1 00:00:00,000 --> 00:00:12,400 Music. 2 00:00:12,246 --> 00:00:16,886 Welcome in to This Week in Bitcoin, episode 31. My name is Chris. 3 00:00:18,106 --> 00:00:22,546 Is your October finally here? What a bonkers week. 4 00:00:22,986 --> 00:00:28,466 Bitcoin's up 9, 10 percent-ish since the last episode, as I record at least. 5 00:00:29,146 --> 00:00:33,406 The stock market's been all over the place. They're trying to price in maybe 6 00:00:33,406 --> 00:00:35,786 no rate cuts, maybe less rate cuts. 7 00:00:36,126 --> 00:00:39,966 Gold's been pumping for weeks. It slowed down in the last couple of days, 8 00:00:40,106 --> 00:00:43,926 but still hanging out above 2,700 an ounce, which to them is big money. 9 00:00:44,446 --> 00:00:48,446 Even the dollar strengthened by 3% since the end of September. 10 00:00:48,986 --> 00:00:52,826 All of this is telling us something. We're going to get into that in this episode. 11 00:00:52,966 --> 00:00:54,526 And one thing is clear right off the top. 12 00:00:55,006 --> 00:00:59,066 Safe haven money is buying gold and other hard assets like crazy, 13 00:00:59,246 --> 00:01:02,486 as fast as the decrepit financial system will let them. 14 00:01:02,486 --> 00:01:05,346 And when we have seen these types of cycles, Bitcoin's young, 15 00:01:05,446 --> 00:01:08,106 but when we have seen these types of cycles in the past, 16 00:01:08,706 --> 00:01:15,406 historically, gold and the gold market has sniffed out major problems and structural 17 00:01:15,406 --> 00:01:19,646 issues before other assets and before Bitcoin. And it makes sense. 18 00:01:20,681 --> 00:01:25,861 Gold has a larger user base. Gold's hedge against sovereign issues has been 19 00:01:25,861 --> 00:01:27,921 well understood for hundreds of years. 20 00:01:28,101 --> 00:01:31,841 So there's just a lot of momentum to view gold as a safe haven. 21 00:01:32,001 --> 00:01:35,521 But if previous cycles play out, and I think maybe we're starting to see it 22 00:01:35,521 --> 00:01:38,341 this week, Bitcoin becomes one of those as well. 23 00:01:38,721 --> 00:01:42,201 So what's driving all of this craziness, this mismatch of signals, 24 00:01:42,361 --> 00:01:44,621 but the clear picture that we're starting to see? 25 00:01:45,101 --> 00:01:50,701 If you asked a mainstream Keynesian economist, their take would be the Fed did a great job. 26 00:01:51,361 --> 00:01:57,681 What we see and what our experts tell us, no landing might be the best choice 27 00:01:57,681 --> 00:02:01,101 if you're thinking it gets down about 1.5% to 2% growth, which is where it was 28 00:02:01,101 --> 00:02:04,141 sort of for a lot of years prior to the pandemic. 29 00:02:04,181 --> 00:02:08,961 If we can glide into that level and keep the inflation, which is down. That's right. 30 00:02:09,621 --> 00:02:13,001 Not even a soft landing. No landing. 31 00:02:13,461 --> 00:02:17,041 That's Bank of America's chairman and CEO, by the way. And you can hear it in 32 00:02:17,041 --> 00:02:19,221 his answer. They're looking at the official Fed data. 33 00:02:19,341 --> 00:02:23,541 They're looking at the numbers that all of the mainstream economists look at. And they see no problem. 34 00:02:23,841 --> 00:02:28,901 As far as they're concerned, the Fed has pulled off the impossible, a no landing. 35 00:02:29,641 --> 00:02:32,041 Ironically, he's right. What he describes is a soft landing. 36 00:02:32,261 --> 00:02:35,261 That's what he's describing. But he says a no landing. 37 00:02:35,581 --> 00:02:40,861 And he's ironically right. What he's really describing is inflation stays kind of hot. 38 00:02:41,561 --> 00:02:45,341 Rates start to come down. and have little impact on the wider state of the economy. 39 00:02:45,881 --> 00:02:51,741 Rates came down and the housing rates went up. The market rates went up. 40 00:02:52,381 --> 00:02:56,341 That's where we're at right now. See, the recession has already been here. 41 00:02:56,441 --> 00:02:58,361 Like, hey, keep talking about, are we going to have a recession? 42 00:02:58,481 --> 00:03:01,021 Are we going to have a recession? Will there be a soft landing, a hard landing? 43 00:03:01,741 --> 00:03:07,921 We've already had a recession. Inflation and high rates kicked everybody's butt in the West. 44 00:03:08,321 --> 00:03:12,501 And oil prices, I think, are a good proxy for economic demand. 45 00:03:13,101 --> 00:03:17,801 And even with major, major Middle East uncertainty, like including the possibility 46 00:03:17,801 --> 00:03:20,081 that oil reserves could get striked, 47 00:03:20,789 --> 00:03:27,309 The price of crude oil is down 16% this year because demand has been collapsing from the West and China. 48 00:03:27,709 --> 00:03:31,909 That shows you real economic activity. Here's another proxy that I think shows you economic activity. 49 00:03:32,169 --> 00:03:36,849 The share of unprofitable Russell 200 companies is now at 43%. 50 00:03:37,789 --> 00:03:39,429 That's the most since the 2020 51 00:03:39,429 --> 00:03:44,669 pandemic. It even exceeds 41% at the end of the 2008 financial crisis. 52 00:03:45,209 --> 00:03:49,209 The reality is small companies are struggling to service their debt due to historically 53 00:03:49,209 --> 00:03:53,849 high interest rates. And here's one more proxy I'm going to give you that shows 54 00:03:53,849 --> 00:03:56,989 economic activity is bad and everyone out there is struggling. 55 00:03:57,989 --> 00:04:04,229 Auto loan 90-day delinquency rates are now 2.88%. Almost 3% of all the auto 56 00:04:04,229 --> 00:04:08,069 loans out there are overdue by 90 days, more than 90 days. 57 00:04:08,509 --> 00:04:11,349 That's the highest since Q2 of 2010. 58 00:04:11,869 --> 00:04:14,829 That percentage has almost doubled in just two and a half years. 59 00:04:15,509 --> 00:04:20,209 Serious delinquencies in auto loans have been rising at the fastest pace since 60 00:04:20,209 --> 00:04:25,309 the 2008 Great Financial Crisis, another stat that is the worst since 2008. 61 00:04:25,769 --> 00:04:28,309 We've all been witnessing what I've been calling a rolling recession. 62 00:04:28,509 --> 00:04:33,069 It impacted certain areas at certain times, with different kind of narratives 63 00:04:33,069 --> 00:04:34,649 given to describe why it's happening. 64 00:04:35,049 --> 00:04:40,129 And it's been predominantly felt, I believe, my assertion, by those that make 65 00:04:40,129 --> 00:04:43,089 less than $150,000 a year, especially in cities. 66 00:04:43,609 --> 00:04:47,589 And according to the U.S. Census Bureau, that would be 80% of U.S. households. 67 00:04:48,149 --> 00:04:53,949 We never avoided a recession. We've been seeing this snowball since the GFC in 2008. 68 00:04:54,649 --> 00:04:58,109 You'll see it if you just travel around the U.S. for like a couple of days in 69 00:04:58,109 --> 00:05:02,549 a car. You'll see it. You'll see things that have never been rebuilt since 2008. 70 00:05:03,109 --> 00:05:07,289 You'll see people that have been out of work, entire towns just gone, 71 00:05:07,449 --> 00:05:10,069 ghost towns, just abandoned after 2008. 72 00:05:10,569 --> 00:05:12,109 Never rebuilt, never came back. 73 00:05:13,089 --> 00:05:18,129 Now, we haven't had a traditional recession. Most people would say it's two 74 00:05:18,129 --> 00:05:21,169 consecutive quarters of decline in the GDP. 75 00:05:21,949 --> 00:05:26,069 But that can be offset by just excessive spending by a ginormous federal government 76 00:05:26,069 --> 00:05:29,629 that has a huge war machine and a bunch of other social programs. 77 00:05:30,449 --> 00:05:33,789 When you have a federal government that represents somewhere between 20% and 78 00:05:33,789 --> 00:05:37,929 40% of the actual economy when you include contractors and all the companies 79 00:05:37,929 --> 00:05:41,369 that make their money off the federal government, yeah, then if you push that 80 00:05:41,369 --> 00:05:44,249 hard, you're going to see the GDP go up. even when other people are suffering. 81 00:05:44,889 --> 00:05:47,129 So if people are really actually hurting. 82 00:05:48,201 --> 00:05:53,241 Inflation still running kind of hot. What's the real story? Why are we pumping? 83 00:05:53,761 --> 00:05:57,781 Why are we pumping right now? Well, I think it's because we are in the middle 84 00:05:57,781 --> 00:06:00,621 of the eye of the inflation storm right now. 85 00:06:01,161 --> 00:06:04,761 Perhaps the best it gets, depending on how the economy develops. 86 00:06:05,561 --> 00:06:11,061 Or, you know what, others call it an inflation valley, like Barry Bannister. Always in great shape. 87 00:06:12,621 --> 00:06:19,261 Well, a really detailed analysis of inflation, which in this brand new era of 88 00:06:19,261 --> 00:06:24,261 populism is not going to stay quiescent forever. 89 00:06:24,501 --> 00:06:30,901 In other words, the 2% inflation target of the Fed on a long-term basis is over. It's dead. It's gone. 90 00:06:31,181 --> 00:06:34,601 We're in a valley between two moves in inflation. 91 00:06:34,601 --> 00:06:39,601 The next one won't be as high as what we saw in 2022, but we're just in a valley, 92 00:06:39,601 --> 00:06:44,621 and it's a misleading optimism in the market to believe that inflation has been 93 00:06:44,621 --> 00:06:46,961 whipped. This is my base case as well. 94 00:06:47,381 --> 00:06:52,301 We are watching the repercussions of two years of restrictive monetary policy 95 00:06:52,301 --> 00:06:57,481 and, of course, just an extremely tough business environment in general, 96 00:06:58,041 --> 00:06:59,301 talking about small businesses. 97 00:06:59,621 --> 00:07:02,401 It's been pretty good for the really big businesses, the huge businesses. 98 00:07:03,141 --> 00:07:06,881 So, of course, we're seeing inflation kind of kick down, but we haven't beat it. 99 00:07:07,061 --> 00:07:11,141 It's not at their quote unquote 2% target. In fact, it just ticked up slightly. 100 00:07:11,921 --> 00:07:16,301 Food also, by the way, just ticked up more than average than everything else. 101 00:07:16,801 --> 00:07:21,521 Things are still ticking up slightly, even though we're rate cutting and monetary 102 00:07:21,521 --> 00:07:24,121 policy is loose. M2 supply is going back up. 103 00:07:25,084 --> 00:07:31,204 So we haven't beat inflation. It's just lulled because we starved the economy for two years. 104 00:07:31,684 --> 00:07:35,684 But the food is being served. The punch bowl is being refilled. 105 00:07:36,284 --> 00:07:39,104 I don't think it means we get inflation right away. And I don't think it means 106 00:07:39,104 --> 00:07:40,944 we get massive, crazy inflation. 107 00:07:41,464 --> 00:07:45,244 But I think it means what you're seeing right now is sort of the best it gets for quite a while. 108 00:07:45,404 --> 00:07:50,444 We're going to see quite a bit of fiscal, no matter who wins the next in this election. 109 00:07:50,924 --> 00:07:54,944 Quite a bit of fiscal because that's what the public thinks. They want fiscal. 110 00:07:55,564 --> 00:07:58,444 Unless the bond market rejects it, of course. So, Barry, what do you do? 111 00:07:58,564 --> 00:08:01,284 What are you telling your clients to do if you think the market looks too expensive 112 00:08:01,284 --> 00:08:05,664 and you're worried about spending, which could hurt bonds as well? 113 00:08:06,724 --> 00:08:10,544 Well, think about the bonds. Yeah, there was a slight move after the strong 114 00:08:10,544 --> 00:08:13,164 payroll number, but total government 115 00:08:13,164 --> 00:08:16,884 debt held by the public is only 30 percent of non-financial debt. 116 00:08:17,084 --> 00:08:20,664 That's actually fairly low. And we have no term premium in the market, 117 00:08:20,884 --> 00:08:25,644 meaning the cost or price of duration risk. That means that the yield is actually 118 00:08:25,644 --> 00:08:27,424 very low on 10-year treasuries. 119 00:08:27,584 --> 00:08:31,284 So we could issue more debt. And I think the politicians know that. 120 00:08:31,884 --> 00:08:37,504 So as far as we look out into the future, we think valuation is just very stretched. 121 00:08:37,804 --> 00:08:42,504 We are following a composite of past bubbles. So we could go higher. 122 00:08:42,644 --> 00:08:47,264 But unfortunately, when the inflation perks up and the Fed mid-decade is forced 123 00:08:47,264 --> 00:08:50,484 to reckon with that, then we're going to go straight back down. 124 00:08:50,684 --> 00:08:52,684 And it kind of begs the question, what's the point? 125 00:08:53,144 --> 00:08:57,624 So I like his analysis, but I disagree with a couple of things. I think he's right. 126 00:08:58,064 --> 00:09:02,584 Both candidates are going to spend more, and the politicians believe they have more room to spend. 127 00:09:03,324 --> 00:09:09,924 That's why the debt and really no fiscal policy at all has been part of this election. 128 00:09:10,184 --> 00:09:14,964 It's more about what they can give away and how they can reduce taxes than it 129 00:09:14,964 --> 00:09:16,464 is about how they're going to solve the deficit. 130 00:09:17,104 --> 00:09:19,144 The deficit doesn't really even get talked about other than, 131 00:09:19,244 --> 00:09:22,524 oh, yeah, we're going to solve it by being amazing or by having an opportunity 132 00:09:22,524 --> 00:09:24,724 economy. Those are the two answers we get right now. 133 00:09:25,399 --> 00:09:28,119 So I think his analysis is right there. But where I kind of disagree, 134 00:09:28,139 --> 00:09:30,919 and I think it's kind of cynical, is he kind of talks like he's the only one 135 00:09:30,919 --> 00:09:31,759 that's figured this out. 136 00:09:32,399 --> 00:09:36,699 But I'd argue big money is also smelling this out and Bitcoiners. 137 00:09:37,419 --> 00:09:41,099 So assets, hard assets, are going to pump. Gold's going to pump. 138 00:09:41,559 --> 00:09:44,319 Bitcoin's going to pump. Real estate will probably pump. 139 00:09:45,039 --> 00:09:49,819 I think, you know, it's not necessarily right now, not this week necessarily. 140 00:09:50,019 --> 00:09:53,419 It could start now, but we're still pretty close to a pretty major election. 141 00:09:53,419 --> 00:09:57,779 In fact, we're just 14 trading days away from a major election. 142 00:09:58,379 --> 00:10:01,439 I think what we're seeing this week is the frontrunners ape in. 143 00:10:01,979 --> 00:10:04,879 So the question is, are we about to see a big price jump? I don't know. 144 00:10:05,299 --> 00:10:08,419 Probably only Satoshi, a.k.a. Peter Todd, knows for sure. Ha ha ha. 145 00:10:09,019 --> 00:10:13,219 It's a tricky October. You know, and Bitcoin has now been tied to the election to some degree. 146 00:10:13,779 --> 00:10:18,579 I'm watching for Bitcoin to break above and stay above 68K as I record. 147 00:10:18,739 --> 00:10:22,699 It's there right now. But I'd like to see it hang out there for a little bit 148 00:10:22,699 --> 00:10:25,899 and then really see it go, because that's a major resistance level. 149 00:10:25,899 --> 00:10:29,259 It'd be interesting to see if it could keep above it, because as it does, 150 00:10:29,479 --> 00:10:31,999 it starts for better or worse. 151 00:10:32,219 --> 00:10:37,019 It creates a marketing effect. And this time it's not the general public that's going to ape in. 152 00:10:37,399 --> 00:10:39,359 But I think it's going to be major corporations. 153 00:10:40,080 --> 00:10:49,520 Music. 154 00:10:49,363 --> 00:10:54,123 I don't talk about microstrategy a lot because it's Bitcoin adjacent, 155 00:10:54,123 --> 00:10:58,763 but I think we have a big load of tailwinds, if you get what I mean. 156 00:10:59,063 --> 00:11:01,003 Good things once things settle down. 157 00:11:01,323 --> 00:11:05,303 And an example of those things, just like if I were to pick one that I think 158 00:11:05,303 --> 00:11:10,683 is really great for Bitcoin long term, is the ongoing adoption of Saylor's Bitcoin 159 00:11:10,683 --> 00:11:13,783 strategy for microstrategy into other companies. 160 00:11:13,803 --> 00:11:17,363 And there's several examples of this. I think even on a small scale, 161 00:11:17,523 --> 00:11:19,923 podcasters that do value for value could become this. 162 00:11:20,243 --> 00:11:25,783 But MetaPlanet, at a whole other totally different scale, they're a group out of Japan. 163 00:11:26,203 --> 00:11:29,823 You've probably heard of them before. They recently hired Dylan Leclerc to implement 164 00:11:29,823 --> 00:11:32,463 sailor strategy for MetaPlanet. 165 00:11:32,723 --> 00:11:36,583 And this Tuesday, they added another 6.8 million Bitcoin to their treasury, 166 00:11:36,803 --> 00:11:41,503 bringing their total Bitcoin holdings now to 855.4 Bitcoin. 167 00:11:42,663 --> 00:11:45,963 MetaPlanet has doubled their Bitcoin holdings in October alone. 168 00:11:46,203 --> 00:11:48,723 They've been using this lower price to stack, stack, stack. 169 00:11:49,403 --> 00:11:55,303 This is a massive strategy that other companies are going to adopt. 170 00:11:55,903 --> 00:11:59,523 Dylan LeClaire joined, I think it's Charles Payne, that's who it is, 171 00:11:59,883 --> 00:12:01,323 to talk about the strategy a little bit. 172 00:12:01,443 --> 00:12:05,283 And listen, there's a lot of wonk speak in here, but listen to what he's saying 173 00:12:05,283 --> 00:12:09,043 and tell me if you don't think other companies won't just adopt the same strategy. 174 00:12:09,183 --> 00:12:12,223 I mean, just the playbook is out there. It's like an open playbook for anyone. 175 00:12:12,483 --> 00:12:17,043 This micro strategy and the Bitcoin strategy they adopted in August of 2020 176 00:12:17,043 --> 00:12:23,823 has outperformed 500 out of 500 S&P 500 stocks since that time, 177 00:12:23,943 --> 00:12:26,163 right? It's outperformed everything on the planet, including NVIDIA. 178 00:12:26,603 --> 00:12:30,443 That doesn't go unnoticed. It's not on the S&P 500. 179 00:12:31,233 --> 00:12:34,253 But it's outperformed every company on the S&P 500. 180 00:12:34,993 --> 00:12:38,773 There's no way rich CEOs that are sitting on large balances with a company that's 181 00:12:38,773 --> 00:12:42,593 performing mediocrely, mediocrely, don't take notice of this. 182 00:12:42,893 --> 00:12:47,793 500 out of 500 S&P 500 stocks since that time, right? 183 00:12:47,873 --> 00:12:49,933 It's outperformed everything on the planet, including NVIDIA, 184 00:12:50,093 --> 00:12:55,533 right? So this is the biggest story in corporate finance, how a $1 billion NASDAQ 185 00:12:55,533 --> 00:12:59,093 business intelligence company just changed their unit of account and has become 186 00:12:59,093 --> 00:13:01,693 a $36 billion market cap in four years. 187 00:13:01,873 --> 00:13:06,893 And so this idea that dilution is the scariest thing in the world, 188 00:13:07,333 --> 00:13:09,873 Sailor and MicroStrategy's playbook flipping it on its head, 189 00:13:10,013 --> 00:13:14,433 where shareholders cheer every time new stock is issued, new convertible debt 190 00:13:14,433 --> 00:13:16,213 is issued to buy additional Bitcoin. 191 00:13:16,213 --> 00:13:22,213 It started as a defensive, protective strategy to hedge against the COVID stimulus 192 00:13:22,213 --> 00:13:24,553 and has since turned into an offensive strategy. 193 00:13:24,893 --> 00:13:30,433 The idea that he has somehow shaped the market's perception that when he issues 194 00:13:30,433 --> 00:13:33,493 more stock, dilutes the stock, issues more debt, that's a great thing. 195 00:13:33,873 --> 00:13:37,453 People ape in when he does it. Where Bitcoin and the volatility that so many 196 00:13:37,453 --> 00:13:41,673 people for so many years said was something to avoid at all costs. 197 00:13:42,193 --> 00:13:45,253 MicroStrategy and Saylor are leveraging that volatility to their advantage. 198 00:13:45,253 --> 00:13:47,353 The traders love the Vols, right? 199 00:13:47,673 --> 00:13:51,573 They have the lowest cost of capital out of anybody on the planet, 200 00:13:51,813 --> 00:13:56,713 borrowing billions of dollars for 82 basis points, right? So this is really not understood. 201 00:13:57,073 --> 00:14:01,213 It's still early days, remarkably so. And I think Sailor and MicroStrategy continue 202 00:14:01,213 --> 00:14:04,753 chugging on from here. And it seems to be working well for MetaPlanet as well. 203 00:14:04,893 --> 00:14:07,213 I put some links in the show notes if you'd like to know more, 204 00:14:07,453 --> 00:14:10,193 just kind of dig into this and just kind of about their amazing performance. 205 00:14:11,053 --> 00:14:14,653 There's so much in there that I don't really need to get into because like I 206 00:14:14,653 --> 00:14:18,873 said, it's kind of Bitcoin adjacent, but I'd love to hear your thoughts if you 207 00:14:18,873 --> 00:14:19,933 have a Bitcoin strategy. 208 00:14:21,033 --> 00:14:23,833 I kind of think we all do, at least the listeners of the show, 209 00:14:23,913 --> 00:14:25,553 we have a Bitcoin strategy for the family. 210 00:14:25,993 --> 00:14:30,233 And if you own a small business, why not implement a bit of a Bitcoin strategy there too? 211 00:14:30,313 --> 00:14:32,973 It's like you don't have to put all your financial assets into Bitcoin, 212 00:14:33,153 --> 00:14:36,153 but figure out what your percentage is that you're comfortable with and you 213 00:14:36,153 --> 00:14:37,513 have a little on the balance sheet for the business. 214 00:14:37,633 --> 00:14:43,093 It just seems like a strategy that could save so many of these companies that are struggling. 215 00:14:43,613 --> 00:14:48,653 I talk about small businesses pretty frequently because I'm a small business owner. 216 00:14:49,093 --> 00:14:56,393 And if we have almost half of the companies listed on the Russell 2000, did I say 200 earlier? 217 00:14:56,473 --> 00:15:02,913 The Russell 2000 are struggling worse than they were during 2008 GFC right now. 218 00:15:03,333 --> 00:15:07,833 They need these solutions. Families need a solution too. Families need something 219 00:15:07,833 --> 00:15:09,593 to hedge against inflation as well. 220 00:15:10,013 --> 00:15:14,033 It is, I think, I think it's got to be one of the clever strategies out there. 221 00:15:14,133 --> 00:15:17,973 And so far, it's just served MicroStrategy super well and MetaPlanet super well 222 00:15:17,973 --> 00:15:19,773 and the miners that are implementing this as well. 223 00:15:20,560 --> 00:15:38,320 Music. 224 00:15:38,300 --> 00:15:40,860 All right. Well, coming up, we still have quite a bit. Your boost, 225 00:15:41,340 --> 00:15:44,580 Liz's crypto antics finally get attacked on the stage. 226 00:15:44,940 --> 00:15:50,400 Trump's coin launched, but it was botched. Some big project updates and a great 227 00:15:50,400 --> 00:15:53,460 final clip of the week. Very relevant final clip of the week. 228 00:15:53,760 --> 00:15:57,400 If you'd like to support the show outside of boosting, I've got two affiliate links. 229 00:15:57,600 --> 00:16:00,540 They're not sponsors, no official relationship, but they're two companies I 230 00:16:00,540 --> 00:16:04,140 like. For Stacking Sats in the States, I think River is the way to go. 231 00:16:04,420 --> 00:16:06,860 I have an affiliate link in there. It helps me out, helps you out. 232 00:16:07,380 --> 00:16:10,400 They're a Bitcoin-only company with a fantastic infrastructure, 233 00:16:10,640 --> 00:16:15,540 proof of reserves, and Lightning withdrawals that improve your privacy and reduce 234 00:16:15,540 --> 00:16:18,140 your UTXO issues, which we'll get into in just a moment. 235 00:16:18,740 --> 00:16:22,200 Also, shout out to thebitcoincompany.com, promo code JUPITER. 236 00:16:22,320 --> 00:16:25,440 If you want to spend your sats over Lightning, you got some sats burning a hole 237 00:16:25,440 --> 00:16:28,560 in your pocket, you want to get a gift certificate, maybe leverage some of your 238 00:16:28,560 --> 00:16:32,860 earnings for the holidays, thebitcoincompany.com, promo code JUPITER. 239 00:16:33,020 --> 00:16:36,260 I earned some sats and you earned some sats, And I put that towards the general 240 00:16:36,260 --> 00:16:37,680 fund of the show right there. 241 00:16:37,920 --> 00:16:41,280 There's two links in the show notes to help out. But of course, you can also boost in. 242 00:16:41,360 --> 00:16:53,840 Music. 243 00:16:54,460 --> 00:16:57,860 And we do have some boosts to get into this week. 244 00:16:58,040 --> 00:17:03,400 And Wine Eagle is our baller boost with 100,000 sets. 245 00:17:08,080 --> 00:17:12,380 Oh, boosting in to call out the podfather for running the podcast index on a 246 00:17:12,380 --> 00:17:15,440 shit coin. Hive, we need a real solution. 247 00:17:15,660 --> 00:17:21,460 Oh, Wine Eagle, that seems like maybe now that's like a fake name. 248 00:17:21,460 --> 00:17:23,800 So that way you don't put your real name out there. You know, 249 00:17:23,940 --> 00:17:24,980 I've thought about this. 250 00:17:25,380 --> 00:17:31,440 I wonder if there isn't a role for certain types of messaging buses out there like Hive. 251 00:17:31,540 --> 00:17:33,980 I mean, I think of it as a JSON messaging bus personally. 252 00:17:34,600 --> 00:17:37,480 But I'm not very familiar with Hive, so if you know other details, 253 00:17:37,660 --> 00:17:39,100 please feel free to share them with me. 254 00:17:39,620 --> 00:17:43,240 I haven't really bothered to look into it. But when I look at the functionality, 255 00:17:43,500 --> 00:17:47,540 it seems like a good way to avoid a centralized database that would be run by, 256 00:17:47,680 --> 00:17:49,180 you know, maybe, say, just the index. 257 00:17:49,820 --> 00:17:52,760 Not only would that one server get overwhelmed, but it'd be a central point 258 00:17:52,760 --> 00:17:54,640 of failure and a central point of control. 259 00:17:55,180 --> 00:17:59,700 And if you're looking for a system that's uncensorable, that can be decentralized 260 00:17:59,700 --> 00:18:04,180 if, say, one day Dave and Adam move to an island and get fabulously wealthy 261 00:18:04,180 --> 00:18:05,960 and no longer want to do the index –, 262 00:18:06,819 --> 00:18:10,659 I think having something decentralized that helps with the note. Oh, so I should back up. 263 00:18:11,119 --> 00:18:12,719 So for those of you that don't know what we're talking about, 264 00:18:13,419 --> 00:18:17,579 on the back end, there's a system called PodPing. This is part of the podcasting 2.0 spec. 265 00:18:17,759 --> 00:18:23,299 And PodPing flips the way podcast clients get new updates. 266 00:18:24,159 --> 00:18:29,199 And traditionally, before podcasting 2.0, each podcasting client would subscribe 267 00:18:29,199 --> 00:18:33,499 to all your RSS feeds, and then it would go check the feeds every hour, 268 00:18:33,619 --> 00:18:35,679 every two hours, every 24 hours, wherever the settings are. 269 00:18:35,679 --> 00:18:41,479 And so if you had 100,000 listeners, they all had 100,000 clients that were 270 00:18:41,479 --> 00:18:45,639 pinging your HTTP server to get an XML file to check to see if there had been a new episode. 271 00:18:46,199 --> 00:18:48,959 Still very common practice, but there's a better way. 272 00:18:49,319 --> 00:18:53,479 And that's PodPing. And what PodPing does is you notify PodPing. 273 00:18:53,579 --> 00:18:55,879 You give it, you know, here's our episode, here's the URL. 274 00:18:56,179 --> 00:19:01,299 You notify the PodPing network that an episode has been released or you've made an update to an episode. 275 00:19:02,079 --> 00:19:06,859 And the clients can subscribe to notifications from PodPing and the Podcast 276 00:19:06,859 --> 00:19:12,079 Index also is a client and the Podcast Index can update and offers an API for clients to use as well. 277 00:19:12,579 --> 00:19:17,539 So it's more of a, hey, you've got an update, come now fetch it. 278 00:19:17,639 --> 00:19:21,639 Instead of the client checking, checking, checking, the client is now informed, 279 00:19:21,839 --> 00:19:22,639 yeah, you've got an update. 280 00:19:22,859 --> 00:19:26,859 Or the client can use an energy efficient API to check and just pull in the 281 00:19:26,859 --> 00:19:33,439 changes. And Hive is a JSON blockchain messaging system that enables that kind 282 00:19:33,439 --> 00:19:34,579 of decentralized pod ping. 283 00:19:34,819 --> 00:19:37,819 I would be curious to know what could be used in its place. 284 00:19:39,282 --> 00:19:43,902 For me personally, I, after, you know, seen it in use for a couple of years, 285 00:19:44,102 --> 00:19:47,822 have really not seen any negative aspects of it. But again, luck is it. 286 00:19:48,262 --> 00:19:51,682 Don't know much about Hive. Thanks for the boost, Eagle. Good conversation. 287 00:19:52,362 --> 00:19:56,902 Speaking of the Podfather, he comes in with 100,000 sats. Stop! 288 00:20:02,062 --> 00:20:05,482 And another 1,000 sats thrown in there. He says, love the show. 289 00:20:06,102 --> 00:20:09,402 And thank you, Podfather. He says, here's another thought I had. 290 00:20:09,602 --> 00:20:13,022 I hear you talk about UTXOs a lot and how to, quote, manage them. 291 00:20:13,142 --> 00:20:14,582 I'd love to understand this topic better. 292 00:20:15,042 --> 00:20:18,702 Perhaps you can go into this deeper on a future episode. I will do just that. 293 00:20:18,722 --> 00:20:22,142 And I'll give you my super quick breakdown. 294 00:20:22,262 --> 00:20:25,342 I wrote down some notes because I saw your boost come in on Helipad. 295 00:20:25,402 --> 00:20:26,902 And I thought, all right, I want to talk about this. 296 00:20:27,082 --> 00:20:30,022 And I think I could expand it and then expand into why I use Liquid and all 297 00:20:30,022 --> 00:20:34,102 of that. But here's a super brief, like, top-level overview of a UTXO. 298 00:20:35,122 --> 00:20:37,982 And imagine, okay, all right, so here's an analogy. Imagine you have a digital 299 00:20:37,982 --> 00:20:39,822 wallet and you've got some Bitcoin in it, hopefully. 300 00:20:40,502 --> 00:20:44,322 It's not just one giant balance in there. Bitcoin breaks it down into smaller 301 00:20:44,322 --> 00:20:48,482 pieces called UTXOs, which stands for unspent transaction outputs. 302 00:20:49,062 --> 00:20:53,602 And you can think of a UTXO like an individual coin or a bill in a physical wallet. 303 00:20:53,822 --> 00:20:59,182 Each UTXO has a value, a unique history, all of the details, 304 00:20:59,302 --> 00:21:04,142 like how it came into your possession. And so if you receive like half a Bitcoin 305 00:21:04,142 --> 00:21:08,362 from a friend, you now have a half Bitcoin UTXO in your wallet. 306 00:21:08,542 --> 00:21:11,582 And if later you spent, say, 0.2 of that Bitcoin to buy something, 307 00:21:12,062 --> 00:21:19,082 well, now that original 0.5 Bitcoin is spent, a new 0.2 Bitcoin UTXO is created 308 00:21:19,082 --> 00:21:23,522 for the merchant, and a new 0.3, the remainder balance, the unspent, 309 00:21:23,742 --> 00:21:26,562 is created and sent back to you as changed. 310 00:21:26,562 --> 00:21:33,362 So now your wallet holds two UTXOs, one for the 0.3 Bitcoin and another for the 0.2 Bitcoin. 311 00:21:33,922 --> 00:21:35,902 So your remaining balance and your change. 312 00:21:36,833 --> 00:21:39,753 So, okay. All right. I hope that makes sense. So there's really just a couple 313 00:21:39,753 --> 00:21:43,393 of things to take away from it. You can think of a UTXO as like a building block 314 00:21:43,393 --> 00:21:44,553 for a Bitcoin transaction. 315 00:21:45,093 --> 00:21:50,413 Every transaction involves spending a UTXO or more, whatever the amount of UTXOs 316 00:21:50,413 --> 00:21:54,153 it takes up to meet the amount you're trying to spend. So you're going to send a million sats. 317 00:21:55,073 --> 00:21:59,993 That might actually be, you know, a dozen UTXOs depending on the size, sizes of them. 318 00:22:00,453 --> 00:22:04,613 And the UTXOs help prevent double spending since each UTXO can only be spent 319 00:22:04,613 --> 00:22:08,113 once. So the network can verify that very easily. 320 00:22:08,633 --> 00:22:13,853 And the way to think of your Bitcoin balance is it's really a sum of all your UTXOs. 321 00:22:14,093 --> 00:22:20,593 It's not a single number stored in an account, but rather a total value of all the UTXOs you own. 322 00:22:21,093 --> 00:22:26,413 So like if you have $100 in your wallet, but it's all fives, right? 323 00:22:26,593 --> 00:22:29,473 So you technically have a total of $100, but they're all in $5 bills. 324 00:22:29,773 --> 00:22:31,693 Each one of those $5 bills would be a UTXO. 325 00:22:32,593 --> 00:22:35,533 I hope that makes sense. Please let me know. Give me feedback on that. 326 00:22:35,653 --> 00:22:38,053 And then I will do a dedicated segment that also talks about, 327 00:22:38,093 --> 00:22:42,433 you know, avoiding transaction fees and how I use liquid. But I just wanted to get that out there. 328 00:22:42,873 --> 00:22:46,813 And then based on the feedback I get, please boost in and I'll restructure it 329 00:22:46,813 --> 00:22:50,093 so it makes more sense. And I'll make a whole segment out of it. Thank you, Podfather. 330 00:22:50,893 --> 00:22:56,813 Great question. And I appreciate the boost. Motor Night comes in with 54,642 sats. 331 00:22:56,993 --> 00:23:00,313 I hoard that which your kind covet. I'm a simple man. 332 00:23:00,593 --> 00:23:04,633 I hear some coin joint advocacy. I boost. The amount is how much I made today 333 00:23:04,633 --> 00:23:06,413 on joint market. Jam on. Wow. 334 00:23:07,213 --> 00:23:11,333 That's great. I love that. Regarding the discussion and Fountain getting out 335 00:23:11,333 --> 00:23:12,813 of memory killed, it doesn't sound right. 336 00:23:12,893 --> 00:23:16,873 It happened on my old Pixel 5 as well as my new Pixel 9 Pro with different RAM 337 00:23:16,873 --> 00:23:17,693 amounts. Yeah, no kidding. 338 00:23:18,933 --> 00:23:22,733 And it only happens when charging. So heat might be it. but my phone doesn't 339 00:23:22,733 --> 00:23:24,193 seem to get that hot when charging. 340 00:23:24,653 --> 00:23:28,633 Curious if anyone has had other ideas. Both phones are running Graphene. Hmm. 341 00:23:29,413 --> 00:23:32,413 Boy, I use Fountain quite a bit on my Graphene OS Pixel 7. 342 00:23:33,197 --> 00:23:36,857 And I don't have that problem. I have a problem where my car, 343 00:23:37,097 --> 00:23:41,957 or not CarPlay, Android Auto just disconnects, you know, 20, 30 minutes into a drive. 344 00:23:42,397 --> 00:23:45,417 And then maybe like another hour later. And it doesn't seem to be like in a set time. 345 00:23:45,637 --> 00:23:49,537 That of course disrupts the podcast that I'm listening to. But I don't know 346 00:23:49,537 --> 00:23:51,237 if it's a Graphene OS issue, a cable issue. 347 00:23:51,417 --> 00:23:53,837 I think that's where I'm going to start. It's one of those things. 348 00:23:54,397 --> 00:23:57,177 Appreciate that boost, Moon Knight. And nice job on Jam Market. 349 00:23:57,717 --> 00:24:00,877 I think that's a good hot tip out there. Don't sleep on Jam Market, everybody. 350 00:24:01,737 --> 00:24:06,237 Vault Byte comes in with 21,000 sats. Coming in hot with the booze. 351 00:24:06,277 --> 00:24:08,517 Yeah, you are. Spot on coverage on the Satoshi documentary. 352 00:24:08,917 --> 00:24:13,777 Let's uphold the dignity and privacy of all the developers and their loved ones. 353 00:24:13,977 --> 00:24:16,937 True insights emerge from genuine dialogue on podcasts to conferences, 354 00:24:16,997 --> 00:24:18,677 not through invasive speculation. 355 00:24:19,357 --> 00:24:23,837 Yeah, I agree. Great point, Vault. And I've seen the author, 356 00:24:24,077 --> 00:24:27,937 the director, the creator of that documentary in some follow-up interviews. 357 00:24:27,937 --> 00:24:31,317 And they're doubling down on their position and kind of calling everybody else 358 00:24:31,317 --> 00:24:33,037 as people that don't want to see the truth. 359 00:24:33,257 --> 00:24:38,097 It's so funny how he doesn't see the irony of all of this, being the guy that 360 00:24:38,097 --> 00:24:42,837 went after QAnon folks for making associative conspiracies on their own. It really is something. 361 00:24:43,197 --> 00:24:48,057 The human mind, friends, is incredible, and watching it through the lens of 362 00:24:48,057 --> 00:24:53,057 Bitcoin is a very unique opportunity. Don't take it for granted. 363 00:24:53,737 --> 00:24:58,137 You know? We're really, we're watching. I mean, Bitcoin is the ultimate truth teller. 364 00:24:58,677 --> 00:25:03,357 And we're watching people deal with that. Gene Bean comes in with 3,559 cents. 365 00:25:03,837 --> 00:25:07,157 Everything's under control. So I'm surprisingly interested in your salty opening. 366 00:25:07,457 --> 00:25:11,977 But I get why you're salty. And I'm sure this Visa thing adds to the saltiness. Yeah. 367 00:25:12,557 --> 00:25:17,357 You know, the Visa token market. Things like Hive. I just... 368 00:25:18,157 --> 00:25:22,457 You know, I don't have the clips. I decided not to play it. But I was watching 369 00:25:22,457 --> 00:25:23,737 Bitcoin Amsterdam 2024. 370 00:25:24,757 --> 00:25:28,617 And it wraps up with them like shilling some sort of altcoin that I've never 371 00:25:28,617 --> 00:25:29,697 even heard of or something like, 372 00:25:30,586 --> 00:25:34,786 I don't know what's going on in this world anymore. All I know is I'm stacking my sats. 373 00:25:35,526 --> 00:25:37,946 Just moving forward. I'm not playing with any of that stuff. 374 00:25:38,466 --> 00:25:40,226 Stacking my sats and staying humble, as they say. 375 00:25:40,766 --> 00:25:45,406 Mix comes in. Thank you, Gene. Mix comes in with 8,000, 3, 2, 1 sats. 376 00:25:45,506 --> 00:25:49,266 That feels like a message because it's 1, 2, 3, 8, but backwards. 377 00:25:49,846 --> 00:25:53,266 I feel like there's a message in there. That's not possible. 378 00:25:53,426 --> 00:25:55,446 Nothing can do that. I don't know, Scotty. I think they can. 379 00:25:55,646 --> 00:25:58,646 Thanks for watching the stupid documentary so I don't have to. 380 00:25:58,646 --> 00:26:03,126 I honestly don't think I would have watched it myself because the whole point is to forget Satoshi. 381 00:26:03,346 --> 00:26:06,806 The only reason someone would want to figure it out was because somebody was 382 00:26:06,806 --> 00:26:09,586 trying to discredit Bitcoin. Thank you so much for doing the great shows. 383 00:26:10,386 --> 00:26:14,646 Well, Mix, I'm glad I could watch it so you don't have to. I also wonder, what is the motivation? 384 00:26:15,286 --> 00:26:18,686 Truly be trying to figure out who Satoshi is. What are you trying to accomplish there? 385 00:26:19,346 --> 00:26:23,686 Bitcoin is such a gift for the people. And Satoshi made that just that incredible 386 00:26:23,686 --> 00:26:27,986 sacrifice and seemingly, seemingly such good OPSEC too. 387 00:26:28,586 --> 00:26:32,006 They must have had so much intention behind that. I think we should respect it as well. 388 00:26:32,786 --> 00:26:36,126 Ace Ackerman comes in with a row of ducks, 2,222 sats. 389 00:26:37,726 --> 00:26:41,866 Full transparency. I'm also not Satoshi Nakamoto. I just wanted to put your 390 00:26:41,866 --> 00:26:43,506 mind at ease. You know, I had been wondering. 391 00:26:44,166 --> 00:26:48,306 I had been wondering, Ace. It felt like maybe you work. All right. 392 00:26:49,626 --> 00:26:54,926 Well, now I'll have to suspect somebody else. Producer Jeff comes in with 12,100 sats. 393 00:26:54,986 --> 00:26:57,946 Live long and prosper. Another great show while on the road. 394 00:26:58,326 --> 00:27:02,666 Ready or not, here I come. Oh, he sent that. So producer Jeff just came up and 395 00:27:02,666 --> 00:27:06,846 we just had a fantastic weekend of playing around with Mesh-tastic, which is a ton of fun. 396 00:27:07,146 --> 00:27:10,306 It's like an off-grid decentralized text messaging system that you can build 397 00:27:10,306 --> 00:27:14,326 out of tiny cheap devices or you can buy a pre-built one on Amazon. It's fun. 398 00:27:14,746 --> 00:27:17,026 And we just did an episode of Linux Unplugged about it. 399 00:27:17,466 --> 00:27:21,046 I would recommend you check it out. Anonymous comes in with 2,000 sats. 400 00:27:21,846 --> 00:27:24,846 Heard about this on This Week in Bitcoin. He's sending it to our artist. 401 00:27:24,986 --> 00:27:26,166 I love it when you guys do that. 402 00:27:26,446 --> 00:27:31,346 I want you to know that on multiple occasions now, mostly on Noster, 403 00:27:31,486 --> 00:27:35,886 actually, I think, maybe on Twitter one time, an email, I have been contacted 404 00:27:35,886 --> 00:27:39,506 by the artists that we feature in the show that you guys support, 405 00:27:39,526 --> 00:27:40,486 and they're thanking me. 406 00:27:41,569 --> 00:27:45,729 I just, oh, I should have read it on the show. Dang it. I just got a note. 407 00:27:46,669 --> 00:27:49,149 And the artist told me they started getting the sats from the show, 408 00:27:49,169 --> 00:27:51,929 and now they're into Bitcoin, and they're listening. So shout out to them. 409 00:27:53,629 --> 00:27:56,669 How cool is that? You guys got one of those music. So they signed up. 410 00:27:56,729 --> 00:27:57,649 They're like, I'll try this thing. 411 00:27:57,749 --> 00:27:59,369 And they started getting these sats. They're like, well, I got to do something. 412 00:27:59,449 --> 00:28:01,529 I got to figure out what this is. Now they're listening to the show, 413 00:28:01,589 --> 00:28:02,269 and they're getting into Bitcoin. 414 00:28:02,909 --> 00:28:05,309 That's pretty amazing. That's pretty amazing. Thank you, everybody, 415 00:28:05,329 --> 00:28:08,769 who supported the music at the end of the show. You're making a difference. 416 00:28:08,789 --> 00:28:10,309 I've heard from multiple artists now. 417 00:28:12,029 --> 00:28:19,129 Oh, oh my God. I did not plan this. I did not plan this. I am not kidding you. This is incredible. 418 00:28:19,969 --> 00:28:25,289 Sir TJ the Raffle comes in with 3,333 sats. Make it so. I pulled this. 419 00:28:25,469 --> 00:28:27,349 I did not see this. I did not plan this. 420 00:28:27,729 --> 00:28:31,189 Sir TJ the Raffle writes, found your podcast because I saw the sats coming in 421 00:28:31,189 --> 00:28:32,109 from some of your episodes. 422 00:28:32,369 --> 00:28:35,549 Thanks for supporting Value for Value Music. Your show is helping me learn as 423 00:28:35,549 --> 00:28:39,189 I recently, also with the help of Chad F, shout out to Chad F, 424 00:28:39,769 --> 00:28:42,209 built and dode, for the band, Dorfels. 425 00:28:42,389 --> 00:28:46,109 I feel like a newbie. I feel like the newbie. I like the newbie corners. Thanks again. 426 00:28:46,349 --> 00:28:49,149 Oh my God, that's so awesome. Jeez, that's great. 427 00:28:50,389 --> 00:28:54,009 End the show right there. End the show. That is so great. 428 00:28:54,549 --> 00:28:57,449 Well, thank you, TJ the Raffle. It is really great to hear from you. 429 00:28:57,649 --> 00:29:00,049 And I'm really impressed that you set up a note. 430 00:29:00,529 --> 00:29:04,569 Did you use AlbiHub? I'm betting, maybe? Because I think Podcast Guru, 431 00:29:04,729 --> 00:29:07,349 right? That connects to AlbiHub, and that's your client of choice. 432 00:29:08,209 --> 00:29:11,549 Congratulations. Welcome to the jungle. And I hope we can be helpful. 433 00:29:11,669 --> 00:29:13,209 If you have any questions, please do boost them in. 434 00:29:13,609 --> 00:29:16,729 And I will do more newbie corners. That's really great. 435 00:29:18,669 --> 00:29:24,169 I mean, how great is that? Oppie1984 comes in with 4,000 stats. Never tell me the odds. 436 00:29:24,829 --> 00:29:27,729 Plus one for having the price stats at the end. It gives the data for those 437 00:29:27,729 --> 00:29:30,949 of us who want it. And it's out of the way for those like me who aren't interested. 438 00:29:31,269 --> 00:29:33,709 Thanks for the breakdown of the Satoshi documentary. 439 00:29:34,089 --> 00:29:37,289 I'm in the camp that prefers not to know who Satoshi is. So I wasn't really 440 00:29:37,289 --> 00:29:41,089 interested in watching. But your breakdown made me decide to never give it a chance. 441 00:29:43,329 --> 00:29:46,909 Probably fair take, Opi. Probably a fair take. Yeah, so I am planning to do 442 00:29:46,909 --> 00:29:51,009 stats. We'll see how that goes. I'm going to give like a rough version of it today. 443 00:29:52,408 --> 00:29:55,308 I don't know. We'll see. Stay tuned to the end of the show for that. 444 00:29:55,628 --> 00:29:58,928 Thank you, everybody, who boosts in. We do have the 2,000 SAT cutoff just for 445 00:29:58,928 --> 00:30:01,168 time in the show, but we got a bunch of other boosts from other folks. 446 00:30:01,628 --> 00:30:04,948 In fact, we stacked quite a bit this week. I mean, we didn't stack, 447 00:30:05,068 --> 00:30:06,308 but we had... Well, actually, we did. 448 00:30:06,948 --> 00:30:09,128 Altogether, it's pretty good. I should just say it's pretty good. 449 00:30:09,288 --> 00:30:13,488 We had 15 boosters, not bad, and we had 31 folks streaming SATs as they listen. 450 00:30:13,948 --> 00:30:17,648 So the SAT streamers... You can tell me I'm excited. I am excited. 451 00:30:17,648 --> 00:30:23,488 The sat streamers streamed in 55,000 sats right on the nose when I ran this report. 452 00:30:23,788 --> 00:30:27,108 So that's pretty cool. And then when you combine that with everybody that sent 453 00:30:27,108 --> 00:30:34,728 in a message, we stacked a grand total of 368,377 sats. 454 00:30:41,748 --> 00:30:45,588 Thank you, everybody who supports the show through a boost or by using our affiliate 455 00:30:45,588 --> 00:30:48,508 links. I really appreciate it. It's what's keeping the show on the road right now. 456 00:30:48,768 --> 00:30:52,848 And these boosts are absolutely a vital part of the show. They really have been 457 00:30:52,848 --> 00:30:55,188 helping shape the show and inform the show and your commentary. 458 00:30:55,748 --> 00:30:58,728 It's such a great community out there. So thank you, everybody who participates. 459 00:30:58,828 --> 00:31:00,608 If you'd like to, you just need a new podcast app. 460 00:31:01,388 --> 00:31:07,468 Podcast Guru, Podverse, Cast-O-Matic, and Fountain FM make it all really easy to get started. 461 00:31:07,688 --> 00:31:10,568 I'd say Fountain FM is probably right there at the top of easy to get started. 462 00:31:10,668 --> 00:31:14,628 But man, if you're hardcore, you can go all the way to Boost CLI with your own node, buddy. 463 00:31:15,228 --> 00:31:19,788 You can absolutely do it either way i just love hearing from you and i love 464 00:31:19,788 --> 00:31:23,328 the support really appreciate it there is a contact form somewhere on the site 465 00:31:23,328 --> 00:31:26,628 i don't mention it often but i'll give it a plug right there too if you go to 466 00:31:26,628 --> 00:31:28,848 thisweekinbitcoin.com you'll find that. 467 00:31:29,840 --> 00:31:39,920 Music. 468 00:31:39,769 --> 00:31:44,789 Like I mentioned, we're about 14 days away, trading days, trading days away from the election. 469 00:31:45,329 --> 00:31:50,529 And Bitcoin has once again come up in politics, but this time it is state politics. 470 00:31:50,849 --> 00:31:56,969 I think this is a fascinating moment in history for Bitcoin and for crypto in general. 471 00:31:57,229 --> 00:32:03,649 It is a really, really mainstream topic all of a sudden. 472 00:32:03,809 --> 00:32:07,469 And I cannot believe the words are even coming out of my mouth. 473 00:32:07,469 --> 00:32:09,989 And it's notable that's happening at the state level. 474 00:32:10,529 --> 00:32:13,769 So I think his name is John. Yeah, John Deaton. He's a Republican candidate. 475 00:32:13,909 --> 00:32:16,309 He's going after Liz Warren's U.S. Senate seat. 476 00:32:16,889 --> 00:32:21,729 And he slammed the incumbent senator in their first debate for her anti-crypto 477 00:32:21,729 --> 00:32:23,649 army. It was one of his key points of attack. 478 00:32:24,289 --> 00:32:28,569 He came in swinging. Fine by party. 479 00:32:28,769 --> 00:32:33,289 You notice it's Democrats are great. Republicans are bad. I got news for you, Senator. 480 00:32:33,669 --> 00:32:37,409 All of you suck in Congress. All of you. It's a broken system. 481 00:32:37,669 --> 00:32:42,149 I'm disrupting that system. He actually shocked her with that comment, 482 00:32:42,269 --> 00:32:45,369 but let's focus on the Bitcoin angle of this debate. 483 00:32:45,729 --> 00:32:50,349 I grabbed a little bit of that so we can get into it because Elizabeth Warren 484 00:32:50,349 --> 00:32:54,809 has been one of the key architects behind Operation Chokepoint 2.0. 485 00:32:54,809 --> 00:33:00,349 Well, Liz Warren has been steadily working to hurt the crypto industry, 486 00:33:00,349 --> 00:33:04,369 and I believe we've talked about it before and linked to sources. 487 00:33:05,309 --> 00:33:07,189 Building the groundwork for a CBDC. 488 00:33:07,789 --> 00:33:14,069 If I were going to just wager, and this is my opinion now, my wager is that 489 00:33:14,069 --> 00:33:17,509 Warren is simply trying to slow down the crypto industry long enough for a CBDC 490 00:33:17,509 --> 00:33:18,889 to get off its feet. Yeah. 491 00:33:19,370 --> 00:33:24,510 And she has been very anti-crypto. She has been working hand in glove with Gary, 492 00:33:25,050 --> 00:33:28,850 the White House, the Treasury Department, and others in the Justice Department, 493 00:33:28,890 --> 00:33:33,530 and in, of course, her staff, to attack crypto companies and Bitcoin mining 494 00:33:33,530 --> 00:33:38,870 companies and Bitcoin companies using legal shenanigans instead of regulations. 495 00:33:39,250 --> 00:33:43,390 Using tricks and ways to put them out of business, much like the Obama administration 496 00:33:43,390 --> 00:33:46,830 did with Operation Chokepoint 1.0 for companies they didn't like. 497 00:33:46,830 --> 00:33:52,230 And so finally, finally, she at least has to pay somewhat of a price for that. 498 00:33:52,390 --> 00:33:55,210 And it happened last night in the debate with Deaton. 499 00:33:55,450 --> 00:34:01,250 To the WBZ Boston Globe U.S. Senate debate, John Keller alongside Victoria McGrane of the Globe. 500 00:34:01,850 --> 00:34:05,930 Mr. Deaton, you'll go first on this one. You two take a very different view 501 00:34:05,930 --> 00:34:07,910 of the cryptocurrency industry. 502 00:34:08,210 --> 00:34:13,550 Senator Warren says she wants to build a, quote, anti-crypto army to rein in 503 00:34:13,550 --> 00:34:17,630 what she calls crypto's threat to financial stability. consumer protection, 504 00:34:18,050 --> 00:34:19,670 climate and national security. 505 00:34:19,890 --> 00:34:25,270 You have criticized her and federal authorities for what you claim is overly 506 00:34:25,270 --> 00:34:29,090 aggressive regulation of crypto. What's the right balance? 507 00:34:29,390 --> 00:34:32,410 One minute. Well, listen, I want everyone to know when I found Bitcoin, 508 00:34:32,410 --> 00:34:36,110 I thought of my mom because my mom was on welfare and food stamps. 509 00:34:36,110 --> 00:34:40,350 And she couldn't keep a bank account because she couldn't keep the minimum balance. 510 00:34:40,350 --> 00:34:43,690 And the bank would hit her with the predatory fees. And we needed that money. 511 00:34:43,690 --> 00:34:47,870 And then she had to go to the check cashing stores that you see in the hood 512 00:34:47,870 --> 00:34:49,630 and they would charge her a fee. 513 00:34:49,750 --> 00:34:54,050 My mom would beg them, please, can you take less so that we have the money for food? 514 00:34:54,290 --> 00:34:57,230 And then when I went to college and I would send her money from college, 515 00:34:57,350 --> 00:35:01,910 I used Western Union and Western Union would take 15%. It made a difference. 516 00:35:02,070 --> 00:35:05,810 So when Bitcoin came, I was like, great, you could cut out the predatory banks 517 00:35:05,810 --> 00:35:10,310 and the middlemen and the money grams of Western Unions and you could help unbanked 518 00:35:10,310 --> 00:35:13,450 people like my mom. It's a bit of a cliche. 519 00:35:14,428 --> 00:35:17,048 It's definitely a hard debate tactic to go hard on the mom here, 520 00:35:17,068 --> 00:35:22,748 but I think you need to keep in mind that it's a re-explanation of crypto from 521 00:35:22,748 --> 00:35:25,448 a different perspective to a potentially skeptical audience. 522 00:35:25,948 --> 00:35:30,168 And so in that regard, it's probably the right message for the setting. 523 00:35:30,488 --> 00:35:35,068 But the better question here is for Senator Warren with illegal immigration 524 00:35:35,068 --> 00:35:36,448 bankrupting this state, 525 00:35:36,768 --> 00:35:40,828 with inflation pricing regular people out of economy, with a debt crisis where 526 00:35:40,828 --> 00:35:44,268 40% of the people don't have 500 bucks in case of an emergency, 527 00:35:44,488 --> 00:35:46,348 with foreign wars taking place, 528 00:35:46,608 --> 00:35:50,208 why did this senator wake up one day and say, with all that, 529 00:35:50,408 --> 00:35:54,048 I'm going to build an anti-crypto army because crypto is so important to her? 530 00:35:54,408 --> 00:35:56,588 That's a question that she needs to answer. 531 00:35:57,168 --> 00:36:00,148 Thank you. Senator, one minute. So, look, I'm fine. 532 00:36:00,268 --> 00:36:03,268 People want to buy and sell crypto. That's great. I just want to make sure that 533 00:36:03,268 --> 00:36:07,328 crypto has to follow the same rules as every bank, every stockbroker, 534 00:36:07,488 --> 00:36:12,088 every credit union, and that is some consumer protection laws and some laws 535 00:36:12,088 --> 00:36:18,748 to make sure that it's not open for terrorists and drug traffickers and human traffickers in Iran. 536 00:36:18,988 --> 00:36:23,908 So that's what I want. But I want to be really clear about what's really at issue here. 537 00:36:24,248 --> 00:36:31,908 And that is... Before she goes on, I think why I dislike this woman so much is because how she lies. 538 00:36:32,268 --> 00:36:36,308 She lies with a voice where she sounds like she's doing it to help you. 539 00:36:36,968 --> 00:36:41,748 Sort of like a teacher tone or a motherly tone that's disappointed maybe a little bit. 540 00:36:42,628 --> 00:36:46,148 She plays, oh, I just want them to follow the same rules. I just want them to 541 00:36:46,148 --> 00:36:48,088 follow. And I don't want terrorists to have access to it. 542 00:36:48,748 --> 00:36:52,828 But we have demonstrated over and over again how far that is from the truth. 543 00:36:53,428 --> 00:36:58,408 How far she has made her entire, well, like the last two years. 544 00:36:59,800 --> 00:37:05,960 Like the tentpole of her entire campaign, her brand, and every focus in every 545 00:37:05,960 --> 00:37:08,960 Senate hearing that she's been in has all been about crypto. 546 00:37:09,420 --> 00:37:12,800 And then when she comes out here, I think it's extremely telling that she's 547 00:37:12,800 --> 00:37:13,800 trying to downplay that. 548 00:37:13,980 --> 00:37:17,920 I think that tells us how much the Overton window has shifted. 549 00:37:18,120 --> 00:37:21,200 The fact that she's trying to downplay her involvement as much as she is. 550 00:37:22,340 --> 00:37:27,120 Well, that's significant because there could be a version of Liz where she's out here tough. 551 00:37:27,120 --> 00:37:31,960 I'm the top cop on the crypto beat and I'm cracking down on scams and I'm helping 552 00:37:31,960 --> 00:37:34,940 American people because I'm preventing them from getting hoot winked. Right. 553 00:37:35,080 --> 00:37:40,900 That could there could have been a version of her where she is much more like hawkish in a sense. 554 00:37:41,000 --> 00:37:43,540 But she's coming in very dovish about her crypto policies. 555 00:37:43,680 --> 00:37:48,660 And for terrorists and drug traffickers and human traffickers in Iran. 556 00:37:48,920 --> 00:37:53,260 So that's what I want. But I want to be really clear about what's really at 557 00:37:53,260 --> 00:37:57,920 issue here. And that is, who are you going to represent in Washington? 558 00:37:58,260 --> 00:38:04,420 There's one candidate standing here who gets 90% of the funding to keep their 559 00:38:04,420 --> 00:38:08,200 campaign going from one industry, the crypto industry. 560 00:38:08,440 --> 00:38:16,800 One candidate who has said quite openly that his personal worth is 80% tied up in crypto. 561 00:38:17,100 --> 00:38:21,260 Look, people of Massachusetts know me. You know I fight for everybody, 562 00:38:21,560 --> 00:38:26,920 fight for working people. There she is again, gaslighting the line. She works for the banks. 563 00:38:27,360 --> 00:38:30,680 And that's what makes it so insidious. She works for the banks. 564 00:38:31,420 --> 00:38:36,080 Jamie Dimon is her buddy. They pre-coordinate on Senate hearings. They script it all out. 565 00:38:36,720 --> 00:38:38,940 She doesn't work for the people. That's why I can't stand it. 566 00:38:38,940 --> 00:38:42,920 Now, her point, and she just makes it over and over and over again, 567 00:38:43,080 --> 00:38:47,520 is that 90% of his campaign funding has come from crypto. He holds crypto. 568 00:38:47,980 --> 00:38:49,940 Well, what do you expect? 569 00:38:50,420 --> 00:38:54,940 When you have launched Operation Chokepoint 2.0 and are destroying an industry, 570 00:38:55,560 --> 00:38:59,620 you incentivize that industry to organize against you. 571 00:39:00,060 --> 00:39:05,760 This is the reaction. When you do something in politics, there's always a counter reaction. 572 00:39:06,420 --> 00:39:09,980 You created the very monster that's now going after you. 573 00:39:10,520 --> 00:39:16,180 They're funding him because he's a crypto lawyer. He's done work for the Ripple folks. 574 00:39:16,500 --> 00:39:21,680 He holds crypto and he's willing to fight you. That's why they're funding him. 575 00:39:22,584 --> 00:39:28,604 It's life or death for them. And it's ironic because the big crypto backers 576 00:39:28,604 --> 00:39:32,284 of Deaton are also backers of Kamala Harris. 577 00:39:32,464 --> 00:39:38,384 So while she is casting all of these doubts on him for being backed by these insidious, 578 00:39:38,604 --> 00:39:47,024 mysterious crypto backers, those same exact individuals are donating to the 579 00:39:47,024 --> 00:39:48,104 vice president's campaign. 580 00:39:48,104 --> 00:39:54,024 If John Deaton has a chance to go to Washington, his crypto buddies are going 581 00:39:54,024 --> 00:39:56,404 to want a return on their investment. 582 00:39:56,644 --> 00:40:00,484 He's going to be there to fight for crypto. The return on their investment is 583 00:40:00,484 --> 00:40:02,884 you losing. Not likely, by the way, I'm going to point out. 584 00:40:03,084 --> 00:40:06,084 Not very likely, but that would be the return on their investment. 585 00:40:06,264 --> 00:40:12,864 But even even if he doesn't win, he has forced you to come back to the middle on this topic. 586 00:40:13,004 --> 00:40:17,364 So they're likely better off even if he doesn't win. They've already got what 587 00:40:17,364 --> 00:40:19,044 they wanted from their investment. 588 00:40:19,404 --> 00:40:22,564 Senator Warren never lets the truth get in the way. If you actually look what 589 00:40:22,564 --> 00:40:26,744 I did, I've upset more crypto billionaires because I did her job. 590 00:40:26,744 --> 00:40:31,724 She sits on the banking committee. I exposed all this regulatory capture by 591 00:40:31,724 --> 00:40:37,104 former SEC chair, by the way, appointed by Donald Trump, and Bill Hinman appointed 592 00:40:37,104 --> 00:40:39,044 by Donald Trump's administration. 593 00:40:39,164 --> 00:40:40,944 There was an IG report. 594 00:40:41,104 --> 00:40:45,664 I'm responsible for a lot of that, of these conflicts. So I've upset more of 595 00:40:45,664 --> 00:40:47,344 the crypto billionaires than anyone. 596 00:40:47,864 --> 00:40:51,064 I don't know. We don't need to get into it. I don't think we need to hear the whole debate. 597 00:40:51,264 --> 00:40:55,684 I just think it's fast. They go on and they go on. And the key piece of their 598 00:40:55,684 --> 00:41:01,184 disagreement is he comes down to a, I just think, a great line. 599 00:41:01,184 --> 00:41:05,384 He says, I wish Senator Warren attacked inflation the way she attacks crypto. 600 00:41:06,304 --> 00:41:09,924 I think that was a great line. I think he nailed it there. And I don't know 601 00:41:09,924 --> 00:41:15,424 if he's going to win, but I think he has at least it's it's just it was maybe 602 00:41:15,424 --> 00:41:18,744 one of the last pieces we needed. Right. Because Gary Gensler is probably on his way out. 603 00:41:19,344 --> 00:41:24,164 Both campaigns have said pro Bitcoin or pro crypto things to some degree. 604 00:41:25,393 --> 00:41:29,853 Now we really need Liz out. And if we can't get her out, what we need her to 605 00:41:29,853 --> 00:41:36,073 do is walk back, maybe turn, maybe throw, throw up the white flag and give up on the crypto war. 606 00:41:36,213 --> 00:41:39,613 I don't know if it's possible, but I feel like it's more possible now than ever. 607 00:41:45,493 --> 00:41:52,893 So the Trump coin launched and it didn't go great. A rough start for former 608 00:41:52,893 --> 00:41:55,473 President Donald Trump's new crypto project. 609 00:41:56,553 --> 00:42:00,733 Mackenzie Cigalos joins us now with more. Good morning. Hey, good morning, Joe. 610 00:42:01,333 --> 00:42:04,293 World Liberty Financial, which aspires to be a sort of crypto bank, 611 00:42:04,473 --> 00:42:06,113 launched its token sale on Tuesday. 612 00:42:06,273 --> 00:42:09,953 But the project's website suffered regular and lengthy outages for much of the 613 00:42:09,953 --> 00:42:12,413 day, contributing to a limited number of sales. 614 00:42:12,653 --> 00:42:16,573 The team had said that well over 100,000 people were on the white list to invest. 615 00:42:16,573 --> 00:42:20,193 But blockchain data shows less than nine percent of the total number of people 616 00:42:20,193 --> 00:42:25,793 who registered actually hold the WLFI token in a roadmap given to prospective investors. 617 00:42:26,073 --> 00:42:29,593 The project's co-founders said that they were looking to raise 300 million dollars 618 00:42:29,593 --> 00:42:33,433 at a one point five billion dollar valuation in this initial sale. 619 00:42:33,653 --> 00:42:39,093 So far, it's sold around seven hundred and seventy million tokens at one point five cents per coin. 620 00:42:39,213 --> 00:42:43,593 That is less than four percent of the 20 billion tokens made available for public sale. 621 00:42:44,913 --> 00:42:46,553 Now, that's not the worst part. 622 00:42:48,513 --> 00:42:53,273 Check this out. And amounts to $11.4 million, so there are still a ways to go 623 00:42:53,273 --> 00:42:55,733 to make it to that $300 million fundraising goal. 624 00:42:55,893 --> 00:43:00,113 I did reach out to the World Liberty team for comment on the launch and haven't heard back yet. 625 00:43:00,333 --> 00:43:04,553 Now, the actual crypto bank that is connected to this token is not live yet. 626 00:43:04,693 --> 00:43:07,693 It only just begun the process of getting approved about a week ago. 627 00:43:07,693 --> 00:43:11,093 And until that platform gets voted on and cleared for launch, 628 00:43:11,233 --> 00:43:14,833 all that money being raised right now will just sit in the project's treasury. 629 00:43:17,173 --> 00:43:22,673 So the early buyers are getting like issued paper tokens, I guess. I don't know. 630 00:43:23,173 --> 00:43:25,293 And it's just sitting in their bank account right now. 631 00:43:26,150 --> 00:43:30,870 In a Spaces event on X, the project's co-founder said 100,000 customers had been whitelisted. 632 00:43:31,250 --> 00:43:34,790 As we just heard there, only a small percentage have actually been issued any kind of token. 633 00:43:35,090 --> 00:43:39,850 So, man, to have the website crash and stuff like that go down, 634 00:43:39,850 --> 00:43:44,790 I guess it's not totally unexpected. But you would hope that the crew would 635 00:43:44,790 --> 00:43:46,250 have done a little bit better of a job. 636 00:43:46,350 --> 00:43:48,870 I think it is indicative of where this thing is going to go. 637 00:43:49,570 --> 00:43:53,210 And where it goes is probably not up for too long. 638 00:43:54,170 --> 00:43:58,270 Could be wrong. All right, let's do some updates, starting with Craig Wright. 639 00:43:58,890 --> 00:44:04,230 The fake Toshi has filed a lawsuit against Bitcoin Core and Square. 640 00:44:04,690 --> 00:44:08,890 The UK High Court case tracker indicates that Craig Wright is representing himself 641 00:44:08,890 --> 00:44:10,710 in this, which sounds hilarious. 642 00:44:11,050 --> 00:44:13,730 He filed a lawsuit on October 10th. According to the documents, 643 00:44:13,870 --> 00:44:18,350 he accuses Bitcoin Core and Square of falsely presenting Bitcoin as the genuine 644 00:44:18,350 --> 00:44:22,030 version of the cryptocurrency, including the use of the BTC ticker. 645 00:44:22,030 --> 00:44:27,550 He's suing for nearly a trillion dollars because he believes that the, 646 00:44:28,010 --> 00:44:31,070 I believe, from what I can understand, it's hard to even understand it. 647 00:44:31,370 --> 00:44:36,370 He thinks that by them stealing the brand of Bitcoin and the Bitcoin ticker, 648 00:44:36,550 --> 00:44:39,190 they have stolen the market cap of Bitcoin. 649 00:44:39,730 --> 00:44:44,190 And so therefore, he's owed basically nearly the market cap of Bitcoin, 650 00:44:44,390 --> 00:44:47,270 which is above a trillion dollars. He's just crazy. 651 00:44:47,450 --> 00:44:49,670 And the fact that he's going to represent himself should be really wild. 652 00:44:49,670 --> 00:44:51,270 That should be something to just keep an eye on. 653 00:44:51,750 --> 00:44:54,650 I don't know how much signal is going to be there, but I'm watching it. 654 00:44:55,830 --> 00:45:01,010 The mayor of a Texas town called Rockdale says the Bitcoin mining has saved the town's economy. 655 00:45:01,150 --> 00:45:04,970 That's a nice little story to hear after we had a recent story about a town 656 00:45:04,970 --> 00:45:07,450 having issues with the noise made from a Bitcoin mine. 657 00:45:07,650 --> 00:45:11,770 Well, the mayor of Rockdale says that it's a totally different story out there. 658 00:45:12,470 --> 00:45:18,130 See, it all happened shortly ago when a plant that had been running since 1952, 659 00:45:18,290 --> 00:45:21,070 which was really the backbone of Rockdale's economy for decades, 660 00:45:21,350 --> 00:45:24,290 provided jobs and, of course, tax revenue. It shut down. 661 00:45:24,710 --> 00:45:27,790 When it closed, hundreds of jobs just vanished. 662 00:45:28,290 --> 00:45:32,050 Families had to leave the town. The town's tax base absolutely crumbled. 663 00:45:32,790 --> 00:45:36,310 Services, parks, schools suffered massively. 664 00:45:36,930 --> 00:45:40,710 The town was really at rock bottom. And their fortunes completely changed around, 665 00:45:40,850 --> 00:45:43,490 according to the mayor, when Bitcoin came into the picture. 666 00:45:43,810 --> 00:45:46,870 Because the same energy infrastructure that was left behind by that old plant, 667 00:45:47,350 --> 00:45:49,230 well, it was the perfect setup for Bitcoin mining. 668 00:45:49,390 --> 00:45:53,150 And the mayor was skeptical at first. Mayor Ward wrote him, said, 669 00:45:53,350 --> 00:45:55,770 well, quote, I wasn't sure about these miners. 670 00:45:56,430 --> 00:46:00,850 Are they here to stay? Is Bitcoin even real, he asked. He had doubts. 671 00:46:01,950 --> 00:46:05,670 But time went on. In a town that had lost its main economic driver, 672 00:46:05,670 --> 00:46:08,490 these Bitcoin miners came in, they set up shop, they started creating jobs. 673 00:46:09,010 --> 00:46:10,470 Hundreds of people got employed. 674 00:46:11,270 --> 00:46:15,230 Residents got an opportunity to actually start earning money without having to leave Rockdale. 675 00:46:15,750 --> 00:46:19,570 Tax revenue started going up. The mining companies also, to sweeten the deal, 676 00:46:19,670 --> 00:46:20,990 poured a billion into the town. 677 00:46:21,982 --> 00:46:26,142 They became the biggest taxpayer in the entire county. So they're now the biggest 678 00:46:26,142 --> 00:46:28,642 payer for the local school district and other public services. 679 00:46:29,162 --> 00:46:32,942 And then the Bitcoin companies also donated to local causes, 680 00:46:33,242 --> 00:46:37,822 scholarships, police and fire departments. They sponsored community events. 681 00:46:38,002 --> 00:46:39,942 They backed the annual Christmas tree lighting. 682 00:46:40,402 --> 00:46:45,222 I mean, they really came in and kind of wined and dined this town and won them over. 683 00:46:45,402 --> 00:46:50,002 So we hear stories of like towns that are being terrorized by fan noise. 684 00:46:50,402 --> 00:46:56,262 And now we hear stories of towns getting completely turned around by good, clean Bitcoin mining. 685 00:46:56,882 --> 00:46:59,282 Jobs that, you know, they go into these people, we shouldn't even call them, 686 00:46:59,362 --> 00:47:01,462 they're Bitcoin producing outfits, data centers. 687 00:47:02,102 --> 00:47:06,022 These employees show up in a clean environment. It's safe. It's not like mining. 688 00:47:06,362 --> 00:47:09,142 It's not like an actual factory. It's so much safer. It's a cleaner job. 689 00:47:09,142 --> 00:47:11,662 It's a good job. It's healthy. It's great for the economy. 690 00:47:12,262 --> 00:47:15,542 It's a really good story. I'll put a couple of links in the show notes if you want to check it out. 691 00:47:16,122 --> 00:47:21,762 And then our last update of the week is Zeus. Zeus version 0.9.1 is out. 692 00:47:22,122 --> 00:47:27,722 Don't sleep on Zeus Wallet, even if you just use it to connect to your existing node or Albi. 693 00:47:28,142 --> 00:47:32,882 It's so fantastic. And 9.1 has a few really nice features in there, 694 00:47:33,142 --> 00:47:37,002 including some improvements for on-chain spending and finding transactions. 695 00:47:37,802 --> 00:47:43,842 Some improvements around managing your UTXOs, sort of relevant for today's episode, 696 00:47:44,062 --> 00:47:47,142 and support for Bolt 11 blinded paths now. 697 00:47:47,342 --> 00:47:49,462 As well as an interesting feature which I haven't got to play with, 698 00:47:49,542 --> 00:47:52,602 but linked. So if you have contacts in Zeus, like you're gonna send money to 699 00:47:52,602 --> 00:47:56,922 somebody, you got a channel to them, it'll show your channel capacity and status 700 00:47:56,922 --> 00:47:59,942 in your contact view. I wanna play with that, I haven't seen that yet. 701 00:48:00,482 --> 00:48:04,182 And then they're always slightly, like just adding one or two features for their 702 00:48:04,182 --> 00:48:06,022 point of sale mode, which is 703 00:48:06,022 --> 00:48:08,582 another really cool feature of Zeus that my wife might start using soon. 704 00:48:09,262 --> 00:48:11,642 And they keep making little tweaks to that to make it even better. 705 00:48:12,122 --> 00:48:15,942 And Zeus is just a fantastic wallet. So shout out to them. It's great to see another update out. 706 00:48:17,200 --> 00:48:27,760 Music. 707 00:48:28,365 --> 00:48:33,345 I'm not a very political person. I actually prefer to look at the economics of things. 708 00:48:33,525 --> 00:48:38,385 And I think a lot of political narratives derive from the actual economic realities on the ground. 709 00:48:38,645 --> 00:48:44,285 And so I think in a way you can kind of rise above party politics and kind of look at the numbers. 710 00:48:45,005 --> 00:48:49,505 And this week I wanted to look at the voter numbers behind crypto holders. 711 00:48:49,665 --> 00:48:52,025 Because we've been hearing throughout this whole U.S. election cycle, 712 00:48:52,085 --> 00:48:54,765 and I would imagine this is probably similar in other countries, 713 00:48:55,485 --> 00:49:00,385 crypto holders are a voter block now. and they are a relevant voter block. 714 00:49:00,665 --> 00:49:05,645 Well, perhaps. Perhaps that is true. I've been looking for data and I've got 715 00:49:05,645 --> 00:49:10,005 some information from two different sources this week that kind of speak to 716 00:49:10,005 --> 00:49:14,385 how relevant the crypto holder is in elections. 717 00:49:15,760 --> 00:49:21,040 Music. 718 00:49:20,925 --> 00:49:26,785 Yeah! Half of all U.S. voters support pro-crypto policies according to software 719 00:49:26,785 --> 00:49:29,685 company ConsenSys and polling from HarrisX. 720 00:49:29,885 --> 00:49:34,085 The poll found that 49% of voters are in favor of crypto, and of those, 721 00:49:34,365 --> 00:49:40,285 13% are actually open to crossing party lines for favorable crypto policies on the other side. 722 00:49:40,605 --> 00:49:45,665 And an overwhelming majority, 92% of crypto owners, do plan to vote in November. 723 00:49:45,805 --> 00:49:49,485 That's an interesting stat. 92% of them plan to vote. So Coinbase also looked 724 00:49:49,485 --> 00:49:51,965 at this, and they didn't really give us a source on all their data, but... 725 00:49:53,220 --> 00:49:57,080 They gave me some information. So Coinbase looked at the 2020 election data 726 00:49:57,080 --> 00:50:00,320 and their user base stats and God knows what else. 727 00:50:00,880 --> 00:50:04,920 And they then just took a look particularly at the swing states. 728 00:50:05,200 --> 00:50:07,920 And it turns out the swing states are loaded with crypto holders. 729 00:50:08,660 --> 00:50:12,800 Michigan and Pennsylvania stand out as the largest bag holders out there. 730 00:50:12,880 --> 00:50:14,900 I'll put a link to Coinbase's numbers. 731 00:50:15,640 --> 00:50:19,620 I don't know if I trust them 100%, but they seem pretty significant. 732 00:50:20,460 --> 00:50:24,480 It feels like we're just short, you know, a couple episodes away really from 733 00:50:24,480 --> 00:50:28,080 finding out. It's just shortly, shortly going to have the answer to this. 734 00:50:28,880 --> 00:50:31,740 I don't know. I don't need to cover it much, but I just think as we get close, 735 00:50:31,840 --> 00:50:33,600 it's interesting to take a look at it right now. 736 00:50:33,720 --> 00:50:37,940 Now, as we wrap up, I'll give a little mention to the Bitcoin stats. 737 00:50:38,100 --> 00:50:43,260 I'll figure out a nice formal segment for this. But the Bitcoin price is $67,904. 738 00:50:44,240 --> 00:50:49,360 Sats to USD, 1,473 sats to 1 USD. 739 00:50:49,940 --> 00:50:56,540 And we are currently, as I wrap the show, at block height 865,945. 740 00:50:57,160 --> 00:51:01,240 The Bitcoin network chugs right along. Links to what we talked about are at 741 00:51:01,240 --> 00:51:02,960 thisweekinbitcoin.show. 742 00:51:03,100 --> 00:51:06,220 Please do boost in. Tell me what you'd like to hear from the show or any feedback 743 00:51:06,220 --> 00:51:09,820 or thoughts the show got, you know, brewing in your little brain. I don't know. 744 00:51:10,260 --> 00:51:12,240 Maybe your big brain. Share that too. 745 00:51:12,720 --> 00:51:16,060 I just love it if you share the show with somebody as well, if you think it's 746 00:51:16,060 --> 00:51:19,520 useful to help them figure out what's going on in the wider marketplace or maybe 747 00:51:19,520 --> 00:51:21,660 how to manage their things, all of that stuff. 748 00:51:22,260 --> 00:51:24,200 I could sit here and list all the reasons why I want people to listen. 749 00:51:24,480 --> 00:51:26,640 I just think the show could be useful. If you know somebody it could be useful 750 00:51:26,640 --> 00:51:28,160 for, share the show with them. 751 00:51:28,260 --> 00:51:31,320 Send them to ThisWeekinBitcoin.show or maybe send them your favorite episode. 752 00:51:31,740 --> 00:51:34,920 And I'd also love for this to be the number one Bitcoin news podcast for the 753 00:51:34,920 --> 00:51:38,500 Jupiter Broadcasting community and the wider podcasting 2.0 community. 754 00:51:38,640 --> 00:51:40,420 So your boost also helped put us up there on those charts. 755 00:51:40,660 --> 00:51:44,680 And that's why I love to also feature a value-for-value track every single week. 756 00:51:44,800 --> 00:51:48,320 And this week, it's one of my all-time favorites. It's 4 a.m. 757 00:51:48,460 --> 00:51:49,740 Forever by Curtis Drums. 758 00:51:50,960 --> 00:54:03,991 Music.