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Our next guest just penned an op-ed in The Wall Street Journal arguing Trump's.

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Playing recession roulette with the American economy and writing,

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quote, I thought the probability of a downturn was nearly zero.

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Now one is likely and we may see stagflation.

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Music.

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Welcome in to This Week in Bitcoin, episode 51.

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My name is Chris, chrislas.com, jupiterbroadcasting.com.

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You know, the U.S. government is thinking about boosting the debt ceiling by another $4 trillion.

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That would bring the grand total to $40 trillion. Yeah, $40 trillion.

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So I guess they have officially adopted the financial strategy of a young,

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dumb me with my first credit card, just doubling my debt in eight years.

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I hope with that because it really puts things into perspective.

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Traditional economists are

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panicked. They think we're going to have a recession. It's a guaranteed.

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It's the best case scenario that we have a small recession.

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But the business people advising the White House seem to be extremely bullish.

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And they're attempting to work the problem from multiple angles.

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We are under your direction.

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We're reprivatizing the economy. We're bringing down government spending.

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This is Treasury Secretary, as I like to say, bassinet, Steve Besson.

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We're bringing down excess employment in the government sector.

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On the other side, we're going to re-leverage the banking system.

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We're going to have all the new manufacturing jobs. So everyone who's laid off

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from the government will have an opportunity to go into the private sector.

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And that is going to lead to disinflation.

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We're going to, inflation is under control. We're going to get the affordability crisis.

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So lower energy, deregulation, more private sector jobs that will naturally

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get interest rates down, interest rates down.

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Mortgage rates are down almost every week since January 20th.

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The energy costs are down about 15 percent. Crude oil is down about 15 percent.

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And as we keep that going, interest rates are going to keep declining.

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It'll be good for mortgages. It'll be good for credit card debt.

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It'll be great for auto loans. But a big part of that strategy,

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and I got to give him credit, he's getting pretty tight on that presentation.

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A big part of that strategy is the doge cuts.

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And those do seem to be slowing down. And the doge cuts seem to be slowing down

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while maybe we are seeing some of the conviction in this wild turnaround play

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from the White House crack a little bit.

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Perhaps our first signs of blinking.

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So president trump may be softening his

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stance on tariffs story in this

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morning's wall street journal front page drove up stocks

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500 bucks they ease back 100 later

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but then mr trump again suggested a softening at his cabinet meeting and that

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drove stocks back up to a 600 point gain for the day so the question is is he

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negotiating with the stock market as well as with other countries or are more

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moderate voices holding sway inside the White House?

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Now, look. Yeah, it seems the whole we're not watching the market thing has kind of gone away.

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So this week, I want to get into the risks of the White House not successfully

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pulling this pivot off so we as Bitcoiners can plan accordingly.

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And I'm going to get into those specifics in a little bit.

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But I think we have to look at the broader picture. We have seen some initial

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warning signs. and the first ones are from the Internal Revenue Service here

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in the States. I'm no fan.

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They've made my quality of life harder and worse quantifiably,

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but they tend to be really low-key about some of these types of warnings that they release.

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And we all know that the U.S. government has a spending problem,

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and any sizable reduction in revenue could be catastrophic.

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Interest payments on debt and entitlement obligations already exceed 100% of

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total tax receipts, despite revenue from taxes being at historical highs recently.

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So any dip in there would be bad.

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And the IRS could see a sharp drop in revenue collected this tax filing season.

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That's according to a Washington Post report that says senior tax officials

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are bracing for a shortfall that would be tied to changing taxpayer behavior

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and attempted IRS cuts by President Trump.

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The Post cites several sources in an article that says that the Treasury Department

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is expecting a more than 10 percent drop in tax receipts by April 15th compared to last year.

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That would amount to about 500 billion dollars in lost revenue.

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The article says that the IRS has noticed more online chatter from people who

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say they won't pay their taxes or will claim deductions for which they are ineligible.

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You know, people ranting on social media, that doesn't really actually translate

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to people not paying their taxes, I suspect.

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I'll admit, seeing a lot of the Doge news come out, it's like,

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God, I really don't want to pay my taxes this year. It's going to hurt more than ever.

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But on scale, at scale, people are still going to pay their taxes.

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They don't want to get in trouble.

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The real threat, the real threat is the revenue is down because the market is down.

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That's the real threat. You see, the bulk of the tax income is capital gains.

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So if you're taking this whole world realignment thing into effect,

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while it's happening, we're already seeing a significant drop in the US market.

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So we have a falling equity market. I mean, it's getting better.

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It's been getting better for the last week, really. But there's still going

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to be a direct correlation to a reduction in tax revenue.

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That's just how it works. So lower stocks mean lower capital gains.

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We're also going to see lower corporate taxes because corporate profits are down.

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So these are going to intensify the problem.

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More spending than revenue, right? That's where we're at.

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We have a problem now where the U.S. government spends more than it makes already,

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and we're going to have less money coming in for at least a little period of time.

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And if we're already seeing the White House blink, you know,

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if we're seeing their conviction to ignore the markets weaken before we've really

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even begun to see a turn, you know, I mean, sure, yes, the tariff policy has

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brought some investments home.

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That's true. We've seen announcements from Apple and SoftBank and others.

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But the story that's not getting a lot of coverage is we're also seeing significant

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capital flights out of the U.S. into like European markets and others.

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So you could argue, I don't know, I don't think we have the numbers,

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but you could argue that all the announcements about money coming in because

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of tariffs is a bit of a net wash because of all the money leaving.

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So it's hard to say. And what we do know is we've gotten recent data on American

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consumer sentiment, which I imagine probably reflects consumer sentiment in the West in general.

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Breaking today, consumer confidence is at its lowest point in four years,

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according to a survey that dates back to 1967.

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Expectations for the future are at their lowest point since the end of the Great Recession.

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President Trump's economic policy has been a dramatic change from the Biden administration.

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Inflation has remained high, and the Federal Reserve has not lowered interest rates since December.

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They've remained relatively high over the last two and a half years.

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And with all that in mind, we welcome financial... We'll stop there.

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So I think what we could be seeing is perhaps cracks in the execution.

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I don't know if there was a right way to do this. I have seen them argue that

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you have to move fast because if you don't move fast, the entrenched interest

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will slow you down and stop you eventually. So you've got to move quicker than they can.

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So maybe with our broken U.S. government, it wasn't possible to do this properly. But.

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You would, if you could, and if you could take the time, the White House would

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want to do structural preparation, you know, set up tax incentives ahead of

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time to make sure certain workforces get retained or hired in the country.

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Get that in ahead of time, you know, get some training in place,

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get people prepared, because without that, historically, you see capital flight

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occur, which is what we're seeing right now.

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That weakens the dollar and that essentially puts volatility into the Treasury

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market. So we end up in a very particular situation where essentially fiscal dominance takes over.

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Music.

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Long term if the white house is successful or if

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they fail in this pivot it is going to be good for bitcoin i'll get into that

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you know if they succeed it increases revenue decreases spending the u.s economy

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booms liquidity starts to flow the u.s government along with many others have

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the resources to buy a Bitcoin and they start executing on their plans with

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one new, very important factor, which I'll get into in just a moment.

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But if this fails, if they don't execute it, say beyond 30% or something,

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I don't know how you'd measure this. I think that's also good for Bitcoin.

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We have overwhelming debt obligations in the United States. So the Federal Reserve

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will be forced to go back into quantitative easing.

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They're already slowing. They're tightening. I'll get into that later.

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When bond yield spike and fiscal policy dominates monetary policy, that just means that,

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The dollar weakens, we inflate, and Bitcoin rips.

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But we have one new important factor,

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and that is sort of this final boss problem that Bitcoin has faced.

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Bitcoiners for a long term, for a long time, have dreaded this then-they-fight-you moment.

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And we seem to have short-circuited that. And I've been trying to put into words

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why this feels like a significant moment when you look at the Reserve and the

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commitment never to sell Bitcoin by the federal government.

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It feels like Bitcoiners in their gut understand this is really important,

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but the rest of the world, right over their head. They seem to have missed it.

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Well, Bitwise's chief investment officer, Matt Hogan, was on Natalie Brunel's

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Coin Stories podcast, and he managed to put into words this thing that's been

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on my mind and I think some of your minds, too.

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And that is this fact that the landscape for Bitcoin, it really has changed forever.

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We can feel it. it's a big shift, but the rest of the world has missed it.

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And I think Matt helps us understand why. The most important thing,

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in my view, is not actually the government aggressively buying,

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although that would be great.

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It's that we've gotten past the point where the government is going to try to shut down Bitcoin.

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And to me, that's an existential change. That means there is a pre-that-happening

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market and a post-happening market.

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And we're now on the other side of that. So if we buy great,

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if not also great, Bitcoin is going to be just fine.

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It really was the big threat. How do you stop Bitcoin?

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Maybe the federal government puts everything it has into fighting it and at

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least bans it in the United States, which would significantly harm Western adoption

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because, you know, our friends in the West would follow suit.

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In fact, just us legitimizing Bitcoin through reserve has changed attitudes

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around the world for some places.

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But it's bigger than just they're not going to sell their coins.

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In fact, it's a whole land shift in all of Washington,

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D.C., which only people that have been following the crypto space for the last

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few years can even begin to kind of appreciate just how significant it is.

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It's something that surprised me.

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It has surprised me.

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Look, I think the market is underpricing the change in Washington.

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That's actually surprised me. I know that Bitcoin ripped from 70 to 100K,

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but I think the change is much greater than that.

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I look at what's happening, not just in Bitcoin, but in DeFi, even in alt layer ones.

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I think the market is just underestimating the change. The reason for that is

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I think unless you worked in crypto over the last four years,

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you can't imagine how challenging it was, right?

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You can't understand how difficult being debanked regularly was in this ecosystem.

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You can't understand how difficult multiple subpoenas and lawsuits were.

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You sound crazy when you say that banks won't take your $10 million deposit.

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People are like, no way. Did that happen to Bitwise? It did happen to Bitwise.

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It happened to everyone in crypto, of course.

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We all faced banking challenges. When Bitwise was first formed,

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it was difficult to get people to accept our checks from VCs to start the business,

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which is an incredible fact.

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But unless you realize just how repressive it was, you can't imagine what it

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will be like now that that's lifted.

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You look at what's happened at the SEC recently, you know, pulling back on the

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Coinbase lawsuit, pulling back on the Uniswap lawsuit.

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I think just the rebound for that is two to three X more than we've seen in the market so far.

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So I guess I've been surprised that people haven't sort of felt and intuited that difference.

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But now I recognize it's because they didn't know how bad we had it.

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And so therefore, you know, how open the market is now. Yeah.

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So it's a good buying opportunity. I think it's a great long-term buying opportunity.

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I saw a tweet yesterday from Avichel from Electric Capital that said,

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opportunity is fundamentals minus perception.

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And the opportunity has never been greater in crypto, if you use that math.

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Music.

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Okay, so how do we as Bitcoiners plan for these potential outcomes?

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A failure on policy or a success in policy or somewhere in between? Let's talk about that.

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I think one thing we can do is we

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can quantify what we do know right now because there

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is as they love to say the meme is there's a lot of uncertainty out there what

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we do know is that long term we have big buyers and holders in the bitcoin market

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now right we we know this we know from plebs that are going to hodl forever

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and always be buying and selling and stacking and cold storing Bitcoin.

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Like we have that base layer. 60% of the Bitcoin network is those plebs.

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And then we have the next largest group is governments.

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And after governments, it's companies. And companies seem to be aping in one after another.

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Let's talk some earnings here. GameStop results just hitting the wire.

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But I should mention first, and it's probably why the stock is up,

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the company is announcing an update to its investment policy to add Bitcoin

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as a treasury reserve asset.

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This was broadly speculated upon. We have seen the stock pop as of late in expectation. of this.

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There's no other details in the statement, by the way. It just says update to

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its investment policy to add Bitcoin as a Treasury Reserve asset.

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There are no details on how it's going to add it. There's no details on how

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they're going to raise funds to do that, although who knows,

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maybe they'll follow on the heels of strategy and issue shares in order to do that.

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And by the way, all of this coming as the company's numbers missed estimates,

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sales in the fourth quarter down 28% to $1.28 billion.

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Rough is what that is. It's sort of playing out as expected, isn't it?

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The companies on the edge that have something to lose, that are struggling,

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they're going to be the first to make these choices.

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I also wonder if some of the companies that are betting it all on the AI bet right now,

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that LLMs are going to produce AGI and replace people, and so they're spending

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billions, assuming they're going to make it all up in efficiencies in the workforce

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and in the productivity gains.

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But I'm becoming a skeptic that LLMs will ever achieve AGI. I think LLMs can

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be extremely useful tools.

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Obviously, they have a lot of potential in software development and image generation,

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media generation, and tech summaries.

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And there's lots of fields where they're very useful and they make people more productive.

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I don't think they're going to be Skynet. But that's the way companies are betting.

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And once that bet starts to fizzle out, Bitcoin is something real that they can bet on.

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Bitcoin is something that they can, they go from the value of their company

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being the speculation on what it might do to the value being the money they

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actually hold on their balance sheet.

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And this is Saylor's strategy with MicroStrategy, although he obviously is at an extreme.

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Other companies are following, like MetaPlanet, and that has caught,

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I should say, Saylor's attention.

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And Michael Saylor addressed the board of MetaPlanet this week to talk about

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the strategy. And I think there's some good insights in here.

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Konnichiwa, MetaPlanet shareholders.

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I'm so delighted to have the opportunity to speak with you today.

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MetaPlanet and Strategy are

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on the same mission together to convert the world to a Bitcoin standard.

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And we both view ourselves as being cheerful revolutionaries in the capital markets.

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Most conventional capital markets' equities are valued based upon the promise of future money.

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But our company in MetaPlanet, we're offering to be valued based upon the money we actually have.

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And most fixed income instruments in the capital markets are valued based upon

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the promise of future cash flows to pay off the debt.

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Whereas we're pioneering a new world where we actually issue fixed income instruments

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backed by the actual money that we have.

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And the reason we can do it is because both companies have capitalized on non-toxic money.

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We've capitalized on Bitcoin capital asset, which is appreciating faster than the cost of capital.

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Every other company in the world is generally capitalized on sovereign debt

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or currencies that underperform the cost of capital.

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So I've had many, many great discussions with Simon. And he and I are on this journey together.

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It's a mission. It's a mission to deliver Bitcoin-backed securities to the world.

259
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And we see hundreds of trillions of dollars of equity and hundreds of trillions

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of dollars of fixed income instruments that are valued based upon what we see

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as antiquated 20th century methods.

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We're really excited about taking the capital markets in the 21st century.

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I think strategy is leading the charge in the United States,

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and MetaPlanet is leading the charge in Japan.

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Thank you for supporting MetaPlanet.

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Thank you for supporting Bitcoin. Thank you for supporting strategy.

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And we look forward to continuing this journey together, onward and upward.

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00:18:54,548 --> 00:18:57,868
So the sharks are here. I mean, that's the reality. And they're not selling.

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And us fish, I guess, if you could go with this analogy, we need to get to one

270
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Bitcoin as fast as possible.

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This market dip is a moment, but it won't be your only moment.

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I think one of the things that people can do is they can psych themselves out

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and think this is their last opportunity in Bitcoin.

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No. I mean, it's hard to say what price it'll be at again in the future,

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but there will be future dips as well.

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But if you have no extra funds to earn sats, I know that's a really hard thing to hear.

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But there's things you can do. Get on Noster. Post content that's worth zapping.

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Get on Stacker News. Do the same thing. Use Fountain for your podcast app.

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You know, they stream you sats. people can zap you sats on there.

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Start using the fold card and passively stack sats.

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You can also do things like build a node. Learn Bitcoin better than the average

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fish. Invest in your knowledge.

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Get some experience with lightning and cold storage.

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You don't need to obsess and focus on becoming a shark. Just don't be a guppy

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is my advice. That's what you plan for.

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As you plan for these sharks to hodl and buy more long-term,

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take advantage of dips, and I think all us plebs should be pivoting to passively

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stacking Bitcoin as hard as possible.

289
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Because I have this gut feeling that this is going to feel like,

290
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I can't actually remember if it was called, if I'm getting it wrong,

291
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but I want to call it the Bitcoin well.

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Which is probably, I don't know if I'm getting it confused with the actual Bitcoin

293
00:20:21,578 --> 00:20:25,298
well, but there used to be a page. I had been there.

294
00:20:25,438 --> 00:20:27,598
I want to say it was the well, but it might've been something else.

295
00:20:27,758 --> 00:20:30,138
It was a faucet, like the Bitcoin faucet. Maybe that's what it was called.

296
00:20:30,638 --> 00:20:34,458
And you could go to this page and they would just give you Bitcoin. for going to the page.

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Just get Bitcoin. Not sats. Bitcoin. You can just get Bitcoin.

298
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And that sounds ridiculous now.

299
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For going to a website, like filling out a capture or whatever it was.

300
00:20:45,338 --> 00:20:48,098
That's crazy, right? I think that's how we're going to look at a lot of these

301
00:20:48,098 --> 00:20:50,958
passively stacked Bitcoins. These Bitcoin rewards and things like that.

302
00:20:51,658 --> 00:20:56,078
In 30 years, we'll be like, that's crazy. You got 200,000 sats for paying that

303
00:20:56,078 --> 00:20:58,798
bill? That's wild. For paying those bills, That's crazy.

304
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You wouldn't get that on one bill. I think that's, I think that's my advice

305
00:21:02,898 --> 00:21:06,398
is actively stack if you can, but if you can't, you know, you've got to figure

306
00:21:06,398 --> 00:21:08,678
out your passive game and even if you're actively stacking, I think you should

307
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figure out your passive game.

308
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Because those free sets aren't going to be around forever and it's hard money.

309
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Once you have those sets, they're yours. They're never going to get them back.

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So use this opportunity to stack them sets passively as hard as you can.

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Music.

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Here we go. The lever you have pulled breaks.

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It's not in service. Please make a note of it. I think one of the things that's

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going to be really rough to watch over the next year or two is all of these

315
00:21:46,371 --> 00:21:48,931
different stable coins and all of these different companies,

316
00:21:48,931 --> 00:21:50,231
they're going to have their own coin.

317
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And, you know, they're all going to be on some sort of crypto blockchain VC backed thing.

318
00:21:57,411 --> 00:22:01,351
Today, as I record, six trillion dollar asset manager Fidelity has announced

319
00:22:01,351 --> 00:22:03,411
plans to launch their own stable coin.

320
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Earlier this week, Donald Trump's World Liberty Financial raised $550 million

321
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and launched the USD1 stablecoin.

322
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We're going to see this a lot, I think. This is going to be big,

323
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especially once the Genius Act passes or whatever version of it gets through,

324
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which I suspect is one of their higher priorities right now.

325
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This is going to put a lot of pressure on the network effect of Bitcoin,

326
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is my concern, the transactional aspect of Bitcoin. I mean, Bitcoin doesn't

327
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need day-to-day transactions, people buying coffee to be successful.

328
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But if you can, you're probably going to use a free transaction or something

329
00:22:38,711 --> 00:22:40,751
like that that doesn't adjust in value.

330
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I think it will potentially have some impact on the network effect for Bitcoin and its adoption.

331
00:22:46,751 --> 00:22:51,551
But ultimately, I'm more concerned about Elon's plans, actually.

332
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I'm not an Elon stan. I'm not an Elon hater. I just don't really get that worked

333
00:22:55,571 --> 00:22:56,871
up over individual personalities.

334
00:22:57,051 --> 00:23:02,591
I tend to think it's more complex than that. But I do think Elon has been suspiciously

335
00:23:02,591 --> 00:23:04,151
quiet about Bitcoin. He's been in the

336
00:23:04,151 --> 00:23:08,091
room during some of Trump's biggest announcements pertaining to Bitcoin.

337
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Besties with David Sachs, the AI and crypto czar.

338
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And Elon comments on everything except Bitcoin.

339
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And maybe I know why. And I think this could also have an impact on Bitcoin's

340
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network effect and adoption.

341
00:23:26,738 --> 00:23:31,358
Elon believes that X could become 50% of the global economy.

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And I think he means the transactions of the global economy.

343
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Essentially, if done right, the X would be.

344
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Would serve people's financial needs to such a degree that over time it would

345
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become, I don't know, maybe half of the global financial system. Wow.

346
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Or some big number. I'm not sure what the number is, but pretty big.

347
00:23:54,118 --> 00:23:58,518
So it would be by far the biggest sort of financial institution.

348
00:23:58,758 --> 00:24:03,178
But like I said, not really in the way that people are used to thinking about banks.

349
00:24:03,178 --> 00:24:08,118
Just just the most efficient database

350
00:24:08,118 --> 00:24:10,898
for the thing that is money what i said like

351
00:24:10,898 --> 00:24:15,238
least amount of fraud everything's real time and

352
00:24:15,238 --> 00:24:19,598
if it involves money in any way it can be dealt with seamlessly on one one location

353
00:24:19,598 --> 00:24:24,718
so it's the best database for money you know his sequel database what could

354
00:24:24,718 --> 00:24:29,278
be better than that so you know me i got a question for y'all boost in and tell

355
00:24:29,278 --> 00:24:31,318
me are elon's plans for X,

356
00:24:31,458 --> 00:24:35,718
a risk to Bitcoin's adoption by regular users, compare it to Noster for a moment.

357
00:24:36,338 --> 00:24:40,218
Noster not only onboards people to Bitcoin, but to a lightning first experience.

358
00:24:40,778 --> 00:24:44,858
Where now, like, if Elon's plans were successful, every X user would basically

359
00:24:44,858 --> 00:24:48,258
have Venmo cash app built into their X app with the network effect of X.

360
00:24:48,978 --> 00:24:54,378
So is this a risk for Bitcoin? And do you agree? Is this maybe why Elon never talks about Bitcoin?

361
00:24:54,958 --> 00:24:58,598
It could go nowhere. But, you know, you combine it with some sort of like stablecoin play.

362
00:24:59,178 --> 00:25:03,378
You get money operator licenses money transmitter licenses you set up a SQL

363
00:25:03,378 --> 00:25:06,418
database to keep transactions make it easier for people to move money between

364
00:25:06,418 --> 00:25:12,478
each other boom boom sounds like at least a decent strategy to pitch to.

365
00:25:12,400 --> 00:25:31,440
Music.

366
00:25:33,233 --> 00:25:38,133
Now, before we continue on, I want to say you can support the show by doing what you do.

367
00:25:38,293 --> 00:25:43,413
You can buy sats on River when you're stacking or smash buying and use our link to support the show.

368
00:25:44,133 --> 00:25:48,013
If you want to buy sats and send them directly to self-custody or maybe you're

369
00:25:48,013 --> 00:25:50,753
up in the Canadias, Bitcoin Well is the way to go.

370
00:25:51,213 --> 00:25:55,713
Bitcoin Well will go directly to your self-custody when you're buying or selling. It's really slick.

371
00:25:55,933 --> 00:25:58,273
If you're ready to spend some of your Bitcoin via Lightning,

372
00:25:58,813 --> 00:26:02,653
that's the Bitcoin company. Hundreds of gift cards from Lightning right into

373
00:26:02,653 --> 00:26:04,973
a gift card in just seconds. You can even sign in with Lightning.

374
00:26:05,033 --> 00:26:05,833
You don't even need an account.

375
00:26:06,333 --> 00:26:08,533
You want to passively stack them sats, fold card.

376
00:26:09,253 --> 00:26:11,873
Transactions on a debit card when you're paying your bills, gift cards,

377
00:26:11,973 --> 00:26:13,413
fold card will help you stack them sats.

378
00:26:13,813 --> 00:26:17,533
If you got some Bitcoin, you need access to liquidity, some fiat without selling it.

379
00:26:17,813 --> 00:26:20,973
That's where salt lending comes in. All of these are linked in the show notes.

380
00:26:21,153 --> 00:26:22,453
I use them and recommend them.

381
00:26:22,873 --> 00:26:27,053
I've been with them for a bit. And I appreciate everybody who supports the show by doing what you do.

382
00:26:27,833 --> 00:26:30,333
Now, we've got boosts, updates, and a final clip of the week.

383
00:26:29,520 --> 00:26:48,560
Music.

384
00:26:31,033 --> 00:26:37,493
So let's get into it. We'll be right back.

385
00:26:51,073 --> 00:26:55,873
Oh, we have some boosts. Look at that. And Adversary 17 is our baller booster

386
00:26:55,873 --> 00:26:57,873
this week with 70,000 sats.

387
00:27:02,073 --> 00:27:04,613
Adversary says great episode. And in regards to sponsorship,

388
00:27:04,613 --> 00:27:07,133
if they make sense and help the show, I'd listen to them.

389
00:27:07,293 --> 00:27:09,953
I feel you have a good sense of what your audience values and the sponsors you've

390
00:27:09,953 --> 00:27:13,933
chosen for other shows have all been good choices for me. But also here's some sats.

391
00:27:15,233 --> 00:27:18,653
Thank you very much. I appreciate that. He's a good guy. He's a real good guy.

392
00:27:18,833 --> 00:27:22,053
No, he's a great guy. Thanks for being our baller booster this week. yeah

393
00:27:22,053 --> 00:27:25,433
i'm i will be getting into that in this episode i think at

394
00:27:25,433 --> 00:27:28,313
least a bit more it's still something i'm chewing on appreciate your

395
00:27:28,313 --> 00:27:31,333
input and i appreciate that baller boost a trains here

396
00:27:31,333 --> 00:27:35,073
with 66,666 sats

397
00:27:35,073 --> 00:27:39,493
hmm why you got to put numbers and letters together why can't you just go yourself

398
00:27:39,493 --> 00:27:44,873
oh come on well i'll be dipped uh he sends me a link to a video on x about a

399
00:27:44,873 --> 00:27:48,913
gal who's worried about a recession you know she might she mainly cites some

400
00:27:48,913 --> 00:27:52,093
data that's a little bit off so i don't know how valid her concern is there,

401
00:27:52,253 --> 00:27:53,433
but I did take a look at it.

402
00:27:53,553 --> 00:27:56,573
He says, too bad I can't cash out of my 401k for Bitcoin.

403
00:27:56,793 --> 00:27:58,913
As for the ads, you know what's best for your audience. I support it either

404
00:27:58,913 --> 00:28:00,573
way. Stay stacking. Andrew.

405
00:28:01,153 --> 00:28:04,913
Andrew, there may be some solutions to that. I don't know about the 401k and

406
00:28:04,913 --> 00:28:07,073
Bitcoin, at least maybe, you know, going into an IRA.

407
00:28:08,396 --> 00:28:11,036
But I wouldn't be too concerned by that social media post video.

408
00:28:11,116 --> 00:28:14,516
I don't think she has a full grasp on why 21 and me, or 21 and forever,

409
00:28:14,616 --> 00:28:16,136
whatever it's called, is actually collapsing.

410
00:28:16,816 --> 00:28:20,856
So a bit of her analysis is off. But I appreciate you boosting in and,

411
00:28:20,856 --> 00:28:23,376
you know, running it past me, too. Don't mind that at all.

412
00:28:24,196 --> 00:28:27,396
Now, I'm going to say Obel918. I think that's probably wrong, right?

413
00:28:27,656 --> 00:28:30,936
That's probably wrong. Because I'm the wind.

414
00:28:31,156 --> 00:28:34,236
Yeah, that's true. Came in with a big old bushel of McDucks,

415
00:28:34,336 --> 00:28:39,736
44,445 sats. Things are looking up for old McDuck. Chris, your analysis is spot on.

416
00:28:40,016 --> 00:28:42,416
It usually has an angle I haven't heard from anyone else. And nobody else is

417
00:28:42,416 --> 00:28:45,196
doing this as well as you are. Keep up the good work. Me and the kids love TWIP.

418
00:28:45,336 --> 00:28:47,276
Oh, thank you. I remember your email, too.

419
00:28:47,576 --> 00:28:50,356
I've been running a node for some time, but since I never spend sats,

420
00:28:50,396 --> 00:28:51,156
I haven't set up Lightning.

421
00:28:51,416 --> 00:28:57,676
I sent you some Quantalooze on PayPal, but I never really felt like I got to

422
00:28:57,676 --> 00:28:59,356
participate in the system to do a proper boost.

423
00:28:59,596 --> 00:29:02,616
So I went through another KYC process, and I got strike working.

424
00:29:02,996 --> 00:29:05,236
Here's my first boost, with many more to come.

425
00:29:09,896 --> 00:29:14,496
You know what you're doing a good job well done by the way about sponsorships

426
00:29:14,496 --> 00:29:17,236
i wouldn't mind hearing them because i know what it means for you as the creator

427
00:29:17,236 --> 00:29:20,036
i listen to the boost every week and i know it's not enough money for the value

428
00:29:20,036 --> 00:29:23,896
you're providing that said is it increasing over time if the show grows do you

429
00:29:23,896 --> 00:29:26,436
see this working with boosts only because that would be great

430
00:29:26,856 --> 00:29:31,596
it's a good question so i i think the you know the boosts kind of ebb and flow,

431
00:29:32,495 --> 00:29:37,255
But, you know, over time, the value of the boost goes up. So that's something, right?

432
00:29:37,435 --> 00:29:43,395
And I think that's, I hope, kind of unique to the boost system is if you boost

433
00:29:43,395 --> 00:29:46,215
today a row of ducks, that row of ducks hopefully does more later.

434
00:29:46,475 --> 00:29:50,055
Your contribution does more for the network later. Because my plan is to essentially, I mean,

435
00:29:50,355 --> 00:29:54,275
not as pompous to call it like a Bitcoin reserve strategy, but my plan is to

436
00:29:54,275 --> 00:30:00,455
utilize the sats to make it possible to run the network with as little commercial

437
00:30:00,455 --> 00:30:02,135
attachments as possible one day.

438
00:30:02,135 --> 00:30:05,455
And, you know, I'm not saying never because there's certain things like events

439
00:30:05,455 --> 00:30:08,695
or whatnot that it's great to work with sponsors and some sponsors have been really great.

440
00:30:09,675 --> 00:30:14,275
I don't know, as it grows, we'll have to see if we can onboard more people to the boost ecosystem.

441
00:30:14,515 --> 00:30:19,255
There is work being done to make that smoother, but with Albi refocusing on

442
00:30:19,255 --> 00:30:24,135
self-hosted and removing the hosted option, you know, we've seen a cutback,

443
00:30:24,355 --> 00:30:26,315
I think, in the boost. Also with some volatility.

444
00:30:27,515 --> 00:30:32,195
So there's a transition period. There are multiple projects in works to kind

445
00:30:32,195 --> 00:30:34,415
of fill those gaps, but they're just not ready yet.

446
00:30:35,115 --> 00:30:38,315
But, you know, Bitcoin teaches us to be patient, right? And I really appreciate

447
00:30:38,315 --> 00:30:40,895
you taking the time to get the boosting set up so you can send in a boost to

448
00:30:40,895 --> 00:30:42,975
after you sent in the PayPal and the email.

449
00:30:43,275 --> 00:30:47,355
It's nice to hear from you. I hope to hear from you again. Paranoid Coders here with the Rodex.

450
00:30:49,055 --> 00:30:52,235
I've got a Fold question for you. I got the impression that you mainly use Fold

451
00:30:52,235 --> 00:30:54,935
to pay bills, and it got me interested. So I set it up and started using my

452
00:30:54,935 --> 00:30:58,575
Fold Plus trial. Took me a while to realize, though, that you only get rewards

453
00:30:58,575 --> 00:31:02,635
for bill pay up until the dollar amount you spend on your fold card or Bitcoin purchases.

454
00:31:03,175 --> 00:31:07,155
You also put a certain amount of your fold card so you can get bill pay rewards.

455
00:31:07,315 --> 00:31:09,555
Or am I missing something? Thanks for the show.

456
00:31:09,915 --> 00:31:13,815
It's the only show I slow down below 2x, so I can really enjoy it.

457
00:31:17,815 --> 00:31:21,655
That is... You make me want to be a better man. That is so great.

458
00:31:22,449 --> 00:31:27,889
So the way I look at Fold is it's really only going to be great for you if you're

459
00:31:27,889 --> 00:31:29,249
doing like one of a few things.

460
00:31:29,369 --> 00:31:32,969
And that is if you're putting some debit card expenses on there or you're buying

461
00:31:32,969 --> 00:31:36,529
gift cards for like gas purchases, like pre-buying a month's worth of gas because

462
00:31:36,529 --> 00:31:38,069
they have several gas cards in there.

463
00:31:38,389 --> 00:31:41,849
Then you get like 5%, 6% back on those SATs.

464
00:31:42,329 --> 00:31:47,669
If you also are buying Bitcoin with it, I think it's a pretty good option,

465
00:31:47,669 --> 00:31:49,209
especially with the Fold Plus membership.

466
00:31:49,209 --> 00:31:54,409
Because then it's zero fees and they do have, I think it's BitGo for their insurance,

467
00:31:54,529 --> 00:31:58,089
up to $300 million in your Bitcoin holdings. I think I could have those numbers

468
00:31:58,089 --> 00:31:59,069
wrong so you'd want to double check.

469
00:31:59,509 --> 00:32:02,389
Not that I really advocate keeping any Bitcoin on an exchange,

470
00:32:02,629 --> 00:32:07,349
but while you're stacking and consolidating UTXOs, it is nice to have insurance.

471
00:32:07,869 --> 00:32:11,769
And with Fold Plus, there's no fees.

472
00:32:11,769 --> 00:32:15,149
So what I do is I kind of wait till all the bills are paid.

473
00:32:15,649 --> 00:32:19,629
I look at what's left in the Fold account and I tend to do a smash buy with that.

474
00:32:20,029 --> 00:32:25,489
What I would like to do is eventually really dial it in so that way I could

475
00:32:25,489 --> 00:32:32,569
just do like a 25% conversion to sats during the ACH deposit every time I do an ACH deposit.

476
00:32:32,749 --> 00:32:36,629
So it's just automatically 25% goes into sats. But I'd really want to make sure

477
00:32:36,629 --> 00:32:39,089
I got all the bill stuff really super dialed in and it's not fluctuating.

478
00:32:39,269 --> 00:32:43,709
I don't want to get surprised there. So right now I do smash buys and a few

479
00:32:43,709 --> 00:32:47,109
small purchases on the debit card as well as gift cards. combine all that together

480
00:32:47,109 --> 00:32:49,429
with the bill pay, you know, over time you stack stats.

481
00:32:49,609 --> 00:32:53,149
It takes a while, I think, to really get the benefit out of it.

482
00:32:53,689 --> 00:32:56,609
For your Fold Plus membership, you'd probably want to use the debit card for

483
00:32:56,609 --> 00:32:59,109
a lot of your day-to-day purchases. And I think why not?

484
00:32:59,943 --> 00:33:03,563
You're going to get sats back anyways. Your only thing, you're only really,

485
00:33:03,743 --> 00:33:06,483
unless you have a credit card that's giving you great points for the stuff you

486
00:33:06,483 --> 00:33:09,583
buy day to day and you really like that system, I think it's worth considering

487
00:33:09,583 --> 00:33:10,963
the fold card. All right. I've said enough.

488
00:33:11,323 --> 00:33:14,163
That's my, all right. I put it out there. I think they're doing great.

489
00:33:14,343 --> 00:33:18,223
They also just had some great news this week. So it's good all around. Moving on.

490
00:33:21,363 --> 00:33:24,403
Thank you for the boost, though. Scuffed comes in with 10,000 sats.

491
00:33:24,883 --> 00:33:28,223
He says, there's no such thing if I own Bitcoin. There's no such thing as a

492
00:33:28,223 --> 00:33:30,863
recession if I own Bitcoin. Right? Right, guys? Right?

493
00:33:31,583 --> 00:33:35,223
Fun will now commence. I am going to go with that. He says, I'm good with podcast

494
00:33:35,223 --> 00:33:37,963
ads as long as there's a members-only feed with no ads.

495
00:33:38,323 --> 00:33:40,883
Sometimes I don't have anything to say in a boost, but I still like to support

496
00:33:40,883 --> 00:33:42,203
the show on a weekly basis.

497
00:33:42,303 --> 00:33:45,463
An ad-free or extra content feed would be a way to do that. And,

498
00:33:45,523 --> 00:33:46,843
of course, you'll be able to subscribe using lightning.

499
00:33:48,163 --> 00:33:53,423
Okay. So that's something, you know, right now I give my all into the main show.

500
00:33:53,543 --> 00:33:57,283
And so I would have to come up with something more I could do to give value for a membership.

501
00:33:57,283 --> 00:34:02,823
And also I agree you'd want to be able to pay by lightning that could be something

502
00:34:02,823 --> 00:34:03,943
that happens in the future.

503
00:34:05,663 --> 00:34:10,143
I'd have to think about that you know I'd have to give that some thought thank

504
00:34:10,143 --> 00:34:11,863
you appreciate that scuffed,

505
00:34:12,423 --> 00:34:16,803
Johns Burt came in with 5,000 sats you're so boosted no message just the value

506
00:34:16,803 --> 00:34:25,583
and ITFM99 came in with 2,000 sats B-O-O-S-T long time listener first time booster hey alright thank you,

507
00:34:26,283 --> 00:34:29,603
Just set up my Bitcoin full note and I'll be hub. Ha ha!

508
00:34:30,283 --> 00:34:34,963
Make it so. Well done. Good to hear from you. Thank you for letting me know. It's great.

509
00:34:35,643 --> 00:34:41,243
Gene Bean's back with 3,559 sats. The traders love the vol.

510
00:34:41,503 --> 00:34:45,323
Your choices on sponsor for the rest of JB's shows have felt relevant and solid,

511
00:34:45,343 --> 00:34:47,543
so I support you using the same discernment here.

512
00:34:47,783 --> 00:34:51,383
I'd much rather hear an ad here than see the show be financially burdened on you. Thanks, Gene.

513
00:34:51,823 --> 00:34:54,823
He also boosted our artist, which got to number one. Boop, boop, boop.

514
00:34:55,583 --> 00:35:03,023
So the one pause and concern I have when it comes to Bitcoin space sponsors, the space is new,

515
00:35:03,663 --> 00:35:09,603
changing, and what is a good sponsor today might not be a great sponsor three

516
00:35:09,603 --> 00:35:11,303
years from now or two years from now.

517
00:35:11,743 --> 00:35:16,623
I think in the last bull run and crash, we saw a lot of sponsors that seemed

518
00:35:16,623 --> 00:35:19,223
fine for a while in a lot of Bitcoin podcasts.

519
00:35:19,723 --> 00:35:23,003
And then when the crash came, we turned out that they weren't wearing pants

520
00:35:23,003 --> 00:35:24,363
when the tide went out, et cetera, et cetera.

521
00:35:24,763 --> 00:35:28,903
And it was embarrassing You know, I think Peter McCormick Took a lot of that.

522
00:35:30,209 --> 00:35:35,289
And others. And I, that's my big concern is that I can, you know,

523
00:35:35,529 --> 00:35:36,529
verify a company's good.

524
00:35:36,669 --> 00:35:40,929
I can use their product today, but how does it reflect on me when things all of a sudden change?

525
00:35:41,469 --> 00:35:44,669
And that's why I've really limited it right now to like Bitcoin well,

526
00:35:44,949 --> 00:35:49,609
river, fold, salt, because these companies have survived and they have,

527
00:35:49,689 --> 00:35:54,849
they've demonstrated long-term viability and that they actually do what they say they're going to do.

528
00:35:55,289 --> 00:35:58,609
But it's such a small handful. It's such, it's a risk still and that's my main

529
00:35:58,609 --> 00:36:01,289
concern i really would like it to work value for value,

530
00:36:01,849 --> 00:36:05,929
simply because the topic matter is is

531
00:36:05,929 --> 00:36:09,049
really important and i just it's a

532
00:36:09,049 --> 00:36:11,869
tricky thing and i don't want to taint it by having a

533
00:36:11,869 --> 00:36:16,209
sponsor that goes sour one day and that does happen i've been doing this for

534
00:36:16,209 --> 00:36:20,649
like 18 19 years been dealing with podcast sponsors and the other shows it happens

535
00:36:20,649 --> 00:36:25,629
you know i mean like even a great sponsor sometimes gets bought out that's seen

536
00:36:25,629 --> 00:36:30,569
that happen their CEO goes and shoots an elephant I've seen that happen I mean it's it's you know.

537
00:36:31,569 --> 00:36:34,609
It's something so it's it's really been on my mind I appreciate your input thank

538
00:36:34,609 --> 00:36:41,129
you for the boost too wise hodls here with 7,474 sets I feel like that's a message

539
00:36:41,129 --> 00:36:46,449
almost there's something in there he says regarding sponsorships I wouldn't

540
00:36:46,449 --> 00:36:49,409
mind especially if it helps the show I suggest soliciting the companies you

541
00:36:49,409 --> 00:36:52,429
already mentioned yeah and then branching out from there those companies are

542
00:36:52,429 --> 00:36:54,069
really mostly interested in affiliate deals, I think.

543
00:36:54,269 --> 00:36:57,709
The bull market has made the podcast space pretty noisy, so I've cut down on

544
00:36:57,709 --> 00:36:59,829
my podcast subscriptions to just three for the time being.

545
00:36:59,949 --> 00:37:05,289
This Week in Bitcoin, Bitcoin and Peterson's Bitcoin Fundamentals. Less is more for now.

546
00:37:05,569 --> 00:37:07,849
I don't usually boost, so here's a hello from all the streamers.

547
00:37:07,889 --> 00:37:09,569
We appreciate your work, albeit silently.

548
00:37:10,429 --> 00:37:13,889
Oh, and the boost amount is the default port on the Neo4j browser.

549
00:37:14,569 --> 00:37:18,949
Ah, I knew there was something there. I could just feel it when I read that.

550
00:37:19,509 --> 00:37:21,769
Thank you. Thank you for the boost. It's good to hear from you.

551
00:37:21,849 --> 00:37:22,689
Thank you for streaming too.

552
00:37:23,589 --> 00:37:27,449
I agree. I really want to focus on Signal. I don't even, yeah.

553
00:37:29,451 --> 00:37:33,931
There's so many Bitcoin podcasts out there that I think it's like hypercritical

554
00:37:33,931 --> 00:37:37,071
for the success of the show to be focused on Signal.

555
00:37:37,651 --> 00:37:41,591
And this boost process is part of that because this is how you guys help me

556
00:37:41,591 --> 00:37:43,451
check. You know, I check what I'm talking about.

557
00:37:43,711 --> 00:37:46,911
We really seem to like narrow it down into these discussions.

558
00:37:47,211 --> 00:37:50,591
Like the show comes to new understandings, like really all of that.

559
00:37:50,691 --> 00:37:53,851
And you just don't, that's not something you get with the sponsor.

560
00:37:53,991 --> 00:37:56,111
Although this viability, you know, at the end of the day, I guess,

561
00:37:56,211 --> 00:37:59,231
is really what I'm concerned about. So I don't know. You can tell I'm all over the place.

562
00:37:59,371 --> 00:38:04,031
Appreciate the boost. And now we go to Baste Potato, who's here with 10,000

563
00:38:04,031 --> 00:38:06,491
sats. Heck yeah, let's go.

564
00:38:08,211 --> 00:38:10,811
Relatively new to the show, nothing but quality content, so thank you.

565
00:38:10,911 --> 00:38:14,411
Up until now, I've been a sats streamer, but I wanted to boost in order to give

566
00:38:14,411 --> 00:38:16,031
you my two cents on the sponsor's question.

567
00:38:16,551 --> 00:38:19,931
Please, no. I already have enough podcasters telling me to use Bitbox,

568
00:38:20,051 --> 00:38:21,511
River, and Casa. No judgment.

569
00:38:21,791 --> 00:38:24,551
I get it. But value for value can work. Step it up, folks!

570
00:38:25,520 --> 00:38:38,320
Music.

571
00:38:28,651 --> 00:38:29,991
Well, it's good to hear from you, Baste.

572
00:38:40,231 --> 00:38:43,071
I'm surprised some sponsors just haven't sent their message in via boost,

573
00:38:43,191 --> 00:38:45,871
you know, make it a nice boost and put a quick message in there. I don't know.

574
00:38:46,511 --> 00:38:49,431
I guess I don't have to read if it's awful. Thank you. Yeah,

575
00:38:49,731 --> 00:38:51,311
I really would love to see it work, too.

576
00:38:51,311 --> 00:38:54,991
You know, wouldn't it be awesome if, because, you know, Jupyter Broadcasting

577
00:38:54,991 --> 00:38:58,151
has been so focused on Linux and open source that this shows you could look

578
00:38:58,151 --> 00:39:01,891
at it from a business product standpoint as a bit of...

579
00:39:02,636 --> 00:39:05,376
You know, a redheaded stepchild doesn't really fit. It's a bit of a risk.

580
00:39:05,856 --> 00:39:10,056
Would it be incredible, though, if if it could be the example of a sustainable

581
00:39:10,056 --> 00:39:14,276
value for value show that helps create essentially a longevity reserve for the podcast?

582
00:39:15,196 --> 00:39:17,816
What are you going to do then, Linux users? OK, all right. I'm sorry.

583
00:39:17,896 --> 00:39:20,376
I shouldn't have said that. Thank you for the boost. It's nice to hear from you, Potato.

584
00:39:21,636 --> 00:39:25,996
BuildTheNode.com comes in with three thousand three hundred thirty three sats. Tough little ship.

585
00:39:26,836 --> 00:39:29,896
Little. End of the show song. Hit me right in the fields.

586
00:39:30,096 --> 00:39:33,296
Great show. New listener here. I heard from Adam Curry, and he mentioned your

587
00:39:33,296 --> 00:39:36,636
show, and I thought, oh, no, not another Bitcoin podcast.

588
00:39:37,656 --> 00:39:41,356
I know. I was almost just going to name it that. But I am pleasantly surprised.

589
00:39:41,476 --> 00:39:43,496
Twib is now my must-listen rotation.

590
00:39:43,736 --> 00:39:46,836
Thanks for being awesome. Oh, well, thank you for boosting it.

591
00:39:46,916 --> 00:39:49,496
Good to hear from you. That's awfully nice to hear.

592
00:39:51,036 --> 00:39:56,196
Hey, Todd's back. Todd from Northern Virginia is here with 11,101 sats.

593
00:39:56,196 --> 00:39:58,436
Oh, my God. This drawer is filled with Froot Loops.

594
00:39:59,416 --> 00:40:02,296
Excellent show, he says. Thanks for all you do. I appreciate the insight into

595
00:40:02,296 --> 00:40:06,116
the financial roadmap of the new administration, which I don't hear anywhere else.

596
00:40:06,416 --> 00:40:10,916
Cheers. Well, cheers to you, Todd. Good to hear from you. Thanks for boosting in.

597
00:40:11,736 --> 00:40:15,216
Joey DED is here with 2000 sats. Coming in hot with the boom.

598
00:40:15,256 --> 00:40:17,536
I'm a no on the ads, but I understand if you have to.

599
00:40:17,756 --> 00:40:20,696
If you have to, then please, please get them over with up front.

600
00:40:21,416 --> 00:40:24,496
Ah, break-in ads are horrible. And TWIB is one of my top three clear winners

601
00:40:24,496 --> 00:40:26,176
I listen to regularly. Super signal, thank you.

602
00:40:26,596 --> 00:40:29,656
Well, that feels more like a 10,000-sat request there, Joey.

603
00:40:29,656 --> 00:40:32,516
I'll just say, but I appreciate what you're saying.

604
00:40:34,576 --> 00:40:38,576
I hadn't actually even thought of where I would put them beyond just earlier

605
00:40:38,576 --> 00:40:40,556
in the booth segment when I was starting to think about it more.

606
00:40:41,256 --> 00:40:45,156
Upfront would be unusual for me, but not impossible.

607
00:40:46,796 --> 00:40:48,676
I don't know. I don't like the feeling of it, though.

608
00:40:49,646 --> 00:40:51,466
Thank you. Appreciate the boost. Good to hear from you.

609
00:40:54,066 --> 00:40:58,186
User 74991472. Oh, yeah. It's coming in with a boost. Let's hear it, good buddy.

610
00:40:58,386 --> 00:41:03,566
No message, though. Just 10,000 sats. Well, I appreciate that value. It's over 9,000!

611
00:41:04,446 --> 00:41:11,726
Clarkian sent 5,000 sats to our artist, and Hodler came in with 4,000... Oh, it's another 4,747.

612
00:41:12,386 --> 00:41:16,966
Would you look at that? That's right, everybody. It's that time of year again. Happy birthday!

613
00:41:17,606 --> 00:41:21,946
Okay, I don't know it's a random one. Okay, all right.

614
00:41:26,166 --> 00:41:29,866
Hey, Chris, I've got a lightning question for you. I recently set up an L&D

615
00:41:29,866 --> 00:41:33,626
node on a Linux, Debian, Lenovo laptop, and I quickly learned that for good

616
00:41:33,626 --> 00:41:37,946
routing, performance channels typically need to be in the 1 to 2 million sats range.

617
00:41:38,546 --> 00:41:43,306
My question is, when Bitcoin pumps again and the fiat value of sats increases,

618
00:41:43,326 --> 00:41:46,706
do you think the recommended minimum channel size will shrink?

619
00:41:47,246 --> 00:41:51,226
Would it make sense to open smaller channels now and just hope that the price catches up?

620
00:41:51,686 --> 00:41:56,026
That's a really good question. And I would love to say yes, that you should

621
00:41:56,026 --> 00:41:57,506
just open small channels and wait.

622
00:41:58,006 --> 00:42:00,706
However, experience has taught me this has just not been the case.

623
00:42:01,106 --> 00:42:04,406
You know, I've been running a Lightning node since 30,000.

624
00:42:05,913 --> 00:42:09,613
Well, it was 40, then it dipped down to 15, and then crawled back up to 30.

625
00:42:09,873 --> 00:42:16,053
So, you know, I've been running a Lightning node every day, and now I run a

626
00:42:16,053 --> 00:42:17,913
couple of them for two years.

627
00:42:18,513 --> 00:42:23,313
So I'm not like a super expert here, but I will tell you, in that two-year experience,

628
00:42:23,313 --> 00:42:26,573
I've not seen what you're suggesting pan out.

629
00:42:27,033 --> 00:42:29,953
In fact, if anything, the channel sizes just seem to be getting bigger and bigger.

630
00:42:30,413 --> 00:42:33,333
You could think of it as the network is kind of getting more efficient.

631
00:42:33,333 --> 00:42:37,133
We're consolidating into larger, more efficient channels instead of lots and

632
00:42:37,133 --> 00:42:40,373
lots and lots of little channels, which means payments don't have to get broken

633
00:42:40,373 --> 00:42:41,633
up as much and things like that.

634
00:42:42,453 --> 00:42:45,613
I look at it as putting my Bitcoin to work.

635
00:42:45,833 --> 00:42:49,713
So the sats that folks boost into the show, one of the things I do with them

636
00:42:49,713 --> 00:42:53,293
is I reinvest them into liquidity channels for the nodes. Since I have a couple

637
00:42:53,293 --> 00:42:56,273
of nodes and we open up channels to some listeners and other podcasters and

638
00:42:56,273 --> 00:42:58,453
the podcast index and podcast apps.

639
00:42:59,193 --> 00:43:03,953
And you earn, albeit very little because we're trying to make boosts very feasible,

640
00:43:04,413 --> 00:43:06,193
you earn tiny bits of routing fees.

641
00:43:06,673 --> 00:43:11,353
So your sats, while they're locked up in a channel and you can't initially access

642
00:43:11,353 --> 00:43:15,373
them, I wasn't planning on selling them anyways, I can earn some routing fees

643
00:43:15,373 --> 00:43:17,553
and I'm putting them to work to add more liquidity.

644
00:43:18,273 --> 00:43:22,433
Is it the safest way to hodl sats? No. Well, you're putting them to work.

645
00:43:22,633 --> 00:43:26,033
So I don't look at it as a complete loss of the sats. I hope that makes sense.

646
00:43:26,273 --> 00:43:28,193
And hodl, they're a great question. Thank you for sending it in.

647
00:43:28,453 --> 00:43:30,913
Feel free to send more in. And congrats on the node.

648
00:43:31,573 --> 00:43:34,773
Ace Ackerman's here with a row of ducks, 2,222 sats.

649
00:43:36,453 --> 00:43:40,313
Veggies will be finished in six months. Ah, good. I was hoping we'd get some predictions.

650
00:43:40,793 --> 00:43:43,753
The veggies will be finished in six months, and then it's boomtown.

651
00:43:44,073 --> 00:43:47,553
I like the strategy, and I'm a fan of smaller government as an overall policy,

652
00:43:47,593 --> 00:43:50,313
so I think I'm okay with short-term pain for long-term gain.

653
00:43:50,533 --> 00:43:53,833
I essentially agree there, Ace, but do you think we're seeing them blink?

654
00:43:53,993 --> 00:43:58,033
Do you agree with my assessment that maybe we're seeing cracks in the level of conviction?

655
00:43:58,613 --> 00:44:02,133
And does that concern you? Love to know what you think there. Thanks for the boost.

656
00:44:03,093 --> 00:44:07,933
Hey, Arias, Hybrid Sarcasms here with 12,000 sats. This is a tasty burger.

657
00:44:08,073 --> 00:44:10,133
Boy, they are doing a lot with mayo these days.

658
00:44:10,293 --> 00:44:12,873
Didn't stream my sats for TWIB 50 because my Albi Hub was locked.

659
00:44:13,013 --> 00:44:16,373
So here's a boost to make up for it. Make sure you have a restart parameter

660
00:44:16,373 --> 00:44:18,133
to find in your Docker Compose file.

661
00:44:18,853 --> 00:44:22,333
That's a good tip. Yeah, I have had that happen to me as well.

662
00:44:23,134 --> 00:44:26,134
Oh, oh, I think I noticed it when I was on Nostra and I couldn't zap.

663
00:44:26,134 --> 00:44:28,774
I'm like, what? Oh, my. Oh, it's been down for hours.

664
00:44:31,614 --> 00:44:36,234
Thank you, hybrid. Nice to hear from you, too. Nico, the Greek is here with

665
00:44:36,234 --> 00:44:39,974
3,333 sats. That's pretty funny.

666
00:44:40,514 --> 00:44:44,914
Next caller. All systems are functional. No message, just the value.

667
00:44:45,254 --> 00:44:50,094
Also, you know, we have the 2,000 sat cutoff for time, but I wanted to pull up one from Coach Rick.

668
00:44:50,594 --> 00:44:56,254
Coach Rick blew my mind just under the 2,000 sat cutoff with 1,999 sats.

669
00:44:57,374 --> 00:45:02,554
Happy 50th episode and belated congratulations on the show's one year anniversary.

670
00:45:03,354 --> 00:45:05,894
What? Oh, that's why the birth. There you go.

671
00:45:06,754 --> 00:45:10,134
That's right, everybody. It's that time of year again. Happy birthday.

672
00:45:10,494 --> 00:45:11,794
I guess it is the show's birthday.

673
00:45:12,174 --> 00:45:17,194
I was so heads down, you know, just following the news, cranking out the shows.

674
00:45:17,514 --> 00:45:20,954
Didn't even realize I've been doing the show for a year. what a wild

675
00:45:20,954 --> 00:45:23,954
year it has been when i started the show i wanted

676
00:45:23,954 --> 00:45:27,074
to keep the momentum going from the bitcoin dad because he

677
00:45:27,074 --> 00:45:30,154
was wrapping up and i was like well we got to keep going i

678
00:45:30,154 --> 00:45:34,394
think i got something i can offer here but it wasn't necessarily the ideal time

679
00:45:34,394 --> 00:45:37,434
to launch a show i had a lot going on a lot of events like i do this time of

680
00:45:37,434 --> 00:45:40,574
year too every time this year i have a lot of events going on so it was it's

681
00:45:40,574 --> 00:45:45,794
crazy time to launch a show but you know what like i kind of feel like you know,

682
00:45:45,874 --> 00:45:47,174
the show's getting into a groove now.

683
00:45:47,954 --> 00:45:52,014
Honestly, it takes a while. It does take a while to kind of really to find the

684
00:45:52,014 --> 00:45:55,594
groove, to kind of get the community feedback cycle going, to start shaping

685
00:45:55,594 --> 00:45:56,754
the show like we're at now.

686
00:45:57,174 --> 00:46:00,674
And we're there. We're there and it feels pretty darn great.

687
00:46:00,814 --> 00:46:04,574
So thank you everybody who supports the show with a boost. It means a lot.

688
00:46:04,914 --> 00:46:08,794
One year in really, really means more than ever. And thank you everybody who

689
00:46:08,794 --> 00:46:12,114
streams sats as you listen. 49 of you did that on the last episode.

690
00:46:12,554 --> 00:46:17,014
Collectively, you stacked 86,830 sats, you sat streamers. Thank you very much.

691
00:46:17,760 --> 00:46:21,520
When you combine that with our boosters, and we had a bunch of them this week,

692
00:46:21,720 --> 00:46:29,120
we stacked a grand total for episode 51, 367,461 sats.

693
00:46:28,240 --> 00:46:36,880
Music.

694
00:46:37,900 --> 00:46:41,400
Not too shabby at all. Thank you, everybody. I really appreciate it.

695
00:46:41,400 --> 00:46:45,060
Those links I have at the top of the show notes are probably the

696
00:46:45,060 --> 00:46:48,440
best ways to get sats if you want to start participating because

697
00:46:48,440 --> 00:46:51,260
those folks are on the lightning network so you can send them right

698
00:46:51,260 --> 00:46:55,860
over to a podcasting 2.0 app like fountain or if you want to go to an albi hub

699
00:46:55,860 --> 00:47:00,300
and really go all in absolutely can do that with those links too then you can

700
00:47:00,300 --> 00:47:05,180
send a message in and you could support episode 52 of this week in bitcoin really

701
00:47:05,180 --> 00:47:08,540
means a lot thank you everybody who sent in a message or streams those sats

702
00:47:08,540 --> 00:47:10,560
or shares the show with somebody,

703
00:47:10,740 --> 00:47:13,280
all of that is vital to keeping the show going.

704
00:47:13,480 --> 00:47:15,520
And I appreciate it. Let's get to those updates.

705
00:47:15,280 --> 00:47:24,880
Music.

706
00:47:26,280 --> 00:47:31,380
Well, we knew this was going to happen. You may recall, I was worried that we'd

707
00:47:31,380 --> 00:47:37,380
see some Bitcoin mining companies capitulate to the sweet, sweet investment money of AI.

708
00:47:37,680 --> 00:47:42,160
And AI has a big problem. It uses a lot of energy.

709
00:47:42,420 --> 00:47:47,080
And Bitcoin companies, mining companies, have figured out how to do that in

710
00:47:47,080 --> 00:47:51,840
a sustainable, cheap way, which immediately kind of put pressure on them to

711
00:47:51,840 --> 00:47:53,460
use some of that infrastructure,

712
00:47:54,363 --> 00:47:58,283
AI data centers. And one of them, I think it's pronounced Crusoe,

713
00:47:58,523 --> 00:48:03,083
Crusoe Energy, which was sort of a darling of the Bitcoin mining space,

714
00:48:03,323 --> 00:48:08,003
is selling its operation to NYDIG to focus all on AI.

715
00:48:08,263 --> 00:48:12,083
And I want to put why this is kind of a big deal into perspective for you.

716
00:48:12,303 --> 00:48:17,943
Because just two years ago, their CEO was out there selling the benefits,

717
00:48:18,343 --> 00:48:23,483
real true benefits, of Bitcoin mining capturing things like methane gas.

718
00:48:23,863 --> 00:48:28,263
So this is gas that would otherwise not be used, right? Being used to power

719
00:48:28,263 --> 00:48:29,863
Bitcoin mining. How does it work?

720
00:48:30,183 --> 00:48:33,303
That's correct. So what happens in the oil field is there's something called

721
00:48:33,303 --> 00:48:36,823
flaring. It's one of the largest emission sources from oil production.

722
00:48:37,203 --> 00:48:42,623
What happens is an oil company will drill an oil well, and one of the byproducts of that is natural gas.

723
00:48:43,043 --> 00:48:47,123
And if they don't have access to a pipeline, the best, most economic thing for

724
00:48:47,123 --> 00:48:48,623
them to do is just light it on fire.

725
00:48:49,003 --> 00:48:52,823
And when they do that, they end up actually venting quite a bit of the methane in the atmosphere.

726
00:48:53,063 --> 00:48:56,703
And methane is a very potent greenhouse gas. It traps 82 and a half times more

727
00:48:56,703 --> 00:48:58,243
heat in the atmosphere than CO2.

728
00:48:58,623 --> 00:49:03,183
And so it creates this massive waste with no beneficial use and everybody kind

729
00:49:03,183 --> 00:49:04,223
of loses in this situation.

730
00:49:04,423 --> 00:49:07,043
So how do you then use it to power Bitcoin mining? Sure.

731
00:49:07,343 --> 00:49:10,083
So Crusoe developed a technology called digital flare mitigation,

732
00:49:10,083 --> 00:49:15,103
where we build, operate and manage these mobile modular data centers that we

733
00:49:15,103 --> 00:49:19,483
deploy into the oil field and And we co-locate on site with the sites that would be flaring.

734
00:49:19,783 --> 00:49:23,803
And now instead of the gas being flared, it feeds into the digital flare mitigation

735
00:49:23,803 --> 00:49:27,903
systems to create low-cost computing infrastructure to power digital currency

736
00:49:27,903 --> 00:49:32,543
mining, high-performance computing, GPU cloud computing product,

737
00:49:32,763 --> 00:49:34,563
and things like artificial intelligence research.

738
00:49:34,663 --> 00:49:40,223
You're running a pilot program using excess natural gas from Exxon in North Dakota.

739
00:49:40,723 --> 00:49:44,523
How's that going? We actually can't comment on the relationship with Exxon.

740
00:49:44,523 --> 00:49:47,263
It's it's womp womp but that is

741
00:49:47,263 --> 00:49:50,323
interesting to know exxon is and i've heard that before they're

742
00:49:50,323 --> 00:49:53,303
interested in off gas mining exxon yeah

743
00:49:53,303 --> 00:49:57,003
you know weird right so this

744
00:49:57,003 --> 00:50:02,003
sell-off includes more than 425 of their modular data centers that capture this

745
00:50:02,003 --> 00:50:07,763
flared gas and they're going to shift on you know llms basically is what they're

746
00:50:07,763 --> 00:50:12,143
doing and i think this is going to be it's a pressure The Bitcoin mining industry

747
00:50:12,143 --> 00:50:14,503
is extremely, extremely brutal.

748
00:50:15,683 --> 00:50:19,183
Super hard industry, right? Where you can just sit back and run GPUs and get

749
00:50:19,183 --> 00:50:20,603
money from investors when you do AI.

750
00:50:21,963 --> 00:50:24,183
So, you know, which way did you think they were going to go, right?

751
00:50:25,052 --> 00:50:29,332
Now, how about this next one? You all remember Celsius, right?

752
00:50:29,872 --> 00:50:34,072
The massive Ponzi scheme that manipulated their sell token and lost a bunch

753
00:50:34,072 --> 00:50:37,932
of money, dumped our holdings on customers and investors. Well,

754
00:50:38,012 --> 00:50:40,252
they are in a spat with Chainalysis.

755
00:50:40,712 --> 00:50:45,892
I'm no fan of Chainalysis, but it seems that the debtors that are coming after

756
00:50:45,892 --> 00:50:53,072
Celsius are also now eyeing a lawsuit against Chainalysis for participating

757
00:50:53,072 --> 00:50:56,332
in a bogus third-party audit for Celsius.

758
00:50:56,972 --> 00:51:02,092
They claim that Chainalysis verified billions in assets that did not exist,

759
00:51:02,092 --> 00:51:04,392
that the audit was a total lie.

760
00:51:04,612 --> 00:51:08,532
Per the complaint, rather than just alleging that Chainalysis' audit was inadequate,

761
00:51:08,732 --> 00:51:13,592
the plaintiffs claim that Chainalysis was effectively in on Celsius' scam.

762
00:51:13,732 --> 00:51:17,452
The complaint states, quote, Chainalysis, a supposed authority in blockchain

763
00:51:17,452 --> 00:51:22,252
analytics, knew the truth but willingly lent its credibility to insiders lies,

764
00:51:22,972 --> 00:51:25,312
misleading both the public and Celsius.

765
00:51:26,152 --> 00:51:31,632
Now, the truth is Chainalysis didn't conduct any kind of audit from what I could tell.

766
00:51:31,972 --> 00:51:36,812
Essentially, they signed off on an audit that was done by Celsius's CEO.

767
00:51:37,352 --> 00:51:40,492
And they just kind of came up with a $3.3 billion figure.

768
00:51:40,712 --> 00:51:46,252
And it does seem potentially hard to say at this point that Chainalysis knew about this.

769
00:51:46,372 --> 00:51:50,112
They admitted that the announcement was misleading, saying that it did make

770
00:51:50,112 --> 00:51:51,832
it look like they performed the audit.

771
00:51:52,132 --> 00:51:57,132
But they were incentivized to let that misleading statement go out there to

772
00:51:57,132 --> 00:51:58,632
give their company more credibility.

773
00:51:59,172 --> 00:52:02,412
This is going to pull in Chainalysis staff.

774
00:52:03,012 --> 00:52:09,112
I mean, this is an ugly one. And it also brings in other Chainalysis attributions into doubt.

775
00:52:10,163 --> 00:52:13,823
Lawmakers cite chain analysis data on North Korea recently.

776
00:52:14,323 --> 00:52:18,963
They brag that they're the only firm that's been able to prove that North Korea

777
00:52:18,963 --> 00:52:22,723
did those actions and that they, quote, turn blockchain into evidence.

778
00:52:24,163 --> 00:52:28,103
However, if they are wrongfully attributing audits and other things,

779
00:52:28,223 --> 00:52:30,763
they could be wrongfully attributing nation state actions as well.

780
00:52:30,843 --> 00:52:32,403
Who knows? It brings a lot of things into questions.

781
00:52:32,563 --> 00:52:37,643
I think chain analysis is a pretty sketchy company. And this is a banger of

782
00:52:37,643 --> 00:52:40,183
a story that I'll link in the show notes by therage.co.

783
00:52:40,823 --> 00:52:44,443
Really good work being done over there. And it's a story that I'll be following for you.

784
00:52:45,063 --> 00:52:50,023
Really wild stuff. Celsius story is just crazy. And I'd love to know if any

785
00:52:50,023 --> 00:52:51,883
of you out there got wrapped up in it and how it's going for you.

786
00:52:52,963 --> 00:52:57,643
Okay, next story. How about an update on the state-level Bitcoin reserves?

787
00:52:57,963 --> 00:53:01,423
The Arizona House Rules Committee approved two Bitcoin reserve bills,

788
00:53:01,523 --> 00:53:04,003
deeming them constitutional and proper in form.

789
00:53:04,703 --> 00:53:06,683
Yeah, I think that's an important step, obviously.

790
00:53:07,783 --> 00:53:11,123
Oklahoma, though, there is a lot of action over here.

791
00:53:11,343 --> 00:53:16,283
Their bill, HB 1203, has been approved by the House, making it one of the few

792
00:53:16,283 --> 00:53:20,383
states alongside Texas, Arizona, Utah, whose legislators have passed Bitcoin

793
00:53:20,383 --> 00:53:22,983
legislation through at least one of the chambers.

794
00:53:23,303 --> 00:53:27,123
That has finally caught the attention of their local Fox affiliate,

795
00:53:27,323 --> 00:53:33,283
Fox 25, who did a piece on Oklahoma's Bitcoin reserve bill. Would create a strategic

796
00:53:33,283 --> 00:53:37,683
Bitcoin reserve in Oklahoma is making its way through the state legislature.

797
00:53:38,343 --> 00:53:42,383
This would allow the state treasurer to invest Oklahoma's money into Bitcoin.

798
00:53:42,623 --> 00:53:46,903
Fox 25's Capitol reporter Paige Taylor spoke with the author of the bill and

799
00:53:46,903 --> 00:53:52,423
with state treasurer Todd Russ about the benefits and risks this could create for our state. Paige.

800
00:53:53,536 --> 00:53:58,056
Well, Wendy, State Representative Cody Maynard is the author of the bill.

801
00:53:58,176 --> 00:54:02,716
He tells me he filed it so that the state could have a positive return.

802
00:54:02,996 --> 00:54:07,896
State Treasurer Todd Russ says he's happy to invest in Bitcoin if the state

803
00:54:07,896 --> 00:54:12,756
legislature passes the bill, but that his job is to be cautious and careful.

804
00:54:13,056 --> 00:54:18,336
It's going to allow our state to invest up to 5% of our general revenue funds

805
00:54:18,336 --> 00:54:22,056
and our pensions in Bitcoin or other digital assets.

806
00:54:22,056 --> 00:54:28,076
That's the goal of House Bill 1203, authored by State Representative Cody Maynard.

807
00:54:28,356 --> 00:54:31,436
Bitcoin is one of the best-performing assets of the last decade.

808
00:54:31,636 --> 00:54:33,776
It's had 49% annual returns.

809
00:54:33,996 --> 00:54:37,196
And I think where we're at right now is, you know, the way of the future is

810
00:54:37,196 --> 00:54:40,656
going to be digital assets, and our state does not need to be ignoring that.

811
00:54:40,856 --> 00:54:44,736
If the bill is signed into law, Oklahoma State Treasurer Todd Russ could invest

812
00:54:44,736 --> 00:54:47,916
funds from the State General Fund, Revenue Stabilization Fund,

813
00:54:48,016 --> 00:54:53,716
and Constitutional Reserve Fund in Bitcoin and digital assets with a market cap over $500 billion.

814
00:54:54,416 --> 00:54:58,196
He says there are different factors about this that could be seen as positives

815
00:54:58,196 --> 00:55:02,796
or negatives, and people who support it feel like it's a great hedge against inflation.

816
00:55:03,096 --> 00:55:07,996
You know, it's done phenomenal. It's caught on. It's been a very popular product.

817
00:55:08,576 --> 00:55:09,996
Started calling it an investment.

818
00:55:10,696 --> 00:55:13,776
This is Oklahoma's state treasurer. I don't know if they mentioned that.

819
00:55:13,896 --> 00:55:16,016
Todd Russ. Very popular product.

820
00:55:16,676 --> 00:55:20,936
Started calling it an investment. but there's questions about whether it's a

821
00:55:20,936 --> 00:55:22,116
currency or an investment.

822
00:55:22,316 --> 00:55:26,356
Some states have been unsuccessful in passing similar measures due to lawmakers

823
00:55:26,356 --> 00:55:29,796
feeling it is too great of a risk with taxpayer dollars.

824
00:55:30,196 --> 00:55:34,756
Russ says his first concern is the safety and soundness of taxpayer dollars.

825
00:55:35,076 --> 00:55:36,476
I've never understood this argument.

826
00:55:36,816 --> 00:55:39,736
I never get it. What are you going to do, hold it in cash?

827
00:55:40,116 --> 00:55:43,656
That's a guaranteed debasement. That's a guaranteed risk.

828
00:55:44,256 --> 00:55:48,956
That's a known guaranteed risk. So if you look at the performance of Bitcoin,

829
00:55:49,156 --> 00:55:51,196
historically, it goes up.

830
00:55:51,916 --> 00:55:56,236
So like, what is the risk exactly? Is the risk that in 10 months,

831
00:55:56,436 --> 00:56:00,356
the price that you bought it at might be, you know, the spot price might be

832
00:56:00,356 --> 00:56:03,736
lower than the price you bought it at in 10 months? Is that the risk?

833
00:56:04,996 --> 00:56:10,096
Are they holding it for six days? What's the risk? They're holding it for years.

834
00:56:10,096 --> 00:56:12,396
...of a risk with taxpayer dollars.

835
00:56:12,676 --> 00:56:17,556
Russ says his first concern is the safety and soundness of taxpayer dollars.

836
00:56:17,796 --> 00:56:23,516
For me, the state of Oklahoma decides to do this and the legislature puts it in statute.

837
00:56:23,916 --> 00:56:27,176
I've got to follow the law and I'd be happy to, I don't care at all to,

838
00:56:27,556 --> 00:56:32,496
but I'd like to start out small, minimize the risk and see how it does.

839
00:56:33,731 --> 00:56:36,651
The bill is currently eligible to be heard on the House floor.

840
00:56:36,891 --> 00:56:40,151
Reporting live at the state capitol, Paige Taylor, Fox 25 News.

841
00:56:40,391 --> 00:56:43,991
I mean, where we're at right now is a couple of these are actually making pretty good progress.

842
00:56:44,571 --> 00:56:48,911
I think probably right-leaning states are going to be more likely to move forward with this.

843
00:56:49,491 --> 00:56:52,671
But, you know, it was overall pretty good coverage. They just,

844
00:56:52,851 --> 00:56:55,111
again, it's, you know, vague risk and things like that.

845
00:56:55,251 --> 00:56:59,671
But so is, you know, investing in anything, I suppose. I'm loving this using

846
00:56:59,671 --> 00:57:01,711
Bitcoin for methane capture,

847
00:57:01,891 --> 00:57:07,451
but also the benefits that we as a community need to talk more about is how

848
00:57:07,451 --> 00:57:12,431
Bitcoin can monetize a power station and bring electricity to a region that

849
00:57:12,431 --> 00:57:14,531
could never have afforded to have electricity.

850
00:57:14,791 --> 00:57:18,591
They could never have made a power station viable without Bitcoin.

851
00:57:19,111 --> 00:57:24,471
Zambia is a great example of this. A cryptocurrency company is planning to roll

852
00:57:24,471 --> 00:57:27,771
out mini power plants to rural villages in Africa.

853
00:57:28,351 --> 00:57:32,391
It's in order to bring electricity to remote parts and to mine for Bitcoin.

854
00:57:32,831 --> 00:57:37,491
The company has already proven that a similar model works after installing Bitcoin

855
00:57:37,491 --> 00:57:43,391
generating mines to six different renewable energy plants in three different countries.

856
00:57:43,571 --> 00:57:47,231
Well, the project shows the potential benefits of this controversial energy

857
00:57:47,231 --> 00:57:52,211
hungry system that powers Bitcoin. Joe Tidy has been to the remote mine on the

858
00:57:52,211 --> 00:57:55,411
Zambezi River to see one project in action.

859
00:57:56,891 --> 00:58:00,271
The roar of the Zambezi River is deafening.

860
00:58:01,231 --> 00:58:05,231
But there's another sound on the riverbanks here in northwest Zambia too.

861
00:58:05,651 --> 00:58:08,671
The unmistakable whirring of a Bitcoin mine.

862
00:58:09,891 --> 00:58:15,211
24 hours a day, this container full of powerful computers crunches through complex

863
00:58:15,211 --> 00:58:20,611
mathematical problems to earn bitcoins as part of the global volunteer mining network.

864
00:58:20,831 --> 00:58:23,571
It's very noisy, but it's a beautiful noise.

865
00:58:23,911 --> 00:58:27,231
Because the truth is, this noise means we're making money.

866
00:58:27,471 --> 00:58:31,831
It's an odd place for a high-tech crypto operation, but it makes sense as the

867
00:58:31,831 --> 00:58:37,071
electricity is so cheap here as it comes directly from the site's hydroelectric power plant.

868
00:58:38,911 --> 00:58:43,331
Zengamina Hydro has been running for 17 years, but the bitcoin mine has been

869
00:58:43,331 --> 00:58:48,851
a major boost since it was installed in 2023, as it makes use of excess electricity.

870
00:58:49,131 --> 00:58:54,791
We really struggled to make ends meet. And every day we were wasting over 50%

871
00:58:54,791 --> 00:58:59,491
of the energy that we could generate, which also meant we're not earning from that.

872
00:58:59,631 --> 00:59:04,731
What we lacked was an institutional, a major user of power in the area.

873
00:59:04,991 --> 00:59:08,251
And the extra revenue, important to say, has also helped us keep the prices

874
00:59:08,251 --> 00:59:13,231
down for what we charge the local people, which is also very important.

875
00:59:15,311 --> 00:59:19,571
A few miles away from the hydro plant, Damien only got power to his barbershop

876
00:59:19,571 --> 00:59:22,251
a couple of years ago, but it's been transformational.

877
00:59:28,033 --> 00:59:32,273
But I love to do nothing for me anymore. I'll try to score that.

878
00:59:34,473 --> 00:59:38,473
Bitcoin mining didn't build Zengamida Hydro Plant, but there's no doubt it's

879
00:59:38,473 --> 00:59:41,733
been a win, not just for the energy company and the Bitcoin miners,

880
00:59:41,833 --> 00:59:43,433
but also for the local town.

881
00:59:43,913 --> 00:59:47,973
However, the plant has received a huge amount of investment and will soon be expanding.

882
00:59:48,313 --> 00:59:52,233
They hope to sell any excess energy, eventually back to the grid.

883
00:59:52,733 --> 00:59:56,813
So Philip and team have got to hit the road and find a new place as perfect as this.

884
00:59:59,573 --> 01:00:03,533
As well as searching for sites with excess energy, Gridless is now hoping to

885
01:00:03,533 --> 01:00:09,313
start building its own mini-grid energy plants, with its Bitcoin mine as the first major tenant.

886
01:00:09,653 --> 01:00:15,573
I'm sure you'll have critics who will worry that the community want the energy,

887
01:00:15,853 --> 01:00:17,873
but you'll favor the mining.

888
01:00:18,053 --> 01:00:21,293
It's a really good question, and you're right, we get to ask that a lot.

889
01:00:22,273 --> 01:00:26,353
The truth is that Bitcoin mining doesn't pay very high prices for electricity.

890
01:00:26,353 --> 01:00:30,533
Our economic interest is to sell to the higher paying customer,

891
01:00:30,773 --> 01:00:32,133
and that's always going to be the community.

892
01:00:32,393 --> 01:00:36,353
But because of Bitcoin's reputation for energy use and environmental impact,

893
01:00:36,613 --> 01:00:42,073
some governments and authorities remain uncomfortable with including it in electrification projects.

894
01:00:42,953 --> 01:00:47,053
Setups like Zengamina are a tiny part of the overall mining picture,

895
01:00:47,253 --> 01:00:53,773
but also a rare example of a controversial industry creating much more than just digital coins.

896
01:00:54,213 --> 01:00:58,093
Joe Tidy, BBC News in Zambia. You know, I think it's fitting they end on the

897
01:00:58,093 --> 01:01:01,553
controversial nature of Bitcoin mining because the BBC has played a role in

898
01:01:01,553 --> 01:01:05,453
making that controversial, especially in places outside the States.

899
01:01:06,273 --> 01:01:11,513
So it's kind of notable that they're doing a rather positive article,

900
01:01:11,753 --> 01:01:13,453
or I guess for them it would be a piece.

901
01:01:13,553 --> 01:01:16,653
I don't know. I don't like calling it a piece, a video, a report, a report.

902
01:01:17,073 --> 01:01:22,433
That's got to be like the most positive BBC report on Bitcoin and Bitcoin mining I've ever seen.

903
01:01:22,320 --> 01:01:32,240
Music.

904
01:01:33,144 --> 01:01:37,364
It's final clip of the week time. And last week, Jerome Powell,

905
01:01:38,204 --> 01:01:41,664
Federal Reserve chairman, came out and told the world what the price of the

906
01:01:41,664 --> 01:01:43,544
dollar would be for a little while longer.

907
01:01:44,304 --> 01:01:47,204
Not really much news came out because rates are staying the same.

908
01:01:47,364 --> 01:01:51,024
Everything's within expectation. J-Pow said it's real hard to predict where things are going.

909
01:01:51,804 --> 01:01:54,684
But there was a question in the Q&A that caught my attention.

910
01:01:54,884 --> 01:01:56,664
Well, I guess it was really J-Pow's answer.

911
01:01:57,184 --> 01:02:02,524
And I want to play strike CEO Jack Mahler's take on it because he noticed it as well.

912
01:02:02,664 --> 01:02:06,004
And I think it's kind of big news that didn't get much coverage.

913
01:02:06,164 --> 01:02:09,924
Maybe it's why we're seeing some of the things in the market turn around a bit.

914
01:02:10,224 --> 01:02:14,564
The Federal Reserve has come out and said it's ending QT.

915
01:02:14,884 --> 01:02:16,884
QT stands for quantitative tightening.

916
01:02:17,304 --> 01:02:21,944
Tightening meaning tightening monetary policy, strengthening the dollar.

917
01:02:21,944 --> 01:02:27,604
They came out and said, we are putting a stop to QT starting April 1st.

918
01:02:27,704 --> 01:02:29,764
That's a big, big, big deal.

919
01:02:29,924 --> 01:02:33,604
That's a sign from the Fed that they are easing monetary policy,

920
01:02:33,844 --> 01:02:38,364
easing meaning they're making it easier to get money, easier to trade.

921
01:02:38,824 --> 01:02:42,684
Easier to get a loan, easing access to capital.

922
01:02:42,904 --> 01:02:46,204
That of course is better for the economy.

923
01:02:46,444 --> 01:02:51,544
Why were they in quantitative tightening in QT? Well, because they're trying to fight inflation.

924
01:02:51,744 --> 01:02:56,944
The less money, the less dollars there are in the economy, then the less you

925
01:02:56,944 --> 01:02:59,424
can bid up prices of eggs, right?

926
01:02:59,644 --> 01:03:03,704
The more dollars there are in the economy, the higher the prices of stuff will go.

927
01:03:03,884 --> 01:03:09,384
So they had enacted quantitative tightening to fight inflation and they are

928
01:03:09,384 --> 01:03:12,784
starting the resignation of that battle.

929
01:03:12,964 --> 01:03:16,344
Really big deal. And on the show, we've covered that the Trump administration

930
01:03:16,344 --> 01:03:18,824
has been demanding cheaper dollars.

931
01:03:19,024 --> 01:03:21,504
They've been aggressively attacking the Fed and Jerome Powell.

932
01:03:21,664 --> 01:03:25,704
They say, stop QT, stop QT, stop QT, lower rates, lower rates, lower rates.

933
01:03:25,804 --> 01:03:31,084
And we just saw the beginning of that, which I think the tide is very slowly

934
01:03:31,084 --> 01:03:36,584
turning in favor of Bitcoin and global liquidity and debased.

935
01:03:36,560 --> 01:03:47,440
Music.

936
01:03:47,940 --> 01:03:50,940
Let's check in on the state of the network before I wrap up.

937
01:03:51,100 --> 01:03:56,620
The show is coming to an end at block height 889,548.

938
01:03:57,280 --> 01:04:01,920
The price of Bitcoin to the U.S. dollar is 86,510.

939
01:04:02,620 --> 01:04:07,260
Sats per dollar coming in at 1,156 sats to one U.S. dollar.

940
01:04:07,800 --> 01:04:13,680
We're up 2.8% over the last seven days, still down 20.7% from our all-time high,

941
01:04:14,240 --> 01:04:18,040
which was on January 19th, 2025, 109,160.

942
01:04:19,680 --> 01:04:24,780
Now, let's look at, oh, look at that. Reachable Bitcoin nodes has crossed the

943
01:04:24,780 --> 01:04:30,600
22,000 mark, 22,019 reachable nodes on the Bitcoin network. Well done.

944
01:04:31,460 --> 01:04:35,120
Let's get that up to a few more. One or two of you could just launch a node

945
01:04:35,120 --> 01:04:36,360
and we could see that number creep up.

946
01:04:36,640 --> 01:04:40,880
This show can make a direct impact on the strength of the Bitcoin network, which is strong.

947
01:04:40,560 --> 01:04:50,800
Music.

948
01:04:51,880 --> 01:04:56,960
Links to what i talked about are at this week in bitcoin.show my goal is to

949
01:04:56,960 --> 01:05:00,000
create a show that doesn't get distracted by emotions around what's happening

950
01:05:00,000 --> 01:05:04,160
but focuses on the signal so let me know how i did with a boost and boost in

951
01:05:04,160 --> 01:05:05,500
with what you'd like to see maybe

952
01:05:05,500 --> 01:05:08,740
i missed something you'd like to see me covered on the show in the future,

953
01:05:09,320 --> 01:05:12,080
maybe you got a newbie question you can boost those in as well and of course

954
01:05:12,080 --> 01:05:14,660
i always appreciate it when you share the show with a friend.

955
01:05:15,020 --> 01:05:18,260
I think that's probably the number one way podcasts grow. Now,

956
01:05:18,380 --> 01:05:22,880
last week, you guys did it. Once again, you got our artists to number one.

957
01:05:23,320 --> 01:05:28,180
In fact, I think the top three songs right now are from this show and the launch

958
01:05:28,180 --> 01:05:31,480
on the podcast index top charts. Well done, everybody.

959
01:05:31,920 --> 01:05:36,300
You're making these artists day. It's another way these people can participate

960
01:05:36,300 --> 01:05:38,460
in the value for value system. It's available to anybody.

961
01:05:38,620 --> 01:05:42,800
They just create something that people enjoy so this week i'm going a little

962
01:05:42,800 --> 01:05:46,060
different direction a different genre than i've ever played than i ever played

963
01:05:46,060 --> 01:05:51,820
in the show but i kind of like the tune different but i like it it's it'll be

964
01:05:51,820 --> 01:05:56,220
me by i'm going to say rose ethanol.

965
01:05:56,240 --> 01:08:50,145
Music.