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Welcome in to This Week in Bitcoin, Episode 71.

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

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I don't ever say this.

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I never say this.

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But I'm pulling it out for this week's episode.

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I think one could fairly say a structural shift is underway.

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A structural shift.

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And I don't ever say a structural shift on the show because I say it's so funny.

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No, because usually it's hyperbole.

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But this week it actually feels like it's beginning.

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And I think it really is about Powell's pivot at Jackson Hole.

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So that's where we're going to start because it signals potentially a new decade of easy money.

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And for Bitcoin, that's not noise.

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That's going to be massive signal.

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Wall Street and the White House had their eyes on Wyoming Friday.

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Speaking at the Federal Reserve's annual symposium in Jackson Hole,

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Chairman Jerome Powell signaled the central bank may lower interest rates.

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His remarks kicked off a market surge.

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The three major stock indexes all gained more than one and a half percent,

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with the Dow closing at a record high.

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But Powell also hinted that there are risks ahead for the U.S. economy.

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We'll get to the risks, but back to the policy change.

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Well, there was no change.

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It's a hint that, yeah, you know, we're going to look at it,

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and we may be reconsidering the way we do our policy.

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And everything rips on that.

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In fact, I want to play his exact words.

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So, putting the pieces together, what are the implications for monetary policy?

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In the near term, risks to inflation are tilted to the upside and risks to employment to the downside, a challenging situation.

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When our goals are intentioned like this, our framework calls for us to balance both sides of our dual mandate.

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Our policy rate is now 100 basis points closer to neutral than it was a year ago.

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and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.

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All right. So, of course, the Fed has this famous dual mandate of price stability and employment stability.

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And he's saying we're in a tricky spot here because employment's looking a little soft.

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Inflation's running a little hot. So listen carefully.

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Remember, these are the words that move markets.

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Nonetheless, with policy and restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.

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Monetary policy is not on a preset course.

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FOMC members will make these decisions based solely on their assessment of the data and its implications for the economic outlook and the balance of risks.

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And so that has been interpreted, and rightfully so, that we're probably going to see a rate cut come.

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A rate cut coming just around the corner, probably later September.

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I believe that's when the next meeting is.

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Okay, so it's funny, though.

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I mean, even just sort of that implication of it seems to really move markets,

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and it's what gets everybody's focus.

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But he also said something that's not getting as much attention,

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or at least not as much attention as I think it should be.

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The effects of tariffs on consumer prices are now clearly visible.

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We expect those effects to accumulate over coming months,

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with high uncertainty about both timing and amounts.

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The question that matters for monetary policy is whether these price increases are likely to materially raise the risk of an ongoing inflation problem.

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A reasonable base case is that the effects will be relatively short-lived, a one-time shift in the price level.

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Okay, so that's an interesting acknowledgement.

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So on one hand, he's sticking it to the Trump administration and he's saying,

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don't believe what those guys are saying.

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we are actually seeing price increases. These guys are blowing smoke. Prices are going up.

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But then on the other hand, he's saying, but we expect that to be a one time price increase,

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at least for the most part. Of course, one time does not mean all at once. It will continue to

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take time for tariff increases to work their way through supply chains and distribution networks.

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This is true. And it's really convenient. I'll talk more about this later, but

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It's convenient for JPAL here because if they're tinkering, manages to heat inflation again, for a while they can just say it's the tariffs.

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And, you know, maybe it is. How can you tell? It's too complex of a system to really know.

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Moreover, tariff rates continue to evolve, potentially prolonging the adjustment process.

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It's also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic.

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And that is a risk to be assessed and managed.

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One possibility is that workers who see their real incomes decline because of higher prices demand and get higher wages from employers, setting off adverse wage price dynamics.

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Okay.

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So he says that it is also a possibility that the prices continue to increase for a while.

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And there's some data that actually does back that up.

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As of right now, these things are evolving and the data we often have is a little bit backwards or, you know, it's old.

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So the data seems to suggest that the consumers are paying the difference for the most part for the tariffs, not the manufacturers, not the supplier, but it is being passed on to the consumer.

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So we'll have to see how that evolves, especially since it seems to be a dynamic situation.

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And J-POW recognizes that could potentially lead to prolonged price increases, which is going to give wage earners, I guess, a case to ask for their employer to give them a raise.

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It puts pressures on wages to come up. People can't afford their daily life. They go to their boss. They say, hey, I need a raise or the collective bargain, whatever it might be. And then employers have to give them a raise if they can afford to do it. But then they have to raise their prices to make up for that. And it steamrolls. And that's why it can cause second order inflation. Even if the initial tariff price increases are one time, there are second order effects that can come through the wages and things like that.

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And so J-PAL recognizes that, look, we're in a tough spot here.

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Inflation's running a little bit hot.

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We're above our 2% target.

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We have been for a while.

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The reality is these tariffs are rising, are increasing prices.

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We got to do something about that.

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Oh, and also employment is a little soft.

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And if we make some of these changes, it may increase the pressure dynamics over there.

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So what are we going to do about that?

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given that the labor market is not particularly tight and faces increasing downside risks,

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that outcome does not seem likely.

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Oh, so in other words, given that the labor market has no leverage right now,

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screw them.

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That's what he just said.

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He just said, screw them.

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Because they've got no bargaining leverage.

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Yeah, we might see more price increases that might put pressure on their wages,

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but they're not going to be able to negotiate increases in pay. So everything's fine. Screw

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them. They can just eat the pain. That's who's going to pay for it right there. And the truth is

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job growth doesn't look good. You know, every time the revisions come in, it doesn't look good.

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If you look at new jobs added, it's 35,000 a month. That's nothing. That's nothing. Probably

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needs to be up near 200,000 a month. They won't say that, but that's the reality. GDP is

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hanging in around 1.2%, nowhere near the 3% to 6% we need to grow ourselves out of the debt.

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It does seem like PCE is up and CORE is up as well. And the Fed just rewrote the policy book

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saying, look, we are going to have to let inflation run a little hot. We're going to have to do that.

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I mean, that's not in so many words, but that's the conclusion here.

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So the Fed's essentially rewriting their rule book. And when they do something like that,

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It's the kind of thing that lasts a long time.

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The last time they did this was in 2008, really.

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So for us Bitcoiners, the Fed is essentially admitting uncertainty in every single path they can possibly take.

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They're having to adjust their rules on the fly as much as it is for them.

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And it really shows just how fragile this fiat stability that they supposedly provide us is.

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And who ends up getting hit the hardest when they have to make a tough decision?

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like every single time it's going to be the middle class and especially younger generations

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and this gets me fired up this this is why i mean this is the one of the number one things

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is how these decisions always end up screwing the middle class and in generation x and millennials

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and everybody after that and the boomers scoot off and everybody after them scoot away from all of

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this untouched and i'm not the only one in fact i think we should bring this energy into this

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conversation. Jack Mauler's released like a super clip of one of his rants recently. I mean,

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it's got some music and stuff. I don't love that. But I think this is the energy Bitcoiners need to

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bring into this situation. The United States is starting to dress like China and Argentina.

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Emergent market bullshit. Sorry for my language, kids. Turn it off. This episode's for dad mom.

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I'm going to get a little heated on this episode because it's just a bunch of nonsense.

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getting on Fox News and parading around like you've solved the problem.

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Trump was right about everything.

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They haven't solved anything.

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And your central banker, if you're American and you're listening to this,

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just walked into a hotel in Wyoming and said,

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I'm going to choose the government over inflation.

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Welcome to a more expensive life.

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Sorry, not sorry.

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That's what he just said.

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The baseline outlook and the shifting balance of risks

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may warrant adjusting our policy stance.

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and people sit and listen to that to decide if Bitcoin is important or not?

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Have you lost your mind?

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That's exactly why I use Bitcoin.

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You think people my age want to read a newspaper

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about what some old guy said about pieces of paper?

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My generation has gotten demolished by this system.

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And to watch this guy stroll on up and say,

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yeah, inflation's real, but we need to finance the government. This is exactly why I don't own a

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single dollar. You will not catch me with a positive net worth in USD. It is disgusting.

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We've engineered an exit door. Think of Bitcoin that way. The building is lit on fire,

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and we've engineered a way out for everybody. The price, the ticket to get out becomes more

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expensive with time. When I got into Bitcoin, a ticket out was 50 bucks. Now a ticket out is $110,000.

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The cost to exit isn't equal, but the opportunity is. All of you can get out. That's what Bitcoin

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is. It's an engineered exit door, an engineered life raft. How expensive that trip is for you,

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That's up to you.

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But make no mistake, the decision was made in broad daylight.

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The government will be financed at the expense of the people.

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Another red flag is this idea that we're going to grow our way out of this.

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And a lot of what backs that is the economic expansion and productivity that is expected to come from AI.

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And I think a lot of economic investments and policy from the White House, so from the White House down to people just buying on Robin Hood, a lot of it is being backed by these theories of what AI is going to provide us.

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And we're betting on these massive productivity gains to explain away why we're taking 10 percent investments into public companies or why we're spending so much money on data centers and power and why we're putting so much money into these big tech companies.

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and Treasury Secretary Scott Besson keeps saying over and over again that there's a major factor

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that the Federal Reserve is missing in their analysis. And if they just knew this one thing,

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perhaps they'd be making a totally different type of decision.

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I've spoken many times about Alan Greenspan in the 90s was a visionary and he could see

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what the productivity boom from the internet, from the adoption of office automation was doing.

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and there was this incredible productivity boom

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and he knew what was coming

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because he was looking forward.

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He keeps using the word boom.

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Do you notice that?

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I think that reveals a little bit about his thinking here.

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You know, they really think this AI thing

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is going to be a boom.

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I mean, it's a boom in spending.

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It is, I think a boom could be one term

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or a bubble could be another way to say that.

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Activity boom from the Internet, from the adoption of office automation was doing.

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And there was this incredible productivity boom.

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And he knew what was coming because he was looking forward, not the rearview mirror.

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And I think there's a very good chance with this AI boom that we're seeing, we're going to see the productivity kick in as soon as the first quarter of next year.

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So I think everyone who's setting policy at the Fed, whether it's the board, the regional bank presidents, the staff, should have a bit of an open mind here.

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Well, that's a great point, given the AI situation today and how it will change everything.

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Growth numbers across the board and certainly business in general.

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Everything. You know, the AI situation is going to change everything.

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Maybe, you know, or maybe it's going to kind of be like every other major tech trend from the last 15 years or so where it definitely is a thing and it will stick around and people will use it.

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And it's going to be very useful, but it's probably not going to revolutionize the entire world like we're told every new major technology will.

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That's my take on it, right?

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So it's bet accordingly, right?

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It's a high worth tech platform.

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It's not going to revolutionize the economy and bring so much productivity that we're going to be burping GDP.

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It's silly, but it's the message from the White House all the way down.

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But CNBC this week brought up the fact to your good buddy Tom Lee that it seems like there's more and more anxiety in the market around these big bets.

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Think about how much these big bets are underpinning the spending right now, how much they're holding up the S&P 500 and the Meg 7.

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Think about how much of the premises we going to next quarter Scott said or first quarter I sorry of next year We going to start seeing the productivity gains It just around the corner I mean I know investors are really anxious and NVIDIA has not performed well the last few times it reported But the story arc there remains that

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that is one of the most important companies in the world in the middle of the biggest structural

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change in the world economy. So I think NVIDIA still is a great story. It really wouldn't change

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thesis if the stock reacted poorly. You feel like there's become a little more AI anxiety,

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as we wrote at the top, you know, from Sam Altman at OpenAI saying that, you know,

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investors are a little overeager about AI, you know, Meta's reorganized again.

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They've stopped their hiring. There was another report today that suggested some of these GenIA

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models. Up on the screen, they have a series of headlines. CNBC, OpenAI, Sam Altman sees AI

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bubble forming as industry spending surges. That was on August 18th. Next headline, Fortune from

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August 19th. MIT reports 95% of generative AI pilots at companies are failing. All right,

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Bloomberg has one here on August 19th as well, or on August 19th, I guess the other one was 18th.

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Bloomberg. Headline.

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Meta restructures AI group again in pursuit of super intelligence.

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August 20th from the Wall Street Journal.

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Meta freezes AI hiring after blockbuster spending spree.

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August 21st. Reuters.

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U.S. tech stock Stumble shows vulnerability in AI trade.

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So they have these headlines up. They're sensing anxiety.

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Tom's not seeing it, though.

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There was another report today that suggested some of these Gen IA models, Gen AI models are...

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See, this is another thing. I'm sorry I keep pausing.

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But they don't even know what to call this.

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He doesn't know what to call it.

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Maria didn't know, you know, AI situation, right?

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These are gen models, right?

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So it's easy for a guy like Tom to kind of just wax over all of this

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because everybody's understanding is so, so shallow.

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And I just find this perhaps as a side note,

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the more complicated things get,

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the more these hosts have to do some actual freaking studying.

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topics like crypto and bitcoin and ai you're gonna need to spend some time figuring it out and they

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just don't do it anyway sorry that's an aside so he's telling you know he's trying to tell tom here

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hey look we have these anxiety concerns these people have said this tom's like yeah you know

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maybe but i'm not feeling that bro there was another report today that suggested some of these

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gen IA models, gen AI models are failing.

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You think there's anxiety in this market about this trade?

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Well, I think everyone's trying to get situational awareness.

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Like, is this inning one or two or late innings?

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Because we know there's been a lot of value creation and a lot of capital that's flowed in.

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And we know that Silicon Valley has seen a boom of companies with $100 million annual run rates,

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like in record time around AI.

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And a lot of people want to ring the bell at the top.

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But to me, it still feels really early because there's such a limited number of stocks that public investors can buy that represent a direct play on AI.

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It's a really weird answer he just gave.

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I'm not really sure what the answer was.

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It sounded like at the end of the day, he thinks AI is a good play because there's only a few companies that have the resources to pull it off.

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So essentially, it's a scarce stock.

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But the thing has to be worth trillions of dollars to make it all play.

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You know, like I'm just not buying this.

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It's almost some sort of weird circular logic.

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And here is what worries me and where Bitcoiners should pay attention.

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It's not just Tom saying this.

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Like I said, there's a lot of money going towards AI.

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And there's some shaky logic on where the returns are going to come from.

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And it's directly what people are basing investments and building infrastructure off of right now,

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including decisions that are draining liquidity from Bitcoin.

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investment decisions because a lot of bitcoin now is driven by big bags on wall street and by

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investment firms and etf buys and big money because we're getting into the multi-trillion

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dollar asset category now sovereign funds are at that play here some of that money is being

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redirected into ethereum because of this ai theory now stick with me here for a second

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You see, observe how Tom Lee has sort of built a house of cards here.

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And he himself is pausing his Bitcoin buying.

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He's investing millions of dollars into ETH

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because he thinks there's some kind of AI play in the future

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that he can't even really articulate that's going to involve Ethereum.

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Wall Street moving on to the blockchain is a bigger moment.

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And I think that's why Ethereum is essentially having its 1971 moment equivalent.

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But a lot of people just see it as wild speculation.

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And froth.

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You know, I'd say anytime something goes up, people tend to call it froth.

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I think they called AI a frothy trade now, but we know it has a lot of legs and it's been taking place for a couple of years.

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Keep in mind, Ethereum is also the place where when agentic AI comes together, you know, when you have robots and you want proof of human, you want to make sure those commands come from, you know, a verified source.

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That's all taking place on a smart contract.

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A lot of it will be Ethereum.

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Tom.

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I think you just have to appreciate the scale of bets and investments that are being made on LLMs.

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Lynn Alden has her August 2025 newsletter out titled Tighter Fiscal, Looser Monetary.

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And it's right as best as it was out there on X taking a victory lap that tariffs haven't really impacted inflation, just 0.7%.

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I don't know if you can call that a victory.

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I think it's way too early to make that call.

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I know it's a boring point of view, but Lynn kind of backed me up, and Bitcoiners should

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pay attention here.

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She says that tariffs do, in fact, equal a stealth tax, and it's the largest tariff hike

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in modern history, $400 to $700 billion annualized.

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And it seems, according to the data she's analyzed, Americans are footing that bill.

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It is being priced into the products, and consumers will be paying it.

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Lower income Americans will have to cut back spending.

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So it's a regressive taxation, quietly draining demand at the bottom while the money goes into

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D.C. without even any clear indication of how they're going to spend that money, by the way.

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But this is happening at the same time that we now know monetary loosening is ahead.

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The Fed is expected to cut rates starting in September, rolling possibly through 2026.

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So that's going to weaken the dollar.

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It's going to boost emerging markets.

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and it's definitely going to favor hard assets like gold and Bitcoin.

277
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At the same time, China is also already easing.

278
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So you have China easing, Fed rate cuts, liquidity globally going up.

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That becomes rocket fuel for Bitcoin.

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It also means we're going to have a serious risk,

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this is Lin's assessment, of a stagnation or stagnation.

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That's probably what it is.

283
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Hmm.

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That's what the U.S. is going to become.

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but stagflation risk because as tariff tightens, Fed loosens, and deficits wide open. So you have

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a net effect of slower U.S. growth, elevated inflation risk, and a two-speed economy where

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the wealthy are getting richer, they're skating along just fine, and the young and the poor

288
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and the middle class get squeezed. So for Bitcoiners, it's a pretty simple equation,

289
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really, it's looser monetary policy plus persistent fiscal deficits is going to equal

290
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for us more liquidity over time entering the market. And tariffs are going to weaken confidence

291
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in fiat purchasing power. And the dollar is also going to be weakened by this. So this 10%-ish dip

292
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we're seeing in the last week or so is a gift. And we know that because of the math here,

293
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There is no stopping this train.

294
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The lever you have pulled breaks.

295
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He's not in service.

296
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Please make a note of it.

297
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And I'm not trying to scare anybody here.

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I really, I do this so you can plan.

299
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And I'll tell you how I'm planning for it a little bit.

300
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is I'm looking at the inflation spike we saw

301
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after the COVID lockdowns and all of that

302
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as the trial run.

303
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Food got really expensive for us.

304
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Food and gas got really expensive,

305
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but food really is the one that today

306
00:24:25,687 --> 00:24:27,667
still stings the most after all of this.

307
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Everything's more expensive now.

308
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And we buy less, but we also learned to repair more.

309
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So we develop skills to save money

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that are going to still be useful

311
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for this next round of inflation.

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Now, mind you, I'm not saying this is just around the corner.

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This is going to be something, it's structural.

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It's going to take a while.

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Remember, we've got a structural shift going on.

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It's going to take a minute.

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It takes a little bit too for when the money gets looser and the credit gets looser and

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the rates go down.

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It'll take a little while to actually get into all of the assets.

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There may even be a period of time where it doesn't seem like anything's happening.

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But what will be happening on the back end is slowly but surely the dollar will be getting

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debased.

323
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and your purchasing power is going to get weaker and weaker.

324
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So you need to plan accordingly for that.

325
00:25:12,467 --> 00:25:13,747
It doesn't need to be a scary thing.

326
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It doesn't need to be an emotional thing.

327
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You just need to plan for it.

328
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Obviously, one way to plan for it is to stack scarce assets like Bitcoin.

329
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I'm also, I'm going to assume, especially with tariffs at play here,

330
00:25:26,046 --> 00:25:28,907
things like beef are probably going to go up in price.

331
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So instead of buying a quarter of a cow,

332
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I'm probably going to buy a half a cow now.

333
00:25:33,667 --> 00:25:36,546
Or maybe I'll buy a whole cow and I'll go in with a few friends and some family.

334
00:25:36,627 --> 00:25:37,507
It's a lot of meat.

335
00:25:38,106 --> 00:25:41,487
But I'm going to buy what I can, especially things like that, ahead of time.

336
00:25:42,046 --> 00:25:43,566
And I'm going to plan those purchases.

337
00:25:43,927 --> 00:25:46,586
And I'm going to try to source it from somebody local.

338
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Hopefully tariffs won't be at play there.

339
00:25:48,907 --> 00:25:49,806
You know, those types of things.

340
00:25:49,826 --> 00:25:51,127
You have to start thinking like that.

341
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And I think it's worth thinking about it now because the further ahead of this, you can get the better.

342
00:25:56,187 --> 00:26:03,846
And then last but not least, it is worth considering trying to get rid as much debt as possible, at least credit card type debt.

343
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Don't pay off your house, that kind of stuff.

344
00:26:06,127 --> 00:26:11,987
not financial advice here, but in my opinion, one of the second order or tertiary order effects

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00:26:11,987 --> 00:26:18,967
of inflation is inevitably the Fed will raise rates. And when they do that again, credit card,

346
00:26:18,967 --> 00:26:24,527
as we've just watched, credit card rates will get higher and higher and higher. And what that does

347
00:26:24,527 --> 00:26:28,987
is that kills your purchasing power because you're spending more and more on your interest payments,

348
00:26:29,007 --> 00:26:33,086
on your credit card. And so less and less of your money is paying off of the balance,

349
00:26:33,086 --> 00:26:39,326
the principal, and it's just going to their damn fees and their interests. And that means you have

350
00:26:39,326 --> 00:26:47,066
less money to spend. At the same time, inflation's eating away your purchasing power. Debasement's

351
00:26:47,066 --> 00:26:52,187
eating away your purchasing power. So you're paying more on credit card interests or whatever

352
00:26:52,187 --> 00:26:57,987
high interest loan you might have. Credit card's a popular one and very bad right now, while also

353
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losing purchasing power at the same time. So it's a real double whammy. If you can get access to cheap

354
00:27:03,606 --> 00:27:08,267
debt, I think one could argue now might be a good time to take out cheap debt because the dollars

355
00:27:08,267 --> 00:27:14,267
you spend today are going to be worthless. But who besides the absolute rich has access to cheap

356
00:27:14,267 --> 00:27:21,106
debt? So get rid of expensive debt, focus on skills, and focus on where you can save money

357
00:27:21,106 --> 00:27:24,346
and food because that is probably going to be one of the things that hits the most.

358
00:27:24,346 --> 00:27:29,326
It doesn't have to be a scary thing. It just needs to be something that you manage.

359
00:27:30,367 --> 00:27:37,267
I just, you know, I think we just look at the previous round of inflation as lessons learned.

360
00:27:37,667 --> 00:27:40,046
What worked? What didn't work? What did you have to change?

361
00:27:40,427 --> 00:27:44,326
What do you wish you could have told yourself before the round of COVID inflation?

362
00:27:45,247 --> 00:27:46,167
And tell it to yourself now.

363
00:27:54,346 --> 00:28:08,046
Speaking of dips, just a quick little analysis of something pretty interesting that happened on Sunday.

364
00:28:08,667 --> 00:28:12,747
A whale nuked the Bitcoin wall, the Bitcoin bid wall on purpose.

365
00:28:13,127 --> 00:28:19,427
So we saw a big liquidation and it was intentional, it looks like, by just sort of going through all of the data here.

366
00:28:19,427 --> 00:28:25,306
I suppose the goal was probably to trigger a series of liquidations and then buy Bitcoin back cheaper.

367
00:28:26,187 --> 00:28:32,427
And of course, doing that, knowing that the ETFs and sovereign bids would be just doing buys regardless of the price.

368
00:28:32,586 --> 00:28:36,387
So this past Sunday, when liquidity was low, banks were closed.

369
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A longtime whale sold a huge bag of Bitcoin.

370
00:28:41,207 --> 00:28:48,467
One whale caused a $310 million Bitcoin flash crash by dumping 24,000 Bitcoin.

371
00:28:48,467 --> 00:28:54,707
not over the counter like most do, but directly on an exchange on the frickin spot market.

372
00:28:55,106 --> 00:29:00,427
And this entity still holds 152,874 Bitcoin across their linked wallets.

373
00:29:00,987 --> 00:29:02,487
The funds are at least six years old.

374
00:29:02,487 --> 00:29:09,127
It's an odd thing to drop 24,000 Bitcoin on the exchange spot market on a Sunday.

375
00:29:09,687 --> 00:29:15,667
When you're selling that much Bitcoin, the spot price starts to slide before you've unloaded

376
00:29:15,667 --> 00:29:16,187
your whole bag.

377
00:29:16,187 --> 00:29:38,846
So you end up getting less and less and less for your coins as you're selling. And so you end up with a pretty big hit to your overall possible profit. But, you know, if you do something like, I don't know, place a 100x short for a period of time, knowing you're about to do that and taking extra profits, not only do you drop the spot price, but then you get to liquidate the shorts or the longs, I suppose.

378
00:29:38,846 --> 00:29:40,947
and you also then buy back.

379
00:29:41,947 --> 00:29:43,947
And to do it on a Sunday is odd,

380
00:29:44,027 --> 00:29:47,887
but the impressive thing is that Bitcoin bounced back in like an hour,

381
00:29:47,967 --> 00:29:50,967
well, at least within $1,000, within an hour on a Sunday

382
00:29:50,967 --> 00:29:52,867
for 24,000 Bitcoin.

383
00:29:53,606 --> 00:29:55,286
I mean, that is so impressive.

384
00:29:56,267 --> 00:29:58,326
Credit to Zero Hedge, who did some digging into this.

385
00:29:58,387 --> 00:30:00,267
They say it was not random selling.

386
00:30:00,346 --> 00:30:02,387
It was very much strategic selling.

387
00:30:02,786 --> 00:30:03,967
It was a big whale move.

388
00:30:03,967 --> 00:30:06,086
Instead of selling slowly little bits at a time,

389
00:30:06,147 --> 00:30:08,767
they dumped all, well, actually, they did it in three,

390
00:30:08,846 --> 00:30:13,467
waves to knock down the bid walls, as I was saying earlier. So they dumped one wave and then they

391
00:30:13,467 --> 00:30:16,667
dumped another wave. And then when that and then they dumped one more wave and boom, everybody

392
00:30:16,667 --> 00:30:21,527
started getting liquidated, causing a chain reaction that forced leverage traders and weak

393
00:30:21,527 --> 00:30:27,687
hands to sell. And that creates what they call a cascade of liquidations. I mean, and I guess this,

394
00:30:27,806 --> 00:30:31,326
you know, I guess they just figured this is a way to slurp up a whole bunch of more Bitcoin because

395
00:30:31,326 --> 00:30:36,046
it's not like they're exiting the market, right? They still got like $17 billion at today's market

396
00:30:36,046 --> 00:30:42,147
value in wallets. So I think they know these ETFs and sovereign demand, they're relentless. You

397
00:30:42,147 --> 00:30:47,427
have your sailors and your metas and these treasury companies. So you have this relentless demand,

398
00:30:47,467 --> 00:30:53,227
regardless of price. So why not spook the market on a Sunday, liquidate some longs,

399
00:30:54,106 --> 00:30:58,427
buy back cheaper? And I think this is one of those things where like a drive-by

400
00:30:58,427 --> 00:31:13,153
analyst would look at this and go oh look at Bitcoin Oh it so bad Oh man it really bearish but it isn It shows you that Bitcoin got structural buyers that come in and buy it right back up And old whales can play around with like 24 or more

401
00:31:13,213 --> 00:31:16,533
like we were talking about more recently. And they can cause some short term volatility.

402
00:31:17,353 --> 00:31:22,293
But it's just games, right? And really, they may end up even taking a loss in some of it.

403
00:31:22,953 --> 00:31:26,033
It's really, it was just an interesting thing and a weird thing to see happen

404
00:31:26,033 --> 00:31:27,473
on a Sunday last week.

405
00:31:31,253 --> 00:31:42,733
Speaking of weird things on the weekend, this is really disappointing.

406
00:31:43,393 --> 00:31:46,713
In an X Spaces chat titled, quote,

407
00:31:46,793 --> 00:31:49,953
There is no filter. Why Ocean accomplished nothing.

408
00:31:50,833 --> 00:31:55,373
A user that goes by Portland HODL, an employee of Mara Mining,

409
00:31:56,173 --> 00:32:00,073
Mara, who's also sponsored Bitcoin Core with a donation of $500,000,

410
00:32:00,073 --> 00:32:05,193
implied heavily in this spaces chat that he was DDoSing

411
00:32:05,193 --> 00:32:09,013
Notts nodes runners simply because they run Bitcoin Notts

412
00:32:09,013 --> 00:32:11,373
and he doesn't like it.

413
00:32:11,973 --> 00:32:14,633
Bro, your bells are going to be such.

414
00:32:14,633 --> 00:32:19,373
Because Comcast users, because we have a list of basically Notts nodes

415
00:32:19,373 --> 00:32:23,713
that advertise them Notts, and the users of Comcast have data caps

416
00:32:23,713 --> 00:32:27,093
at their house typically, and these are residential ASNs.

417
00:32:27,133 --> 00:32:28,933
They're not like the Comcast business blocks.

418
00:32:28,933 --> 00:32:38,253
And so, yeah, like I was, okay, I am like basically peering with them and asking for an IBD from a fresh node.

419
00:32:38,733 --> 00:32:44,733
Maybe I have like 96 of these nodes running right now because I want to get IBDs from all these clients.

420
00:32:45,673 --> 00:32:47,433
Are they at least Notts nodes?

421
00:32:48,173 --> 00:32:49,213
No, they're core nodes.

422
00:32:49,873 --> 00:32:53,213
So he's running core nodes and he's contacting Notts nodes.

423
00:32:53,213 --> 00:33:02,733
And he's asking them for something that can trigger them to redownload the blockchain and use excessive amounts of their bandwidth on their resident Comcast connection.

424
00:33:03,133 --> 00:33:03,273
Come on.

425
00:33:03,533 --> 00:33:04,913
They're actually master branch.

426
00:33:05,293 --> 00:33:10,153
But continuing on, yeah, essentially just like asking again and again and again, allegedly.

427
00:33:10,513 --> 00:33:12,293
So Mechanic comes up in the space at this point.

428
00:33:12,373 --> 00:33:14,193
I know it's kind of probably recorded, et cetera.

429
00:33:14,393 --> 00:33:19,553
So I was like, confirm or like he's like, do you formally confirm or deny that you're doing this?

430
00:33:19,553 --> 00:33:23,513
I was like, I kind of pussied out and I was like, no, I'm not going to, I'm not going to deal with this right now.

431
00:33:23,513 --> 00:33:25,773
And I said, well, check your node.

432
00:33:25,773 --> 00:33:29,733
And yeah, I'm still not going to like deal with that, but definitely it could be happening.

433
00:33:30,193 --> 00:33:37,233
So how many of them do you think know that the max upload target comp option exists?

434
00:33:37,393 --> 00:33:39,473
It's not an option if you're on umbrella start nine.

435
00:33:41,053 --> 00:33:43,673
You can't modify, you can't modify your comp file.

436
00:33:43,833 --> 00:33:49,173
You, you, you, you could, I, I'm just saying when you click your GUI options, it's not there, but yeah.

437
00:33:49,173 --> 00:33:53,013
So I've successfully IBD'd from like several Comcast nodes at this point.

438
00:33:53,333 --> 00:33:54,593
Wait, are they relaying?

439
00:33:54,593 --> 00:34:00,453
What I find kind of disgusting about this is it's attacking the plebs, right?

440
00:34:00,533 --> 00:34:02,513
It's folks on their residential connection.

441
00:34:02,993 --> 00:34:10,593
And they even kind of laugh about Start9 and Umbral users not being able to tweak some of the lower level configs to help prevent or mitigate some of this.

442
00:34:10,953 --> 00:34:11,693
It's pretty hostile.

443
00:34:12,553 --> 00:34:16,753
So I contacted Mara to ask if they were aware of this behavior and if they're going to take any actions.

444
00:34:17,393 --> 00:34:20,773
They have not gotten back to me as of this recording, and I don't actually expect they will.

445
00:34:21,313 --> 00:34:23,253
However, I know they got my email.

446
00:34:23,813 --> 00:34:24,973
I'll just put it that way.

447
00:34:25,653 --> 00:34:28,113
But after this blew up online, the story quickly changed.

448
00:34:28,413 --> 00:34:29,933
It was just a joke, bro.

449
00:34:30,073 --> 00:34:30,613
It's just a joke.

450
00:34:30,653 --> 00:34:31,533
It didn't actually happen.

451
00:34:32,133 --> 00:34:32,513
I don't know.

452
00:34:32,833 --> 00:34:34,033
Kind of sounds like it happened to me.

453
00:34:34,253 --> 00:34:41,053
And then when that it's just a joke, bro, didn't really seem to take hold, well, then they pivoted to a new excuse.

454
00:34:41,353 --> 00:34:44,173
And that was everything's fair in love and war.

455
00:34:44,173 --> 00:34:50,373
So what say you? Do these kinds of attacks make Bitcoin stronger in the long run?

456
00:34:51,153 --> 00:34:54,673
Or is it something else? Boost in with your take on this situation.

457
00:34:54,673 --> 00:35:18,813
coming up on the show your boosts a bunch of updates a final clip of the week a great song

458
00:35:18,813 --> 00:35:22,653
and state of the network and more stay tuned i want to mention you can support the show

459
00:35:22,653 --> 00:35:24,673
by just doing what you might already be doing.

460
00:35:25,153 --> 00:35:26,513
If you want to buy sats on River,

461
00:35:26,613 --> 00:35:28,513
it's one of the best ways to stack sats in the U.S.,

462
00:35:28,513 --> 00:35:30,273
use our affiliate link in the show notes.

463
00:35:30,393 --> 00:35:31,353
It supports the show directly.

464
00:35:31,893 --> 00:35:33,313
If you're all about that self-custody

465
00:35:33,313 --> 00:35:35,153
and you're in Canada or the America,

466
00:35:35,813 --> 00:35:37,913
well, you got to check out the Bitcoin well.

467
00:35:38,173 --> 00:35:40,493
An amazing automatic self-custody Bitcoin platform

468
00:35:40,493 --> 00:35:43,753
goes directly to and from your self-custody wallet.

469
00:35:44,113 --> 00:35:45,673
If you've got some Bitcoin in Lightning

470
00:35:45,673 --> 00:35:47,593
and you're ready to spend it,

471
00:35:48,313 --> 00:35:51,053
the Bitcoin company is a Bitcoin-only company

472
00:35:51,053 --> 00:35:54,733
and they go from sats to gift card in just seconds.

473
00:35:55,413 --> 00:35:57,853
Now, if you want to stack sats while you pay your bills,

474
00:35:58,173 --> 00:35:59,373
buying some gift cards,

475
00:35:59,813 --> 00:36:02,873
maybe you just got day-to-day expenses like buying gas,

476
00:36:02,953 --> 00:36:04,613
you need a debit card and stack some sats

477
00:36:04,613 --> 00:36:05,653
while you make those purchases.

478
00:36:06,033 --> 00:36:07,173
The Fold card's there for you.

479
00:36:07,593 --> 00:36:08,553
People in our community love it.

480
00:36:08,833 --> 00:36:09,613
I use it every day.

481
00:36:09,993 --> 00:36:11,633
And if you're ready to get access to your liquidity,

482
00:36:12,193 --> 00:36:14,313
your Bitcoin, without having to sell it,

483
00:36:14,693 --> 00:36:15,173
Salt Lending.

484
00:36:15,293 --> 00:36:16,773
They've got a lot of interesting features,

485
00:36:17,333 --> 00:36:18,993
including protection from margin calls.

486
00:36:19,793 --> 00:36:20,753
Salt Lending's where I go to.

487
00:36:20,753 --> 00:36:22,753
Check out the links in the show notes and support the show.

488
00:36:32,153 --> 00:36:34,633
And we do have some boost to get to this week.

489
00:36:34,713 --> 00:36:36,413
Always really, really grateful for the support.

490
00:36:36,853 --> 00:36:41,373
This is a Value for Value podcast, and you can support the show by becoming a member on Fountain

491
00:36:41,373 --> 00:36:45,653
or by boosting an individual episode or a Jupiter Party member.

492
00:36:45,733 --> 00:36:49,613
Lots of options because the network's been around for a long time and new things are always developing.

493
00:36:50,753 --> 00:36:54,573
And now it is time for the boost.

494
00:36:54,573 --> 00:36:58,873
And J-Cube is our baller booster, getting it for a pretty good price.

495
00:36:59,233 --> 00:37:00,733
Always, of course, grateful.

496
00:37:01,113 --> 00:37:02,533
35,000 sats.

497
00:37:02,733 --> 00:37:04,133
Hey, rich lobster!

498
00:37:06,713 --> 00:37:12,453
J-Cube wisely says, treasure these moments when we are given the opportunity to get some cheap sats.

499
00:37:12,513 --> 00:37:14,113
I agree. They're on sale right now.

500
00:37:14,693 --> 00:37:15,313
They're on sale.

501
00:37:15,513 --> 00:37:19,053
You know what? We're down almost 10% right now.

502
00:37:19,053 --> 00:37:21,393
you get a 10% sale on your Bitcoin

503
00:37:21,393 --> 00:37:22,853
on the world's scarcest asset.

504
00:37:23,653 --> 00:37:26,253
I mean, when you look at the structural shift

505
00:37:26,253 --> 00:37:27,853
that's happening, isn't that how I say it?

506
00:37:28,033 --> 00:37:29,013
I forgot how I say it.

507
00:37:29,593 --> 00:37:30,433
Structural shift.

508
00:37:30,613 --> 00:37:31,373
When you look at that,

509
00:37:31,673 --> 00:37:33,593
it really is like crazy right now

510
00:37:33,593 --> 00:37:35,113
that you can get this thing

511
00:37:35,113 --> 00:37:38,053
for as cheap as 110 or something like that.

512
00:37:38,233 --> 00:37:39,433
We're going to look back and think it's wild.

513
00:37:40,033 --> 00:37:40,673
I like that.

514
00:37:41,293 --> 00:37:43,493
That's good sage wisdom right there, J-Cube.

515
00:37:43,793 --> 00:37:44,693
Thanks for the boost.

516
00:37:45,413 --> 00:37:47,213
A-Train comes in with another great boost.

517
00:37:47,313 --> 00:37:48,853
That would be 30,000 sats.

518
00:37:48,853 --> 00:37:51,713
I hoard that which your kind covets.

519
00:37:52,233 --> 00:37:52,973
A-Train says,

520
00:37:53,493 --> 00:37:55,213
Thanks for the value, as always.

521
00:37:55,353 --> 00:38:00,713
I certainly don't like all this talk about governments and corporations guarding the on-and-off ramps to the blockchain

522
00:38:00,713 --> 00:38:03,353
and threatening to mandate only KYC routes they approve of.

523
00:38:03,793 --> 00:38:06,833
What are your thoughts on the BIS's proposal of duty of care?

524
00:38:07,333 --> 00:38:12,093
I feel that it would be next to impossible to implement, but we tend to be lemmings as a population at times.

525
00:38:12,093 --> 00:38:18,833
So I'll remain attentive to all these blockchain-adjacent avenues in which they attempt those things.

526
00:38:18,853 --> 00:38:23,413
stack host and run nuts and stay unrelenting in the mission bringing hard money to the world

527
00:38:23,413 --> 00:38:30,533
cheers no kidding a train well put i think the duty of care thing works for them when they can

528
00:38:30,533 --> 00:38:34,633
align the incentive such that people want to participate in the program simply because they

529
00:38:34,633 --> 00:38:39,513
need access to their money and everybody in the pipeline of whatever it might be is incentivized

530
00:38:39,513 --> 00:38:44,953
to participate obviously i hope i'm wrong but i think it'll be a real carrot and stick thing here's

531
00:38:44,953 --> 00:38:49,393
the carrot, do this, get your carrot, and if you don't, here's the stick, and you get

532
00:38:49,393 --> 00:38:49,913
in legal trouble.

533
00:38:50,513 --> 00:38:51,093
Thanks, A-Train.

534
00:38:51,733 --> 00:38:52,413
Like that boost.

535
00:38:52,553 --> 00:38:53,153
Appreciate that.

536
00:38:53,213 --> 00:38:53,493
Thoughtful.

537
00:38:54,013 --> 00:38:55,673
A. Zackerman's here with a row of ducks.

538
00:38:56,893 --> 00:39:00,253
Hey, value for value from the crypto capital of the world.

539
00:39:01,853 --> 00:39:02,573
Thank you, A. Zackerman.

540
00:39:02,573 --> 00:39:03,273
Appreciate that.

541
00:39:04,333 --> 00:39:05,393
And another row for you.

542
00:39:05,653 --> 00:39:07,153
Coming in with some cute ducks.

543
00:39:07,553 --> 00:39:10,173
Paranoid Coder's here with 3,000 sats.

544
00:39:10,253 --> 00:39:11,493
Coming in hot with the boost.

545
00:39:11,513 --> 00:39:12,213
Yeah, I like you.

546
00:39:12,273 --> 00:39:13,293
You're a hot ticket, Paranoid.

547
00:39:13,473 --> 00:39:14,393
I like you.

548
00:39:14,773 --> 00:39:15,833
You're a hot ticket.

549
00:39:16,133 --> 00:39:20,973
Hey, Chris, I'm curious if you've looked into the Spark Layer 2 solution from LightSpark.

550
00:39:21,353 --> 00:39:24,053
Seems really promising and that it would be a good complement to Lightning.

551
00:39:24,513 --> 00:39:27,733
It feels a lot like Liquid, but maybe more trustless.

552
00:39:28,113 --> 00:39:32,053
It feels like there are a lot of new Layer 2 solutions in the works right now, and I'd love your take on them.

553
00:39:32,113 --> 00:39:33,613
As always, thanks for the show.

554
00:39:34,253 --> 00:39:36,573
I think the Layer 2 stuff is extremely fascinating.

555
00:39:36,573 --> 00:39:38,433
I've looked at this a little bit.

556
00:39:39,073 --> 00:39:43,113
I don't love locking up my Bitcoin in trade for their token.

557
00:39:43,113 --> 00:39:49,533
that's i'm not particularly interested in although i do do that with liquid lb lbtc now

558
00:39:49,533 --> 00:39:54,873
i do think we could be doing a lot more with liquid bitcoin and i do think there's a lot to

559
00:39:54,873 --> 00:40:01,533
develop around layer twos my hope is that some of the crazy money that went on you know blockchain

560
00:40:01,533 --> 00:40:08,733
games and nfts and things like that will hopefully be spent on building solid layer two solutions on

561
00:40:08,733 --> 00:40:11,253
top of Bitcoin because we're going to need everything.

562
00:40:11,513 --> 00:40:14,153
We're going to need, we're going to need to, there's a lot of experimentation that needs

563
00:40:14,153 --> 00:40:14,653
to happen there.

564
00:40:14,893 --> 00:40:22,193
And I think lightning has proved it out as a viable thing to do, but you know, it's not

565
00:40:22,193 --> 00:40:25,333
everything and it's not super easy for individuals right now.

566
00:40:25,333 --> 00:40:28,393
Although things like AlbiHub are quite frankly making it a lot easier.

567
00:40:29,113 --> 00:40:29,513
Great boost.

568
00:40:29,573 --> 00:40:30,793
I'm going to keep my eye out, Paranoid.

569
00:40:30,893 --> 00:40:31,513
So stay tuned.

570
00:40:32,053 --> 00:40:35,573
Gene Bean's here with a lot of ducks, 6,666 sets.

571
00:40:35,693 --> 00:40:37,353
Quacka, wacka, it's a treasure.

572
00:40:37,833 --> 00:40:38,193
Yippee!

573
00:40:38,733 --> 00:40:45,833
He says, I have no desire to KYC if there is an alternative.

574
00:40:46,693 --> 00:40:48,673
Like right now, I don't have to KYC my cash.

575
00:40:49,513 --> 00:40:49,793
Huh.

576
00:40:50,453 --> 00:40:51,213
Yeah, that's a good point.

577
00:40:51,813 --> 00:40:57,393
I guess in some cases you've technically been KYC, but in other cases, yeah, somebody could hand you cash.

578
00:40:58,233 --> 00:40:58,473
Yeah.

579
00:40:58,893 --> 00:41:01,293
He says, there's times maybe it would make sense, but not always.

580
00:41:01,713 --> 00:41:06,873
Regarding the CanAn and the BitEx, I believe the hash rate of the CanAn is actually higher.

581
00:41:07,173 --> 00:41:08,633
Unless there's a BitEx I haven't seen yet.

582
00:41:08,733 --> 00:41:09,593
That could be true.

583
00:41:09,913 --> 00:41:12,693
You know, I suppose it does make a difference.

584
00:41:12,753 --> 00:41:15,593
I was thinking at that scale, it's all luck anyways.

585
00:41:16,333 --> 00:41:18,593
But the Nano S3 is six terahashes, he says,

586
00:41:18,653 --> 00:41:21,673
and the Mini 3 is 37 terahashes.

587
00:41:22,173 --> 00:41:23,553
It's a pretty big difference.

588
00:41:24,833 --> 00:41:25,233
Okay.

589
00:41:25,953 --> 00:41:27,713
He says, I also would appreciate your thoughts on this article.

590
00:41:28,113 --> 00:41:30,873
And how does this relate to the LBTC that we can peg in and out of?

591
00:41:30,873 --> 00:41:34,193
It seems like either I'm missing something or terms are being reused.

592
00:41:34,493 --> 00:41:36,833
And he links to the Bitcoin liquid staking.

593
00:41:37,633 --> 00:41:41,573
They may be using the LBTC token, and I think that's as much of Liquid as involved.

594
00:41:42,373 --> 00:41:47,133
I got an email from these guys, Gene, and they wanted to explain it to me, and I haven't had time to engage with them yet.

595
00:41:47,413 --> 00:41:49,573
They're really trying to make a push, a splash.

596
00:41:49,693 --> 00:41:51,513
They really want to become known for this.

597
00:41:52,233 --> 00:41:54,653
I always take these things pretty cautiously.

598
00:41:54,653 --> 00:42:01,913
The default always is to just stack sats, sweep to cold storage, and don't really play around with these kinds of things.

599
00:42:02,373 --> 00:42:05,993
But at some point, we'll have to reevaluate that position as real industries get built here.

600
00:42:06,553 --> 00:42:09,693
I don't think we're there yet, but it's something I've, I read through this.

601
00:42:10,213 --> 00:42:14,233
I also found a lot of, a lot of terms being reused and we're seeing this a lot, especially

602
00:42:14,233 --> 00:42:14,773
around liquid.

603
00:42:15,433 --> 00:42:16,933
So I'll try to sort some of this out.

604
00:42:16,973 --> 00:42:20,053
And if there's any signal in any of this, I'll come back with some coverage on the show.

605
00:42:20,333 --> 00:42:20,973
Thank you, Gene.

606
00:42:21,433 --> 00:42:22,233
Appreciate that.

607
00:42:22,913 --> 00:42:25,173
Rick is here with 5,000 sats.

608
00:42:25,233 --> 00:42:26,753
That's R-I-K.

609
00:42:27,653 --> 00:42:28,913
That's not possible.

610
00:42:29,033 --> 00:42:30,073
Nothing can do that.

611
00:42:30,173 --> 00:42:30,793
Yeah, I think he did.

612
00:42:31,293 --> 00:42:33,293
The biggest lightning transaction ever for me.

613
00:42:33,353 --> 00:42:34,353
Hey, awesome.

614
00:42:34,633 --> 00:42:35,193
That's great.

615
00:42:35,633 --> 00:42:35,993
Boost!

616
00:42:36,193 --> 00:42:37,493
How cool that I can just send this.

617
00:42:37,573 --> 00:42:37,953
Great show.

618
00:42:38,113 --> 00:42:38,773
Even better energy.

619
00:42:38,873 --> 00:42:39,093
Thanks.

620
00:42:40,133 --> 00:42:40,773
Awesome, huh?

621
00:42:41,033 --> 00:42:41,633
Isn't it awesome?

622
00:42:41,973 --> 00:42:42,653
It's so awesome.

623
00:42:42,733 --> 00:42:46,413
And to be able to send the message from the podcast app while you're listening, it is

624
00:42:46,413 --> 00:42:47,133
a real unlock.

625
00:42:47,593 --> 00:42:50,293
It sounds like such a small thing, but a small thing matters.

626
00:42:50,293 --> 00:42:54,073
When you close that last gap, you're sitting there listening to the pod, something you

627
00:42:54,073 --> 00:42:57,333
want to respond to, like the fact that I just used the word pod, you can hit that boost

628
00:42:57,333 --> 00:42:59,153
button and tell me never to say that again.

629
00:42:59,633 --> 00:43:00,593
I think it's remarkable.

630
00:43:01,113 --> 00:43:01,873
Thank you for the boost.

631
00:43:02,313 --> 00:43:02,993
Appreciate it.

632
00:43:03,593 --> 00:43:06,293
I'm glad I could be your largest lightning transaction ever.

633
00:43:06,733 --> 00:43:07,273
That means a lot.

634
00:43:08,033 --> 00:43:09,833
Marius February is here with 10,000 sats.

635
00:43:11,473 --> 00:43:14,553
Great clips and even better context and interpretations and good fun.

636
00:43:14,633 --> 00:43:15,353
Looking forward to your shows.

637
00:43:15,453 --> 00:43:15,673
Wow.

638
00:43:16,353 --> 00:43:18,093
That's about the best compliment I could get.

639
00:43:18,233 --> 00:43:19,033
Thank you very much.

640
00:43:19,753 --> 00:43:20,313
I like you.

641
00:43:20,513 --> 00:43:21,373
I like you.

642
00:43:21,733 --> 00:43:22,793
You're a hot ticket.

643
00:43:23,233 --> 00:43:24,893
Hello there is back with a row of ducks.

644
00:43:25,693 --> 00:43:27,133
No message, just the value.

645
00:43:27,233 --> 00:43:28,533
Always appreciate that.

646
00:43:28,913 --> 00:43:32,873
Pizza Niche is also here with 10,500 sats.

647
00:43:32,993 --> 00:43:34,473
Live long and prosper.

648
00:43:35,273 --> 00:43:35,773
I like that.

649
00:43:35,853 --> 00:43:37,393
He says, as always, a great show.

650
00:43:37,733 --> 00:43:40,333
Our Bitcoin group loves discussing what you cover on your shows.

651
00:43:40,633 --> 00:43:41,713
A little value for value.

652
00:43:42,133 --> 00:43:42,613
Yes, sir.

653
00:43:42,693 --> 00:43:43,413
Yes, sir.

654
00:43:43,533 --> 00:43:44,833
Sirty, sir, sir, sir.

655
00:43:45,153 --> 00:43:45,853
Thank you very much.

656
00:43:46,173 --> 00:43:52,093
And you could always send those discussions my way, you know, maybe boost in what the group comes up with, especially when I get something wrong.

657
00:43:52,933 --> 00:43:53,473
I'll take it.

658
00:43:54,193 --> 00:43:54,913
I can be a man.

659
00:43:54,913 --> 00:43:57,193
You make me want to be a better man.

660
00:43:57,553 --> 00:43:58,313
Thanks, Pizza.

661
00:43:58,553 --> 00:43:59,173
Appreciate it.

662
00:43:59,733 --> 00:44:01,393
Mykov comes in with 10,000 sats.

663
00:44:01,473 --> 00:44:02,773
The traders love the vol.

664
00:44:02,993 --> 00:44:07,913
Well, I started listening to self-hosted on Spotify, and then I discovered Linux Unplugged.

665
00:44:08,353 --> 00:44:09,253
Then I came over to Fountain.

666
00:44:09,513 --> 00:44:11,993
I discovered this week in Bitcoin and now boosting.

667
00:44:12,553 --> 00:44:13,393
Thanks for the journey.

668
00:44:13,533 --> 00:44:14,393
Right on.

669
00:44:14,713 --> 00:44:15,413
I like it.

670
00:44:15,553 --> 00:44:15,973
Yep.

671
00:44:16,513 --> 00:44:16,953
Yep.

672
00:44:17,473 --> 00:44:18,013
Mm-hmm.

673
00:44:18,613 --> 00:44:19,713
Thank you for the boost.

674
00:44:20,453 --> 00:44:21,473
And good job.

675
00:44:21,773 --> 00:44:22,853
That's quite the little journey.

676
00:44:22,853 --> 00:44:23,553
And you know what?

677
00:44:24,013 --> 00:44:31,033
You're now in the realm of podcasting 2.0 that's really trying to push an alternative to centralized platforms like Spotify and YouTube.

678
00:44:31,033 --> 00:44:38,873
And one of the big goals is to try to entice those folks, those Spotify users, to come over here and embrace the open ecosystem.

679
00:44:39,153 --> 00:44:40,253
And you did exactly that.

680
00:44:40,693 --> 00:44:41,413
Thank you for the boost.

681
00:44:42,693 --> 00:44:45,153
Nakamado6102 is here with 3,500 sats.

682
00:44:45,293 --> 00:44:48,173
I don't understand what the heck is going on here.

683
00:44:48,273 --> 00:44:50,013
And he says thanks for the value.

684
00:44:50,333 --> 00:44:51,893
B-O-O-S-T.

685
00:44:52,233 --> 00:44:53,053
Thank you for the value.

686
00:44:53,213 --> 00:44:53,933
Appreciate that.

687
00:44:54,653 --> 00:44:57,813
User67 is here with 10,000 sats.

688
00:44:57,993 --> 00:44:58,273
Wow.

689
00:44:58,793 --> 00:45:00,953
Another new user with 10,000 sats.

690
00:45:01,033 --> 00:45:01,673
Thank you very much.

691
00:45:01,913 --> 00:45:02,873
Everything's under control.

692
00:45:03,313 --> 00:45:04,793
Y'all make me want to be a better man.

693
00:45:04,893 --> 00:45:06,773
You make me want to be a better man.

694
00:45:06,853 --> 00:45:07,673
I just love that one.

695
00:45:08,133 --> 00:45:11,313
Now, user 67, if you go into Fountain, you can set your username and your profile.

696
00:45:12,013 --> 00:45:14,333
It says, thanks for the important news about the BINS.

697
00:45:14,833 --> 00:45:15,793
I had not heard that.

698
00:45:15,833 --> 00:45:19,253
As you said, they clearly revealed their hand now, and it's a good one.

699
00:45:19,253 --> 00:45:25,733
So either they kill Bitcoin fungibility and solidify the fiat empire, or they accelerate the revolt into value-for-value alternatives.

700
00:45:25,913 --> 00:45:26,153
Yeah!

701
00:45:26,973 --> 00:45:27,253
Boo!

702
00:45:27,493 --> 00:45:27,973
Yes!

703
00:45:27,973 --> 00:45:32,133
Every KY transaction directly between Bitcoiners is one more.

704
00:45:32,313 --> 00:45:39,333
Oh, every FYC transaction directly between Bitcoiners is one more removed from the KYC stranglehold.

705
00:45:39,913 --> 00:45:40,933
Oh, I'm in.

706
00:45:41,093 --> 00:45:41,293
Yeah.

707
00:45:41,833 --> 00:45:42,193
Nice.

708
00:45:42,913 --> 00:45:43,453
Thank you, user.

709
00:45:43,913 --> 00:45:44,593
Appreciate that.

710
00:45:45,233 --> 00:45:48,413
Bobby Pen is here with 5,000 sats.

711
00:45:48,673 --> 00:45:49,633
Danger zone.

712
00:45:50,013 --> 00:45:54,473
I noticed that you don't talk about mining in Twib like you did in Plan B.

713
00:45:54,673 --> 00:45:55,253
Danger zone.

714
00:45:55,693 --> 00:45:58,493
I'm thinking that mining would be a fun hobby to get into

715
00:45:58,493 --> 00:46:01,433
and learn more about Bitcoin while helping decentralization.

716
00:46:01,773 --> 00:46:03,433
Right now, I'm looking at the BitX Gamma

717
00:46:03,433 --> 00:46:04,653
and might scale up from there.

718
00:46:05,213 --> 00:46:07,573
I have Albi Hub hosted with, or Albi Cloud.

719
00:46:07,953 --> 00:46:09,173
Is there anything you think I should know

720
00:46:09,173 --> 00:46:11,253
before getting into it or tips you could give me

721
00:46:11,253 --> 00:46:12,133
that would be greatly appreciated?

722
00:46:13,073 --> 00:46:14,973
Well, you're going to need to set your expectations low.

723
00:46:15,153 --> 00:46:17,153
I think you should also start looking into pools.

724
00:46:17,333 --> 00:46:19,213
You're going to probably want to participate in a pool.

725
00:46:19,993 --> 00:46:23,133
I would probably give Ocean a serious consideration.

726
00:46:23,133 --> 00:46:28,453
your instinct about trying to learn more about mining is a good one and you're right i wish i

727
00:46:28,453 --> 00:46:33,973
covered it more in the show in fact i wish i could cover it a lot more because i have a sense

728
00:46:33,973 --> 00:46:44,840
that it the that the foundation of bitcoin and what happening there and the dynamics there are ahead of everything else right Just like the hash rate is ahead of price

729
00:46:45,240 --> 00:46:50,980
what's happening in mining is ahead of downstream politics in Bitcoin core and in the community.

730
00:46:51,460 --> 00:46:53,920
I'd really love to have more of an insight,

731
00:46:53,920 --> 00:46:57,740
not only because I originally got partially into Bitcoin for mining,

732
00:46:58,080 --> 00:47:00,960
but also just because I think it's so absolutely essential

733
00:47:00,960 --> 00:47:03,480
to the long-term health and viability of the network.

734
00:47:03,480 --> 00:47:06,019
so anybody out there who's involved in Bitcoin mining

735
00:47:06,019 --> 00:47:08,040
can send me insights from time to time.

736
00:47:08,120 --> 00:47:09,240
Maybe we build a little friendship

737
00:47:09,240 --> 00:47:11,720
and, you know, you become a source for the show over time.

738
00:47:11,940 --> 00:47:12,380
I don't know.

739
00:47:12,600 --> 00:47:15,080
Or maybe I just end up getting my way into a Bitcoin mine.

740
00:47:15,680 --> 00:47:17,960
I actually have an ASIC miner here.

741
00:47:17,960 --> 00:47:20,540
It's just so hot and loud

742
00:47:20,540 --> 00:47:23,360
that I just have inevitably not managed to run it.

743
00:47:23,400 --> 00:47:24,860
I've thought about maybe getting baffled in

744
00:47:24,860 --> 00:47:26,820
or trying to build systems

745
00:47:26,820 --> 00:47:28,580
or even trying to hook it up to the furnace here

746
00:47:28,580 --> 00:47:30,060
and have it heat the place during the winter,

747
00:47:30,220 --> 00:47:32,040
but all these things take time

748
00:47:32,040 --> 00:47:34,140
and the guy's got podcasts to make, you know?

749
00:47:34,620 --> 00:47:35,820
The guy's got to make some podcasts.

750
00:47:36,560 --> 00:47:37,1000
Thank you, everybody who boosted in.

751
00:47:38,080 --> 00:47:40,340
Boy, they are doing a lot with mayo these days.

752
00:47:40,420 --> 00:47:41,320
Really appreciate it.

753
00:47:41,440 --> 00:47:44,140
And this is a value for value podcast,

754
00:47:44,240 --> 00:47:47,480
which means there's a couple of ways you can support the show.

755
00:47:47,560 --> 00:47:48,519
It doesn't have to be monetary.

756
00:47:48,940 --> 00:47:50,120
You could tell somebody about it.

757
00:47:50,640 --> 00:47:52,940
Word of mouth is the best kind of marketing for a podcast.

758
00:47:53,680 --> 00:47:55,960
You could maybe help me come up with a new album art

759
00:47:55,960 --> 00:47:57,420
or some swag, you know?

760
00:47:57,720 --> 00:47:59,460
There are other ways to help contribute to the show,

761
00:47:59,540 --> 00:48:01,800
but a lot of people, they like to do it with a boost

762
00:48:01,800 --> 00:48:05,580
or a membership because, for one, everybody's pretty busy.

763
00:48:05,1000 --> 00:48:09,640
Two, if you boost above 2,000 sats, you get your message right on the show.

764
00:48:09,940 --> 00:48:11,460
You can also stream those sats as you listen.

765
00:48:11,580 --> 00:48:17,920
42 of you did that this week, and you collectively stacked 92,136 sats.

766
00:48:17,920 --> 00:48:24,940
When you combine that with our boosters, this episode stacked 227,000 sats, 337.

767
00:48:25,260 --> 00:48:26,980
220, I can say that right.

768
00:48:27,340 --> 00:48:28,080
I guess I'm getting sleepy.

769
00:48:28,660 --> 00:48:31,180
227,377 sats.

770
00:48:31,180 --> 00:48:33,440
See, it's easy, right?

771
00:48:35,400 --> 00:48:36,240
Thank you, everybody.

772
00:48:37,100 --> 00:48:38,120
Appreciate that.

773
00:48:39,680 --> 00:48:42,200
Thank you for making episode 71 possible.

774
00:48:42,360 --> 00:48:43,480
Fountain FM makes it simple.

775
00:48:45,980 --> 00:48:52,140
But as you heard, there's also options like AlbiHub and other ways you can go that are also really a blast.

776
00:48:52,240 --> 00:48:53,460
So you might try those out.

777
00:48:54,100 --> 00:48:59,580
The journey can start with Fountain over at podcast apps, newpodcastapps.com or podcastapps.com.

778
00:49:01,180 --> 00:49:20,080
Well, if the caffeine is wearing off, this should get me perked right back up.

779
00:49:20,740 --> 00:49:27,540
I don't know what his deal is, but Tucker Carlson needs to take a day or two and read a book.

780
00:49:27,540 --> 00:49:31,880
He always goes on about how he likes to read and he doesn't watch TV, etc., etc.

781
00:49:32,800 --> 00:49:36,019
But the guy keeps saying stupid things about Bitcoin.

782
00:49:36,580 --> 00:49:45,620
Now, back in episode four of this here show, I played a clip where Tucker Carlson at a Bitcoin event claimed the CIA invented Bitcoin.

783
00:49:46,060 --> 00:49:48,100
Crypto people aren't just in it to make a buck.

784
00:49:48,200 --> 00:49:49,999
They're in it to change the world forever.

785
00:49:50,200 --> 00:49:51,320
These are not shallow people.

786
00:49:51,420 --> 00:49:55,300
These are people who can answer every single question except who was Satoshi, which they don't answer.

787
00:49:55,480 --> 00:49:56,640
Someone should answer that.

788
00:49:56,640 --> 00:49:57,019
Nope.

789
00:49:57,540 --> 00:50:13,499
I think we know. Anyway, in fact, I have a friend who's probably sitting here who told me he did know, but I don't believe him. And I don't care if it was the CIA. It doesn't matter. The idea is still a great idea. Obviously, it was the CIA. I think we all know that. It's like Signal. They got there first. It's a honey trap.

790
00:50:13,920 --> 00:50:17,800
Okay, so it's a honey trap. It's like Signal. They got there first.

791
00:50:18,760 --> 00:50:25,700
Now, later on, just like a few days later, he said, okay, well, I don't actually know that the CIA created it.

792
00:50:25,700 --> 00:50:27,800
start the crypto movement.

793
00:50:28,200 --> 00:50:30,360
I know you were at the Bitcoin conference recently

794
00:50:30,360 --> 00:50:32,340
and you told them CIA started Bitcoin.

795
00:50:32,480 --> 00:50:33,999
They got really angry on Twitter.

796
00:50:34,380 --> 00:50:35,360
I don't know that.

797
00:50:35,620 --> 00:50:37,840
But until you can tell me who Satoshi was,

798
00:50:37,920 --> 00:50:38,920
I have some questions.

799
00:50:39,680 --> 00:50:40,200
What?

800
00:50:41,200 --> 00:50:41,720
What?

801
00:50:42,140 --> 00:50:44,160
Well, in the years since that clip,

802
00:50:44,580 --> 00:50:47,280
he's apparently done zero time

803
00:50:47,280 --> 00:50:49,220
trying to figure out anything more about Bitcoin.

804
00:50:49,460 --> 00:50:52,260
Even though it's become way,

805
00:50:52,440 --> 00:50:54,080
way more popular and relevant,

806
00:50:54,080 --> 00:50:58,920
especially in the circles that he travels, like the Trump administration, and it's clearly a priority for them.

807
00:50:59,100 --> 00:51:05,840
He still hasn't been bothered to just learn a little bit more about it, but he'll keep commenting on it.

808
00:51:05,860 --> 00:51:11,040
He'll keep having guests comment on it, because why not, I guess, right?

809
00:51:11,280 --> 00:51:15,660
So Tucker had Dave Collum, a professor of organic chemistry at Cornell University,

810
00:51:16,220 --> 00:51:21,460
and the topic of Bitcoin's origins came up one more time.

811
00:51:21,460 --> 00:51:24,300
And it was a robust analysis, as you can imagine.

812
00:51:25,120 --> 00:51:25,840
I don't think so.

813
00:51:26,260 --> 00:51:28,700
The crypto community, I am their number one target.

814
00:51:29,019 --> 00:51:30,740
They say you are a hodler.

815
00:51:31,220 --> 00:51:36,460
I love it when these guys who you've never heard of tell you that they're the crypto community's number one target.

816
00:51:36,880 --> 00:51:38,080
The ego here.

817
00:51:38,240 --> 00:51:39,740
And this comes up a lot.

818
00:51:39,999 --> 00:51:41,540
A lot of these guys say this.

819
00:51:41,940 --> 00:51:42,860
Sometimes I cut it.

820
00:51:43,400 --> 00:51:48,740
But because they get some crap on social media, they think they're the number one.

821
00:51:48,740 --> 00:51:50,960
We don't think about you, Dave.

822
00:51:51,460 --> 00:51:53,380
We don't think about you at all.

823
00:51:53,820 --> 00:51:55,499
You think about us all the time.

824
00:51:56,080 --> 00:51:57,460
We don't even know who you are.

825
00:51:57,680 --> 00:51:58,440
I don't think so.

826
00:51:59,019 --> 00:52:01,340
The crypto community, I am their number one target.

827
00:52:01,900 --> 00:52:03,380
They say you are a hodler.

828
00:52:04,220 --> 00:52:05,320
And I won't buy it.

829
00:52:05,380 --> 00:52:08,180
The reason is because I believe that several layers.

830
00:52:08,180 --> 00:52:13,460
One is that I believe that the authorities are not going to let crypto take over.

831
00:52:13,800 --> 00:52:14,519
Of course not.

832
00:52:14,960 --> 00:52:16,640
And by the way, that means that...

833
00:52:16,640 --> 00:52:18,220
They're going to lose total control over society?

834
00:52:18,499 --> 00:52:18,660
That's right.

835
00:52:18,660 --> 00:52:19,600
Yeah, I don't think so.

836
00:52:19,600 --> 00:52:23,580
You think the Rockefellers and the Rothschilds are going to hand it over to Max Keiser and Michael Saylor?

837
00:52:23,680 --> 00:52:24,780
I don't think so.

838
00:52:25,440 --> 00:52:26,580
You don't think that's something.

839
00:52:26,580 --> 00:52:27,580
Here's what I think it actually is.

840
00:52:27,640 --> 00:52:30,400
You know, the first paper on crypto was written by three NSA guys.

841
00:52:30,560 --> 00:52:30,760
Yeah.

842
00:52:31,140 --> 00:52:42,920
That means I think if I were smart and I were going to bring in central bank digital currency, which is an authoritarian nightmare, I would do it the way they did.

843
00:52:42,999 --> 00:52:44,120
I'd release the crypto.

844
00:52:44,460 --> 00:52:45,760
I'd have guys pumping it.

845
00:52:45,860 --> 00:52:47,200
I'd have guys supporting it.

846
00:52:47,200 --> 00:52:52,960
I let them debug the networks and the kinks and the, and acclimate people to it.

847
00:52:52,999 --> 00:52:55,220
And then I'd say, okay, it was fun.

848
00:52:55,420 --> 00:52:56,360
We'll take it from here.

849
00:52:58,260 --> 00:53:02,900
And in the process, of course, you acclimate people to this new digital, new kind of commerce.

850
00:53:02,980 --> 00:53:03,720
Yeah, exactly.

851
00:53:04,340 --> 00:53:06,700
And that conclusion, of course, is always the one they come to.

852
00:53:07,080 --> 00:53:10,360
I love the circular logic that just is within this paragraph, right?

853
00:53:10,360 --> 00:53:16,400
If you were to transcribe that and put in a paragraph and read it, it'd be obvious the logical error here.

854
00:53:16,400 --> 00:53:19,960
the government is creating a digital currency.

855
00:53:20,760 --> 00:53:23,180
They're paying people to pump it like crazy.

856
00:53:23,420 --> 00:53:25,580
They're training you on how to use it,

857
00:53:25,640 --> 00:53:27,900
but then they're never going to let it succeed because, quote,

858
00:53:28,019 --> 00:53:30,980
they won't give it over to the Rockefellers, the Rothschilds,

859
00:53:30,980 --> 00:53:34,360
and just hand power to Max Keiser and Michael Saylor.

860
00:53:34,980 --> 00:53:36,760
Why would the government create a digital currency

861
00:53:36,760 --> 00:53:38,820
and pay people to pump it only not to use it?

862
00:53:39,260 --> 00:53:41,720
What would be the point of training everybody to use a digital asset

863
00:53:41,720 --> 00:53:42,760
only not to use it?

864
00:53:43,480 --> 00:53:45,019
It just doesn't make sense on its face.

865
00:53:45,019 --> 00:53:48,180
and this idea that, well, if you get them using Bitcoin,

866
00:53:48,380 --> 00:53:50,200
then you can just hot swap them to a CBDC.

867
00:53:50,499 --> 00:53:51,140
Same thing, right?

868
00:53:51,180 --> 00:53:51,820
Because they're digital.

869
00:53:52,280 --> 00:53:52,880
Same thing.

870
00:53:53,660 --> 00:53:54,140
What?

871
00:53:54,700 --> 00:53:56,220
It's all circular logic.

872
00:53:56,440 --> 00:53:59,499
And see, Dave here, I have nothing against him,

873
00:53:59,620 --> 00:54:01,780
but it's obvious where his incentives line

874
00:54:01,780 --> 00:54:03,720
and they don't align to Bitcoin.

875
00:54:04,180 --> 00:54:06,640
In his own words, he has, quote, plenty of gold.

876
00:54:07,360 --> 00:54:08,300
So here we are.

877
00:54:08,300 --> 00:54:12,040
To make my point, we have a well-off,

878
00:54:12,240 --> 00:54:13,720
near-retirement age investor,

879
00:54:13,720 --> 00:54:19,999
the type I mentioned a few episodes ago and their worldview is set because they have been right

880
00:54:19,999 --> 00:54:25,140
they won so it must be because they're geniuses and they figure it all out that's why they won

881
00:54:25,140 --> 00:54:30,220
right that's how they think about it and you get a little insight here when Dave talks about

882
00:54:30,220 --> 00:54:38,700
gold and bitcoin I bought gold net at around 210 come on well I bought it 28 percent below nav

883
00:54:38,700 --> 00:54:39,700
when it was $270.

884
00:54:39,700 --> 00:54:40,700
Physical delivery?

885
00:54:40,700 --> 00:54:41,700
No, that was not physical.

886
00:54:41,700 --> 00:54:43,580
But then I started buying, here's what I did.

887
00:54:43,580 --> 00:54:45,700
I bought gold from the local coin dealer.

888
00:54:45,700 --> 00:54:46,700
Yeah.

889
00:54:46,700 --> 00:54:49,700
And I'd say, when you get ounces, I'll pay cash.

890
00:54:49,700 --> 00:54:51,700
And he sold it to me at Spot.

891
00:54:51,700 --> 00:54:54,700
And he'd call and say, I got three ounces in,

892
00:54:54,700 --> 00:54:57,700
I'd go to the bank, I'd get out $900, right?

893
00:54:57,700 --> 00:55:01,700
And I'd buy the gold from him, cash.

894
00:55:01,700 --> 00:55:03,700
I'd buy silver from him, cash.

895
00:55:03,700 --> 00:55:05,700
I could buy silver eagles at Spot.

896
00:55:05,700 --> 00:55:07,700
You go on eBay, holy shit,

897
00:55:07,700 --> 00:55:09,560
Shit, those things are like $10 above spot.

898
00:55:10,720 --> 00:55:14,400
And it was for ballpark $4 an ounce.

899
00:55:15,540 --> 00:55:20,400
And then I remember it was at $4.57, and I was buying from him.

900
00:55:21,019 --> 00:55:22,600
And he said, don't you think there's a top?

901
00:55:22,620 --> 00:55:23,519
He knew I was going to buy it.

902
00:55:24,040 --> 00:55:25,240
He said, don't you think there's a top?

903
00:55:26,240 --> 00:55:27,680
$457 an ounce for gold.

904
00:55:27,780 --> 00:55:29,680
There's like $0.03 or something.

905
00:55:29,680 --> 00:55:30,200
I don't know.

906
00:55:30,880 --> 00:55:35,260
It's funny how these well-off, near-retirement age investors

907
00:55:35,260 --> 00:55:38,320
don't see the same dynamics playing out now,

908
00:55:38,700 --> 00:55:41,320
that the very demands that made Bitcoin,

909
00:55:41,720 --> 00:55:42,680
or made gold, I'm sorry,

910
00:55:42,780 --> 00:55:45,320
go from $400 an ounce to $3,000 an ounce

911
00:55:45,320 --> 00:55:46,860
are in play for Bitcoin right now.

912
00:55:47,280 --> 00:55:48,580
And that that era is happening,

913
00:55:48,860 --> 00:55:49,880
this very moment for Bitcoin.

914
00:55:49,999 --> 00:55:52,700
Like, it's incredible how he can see it for gold,

915
00:55:52,780 --> 00:55:54,260
but he can't see it for Bitcoin.

916
00:55:54,860 --> 00:55:57,600
And I said, how many people are buying gold from you?

917
00:55:57,880 --> 00:55:58,760
He said, oh, about four.

918
00:55:58,760 --> 00:56:00,979
And I said, and the other three are my friends, aren't they?

919
00:56:01,700 --> 00:56:02,620
He said, yeah.

920
00:56:02,680 --> 00:56:04,420
And I said, does that sound like a mania to you?

921
00:56:04,420 --> 00:56:07,300
Yeah, he had to be smart and know to buy gold.

922
00:56:07,860 --> 00:56:09,880
But he just made his point right here.

923
00:56:10,260 --> 00:56:18,479
He was able to get in when it was ridiculously cheap, when nobody else was buying, and he's been able to sit on that stash for a very long time.

924
00:56:19,220 --> 00:56:20,780
It has shaped his worldview.

925
00:56:21,320 --> 00:56:27,280
He got in when the fiscal dynamics made this kind of win possible, and he got his bag.

926
00:56:27,820 --> 00:56:31,180
And it's not because he's a genius.

927
00:56:31,300 --> 00:56:32,200
No disrespect to him.

928
00:56:32,260 --> 00:56:33,519
I mean, he seems like a smart guy.

929
00:56:33,519 --> 00:56:38,580
but very much timing had a lot to do with it you had to be smart enough to take advantage

930
00:56:38,580 --> 00:56:44,300
of the timing that's the credit i give him i don't know and and i said how many people are

931
00:56:44,300 --> 00:56:48,600
buying gold from you he said about four and i said and the other three are my friends aren't they

932
00:56:48,600 --> 00:56:57,019
he said yeah and i said does that sound like a mania to you and and so here's the thing i've been

933
00:56:57,019 --> 00:57:03,380
on i i'm a big fan of energy but i think when the selling starts everything sells you'll be selling

934
00:57:03,380 --> 00:57:04,900
and your children, you'll be selling, right?

935
00:57:04,940 --> 00:57:05,519
Everything sells.

936
00:57:05,680 --> 00:57:08,260
So I think the idea of trying to get into any risk assets

937
00:57:08,260 --> 00:57:08,999
is so dangerous.

938
00:57:09,240 --> 00:57:11,680
I'll take 4% on a treasury, two-year treasury.

939
00:57:12,420 --> 00:57:13,220
Well, of course you would.

940
00:57:13,720 --> 00:57:16,800
If you're rich and you're sitting on so much gold

941
00:57:16,800 --> 00:57:20,220
that you don't need anymore, a 4% return is fine.

942
00:57:20,900 --> 00:57:22,600
You're still doing fine, buddy.

943
00:57:22,680 --> 00:57:25,040
Like you can just absorb the cost of debasement.

944
00:57:25,600 --> 00:57:27,499
Some people think, you know, I'll lock it up for two years.

945
00:57:27,620 --> 00:57:28,640
Oh, that'll save me.

946
00:57:29,380 --> 00:57:31,440
I won't dip by after six months.

947
00:57:31,440 --> 00:57:36,660
so at what price would you buy gold again well i've got so much i don't need anymore

948
00:57:36,660 --> 00:57:42,060
if i didn't own any i'd buy it now but the bitcoin guys would say buy bitcoin at 117 000

949
00:57:42,060 --> 00:57:47,220
i turned it down at 10 i wish i'd bought it i would have sold it at 50 and spent the proceeds

950
00:57:47,220 --> 00:57:55,100
on therapy okay there you go this that's all over the internet for some reason yo the nsa

951
00:57:55,100 --> 00:57:59,420
last time was the cia and i love that the whole thing's built on well you know three guys at the

952
00:57:59,420 --> 00:58:01,560
NSA wrote the first paper on crypto.

953
00:58:02,240 --> 00:58:03,120
On cryptography?

954
00:58:03,519 --> 00:58:03,920
Whatever.

955
00:58:04,640 --> 00:58:06,900
Interesting development from Swan Bitcoin this week.

956
00:58:07,320 --> 00:58:12,700
They are transitioning ownership of the open source Spectre wallet project to a non-profit

957
00:58:12,700 --> 00:58:13,560
association.

958
00:58:14,019 --> 00:58:17,780
They've transferred ownership of the open source Spectre project to a newly formed Spectre

959
00:58:17,780 --> 00:58:23,220
association, a non-profit based in Switzerland that is being led by longtime contributors.

960
00:58:23,979 --> 00:58:27,100
Along with the brand rights, Swan has also handed over the public channels like the GitHub,

961
00:58:27,100 --> 00:58:29,460
the website, the YouTube, and the X account.

962
00:58:30,200 --> 00:58:34,200
Spectre started as a DIY signing device and grew into Spectre Desktop,

963
00:58:34,380 --> 00:58:37,840
a widely used tool for air-gapped hardware wallets, multi-sig setups,

964
00:58:38,200 --> 00:58:40,100
and can connect to your own node.

965
00:58:40,300 --> 00:58:40,940
So that's kind of nice.

966
00:58:40,979 --> 00:58:44,580
I've actually used the desktop app, and it is nice.

967
00:58:44,700 --> 00:58:46,540
It's not my favorite, but it's not bad.

968
00:58:46,900 --> 00:58:48,920
Swan acquired Spectre back in 2022.

969
00:58:49,260 --> 00:58:50,120
Wow, really?

970
00:58:51,080 --> 00:58:51,540
Wow.

971
00:58:51,660 --> 00:58:54,999
I checked out Spectre shortly after Swan acquired them in 2022,

972
00:58:54,999 --> 00:58:57,220
and they built Swan Vault with that,

973
00:58:57,320 --> 00:59:00,120
which was a way to buy Bitcoin at Swan

974
00:59:00,120 --> 00:59:02,560
and have it go to your own self-custody over time.

975
00:59:03,260 --> 00:59:05,380
But it seems like maybe they're pulling back from that.

976
00:59:05,479 --> 00:59:08,460
The association, though, plans to expand availability of the application,

977
00:59:08,640 --> 00:59:09,499
improve the documentation,

978
00:59:10,600 --> 00:59:12,820
hopefully improve the UX a little bit, they say,

979
00:59:12,920 --> 00:59:15,660
and also continue to maintain security standards.

980
00:59:16,260 --> 00:59:16,920
That seems good.

981
00:59:17,680 --> 00:59:19,979
And future plans seem like pretty solid future plans.

982
00:59:19,979 --> 00:59:23,180
So the Spectre desktop project continues.

983
00:59:24,999 --> 00:59:27,560
Buying might be back in the Bitcoin ETF space.

984
00:59:28,160 --> 00:59:41,880
The Bitcoin ETFs collectively bought 88.1 million worth of Bitcoin yesterday, which is the second consecutive day of buying after six straight days of lettuce hands over there from the Bitcoin ETF folks.

985
00:59:42,680 --> 00:59:50,999
I personally suspect some of them are still liquidating their positions to snap up the debt being issued by the U.S. Treasury that we talked about a few episodes ago.

986
00:59:50,999 --> 00:59:56,920
But in total, they dumped about $5 billion worth of Bitcoin over the last six days.

987
00:59:57,120 --> 00:59:58,920
And they're just kind of coming around now.

988
01:00:00,620 --> 01:00:04,940
Bitwise is releasing some research, and they've teased a little bit of it.

989
01:00:04,960 --> 01:00:05,660
And I grabbed it for you.

990
01:00:05,720 --> 01:00:06,760
I'll put a link in the show notes.

991
01:00:07,580 --> 01:00:18,300
Their data shows that if you hold Bitcoin for three plus years, your odds of losing money on Bitcoin are 0%, something like 0.2% odds.

992
01:00:19,120 --> 01:00:20,280
So that's pretty good.

993
01:00:20,280 --> 01:00:25,340
And as you can imagine, after three years, your odds only get better from there.

994
01:00:25,860 --> 01:00:30,320
So when you're talking to newbies about Bitcoin, minimum three-year hodl.

995
01:00:30,479 --> 01:00:31,999
Tell them minimum three-year hodl.

996
01:00:32,120 --> 01:00:35,700
If you buy this today, minimum hold it for three years.

997
01:00:36,400 --> 01:00:41,519
It's interesting because if you hold for one day, you can maybe probably break even.

998
01:00:41,700 --> 01:00:44,780
But then after that, after about a week or a month and then a quarter,

999
01:00:44,979 --> 01:00:50,180
your odds of actually being down in your purchase go up for a bit.

1000
01:00:50,280 --> 01:00:53,060
And then when you get to the three-year mark, you're looking really good.

1001
01:00:53,100 --> 01:00:54,979
The five-year mark, you're looking good.

1002
01:00:55,720 --> 01:01:00,260
No one has ever lost money holding Bitcoin for more than five years.

1003
01:01:00,840 --> 01:01:01,880
You just don't do it.

1004
01:01:01,940 --> 01:01:03,080
It's just not in this timeline yet.

1005
01:01:03,600 --> 01:01:06,160
But three years actually really seems to be at zero.

1006
01:01:06,160 --> 01:01:06,540
Oh, here it is.

1007
01:01:06,560 --> 01:01:07,200
Here's the official number.

1008
01:01:07,280 --> 01:01:08,620
Sorry, I said 0.2%.

1009
01:01:08,620 --> 01:01:14,560
0.7% of people who have ever held Bitcoin lost money after three years.

1010
01:01:15,180 --> 01:01:20,040
So it only takes three years to almost have a guaranteed return is another way to put that.

1011
01:01:20,280 --> 01:01:24,080
So when you're talking to newbies, they need to hodl for three years.

1012
01:01:24,160 --> 01:01:26,880
That needs to be the mindset that they go in with.

1013
01:01:27,540 --> 01:01:32,680
Bitwise has done a lot of interesting research, but that particular statistic right there I thought was really interesting.

1014
01:01:32,760 --> 01:01:37,979
I'll watch for the entire research paper, you know, when it does come out, whenever that might be.

1015
01:01:37,979 --> 01:01:53,660
okay we have reached that time of the show where it's our final clip of the week

1016
01:01:53,660 --> 01:01:58,340
and i thought this was on theme because of everything we talked about earlier

1017
01:01:58,340 --> 01:02:05,460
the structural shift that's uh taking place that seems to be setting us up for looser monetary

1018
01:02:05,460 --> 01:02:11,560
policies, at least for the next couple of years, stagflation to inflation, liquidity

1019
01:02:11,560 --> 01:02:12,460
pumping from China.

1020
01:02:12,506 --> 01:02:14,066
and the U.S.

1021
01:02:14,826 --> 01:02:17,746
So if we know these things to be true

1022
01:02:17,746 --> 01:02:19,606
and we suspect these are not,

1023
01:02:20,466 --> 01:02:21,966
I mean, these seem to be, right?

1024
01:02:22,046 --> 01:02:23,546
Like quite dovish.

1025
01:02:23,686 --> 01:02:24,726
And I mean, we don't know for sure.

1026
01:02:24,846 --> 01:02:27,066
Perhaps, you know, the meeting comes in September

1027
01:02:27,066 --> 01:02:27,866
and they don't cut rates.

1028
01:02:27,926 --> 01:02:29,466
Could you imagine how the market would react?

1029
01:02:30,306 --> 01:02:32,486
But it seems like the die has been cast,

1030
01:02:32,766 --> 01:02:34,946
but we will know for sure in a few weeks.

1031
01:02:35,726 --> 01:02:38,226
If that's true, well, Jeff Park,

1032
01:02:38,346 --> 01:02:40,226
he's a partner and chief investing officer

1033
01:02:40,226 --> 01:02:40,986
over at ProCap.

1034
01:02:40,986 --> 01:02:42,706
He used to work for Bitwise, speaking of Bitwise.

1035
01:02:43,446 --> 01:02:47,686
And over at Bitwise, he talked to a lot of clients of different backgrounds about Bitcoin.

1036
01:02:47,826 --> 01:02:51,126
And this is from a little while ago when people are still very nervous about Bitcoin.

1037
01:02:51,226 --> 01:02:58,406
So he got some interesting understandings and key insights about Bitcoin risks and the risk people felt about holding Bitcoin.

1038
01:02:58,946 --> 01:03:01,286
And he thinks most people have it completely backwards.

1039
01:03:01,886 --> 01:03:04,666
The real risk with Bitcoin isn't holding it.

1040
01:03:05,046 --> 01:03:07,026
The real risk is not holding any.

1041
01:03:07,026 --> 01:03:11,546
And one thing that I realized is that everyone has this blind spot.

1042
01:03:11,846 --> 01:03:17,966
This blind spot is they're worried about the risk of owning Bitcoin when they don't realize the risk of not owning it.

1043
01:03:18,086 --> 01:03:20,766
And so this blind spot can be explained with two assets.

1044
01:03:21,426 --> 01:03:22,406
Think about real estate.

1045
01:03:23,006 --> 01:03:30,006
Real estate is the best performing asset class in the world, particularly in the US, but generally in the world.

1046
01:03:30,546 --> 01:03:34,566
And if you really think about it, it has tons of write-offs.

1047
01:03:34,866 --> 01:03:36,466
It has tons of depreciation.

1048
01:03:36,466 --> 01:03:41,306
it has tons of reasons to make it look like the asset actually is falling apart, which it is,

1049
01:03:41,426 --> 01:03:46,626
because actually property needs lots of maintenance. So how could it possibly be

1050
01:03:46,626 --> 01:03:51,706
that real estate continues to go up in value when actually it's getting all these favorable

1051
01:03:51,706 --> 01:03:59,226
tax treatments? Is the wood becoming organically polymerized into superwood by itself? Is it

1052
01:03:59,226 --> 01:04:04,186
becoming titanium and steel over time organically? No, it's actually not. And I would say the same

1053
01:04:04,186 --> 01:04:08,806
Same thing with gold, gold by its definitional element is not changing.

1054
01:04:08,806 --> 01:04:12,146
So how is this thing constantly just going up in value?

1055
01:04:12,146 --> 01:04:15,506
And if you really think about it, they're not going up in value.

1056
01:04:15,506 --> 01:04:19,506
It's the dollars that are going down.

1057
01:04:19,506 --> 01:04:31,094
Once you see that it becomes really obvious that Bitcoin is actually a better asset imaginable to own for those same reasons of real estate and gold

1058
01:04:41,674 --> 01:04:44,874
Let's check in on the state of the network before I get out of here.

1059
01:04:44,974 --> 01:04:49,074
Wrapping up at block height 911,977.

1060
01:04:49,074 --> 01:05:00,814
With the USD price for one Bitcoin at $112,100 on the nose, that means the sats per dollar right now clocks in at 892 sats to one US dollar.

1061
01:05:01,354 --> 01:05:13,054
We are down 9.9% from the all-time high, which was $124,460 13 days ago, August 13, 2025.

1062
01:05:14,574 --> 01:05:18,734
10%! It's been fluctuating today. It's been fluctuating.

1063
01:05:19,074 --> 01:05:26,774
flirting with that. Let's check in on the node status right now. There are currently 23,344

1064
01:05:26,774 --> 01:05:35,214
Bitcoin reachable nodes. Not bad. I wonder if I could get to 350. Bitcoin Noughts coming in,

1065
01:05:35,314 --> 01:05:43,494
the Noughts node just hit 17% on the nodes on my dashboard. That puts it within striking distance

1066
01:05:43,494 --> 01:05:45,314
of Core28 and Core29.

1067
01:05:46,174 --> 01:05:49,074
Core29 is the number one node,

1068
01:05:50,074 --> 01:05:51,734
18.6% of the network.

1069
01:05:52,754 --> 01:05:55,154
Core28 is the second largest node distribution,

1070
01:05:55,834 --> 01:05:56,954
18.3%.

1071
01:05:56,954 --> 01:05:59,574
And now Notts is at 17%.

1072
01:05:59,574 --> 01:06:05,414
It is now the third largest node software.

1073
01:06:06,194 --> 01:06:06,654
Wow.

1074
01:06:07,654 --> 01:06:08,214
Wow.

1075
01:06:08,214 --> 01:06:08,254
Wow.

1076
01:06:11,934 --> 01:06:14,854
That is striking to see how fast that's happening.

1077
01:06:16,034 --> 01:06:18,794
Transaction fees are real low right now, one sat per VBite.

1078
01:06:19,374 --> 01:06:21,874
It's been moving around a bit.

1079
01:06:22,734 --> 01:06:25,294
We also see the hash rate at all-time new highs this week.

1080
01:06:25,394 --> 01:06:28,734
So, in fact, the state of the network is quite strong.

1081
01:06:32,434 --> 01:06:46,242
If you made it this far I have links at thisweekinbitcoin Some stuff I didn even get to in the show gets linked there Of course we also have links to the music this week We have links to our affiliate You can support the show

1082
01:06:46,722 --> 01:06:51,142
And of course, last but the most important, the RSS feed.

1083
01:06:51,642 --> 01:06:54,182
So you could subscribe to the show itself and keep on listening.

1084
01:06:55,122 --> 01:06:56,122
Let me know how I did this week.

1085
01:06:56,122 --> 01:06:59,242
I hope I have a show that focuses on the signal around what's going on.

1086
01:06:59,342 --> 01:07:02,302
There's so much distracting news right now.

1087
01:07:02,302 --> 01:07:05,922
a lot of what made this show was just saying,

1088
01:07:06,102 --> 01:07:07,482
no, I'm not going to talk about that.

1089
01:07:07,522 --> 01:07:08,502
I'm not going to talk about that.

1090
01:07:08,582 --> 01:07:09,782
We're going to just focus on the stuff

1091
01:07:09,782 --> 01:07:12,942
that's going to change the trajectory of Bitcoin

1092
01:07:12,942 --> 01:07:14,982
and Bitcoiners need to know about it.

1093
01:07:15,342 --> 01:07:15,742
Let me know.

1094
01:07:15,782 --> 01:07:16,802
I try to focus on the signal.

1095
01:07:16,882 --> 01:07:17,982
Send me a boost and tell me.

1096
01:07:18,342 --> 01:07:19,562
Also, if you want to suggest anything

1097
01:07:19,562 --> 01:07:21,922
I should have included or maybe even excluded,

1098
01:07:22,082 --> 01:07:23,142
always happy to hear that too.

1099
01:07:23,902 --> 01:07:25,402
And of course, you can always share the show with somebody.

1100
01:07:25,862 --> 01:07:26,622
Appreciate that a lot.

1101
01:07:26,842 --> 01:07:29,102
Now, I'm going to leave you with a value for value track.

1102
01:07:29,182 --> 01:07:30,002
You know the deal here.

1103
01:07:30,002 --> 01:07:32,562
the magic wallet switching technology kicks in,

1104
01:07:32,962 --> 01:07:36,682
and 95% of your sats will go to the artist

1105
01:07:36,682 --> 01:07:37,662
while their track plays.

1106
01:07:38,002 --> 01:07:42,202
And this week, it's Want You To Stay by Joe Martin.

1107
01:07:42,202 --> 01:07:45,102
Heels and legs

1108
01:07:45,102 --> 01:07:51,002
What are we doing here?

1109
01:07:52,762 --> 01:07:55,242
And each shot we shoot down

1110
01:07:55,242 --> 01:07:57,902
You're slowly bringing me round

1111
01:07:57,902 --> 01:08:01,102
To seeing things way more clear

1112
01:08:01,102 --> 01:08:06,542
If I leave me close

1113
01:08:06,542 --> 01:08:11,682
What you do lean into

1114
01:08:11,682 --> 01:08:17,062
Not knowing it's rough

1115
01:08:17,062 --> 01:08:19,762
So enough is enough

1116
01:08:19,762 --> 01:08:22,902
I'm done thinking this through

1117
01:08:22,902 --> 01:08:31,782
One careless word is all it'll take

1118
01:08:31,782 --> 01:08:37,342
We both know the rules, both know what's at stake

1119
01:08:37,342 --> 01:08:44,422
So please turn away as I feel myself losing control

1120
01:08:44,422 --> 01:09:12,309
I want you to stay I gonna need you to go Getting ready to leave

1121
01:09:12,309 --> 01:09:17,349
Call up your ride

1122
01:09:19,589 --> 01:09:22,289
Time's almost done

1123
01:09:22,289 --> 01:09:25,089
And you're giving me that look

1124
01:09:25,089 --> 01:09:28,869
That says there's nowhere to hide

1125
01:09:28,869 --> 01:09:34,569
One reckless move

1126
01:09:34,569 --> 01:09:37,389
Is all it'll take

1127
01:09:37,389 --> 01:09:40,469
We both know the rules

1128
01:09:40,469 --> 01:09:42,809
Both know I'd set stairs

1129
01:09:42,809 --> 01:09:45,309
So please turn away

1130
01:09:45,309 --> 01:09:47,609
As I can feel myself

1131
01:09:47,609 --> 01:09:50,069
losing control

1132
01:09:50,069 --> 01:09:56,369
I want you to stay

1133
01:09:56,369 --> 01:09:59,809
so I'm gonna need you

1134
01:09:59,809 --> 01:10:01,809
to go

1135
01:10:01,809 --> 01:10:07,249
There's calls on your phone

1136
01:10:07,249 --> 01:10:10,049
Your taxi's outside

1137
01:10:10,049 --> 01:10:12,849
Are you going home

1138
01:10:12,849 --> 01:10:15,609
or stay tonight

1139
01:10:17,609 --> 01:10:24,009
One subtle touch is all it'll take

1140
01:10:24,009 --> 01:10:29,389
We both know the rules, both know what's at stake

1141
01:10:29,389 --> 01:10:36,209
So please turn away before I lose our control

1142
01:10:36,209 --> 01:10:43,049
I want you to stay

1143
01:10:43,049 --> 01:10:48,409
I really want you to stay

1144
01:10:48,409 --> 01:10:54,869
I'm gonna need you to go