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Music.

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Welcome in to This Week in Bitcoin, episode 25. My name is Chris.

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It feels good to be back. Sorry I missed you last week. I was traveling,

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and I think it was worth it.

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You know, towards the end of the summer, things kind of slow down,

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and I'm sure, as you've heard now a thousand times, September stinks for the market.

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So really, we should just take the whole month off, friends.

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You know, one day when you're so rich from your Bitcoin stash,

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that's what you'll do. You'll just take September off, right?

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What a crazy couple of days. You know, the week I took off, not too much shocking happened.

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But in the last three days, it has been wild.

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And of course, it's all happening while there's an election here in the states

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pending, which the market's, of course, trying to wrap their heads around.

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It seems like it keeps changing which direction they think it's going to go.

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And there's this underlying confusion, debate, concern that we're going to be

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slipping into a recession, which can happen after rate cuts, I have to say.

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In fact, we see that in a lot of the outcomes if you look at the data.

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And this week we learned that private sector job growth as a percent of the

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total payroll growth fell to 38% in July, which the reason why that matters

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is that's the lowest since the 2020 pandemic,

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which was really low.

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Historically, every time the private payroll growth share falls below this 40%

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threshold, you know, it's not set in stone, but historically,

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when we fall below this 40% threshold, we're just like two percentage away.

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The U.S. economy was already in a recession at that point when we reviewed the data.

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It also tells us that most of the employment growth over the last few months

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has come almost entirely from government jobs.

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In fact, over the last one and a half years alone, the government created nearly

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1 million jobs, which is the most that the government's ever created since the 1990s.

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And the private sector has slowed in their hiring. So while the federal government

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is increasing job creation.

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Private sector hiring fell to 3.7%, which is the lowest since April of 2020.

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COVID again. So you put all that together with the fact that the market just

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spooks itself about September.

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And it doesn't really matter what the Fed's about to do or might do.

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It might do 25 basis points, might do 50 basis points.

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What really matters is this overall, we have to sort out this recession question

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and we have to sort out this election question.

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All right. The futures at this hour in the red, modest declines at this point,

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relatively speaking to yesterday.

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Dow futures down another 70 points. S&P futures down by 21. The Nasdaq off by 133.

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Let's bring in Ed Yardeni. He's the president of Yardeni Research.

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And Ed, let me just ask you, it's September.

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It's back to school. It's back to work. And the market vomited a little bit

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yesterday. How are you feeling this morning?

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Well, that's that's that's That's a good expression for what happened yesterday.

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Absolutely. And it's kind of reminiscent also of what happened at the beginning of August.

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We're seeing quite a bit of choppiness going on in the market here.

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I think it may continue until the elections. And then I think we'll resume to new record highs.

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Of course, much will depend on who wins. And I'm going to say, does it matter who wins?

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Well, well, I'm rooting for gridlock. So I think it matters if we get a sweep

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of the Democrats or a sweep of the Republicans, I don't think the market's going

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to look forward to those kind of regimes.

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I think the market much more prefers gridlock. I think he's right.

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It's almost not so much who wins the White House.

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It's does any one party walk away with a sweep in the lower houses of government?

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Because then that means things are going to change and change is bad for business.

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Now, a hiccup, they use the term, a market throw up.

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Let's put this in perspective, right?

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In the last couple of days, we learned that the DOJ is subpoenaing,

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if subpoenaing, has a subpoener for NVIDIA over an antitrust investigation.

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So the current administration is essentially destroying the stock value of the

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most important stock in the entire world. Very bold strategy two months before an election.

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The Meg-7, as a result, erased $550 billion in market cap on Tuesday.

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In fact, if you zoom out, this puke that the market had was one point zero five

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trillion dollars of value wiped out of the stock market.

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So basically, damn near the entire entire value of Bitcoin just wiped out from the U.S. stock market.

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And then JP Morgan came out with an estimate when all of this is going down, that U.S.

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Households now have 42 percent of their financial assets in stocks.

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Because, of course, what are they going to do? Put it in savings and just let it get inflated away?

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So they're looking for riskier and riskier places to put their money so they

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can try to get some sort of return on investment because their money is broken.

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This is the highest percentage on record. Now, we only have records going back

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to 1952, but that's pretty alarming.

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And it's clear, I mean, to me, it seems clear that it's because inflation.

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You know, the consumers are viscerally aware of that. They know the rates are high.

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They know something's wrong. Just like up in Canada.

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Canada just raised, or just cut rates this morning as I'm recording.

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Bank of Canada cut rates by 25 basis points again.

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That's their third straight interest rate cut, which now brings their overall interest rate to 4.25%.

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Canada's moving quick.

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To me, that is a signal that things are a little bit worse than they really

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want to tell us. And on top of all of this, you have the Bank of Japan signaling

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that they may continue to raise rates as well.

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You'll recall that's what brought up the whole yen carry trade conversation just about a month ago.

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The yen carry trade is back on investors' minds after Bank of Japan Governor

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Kazuo Ueda submitted a document to a government panel suggesting that the central

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bank will continue to raise interest rates if the economy and prices perform as the BOJ expects.

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Weider submitted the document Tuesday to explain the BOJ's July policy decision

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to the Council on Economic and Fiscal Policy, a government panel chaired by

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Prime Minister Fumio Kishida.

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Following news of Weider's unchanged stance, the yen slightly strengthened to the dollar.

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The document suggested that Ueda believes the economic environment remains accommodative

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even after the July hike, as real interest rates remain significantly negative.

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Remember, the yen strengthening means that it costs more to borrow in yen.

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Which means that carry trade gets disrupted again, and we didn't see it fully unwind a month ago.

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So we may see that come back. Now, back here in the States, it seems like we

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are likely 15 days away from the first Fed cut of this cycle.

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Now, Brett over on WeaponX did some math for us. He writes that using that same

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time frame, he overlaid the following past rate cuts, one in 81,

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one in 90, one in 2000, one in 2007.

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The four cutting cycles match the same data that we're seeing currently.

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Unemployment rate curving up, the 10-year, 2-year inversions, et cetera.

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A lot of the stats that we keep talking about kind of lined up in these four

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rate cycles as well that he looked at.

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And history shows when you look at them and they all kind of do line up,

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the market pumps on average for 25 days after rate cuts.

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And then there's usually, get ready for this, and I hope this isn't true,

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a 13-month sell-off. So who knows?

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There's so many things up in the air, what we, you know, ultimately what we

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know, and this is why I bring this up is when you zoom out, a lot of the fundamentals remain the same.

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The Fed is lowering rates. The Treasury is pumping the system full of liquidity.

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M2 money supply is going up.

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Inflation will return to those that use fiat soon.

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Maybe it'll take a little while. Maybe it'll be post-recession.

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But the fundamental mechanics that caused inflation last time are once again revving back up.

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We also know that Bitcoin is a liquidity black hole. and when liquidity begins

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to go into excess, Bitcoin soaks all of it up. Now, right now, we're not there.

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Arthur Hayes has a great piece that explains kind of why we are not seeing,

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even though the M2 money supply has been increasing for a couple of months now,

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it hasn't left the coffers of those closest to the money spout.

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The contillion effect is fully enforced right now.

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And first, their coffers, they have this great overnight trade that they can

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do, gives them pretty good safe bet, you know, as safe as these kinds of things

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get with a nice little stupid return and they're happy making that money right now.

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But as liquidity increases, they'll have to find more and more riskier places

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to stash that money. That's when they'll go into the wider market.

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And those mechanics have already begun, kind of regardless if we enter a 2025 recession or not.

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Personally, I feel like we have been asking this recession question for two

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or three years now and I'm sick of it.

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I wish we could just move beyond this. And maybe after the election,

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and maybe if we don't see a massive 13-month long sell-off, maybe we can finally

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put this recession question to bed.

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It just seems likely that if all of the Western banks are lowering rates and

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beginning in money supply expansion, you're going to see people feel a little richer.

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It's like when you're hungover, I actually have never done this,

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but I'm told that if you're hungover and you have a drink in the morning,

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like a tail of the dog kind of thing, you'll actually feel better because your

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body is actually jonesing for that alcohol now.

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That's what's going to happen with the economy. They're not improving the health

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of the liver and the overall system.

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They're not clearing the way they think. Things aren't going to get properly priced.

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We're going to have inflation. There's going to be ridiculous financialization.

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You're going to see stupid things like nfts selling

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for way too much money i don't know if it's going to be nfts but

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things like that you're going to see all of that that indicates there's

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actually a sickness in the body but the body itself the overall feeling of the

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consumer is going to be better so i have to imagine with all of the western

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banks participating in this tale of the dog or whatever it's called morning

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drink we probably won't see a 13 month a 13 month month-long sell-off. I don't know.

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But the reason why I say this is in the past, in the four examples we cited,

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that's when the U.S. was raising rates or lowering rates and doing fiscal policy

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implementations on its own.

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But now they're doing it in conjunction with all of the West.

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Truly wild. And it's in the background of a halvening year too, right?

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All of this up in the air. And it's been a bad, bad August for miners.

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There is, of course, just a higher difficulty. You're getting less block reward.

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Nine Bitcoin miners stopped operating in Paraguay because of power fee hikes

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and other issues with the government there.

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There have been seizures in Russia of mining facilities.

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Collectively over this last weekend, Bitcoin miners sold 2,655 Bitcoin just

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to keep their heads above water, which worked out to be around 150 million,

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maybe 155 million in fiat.

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It is rough for the miners in August and September likely won't be much better.

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The last time the miners had a month this bad, it was a year ago.

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It's been a year since they've had a month this bad. So we'll see.

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It's hash rates going up. their cost is

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going up in fact i think this this week we saw the

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hash rate hit all time new highs of 740 exa

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hashes per second which is just so damn cool i'm really i'm really hoping that

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you know we get through this chop and maybe by october november everybody's

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feeling a little bit better but i hear from you out there don't worry just hold

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tight it's gonna be all right,

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It's actually a great time to stack. These are great prices to DC at.

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Who knows if we'll be back here in a year.

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Music.

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So the mainstream media,

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loves to just attack Bitcoin when we're in these kinds of periods of time.

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And I'm going to get into some just unrelenting, scare the crap out of the consumer

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FUD that they have pumped out this week.

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But first, I want to take a moment and cover CNBC digging into crypto money

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into the elections, because you're starting to see people panic about how much

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crypto money influence is pumping into elections.

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A few years ago, former President Trump called Bitcoin a scam.

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But just last month, he spoke at the year's biggest Bitcoin conference and praised

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Bitcoin, comparing it to the steel industry a century ago.

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A great story on CNBC.com today about how Trump went from skeptic to believer.

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And joining us is a reporter behind the story, Mackenzie Sigalos. Mack, welcome.

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Hey, Tyler. So for months now, I've been talking to the people who have quietly

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been helping to orchestrate Donald Trump's total about face on crypto behind closed doors.

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The former president's 180 on digital tokens goes back to at least March.

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Now, that is when three Bitcoiners living in Puerto Rico got in touch with the

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Trump team and joined a chorus of voices, a group that includes Trump's family

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and friends, that has been actively pushing pro-crypto talking points.

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We're talking secret meetings at Trump Tower in Nashville and Mar-a-Lago.

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Plus a slew of sideline fundraising events.

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Now, all in, they have promised him $100 million and 5 million votes.

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They've raised $25 million so far, and I'm told that an updated fundraising

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figure is coming my way soon.

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Now, Trump is listening, leaning into increasingly pro-Bitcoin talk on the campaign trail.

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People telling me that he's been learning, as experts have explained that the

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industry is real and not overrun with criminal activities.

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But there's also the matter of all that cash being raised and donated by crypto

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executives and businesses.

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In fact, almost Almost half of all corporate money raised this cycle is from crypto.

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They're outspending big oil and banks. And so far, where the crypto cash is

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going in the primary races, wins have followed.

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Let's stop here. So this little stat.

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48% of corporate money is from the crypto industry has some panicking.

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And this is the most balanced coverage I could find you. Others were just hyperbolic about this.

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And, you know, it's the clear corruption of crypto, all this dirty money in

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crypto now coming into politics as if it didn't happen in the last election cycle with FTX.

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But that aside, what the hell do they expect?

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This is what's so funny to me.

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The Biden administration just spent the last two years trying to destroy an industry.

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They didn't organize like this until the Biden administration started attacking them.

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This is the process.

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Groups of interest organize to protect their interests.

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And right now, the way they do that is by lobbying. We all would do it.

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If you were rich enough, if you were Bezos rich, and it

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was pocket change to buy off some Congress critters

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and get something changed that made your life and your family lives better or

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made something in the the country you felt strongly about different you do it

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and boost it if you wouldn't do it and tell me why because i just don't believe

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it i think if you have the access the means and the capability you would and

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you'd probably justify it somehow as doing something good this is how the system works,

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we always talk about taking money out of politics this is how it works these

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groups represent the interest of the crypto industry quote unquote at large

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and if you attack that industry they're going to take the money they do have

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and they're going to organize and they're going to learn how to work the system.

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That's exactly what's happened here.

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And if you hadn't attacked them in the first place, they wouldn't have needed to do it.

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And now the fact that 48% of corporate money is coming from the crypto industry

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tells you how dramatic and significant the attacks have been.

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And if you can't figure that out, if you can't get the signal from these numbers,

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then you probably shouldn't be doing this job.

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And you definitely shouldn't be commenting on it. Of course,

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that never stops them, does it?

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Thanks. And so far, where the crypto cash is going in the primary races, wins have followed.

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We're talking a more than 85% win ratio so far when pro-crypto super PAC money is involved.

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So these are pro-crypto forces that are donating this money.

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They're not necessarily donating it in crypto.

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Some of them are, actually. Some of them are, but I'm sure. A mix of Bitcoin,

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Ether, USDC, more than $4 million worth of cryptocurrencies going to the Trump campaign.

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So these would be companies, these would be lobbying groups,

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professional organizations.

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How does this work? I don't understand. Cryptocurrencies going to the Trump campaign.

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So these would be companies, these would be lobbying groups,

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professional organizations, etc.

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And it's especially the companies that are battling the SEC and Chair Gensler.

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Ripple and Coinbase are two of the biggest backers of pro-crypto super PACs,

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not necessarily the Trump campaign in particular, but certainly Fairshake is

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one of the biggest spenders.

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Quick response to the Harris campaign. What do they say on crypto?

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Last week at the Democratic National Convention, we heard from a senior campaign aide.

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And when he was specifically asked about her stance on crypto,

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he said that the VP would embrace policies that support emerging technologies.

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Meanwhile, Coinbase's chief policy officer saying that they've been meeting

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with the Harris team behind closed doors and they're very pleased about those talks. Fantastic.

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Mackenzie, thanks. It's a great way of recounting to how you curry influence and power.

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Cut her off, cut her off. Now, obviously, there's been a ginormous difference

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in how the Trump campaign has reached out to the Bitcoin community and how the

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Harris campaign has coordinated with some of the largest U.S.

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Companies in crypto. There's a very different style there.

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I don't know if I, I guess I find to me, well, we'll get to this actually.

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I have a followup, I have a followup clip, but I think we have to build to there

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just to set the stage actually. So if you'll allow me to switch gears.

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I wanna get into just scaring the crap.

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Out of the, probably, honestly, the boomers. They're trying to scare boomers

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out of getting the Bitcoin ETF and buying Bitcoin because they don't want you

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to protect your assets either, I guess. You've had your share, I suppose.

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And you'll see what I'm saying here, and you'll understand why I transitioned

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to this in a moment. We'll start with NBC's National News Report this morning.

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It shows up as a security pop-up alert on your screen, warning you to call a

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number for immediate help to protect your money. It happened to Marilyn Lacazio

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when she was browsing on her iPad.

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Over two days, a gang of scammers drained her of more than $30,000,

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she says, convincing her to deposit money into an ATM typically used to convert

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cash into the cryptocurrency Bitcoin.

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Oh, and here it begins.

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I just called the number without thinking, you know, it would be anything other than Apple.

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You thought you were protecting your money. I thought I was because after the

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gentleman from Apple, he then connected me with someone who was supposed to

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be a representative of my bank.

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So she still thinks, in a way, she still talks about it like it was Apple.

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She got a text message, you know, and somehow she's able to be convinced that

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Apple knows that her bank has an issue.

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And then the other reason why I think boomers, because they're kind of,

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you know, they're not maybe tech natives, like the generations that preceded

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them and came after them.

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And then also, like millennials don't have $30,000 generally sitting in a checking

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account somewhere, right?

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That's their parents have that money.

294
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Most not. No, probably some. Sure.

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Congratulations. But most millennials can't lose $30,000 via a text message, right?

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It's so it really is something that prize on the boomers, particularly because

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they're not, you know, tech native.

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So they don't maybe question that. Why would Apple be involved in this?

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And they trust those brands probably a little bit stronger as well.

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Well, they're bank brands as well.

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So there's some there's a lot of vectors there that make them a little more

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vulnerable, in my opinion.

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And I think it's something that if, you know, if we can, we should help our

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friends and our family out there.

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He told her because of a fraudulent charge on her account, she should withdraw

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cash and deposit it into a specific Bitcoin ATM, promising the money would show

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back up in her bank account the next day. I mean, imagine imagine this.

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Like, why would Apple even be coordinating this in the first place?

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I know nothing about Bitcoin.

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I didn't realize that once you get in there, you can't get your money back.

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Boy, now that's the key message. That's the quote. We want that out there. The problem is Bitcoin.

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And once you put your money, be warned, once you put your money into Bitcoin,

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you'll never get it back. I know nothing about Bitcoin.

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I didn't realize that once you get in there, you can't get your money back.

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The Federal Trade Commission reports a spike in scammers using Bitcoin ATM machines,

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stealing more than $65 million in just the first six months of this year,

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up nearly tenfold since 2020.

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When your heart starts thumping that there's something seriously wrong,

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it may very well be that while you're trying to protect yourself from fraud,

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you're actually being defrauded.

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Scammers pretend to be tech support, your bank, even the government.

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In Marilyn's case, they said her social security number was frozen until she

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deposited the money. What does that even mean?

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It actually sounds like, can I get my social security? I'd like my social security

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number frozen. I'd like that frozen. I'd like my credit frozen.

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Please do freeze my social security. Experts say don't click on or respond to unfamiliar links.

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Slow down. Scammers try to create a sense of urgency, and they'll often ask

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for you to withdraw cash, buy gift cards, or deposit money into a Bitcoin ATM.

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Oh, watch out for that Bitcoin ATM.

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So that's the national report here in the States this morning.

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Let's go to a local affiliate and see how they covered it. Maybe they did a better job.

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Money Moments on 4, sponsored by Gregory Rixon Associates, the Total Wealth Authority.

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6.15 in this morning's Money Moment, the Federal Trade Commission warns scam

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activities related to cryptocurrency teller machines are on the rise.

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Now, is it fair? I'd like to know, How would you categorize this?

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Is this fair to categorize it as a problem with cryptocurrency teller machines?

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Or is it more of a social manipulation by people pretending to be tech support scammers?

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Because the core issue seems to be that they're pretending to be tech support

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and they're scamming you. And the symptom seems to be that they use a Bitcoin ATM.

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But that's not how this is phrased. The Commission warns scam activities related

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to cryptocurrency teller machines are on the rise.

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Don't use them, guys. They're scammy. They're just shrouded in scams.

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Bitcoin telemachines, or crypto ATMs, can be found at convenience stores, bars, and gas stations.

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Instead of letting you withdraw cash, users can buy or sell digital currency

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using their real cash or their cards.

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Using their real cash. So...

347
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This jackass is saying that you can buy fake crypto, you know,

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like provably scarce Bitcoin with your fiat, that the people that are in charge

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of things just print for free. And he calls that your real money.

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Another difference is that these ATMs are linked to a digital crypto wallet,

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not a bank account at a regulated financial institution.

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Ooh, a crypto wallet? That sounds scary.

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The Better Business Bureau says scams using these types of ATMs are common.

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They say among their most common financial scams.

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Criminals often target older customers, with people 60 years and older being

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three times more likely to fall victim.

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A fraudster may claim your computer or bank account has been hacked and linked

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to some criminal activity and then instruct you to withdraw cash from your real

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account and then send a QR code for you to put that money into a crypto machine,

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sending it to the thief's wallet.

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And once that happens, it's nearly impossible for you to recover your money.

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I guess I don't really, what's the difference between that and having them go

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to an ATM, withdraw the cash, like they're doing in some of these cases,

364
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and then just putting the cash in a box and leaving it on the corner somewhere

365
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for the thief to come take? You're not getting that cash back either.

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I just don't understand why this has to be like this. Like, just help them understand

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how to avoid the scam in the first place.

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And of course, state level attorney generals are getting in on the action.

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So you've got federal level, you've got state level. Everybody is getting in

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on what a big deal this is just this week.

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Iowa Attorney General Brenna Bird issued a warning today in regards to a rise

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in cryptocurrency scams.

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Scammers will sometimes try to befriend someone over platforms like Facebook

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before coaxing them into sending the scammer money.

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Bird's statement says in part, remember to never send money to someone you met online.

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And if someone sends you to a cryptocurrency ATM, it is a scam. Oh!

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It's important to never provide personal information of any kind to someone you meet online.

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Well, there you go. You know if you're using a cryptocurrency ATM at all, it's a scam. at all.

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So, you know, it's just better watch out.

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You should probably only use safe, well-known financial instruments that your

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00:25:59,944 --> 00:26:04,124
financial advisor recommends you that are tied into the overall stock market

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that lost a trillion dollars yesterday. That's the safe play.

383
00:26:08,224 --> 00:26:13,064
This is Dennis Keller, and he brings us full circle back to the elections again.

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He's the CEO of Better markets.

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And he's been behind the scenes advising the Kamala campaign to avoid crypto

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altogether because no one likes it.

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It has absolutely no value and no use, according to Dennis.

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I think first and most importantly is crypto is not among the top 10,

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20 or 50 concerns of the American people, frankly.

390
00:26:35,624 --> 00:26:39,284
You know, the industry's put out a lot of propaganda about exaggerated numbers

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of Americans who care about crypto.

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But the Fed has surveyed this, the Federal Reserve, And only about 18 million

393
00:26:46,364 --> 00:26:49,284
Americans have even used or owned crypto.

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And there are, what, 340 million Americans?

395
00:26:52,524 --> 00:26:55,664
Oh, so Dennis is disingenuous right off the top. First of all,

396
00:26:55,704 --> 00:26:57,424
how many Americans vote?

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Of the voting bloc, how many of them have issues that are of utmost importance to them?

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18 million voters that are single-issue voters is a massive voting bloc. He knows that.

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He knows that. And then to cite the Federal Reserve numbers,

400
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which would obviously behoove them to downplay the crypto adoption,

401
00:27:17,004 --> 00:27:19,104
is disingenuous at best.

402
00:27:19,324 --> 00:27:25,304
So he knows because the Trump campaign and the RFK campaign and others have

403
00:27:25,304 --> 00:27:30,404
clearly seen a visible boost in the polls and in coverage in a positive way

404
00:27:30,404 --> 00:27:31,844
when they embrace crypto.

405
00:27:31,984 --> 00:27:35,184
So we already know that when they spoke positively about Bitcoin,

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00:27:35,384 --> 00:27:37,164
it benefited them. That's happened.

407
00:27:37,224 --> 00:27:40,084
It's been demonstrated in the marketplace already.

408
00:27:40,904 --> 00:27:44,164
So there's very, very few people who care about this.

409
00:27:44,524 --> 00:27:49,244
And it's interesting of the 88 percent of Americans who have heard of crypto,

410
00:27:49,324 --> 00:27:55,504
a super majority, 75 percent of them have a negative or hostile view of crypto.

411
00:27:55,744 --> 00:27:59,044
Now, could that be because we have top to bottom reports going out throughout

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00:27:59,044 --> 00:28:02,984
the country saying that if you even touch a crypto ATM, it's a scam and that

413
00:28:02,984 --> 00:28:05,224
once you put your money into Bitcoin, you never get it back?

414
00:28:05,224 --> 00:28:10,524
The FBI issued a very vague warning this week, saying North Korea is aggressively

415
00:28:10,524 --> 00:28:12,804
targeting Bitcoin ETFs.

416
00:28:13,338 --> 00:28:18,318
How you even do that? How do you attack an ETF? They didn't give us any details. I actually don't know.

417
00:28:18,538 --> 00:28:21,698
I'll link you to their notice. They don't tell you how this works.

418
00:28:21,798 --> 00:28:24,618
But you need to stay away from the Bitcoin ETF, says the FBI,

419
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because North Korea might target you. So you're a scammer if you use an ATM.

420
00:28:28,598 --> 00:28:31,458
You never get your money out if you put in a Bitcoin. And if you get a Bitcoin

421
00:28:31,458 --> 00:28:35,438
ETF, North Korea attacks you. That all came out in the last three days.

422
00:28:35,578 --> 00:28:40,638
And that's just the tip of the iceberg of the nonchalant FUD scare propaganda

423
00:28:40,638 --> 00:28:42,898
that comes out constantly.

424
00:28:43,138 --> 00:28:46,518
And these people are all people that could, the people that buy this,

425
00:28:46,578 --> 00:28:50,918
even the boomers that eat this stuff up, they very, very, very much are impacted

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00:28:50,918 --> 00:28:56,198
by inflation, by bad fiscal policy, by the people that control the money supply.

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They're all their lives and their retirements and their cost of living.

428
00:28:59,538 --> 00:29:03,878
Everything is impacted by this. And all of them could benefit from a digital

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scarce asset. And so all of them are getting fudded into ignoring something

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00:29:08,138 --> 00:29:09,598
that could improve their lives.

431
00:29:09,698 --> 00:29:13,318
And if they at scale adopted it, it would be incredible for all of us.

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It would be a tide that rose all boats.

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So they have to continue to fud. And really importantly, if you're running for president,

434
00:29:20,278 --> 00:29:25,818
there was this great survey that showed between 61 and 75 percent of voters

435
00:29:25,818 --> 00:29:30,258
in six of the key swing states had a negative view of crypto.

436
00:29:30,638 --> 00:29:34,578
So there's a lot of reasons, but primarily the American people,

437
00:29:34,738 --> 00:29:36,938
the vast majority of them don't care about it.

438
00:29:36,938 --> 00:29:43,618
Secondly, look, after 15 years of effort and claims that crypto has some value

439
00:29:43,618 --> 00:29:48,938
or use, there's still no legitimate, valid, socially acceptable use of crypto.

440
00:29:48,938 --> 00:29:54,218
I don't understand why store of value isn't considered an acceptable use.

441
00:29:54,378 --> 00:29:59,478
I don't understand why Bitcoin being the or one of the best performing assets

442
00:29:59,478 --> 00:30:02,518
in the last 15 years isn't considered valuable.

443
00:30:02,738 --> 00:30:07,058
Because if it was a shiny piece of metal that did those things,

444
00:30:07,178 --> 00:30:09,318
it's considered immensely valuable.

445
00:30:09,898 --> 00:30:12,298
Such to the point that it's worshipped and worn by some.

446
00:30:13,266 --> 00:30:17,506
But Bitcoin does the same thing and manages to do it in a fraction of the time

447
00:30:17,506 --> 00:30:19,686
that gold does. And that's not valuable.

448
00:30:20,426 --> 00:30:25,606
But additionally, it shows you how unaware he is of any of this and how he interchanges

449
00:30:25,606 --> 00:30:28,726
Bitcoin and crypto as well. But we won't get there. That's just a side thing.

450
00:30:29,406 --> 00:30:34,346
Every time you boost a podcast, you're proving this son of a bitch wrong.

451
00:30:34,746 --> 00:30:38,546
Every time you zap somebody on Noster, you're proving this son of a bitch wrong.

452
00:30:38,546 --> 00:30:44,226
Every time you buy a gift card at the Bitcoin company, you're proving this arrogant prick wrong.

453
00:30:44,386 --> 00:30:49,706
Every time you stack sats and improve your savings, your life energy savings,

454
00:30:49,866 --> 00:30:54,826
you improve your fiscal situation for your entire family, you're proving this

455
00:30:54,826 --> 00:30:56,946
son of a bitch wrong. And he hates it.

456
00:30:57,346 --> 00:31:01,146
That crypto has some value or use, there's still no legitimate,

457
00:31:01,426 --> 00:31:07,606
valid, socially acceptable use of crypto. So there's also a lot of couching here.

458
00:31:07,706 --> 00:31:10,386
No valuable, sociably acceptable.

459
00:31:11,806 --> 00:31:14,806
I don't know, zapping, boosting seems pretty socially acceptable.

460
00:31:15,126 --> 00:31:18,126
In fact, it seems like one of the most positive social things I've seen develop

461
00:31:18,126 --> 00:31:22,886
on the internet in a long time. It's used by financial predators and criminals worldwide.

462
00:31:23,306 --> 00:31:26,526
We don't even need to bother with this one. We have statistical data that shows us that's not true.

463
00:31:26,726 --> 00:31:32,526
The least harmful use of crypto at the moment is just wild speculation and gambling.

464
00:31:32,666 --> 00:31:36,006
And even that That is mostly resulting in wealth extraction.

465
00:31:36,046 --> 00:31:41,926
Now, here's again, in order to bolster his argument, he blurs the line between

466
00:31:41,926 --> 00:31:46,246
Bitcoin and, say, meme coins, where this would be a fair accusation to meme

467
00:31:46,246 --> 00:31:48,306
coins and NFTs and most altcoins.

468
00:31:49,320 --> 00:31:52,360
But it's not true of Bitcoin because it's demonstrated a store of value over

469
00:31:52,360 --> 00:31:54,240
the long term and a high performing asset.

470
00:31:54,800 --> 00:31:59,380
So it's clearly not its only use case because, again, data.

471
00:31:59,860 --> 00:32:05,720
But he cherry picks, well, I'll take this horrible thing from this area of the crypto industry.

472
00:32:05,900 --> 00:32:09,380
I'll take this little thing from this area and then I will blur it all together

473
00:32:09,380 --> 00:32:13,320
as if it's one thing. It's just wild speculation and gambling.

474
00:32:13,480 --> 00:32:18,140
And even that is mostly resulting in wealth extraction, not wealth creation.

475
00:32:18,900 --> 00:32:24,140
There's a third reason that Vice President Harris should not bother with crypto,

476
00:32:24,260 --> 00:32:27,260
and that's because it has a lawless business model.

477
00:32:27,460 --> 00:32:31,280
It basically takes the position that the securities, commodities,

478
00:32:31,480 --> 00:32:33,320
and banking laws don't apply to it.

479
00:32:33,740 --> 00:32:38,280
And Vice President Harris, when she was Attorney General and District Attorney,

480
00:32:38,460 --> 00:32:44,000
and even as Vice President, has a long and strong record of investor protection,

481
00:32:44,400 --> 00:32:47,260
consumer protection, and financial stability.

482
00:32:47,260 --> 00:32:51,080
She stood up to the banks, and she's leaning into that in the campaign now,

483
00:32:51,240 --> 00:32:52,940
and she stood up to be a protector.

484
00:32:53,120 --> 00:32:56,500
Again, she's against junk fees and protecting investors and consumers.

485
00:32:56,960 --> 00:33:00,720
Oh, well, if she's going to protect me from junk fees, then I don't need to

486
00:33:00,720 --> 00:33:03,580
worry about 20% inflation, right?

487
00:33:03,620 --> 00:33:06,660
If she's going to protect me from junk fees, then I don't need to worry that

488
00:33:06,660 --> 00:33:10,340
a small group of people set the price of money for the rest of us.

489
00:33:10,780 --> 00:33:15,100
If she's going to take care of junk fees and she's going to be tough on the banks, Thanks.

490
00:33:15,420 --> 00:33:18,340
Well, then I don't need to worry that I can't get access to credit.

491
00:33:18,520 --> 00:33:22,040
But if I have Bitcoin, I can get a Bitcoin backed loan without a credit check.

492
00:33:22,100 --> 00:33:25,000
I don't need to worry about any of those things because she's going to eliminate junk fees.

493
00:33:25,200 --> 00:33:29,220
I don't need to worry about somehow storing my today effort,

494
00:33:29,300 --> 00:33:32,700
my energy today, that the things, the output, everything I create today and

495
00:33:32,700 --> 00:33:34,820
putting that forward into, like, say, my children's generation.

496
00:33:34,920 --> 00:33:35,900
I don't need to worry about that.

497
00:33:36,744 --> 00:33:39,844
Because she's going to kick junk fees out. They're done. No more junk fees.

498
00:33:40,064 --> 00:33:44,564
So that $5 on my plane ticket, that's gone. And that's going to fix everything.

499
00:33:44,864 --> 00:33:48,764
So I'm silly and stupid for wanting something outside this system,

500
00:33:48,844 --> 00:33:52,964
because mommy's going to fix everything for me, and she's going to take away

501
00:33:52,964 --> 00:33:56,484
the mean junk fees, and she's going to tell the mean banks they can't make my

502
00:33:56,484 --> 00:33:58,244
credit card rate more than 28%.

503
00:33:58,704 --> 00:34:02,384
So it's going to be just fine. So why do I need crypto at all?

504
00:34:02,664 --> 00:34:07,504
Says the rich Dennis Keller. That in the campaign now, and she stood up to be a protector.

505
00:34:07,604 --> 00:34:10,984
Again, she's against junk fees and protecting investors and consumers.

506
00:34:11,324 --> 00:34:14,944
That's the opposite of crypto. And finally, and importantly,

507
00:34:15,304 --> 00:34:21,984
crypto targets, preys upon and victimizes communities of color disproportionately. proportionately.

508
00:34:22,124 --> 00:34:26,744
Look, they're rightly skeptical for decades of discrimination against them.

509
00:34:26,844 --> 00:34:30,484
They're skeptical of the traditional financial system appropriately.

510
00:34:30,964 --> 00:34:35,764
But that doesn't mean that the gimmick of crypto, which actually is going to

511
00:34:35,764 --> 00:34:40,344
cost more money and make them lose money more than the traditional financial

512
00:34:40,344 --> 00:34:43,544
system, and therefore they're being victimized disproportionately.

513
00:34:44,064 --> 00:34:49,284
And that's another reason why Vice President Harris should stick to the core

514
00:34:49,284 --> 00:34:51,804
elements of the financial system and the banking system,

515
00:34:51,944 --> 00:34:56,884
support them, and support a growing economy that creates wealth rather than

516
00:34:56,884 --> 00:35:00,744
extracts wealth, and stay away from an industry that has no valid use,

517
00:35:00,904 --> 00:35:03,004
that's largely used by criminals and predators,

518
00:35:03,244 --> 00:35:06,164
and disproportionately hurts communities of color.

519
00:35:06,644 --> 00:35:09,924
Disproportionately hurts community of colors, largely disproportionately used

520
00:35:09,924 --> 00:35:11,984
by criminals, says the rich fiat man.

521
00:35:12,744 --> 00:35:17,484
Hilarious. Hilarious. So let's talk about, is Bitcoin disproportionately bad

522
00:35:17,484 --> 00:35:21,124
for people of color? I would never make a statement as broad as he is because

523
00:35:21,124 --> 00:35:24,604
I feel like I would not be in a position to speak for those people.

524
00:35:24,684 --> 00:35:26,124
But he clearly doesn't worry about that.

525
00:35:26,364 --> 00:35:30,084
However, I recently told you about God Bless Bitcoin, the documentary.

526
00:35:30,524 --> 00:35:34,364
And one of the things they talk about in that documentary is how beneficial

527
00:35:34,364 --> 00:35:38,044
Bitcoin is for people of color and those that are unbanked. I'll play you a

528
00:35:38,044 --> 00:35:39,904
small excerpt. All of human history.

529
00:35:41,480 --> 00:35:45,880
So because Bitcoin can't be printed out of thin air, it gives us money we can trust.

530
00:35:46,080 --> 00:35:50,100
And what's more, it's inclusive and open to everyone around the world.

531
00:35:51,380 --> 00:35:56,580
You know, if you are one of the 50% of the planet who does not have a bank account,

532
00:35:56,780 --> 00:35:59,560
you are shut off from the global economy.

533
00:35:59,720 --> 00:36:02,580
You can't go shopping on the internet if you don't have access to a credit card

534
00:36:02,580 --> 00:36:04,260
or some form of digital payment.

535
00:36:04,460 --> 00:36:11,320
So there's a huge amount of people around the world that are frozen out of the.

536
00:36:11,320 --> 00:36:14,860
Financial system and the ability to improve their life circumstances.

537
00:36:16,120 --> 00:36:22,440
Bitcoin, it is designed ultimately to replace both the monetary system and the financial system.

538
00:36:22,560 --> 00:36:27,500
It is a math-based system where at its core, it is trying to remove politics from money.

539
00:36:27,680 --> 00:36:31,420
The beautiful part about that is that anyone, anywhere in the world can use

540
00:36:31,420 --> 00:36:33,180
Bitcoin at any time for any reason.

541
00:36:33,360 --> 00:36:35,700
No one can censor them. No one can stop them.

542
00:36:36,240 --> 00:36:40,860
No one can tell them that their use of money is wrong or not allowed.

543
00:36:41,100 --> 00:36:44,440
No one is going to change the rules on them halfway through.

544
00:36:44,740 --> 00:36:48,420
And everyone operates by the same rules. It doesn't matter if you're a billionaire.

545
00:36:48,640 --> 00:36:51,080
It doesn't matter if you're a president. It doesn't matter who you are.

546
00:36:51,200 --> 00:36:56,320
You have the exact same rights within the Bitcoin system that the person who

547
00:36:56,320 --> 00:36:57,600
makes one dollar a day has.

548
00:36:57,980 --> 00:37:03,560
Do I believe that it can help people rise up out of poverty and give them opportunity

549
00:37:03,860 --> 00:37:07,700
to do business where they weren't able to before? Yes, I do.

550
00:37:07,940 --> 00:37:11,680
And it's certainly been the case around the world where people have had gotten

551
00:37:11,680 --> 00:37:14,580
access to a financial system that they didn't have access to before.

552
00:37:14,820 --> 00:37:19,020
For example, talk about financial inclusion, for instance. The current financial

553
00:37:19,020 --> 00:37:24,940
system excludes a large amount of people from being able to access financial services.

554
00:37:25,280 --> 00:37:29,820
If you looked at a continent like Africa, one of the reasons they can't crawl

555
00:37:29,820 --> 00:37:33,360
out of poverty is because the currencies in every country in Africa,

556
00:37:33,520 --> 00:37:35,340
they're either broken completely,

557
00:37:35,560 --> 00:37:40,000
completely defective, or they're impaired, and they're continually siphoning

558
00:37:40,000 --> 00:37:44,860
economic energy from the working class and from the businesses and those economies

559
00:37:44,860 --> 00:37:50,060
into the hands of the politicians that control the corrupt currencies.

560
00:37:50,740 --> 00:37:56,220
You, in essence, don't really have any hope of accumulating wealth if you're

561
00:37:56,220 --> 00:38:01,440
paid in a defective currency, and the currency is continually collapsing.

562
00:38:02,520 --> 00:38:06,180
Couldn't have said it better myself. And I, you know, the more I look back,

563
00:38:06,180 --> 00:38:08,620
I think that was a pretty good little documentary for an introduction to people.

564
00:38:09,200 --> 00:38:12,900
I'll put links to some of that in the show notes. I have a question for you.

565
00:38:13,660 --> 00:38:20,640
What do we do to help with this problem with the boomers getting essentially preyed upon.

566
00:38:21,828 --> 00:38:25,268
It's making Bitcoin look bad. This is how Bitcoin gets associated with scams.

567
00:38:25,888 --> 00:38:29,228
When these kinds of things happen in the Linux community, we as a community

568
00:38:29,228 --> 00:38:31,428
came together to educate our friends and our family.

569
00:38:31,548 --> 00:38:36,548
And I don't know if it was 100% successful, but early on, Linux was looked at

570
00:38:36,548 --> 00:38:39,688
as like this crazy hippie thing that was worse than what, especially here in

571
00:38:39,688 --> 00:38:43,708
Washington, worse than what Microsoft was doing, likely stolen from SCO or IBM.

572
00:38:44,568 --> 00:38:48,328
And it took community just educating people. So how do we solve this?

573
00:38:48,388 --> 00:38:52,688
Boost it and tell me what you think there. And also, I've been wondering, do you have a plan C?

574
00:38:52,828 --> 00:38:56,008
Like, just looking at all this, let's just say things went really bad in your home country.

575
00:38:56,568 --> 00:39:00,388
You know, maybe they become anti-Bitcoin. Have you thought about where you might

576
00:39:00,388 --> 00:39:03,008
pick up and go or what your plan would be? Would you just hunker down?

577
00:39:03,908 --> 00:39:06,128
Do you think about those kinds of things? Boost in and let me know.

578
00:39:06,148 --> 00:39:07,148
I'll read them in next week's episode.

579
00:39:07,920 --> 00:39:27,120
Music.

580
00:39:08,828 --> 00:39:11,128
All right. It's time to move right along.

581
00:39:25,508 --> 00:39:28,388
I want to thank everyone who's been stacking their sats with River.

582
00:39:28,548 --> 00:39:31,448
I have my affiliate link in the show notes. It's a great company.

583
00:39:31,608 --> 00:39:35,928
They only do Bitcoin and they're on the Lightning Network, which is one of my

584
00:39:35,928 --> 00:39:37,648
requirements if you're going to DCA.

585
00:39:37,908 --> 00:39:41,608
So go buy sats on River with the link in my show notes. That helps out the show.

586
00:39:41,788 --> 00:39:46,048
And then if you've got some sats you want to spend and they're on the Lightning

587
00:39:46,048 --> 00:39:48,968
Network, which is my recommended way to spend them, it's a little more private,

588
00:39:48,968 --> 00:39:50,508
it, use the Bitcoin company.

589
00:39:51,048 --> 00:39:54,648
They'll sell you a gift card with sats. You even get sats back,

590
00:39:54,748 --> 00:39:58,148
and you use the link in our show notes. It helps the show out. I get a few sats as well.

591
00:39:58,888 --> 00:40:02,728
They're a Bitcoin-only company that focuses on making it easy to go from sats

592
00:40:02,728 --> 00:40:04,388
to gift card in just seconds.

593
00:40:05,808 --> 00:40:09,328
Sometimes it is the right time to spend your Bitcoin, and sometimes it's the

594
00:40:09,328 --> 00:40:10,328
right time to stack Bitcoin.

595
00:40:10,708 --> 00:40:14,108
I'm also going to put a shout out. I don't have an affiliate link yet,

596
00:40:14,568 --> 00:40:17,648
but I've been looking at the Bitcoin well, because I heard from so many Canadians

597
00:40:17,648 --> 00:40:22,128
out there, they They said, Chris, I don't know where to get Sats in Canada. I can't use Strike.

598
00:40:22,628 --> 00:40:26,808
Well, the Bitcoin Well, again, a Bitcoin-only company, they're based out of

599
00:40:26,808 --> 00:40:29,308
Canada, and I believe they're on the Lightning Network, too,

600
00:40:29,388 --> 00:40:31,308
and they really promote self-custody.

601
00:40:31,828 --> 00:40:35,268
So I like that a lot. So if you're going to stack Sats, use my link,

602
00:40:35,328 --> 00:40:36,268
River, in the show notes.

603
00:40:36,628 --> 00:40:39,388
If you're going to sell Sats to get some gift cards, the Bitcoin company.

604
00:40:39,668 --> 00:40:43,968
And if you're in Canada and you're looking to buy or stack or you want to get

605
00:40:43,968 --> 00:40:47,428
some Sats to boost in, the Bitcoin Well, bitcoinwell.com.

606
00:40:47,988 --> 00:40:52,968
Looks like a pretty solid place thank you everybody who supports the show or

607
00:40:52,968 --> 00:40:55,108
sends in a boost let's get to those boosts.

608
00:40:56,560 --> 00:41:03,760
Music.

609
00:41:03,608 --> 00:41:07,328
Have a good batch of boosts since I took a week off. We had some extra roll in.

610
00:41:07,588 --> 00:41:14,328
And ByteBandit comes in as our baller booster this week, sending 106,969 sats.

611
00:41:14,368 --> 00:41:19,568
I always like the show.

612
00:41:19,628 --> 00:41:22,268
I feel like it's underrated and undervalued compared to the other JB shows.

613
00:41:22,448 --> 00:41:23,988
So this time I'm trying to do my part.

614
00:41:24,388 --> 00:41:28,248
I really like the more targeted episodes as well. I received an immense value

615
00:41:28,248 --> 00:41:30,468
from the show and the Bitcoin Dad podcast before that.

616
00:41:30,588 --> 00:41:33,368
So here's some sats for the excellent episode and all the hard work you do.

617
00:41:33,848 --> 00:41:38,248
Ah, thank you very much. He also comments, ByteBandit also comments,

618
00:41:38,348 --> 00:41:43,688
I connected Fountain to Nostra with my own relay, and that took the opportunity,

619
00:41:43,908 --> 00:41:47,048
and I took that opportunity to change my name and better reflect who I am as a person.

620
00:41:47,268 --> 00:41:50,908
Before, I was Boosting as ByteBandit. The name change seems to have changed

621
00:41:50,908 --> 00:41:52,808
my 100K boost. Oh, to Anonymous.

622
00:41:53,648 --> 00:41:56,868
Oh, that was the Anonymous boost. Ha ha.

623
00:41:58,188 --> 00:42:02,908
Very interesting. Okay. Yeah, the new Fountain FM Nostra integration It's pretty

624
00:42:02,908 --> 00:42:06,848
sweet, but I will keep an eye out for people who maybe got a name swap. I did not.

625
00:42:07,208 --> 00:42:10,108
I imported my existing Nostra identity, though.

626
00:42:10,728 --> 00:42:14,368
He also wants to know some more details about my Nix Bitcoin setup.

627
00:42:14,708 --> 00:42:17,068
All right. I have more on that in a moment.

628
00:42:17,468 --> 00:42:20,908
Thank you, ByteBandit, for boosting in. You are our baller booster this week.

629
00:42:24,568 --> 00:42:27,368
And I'll follow up on that Nix Bitcoin question in a bit.

630
00:42:27,948 --> 00:42:33,048
CraftNix also comes in with a baller boost. 103 sets. Rich lifestyle.

631
00:42:35,348 --> 00:42:39,728
Coming in hot with the boost. Make it so. Kraftnix writes, I've been on a break

632
00:42:39,728 --> 00:42:41,668
this whole year, so here's a big chunky boost.

633
00:42:41,928 --> 00:42:45,968
Thanks for keeping the same takes rolling in. That VPS WireGuard Nix Bitcoin

634
00:42:45,968 --> 00:42:49,588
setup, it's very reliable and a low-cost way to run a Bitcoin node,

635
00:42:50,248 --> 00:42:51,868
and as well as other internet-facing home servers.

636
00:42:52,228 --> 00:42:56,288
Not only is this my home lab setup, but I've been running this setup for clients

637
00:42:56,288 --> 00:43:01,228
for both Bitcoin infrastructure and SME-sized server infrastructure for a few years.

638
00:43:02,068 --> 00:43:05,048
It's marginally more complicated if you don't know WireGuard or if you don't

639
00:43:05,048 --> 00:43:07,468
use Tailscale, but it's 100% worth it.

640
00:43:08,008 --> 00:43:12,188
Right on, Kraftnix. So that is how I am doing my new node.

641
00:43:12,628 --> 00:43:16,068
Well, I actually have two nodes at the moment. I still have my AlbieHub cloud

642
00:43:16,068 --> 00:43:18,948
because I want to keep a couple of toes in that water.

643
00:43:19,248 --> 00:43:22,248
I actually think it's great for Noster. There's a lot of things I like about

644
00:43:22,248 --> 00:43:25,008
AlbieHub too, and I want to keep an eye on AlbieHub cloud.

645
00:43:25,388 --> 00:43:28,588
So I actually have that node, though I'm not having my boost sent there at the

646
00:43:28,588 --> 00:43:32,588
moment. And then I set up a new Nix Bitcoin node, something that I can control

647
00:43:32,588 --> 00:43:36,248
myself and take care of the edge cases that I couldn't take care of with Albie Hub at the moment.

648
00:43:36,708 --> 00:43:41,308
And that uses a VPS with Nginx.

649
00:43:41,428 --> 00:43:45,248
And when the inbound lightning or outbound lightning connections come,

650
00:43:45,368 --> 00:43:49,288
it redirects those over tail scale to my node actually running on my LAN.

651
00:43:50,285 --> 00:43:54,845
That lets me avoid having inbound ports on my firewall here at my studio firewall.

652
00:43:55,365 --> 00:43:59,105
It means that Comcast has no idea what I'm doing because all the traffic's over

653
00:43:59,105 --> 00:44:01,125
Tailscale and it's encrypted with WireGuard.

654
00:44:01,545 --> 00:44:08,065
And third, it means I can move my node because the VPS is sending to the Tailscale IP.

655
00:44:08,385 --> 00:44:11,405
Well, when I pick up and physically move that node and plug it in somewhere

656
00:44:11,405 --> 00:44:14,065
else, Tailscale reconnects, the Tailscale IP never changes.

657
00:44:14,625 --> 00:44:19,845
So that node can be physically anywhere, which is great for a nomad, as you can imagine.

658
00:44:20,745 --> 00:44:27,745
The Podfather, Adam Curry, comes in with 55,000 sats. I hoard that which your kind covet. B-O-O-S-T.

659
00:44:28,105 --> 00:44:30,745
Happy birthday to you, too. Belated happy birthday, Podfather.

660
00:44:31,225 --> 00:44:34,465
He says, some boost got lost in the great node shuffle, so I'm making up for

661
00:44:34,465 --> 00:44:36,245
it now. I love the show, brother.

662
00:44:36,825 --> 00:44:41,965
And then he also sent 5,000 sats to the artist, saying, I love it,

663
00:44:41,965 --> 00:44:44,625
and I heard it on This Week in Bitcoin. I love it when you guys do that, by the way.

664
00:44:45,205 --> 00:44:50,845
Because I will not always, but it is kind of becoming more common to hear from the artist.

665
00:44:50,905 --> 00:44:53,785
They will reach out on Nostr or send me an email and say, hey,

666
00:44:53,805 --> 00:44:55,565
thanks for featuring the song when you guys boost them.

667
00:44:56,685 --> 00:44:59,505
That's pretty great. Thank you, Podfather. Appreciate that boost,

668
00:44:59,525 --> 00:45:01,745
and I appreciate you supporting the artist as well.

669
00:45:02,285 --> 00:45:04,965
Bob B's in with 50,000 sats. All right.

670
00:45:05,305 --> 00:45:10,805
These are great. Thank you, everybody.

671
00:45:10,945 --> 00:45:14,825
He writes, hey, Chris, now you understand why I wanted something like Oak to send sats regularly.

672
00:45:14,825 --> 00:45:17,585
Regularly i've been negligent and boosting on the regular so i'm sending

673
00:45:17,585 --> 00:45:20,305
you a bunch of sats keep up the great work and i

674
00:45:20,305 --> 00:45:23,085
hope to chat in toronto when you're up here we did bob b

675
00:45:23,085 --> 00:45:25,845
and i got to chat bob also introduced me to a

676
00:45:25,845 --> 00:45:31,345
friend of his who is just learning bitcoin so that was really cool and bob i

677
00:45:31,345 --> 00:45:35,045
don't know if you've played around with albie hub but albie hub does have a

678
00:45:35,045 --> 00:45:42,425
scheduling sats over lightning app in there i suppose you could call it so you

679
00:45:42,425 --> 00:45:44,845
could check Check that out if you want to use Albie Hub.

680
00:45:45,725 --> 00:45:48,665
Odyssey Westrick coming in with a low of ducks. Live right there.

681
00:45:49,685 --> 00:45:52,305
And he just finally set up fountain. Congratulations, Odyssey.

682
00:45:52,725 --> 00:45:53,745
Thank you for boosting in.

683
00:45:55,085 --> 00:46:00,265
Jeff, our man. Listener Jeff, our guy on the ground with Meshtastic. He's our expert.

684
00:46:00,565 --> 00:46:04,705
Comes in with a row of McDucks. That's 22,222 sats.

685
00:46:04,805 --> 00:46:08,285
He's looking up for all the ducks. And I'm going to also throw in there for

686
00:46:08,285 --> 00:46:11,145
you, Jeff, just because I want you to have a hearty meal, a little mac and cheese.

687
00:46:11,145 --> 00:46:12,925
Put some macaroni and cheese on there, too.

688
00:46:13,045 --> 00:46:15,385
He says, I'd like a little extra mac and cheese for the racking and stacking,

689
00:46:15,565 --> 00:46:18,125
hoping to continue the encouragement to take some time off as well.

690
00:46:19,417 --> 00:46:22,677
Yeah. Yeah, that was nice. I will say, you know, when I was traveling,

691
00:46:22,737 --> 00:46:26,397
it was nice not to try to like record in the hotel room, which I totally have done in the past.

692
00:46:27,097 --> 00:46:30,877
But every time I do that, TSA has to go through my bags and I made it through.

693
00:46:30,917 --> 00:46:32,157
And this was international flights too.

694
00:46:32,237 --> 00:46:36,497
I made it through without getting stopped, both coming home and flying out there,

695
00:46:36,857 --> 00:46:40,197
which has almost never happened when I bring my podcast gear. So that was really cool.

696
00:46:40,937 --> 00:46:43,757
I may take another day off in September for the wife's birthday,

697
00:46:43,877 --> 00:46:46,957
but I don't know that, that, that kind of stuff.

698
00:46:47,017 --> 00:46:50,057
It's like when I'm, when I don't have anything super like firm commitment,

699
00:46:50,797 --> 00:46:52,157
it's like, if it's nice to do, I will.

700
00:46:52,217 --> 00:46:54,497
But if there's something breaking in the news, I'm going to sit down and cover

701
00:46:54,497 --> 00:46:56,017
it because I don't know how else to do it.

702
00:46:56,117 --> 00:47:01,057
The tone wrecker comes in with a row of ducks diving into a new episode tonight.

703
00:47:01,237 --> 00:47:02,817
Thank you. Tone wrecker. Nice to hear from you.

704
00:47:03,117 --> 00:47:07,717
JSE comes in with a space balls boost, 12,345 sats. Yes. That's amazing.

705
00:47:07,937 --> 00:47:10,637
I've got the same combination on my luggage. Love the show. Keep it up.

706
00:47:10,637 --> 00:47:13,877
He says, all right, deal. You keep Keep boosting. I'll keep it up.

707
00:47:14,437 --> 00:47:18,997
Oppie 1984 is back with 4,000 sats. Good, good. Glad you're getting some value

708
00:47:18,997 --> 00:47:21,837
out of the blog post. No worries about missing it in the previous episode.

709
00:47:22,257 --> 00:47:25,157
I've just heard you talking about Meshtastic on multiple shows and wanted to

710
00:47:25,157 --> 00:47:26,277
make sure you knew about my guide.

711
00:47:26,377 --> 00:47:30,697
By the way, I've seen some talk on the Bitcoin transactions over Meshtastic.

712
00:47:30,997 --> 00:47:32,857
Whoa. Wow. Really?

713
00:47:33,677 --> 00:47:36,977
Huh. Wouldn't that be something? That would be a great answer to what happens

714
00:47:36,977 --> 00:47:40,217
if the Internet goes out. But as of right now, he says it's not possible.

715
00:47:40,737 --> 00:47:41,797
The closest you can get is the

716
00:47:41,797 --> 00:47:45,257
Helium network, which runs on the same LoRa base, but it's not Bitcoin.

717
00:47:45,797 --> 00:47:47,677
It's yet another ship coin. Fly safe.

718
00:47:48,437 --> 00:47:52,217
Okay, Oppie. Well, if that changes, I very much would like to know.

719
00:47:53,197 --> 00:47:56,797
Zach Achilles comes in with 2,048 sats. Hey, Chris.

720
00:47:57,297 --> 00:48:00,577
I can't boost in every week, but I just want to say I love the show and most

721
00:48:00,577 --> 00:48:03,197
of the JB shows. Keep up the great work. Thanks for everything.

722
00:48:03,977 --> 00:48:06,917
Thank you. It's great to hear from you, Zach Achilles. I hope to hear from you

723
00:48:06,917 --> 00:48:12,217
sometime in the future, too. Oh, we got 10,000 sats from Halleck. It's over 9,000!

724
00:48:12,377 --> 00:48:14,497
And he says, boost.

725
00:48:15,137 --> 00:48:19,277
Boost! There you go, Halleck. Thank you very much. Rotted Mood also comes in

726
00:48:19,277 --> 00:48:21,937
with 10,000 sats. It's over 9,000!

727
00:48:23,777 --> 00:48:29,517
And he writes, I'm sure you've discussed this before, but what's a good physical hardware wallet?

728
00:48:29,757 --> 00:48:33,897
I've been trying different digital wallet setups, such as Albi and the Hub in

729
00:48:33,897 --> 00:48:36,337
the Cloud, and I think I just want cold storage for some of my sats.

730
00:48:36,337 --> 00:48:39,177
But every hardware wallet seems to have its own pros and cons.

731
00:48:39,577 --> 00:48:44,457
I like LB Cloud, but my problem with it is that I could get expensive with the price of 21,000 sats.

732
00:48:45,077 --> 00:48:47,477
Yeah, that's true. It's 21,000 sats per month.

733
00:48:48,217 --> 00:48:52,937
Also, what happens if your hardware wallet dies? So the 21,000 sats per month,

734
00:48:53,077 --> 00:48:55,077
if you think about what LB Hub Cloud is doing...

735
00:48:56,389 --> 00:49:03,029
It's essentially a lightning VM. It's on 24-7. It's not necessarily a low resources job.

736
00:49:03,949 --> 00:49:06,869
Stability and reliability, software maintenance they're doing.

737
00:49:07,469 --> 00:49:10,349
We'll see. I guess, yeah, if the price of Bitcoin went up quite a bit,

738
00:49:10,369 --> 00:49:11,489
they'd have to re-evaluate that price.

739
00:49:12,329 --> 00:49:14,129
So to answer your hardware wallet,

740
00:49:14,269 --> 00:49:18,289
I don't want to just say cold card Mark IV or Mark III or whatever.

741
00:49:19,129 --> 00:49:23,269
But I'll tell you what I look for. I look for a hardware wallet that only does Bitcoin.

742
00:49:23,269 --> 00:49:26,629
Bitcoin you only want something that has one attack surface Bitcoin

743
00:49:26,629 --> 00:49:29,589
I also don't want a hardware wallet

744
00:49:29,589 --> 00:49:32,229
that has a battery I want the thing to sit in a drawer for

745
00:49:32,229 --> 00:49:35,829
10 years I don't want to have to worry about a lithium-ion battery expanding

746
00:49:35,829 --> 00:49:39,829
or if the thing you know like if it's inert and water gets on it if you dry

747
00:49:39,829 --> 00:49:43,369
it out properly it's probably going to be fine there's a lot of things around

748
00:49:43,369 --> 00:49:46,229
the cold card design that I really appreciate including things you can do to

749
00:49:46,229 --> 00:49:49,069
permanently destroy certain types of wireless communication if you don't want

750
00:49:49,069 --> 00:49:51,429
that it isn't the simplest list,

751
00:49:51,569 --> 00:49:54,449
you know, block has one that might be a little simpler.

752
00:49:54,589 --> 00:50:00,149
The jade might be a little simpler, but for my money, I feel like I have the

753
00:50:00,149 --> 00:50:03,669
most confidence in the longevity of the cold card, something that I can just

754
00:50:03,669 --> 00:50:05,489
forget for a decade and come back to when I need.

755
00:50:05,909 --> 00:50:09,109
You only need to use your cold card also when you're signing transactions to

756
00:50:09,109 --> 00:50:10,189
send or your cold wallet.

757
00:50:10,369 --> 00:50:14,049
So you don't have to have your wallet around every time you want to just add sats to your stash.

758
00:50:14,469 --> 00:50:17,589
My recommended setup is, why not both?

759
00:50:18,169 --> 00:50:22,249
Keep some sats in Albie Hub on a lightning node, So that way you can participate

760
00:50:22,249 --> 00:50:25,789
in the value for value economy. It's just growing and getting larger and larger all the time.

761
00:50:26,229 --> 00:50:28,109
There's more and more Nostra apps all the time.

762
00:50:29,103 --> 00:50:32,363
That's your checking account. And then your savings account is something like

763
00:50:32,363 --> 00:50:36,303
a software wallet you trust, like Green or Sparrow, and a hardware wallet that

764
00:50:36,303 --> 00:50:39,063
backs that up. And that's where you do your long-term savings.

765
00:50:39,683 --> 00:50:42,603
Just like you would with fiat. Only instead of using fiat, you're doing Bitcoin.

766
00:50:43,143 --> 00:50:45,263
Let me know if that helps, Rotted Mood, if you have any other questions.

767
00:50:45,463 --> 00:50:47,043
I'm glad you're thinking about those kinds of things.

768
00:50:47,643 --> 00:50:52,643
Abel James comes in with 5,000 sats. But that's not possible. Nothing can do that.

769
00:50:52,923 --> 00:50:55,743
You're welcome, Abel James. He says you rock. That's one of our artists right

770
00:50:55,743 --> 00:50:59,003
there. Sending in a little value right back for featuring their songs.

771
00:50:59,143 --> 00:51:02,383
It's great music by Abel James. Great to hear from you.

772
00:51:02,903 --> 00:51:08,343
Podhome comes in with 8,000 sats. The traders love the vol. It's Podhome. Hey, Podhome.

773
00:51:08,743 --> 00:51:13,103
Another great episode. I love the newbie corner and the macro perspectives. I'm all in on Bitcoin.

774
00:51:13,543 --> 00:51:18,283
And I also bet some money on other things like XRP with fiat that I can afford

775
00:51:18,283 --> 00:51:20,603
to lose. What are your thoughts on Ripple's utility?

776
00:51:21,283 --> 00:51:24,863
Man, you know, that's it's so hard. It's so hard to say, Podhome,

777
00:51:24,983 --> 00:51:26,243
on these kinds of things.

778
00:51:27,123 --> 00:51:29,863
And if I'm characterizing this wrong, please, somebody correct me.

779
00:51:29,923 --> 00:51:33,723
But my characterizations of Ripple's elevator pitch value would be,

780
00:51:33,763 --> 00:51:37,763
you know, the banks are going to need like a CBDC like currency that they can

781
00:51:37,763 --> 00:51:39,063
use to exchange between each other.

782
00:51:39,063 --> 00:51:43,463
And Ripple's going to essentially be like this currency is a service that they

783
00:51:43,463 --> 00:51:46,203
will adopt and it'll be valuable because of that.

784
00:51:46,743 --> 00:51:49,383
And, you know, you'll constantly hear about deals with banks and stuff like

785
00:51:49,383 --> 00:51:51,483
that seem to indicate this is perpetually building.

786
00:51:52,043 --> 00:51:55,763
But I've been hearing that same story for like three or four years.

787
00:51:56,123 --> 00:52:02,083
And I look around at like all the CBDC experiments and the internal transfers

788
00:52:02,083 --> 00:52:04,943
between banks that seem to be like, you know, big sums of money.

789
00:52:05,263 --> 00:52:09,943
They're always creating their own system. them. They're creating their own CBDC

790
00:52:09,943 --> 00:52:12,483
or they use their own mechanisms.

791
00:52:13,103 --> 00:52:17,683
I don't generally see the big private banks adopting a commercial solution like

792
00:52:17,683 --> 00:52:20,263
Ripple to do something that they would likely just create in-house.

793
00:52:21,123 --> 00:52:24,083
Perhaps they should because they generally create crap in-house,

794
00:52:24,163 --> 00:52:26,143
but I don't know if I buy it.

795
00:52:26,763 --> 00:52:30,823
I don't know if I buy it. And I think one of the things that undercuts Ripple's

796
00:52:30,823 --> 00:52:37,823
credibility is, why does Ripple's creator feel it's so necessary to constantly attack Bitcoin?

797
00:52:38,988 --> 00:52:42,208
Remember, they're the ones that donated a ton of money to Greenpeace to go after

798
00:52:42,208 --> 00:52:46,068
Bitcoin to create that stupid volcano and create all of these Bitcoin drains,

799
00:52:46,088 --> 00:52:48,228
entire swimming pools type research.

800
00:52:48,748 --> 00:52:50,908
That's funded by the guy that is behind Ripple.

801
00:52:51,468 --> 00:52:56,928
And if Ripple is such a solid value prop, why do we need to attack Bitcoin?

802
00:52:57,168 --> 00:52:58,948
Why is he spending his money attacking Bitcoin?

803
00:52:59,588 --> 00:53:03,928
It would suggest to me that Bitcoin is probably a better product.

804
00:53:04,608 --> 00:53:10,188
And if I'm looking for something to rip, Ripple would maybe rip if some major

805
00:53:10,188 --> 00:53:10,868
announcement happened.

806
00:53:11,008 --> 00:53:15,168
But in the meantime, it seems like if you priced it in Bitcoin long term,

807
00:53:15,228 --> 00:53:15,968
you're probably better off.

808
00:53:16,408 --> 00:53:19,348
But that's as far as I've ever looked into it. I'm not a Ripple expert,

809
00:53:19,488 --> 00:53:21,728
not a financial expert, not advice from me.

810
00:53:21,928 --> 00:53:26,388
But I'd be curious to know your take or anybody else's take on that one. I do hear that a lot.

811
00:53:27,088 --> 00:53:31,168
I do hear that everybody thinks Ripple is going to have long-term value.

812
00:53:31,368 --> 00:53:34,808
I'm just not seeing it, but I also haven't dug deep enough.

813
00:53:35,168 --> 00:53:39,348
Gene Bean comes in with 3,072 sats. Analysis mode, password 80085.

814
00:53:40,188 --> 00:53:44,348
He asks if I'm running Helipad on my next Bitcoin node, and the answer is yes.

815
00:53:45,028 --> 00:53:48,108
That's thanks to a little West magic. I could probably try to get an explainer

816
00:53:48,108 --> 00:53:49,228
from him how he set that up.

817
00:53:49,828 --> 00:53:53,768
But if I recall, I think it's either a Go app. I think Helipad's a Go app,

818
00:53:53,828 --> 00:53:55,988
so it's pretty simple to get going.

819
00:53:56,308 --> 00:54:00,668
And Helipad is a fantastic dashboard that podcasters can use to see the boost

820
00:54:00,668 --> 00:54:03,748
come in in real time. So you've got to have it. You've got to have it.

821
00:54:04,168 --> 00:54:07,968
He also boosted Swamp Thing, our track, last week. Thank you, Gene Bean.

822
00:54:08,408 --> 00:54:12,588
Lazy Locks comes in with 10,000 sats. It's over 9,000!

823
00:54:13,408 --> 00:54:16,548
Hope your rack and stack trip goes well, brother. Thank you,

824
00:54:16,548 --> 00:54:18,748
Lazy Locks. It went super smooth.

825
00:54:19,228 --> 00:54:23,328
Shout out to listener Steven and Alex from Self Hosted. They did all the preparation

826
00:54:23,328 --> 00:54:27,988
to make sure that when we showed up, it was really a matter of we did some server upgrades.

827
00:54:29,455 --> 00:54:31,755
And then we racked and stacked. If you go look at my buddy Alex's,

828
00:54:31,855 --> 00:54:35,175
Alex KTZ, I think is his channel name. You'll go look him up on YouTube and

829
00:54:35,175 --> 00:54:36,755
you can find a video of us racking and stacking.

830
00:54:37,615 --> 00:54:42,815
Anonymous sent in 13,125 sats. You're doing a good job. No message though.

831
00:54:43,275 --> 00:54:46,155
So if that was you, let me know and I'll follow up with you.

832
00:54:46,515 --> 00:54:48,275
Ace Ackerman came in with a row of ducks.

833
00:54:49,115 --> 00:54:54,335
Hey, Chris, I was wondering if you have used unchained capital or if you have an opinion on it.

834
00:54:55,095 --> 00:54:59,275
That is a great question, Ace. Thank you for sending that in.

835
00:54:59,455 --> 00:55:05,175
So Unchained Capital, I think, looks like a legitimate, viable solution for

836
00:55:05,175 --> 00:55:07,935
small businesses that want to have a Bitcoin treasury,

837
00:55:08,195 --> 00:55:12,315
that want to have some Bitcoin on their balance, especially a multi-owner situation

838
00:55:12,315 --> 00:55:16,515
or a situation where you've got somebody that's in charge of the finances,

839
00:55:16,515 --> 00:55:17,955
like a CTO and you have a CEO.

840
00:55:17,955 --> 00:55:23,355
And I think Unchained Capital solves so many internal problems that businesses

841
00:55:23,355 --> 00:55:25,615
have to deal with when it comes to holding Bitcoin.

842
00:55:25,895 --> 00:55:29,195
The fact that they also allow you to do a multi-sig, I think is fantastic.

843
00:55:29,655 --> 00:55:33,715
And if you're a small business, they also let you take a Bitcoin collateralized

844
00:55:33,715 --> 00:55:37,355
loan against your Bitcoin, which I maintain you shouldn't do.

845
00:55:37,555 --> 00:55:41,055
But if you're going to sell your Bitcoin, a loan is better than selling your

846
00:55:41,055 --> 00:55:43,595
Bitcoin because you'll get margin called if the price goes crazy.

847
00:55:43,675 --> 00:55:47,055
You can either add more collateral or you'll get margin just for the difference.

848
00:55:47,355 --> 00:55:48,555
It's still, you're coming ahead.

849
00:55:49,255 --> 00:55:52,235
You're still coming out ahead. And I could be wrong, but I don't think that's

850
00:55:52,235 --> 00:55:54,215
a capital gains if you get margin called.

851
00:55:54,575 --> 00:55:58,755
So, you know, to me, a Bitcoin loan looks like a better way to go than selling

852
00:55:58,755 --> 00:56:02,315
Bitcoin straight up because you might not lose it at all.

853
00:56:02,435 --> 00:56:07,195
And Unchained Capital seems to offer the most trusted Bitcoin backed loans,

854
00:56:07,315 --> 00:56:08,955
but they only offer it to small businesses.

855
00:56:09,395 --> 00:56:13,015
So I don't know if, I don't think it's something I would use for myself personally,

856
00:56:13,095 --> 00:56:15,475
unless I was concerned about losing my Bitcoin.

857
00:56:16,395 --> 00:56:19,315
But I do think it's something I would consider for Jupyter Broadcasting in the future.

858
00:56:19,955 --> 00:56:23,055
I like the self-sovereignty aspect of Bitcoin.

859
00:56:23,615 --> 00:56:26,595
You know, there's a real peace of mind when you have like an exchange that's

860
00:56:26,595 --> 00:56:30,355
collapsing and your Bitcoin's sitting in your cold wallet, right?

861
00:56:30,475 --> 00:56:33,235
You know, proverbially, metaphorically, I should say.

862
00:56:34,275 --> 00:56:36,595
Unchained Capital is still a company. There's still some third party risk.

863
00:56:36,675 --> 00:56:39,395
Yes, there's multi-sig, but with a business, I feel like it's It's a different

864
00:56:39,395 --> 00:56:41,935
set of risk factors, and I think it's just a no-brainer.

865
00:56:42,575 --> 00:56:45,595
Great question, and I'd love anybody else's insights on that as well.

866
00:56:46,055 --> 00:56:48,175
We got 10,000 sats from user 38.

867
00:56:50,975 --> 00:56:57,715
This is a great show. Keep it up. Thank you. The Mirror Mortals podcast is back. Holy crap!

868
00:56:57,915 --> 00:57:03,135
That's not possible. Nothing can do that. This is the way. With 2,999 sats.

869
00:57:03,435 --> 00:57:06,375
You're killing me, Chris. I just left Toronto. Oh, no way.

870
00:57:06,775 --> 00:57:10,595
I had an absolute blast going through North America and meeting a lot of podcasting

871
00:57:10,595 --> 00:57:12,075
2.0 and value for value communities.

872
00:57:12,695 --> 00:57:15,535
Oh man, if you have some free time, reach out to Pitar.

873
00:57:16,275 --> 00:57:19,255
Oh, okay. It was actually me boosting from his phone last week.

874
00:57:19,315 --> 00:57:20,415
I was introducing him to the show.

875
00:57:21,055 --> 00:57:24,935
Normally just streaming, but I felt the need to say thanks for everything you do.

876
00:57:26,413 --> 00:57:29,473
You were hanging out with Batard? That's so cool. Wow.

877
00:57:29,633 --> 00:57:32,253
Nice to hear from you, Mere Mortals. He also loved the tune.

878
00:57:32,353 --> 00:57:37,473
He sent 777 sats to the artist for the song, for Abel James.

879
00:57:37,953 --> 00:57:41,933
Thank you, everybody, for doing that. Digital Farmer came in with 12,000 sats.

880
00:57:42,013 --> 00:57:43,793
That's little shit. Little.

881
00:57:44,793 --> 00:57:47,953
I love the SNES sound effects during the show. Keep them up.

882
00:57:48,013 --> 00:57:49,873
All right. You know what? I was thinking about getting more of those.

883
00:57:50,413 --> 00:57:52,193
I think I will. Let's-a go.

884
00:57:52,893 --> 00:57:55,593
Breeze makes it easy to boost. I send on-chain Bitcoin to Breeze,

885
00:57:55,633 --> 00:57:58,413
and I boost in Sats. I'm in Canada, so not many other options.

886
00:57:58,573 --> 00:58:01,733
I use Breeze to boost only because Antenapod is still the best podcast app.

887
00:58:02,153 --> 00:58:04,613
Can't wait for them to embrace podcasting 2.0.

888
00:58:05,073 --> 00:58:08,033
I know, right? It really would be great if Antenapod came on board.

889
00:58:08,413 --> 00:58:12,113
I think it's just a matter of hands, right? They're an open-source project.

890
00:58:12,193 --> 00:58:14,033
They would need somebody to do that development work for them.

891
00:58:14,513 --> 00:58:17,273
And if you can do that work, you're probably already doing your own podcast

892
00:58:17,273 --> 00:58:19,353
app. That may, you know, that just may be the thing.

893
00:58:20,253 --> 00:58:23,073
Spectaurus rounds us out with a row of ducks.

894
00:58:28,953 --> 00:58:31,813
Chris, can you discuss your node setup a bit more? I'm newer to Bitcoin,

895
00:58:32,073 --> 00:58:34,053
and I would love to replicate this.

896
00:58:34,553 --> 00:58:38,033
Nix Bitcoin with your VPS frontend via Tailscale is what I'm picking up on? Yes.

897
00:58:38,713 --> 00:58:42,933
So I don't know if I fully recommend Nix Bitcoin to everybody,

898
00:58:43,073 --> 00:58:44,573
because you have to know Nix.

899
00:58:45,153 --> 00:58:49,653
If you're going to use Bitcoin and Lightning in a business environment,

900
00:58:50,373 --> 00:58:51,893
then you should use Nix Bitcoin. coin.

901
00:58:52,393 --> 00:58:57,253
It is a level up more reliable than anything Umbral or Start9 can ever do because

902
00:58:57,253 --> 00:59:01,733
it's a different way to build Linux distributions where every update goes through a build process.

903
00:59:02,013 --> 00:59:05,573
That build has to check and pass. Kind of like when you build a Rust app.

904
00:59:06,013 --> 00:59:08,893
If the build fails, you can't update. So if there's a problem,

905
00:59:08,993 --> 00:59:11,313
if there's a conflict, if there's something that's going to go wrong,

906
00:59:11,513 --> 00:59:14,873
the build aborts and then it gives you an output and tells you what you need

907
00:59:14,873 --> 00:59:16,873
to go fix. You go fix that thing and you try to build it again.

908
00:59:17,253 --> 00:59:20,753
If it builds successfully, you then switch into that snapshot.

909
00:59:21,473 --> 00:59:24,953
And if you boot into that snapshot and something's wrong, you just roll back.

910
00:59:26,125 --> 00:59:31,205
And it's flawless. And this is the kind of like appliance level reliability you need.

911
00:59:31,525 --> 00:59:34,625
This is the kind of thing like CrowdStrike that took out Windows.

912
00:59:34,705 --> 00:59:37,265
If Windows had this capability, it would have been a non-issue.

913
00:59:37,685 --> 00:59:41,925
It's the kind of reliability you want when you're dealing with something that's

914
00:59:41,925 --> 00:59:46,485
essentially handling incoming and outgoing transactions from your customers.

915
00:59:46,985 --> 00:59:50,445
So if you're running a business, I really think you should investigate NixBitcoin.

916
00:59:50,965 --> 00:59:56,145
For personal use, I think Start9's pretty great. I think Umbral's another consideration.

917
00:59:56,965 --> 00:59:59,325
You can also, of course, just run these things directly on Linux.

918
00:59:59,785 --> 01:00:03,145
But ultimately, what you want to consider, if you are going to run a Lightning

919
01:00:03,145 --> 01:00:05,145
node, is you will need some channel liquidity.

920
01:00:05,405 --> 01:00:07,925
You can buy inbound and outbound liquidity, but it's something you're going

921
01:00:07,925 --> 01:00:12,465
to have to figure out. Albie Hub helps you with this. They have pre-provided partners.

922
01:00:13,425 --> 01:00:18,165
You're going to need it running 24-7. You cannot receive a transaction if your node's offline. line.

923
01:00:18,625 --> 01:00:21,245
So these are things that like rough things you need to think about.

924
01:00:21,685 --> 01:00:25,945
The nice thing about Nick's Bitcoin is that you set it up once and it is replicatable.

925
01:00:26,385 --> 01:00:30,925
So I don't know if I'm going to share my config yet, but my config could just

926
01:00:30,925 --> 01:00:33,485
be deployed in another system and you essentially would recreate my setup.

927
01:00:34,265 --> 01:00:37,365
So I like those things about it. And what I'm going to try to do is

928
01:00:37,365 --> 01:00:40,445
break this down in more detail in an episode of Self Hosted that'll

929
01:00:40,445 --> 01:00:44,245
probably be out on the week you're hearing this episode let's

930
01:00:44,245 --> 01:00:47,865
see so if today is wednesday the 4th you

931
01:00:47,865 --> 01:00:50,945
should see it come out on friday september 6th

932
01:00:50,945 --> 01:00:55,545
and i'll have a breakdown of some of the different tiers of bitcoin options

933
01:00:55,545 --> 01:01:00,045
from like a you know an uncle jim setup where you're using somebody else's node

934
01:01:00,045 --> 01:01:07,425
to hosted options to fully self-custodial options and alex my co-host has been

935
01:01:07,425 --> 01:01:09,305
asking about that so i'm going I'm gonna try to do a breakdown in there.

936
01:01:09,445 --> 01:01:14,065
So catch that as well. And then I'll try to get an idea where everybody still

937
01:01:14,065 --> 01:01:17,225
has questions and then address those, because I want you guys to be able to figure this out.

938
01:01:18,230 --> 01:01:22,270
And I don't necessarily want to push you to the direction of Nix Bitcoin.

939
01:01:22,410 --> 01:01:26,770
You can tell I'm a little hesitant to do that because it is complicated. You have to learn Nix.

940
01:01:27,470 --> 01:01:30,310
If you already know Nix, then this is absolutely a direction you should go.

941
01:01:30,430 --> 01:01:32,790
And if you don't, maybe do that first.

942
01:01:32,970 --> 01:01:36,550
If you don't know Nix, maybe learn, you know, you could put it on Ubuntu. You can put it on a Mac.

943
01:01:37,250 --> 01:01:40,130
You can start to learn how to use Nix without installing NixOS,

944
01:01:40,250 --> 01:01:41,590
without using Nix Bitcoin.

945
01:01:41,950 --> 01:01:45,570
And just learn the tooling and then maybe go from there. Something to consider.

946
01:01:45,950 --> 01:01:48,390
I'm not your dad. So I don't know.

947
01:01:50,270 --> 01:01:53,230
Yeah, you can still tell I got a little crap in the throat. Thank you, everybody.

948
01:01:53,930 --> 01:01:58,090
That was a great batch. I was gone a little long. So I was gone a week extra.

949
01:01:58,190 --> 01:01:59,110
So it was a little extra long.

950
01:01:59,610 --> 01:02:02,470
So I don't know if we'll have a big drop off next episode. I hope not.

951
01:02:02,510 --> 01:02:04,930
So I'd love to hear from you. Here's the details. Here's the deets.

952
01:02:05,170 --> 01:02:08,350
We had 63 different people participate in Value for Value.

953
01:02:08,870 --> 01:02:12,510
You know, it's a pretty small number of the overall listenership.

954
01:02:12,530 --> 01:02:16,650
So you guys that participate, I am so extremely grateful for you.

955
01:02:16,770 --> 01:02:21,170
We had 51,000 sats that got streamed in just by you listening and streaming

956
01:02:21,170 --> 01:02:22,590
those sats. Thank you, everybody.

957
01:02:22,890 --> 01:02:32,130
And when you bring it all together, we had a grand total of 498,601 sats.

958
01:02:39,370 --> 01:02:43,010
Nice to see a lot of you trying out the new Fountain FM 1.1 update.

959
01:02:43,390 --> 01:02:47,190
I saw a Boosie a Lion here. There's a lot of different, of course,

960
01:02:47,350 --> 01:02:50,510
Breeze is in here. I've seen Breeze again coming back kind of strong recently.

961
01:02:51,270 --> 01:02:56,750
Podverse is well represented in here as well. Podcast Guru from Podhome there.

962
01:02:57,170 --> 01:03:00,710
I see you all. Thank you, everybody who boosts in however you do it.

963
01:03:00,790 --> 01:03:02,630
I love hearing from you. They're great questions.

964
01:03:02,810 --> 01:03:06,890
It's the most organic moment in the show, and when I think back,

965
01:03:06,910 --> 01:03:09,970
it's the part of the episode that I always enjoy a lot.

966
01:03:10,130 --> 01:03:12,710
If you'd like to boost in, you can do it with Fountain FM or any of the other

967
01:03:12,710 --> 01:03:15,270
great podcast apps. Just check out podcastapps.com.

968
01:03:15,470 --> 01:03:18,450
The trick is you need some sats, but I'm going to tell you something.

969
01:03:18,550 --> 01:03:23,030
You need some sats regardless if you're boosting in or not. So why not get a

970
01:03:23,030 --> 01:03:24,830
little sats and boost in too?

971
01:03:25,070 --> 01:03:27,510
Because things are only going in one direction, my friend.

972
01:03:28,250 --> 01:03:33,270
The lever you have pulled breaks. He's not in service. Please make a note of it.

973
01:03:33,200 --> 01:03:44,240
Music.

974
01:03:44,085 --> 01:03:46,945
All right, some important project updates before we scoot, because we're getting

975
01:03:46,945 --> 01:03:49,445
long here. That's what happens when I take a week off.

976
01:03:50,285 --> 01:03:53,245
We have a timeline for the Mutiny wallet shutdown.

977
01:03:53,485 --> 01:03:56,765
And I want to put this in front of your face because you need to know about this.

978
01:03:56,825 --> 01:04:02,125
Mutiny wallet users need to move funds out of their channels and close those channels.

979
01:04:03,085 --> 01:04:06,345
You can send them to a Bitcoin wallet. You can send them to another Lightning

980
01:04:06,345 --> 01:04:09,465
wallet. You can send them to a Fedament, but you can't keep them in your channels.

981
01:04:10,025 --> 01:04:17,005
You can self-host Mutiny. Mutiny, speaking of StartOS, it's got a one-click deployment for Mutiny.

982
01:04:17,405 --> 01:04:19,605
It's open source code. It's still going to get some love.

983
01:04:20,025 --> 01:04:22,345
The team overall isn't going anywhere, so they're still going to be around.

984
01:04:22,505 --> 01:04:25,145
But we do have a timeline. So August 5th, they announced the shutdown.

985
01:04:25,925 --> 01:04:31,285
It looks like September 3rd, we got this FAQ telling us about the timeline.

986
01:04:32,325 --> 01:04:38,505
The drop-dead date that you need to really know about seems to be December 31st.

987
01:04:39,345 --> 01:04:42,965
App.mutinywallet.com shuts down. Apps pulled from the app stores.

988
01:04:44,185 --> 01:04:47,985
So December 31st, 2024, that's when the site shuts down. God, it's sad.

989
01:04:48,445 --> 01:04:51,925
I really liked that project. Really liked that project. I'm glad it's still

990
01:04:51,925 --> 01:04:54,805
available as a self-hosted thing. Man, that's so sad.

991
01:04:54,985 --> 01:04:58,825
So December 31st is your drop-dead date. Better start working on it, though.

992
01:05:00,265 --> 01:05:04,045
Strike has some great news. They're rolling out Bolt 12 into Strike.

993
01:05:04,165 --> 01:05:05,525
Now, this is their initial integration.

994
01:05:06,205 --> 01:05:10,585
So basic offer payment flow. but they're paving the way here for more advanced

995
01:05:10,585 --> 01:05:12,645
Bolt 12 features over time.

996
01:05:12,785 --> 01:05:16,945
If you're not familiar, Bolt 12 was introduced in September of 2020 by Rusty

997
01:05:16,945 --> 01:05:19,545
Russell, which was one of my nicknames in middle school.

998
01:05:19,905 --> 01:05:24,565
And the Bolt 12 specification enables features that I think overall are needed

999
01:05:24,565 --> 01:05:25,945
for the Lightning user experience.

1000
01:05:26,225 --> 01:05:30,425
One of my favorite features is reusable QR codes, great for static displays,

1001
01:05:30,585 --> 01:05:35,585
like on a website, a flyer, billboards. My wife could put a QR code up in her

1002
01:05:35,585 --> 01:05:38,185
clinic, and you don't have to generate an invoice every time.

1003
01:05:39,053 --> 01:05:43,373
That seems obvious, right? Bolt 12 also has enhanced security by leveraging onion messages.

1004
01:05:43,693 --> 01:05:48,953
So that's obviously great. And there's other advanced functionalities like ATM

1005
01:05:48,953 --> 01:05:52,193
style withdrawals that were previously impossible with Lightning without adding

1006
01:05:52,193 --> 01:05:54,753
other stuff and strapping LNURL on top of it all.

1007
01:05:54,833 --> 01:05:58,273
Now it's native to the protocol. It's great.

1008
01:05:58,613 --> 01:06:05,033
And I do think Bolt 12 and Bolt 11 will have a role in podcasting 2.0 and value for value.

1009
01:06:05,153 --> 01:06:07,913
So very nice to see Strike getting there already. ready.

1010
01:06:08,153 --> 01:06:12,113
Even if it is only initial, initial support. It's very nice to see.

1011
01:06:13,013 --> 01:06:21,153
Albie Hub 172 is out. And this update introduces a new friends and family app in the Albie app store.

1012
01:06:21,573 --> 01:06:23,813
So they have their own section of things that are compatible,

1013
01:06:23,853 --> 01:06:26,593
like with Noster Wallet Connect, and you can integrate really easily with Albie.

1014
01:06:26,773 --> 01:06:31,133
And more and more apps keep showing up in there. But this friends and family app is slick.

1015
01:06:31,373 --> 01:06:36,013
You create essentially a sub wallet on your Albie Hub for a friend or a family

1016
01:06:36,013 --> 01:06:37,613
member and you give it a name.

1017
01:06:37,813 --> 01:06:41,853
And then when it's done, they get their own podcasting 2.0 value block.

1018
01:06:42,013 --> 01:06:46,313
They can pair their own Albie app to it and their own Noster apps to it.

1019
01:06:46,353 --> 01:06:50,373
It's essentially like they have their own hub, although it's using your hub's

1020
01:06:50,373 --> 01:06:56,133
liquidity, which means that they don't have to manage one of the trickier parts of Lightning.

1021
01:06:56,373 --> 01:06:59,793
I could see podcast networks using this. You know, this seems really valuable,

1022
01:06:59,913 --> 01:07:02,833
not just for friends and family, but definitely for friends and family

1023
01:07:02,833 --> 01:07:05,533
other updates include receive only point of sales app is

1024
01:07:05,533 --> 01:07:08,573
in there a new savings balance withdrawal ui they

1025
01:07:08,573 --> 01:07:11,533
tweaked that a little bit they change some other things when you're pending

1026
01:07:11,533 --> 01:07:15,653
channels mac users also benefit from several fixes it's all in there albie hub

1027
01:07:15,653 --> 01:07:19,933
is looking really really good and i'm still using it even though i have my nix

1028
01:07:19,933 --> 01:07:25,253
bitcoin i'm also still using albie hub cloud kind of dual try trying seeing

1029
01:07:25,253 --> 01:07:26,733
which one really truly works the best.

1030
01:07:27,863 --> 01:07:31,443
Perhaps a mistake? We shall see. Okay, let's get out of here.

1031
01:07:31,583 --> 01:07:35,643
We gotta go. I'm going way, way too long. I'm sorry about this.

1032
01:07:36,663 --> 01:07:40,383
I'm gonna cut clips. I already have more clips I'm cutting. I apologize.

1033
01:07:40,603 --> 01:07:43,563
Jeez, I really try to... I'm trying to go for 45 minutes.

1034
01:07:44,463 --> 01:07:48,963
This is a slow news week, too. But I want to play a sound money explanation

1035
01:07:48,963 --> 01:07:52,583
for you, because I didn't have time for the newbie corner. As you can tell,

1036
01:07:52,603 --> 01:07:53,963
I'm going way too long today.

1037
01:07:54,663 --> 01:07:58,183
And I still have something for you newbies, though. because I think this is

1038
01:07:58,183 --> 01:08:01,183
an important part of the show and we're covering some really important fundamental stuff.

1039
01:08:01,483 --> 01:08:05,983
So I want to play a clip from that God Bless Bitcoin documentary that I also

1040
01:08:05,983 --> 01:08:08,203
caught when I was looking around in there.

1041
01:08:08,283 --> 01:08:11,723
And this one, it's a shorter one, and it's about sound money,

1042
01:08:11,903 --> 01:08:15,543
which you need to understand to appreciate why Bitcoin is valuable.

1043
01:08:16,083 --> 01:08:21,903
What is sound money? The term sound money originated back when we used gold coins as currency.

1044
01:08:22,383 --> 01:08:26,763
Oftentimes, as a way to create more money, kings and queens would mix in common

1045
01:08:26,763 --> 01:08:28,303
cheaper metals with gold.

1046
01:08:28,483 --> 01:08:32,123
That way, they could create a coin that looked like it was pure gold,

1047
01:08:32,283 --> 01:08:34,523
but really, it was diluted.

1048
01:08:34,783 --> 01:08:38,303
And that allowed them to create more coins with the same amount of gold.

1049
01:08:38,503 --> 01:08:42,103
So instead of 10 ounces of gold being able to create 10 coins,

1050
01:08:42,363 --> 01:08:48,023
now they could use that 10 ounces of gold mixed with junk metals and create 14 coins.

1051
01:08:48,263 --> 01:08:51,403
It was a very sneaky theft of the people's money.

1052
01:08:51,703 --> 01:08:54,583
The public got wise to this scam and found

1053
01:08:54,583 --> 01:08:58,083
a simple but clever way to test if their coins were pure if

1054
01:08:58,083 --> 01:09:00,803
they dropped them a pure gold coin would make

1055
01:09:00,803 --> 01:09:04,663
a different sound than a diluted one today when

1056
01:09:04,663 --> 01:09:07,663
we refer to sound money we mean money that cannot

1057
01:09:07,663 --> 01:09:13,263
be diluted bitcoin is the soundest form of money humans have ever created because

1058
01:09:13,263 --> 01:09:18,243
no matter how hard anyone tries you can't dilute bitcoin by creating more of

1059
01:09:18,243 --> 01:09:24,823
it there will only ever be 21 million for all of human history. Yep, it's that simple.

1060
01:09:25,303 --> 01:09:27,943
And that scarcity is one of the things that will always give it value,

1061
01:09:28,043 --> 01:09:33,063
because that's how humans work. Links to what we talked about today at thisweekinbitcoin.show.

1062
01:09:33,323 --> 01:09:36,043
I'd love to have you boosted with what you'd like to hear from the show.

1063
01:09:36,103 --> 01:09:39,723
If you missed something from it or have thoughts on something that was covered,

1064
01:09:39,803 --> 01:09:41,843
please do let me know and share it with a friend.

1065
01:09:41,923 --> 01:09:45,323
I'd love this to be the number one Bitcoin news podcast for the Jupyter Broadcasting

1066
01:09:45,323 --> 01:09:48,883
community and the Podcasting 2.0 community and in the world.

1067
01:09:49,763 --> 01:09:51,263
I'll be back next week, but I

1068
01:09:51,263 --> 01:09:54,943
am going to leave you with a Value for Value track, and this one is free.

1069
01:09:55,920 --> 01:13:20,187
Music.