1 00:00:00,017 --> 00:00:02,757 Okay, so a lot of people have been talking about the halving, 2 00:00:02,797 --> 00:00:05,797 and I want to raise that because the most important thing that people need to 3 00:00:05,797 --> 00:00:09,597 understand about the halving is that it marks another milestone in Bitcoin's 4 00:00:09,597 --> 00:00:13,957 programmatic monetary policy that is set in stone and completely transparent. 5 00:00:14,277 --> 00:00:19,377 Look at the U.S. Our broad money supply increases at about 7% annualized since 6 00:00:19,377 --> 00:00:23,457 the 1960s, diluting everyone's savings, everyone's chasing yields, 7 00:00:23,577 --> 00:00:28,197 and no one knows what the monetary policy is going to be in four years, much less 10 or 20. 8 00:00:28,197 --> 00:00:32,897 With Bitcoin, we know exactly what the supply will be. Everyone can verify it. 9 00:00:32,997 --> 00:00:38,077 And Bitcoin is disinflationary. So as of this halving, it's going to become harder than gold. 10 00:00:38,197 --> 00:00:43,537 And with every halving, the American dream is getting cheaper in terms of Bitcoin. 11 00:00:43,537 --> 00:00:48,057 My dream home once cost like 600 Bitcoin and then it was 100 and then 50. 12 00:00:48,177 --> 00:00:51,597 And now it's approaching single digits because Bitcoin will continue to reprice 13 00:00:51,597 --> 00:00:53,657 everything in the existing system. 14 00:00:53,817 --> 00:00:57,897 And it's giving a lot of young people hope that they will be able to provide 15 00:00:57,897 --> 00:01:00,957 for themselves and for their future descendants. 16 00:01:01,477 --> 00:01:03,417 With fiat, they can't do that anymore. 17 00:01:02,800 --> 00:01:14,960 Music. 18 00:01:14,557 --> 00:01:20,077 Welcome to episode seven of this week in Bitcoin and happy 2024 happening. 19 00:01:20,197 --> 00:01:24,537 This is Bitcoin's fourth happening, just as this episode releases block height 20 00:01:24,537 --> 00:01:26,537 840,000 was just reached. 21 00:01:26,757 --> 00:01:34,177 And it's a big one. The minor reward gets cut down to 3.125 Bitcoin, which is down from 6.25. 22 00:01:34,737 --> 00:01:40,097 And I feel like Bitcoin is more positioned this epoch than maybe ever before. 23 00:01:40,437 --> 00:01:44,397 Like I just see an incredible four years ahead of Bitcoin. Definitely some challenges 24 00:01:44,397 --> 00:01:50,177 and some trials, which we will now no doubt document as time goes on, unfortunately. 25 00:01:50,877 --> 00:01:54,717 But also, you have a scarcity factor kicking in. That's just, 26 00:01:54,777 --> 00:01:57,657 it's getting really, really tight now, whereas the previous halvenings. 27 00:01:58,634 --> 00:02:01,454 We just didn't really see the market demand that was eating up the Bitcoin at 28 00:02:01,454 --> 00:02:03,494 this rate because also these ETFs have come out. 29 00:02:03,734 --> 00:02:07,934 But also, I can say without a doubt, the end of this epoch is being watched 30 00:02:07,934 --> 00:02:10,354 more than ever in Bitcoin's history. 31 00:02:10,594 --> 00:02:15,034 In the past, it was only celebrated by a few of the cryptocurrency's biggest cheerleaders. 32 00:02:15,294 --> 00:02:17,674 This year, though, the halving is a hot topic. 33 00:02:17,954 --> 00:02:22,454 Sometime in the next 12, 18 months, you know, Bitcoin can be over $150,000. 34 00:02:22,554 --> 00:02:26,794 Around the halving, where the amount of Bitcoin coming to market is cut in half. 35 00:02:26,794 --> 00:02:31,014 After that time period, you see another year of a bull market. 36 00:02:31,254 --> 00:02:32,434 And the reason for all the attention? 37 00:02:32,794 --> 00:02:36,634 There are way more people who care about and invest in Bitcoin than there were 38 00:02:36,634 --> 00:02:38,494 in 2020 during the last halving. 39 00:02:38,754 --> 00:02:42,474 That's thanks to a wave of adoption during the last cycle and new investment 40 00:02:42,474 --> 00:02:45,734 options for crypto-curious investors like Spot ETFs. 41 00:02:45,834 --> 00:02:49,614 This was the defining moment, I think, of Bitcoin, at least, 42 00:02:49,654 --> 00:02:52,014 right, in this era of its history. 43 00:02:52,214 --> 00:02:58,494 This was its kind of IPO-like moment. Pandora's box is now open for institutional 44 00:02:58,494 --> 00:03:00,114 adoption of the asset class. 45 00:03:16,072 --> 00:03:19,272 But also because of the impact it'll have on the mining industry itself, 46 00:03:19,432 --> 00:03:21,392 which is almost where it's going to be felt immediately. 47 00:03:21,712 --> 00:03:25,732 Bitcoin miners are preparing for the network's biggest event in four years. 48 00:03:26,072 --> 00:03:29,832 We have a halving coming up here, and Riot has a number of ambitious growth 49 00:03:29,832 --> 00:03:32,512 plans that we're scaling up our business with. 50 00:03:32,632 --> 00:03:37,052 So as the price of Bitcoin appreciates, we should appreciate from that in an outsized way. 51 00:03:37,332 --> 00:03:42,052 The rally in Bitcoin really is what's keeping miners in business today when 52 00:03:42,052 --> 00:03:45,372 you think about post-halving. The average cost to mine in Bitcoin is somewhere 53 00:03:45,372 --> 00:03:48,932 around between $20,000, $25,000 a Bitcoin. 54 00:03:49,072 --> 00:03:54,112 Currently, post the halving, that'll go to somewhere between $37,000, 55 00:03:54,172 --> 00:03:59,592 $45,000 a Bitcoin, maybe $50,000 a Bitcoin in some cases for some miners. 56 00:03:59,792 --> 00:04:04,672 And with the Bitcoin price being at $67,000, $68,000, $70,000, 57 00:04:04,672 --> 00:04:07,032 it means that miners are still mining profitably. 58 00:04:07,292 --> 00:04:11,772 Though what it really means is the miners with large scale will be able to mine 59 00:04:11,772 --> 00:04:14,852 profitably. The smaller miners will be put under more pressure. 60 00:04:15,012 --> 00:04:20,412 This is big. The small miners don't have the capacity to buy up the equipment, 61 00:04:20,592 --> 00:04:22,852 the data centers, and failing miners. 62 00:04:23,332 --> 00:04:27,412 That's how these larger operations are going to survive, is they will absorb 63 00:04:27,412 --> 00:04:31,032 some of the smaller mining operations that couldn't cut it post-having. 64 00:04:31,192 --> 00:04:35,932 Large scale will be able to mine profitably. The smaller miners will be put under more pressure. 65 00:04:36,092 --> 00:04:40,092 I think that we will see failures in this space. You know, we already saw in 66 00:04:40,092 --> 00:04:44,392 the last market, there were a couple bankruptcies, both in the public and the private space. 67 00:04:44,732 --> 00:04:47,552 I think we're going to see that again. So I think that there's going to be great 68 00:04:47,552 --> 00:04:49,632 opportunity on an M&A basis. 69 00:04:49,912 --> 00:04:54,572 We're thinking about the facilities or the data centers that miners are operating in. 70 00:04:54,732 --> 00:04:58,792 If there's a data center full of old equipment that is no longer efficient, 71 00:04:59,152 --> 00:05:02,072 we'd love to buy the facility and move in. Oh, they're snapping them up. 72 00:05:02,652 --> 00:05:07,052 Marathon mining, all of the big ones are snapping up data centers and contracts. 73 00:05:08,492 --> 00:05:12,332 Just massive, massive head start on this stuff this year because they knew it was coming. 74 00:05:13,245 --> 00:05:16,565 It's an uncertain world, but the one thing that's certain is the Bitcoin time 75 00:05:16,565 --> 00:05:18,145 chain. So they knew what was coming. 76 00:05:18,525 --> 00:05:22,365 You know, it's hard to say what happens from here, where we go from here, 77 00:05:22,445 --> 00:05:26,645 other than over time, history shows us usually Bitcoin's price rallies. 78 00:05:26,745 --> 00:05:31,625 And that's what makes it sustainable for these miners is they have to make their 79 00:05:31,625 --> 00:05:32,725 operations more efficient. 80 00:05:33,085 --> 00:05:38,325 Some of them will fail. But generally, you know, 12 to 18 months after the halvening, 81 00:05:38,345 --> 00:05:43,905 the price is generally rallied. and that differential makes it possible for 82 00:05:43,905 --> 00:05:46,345 these miners that remain to be profitable. 83 00:05:47,605 --> 00:05:52,065 Now, will we see a price rally? It's all a matter of probables, 84 00:05:52,125 --> 00:05:54,405 right? We don't really know. It's all probability-based. 85 00:05:55,125 --> 00:05:59,125 If the Fed were to cut rates in a month or two, I think it's almost a surefire 86 00:05:59,125 --> 00:06:04,005 bet that when you factor in ETF demand, post-halving scarcity, 87 00:06:04,305 --> 00:06:09,305 and a rate cut, so money gets looser, liquidity gets free, I think it's, 88 00:06:09,305 --> 00:06:10,105 of course, you're going to see a rally. 89 00:06:11,165 --> 00:06:14,905 But at this point, with inflation still running hot, I think it's just something 90 00:06:14,905 --> 00:06:16,165 that has to be kept on our radar, 91 00:06:16,285 --> 00:06:19,525 although it seems like the most unlikely scenario in an election year, 92 00:06:19,605 --> 00:06:24,865 but it still remains probable the Fed could always raise rates or not cut rates 93 00:06:24,865 --> 00:06:27,945 this year at all, which seems perhaps the most probable to me. 94 00:06:28,985 --> 00:06:34,305 The most probable move, in my opinion, would be to just keep rates where they're 95 00:06:34,305 --> 00:06:37,285 at, which keeps inflation running kind of hot. 96 00:06:37,905 --> 00:06:41,465 But it's the least political move the Fed could make during an election year. 97 00:06:42,225 --> 00:06:45,425 And if they were to cut rates, inflation would start to run hot again. 98 00:06:45,925 --> 00:06:50,705 If they were to raise rates, it would be political suicide for the current White House. 99 00:06:50,765 --> 00:06:55,605 But it also would be extremely hard on small banks and commercial real estate. 100 00:06:57,025 --> 00:07:00,165 And it would also be hard on the average person because credit card rates would 101 00:07:00,165 --> 00:07:03,985 go up as well. So there's really no good solution for them. 102 00:07:04,205 --> 00:07:08,525 But if they were to raise rates, it would probably stunt Bitcoin's rally. 103 00:07:09,085 --> 00:07:13,225 But I think all of it's just short term. When you zoom out, we're looking at 104 00:07:13,225 --> 00:07:14,485 that this is a four-year cycle. 105 00:07:15,565 --> 00:07:22,605 And what everybody's talking about today is what this last four years really brought for them. 106 00:07:22,705 --> 00:07:25,025 And I think that's kind of a really neat thing about Bitcoin, 107 00:07:25,225 --> 00:07:29,045 is that we all get to kind of celebrate this moment together around the world. 108 00:07:30,185 --> 00:07:33,265 And I'd like you to boost into the show and tell me what you were doing last 109 00:07:33,265 --> 00:07:35,785 happening. Four years ago, were you paying attention? 110 00:07:36,465 --> 00:07:39,485 Were you in Bitcoin yet? I flipped through my photos, 111 00:07:40,345 --> 00:07:44,705 to kind of look back and see what I was doing and I'll be honest with you, 112 00:07:44,725 --> 00:07:49,105 the first photo I came across actually was a sign for COVID that a business 113 00:07:49,105 --> 00:07:51,865 put up, a local business here by the studio put up saying, we're closed, 114 00:07:52,005 --> 00:07:56,345 but we think we'll be open in two weeks and that business is no longer there. 115 00:07:57,045 --> 00:08:00,265 So I, oh, wow, yeah, okay. okay, that's been a crazy four years. 116 00:08:00,925 --> 00:08:06,045 Something else I saw pretty close to that was a photo of our first garden, 117 00:08:06,125 --> 00:08:08,685 which we now almost run like a mini farm in the summer. 118 00:08:10,779 --> 00:08:14,779 At the last halving, we were starting our first garden. I'd love to know what 119 00:08:14,779 --> 00:08:17,839 you were doing or anything major that happened to you during this last epoch 120 00:08:17,839 --> 00:08:21,419 and where maybe you see things in 2028. 121 00:08:21,959 --> 00:08:26,399 So boost in with that. The halving is a moment for us to reflect, 122 00:08:26,999 --> 00:08:30,099 and it's something we all share together because the time chain tells us. 123 00:08:31,179 --> 00:08:34,179 Yes, time chain, yes. Something else we're talking a lot about, 124 00:08:34,239 --> 00:08:37,079 just moving right along, if I could do a brief transition. 125 00:08:39,479 --> 00:08:46,719 There is concern that high transaction fees will become normal post-Havening because of runes. 126 00:08:48,139 --> 00:08:51,019 Now, runes are the creation of Casey 127 00:08:51,019 --> 00:08:55,659 Road Armor, who announced the idea on September 25th of 2023 on his blog. 128 00:08:56,899 --> 00:09:01,419 And I think it's notable how he started his post. 129 00:09:01,559 --> 00:09:06,299 He said, quote, I'm not sure if creating a new fungible token protocol for Bitcoin is a good idea. 130 00:09:07,119 --> 00:09:10,759 Fungible tokens are 99.9% scams and memes. 131 00:09:11,279 --> 00:09:15,439 However, they don't appear to be going away anytime soon, similar to the way 132 00:09:15,439 --> 00:09:17,799 in which casinos don't appear to be going away anytime soon. 133 00:09:18,339 --> 00:09:22,639 Creating a good fungible token protocol for Bitcoin might bring significant 134 00:09:22,639 --> 00:09:27,799 transaction fee revenue, developer mindshare, and users to Bitcoin. 135 00:09:28,399 --> 00:09:32,159 Additionally, if this protocol had a small on-chain footprint and encouraged 136 00:09:32,159 --> 00:09:38,659 responsible UTXO management, it might serve as a harm reduction compared to existing protocols. 137 00:09:39,499 --> 00:09:45,179 In other words, people are going to shitcoin, so they might as well shitcoin on Bitcoin. 138 00:09:45,639 --> 00:09:50,839 And Bitcoin runes launched with Blockhite 840,000, along with the Havening. 139 00:09:51,239 --> 00:09:56,339 Runes utilize unspent transaction outputs, or UTXOs, as the foundation to issue 140 00:09:56,339 --> 00:10:02,539 fungible tokens and minimize, they say, junk UTXOs that BRC20 tokens and other attempts. 141 00:10:04,239 --> 00:10:07,939 Okay, KC is also known for ordinals. So give you a bit of a background there. 142 00:10:08,139 --> 00:10:11,419 The runes protocol uses operaturn to designate the token supply, 143 00:10:11,719 --> 00:10:15,299 the ID, and output to a specific UTXO. 144 00:10:16,159 --> 00:10:20,759 So a single operaturn output encodes all the rune messages, I call these runestones, 145 00:10:21,119 --> 00:10:26,679 in a transaction, including the etching, transferring, and what they call minting. 146 00:10:27,859 --> 00:10:31,519 Etching sets the governance rules and they're unchangeable once they're set 147 00:10:31,519 --> 00:10:34,259 but you can have some that can be pre-mined i believe you can have some that 148 00:10:34,259 --> 00:10:37,799 can be changed and transferred to others some that can't this is all in the 149 00:10:37,799 --> 00:10:43,059 etching process now there's a fee increase concern here because, 150 00:10:43,839 --> 00:10:48,599 i think people started talking about this when testnet started seeing transaction 151 00:10:48,599 --> 00:10:53,499 fees for a brief period of time that were higher than the main net so the testnet 152 00:10:53,499 --> 00:10:55,379 that's not really supposed supposed to have many people on it, 153 00:10:55,439 --> 00:10:58,259 started seeing higher transaction fees than mainnet. 154 00:10:59,299 --> 00:11:03,359 And that was because people were experimenting with these runes. 155 00:11:06,098 --> 00:11:10,338 And Casey puts it pretty well when he ends the blog post, which I'll have linked in the show notes. 156 00:11:10,638 --> 00:11:15,738 Casey finishes with, quote, Should such a thing exist? I don't know. 157 00:11:16,318 --> 00:11:20,218 It's about as simple as possible. It does not rely on off-chain data. 158 00:11:20,618 --> 00:11:25,578 It does not have a native token. And if it's nicely into Bitcoin's native UTXO model, 159 00:11:26,638 --> 00:11:30,758 such a scheme might draw users from other schemes with worse on-chain footprints 160 00:11:30,758 --> 00:11:35,938 prints and bring developer and user mindshare to Bitcoin, encouraging them to adopt Bitcoin itself. 161 00:11:36,298 --> 00:11:41,578 In other words, if we could become the mother asshole over on Bitcoin, 162 00:11:41,818 --> 00:11:43,398 perhaps we would drain them from the altcoins. 163 00:11:43,918 --> 00:11:47,678 As Saif has so well put it, Ethereum has really become known as, 164 00:11:47,798 --> 00:11:50,118 you know, a meme network. 165 00:11:50,338 --> 00:11:53,118 It's for toys. It's tokens. It's junk. 166 00:11:53,478 --> 00:11:58,598 Do you classify Ethereum as a shitcoin? For sure. It's the mother asshole from 167 00:11:58,598 --> 00:11:59,678 which the shitcoins spring. 168 00:12:00,758 --> 00:12:03,958 And, you know, RunePumpers are falling all over themselves, I'll note, 169 00:12:04,018 --> 00:12:07,798 to explain that bringing degen behavior to Bitcoin is great for Bitcoin. 170 00:12:08,398 --> 00:12:10,758 And they have all these examples of how it'll bring liquidity. 171 00:12:10,878 --> 00:12:14,258 It's like we're eating the bottom and we're taking care of some of the stuff 172 00:12:14,258 --> 00:12:17,318 and bringing money over and we're going to drain all of the energy out of altcoins 173 00:12:17,318 --> 00:12:18,998 and bring them into Bitcoin. 174 00:12:20,518 --> 00:12:25,398 I personally am not so sure about that. But it does seem likely to me that there 175 00:12:25,398 --> 00:12:28,958 is a potential reputational harm that could slow adoption among financially 176 00:12:28,958 --> 00:12:31,678 illiterate users or potential users of Bitcoin. 177 00:12:32,198 --> 00:12:35,918 And they're already spooked by anything to do with crypto. 178 00:12:36,438 --> 00:12:40,478 And one of the few things we can genuinely say is Bitcoin is not like any other crypto. 179 00:12:41,478 --> 00:12:46,878 But that won't necessarily be true now. So I think it's with great power comes great responsibility. 180 00:12:47,018 --> 00:12:51,458 And while it doesn't alter the fundamental monetary asset properties of Bitcoin 181 00:12:51,458 --> 00:12:56,338 and the utility of the Bitcoin network and the asset, it does potentially bring 182 00:12:56,338 --> 00:12:59,778 a type of behavior and attention we might not want. Then again. 183 00:13:01,993 --> 00:13:06,013 Maybe it will drain attention away from altcoins. Maybe it will bring more developers over. 184 00:13:07,573 --> 00:13:12,173 Maybe there's value in deciding some sats are worth more than others. I don't think so. 185 00:13:12,993 --> 00:13:16,273 But they have a whole method to determine, like, certain sats are worth more than others. 186 00:13:16,613 --> 00:13:20,193 The first sat after the halvening. The first sat after a difficulty adjustment, 187 00:13:20,513 --> 00:13:21,433 et cetera, et cetera, et cetera. 188 00:13:21,573 --> 00:13:26,333 And they have all these names for them and icons and symbols that make them special. 189 00:13:26,533 --> 00:13:28,793 And, you know, all these people are just into this. 190 00:13:29,073 --> 00:13:33,753 We've seen this kind of thing on Bitcoin many times. It's humans attributing 191 00:13:33,753 --> 00:13:35,653 value to individual sats that 192 00:13:35,653 --> 00:13:39,213 the Bitcoin network doesn't account for in the protocol or in the code. 193 00:13:39,673 --> 00:13:42,573 It's just humans sort of overlaying that. 194 00:13:43,433 --> 00:13:47,613 I don't know. There may be room for that. Where I try to frame it to give you 195 00:13:47,613 --> 00:13:53,213 just something to kind of lens this with, say you get married or maybe your 196 00:13:53,213 --> 00:13:54,753 offspring gets married or you buy 197 00:13:54,753 --> 00:13:58,393 a house or you start a business or some monumental moment in your life. 198 00:13:58,933 --> 00:14:03,473 Would you like to enshrine that in the blockchain in the time chain that lasts 199 00:14:03,473 --> 00:14:08,493 for say a thousand years that will outlast you and everyone you know is that 200 00:14:08,493 --> 00:14:11,133 appealing to sort of somehow, 201 00:14:11,933 --> 00:14:15,213 etch it into the blockchain because i think that's sort of the mentality i may 202 00:14:15,213 --> 00:14:18,273 have that wrong boosting if you think i've got that wrong but i think that's 203 00:14:18,273 --> 00:14:22,553 the appeals like you're saving this thing forever in the blockchain and unlike 204 00:14:22,553 --> 00:14:26,633 nfts where they're really just a url pointing to a jpeg on an HTTP endpoint, 205 00:14:27,513 --> 00:14:29,813 we're actually loading this crap into the blockchain, I think. 206 00:14:29,873 --> 00:14:31,893 So, you know, my node and your node is going to store it too. 207 00:14:33,186 --> 00:14:37,126 All right, moving right along. I'm going to try to remain open-minded, 208 00:14:37,186 --> 00:14:39,826 but that's my initial take on Runes. I'd like to hear yours. 209 00:14:40,046 --> 00:14:43,586 Coming up, your boost, some big project updates, clip of the week I really want 210 00:14:43,586 --> 00:14:45,706 you to hear, and a value for value track. 211 00:14:45,826 --> 00:14:48,806 But first, I want to thank Podhome.fm. 212 00:14:48,946 --> 00:14:51,226 That's my podcasting 2.0 hosting platform. 213 00:14:51,586 --> 00:14:55,546 I've seen many of you out there try it and love it. You get unlimited shows and episodes. 214 00:14:55,846 --> 00:14:58,926 It's got Podhome AI that'll help you automatically generate chapters, 215 00:14:59,206 --> 00:15:01,826 go through and even suggest titles and descriptions if you like. 216 00:15:01,826 --> 00:15:06,446 Like, and it has the easiest live streaming support for podcasting 2.0 with 217 00:15:06,446 --> 00:15:08,306 the audio hosting built right in. 218 00:15:08,466 --> 00:15:12,146 The UI makes it easy for remote elements like value-for-value music. 219 00:15:12,686 --> 00:15:18,366 Try it for free for three months. Use my promo code TWIB at pothome.fm. 220 00:15:18,626 --> 00:15:25,166 Promo code TWIB at pothome.fm, the best podcasting 2.0 hosting platform. 221 00:15:25,606 --> 00:15:29,506 And a big thank you to pothome.fm for sponsoring this here show. 222 00:15:30,006 --> 00:15:34,366 If you'd like to make a call, please hang up and try again. If you need help, 223 00:15:34,486 --> 00:15:36,306 hang up and then dial your operator. 224 00:15:38,246 --> 00:15:41,206 Now we do have some boosts to get into this week. Thank you, everybody. 225 00:15:41,426 --> 00:15:47,886 And Satsquatch is our baller booster this week with 50,000 sats. Hey, rich lobster! 226 00:15:50,286 --> 00:15:54,686 And he writes, Chris, I'm curious how many Bitcoin you traded for your studio gear. 227 00:15:54,786 --> 00:15:58,746 I'm sure it was worth it at the time more content on mining please appreciate 228 00:15:58,746 --> 00:16:02,286 all your coverage and tight show format well thank you for being our baller 229 00:16:02,286 --> 00:16:09,226 booster satsquash you're not going to believe me but i i think at the time it 230 00:16:09,226 --> 00:16:14,346 might have been almost four bitcoin for everything maybe more uh it was complicated, 231 00:16:14,846 --> 00:16:19,866 it's complicated it was not an ideal situation i suppose in retrospect uh i 232 00:16:19,866 --> 00:16:22,766 may have you know in total it was probably more than that though over the years 233 00:16:22,766 --> 00:16:25,646 there was really this mentality of you've got to sell your Bitcoin. 234 00:16:25,886 --> 00:16:28,726 That was really the big pushback then, is you've got to sell your Bitcoin. 235 00:16:29,346 --> 00:16:30,826 You've got to make it the next PayPal. 236 00:16:31,626 --> 00:16:33,546 And yeah, well, you're welcome. 237 00:16:35,246 --> 00:16:40,626 My contribution to the price. Are you okay? Deestalo, probably don't have that 238 00:16:40,626 --> 00:16:43,966 right, comes in with 35,769 sats. 239 00:16:44,306 --> 00:16:48,506 Aloha, Chris Lass. I've been a listener since the early Linux Action Show days. 240 00:16:48,766 --> 00:16:51,806 Great work. I miss some of the breadth you covered with Dad, 241 00:16:51,926 --> 00:16:55,706 but I love the new show too. I think it's just the right I think it's just right 242 00:16:55,706 --> 00:16:58,666 content wise and I love the boost section and the jingles by the Way, 243 00:16:58,766 --> 00:17:01,326 this is a reverse zip code boost. 244 00:17:01,446 --> 00:17:05,266 Oh, ho ho or let me bust out the map here I'm not as good with this as Wes's 245 00:17:05,266 --> 00:17:12,946 Oh out right in the eyeball Oh down an eyeball, okay I'm thinking is this Hawaii is this right? Oh? 246 00:17:13,490 --> 00:17:16,270 You'll have to tell me, Deestaloo. I'm sorry if I'm getting your name wrong. 247 00:17:16,370 --> 00:17:21,030 I don't. Oh, Aloha, though. Ah, ha, ha. You did say Aloha. I think this is right. 248 00:17:21,650 --> 00:17:26,050 Well, that's cool. Okay, so I'm not super good with this, but yeah. Hello, Hawaii. 249 00:17:26,570 --> 00:17:30,790 Tell me where. Educate me more because that sounds awesome. And can I come visit? 250 00:17:31,630 --> 00:17:38,110 I'm sure everybody says that, right? Cdubs comes in with 33,333 sats. 251 00:17:39,630 --> 00:17:42,750 That's a nice one. Lucky 33 says, love the show. Keep it up. 252 00:17:42,750 --> 00:17:45,610 Thank you, Cdubs. Well, I will appreciate that. 253 00:17:46,250 --> 00:17:54,010 Apisary 17 comes in with 32,768 sats. Keep the change, you filthy animal. 254 00:17:54,350 --> 00:17:57,850 Says, I'm still loving the show. Don't lose heart, Chris. I ran out of sats 255 00:17:57,850 --> 00:17:58,990 last week, so I couldn't boost. 256 00:18:00,370 --> 00:18:02,530 Here's eight theoretical max size blocks worth. 257 00:18:04,070 --> 00:18:07,570 You know, we should have, oh man, I should have come up with some sort of like 258 00:18:07,570 --> 00:18:12,710 unique boost amount for the Havening. Everybody loves the unique SAT numbers, right? 259 00:18:12,770 --> 00:18:16,170 I should have done that. I do like the numerology. 260 00:18:16,330 --> 00:18:18,010 I can't lie. That is a great part of it. 261 00:18:18,390 --> 00:18:22,310 Red Sheep comes in with 25,000 SATs. Coming in hot with the boost. 262 00:18:22,590 --> 00:18:26,570 Just enjoyed the breakdown. I love the episode. And don't be downtrodden about your views or boost. 263 00:18:26,910 --> 00:18:29,910 Consistency is the key. My pod is one year and growing slow. 264 00:18:30,230 --> 00:18:34,470 That's true, Red Sheep. Consistency does help a lot. And I missed a couple of 265 00:18:34,470 --> 00:18:39,310 weeks in here because I launched this show because the Bitcoin dad came to an end. 266 00:18:39,310 --> 00:18:43,030 The ETFs were coming around the halvening was around I was like I just I felt 267 00:18:43,030 --> 00:18:44,670 like I want to keep the momentum going, 268 00:18:45,730 --> 00:18:52,170 but of course it's also silly season here I'm about to go into my third convention 269 00:18:52,170 --> 00:18:57,530 in less than a month or so and I'm losing track we have people coming to town 270 00:18:57,530 --> 00:18:59,930 I just got back from Texas which was great. 271 00:19:01,139 --> 00:19:03,439 You know, I've talked to a lot of listeners down there that are figuring out 272 00:19:03,439 --> 00:19:05,359 Bitcoin. That's pretty encouraging. 273 00:19:05,899 --> 00:19:08,779 So those are just a lot of moving pieces. But I think you're right. 274 00:19:08,859 --> 00:19:13,239 As the year goes on, consistency will be key as we grind it out to the next happening, right? 275 00:19:13,679 --> 00:19:17,279 Because we've got four more years now. It's going to be a little while, 276 00:19:17,339 --> 00:19:20,219 boys. Strap in. It's going to take us a minute. 277 00:19:20,839 --> 00:19:26,259 The Podfather comes in with 25,000 sats. But that's not possible. Nothing can do that. 278 00:19:26,579 --> 00:19:29,499 He writes, a restaurant that I liked but didn't frequent often here in town 279 00:19:29,499 --> 00:19:32,919 closed last week. I felt horrible I hadn't supported them more regularly. 280 00:19:33,459 --> 00:19:35,339 Same holds true for podcasts that I value. 281 00:19:36,039 --> 00:19:40,399 Boosting for your week off as well. Zoofication of podcasts? Okay, boomer, he says. 282 00:19:41,259 --> 00:19:44,879 Yeah, you get them. You get them. I agree. Make it so. 283 00:19:45,619 --> 00:19:47,899 Some people, you know, they just don't like the sound effects. 284 00:19:47,999 --> 00:19:51,339 I think they're anti-radio in general. Anything that reminds them of radio. 285 00:19:51,979 --> 00:19:55,659 I know what you mean, though, about supporting a restaurant in your local town, Podfather. 286 00:19:55,859 --> 00:20:00,459 There was a brewery that I loved. I did hold one meetup there, 287 00:20:00,539 --> 00:20:02,999 but I just never had the time to go. 288 00:20:03,419 --> 00:20:07,219 They had good snacks. They even had a spot for the kiddos to hang out and play 289 00:20:07,219 --> 00:20:12,099 games and, you know, do things that were not screen related while they also brewed beer. 290 00:20:12,259 --> 00:20:15,659 And it was just ideally the perfect, oh, and it was dog friendly. 291 00:20:15,799 --> 00:20:18,839 So I could bring the doggo, but they shut down. 292 00:20:19,059 --> 00:20:22,919 You know, they survived through most of the pandemic, but they shut down. And I felt really bad. 293 00:20:23,059 --> 00:20:27,779 I had that same sensation like, oh, I should have gone like once a week or something. 294 00:20:27,779 --> 00:20:29,099 And I should have made it part of my routine. 295 00:20:29,339 --> 00:20:31,319 And now I have to drive by their empty building. 296 00:20:31,739 --> 00:20:33,999 So, point well taken. 297 00:20:34,819 --> 00:20:36,699 Gotta support it while we can. Thank you, sir. 298 00:20:37,939 --> 00:20:42,259 Wise Hoddle comes in with 12,121 sats. 299 00:20:42,419 --> 00:20:46,599 Almost, almost a Spaceballs boost. Smoke if you got him. 300 00:20:46,859 --> 00:20:50,459 This is a great breakdown of the argument last week. I appreciate hearing Roger's 301 00:20:50,459 --> 00:20:51,679 take and then your counterpoints. 302 00:20:51,899 --> 00:20:55,459 I like the format more than the one-sided rants you basically hear everywhere else. 303 00:20:57,239 --> 00:21:01,419 Thank you. Yeah, I do try to, if I can, always try to get audio from the source. 304 00:21:01,579 --> 00:21:04,439 If you ever do see clips that you think would be great on the show, 305 00:21:04,519 --> 00:21:07,519 please do consider boosting them in or linking them to me in the matrix. 306 00:21:08,219 --> 00:21:12,139 I really do appreciate that. That is very, very handy because collecting the 307 00:21:12,139 --> 00:21:14,059 media, trying to get good stuff that you guys actually want to hear, 308 00:21:14,139 --> 00:21:14,799 it's all part of the game. 309 00:21:15,579 --> 00:21:21,059 Podhome comes in. Our sponsor and our platform for hosting comes in with 5,100 sets. 310 00:21:22,239 --> 00:21:25,699 This is a great episode. I'm working on my way up to storing several Bitcoin 311 00:21:25,699 --> 00:21:29,119 long-term for my kids. Any tips for the best ways to do that? 312 00:21:29,219 --> 00:21:31,579 I'm thinking 10 plus years of storage. 313 00:21:33,097 --> 00:21:38,057 Boy, there's a lot of ways to crack that one. I think you do it through graduated types of holdings. 314 00:21:38,077 --> 00:21:41,317 So the first bit, you don't really worry too much. You could probably even keep it on a hot wallet. 315 00:21:42,097 --> 00:21:48,057 I will say, I think GreenWallet from Blockstream is actually really great for 316 00:21:48,057 --> 00:21:51,357 this because you can have multiple sub-wallets in the app. 317 00:21:52,197 --> 00:21:57,477 And it supports the ability to restrict spending after two-factor authentication. 318 00:21:57,977 --> 00:22:03,137 So what I do is I'll stack sometimes in there for my kids, But I can't spend 319 00:22:03,137 --> 00:22:07,637 any of it unless they give me the two-factor code from a code generator on their 320 00:22:07,637 --> 00:22:09,617 device. So I can add Bitcoin. 321 00:22:10,097 --> 00:22:11,617 They can check balances, but 322 00:22:11,617 --> 00:22:15,497 they don't spend it, and I can't spend it without that two-factor code. 323 00:22:15,997 --> 00:22:18,937 So the Blockstream wallet is pretty nice for that because you can also get a 324 00:22:18,937 --> 00:22:19,817 hardware wallet with it. 325 00:22:19,917 --> 00:22:25,837 There is also that ability to potentially you might consider stacking in Liquid. 326 00:22:27,057 --> 00:22:31,417 The Aqua wallet can be really great for that. and then moving to on-chain once 327 00:22:31,417 --> 00:22:33,877 the amount is worth moving on-chain. 328 00:22:34,877 --> 00:22:39,177 And there's also things like, you know, graduating to a cold card after it's 329 00:22:39,177 --> 00:22:43,237 a considerable amount of Bitcoin and then giving that to them at a certain age. 330 00:22:43,577 --> 00:22:45,997 Those are things that are all in my mind and methods. 331 00:22:46,817 --> 00:22:49,037 But it's a great topic. How do you stack for family? 332 00:22:49,917 --> 00:22:52,477 What are your, what does anybody, if anybody else out there has some tips on 333 00:22:52,477 --> 00:22:55,037 how they would stack for family, please do consider sending that in. 334 00:22:55,077 --> 00:22:57,457 I think that'd be a great thing to crowdsource for the show. 335 00:22:57,457 --> 00:22:59,117 So thank you for the boost, Pothome. 336 00:23:00,757 --> 00:23:04,557 Ace Ackerman comes in with 2,468 sats. 337 00:23:05,357 --> 00:23:09,217 Value for Value Episode 5 and Value for Value Episode 6. Two boosts for both 338 00:23:09,217 --> 00:23:11,457 shows. Thank you very much. Appreciate that. 339 00:23:11,877 --> 00:23:15,937 Gene Bean comes in with Row of Ducks, 2,222 sats. 340 00:23:17,217 --> 00:23:19,577 Boosting just because I want this show to continue. Thank you, 341 00:23:19,577 --> 00:23:22,717 Gene Bean. I miss you. It was good seeing you back at scale. 342 00:23:23,097 --> 00:23:24,917 Hope you're doing well, and thank you for the boost. 343 00:23:25,517 --> 00:23:30,497 Hybrid Sarcasm comes in with 10,000 sats. It's over 9,000! 344 00:23:31,317 --> 00:23:39,137 He says, keep the soundboard. Well, thank you very much. Dexord comes in with 9,134 sats. 345 00:23:39,317 --> 00:23:43,137 I had to come back and re-listen because I remembered loving this episode and 346 00:23:43,137 --> 00:23:44,197 hearing you say that it sucked. 347 00:23:44,637 --> 00:23:46,857 So it made me do a double take. I get... 348 00:23:48,617 --> 00:23:51,377 That's the one I didn't like. I get lost listening. I love hearing all this 349 00:23:51,377 --> 00:23:53,037 color and context around Bitcoin and finance. 350 00:23:53,237 --> 00:23:55,017 I don't get anywhere else. So please don't stop. Well, good. 351 00:23:55,057 --> 00:23:59,697 If you like the bad episodes, Dex, then you should really like the good ones, I hope. 352 00:24:00,257 --> 00:24:03,317 It says all episodes have been great so far. You, sir, are too kind. 353 00:24:03,437 --> 00:24:06,657 I am also my worst critic. That is definitely, that's the way you got to be, 354 00:24:06,717 --> 00:24:08,417 really, for this kind of stuff. 355 00:24:09,557 --> 00:24:13,157 You kind of want to be your worst critic because otherwise somebody else will. 356 00:24:14,037 --> 00:24:18,637 And you might as well get to it before they do, I say. Oppie 1984 comes in with 357 00:24:18,637 --> 00:24:21,517 4,000 stats. B-O-O-S-T. 358 00:24:22,517 --> 00:24:26,117 My first boost for episode 5 failed. and I didn't catch it. I was low on sets, 359 00:24:26,517 --> 00:24:29,757 but I'll catch up later. The TLDR for my message was, um. 360 00:24:31,432 --> 00:24:33,872 Oh, posting the show at the end of the week works best for me, 361 00:24:33,892 --> 00:24:35,952 but do whatever works best for the show. Yeah, I am still pulling. 362 00:24:36,152 --> 00:24:39,712 I have experimented. I got to say, the earlier release in the weeks do seem 363 00:24:39,712 --> 00:24:42,252 to do slightly better, but it's also going to be topic-wise. 364 00:24:42,332 --> 00:24:44,952 I'm just going to keep at it. This one, I'm timing with the halvening, 365 00:24:44,992 --> 00:24:49,492 so it's nice to just say, okay, well, once we hit block height 840,000, 366 00:24:49,532 --> 00:24:50,752 that's when I'm releasing the episode. 367 00:24:51,012 --> 00:24:53,112 You know what? I like that timescale better. 368 00:24:53,632 --> 00:24:56,492 Lazy Locks came in with 7,000 sats to say, keep on going. 369 00:24:57,012 --> 00:25:00,952 Appreciate that. 5,000 sats from 21 is enough just to say strong emoji. 370 00:25:00,952 --> 00:25:02,872 Thank you, sir. Really appreciate that boost. 371 00:25:03,232 --> 00:25:09,752 And my frio comes in with 2,845 sats to say cheers and keep the soundboard. 372 00:25:09,892 --> 00:25:12,892 Enjoy your dang show. Make it so. Well, thank you. 373 00:25:13,892 --> 00:25:19,772 I appreciate that. Sir Alex Gates, the podcasting to-do-do consultant comes 374 00:25:19,772 --> 00:25:21,912 in with 4,096 sats. Hey, citizen. 375 00:25:22,172 --> 00:25:26,952 How many want to spend have already moved to Monero? Or many who want to spend 376 00:25:26,952 --> 00:25:28,012 have already moved to Monero. 377 00:25:28,292 --> 00:25:31,972 The adaptive block size is working and I believe the correct solution for the 378 00:25:31,972 --> 00:25:35,712 foreseeable future. See coin cards and shop and bit usage statistics, for example. 379 00:25:36,292 --> 00:25:39,372 Unfortunately, the low transaction bandwidth on layer one Bitcoin will always 380 00:25:39,372 --> 00:25:40,572 stunt future possibilities. 381 00:25:40,872 --> 00:25:44,972 I'm a big proponent of Arctic Minds scaling arguments from Monero's core team. 382 00:25:45,592 --> 00:25:50,152 I just can't imagine that Monero will ever be a large store of value. 383 00:25:51,192 --> 00:25:59,052 Because of the inability to audit, because I think the world wants a counter 384 00:25:59,052 --> 00:26:04,752 option to the banking system, which is opaque and full of rot and corruption. 385 00:26:05,772 --> 00:26:10,552 They want something transparent, audible, something where the rules are known by everybody. 386 00:26:10,832 --> 00:26:16,012 And Monero is really useful in privacy sense, but it's not useful in an auditability 387 00:26:16,012 --> 00:26:17,392 and store of value sense. 388 00:26:17,992 --> 00:26:24,352 And I continue to make the argument, which was the counter-argument to Roger and the big blockers, 389 00:26:24,472 --> 00:26:33,692 that you do not get to a currency and a medium of exchange before you get to a store of value. 390 00:26:33,692 --> 00:26:38,112 You have to get to a store of value first because this has to be worth something, 391 00:26:38,252 --> 00:26:42,152 and it has to be worth a lot likely, and we all kind of have to agree on what 392 00:26:42,152 --> 00:26:50,472 it's worth before we can start trading it for in real life goods and time and services. 393 00:26:52,072 --> 00:26:56,432 You don't get to the point without some sort of agreement, and we see it. 394 00:26:56,452 --> 00:26:58,492 We're seeing that price discovery. We've been witnessing it. 395 00:27:00,051 --> 00:27:04,051 But we're not done yet. And I don't think we have to rush that part of it. 396 00:27:04,211 --> 00:27:06,951 And I maintain we may not get to see it in our lifetime. 397 00:27:07,911 --> 00:27:14,151 Monero is useful, but its price will always fluctuate. It'll always be hard 398 00:27:14,151 --> 00:27:16,051 to totally nail down what it's worth. 399 00:27:16,591 --> 00:27:19,251 Because the scarcity cannot be fully accounted for. 400 00:27:20,571 --> 00:27:25,171 And I think the idea that we can't use Layer 2s or side chains or Fetamins or whatever. 401 00:27:27,511 --> 00:27:32,971 Is very challengeable. I think I could argue that we can and that layer twos 402 00:27:32,971 --> 00:27:37,551 and side chains and things like Fetament are actually perhaps going to be exactly 403 00:27:37,551 --> 00:27:39,371 the direction things go and should always have been. 404 00:27:39,691 --> 00:27:43,791 Much like HTTP is built on top of TCP IP. 405 00:27:44,011 --> 00:27:48,651 You don't get HTTP without TCP IP, but we're not all just sitting here, 406 00:27:48,751 --> 00:27:51,311 you know, sending things via UDP directly to each other. 407 00:27:51,771 --> 00:27:55,891 That's just not, yeah, the applications that are built on top of the internet, 408 00:27:56,051 --> 00:27:58,991 maybe speaking UDP or TCP, right? 409 00:27:59,191 --> 00:28:02,771 But I'm not. I'm not opening up my terminal and doing it directly. 410 00:28:02,871 --> 00:28:06,151 I'm using an application that's talking to that stack. 411 00:28:06,811 --> 00:28:09,751 And there's even a middleman called the operating system in between there. 412 00:28:10,351 --> 00:28:13,811 And then you have TCP, the base layer. I know it's a rough analogy, 413 00:28:13,971 --> 00:28:20,451 and I wouldn't try to build a big case on that analogy, but I do think it's worth considering. 414 00:28:20,451 --> 00:28:25,931 And it's a lens worth looking at this, Alex, is you do not get to a medium of 415 00:28:25,931 --> 00:28:28,071 exchange without it being a store of value. 416 00:28:28,351 --> 00:28:31,831 And we're very deeply in the store of value learning process. 417 00:28:32,071 --> 00:28:37,591 And I could see it lasting our entire lifetimes as we just try to process something 418 00:28:37,591 --> 00:28:38,551 that's new and that's different. 419 00:28:39,211 --> 00:28:42,751 But I'd love to know if you think differently and how do we get to a unit of 420 00:28:42,751 --> 00:28:46,271 exchange if we don't all universally agree that it's a store of value first. 421 00:28:47,191 --> 00:28:50,751 I think that would be an interesting conversation. I'd love to hear if you have thoughts on that. 422 00:28:52,876 --> 00:28:57,016 Tomato comes in with 5,555 sats. Stay a while and listen. 423 00:28:57,816 --> 00:29:01,436 He says, LUP subscriber here. I finally read up enough on Lightning that I'm 424 00:29:01,436 --> 00:29:04,716 convinced of Bitcoin as something that might work out for sending value. 425 00:29:04,856 --> 00:29:08,876 I'm very happy to have the Bitcoin podcast from a trusted name in the free software group. 426 00:29:09,396 --> 00:29:13,576 I'd like to start moving some of my money into Bitcoin, but for a newcomer, 427 00:29:13,576 --> 00:29:14,796 the software is a bit intimidating. 428 00:29:15,236 --> 00:29:17,696 You've been dropping recommendations here and there for years, 429 00:29:17,796 --> 00:29:21,836 but I'd love to have the Chris Fisher recommendation for Bitcoin-related software in 2024. 430 00:29:22,876 --> 00:29:28,236 I want desktop self-custodial wallet that you trust and any advice for someone 431 00:29:28,236 --> 00:29:31,476 getting into it that my newbie is trying to read up. 432 00:29:32,356 --> 00:29:35,716 Should I just set up a node myself for the first 1,000 euros? 433 00:29:36,116 --> 00:29:39,176 What's a completely open source stack that you trust with convenience as an 434 00:29:39,176 --> 00:29:41,296 important consideration distinctly after the first two? 435 00:29:41,356 --> 00:29:44,456 Cheers, fans of Linux Action Show. Man, that's a big question. 436 00:29:44,996 --> 00:29:48,016 Boy, I could do a whole episode on that. Let me see if I can get through this 437 00:29:48,016 --> 00:29:51,836 pretty quick. Two things you need to come to a decision about really kind of off the top. 438 00:29:52,876 --> 00:29:56,436 Are you okay with KYC, which is know your customer, where they're going to identify 439 00:29:56,436 --> 00:29:59,576 you and your purchases will be linked to your Bitcoin. 440 00:30:00,116 --> 00:30:02,596 That doesn't necessarily mean anybody will do anything with it, 441 00:30:02,636 --> 00:30:05,676 but in theory, the IRS or somebody could subpoena where you bought your Bitcoin 442 00:30:05,676 --> 00:30:08,316 from or whatever, you know, you know, national security letter, 443 00:30:08,376 --> 00:30:12,216 then whatever it might be and say, uh, how many Bitcoin did this Chris guy buy? 444 00:30:12,336 --> 00:30:15,796 You know, or in your case, how many Bitcoin did tomato buy? 445 00:30:16,696 --> 00:30:20,536 Maybe you go buy tomato. And, uh, then they'd say, well, you know, 446 00:30:20,596 --> 00:30:22,476 um, We see this large dollar amount. 447 00:30:22,656 --> 00:30:25,656 It seems like maybe you made a sale and didn't report on your taxes. 448 00:30:26,256 --> 00:30:28,676 What's going on here? You know, they can make a connection like that. 449 00:30:29,616 --> 00:30:33,896 KYC, though, does have the benefit of being simple. You can tie it to your bank account. 450 00:30:34,076 --> 00:30:36,696 It's probably the most straightforward way if you just want to do what's called 451 00:30:36,696 --> 00:30:40,636 a DCA, daily cash average, where you just make a small reoccurring purchase, 452 00:30:40,756 --> 00:30:44,136 either like once a day or once a week, and you kind of average out the volatility. 453 00:30:45,756 --> 00:30:49,096 That generally only happens when you KYC. There are services, 454 00:30:49,196 --> 00:30:52,416 if you don't want to have your identity tied to it, like RoboSats that are on 455 00:30:52,416 --> 00:30:55,736 tour that are really straightforward to use, but you'll have to jump through 456 00:30:55,736 --> 00:30:56,756 at least some more hoops. 457 00:30:57,076 --> 00:30:59,216 Remember, you are buying outside a system. 458 00:30:59,756 --> 00:31:05,396 You are working inside a closed system, and you are trying to buy outside that into an open system. 459 00:31:05,816 --> 00:31:09,416 To get there, you have to go through the closed system's gates. 460 00:31:10,376 --> 00:31:13,256 They determine what information and what you give them in order to go through 461 00:31:13,256 --> 00:31:15,936 those gates, much like going through a border in a country. 462 00:31:17,536 --> 00:31:20,776 RoboSats kind of bypasses all of that, but you'll have to buy smaller amounts 463 00:31:20,776 --> 00:31:23,316 and there'll be a premium for the privacy and you'll have to get a Tor browser 464 00:31:23,316 --> 00:31:26,496 and probably want to go read the RoboSats learning website. 465 00:31:27,836 --> 00:31:30,276 So you'll have to make a decision how you want to acquire your Bitcoin. 466 00:31:31,056 --> 00:31:34,936 If you want to use the KYC route, I like River a lot. Not a sponsor. 467 00:31:35,156 --> 00:31:37,956 I don't get paid to say that. I just think River is a good company and they 468 00:31:37,956 --> 00:31:41,336 have lightning withdrawals, which can help your privacy and reduce your fees. 469 00:31:43,136 --> 00:31:48,216 My personal recommendation would be to stack more than a million sats, 470 00:31:48,296 --> 00:31:52,796 it's your kind of determination what's a high value, but more than a million sats in river, 471 00:31:52,916 --> 00:31:58,136 transfer it over Lightning into Liquid using bolts.exchange, 472 00:31:58,296 --> 00:32:00,516 consolidate in Liquid for a little bit longer, 473 00:32:01,216 --> 00:32:05,076 then move it to something like the Sparrow wallet that's using a cold card or 474 00:32:05,076 --> 00:32:06,476 some other hardware wallet that you like. 475 00:32:06,836 --> 00:32:10,256 You'll have to create that wallet first with your cold card before you start moving into it. 476 00:32:10,676 --> 00:32:14,056 These are all the self-custodial ways you can do it. There's a lot of in-between. 477 00:32:14,876 --> 00:32:18,896 I want to be clear that you shouldn't make perfect the enemy of the good, 478 00:32:19,016 --> 00:32:20,596 especially when you're just trying to get started. 479 00:32:20,756 --> 00:32:23,476 When you're just dealing with a couple hundred dollars or a couple thousand 480 00:32:23,476 --> 00:32:27,296 dollars worth, you don't need to invent your own Fort Knox before you get started. 481 00:32:27,456 --> 00:32:29,716 You don't necessarily need to go that far. 482 00:32:29,956 --> 00:32:33,316 If you enjoy it like I do and you want to run a node like you asked, 483 00:32:33,496 --> 00:32:38,596 something like Start9 or Umbral is a pretty straightforward approach. 484 00:32:38,776 --> 00:32:42,096 Umbral is going through some major changes right now. you might wait them out 485 00:32:42,096 --> 00:32:44,676 and just see where they're at in six months because they're doing major updates. 486 00:32:44,756 --> 00:32:47,056 They look like it's good stuff, good changes for the platform. 487 00:32:47,676 --> 00:32:52,616 Start9, a bit more solid, a little bit slower changes, a little bit more, 488 00:32:52,636 --> 00:32:54,876 I'd say, limited scope in what they're trying to accomplish, 489 00:32:55,056 --> 00:32:57,616 but they're nailing doing a Bitcoin node. That's the Start9 OS. 490 00:32:58,016 --> 00:33:01,616 If you are really technical, and you know what we're doing here at JB, 491 00:33:01,916 --> 00:33:03,676 Nick's Bitcoin cannot be beat. 492 00:33:03,936 --> 00:33:06,716 It is a appliance-level Bitcoin node. 493 00:33:06,996 --> 00:33:10,536 It will only change When you iterate, those changes will be built and tested 494 00:33:10,536 --> 00:33:13,596 before they're deployed, and it has snapshot rollbacks if something goes wrong. 495 00:33:14,316 --> 00:33:18,256 I mean, it is the best way to go if your NIC's comfortable. 496 00:33:19,116 --> 00:33:21,536 I would probably recommend start 9 just to get started, though. 497 00:33:21,976 --> 00:33:23,656 That's as fast as I can try to go through it. 498 00:33:24,176 --> 00:33:28,476 That's a big question to ask, and if people are more interested in that, 499 00:33:28,556 --> 00:33:30,756 if people are at that spot and they want more information, I would absolutely 500 00:33:30,756 --> 00:33:35,136 consider in the future doing like a special episode on it, perhaps when I'm traveling, 501 00:33:35,316 --> 00:33:39,176 and we could go through there. Now, Tomato, so that was from Tomato. 502 00:33:40,416 --> 00:33:44,876 Not even kidding. Now, Tomato with an H comes in with a Spaceballs boost. 503 00:33:45,016 --> 00:33:49,056 So the combination is one, two, three, four, five. 504 00:33:50,216 --> 00:33:53,676 That's the stupidest combination I ever heard in my life. They added an H and 505 00:33:53,676 --> 00:33:55,656 they said, I just wanted to send a little more value for the show. 506 00:33:55,756 --> 00:33:58,276 Well, thank you very much, Tomato. I hope you found my answer useful. 507 00:33:58,356 --> 00:33:59,956 I know I blasted through that really quick. 508 00:34:00,236 --> 00:34:03,136 If you have clarifying questions, please feel free to boost them in and I will 509 00:34:03,136 --> 00:34:05,796 try to dedicate time to answering them. 510 00:34:06,758 --> 00:34:10,018 Just figure out if you want KYC or not. That's know your customer. 511 00:34:10,458 --> 00:34:13,298 If you want to do it private or not, and you're willing to pay a premium for 512 00:34:13,298 --> 00:34:14,358 that, that'd be RoboSats. 513 00:34:14,938 --> 00:34:18,958 If you're comfortable with the identification, like this is more of an investment, 514 00:34:19,058 --> 00:34:22,438 not like a rebel money for you, then I'd probably recommend River. 515 00:34:22,718 --> 00:34:25,818 There's other really great companies out there, but I think River's been doing 516 00:34:25,818 --> 00:34:28,938 it really well for a while. And then you can build it up from there. 517 00:34:29,498 --> 00:34:32,818 You don't have to have it all solved at once. And you have time to read. 518 00:34:32,938 --> 00:34:35,538 And Sparrow, by the way, the Sparrow wallet has some great documentation. 519 00:34:36,198 --> 00:34:41,058 Definitely go check that out. Okay, well, we got 3,222 sats from Faraday Fedora. 520 00:34:41,158 --> 00:34:42,818 This old duck still got it. 521 00:34:42,938 --> 00:34:46,538 So sorry, man, I've been stacking, not zapping lately, but the content has been great. 522 00:34:47,518 --> 00:34:53,618 Thank you very much. Rounding it out now, Bob B takes us out with 5,000 sats. Boost! 523 00:34:54,158 --> 00:34:58,098 Chris, Oak and a self-hosted lightning node was an interesting experiment, 524 00:34:58,318 --> 00:35:00,418 but I don't think I want to maintain my own node. 525 00:35:00,678 --> 00:35:05,498 It's crashed twice now, and I had to recover it, And I think there's got to be a better way. 526 00:35:05,718 --> 00:35:09,498 I really like sending stats automatically, though, because I rarely have anything 527 00:35:09,498 --> 00:35:11,318 to say. But I wanted to send the love. 528 00:35:11,478 --> 00:35:15,318 Got any recommendations for something like Oak that would work with custodial 529 00:35:15,318 --> 00:35:16,358 Lightning wallets? Thanks, Bob. 530 00:35:16,538 --> 00:35:20,278 So Bob's been a longtime booster who set up automated boosts using Oak, 531 00:35:20,398 --> 00:35:24,318 where it just sort of uses a schedule like Cron to send a boost a certain amount 532 00:35:24,318 --> 00:35:26,238 of time. But as you heard, he had some problems there. 533 00:35:26,338 --> 00:35:31,258 There really should be a better automated way, Bob. Bob, some platforms like 534 00:35:31,258 --> 00:35:33,158 TrueFans are building that in. 535 00:35:33,318 --> 00:35:36,658 And, you know, you could probably really accomplish it with streaming sats if 536 00:35:36,658 --> 00:35:39,358 you just upped it. But I do love hearing from you from time to time. 537 00:35:39,438 --> 00:35:42,858 It makes me really happy to know you're still out there, Bob. 538 00:35:43,058 --> 00:35:46,998 I got to say, I wasn't sure if you were still listening. And I think about you boosters. 539 00:35:47,458 --> 00:35:51,538 You make an impression on us. So I really appreciate that you just took a moment 540 00:35:51,538 --> 00:35:52,418 to let me know what you're up to. 541 00:35:52,518 --> 00:35:56,138 And if anybody has a recommendation for automated boosting over the lighting network. 542 00:35:57,450 --> 00:36:00,630 Let me know. I definitely look into that. 543 00:36:00,750 --> 00:36:04,610 We had a bunch of other great boosts under the 2,000 on-air cutoff, 544 00:36:04,690 --> 00:36:09,030 but I cut off at 2,000 sats just to make sure we don't go on forever in this segment. 545 00:36:09,050 --> 00:36:12,830 But we had 25 boosters, 34 total boosts sent in. 546 00:36:13,970 --> 00:36:18,830 That's not bad at all. And we stacked 294,948 sats. 547 00:36:19,850 --> 00:36:25,070 Thank you, everybody. That is much better this week. 548 00:36:25,090 --> 00:36:29,850 I really appreciate it. But as the hustle continues, I appreciate those boosts. 549 00:36:29,850 --> 00:36:34,030 If you'd like to send a boost in to support this individual production, send a little value. 550 00:36:34,050 --> 00:36:37,070 If you got good information, you enjoyed the listen, you want to see the show 551 00:36:37,070 --> 00:36:41,130 continue on, Value for Value is a great way to support an episode either with 552 00:36:41,130 --> 00:36:43,330 your treasure, your time, or your talent. 553 00:36:43,570 --> 00:36:47,350 And a lot of us these days, we're very busy, but we can send a few sats in. 554 00:36:47,390 --> 00:36:50,530 Go get a new podcast app at podcastapps.com. 555 00:36:50,890 --> 00:36:54,330 Bunch of great apps over there. Fountain is cranking out changes like crazy. 556 00:36:54,330 --> 00:36:57,930 They just got a brand new release that improves the UI a little bit and performance. 557 00:36:58,810 --> 00:37:05,550 Podverse.fm is a GPL cross-platform app that is also available in the web. 558 00:37:05,710 --> 00:37:09,070 And if you like to finish podcasts at your desk on your big speakers like I 559 00:37:09,070 --> 00:37:10,810 do, that's a huge feature. 560 00:37:10,990 --> 00:37:15,050 And Castomatic is one of the best podcast players on iOS, hands down. 561 00:37:15,130 --> 00:37:18,890 So those are some great podcasting 2.0 apps that also support boosts, 562 00:37:18,890 --> 00:37:24,530 transcripts, and chapters, which this show does. Those are all podcasting 2.0 features. 563 00:37:24,670 --> 00:37:29,810 It's an open standard that makes podcasting better and compete with proprietary 564 00:37:29,810 --> 00:37:31,150 platforms because that's what. 565 00:37:31,150 --> 00:37:34,750 We're trying to do here is offer something better that is decentralized. 566 00:37:35,070 --> 00:37:38,150 It doesn't have to, you don't have to go on YouTube. You don't have to use Discord. 567 00:37:38,350 --> 00:37:39,290 You don't have to use Spotify. 568 00:37:39,690 --> 00:37:44,430 We're doing it in the RSS feed. It is the source of truth and you can support 569 00:37:44,430 --> 00:37:49,290 that and the creators in the podcasting 2.0 ecosystem by sending in a boost, 570 00:37:49,410 --> 00:37:53,010 by listening and by sharing the show. Thank you, everybody that does that. 571 00:37:53,360 --> 00:38:05,040 Music. 572 00:38:03,970 --> 00:38:05,790 Well, how about some project updates? 573 00:38:07,839 --> 00:38:13,379 This first one, not so much a big project update, but good for projects in the Bitcoin ecosystem. 574 00:38:14,039 --> 00:38:19,679 Fake Toshi Craig Wright is discontinuing his case against 12 Bitcoin developers 575 00:38:19,679 --> 00:38:23,599 and other individuals that he was suing in the UK high court. 576 00:38:23,779 --> 00:38:28,859 The end of this lawsuit signifies the conclusion of Wright's nearly 10-year-long 577 00:38:28,859 --> 00:38:33,479 strategy of trying to intimidate and harass good people doing good work in the 578 00:38:33,479 --> 00:38:34,479 Bitcoin ecosystem. system. 579 00:38:34,659 --> 00:38:39,639 And this is a major victory for Bitcoin developers who are being chased and haunted by this man. 580 00:38:40,179 --> 00:38:45,119 The tulip trading case, as it was known, has been an existential complication 581 00:38:45,119 --> 00:38:47,779 for Bitcoin for quite some time. 582 00:38:47,959 --> 00:38:50,179 That's how I'm putting it. I don't want to give the man too much credit, 583 00:38:50,859 --> 00:38:54,419 but it's been like, you know, you got a sore butt and every time you sit down, you hurt yourself. 584 00:38:55,039 --> 00:38:58,579 Wright's decision to drop the lawsuit came shortly after a distinct victory 585 00:38:58,579 --> 00:39:02,279 for the Bitcoin developers associated with this UK lawsuit known as the Identity Trial. 586 00:39:02,739 --> 00:39:07,919 Also, Hodlnaut, who was being sued, found out that Wright is dropping the case 587 00:39:07,919 --> 00:39:10,699 against him as well, which is great. 588 00:39:10,879 --> 00:39:13,859 That was a ridiculous case. 589 00:39:14,259 --> 00:39:19,119 And Wright has had his assets frozen, which are worth around $7.6 million somehow. 590 00:39:19,959 --> 00:39:22,079 I don't know how, but somehow. 591 00:39:24,039 --> 00:39:26,379 Hopefully that's the last I ever have to talk about that man. 592 00:39:26,859 --> 00:39:31,099 I've been talking about him for way, way too long, and I try to keep it as minimal as possible. 593 00:39:31,599 --> 00:39:36,159 Heads up for those of you that run on the Lightning LND demon and are looking 594 00:39:36,159 --> 00:39:38,099 at upgrading to the new Bitcoin Core 27. 595 00:39:39,039 --> 00:39:46,039 This is developing. It appears that an update to LND will be released soon that addresses an issue. 596 00:39:47,199 --> 00:39:52,359 There is essentially an incompatibility between Bitcoin D version 27 and LND 17.4. 597 00:39:52,459 --> 00:39:57,299 So LND 0.17.5 will be released soon, probably maybe by the time you're hearing 598 00:39:57,299 --> 00:39:58,999 this, to address this issue. 599 00:39:59,059 --> 00:40:00,019 But But until then, you should hold 600 00:40:00,019 --> 00:40:05,519 off on upgrading Bitcoin D27 because transaction broadcasts will fail. 601 00:40:06,639 --> 00:40:08,899 And your Lightning Network is not going to like that. Your Bitcoin is not going 602 00:40:08,899 --> 00:40:10,119 to like that. Nothing is going to like that. 603 00:40:10,859 --> 00:40:16,499 It's a little issue with the RPC code in Bitcoin D's recipient in BTC JSON library. 604 00:40:18,019 --> 00:40:21,599 And the issue will actually be resolved by an LND update. So keep an eye out 605 00:40:21,599 --> 00:40:25,839 for LND 0.17.5 if you run a Lightning server. 606 00:40:26,379 --> 00:40:29,879 Then you can upgrade your Bitcoin daemon. And I wanted to let you know about 607 00:40:29,879 --> 00:40:32,419 that because that seems kind of awful. 608 00:40:32,400 --> 00:40:41,040 Music. 609 00:40:37,939 --> 00:40:43,519 Moving right along, though, I have one hell of a final clip for you. 610 00:40:43,799 --> 00:40:47,299 This is a U.S. senator that feels like it should be headline news. 611 00:40:47,399 --> 00:40:50,739 It should be playing on every financial newscast out there. 612 00:40:51,019 --> 00:40:57,239 But of course, I've seen no coverage of it. It was just during a Q&A that was live streamed. 613 00:40:57,946 --> 00:41:02,146 I mean, I've seen some Bitcoiners talk about it, but nobody in the mainstream, 614 00:41:02,446 --> 00:41:07,886 nobody in the financial press has covered that U.S. Senator Cynthia Loomis says 615 00:41:07,886 --> 00:41:12,606 that high-ranking government officials feel directly threatened by Bitcoin. 616 00:41:12,906 --> 00:41:14,886 Here's the audio. I'll have it linked in the show notes, too. 617 00:41:15,106 --> 00:41:23,346 So the state of play on Capitol Hill is, I think, best explained by what I see 618 00:41:23,346 --> 00:41:25,606 as the overarching motivations. innovations. 619 00:41:25,966 --> 00:41:30,506 And in this administration, there 620 00:41:30,506 --> 00:41:39,786 are a number of high-ranking policy positions that are held by people who are 621 00:41:39,786 --> 00:41:45,206 threatened by Bitcoin because they know they can't control it. 622 00:41:45,326 --> 00:41:47,286 They know it's decentralized. 623 00:41:48,026 --> 00:41:54,786 They know its potential. And these are people that are so wedded to the government 624 00:41:54,786 --> 00:42:01,206 being in control of the money, how it's spent, 625 00:42:01,546 --> 00:42:09,846 how it's used, that they find it threatening that something exists that they can't control. 626 00:42:10,166 --> 00:42:17,866 And so with that policy overarching motivation, we're seeing things like a proposed 627 00:42:17,866 --> 00:42:21,246 30% tax on Bitcoin mining. 628 00:42:21,386 --> 00:42:32,646 We're seeing things like that truly odd regulatory overreach by the EIA, 629 00:42:33,046 --> 00:42:37,046 Energy Information Administration over at Energy, 630 00:42:37,266 --> 00:42:48,586 to send out questionnaires about mining consumption of energy that was just egregious. 631 00:42:49,206 --> 00:42:59,226 And so these are the policy headwinds that the Bitcoin world is facing right now. 632 00:42:59,966 --> 00:43:09,126 And it's really, I think, entirely based on this administration's fear of things they can't control. 633 00:43:09,486 --> 00:43:14,166 When I think about this, about her statements there, I wonder what the next 634 00:43:14,166 --> 00:43:15,746 four years hold for Bitcoin. 635 00:43:16,086 --> 00:43:19,286 It's an interesting way to kind of think about time. You know, 636 00:43:19,286 --> 00:43:21,186 in 2028 is the next halving. 637 00:43:22,146 --> 00:43:25,586 And then we go down to 1.56 Bitcoin issued. 638 00:43:26,706 --> 00:43:30,186 Imagine when we get down to 1.56 Bitcoin. 639 00:43:31,366 --> 00:43:36,126 What is one Bitcoin going to be worth at that point? Or what about the 2032 halving? 640 00:43:36,886 --> 00:43:44,346 In 2032, the block reward goes to 0.78 Bitcoin. Bitcoin, not even a full Bitcoin in 2028. 641 00:43:45,306 --> 00:43:50,826 The price of one Bitcoin is going to go up substantially if the entire reward 642 00:43:50,826 --> 00:43:52,166 is less than one Bitcoin. 643 00:43:54,156 --> 00:44:00,976 Or even in 2028 when it's 1.5 bitcoins. How will policy change and adapt in that four-year window? 644 00:44:01,056 --> 00:44:05,456 What a pressure cooker four years that's going to be for policy, for awareness. 645 00:44:06,896 --> 00:44:12,176 I just can't even imagine. I mean, personally, in my life, my oldest will be more than an adult. 646 00:44:13,356 --> 00:44:18,816 He's going to be, you know, all grown up. And I'll have other ones close on the way. 647 00:44:18,896 --> 00:44:21,756 The next four years is going to be life-changing for all of us. 648 00:44:22,236 --> 00:44:24,776 And it's going to be completely redefining for Bitcoin. 649 00:44:25,996 --> 00:44:30,916 And one of the things I'm excited about is podcasting 2.0 is helping normalize 650 00:44:30,916 --> 00:44:38,816 sats as a unit of account, which is a critical part of us all accepting it as a medium of exchange. 651 00:44:39,256 --> 00:44:42,576 When you boost in, we're going by the sat amounts, you know, 652 00:44:42,576 --> 00:44:47,016 a row of ducks, space balls boost. These things are numbers of sats, not their USD value. 653 00:44:47,276 --> 00:44:50,316 We don't even internally do the calculation into USD. 654 00:44:51,116 --> 00:44:55,796 Internally, all of our accounting is in Sats. And we're doing that with independent media. 655 00:44:56,656 --> 00:44:59,516 I wonder over the next four years how many other places will be doing that. 656 00:44:59,876 --> 00:45:01,636 Audiobooks and music, but more. 657 00:45:02,036 --> 00:45:04,956 Not just content, perhaps services, companies. 658 00:45:06,296 --> 00:45:10,356 Maybe, maybe not. We'll see. But I'm going to leave you with a little value 659 00:45:10,356 --> 00:45:13,976 for value music. If you boost in during this track, your Sats go to support the artist. 660 00:45:14,236 --> 00:45:18,516 And the artist in this case is June and the Jets. And the track is Leave It 661 00:45:18,516 --> 00:45:21,556 Alone. loaned. I hope you had a great happening and I'll see you next week. 662 00:45:23,120 --> 00:49:01,680 Music.