it's consistently... So think of it this way.

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As like a quick cheat, it was like, oh man, is Bitcoin really tanking or is this just a correction?

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If the price is consistently above the 200-day moving average,

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then you can consider Bitcoin in an uptrend.

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And if the price is consistently below the 200-day moving average price,

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then you can consider Bitcoin in a downtrend.

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It's the simplest little hack. It doesn't require a bunch of math or charts or trends.

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You just go look up the 200-day moving average price, and you look at the current price.

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If it's above the 200-day moving average, then we're in an upswing.

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If it's below, then we're in a downswing.

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It's really that simple. And right now, we are still technically hovering right

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above the 200-day moving average price, which is probably going to be a pretty

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good resistance point for, you know, we could go down below it,

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but then we'll pop back up, that kind of thing.

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I can't say for sure, but that's what I would at least be watching for if I

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wanted something to watch for.

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You probably saw that uh coinbase covered that the u.s marshall service,

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who manages billions of seized assets can't say how much crypto it holds it

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doesn't seem to know they have maybe maybe a shot at coming up with a rough

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estimate of their bitcoin holdings but that's even a long shot this is what

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the source told coindesk quote As far as I'm aware,

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the USMS, which is the US Marshal Service, is currently managing this with individual

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keystrokes in an Excel spreadsheet.

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This is according to Chip Borman, who's a contractor.

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He said, quote, they're one bad day away from a billion dollar mistake.

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And of course, this is supposed to be if there was to be a Bitcoin reserve,

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these coins were supposed to be moved into that reserve.

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Well, today, Polymarket shows now a 10% betting market chance of a Bitcoin reserve

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getting created in the first 100 days. Only a 10% chance.

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I think people are kind of refactoring. Some people feel rugged,

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sort of what I would expect to see happen.

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But the idea that the U.S. Marshal Service was keeping track of their Bitcoin

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keys in a spreadsheet, I hope that's FUD because that's so powerful.

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Music.

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Okay, I have a question for you. Is the digital gold meme selling Bitcoin short?

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At first, that's kind of fine rolling with the, oh yeah, it's like digital gold analogy.

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You know, it helps the no-coiners wrap their heads around Bitcoin.

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There's a lot of things that gold and Bitcoin do share in common.

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A lot of times they also have similar price action.

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Gold goes on a run and then Bitcoin goes on a run. So I think it does help no-coiners

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to a degree. But here's my question.

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Aren't we kind of dramatically underselling Bitcoin with this analogy?

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And isn't that defeating the purpose? Because gold isn't a global instant settlement

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network. Bitcoin is a settlement network.

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Bitcoin is infinitely more divisible. Bitcoin is easy to self-custody compared

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to gold, especially if you want to self-custody millions or billions of dollars compared to gold.

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Bitcoin is outside the control of world banks and governments.

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Bitcoin is verifiably scarce. You can verify the entire stock right now yourself from any computer.

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And of course, Bitcoin is digital, which is the key to its true future potential.

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And yet, I think it's very common. We're seeing this so it's so common,

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I would say, that even the federal chair, Jerome Powell, does this,

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yeah, Bitcoin is basically like gold analogy thing.

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Or in the Federal Reserve itself, in terms of the system, what do you think

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of that idea? I don't think that's how people think about it.

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I mean, it's so, you know, people use Bitcoin as a speculative asset, right? It's like gold.

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It's just like gold only. It's virtual. It's digital.

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People are not using it as a form of payment or as a store of value. It's highly volatile.

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It's not a competitor for the dollar. It's really a competitor for gold.

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You know, that's really how I think of it.

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We've heard him say this before too i've played other clips of him saying that

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it's really a gold competitor you know it's one of those volatile things so

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here's my question to you is it time to drop the digital gold comparison or

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does it still serve a purpose i want to hear your take boost in and.

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Music.

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I want to start with a bit of housekeeping. I will not have an episode next

440
00:30:16,381 --> 00:30:17,861
week. I'm going to be traveling.

441
00:30:18,421 --> 00:30:23,461
I'll be at Scale and Planet Nix, and we'll be on the ground recording and doing interviews.

442
00:30:24,141 --> 00:30:26,601
However, I'll be keeping an eye on things, so if something breaks,

443
00:30:26,841 --> 00:30:27,981
I might cut into the feed.

444
00:30:28,901 --> 00:30:32,721
But plan on no episode next week. I know. I'm trying to give you a warning now.

445
00:30:34,181 --> 00:30:37,821
Now's a great time to buy the dip, though. We have a new URL for River.

446
00:30:38,001 --> 00:30:42,501
You can support the show by stacking sats. go to jupiterbroadcasting.com slash river.

447
00:30:42,941 --> 00:30:47,621
I think it's the best place in the U.S. to stack sats. They have that 3.8% savings

448
00:30:47,621 --> 00:30:51,081
account, so when you have dips like this, you could go boom and smash buy.

449
00:30:52,001 --> 00:30:55,861
Such a great system. If you're all about self-custody, maybe you're in Canada,

450
00:30:56,661 --> 00:30:59,061
the Bitcoin Well, bitcoinwell.com slash jupiter.

451
00:31:00,021 --> 00:31:04,021
Amazing automatic self-custody platform. Supports Lightning. It's really awesome.

452
00:31:04,421 --> 00:31:07,641
Now, if you want to spend some of your sats, you can instantly convert them

453
00:31:07,641 --> 00:31:10,821
into a gift card over the Lightning Network using The Bitcoin Company.

454
00:31:11,481 --> 00:31:15,161
Promo code JUPITER, link in the show notes. If you want to stack stats by paying

455
00:31:15,161 --> 00:31:18,321
your bills or when you use your debit card or their new credit card on the way,

456
00:31:18,481 --> 00:31:20,941
that's the Fold card. And the community has been loving the Fold card.

457
00:31:21,601 --> 00:31:25,101
Support the show by using our link in the show notes. If you want to get access

458
00:31:25,101 --> 00:31:28,161
to liquidity without selling your Bitcoin, it's all at lending.

459
00:31:28,621 --> 00:31:31,421
You can get access to your Bitcoin without having to sell it.

460
00:31:31,521 --> 00:31:35,761
And they have, I can attest, a system to make it easy to track your overall

461
00:31:35,761 --> 00:31:38,981
loan to value ratio. so you can make sure you don't lose your Bitcoin.

462
00:31:39,421 --> 00:31:43,121
And they'll also let you cover the gap with stablecoins. It's not bad.

463
00:31:43,661 --> 00:31:46,121
So there you go. Support the show by doing what you do.

464
00:31:46,000 --> 00:32:01,360
Music.

465
00:32:02,463 --> 00:32:06,863
I really appreciate the boost this week. I am struggling with some health problems,

466
00:32:06,863 --> 00:32:08,643
and it's been a hard week.

467
00:32:08,843 --> 00:32:13,203
And I'll tell you, what was a seriously motivating thing was seeing this week

468
00:32:13,203 --> 00:32:17,363
in Bitcoin once again get to number one on the fountain charts, thanks to your boost.

469
00:32:17,803 --> 00:32:20,903
You guys are bringing in new listeners with that, and I really appreciate it.

470
00:32:21,023 --> 00:32:24,343
And, you know, maybe this isn't one of my bangers, but I'm here because of you.

471
00:32:24,843 --> 00:32:28,643
And it meant a lot this week. So sometimes it's not just the monetary thing.

472
00:32:28,643 --> 00:32:31,203
It's just the value, the recognition of the value, too.

473
00:32:31,323 --> 00:32:36,583
So thank you, everybody. We start this week with OB, who is our baller booster with 50,000 sats.

474
00:32:40,523 --> 00:32:44,503
OB came in from Fountain says, it sounds like Rogan is a Bitcoin guy.

475
00:32:44,583 --> 00:32:47,263
He was quoting me when I played a clip last week. He says, Rogan is well aware

476
00:32:47,263 --> 00:32:52,503
of Bitcoin and the monetary problem when, oh, yeah, right. Andrew Antonopoulos came on in 2016.

477
00:32:53,083 --> 00:32:55,803
Although he really hasn't spoken about it since, probably for a reason.

478
00:32:55,803 --> 00:32:58,743
I think he knows, and he's worried about his influence, good or bad.

479
00:32:58,923 --> 00:33:01,723
His endorsement could incentivize speculation or accelerate adoption.

480
00:33:02,463 --> 00:33:05,583
Slower Bitcoin adoption is better for the world, but not likely IMO.

481
00:33:06,303 --> 00:33:09,623
Gradually, then suddenly, isn't just a meme, it's historically relevant.

482
00:33:09,943 --> 00:33:15,383
Careful, one million Bitcoin is painful for so many, probably even Bitcoiners. You know, I agree.

483
00:33:15,803 --> 00:33:19,563
We're moving real fast these days, Obi. We're moving real fast.

484
00:33:19,923 --> 00:33:23,443
And people still don't know the difference between meme coins and Bitcoin,

485
00:33:23,983 --> 00:33:28,303
between crypto and Bitcoin. People don't understand what makes something a good

486
00:33:28,303 --> 00:33:31,023
asset. They don't understand what makes something good money yet.

487
00:33:31,403 --> 00:33:34,523
They don't all need to, but I sure would love to see at least a few more.

488
00:33:34,863 --> 00:33:38,723
You know, we're moving really fast. People don't even understand what they're getting into yet. They,

489
00:33:40,219 --> 00:33:44,239
I guess this always does happen. Maybe a little price cooling will slow some

490
00:33:44,239 --> 00:33:49,759
of that for a bit and give us plebs a chance to stack at a little bit more reasonable prices.

491
00:33:49,999 --> 00:33:52,399
It's funny how 80,000 feels reasonable now.

492
00:33:53,839 --> 00:33:56,719
You know, if you go back to October, I'd be like, oh my God,

493
00:33:56,819 --> 00:33:59,039
80,000, what? But now it's like, oh, what a great deal.

494
00:33:59,559 --> 00:34:02,099
Appreciate the baller boost. Thank you, OB. Hope to hear from you again.

495
00:34:02,839 --> 00:34:06,319
A-Train's here with 20,000 sats. Fun will now commence.

496
00:34:06,579 --> 00:34:11,179
Thanks for the value. So I've heard some forward-thinking stories about future

497
00:34:11,179 --> 00:34:13,839
uses of Bitcoin, like using mining to stabilize power grids.

498
00:34:13,979 --> 00:34:17,739
Can you do a future show, okay, with ideas on future uses of Bitcoin,

499
00:34:17,859 --> 00:34:20,319
be it banking or infrastructure use? Thanks again, Andrew.

500
00:34:20,939 --> 00:34:25,379
That is, so I don't know if you might be new, Andrew. One of my favorite topics

501
00:34:25,379 --> 00:34:29,159
is, and that's kind of maybe why I hold back on it because I've talked about it too much for a while.

502
00:34:29,539 --> 00:34:36,239
I think it's remarkable how Bitcoin is a lens in which I begin to understand other industries too.

503
00:34:36,239 --> 00:34:40,719
I had no idea about how demand response worked in the power grid,

504
00:34:40,799 --> 00:34:47,379
and I had no idea that we had these 50,000, 30,000 are the cheap ones,

505
00:34:47,759 --> 00:34:52,199
these just ginormous loud machines that we have deployed in places that do nothing

506
00:34:52,199 --> 00:34:54,319
but waste power. It's just great.

507
00:34:54,659 --> 00:35:00,999
Or think about all of those different methane off-gassing pipes out there that we could cap.

508
00:35:01,439 --> 00:35:04,459
We could cap, and we could mine that energy.

509
00:35:04,659 --> 00:35:07,939
I think it's going to be a revolution. Yeah, I'll try to find a good story to

510
00:35:07,939 --> 00:35:10,379
talk about in the future. Thanks for the boost, Andrew. Appreciate it.

511
00:35:11,139 --> 00:35:14,499
Joe Stones is here with a row of ducks. That's 2,222 cents.

512
00:35:16,279 --> 00:35:20,939
We're treading a fine line between accelerating the downfall of ship coins and

513
00:35:20,939 --> 00:35:23,919
turning the normings off from crypto. Yeah, including Bitcoin.

514
00:35:24,219 --> 00:35:26,959
Do you think the average Joe can understand the fundamental differences?

515
00:35:27,179 --> 00:35:30,899
The opinions outside the echo chamber seem woefully uninformed.

516
00:35:31,219 --> 00:35:32,319
I've been really feeling that.

517
00:35:32,719 --> 00:35:35,519
I've been feeling that, Joe. I've been really feeling that recently.

518
00:35:36,239 --> 00:35:41,679
The thing is, what I believe happens is meme coins or things like Doge, right?

519
00:35:41,739 --> 00:35:45,059
The last cycle, it was the Doge coin, right? We kind of forgotten that Doge

520
00:35:45,059 --> 00:35:46,299
actually used to mean a coin.

521
00:35:47,239 --> 00:35:51,379
Those things would get a lot of attention. And then people would confuse what's

522
00:35:51,379 --> 00:35:54,659
the difference between Doge and Bitcoin. I don't understand. What's the difference?

523
00:35:55,219 --> 00:35:59,759
And then many cycles before that, Joe, it was things like Bitcoin and Litecoin.

524
00:36:00,682 --> 00:36:04,802
So this has been a constant problem. And one of the key things that I think

525
00:36:04,802 --> 00:36:09,282
people fail to appreciate and understand is, A, the network effect.

526
00:36:09,462 --> 00:36:11,162
This is true for all technologies.

527
00:36:11,362 --> 00:36:14,222
The network effect always has a massive influence.

528
00:36:14,942 --> 00:36:20,982
Two, there will never be another Bitcoin because everything else that's going

529
00:36:20,982 --> 00:36:24,562
to get created after Bitcoin is going to have a founder or a team.

530
00:36:24,982 --> 00:36:28,542
Some of these have marketing departments and they're not fairly distributed.

531
00:36:28,542 --> 00:36:34,782
And these just, those two things, network effect and fair distribution are some

532
00:36:34,782 --> 00:36:38,202
of the key differentiators between meme coins and Bitcoin.

533
00:36:38,862 --> 00:36:43,442
But people don't understand, they've lived a fiat lifestyle for so long, their whole lives.

534
00:36:43,782 --> 00:36:48,042
They grew up and they don't know anything else. You know, they're a fish in the ocean.

535
00:36:48,582 --> 00:36:51,462
And we're up here saying there's a whole other world. You just need an air tank.

536
00:36:53,162 --> 00:36:57,902
Thank you. Appreciate the boost, Joe. And it's a good question and one I'd love

537
00:36:57,902 --> 00:36:58,722
to hear more thoughts on.

538
00:36:59,542 --> 00:37:03,142
Oppie 1984 is here with 4,000 sats. This is the way. Hey there,

539
00:37:03,202 --> 00:37:04,482
Oppie. Good to hear from you.

540
00:37:04,922 --> 00:37:08,582
Why you got to put numbers and letters together? Why can't you just go f*** yourself?

541
00:37:09,022 --> 00:37:13,662
My cold storage is a paper wallet stored in an Altoid-style tin that is locked

542
00:37:13,662 --> 00:37:17,042
in a fireproof wall safe. I print my paper wallets on a laptop.

543
00:37:17,602 --> 00:37:21,942
I print my paper wallets on a laptop that I ran DBAN on. Oh, I see.

544
00:37:22,182 --> 00:37:26,262
And then I installed Mint 19-1 to cover over that. The laptop is permanently

545
00:37:26,262 --> 00:37:30,322
air gapped and the only connection it has is USB connection to an old dumb laser

546
00:37:30,322 --> 00:37:33,962
printer around Bitcoin paper wallet locally to generate new wallets as needed.

547
00:37:34,162 --> 00:37:37,342
It may not be military grade encryption, but it works for me in my humble little

548
00:37:37,342 --> 00:37:39,642
stack. I'll be it sounds like you got a good system there.

549
00:37:40,482 --> 00:37:44,362
I also think, you know, you could always incorporate like some seed plates,

550
00:37:44,942 --> 00:37:46,862
something like that, something metal in that safe.

551
00:37:47,202 --> 00:37:51,022
I don't I don't after hearing from some listeners in the California wildfires,

552
00:37:51,122 --> 00:37:53,082
I don't trust those fireproof safes anymore.

553
00:37:53,502 --> 00:37:56,482
I heard from listeners that lost stuff inside the safe. It just cooked.

554
00:37:57,042 --> 00:37:59,502
I have not heard from anybody that did metal plates, though.

555
00:38:01,082 --> 00:38:04,242
So I'm assuming those people did okay. But it's something to consider.

556
00:38:04,322 --> 00:38:06,162
You could always work that in there if you want to.

557
00:38:06,822 --> 00:38:08,682
Appreciate the boost, and thanks for telling me about the setup.

558
00:38:08,802 --> 00:38:12,202
That made me think. I'd love to kind of go through an exercise like that with

559
00:38:12,202 --> 00:38:13,602
my kids one day. I might do that.

560
00:38:14,242 --> 00:38:19,142
Vault Byte comes in with 2,121 cents. The traders love the vault. Not today.

561
00:38:19,622 --> 00:38:22,562
I only trust my phone and my computer for handling pocket money.

562
00:38:22,562 --> 00:38:27,442
I asked last week if folks like me have a hard time trusting mobile devices with a lot of Bitcoin.

563
00:38:28,162 --> 00:38:30,842
Hardware wallets are fine for letting them participate in the signing,

564
00:38:30,882 --> 00:38:33,382
no matter where the transaction gets created or broadcast.

565
00:38:33,642 --> 00:38:37,002
On a side note, I highly recommend using NitroPhone, NitroPads,

566
00:38:37,082 --> 00:38:40,922
and NitroKeys. These guys are awesome. And your security is worth it.

567
00:38:42,102 --> 00:38:48,022
NitroPads, huh? Taking a look. Oh, yeah, okay. Shop.NitroKey.com.

568
00:38:48,934 --> 00:38:51,294
Very nice. Thanks for the tip on that. I had not seen that before.

569
00:38:51,954 --> 00:38:54,494
Yeah, you make a good point. As long as the signing device is secure,

570
00:38:54,614 --> 00:38:56,414
right? That's a good point, too. Thanks, Vault.

571
00:38:56,994 --> 00:39:01,534
One dull geeks here with 4,444 sats. That's two rows of birds.

572
00:39:01,674 --> 00:39:04,674
That's a big old stack of birds. You could be a McDuck or you could be an Affleck duck.

573
00:39:05,214 --> 00:39:08,934
Affleck! This old duck still got it. When I use a hardware wallet,

574
00:39:09,054 --> 00:39:12,694
I have my private keys on that wallet. I don't have them on the mobile wallet.

575
00:39:12,854 --> 00:39:14,334
So I don't understand what you

576
00:39:14,334 --> 00:39:17,814
mean by trusting a mobile wallet when it's paired to a hardware wallet.

577
00:39:17,814 --> 00:39:21,994
As far as supporting the show, I didn't even know you existed until you showed

578
00:39:21,994 --> 00:39:25,134
up in Fountain, and I immediately trusted the fact that it was users sending

579
00:39:25,134 --> 00:39:29,774
their support as an indication that this was a quality podcast and way more

580
00:39:29,774 --> 00:39:30,694
than just fiat marketing.

581
00:39:30,854 --> 00:39:34,294
Thanks for not blasting my ear holes with the fiat mindset. Oh, with the fiat ads.

582
00:39:35,474 --> 00:39:40,614
You know, one dull geek nailed it. Nailed it. Coming in hot with the boost.

583
00:39:40,614 --> 00:39:42,114
I think that's your boost.

584
00:39:42,274 --> 00:39:44,314
When I saw this coming earlier this week, I realized, yeah, you know,

585
00:39:45,074 --> 00:39:47,674
like the Jade is great with the green wallet.

586
00:39:48,334 --> 00:39:51,014
And there's a lot of options there. You're right on that count.

587
00:39:51,494 --> 00:39:53,894
You're technically you're right. And that's the best kind of right.

588
00:39:54,174 --> 00:39:57,414
You're making me reconsider my mobile device hesitation. I have to say,

589
00:39:57,614 --> 00:40:00,814
thank you for the boost. And glad you found us. It's always nice to hear from you.

590
00:40:02,414 --> 00:40:05,714
Amorphageage? Amorphageage? Come on.

591
00:40:06,734 --> 00:40:10,834
Amorphasausage is what I'm going with. came in with 3,500 sats.

592
00:40:15,814 --> 00:40:20,234
A little thought experiment for you. There's a bang. We're all KO.

593
00:40:20,494 --> 00:40:24,834
We're all knocked out. We wake up. Everybody has a wristband with sats on it.

594
00:40:25,174 --> 00:40:29,634
Everyone's money has been converted to sats. There is no more cash, credit cards, etc.

595
00:40:30,014 --> 00:40:33,594
No more fiat. Only Bitcoin stocks, bonds, housing, other assets.

596
00:40:33,934 --> 00:40:36,494
Everybody can pay with Bitcoin Lightning and knows how it works.

597
00:40:36,494 --> 00:40:38,014
Is the world a better place or worse?

598
00:40:38,514 --> 00:40:40,634
I'm curious. I'll provide my answer next week.

599
00:40:41,534 --> 00:40:46,354
The only way the world could be better is if there was software solutions to

600
00:40:46,354 --> 00:40:53,794
help these people manage this safely and then also transact safely and securely, right?

601
00:40:54,234 --> 00:40:59,334
Because it's like giving everyone the internet, which we did with smartphones.

602
00:40:59,674 --> 00:41:02,414
You know what I mean, though? It's putting TCP IP on everyone's wrist,

603
00:41:02,534 --> 00:41:03,654
essentially, is what you're asking me.

604
00:41:03,654 --> 00:41:06,474
Okay well now the application stack that runs

605
00:41:06,474 --> 00:41:09,214
on top of that you know it can't be centralized like we saw

606
00:41:09,214 --> 00:41:13,254
the chivo wallet in in el salvador was centralized you

607
00:41:13,254 --> 00:41:17,194
know there's so there's ways you can kind of mess up the implementation this

608
00:41:17,194 --> 00:41:21,974
goes back to maybe a little bit slower adoptions better because we get time

609
00:41:21,974 --> 00:41:27,054
to work out these ui issues and the software stack issue i have to say i don't

610
00:41:27,054 --> 00:41:29,374
know if it happened tomorrow if the world would be better,

611
00:41:30,156 --> 00:41:32,856
Ultimately, I think it would, but I think it would take years.

612
00:41:33,396 --> 00:41:36,656
It would take, that's a hard reason.

613
00:41:36,736 --> 00:41:39,876
That's like literally taking all the fish out of water at once and then telling

614
00:41:39,876 --> 00:41:41,296
them to calm down and just breathe normally.

615
00:41:41,736 --> 00:41:43,856
You know what I mean? I'd love to hear your answer, though.

616
00:41:44,376 --> 00:41:48,716
Thanks for the boost. And, you know, maybe give me a little help on that there.

617
00:41:49,216 --> 00:41:50,796
Username, too. Appreciate it.

618
00:41:51,456 --> 00:41:53,796
Tiara comes in with 6,222 sats.

619
00:41:55,136 --> 00:41:57,076
I'm probably not getting that one right either. There's some new boosters.

620
00:41:57,176 --> 00:42:00,776
This is great to see. and I'm making a horrible impression, which is bad to see.

621
00:42:00,996 --> 00:42:04,076
I'm not on my game this episode, but I really appreciate the boost.

622
00:42:04,936 --> 00:42:09,756
And Tara writes, Tierra writes, I do use my phone for my main custody setup,

623
00:42:09,876 --> 00:42:13,556
but as part of my multi-sig, it's three of four multi-sig where I have a tap

624
00:42:13,556 --> 00:42:17,296
signer, a jade, not the plus version, Trezor Model T and my phone.

625
00:42:18,256 --> 00:42:24,396
Wow. Nice setup. Okay. Look, you know, I think there's some logic in kind of

626
00:42:24,396 --> 00:42:31,436
trying different wallets like that too, because then you are diffusing the risk in a sense, right?

627
00:42:31,496 --> 00:42:34,596
You're not necessarily vulnerable if one particular one gets compromised at

628
00:42:34,596 --> 00:42:35,196
some point in the future.

629
00:42:35,576 --> 00:42:40,356
I mean, it's a little bit more to manage. The multi-sig can be managed all on

630
00:42:40,356 --> 00:42:43,296
the phone using nunchuck wallet. Oh yeah, nunchuck wallet is great for that.

631
00:42:43,816 --> 00:42:47,876
The setup always requires at least one hardware wallet to be available to spend

632
00:42:47,876 --> 00:42:53,756
the funds, making it so that the phone plays a lesser role in the overall security of the multi-sig.

633
00:42:53,816 --> 00:42:56,376
And it's really there for most of the times as a watch only.

634
00:42:56,496 --> 00:43:00,276
And always to build transactions for future spending.

635
00:43:00,776 --> 00:43:03,576
I, so far, have been loving this wallet setup, and I'm planning on upgrading

636
00:43:03,576 --> 00:43:08,016
some of my other hardware wallets, like switching to the Trezor or the Cold Card Q or Mark IV.

637
00:43:08,696 --> 00:43:15,896
I can give a big endorsement to the Mark IV. I have one Trezor, and I have many Mark IVs.

638
00:43:16,356 --> 00:43:19,476
I really like the Cold Card. I don't love the Q.

639
00:43:19,896 --> 00:43:23,776
I just think it's maybe more than I need, although I could be convinced I do

640
00:43:23,776 --> 00:43:25,216
think some of the functionality would be nice.

641
00:43:25,756 --> 00:43:28,056
But I also the only problem with the cold card queue is,

642
00:43:28,752 --> 00:43:31,692
For me, it looks like a Bitcoin wallet or something. I mean,

643
00:43:31,752 --> 00:43:33,452
it looks like something you want to steal.

644
00:43:34,232 --> 00:43:38,332
Cold card queue. Go Google it right now. It looks like something you'd want to steal.

645
00:43:38,952 --> 00:43:42,372
So you break into somebody. I'm taking that. You know, but the Mark IV,

646
00:43:42,712 --> 00:43:46,212
I mean, it looks like, you know, a classroom calculator, basically.

647
00:43:46,472 --> 00:43:48,452
You don't know what you're looking at. Who cares?

648
00:43:48,952 --> 00:43:51,492
I'm leaving that piece of crap. That thing's like a $15 calculator.

649
00:43:51,612 --> 00:43:52,832
I'm leaving it. You know?

650
00:43:53,272 --> 00:43:56,072
I mean, I know it's stupid security through obscurity, but it's something I

651
00:43:56,072 --> 00:43:58,472
think about. Thank you for the boost. It's really nice to hear from you.

652
00:43:59,172 --> 00:44:05,012
Sir Naxalot's here with 4,321 sats. He's a good guy. He's a real good guy. No, he's a great guy.

653
00:44:05,332 --> 00:44:08,272
On using a PC to Bitcoin, I don't own one.

654
00:44:08,652 --> 00:44:13,932
I use multiple phones and I feel secure, but not having a PC sure makes running a node hard.

655
00:44:14,212 --> 00:44:17,892
I'm breaking down in the near future and I'm going to buy a laptop and then

656
00:44:17,892 --> 00:44:22,092
I will run my own node. I love the Bitcoin well and I love this week in Bitcoin.

657
00:44:22,892 --> 00:44:27,212
Well, thank you. Nice to hear from you, sir. I'm really stoked to hear you're

658
00:44:27,212 --> 00:44:29,772
going to do a node. Let me know how that goes and what route you take.

659
00:44:30,312 --> 00:44:34,552
And I always hear good things about AlbiHub, but there's a lot of options there.

660
00:44:35,292 --> 00:44:37,672
Interesting to also hear from somebody that doesn't have a PC.

661
00:44:37,852 --> 00:44:42,072
Is anybody else listening out there that doesn't have a personal computer, a PC?

662
00:44:43,803 --> 00:44:47,423
I don't hear that very often. Fascinating. And I'm really glad that you're listening.

663
00:44:48,003 --> 00:44:49,623
Ace Ackerman's here with a row of ducks.

664
00:44:50,903 --> 00:44:54,423
Not financial advice, but my understanding is that Bitcoin rewards programs

665
00:44:54,423 --> 00:44:56,803
are considered a rebate and not taxable.

666
00:44:56,903 --> 00:45:00,543
But if you were to sell those earned sats, that would be a taxable event.

667
00:45:00,883 --> 00:45:02,663
Simple solution, never sell your sack.

668
00:45:03,183 --> 00:45:05,243
You're right, Ace. That's what we looked up to after the show.

669
00:45:05,303 --> 00:45:06,363
That's what I was able to figure out.

670
00:45:06,903 --> 00:45:12,183
And I guess your cost basis would have to be when you earn the rewards so you

671
00:45:12,183 --> 00:45:15,243
would be dependent on the platform to essentially generate you a report,

672
00:45:15,363 --> 00:45:19,143
which I'm sure things like River and Fold do that. So it's not really an issue.

673
00:45:19,803 --> 00:45:24,063
Yeah. So Bitcoin rewards, I'm all about it because I don't ever plan to sell those sets.

674
00:45:24,663 --> 00:45:28,723
And they're just like, I call it passive stacking. It's my way to passive stack.

675
00:45:29,063 --> 00:45:33,643
And so when I have moments like right now when the price is dipping and I'm

676
00:45:33,643 --> 00:45:36,403
like, oh God, I wish we could just go in big right now.

677
00:45:36,883 --> 00:45:41,943
I have a little bit of peace in knowing that, Well, when I pay my bills, I'm stacking some sats.

678
00:45:42,083 --> 00:45:45,043
When we buy some groceries or whatever we're doing, I'm stacking some sats.

679
00:45:45,503 --> 00:45:48,823
And I'm getting a little bit more sats right now while I do those things.

680
00:45:49,443 --> 00:45:54,183
And so it doesn't completely get rid of the FOMO. But it does help knowing that,

681
00:45:54,263 --> 00:45:55,963
well, I'm always stacking. I'm always stacking.

682
00:45:56,863 --> 00:46:00,263
Thanks, Ace. Appreciate it. Moon Knight's here with AroaDux. Hey!

683
00:46:01,563 --> 00:46:04,783
I'm with you on trusting my desktop and a hardware wallet more than my Graphene

684
00:46:04,783 --> 00:46:06,303
OS phone with an AirGap signer.

685
00:46:06,303 --> 00:46:10,883
I love the multi-sig combo of nunchuck plus tap signer for my walking around

686
00:46:10,883 --> 00:46:15,063
wallet, but for some reason I feel safer with my single SIG on my home Ubuntu

687
00:46:15,063 --> 00:46:17,383
desktop that's offline 99% of the time.

688
00:46:17,763 --> 00:46:21,403
I've been trying to get over this because multi-sig is far and away the safer

689
00:46:21,403 --> 00:46:24,303
way to go, and nunchuck does make it so easy.

690
00:46:24,823 --> 00:46:28,123
Look at that, another good plug for nunchuck. I think, Moon and I,

691
00:46:28,183 --> 00:46:30,563
you and I have been in the exact headspace, right?

692
00:46:30,883 --> 00:46:35,163
Maybe, I don't know, are you like me? Maybe you've been using desktop computers

693
00:46:35,163 --> 00:46:38,683
for a while, you know, maybe built a few of them yourselves.

694
00:46:39,183 --> 00:46:43,923
You know, you just, I don't think I know of a more secure system than the desktop

695
00:46:43,923 --> 00:46:46,223
systems I've built, you know, with the run Linux.

696
00:46:47,043 --> 00:46:51,143
I just, I don't quite know what's in the phone, but I know what's in that system

697
00:46:51,143 --> 00:46:54,683
from, you know, bolts and fans all the way up to the software stack.

698
00:46:54,963 --> 00:47:00,683
And so I think that's part of, and oh, oh, oh, oh, and you know what else it is?

699
00:47:01,323 --> 00:47:05,463
If the power supply dies in that PC, I swap out the power supply.

700
00:47:06,023 --> 00:47:08,683
If something dies in the charging components for the cell phone,

701
00:47:08,903 --> 00:47:10,383
I got to toss the whole phone.

702
00:47:11,261 --> 00:47:16,581
Right. If if there is a memory issue or a single disk issue or even a file system

703
00:47:16,581 --> 00:47:21,001
corruption issue, I know how to go into a live boot environment and try to repair

704
00:47:21,001 --> 00:47:23,941
the file system and maybe mount the file system and rescue files.

705
00:47:24,861 --> 00:47:28,501
Maybe I could do that with a phone. Maybe I can't. Right. So it's like just

706
00:47:28,501 --> 00:47:29,581
the doomsday scenarios.

707
00:47:30,081 --> 00:47:33,781
I know how to handle those on the PC as well. And I think that plays a factor.

708
00:47:33,921 --> 00:47:36,221
And I'd be curious, Moon Knight, if that's true for you as well.

709
00:47:36,641 --> 00:47:37,821
Monty's here with a row of ducks.

710
00:47:38,941 --> 00:47:40,761
I got my AlbiHub set up.

711
00:47:45,901 --> 00:47:50,061
That's great. That's awesome. I tried several times to get Nick's Bitcoin up

712
00:47:50,061 --> 00:47:52,021
and running, but I just couldn't get it to build.

713
00:47:52,401 --> 00:47:55,501
Albi, though, I had up in about 10 minutes. Any suggestions on getting going

714
00:47:55,501 --> 00:47:58,241
with my own Lightning Wallet? I opened a channel as part of my setup.

715
00:47:58,381 --> 00:47:59,381
Anything else I should know?

716
00:47:59,621 --> 00:48:02,161
Well, you definitely want to play around, Monty, with AlbiGo.

717
00:48:02,261 --> 00:48:06,201
That is a really simple but functional Lightning Wallet that just plugs right

718
00:48:06,201 --> 00:48:09,901
into your AlbiHub. You could also look into Zeus wallet.

719
00:48:10,481 --> 00:48:12,921
Also connects to your AlbiHub. Very good wallet.

720
00:48:13,581 --> 00:48:16,641
And could solve some of your problems for you, like channel management too, potentially.

721
00:48:17,481 --> 00:48:21,441
You'd have to dig into that though. Man, I'm so stoked for you. Congratulations.

722
00:48:22,201 --> 00:48:25,221
We got another node on the network. I hope when I go check the state of the

723
00:48:25,221 --> 00:48:27,081
network, we see the numbers ticking up over there.

724
00:48:27,641 --> 00:48:31,421
Now the channels is a thing. You got to pick and choose.

725
00:48:32,161 --> 00:48:36,541
AQIN or whatever it is. ACQIN, if that's in the list still, I would definitely recommend that one.

726
00:48:37,041 --> 00:48:41,081
Opening channels to somebody like kraken also gets you well placed in the network,

727
00:48:41,878 --> 00:48:45,198
It does take some sats to do that, but once those sats are in the channels,

728
00:48:45,318 --> 00:48:48,498
then you're able to transmit back and forth. And when you close the channels, you do get the sats back.

729
00:48:49,018 --> 00:48:50,918
Thanks for boosting in, Monty. Good to hear from you.

730
00:48:51,498 --> 00:48:58,378
Block 7 is here with 5,000 sats. Never tell me the odds. And he just says, boost!

731
00:48:59,518 --> 00:49:04,638
Thank you. Appreciate it. Neural P is here with 5,000 sats. B-O-O-S-T.

732
00:49:04,838 --> 00:49:10,098
No message, just the value. Scuffed is here with 7,222 sats. Pew, pew, pew.

733
00:49:10,838 --> 00:49:13,898
He says, thanks for your insights on Fold. I think I'll at least get a debit

734
00:49:13,898 --> 00:49:15,338
card and pay some bills through it.

735
00:49:15,838 --> 00:49:18,638
What do I have to lose? Yeah, that's what I figured. And I actually ended up

736
00:49:18,638 --> 00:49:20,538
liking the way I had. I reorganized it.

737
00:49:20,658 --> 00:49:24,278
So now, you know, not everything's coming out of one checking account.

738
00:49:24,778 --> 00:49:28,718
So we just do two transfers a month to Fold to cover the bills at the beginning

739
00:49:28,718 --> 00:49:30,078
of the month and the second half of the month.

740
00:49:30,678 --> 00:49:34,398
And it keeps the volume down in the main checking account. It's been way better.

741
00:49:34,398 --> 00:49:40,078
Just that separation of bills and main checking and then getting the sats on

742
00:49:40,078 --> 00:49:43,358
there is pretty great and you know that debit card check out some of those merchant

743
00:49:43,358 --> 00:49:47,518
boosts you can get like 5% back sats on some of that stuff he continues the

744
00:49:47,518 --> 00:49:51,998
state of the network has gained one more node hey yes.

745
00:49:55,858 --> 00:50:00,638
Alright I set mine up using start 9 a VM that I have running inside Proxmox

746
00:50:00,638 --> 00:50:04,538
I already had a Proxmox cluster going and I also installed electors which is

747
00:50:04,538 --> 00:50:06,118
Electrum running on Rust.

748
00:50:06,498 --> 00:50:09,318
Nice. So I can interface with the Sparrow wallet securely.

749
00:50:10,538 --> 00:50:14,438
Oh, yes. This is so fun. And it really has broadened my understanding of this

750
00:50:14,438 --> 00:50:17,098
whole Bitcoin thing. I'd encourage everyone to try it.

751
00:50:18,098 --> 00:50:23,858
I'm going to give that a ding too. That is a great story. And it really does

752
00:50:23,858 --> 00:50:24,818
help you understand Bitcoin.

753
00:50:25,158 --> 00:50:30,418
Sparrow is one of the best tools in this space. And it helps you understand

754
00:50:30,418 --> 00:50:34,918
where you're spending your Bitcoin and not, you know, I can use it to make sure

755
00:50:34,918 --> 00:50:38,158
that I don't mix KYC to non-KYC Bitcoin very easily.

756
00:50:39,138 --> 00:50:44,558
Love that whole setup, dude. Well done, Scuffed. That's really great. That is really great.

757
00:50:45,138 --> 00:50:49,758
VCP's here with 5,000 sats. You're so boosted. Love the perspective on eating our vegetables.

758
00:50:50,118 --> 00:50:53,578
I have a node, and I think it's the path for all true Bitcoiners.

759
00:50:53,698 --> 00:50:58,438
Once I saw how long it took to download the blockchain, it was like seeing the edge of the universe.

760
00:51:00,318 --> 00:51:04,938
At that point on the Bitcoin journey at what point on the Bitcoin journey should

761
00:51:04,938 --> 00:51:08,058
a newbie start up a node hmm I

762
00:51:08,058 --> 00:51:10,658
think you gotta have some sats you know you want a little skin in the game,

763
00:51:11,549 --> 00:51:15,349
And I think, you know, you're going to want a wallet probably when you get to,

764
00:51:15,609 --> 00:51:19,009
I, you know, if you can, if you're down for a little server shenanigans,

765
00:51:19,009 --> 00:51:22,049
different for everybody, when you're ready to set up a desktop wallet and a

766
00:51:22,049 --> 00:51:26,149
hardware wallet, great time to get a note up first and then just have everything

767
00:51:26,149 --> 00:51:28,369
use your note as the source of truth from the beginning.

768
00:51:29,029 --> 00:51:32,889
That could be the threshold, but, you know, everybody's to each their own.

769
00:51:33,809 --> 00:51:39,709
I mean, I'd say if you just want to have fun, even if you just like distributed

770
00:51:39,709 --> 00:51:44,549
computing and you're not going to set up a hardware wallet or like a soft wallet,

771
00:51:44,989 --> 00:51:48,089
it's just fun to participate in a distributed computing platform too.

772
00:51:48,229 --> 00:51:51,809
So to be honest with you, I'd do it either way. But that's just me.

773
00:51:52,169 --> 00:51:55,309
Thanks for the boost. Anonymous comes in with 2,000 sats. You're doing a good

774
00:51:55,309 --> 00:51:57,729
job. No message, just the sats. Appreciate that.

775
00:51:58,389 --> 00:52:03,629
Nico, the Greek, not the geek, the Greek comes in with 4,000 sats.

776
00:52:03,969 --> 00:52:07,649
I've got to be careful. Danger zone. Almost just almost blew that.

777
00:52:07,989 --> 00:52:11,349
No message, though, just the boost. Danger zone. Thank you. Appreciate that.

778
00:52:11,669 --> 00:52:16,509
Thank you, everybody who boosts in. There's a lot below the 2,000 sat cutoff line this week.

779
00:52:16,769 --> 00:52:20,409
This is, wow. Gene Bean, I see you down in there. Nice to hear from you as well.

780
00:52:20,949 --> 00:52:24,389
Oh, wow. Thank you, everybody. Really appreciate that. First time buying the

781
00:52:24,389 --> 00:52:27,369
dip by Coach Rick. Nice, Coach Rick. Good for you.

782
00:52:28,369 --> 00:52:32,809
I can buy that dip, buddy. All right. So thank you, everybody, who boosted in.

783
00:52:32,969 --> 00:52:37,109
I will not have an episode next week. So this was a nice segment.

784
00:52:37,269 --> 00:52:39,769
I felt like there's a lot of good stuff in there. I'm going to be thinking about

785
00:52:39,769 --> 00:52:40,909
that during the down week.

786
00:52:41,349 --> 00:52:43,609
I really appreciate it if you wanted to boost in. Before we run,

787
00:52:43,689 --> 00:52:44,729
I want to tell you how we did.

788
00:52:44,949 --> 00:52:47,329
With the sat streamers out there streaming sats, as they listened,

789
00:52:47,429 --> 00:52:51,429
57 of you did that. Thank you very much. Oh, this is Cajun Spice.

790
00:52:51,649 --> 00:52:55,549
All of you helped me stack 108,825 sats for the show.

791
00:52:55,789 --> 00:52:57,949
Oh, boy. They want them. It's our guarantee.

792
00:52:58,369 --> 00:53:02,969
Thank you. Now, when you combine that with the boosters, we stacked a grand

793
00:53:02,969 --> 00:53:08,709
total of 245,479 sats for the show.

794
00:53:09,360 --> 00:53:15,920
Music.

795
00:53:16,029 --> 00:53:19,129
This is a value for value show. That means the show is out there for free.

796
00:53:19,269 --> 00:53:21,889
The work I do is free. You can distribute it as you like.

797
00:53:22,189 --> 00:53:25,009
But if you get some value from the show, I always appreciate if you send it

798
00:53:25,009 --> 00:53:30,029
back. time, talent, or treasure, and of course a boost is a way to do it in a Bitcoin-native way.

799
00:53:30,149 --> 00:53:33,249
Every time somebody says Bitcoin isn't used for a transaction,

800
00:53:33,249 --> 00:53:36,389
you can shove it in their face with a boost.

801
00:53:36,489 --> 00:53:42,409
The easiest way is with Strike or some other way to buy sats like River or Bitcoin

802
00:53:42,409 --> 00:53:46,489
Well that's on the Lightning Network, and then you send them to Fountain or

803
00:53:46,489 --> 00:53:49,769
your Albie Hub, whatever app you choose at podcastapps.com.

804
00:53:50,309 --> 00:53:52,549
There's a whole world out there, and then you get new features too.

805
00:53:52,549 --> 00:53:56,669
Like with this show, you get transcripts, you get chapters, you get the Magic

806
00:53:56,669 --> 00:53:59,529
Walt switching technology so you can support the artists and you see their album

807
00:53:59,529 --> 00:54:01,189
art and all that. It's pretty great.

808
00:54:01,889 --> 00:54:06,049
Thank you, everybody who supports the show. I appreciate you.

809
00:54:06,189 --> 00:54:10,309
And also, if you recognize that tune, I want to be your friend.

810
00:54:11,280 --> 00:54:20,880
Music.

811
00:54:20,723 --> 00:54:24,483
I got some updates for you. We've been talking about hardware wallets,

812
00:54:24,503 --> 00:54:29,283
and I am now keeping an eye on the BitKey as I gave one to a family member over the holidays.

813
00:54:29,583 --> 00:54:34,403
And a feature that had been rumored is now live, and it's inheritance.

814
00:54:34,683 --> 00:54:37,063
And I know this is something that some of you consider.

815
00:54:37,523 --> 00:54:42,443
They now have a beneficiary mode. You have your spending mobile key,

816
00:54:42,663 --> 00:54:44,723
which gets encrypted with a wrapping key.

817
00:54:44,903 --> 00:54:48,083
That wrapped key is then encrypted with your beneficiary's public key.

818
00:54:48,083 --> 00:54:50,783
Then both encrypted keys are stored on Block's servers.

819
00:54:51,523 --> 00:54:56,003
So now nobody involved, Block can't access the key, like nobody can see each

820
00:54:56,003 --> 00:54:59,343
other's keys, but they have this system all guided by the app to essentially

821
00:54:59,343 --> 00:55:01,543
wrap keys and store it on the server.

822
00:55:01,823 --> 00:55:07,663
And then in the event of your death, your beneficiary can go into the BitKey

823
00:55:07,663 --> 00:55:12,943
app and say, hey, he's dead or they're dead and I need access to their funds.

824
00:55:13,663 --> 00:55:17,183
BitKey will then initiate a six-month delay and notify period.

825
00:55:18,263 --> 00:55:22,363
Essentially, for six months, you'll get periodic alerts about the claim,

826
00:55:22,383 --> 00:55:26,263
and either you or the beneficiary can cancel the process at any time.

827
00:55:26,783 --> 00:55:30,923
After six months, then BitKey releases the encrypted keys to your beneficiary.

828
00:55:31,323 --> 00:55:34,543
Their BitKey app then decrypts the wrapped key with their private key.

829
00:55:34,683 --> 00:55:37,823
It decrypts your mobile key with the wrapped key, however that works.

830
00:55:38,303 --> 00:55:42,003
And now they can co-sign transactions with BitKey servers to move funds over

831
00:55:42,003 --> 00:55:43,063
into their own BitKey wallet.

832
00:55:43,903 --> 00:55:47,743
So your beneficiary never sees your Bitcoin balance, and it never has access

833
00:55:47,743 --> 00:55:51,603
to your funds before any transfers, and they don't get to see your keys.

834
00:55:51,803 --> 00:55:54,943
They just have this whole system that they can take care of.

835
00:55:55,003 --> 00:56:00,343
Now, the only real downside I see to this is that block servers are involved,

836
00:56:00,743 --> 00:56:03,563
which is fine. I mean, they're probably going to be around. They're a great, solid company.

837
00:56:04,343 --> 00:56:08,483
But, you know, if this is a 30-year thing here, I mean, I don't know.

838
00:56:08,583 --> 00:56:11,823
Like I said to say, you know, they did BitKeys for my family or whatever.

839
00:56:12,683 --> 00:56:17,163
Well, I'd hope I'd make it like another 20 years. So is block servers going

840
00:56:17,163 --> 00:56:20,003
to be online in 20 years to do this? That would be my concern here.

841
00:56:20,343 --> 00:56:24,123
Now, if I was, you know, later in life, something like that,

842
00:56:24,183 --> 00:56:24,803
maybe it would make sense.

843
00:56:24,903 --> 00:56:29,803
I don't know. But that's my one kind of note is to make all this magic happen,

844
00:56:29,963 --> 00:56:30,923
their servers are required.

845
00:56:32,363 --> 00:56:37,983
It is going to be probably, I haven't seen this yet, but it'd be a safe bet.

846
00:56:38,163 --> 00:56:42,723
This is going to be the smoothest, cleanest, noobiest, friendly beneficiary

847
00:56:42,723 --> 00:56:44,683
process out there for a Bitcoin stash.

848
00:56:46,183 --> 00:56:50,943
Oklahoma's Strategic Bitcoin Reserve Act, which is HB 1203, has passed the House

849
00:56:50,943 --> 00:56:55,003
committee and is advancing for a House floor vote.

850
00:56:55,243 --> 00:56:59,463
The bill allows the state to invest 10% of public funds into Bitcoin or any

851
00:56:59,463 --> 00:57:02,123
digital assets with a market cap over $500 billion.

852
00:57:02,363 --> 00:57:06,403
There has been a couple of states, Montana and I believe North Dakota,

853
00:57:06,783 --> 00:57:08,843
their Bitcoin reserve bills have failed.

854
00:57:09,363 --> 00:57:16,223
But things are also moving forward, including in the state of Tejas and in the state of Utah.

855
00:57:16,523 --> 00:57:21,783
Things are moving pretty good. And a local news station, KXAN in Texas,

856
00:57:22,063 --> 00:57:25,023
they covered the Bitcoin reserve bill that's in the works.

857
00:57:30,343 --> 00:57:33,223
The state of texas could begin investing in

858
00:57:33,223 --> 00:57:36,043
bitcoin lawmakers got their first look at a

859
00:57:36,043 --> 00:57:40,763
bill to create a cryptocurrency reserve supporters believe crypto could help

860
00:57:40,763 --> 00:57:46,083
the state's bottom line as kevin basker reports the idea is also raising concern

861
00:57:46,083 --> 00:57:52,583
seeking for an alternative to the dollar Cryptocurrency is what people believe

862
00:57:52,583 --> 00:57:54,463
is, in this case, Bitcoin,

863
00:57:54,923 --> 00:58:01,603
finite and decentralized and something that they don't have to worry about governments

864
00:58:01,603 --> 00:58:03,103
printing more and more money.

865
00:58:03,423 --> 00:58:06,723
It's not something we believe. It's a fact.

866
00:58:07,683 --> 00:58:11,683
I'm a little concerned that the chair of this says things like people believe

867
00:58:11,683 --> 00:58:14,443
it's scarce. No, people believe gold is scarce.

868
00:58:14,883 --> 00:58:19,003
We know Bitcoin is scarce. Texas Senator Charles Schwartner is behind the bill

869
00:58:19,003 --> 00:58:21,783
to establish the Texas Strategic Bitcoin Reserve.

870
00:58:22,123 --> 00:58:25,903
The Business and Commerce Committee held a hearing on the proposal on Tuesday.

871
00:58:26,203 --> 00:58:29,763
He says the creation will protect the economy from inflation.

872
00:58:29,943 --> 00:58:33,723
People are really worried about federal overspending. That's been going on decades,

873
00:58:33,823 --> 00:58:37,663
and the inflation that that engenders. It can be very, very volatile.

874
00:58:38,023 --> 00:58:42,603
Kendall Garrison, the CEO of Amplify Credit Union, explains the possible pitfalls

875
00:58:42,603 --> 00:58:45,843
of a crypto reserve. Uh-oh. So, Ken...

876
00:58:46,443 --> 00:58:50,423
Ken guy here, he's going to warn us about how volatile crypto is.

877
00:58:50,483 --> 00:58:52,123
Kendall Garrison, the CEO of

878
00:58:52,123 --> 00:58:56,303
Amplify Credit Union, explains the possible pitfalls of a crypto reserve.

879
00:58:56,463 --> 00:59:02,783
Switching from very safe investments that the state of Texas has today, like government bonds.

880
00:59:03,523 --> 00:59:10,243
Index funds, hedge fund investments, moving to cryptocurrency is really increasing

881
00:59:10,243 --> 00:59:11,763
the risk in that portfolio.

882
00:59:12,083 --> 00:59:15,343
But Schwartner doesn't think it's as risky as what it seems to be.

883
00:59:15,463 --> 00:59:21,083
Bitcoin in particular is the largest cryptocurrency, the one that trades the largest volume.

884
00:59:21,123 --> 00:59:24,243
And I think it has the least amount of overall volatility.

885
00:59:24,403 --> 00:59:29,703
What I would suggest is they have a very strong, very well thought out investment

886
00:59:29,703 --> 00:59:34,403
policy that has a stop loss built into it.

887
00:59:34,523 --> 00:59:38,883
So if it decreases more than X percent, then you exit those investments.

888
00:59:39,183 --> 00:59:43,043
And on the other side of the coin, if it increases more than X percent,

889
00:59:43,043 --> 00:59:44,923
you harvest some of the profits.

890
00:59:45,083 --> 00:59:48,423
Kevin Bosker, State of Texas. Boy, that's some bad advice.

891
00:59:48,943 --> 00:59:54,343
You know, again, I just, I think we're too early, especially for these Bitcoin reserve bills.

892
00:59:54,763 --> 00:59:57,083
There's so much confusion about Bitcoin and crypto.

893
00:59:57,563 --> 01:00:03,103
The word volatility is thrown around as if it's utterance, just the utterance

894
01:00:03,103 --> 01:00:06,843
of the word volatility is justification in enough of itself to just stay away

895
01:00:06,843 --> 01:00:07,763
from something. Oh, it's volatile.

896
01:00:08,543 --> 01:00:12,383
And then he starts talking about buying bonds and other things that are going

897
01:00:12,383 --> 01:00:15,283
to have no purchasing power after it's been eroded away by inflation.

898
01:00:15,643 --> 01:00:20,843
Not to mention that investors demand higher yields to compensate for inflation risks with bonds.

899
01:00:21,383 --> 01:00:26,143
So that puts upward pressure on bond yields and downward pressure on the prices.

900
01:00:26,683 --> 01:00:31,083
So for example, if a bond pays 4% yield and inflation is 3%,

901
01:00:31,083 --> 01:00:36,503
like they say, then your real rate of return is 1% on that bond.

902
01:00:37,023 --> 01:00:40,543
And well, most things in life, inflation has been well above 4%.

903
01:00:40,543 --> 01:00:46,023
And during periods of high inflation, bonds often experience negative real returns

904
01:00:46,023 --> 01:00:51,683
commonly, which is the very issue that people are concerned about.

905
01:00:51,843 --> 01:00:57,223
And this dip flip that they bring on Ken completely misses it because he's just

906
01:00:57,223 --> 01:01:00,163
looking at everything through a traditional fiat lens.

907
01:01:01,323 --> 01:01:03,183
And there's another mistake they're experiencing.

908
01:01:03,120 --> 01:01:11,120
Music.

909
01:01:10,965 --> 01:01:15,205
This will be our final clip of the week here. You noticed, I'm sure,

910
01:01:15,565 --> 01:01:19,385
that he says you ought to put some, he had something like, you know,

911
01:01:19,445 --> 01:01:21,405
you got to have really good investing policy.

912
01:01:21,445 --> 01:01:24,465
I always love when people say that. Yeah. Okay, great. Great tip.

913
01:01:25,105 --> 01:01:28,625
What you're going to want to do is if that Bitcoin pumps, you're going to want

914
01:01:28,625 --> 01:01:30,965
to sell it, you know, and make some of that money back.

915
01:01:32,145 --> 01:01:35,665
Maybe that makes sense in some circumstances, you know, like with oil.

916
01:01:36,185 --> 01:01:38,425
I don't know, because they can always make more oil for a while, right?

917
01:01:39,205 --> 01:01:43,365
Or silver. Maybe that makes more sense with silver. But it's very fiat thinking.

918
01:01:43,565 --> 01:01:45,505
And I got a clip here from Larry Leppard.

919
01:01:45,745 --> 01:01:48,865
He's going to recount a famous story I've told once before on the show that

920
01:01:48,865 --> 01:01:52,925
puts this into perspective. It's the wrong way to think when investing in Bitcoin.

921
01:01:53,165 --> 01:01:57,425
It's a mistake that a lot of investors make, I think. And that is to say you've

922
01:01:57,425 --> 01:02:00,725
got a gain and you're feeling good about it. And you think, oh, this can't last.

923
01:02:00,865 --> 01:02:03,605
And maybe it's overpriced now and therefore I'll sell it.

924
01:02:03,965 --> 01:02:07,485
I bought Microsoft in 86 when it went public, 14 times trailing,

925
01:02:07,645 --> 01:02:11,085
growing 40% a year. and I made, I don't know, three times my money on it.

926
01:02:11,265 --> 01:02:14,645
And I sold it for a logical reason, actually, because it was the only money

927
01:02:14,645 --> 01:02:17,745
I had to make a down payment on a condominium and I wanted to own a condominium.

928
01:02:18,525 --> 01:02:23,465
But had I held on to it, it turned out it went up another 4,000x and I missed all that.

929
01:02:24,185 --> 01:02:28,465
Buying Bitcoin right here is buying Microsoft in its first five or 10 years of existence.

930
01:02:28,725 --> 01:02:32,405
It's like Manhattan real estate, as he said. You don't want to sell a cornerstone

931
01:02:32,405 --> 01:02:34,165
asset that can't be replicated.

932
01:02:34,640 --> 01:02:45,200
Music.

933
01:02:45,048 --> 01:02:52,648
Let's check in on the state of the network. We end the episode at block height 885,472.

934
01:02:52,888 --> 01:03:00,728
The Bitcoin price in USD is 84,470 sats per dollar, 1,184.

935
01:03:01,188 --> 01:03:09,928
We are down 22.6% from our all-time high, which was 109,160 on January 19, 2025.

936
01:03:11,408 --> 01:03:14,888
However, reachable Bitcoin nodes is looking real good.

937
01:03:17,828 --> 01:03:20,988
$21,903. I'm going to write that down. See, I'm going to compare it in two weeks

938
01:03:20,988 --> 01:03:25,168
when I'm back. $21,903. Do you think we can put a few more on there?

939
01:03:27,208 --> 01:03:31,188
Bitcoin's doing great. 22% drawdown.

940
01:03:31,988 --> 01:03:36,208
You don't even feel it once you've been in here for a little while. Ain't no thing at all.

941
01:03:36,608 --> 01:03:39,768
And if you look at the pressures Bitcoin is under right now,

942
01:03:39,768 --> 01:03:41,768
It's remarkable it's holding up.

943
01:03:42,848 --> 01:03:46,268
I think it deserves even a little bit more of a sale. Let's get those stats

944
01:03:46,268 --> 01:03:49,488
even cheaper. We'll see how it's doing when I get back in a couple of weeks.

945
01:03:50,888 --> 01:03:54,768
Now, if you'd like links to what I talked about, those will be over at the website,

946
01:03:54,968 --> 01:03:56,568
thisweekinbitcoin.show.

947
01:03:56,748 --> 01:04:00,648
If you're at Planet Nix or Scale, come say hi and tell me you love the show, of course.

948
01:04:00,968 --> 01:04:04,148
And I would love to have you boost in with what you would have liked to have

949
01:04:04,148 --> 01:04:05,988
heard from the show, but maybe I missed this week.

950
01:04:06,088 --> 01:04:07,968
I'm always trying to make sure I'm catching what you want to hear,

951
01:04:07,968 --> 01:04:10,608
or if you have a different take on something, of course.

952
01:04:11,048 --> 01:04:14,508
And then last but not least, I want your thoughts on that whole digital gold

953
01:04:14,508 --> 01:04:18,568
meme. Is it time to drop it or do we need to embrace it for just a little bit longer?

954
01:04:18,988 --> 01:04:22,268
Now I'm going to leave you with a value for value track. Last week,

955
01:04:22,368 --> 01:04:26,388
I played Disco Ball by Jojo Scott and you guys once again brought it to number

956
01:04:26,388 --> 01:04:28,108
one on the charts this week.

957
01:04:28,188 --> 01:04:32,048
I believe that's four episodes in a row and these artists, they notice it.

958
01:04:32,468 --> 01:04:36,228
They notice it and they really appreciate it. So this week, I'm going to play

959
01:04:36,228 --> 01:04:40,108
acetaminophen by Mookie. See you in two weeks. See you in two weeks.

960
01:04:40,240 --> 01:07:23,440
Music.

961
01:07:23,281 --> 01:07:26,701
That day. We were supposed to be together. Remember you had pro-yo.

962
01:07:27,921 --> 01:07:33,121
Pro-yo. With Ashley? Oh, oh, no, don't talk about yo. Don't talk about yo.