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Welcome in to This Week in Bitcoin, episode 90.

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My name is Chris, chrislas.com, jupiterbroadcasting.com.

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Bitcoin's waking up a little bit this week.

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Well, at least it seems to be reacting to some of the dollar drama news cycle.

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And it's pretty fresh.

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Things really just kicked off yesterday when President Trump was out and about and said the following about the U.S. dollar.

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It's great. I mean, the value of the dollar. Look at the business we're doing now.

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Dollar's doing great.

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I'd want it to be just seek its own level, which is the fair thing to do.

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You could have it. I could have it go up or go down like a yo-yo.

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All right. Well, hold on a second there.

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So I thought actually that was one of the most interesting things he said is he could have it go up or he could have it go down like a yo-yo.

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It's an admission of control.

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And that raises the obvious question.

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Well, if you can make it go up or down, why aren't they strengthening it?

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I mean, isn't that the obvious question?

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Listen to what he says here.

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I think it's great.

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I mean, the value of the dollar.

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Look at the business we're doing now.

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Look at the value and the business we're doing are two separate things.

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Dollar's doing great.

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I'd want it to be just seek its own level, which is the fair thing to do.

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You could have it. I could have it go up or go down like a yo-yo.

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So here's the latest.

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He could have talked it up, too, right?

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He could have. He could have, you know, you know Trump.

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He could have talked it up, but he chose not to.

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That's because the Trump administration, I maintain, has wanted a weaker dollar since before they came into office.

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It delivers exactly what they want.

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Essentially lower interest rates, higher U.S. exports, a smaller trade deficit and nominal GDP growth.

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And of course, higher asset prices. So the rich voters are happy. And I have no doubt the Trump team sees it that way. I mean, part of it is this grand vision to rebalance trade to benefit whatever they want to benefit, global liquidity, whatever. But Treasury Secretary Scott Besson said just as much today that, yeah, this is part of our plan.

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I mean, speaking of investing in America, I mean, one question people have right now is the appeal of U.S. assets, especially when they look at the U.S. dollar.

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So the context here is the wider conversation. Is the trade, is the America trade over? Is the rest of the world getting out of the United States? So she's really asking a question about the global markets no longer wanting to bet on the United States.

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Which is trading at multi-year lows. I know the president sort of endorsed this as a good thing yesterday, but is it really a good thing if people are wondering if the dollar is the right place to be?

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Well, again, U.S. always has a strong dollar policy, but a strong dollar policy means setting the right fundamentals.

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And I think that with President Trump's, with the one big beautiful bill, with our regulatory policies, we are making this the best place to come, build your business, have tax certainty, regulatory certainty, energy certainty.

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And over time, the prices on the screen can fluctuate over six months.

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We're worried about dramatic weakness in the dollar.

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But again, if we have sound policies, the money will flow in.

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So he's saying, well, we're going to do all of these things at the high level.

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And we think if we improve these things at the high level, the dollar will eventually take care of itself.

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And we are bringing down our trade deficits.

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So automatically that should lead to more dollar strength over time.

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Now, that might sound fine to some.

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But others like Peter Schiff are saying we are headed towards an economic crisis that they won't be able to solve.

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They won't be able to fix. They don't realize what's in the making.

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And the entire world is about to drop the dollar and buy gold.

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And the world is now pulling the rug out from under the U.S.

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The dollar is going to collapse. The dollar is going to be replaced by gold.

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Central banks are buying gold. They are. They are. That is true.

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They're getting rid of dollars. They're getting rid of treasuries.

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We are headed for a economic crisis again that will make the 2008 financial crisis look like a Sunday school picnic.

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The biggest difference between the crisis that we're about to have and the one we had back then is this one is all in America.

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It's not going to be exported to the rest of the world. It's not a global financial crisis. It's an American financial crisis.

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The only problem I have with Peter's analysis is that's always been Peter's analysis.

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For the last 25 years, we've always been about to have the dollar crash and everybody's about to buy gold.

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It just seems to be that we're more and more towards that situation.

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I often think Ray Dalio has a little more level-headed take on this, but he's also been upping his tone and increasing his level of seriousness.

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There is the loss of confidence in the reserve currency, which drives people to see alternative storeholds of wealth.

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So, for example, when there's a debt issue, there are two ways of dealing with debt.

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There's hard money, you know, traditionally backed by gold.

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And when that happened, then there was breakdowns in that monetary system, the valuation.

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So, for example, classically, March 1933, Roosevelt, with the debt problem, was forced to go off the gold standard, printed a lot of money, devalued the dollar, and then it moved on.

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In 1971, we had the same. Nixon did the same thing, went off the gold standard and devalued and so on.

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And the creation of a lot of debt and money means that money goes someplace else.

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And it traditionally, both of those cases, it went into stocks, gold and other places.

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So money is always the holders of money, which are the holders of bonds.

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Bonds are a promise to receive money, a lot of money over a period of time.

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It's a very long money position.

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And when those become unattractive, such as now, let's say, you get zero interest rate or close to zero interest rate or even a negative interest rate, and there's a lot of creation of debt and a lot of printing of money, that drives that into other assets.

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They may not be another currency if there's not a good currency.

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They may be stocks, they may be gold, and they may be another currency.

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But it is that kind of time that we're in. So next year and the year after, no matter what, we're going to have large deficits. We are going to produce a lot of debt and we will monetize that debt and that debt will have a negative real return. And therefore, people will borrow in it. We'll find it more advantageous to borrow in it than own it. And then they will move to other assets.

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Yeah, that's exactly the Bitcoiner thesis, isn't it? So that's the actual play, right? Oh, it's a collapse. It's a calamity. It's going to happen any moment where the Dalio view is this is an unraveling that takes quite a while. So I say don't get too excited.

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I will admit the dollar drama can be kind of fun to watch for Bitcoiners because, you know, by nature, we're fiat skeptics.

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And this is a pretty significant downward tranche we saw this week in the dollar, but it's already kind of recovered.

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And it really is the result of international policy and Trump administration decisions.

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I wouldn't get too sucked into the sensationalization around what's going on with the dollar because honestly you got to look long term.

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And when you zoom out the dollar chart, really, it's not that bad.

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It's in a longer range and it's at the lower end of that longer range for sure.

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But if you go out to the 1990s, we're still kind of in a medium high range relative to the dollar's overall history.

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And with the dollar rebounding today, here's the headline.

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The dollar index rose 9.6.4, 9.6.4 on Wednesday after touching a four-year low of 96.

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Earlier in the session, as markets prepared expectations, the U.S. was engineering a devaluation in its currency aid to exporters.

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So really, the number there right now, as I record, is 96.4.

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The number, I suppose, that would be historical would be somewhere in the 90-ish range.

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But the real issue is the debt.

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It's the debt.

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It's the debt.

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It's the debt.

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Do you hear me?

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And to understand that, you really have to – with everything that's going to happen with the dollar, you have to appreciate that.

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It's just an overall, they have no choice.

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We're near $40 trillion in debt.

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And gold has been sniffing this out.

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I did a little spelunking this week for you guys.

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And I brought up the old price charts.

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I'm not a chart person, but I do have trading views, so I can do this from time to time.

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And I zoomed out with gold and the dollar to the year 2020.

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Seems like so long ago.

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And what I saw is a very clear signal.

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is gold quietly entered a bull market in October of 2022.

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That was a key moment, not just for Bitcoin.

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And funny how October keeps coming up.

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But in October of 2022, there's a clear deviation

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where the dollar starts to debase,

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even really before accelerated, and gold starts to rip.

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Gold starts sniffing it out years, not months,

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years ahead of time.

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Because gold leads liquidity events.

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It moves before easing, before quantitative easing, before the weakness has been baked into the market.

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Gold moves. It's anticipatory because they're trying to preserve and protect.

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It reflects the debasement before it happens.

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That's exactly what savvy Bitcoiners have been doing and saying for years.

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They're front running all of this and have been years ahead of the banks and the boomers that are buying gold right now.

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Bitcoiners, though, are not solving for this moment.

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They're solving for the future.

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The average investor who's trading stocks or crypto or jumping in and out of positions, chasing pumps or reacting emotionally to volatility, that is an investor who has a high time preference.

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Bitcoin behaves differently.

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Bitcoin tends to absorb liquidity once it shows up.

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It moves after liquidity has arrived.

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It's a liquidity black hole.

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Gold leads a debasement trade.

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Bitcoin expresses the liquidity trade.

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It benefits from it.

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Soon, not yet, we'll be there.

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We will be on the other side of this cycle eventually, but we have to be real about this.

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Bitcoin's been sliding against gold for 14 months now.

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That's historically, traditionally, about how long this goes.

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But we're in a different kind of cycle right now.

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It's driven more by policy and fiscal dominance and less by central bank rates and that type of stuff.

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And so looking at past performance doesn't really seem to make sense when it comes to four-year cycles or this kind of stuff.

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when it's a Bitcoin gold bear market.

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And so it could be a little while until this turns around.

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I don't know.

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You just have to stay focused and stack sacks

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and don't worry about rocks.

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Let gold have its run.

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Bitcoin will figure it out.

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And at some point, central banks will settle down.

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Tether will stop sucking up as much gold as possible.

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The climb will slow for gold a bit

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and Bitcoin will start to rip.

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And I'm pretty sure about that.

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Now, how do I know?

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Let's get into that.

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As the money supply goes up, and that's going to be happening, the market will need a place to hedge against inflation and debasement.

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And to be frank, they're going to bet against the dollar.

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And it probably won't be bonds unless you're a U.S. bank.

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This is something that came out today from BlackRock.

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They had a takeaway that immutable laws were now in play.

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And they had market commentary that they put out.

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I'll put a link in the show notes.

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and multiple members of what they call the BlackRock Investment Institute basically said bonds are no longer a safe hedge, not just U.S. bonds.

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BlackRock says bonds no longer offer a reliable portfolio protection amid rising volatility.

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Spikes in long-term yields are fueling debt concerns driven largely by U.S. tariff risks with impacts strongest in Japan.

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The firm remains underweight long-term U.S. and Japanese government bonds.

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Let that sink in. That's BlackRock and their investment squad saying they're going underweight on bonds. You know, the long term savings vehicle that the governments use to finance their debt? That came out today. And as soon as I read it, I was reminded of a clip that I didn't play last week. But with this context, now I think I should.

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I didn't play it because this is Ken Griffin of Citadel, and Citadel really benefited from the 08 bailouts, and I really don't really take what he says with much significance.

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However, this clip has gone kind of viral, and the thing people are missing is sitting next to him while he's, and I want you to keep this in mind while you're hearing this clip, sitting right next to him is Larry Fink, the CEO of BlackRock, nodding so hard in agreement that I wondered if old Larry might have hurt his neck.

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The area of recklessness is the spending of governments around the world who are all, with little exception...

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That, by the way, is Larry Fink. Larry Fink is in complete agreement.

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And I think it's no shock now with this memo that they've put out.

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Spending of governments around the world who are all with little exception all spending well beyond their means That the recklessness of this moment in history This is not a parallel to the 1920s in terms of the recklessness of the private capital markets It a story of the recklessness

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of government spending. Within the private sector, there's a huge question as to where AI will take

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us. And I was carefully taking notes and listening to what Larry has to say or to what Madame Lagarde

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has to say because this is one of the big issues of our moment. Will AI create the productivity

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acceleration that is honestly hoped for in Washington and in the halls of government around

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the world as a way to overcome the profit and spending that we're currently engaged in?

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Like the world, the world needs a savior. And the hope is that AI is the savior that we need for productivity. And the challenge with this is it may or may not be. We just don't know yet.

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Oh, I think they know. I think deep down they know it's not going to be AI because the governments will just spend more. If we produce more in the economy, the governments will spend more. It'll make an impact for sure. Productivity impact for sure. It will help. But nothing, nothing stops this train.

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the lever you have pulled breaks is not in service the only thing that fixes this is sound money

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policy it won't be productivity it can help but it won't fix it and so gold saw this coming and so

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did bitcoiners so did bitcoiners but gold also saw this coming and here's the difference the bitcoin

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market cap is $1.7 trillion right now. The gold market cap is estimated to be nearly $37 trillion.

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Of course, they don't really know, like the Bitcoin network does, but that's the number

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they all choose to believe in, so we'll go with that. Gold is the solution for the pain right now.

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A $37 trillion market cap can absorb constant buying by central banks. Bitcoin, not there yet.

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It's a long-term solution for the people. I actually thought Jack Mahler's had a pretty

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good explanation in his podcast that was on Monday, of course, Jack from Strike and 21.

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Bitcoin is gradually catching a sovereign bid. But the biggest bidders of Bitcoin right now

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are ETFs and corporations like Strategy or 21. And that doesn't mean that people don't

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understand what it is and people don't know where it's going. It's how old it is. It's still a

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teenager. It's a certain size. Michael Saylor can plow a billion dollars a week into Bitcoin and

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Bitcoin can absorb that. No problem. One, one and a half to $2 trillion asset. No problem.

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Plenty saleable, plenty liquid, easy. China, it's just not big enough. So the thing is gold,

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gold, the way I would describe gold relieves the pain today. It is not the solution for the future.

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We all know that.

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How do I know that?

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It already failed.

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Did gold get any more decentralized?

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Did gold get any faster?

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Did gold get any lighter?

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Did gold add any new features?

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Did gold address any of the reasons that it got demonetized and failed humanity as a money?

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No, it's not software.

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We can't make it better.

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We can't improve it.

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It's a fucking rock.

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Well, today was a special day, Wednesday, January 28th, 2026.

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One of those special days where the Fed chair comes out of his cave and tells us what they've decided the price of money will be.

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Federal Reserve kept interest rates unchanged Wednesday.

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They hit the pause button, as the economic media puts it, at the first meeting this year,

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signaling a risk that perhaps there are some economic problems.

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They didn't really want to proceed any further.

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I didn't really get that.

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That was the media's take.

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My take was actually J-Pow was feeling pretty good, but didn't see the needs to move forward.

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The press really is falling all over themselves to try to cover the last moments of J-Pow.

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I don't know.

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By the way, Steve Leisman, the Fed's call on interest rates now.

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The Federal Reserve pausing after three consecutive cuts, maintaining the rate of three and a half to 3.75.

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There were, however, two dissents.

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Governors Waller and Myron both dissenting, favoring a quarter point cut this time.

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They kept the language that they used last time to single a pause,

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saying that in considering the extent and timing of additional adjustments to the target range,

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that was what signaled a pause last time.

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Perhaps telegraphing a future pause, there was also a noticeable upgrade to the economy

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and something of an upgrade to jobs.

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On the economy, they said it expanded at a solid pace,

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really marking to market what we know out there.

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See, in my opinion, that's pretty positive speak from a Fed chair, a solid pace.

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Jay Powell dodged all the interesting questions about all of the politics around his job right now, although he did say that politicians shouldn't control central banks when asked if he would be staying in power for an extended period of time.

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The point of independence is not to protect policymakers or anything like that. It just is that every advanced economy democracy in the world has come around to this common practice. It's just an institutional arrangement that is that has served the people well. And that is to have a separation between to not have direct elected official control over the setting of monetary policy.

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I just don't really buy the premise because the Fed chair has always been appointed by the president. And when I look around at the activities of the central banks that aren't the Federal Reserve, they seem to be in more lockstep with their government policy than ours is by a pretty extreme degree.

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I guess I just don't see the evidence of any independent activity by the central banks my entire lifetime.

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And I mean that from a data standpoint and from an observational standpoint.

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And so their entire argument is around this premise that, A, it isn't a political position to begin with, which is a lie because it's appointed by an elected president who is a de facto the biggest politician in the world.

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And B, the idea that they have this sort of sanctimonious independence all around the world that all Western nations have agreed upon.

231
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I don't know if I buy that either.

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I think if you were to ask the people on whole, on average, if they knew the answer, they would say the central banks probably haven't better served them.

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In fact, for the last 40 years, they've horrendously debased their currency, making their day-to-day life much significantly worse.

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And each previous generation since the boomers, worse off, which is historically not the way it's worked.

235
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And so you could argue that the central bank has disserved the people and isn't independent to begin with and is nothing federal about it, of course.

236
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But the next Fed chair, if J-POW ever steps out, should be really interesting.

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Now, we don't know, obviously, at this point, but Rick Reader seems to be in the lead with 44% odds on Polymarket right now that he will be the next federal chair.

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And I want to play this clip for you because he was at Davos.

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After the skiing, he sat down with CNBC.

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And I want you to take away a couple of things from this clip.

241
00:21:16,382 --> 00:21:17,882
We just heard from J-POW.

242
00:21:17,882 --> 00:21:21,042
In fact, let's play another J-POW clip just so we can baseline.

243
00:21:21,222 --> 00:21:22,342
OK, here's another J-POW clip.

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You know, geopolitical risk for us is a lot of it is around energy, oil.

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And so far, we haven't, you know, with all for all the turmoil, we really oil prices have come down, as you know.

246
00:21:34,362 --> 00:21:38,682
And so we don't really see much, you know, longer than that.

247
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It's trade. And, you know, the trade, the economy, our economy has has pulled through pretty well, you'd have to say,

248
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given the very significant changes in trade policy.

249
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Yeah, so why not lower rates?

250
00:21:50,382 --> 00:21:52,402
So then, now here is the new guy,

251
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the believed next possible Fed chair by Polymarket, Reeder.

252
00:21:56,122 --> 00:21:59,822
Now take away just his general style compared to Fed chair Powell there,

253
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and then also note his thoughts on Bitcoin.

254
00:22:02,422 --> 00:22:03,702
And we'll talk about that on the other side.

255
00:22:04,282 --> 00:22:08,162
What do you think the ideal portfolio is supposed to look like today?

256
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We're surrounded by investors.

257
00:22:10,562 --> 00:22:14,002
We're surrounded quite literally by financial advisors

258
00:22:14,002 --> 00:22:18,302
who are thinking about that, retail investors who are watching.

259
00:22:18,402 --> 00:22:20,302
I mean, what does it look like today?

260
00:22:20,662 --> 00:22:26,162
All right, so this is Rick here, Rick Reeder, and he's sitting in a blue blazer.

261
00:22:26,742 --> 00:22:30,902
He's got a white button-up shirt with the top couple of buttons undone.

262
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He's got mostly salt, but some pepper in his hair slicked back, and dude's leaning back in his chair.

263
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Very different than the past.

264
00:22:40,082 --> 00:22:41,882
So maybe I'll start with the equity market.

265
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I mean, the first thing I would say, we're going through the most extraordinary technology dynamic I've ever seen before.

266
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I would stay long equities.

267
00:22:48,822 --> 00:22:49,902
By the way, you can buy vol.

268
00:22:49,982 --> 00:22:52,582
You can buy volatility very cheaply to manage your exposure.

269
00:22:53,422 --> 00:22:54,922
So he's saying stay long equities.

270
00:22:55,022 --> 00:23:01,182
I think what he means by that, of course, is to buy the tech companies, baby, buy the AI companies.

271
00:23:01,282 --> 00:23:02,742
And then I love that the vol is in there.

272
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You know, he's talking like a trader.

273
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The traders love the vol.

274
00:23:05,782 --> 00:23:06,102
Equities.

275
00:23:06,342 --> 00:23:07,422
By the way, you can buy vol.

276
00:23:07,502 --> 00:23:10,102
You can buy volatility very cheaply to manage your exposure.

277
00:23:10,102 --> 00:23:14,402
and stay along equities oriented to where growth in technology is.

278
00:23:15,102 --> 00:23:17,562
In fixed income, income is amazing.

279
00:23:18,022 --> 00:23:19,482
You're still clipping 6%.

280
00:23:19,482 --> 00:23:21,382
Would I stay five years in on the curve?

281
00:23:21,722 --> 00:23:22,762
I'd still clip that coupon.

282
00:23:22,942 --> 00:23:24,042
We're extending a little bit out.

283
00:23:24,342 --> 00:23:26,002
Wow, this guy is in it, isn't he?

284
00:23:26,442 --> 00:23:27,862
I'd clip that coupon, you know?

285
00:23:28,242 --> 00:23:32,602
And then quite frankly, I mean, there's some interesting things to do in private bespoke markets.

286
00:23:32,782 --> 00:23:33,082
Uh-huh.

287
00:23:33,182 --> 00:23:33,442
Okay.

288
00:23:33,542 --> 00:23:34,662
Private bespoke markets.

289
00:23:34,962 --> 00:23:36,722
And I think hard assets.

290
00:23:36,882 --> 00:23:38,182
Oh, now here we go.

291
00:23:38,182 --> 00:23:40,942
have to enter the equation today.

292
00:23:41,282 --> 00:23:44,242
Gold, Bitcoin, things that give you a little bit of ballast.

293
00:23:44,402 --> 00:23:47,262
The guy with a 44% chance to become the next Fed chair

294
00:23:47,262 --> 00:23:48,522
drops Bitcoin next to gold.

295
00:23:48,582 --> 00:23:49,142
Very interesting.

296
00:23:49,282 --> 00:23:52,042
Of course, he currently works at BlackRock

297
00:23:52,042 --> 00:23:54,362
and he is on their portfolio construction team.

298
00:23:54,762 --> 00:23:58,982
And I think hard assets have to enter the equation today.

299
00:23:59,342 --> 00:24:02,282
Gold, Bitcoin, things that give you a little bit of ballast

300
00:24:02,282 --> 00:24:05,362
in the portfolio against potential for currency depreciation.

301
00:24:05,362 --> 00:24:07,802
When you talk about Bitcoin should be part of the portfolio,

302
00:24:07,802 --> 00:24:10,562
what kind of percentage are you thinking about?

303
00:24:10,942 --> 00:24:11,902
Is it a 5%?

304
00:24:12,262 --> 00:24:13,342
I'll be honest, when he says,

305
00:24:13,462 --> 00:24:14,742
what kind of percentage were you thinking about?

306
00:24:14,822 --> 00:24:16,562
I was hoping this guy would say 100%.

307
00:24:16,562 --> 00:24:19,282
But with what you just heard him say

308
00:24:19,282 --> 00:24:23,082
about fixed income and clipping coupons and equities,

309
00:24:23,642 --> 00:24:25,922
he's not gonna say, he's not gonna be like,

310
00:24:26,002 --> 00:24:28,322
oh yeah, 100%, no, that's not where this guy's at.

311
00:24:28,402 --> 00:24:29,442
Be part of the portfolio.

312
00:24:29,742 --> 00:24:32,182
What kind of percentage are you thinking about?

313
00:24:32,582 --> 00:24:33,502
Is it a 5%?

314
00:24:33,722 --> 00:24:35,982
Which generally seems to be what people are talking about,

315
00:24:35,982 --> 00:24:36,682
more or less.

316
00:24:36,682 --> 00:25:06,662
It seems high to me. So I run our global allocation fund. We're running long equities. We're heavy income. We're running in the 3% to 5% region on gold. Gold strikes me today as a better currency hedge. Bitcoin tends to trade with vol, tends to trade with the NASDAQ. So we're running considerably lower than that in crypto. I just think it's going to go up and I think it's a good expression. But 5% seems high to me. But it depends where you are in your life and how much risk you want to take.

317
00:25:06,682 --> 00:25:12,702
Well, we'll see you on the stage, the big stage I said as the headline speaker, the keynote today. Rick Reeder, thank you.

318
00:25:14,302 --> 00:25:26,222
Okay, so when he said Bitcoin tends to trade with vol, tends to trade with the NASDAQ, and then a moment later he says, I just think it's going to go up and I think it's a good expression.

319
00:25:26,762 --> 00:25:29,902
Expression of what? Boost in with what you think he meant by all of that.

320
00:25:30,642 --> 00:25:35,322
It sounds to me like he thinks Bitcoin is an expression of debasement. I'm not sure. What do you think?

321
00:25:35,322 --> 00:25:41,342
Like what was he said, Bitcoin tends to trade with vol and tends to trade with the Nasdaq.

322
00:25:41,362 --> 00:25:42,982
And the Nasdaq obviously is very tech heavy.

323
00:25:43,262 --> 00:25:45,162
And then he says, I think it's just going to go up.

324
00:25:45,262 --> 00:25:47,022
And I think it's a good expression.

325
00:25:47,922 --> 00:25:48,142
All right.

326
00:25:48,162 --> 00:25:50,302
So boost it and tell me an expression of what?

327
00:25:50,382 --> 00:25:53,002
And what do you think of that guy being the next Federal Reserve chair?

328
00:25:53,422 --> 00:26:01,402
And if you if you feel like weighing in on it, do you think Jay Powell will step down in May or do you think he'll end up staying on because of the extenuating circumstances?

329
00:26:01,642 --> 00:26:05,082
I'd like to get your prediction in the boost if you're willing to go on the record.

330
00:26:05,322 --> 00:26:28,102
Hey you! Did you know you can support the show by doing what you do? That's right, if you want to

331
00:26:28,102 --> 00:26:31,702
stack sats on River, go get set up by using our link in the show notes. It's one of the best ways

332
00:26:31,702 --> 00:26:33,082
to stack sats in the U.S.

333
00:26:33,082 --> 00:26:35,482
If you're all about automatic custody from your wallet

334
00:26:35,482 --> 00:26:38,542
and never their wallet, check out the Bitcoin well.

335
00:26:38,962 --> 00:26:40,142
They're in the U.S. and Canada.

336
00:26:40,582 --> 00:26:42,062
Now, if it's time to spend some of your sats,

337
00:26:42,122 --> 00:26:42,982
you got them loaded up in Lightning,

338
00:26:43,042 --> 00:26:45,302
you can go from Lightning sats to a gift card

339
00:26:45,302 --> 00:26:47,102
in just minutes with the Bitcoin company.

340
00:26:47,222 --> 00:26:48,022
They only do Bitcoin.

341
00:26:48,102 --> 00:26:49,642
They'll even let you log in with the Lightning network.

342
00:26:50,182 --> 00:26:52,102
Now, if you're all about stacking sats passively,

343
00:26:52,142 --> 00:26:53,162
and I think you should consider it,

344
00:26:53,382 --> 00:26:54,902
the Fold card makes that real easy

345
00:26:54,902 --> 00:26:55,822
while you pay your bills.

346
00:26:56,222 --> 00:26:57,302
And then last but not least,

347
00:26:57,342 --> 00:26:58,822
if it's time to get access to your liquidity

348
00:26:58,822 --> 00:27:00,122
without selling your Bitcoin,

349
00:27:00,782 --> 00:27:02,022
Salt Landing will hook you up.

350
00:27:02,062 --> 00:27:03,002
I'll have links in the show notes.

351
00:27:03,062 --> 00:27:04,002
No official relationship.

352
00:27:04,142 --> 00:27:05,742
Those are services I use and like.

353
00:27:06,162 --> 00:27:08,782
And you can support the show by doing what you do.

354
00:27:21,822 --> 00:27:28,562
Ask not what your podcast can boost for you, but what you can boost for your podcast.

355
00:27:28,562 --> 00:27:31,162
And we had some supporters for this episode.

356
00:27:31,362 --> 00:27:32,082
Let's get into it.

357
00:27:32,162 --> 00:27:44,803
OB boosts in with 41 sats That right Everything under control I makes you our baller booster this week He says I just got back from Las Vegas

358
00:27:45,263 --> 00:27:46,023
Lots of conventions.

359
00:27:46,263 --> 00:27:47,063
Everything was busy.

360
00:27:47,263 --> 00:27:49,823
No one was complaining about prices or the economy.

361
00:27:50,083 --> 00:27:53,303
Unless you talk to people driving the cabs, clean your room, and serving tables.

362
00:27:53,423 --> 00:27:54,423
Different story from them.

363
00:27:55,243 --> 00:27:58,203
Obi, that's such a great observation.

364
00:27:58,203 --> 00:28:01,003
and I didn't even consider for the holidays,

365
00:28:01,003 --> 00:28:03,783
I went to Vancouver Island in BC with the family

366
00:28:03,783 --> 00:28:06,003
and it was so busy with shopping.

367
00:28:06,323 --> 00:28:07,663
You had to wait everywhere you went,

368
00:28:07,723 --> 00:28:08,783
you had to wait for a parking spot

369
00:28:08,783 --> 00:28:10,523
and everything was booked up.

370
00:28:10,643 --> 00:28:11,583
But then you're right,

371
00:28:11,663 --> 00:28:14,083
the waitstaff and the people working at the hotel

372
00:28:14,083 --> 00:28:15,343
were miserable.

373
00:28:15,503 --> 00:28:17,203
And some of the folks that had lived there the longest

374
00:28:17,203 --> 00:28:19,943
before it became kind of like a yuppie town,

375
00:28:20,003 --> 00:28:21,183
as we used to say back in my day,

376
00:28:21,563 --> 00:28:22,223
were miserable.

377
00:28:22,483 --> 00:28:23,883
And it's such an interesting divide.

378
00:28:24,583 --> 00:28:25,383
And I have to say,

379
00:28:25,423 --> 00:28:27,203
I think I connect closer to the people

380
00:28:27,203 --> 00:28:28,423
that are feeling a little rough

381
00:28:28,423 --> 00:28:30,123
than the people that are feeling like things are great.

382
00:28:30,603 --> 00:28:31,523
Nice observation, Obi.

383
00:28:31,563 --> 00:28:32,463
Thank you for sharing it with me.

384
00:28:32,783 --> 00:28:33,523
Love that kind of stuff.

385
00:28:33,563 --> 00:28:34,743
You guys see that out in the real world.

386
00:28:34,803 --> 00:28:35,503
See those observations.

387
00:28:35,663 --> 00:28:36,083
Send them in.

388
00:28:36,603 --> 00:28:37,423
Share them with the class.

389
00:28:38,483 --> 00:28:42,243
Adversaries is here with 32,768 sats.

390
00:28:46,923 --> 00:28:49,383
Oh, Adversaries has got a mining pool update for us.

391
00:28:49,623 --> 00:28:52,743
He writes, it turns out there is more to this than I thought.

392
00:28:52,903 --> 00:28:54,923
I need a pool server, a public node,

393
00:28:55,043 --> 00:28:56,643
and then I have to configure the pool server

394
00:28:56,643 --> 00:28:57,923
to distribute fees appropriately.

395
00:28:58,403 --> 00:28:59,783
So far, I haven't been able to determine

396
00:28:59,783 --> 00:29:01,943
if the public pool software by Benjamin Wilson

397
00:29:01,943 --> 00:29:03,943
is the right server since it's mostly used

398
00:29:03,943 --> 00:29:06,063
for single mining and doesn't have fee distribution.

399
00:29:06,483 --> 00:29:09,303
The idea would be that any of our miners found a block

400
00:29:09,303 --> 00:29:10,583
it would distribute to all of us.

401
00:29:10,703 --> 00:29:11,683
I still have a work in progress.

402
00:29:12,403 --> 00:29:13,123
More research to come,

403
00:29:13,163 --> 00:29:14,583
but other projects have been taking precedence.

404
00:29:15,043 --> 00:29:16,363
PJ messaged me and is interested

405
00:29:16,363 --> 00:29:18,183
in joining the pool right away once we get set up.

406
00:29:18,543 --> 00:29:19,803
Oh man, I want to get going too.

407
00:29:20,183 --> 00:29:23,223
So I wonder adversaries if maybe there isn't like a way

408
00:29:23,223 --> 00:29:24,943
we could do a sub pool on another pool.

409
00:29:24,943 --> 00:29:30,363
Like maybe if ocean mining offered us a way to do like a group and we just use their infrastructure, I don't know.

410
00:29:30,743 --> 00:29:32,383
Could be something to consider there.

411
00:29:32,703 --> 00:29:33,703
Also would be willing.

412
00:29:33,843 --> 00:29:36,183
I have a node that's already kind of public.

413
00:29:36,403 --> 00:29:38,903
And, you know, we have servers, I suppose.

414
00:29:39,003 --> 00:29:39,963
We got to think about that.

415
00:29:40,403 --> 00:29:41,703
But let's chat more about it.

416
00:29:41,723 --> 00:29:42,883
And thank you for doing that research.

417
00:29:42,963 --> 00:29:43,543
Keep me posted.

418
00:29:44,403 --> 00:29:45,023
Perseates that.

419
00:29:45,743 --> 00:29:46,603
Perseates that a lot.

420
00:29:47,363 --> 00:29:47,603
Okay.

421
00:29:48,103 --> 00:29:51,683
So I'm going to get, I'm going to, I got to admit something to you guys.

422
00:29:52,403 --> 00:29:53,423
We're not there yet.

423
00:29:54,043 --> 00:29:55,083
Yeah, I got to do better.

424
00:29:55,603 --> 00:29:56,203
Got to do better.

425
00:29:56,523 --> 00:29:59,923
But we got another Bitcoin boost, 21,000 sats by BobbyPin.

426
00:30:02,583 --> 00:30:03,283
There's that.

427
00:30:03,403 --> 00:30:04,543
I mean, that's okay, right?

428
00:30:04,823 --> 00:30:06,103
That's okay, right?

429
00:30:06,203 --> 00:30:06,403
I could.

430
00:30:07,923 --> 00:30:09,343
There you go, 21,000 sats.

431
00:30:09,823 --> 00:30:09,963
Huh?

432
00:30:10,323 --> 00:30:10,523
Huh?

433
00:30:10,663 --> 00:30:11,283
Yeah, is that something?

434
00:30:11,383 --> 00:30:11,523
All right.

435
00:30:11,563 --> 00:30:17,083
All right, BobbyPin boosts in, says, I've been busy lately, but I sent you a DM on X with the weekly spaces that I do some.

436
00:30:17,083 --> 00:30:19,403
Oh, I didn't even see a notification about that.

437
00:30:19,403 --> 00:30:21,203
with the Bitcoin mining information.

438
00:30:21,363 --> 00:30:23,083
Is there a different form of communication you prefer?

439
00:30:23,183 --> 00:30:24,883
I'm reaching out for more experienced people.

440
00:30:24,963 --> 00:30:26,303
I know they'd like to talk to you about mining.

441
00:30:26,403 --> 00:30:26,823
Oh, wow.

442
00:30:27,423 --> 00:30:28,903
We dropped below 900 X a hash.

443
00:30:28,963 --> 00:30:29,823
Great time to get into mining.

444
00:30:30,043 --> 00:30:30,963
That's a good point.

445
00:30:31,423 --> 00:30:32,183
Yeah, the winter storms.

446
00:30:32,343 --> 00:30:33,223
I should have thought of that.

447
00:30:33,843 --> 00:30:35,543
Bobby Penn, I guess I'll look for your DM.

448
00:30:35,683 --> 00:30:36,323
It should be okay.

449
00:30:36,603 --> 00:30:38,863
I just have no notification that anybody sent me a DM.

450
00:30:39,323 --> 00:30:40,483
Thanks for letting me know on here.

451
00:30:41,083 --> 00:30:41,743
Appreciate that.

452
00:30:42,203 --> 00:30:43,243
Also, he wants to know what's...

453
00:30:43,243 --> 00:30:44,023
Yeah, you called me out.

454
00:30:44,023 --> 00:30:45,443
Well, I had a couple of suggestions.

455
00:30:45,643 --> 00:30:47,423
I just, I played the one for you last week

456
00:30:47,423 --> 00:30:48,203
and I didn't like it.

457
00:30:48,203 --> 00:30:49,983
but we will find something.

458
00:30:50,203 --> 00:30:52,023
You make me want to be a better man.

459
00:30:52,243 --> 00:30:54,703
Bitcoin Lizard's here with 21,000 sats.

460
00:30:57,643 --> 00:31:00,083
I had to send a boost to make sure your node was working correctly.

461
00:31:00,243 --> 00:31:01,063
Looks like you fixed it.

462
00:31:01,163 --> 00:31:01,703
Oh, lizard.

463
00:31:02,403 --> 00:31:03,203
I'll tell you what, guys.

464
00:31:03,223 --> 00:31:05,743
I'll tell you a little bit about a major node outage

465
00:31:05,743 --> 00:31:08,823
of my own making that I had this week after the boost segment.

466
00:31:08,923 --> 00:31:09,303
Stay tuned.

467
00:31:09,403 --> 00:31:10,603
It's brutes.

468
00:31:10,943 --> 00:31:12,203
It's so brutes.

469
00:31:12,823 --> 00:31:13,183
All right.

470
00:31:13,183 --> 00:31:16,463
Our last Bitcoin boost, 21,000 sats from Mix.

471
00:31:18,203 --> 00:31:21,323
Thanks for all your work.

472
00:31:21,403 --> 00:31:22,503
The segment on Carney was great.

473
00:31:22,683 --> 00:31:24,423
That guy is an installed agent.

474
00:31:24,603 --> 00:31:25,623
Oh, boy.

475
00:31:26,123 --> 00:31:26,983
Fun will now come.

476
00:31:26,983 --> 00:31:27,463
Here we go.

477
00:31:27,523 --> 00:31:29,283
I think some of the other booths are going to get into this.

478
00:31:29,443 --> 00:31:30,583
Thank you very much, Mix.

479
00:31:30,623 --> 00:31:31,383
I appreciate that.

480
00:31:31,783 --> 00:31:35,003
Gene Bean's here with 6,600 Twana Fursats.

481
00:31:38,903 --> 00:31:42,543
Any Western nation talking about the downsides of not being able to feed itself

482
00:31:42,543 --> 00:31:44,663
needs to shut up and read the hidden repression,

483
00:31:45,043 --> 00:31:47,843
how the IMF and the World Bank sell exploitation as development.

484
00:31:47,843 --> 00:31:49,383
I will plus one that, Gene.

485
00:31:49,563 --> 00:31:50,263
Yeah, man.

486
00:31:51,063 --> 00:31:51,483
I love it.

487
00:31:51,643 --> 00:31:53,123
Gene's got some good book recommendations.

488
00:31:53,303 --> 00:31:54,963
Hoddling till the cows come home over here.

489
00:31:55,363 --> 00:31:59,103
I'm in no hurry since I wasn't expecting any real upside for four or five years from now.

490
00:31:59,183 --> 00:32:04,763
Anyhow, I only started dipping into my toes beyond lightning in March 2024 and learned that hoddling is the way.

491
00:32:05,243 --> 00:32:06,043
Very wise, Gene.

492
00:32:06,203 --> 00:32:07,763
In fact, I kind of, I don't know why.

493
00:32:07,803 --> 00:32:11,603
And maybe this will lead to disappointment because Bitcoin doesn't care about my timeline.

494
00:32:12,083 --> 00:32:13,363
Doesn't care about any of our timelines.

495
00:32:13,863 --> 00:32:16,883
Bitcoin is also over the last 16 years or so

496
00:32:16,883 --> 00:32:20,243
been a great lesson in humility and humbling.

497
00:32:21,743 --> 00:32:24,323
And also constantly forcing me to reevaluate

498
00:32:24,323 --> 00:32:25,763
low time preference things

499
00:32:25,763 --> 00:32:27,423
and actually focusing on long-term.

500
00:32:27,823 --> 00:32:29,023
So it's good in that sense,

501
00:32:29,083 --> 00:32:30,623
but it doesn't pump when I need it to, right?

502
00:32:31,163 --> 00:32:32,703
And so back in my mind, I don't know why,

503
00:32:32,783 --> 00:32:33,483
maybe I'll be disappointed.

504
00:32:33,883 --> 00:32:35,503
I picture like the early 2030s.

505
00:32:36,183 --> 00:32:38,063
It says Unchained Capital is a Bitcoin IRA

506
00:32:38,063 --> 00:32:39,483
that uses a multi-sig setup

507
00:32:39,483 --> 00:32:40,803
that's compatible with the Tracer One.

508
00:32:40,963 --> 00:32:43,103
It's a nice option for rolling over a 401k

509
00:32:43,103 --> 00:32:44,123
from a previous employer.

510
00:32:44,363 --> 00:32:44,903
Just saying.

511
00:32:45,223 --> 00:32:45,863
Great tip, Gene.

512
00:32:46,523 --> 00:32:46,863
And he says,

513
00:32:46,923 --> 00:32:47,843
hell no to a CBDC.

514
00:32:48,103 --> 00:32:49,103
Plus one to that.

515
00:32:49,523 --> 00:32:50,303
Plus one to that.

516
00:32:50,603 --> 00:32:51,903
That's not possible.

517
00:32:52,043 --> 00:32:52,883
Nothing can do that.

518
00:32:52,923 --> 00:32:54,703
No CBDC here, right?

519
00:32:55,483 --> 00:32:55,923
Thank you, Gene.

520
00:32:56,583 --> 00:32:57,243
Joey DD is here

521
00:32:57,243 --> 00:32:58,143
with 6,000 sets.

522
00:32:58,263 --> 00:32:58,983
This is the way.

523
00:32:59,123 --> 00:32:59,843
Thanks for calling out

524
00:32:59,843 --> 00:33:00,743
the banker prime minister

525
00:33:00,743 --> 00:33:01,963
on his speech at the WEF.

526
00:33:02,083 --> 00:33:02,763
Your passion tripled

527
00:33:02,763 --> 00:33:03,543
my boost amount.

528
00:33:03,683 --> 00:33:04,743
Hey, all right.

529
00:33:04,963 --> 00:33:06,303
Thank you very much.

530
00:33:06,523 --> 00:33:08,283
This is a tasty burger.

531
00:33:08,383 --> 00:33:09,163
I appreciate that.

532
00:33:09,343 --> 00:33:10,383
Good to hear from you, Joey.

533
00:33:11,063 --> 00:33:11,963
Faraday Fedora's here

534
00:33:11,963 --> 00:33:12,743
with a row of ducks.

535
00:33:12,743 --> 00:33:15,043
That's 2,222 sats.

536
00:33:16,643 --> 00:33:18,203
Proud Canadian at a Bitcoiner here.

537
00:33:18,403 --> 00:33:19,863
Is RPM and government perfect?

538
00:33:20,063 --> 00:33:20,503
Hell no.

539
00:33:20,783 --> 00:33:25,123
But if you want to talk about national embarrassments, I invite you to play a recent speech by your president.

540
00:33:25,523 --> 00:33:28,363
Do I agree with the pending and deepening trade with China?

541
00:33:28,503 --> 00:33:28,743
No.

542
00:33:29,163 --> 00:33:32,923
But as a Canadian, we can make our own deals with the Chinese rather than lockstep with the U.S.

543
00:33:33,183 --> 00:33:34,743
and the current admin weapons grade incompetence.

544
00:33:35,663 --> 00:33:41,203
So here's what I think, Faraday, is it's sort of one of these we're neighbors, so we kind of have to get along.

545
00:33:41,203 --> 00:33:56,423
And sometimes, you know, the neighbor has an unruly kid living there for a little while and they play loud music and they park their car in your driveway and they block you and stuff like that. And they're very annoying. But you're living in that house for the next 30 years. So that's thread one.

546
00:33:56,423 --> 00:34:18,643
Thread two, when I think about this, is I really think you're all getting played. I think they have all you Canucks all so spun up about Trump that they are getting away with murder over their economic slaughter. And instead of having everyone actually focus on your local problems, they got you so worried about the orange man that you don't care that you have a bank or prime minister.

547
00:34:19,123 --> 00:34:20,963
And that's the actual situation.

548
00:34:21,363 --> 00:34:25,703
And then you have to make do with your neighbor, regardless of what deals you set up with China.

549
00:34:25,883 --> 00:34:34,163
And to get goods back and forth from China is going to be exponentially more expensive than to do trade with the U.S., even with tariffs, because it's all land.

550
00:34:35,003 --> 00:34:37,863
It's something about 70 percent of trade is currently done with the United States.

551
00:34:38,503 --> 00:34:40,663
So it's a very precarious situation.

552
00:34:40,863 --> 00:34:43,163
And I think there's two things when it comes to Trump.

553
00:34:43,243 --> 00:34:44,523
It's always two things with me, I guess.

554
00:34:45,323 --> 00:34:46,443
He can be really upsetting.

555
00:34:46,983 --> 00:34:48,463
He can be very, very triggering.

556
00:34:48,643 --> 00:34:56,803
But he also reveals a lot about the people he triggers and the way they respond and what actions they take once they respond to Trump.

557
00:34:57,003 --> 00:35:09,543
And I think it would be incumbent upon a voter base to try to separate the emotion from the situation and observe how some of these politicians are responding and what you can learn because they're real mask off moments there.

558
00:35:09,543 --> 00:35:29,943
I agree with you. Trump can go out on stage and he can, you know, he hasn't slept for 42 hours and he can barely get a word out because he's so exhausted and he's living high on Diet Coke. I'm not saying that's a great example. Saying don't get played, though, by the emotions of them scaring you by the orange man constantly. There's a lot there in that house that has to get fixed and the banker isn't helping you with it.

559
00:35:29,943 --> 00:35:34,503
And the situation with getting in a deal with China ain't going to improve nothing for nobody.

560
00:35:34,943 --> 00:35:39,123
And here's the worst thing, Faraday, is what do you think is more likely?

561
00:35:39,623 --> 00:35:44,483
Do you think it's more likely that Canada wants to sell, you know, a couple thousand EVs?

562
00:35:45,143 --> 00:35:47,583
China wants to sell a couple thousand EVs to Canada?

563
00:35:48,023 --> 00:35:52,283
Or do they want to start getting into the U.S. market to screw over the U.S. through the back door?

564
00:35:52,803 --> 00:35:54,183
And they're just playing Canada.

565
00:35:54,803 --> 00:35:56,243
Seems also like that's pretty likely.

566
00:35:56,783 --> 00:35:58,123
But I do appreciate that feedback.

567
00:35:58,123 --> 00:35:59,303
And I agree with you on a lot of that.

568
00:35:59,303 --> 00:36:01,623
Thank you for the booster. It's good to hear from you.

569
00:36:01,903 --> 00:36:04,703
Hey, there's Mary Oscar, developer of Fountain FM.

570
00:36:04,823 --> 00:36:06,443
He comes in with 2,000 sats.

571
00:36:07,543 --> 00:36:09,543
Great rant about Carney. Thank you, Oscar.

572
00:36:09,943 --> 00:36:10,843
It's good to hear from you.

573
00:36:11,603 --> 00:36:14,043
Genesis is here with 2,200 sats.

574
00:36:16,123 --> 00:36:18,343
Longtime listener since episode one.

575
00:36:18,443 --> 00:36:19,103
All right.

576
00:36:19,843 --> 00:36:22,843
And first time booster. Hey, thank you very much.

577
00:36:24,943 --> 00:36:26,523
Banger episode. Keep up the good work.

578
00:36:26,523 --> 00:36:28,083
JB shows keep me going through the work.

579
00:36:28,163 --> 00:36:29,243
Well, it's good to hear from you.

580
00:36:29,863 --> 00:36:31,083
Thank you, Genesis or Genesis.

581
00:36:31,423 --> 00:36:32,103
Appreciate that.

582
00:36:32,403 --> 00:36:34,083
Hey, Ace Ackerman's back with a row of ducks.

583
00:36:35,183 --> 00:36:37,103
I think if you have a sponsorship from companies

584
00:36:37,103 --> 00:36:39,203
that you have researched and are comfortable promoting

585
00:36:39,203 --> 00:36:41,043
and don't influence your views on the show,

586
00:36:41,143 --> 00:36:42,423
it won't compromise the quality of TWIB.

587
00:36:42,743 --> 00:36:44,543
If you start shilling for something like Farmer's Dog,

588
00:36:44,983 --> 00:36:45,743
I might feel differently.

589
00:36:46,343 --> 00:36:47,403
Well, you know, in an ironic way,

590
00:36:47,483 --> 00:36:48,763
Farmer's Dog would almost be better

591
00:36:48,763 --> 00:36:50,143
because they're not related to Bitcoin.

592
00:36:50,723 --> 00:36:52,483
But I don't feed my dog Farmer's Dog, so.

593
00:36:53,303 --> 00:36:54,803
Let's talk more about that later in the show.

594
00:36:54,943 --> 00:36:55,843
Thank you for that feedback.

595
00:36:55,963 --> 00:36:56,603
Good to hear from you, Ace.

596
00:36:57,363 --> 00:36:58,863
Chew Toys here with 7,000,

597
00:36:58,863 --> 00:37:01,263
speaking of dogs here with 7,000 sats.

598
00:37:06,383 --> 00:37:07,503
Thanks for the hard work.

599
00:37:07,663 --> 00:37:09,143
I get super PO'd when I listen

600
00:37:09,143 --> 00:37:10,103
or read to the news lately,

601
00:37:10,103 --> 00:37:11,823
so I'm glad you filter around the news

602
00:37:11,823 --> 00:37:12,883
to preserve my sanity.

603
00:37:13,303 --> 00:37:14,883
Let's just focus on the Bitcoin signal

604
00:37:14,883 --> 00:37:16,143
and the stuff impacting your Bitcoin.

605
00:37:16,803 --> 00:37:18,243
You know, like one of the things I get

606
00:37:18,243 --> 00:37:19,383
as the head of the family

607
00:37:19,383 --> 00:37:21,963
who's all got a little bit of Bitcoin now

608
00:37:21,963 --> 00:37:23,743
is I always say, well, you know, a little bit.

609
00:37:23,963 --> 00:37:24,863
I always say to dad,

610
00:37:24,943 --> 00:37:26,043
hey dad, why is the price down?

611
00:37:26,603 --> 00:37:31,103
Well, Dad, so hopefully if you could ask that question, you got a few answers you can fire off from this show.

612
00:37:31,343 --> 00:37:33,283
Or when the prize is ripping, same thing, right?

613
00:37:34,143 --> 00:37:35,143
Thank you very much.

614
00:37:35,323 --> 00:37:35,983
Thank you, Chute Toy.

615
00:37:36,823 --> 00:37:38,103
EB13's here with her own X.

616
00:37:39,023 --> 00:37:40,083
First time booster?

617
00:37:40,283 --> 00:37:41,623
Hey, yes.

618
00:37:41,823 --> 00:37:43,103
That's not possible.

619
00:37:43,263 --> 00:37:43,843
Nothing can do that.

620
00:37:43,843 --> 00:37:45,583
I've been told nobody could do that.

621
00:37:45,663 --> 00:37:46,443
Very nice, EB.

622
00:37:47,223 --> 00:37:51,923
Massive fan of your show, Twib has become my favorite Bitcoin podcast, and it's not even close.

623
00:37:52,663 --> 00:37:53,423
My question for you.

624
00:37:53,463 --> 00:37:56,123
What would be your best recommendation for a first time node?

625
00:37:56,483 --> 00:38:02,903
I want to run one, but I'm having a hard time deciding if I want to get a pre-built one like a Start9 or Umbral, or should I just buy an old ThinkPad?

626
00:38:03,263 --> 00:38:04,763
I'm interested in having a home server setup.

627
00:38:04,903 --> 00:38:08,003
I can also perform things unrelated to Bitcoin and want to learn how.

628
00:38:08,663 --> 00:38:16,303
EB, I am inclined to say go with Start9 because that's the thing I hear the most, you know, probably solid feedback on in terms of reliability and backups.

629
00:38:16,883 --> 00:38:21,323
I still have an Umbral node that I've had for a very long time, but I've heard very good things about Start9.

630
00:38:21,943 --> 00:38:25,563
And EB, you could just do a demo in a VM.

631
00:38:25,563 --> 00:38:32,023
If you're comfortable with something like VirtualBox or whatever you like, you could just fire it up and do a disposable server.

632
00:38:32,143 --> 00:38:35,243
They have a lot of applications that are one-click deployments now.

633
00:38:35,743 --> 00:38:36,723
It's pretty good stuff.

634
00:38:37,223 --> 00:38:38,443
I think a ThinkPad would be fine.

635
00:38:39,503 --> 00:38:42,763
You absolutely do not need to buy their pre-built hardware.

636
00:38:43,243 --> 00:38:48,743
If you would like to support them and if you would like to avoid the installation process, it can be a very nice option.

637
00:38:48,863 --> 00:38:51,723
And I'm sure there's a support package that comes along with that as well.

638
00:38:51,723 --> 00:38:56,283
So for myself, I have often opted for one liter PCs.

639
00:38:57,023 --> 00:39:03,103
If you just look up one liter PC on Amazon used like a Dell or a ThinkCenter, oh man,

640
00:39:03,323 --> 00:39:05,723
they can be really, really, really great nodes.

641
00:39:05,923 --> 00:39:06,603
Really great.

642
00:39:06,903 --> 00:39:11,043
And you can find them for under $200, like the ThinkCenter one liter PCs.

643
00:39:11,403 --> 00:39:11,843
Fantastic.

644
00:39:12,203 --> 00:39:15,883
So EB, that would be where I'd probably just go with Start9 for now and start learning it.

645
00:39:15,883 --> 00:39:17,743
It has a pretty good reputation.

646
00:39:17,983 --> 00:39:19,663
They are working on a big rebuild.

647
00:39:19,663 --> 00:39:21,263
you may want to look into that

648
00:39:21,263 --> 00:39:22,203
because that could hit you

649
00:39:22,203 --> 00:39:23,583
just after you get things going,

650
00:39:23,703 --> 00:39:24,843
where I think Umbral

651
00:39:24,843 --> 00:39:26,543
has probably gotten through that phase.

652
00:39:27,643 --> 00:39:29,363
But I still think long-term start nine

653
00:39:29,363 --> 00:39:30,643
is probably the way to go.

654
00:39:30,743 --> 00:39:31,603
And I think they'll probably handle

655
00:39:31,603 --> 00:39:33,063
that upgrade path pretty responsibly.

656
00:39:33,603 --> 00:39:34,343
Thanks for that question.

657
00:39:34,403 --> 00:39:34,783
It's a good one.

658
00:39:35,003 --> 00:39:36,663
And I'd love to hear how the node goes.

659
00:39:36,863 --> 00:39:37,163
Node up!

660
00:39:38,003 --> 00:39:40,843
KazNow is here with 2,500 sataroonies.

661
00:39:42,003 --> 00:39:42,963
Love the great content.

662
00:39:43,063 --> 00:39:43,663
Well, thank you, KazNow.

663
00:39:43,803 --> 00:39:44,383
Love the value.

664
00:39:44,943 --> 00:39:48,703
KiwiBitcoin guides back with 4,567 sats.

665
00:39:49,663 --> 00:39:52,783
I wonder if value for value model would work for Bitcoin educational content.

666
00:39:52,903 --> 00:39:54,363
Someone creates a public guide for Twib.

667
00:39:54,603 --> 00:39:56,643
If people find value, they boost or zap.

668
00:39:56,983 --> 00:39:59,623
And the sats are then split between the creator, Twib, and the platform.

669
00:39:59,743 --> 00:40:04,223
Kind of like outsourcing content creation and educational content, but with zero risk to you.

670
00:40:04,783 --> 00:40:05,843
Have you seen this model in the wild?

671
00:40:06,363 --> 00:40:08,183
And I wonder if you'd see it, if you think it would work.

672
00:40:08,983 --> 00:40:13,363
You know, I thought about this KiwiBitcoin, but not so much like on a podcast RSS feed.

673
00:40:13,363 --> 00:40:17,483
Because in that context, the audience is expecting to hear from a certain host.

674
00:40:17,883 --> 00:40:19,563
They want to hear, they expect a certain thing.

675
00:40:19,663 --> 00:40:25,863
And you'd have a really hard time maintaining the same voice and content expectation in an RSS feed.

676
00:40:26,063 --> 00:40:30,603
However, I have thought a Peertube instance with boost.

677
00:40:30,843 --> 00:40:34,643
There are like Alex Gates has created ways to boost content on Peertube.

678
00:40:34,983 --> 00:40:42,643
And that to me, where you could have a couple of channels with sub creators and it's separate from the YouTube platform.

679
00:40:42,743 --> 00:40:43,683
It still enables video.

680
00:40:44,223 --> 00:40:47,823
Really waiting for the Bitcoin community to embrace Peertube.

681
00:40:47,823 --> 00:40:50,843
There's been some attempts, but it really hasn't gone anywhere.

682
00:40:51,083 --> 00:40:51,683
Good question, Kiwi.

683
00:40:51,723 --> 00:40:52,763
Let me know if you think of anything.

684
00:40:53,603 --> 00:40:56,583
Sloppy Joe's here with 3,000 sets.

685
00:40:57,043 --> 00:40:58,083
Well, I'll be dipped.

686
00:40:58,583 --> 00:41:00,143
Long-time listener, first-time booster.

687
00:41:00,223 --> 00:41:01,043
How about that?

688
00:41:01,123 --> 00:41:01,523
Booster!

689
00:41:01,543 --> 00:41:02,723
Another first-timer.

690
00:41:04,383 --> 00:41:05,503
Is that a third one?

691
00:41:05,563 --> 00:41:06,183
That's awesome.

692
00:41:06,603 --> 00:41:09,583
When you talk about the quantum threat, which I agree is largely exaggerated,

693
00:41:09,923 --> 00:41:13,403
you mentioned the worst-case scenario is that only old address types will be exploited.

694
00:41:13,903 --> 00:41:17,043
Maybe that's 20% to 30% of all Bitcoin, depending on who you ask.

695
00:41:17,043 --> 00:41:19,703
But there are also the short range attacks to consider.

696
00:41:19,883 --> 00:41:21,843
When you send Bitcoin, your key is exposed.

697
00:41:22,403 --> 00:41:35,345
The real question is can quantum crack your key before the money moves It probably a very big unknown I think that would be so the reason why I talk about the low fruit as I put it or the early keys

698
00:41:35,765 --> 00:41:37,825
is that's where you'd see it first, right?

699
00:41:37,865 --> 00:41:38,905
What you're talking about

700
00:41:38,905 --> 00:41:41,225
would take a little bit longer in my estimation.

701
00:41:41,565 --> 00:41:44,565
And I think you'd first see it in military applications

702
00:41:44,565 --> 00:41:45,785
before you'd even see it in Bitcoin.

703
00:41:46,565 --> 00:41:50,065
Bitcoin, though, it's a $1.7 trillion bounty, I suppose,

704
00:41:50,165 --> 00:41:52,545
although if you crack it, the value drains like that,

705
00:41:52,545 --> 00:41:53,965
So I'm not sure the incentive is there.

706
00:41:54,125 --> 00:41:57,165
But I think you'd first start seeing it in banking and military applications.

707
00:41:57,165 --> 00:42:00,085
And then you'd see it in the oldest of the Bitcoin software.

708
00:42:00,385 --> 00:42:03,685
And then from there, you'd start seeing it maybe go further.

709
00:42:04,225 --> 00:42:06,985
And that process, I believe, would take time.

710
00:42:07,825 --> 00:42:13,045
What we have to deal with as Bitcoiners is we have to guard ourselves against the hype that will come from this.

711
00:42:13,425 --> 00:42:18,785
Just like when AI, when ChatGPT hit the scene, we were told this is about three, four years ago now.

712
00:42:18,905 --> 00:42:20,025
Think about how long it's actually been.

713
00:42:20,065 --> 00:42:21,105
It feels like AI is new.

714
00:42:21,485 --> 00:42:24,145
It's actually been years since ChatGPT was announced.

715
00:42:24,505 --> 00:42:25,665
And what did they tell us?

716
00:42:26,025 --> 00:42:27,625
AGI was just around the corner.

717
00:42:27,825 --> 00:42:29,525
It's getting exponentially smarter.

718
00:42:29,805 --> 00:42:33,725
It's going to be an absolute threat to democracy soon because it'll be so crazy powerful.

719
00:42:33,725 --> 00:42:37,525
It'll be breaking out and taking over systems and creating fake news broadcasts.

720
00:42:37,825 --> 00:42:38,785
All these things were said.

721
00:42:39,125 --> 00:42:42,865
Now, here we are three and a half, four years later, and it's still just a chatbot for the

722
00:42:42,865 --> 00:42:44,045
most part and doing vibe coding.

723
00:42:44,625 --> 00:42:45,665
That's where we're at right now.

724
00:42:46,265 --> 00:42:48,365
That same hype cycle is going to happen with Quantum.

725
00:42:48,365 --> 00:43:03,545
It's already begun. And I will add to that, the tech industry needs it. They need the PAMP, buddy. The tech industry is going to need the money to flow from AI when the AI thing begins to just normalize. They're going to have to go somewhere. And instead of going to sound money, they're probably going to go to quantum plays.

726
00:43:03,545 --> 00:43:19,985
And then that's going to necessitate that every little particular possible quantum concern get turned up to 11 to justify billions of dollars of investment in the tech sector, just like we're seeing with AI right now.

727
00:43:20,305 --> 00:43:23,405
And that is the real thing Bitcoin is going to have to guard against.

728
00:43:23,865 --> 00:43:27,705
If coins get onto the market and get dumped, price will recover.

729
00:43:27,705 --> 00:43:32,285
but that years of hype and BS and fear mongering,

730
00:43:32,485 --> 00:43:34,685
that's going to be something that'll be challenging.

731
00:43:34,885 --> 00:43:35,745
You'll have to guard against.

732
00:43:36,085 --> 00:43:38,345
I think that was a good observation though, Sloppy Joe,

733
00:43:38,425 --> 00:43:39,085
and got me going.

734
00:43:39,205 --> 00:43:39,885
Thank you for the boost.

735
00:43:40,985 --> 00:43:42,385
Thank you, everybody who boosts in.

736
00:43:42,745 --> 00:43:43,565
I really appreciate it.

737
00:43:44,145 --> 00:43:46,205
We had 40 of you stream sats

738
00:43:46,205 --> 00:43:48,765
and you were our baller booster this week.

739
00:43:48,825 --> 00:43:50,285
So thank you very much.

740
00:43:50,385 --> 00:43:52,825
I hoard that which your kind covered.

741
00:43:52,865 --> 00:43:57,105
65,477 sats were streamed into the show as you listen.

742
00:43:57,105 --> 00:44:02,785
When you combine that with our boosters, we just fell short of my goal for episode 300.

743
00:44:02,945 --> 00:44:08,245
I was hoping for a little bit of celebration, we'd hit 300 sats for the 90, and we came just short of it.

744
00:44:08,945 --> 00:44:11,485
286,920.

745
00:44:11,585 --> 00:44:13,065
Still pretty darn good.

746
00:44:13,145 --> 00:44:13,665
Thank you, everybody.

747
00:44:18,165 --> 00:44:24,785
This is a value for value show, and the way these boosts play into the rest of the broader business strategy of the network

748
00:44:24,785 --> 00:44:28,085
will be a topic in the update segment in just a moment.

749
00:44:28,465 --> 00:44:30,265
But before we get there,

750
00:44:30,305 --> 00:44:32,945
I want to tell you about my real bad,

751
00:44:33,165 --> 00:44:36,705
so, so bad node outage I had earlier this week.

752
00:44:42,445 --> 00:44:46,665
Okay, so there's no excuse for my performance.

753
00:44:47,625 --> 00:44:50,385
I have really no justification.

754
00:44:50,385 --> 00:44:51,085
I know better.

755
00:44:51,485 --> 00:44:52,785
I mean, I used to get paid years ago

756
00:44:52,785 --> 00:44:53,785
to do this kind of work,

757
00:44:53,785 --> 00:44:56,185
and I had to deal with client data that was very valuable.

758
00:44:56,705 --> 00:44:58,485
And so that is my disclaimer.

759
00:44:58,985 --> 00:45:00,365
Don't do upgrades when you're sleepy.

760
00:45:00,605 --> 00:45:03,645
You see, I have a bad habit of getting involved

761
00:45:03,645 --> 00:45:06,685
in thought-heavy projects

762
00:45:06,685 --> 00:45:08,845
after I record Linux Unplugged on Sundays.

763
00:45:09,025 --> 00:45:10,045
And we're already exhausted

764
00:45:10,045 --> 00:45:12,845
because I start Linux Unplugged around 6 a.m. or so

765
00:45:12,845 --> 00:45:15,545
and then we finish around 5 p.m.

766
00:45:16,145 --> 00:45:17,505
That's when we're done for the day.

767
00:45:17,765 --> 00:45:19,205
And I wanted to upgrade the node

768
00:45:19,205 --> 00:45:20,285
because it had been too long.

769
00:45:20,425 --> 00:45:22,205
And I knew I shouldn't do it when I'm sleepy

770
00:45:22,205 --> 00:45:24,245
and I just had a big steak.

771
00:45:25,045 --> 00:45:27,825
It was also the day before my birthday

772
00:45:27,825 --> 00:45:30,285
and I wasn't thinking about the fact that, you know,

773
00:45:30,325 --> 00:45:31,705
maybe I'd want to do things the next day

774
00:45:31,705 --> 00:45:32,405
if something went wrong.

775
00:45:32,905 --> 00:45:33,865
So here's my tip.

776
00:45:33,985 --> 00:45:35,925
Don't do node upgrades when you're sleepy.

777
00:45:36,265 --> 00:45:38,225
Always sweep the extra sats off your node

778
00:45:38,225 --> 00:45:39,125
before you start work

779
00:45:39,125 --> 00:45:41,625
and make sure your backups are functional.

780
00:45:42,365 --> 00:45:45,605
Now, something about the way I set up my infrastructure

781
00:45:45,605 --> 00:45:48,045
is I do what you shouldn't do.

782
00:45:48,045 --> 00:45:50,665
I put certain things in production

783
00:45:50,665 --> 00:45:52,845
so that way I can talk about them on the show.

784
00:45:53,525 --> 00:45:55,145
And you shouldn't necessarily do that

785
00:45:55,145 --> 00:45:57,105
for real production systems.

786
00:45:57,265 --> 00:45:58,245
But, you know, at the end of the day,

787
00:45:58,265 --> 00:45:59,425
this is a podcast network

788
00:45:59,425 --> 00:46:01,945
and I want to be able to speak to these things

789
00:46:01,945 --> 00:46:04,365
and I want to try stuff where the puck is skating,

790
00:46:04,605 --> 00:46:05,285
as they say,

791
00:46:05,765 --> 00:46:07,085
and so I can talk to the audience about it.

792
00:46:07,365 --> 00:46:08,565
This isn't a fake justification.

793
00:46:08,965 --> 00:46:10,345
This is really a part of what I do.

794
00:46:10,345 --> 00:46:13,205
And what I'm getting at is on my node,

795
00:46:13,765 --> 00:46:15,165
almost two years ago,

796
00:46:15,485 --> 00:46:20,545
I deployed bcachefs on my node's drive.

797
00:46:20,665 --> 00:46:29,765
A Bcache FS is a tremendously advanced file system that I am very excited about that is a true competitor ZFS as GPL and open source for Linux.

798
00:46:30,485 --> 00:46:35,205
Things have changed because it's been heavily developed over the last couple of years.

799
00:46:35,305 --> 00:46:37,245
It's in a very good stable state now.

800
00:46:37,545 --> 00:46:41,145
When I deployed it almost two years ago, it was not.

801
00:46:41,865 --> 00:46:47,185
And I also wasn't super great in the last few months about my system updates.

802
00:46:47,185 --> 00:46:53,185
So when I finally got around to doing my system updates, I went from kernel 612 to kernel 618.

803
00:46:53,865 --> 00:46:58,925
Linux kernel 618 includes an on-file system format upgrade for bcachefs.

804
00:46:59,785 --> 00:47:00,425
Okay, fine.

805
00:47:00,645 --> 00:47:02,625
Well, I wasn't paying attention.

806
00:47:03,145 --> 00:47:07,285
And in full disclaimer, I was also working on another system at the same time, so it only had half my attention.

807
00:47:07,665 --> 00:47:08,265
Big mistake.

808
00:47:08,785 --> 00:47:11,625
So I apply the updates, see the new kernel's installed.

809
00:47:11,765 --> 00:47:12,905
Good. Everything builds fine.

810
00:47:13,085 --> 00:47:13,785
Reboot the box.

811
00:47:14,345 --> 00:47:15,185
And I wait.

812
00:47:15,665 --> 00:47:16,545
And I wait.

813
00:47:17,185 --> 00:47:20,005
And I wait and the box doesn't come back up.

814
00:47:20,345 --> 00:47:20,965
No reply.

815
00:47:21,345 --> 00:47:21,985
No reply.

816
00:47:22,405 --> 00:47:23,005
No reply.

817
00:47:23,685 --> 00:47:26,465
I say to Wes, all right, I'm going to go to the console.

818
00:47:26,685 --> 00:47:28,145
So, you know, thankfully it's in the same building.

819
00:47:28,305 --> 00:47:29,425
So I get to the console.

820
00:47:29,885 --> 00:47:30,965
No monitors hooked up.

821
00:47:31,005 --> 00:47:33,405
No keyboards hooked up because this node has been running headless for two years.

822
00:47:33,845 --> 00:47:37,225
So I go scavenge a monitoring keyboard from other systems and I plug it in.

823
00:47:37,785 --> 00:47:38,865
Monitor turns on.

824
00:47:39,225 --> 00:47:43,365
And sure enough, on the screen, emergency rescue mode.

825
00:47:43,365 --> 00:47:47,165
Press control D to reboot or enter root password to log in.

826
00:47:47,805 --> 00:47:51,245
No network services, and the file systems aren't properly mounted.

827
00:47:51,725 --> 00:47:57,585
Some things have attempted to start, but the file system, especially the one the node uses, didn't mount.

828
00:47:58,205 --> 00:48:02,445
So I think to myself, oh, must have been that kernel upgrade.

829
00:48:02,745 --> 00:48:09,085
I'll reboot into the previous generation and just let that run for a while until we have time to resolve this when we're a little more awake.

830
00:48:10,325 --> 00:48:11,305
Big mistake.

831
00:48:11,865 --> 00:48:13,745
At that point, I rebooted the box.

832
00:48:14,385 --> 00:48:20,165
Little did I know I was interrupting an automatic upgrade process for the file system that had already begun.

833
00:48:20,605 --> 00:48:27,325
And the best thing to do would have been just to leave the box and not touch it for, I don't know, 16, 12 to 16 hours.

834
00:48:27,525 --> 00:48:28,705
I didn't know that at the time.

835
00:48:29,125 --> 00:48:32,845
So when I tried to choose the old generation, it goes into the old generation.

836
00:48:33,045 --> 00:48:34,185
Now it also fails to boot.

837
00:48:34,285 --> 00:48:34,745
Same problem.

838
00:48:34,865 --> 00:48:37,465
Emergency console, hit control D to reboot, enter root password.

839
00:48:38,325 --> 00:48:38,645
Uh-oh.

840
00:48:39,345 --> 00:48:40,385
Well, now we got a real problem.

841
00:48:40,725 --> 00:48:42,525
So I reboot again, go to the latest generation.

842
00:48:42,525 --> 00:48:44,605
also fails to boot, of course.

843
00:48:45,185 --> 00:48:46,565
So we, at that point,

844
00:48:47,325 --> 00:48:49,125
do what anyone would do,

845
00:48:49,705 --> 00:48:51,485
try to stop ourselves from panicking,

846
00:48:52,145 --> 00:48:53,405
get logged into the console,

847
00:48:53,785 --> 00:48:55,445
and of course, there's no networking.

848
00:48:55,665 --> 00:48:56,385
There's no services.

849
00:48:56,665 --> 00:48:58,265
So we get the network stack up and running.

850
00:48:58,465 --> 00:49:00,045
We manually run SSH,

851
00:49:00,325 --> 00:49:01,225
the SSH server,

852
00:49:01,325 --> 00:49:03,205
because SystemD is refusing to cooperate with us

853
00:49:03,205 --> 00:49:04,465
because everything's in a blocked state.

854
00:49:04,865 --> 00:49:06,585
And then we begin diagnosing

855
00:49:06,585 --> 00:49:11,025
a completely clobbered BcacheFS superblock

856
00:49:11,025 --> 00:49:15,765
that is preventing the now required upgrade from completing.

857
00:49:16,105 --> 00:49:20,165
It's just stuck looping, and it starts eating 10 gigs of RAM.

858
00:49:20,825 --> 00:49:22,805
Then it eats 15 gigs of RAM.

859
00:49:23,005 --> 00:49:28,325
Then it eats 25 gigs of RAM and goes all the way up to 31 gigs of RAM and holds there.

860
00:49:28,405 --> 00:49:29,465
The system's got 32.

861
00:49:30,305 --> 00:49:34,245
31, 31.5 gigs of RAM as it's attempting to fix the file system,

862
00:49:34,245 --> 00:49:37,145
but it keeps getting stuck at the superblock so it never takes off.

863
00:49:37,145 --> 00:49:57,885
I had to go in there, forcibly kill the mounts, clear all the stuff that left hanging in the system, essentially block out all of the Bitcoin services from starting, prevent that file mount from mounting, reboot the box one more time into a regular state where things weren't all screwed up, then just do a typical FSCK fix.

864
00:49:58,005 --> 00:49:59,785
Actually, that part was the easiest part.

865
00:50:00,425 --> 00:50:03,365
Bcash FS was actually relatively easy to fix.

866
00:50:03,645 --> 00:50:05,645
It just needed a standard FSCK check.

867
00:50:05,645 --> 00:50:08,865
if you could get past that block, that super block,

868
00:50:08,985 --> 00:50:10,285
which the standard upgrade couldn't.

869
00:50:10,665 --> 00:50:12,785
That fixed the super block, the FSCK,

870
00:50:13,065 --> 00:50:15,205
and then the upgrade was able to proceed no problem.

871
00:50:15,625 --> 00:50:17,285
I run the upgrade, reboot the box,

872
00:50:18,165 --> 00:50:19,845
uncomment all the stuff that prevented the mounting

873
00:50:19,845 --> 00:50:21,445
and the services, reboot one more time,

874
00:50:21,545 --> 00:50:23,405
and I had saved it.

875
00:50:24,145 --> 00:50:25,365
That's the condensed version.

876
00:50:25,605 --> 00:50:28,765
This took, in total, about 17 hours

877
00:50:28,765 --> 00:50:30,405
because at one point we weren't sure.

878
00:50:30,485 --> 00:50:31,625
When it started consuming all the RAM,

879
00:50:31,725 --> 00:50:33,565
we thought, well, that's a sign it's actually doing something.

880
00:50:33,905 --> 00:50:35,265
So maybe we'll just let it run.

881
00:50:35,265 --> 00:50:42,805
So we let it run for like 12 to 14 hours and kept track of stats and numbers so that way we could check it again and saw it wasn't proceeding.

882
00:50:43,685 --> 00:50:43,885
Woo.

883
00:50:44,465 --> 00:50:53,405
The nice thing was, of course, is I have an Albi hub and I was able to just redirect over to the Albi hub for the day or so once I decided, okay, we have a real problem here.

884
00:50:54,005 --> 00:50:54,845
Everything was recovered.

885
00:50:55,665 --> 00:50:58,205
Everything's running great and everything's super up to date and stable.

886
00:50:58,545 --> 00:51:00,005
And the backups are good once again.

887
00:51:01,425 --> 00:51:01,785
Yes.

888
00:51:02,305 --> 00:51:03,805
Oh, my goodness, though.

889
00:51:03,805 --> 00:51:06,765
And the node was down on my birthday, of course.

890
00:51:06,985 --> 00:51:08,705
So that's what I spent my birthday doing.

891
00:51:09,105 --> 00:51:10,225
Just like an idiot.

892
00:51:11,005 --> 00:51:13,905
And that is sometimes what happens if you don't properly do things.

893
00:51:14,185 --> 00:51:17,685
But that was a problem of very much my own making.

894
00:51:18,085 --> 00:51:19,565
So learn from my mistakes.

895
00:51:20,085 --> 00:51:22,405
Use regular standard file systems.

896
00:51:22,505 --> 00:51:25,725
Of course, I think there would be zero risk deploying bcachefs now.

897
00:51:26,265 --> 00:51:27,505
Do proper backups.

898
00:51:27,645 --> 00:51:28,625
Don't do it when you're sleepy.

899
00:51:28,885 --> 00:51:30,225
And sweep those SATs.

900
00:51:33,805 --> 00:51:45,605
Okay, low-key, as my kids would say, I have to tell you about one of the best Bitcoin treasury

901
00:51:45,605 --> 00:51:51,025
companies out there, in my opinion. It's Steak and Shake. Steak and Shake, the burger place.

902
00:51:51,745 --> 00:51:57,365
Their transformation from burger place to Bitcoin treasury continues. They have increased their

903
00:51:57,365 --> 00:52:02,945
Bitcoin exposure by $5 million. They say all Bitcoin sales go into the strategic reserve as

904
00:52:02,945 --> 00:52:04,745
Well, you can buy food with sats.

905
00:52:05,345 --> 00:52:06,705
And they conclude with this.

906
00:52:06,705 --> 00:52:17,065
Our self-sustaining system, improving food quality that grows, same store sales that then grows the SBR, is transforming the chain via financial technology.

907
00:52:17,485 --> 00:52:20,125
And in this case, the chain, they mean them, steak and shake.

908
00:52:20,525 --> 00:52:22,665
Or perhaps it should be steak and sats, right?

909
00:52:23,245 --> 00:52:28,865
So in my opinion, this is the real corporate strategic reserve strategy.

910
00:52:29,345 --> 00:52:32,845
A business with an income stream saving in Bitcoin.

911
00:52:32,945 --> 00:52:35,825
and this gives the business future leverage

912
00:52:35,825 --> 00:52:38,165
to avoid things like inshittification

913
00:52:38,165 --> 00:52:40,845
or, you know, selling out

914
00:52:40,845 --> 00:52:43,865
or perhaps nickel and diming staff

915
00:52:43,865 --> 00:52:46,865
or, I don't know, leading to better product choices

916
00:52:46,865 --> 00:52:47,805
for the long term

917
00:52:47,805 --> 00:52:52,165
and, of course, all of that leads to a happy customer

918
00:52:52,165 --> 00:52:55,805
and thus they then stack more Bitcoin

919
00:52:55,805 --> 00:52:57,385
because profits go up

920
00:52:57,385 --> 00:53:01,085
and that right there is the Jupiter model

921
00:53:01,545 --> 00:53:04,685
That's my humble version of what we're doing here at Jupiter Broadcasting.

922
00:53:05,065 --> 00:53:11,325
It's working, it's early days, but the very existence of this podcast is a result of this virtuous cycle.

923
00:53:12,065 --> 00:53:18,945
And the company revenues right now at times barely even enough to cover costs or sometimes not even that depending on the ad market.

924
00:53:18,945 --> 00:53:30,265
So today, right now, we don't have excess revenue to buy Bitcoin with, but we humbly stack the sats that are boosted to our shows to slowly build a reserve through proof of work of our podcast.

925
00:53:30,265 --> 00:53:34,425
to give us that optionality and flexibility to prevent incentivification

926
00:53:34,425 --> 00:53:38,845
from making the right decisions, from keeping the shows customer focused,

927
00:53:39,405 --> 00:53:40,745
and thus earning more Bitcoin.

928
00:53:41,485 --> 00:53:44,125
And I think once businesses understand how this is a virtuous cycle,

929
00:53:44,125 --> 00:53:46,965
you'll see more just small businesses stacking sats.

930
00:53:47,625 --> 00:53:50,825
They don't have to go on and make a big stink about it and make Twitter posts about it,

931
00:53:50,845 --> 00:53:51,845
but I think you're going to see it.

932
00:53:52,525 --> 00:53:53,945
And I'm just excited about that.

933
00:53:55,125 --> 00:53:59,745
Well, the Texas power grid stayed strong during the winter storm.

934
00:54:00,265 --> 00:54:02,965
Bitcoin miners in Texas did play a significant role.

935
00:54:03,065 --> 00:54:08,885
They helped stabilize the ERCOT grid by voluntarily curtailing operations through the demand and response program,

936
00:54:09,025 --> 00:54:15,105
which meant that the Texas governor got to go out and brag about how well things went.

937
00:54:16,105 --> 00:54:21,405
Well, first, let me give you this context, and that is Texas is the only state that has our own power grid.

938
00:54:21,985 --> 00:54:27,745
And our power grid produces more power than the second and third states combined.

939
00:54:28,305 --> 00:54:34,865
And so the main thing that we had to do was to make sure that there was going plenty of power during this brutally cold storm in the state of Texas.

940
00:54:35,265 --> 00:54:40,805
And as you're kind of pointing out, we had a massive surplus of power during the entirety of the storm.

941
00:54:40,805 --> 00:54:45,145
You mentioned coal, which is one of the base loads that we have.

942
00:54:45,265 --> 00:54:49,045
We have coal. We have nuclear. We also have natural gas.

943
00:54:49,045 --> 00:55:02,305
Natural gas was the biggest performer of our power grid during that entire time and made sure that even in the coldest moments of this bitter winter storm, there's going to be plenty of power for the people of the great state of Texas.

944
00:55:02,525 --> 00:55:05,905
All right. So what kind of impact did Bitcoin miners actually make?

945
00:55:06,625 --> 00:55:10,005
Well, CoinCrypto News published some numbers that show us real impacts.

946
00:55:10,425 --> 00:55:11,345
I think it's pretty interesting.

947
00:55:11,465 --> 00:55:17,305
You know about the flexible demand programs, right, that let facilities like Bitcoin miners quickly reduce power consumption.

948
00:55:17,447 --> 00:55:19,367
and shut down entirely during peak demand.

949
00:55:19,547 --> 00:55:22,387
And that frees up electricity for residential and critical needs.

950
00:55:22,427 --> 00:55:25,887
And then when they no longer need it, the Bitcoin miners turn back on.

951
00:55:26,007 --> 00:55:29,787
And the benefit here is that the power companies remain profitable in both situations so they

952
00:55:29,787 --> 00:55:32,827
can invest in infrastructure and, well, like natural gas.

953
00:55:33,607 --> 00:55:35,027
So here's what CryptoCoin News published.

954
00:55:36,087 --> 00:55:40,487
Marathon Digital went from producing 45 Bitcoin a day to seven.

955
00:55:41,287 --> 00:55:45,627
Iris Energy, or Iron, went from 18 Bitcoin a day to six.

956
00:55:45,627 --> 00:55:48,247
and the network-wide hash rate,

957
00:55:48,467 --> 00:55:50,127
if you go out beyond just Texas,

958
00:55:50,327 --> 00:55:52,067
dipped below 700 exahash,

959
00:55:52,207 --> 00:55:54,367
briefly hitting the mid 2025 levels.

960
00:55:55,147 --> 00:55:56,347
Should have had our head in the game.

961
00:55:56,607 --> 00:55:57,627
I knew this was going to happen.

962
00:55:57,727 --> 00:55:58,907
I even mentioned it last week

963
00:55:58,907 --> 00:55:59,847
in the state of the network.

964
00:56:00,647 --> 00:56:02,167
Would have been a great week to jump in.

965
00:56:03,007 --> 00:56:04,367
Things are picking back up.

966
00:56:04,547 --> 00:56:05,067
We'll take a look,

967
00:56:05,147 --> 00:56:07,867
but it looks like they're up above 855 now exahash

968
00:56:07,867 --> 00:56:08,887
within 24 hours.

969
00:56:09,367 --> 00:56:10,847
The overall rate though,

970
00:56:10,847 --> 00:56:12,927
that's about an 8% or the more drop,

971
00:56:13,007 --> 00:56:13,767
depending on where you look.

972
00:56:13,847 --> 00:56:14,727
It's pretty significant.

973
00:56:14,727 --> 00:56:19,667
the leading Bitcoin mining pool Foundry, which serves most of the industrial scale publicly traded miners,

974
00:56:20,807 --> 00:56:28,567
saw its hash rate fall 60 percent from 340 exahash to just 136 exahash.

975
00:56:29,127 --> 00:56:33,727
Wow. Winterstorm Fern left over one million homes and businesses without power.

976
00:56:33,847 --> 00:56:38,587
And it's the largest widespread winter storm in the U.S. since 2016.

977
00:56:39,107 --> 00:56:40,247
Isn't that something?

978
00:56:41,387 --> 00:56:44,567
Makes me think perhaps we should go somewhere where it's, I don't know,

979
00:56:44,727 --> 00:56:46,027
A little warmer.

980
00:56:47,167 --> 00:56:49,327
Viva Los Vegas.

981
00:56:50,307 --> 00:56:52,667
Viva Los Vegas.

982
00:56:53,747 --> 00:56:55,967
Viva Los Vegas.

983
00:56:57,067 --> 00:57:01,007
Viva, Viva Los Vegas.

984
00:57:08,007 --> 00:57:09,207
...than ever before.

985
00:57:09,427 --> 00:57:10,787
And now, there's one more.

986
00:57:11,087 --> 00:57:14,107
Bitcoin is showing up at checkout counters across the country,

987
00:57:14,107 --> 00:57:18,347
including right here in Las Vegas. And a new report shows more business owners are jumping

988
00:57:18,347 --> 00:57:22,867
on board. Our consumer reporter Shakira Hawkins explains what this means for local businesses

989
00:57:22,867 --> 00:57:29,007
and for you. You're probably used to tapping your phone or swiping your card, but some Las Vegas

990
00:57:29,007 --> 00:57:34,087
businesses are adding Bitcoin as a way to pay. That means the next time you're short on cash,

991
00:57:34,167 --> 00:57:39,267
you could use your Bitcoin investment to cover your purchase. We're accepting Bitcoin now. We're

992
00:57:39,267 --> 00:57:43,787
getting quite a few people who's using Bitcoin. Mike Peterson owns Bouncy World's mega playground

993
00:57:43,787 --> 00:57:49,807
and Cafe near Blue Diamond in Decatur. He's been in business for about a decade and now he added

994
00:57:49,807 --> 00:57:54,927
Bitcoin as a new way to pay. We've seen about a good 20, 30 people that have used it so far.

995
00:57:55,287 --> 00:58:00,807
And Peterson isn't alone. A new report from BTC Maps shows the number of businesses accepting

996
00:58:00,807 --> 00:58:07,607
Bitcoin jumped 53% in 2025 with more than 11,000 new merchants added just last year alone.

997
00:58:07,607 --> 00:58:12,727
The cost of doing business just across the board has been going up and they're looking for ways to

998
00:58:12,727 --> 00:58:18,827
cut costs. Bitcoin consultant Jeremy Corchi with Sovin says Bitcoin payments can also be simple

999
00:58:18,827 --> 00:58:24,607
for customers. In this case, you scan a QR code, instantaneous payment. He says more local businesses

1000
00:58:24,607 --> 00:58:30,347
are signing on and that number is expected to grow. One big reason, the financial digital payment

1001
00:58:30,347 --> 00:58:35,487
company Square offered Bitcoin payments to millions of U.S. businesses with no processing

1002
00:58:35,487 --> 00:58:40,847
fees through 2026. For small businesses like Bouncy World, that can make a big difference,

1003
00:58:40,847 --> 00:58:58,845
especially as inflation and credit card fees continue to eat into profits Peterson says business has been slow and he so full this new option helps Compared to credit card fees it a lot less And that why I very excited about it It a fraction of what the credit cards are charging

1004
00:58:59,365 --> 00:59:07,325
Right now, Bitcoin payments are still new, but experts say for some users, it offers benefits like added security and lower fees.

1005
00:59:07,325 --> 00:59:09,805
For Good Morning Las Vegas, I'm Shakira Hawkins.

1006
00:59:09,805 --> 00:59:18,265
Hey, if anybody listening is in Las Vegas and can get to that bouncy place and get me one of those bouncy hats that that guy wears, I would love that.

1007
00:59:18,725 --> 00:59:20,965
I mean, this is the square effect, isn't it?

1008
00:59:21,485 --> 00:59:25,345
This is the result of Jack Dorsey turning on Bitcoin payments in square terminals.

1009
00:59:25,885 --> 00:59:29,305
This is the real world impact where people follow their incentives.

1010
00:59:29,825 --> 00:59:30,525
That's pretty great.

1011
00:59:39,805 --> 00:59:50,905
I'm not an ETF guy, but if I was an ETF guy, I would have been telling you that the ETFs have been really taking it in the gut the last few weeks.

1012
00:59:50,905 --> 00:59:55,405
It's been not so great. I guess people on the ETFs are not too interested in buying.

1013
00:59:56,105 --> 01:00:01,125
And Fox Business had Kathy Wood on to talk about it. You know, good old crazy Kathy. I just love her.

1014
01:00:01,585 --> 01:00:05,825
And she runs an ETF, a Bitcoin ETF. I don't actually know why.

1015
01:00:05,825 --> 01:00:10,405
I don't know why ARK Investment runs this when there's so many other options, but they've got one.

1016
01:00:10,805 --> 01:00:15,685
And Fox wanted her on to kind of see where things are going because, honestly, it's been pretty bad recently.

1017
01:00:15,865 --> 01:00:19,065
And what caught my attention was Kathy here.

1018
01:00:19,225 --> 01:00:19,845
Crazy Kathy?

1019
01:00:20,005 --> 01:00:20,945
No, let's not call her that.

1020
01:00:21,005 --> 01:00:21,305
I love her.

1021
01:00:21,445 --> 01:00:23,165
It's YOLO Kathy.

1022
01:00:23,465 --> 01:00:24,645
Let's call her YOLO Kathy.

1023
01:00:25,105 --> 01:00:27,565
She brings it back to the October flash crash.

1024
01:00:28,165 --> 01:00:33,225
And the reality is, and she kind of infers to this, but I'm going to fill in the blanks here.

1025
01:00:33,225 --> 01:00:38,365
the altcoiners that got wiped out were really saving their profits in Bitcoin.

1026
01:00:38,845 --> 01:00:44,265
And to cover their losses and bail each other out, they've been selling their Bitcoin.

1027
01:00:44,865 --> 01:00:47,365
Kathy thinks we might be on the other side of that now.

1028
01:00:47,365 --> 01:00:49,525
Got a pure play Bitcoin fund.

1029
01:00:49,765 --> 01:00:49,845
Sure.

1030
01:00:50,185 --> 01:00:55,185
And I'm just interested to know, because we're off the $126,000 high level,

1031
01:00:55,645 --> 01:00:56,825
you're still in it to win it?

1032
01:00:57,425 --> 01:00:59,085
We are in it to win it.

1033
01:00:59,205 --> 01:00:59,725
Absolutely.

1034
01:01:00,105 --> 01:01:02,985
So ARKB, right, is our spot Bitcoin ETF.

1035
01:01:03,225 --> 01:01:14,445
And as we assess the ecosystem right now, what we've undergone in the last two to three months are the reverberations after 1010.

1036
01:01:14,445 --> 01:01:29,165
So 1010, October 10th, was what in the crypto world, I'm not sure if it's mentioned this more broadly, is the flash crash associated with a software glitch, Binance, that deleveraged the system.

1037
01:01:29,865 --> 01:01:36,665
And to the tune of $28 billion, there are a lot of people hurt.

1038
01:01:36,665 --> 01:01:47,125
And we think that that unwind, and often when you go through an unwind, Bitcoin's going to be hit the hardest because it's the most liquid crypto asset.

1039
01:01:47,565 --> 01:01:51,045
We think that unwind is pretty much behind us.

1040
01:01:51,045 --> 01:02:10,065
So now the only thing I think investors are worried about, especially institutional investors who understand that they must, they must examine this as a new asset class, the leader in a new asset class, very low correlation with other asset classes.

1041
01:02:10,705 --> 01:02:27,404
And so they looking at what called the four cycle And we have been down And the question is is the four cycle the downside of it over We think it pretty much pushed through Maybe we flatten out here in the 80 range

1042
01:02:27,404 --> 01:02:31,264
base here for a while, but we think we'll be on our way soon.

1043
01:02:31,264 --> 01:02:47,984
Checking in on the state of the network as I wrap up at block height 934,136.

1044
01:02:48,424 --> 01:02:52,644
One Bitcoin to US dollar is 89,170.

1045
01:02:52,644 --> 01:02:56,604
That puts our sats per dollar at 1,121.

1046
01:02:57,064 --> 01:02:58,004
Kind of like that number.

1047
01:02:58,004 --> 01:03:08,284
We are down 29.3% from our all-time high 114 days ago, October 6th, just before the big deleveraging, $126,180.

1048
01:03:09,104 --> 01:03:12,764
There are 24,475 reachable nodes.

1049
01:03:12,904 --> 01:03:14,364
We need more nodes.

1050
01:03:15,104 --> 01:03:16,604
We need more nodes.

1051
01:03:16,864 --> 01:03:19,864
But let's check in on the number you all really care about right now.

1052
01:03:20,364 --> 01:03:26,684
The Bitcoin hash rate currently at 945.2 exahash.

1053
01:03:26,684 --> 01:03:27,884
So climbing back up.

1054
01:03:28,004 --> 01:03:29,684
climbing back up.

1055
01:03:30,444 --> 01:03:33,404
The difficulty change was a downward adjustment as expected,

1056
01:03:33,524 --> 01:03:35,404
and the next one's going to be another one at this rate.

1057
01:03:35,464 --> 01:03:36,844
However, if it continues to climb back up,

1058
01:03:36,864 --> 01:03:40,544
I think the difficulty adjustment will dynamically improve.

1059
01:03:41,104 --> 01:03:46,324
The 90-day hash rate, though, still sits at 1.04 Zeta hash.

1060
01:03:58,004 --> 01:04:19,664
Come say hi. If you're in the Pasadena, California area, if you're going to be at Planet Nix or scale, or if you're just in the general area, say hi. I'd love to say hi. Love talking to Bitcoiners. I have a meetup placeholder at meetup.com slash Jupiter Broadcasting. We'll have more details and actually lock in the time and location there. But if you want to just register your intent to go, I'd appreciate that.

1061
01:04:19,664 --> 01:04:22,484
last time we had a lot of extra people show up.

1062
01:04:22,544 --> 01:04:25,004
So it's always nice to actually give the restaurant a heads up.

1063
01:04:25,184 --> 01:04:27,444
That's meetup.com slash Jupiter broadcasting.

1064
01:04:27,564 --> 01:04:28,184
But you know what?

1065
01:04:28,924 --> 01:04:32,164
I put all the links at thisweekinbitcoin.show for you, don't I?

1066
01:04:32,704 --> 01:04:34,784
So you'll find them over there thisweekinbitcoin.show.

1067
01:04:34,924 --> 01:04:36,264
This is episode 90.

1068
01:04:36,924 --> 01:04:37,944
Let me know how I did too.

1069
01:04:38,024 --> 01:04:40,044
My goal is to do a show that doesn't get too distracted

1070
01:04:40,044 --> 01:04:41,504
by the emotions around what's happening.

1071
01:04:41,604 --> 01:04:43,204
Every now and then we do have to process, right?

1072
01:04:43,504 --> 01:04:46,364
But the goal really is at the end of it to come back,

1073
01:04:46,584 --> 01:04:47,584
focus on the signal,

1074
01:04:47,584 --> 01:04:49,864
help you make the best decisions for yourself,

1075
01:04:49,984 --> 01:04:51,724
your business, your family, your future.

1076
01:04:51,924 --> 01:04:54,564
So let me know how I did with a boost

1077
01:04:54,564 --> 01:04:56,504
or a membership at jupiter.party

1078
01:04:56,504 --> 01:04:58,344
or you can become a Fountain FM membership

1079
01:04:58,344 --> 01:05:01,324
and you can subscribe in Sats or Fiat

1080
01:05:01,324 --> 01:05:03,844
and get extra features as I release them

1081
01:05:03,844 --> 01:05:06,104
throughout the week or the year.

1082
01:05:06,784 --> 01:05:08,024
I guess it's a good thing I'm wrapping up

1083
01:05:08,024 --> 01:05:09,864
because I think the brain just started shutting down.

1084
01:05:11,864 --> 01:05:14,424
What happened is, is I pushed the show later in the day

1085
01:05:14,424 --> 01:05:16,224
so that way I could catch the J-PAL meeting

1086
01:05:16,224 --> 01:05:17,844
and I think I need a nap now.

1087
01:05:18,664 --> 01:05:21,244
I think the birthday is officially the birthday of,

1088
01:05:21,324 --> 01:05:23,044
well, I'm an old man and I need naps.

1089
01:05:23,264 --> 01:05:24,584
I think that's what that's about.

1090
01:05:25,004 --> 01:05:26,904
Anyways, I'd love to hear from you with a boost

1091
01:05:26,904 --> 01:05:28,044
or some feedback like that.

1092
01:05:28,084 --> 01:05:29,684
It's always one of my favorite parts of the show

1093
01:05:29,684 --> 01:05:31,864
and go get all the extra resources

1094
01:05:31,864 --> 01:05:33,304
in the gosh darn show notes.

1095
01:05:33,624 --> 01:05:34,644
Now, you know how I do it.

1096
01:05:34,644 --> 01:05:37,144
I'm going to leave you with a value for value track

1097
01:05:37,144 --> 01:05:39,824
and I'm going to the well for one of the classics,

1098
01:05:39,944 --> 01:05:41,244
one of my favorites out there.

1099
01:05:41,344 --> 01:05:42,124
It's Theo Katzman.

1100
01:05:42,504 --> 01:05:48,583
He been in the value for value verse for just about as long as it been around And this week we playing his track Be the Wheel

1101
01:06:13,343 --> 01:06:19,183
Stuck to the ocean, bottom out of the blue

1102
01:06:19,183 --> 01:06:24,823
Dayton, Ohio's calling, next thing we knew

1103
01:06:24,823 --> 01:06:29,303
Man on the moon, you see

1104
01:06:29,303 --> 01:06:37,823
Here comes the hurricane

1105
01:06:37,823 --> 01:06:41,163
It's blowing, babe

1106
01:06:41,163 --> 01:06:45,323
And there goes the automobile

1107
01:06:45,323 --> 01:06:51,443
Don't be the horse and buggy

1108
01:06:51,443 --> 01:06:54,163
Be the wheel

1109
01:06:54,163 --> 01:07:00,423
Be the wheel, baby

1110
01:07:00,423 --> 01:07:06,803
Watch the old ways

1111
01:07:06,803 --> 01:07:09,303
Fight for survival

1112
01:07:09,303 --> 01:07:14,843
Under solemnly sworn hands on the Bible

1113
01:07:14,843 --> 01:07:21,943
While the continents dance over the sands of time

1114
01:07:21,943 --> 01:07:26,523
Over the sands of time

1115
01:07:26,523 --> 01:07:32,043
Back at the ranch, look for the golden teacher

1116
01:07:32,043 --> 01:07:37,583
Lie in the grass, next to the water feature

1117
01:07:37,583 --> 01:07:49,223
I'm just saying.

1118
01:07:49,223 --> 01:07:52,903
Here comes the hermit game.

1119
01:07:53,283 --> 01:07:55,603
It's blowing, babe.

1120
01:07:56,303 --> 01:07:59,763
And there goes the automobile.

1121
01:08:01,843 --> 01:08:05,483
Don't be the horse and boogie.

1122
01:08:05,483 --> 01:08:08,483
Be the way

1123
01:08:08,483 --> 01:08:13,483
The way

1124
01:08:13,483 --> 01:08:16,483
The way

1125
01:08:16,483 --> 01:08:21,483
The way

1126
01:08:21,483 --> 01:08:23,483
The way

1127
01:08:23,483 --> 01:08:25,483
The way

1128
01:08:25,483 --> 01:08:31,483
Heaven wants to her big pain

1129
01:08:31,483 --> 01:08:39,483
It's blowing, baby, and there goes the automobile

1130
01:08:40,483 --> 01:08:48,483
Don't be the horse and boogie

1131
01:08:48,483 --> 01:08:52,483
Don't be the next best something

1132
01:08:52,483 --> 01:08:56,483
Don't be the second incoming

1133
01:08:56,483 --> 01:09:03,483
Just be the only one thing

1134
01:09:03,483 --> 01:09:09,483
Be the wheel

1135
01:09:09,483 --> 01:09:13,483
Be the wheel, baby