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Music.

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Welcome in to episode 29 of This Week in Bitcoin. My name is Chris.

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Are you enjoying October so far?

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How many times did I hear the chart guy saying we were going to pump?

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The hype men in social media talking about October always is up.

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This is why the show has been focused on Bitcoin through the macro lens recently.

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And unfortunately, some quote unquote investors have not been.

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In fact, one of the reasons why prices are fluctuating so much is because just

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yesterday, as I record, 250 million in future positions got liquidated across

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all the different cryptocurrencies. That's according to Coinglass.

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It seems like, you know, the vast majority, about 200 million of those liquidations

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were people that were putting positions betting that the price would go up for digital assets.

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I mean, things were looking good, right? Number was going up.

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Network activity was up. J-PAL lower rates.

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China was starting to stimulate their economy and their stock market directly.

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So what happened? Good evening and welcome. It was Iran who struck tonight in

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the ever-spiraling cycle of violence in the Middle East.

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Oh, right. The actual possibility of World War III.

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The U.S. says around 200 Iranian ballistic missiles launched from Iran rained

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down across Israel this evening, sending people running for cover.

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Just moments after air raid sirens sounded, the sky filled with streaks of light.

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Incoming missiles, many appearing to explode in the air.

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Yeah, the market doesn't really like the uncertainty of World War III.

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Lots of panic happens there.

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And, you know, the only thing that's kind of worse than that would be,

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like, a shutdown of the supply chain and the economy on the East Coast.

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In the meantime, we turn to the economy tonight and to this crippling strike.

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Tens of thousands of union dockworkers up and down the East Coast and the Gulf

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walking off the job, threatening the nation's supply chain.

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And, of course, then the prices you could potentially pay.

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Elizabeth Schulze from New Jersey again tonight. Union power!

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Union power! Tonight, crucial ports that fuel the American economy from New

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England to the Gulf Coast at a standstill.

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And of course, if the U.S. consumers can't receive and buy their goods and those

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ships just get parked off the coast, it's not good for the countries that are

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sending it over here either.

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After tens of thousands of union dock workers walked off the job.

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If it's a fight they want, it's a war we're going to get again.

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Oh, that sounds inflationary. Now, there's a lot of numbers getting passed around

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on social media about what some of the more vocal members of the strike make.

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But the individual workers, when you seem to ask them, I mean,

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one of their core complaints, besides what seems to be the headline fear,

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which is automation, underneath all of that, the reality is the dockers say

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their wages just simply have not kept up with inflation.

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I've also been talking to the members here on the ground, the individuals here

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that are now taking to the picket line. They tell me one of their top concerns,

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inflation, that we have all been living under for the past four years.

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They say that their wages are not adequately keeping up with the cost of living

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increase and that they need these wage increases reflected in their next contract

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so they can just keep up. I would believe that for the majority of workers.

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I'm sure there's some that are making plenty of money, but I would bet there's

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a lot that they're just not keeping up with inflation.

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So dock workers are striking on the East Coast, not on the West Coast because

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they have a different union.

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But on the East Coast, which, as you can imagine, is where a lot of the goods are coming from.

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Now, that is combined with another issue that investors have been watching.

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And this will all play into Bitcoin here in a moment because this all affects

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the macro picture that is impacting Bitcoin.

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And I'll explain why in a moment. But there's one other issue that people have noticed.

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And it's a signal that things are not as healthy as everyone would have us believe,

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especially those running for election.

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And that is that manufacturing is actually down.

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After we saw some growth, it's now down. And the other thing that's an interesting

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metric to track is how much are people quitting?

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Are they holding on to those jobs?

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Are they quitting less or more these days?

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Earlier this morning, we got the latest read on manufacturing,

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and it came as quite a surprise.

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It was a very low number. Charles Payne's been at it, studying this.

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What do you make? I mean, it came in below estimates in that 47.2.

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All you have to know is that above 50, expansion, below 50, contraction.

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So it came in at 47.2, so contraction.

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Now, this is six months in a row that manufacturing has been contracting.

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But Biden and Harris have been arguing that they brought manufacturing back.

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They brought it back to America. It's absolutely amazing.

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These numbers are stunning. You know, the employment part really is worrisome.

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It was down two percentage points, down to 43.9. I mean, again,

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that's absolutely devastating.

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Inventories were down. The only good news I saw in here was prices.

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Prices are finally contracting, and maybe because there's a lack of demand.

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But they also ask respondents, you know, different questions.

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And almost all of them are saying, you know, demand is weakening,

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softness continues, that kind of thing. It's really not great going into the rest of the year.

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That sounds recessionary to me. Prices are contracting, demand is down.

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We have a dock strike while also manufacturing here in the States is down at the same time.

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These are all inflationary. This is not good news.

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Political implications from that one. By the way, the JOTES number came out also before that.

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Now, the headline was better than expected, but the headline doesn't matter

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as much as the quits rate.

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Right. All right. So this is the number of people that are either keeping their

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job or people that are being like, screw you, I'm out of here.

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The quits rate now is the lowest level since the 2020.

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For the private sector, 2.1 from 2.3, almost every single category.

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So essentially when people aren't quitting, you know, remember the pendulum

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before people were quitting on the first day at work, they were ghosting.

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They said, you know what?

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I don't want this job after all. I'll get another one tomorrow.

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The pendulum has swung completely when people are holding off their dear life to these jobs.

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You know, I remember having a conversation with my mechanic during that time

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and they were looking to hire. They've hired now and they're staying.

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But he had guys that would quit on day one, just like Charles Payne was saying there.

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They would do that. You know, this is stressful. I don't want this.

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I'm out of here. And they just walk off on day one.

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So we're in a short-term funk, and that short-term funk is way,

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way outside of what the Bitcoin network can control.

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Bitcoin cannot control the externalities to the network.

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And these all come in like as cloud storms, as storm clouds,

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I guess, over everybody's uptober that they were all excited about.

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And I want to play Funstrat's Tom Lee here because this guy,

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he was one of the first to call Bitcoin on mainstream media.

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One of the first mainstream investors to get Bitcoin right.

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And he kind of covers the short-term funk that we're in.

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Near term, you acknowledge that there could be some bumpiness,

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choppiness, but by the end of the year, you think 6,000 on the S&P.

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That's right. I think we're still in the midst of a very tricky period because

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we've got the election in less than 35 days. and now we've got two things that

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investors don't know how to discount.

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One is mounting tensions in the Middle East and then a port strike that is potentially

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going to cripple the economy.

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And so I think that as investors worry about this, if we get a dip,

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and a big dip, I think you still want to buy that dip because the setup into

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your end has a lot of tailwinds.

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I think this is true for Bitcoin as well. Well, you know, these dips that he's

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talking about are going to be company values because they can't get product.

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They can't sell. Their costs are going to go up.

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Bitcoin is not impacted by this. Bitcoin doesn't have corporate sales.

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Bitcoin doesn't have impacts in shipping chains.

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Bitcoin doesn't have a problem if its business has been flooded.

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Bitcoin doesn't get impacted by any of this stuff.

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And so while its price goes down, none of the fundamental aspects of Bitcoin

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or the network or how it functions have altered.

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Externalities have changed. And so the market sells off.

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People that are speculating that weren't really

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in it for the long haul sell-off people that panic and need liquidity right

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now and bitcoins very quick to get liquid you know they start selling off right

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now in the short term but none of the fundamentals have changed here so it's

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it's if you think about it's actually the worst time to sell the worst case scenario for the port.

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Situation is something that we've seen and we shut down an economy already and

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And that was probably a time to buy.

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We know that. So we've seen that movie before. Could it be? I can't imagine

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it could be as bad as the pandemic, but we have shut down an economy before.

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Yeah, that's right. So I think it creates headline risk because,

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you know, the longer this strike lasts, there'll be companies that miss.

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And so S&P earnings might get downgraded or some stocks might miss results.

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But that's all just temporary. I mean, those are just short term headwinds because

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it doesn't change the long term outlook. look.

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It's very strange that I don't remember any war that were the effects.

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And we've been through quite a few back in the 90s and in the 2000s.

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It never seemed to have as negative an effect on the overall markets as we thought

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at the beginning of each.

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That's right. In fact, if we look at the last six sort of global wars or tensions,

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you almost always buy the invasion.

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That's a thing, isn't it? That's a term they say, isn't it? Buy the invasion.

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Sort of global wars or tensions, you almost always buy the invasion.

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The exception was 2022 with the Russia-Ukraine war because we were also in the

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midst of a Fed tightening cycle.

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So that was not a buy the invasion event. But the other times you did want to buy.

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Now, I want to talk about why this still impacts Bitcoin, just to make it clear,

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Because Bitcoin, what's happening as it becomes a more serious asset,

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it gets tied to speculators.

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So there's a portion of the market, and look, we're still hanging pretty tight

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right now, but there's a portion of the market that sells off.

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So we see those kinds of impacts.

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But also, it's tied to global liquidity and the direction of money.

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Lin Alden commissioned a study recently that put really good data around this.

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I'll preview a little bit of what we're talking about here.

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And when I say global liquidity, I want you to understand what we're talking

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about when I say global liquidity.

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There are many ways to measure global liquidity, but for this analysis,

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we'll use Global M2, a broad measure of money supply that includes physical

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currency, checking accounts, savings deposits,

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money market securities, and other forms of easily accessible cash.

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Bitcoin Magazine Pro provides a measure of Global M2 that aggregates data from

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the eight largest economies, the United States, China, the Eurozone,

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the United Kingdom, Japan, Canada, Russia, and Australia.

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It's a good proxy for global liquidity because it captures the total amount

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of money readily available for spending, investing, and lending on a global scale.

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Another way to think about it is as a measurement of the total amount of credit

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creation and central bank money printing occurring in the global economy.

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And Pomp was on CNBC, and he put all this into words that investors like to

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hear and might be easy to understand.

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If we look at that Fed interest rate cut, Bitcoin is the best performing asset

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so far. Gold and oil futures are kind of second.

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There's a new study that just came out from Lynn Alden and Sam Galligan that

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said Bitcoin is the most sensitive asset when it comes to global liquidity.

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And so 83% of the time, Bitcoin moves with global liquidity.

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It's more than S&P or any other asset.

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And so if you look at not just the interest rate cuts, now M2 money supply is

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expanding. And also we have cuts going on in China and elsewhere.

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And so I think that Bitcoin ends up being a big winner whenever we get kind

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of cheap money flooding into the system.

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And it feels like we just went through this big regime change. We were tightening.

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Everyone was trying to kind of drain liquidity from the system.

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Now we're going to go the other way. And so Bitcoin should be a big winner here

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for the next couple of months.

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And really what I've been kind of projecting for the last couple of weeks is

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things are really going to not be completely clear until after the election. I would imagine.

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I think that was our fate when Bitcoin got tied to the presidential campaigns out there.

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I think our fate was is that now also it lives and dies for a while on the results of the election.

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Ultimately, though, these things at the macro level will add up.

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The M2 money supply, the lowering of the rates and Bitcoin inevitably will pump.

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At least it does 82 percent of the time. If you go by what Lynn has documented,

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I'll put links to that in the show notes.

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Not only does Lynn show that Bitcoin tends to pump when global liquidity goes

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up, easy for me to say, but it outperforms inflation and money creation more

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so than the S&P or anything else.

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So it's a really good read it's really long all good lin reads are so for now

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we've got some funk to sort out and it just got a lot funkier and a lot more

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complex this isn't small stuff,

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this is an entire east coast port shutdown this is the verge of world war three

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where the u.s and iran are getting involved so those are things that are going

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to take some bits just going to take a little bit to sort out but nothing changes

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on the bitcoin side it may actually be for bitcoin coiners,

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it may actually end up being a buying opportunity.

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Not to be cynical about it, but that may be the reality.

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Music.

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So there's been interesting developments in the mining community recently.

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And our miners taking a beating this week with the price dropping back down.

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They're having a tough time. I mean, we're definitely going to see more capitulation

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coming up. And so are the folks at Swan. It seems their mining dreams have been crushed.

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Now, if you're not familiar, Swan is a Bitcoin-only financial services company.

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They had a lawsuit against former employees made public this week.

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And Swan claims that a staff member teamed up with Tether to sabotage their mining efforts.

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All right, let's talk about the top stories. Crypto financial services company

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Swan Bitcoin is suing former employees, alleging they stole the company's Bitcoin mining plants.

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The filing claims the ex-employees resigned near simultaneously and joined a

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company under the name Proton, an entity it says was created to use Swan's mining tech and secrets.

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The lawsuit also alleges that Tether, which is not a defendant in this case,

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help the defendants with legal cover.

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A Tether spokesperson told CNBC that it's aware of the allegations in the lawsuit,

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but denies any implications of wrongdoing.

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A day after the court filing, Swan Bitcoin CEO Corey Clipston posted on X,

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boasting the company's revenue and recent launches, and said that mining is

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segregated and that recent news does not affect Swan's core business.

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It's just still not good news for Swan. It just seems like one thing after another.

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And, you know, I like the folks over there. And I've been a customer.

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I still have an active account over there, but I don't stack over there anymore

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just because I just I just want all this stuff to sort out.

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And just when I think things have kind of sorted out, something else comes along.

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Swan. Now, this is their side of the story. They claim that key employees just

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jump ship altogether at once, took the info and Tether, I guess,

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facilitated the entire thing.

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Folks from Tether, how Swan got wrapped up with Tether in the first place.

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I think it came down to like money bags and investing in their mining initiatives.

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But Corey says all that's gone now and they're just focused back on their core

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Bitcoin business. But the entire thing to me is just entirely strange.

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Music.

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To shift gears here for a bit, and I want to get more long-term bull case.

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I have thought for a long time that the tech companies really just seem to lurch

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from one big hype after another.

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We've seen it really since the dot-com boom. It's just been one hype after another.

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It's really driven the economy, and it's become really apparent in the last

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few years with their big transition to blockchain, and then now their big shift to AI.

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And of course, they had a small year of efficiency in there.

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They're just, they're so sensitive to the market and they want to chase any

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boom, but they need something sustainable.

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And I suspect one day Bitcoin could be that thing that they all get on board

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with, everybody gets excited about, and it creates a new bull market based around Bitcoin.

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And I hope I don't get in trouble with you for playing too many Mikey Saylor

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clips, but he was recently interviewed by the Roundtable Group,

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I think it's called, on YouTube.

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And he's talking in there to, I think, a group that doesn't know a lot about Bitcoin.

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But he gives kind of a long-term bull scenario that I want to kind of,

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I guess, bounce off of or kick around with you.

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There's an emergent appreciation that Bitcoin is digital gold or it's digital

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capital and it's a new asset class.

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And BlackRock has been driving the education effort there.

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I mean, Larry Fink going on CNBC and saying, this is a different asset class.

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It's a hedge against monetary debasement. It's a hedge against global chaos.

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And so it's the idea of gold from thousands of years, but it's coming back with a big tech twist.

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It's gold on a big tech network with all the things we love about technology,

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technology, mobile phones, the internet, computers, AI, smarter,

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faster, stronger, and everybody wants to get on the next big tech trend.

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And so, first of all, that's driving at higher and that's the fundamental idea

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is, what if I could transform digitally?

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What if I could digitally transform capital? There's $450 trillion of wealth

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in the world that we could just call long term capital. Rich people just want to stay rich.

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Other people just want to keep their money.

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And so that capital sits in the buildings behind you, Mario.

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It sits in land. It sits in the S&P index. It sits in art. It sits in bonds.

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It sits in sports teams because those were the best ideas for the past hundred

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years. And now Bitcoin's a new idea.

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It's a digital building. That right there, right there.

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It's a new idea. And once people start to understand it, I think you're going

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to see even big players get into it and it could create a boom cycle for the tech industry.

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Now, you probably wondered like,

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well, Chris, I don't even think Apple or Microsoft are aware of Bitcoin.

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I'm not so sure about that. And things change pretty quick. But as you've probably

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heard, the U.S. Justice Department is accusing Visa of monopolizing debit cards with fees and whatnot.

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And in this process with the U.S. Justice Department, the court records for

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the initial claims have come out.

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I have the full court document that we have so far linked in the show notes.

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And what it reveals is that Visa has been paying Apple hundreds of millions of dollars.

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The court document states, this is a quote, for example, Visa has deals with

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Apple in which Apple agrees that it may not develop or deploy payment functionality

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with the aim of competing with Visa,

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such as creating payment functionality that relies primarily on non-Visa payment

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processes or payment products.

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Apple's also barred from providing incentives with the intent of disintermediating Visa.

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And Apple's, this is sort of, it reminds me of their deal with Google,

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to have Google as a default search on iOS.

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They're taking in hundreds of millions of dollars from Visa.

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And as part of that, they agree not to develop competing technologies.

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But it's very likely through this process, agreements like this are going to get disrupted.

305
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And if this goes away in a couple of years, Apple is open to integrating things

306
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like Bitcoin payments into Apple Pay.

307
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And it can happen quicker than you might think, especially if the rest of the

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industry gets on board with this. I mean, just look the way that they've tried

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to follow the trend of AI.

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So I actually think this is a fascinating little bit of revelation we've gotten

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through this Justice Department court document getting released.

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I'll link to it in the show notes. The whole thing's pretty wild.

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And maybe things could change if things like that go away, like locking them

314
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in like that. Maybe things could change.

315
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And maybe we could see a tech boom around Bitcoin one day, building products

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on top of it and applications and filling in services like that.

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I would hope that if something like that happened, though, that the community

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nature would still exist.

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And I imagine it would be somewhat like Linux, where you still have very much a DIY community.

320
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I mean, that's what Linux Unplugged addresses all the time.

321
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And self-hosted podcast. But there's also the very much a corporate angle of Bitcoin.

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And boy, have I seen both sides of it. I've seen both sides for years.

323
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It manages to work, though. They coexist.

324
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In fact, I'd say one needs the other in some cases in both ways.

325
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So I have some production questions for you before we move on.

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I would like you to boost in your thoughts on me including some Bitcoin stats each episode.

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Like, for example, as I record, Bitcoin price is $61,590 USD.

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It's at block height $863,836.

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And sats per dollar right now is at $1,624 to $1.

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The Bitcoin market cap is at $1.22 trillion.

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Why do I ask this question? Well, so I was looking back at Plan B,

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00:21:40,029 --> 00:21:45,029
came up on my YouTube feed, my original Bitcoin podcast from like over 11 years ago.

333
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And when I was playing it and it was about mining, surprise, surprise.

334
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And I'm watching on the sidebar, we have the Bitcoin price and it was $109.50 USD per Bitcoin.

335
00:21:57,849 --> 00:22:02,169
To buy a whole Bitcoin, $109, less than $110. $10.

336
00:22:02,909 --> 00:22:05,289
And it just felt like nothing at the time. Just, you know, a number to have

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up there. No big deal. These numbers, we sort of hear them all the time.

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But then when I revisit that show, it was actually really something to see.

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And it got me thinking, should I have like an audio version of that in this podcast?

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You know, and I'd like to know if I should, what weekly vitals would you like to hear included?

341
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Or is it just not needed? You know, you know, the date the episode's published,

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you could probably maybe go back in time and look at some of that stuff.

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So I'm actually kind of torn on this one.

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Boosted and tell me, should I include Bitcoin vitals in each episode primarily

345
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for historical purposes?

346
00:22:40,069 --> 00:22:43,549
Because you're interested or don't bother? Just don't bother.

347
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Let me know what you think. And then I have one other question,

348
00:22:45,429 --> 00:22:48,569
something that I'd like to maybe make a segment out of, depending on how it goes.

349
00:22:49,529 --> 00:22:53,409
Are you stacking for retirement? I've heard various approaches,

350
00:22:53,589 --> 00:22:57,269
you know, from Bitcoin backed loans where you take a percentage out and back it with Bitcoin. coin.

351
00:22:57,869 --> 00:23:02,569
I've heard strategies for selling a certain percentage of your stack per year,

352
00:23:02,669 --> 00:23:07,049
you know, and maybe once Bitcoin reaches a certain price, that makes sense for you.

353
00:23:08,029 --> 00:23:12,849
Maybe you got it going into an IRA. I don't know. Is a Bitcoin a factor or is

354
00:23:12,849 --> 00:23:13,969
it your retirement plan?

355
00:23:14,169 --> 00:23:17,809
I feel like this is something the Bitcoin community kind of dodges.

356
00:23:17,829 --> 00:23:22,129
We don't talk about it a lot, in part because it's money, but also because it's so risky.

357
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But I suspect it's a real thing. So boost in as a community,

358
00:23:27,209 --> 00:23:28,289
let's have this conversation.

359
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Are you planning Bitcoin as part of your retirement fund?

360
00:23:32,229 --> 00:23:35,589
And of course I'll share my thoughts too. Alright coming up,

361
00:23:35,629 --> 00:23:41,349
your boost, some FUD busting, project updates I'm excited about, and a final clip of.

362
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Music.

363
00:23:51,111 --> 00:23:54,011
Shout out to those that have used my affiliate link to stack sats on River.

364
00:23:54,591 --> 00:23:58,111
I think that's the best place in the States to stack sats or buy your Bitcoin.

365
00:23:58,411 --> 00:24:02,351
And of course, you can get it out of there on Lightning, which improves your privacy.

366
00:24:03,531 --> 00:24:06,611
And now they also have the ability for you to verify that they have all the

367
00:24:06,611 --> 00:24:08,271
Bitcoin they say they have.

368
00:24:08,351 --> 00:24:12,311
River is a great company. No official affiliation. I just think they're great.

369
00:24:13,191 --> 00:24:16,251
I have an affiliate link in the show notes. Hooks us both up. Supports the show.

370
00:24:16,771 --> 00:24:19,611
Now, if you're going to spend your sats, do that over Lightning as well.

371
00:24:19,651 --> 00:24:23,671
It's cheaper. It's more private. The bitcoincompany.com promo code Jupiter.

372
00:24:24,331 --> 00:24:28,491
Again, you get some sats, I get some sats. Put that towards the show budget.

373
00:24:29,011 --> 00:24:32,251
Something I'll use for, like, for example, listener Jeff's going to be coming

374
00:24:32,251 --> 00:24:36,211
up for an episode of Linux Unplugged. We convert sats into gas cards.

375
00:24:37,071 --> 00:24:39,751
It's pretty slick. Of course, we'll see if he wants to do it.

376
00:24:39,791 --> 00:24:41,791
But, you know, you can. It's really a cool company.

377
00:24:42,151 --> 00:24:45,671
Bitcoin only, and you can go from sats to gift card in just seconds over lightning.

378
00:24:45,911 --> 00:24:50,591
So that's the bitcoincompany.com to spend your sats and river.com to stack your

379
00:24:50,591 --> 00:24:52,251
sats. And, of course, shout out to Bitcoin Well.

380
00:24:52,311 --> 00:24:55,231
The Canadians out there just loving the Bitcoin Well.

381
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Music.

382
00:25:03,311 --> 00:25:05,411
Okay, we do have some great boosts

383
00:25:05,411 --> 00:25:09,411
to get into. Our first one comes from Satsquanch, which is a great name.

384
00:25:09,731 --> 00:25:13,011
And he boosted in 65,500 sats.

385
00:25:13,051 --> 00:25:20,771
He is our baller. Hey, Chris, I'm hoping this gets to you. I'm using Breeze,

386
00:25:20,771 --> 00:25:23,531
but the last boost I sent didn't make it.

387
00:25:23,891 --> 00:25:27,111
Dun, dun, dun. I know, I'm so sorry about that.

388
00:25:28,020 --> 00:25:31,580
I had a channel capacity issue with the podcast index, which I think Breeze

389
00:25:31,580 --> 00:25:32,700
was using to try to get to me.

390
00:25:32,860 --> 00:25:36,840
But the podfather opened up a nice big boy channel to me, so that should all be resolved now.

391
00:25:36,920 --> 00:25:40,800
And I did, in fact, get your boost. He says, I'm guessing, I asked a Bitcoin

392
00:25:40,800 --> 00:25:46,720
price by Christmas, I'm guessing Bitcoin gets to $91,000 by December 25th.

393
00:25:47,440 --> 00:25:49,040
Ho, ho, ho. Wow.

394
00:25:50,240 --> 00:25:53,740
$91,000, huh? You know, I wonder, too, if it got to $91,000,

395
00:25:53,740 --> 00:25:57,460
does that mean it touched $99,000 and then fell back down?

396
00:25:58,240 --> 00:26:02,720
You know, like I wonder how Christmas, the show recording day falls on Christmas.

397
00:26:02,820 --> 00:26:04,080
I'm not sure what I'm going to do this year.

398
00:26:04,680 --> 00:26:07,420
Boy, if it was reaching 100,000, I think I'd just do a live stream.

399
00:26:07,500 --> 00:26:10,060
Come on, family. Gather around the Christmas tree. Dad's live streaming.

400
00:26:10,440 --> 00:26:12,180
Thank you, Satsquanch. Appreciate that.

401
00:26:13,120 --> 00:26:19,340
User 1991 comes in with 30,000 sats. I'm a duck. D-U-K duck.

402
00:26:19,900 --> 00:26:23,260
Loaded with talent. Listening since July. Very high quality analysis.

403
00:26:23,660 --> 00:26:27,500
Your theme music for this pod now makes me think Pacific Northwest plus Bitcoin.

404
00:26:27,500 --> 00:26:31,100
Coin you are in the pacific northwest right i am i am

405
00:26:31,100 --> 00:26:34,960
you know about about an hour north of seattle is

406
00:26:34,960 --> 00:26:39,000
where you could find me i tromp around i'm right now i'm like two hours north

407
00:26:39,000 --> 00:26:41,980
of seattle because i'm parked out in the woods and i i commute into the studio.

408
00:26:41,980 --> 00:26:46,400
Which is a little bit closer he says please do share the theme music it's uh

409
00:26:46,400 --> 00:26:51,420
ronald jenkins and it's seven times is the name of the song by the way i had

410
00:26:51,420 --> 00:26:53,940
no idea about podcast two protocol or fountain until hearing you.

411
00:26:54,040 --> 00:26:56,580
All the Bitcoin podcasts are already here.

412
00:26:56,700 --> 00:26:59,940
So typical of the Bitcoin community to latch onto this. This is my first time

413
00:26:59,940 --> 00:27:03,280
using the protocol fountain and my first boost. Keep it up. Oh,

414
00:27:03,300 --> 00:27:04,400
your first boost. Congratulations.

415
00:27:06,360 --> 00:27:10,920
And don't forget to go set your username. User 19918518.

416
00:27:12,978 --> 00:27:16,358
Thank you so much for trying it out. It is such a cool system because all of it's open source.

417
00:27:16,878 --> 00:27:21,818
I was just on a webinar with one of Fountain FM's co-founders and just trying

418
00:27:21,818 --> 00:27:24,938
to explain to podcasters that aren't quite as technical all the value that's here.

419
00:27:25,118 --> 00:27:28,298
It's so much for both the podcaster and the listener. The whole podcasting 2.0

420
00:27:28,298 --> 00:27:30,758
standard is something podcasting's needed for years.

421
00:27:31,218 --> 00:27:35,778
YouTube's been lapping us with live streams and super chats and all their different

422
00:27:35,778 --> 00:27:38,538
functionality they have like premieres and, of course, push notifications.

423
00:27:38,538 --> 00:27:41,718
Notifications and all these things that you could do on YouTube or Twitch or

424
00:27:41,718 --> 00:27:43,438
something that you should be able to do in a podcast app.

425
00:27:43,518 --> 00:27:46,858
You shouldn't have to leave the podcast app to enjoy that stuff with a podcast.

426
00:27:47,558 --> 00:27:51,418
And they're cooking. They're cooking over there. Thanks for the boost and thanks

427
00:27:51,418 --> 00:27:52,458
for taking the time to set it all up.

428
00:27:52,978 --> 00:27:57,378
Hybrid sarcasm comes in with 20,000 sats. The traders love the vol.

429
00:27:57,858 --> 00:28:02,418
Says, I just got my hardware wallet. Is there any way to purchase Bitcoin sats directly to the device?

430
00:28:03,138 --> 00:28:05,738
If I purchase with strike cash, et cetera, then transfer to the

431
00:28:05,738 --> 00:28:08,638
hardware wallet won't they pay won't i have to pay some fees

432
00:28:08,638 --> 00:28:11,458
is there a way to avoid one of those fees i'd love to

433
00:28:11,458 --> 00:28:14,258
know you know i

434
00:28:14,258 --> 00:28:17,118
do think a couple of services offer this where you essentially

435
00:28:17,118 --> 00:28:21,258
connect the wallet to them like unchained capital i think provides this and

436
00:28:21,258 --> 00:28:26,118
a couple of others so what i do in this scenario hybrid is i would stack and

437
00:28:26,118 --> 00:28:31,698
strike or cash app then using lightning i would swap with bolts over into liquid

438
00:28:31,698 --> 00:28:36,778
i would probably accumulate my stack there and then once you have a pretty good amount,

439
00:28:36,958 --> 00:28:40,738
you know, over a million sats, move that to your cold storage.

440
00:28:40,918 --> 00:28:43,778
That's what I would do. And then you're cutting, you're only having to pay those

441
00:28:43,778 --> 00:28:49,298
fees when you do that one move from liquid to on-chain because it's super cheap with lightning.

442
00:28:49,978 --> 00:28:52,838
But there are options out there. It sounds like you did have some other,

443
00:28:52,878 --> 00:28:55,538
you did find some other options. So let us know how it goes.

444
00:28:56,598 --> 00:29:00,078
Oppie1984 comes in with 4,000 sats. This is the way.

445
00:29:00,558 --> 00:29:03,698
Hello, Oppie. I would definitely be interested in a more detailed breakdown

446
00:29:03,698 --> 00:29:08,338
of liquid. I get the basics, but I bet you could shed some light on some things I have yet to grasp.

447
00:29:08,858 --> 00:29:12,518
Here's a question for Newbie Corner. How to explain the blockchain to non-technical

448
00:29:12,518 --> 00:29:13,778
parents who want to understand?

449
00:29:14,118 --> 00:29:18,118
My mom is interested in Bitcoin, but no simplified explanation I give her is making sense.

450
00:29:18,478 --> 00:29:21,398
Hopefully you or the community has an explanation that could help her finally

451
00:29:21,398 --> 00:29:22,898
understand blockchain and Bitcoin.

452
00:29:23,698 --> 00:29:26,858
Okay, so what I need to do is probably find you a really good video.

453
00:29:27,038 --> 00:29:31,318
If anybody has a recommendation, I remember that talk and I played clips from

454
00:29:31,318 --> 00:29:33,998
it where Jack Mallers goes into explaining it as a time chain.

455
00:29:34,598 --> 00:29:37,798
That might be useful. I'm not sure. I would love some input on that.

456
00:29:37,898 --> 00:29:41,198
I've never really had, you know, I've never really had explaining.

457
00:29:41,298 --> 00:29:43,538
I've never had to explain blockchain really to newbies.

458
00:29:43,998 --> 00:29:47,358
I focus entirely on Bitcoin and the monetary aspects of Bitcoin.

459
00:29:47,498 --> 00:29:50,958
And I very rarely get into blockchain or nodes to the beginners.

460
00:29:51,098 --> 00:29:53,778
I don't really mention any of that because I don't think they think about it much.

461
00:29:54,158 --> 00:29:58,218
So I don't know. I don't know if I have an immediate go to explanation other

462
00:29:58,218 --> 00:30:00,558
than I love the time chain breakdown that we did.

463
00:30:01,509 --> 00:30:04,749
And there are so many explanations in text, but I'd love it if anybody has a

464
00:30:04,749 --> 00:30:05,969
great video that I could pass along.

465
00:30:06,249 --> 00:30:09,689
I put that in next week's show notes. Gene Bean comes in with a row of ducks.

466
00:30:11,249 --> 00:30:14,389
I'm doing pseudo savings and checking accounts with my sats.

467
00:30:14,469 --> 00:30:17,709
Hey, all right, here we go. He says, I save at river, and I keep that completely

468
00:30:17,709 --> 00:30:19,129
separate from my boost and sats.

469
00:30:19,309 --> 00:30:22,909
I haven't saved enough to warrant a cold card yet, but I'm thinking about how

470
00:30:22,909 --> 00:30:24,889
to handle that each week that I listen here.

471
00:30:25,029 --> 00:30:28,169
My boost and sats stay in Albie mostly, and I use it with Castomatic,

472
00:30:28,369 --> 00:30:32,149
but I also have some at Fountain and True Fans. That sounds a lot like me being,

473
00:30:32,429 --> 00:30:36,089
I have sats in fountain, I have sats in alveoli, but I don't have tons, right?

474
00:30:36,409 --> 00:30:40,989
And I'm okay with that. It's small amounts, and I just already have spent those

475
00:30:40,989 --> 00:30:45,929
in my mind, and it works really well for me. And I enjoy boosting myself.

476
00:30:46,709 --> 00:30:49,529
I, as somebody who's been making podcasts for darn near 19 years,

477
00:30:49,649 --> 00:30:54,609
never ever once in my life, even though I'm a podcast listener for the whole

478
00:30:54,609 --> 00:30:58,029
time, never once in my life wrote into a podcast until boosting was available.

479
00:30:58,549 --> 00:31:02,729
And now I boost pretty regularly, even though I make podcasts and I'm asking

480
00:31:02,729 --> 00:31:03,629
people to write in all the time.

481
00:31:04,169 --> 00:31:07,609
It's just, it's just the way I am. And I think a lot of people are like that,

482
00:31:07,629 --> 00:31:11,349
but when the buttons right there in the podcast player and you're listening

483
00:31:11,349 --> 00:31:15,049
and you know, you can send a little value to it just makes all the difference.

484
00:31:15,609 --> 00:31:20,469
Digital Farmer comes in with 9,001 sats. It's over 9,000!

485
00:31:21,109 --> 00:31:24,189
Love the show. Especially love the first segment with Jon Stewart. Ah, thank you.

486
00:31:24,529 --> 00:31:28,289
Price predictions for Bitcoin for Christmas. I have no rationale besides the

487
00:31:28,289 --> 00:31:30,769
end of the year. I think it's going to be 91,000.

488
00:31:31,769 --> 00:31:35,449
Another 91,000. Two predictions have come in, both at 91,000.

489
00:31:36,294 --> 00:31:39,734
What do you suppose the chances of that are? Isn't that a little strange?

490
00:31:40,274 --> 00:31:44,454
Uh-oh. You know, if enough of us believe, maybe we make it happen.

491
00:31:45,794 --> 00:31:53,294
Thanks, Digital Farmer. Bob comes in with 4,444 sats. No message, just some sats.

492
00:31:53,814 --> 00:31:59,014
Well, thank you. I appreciate that, Bob. Halleck comes in with 10,000 sats.

493
00:31:59,094 --> 00:32:02,874
I'm a hodler, and I recommend everyone do the same. However,

494
00:32:03,154 --> 00:32:07,014
I will put my Christmas prediction at $129,000.

495
00:32:07,874 --> 00:32:10,294
I think we're due for a roller coaster up.

496
00:32:11,794 --> 00:32:15,874
$129,000. Wow, you are bullish. I love it, Halleck.

497
00:32:16,394 --> 00:32:20,094
Now, set your expectations for $60,000 at the low, and you'll be happy.

498
00:32:20,194 --> 00:32:23,234
It's a great range. But man, $129,000. Could you imagine?

499
00:32:23,894 --> 00:32:26,974
It could happen. I mean, a lot of the price action in Bitcoin happens in about

500
00:32:26,974 --> 00:32:30,934
an 11-day period of time. So maybe it will happen.

501
00:32:31,094 --> 00:32:34,194
I hope you're right. Right. I like your price prediction. That's a good one.

502
00:32:35,154 --> 00:32:40,614
Go, Halleck. Orange Pill Lawyer 25 comes in with 4,321 sets.

503
00:32:40,734 --> 00:32:44,314
That's 4, 3, 2, 1. Analysis mode. Password 80085.

504
00:32:45,474 --> 00:32:52,354
Wow. Bitcoin price hits $400,000 on the rip up, but then settles around $220,000.

505
00:32:52,454 --> 00:32:55,654
Once miners get two profitable Bitcoin flows from the network to increasing

506
00:32:55,654 --> 00:32:58,074
hash rate, mining rigs will get super expensive.

507
00:32:59,014 --> 00:33:02,774
Newcomers will get wrecked. The dollar denomination hash price will fall back

508
00:33:02,774 --> 00:33:04,514
down. The earth price finds a new floor.

509
00:33:05,094 --> 00:33:09,594
I'm not sure this happens by Christmas, but very bullish by June 2025 time frame.

510
00:33:09,954 --> 00:33:14,014
Increasing hash rate into the halving has been the single most bullish signal for me.

511
00:33:14,174 --> 00:33:17,494
I agree. It's not something I've mentioned on the show, but I have been watching

512
00:33:17,494 --> 00:33:19,094
that too and been very surprised by that.

513
00:33:19,314 --> 00:33:24,534
P.S. Not a lawyer yet in law school, but hope to find some way to incorporate Bitcoin into my career.

514
00:33:25,554 --> 00:33:29,814
Be fascinated to hear your thoughts on that. I like it, Orange Pill. Thank you.

515
00:33:30,785 --> 00:33:33,345
Atone comes in with, is that right? Did I say that right? Atone?

516
00:33:33,385 --> 00:33:36,765
With 6,000 sats, it's a zesty drink. It's a zesty drink.

517
00:33:37,005 --> 00:33:40,425
Hey, Chris, two-year listener, first-time booster. Ha, ha, ha!

518
00:33:41,585 --> 00:33:45,045
That's great. Thank you. Here's the sats I've earned from Fountain.

519
00:33:45,065 --> 00:33:49,565
Thanks for all the value. I think the elevator pitch against 2% inflation is twofold.

520
00:33:50,005 --> 00:33:55,545
One, at 2% compounded, prices double every 35 years, making long-term savings

521
00:33:55,545 --> 00:33:59,185
pointless and forcing you to take risk and chase yield to keep up.

522
00:33:59,185 --> 00:34:05,625
Number two, the 2% number is bogus because inflation metrics like CPI are so massaged.

523
00:34:05,685 --> 00:34:09,045
Broad money supply in the U.S. increases over 6% a year on average,

524
00:34:09,165 --> 00:34:11,965
and truly scarce assets move more in line with that.

525
00:34:12,405 --> 00:34:16,365
Lynn does a great job laying this all out in broken money. Yes,

526
00:34:16,725 --> 00:34:19,765
oh, that's a great explainer. It's the compounding part of it.

527
00:34:20,145 --> 00:34:23,205
So prices double every 35 years. Well, guess what? By the time you retire,

528
00:34:23,445 --> 00:34:24,725
the price of everything's doubled.

529
00:34:25,285 --> 00:34:27,845
Ooh, thank you, O'Tone. That's a great explanation. nation.

530
00:34:28,485 --> 00:34:32,925
VaultBite comes in with a row of ducks, 2,222 sats.

531
00:34:33,305 --> 00:34:37,285
Honestly, I'm crossing my fingers for Bitcoin to hit 10K by year end.

532
00:34:37,405 --> 00:34:39,965
That would be like the ultimate Christmas gift.

533
00:34:40,145 --> 00:34:42,965
A perfect opportunity to stack up at a great price.

534
00:34:43,265 --> 00:34:45,205
Oh, Vault, a true Bitcoiner.

535
00:34:45,785 --> 00:34:49,345
You true Bitcoiner. Hoping for 10K. I'm there with you, buddy.

536
00:34:49,665 --> 00:34:53,645
Man, when I saw $109 for one Bitcoin, I just about cried.

537
00:34:54,245 --> 00:34:57,725
All those searching for the right podcasting apps on iOS, give Cast-O-Matic

538
00:34:57,725 --> 00:34:59,325
a try. It integrates smoothly with Albi.

539
00:34:59,445 --> 00:35:02,725
It's lightweight, a solid alternative to the somewhat crash-prone Fountain.

540
00:35:03,165 --> 00:35:06,965
Yeah, I think Cast-O-Matic is really great on iOS.

541
00:35:07,165 --> 00:35:10,765
I love the Nostra integration with Fountain because that has such possibilities

542
00:35:10,765 --> 00:35:14,225
for exposing audio content on Nostra in Fountain.

543
00:35:14,405 --> 00:35:17,085
But, you know, I think at the end of the day, you want something that doesn't

544
00:35:17,085 --> 00:35:19,505
frustrate you, and I hear good things about Cast-O-Matic.

545
00:35:20,665 --> 00:35:22,745
Oh, look at that! It's another row of ducks!

546
00:35:25,165 --> 00:35:28,725
Ace Ackerman comes in with 2,222 sats.

547
00:35:28,765 --> 00:35:34,505
This is a Christmas Bitcoin price prediction, $123,456.

548
00:35:34,965 --> 00:35:39,485
Go podcasting. 1, 2, 3, 4, 5, 6.

549
00:35:40,365 --> 00:35:43,765
You know, that would be the funniest outcome, and I would love that price point.

550
00:35:44,665 --> 00:35:50,185
I can't imagine for people who have been hodling for this long or people that

551
00:35:50,185 --> 00:35:53,525
bought at the market peak, you know, a little while ago. Thank you.

552
00:35:54,767 --> 00:35:57,647
Can't imagine people would, just how that would feel.

553
00:35:57,907 --> 00:36:00,647
I would think the moment, though, it hits 100,000, people are going to start

554
00:36:00,647 --> 00:36:04,367
taking profits like crazy. There's a lot of people that have just been holding on, right?

555
00:36:06,067 --> 00:36:12,287
So we'll see. Dexor comes in with 5,555 sats. Live long and prosper.

556
00:36:12,687 --> 00:36:15,247
Okay, let's bump this next week up. As a Jupiter Party subscriber,

557
00:36:15,547 --> 00:36:18,287
I'd like to add on to the show for $3 more, but boosting is important.

558
00:36:18,667 --> 00:36:23,187
I'm going to show some support because I would regret it more if the show stopped

559
00:36:23,187 --> 00:36:25,047
than a few bucks in sats to keep you going.

560
00:36:25,267 --> 00:36:28,687
Thank you, Dex. I really appreciate that. And that is a big part of Value for

561
00:36:28,687 --> 00:36:30,947
Value, is keep the show going.

562
00:36:31,347 --> 00:36:35,547
I have not mixed it much with jupiterbroadcasting.com. I put it on the website,

563
00:36:35,727 --> 00:36:37,347
but I don't put it in the all-shows feed.

564
00:36:37,527 --> 00:36:40,807
And I haven't put it in the Jupiter Party membership package yet just because

565
00:36:40,807 --> 00:36:44,827
Jupiter Broadcasting has become so focused on a specific niche.

566
00:36:45,207 --> 00:36:49,807
You know, Coda Radio, self-hosted, Linux unplugged. It's a very particular niche.

567
00:36:50,187 --> 00:36:55,927
And that community, I don't know if they're ready for me to start injecting Bitcoin into that mix.

568
00:36:56,167 --> 00:36:59,467
And I think the show is just discoverable enough that those of you that listen

569
00:36:59,467 --> 00:37:01,667
that are interested can still get to it.

570
00:37:02,167 --> 00:37:05,947
So right now, this is the main support mechanism. I'm always kind of reevaluating

571
00:37:05,947 --> 00:37:07,147
those things as time goes on.

572
00:37:07,587 --> 00:37:11,087
People's perspectives change too. Odyssey Western comes in with a row of ducks.

573
00:37:12,107 --> 00:37:15,467
Great show like always. I'm slowly understanding the landscape and how to plan

574
00:37:15,467 --> 00:37:17,387
for my Bitcoin future. Great, Odyssey.

575
00:37:17,747 --> 00:37:20,987
I hope that's something I can keep doing for you. Thanks for boosting in.

576
00:37:21,327 --> 00:37:25,107
It's always nice to hear from you. Hope to get out there someday again.

577
00:37:25,367 --> 00:37:27,267
Way out there in the Spokane.

578
00:37:28,283 --> 00:37:31,963
Adversary 17 comes in with 15,000 sats. This is the way. Yeah.

579
00:37:32,163 --> 00:37:33,203
Everything's under control.

580
00:37:33,463 --> 00:37:36,963
What a jam. Sending some sats to our artist, 5,000 sats.

581
00:37:37,383 --> 00:37:40,963
And here's some sats from his brand new Albie Hub.

582
00:37:42,103 --> 00:37:45,143
Very nice. Some Albie Hub love this week.

583
00:37:46,883 --> 00:37:52,583
Congratulations, adversaries. Nice to see it. Ypout comes in with a row of ducks. Ya poot?

584
00:37:53,323 --> 00:37:57,483
Hi, Chris. Here's an interview with Don Brash, the NZ Minister of Finance,

585
00:37:57,483 --> 00:37:59,243
who introduced the 2% inflation target.

586
00:37:59,523 --> 00:38:06,523
Note his target was 0% to 2%. 2% was supposed to be the maximum, not the actual target.

587
00:38:06,923 --> 00:38:09,943
He mentions in the interview that 2% isn't even good.

588
00:38:10,463 --> 00:38:15,083
You have got to be kidding me. That is great. He sends me a link to Fountain.

589
00:38:15,743 --> 00:38:21,723
Again, it's Don Brash, B-R-A-S-H, the Minister of Finance.

590
00:38:22,163 --> 00:38:26,123
So 2% was supposed to be the maximum, And now it's the target by all these,

591
00:38:26,143 --> 00:38:27,963
you know, central management bankers.

592
00:38:28,863 --> 00:38:32,283
And, and he didn't even think it was that good. Incredible.

593
00:38:33,083 --> 00:38:36,043
Very nice to hear from you. Why? Thank you for boosting in. That's a,

594
00:38:36,043 --> 00:38:37,483
that's a fascinating thing to learn.

595
00:38:37,703 --> 00:38:40,803
I don't know. I don't know how to process that, to be honest with you.

596
00:38:40,843 --> 00:38:44,363
And that's what these central bankers are basing it on. Oh my God.

597
00:38:45,163 --> 00:38:50,983
I hope, I hope that my kids or my kids' grandkids look back and think it was

598
00:38:50,983 --> 00:38:53,583
weird that these central planners made all these rules.

599
00:38:54,383 --> 00:38:57,803
They were just arbitrary and obviously reactionary and didn't really know,

600
00:38:57,883 --> 00:38:59,403
you know, they didn't know what they were doing.

601
00:39:00,358 --> 00:39:04,718
So rules, not rulers. I hope Bitcoin fixes that. Thank you everybody for boosting.

602
00:39:04,818 --> 00:39:06,078
This is a value for value podcast.

603
00:39:06,478 --> 00:39:09,498
Very shortly, if you got something valuable out of this, if it helps you put

604
00:39:09,498 --> 00:39:14,018
what's going on into context, plan for your future, plan for your Bitcoin stacking,

605
00:39:14,218 --> 00:39:17,398
or just sort things that are going on and how it impacts Bitcoin.

606
00:39:17,778 --> 00:39:20,998
If that's valuable to you, I'd love to have your help to continue to produce

607
00:39:20,998 --> 00:39:24,758
the show. You can boost in with something like Fountain or Cast-O-Matic or any

608
00:39:24,758 --> 00:39:27,598
of the great podcast apps that are listed at podcastapps.com.

609
00:39:27,978 --> 00:39:30,958
And your message also gets read on the show when it's above 2,000 sats.

610
00:39:31,158 --> 00:39:33,458
Below that, I read all of them and I put them in the show notes.

611
00:39:33,538 --> 00:39:35,698
I just don't have the airtime for it all.

612
00:39:36,318 --> 00:39:39,918
But I do really appreciate anything you can, including just streaming those sats.

613
00:39:40,398 --> 00:39:43,758
In fact, we had 50 listeners that just hit the old stream button.

614
00:39:43,978 --> 00:39:49,178
And we got 51,952 sats just from folks streaming as they listen.

615
00:39:49,178 --> 00:39:57,838
When you combine that with our total boosters, we stacked 239,593 sats this week.

616
00:40:01,378 --> 00:40:04,738
Thank you, everyone. That's a nice little take for the show.

617
00:40:04,878 --> 00:40:08,038
I appreciate that. And I'd love to keep that rolling into next week.

618
00:40:08,278 --> 00:40:12,518
Love to hear your thoughts on including those vitals for Bitcoin in the show,

619
00:40:12,558 --> 00:40:18,078
as well as if you're planning to use Bitcoin as all of or part of your retirement

620
00:40:18,078 --> 00:40:21,078
plan. Those are things I'd love to hear from you and a great way to contribute

621
00:40:21,078 --> 00:40:23,238
to the show and get your take also in here.

622
00:40:23,538 --> 00:40:25,858
I feel like it's something that we haven't talked about a lot.

623
00:40:26,038 --> 00:40:28,838
And I don't think it gets talked about very much in public by Bitcoiners in

624
00:40:28,838 --> 00:40:30,478
general. So let's break that trend.

625
00:40:30,960 --> 00:40:41,200
Music.

626
00:40:41,049 --> 00:40:44,689
All right, now a little fud busting. And I'm going to be honest with you.

627
00:40:44,749 --> 00:40:46,469
I have not watched this clip.

628
00:40:47,749 --> 00:40:53,049
I just have a hard time listening to self-righteous idiots who go on and,

629
00:40:53,049 --> 00:40:57,589
you know, rant and berate about something that they are so misinformed about.

630
00:40:57,709 --> 00:41:01,169
And it's like antithesis to what I try to do. You know, I try to make sure I

631
00:41:01,169 --> 00:41:02,549
understand the topics that I cover.

632
00:41:02,869 --> 00:41:06,189
When I go on air, I don't talk about things out of school that I don't understand.

633
00:41:06,269 --> 00:41:10,629
I have very few shows. I have a very tight niche of shows.

634
00:41:11,049 --> 00:41:15,309
In which I am already passionately and enthusiastically following those topics.

635
00:41:15,689 --> 00:41:18,629
And so I can speak to it just natively, right?

636
00:41:18,789 --> 00:41:24,949
And guys like Bill Maher, they just go on their show and they just talk their asses off.

637
00:41:25,149 --> 00:41:28,749
And I've seen this clip getting spread around, but I wanted to react to it live

638
00:41:28,749 --> 00:41:32,969
on the show here. This is Bill Maher spreading Bitcoin energy FUD.

639
00:41:33,589 --> 00:41:36,089
Let's watch this for the first time. Well, maybe it's not your first time,

640
00:41:36,129 --> 00:41:40,069
but let's watch this for my first time. There's the other big secret about crypto

641
00:41:40,069 --> 00:41:42,509
that nobody talks about. This bugs me so much.

642
00:41:42,649 --> 00:41:46,189
Oh, I am already the big secret. Nobody talks about the energy use. Nobody.

643
00:41:46,409 --> 00:41:48,469
We just had Bjorn talking about the environment.

644
00:41:48,809 --> 00:41:54,449
All the progress that we're making with green energy is being sucked away by crypto.

645
00:41:55,109 --> 00:42:00,149
Crypto uses 8% of total electricity. Oh my goodness.

646
00:42:00,989 --> 00:42:05,649
Crypto does not use crypto. First of all, most cryptocurrencies are proof of

647
00:42:05,649 --> 00:42:09,469
work or proof of a stake. Only a few are proof of work like Bitcoin.

648
00:42:09,889 --> 00:42:13,689
The 8% of total electricity is just simply factually incorrect.

649
00:42:14,409 --> 00:42:20,449
These things are hard to track, but Bitcoin uses somewhere around 145 terawatt hours of power per year.

650
00:42:20,709 --> 00:42:26,489
If you include renewables in that mix, that puts Bitcoin at best estimates to

651
00:42:26,489 --> 00:42:30,189
using somewhere around 0.49% of total electricity.

652
00:42:30,969 --> 00:42:33,729
I'll get more, I'll come more into that. We'll talk more about that because

653
00:42:33,729 --> 00:42:35,449
he's actually conflating two things here.

654
00:42:35,649 --> 00:42:40,309
He's conflating electricity use with emissions, which, well,

655
00:42:40,309 --> 00:42:42,449
that's also not how it works, but we'll talk more about that.

656
00:42:42,729 --> 00:42:47,809
By crypto, crypto uses 8% of total electricity.

657
00:42:48,069 --> 00:42:51,849
They're data centers, they're mining. There's nonsense of finding a number.

658
00:42:51,989 --> 00:42:54,309
I can't even go through the whole thing. It's so ridiculous.

659
00:42:54,469 --> 00:42:57,029
It's so ridiculous. No, you can't go through the whole thing because you don't

660
00:42:57,029 --> 00:43:00,089
even begin to understand the edges of it. Data centers, they're mining this

661
00:43:00,089 --> 00:43:01,969
nonsense of finding a number.

662
00:43:02,129 --> 00:43:05,789
I can't even go through the whole thing. It's so ridiculous what crypto really is.

663
00:43:06,449 --> 00:43:10,789
That's why it's, of course, this is like Trump's final business just before

664
00:43:10,789 --> 00:43:13,649
the election. Of course he'd end up in crypto. It's a grifter's paradise.

665
00:43:14,109 --> 00:43:20,169
It's comparable to putting 15.7 million additional gas-powered cars on the road.

666
00:43:20,349 --> 00:43:22,689
Again, conflating electricity use with emissions.

667
00:43:23,269 --> 00:43:28,949
That just doesn't make sense. You can't really do that because if you generate

668
00:43:28,949 --> 00:43:31,669
it all with green energy, there's no emissions there.

669
00:43:32,369 --> 00:43:34,729
Bitcoin mining itself does not directly produce emissions.

670
00:43:35,999 --> 00:43:42,819
All electricity use in the world is estimated to be 27% of total emissions.

671
00:43:43,139 --> 00:43:46,599
So if you look at 100% of emissions caused by electricity use,

672
00:43:46,719 --> 00:43:50,459
it's estimated to be 27% of emissions in the world.

673
00:43:51,279 --> 00:43:56,179
So these numbers already, he's ridiculous. Also, Bitcoin uses greener electricity

674
00:43:56,179 --> 00:43:59,379
than three times the average grid participant.

675
00:43:59,379 --> 00:44:05,179
In other words, Bitcoin uses three times more green energy than the average

676
00:44:05,179 --> 00:44:07,599
high load participant in the grid.

677
00:44:07,859 --> 00:44:11,999
The majority of electricity Bitcoin uses, somewhere in the mid 50 range,

678
00:44:12,239 --> 00:44:15,699
I don't really know, I've seen as low as 54, I've seen as high as 60,

679
00:44:15,819 --> 00:44:18,639
is what's considered green energy.

680
00:44:18,639 --> 00:44:24,719
Either solar, but in most cases, it's energy that would have been flared or

681
00:44:24,719 --> 00:44:26,819
energy that is overflow.

682
00:44:27,139 --> 00:44:31,859
They're generally buying the cheapest energy possible, like capping emissions

683
00:44:31,859 --> 00:44:38,339
or buying from an energy producer who has spare capacity and needs a buyer to

684
00:44:38,339 --> 00:44:40,339
make it all actually produce profit.

685
00:44:41,459 --> 00:44:46,959
So you can't equate how much electricity Bitcoin's using to the emissions of Bitcoin. coin.

686
00:44:47,339 --> 00:44:50,639
So when he has these numbers where he's trying to compare it to 15.7 additional

687
00:44:50,639 --> 00:44:54,519
gas cars, that's just these are these are absolutely made up numbers.

688
00:44:54,719 --> 00:44:56,839
You don't see it end up in crypto. It's a grifter's paradise.

689
00:44:57,239 --> 00:45:03,399
It's a it's a it's a comparable to putting 15.7 million additional gas powered cars on the road.

690
00:45:03,519 --> 00:45:09,259
So as we take them off to go to electric, crypto eats it all up and goes the other way.

691
00:45:10,739 --> 00:45:14,039
That's I guess there's the take. There's the whole video. That's just a basically

692
00:45:14,039 --> 00:45:19,479
bad take. Like, you know, I would I would I would actually say this isn't Bill's fault, right?

693
00:45:19,559 --> 00:45:22,259
He's the type that gets easily worked up by these kinds of things.

694
00:45:22,319 --> 00:45:24,779
People are very passionate about the environment. I love the environment.

695
00:45:25,279 --> 00:45:27,539
I live in the Pacific Northwest. It's beautiful here.

696
00:45:28,311 --> 00:45:35,631
And Bill also is likely the target audience for some of the higher level FUD.

697
00:45:35,751 --> 00:45:40,971
And I put people like Senator Warren at the top of this higher level FUD distribution list.

698
00:45:41,111 --> 00:45:44,271
And she's the exact type of person that could get Bill Maher all spun up.

699
00:45:44,511 --> 00:45:49,371
Warren is the mother of the swamp that births FUD creatures that reach guys

700
00:45:49,371 --> 00:45:51,031
like Bill and pull him down.

701
00:45:51,031 --> 00:45:56,931
And as time goes on, it's been revealed just how much Warren is behind the scenes

702
00:45:56,931 --> 00:46:02,431
manipulating things like the Silvergate bait situation or working hand in hand

703
00:46:02,431 --> 00:46:05,511
with SEC chair Gary Gensler.

704
00:46:05,871 --> 00:46:09,611
In fact, there's a great report I'm going to play for you that covers how they

705
00:46:09,611 --> 00:46:10,971
coordinate before hearings.

706
00:46:11,111 --> 00:46:14,411
So that way they're on the same page. So that way they can spread the same fud.

707
00:46:14,431 --> 00:46:16,251
That way they can get everybody worked up.

708
00:46:16,291 --> 00:46:21,171
They're getting things fine tuned for their audience. Senator Elizabeth Warren

709
00:46:21,171 --> 00:46:26,511
and her office coordinated testimony with the Security and Exchange Commission

710
00:46:26,511 --> 00:46:28,211
ahead of a Senate hearing.

711
00:46:28,331 --> 00:46:32,871
The Heritage Foundation Oversight Project, of which I'm associated,

712
00:46:33,231 --> 00:46:38,731
through a FOIA request, obtained emails from Warren's office to the office of

713
00:46:38,731 --> 00:46:44,371
Chairman Gary Gensler two days before his Senate testimony back in September of 2021.

714
00:46:44,371 --> 00:46:50,051
The email from Warren's economic policy advisor includes a list of questions.

715
00:46:50,191 --> 00:46:54,311
Get this, a list of questions that Senator Warren planned to ask,

716
00:46:54,491 --> 00:46:59,051
along with suggested answers for the chairman of the SEC.

717
00:46:59,411 --> 00:47:06,871
The advisor also wrote, quote, let me know if you're OK with the questions as currently written.

718
00:47:06,871 --> 00:47:12,631
Two days later, she sent a follow up, quote, Let me know if it's looking like

719
00:47:12,631 --> 00:47:16,691
the chair has any issue with the framing of the questions.

720
00:47:17,051 --> 00:47:20,071
Definitely don't want to put him in a tough spot.

721
00:47:20,331 --> 00:47:23,471
End quote. You know, you have to understand in these hearings,

722
00:47:23,671 --> 00:47:26,851
he's supposed to be impartial, answering both sides of the questions,

723
00:47:26,951 --> 00:47:28,311
but they're coordinating ahead of time.

724
00:47:29,166 --> 00:47:33,566
She's showing him the actual questions, and then she'll read them verbatim,

725
00:47:33,566 --> 00:47:34,586
which he sent him ahead of time.

726
00:47:34,726 --> 00:47:38,046
And it appears the chairman didn't have any issue with these questions because

727
00:47:38,046 --> 00:47:43,206
Senator Warren asked almost verbatim from the email. Check this out.

728
00:47:43,586 --> 00:47:48,466
Chair, Counselor, advocates say crypto markets are all about financial inclusion.

729
00:47:48,906 --> 00:47:53,906
But the people who are most economically vulnerable are the ones who are most

730
00:47:53,906 --> 00:47:57,706
likely to have to withdraw their money the fastest when the market drops.

731
00:47:57,706 --> 00:48:01,106
Does this sound like the path to financial inclusion to you?

732
00:48:09,386 --> 00:48:13,506
Okay, I got a project update for you this week. It's just a quick one because

733
00:48:13,506 --> 00:48:17,126
I guess I'm pretty excited about Albie Hub in general.

734
00:48:17,466 --> 00:48:22,586
They really make it easy for node runners to participate in the Lightning ecosystem. system.

735
00:48:22,986 --> 00:48:28,206
And now, AlbieHub, as of this week, is available on StartOS and Umbral systems.

736
00:48:28,846 --> 00:48:32,726
So you can install AlbieHub on top of the existing node, whichever you run,

737
00:48:32,806 --> 00:48:37,086
Umbral or Start9, and you'll have an easier node management system.

738
00:48:37,246 --> 00:48:39,686
You can use the AlbieGo app, which is getting pretty good.

739
00:48:40,126 --> 00:48:43,806
You get a Lightning address to receive payments. They have integrated Lightning

740
00:48:43,806 --> 00:48:47,266
service providers, so you can easily and quickly get receiving capacity,

741
00:48:47,586 --> 00:48:50,986
which is generally a major pain in the butt on a lightning node.

742
00:48:51,086 --> 00:48:55,926
It's often in like our matrix chat, I see people getting sidetracked by just

743
00:48:55,926 --> 00:48:58,606
how do I get liquidity? What is liquidity? Why can't I send it and receive?

744
00:48:59,086 --> 00:49:02,846
It's nice. They just have a selection of vetted partners to make it easier.

745
00:49:02,946 --> 00:49:05,306
Then they have a marketplace of apps, some of their own apps,

746
00:49:05,386 --> 00:49:07,226
but lots of other third-party apps as well.

747
00:49:07,646 --> 00:49:12,926
You get email notifications for specific events. It gives you a nice interface to all of this.

748
00:49:13,046 --> 00:49:19,306
And Albi has a comprehensive API that is really nice to write against.

749
00:49:19,666 --> 00:49:23,346
So if you're a podcaster who wants to pull data for your boost or things like

750
00:49:23,346 --> 00:49:26,866
that, or maybe there's other uses, but that's what we can use it.

751
00:49:26,886 --> 00:49:29,106
That's what we use it for. It's really, really fantastic.

752
00:49:29,526 --> 00:49:34,126
So AlbiHub is great and they've just made it easier for existing node runners to get it up and going.

753
00:49:34,466 --> 00:49:40,306
I think we've been doing some work to make it pretty easy to get going on NixBitcoin,

754
00:49:40,426 --> 00:49:44,126
but if anybody has information out there about running AlbieHub on Nick's Bitcoin

755
00:49:44,126 --> 00:49:45,966
or they have got it running on Nick's Bitcoin,

756
00:49:46,126 --> 00:49:50,126
do let me know because I'm very interested in getting a similar setup.

757
00:49:51,186 --> 00:49:56,806
Okay. Wow. All right. Our final clip of the week.

758
00:49:57,686 --> 00:50:01,126
We've never heard from this individual before on the show. We've heard from

759
00:50:01,126 --> 00:50:02,826
Larry Fink, the CEO of BlackRock.

760
00:50:03,166 --> 00:50:09,926
But this is the head of digital assets. His name is, I think it's Robbie Michiknik.

761
00:50:10,106 --> 00:50:14,326
And he explains how he talks about Bitcoin to total newbies.

762
00:50:14,426 --> 00:50:18,786
I thought, OK, let's see how this BlackRock head of a department, let's see how he does.

763
00:50:19,066 --> 00:50:23,246
How hard is the sell when you think about the retail investor base that can

764
00:50:23,246 --> 00:50:25,946
get into this? If you're trying to tell them it's a digital gold,

765
00:50:26,106 --> 00:50:30,526
that the volatility is still so high and many people don't understand exactly

766
00:50:30,526 --> 00:50:32,366
what it is at the end of the day.

767
00:50:32,466 --> 00:50:36,346
Is it something that will eventually be used as more payment methods moving

768
00:50:36,346 --> 00:50:39,866
forward across different parts of the world? Is it something that you hold and never sell? Right.

769
00:50:40,026 --> 00:50:45,086
How do you then make that case to a generation of people who have not gotten into this asset?

770
00:50:45,266 --> 00:50:49,946
Sure. Well, when you think about Bitcoin, we think of it primarily as an emerging

771
00:50:49,946 --> 00:50:51,326
global monetary alternative.

772
00:50:51,326 --> 00:50:58,306
It is a scarce, global, decentralized, non-sovereign asset, and it is an asset

773
00:50:58,306 --> 00:51:02,086
which has no country-specific risk, has no traditional counterparty risk.

774
00:51:02,226 --> 00:51:05,546
So these are interesting properties when you think of it from an investment

775
00:51:05,546 --> 00:51:11,686
perspective, particularly in a world where there's growing concerns over money

776
00:51:11,686 --> 00:51:16,906
printing, currency debasement risks, political, fiscal, sustainability challenges.

777
00:51:16,906 --> 00:51:21,206
These cynical bastards of BlackRock have literally created a product for boomers

778
00:51:21,206 --> 00:51:24,526
that are afraid of debasement and money printing.

779
00:51:24,966 --> 00:51:28,826
And they is somebody that wants to be the performs better than anything else.

780
00:51:29,246 --> 00:51:32,886
And I say boomers primarily because I think that's who they're selling to specifically.

781
00:51:33,126 --> 00:51:36,406
I think that's who BlackRock is selling to. I don't think they're selling to

782
00:51:36,406 --> 00:51:40,726
millennials and zoomers and Gen X much maybe. But I think they're really focused

783
00:51:40,726 --> 00:51:44,246
on people that are concerned about the U.S.

784
00:51:44,326 --> 00:51:49,766
Government's fiscal situation and their ongoing spending, like their clear plans to just spend more.

785
00:51:50,126 --> 00:51:54,526
I mean, we're somewhere around a trillion dollars gets added to the deficit,

786
00:51:54,646 --> 00:51:59,326
to the debt every 100 days, and they only take in like two trillion from taxes.

787
00:52:00,413 --> 00:52:03,413
So, you know, it is something to be, I mean, it's legitimately something I'm concerned about.

788
00:52:04,033 --> 00:52:10,153
But to hear BlackRock just openly talk like this, I feel like this is an escalation

789
00:52:10,153 --> 00:52:14,973
of the language that they wouldn't have been brave enough to do until they had

790
00:52:14,973 --> 00:52:16,413
a product to sell just for this.

791
00:52:16,613 --> 00:52:19,473
Like they weren't talking about this problem, really. In fact,

792
00:52:19,513 --> 00:52:22,693
they were kind of gaslighting people that it wasn't such a big problem just

793
00:52:22,693 --> 00:52:23,853
as of a couple of years ago.

794
00:52:23,993 --> 00:52:26,413
And now it's a 180 in their language.

795
00:52:26,633 --> 00:52:31,453
In the U.S. or elsewhere. And so that resonates, frankly, with a lot of investors.

796
00:52:31,653 --> 00:52:34,533
It goes back to what we talked about earlier with the risk-on piece.

797
00:52:34,953 --> 00:52:38,473
It confuses investors when people talk about it as risk-on, because based on

798
00:52:38,473 --> 00:52:42,073
the properties that I just described, you would think of it as risk-off.

799
00:52:42,133 --> 00:52:43,953
And that's where I think... It has a marketing problem.

800
00:52:44,173 --> 00:52:50,193
You could say that. And so... Imagine when investors figure out that it doesn't

801
00:52:50,193 --> 00:52:51,833
suffer from a port strike.

802
00:52:52,493 --> 00:52:56,373
Imagine when they figure out that it doesn't suffer from all of the things that

803
00:52:56,373 --> 00:52:57,553
can suppress a company stock.

804
00:52:58,333 --> 00:53:01,813
And that it has a truly scarce supply. Like when they really start clicking

805
00:53:01,813 --> 00:53:05,153
with all of that, they may see it as a route to safety.

806
00:53:05,413 --> 00:53:09,293
You know, the reality is there's probably two or three things a year that happen

807
00:53:09,293 --> 00:53:12,453
typically that actually impact the fundamental value of Bitcoin.

808
00:53:12,653 --> 00:53:14,073
This year, I would argue there's been four.

809
00:53:14,273 --> 00:53:17,613
But that makes it hard to write daily stories, right?

810
00:53:17,733 --> 00:53:21,753
And so you see this instinct to kind of point to whatever's happening in equities

811
00:53:21,753 --> 00:53:27,053
or unemployment or jobs numbers or manufacturing, which really has no connection to Bitcoin.

812
00:53:29,153 --> 00:53:34,373
Focus on the macro, the fundamentals, and DCA. That's what I take away from that, right?

813
00:53:34,653 --> 00:53:37,673
Is if you want to know what's going on, you got to be aware of the macro situation.

814
00:53:38,533 --> 00:53:41,373
When things change, you got to keep an eye on the fundamentals of Bitcoin.

815
00:53:41,833 --> 00:53:45,213
And when you want to just avoid the volatility ride, you DCA.

816
00:53:45,553 --> 00:53:49,293
So in that spirit, we're going to wrap it up right there. Thank you for listening

817
00:53:49,293 --> 00:53:51,573
this week. Please do consider sharing this with a friend.

818
00:53:51,773 --> 00:53:55,933
And in the spirit of DCA-ing, our Value for Value track, which if you boost

819
00:53:55,933 --> 00:53:58,573
during the music, 90% of your boost goes to the artist.

820
00:53:58,833 --> 00:54:00,913
It is DCA to BTC.

821
00:54:00,880 --> 00:57:14,982
Music.