1
00:00:00,017 --> 00:00:07,557
I'm very bullish on the long-term viability of Bitcoin and I'm pleasantly surprised.

2
00:00:07,557 --> 00:00:13,357
And I would never have predicted it before we filed it that we were going to see this type of retail.

3
00:00:13,497 --> 00:00:17,477
So you thought you'd do good but not this good. I thought yes.

4
00:00:18,357 --> 00:00:21,617
IBit is your ETF over at iShares.

5
00:00:22,537 --> 00:00:28,737
It's about to overtake Grayscale which was in the business certainly a lot longer.

6
00:00:28,977 --> 00:00:34,957
You look at the gains since january 11th when it first came about have you ever

7
00:00:34,957 --> 00:00:43,157
seen this much inflow this quickly into ibid is the fastest growing etf in the history of etfs.

8
00:00:42,960 --> 00:00:54,000
Music.

9
00:00:54,277 --> 00:00:59,457
Welcome in to Episode 4 of This Week in Bitcoin, your weekly high-signal Bitcoin news podcast.

10
00:00:59,917 --> 00:01:02,417
You know, that was Larry Fink, the CEO of BlackRock.

11
00:01:02,897 --> 00:01:06,337
He's been going on a bit of a victory tour this week. I'll get into why.

12
00:01:07,697 --> 00:01:10,357
And depending on when you're listening to this, we're about 20,

13
00:01:10,377 --> 00:01:13,037
22-ish days out from the Bitcoin halving.

14
00:01:13,157 --> 00:01:17,077
And I promise I won't play this card very often, but as a long-timer in Bitcoin,

15
00:01:17,297 --> 00:01:19,877
I can say that this halving will be like no other.

16
00:01:19,997 --> 00:01:22,577
And I'm going to make a case for that today. I'll get you up to date on what's

17
00:01:22,577 --> 00:01:25,617
going on in the Bitcoin community, some new projects that could replace Lightning

18
00:01:25,617 --> 00:01:28,457
for everyday users, and more.

19
00:01:28,557 --> 00:01:31,237
But before we get into all that, I want to set up some context for you.

20
00:01:31,897 --> 00:01:36,617
There is a tone shift, a definite tone shift, that's been stepping forward each

21
00:01:36,617 --> 00:01:39,137
week around Bitcoin in the mainstream media.

22
00:01:39,777 --> 00:01:42,857
You gotta understand that the loudest voices

23
00:01:42,857 --> 00:01:46,117
used to call bitcoin rat poison that got

24
00:01:46,117 --> 00:01:48,857
the most attention but now the ceo of

25
00:01:48,857 --> 00:01:51,917
a 10 trillion asset management company is going around boasting about

26
00:01:51,917 --> 00:01:57,397
their bitcoin etf and since the announcement of that etf larry's kind of been

27
00:01:57,397 --> 00:02:03,797
dodgy about what's the market fit why are they doing this and for whatever reason

28
00:02:03,797 --> 00:02:09,177
i suspect he has many he hasn't come out directly and addressed it.

29
00:02:09,837 --> 00:02:14,677
But if you take what he says across multiple interviews, you can actually piece

30
00:02:14,677 --> 00:02:18,297
together why Larry Fink and BlackRock are quite bullish about Bitcoin.

31
00:02:18,717 --> 00:02:24,297
Larry sat down with Bloomberg Television and talked a little bit about the U.S. debt situation.

32
00:02:24,817 --> 00:02:29,837
Let's just use a statistic. And I think when I talk about this statistic,

33
00:02:29,917 --> 00:02:36,157
I get frightened. In the year 2000, the U.S. deficit was $8 trillion.

34
00:02:37,557 --> 00:02:47,297
Today it's $34 trillion, so 23 years later, we increased our deficit by $26 trillion.

35
00:02:47,717 --> 00:02:51,697
So for the first 230-odd, 40 years.

36
00:02:54,926 --> 00:02:59,486
We increased our deficit to $8 trillion, and in the last 23 years,

37
00:02:59,566 --> 00:03:03,226
we increased it by $26 trillion.

38
00:03:03,746 --> 00:03:08,906
I think that speaks volumes of what's happening in our country today. day.

39
00:03:09,126 --> 00:03:15,666
The problem with these type of deficits is and now with and I believe higher

40
00:03:15,666 --> 00:03:17,386
interest rates for longer,

41
00:03:17,546 --> 00:03:23,126
the cost of financing our deficits are going to erode more and more of our of

42
00:03:23,126 --> 00:03:25,826
our disposable income as a country.

43
00:03:26,186 --> 00:03:31,786
And I do believe there we're getting to a point where our public debt is going

44
00:03:31,786 --> 00:03:36,646
to start crowding out private capital and we're going to have structurally higher interest rates.

45
00:03:37,146 --> 00:03:41,026
Now you put that together with what Larry has said in other views,

46
00:03:41,106 --> 00:03:43,926
say like on Fox Business. There's a lot of merit to it.

47
00:03:45,166 --> 00:03:49,426
There's a lot of opportunity. It is a great store and this is where you can

48
00:03:49,426 --> 00:03:50,766
debate. Is it a good store?

49
00:03:51,046 --> 00:03:53,906
Do you know how it's made? A bunch of computers figure out math problems.

50
00:03:53,986 --> 00:03:58,266
But there's only, but the issue is if people believe that it can be an asset

51
00:03:58,266 --> 00:04:00,466
that can be cross-border.

52
00:04:00,826 --> 00:04:05,206
And let's be clear, if you're in a country where you're fearful of your government

53
00:04:05,206 --> 00:04:09,706
and maybe this is one of the reason why China has banned it if,

54
00:04:10,366 --> 00:04:13,146
you're in a government where you're if you're in

55
00:04:13,146 --> 00:04:16,186
a country where you're fearful of your future fearful of

56
00:04:16,186 --> 00:04:20,766
your right government or that is Larry identifying a market fit for Bitcoin

57
00:04:20,766 --> 00:04:24,846
right there I think you have to appreciate that he is telling you that's the

58
00:04:24,846 --> 00:04:28,346
market and he's also telling you this is the most successful ETF in history

59
00:04:28,346 --> 00:04:33,686
or you're frightened that your government is is devaluing its currency by too much deficits.

60
00:04:34,186 --> 00:04:36,026
Like us. I'm not going to go there.

61
00:04:36,826 --> 00:04:38,726
Got the little elf in the room here.

62
00:04:39,646 --> 00:04:45,086
You could say this is a great potential long-term store of value.

63
00:04:45,206 --> 00:04:48,986
You could say that. And it's not like the CEO of BlackRock and other financial

64
00:04:48,986 --> 00:04:50,906
institutions don't have ears and eyeballs.

65
00:04:51,626 --> 00:04:54,526
They hear what was recently said by central bankers around the world.

66
00:04:54,886 --> 00:04:57,486
You know, the fiscal challenges, et cetera, that are there. Yeah,

67
00:04:57,486 --> 00:05:01,006
so very focused on being cost-effective.

68
00:05:01,546 --> 00:05:05,466
We actually fund ourselves and then work out what dividend is needed to pay.

69
00:05:05,766 --> 00:05:09,326
So it's a great business to be in central banking.

70
00:05:09,766 --> 00:05:14,466
We print money and people believe it. Oh, I believe this is New Zealand.

71
00:05:14,546 --> 00:05:17,026
Great business to be in. We print money and people believe it.

72
00:05:17,046 --> 00:05:19,066
It's a great business to be in central banking.

73
00:05:19,506 --> 00:05:21,486
We print money and people believe it.

74
00:05:23,766 --> 00:05:31,526
And touch wood. and so it's a slightly different beast. He said touch wood though, so it's all good.

75
00:05:31,766 --> 00:05:34,806
I mean, if you hear central bankers joking like that and you see the results

76
00:05:34,806 --> 00:05:38,986
of their monetary policy, I'd be looking for something that is divorced from sovereign risk too.

77
00:05:40,279 --> 00:05:44,159
And the other aspect that is looming, and I think just the closeness of the

78
00:05:44,159 --> 00:05:45,719
halving, they can't help themselves.

79
00:05:45,979 --> 00:05:51,019
They're showing their cards. And if you're not familiar with the Bitcoin halving

80
00:05:51,019 --> 00:05:53,939
and why it's kind of a big deal and why people are counting down the days,

81
00:05:54,099 --> 00:05:58,099
Strikes Jack Mollers explains why Bitcoiners as a community care about the halving.

82
00:05:58,299 --> 00:05:59,579
The halving is a huge deal.

83
00:06:00,219 --> 00:06:04,519
So just to be clear, everyone is aware of the fixed supply of Bitcoin.

84
00:06:04,619 --> 00:06:10,119
There will only ever be 21 million, but not all 21 million have been issued to the world yet.

85
00:06:10,279 --> 00:06:13,439
And so Bitcoin is on a fixed issuance schedule.

86
00:06:13,659 --> 00:06:18,399
Satoshi programmed when he launched, he or she or they launched Bitcoin on how

87
00:06:18,399 --> 00:06:19,719
those would be issued out.

88
00:06:19,919 --> 00:06:23,119
We're at about 19 million out of 21 so far.

89
00:06:23,559 --> 00:06:27,739
And every 10 minutes, more and more get issued. And the halving is when that

90
00:06:27,739 --> 00:06:29,499
issuance schedule gets cut in half.

91
00:06:29,699 --> 00:06:33,679
So the supply, the forced sellers, those that pay money to produce Bitcoins,

92
00:06:33,739 --> 00:06:36,999
which then have to sell it to pay for their costs, that's going to be halved.

93
00:06:36,999 --> 00:06:41,539
And so the really simple way to think about it, Ed, is if demand remains the

94
00:06:41,539 --> 00:06:47,459
same and the Bitcoin sold gets cut in half, it should have an impact on the price to the upside.

95
00:06:47,559 --> 00:06:50,679
So it's a big event and we're all pretty excited about it. It's something the

96
00:06:50,679 --> 00:06:53,719
Bitcoiners have cared more and more about as time has gone on and the result

97
00:06:53,719 --> 00:06:55,359
of the cycles has become more clear.

98
00:06:56,303 --> 00:07:00,963
What is different about this particular halving cycle is at this time,

99
00:07:01,043 --> 00:07:03,083
Wall Street is excited about it as well.

100
00:07:03,183 --> 00:07:05,663
And they're excited about it in a way that is palpable.

101
00:07:05,823 --> 00:07:09,503
And this is Kathy Wood. She's from ARK Investments. She's a big Bitcoin bull.

102
00:07:09,643 --> 00:07:11,983
And she explains why Wall Street is excited.

103
00:07:12,403 --> 00:07:24,963
So the halving. So we'll go from roughly 1.9 percent growth in Bitcoin supply per year down to 0.9%.

104
00:07:24,963 --> 00:07:28,123
So we will drop below 1% for the first time.

105
00:07:28,343 --> 00:07:34,223
And if you look at the long-term history of gold, very long-term,

106
00:07:34,363 --> 00:07:39,883
what you'll find is the average supply growth has been roughly 1%.

107
00:07:39,883 --> 00:07:46,103
So now Bitcoin supply growth is dropping below the supply growth of gold.

108
00:07:46,103 --> 00:07:49,063
Gold that is that is a milestone I

109
00:07:49,063 --> 00:07:52,023
would say and the other difference here

110
00:07:52,023 --> 00:07:56,023
is when the gold price spikes there's

111
00:07:56,023 --> 00:07:59,263
usually a mining response and and

112
00:07:59,263 --> 00:08:02,543
the supply spikes with it that cannot happen

113
00:08:02,543 --> 00:08:06,223
with Bitcoin so it's quite a different dynamic so

114
00:08:06,223 --> 00:08:09,863
the halving is that milestone and

115
00:08:09,863 --> 00:08:13,103
if you look historically after havings it's

116
00:08:13,103 --> 00:08:16,063
usually been very good for the bitcoin

117
00:08:16,063 --> 00:08:19,023
price now uh it doesn't happen right away

118
00:08:19,023 --> 00:08:21,803
uh i think i don't know why it doesn't

119
00:08:21,803 --> 00:08:26,463
happen right away but it doesn't uh now that the market's becoming more efficient

120
00:08:26,463 --> 00:08:32,563
with etfs it might because think about how many people know even know about

121
00:08:32,563 --> 00:08:37,663
the having this time around when they didn't even know what bitcoin was four

122
00:08:37,663 --> 00:08:40,123
years ago. They didn't know what it truly was.

123
00:08:40,463 --> 00:08:43,683
It's such a small but major point.

124
00:08:44,263 --> 00:08:48,563
So many people are talking about the halving. Regular plebs,

125
00:08:48,643 --> 00:08:53,623
influenzas, and folks like Cathie Wood.

126
00:08:54,243 --> 00:08:57,363
They're all talking about it. Additionally, they're all talking about the supply

127
00:08:57,363 --> 00:08:59,223
side demand that the ETFs are bringing.

128
00:09:00,383 --> 00:09:03,703
And this narrative, they love this narrative. Did you catch it?

129
00:09:04,463 --> 00:09:08,143
It was in there and And Wall Street just loves it. I've been seeing it in the

130
00:09:08,143 --> 00:09:09,983
financial press every single day.

131
00:09:10,843 --> 00:09:14,763
After the halving, Bitcoin has a lower inflation rate than gold.

132
00:09:15,663 --> 00:09:19,883
And, you know, it has a few better features than gold, too. And it's finding a wider audience.

133
00:09:20,143 --> 00:09:27,583
And if I can just throw one in, in terms of how we try and describe what this

134
00:09:27,583 --> 00:09:29,263
monetary revolution is.

135
00:09:29,523 --> 00:09:32,963
And each one of these words is important. The first...

136
00:09:33,762 --> 00:09:38,062
Global, that's critical. Private, no government oversight.

137
00:09:38,502 --> 00:09:45,762
Digital, decentralized, rules-based monetary system in history.

138
00:09:46,022 --> 00:09:52,262
It is what my mentor, and many people know Art Laffer for his Laffer Curve and

139
00:09:52,262 --> 00:09:53,782
fiscal policy and so forth.

140
00:09:53,942 --> 00:09:58,842
He's a monetary scholar as well. And he said, I have been waiting for this for

141
00:09:58,842 --> 00:10:05,262
50 years, ever since they closed the gold window here in the United States in 1971.

142
00:10:05,782 --> 00:10:09,182
He's been waiting it for 50 years. He's not the only one.

143
00:10:09,322 --> 00:10:13,222
So when you combine that with the hodlers that just are not selling and the

144
00:10:13,222 --> 00:10:18,142
ETFs that are, quote, efficiently snapping up Bitcoin, it's going to be a different halving cycle.

145
00:10:18,442 --> 00:10:26,882
Bitcoin alone is going to be the biggest part of the entire crypto asset ecosystem. ecosystem.

146
00:10:27,482 --> 00:10:32,162
Our expectation out in 2030 that... Now I'm going to remind you here,

147
00:10:32,362 --> 00:10:34,482
Kathy Wood, she's a big bull.

148
00:10:34,922 --> 00:10:39,142
We don't really know where this is going. In fact, often it goes somewhere opposite

149
00:10:39,142 --> 00:10:42,902
of what everybody expects, but they have their estimates and I'll let you hear

150
00:10:42,902 --> 00:10:45,102
them. Just keep in mind, Kathy Wood's a big bull.

151
00:10:45,482 --> 00:10:48,362
Expectation out in 2030 that it will be

152
00:10:48,362 --> 00:10:51,522
a 20 trillion dollar

153
00:10:51,522 --> 00:10:54,742
it will be worth 20 trillion dollars now

154
00:10:54,742 --> 00:10:57,622
how much will etfs get of that

155
00:10:57,622 --> 00:11:00,482
20 trillion dollars i don't know but that

156
00:11:00,482 --> 00:11:06,282
already right there is if you think about it i mean it runs circles around spy

157
00:11:06,282 --> 00:11:14,062
number one and i believe all of public equities globally no matter what are

158
00:11:14,062 --> 00:11:18,562
valued right now at roughly $120 trillion.

159
00:11:19,522 --> 00:11:26,362
So when I say 20 trillion by 2030, that's a very big.

160
00:11:26,640 --> 00:11:36,240
Music.

161
00:11:36,085 --> 00:11:40,025
Well, we'll see about that. She may be right. I think it's going up forever, Laura.

162
00:11:40,865 --> 00:11:45,505
Coinbase, well, they're trying to spin it as a big win, but the SEC scored a

163
00:11:45,505 --> 00:11:51,025
major victory in the initiation of a legal case against Coinbase that they tried to get thrown out.

164
00:11:51,145 --> 00:11:54,485
The SEC just scored a big win in its lawsuit against Coinbase.

165
00:11:54,785 --> 00:11:58,985
This morning, a judge rejected the crypto exchange's bid to dismiss the agency's

166
00:11:58,985 --> 00:12:02,625
claim that Coinbase engaged in unregistered sales of securities.

167
00:12:03,065 --> 00:12:07,145
That complaint will now head to trial. The regulator first filed suit against

168
00:12:07,145 --> 00:12:08,685
the crypto company back in June,

169
00:12:08,925 --> 00:12:12,205
alleging that the firm was acting as an unregistered broker and exchange.

170
00:12:12,685 --> 00:12:16,365
In the ruling, the judge wrote that the challenged transactions fall comfortably

171
00:12:16,365 --> 00:12:20,425
within the framework that courts have used to identify securities for nearly

172
00:12:20,425 --> 00:12:24,285
80 years, and that the SEC adequately alleges that Coinbase,

173
00:12:24,445 --> 00:12:25,485
through its staking program,

174
00:12:25,745 --> 00:12:28,625
engaged in the unregistered offer and sale of securities.

175
00:12:29,745 --> 00:12:33,305
The judge went on to say that the court agreed to dismiss the SEC's claim in

176
00:12:33,305 --> 00:12:36,945
the lawsuit suit that Coinbase acted as an unregistered broker by making its

177
00:12:36,945 --> 00:12:38,965
wallet application available to customers.

178
00:12:39,225 --> 00:12:44,545
That was actually the victory bit that Brian Armstrong, the CEO of Coinbase, was trying to spin.

179
00:12:44,665 --> 00:12:49,165
He said, quote, great progress on the SEC case and a huge win for self-custodial

180
00:12:49,165 --> 00:12:53,165
wallets. This ensures the on-chain ecosystem will continue to innovate and create

181
00:12:53,165 --> 00:12:54,685
economic freedom around the world.

182
00:12:55,265 --> 00:12:59,265
Basically, they got off the hook for wallet. The court agreed that is not a

183
00:12:59,265 --> 00:13:00,325
hosted product. product.

184
00:13:00,625 --> 00:13:06,105
However, what the court said around Solana is fascinating. They said.

185
00:13:07,242 --> 00:13:11,442
The statements of deflationary policies of Solana are an example of facts that

186
00:13:11,442 --> 00:13:15,802
support a reasonable expectation of profits from purchases passing the Howey test.

187
00:13:16,282 --> 00:13:20,402
In other words, they said that, look, here's a team talking about actions they're

188
00:13:20,402 --> 00:13:24,742
going to take to make this a deflationary protocol. That's central management.

189
00:13:26,822 --> 00:13:30,562
I'll put a link to that in the show notes. But now off to discovery we go.

190
00:13:30,742 --> 00:13:33,962
I don't know exactly what we'll discover. If there is anything interesting,

191
00:13:34,202 --> 00:13:36,182
I'll keep my eyes out for it and I'll report back.

192
00:13:37,542 --> 00:13:41,602
Hedgehog was announced this week. Now, this is a payment protocol that allows

193
00:13:41,602 --> 00:13:45,002
two people to pay each other, similar to Lightning, but it has a couple of advantages.

194
00:13:45,042 --> 00:13:46,922
One of them, no servers required.

195
00:13:47,162 --> 00:13:50,542
Another, you can do it while one of the other users is offline.

196
00:13:51,142 --> 00:13:54,282
Super Testnet is the developer of this, and he gives us a little introduction.

197
00:13:54,662 --> 00:13:57,402
Hey, guys, this is Super Testnet, and today I just wanted to show you my latest

198
00:13:57,402 --> 00:13:59,622
invention, which is called Hedgehog.

199
00:14:00,202 --> 00:14:04,142
Hedgehog is a protocol for asynchronous layer to Bitcoin payments.

200
00:14:04,542 --> 00:14:08,162
So these are kind of like the Lightning Network. This is a protocol similar

201
00:14:08,162 --> 00:14:11,262
to the Lightning Network, in that it's in a layer 2 for Bitcoin payments.

202
00:14:11,382 --> 00:14:15,682
Only in this one, unlike the Lightning Network, the two parties don't have to

203
00:14:15,682 --> 00:14:16,822
both be online. It's asynchronous.

204
00:14:17,442 --> 00:14:20,102
One party can send the other party money when they're offline.

205
00:14:20,642 --> 00:14:22,042
When the second party is offline.

206
00:14:22,542 --> 00:14:26,162
So, I want to show you how it works, and to do that, I'm going to show you first...

207
00:14:26,162 --> 00:14:28,342
I will link you to the YouTube video where he demonstrates it.

208
00:14:28,382 --> 00:14:31,862
It's working today, because it's using primitives that already exist,

209
00:14:31,942 --> 00:14:37,162
some of which were created for Lightning. He uses something that I invented,

210
00:14:37,362 --> 00:14:40,222
I think, I think I invented this, called a revocable connector.

211
00:14:40,822 --> 00:14:46,522
And I got the idea for revocable connectors from Barak, who invented connectors,

212
00:14:46,702 --> 00:14:49,322
and from Lightning, which invented revocation scripts.

213
00:14:49,662 --> 00:14:54,402
Or, Lightning probably didn't invent revocation scripts, but they're used in

214
00:14:54,402 --> 00:14:55,722
Lightning, and that's where I learned about them.

215
00:14:56,542 --> 00:15:01,402
So basically, a revocation script looks like something like this.

216
00:15:01,402 --> 00:15:04,482
Alice can spend the money after, you know, some amount of blocks.

217
00:15:04,842 --> 00:15:08,422
Or Bob can spend the money if he knows Alice's secret.

218
00:15:09,241 --> 00:15:13,561
If Bob lends a certain secret created by Alice, he can just spend the money.

219
00:15:13,741 --> 00:15:16,661
We'll have the docs and the notes as well. And then there's a second primitive

220
00:15:16,661 --> 00:15:17,741
that's known as a connector.

221
00:15:17,981 --> 00:15:21,941
But then the other thing we use is connector outputs, which were invented by Barack.

222
00:15:22,661 --> 00:15:25,901
And they allow, if you've got some money in a multisave like we do here,

223
00:15:26,621 --> 00:15:30,121
a connector allows you to say, hey, I'm going to send some money from Alice to Bob.

224
00:15:30,281 --> 00:15:34,961
But it only goes through if a certain UTXO exists, because that UTXO is used

225
00:15:34,961 --> 00:15:36,721
as an input to the transaction.

226
00:15:36,721 --> 00:15:42,241
And this makes it so that you can't create UTXO-B unless UTXO-A exists,

227
00:15:42,541 --> 00:15:47,141
because the transaction allowing you to do it consumes UTXO-A as an input.

228
00:15:47,401 --> 00:15:51,181
So the highlights really are that Hedgehog channels are simpler than Lightning channels.

229
00:15:51,941 --> 00:15:55,921
State updates only require the sender to propose an update and the recipient

230
00:15:55,921 --> 00:16:00,001
to accept it, and the recipient can wait to accept a state change until they

231
00:16:00,001 --> 00:16:02,861
propose another one. So again, that's kind of neat.

232
00:16:03,041 --> 00:16:06,521
And you could even see how that could be used in something like Podcasting 2.0

233
00:16:06,521 --> 00:16:09,861
if the Lightning Network were to become untenable at some point in the future.

234
00:16:09,921 --> 00:16:12,221
Not saying it will, but it's a very promising project.

235
00:16:12,720 --> 00:16:19,600
Music.

236
00:16:14,921 --> 00:16:19,941
All right, coming up next, your boost, project updates, and a really good clip of the week.

237
00:16:20,141 --> 00:16:25,301
But first, I want to thank our sponsor, Podhome.fm, my podcasting 2.0 hosting

238
00:16:25,301 --> 00:16:30,021
platform of choice, unlimited shows and episodes powered by unlimited Podhome AI. AI.

239
00:16:30,481 --> 00:16:34,161
They have also the best live streaming experience out there.

240
00:16:34,261 --> 00:16:37,301
They make it super easy to take boosts, to do music splits.

241
00:16:37,841 --> 00:16:41,321
They'll generate transcripts and chapters for you automatically.

242
00:16:41,621 --> 00:16:45,581
It's like having a whole team in your back pocket. So go get unlimited shows

243
00:16:45,581 --> 00:16:49,661
and episodes, and you can take the first three months off.

244
00:16:49,821 --> 00:16:54,561
That's right, for free when you use the the promo code TWIB at Podhome.fm.

245
00:16:54,661 --> 00:16:57,781
That's Podhome.fm, promo code TWIB.

246
00:16:58,701 --> 00:17:02,921
Thank you so much to Podhome for sponsoring this week in Bitcoin.

247
00:17:03,641 --> 00:17:05,981
Now, I also want to give a big shout out to our boosters.

248
00:17:07,301 --> 00:17:11,881
And Adam Curry, the Podfather, is our baller booster this week with 10,000 sats,

249
00:17:11,881 --> 00:17:15,241
and he loves this week in Bitcoin, his weekly go-to podcast.

250
00:17:15,701 --> 00:17:17,521
Thank you, Podfather. Appreciate that. that.

251
00:17:18,101 --> 00:17:23,081
Wartime comes in with 3,333 sats and says, in the morning, I've been digging the show.

252
00:17:23,581 --> 00:17:26,621
Thank you very much for that. Appreciate that boost from Fountain,

253
00:17:26,641 --> 00:17:29,661
too, because, of course, puts us up on the chart so others can discover us.

254
00:17:30,201 --> 00:17:35,161
Jordan Bravo comes in with 10,101 sats. It's over 9,000!

255
00:17:35,681 --> 00:17:39,121
You mentioned BISC-2 and RoboSats becoming decentralized. To round out that

256
00:17:39,121 --> 00:17:42,601
topic, let's celebrate the recent release of Decentralized Whirlpool.

257
00:17:43,081 --> 00:17:47,741
Also, another listener asked for a good beginner resource, I recommend bitcoiner.guide.

258
00:17:47,821 --> 00:17:51,841
Then click on either beginner or intermediate or advanced accordingly.

259
00:17:52,541 --> 00:17:58,441
Jordan, bravo. That, my friend, super high signal boost. Thank you very much.

260
00:17:58,621 --> 00:18:01,241
Really appreciate that. bitcoiner.guide.

261
00:18:02,174 --> 00:18:05,714
That is really good. Also, yeah, big shout-out to Decentralized Whirlpool.

262
00:18:05,794 --> 00:18:08,914
I need to read up on that. Appreciate you bringing that to my attention.

263
00:18:10,074 --> 00:18:14,014
Oppie1984 comes in with 4,000 sats saying, support boost. Coming in hot with

264
00:18:14,014 --> 00:18:14,894
the boost. Thanks, Oppie.

265
00:18:15,294 --> 00:18:19,934
Chad F. came in with 3,333 sats, and he just shouts, boost!

266
00:18:20,354 --> 00:18:24,394
Like a maniac over there. Thank you very much. B-O-O-S-T.

267
00:18:25,954 --> 00:18:30,194
Adversary17, because that's how you say it, comes in with 8,192 sats saying,

268
00:18:30,214 --> 00:18:33,634
love the show. Keep them coming. I mean, just close the fucking door. Thank you very much.

269
00:18:34,254 --> 00:18:38,034
Lazy Locks comes in with 5,000 sats saying it was great hanging out with you

270
00:18:38,034 --> 00:18:40,174
in the JB crew at scale. Thanks for everything you guys do.

271
00:18:40,754 --> 00:18:44,174
Lazy Locks, thank you. If we ever have an opportunity again to meet in person,

272
00:18:44,234 --> 00:18:45,574
you've always got to tell me your booster name.

273
00:18:46,394 --> 00:18:48,834
I'd like to introduce you to the wife. You know, I'd like to,

274
00:18:48,854 --> 00:18:51,734
you know, you're a, you're a, you're a celebrity in these parts.

275
00:18:52,494 --> 00:18:57,614
Oh, and of course, Cultivator came in with a Spaceballs boost, 12,345 sats.

276
00:18:57,634 --> 00:18:59,834
That's probably, that's probably our baller, but there was no message.

277
00:18:59,834 --> 00:19:04,114
So the culmination is one, two, three, four, five.

278
00:19:05,274 --> 00:19:08,654
That's the stupidest culmination I ever heard in my life. Thank you,

279
00:19:08,654 --> 00:19:11,874
Cultivator. Appreciate that boost. And Gene Bean came in with some leet sats.

280
00:19:12,114 --> 00:19:17,054
You're doing a good job. With a song suggestion. And we had a bunch of other sats below the 2,000.

281
00:19:17,474 --> 00:19:23,094
A bunch of other boosts, I should say, below the 2,000 cutoff. We stacked 60,987 sats.

282
00:19:23,114 --> 00:19:25,634
Not our best week. Lower expectations.

283
00:19:29,234 --> 00:19:35,174
But there were 16 boosters across 26 boosts. That's a lot for 60,987 sats.

284
00:19:35,194 --> 00:19:38,434
But I appreciate everybody who supports this show. It is a value-for-value production.

285
00:19:38,554 --> 00:19:41,154
The idea is if you get a little bit of benefit, if it helps you,

286
00:19:41,194 --> 00:19:44,054
if it gets you thinking about something, or you want to keep it going,

287
00:19:44,094 --> 00:19:46,634
you can send a boost in with a message and a little bit of value.

288
00:19:46,994 --> 00:19:49,454
Of course, value can also be in your time or in your talent.

289
00:19:49,634 --> 00:19:53,114
The show is brand new, and if you have any suggestions, I always appreciate those as well.

290
00:19:53,154 --> 00:19:55,414
So thank you, everybody, who boosts in with a new podcast app.

291
00:19:55,894 --> 00:19:57,374
You can get one of those at podcast apps.

292
00:19:57,680 --> 00:20:07,600
Music.

293
00:20:07,441 --> 00:20:12,861
Let's focus on one project update this week, because it's a big one. Albi 3.7.0 is out.

294
00:20:12,921 --> 00:20:16,641
That's got Safari support, which is nice for Mac users and iOS users,

295
00:20:16,841 --> 00:20:22,661
but they've greatly improved the Nostr onboarding process, and this matters.

296
00:20:22,741 --> 00:20:26,181
This matters a lot for just ease of use when you're trying to send messages on Nostr.

297
00:20:26,441 --> 00:20:30,021
They have improved permissions management in general, presets,

298
00:20:30,341 --> 00:20:34,541
and kind-based permissions, so hopefully no more annoying Nostr request pop-ups

299
00:20:34,541 --> 00:20:35,581
if that's how you want it. it.

300
00:20:35,901 --> 00:20:40,781
They've also integrated stable sets, the Blink stable sets, which is fascinating

301
00:20:40,781 --> 00:20:43,201
there, and some onboarding improvements.

302
00:20:43,421 --> 00:20:49,641
I would really encourage you to check out Albi because it is a companion and

303
00:20:49,641 --> 00:20:52,541
useful in the web Nostra world.

304
00:20:52,721 --> 00:20:55,481
And if you have yet to dip your toe into the web Nostra world,

305
00:20:55,661 --> 00:20:58,401
I think you should start with Albi. Go get comfortable over there.

306
00:20:58,541 --> 00:21:02,061
There's more coming from the Nostra world that's going to get your interest,

307
00:21:02,161 --> 00:21:04,101
I suspect. And so you'll wannabe setup.

308
00:21:04,441 --> 00:21:10,481
So Albi version 3.7.0 is out with NIP44 support, new onboarding flows,

309
00:21:10,821 --> 00:21:14,101
new icons, multilingual support as well, which is nice to see.

310
00:21:14,561 --> 00:21:18,261
And like I mentioned, for those of you that really care, it's got Safari support as well.

311
00:21:18,541 --> 00:21:21,341
You know what? I'm not going to discount that. Safari support's nice.

312
00:21:21,521 --> 00:21:23,781
Now you got it on your iPad or your internet phone.

313
00:21:25,321 --> 00:21:29,821
Now our resource of the week and our clip of the week are really going to kind of be the same thing.

314
00:21:30,401 --> 00:21:35,101
The book that you should check out is Softwar. It is from Jason Lowery.

315
00:21:35,401 --> 00:21:40,301
And he also has a TEDx talk called The Future of Warfare.

316
00:21:40,601 --> 00:21:44,141
You may have heard this because there's been some controversy around this talk.

317
00:21:44,381 --> 00:21:48,081
He got in trouble from the military. He had to take the book down for a bit.

318
00:21:48,101 --> 00:21:49,181
He had to make some changes.

319
00:21:49,721 --> 00:21:52,161
But what he had to say in that talk was actually pretty powerful.

320
00:21:52,241 --> 00:21:53,961
And I'll link to a bit of it that we have online.

321
00:21:55,045 --> 00:21:58,185
But I'll also just play a few of my favorite moments right now for you.

322
00:21:58,305 --> 00:22:02,565
And Jason says that history is repeating itself in the halls of D.C.

323
00:22:02,605 --> 00:22:08,185
And other leadership spots around the world when Bitcoin gets just dismissed as a simple coin.

324
00:22:08,585 --> 00:22:12,665
I think this technology is going to become critical, that nations are going

325
00:22:12,665 --> 00:22:19,105
to rely on it to secure their cyberspace, just like they rely on airplanes to secure their airspace.

326
00:22:19,305 --> 00:22:22,385
And I think most people in this room don't get it yet because they think it's

327
00:22:22,385 --> 00:22:27,625
just the coin. They think maybe, at best, that it's interesting technology,

328
00:22:27,825 --> 00:22:29,345
but of no military value whatsoever.

329
00:22:31,745 --> 00:22:34,945
Ironically, here's the ironic part about this.

330
00:22:36,105 --> 00:22:44,405
This has happened before. For hundreds of years, the Chinese alchemists who

331
00:22:44,405 --> 00:22:48,705
invented black powder thought it was just medicine.

332
00:22:49,505 --> 00:22:56,545
It took centuries for people to figure out that black powder was useful for

333
00:22:56,545 --> 00:23:02,585
way more than just medicine, that it would change the game of national security.

334
00:23:03,185 --> 00:23:08,225
They say that history doesn't repeat. They say that it echoes.

335
00:23:09,265 --> 00:23:13,405
I think history is echoing right now with this new technology.

336
00:23:15,921 --> 00:23:19,301
That people think is just a coin. He also sends a warning to nation states,

337
00:23:19,461 --> 00:23:23,261
don't blame Bitcoin. And if you do, it could deny us access to the future.

338
00:23:24,561 --> 00:23:28,901
Bitcoin didn't cause a bunch of bankers to do fractional reserve Lindy.

339
00:23:29,061 --> 00:23:30,801
I think we can all agree about that, right?

340
00:23:31,021 --> 00:23:33,741
I should mention there is some mic noise of some type in this clip.

341
00:23:33,781 --> 00:23:37,301
I apologize, but I still think the message is good enough that you want to hear it.

342
00:23:38,541 --> 00:23:42,921
Bitcoin didn't cause a bunch of bankers to do fractional reserve Lindy.

343
00:23:43,061 --> 00:23:44,881
I think we can all agree about that, right? Right.

344
00:23:45,361 --> 00:23:48,821
Bitcoin didn't cause a bunch of bankers to take too much leverage.

345
00:23:49,661 --> 00:23:54,501
Bitcoin didn't cause bankers to debase savers and to destroy the purchasing

346
00:23:54,501 --> 00:23:59,041
power of the currency to bail out the bankers who are fractionally reserve lending

347
00:23:59,041 --> 00:24:00,101
and taking too much leverage.

348
00:24:00,541 --> 00:24:06,681
Bitcoin didn't kick entire sovereign nations off of an international payment system.

349
00:24:08,161 --> 00:24:12,461
OK, so we have to keep that in mind. If you're an architect of a financial system,

350
00:24:12,681 --> 00:24:16,121
then it's your responsibility to not motivate people to leave that financial

351
00:24:16,121 --> 00:24:17,841
system, which means don't debase them.

352
00:24:18,601 --> 00:24:21,361
Don't continue bailing out the people who are making the mistakes.

353
00:24:22,361 --> 00:24:26,701
Don't kick entire sovereign nations off this thing. It's your responsibility

354
00:24:26,701 --> 00:24:32,061
to not do that if you want to maintain the dominant financial information network.

355
00:24:32,561 --> 00:24:34,941
Don't blame Bitcoin for your...

356
00:24:35,641 --> 00:24:37,081
I almost said something bad.

357
00:24:38,721 --> 00:24:50,301
I'll just leave it at that. Okay. And by the way, if this is more than just a coin, right?

358
00:24:50,401 --> 00:24:54,201
If this is bit power, if we have no kidding, again, this is theory,

359
00:24:54,321 --> 00:24:57,661
I could be crazy. I'm relying on other people to evaluate.

360
00:24:57,761 --> 00:25:00,001
That's how computer science works. Computer theory works.

361
00:25:01,001 --> 00:25:05,721
If we have no kidding, figured out a way to project power in from through cyberspace,

362
00:25:05,721 --> 00:25:11,261
a new physical power projection protocol that will transform cybersecurity and national security,

363
00:25:13,023 --> 00:25:18,463
then blaming Bitcoin to protect your failing hegemony, let's call it for what

364
00:25:18,463 --> 00:25:22,883
it is, that's not going to help you. It's still going to break down.

365
00:25:23,003 --> 00:25:25,903
Like your financial system is still going to collapse as long as you keep on

366
00:25:25,903 --> 00:25:27,603
doing the things that I just said. Okay?

367
00:25:27,943 --> 00:25:32,863
What you would actually be doing is you would be forfeiting our access as a

368
00:25:32,863 --> 00:25:34,863
nation to this protocol, to BitPower.

369
00:25:35,623 --> 00:25:39,903
Okay? You would be denying us access to this future.

370
00:25:39,920 --> 00:25:46,160
Music.

371
00:25:43,723 --> 00:25:46,263
All right, if you made it this far, I have a question for you.

372
00:25:46,283 --> 00:25:49,903
What is the best day of the week for This Week in Bitcoin to get released?

373
00:25:50,963 --> 00:25:55,083
My gut tells me Friday is good for the news cycle, but hasn't been great for

374
00:25:55,083 --> 00:25:56,443
the audience looking at the metrics.

375
00:25:57,003 --> 00:26:00,523
So I'm playing around with different release days to try to get an idea of what

376
00:26:00,523 --> 00:26:01,423
works best for everybody.

377
00:26:02,223 --> 00:26:05,103
I hope maybe some of you are just busy on the weekend. You're just taking the

378
00:26:05,103 --> 00:26:07,403
weekend off. You're doing stuff. You're not listening to podcasts.

379
00:26:07,703 --> 00:26:10,783
Maybe that's it. So what is the perfect day to release? Boost it and tell me

380
00:26:10,783 --> 00:26:15,123
that. And if I get enough responses, I'm going to math it all up and pick from what people say.

381
00:26:15,963 --> 00:26:18,923
It's just, you know, one of those things that's kind of early in the discovery

382
00:26:18,923 --> 00:26:20,483
process for a brand new podcast.

383
00:26:21,123 --> 00:26:24,503
It's just a little baby. Also, please consider telling someone else about this show.

384
00:26:24,723 --> 00:26:28,343
It is brand new. So word of mouth, that's the best kind of marketing for a podcast.

385
00:26:28,583 --> 00:26:30,043
And I really appreciate if you can do that.

386
00:26:30,343 --> 00:26:34,263
You can find links to what I talked about today this week in Bitcoin show and

387
00:26:34,263 --> 00:26:38,123
then boost in. Tell me what else you'd like to hear. If you thought anything was missed.

388
00:26:38,503 --> 00:26:41,863
Appreciate that as well. Well, we'd love this to be the number one Bitcoin news

389
00:26:41,863 --> 00:26:46,503
podcast for the Jupyter Broadcasting community and the entire podcasting 2.0 community.

390
00:26:46,783 --> 00:26:52,603
And with that said, we have a value for value song this week. We end with Moneymaker.

391
00:26:53,123 --> 00:26:56,763
This is a song that is created by Two Weeks in Nashville. If you boost in while

392
00:26:56,763 --> 00:26:59,623
the track plays, 90% of your sats will go to the artist.

393
00:26:59,983 --> 00:27:02,223
Thank you for joining me this week. See you next week.

394
00:27:02,800 --> 00:30:53,812
Music.