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Welcome in to This Week in Bitcoin, episode 102.

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

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It's the week of the Bitcoin 2026 conference in Las Vegas,

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and the vibe is very institutional, I guess is a nice way to put it.

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I have been watching hours and hours of talks, keynotes, presentations,

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live stream, chitter, chatter, filler,

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really just trying to look for some of the signal in all of this for you.

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And at the same time, Washington seems to be treating custody

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and enforcement around Bitcoin and how they treat that a lot more formally,

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which I think is an interesting development.

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Even if some of their bigger announcements, which we will cover,

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I think still should be labeled as claims rather than fact.

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It's still worth listening to.

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So let's get into it.

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Let's set a broader context, the macro context that is taking place during the Bitcoin 2026

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conference.

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Anybody that's been listening to this show for a couple of weeks, you know that Morgan

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Stanley recently got into the Bitcoin game.

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And for us, this is now old and settled news. But for the financial wonks, this is the difference between living with Bitcoin and accepting Bitcoin and even transitioning to mass adoption for them.

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This is actually a really big transition for the financial wonks. So let's get wonky and listen to them processing the news.

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Morgan Stanley getting in is huge for a couple of reasons. One, they don't do a lot of ETFs.

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ETFs. Two, obviously, I'm a wire house baby myself coming through Merrill, but I think

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they have a large advisor base, huge scale. And ultimately, there's a possibility for an ETF to

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end up in model portfolios. Then you're talking about more scale. Also, I think for those of us

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that have been around 10 plus years, it's more validation, right? And then Schwab coming in right

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behind them just kind of was the ribbon on it. But I think Morgan Stanley means a lot of scale.

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I think it means really good institutional research and data that advisors or wealth managers want.

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So I think that was a really good way of saying, all right, we're crossing over here from mass acceptance to mass adoption.

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That's their signal, right? That's their signal.

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And to me, it's OK. It's OK. Great. I'm glad you're catching up.

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But let's stay wonky for a little bit because now we're going to the Bitcoin conference.

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And what financial wonks are realizing, I don't know, stick with me.

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This is getting there, but we're getting somewhere.

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What they're realizing is the game around, quote unquote, crypto might not be DeFi and crap coins, but might be products built on top of Bitcoin.

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I believe this is the week in which we finally have now seen iBit options open interest overtake Deribit's open interest.

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I believe this is Jeff Park and he is up on the Mara stage.

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For the first time in a meaningful way.

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What does that mean?

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Well, it's pretty important, right?

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Because for a long time, people would look at Deribit's devolve to calculate implied volatility.

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But Devol is flawed. Devol only uses Deribet options.

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The reality is there's lots of offshore exchanges.

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There's now Ibet options.

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And we actually need more intelligent ways to quantify the parameterization of implied volatility.

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All right. So let me break some of this down.

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Like I said, it's out there a bit.

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So Coinbase, I believe, owns the number one crypto like extra gambling market, if you will.

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I'm trying to think about how to.

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So there are people that are betting on the future direction of the price of crypto and derivatives.

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And there are a couple of exchanges out there right now, Deribit being the biggest one that support this. Deribit was bought not too long ago by Coinbase. And what Jeff is saying here is that we're transitioning from these offshore or quasi onshore markets that are just selling action on top of crypto to people are playing now in the iBit option space instead.

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And there's companies like Volmex that do a really good job on this. And the most interesting thing that I've noticed recently is if you look at BVIV US, which is the implied vol on Ibit versus BVIV, which is the offshore exchange aggregate correlation implied volatility, that spread is about five points.

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meaning iBit vol is five points higher than Deribit and other offshore exchanges vol.

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Where is that five points spread coming from? My guess is that there's a lot of retail demand

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for upside participation in a longer tenor than what is premised usually on Deribit because

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iBit options go out two years plus. So there's more action options. There's longer term action

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options with iBit. And what do we know? There's more volatility with iBit. And what do traders

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love. The traders love the vol. And so my bold prediction is that we're going to see a big Bitcoin

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move up. It might be within this year, as Matt said. My prediction is that it is going to be led

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by iBit options and the reflexive nature in which the gamma that is possibly created within something

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like Bitcoin due to its scarcity can really, really lead the next leg up in a meaningful way.

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And for me, watching iBit take market share over Deribit is actually a lot of excitement and

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theusement that it was here, we're heading in the right direction. So here's what's happening is

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IBIT is turning into a product that is appealing to people that are trying to hedge against

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volatility, like perhaps miners or people that have to provide liquidity based on Bitcoin.

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And it's also becoming a playground for people that like to bet on the more degenerate aspects

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of crypto. And so it's drawing in both at scale. And the supposition here is that that activity

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will lead to more Bitcoin purchasing, which will increase the scarcity effect. So this is

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the broader context of the market dynamics, then we have a lot of government or whatever you want,

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I don't know, U.S. officials, just a lot of politics at the Bitcoin conference this year.

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And so this is where I tried to cut it down the most for you. But there are some teases here that,

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like I say, are not necessarily announcement themselves, but something I'm definitely going

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to keep an eye on. On Bitcoin as an asset overall, the president signed the Strategic

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Bitcoin Reserve executive order last year, and we've gone to work in figuring out exactly the

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machinations necessary and legal interpretations that we need to get that right and solidify that

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and protect the digital assets, but specifically Bitcoin that we have on the government balance

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sheet. So in the next few weeks, we'll be making a big announcement. I think we have a bit of a

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breakthrough there. And obviously that needs to be followed up with legislation. Senator Lummis'

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is Bitcoin Act over in the House.

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Representative Begich has talked about the ARMA Act that he has put together.

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So we need to codify it.

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But in the meantime, we do believe we're going to be able to take a big step forward

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from the executive branch side of the next few weeks.

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I wonder if this isn't just related to the midterms, right?

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I mean, the Bitcoin stuff doesn't seem to have been a big priority for them.

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And then as the midterms approach, all of a sudden they got big stuff in the works.

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Announcements just around the corner.

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In order to vote yes on this legislation. And so we've been working with the Financial Services Committee to make some updates to that act. And we'll be planning on reintroducing this as the American Reserves Modernization Act or ARMA.

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All right. So this is the ARMA clip that he was referencing. So they're going to reintroduce the reserve as the ARMA Act. This is, oh boy, I'm so sorry. I'm going to really butcher his last name. I've only ever, I've only ever read it, but it's B-E-G-I-C-H, Bersh. This is Congressman Bersh, Bersh, Bersh. None of those are right.

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And the one reason you might pay attention to him is his track record at just about everybody in Congress is actually results in legislation getting passed.

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That's a pretty rare thing these days. And so they are I'll back it up a little bit.

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So they're going to reintroduce the reserve as a new packaged up thing with.

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Well, you'll get into it. Be planning on reintroducing this as the American Reserves Modernization Act or ARMA.

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So we're going to be keeping an eye out for ARMA.

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And why the renaming? Because it's so important for people both in Congress and across the nation to understand what we're actually trying to do. We're trying to make sure that Bitcoin is treated like the reserve asset that it is.

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we want to make sure that we have a place to store our Bitcoin,

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that that Bitcoin is going to be held for a long period of time,

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that it's going to be prevented from being attached, right?

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So you can't lend against it.

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And we can't have that political pendulum

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that we see so often in the United States

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impact our reserves policy as it relates to Bitcoin.

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It allows us to go out into those government agencies,

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identify where Bitcoin is currently being held

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and custody that Bitcoin in a responsible manner consistent with its reserve status.

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And so this has been one of the many things that I've been working on in Congress. I'm proud to say

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that as of today, I've passed more legislation into law than anyone in the House or Senate.

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And so we've got a strong, thank you, we've got a strong focus in my office to construct legislation

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that has an opportunity to pass both chambers,

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and that's what we're doing

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with the American Reserves Modernization Act.

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Wow.

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What's the rough timeline there?

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Good question.

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Good question.

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Well, whatever we can dangle in front of the midterms,

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do you think you'll say that?

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Well, I'll tell you what, I don't control the timeline.

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That's one thing I don't control.

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But we're looking at a reintroduction here

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within the next couple of weeks.

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Okay.

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All right.

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All right.

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So that is at least noteworthy.

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We'll watch for the details on that.

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Next up is the U.S. Attorney General.

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And there has been a shift in how they are going to prosecute around the use of software that is designed to maybe obscure your transaction.

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And the shift is instead of going after the developers, they claim now they're going to go after the users of the software.

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And with the FBI as well.

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The basic principle is that if you are developing software, if you are a coder, if you are part of that process, and you are not the third-party user, and you are not helping and knowing the third party is using what you develop to commit crimes, you are not going to be investigated and not going to be charged.

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And obviously facts matter because if you're laundering money or violating sanctions, the mere fact that you happen to be a coder doesn't excuse you from criminal liability. So there's a distinction there. And that's why the facts of a particular case are very important.

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I'm not sure if he's implying maybe the Samurai Wall developer case where they were creating privacy software and yet this doesn't appear to apply to them.

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The nuance here is ridiculous.

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If you really listen to what he's saying, he's saying you can write software for freedom technology.

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You just can't use it.

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So you can write the software, but you better not use it yourself because then you might be violating the law.

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You see, that's essentially what he's saying, which is not much of an improvement.

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If you're laundering money or violating sanctions, the mere fact that you happen to be a coder doesn't excuse you from criminal liability.

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So there's a distinction there.

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And that's why the facts of a particular case are very important.

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Yeah. And so are the definitions of laundering money, et cetera.

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You know, if we're going to be nuancing the facts of the case, then we should also be nuancing the definition of the terms.

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But I really need coders to understand.

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I really need the industry to understand that we have fundamentally changed the game when it comes to our investigations.

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And if you're a coder out there and you're listening to me speak and you are under investigation or you have to hire a lawyer to respond to subpoenas,

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your lawyer should feel very comfortable communicating with the FBI, communicating with the prosecutor on the case,

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and making sure that they are not violating my memo.

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because if they are, that can be elevated all the way to me, but certainly elevated within the

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department because we are not doing that anymore. And I know that there's some lingering cases that

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are very fact-specific and very procedurally complicated. And I'm not saying that as an

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excuse. It's just, it's a fact. It's the way it is. But those cases are something that we're

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continuing to deal with. But let me make myself crystal clear that I want to put my money where

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my mouth is. And I expect Director Patel does as well. And when we say that we're not conducting

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those type of prosecutions anymore, we mean it. And I want to make sure that that is felt

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throughout the industry. Monday, Kash Patel also spoke. The message that was obvious was,

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if you are in the technology industry and you want to participate in the crypto space,

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we're not going to come after you with legalese games. We're going to try to make the rules as

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clear as possible. You can develop on this. You can write in this. You can et cetera, et cetera.

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It's it's as far as the U.S. government coming after you legally. You don't need to worry.

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That was essentially the messaging over and over and over again Monday. And they did it through a

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lot of painful public speaking and people that are better heard, not seen. Just my opinion. But

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so that was a good message. But again, a little confusing, a little confusing. How are you going

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to write the software and not use the software.

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And if depending on what they define as money laundering or whatever it might be,

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money transmitting, et cetera, you could still get screwed.

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So that's I have some more in the updates, but that's some of the high level signal

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from Bitcoin 2026.

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So Paul Tudor Jones pretty well known as uh a rich macro investor and i thought this was

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a great clip of his and i haven't played anything from him for quite a while and then in 2020 when

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you saw again all the interventions both the central bank and the treasury you just knew that

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the inflation trades were going to take off. And what was, of all of them, what was the best one?

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At that point in time, it was Bitcoin. Bitcoin is unequivocally the best inflation hedge that there

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is, more than gold, because Bitcoin is finite. There's only so much Bitcoin that can be mined.

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The problem with it as inflation hedges, if you got into kinetic exchange, there's clearly going

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to be cyber warfare. And anything that you have to deal with electronically is going down,

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including Bitcoin. So strike one. And then secondly, quantum computing, who knows if and when

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with AI advancing as fast as it is that we may actually have quantum computing. Now,

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quantum computing, someone can come in and can hack any bank and hack anything they want to.

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So in terms of it being a great inflation hedge, gold increasing supply every year by a couple of

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percent. Bitcoin, there's a finite amount that can be mined. It's decentralized. And so in that

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sense, it has the greatest scarcity value of anything. I mean, people are starting to get it.

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So here was my takeaway from the week is we have at the high level, we have the Morgan Stanley's

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and the Wonks that are moving from, OK, to actual adoption. You have Ibit attracting both the DGEN

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types of betting and the financial responsible stabilization types of hedging and at incredible

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volumes. Of course, you also have sailors snapping up like nuts and some of the other

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treasury companies. Right. And then you have the policymakers and the policy enforcers.

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So both the policymakers and the ones that are out there with the guns enforcing the rules,

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both sides of that from the government at day one and day two of the Bitcoin conference,

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trying to message as hard as possible

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that you can work in this space and be safe

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and that we're going to try to pass

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some kind of legislation to make you happy.

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And then you zoom out with Paul Tudor Jones,

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who is hitting it right on the nose

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every single time now.

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This, he has a very sobering message.

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Bitcoin is the best inflation hedge.

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Boom, hits it right there.

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It beats gold on scarcity.

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Boom, hits that right there.

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has the best supply fix. Nails that. We are really seeing serious realignment of how people view

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Bitcoin from from product standpoint, from a technology standpoint, from a currency standpoint.

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If if this was a Linux podcast, I would claim this would be the year of the Bitcoin desktop.

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This is the year of the Bitcoin ecosystem or something. This is it since it's been happening

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since 98, 99, something is shifting and every week more of these are falling into place.

206
00:17:04,190 --> 00:17:09,810
The arc we just covered here goes from the macro wonks on Wall Street waking up, like

207
00:17:09,810 --> 00:17:14,510
the big ones, like the final, final bears are waking up, right?

208
00:17:14,570 --> 00:17:15,430
Do you understand what I'm saying?

209
00:17:15,490 --> 00:17:21,010
Like some of the final boss levels on Wall Street are now being beaten just by momentum,

210
00:17:21,010 --> 00:17:28,050
just by momentum, not even by, you know, like violence or campaigning,

211
00:17:28,110 --> 00:17:30,330
just by momentum and consumer demand.

212
00:17:31,050 --> 00:17:35,730
And you have the policy creators and the enforcers that are bending over backwards

213
00:17:35,730 --> 00:17:38,430
to accept the new reality as fast as possible.

214
00:17:38,690 --> 00:17:40,330
And I really, truly mean that.

215
00:17:41,030 --> 00:17:44,690
Well, I never see government move this fast on any issue in my life,

216
00:17:44,690 --> 00:17:48,950
unless it's something to do with, you know, milking the citizens or war.

217
00:17:49,630 --> 00:17:50,830
It's really incredible.

218
00:17:51,030 --> 00:17:56,750
And I think it's because more and more of them realize there is no stopping this train.

219
00:17:58,290 --> 00:17:59,390
They realize it.

220
00:17:59,830 --> 00:18:02,390
And they don't want the people coming for their skin.

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00:18:02,930 --> 00:18:09,490
So if they can do something to give the people a bit of an escape hatch, and of course their donors, and of course the businesses,

222
00:18:09,890 --> 00:18:16,890
and if they can try to make the U.S. financial system relevant during all of this, well, this is an IQ test.

223
00:18:16,890 --> 00:18:21,490
And if they fail this IQ test, then they probably deserve to have the people come for their skin.

224
00:18:22,170 --> 00:18:25,870
And we're slowly seeing each one of them wake up and realize it.

225
00:18:26,190 --> 00:18:27,690
There is no stopping that train.

226
00:18:28,370 --> 00:18:31,770
The lever you have pulled breaks is not in service.

227
00:18:32,070 --> 00:18:33,270
Please make a note of it.

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00:18:46,890 --> 00:18:53,650
Well, you can support the show just by doing what you do.

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00:18:53,750 --> 00:18:56,590
In the show notes, I got links if you want to buy sats on River,

230
00:18:56,650 --> 00:18:58,850
one of the best places to stack in the U.S.

231
00:18:59,450 --> 00:19:02,190
Using my link, support the show and don't cost anything extra.

232
00:19:02,550 --> 00:19:05,330
If you're all about self-custody, the Bitcoin well.

233
00:19:05,410 --> 00:19:07,470
It's an amazing automatic self-custody platform.

234
00:19:07,610 --> 00:19:08,590
They don't even host your wallet.

235
00:19:08,850 --> 00:19:09,250
You do.

236
00:19:09,670 --> 00:19:11,430
It's great in Canada and the U.S.

237
00:19:11,650 --> 00:19:15,350
If you've got sats on Lightning and you want to convert them to a gift card in seconds,

238
00:19:15,350 --> 00:19:19,110
The Bitcoin company only deals with Bitcoin and you can even log in with Lightning.

239
00:19:19,210 --> 00:19:20,030
You don't have to create an account.

240
00:19:20,350 --> 00:19:20,930
It's awesome.

241
00:19:21,370 --> 00:19:27,330
Now, if you want to passively stack sats, probably not going to be a lot of opportunities to do this in the long term.

242
00:19:27,670 --> 00:19:29,710
The Fold Card in the States makes that possible.

243
00:19:29,970 --> 00:19:31,130
Stack sats while you pay your bills.

244
00:19:31,490 --> 00:19:37,510
If it's time to get access to your Bitcoin to your corn without selling your corn, check out Salt Lending.

245
00:19:37,970 --> 00:19:45,070
They have some of the best limits, some of the best ways to protect your stack if the price drops crazy fast.

246
00:19:45,350 --> 00:19:52,190
And, you know, some of these companies out there, I like them a lot, but they have like $10,000, $12,000, $15,000 minimum loans.

247
00:19:52,250 --> 00:19:52,710
It's crazy.

248
00:19:53,330 --> 00:19:55,930
It's crazy if you're just trying to replace your tires or something.

249
00:19:56,530 --> 00:19:57,410
So salt lending is pretty great.

250
00:19:57,450 --> 00:19:58,790
I got a link to all of that in the show notes.

251
00:19:58,850 --> 00:20:01,850
You can support the show by doing what you do.

252
00:20:09,190 --> 00:20:10,030
All right, what do you say?

253
00:20:10,090 --> 00:20:11,650
Should we get into some of them boosts?

254
00:20:11,650 --> 00:20:19,010
Ask not what your podcast can boost for you, but what you can boost for your podcast.

255
00:20:19,710 --> 00:20:20,310
Okay.

256
00:20:20,770 --> 00:20:25,530
Our baller booster this week is Ginkgo Salad with 50,000 sats.

257
00:20:25,670 --> 00:20:27,070
Hey, rich lobster!

258
00:20:28,890 --> 00:20:30,170
It's Ginkgo, really.

259
00:20:30,330 --> 00:20:31,210
I love it.

260
00:20:31,210 --> 00:20:32,050
It's a good one.

261
00:20:32,110 --> 00:20:32,650
Made me smile.

262
00:20:33,030 --> 00:20:34,850
And just simply says thank you for the value.

263
00:20:34,970 --> 00:20:36,310
Well, thank you for the boost.

264
00:20:36,450 --> 00:20:37,730
Appreciate it very much.

265
00:20:38,330 --> 00:20:39,610
Our baller this week.

266
00:20:39,610 --> 00:20:44,390
Chutoy comes in with 25,148 sats.

267
00:20:44,910 --> 00:20:46,090
I like you.

268
00:20:46,450 --> 00:20:47,530
You're a hot ticket.

269
00:20:47,910 --> 00:20:51,430
And my wife just suggested that we put our son's college fund into Bitcoin.

270
00:20:51,610 --> 00:20:52,650
Ah, she's a keeper.

271
00:20:53,830 --> 00:20:54,650
She's a keeper.

272
00:20:55,150 --> 00:20:55,850
That's a good bet.

273
00:20:55,950 --> 00:20:59,270
You know, I mean, I'm just, I'm not going to make any advice either way,

274
00:20:59,330 --> 00:21:03,230
but I'm just looking at the value of college jobs versus Bitcoin.

275
00:21:04,070 --> 00:21:04,470
Chutoy.

276
00:21:04,990 --> 00:21:05,390
Chutoy.

277
00:21:05,610 --> 00:21:06,770
I think it's going to be good.

278
00:21:07,230 --> 00:21:07,490
All right.

279
00:21:07,510 --> 00:21:08,010
Thank you for that.

280
00:21:08,070 --> 00:21:08,830
I love that update.

281
00:21:08,830 --> 00:21:12,130
appreciate the boost too. Bobby Pins here with 21,000

282
00:21:12,130 --> 00:21:12,430
sats.

283
00:21:14,790 --> 00:21:15,850
Oh, he got his second

284
00:21:15,850 --> 00:21:17,850
node up and running. Very,

285
00:21:18,010 --> 00:21:20,030
very nice. I'll be using

286
00:21:20,030 --> 00:21:21,930
to try out some of the stuff y'all talked about

287
00:21:21,930 --> 00:21:23,810
in the episode with Wes and Brent. In other news,

288
00:21:24,230 --> 00:21:25,890
did you see that the politician said he was

289
00:21:25,890 --> 00:21:27,950
mining Bitcoin 20 years ago and only got a fraction

290
00:21:27,950 --> 00:21:29,910
of a fraction of Bitcoin? Some real low-effort

291
00:21:29,910 --> 00:21:31,290
grifting going on over there in Vegas.

292
00:21:31,910 --> 00:21:33,810
Yeah, I think, you know, there was

293
00:21:33,810 --> 00:21:36,030
also, maybe he was, he might have been talking

294
00:21:36,030 --> 00:21:38,010
about some sort of study they did

295
00:21:38,010 --> 00:21:39,950
where they threw it away later, but he got the timing wrong.

296
00:21:40,010 --> 00:21:40,930
But yeah, I saw that.

297
00:21:43,150 --> 00:21:46,570
You know, they want you to love them so much, Bobby Pin.

298
00:21:46,730 --> 00:21:47,990
They want you to...

299
00:21:47,990 --> 00:21:49,790
Also, would you mind voting while you're at it?

300
00:21:50,930 --> 00:21:52,710
Thank you. Appreciate the boost.

301
00:21:54,190 --> 00:21:56,870
Joey DD's here with 2,000 sats.

302
00:21:57,070 --> 00:21:58,110
Oh, whoop!

303
00:21:58,350 --> 00:21:58,850
Pew, pew, pew!

304
00:21:59,390 --> 00:22:01,250
No message, just value, though.

305
00:22:01,370 --> 00:22:02,930
B-O-O-S-T!

306
00:22:03,250 --> 00:22:05,570
Paranet Coders here with 4,000 sats.

307
00:22:05,970 --> 00:22:06,370
Boost!

308
00:22:06,450 --> 00:22:07,790
No message, though, just value.

309
00:22:08,010 --> 00:22:10,230
Thank you, Paranoid Code.

310
00:22:10,730 --> 00:22:12,910
And Turd in the punch bowl.

311
00:22:13,230 --> 00:22:14,410
Fun will now commence.

312
00:22:14,530 --> 00:22:15,470
2,000 sats.

313
00:22:15,650 --> 00:22:22,450
Trump's happy to pump or break the market because he and his insiders are profiting off all the swings with well-timed trades and bets.

314
00:22:22,870 --> 00:22:24,210
Yeah, that's been interesting to watch.

315
00:22:24,350 --> 00:22:37,790
Also, I don't know, Turd, if you're watching the Iranian social media, but they're basically straight up implying that they are also placing bets both in the actual market and in the, like,

316
00:22:37,790 --> 00:22:39,690
Poly markets and Kashi markets.

317
00:22:40,130 --> 00:22:41,070
Have you seen this?

318
00:22:41,510 --> 00:22:46,030
They're basically claiming that, like, since they know what they're going to do next, they're also doing some bad.

319
00:22:46,130 --> 00:22:48,550
I mean, what is going on here?

320
00:22:48,650 --> 00:22:49,970
What is going on?

321
00:22:50,030 --> 00:22:52,490
This is casino to the max.

322
00:22:53,770 --> 00:22:54,510
Thanks, turds.

323
00:22:54,630 --> 00:22:56,190
This is clearly not going to last forever.

324
00:22:56,290 --> 00:22:59,170
I mean, I would think it's going to be interesting to see what happens from all this.

325
00:22:59,830 --> 00:23:01,190
Tomato comes in with 9,000.

326
00:23:01,410 --> 00:23:01,870
One sats.

327
00:23:02,170 --> 00:23:04,070
It's over 9,000!

328
00:23:04,070 --> 00:23:06,870
He's talking about last week's episode.

329
00:23:06,970 --> 00:23:09,870
Seems like an accurate description of Bitcoin to me and one that depends on two things.

330
00:23:09,930 --> 00:23:12,750
Bitcoin being hard money and Bitcoin being usable as money for trade.

331
00:23:13,110 --> 00:23:20,130
It's interesting that you asked if sailors downplaying downplaying Bitcoin as an asset when the clip you played is him describing it as capital.

332
00:23:20,710 --> 00:23:24,610
In the classic political economy, capital is a specific role played by hard money.

333
00:23:24,850 --> 00:23:29,530
So keeping it short, money used for money, commodity, money trades is capital.

334
00:23:29,690 --> 00:23:31,790
This is how institutionalists use money.

335
00:23:31,790 --> 00:23:35,650
contrasts us to commodity money, commodity use of money saved by a poor farmer.

336
00:23:36,370 --> 00:23:39,470
Yeah, I think maybe you're right in that he's saying it.

337
00:23:39,530 --> 00:23:42,630
He's just saying it in a clever way is what he's doing.

338
00:23:43,250 --> 00:23:49,790
That's, I think, probably the best explanation is he is saying and he's just not saying saying

339
00:23:49,790 --> 00:23:52,330
it in a way that, you know, I was hearing.

340
00:23:52,710 --> 00:23:53,890
But I do get what you're saying.

341
00:23:54,410 --> 00:23:56,150
And I like that you said it.

342
00:23:56,810 --> 00:23:57,890
I had to get it one more.

343
00:23:58,330 --> 00:24:01,170
Cosnow is here with 2,500 sats.

344
00:24:01,290 --> 00:24:01,750
Make it show.

345
00:24:01,790 --> 00:24:02,410
This is a great show.

346
00:24:02,510 --> 00:24:02,970
Well, thank you.

347
00:24:03,050 --> 00:24:03,410
Great boost.

348
00:24:03,490 --> 00:24:04,590
Appreciate the value.

349
00:24:05,150 --> 00:24:07,590
Mike Newman's here with 7,777 cents.

350
00:24:11,250 --> 00:24:18,850
In my humble opinion, regulation mixed with growing pains and VC expectations made the value for value flow of Satoshi's much more centralized.

351
00:24:19,390 --> 00:24:22,810
Related, my guess is that Saylor knows what's up and is playing things quiet.

352
00:24:22,950 --> 00:24:24,050
Thanks for the signal, Chris.

353
00:24:24,510 --> 00:24:31,470
So, Mike, what are the things that I think is when you're talking about boost and value for value flow and like boosting songs and things like that?

354
00:24:31,790 --> 00:24:35,690
is the podcast side of it is built around Keysend,

355
00:24:35,750 --> 00:24:37,470
which is awesome and a great technology

356
00:24:37,470 --> 00:24:38,910
and works really well for boost,

357
00:24:39,090 --> 00:24:40,710
but is not really widely supported

358
00:24:40,710 --> 00:24:42,110
by the broader Lightning wallets.

359
00:24:42,990 --> 00:24:46,150
And so that also reduces the clients

360
00:24:46,150 --> 00:24:47,430
you can participate with, I guess,

361
00:24:47,470 --> 00:24:48,950
is one way to put it, right?

362
00:24:49,070 --> 00:24:50,750
And that's something that people are looking into,

363
00:24:51,050 --> 00:24:52,950
but, you know, still has some issues,

364
00:24:53,230 --> 00:24:54,190
some stuff like that.

365
00:24:54,850 --> 00:24:56,930
And there hasn't been a lot of progress.

366
00:24:58,230 --> 00:24:59,650
We'll see, we'll see.

367
00:24:59,730 --> 00:25:01,570
I think some folks are probably just going to go off

368
00:25:01,570 --> 00:25:02,730
in their own directions pretty soon

369
00:25:02,730 --> 00:25:03,990
based on the things that I've been hearing.

370
00:25:04,410 --> 00:25:04,890
Thank you, Mike.

371
00:25:04,970 --> 00:25:05,730
Appreciate the boost.

372
00:25:05,890 --> 00:25:07,670
Ace Ackerman's here with a row of ducks.

373
00:25:09,290 --> 00:25:12,450
And Ace is predicting a delayed rate cut until September.

374
00:25:12,750 --> 00:25:15,550
And that, when I read it, felt right to me, right?

375
00:25:15,650 --> 00:25:17,970
Wersh comes in, assuming we're going to get more,

376
00:25:18,070 --> 00:25:19,050
we'll get into that in a little bit.

377
00:25:19,390 --> 00:25:20,470
I have some updates for you.

378
00:25:20,930 --> 00:25:23,870
But Wersh comes in, punts on the first rate cut,

379
00:25:24,770 --> 00:25:26,610
does a September rate cuts at some point.

380
00:25:27,570 --> 00:25:29,450
Maybe I'm thinking, what I'm thinking too

381
00:25:29,450 --> 00:25:30,890
is I think he's also going to change up

382
00:25:30,890 --> 00:25:33,450
the FOMC press conference structure.

383
00:25:33,990 --> 00:25:35,730
So I'm wondering if he does that first.

384
00:25:35,830 --> 00:25:37,350
I'm just trying to play that out in my head a little bit.

385
00:25:37,390 --> 00:25:38,530
But I think you're probably right, Ace.

386
00:25:38,930 --> 00:25:43,350
We go May, June, July, August with no rate cut, possibly.

387
00:25:43,690 --> 00:25:45,110
Boy, that's going to piss off Trump.

388
00:25:46,670 --> 00:25:48,150
That might be too long, Ace.

389
00:25:48,290 --> 00:25:48,770
I don't know.

390
00:25:48,930 --> 00:25:49,770
I've got to think about that.

391
00:25:50,670 --> 00:25:52,010
I like that you're putting it down, though.

392
00:25:52,030 --> 00:25:52,770
I really like that.

393
00:25:52,910 --> 00:25:53,250
Thank you.

394
00:25:53,850 --> 00:25:58,310
Lee, Lee, Lee, Lee, Lee is here with 17,500 sats.

395
00:26:00,890 --> 00:26:09,510
Every day we get closer to BIP 110's admitted plan to execute a coup de taut against the protocol.

396
00:26:10,070 --> 00:26:15,410
Can you dedicate a small portion of Twib to give a weekly update on all the fight against the selfish dumbassery?

397
00:26:15,990 --> 00:26:20,910
I will. You know what? I didn't this week. I did. I am watching things, Lee.

398
00:26:21,670 --> 00:26:29,390
And there is still very robust discussions across all of the various online Bitcoin communities, even as of this morning.

399
00:26:29,390 --> 00:26:35,110
It seems to be the knots community is moving ahead and they're loving it.

400
00:26:35,110 --> 00:26:46,190
And you can find them flying their freak flag, thinking that seizing people's property is the best idea they've ever come up with because of the spam boogeyman literally does not exist.

401
00:26:46,970 --> 00:26:54,450
They're worried about a spam Santa Claus that isn't delivering presents and they're willing to seize other people's property because they're scared of the spam Santa Claus.

402
00:26:54,450 --> 00:27:04,310
So they continue to be scared of spam Santa Claus and continue to be very proud of deploying N.O.T.S. and love the idea of Bitcoin controlled by a tiny group of people.

403
00:27:04,390 --> 00:27:08,270
They just think that's fantastic as well. And so they're very happy and continue.

404
00:27:08,570 --> 00:27:14,470
But outside of that, I don't see a lot of technical discussion around the wider community adopting it.

405
00:27:14,530 --> 00:27:20,930
However, it's still brilliant. And, you know, what I had hoped is that this would have we wouldn't have gone this direction,

406
00:27:20,930 --> 00:27:26,390
that we would have instead have gone a direction of walking back some of the changes in core or

407
00:27:26,390 --> 00:27:45,860
advocating a particular set of standard community configurations and overrides I don know but not seizing people property So I will keep an eye on it I have been watching it and when I get some newsworthy stuff I try to surface it Even you know even mildly I suppose

408
00:27:45,920 --> 00:27:47,620
because I think it is something we do need to keep an eye on.

409
00:27:48,000 --> 00:27:49,140
Thank you for the boost. Appreciate it.

410
00:27:49,820 --> 00:27:53,780
Derivation Dingus is here with 9,500 sats.

411
00:27:54,100 --> 00:27:54,980
Danger Zone.

412
00:27:55,380 --> 00:27:56,500
Love the bonus content.

413
00:27:56,620 --> 00:27:58,440
It was also great seeing you guys at Linux Fest.

414
00:27:59,200 --> 00:28:00,200
Have a good luck today.

415
00:28:00,280 --> 00:28:01,340
Oh, thank you, Derivation.

416
00:28:01,420 --> 00:28:01,940
Danger Zone.

417
00:28:01,940 --> 00:28:03,560
It's always really good to see you.

418
00:28:04,140 --> 00:28:04,640
Good guy.

419
00:28:04,840 --> 00:28:09,140
And also really appreciate that you were willing to come up and talk on Mike during the live show for love.

420
00:28:09,280 --> 00:28:10,720
You know, it always helps keep things moving.

421
00:28:11,220 --> 00:28:12,740
Somebody has to take some of those first steps.

422
00:28:12,960 --> 00:28:13,780
And you did it.

423
00:28:14,100 --> 00:28:16,000
You make me want to be a better man.

424
00:28:16,220 --> 00:28:16,860
Appreciate the boost.

425
00:28:17,460 --> 00:28:20,440
Odler's here with 2,102 sats.

426
00:28:20,540 --> 00:28:22,240
Why you got to put numbers and letters together?

427
00:28:22,520 --> 00:28:23,960
Why can't you just go for yourself?

428
00:28:24,120 --> 00:28:28,640
Hey, Chris, regarding the news bit where they talk about crypto but only show the Bitcoin-related B-roll,

429
00:28:28,640 --> 00:28:33,340
it got me thinking about how the word will eventually be used when shit coins die down

430
00:28:33,340 --> 00:28:38,660
do you see a future where crypto would eventually be synonymous with bitcoin and not an umbrella term

431
00:28:38,660 --> 00:28:46,160
i did now i think it's too tainted and especially you know you've got people out there that loved

432
00:28:46,160 --> 00:28:52,280
in like like failed actor ben mckenzie who loves to go out there and constantly conflate bitcoin

433
00:28:52,280 --> 00:28:56,060
and crypto because either he can't keep it straight or he's doing it intentionally and they just

434
00:28:56,060 --> 00:29:00,540
continue to degrade and damage the brand. I think crypto is damaged as far as the cryptography

435
00:29:00,540 --> 00:29:05,660
industry. I mean, I think it's, I think it's cooked as my kids would say. And so I've always

436
00:29:05,660 --> 00:29:11,360
thought the appropriate industry term that the banks will like will be digital assets and digital

437
00:29:11,360 --> 00:29:17,360
commodities and tokens, right? I think that's what they'll go with. And then because the people that

438
00:29:17,360 --> 00:29:21,260
will consume this stuff at mass will be the sheep that buy it from the banks. That's what they'll

439
00:29:21,260 --> 00:29:27,740
call it too. And it'll be like, you know, how you and I know that 802.11b is Wi-Fi, right? But

440
00:29:27,740 --> 00:29:30,900
everybody else just calls it Wi-Fi. I don't, I don't think it'll be crypto. I think it'll be

441
00:29:30,900 --> 00:29:39,540
like digital assets. Maybe if somehow crypto came through some kind of, you know, brand refresh and

442
00:29:39,540 --> 00:29:44,620
people saw it differently than, you know, I think crypto right now is synonymous with scam and it

443
00:29:44,620 --> 00:29:47,640
harms Bitcoin having that association with crypto.

444
00:29:48,360 --> 00:29:49,160
And it's a shame.

445
00:29:49,640 --> 00:29:52,720
So it'd be a massive brand refresh somehow.

446
00:29:53,080 --> 00:29:54,000
Otherwise, they're going to have to switch.

447
00:29:54,100 --> 00:29:54,880
They're going to have to pivot, right?

448
00:29:55,140 --> 00:29:55,760
Digital assets.

449
00:29:55,860 --> 00:29:57,140
I'd be curious to know what you think it could be.

450
00:29:57,780 --> 00:30:00,220
What else could you call it besides crypto?

451
00:30:00,680 --> 00:30:04,500
We need something because crypto, it sounds, you know, it sounds like you're hiding something,

452
00:30:04,700 --> 00:30:07,440
you know, which is honestly not really how Bitcoin works either.

453
00:30:08,220 --> 00:30:10,400
Good, good thought provoking boosts.

454
00:30:10,520 --> 00:30:12,740
Appreciate that very much and appreciate the value hodler.

455
00:30:13,500 --> 00:30:14,900
OB is here with a row of ducks.

456
00:30:16,140 --> 00:30:17,640
2,222 sats.

457
00:30:18,040 --> 00:30:19,440
More Twib is good.

458
00:30:20,240 --> 00:30:20,940
That's a great assessment.

459
00:30:21,140 --> 00:30:21,520
Thank you, OB.

460
00:30:21,620 --> 00:30:22,180
Appreciate that.

461
00:30:23,260 --> 00:30:26,500
Nakamoto6102 is here with 7,000 sats.

462
00:30:26,800 --> 00:30:28,080
But that's not possible.

463
00:30:28,240 --> 00:30:29,260
Nothing can do that.

464
00:30:29,400 --> 00:30:30,180
Appreciate the value.

465
00:30:30,340 --> 00:30:31,460
Appreciate the boost.

466
00:30:32,160 --> 00:30:32,680
Thank you.

467
00:30:33,060 --> 00:30:33,980
Thank you very much.

468
00:30:34,840 --> 00:30:39,160
Eric PP is back with 3,333 sats.

469
00:30:39,160 --> 00:30:39,940
Tough little ship.

470
00:30:40,740 --> 00:30:41,100
Little.

471
00:30:41,700 --> 00:30:43,040
Yeah, I'm feeling like a Star Trek theme.

472
00:30:43,140 --> 00:30:44,020
No message, just value.

473
00:30:44,180 --> 00:30:46,020
I am programmed in multiple techniques.

474
00:30:46,560 --> 00:30:47,960
Let's keep with the Star Trek thing.

475
00:30:48,480 --> 00:30:50,320
Deckbot's here with 2,000 one-sats.

476
00:30:50,560 --> 00:30:51,760
You're doing a good job.

477
00:30:53,120 --> 00:30:54,600
I like that one a lot.

478
00:30:55,320 --> 00:30:56,060
Deckbot says,

479
00:30:56,560 --> 00:30:59,080
I thought the insight into the editorial decisions...

480
00:30:59,080 --> 00:30:59,800
Oh, right.

481
00:31:00,520 --> 00:31:02,460
This is in response to the bonus episode I released.

482
00:31:02,800 --> 00:31:05,300
I thought the insights into the editorial decisions were interesting.

483
00:31:05,460 --> 00:31:06,900
As a Jupiter Party members,

484
00:31:07,060 --> 00:31:08,480
if the leftovers are easier to produce,

485
00:31:08,580 --> 00:31:11,080
it might be a good value add for members and fountain subscribers.

486
00:31:11,100 --> 00:31:18,940
It touches on Macro News, shitcoin FUD, and politics without muddying up the main show and without the necessary analysis, just editorial reason to exclude.

487
00:31:19,580 --> 00:31:21,760
But I am the type that likes to know how the sausage is made.

488
00:31:22,220 --> 00:31:23,040
Now, that's good feedback.

489
00:31:23,280 --> 00:31:24,940
I have been pondering that myself, actually.

490
00:31:25,540 --> 00:31:33,040
The challenge is I need to wire up some back-end RSS infrastructure to make it work for the Jupiter Party members, and I just don't want to go too hard until I have that solved.

491
00:31:33,760 --> 00:31:35,740
It's beautifully done on the Fountain side.

492
00:31:35,740 --> 00:31:41,720
Fountain has a great solution for releasing early content, bonus content, member-only content.

493
00:31:41,920 --> 00:31:43,380
You can pay with fiat or sats.

494
00:31:43,900 --> 00:31:48,940
So if you're just interested in a TWIB-only membership, the Fountain way is already wired up.

495
00:31:49,160 --> 00:31:50,360
And so I've been using it occasionally.

496
00:31:51,040 --> 00:31:51,740
But until I...

497
00:31:51,740 --> 00:31:53,280
I don't know what I'm going to do.

498
00:31:53,360 --> 00:31:56,520
But when I figure out a way to plumb it up for the Jupyter Party members, that's when I'll go hard.

499
00:31:56,880 --> 00:32:01,160
And that has been really a six-month delay because, I mean, who has time?

500
00:32:01,160 --> 00:32:02,600
maybe with the,

501
00:32:02,600 --> 00:32:03,340
maybe,

502
00:32:03,780 --> 00:32:04,780
maybe with the assistance

503
00:32:04,780 --> 00:32:05,920
of an agent.

504
00:32:06,320 --> 00:32:06,880
Don't know.

505
00:32:07,020 --> 00:32:07,620
Thanks, Deckbot.

506
00:32:07,820 --> 00:32:08,400
Appreciate it.

507
00:32:08,500 --> 00:32:09,420
And stay tuned.

508
00:32:09,880 --> 00:32:10,840
I'm thinking like you're thinking.

509
00:32:11,000 --> 00:32:11,660
I think it's going to happen.

510
00:32:12,220 --> 00:32:12,640
Moon Knight's here

511
00:32:12,640 --> 00:32:13,700
with 10,100,

512
00:32:13,920 --> 00:32:14,260
one sat.

513
00:32:14,740 --> 00:32:16,060
Live long and prosper.

514
00:32:16,160 --> 00:32:16,980
Yeah, let's give him an extra.

515
00:32:17,840 --> 00:32:18,780
Superior ability

516
00:32:18,780 --> 00:32:21,080
breeds superior ambition.

517
00:32:21,260 --> 00:32:21,820
And that wraps up

518
00:32:21,820 --> 00:32:22,300
the Star Tricks.

519
00:32:22,500 --> 00:32:23,500
I'm generally in agreement

520
00:32:23,500 --> 00:32:24,860
with everything that was cut

521
00:32:24,860 --> 00:32:26,240
regarding my bonus episode,

522
00:32:26,300 --> 00:32:27,420
especially the FUD stuff.

523
00:32:27,860 --> 00:32:28,720
I'm not the type

524
00:32:28,720 --> 00:32:29,300
to hate watch.

525
00:32:29,300 --> 00:32:30,320
So listening to FUD

526
00:32:30,320 --> 00:32:31,960
that's been busted 10,000 times

527
00:32:31,960 --> 00:32:32,900
isn't valuable to me.

528
00:32:33,180 --> 00:32:34,960
It's more infuriating than anything.

529
00:32:35,260 --> 00:32:36,020
I know, right?

530
00:32:36,040 --> 00:32:36,920
That's what I've...

531
00:32:36,920 --> 00:32:38,560
Like, some of the FUD is worth addressing,

532
00:32:38,660 --> 00:32:40,960
especially the more novel FUD, let's say.

533
00:32:41,260 --> 00:32:42,540
I think there's something to that.

534
00:32:42,860 --> 00:32:45,140
But, like, the same stupid stuff,

535
00:32:45,240 --> 00:32:46,300
like the McKenzie stuff,

536
00:32:46,380 --> 00:32:47,360
the Ben McKenzie stuff,

537
00:32:47,660 --> 00:32:48,820
failed actor Ben McKenzie,

538
00:32:49,120 --> 00:32:51,860
oof, that's a little just obnoxious.

539
00:32:51,920 --> 00:32:52,440
Thanks, Moon Knight.

540
00:32:53,140 --> 00:32:53,700
Agree with that.

541
00:32:53,700 --> 00:32:57,900
Hey, KiwiBitcoin guides back $4,567.

542
00:32:57,900 --> 00:33:02,900
sass. Put some macaroni and cheese on there too. Thanks for the signal. As always, I'm watching

543
00:33:02,900 --> 00:33:07,700
some of the Las Vegas conference and it's so far from the cyberpunk and freedom ideals Bitcoin

544
00:33:07,700 --> 00:33:13,220
started. We need more. So from the, we need more shows like this following on from last week. Tell

545
00:33:13,220 --> 00:33:16,920
us more about what you'd like to do with membership. Something similar to LUP. Is there a membership

546
00:33:16,920 --> 00:33:20,240
model you've seen somewhere you like? Tell us more. You know, that's a great idea on membership

547
00:33:20,240 --> 00:33:25,740
models that I like. I I'd have to think on that. I'd have to think on that. I'm not really a fan

548
00:33:25,740 --> 00:33:31,520
of putting most of the Twib information behind a paywall, because I think it's important

549
00:33:31,520 --> 00:33:32,140
that it's out there.

550
00:33:32,220 --> 00:33:33,660
I think that's why I want to make it value for value.

551
00:33:33,920 --> 00:33:38,700
But I do think there's something to like extra stuff that's supplemental to the show, stuff

552
00:33:38,700 --> 00:33:42,800
that people or longtime listeners would be more interested in, you know, that kind of

553
00:33:42,800 --> 00:33:42,960
thing.

554
00:33:43,040 --> 00:33:45,040
Maybe there's something there to make the show financially viable.

555
00:33:45,420 --> 00:33:49,500
But I think it's pretty important that the core analysis, the core news is out there

556
00:33:49,500 --> 00:33:50,320
for free for everybody.

557
00:33:50,620 --> 00:33:53,480
And if the show's not sustainable doing that, then it's probably not worth doing.

558
00:33:53,920 --> 00:33:54,760
But I think it is sustainable.

559
00:33:54,760 --> 00:33:56,900
We've had some really good support since episode 99.

560
00:33:57,640 --> 00:34:00,560
And I do have some ideas for membership stuff in the works.

561
00:34:00,780 --> 00:34:02,300
So, I mean, it's getting there.

562
00:34:02,400 --> 00:34:03,920
It's really just a matter now of my time.

563
00:34:04,440 --> 00:34:07,420
But, you know, who doesn't have plenty of time?

564
00:34:08,320 --> 00:34:09,320
That's my next thing to solve.

565
00:34:10,420 --> 00:34:11,120
Thanks, Kiwi.

566
00:34:11,460 --> 00:34:12,120
Appreciate it.

567
00:34:12,440 --> 00:34:14,660
Gene Bean's here with 2,222 Dats.

568
00:34:15,640 --> 00:34:17,860
He says the edits were spot on on the bonus.

569
00:34:18,021 --> 00:34:19,720
So I think Gene agrees with all the removals.

570
00:34:19,820 --> 00:34:20,340
That's good to hear.

571
00:34:20,420 --> 00:34:22,120
I don't really think anybody came in with a hard,

572
00:34:22,200 --> 00:34:23,360
you should have kept that in the show.

573
00:34:23,360 --> 00:34:28,380
maybe some people thought the fun stuff but i did see that mac mallers gave me a quick note saying he

574
00:34:28,380 --> 00:34:33,120
was 50 50 some of it could have been left in you know but when in doubt he agreed with leaving it

575
00:34:33,120 --> 00:34:37,620
out appreciate that signal everybody appreciate the boost that bonus episode also brought up the

576
00:34:37,620 --> 00:34:43,041
support a little bit which is really really great and we had 33 of you stream sats collectively you

577
00:34:43,041 --> 00:34:49,740
sat streamers were one of our baller boosters the baller booster 76 752 sats from our streamers out

578
00:34:49,740 --> 00:34:51,360
They're just passively supporting the show.

579
00:34:51,481 --> 00:34:52,521
Well, I'll be dipped.

580
00:34:52,660 --> 00:34:53,981
Thank you very, very much.

581
00:34:54,021 --> 00:35:00,021
When you combine that with our boosters, the show stacked a grand total of 311,000 sats.

582
00:35:00,220 --> 00:35:01,400
Up 311, 400.

583
00:35:01,700 --> 00:35:03,640
Jeez, I got a brain fart here.

584
00:35:03,740 --> 00:35:04,580
Let me add it all up.

585
00:35:04,960 --> 00:35:07,260
311,440 sats.

586
00:35:07,320 --> 00:35:07,740
There it is.

587
00:35:07,780 --> 00:35:08,700
I did it, you guys.

588
00:35:09,021 --> 00:35:09,800
I got it.

589
00:35:09,960 --> 00:35:10,700
I did the math.

590
00:35:11,240 --> 00:35:14,780
311,440 sats for episode 102.

591
00:35:19,740 --> 00:35:22,501
Oh, oh, oh, thank you very much.

592
00:35:22,700 --> 00:35:24,300
Fountain makes it easy to boost, but there's Albi Hub.

593
00:35:24,380 --> 00:35:27,380
You can connect that to Fountain and all kinds of apps,

594
00:35:27,440 --> 00:35:29,840
including just boosting from the podcast index website

595
00:35:29,840 --> 00:35:31,640
if you have Albi and the Albi extension.

596
00:35:32,260 --> 00:35:35,380
This here is a free podcast to try to make it as useful,

597
00:35:35,700 --> 00:35:38,420
high signal as possible, because the idea is the higher value I make it,

598
00:35:38,420 --> 00:35:39,620
the more likely you are to support it.

599
00:35:39,680 --> 00:35:42,860
It is a virtuous cycle for podcast content creation,

600
00:35:42,860 --> 00:35:47,501
and I think it's the recipe to beat the algorithm-driven,

601
00:35:47,501 --> 00:35:54,080
ad clickbait driven, gotta grow at all costs driven kind of crap internet content that is

602
00:35:54,080 --> 00:35:58,440
poisoning the information out there. And it's wrecking Bitcoin information as well.

603
00:35:58,780 --> 00:36:03,340
This model, the idea is really simple. It does require participation on your part.

604
00:36:03,780 --> 00:36:08,920
And sometimes that can be a little bit of a stretch, but it continues to always incentivize

605
00:36:08,920 --> 00:36:13,300
the show to create the highest quality signal possible to try to get you the best information

606
00:36:13,300 --> 00:36:18,620
possible to continue to incentivize you to support the show. The other forms out there, like, you know,

607
00:36:18,680 --> 00:36:25,541
getting paid by X or YouTube or advertisers don't necessarily. Well, I mean, I'm trying to be put it

608
00:36:25,541 --> 00:36:30,280
nicely, but let's just be real. The incentives are just different there. Some people can walk that

609
00:36:30,280 --> 00:36:35,100
line better than others. But I think when you're dealing with signal and information like this,

610
00:36:35,100 --> 00:36:40,400
that's about Bitcoin, about your savings, about things that can be so heavily influenced by scams

611
00:36:40,400 --> 00:36:41,880
and other people's weird-ass priorities

612
00:36:41,880 --> 00:36:43,640
or selling crazy-ass tokens.

613
00:36:44,320 --> 00:36:46,960
I just think this model is so vital for this type of show.

614
00:36:47,160 --> 00:36:48,600
Out of all of the shows I do,

615
00:36:48,900 --> 00:36:50,740
it's the most vital for this type of show.

616
00:36:51,080 --> 00:36:53,200
So your support or a membership at Jupiter.Party

617
00:36:53,200 --> 00:36:53,780
or through Fountain,

618
00:36:54,260 --> 00:36:55,720
it really does make the difference

619
00:36:55,720 --> 00:36:57,920
because I think it's the only thing that really works.

620
00:36:58,720 --> 00:36:59,860
And if we can't have it that way,

621
00:37:00,060 --> 00:37:01,420
well, then we just can't have nice things.

622
00:37:10,400 --> 00:37:15,440
Well, it looks like Kevin Worsh is moving right along.

623
00:37:15,521 --> 00:37:24,360
This is going to have major ramifications for Bitcoin, not to mention Worsh holds some Bitcoin and is invested in a lightning company as well as other crypto companies.

624
00:37:25,001 --> 00:37:35,041
And not only was his Senate committee hearing smooth for the most part, but just as I got on the air, another group confirmed him and now he's moving forward in another process.

625
00:37:35,041 --> 00:37:40,900
and some of the politics that were playing around J-Pow seem to be settling down, clearing the way for Warsh.

626
00:37:41,521 --> 00:37:49,521
Republican Senator Tom Tillis says that he is willing to end his block of Kevin Warsh getting a vote to be the next head of the Federal Reserve.

627
00:37:50,200 --> 00:37:54,900
Tillis told Meet the Press that he thinks Warsh will be, in his words, a great Fed chair.

628
00:37:55,541 --> 00:37:59,360
The senator had said previously that he wouldn't vote for any new Fed nominees

629
00:37:59,360 --> 00:38:03,800
until the Department of Justice dropped a criminal probe into current Fed chair J-Pow.

630
00:38:03,800 --> 00:38:12,800
That happened on Friday. The Senate Banking Committee is set to vote on Warsh's confirmation on Wednesday this week with a full vote in the full Senate to follow.

631
00:38:12,800 --> 00:38:25,940
Yeah, that vote just happened and he passed and now the full vote is proceeding. So that to me is sort of signal all around that this thing's probably going to go forward. I mean, it's still not a sure thing, but I'll keep an eye on it.

632
00:38:25,940 --> 00:38:41,820
And then there's going to be, if he is approved, a massive realignment of reading the tea leaves around the Fed because there has been a regime of Jay Powell and Jay Powell's particular way of messaging and giving forward guidance that isn't the historical norm for the Fed.

633
00:38:42,580 --> 00:38:45,120
The way Jay Powell has done it isn't the way it's always been done.

634
00:38:45,200 --> 00:38:46,300
It's just what we're familiar with.

635
00:38:46,960 --> 00:38:49,140
And Kevin Warsh has hinted that he may change that.

636
00:38:49,521 --> 00:38:52,501
And if he changes that, we're going to see a reaction.

637
00:38:53,021 --> 00:38:54,200
We're going to see a response.

638
00:38:54,200 --> 00:38:55,541
And I think he should change it.

639
00:38:55,940 --> 00:38:58,860
I think he should. You know, if I'm going to inject my opinion here, I think he should.

640
00:38:59,620 --> 00:39:04,600
I think there's been too much of this, you know, living and breathing off of every little word that

641
00:39:04,600 --> 00:39:11,021
JPOW utters. You know, the tone, even the tone that he answers is interpreted by these traders.

642
00:39:11,021 --> 00:39:15,180
It's absolutely ridiculous. They need the candy taken away. They've been on a sugar rush for far

643
00:39:15,180 --> 00:39:21,240
too long. Let's go back to the Bitcoin conference just for a moment. I have one or two updates,

644
00:39:21,240 --> 00:39:27,260
maybe from there that we should play. And first up is going to be Senator Cynthia Lummis, who is

645
00:39:27,260 --> 00:39:31,501
almost all done with her terminus. She puts it, she's out of time and she's out of patience,

646
00:39:31,501 --> 00:39:34,940
and she expects to have an update on the Clarity Act soon.

647
00:39:35,360 --> 00:39:43,740
To craft legislation in Washington, we are going to mark up the Clarity Act in May. We are going to

648
00:39:43,740 --> 00:39:49,720
get it to the finish line. We are going to have the market structure that allows us to innovate,

649
00:39:49,720 --> 00:39:58,220
you to innovate, America to lead the world on this freedom asset. God bless you. Thank you very

650
00:39:58,220 --> 00:40:04,740
much for the privilege of serving you in Washington, D.C. And that will probably be the last we see

651
00:40:04,740 --> 00:40:10,380
from her, at least in an official senatorial capacity at a Bitcoin event. And she says the

652
00:40:10,380 --> 00:40:16,380
Clarity Act will get marked up in May. All right. All right. Now, let's stick here with the conference

653
00:40:16,380 --> 00:40:16,981
for a moment.

654
00:40:17,541 --> 00:40:18,600
Block was up on stage

655
00:40:18,600 --> 00:40:19,920
with a lot of news this week,

656
00:40:19,960 --> 00:40:20,840
some of which we'll get into

657
00:40:20,840 --> 00:40:21,440
in just a moment.

658
00:40:21,560 --> 00:40:22,680
But they also announced

659
00:40:22,680 --> 00:40:23,880
the number of merchants

660
00:40:23,880 --> 00:40:25,501
that are accepting Bitcoin payments

661
00:40:25,501 --> 00:40:26,600
using their terminals.

662
00:40:27,300 --> 00:40:29,860
Today, we have over 800,000

663
00:40:29,860 --> 00:40:31,300
payments enabled businesses

664
00:40:31,300 --> 00:40:32,640
turning a new one on

665
00:40:32,640 --> 00:40:34,140
every eight seconds.

666
00:40:35,100 --> 00:40:37,200
So over 800,000,

667
00:40:37,420 --> 00:40:38,760
808,000, I believe,

668
00:40:38,860 --> 00:40:40,600
was the number they had up on stage.

669
00:40:40,720 --> 00:40:41,880
They also announced

670
00:40:41,880 --> 00:40:43,541
that they have a new

671
00:40:43,541 --> 00:40:44,600
hardware wallet device

672
00:40:44,600 --> 00:40:46,100
for their, what's it called?

673
00:40:46,380 --> 00:40:56,180
BitKey, the BitKey, a new update to the BitKey that has a screen on it that shows you more information, which I think was one of the number one criticisms that you couldn't verify using the screen on the BitKey.

674
00:40:56,180 --> 00:41:01,880
They also announced a connection in some bit with the Cash App where you'll get a percentage back on certain Bitcoin purchases.

675
00:41:02,521 --> 00:41:03,880
And they're getting pretty aggressive.

676
00:41:04,100 --> 00:41:04,640
It's nice to see.

677
00:41:04,880 --> 00:41:05,800
It's nice to see them up there.

678
00:41:05,960 --> 00:41:11,360
And 808,000 merchants that have turned on accepting Bitcoin payments is a big deal.

679
00:41:12,041 --> 00:41:16,200
Now, let's play one more from the conference that I passed over.

680
00:41:16,200 --> 00:41:17,880
but I think it's worth at least touching on.

681
00:41:18,200 --> 00:41:21,740
Mara, obviously a huge, huge player in the mining space,

682
00:41:22,220 --> 00:41:31,611
and their CEO Fred Thiel were a major presence at the Bitcoin conference And while he had his time in the spotlight he announced the Mara Foundation

683
00:41:31,911 --> 00:41:35,311
So today I'm proud to announce the launch of the Mara Foundation.

684
00:41:36,050 --> 00:41:40,631
The Mara Foundation is our new initiative dedicated to supporting the long-term strength,

685
00:41:41,191 --> 00:41:44,611
resilience, and accessibility of the Bitcoin network.

686
00:41:44,871 --> 00:41:47,851
It will operate independently from Mara's core business.

687
00:41:48,071 --> 00:41:50,111
This isn't about driving revenue.

688
00:41:50,111 --> 00:41:57,731
It's about investing in the parts of the ecosystem that don't have clear economic incentives, but are critical to Bitcoin's future.

689
00:41:58,311 --> 00:42:05,271
That includes supporting Bitcoin's long-term security, including research into emerging threats like quantum computing,

690
00:42:05,911 --> 00:42:11,791
funding open source developers, the people who maintain and improve the protocol without centralized backing,

691
00:42:12,651 --> 00:42:19,530
expanding access to self-custody so more people around the world can actually use Bitcoin, not just hold it on an exchange.

692
00:42:19,530 --> 00:42:24,990
advancing policy and advocacy to ensure bitcoin remains open permissionless and protected

693
00:42:24,990 --> 00:42:31,431
and investing in education for users developers and policymakers who are all still early in

694
00:42:31,431 --> 00:42:37,791
understanding what this technology can do i thought the comment there about quantum was

695
00:42:37,791 --> 00:42:44,811
interesting and self-custody i i you know if i were a major bitcoin miner i would definitely have

696
00:42:44,811 --> 00:42:48,530
some interest in this space okay last clip last clip i said there's only gonna be a couple but i

697
00:42:48,530 --> 00:42:53,391
want to also sneak this one in. This is the Tether CEO, Apollo, and he is talking about

698
00:42:53,391 --> 00:43:00,711
lightning as rails for the AI economy. He thinks that agents will require trillions of daily

699
00:43:00,711 --> 00:43:05,871
payments from people and AI agents in general, just working between each other, and that the

700
00:43:05,871 --> 00:43:10,211
current financial rails will not support that, and that it's going to be lightning.

701
00:43:10,971 --> 00:43:14,490
Computer, any AI agent to have a self-custodial wallet.

702
00:43:15,451 --> 00:43:24,151
So we believe in a future where billions of people, billions of machines, and billions of AI agents will need a self-custodial wallet.

703
00:43:25,431 --> 00:43:28,010
People need to be in charge of their own wealth.

704
00:43:28,471 --> 00:43:31,550
People need to be able to transact with whoever they want.

705
00:43:32,191 --> 00:43:40,731
And so we wanted to create something that everyone could use that would support any asset, but most importantly would support Bitcoin.

706
00:43:40,731 --> 00:44:03,211
I mean, there is, even from the pure physics point of view, I mean, technology is physics, from the pure technological physics point of view, we know that the best way to scale the future need of payments, when AI agents will be everywhere, there will be the need of trillions of payments per day.

707
00:44:03,211 --> 00:44:07,391
and the current financial transport layers

708
00:44:07,391 --> 00:44:09,931
are not going to be able to cope with that.

709
00:44:10,831 --> 00:44:14,050
Things like Lightning Network are the right way

710
00:44:14,050 --> 00:44:18,131
because Lightning Network is a peer-to-peer transaction layer for Bitcoin

711
00:44:18,131 --> 00:44:22,691
and I'm very happy to see WDK supporting that.

712
00:44:22,691 --> 00:44:26,351
You know, I do think he has something here

713
00:44:26,351 --> 00:44:29,771
because I have experimented a bit with my agent

714
00:44:29,771 --> 00:44:33,510
and using Nostra Wallet Connect to talk to AlbiHub.

715
00:44:33,811 --> 00:44:36,510
And I do think it actually has been pretty good.

716
00:44:37,030 --> 00:44:39,510
I think it's been pretty successful.

717
00:44:40,371 --> 00:44:46,831
There's also been a lot of talk about the companies like Bitcoin treasury companies

718
00:44:46,831 --> 00:44:51,671
like Strategy and MetaPlanet and what their role is, how useful they are,

719
00:44:51,771 --> 00:44:53,111
what their customer base is.

720
00:44:53,111 --> 00:44:57,751
I think everybody here is interacting with Bitcoin in some way.

721
00:44:57,751 --> 00:44:59,971
everybody here came to a Bitcoin conference.

722
00:45:00,191 --> 00:45:01,631
And so when George says...

723
00:45:01,631 --> 00:45:02,530
This is Dylan LeClaire.

724
00:45:02,671 --> 00:45:04,010
Of course, he works for MetaPlanet,

725
00:45:04,071 --> 00:45:07,171
Japan's version of the sailor strategy.

726
00:45:07,371 --> 00:45:08,030
Well, it's early.

727
00:45:08,651 --> 00:45:11,431
Maybe you're like, well, it doesn't feel early.

728
00:45:11,510 --> 00:45:12,931
I've known about Bitcoin for five years.

729
00:45:13,331 --> 00:45:14,471
But I think the reality is,

730
00:45:14,490 --> 00:45:16,331
and this is something that I didn't fully appreciate

731
00:45:16,331 --> 00:45:18,711
until kind of sitting on this side

732
00:45:18,711 --> 00:45:20,251
as an operating company,

733
00:45:20,351 --> 00:45:23,471
talking to various classes of institutional investors,

734
00:45:24,050 --> 00:45:25,751
you're like 99% of the capital in the world

735
00:45:25,751 --> 00:45:26,891
can't buy Bitcoin.

736
00:45:26,891 --> 00:45:28,911
They can't even buy Bitcoin ETFs.

737
00:45:29,111 --> 00:45:32,591
And George, I think we spoke on this on a panel two days ago or yesterday.

738
00:45:33,771 --> 00:45:38,371
These big pools of capital, trillions and trillions of dollars, have mandates.

739
00:45:38,591 --> 00:45:40,371
And they can't buy Bitcoin.

740
00:45:40,550 --> 00:45:41,451
They can't buy commodities.

741
00:45:41,611 --> 00:45:43,210
They can't buy funds or ETFs.

742
00:45:43,351 --> 00:45:44,331
They can only do one thing.

743
00:45:44,691 --> 00:45:45,811
Some of them are fixed income.

744
00:45:45,971 --> 00:45:47,191
Some of them are equity investors.

745
00:45:47,411 --> 00:45:50,491
Some of them are long-short or convertible arbitrage.

746
00:45:50,491 --> 00:46:00,271
And so, you know, a lot of Bitcoiners, including myself, had this, you know, vision or has this thesis that Bitcoin wins and, you know, hyper-Bitcoinization is this event.

747
00:46:00,591 --> 00:46:06,271
And, you know, at some point Bitcoin's worth a million or five or $10 million equivalent at some point in time.

748
00:46:06,471 --> 00:46:15,530
But what that actually looks like, right, if you're a Bitcoin maximalist in that fashion, it doesn't happen without all of this happening, right?

749
00:46:15,530 --> 00:46:21,751
It doesn't happen without, you know, big bad BlackRock and Wall Street coming in and institutionalizing the asset.

750
00:46:21,951 --> 00:46:23,710
Like, what do you think Bitcoin winning looks like?

751
00:46:23,710 --> 00:46:28,931
It looks like $200 trillion flooding into the market in some way or some form.

752
00:46:29,131 --> 00:46:35,251
And right, so that's, you know, there's private credit, there's equity investment, preferred investment, senior debt, right?

753
00:46:35,311 --> 00:46:40,291
All of this stuff, these are pools of capital that are latent, that are ready to be tapped into.

754
00:46:40,291 --> 00:46:58,391
And so the genius of Michael Saylor and strategy from 2020 onwards was realizing that and then creating an instrument for each of those pools. And so Stretch is a big, big TAM. Everybody wants no volatility and high yield. So I think that's the golden goose.

755
00:46:58,391 --> 00:47:11,991
But I think, you know, a lot of idealist Bitcoiners who think Bitcoin is going to go to $10 million simultaneously dislike Wall Street or dislike the treasury companies. And that's, in my opinion, that's very paradoxical, right?

756
00:47:11,991 --> 00:47:35,251
I think he's right. And I because I kind of I don't love it. I don't love Saylor having, you know, one percent of the supply or, you know, almost a million coins. It does leave me a bit uneasy. But then at the same time, I recognize he's absolutely right. You don't you don't get to be a, you know, five, six, ten trillion dollar, twenty trillion dollar asset if the banks aren't involved.

757
00:47:35,251 --> 00:47:36,631
so it's

758
00:47:36,631 --> 00:47:38,791
it's an uncomfortable

759
00:47:38,791 --> 00:47:40,010
it's an uncomfortable thing

760
00:47:40,010 --> 00:47:41,671
it is a very uncomfortable thing for me

761
00:47:41,671 --> 00:47:43,371
and I thought that was a good clip from Dylan

762
00:47:43,371 --> 00:47:44,071
and you know

763
00:47:44,071 --> 00:47:45,971
he's seen it now from the MetaPlanet side

764
00:47:45,971 --> 00:47:47,911
and he's got a good point

765
00:47:47,911 --> 00:47:48,691
I'd like to know what you think

766
00:47:48,691 --> 00:47:49,651
if you're uncomfortable with it

767
00:47:49,651 --> 00:47:50,331
but think it's also

768
00:47:50,331 --> 00:47:52,371
I don't want to even say it's a necessary evil

769
00:47:52,371 --> 00:47:53,671
it's just a necessary part

770
00:47:53,671 --> 00:47:55,771
of the evolution of Bitcoin

771
00:47:55,771 --> 00:47:57,271
is that the right way to put it?

772
00:48:05,251 --> 00:48:07,351
I do have, let's just wrap it up.

773
00:48:07,491 --> 00:48:09,811
I do have one more MetaPlanet story.

774
00:48:10,210 --> 00:48:14,871
And then I think it's time to get to the state of the network and our final clip of the week.

775
00:48:15,510 --> 00:48:18,451
So MetaPlanet is launching a Bitcoin rewards credit card.

776
00:48:18,451 --> 00:48:20,151
There's going to be, I think, a lot of these.

777
00:48:20,291 --> 00:48:25,231
That's maybe more of the story is that this is a emerging category of products.

778
00:48:26,131 --> 00:48:28,191
One of the largest Bitcoin treasury companies in the world.

779
00:48:28,631 --> 00:48:32,571
But what's really cool about the MetaPlanet Lounge is it's a little piece of our history as a company.

780
00:48:32,571 --> 00:48:44,871
We still have the Royal Oak Gotonda Hotel in Tokyo, and we leveled one of the floors, essentially, and are now building out a really cool Bitcoin in-person space.

781
00:48:44,991 --> 00:48:48,131
We'll have podcast studios and events and meetups and so on.

782
00:48:48,271 --> 00:48:50,251
You're building out a lot more than a hotel, right?

783
00:48:50,331 --> 00:48:52,030
I think you have a car coming soon.

784
00:48:52,131 --> 00:48:54,530
I know you're working on Preferred So-I here.

785
00:48:56,010 --> 00:48:57,091
We're quite busy.

786
00:48:57,530 --> 00:48:58,510
Absolutely, yes.

787
00:48:58,510 --> 00:49:06,831
So recently at our annual shareholder meeting last month, we announced that we are releasing a MetaPlanet credit card.

788
00:49:07,071 --> 00:49:13,911
We're targeting an August release date for that, and users will get to earn 1.6% back in Bitcoin.

789
00:49:14,411 --> 00:49:17,071
Now, that's the shareholder rewards tier.

790
00:49:17,891 --> 00:49:22,351
Folks who are not MetaPlanet shareholders can also get the card, but it's going to be a slightly reduced reward.

791
00:49:22,530 --> 00:49:24,771
So it's a really nice benefit for our shareholders.

792
00:49:24,771 --> 00:49:30,291
Does this roll out to shareholders first before anyone else, or is it to the general public at the same time?

793
00:49:30,391 --> 00:49:35,631
It's my understanding that it'll be available to both, but yeah, the shareholders will have a higher reward tier to start.

794
00:49:35,731 --> 00:49:39,530
So just, you know, encouraging people to buy a few more shares. Get into the game.

795
00:49:39,671 --> 00:49:41,891
We love seeing the MetaPlanet community grow.

796
00:49:42,291 --> 00:49:50,171
We have a really outstanding shareholder benefits program that was just announced, and the credit card is really just one of those benefits among many.

797
00:49:50,431 --> 00:49:50,710
Smooth!

798
00:49:51,391 --> 00:49:53,550
Man, that was good. That was really smooth.

799
00:49:53,550 --> 00:50:00,331
but also come on all right last clip this is now again we're zooming out we're going outside of the

800
00:50:00,331 --> 00:50:04,991
bitcoin conference and the media discussing bitcoin around it because of it is it's you know it's in

801
00:50:04,991 --> 00:50:09,651
the news this week this is mike novogratz i think he still has his luna tattoo maybe he got it lasered

802
00:50:09,651 --> 00:50:15,151
off i'm not sure and he thinks retail is back this is one of the discussions we've been having as a

803
00:50:15,151 --> 00:50:20,691
bitcoin community is why isn't retail in anymore did they get so burned out by you know maybe the

804
00:50:20,691 --> 00:50:25,851
October 10th crash and all of the crap coin scams. I mean, that would burn most people out.

805
00:50:26,611 --> 00:50:31,510
Where is retail? Everybody's been saying, well, Novogratz thinks he knows where retail is. He

806
00:50:31,510 --> 00:50:36,751
thinks they're buying up strategies products. They're buying up the Sailor Strike stuff.

807
00:50:36,971 --> 00:50:42,851
It's interesting. U.S. retail has come back, period, end of story. And you see it through

808
00:50:42,851 --> 00:50:50,351
the ETS, but mostly you see it through MicroStrategy. Sailor, the wizard of MicroStrategy,

809
00:50:50,691 --> 00:50:56,971
Michael Saylor is back and he is selling stock and he is selling perpetuals and he is buying

810
00:50:56,971 --> 00:51:04,391
Bitcoin and his premium is expanding, not contracting. What it means by now, you're 130

811
00:51:04,391 --> 00:51:13,291
times NAV. His MNAV is 130 relative to the Bitcoin he owns. And so he can sell micro strategy and

812
00:51:13,291 --> 00:51:19,751
make money, you know, create yield, as he says, for his investors. He dilutes his new investors,

813
00:51:19,751 --> 00:51:26,491
current investors and, and dilutes his new investors. And, and, and it's a creative to

814
00:51:26,491 --> 00:51:33,811
new investors, to old investors. And so that sounds bad. It's a, a strategy that he has almost,

815
00:51:34,030 --> 00:51:38,691
he's almost the only guy that actually has this strategy built in. I wonder why, you know,

816
00:51:38,691 --> 00:51:44,311
he had all these other dads that tried it. They all traded discounts, but, but Michael has managed

817
00:51:44,311 --> 00:51:48,771
to create this cult of people that trust him

818
00:51:48,771 --> 00:51:53,491
and that buy MicroStrategy as their Bitcoin proxy.

819
00:51:53,911 --> 00:51:56,331
So they buy it as MicroStrategy and it's working.

820
00:51:56,791 --> 00:51:57,371
And that is, I mean,

821
00:51:57,391 --> 00:51:59,411
he bought two and a half billion dollars of Bitcoin last.

822
00:51:59,871 --> 00:52:02,571
There's not enough supply to eat up a billion a month

823
00:52:02,571 --> 00:52:04,171
from a billion a week from MicroStrategy.

824
00:52:04,411 --> 00:52:04,891
Yeah, okay.

825
00:52:05,111 --> 00:52:05,451
All right.

826
00:52:05,471 --> 00:52:06,091
I mean, that's true.

827
00:52:06,291 --> 00:52:07,811
Boy, you're really not selling it there, Mike.

828
00:52:07,811 --> 00:52:08,991
I'm not sure retails.

829
00:52:09,510 --> 00:52:11,791
I'm not, I mean, I'm sure some, right?

830
00:52:11,791 --> 00:52:15,431
this is where I would like your opinion, audience.

831
00:52:17,151 --> 00:52:21,371
I think the poly markets and the, you know, the cashy betting, all that, that's a way,

832
00:52:21,530 --> 00:52:24,111
way bigger draw for retail, way bigger draw.

833
00:52:24,751 --> 00:52:30,530
Sports betting, sports stuff, you know, that's way bigger draw than buying Strike or MSTR,

834
00:52:31,471 --> 00:52:31,791
right?

835
00:52:32,131 --> 00:52:33,111
Am I wrong here?

836
00:52:33,591 --> 00:52:37,931
I mean, I don't doubt that large buyers are buying up, you know, Mikey's product.

837
00:52:38,071 --> 00:52:40,891
I think that's probably very much happening right now.

838
00:52:40,891 --> 00:53:05,151
But I think retail, you know, they're there. I think it's beyond them. I think it's it smells like a Ponzi and the research required is beyond them. I don't think they're I don't I just don't think that it's what Mike says. I don't think that's where retail is going. Maybe some of it. Maybe I think that was during the summer of last year. I think now it's it's betting markets and whatnot. And I think that's a real shame.

839
00:53:05,151 --> 00:53:09,050
And, you know, people that are, you know, maybe every now and then they're making some money.

840
00:53:09,231 --> 00:53:15,030
But on average, if they just would have taken that same money and DCA'd into Bitcoin, probably would be a lot better off.

841
00:53:15,471 --> 00:53:17,111
And so I just disagree with Novogratz.

842
00:53:17,151 --> 00:53:18,351
I'm curious, though, what you think.

843
00:53:18,891 --> 00:53:19,431
Maybe I'm wrong.

844
00:53:19,510 --> 00:53:20,911
Maybe retail is going in here.

845
00:53:21,331 --> 00:53:26,391
And I'd also like to know your feelings on betting markets pulling action away from Bitcoin.

846
00:53:26,611 --> 00:53:27,771
Like, what can Bitcoin do there?

847
00:53:28,151 --> 00:53:28,991
There's nothing, right?

848
00:53:29,951 --> 00:53:33,871
It just feels like it's going to be, it's one of these things people are going to have to experience the pain.

849
00:53:33,871 --> 00:53:35,791
like going to the casino

850
00:53:35,791 --> 00:53:37,510
and some people are going to get stuck?

851
00:53:38,391 --> 00:53:39,231
I hope, is there another?

852
00:53:39,471 --> 00:53:41,351
Please tell me there's another version of this out there.

853
00:53:57,210 --> 00:53:59,991
Well, Jack Maulers will be taking the stage today,

854
00:54:00,251 --> 00:54:03,191
probably just a little bit after I publish this episode.

855
00:54:03,191 --> 00:54:06,471
So if he makes news, I'll cover it next week.

856
00:54:06,530 --> 00:54:08,710
I suspect you'll be talking about 21 and strike.

857
00:54:09,291 --> 00:54:12,451
Probably not anything that massively impacts Bitcoin, but you never know.

858
00:54:13,210 --> 00:54:15,131
He did have a moment on stage, though.

859
00:54:15,550 --> 00:54:24,871
And this is a good clip maybe you could save and play for those of you, for those out there that are struggling to understand why Bitcoin is still better than gold.

860
00:54:25,471 --> 00:54:27,251
Because gold had a good run, you know.

861
00:54:27,251 --> 00:54:32,671
It had a really good run, and you could argue in times of uncertainty, going with a classic is the safer bet.

862
00:54:33,191 --> 00:54:37,451
But I thought Jack had a great explanation why Bitcoin still wins out in the end.

863
00:54:37,451 --> 00:54:41,271
Me trying to understand why Bitcoin was better than gold, believe it or not.

864
00:54:41,971 --> 00:54:48,871
And the reason Bitcoin is better than gold is because Bitcoin is uniquely both a monetary asset, lowercase b.

865
00:54:49,251 --> 00:54:50,811
It's a bearer instrument.

866
00:54:50,971 --> 00:54:52,131
It's a commodity, right?

867
00:54:52,691 --> 00:54:55,951
But it's also a monetary network, uppercase b.

868
00:54:56,391 --> 00:54:58,091
What's the gold monetary network?

869
00:54:58,631 --> 00:54:59,591
There's no, it's us.

870
00:54:59,771 --> 00:55:02,411
My human legs are the gold monetary network.

871
00:55:02,411 --> 00:55:05,710
The gold monetary network is if I need to get gold to Nigeria,

872
00:55:05,710 --> 00:55:07,731
I better take my ass to the airport.

873
00:55:07,731 --> 00:55:09,451
That's what the gold monetary network is.

874
00:55:09,451 --> 00:55:11,451
And Bitcoin was both.

875
00:55:11,451 --> 00:55:13,831
It was able to achieve transaction finality

876
00:55:13,831 --> 00:55:15,751
without me having to deposit it

877
00:55:15,801 --> 00:55:20,621
the government, which gives me an IOU. And in 1971, they said, what's yours is no longer.

878
00:55:21,121 --> 00:55:25,781
And it was this monetary network idea. And I was like, holy crap. And this was 2019. I was

879
00:55:25,781 --> 00:55:31,201
however many years old. And I said, wait a second. So I can, the equivalent of throwing a gold bar

880
00:55:31,201 --> 00:55:36,981
from here to Nigeria in less than a second and at no cost. Well, that's kind of cool. And if the

881
00:55:36,981 --> 00:55:43,441
person wanted to send Naira or dollars or euros or pounds, well, they can give it to me. I'll turn

882
00:55:43,441 --> 00:55:48,281
it into the faster gold. I'll throw it to Nigeria in less than a second and for free, and I'll convert

883
00:55:48,281 --> 00:55:55,001
it back into the currency. No problem. Bitcoin's a global, liquid, saleable asset. It's easy to get

884
00:55:55,001 --> 00:56:02,481
in and out. And so it's this idea of my passion for using Bitcoin as payments is actually to

885
00:56:02,481 --> 00:56:09,201
dematerialize the chokehold that card networks and centralized entities have on our ability

886
00:56:09,201 --> 00:56:10,861
to facilitate settlement.

887
00:56:11,601 --> 00:56:13,861
That's what I want to be free and open

888
00:56:13,861 --> 00:56:16,201
so that a David Marcus can launch what he wants,

889
00:56:16,241 --> 00:56:17,621
so that Miles can launch what he wants.

890
00:56:17,661 --> 00:56:19,361
And ultimately, as an American,

891
00:56:19,521 --> 00:56:21,161
what do I want when I go check out?

892
00:56:21,161 --> 00:56:24,661
I want all the greatest entrepreneurs in this country

893
00:56:24,661 --> 00:56:27,841
to compete to give me the best wallet to check out.

894
00:56:27,941 --> 00:56:30,421
And right now, I don't have access to the Visa rails.

895
00:56:30,561 --> 00:56:32,281
I don't have access to the MasterCard rails.

896
00:56:32,621 --> 00:56:36,081
They're abusing these merchants and treating them unfairly.

897
00:56:36,421 --> 00:56:38,601
And so if we can use Bitcoin, this network,

898
00:56:38,601 --> 00:56:42,581
as an open, interoperable, it does the job that Visa does.

899
00:56:42,681 --> 00:56:44,301
It does the job that Swift does.

900
00:56:44,601 --> 00:56:46,461
And we let everyone compete at the edges,

901
00:56:46,661 --> 00:56:48,641
drive costs down, be innovative.

902
00:56:48,781 --> 00:56:49,921
There'll be millions of wallets.

903
00:56:50,201 --> 00:56:52,381
If your favorite color is pink, if you like this,

904
00:56:52,461 --> 00:56:53,401
of course, why not?

905
00:56:53,861 --> 00:56:55,581
But right now, there's not a lot of options.

906
00:56:55,701 --> 00:56:57,921
You can either get a Visa or a MasterCard, that's it.

907
00:56:58,481 --> 00:57:00,961
So anyway, I think it's a consumer problem.

908
00:57:01,081 --> 00:57:03,541
So now if we have this network implemented, it works.

909
00:57:03,841 --> 00:57:05,301
How do we change consumer behavior?

910
00:57:05,641 --> 00:57:28,204
Do we need to give them more Napa Valley wine If so who going to pay for that Is Dorsey paying for that I assume not And so I think it a consumer behavioral thing but the long arching vision is using the network to free ourselves of an abusive relationship with corporations that I think have created duopoly and open up competition and innovation to what is core to money which is value exchange

911
00:57:37,444 --> 00:57:41,404
Let's check in on the state of the network.

912
00:57:41,544 --> 00:57:45,984
I'm wrapping up at Blockhite 947,165.

913
00:57:46,084 --> 00:57:50,544
The Bitcoin price for U.S. greenbacks is at 76,160.

914
00:57:51,324 --> 00:57:56,704
That makes our sats per dollar 1,313 sats for one U.S. greenback.

915
00:57:57,064 --> 00:57:59,284
We're currently down 39.6%.

916
00:57:59,284 --> 00:58:00,404
Down but not out.

917
00:58:01,084 --> 00:58:03,064
All-time high was on October 6th.

918
00:58:03,064 --> 00:58:10,504
Our retarget date for difficulty is now May 1st, with an estimated downward adjustment of 3%.

919
00:58:10,504 --> 00:58:14,224
Reachable Bitcoin notes has spiked up nicely this week.

920
00:58:14,304 --> 00:58:15,324
Good job, everybody.

921
00:58:17,204 --> 00:58:22,184
24,196 powerful notes.

922
00:58:22,844 --> 00:58:23,344
Yes.

923
00:58:23,844 --> 00:58:25,224
Back up at 24,000.

924
00:58:25,304 --> 00:58:25,984
So good to see.

925
00:58:26,504 --> 00:58:31,304
Bitcoin price is up 0.3% in the last 24 hours, down 3.8% in the last seven days,

926
00:58:31,304 --> 00:58:35,984
and currently up 12.3% for the last 30 days.

927
00:58:36,764 --> 00:58:39,964
We have 354 blocks until the next target.

928
00:58:40,404 --> 00:58:43,724
And if you want to spend your Bitcoin fast right now,

929
00:58:43,804 --> 00:58:45,804
it's just two sats for a V-byte.

930
00:58:46,364 --> 00:58:46,904
Simple.

931
00:58:47,584 --> 00:58:49,624
Two sats per V-byte is cheap.

932
00:58:50,164 --> 00:58:51,844
Get a lightning channel set up too.

933
00:58:52,144 --> 00:58:53,164
I mean, go for it.

934
00:58:54,024 --> 00:58:54,624
Consolidate.

935
00:58:55,024 --> 00:58:56,104
Move your stuff around.

936
00:58:56,104 --> 00:58:56,644
Get a lightning.

937
00:58:56,924 --> 00:58:57,644
Enjoy it.

938
00:58:57,884 --> 00:58:59,204
You'll look back at this one day.

939
00:58:59,924 --> 00:59:01,024
You'll look back at this one day.

940
00:59:01,304 --> 00:59:13,807
It is so great to see things moving along seeing the nodes come back up That is so fantastic 64 of those nodes on tour Things moving right along The Bitcoin network is doing just fine

941
00:59:25,727 --> 00:59:31,007
Well, if you made it this far, links to what I talked about will be at ThisWeekInBitcoin.show along with the Mac Catalog.

942
00:59:31,627 --> 00:59:33,887
A whole bunch of good stuff over there at Jupyter Broadcasting.

943
00:59:33,887 --> 00:59:42,827
My goal is a show that doesn't get distracted by the emotions around what's going on, but focuses on the signal so you can plan for yourself, your friends, your family, your business, whatever it might be.

944
00:59:43,387 --> 00:59:45,267
So you can always let me know how I did with the boost.

945
00:59:45,347 --> 00:59:47,707
And of course, it's a great way to support the show as well.

946
00:59:48,267 --> 00:59:50,987
And this week, I'm going to wrap it up with a value for value track.

947
00:59:51,047 --> 00:59:52,887
As you know, I always do.

948
00:59:53,227 --> 00:59:54,267
And this is a fun one.

949
00:59:54,647 --> 00:59:58,827
It's What You Mean to Me by the artist Strange Love.

950
00:59:58,967 --> 01:00:02,167
If you boost while the music plays, 95% of the sats go to the artist.

951
01:00:02,167 --> 01:00:03,767
See you back here next week.

952
01:00:03,887 --> 01:00:15,867
Well, I know

953
01:00:15,867 --> 01:00:19,247
I know what can make you proud

954
01:00:19,247 --> 01:00:26,967
If I won't give you a chance

955
01:00:26,967 --> 01:00:29,147
To hear me

956
01:00:29,147 --> 01:00:35,827
Well, you know you always bring me down

957
01:00:35,827 --> 01:00:45,267
Although you don't care about me as nearly

958
01:00:45,267 --> 01:00:52,267
As much as I want you to

959
01:00:52,267 --> 01:01:12,391
But now reach out explain your three things we had before You say more Nothing I can Fake So what

960
01:01:12,391 --> 01:01:14,731
The fuck

961
01:01:14,731 --> 01:01:16,731
I can't get you to see

962
01:01:16,731 --> 01:01:19,091
What you need to be

963
01:01:30,731 --> 01:01:42,011
So now I'll try to say to you

964
01:01:42,011 --> 01:01:50,591
Oh, how much I really want to say

965
01:01:50,591 --> 01:01:58,371
Well, if it feels worse than it did for you

966
01:02:00,731 --> 01:02:08,851
Now you won't, you gave me the time that I needed to say

967
01:02:08,851 --> 01:02:15,251
How much love won't you have to give?

968
01:02:17,251 --> 01:02:25,551
But now we shall explain the feelings we had before

969
01:02:25,551 --> 01:02:31,871
It'll say nothing I can't think

970
01:02:31,871 --> 01:02:37,431
So what the fuck

971
01:02:37,431 --> 01:02:41,851
I can't get you to see what you mean to me

972
01:02:55,551 --> 01:02:57,931
Mm hmm.