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Welcome in to This Week in Bitcoin, episode 114.

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

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Summer has officially started for me.

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I know I'm a bit of a late bloomer, but I am in the Pacific Northwest after all.

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When this episode comes out, I'm going to be deep into the Cascade Mountains, many, many

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miles out of range of any kind of data service.

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So I won't exactly know what's going on, but I know one thing.

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I was expecting this to be sort of a one topic episode in and out pretty quick.

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But it seems nature has provided and we have a lot to get into, starting with the macro

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news.

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Bloomberg ran a piece that seems to have spooked the AI bulls.

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Another week, another thing freaking them out.

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Peter Elstrom, he's, I guess he's been following the Moonshot Kimmy K3 stuff.

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If you have not been following it out there, the group over at Moonshot,

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the folks over there at Chinese AI Development Lab have released Kimmy K3.

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And it is cheaper. I mean, it's a lot cheaper. Like, for example, chat GPT 5.6 is, I think, something like $5 million per million input tokens. And I think right now, Kimi K3 on Open Router is somewhere around $3 for a million input tokens.

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So it's not dramatically cheaper, but it is cheaper, and that does add up, and it does seem to be very capable.

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Maybe not as capable, but capable enough for a lot of people.

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And the thing is, is it's open-weight.

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It's an open-source model that's actually competitive with the weights.

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Now, who could have possibly seen this development coming?

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Certainly not Wall Street.

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For that, we're joined by Bloomberg Executive Editor for Global Technology, Peter Elstrom.

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So, Peter, how do you read this moment? Do you think that it's a DeepSeek version, too? Or do you think it's something different? Because now a lot of the tech companies kind of had an idea of what DeepSeek could do. But this is moonshot. Maybe it's something new altogether.

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Yeah, I think the tech companies in the U.S. in particular thought they knew where the competition was coming from in China.

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And this was a bit of a surprise.

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We had seen the DeepSeek moment last year, as you had talked about.

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There were some other players that were kind of prominent, including Alibaba, the e-commerce company that has a strong model in Gwen in particular.

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But then over the weekend, we got this news from Moonshot that they had introduced Kimi K3, which is a very powerful model.

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It outstrips most of the frontier models on many parameters, except for the two leading ones from Anthropic and OpenAI.

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So it's a very strong performer.

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It has 2.8 trillion parameters, which is sort of like equivalent to brain synapses.

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It's a very powerful model.

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And I think that surprised people.

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You can hear some of the hype in there.

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And I don't want to dwell on this, but we should just spend a moment.

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all of these super smart traders that are going to Mars that have been telling us that this AI,

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you know, get out of Bitcoin, sell your Bitcoin, buy Nvidia stock. Okay, now, no, don't buy Nvidia

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stock, buy Micron stock. Okay, now, don't buy Micron stock, buy SpaceX. And now they're all

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just shocked and surprised that the free models are coming up behind the frontier models and

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they're competitive. They didn't see that in their analysis before they spent trillions of dollars.

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It's remarkable.

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I think this is a teaching moment for those of us who sit on the sidelines and watch this clown show.

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Again, who could have seen this coming, right?

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And of course, SpaceX, which was probably the only AI IPO that's actually going to IPO this year, is now down nearly an entire Bitcoin market cap.

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SpaceX shares down for a six straight day, now trading 45% off the record high, hitting the days after its IPO.

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The stock got a bit of a pop midday after The Wall Street Journal reported on its talks to provide computing power to the Pentagon, but closed the day near its highs.

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The company, which allotted 30 percent of its shares in its debut to retail traders, has now wiped out about one trillion dollars in market cap from the peak.

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Yikes. Now, I mean, they're back down to around the initial public offering price.

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But, you know, there's no talk of has SpaceX failed?

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Are there too many stocks? Is the problem that there's basically unlimited stocks?

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You know, none of that.

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But if Bitcoin goes down 2%, it's the morning state analysis.

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It's like, well, look at Bitcoin.

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The problem is there's so many cryptos, there's no value there.

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But you can make the same argument for stocks, yet they don't.

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Here we are.

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Anyways, that's the AI situation.

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We don't need to dwell on it because the Chinese models, we know, if you're in the tech field,

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you'd known they're not a rounding error.

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You knew that this bill was going to come due.

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And what we've also been figuring is if the AI CapEx slows, then the bid under the entire

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ecosystem gets a bit thinner. The build outs, the hardware, all of that. I'm not such a big believer

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in that. I believe the truth will lie somewhere in the middle. I know myself, I'm not likely going

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to decrease the amount of tokens I use anytime soon. I'm probably going to continue for the rest

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of my life to consume more and more tokens. And that's probably true for a lot of us out there.

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And so there is a viable business here. The question is, is what is the sustainable burn

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rate? What is the actual profit rate? Those things need to be sorted out. So I'm not a believer that

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we're going to have some sort of massive crater like an asteroid hitting the earth that destroys

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the economy. But I do think we're going to need to have some sort of reversion to the mean while

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the market figures out the actual value here. And I think the actual value is going to be substantial.

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Just looking at the influence of the people that I know and the influence that

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AI-assisted development is having, if it were to only stop at AI-assisted development,

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I think it has a lot more value to run just at its current capabilities.

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And it's likely you could bet that it's going to continue to get better.

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So I'm not a big believer that things are going to blow up, but I do think it means people

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might start shopping for something a little harder.

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You see where I'm going with this?

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They've got the liquidity.

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So would it be unreasonable after this thing starts to stabilize from some bit of unwinding

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and a bit of a reversion to the mean,

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that you might find liquidity

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sort of making its way back into Bitcoin,

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looking for a whole hard alternative.

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And would it be that crazy to expect

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maybe it's already happening?

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And would it maybe explain why the US Bitcoin ETF

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for the last two weeks have begun seeing inflows again,

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totaling $75.7 million as I record right now?

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could the market be trying to get ahead of this a little bit and moving back into something that's

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a little harder a little scarcer that if is true if that's true i don't know but if it is true it

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does seem to be helping bitcoin short-term price because we've nearly sold 80 million dollars in

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bitcoin spot etf in the last two weeks so this is looking pretty good this could be a good setup

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where the market recognizes an opportunity here and i'll help bitcoin short-term price

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that is, of course, unless we have a massive energy crunch and it messes it all up for us,

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because, yes, as you know, Brent has pushed to $90 this week,

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and there have been new strikes on energy infrastructure in particular, not just tankers.

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How are these latest escalations then affecting the flow of energy through the Strait of Hornets?

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I mean, we've seen another day, you know, it's been over a week of this, basically,

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of essentially no traffic, at least none with their transponders on going through Hormuz.

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Of course, there is some dark traffic, but overall, anecdotally, and what we've heard from traders,

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seafarers, and captains themselves, is that there is a caution around going through the strait.

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And there's good reason to.

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Iran says that they basically turned back four vessels out going through the Omani route,

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one of which might have been struck and maybe was damaged, according to some reports.

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and that means that there is still a live danger there in the strait and ships, exporters and

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captains will really have to think whether or not to go through that waterway, which is why you've

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seen that reduction in flows and that creating some anxiety in the market Uh the market doesn like anxiety They don like uncertainty You know you know I feel like we all becoming old veterans of this because you know what happens next

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Once oil starts acting up, the energy prices start getting kind of nasty.

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And then that becomes a big short term bear on Bitcoin, because if the energy prices go up, inflation follows.

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And if inflation goes up, the market panics that Kevin Warsh and friends might increase rates and not cut rates.

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And so then they go straight to lettuce hands and start selling their Bitcoin.

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So that is a short-term headwind that we need to be concerned about.

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Now, here's Goldman Sachs with the receipts.

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They are showing that Persian Gulf exports have dropped from about 80% of normal to now

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under 50% of normal.

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So we had kind of crept our way back up during the memorandum to around 80% of normal.

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And now we're dipping back to 50% from what they can track more on that in a moment.

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the direction of travel seems to be a tightening of supply, not loosening.

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But listen to this clip for the toll idea that's getting floated, that there seems to

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be almost a level of comfort with the idea of Iran charging per barrel, accepting payment

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in Bitcoin over the lightning network.

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And apparently most of the clients that Goldman Sachs has talked to would actually welcome

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this.

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They say a toll charged by Iran would be a small price to pay to avoid war.

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We did see a pretty significant drop in the visible exports from the Persian Gulf.

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I mean, to be clear, it's not always transparent.

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There are crossings that we don't necessarily see.

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But based on what we can see of exports from the region, and here I'm including not just the crossings through Hormuz, but also the reroutes via pipeline.

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We were before this latest escalation.

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We had reached about 80% of normal.

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and now we have dropped slightly below 50% of normal.

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So the direction of travel is one of tightening.

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So yes, absolutely, this increase in prices can continue while this lasts.

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Yeah, it's kind of amazing that we've got back up to 80% of normal levels, really, isn't it?

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With so few visible transits of the Strait of Hormuz.

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I mean, how much of that was, you know, vessels with no transponder

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And how much of that was pipelines or even carrying things by truck regionally?

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What are the ways around Hormuz that have been developed that have made the most difference?

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Oh, absolutely.

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We saw, so from the Saudi side, the east-west pipeline played a big role in that.

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But also the UAE, where the pipeline flows to Fujairah.

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And then we also saw some additional loadings in the Gulf of Oman that we think are also Hormuz crossings that we cannot see.

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So if you add up what you can see through the strait, it's not consistent, doesn't quite match the loadings that you see.

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So we think those are crossings that are dark, we can't necessarily see.

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But when they are then delivered somewhere else, we can track the delivery.

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So we know that the total volume is a little bit higher than what we can actually see crossing.

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Iran is continuing to try and exert control over the whole Strait of Hormuz and suggesting it needs to coordinate the traffic and perhaps toll it at some point.

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Is the industry thinking that there will be a toll in the future, that the way things were in the Strait of Hormuz will never go back to that?

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What is the commodity industry thinking about here?

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Yeah, when we talk to clients, yes, this is debated as a pretty real possibility.

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And frankly, when we think about, at least based on the reported tolls initially, when we think about, let's say, $1 per barrel added to the price of crude associated with a toll, most clients we talk to will talk about that as a small price to pay to avoid war.

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But it's still very unclear where this is going.

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I think you're right, though. And also the way that this escalation restarted seems to be very much tied to the control of this trade.

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OK, so now on to the long game. So why does any of this really matter for Bitcoin 10 years out?

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Let's talk about that for a moment. Two people, I think, have the strongest versions on this.

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You got Luke Groman. He's on the gold side. And then you have Lynn Alden on the treasury side.

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New information on that. But first, let's go with Luke. So let's talk about Luke here. He thinks gold will work as a reserve asset.

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He thinks it's sort of inevitable, I suspect. And his whole pitch is that gold is useful.

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Because it's useless. Yes, really. You know, he says if you take corn to a thousand bucks a bushel, six billion people starve.

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If you take oil to a thousand a barrel, the world economy collapses.

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And if gold goes to 5,000 and then 10,000, nothing really breaks in the real world.

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So in a recent interview, which I'll have linked in the show notes,

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Luke Groman, with his gold analyst hat on, he lays out the case for Bitcoin without even realizing he's doing it.

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If you listen to what Luke says here and you replace the word gold with Bitcoin, he's got a great point.

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gold. The other two months, it was the second biggest after pharmaceutical preparations and oil

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last month. You can see what the Chinese are doing. You can see what they've been doing. You

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can see what central banks are doing. You can see the price rising. I mean, if you and I were

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sitting down doing this interview, even four or five years ago, you can go ask any of your contacts

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in gold, four or five years ago, if I would have gone to you and said, gold's at 5,500, what's going

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on outside? They would be, oh, there's zombies walking the street, economic collapse. And that's

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been part of it too, where gold went to 5,500 and the sun came up and the lights came on and the

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market still worked. And the beauty of gold, there's a lot of things that are beautiful about

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it, but the beauty of gold is it's not used for anything. It's ironic. The very thing that most

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people detract from gold, it's not used for anything, are why it's so useful as a monetary

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asset, as a reserve asset. Because look, gold could go to a million and what's going to get

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hurt. Now, take corn. Take corn to $1,000 a bushel as a reserve asset. What's going to happen?

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Six billion people are going to starve. Take oil to $1,000 a barrel to make it the reserve asset to

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back the dollar like we did in the 70s, right? What's going to happen? The world economy collapses

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at 150 as a rate surge and what have you. So gold can go up and up and up and it's not hardly used

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for anything. And so that's why I think whether you look at, you know, when I talked about the

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trends we're seeing, gold to oil ratio has gone from 13 to 60. Gold to treasury, searching,

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stock prices down in gold 30% since 2022. You can see over and over and over. So gold went to 5,000,

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nothing happened. Gold goes to 10,000, nothing happened. It's nothing that's going to happen.

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go to 15 000 and ultimately but what will happen is you're going to rebalance and reorder global

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trade in a way what does everybody say they want both the chinese and the americans americans want

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the chinese to consume more and produce less the chinese want the ability to trade in their own

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currency what what gold going to 10 000 does both of those things um nothing is as useless so close

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He just he just just misses the mark.

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And clearly, Luke knows these things apply to Bitcoin, if not even more so.

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I mean, Luke's not dumb, right?

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Luke's a smart guy.

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He knows that.

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I think Luke is betting that the world is just not ready for Bitcoin.

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I think when when gold started ripping, something changed for Luke.

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And I think his worldview at that same time also changed a bit.

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And what I'm talking about is Luke seems to be under the assumption that something's going to break and break quick and hard.

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And when it does, the world will have to shift to gold fast.

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And the banks have been stacking it and China's been stacking and the U.S. has been stacking in Russia and Iran and et cetera, et cetera, et cetera.

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And he keeps expecting some big crash.

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And, you know, I've played those clips last year when the tariffs were announced.

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Luke was convinced that we were going to come to a massive, painful explosion.

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I don't see it that way.

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See, this is where Luke and I kind of differ in our worldview.

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I foresee a long painful slide where the central management kicks the can for as long as possible I foresee a slide where the quality of life just continues to get worse and worse and worse The boil the frog scenario And of course there going to be moments of acceleration like your COVIDs or certain world events that will accelerate it

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And everybody will notice it like we just had a flash of inflation in the last five years.

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But it's been slowly boiling us for the last 40 years.

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We just really noticed it when it hit hard.

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And those moments will happen, but otherwise it's a slow boil. And that buys the world time. That buys the world time to learn, to feel the pain, to understand that they need something that their enemies are not stacking from the perspective of the West.

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The problem with gold, and he almost gets there, is that China has a bunch of it.

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Russia has a bunch of it.

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Everybody has a bunch of gold.

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And if we were to use gold as the gold trading standard, if you will, the gold trading standard,

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so all international trade is settled with gold, right?

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Or, you know, even the reserve currency, if you will.

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You then require countries that don't necessarily trust each other to start trusting each other.

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And you have to wonder if that hasn't played a role in the U.S. failing to revalue its gold supply since the 70s.

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What's that about?

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And lastly, what's always led to gold's biggest issue is third party risk.

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Paper gold games when this stuff happens, the IOUs that build up around gold, the fact that gold sucks to transport at scale.

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It's slow. It's expensive. It's hard to track, especially compared to any modern currency like Bitcoin.

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and when the interviewer brings us up to luke i don't think he has a great answer i think he has

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to kind of dance around the issue he kind of waves his hand about it gold is a great unit of account

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tells the truth and it's a great store of value but it's not a good medium of exchange

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and if you and then you always get the argument yeah you can have a payment system built on gold

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and you have the you have the gold in a vault and ownership of the gold changes hands in the vault

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And I'm like, fine. But then that requires a trusted third party, at which point it's no longer,

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it's promissory money. It's not money with no liability. And we saw, I don't know if you saw

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this, but some hackers exposed this story three or four years ago where Russia had been buying

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drones from Iran and paying for them in gold. And it flew three tons of gold down to Iran.

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I mean, it's just so impractical. So I don't see gold as a settlement money or maybe a medium of

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exchange. I don't see it having a role as a medium of exchange unless everything falls apart and we

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go back to some kind of gold standard. In fact, that's one of the reasons why the 20th century

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gold standards fell apart because we weren't actually using gold in transactions anymore.

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It was all promissory. Yeah, I think that for me, I think the transactional use, I agree with you.

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in the day-to-day role. I think where we are and increasingly where we're going is at the

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supranational level or the intranational level, international level, that shipment of gold from

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Iran to Russia. I think there's an element of where that's going to, at that level,

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that will happen more, partly because trust is eroding, but partly because it'll be,

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it's probably politically incorrect, but as my grandfather used to say, it's a system I work

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to no tiki noashi if yeah right you're we're closely the same age you don't get your you don't

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get your you can't pick up your clothes at the dry cleaner unless you've got your claim ticket and i

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back in either the 50s or 60s the united states used to send a plain load of gold to riad every

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month every quarter um to settle oil deficits and i think some version of that is how gold

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it may have already begun being used in that way but essentially um every quarter perhaps every

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month you'll you'll tally them up and you'll load it up uh you know and if for certain goods like

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over the six of the last eight months the number one export of the united states of america has

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been gold yeah but that hasn't been for trade right that's been for central banks stacking

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And here's the cognitive disconnect, I guess, for me, for Luke.

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He seems to think two things at the same time that are in conflict with each other.

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Luke seems to hold the belief, based on interviews, that AI is going to be a boom for productivity.

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The pro-AI scenario, he's got two scenarios.

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One is that it's going to bust and blow up the economy and destroy everything.

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And the other is that if it's successful, and I think I've played these clips on the show,

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So if AI is successful, the downside will be that it is so successful that it'll have second order effects of mass unemployment, which will then have third order effects of civil unrest and all kinds of things. Right. And the result would be that the economy is just supercharged by automation, but the people don't have work.

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And so he believes you'd have this weird thing where all the corporations and, you know, the governments are making tax revenues and the corporations are making incredible revenues, but the people are all unemployed. I don't know where the revenues come from. But anyways, he does believe that AI, there's a possibility that AI could be a massive accelerationist technology.

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But then at the same time, he somehow thinks that economies that have been supercharged by this AI productivity boom could somehow handle finalizing transactions with shipping containers that are shipped weeks over the ocean.

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where a nation could risk losing its trade settlement to a bad storm?

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In 2026 or 2027 or 2028, when we are all AI supercharged

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and everything's moving at the speed of intelligence,

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nations are just going to wait a month to settle a trade?

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I mean, it's certainly possible, but just think of the logistics

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filling containers full of gold.

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If you actually went to the scale, like it's already happening now at a small, tiny scale.

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And it's ridiculous.

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And it's massively expensive.

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Not to mention you're just expending an incredible amount of diesel to just move a rock across the ocean.

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I mean, it's preposterous in the future.

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It just seems bonkers to me.

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It's like caveman stuff.

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And to think that you could have this massive AI accelerist revolution at the same time you would go back to a practice from the 1800s and the early 1900s.

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just seems so like it's in logical conflict to me that it's impossible.

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And you cannot underwrite the fact or I guess underplay the fact, whatever,

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that these countries don't trust each other.

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And there's no CLI to check the supply.

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How does one even audit the supply of gold?

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How does China trust the U.S.'s supply of gold?

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Because right now I know how you do it.

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Right now, I guess, at least for the United States,

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You tune in to Jesse Waters' primetime on Fox News

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while he takes a little stroll with the Treasury Secretary

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and just casually brings it up.

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What are we looking at here?

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These look exquisite.

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Yeah, so these are the displays of our currency over the years.

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Some of it, like, we used to have silver certificates.

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We used to be backed by silver, sometimes gold.

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And then in the 70s, we just went to what was called fiat currency,

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where you didn't have to keep gold or silver in the vault.

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If any of these are still outstanding, though,

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the silver or gold for them is at Fort Knox

292
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waiting for them to be claimed if so needed.

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Have you visited Fort Knox?

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I haven't.

295
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I haven't.

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People on my staff has.

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We're going to the treasurer's office.

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The treasurer has been to Fort Knox.

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I am happy to say all gold is present and accounted for.

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the U.S. has the largest pile of gold in the world,

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over a trillion dollars at current market value.

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Yeah, it's all there.

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Just trust us.

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I just said it on Jesse Waters.

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Yeah, my guy looked.

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He came back, said it's there,

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so we're good, Jesse.

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We've got the greatest stockpile in the world,

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the biggest.

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I don't even believe that.

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Do you think Russia believes that

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or China believes that

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00:25:33,356 --> 00:25:35,516
or even the EU is going to buy that,

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00:25:35,596 --> 00:25:36,876
the trust me bro standard?

315
00:25:37,876 --> 00:25:38,356
Really?

316
00:25:38,356 --> 00:25:41,876
I just don't know how Luke can be so smart, but yet explain that away.

317
00:25:43,036 --> 00:25:45,716
And isn't this what Larry Rock, Larry Rock, that's funny.

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00:25:46,096 --> 00:26:02,745
Isn this what Larry Fink of BlackRock Larry Rock has been saying since they launched the ETF Oh I was wrong about Bitcoin Bitcoin is for people that think they need a hedge against sovereign risk Hasn he been saying that Haven I played like six clips of Larry Fink saying that

319
00:26:03,764 --> 00:26:09,505
So what does Larry see that Luke doesn't? Larry was on CNBC this week. He thinks it's a bright

320
00:26:09,505 --> 00:26:15,604
future now that the DGENs have been washed out of Bitcoin. There is no question, as I said in

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00:26:15,604 --> 00:26:21,064
earlier times than I was here. I was always worried about the leverage in Bitcoin and crypto.

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00:26:21,524 --> 00:26:25,824
There was too much leverage players in it. That's why we had to wash out. And I think there's more

323
00:26:25,824 --> 00:26:33,844
stability at these levels here. But no, we don't see that much implicit leverage. For the scale of

324
00:26:33,844 --> 00:26:40,384
the capital markets today, the leverage is not as large. I mean, that doesn't mean there's not

325
00:26:40,384 --> 00:26:48,164
pockets. But no, I, as I said in my prepared remarks this morning, I'm very bullish on the

326
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markets over the next 12 months. I think the technological revolution is going to power

327
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better margins for more companies. I mean, think about BlackRock. We've raised our margins

328
00:26:57,624 --> 00:27:02,044
increased by 260 base points over the last 12 months. A lot of it is using more and more

329
00:27:02,044 --> 00:27:07,564
technology. Oh, OK. Well, someone else is feeling the vibes in the market going back to Lynn Alden.

330
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She's got a new take on the Bitcoin treasury idea.

331
00:27:11,424 --> 00:27:13,884
Don't call it a strategy clone.

332
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Call it a strategy adjacent.

333
00:27:16,324 --> 00:27:24,445
But in your June newsletter, you introduce Orange Juice, which is a company combining cash flowing businesses with a Bitcoin treasury position as the anti-strategy.

334
00:27:24,604 --> 00:27:25,904
Can you tell us more about that?

335
00:27:25,965 --> 00:27:27,945
Should treasury companies have been like that from the beginning?

336
00:27:29,524 --> 00:27:30,424
Well, it's a good question.

337
00:27:30,544 --> 00:27:31,965
I wouldn't call it an anti-strategy.

338
00:27:32,684 --> 00:27:34,404
It's just a different model of the strategy.

339
00:27:34,404 --> 00:27:38,364
It's not a pure play or closer pure play like the pure Bitcoin treasuries are.

340
00:27:39,164 --> 00:27:48,044
We have a view that cash flow combined with a treasury strategy, a Bitcoin treasury strategy, creates that more permanent capital.

341
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Instead of having to constantly issue securities, you have more optional security issuance on top of that more operational foundation.

342
00:27:55,705 --> 00:28:14,804
So what is she talking about? Well, it sounds like, and I could be getting this wrong, but what from my understanding is, is that Orange Juice, Lynn's company, is going to acquire medium to small family businesses that are earning somewhere between one and three million dollars a year in revenue or profit.

343
00:28:14,804 --> 00:28:19,225
I'm not quite sure which one and probably have some more runway to grow.

344
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But the people running the business have just kind of run out of steam.

345
00:28:22,424 --> 00:28:27,465
Right. Or maybe it's been handed down a generation or two in that generation maybe is looking to sell the business.

346
00:28:27,684 --> 00:28:31,004
So they're going to acquire they're going to it's like a little bit of the Buffett strat.

347
00:28:31,205 --> 00:28:40,985
They're going to acquire value based businesses that produce revenue on an ongoing basis and then use some of the surplus revenue from those businesses to build a Bitcoin treasury.

348
00:28:42,205 --> 00:28:43,284
Seems to be the strategy.

349
00:28:43,284 --> 00:28:46,804
So it'll be a Bitcoin treasury with revenue producing businesses owned underneath it.

350
00:28:47,364 --> 00:28:49,084
That does seem like a clever idea.

351
00:28:49,205 --> 00:28:51,264
And I think it's something the market would feel a little bit better about.

352
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Plus, Lynn's extremely well respected.

353
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So if she's got her name on it, that's going to help a lot.

354
00:28:57,264 --> 00:28:57,924
She's a smart cookie.

355
00:28:58,324 --> 00:29:02,124
And I'll keep an eye on this one because that is an interesting quote unquote strategy.

356
00:29:02,504 --> 00:29:08,044
But speaking of smart cookies, you can say a lot about Palmer Lucky, but you can't call

357
00:29:08,044 --> 00:29:12,725
him stupid and you can call him a Bitcoin, Bitcoiner, it turns out.

358
00:29:13,284 --> 00:29:17,205
Bitcoin, how much do you love it? Do you own it? What are your thoughts on it?

359
00:29:17,705 --> 00:29:23,225
I'm a big time Bitcoin guy. I have been from the beginning. I have been mining my own Bitcoin

360
00:29:23,225 --> 00:29:28,284
since before. People have often asked you, when did you buy in? I didn't buy in. I mined in.

361
00:29:28,504 --> 00:29:33,705
And I've been doing that since before there were any exchanges. I was on the BitcoinTalk.org forums.

362
00:29:33,965 --> 00:29:40,924
I sold a banner ad on one of my websites for 700 Bitcoin. I remember very vividly in my website was

363
00:29:40,924 --> 00:29:45,764
like a little crappy internet forums. And I still did that. I remember very vividly going to an

364
00:29:45,764 --> 00:29:54,465
online Bitcoin slot machine and betting 60 Bitcoin on one poll. Nice. Didn't work. And, you know,

365
00:29:54,485 --> 00:29:59,284
I was part of the Mt. Gox hack. I lost all of my coins that were in Mt. Gox. And then 10 years

366
00:29:59,284 --> 00:30:03,904
later, I got like 13% of them back, you know, through the recovery process. So, I mean, I've

367
00:30:03,904 --> 00:30:08,205
been in Bitcoin since the very, very beginning. Of course you are. I'm a huge fan of Bitcoin

368
00:30:08,205 --> 00:30:12,504
relative to other cryptocurrencies. I've often said there's two kinds of crypto. There's Bitcoin

369
00:30:12,504 --> 00:30:21,945
and shitcoin. And it's a long discussion as to why I believe that. But I'm a big fan. And

370
00:30:21,945 --> 00:30:28,044
I actually originally became interested in cryptocurrency because of an essay by Jim Bell

371
00:30:28,044 --> 00:30:34,724
on his website, The Outpost of Freedom, called Assassination Politics. And it was about how

372
00:30:34,725 --> 00:30:40,564
believed cryptocurrency would reshape world politics, the insurance industry, the military,

373
00:30:40,844 --> 00:30:47,965
governments across the world. Jim Bell was arrested and sent to prison for being a terrorist

374
00:30:47,965 --> 00:30:54,024
later and also didn't pay his taxes. So a very interesting guy. I'm not saying he's my hero,

375
00:30:54,184 --> 00:31:00,705
but I am saying he did predict Bitcoin in many of the impacts back in 1996. He wrote

376
00:31:00,705 --> 00:31:06,764
assassination politics in 1996. I highly recommend it to anyone who wants to read what someone who

377
00:31:06,764 --> 00:31:14,104
is very ahead of his time, though on the fringes of society, was thinking about crypto before

378
00:31:14,104 --> 00:31:19,424
anyone else was. Fascinating. I think one of the harder aspects for people that got into Bitcoin

379
00:31:19,424 --> 00:31:26,524
in just the last few years to wrap their head around is how many Bitcoin the OGs threw around

380
00:31:26,524 --> 00:31:27,124
back in the day.

381
00:31:28,864 --> 00:31:30,544
I don't know the exact number,

382
00:31:31,225 --> 00:31:34,084
but over the process of experimentation back in the day,

383
00:31:34,544 --> 00:31:38,404
I probably easily lost more than 150 Bitcoin.

384
00:31:39,604 --> 00:31:40,324
It's a lot.

385
00:31:40,384 --> 00:31:40,984
It's a lot of it.

386
00:31:41,004 --> 00:31:41,904
I don't like thinking about it.

387
00:31:41,904 --> 00:31:42,965
I don't like talking about it.

388
00:31:43,744 --> 00:31:44,804
Same with like Palmer,

389
00:31:44,924 --> 00:31:48,164
like it wouldn't be unusual to just go spend 30 Bitcoin

390
00:31:48,164 --> 00:31:49,225
on Newegg for something.

391
00:31:50,304 --> 00:31:51,584
We didn't really think of it.

392
00:31:51,584 --> 00:31:53,264
Well, some of us, some people were very smart,

393
00:31:53,504 --> 00:31:54,824
but some of us thought,

394
00:31:54,824 --> 00:31:56,745
oh, we were just creating a PayPal alternative.

395
00:31:57,604 --> 00:31:59,684
We weren't really thinking about the store of value aspect.

396
00:31:59,804 --> 00:32:02,164
We were thinking about an alternative payment system

397
00:32:02,164 --> 00:32:05,084
that didn't require a company like PayPal, a middleman.

398
00:32:05,664 --> 00:32:08,884
A native internet payment system is a lot of what the initial,

399
00:32:09,264 --> 00:32:11,504
which is how the block size wars came about and all of that.

400
00:32:11,684 --> 00:32:14,304
And after the block size wars, we kind of settled this.

401
00:32:14,524 --> 00:32:17,024
But initially, a lot of us considered it to be a payment system.

402
00:32:17,084 --> 00:32:18,245
I was never really a big blocker,

403
00:32:18,304 --> 00:32:19,924
but I did think it was going to replace PayPal.

404
00:32:20,924 --> 00:32:23,324
And the reason that seemed reasonable is,

405
00:32:23,324 --> 00:32:29,584
believe it or not, early on, a lot of websites had a pay with Bitcoin button, way more than we have

406
00:32:29,584 --> 00:32:35,164
now. Even with things like Lightning and Albi extension, it's just on chain. Some of them would

407
00:32:35,164 --> 00:32:39,104
wait a block, some two blocks. It was the craziest setup. It was just sort of however you wanted to

408
00:32:39,104 --> 00:32:42,745
do it. They'd have different implementations. There were a few companies that also made payment

409
00:32:42,745 --> 00:32:49,584
rails later on for companies like Newegg to use. There were legitimately more ways to spend Bitcoin

410
00:32:49,584 --> 00:32:55,584
online back then. And so it was not that unusual to throw 30, 50 Bitcoin at Newegg to get, you know,

411
00:32:55,624 --> 00:33:00,984
a GPU or something like that. Thinking, well, the next block or two I mine, I'll make that back.

412
00:33:01,884 --> 00:33:05,144
Maybe you would, maybe you wouldn't. So here's my question to you out there.

413
00:33:06,244 --> 00:33:11,465
I want to know how you got into Bitcoin. I've heard it occasionally from some of you.

414
00:33:12,364 --> 00:33:16,725
Let's, I think since next week, it's going to be another summer episode. This could be a lot of fun.

415
00:33:16,725 --> 00:33:23,324
what got you into Bitcoin and around when and did you poop around and find out with the altcoins for

416
00:33:23,324 --> 00:33:29,344
a little bit and then just go straight Bitcoin are you still pooping around and finding out a

417
00:33:29,344 --> 00:33:35,584
little bit you can tell your buddy Chris sometimes it happens boosting and tell me your story I think

418
00:33:35,584 --> 00:33:40,804
that could be a lot of fun next week and uh I uh well I mean you know mine a little bit but there's

419
00:33:40,804 --> 00:33:45,104
a lot actually you know what I've been thinking is I should go back and listen to plan b there's

420
00:33:45,104 --> 00:33:47,404
You know, we documented a lot back then.

421
00:33:48,424 --> 00:33:51,504
There's been a lot that's changed, but yeah.

422
00:33:51,804 --> 00:33:52,084
Yeah.

423
00:33:52,284 --> 00:33:55,504
I, you know, one thing I haven't really talked about much is my actual mining setup, which

424
00:33:55,504 --> 00:33:55,985
was pretty cool.

425
00:33:56,104 --> 00:33:56,844
I'm pretty proud of that.

426
00:33:57,104 --> 00:33:58,965
Anyways, Boostin, tell me your Bitcoin story.

427
00:33:59,084 --> 00:33:59,985
What got you into it?

428
00:34:00,384 --> 00:34:04,624
If you still poop around and find out, if you used to poop around and find out, Boostin

429
00:34:04,624 --> 00:34:05,284
and share your story.

430
00:34:05,424 --> 00:34:07,624
Boost.jupiterbroadcasting.com.

431
00:34:15,104 --> 00:34:29,064
Well, you can support the show just by doing what you do.

432
00:34:29,064 --> 00:34:32,964
If you want to buy sats on River, one of the best ways to stack sats in the US, use my

433
00:34:32,964 --> 00:34:34,564
link in the show notes.

434
00:34:34,593 --> 00:34:36,313
If you like self-custody, you like that?

435
00:34:36,673 --> 00:34:37,893
You like your self-custody?

436
00:34:38,373 --> 00:34:40,013
You should probably check out the Bitcoin well.

437
00:34:40,533 --> 00:34:41,673
They don't even host a wallet for you.

438
00:34:41,713 --> 00:34:42,733
It's all about self-custody.

439
00:34:42,833 --> 00:34:43,973
And they support lightning, too.

440
00:34:44,533 --> 00:34:45,273
Link in the show notes.

441
00:34:45,853 --> 00:34:47,633
Now, if it comes time to spend your Bitcoin,

442
00:34:47,753 --> 00:34:48,753
happens to all of us,

443
00:34:48,853 --> 00:34:50,573
and you want to go from sats to gift card

444
00:34:50,573 --> 00:34:51,633
in just seconds over lightning,

445
00:34:51,973 --> 00:34:52,673
it's pretty sweet.

446
00:34:53,573 --> 00:34:55,333
The Bitcoin Company, link in the show notes.

447
00:34:55,653 --> 00:34:56,073
Fold card!

448
00:34:56,573 --> 00:34:57,693
Stack sats as you pay your bills,

449
00:34:57,773 --> 00:34:58,613
go about your dailies,

450
00:34:58,713 --> 00:34:59,413
and salt lending.

451
00:34:59,973 --> 00:35:01,873
Get you access to your Bitcoin without selling it.

452
00:35:01,873 --> 00:35:04,273
And now, also, strike in the show notes, too.

453
00:35:04,593 --> 00:35:08,333
You're going to buy sats through Strike, use our loan product, use my affiliate link.

454
00:35:08,333 --> 00:35:11,153
None of these things cost you money, no official relationship with the companies,

455
00:35:11,673 --> 00:35:15,573
but it is a nice way to support the show by doing what you might already be doing.

456
00:35:16,173 --> 00:35:17,993
Links in the show notes or in your podcast app.

457
00:35:31,533 --> 00:35:33,753
And we do have some boosts to get to.

458
00:35:33,753 --> 00:35:36,093
Four score and seven boosts to go.

459
00:35:36,293 --> 00:35:39,433
Upfront warning, this is an early record by a few days.

460
00:35:39,573 --> 00:35:45,853
So if you think your boost should be in here and I missed it, it's just because I'm recording early and I will catch it in the next episode.

461
00:35:46,293 --> 00:35:54,753
But we'll start with Mac Jollers, who is our baller booster this week with 69,256 satoshis.

462
00:35:55,453 --> 00:35:56,833
Hey, rich lobster.

463
00:35:59,093 --> 00:36:01,633
Episode suggestion, AI versus Bitcoin.

464
00:36:01,633 --> 00:36:03,053
Who pays for the next grid?

465
00:36:03,053 --> 00:36:07,113
So does AI push Bitcoin off grid or does the buyer of last resort save Bitcoin?

466
00:36:07,253 --> 00:36:11,833
Does Bitcoin build the infrastructure AI needs or does AI build the infrastructure Bitcoin needs?

467
00:36:12,533 --> 00:36:19,693
Mac, I have been chewing on this very question myself for, well, really the last year.

468
00:36:20,413 --> 00:36:24,753
And I think it's a little bit from column A and a little bit from column B.

469
00:36:24,753 --> 00:36:31,673
I suspect you're going to see AI for a while continue to eat away at Bitcoin compute.

470
00:36:31,673 --> 00:36:38,233
especially for some of the larger publicly traded companies they just have incredible power deals

471
00:36:38,233 --> 00:36:43,313
they were early to that that these ai compute companies need however there's also a lot of

472
00:36:43,313 --> 00:36:48,513
types of energy that do not make sense for ai compute the stranded energies the ones that are

473
00:36:48,513 --> 00:36:53,673
in remote locations bitcoin mining does not need the level of connectivity that an ai data center

474
00:36:53,673 --> 00:36:59,333
needs right ai data center needs top grade fiber optic as fast as you can get it you could run a

475
00:36:59,333 --> 00:37:05,133
whole gosh darn series of miners off of an LTE connection and you could run a crate full of miners

476
00:37:05,133 --> 00:37:10,113
or two off of a Starlink connection. I mean, you know, they just don't need a lot there.

477
00:37:10,253 --> 00:37:14,493
It's not comparatively, it's not a lot of data transfer. So stranded energy, Bitcoin still has

478
00:37:14,493 --> 00:37:21,153
a massive lead there. I suspect AI will pay for a lot of this. They'll create a lot of contracts

479
00:37:21,153 --> 00:37:27,173
and then there will be a pullback in some areas as that industry, even if it's massively successful

480
00:37:27,173 --> 00:37:30,213
and there is an insensatable demand for compute,

481
00:37:30,913 --> 00:37:32,013
if that happens,

482
00:37:32,433 --> 00:37:35,013
there will then be a consolidation in that industry.

483
00:37:35,413 --> 00:37:36,333
And when that happens,

484
00:37:37,053 --> 00:37:38,753
there will be these contracts that open up,

485
00:37:38,873 --> 00:37:40,073
these windows that open up.

486
00:37:40,253 --> 00:37:42,293
Then the Bitcoin miners can come in and swoop for cheap.

487
00:37:43,113 --> 00:37:44,113
Then there's the other scenario.

488
00:37:44,553 --> 00:37:47,233
If there is a massive pullback in AI spend

489
00:37:47,233 --> 00:37:49,613
because of the free models or whatever it might be,

490
00:37:50,513 --> 00:37:51,893
well, then you have the same scenario.

491
00:37:52,053 --> 00:37:53,413
So either way, I think long-term,

492
00:37:53,533 --> 00:37:55,393
Bitcoin mining probably benefits.

493
00:37:56,253 --> 00:38:03,733
Secondarily, I think Bitcoin mining maybe benefits because AI is taking all of the environmentalism bullets right now.

494
00:38:04,153 --> 00:38:10,673
So all of the stuff we were going to have to debate about energy use or cooling use or noise, which you know, I was playing those clips.

495
00:38:10,753 --> 00:38:11,813
It was already building.

496
00:38:12,833 --> 00:38:17,713
Almost 90% of that attention now was focused on AI data centers.

497
00:38:18,133 --> 00:38:19,813
And they're not really talking about Bitcoin miners.

498
00:38:19,813 --> 00:38:24,153
Bitcoin mining is a lot easier for the local population in comparison.

499
00:38:24,813 --> 00:38:26,553
So they're going to take those arrows for a while.

500
00:38:27,473 --> 00:38:33,073
And they're going to, and because of the money behind it, I mean, the massive institutional money, right?

501
00:38:33,333 --> 00:38:38,773
They're going to influence that discussion in a way that is positive for the data centers.

502
00:38:39,373 --> 00:38:42,813
You know, and you're going to hear more and more about China, China, China, right?

503
00:38:42,813 --> 00:38:49,693
There's going to be all this like kind of propaganda stuff thrown at us to make the public kind of change their tune, I suspect, because the economy needs it, baby.

504
00:38:50,393 --> 00:38:51,393
The economy needs it.

505
00:38:51,413 --> 00:38:52,393
So it's got to happen.

506
00:38:52,653 --> 00:38:54,013
So it's going to take those arrows.

507
00:38:54,013 --> 00:39:00,833
And then again, as either this industry normalizes or as this industry fades, Bitcoin is going to benefit from that, Mac.

508
00:39:01,333 --> 00:39:09,013
That's my, I think the, so in other words, short term, I think Bitcoin is probably you're going to maybe, you're going to see the hash rate go up and down.

509
00:39:09,653 --> 00:39:13,133
We've actually seen a lot of hash rate come online comparatively in the last couple of weeks.

510
00:39:13,253 --> 00:39:17,853
But, you know, that's going to ebb and flow, I think, for a little while and ultimately end up where I got to.

511
00:39:18,373 --> 00:39:19,253
Thank you for the boost.

512
00:39:19,253 --> 00:39:23,373
Appreciate hearing from you and appreciate you being our baller booster this week.

513
00:39:23,973 --> 00:39:25,853
J-Cube's here with 50,000 sats.

514
00:39:29,273 --> 00:39:34,533
I don't often get physical mail, but today I got a black envelope addressed to me.

515
00:39:34,713 --> 00:39:38,653
Inside was another unmarked black envelope with a wax seal on it,

516
00:39:39,073 --> 00:39:40,773
with the river logo pressed into it.

517
00:39:40,853 --> 00:39:45,253
Inside was a card containing 50 million Zimbabwe dollar bill.

518
00:39:46,213 --> 00:39:47,653
Invest in Bitcoin with confidence.

519
00:39:48,613 --> 00:39:51,153
J-Cube, this is one of the more clever,

520
00:39:51,153 --> 00:39:56,193
I don't want to call it viral, but I'll call it grassroots marketing that River does.

521
00:39:57,013 --> 00:40:00,153
I have seen multiple people send this to me.

522
00:40:00,413 --> 00:40:01,393
It's so clever.

523
00:40:01,573 --> 00:40:06,453
It's such a, because not only is it cool as hell to get like something kind of custom wax

524
00:40:06,453 --> 00:40:10,513
stamped like that, but it just really says everything.

525
00:40:10,973 --> 00:40:14,373
Here is $50 million in Zimbabwe currency.

526
00:40:16,373 --> 00:40:17,533
Enough said, right?

527
00:40:17,613 --> 00:40:19,653
I mean, it just says it's so smart.

528
00:40:19,853 --> 00:40:20,733
Thank you, JQ.

529
00:40:21,153 --> 00:40:22,033
Appreciate that.

530
00:40:22,593 --> 00:40:25,353
OB's here with 21,000 Satoshis.

531
00:40:26,373 --> 00:40:27,753
21 gigawatts!

532
00:40:28,153 --> 00:40:29,233
We are social creatures.

533
00:40:29,413 --> 00:40:31,053
An election cycle makes a ton of sense.

534
00:40:31,573 --> 00:40:32,013
Vibes.

535
00:40:32,473 --> 00:40:33,313
I hope not, OB.

536
00:40:33,393 --> 00:40:34,773
I just threw it out there last week.

537
00:40:34,813 --> 00:40:37,873
I'm like, what if the four-year cycle is because of the election cycle in the U.S.?

538
00:40:37,873 --> 00:40:38,933
I don't want it to be that.

539
00:40:39,053 --> 00:40:40,613
I don't want it to be that, J-Cube.

540
00:40:41,813 --> 00:40:42,533
Moving on.

541
00:40:42,973 --> 00:40:43,853
But thank you for the boost.

542
00:40:44,413 --> 00:40:46,553
Bitcoin Lizard's also here with 21,000 Satz.

543
00:40:46,553 --> 00:40:49,153
21 gigawatts!

544
00:40:49,153 --> 00:40:53,533
Brad Sherman was talking about the Fed bailout of Silicon Valley back in 2023.

545
00:40:53,853 --> 00:41:00,453
Circle had a $3.3 billion in SVB, that's Silicon Valley Bank, during the bank run.

546
00:41:00,873 --> 00:41:04,593
And if SVB had failed, the stablecoin USDC would have been in Sullivan.

547
00:41:05,073 --> 00:41:08,413
The SVB bailout indirectly saved USDC.

548
00:41:09,233 --> 00:41:11,633
Sherman forgets many other fiat companies were saved as well.

549
00:41:11,733 --> 00:41:12,313
Very true.

550
00:41:13,513 --> 00:41:17,433
Yeah, you don't really save one without the other these days, especially when it comes

551
00:41:17,433 --> 00:41:18,153
to stablecoins.

552
00:41:19,613 --> 00:41:20,613
That's a spicy meatball.

553
00:41:21,493 --> 00:41:22,453
Great one, Bitcoin Lizard.

554
00:41:22,493 --> 00:41:22,873
Thank you.

555
00:41:23,973 --> 00:41:26,273
Cardboard Warrior is here with 2,000 sats.

556
00:41:26,673 --> 00:41:27,653
Just says yes.

557
00:41:27,853 --> 00:41:28,113
Yes.

558
00:41:28,833 --> 00:41:29,453
Yes, I agree.

559
00:41:29,693 --> 00:41:30,273
Yes, hi.

560
00:41:31,573 --> 00:41:35,413
Kronkadonk the Doggo is here with 2,113 satoshis.

561
00:41:35,713 --> 00:41:37,513
No message, just value, though.

562
00:41:37,573 --> 00:41:38,513
Thank you very much.

563
00:41:38,933 --> 00:41:41,233
And Ace Ackerman is here with a row of ducks.

564
00:41:41,293 --> 00:41:43,153
That's 2,222 satoshis.

565
00:41:44,433 --> 00:41:47,413
I'd like more focus on the Clarity Act for the show topic.

566
00:41:47,633 --> 00:41:48,213
You know what, Ace?

567
00:41:48,213 --> 00:41:50,073
just for you, I will do a clarity update

568
00:41:50,073 --> 00:41:51,873
in the update section

569
00:41:51,873 --> 00:41:54,013
coming up next. So,

570
00:41:54,073 --> 00:41:55,733
stand by, sir, and thank you for the boost.

571
00:41:56,433 --> 00:41:58,213
Chew Toy is here with 2,114

572
00:41:59,113 --> 00:42:00,313
Satoshis. I like

573
00:42:00,313 --> 00:42:02,093
you. You're a hot ticket.

574
00:42:02,313 --> 00:42:04,453
The hash rate's going up because my nerd axe

575
00:42:04,453 --> 00:42:06,233
is heating up my desk. I don't think

576
00:42:06,233 --> 00:42:08,253
it's worth a whole episode, but I would like to know

577
00:42:08,253 --> 00:42:10,193
how potential chain split would affect plebs like

578
00:42:10,193 --> 00:42:11,813
me, who DCA and huddle.

579
00:42:12,393 --> 00:42:14,253
Well, you're not going to have to worry about it. I got an update

580
00:42:14,253 --> 00:42:15,273
on that for you, too.

581
00:42:16,453 --> 00:42:18,093
Well, I mean, I can't say it with 100% certainty.

582
00:42:18,213 --> 00:42:19,473
But you toys, stand by.

583
00:42:19,593 --> 00:42:20,513
I got an update for you.

584
00:42:20,833 --> 00:42:22,673
Hey, Gene Bean's here with a row of ducks.

585
00:42:23,613 --> 00:42:25,073
The heater you described sounds nice.

586
00:42:25,153 --> 00:42:26,313
Look forward to your review this fall.

587
00:42:26,453 --> 00:42:27,613
Very excited about it, Gene.

588
00:42:27,713 --> 00:42:28,633
I went and looked it up again.

589
00:42:29,513 --> 00:42:30,393
Of course, I forgot the name again.

590
00:42:30,433 --> 00:42:31,313
I probably shouldn't mention it

591
00:42:31,313 --> 00:42:32,693
until I actually make sure it works too

592
00:42:32,693 --> 00:42:33,713
and that they're not stealing sats

593
00:42:33,713 --> 00:42:34,313
or anything like that.

594
00:42:34,333 --> 00:42:34,953
I'm sure they're not,

595
00:42:35,033 --> 00:42:36,633
but I should probably double check, right?

596
00:42:38,333 --> 00:42:40,433
But it's a guy who heats his place

597
00:42:40,433 --> 00:42:42,273
on electric heat for the most part.

598
00:42:43,433 --> 00:42:44,553
Also diesel, also propane.

599
00:42:45,273 --> 00:42:46,513
I'm really looking forward to it

600
00:42:46,513 --> 00:42:47,613
because I do run a lot.

601
00:42:47,613 --> 00:42:55,433
adversaries 17 is here with 12 000 thank you gene 12 288 satoshis let's go for it oh my god this

602
00:42:55,433 --> 00:42:59,333
drawer is filled with fruit loops adversaries writes i think the four-year cycle still exists

603
00:42:59,333 --> 00:43:03,093
because our political system the united states is also a four-year cycle oh no

604
00:43:03,093 --> 00:43:18,314
we get at least uh we get at least lately a different president every four years and it just goes back and forth between two major parties and the cycles in the camp of the market during those policy changes and the different parties make the ethos of how to run the country

605
00:43:20,314 --> 00:43:21,854
But it's a global currency.

606
00:43:22,134 --> 00:43:23,434
It's a global currency.

607
00:43:24,894 --> 00:43:29,194
Would the BIP-110 situation be somewhat solved by having additional node implementations?

608
00:43:30,034 --> 00:43:30,954
It really would depend.

609
00:43:31,054 --> 00:43:33,674
I mean, if everybody runs NOTS, then no, but I think it would be good.

610
00:43:33,674 --> 00:43:35,134
and honestly I wonder

611
00:43:35,134 --> 00:43:35,854
if that wouldn't be more

612
00:43:35,854 --> 00:43:36,474
of the discussion

613
00:43:36,474 --> 00:43:37,494
if we hadn't gone down

614
00:43:37,494 --> 00:43:38,514
this route of BIP-110

615
00:43:38,514 --> 00:43:39,774
and spam and all of this

616
00:43:39,774 --> 00:43:40,234
and if instead

617
00:43:40,234 --> 00:43:41,274
we had focused on the issues

618
00:43:41,274 --> 00:43:42,354
with Core that upset people

619
00:43:42,354 --> 00:43:42,994
in the first place

620
00:43:42,994 --> 00:43:43,934
perhaps we would be seeing

621
00:43:43,934 --> 00:43:44,794
additional implementations.

622
00:43:44,894 --> 00:43:45,874
Now there are implementations

623
00:43:45,874 --> 00:43:46,314
out there

624
00:43:46,314 --> 00:43:47,414
beyond knots

625
00:43:47,414 --> 00:43:48,174
that are being worked on

626
00:43:48,174 --> 00:43:49,474
but they just

627
00:43:49,474 --> 00:43:50,594
they don't get any air.

628
00:43:51,814 --> 00:43:52,774
They don't get any attention.

629
00:43:53,634 --> 00:43:54,474
I keep an eye on them

630
00:43:54,474 --> 00:43:55,394
and I'm looking for news coverage.

631
00:43:56,314 --> 00:43:57,094
I'm not really making

632
00:43:57,094 --> 00:43:57,634
any news though

633
00:43:57,634 --> 00:43:58,994
but I do think it would help

634
00:43:58,994 --> 00:43:59,794
to have more out there.

635
00:44:00,474 --> 00:44:00,994
It's a good question.

636
00:44:01,134 --> 00:44:02,494
Thank you for the boost adversaries.

637
00:44:02,934 --> 00:44:03,594
Hope you're doing well.

638
00:44:04,194 --> 00:44:08,114
Kiwi Bitcoin Guide is here with 4,567 satushers.

639
00:44:08,254 --> 00:44:09,294
Well, I'll be dipped.

640
00:44:09,494 --> 00:44:10,774
I'd like to hear more of your story, Chris.

641
00:44:10,814 --> 00:44:13,154
I've heard a bit over the years on the shows,

642
00:44:13,194 --> 00:44:14,794
but I'd love to hear more about how you found Bitcoin,

643
00:44:15,294 --> 00:44:16,074
what you learned from it,

644
00:44:16,374 --> 00:44:18,134
what surprised or disappointed you in the Bitcoin world.

645
00:44:18,274 --> 00:44:18,514
Oh.

646
00:44:20,614 --> 00:44:20,934
Hmm.

647
00:44:21,534 --> 00:44:22,954
Okay, those last two points are good ones.

648
00:44:23,154 --> 00:44:25,334
Tell you what, if I get enough people to boost in their story,

649
00:44:25,434 --> 00:44:26,894
I'll share mine along with the group.

650
00:44:27,054 --> 00:44:28,954
That'll be the plan, I think, for the boost section next week

651
00:44:28,954 --> 00:44:29,514
if people do it.

652
00:44:29,754 --> 00:44:30,274
He's a good guy.

653
00:44:30,334 --> 00:44:30,754
Thank you, Kiwi.

654
00:44:30,814 --> 00:44:31,474
Real good guy.

655
00:44:31,474 --> 00:44:32,314
No, he's a great guy.

656
00:44:32,394 --> 00:44:32,934
Appreciate you.

657
00:44:33,674 --> 00:44:36,434
Techassins here with 2,113 sats.

658
00:44:40,534 --> 00:44:45,574
I have a couple of Avalon Nano S3s I put on Brains Pool for daily payout just for fun

659
00:44:45,574 --> 00:44:48,014
and also as a solo miner going for the block.

660
00:44:49,354 --> 00:44:50,214
They work great.

661
00:44:50,354 --> 00:44:52,174
Pretty decent hash rate and wattage ratio too.

662
00:44:52,494 --> 00:44:53,494
Heats my small office.

663
00:44:53,634 --> 00:44:55,394
Any update on the guy working to set up mining pool?

664
00:44:55,534 --> 00:44:57,634
I'd be happy to point mine at that.

665
00:44:58,094 --> 00:45:00,994
Yeah, I think we don't have an update since the last time, right, adversaries?

666
00:45:00,994 --> 00:45:03,814
there was a critical flaw with the project we wanted to use.

667
00:45:04,174 --> 00:45:05,714
I am interested in still doing that, though.

668
00:45:05,774 --> 00:45:07,374
Maybe after the summer at this point,

669
00:45:07,434 --> 00:45:10,074
but I am very much so interested myself.

670
00:45:10,634 --> 00:45:11,614
So I hope you guys are, too.

671
00:45:13,574 --> 00:45:15,634
And if there is an update, I'll let you know.

672
00:45:16,594 --> 00:45:17,014
Thank you, Tech.

673
00:45:17,574 --> 00:45:19,614
And we got a free member boost from King Arthur.

674
00:45:20,034 --> 00:45:21,634
Because I'm the win!

675
00:45:22,374 --> 00:45:23,654
Here's an episode topic.

676
00:45:24,794 --> 00:45:26,334
Sats? Stats.

677
00:45:26,614 --> 00:45:27,794
What you can buy with sats.

678
00:45:28,114 --> 00:45:29,414
What's worth trying out and how.

679
00:45:29,414 --> 00:45:33,414
is almost a most of the bitcoin hangups are coming from people not seeing that it's a it's a best

680
00:45:33,414 --> 00:45:38,154
fluid currency to use every day yeah i think one of the things that people miss king arthur is that

681
00:45:38,154 --> 00:45:43,874
bitcoin is uniquely easy compared to other you know non-digital currencies to move between currencies

682
00:45:43,874 --> 00:45:49,274
right like it's pretty neat that you can go in with u.s dollars to bitcoin and come out with

683
00:45:49,274 --> 00:45:53,454
euros or come out with whatever a peso or whatever you might need that's pretty that's pretty handy

684
00:45:53,454 --> 00:45:58,054
right but then we have all of these new ways to access liquidity like bitcoin lines of credit

685
00:45:58,054 --> 00:45:59,014
that are coming online

686
00:45:59,014 --> 00:46:01,514
that also give you access to fiat

687
00:46:01,514 --> 00:46:02,814
without having to sell your Bitcoin.

688
00:46:02,954 --> 00:46:03,794
It's just awesome.

689
00:46:03,954 --> 00:46:05,874
It's something you usually have to own real estate

690
00:46:05,874 --> 00:46:08,154
or lots of stock or gold to get access to.

691
00:46:08,274 --> 00:46:09,934
And now you can do it just, you know,

692
00:46:09,974 --> 00:46:10,874
with a handful of sats.

693
00:46:11,294 --> 00:46:12,614
That kind of stuff to me, King Arthur,

694
00:46:12,794 --> 00:46:16,034
is the big story for the plebs going out there.

695
00:46:16,634 --> 00:46:17,034
Thank you, sir.

696
00:46:17,134 --> 00:46:18,054
Appreciate that boost.

697
00:46:18,334 --> 00:46:19,054
Thank you for being a member.

698
00:46:19,694 --> 00:46:21,594
Thank you, everybody who supported this episode.

699
00:46:21,654 --> 00:46:22,354
This was a short window.

700
00:46:22,434 --> 00:46:23,494
We still had some good showing though.

701
00:46:23,934 --> 00:46:25,414
26 of you stream sats

702
00:46:25,414 --> 00:46:27,714
and collectively is a nice boost.

703
00:46:28,054 --> 00:46:33,474
All together, you sat streamers stacked 59,584 sats.

704
00:46:33,654 --> 00:46:35,454
Why you got to put numbers and letters together?

705
00:46:35,734 --> 00:46:37,034
Why can't you just go f*** yourself?

706
00:46:38,674 --> 00:46:43,154
And when you bring that all together, it was all sats this week, plus the free member boost.

707
00:46:43,154 --> 00:46:50,034
And our total, really, I mean, not too bad for a short episode, is 255,054 satoshis.

708
00:46:52,414 --> 00:46:53,134
Thank you, everybody.

709
00:46:53,694 --> 00:46:55,274
This is a value for value podcast.

710
00:46:55,354 --> 00:46:56,654
That means I put it out there for free.

711
00:46:56,734 --> 00:46:57,614
There's no sponsor.

712
00:46:57,614 --> 00:46:59,074
and if you find value in it,

713
00:46:59,474 --> 00:47:02,194
you can boost the show at boost.jupiterbroadcasting.com

714
00:47:02,194 --> 00:47:04,374
or you can become a member either through Fountain

715
00:47:04,374 --> 00:47:06,274
or at jupiter.party.

716
00:47:06,594 --> 00:47:08,954
The idea really is to make a show you can trust.

717
00:47:09,394 --> 00:47:10,554
You are my biggest customer.

718
00:47:10,874 --> 00:47:12,194
You know where my loyalties lie.

719
00:47:12,474 --> 00:47:13,154
It's with you.

720
00:47:13,514 --> 00:47:16,454
And the incentive creates a flywheel of improvement.

721
00:47:17,154 --> 00:47:18,754
My job is to make you happy.

722
00:47:19,174 --> 00:47:20,354
Your job is to keep me going.

723
00:47:21,354 --> 00:47:21,994
Thank you, everybody.

724
00:47:27,614 --> 00:47:31,194
And with that, we do have a few updates I would like to get to.

725
00:47:31,314 --> 00:47:32,514
So let's start there.

726
00:47:42,774 --> 00:47:43,514
All right.

727
00:47:43,914 --> 00:47:44,874
You asked.

728
00:47:45,454 --> 00:47:46,214
I shall deliver.

729
00:47:46,814 --> 00:47:49,514
The Clarity Act is up against the clock.

730
00:47:49,674 --> 00:47:55,814
And the scheme to stoke the largest treasury market in history could be about to die a year.

731
00:47:56,134 --> 00:47:57,474
A year, you guys.

732
00:47:57,474 --> 00:48:00,194
after the House has passed it, if you can believe it.

733
00:48:00,354 --> 00:48:02,454
Senate leadership, they really want to have a vote

734
00:48:02,454 --> 00:48:04,454
on this rules of the road crypto bill

735
00:48:04,454 --> 00:48:06,434
in the next few weeks before they break

736
00:48:06,434 --> 00:48:07,414
for their August recess.

737
00:48:07,754 --> 00:48:08,694
Big question right now,

738
00:48:08,934 --> 00:48:10,134
whether they're going to be able to get

739
00:48:10,134 --> 00:48:12,314
enough Democratic support to pass.

740
00:48:12,634 --> 00:48:14,034
And that is increasingly hinging

741
00:48:14,034 --> 00:48:16,274
on whether the bill is going to put in place

742
00:48:16,274 --> 00:48:18,534
some strict limits on the president's ability

743
00:48:18,534 --> 00:48:19,934
to profit from crypto.

744
00:48:20,374 --> 00:48:21,654
Now, Democrats, they've been pushing

745
00:48:21,654 --> 00:48:23,474
for this ethics language for months,

746
00:48:23,574 --> 00:48:25,234
but it's become even more pressing

747
00:48:25,234 --> 00:48:26,614
just in the last few weeks

748
00:48:26,614 --> 00:48:31,474
when President Trump's financial disclosures showed him making roughly $1.2 billion

749
00:48:31,474 --> 00:48:35,594
from crypto-related ventures alone during his first year in office.

750
00:48:36,054 --> 00:48:37,994
He spoke yesterday with Senator Mark Warner.

751
00:48:38,334 --> 00:48:40,554
He supports the goals of the broader bill,

752
00:48:40,674 --> 00:48:43,954
but he said that it is critical for lawmakers to limit the ability

753
00:48:43,954 --> 00:48:47,434
for elected officials, including the president, to profit from crypto.

754
00:48:48,714 --> 00:48:52,954
The president has made billions and his family off of this.

755
00:48:53,134 --> 00:48:55,234
We're going to suddenly go forward and say,

756
00:48:55,234 --> 00:48:59,934
you know, elected officials can take advantage of that situation going forward,

757
00:49:00,154 --> 00:49:01,954
I think that would be pretty outrageous.

758
00:49:02,354 --> 00:49:05,914
Senator Bernie Moreno, who met with Trump yesterday on the bill,

759
00:49:06,314 --> 00:49:09,294
said it would prevent any elected official, including the president,

760
00:49:09,434 --> 00:49:11,614
from issuing or promoting a digital asset,

761
00:49:11,894 --> 00:49:15,654
although it would not apply that restriction to other members of the family,

762
00:49:15,854 --> 00:49:17,174
including, of course, Trump's family.

763
00:49:17,714 --> 00:49:20,854
The lawmakers are still negotiating over the language of the bill.

764
00:49:20,994 --> 00:49:24,714
An updated draft was expected this week, but has yet to be made public.

765
00:49:25,154 --> 00:49:27,834
And of course, guys, as we know, the devil's always in the details.

766
00:49:27,834 --> 00:49:35,734
So we're keeping a close eye out for that to see how Democrats and industry respond and exactly what kind of vote we might expect later this month or in early August.

767
00:49:36,114 --> 00:49:40,314
Like I said, the timing of Trump's finances coming out, just incredible.

768
00:49:41,274 --> 00:49:48,394
But, you know, thinking about it, when you look at his finances from this year, he's not going to make anywhere close to that kind of money on this.

769
00:49:48,914 --> 00:49:51,594
He took advantage of an arbitrage.

770
00:49:51,594 --> 00:49:55,734
there was a regulatory arbitrage.

771
00:49:56,094 --> 00:49:57,754
He took advantage of it,

772
00:49:57,934 --> 00:50:01,494
like tactical strike right before he entered office.

773
00:50:01,654 --> 00:50:03,734
So he technically wasn't president yet.

774
00:50:04,094 --> 00:50:06,894
There technically wasn't any clarity around these rules.

775
00:50:07,314 --> 00:50:09,394
And what he's going to end up with if they do get this

776
00:50:09,394 --> 00:50:11,874
will be something that perhaps allows his family.

777
00:50:12,054 --> 00:50:12,314
We'll see.

778
00:50:12,914 --> 00:50:15,734
Charles Schwab, though, the analyst over there at the Schwabs,

779
00:50:15,934 --> 00:50:17,694
they think there's bigger problems

780
00:50:17,694 --> 00:50:21,054
because not only is there just still a massive amount of process

781
00:50:21,054 --> 00:50:22,194
for this thing to get through.

782
00:50:23,074 --> 00:50:24,574
The Republicans, which are the side

783
00:50:24,574 --> 00:50:25,694
that's really pushing for this,

784
00:50:26,034 --> 00:50:27,394
they are down two votes.

785
00:50:27,394 --> 00:50:31,194
Here in 2026 are down at about 36%

786
00:50:31,194 --> 00:50:34,734
after being up over 80% in February.

787
00:50:35,134 --> 00:50:36,254
Earlier in the week,

788
00:50:36,354 --> 00:50:37,734
President Trump called on the Senate

789
00:50:37,734 --> 00:50:38,854
to pass the act.

790
00:50:39,274 --> 00:50:41,494
However, the path to 60 votes

791
00:50:41,494 --> 00:50:43,814
is becoming increasingly more difficult

792
00:50:43,814 --> 00:50:46,374
after the passing of Senator Lindsey Graham

793
00:50:46,374 --> 00:50:47,034
over the weekend

794
00:50:47,034 --> 00:50:48,774
and the continued absence

795
00:50:48,774 --> 00:50:50,254
of Senator Mitch McConnell.

796
00:50:50,254 --> 00:51:04,454
The latest right now is that Senate Democrats are essentially trying to block the act unless it addresses what they've described as ongoing conflicts of interest related to President Trump's personal crypto ventures.

797
00:51:04,454 --> 00:51:12,814
His disclosure, his financial disclosure in 2025 showed roughly $1.4 billion in cryptocurrency-related income.

798
00:51:13,154 --> 00:51:25,114
And the Democrats are arguing that passing this market structure framework without an ethics guardrail essentially would legitimize the president's crypto business rather than regulate it.

799
00:51:25,394 --> 00:51:27,134
We're at the crunch time, though.

800
00:51:27,134 --> 00:51:34,074
We've got basically between now and the Senate recess in August to see whether or not the

801
00:51:34,074 --> 00:51:39,094
Senate Republicans can essentially produce a compromise bill that satisfies at least

802
00:51:39,094 --> 00:51:41,914
seven, eight, nine Democrats by that recess.

803
00:51:41,914 --> 00:51:45,334
I've been worrying you for about six months that this well, for longer than that, that

804
00:51:45,334 --> 00:52:03,416
this ethics issue was going to be the sticky thing And ironically if they don handle it right even if they pass this in some way that the Democrats can live with it and they get a few Democrat votes on board they can send it to Trump desk and he could still refuse to sign it The Clarity Act and these conflict of

805
00:52:03,416 --> 00:52:09,896
interest provisions are critical here and they need to be acceptable to President Trump. The

806
00:52:09,896 --> 00:52:22,516
The problem is the Senate Democrats want to put in ethics rules that would ensure that the president and his family and people attached to him can't benefit from any crypto business.

807
00:52:22,656 --> 00:52:25,156
And if that's the case, the president's just going to veto it.

808
00:52:25,676 --> 00:52:28,716
I mean, it's incredible that we're just saying this out loud.

809
00:52:28,976 --> 00:52:34,636
It's just, you know, the sitting president of the United States, if he can't financially benefit from the passing of this law, he's going to veto it.

810
00:52:34,676 --> 00:52:35,936
And that's just obvious.

811
00:52:37,056 --> 00:52:38,316
I mean, I know it's true.

812
00:52:38,316 --> 00:52:39,736
I realize that.

813
00:52:40,896 --> 00:52:43,196
Still, it's shocking to hear them say it.

814
00:52:43,196 --> 00:52:50,276
Or that the president and his family and people attached to him can't benefit from any crypto business.

815
00:52:50,416 --> 00:52:52,896
And if that's the case, the president's just going to veto it.

816
00:52:53,456 --> 00:52:56,216
Right. We need to have something that is workable for the president.

817
00:52:56,616 --> 00:53:03,976
And you have to remember the beauty of the way that they're doing this is the rules apply not just to the president, but also to the Congress.

818
00:53:03,976 --> 00:53:10,116
And so this is something that everyone, regardless of who's in power, are going to have to live by.

819
00:53:10,236 --> 00:53:11,936
And so it's important they get them done right.

820
00:53:12,396 --> 00:53:16,976
I think it is an important issue, though, for the Democrats and one that we do need to see addressed.

821
00:53:17,756 --> 00:53:19,296
But I do think they can get there.

822
00:53:19,376 --> 00:53:22,296
I mean, we have come so far with this legislation.

823
00:53:22,656 --> 00:53:24,776
For a year they've been working on this.

824
00:53:24,816 --> 00:53:27,196
And by the way, the Genius Act has just passed its deadline.

825
00:53:27,396 --> 00:53:29,756
And I don't think a single federal agency met the deadline.

826
00:53:29,756 --> 00:53:35,316
And a lot of you have been asking me, well, if clarity does pass, how does it benefit the average person?

827
00:53:35,976 --> 00:53:44,896
Well, Coinbase, they still are extremely bullish, and their representative went on CNBC, and he kind of tries to make the case for why the average person cares about clarity.

828
00:53:45,576 --> 00:53:48,796
You tell me if this makes you care about clarity passing.

829
00:53:49,276 --> 00:53:53,256
But the true measure of a bipartisan bill is not whether everyone gets what they want.

830
00:53:53,256 --> 00:53:58,476
It's whether ultimately Americans will be better protected compared to the status quo.

831
00:53:58,476 --> 00:54:01,196
And there's actually no meaningful debate in that space.

832
00:54:01,316 --> 00:54:08,216
This is going to create, for the first time, a comprehensive federal framework and oversight over the crypto space.

833
00:54:08,316 --> 00:54:12,016
And Joe, I think it's important to remember it's not about no regulation.

834
00:54:12,496 --> 00:54:16,396
This is about imposing regulation on the industry for the first time.

835
00:54:16,536 --> 00:54:16,956
And so you have.

836
00:54:17,136 --> 00:54:21,116
When I look at what type of regulation that is available for us to look at, we don't really have all the language.

837
00:54:21,116 --> 00:54:24,436
But what I have seen from some of the drafts is it's surveillance.

838
00:54:24,436 --> 00:54:36,656
Right. I think when he says consumer protection, what he actually means is surveillance of transactions so they can find fraud. So that's their version of consumer protection.

839
00:54:36,976 --> 00:54:46,036
A unique opportunity for the trifecta win, win, win. American investors, American innovators and American standards get to prevail if we get this bill passed.

840
00:54:46,216 --> 00:54:52,356
What will be in the Senate bill that that was not in the House bill that Democrats want?

841
00:54:52,356 --> 00:55:01,116
But interestingly, in the last few weeks and months, we've seen the Democrats obtain meaningful concessions to strengthen the consumer protection provisions of this bill.

842
00:55:01,376 --> 00:55:02,396
So I think this is the line.

843
00:55:02,496 --> 00:55:07,136
Well, you know, some Democrats came on board because there's been meaningful concessions.

844
00:55:07,576 --> 00:55:08,556
I doubt it.

845
00:55:09,476 --> 00:55:14,096
I think the meaningful concessions are going to be mostly table stakes, dressing type.

846
00:55:14,156 --> 00:55:14,756
What am I trying to say?

847
00:55:14,776 --> 00:55:16,096
They're going to be like performative.

848
00:55:16,156 --> 00:55:16,716
That's the word.

849
00:55:17,656 --> 00:55:20,656
You know, stuff that's not going to really move the needle.

850
00:55:20,656 --> 00:55:23,436
But they can say that they got concessions.

851
00:55:23,916 --> 00:55:31,116
They just need to get five or so Democrats on board so that way they can start selling treasuries to these stable coin makers like crazy.

852
00:55:31,496 --> 00:55:32,496
Right. They need a boom.

853
00:55:32,616 --> 00:55:38,256
Right. If the Fed can't lower rates because we keep having issue after issue that keeps inflation sticky.

854
00:55:38,256 --> 00:55:41,956
And I don't know if you are aware of this, but I looked it up.

855
00:55:43,276 --> 00:55:44,656
Actually, you should look it up.

856
00:55:44,716 --> 00:55:45,776
Go look this up after the show.

857
00:55:45,776 --> 00:55:51,976
tell me when and for how long the federal reserve has ever achieved the two percent inflation target

858
00:55:51,976 --> 00:55:58,196
just a little school a little homework for you for you tell me go to school and tell me when the

859
00:55:58,196 --> 00:56:02,956
last time and for how long the federal reserve has held the two percent inflation target right

860
00:56:02,956 --> 00:56:08,096
but we got warsh out there he's talking tough he's got to prove that he is not a trump drone

861
00:56:08,096 --> 00:56:12,356
and they're keeping the rates at least for a while especially with another energy shock around the

862
00:56:12,356 --> 00:56:17,696
corner. They're going to have to at least keep rates and sort of maybe hint at hiking to just

863
00:56:17,696 --> 00:56:26,796
try to change the inflation expectation direction. So he, Warsh and friends, can't lower rates easily,

864
00:56:26,916 --> 00:56:32,236
not without losing credibility, at least not for a while. But that's not the only lever.

865
00:56:32,896 --> 00:56:38,216
There are ways to essentially have the same effect of lowering rates, which will cause mortgage rates

866
00:56:38,216 --> 00:56:41,216
and the actual pricing of some of these things to come down

867
00:56:41,216 --> 00:56:43,756
without the Federal Reserve having to adjust rates.

868
00:56:44,356 --> 00:56:49,456
And part of that strategy is selling treasuries to stablecoin makers.

869
00:56:50,356 --> 00:56:52,036
It's not about clarity.

870
00:56:52,256 --> 00:56:53,936
It's not about safety for consumers.

871
00:56:54,496 --> 00:56:56,316
It has nothing for Bitcoin in there.

872
00:56:56,776 --> 00:56:59,616
And apparently it's not even going to be protecting developers from what I can tell.

873
00:57:00,516 --> 00:57:04,616
What it is, it's about adding surveillance and mandatory regulations

874
00:57:04,616 --> 00:57:07,536
so that way the big money can play with stablecoins

875
00:57:07,536 --> 00:57:09,196
and have their government safety net

876
00:57:09,196 --> 00:57:12,236
and become massive buyers of treasuries.

877
00:57:14,756 --> 00:57:16,716
That means they can issue more debt.

878
00:57:17,756 --> 00:57:20,176
It just, it creates this whole cycle

879
00:57:20,176 --> 00:57:22,356
that allows the can to be kicked for longer

880
00:57:22,356 --> 00:57:23,756
and longer and longer.

881
00:57:23,956 --> 00:57:26,236
But if they don't get a thriving stablecoin market,

882
00:57:26,296 --> 00:57:28,616
and I mean a thriving worldwide stablecoin market,

883
00:57:29,256 --> 00:57:30,936
they don't have that additional lever.

884
00:57:31,436 --> 00:57:33,036
That lever doesn't get created.

885
00:57:33,416 --> 00:57:36,296
So they have got to get enough Senate members

886
00:57:36,296 --> 00:57:39,596
on board on the Democrat side to understand that.

887
00:57:39,876 --> 00:57:41,916
And now they can use this window dressing.

888
00:57:42,016 --> 00:57:43,356
I think that was the word I was looking for.

889
00:57:43,596 --> 00:57:47,916
They can use this sort of performative compromise

890
00:57:47,916 --> 00:57:51,316
as cover for voting for what is kind of looked at

891
00:57:51,316 --> 00:57:52,056
as a Trump bill.

892
00:57:52,816 --> 00:57:54,956
But then they're going to point to these consumer protections,

893
00:57:54,956 --> 00:57:57,516
which are actually consumer surveillance.

894
00:57:58,356 --> 00:58:00,076
So that's, all right, I'll let them continue,

895
00:58:00,196 --> 00:58:01,836
but that's kind of how I see this going.

896
00:58:02,416 --> 00:58:05,436
You have an illicit finance framework that's been created.

897
00:58:05,436 --> 00:58:10,956
You have an FTX loophole that's being closed to prevent things like FTX from happening.

898
00:58:11,016 --> 00:58:11,276
Oh, yeah.

899
00:58:11,356 --> 00:58:14,396
You have insider trading safeguards and more disclosures.

900
00:58:14,556 --> 00:58:19,236
So really across the board, the Democrats have obtained meaningful concessions to make

901
00:58:19,236 --> 00:58:21,976
what was already a strong consumer protection bill.

902
00:58:22,376 --> 00:58:22,916
The idea.

903
00:58:23,236 --> 00:58:26,896
OK, so the Democrats have closed the FTX loophole.

904
00:58:26,896 --> 00:58:28,996
Was Maxine Waters involved with that?

905
00:58:29,176 --> 00:58:32,116
The one that was blowing kisses at Sam Bankman fraud?

906
00:58:32,516 --> 00:58:34,036
This is the irony of it.

907
00:58:34,036 --> 00:58:40,916
Is the original version of this back during the Biden regime when Gensler was still in and Maxine Waters was running these committees.

908
00:58:42,096 --> 00:58:43,976
It was written by FTX.

909
00:58:44,716 --> 00:58:47,456
They were literally buddies with Sam.

910
00:58:47,796 --> 00:58:48,836
They hugged Sam.

911
00:58:49,396 --> 00:58:51,296
Maxine's staff hugged Sam.

912
00:58:51,816 --> 00:58:55,676
Maxine Waters, you can find a video of it, blows a kiss to Sam and waves at him.

913
00:58:56,116 --> 00:58:58,576
She read Talking Points composed by FTX.

914
00:58:58,576 --> 00:59:00,716
I mean, it goes on and on and on.

915
00:59:01,136 --> 00:59:02,556
So the irony, right?

916
00:59:02,556 --> 00:59:08,816
now, a couple of years later, the Democrats get to play defender of the people by working in these

917
00:59:08,816 --> 00:59:13,436
provisions that close the FTX loophole that they were the ones that are going to enable and make

918
00:59:13,436 --> 00:59:20,756
FTX a de facto monopoly in the United States and crown Sam Bankman fraud the king of U.S. crypto?

919
00:59:22,316 --> 00:59:27,276
Those very same people now get to claim that they're protecting consumers and closing the

920
00:59:27,276 --> 00:59:34,756
FTX loophole. Do you not appreciate what a masterful stroke of politics this is? Can we just take a

921
00:59:34,756 --> 00:59:43,016
moment and just appreciate this as just a brilliant stroke of twisting the narrative back around to

922
00:59:43,016 --> 00:59:49,636
benefit you? I'm just I'm getting all hot thinking about it. I'm so impressed.

923
00:59:50,036 --> 00:59:55,196
And meaningful concessions to make what was already a strong consumer protection bill that

924
00:59:55,196 --> 01:00:01,956
much stronger. Will it be, will there be a change to how crypto is, is classified in terms of

925
01:00:01,956 --> 01:00:06,756
commodities, securities? Not, not fundamentally. I mean, first and foremost, just still going to have

926
01:00:06,756 --> 01:00:12,776
the registration examination and surveillance infrastructure that was part of the house bill,

927
01:00:12,776 --> 01:00:18,196
but the Democrats, what they have done in these additional negotiations is make sure that you have

928
01:00:18,196 --> 01:00:24,036
more teeth to make sure that customers are ultimately better protected. Cause at the end

929
01:00:24,036 --> 01:00:37,118
of the day this is about customer protections The status quo lacks this infrastructure lacks these protections and the Democrats use this opportunity wisely to make sure that customers were first and foremost

930
01:00:37,118 --> 01:00:41,238
in getting this bill. I mean, banks aren't going away. Crypto's not going away. How are you,

931
01:00:41,658 --> 01:00:46,198
how's that going to reconcile itself with people like Jamie Dimon? How can we all get along?

932
01:00:46,418 --> 01:00:51,878
It actually is reconciling itself because if you look below the headlines, what you are seeing

933
01:00:51,878 --> 01:00:59,678
institutionally is a wide array of investments and partnerships with companies like Coinbase.

934
01:00:59,798 --> 01:01:04,658
Not a week goes by, Joe, even on your show where someone isn't announcing some new project or

935
01:01:04,658 --> 01:01:09,718
investment into crypto. And we're having an inevitable convergence where a few years from now,

936
01:01:09,718 --> 01:01:14,078
we're not talking about traditional finance and crypto. We're simply just talking about

937
01:01:14,078 --> 01:01:19,138
modern financial institutions because it appears every modern financial institution

938
01:01:19,138 --> 01:01:22,638
recognizes what Coinbase did nearly 15 years ago.

939
01:01:22,698 --> 01:01:24,218
They're going to tokenize, baby.

940
01:01:24,298 --> 01:01:25,218
They're going to tokenize.

941
01:01:25,358 --> 01:01:27,738
So if they can get enough Democrats on board with this new narrative,

942
01:01:27,738 --> 01:01:30,698
and this does seem like a bit of a winner if they can get a few convinced.

943
01:01:32,038 --> 01:01:33,858
This thing has a shot.

944
01:01:34,718 --> 01:01:38,298
I would say Clarity has a higher chance of passing than BIP-110,

945
01:01:38,738 --> 01:01:41,178
but I wouldn't write any one of them off necessarily.

946
01:01:42,138 --> 01:01:44,758
If you're feeling a bit worn out about all of this,

947
01:01:45,018 --> 01:01:47,278
I think this might be part of the strategy as well,

948
01:01:47,278 --> 01:01:51,198
because some of the senators out there, besides just Lummis,

949
01:01:51,318 --> 01:01:53,918
are clearly getting worn out at this process.

950
01:01:54,378 --> 01:01:56,018
Here is Senator Mark Warner.

951
01:01:56,798 --> 01:01:57,938
I just, because I do want you to hear this.

952
01:01:58,358 --> 01:02:00,978
You know, is Swanee, the bipartisan group,

953
01:02:01,058 --> 01:02:02,518
still trying to get a Clarity Act done?

954
01:02:04,798 --> 01:02:06,478
We touched on this briefly.

955
01:02:07,158 --> 01:02:10,978
You would not want a Clarity Act that increased the ability

956
01:02:10,978 --> 01:02:15,258
of illicit finance to take place suddenly with the blessings of law, would you?

957
01:02:15,258 --> 01:02:20,818
um well thank you senator i mean it's vital that the clarity act provide tools you speak a little

958
01:02:20,818 --> 01:02:26,378
closer it's vital that the um that the clarity act provide rules and tools for the treasury

959
01:02:26,378 --> 01:02:30,578
department um and the administration to be able to counter illicit so what you would be concerned

960
01:02:30,578 --> 01:02:38,498
if the trump department of justice with technical assistance said that the the standard proposed

961
01:02:38,498 --> 01:02:44,818
by industry and some of my republican colleagues would actually make it easier for illicit

962
01:02:44,818 --> 01:02:48,518
finance to take place. This just happened the last couple of days. That would concern you,

963
01:02:48,578 --> 01:02:53,978
wouldn't it? It would be concerning. Yes, Senator. Good. I tend to work with you. And

964
01:02:53,978 --> 01:03:02,258
the secretary, I want this done. And I am tired of being in crypto hell. But we got to do it in a

965
01:03:02,258 --> 01:03:06,018
way that doesn't make this circumstance worse. I want America to lead in digital assets.

966
01:03:06,818 --> 01:03:11,018
Did we get it wrong? The downside ramifications could be huge as well.

967
01:03:11,018 --> 01:03:14,498
Oh, your crypto hell is just beginning, Senator Warner.

968
01:03:15,138 --> 01:03:18,798
All right, so let's shift gears and talk a bit about BIP-110.

969
01:03:19,618 --> 01:03:22,258
There's just only a couple of minor updates.

970
01:03:22,478 --> 01:03:26,578
There has been some discussion around technical concerns that emerged on July 18th.

971
01:03:27,098 --> 01:03:31,578
There's been a flaw that has been nicknamed block slop in Bitcoin knots.

972
01:03:31,778 --> 01:03:33,918
It was highlighted by Dath and Pone.

973
01:03:33,918 --> 01:03:36,918
it involves a potential issue with BIP-110 enforcing nodes,

974
01:03:37,678 --> 01:03:42,078
retaining and not properly revalidating older blocks under the new rules,

975
01:03:42,118 --> 01:03:44,138
which could risk a divergent chain history.

976
01:03:45,138 --> 01:03:48,218
Prominent developer James Lopp described it as a consensus bug.

977
01:03:48,718 --> 01:03:52,718
However, not supporters have called it, well, unlikely or probably fixable,

978
01:03:52,838 --> 01:03:53,978
so they've kind of waved it away,

979
01:03:54,078 --> 01:03:59,218
but it does seem to be a bug that is in the BIP-110 enforcing rules.

980
01:03:59,218 --> 01:04:06,618
what was actually more interesting to me was just the amount of high-profile opposition that seems to

981
01:04:06,618 --> 01:04:13,138
intensified over the last few days between july 19th and 20th sailor has just been

982
01:04:13,138 --> 01:04:22,258
swinging he posted a long detailed critique on x titled 110 reasons bip 110 is a bad idea

983
01:04:22,258 --> 01:04:26,538
he argues the proposal threatens bitcoin's neutrality it sets a dangerous precedent for

984
01:04:26,538 --> 01:04:32,138
censorship-like changes and risk a network split due to the user-activated soft fork mechanism

985
01:04:32,138 --> 01:04:37,558
and low miner support and could invalidate certain existing transactions styles or scripts

986
01:04:37,558 --> 01:04:42,258
saylor also emphasized that bitcoin should remain usable quote no matter for what reason

987
01:04:42,258 --> 01:04:48,858
and warned against turning it into something controlled by subjective judgments signaling

988
01:04:48,858 --> 01:04:54,918
support for bit 110 remains pretty low minor signaling has stayed near zero percent um

989
01:04:54,918 --> 01:05:03,858
well below the 55% threshold. However, with Ocean now defaulting to BIP-110 and a large miner asking

990
01:05:03,858 --> 01:05:10,078
their, I guess, users if they would like to signal, we could see a change there. But as we get closer

991
01:05:10,078 --> 01:05:17,298
to the August 8th deadline, it does seem to be not working out. And perhaps we are seeing a new

992
01:05:17,298 --> 01:05:22,858
narrative build for the BIP-110 camp. Many have argued from the start that if this thing fails,

993
01:05:22,858 --> 01:05:27,458
the BIP 110 crowd will inevitably end up with their own chain and their own altcoin.

994
01:05:27,598 --> 01:05:28,698
You could call it not coin.

995
01:05:29,198 --> 01:05:30,578
You call it not Bitcoin.

996
01:05:30,878 --> 01:05:31,378
That'd be cute.

997
01:05:31,518 --> 01:05:32,938
You know, K-N-O-T Bitcoin.

998
01:05:33,698 --> 01:05:34,978
Or I like loot coin.

999
01:05:35,178 --> 01:05:36,918
I think that, you know, puts a finer point on it.

1000
01:05:36,958 --> 01:05:40,718
But I think whatever the influencers in that community push, the users will be fine with.

1001
01:05:40,878 --> 01:05:42,938
The obvious problem is going to be the hash rate, right?

1002
01:05:42,938 --> 01:05:44,438
They're just not going to have the power.

1003
01:05:44,578 --> 01:05:48,858
So you're going to have a block time that just goes out longer and longer.

1004
01:05:49,058 --> 01:05:51,658
I find that to be a particularly interesting problem.

1005
01:05:51,658 --> 01:05:56,138
and there's already talk about making some changes to the proof of work mechanism

1006
01:05:56,138 --> 01:05:57,878
to help keep block times down.

1007
01:05:58,618 --> 01:06:02,758
And in my opinion, once you're talking about making changes to something like proof of work,

1008
01:06:03,018 --> 01:06:05,158
there's really no going back from that.

1009
01:06:05,478 --> 01:06:08,338
And here is Bitcoin Mechanic talking about just that.

1010
01:06:08,338 --> 01:06:11,498
I will never run a Bitcoin core node ever again.

1011
01:06:12,698 --> 01:06:14,278
There's no need for me to do it.

1012
01:06:14,938 --> 01:06:18,498
If that means I'm on some dead isolated chain with no one around

1013
01:06:18,498 --> 01:06:20,598
where people are talking about proof of work changes,

1014
01:06:20,598 --> 01:06:28,038
okay i'll go along with that i'm not here for any other purpose guys and everyone else running

1015
01:06:28,038 --> 01:06:35,358
bit.10 feels exactly the same as me that's who you're up against really everyone else uh supports

1016
01:06:35,358 --> 01:06:41,478
bit.10 supports making changes to proof of work that's radical i mean where's the where do you

1017
01:06:41,478 --> 01:06:48,778
draw the line why not why not also uh change the issuance schedule while you're at it you know you

1018
01:06:48,778 --> 01:06:50,778
Maybe you could make it less even, right?

1019
01:06:50,797 --> 01:06:51,438
Make it more valuable.

1020
01:06:51,598 --> 01:06:52,958
Maybe there's only 15 million coins.

1021
01:06:53,057 --> 01:06:54,638
You could go the other direction and surprise everybody.

1022
01:06:55,658 --> 01:06:56,758
It just, to me, is bonkers.

1023
01:06:57,698 --> 01:07:02,838
For our final clip this week, let's zoom out and focus on something that really matters.

1024
01:07:03,538 --> 01:07:08,398
Bitcoin is a technology the world has not even begun to wrap their noodle around.

1025
01:07:08,498 --> 01:07:08,958
We know it.

1026
01:07:09,138 --> 01:07:09,557
We see it.

1027
01:07:09,578 --> 01:07:12,218
I know it's cliche to say that we're early, but we really are early.

1028
01:07:12,778 --> 01:07:14,078
Even smart guys like Luke.

1029
01:07:14,698 --> 01:07:15,758
Groman, he gets tripped up.

1030
01:07:15,758 --> 01:07:19,998
I talked about the third party risk and trust issues with gold earlier in the show.

1031
01:07:20,378 --> 01:07:25,557
And I also talked about how difficult and expensive it is to transport, especially at scale.

1032
01:07:27,278 --> 01:07:29,838
But I think there's a bigger idea here we should talk about.

1033
01:07:29,998 --> 01:07:33,978
Set the network aside for Bitcoin, which I know is crazy, but stick with me.

1034
01:07:34,998 --> 01:07:39,518
Even with the network aside, Bitcoin is still a harder money than gold.

1035
01:07:40,078 --> 01:07:44,658
And that's the point that Ross Stevens made when he sat down with Saylor years ago now,

1036
01:07:44,658 --> 01:07:55,898
And they get into Bitcoin as an emerging monetary network that will eventually absorb, absorb from weaker stores of value all into Bitcoin.

1037
01:07:56,018 --> 01:08:00,998
You know, everything kind of, you know, goes to Bitcoin over time.

1038
01:08:01,398 --> 01:08:04,318
And the reason for that is because money goes to where it's treated best.

1039
01:08:04,418 --> 01:08:09,358
And Bitcoin is the hardest money, even when compared to gold, even when you think about it without the network.

1040
01:08:10,098 --> 01:08:12,918
Well, I think that's for everybody to make up their own mind.

1041
01:08:12,918 --> 01:08:14,578
I'll tell you how I think about it, though.

1042
01:08:14,658 --> 01:08:19,518
there's really two primary dimensions that I think money should be evaluated on,

1043
01:08:20,358 --> 01:08:26,578
sellability across time and sellability across space. So sellability across time just means,

1044
01:08:26,738 --> 01:08:34,118
will a money keep its value through time or will it depreciate? The oldest fiat money that's in

1045
01:08:34,118 --> 01:08:40,378
existence today is the British pound. And 371 years ago, when kind of the modern British pound

1046
01:08:40,378 --> 01:08:43,678
started, it was equal to one pound of silver.

1047
01:08:43,678 --> 01:08:46,918
One British pound bought you one pound of silver.

1048
01:08:47,777 --> 01:08:51,218
Today, do you know what one pound of silver buys you

1049
01:08:51,218 --> 01:08:52,517
in terms of British pounds?

1050
01:08:53,418 --> 01:08:58,418
I'm guessing that it buys you more than one British.

1051
01:08:58,418 --> 01:08:59,338
More than one?

1052
01:08:59,338 --> 01:09:00,778
A little bit, 174.

1053
01:09:01,878 --> 01:09:04,418
So you used to buy one for one, now a pound of silver

1054
01:09:04,418 --> 01:09:06,378
buys you 174 British pounds.

1055
01:09:06,778 --> 01:09:09,138
And the key here is to understand

1056
01:09:09,159 --> 01:09:15,239
what changed and what did not change. Okay. The silver itself did not change.

1057
01:09:16,119 --> 01:09:22,139
371 years ago, it weighed a pound. Today it weighs a pound. 371 years ago, the silver had

1058
01:09:22,139 --> 01:09:28,539
certain chemical properties. It's got the same chemical properties today. The silver did not

1059
01:09:28,539 --> 01:09:35,919
change. The fiat changed. It depreciated more than 99%. So silver crushed fiat.

1060
01:09:35,919 --> 01:09:39,919
I hate the 99% number. I just hate that one.

1061
01:09:40,099 --> 01:09:44,559
Yeah. I just didn't want to take it out to that many decimals, but it's 99, what's 7, 6, 3, 8,

1062
01:09:44,599 --> 01:09:48,539
1, 2, and I don't know. It's a lot. It's basically worthless relative to silver.

1063
01:09:49,439 --> 01:09:54,519
But people talk about gold. What about silver versus gold? And the reality is gold has been

1064
01:09:54,519 --> 01:09:59,639
far better and far more reliable. It's much better store of value than silver because it's scarcer

1065
01:09:59,639 --> 01:10:06,279
and it's got a much lower supply growth. Gold grows at about 2% a year. Silver grows about 20,

1066
01:10:06,339 --> 01:10:13,879
30% a year. So gold is a much better money than silver, but let's compare it to Bitcoin. I mean,

1067
01:10:13,899 --> 01:10:19,939
gold still does grow. You print through mining, you print gold at about 2% a year and Bitcoin's

1068
01:10:19,939 --> 01:10:26,459
on an asymptotic journey to 0% inflation per year. So 2% a year, roughly times 50 years,

1069
01:10:26,459 --> 01:10:33,959
and gold essentially depreciates completely versus Bitcoin. So Bitcoin will be worth far

1070
01:10:33,959 --> 01:10:39,719
more than gold. In the future, once it clicks for people, that gold is printed at a much higher rate

1071
01:10:39,719 --> 01:10:45,279
and that compounds, much higher, 1% or 2% a year, but that compounds over 10, 20, 30, 40, 50 years.

1072
01:10:45,279 --> 01:10:52,839
But there's another property of gold that makes it weak relative to Bitcoin. And in fact, this is a

1073
01:10:52,839 --> 01:10:58,879
property of Bitcoin that makes Bitcoin truly unique among any money in history, which is that

1074
01:10:58,879 --> 01:11:06,859
Bitcoin is the first store of value ever in which its supply is entirely unaffected by its demand.

1075
01:11:08,339 --> 01:11:12,999
If we take the example of gold to prove this point, if gold went to, I don't know,

1076
01:11:14,099 --> 01:11:18,699
100,000 bucks an ounce, it's up 50X overnight, you and I know what's going to happen tomorrow

1077
01:11:18,699 --> 01:11:21,519
morning. The miners can get to work very early. I'd be mining it.

1078
01:11:22,139 --> 01:11:24,319
You and I would drop the phone and start mining, right?

1079
01:11:24,339 --> 01:11:25,019
We're going to start mining.

1080
01:11:25,119 --> 01:11:26,179
We're going to look around our house for gold.

1081
01:11:26,239 --> 01:11:27,099
We're going to melt it down.

1082
01:11:27,639 --> 01:11:28,859
We're going to drive up the supply.

1083
01:11:28,979 --> 01:11:31,439
We can't skyrocket supply, but we're going to drive up the supply.

1084
01:11:31,539 --> 01:11:43,262
We going to drive up drive down the price of gold If during the course of this conversation people really feel like bullish on Bitcoin and Bitcoin goes to a million I saying that with a smile what going to happen in supply of Bitcoin

1085
01:11:44,462 --> 01:11:52,042
Nothing. Nothing. Nothing. That's incredible. That's incredible. Bitcoin is the first store

1086
01:11:52,042 --> 01:11:57,682
of value in human history where its supply is never, can never, will never be affected by

1087
01:11:57,682 --> 01:12:03,742
any amount of its increased demand. So the conclusion is that Bitcoin is better

1088
01:12:03,742 --> 01:12:09,262
at being gold than gold because it's more sellable across time.

1089
01:12:20,662 --> 01:12:27,662
Let's check in on the state of the network. I am wrapping up at Blockhite 958,926.

1090
01:12:28,442 --> 01:12:29,482
Going right now.

1091
01:12:29,882 --> 01:12:30,702
This is great.

1092
01:12:30,782 --> 01:12:31,922
Bitcoin and U.S. dollars.

1093
01:12:32,042 --> 01:12:34,042
Love to see it back at $65,100.

1094
01:12:34,222 --> 01:12:36,102
Probably won't stay long, but God, I love to see it.

1095
01:12:36,882 --> 01:12:38,122
$65,000 never looks so good.

1096
01:12:38,522 --> 01:12:41,982
That puts our sats per dollar at $1,536 to $1.

1097
01:12:42,882 --> 01:12:45,542
We are still down 48.4%, y'all.

1098
01:12:46,262 --> 01:12:47,062
But I don't know, man.

1099
01:12:47,122 --> 01:12:48,002
$65,000 feeling good.

1100
01:12:48,542 --> 01:12:49,042
It's feeling good.

1101
01:12:49,662 --> 01:12:52,382
We are 287 days out from our all-time high.

1102
01:12:52,522 --> 01:12:53,862
It is a bear market, my friends.

1103
01:12:53,862 --> 01:12:58,862
The estimated difficulty adjustment is an upwards adjustment of 2.5%.

1104
01:12:59,442 --> 01:13:00,882
That's still sort of settling out.

1105
01:13:00,982 --> 01:13:03,922
Don't be too surprised if that changes just a wee bit.

1106
01:13:04,402 --> 01:13:07,642
Our seven-day price change is up 4.6%.

1107
01:13:07,642 --> 01:13:08,682
We are up.

1108
01:13:09,282 --> 01:13:16,822
And we are 690 blocks away from our retarget.

1109
01:13:16,902 --> 01:13:18,582
So I guess, actually, it may come in.

1110
01:13:19,182 --> 01:13:23,002
It may come in right around at 2.5% difficulty.

1111
01:13:23,002 --> 01:13:26,782
It looks like as I'm recording, the price is sliding a little bit right now.

1112
01:13:27,462 --> 01:13:29,402
But I'm looking at the overall stats.

1113
01:13:30,022 --> 01:13:30,922
I don't care.

1114
01:13:31,862 --> 01:13:32,662
State of the network?

1115
01:13:33,522 --> 01:13:34,882
Yep, it's strong.

1116
01:13:45,722 --> 01:13:51,022
If you made it this far, I got links for what I talked about at This Week in Bitcoin.show or in your podcast app.

1117
01:13:51,022 --> 01:13:56,502
Hey, you know, my goal here is to create a show that focuses on the signal and doesn't get distracted by emotions or politics.

1118
01:13:57,102 --> 01:14:13,964
It really tries to create something you can use to plan for yourself your friends your family your business your future whatever it might be So you can always let me know how I do with the Boost at boost You can also tell me how you got started in Bitcoin and if you pooped around and found out or if you still pooping around Those are all things you can send my way

1119
01:14:14,184 --> 01:14:16,184
You can also boost from a podcasting 2.0 app.

1120
01:14:16,324 --> 01:14:19,124
They just built it in, and I just absolutely love that.

1121
01:14:19,624 --> 01:14:22,584
Also, if I miss something or I'm still taking single-episode topics

1122
01:14:22,584 --> 01:14:24,404
because I have another summer episode coming up,

1123
01:14:24,444 --> 01:14:25,724
so you can send those in as well.

1124
01:14:26,084 --> 01:14:28,504
Now, I am going to wrap it up with a value-for-value track,

1125
01:14:28,504 --> 01:14:33,224
and if you boost in 95% of the sats during the song will go to the artist.

1126
01:14:33,664 --> 01:14:34,624
And this one, it just felt right.

1127
01:14:35,404 --> 01:14:36,684
I'm going on a summer road trip,

1128
01:14:36,684 --> 01:14:40,364
so I am playing Cool Summer by Tony Salamone.

1129
01:14:41,284 --> 01:14:42,964
See you next week.

1130
01:14:58,504 --> 01:15:28,484
We'll see you next time.

1131
01:15:28,504 --> 01:15:31,604
I'm ready for a cool summer

1132
01:15:31,604 --> 01:15:35,484
No baby to call my own

1133
01:15:35,484 --> 01:15:38,384
Nobody to soothe my feet

1134
01:15:38,384 --> 01:15:42,364
So only thing gonna chill my bones

1135
01:15:42,364 --> 01:15:45,964
I'm ready for a cool summer day

1136
01:15:45,964 --> 01:15:59,964
Cool summer days

1137
01:16:05,964 --> 01:16:10,044
Old places left behind

1138
01:16:10,044 --> 01:16:12,964
But some ghost is in my mind

1139
01:16:12,964 --> 01:16:16,444
My mist haste is sweet bitter

1140
01:16:16,444 --> 01:16:19,444
The old faces follow me

1141
01:16:19,444 --> 01:16:23,004
The hotter places I can't see

1142
01:16:23,004 --> 01:16:26,804
My light is getting dimmer

1143
01:16:26,804 --> 01:16:30,304
Oh, winter ain't got no shade

1144
01:16:30,304 --> 01:16:43,547
I burning up in the flames Got a fever won let me be I ready for a cool summer No baby to calm my lungs

1145
01:16:44,347 --> 01:16:47,127
Nobody to soothe my face.

1146
01:16:47,127 --> 01:16:50,807
Only thing gonna chill my bones.

1147
01:16:51,187 --> 01:16:54,647
I'm ready for a cool summer day.

1148
01:17:01,167 --> 01:17:08,307
I'm ready for a cool summer day

1149
01:17:08,307 --> 01:17:21,867
I'm ready for a cool summer day

1150
01:17:31,167 --> 01:18:01,147
We'll be right back.

1151
01:18:01,166 --> 01:18:31,147
I'll break my nose

1152
01:18:31,166 --> 01:18:49,927
I'm ready for this day.

1153
01:19:01,166 --> 01:19:03,166
Oh