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Welcome in to This Week in Bitcoin, episode 76.

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My name is Chris, ChrisLAS.com, JupiterBroadcasting.com.

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As I go on the air, there are 23,651 reachable Bitcoin nodes on the network.

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And Bitcoin Noughts stands around 20% of those nodes right now.

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Of course, with Bitcoin Core ostensibly accounting for the rest.

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Why do I mention that?

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Because it's getting ugly out there.

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Bitcoin Core 30 is fast approaching, really just days away from the release of this episode.

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And the debate has gotten really ugly.

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Of course, if you don't recall, the controversy centers around changes to the configuration defaults in Bitcoin Core,

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including the op return setting and the data carrier size limit configuration options.

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Bitcoin Noughts is keeping the default op return data limit at under 90 bytes as it traditionally

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has been, while Bitcoin Core plans to raise the default limit to 100,000 bytes in version 30.

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So the debate is getting hot and personal. Attacks are emerging from both sides. It seems

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the core side is trying to undermine the Noughts project by essentially undermining faith in its

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developers and its contributors. Meanwhile, over on the not side of the debate, they're kind of

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going to extremes, claiming that Bitcoin Core will kill Bitcoin when version 30 comes out or that

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it'll be used for child porn storage and that everybody that has a node will be liable that

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stores this information, really going pretty far and starting to get labeled as Bitcoin doomerism

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amongst those in the community. It's been a difficult process to watch. It has been extremely

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difficult to watch. And it was nice to see Jimmy Song try to come out and act as a voice of reason

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and attempt to de-escalate the situation. Here's what he said. There's a lot of hyperbole flying

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around about Core version 30. In this video, I'm going to make the case that we don't need to be

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worrying so much. I don't believe the changes related to up return are beneficial for users,

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but that does not mean that these changes will kill Bitcoin. As I've opined in the past,

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the data carrier size changes will allow for more spam, particularly through the decentralized peer-to-peer network,

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and will reduce friction for getting now non-standard transactions into blocks.

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But the opposite extreme of stating that it's going to kill Bitcoin is overstating things.

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From a legal perspective, the main argument is regarding child porn somehow making it into the blockchain

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and then every node runner somehow being liable for it.

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This is distinct from, say, an inscription because supposedly inscriptions require software to piece together the various pieces.

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So if you're not following, the argument is the increased op return size means that, well, you can store everything you need to directly decode the image now.

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So your liability goes up.

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As opposed to op return transactions, which can have the material contiguously.

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The fact is that you require software separate from your node for both.

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And just because data is contiguous, that does not mean that it's now readily accessible.

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From a moral perspective, what your node does is verification.

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And verification is not aiding and abetting the content.

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There's no moral culpability in verifying the transactions in blocks or in your mempool, which is what your node software is doing.

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Core version 30 does not display any images or videos or play any audio.

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running software that verifies whether a block or transaction is consistent with the rules of

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bitcoin does not make you a party to whatever nefarious deeds the transaction concern may be

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involved in a bank clerk that clears a check that was used for some evil purpose is not morally

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liable neither are you or your node liable for whatever evil purpose a transaction might have

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because that's not its role.

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This is always how it's worked.

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And this is where Jimmy and I agree

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and why I think arguing that Core 30 is going to kill Bitcoin

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sort of damages your credibility.

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But he also offers a critical insight for core developers.

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There are real problems on the network,

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mining centralization especially.

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But overstating the case about the drawbacks

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of the data carrier size debate

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only discredits the real concerns,

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like the lack of technical justification

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for increasing to 100,000 bytes and not 160.

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Dumerism and FUD only serve to make the issue bigger than it is.

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Because this change will probably add more spam,

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but spam is still limited by the block size limit.

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Yeah, and I think what you can interpret from the adoption of Nots is Signal.

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Nots isn't popular because a single developer like Luke Dasher out there

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or because a podcaster told people to go install Notts,

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which has sort of been Core's interpretation

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of why people are installing Notts.

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But Notts is gaining traction

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because users are unhappy with the decisions of Core,

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specifically the push to deprecate the ability

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to set data carrier size limits

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and just how they went about that change.

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They made a change.

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It wasn't a popular change.

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And they haven't been listening.

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And they haven't been communicating very well.

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And people are protesting with the migration to Notts.

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However, a potential shift may be on the horizon, known as PR 33453.

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And it's not a complete change, but it's a minor directional shift from the core team.

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This poll request aims to undeprecate the data carrier and data carrier size configuration options.

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undeprecate them.

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So it reverses the decision to mark these options as deprecated.

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And in the PR, they say, look, it's obvious that users want this setting.

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It's a direct response to user demand.

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Many still use these options to filter non-financial data,

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and this PR offers clarity and avoids confusion.

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There's clearly high user demand for it,

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and the other reality is because these config options already exist,

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it's minimal additional maintenance cost to continue to provide them and just clarify the

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documentation around them now the main counter argument the main pushback the knacks if you will

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in the thread are don't give the users foot guns there's a principle that the core team has is don't

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let the user shoot their own foot and it's bad to offer options that could potentially harm users

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and the set of core developers think these options are foot guns.

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But I think the foot gun argument is kind of weak.

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It's not a new feature, but rather just the reversal of a deprecation.

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So the impact's pretty low.

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But this PR doesn't solve the broader spam debate,

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but it does address the user concern of losing configuration options.

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I think that's been a role in why people have been choosing Bitcoin Noughts.

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But the positive side to this is it actually makes Noughts more viable.

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Leaving this configuration option in allows it to be set ahead of time by knots downstream.

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And so in a way, while this is a very small change, it ironically is a change that will make knots more viable.

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So take that for what you will.

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It seems to be a small adjustment, at least from Bitcoin Core.

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And I think it's a positive one.

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It's just not a complete one.

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You might recall, it just doesn't seem like that long ago, that Michael Saylor got in a lot of hot water.

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He was asked a question about funding Bitcoin Core.

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And the context of this was, I think Bitwise, the ETF, the Bitwise ETF, it might have been another ETF.

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Perhaps it was a different ETF.

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It might have been BlackRock.

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But one of the ETFs re-announced or announced that they were going to be contributing some of their profits to fund Bitcoin development.

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Some of that was going to be going to Bitcoin Core.

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And this was probably about a year ago or so.

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I don't remember.

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You might.

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Saylor was asked, what do you think about this?

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Is MicroStrategy going to kick some money to Bitcoin development to help fund Bitcoin

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development?

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And Saylor at the time said he wasn't sure if that was a very good idea.

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And he got a lot of heat for that statement.

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In fact, I think it actually changed the way some people view Michael Saylor after he said

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those things.

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And what is interesting is I kind of view those comments in a different light after this debate around Bitcoin Core.

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And this week, an audience member at Saylor's Bitcoin Treasury's New York conference was, well, I guess it's an unconference technically.

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It was an unconference.

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And there was a Q&A section where they could ask Michael questions.

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And somebody brought up the Oppurtern debate and asked for his position on it.

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And so I think protocol proposals, however well-intentioned, can go horribly wrong.

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And I think that the late debate, that this debate we see right now over op return limits,

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this is actually a second order or maybe even a third order change.

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It's not changing the amount of Bitcoin, which of course is an atomic zero order change.

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It's not changing the block side, which is the first order change.

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It's somewhere in the second and a half to third order.

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But the reaction of the community, which is, you know, to reject it, you know, an inflammatory reaction, I thought was a healthy response.

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It's healthy to be skeptical of a third order change to the protocol.

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Right. Because it might become a second order change and it might be if it's a first order change, it puts everything at risk.

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And and the biggest danger is a very talented, well-funded, well-intentioned developer trying to do something good.

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That's the danger, right?

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And that is fundamentally the issue,

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which is a very competent, well-funded,

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well-intentioned developer

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that wants to upgrade the protocol.

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That is the risk.

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The risk is, I've said this tongue-in-cheek before

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in my long business career,

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I don't regret my bad ideas

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because no one's stupid enough

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to pursue their bad ideas.

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I regret all of the good ideas

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that I pursued to the detriment of my great idea.

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It's the good ideas that actually dilute the product,

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dilute the brand, dilute the network,

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and destroy the company.

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The good ideas will destroy the company.

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The good idea for Bitcoin will destroy Bitcoin.

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If I want to destroy Bitcoin,

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I would just fund infinite developers

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who are very talented and tell them to make it better.

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All right, so boost in.

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Was Saylor right about ossification?

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And does his answer sit differently with you right now, given all of this drama that we have just seen around Bitcoin Core and spam?

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Was he right all along?

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And do you feel differently about his answer now and about ossification?

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Boost in and let me know.

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Well, let's talk about price, baby. I don't usually do this, but those of you that tune out the macro news have to be wondering right now, why didn't Bitcoin pamp? We got a rate cut. Where's the pamp?

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You know, especially considering multiple nations did rate cuts.

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If you weren't following the macro news and paying attention to my macro coverage, you might be thinking something's wrong right now.

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Shouldn't we be pamping?

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Yeah, well, this is why you need to pay attention to the macro news.

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You might recall that I've noted recently two short-term price headwinds.

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Number one, while yes, the Federal Reserve did cut rates by 25 basis points, they're still doing quantitative tightening.

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still doing quantitative tightening. So it's one foot on the gas, one foot on the brake right now

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from the Fed. But additionally, you might recall that several weeks ago, I warned you that the U.S.

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Treasury was going to be refilling its general account, the TGA as they call it. And that takes

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weeks. It takes weeks because they announced they would be sucking over a trillion dollars

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out of the market into the TGA. And then on top of that, Bitcoin has been seeing just a ton of

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profit-taking in the last few weeks. Wales have been net selling 147,000 Bitcoin since the 21st

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of just August. In fact, that makes whale total balances on the fastest decline at a monthly rate

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at any cycle recently. August was a barn burner for whales. But no one's really been talking about

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this Treasury general account refilling that's been going on. I brought it up in episode 67,

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the Treasury vacuum, so about a month ago. And I told you the U.S. Treasury would suck over $1

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trillion out of the economy. And we didn't really know at the time what kind of impact that might

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have on the market. But Joe Brown over at Heresy Financial, he also speculated about this around

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that time. The U.S. Treasury just released a shocking report that they need $1.6 trillion

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before the end of the year.

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At least on July 28th,

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you are looking at from the treasury itself,

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their announcement of marketable borrowing estimates

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between now and the end of the year.

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During the July through September quarter,

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the treasury expects to borrow 1.007 trillion

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in privately held net marketable debt,

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assuming an end of September cash balance of $850 billion.

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As of the time of this recording,

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in less than two months time,

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the Treasury needs to borrow a full trillion dollars.

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Actually, just over a full trillion dollars.

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But here we are now on the other side of that two months time.

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And we do have some good news.

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It appears now, again, the reporting on this is very light.

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And this is me doing my own digging and researching.

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But it would seem that the DGA, the Treasury's general account,

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reached the refill goal on September 16th of $850 billion.

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That's huge.

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And here's what Arthur Hayes said the implications of reaching that refill goal would mean for liquidity in the market.

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He says, at that point, the excess cash that was sequestered in the TGA is expected to start flowing back into private markets, increasing liquidity.

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This would likely provide a flood of liquidity into financial markets, potentially boosting asset prices and easing credit conditions.

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This is one of the things we needed to have wrap up was this TGA refill, because this was a vacuum of mandated purchasing.

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When the Treasury comes a knock in, there's certain banking entities, I guess.

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I don't know what to call them.

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They have to do some buying.

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That's where their money's going.

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They have to do some buying.

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And then on top of all of this you have the will they will they not rate cut anticipation that been happening We got kind of a weak rate cut where they doing gas and brakes at the same time

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And we do have a shaky will we or will we not have a recession narrative out there right now.

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But I think as this TGA wraps up and the rate cuts and the idea of continued rate cuts begins to set in, I think Bitcoin is going to actually recover pretty well.

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It's had a bad few weeks, but I'm feeling pretty good.

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at least, you know, as long as nothing surprising comes along. I think things will probably start

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turning around now and then eventually heat up and going into probably Christmas, be cooking right

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along. I wanted to talk a little bit about the digital euro. If this was happening in the States,

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you know I'd be all over it, and it's about to happen in the European market.

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Now, it's still in preparation, but their goal is that by October of 2025,

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the ECB will have a final vendor list, they'll have full outreach engaged,

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and they'll have standards that the market can start building on.

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And they already have a billion euro worth of contracts flowing into private firms

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that are building out all the software.

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It's a total contractor boondockle, and they're all going to write you no horrible software.

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And Christine Lagarde, that's the ECB president, she insists you're going to love it.

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You are going to love digital cash.

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Easy to use, super good privacy, very convenient.

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Did I mention easy to use?

231
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In fact, that's really all she can come up with.

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She was recently asked about the transition to the digital euro.

233
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And you have to appreciate the context around this.

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This is all heating up because the U.S. is getting all on board with stable coins.

235
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But the U.S. stablecoins, those are private entities.

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Those are commercial companies that are driving the stablecoins.

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But in the EU version, they're going to be essentially CBDCs.

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They're going to be centrally managed.

239
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They're going to be bank-run stablecoins.

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The difference is going to be quite stark.

241
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And Xi really wants everybody to get on board with their new CBDC and just ignore these American yank stablecoins.

242
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Let me move on to digital assets, because, of course, the ECB and your colleagues in Europe will be dictating or overseeing changes in crypto, changes in digital assets and a digital euro.

243
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What would you like to see?

244
00:18:03,185 --> 00:18:06,845
I'd like to say that we started that process a few years back.

245
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We are moving on very practically because we are now really at the sort of pre-pilot stage,

246
00:18:15,865 --> 00:18:18,045
experimenting with different types of technologies.

247
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And we should be ready to launch in about 18 months.

248
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That's very exciting.

249
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How will this change people's lives?

250
00:18:26,145 --> 00:18:28,605
You know, it's people who have dictated that change.

251
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Because in many, many countries now in the European Union, you see that customers, clients, citizens, whatever their age, they are prepared now to use digital currencies.

252
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Does that ring true at all to you?

253
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Especially when she implies that, you know, older folks are prepared to use digital currency.

254
00:18:53,885 --> 00:18:57,085
They're doing it because the people want a CBDC.

255
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You see, the people are so hyped about digital in general that Christine has been able to suss out that means they're also very excited about digital currency.

256
00:19:10,625 --> 00:19:14,045
While none of them have told her that, they love their iPhones.

257
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And because they love their iPhones, they're probably going to love a digital euro.

258
00:19:18,265 --> 00:19:19,965
It just makes sense, old or young.

259
00:19:19,965 --> 00:19:34,745
You know, it's people who have dictated that change, because in many, many countries now in the European Union, you see that customers, clients, citizens, whatever their age, they are prepared now to use digital currencies.

260
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So the digital euro for me is like digital cash.

261
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Instead of getting the banknotes from the ATM machine, they'll be able to use cash, but in a digital form, whether they use it with their phone or other devices.

262
00:19:48,945 --> 00:19:52,565
But that's exactly the equivalent of cash, but in a digital form.

263
00:19:52,625 --> 00:19:57,425
And it's to help them pay in the way they want and transact in the way they want.

264
00:19:57,485 --> 00:19:59,525
It's more opportunities for them.

265
00:19:59,725 --> 00:20:07,345
She almost said the quiet part out loud when she said instead of getting it from the ATM, they'll get it from it'll be digital form.

266
00:20:07,345 --> 00:20:16,645
And she should have said instead of getting it from the ATM, they'll now get it issued directly from the central bank, which will have a monopoly on the money issuance.

267
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And we're cutting out the middleman.

268
00:20:18,805 --> 00:20:23,765
Now, obviously, when we talk about these kinds of things, that's where my mind goes.

269
00:20:23,885 --> 00:20:25,665
The central bank becomes a tech monopoly.

270
00:20:26,265 --> 00:20:27,385
They do the procurement.

271
00:20:27,585 --> 00:20:28,685
They do the vendor capture.

272
00:20:29,165 --> 00:20:31,085
They also become a central point of failure.

273
00:20:31,085 --> 00:20:34,365
and the cash-like promise seems to ring hollow

274
00:20:34,365 --> 00:20:37,985
because they're constantly restricting the use of encrypted apps

275
00:20:37,985 --> 00:20:41,665
and the use of money-sending apps that support privacy

276
00:20:41,665 --> 00:20:45,905
and they constantly are capping and lowering the cap for cash usage.

277
00:20:45,905 --> 00:20:48,865
So cash-like promises, I'm not really buying.

278
00:20:49,205 --> 00:20:51,865
And the privacy assurance is, by whose standard?

279
00:20:52,305 --> 00:20:53,725
That sounds like PR speak.

280
00:20:54,205 --> 00:20:56,205
The data is going to have to flow through a commercial bank

281
00:20:56,205 --> 00:20:57,465
or the central bank ultimately,

282
00:20:57,965 --> 00:21:00,405
and all of that is going to be subject to state surveillance.

283
00:21:00,405 --> 00:21:23,705
What Christine says is you don't need to worry about privacy, not because it's secure. I mean this. Their message is privacy is all taken care of. You don't need to worry about privacy, not because it's secure, not because they're not going to peak, but because you already lost your privacy years ago. They already have all the data they need.

284
00:21:23,705 --> 00:21:29,805
What do you want to say to critics who say a digital euro risks surveillance?

285
00:21:30,125 --> 00:21:36,465
It risks becoming a tool of financial surveillance and central control.

286
00:21:36,885 --> 00:21:37,305
Not true.

287
00:21:38,225 --> 00:21:38,645
Why not?

288
00:21:38,965 --> 00:21:42,805
Because we are looking at a technology that will actually protect the privacy.

289
00:21:43,285 --> 00:21:47,265
And I think that in peer-to-peer payment, this is already a given.

290
00:21:47,265 --> 00:21:53,265
and for larger payments where, for instance, AML, anti-money laundering rules,

291
00:21:53,345 --> 00:21:58,785
will have to apply because we don't want to support hunky-punky business of a dark nature,

292
00:21:59,205 --> 00:22:02,785
then the rules of scrutiny will be applied by the banks,

293
00:22:02,985 --> 00:22:09,185
which already have access to the transactions and the payments that are made by their clients.

294
00:22:09,185 --> 00:22:11,225
There's not going to be more than that.

295
00:22:11,385 --> 00:22:13,465
And we are not interested in the data.

296
00:22:13,985 --> 00:22:15,665
I mean, the private sector is interested in data.

297
00:22:15,765 --> 00:22:17,045
The banks are interested in data.

298
00:22:17,265 --> 00:22:18,565
And they can monetize that.

299
00:22:18,625 --> 00:22:20,545
But we have no interest and we couldn't do it.

300
00:22:20,645 --> 00:22:22,185
It's not in our business.

301
00:22:22,185 --> 00:22:30,165
So you can reassure people that a central bank digital euro will not undermine people's freedoms.

302
00:22:30,825 --> 00:22:31,165
Correct.

303
00:22:31,285 --> 00:22:32,925
It will give them additional freedom, actually.

304
00:22:33,445 --> 00:22:33,625
Now.

305
00:22:35,185 --> 00:22:36,065
All right.

306
00:22:36,705 --> 00:22:37,305
OK.

307
00:22:37,605 --> 00:22:45,205
If you're in the area where this will touch, you know, Europe, and you're listening to this, I'd love to know how you feel about this.

308
00:22:45,705 --> 00:22:51,725
My read is very suspicious, and I don't, you know, her rings, her talk of privacy rings very hollow to me.

309
00:22:52,045 --> 00:22:55,485
But if you have any insights from the ground that you can share with me, please boost in.

310
00:22:55,965 --> 00:22:57,945
Let me know how you feel about this.

311
00:22:59,625 --> 00:23:02,325
Because when I hear it, it sounds very slimy.

312
00:23:12,085 --> 00:23:14,125
Well, I'm getting on the road again.

313
00:23:14,125 --> 00:23:16,665
traveling down to Texas again.

314
00:23:17,125 --> 00:23:19,765
And I don't have an episode planned again.

315
00:23:20,265 --> 00:23:21,705
Actually, for the next two weeks,

316
00:23:21,885 --> 00:23:23,685
I will have my recording gear with me.

317
00:23:23,725 --> 00:23:25,665
So if something breaks, I might just jump on.

318
00:23:26,285 --> 00:23:28,105
So be sure you're subscribed to the RSS feed.

319
00:23:28,705 --> 00:23:30,245
And if you're in the Austin area,

320
00:23:31,125 --> 00:23:32,885
either come out to Texas Linux Festival

321
00:23:32,885 --> 00:23:35,285
or come say hi at our Saturday lunch.

322
00:23:35,985 --> 00:23:38,905
We have lunch planned for the Unplugged program's 12th birthday

323
00:23:38,905 --> 00:23:40,385
and you're absolutely invited.

324
00:23:40,385 --> 00:23:41,345
It'll be Saturday at noon.

325
00:23:41,925 --> 00:23:43,885
I'll have details linked in the show notes.

326
00:23:44,125 --> 00:23:45,445
Would love it if you came and hung out with me.

327
00:23:46,145 --> 00:23:48,545
Now, you might say, Chris, why are you going to be gone for two weeks?

328
00:23:49,525 --> 00:23:50,205
I'm driving.

329
00:23:50,925 --> 00:23:53,205
Driving there and back from the Pacific Northwest.

330
00:23:53,665 --> 00:23:57,945
And I couldn't tell you why exactly, other than it's a great opportunity to spend time with the boys.

331
00:23:58,605 --> 00:24:00,945
And I feel called to cover Texas Linux Fest.

332
00:24:01,025 --> 00:24:02,045
It's a good little fest.

333
00:24:02,585 --> 00:24:04,005
And these things are unique.

334
00:24:04,005 --> 00:24:07,905
And I'd love to see these kind of things happen more and more in the Bitcoin community.

335
00:24:08,545 --> 00:24:13,285
These fests are community-ran and created by just everyday people that love Linux.

336
00:24:13,285 --> 00:24:15,785
They're not big corporate events.

337
00:24:16,365 --> 00:24:22,025
They're not run by somebody like Bitcoin Magazine or, in this case, the Linux Foundation over on the Linux side.

338
00:24:22,465 --> 00:24:25,325
It is a community thing, and they're special.

339
00:24:25,905 --> 00:24:27,485
The networking there is important.

340
00:24:27,985 --> 00:24:30,765
Like the podfather always says, connection is protection.

341
00:24:31,305 --> 00:24:31,985
You meet people.

342
00:24:32,125 --> 00:24:33,205
You build out relationships.

343
00:24:33,825 --> 00:24:35,565
And I just feel called to get down there and cover it.

344
00:24:35,565 --> 00:24:41,205
In a way, it's like these events for the community, they're so special to Linux and open source.

345
00:24:41,485 --> 00:24:42,825
They happen in a vacuum.

346
00:24:42,825 --> 00:24:47,485
And if nobody covers them, it's like nobody really knows what happened or what went on.

347
00:24:47,645 --> 00:24:51,045
So I do feel called to cover it, even though it means I'll have to take some time away from the show.

348
00:24:51,385 --> 00:24:52,545
I apologize for that.

349
00:24:52,585 --> 00:24:53,485
I hope you'll keep listening.

350
00:24:53,605 --> 00:24:54,685
Maybe catch up in the back catalog.

351
00:24:55,345 --> 00:24:56,125
Send in a boost.

352
00:24:56,685 --> 00:24:58,045
Maybe take the time to set up a node.

353
00:24:58,485 --> 00:25:03,825
And rest assured, if you do stay subscribed, yeah, I'll break in if something major happens.

354
00:25:03,965 --> 00:25:05,525
I think you can pretty much count on that.

355
00:25:05,645 --> 00:25:06,465
I can't help myself.

356
00:25:12,825 --> 00:25:26,485
Well, don't go anywhere.

357
00:25:26,485 --> 00:25:30,525
I got some great booze, some updates you need to know, and a final clip of the week.

358
00:25:30,525 --> 00:25:34,505
But first, I just want to mention, you can support the show by doing what you already

359
00:25:34,505 --> 00:25:35,505
do.

360
00:25:35,505 --> 00:25:37,265
You want to stack some sats on River in the States?

361
00:25:37,265 --> 00:25:41,245
I got a link in the show notes where you can support the show by stacking sats.

362
00:25:41,245 --> 00:25:48,625
you're all about self-custody, the Bitcoin Well, an amazing automatic self-custody Bitcoin platform

363
00:25:48,625 --> 00:25:54,285
to and from your cold storage or Lightning or your hot wallet. They don't host the wallet. You do.

364
00:25:54,745 --> 00:25:58,645
The Bitcoin Company. You got some sats on Lightning. You want to go buy something?

365
00:25:59,105 --> 00:26:04,265
Hundreds of gift cards. You can go from sats to gift card in seconds. You don't even have to

366
00:26:04,265 --> 00:26:10,205
create an account. They offer you a way to log in with Lightning. The Fold Card. I got a link for

367
00:26:10,205 --> 00:26:14,085
this. You want to stack sats while you're paying bills, paying off your bills, doing what you got

368
00:26:14,085 --> 00:26:19,645
to do with your day-to-day life? Fold card. I also have some news about them coming up in a little bit.

369
00:26:20,285 --> 00:26:25,745
Last but not least, Salt Lending. They've been in the business for like six years now of giving

370
00:26:25,745 --> 00:26:31,845
people access to the liquidity without having to sell their Bitcoin. They also offer an automatic

371
00:26:31,845 --> 00:26:38,265
margin protection product. It's fascinating. More details about that when you check out the link

372
00:26:38,265 --> 00:26:41,825
in the show notes. Support the show just by doing what you do's.

373
00:26:58,385 --> 00:27:04,325
Let's get into the boost. OB came in as our baller booster with 50,000 sats.

374
00:27:04,325 --> 00:27:05,805
Hey, rich lobster!

375
00:27:06,465 --> 00:27:06,725
Ha!

376
00:27:07,785 --> 00:27:08,665
Yeah, JB.

377
00:27:08,805 --> 00:27:09,925
Fun will now commence.

378
00:27:09,965 --> 00:27:10,165
OB.

379
00:27:10,445 --> 00:27:10,965
JB OB.

380
00:27:11,245 --> 00:27:15,005
Actually, I kid around because I think this might have been meant for Linux Unplugged,

381
00:27:15,085 --> 00:27:18,825
because the boost is happy birthday, which I say thank you.

382
00:27:18,965 --> 00:27:25,345
But this month, I think TWIB is 1.4 years old, and my birthday is not this month.

383
00:27:25,845 --> 00:27:29,605
But Lops was just around, so I'm going to take that, though, and I'll put that towards

384
00:27:29,605 --> 00:27:30,845
the trip to Texas.

385
00:27:30,845 --> 00:27:35,705
I am financing a significant portion of the trip using sats.

386
00:27:35,805 --> 00:27:37,645
I'm not selling the sats.

387
00:27:38,125 --> 00:27:39,865
I am still using them to fund the trip.

388
00:27:40,085 --> 00:27:43,565
If you'd like to know more, well, boost in and ask, and I'll tell you more.

389
00:27:43,865 --> 00:27:44,625
That's my little tease.

390
00:27:45,085 --> 00:27:45,645
So thank you.

391
00:27:45,705 --> 00:27:51,645
Recent sats, basically, that I've made are going to go towards helping make this trip possible, and I appreciate that.

392
00:27:52,445 --> 00:27:54,385
Bitcoin Lizards here with 50,000 sats.

393
00:27:54,385 --> 00:27:55,885
Hey, rich lobster.

394
00:27:58,645 --> 00:28:00,065
Bitcoin Lizards back.

395
00:28:00,065 --> 00:28:05,345
I don't like the spam, but there's the way things ought to be and the way things are.

396
00:28:05,625 --> 00:28:09,705
Transactions with hop return larger than 83 bytes can be rejected and mined today.

397
00:28:10,345 --> 00:28:14,005
Oh, I'm sorry, can be relayed and mined today without Bitcoin Core 30.

398
00:28:14,665 --> 00:28:23,525
Sort of a consensus change the solution to stop the spam transactions is for them to be priced out of the block space market by financial transactions.

399
00:28:23,925 --> 00:28:27,465
Filtering the relay to stop the spam is futile.

400
00:28:28,165 --> 00:28:28,585
I agree.

401
00:28:28,585 --> 00:28:40,845
I agree because of your main point there. It's already happening today. It's happening right now. And I also think this debate matters a lot more because the fees have been low for a while.

402
00:28:40,845 --> 00:28:57,825
You know, if we had been in an environment where the fees were very high, uncomfortably high, like they were for a little bit a couple of years ago, I don't know if we would have had nearly this debate because it had been obvious that the market would just work this out.

403
00:28:57,925 --> 00:29:05,445
But because we have been in a low fee environment for so long, I think these kinds of debates and fights just have a little bit more venom behind them.

404
00:29:05,645 --> 00:29:06,565
Thank you, Bitcoin Lizard.

405
00:29:07,045 --> 00:29:07,525
Wise.

406
00:29:08,225 --> 00:29:11,805
Hey, Adversary 17's here with 32,768 sats.

407
00:29:11,925 --> 00:29:14,445
I hoard that which your kind covet.

408
00:29:14,685 --> 00:29:17,125
Adversary's rights, Chuckie Noon from the back catalog,

409
00:29:17,385 --> 00:29:18,725
slowly getting caught up.

410
00:29:19,385 --> 00:29:20,385
Nice job.

411
00:29:20,785 --> 00:29:22,845
Still behind, but here's to another great episode.

412
00:29:25,225 --> 00:29:25,945
Thank you.

413
00:29:26,685 --> 00:29:27,605
I appreciate that.

414
00:29:27,645 --> 00:29:28,705
It's always nice when people do that.

415
00:29:28,765 --> 00:29:29,405
Thank you, Adversary's.

416
00:29:29,405 --> 00:29:30,205
It's nice to hear from you.

417
00:29:30,645 --> 00:29:34,065
Side for seven's here with 10,101 sats.

418
00:29:34,245 --> 00:29:36,505
Oh my God, this drawer is filled with fruit lobes.

419
00:29:36,505 --> 00:29:38,785
This is one of my favorite JB interviews ever.

420
00:29:39,005 --> 00:29:43,485
Oscar is an excellent speaker with a vision for podcasting to do and a compelling argument.

421
00:29:43,765 --> 00:29:47,385
Both of you are great advocates for Bitcoin as well as open standards and the web as a whole.

422
00:29:47,685 --> 00:29:48,725
Thanks for the great content.

423
00:29:49,025 --> 00:29:50,685
Well, just pump the brakes right there.

424
00:29:50,805 --> 00:29:53,885
That's too nice, Cypher, but I appreciate the value and the boost.

425
00:29:54,005 --> 00:29:55,145
Thank you very much.

426
00:29:55,645 --> 00:29:57,965
And I am genuinely glad you enjoyed the interview.

427
00:29:58,025 --> 00:29:58,925
I wasn't sure how it would go.

428
00:29:59,665 --> 00:30:01,365
And I really enjoyed the talk.

429
00:30:01,845 --> 00:30:02,685
And I'm glad you did too.

430
00:30:03,485 --> 00:30:06,005
Mac Jollers is back with 17,000 sets.

431
00:30:06,005 --> 00:30:08,485
I like you. You're a hot ticket.

432
00:30:08,485 --> 00:30:12,665
I do like you, Mac. Mac writes for 17,000 sataroonies.

433
00:30:13,425 --> 00:30:20,245
Chris, I just want to be honest. I only listened to your show on Spotify, but I totally went and got Fold.

434
00:30:20,445 --> 00:30:25,065
I think he means Fountain to boost your show. You got something special here.

435
00:30:25,205 --> 00:30:28,345
I listened to all and I mean all of the Bitcoin podcast.

436
00:30:28,565 --> 00:30:32,885
And I have paused the JMS mid word to listen to your latest show.

437
00:30:32,885 --> 00:30:36,865
Wow! Thank you, man.

438
00:30:37,085 --> 00:30:38,585
B-O-O-S-T.

439
00:30:42,825 --> 00:30:47,705
You are a real gentleman. That's quite the compliment, and I appreciate it very much.

440
00:30:48,325 --> 00:30:50,065
Thank you, Mack Chalers. It's good to hear from you.

441
00:30:50,265 --> 00:30:52,245
Stop it. Get some help.

442
00:30:52,965 --> 00:30:55,305
No, keep on boosting. Don't listen to him.

443
00:30:56,465 --> 00:30:58,685
Paranoid Coders here with 2,000 sats.

444
00:30:59,765 --> 00:31:11,950
No message just value Appreciate it Galactic Starfisher is here with 4 sets Coming in hot with the boost He says actually the R is for Noster but if you like my handle better with your surname in the mix

445
00:31:12,070 --> 00:31:13,750
by all means, read it that way.

446
00:31:14,010 --> 00:31:15,890
Man, I can't read it any other way.

447
00:31:16,130 --> 00:31:17,290
He says, I appreciate the passion,

448
00:31:17,430 --> 00:31:19,190
so long as this isn't in every episode.

449
00:31:19,870 --> 00:31:21,630
An emphatic take or two is welcome in my eyes.

450
00:31:22,050 --> 00:31:23,250
Yeah, I did get a little worked up.

451
00:31:23,310 --> 00:31:24,390
I felt bad about that.

452
00:31:24,770 --> 00:31:25,430
I really did.

453
00:31:25,530 --> 00:31:27,770
You make me want to be a better man.

454
00:31:28,010 --> 00:31:28,630
Thank you, Galactic.

455
00:31:28,630 --> 00:31:32,510
Dickie also sent some value 2000 sats to our song artist last week.

456
00:31:32,910 --> 00:31:33,990
I really appreciate that too.

457
00:31:34,810 --> 00:31:35,410
Thank you.

458
00:31:35,470 --> 00:31:36,310
It's nice to hear from you.

459
00:31:36,810 --> 00:31:37,510
Right back soon.

460
00:31:38,230 --> 00:31:41,610
Give me Bitcoin guides back with 6,789 sats.

461
00:31:41,810 --> 00:31:44,010
Oh my God, this drawer is filled with fruit loops.

462
00:31:45,010 --> 00:31:47,730
Double boost for this episode and the one with Oscar.

463
00:31:47,970 --> 00:31:52,870
Conversations with people like Oscar who are creating real use cases for Bitcoin are great.

464
00:31:53,830 --> 00:31:57,010
Is there any way to connect my L&D node to Fountain?

465
00:31:57,010 --> 00:32:06,430
No. No, the idea with FountainWrite is to make that process hands-free. In fact, the Lightning infrastructure is actually run by Zebedee for Fountain.

466
00:32:06,930 --> 00:32:12,570
He says, I'd love to connect directly and not have to manually top up my wallet if I could. Keep the signal coming. Thanks.

467
00:32:13,030 --> 00:32:21,270
I'm there with you, Kiwi. What I do is I send 100,000 sats over Lightning from my AlbiHub to my Fountain wallet as needed.

468
00:32:21,270 --> 00:32:23,750
then I blow through that, boosting.

469
00:32:24,250 --> 00:32:27,350
A lot of it goes to the podcasting 2.0 podcast.

470
00:32:27,830 --> 00:32:28,690
Love those guys.

471
00:32:29,090 --> 00:32:30,110
And then, you know, other places.

472
00:32:30,450 --> 00:32:31,830
And then I top it back off.

473
00:32:32,330 --> 00:32:33,870
And I do wish I could just, you know,

474
00:32:34,130 --> 00:32:36,070
link it to my Albi Hub maybe one day,

475
00:32:36,170 --> 00:32:37,830
but it's not in the cards right now

476
00:32:37,830 --> 00:32:39,410
just because of the way the infrastructure is done.

477
00:32:39,570 --> 00:32:40,990
It's really optimized to make it

478
00:32:40,990 --> 00:32:42,350
as simple as possible for people.

479
00:32:42,770 --> 00:32:44,330
But I love that you're asking that.

480
00:32:44,530 --> 00:32:46,070
And there are great apps out there

481
00:32:46,070 --> 00:32:47,410
that you can connect to your own node.

482
00:32:47,470 --> 00:32:48,230
I should mention that.

483
00:32:48,230 --> 00:32:53,770
And Cast-O-Matic is fantastic on iOS, Podverse is cross-platform on the web, too.

484
00:32:54,030 --> 00:32:57,290
And I'm pretty sure TrueFans lets you connect to your own AlbiHub as well.

485
00:32:57,370 --> 00:32:59,730
Not positive on that, but it could be worth checking into.

486
00:33:00,290 --> 00:33:01,050
Thank you, Kiwi.

487
00:33:01,410 --> 00:33:02,590
Nice to hear from you.

488
00:33:03,190 --> 00:33:04,490
Mix is here with a row of ducks.

489
00:33:04,570 --> 00:33:06,790
That's 2,222 sats.

490
00:33:07,950 --> 00:33:09,810
No message, just the value.

491
00:33:09,930 --> 00:33:11,850
And I always appreciate that.

492
00:33:12,510 --> 00:33:15,170
Producer Jeff's here with 6,666 sats.

493
00:33:15,170 --> 00:33:16,030
Tough little ship.

494
00:33:16,750 --> 00:33:17,190
Little.

495
00:33:17,190 --> 00:33:23,650
He says, great chat. I personally don't want any social junk in my podcast player, but I do see the appeal.

496
00:33:24,030 --> 00:33:27,990
It's also very cool to see the direction of Fountain and how they are really solving problems.

497
00:33:28,330 --> 00:33:31,850
I love the passion and the enthusiasm, and I'll continue to happily use it for boosting.

498
00:33:32,230 --> 00:33:34,010
But my ears live on Antenapod.

499
00:33:34,370 --> 00:33:37,610
I do hear a lot of good about Antenapod. I think it's a good app.

500
00:33:37,610 --> 00:33:41,870
My main pushback with Antenapod is they're killing podcasting.

501
00:33:41,870 --> 00:33:52,270
I mean, I say that kind of jokingly, but we are in a life and death struggle against YouTube and Spotify, mostly YouTube.

502
00:33:52,550 --> 00:33:55,030
And YouTube is aggressively pushing forward.

503
00:33:55,450 --> 00:33:59,090
And they already have super chats, which are boosts.

504
00:33:59,090 --> 00:34:00,330
They have live streams.

505
00:34:00,550 --> 00:34:01,810
They support video.

506
00:34:02,190 --> 00:34:04,250
They have a discovery mechanism.

507
00:34:04,250 --> 00:34:05,930
They support comments.

508
00:34:05,930 --> 00:34:11,670
and they're introducing other things that automate and introduce AI to advertising workflow

509
00:34:11,670 --> 00:34:13,890
that some content creators are going to like.

510
00:34:14,530 --> 00:34:16,790
And podcasting needs live streams.

511
00:34:17,110 --> 00:34:18,950
Podcasting needs cross-app comments.

512
00:34:19,410 --> 00:34:26,810
Podcasting needs alternatives like super chats that are open and cross-platform and cross-player.

513
00:34:27,650 --> 00:34:32,790
And everything that Antenapod sits on is an area where YouTube continues to kick our ass.

514
00:34:33,670 --> 00:34:43,690
And so while I love Antenapod and I love apps like Pocket Cast and Overcast, which I think are some of the best out there, they're actually killing the very market that they make an app for.

515
00:34:43,690 --> 00:34:56,430
In part because they've had 20 years where they could just sort of sit back and do nothing but parse an XML file and then download an HTTP enclosure and then play that using likely native libraries on the platform in most cases.

516
00:34:56,750 --> 00:34:59,670
I'm not trying to underplay it, but it was a solved problem.

517
00:34:59,870 --> 00:35:02,630
And now it's a much bigger scope.

518
00:35:02,790 --> 00:35:07,690
But if we're ever going to be competitive with Spotify or YouTube, we have to get this going.

519
00:35:08,070 --> 00:35:17,030
And Antenapod, as an open source player, it's incumbent upon them to also adopt the other open source standards that can keep podcasting viable.

520
00:35:17,290 --> 00:35:19,690
And it literally is a life or death struggle.

521
00:35:19,690 --> 00:35:25,810
I don't think most people see it because they're not living and dying on the bleeding edge of this industry like some of us are.

522
00:35:26,490 --> 00:35:28,970
Some of us are out here taking the arrows every single day.

523
00:35:29,430 --> 00:35:32,150
And some of us have been like the pod father.

524
00:35:32,610 --> 00:35:34,470
He's been doing it for nearly 20 years, right?

525
00:35:34,510 --> 00:35:36,150
I've been doing it for like 18 years.

526
00:35:36,250 --> 00:35:38,830
Others like Todd Cochran, who just passed, also nearly 20 years.

527
00:35:39,130 --> 00:35:43,410
People have been out there taking these arrows, and we have a sense for this kind of stuff

528
00:35:43,410 --> 00:35:45,710
because our very survival is dependent on it.

529
00:35:45,710 --> 00:35:50,710
And if you don't stay in a game like this for nearly 20 years without developing a sense

530
00:35:50,710 --> 00:35:53,910
of this kind of stuff, you get a survival sense, a business sense.

531
00:35:54,230 --> 00:36:01,290
And I can tell you, Antenapod and others unintentionally, like Pocket Casts, like Marco Armit with

532
00:36:01,290 --> 00:36:07,810
overcast are hurting podcasting. Podcasters are as well. They don't know. But podcasters can't

533
00:36:07,810 --> 00:36:13,190
really be expected to take action and use these features until hosting providers and players

534
00:36:13,190 --> 00:36:19,910
have broad support. But I understand using it. I have it installed on my device, but I am all

535
00:36:19,910 --> 00:36:25,170
Fountain. One thing to remember with Fountain, well, two things with Fountain when it comes to

536
00:36:25,170 --> 00:36:30,950
the social feed when you open the app, and then I'll move on. Number one, in Fountain 1.3,

537
00:36:31,290 --> 00:36:36,090
at the top is now a cluster of your most recent episodes right there at the top of the homepage.

538
00:36:36,370 --> 00:36:39,650
So when the app opens, there's going to be four buttons at the top of the screen.

539
00:36:39,830 --> 00:36:41,230
It's your four most recent podcasts.

540
00:36:41,370 --> 00:36:43,130
So you get right to the action if you want.

541
00:36:43,630 --> 00:36:46,430
If you're willing to support Fountain's development and become a member,

542
00:36:46,990 --> 00:36:48,790
there's two perks that I think are really great.

543
00:36:48,850 --> 00:36:49,390
Well, three maybe.

544
00:36:50,150 --> 00:36:53,830
Number one, you can skip the social feed and go right to your library.

545
00:36:54,370 --> 00:36:58,390
It's a weird thing to put behind a paywall considering how many people bounce off of Fountain

546
00:36:58,390 --> 00:36:59,870
for this one thing alone.

547
00:37:00,150 --> 00:37:00,510
I don't know.

548
00:37:00,550 --> 00:37:01,350
Maybe they're not getting the data.

549
00:37:01,450 --> 00:37:02,610
Maybe I should talk to them about this.

550
00:37:02,950 --> 00:37:04,550
But it's the number one thing I get.

551
00:37:04,910 --> 00:37:05,630
I tried Fountain.

552
00:37:05,850 --> 00:37:07,050
I don't like the social feed.

553
00:37:07,390 --> 00:37:08,070
Well, guess what?

554
00:37:08,330 --> 00:37:11,950
If you're a member, you can just turn that off and go right to the library, even though

555
00:37:11,950 --> 00:37:13,230
the social feed is getting better and better.

556
00:37:13,270 --> 00:37:14,770
It's one of the things they're actively working on.

557
00:37:15,170 --> 00:37:15,890
But there's that.

558
00:37:15,890 --> 00:37:20,090
The other thing you get with membership, besides supporting the application development, is

559
00:37:20,090 --> 00:37:24,770
you get no fees or lower fees on your boost and your support and stuff like that.

560
00:37:25,230 --> 00:37:28,750
And then also, I think, I don't know if you get this on the free accounts because I've

561
00:37:28,750 --> 00:37:33,150
been a member forever, I get a lightning fast transcription and I don't have to pay anything

562
00:37:33,150 --> 00:37:33,550
for it.

563
00:37:33,850 --> 00:37:38,910
So if I go to a podcast and they're too lazy and they're too ignorant to have a transcription,

564
00:37:39,410 --> 00:37:40,930
I can hit a button and get a transcription.

565
00:37:41,450 --> 00:37:42,330
So that's nice.

566
00:37:42,390 --> 00:37:43,730
And I get that as part of my membership.

567
00:37:44,130 --> 00:37:48,650
So I think those are all reasons to consider Fountain, but, and I mean a Fountain membership,

568
00:37:48,770 --> 00:37:50,270
but I understand antenna pod's great too.

569
00:37:50,830 --> 00:37:53,570
Jeff also sent in some McDucks over there.

570
00:37:53,570 --> 00:37:55,390
This old duck still got it.

571
00:37:55,450 --> 00:37:57,570
He's laughing at my quote unquote vacation.

572
00:37:57,570 --> 00:38:01,550
He says, what do you call it when you work while on vacation?

573
00:38:02,290 --> 00:38:05,750
What do you call it when you're working while on vacation?

574
00:38:06,150 --> 00:38:06,670
The answer?

575
00:38:07,590 --> 00:38:08,370
Self-employed.

576
00:38:09,090 --> 00:38:10,870
Oh, Jeff.

577
00:38:11,610 --> 00:38:12,830
Fun will now commence.

578
00:38:13,370 --> 00:38:13,930
You're right, though.

579
00:38:14,590 --> 00:38:15,570
You're right about that.

580
00:38:16,970 --> 00:38:18,810
You're absolutely right about that.

581
00:38:19,350 --> 00:38:19,970
Damn it.

582
00:38:20,430 --> 00:38:22,330
Bobby Pink comes in with 5,000 sats.

583
00:38:22,550 --> 00:38:24,990
They're real and they're spectacular.

584
00:38:25,190 --> 00:38:27,390
I have a goal of getting to one Bitcoin.

585
00:38:27,570 --> 00:38:29,730
I have a DCA setup and a hardware wallet.

586
00:38:29,830 --> 00:38:32,810
But as I look more into price targets that people set,

587
00:38:33,490 --> 00:38:36,610
I feel like I need to stack faster than I normally can via DCA.

588
00:38:37,030 --> 00:38:40,390
I feel like I'm going crazy trying to find ways that I can stack faster with mining,

589
00:38:40,850 --> 00:38:42,530
loans, treasury companies, etc.

590
00:38:43,010 --> 00:38:44,970
As someone who's been in Bitcoin for a long time,

591
00:38:45,250 --> 00:38:47,130
do you think I'm focusing too much on an arbitrary goal?

592
00:38:47,290 --> 00:38:49,050
And should I stay humble and stack sats when I can?

593
00:38:49,450 --> 00:38:50,490
I'm 29 for context.

594
00:38:51,370 --> 00:38:53,230
You know, Bobby Penn, I can tell there's wisdom in there.

595
00:38:53,310 --> 00:38:56,110
You already know what the answer is when you wrote that.

596
00:38:56,110 --> 00:39:01,810
But I just, I want to tell you what I have learned over years of being in Bitcoin.

597
00:39:02,570 --> 00:39:03,910
There are always dips.

598
00:39:04,190 --> 00:39:08,310
And there have been many times when I thought, I'm priced out.

599
00:39:08,450 --> 00:39:09,190
I'm priced out.

600
00:39:09,870 --> 00:39:11,170
I'm priced out.

601
00:39:11,630 --> 00:39:14,230
And then Bitcoin dips and I jump in.

602
00:39:14,610 --> 00:39:17,910
Or what also happens, you adjust.

603
00:39:18,770 --> 00:39:25,350
You know, I have to admit, when Bitcoin got down to $112 yesterday, I bought $100 worth.

604
00:39:26,110 --> 00:39:28,590
Because it seems like a deal now at $112,000.

605
00:39:28,690 --> 00:39:29,690
It seems like a deal now.

606
00:39:30,070 --> 00:39:32,270
So we adjust a bit, you know.

607
00:39:32,650 --> 00:39:33,570
So there's that.

608
00:39:34,130 --> 00:39:38,870
But I want you to also, I want you to reframe the way you're thinking about stacking Bitcoin.

609
00:39:39,430 --> 00:39:44,170
While one Bitcoin is a nice round number, and we humans, we love round numbers,

610
00:39:44,550 --> 00:39:46,650
you have something working in your favor.

611
00:39:46,850 --> 00:39:51,990
And that is the United States federal government, and really, honestly, Bobby,

612
00:39:51,990 --> 00:39:59,210
any government that can print money is going to do so. They can't help it. They always will print

613
00:39:59,210 --> 00:40:05,650
money. So they will always be debasing. That means there's always going to be more dollars created

614
00:40:05,650 --> 00:40:11,770
chasing a scarce amount of Bitcoin. So while one Bitcoin is the number we talk about today,

615
00:40:12,190 --> 00:40:17,910
could be a lot less than that in the future. And so you have to remember that what you're really

616
00:40:17,910 --> 00:40:23,630
doing is saving from debasement. And it'd be nice to get to one Bitcoin, but they're always going to

617
00:40:23,630 --> 00:40:27,890
print more dollars. And so what you're really trying to do is hold less of the thing they're

618
00:40:27,890 --> 00:40:32,890
devaluing and hold more of the thing going up in value. And as long as you're doing that,

619
00:40:33,250 --> 00:40:39,450
you're doing it right. And I do think the DCA, while not necessarily strategic, you know,

620
00:40:40,050 --> 00:40:46,710
you can't dip by necessarily. I think the DCA, the set it and forget it after two years or so

621
00:40:46,710 --> 00:40:48,970
does provide surprising results.

622
00:40:49,310 --> 00:40:52,090
The other thing you could consider, maybe,

623
00:40:52,610 --> 00:40:55,690
is slowly, continue to DCA,

624
00:40:55,770 --> 00:40:57,330
but slowly set up a cash reserve

625
00:40:57,330 --> 00:41:02,350
and prepare for a dip in 2026, 2027.

626
00:41:03,050 --> 00:41:05,630
Eventually, we'll see something probably come around.

627
00:41:06,270 --> 00:41:07,730
And, you know, maybe by that point,

628
00:41:07,830 --> 00:41:09,830
you'll have $5,000 saved up.

629
00:41:10,150 --> 00:41:11,950
You'll have something like that saved up.

630
00:41:11,950 --> 00:41:14,590
And, you know, what a guy could do

631
00:41:14,590 --> 00:41:18,650
is he could have that cash sitting in a river account,

632
00:41:19,290 --> 00:41:22,550
earning 3.8% SATs interest every single month

633
00:41:22,550 --> 00:41:23,290
or whatever it is,

634
00:41:23,950 --> 00:41:26,290
and just essentially earning Bitcoin

635
00:41:26,290 --> 00:41:27,750
while you wait to smash buy.

636
00:41:28,410 --> 00:41:31,250
And then when that dip comes, and it will,

637
00:41:31,970 --> 00:41:33,210
you smash buy a large amount.

638
00:41:33,790 --> 00:41:35,070
And man, is that satisfying.

639
00:41:35,770 --> 00:41:38,830
So I'd say you are probably over-focusing

640
00:41:38,830 --> 00:41:39,890
on an arbitrary goal

641
00:41:39,890 --> 00:41:43,910
because that one Bitcoin is set

642
00:41:43,910 --> 00:41:46,410
by measuring against the fiat system.

643
00:41:46,690 --> 00:41:47,490
That's where we got,

644
00:41:47,730 --> 00:41:48,810
oh, one Bitcoin would be incredible.

645
00:41:49,130 --> 00:41:49,970
But you're really thinking,

646
00:41:50,090 --> 00:41:51,950
you're thinking fiat in that case.

647
00:41:51,990 --> 00:41:53,450
And they're always going to print more fiat.

648
00:41:54,550 --> 00:41:56,930
So, although, I mean, I know we're human, right?

649
00:41:57,090 --> 00:41:58,050
We do like round numbers.

650
00:41:58,530 --> 00:41:59,290
Just stick at it.

651
00:41:59,830 --> 00:42:01,330
I think there's wisdom in your question there.

652
00:42:01,450 --> 00:42:03,530
I think as long as you listen to your gut,

653
00:42:03,650 --> 00:42:04,430
you're going to do great.

654
00:42:04,970 --> 00:42:06,210
You got all the makings you need

655
00:42:06,210 --> 00:42:07,850
to keep on hodling and work through,

656
00:42:07,850 --> 00:42:10,230
and just work through a few more cycles.

657
00:42:10,710 --> 00:42:12,890
It will be difficult.

658
00:42:13,650 --> 00:42:14,870
It does get easier, though.

659
00:42:15,070 --> 00:42:17,150
Yeah, I got answers and I want some questions.

660
00:42:17,210 --> 00:42:18,170
I hope that helps.

661
00:42:18,850 --> 00:42:20,150
And boost back in and let me know how it goes.

662
00:42:20,710 --> 00:42:23,790
MDS is here with 8,000 cents.

663
00:42:27,750 --> 00:42:29,730
I just jumped on the Bitcoin company.

664
00:42:29,890 --> 00:42:30,470
Haven't you heard?

665
00:42:31,050 --> 00:42:31,610
Haven't you heard?

666
00:42:32,130 --> 00:42:32,890
It's not an ad.

667
00:42:33,110 --> 00:42:33,310
It's not.

668
00:42:33,610 --> 00:42:34,770
They don't pay for an ad.

669
00:42:35,130 --> 00:42:40,670
I just plugged the Bitcoin company and the other ones and the other links because they're ones I use and they have affiliate programs.

670
00:42:40,670 --> 00:42:45,970
he says when you flippantly said you can sign in with lightning that flicked a switch in my brain

671
00:42:45,970 --> 00:42:50,870
i didn't know existed i copied the lightning address into my phoenix wallet and i have an

672
00:42:50,870 --> 00:42:56,090
account i dropped my s and i ran into the local supermarket and now i'm paying for a bag of apples

673
00:42:56,090 --> 00:43:02,550
with my gift card no email no kyc and no block time wait if you haven't checked this out drop

674
00:43:02,550 --> 00:43:07,390
what you're doing and go check out the bitcoin company i should have bought some wet wipes

675
00:43:07,390 --> 00:43:12,350
make it so it is great right

676
00:43:12,350 --> 00:43:19,670
and all they do is bitcoin there's other ones out there but they dabble in the other stuff too

677
00:43:19,670 --> 00:43:26,790
thanks mds i like that thank you everybody who boosted and got a few below the 2000s at cutoff

678
00:43:26,790 --> 00:43:31,990
line as well some nice ones including some of the support going to our artist last week

679
00:43:31,990 --> 00:43:37,310
appreciate all of that i do have a 2000s at cutoff just for time but i do read them all

680
00:43:37,310 --> 00:43:38,550
and keep them all in the dock.

681
00:43:38,990 --> 00:43:40,910
I also had 45 of you stream sats

682
00:43:40,910 --> 00:43:42,170
as you listened to the last episode,

683
00:43:42,770 --> 00:43:47,490
stacking 52,224 sats for episode 76.

684
00:43:47,590 --> 00:43:48,430
Thank you, sat streamers.

685
00:43:48,490 --> 00:43:49,190
Appreciate you.

686
00:43:49,650 --> 00:43:52,250
When you combine that with our boosters,

687
00:43:52,670 --> 00:43:57,670
we got a nice 250,439 sataroos.

688
00:44:04,470 --> 00:44:06,870
Fountain FM makes it really easy to boost the show

689
00:44:06,870 --> 00:44:08,330
because they host the lightning infrastructure,

690
00:44:08,550 --> 00:44:09,950
but you can get AlbiHub,

691
00:44:10,230 --> 00:44:11,330
plug it into a podcast app

692
00:44:11,330 --> 00:44:13,210
or the podcast index and boost away.

693
00:44:29,590 --> 00:44:31,910
I do appreciate everybody who also signs up

694
00:44:31,910 --> 00:44:34,030
with the new Fountain membership program.

695
00:44:34,350 --> 00:44:36,430
You get access to special features that way,

696
00:44:36,430 --> 00:44:40,730
support the show directly, get a profile badge and more.

697
00:44:40,930 --> 00:44:42,570
That is in the Fountain app.

698
00:44:43,150 --> 00:44:46,330
And of course, you can also become a Jupiter Party member at Jupiter.party.

699
00:44:46,450 --> 00:44:48,230
Support all the shows on the network.

700
00:44:48,770 --> 00:44:50,090
Don't forget that meetup's coming up.

701
00:44:52,450 --> 00:44:54,930
All right, now we have more stories to get into.

702
00:44:55,190 --> 00:44:56,610
So back to the show we go.

703
00:45:06,430 --> 00:45:12,870
Macadamia wallet for iOS is making a lot of noise this week.

704
00:45:13,530 --> 00:45:20,310
It's pretty cool, pretty slick, and it's the first native iOS wallet for the Cashew eCash protocol.

705
00:45:21,150 --> 00:45:25,270
And Macadamia is a native iOS wallet designed for Cashew.

706
00:45:25,270 --> 00:45:28,310
It's an open source eCash wallet.

707
00:45:28,830 --> 00:45:35,270
And the thing that seems to be getting a lot of excitement, besides the fact that it's got a great UI,

708
00:45:35,270 --> 00:45:41,590
is you can send ostensibly sats using iMessage.

709
00:45:42,430 --> 00:45:45,850
So that's, I mean, to me, for the iOS user base,

710
00:45:45,970 --> 00:45:49,330
a huge breakthrough is being able to send each other sats

711
00:45:49,330 --> 00:45:51,930
using iMessage, using Macadamia.

712
00:45:52,830 --> 00:45:53,390
Massive.

713
00:45:53,550 --> 00:45:54,770
And I do have to wonder,

714
00:45:54,890 --> 00:45:56,330
after watching some of the demonstrations,

715
00:45:56,330 --> 00:45:59,770
if the eCache protocol might have been

716
00:45:59,770 --> 00:46:03,490
or could be a way to go for boosts and even zaps.

717
00:46:03,490 --> 00:46:09,190
it's really really impressive it preserves user privacy it can take advantage of the liquid

718
00:46:09,190 --> 00:46:14,110
network and interface with lightning there's a lot there if you want to see the app and it's a good

719
00:46:14,110 --> 00:46:21,290
one go to macadamia.cash pretty cool domain.cash and you get more information there really looking

720
00:46:21,290 --> 00:46:25,710
good i installed it on my phone and of course one of the first things you have to do is back up your

721
00:46:25,710 --> 00:46:30,130
phrase i wasn't in a good spot to do that so i couldn't push it any further but if anybody out

722
00:46:30,130 --> 00:46:31,830
there has some eCache experience.

723
00:46:32,590 --> 00:46:33,410
Let me know how it's going.

724
00:46:33,890 --> 00:46:44,855
It seems like Cashew enables some really great stuff and they building it right into an easy app with Macadamia And I really excited to watch this and it an area I hope to explore further on the show in the future

725
00:46:46,575 --> 00:46:48,435
This was an interesting moment.

726
00:46:49,355 --> 00:46:57,155
A Solana co-founder, and I guess they have a couple of them, schooled the All In podcast crew, which was notable.

727
00:46:57,155 --> 00:47:00,695
So they have their All In Summit. This just happened last week.

728
00:47:00,695 --> 00:47:05,195
One of the co-founders of Solana was up on stage doing a Q&A.

729
00:47:05,955 --> 00:47:14,275
And Jason Calacanis used this as an opportunity to flaunt how little he understands Bitcoin, despite constantly claiming otherwise.

730
00:47:14,875 --> 00:47:22,695
And I was actually very surprised, impressed, as you might say, with Solana's Antony.

731
00:47:23,635 --> 00:47:25,915
Jeez, I don't know. I'm stumbling all over my words.

732
00:47:26,515 --> 00:47:28,055
I'm going to say it's Anatoly.

733
00:47:28,755 --> 00:47:29,615
It's Anatoly.

734
00:47:29,615 --> 00:47:36,835
I'm not a big Solana guy, so I don't follow all of their co-founders who run the coin.

735
00:47:37,075 --> 00:47:46,615
But I was pleasantly surprised with how well he seems to understand Bitcoin and how easily he was able to school Jason Calacanis.

736
00:47:47,695 --> 00:47:50,935
Bitcoin has turned out to be surprisingly resilient.

737
00:47:51,735 --> 00:47:57,975
But now we're starting to see certain players corner the market on large percentages of it.

738
00:47:57,975 --> 00:47:59,875
And that was never supposed to happen.

739
00:48:00,115 --> 00:48:03,975
So if something like MicroStrategy owns 6%.

740
00:48:04,675 --> 00:48:05,635
I don't know.

741
00:48:05,795 --> 00:48:08,935
I guess maybe Jason is aware of some rules of Bitcoin that I'm not.

742
00:48:09,915 --> 00:48:13,355
Where does it say one entity can't own 6% of the supply?

743
00:48:13,915 --> 00:48:15,515
In fact, where does it even say that's a bad thing?

744
00:48:16,215 --> 00:48:21,595
I would think it seems like a natural part of price discovery for a new asset where an

745
00:48:21,595 --> 00:48:27,755
early entrance to the market soaks up quite a bit, retains that for a long time.

746
00:48:27,975 --> 00:48:34,695
And then through the natural process of the business cycle, inevitably distributes those coins back to the market over a period of time.

747
00:48:34,695 --> 00:48:42,115
But has a very valuable role in keeping the asset very scarce and demonstrating demand early on.

748
00:48:42,515 --> 00:48:46,075
That's how I interpret what MicroStrategy is doing or strategy.

749
00:48:46,375 --> 00:48:52,775
But Jason interprets it as some kind of gaining control of the network simply by holding coins.

750
00:48:53,375 --> 00:48:55,355
Market on large percentages of it.

751
00:48:55,535 --> 00:48:57,215
And that was never supposed to happen.

752
00:48:57,215 --> 00:49:07,095
And so if something like MicroStrategy owns 6%, that's actually maybe 50% more than that because there's so many dead coins out there.

753
00:49:07,335 --> 00:49:10,275
Does that worry you, the centralization of Bitcoin?

754
00:49:10,635 --> 00:49:13,675
And does that mean there's an opportunity to start the game anew?

755
00:49:14,355 --> 00:49:20,355
I don't know where this meme of by somebody holding a lot of Bitcoin, it centralizes the network.

756
00:49:20,475 --> 00:49:23,135
It centralizes some of the coins.

757
00:49:24,035 --> 00:49:25,715
You know, somebody has a lot of UTXOs.

758
00:49:25,715 --> 00:49:41,935
I don't know, like it doesn't centralize governance. It doesn't centralize code development. It doesn't centralize network consensus. It doesn't centralize mining. It doesn't centralize the nodes. It's just somebody has a large bag.

759
00:49:41,935 --> 00:49:53,035
And yet, over and over, these mid-take wits constantly correlated to control of the network because they're thinking like fiat.

760
00:49:53,335 --> 00:49:55,155
They're thinking like Ethereum.

761
00:49:55,755 --> 00:50:01,615
They're thinking proof of stake where large bank holders do have governance over the network.

762
00:50:02,295 --> 00:50:04,735
Does that worry you, the centralization of Bitcoin?

763
00:50:05,095 --> 00:50:08,155
And does that mean there's an opportunity to start the game anew?

764
00:50:08,155 --> 00:50:32,855
I think Bitcoin is resilient to these entities collapsing. Now, it's not going to be without painful risk that in terms of like people that own Bitcoin. But the thing is, it'll survive that. And all the properties of Bitcoin that people value will remain through that transition. So if you really value Bitcoin, you should see that as like an opportunity to own more of it.

765
00:50:32,855 --> 00:50:40,475
So even if somebody were to own 20 or 30 percent, it seems like there are people who actually have this intent.

766
00:50:40,595 --> 00:50:41,295
That's why I'm asking.

767
00:50:41,715 --> 00:50:45,135
Again, this is a total hypothetical question.

768
00:50:45,555 --> 00:50:51,515
Could you imagine the money somebody would have to spend to own 20 percent of the Bitcoin network?

769
00:50:51,995 --> 00:50:53,415
Look at the ETFs.

770
00:50:53,555 --> 00:50:59,595
Look at how hard they've been cranking, sucking in hundreds of millions of dollars when you average it out on the daily.

771
00:50:59,595 --> 00:51:04,675
and they're having a hard time catching up to 6%.

772
00:51:04,675 --> 00:51:07,835
And they're sucking in hundreds of millions of dollars on the daily.

773
00:51:08,255 --> 00:51:10,855
So could you imagine the money you would have to spend

774
00:51:10,855 --> 00:51:14,395
to get to 20% ownership of the remaining big...

775
00:51:14,395 --> 00:51:15,075
I don't even know if you could.

776
00:51:15,215 --> 00:51:16,375
I don't even know if you could do that.

777
00:51:16,375 --> 00:51:20,535
And while you were doing it, the price would be running away from you.

778
00:51:20,875 --> 00:51:25,135
So you'd be constantly buying at a higher and higher price all of the time

779
00:51:25,135 --> 00:51:27,575
because the scarcity effect would be going absolutely nuts.

780
00:51:27,575 --> 00:51:35,935
i i i i cannot understand where this mindset even comes from and this guy claims that his wife bought

781
00:51:35,935 --> 00:51:40,375
a bunch of bitcoin for him a few years ago and he's a big holder or his wife is at least

782
00:51:40,375 --> 00:51:47,035
were to own 20 or 30 percent it seems like there are people who actually have this intent that's

783
00:51:47,035 --> 00:51:53,355
why i'm asking yeah i think as long as it's an open global competition for to acquire bitcoin

784
00:51:53,355 --> 00:51:55,155
and anyone can participate in that

785
00:51:55,155 --> 00:51:58,315
and we don't end up in some kind of regulated nightmare,

786
00:51:58,835 --> 00:52:00,235
you know, like you can't acquire gold

787
00:52:00,235 --> 00:52:01,675
or something like in the 70s,

788
00:52:02,035 --> 00:52:05,075
I think Bitcoin would survive those kinds of shocks.

789
00:52:05,855 --> 00:52:09,955
Is Bitcoin valuable enough now where it makes sense for,

790
00:52:10,175 --> 00:52:11,895
I guess North Korea does this,

791
00:52:11,935 --> 00:52:13,215
but I was just going to generalize and say,

792
00:52:13,215 --> 00:52:16,775
like state-sponsored ways of either trying to penetrate it,

793
00:52:16,935 --> 00:52:18,595
hack it, take individual accounts.

794
00:52:18,835 --> 00:52:22,275
Like, it just seems like there's an emergent trend here of this.

795
00:52:22,275 --> 00:52:27,835
it is its beauty is that it's the simplest protocol you can build because it is focused

796
00:52:27,835 --> 00:52:33,835
on just settlement it's very easy to understand from an engineering point of view and proof of

797
00:52:33,835 --> 00:52:39,175
work is kind of a i don't know it is a brilliant it's master yeah it's a masterpiece in terms of

798
00:52:39,175 --> 00:52:44,795
like elegance and simplicity and it's very robust to i think all sorts of attacks now that doesn't

799
00:52:44,795 --> 00:52:50,415
mean that you know you can't have an attack that could cause you know rollback that's unexpected

800
00:52:50,415 --> 00:52:54,835
But I think it's extremely hard to pull off, very unlikely.

801
00:52:55,195 --> 00:53:00,475
And the internet is so super connected that it can automatically kind of respond and take action.

802
00:53:00,615 --> 00:53:09,675
I actually meant more just like, you know, states targeting accounts that have large Bitcoin holdings and trying to figure out who owns them and then just basically getting them to give them the coins.

803
00:53:10,315 --> 00:53:13,295
Yeah, those kind of state-sponsored wrench attacks.

804
00:53:13,295 --> 00:53:28,315
I think what we should do living in the West is really have strong opinions about property rights and how important they are and how foundational they are to wealth creation in the West and America.

805
00:53:28,575 --> 00:53:29,275
I completely agree with this.

806
00:53:29,275 --> 00:53:30,595
And this is our best defense.

807
00:53:30,755 --> 00:53:31,675
I completely agree with this.

808
00:53:31,915 --> 00:53:33,795
And be hyper transparent who owns the coins.

809
00:53:34,135 --> 00:53:34,315
What?

810
00:53:34,355 --> 00:53:37,475
Because then it's like you can't take away something that everybody knows you own.

811
00:53:37,655 --> 00:53:37,935
What?

812
00:53:37,935 --> 00:53:46,355
I mean, I was on board and then Chamath says, so the Salonico founder says we got to have really good property right laws.

813
00:53:46,695 --> 00:53:47,775
That's, I mean, all of it.

814
00:53:47,855 --> 00:53:48,655
Very sensible take.

815
00:53:49,055 --> 00:53:52,475
These guys have some midwit questions and he's coming in with these really sensible takes.

816
00:53:52,855 --> 00:54:00,395
But then here at the end, Chamath argues that the solution is for everyone to declare how much Bitcoin they have and be transparent about it.

817
00:54:00,495 --> 00:54:00,995
Listen to this.

818
00:54:01,235 --> 00:54:02,695
I completely agree with this.

819
00:54:02,875 --> 00:54:04,015
This is our best defense.

820
00:54:04,175 --> 00:54:05,095
I completely agree with this.

821
00:54:05,095 --> 00:54:07,235
And be hyper transparent who owns the coins.

822
00:54:07,755 --> 00:54:10,895
Because then it's like you can't take away something that everybody knows you own.

823
00:54:11,095 --> 00:54:15,075
But when you try to hide your ownership of it, more likely it's easier for somebody to take it away.

824
00:54:15,575 --> 00:54:17,115
I think privacy is a right.

825
00:54:17,215 --> 00:54:19,515
So it's somebody's right to be able to do that.

826
00:54:19,635 --> 00:54:27,495
But I think our best bet in wealth creation is actually defending these rights and defending the right of somebody to own Bitcoin if they want it.

827
00:54:27,795 --> 00:54:28,015
Yeah.

828
00:54:28,975 --> 00:54:30,595
The transparency thing is so weird.

829
00:54:30,595 --> 00:54:37,895
What we should do to protect your Bitcoin is have everyone KYC and then go put their Bitcoin on a company that reports to the IRS.

830
00:54:38,415 --> 00:54:40,555
Hide nothing, I guess.

831
00:54:40,975 --> 00:54:43,135
I mean, it was just a weird thing to inject in there.

832
00:54:43,555 --> 00:54:45,315
But J. Cal, he's still got questions.

833
00:54:45,475 --> 00:54:47,595
He doesn't understand why nobody's hacked this.

834
00:54:48,075 --> 00:54:56,875
And it's so funny, right, because they're asking these questions during this period of time when Bitcoin was hovering around a Zeta hash of compute power.

835
00:54:56,875 --> 00:55:03,875
and hit about seven days on average of a zeta hash of compute power protecting the bitcoin network

836
00:55:03,875 --> 00:55:11,255
a zeta hash of power verifying the bitcoin network constantly and jacal asks why it hasn't been hacked

837
00:55:11,255 --> 00:55:17,235
yet extraordinary that it hasn't been hacked with so much at stake maybe you could speak to it as

838
00:55:17,235 --> 00:55:24,035
just a an architect yourself and and it is it the reason it hasn't been hacked is because it's so

839
00:55:24,035 --> 00:55:29,255
simple and you know as an engineer you always strive for simplicity to achieve a certain outcome

840
00:55:29,255 --> 00:55:33,855
you can't always always achieve that solana is much more complicated because the outcome we're

841
00:55:33,855 --> 00:55:40,535
striving is hyper performance and it's just hard so like solana is much more complicated as a result

842
00:55:40,535 --> 00:55:47,195
of that but bitcoin is designed for a very simple settlement layer that is i think you know the

843
00:55:47,195 --> 00:55:51,615
coolest thing the coolest piece of software written in the last 20 years is i would say the

844
00:55:51,615 --> 00:55:56,175
Bitcoin, like Nakamoto implementation. I thought it was interesting to hear a Solana co-founder

845
00:55:56,175 --> 00:56:01,915
acknowledge the simplicity is one of its strengths and that the complexity was one of their weaknesses.

846
00:56:03,115 --> 00:56:07,635
Now we have some new details on the Fold credit card. I know this isn't totally interesting to

847
00:56:07,635 --> 00:56:11,415
everybody, but Fold, yes, the one I talk about all the time in the How You Can Help the Show

848
00:56:11,415 --> 00:56:17,555
section, has announced a few more details on their Bitcoin rewards credit card this week.

849
00:56:18,235 --> 00:56:20,035
Fold has announced they're teaming up with Stripe.

850
00:56:20,215 --> 00:56:23,315
They're issuing the infrastructure, the issuing infrastructure.

851
00:56:23,595 --> 00:56:26,975
They're teaming up with Visa, obviously, for the Global Transaction Network.

852
00:56:27,575 --> 00:56:35,075
And together, combined with Fold, you will get 2% back instantly in Bitcoin and sats on every purchase,

853
00:56:35,075 --> 00:56:40,075
up to 3.5% back in sats when tied to a Fold checking account,

854
00:56:40,275 --> 00:56:46,515
and up to 10% in sats back with major brands like Amazon, Target, Starbucks, and Uber.

855
00:56:47,375 --> 00:56:52,735
Sats back on a credit card is a fantastic way to passively stack Bitcoin.

856
00:56:52,895 --> 00:56:57,155
The reality is, and why I like these, I don't like banks.

857
00:56:57,655 --> 00:57:00,755
I don't like the fiat system, but we all have to use it.

858
00:57:00,835 --> 00:57:02,575
And we will have to use it for a long time.

859
00:57:03,175 --> 00:57:06,475
And perhaps one of the better ways, although I don't know what the hell I'm talking about,

860
00:57:06,735 --> 00:57:09,375
to interface with that fiat system is through a credit card

861
00:57:09,375 --> 00:57:12,535
because of certain consumer protections you get with a credit card.

862
00:57:12,535 --> 00:57:17,895
And so if you can earn some sats while you're using this fiat system, that's pretty powerful.

863
00:57:18,095 --> 00:57:27,115
And I've probably stacked over $2,000 in U.S. value, U.S. dollar value of sats, just in rewards on Fold and my Gemini card.

864
00:57:27,435 --> 00:57:28,695
So they have a debit card.

865
00:57:28,835 --> 00:57:37,175
And with BillPay and their gift card program, they're actually processing $3.1 billion in transactions and have distributed $83 million in Bitcoin rewards.

866
00:57:37,495 --> 00:57:39,095
So it's more than just a gimmick.

867
00:57:39,095 --> 00:57:43,175
and it shows how you can weave Bitcoin

868
00:57:43,175 --> 00:57:46,055
into some more mainstream financial rails

869
00:57:46,055 --> 00:57:48,235
so while you're still participating

870
00:57:48,235 --> 00:57:50,235
in the regular normie system,

871
00:57:50,715 --> 00:57:52,515
you can get a little Bitcoin on the back end.

872
00:57:53,195 --> 00:57:54,695
I don't know if I'll be getting one of these cards.

873
00:57:55,035 --> 00:57:56,695
I'm kind of covered in this area,

874
00:57:56,695 --> 00:57:57,955
although I might,

875
00:57:58,455 --> 00:58:00,115
but it's nice to see some details.

876
00:58:00,595 --> 00:58:02,215
This has been rolling out a little slower

877
00:58:02,215 --> 00:58:03,995
than I think a lot of Bitcoiners would like.

878
00:58:04,095 --> 00:58:05,395
I think people were hoping by now

879
00:58:05,395 --> 00:58:07,975
they could actually be getting their Fold cards.

880
00:58:07,975 --> 00:58:33,035
And in the meantime, other companies are spinning their Bitcoin reward cards up. It's a very fascinating category we're seeing here. Credit card with Bitcoin. I don't think it was obvious on its face, but now having had one for a while and like using it in anger, as you might say, on large purchases for, say, car repairs or things like that, there is a bit of sugar with your medicine.

881
00:58:33,035 --> 00:58:35,435
when I'm swiping that card for a large transaction,

882
00:58:35,955 --> 00:58:37,635
there's a bit of me that goes,

883
00:58:38,435 --> 00:58:40,535
at least I'm earning some sats.

884
00:58:41,055 --> 00:58:42,075
Seriously, it helps.

885
00:58:53,675 --> 00:58:57,375
And that brings us to the final clip of the week.

886
00:58:57,895 --> 00:58:59,315
There's been a lot of talk,

887
00:58:59,555 --> 00:59:00,635
both in the financial media

888
00:59:00,635 --> 00:59:02,835
and the Bitcoin quote unquote community,

889
00:59:03,035 --> 00:59:08,895
and the chatter online, that the Bitcoin treasury company play is out of steam.

890
00:59:09,455 --> 00:59:13,715
And with it, so has the Bitcoin price action lost its steam.

891
00:59:14,015 --> 00:59:16,915
And the whole play and trade might just all be over.

892
00:59:17,415 --> 00:59:19,795
Well, Bitwise's CIO thinks differently.

893
00:59:19,955 --> 00:59:23,035
Matt Hogan is back, and he's bullish for Q4.

894
00:59:23,395 --> 00:59:24,975
And joining us, Matt Hogan.

895
00:59:25,075 --> 00:59:27,335
He is CIO of Bitwise Asset Management.

896
00:59:27,455 --> 00:59:27,995
Matt, welcome.

897
00:59:28,515 --> 00:59:30,715
I'm going to quote Matt Hogan to Matt Hogan.

898
00:59:30,715 --> 00:59:40,675
There are now more than 180 public companies that have added Bitcoin to their balance sheet, according to Bitcoin Treasuries.net.

899
00:59:40,995 --> 00:59:42,435
That sounds like a lot.

900
00:59:43,055 --> 00:59:46,175
It's a down payment. I think that number is going up.

901
00:59:46,375 --> 00:59:52,715
You know, some of these companies are so so-called DATs, digital asset treasuries that just buy Bitcoin for their balance sheet.

902
00:59:53,215 --> 00:59:56,375
McKenzie is right that that momentum is somewhat fading.

903
00:59:56,375 --> 01:00:06,715
But on the other side of the balance sheet, you have a broader set of companies that just like individuals want to have five or 10 percent Bitcoin companies like Figma, companies like Block.

904
01:00:06,855 --> 01:00:11,675
I still think that corporate number is going to double over the next year or so.

905
01:00:11,775 --> 01:00:13,995
The amount of Bitcoin on the balance sheets are going to go up.

906
01:00:14,295 --> 01:00:21,915
And I think there's an even bigger story in ETFs where the flows, from my perspective, are set to accelerate strongly into Q4.

907
01:00:22,035 --> 01:00:24,515
So I am still feeling bullish about this market.

908
01:00:24,515 --> 01:00:29,275
I take this pullback as an opportunity and not a setback as we move into Q4.

909
01:00:40,315 --> 01:00:43,475
Let's check in on the state of the network before I get out of here.

910
01:00:43,675 --> 01:00:47,835
Wrapping up at block height 916,235.

911
01:00:47,835 --> 01:00:56,375
Bitcoin's US dollar price right now, one Bitcoin clocking in, 113,620.

912
01:00:56,815 --> 01:00:58,195
We're ticking back up again.

913
01:00:58,395 --> 01:01:01,515
That puts the US sats per dollar at 880 sats to $1.

914
01:01:02,195 --> 01:01:05,275
We're only down 8.7% from our all-time high.

915
01:01:05,395 --> 01:01:10,015
You'd think with the way Bitcoin communities are talking online, we're in a bear market.

916
01:01:10,415 --> 01:01:13,855
8.7% all-time high was 41 days ago.

917
01:01:13,955 --> 01:01:16,175
It's been a long 41 days for those folks.

918
01:01:16,175 --> 01:01:28,315
That was $124,460. That was set August 13th, 2025. I will note just before the Treasury began refilling the general account.

919
01:01:29,035 --> 01:01:32,795
Just putting that out there. Who told you about that? Your boy Chris did.

920
01:01:33,455 --> 01:01:39,175
Retarget date for the Bitcoin difficulty is August. Nope. October. October 1st.

921
01:01:39,995 --> 01:01:44,535
And the estimated difficulty change will be an upward adjustment of 7.5 percent.

922
01:01:44,535 --> 01:01:48,595
Since I started the show, a couple of more nodes have come online, it looks like.

923
01:01:48,915 --> 01:01:54,115
The reachable Bitcoin nodes now clocking in at 24,530.

924
01:01:54,875 --> 01:02:03,555
Nots coming in at 10.4% and 8.5% for the two versions, roughly around 20% with Core holding the remainder.

925
01:02:04,535 --> 01:02:09,035
Overall, it's unbelievable how powerful the Bitcoin network is.

926
01:02:09,115 --> 01:02:11,495
It continues to grow. Nodes are being added.

927
01:02:11,540 --> 01:02:14,380
in real time, miners are being added in real time,

928
01:02:14,380 --> 01:02:17,200
and users are joining the network.

929
01:02:17,200 --> 01:02:19,200
The Bitcoin network is quite strong.

930
01:02:28,220 --> 01:02:29,220
Well, if you made it this far,

931
01:02:29,220 --> 01:02:32,820
links to what I talked about at thisweekinbitcoin.show.

932
01:02:32,820 --> 01:02:35,220
My goal is to create a show that doesn't get distracted

933
01:02:35,220 --> 01:02:37,100
by the emotions around what's happening,

934
01:02:37,100 --> 01:02:39,500
but focuses right in on the signal

935
01:02:39,500 --> 01:02:40,480
that you need to know about

936
01:02:40,480 --> 01:02:46,080
So you can make the best decisions for your Bitcoin, for your future, for your family, for your business.

937
01:02:46,080 --> 01:02:48,020
So let me know how I did with a boost.

938
01:02:48,560 --> 01:02:53,900
Also, I want to remind you, I'm on the road again to Texas, going back down to Austin, Texas.

939
01:02:53,900 --> 01:02:58,360
Would love to see you there at Texas Linux Fest or at our birthday lunch, which you're invited to.

940
01:02:58,900 --> 01:03:00,300
And I'm going to miss you in the meantime.

941
01:03:00,440 --> 01:03:02,1000
I love doing this show and I love the interaction with you guys.

942
01:03:03,400 --> 01:03:10,380
So my favorite things is sitting down and getting to those boosts, responding to your questions or when you call me out or when you tell me about something or when you.

943
01:03:10,480 --> 01:03:12,480
tune in because you send me a boost

944
01:03:12,480 --> 01:03:13,440
just because you're enjoying the show.

945
01:03:13,520 --> 01:03:16,020
That stuff, I am going to miss the heck out of that.

946
01:03:16,080 --> 01:03:16,620
Out of all of it.

947
01:03:17,100 --> 01:03:18,680
I may not even be able to stay away.

948
01:03:19,420 --> 01:03:21,920
So just stay subscribed to that RSS feed.

949
01:03:22,580 --> 01:03:34,022
And when I do release something even if it just a little shorty to get you up to date you have it But I will leave you with a value for value track If you boost during this song 95 of your sats go to the artist

950
01:03:34,282 --> 01:03:36,662
It's really, really pretty neat.

951
01:03:37,002 --> 01:03:41,722
And this week, I am leaving you with Better Days by Billy Lee Riff.

952
01:03:52,902 --> 01:03:55,402
Strawberry moon mixed with strawberry daiquiris

953
01:03:55,402 --> 01:03:57,422
No love actually, cause summer's here

954
01:03:57,422 --> 01:03:59,342
Rapidly approaching, no coasting

955
01:03:59,342 --> 01:04:00,562
We're underneath the canopy

956
01:04:00,562 --> 01:04:03,222
That's rounds for the table like a John Wick fantasy

957
01:04:03,222 --> 01:04:05,062
I plan to be kicking with the guys

958
01:04:05,062 --> 01:04:06,722
Till the moretti barrels dry up

959
01:04:06,722 --> 01:04:09,322
Weather like goodbye, early morning sunny side up

960
01:04:09,322 --> 01:04:12,022
Shaking off the cobwebs, gonna get the barbie fired up

961
01:04:12,022 --> 01:04:14,402
Gaston solves the weather cause we're finally here together

962
01:04:14,402 --> 01:04:15,762
Sharing more than just a picture

963
01:04:15,762 --> 01:04:18,242
And a pre-roll zoo, we'll stick to Lemp next year

964
01:04:18,242 --> 01:04:19,522
For now it lightens the mood

965
01:04:19,522 --> 01:04:22,342
Pair with these UV rays, wearing BANs

966
01:04:22,342 --> 01:04:24,962
I'm throwing zero shade with these protective lens

967
01:04:24,962 --> 01:04:27,442
Let me your ears for just a second or a 16

968
01:04:27,442 --> 01:04:30,382
Preaching from the chapel of summer, call it a 16

969
01:04:30,382 --> 01:04:32,302
And that's some gospel that we're all backing

970
01:04:32,302 --> 01:04:35,782
No lacking, keeping it moving till the sun packs it in

971
01:04:35,782 --> 01:04:37,722
Better days, summer haze

972
01:04:37,722 --> 01:04:50,344
Chase another one back with you Yeah the world will spin but we stay in place Got nothing else we need to do Better days summer haze chase another one back with you

973
01:04:51,024 --> 01:04:54,284
Yeah, the world still spins, the world will spin.

974
01:04:55,324 --> 01:04:59,904
Taking it easy, taking our time.

975
01:05:00,824 --> 01:05:05,044
Wasting the daylight, watch it turn into night.

976
01:05:05,044 --> 01:05:10,524
Running on Sarantone and feels like cloud nine

977
01:05:10,524 --> 01:05:15,944
Taking it easy, one step at a time

978
01:05:15,944 --> 01:05:19,464
Taking it easy, I ain't trying to appease the masses

979
01:05:19,464 --> 01:05:22,964
Let's put it to bed like a mattress and raise a chalice for them, one's worth having

980
01:05:22,964 --> 01:05:25,764
Want a better day, summer shade, vodka with the citrus

981
01:05:25,764 --> 01:05:28,704
Talking lemonade, sharing every golden hour escapade

982
01:05:28,704 --> 01:05:30,864
It's something like a sweet escape, these summers are short

983
01:05:30,864 --> 01:05:33,684
Taking a tour of SW4 with me and more

984
01:05:33,684 --> 01:05:36,024
More or less this is my PSA to live a lot

985
01:05:36,024 --> 01:05:38,124
Cause summer's where the best of days are always made

986
01:05:38,124 --> 01:05:39,484
Now Joe go let that tenor play

987
01:06:03,684 --> 01:06:25,607
music music guitar solo

988
01:06:25,627 --> 01:06:31,687
with you. Yeah, the world will spin, but we'll stay in place. Got nothing else we need to do.

989
01:06:32,887 --> 01:06:39,127
Better days, summer haze, chasing all the world back with you. Yeah, the world still spins,

990
01:06:39,227 --> 01:06:49,107
the world will spin. Taking it easy, taking our time, wasting the daylight,

991
01:06:49,107 --> 01:06:51,607
I keep turning tonight

992
01:06:51,607 --> 01:06:55,207
Running on serotonin

993
01:06:55,207 --> 01:06:57,087
Feels like cloud nine

994
01:06:57,087 --> 01:06:59,747
Taking it easy

995
01:06:59,747 --> 01:07:02,587
One step at a time