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Music.

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Welcome to This Week in Bitcoin, episode 30. My name is Chris.

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Thank you for joining me. I might be a little salty this week,

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so I apologize ahead of time.

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I don't know. I just think I'd wager that Bitcoin is one of the most significant

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technology innovations of our lifetime and beyond our lifetimes.

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And the people, the artists, the communicators that could help spread the word

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to a new audience, to people that don't understand it, always seem to get lost

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on who is Satoshi Nakamoto.

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And that happened again this week. Money Electric, the Bitcoin mystery,

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created by Colin Hoback, which he's also known for his documentary on QAnon, which,

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by the way, we'll get into this, but it's ironic that the creator of a film

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going after conspiracy people and QAnon is now employing the same exact kind

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of conspiracy by reasoning and coincidence type thinking to make this connection

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to who he believes Satoshi Nakamoto is.

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Now, I wish people would just stop asking this.

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I really do. I think we should just seriously let this be. It's quite literally better for everyone.

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But the media won't stop.

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And they just get almost feverish about it.

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And as soon as the news about this documentary came out, they went into overdrive

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speculating who it could be, including speculating about the wrong people entirely

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that wasn't the conclusion of the movie.

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Today, everyone is talking about a new HBO documentary called Money Electric, the Bitcoin mystery.

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It launches today and it claims to unveil the identity of Satoshi Nakamoto.

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Now, the documentary is directed by filmmaker Colin Hoback, who made a name

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for himself, unmasking the leader of the QAnon conspiracy theory.

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And while past efforts by investigative journalists have failed to find the

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true identity of Satoshi, the Internet is going wild.

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Hoback's cracked it, though. Nobody else has figured it out.

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Hoback has cracked it. And we'll get into his evidence.

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I've watched it, so you don't have to. It feels like it's six hours long.

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It's a topic I am extremely interested in, and it felt tedious to me.

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So I watched it. I'll pull a few clips that I think you need to know just so

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that way you know the context of it and the conclusions, and we can talk about it.

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But I want to go back to my original point before we get there.

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This has led for at least a week now of speculation of who the big reveal might

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be and then doing these exposés on all of these individuals who didn't ask for

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the attention in the first place.

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Everyone is on the edge of their seats waiting to see who's going to be named

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as the creator of Bitcoin.

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You've probably heard a ton of theories of who Satoshi Nakamoto could be.

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Some saying it could be the CIA, while others say Hal Finney,

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Nick Szabo, even Elon Musk has made the list.

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But today on this show, I want to explore another name, Len Sassaman.

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So who is he and why are so many convinced that he could be the mastermind behind Bitcoin?

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Let's get into it. Let's not, because he wasn't the conclusion of the documentary,

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if you can call it that. But it didn't lead to it just I mean,

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it led to everybody speculating for a week long.

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So I have really mixed feelings on this.

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Every now and then there's a couple of good bits of info that I wouldn't mind

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friends and family to understand.

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But there's also just lots of like low key accusations and implications that

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are kind of really in there just to make the document, the documentary,

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whatever the movie, the series to feel more compelling.

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But it's people's lives that are kind of getting screwed with here.

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So, I mean, if I wasn't watching it for the pod, I probably would have just

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fast forwarded through some of this.

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The creator Hoback got into Bitcoin at least a little bit in 2017,

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played around with mining, but never really seemed to have much success,

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at least from his claims.

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And, you know, this is it's it comes on the HBO network.

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So, of course, starts with the big HBO stinger, you know, get ready,

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get ready. And kind of cleverly so, at the very beginning of the series,

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they try to hook you with the haters.

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So the documentary just brings receipt after receipt after receipt of folks

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that said Bitcoin was dead or a scam.

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This is the opening right here. So every day, you know, you have nonstop Bitcoin.

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Who cares about Bitcoin? Jamie Dimon.

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2010. I could care less what Bitcoin trades for, how it trades,

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why it trades, who trades it.

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If you're stupid enough to buy it, you'll pay the price for it one day.

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2011. Forbes says it's the end of Bitcoin. Bitcoin seems like a scam.

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Magical internet money. It has no intrinsic value.

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2013. Bitcoin is worthless. What makes it valuable? Totally BS. Bitcoin's a dead end.

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It's a combination of a bubble, a pond scheme, and an economic disaster.

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Whatever it's doing, it's not money. Whatever Bitcoin is.

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Money.

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Bitcoin is simply going to implode before you know it. Today we're having a

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funeral for Bitcoin. 2021.

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Despite all the doomsday prophecies, just 15 years after launch,

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Bitcoin had become the 10th most valuable asset in the world,

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outperforming Wall Street by a massive margin.

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One of the biggest unanswered questions surrounding Bitcoin is who invented it?

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When you ask about the creator, Who created this? We have no idea.

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There's these things called nerds.

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And in 2008, one of them made up Bitcoin out of thin air using the fake name Satoshi Nakamoto.

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Satoshi Nakamoto. Satoshi Nakamoto.

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Which I think are the Japanese words for monopoly money.

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So what Hoback tries to do is try to frame this as the Internet's biggest mystery.

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They'd be like king of the world.

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Who is Satoshi Nakamoto? Who do you think he really is?

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Simply put, Satoshi's identity has remained the greatest mystery of the internet age.

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No one knows who they are, even though a lot of people have tried to figure

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this out. Tonight's plan?

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To reveal the identity of Satoshi Nakamoto, creator of Bitcoin.

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Is he no longer here? Is he amongst us?

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So then pretty quickly, the documentary moves into some of the original people

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that were around when Satoshi was around.

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It brings in a couple of OGs that have been in the space for a while,

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like Samson Mao and others.

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I reached out. Hello, we're going on a helicopter.

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Samson worked for a company that was trying to expand Bitcoin's reach around the globe.

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He considered himself a kind of diplomatic ambassador for Bitcoin.

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And the president was treating him like one.

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President Pichelli, this is in the context of El Salvador. Samson was busy trying

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to convince Mexico's third richest man. And also Mexico.

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Known as Uncle Richie, to use his power plant to mine Bitcoin.

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Because, you know, who wants to just be third richest? He's trying to convince

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me that Bitcoin mining is a good business. It is a good business.

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It is a good business. But I'm not sure.

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We'll talk. Maybe Bitcoin mining is better business.

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Like myself, investors also had questions when it came to Satoshi,

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Bitcoin's anonymous creator.

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It was the elephant in the helicopter, so to speak. There's this history of Satoshi Nakamoto.

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So we kind of continue to build up the mystery and the documentary fairly quickly

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eliminates Samson Mao as likely the, you know, the creator of Bitcoin.

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But it does touch on something here that may give us a little bit of insight

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into why Satoshi wanted to remain anonymous.

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There was an e-gold scandal just around the creation time of Bitcoin.

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The documentary touches on that.

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I remember before Bitcoin, there was something called e-gold.

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Yeah. And they were shut down by the Fed.

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Just before the launch of Bitcoin, there was a digital currency backed by actual

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gold, which was reportedly processing $2 billion in transactions every year.

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E-gold is a currency that's currently pretty popularized with a lot of online users.

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They promised that e-gold would be here this year, next year,

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a thousand years from now. But it seems the U.S. government didn't give a shit

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what their website said.

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They arrested its creator and shut it down.

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The takeaway, if you're going to create a digital currency that will compete

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with the U.S. dollar, you might want to be really careful about letting people know who you are.

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And because Satoshi disappeared and never cashed out, I figured maybe their

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identity should stay a secret.

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After all, it's not like they had some master plan for Bitcoin to replace the

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U.S. dollar and render them the richest person on Earth.

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Right? That's the kind of implication I'm talking about.

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About like satoshi's motivation here was like some

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sort of four-dimensional chess where

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they figured out that if they could create this open source

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project one day it would

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replace the u.s dollar and then they would come back after 20 or 30 years of

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being in hiding and be like surprise i'm now a very old man and i'm unlocking

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my billions that just doesn't make sense and that is where samson now tries

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to argue that this isn't some sort of like long-term power play plan he He tries

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to kill that theory in the doc. Right?

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Satoshi understood the game theory of it all. If Bitcoin was successful, they'd go after him.

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I mean, if all the nation states adopted him, there's an anonymous figure somewhere

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that controls the largest share of it.

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I don't think he would have created this gift for the world just to keep it

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as a threat over the future.

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He was more thinking for the good of humanity. Money is very broken.

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When you read some of Satoshi's posts, you get a sense that that was true.

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And also when you remember that he originally committed that news of the banks

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getting bailed out. That was also an indication of his motivation.

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So we go pretty quickly from Samson Mao to introduce Adam back.

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And this also introduces the creative rationale to keep the drama going in this documentary.

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Samson's boss is a cryptographer named Adam Back, which jumped out at me because

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Adam Back has a pretty important connection to Satoshi.

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He was believed to be the first person Satoshi ever reached out to.

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People have pushed Adam to release the Satoshi emails that Satoshi sent to him.

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I will note that since this documentary was filmed, it was filmed in 2022 22, and 2023.

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In his lawsuit with Craig Wright, Attenbach did release the emails that are

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being talked about right here, his private emails with Satoshi,

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which he did not want to release because he never got Satoshi's permission.

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But as the discovery process works in a court case, he had to release those emails.

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And the emails confirm everything Attenbach says in his interviews in this documentary.

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Be the first person Satoshi ever reached out to.

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People have pushed Atten to release the Satoshi emails that Satoshi sent to him.

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But Adam is a very upstanding guy.

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His line of thinking is, that is a private conversation.

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So he's never released those emails. I've seen them, and, you know, they're real.

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Adam's company is called Blockstream. They were largely behind this effort in El Salvador.

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And now they were looking to help more countries adopt Bitcoin,

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which brings Bitcoin closer to becoming the new global standard.

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Which in turn could make Satoshi the richest person on Earth.

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Oh, there's the motivation, right? They're trying to get out like El Salvador

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and other nation states to adopt us. They become the richest people in the world.

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And what really happens is after the creator of this drama thing talks to Samson and Adam back,

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he really just starts tracking down anyone who had any kind of presence while

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Satoshi was around and kind of just starts making accusations if they were alive

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and involved when Satoshi was online.

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When adam moved to malta bitcoin was just

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getting started it had no value yet so perhaps

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it's just a coincidence that malta is considered

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a tax haven again that is

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that is slander essentially that's that's an implication that is ridiculous

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it is i mean could it be true i don't i don't even like who cares it's his own

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end of it's his private individual matter why even slip a comment at the end

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that, oh, maybe he lives in Malta to avoid taxes.

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Maybe he's Satoshi Nakamoto after all.

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So perhaps it's just a coincidence that Malta is considered a tax haven.

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Gross. So how'd you end up in Malta?

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So in 2009, I was working for a startup.

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I was thinking as a remote worker, I would try something adventurous,

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find somewhere interesting to live.

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The cryptography behind Bitcoin is what makes it secure. It's the crypto in cryptocurrency.

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And cryptographers, they're like the math wizards who are skilled at making digital locks.

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And to create Bitcoin, Satoshi referenced ideas from a few of them.

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In particular, something that Adam Back had invented called Hashcash.

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And he dreamed this up 12 years before the creation of Bitcoin.

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So this is actually a key point that the creator of this drama series gets wrong.

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He could be interpreting this entirely differently. And we're going to come back around to this.

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This is part of the evidence that these people are not Satoshi,

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but he misinterprets it as evidence that perhaps they are.

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I'll let this play out, and then we'll follow up on that later on.

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Were you the first person that Satoshi reached out to? I believe so, yeah.

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He just sent an email saying that he's about to publish a paper.

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What would become Satoshi's famous white paper. And wanted to know the correct way to cite Hashcash.

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Did you ever release the emails that you had with Satoshi?

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No. Was that to protect privacy because they were private emails or what was

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the reason? Yeah, kind of convention.

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I mean, convention, so-called netiquette, which was a popular term back then,

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was that you would not post somebody's emails without permission.

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Nobody knows how to reach this guy at this point. So I kind of ask,

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you know. Seems like the right thing to do, to be honest with you,

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especially considering how much attention they did draw.

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People parsed through them looking at every single character and letter.

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It's sad. The folks around Satoshi have been getting harassed for years now.

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Instead of this energy going into spreading more information about Bitcoin,

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it goes into trying to solve this mystery and create this drama around it.

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You get a taste of that when the creator tries to interview Greg Maxwell.

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People like Greg Maxwell, they were considered the taught leaders.

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Greg doesn't do interviews anymore, right? Getting him to come out of his...

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This is Peter Todd. Home is seemingly off the table with Greg writing to me,

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I'm pretty exhausted from years of harassment driven by conspiracy theories.

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I feel like I've given enough. Yeah. And we've also heard the same from Hal

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Finney's wife, that it's been a burden on the family.

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They've had invaders. They've had all kinds of things happen because of these wild speculations.

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So we kind of just, everybody who's been around when Satoshi's around is suspicious.

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And we then take some tangents into altcoins and we take a tangent into the

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block size war, which was fine.

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But then after that, the whole series takes a pretty hard turn.

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It's been delayed by at least a decade, if not more, because of this block size

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limit that was imposed, and probably covert government agents helping it along.

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It starts interviewing Roger Ver, who we've talked about before on this podcast,

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and if you're not familiar with him, I recommend you go find that episode because

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it will speak to his motivations.

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Yeah. So, I guess we'll just go... Peter Todd. We'll just kind of go through

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time. Sorry, what was that? I said Peter Todd for one.

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Roger thought Peter Todd was working for the government? What indication did

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you have that he was perhaps collaborating with the government?

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Now, this is a conspiracy theory that Roger has cooked up before as an explanation

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why the big blockers didn't win.

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And it's copium. And now this creator, I guess, is taking Roger's copium as

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a possible trail to follow.

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The things he was advocating that should happen with Bitcoin were counterproductive

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to Bitcoin being usable as cash and usable as money.

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Prior to 2013, pretty much all of Peter Todd's history appears to be wiped from the internet.

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I finally found his personal website. After all this digging,

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you know, he was wiped from the internet, but I finally found his personal website.

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2001. We're in high school when he was communicating with the cypherpunks.

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He used this exclusive tool that only documentary experts that do deep research

253
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know about called Archive.org.

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He joked that in the event he becomes an evil dictator who takes over the world,

255
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he was screwed up from childhood. He was a kid at the time.

256
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His father was an economist, and his mother taught him about encryption.

257
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He says Peter Todd has said before that his mom taught him how RSA works.

258
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She's not necessarily teaching him about encryption. Well, Peter Todd might

259
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have worked for a company manufacturing gyroscopes for drones in the military.

260
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Being in the CIA obviously wasn't on his resume.

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Or whatever the fuck Canada's intelligence agency is called.

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But Roger brought up something suspicious.

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Later, somebody leaked this email exchange from him, and that guy openly claimed

264
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that he was working for the U.S. government.

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Anybody who looks on Google and searches Peter Todd leaked emails will see...

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Back in 2013, there was this email thread that had been leaked between Peter

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Todd and a guy who called himself John Dillon.

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And in the emails, Peter Todd was conspiring with this other guy who was affiliated with state actors.

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How we know that exactly, I'm not quite sure. Maybe the guy claimed he was,

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John Dillon claimed he was, if anybody remembers and has that bit of history. Boost didn't remind me.

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How we knew that John Dillon was communicating with Peter Todd and that John

272
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Dillon had a connection to an intelligence agency.

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I know this guy in the documentary says that he does, but when I look at these

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00:19:25,089 --> 00:19:28,089
emails, they don't really look legitimate to And in the emails,

275
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Peter Todd was conspiring with this other guy who was affiliated with state

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actors. With John Dillon claiming.

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Is that something an intelligence official would say?

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Would they say that? And also their email address was at googleemail.com.

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And maybe Amir just wasn't aware of this at the time. If it looks like something's

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coming into existence that could replace the U.S.

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Dollar as the world's reserve currency, the U.S. government and its three-letter

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agencies absolutely without any doubt will do whatever they can,

283
00:20:10,529 --> 00:20:13,669
including secretly and covertly disrupting projects like Bitcoin.

284
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If the government wanted to undermine Bitcoin or try to get close to Satoshi, how might they do it?

285
00:20:19,769 --> 00:20:23,029
A guy that openly said that he was working for a three-letter agency literally

286
00:20:23,029 --> 00:20:25,789
paid Peter Todd to implement what's called replace by fee.

287
00:20:26,509 --> 00:20:32,789
John Dillon offered a strangely small $500 reward for anyone who could design Replace by Fee.

288
00:20:32,849 --> 00:20:38,089
Strangely small $500 reward by today's standards, but this was 2013.

289
00:20:39,189 --> 00:20:45,329
It's a young, relatively unsuccessful project, and Peter Todd's a kid. So is $500 that strange?

290
00:20:45,549 --> 00:20:51,129
Replace by Fee. John Dillon offered a strangely small $500 reward for anyone

291
00:20:51,129 --> 00:20:53,089
who could design Replace by Fee.

292
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It was essentially a bidding service.

293
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If you pay more, you can send your Bitcoin faster.

294
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Replace by Fee was an attempt to fix one of Bitcoin's design problems,

295
00:21:04,889 --> 00:21:09,329
something that Satoshi had speculated on just before disappearing from the forums.

296
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And Satoshi knew it would be a fair amount of work. So why would Peter Todd do it for 500 bucks?

297
00:21:16,389 --> 00:21:21,529
On the forums, John Dillon publicly prodded Peter Todd to write some code for once.

298
00:21:22,997 --> 00:21:27,857
And so in 2013, about three years after Satoshi's disappearance,

299
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Peter Todd solves this design problem.

300
00:21:30,817 --> 00:21:34,317
I played that little part creating this replace-by-fee patch.

301
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Which the big blockers thought was a terrible idea.

302
00:21:38,017 --> 00:21:42,017
Which, of course, Roger Ver was one of. Because it could result in some really

303
00:21:42,017 --> 00:21:43,837
high fees just to send some Bitcoin.

304
00:21:44,177 --> 00:21:46,757
Man, it'd be awful if those miners... You know, it's so funny,

305
00:21:46,797 --> 00:21:51,797
because how are the miners supposed to make money If it just if the blocks are

306
00:21:51,797 --> 00:21:54,937
huge and they store tons of data and the fees are super low,

307
00:21:55,137 --> 00:21:56,477
how does that work out for the miners?

308
00:21:57,037 --> 00:22:01,117
I just don't understand the logic there. And so, of course, they interpret this

309
00:22:01,117 --> 00:22:04,737
as some sort of sign that the CIA sabotaged Bitcoin.

310
00:22:05,017 --> 00:22:09,617
Which the big blockers thought was a terrible idea because it could result in

311
00:22:09,617 --> 00:22:11,957
some really high fees just to send some Bitcoin.

312
00:22:13,097 --> 00:22:17,077
Peter Todd, whether he's a government agent, he's absolutely a super smart guy.

313
00:22:17,217 --> 00:22:18,677
He's got to be the smartest guy in the room.

314
00:22:19,117 --> 00:22:21,397
He always wants to make sure he can prove that he's the smartest guy in the

315
00:22:21,397 --> 00:22:25,437
room. So is anyone in this audience working for government right now?

316
00:22:26,837 --> 00:22:31,557
Because if you are, I guess I'm one of the people handling negotiation with government.

317
00:22:32,157 --> 00:22:35,677
Even the email exchange made Peter Todd look pretty damn smart.

318
00:22:36,317 --> 00:22:39,457
But after the leak, John Dillon disappeared for good.

319
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As far as I know, Peter Todd never denied any of that. I think that's pretty

320
00:22:43,137 --> 00:22:44,417
much accepted as fact at this point.

321
00:22:44,737 --> 00:22:49,457
I don't know what you consider fact or not, Roger. But what I consider fact

322
00:22:49,457 --> 00:22:52,977
is that they go on about how it was going to destroy the Bitcoin network.

323
00:22:53,077 --> 00:22:56,337
And here we are at pretty low fees right now in 2024.

324
00:22:56,977 --> 00:22:59,417
That's the reality of it. Look, go look at the fees right now.

325
00:23:00,177 --> 00:23:05,317
I just all of this like dooms like all this dooms, all this doom casting about

326
00:23:05,317 --> 00:23:08,957
Bitcoin being sabotaged when the network seems healthier than ever.

327
00:23:09,597 --> 00:23:13,257
Miners are, you know, taking a beating right now. They could use fees to be higher.

328
00:23:13,897 --> 00:23:19,737
So we end up with a couple, and I do mean a couple, pieces of key evidence that

329
00:23:19,737 --> 00:23:23,497
eventually points to Peter Todd as Satoshi Nakamoto,

330
00:23:23,637 --> 00:23:29,377
according to the creator of this drama series. And I'll play a little bit of that for you.

331
00:23:29,737 --> 00:23:33,497
I went through everything I could find on Peter Todd, going back to his earliest

332
00:23:33,497 --> 00:23:35,077
messages on the Bitcoin talk forum.

333
00:23:35,457 --> 00:23:39,697
Now, Peter likes to suggest that he didn't really get involved with Bitcoin until 2014.

334
00:23:39,977 --> 00:23:43,177
That's when I sort of quit the day job, if you will. But he had registered all

335
00:23:43,177 --> 00:23:44,977
the way back in December of 2010.

336
00:23:45,297 --> 00:23:47,957
Okay, that's not unusual for an open source project at all.

337
00:23:48,217 --> 00:23:52,517
You start participating for a couple of years, just a little bit, it ramps up over time.

338
00:23:52,697 --> 00:23:56,017
And then, man, if you're really lucky every now and then, you get to make it

339
00:23:56,017 --> 00:23:58,217
a full-time gig. That's not a suspicious thing.

340
00:23:58,717 --> 00:24:02,597
That's totally normal. ...with Bitcoin until... 2014, that's when I sort of

341
00:24:02,597 --> 00:24:03,837
quit the day job, if you will.

342
00:24:03,997 --> 00:24:06,917
But he had registered all the way back in December of 2010.

343
00:24:07,517 --> 00:24:10,977
The first thing he wrote was just asking for an invite to something.

344
00:24:10,977 --> 00:24:14,917
But the next post, a few days later, was super technical.

345
00:24:15,177 --> 00:24:18,037
And then he doesn't post again until 2012.

346
00:24:19,369 --> 00:24:24,609
But it's that super technical post that made me rethink just about everything.

347
00:24:24,969 --> 00:24:30,389
Now, this super technical post is just a comment about transaction fees.

348
00:24:30,849 --> 00:24:34,609
It is not super technical. I'll read it verbatim.

349
00:24:34,669 --> 00:24:39,709
Of course, to be specific, the inputs and the outputs can't match exactly if

350
00:24:39,709 --> 00:24:43,069
the second transaction has a transaction fee. That's obvious.

351
00:24:43,249 --> 00:24:49,209
That's basic fee understanding. And he's responding and making a pandemic comment

352
00:24:49,209 --> 00:24:53,469
and reply to something Satoshi said, which Peter Todd's kind of famous for.

353
00:24:53,789 --> 00:24:57,449
Anybody that knows him or follows him knows like he often will be like,

354
00:24:57,529 --> 00:24:59,829
oh, you missed this bit, though. That's kind of his thing.

355
00:25:00,509 --> 00:25:06,749
And it's just a reply in a PHP BB, the old the old Bitcoin talk form.

356
00:25:06,889 --> 00:25:08,369
It's just a reply in that thread.

357
00:25:08,789 --> 00:25:13,469
A couple of posts down. Of course, to be specific, the inputs and the outputs

358
00:25:13,469 --> 00:25:17,369
can't match exactly if the second transaction has a transaction fee.

359
00:25:17,469 --> 00:25:23,049
This is the super technical post that unlocks the discovery for the director

360
00:25:23,049 --> 00:25:25,829
creator here. Doesn't post again until 2012.

361
00:25:26,709 --> 00:25:32,309
But it's that super technical post that made me rethink just about everything.

362
00:25:33,869 --> 00:25:38,729
I was so taken aback, I called my editor immediately. So he sets up a dramatic

363
00:25:38,729 --> 00:25:41,989
camera shot where he's coming down the steps, holding a coffee in his phone,

364
00:25:42,109 --> 00:25:44,289
and he's already got his laptop at the bottom of the steps.

365
00:25:44,329 --> 00:25:47,069
It's snowy, and he's going to be on a speaker call with his editor.

366
00:25:47,229 --> 00:25:52,229
And they needed, you know, they needed to film the big reveal because you have to show this bit.

367
00:25:52,369 --> 00:25:55,949
So this is him having a kind of planned conversation with his editor.

368
00:25:57,029 --> 00:25:59,049
So kind of embarrassed I missed this.

369
00:26:00,329 --> 00:26:07,529
So his first post is on December 7th, 2010. 10. But then three days later, he makes another post.

370
00:26:07,889 --> 00:26:11,969
Of course, to be specific, the inputs and outputs can't match exactly if the

371
00:26:11,969 --> 00:26:14,289
second transaction has a transaction fee.

372
00:26:14,489 --> 00:26:18,189
This is his editor speaking over the speakerphone. Seems like he's responding to something.

373
00:26:19,949 --> 00:26:24,229
Yeah. Yeah, that's, and the editor's first take is it seems like he's responding to something.

374
00:26:24,429 --> 00:26:30,629
Because he is. He was just popping in the thread and pointing out a pandentic little observation.

375
00:26:31,229 --> 00:26:34,769
Oh, he's responding to Satoshi. He's replying to Satoshi, yeah.

376
00:26:35,049 --> 00:26:36,549
Yeah, like an hour and a half later.

377
00:26:38,349 --> 00:26:42,529
But read it closely. Is he responding, David?

378
00:26:44,405 --> 00:26:48,665
Or is he continuing a thought? That's it.

379
00:26:49,525 --> 00:26:53,405
That's the evidence. You know, if you look at it in a different way,

380
00:26:53,465 --> 00:26:57,205
and you agree to look at it in a different way, is it a reply?

381
00:26:58,025 --> 00:27:01,325
Or was it actually the same person using two different accounts?

382
00:27:02,885 --> 00:27:07,005
That's his case. His case is that Peter Todd had two accounts on the form,

383
00:27:07,105 --> 00:27:12,785
one as himself and one as Satoshi Nakamoto, and he went to go amend his post

384
00:27:12,785 --> 00:27:15,545
and he did it under the wrong account.

385
00:27:16,325 --> 00:27:22,905
That's his primary evidence. Of course, why Satoshi wouldn't just go edit his post, his own post?

386
00:27:23,345 --> 00:27:27,605
Why make a reply further down in a form thread under a different account?

387
00:27:28,225 --> 00:27:32,285
I just, this is, this is, this is the key evidence and it's weak. It's weak.

388
00:27:32,465 --> 00:27:37,605
But, you know, it didn't help that Peter Todd constantly joked about being Satoshi,

389
00:27:37,725 --> 00:27:41,505
which, you know, this director kind of took seriously. Just so suspicious.

390
00:27:41,885 --> 00:27:44,765
I wanted Peter to explain how this was possible.

391
00:27:45,285 --> 00:27:47,485
He's talking about the forum post being so suspicious.

392
00:27:48,145 --> 00:27:52,525
Satoshi's last post was like one week after I signed up for Bitcoin Talk. Right.

393
00:27:53,685 --> 00:27:59,345
And then you disappeared. Yeah, then I disappeared. He went to school. He went to school.

394
00:28:01,045 --> 00:28:04,265
And Satoshi disappeared at the same time. Yeah.

395
00:28:04,705 --> 00:28:07,145
I really should have paid more attention to Bitcoin early on,

396
00:28:07,245 --> 00:28:08,865
but, you know, I had other stuff to do.

397
00:28:09,085 --> 00:28:15,445
You corrected Satoshi, but it kind of looks more like you were continuing a thought of Satoshi.

398
00:28:15,525 --> 00:28:19,785
Well, Satoshi made a little brain fart on, like, how exactly transactions work,

399
00:28:19,945 --> 00:28:22,925
and I corrected him on that very boring thing.

400
00:28:23,285 --> 00:28:26,405
Why didn't you delete the 2010 post? Why would I?

401
00:28:26,925 --> 00:28:29,465
Yeah, so why would he delete it? It's such a weird question,

402
00:28:29,565 --> 00:28:31,585
unless the guy's making up a conspiracy.

403
00:28:33,692 --> 00:28:38,372
I mean, because it just makes you look like you had these deep insights into

404
00:28:38,372 --> 00:28:41,572
Bitcoin at the time. Well, yeah, I'm Satoshi Nakamoto.

405
00:28:41,972 --> 00:28:44,432
No, it was just an understanding of how the transaction fees work.

406
00:28:44,612 --> 00:28:48,812
It was just simply understanding that that is going to have a transaction fee

407
00:28:48,812 --> 00:28:50,292
on it, so it won't be the same exact amount.

408
00:28:51,192 --> 00:28:54,892
I mean, it's sort of the last thing you'd expect Satoshi to say.

409
00:28:55,272 --> 00:28:59,072
Ah, but that's it. That's like the metal level, right? Because I know you would

410
00:28:59,072 --> 00:29:02,932
expect Satoshi Nakamoto to delete the post. You just said, why didn't Satoshi

411
00:29:02,932 --> 00:29:04,012
Nakamoto delete the post?

412
00:29:04,292 --> 00:29:06,592
The post that was corrected? Yeah, yeah, the correction post,

413
00:29:06,732 --> 00:29:11,212
right? But then I did the next level of meta and then didn't delete the post

414
00:29:11,212 --> 00:29:12,452
to go throw off people like you.

415
00:29:13,712 --> 00:29:18,092
Peter sure remembered this post he'd made 13 years ago awfully well.

416
00:29:18,952 --> 00:29:24,512
Yeah. I don't know, you're fitting him like footage that's just going to be...

417
00:29:24,512 --> 00:29:25,272
Yeah, oh, it's going to be great.

418
00:29:26,452 --> 00:29:30,492
Peter Todd's strategy, his game theory to throw people off the trail,

419
00:29:30,952 --> 00:29:33,112
Oh, no, I am Satoshi. I'm Satoshi Nakamoto.

420
00:29:33,792 --> 00:29:36,732
It was so effective, I hadn't really considered him a suspect.

421
00:29:37,092 --> 00:29:40,412
It's because it's ridiculous until you are out of ideas and you need to put

422
00:29:40,412 --> 00:29:43,452
a conclusion on this drama series.

423
00:29:43,812 --> 00:29:47,752
So his host just puts all his cards on the table. Here's what I think happened.

424
00:29:48,952 --> 00:29:57,492
Possibly. Possibly. Okay. I think that John Dillon was created so that you would

425
00:29:57,492 --> 00:29:59,472
have an excuse to make Replace by Fee.

426
00:30:00,952 --> 00:30:06,072
A concept which you had envisioned years earlier, but you needed some kind of cover in order to make.

427
00:30:06,512 --> 00:30:09,392
And you also needed some cover for that 2010 post.

428
00:30:13,266 --> 00:30:18,046
Because I was Satoshi? I mean, yeah. You know, you're very concerned about all

429
00:30:18,046 --> 00:30:20,886
the privacy stuff, so you reach out to your old buddy Adam back,

430
00:30:20,986 --> 00:30:23,466
you say, we need to do something about this, but we need to pay the devs.

431
00:30:24,026 --> 00:30:27,746
It's probably, you know, not great for the director here that Peter is just

432
00:30:27,746 --> 00:30:29,946
laughing at him as he says this stuff.

433
00:30:30,906 --> 00:30:33,866
But you can't join Blockstream because it would look too suspicious.

434
00:30:35,446 --> 00:30:39,046
So you don't. I will admit, you're pretty creative. You come up with some crazy

435
00:30:39,046 --> 00:30:40,746
theories. It's ludicrous.

436
00:30:41,566 --> 00:30:45,146
But it's the sort of theory someone who spends their time as a documentary journalist

437
00:30:45,146 --> 00:30:48,686
would come up with. So yeah, yeah, I'll say of course I'm Satoshi and I'm Craig Wright.

438
00:30:48,866 --> 00:30:52,406
And yes, I was definitely covering that little bit about, you know,

439
00:30:52,426 --> 00:30:56,126
fees to go pretend to be Satoshi. Or not Satoshi, one or the other.

440
00:30:57,366 --> 00:31:01,666
Well, why make up the whole John Dillon thing? Well, like I said,

441
00:31:01,766 --> 00:31:02,766
I'm not John Dillon. Okay.

442
00:31:03,726 --> 00:31:06,906
Sorry, I'm not John Dillon. I don't know who that is. I'll warn you,

443
00:31:06,946 --> 00:31:10,266
this is going to be very funny when you put this into the documentary and a

444
00:31:10,266 --> 00:31:11,366
bunch of Bitcoiners watch it.

445
00:31:11,746 --> 00:31:14,546
I don't think they would be very happy with this conclusion,

446
00:31:14,806 --> 00:31:17,686
because it's pretty controversial within the community at this point.

447
00:31:17,686 --> 00:31:20,706
No, I suspect a lot of them will be very happy if you go this route,

448
00:31:20,986 --> 00:31:25,506
because it's going to be like yet another example of journalists really missing

449
00:31:25,506 --> 00:31:28,166
the point in a way that's very funny. What is the point?

450
00:31:28,866 --> 00:31:32,946
The point is to make Bitcoin the global currency. And people like you being

451
00:31:32,946 --> 00:31:36,066
distracted by nonsense can potentially do good on that.

452
00:31:37,286 --> 00:31:41,286
I'm kind of surprised they left that in, you know, because that's how I feel about it, too.

453
00:31:41,426 --> 00:31:45,826
And then after watching more than two hours of this thing, literally at the

454
00:31:45,826 --> 00:31:51,086
very last minute before the credits drop, a last bit of updated evidence is

455
00:31:51,086 --> 00:31:55,186
crammed in that tries to support the Peter Todd theory.

456
00:31:55,186 --> 00:32:01,386
A few months after confronting Peter, I came across this old chat log that someone

457
00:32:01,386 --> 00:32:06,226
probably shouldn't have recorded, where Peter says, I'm probably the world-leading

458
00:32:06,226 --> 00:32:09,626
expert on how to sacrifice your Bitcoins, and I've done exactly.

459
00:32:09,840 --> 00:32:23,440
Music.

460
00:32:23,331 --> 00:32:26,731
Would in fact sacrifice the Bitcoins and destroy all access.

461
00:32:27,131 --> 00:32:29,851
He's talking about Satoshi's original stash.

462
00:32:31,031 --> 00:32:32,871
But this wasn't proof.

463
00:32:34,091 --> 00:32:38,311
It's Bitcoin. Don't trust, verify. And sometimes you can't verify.

464
00:32:41,411 --> 00:32:45,811
And if Peter Todd and his friends at Blockstream were in fact behind Bitcoin,

465
00:32:46,191 --> 00:32:48,811
would he remain an idealist?

466
00:32:49,611 --> 00:32:53,311
Or was he still holding onto the keys to the world's fortune.

467
00:32:54,971 --> 00:32:56,891
Just in case.

468
00:32:59,471 --> 00:33:05,231
There you go. That's it. With an accusation implication at the end to tie it

469
00:33:05,231 --> 00:33:11,031
all up, of course, and no real delivery of any new information in there at all.

470
00:33:11,811 --> 00:33:14,791
Kobach offers, you know, just two main pieces of evidence there.

471
00:33:15,371 --> 00:33:21,231
One, that Peter Todd somehow was Satoshi and had dual logins on BitcoinTalk

472
00:33:21,231 --> 00:33:25,211
and accidentally replied to his own comment under the wrong login,

473
00:33:25,331 --> 00:33:27,391
which is just the more I even say it out loud, the more bonkers.

474
00:33:27,871 --> 00:33:33,071
And the other key bit of evidence, if you will, is a undated post by Peter Todd

475
00:33:33,071 --> 00:33:36,671
talking about how he's probably the world's leading expert on how to sacrifice your Bitcoins.

476
00:33:37,891 --> 00:33:42,791
But Hoback never spoke to any of the family or friends of Peter Todd or did

477
00:33:42,791 --> 00:33:46,671
any research to see what Peter was doing in 2008 or what his family said he

478
00:33:46,671 --> 00:33:49,451
was doing, which is when Bitcoin would have been under heavy development.

479
00:33:50,731 --> 00:33:55,371
And, you know, it kind of you get this idea that Satoshi created this God code,

480
00:33:55,471 --> 00:34:00,511
but it's not really the case. It had quirks. It had issues.

481
00:34:00,691 --> 00:34:02,711
It wasn't perfect. It was inspired.

482
00:34:03,131 --> 00:34:05,211
It was brilliant, but it needed a lot of work.

483
00:34:05,871 --> 00:34:11,671
And it wasn't just all whole of creation. He didn't create everything that makes

484
00:34:11,671 --> 00:34:12,711
Bitcoin out of whole cloth.

485
00:34:13,051 --> 00:34:16,631
He brought things together. We're going to get more into that and and why I

486
00:34:16,631 --> 00:34:20,431
despise the obsession with this topic later in the show.

487
00:34:20,871 --> 00:34:23,931
But I feel like, you know, that's enough for now. We spent plenty of time on

488
00:34:23,931 --> 00:34:27,051
this and now you don't have to. I'll wrap it up with some further points later on.

489
00:34:27,600 --> 00:34:38,000
Music.

490
00:34:37,960 --> 00:34:42,720
Well, a crypto information sharing and analysis center is reporting that cash

491
00:34:42,720 --> 00:34:47,140
continues to be the dominant means of criminal activity and that cryptocurrency

492
00:34:47,140 --> 00:34:48,780
transactions are minor.

493
00:34:48,840 --> 00:34:52,500
In fact, from what they can tell after analyzing different sources of data,

494
00:34:52,600 --> 00:35:00,120
only 0.34 percent of cryptocurrency transactions could be potentially linked to crime.

495
00:35:00,120 --> 00:35:04,060
A wealth of their data comes from the United Nations Office on Drugs and Crime,

496
00:35:04,220 --> 00:35:08,200
Chainalysis, some other, they say other reputable sources.

497
00:35:09,300 --> 00:35:10,660
But that's, you know, the top

498
00:35:10,660 --> 00:35:13,700
sources, the United Nations. That's where they're getting that data from.

499
00:35:13,780 --> 00:35:16,880
And using their own information, that's what they determined.

500
00:35:16,880 --> 00:35:21,360
The report makes the case that for better or for worse, open blockchains,

501
00:35:21,360 --> 00:35:27,900
quote, aid in tracing illicit transactions, contrasting with the anonymity of cash transactions.

502
00:35:28,520 --> 00:35:30,940
That's in their own report.

503
00:35:32,020 --> 00:35:35,240
And there are their audience. I'll have a link to the report,

504
00:35:35,340 --> 00:35:38,600
but their audience is not URI. It is governments. It is departments.

505
00:35:39,040 --> 00:35:43,100
It is legalized. And I think this is great to see. You know,

506
00:35:43,140 --> 00:35:49,100
I think the narrative that Bitcoin is used for money laundering or illicit activity is silly.

507
00:35:49,720 --> 00:35:53,160
It's the dumbest money you could use for crime like that.

508
00:35:53,520 --> 00:35:57,200
I mean, there's ways to do it, but you're still taking a risk and there's just

509
00:35:57,200 --> 00:35:58,320
better ways to commit crimes.

510
00:35:58,580 --> 00:36:03,500
I mean, honestly, cash, gold, diamonds, that seems way better, but I don't know.

511
00:36:03,960 --> 00:36:07,220
I just don't know. I'm not the expert on that, but it's good to actually see

512
00:36:07,220 --> 00:36:13,520
some data come out from using sources that, you know, the machinery, quote unquote, trusts.

513
00:36:15,620 --> 00:36:16,480
Speaking of the machine.

514
00:36:17,975 --> 00:36:22,575
The U.S. government is setting up to potentially sell 69,370 Bitcoin,

515
00:36:22,695 --> 00:36:26,375
which I believe is more than the German government sold earlier in summer.

516
00:36:26,475 --> 00:36:30,275
It's a pretty notable legal development because the Supreme Court of the United

517
00:36:30,275 --> 00:36:38,135
States declined to review an appeal of ownership of the 69,370 Bitcoin from Silk Road.

518
00:36:38,135 --> 00:36:43,175
Oh, now a company named Battle Born Investments claimed in a California court

519
00:36:43,175 --> 00:36:48,215
that they had acquired the rights to the sea Silk Road bitcoins through a bankruptcy estate.

520
00:36:48,695 --> 00:36:53,675
But that California court said they lacked compelling evidence and they went

521
00:36:53,675 --> 00:36:54,835
to appeals that was held up.

522
00:36:54,835 --> 00:37:00,755
And now the Supreme Court's decision not to review that appeal means that Battle

523
00:37:00,755 --> 00:37:09,055
Born's legal pathways are basically done. They're out.

524
00:37:09,355 --> 00:37:13,475
They have nothing left. And so the U.S. government can now liquidate these Bitcoins.

525
00:37:13,895 --> 00:37:19,435
And you'll recall that the Fed around July and August moved about $2.6 billion

526
00:37:19,435 --> 00:37:23,035
worth of Bitcoin to Fed Coinbase wallets.

527
00:37:23,495 --> 00:37:27,075
And the timing of all of this just seems really odd. I'd like to know what you

528
00:37:27,075 --> 00:37:30,435
think, too. So if you're listening in, boost in and tell me. Why now?

529
00:37:31,435 --> 00:37:35,695
I guess, were they just on the edge of their seats waiting for the Supreme Court decision?

530
00:37:36,075 --> 00:37:41,455
It just seems odd to impact any financial market, especially now that there's

531
00:37:41,455 --> 00:37:44,915
the ETFs, in the final days of an election.

532
00:37:45,395 --> 00:37:49,735
You know, this is the U.S. market. It's a U.S. election. It just seems, A, that seems odd.

533
00:37:50,835 --> 00:37:55,435
And why make this move now when one of the candidates seems to have plans for that stash?

534
00:37:56,115 --> 00:37:59,855
So wouldn't it be prudent to wait till January? And it's not just Trump.

535
00:38:00,575 --> 00:38:03,955
Democrat Representative Roe Connan suggested the government retain these assets

536
00:38:03,955 --> 00:38:05,195
as a strategic reserve as well.

537
00:38:05,895 --> 00:38:09,855
I don't like it. But I also am so sick and tired of this branch hanging over

538
00:38:09,855 --> 00:38:11,455
the Bitcoin community, this widow maker.

539
00:38:11,815 --> 00:38:14,135
It was the same thing with the Mt. out Gox coins forever.

540
00:38:14,655 --> 00:38:21,175
And now here we are with the Silk Road coins again and the government stash again.

541
00:38:21,915 --> 00:38:25,875
Sick of it, you guys. I'll keep an eye on it, but it's one of those things that

542
00:38:25,875 --> 00:38:29,615
could definitely put a little bit of downward pressure, downward pressure on

543
00:38:29,615 --> 00:38:31,495
the price for a little bit, but it'd only be temporary.

544
00:38:31,555 --> 00:38:34,675
But your October may be slightly delayed.

545
00:38:34,960 --> 00:38:44,560
Music.

546
00:38:44,406 --> 00:38:48,426
Well, I've been to the land of Bitcoin. I went to Adopting Bitcoin last year,

547
00:38:48,426 --> 00:38:49,686
had a great time in El Salvador.

548
00:38:50,186 --> 00:38:53,526
And so that's why I follow with some interest what's going on over there when.

549
00:38:53,526 --> 00:38:55,506
It comes to pressure from the IMF.

550
00:38:56,586 --> 00:39:04,106
The IMF has really made a stink about El Salvador adopting Bitcoin for years, since 2021.

551
00:39:05,126 --> 00:39:11,386
And that criticism does seem to be drifting a little bit less harsh,

552
00:39:11,586 --> 00:39:13,786
but they still don't want the people to have Bitcoin.

553
00:39:14,406 --> 00:39:17,466
They still don't like it. Even though Bichelli has made it clear he's going

554
00:39:17,466 --> 00:39:21,886
to continue, the IMF felt it necessary to come out in the last week.

555
00:39:22,006 --> 00:39:24,246
Their representative came out. Her name is Julie Kozak.

556
00:39:24,866 --> 00:39:28,926
And she laid out what the IMF wants to see El Salvador adopt.

557
00:39:29,466 --> 00:39:34,266
And it's all about reducing Bitcoin for the people, reducing the scope of their

558
00:39:34,266 --> 00:39:35,526
Bitcoin plan. Stick with it.

559
00:39:36,186 --> 00:39:40,266
She's a bureaucrat. But I think learning and understanding the language is important.

560
00:39:40,266 --> 00:39:47,686
So, on El Salvador, IMF staff have an ongoing engagement with the Salvadorian authorities,

561
00:39:48,106 --> 00:39:54,066
and the objective is to reach agreement on a new IMF-supported program that

562
00:39:54,066 --> 00:40:01,986
would help with the macroeconomic stabilization and adjustment and also growth-enhancing reforms.

563
00:40:02,826 --> 00:40:08,546
Ongoing discussions are focused on policies to strengthen reforms that can be

564
00:40:08,546 --> 00:40:12,246
used to boost productivity and economic governance.

565
00:40:13,286 --> 00:40:19,766
Addressing risks arising from Bitcoin is a key element of these discussions.

566
00:40:20,106 --> 00:40:27,226
And of course, the goal is for the fund to be in a position to support a credible

567
00:40:27,226 --> 00:40:32,786
and well-sequenced policy package that is designed by the authorities.

568
00:40:34,828 --> 00:40:38,248
With respect to the details on Bitcoin,

569
00:40:38,708 --> 00:40:44,468
what we have recommended is a narrowing of the scope of the Bitcoin law,

570
00:40:44,688 --> 00:40:50,028
strengthening the regulatory framework and oversight of the Bitcoin ecosystem,

571
00:40:50,468 --> 00:40:55,488
and limiting public sector exposure to Bitcoin.

572
00:40:55,808 --> 00:40:57,748
Yeah, we don't want the people to have exposure to Bitcoin.

573
00:40:58,788 --> 00:41:01,948
And like El Salvador has the means to regulate and monitor the Bitcoin network

574
00:41:01,948 --> 00:41:03,468
in the way she's implying. Right.

575
00:41:03,988 --> 00:41:08,268
El Salvador plans to exclude new debt issuance in its 2020-25 budget.

576
00:41:08,708 --> 00:41:12,808
That's massive for them, which may reduce their reliance on IMF funds.

577
00:41:12,948 --> 00:41:16,448
The IMF works its way into these countries.

578
00:41:17,168 --> 00:41:21,248
I will link you to a book called The Hidden Repression, How the IMF and the

579
00:41:21,248 --> 00:41:23,768
World Bank Sell Exploitation as Development.

580
00:41:24,048 --> 00:41:29,108
It's a book by Alex Gladstein, and it really puts into perspective what the

581
00:41:29,108 --> 00:41:30,128
IMF is actually all about.

582
00:41:30,128 --> 00:41:38,768
Out as for el salvador since adopting bitcoin their gdp is up 10 10 now consider

583
00:41:38,768 --> 00:41:42,568
that the only thing holding up our gdp is the military industrial complex and government spending,

584
00:41:43,288 --> 00:41:48,428
they don't have that their murder rate since adopting bitcoin down by 95 and

585
00:41:48,428 --> 00:41:57,408
tourism is up 25 or sorry big difference tourism's up 95 in 2023 alone and i'll

586
00:41:57,408 --> 00:42:00,448
say this too having been there the The vibe is good. The people are happy.

587
00:42:01,148 --> 00:42:06,548
I spent time at Bitcoin Beach, Azante, and I also spent time at San Salvador

588
00:42:06,548 --> 00:42:07,728
and a couple places in between.

589
00:42:08,428 --> 00:42:12,608
And everybody was extremely nice and happy. And I'm sure they're there,

590
00:42:12,648 --> 00:42:15,568
but I didn't see a single homeless person in San Salvador.

591
00:42:15,848 --> 00:42:19,428
I walk around my small little town here in Washington and there's homeless everywhere.

592
00:42:20,228 --> 00:42:24,148
So El Salvador is definitely going through a very positive change.

593
00:42:24,148 --> 00:42:29,788
And the IMF just is losing relevance when a company adopts a Bitcoin standard.

594
00:42:30,028 --> 00:42:35,028
And you can hear it in her voice. They're annoyed by the entire thing.

595
00:42:35,328 --> 00:42:40,968
It's too bad. And El Salvador hopes to issue those volcano bonds to perhaps,

596
00:42:41,188 --> 00:42:44,108
I guess, reduce reliance on the IMF.

597
00:42:44,248 --> 00:42:46,868
I mean, we'll see. Mining is a tough industry.

598
00:42:47,468 --> 00:42:52,028
Let's talk about that. Publicly traded miners focused on expanding their hash

599
00:42:52,028 --> 00:42:55,308
rates in September. A lot of increases there.

600
00:42:55,728 --> 00:42:59,348
There's also been some significant liquidation of their Bitcoin holdings.

601
00:42:59,388 --> 00:43:02,628
I think the ETFs have been snapping up minor Bitcoin.

602
00:43:03,168 --> 00:43:10,368
In fact, miners collectively sold, get ready for this, 2,267.5 Bitcoin in September,

603
00:43:10,448 --> 00:43:13,188
which is up from 1,400 in August.

604
00:43:14,420 --> 00:43:18,260
There was Cypher mining leading the pack with 923 Bitcoin sold.

605
00:43:19,400 --> 00:43:23,060
And public miners like Core Scientific and Hut8 advanced their AI initiatives.

606
00:43:23,520 --> 00:43:29,360
With Core Scientific planning for AI data centers in three different locations.

607
00:43:29,840 --> 00:43:34,620
This has been a trend that I've been kind of low-key noticing all of this year.

608
00:43:34,680 --> 00:43:40,760
Is that some of the bigger Bitcoin mining operations are switching some of their

609
00:43:40,760 --> 00:43:43,340
future capacity from Bitcoin to AI.

610
00:43:43,340 --> 00:43:47,400
Like I don't see them taking Bitcoin capacity offline, but like the capacity

611
00:43:47,400 --> 00:43:48,640
they were planning to give to

612
00:43:48,640 --> 00:43:52,900
Bitcoin, they're giving to AI workloads and they're making a lot of money.

613
00:43:53,400 --> 00:43:59,080
So why? Well, Bitcoin mining is a very tough business and comparatively AI is

614
00:43:59,080 --> 00:44:01,920
an easy business, especially if you're just selling the compute.

615
00:44:03,000 --> 00:44:06,500
But I think there's a bigger trend at play here. I think the reality is Bitcoin

616
00:44:06,500 --> 00:44:10,260
miners have figured out how to do power in these situations.

617
00:44:10,440 --> 00:44:12,460
And these AI machines are so power hungry.

618
00:44:13,340 --> 00:44:16,440
Standard data centers are just totally flopping on this, and they're getting

619
00:44:16,440 --> 00:44:18,280
a really bad rap in the press.

620
00:44:18,780 --> 00:44:22,160
And it seems like big tech solution like Microsoft and Amazon and Apple,

621
00:44:22,280 --> 00:44:26,640
they're going to spin up old nuke plants and try to get new nuke plants built.

622
00:44:27,120 --> 00:44:31,260
That's going to take like a decade, though, in some cases. And they need it now, right?

623
00:44:31,320 --> 00:44:35,820
They've got to keep this AI train moving forward, baby. You can't stop this thing.

624
00:44:39,249 --> 00:44:42,729
Is not in service. Please make a note of it. So the Bitcoin miners,

625
00:44:42,829 --> 00:44:45,309
they know how to do compute, they know how to do cooling, and they know how

626
00:44:45,309 --> 00:44:47,829
to take advantage of the power nobody wants.

627
00:44:48,889 --> 00:44:53,369
And they bring all that expertise together and start making money from the AI industry.

628
00:44:53,869 --> 00:44:57,189
I'm not quite sure how I feel about that, though. I'd love to hear your thoughts

629
00:44:57,189 --> 00:45:01,049
if you want to boost in how you feel about the mining industry doing more and more AI stuff.

630
00:45:01,729 --> 00:45:06,309
Today, as I record, Accord. It's day one of Bitcoin Amsterdam 2024.

631
00:45:06,949 --> 00:45:10,709
And there's a talk there called Mining Economics and the Future Outlook for

632
00:45:10,709 --> 00:45:12,769
a Profitable Tomorrow, if you want to look this up.

633
00:45:12,989 --> 00:45:16,409
It's by Nico Smit, I believe. He's from Digital Mining Solutions.

634
00:45:16,909 --> 00:45:20,669
And he goes into some of the challenges miners face just from an industry standpoint,

635
00:45:20,929 --> 00:45:22,589
but also from hardware advancements.

636
00:45:22,749 --> 00:45:26,709
So we know what the block subsidy is because Bitcoin is beautifully programmed,

637
00:45:26,909 --> 00:45:29,329
but we don't know what the price of Bitcoin will be tomorrow,

638
00:45:29,509 --> 00:45:34,009
in two weeks from now, in five years from now. And the same goes for transaction fees.

639
00:45:34,389 --> 00:45:38,089
The transaction fees have been spiking up and down for the last year and a half,

640
00:45:38,269 --> 00:45:41,029
and it's very unpredictable where the fees will be at.

641
00:45:41,789 --> 00:45:46,309
And the same goes for network hash rates. Will it continue to grow as it did

642
00:45:46,309 --> 00:45:51,329
for the last years, or will it flatten out, go even more parabolic, or even slow down?

643
00:45:52,489 --> 00:45:57,609
And what's even more challenging is that miners don't have influence on any of these factors.

644
00:45:58,129 --> 00:46:02,269
So, there's very few industries, I think, in the world where the producers don't

645
00:46:02,269 --> 00:46:04,169
have any influence over their revenue.

646
00:46:04,809 --> 00:46:09,849
So, I always advise miners to focus on that, that they do have influence on.

647
00:46:10,029 --> 00:46:13,809
And those are three main factors, which is efficiency, cost,

648
00:46:13,989 --> 00:46:15,329
and diversifying revenue.

649
00:46:16,797 --> 00:46:19,977
So if we go into the first part, how to optimize your efficiency,

650
00:46:20,357 --> 00:46:22,557
we can do that on two levels.

651
00:46:22,977 --> 00:46:26,697
One is on the ASIC hardware level, and the other one is on the infrastructure level.

652
00:46:28,117 --> 00:46:33,517
Here you see a chart of end miners, which is a popular series of ASIC Bitcoin

653
00:46:33,517 --> 00:46:36,637
miners produced by Bitmain, which is the main manufacturer in the industry.

654
00:46:37,237 --> 00:46:40,217
And what is shown here is the efficiency of these miners.

655
00:46:40,517 --> 00:46:45,297
And as you can see, the efficiency has been improved quite a bit over the last few years.

656
00:46:45,917 --> 00:46:49,977
The charges here is expressed in joules per terahertz, so the amount of power

657
00:46:49,977 --> 00:46:52,017
that's being used per unit of computing power.

658
00:46:52,537 --> 00:46:56,897
And over the years, it's becoming less and less power that's being used to obtain

659
00:46:56,897 --> 00:46:58,537
that same amount of computing power.

660
00:46:59,097 --> 00:47:02,397
So up on the screen is a pretty standard chart. It starts from years ago,

661
00:47:02,517 --> 00:47:05,797
and it just kind of slopes downward and really kind of slopes downward now,

662
00:47:05,877 --> 00:47:09,557
but has sort of leveled off. It's much, much, much more efficient.

663
00:47:09,637 --> 00:47:12,837
It's amazing, really, the efficiency gains. but for

664
00:47:12,837 --> 00:47:15,557
the last couple of generations we don't seem

665
00:47:15,557 --> 00:47:18,917
to be getting large jumps in efficiency like we were and

666
00:47:18,917 --> 00:47:22,637
he gets into that five years ago we were at around 100 joules per terahertz

667
00:47:22,637 --> 00:47:28,197
and right now we're nearing that 15 joules per terahertz level but you can see

668
00:47:28,197 --> 00:47:33,197
also that this curve is flattening out and the reason for for a reduction in

669
00:47:33,197 --> 00:47:37,237
the speed of the efficiency increasement is because of the chip size.

670
00:47:37,737 --> 00:47:41,917
So the first miner that was launched by Bitmain, the Antminer S1,

671
00:47:42,137 --> 00:47:47,337
was produced with chips that had 55 nanometers, which is already very small.

672
00:47:47,737 --> 00:47:50,817
But the latest models, they are produced with 3 nanometer chips.

673
00:47:51,077 --> 00:47:54,857
And the smaller these chips become, the more sensitive they become for failures.

674
00:47:55,237 --> 00:47:58,977
So in order to prevent that you have a high failure rate, there's a limit to

675
00:47:58,977 --> 00:48:00,757
the chip size reduction.

676
00:48:01,197 --> 00:48:07,737
So as the chips get smaller, the error rates go up, So the production volumes go down, the costs go up.

677
00:48:07,817 --> 00:48:13,657
So it's interesting, like there's this, I guess, this sweet spot where the chip

678
00:48:13,657 --> 00:48:17,077
is only so efficient, but the cost acquired and the production volumes high

679
00:48:17,077 --> 00:48:18,917
enough that you make money mining.

680
00:48:18,917 --> 00:48:22,957
Like it's a it's a really tight line that they have to walk.

681
00:48:23,277 --> 00:48:28,537
And to me, it's just a little insight into just all of the stuff that these

682
00:48:28,537 --> 00:48:33,437
miners have to look at while having no real control or input over like how much

683
00:48:33,437 --> 00:48:35,237
money the network is making them overall.

684
00:48:36,323 --> 00:48:39,083
That is a little rare. At least the gold miners have figured that one out.

685
00:48:39,263 --> 00:48:43,523
All right, one last bit of news before we get into our updates and our boost and all of that.

686
00:48:43,823 --> 00:48:49,363
This is a story that I saw go by today that just sent chills down my Bitcoiner's spine.

687
00:48:49,663 --> 00:48:56,123
And to me, it is at least evidence that for the next five-year window or so

688
00:48:56,123 --> 00:49:00,323
and probably beyond, altcoins are never going away.

689
00:49:00,563 --> 00:49:03,363
And I don't know how Bitcoiners are going to cope with this.

690
00:49:03,363 --> 00:49:12,143
Visa has introduced the Visa Tokenized Asset Platform, and they plan for a live

691
00:49:12,143 --> 00:49:14,723
pilot on Ethereum in 2025.

692
00:49:15,563 --> 00:49:21,183
So you're introducing the Visa Tokenized Asset Platform. Walk me through what VTAP will do.

693
00:49:21,563 --> 00:49:24,923
Yeah, so we're super excited about the announcement this week.

694
00:49:25,083 --> 00:49:32,023
So VTAP gives the ability for banks to issue and manage fiat-backed tokens.

695
00:49:32,023 --> 00:49:36,723
And so one of the things that we've seen is really the growth and excitement

696
00:49:36,723 --> 00:49:43,363
around stable coins, which are now at an all-time high, around $170 billion in circulation.

697
00:49:43,983 --> 00:49:49,503
Stable coins. I think stable coins and this ridiculous hype around real-world

698
00:49:49,503 --> 00:49:53,583
assets, I think that too is going to be on some sort of smart contract blockchain,

699
00:49:53,883 --> 00:49:55,483
Solana or Ethereum or something like that.

700
00:49:55,623 --> 00:49:58,303
So I have a question for you.

701
00:49:58,503 --> 00:50:02,783
Please boost it and tell me. how are Bitcoiners going to come to terms with this?

702
00:50:04,043 --> 00:50:08,403
And don't you think this means that at least some of these altcoin smart contract

703
00:50:08,403 --> 00:50:12,843
platform type technology things are going to be around for a long time?

704
00:50:13,263 --> 00:50:16,483
I mean, doesn't this sort of just lock it in when they start building tokenized

705
00:50:16,483 --> 00:50:17,843
trading platforms and whatnot?

706
00:50:19,603 --> 00:50:22,623
Wall Street degens might be the worst kind of degens.

707
00:50:23,343 --> 00:50:28,443
All right, coming up, your boost, some project updates, a final clip of the

708
00:50:28,443 --> 00:50:30,583
week. I really want you to catch and more.

709
00:50:30,800 --> 00:50:37,360
Music.

710
00:50:36,763 --> 00:50:40,143
Shout out to those of you using my affiliate link in the show notes when you

711
00:50:40,143 --> 00:50:43,743
buy sats with River. I think it's a great place to DCA or do one time buys.

712
00:50:44,003 --> 00:50:46,643
You can withdraw on lightning to maintain your privacy.

713
00:50:46,963 --> 00:50:51,743
They let you check that they actually have the Bitcoin in custody that they say they have.

714
00:50:51,783 --> 00:50:55,423
They have proof of reserves and they got a slick interface and a great mobile app, too.

715
00:50:55,423 --> 00:50:58,763
And I have a link in the notes if you click that We

716
00:50:58,763 --> 00:51:01,583
both killed something just a nice way to support the show if you're buying sets

717
00:51:01,583 --> 00:51:05,963
and if you're spending sets Do it with the Bitcoin company comm use my promo

718
00:51:05,963 --> 00:51:10,583
code Jupiter That's Jupiter like the planet and you'll get some extra sats I

719
00:51:10,583 --> 00:51:11,843
get some extra sets another nice

720
00:51:11,843 --> 00:51:15,783
way to support the show you can instantly convert sats on lightning into,

721
00:51:16,463 --> 00:51:17,803
hundreds of different gift cards,

722
00:51:18,940 --> 00:51:21,980
on the BitcoinCompany.com's website. Use the promo code JUPITER.

723
00:51:22,380 --> 00:51:24,460
Just one of the ways you can support the show besides boosting.

724
00:51:24,880 --> 00:51:26,460
Speaking of which, let's get to that.

725
00:51:31,700 --> 00:51:34,480
And we have a bunch of great boosts this week.

726
00:51:34,520 --> 00:51:38,040
Thank you, everybody who participates in the boosts. This is my favorite segment

727
00:51:38,040 --> 00:51:41,180
because this is all the stuff I didn't plan on talking about right here.

728
00:51:41,360 --> 00:51:45,360
So it's all organic. And our baller booster this week is Mr.

729
00:51:45,480 --> 00:51:47,640
Adam Curry, the podfather with 60,000 sets.

730
00:51:50,260 --> 00:51:53,300
Thanks for being our report in the storm, he writes. My wife,

731
00:51:53,360 --> 00:51:56,460
Tina, the keeper, just turned 62. Oh, happy birthday to Tina.

732
00:51:56,780 --> 00:52:00,480
And she opted for an early withdrawal from her Social Security and will be stacking

733
00:52:00,480 --> 00:52:03,840
every dollar of that into Bitcoin every single month.

734
00:52:04,620 --> 00:52:08,900
That's really interesting. I was specifically asking about what people are doing for retirement.

735
00:52:09,300 --> 00:52:12,740
I think this is a good time to be doing that, especially at 62.

736
00:52:12,880 --> 00:52:15,620
She's still got years. She can do that. So she'll be able to appreciate some

737
00:52:15,620 --> 00:52:17,560
of those gains over, you know, four or five period.

738
00:52:18,600 --> 00:52:22,040
Fascinating. That's, you know, I think something we'll see. But I think that's

739
00:52:22,040 --> 00:52:25,080
going to be a theme in the boost this week. Thank you, Podfather. Appreciate that.

740
00:52:25,760 --> 00:52:28,580
Also, today's prep music was brought to you by the Booster Grand Ball.

741
00:52:29,160 --> 00:52:37,000
Bite Bandit comes in with 51,337 sats. I hoard that which your kind covet. That's not bad at all.

742
00:52:37,220 --> 00:52:41,080
Sometimes my genius is, it's almost frightening. Chris, your timing was hilarious.

743
00:52:41,280 --> 00:52:45,460
Despite nearly constant reminders from my wife, I put off dealing with an old

744
00:52:45,460 --> 00:52:48,340
retirement account for two years. I finally got around to it last week.

745
00:52:48,460 --> 00:52:52,420
I decided to open a 401k and a Roth IRA accounts with Swan Bitcoin.

746
00:52:52,800 --> 00:52:57,300
I use Swan to DCA, so it was convenient and allowed me to put my money into

747
00:52:57,300 --> 00:52:59,900
Bitcoin without taking a big tax hit.

748
00:53:00,000 --> 00:53:03,080
I heard some of the drama, but I didn't think much of it until hearing this

749
00:53:03,080 --> 00:53:06,080
episode. I agree with your analysis, though.

750
00:53:06,220 --> 00:53:09,480
All these little turd nuggets are adding up, and it's starting to smell like

751
00:53:09,480 --> 00:53:10,380
a full-blown shitstorm.

752
00:53:10,600 --> 00:53:15,940
As I type this boost, I'm looking at two checks made out to Ripple-owned crypto

753
00:53:15,940 --> 00:53:17,220
banks per Swan's instructions.

754
00:53:17,280 --> 00:53:20,680
I have to admit, I'm starting to have second thoughts. Ooh, that's rough.

755
00:53:21,340 --> 00:53:24,240
I have heard good things about Swan's IRA product, but that's rough.

756
00:53:24,580 --> 00:53:28,780
For some reason, Rivers KYC rejected me and wouldn't let me try again for 30 days. Oh!

757
00:53:29,300 --> 00:53:31,780
I ended up just going with Swan and never tried again. Again,

758
00:53:31,780 --> 00:53:36,520
I never had a KYC issue with any other company, but I'd really rather be with

759
00:53:36,520 --> 00:53:38,320
a River customer than a Swan customer right now.

760
00:53:38,520 --> 00:53:42,420
You know, I do hear from time to time. I mean, probably a couple times a month

761
00:53:42,420 --> 00:53:43,960
I hear from somebody that says, yeah, that's...

762
00:53:44,822 --> 00:53:48,222
River just totally KYC kicked me in the butt and shut me down.

763
00:53:48,982 --> 00:53:51,542
I hate KYC because, you know, every now and then it bites you.

764
00:53:52,082 --> 00:53:53,162
You know, you can be going along,

765
00:53:53,242 --> 00:53:55,622
you can sign up for a couple different platforms and boom, one time.

766
00:53:56,362 --> 00:53:59,382
I hate it so much. Even sometimes, like, you know, you don't get a good picture

767
00:53:59,382 --> 00:54:01,302
of your ID or something. I don't know what it is.

768
00:54:01,842 --> 00:54:05,262
I just, I'm so sorry to hear that. And I appreciate the report.

769
00:54:05,462 --> 00:54:07,282
It's good to, you know, stay up to date on all that.

770
00:54:07,642 --> 00:54:09,862
I have no affiliation with River. So if the experience isn't good,

771
00:54:09,902 --> 00:54:10,922
I want to report on that as well.

772
00:54:14,122 --> 00:54:21,362
User 20497192 comes in with 49,609 sats. You can set your profile username in Fountain if you like.

773
00:54:21,782 --> 00:54:25,322
Chris, thanks to you, I got Albie Hub up and running. And in other news,

774
00:54:25,342 --> 00:54:28,662
I'm switching my mining pool over to Ocean. Wow, those are both great updates.

775
00:54:29,342 --> 00:54:32,302
Congrats on the Albie Hub too. For some reason, I can't move sats over from

776
00:54:32,302 --> 00:54:36,222
Strike to my Albie wallet yet, but will persist until I find a way.

777
00:54:36,422 --> 00:54:41,202
Thanks for another stellar show. The Secret Thousand Oaks Bitcoin Meetup Sends Cryptic Greetings.

778
00:54:42,022 --> 00:54:45,162
Hello out there. Hello out there. You're doing a good job.

779
00:54:45,722 --> 00:54:48,982
So with a little bit more information, I might be able to give you a couple

780
00:54:48,982 --> 00:54:52,722
tidbits of advice, but it sounds like potentially it could just be a channel issue.

781
00:54:53,342 --> 00:54:56,382
I'm not sure, but it could just be a channel issue. Maybe you don't have the

782
00:54:56,382 --> 00:54:59,482
right inbound channel, one that Strike can communicate with.

783
00:54:59,642 --> 00:55:04,702
Like you can have a perfectly fine channel with millions of sats ready for inbound,

784
00:55:04,702 --> 00:55:10,522
but if the sender can't find a route to that channel, you can still have it fail.

785
00:55:10,982 --> 00:55:13,462
So you may try opening up an inbound channel with somebody else.

786
00:55:13,522 --> 00:55:15,582
Just make sure it has enough stats too.

787
00:55:16,222 --> 00:55:19,382
That's sometimes where it's just, if the fees are low, it might just be easier to do an on-chain.

788
00:55:20,662 --> 00:55:22,702
Sometimes it is, although it doesn't have the privacy benefits.

789
00:55:23,482 --> 00:55:27,162
Block 7 comes in with 20,000 stats. Coming in hot with the boost.

790
00:55:28,202 --> 00:55:32,502
Yes, add audio stats to the pot. Okay, there's a plus one. I'm going to write that down.

791
00:55:34,326 --> 00:55:39,146
Add the stats, but extend the total length of the show to accommodate the stats.

792
00:55:39,726 --> 00:55:41,926
Don't shorten my opportunity to stream you extra sats.

793
00:55:42,666 --> 00:55:46,666
I never thought of that. But you're right. I hadn't thought about cutting content,

794
00:55:46,766 --> 00:55:49,406
but I won't. I won't cut content to add that if I do it.

795
00:55:50,246 --> 00:55:55,846
Adversary17 comes in with 8,192 sats. This is the way.

796
00:55:56,466 --> 00:55:59,966
I says Bitcoin's definitely part of my retirement plan. I'm actually hoping

797
00:55:59,966 --> 00:56:04,406
for a huge dip for Christmas. Would love some cheap sats since I missed the 16K dip in 2022.

798
00:56:05,106 --> 00:56:08,326
I've been wishing I started stacking earlier. There's no better time than now.

799
00:56:08,766 --> 00:56:12,726
17. He goes on to say, it wasn't until 2023 that I really started understanding

800
00:56:12,726 --> 00:56:14,526
Bitcoin thanks to this and other podcasts.

801
00:56:15,226 --> 00:56:18,346
One about lawnmowers, I think, or something like that. The Bitcoin dad.

802
00:56:18,946 --> 00:56:23,366
Yeah, I understand. You know, but you start stacking just when you can, as soon as you can.

803
00:56:23,506 --> 00:56:25,526
And you just do a little bit at a time and don't think about it.

804
00:56:25,566 --> 00:56:28,626
Put it on autopilot and let her be for a while.

805
00:56:28,746 --> 00:56:31,706
But you're right. Right. A dip at Christmas would be kind of nice.

806
00:56:32,286 --> 00:56:36,186
It's weird. It's weird. You couldn't as a Bitcoiner, you can enjoy the rips

807
00:56:36,186 --> 00:56:39,366
and the dips if you really get into it, which I do.

808
00:56:39,946 --> 00:56:42,366
Orange Bill lawyer's back with a Rodex.

809
00:56:43,646 --> 00:56:47,326
Absolutely planning Bitcoin in my retirement. The company allows me to manage

810
00:56:47,326 --> 00:56:50,326
a self-brokered 401k account. So I invest in BlackRock's ETF.

811
00:56:50,726 --> 00:56:54,526
I know it's not my keys. It's not really my coins, but with no other options,

812
00:56:54,626 --> 00:56:56,166
I'm at least getting price exposure. Totally.

813
00:56:56,946 --> 00:57:00,466
Yeah, I think that's a great example of where the ETF product makes sense.

814
00:57:01,106 --> 00:57:05,666
Additionally, you're going to find, I believe, I'm totally making this up just

815
00:57:05,666 --> 00:57:10,086
in my opinion, but I think you're going to find financial products will be made

816
00:57:10,086 --> 00:57:13,966
available to the ETFs before they're made available to people with self-custody coins.

817
00:57:14,266 --> 00:57:16,526
There'll be some, but like, you know.

818
00:57:17,644 --> 00:57:20,664
Quick little collateral-backed loans, options, things like that.

819
00:57:20,704 --> 00:57:22,004
Those are going to come to the ETFs.

820
00:57:22,584 --> 00:57:26,004
And I don't know how it works if it's through a 401k, but it does seem like

821
00:57:26,004 --> 00:57:31,064
there's other specific market product fits where the ETFs make sense,

822
00:57:31,144 --> 00:57:32,304
and then there's ones where it doesn't.

823
00:57:32,564 --> 00:57:35,044
Orange Pill, I think that's one of them. Thank you for sharing.

824
00:57:35,924 --> 00:57:38,104
Monty33 comes in. Oh, it's an adorable row of ducks.

825
00:57:39,844 --> 00:57:43,184
Thanks for hitting the noob questions. I've got a few more that I'll drop into Matrix.

826
00:57:43,384 --> 00:57:46,744
Oh, okay, Monty. I may have missed them. I have not been in Matrix a lot because

827
00:57:46,744 --> 00:57:49,804
I've been out in the woods and whatnot, but I'll keep an eye out for it.

828
00:57:50,664 --> 00:57:55,224
Fractal comes in with 5,000 sats. You supposed. I completely forgot about this

829
00:57:55,224 --> 00:57:58,124
newbie explanation video until the question was brought up on the show.

830
00:57:58,404 --> 00:57:59,464
Here's what you need to search for.

831
00:58:00,284 --> 00:58:03,884
Bitcoin actually explained by Luke Smith. He does talk about ETH and others

832
00:58:03,884 --> 00:58:06,364
as a comparison at the end, but whatever. Okay.

833
00:58:07,284 --> 00:58:10,624
Okay. I have not seen this one yet. Bitcoin actively explained,

834
00:58:10,724 --> 00:58:14,024
but there you go. There's this, we were hoping we would get one and we got one.

835
00:58:14,544 --> 00:58:19,764
One dull geek comes in with 4,444 sats. Affleck!

836
00:58:20,164 --> 00:58:26,204
If 2,222 sats is a row of ducks, then I think this is an all-wheel drive 4x4.

837
00:58:26,304 --> 00:58:29,264
I like that, but it's an Affleck duck.

838
00:58:29,464 --> 00:58:32,004
You know, it's a big, big old duck. Affleck!

839
00:58:32,264 --> 00:58:35,164
But I also like the 4x4 boost, so you can persuade me if you keep it up.

840
00:58:35,384 --> 00:58:38,744
For starters, I like the idea of you tagging podcasts with the block height.

841
00:58:39,244 --> 00:58:43,404
Maybe also include the last four digits of the block hash as a way of timestamping

842
00:58:43,404 --> 00:58:44,424
your episode to the time chain.

843
00:58:44,684 --> 00:58:48,824
Honestly, though, I don't know what tangible benefit it provides other than just being kind of cool.

844
00:58:49,104 --> 00:58:51,704
Is Bitcoin part of your retirement plan? Of course, he says.

845
00:58:51,844 --> 00:58:55,764
Saving money is part of my retirement plan. Why wouldn't that include undebasable money?

846
00:58:56,958 --> 00:59:01,158
Yeah. Bitcoin is my savings. Yeah. I think, you know, to talk about my retirement

847
00:59:01,158 --> 00:59:05,898
plan a little bit, I just stack into Bitcoin as hard as I can.

848
00:59:05,998 --> 00:59:08,718
And when the wife and I have a little extra cash, we go into Bitcoin.

849
00:59:08,798 --> 00:59:12,338
But also, you know, one of the things I'm experimenting in the last few months

850
00:59:12,338 --> 00:59:15,078
is optimizing anything that generates SATs.

851
00:59:15,618 --> 00:59:19,358
So for an example, I've been looking into a fold account to pay bills because

852
00:59:19,358 --> 00:59:20,518
they have a SATs back program.

853
00:59:21,058 --> 00:59:24,158
Things like that, just anything we can do to generate sat yield,

854
00:59:24,298 --> 00:59:26,398
even small amounts that we can stack over time.

855
00:59:26,798 --> 00:59:29,858
I experimented with a Gemini credit card for a while.

856
00:59:30,058 --> 00:59:33,878
And the Gemini credit card lets you get all kinds of weird crypto as rewards,

857
00:59:33,998 --> 00:59:37,038
but one of them, it lets you get Bitcoin. It's a good one.

858
00:59:37,518 --> 00:59:44,018
And the Bitcoin rewards are up something ridiculous, like almost $400 or $500

859
00:59:44,018 --> 00:59:48,338
in value, just rewards from a credit card purchases that I had to make anyways.

860
00:59:48,938 --> 00:59:52,918
So any way I can stack sets, if it's through a DCA, if it's that, I will.

861
00:59:53,438 --> 00:59:57,398
And I look at that, I do look at that as a savings account. That's the real savings account.

862
00:59:57,458 --> 01:00:00,378
You need to have some fiat on hand for when things come up.

863
01:00:00,438 --> 01:00:08,318
But I would be so nervous to store tens and tens and tens of thousands of dollars in fiat.

864
01:00:08,878 --> 01:00:14,018
And I sleep like a baby at night doing the same in Bitcoin. So I hope it's part

865
01:00:14,018 --> 01:00:15,358
of my retirement plan. We'll see.

866
01:00:15,938 --> 01:00:18,838
Price actually has to go up for that to happen. Come on, October.

867
01:00:20,698 --> 01:00:24,698
What happened? Moonanite's here with 2,500 sats. Make it so.

868
01:00:25,438 --> 01:00:28,178
Just as you were reading off the boost from this episode talking about fountains

869
01:00:28,178 --> 01:00:29,438
crashing us, mine crashed.

870
01:00:29,878 --> 01:00:32,638
It seems to only happen if I listen while I'm charging my phone.

871
01:00:32,878 --> 01:00:34,378
I wonder what could be going on there.

872
01:00:34,878 --> 01:00:37,838
You know, Moonanite, the first thing that came to my mind was maybe thermal management.

873
01:00:38,953 --> 01:00:43,733
You know, Android will kill a process that's running the CPU if you're hot and

874
01:00:43,733 --> 01:00:45,453
if you're charging. I don't know.

875
01:00:46,213 --> 01:00:49,073
So you'd have to be like several scenarios. You're like on the edge of signal.

876
01:00:49,913 --> 01:00:52,773
Fountain's using a lot of CPU for some reason, which is not normal,

877
01:00:52,853 --> 01:00:55,993
but for some reason. And you're charging, and then there's like a thermal,

878
01:00:56,093 --> 01:00:57,193
you know, process killing.

879
01:00:57,593 --> 01:01:01,153
I wonder. I often think, too, it's memory related. I think that's the other

880
01:01:01,153 --> 01:01:04,033
reason is, you know, there's like basically an out-of-memory killer on Android.

881
01:01:04,413 --> 01:01:07,353
And I think those are some of the leading causes, but I don't know what,

882
01:01:07,353 --> 01:01:09,893
you know, is the, I guess, leading symptoms.

883
01:01:10,073 --> 01:01:12,853
I don't know what the actual core causes. Let me know if you figure it out.

884
01:01:13,493 --> 01:01:18,313
Coach Rick's in here with 2,024 sats. Hey, Coach Rick. Coming in hot with the

885
01:01:18,313 --> 01:01:20,933
boos. I vote no to listing out the price stats during the show.

886
01:01:21,413 --> 01:01:24,693
But I'm also not brave enough to put more than one small percentage of my retirement into sats.

887
01:01:26,573 --> 01:01:28,073
Maybe that's why you don't want to hear the number, Coach.

888
01:01:29,953 --> 01:01:34,053
Got to get conviction. All right. Thank you. So scratching one off for stats.

889
01:01:34,173 --> 01:01:37,613
We had two, and now we have, okay, scratching that one off.

890
01:01:38,113 --> 01:01:41,913
User 47 comes in with 5,000 stats. That's a Jar Jar boost. You supposed.

891
01:01:42,513 --> 01:01:46,613
He noted my buy the invasion. Yeah, I just thought that was such a ridiculous title.

892
01:01:46,713 --> 01:01:49,213
I feel like if you read it, you're like, what is this guy? He's so cynical.

893
01:01:49,273 --> 01:01:53,473
But then you realize I'm actually making fun of some of the analysts that just

894
01:01:53,473 --> 01:01:54,593
toss that kind of stuff around.

895
01:01:55,193 --> 01:01:58,313
I'm glad you got the joke. Ace Ackerman comes in with a row of ducks.

896
01:01:59,293 --> 01:02:02,673
I vote yes on a brief report for Bitcoin stats during the show.

897
01:02:02,753 --> 01:02:05,513
Maybe rotate on which ones. Maybe one or two per episode.

898
01:02:06,093 --> 01:02:09,413
Bitcoin definitely plays a role in my retirement strategy and estate planning.

899
01:02:09,973 --> 01:02:12,773
I got to set those kids up for success. All right. So that's three for yes.

900
01:02:13,855 --> 01:02:18,435
One for no. I agree. I'm I'm also helping my kids stack now.

901
01:02:18,715 --> 01:02:23,595
And ideally, I would love the vast majority of my stash to not get spent.

902
01:02:23,855 --> 01:02:25,515
And I would love it to go to my kids as well.

903
01:02:26,015 --> 01:02:30,535
I'm hoping they can use it. So part of me, you know, part of me really likes

904
01:02:30,535 --> 01:02:33,855
what Bitcoin makes me do. Bitcoin forces me to think long term.

905
01:02:34,315 --> 01:02:37,775
I even in the last week, I've thought several times if I want to see Bitcoin

906
01:02:37,775 --> 01:02:41,015
at a million dollars, I got to stop eating crap food. You know,

907
01:02:41,015 --> 01:02:44,595
like I get really busy with work and the first thing that slips is food preparation,

908
01:02:45,095 --> 01:02:48,815
So then I just start eating, you know crap just to get by through the day.

909
01:02:49,075 --> 01:02:51,895
That's not good for you Plus sitting around all day. I'm not gonna make it to

910
01:02:51,895 --> 01:02:55,535
1 million Bitcoin You know and then also if I want to see my you know If I want

911
01:02:55,535 --> 01:02:59,235
to see my kids be like I got a I got to be able to like live So it makes you

912
01:02:59,235 --> 01:03:02,115
like happy like being a parent. It kind of makes you think long term.

913
01:03:02,335 --> 01:03:08,615
I like that about Bitcoin a hybrid sarcasm He's coming in with 10,000 sats.

914
01:03:08,675 --> 01:03:11,415
This is the way Plus one for the newbie video.

915
01:03:11,555 --> 01:03:14,555
I would love to see one too. My spending sats are held like this.

916
01:03:15,755 --> 01:03:20,375
Streaming sats go to Albi because I listen to Cast-O-Matic and boosting sats are in Fountain.

917
01:03:22,095 --> 01:03:25,855
Whoa, streaming sats in Albi and boosting sats in Fountain. Still working on

918
01:03:25,855 --> 01:03:29,095
my holding workflow. For now I'm stacking them in cash.app and Strike.

919
01:03:29,395 --> 01:03:33,435
Yeah, we should get, you should, those are some of the lower risk ways,

920
01:03:33,595 --> 01:03:35,975
but I still think you should get them out of there.

921
01:03:36,355 --> 01:03:39,015
You know, I don't think there's an emergency or a risk.

922
01:03:40,043 --> 01:03:44,023
Traditionally, when the market does start to move quickly, those platforms can

923
01:03:44,023 --> 01:03:46,863
sometimes every now and then have issues.

924
01:03:47,563 --> 01:03:50,803
I don't have any key examples, nothing like Coinbase.

925
01:03:50,903 --> 01:03:54,283
But just something for you to keep in mind is if things really rip or whatever,

926
01:03:54,603 --> 01:03:57,603
sometimes when you want to get access to that stuff, it's a little delayed by

927
01:03:57,603 --> 01:03:58,323
those hosted platforms.

928
01:03:58,523 --> 01:04:01,123
It's just another reason to get it off there. When the market's doing crazy

929
01:04:01,123 --> 01:04:03,883
stuff, you don't worry because you've got your coins in cold storage.

930
01:04:04,983 --> 01:04:09,083
But I do like your approach there with having Albi and Fountain.

931
01:04:09,083 --> 01:04:11,863
A couple of really great ways to interact with the Lightning Network.

932
01:04:12,323 --> 01:04:13,923
Fountain's really doing it on easy mode, too.

933
01:04:14,763 --> 01:04:19,783
Paranoid Coder comes in with 2,000 stats. I'd love to hear some Bitcoin stats

934
01:04:19,783 --> 01:04:22,603
each episode. Okay, another one. That's four.

935
01:04:23,203 --> 01:04:26,343
Also, yes, I'm stacking for retirement each paycheck I set asides.

936
01:04:26,343 --> 01:04:30,303
I have a little bit of money that goes into my brokerage, my IRA, and Bitcoin.

937
01:04:30,963 --> 01:04:33,963
I'm pretty sure I'll regret not putting everything into Bitcoin in the future,

938
01:04:34,063 --> 01:04:38,683
but I currently sleep soundly at night. Well, you've got to live with what we know today.

939
01:04:39,083 --> 01:04:44,523
I sometimes really kick my butt about spending lots of Bitcoin back in the day,

940
01:04:44,543 --> 01:04:50,443
you know, but we didn't know where it was going and we believed in spending

941
01:04:50,443 --> 01:04:56,163
to accelerate adoption and not in saving as much and kick my butt for that.

942
01:04:56,263 --> 01:05:00,483
But I also, you know, I had a good time along the way. I have equipment I still use today.

943
01:05:00,563 --> 01:05:04,863
So kind of it's I think it's a balance of living for today and living for the future.

944
01:05:05,603 --> 01:05:10,783
Minticola comes in with a Rolodex. As far as Bitcoin stats, I'd be interested

945
01:05:10,783 --> 01:05:13,243
to hear the high and low between each episode. Hmm.

946
01:05:13,843 --> 01:05:18,063
I do plan to go back and review what you all suggest after the episode,

947
01:05:18,123 --> 01:05:20,223
too. So that's another one for stats.

948
01:05:20,723 --> 01:05:23,803
Maybe I'll maybe I could like incorporate at the end as I'm signing off or something

949
01:05:23,803 --> 01:05:25,623
for the folks that don't want it.

950
01:05:26,819 --> 01:05:29,819
I like that idea, man. Thank you. Appreciate the boost, too.

951
01:05:30,299 --> 01:05:37,919
Vault Bites in with 4,444 sats, which we've established. That's an Aflac duck. Aflac!

952
01:05:40,659 --> 01:05:44,979
It's a duck army fighting FUD. It's icy. Yeah. Yeah.

953
01:05:45,399 --> 01:05:48,579
See, that's exactly. It was two different boosts. Both were rows of ducks,

954
01:05:48,719 --> 01:05:50,579
which make one really big duck. Right?

955
01:05:52,759 --> 01:05:57,539
I don't know. Gene Bean also. Also, comes in with a row of ducks.

956
01:05:57,759 --> 01:06:01,079
The stats per USD is interesting, especially if you include trends.

957
01:06:01,479 --> 01:06:05,659
Overall, I say include the stats. Regarding the retirement, I suck at traditional

958
01:06:05,659 --> 01:06:06,799
savings, and I'm starting to

959
01:06:06,799 --> 01:06:09,719
look at Bitcoin as a better way to accomplish that actual goal long term.

960
01:06:10,039 --> 01:06:13,159
You know what, Gene? I think you are not going to be the only one in the next

961
01:06:13,159 --> 01:06:14,939
few years, so you might be still ahead.

962
01:06:15,599 --> 01:06:18,599
So you like stats per dollar, huh? Yeah, I like that one too.

963
01:06:19,799 --> 01:06:22,019
The high and the low would be interesting. I wonder if there's anything out

964
01:06:22,019 --> 01:06:23,339
there that tells me that.

965
01:06:23,959 --> 01:06:26,979
I'd prefer not to be creating a spreadsheet. If anybody knows of a tool.

966
01:06:27,219 --> 01:06:30,019
I know like Clark Moody's dashboard and stuff like that. But something that

967
01:06:30,019 --> 01:06:31,719
would tell you the high and low between two day points.

968
01:06:32,339 --> 01:06:36,359
That's an interesting idea. All right. So that was a total of one definitely against.

969
01:06:36,799 --> 01:06:40,879
Well, not definitely, but kind of against. And one, two, three,

970
01:06:40,959 --> 01:06:43,279
four, five that were pro stats.

971
01:06:43,799 --> 01:06:48,559
So I'm going to give that some thought. I'll try to do it in a way that isn't obnoxious or a cliche.

972
01:06:48,739 --> 01:06:50,819
And try to do it in a way that's actually bringing value to the show.

973
01:06:50,919 --> 01:06:54,299
So I may think on it a bit. I may have it next week. I may not. I don't know.

974
01:06:54,759 --> 01:06:58,739
I don't know. But I do know that I appreciate everybody who participates in

975
01:06:58,739 --> 01:07:00,779
the value for value model and sends a boost in.

976
01:07:00,979 --> 01:07:05,399
We had 42 different individuals sit back and stream those sats as they listen.

977
01:07:05,679 --> 01:07:11,019
So we stacked 38,967 sats that way. Thank you, all of you sat streamers.

978
01:07:11,119 --> 01:07:14,559
When you combine that with the folks who boosted in a message.

979
01:07:15,980 --> 01:07:21,140
We stacked this week a grand total of 278,230 sets.

980
01:07:28,100 --> 01:07:31,680
Thank you, everyone, for supporting the show. It is a Value for Value podcast.

981
01:07:32,480 --> 01:07:36,460
And I love getting those messages. I think it's really helped define the direction

982
01:07:36,460 --> 01:07:40,700
of the show in certain ways and get a real good feel of what you are interested in.

983
01:07:40,940 --> 01:07:45,120
And I was just thinking earlier today, like, really confirms what a smart audience

984
01:07:45,120 --> 01:07:47,920
you are, too. which I'm pretty proud to have on board.

985
01:07:48,160 --> 01:07:50,900
And I just love interacting with you. If you'd like to send a boost in,

986
01:07:51,000 --> 01:07:53,580
you just need to grab some sats, which if you don't have already,

987
01:07:53,860 --> 01:07:56,920
yeah, you got other problems, and then get a new podcast app,

988
01:07:57,000 --> 01:08:02,360
something like Fountain or Castomatic or so many other great ones like Podcast Guru and more.

989
01:08:02,720 --> 01:08:08,820
They're listed at podcastapps.com. And there's so many from open source to like totally cool new ideas.

990
01:08:09,340 --> 01:08:12,460
Fountain's great for Nostra integration because it can be a super quick way

991
01:08:12,460 --> 01:08:16,840
to get started in Nostra. Then you also get the additional features of the podcast,

992
01:08:17,100 --> 01:08:21,980
transcripts, cloud chapters, early release notification, live stream if it ever

993
01:08:21,980 --> 01:08:23,760
happens, and, of course, the boosting.

994
01:08:24,120 --> 01:08:28,860
So I think I made my point. There's a lot of reasons to get a new podcast app. So go do it.

995
01:08:29,680 --> 01:08:39,600
Music.

996
01:08:38,940 --> 01:08:42,840
I knew this was going to be a big one with the breakdown of the docudrama.

997
01:08:42,840 --> 01:08:45,720
But I do have a couple of quick project updates, like I mentioned.

998
01:08:46,060 --> 01:08:52,180
It's day one, as I record, of Bitcoin Amsterdam 2024, and I'm keeping an eye on things over there.

999
01:08:52,700 --> 01:08:56,820
Just to kind of get a sense of what's going on, if any news breaks, I'll cover it.

1000
01:08:57,120 --> 01:09:02,080
Also, one of my favorite projects for Bitcoin privacy just had an update. It's Jam.

1001
01:09:02,460 --> 01:09:07,700
Jam 0.3.0, which is a web interface for JoinMarket. And now they've added an

1002
01:09:07,700 --> 01:09:12,500
easy way to quickly freeze and unfreeze UTXOs, review eligible and or selected

1003
01:09:12,500 --> 01:09:16,520
UTXOs before sending them and fixes for just a couple of other issues.

1004
01:09:16,580 --> 01:09:21,060
But Jam is it's like it's like the new way to engage in Bitcoin privacy and

1005
01:09:21,060 --> 01:09:24,660
something that's it's a really elegant system. And the UI makes it very understandable.

1006
01:09:25,160 --> 01:09:31,840
So that is the Jam Web Interface app. And shout out to No BS Bitcoin.

1007
01:09:32,880 --> 01:09:36,320
That's what happens when the show goes on for too long. Shout out to NoBSBitcoin

1008
01:09:36,320 --> 01:09:38,060
for surfacing that one to me.

1009
01:09:38,300 --> 01:09:42,700
Also, I noticed this week that Robinhood has signed a deal with BitKey.

1010
01:09:43,020 --> 01:09:47,400
BitKey is that hardware wallet that Jack Dorsey's behind that pairs with a mobile

1011
01:09:47,400 --> 01:09:49,600
app and their cloud service for recovery.

1012
01:09:49,940 --> 01:09:57,160
And now the Cash app, Coinbase, and Robinhood allow you to purchase Bitcoin

1013
01:09:57,160 --> 01:10:02,880
and transfer it directly to your cold storage without having to leave the BitKey interface.

1014
01:10:04,098 --> 01:10:08,198
I, if I had the time, I'd love to pick one of these bit keys up just to test it.

1015
01:10:08,258 --> 01:10:11,338
I don't really like having my Bitcoin stash tied to a mobile device,

1016
01:10:11,418 --> 01:10:15,078
A, but maybe a graphene device I had full control over, I'd consider.

1017
01:10:15,358 --> 01:10:18,758
And B, I don't like it being tied to a company, but I think there's ways around that.

1018
01:10:18,838 --> 01:10:22,778
And the advantage to tie to a company is really when it comes into recovery,

1019
01:10:22,998 --> 01:10:24,978
they can help you do recovery steps.

1020
01:10:25,178 --> 01:10:27,658
But I've broken down some of their tech before on the show.

1021
01:10:28,298 --> 01:10:31,478
It's pretty good. It's pretty good. but

1022
01:10:31,478 --> 01:10:34,898
it's not just not quite the offline like totally untouchable

1023
01:10:34,898 --> 01:10:37,898
like a cold card or something else is but this

1024
01:10:37,898 --> 01:10:41,438
ability to buy bitcoin and store it directly to your

1025
01:10:41,438 --> 01:10:45,778
cold storage it's a nice feature i'd love to see more people do that live wallet

1026
01:10:45,778 --> 01:10:50,738
version 0.9.0 is now available one of the big things is they recently added

1027
01:10:50,738 --> 01:10:55,698
support for linux desktops now this is a cool project because it's a tool that

1028
01:10:55,698 --> 01:11:00,118
helps you estimate the effect of bitcoin transaction fees on individual utxos.

1029
01:11:01,398 --> 01:11:04,598
Or if you have a transaction with a bunch of UTXOs in there.

1030
01:11:04,678 --> 01:11:08,718
And so it gives you an idea of what you're looking at cost-wise and might help

1031
01:11:08,718 --> 01:11:14,698
you estimate how much you should accumulate when you're DCA-ing before you store it in cold storage.

1032
01:11:14,938 --> 01:11:20,298
And so LiveWallet version 0.9.0 is out with recent support for the Linux desktop,

1033
01:11:20,558 --> 01:11:22,618
which is freaking great to see.

1034
01:11:23,058 --> 01:11:24,478
I think they're packaging it

1035
01:11:24,478 --> 01:11:28,258
for RPM distributions, but I imagine you can probably get it packaged up

1036
01:11:28,338 --> 01:11:31,698
for just about anything and it will be pretty soon okay so

1037
01:11:31,698 --> 01:11:34,738
our last clip of the week is strikes

1038
01:11:34,738 --> 01:11:40,018
jack mallers and he always i think has the most poignant points about leaving

1039
01:11:40,018 --> 01:11:44,298
satoshi alone and he perfectly echoes my sentiment and this is how i wanted

1040
01:11:44,298 --> 01:11:48,718
to wrap up my thoughts on the drama documentary that we covered earlier today

1041
01:11:48,718 --> 01:11:52,398
this is jack and he makes the case for just leaving satoshi alone.

1042
01:11:53,556 --> 01:11:59,496
Satoshi Nakamoto asked for one thing from all of us, and that was to be left anonymous.

1043
01:12:00,436 --> 01:12:04,576
That's it. This person did not ask for monetary compensation.

1044
01:12:04,736 --> 01:12:06,956
They didn't want a Nobel Peace Prize.

1045
01:12:07,216 --> 01:12:11,196
They didn't want to be listed on the Forbes list. They reiterated over and over

1046
01:12:11,196 --> 01:12:13,936
and over again, they just want it to be left alone.

1047
01:12:14,196 --> 01:12:18,596
And so for all of us that have benefited tremendously from this invention,

1048
01:12:18,796 --> 01:12:23,436
or those that maybe haven't had as much an interest as those that are on this

1049
01:12:23,436 --> 01:12:24,856
podcast or listen to this podcast,

1050
01:12:25,116 --> 01:12:31,616
still just the decency of being a human to honor and acknowledge that one request

1051
01:12:31,616 --> 01:12:34,116
and just leave the person alone.

1052
01:12:34,396 --> 01:12:40,536
So out of respect for the person that could have changed my life the most of

1053
01:12:40,536 --> 01:12:44,716
anyone ever, I will not entertain

1054
01:12:44,996 --> 01:12:50,176
doxing them and violating their one request, period.

1055
01:12:50,456 --> 01:12:56,876
It does not get any more fiat than a journalistic publication in the mainstream

1056
01:12:56,876 --> 01:13:03,816
trying to dox and harass Satoshi Nakamoto for self-interested benefits. It is anti-Bitcoin.

1057
01:13:03,976 --> 01:13:09,176
I will not stand for it. I will protect and honor Satoshi Nakamoto's one request

1058
01:13:09,176 --> 01:13:13,356
to me and all of us is to leave them alone and protect their identity.

1059
01:13:13,596 --> 01:13:18,196
I don't care who they are, and I don't ever want to know who they are.

1060
01:13:18,636 --> 01:13:25,316
Moreover than that, also, on a broader topic, I don't like to think of Bitcoin

1061
01:13:25,316 --> 01:13:32,156
as having an inventor or being... I think of... Listen, gold doesn't have an inventor.

1062
01:13:32,936 --> 01:13:37,816
Corn doesn't have an inventor. Aluminum does not have an inventor.

1063
01:13:39,256 --> 01:13:43,696
Commodities, these things are born out of mother nature. In the same way that

1064
01:13:43,696 --> 01:13:49,396
Albert Einstein, I don't think Albert Einstein found the equation, right?

1065
01:13:49,616 --> 01:13:54,236
Would you guys agree with that? Albert Einstein maybe found E equals MC squared

1066
01:13:54,236 --> 01:13:57,396
in the same way that I think Satoshi found Bitcoin.

1067
01:13:57,896 --> 01:14:05,816
So I don't think that it's this authoritarian CEO, president-like leader and

1068
01:14:05,816 --> 01:14:08,576
inventor of a thing like a cult.

1069
01:14:08,576 --> 01:14:12,516
Satoshi Nakamoto took pre-existing cypherpunk

1070
01:14:12,516 --> 01:14:17,556
technology a movement and a compilation of things and found Bitcoin Michael

1071
01:14:17,556 --> 01:14:22,956
Saylor says it was the fire and cyberspace that finally sparked people had been

1072
01:14:22,956 --> 01:14:29,556
trying to rub wood together for decades and this one finally lit and so I don't even think.

1073
01:14:30,457 --> 01:14:34,197
And identifying the person that found it, who cares?

1074
01:14:34,537 --> 01:14:39,157
Because it's not as if it's an inventor that has any outsized control or gives

1075
01:14:39,157 --> 01:14:40,897
direction over the project anyway.

1076
01:14:41,317 --> 01:14:46,077
Albert Einstein found E equals MC squared. It was out there.

1077
01:14:46,277 --> 01:14:49,397
It was in the mathematical universe.

1078
01:14:49,717 --> 01:14:54,037
He found it. And same thing with Satoshi. Bitcoin was out there.

1079
01:14:54,417 --> 01:14:59,577
He found it. He found proof of work plus the difficulty adjustment.

1080
01:14:59,837 --> 01:15:03,657
He found that. I agree. And I was starting to make this point earlier in the show.

1081
01:15:04,557 --> 01:15:12,117
Bitcoin is built on top of a long, long 40-year history of technological discoveries

1082
01:15:12,117 --> 01:15:14,437
and work to be made possible.

1083
01:15:14,617 --> 01:15:19,997
And he brought together a few unique ideas that were brilliant and extremely insightful.

1084
01:15:20,397 --> 01:15:24,617
But he was standing on the shoulders of giants. It's not an impossible task.

1085
01:15:24,777 --> 01:15:30,017
And I have a beautiful infograph that really goes through the 40 years of discoveries that led to Bitcoin.

1086
01:15:30,517 --> 01:15:34,057
I actually, I sneaked it into last week's episode show notes too,

1087
01:15:34,117 --> 01:15:37,777
but I'll put it in the show notes again this week because I think it's really great. So go find that.

1088
01:15:38,877 --> 01:15:43,397
Okay, that's a long one. I apologize. I do try to keep these tighter,

1089
01:15:43,477 --> 01:15:45,737
but there's just, there's a lot going on, you guys.

1090
01:15:46,217 --> 01:15:51,097
There's a lot going on right now. So let's wind down with a value for value track.

1091
01:15:51,237 --> 01:15:55,557
If you boost during the song, 90% of your sats will go to the artist.

1092
01:15:56,377 --> 01:15:59,537
This has been such a cool development in the music world.

1093
01:15:59,677 --> 01:16:05,937
And this week, I'm leaving you with Unleash. And once again, it's by Tony Salamone.

1094
01:16:06,177 --> 01:16:08,557
I guess this is goodbye.

1095
01:16:09,840 --> 01:19:37,308
Music.