1 00:00:00,017 --> 00:00:04,257 There are currency devaluations taking place that people are not talking about. 2 00:00:04,457 --> 00:00:09,437 The Nigerian Naira is down 50-60% in the last nine months. 3 00:00:09,637 --> 00:00:14,877 Egypt just devalued by 40%. Argentina continuing to devalue. 4 00:00:14,977 --> 00:00:18,977 I think this is a flight to safety, believe it or not, taking place. 5 00:00:19,097 --> 00:00:24,617 A hedge against devaluation, a hedge against a loss of purchasing power and wealth. 6 00:00:24,757 --> 00:00:30,597 That's very important. And we saw this even here last year in the United States. 7 00:00:30,917 --> 00:00:34,897 Regional banks imploded. Bitcoin went up 40 percent. 8 00:00:35,737 --> 00:00:40,677 Bitcoin does not have counterparty risk. And we're putting out a piece in the 9 00:00:40,677 --> 00:00:45,957 next few weeks, which is this is both, get this, a risk-on asset. 10 00:00:46,077 --> 00:00:50,517 And so you talk about the Nasdaq. The risk-on. But it is risk-off. off. 11 00:00:50,597 --> 00:00:57,137 I remember we got in at $250 when Greece was threatening to leave the euro. 12 00:00:57,297 --> 00:01:00,597 Right. But is that folks that are speculating about currency or is that folks 13 00:01:00,597 --> 00:01:04,397 in Nigeria and in Greece and other places saying, I got to get my money out 14 00:01:04,397 --> 00:01:06,517 of this currency and move it themselves? 15 00:01:06,717 --> 00:01:12,457 Do you see what I'm saying? Oh, yes. I think this is an insurance policy against 16 00:01:12,457 --> 00:01:16,477 rogue regimes or against just horrible fiscal and monetary policies. 17 00:01:17,040 --> 00:01:30,480 Music. 18 00:01:30,457 --> 00:01:33,957 Welcome into episode five of This Week in Bitcoin. 19 00:01:34,157 --> 00:01:39,357 I've been dodging April Fool's news like Junior dodging a shoe during a presser. 20 00:01:39,597 --> 00:01:42,077 I think you'd be pretty impressed with my agility. 21 00:01:42,337 --> 00:01:45,317 I think the Bitcoin community has been pretty heads down this week. 22 00:01:45,597 --> 00:01:48,157 Maybe the price action has been a little boring. I don't know, 23 00:01:48,197 --> 00:01:53,617 but there just hasn't been a lot going on while the price sort of consolidates before the big event. 24 00:01:54,157 --> 00:01:57,397 At least in our local neck of the woods, there are some great project updates, 25 00:01:57,517 --> 00:02:01,217 though, that I want you to know about. Some big things are happening behind the scenes. 26 00:02:01,397 --> 00:02:06,117 And then on the wider market, we seem to be in a period of market narrative 27 00:02:06,117 --> 00:02:07,977 fluctuation, if you will. 28 00:02:08,037 --> 00:02:11,617 I mean, this happens at least once a quarter, sometimes even faster. 29 00:02:11,617 --> 00:02:15,957 And these days, I mean, this is wild to say, but these days, 30 00:02:16,037 --> 00:02:21,957 these different narratives do seem to have a short-term impact on Bitcoin's price action. 31 00:02:22,357 --> 00:02:29,617 And more than ever, the traditional market is obsessed with one man's every single word. 32 00:02:29,757 --> 00:02:32,517 But let me get right to Steve Leisman now because we do have those breaking 33 00:02:32,517 --> 00:02:35,617 headlines from Fed Chair Powell. He is speaking at Stanford University. 34 00:02:35,637 --> 00:02:36,677 And what is he saying, Steve? 35 00:02:38,478 --> 00:02:42,318 He says if the economy evolves as expected, it will be appropriate to lower 36 00:02:42,318 --> 00:02:44,158 rates at some point this year. 37 00:02:44,238 --> 00:02:47,038 But the Fed chair speaking at the Stanford Graduate School of Business says 38 00:02:47,038 --> 00:02:50,838 it will not be appropriate to lower the policy rate without greater confidence. 39 00:02:51,018 --> 00:02:55,358 Inflation is coming down. He cites the Fed policy statement in making that comment. 40 00:02:55,498 --> 00:02:59,598 He said the Fed has time to let incoming data guide its decisions. 41 00:02:59,958 --> 00:03:03,338 And the policy rate, though, is likely at its peak. 42 00:03:03,378 --> 00:03:06,758 That's the good news. News inflation, he says, has come down significantly, 43 00:03:06,838 --> 00:03:10,618 but it is still running above the Fed's 2% target. 44 00:03:10,878 --> 00:03:16,578 The job of sustainably returning it to target, quote, is not yet done. 45 00:03:16,878 --> 00:03:19,778 Will he? Won't he? So there's a couple of things that are interesting, right? 46 00:03:19,838 --> 00:03:23,798 Jay Powell, he goes and sits down and every word he says is then immediately 47 00:03:23,798 --> 00:03:26,118 broadcast on national television. 48 00:03:26,378 --> 00:03:30,998 And they try to parse and read the tea leaves there. But I guess there's two takeaways. ways. 49 00:03:31,058 --> 00:03:34,658 Number one, this is probably the highest we're going to see rates go. 50 00:03:34,998 --> 00:03:38,998 Number two, rate cuts are still on the table, but now it's being pushed out 51 00:03:38,998 --> 00:03:42,818 and perhaps we'll see less rate cuts because, gosh darn it, that inflation, 52 00:03:42,898 --> 00:03:45,258 it turns out to be sticky and trickier than we expected. 53 00:03:46,298 --> 00:03:52,178 I have some good news I want you to know about. The Satoshi Action Fund has stacked another win. 54 00:03:52,278 --> 00:03:55,038 Now, if you're not familiar with them, they describe themselves as a Bitcoin 55 00:03:55,038 --> 00:03:56,018 advocacy advocacy organization. 56 00:03:56,958 --> 00:04:00,018 I think they've got I think they really got started enrolling in 2022. 57 00:04:00,378 --> 00:04:03,978 I might have that wrong, but that's what my pre-show research showed. 58 00:04:04,278 --> 00:04:07,198 And they say they're quote changing the narrative on Bitcoin. 59 00:04:07,578 --> 00:04:11,778 And actually, I think they're not messing around. But before I get to their 60 00:04:11,778 --> 00:04:16,798 big win this week, here's Dennis Porter presenting at the Texas Miner Summit 61 00:04:16,798 --> 00:04:19,638 a couple of years ago when things were just kicking off. 62 00:04:19,858 --> 00:04:24,038 This is why Satoshi Action Fund was created to go on the offensive for Bitcoin miners. 63 00:04:25,758 --> 00:04:29,858 By first, through phase one, educating policy makers. We want to get in front 64 00:04:29,858 --> 00:04:33,978 of state lawmakers and help them to understand the value of attracting this 65 00:04:33,978 --> 00:04:35,718 nascent tech infrastructure to their state. 66 00:04:37,074 --> 00:04:39,574 And then number two, we'll be lobbying for effective policy. 67 00:04:39,774 --> 00:04:43,514 So all the great things that you see here in the great state of Texas and all 68 00:04:43,514 --> 00:04:48,294 the work that Lee Bratcher is doing with the TBC to make it even better, we want to expand that. 69 00:04:48,354 --> 00:04:53,634 We want to expand Texas policy across the entire country so that other states 70 00:04:53,634 --> 00:04:58,274 can partake in programs like the Demand Response Incentive Program so that we 71 00:04:58,274 --> 00:04:59,894 can create tax breaks for minors. 72 00:05:00,194 --> 00:05:03,494 Because this industry brings jobs. It brings investment. It brings innovation 73 00:05:03,494 --> 00:05:07,834 to states all across the country. and has the potential to do that. 74 00:05:07,954 --> 00:05:11,654 And we want policymakers to understand that story. We also want them to understand 75 00:05:11,654 --> 00:05:17,654 the positive story around energy and the fact that Bitcoin mining helps on both 76 00:05:17,654 --> 00:05:19,034 sides. It's pro-energy. 77 00:05:19,554 --> 00:05:23,434 And if you like renewables, it helps to soak up all that excess load, right? 78 00:05:23,854 --> 00:05:27,454 Yep. And it makes it then profitable for everybody involved. 79 00:05:27,834 --> 00:05:31,334 And they have and had a three-phase plan. 80 00:05:31,614 --> 00:05:36,234 Phase one, we'll be educating policymakers through our personal connections, as Mandy stated. 81 00:05:36,654 --> 00:05:41,594 You know, she's worked in and out of policy in DC and on the state level for over a decade. 82 00:05:42,054 --> 00:05:43,774 The rest of our team have a combined 83 00:05:43,774 --> 00:05:47,194 amount of time of over 30 years of working in the political arena. 84 00:05:48,723 --> 00:05:51,843 So we'll also be doing conferences, attending conferences like this to talk 85 00:05:51,843 --> 00:05:55,743 to minors, to let them know about the organization is important so you can get involved. 86 00:05:56,003 --> 00:05:58,783 But we'll also be going to state policymaker conferences. 87 00:05:59,443 --> 00:06:02,543 There's one just next month called ALEC, and there's one later in September 88 00:06:02,543 --> 00:06:04,083 called the State Policy Network. 89 00:06:04,163 --> 00:06:09,823 And we can go there and directly educate lawmakers on the impact that this positive, 90 00:06:09,843 --> 00:06:12,203 this nascent tech infrastructure can have in their state. 91 00:06:12,343 --> 00:06:15,583 We'll also be doing live Zoom courses, you know, just mass educate, 92 00:06:15,763 --> 00:06:19,523 mass educate, mass educate. The premise of this is like, if you get 100 state 93 00:06:19,523 --> 00:06:24,423 policymakers who are listening to you, maybe 50 of them will actually agree with you. 94 00:06:24,963 --> 00:06:29,043 Maybe 25 of them will actually make an effort. Maybe five of those will be serious. 95 00:06:29,303 --> 00:06:32,343 And maybe two of them will actually go forward and do something. 96 00:06:32,523 --> 00:06:37,063 So if two states in this country become a lot more like Texas and a lot less 97 00:06:37,063 --> 00:06:40,163 like New York, I think that's a positive thing that can happen here in the USA. 98 00:06:40,583 --> 00:06:44,683 Of course, New York has famously been pretty anti-Bitcoin from a policy standpoint. 99 00:06:45,123 --> 00:06:47,183 So how'd they do? That was from a couple of years ago. Well, 100 00:06:47,203 --> 00:06:49,483 they've been stacking some wins at the state level. 101 00:06:49,883 --> 00:06:54,863 They have an agenda that is to use the United States' states' rights system 102 00:06:54,863 --> 00:06:58,383 to essentially create beachheads so that if the federal government were to ever 103 00:06:58,383 --> 00:07:02,223 take any kind of dramatic action against a Bitcoin mining, they've created these 104 00:07:02,223 --> 00:07:04,023 beachheads in various states. 105 00:07:04,023 --> 00:07:07,783 And Louisiana has passed a groundbreaking bill through their house, 106 00:07:07,923 --> 00:07:13,383 103 to 0, to protect the fundamental Bitcoin rights for mining, 107 00:07:13,543 --> 00:07:16,123 for access to Bitcoin, buying Bitcoin, storing Bitcoin. 108 00:07:16,563 --> 00:07:20,543 Now, it needs approval by the Senate, and that has to be signed by the governor. 109 00:07:20,703 --> 00:07:21,783 Those are the next crucial steps. 110 00:07:22,483 --> 00:07:25,983 And the Satoshi Action Fund does take donations to help with this work, 111 00:07:26,583 --> 00:07:29,183 satoshiaction.io. I'll put a link in the show notes. 112 00:07:29,403 --> 00:07:32,803 You can also follow Dennis Porter on Twitter if you do Weapon X. 113 00:07:33,463 --> 00:07:35,623 He'll often tweet about this. They're doing good work over there. 114 00:07:35,723 --> 00:07:39,303 I mean, I've followed for a while now, and I can say that this is one of many wins. 115 00:07:40,003 --> 00:07:43,543 So it's really good to see. And I think Dennis has been a force for positive 116 00:07:43,543 --> 00:07:45,283 change in the United States. 117 00:07:46,503 --> 00:07:48,383 Not everyone has been, though. 118 00:07:50,043 --> 00:07:56,123 I call it the pomp problem. And I'm asking you, what do we do as a community about the influenzas? 119 00:07:56,323 --> 00:08:01,903 So here's my question. Do you think it matters who represents Bitcoin in the wider media? 120 00:08:02,963 --> 00:08:07,043 Then, of course, think about this, too, from who the wider media is appealing to as well. 121 00:08:08,503 --> 00:08:13,003 Traditional media is trying and struggling to explain Bitcoin to their viewers. 122 00:08:13,343 --> 00:08:18,303 And so they need people who are good communicators because their audience really doesn't get it. 123 00:08:19,052 --> 00:08:22,492 And so this is where I think Anthony Pompliano, or known as Pomp, 124 00:08:22,492 --> 00:08:27,692 really comes in as sort of the quintessential example of what does the community 125 00:08:27,692 --> 00:08:32,572 do about these types of individuals and what specifically should the show do? 126 00:08:33,232 --> 00:08:39,252 All right. Locomotive continues, folks. Bitcoin ETFs trading $111 billion last 127 00:08:39,252 --> 00:08:41,712 month, triple what they did in January and February. 128 00:08:42,292 --> 00:08:48,092 With us now, Pomp investment investor, Anthony Pompliano. As you can tell by 129 00:08:48,092 --> 00:08:53,212 the swooshes, we are on mainstream media again. 130 00:08:53,352 --> 00:08:57,372 And this is Fox Business, their midday show when people are watching and they 131 00:08:57,372 --> 00:08:59,272 have it on in the background or they have lunch going on. 132 00:08:59,392 --> 00:09:05,712 The financial wonks love these channels and they bring on Pomp to explain questions 133 00:09:05,712 --> 00:09:08,912 that are typical of their viewers, that they maybe have heard from their viewers 134 00:09:08,912 --> 00:09:10,412 or they understand their audience. 135 00:09:10,692 --> 00:09:13,152 You know, Pomp, this is the kind of thing you talked about, right? 136 00:09:13,152 --> 00:09:15,752 Right. I mean, the demand has been absolutely through the roof. 137 00:09:16,652 --> 00:09:19,512 Here's the interesting thing, though, because it went, I guess, 138 00:09:19,512 --> 00:09:21,992 what was the high recently? Seventy five, seventy two, something like that. 139 00:09:22,012 --> 00:09:23,212 Seventy two thousand. Seventy two thousand. 140 00:09:23,452 --> 00:09:26,912 It's pulled back to sixty five thousand. A narrative there out there now saying, 141 00:09:26,972 --> 00:09:30,052 see, gold is up and Bitcoin is down. It's not a store of value. 142 00:09:30,292 --> 00:09:34,912 What do you say to folks who are saying maybe it's got some investment opportunities, 143 00:09:35,252 --> 00:09:39,252 trading opportunities, but it still hasn't proven itself as a store of value? 144 00:09:39,252 --> 00:09:43,992 Now, Bitcoiners hear this and they roll their eyes, but I have probably heard 145 00:09:43,992 --> 00:09:47,172 this and seen this come up a dozen times, if not more. 146 00:09:47,779 --> 00:09:50,739 This week alone. It is actually a question that is being asked. 147 00:09:50,839 --> 00:09:55,299 And we need somebody who can attack it in a way that is understandable by Bitcoiners 148 00:09:55,299 --> 00:09:58,159 and understandable by noobs. It's where Pomp comes in. 149 00:09:58,339 --> 00:10:01,039 Well, when you want to store value, usually what you're talking about is not 150 00:10:01,039 --> 00:10:02,699 storing value from yesterday to today. 151 00:10:02,819 --> 00:10:06,959 What you're trying to store value is from today for 5, 10, 15, 20 years, right? 152 00:10:07,059 --> 00:10:10,819 And so when I think of Bitcoin, I think about, can I actually preserve my economic 153 00:10:10,819 --> 00:10:12,919 value for my kids or my grandchildren? 154 00:10:13,159 --> 00:10:17,339 And right now, Bitcoin, I think, is probably the best place that you're going to be able to do that. 155 00:10:17,479 --> 00:10:20,999 Now, if we go and we look at what people have been historically using as a store 156 00:10:20,999 --> 00:10:22,939 of value, there's gold and there's dollars. 157 00:10:23,259 --> 00:10:26,339 Gold is up. It's near an all-time high. But we're talking about now it hits 158 00:10:26,339 --> 00:10:29,119 an all-time high because it goes up $10, $20, $30. 159 00:10:29,459 --> 00:10:33,639 These moves aren't meaningful to people who buy gold right here and see a $30, 160 00:10:33,799 --> 00:10:35,539 $40, $50 increase in the price. 161 00:10:35,839 --> 00:10:41,179 Now, the dollar is down in purchasing power terms, 25% since 2020. 162 00:10:41,459 --> 00:10:43,759 So you've lost 25% of your purchasing power in four years. 163 00:10:44,099 --> 00:10:48,019 Bitcoin during that same time period is up 800%. And so what I think people 164 00:10:48,019 --> 00:10:51,379 are starting to realize is, wait a minute, if I store some or a large portion 165 00:10:51,379 --> 00:10:55,759 of my wealth in Bitcoin, everything around me gets cheaper over time rather than more expensive. 166 00:10:56,019 --> 00:10:59,859 And that's what you want out of a store of value. Clear, concise, well-spoken. 167 00:11:00,139 --> 00:11:03,379 But with the good also comes the bad with the influenzas. 168 00:11:04,639 --> 00:11:11,939 So why is BlockFi, why does BlockFi need this much money? First of all, 169 00:11:11,939 --> 00:11:12,899 what are they going to do? 170 00:11:12,959 --> 00:11:16,699 Over 500 employees now around the world. 171 00:11:16,839 --> 00:11:20,799 If you don't remember or you weren't around or couldn't care, 172 00:11:21,119 --> 00:11:25,199 BlockFi crashed a few days after FTX's collapse. 173 00:11:25,519 --> 00:11:29,559 On November 28th, 2022, they filed for Chapter 11 bankruptcy protection. 174 00:11:29,559 --> 00:11:33,479 They had more than 100,000 creditors, according to their filings, 175 00:11:33,479 --> 00:11:38,459 and BlockFi had around 227 million in uninsured funds in the bank. 176 00:11:39,079 --> 00:11:43,699 In October of 2023, BlockFi emerged from Chapter 11 bankruptcy and announced 177 00:11:43,699 --> 00:11:47,199 they're going to try to figure things out, going to try to repay some people. 178 00:11:47,679 --> 00:11:51,379 But it sounds like some of that, or maybe the majority of that, 179 00:11:51,499 --> 00:11:55,619 depends on how much they can recoup from the FTX payout, which has yet to happen. 180 00:11:56,439 --> 00:11:58,819 So depending on that, they may repay some of their customers. 181 00:11:59,939 --> 00:12:05,019 225,000 users, over $15 billion in assets on the platform, 182 00:12:05,419 --> 00:12:12,919 $50 million a month, a month, $50 million a month in revenue. Let's roll. 183 00:12:13,279 --> 00:12:16,779 Zach, Flory, the rest of the BlockFi team are absolutely killing it. 184 00:12:16,879 --> 00:12:18,959 They built an amazing business, obviously. 185 00:12:19,139 --> 00:12:24,039 And anytime you can get a who's who at the table of all these investors, 186 00:12:24,379 --> 00:12:25,639 something's going right. Right. 187 00:12:25,699 --> 00:12:29,039 So I am bullish, bullish, bullish. 188 00:12:29,599 --> 00:12:33,219 But maybe he's learned its lesson. I mean, a lot of people accidentally mess 189 00:12:33,219 --> 00:12:36,659 around with the altcoins before they figure out the Bitcoin is the only true 190 00:12:36,659 --> 00:12:38,639 crypto. OK, it still may be volatile. 191 00:12:38,759 --> 00:12:42,579 Right. In the last 11 years, number one asset eight times, the worst three times. 192 00:12:42,659 --> 00:12:45,139 Yes. So buckle up, boys and girls. But you want to be there. 193 00:12:45,339 --> 00:12:49,299 So if you go back over 10 years now, Bitcoin's compound annual growth rate for 194 00:12:49,299 --> 00:12:52,939 a decade is 60 percent or higher. And so when you look at that, 195 00:12:52,979 --> 00:12:55,459 you say to yourself, OK, obviously it is going up in price. 196 00:12:55,579 --> 00:12:58,679 But the question is, if you're building a portfolio, the average investor is 197 00:12:58,679 --> 00:13:01,939 not going to go put 100 percent of their portfolio in one asset like Bitcoin. 198 00:13:02,079 --> 00:13:05,899 Instead, what they want to do, as we've seen through various portfolio constructions, 199 00:13:05,899 --> 00:13:09,019 et cetera, is you want to take a couple non-correlated assets, 200 00:13:09,359 --> 00:13:12,939 put them together and then have a portfolio that should do well over time. 201 00:13:13,699 --> 00:13:17,959 Bitcoin tends to be very low correlation or no correlation to traditional assets. 202 00:13:18,239 --> 00:13:22,679 It goes up a lot. It is volatile along the way. And so the key thing with Bitcoin 203 00:13:22,679 --> 00:13:25,239 is if you think that you're going to speculate or you're going to gamble or 204 00:13:25,239 --> 00:13:28,039 you're going to trade this thing, you probably aren't going to do so hot. 205 00:13:28,159 --> 00:13:31,199 But if you can simply learn to just buy an asset, hold it for the long term, 206 00:13:31,299 --> 00:13:33,779 Bitcoin has been very good to those investors. And I think that it will continue 207 00:13:33,779 --> 00:13:34,819 to do that moving forward. 208 00:13:35,419 --> 00:13:38,039 All right. Boost in and tell me your thoughts. 209 00:13:38,799 --> 00:13:42,859 Is there an appropriate statute of limitations for somebody like this? 210 00:13:43,019 --> 00:13:47,119 And in your mind, does good behavior after the fact earn them early forgiveness? 211 00:13:47,859 --> 00:13:51,079 I genuinely would like to know, because I'm going to factor it into how much 212 00:13:51,079 --> 00:13:54,819 we do or don't hear from these types of individuals in the show. 213 00:13:54,899 --> 00:13:56,739 And while we're talking about mysterious individuals... 214 00:13:57,880 --> 00:14:01,520 There is Mr. 100 out there. Now, when this show launched, we speculated, 215 00:14:01,520 --> 00:14:04,060 could it be Jeff Bezos? I mean, it's possible. 216 00:14:04,400 --> 00:14:07,640 It's possible it could have been Jeff Bezos, but it seemed, you know, 217 00:14:07,680 --> 00:14:09,380 more and more unlikely as time went on. 218 00:14:09,480 --> 00:14:16,180 Well, this Mr. 100 has bought an unbelievable amount of Bitcoin in just the last few days. 219 00:14:16,280 --> 00:14:21,800 In fact, 2,566 in the last five days, and they seem to be buying every single 220 00:14:21,800 --> 00:14:26,640 dip. We now have somebody who's in the top 100 in just a matter of weeks out 221 00:14:26,640 --> 00:14:28,620 there buying and stacking Bitcoin like crazy. 222 00:14:28,740 --> 00:14:32,800 We don't know who it is, but people are starting to speculate it is a rumor. 223 00:14:33,520 --> 00:14:36,880 We don't really know, but it's a rumor that it's a nation state. 224 00:14:37,100 --> 00:14:40,620 All right, coming up, your boost, some big project updates and the clip of the week. 225 00:14:42,080 --> 00:14:46,880 But first, thank you to Podhome.fm, sponsor of this here episode. 226 00:14:46,880 --> 00:14:51,600 That's my podcasting, 2-0-0 hosting platform with unlimited shows and episodes 227 00:14:51,600 --> 00:14:53,780 powered by unlimited Podhome AI. 228 00:14:54,160 --> 00:14:57,440 Tools that make it easy to take advantage of things like chapters. 229 00:14:57,760 --> 00:15:02,480 You can have clips. They'll automatically transcribe the episode and make that 230 00:15:02,480 --> 00:15:05,780 available as a file that shows up in the podcast player automatically. 231 00:15:06,720 --> 00:15:10,920 And they have fantastic support for live streams. Check it out, Podhome.fm. 232 00:15:11,000 --> 00:15:15,840 Use the promo code TWIB and you'll get three months for free. 233 00:15:15,840 --> 00:15:22,640 Podhome.fm, my podcasting, my podcasting 2.0, my podcasting 2.0, 234 00:15:22,640 --> 00:15:24,600 pop, pop, pop, pop platform. 235 00:15:25,060 --> 00:15:28,680 That's right. Thank you to Podhome for sponsoring this episode of This Week 236 00:15:28,680 --> 00:15:32,160 in Bitcoin. I really do appreciate you. This is the way. 237 00:15:32,560 --> 00:15:36,180 Now we have some boosts coming into the show right now. And Eric, 238 00:15:36,320 --> 00:15:43,820 a.k.a. our podcast, is coming in as our baller booster this week with 120,000 sats. 239 00:15:47,600 --> 00:15:51,680 Thank you very much, sir. Appreciate that. Coming in from Podverse, 240 00:15:51,720 --> 00:15:53,960 he writes, Hey, Chris, thank you so much for creating this week in Bitcoin. 241 00:15:54,160 --> 00:15:57,360 The show strikes the balance between news and practical resource and updates. 242 00:15:57,940 --> 00:16:01,720 I was hoping to get your advice from the... Oh, I was able to get advice, 243 00:16:01,800 --> 00:16:05,140 he says, from the Bitcoin Dad podcast to get Excalibur up and running from my 244 00:16:05,140 --> 00:16:06,040 wallet under my control. 245 00:16:06,520 --> 00:16:10,480 I prefer the release dates of the show on Thursday or Friday so I can listen during my weekend time. 246 00:16:10,900 --> 00:16:14,560 I'm also now using Podhome to host my podcast, thanks to your recommendation. 247 00:16:16,680 --> 00:16:23,800 Very nice. Thank you very much. Listener Jeff comes in with $27,222. 248 00:16:24,620 --> 00:16:28,540 That's a McDuck plus a $5,000. This old duck still got it. Says, 249 00:16:28,580 --> 00:16:31,320 let's get this show to the top of the charts. Thank you, Jeff. Appreciate that. 250 00:16:32,000 --> 00:16:35,780 He says, also, I like the song. Thank you very much. Boost for the artist. 251 00:16:35,880 --> 00:16:37,900 Ah, that $5,000 went to the artist. 252 00:16:38,360 --> 00:16:42,760 That's really great. Thank you. support that support that value for value music I say, 253 00:16:43,683 --> 00:16:49,443 Oppie1984 came in with 4,000 sats and just says, support boost. B-O-O-S-T. 254 00:16:50,503 --> 00:16:55,243 NoSecondBest is back with 15,222 sats. There is no second best. 255 00:16:55,603 --> 00:16:58,823 HighSignal confirmed. The last clip was so good, I'm buying that guy's book. 256 00:16:59,083 --> 00:17:02,383 Yeah, I found the whole interview on YouTube. You can search it and see it. 257 00:17:02,703 --> 00:17:07,523 Nullifier came in with 5,000 sats. These have been great, Chris. Keep it up. 258 00:17:08,303 --> 00:17:12,583 Thank you, Nullifier. I appreciate it. And Adam Curry, the Podfather, 259 00:17:12,683 --> 00:17:14,923 comes in with 10,000 sats. 260 00:17:15,103 --> 00:17:17,203 Podcasts are cool. Hello, Podfather. 261 00:17:18,243 --> 00:17:21,283 Coming in a day early. The perfect listen after no agenda. 262 00:17:21,623 --> 00:17:26,143 Yeah, nice. That's a good little combo. Wind down with a little This Week in 263 00:17:26,143 --> 00:17:28,143 Bitcoin. Thank you, Podfather. Appreciate the value. 264 00:17:28,383 --> 00:17:32,803 Bob B. comes in with 5,000 sats. I hoard that with your kind. 265 00:17:33,023 --> 00:17:39,483 Loving the pod. As for the release day, the numbers might be commute related. 266 00:17:39,483 --> 00:17:42,343 Any day is fine with me since I rarely do those anymore. 267 00:17:43,583 --> 00:17:46,523 Lucky you, sir. Lucky you. That's got to be nice. 268 00:17:47,943 --> 00:17:52,663 I work for myself but yet still manage to give myself a little bit of a commute. 269 00:17:52,883 --> 00:17:56,283 It's not bad, though. It's 20 minutes unless there's bad traffic. 270 00:17:56,463 --> 00:18:00,763 But in my neck of the woods, we have this thing called Tulip Festival where 271 00:18:00,763 --> 00:18:06,103 all the normies drive up from Seattle into my neck of the woods to look at flowers 272 00:18:06,103 --> 00:18:11,363 and take selfies. And so then I have a much, like I have a triple the commute during spring. 273 00:18:13,123 --> 00:18:18,643 It's horrible, I know. Poor me. Eric Nord comes in with 10,000 sats. It's over 9,000! 274 00:18:19,463 --> 00:18:24,263 Support boost. It's good to have, quote, plan B back. Ah, tell me you're a long 275 00:18:24,263 --> 00:18:27,283 timer without telling me you're a long timer, Eric. Thank you for the boost. 276 00:18:27,903 --> 00:18:33,503 Todd from Northern Virginia comes in with 7,777 sats. Smoke if you got him. 277 00:18:35,283 --> 00:18:38,943 He says my vote for the episode release date is Tuesdays. I'd estimate that 278 00:18:38,943 --> 00:18:42,883 50% of podcasts I subscribe to release on Fridays. It's a very crowded day. 279 00:18:44,163 --> 00:18:45,483 Yeah, and so is Sunday. 280 00:18:46,510 --> 00:18:50,490 And as an OG who's been publishing, you know, I mean, I mean, 281 00:18:50,550 --> 00:18:52,690 OK, I know the Podfather probably beats me. 282 00:18:52,710 --> 00:18:54,570 I know other people have been publishing on Sunday for a long time, 283 00:18:54,630 --> 00:18:57,370 but I've been publishing on Sunday for like 16, 17 years. 284 00:18:57,650 --> 00:19:03,370 So almost. Right. I mean, a while. So yeah, now I look at my I look at my podcast 285 00:19:03,370 --> 00:19:09,030 catcher in the morning on a Monday and there's like five or six or seven shows. 286 00:19:09,250 --> 00:19:14,290 And Linux Unplugged, which came out Sunday night, is like off the screen now. 287 00:19:14,290 --> 00:19:17,250 Now, maybe I just have too many podcasts. 288 00:19:17,350 --> 00:19:20,330 Maybe that's actually the problem. Thank you, Todd. Appreciate the boost. 289 00:19:20,850 --> 00:19:25,990 PC null reference comes in with 2,000 cents. Right? Did I get that right? I think I did. 290 00:19:26,630 --> 00:19:31,790 Boost. A little pew-pew for you. I was wondering if you will also randomly or 291 00:19:31,790 --> 00:19:36,150 by extras do side shows and dig deeper into Bitcoin Lightning and the latest 292 00:19:36,150 --> 00:19:38,030 developments as a more technical level for beginners. 293 00:19:38,610 --> 00:19:41,350 Ah, so like technical deep dives. Hmm. 294 00:19:42,550 --> 00:19:48,250 Hmm. I don't have plans at the moment, but I would be willing to consider it, 295 00:19:48,270 --> 00:19:49,630 especially when it relates to things 296 00:19:49,630 --> 00:19:53,410 around podcasting 2.0 to help people figure that out. Figure it out. 297 00:19:54,390 --> 00:19:58,230 That's a good question. I'll think more about it also in the resources section of this show. 298 00:19:58,330 --> 00:20:01,510 I'll also consider putting more learning resources in there, 299 00:20:01,610 --> 00:20:04,790 videos and things like that. So that's perhaps a place to start. 300 00:20:06,070 --> 00:20:11,150 Adversary 17 comes in with 2,048 sats. Great episode, he says. 301 00:20:11,150 --> 00:20:13,630 And I think that is our deliminator right there. 302 00:20:13,690 --> 00:20:17,650 That's above the 2,000-sat cutoff for the on-the-air reading, just for time. 303 00:20:18,070 --> 00:20:22,050 But thank you, everybody, who does boost in. I see Chad boosted in and Gene 304 00:20:22,050 --> 00:20:25,770 Bean boosted in and Hypersensitive and Ace boosted in. 305 00:20:25,810 --> 00:20:31,450 We had 16 total boosters, stacked 212,915 sats. 306 00:20:31,610 --> 00:20:34,610 We started messing around with boost. You're doing a good job. on. 307 00:20:35,440 --> 00:20:40,720 Music. 308 00:20:40,610 --> 00:20:43,850 Thank you, everybody who supports the show. It is a value for value podcast. 309 00:20:44,270 --> 00:20:47,090 And I try to be transparent about the numbers so you know where they're at. 310 00:20:47,190 --> 00:20:52,010 It is a high effort podcast. So I appreciate your boosts. And of course, your messages. 311 00:20:49,840 --> 00:20:56,080 Music. 312 00:20:52,290 --> 00:20:55,770 If you'd like to boost go get a new podcast app podcast apps.com. 313 00:20:56,430 --> 00:20:59,810 Podverse fountain FM and castomatic are some of my absolute favorites. 314 00:20:59,810 --> 00:21:03,970 Favorites, you top them off with something like Strike or use RoboSats, 315 00:21:04,170 --> 00:21:08,750 anything on the Lightning Network, then you can boost in and send your message and support the show. 316 00:21:08,560 --> 00:21:18,160 Music. 317 00:21:09,010 --> 00:21:12,210 Really appreciate everybody who took a little bit of time to do that this week. 318 00:21:17,850 --> 00:21:21,370 Let's get into the project updates this week because there's some big ones. 319 00:21:22,898 --> 00:21:28,198 Mutiny Wallet version 0.6.1 has a brand new home screen, a Nostra profile set 320 00:21:28,198 --> 00:21:32,518 up, Federation discovery for Fetterman, and a new profile page that makes it 321 00:21:32,518 --> 00:21:37,218 really simple if you're just using it to like square up between friends or maybe family wallets. 322 00:21:37,498 --> 00:21:40,698 Really, really nice release from Mutiny Wallet this week. 323 00:21:40,738 --> 00:21:43,818 I'll have a link to that in the show notes. If you're a Graphing OS, 324 00:21:44,058 --> 00:21:48,658 or perhaps maybe Graphing OS as you call it, user, there has been a vulnerability 325 00:21:48,658 --> 00:21:54,138 that is getting actively exploited in the wild this week, and they have issued 326 00:21:54,138 --> 00:21:55,618 an update that fixes that. 327 00:21:55,778 --> 00:22:00,498 I just updated my Graphing OS machine this morning, a little Pixel 7 Pro, not so little. 328 00:22:00,798 --> 00:22:05,158 And I just wanted to put that out there because I often recommend Graphing OS 329 00:22:05,158 --> 00:22:08,298 as if you're going to use a mobile device to do some Bitcoin stuff. 330 00:22:09,078 --> 00:22:13,078 I think Graphing OS is a great choice. It's probably my favorite mobile operating 331 00:22:13,078 --> 00:22:15,298 system, but it is based on Android. 332 00:22:15,438 --> 00:22:17,818 And so when there are issues out there, they're on top of it, 333 00:22:17,858 --> 00:22:19,578 and that update is out right now. 334 00:22:19,698 --> 00:22:24,038 And I encourage everybody to go get it. And then I don't know if this is quite 335 00:22:24,038 --> 00:22:28,138 a project update, but it's noteworthy, that's for sure. 336 00:22:28,998 --> 00:22:33,158 Coinbase has thrown in the towel about building an internal Lightning system 337 00:22:33,158 --> 00:22:35,638 and has selected LightSpark for their Lightning services. 338 00:22:35,638 --> 00:22:41,098 LightSpark offers an SDK and APIs, and I'm sure lots of compliance, 339 00:22:41,518 --> 00:22:45,638 and Coinbase is going to use LightSpark's remote key signing implementation, 340 00:22:45,938 --> 00:22:49,118 allowing Coinbase to benefit from scalable and reliable node infrastructure 341 00:22:49,118 --> 00:22:51,698 without having to manage Lightning themselves. themselves. 342 00:22:51,998 --> 00:22:56,118 So they had a team internally at Coinbase looking at standing up their own Lightning 343 00:22:56,118 --> 00:22:59,638 infra, but they just couldn't get it done. 344 00:23:00,178 --> 00:23:04,418 And I think the bloke that was formerly in charge of implementing Lightning might be out. 345 00:23:04,638 --> 00:23:09,058 And he had said some really stupid stuff about Bitcoin during the time on Twitter. 346 00:23:09,178 --> 00:23:11,138 So maybe better that he's out. 347 00:23:11,278 --> 00:23:17,218 And then our last project update that I am super elated to see is BTC Pay Server 348 00:23:17,218 --> 00:23:20,558 has gotten a big, hearty donation from. 349 00:23:21,278 --> 00:23:29,298 From the Tether folks, yeah, a $100,000 grant to the BTC Pay Server folks. 350 00:23:29,758 --> 00:23:34,238 Their developers write, quote, I'm thankful to Tether for recognizing BTC Pay 351 00:23:34,238 --> 00:23:39,358 Server's significance as a Bitcoin FOSS project and for its generous grant. 352 00:23:39,538 --> 00:23:43,098 This contribution greatly empowers us to concentrate on our mission, 353 00:23:43,278 --> 00:23:46,718 enabling anyone to accept Bitcoin, unhindered by geographic, 354 00:23:46,858 --> 00:23:48,578 political, or financial barriers. years. 355 00:23:48,998 --> 00:23:53,638 That's according to the Rockstar dev, a core contributor and a founding member of BTC pay server. 356 00:23:54,318 --> 00:23:59,418 I think that's good to see. I suppose I'm, I remain somebody who's cautious about Tether. 357 00:23:59,498 --> 00:24:03,738 That's my only hesitation here, but it's absolutely great to see the BTC pay 358 00:24:03,738 --> 00:24:05,458 server get this a hundred thousand dollar grants. 359 00:24:05,498 --> 00:24:08,978 One of the best projects out there in the Bitcoin self-hosting category. 360 00:24:12,518 --> 00:24:16,918 This next pick, I can only do it for so long. It's like, I got to do it now or wait four more years. 361 00:24:17,078 --> 00:24:23,158 It's BitcoinHavening.live, H-L-V-I-N-G.live, BitcoinHavening.live. 362 00:24:23,358 --> 00:24:25,658 It is a very simple countdown. 363 00:24:26,018 --> 00:24:31,598 It's not anything too dramatic. It's like an old classic flip clock, but it's kind of fun. 364 00:24:31,778 --> 00:24:37,018 And right now it says the reward date is, or the reward drop date, 365 00:24:37,098 --> 00:24:43,298 as they put it, or AKA the Havening, is April 20th, 2024 at 12.02 UTC. 366 00:24:43,898 --> 00:24:47,138 That's fascinating Because when I was doing my pre-show research, 367 00:24:47,498 --> 00:24:50,918 it was about 10 minutes or so earlier than that. 368 00:24:51,158 --> 00:24:55,338 So since I, which has only been a couple hours ago, since I was starting prepping 369 00:24:55,338 --> 00:24:57,338 the show, it's moved forward a little bit. 370 00:24:57,638 --> 00:25:02,898 That's why you need a countdown clock. Because it's just going to be based on TikTok next block. 371 00:25:03,618 --> 00:25:08,418 As of right now, it's like 5.02 a.m. in the Pacific Northwest. 372 00:25:08,858 --> 00:25:09,878 You know what? I'll get up. 373 00:25:10,618 --> 00:25:13,938 I'm going to get up for the halvening. Should we live stream it? Yeah. 374 00:25:14,724 --> 00:25:17,464 Is that stupid? I don't know. That might be stupid. Let me know. 375 00:25:17,484 --> 00:25:20,104 Send a boost. I feel like I want to celebrate it somehow. 376 00:25:20,364 --> 00:25:23,784 Never before has the community been so aware of the happening. 377 00:25:24,084 --> 00:25:28,704 It's kind of exciting. I've always just been a loner here. All right. A final clip of the week. 378 00:25:29,604 --> 00:25:35,104 You know, there's during this time, there's there's just the funniest things that I'll catch. 379 00:25:35,104 --> 00:25:38,804 Which, and like I said earlier in the show, it's really the mainstream media 380 00:25:38,804 --> 00:25:42,704 trying to get their heads around Bitcoin and how to explain it to their audience 381 00:25:42,704 --> 00:25:44,964 and answer a lot of the common criticisms. 382 00:25:46,324 --> 00:25:48,884 You'd think that these people would understand a little bit better, 383 00:25:48,964 --> 00:25:51,584 but perhaps they're just trying to speak for the people. I don't know. 384 00:25:51,724 --> 00:25:56,444 So they bring on Strikes Jack Mollers once again to CNBC's Power Lunch. 385 00:25:56,704 --> 00:26:00,684 I've played a clip from this once before. And Jack's really figured out the 386 00:26:00,684 --> 00:26:03,984 role that they want him to play. And they absolutely, when they book him, 387 00:26:04,164 --> 00:26:08,544 they want him to play a very specific role. And he nailed it this week. 388 00:26:08,724 --> 00:26:12,084 For me to know that the crisis is over so I can see we're not there yet. 389 00:26:12,604 --> 00:26:16,204 Kelly, I got luscious locks, but I'll toss the hood on for you. How are we? 390 00:26:16,324 --> 00:26:19,284 So they start with some jokes about how he should be wearing a hoodie. 391 00:26:19,364 --> 00:26:22,904 So then he puts his hood on. Ha ha ha. So it starts, you know, real light and funny. 392 00:26:23,084 --> 00:26:27,584 We're all just friends. That has blown up our financial system. Hell of a Monday, huh? 393 00:26:28,304 --> 00:26:32,784 So do you think, okay, let me ask you to you this way. or put it to you this 394 00:26:32,784 --> 00:26:36,064 way. A banking crisis is deflationary. 395 00:26:36,504 --> 00:26:41,404 And so when I see Balaji and others saying Bitcoin's going to go to a million 396 00:26:41,404 --> 00:26:46,004 dollars, it may go up, but that may be because of the Fed's response here. 397 00:26:46,104 --> 00:26:50,364 The 2010s were not hyperinflationary. There's no obvious reason why now would 398 00:26:50,364 --> 00:26:51,604 be hyperinflationary either. 399 00:26:53,074 --> 00:26:58,934 So Kelly, it's actually not that complicated, and I'm excited to try and convey that to America. 400 00:26:59,634 --> 00:27:04,594 There's a market term that's used here in Chicago a lot. It's demand finds supply. 401 00:27:05,054 --> 00:27:08,894 What do I mean by that? If Ken Griffin is going to want to buy the most expensive 402 00:27:08,894 --> 00:27:11,714 condo in America, someone will build it for him. 403 00:27:11,774 --> 00:27:15,554 Someone will put a 201st floor in Miami's tallest building. 404 00:27:15,774 --> 00:27:19,614 If silver is going to 1,000x, I will walk into my kitchen right now, 405 00:27:19,694 --> 00:27:23,114 I will melt all my silverware, and I will sell it at market. 406 00:27:23,294 --> 00:27:26,594 If gold is going to rally, Elon Musk will find more on Mars. 407 00:27:27,034 --> 00:27:32,314 Bitcoin is, this is a super important point, Bitcoin is the only monetary instrument 408 00:27:32,314 --> 00:27:35,454 in the history of our species that is fixed. 409 00:27:35,654 --> 00:27:41,034 It does not matter how much more demand comes into the asset class, Kelly. 410 00:27:41,154 --> 00:27:45,854 No one will ever be able to make more of it. There are two things I can guarantee you in my life. 411 00:27:45,934 --> 00:27:48,754 One, that I'll die. And the other, that there will only ever be 21 million Bitcoin. 412 00:27:48,754 --> 00:27:52,754 And those are the two things that I can only value as my life and my Bitcoin. 413 00:27:53,074 --> 00:27:55,734 You know, when I start to think about how to explain Bitcoin to normies, 414 00:27:55,794 --> 00:27:56,874 I start to think more and more. 415 00:27:56,954 --> 00:28:01,894 Perhaps you start with the 21 million cap and how rock solid that is and how 416 00:28:01,894 --> 00:28:06,634 it's not like a line of code in the Bitcoin source code that says total equals 21. 417 00:28:07,494 --> 00:28:12,274 It is the issuance schedule. It's the very nature of the protocol that guarantees 418 00:28:12,274 --> 00:28:18,814 us the fixed issuance. It's brilliant and it is truly a unique asset in that way. 419 00:28:18,894 --> 00:28:23,594 And people who understand investing will understand why that's unique and good. 420 00:28:23,794 --> 00:28:27,494 Now, the reality is, especially I've discovered in the tech community, 421 00:28:27,814 --> 00:28:30,054 they're financially illiterate at scale. scale. 422 00:28:30,654 --> 00:28:34,494 When the Bitcoin ETF landed, the reason why the tech community didn't say anything, 423 00:28:34,574 --> 00:28:38,094 why the Verge didn't have an article about the first open source project ever 424 00:28:38,094 --> 00:28:42,334 being commoditized up as an ETF or packaged up, I guess you should say, as an ETF. 425 00:28:43,414 --> 00:28:47,794 The reason why they didn't have a story about that is because they don't know what an ETF is. 426 00:28:49,050 --> 00:28:53,710 So they can't get excited about it. But people who maybe are a little bit older, 427 00:28:53,990 --> 00:28:59,390 you know, like our parents and their parents' generation, or if they're still around. 428 00:28:59,450 --> 00:29:03,070 But you know what? People that have invested, so it could be younger people 429 00:29:03,070 --> 00:29:04,450 too, I suppose, they understand. 430 00:29:04,950 --> 00:29:09,550 They understand why it's a big deal. And that's why Jack's trying to communicate that to them. 431 00:29:09,710 --> 00:29:12,610 So it is the only fixed supply asset, Kelly. It's not that complicated. 432 00:29:12,650 --> 00:29:15,470 It's going to go up because everything else can be issued more. 433 00:29:15,590 --> 00:29:18,790 Does that make sense? Why is it? You've got to explain to me one thing. 434 00:29:19,050 --> 00:29:26,270 Why is the supply fixed? And is that because someone says it's fixed who could change their mind? 435 00:29:27,510 --> 00:29:32,230 No, it's a great point and question, Tyler. It's because it's written in the 436 00:29:32,230 --> 00:29:33,590 software and the software is distributed. 437 00:29:33,930 --> 00:29:37,210 There is no one person to ask. There is no one person to trust. 438 00:29:37,310 --> 00:29:40,890 The whole decentralization, is it decentralized so that you could put pictures 439 00:29:40,890 --> 00:29:43,950 and NFTs on the blockchain? Is it decentralized so that you could fix gaming? 440 00:29:44,090 --> 00:29:47,070 No, it's decentralized so that the defendants of 441 00:29:47,070 --> 00:29:49,790 the monetary policy are distributed is so that 442 00:29:49,790 --> 00:29:53,210 it's a network of computers that actually defend the 443 00:29:53,210 --> 00:29:58,090 policy and instrumentation of the monetary asset that is not the case for ethereum 444 00:29:58,090 --> 00:30:01,150 that is not the case for any other altcoin that is not the case for the u.s 445 00:30:01,150 --> 00:30:04,370 dollar that is not the case for miami real estate that is not the case for precious 446 00:30:04,370 --> 00:30:09,210 metals it is the all it is the only monetary instrument that has its monetary 447 00:30:09,210 --> 00:30:12,610 policy distributed and defended forgive me for being Very dense. 448 00:30:12,810 --> 00:30:18,290 But if you say that it's because this is the way the software is written and 449 00:30:18,290 --> 00:30:20,090 it is immutable, it is unchanged. 450 00:30:20,290 --> 00:30:27,110 Why couldn't the software be rewritten or why couldn't the authors of the software 451 00:30:27,110 --> 00:30:36,510 or the guardians of the software write a new software that creates Bitcoin 2.0 with another supply, 452 00:30:36,750 --> 00:30:38,070 a fixed supply of Bitcoin? 453 00:30:39,085 --> 00:30:43,985 Yeah. So, Tyler, I run Bitcoin software and someone tried to do this. 454 00:30:44,025 --> 00:30:47,365 I want you to Google Bitcoin cash after this interview is over. 455 00:30:47,665 --> 00:30:51,725 Someone said, I want to change the rules of Bitcoin. I may want to create more of a supply. 456 00:30:51,965 --> 00:30:55,145 I may want to make it faster. I may want to make it do a backflip. 457 00:30:55,145 --> 00:30:58,645 I may make it want to store pictures of monkeys drooling on themselves on the blockchain. 458 00:30:58,825 --> 00:31:01,945 And they created it and they created new rules and they called it Bitcoin cash. 459 00:31:01,945 --> 00:31:04,645 It's a different asset it's a different instrument and when 460 00:31:04,645 --> 00:31:07,465 someone tries to pay me in it my software rules that i 461 00:31:07,465 --> 00:31:10,565 run in my home in a room over there says nope that's 462 00:31:10,565 --> 00:31:13,345 invalid that thing is a piece of poop and i 463 00:31:13,345 --> 00:31:17,145 don't accept it because it is invalidating the rules of the system that were 464 00:31:17,145 --> 00:31:20,825 set out by satoshi nakamoto over a decade ago so you can create whatever you 465 00:31:20,825 --> 00:31:24,765 want you want to create fed now coin flip a dookie coin i don't care there's 466 00:31:24,765 --> 00:31:28,865 21 million of the things that i run and that i protect and that i save in and 467 00:31:28,865 --> 00:31:32,125 those rules were started a long time ago and that's That's what the network runs. 468 00:31:32,205 --> 00:31:35,425 So if you change the rules, you're creating a different monetary asset and a 469 00:31:35,425 --> 00:31:36,645 different instrument. It doesn't matter. 470 00:31:37,125 --> 00:31:40,665 Now, it's not a bad answer, but it's not a great answer, and it could be a lot tighter. 471 00:31:40,805 --> 00:31:44,805 I think you don't even mention Bitcoin Cash. Why give that piece of crap a plug 472 00:31:44,805 --> 00:31:45,905 on national television? 473 00:31:46,245 --> 00:31:49,645 I think what you say is, Peter, it's been forked a thousand times, 474 00:31:49,665 --> 00:31:51,765 and none of them have the network effect. And as you see in tech, 475 00:31:51,845 --> 00:31:53,265 the network effect matters quite a bit. 476 00:31:53,745 --> 00:31:56,645 Additionally, there are three major different interest groups that all have 477 00:31:56,645 --> 00:31:59,645 to have their incentives aligned for any change code to be accepted at scale. 478 00:31:59,645 --> 00:32:02,865 You have miners, you have the developers, and you have the node operators, 479 00:32:03,145 --> 00:32:06,985 and most of them have different incentives, and they all would have to align 480 00:32:06,985 --> 00:32:08,885 for that to go out and all of them to agree. 481 00:32:08,965 --> 00:32:11,505 But then also you have the end user, so really you have the fourth cohort, 482 00:32:11,605 --> 00:32:13,905 which is perhaps the largest cohort, which is the hodlers. 483 00:32:14,725 --> 00:32:18,225 They also would have to accept the new software patches, and who in their right 484 00:32:18,225 --> 00:32:22,785 mind is going to be incentivized to accept a patch like that that would destroy 485 00:32:22,785 --> 00:32:24,525 the value of their Bitcoin? 486 00:32:24,525 --> 00:32:27,045 None of the miners would consent to that, none of the node operators, 487 00:32:27,265 --> 00:32:29,345 none of the hodlers, and the developers wouldn't be able to do that because 488 00:32:29,345 --> 00:32:31,325 you'd have to fundamentally change the issuance schedule. 489 00:32:32,325 --> 00:32:36,425 That's the answer. Not a bad answer from Jack, but I think it could have been a little. 490 00:32:36,400 --> 00:32:46,960 Music. 491 00:32:46,809 --> 00:32:48,629 To the show. Tell me what you think, what you'd like to hear, 492 00:32:48,709 --> 00:32:50,229 and of course the questions I asked earlier. 493 00:32:50,749 --> 00:32:53,909 I'd love this to be your number one Bitcoin news podcast. If you could spread 494 00:32:53,909 --> 00:32:57,789 it around the podcasting 2-0 community and Jupyter Broadcasting, I would be delighted. 495 00:32:58,509 --> 00:33:02,149 We're going to feature another value for value song this week as we wrap up. 496 00:33:02,649 --> 00:33:06,089 Once the song begins, if you boost in, your sats will go to support the artist 497 00:33:06,089 --> 00:33:09,889 at a 90% rate. Pretty good for them, and they love it, you guys. 498 00:33:10,709 --> 00:33:15,509 When I monitor social media for this kind of stuff on Mastodon and Noster, 499 00:33:15,629 --> 00:33:19,349 Twitter, I see new artists coming on saying, I'm getting sats. 500 00:33:19,689 --> 00:33:22,949 I'm finally getting paid for my music. Who are these people? How do I thank them? 501 00:33:23,049 --> 00:33:26,289 And I've seen it several times now. It's very cool to see. So this week, 502 00:33:26,309 --> 00:33:29,969 we're playing a track by Real Richard, and it's called Element Zero. 503 00:33:30,289 --> 00:33:33,949 Thanks for being here. See you next week. That is basically what Satoshi found 504 00:33:33,949 --> 00:33:35,689 when he discovered Bitcoin. 505 00:33:36,929 --> 00:33:43,069 You can view it as an element without protons or neutrons. So this is an element without matter. 506 00:33:42,960 --> 00:34:55,275 Music.