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Bitcoin's an expression in this view that you want to invest in an asset without.

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Counterparty risk, which means you don't want to be counterparty to a country,

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a currency, a city, a company,

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a commodity, or a culture, right?

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So people think it's a risky thing.

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It's all about people wanting to not take risk.

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They don't want to guess whether Picassos or real estate in New York or Nvidia

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stock will be higher in 10 years.

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They want to buy money. They want to buy 1 21 millionth of all the money in the world forever.

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Music.

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Welcome in to 26 of this week in Bitcoin.

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My name is Chris. You know, I'm recording this on September 11th,

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2024, notable date for multiple reasons. But for Bitcoiners,

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it was this day, seven years ago, that Jamie Dimon said, quote,

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I'd fire anyone caught trading Bitcoin.

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And with some irony today, in 2024, JP Morgan is the broker for BlackRock's

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Bitcoin ETF, which is the most successful ETF launch in history.

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And now he's making money on Bitcoin.

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But let's start with macro this week because we are kind of in this phantom zone right now.

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It's how bad are things? And everybody's trying to play the game of gauging

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just how screwed we are so that way they can roughly guess how much of a cut

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to the rates the Fed is going to make next week.

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Next week may be the most historic week for the market for as long as this show has been running.

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But this week is where we start to see things line up. And we got data that

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37% of small businesses have seen their earnings drop over the last three months,

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which is the highest drop we've seen in 14 years.

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It's even weaker than the 35% drop we saw during the beginning of the lockdowns in 2020.

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You combine nearly a 40% drop in earnings.

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An increase in inflation because the inflation report came out and it's ticked up again.

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Consumer prices rose last month while the annual inflation rate hit its lowest

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level since February 2021.

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The consumer price index rose to tenths of a percent in August, same increase as July.

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Now the 12-month inflation rate now sits at 2.5 percent.

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Core inflation was up mostly due to a jump in housing prices.

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You know, just 2.5%. What's the big deal, right?

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What's the big deal? It's just 2.5% silently stealing your money,

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compounded. But you heard what she said in there.

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Housing, or as they put it, the shelter index, which has risen 5.2% since August

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of 2023, which now by their own bogus numbers accounts for more than 70% of their bogus CPI number.

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But what the signal is that I find in there is that homes have not come down

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like everybody expected.

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Now, in some areas of the market, we're definitely seeing some drops.

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But I think a lot of millennials and younger were hoping for a lot bigger drops.

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And I think people that are older than millennials were hoping for a lot smaller

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drops, and it seems they've gotten their way. And I think we have to ask ourselves,

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why are housing prices so sticky?

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Why does it seem so unfixable? And why has it only been getting worse?

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Well, I would propose to you it's because the home is the only viable store

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of value for the middle class.

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And we're seeing that play out, even as recessions roll across our economy right now.

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The fundamental issue is our money is broken.

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You see, the people should be able to store their value in the money they use.

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But they can't. The U.S. dollar has lost 25% of its purchasing power since the pandemic.

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25% just since the pandemic. In other words, if you held on to cash without

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getting any kind of interest on it, if you just held on to your cash,

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you lost one-fourth of its value in just a few years.

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So the people are forced to gamble.

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They're forced to invest to protect their savings and their future purchasing power.

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So 21% of the middle class, according to the Federal Reserve,

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now directly own stocks.

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If you include retirement plans where they don't actively participate,

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that number actually goes up as high as 60%. It kind of fluctuates down to 56%

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depending on the market.

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But somewhere between 56% to 61% of Americans are investing in the stock market,

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according to Gallup and US Fact.

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Of course, if you look at the wealthiest 1%, they own over half the stock market,

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if you expand it to the top 10%, the group, that group, the top 10% earners,

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they hold 87% of the stocks.

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So it's not a great deal for the people, for the middle class.

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And I think if you look at recent immigration and if you look at people below

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the middle class, they can't invest in the stock market.

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And they probably know it's rigged. They can probably sense it somehow that

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it's rigged against them. The system is rigged against them.

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And if they're not privileged enough to work at an employer that will hire some

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Wall Street firm to manage a retirement package for them, they can't participate.

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So the only choice they have to protect their buying power is a home.

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And that's getting harder and harder, depending on where you're at in the economic ladder.

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In some cases, if you're not already in the market, you're never going to get

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in. Or if you don't get it through inheritance, you're never going to get in.

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And, you know, the standard, you know, run-of-the-mill, average Joe economist,

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they just can't figure it out.

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Let's hone in on the shelter component of August's CPI data,

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the index rising half of a percent, the Bureau of Labor Statistics,

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attributing it as the main factor in the items that we did see increase.

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Joining us now, we want to bring

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in Brian Rose. He's UBS Global Wealth Management's senior U.S. economist.

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And Brian, let's just start there. When it comes to the stickiness of housing,

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how long it's going to be an issue, how big of a drag this will likely be in

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reports to come, what do you think?

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Yeah, this is actually quite mysterious how things

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like OER are are accelerating now so

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the actual data on leases

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you know we have this high frequency data showing when people are signing new

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leases what their rents are that peaked out you know almost two years ago and

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to see the oer accelerating at this point is very strange very difficult to

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explain there's a lot of nuances and unusual things.

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You know, it's so funny when they look at it through the standard lens,

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they just can't explain it.

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But when you look at it through the Bitcoin lens, it all just makes sense. It's obvious.

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It's hard to buy a house right now. But the home has become the quintessential

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store of value for everyday Americans, for those that can get into the market,

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or were in the market years ago.

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The value of the home is too big to fail.

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And not all cultures do this. I read like Germans, for example,

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they have a tendency towards renting, partly due to historic reasons,

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partly due to political reasons and the way laws and regulations are set up.

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But as a result, the middle class in Germany often invest in other assets like

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stocks or bonds or savings accounts rather than relying on their home for wealth accumulation.

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I read it's also common with the Swiss. The Swiss middle class diversifies their

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investments, focusing on other asset classes besides real estate.

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So the house doesn't have to be this one giant store of value because the money's

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broken and the stock market's rigged.

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The problem is, I think the Swiss and the Germans are onto something.

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I think housing is a shit coin.

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As somebody who's owned a place for like 15 years, you have no control over

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what happens around your home.

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The area around my home is notably less nice than it was when I bought it.

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The fees to maintain the asset are ridiculous and never ending.

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And some of them are incredibly expensive.

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I'm always getting taxed for the land, regardless of how much of the asset I own outright or not.

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The liquidity in this thing sucks, takes forever to get my money out.

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I'd probably have to do a whole bunch of crap up front to get that money.

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And the transaction costs are astronomical once I do sell it.

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Not to mention there's environmental risks here. I'm in a particular area with a lot of wind.

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There's security risks as the areas around me have been managed less and less competently.

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And the insurance costs are getting astronomical year by year.

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On average, they're up over 300% since the 90s. They're about 6% or more a year.

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They've gone up since I've lived here.

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Now, I'm in the house right now. It has a lot of utility. I'm not saying it

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doesn't have utility. I'm not saying houses are good.

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I think houses are great, but I don't think they should be a store of generational wealth.

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We're using them for the wrong thing.

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And a politician is never going to fix this for you. And if you've got a politician

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who's been in office for 11 years and is promising to solve things that they

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should have solved a long time ago, that's probably not going to do it.

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You might think you're never going to be able to afford buying a home,

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and you're not alone in that.

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A new poll shows that 86% of renters in the United States want to buy a home but can't afford one.

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It doesn't have to be this way. I have a bill that would build 3 million new

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housing units and lower the cost of housing, all paid for by taxing the ultra-wealthy.

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Oh, there you go. I'm fighting to get this done. Yeah, fight, Liz.

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That's Elizabeth Warren, if you didn't know. So she's going to tax the wealthy

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and she's going to build 3 million quote housing units. I don't know.

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Those are probably boxes somewhere.

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How does this work? Because it's not just housing that's a problem.

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In fact, if you look into the CPI print, food is still extremely hot.

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Eggs are up 28.1% year over year. Even by their weak-ass bad number measurements,

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their bogus lowball numbers say eggs are up 28.1%.

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So what are you going to do, Liz?

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Are you going to tax the rich to pay for more chickens and more farmers too?

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What about car insurance?

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What about transportation inflation in general? What about rent inflation?

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How are you going to fix all of these things just by taxing?

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You can fix one problem, inventory.

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But at the same time, monetary policy is getting looser. So we're going to have

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more dollars chasing that inventory.

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And then you combine that with consumer credit card debt at historic highs,

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which we talked about before.

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It just doesn't seem like taxing is going to solve the problem.

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At some point, we have to start talking about less spending.

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Not more taxes. Like we just keep talking about, well, we'll just tax our way out of it.

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That's not going to work. It's not one problem. It is a systemic problem.

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It goes all the way down to the fact that Americans don't have a good place

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to store their money, which, as you're probably guessing, is exactly where Bitcoin comes in.

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So let's get it back to Bitcoin. Let's do a little health check here.

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Music.

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I think one way to kind of ground this discussion would be, let's look at the

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iPhone 16 that was announced this week.

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If you bought the iPhone in Bitcoin in 2011, the iPhone 4S would cost you 162 Bitcoin.

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In 2012, the iPhone 5 would cost you 52 Bitcoin.

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Jumping ahead a bit, the iPhone 13 would cost you 0.018 Bitcoin.

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The iPhone 15, 0.031 Bitcoin.

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And the iPhone 16 this year, 0.014 Bitcoin. In 2011, it was 162 Bitcoin.

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And now in 2024, it's much less than one Bitcoin, 0.014 Bitcoin.

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That means the iPhone's gotten substantially cheaper in terms of Bitcoin over the years.

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Now let's talk about River because I think they're a great company.

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You hear me talk about them all the way. It's one of the ways I recommend you stack sats.

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They released a banger of a study this week that I'll have linked in the show notes.

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And in this study, they show that Apple's treasury lost $15 billion in the last

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decade by playing it safe, I guess, quote unquote safe.

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And they stored that in cash and maybe some bonds, right? But they stored it

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in a way that neglected long-term effects of inflation.

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And I've always wondered, because we've always heard about this massive cash

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pile that Apple's sitting on.

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And I thought, well, they must be clever enough with that much money.

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They must be smart enough to know that it's a melting ice cube.

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No, they've lost 15 billion in purchasing power.

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And it's unlikely that Apple's going to see the heirs of their ways.

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They've got plenty of money. So they're probably not going to diversify into

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Bitcoin, although they should, and you could, and your business can.

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But River's report shows that businesses are doing just that.

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And they think it's going to happen a lot more at scale.

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They have a case study of seven different businesses that are using Bitcoin.

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They actually showcase eight, but they have case studies for seven.

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And they touch on the businesses that are already owning Bitcoin,

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which add up to 3.3% of Bitcoin's total supply.

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So it's around 683,320 Bitcoin as of August 18th, 2024, that are owned by businesses, River reports.

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And they say that a number of publicly traded companies are holding Bitcoin,

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and that number has grown pretty substantially by 40% from September of 23 to August of 24.

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Also, they estimate that businesses' Bitcoin holdings are going to grow at a

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rate of around 204 to 519 Bitcoin per day until at least the year 2026. Wow.

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And also notable, they're not buying the ETFs, at least not much,

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despite the introduction of the Bitcoin ETFs. River reports that nearly all

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businesses are holding real Bitcoin, so they don't get designated as a,

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quote, investment company.

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They want the actual Bitcoin.

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And they also note that while Bitcoin's primary business use case in these case

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studies is treasury holding, not too surprising, store of value is pretty important

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right now, very important right now.

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Now, River also details three areas where Bitcoin can serve as payment solutions

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for cross-border payments or they're paying staff and wages.

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They also have some examples of commerce payments in Bitcoin that have been

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growing in recent years.

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It's a really interesting report, even if you just read the first page or so.

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It's a PDF that I'll have linked in the show notes. River did great work on this.

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I want to bust some FUD and I'm going to ask for your advice on this here in

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a bit but this is a story that's been going around in print since July it was

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started by Time Magazine,

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and before I play this clip I want to make it clear that there must be something

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wrong people are clearly suffering and I take no pleasure in that I feel very

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bad for these people and I hope that they get to some sort of resolution.

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I don't know if I agree with what they say the cause is, but we'll see if you agree.

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According to, this is an NBC report, there is a Texas town, Granbury,

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Texas, and they say the Bitcoin miner there, run by Marathon Mining, is making them all sick.

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My daughter had a seizure on the 4th of July.

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In the small town of Granbury, Texas. Our grandson was one of them.

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He started having fluid leak out of his ears, had four ear infections in four months.

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People reported they were getting sick. I was walking to my barn and it felt

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like I got hit in the chest by a baseball.

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These claims are massive, right? Seizures, fluids leaking from the ears,

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three-time over ear infections, getting hit in the chest by like a baseball.

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Where my kind of red flag immediately starts is I just try to picture NBC with

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this report with any other industry.

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A steel mill, a sawmill, you know, a concrete factory.

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I mean, I don't care. a chair factory, a vacuum repair shop,

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construction on a nearby building that's loud.

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The fact that these actually, one of the things you can hear in the background

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is these folks live right next to a freeway.

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They live right next to the freeway, for example. You wouldn't hear this report

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about the freeway, although road noise is a massive problem.

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I live near a train most of the time, and it is obnoxious.

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But you'll never see the mainstream media attack any industry except for Bitcoin like this.

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And even though they know it's a Bitcoin mine, they'll use terms like crypto

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and all that just to kind of use charged words to kind of prime you to think

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of this story in a certain particular light.

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And then they focus on people that

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seem to be particularly abused by the situation, whatever is going on.

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Deanna Lakey, a nurse, says she ended up being the patient. And then I started becoming sick.

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She's crying now. I just felt like that I was going to die.

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Then at a town meeting where she heard other people blame a nearby Bitcoin mine

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for their illnesses. Aha, she said, a Bitcoin mine.

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It clicked. We live very close to the Bitcoin farm and we are definitely subject

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to the sounds that are going on 24 hours a day.

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Now, all kinds of heavy industry operate in Texas.

255
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There's been all kinds of actual environmental pollutants that have been leaked.

256
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Into the air, into the water, into the ground. But Bitcoin mining,

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00:17:17,914 --> 00:17:22,854
and it's clearly the, I guess the implication is it's the sound of the Bitcoin mine.

258
00:17:22,994 --> 00:17:27,834
And we are definitely subject to the sounds that are going on 24 hours a day.

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00:17:29,774 --> 00:17:33,854
Marathon Digital owns and operates this Bitcoin mine here in Granbury.

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A massive network of fans cooling off thousands of computers,

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creating cryptocurrency.

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And how loud is this noise? Describe it to me. So it's like sleeping with a

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00:17:43,794 --> 00:17:44,914
vacuum cleaner on your bed.

264
00:17:45,434 --> 00:17:50,554
Cheryl Shadden lives across the street. This is the noise at my barn,

265
00:17:50,714 --> 00:17:53,294
which is just a couple hundred yards away from my house.

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And believes the noise is making her sick.

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So she's putting up signs that say Bitcoin sucks, no Bitcoin here,

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stop the Bitcoin noise pollution.

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She's putting up signs all over the road. My ears buzz 24-7.

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I've got headaches, I've got dizziness.

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Residents say it's even affecting the animals.

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I had a dog that last year, she was ripping her fur out.

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While there's no direct evidence linking the crypto mine to these ailments, Dr.

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Michael Osborne, a researcher and doctor at Massachusetts General Hospital,

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says there is research showing there could be a correlation between persistent

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noise and health impacts.

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It's certainly possible and plausible that long-term exposure to these sort

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of stressful insults could lead to adverse health consequences.

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00:18:42,934 --> 00:18:47,014
So, of course, right, being exposed to a lot of noise is rough.

280
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I mean, I live half a mile away from a freeway or more, and I can still hear

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the freeway constantly.

282
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There's never a moment where I can't hear the freeway, and that sucks.

283
00:18:54,754 --> 00:18:56,234
That's one of the reasons I like to go out into the woods.

284
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And then there's a train in there. I mean, I get it. It's definitely possible.

285
00:19:01,463 --> 00:19:04,463
What's not really fairly described in this interview is, like,

286
00:19:04,503 --> 00:19:07,003
the video they play where it's really loud a few moments ago.

287
00:19:07,703 --> 00:19:11,903
That's from a while ago. That's from many months ago. The original complaints,

288
00:19:12,023 --> 00:19:14,363
like the town hall meeting, that's from, like, the beginning of the year.

289
00:19:14,663 --> 00:19:17,883
They talk about it like Marathon hasn't addressed any of the complaints.

290
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They'll get into it a little bit here. They're about to get into some of that, and I'll expand on that.

291
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But when I hear this, I think there's probably a real issue here,

292
00:19:27,203 --> 00:19:28,923
a business set up real quick.

293
00:19:29,503 --> 00:19:32,243
They deployed really fast. They're moving at breakneck speed,

294
00:19:32,443 --> 00:19:36,803
and there's a lot of cooling involved, and those things can get really loud,

295
00:19:36,883 --> 00:19:40,483
and they didn't properly account for the people living around.

296
00:19:40,843 --> 00:19:44,003
They made mistakes. You know, there's probably some of the people that are running

297
00:19:44,003 --> 00:19:47,623
this project aren't from the area. They don't live in the area.

298
00:19:47,723 --> 00:19:48,703
They probably live far away.

299
00:19:49,143 --> 00:19:51,583
They're very remote. They don't quite have that kind of connection.

300
00:19:52,363 --> 00:19:55,723
These are all gaps that businesses can have, especially young businesses that

301
00:19:55,723 --> 00:20:00,303
are moving very fast. What we have to kind of judge them on is how they respond.

302
00:20:00,843 --> 00:20:05,723
A clinical audiologist in Granbury says more patients are seeking his help.

303
00:20:05,943 --> 00:20:11,643
This summer, we've probably seen a significant increase of 100 to 150 percent,

304
00:20:11,783 --> 00:20:16,503
probably more patients complaining about noise exposure.

305
00:20:16,903 --> 00:20:19,983
Six tenths, I measured it. During our recent visit to Granbury,

306
00:20:20,203 --> 00:20:21,823
we checked out the noise for ourselves.

307
00:20:22,123 --> 00:20:25,883
Still audible, but lower than what residents say they're used to.

308
00:20:26,143 --> 00:20:28,243
We're still getting readings up close to 70.

309
00:20:28,683 --> 00:20:31,683
You know, so for those of you that don't know, 70 decibels is loud,

310
00:20:31,803 --> 00:20:35,243
but your freeway, if you're near a freeway, it's going to be 80 decibels.

311
00:20:35,243 --> 00:20:40,123
And he's next to what they call over there a frontage road, which is then next to a freeway.

312
00:20:40,603 --> 00:20:43,903
And the frontage road, if somebody drives over that, it'll be 80,

313
00:20:43,943 --> 00:20:47,083
90 decibels if you're standing right next to the road, which is where he's measuring it.

314
00:20:47,987 --> 00:20:51,927
So 70 decibels sounds like a lot, but if you put a decibel meter up to the speaker

315
00:20:51,927 --> 00:20:55,707
as I'm speaking, you'd see, you know, this is probably 60, 65 decibels,

316
00:20:55,707 --> 00:20:57,267
depending on what volume level you have it at.

317
00:20:57,727 --> 00:21:01,167
So just, you know, in perspective here, yeah, that sounds loud,

318
00:21:01,367 --> 00:21:04,207
but if you're next to a road, the standard sound, I looked it up,

319
00:21:04,307 --> 00:21:07,267
yeah, 70 to 80 decibels would be totally normal, maybe 90 even.

320
00:21:08,207 --> 00:21:11,827
Members of the community are demanding that Marathon turn down the volume.

321
00:21:12,187 --> 00:21:17,607
In a statement to NBC News, Marathon said it holds itself to the highest health and safety standards.

322
00:21:18,427 --> 00:21:22,687
Marathon saying they recently broke ground on a sound wall and are expecting

323
00:21:22,687 --> 00:21:27,787
to transition 50% of the mine to quieter cooling technologies by the end of the year.

324
00:21:28,587 --> 00:21:32,347
The company also says it's investing millions of dollars to reduce the perceived

325
00:21:32,347 --> 00:21:33,447
loudness of the facility.

326
00:21:33,667 --> 00:21:38,487
As a result, all levels measured around the facility are well below state and

327
00:21:38,487 --> 00:21:39,907
county law sound limits.

328
00:21:40,067 --> 00:21:44,547
There is no established link, medical or otherwise, between Marathon's operations

329
00:21:44,547 --> 00:21:46,967
and the ailments that are being alleged. pledged.

330
00:21:47,387 --> 00:21:52,367
Back of the Lakeys, they say their dream home has turned into a nightmare.

331
00:21:52,747 --> 00:21:57,467
We are not complaining. We are not fighting it. We are asking for help to save our lives.

332
00:21:58,127 --> 00:22:02,587
Won't someone save their lives? I mean, clearly they're looking for a settlement.

333
00:22:02,807 --> 00:22:06,227
So yeah, Granbury, Texas, which got misspelled in its filings.

334
00:22:06,367 --> 00:22:10,247
So it's spelled G-R-A-N-B-U-R-Y, not B-E-E-R-Y.

335
00:22:10,847 --> 00:22:16,067
Granbury, Texas, as of the 2020 census, had a population of around 11,000.

336
00:22:16,607 --> 00:22:21,007
It's about 17 square miles across. The town's known for being the final resting

337
00:22:21,007 --> 00:22:22,647
place, I guess, of Jesse James.

338
00:22:22,947 --> 00:22:26,947
And I guess John Wilkes Booth also lived there after President Abraham Lincoln's assassination.

339
00:22:27,647 --> 00:22:32,247
But in 2013, the town was devastated by a tornado. And things have been rough.

340
00:22:32,807 --> 00:22:37,207
Six deaths were confirmed. 100 homes were badly damaged. Many more people hurt.

341
00:22:37,347 --> 00:22:40,547
Nearly, I think, 50 people had serious injuries.

342
00:22:41,247 --> 00:22:46,267
So the town was in kind of a rough patch. and Marathon came in and created a

343
00:22:46,267 --> 00:22:47,807
good business and offered good jobs.

344
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Finally boiled over in July when Time Magazine kicked off a wider reporting

345
00:22:52,347 --> 00:22:53,347
about the noise complaints.

346
00:22:54,167 --> 00:22:59,827
Since July, when Time Magazine had that report, Marathon has been extremely accommodating.

347
00:22:59,867 --> 00:23:02,447
I went through and I did a little research to find out what they've been doing

348
00:23:02,447 --> 00:23:03,267
to address these complaints.

349
00:23:04,627 --> 00:23:07,227
So they took some obvious steps here. They figured out, hey,

350
00:23:07,247 --> 00:23:10,667
there's some fans that we're not using that face the road. We can turn those off.

351
00:23:11,027 --> 00:23:13,967
So most data to senders, they just leave all the fans going for maximum cooling.

352
00:23:14,067 --> 00:23:16,927
They decided we can take these fans and we can idle them.

353
00:23:17,587 --> 00:23:20,807
They've also been building out, as you heard in the report, a large sound wall,

354
00:23:20,847 --> 00:23:21,847
which they've made progress on.

355
00:23:22,407 --> 00:23:26,127
They've hired a local community liaison to speak with...

356
00:23:27,273 --> 00:23:32,093
Whoever that city council folks were. And they've moved 20% of their existing

357
00:23:32,093 --> 00:23:33,553
systems now to immersion cooling.

358
00:23:33,753 --> 00:23:37,373
And then they've turned off the corresponding fans for those systems.

359
00:23:37,993 --> 00:23:40,873
And that's work that they've done. Now what they're doing, because they're doing

360
00:23:40,873 --> 00:23:44,573
this in like a multi-phase, they have a website up where they have big green

361
00:23:44,573 --> 00:23:47,033
check boxes next to the parts of the phases they've completed.

362
00:23:47,593 --> 00:23:50,853
Where anybody that lives in Granbury can go check it out.

363
00:23:50,853 --> 00:23:54,633
And the next like longer term stuff is they're going to you heard the report

364
00:23:54,633 --> 00:23:58,333
they're going to move 50 of their load to immersion cooling and deactivate the

365
00:23:58,333 --> 00:23:59,353
corresponding cooling containers,

366
00:23:59,853 --> 00:24:04,093
they're installing trees and landscaping to help cut down the noise and sort

367
00:24:04,093 --> 00:24:08,993
of building up more wall and they've put up decibel meters all over the property

368
00:24:08,993 --> 00:24:10,833
to try to measure their sound level,

369
00:24:11,553 --> 00:24:16,373
that seems very accommodative you know when i i i don't know if they're causing

370
00:24:16,373 --> 00:24:21,413
earaches and and things seeping from people's ears and causing seizures and

371
00:24:21,413 --> 00:24:24,813
somehow like sound balls that are hitting people in the chest.

372
00:24:25,653 --> 00:24:30,493
I start to suspect something else is going on, but it's good to see Marathon respond to this.

373
00:24:31,093 --> 00:24:35,693
I just, the whole thing has kind of left a weird taste in my mouth.

374
00:24:35,753 --> 00:24:36,693
So I have a question for you.

375
00:24:38,873 --> 00:24:42,193
Boosted and tell me, should I be doing this FUD busting? I look at this and I, is it helpful?

376
00:24:42,713 --> 00:24:45,753
You know, I think maybe for the new listener, somebody new to Bitcoin,

377
00:24:45,753 --> 00:24:50,273
Maybe it's good to have answers about these doubts that gets pushed over and

378
00:24:50,273 --> 00:24:51,253
over again about Bitcoin.

379
00:24:51,413 --> 00:24:54,713
And obviously, some of it slows Bitcoin adoption.

380
00:24:54,893 --> 00:24:58,713
And my goal is to help resolve questions people have about that.

381
00:24:58,793 --> 00:25:02,233
But am I preaching to the audience to seasoned Bitcoiners here?

382
00:25:02,353 --> 00:25:03,713
Are we solving problems?

383
00:25:04,593 --> 00:25:09,813
I don't know, because for me, I find this both frustrating, but yet if there's

384
00:25:09,813 --> 00:25:13,753
a part of me that feels necessary to address it, like it's necessary to address it.

385
00:25:14,213 --> 00:25:17,053
So I guess I'm putting the question out to you what should the future of FUD

386
00:25:17,053 --> 00:25:21,413
busting be in this week in Bitcoin boost in and let me know I'll let you decide.

387
00:25:22,640 --> 00:25:32,080
Music.

388
00:25:31,990 --> 00:25:36,470
Boos. Mikey Saylor had a fantastic moment on CNBC. I've cut down for you.

389
00:25:36,830 --> 00:25:43,370
Some project updates, a little newbie corner, and then a final clip of the week as we round things out.

390
00:25:43,510 --> 00:25:47,270
So if you are stacking those stats, please use my affiliate code to River.

391
00:25:47,730 --> 00:25:51,050
I love River because A, they're a Bitcoin only company. They built their own

392
00:25:51,050 --> 00:25:54,350
infrastructure and they let you withdraw over lightning, which helps with privacy.

393
00:25:55,130 --> 00:25:58,430
And I think while you stack your stats on there, you can feel pretty confident they're safe.

394
00:25:59,010 --> 00:26:02,390
So I have a link to my, it's just an affiliate deal. They didn't ask me to say

395
00:26:02,390 --> 00:26:05,130
this. I just like them. And I put an affiliate link in the show notes.

396
00:26:05,890 --> 00:26:09,750
And then if you're going to spend your Bitcoin, I think the Bitcoin company

397
00:26:09,750 --> 00:26:12,310
is the way to go. I got a link to that too. The bitcoincompany.com.

398
00:26:12,370 --> 00:26:13,390
You can use my code Jupiter.

399
00:26:14,110 --> 00:26:17,750
You get some stats back. I get some stats back, which is nice because then you

400
00:26:17,750 --> 00:26:19,970
can go buy a gift card. Those gift cards give you stats back.

401
00:26:20,070 --> 00:26:23,470
It's a great way to take your balance on lightning and go get yourself something

402
00:26:23,470 --> 00:26:27,350
real quick, real nice. It shows you the power of Sats and Lightning,

403
00:26:27,430 --> 00:26:30,990
too, the way you can convert into those different currencies and systems so fast.

404
00:26:31,910 --> 00:26:36,650
I love it. The Bitcoin Company and River, a couple of great companies in this ecosystem.

405
00:26:37,490 --> 00:26:40,810
I'm proud to link to them as affiliates. You'll find links to that in the show notes.

406
00:26:43,130 --> 00:26:47,110
All right. Now let's move right into the boost, although the song was really

407
00:26:47,110 --> 00:26:49,210
just about to get good. I kind of wanted to keep going.

408
00:26:50,210 --> 00:26:53,650
But we have some boosts to talk about today. And we've got some great boosts.

409
00:26:53,650 --> 00:26:58,370
And our first one comes in from SatSquanch, and he's our baller booster this week.

410
00:26:58,450 --> 00:27:02,570
He's coming in with 136,000 sats.

411
00:27:06,190 --> 00:27:10,350
So excited. I'm bumping my mic. I'm all over the place. Such a great one.

412
00:27:10,870 --> 00:27:16,430
This is a group donation from the Thousand Oaks Meetup. Hey, that's awesome.

413
00:27:16,670 --> 00:27:20,530
We value your time and your efforts. We want to hear more about using liquid and Bitcoin.

414
00:27:20,890 --> 00:27:25,250
All right. Right. Well, that's coming up in the show in just a little bit. Satsquanch.

415
00:27:25,890 --> 00:27:30,330
Also, he says, what is the best tutorial for using Aqua or other wallets with

416
00:27:30,330 --> 00:27:33,530
Bitcoin and liquid to Bitcoin to cold storage? Love the show.

417
00:27:34,270 --> 00:27:37,390
You know, there's not a lot of tutorials using Aqua.

418
00:27:37,530 --> 00:27:41,710
BTC Sessions may have done one. Aqua is really aiming at, as they say,

419
00:27:41,790 --> 00:27:43,690
being a Bitcoin wallet your grandmother could use.

420
00:27:45,296 --> 00:27:47,976
A guide, I'll look and link to one on the show notes if I have one.

421
00:27:48,036 --> 00:27:50,296
I am going to touch on it more, though, so you might not need one,

422
00:27:50,356 --> 00:27:52,776
because I'm going to touch on it a little bit in the show when we get to Newbie Corner.

423
00:27:53,756 --> 00:27:58,836
Rotted Mood comes in with 40,000 sats. I hoard that which you're kind covet.

424
00:27:59,096 --> 00:28:02,176
He says, thanks for answering the question about hardware wallets. Appreciate it.

425
00:28:02,536 --> 00:28:05,536
I was wanting to stay with Albie Hub as well as use a hardware wallet to store

426
00:28:05,536 --> 00:28:07,236
some savings. I'll look into a cold card.

427
00:28:07,956 --> 00:28:11,556
Something without battery is what I would want, too. Yes, without battery.

428
00:28:12,036 --> 00:28:17,756
So think about your Bitcoin lightning stash. Think about it in three levels

429
00:28:17,756 --> 00:28:19,996
of stash. You want three levels of stash.

430
00:28:20,296 --> 00:28:24,156
You want your spending wallet, which has a small amount of your sats in there.

431
00:28:24,356 --> 00:28:28,156
You want your consolidation wallet. That's the wallet that provides you liquidity

432
00:28:28,156 --> 00:28:31,936
where you can either move sats into your cold storage or you can move sats into

433
00:28:31,936 --> 00:28:33,396
lightning. I keep that in liquid.

434
00:28:33,796 --> 00:28:37,556
So first wallet is my hot wallet. That's my spending sats.

435
00:28:38,636 --> 00:28:42,976
My second level stash is my liquid wallet. That's where I keep my liquidity.

436
00:28:43,336 --> 00:28:47,176
That's, you know, there's a little bit more in there. And then my third level

437
00:28:47,176 --> 00:28:49,896
stash is my cold card. That's the life savings.

438
00:28:50,176 --> 00:28:52,076
That's the stuff I'm never spending.

439
00:28:52,636 --> 00:28:54,736
And that's the stuff that I don't

440
00:28:54,736 --> 00:28:58,156
want to keep online. That's the stuff I secure with a hardware wallet.

441
00:28:58,476 --> 00:29:01,336
So I hope that kind of makes sense, Rotted Mood. Thank you for the boost.

442
00:29:01,716 --> 00:29:06,936
Pitar comes in with a fantastic 20,000 sats. Things are looking up for old McDuck.

443
00:29:07,456 --> 00:29:10,636
Socially unacceptable is my middle name. name loving

444
00:29:10,636 --> 00:29:13,796
the old show plan b vibe keep it going chris thank

445
00:29:13,796 --> 00:29:16,476
you yeah i uh i had to uh take the

446
00:29:16,476 --> 00:29:19,276
old plan b song it just was so perfect i every

447
00:29:19,276 --> 00:29:25,136
now that i i find i come across a plan b episode on youtube what a what a wild

448
00:29:25,136 --> 00:29:28,676
ride that was the fun thing i did about those youtube videos is i put the price

449
00:29:28,676 --> 00:29:34,036
in the corner of the video so you can really see you know how stupid cheap it

450
00:29:34,036 --> 00:29:39,136
was i I think like the most expensive it got during the show was $200 a coin. A whole coin.

451
00:29:41,696 --> 00:29:45,456
It's been a long time, Patara. Nice to hear from you. The Tone Wrecker comes

452
00:29:45,456 --> 00:29:48,816
in with a row of ducks, 2,222 sats.

453
00:29:49,556 --> 00:29:52,876
It says, once again, exceptional recap of the past week. Thank you,

454
00:29:52,876 --> 00:29:55,736
Tone Wrecker. It's always nice to hear from you, Mr. The.

455
00:29:56,696 --> 00:30:03,556
Safagas, what? No. S-F-A, Safa, Safalgas comes in with a row of ducks.

456
00:30:04,276 --> 00:30:07,356
I'm sorry if I'm getting that one wrong. Love the show. Long time listener.

457
00:30:07,516 --> 00:30:10,136
Oh, first time booster. Thank you very much.

458
00:30:12,196 --> 00:30:15,516
Thanks for sending it up. Curious what you think of seed QRs and their place

459
00:30:15,516 --> 00:30:17,076
in the overall Bitcoin security management.

460
00:30:17,796 --> 00:30:20,936
So I think you're talking about storing your seed phrase in a QR code.

461
00:30:21,136 --> 00:30:22,936
There's a couple of hardware wallets that will do this.

462
00:30:24,716 --> 00:30:31,076
Not a fan because of the, it requires a lot more OS. it requires functional

463
00:30:31,076 --> 00:30:35,236
hardware and then also it's a lot easier for somebody to nab.

464
00:30:36,267 --> 00:30:40,187
I'm more of a fan of a seed phrase that has been punched into metal.

465
00:30:40,987 --> 00:30:45,227
That's more of my style. And then you never, ever take it out.

466
00:30:45,827 --> 00:30:50,807
I hope that makes sense. Let me know, Safa, if I'm getting your question wrong.

467
00:30:51,727 --> 00:30:53,307
Jonestones also comes in with a row of ducks.

468
00:30:54,447 --> 00:30:58,227
Trillion dollar puke. Yeah. Isn't that just a little puke? Just a little hiccup

469
00:30:58,227 --> 00:31:01,087
in the market. Another crazy market, by the way, this week.

470
00:31:01,447 --> 00:31:05,287
Another billions and billions of dollars in a single day wiped out kind of market.

471
00:31:05,287 --> 00:31:07,767
It. We're really chopping around. It's been a wild one.

472
00:31:08,147 --> 00:31:12,647
I don't talk about price much, but it has been a wild one from a price standpoint too.

473
00:31:13,087 --> 00:31:18,207
Gene Bean comes in with 3,072 sats. This old duck still got it.

474
00:31:18,507 --> 00:31:22,187
Pardon me for fear monger dude talking right now while I go spend a few more

475
00:31:22,187 --> 00:31:25,867
dollars at River, right? I know. Yeah, the guy saying nobody spends Bitcoin.

476
00:31:26,527 --> 00:31:29,547
Plan C is suck it up and never stop working if things don't work out.

477
00:31:29,647 --> 00:31:32,967
Oh, interesting. I was wondering if you had a plan B or a plan C. Thank you, Gene.

478
00:31:33,907 --> 00:31:41,147
Appreciate that. OneDollGeek comes in with 3,333 sets. Put some macaroni and cheese on there, too.

479
00:31:41,587 --> 00:31:45,347
Let me do a little invalid and socially unacceptable boosting to a podcast I

480
00:31:45,347 --> 00:31:48,947
like. Sorry that you have to be the recipient of such antisocial behavior. You know what?

481
00:31:49,547 --> 00:31:52,847
OneDollGeek, I'll keep taking that antisocial behavior. Thank you very much.

482
00:31:53,607 --> 00:31:58,107
Proving those jerks wrong one boost at a time. Ace Ackerman comes in with a row of ducks.

483
00:31:59,547 --> 00:32:03,087
I have a boomer in law, and they're great people. But talking to them about

484
00:32:03,087 --> 00:32:07,827
Bitcoin is difficult because they're hardwired to the legacy system in which they've done very well.

485
00:32:08,227 --> 00:32:11,827
To protect them from scammers, my advice is to tell them to turn off the TV

486
00:32:11,827 --> 00:32:15,827
and go outside, play some ball, get some fresh air and exercise,

487
00:32:16,187 --> 00:32:17,687
and clean your room while you're at it.

488
00:32:19,787 --> 00:32:23,887
Oh, the clean your room while you're at it killed me. That's all great tips, Ackerman.

489
00:32:25,307 --> 00:32:27,467
Yeah, I don't know what to tell you about the boomers either.

490
00:32:27,467 --> 00:32:28,947
I've been thinking about that since last episode.

491
00:32:28,967 --> 00:32:33,267
The question was, how do we help with all the scams that seem to be just getting

492
00:32:33,267 --> 00:32:35,587
leveled to boomers recently and

493
00:32:35,587 --> 00:32:38,327
kind of exploiting a lot of them not being particularly technically savvy?

494
00:32:38,727 --> 00:32:42,727
Clearly, I'm not speaking universally, obviously.

495
00:32:43,427 --> 00:32:48,987
It's just a decent portion of that market is really getting just attacked right now with scams.

496
00:32:49,107 --> 00:32:52,487
And I played some clips last week. If you are out of the loop,

497
00:32:53,107 --> 00:32:56,007
and I'm still kind of curious how we help our friends and family out there that.

498
00:32:56,847 --> 00:32:59,447
Yeah, they're very tied into the existing system. They don't want to hear about

499
00:32:59,447 --> 00:33:02,227
Bitcoin, and yet they're getting just scammed.

500
00:33:02,867 --> 00:33:07,767
This hits home to me because I know of some folks in that age group that are

501
00:33:07,767 --> 00:33:14,227
in my social group that got really, really screwed, and now they're just barely scraping by.

502
00:33:14,587 --> 00:33:18,007
The traders love the vol. Halleck comes in with 10,000 sats.

503
00:33:18,127 --> 00:33:21,307
I really want to carve out some time just to set up a lightning node with a

504
00:33:21,307 --> 00:33:23,047
VPS and tail scale like you have set up.

505
00:33:23,147 --> 00:33:26,207
I think Tor is a safe default, but seems flaky or slow.

506
00:33:26,847 --> 00:33:33,167
Yeah, Tor will work if you're not super dependent on your Lightning node, right?

507
00:33:33,207 --> 00:33:38,687
If you're not receiving boosts at 24 hours of the day or any day or hour of the week.

508
00:33:39,287 --> 00:33:43,587
If you're using Lightning in a very intentional way, you're sending a payment

509
00:33:43,587 --> 00:33:47,487
or at that very implicit moment you're expecting a payment, then Tor is pretty good.

510
00:33:47,927 --> 00:33:51,967
Tor will work for you in almost all cases. Like the JB node actually is on Tor

511
00:33:51,967 --> 00:33:55,267
and gets just about all the boosts, but it's not 100%.

512
00:33:56,107 --> 00:33:59,887
Tor does cause us to lose some of the boost to the JB node. So when I built

513
00:33:59,887 --> 00:34:02,107
my new node, I had to go ClearNet, obviously.

514
00:34:02,567 --> 00:34:04,807
It's just a thing to do, I think.

515
00:34:05,587 --> 00:34:08,387
OPI 1984 comes in with 4,000 sats. This is the way.

516
00:34:08,907 --> 00:34:13,727
While Bitcoin over Meshtastic isn't possible at the moment, there have been

517
00:34:13,727 --> 00:34:15,507
transfers of Bitcoin over ham radio.

518
00:34:15,847 --> 00:34:19,747
You would obviously need a license and radio capable of digital mode, but it is possible.

519
00:34:20,067 --> 00:34:24,127
Not sure how well it would work over the long run, But in a one-off payment

520
00:34:24,127 --> 00:34:26,387
or an emergency situation, it could be a viable option.

521
00:34:26,907 --> 00:34:30,147
Yeah, I wonder, Api. I think that too about just mesh networking in general.

522
00:34:30,347 --> 00:34:34,527
You know, that was something that was a lot popular before the cellular networks really built out.

523
00:34:35,147 --> 00:34:39,287
Some of you longtime nerds probably remember the stories of when Steve Jobs

524
00:34:39,287 --> 00:34:45,227
first was considering the iPhone, he wanted to have it be a Wi-Fi only device

525
00:34:45,227 --> 00:34:47,527
where they would build out mesh networks between each other.

526
00:34:47,747 --> 00:34:50,887
And then, of course, Apple would seed some of the Wi-Fi network as well.

527
00:34:50,887 --> 00:34:55,047
Well, and then ultimately they just decided to go with the cellular route for

528
00:34:55,047 --> 00:34:56,347
obvious reasons, I think.

529
00:34:56,427 --> 00:34:58,887
But wouldn't have that been a fascinating turn of events?

530
00:34:59,027 --> 00:35:02,827
Maybe there's a parallel universe out there where Apple built out the largest

531
00:35:02,827 --> 00:35:03,907
mesh network in the world.

532
00:35:03,967 --> 00:35:07,547
I don't know if I'd want to be on it necessarily, but it might be superior to the cellular networks.

533
00:35:08,087 --> 00:35:12,047
Glacier comes in with a row of ducks and he is supporting our song,

534
00:35:12,227 --> 00:35:18,147
the end of show song, which is always a value for value track.

535
00:35:19,064 --> 00:35:21,644
And those sats, 90% of those sats go to the artist. Thank you,

536
00:35:21,644 --> 00:35:22,664
Glacier. Appreciate that.

537
00:35:23,384 --> 00:35:25,864
Anonymous comes in with a Spaceballs boost, one, two, three,

538
00:35:25,904 --> 00:35:30,584
four, five sats. So the culmination is one, two, three, four, five.

539
00:35:31,164 --> 00:35:34,984
Since you're a Linux guy, I'd love more of a focus on the flossness of the projects you mentioned.

540
00:35:35,584 --> 00:35:38,824
You know, I think universally, but not 100%. I shouldn't say universally,

541
00:35:38,964 --> 00:35:41,344
actually, because I don't think AQA is open source, is it?

542
00:35:41,544 --> 00:35:46,364
But I'd say almost 90% of the projects that I talk about are open source.

543
00:35:46,984 --> 00:35:50,744
I don't always mention the licensing, scene, but I try to if it's relevant.

544
00:35:51,324 --> 00:35:53,904
Digital Farmer comes in with Rho Ducks.

545
00:35:55,004 --> 00:36:02,544
Boost! Thank you. Northern Hoddle comes in with 2,121 sats. B-O-O-S-T!

546
00:36:02,884 --> 00:36:06,084
New to the show, appreciating the signal. Well, thank you, North.

547
00:36:06,184 --> 00:36:08,964
Appreciate you and appreciate you boosting in. Thanks for getting that going.

548
00:36:09,684 --> 00:36:14,664
Orange Pill Lawyer 25 comes in with 5,000 sats. You're so boost!

549
00:36:15,444 --> 00:36:19,164
Are you really a lawyer? I am always looking for a Bitcoin savvy lawyers,

550
00:36:19,404 --> 00:36:23,664
by the way, and accountants, people that are savvy and have worked with people

551
00:36:23,664 --> 00:36:29,304
that have Bitcoin holdings, I would like to talk to you. We should have a relationship.

552
00:36:30,404 --> 00:36:34,924
OrangePillLawyer25 writes, I do think we should warn, especially boomers, of the risk for scams.

553
00:36:34,944 --> 00:36:38,844
The person who gets scammed gets screwed twice, first out of their fiat and

554
00:36:38,844 --> 00:36:42,444
second by losing trust in Bitcoin, which would otherwise be a huge net benefit

555
00:36:42,444 --> 00:36:43,424
in that person's future.

556
00:36:43,844 --> 00:36:47,564
There is nothing wrong with Bitcoin ATMs or any other non-custodial way of stacking, Checking.

557
00:36:48,204 --> 00:36:52,304
But if someone is telling you to deposit money into a Bitcoin ATM, it's probably a scam.

558
00:36:52,624 --> 00:36:58,504
Yeah, that's a good like if there's a way we could say Bitcoin ATMs themselves are not scams.

559
00:36:58,524 --> 00:37:01,164
But if you get a call and somebody tells you you need to take your money and

560
00:37:01,164 --> 00:37:03,424
go put it into a Bitcoin ATM, that's probably a scam.

561
00:37:03,984 --> 00:37:05,884
That's a scam. Not probably. That is a scam.

562
00:37:07,024 --> 00:37:11,724
So somehow, because what I would hate to see is this, when I could see it going

563
00:37:11,724 --> 00:37:17,004
this way, I wonder if you agree, Orange Pill, couldn't you see a backlash on these Bitcoin ATMs?

564
00:37:17,144 --> 00:37:19,804
In fact, they're almost down 1% as of August.

565
00:37:19,964 --> 00:37:23,124
The amount of installations is not increasing at the moment.

566
00:37:23,164 --> 00:37:24,804
It decreased by 1% in August.

567
00:37:25,404 --> 00:37:27,544
The European Union regulators just

568
00:37:27,544 --> 00:37:31,744
came out yesterday saying there is no legitimate use for a Bitcoin ATM.

569
00:37:31,744 --> 00:37:37,924
So I could see regulatory and legal backlash where these ATMs get ripped back

570
00:37:37,924 --> 00:37:41,164
out of the stores and one more path for people to get Bitcoin,

571
00:37:41,224 --> 00:37:43,004
even if it wasn't one of the best, is taken away.

572
00:37:43,804 --> 00:37:45,904
I kind of wonder if that's where this is going.

573
00:37:46,764 --> 00:37:50,004
Like that's what they're building to. Not to be, you know, frying conspiracy

574
00:37:50,004 --> 00:37:55,044
bacon, but seems kind of possible to me. Tomato comes in with 5,000 sats. You're supposed.

575
00:37:55,444 --> 00:37:57,744
Everything's under control. I didn't hear a mention on the show,

576
00:37:57,864 --> 00:38:00,864
but reality started requiring KYC. Oh.

577
00:38:02,504 --> 00:38:03,504
That's too bad.

578
00:38:05,174 --> 00:38:09,714
Or is it, I forgot, I decided how to say that and I've forgotten, but it's R-E-L-A-I.

579
00:38:10,254 --> 00:38:14,714
We talked about them as a non-KYC solution in the past, but they're going to

580
00:38:14,714 --> 00:38:17,874
disable accounts that don't verify by the end of October, Tamato writes.

581
00:38:18,554 --> 00:38:22,194
I'd already had trouble getting my sets out of Raleigh over Lightning,

582
00:38:22,394 --> 00:38:25,534
which never seemed to be able to get an open channel to anywhere.

583
00:38:25,874 --> 00:38:27,194
You had to open the channels yourself?

584
00:38:27,894 --> 00:38:31,574
I moved everything to Strike, which is KYC and Custodial, with the plan of consolidating

585
00:38:31,574 --> 00:38:33,134
chunks in my own non-Custodial wallet.

586
00:38:33,554 --> 00:38:36,234
There you go. So we're going to talk about Liquid a little bit more,

587
00:38:36,274 --> 00:38:37,454
which could be an option for you, Tamato.

588
00:38:38,134 --> 00:38:43,274
I'm sorry to hear that. VaultBite comes in with 2,121 sets.

589
00:38:44,894 --> 00:38:48,674
I hope this is a socially acceptable use of Bitcoin. I say yes,

590
00:38:48,674 --> 00:38:49,974
it is. Thanks, VaultBite.

591
00:38:50,214 --> 00:38:54,474
That rounds us out for all of the boosts above 2,000 sets. I got a bunch of

592
00:38:54,474 --> 00:38:57,774
other boosts that did come in, and we have all of them in the show notes, and I do read all of them.

593
00:38:58,354 --> 00:39:02,774
We had some good streaming support this week, too. In fact, the streamers really

594
00:39:02,774 --> 00:39:04,894
kind of helped bring up the seg just a little bit.

595
00:39:04,974 --> 00:39:11,094
We got 60,263 sats just streamed by 36 different people out there streaming

596
00:39:11,094 --> 00:39:12,094
those sats as they listen.

597
00:39:12,254 --> 00:39:14,474
Something you could only do with the Lightning Network.

598
00:39:14,694 --> 00:39:19,154
You could never do it with the Visa or the MasterCard or any of the fiat networks.

599
00:39:19,474 --> 00:39:22,254
People with 36 of you out there just listening to the show, streaming those

600
00:39:22,254 --> 00:39:26,594
sats alone, helped collectively stack 60,263 sats.

601
00:39:26,594 --> 00:39:28,094
Combined with those of you who

602
00:39:28,094 --> 00:39:35,174
sent a message in, that brought the show's grand total to 321,637 sats.

603
00:39:41,974 --> 00:39:45,934
Thank you, everybody who supports the show through a boost. This is a value for value production.

604
00:39:46,134 --> 00:39:49,154
So if the show is useful, gets you thinking about Bitcoin in the right way or

605
00:39:49,154 --> 00:39:52,034
what's going on in the macro economy and you want to keep it going,

606
00:39:52,154 --> 00:39:55,294
please consider sending a boost. I really do appreciate that support,

607
00:39:55,414 --> 00:39:56,514
and I love reading those messages.

608
00:39:56,694 --> 00:40:02,014
We had 60 unique senders. When you combine the boosters and the streamers, that's pretty awesome.

609
00:40:02,374 --> 00:40:04,374
And if you think about it,

610
00:40:05,787 --> 00:40:10,247
Kind of a unique thing happening here, where we're taking sats,

611
00:40:10,287 --> 00:40:15,287
we're sending them in these little chunks over lightning and supporting independent

612
00:40:15,287 --> 00:40:19,167
media, covering something that the mainstream media could never get right.

613
00:40:19,547 --> 00:40:23,927
They'll never get this topic right because they are measuring the system within the system.

614
00:40:24,187 --> 00:40:28,607
And only podcasting is really the medium that is truly outside the system,

615
00:40:28,747 --> 00:40:31,927
fully distributed, especially with the podcasting 2-0-0 standards.

616
00:40:32,127 --> 00:40:36,747
And now it has distributed funding by its audience. That's just we're doing that.

617
00:40:36,827 --> 00:40:40,547
But we're and we're doing it on a weekly basis. And it's so easy to lose sight

618
00:40:40,547 --> 00:40:43,287
of just how frickin amazing it all is.

619
00:40:43,447 --> 00:40:48,247
It truly is something like desperately needed right now in these times.

620
00:40:48,327 --> 00:40:51,587
I mean, you know, I watched I watched the debate last night.

621
00:40:51,627 --> 00:40:56,227
And what I wanted to hear didn't touch. They didn't touch on anything that I thought was important.

622
00:40:56,427 --> 00:40:59,527
I mean, I shouldn't say that. But the things that I truly care about that I

623
00:40:59,527 --> 00:41:03,087
think are existential, the mainstream media just isn't tuned into.

624
00:41:03,087 --> 00:41:06,427
To it i did hear one person mention lamont i

625
00:41:06,427 --> 00:41:09,607
know what's his name uh he's the gentleman on cnbc

626
00:41:09,607 --> 00:41:12,367
that always reads the inflation numbers what

627
00:41:12,367 --> 00:41:15,367
is his name actually i have a clip of it here let me here i wasn't

628
00:41:15,367 --> 00:41:18,307
planning on playing this but here let me play this clip low yield close

629
00:41:18,307 --> 00:41:22,747
and everybody's talking about the debate i was a bit disappointed having kids

630
00:41:22,747 --> 00:41:27,567
and grandkids who can't afford houses and of course can't afford insurance once

631
00:41:27,567 --> 00:41:31,487
you buy them or some of the other prices it seemed like there was really an

632
00:41:31,487 --> 00:41:35,587
economic tone-deaf panel with respect to drilling down.

633
00:41:35,747 --> 00:41:40,187
If you give people $50,000 to buy their house, I think it sounds like a good idea.

634
00:41:40,287 --> 00:41:46,107
But hmm, I think CPI numbers might reflect that price of homes might go up about what? $50,000?

635
00:41:46,547 --> 00:41:49,867
Squawk box. Well, here we are, Joe. Back to you. There you go.

636
00:41:49,867 --> 00:41:52,607
That's the totality of what I hear about the mainstream media talking about

637
00:41:52,607 --> 00:41:54,107
the issues that I think concern us.

638
00:41:54,987 --> 00:42:00,327
Podcasting and its ability to niche down and have somebody focus like a maniac,

639
00:42:00,587 --> 00:42:03,027
you know, that's unique to this medium.

640
00:42:03,287 --> 00:42:06,707
And I just want to thank all of you who take a moment to support it and make it possible.

641
00:42:07,280 --> 00:42:17,520
Music.

642
00:42:17,364 --> 00:42:20,024
All right, it's been a minute since I've played a Michael Saylor clip.

643
00:42:20,104 --> 00:42:22,724
I've kind of backed off because we hear from him quite a bit.

644
00:42:22,924 --> 00:42:24,344
I think he's a little overrepresented.

645
00:42:25,904 --> 00:42:31,644
But man, if Saylor didn't have just a killer segment on CNBC this week,

646
00:42:31,784 --> 00:42:35,104
I got to play two clips of it. I also put it in the intro a little bit.

647
00:42:35,304 --> 00:42:36,904
The full segment's over 10 minutes

648
00:42:36,904 --> 00:42:39,944
long where he gets into some of the microstrategy strategy as well.

649
00:42:40,524 --> 00:42:43,024
We don't need all of that. We just need the core Bitcoin stuff.

650
00:42:43,224 --> 00:42:45,484
I've cut it down to the best moments, and I want to play them for you.

651
00:42:45,484 --> 00:42:51,324
I just saw a headline that $1.2 billion in outflows took place out of the Bitcoin ETF.

652
00:42:51,804 --> 00:42:57,244
And I'm curious what you think is going on with the impact of the ETF on the price of Bitcoin.

653
00:42:57,484 --> 00:43:01,344
This is Aaron Sorkin. He's probably one of the number one Bitcoin skeptics we

654
00:43:01,344 --> 00:43:05,224
play on the show because he just continuously doesn't seem to get the value proposition.

655
00:43:05,704 --> 00:43:09,704
So when Michael Saylor can sit down and calmly and rationally explain it to

656
00:43:09,704 --> 00:43:14,744
him in a way and a language that Aaron understands, we got ourselves an opportunity.

657
00:43:15,484 --> 00:43:19,444
I think generally it's been a good thing and it's created more demand.

658
00:43:19,764 --> 00:43:23,284
But you've got to keep in mind that Bitcoin is smart, fast, strong money.

659
00:43:23,644 --> 00:43:26,804
So on a Saturday night, if you're worried about a missile strike,

660
00:43:27,024 --> 00:43:32,004
you can't teleport your $10 million apartment to Singapore, lever it up 10 to

661
00:43:32,004 --> 00:43:35,144
1 and short $100 million worth of New York real estate.

662
00:43:35,464 --> 00:43:40,104
But you can short $100 million worth of Bitcoin by borrowing $10 million.

663
00:43:40,104 --> 00:43:44,124
So you have a lot of fast money traders, a lot of volatility,

664
00:43:44,464 --> 00:43:50,464
and that will cause and ripple into volatility in the ETFs. Can you explain

665
00:43:50,464 --> 00:43:51,704
this? That's okay. Can you explain this?

666
00:43:51,904 --> 00:43:54,784
One of the things you just talked about, if there was a missile strike or something,

667
00:43:55,004 --> 00:43:58,244
there was a sense that people talked about this as digital gold.

668
00:43:58,484 --> 00:44:03,264
And maybe you still think that's the case, but it often doesn't act like digital gold.

669
00:44:04,184 --> 00:44:07,884
In the midst of a missile strike. Yeah. It's the most liquid,

670
00:44:08,084 --> 00:44:11,204
fungible, free capital market in the world.

671
00:44:11,604 --> 00:44:16,264
Your New York apartment's not fungible. It's not liquid. I can't panic sell it.

672
00:44:16,424 --> 00:44:20,104
So when there's a short-term panic, Bitcoin is trading really,

673
00:44:20,224 --> 00:44:21,584
really hard. Isn't it supposed to be the opposite?

674
00:44:22,204 --> 00:44:25,544
Over the long term, it's up 44% a year, every year.

675
00:44:25,804 --> 00:44:31,884
And you either get 12% from the S&P with VIX vol, or you take 3x of the vol

676
00:44:31,884 --> 00:44:37,244
to get 44%. So over the long term, if you're an investor, it's going to be great

677
00:44:37,244 --> 00:44:39,444
because it's strong capital.

678
00:44:39,884 --> 00:44:43,904
Over the near term, if you're a trader, you get lots of arbitrage opportunities.

679
00:44:44,244 --> 00:44:48,744
Is it a non-correlated asset people can count on, or is it just a risk-on?

680
00:44:48,864 --> 00:44:52,184
You know, in the near term, whoever's got the most money can decide whether

681
00:44:52,184 --> 00:44:53,944
it correlates or non-correlates.

682
00:44:54,024 --> 00:44:57,444
It's like, again, I can lever it up 20 to 1 on Saturday night,

683
00:44:57,544 --> 00:44:59,384
and I can trade it long or short.

684
00:44:59,384 --> 00:45:03,824
Hey, Michael, just the whole idea of leverage in something that is admittedly

685
00:45:03,824 --> 00:45:09,284
so volatile causes some people some real concern. I mean, I'm far more conservative.

686
00:45:09,484 --> 00:45:13,544
I would be worried about that. Michael, the idea of a free market where anybody

687
00:45:13,544 --> 00:45:17,064
can do whatever they want at any hour causes me some concern.

688
00:45:17,464 --> 00:45:21,244
That's what she's saying. They don't realize it. You know, they're on CNBC,

689
00:45:21,344 --> 00:45:26,024
which is supposed to be the financial network, which, you know,

690
00:45:26,024 --> 00:45:30,724
should understand how capitalism works and human incentives. But they have existed.

691
00:45:30,824 --> 00:45:35,284
You can't blame them because they've existed in a system since birth.

692
00:45:35,684 --> 00:45:39,224
And they can only understand and measure within that system.

693
00:45:39,384 --> 00:45:41,104
I can trade it long or short.

694
00:45:41,284 --> 00:45:45,524
Hey, Michael, just the whole idea of leverage in something that is admittedly

695
00:45:45,524 --> 00:45:49,104
so volatile causes some people some real concern.

696
00:45:49,244 --> 00:45:52,064
I mean, I'm far more conservative. I would be worried about that.

697
00:45:52,244 --> 00:45:56,644
What's the worst case scenario of something that would happen in a leverage

698
00:45:56,644 --> 00:45:58,344
situation like that with the Bitcoin ETF?

699
00:45:58,984 --> 00:46:02,984
I think what happens is people offshore trading on Binance with 20 to 1 leverage

700
00:46:02,984 --> 00:46:07,824
get wiped out on Saturday night when there's a potential missile scare.

701
00:46:08,124 --> 00:46:12,644
And so they're the degenerate crypto traders. On the other hand,

702
00:46:12,644 --> 00:46:16,244
what you want is a free open capital market.

703
00:46:16,444 --> 00:46:19,324
Everybody can trade it any way they want.

704
00:46:19,564 --> 00:46:23,004
And so if you're going to hold it for more than four years, you're going to

705
00:46:23,004 --> 00:46:24,924
get superior performance with that volatility.

706
00:46:26,144 --> 00:46:29,304
That's his key message. Hold it for more than four years.

707
00:46:29,964 --> 00:46:33,184
You're going to get superior performance. All right. So let's get into the price

708
00:46:33,184 --> 00:46:35,044
talk because, you know, they always got to talk about price.

709
00:46:35,444 --> 00:46:38,584
Mike doesn't know where the price is going. He's got some hopes.

710
00:46:38,684 --> 00:46:42,644
He's got some projections and he's got some nice sounding numbers. Take these with a.

711
00:46:48,413 --> 00:46:51,133
I don't know, business finances, how the stock market works,

712
00:46:51,173 --> 00:46:53,913
the overall macro economy, pretty much better than anyone else.

713
00:46:54,073 --> 00:46:56,873
So at least anyone else that articulates it to Bitcoiners.

714
00:46:57,233 --> 00:47:00,273
And so maybe there's validity in his price predictions. But,

715
00:47:00,273 --> 00:47:03,733
you know, I hesitate to say there is really, I think it's all just take it with

716
00:47:03,733 --> 00:47:05,553
a grain of salt, but still interesting, nonetheless.

717
00:47:05,993 --> 00:47:10,513
You buy it and hold it for more than four years. And then you think eventually

718
00:47:10,513 --> 00:47:17,353
it takes how much, let's say it is digital gold, what percentage of gold's market cap does it finally?

719
00:47:17,353 --> 00:47:20,833
You know, Bitcoin's 0.1% of the capital in the world right now.

720
00:47:20,893 --> 00:47:23,013
I think it's going to go to 7% of the capital.

721
00:47:23,233 --> 00:47:28,113
7% of the capital? My long-term forecast is it's going to go to $13 million over 21 years.

722
00:47:28,293 --> 00:47:30,733
$13 million over 21 years. But what is it five years from now,

723
00:47:30,793 --> 00:47:31,833
in your four-year calculus?

724
00:47:32,393 --> 00:47:37,433
You know, it's been growing 44% of years with about a 40 to 50 vol.

725
00:47:37,633 --> 00:47:45,013
I would think it'll move on at 40%, then click down to 35, then 30, then 25.

726
00:47:45,013 --> 00:47:51,213
And at some point, it'll be the S&P return plus 8%, and it'll be the S&P vol

727
00:47:51,213 --> 00:47:57,353
plus 8%, because it's always going to be a more global, open, free capital market.

728
00:47:57,040 --> 00:48:10,160
Music.

729
00:48:09,873 --> 00:48:13,393
Moving on to project updates, just a couple of quick ones for you.

730
00:48:13,393 --> 00:48:19,473
I think you're sleeping on Albie Hub and some of the things that are going on over at Albie.

731
00:48:19,993 --> 00:48:25,053
It's a hard prop to explain, but Albie Hub is going from strength to strength.

732
00:48:25,173 --> 00:48:28,673
And I talked about last week, they added the friends and family capability.

733
00:48:29,253 --> 00:48:33,973
I also mentioned their Go app. It's a simple mobile wallet that in retrospect,

734
00:48:34,113 --> 00:48:38,113
after using it for the last week, I think is really genius. It's it's.

735
00:48:40,005 --> 00:48:43,445
Very basic. They've had three updates since the last episode,

736
00:48:43,505 --> 00:48:45,365
so they're moving pretty quickly, so they're adding stuff.

737
00:48:45,485 --> 00:48:49,045
But right now, it remains very basic. But what you need for somebody who's new

738
00:48:49,045 --> 00:48:53,525
to Lightning that just wants an easy interface to send and receive sats.

739
00:48:54,105 --> 00:48:58,985
And the Albie Hub is actually where the liquidity lives and the wallet actually lives.

740
00:48:59,085 --> 00:49:02,885
And the Albie Go app is a mobile app that you load that connects to that.

741
00:49:03,285 --> 00:49:07,565
And this really gets powerful when you combine it with our new friends and family

742
00:49:07,565 --> 00:49:12,905
feature. You can set up sub wallets now from your Albie hub and basically be

743
00:49:12,905 --> 00:49:16,205
Uncle Jim or Uncle Albie, as it were, for these users.

744
00:49:16,485 --> 00:49:20,765
They don't have to manage liquidity. They don't have to set up an LND node and a hub.

745
00:49:21,125 --> 00:49:25,605
They don't have to know anything about self-hosting. They can just use the sub

746
00:49:25,605 --> 00:49:30,405
account you set up for them and the Albie Go wallet and have essentially a very

747
00:49:30,405 --> 00:49:32,385
complete lightning setup that, oh, by the way,

748
00:49:32,465 --> 00:49:37,625
also works with things like Nostor app and podcasting 2.0 apps, etc.

749
00:49:38,265 --> 00:49:39,825
And something very clever that

750
00:49:39,825 --> 00:49:42,565
the Albi folks don't get much credit for is they've kept the API working.

751
00:49:42,705 --> 00:49:46,045
From their custodial hosted service now to the self-hosted hub solutions,

752
00:49:46,425 --> 00:49:49,845
the API still works, which means all of the stuff the developers have worked

753
00:49:49,845 --> 00:49:53,045
on on the back end all still works even with the self-hosted versions.

754
00:49:53,385 --> 00:49:57,665
Albi Hub is really good, and they're combining it with an ecosystem of applications

755
00:49:57,665 --> 00:50:02,265
that make it even easier for, I would say, your non-Lightning folk,

756
00:50:02,265 --> 00:50:07,345
for your non-native Lightning folk to use, which for like a podcast.

757
00:50:08,285 --> 00:50:12,405
Maybe one of the podcaster could host the Lightning node and then the other

758
00:50:12,405 --> 00:50:16,625
host can participate in value for value and get the splits without having to run their own node.

759
00:50:16,765 --> 00:50:20,405
They could just be a friend or a family of the one host AlbiHub.

760
00:50:20,525 --> 00:50:26,345
And they could use Go to manage their balance, to sell it or to stack it long-term into cold storage.

761
00:50:26,545 --> 00:50:31,285
It's pretty neat. So don't sleep on Albi and AlbiHub. They're doing some neat stuff over there.

762
00:50:32,665 --> 00:50:37,245
RoboSats version 7.0 alpha came out. Shout out to the RoboSats project.

763
00:50:37,625 --> 00:50:43,305
A great, great project. It's a safe way to buy Bitcoin with no KYC.

764
00:50:43,345 --> 00:50:49,145
You pay a bit of a premium, but it's also, I think, probably my favorite way

765
00:50:49,145 --> 00:50:52,885
to get non-KYC Bitcoin in large amounts or sell in large amounts.

766
00:50:53,105 --> 00:50:59,305
They've announced now a desktop app, also a Noster order book, and more.

767
00:50:59,505 --> 00:51:01,905
And the desktop app is for Windows, Mac, and Linux.

768
00:51:02,265 --> 00:51:05,565
Which is neat. I don't really understand the Nostra-enabled order book yet,

769
00:51:05,585 --> 00:51:08,865
but the next time I dig into RoboSats, I'll take a look at that,

770
00:51:08,945 --> 00:51:11,085
and maybe I'll do a little follow-up on the show.

771
00:51:11,205 --> 00:51:16,645
So it's version 0.70 out. Not a big, big major update, but really nice to see

772
00:51:16,645 --> 00:51:19,425
the Windows, Mac, and Linux desktop app.

773
00:51:19,585 --> 00:51:23,785
And the Android app now has built-in Torrified notifications.

774
00:51:25,405 --> 00:51:28,105
Torrified notifications. I think that's Torrific.

775
00:51:28,720 --> 00:51:37,040
Music.

776
00:51:36,881 --> 00:51:41,041
Some newbie corner and a final clip before we go. So I've been running through

777
00:51:41,041 --> 00:51:43,361
a stack of newbie questions and I'm still soliciting more.

778
00:51:43,561 --> 00:51:48,181
And one of them this week is why do you need a more complicated flow for your Bitcoin savings?

779
00:51:48,641 --> 00:51:52,201
You mentioned going from river to liquid, then into Sparrow.

780
00:51:52,541 --> 00:51:54,301
What are the differences in all

781
00:51:54,301 --> 00:51:56,901
of these? So we're going to answer two questions. This is the first one.

782
00:51:57,621 --> 00:52:02,001
The answer to this is it depends. ends, like all things in Bitcoin,

783
00:52:02,181 --> 00:52:06,381
on how much you care about your privacy and how much you want to hedge against

784
00:52:06,381 --> 00:52:08,041
future transaction fees.

785
00:52:08,461 --> 00:52:11,461
We'll talk more about transaction fees in a future newbie corner.

786
00:52:11,981 --> 00:52:18,221
But Bitcoin transaction fees are not based on the percentage of the value you're sending.

787
00:52:18,341 --> 00:52:23,441
Like when you, maybe you wire money or whatever, when you're transferring money

788
00:52:23,441 --> 00:52:28,601
into the cash app or something, maybe they do like a 1% fee or something.

789
00:52:29,301 --> 00:52:30,461
That's not how it works on Bitcoin.

790
00:52:31,181 --> 00:52:34,701
It's kind of the weight of your transaction, the data weight of your transaction,

791
00:52:34,901 --> 00:52:36,141
the size of your transaction.

792
00:52:36,841 --> 00:52:40,421
And based on the amount of data that's going to get taken up in a block,

793
00:52:40,541 --> 00:52:41,521
that's how much your fee is.

794
00:52:41,921 --> 00:52:45,661
And the fees get set on how busy the network is and all of that.

795
00:52:45,801 --> 00:52:48,921
And you can kind of get a picture of this if you go to mempool.space.

796
00:52:49,241 --> 00:52:51,521
You can kind of see a visual of how all of this works.

797
00:52:52,301 --> 00:52:58,581
And in Bitcoin, you end up with a larger size transaction when you're combining

798
00:52:58,581 --> 00:53:01,001
a lot of small UTXOs together.

799
00:53:01,761 --> 00:53:09,461
So if you got, say, you set up a DCA and you're buying a lucky $13 worth of

800
00:53:09,461 --> 00:53:12,241
Bitcoin a day, or maybe an hour, like Strike will let you do it every hour.

801
00:53:12,621 --> 00:53:16,021
It's just for fun. Let's say you bought a dollar of Bitcoin every hour.

802
00:53:16,141 --> 00:53:20,461
So once a day, when the whole day is up, you bought $24 dollars worth of bitcoin

803
00:53:20,461 --> 00:53:26,321
you go into the strike app you set that up awesome cool the problem is.

804
00:53:27,376 --> 00:53:30,876
Each one of those is a transaction. So when you go to spend that,

805
00:53:30,916 --> 00:53:36,196
you have to combine all of those UTXOs in to make whatever total amount you're trying to spend.

806
00:53:36,756 --> 00:53:40,896
And that could be a very expensive transaction because each one of those is going to have a fee.

807
00:53:41,376 --> 00:53:44,956
So what you do is when fees are low or when using something like the Lightning

808
00:53:44,956 --> 00:53:50,036
Network where you're not paying for on-chain fees, you can consolidate into a wallet.

809
00:53:50,036 --> 00:53:55,316
And one of the advantages of consolidating or pegging into a liquid wallet is,

810
00:53:55,436 --> 00:53:58,116
one, you break the tracking.

811
00:53:58,676 --> 00:54:03,416
Because once you go into liquid, it's very hard to track those UTXOs after that.

812
00:54:03,996 --> 00:54:07,756
And when you come out of liquid, you're going from a new address into a new address.

813
00:54:07,956 --> 00:54:12,656
And in liquid, you can combine all of those transactions into one large transaction

814
00:54:12,656 --> 00:54:14,236
when you come out to your cold storage.

815
00:54:15,116 --> 00:54:19,236
One way to avoid this, to help you understand, is you could just say you were

816
00:54:19,236 --> 00:54:22,376
stacking on River. You're buying $100 a week on River.

817
00:54:23,156 --> 00:54:29,196
You could just let all of that stack up on River for months until it's a large

818
00:54:29,196 --> 00:54:34,356
transaction, until it's millions of sats, and then just move that to your on-chain wallet.

819
00:54:34,356 --> 00:54:36,676
You could avoid lightning, you could avoid liquid altogether,

820
00:54:36,956 --> 00:54:39,636
and you could just take one large transaction.

821
00:54:40,256 --> 00:54:42,736
Well, it kind of depends on how River does the transaction, actually.

822
00:54:42,856 --> 00:54:46,236
But you follow me here, I hope, that you could take that transaction,

823
00:54:46,416 --> 00:54:47,936
you could hodl on River for a while.

824
00:54:48,096 --> 00:54:51,696
Liquid adds the ability to break tracking.

825
00:54:53,239 --> 00:54:57,099
And you're removing single-party risk because Liquid is a federation,

826
00:54:57,279 --> 00:55:00,999
and so the entire federation would have to be corrupted before your Liquid funds would be lost.

827
00:55:02,039 --> 00:55:06,179
Whereas River is a good company, but it's one company, so there's a little more risk.

828
00:55:06,879 --> 00:55:11,219
So moving to Liquid, you're going to another place where you can keep your funds

829
00:55:11,219 --> 00:55:13,659
for an extended period of time with a little bit less risk.

830
00:55:13,999 --> 00:55:17,839
And then once you move it to cold storage, you remove all third-party risk.

831
00:55:18,439 --> 00:55:21,179
So that's the workflow. It's not necessary.

832
00:55:21,919 --> 00:55:26,779
It's really about hedging against future transaction sizes and fees and also

833
00:55:26,779 --> 00:55:28,199
getting a little bit of privacy,

834
00:55:28,819 --> 00:55:31,919
because of course these things are all very traceable and

835
00:55:31,919 --> 00:55:36,159
so if liquid can bring you a little bit of privacy I think it's worth doing

836
00:55:36,159 --> 00:55:39,919
there's still a record at the company you bought the stats from and how much

837
00:55:39,919 --> 00:55:44,319
you bought that the IRS or another tax agency could acquire so you're not avoiding

838
00:55:44,319 --> 00:55:48,819
taxes or anything like that you're just preventing casuals from tracing your

839
00:55:48,819 --> 00:55:50,639
funds and seeing how much is in your wallet and whatnot not.

840
00:55:51,339 --> 00:55:55,419
And then the second question is, why do you suggest moving between these in larger chunks?

841
00:55:55,999 --> 00:55:59,459
Simply so the transaction fees are less, you know, 2 million or more.

842
00:55:59,559 --> 00:56:02,599
It's hard to say. We don't really know. There isn't a perfect answer here because

843
00:56:02,599 --> 00:56:05,179
we don't know what the future value of Bitcoin is going to be.

844
00:56:05,259 --> 00:56:08,019
And we don't know how busy the future Bitcoin network is going to be.

845
00:56:08,559 --> 00:56:12,199
Like a lot of the Bitcoin fees right now, network fees are actually quite low.

846
00:56:12,819 --> 00:56:15,979
Because, you know, in part, a lot of the action happens off chain these days.

847
00:56:17,979 --> 00:56:21,839
Either in coinbase's database or you

848
00:56:21,839 --> 00:56:26,499
know it widely in the etfs or over the lightning network so as i record right

849
00:56:26,499 --> 00:56:31,579
now you know a fee is around 56 cents for medium priority yeah if you're trying

850
00:56:31,579 --> 00:56:35,839
to move a dollar 56 cents sucks but if you're trying to move ten thousand dollars

851
00:56:35,839 --> 00:56:39,539
56 cents isn't so bad is it and if you're on the lightning network you don't

852
00:56:39,539 --> 00:56:40,459
really have to worry about it,

853
00:56:40,939 --> 00:56:45,539
until you open or close the channel i hope that helps i really don't know if it does.

854
00:56:46,866 --> 00:56:49,346
Please do let me know. Give me feedback on that. I hope it's helpful.

855
00:56:49,786 --> 00:56:52,386
All right, it's time for our final clip of the week.

856
00:56:52,846 --> 00:56:58,046
Peter Schiff and Jack Mollers had a debate this past week, Bitcoin versus gold.

857
00:56:58,146 --> 00:57:01,266
I don't recommend you watch it. It's pretty much everything you've already heard.

858
00:57:01,406 --> 00:57:05,066
But there was a moment where I thought Jack did exceptionally well.

859
00:57:05,446 --> 00:57:08,926
And he pointed out something that's a weakness in gold that we never talk about

860
00:57:08,926 --> 00:57:10,826
that was inherently solved with Bitcoin. coin?

861
00:57:11,246 --> 00:57:16,826
David, the real problem with gold is that unfortunately it has to centralize.

862
00:57:16,946 --> 00:57:21,066
The problem is that gold can't achieve transaction finality without the help

863
00:57:21,066 --> 00:57:22,366
of a government or a central party.

864
00:57:22,586 --> 00:57:26,926
Meaning that when gold was operating in a local economy and you can exchange

865
00:57:26,926 --> 00:57:30,046
the physical coins with your direct counterpart or your butcher,

866
00:57:30,166 --> 00:57:34,626
your local tailor, your grocer, whoever you were exchanging with, gold was great.

867
00:57:34,946 --> 00:57:39,066
When the world needed to scale an economy and the the velocity of money larger

868
00:57:39,066 --> 00:57:40,286
than your local economy.

869
00:57:40,566 --> 00:57:44,926
Gold failed us. Gold failed us because gold is just a bare physical metal.

870
00:57:45,066 --> 00:57:46,746
It does not carry a monetary network.

871
00:57:46,926 --> 00:57:49,186
What's the gold network? The gold network are human beings.

872
00:57:49,426 --> 00:57:52,826
And when you're trying to transact in an economy of billions of people globally,

873
00:57:53,086 --> 00:57:56,006
you are reliant on central parties, banks, governments.

874
00:57:56,246 --> 00:58:00,386
And it was for that reason that gold failed. And it failed in a way that you

875
00:58:00,386 --> 00:58:05,106
can't operate a truly free market when when the concentrated supply is with

876
00:58:05,106 --> 00:58:06,286
those that you have to trust.

877
00:58:06,446 --> 00:58:11,206
And so that's fundamentally what Bitcoin solved, is that you are able to create

878
00:58:11,206 --> 00:58:16,626
a scarce bear instrument and a network that can achieve finality in transactional

879
00:58:16,626 --> 00:58:20,286
settlement without the reliance on any government or central party.

880
00:58:20,806 --> 00:58:24,806
Boom. I think that's a fantastic point. And with that, we will wrap it up right

881
00:58:24,806 --> 00:58:27,106
there. Thank you so much for listening to This Week in Bitcoin.

882
00:58:27,546 --> 00:58:30,546
Boost in with what you'd like to hear or see from the show, any feedback you

883
00:58:30,546 --> 00:58:33,046
have, and please share it with a friend who You might be Bitcoin curious.

884
00:58:33,306 --> 00:58:38,006
I leave you with a value for value track. Consider boosting the artist as well. It is devil's hand.

885
00:58:38,480 --> 01:02:07,336
Music.