1 00:00:00,017 --> 00:00:03,357 By the way, Michael Saylor and MicroStrategy, I wouldn't question that guy. 2 00:00:03,457 --> 00:00:04,477 Thank you. He's gotten it right. 3 00:00:05,437 --> 00:00:10,117 Yes. I mean, say what you want. MSTR, MicroStrategy stock up, 4 00:00:10,177 --> 00:00:13,177 obviously, sharply because it is essentially a proxy for Bitcoin. 5 00:00:13,917 --> 00:00:17,417 Hello. And he's, what, selling another $600 million worth of... 6 00:00:17,417 --> 00:00:19,197 He's getting converted to buy more. 7 00:00:19,757 --> 00:00:23,197 Always good to tell ahead of time that you're buying the biggest order so you 8 00:00:23,197 --> 00:00:25,417 get a nice price. Hey, guy's been right. 9 00:00:25,777 --> 00:00:28,537 Yep. It's better to be lucky than good, my friend. 10 00:00:28,400 --> 00:00:39,920 Music. 11 00:00:39,717 --> 00:00:43,997 Hello and welcome into episode two of This Week in Bitcoin. Oh, 12 00:00:43,997 --> 00:00:46,637 it's just a baby and I'm so glad you're here. My name is Chris. 13 00:00:47,137 --> 00:00:50,597 Yeah, I'll get into why Jim Cramer is salty there. He's just been a hot mess 14 00:00:50,597 --> 00:00:54,597 recently, but we don't have to talk about that right now. 15 00:00:54,657 --> 00:00:58,037 I want to start with some seriously high signal I've been picking up from the 16 00:00:58,037 --> 00:00:59,797 Bitcoin community just this week. 17 00:01:00,457 --> 00:01:03,977 And what blows me away is that it's not a new idea. It's been around, 18 00:01:04,137 --> 00:01:06,797 well, forever, since the beginning of Bitcoin. 19 00:01:07,437 --> 00:01:14,417 But I guess it's kind of been clarified, and it really seemed to get new life at Bitcoin Atlantis. 20 00:01:15,257 --> 00:01:19,017 Now, that's a conference that was on Madeira Island. You might have heard about 21 00:01:19,017 --> 00:01:22,077 it because all the Bitcoin influencers were there. 22 00:01:22,197 --> 00:01:24,937 I don't mean to be disrespectful because I'm actually going to play some of their audio. 23 00:01:25,917 --> 00:01:30,257 But it was very much, you know, that kind of event. And at a big sports arena, 24 00:01:30,397 --> 00:01:34,097 which is interesting, it did look really good. 25 00:01:34,137 --> 00:01:38,097 And I was watching it from afar, you know, on the Pleb live stream. 26 00:01:38,137 --> 00:01:42,917 And I noticed a theme that came up multiple times on stage from different presenters. 27 00:01:43,037 --> 00:01:45,017 And I don't know if there was coordination or not. 28 00:01:46,814 --> 00:01:52,534 But they were all chewing on a big idea, a transition in how we think about 29 00:01:52,534 --> 00:01:56,594 the Bitcoin blockchain, from a blockchain to a time chain. 30 00:01:57,074 --> 00:02:02,754 Now, like I said, not a new idea, but it really got new life at Bitcoin Atlantis. 31 00:02:02,914 --> 00:02:08,054 And I think in part because Gigi wrote this fantastic post a while ago called Bitcoin is Time. 32 00:02:08,154 --> 00:02:12,874 And it's a chapter from their upcoming book, 21 Ways. It is really good. 33 00:02:12,914 --> 00:02:18,194 It's a barn burner. It is a must-read recommendation, like on the level of the 34 00:02:18,194 --> 00:02:20,754 Bitcoin standard, broken money, these types of reads. 35 00:02:21,494 --> 00:02:25,234 So I will put a link in the show notes because this chapter has been published for free. 36 00:02:26,234 --> 00:02:31,834 And it tries to wrap our heads around the concept that Satoshi had to create 37 00:02:31,834 --> 00:02:36,674 the ability for Bitcoin to track its own time in a decentralized, trustable way. 38 00:02:37,254 --> 00:02:42,134 It's a big idea, and it's one that Strikes Jack Mollers talked about during 39 00:02:42,134 --> 00:02:43,094 one of his presentations. 40 00:02:43,814 --> 00:02:48,534 And this is a big idea that I'd like to share with you because I see a lot of 41 00:02:48,534 --> 00:02:51,114 conversations about it right now, and I think everybody should be informed because 42 00:02:51,114 --> 00:02:53,734 this may be a very productive line of thinking, 43 00:02:53,814 --> 00:02:59,034 but to start, Jack wants you to wrap your head around just one core concept about time. 44 00:02:59,414 --> 00:03:03,094 The only thing I need you guys to know about time in this whole presentation 45 00:03:03,094 --> 00:03:10,774 is that it has a direction, hence the term arrow of time, right? 46 00:03:11,674 --> 00:03:14,574 Time has a direction. There's an arrow of time. 47 00:03:15,334 --> 00:03:20,794 All this means is that the past is different than the future. 48 00:03:20,934 --> 00:03:23,554 And this seems like an obvious statement to us humans. 49 00:03:23,754 --> 00:03:27,654 You know, we can see this in the physical world. Entropy is all around us. And I think. 50 00:03:28,711 --> 00:03:32,011 As our memories fade, we associate that with the past. 51 00:03:32,031 --> 00:03:36,951 So we almost have this inherent natural way of intuitively understanding what's 52 00:03:36,951 --> 00:03:38,451 come and thinking ahead. 53 00:03:38,891 --> 00:03:43,131 But this doesn't exist just organically in the digital world. 54 00:03:43,191 --> 00:03:44,951 This intuition doesn't exist. 55 00:03:45,391 --> 00:03:50,691 It's actually a fairly large problem to try to solve. The problem is in the 56 00:03:50,691 --> 00:03:53,191 digital world, we don't have time. 57 00:03:53,391 --> 00:03:58,211 All we have is information. information. The physical world is built of atoms 58 00:03:58,211 --> 00:04:00,331 in the universe and physical things. 59 00:04:00,611 --> 00:04:03,531 The digital world is just built of bytes of data. 60 00:04:03,931 --> 00:04:10,471 So in the digital world, the number 10, I do know the number before it and I 61 00:04:10,471 --> 00:04:13,811 do know the number after it, right? I do know the past and the future. 62 00:04:13,951 --> 00:04:21,531 If numbers were time, I wouldn't be able to know the next, the future is 11 and the past is 9, right? 63 00:04:22,011 --> 00:04:27,171 Or if I we're watching a movie. I could rewind time to the beginning scene of 64 00:04:27,171 --> 00:04:32,771 the movie, or I can fast forward time to the very end and watch how the movie ends, right? 65 00:04:32,931 --> 00:04:37,811 So the problem is in the digital world, we don't have this arrow of time. 66 00:04:38,011 --> 00:04:41,351 Now, Bitcoin doesn't need to have a perfect, perfect concept of time, 67 00:04:41,371 --> 00:04:45,511 I suppose, but it does need to have this trustable arrow, if you will. 68 00:04:45,611 --> 00:04:49,611 So it always knows that things are going in the right direction, 69 00:04:49,711 --> 00:04:50,891 and it has to be trustable. 70 00:04:50,951 --> 00:04:53,791 And we all all have to trust it if it's going to be sound money. 71 00:04:53,951 --> 00:04:57,811 Proof of work is a form of cryptographic proof in which one party proves to 72 00:04:57,811 --> 00:05:01,731 others that a certain amount of a specific computational effort has been expended. 73 00:05:02,471 --> 00:05:07,291 Verifiers can subsequently confirm this expenditure with minimal effort of their part. 74 00:05:07,451 --> 00:05:12,111 For those of you that don't know what that means, this is my version of it in Jack language. 75 00:05:12,691 --> 00:05:15,991 Proof of work is proof that you did a certain amount of work to guess a random 76 00:05:15,991 --> 00:05:20,811 number. The person verifying that can make the work as hard as they want, 77 00:05:20,951 --> 00:05:23,071 and they can verify it instantly. 78 00:05:24,131 --> 00:05:28,311 Now that's a big idea. It's hard to actually make it proved, 79 00:05:28,591 --> 00:05:30,891 but you can verify it very easily. 80 00:05:31,111 --> 00:05:34,591 And proof of work also ties Bitcoin to the real world. 81 00:05:34,731 --> 00:05:39,871 And it allows Bitcoin to establish an undisputable history of events. 82 00:05:40,551 --> 00:05:45,691 The future work is unknown, and the past work is easy to verify. 83 00:05:46,968 --> 00:05:52,068 The key to Bitcoin and Satoshi unlocking this whole thing and why we're all 84 00:05:52,068 --> 00:05:55,628 here is that he found a trustless piece of info, 85 00:05:55,728 --> 00:06:01,348 a trustless piece of data that can be produced by the physical world with atoms 86 00:06:01,348 --> 00:06:07,548 and with energy linking this universe to his digital scarce money. 87 00:06:07,748 --> 00:06:16,068 In a real way, proof of work is giving Bitcoin its verifiable arrow of time. More Satoshi quotes. 88 00:06:16,248 --> 00:06:20,428 So he writes, in this paper, we propose a solution to the double spending problem 89 00:06:20,428 --> 00:06:25,028 using a peer-to-peer distributed timestamp server to generate computational 90 00:06:25,028 --> 00:06:27,968 proof of the chronological order of transactions. 91 00:06:28,568 --> 00:06:33,808 So proof of work gives Bitcoin its arrow of time. 92 00:06:34,068 --> 00:06:38,868 And each block is essentially etching time with that proof of work. 93 00:06:38,868 --> 00:06:43,748 If you actually look at Bitcoin blocks, not to get too technical with you guys, 94 00:06:43,888 --> 00:06:48,768 but all they are, are transactions and the proof of work as a timestamp. 95 00:06:49,528 --> 00:06:55,388 Bitcoin's just a timestamp server. So Satoshi is etching time with proof of work. 96 00:06:55,608 --> 00:07:00,328 The clock is key to the entire functionality, but the difficulty adjustment 97 00:07:00,328 --> 00:07:06,828 is one of the core innovations because it's what allows the clock to stay decentralized. decentralized. 98 00:07:07,008 --> 00:07:10,488 So if Bitcoin was the same amount of difficulty, someone could get a lot of 99 00:07:10,488 --> 00:07:15,648 energy, plow it into Bitcoin, speed up Bitcoin's clock, and leave us out of consensus. 100 00:07:16,268 --> 00:07:21,248 And Satoshi talks about this. To compensate for increasing hardware speed and 101 00:07:21,248 --> 00:07:25,628 varying interest of running nodes over time, so nodes here means miners, 102 00:07:25,848 --> 00:07:30,468 the proof of work difficulty is determined by a moving average targeting an 103 00:07:30,468 --> 00:07:32,088 average number of blocks per hour. 104 00:07:32,188 --> 00:07:35,028 If they're generated too fast, the difficulty increases. 105 00:07:35,488 --> 00:07:39,428 So why are bitcoins blocks 10 minutes? 106 00:07:40,828 --> 00:07:45,008 Satoshi Nakamoto created time and then slowed it down. 107 00:07:46,662 --> 00:07:53,122 10 minutes is an arbitrary number, but 10 minutes is long enough to make sure 108 00:07:53,122 --> 00:07:56,962 that we're accounting for the speed of light and that Bitcoin isn't moving too 109 00:07:56,962 --> 00:08:00,542 fast for all of us to agree on the ordering of transactions. 110 00:08:01,222 --> 00:08:04,822 But it's also short enough where it's a decent user experience. 111 00:08:04,962 --> 00:08:09,002 People aren't going to get like super pissed off, right? That's how he got to that solution. 112 00:08:09,602 --> 00:08:12,962 So I don't know who said this quote. Someone super smart. 113 00:08:13,082 --> 00:08:16,882 So shout out to you, whoever did this. but difficulty adjusted proof of work 114 00:08:16,882 --> 00:08:19,362 is what makes Bitcoin a decentralized clock. 115 00:08:19,702 --> 00:08:24,442 As computers get faster and the total computing power applied to creating Bitcoins 116 00:08:24,442 --> 00:08:29,022 increases, the difficulty increases proportionally to the new production constant. 117 00:08:29,622 --> 00:08:35,262 Thus, it is known in advance how many new Bitcoins will be created every year in the future. 118 00:08:36,002 --> 00:08:43,102 So once you understand that Satoshi created time, You now understand why Bitcoin, 119 00:08:43,502 --> 00:08:46,242 Bitcoins are stuck in time, right? 120 00:08:46,522 --> 00:08:52,022 This is how we know when Bitcoins are going to be issued. This is why it's the hardest money ever. 121 00:08:52,542 --> 00:08:54,982 Gold is stuck in the ground. 122 00:08:55,862 --> 00:09:01,282 Bitcoin is stuck in time. Do you guys understand how mind-boggling that is? 123 00:09:02,982 --> 00:09:07,422 I love this idea. And it's true. You could always go find more gold. 124 00:09:07,462 --> 00:09:09,362 We could ramp up production today. 125 00:09:09,922 --> 00:09:13,422 Or maybe an asteroid, you know, something like that. Maybe there's gold on the moon. 126 00:09:13,922 --> 00:09:16,762 But you know what I'm getting at here. But you can't do that with Bitcoin. 127 00:09:17,002 --> 00:09:20,462 The only thing you can do is mine through time. 128 00:09:21,502 --> 00:09:26,302 It's humbling. It's such a fascinating concept. I'm really glad Jack focused 129 00:09:26,302 --> 00:09:27,342 on it. And others did too. 130 00:09:28,082 --> 00:09:31,842 The conference, even their, they called their schedule the time chain. 131 00:09:32,002 --> 00:09:33,982 So the schedule for the conference is called the time chain. 132 00:09:34,082 --> 00:09:36,802 You know, not a bad event, I have to say, just watching from afar. 133 00:09:37,702 --> 00:09:42,822 Bitcoin Atlantis. I would recommend searching around on YouTube and catching some of the talks. 134 00:09:43,842 --> 00:09:47,882 There was one other moment on stage that really struck me. 135 00:09:48,862 --> 00:09:56,422 And it was from Lawrence Leppard. It echoed my experience from the battle days of IT. 136 00:09:56,902 --> 00:10:03,262 I was around during the transition from DOS to Windows and networking TCP IP 137 00:10:03,262 --> 00:10:09,962 from NetBui and mainframes because I got started early in finance. and that experience. 138 00:10:11,473 --> 00:10:14,893 Was really defining in how I viewed the IT world. 139 00:10:15,433 --> 00:10:19,313 And Larry was around, and he was a mover and shaker back in those days, 140 00:10:19,433 --> 00:10:24,313 and he makes an analogy to Microsoft DOS that I had to share with you. 141 00:10:24,613 --> 00:10:28,113 You know, in the early 80s, I started my business career. IBM PC was introduced 142 00:10:28,113 --> 00:10:35,073 in 1980, and Microsoft came public in 1986, came public at 14 times trailing and growing 40% a year. 143 00:10:35,533 --> 00:10:39,173 And at the time, if you were in the computer business, you were at IBM or Prime 144 00:10:39,173 --> 00:10:43,933 or DEC or Wang, and the mini computer was really the thing and a lot of people 145 00:10:43,933 --> 00:10:45,233 regarded these PCs as toys. 146 00:10:45,513 --> 00:10:48,853 And I think it's an interesting analogy that back at that point in time. 147 00:10:51,293 --> 00:10:55,893 Software was regarded as risky because it was ones and zeros and people didn't 148 00:10:55,893 --> 00:10:59,533 see that there could be any value in it. They were saying, how can there be value in the software? 149 00:10:59,773 --> 00:11:04,113 It's just written, it's code, it has no value. The values in the disk drives, 150 00:11:04,233 --> 00:11:08,253 the values at IBM, the values in these hardware computers, people who are making real stuff. 151 00:11:08,673 --> 00:11:12,433 Sounds kind of familiar, right? And I recall, a little further back, 152 00:11:12,493 --> 00:11:15,913 wind it back, I'm at business school and I'm with my business school roommate, 153 00:11:16,153 --> 00:11:19,033 he's with his roommate from Harvard College, a guy named Steve Ballmer, 154 00:11:19,133 --> 00:11:22,433 we're walking along the Charles River, and Ballmer says, we've got this thing 155 00:11:22,433 --> 00:11:25,253 called DOS and the entire world is gonna need this thing. 156 00:11:25,413 --> 00:11:28,953 The entire world, everybody is gonna have it, it's gonna be a part of everybody's 157 00:11:28,953 --> 00:11:32,633 life, this is gonna be a multi-billion dollar corporation. I looked at him, I thought he was nuts. 158 00:11:32,993 --> 00:11:37,693 But then it kind of hit me, he wasn't nuts, it was the base layer of the technology 159 00:11:37,693 --> 00:11:42,693 that allowed the PC to grow. And 40 years later, it is ubiquitous and Ballmer's 160 00:11:42,693 --> 00:11:45,193 obviously a billionaire and Microsoft's a multi-billion dollar company. 161 00:11:45,653 --> 00:11:48,753 I mean, I bought it at the time in in 86 when it came public, 162 00:11:48,893 --> 00:11:51,253 sold it three years later to buy a condo. It was a mistake. 163 00:11:51,473 --> 00:11:57,133 The split adjusted price is six cents and the stock trades at, you know, $290 today. 164 00:11:57,273 --> 00:12:00,733 So it was, you know, 47,000 times your money or 4,700 times your money. 165 00:12:00,873 --> 00:12:04,933 The point I'm trying to make is that Bitcoin is the same thing and people don't 166 00:12:04,933 --> 00:12:08,873 understand it. that they don't understand that it is the base layer of money 167 00:12:08,873 --> 00:12:10,973 and it is gonna absorb the entire 168 00:12:10,973 --> 00:12:14,793 monetary system given a long enough timeframe, at least in my opinion. 169 00:12:14,800 --> 00:12:23,600 Music. 170 00:12:23,446 --> 00:12:27,706 I won't really talk about price much on this show unless something notable really happens. 171 00:12:27,966 --> 00:12:33,406 And as you likely already know, we hit an all time new high this week. 172 00:12:33,566 --> 00:12:37,906 Big day for Bitcoin, with the cryptocurrency hitting a new record high. 173 00:12:38,126 --> 00:12:41,886 Now, as of noon Eastern, Bitcoin is technically in the red over the past 24 174 00:12:41,886 --> 00:12:48,906 hours, but that's after the cryptocurrency touched $69,210, a new all time high. 175 00:12:49,526 --> 00:12:55,906 Bitcoin's previous record of $68,982 was reached back on November 10th, 2021. 176 00:12:56,546 --> 00:13:00,926 The cryptocurrency notched that new record around 10 a.m. It then dropped about 177 00:13:00,926 --> 00:13:03,486 5% and trended lower into the afternoon. 178 00:13:04,006 --> 00:13:06,246 Yeah, yeah. Welcome to Bitcoin. 179 00:13:07,726 --> 00:13:11,446 You know, some OGs took their profits. I mean, I'm not a big seller of Bitcoin, 180 00:13:11,646 --> 00:13:15,086 but good on them. Some of them have been around since like 2010 or something. something. 181 00:13:15,946 --> 00:13:22,426 Also, I thought maybe even more notable, silver took 15, or I should say Bitcoin 182 00:13:22,426 --> 00:13:25,026 took 15 years to get where silver took 9,000 years. 183 00:13:25,506 --> 00:13:29,426 Bitcoin flipped silver this week, and it's now the ninth most valuable asset 184 00:13:29,426 --> 00:13:32,606 on the planet, and it's coming for Alphabet, Google's holding company. 185 00:13:33,626 --> 00:13:38,386 It's in sort of the Magnificent Seven, I guess, firing distance, 186 00:13:38,606 --> 00:13:42,026 you know, like it's a starship approaching from afar, and it's getting within range. 187 00:13:43,066 --> 00:13:47,106 Of course, that could always change, But it's remarkable to flip silver hit 188 00:13:47,106 --> 00:13:49,306 an all-time new high before the happening. 189 00:13:49,386 --> 00:13:53,626 I think that's very note notable Bitcoin is just a baby silver has been around 190 00:13:53,626 --> 00:13:55,726 and trusted for like I said 9,000 years. I, 191 00:13:56,448 --> 00:14:02,408 To see Bitcoin flip that is incredible. It does mean that the hype is getting a little ridiculous. 192 00:14:02,428 --> 00:14:06,588 If you're on Bitcoin social, I'm going to help you. 193 00:14:06,628 --> 00:14:09,988 I'm going to give you a brain rinse because you've probably seen people screaming 194 00:14:09,988 --> 00:14:15,108 about the OTC desk, the over-the-counter desk, where the mucky mucks buy their 195 00:14:15,108 --> 00:14:18,388 Bitcoin off the exchanges is running out of coins. 196 00:14:18,628 --> 00:14:22,288 They're running out of coins. And a Glassnode chart has been going around all 197 00:14:22,288 --> 00:14:25,428 the various socials that shows, oh, look at this. 198 00:14:25,488 --> 00:14:28,048 They're at their lowest level since Q4 of 2018. 199 00:14:28,428 --> 00:14:33,868 There's about to be an explosion or there's about to be like no coins available 200 00:14:33,868 --> 00:14:35,708 is actually the narrative going around. 201 00:14:35,928 --> 00:14:42,288 And Steve Lubica from Swan Bitcoin, I thought, had a good debunking of this 202 00:14:42,288 --> 00:14:44,508 narrative. Everybody just needs to calm down. 203 00:14:45,088 --> 00:14:51,048 So this OTC story that the OTC desks are running out of coins, this isn't true. 204 00:14:51,188 --> 00:14:54,528 OK, they're not running out of coins. They can always get more coins. 205 00:14:54,608 --> 00:14:57,388 But here's what is true. And it's more interesting. 206 00:14:57,848 --> 00:15:02,428 So the way to think of this is that these are made up numbers. 207 00:15:02,508 --> 00:15:09,408 But let's assume for every $1 that is purchased, we get $3 of market cap growth. 208 00:15:09,408 --> 00:15:15,668 And it is true that only a small percentage of the total Bitcoin supplied actually trades. 209 00:15:15,868 --> 00:15:21,048 So if this pace of buying continues, let's say the ETFs on average continue 210 00:15:21,048 --> 00:15:26,948 to buy $500 million a day, what you will see is growth in that impact. 211 00:15:27,328 --> 00:15:34,428 So instead of $1 of purchasing going up $3 in market cap, you're going to see 212 00:15:34,428 --> 00:15:38,768 $1 in purchasing go up $10 in market cap. 213 00:15:38,768 --> 00:15:46,048 So as the circulating supply becomes scarcer, it's not that they run out of coins to sell. 214 00:15:46,168 --> 00:15:50,928 It's that they get sold at increasingly higher prices with greater price impact. 215 00:15:51,268 --> 00:15:52,728 So that's the way to think of this. 216 00:15:54,243 --> 00:15:57,943 Number go up. Everybody has their price. That price just goes up. 217 00:15:58,043 --> 00:15:59,823 Now we have some really good news. 218 00:15:59,983 --> 00:16:04,423 The Texas Blockchain Council had a lawsuit against the Biden administration 219 00:16:04,423 --> 00:16:09,683 that has been successful and will stop the collection of Bitcoin miner data. 220 00:16:09,903 --> 00:16:13,983 And the government has agreed to destroy the data that has been collected. 221 00:16:14,183 --> 00:16:18,383 So it's a very large victory. It's not over yet, but now the administration 222 00:16:18,383 --> 00:16:25,143 will be forced to go through the appropriate legal process with public notice and time for comment. 223 00:16:26,383 --> 00:16:30,203 Congratulations to them. I know the fight is not over yet, but now it has to 224 00:16:30,203 --> 00:16:33,923 go through the correct process at least, and they'll have to justify what their emergency is. 225 00:16:33,923 --> 00:16:36,783 For those of you who are out of the loop, miners have been receiving letters 226 00:16:36,783 --> 00:16:37,843 from the administration, 227 00:16:38,183 --> 00:16:41,523 an agency under the administration, urging them, compelling them, 228 00:16:41,583 --> 00:16:45,703 forcing them to dox their business, their deals with the power companies, 229 00:16:45,803 --> 00:16:48,963 how much hardware they have, and the types of different hardware it is. 230 00:16:49,443 --> 00:16:52,783 And some of that information, like their individual payment structures, 231 00:16:53,003 --> 00:16:54,383 is very competitive data. data. 232 00:16:55,063 --> 00:16:59,943 And it also included their GPS locations and no provisions in the documentation 233 00:16:59,943 --> 00:17:04,283 for any demand response program participation or participation renewables. 234 00:17:04,363 --> 00:17:07,483 They just wanted the bad stuff. They wanted to create a registry of the bad 235 00:17:07,483 --> 00:17:09,643 stuff. Now, I'm sure that would have gone fine. 236 00:17:10,183 --> 00:17:13,983 Would have been just fine, right? That's my sarcastic tone. So I'm really, 237 00:17:14,063 --> 00:17:17,563 really pleased to see this and the fact that it has to go through the appropriate means. 238 00:17:17,703 --> 00:17:20,463 And congratulations Congratulations again to the Texas Blockchain Council. 239 00:17:20,643 --> 00:17:22,403 I think we owe you guys a beer. 240 00:17:22,963 --> 00:17:29,983 Let's transition now to Salty Jim Kramer, who was reacting to the MicroStrategy podcast. 241 00:17:31,125 --> 00:17:36,105 Stock, which is on a absolute tear right now. 242 00:17:36,325 --> 00:17:41,425 To put it in perspective, MicroStrategy's stock is almost back to its late 90s 243 00:17:41,425 --> 00:17:46,625 dot-com bubble all highs, which was absolutely bonkers back in the day. 244 00:17:46,725 --> 00:17:49,485 I want to play that CNBC clip again, and then we'll react on the other side. 245 00:17:49,825 --> 00:17:53,285 By the way, Michael Saylor and MicroStrategy, I wouldn't question that guy. 246 00:17:53,425 --> 00:17:55,665 He's gotten it right. Right. Yes. 247 00:17:56,165 --> 00:18:01,225 I mean, say what you want. MSTR, MicroStrategy stock up, obviously sharply because 248 00:18:01,225 --> 00:18:03,125 it is essentially a proxy for Bitcoin. 249 00:18:03,825 --> 00:18:07,405 Hello. And he's what, selling another 600 million worth of... 250 00:18:07,405 --> 00:18:09,125 He's getting converted to buy more. 251 00:18:09,805 --> 00:18:13,125 Always good to tell ahead of time that you're buying the biggest order so you 252 00:18:13,125 --> 00:18:15,345 get a nice price. Hey, guy's been right. 253 00:18:15,705 --> 00:18:18,485 Yep. It's better to be lucky than good, my friend. 254 00:18:18,665 --> 00:18:21,985 Now, that criticism that you... I actually think maybe at first you might think 255 00:18:21,985 --> 00:18:24,605 it's reasonable, where Kramer says, why would you tell the market? 256 00:18:24,705 --> 00:18:25,885 He says, he's essentially saying this. 257 00:18:26,285 --> 00:18:29,805 Why would you tell the market you're about to buy something that is scarce and limited? 258 00:18:30,285 --> 00:18:33,045 That just tells them that a big buyer's coming in, so it's going to keep prices 259 00:18:33,045 --> 00:18:34,345 up. Why would you do such a thing? 260 00:18:34,525 --> 00:18:38,525 MicroStrategy stock up, obviously, sharply because it is essentially a proxy for Bitcoin. 261 00:18:39,325 --> 00:18:47,005 Hello. That's why right there. You see, because MicroStrategy does well when Bitcoin goes up. 262 00:18:47,865 --> 00:18:50,885 And then they earn more money and they can create more stock. 263 00:18:51,005 --> 00:18:52,945 It's not luck. It's not luck. It's not luck. 264 00:18:54,085 --> 00:18:58,845 MicroStrategy made $700 million last week. That's not luck. 265 00:18:59,725 --> 00:19:05,145 On Monday morning of this week, they packed on like $500 million in the first 266 00:19:05,145 --> 00:19:10,225 half of the day on Monday of this week. So my question to you out there is how 267 00:19:10,225 --> 00:19:12,585 long until other billionaires are going to copy this strategy? 268 00:19:12,765 --> 00:19:17,205 Boost it and tell me how long until you think we're going to see another billionaire take this playbook. 269 00:19:17,785 --> 00:19:22,245 MicroStrategy is now ranked the 350 largest company on the S&P 500. 270 00:19:23,005 --> 00:19:26,765 If you look at their price, go look at MSTR price on a chart, 271 00:19:26,925 --> 00:19:29,525 it was flatlined since the dot-com bubble. 272 00:19:29,625 --> 00:19:34,665 It's the craziest thing. It looks like nothing happened. Then in 2021, 273 00:19:35,045 --> 00:19:37,765 Saylor started buying Bitcoin. 274 00:19:39,408 --> 00:19:43,748 That's when the stock comes alive again. It goes from flatlined to activity again. 275 00:19:44,468 --> 00:19:49,868 And if you follow the rumors on Twitter, the staff at MicroStrategy are thrilled 276 00:19:49,868 --> 00:19:53,168 that the stock is on fire right now. They seem super motivated and more committed. 277 00:19:53,668 --> 00:20:00,828 And in August of 2020, MicroStrategy had $1.5 billion market cap and a share price of $123. 278 00:20:01,088 --> 00:20:03,148 So this is pre-Bitcoin strategy. 279 00:20:04,008 --> 00:20:09,668 In 2020 of August, 1.5 billion market cap, share price of $123. 280 00:20:11,248 --> 00:20:14,648 Today, it's somewhere around almost $22 billion market cap. 281 00:20:15,348 --> 00:20:19,368 So it's gone up $21 billion. And the stock is up 10x. 282 00:20:20,328 --> 00:20:24,888 How can CEOs ignore this? It just seems like an obvious strategy. 283 00:20:25,008 --> 00:20:26,148 Now, maybe it's the downside. 284 00:20:26,348 --> 00:20:29,688 Because when Bitcoin tanks, MicroStrategy tanks. tanks. 285 00:20:30,468 --> 00:20:34,568 But when Bitcoin goes, well, MicroStrategy does even better. 286 00:20:35,328 --> 00:20:36,988 MicroStrategy outperforms Bitcoin. 287 00:20:38,108 --> 00:20:43,888 And what ends up happening is people are buying the MicroStrategy stock as if 288 00:20:43,888 --> 00:20:45,768 it was an ETF with no management fees. 289 00:20:46,168 --> 00:20:48,968 I'm not saying you should be doing that. I'm saying that's what they're doing. 290 00:20:49,268 --> 00:20:52,568 As the stock goes up, MicroStrategy then issues more shares, i.e. 291 00:20:52,568 --> 00:20:56,048 They print their own own money, and then they go buy Bitcoin, 292 00:20:56,268 --> 00:21:05,728 which causes the stock to go up, which then they use to print money and buy more Bitcoin. 293 00:21:06,268 --> 00:21:11,608 They've essentially created a fiat money flywheel, and now MicroStrategy holds 294 00:21:11,608 --> 00:21:17,948 about 193,000 Bitcoin acquired for an average price of $31,544. dollars. 295 00:21:20,208 --> 00:21:24,088 And so if they bought at 31,000, Bitcoin's essentially doubled since then. 296 00:21:24,728 --> 00:21:28,128 So they're looking pretty good right now. This is a pretty solid strategy. 297 00:21:28,148 --> 00:21:29,528 And I don't think he got lucky. 298 00:21:30,228 --> 00:21:33,128 I think Mikey likey the Bitcoin and he figured it out. 299 00:21:34,388 --> 00:21:37,068 And I just have to imagine other CEOs are going to see this soon, 300 00:21:37,128 --> 00:21:39,668 but I don't know. Is it too risky? Why aren't we seeing this? 301 00:21:40,048 --> 00:21:43,668 I'd love to know your thoughts on that. And speaking of Saylor, 302 00:21:43,808 --> 00:21:47,048 he was interviewed while While he was at that conference. 303 00:21:47,920 --> 00:21:58,800 Music. 304 00:21:57,488 --> 00:22:00,768 Yeah, I guess a lot coming out of Bitcoin Atlantis this week. 305 00:22:01,108 --> 00:22:05,588 That's how you know it was a decent event. And this chat, he sat down with Natalie Bertel. 306 00:22:06,028 --> 00:22:10,388 And she asked for his thoughts on the three most important things that are a 307 00:22:10,388 --> 00:22:11,688 result of the Bitcoin ETF. 308 00:22:11,688 --> 00:22:15,908 And I think this is probably worth playing because this has been Sailor's week, 309 00:22:16,428 --> 00:22:20,608 Everybody's kind of seen his strategy play out and of course Wall Street is 310 00:22:20,608 --> 00:22:25,168 his domain and his thoughts on the ETF I thought were worth visiting this just 311 00:22:25,168 --> 00:22:27,928 came out a couple of days ago the most important thing, 312 00:22:28,888 --> 00:22:34,068 Or the most important result of this is the ETFs themselves represent a, 313 00:22:35,636 --> 00:22:43,816 um regulatory clarity for bitcoin as the institutional grade crypto asset i 314 00:22:43,816 --> 00:22:51,016 think that's a very important thing uh i think secondarily the etfs represent an on-ramp, 315 00:22:51,956 --> 00:22:58,036 for institutional money and they open up a gateway between a hundred trillion 316 00:22:58,036 --> 00:23:01,656 dollars or more of of institutional money and Bitcoin. 317 00:23:02,116 --> 00:23:05,716 I think the third thing is 318 00:23:05,716 --> 00:23:08,896 they have sparked this 319 00:23:08,896 --> 00:23:14,476 price action and as Bitcoin moves back toward its all-time high they have generated 320 00:23:14,476 --> 00:23:21,296 an extraordinary amount of media coverage and Wall Street awareness and Bitcoin 321 00:23:21,296 --> 00:23:25,876 benefits from the awareness awareness of the asset class. 322 00:23:26,376 --> 00:23:34,476 Because as of now, 99% of the mainstream investors really have an incomplete 323 00:23:34,476 --> 00:23:37,176 understanding of Bitcoin. 324 00:23:37,596 --> 00:23:42,736 And the best thing that we could do is just build awareness that it is an asset class. 325 00:23:43,016 --> 00:23:46,596 And then people will start to do the work to understand what it is. 326 00:23:46,716 --> 00:23:50,576 And so all three of those things have been catalyzed over the past month by 327 00:23:50,576 --> 00:23:55,676 these ETF launches. That last bit there, it felt particularly insightful to me. 328 00:23:55,716 --> 00:23:58,676 He says, you know, if we can help people understand that it is an asset class, 329 00:23:59,016 --> 00:24:00,176 they'll do the homework. 330 00:24:00,556 --> 00:24:04,716 Now, clearly not everybody, but he's talking about investors who recognize these 331 00:24:04,716 --> 00:24:07,516 opportunities and do the work because they see the profit opportunity. 332 00:24:07,516 --> 00:24:11,056 Opportunity, they see the potential in the currency, or they see the need for 333 00:24:11,056 --> 00:24:12,676 something to divorce from the state. 334 00:24:12,816 --> 00:24:17,636 And I think that's actually pretty intuitive, that we really don't have to explain 335 00:24:17,636 --> 00:24:18,816 them fully what Bitcoin is. 336 00:24:18,936 --> 00:24:23,456 We need just a shift in their perception of it. And you got to give it to these 337 00:24:23,456 --> 00:24:25,556 ETFs. They definitely seem to be doing that. 338 00:24:25,656 --> 00:24:29,036 But the number one concern that I've heard from the audience and the community 339 00:24:29,036 --> 00:24:34,836 around JB, Jupiter Broadcasting, is that these ETFs are going to centralize 340 00:24:34,836 --> 00:24:38,176 control of Bitcoin and maybe one day lead to issues. 341 00:24:38,416 --> 00:24:40,436 Saylor sees it exactly the opposite. 342 00:24:40,716 --> 00:24:45,596 Yeah, I think that ETFs are just another application of Bitcoin. 343 00:24:45,676 --> 00:24:49,436 And there are thousands and thousands of applications coming. 344 00:24:49,576 --> 00:24:56,576 So in this particular case, 1% of Bitcoin, 1% more assets kind of flowed into 345 00:24:56,576 --> 00:25:03,376 the ETFs. It boosted the price of Bitcoin coin in the last two months by $20,000 a coin. 346 00:25:03,656 --> 00:25:10,576 And that means that 99% of the $200 billion of market cap got created. 347 00:25:10,816 --> 00:25:18,716 And something like 99.7% of the benefit was for the people that didn't own the ETF. 348 00:25:19,891 --> 00:25:24,611 If you think about it. And once you do the math, the ETF people bought in at 349 00:25:24,611 --> 00:25:28,631 $40,000 and drove the price to $60,000 and have 1%. 350 00:25:28,631 --> 00:25:36,771 And everybody else had the other 99% and their Bitcoin is worth $60,000. 351 00:25:36,771 --> 00:25:43,871 So in this particular case, if that's taking over Bitcoin by basically making 352 00:25:43,871 --> 00:25:50,671 all the people that that don't use ETFs, $200 billion richer, right? 353 00:25:50,751 --> 00:25:54,331 Then you probably want that to happen 100 more times. 354 00:25:54,671 --> 00:25:58,671 And it goes on to make the point that if the rest of the network is being strengthened, 355 00:25:58,771 --> 00:26:01,591 then it's even harder to take over from a centralized point. 356 00:26:01,711 --> 00:26:04,851 Because if everybody is doing well, then you have the mining industry that's growing. 357 00:26:05,351 --> 00:26:08,951 They're putting in more hash rate. It becomes even more difficult to centralize 358 00:26:08,951 --> 00:26:10,271 as everyone does really well. 359 00:26:10,771 --> 00:26:14,651 Then Lynn Alden was recently interviewed as well. Well, she was also at the 360 00:26:14,651 --> 00:26:19,451 event, and she describes the Bitcoin ETFs as like an API. 361 00:26:19,871 --> 00:26:24,451 Some of the some of the some of the no coin or trad fi arguments are Bitcoin 362 00:26:24,451 --> 00:26:30,311 is no longer like cypherpunk money because there's ETFs on it. Right. 363 00:26:30,391 --> 00:26:34,951 But that's that's a silly argument because Bitcoin didn't decide to have ETFs on it. 364 00:26:35,011 --> 00:26:39,271 It's not like the Bitcoin Committee Council got together and decided we're going to have ETFs now. 365 00:26:39,391 --> 00:26:42,031 There's no such thing as a Bitcoin Committee or Bitcoin Council. 366 00:26:42,031 --> 00:26:43,771 So Bitcoin is just an open source protocol. 367 00:26:44,071 --> 00:26:46,951 And now TradFi has decided to... 368 00:26:48,069 --> 00:26:51,729 Structures on top of part of it to bring some of it into its own system. 369 00:26:51,969 --> 00:26:57,349 All the ETF is, in developer terms, is basically the API for the fiat system. 370 00:26:57,469 --> 00:27:00,729 It just allows the fiat system to plug into Bitcoin a little bit better than 371 00:27:00,729 --> 00:27:03,049 it used to. That's all that these do. 372 00:27:03,369 --> 00:27:06,589 It's an upgrade to the TradFi system, not an upgrade to Bitcoin, 373 00:27:06,789 --> 00:27:10,809 even though it moves Bitcoin price more than it moves TradFi price this cycle. 374 00:27:11,769 --> 00:27:15,969 And so that doesn't change the fact that there's other uses of Bitcoin that 375 00:27:15,969 --> 00:27:17,269 are more cypherpunk, right? Right. 376 00:27:17,329 --> 00:27:22,569 If our parents have Bitcoin in a DCF, right, that's not particularly cypherpunk, 377 00:27:22,649 --> 00:27:25,289 but they don't they don't really have a cypherpunk need right now. 378 00:27:25,429 --> 00:27:29,749 So they're like fine with that. Whereas I think that, you know, 379 00:27:29,749 --> 00:27:32,249 kind of the ongoing battleground will probably be around privacy. 380 00:27:32,529 --> 00:27:37,009 So Bitcoin has kind of won the war for like existence. 381 00:27:38,169 --> 00:27:42,689 And I actually think it's now it's starting to turn the tide about the whole energy debate. bait. 382 00:27:43,269 --> 00:27:46,989 There's a lot of really good pushback on the whole Bitcoin's going to consume 383 00:27:46,989 --> 00:27:48,869 all the world energy and blow our oceans narrative. 384 00:27:49,229 --> 00:27:52,389 And there's been a lot of pushback on that, both in terms of narrative and in 385 00:27:52,389 --> 00:27:57,269 terms of grid balancing or the understanding that it mostly uses stranded energy 386 00:27:57,269 --> 00:27:59,709 and it's incentivized to use the cheapest energy in the world, 387 00:27:59,749 --> 00:28:01,369 which is mostly energy not being used. 388 00:28:01,529 --> 00:28:05,089 That is slowly getting into the media, into academia. 389 00:28:05,729 --> 00:28:10,389 But I think the battle that's that's still far from being one, is privacy. 390 00:28:10,569 --> 00:28:16,189 Basically, that there's going to be lawmakers cracking down on private use while the ETFs exist. 391 00:28:16,609 --> 00:28:21,049 And that's the cypherpunk frontier. That's the part that is still. 392 00:28:22,205 --> 00:28:25,485 Developers are still working on, that users are still exploring, 393 00:28:25,645 --> 00:28:27,285 that people are pushing back our walls for. 394 00:28:27,445 --> 00:28:30,945 And I think that's the area where there's going to be some battles. 395 00:28:31,005 --> 00:28:35,645 She nails it. She absolutely nails it. What we need to keep our eye on is what 396 00:28:35,645 --> 00:28:39,325 happens with what they call self-hosted wallets, the ability for us to custody 397 00:28:39,325 --> 00:28:42,225 our own Bitcoin, which is one of the key innovations that makes it better than 398 00:28:42,225 --> 00:28:43,465 gold or other hard assets. 399 00:28:43,925 --> 00:28:48,885 We need to make sure that that protection remains. It's built in and it shouldn't 400 00:28:48,885 --> 00:28:52,565 be changed by some regulators in DC. So that's something I'm going to be watching. 401 00:28:52,785 --> 00:28:56,565 She didn't mention it, too. But I also think a bunch of crappy L2 scams coming 402 00:28:56,565 --> 00:28:59,545 during the next bull cycle that damage the name of Bitcoin could be an issue 403 00:28:59,545 --> 00:29:02,065 with adoption, too. But I'll be watching for that. 404 00:29:02,185 --> 00:29:08,225 I am excited to report that the ETFs seem to be getting interest from places I didn't expect so soon. 405 00:29:08,305 --> 00:29:09,405 Last week, we talked about how 406 00:29:09,405 --> 00:29:12,865 the wire houses are setting up to bring in ongoing purchasing to the ETFs. 407 00:29:13,105 --> 00:29:16,525 This week, BlackRock announced one of their funds would be doing ongoing purchases. 408 00:29:16,525 --> 00:29:22,705 And just a couple of days ago, the Arizona Senate passed a resolution to consider 409 00:29:22,705 --> 00:29:26,765 adding Bitcoin ETFs to the Arizona state pensions. 410 00:29:27,105 --> 00:29:31,145 Once passed, the resolution will ask the Senate pension fund managers and state 411 00:29:31,145 --> 00:29:35,545 treasurers to study the Bitcoin ETF and look in to see if it's viable. 412 00:29:36,325 --> 00:29:41,185 This may or may not happen. But even if this happened in four or five states, 413 00:29:41,365 --> 00:29:45,885 that would be incredible new buying pressure. And with such a scarce asset, 414 00:29:45,985 --> 00:29:48,265 it just really doesn't take very much. 415 00:29:48,605 --> 00:29:52,905 They see it as a move to diversify from risk, which I think is a really, 416 00:29:52,945 --> 00:29:56,045 really positive sentiment. 417 00:29:56,465 --> 00:30:00,245 The fact that they're looking at it as risk diversification and spreading out 418 00:30:00,245 --> 00:30:04,265 risk and not just like a sole risk asset. It's something to reduce overall investment risk. 419 00:30:05,407 --> 00:30:08,887 Now, that state has over 5.5 trillion assets. I'm sorry, all these states have 420 00:30:08,887 --> 00:30:12,587 over 5.5 trillion assets under management across state pension funds. 421 00:30:12,747 --> 00:30:15,767 So you look at just a couple of those coming online, that 5.5 trillion sitting 422 00:30:15,767 --> 00:30:18,307 there, even just a couple of them coming online, putting a small percentage 423 00:30:18,307 --> 00:30:21,447 into the ETF would be a big deal. 424 00:30:22,127 --> 00:30:25,007 Now, coming up next, we have your boost we're going to get to. 425 00:30:25,087 --> 00:30:27,287 We have some project updates that I'd like you to know about. 426 00:30:27,367 --> 00:30:31,247 I've got a clip from Tom Lee on why Bitcoin is so polarizing. 427 00:30:31,247 --> 00:30:37,147 And then one of my absolute favorite time chain resources and a pretty important 428 00:30:37,147 --> 00:30:38,787 note about next week's episode. 429 00:30:41,667 --> 00:30:48,067 So I want to thank Podhome.fm, my podcasting 2.0 platform of choice with unlimited 430 00:30:48,067 --> 00:30:50,927 shows and episodes powered by unlimited Podhome AI. 431 00:30:51,207 --> 00:30:54,907 Yeah, Podhome's AI tools are really neat. It'll balance your audio. 432 00:30:55,007 --> 00:30:58,247 It'll transcribe your podcast, automatically create chapters, 433 00:30:58,407 --> 00:31:01,227 clips, and it'll even suggest episode titles and descriptions. 434 00:31:01,707 --> 00:31:06,767 And Podhome, that's podhome.fm, has the easiest podcasting, two-to-two live 435 00:31:06,767 --> 00:31:11,567 streaming with audio streaming built into the service, full support for value 436 00:31:11,567 --> 00:31:12,807 tags, everything you like. 437 00:31:12,967 --> 00:31:16,667 Plus the UI makes it really simple to add remote items like value for value 438 00:31:16,667 --> 00:31:19,987 music, set up your splits and make your own clips. 439 00:31:20,147 --> 00:31:26,987 And Podhome focuses on solving the things that I have found over the years to be the grind. mind. 440 00:31:27,747 --> 00:31:30,427 When you use Podhome, it feels like you got a team of people because it's just 441 00:31:30,427 --> 00:31:31,547 taking care of that stuff for you. 442 00:31:31,567 --> 00:31:37,387 And podcasters, you can get your first three months for free when you use the promo code TWIB. 443 00:31:37,627 --> 00:31:42,227 Yep. Try it out for three months for free and get all the podcasting two-to-do 444 00:31:42,227 --> 00:31:43,267 features you've been wanting. 445 00:31:43,547 --> 00:31:47,147 It is my hosting platform of choice and you get unlimited shows and episodes 446 00:31:47,147 --> 00:31:48,847 with unlimited Podhome AI. 447 00:31:49,087 --> 00:31:55,927 So go to podhome.fm and use the promo code TWIB And thank you to Podhome.fm 448 00:31:55,927 --> 00:31:57,607 for sponsoring this week in Bitcoin. 449 00:31:58,320 --> 00:32:10,000 Music. 450 00:32:10,611 --> 00:32:12,651 Now, we've got a bunch of great boosts into the show. Thank you, 451 00:32:12,651 --> 00:32:14,971 everybody who's supporting the production. 452 00:32:15,091 --> 00:32:18,311 This is a value-for-value show. If you get some valuable information or insights 453 00:32:18,311 --> 00:32:21,151 from the podcast, please consider sending a boost with the new podcast app. 454 00:32:22,071 --> 00:32:26,351 NoSecondBest came in with 217,000 sats and says, This was a pure Signal News 455 00:32:26,351 --> 00:32:29,731 podcast for Bitcoin, and that Fox clip you played was brutal. 456 00:32:32,531 --> 00:32:37,331 Yes, thank you, NoSecondBest. It was brutal. Thank you for the 217,000 sats. 457 00:32:37,371 --> 00:32:39,051 You are our baller this week. week. 458 00:32:39,631 --> 00:32:43,051 UConn Ilias comes in with 5,000 sats and says, thanks for the great listen. 459 00:32:43,151 --> 00:32:44,211 I hope you continue to make the show. 460 00:32:44,691 --> 00:32:48,411 Purple Elephant sent 10,000 sats saying, hey, Chris, Satsquash here, 461 00:32:48,471 --> 00:32:50,951 and I've been listening on Breeze because that's where I found you. 462 00:32:51,211 --> 00:32:55,271 I miss the Bitcoin dad pod, but I'm glad you're carrying on. See you at scale. 463 00:32:56,191 --> 00:32:59,951 I hope to see you at scale as well. Mr. Adam Curry, the podfather, 464 00:33:00,051 --> 00:33:02,151 comes in with 10,000 sats. 465 00:33:02,451 --> 00:33:05,671 This is my new weekly go-to podcast, Great inaugural episode. 466 00:33:07,151 --> 00:33:10,831 Inaugural. Thank you. Oh, Oppie1984 comes in with 4,000 sats. 467 00:33:10,871 --> 00:33:12,731 Says he enjoyed the show. Nice breakdowns. 468 00:33:12,971 --> 00:33:16,251 Nice to have a Bitcoin news podcast now that the dad is on hiatus. 469 00:33:16,831 --> 00:33:22,291 Thank you, sir. Faraday Fedora came in with a row of ducks, 2,222 sats. 470 00:33:22,611 --> 00:33:26,271 Says, yes, I was worried I was going to have to start listening to some half-baked 471 00:33:26,271 --> 00:33:28,991 Bitcoin podcast after the Bitcoin dad hiatus. 472 00:33:29,011 --> 00:33:31,251 Yes, I know. I continue on our torch. 473 00:33:31,871 --> 00:33:36,251 Thank you for the support. Todd came in with 11,101 sats. 474 00:33:36,331 --> 00:33:39,591 Says he's excited for the new show and congrats. Thank you. Thank you, 475 00:33:39,611 --> 00:33:40,751 everybody, for checking out episode one. 476 00:33:41,831 --> 00:33:47,471 Lazy Locks also sends sentiments with 5,000 sats for the new episode, as JC Denton did as well. 477 00:33:48,051 --> 00:33:50,911 And Southern Fried Sassafras came in with 2,000 sats to say, 478 00:33:51,031 --> 00:33:53,771 I've heard the term before, but I'm not clear on the implications of it. 479 00:33:53,891 --> 00:33:55,491 Can you explain the happening? 480 00:33:55,951 --> 00:33:58,951 Every four years, the Bitcoin issuance gets cut in half. 481 00:33:59,531 --> 00:34:05,691 And we are only about, as I record, probably 44-ish days away. 482 00:34:05,971 --> 00:34:10,571 So the Bitcoin miners will get half the amount of Bitcoin that they got prior. 483 00:34:10,751 --> 00:34:14,571 This happens every four years, and it makes the asset more scarce. 484 00:34:15,791 --> 00:34:20,471 So you can imagine that the price of Bitcoin, once the market has absorbed these 485 00:34:20,471 --> 00:34:22,311 changes, will generally go up. 486 00:34:22,831 --> 00:34:25,911 Thank you, everybody who boosted above 2,000 sats. I really, 487 00:34:25,991 --> 00:34:29,631 really appreciate the support for the new show. It makes me want to keep on going. 488 00:34:29,731 --> 00:34:34,031 I got some great suggestions from Mere Mortals Podcast and Chad and Gene Bean 489 00:34:34,031 --> 00:34:35,331 came in with a big thank you too. 490 00:34:35,411 --> 00:34:38,451 So thank you everybody who boosted into the show. We had 17 boosters, 491 00:34:38,491 --> 00:34:40,531 which is absolutely incredible for episode one. 492 00:34:41,071 --> 00:34:46,671 And we stacked 247,813 sats. My commitment to you is to be as radically transparent 493 00:34:46,671 --> 00:34:48,891 as possible with this so you know where the show stands. 494 00:34:49,491 --> 00:34:52,271 And so if things decline and the show starts to fade, you know what's going on. 495 00:34:52,331 --> 00:34:55,311 And if things boom and the show is doing really great, you can see that. 496 00:34:55,311 --> 00:34:57,591 And we can reward the show with the value that you see it deserves. 497 00:34:57,971 --> 00:35:02,071 Just need a new podcast app. You do that over at podcastapps.com. 498 00:35:02,171 --> 00:35:05,271 Then you can top off something like Fountain FM and you can boost right in. 499 00:35:06,320 --> 00:35:16,400 Music. 500 00:35:16,247 --> 00:35:23,827 Sparrow 1.8.3 is out, and it's been my favorite Bitcoin wallet for years. 501 00:35:24,147 --> 00:35:28,307 If you want a great desktop wallet that doesn't let you hurt yourself and gives 502 00:35:28,307 --> 00:35:34,267 you full control, check out Sparrow 1.8.3 now with cold card Q1 and Trezor Safe 3 support. 503 00:35:35,007 --> 00:35:39,227 I love the cold card. I do have a Trezor, but I cannot necessarily recommend it. 504 00:35:39,347 --> 00:35:43,947 But I did want to mention Mutiny Wallet 0.5.10 is out. Now, Mutiny Wallet's 505 00:35:43,947 --> 00:35:45,927 interesting. It's a progressive web app wallet. 506 00:35:46,207 --> 00:35:49,027 I've been testing this for about six months. It's open source. 507 00:35:49,127 --> 00:35:50,887 It's self-custodial, if you'd like. 508 00:35:51,227 --> 00:35:54,827 Or you can use their hosted version. And it's a Lightning wallet that is working 509 00:35:54,827 --> 00:35:56,207 to integrate Fedament support. 510 00:35:56,947 --> 00:36:00,867 And they've fixed some significant bugs in Fedament implementation that had 511 00:36:00,867 --> 00:36:02,947 actually prevented it from joining some federations. 512 00:36:03,367 --> 00:36:06,547 And I'm just really happy to see this. It's kind of an alternative to something 513 00:36:06,547 --> 00:36:07,627 like Liquid, you could say. 514 00:36:08,467 --> 00:36:13,387 And they've been pushing it forward. So Sparrow is a classic desktop software. 515 00:36:13,387 --> 00:36:18,467 And Mutiny is a brand new Fluton progressive web app. 516 00:36:19,267 --> 00:36:21,887 Two different problems they're solving. Mutiny is great too for spinning up 517 00:36:21,887 --> 00:36:23,647 a wallet for a short period of time. 518 00:36:24,127 --> 00:36:28,627 I'll put links to that. And then I have a resource of the week I want to play 519 00:36:28,627 --> 00:36:31,707 for you or I want to tell you about and then I have a clip I want to play for you. 520 00:36:31,807 --> 00:36:34,207 So let's start with the resource of the week. You're going to have to go to 521 00:36:34,207 --> 00:36:37,127 the show notes for this one and it's so worth it. 522 00:36:37,547 --> 00:36:41,747 Here's how nerdy I am is I have have tablets around my house that are on the 523 00:36:41,747 --> 00:36:45,787 wall that control my home assistant. So my home assistant dashboard is up there. 524 00:36:46,067 --> 00:36:50,527 And when you don't use the tablet for a little while, it brings up a screensaver. 525 00:36:50,767 --> 00:36:54,207 And the screensaver that it shows, which fits perfectly on there, 526 00:36:54,307 --> 00:36:56,667 is timechaincalendar.com. 527 00:36:56,827 --> 00:37:00,247 I want you to go check out timechaincalendar.com. 528 00:37:00,447 --> 00:37:04,407 It's going to help you visualize the concept that Bitcoin is indeed time. 529 00:37:04,507 --> 00:37:08,027 And you can sweep through there. You can watch new blocks as they land, 530 00:37:08,027 --> 00:37:11,247 the price, all of it. It's perfect, too, because it's got a halving countdown. 531 00:37:11,827 --> 00:37:16,447 So go check out timechaincounter.com, and I will have a link in the show notes. 532 00:37:16,607 --> 00:37:20,287 Now, before I leave you, I've got a value for value song, and I've got this 533 00:37:20,287 --> 00:37:24,727 clip from Tom Lee, who's been a Bitcoin bull and investor who's got it on Wall 534 00:37:24,727 --> 00:37:29,507 Street way before everybody else, on why Bitcoin is so polarizing. 535 00:37:29,587 --> 00:37:32,287 So let's play that, and then I have two last things for you. 536 00:37:32,607 --> 00:37:37,067 I've never met an investment investment instrument that is so polarizing. 537 00:37:37,087 --> 00:37:40,967 I got people on Twitter or X that are like, it's the future of finance. 538 00:37:41,027 --> 00:37:43,207 It's the future of money. It's going to whatever. 539 00:37:43,667 --> 00:37:46,447 And then there's people that call it, it's fake. It's fraud. 540 00:37:46,667 --> 00:37:48,587 It's a joke. It's worthless. 541 00:37:49,647 --> 00:37:53,707 Why do you think Bitcoin is so polarizing? 542 00:37:55,576 --> 00:37:59,596 Brian, I think there's many reasons, but the three that come to mind is, 543 00:37:59,616 --> 00:38:01,456 number one, it's a generational issue. 544 00:38:02,416 --> 00:38:08,176 I think in crypto, they refer to sort of the legacy financial folks as boomers, 545 00:38:08,196 --> 00:38:13,316 because Bitcoin is really being adopted and used by both younger folks, 546 00:38:13,476 --> 00:38:16,816 millennials and Gen Z, as well as people outside the U.S. 547 00:38:16,956 --> 00:38:21,676 Bitcoin's really useful to the unbanked outside the U.S. I think the second 548 00:38:21,676 --> 00:38:26,816 is that because Bitcoin was sort of – is bootstrapped and has a genesis block, 549 00:38:27,036 --> 00:38:29,956 it didn't grow inside the traditional financial system. 550 00:38:30,076 --> 00:38:35,056 So I think those who are used to the venture capital world or institutional 551 00:38:35,056 --> 00:38:39,716 access to products first before individuals find it, this is an anathema. 552 00:38:39,876 --> 00:38:41,596 It came out through the opposite way. 553 00:38:41,916 --> 00:38:46,716 That is so insightful. First of all, could the CNBC host not type while his guest is speaking? 554 00:38:46,876 --> 00:38:50,756 But what Lee said there, I had not fully appreciated. 555 00:38:50,856 --> 00:38:56,216 Not being a Wall Street native critter myself, I hadn't considered how this would normally work. 556 00:38:56,816 --> 00:39:02,376 Something that is a serious commodity or a stock even, Wall Street gets first 557 00:39:02,376 --> 00:39:04,936 crack at it. And they hear about it from their Wall Street buddies. 558 00:39:05,136 --> 00:39:10,316 And the contillion effect is so strong there that if something doesn't start 559 00:39:10,316 --> 00:39:12,296 there and they don't get a crack 560 00:39:12,296 --> 00:39:15,836 at it, essentially a pre-mine before the public, they don't trust it. 561 00:39:16,456 --> 00:39:20,376 They don't trust it because they didn't manipulate it from the start. 562 00:39:22,156 --> 00:39:26,276 What Lee touches on here in such a brief moment, moment, I think is so insightful 563 00:39:26,276 --> 00:39:32,436 as to why at the institutional level, Bitcoin has been so polarizing. 564 00:39:32,636 --> 00:39:37,616 Used to the venture capital world or institutional access to products first 565 00:39:37,616 --> 00:39:39,256 before individuals find it. 566 00:39:39,316 --> 00:39:42,776 This is an anathema. You know, it came out through the opposite way. 567 00:39:43,276 --> 00:39:48,716 And the third, of course, is that, you know, Bitcoin represents trust in a trustless world. 568 00:39:48,796 --> 00:39:52,276 And, you know, it's tough for people who are used to dealing with private banks. Yeah. 569 00:39:52,596 --> 00:39:57,276 Yeah. Like Like nobody – what? Something financial that I can trust that isn't a scam? What, what? 570 00:39:58,356 --> 00:40:02,716 And of course, dog coins don't necessarily help with that perception. Shout out to Tom Lee. 571 00:40:02,796 --> 00:40:05,016 That was just – nailed it. He nailed 572 00:40:05,016 --> 00:40:10,116 a complex question with three concise answers. I like that quite a bit. 573 00:40:10,556 --> 00:40:14,556 All right. Now, I have to warn you about next week. I will be on the road. 574 00:40:14,656 --> 00:40:18,256 I'm going to NixCon and the Southern California Linux Expo, and I'm taking a 575 00:40:18,256 --> 00:40:20,856 road trip with my buddy Wes and Brent, and we're going to go down there and 576 00:40:20,856 --> 00:40:24,556 have an Airbnb and cover the events that are back-to-back. 577 00:40:25,672 --> 00:40:29,972 I tell you this because I don't know what that means for my This Week in Bitcoin recording schedule. 578 00:40:30,232 --> 00:40:34,492 My intention is unless heaven and earth prevents me, I'll have an episode for 579 00:40:34,492 --> 00:40:37,412 you. It just may not be as comprehensive. 580 00:40:37,712 --> 00:40:41,032 It might just be a quickie to keep you up to date on the most important things 581 00:40:41,032 --> 00:40:44,492 and then back to a full episode production for episode four. 582 00:40:45,052 --> 00:40:48,512 Although, you know, maybe not. We'll see. Maybe the events won't be that interesting 583 00:40:48,512 --> 00:40:50,212 and I'll just spend all my time thinking about Bitcoin. 584 00:40:50,852 --> 00:40:53,812 Or maybe I'll just spend all my time thinking about Bitcoin regardless. 585 00:40:53,812 --> 00:40:59,412 Regardless, links www.thisweekinbitcoin.show. 586 00:41:00,052 --> 00:41:01,912 Boost in with what you'd like to see and hear from the show. 587 00:41:01,972 --> 00:41:03,412 It is brand new and we're still molding it. 588 00:41:03,472 --> 00:41:07,632 And I'd love for this to become the number one news podcast for Bitcoin in the 589 00:41:07,632 --> 00:41:08,932 podcasting 2-to-do community. 590 00:41:09,872 --> 00:41:14,952 Now, I'm going to leave you this week with a song that felt quite fitting for some of our topics. 591 00:41:15,152 --> 00:41:18,992 It is a value-for-value track. That means when you boost during the music, 592 00:41:19,032 --> 00:41:23,072 your sats will go to support the track. and we're going to play What Shall We 593 00:41:23,072 --> 00:41:27,032 Do With A Michael Saylor by BTC Minstrel. 594 00:41:27,152 --> 00:41:29,352 Thank you so much for joining me on episode two. 595 00:41:29,532 --> 00:41:31,712 I'll see you next week and this week in Bitcoin. 596 00:41:31,992 --> 00:41:36,832 What shall we do with Michael Saylor? What shall we do with Michael Saylor? 597 00:41:36,952 --> 00:41:39,272 What shall we do with Michael Saylor? 598 00:41:39,432 --> 00:41:44,092 Erlie and the Bull Runs. See his money is a melting ice cube. 599 00:41:44,192 --> 00:41:48,912 See his money is a melting ice cube. See his money is a melting ice cube. 600 00:41:50,992 --> 00:41:55,972 Take all his treasury and buy some Bitcoin. Take all his treasury and buy some Bitcoin. 601 00:41:56,172 --> 00:41:59,932 Take all his treasury and buy some Bitcoin or lie in the bull. 602 00:42:00,240 --> 00:42:09,840 Music. 603 00:42:09,685 --> 00:42:15,265 Have a conversation with Robert Breedlove. Have a conversation with Robert Breedlove. 604 00:42:15,465 --> 00:42:19,645 Have a conversation with Robert Breedlove. Her lie in the bull run. 605 00:42:19,805 --> 00:42:24,765 Drop his knowledge on all the podcasts. Drop his knowledge on all the podcasts. 606 00:42:25,005 --> 00:42:27,245 Drop his knowledge on all the podcasts. 607 00:42:27,525 --> 00:42:33,685 Her lie in the bull run. See the power of cyber hornets. See the power of cyber 608 00:42:33,685 --> 00:42:38,565 hornets. See the power of cyber hornets. Her lie in the bull run. 609 00:42:46,265 --> 00:42:49,305 And he buys the corn put him 610 00:42:49,305 --> 00:42:52,165 on the tally and watch him pump it put him on the tally 611 00:42:52,165 --> 00:42:55,205 and watch him pump it put him on the tally and watch 612 00:42:55,205 --> 00:42:58,745 him pump it early in the bull run get 613 00:42:58,745 --> 00:43:01,505 him on twitter to orange pill elon get him on 614 00:43:01,505 --> 00:43:04,425 twitter to orange pill elon get him on twitter to 615 00:43:04,425 --> 00:43:26,245 orange bill elon Thank you for. 616 00:43:08,240 --> 00:43:15,600 Music. 617 00:43:26,245 --> 00:43:32,685 Watching. 618 00:43:35,440 --> 00:44:08,369 Music.