Welcome in to This Week in Bitcoin, episode 90.
My name is Chris, chrislas.com, jupiterbroadcasting.com.
Bitcoin's waking up a little bit this week.
Well, at least it seems to be reacting to some of the dollar drama news cycle.
And it's pretty fresh.
Things really just kicked off yesterday when President Trump was out and about and said the following about the U.S. dollar.
It's great. I mean, the value of the dollar. Look at the business we're doing now.
Dollar's doing great.
I'd want it to be just seek its own level, which is the fair thing to do.
You could have it. I could have it go up or go down like a yo-yo.
All right. Well, hold on a second there.
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.
It's an admission of control.
And that raises the obvious question.
Well, if you can make it go up or down, why aren't they strengthening it?
I mean, isn't that the obvious question?
Listen to what he says here.
I think it's great.
I mean, the value of the dollar.
Look at the business we're doing now.
Look at the value and the business we're doing are two separate things.
Dollar's doing great.
I'd want it to be just seek its own level, which is the fair thing to do.
You could have it. I could have it go up or go down like a yo-yo.
So here's the latest.
He could have talked it up, too, right?
He could have. He could have, you know, you know Trump.
He could have talked it up, but he chose not to.
That's because the Trump administration, I maintain, has wanted a weaker dollar since before they came into office.
It delivers exactly what they want.
Essentially lower interest rates, higher U.S. exports, a smaller trade deficit and nominal GDP growth.
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.
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.
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.
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?
Well, again, U.S. always has a strong dollar policy, but a strong dollar policy means setting the right fundamentals.
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.
And over time, the prices on the screen can fluctuate over six months.
We're worried about dramatic weakness in the dollar.
But again, if we have sound policies, the money will flow in.
So he's saying, well, we're going to do all of these things at the high level.
And we think if we improve these things at the high level, the dollar will eventually take care of itself.
And we are bringing down our trade deficits.
So automatically that should lead to more dollar strength over time.
Now, that might sound fine to some.
But others like Peter Schiff are saying we are headed towards an economic crisis that they won't be able to solve.
They won't be able to fix. They don't realize what's in the making.
And the entire world is about to drop the dollar and buy gold.
And the world is now pulling the rug out from under the U.S.
The dollar is going to collapse. The dollar is going to be replaced by gold.
Central banks are buying gold. They are. They are. That is true.
They're getting rid of dollars. They're getting rid of treasuries.
We are headed for a economic crisis again that will make the 2008 financial crisis look like a Sunday school picnic.
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.
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.
The only problem I have with Peter's analysis is that's always been Peter's analysis.
For the last 25 years, we've always been about to have the dollar crash and everybody's about to buy gold.
It just seems to be that we're more and more towards that situation.
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.
There is the loss of confidence in the reserve currency, which drives people to see alternative storeholds of wealth.
So, for example, when there's a debt issue, there are two ways of dealing with debt.
There's hard money, you know, traditionally backed by gold.
And when that happened, then there was breakdowns in that monetary system, the valuation.
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.
In 1971, we had the same. Nixon did the same thing, went off the gold standard and devalued and so on.
And the creation of a lot of debt and money means that money goes someplace else.
And it traditionally, both of those cases, it went into stocks, gold and other places.
So money is always the holders of money, which are the holders of bonds.
Bonds are a promise to receive money, a lot of money over a period of time.
It's a very long money position.
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.
They may not be another currency if there's not a good currency.
They may be stocks, they may be gold, and they may be another currency.
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.
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.
I will admit the dollar drama can be kind of fun to watch for Bitcoiners because, you know, by nature, we're fiat skeptics.
And this is a pretty significant downward tranche we saw this week in the dollar, but it's already kind of recovered.
And it really is the result of international policy and Trump administration decisions.
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.
And when you zoom out the dollar chart, really, it's not that bad.
It's in a longer range and it's at the lower end of that longer range for sure.
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.
And with the dollar rebounding today, here's the headline.
The dollar index rose 9.6.4, 9.6.4 on Wednesday after touching a four-year low of 96.
Earlier in the session, as markets prepared expectations, the U.S. was engineering a devaluation in its currency aid to exporters.
So really, the number there right now, as I record, is 96.4.
The number, I suppose, that would be historical would be somewhere in the 90-ish range.
But the real issue is the debt.
It's the debt.
Do you hear me?
And to understand that, you really have to – with everything that's going to happen with the dollar, you have to appreciate that.
It's just an overall, they have no choice.
We're near $40 trillion in debt.
And gold has been sniffing this out.
I did a little spelunking this week for you guys.
And I brought up the old price charts.
I'm not a chart person, but I do have trading views, so I can do this from time to time.
And I zoomed out with gold and the dollar to the year 2020.
Seems like so long ago.
And what I saw is a very clear signal.
is gold quietly entered a bull market in October of 2022.
That was a key moment, not just for Bitcoin.
And funny how October keeps coming up.
But in October of 2022, there's a clear deviation
where the dollar starts to debase,
even really before accelerated, and gold starts to rip.
Gold starts sniffing it out years, not months,
years ahead of time.
Because gold leads liquidity events.
It moves before easing, before quantitative easing, before the weakness has been baked into the market.
Gold moves. It's anticipatory because they're trying to preserve and protect.
It reflects the debasement before it happens.
That's exactly what savvy Bitcoiners have been doing and saying for years.
They're front running all of this and have been years ahead of the banks and the boomers that are buying gold right now.
Bitcoiners, though, are not solving for this moment.
They're solving for the future.
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.
Bitcoin behaves differently.
Bitcoin tends to absorb liquidity once it shows up.
It moves after liquidity has arrived.
It's a liquidity black hole.
Gold leads a debasement trade.
Bitcoin expresses the liquidity trade.
It benefits from it.
Soon, not yet, we'll be there.
We will be on the other side of this cycle eventually, but we have to be real about this.
Bitcoin's been sliding against gold for 14 months now.
That's historically, traditionally, about how long this goes.
But we're in a different kind of cycle right now.
It's driven more by policy and fiscal dominance and less by central bank rates and that type of stuff.
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.
when it's a Bitcoin gold bear market.
And so it could be a little while until this turns around.
I don't know.
You just have to stay focused and stack sacks
and don't worry about rocks.
Let gold have its run.
Bitcoin will figure it out.
And at some point, central banks will settle down.
Tether will stop sucking up as much gold as possible.
The climb will slow for gold a bit
and Bitcoin will start to rip.
And I'm pretty sure about that.
Now, how do I know?
Let's get into that.
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.
And to be frank, they're going to bet against the dollar.
And it probably won't be bonds unless you're a U.S. bank.
This is something that came out today from BlackRock.
They had a takeaway that immutable laws were now in play.
And they had market commentary that they put out.
I'll put a link in the show notes.
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.
BlackRock says bonds no longer offer a reliable portfolio protection amid rising volatility.
Spikes in long-term yields are fueling debt concerns driven largely by U.S. tariff risks with impacts strongest in Japan.
The firm remains underweight long-term U.S. and Japanese government bonds.
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.
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.
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.
The area of recklessness is the spending of governments around the world who are all, with little exception...
That, by the way, is Larry Fink. Larry Fink is in complete agreement.
And I think it's no shock now with this memo that they've put out.
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
of government spending. Within the private sector, there's a huge question as to where AI will take
us. And I was carefully taking notes and listening to what Larry has to say or to what Madame Lagarde
has to say because this is one of the big issues of our moment. Will AI create the productivity
acceleration that is honestly hoped for in Washington and in the halls of government around
the world as a way to overcome the profit and spending that we're currently engaged in?
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.
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.
the lever you have pulled breaks is not in service the only thing that fixes this is sound money
policy it won't be productivity it can help but it won't fix it and so gold saw this coming and so
did bitcoiners so did bitcoiners but gold also saw this coming and here's the difference the bitcoin
market cap is $1.7 trillion right now. The gold market cap is estimated to be nearly $37 trillion.
Of course, they don't really know, like the Bitcoin network does, but that's the number
they all choose to believe in, so we'll go with that. Gold is the solution for the pain right now.
A $37 trillion market cap can absorb constant buying by central banks. Bitcoin, not there yet.
It's a long-term solution for the people. I actually thought Jack Mahler's had a pretty
good explanation in his podcast that was on Monday, of course, Jack from Strike and 21.
Bitcoin is gradually catching a sovereign bid. But the biggest bidders of Bitcoin right now
are ETFs and corporations like Strategy or 21. And that doesn't mean that people don't
understand what it is and people don't know where it's going. It's how old it is. It's still a
teenager. It's a certain size. Michael Saylor can plow a billion dollars a week into Bitcoin and
Bitcoin can absorb that. No problem. One, one and a half to $2 trillion asset. No problem.
Plenty saleable, plenty liquid, easy. China, it's just not big enough. So the thing is gold,
gold, the way I would describe gold relieves the pain today. It is not the solution for the future.
We all know that.
How do I know that?
It already failed.
Did gold get any more decentralized?
Did gold get any faster?
Did gold get any lighter?
Did gold add any new features?
Did gold address any of the reasons that it got demonetized and failed humanity as a money?
No, it's not software.
We can't make it better.
We can't improve it.
It's a fucking rock.
Well, today was a special day, Wednesday, January 28th, 2026.
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.
Federal Reserve kept interest rates unchanged Wednesday.
They hit the pause button, as the economic media puts it, at the first meeting this year,
signaling a risk that perhaps there are some economic problems.
They didn't really want to proceed any further.
I didn't really get that.
That was the media's take.
My take was actually J-Pow was feeling pretty good, but didn't see the needs to move forward.
The press really is falling all over themselves to try to cover the last moments of J-Pow.
I don't know.
By the way, Steve Leisman, the Fed's call on interest rates now.
The Federal Reserve pausing after three consecutive cuts, maintaining the rate of three and a half to 3.75.
There were, however, two dissents.
Governors Waller and Myron both dissenting, favoring a quarter point cut this time.
They kept the language that they used last time to single a pause,
saying that in considering the extent and timing of additional adjustments to the target range,
that was what signaled a pause last time.
Perhaps telegraphing a future pause, there was also a noticeable upgrade to the economy
and something of an upgrade to jobs.
On the economy, they said it expanded at a solid pace,
really marking to market what we know out there.
See, in my opinion, that's pretty positive speak from a Fed chair, a solid pace.
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.
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.
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.
I guess I just don't see the evidence of any independent activity by the central banks my entire lifetime.
And I mean that from a data standpoint and from an observational standpoint.
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.
And B, the idea that they have this sort of sanctimonious independence all around the world that all Western nations have agreed upon.
I don't know if I buy that either.
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.
In fact, for the last 40 years, they've horrendously debased their currency, making their day-to-day life much significantly worse.
And each previous generation since the boomers, worse off, which is historically not the way it's worked.
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.
But the next Fed chair, if J-POW ever steps out, should be really interesting.
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.
And I want to play this clip for you because he was at Davos.
After the skiing, he sat down with CNBC.
And I want you to take away a couple of things from this clip.
We just heard from J-POW.
In fact, let's play another J-POW clip just so we can baseline.
OK, here's another J-POW clip.
You know, geopolitical risk for us is a lot of it is around energy, oil.
And so far, we haven't, you know, with all for all the turmoil, we really oil prices have come down, as you know.
And so we don't really see much, you know, longer than that.
It's trade. And, you know, the trade, the economy, our economy has has pulled through pretty well, you'd have to say,
given the very significant changes in trade policy.
Yeah, so why not lower rates?
So then, now here is the new guy,
the believed next possible Fed chair by Polymarket, Reeder.
Now take away just his general style compared to Fed chair Powell there,
and then also note his thoughts on Bitcoin.
And we'll talk about that on the other side.
What do you think the ideal portfolio is supposed to look like today?
We're surrounded by investors.
We're surrounded quite literally by financial advisors
who are thinking about that, retail investors who are watching.
I mean, what does it look like today?
All right, so this is Rick here, Rick Reeder, and he's sitting in a blue blazer.
He's got a white button-up shirt with the top couple of buttons undone.
He's got mostly salt, but some pepper in his hair slicked back, and dude's leaning back in his chair.
Very different than the past.
So maybe I'll start with the equity market.
I mean, the first thing I would say, we're going through the most extraordinary technology dynamic I've ever seen before.
I would stay long equities.
By the way, you can buy vol.
You can buy volatility very cheaply to manage your exposure.
So he's saying stay long equities.
I think what he means by that, of course, is to buy the tech companies, baby, buy the AI companies.
And then I love that the vol is in there.
You know, he's talking like a trader.
The traders love the vol.
Equities.
By the way, you can buy vol.
You can buy volatility very cheaply to manage your exposure.
and stay along equities oriented to where growth in technology is.
In fixed income, income is amazing.
You're still clipping 6%.
Would I stay five years in on the curve?
I'd still clip that coupon.
We're extending a little bit out.
Wow, this guy is in it, isn't he?
I'd clip that coupon, you know?
And then quite frankly, I mean, there's some interesting things to do in private bespoke markets.
Uh-huh.
Okay.
Private bespoke markets.
And I think hard assets.
Oh, now here we go.
have to enter the equation today.
Gold, Bitcoin, things that give you a little bit of ballast.
The guy with a 44% chance to become the next Fed chair
drops Bitcoin next to gold.
Very interesting.
Of course, he currently works at BlackRock
and he is on their portfolio construction team.
And I think hard assets have to enter the equation today.
Gold, Bitcoin, things that give you a little bit of ballast
in the portfolio against potential for currency depreciation.
When you talk about Bitcoin should be part of the portfolio,
what kind of percentage are you thinking about?
Is it a 5%?
I'll be honest, when he says,
what kind of percentage were you thinking about?
I was hoping this guy would say 100%.
But with what you just heard him say
about fixed income and clipping coupons and equities,
he's not gonna say, he's not gonna be like,
oh yeah, 100%, no, that's not where this guy's at.
Be part of the portfolio.
What kind of percentage are you thinking about?
Is it a 5%?
Which generally seems to be what people are talking about,
more or less.
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.
Well, we'll see you on the stage, the big stage I said as the headline speaker, the keynote today. Rick Reeder, thank you.
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.
Expression of what? Boost in with what you think he meant by all of that.
It sounds to me like he thinks Bitcoin is an expression of debasement. I'm not sure. What do you think?
Like what was he said, Bitcoin tends to trade with vol and tends to trade with the Nasdaq.
And the Nasdaq obviously is very tech heavy.
And then he says, I think it's just going to go up.
And I think it's a good expression.
All right.
So boost it and tell me an expression of what?
And what do you think of that guy being the next Federal Reserve chair?
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?
I'd like to get your prediction in the boost if you're willing to go on the record.
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And you can support the show by doing what you do.
Ask not what your podcast can boost for you, but what you can boost for your podcast.
And we had some supporters for this episode.
Let's get into it.
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
Lots of conventions.
Everything was busy.
No one was complaining about prices or the economy.
Unless you talk to people driving the cabs, clean your room, and serving tables.
Different story from them.
Obi, that's such a great observation.
and I didn't even consider for the holidays,
I went to Vancouver Island in BC with the family
and it was so busy with shopping.
You had to wait everywhere you went,
you had to wait for a parking spot
and everything was booked up.
But then you're right,
the waitstaff and the people working at the hotel
were miserable.
And some of the folks that had lived there the longest
before it became kind of like a yuppie town,
as we used to say back in my day,
were miserable.
And it's such an interesting divide.
And I have to say,
I think I connect closer to the people
that are feeling a little rough
than the people that are feeling like things are great.
Nice observation, Obi.
Thank you for sharing it with me.
Love that kind of stuff.
You guys see that out in the real world.
See those observations.
Send them in.
Share them with the class.
Adversaries is here with 32,768 sats.
Oh, Adversaries has got a mining pool update for us.
He writes, it turns out there is more to this than I thought.
I need a pool server, a public node,
and then I have to configure the pool server
to distribute fees appropriately.
So far, I haven't been able to determine
if the public pool software by Benjamin Wilson
is the right server since it's mostly used
for single mining and doesn't have fee distribution.
The idea would be that any of our miners found a block
it would distribute to all of us.
I still have a work in progress.
More research to come,
but other projects have been taking precedence.
PJ messaged me and is interested
in joining the pool right away once we get set up.
Oh man, I want to get going too.
So I wonder adversaries if maybe there isn't like a way
we could do a sub pool on another pool.
Like maybe if ocean mining offered us a way to do like a group and we just use their infrastructure, I don't know.
Could be something to consider there.
Also would be willing.
I have a node that's already kind of public.
And, you know, we have servers, I suppose.
We got to think about that.
But let's chat more about it.
And thank you for doing that research.
Keep me posted.
Perseates that.
Perseates that a lot.
Okay.
So I'm going to get, I'm going to, I got to admit something to you guys.
We're not there yet.
Yeah, I got to do better.
Got to do better.
But we got another Bitcoin boost, 21,000 sats by BobbyPin.
There's that.
I mean, that's okay, right?
That's okay, right?
I could.
There you go, 21,000 sats.
Huh?
Yeah, is that something?
All right.
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.
Oh, I didn't even see a notification about that.
with the Bitcoin mining information.
Is there a different form of communication you prefer?
I'm reaching out for more experienced people.
I know they'd like to talk to you about mining.
Oh, wow.
We dropped below 900 X a hash.
Great time to get into mining.
That's a good point.
Yeah, the winter storms.
I should have thought of that.
Bobby Penn, I guess I'll look for your DM.
It should be okay.
I just have no notification that anybody sent me a DM.
Thanks for letting me know on here.
Appreciate that.
Also, he wants to know what's...
Yeah, you called me out.
Well, I had a couple of suggestions.
I just, I played the one for you last week
and I didn't like it.
but we will find something.
You make me want to be a better man.
Bitcoin Lizard's here with 21,000 sats.
I had to send a boost to make sure your node was working correctly.
Looks like you fixed it.
Oh, lizard.
I'll tell you what, guys.
I'll tell you a little bit about a major node outage
of my own making that I had this week after the boost segment.
Stay tuned.
It's brutes.
It's so brutes.
All right.
Our last Bitcoin boost, 21,000 sats from Mix.
Thanks for all your work.
The segment on Carney was great.
That guy is an installed agent.
Oh, boy.
Fun will now come.
Here we go.
I think some of the other booths are going to get into this.
Thank you very much, Mix.
I appreciate that.
Gene Bean's here with 6,600 Twana Fursats.
Any Western nation talking about the downsides of not being able to feed itself
needs to shut up and read the hidden repression,
how the IMF and the World Bank sell exploitation as development.
I will plus one that, Gene.
Yeah, man.
I love it.
Gene's got some good book recommendations.
Hoddling till the cows come home over here.
I'm in no hurry since I wasn't expecting any real upside for four or five years from now.
Anyhow, I only started dipping into my toes beyond lightning in March 2024 and learned that hoddling is the way.
Very wise, Gene.
In fact, I kind of, I don't know why.
And maybe this will lead to disappointment because Bitcoin doesn't care about my timeline.
Doesn't care about any of our timelines.
Bitcoin is also over the last 16 years or so
been a great lesson in humility and humbling.
And also constantly forcing me to reevaluate
low time preference things
and actually focusing on long-term.
So it's good in that sense,
but it doesn't pump when I need it to, right?
And so back in my mind, I don't know why,
maybe I'll be disappointed.
I picture like the early 2030s.
It says Unchained Capital is a Bitcoin IRA
that uses a multi-sig setup
that's compatible with the Tracer One.
It's a nice option for rolling over a 401k
from a previous employer.
Just saying.
Great tip, Gene.
And he says,
hell no to a CBDC.
Plus one to that.
That's not possible.
Nothing can do that.
No CBDC here, right?
Thank you, Gene.
Joey DD is here
with 6,000 sets.
This is the way.
Thanks for calling out
the banker prime minister
on his speech at the WEF.
Your passion tripled
my boost amount.
Hey, all right.
Thank you very much.
This is a tasty burger.
I appreciate that.
Good to hear from you, Joey.
Faraday Fedora's here
with a row of ducks.
That's 2,222 sats.
Proud Canadian at a Bitcoiner here.
Is RPM and government perfect?
Hell no.
But if you want to talk about national embarrassments, I invite you to play a recent speech by your president.
Do I agree with the pending and deepening trade with China?
No.
But as a Canadian, we can make our own deals with the Chinese rather than lockstep with the U.S.
and the current admin weapons grade incompetence.
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.
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.
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.
And that's the actual situation.
And then you have to make do with your neighbor, regardless of what deals you set up with China.
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.
It's something about 70 percent of trade is currently done with the United States.
So it's a very precarious situation.
And I think there's two things when it comes to Trump.
It's always two things with me, I guess.
He can be really upsetting.
He can be very, very triggering.
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.
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.
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.
And the situation with getting in a deal with China ain't going to improve nothing for nobody.
And here's the worst thing, Faraday, is what do you think is more likely?
Do you think it's more likely that Canada wants to sell, you know, a couple thousand EVs?
China wants to sell a couple thousand EVs to Canada?
Or do they want to start getting into the U.S. market to screw over the U.S. through the back door?
And they're just playing Canada.
Seems also like that's pretty likely.
But I do appreciate that feedback.
And I agree with you on a lot of that.
Thank you for the booster. It's good to hear from you.
Hey, there's Mary Oscar, developer of Fountain FM.
He comes in with 2,000 sats.
Great rant about Carney. Thank you, Oscar.
It's good to hear from you.
Genesis is here with 2,200 sats.
Longtime listener since episode one.
All right.
And first time booster. Hey, thank you very much.
Banger episode. Keep up the good work.
JB shows keep me going through the work.
Well, it's good to hear from you.
Thank you, Genesis or Genesis.
Appreciate that.
Hey, Ace Ackerman's back with a row of ducks.
I think if you have a sponsorship from companies
that you have researched and are comfortable promoting
and don't influence your views on the show,
it won't compromise the quality of TWIB.
If you start shilling for something like Farmer's Dog,
I might feel differently.
Well, you know, in an ironic way,
Farmer's Dog would almost be better
because they're not related to Bitcoin.
But I don't feed my dog Farmer's Dog, so.
Let's talk more about that later in the show.
Thank you for that feedback.
Good to hear from you, Ace.
Chew Toys here with 7,000,
speaking of dogs here with 7,000 sats.
Thanks for the hard work.
I get super PO'd when I listen
or read to the news lately,
so I'm glad you filter around the news
to preserve my sanity.
Let's just focus on the Bitcoin signal
and the stuff impacting your Bitcoin.
You know, like one of the things I get
as the head of the family
who's all got a little bit of Bitcoin now
is I always say, well, you know, a little bit.
I always say to dad,
hey dad, why is the price down?
Well, Dad, so hopefully if you could ask that question, you got a few answers you can fire off from this show.
Or when the prize is ripping, same thing, right?
Thank you very much.
Thank you, Chute Toy.
EB13's here with her own X.
First time booster?
Hey, yes.
That's not possible.
Nothing can do that.
I've been told nobody could do that.
Very nice, EB.
Massive fan of your show, Twib has become my favorite Bitcoin podcast, and it's not even close.
My question for you.
What would be your best recommendation for a first time node?
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?
I'm interested in having a home server setup.
I can also perform things unrelated to Bitcoin and want to learn how.
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.
I still have an Umbral node that I've had for a very long time, but I've heard very good things about Start9.
And EB, you could just do a demo in a VM.
If you're comfortable with something like VirtualBox or whatever you like, you could just fire it up and do a disposable server.
They have a lot of applications that are one-click deployments now.
It's pretty good stuff.
I think a ThinkPad would be fine.
You absolutely do not need to buy their pre-built hardware.
If you would like to support them and if you would like to avoid the installation process, it can be a very nice option.
And I'm sure there's a support package that comes along with that as well.
So for myself, I have often opted for one liter PCs.
If you just look up one liter PC on Amazon used like a Dell or a ThinkCenter, oh man,
they can be really, really, really great nodes.
Really great.
And you can find them for under $200, like the ThinkCenter one liter PCs.
Fantastic.
So EB, that would be where I'd probably just go with Start9 for now and start learning it.
It has a pretty good reputation.
They are working on a big rebuild.
you may want to look into that
because that could hit you
just after you get things going,
where I think Umbral
has probably gotten through that phase.
But I still think long-term start nine
is probably the way to go.
And I think they'll probably handle
that upgrade path pretty responsibly.
Thanks for that question.
It's a good one.
And I'd love to hear how the node goes.
Node up!
KazNow is here with 2,500 sataroonies.
Love the great content.
Well, thank you, KazNow.
Love the value.
KiwiBitcoin guides back with 4,567 sats.
I wonder if value for value model would work for Bitcoin educational content.
Someone creates a public guide for Twib.
If people find value, they boost or zap.
And the sats are then split between the creator, Twib, and the platform.
Kind of like outsourcing content creation and educational content, but with zero risk to you.
Have you seen this model in the wild?
And I wonder if you'd see it, if you think it would work.
You know, I thought about this KiwiBitcoin, but not so much like on a podcast RSS feed.
Because in that context, the audience is expecting to hear from a certain host.
They want to hear, they expect a certain thing.
And you'd have a really hard time maintaining the same voice and content expectation in an RSS feed.
However, I have thought a Peertube instance with boost.
There are like Alex Gates has created ways to boost content on Peertube.
And that to me, where you could have a couple of channels with sub creators and it's separate from the YouTube platform.
It still enables video.
Really waiting for the Bitcoin community to embrace Peertube.
There's been some attempts, but it really hasn't gone anywhere.
Good question, Kiwi.
Let me know if you think of anything.
Sloppy Joe's here with 3,000 sets.
Well, I'll be dipped.
Long-time listener, first-time booster.
How about that?
Booster!
Another first-timer.
Is that a third one?
That's awesome.
When you talk about the quantum threat, which I agree is largely exaggerated,
you mentioned the worst-case scenario is that only old address types will be exploited.
Maybe that's 20% to 30% of all Bitcoin, depending on who you ask.
But there are also the short range attacks to consider.
When you send Bitcoin, your key is exposed.
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
is that's where you'd see it first, right?
What you're talking about
would take a little bit longer in my estimation.
And I think you'd first see it in military applications
before you'd even see it in Bitcoin.
Bitcoin, though, it's a $1.7 trillion bounty, I suppose,
although if you crack it, the value drains like that,
So I'm not sure the incentive is there.
But I think you'd first start seeing it in banking and military applications.
And then you'd see it in the oldest of the Bitcoin software.
And then from there, you'd start seeing it maybe go further.
And that process, I believe, would take time.
What we have to deal with as Bitcoiners is we have to guard ourselves against the hype that will come from this.
Just like when AI, when ChatGPT hit the scene, we were told this is about three, four years ago now.
Think about how long it's actually been.
It feels like AI is new.
It's actually been years since ChatGPT was announced.
And what did they tell us?
AGI was just around the corner.
It's getting exponentially smarter.
It's going to be an absolute threat to democracy soon because it'll be so crazy powerful.
It'll be breaking out and taking over systems and creating fake news broadcasts.
All these things were said.
Now, here we are three and a half, four years later, and it's still just a chatbot for the
most part and doing vibe coding.
That's where we're at right now.
That same hype cycle is going to happen with Quantum.
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.
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.
And that is the real thing Bitcoin is going to have to guard against.
If coins get onto the market and get dumped, price will recover.
but that years of hype and BS and fear mongering,
that's going to be something that'll be challenging.
You'll have to guard against.
I think that was a good observation though, Sloppy Joe,
and got me going.
Thank you for the boost.
Thank you, everybody who boosts in.
I really appreciate it.
We had 40 of you stream sats
and you were our baller booster this week.
So thank you very much.
I hoard that which your kind covered.
65,477 sats were streamed into the show as you listen.
When you combine that with our boosters, we just fell short of my goal for episode 300.
I was hoping for a little bit of celebration, we'd hit 300 sats for the 90, and we came just short of it.
286,920.
Still pretty darn good.
Thank you, everybody.
This is a value for value show, and the way these boosts play into the rest of the broader business strategy of the network
will be a topic in the update segment in just a moment.
But before we get there,
I want to tell you about my real bad,
so, so bad node outage I had earlier this week.
Okay, so there's no excuse for my performance.
I have really no justification.
I know better.
I mean, I used to get paid years ago
to do this kind of work,
and I had to deal with client data that was very valuable.
And so that is my disclaimer.
Don't do upgrades when you're sleepy.
You see, I have a bad habit of getting involved
in thought-heavy projects
after I record Linux Unplugged on Sundays.
And we're already exhausted
because I start Linux Unplugged around 6 a.m. or so
and then we finish around 5 p.m.
That's when we're done for the day.
And I wanted to upgrade the node
because it had been too long.
And I knew I shouldn't do it when I'm sleepy
and I just had a big steak.
It was also the day before my birthday
and I wasn't thinking about the fact that, you know,
maybe I'd want to do things the next day
if something went wrong.
So here's my tip.
Don't do node upgrades when you're sleepy.
Always sweep the extra sats off your node
before you start work
and make sure your backups are functional.
Now, something about the way I set up my infrastructure
is I do what you shouldn't do.
I put certain things in production
so that way I can talk about them on the show.
And you shouldn't necessarily do that
for real production systems.
But, you know, at the end of the day,
this is a podcast network
and I want to be able to speak to these things
and I want to try stuff where the puck is skating,
as they say,
and so I can talk to the audience about it.
This isn't a fake justification.
This is really a part of what I do.
And what I'm getting at is on my node,
almost two years ago,
I deployed bcachefs on my node's drive.
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.
Things have changed because it's been heavily developed over the last couple of years.
It's in a very good stable state now.
When I deployed it almost two years ago, it was not.
And I also wasn't super great in the last few months about my system updates.
So when I finally got around to doing my system updates, I went from kernel 612 to kernel 618.
Linux kernel 618 includes an on-file system format upgrade for bcachefs.
Okay, fine.
Well, I wasn't paying attention.
And in full disclaimer, I was also working on another system at the same time, so it only had half my attention.
Big mistake.
So I apply the updates, see the new kernel's installed.
Good. Everything builds fine.
Reboot the box.
And I wait.
And I wait and the box doesn't come back up.
No reply.
I say to Wes, all right, I'm going to go to the console.
So, you know, thankfully it's in the same building.
So I get to the console.
No monitors hooked up.
No keyboards hooked up because this node has been running headless for two years.
So I go scavenge a monitoring keyboard from other systems and I plug it in.
Monitor turns on.
And sure enough, on the screen, emergency rescue mode.
Press control D to reboot or enter root password to log in.
No network services, and the file systems aren't properly mounted.
Some things have attempted to start, but the file system, especially the one the node uses, didn't mount.
So I think to myself, oh, must have been that kernel upgrade.
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.
Big mistake.
At that point, I rebooted the box.
Little did I know I was interrupting an automatic upgrade process for the file system that had already begun.
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.
I didn't know that at the time.
So when I tried to choose the old generation, it goes into the old generation.
Now it also fails to boot.
Same problem.
Emergency console, hit control D to reboot, enter root password.
Uh-oh.
Well, now we got a real problem.
So I reboot again, go to the latest generation.
also fails to boot, of course.
So we, at that point,
do what anyone would do,
try to stop ourselves from panicking,
get logged into the console,
and of course, there's no networking.
There's no services.
So we get the network stack up and running.
We manually run SSH,
the SSH server,
because SystemD is refusing to cooperate with us
because everything's in a blocked state.
And then we begin diagnosing
a completely clobbered BcacheFS superblock
that is preventing the now required upgrade from completing.
It's just stuck looping, and it starts eating 10 gigs of RAM.
Then it eats 15 gigs of RAM.
Then it eats 25 gigs of RAM and goes all the way up to 31 gigs of RAM and holds there.
The system's got 32.
31, 31.5 gigs of RAM as it's attempting to fix the file system,
but it keeps getting stuck at the superblock so it never takes off.
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.
Actually, that part was the easiest part.
Bcash FS was actually relatively easy to fix.
It just needed a standard FSCK check.
if you could get past that block, that super block,
which the standard upgrade couldn't.
That fixed the super block, the FSCK,
and then the upgrade was able to proceed no problem.
I run the upgrade, reboot the box,
uncomment all the stuff that prevented the mounting
and the services, reboot one more time,
and I had saved it.
That's the condensed version.
This took, in total, about 17 hours
because at one point we weren't sure.
When it started consuming all the RAM,
we thought, well, that's a sign it's actually doing something.
So maybe we'll just let it run.
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.
Woo.
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.
Everything was recovered.
Everything's running great and everything's super up to date and stable.
And the backups are good once again.
Yes.
Oh, my goodness, though.
And the node was down on my birthday, of course.
So that's what I spent my birthday doing.
Just like an idiot.
And that is sometimes what happens if you don't properly do things.
But that was a problem of very much my own making.
So learn from my mistakes.
Use regular standard file systems.
Of course, I think there would be zero risk deploying bcachefs now.
Do proper backups.
Don't do it when you're sleepy.
And sweep those SATs.
Okay, low-key, as my kids would say, I have to tell you about one of the best Bitcoin treasury
companies out there, in my opinion. It's Steak and Shake. Steak and Shake, the burger place.
Their transformation from burger place to Bitcoin treasury continues. They have increased their
Bitcoin exposure by $5 million. They say all Bitcoin sales go into the strategic reserve as
Well, you can buy food with sats.
And they conclude with this.
Our self-sustaining system, improving food quality that grows, same store sales that then grows the SBR, is transforming the chain via financial technology.
And in this case, the chain, they mean them, steak and shake.
Or perhaps it should be steak and sats, right?
So in my opinion, this is the real corporate strategic reserve strategy.
A business with an income stream saving in Bitcoin.
and this gives the business future leverage
to avoid things like inshittification
or, you know, selling out
or perhaps nickel and diming staff
or, I don't know, leading to better product choices
for the long term
and, of course, all of that leads to a happy customer
and thus they then stack more Bitcoin
because profits go up
and that right there is the Jupiter model
That's my humble version of what we're doing here at Jupiter Broadcasting.
It's working, it's early days, but the very existence of this podcast is a result of this virtuous cycle.
And the company revenues right now at times barely even enough to cover costs or sometimes not even that depending on the ad market.
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.
to give us that optionality and flexibility to prevent incentivification
from making the right decisions, from keeping the shows customer focused,
and thus earning more Bitcoin.
And I think once businesses understand how this is a virtuous cycle,
you'll see more just small businesses stacking sats.
They don't have to go on and make a big stink about it and make Twitter posts about it,
but I think you're going to see it.
And I'm just excited about that.
Well, the Texas power grid stayed strong during the winter storm.
Bitcoin miners in Texas did play a significant role.
They helped stabilize the ERCOT grid by voluntarily curtailing operations through the demand and response program,
which meant that the Texas governor got to go out and brag about how well things went.
Well, first, let me give you this context, and that is Texas is the only state that has our own power grid.
And our power grid produces more power than the second and third states combined.
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.
And as you're kind of pointing out, we had a massive surplus of power during the entirety of the storm.
You mentioned coal, which is one of the base loads that we have.
We have coal. We have nuclear. We also have natural gas.
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.
All right. So what kind of impact did Bitcoin miners actually make?
Well, CoinCrypto News published some numbers that show us real impacts.
I think it's pretty interesting.
You know about the flexible demand programs, right, that let facilities like Bitcoin miners quickly reduce power consumption.
and shut down entirely during peak demand.
And that frees up electricity for residential and critical needs.
And then when they no longer need it, the Bitcoin miners turn back on.
And the benefit here is that the power companies remain profitable in both situations so they
can invest in infrastructure and, well, like natural gas.
So here's what CryptoCoin News published.
Marathon Digital went from producing 45 Bitcoin a day to seven.
Iris Energy, or Iron, went from 18 Bitcoin a day to six.
and the network-wide hash rate,
if you go out beyond just Texas,
dipped below 700 exahash,
briefly hitting the mid 2025 levels.
Should have had our head in the game.
I knew this was going to happen.
I even mentioned it last week
in the state of the network.
Would have been a great week to jump in.
Things are picking back up.
We'll take a look,
but it looks like they're up above 855 now exahash
within 24 hours.
The overall rate though,
that's about an 8% or the more drop,
depending on where you look.
It's pretty significant.
the leading Bitcoin mining pool Foundry, which serves most of the industrial scale publicly traded miners,
saw its hash rate fall 60 percent from 340 exahash to just 136 exahash.
Wow. Winterstorm Fern left over one million homes and businesses without power.
And it's the largest widespread winter storm in the U.S. since 2016.
Isn't that something?
Makes me think perhaps we should go somewhere where it's, I don't know,
A little warmer.
Viva Los Vegas.
Viva, Viva Los Vegas.
...than ever before.
And now, there's one more.
Bitcoin is showing up at checkout counters across the country,
including right here in Las Vegas. And a new report shows more business owners are jumping
on board. Our consumer reporter Shakira Hawkins explains what this means for local businesses
and for you. You're probably used to tapping your phone or swiping your card, but some Las Vegas
businesses are adding Bitcoin as a way to pay. That means the next time you're short on cash,
you could use your Bitcoin investment to cover your purchase. We're accepting Bitcoin now. We're
getting quite a few people who's using Bitcoin. Mike Peterson owns Bouncy World's mega playground
and Cafe near Blue Diamond in Decatur. He's been in business for about a decade and now he added
Bitcoin as a new way to pay. We've seen about a good 20, 30 people that have used it so far.
And Peterson isn't alone. A new report from BTC Maps shows the number of businesses accepting
Bitcoin jumped 53% in 2025 with more than 11,000 new merchants added just last year alone.
The cost of doing business just across the board has been going up and they're looking for ways to
cut costs. Bitcoin consultant Jeremy Corchi with Sovin says Bitcoin payments can also be simple
for customers. In this case, you scan a QR code, instantaneous payment. He says more local businesses
are signing on and that number is expected to grow. One big reason, the financial digital payment
company Square offered Bitcoin payments to millions of U.S. businesses with no processing
fees through 2026. For small businesses like Bouncy World, that can make a big difference,
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
Right now, Bitcoin payments are still new, but experts say for some users, it offers benefits like added security and lower fees.
For Good Morning Las Vegas, I'm Shakira Hawkins.
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.
I mean, this is the square effect, isn't it?
This is the result of Jack Dorsey turning on Bitcoin payments in square terminals.
This is the real world impact where people follow their incentives.
That's pretty great.
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.
It's been not so great. I guess people on the ETFs are not too interested in buying.
And Fox Business had Kathy Wood on to talk about it. You know, good old crazy Kathy. I just love her.
And she runs an ETF, a Bitcoin ETF. I don't actually know why.
I don't know why ARK Investment runs this when there's so many other options, but they've got one.
And Fox wanted her on to kind of see where things are going because, honestly, it's been pretty bad recently.
And what caught my attention was Kathy here.
Crazy Kathy?
No, let's not call her that.
I love her.
It's YOLO Kathy.
Let's call her YOLO Kathy.
She brings it back to the October flash crash.
And the reality is, and she kind of infers to this, but I'm going to fill in the blanks here.
the altcoiners that got wiped out were really saving their profits in Bitcoin.
And to cover their losses and bail each other out, they've been selling their Bitcoin.
Kathy thinks we might be on the other side of that now.
Got a pure play Bitcoin fund.
Sure.
And I'm just interested to know, because we're off the $126,000 high level,
you're still in it to win it?
We are in it to win it.
Absolutely.
So ARKB, right, is our spot Bitcoin ETF.
And as we assess the ecosystem right now, what we've undergone in the last two to three months are the reverberations after 1010.
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.
And to the tune of $28 billion, there are a lot of people hurt.
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.
We think that unwind is pretty much behind us.
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.
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
base here for a while, but we think we'll be on our way soon.
Checking in on the state of the network as I wrap up at block height 934,136.
One Bitcoin to US dollar is 89,170.
That puts our sats per dollar at 1,121.
Kind of like that number.
We are down 29.3% from our all-time high 114 days ago, October 6th, just before the big deleveraging, $126,180.
There are 24,475 reachable nodes.
We need more nodes.
But let's check in on the number you all really care about right now.
The Bitcoin hash rate currently at 945.2 exahash.
So climbing back up.
climbing back up.
The difficulty change was a downward adjustment as expected,
and the next one's going to be another one at this rate.
However, if it continues to climb back up,
I think the difficulty adjustment will dynamically improve.
The 90-day hash rate, though, still sits at 1.04 Zeta hash.
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.
last time we had a lot of extra people show up.
So it's always nice to actually give the restaurant a heads up.
That's meetup.com slash Jupiter broadcasting.
But you know what?
I put all the links at thisweekinbitcoin.show for you, don't I?
So you'll find them over there thisweekinbitcoin.show.
This is episode 90.
Let me know how I did too.
My goal is to do a show that doesn't get too distracted
by the emotions around what's happening.
Every now and then we do have to process, right?
But the goal really is at the end of it to come back,
focus on the signal,
help you make the best decisions for yourself,
your business, your family, your future.
So let me know how I did with a boost
or a membership at jupiter.party
or you can become a Fountain FM membership
and you can subscribe in Sats or Fiat
and get extra features as I release them
throughout the week or the year.
I guess it's a good thing I'm wrapping up
because I think the brain just started shutting down.
What happened is, is I pushed the show later in the day
so that way I could catch the J-PAL meeting
and I think I need a nap now.
I think the birthday is officially the birthday of,
well, I'm an old man and I need naps.
I think that's what that's about.
Anyways, I'd love to hear from you with a boost
or some feedback like that.
It's always one of my favorite parts of the show
and go get all the extra resources
in the gosh darn show notes.
Now, you know how I do it.
I'm going to leave you with a value for value track
and I'm going to the well for one of the classics,
one of my favorites out there.
It's Theo Katzman.
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
Stuck to the ocean, bottom out of the blue
Dayton, Ohio's calling, next thing we knew
Man on the moon, you see
Here comes the hurricane
It's blowing, babe
And there goes the automobile
Don't be the horse and buggy
Be the wheel
Be the wheel, baby
Watch the old ways
Fight for survival
Under solemnly sworn hands on the Bible
While the continents dance over the sands of time
Over the sands of time
Back at the ranch, look for the golden teacher
Lie in the grass, next to the water feature
I'm just saying.
Here comes the hermit game.
It's blowing, babe.
And there goes the automobile.
Don't be the horse and boogie.
Be the way
The way
Heaven wants to her big pain
It's blowing, baby, and there goes the automobile
Don't be the horse and boogie
Don't be the next best something
Don't be the second incoming
Just be the only one thing
Be the wheel
Be the wheel, baby