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Welcome in to This Week in Bitcoin, Episode 118.

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My name is Chris.

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Chris, L-A-S dot com, Jupiter Broadcasting dot com.

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Bitcoin got tested this week in a kind of a different way.

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The markets are looking for more easy money in the AI trade, and they're coming up with a whole new asset class to financialize.

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I'll talk about that in a little bit.

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But of course, the big story is a small group of Bitcoiners that got main character syndrome, tried to change the rules on all of us, and they failed miserably.

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I'll be talking about that.

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And of course, through all of it, Bitcoin just kept on producing blocks.

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But first, I want to start with macro, just a quick look at macro, because at least temporarily, things are kind of changing in Bitcoin's direction, but not for the reasons you'd really like to see, because it was really the latest jobs report in the U.S., which was real ugly.

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Bitcoin did see a bit of a bounce after last episode price-wise.

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And that was really due to this bad U.S. jobs report.

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23,000 jobs lost.

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And what you get from that is the market celebrating bad news

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and pricing in a higher chance that there will be either a Fed rate cut

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or at least a right punt in September.

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You could almost say they're excited about the bad news.

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And here we go, Joe.

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July employment figures populating.

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Buckle up on this one.

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Minus, minus 23,000 on non-farm payrolls.

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I can hear the bond yields falling right now.

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Minus 23,000.

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That would be the second worst number of the year

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outside of the only other negative number,

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minus 156 in February.

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Now, if you look at the two-month revision, another whopper, minus 103,000.

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Manufacturing payroll is actually a bright spot.

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Manufacturing up 5,000.

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That would be, what, the best since it was up 15,000 in March,

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and that was the high watermark going all the way back to 23.

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Okay, average hourly earnings, big miss, up 110.

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And that's one third of what we were expecting.

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Oh, one tenth would be the lightest reading of the year.

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Oh, yep.

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So the average folk are feeling it the worst.

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They got less increases in payroll than they expected.

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Of course, also at the same time, they're spinning the new inflation report as improved, right?

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Because, well, yeah, inflation's at 3.4%.

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Surprise, surprise.

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But that's exactly what we expected it to be.

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So it's good.

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About four minutes to go to the opening bell, and we've got green. Dow's up 50, S&P up 20,

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Nasdaq up 234 points. Look who's here. The bullish Brian Belsky joining us today. Yeah,

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that's you. That's you. Don't look like that. Bullish Belsky. Jobs report. 23,000 jobs lost.

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You know, the market seems to like it, right? Of course it does, because it looks like bond

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yields are going to slip a little bit lower. The market doesn't want higher rates too. And

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we've been in this environment of low rates for a long time now. And I think we seem to forget

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that the Fed has a dual mandate on one side, inflation and the other side, employment.

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Everyone's so focused on inflation and what's going on in the Gulf. And we forget that oil

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inflation actually, by the way, is very volatile. So as soon as oil prices start going down,

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and they will, inflation is going to go down as well.

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Will it? Is that true? I'm not as convinced. I think, you know, we're celebrating 3.4% inflation. I see nothing to celebrate there.

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Well, we're just getting the numbers in, and it looks like we're pretty much on spot on.

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The Economist forecasts CPI on a month-over-month basis up a tenth.

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The core up two-tenths, which puts us at 3.4 percent for year-over-year on the headline.

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And for the core, two-and-a-half percent.

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Both of those a tick lower than they had been.

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Let's take a look at some of the categories here that we have seen move.

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Food up a tenth of a percent. That's down from two tenths in June. It is also food at home

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decreasing a tenth of a percent. Energy decreased 1.5 percent in July after falling 5.7 percent in

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June. The gasoline dead next down 2.9 percent. All these numbers, you know, they fluctuate.

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Why do they matter? They only matter because it all feeds into this obsessive Fed cult of reading

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the tea leaves, trying to figure out where their money is going to come from next.

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But the rates haven't changed.

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The situation with Iran significantly hasn't changed.

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The strait claims to be open, yet Trump says, yeah, it's got a few mines.

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Yeah.

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And the problem is, is this continues, especially as the bear market progresses, as the situation

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with inflation becomes uncertain, as the AI trade now begins to build another mechanism

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to suck liquidity.

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The pressure is building on the treasury companies.

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And the Apex treasury company, of course, is Strategy.

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Strategy this week continued selling Bitcoin to fund their dividends, and no one seems to be batting an eye.

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The Bitcoin market apparently is easily absorbing the cells, and it might just be proving Saylor's stated strategy correct.

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What we needed to do was demonstrate that if we sold Bitcoin, it wouldn't fail.

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So when we sold the Bitcoin, it was $60,000, $59,000, and it traded up.

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And so we broke that misconception.

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We broke that narrative.

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It turns out that the break-even point for us is about 3.2%.

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So if Bitcoin appreciates 3.2%, we can pay the dividends forever by just selling the Bitcoin.

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But you can imagine if you're a short seller, you say, well, you can't sell the Bitcoin.

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Ha, ha, ha, ha, ha, because Bitcoin will fail.

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And so they want to say that the credit is worthless because you won't sell the Bitcoin.

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So the way to break that cycle is you sell the Bitcoin.

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Now you can illustrate that the credit is actually good credit.

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We can pay the dividends forever.

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And now the credit investors-

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Without having to sell more Bitcoin.

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Now, the whole point of this was we were selling equity in order to pay the dividend on the credit.

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Yeah.

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And the short sellers took the position that you're going to sell the equity until the stock goes to zero because you can't sell the Bitcoin.

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Yeah.

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So how do you actually get, how do you break that?

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We have to say, well, we can sell the Bitcoin.

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And you sold enough Bitcoin to pay the dividend.

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So we sold enough Bitcoin to pay the dividends to prove that we could fund the dividends with

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Bitcoin, which means we don't have to sell the equity.

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And if we don't have to sell the equity, then the equity trades at a premium to Bitcoin,

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trades rationally, and then the credit trades rationally.

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So it was a benefit to the equity investors and the credit investors to show that you

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can power the company with Bitcoin.

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Do you intend to sell more?

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It's not our primary strategy. So if the common stock trades at a premium to the underlying

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assets, then probably we find with the common stock. But if the common stock ever sells at

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a discount or trades at a discount to the Bitcoin assets, then you sell Bitcoin in order to protect

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the common stock. And where do you think Bitcoin's going in terms of monetary value,

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in terms of one Bitcoin? Currently, what you said is what, 68,000 or something?

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I think it appreciates about 30% a year for the next 20 years, right? And then it'll slow down to being appreciated about 20% a year. So...

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You think it's the best asset to put your money in really, really respective of who you are?

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Another way to say it is I think it outperforms the S&P index by a factor of 1.5 to 2.

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Who shouldn't invest in Bitcoin?

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All right, let's talk about BIP-110, the fork that wasn't.

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Saturday was the moment of truth for BIP-110,

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and we watched the fork finally happen at block 961 Felt like we were building to this for a long time Initially Ampoole mined the normal Bitcoin block

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while miners using Ocean's infrastructure produced the BIP-110 signaling version.

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From that moment, there were two chains.

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And almost immediately, the hash power problem became painfully obvious.

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I admit, like maybe some of you, I was monitoring the situation.

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I had a lot of streams and screens going and monitors going and whatnot.

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And I thought it was really fascinating to watch this because probably a lot of you that have come into Bitcoin in the last few years, you've heard stories of like the Bitcoin cashers or Bitcoin Satoshi's vision, or you've heard of the block size war.

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And the people that are on the wrong side of history are just kind of the quote unquote villains or whatever of Bitcoin's history now.

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And so, you know, by the time you've come, everyone knows that Roger Ver is a scammer.

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But that had to be worked out.

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And we just witnessed one of those events here in Bitcoin.

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And if you were here for it, you're going to be on the other side of this.

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And other newbies, the new classes that come along the next few years, this will all be

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history to them now.

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And so I had to watch it.

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I just found this to be absolutely fascinating.

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It was pretty obvious the regular chain would continue to pull ahead, but it wasn't immediately obvious because BIP-110 managed to produce block 961-633, giving it its initial two breakaway block run.

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And those first two blocks took roughly eight hours combined to produce.

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And then I think it was almost five days before the third block, after Roughnecks backed off

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and has now gone back and they're just eating the reward, right?

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Because their reward is now in BIP110 coin.

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It's not in Bitcoin.

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And they're continuing to mine on this chain.

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So what happened is a tiny fraction of Bitcoin's actual hash power

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which was the BIP-110, just a tiny fraction.

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The BIP-110 chain was mining against the actual chain now.

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They are up against the big machine.

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And it was something to watch.

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Only about 2.5% of miners signaled for BIP-110.

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The proposal had been looking for 55% support,

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which is the lowest.

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It's crazy.

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It's historically low.

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It's ridiculously low.

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It's recklessly low, and they didn't even get that.

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Mandatory signal arrived with nowhere remotely close

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to enough hash power to sustain a competitive chain.

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But there was a really interesting Ocean twist

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that you'll hear in my clips I'm about to play.

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Ironically, Ocean's infrastructure

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produced the first BIP-110 block

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because Roughnecks was the only hash power.

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But an Ocean block on the regular Bitcoin chain

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also became part of the sequence

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that made it unmistakably clear

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which chain had the overwhelming majority

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of proof-of-work hash power.

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And the irony that it came from Ocean,

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given Luke Dasher and Mechanic's connections to Ocean and BIP-110,

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it was absurd.

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It was an ironic twist of Bitcoin history.

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Truly something wild.

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And at that point, the BIP-110 chain effectively ground to a halt.

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Three blocks right now.

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And they say it's fine.

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You know, well, you know, Bitcoin's longest downtime was five days between blocks.

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So it's fine. It's fine. It's no big deal.

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Yeah, okay. Yeah.

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So the story has gotten considerably stranger since this fork failed.

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Instead of them just settling the argument and supporters saying, OK, all right, we see consensus wasn't reached.

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We're moving on.

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The core of them are now organizing on Discord and they have coordinated a new proof of work change to Blake 2B, I think it is.

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So they're actually changing the proof of work protocol that's been centrally managed inside their little private Discord chat, just as, you know, Satoshi had envisioned it, of course.

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So we've gone from BIP110 won't split Bitcoin to an actual chain split to now no hash power following it because none of the miners followed with a chain that barely produces blocks and is now changing the proof of work protocol.

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And there's even been discussion about carving out coins for the roughnecks that are losing money mining right now.

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That was something Luke just floated that.

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You know, like Satoshi liked to do pre-mine for people.

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You know how Satoshi was big on that.

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So we've all just watched the birth of, excuse me here, a shitcoin.

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This is an altcoin.

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This is how some of them come to be.

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And the hubris of this effort led these guys to live stream the entire thing.

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We got to watch them fail live in front of all of us.

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And I'll note that Professor Cratter tried to do two live streams on his own.

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And he legitimately could not figure out how to live stream on YouTube.

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using the built-in live browser stuff,

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the simplest way in the world to livestream,

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on a platform that the man produces videos for every single day.

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He couldn't get livestreaming to work.

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My kids can livestream.

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My kids can livestream.

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So this is the level of technical prowess

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which the BIP-110 crowd

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and some of the leaders of the BIP-110 movement

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and their biggest cheerleaders are dealing with.

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So Cratter had to go join the stream with everybody else.

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it was really interesting and going into the split things were already not looking good because

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you know they were hoping more miners would be signaling ahead of time and so the faces were sad

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and the explanations were starting to just get crafted at that moment they've been they've been

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flushed out now but the seed the initial seed of the explanations of the failure

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were being crafted right there on the live stream in front of all of us

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and it all would have just worked out great if not for michael saylor oh michael saylor it's all

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his fault. To say these guys are sailor-brained is an understatement. And I did not appreciate

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until this moment, until this Saturday, until this live stream, I did not appreciate how much

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free rent he occupies in their head and how much sailor paranoia underwrites the BIP-110 nonsense.

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I had missed it. I guess I just didn't engage enough. These guys have been social bubbled

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so hard, and I'm going to give you Exhibit A. Before even the first block was mined,

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Matt Crowder thinks he's got it all figured out.

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My operating assumption coming into this this morning was that

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the fact that they didn't signal a little bit early at the end of the week, as many of us were

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expecting them to, that I just, I assume that Foundry got a call from people like Michael Saylor,

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and there may be some sharing of ideas

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going on with the Chinese mining pools as well.

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This idea that China and the US are geopolitical rivals

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and could never collude to hurt Bitcoin.

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Well, they sure colluded with COVID to hurt a lot of us.

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What's that got to do with this?

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And that's very sobering.

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And when you see the president cozying up with Xi,

224
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so again we'll see what comes in the chain here

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but this is not Bitcoin

226
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this is not Bitcoin

227
00:16:04,222 --> 00:16:13,602
or the mining industry takes its lead from Bitcoin Core

228
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And I think in many ways, I forget who said it.

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This is in many ways a lot of people misunderstood the spam angle of this.

230
00:16:23,342 --> 00:16:24,982
Maybe we should have sold it as a...

231
00:16:24,982 --> 00:16:26,042
I want to pause him right here.

232
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He's actually got it reversed.

233
00:16:28,722 --> 00:16:31,402
The Bitcoin miners aren't being led by Core.

234
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Core is being drug around by the Bitcoin miners.

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That's what led to the whole operaturn change is they were making a change in Core that just

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reflected the realities that the miners had already embraced, that they were just changing

237
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the defaults on their nodes, which make a majority of a lot of these nodes. They were changing those

238
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defaults already. I'm not arguing for it. I don't like it. But I'm just saying he's got it completely

239
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backwards. Core was being drug around by the miners. The miners are not getting drug around by core.

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I forget who said it. This is in many ways a lot of people misunderstood the spam angle of this.

241
00:17:07,102 --> 00:17:11,482
maybe we should have sold it as a UASF against Bitcoin Core

242
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because that where the real Bitcoin Core all the spineless creatures there but backed up by by sailor money

243
00:17:23,405 --> 00:17:29,325
and the bitcoin security consortium or council whatever it's called this is all vibes there's

244
00:17:29,325 --> 00:17:35,645
no evidence this is all hey i think sailor uh called up some miners on you know his iphone

245
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he facetimed them he facetimed mara digital and i mean and then like and then like then just the

246
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vague, like probably some China collusion to how that would work. Exactly. Not sure. But, you know,

247
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we've seen the state do that before. So, you know, it seems like a thing. It's all just vibes.

248
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And if he was expecting that going into this, like he says, my operating assumption, then

249
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was he surprised when this failed? Because it seemed like he was surprised. He accidentally

250
00:18:00,725 --> 00:18:04,945
released a video saying BIP one ton failed before Luke yelled at him. And then he had to release

251
00:18:04,945 --> 00:18:09,565
another video saying the fight wasn't over yet. But the entire thing is just an emotional roller

252
00:18:09,565 --> 00:18:13,925
coasters you're watching this because that was just the spin warming up right the first bip 110

253
00:18:13,925 --> 00:18:19,805
block hadn't been mined yet and when it had gotten mined when it did finally land it was game on

254
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maybe arthur grass fed matt cratter luke dasher wow so you just found a bip 110 block holy

255
00:18:27,725 --> 00:18:35,545
yeah you are joking holy fantastic we found a bip 110 block

256
00:18:35,545 --> 00:18:45,185
all right everyone start your engines let's go hey good job roughnecks dude fantastic roughnecks

257
00:18:45,185 --> 00:18:55,085
wow shout out to roughnecks uh yes the we have found now the valid 961632 block

258
00:18:55,085 --> 00:19:00,965
it would turn out that roughnecks was the only hash power behind bit 110 but they didn't know

259
00:19:00,965 --> 00:19:06,965
that at the time. They were helping that other miners would get on board, like Foundry, because

260
00:19:06,965 --> 00:19:11,425
Foundry put out a vote and Ocean had opened up an endpoint and made it the default to signal for

261
00:19:11,425 --> 00:19:16,785
BIP-110. But it turned out no one else wanted a worthless block reward, but they didn't know it

262
00:19:16,785 --> 00:19:20,985
at that point. In fact, there was some speculation that Foundry had shut down mining in preparation

263
00:19:20,985 --> 00:19:24,345
for the switch over to BIP-110 because Foundry hadn't announced the results of their vote.

264
00:19:24,345 --> 00:19:38,345
And there was this just excruciating long block time, like over 20 minutes, painfully slow block times after this happened. So all of us were just quietly waiting and speculating.

265
00:19:38,345 --> 00:19:44,605
speculating. And so Bitcoin Mechanic, one of the absolute main characters of BIP-110,

266
00:19:44,945 --> 00:19:50,425
and now taking a sabbatical from Ocean, used the time to outline his misunderstanding of the

267
00:19:50,425 --> 00:19:55,785
entire situation. And again, this is notable for you as a listener, because we have to learn

268
00:19:55,785 --> 00:20:02,685
from these mistakes. Yeah, that's been a frustrating thing to deal with.

269
00:20:02,685 --> 00:20:10,005
And like any sort of personal defeat, the sports aspect of it, the tribalism and stuff,

270
00:20:10,425 --> 00:20:11,565
that's just bruised ego.

271
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It sucks for five minutes and then you get over it.

272
00:20:13,865 --> 00:20:14,845
But it's so irrelevant.

273
00:20:15,025 --> 00:20:19,425
The bigger picture here is I feel that Bitcoin itself, everyone loses.

274
00:20:19,985 --> 00:20:25,005
If you can't do a UASF with that kind of momentum, if you're going to get denied by a tiny group

275
00:20:25,005 --> 00:20:27,245
of miners, that's insane to me.

276
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That makes Bitcoin itself just a completely different animal.

277
00:20:30,445 --> 00:20:32,705
and everyone loses from that.

278
00:20:32,845 --> 00:20:34,385
All the people on the Remain side

279
00:20:34,385 --> 00:20:35,325
lose from that too.

280
00:20:35,965 --> 00:20:36,985
They need us

281
00:20:36,985 --> 00:20:39,425
and the degree to which we need them

282
00:20:39,425 --> 00:20:40,005
is unclear,

283
00:20:40,385 --> 00:20:42,205
but, you know.

284
00:20:44,445 --> 00:20:46,645
Again, he has most of this backwards

285
00:20:46,645 --> 00:20:48,445
and a bit of tunnel vision here.

286
00:20:49,205 --> 00:20:51,405
He hasn't wrapped his head around the fact

287
00:20:51,405 --> 00:20:53,545
that this wasn't a few miners

288
00:20:53,545 --> 00:20:54,725
that rejected them.

289
00:20:55,405 --> 00:20:56,605
The plebs rejected them.

290
00:20:57,025 --> 00:20:58,825
The plebs rejected the soft fork as well.

291
00:21:00,445 --> 00:21:04,745
BIP-110 was just not signaled by a majority of the pleb nodes.

292
00:21:05,405 --> 00:21:08,205
And the reality is they didn't get a single exchange on board.

293
00:21:08,565 --> 00:21:10,585
So how do you buy and sell BIP-110 coin?

294
00:21:10,965 --> 00:21:15,345
You have to do it peer-to-peer right now, which after a fork is pretty risky, especially

295
00:21:15,345 --> 00:21:16,605
with this particular fork.

296
00:21:17,585 --> 00:21:21,925
So they got Ocean on board, but that's because Mechanic and Luke work there.

297
00:21:22,025 --> 00:21:25,765
And rumor is that's about a 50-50 split in the Ocean company if they actually support

298
00:21:25,765 --> 00:21:26,265
BIP-110.

299
00:21:26,605 --> 00:21:30,005
But they got Ocean on board, and that got them some hash rate.

300
00:21:30,445 --> 00:21:31,965
And they got Start9 on board.

301
00:21:32,905 --> 00:21:33,345
That's it.

302
00:21:34,485 --> 00:21:37,265
Start9, who will always now have a black mark for this,

303
00:21:37,985 --> 00:21:39,445
and ended up having no impact.

304
00:21:39,545 --> 00:21:41,125
The nodes just didn't make a difference.

305
00:21:41,685 --> 00:21:44,245
So Start9 burned their reputation for nothing.

306
00:21:44,665 --> 00:21:47,265
And they got some YouTubers, people on X,

307
00:21:47,665 --> 00:21:50,125
and some podcasters that all participated

308
00:21:50,125 --> 00:21:51,405
in the same social bubble.

309
00:21:51,685 --> 00:21:52,365
That was it.

310
00:21:52,885 --> 00:21:54,345
They didn't get consensus.

311
00:21:55,445 --> 00:21:57,125
In this next clip, you can, again,

312
00:21:57,125 --> 00:22:00,025
you can see the bubble math that's behind all of this.

313
00:22:00,025 --> 00:22:07,145
So for me, it came down to esoteric stats, umbral downloads, start nine sales figures,

314
00:22:07,885 --> 00:22:12,405
word of mouth, discussions in meatspace, discussions on social media.

315
00:22:12,865 --> 00:22:15,025
That's how I ascertained that these are real things.

316
00:22:15,645 --> 00:22:16,905
This is a real movement.

317
00:22:17,745 --> 00:22:22,325
And that just became something that miners had to go out and look for and say, what is

318
00:22:22,325 --> 00:22:23,125
the sentiment here?

319
00:22:23,625 --> 00:22:26,185
And you have to care enough to do that.

320
00:22:26,525 --> 00:22:27,985
And it looks like they did not.

321
00:22:28,545 --> 00:22:29,825
Listen to what he's saying there.

322
00:22:29,825 --> 00:22:35,325
In his mind, the Bitcoin miners just weren't motivated enough to go find the vibes.

323
00:22:36,025 --> 00:22:40,745
Not that he's off, not that he misread the situation, but that a nebulous group of people,

324
00:22:40,885 --> 00:22:43,645
if they'd gone out and just done the work, they would agree with him.

325
00:22:45,285 --> 00:22:47,045
It's totally unhinged from reality.

326
00:22:47,685 --> 00:22:49,285
It's not how consensus is made.

327
00:22:49,585 --> 00:22:53,145
And it's more main character syndrome thinking that's been driving this.

328
00:22:53,305 --> 00:22:57,925
But how do you explain to the big, how do you explain if you, if you can write off the

329
00:22:57,925 --> 00:23:02,005
miners with some sort of conspiracy or that they just didn't put the work in depending on which one

330
00:23:02,005 --> 00:23:06,745
you subscribe to how do you explain the fact that so many of the plebs didn't signal with their nodes

331
00:23:06,745 --> 00:23:15,925
why didn't they join the bip 110 cause well when in doubt sailor out but then i mean this really

332
00:23:15,925 --> 00:23:22,025
is just a failure of bitcoin education you know which as i can say as a bitcoin educator that to

333
00:23:22,025 --> 00:23:29,305
Actually, and I'm not sure I even understood this stuff 12 months ago, how important nodes were.

334
00:23:29,305 --> 00:23:33,965
I probably viewed it as more, they're just these various consensus.

335
00:23:34,465 --> 00:23:45,305
I think Lynn Alden did something on consensus where her version, if I remember, it was much more balanced, that nodes are just one part of the consensus process.

336
00:23:45,305 --> 00:23:53,305
But if Bitcoiners understood the decentralized peer-to-peer network, we wouldn't have to be educating them about MASFs and everything.

337
00:23:53,525 --> 00:24:00,845
But it's just sailors slop has filled the sphere and filled the ecosystem.

338
00:24:00,845 --> 00:24:09,945
And there's just so many Bitcoiners don't even understand how Bitcoin works.

339
00:24:09,945 --> 00:24:19,265
And even with LLMs available, you know, if you're a Bitcoin educator or influencer, you shouldn't be able to say I'm not technical.

340
00:24:19,505 --> 00:24:22,865
And then, you know, just I don't have to talk about this.

341
00:24:23,645 --> 00:24:24,005
The hubris.

342
00:24:24,445 --> 00:24:32,625
If anybody wants to point their clanker at that live stream and put together a sailor derangement syndrome supercut and send it to the show, I'd love it.

343
00:24:32,625 --> 00:24:45,925
But, you know, the also out of touch self-admission there at the end about technical prowess and then to imply that somebody like me didn't support BIP-110 because I don't understand how Bitcoin works.

344
00:24:47,185 --> 00:24:49,145
How about the exact opposite, buddy?

345
00:24:49,385 --> 00:24:50,585
Like the exact opposite.

346
00:24:51,005 --> 00:24:52,605
And I think the results speak for themselves.

347
00:24:52,765 --> 00:24:54,205
Called it from the very, very beginning.

348
00:24:54,385 --> 00:24:57,585
Soon as the BIP-110 thing went down, it was obvious.

349
00:24:57,585 --> 00:25:09,105
And the people at the very core of BitOneTone and everyone now in their Discord taking part in all the central planning, they're not going to be gone, right?

350
00:25:09,165 --> 00:25:09,985
They're committed.

351
00:25:10,425 --> 00:25:15,465
They now have their own altcoin, and they're going to be passionate about it.

352
00:25:15,905 --> 00:25:17,625
We had a perfect protocol.

353
00:25:19,505 --> 00:25:22,845
Bitcoin had a singular purpose as permissionless money.

354
00:25:22,845 --> 00:25:25,245
and then we fucked it all up

355
00:25:25,245 --> 00:25:26,665
by funneling $100 million

356
00:25:26,665 --> 00:25:29,105
through Brink, Chaincode Labs

357
00:25:29,105 --> 00:25:31,345
Spiral, OpenSats

358
00:25:31,345 --> 00:25:32,225
and HRF

359
00:25:32,225 --> 00:25:34,385
to incompetent developers

360
00:25:34,385 --> 00:25:36,925
developers who don't understand

361
00:25:36,925 --> 00:25:38,305
the first thing about sound money

362
00:25:38,305 --> 00:25:40,025
therefore they can't understand Bitcoin

363
00:25:40,025 --> 00:25:42,145
they don't own any Bitcoin

364
00:25:42,145 --> 00:25:44,005
hell they don't even like Bitcoin

365
00:25:44,005 --> 00:25:46,505
and thus we were sent spiraling

366
00:25:46,505 --> 00:25:48,885
down a path of death by a thousand cuts

367
00:25:48,885 --> 00:25:51,165
and I believe we've suffered

368
00:25:51,165 --> 00:26:06,767
cut number 999 I took a few days off to clear my head and get fresh perspective and see where I was Where I am after years of debating is I done with that I no longer seek approval nor require

369
00:26:06,767 --> 00:26:15,427
consensus from bad actors. And I know I'm not alone. I can't make peace with this whole thing.

370
00:26:15,427 --> 00:26:18,347
can't make peace with Bitcoin Core,

371
00:26:19,107 --> 00:26:20,347
with the Bitcoin Consortium,

372
00:26:21,007 --> 00:26:22,707
a benevolent subsidiary

373
00:26:22,707 --> 00:26:24,927
of the United States Bitcoin Complex.

374
00:26:25,587 --> 00:26:27,967
It's just, it's a religion.

375
00:26:28,507 --> 00:26:30,467
It's equivalent to how religions

376
00:26:30,467 --> 00:26:31,747
splinter off over time.

377
00:26:31,947 --> 00:26:34,227
And you see it in the Linux community as well.

378
00:26:34,827 --> 00:26:37,227
The core problem is really the loss

379
00:26:37,227 --> 00:26:39,447
of an alternative to Bitcoin Core.

380
00:26:39,447 --> 00:26:41,307
That's what Knott's was,

381
00:26:41,407 --> 00:26:42,947
and it no longer is that.

382
00:26:43,707 --> 00:26:44,947
And maybe that's for the best.

383
00:26:44,947 --> 00:26:46,687
I mean, it has a crazy history.

384
00:26:46,867 --> 00:26:47,927
You should go back to the beginning.

385
00:26:48,087 --> 00:26:50,107
It's really quite something people are posting a lot of summaries.

386
00:26:50,787 --> 00:26:52,467
Didn't follow best practices for development.

387
00:26:52,627 --> 00:26:56,607
Luke clearly changed or has always been a basket case.

388
00:26:56,667 --> 00:26:57,127
I'm not sure.

389
00:26:57,247 --> 00:27:01,867
I feel like things change after he lost his over 200 Bitcoin stash in 2024.

390
00:27:03,267 --> 00:27:06,027
But it doesn't mean there are not alternatives to core in development.

391
00:27:06,147 --> 00:27:09,927
In fact, some of them are looking really good, like LibBitcoin.

392
00:27:10,507 --> 00:27:14,267
One of the oldest truly independent Bitcoin implementations started in 2011.

393
00:27:14,267 --> 00:27:15,367
It's written in C++.

394
00:27:15,647 --> 00:27:18,127
Version 4 is in work in 2026.

395
00:27:18,707 --> 00:27:21,287
Adoption remains tiny compared to core, like most of these.

396
00:27:21,707 --> 00:27:23,567
I'm not sure exactly how you say this next one.

397
00:27:23,607 --> 00:27:26,587
Never had to say it out loud, but it's called Floresta.

398
00:27:28,187 --> 00:27:29,367
I think this is interesting.

399
00:27:29,507 --> 00:27:30,347
It's a newer alternative.

400
00:27:30,547 --> 00:27:31,707
It is written in Rust.

401
00:27:31,807 --> 00:27:38,127
It uses Gextro, which is U-T-R-E-E-X-O, to reduce the storage burden overall and can

402
00:27:38,127 --> 00:27:41,967
either run as a standalone validating node or as an embedded library.

403
00:27:41,967 --> 00:27:45,347
and the project is explicitly targeting strong validation

404
00:27:45,347 --> 00:27:48,247
without the operational footprint of a conventional node.

405
00:27:48,707 --> 00:27:51,207
And then, of course, good old BTCD.

406
00:27:52,207 --> 00:27:55,567
Been around since 2013, written in Go,

407
00:27:55,727 --> 00:27:57,567
part of the BTC Suite project,

408
00:27:57,987 --> 00:27:59,227
implements a full validating node

409
00:27:59,227 --> 00:28:00,487
independently of Bitcoin Core.

410
00:28:00,607 --> 00:28:01,547
It's still under active element,

411
00:28:02,187 --> 00:28:03,467
continues to lay itself beta.

412
00:28:04,407 --> 00:28:07,107
Notts was basically a core derivative, right?

413
00:28:07,127 --> 00:28:08,687
It was a fork with Luke's patches.

414
00:28:09,667 --> 00:28:14,987
LibBitcoinD, BTCD, Floresta are generally separate implementations, and that can sometimes

415
00:28:14,987 --> 00:28:16,707
cause consensus differences and stuff.

416
00:28:16,747 --> 00:28:19,067
So I think that's part of why they don't really have the adoption.

417
00:28:19,667 --> 00:28:20,787
That's my speculation, though.

418
00:28:21,207 --> 00:28:22,647
But they do seem promising.

419
00:28:22,647 --> 00:28:28,127
So if you're under the impression that Knott's was the only alternative out there and that

420
00:28:28,127 --> 00:28:30,587
without it, it's all Bitcoin Core, that is not the case.

421
00:28:30,727 --> 00:28:35,427
And in fact, I would argue what I have seen is an uptick in interest in developing these

422
00:28:35,427 --> 00:28:38,007
alternatives since this entire thing has gone down.

423
00:28:38,447 --> 00:28:41,787
So I'm actually feeling more positive about it than I was earlier.

424
00:28:43,087 --> 00:28:45,687
But I want to know how you're doing with all this.

425
00:28:46,027 --> 00:28:48,007
Were you a BIP110 supporter and then flipped?

426
00:28:48,287 --> 00:28:53,887
Are you still supporting team BIP110 even with them creating it, changing it,

427
00:28:54,407 --> 00:28:55,247
essentially managing it?

428
00:28:55,487 --> 00:28:58,867
And if you're still running a not-to-node, and I know some of you are,

429
00:28:59,527 --> 00:29:00,407
what's your plan?

430
00:29:01,607 --> 00:29:02,807
What are you going to do about this?

431
00:29:02,827 --> 00:29:03,887
And how's this leaving you feeling?

432
00:29:04,607 --> 00:29:06,547
Are you feeling better that Bitcoin survived this?

433
00:29:06,547 --> 00:29:10,727
are you feeling worse that Bitcoin didn't go the direction that BIP-110 people wanted?

434
00:29:11,047 --> 00:29:12,287
That's my question to you.

435
00:29:12,367 --> 00:29:14,567
And I would like you to boost in and tell me what you think.

436
00:29:14,587 --> 00:29:15,967
And we'll discuss it in the next episode.

437
00:29:16,147 --> 00:29:18,207
Boost.JupiterBroadcasting.com.

438
00:29:36,547 --> 00:29:39,887
You can also support the show just by doing what you already do.

439
00:29:39,967 --> 00:29:42,907
If you want to stack sats on River, use my link in the show notes.

440
00:29:42,907 --> 00:29:51,687
If you're all about self-custody, the Bitcoin Well is an automatic, amazing, very impressive self-custody platform with top-tier Lightning support.

441
00:29:52,167 --> 00:29:55,727
The Bitcoin company, speaking of Lightning, go from sats to gift card in just seconds.

442
00:29:55,827 --> 00:29:57,107
You can log in with Lightning credentials.

443
00:29:57,547 --> 00:30:06,487
If you want to stack sats while you're just doing the day-to-day stuff like paying bills and whatnot, the Fold Card, like a debit card, bill payment, Visa platform, stack sats.

444
00:30:06,547 --> 00:30:11,627
And then if it's time to borrow against your stack, check out Salt Lending or Strike.

445
00:30:11,627 --> 00:30:12,947
I have links to both of those.

446
00:30:13,067 --> 00:30:14,187
They each have their advantages.

447
00:30:14,887 --> 00:30:19,527
Don't have any official relationship with these companies, but I do use all or have used all of their services.

448
00:30:20,207 --> 00:30:23,787
And it's a great way to support the show just by, you know, doing the thing you're already doing.

449
00:30:36,547 --> 00:30:44,547
It is time for some boosts.

450
00:30:45,787 --> 00:30:48,967
And now it is time for le boost.

451
00:30:49,227 --> 00:30:55,367
And J-Cube is our baller booster this week, coming in with 86,700 saps.

452
00:30:55,367 --> 00:30:56,867
Hey, rich lobster!

453
00:30:58,887 --> 00:30:59,547
Pew, pew, pew!

454
00:31:00,047 --> 00:31:01,507
What a week that was.

455
00:31:01,507 --> 00:31:06,027
I had two cold card Mark fours move my personal stack to river until my jade bit box two and

456
00:31:06,027 --> 00:31:12,447
treasure come in. That's a strong trifecta right there. Uh, taking longer than I had hoped. I also

457
00:31:12,447 --> 00:31:16,167
have an IRA with unchained. They really stepped up. Thank you for your coverage on this. It was

458
00:31:16,167 --> 00:31:21,727
needed and appreciated. Well, thank you for the value back J cube three. And I, I give a plus one.

459
00:31:21,787 --> 00:31:27,627
If, if I was going to pick a online exchange, I think river would be right up there. One or two

460
00:31:27,627 --> 00:31:36,487
on my list and maybe with strike and maybe third or fourth on that list, maybe fold. What is nice

461
00:31:36,487 --> 00:31:42,067
about fold, depending on the size of your stack, is they do offer some insurance. But that's if I

462
00:31:42,067 --> 00:31:47,287
were going to do online. I really like the Jade and Bitbox too. The Trezor I have owned, but I do

463
00:31:47,287 --> 00:31:51,007
not have as much experience with. So I'd love J-Cube if you want to share experience with that setup.

464
00:31:51,607 --> 00:31:55,747
I'm assuming you're probably using Sparrow or maybe Nunchuck as well. Be curious to know what

465
00:31:55,747 --> 00:31:56,907
Your strategy is there, too.

466
00:31:57,607 --> 00:31:58,427
And good luck.

467
00:31:58,607 --> 00:32:00,627
I know it does take longer than you want, right?

468
00:32:01,147 --> 00:32:02,207
But I appreciate the update.

469
00:32:03,187 --> 00:32:08,147
BK2BK2 comes in with 77,707 satoshis.

470
00:32:08,347 --> 00:32:10,827
I hoard that which your kind covers.

471
00:32:10,827 --> 00:32:11,827
This is value for value.

472
00:32:11,887 --> 00:32:13,367
B-O-O-S-T.

473
00:32:13,487 --> 00:32:14,207
Thank you, BK.

474
00:32:14,287 --> 00:32:15,367
I really appreciate that.

475
00:32:15,867 --> 00:32:20,187
Kiwi Bitcoin guides here with 50,567 satoshis.

476
00:32:20,307 --> 00:32:20,947
He's a good guy.

477
00:32:21,187 --> 00:32:22,147
He's a real good guy.

478
00:32:22,307 --> 00:32:22,967
No, he's a great guy.

479
00:32:23,527 --> 00:32:24,967
Add this to the previous boost.

480
00:32:24,967 --> 00:32:25,367
Okay.

481
00:32:25,367 --> 00:32:33,347
If I think back to all of the BS podcasters that spatted about don't trust Verify and all that crap without doing it themselves, it makes me feel sick.

482
00:32:33,887 --> 00:32:37,467
The I4Value pods with zero paid ads is the only way we'll get reliable information.

483
00:32:37,947 --> 00:32:40,407
As they say, show me the incentives and I'll show you the outcome.

484
00:32:40,647 --> 00:32:41,767
Turns out they were right.

485
00:32:42,307 --> 00:32:44,627
And while I'm at it, did Bitcoin Maxi culture fail?

486
00:32:44,787 --> 00:32:46,167
100% it did.

487
00:32:46,587 --> 00:32:49,127
And BK and his mates personified and look what happened.

488
00:32:53,167 --> 00:32:54,767
That is decisive.

489
00:32:55,107 --> 00:32:55,787
That is decisive.

490
00:32:55,947 --> 00:32:56,587
Thank you, Kiwi.

491
00:32:56,747 --> 00:32:57,327
I love it.

492
00:32:57,407 --> 00:32:57,747
Spicy.

493
00:32:58,087 --> 00:33:00,667
Yes, zip code is a better deal.

494
00:33:00,707 --> 00:33:03,387
I'm throwing in an extra random soundboard boost for you, too.

495
00:33:03,707 --> 00:33:04,327
Like hearing from you.

496
00:33:04,367 --> 00:33:08,307
Dash Dummies here with 44,444 Satoshis.

497
00:33:08,387 --> 00:33:09,487
That's a lot of tux.

498
00:33:09,707 --> 00:33:10,587
Oh, my goodness.

499
00:33:14,187 --> 00:33:16,067
This old duck still got it.

500
00:33:16,307 --> 00:33:17,767
All right, Chris, thanks for keeping me.

501
00:33:17,847 --> 00:33:20,647
I like that he gave me, he broke it up into multiple parts and gave me headings.

502
00:33:20,747 --> 00:33:24,487
Chris, thanks for keeping the signal live while some of us enjoyed the holiday.

503
00:33:24,767 --> 00:33:47,307
Catching from July, but a lot to reflect on over the last few months of activities. BIP-110 and the whole manipulation of it bothers me. Even failing this time, I won't say it'll probably I will say it'll probably be tried again. The cold card situation has certainly flagged a reassessment from me. That's a good way to put it. And I need to educate myself on multisig just shows you should never stop learning in this space. If you're not learning, you increase your risk. I completely agree.

504
00:33:48,167 --> 00:33:49,807
And hypothetically, BIP-110,

505
00:33:50,007 --> 00:33:52,727
if 51% of the hash power sat in one country,

506
00:33:52,807 --> 00:33:54,367
could its government mandate miners

507
00:33:54,367 --> 00:33:55,467
to signal and force a fork

508
00:33:55,467 --> 00:33:56,787
and pressure the network to follow?

509
00:33:57,347 --> 00:33:59,267
Ocean making BIP-110 signaling default

510
00:33:59,267 --> 00:34:00,287
unless miners opted out

511
00:34:00,287 --> 00:34:02,367
feels like a small scale example of this mechanism.

512
00:34:02,787 --> 00:34:04,167
Am I overthinking the risk?

513
00:34:04,867 --> 00:34:06,847
Maybe just because of the actual amount

514
00:34:06,847 --> 00:34:07,827
of hash power required.

515
00:34:08,507 --> 00:34:10,727
Roughnecks turns out to be the only ones mining

516
00:34:10,727 --> 00:34:12,547
and there's a lot of speculation

517
00:34:12,547 --> 00:34:14,567
that some of the people behind BIP-110

518
00:34:14,567 --> 00:34:16,627
are some of the people financing Roughnecks.

519
00:34:16,627 --> 00:34:25,247
Like they're pooling their Bitcoin to buy hash rate on ocean to rent hash rate and then to rent it in signal for BIP 110.

520
00:34:26,767 --> 00:34:28,567
And that's the best they can do.

521
00:34:29,547 --> 00:34:33,447
Even though they switched over to the default, it shows actually how pretty robust it was, I think.

522
00:34:33,567 --> 00:34:34,567
But it, you know, dash dummy.

523
00:34:35,690 --> 00:34:36,970
It's always interesting to think about.

524
00:34:37,290 --> 00:34:37,950
Thank you for the boost.

525
00:34:38,130 --> 00:34:41,550
Anonymous comes in with 31,890 Satoshis.

526
00:34:46,870 --> 00:34:48,250
Four-month listener on Spotify.

527
00:34:48,870 --> 00:34:51,490
Love you taking these Nazis to task over BIP 110.

528
00:34:51,810 --> 00:34:54,150
Hey, thank you very much.

529
00:34:54,150 --> 00:34:56,710
I hoard that with your kind comfort.

530
00:34:56,710 --> 00:35:03,590
Anonymous, I'll warn you that Spotify does pull a few episodes from the library because the clips flag.

531
00:35:03,590 --> 00:35:05,870
or sometimes the value for value track.

532
00:35:06,690 --> 00:35:08,430
If the artist submits it to Spotify

533
00:35:08,430 --> 00:35:09,370
like this week's track,

534
00:35:09,810 --> 00:35:12,630
it'll sometimes flag my episode for copyright

535
00:35:12,630 --> 00:35:13,790
and they'll take it down.

536
00:35:14,210 --> 00:35:15,130
Just as an FYI,

537
00:35:15,210 --> 00:35:16,710
you can get a podcasting 2.0 app

538
00:35:16,710 --> 00:35:18,150
and avoid all of that BS

539
00:35:18,150 --> 00:35:19,890
at podcastapps.com.

540
00:35:20,170 --> 00:35:22,030
Like Fountain or Cast-O-Matic,

541
00:35:22,210 --> 00:35:22,890
just FYI,

542
00:35:23,070 --> 00:35:23,830
but I'm glad you're listening.

543
00:35:24,530 --> 00:35:26,230
Mirror Immortals podcast is back

544
00:35:26,230 --> 00:35:27,550
with a row of McDucks,

545
00:35:27,630 --> 00:35:29,830
22,222 Satoshis.

546
00:35:29,830 --> 00:35:32,070
Things that are looking up for old McDuck.

547
00:35:32,270 --> 00:35:32,950
All right.

548
00:35:33,450 --> 00:35:36,090
Exactly the same reason why I don't take ads or sponsorships.

549
00:35:36,190 --> 00:35:38,270
It's just too risky to trade your reputation for money.

550
00:35:38,430 --> 00:35:40,950
Appreciate your courage and tenacity in sticking with value for value.

551
00:35:41,350 --> 00:35:47,010
I personally got lucky with my security setup and got a gig kick up the arse to reevaluate and harden my security again.

552
00:35:47,430 --> 00:35:49,970
Nice to hear from you mere mortals and hear, hear to that.

553
00:35:49,970 --> 00:35:54,810
A Monday comes in with a row of McDuck's 22,222 satoshis.

554
00:35:54,870 --> 00:35:56,890
Things are looking up for old McDuck.

555
00:35:56,910 --> 00:35:58,570
This old duck still got it.

556
00:35:58,790 --> 00:36:01,030
Washington Bitcoin event coming up.

557
00:36:01,210 --> 00:36:01,730
What?

558
00:36:02,950 --> 00:36:03,210
What?

559
00:36:03,650 --> 00:36:08,190
The Bitcoin Convergence is a free-to-attend regional community mega meetup mini-conference

560
00:36:08,190 --> 00:36:11,730
taking place in Longview, Washington on October 5th.

561
00:36:11,950 --> 00:36:15,270
RSVP at BitcoinConvergence.org.

562
00:36:15,410 --> 00:36:19,250
The intent is to bring together the Portland and Puget Sound area Bitcoin communities.

563
00:36:19,710 --> 00:36:21,650
Camping and stay options are available.

564
00:36:21,850 --> 00:36:22,150
What?

565
00:36:25,590 --> 00:36:28,410
But BitcoinConvergence.org is not loading for me.

566
00:36:28,750 --> 00:36:29,910
It is not loading for me.

567
00:36:30,490 --> 00:36:31,270
Oh, I want to.

568
00:36:31,350 --> 00:36:31,830
Oh, now it did.

569
00:36:31,950 --> 00:36:32,930
I hit reload and it works.

570
00:36:32,950 --> 00:36:34,430
So I take that back.

571
00:36:34,470 --> 00:36:35,290
It is loading for me.

572
00:36:36,850 --> 00:36:37,290
Okay.

573
00:36:37,610 --> 00:36:38,090
Okay.

574
00:36:38,910 --> 00:36:40,530
This is September 5th though.

575
00:36:41,450 --> 00:36:42,450
That's a big difference.

576
00:36:42,510 --> 00:36:44,030
Is it September 5th or October?

577
00:36:45,550 --> 00:36:53,230
You better let me know because October's, uh, during Texas Linux fest, I think, but September,

578
00:36:53,490 --> 00:36:57,870
I think I'm available, but you say I hear October 5th, but the website says September

579
00:36:57,870 --> 00:36:58,250
5th.

580
00:36:58,470 --> 00:37:02,650
So you should let me know that if I could make it, I I'll come, I'll come camp in my car.

581
00:37:03,650 --> 00:37:05,150
Oh, no big deal at all.

582
00:37:05,630 --> 00:37:06,650
Bring a little recorder with me.

583
00:37:06,690 --> 00:37:07,610
Get some clips for the show.

584
00:37:08,270 --> 00:37:11,870
However, if it's during Texas Linux Fest, I've already made a commitment to Texas Linux Fest.

585
00:37:12,050 --> 00:37:12,550
Thank you, Monday.

586
00:37:12,810 --> 00:37:14,050
Appreciate the heads up on that.

587
00:37:14,810 --> 00:37:15,810
Bitcoinconvergence.org.

588
00:37:16,090 --> 00:37:17,270
Listeners, if you want to check it out.

589
00:37:17,830 --> 00:37:20,930
MDS is here with 21,000 satushers.

590
00:37:23,250 --> 00:37:27,690
Value for value at its absolute peak, peak, peak, peak.

591
00:37:28,050 --> 00:37:28,410
Boost.

592
00:37:28,850 --> 00:37:29,490
Thank you, MDS.

593
00:37:29,630 --> 00:37:30,130
Appreciate it.

594
00:37:30,210 --> 00:37:32,490
Philip is here with 20,000 sats.

595
00:37:32,770 --> 00:37:33,510
Hey, Philippa.

596
00:37:34,410 --> 00:37:35,930
Chris, thank you for your level-headedness.

597
00:37:36,010 --> 00:37:36,950
What a crazy week.

598
00:37:37,050 --> 00:37:38,270
Yes, VIP value all the way.

599
00:37:38,670 --> 00:37:40,470
Screw product-sponsored podcast, actually.

600
00:37:40,890 --> 00:37:43,770
Screw the celebrity hierarchy cult that's crept into the space.

601
00:37:43,870 --> 00:37:45,830
VIP areas, egos, and hero worship.

602
00:37:46,530 --> 00:37:48,090
None of this has a place in the new world.

603
00:37:48,230 --> 00:37:50,370
Massive wake-up resulting in good new direction, I think.

604
00:37:50,470 --> 00:37:52,090
We all just have to keep on asking questions.

605
00:37:52,670 --> 00:37:53,990
That is really well put.

606
00:37:54,310 --> 00:37:57,590
We have weirdly gotten into this weird hero worship, ego.

607
00:37:57,590 --> 00:38:00,370
I mean, look what the BIP-10, 110 stuff happened.

608
00:38:00,530 --> 00:38:00,930
Look at that.

609
00:38:01,550 --> 00:38:04,570
That's really a big part of that was main character syndromes and their followers.

610
00:38:05,450 --> 00:38:05,970
Nailed it, Philip.

611
00:38:06,030 --> 00:38:06,670
Good to hear from you.

612
00:38:06,870 --> 00:38:07,230
Thank you.

613
00:38:08,350 --> 00:38:10,590
Nakamoto6102 is here with 5,000 sats.

614
00:38:10,650 --> 00:38:11,370
You're supposed.

615
00:38:12,370 --> 00:38:15,150
As Fred Rogers said, look for the helpers.

616
00:38:15,290 --> 00:38:18,950
There were so many people that wanted to get the word out and help folks save their hard-earned Bitcoin.

617
00:38:18,950 --> 00:38:21,810
I feel terrible for those that lost their Bitcoin in this attack.

618
00:38:22,450 --> 00:38:25,190
CoinKite's negligence will only make us all more resilient.

619
00:38:25,190 --> 00:38:32,430
I understand why some people may keep part of their stack on an exchange or with an ETF or have self-custody spread over multi-vendors and multi-sync.

620
00:38:33,010 --> 00:38:35,830
Seeing hardworking people coming together to help others, though, gives me hope.

621
00:38:36,810 --> 00:38:38,710
Well said, Nakamoto. Well said.

622
00:38:38,790 --> 00:38:39,450
This is the way.

623
00:38:39,870 --> 00:38:41,090
Yeah, it really has been impressive.

624
00:38:41,210 --> 00:38:42,810
And the Red Team continues their work.

625
00:38:43,170 --> 00:38:45,550
We'll have, oh, I don't know if I put it in the updates, actually.

626
00:38:46,170 --> 00:38:47,270
I'll make it mentioned now.

627
00:38:47,350 --> 00:38:48,350
See, this is why you listen to the boos.

628
00:38:48,590 --> 00:38:51,030
If you run Electrum server, you need to update.

629
00:38:51,030 --> 00:39:09,010
They just pushed out an update today, Wednesday, August 12th, 2026, that has important security updates. They'll be disclosing the nature of those updates. They're giving you a little bit of time because once the nature of the updates is disclosed, the AI tools will backwork that in moments and begin exploiting.

630
00:39:09,010 --> 00:39:14,050
So this is your PSA right here in the middle of the booth.

631
00:39:14,730 --> 00:39:16,170
Update your electron.

632
00:39:17,410 --> 00:39:18,030
All right.

633
00:39:18,650 --> 00:39:19,010
All right.

634
00:39:19,170 --> 00:39:20,670
And it's, again, part of that work we're seeing.

635
00:39:20,770 --> 00:39:21,370
Thank you, Nakamoto.

636
00:39:21,550 --> 00:39:22,030
Great point.

637
00:39:22,550 --> 00:39:26,110
OB's here with 6,962 satushers.

638
00:39:27,050 --> 00:39:28,350
I can't swap in bull.

639
00:39:28,530 --> 00:39:29,110
Bolt's problem?

640
00:39:29,310 --> 00:39:29,550
Yes.

641
00:39:30,170 --> 00:39:31,150
They're working on it, but yes.

642
00:39:32,070 --> 00:39:33,530
Besson, honest, respectful question.

643
00:39:33,670 --> 00:39:34,550
What is he supposed to say?

644
00:39:34,590 --> 00:39:36,810
If we don't bail out Japan, they'll sell our Ponzi paper?

645
00:39:36,810 --> 00:39:38,490
I guess he can't say that, can he?

646
00:39:39,010 --> 00:39:55,830
Bitcoin Well was first to try my inbox. Oh, to tell my inbox about ColdCard. Yeah, Bitcoin Well is great. So Bull is a Liquid Federation member. So Bull probably has one of the best cases for solving and replacing the Bulls problem. And then again, here's a little bit of breaking news in the boost section.

647
00:39:55,830 --> 00:40:00,550
And Blockstream has also announced a swap service, much like Boltz.

648
00:40:00,890 --> 00:40:03,930
And Blockstream is the key Liquid Federation member, right?

649
00:40:04,010 --> 00:40:07,150
They're core to the Liquid Federation and Liquid Network.

650
00:40:07,290 --> 00:40:08,770
So I think it's probably good to come from them.

651
00:40:08,850 --> 00:40:11,950
And it seems like perhaps they've built in a way that others may be able to build their

652
00:40:11,950 --> 00:40:12,830
own independent thing on.

653
00:40:13,290 --> 00:40:15,830
So I don't think there's a solution right now.

654
00:40:15,830 --> 00:40:19,170
If you need to swap in and out, you could use sideswap.io.

655
00:40:19,810 --> 00:40:21,630
And that'll probably get you taken care of, Obi.

656
00:40:22,310 --> 00:40:23,150
Thank you for the boost.

657
00:40:23,150 --> 00:40:30,670
love down babylon comes in with 2 000 sets sad for those who lost funds bitcoiners are resilient

658
00:40:30,670 --> 00:40:34,530
and we'll take the lessons forward i thought of multi-sig for inheritance or business and

659
00:40:34,530 --> 00:40:40,990
charities now i see why multi-sig multi-vendor and multiple wallets uh to migrate any one loss

660
00:40:40,990 --> 00:40:46,490
matters multi all the things got it sovereignty over money is personal power and comes with

661
00:40:46,490 --> 00:40:51,170
personal responsibility no shame for those who learn and learned with their stack sets but we

662
00:40:51,170 --> 00:40:56,470
all take the wisdom from the pain. Wisdom cuts when it cuts. Bitcoin learns? I think he got cut

663
00:40:56,470 --> 00:41:04,010
off, but I think I'm totally on the same level with you there, loved. I definitely took a lesson

664
00:41:04,010 --> 00:41:12,610
from it. I've taken multiple lessons and I'm still taking lessons. And actually, those of us

665
00:41:12,610 --> 00:41:18,250
that were here will remember that it was their sacrifice that was the starting shot that taught

666
00:41:18,250 --> 00:41:23,070
us that we need to start using clankers more defensively and proactively find these exploits,

667
00:41:23,150 --> 00:41:25,070
which is why Electrum Server was just updated.

668
00:41:26,630 --> 00:41:31,790
So their sacrifice has been a lesson that I think a majority of the community that is

669
00:41:31,790 --> 00:41:33,270
actually building has internalized.

670
00:41:34,230 --> 00:41:38,750
And it is one that the rest of the industry will learn and Bitcoin will have a start and

671
00:41:38,750 --> 00:41:40,510
be hardened in the fire as a result of it.

672
00:41:41,470 --> 00:41:43,070
That is the silver lining that I see.

673
00:41:43,650 --> 00:41:44,370
Thank you, Love Down Babylon.

674
00:41:44,510 --> 00:41:44,930
Appreciate it.

675
00:41:44,990 --> 00:41:46,990
Moon Knight's here with 2000 Sats.

676
00:41:46,990 --> 00:41:48,570
Coming in hot with the boost.

677
00:41:49,070 --> 00:41:54,390
I've always believed that the air gaps in SD cards and QR codes and all that junk was just marketing hype over everything else.

678
00:41:54,930 --> 00:41:57,450
Who cares if the data is going over a USB port or a camera?

679
00:41:57,590 --> 00:41:58,430
It's still the same data.

680
00:41:58,610 --> 00:42:00,670
IDKY, I ever trusted CoinKite, to be honest.

681
00:42:01,190 --> 00:42:03,730
Spending a lot more time thinking about my self-custody these days.

682
00:42:04,830 --> 00:42:12,570
Yeah, what always bothered me about CoinKite was I never had an idea of the size of the company until all this happened.

683
00:42:12,870 --> 00:42:16,750
I assumed it was somewhere between 5 and 25.

684
00:42:16,990 --> 00:42:23,190
people. Now I'm not even sure it was five people. And I think they were, well, I think it's fair to

685
00:42:23,190 --> 00:42:30,710
say they were intentionally obscure and obligated that because they even did things like made PR

686
00:42:30,710 --> 00:42:34,350
requests and patches under pseudonyms and different names to make it look like other people were

687
00:42:34,350 --> 00:42:38,690
participating in the project from outside the, you know, just stuff like that. It just, the whole

688
00:42:38,690 --> 00:42:43,850
thing is, you wrap your head around it afterwards and you go, okay, well, there's a lot of obvious

689
00:42:43,850 --> 00:42:44,730
warning signs here.

690
00:42:45,670 --> 00:42:46,010
And, you know,

691
00:42:46,110 --> 00:42:46,970
four or five people

692
00:42:46,970 --> 00:42:48,210
trying to create

693
00:42:48,210 --> 00:42:49,550
Fort Knox for Bitcoiners.

694
00:42:51,770 --> 00:42:53,330
I think that's just

695
00:42:53,330 --> 00:42:54,530
a version of the internet

696
00:42:54,530 --> 00:42:55,590
and the technology

697
00:42:55,590 --> 00:42:56,530
that just doesn't exist

698
00:42:56,530 --> 00:42:57,330
anymore, unfortunately.

699
00:42:58,090 --> 00:42:58,810
Cyberpunk Dream's

700
00:42:58,810 --> 00:42:59,370
a little dead there,

701
00:42:59,430 --> 00:42:59,890
but it doesn't mean

702
00:42:59,890 --> 00:43:00,470
there isn't really

703
00:43:00,470 --> 00:43:01,230
cool technology

704
00:43:01,230 --> 00:43:02,070
that's super awesome

705
00:43:02,070 --> 00:43:02,890
that we can use now.

706
00:43:03,110 --> 00:43:04,590
So, there's that.

707
00:43:05,050 --> 00:43:05,490
Thank you, Moon.

708
00:43:06,350 --> 00:43:07,110
Ginkgo Salad's here

709
00:43:07,110 --> 00:43:09,210
with 17,000 Satoshis.

710
00:43:09,370 --> 00:43:20,292
You doing very well No message just value Appreciate that Anon here with 6 Satoshis Oh my God this drawer is filled with fruit loops Fighting with Albihub I hope this works

711
00:43:20,332 --> 00:43:21,212
If it did, I won.

712
00:43:21,312 --> 00:43:21,932
Yes, it did.

713
00:43:22,232 --> 00:43:23,152
Bip110 is a distraction.

714
00:43:23,272 --> 00:43:23,772
Give me a break.

715
00:43:23,832 --> 00:43:29,872
I like your economic takes, but your negative tilt to those who need tech to help run a note.

716
00:43:30,232 --> 00:43:34,812
I guess it's against your professional interests with all the developer experience you have to IT dumbed down Bitcoin culture.

717
00:43:35,212 --> 00:43:37,052
It devalues your experience in training, I suppose.

718
00:43:37,192 --> 00:43:38,772
But Bitcoin culture is not big Bitcoin.

719
00:43:38,772 --> 00:43:45,132
And if I'm wrong, well, the only developers like yourself will make money in Bitcoin forward, which is why you're not BIP 110 supporter.

720
00:43:46,152 --> 00:43:49,512
I would not classify myself as a developer at all.

721
00:43:49,932 --> 00:44:01,152
In fact, I am a longtime Bitcoiner, been here since nearly the beginning and then stepped away for a while and came back because I realized it was the best money in the world.

722
00:44:01,152 --> 00:44:13,952
So I initially started with technical interest in blockchain distributed networking and the idea of private keys and public keys being used as a way to cryptographically verify your money.

723
00:44:14,432 --> 00:44:16,052
That all seemed neat, right?

724
00:44:16,152 --> 00:44:17,032
Cool, I love that.

725
00:44:17,212 --> 00:44:18,832
And I can run it on Linux and all that stuff.

726
00:44:19,572 --> 00:44:20,992
But that didn't sustain me.

727
00:44:22,452 --> 00:44:27,952
What has brought me back and sustains me is the fact that it is truly the best engineered money ever.

728
00:44:28,032 --> 00:44:28,652
It is hard money.

729
00:44:29,092 --> 00:44:30,992
So I just don't know where you get this take.

730
00:44:31,152 --> 00:44:35,492
It just seems like kind of like you're picturing somebody else that you're talking to.

731
00:44:36,792 --> 00:44:39,412
Also, it's a very hard message to read, which is notable.

732
00:44:40,172 --> 00:44:42,432
And there is no big Bitcoin.

733
00:44:43,172 --> 00:44:44,292
There is no big Bitcoin.

734
00:44:44,572 --> 00:44:46,552
We have a lot of centralized miners.

735
00:44:46,872 --> 00:44:47,872
We do have that.

736
00:44:48,332 --> 00:44:49,852
But they all work to their own incentives.

737
00:44:50,172 --> 00:44:51,632
And they're checking out.

738
00:44:51,632 --> 00:44:53,952
I'll have updates on that coming up a little bit in the show.

739
00:44:54,492 --> 00:44:57,552
I think it's not quite the reality you're picturing.

740
00:44:58,172 --> 00:44:59,592
And I don't know if this episode helped you at all.

741
00:44:59,632 --> 00:44:59,992
Let me know.

742
00:44:59,992 --> 00:45:07,372
user 72 is here with 2000 sats b-o-o-s-t i was totally surprised i thought multi-sig was so

743
00:45:07,372 --> 00:45:12,092
overdue but from now on i have all the multi-sig with different vendors and the big thing is it

744
00:45:12,092 --> 00:45:17,792
really wasn't difficult oh i'm glad to hear that i'd love to know what you used um i think the

745
00:45:17,792 --> 00:45:22,292
software implementation is the biggest piece how you manage it and all of that and orchestrate i

746
00:45:22,292 --> 00:45:26,632
think is what makes the difference right so i'd love to know what you used buddha is coming in

747
00:45:26,632 --> 00:45:29,072
with a row of ducks, 2,222 satoshis.

748
00:45:30,472 --> 00:45:31,992
At one point in time,

749
00:45:32,032 --> 00:45:32,712
I was really considering

750
00:45:32,712 --> 00:45:33,872
getting myself a cold card.

751
00:45:33,952 --> 00:45:34,952
Then I realized they dropped

752
00:45:34,952 --> 00:45:36,772
their use of a real FOSS license.

753
00:45:36,952 --> 00:45:37,652
That put me off.

754
00:45:38,112 --> 00:45:39,292
I can't help but feel vindicated,

755
00:45:39,532 --> 00:45:40,112
but I'm really sorry

756
00:45:40,112 --> 00:45:40,812
for everyone affected.

757
00:45:41,432 --> 00:45:42,412
Yeah, I think this is maybe

758
00:45:42,412 --> 00:45:43,552
where Linux users

759
00:45:43,552 --> 00:45:45,172
and free software users

760
00:45:45,172 --> 00:45:47,052
saw a bigger warning flag

761
00:45:47,052 --> 00:45:48,692
than Bitcoiners that came here

762
00:45:48,692 --> 00:45:49,612
just for the money aspect,

763
00:45:49,712 --> 00:45:50,272
perhaps, right?

764
00:45:51,112 --> 00:45:51,852
Like we know,

765
00:45:52,032 --> 00:45:54,212
we know that if it's not free software,

766
00:45:54,212 --> 00:45:54,992
that means nobody else

767
00:45:54,992 --> 00:45:55,992
is building on top of it.

768
00:45:55,992 --> 00:45:59,052
And if nobody else is building on top of it, they're not finding this stuff.

769
00:45:59,172 --> 00:46:03,752
You can put something out there as Creative Commons or, you know, public free to view or whatever.

770
00:46:04,592 --> 00:46:07,132
But if nobody builds on it, they don't stress test it.

771
00:46:07,252 --> 00:46:09,452
And you just inherently learn that in the Linux space.

772
00:46:10,232 --> 00:46:11,692
User 54 is, thank you for the boost.

773
00:46:11,772 --> 00:46:15,172
User 54 is here with 17,000 sats.

774
00:46:16,092 --> 00:46:17,672
PIP 110 could go fork itself.

775
00:46:18,092 --> 00:46:19,312
Well, it did indeed.

776
00:46:19,552 --> 00:46:20,512
It did indeed.

777
00:46:20,952 --> 00:46:24,092
Ace Ackerman's here with 3,333 satoshis.

778
00:46:24,092 --> 00:46:24,912
Oh, all right.

779
00:46:24,972 --> 00:46:25,352
Okay.

780
00:46:25,992 --> 00:46:37,672
I don't think Bitcoin maximum will die, but I hope it knocks some of the pretentiousness out of the maxis and the humiliation may do them good.

781
00:46:38,032 --> 00:46:41,532
You know, I used to consider myself a maxi, even during the run of this show at the beginning.

782
00:46:41,532 --> 00:46:46,412
But I think a wise man has to reevaluate.

783
00:46:46,532 --> 00:46:51,532
And if you don't reevaluate from time to time, you get separated with your money, as we're seeing with the Bitcoin tenors.

784
00:46:52,292 --> 00:46:56,712
Sleets is back with 12,345 sats, Spaceballs boost.

785
00:46:56,812 --> 00:47:00,912
So the culmination is one, two, three, four, five.

786
00:47:01,012 --> 00:47:02,632
I'm glad you're getting offers for sponsorship.

787
00:47:02,872 --> 00:47:04,832
This podcast is valuable and the players see it.

788
00:47:04,892 --> 00:47:08,452
My definition of a toxic maxi is a paranoid DIYer

789
00:47:08,452 --> 00:47:09,792
that knows what money is.

790
00:47:09,872 --> 00:47:11,832
Along those lines, it's relatively easy to DOI

791
00:47:11,832 --> 00:47:12,952
your own air-gapped hardware wallet

792
00:47:12,952 --> 00:47:15,272
using a spare 64-bit laptop, netbook,

793
00:47:15,332 --> 00:47:16,372
plus any flavor of Linux,

794
00:47:16,372 --> 00:47:20,272
and one or two BIP39 entropy programs

795
00:47:20,272 --> 00:47:21,112
to generate your secret.

796
00:47:21,532 --> 00:47:22,712
with the second to validate it,

797
00:47:22,852 --> 00:47:23,752
and Sparrow for your wallet.

798
00:47:24,052 --> 00:47:25,752
This would functionally work like a cold card queue

799
00:47:25,752 --> 00:47:27,032
with a real keyboard and passphrase.

800
00:47:27,372 --> 00:47:30,232
Now, I would say not only that, Sleeks,

801
00:47:30,572 --> 00:47:33,752
but like, if you're willing to have, say like,

802
00:47:33,852 --> 00:47:35,632
if you're willing to do this setup, the DIY setup,

803
00:47:35,872 --> 00:47:37,272
like an air-gapped ThinkPad,

804
00:47:37,872 --> 00:47:38,972
just use Bitcoin Core.

805
00:47:41,032 --> 00:47:42,392
I mean, that's bullet tested.

806
00:47:42,612 --> 00:47:45,012
Bitcoin Core is, like I said, it's been built on top of,

807
00:47:45,292 --> 00:47:48,532
it's been hardened, and when you look at what free software

808
00:47:48,532 --> 00:47:50,952
actually really gets poked at, Bitcoin Core.

809
00:47:51,532 --> 00:47:51,892
All right.

810
00:47:51,952 --> 00:47:53,432
So you could,

811
00:47:53,512 --> 00:47:54,712
although I think that's a great setup too,

812
00:47:54,772 --> 00:47:54,952
right?

813
00:47:55,312 --> 00:47:56,552
But I'm just saying like,

814
00:47:56,632 --> 00:47:57,592
if you're going that route,

815
00:47:58,112 --> 00:47:58,912
you don't have to have,

816
00:47:58,932 --> 00:47:59,512
it doesn't have to be,

817
00:47:59,652 --> 00:48:01,632
this is the point I tried to make in Linux

818
00:48:01,632 --> 00:48:02,992
unplugged a couple of weeks ago

819
00:48:02,992 --> 00:48:05,672
is Linux has learned the hard way

820
00:48:05,672 --> 00:48:07,432
how to generate great random numbers.

821
00:48:08,232 --> 00:48:11,092
And so you would have been way better off

822
00:48:11,092 --> 00:48:13,352
generating your seed on a Linux box

823
00:48:13,352 --> 00:48:14,212
than on a cold card.

824
00:48:14,472 --> 00:48:15,592
This is the reality of it.

825
00:48:16,272 --> 00:48:16,992
I like that.

826
00:48:17,072 --> 00:48:17,472
Thanks, Leets.

827
00:48:18,012 --> 00:48:19,712
Code 27 is here with a row of ducks,

828
00:48:19,792 --> 00:48:20,892
2,222 cents.

829
00:48:21,532 --> 00:48:23,172
No messages value. Thank you.

830
00:48:23,492 --> 00:48:25,532
Brewigator's here with 5,000 sats.

831
00:48:25,672 --> 00:48:26,652
Danger zone.

832
00:48:27,212 --> 00:48:30,672
Woke up for an early run and about halfway through turned on Twib cold card episode,

833
00:48:30,672 --> 00:48:33,692
and I had absolutely no idea what's going on.

834
00:48:33,812 --> 00:48:34,392
Danger zone.

835
00:48:34,812 --> 00:48:38,732
I immediately turned around and sprinted home at a fast pace, the fastest I've ever run.

836
00:48:40,592 --> 00:48:41,932
Thanks for keeping me up to date.

837
00:48:42,312 --> 00:48:44,172
And the unexpected interval workout.

838
00:48:46,772 --> 00:48:47,992
That's really good, man.

839
00:48:48,292 --> 00:48:49,132
Thank you for that.

840
00:48:49,132 --> 00:48:54,872
and uh brewgator i think i'm i think i'm glad it worked out for you right like i'm glad i mean i'm

841
00:48:54,872 --> 00:49:00,772
glad you were able to address it imagine imagine that that's great bug-eyed stormtroopers here with

842
00:49:00,772 --> 00:49:07,492
4084 sats but that's not possible nothing can do that uh i never played with all coins

843
00:49:07,492 --> 00:49:12,352
got into bitcoin because of linux unplugged and podcasting to it oh got the cold card after you

844
00:49:12,352 --> 00:49:16,012
mentioned one of your shows but never took the time to set it up sometimes procrastination pays

845
00:49:16,012 --> 00:49:20,132
off. Thanks for sticking your neck out and doing value for value. You know, budget eye, that is

846
00:49:20,132 --> 00:49:26,932
true. It isn't funny. Sometimes doing nothing is the best route. It really is. I am really grateful

847
00:49:26,932 --> 00:49:34,292
that I did not go all in on cold card, that I have bit boxes and jades as well. That, oh my God,

848
00:49:34,292 --> 00:49:40,672
saved me a lot of trouble, you know, because it just always makes sense. It always, always,

849
00:49:40,792 --> 00:49:45,692
always made sense to me to just do multi vendor. I just, you know, it's just a balance of

850
00:49:45,692 --> 00:49:53,092
complexity and all of that gene beans here with 4 444 satoshis this is a tasty burger i think a

851
00:49:53,092 --> 00:49:57,392
flaw of the maxi rhetoric was too much focus on self-custody centered on a cold storage device

852
00:49:57,392 --> 00:50:02,172
instead of a multi-vendor multi-sig cold storage setup that's true i said i found this tool for

853
00:50:02,172 --> 00:50:07,052
watching the bip 110 main chain split via nostr fork.observer yeah there was a couple of really

854
00:50:07,052 --> 00:50:13,172
good ones gene i used fork.observer myself um yeah that was part of the fun is people built

855
00:50:13,172 --> 00:50:15,152
really good tools to watch all this go down.

856
00:50:15,212 --> 00:50:16,732
The Bitcoin community is just so awesome.

857
00:50:17,512 --> 00:50:18,832
Not sure, not, thank you, Gene.

858
00:50:19,012 --> 00:50:21,252
Not sure is here with 5,555 sats.

859
00:50:25,952 --> 00:50:27,612
Here's some non-cold card sats.

860
00:50:27,732 --> 00:50:31,352
Bitcoin toxic maximalism wasn't toxic enough the right way.

861
00:50:31,812 --> 00:50:33,132
Cold cards were targeted at maxis,

862
00:50:33,172 --> 00:50:35,012
but maxis shouldn't use a wallet generated seeds.

863
00:50:35,152 --> 00:50:36,252
I'm not victim blaming though.

864
00:50:37,832 --> 00:50:39,772
Yeah, maybe they didn't maxi hard enough.

865
00:50:40,732 --> 00:50:41,232
Could be it.

866
00:50:41,412 --> 00:50:42,732
Atone's here with a row of ducks.

867
00:50:43,832 --> 00:50:46,612
I was a cold card proponent, and I have been humbled.

868
00:50:46,792 --> 00:50:48,632
Fortunately, Dice Roll saved my bacon.

869
00:50:49,072 --> 00:50:50,812
I still moved off the device until the dust settles.

870
00:50:51,172 --> 00:50:54,052
I'm not sure I can even trust it, just as a signing device after this.

871
00:50:54,372 --> 00:50:57,472
But I think my big takeaway is that I'm a Dice Roll maxi now.

872
00:50:57,552 --> 00:50:58,172
I know, right?

873
00:50:58,552 --> 00:51:00,272
I was impressed to see, I don't know if anybody saw this,

874
00:51:00,332 --> 00:51:05,212
but Jade Wallet Blockstream announced that they are increasing ways

875
00:51:05,212 --> 00:51:07,812
to manually do entropy if you'd like to roll your own dice.

876
00:51:08,592 --> 00:51:10,312
Although I think of the hardware wallets,

877
00:51:10,312 --> 00:51:16,852
the jade device probably is the best at sourcing entropy from multiple sources um but uh you gotta

878
00:51:16,852 --> 00:51:24,532
wonder if coin kite survives which i don't think is likely will the cold cards become now truly the

879
00:51:24,532 --> 00:51:31,092
most hardened card like would a queue still make for a good multi vendor setup my instincts is no

880
00:51:31,092 --> 00:51:37,312
never trust them again but my intellect says it's probably conceivably possible you know i also saw

881
00:51:37,312 --> 00:51:40,672
I cannot remember who it is, but I also saw,

882
00:51:41,832 --> 00:51:43,892
shoot, I wish I remember who it was,

883
00:51:43,892 --> 00:51:46,792
but somebody is starting a CoinKite

884
00:51:46,792 --> 00:51:48,512
open source firmware side project

885
00:51:48,512 --> 00:51:59,175
to try to create an alternative firmware for cold cards that could perhaps persist after CoinKite goes away I try to keep an eye on that and try to track that down Not sure what goes there

886
00:51:59,475 --> 00:52:00,355
Atone, thank you very much.

887
00:52:00,415 --> 00:52:01,035
Appreciate you.

888
00:52:01,535 --> 00:52:05,155
The GW, JW comes in with 3,333 sats.

889
00:52:06,095 --> 00:52:08,075
That feeling when you're casually chilling with Twib

890
00:52:08,075 --> 00:52:10,435
and you hear your handle get a shout out after a forgotten boost.

891
00:52:10,755 --> 00:52:11,855
Talk about value for value.

892
00:52:11,975 --> 00:52:13,055
Hey, thanks, the G.

893
00:52:13,355 --> 00:52:14,075
Appreciate you.

894
00:52:15,095 --> 00:52:18,255
12,345 sats from Just T.

895
00:52:18,455 --> 00:52:18,775
Yes.

896
00:52:18,915 --> 00:52:19,495
That's amazing.

897
00:52:19,615 --> 00:52:21,135
I've got the same combination on my luggage.

898
00:52:21,355 --> 00:52:22,655
No message, just value.

899
00:52:22,775 --> 00:52:23,975
Appreciate you very much.

900
00:52:24,375 --> 00:52:26,835
And Oppie1984 is back with 4,000 sats.

901
00:52:26,935 --> 00:52:28,175
The traders love the vol.

902
00:52:28,515 --> 00:52:32,055
Bernie Meme, if you're holding, I'm once again recommending paper wallets.

903
00:52:32,475 --> 00:52:34,375
No, I don't know about that.

904
00:52:34,495 --> 00:52:35,875
I don't know about that.

905
00:52:35,955 --> 00:52:36,755
I like you, Oppie, though.

906
00:52:36,775 --> 00:52:37,395
Thank you very much.

907
00:52:37,435 --> 00:52:39,355
You make me want to be a better man.

908
00:52:39,735 --> 00:52:43,535
Ah, your inner child comes in with 2,117 satoshis.

909
00:52:43,535 --> 00:52:45,175
I am programmed in multiple techniques.

910
00:52:45,175 --> 00:52:48,035
Ah, 2-1-1-7 for the 117th episode.

911
00:52:48,035 --> 00:52:53,055
plus 2000. Heard the cold card issue first from Twib, but also diversify and don't trust Canadian

912
00:52:53,055 --> 00:53:00,575
companies. The key of the American song, American theme song is litigation against Kite in the works.

913
00:53:00,695 --> 00:53:05,255
It is, although the people doing it don't have the best reputation, I would say, from what I've

914
00:53:05,255 --> 00:53:09,075
heard. But I mean, they're just they're trial lawyers, but that's probably good or bad. But

915
00:53:09,075 --> 00:53:12,675
it does look like there's going to be at least some sort of legal action taking place in Canada.

916
00:53:13,535 --> 00:53:17,395
I don't know if that will spread to the US, but that has begun. You're in. Thank you.

917
00:53:18,035 --> 00:53:20,075
Sloppy Joe's here with 2,800 sats.

918
00:53:20,195 --> 00:53:20,875
Tough little ship.

919
00:53:21,655 --> 00:53:22,015
Little.

920
00:53:23,255 --> 00:53:26,955
Chris, the cold card issue has really shaken my trust in out-of-the-box hardware security.

921
00:53:27,295 --> 00:53:31,215
If top-tier vendors can ship critical entry bugs for five years undetected,

922
00:53:31,615 --> 00:53:35,575
is a single-sig custody still viable for the average Joe with significant holdings?

923
00:53:35,875 --> 00:53:37,495
Does this mandate a shift to multi-sig?

924
00:53:37,575 --> 00:53:39,315
Maybe an easy DIY bit key?

925
00:53:39,755 --> 00:53:41,195
Or use a custodian like Unchained?

926
00:53:41,195 --> 00:53:43,015
I'm not sure how to do dice rolls.

927
00:53:43,155 --> 00:53:43,895
Please advise.

928
00:53:43,895 --> 00:53:52,835
um so i did a technical deep dive sloppy joe into bitkey and i think a lot of the criticism about

929
00:53:52,835 --> 00:53:58,815
bitkey is a bit off right now and the main criticism is that block generates all three

930
00:53:58,815 --> 00:54:04,415
keys and that's not actually true that's not how it works there are three keys the app holds one

931
00:54:04,415 --> 00:54:09,835
on your device your physical hardware wallet the bitkey holds one and then block servers hold one

932
00:54:09,835 --> 00:54:14,975
each one is generated differently and in the case of the one held on the block server they're using

933
00:54:14,975 --> 00:54:22,855
the amazon secure enclave system and they technically as far as i can tell don't know

934
00:54:22,855 --> 00:54:28,355
what that key is and cannot prevent you from using it with their technical setup which is what a lot

935
00:54:28,355 --> 00:54:35,015
of the criticism is uh to be frank where the vulnerabilities with bitkey are is that it does

936
00:54:35,015 --> 00:54:39,555
rely on a third-party infrastructure to to operate normally they have a break glass protocol

937
00:54:39,555 --> 00:54:47,655
and that infrastructure all relies on cryptography that is significantly less quantum ready than say

938
00:54:47,655 --> 00:54:52,975
bitcoin so if people are worried about bitcoin and quantum well the stuff that's protecting some

939
00:54:52,975 --> 00:54:57,015
of the big key communication protocols between servers and signing and all of that

940
00:54:57,015 --> 00:55:04,155
that's also just as vulnerable so you know there's that risk profile i suppose the other risk profile

941
00:55:04,155 --> 00:55:06,555
is it stores a backup key, BitKey,

942
00:55:06,635 --> 00:55:08,935
it stores a backup key on a cloud server,

943
00:55:09,615 --> 00:55:11,595
be it either Google Drive or iCloud.

944
00:55:12,775 --> 00:55:14,055
And then it does encrypt at first.

945
00:55:14,115 --> 00:55:15,095
But in the case of iCloud,

946
00:55:15,575 --> 00:55:17,115
if all your devices are up to date,

947
00:55:17,415 --> 00:55:19,555
you can turn on advanced data protection,

948
00:55:19,655 --> 00:55:21,235
which gives you another layer of protection.

949
00:55:21,235 --> 00:55:22,955
But you do need to be careful about that.

950
00:55:23,175 --> 00:55:24,835
And you'll want to set up some recovery steps.

951
00:55:24,835 --> 00:55:26,355
And they have more information about that

952
00:55:26,355 --> 00:55:27,655
in the iCloud settings on your iPhone.

953
00:55:28,375 --> 00:55:30,535
And then I think for folks like yourself,

954
00:55:31,575 --> 00:55:32,795
BitKey's a pretty solid option.

955
00:55:33,135 --> 00:55:34,495
I really do think it is a solid option.

956
00:55:34,595 --> 00:55:36,395
I think every six months or so, you should plug it in.

957
00:55:36,895 --> 00:55:39,315
It is designed to operate after the battery fails.

958
00:55:39,455 --> 00:55:40,975
You just have to leave it plugged into USB-C,

959
00:55:41,055 --> 00:55:43,235
but it does have power pass-through if the battery fails.

960
00:55:43,535 --> 00:55:45,115
The newer versions have a screen,

961
00:55:45,215 --> 00:55:46,695
which was one of the number one complaints

962
00:55:46,695 --> 00:55:47,895
of the original BitKey.

963
00:55:48,635 --> 00:55:50,835
I'd say the biggest downside to the BitKey

964
00:55:50,835 --> 00:55:52,915
is it is limited to the BitKey app.

965
00:55:53,695 --> 00:55:56,495
And the BitKey app doesn't have a lot of functionality

966
00:55:56,495 --> 00:55:57,975
besides storing your Bitcoin,

967
00:55:58,555 --> 00:56:00,375
which if that's what you're looking for, that's fine.

968
00:56:00,535 --> 00:56:01,655
If you're looking for something

969
00:56:01,655 --> 00:56:04,215
that integrates with Lightning or Liquid, that ain't it.

970
00:56:04,455 --> 00:56:06,895
It does integrate with Cash App for DCA stacking,

971
00:56:07,015 --> 00:56:08,895
but for me, that's just not how I'm stacking sats.

972
00:56:09,275 --> 00:56:12,195
And I think there may be some speculation in a year,

973
00:56:12,395 --> 00:56:13,775
within a year, there may be some sort of

974
00:56:13,775 --> 00:56:15,075
bit key integration with Strike.

975
00:56:15,415 --> 00:56:17,375
I don't know what it would look like

976
00:56:17,375 --> 00:56:18,395
or what the shape of that would be.

977
00:56:19,235 --> 00:56:20,875
But for somebody like yourself,

978
00:56:21,275 --> 00:56:23,655
you get a comfortably easy to manage

979
00:56:23,655 --> 00:56:26,295
multi-sig setup, quote unquote,

980
00:56:26,295 --> 00:56:33,695
that is probably the most user-friendly cold Bitcoin storage.

981
00:56:34,115 --> 00:56:35,615
I hesitate to fully call it cold.

982
00:56:35,835 --> 00:56:37,035
It's more like warm storage.

983
00:56:37,575 --> 00:56:40,235
But I would say it's probably safer than leaving it on an exchange.

984
00:56:41,015 --> 00:56:42,095
I hope that helps, Sloppy Joe.

985
00:56:43,435 --> 00:56:49,395
Oh, whoa, Satsquatch coming in with a big old fiat boost.

986
00:56:50,655 --> 00:56:51,135
$200.

987
00:56:51,135 --> 00:57:05,115
Greetings from the secret Thousand Oaks meetup.

988
00:57:05,235 --> 00:57:08,535
We just met tonight and some of the boys ponied up for this donation.

989
00:57:09,215 --> 00:57:10,495
They do like to remain anonymous.

990
00:57:10,755 --> 00:57:17,995
Anyhow, we all dodged the cold card bullet and I was sweating bullets getting my balances off my single Sig Mark II.

991
00:57:18,855 --> 00:57:19,375
Wow.

992
00:57:19,375 --> 00:57:21,375
So thanks for always bringing home the bacon.

993
00:57:21,755 --> 00:57:22,875
Satsquatch, thank you so much.

994
00:57:22,895 --> 00:57:24,735
And hello, everybody in the secret Thousand Oaks meetup.

995
00:57:24,755 --> 00:57:26,315
I'd love to make it there one day.

996
00:57:26,335 --> 00:57:28,335
I got to make it there one day and buy you guys a beer.

997
00:57:29,075 --> 00:57:30,015
That is fantastic.

998
00:57:30,215 --> 00:57:31,615
Thank you very, very much.

999
00:57:31,775 --> 00:57:32,915
I do appreciate you.

1000
00:57:37,595 --> 00:57:40,095
Department of Lols comes in with $25.

1001
00:57:40,695 --> 00:57:42,115
Coming in hot with the booze.

1002
00:57:42,215 --> 00:57:43,135
No message, just value.

1003
00:57:43,295 --> 00:57:44,035
I love that name.

1004
00:57:44,135 --> 00:57:44,595
Thank you.

1005
00:57:45,155 --> 00:57:46,735
Sickander comes in with $10.

1006
00:57:49,375 --> 00:57:52,395
I was right about BIP-110, he says.

1007
00:57:52,495 --> 00:57:55,315
So let's see if I'll be right about BIP-300 eCash.

1008
00:57:55,395 --> 00:57:57,575
The last update is that they will fork three times

1009
00:57:57,575 --> 00:57:58,975
so people can get a chance to test it out

1010
00:57:58,975 --> 00:58:00,675
before it goes live in October.

1011
00:58:01,095 --> 00:58:04,995
The Alpha Fork happens August 23rd at Blockheight 963648.

1012
00:58:05,995 --> 00:58:08,295
For software and more info, go to eCash.com.

1013
00:58:08,455 --> 00:58:09,595
That's a great boost.

1014
00:58:10,175 --> 00:58:11,695
Thank you for keeping me updated on that.

1015
00:58:11,695 --> 00:58:13,875
That is a topic I want to stay current on,

1016
00:58:14,315 --> 00:58:15,995
but with all this stuff going on,

1017
00:58:16,235 --> 00:58:17,795
it has slipped through the cracks.

1018
00:58:17,795 --> 00:58:19,875
I also need to do more homework on ARK.

1019
00:58:20,215 --> 00:58:22,795
I really am excited about eCash, so I really appreciate that.

1020
00:58:22,895 --> 00:58:23,655
I need to learn more.

1021
00:58:23,895 --> 00:58:24,275
Thank you.

1022
00:58:25,315 --> 00:58:27,335
J-Cube comes in with a free member boost.

1023
00:58:27,955 --> 00:58:31,715
Chris, can you talk about BitKey, or if you already covered it, could you call out which episode?

1024
00:58:31,815 --> 00:58:32,515
I'm reading about it.

1025
00:58:32,775 --> 00:58:38,075
It feels an awful lot like I'm trusting others, which I suppose is part of the lesson that we should be learning from this tobacco.

1026
00:58:38,315 --> 00:58:39,415
I had the same feelings.

1027
00:58:40,795 --> 00:58:42,195
I dug into it quite a bit.

1028
00:58:42,195 --> 00:58:45,155
I was pretty comfortable with the technology stack.

1029
00:58:45,215 --> 00:58:48,195
And I'm also comfortable with the staff at Block

1030
00:58:48,195 --> 00:58:49,595
and the research team they have.

1031
00:58:49,715 --> 00:58:51,335
And I imagine they're going to keep this thing

1032
00:58:51,335 --> 00:58:52,395
pretty current and aggressive.

1033
00:58:52,595 --> 00:58:54,675
But I hope some of my coverage earlier, JQ,

1034
00:58:54,995 --> 00:58:55,815
answered your question.

1035
00:58:56,335 --> 00:58:57,815
Gene being sent in a free member boost,

1036
00:58:57,875 --> 00:58:59,795
I want to share that I decided to give my umbrella

1037
00:58:59,795 --> 00:59:01,015
a wee bit of an upgrade.

1038
00:59:01,535 --> 00:59:03,875
I moved from a Pi 4 to a trashcan Mac Pro

1039
00:59:03,875 --> 00:59:05,015
with 64 gigs of RAM.

1040
00:59:05,175 --> 00:59:05,935
Nice, Gene.

1041
00:59:06,195 --> 00:59:07,935
Oh, isn't it a beautiful machine, Gene?

1042
00:59:08,635 --> 00:59:10,835
Oh, it's a classic.

1043
00:59:10,835 --> 00:59:12,015
It's a classic.

1044
00:59:12,195 --> 00:59:13,495
I'm still running Umbral OS.

1045
00:59:13,575 --> 00:59:15,375
The blockchain is still on the same external too.

1046
00:59:15,715 --> 00:59:16,295
Not surprising.

1047
00:59:16,475 --> 00:59:17,435
Things seem a bit snappier.

1048
00:59:17,575 --> 00:59:18,555
Very nice, Gene Bean.

1049
00:59:19,095 --> 00:59:19,775
Very nice.

1050
00:59:20,335 --> 00:59:22,015
Anonymous boosts in from the members.

1051
00:59:22,215 --> 00:59:24,795
Any recommendation for alternatives to Bolts.exchange?

1052
00:59:25,255 --> 00:59:28,375
Check out the new swap service launched by Blockstream.

1053
00:59:28,775 --> 00:59:30,755
And I'll try to put a link in the show notes for that.

1054
00:59:31,595 --> 00:59:33,355
But I have a lot of show notes this week.

1055
00:59:33,495 --> 00:59:35,135
And then also, if you need to get in and out,

1056
00:59:35,275 --> 00:59:37,075
you can always use sideswap.io.

1057
00:59:37,795 --> 00:59:41,455
They are a full Liquid Federation member.

1058
00:59:41,455 --> 00:59:44,095
so they have their own separate things outside of Bolts.

1059
00:59:44,495 --> 00:59:46,555
But it is nice to see the community coming together

1060
00:59:46,555 --> 00:59:47,355
to build alternatives,

1061
00:59:47,635 --> 00:59:50,155
and the loss of Bolts, man.

1062
00:59:51,155 --> 00:59:53,795
That one, I think, hurt a lot,

1063
00:59:53,935 --> 00:59:55,375
and it's going to continue to hurt for a while.

1064
00:59:56,155 --> 00:59:57,095
That's a lot of boost,

1065
00:59:57,115 --> 00:59:58,835
and there's more below the 2,000 sat cutoff.

1066
00:59:59,275 --> 01:00:00,255
Thank you, everyone.

1067
01:00:00,355 --> 01:00:03,335
The last couple of weeks have been some hard work for this show,

1068
01:00:03,415 --> 01:00:05,235
and you returned the value my direction.

1069
01:00:05,675 --> 01:00:07,935
Thank you, everyone, who streamed sats as they listened.

1070
01:00:08,275 --> 01:00:10,075
21 of you, how perfect is that,

1071
01:00:10,075 --> 01:00:14,855
streamed 77,292 Satoshis.

1072
01:00:15,315 --> 01:00:16,255
I love that.

1073
01:00:16,355 --> 01:00:17,095
Thank you very much.

1074
01:00:17,175 --> 01:00:18,515
When you bring it all together,

1075
01:00:18,935 --> 01:00:21,095
because we had a baller Sats booster

1076
01:00:21,095 --> 01:00:22,554
and a baller Fiat booster,

1077
01:00:22,935 --> 01:00:24,455
I think we did really good this week.

1078
01:00:24,495 --> 01:00:26,895
And I really do appreciate you guys reflecting the value

1079
01:00:26,895 --> 01:00:37,477
and the hard work here All together when you just take the Fiat boosts and you convert them to Sats at our current value and just count everything as sats even if some of it was fiat the grand total for this week

1080
01:00:37,477 --> 01:00:48,977
is 962,715 satoshis. That is real value right there and payoff for a couple of weeks of really

1081
01:00:48,977 --> 01:00:51,277
hard work. Thank you, everybody.

1082
01:00:57,457 --> 01:01:04,097
boost.jupiterbroadcasting.com

1083
01:01:04,097 --> 01:01:05,917
or use something like Fountain or Cast-O-Matic,

1084
01:01:06,017 --> 01:01:08,537
any of the new podcasting 2.0 apps that support Boost.

1085
01:01:09,557 --> 01:01:10,817
I really do appreciate it.

1086
01:01:11,537 --> 01:01:13,437
You know, it charges me up, really does.

1087
01:01:13,537 --> 01:01:15,537
There are weeks where it's just, you know,

1088
01:01:15,597 --> 01:01:17,297
it's hard to even find time to shave.

1089
01:01:17,517 --> 01:01:22,157
This is one of those weeks where I've been even just so down to the wire,

1090
01:01:22,157 --> 01:01:25,097
but the focus remains, the passion remains,

1091
01:01:25,337 --> 01:01:26,877
and then when you guys return the value,

1092
01:01:26,877 --> 01:01:30,937
It's this is the this, you know, sailor talks about a flywheel.

1093
01:01:31,057 --> 01:01:31,877
This is the flywheel.

1094
01:01:32,177 --> 01:01:34,357
This is the flywheel for content right here.

1095
01:01:34,457 --> 01:01:35,337
We've cracked it together.

1096
01:01:35,597 --> 01:01:37,517
And I really appreciate everybody's support.

1097
01:01:37,657 --> 01:01:39,657
And I do have more stories for you.

1098
01:01:39,697 --> 01:01:40,997
So let's get into the rest of the news.

1099
01:01:52,097 --> 01:01:54,217
Let's start with a cold card update for you.

1100
01:01:54,217 --> 01:01:56,617
I am still very closely following this story.

1101
01:01:56,877 --> 01:01:58,817
There are a lot of theories right now.

1102
01:01:58,877 --> 01:02:00,797
I'm trying to just stick to grounded facts.

1103
01:02:01,317 --> 01:02:03,757
I'd also like to take some lead from you on this.

1104
01:02:03,837 --> 01:02:05,497
What would you like to know around the story?

1105
01:02:05,577 --> 01:02:07,137
What questions do you have still?

1106
01:02:07,597 --> 01:02:09,457
But here's a little small update for you.

1107
01:02:09,957 --> 01:02:12,577
Alex Thorne was on Natalie Brunel's Coin Stories podcast.

1108
01:02:12,817 --> 01:02:16,957
He's from Galaxy Digital, and Galaxy Digital has been nosed down on the blockchain watching

1109
01:02:16,957 --> 01:02:20,677
where these stolen coins are going, the behaviors all around that.

1110
01:02:20,917 --> 01:02:24,017
And he gives us an update on what he's been seeing in the last few days.

1111
01:02:24,017 --> 01:02:26,317
What do you expect the hackers to do?

1112
01:02:26,317 --> 01:02:38,217
Do you think that they're going to use coin mixing, coin join technology, which for those of you who aren't familiar, it's essentially kind of like throwing your coins into a jar and then shaking it and pulling it out.

1113
01:02:38,397 --> 01:02:40,417
You don't know where it originally came from.

1114
01:02:40,497 --> 01:02:42,957
You basically get kind of a fresh address.

1115
01:02:43,377 --> 01:02:53,757
But don't we have certain systems in place already to track people who have done that or coins that have come from coin join so that they can't be put back on an exchange for sale?

1116
01:02:54,617 --> 01:03:02,417
Yeah, a lot of the exchanges and like the coin brokerages, they flag if there's CoinJoin in the history of coins and may freeze them.

1117
01:03:02,597 --> 01:03:10,117
I mean, I know ideologically that I don't necessarily agree with that because you can legitimately use a CoinJoin for privacy reasons.

1118
01:03:11,397 --> 01:03:13,577
But many do. So there's that.

1119
01:03:13,577 --> 01:03:18,617
And then I should also say, like, there's really not a lot of liquidity in CoinJoin right now.

1120
01:03:18,617 --> 01:03:25,597
So I've seen some go in and been able to pretty confidently say that, you know, a chunk came out.

1121
01:03:25,917 --> 01:03:36,817
It does complicate, in some cases, break the ability to directly trace the origin to destination when it goes through a coin join.

1122
01:03:36,817 --> 01:03:44,857
but again like you know if 100 BTC go into a coin join transaction and I see that 50 of them are

1123
01:03:44,857 --> 01:03:50,377
from the attacker from attacker addresses and then 100 come out and you have like

1124
01:03:50,377 --> 01:03:58,497
49 one BTC transactions at 150 like it's 150 BTC transaction like that's I saw a pattern like that

1125
01:03:58,497 --> 01:04:04,497
where it's like okay you tried to coin join them but like we can probably assume that you know by

1126
01:04:04,497 --> 01:04:11,717
timing and by like fund amount, like it's, it's possibly still the attacker. Very few of the coins

1127
01:04:11,717 --> 01:04:20,237
have gone through that type of laundering attempt so far. I think, uh, 1500 or more of the 1700 that

1128
01:04:20,237 --> 01:04:25,717
I'm tracking are sitting inert. 92% of the ones that have been taken, confirmed taken with high

1129
01:04:25,717 --> 01:04:31,457
confidence. So it's mostly not being, um, sophisticated laundered in sophisticated ways.

1130
01:04:31,457 --> 01:04:38,097
some of the smaller ones we've seen, like bridging to other networks and depositing into

1131
01:04:38,097 --> 01:04:43,537
offshore casinos. And we've seen some of that activity, but not the bulk of it.

1132
01:04:44,177 --> 01:04:48,257
But you have seen some of that, like some of the coins that were stolen already going on to

1133
01:04:48,257 --> 01:04:55,097
foreign crypto exchanges or casinos? Yeah, we have. I mean, would you expect that tactic that

1134
01:04:55,097 --> 01:05:01,057
maybe they're starting off with just a few coins or smaller amounts and then they'll eventually

1135
01:05:01,057 --> 01:05:02,557
move the larger amount?

1136
01:05:02,917 --> 01:05:05,957
It's honestly like the big chunks aren't doing anything right now.

1137
01:05:06,137 --> 01:05:09,777
It's like most of that activity we're seeing are these like very much smaller.

1138
01:05:10,377 --> 01:05:13,737
Like, I mean, for example, like if I just look here, like the top.

1139
01:05:14,097 --> 01:05:18,277
So I'm just looking at my phone here where I have this dashboard and, you know, like

1140
01:05:18,277 --> 01:05:24,617
the top like 20 footprints or 15 footprints, like the first one has 150 Bitcoin stolen.

1141
01:05:24,617 --> 01:05:26,197
And it's obviously the biggest.

1142
01:05:26,617 --> 01:05:30,517
The next one is 41, then 23, and it gets down to eight.

1143
01:05:30,517 --> 01:05:33,537
And by the time you get to like footprint 12, it's like one Bitcoin.

1144
01:05:34,077 --> 01:05:36,017
So some of these are very small.

1145
01:05:36,017 --> 01:05:39,737
Like they're clearly stolen because the victims have told us they're stolen.

1146
01:05:40,637 --> 01:05:50,877
And most of that, like, because see, it's risky for an attacker to try things like exfiltrate from Bitcoin into fiat through a crypto exchange offshore or otherwise.

1147
01:05:51,257 --> 01:05:56,157
Right. Because that leaves a footprint in the on the crypto exchange, in the banking system.

1148
01:05:56,157 --> 01:06:00,117
I think it's not clear what the big bulk,

1149
01:06:00,357 --> 01:06:02,057
you know, again, if we say like waves one, two, and three,

1150
01:06:02,157 --> 01:06:03,577
which is the majority of these coins,

1151
01:06:04,417 --> 01:06:06,777
we don't know what they may do.

1152
01:06:06,837 --> 01:06:08,617
They may do nothing for a very long time.

1153
01:06:08,717 --> 01:06:12,377
Like the Bitfinex hacker sat on billions of dollars

1154
01:06:12,377 --> 01:06:14,937
of Bitcoin for like five years before they screwed up

1155
01:06:14,937 --> 01:06:17,817
and spent a bit of it, I believe on Walmart gift cards

1156
01:06:17,817 --> 01:06:19,077
and ultimately got caught.

1157
01:06:19,497 --> 01:06:23,877
So you could see them do literally nothing for a long time.

1158
01:06:23,877 --> 01:06:25,057
That's totally possible.

1159
01:06:26,157 --> 01:06:41,957
We and others are widely propagating these addresses, the attackers' addresses, basically all over the known Bitcoin and crypto-verse, like crypto exchanges, the forensic and compliance firms, the SEAL team, the federal law enforcement.

1160
01:06:42,377 --> 01:06:49,237
So we're sharing these widely so that if they do show up at a centralized intermediary, they could hopefully be frozen.

1161
01:06:49,677 --> 01:06:53,877
Yeah, the most watched addresses in Bitcoin, no doubt about it.

1162
01:06:53,877 --> 01:07:02,537
But, okay, sticking with the cold card theme for a moment, I shared my story last week, and I was impressed that Ben from BTC Sessions was willing to share his.

1163
01:07:02,537 --> 01:07:09,637
And I want to play this for you because I want you to still keep in mind that you need to adjust your filters.

1164
01:07:10,117 --> 01:07:11,177
This is still fresh.

1165
01:07:11,357 --> 01:07:12,217
We still need to learn.

1166
01:07:12,497 --> 01:07:15,177
And this is something that I want you to be aware of.

1167
01:07:15,217 --> 01:07:20,057
I want you to think back on this clip when you're consuming future Bitcoin content.

1168
01:07:20,517 --> 01:07:21,217
That's throughout here.

1169
01:07:21,337 --> 01:07:21,797
Let's move forward.

1170
01:07:22,277 --> 01:07:23,717
Are you guys a little bit hyped to try out?

1171
01:07:23,717 --> 01:07:26,097
I mean, Ben, just cover your ears because this doesn't really apply to you.

1172
01:07:26,157 --> 01:07:27,337
You're trying out new wallets all the time.

1173
01:07:27,437 --> 01:07:28,897
But I got to be honest with you.

1174
01:07:29,297 --> 01:07:30,977
I'm kind of hyped to try out some of the new wallets.

1175
01:07:31,077 --> 01:07:32,777
I haven't thought about wallets in five years.

1176
01:07:33,577 --> 01:07:39,097
Dude, I'm going to mention something here as well.

1177
01:07:41,597 --> 01:07:46,857
Obviously, previously sponsored by Cold Card.

1178
01:07:46,857 --> 01:07:48,517
and

1179
01:07:48,517 --> 01:07:50,457
um

1180
01:07:50,457 --> 01:07:54,857
NDK was always

1181
01:07:54,857 --> 01:07:57,237
so adversarial to every

1182
01:07:57,237 --> 01:07:58,357
other wallet

1183
01:07:58,357 --> 01:08:00,097
and

1184
01:08:00,097 --> 01:08:03,237
I always

1185
01:08:03,237 --> 01:08:05,277
no matter what obviously education channel

1186
01:08:05,277 --> 01:08:06,457
gotta cover everything

1187
01:08:06,457 --> 01:08:09,317
but I was definitely asked

1188
01:08:09,317 --> 01:08:09,977
not to

1189
01:08:09,977 --> 01:08:12,677
and the answer

1190
01:08:12,677 --> 01:08:14,437
by default was no

1191
01:08:14,437 --> 01:08:15,757
but

1192
01:08:15,757 --> 01:08:26,817
you know i've gotta i've gotta step back and think like you know knowing that he they would

1193
01:08:26,817 --> 01:08:35,537
be pissy about oh he covered this you covered that um obviously i still did but it does make

1194
01:08:35,537 --> 01:08:43,457
me wonder like wait a minute hey hang on he got pissy did i hear that right yeah like like if if

1195
01:08:43,457 --> 01:08:45,957
if I was covering like different hardware,

1196
01:08:45,957 --> 01:08:50,957
there was times where of course it was like,

1197
01:08:52,297 --> 01:08:54,957
oh, like, you know, can you,

1198
01:08:54,957 --> 01:08:57,397
I think it was put delicately,

1199
01:08:57,397 --> 01:08:58,777
but of course there were times like,

1200
01:08:58,777 --> 01:09:02,117
oh, like can you just cover the cold card stuff?

1201
01:09:02,117 --> 01:09:03,897
Like we're sponsoring you.

1202
01:09:03,897 --> 01:09:06,257
Well, no, it's a fucking education channel.

1203
01:09:06,257 --> 01:09:08,817
Like you gotta cover,

1204
01:09:08,817 --> 01:09:11,337
the whole point is to teach people the different options.

1205
01:09:11,380 --> 01:09:11,920
That's crazy.

1206
01:09:12,920 --> 01:09:14,700
You know, like, and so,

1207
01:09:15,220 --> 01:09:17,020
but I had to step back and think, like,

1208
01:09:17,940 --> 01:09:19,440
knowing there was tension there,

1209
01:09:19,620 --> 01:09:25,340
like, did that subconsciously put me off of

1210
01:09:25,340 --> 01:09:29,400
covering things to not have to deal with the stripe?

1211
01:09:29,400 --> 01:09:30,760
And, like, yeah, like, obviously,

1212
01:09:30,860 --> 01:09:32,840
I've got to cover new things when they come out

1213
01:09:32,840 --> 01:09:36,120
and everything, but, like, I, you know,

1214
01:09:36,220 --> 01:09:37,940
to your question, Joey,

1215
01:09:37,940 --> 01:09:42,880
am I stoked to be working on covering all these different things?

1216
01:09:42,1000 --> 01:09:44,520
Yeah, 100%.

1217
01:09:44,520 --> 01:09:44,960
Totally.

1218
01:09:45,200 --> 01:09:47,720
I'm impressed with Ben's self-honesty there.

1219
01:09:47,880 --> 01:09:50,300
I think that's the exact kind of reflection the community needs right now.

1220
01:09:50,760 --> 01:09:53,640
And he has been putting out great content since that clip.

1221
01:09:54,060 --> 01:09:57,060
This next update is in a series I've been following for a while.

1222
01:09:58,100 --> 01:10:02,260
And that would be this bear market has really been unlike any other

1223
01:10:02,260 --> 01:10:05,100
because not only have we watched things pump

1224
01:10:05,100 --> 01:10:07,600
when Bitcoin typically pumps alongside them,

1225
01:10:07,600 --> 01:10:08,360
and it hasn't been.

1226
01:10:09,420 --> 01:10:12,860
But we've seen a notable downturn in Bitcoin's hash rate.

1227
01:10:13,320 --> 01:10:15,100
It's normalizing a bit now,

1228
01:10:15,200 --> 01:10:17,260
but when you zoom out over a year,

1229
01:10:17,360 --> 01:10:20,900
we're about back down to where we were in August of 2025.

1230
01:10:21,400 --> 01:10:23,340
We sort of lost all of the gains

1231
01:10:23,340 --> 01:10:24,560
in the last year in hash rate.

1232
01:10:25,440 --> 01:10:26,580
And a large part of that

1233
01:10:26,580 --> 01:10:30,820
has been Bitcoin mining companies pivoting to AI compute.

1234
01:10:30,820 --> 01:10:34,860
And this week, Riot signed a $9.1 billion

1235
01:10:34,860 --> 01:10:38,040
20-year compute deal with Anthropic.

1236
01:10:38,900 --> 01:10:45,380
Iren, Terawolf, Cypher, Hut8, all part of a massive crypto to AI pivot we've seen this

1237
01:10:45,380 --> 01:10:48,380
year, going from a Bitcoin miner to a data center operator.

1238
01:10:48,800 --> 01:10:53,440
As Riot Platform's stock is moving higher, this session on news of a major AI partnership.

1239
01:10:53,780 --> 01:10:58,540
Let's bring in CNBC markets and investing reporter Tanea McKeel for today's Tech Check.

1240
01:10:58,640 --> 01:11:00,240
Tanea, this tells us two things.

1241
01:11:00,680 --> 01:11:03,280
One, the demand for AI continues to be insatiable.

1242
01:11:03,280 --> 01:11:05,860
But two, what does it tell us about Bitcoin and crypto?

1243
01:11:06,480 --> 01:11:13,260
Yeah, Kelly, so this is a trend that we saw come, sort of start to take shape in the last crypto bear market.

1244
01:11:13,360 --> 01:11:26,780
So 2022. And this was really like a like a survival option for these Bitcoin miners that you saw were underwater because the cost of mining a Bitcoin, like it was just too much for them with the drop in the price of Bitcoin.

1245
01:11:26,780 --> 01:11:35,640
So now, today, with the current AI boom, we're seeing this as a much bigger opportunity for Bitcoin miners and for investors of that cohort.

1246
01:11:36,400 --> 01:11:39,500
So it is a deal between Riot and Anthropic.

1247
01:11:40,120 --> 01:11:42,460
It's about $9 billion over 20 years.

1248
01:11:43,580 --> 01:11:47,1000
I love that Riot shares are up like 1% on this, but they're up 54% year to date.

1249
01:11:48,040 --> 01:11:48,980
And what are their other options?

1250
01:11:49,060 --> 01:11:50,640
I mean, of course they're going to have to get into this.

1251
01:11:50,640 --> 01:12:01,080
Well, and it's also interesting because Riot specifically is among three different miners that have to date or until this year, because Riot did have a deal with AMD earlier this year.

1252
01:12:01,820 --> 01:12:14,640
But until this year, Riot was really one of three miners that we started to be calling the pure play miners, whereas all of these other miners in 2022 started to look at the AI opportunity and those became the hybrid miners.

1253
01:12:14,640 --> 01:12:22,960
And so it was in a lot of smaller names that would be underwater when we're in a prolonged Bitcoin price lump like we are today.

1254
01:12:23,420 --> 01:12:24,520
Because we only have a few seconds.

1255
01:12:24,740 --> 01:12:28,540
Is there any, because the Bitcoin people say crypto winter, get used to it.

1256
01:12:28,580 --> 01:12:29,280
What's the big deal?

1257
01:12:29,780 --> 01:12:31,640
Do you get any sense that this time is different?

1258
01:12:32,460 --> 01:12:35,200
There's a lot more institutional buy-in this time.

1259
01:12:35,400 --> 01:12:38,040
And there is a lot of sign off from Washington.

1260
01:12:38,460 --> 01:12:41,480
That said, the price of Bitcoin is still stuck.

1261
01:12:41,880 --> 01:12:43,860
The Clarity Act is not really going anywhere.

1262
01:12:43,860 --> 01:12:46,820
And that was kind of the one catalyst that it was holding on to.

1263
01:12:47,060 --> 01:12:48,660
But it is very cyclical.

1264
01:12:48,920 --> 01:12:57,480
We have, you know, if you're going by the four year cycle of Bitcoin, then that would mean if you were following it exactly that a bull market will come at the end of this year.

1265
01:12:57,800 --> 01:12:59,860
Bitcoiners famously call October, Uptober.

1266
01:13:00,400 --> 01:13:05,400
But there is, of course, a lot of demand from the institutional side that might help keep it afloat.

1267
01:13:05,540 --> 01:13:10,080
But that's a good reminder in the next six weeks, really, to see if that can get the price unstuck, perhaps.

1268
01:13:10,300 --> 01:13:11,420
Taneya, thanks. Appreciate it.

1269
01:13:11,420 --> 01:13:12,360
Yeah, thanks.

1270
01:13:12,840 --> 01:13:15,120
It's crazy they're talking about the four-year cycle on CNBC.

1271
01:13:15,620 --> 01:13:18,080
The AI trade has just been a giant money sucker in general.

1272
01:13:18,180 --> 01:13:22,180
So I generally would call Bitcoin a money black hole that sucks up liquidity.

1273
01:13:22,760 --> 01:13:27,540
Well, then the AI super black hole of historical sizes and proportions came along,

1274
01:13:27,1000 --> 01:13:30,180
and it has been sucking up liquidity.

1275
01:13:31,040 --> 01:13:34,160
And NVIDIA seems to have cooked up a way to keep things rolling here.

1276
01:13:34,160 --> 01:13:39,560
NVIDIA is trying to turn AI compute into an investable infrastructure asset class.

1277
01:13:40,160 --> 01:13:46,640
NVIDIA announced a partnership this week with BlackRock, Apollo, Blackstone, Brookfield, Goldman Sachs, and KKR

1278
01:13:46,640 --> 01:13:55,200
to build financing platforms intended to mobilize more than $500 billion for AI infrastructure.

1279
01:13:55,920 --> 01:13:59,300
So from what I can understand, and I'm still trying to wrap my head around this to be honest with you,

1280
01:13:59,860 --> 01:14:05,480
is the basic idea is instead of an AI company needing billions up front to buy GPUs and then go build the data center,

1281
01:14:05,480 --> 01:14:11,520
wall street financers are going to put money into this thing they're going to call the ai factory

1282
01:14:11,520 --> 01:14:17,680
and investors will own claims on the revenue it produces somewhat like financing a power plant a

1283
01:14:17,680 --> 01:14:22,960
pipeline aircraft fleet production is or commercial real estate is also another analogy that's being

1284
01:14:22,960 --> 01:14:37,958
made nvidia pitch is essentially compute produces cash flow so therefore compute can be financed as productive infrastructure kind of like a business that produces cash flow The problem is there a lot of underlying assumptions on those cash flows and those

1285
01:14:37,958 --> 01:14:40,218
projections, but I digress.

1286
01:14:40,898 --> 01:14:45,598
The underlying way to think about it for a Bitcoiner would be like, think of it as hash

1287
01:14:45,598 --> 01:14:47,118
rate financing, but for AI.

1288
01:14:47,318 --> 01:14:54,318
The underlying machines turn electricity and hardware into a computational compute tokens.

1289
01:14:54,318 --> 01:15:08,778
The difference is that Bitcoin mining produces a globally fungible monetary asset, the hardest money in the world, while AI produces compute rented processing capacity on these entire structures where value depends heavily on a video hardware, the CUDA economy.

1290
01:15:09,098 --> 01:15:13,838
And, of course, always growing demand, which is probably partially likely.

1291
01:15:13,838 --> 01:15:19,798
But this asset class is being assembled right now with these five big backers and NVIDIA's name.

1292
01:15:20,158 --> 01:15:24,358
And they're saying, hey, it's like you're investing in a manufacturing AI factory.

1293
01:15:24,798 --> 01:15:27,258
And the question is, does it make sense?

1294
01:15:27,438 --> 01:15:31,298
Now, is AI data centers an asset class?

1295
01:15:31,478 --> 01:15:31,838
Absolutely.

1296
01:15:32,098 --> 01:15:33,578
Is there a lot of money being spent?

1297
01:15:33,958 --> 01:15:34,878
100%.

1298
01:15:34,878 --> 01:15:39,258
Does this make it easier to get financing for these companies?

1299
01:15:39,258 --> 01:15:41,818
Because you're bundling all of these guys together,

1300
01:15:41,818 --> 01:15:49,758
much like you do with auto loans or home mortgages, which has been done for a long time.

1301
01:15:49,838 --> 01:15:53,598
You bundle them together, and then you can sell them to investors that are looking for a better

1302
01:15:53,598 --> 01:15:59,378
yield than what you can get from treasuries, but with more risk. And so you're turning this into

1303
01:15:59,378 --> 01:16:06,158
an asset class. It's not surprising. Does this mean that you're going to have more money to fund

1304
01:16:06,158 --> 01:16:10,778
all these investments? Absolutely. What I find interesting is the fact that NVIDIA's stock is

1305
01:16:10,778 --> 01:16:16,758
basically flat. And so investors aren't necessarily looking at this and saying, this is all good,

1306
01:16:16,798 --> 01:16:22,158
even though the purpose was to get away from this notion that it's all circular financing,

1307
01:16:22,158 --> 01:16:26,778
because these are third parties that are going to be financing these buildouts, not NVIDIA,

1308
01:16:26,858 --> 01:16:30,198
but NVIDIA stocks actually not up that much. So it's kind of interesting to see.

1309
01:16:31,238 --> 01:16:35,478
Yeah, there may be real interest in this asset class if AI catches another bit. I've been

1310
01:16:35,478 --> 01:16:41,918
concerned and focused on the XAI, Anthropic and OpenAI IPOs and the liquidity vacuums,

1311
01:16:42,018 --> 01:16:43,918
those would be for Bitcoin and how it would hit Bitcoin.

1312
01:16:44,058 --> 01:16:46,298
And we did see that with SpaceX, right?

1313
01:16:46,898 --> 01:16:52,578
When XAI and SpaceX, when they IPO'd, we saw money drain from Bitcoin.

1314
01:16:53,958 --> 01:16:58,698
But the IPO talk seems to have slowed for Anthropic and definitely seems to have slowed

1315
01:16:58,698 --> 01:16:59,678
for OpenAI.

1316
01:16:59,998 --> 01:17:02,898
I think Anthropic maybe would still like to try to land it this year if they could.

1317
01:17:02,898 --> 01:17:08,838
but it does seem like the talks are fading the numbers are fading the economics are changing

1318
01:17:08,838 --> 01:17:13,738
the pricing structures are adjusting and so that risk felt like it was fading a bit

1319
01:17:13,738 --> 01:17:21,638
the liquidity risk to bitcoin but i could see this new asset class sort of supercharging the

1320
01:17:21,638 --> 01:17:26,438
ai liquidity vacuum if they catch another bid if there's another strong use case that comes along

1321
01:17:26,858 --> 01:17:27,838
Maybe it's cybersecurity.

1322
01:17:28,618 --> 01:17:31,458
Maybe it's another use of agentic, something like that.

1323
01:17:32,178 --> 01:17:38,218
I could see this AI asset class they've created all of a sudden becoming like this great investment idea.

1324
01:17:38,338 --> 01:17:42,738
You can see the narrative shifting on that pretty quick and just sucking liquidity up for quite a while.

1325
01:17:43,638 --> 01:17:45,038
For the rest of the year, maybe?

1326
01:17:45,378 --> 01:17:46,258
I don't know.

1327
01:17:46,418 --> 01:17:49,438
I mean, we're halfway through the year at this point, so that seems conceivable.

1328
01:17:50,018 --> 01:17:51,258
Back to Dan Niles here.

1329
01:17:51,378 --> 01:17:53,058
He thinks it could go for even longer.

1330
01:17:53,058 --> 01:18:13,358
Always hype involved, because if you realize that this is a big thing that's going to change the worldwide economy, and we're talking canals in the 1800s or railroads in the 1900s or fracking or the internet back in the 1990s or today, AI infrastructure, if you realize it's going to be huge, then everybody wants in.

1331
01:18:13,358 --> 01:18:18,338
So by definition, a big revolution is going to lead to overinvestment.

1332
01:18:18,518 --> 01:18:21,658
Now, the question is, where are you in that?

1333
01:18:21,758 --> 01:18:25,758
So if you go back to 1999, NASDAQ was up 86%.

1334
01:18:25,758 --> 01:18:30,118
It was the best year by almost 2x the next prior year.

1335
01:18:30,278 --> 01:18:32,618
But that was right before the bubble burst.

1336
01:18:32,738 --> 01:18:37,118
And by the way, in the early part of 2000, the NASDAQ went up another, I think it was

1337
01:18:37,118 --> 01:18:42,098
26% or 24% before it actually blew up.

1338
01:18:42,098 --> 01:18:46,658
So I think we've got at least another year in this bubble building out.

1339
01:18:46,818 --> 01:18:49,778
And I think the returns are going to be very, very good.

1340
01:18:50,078 --> 01:18:54,638
And because Agentic is a brand new thing, and you and I have talked about this before,

1341
01:18:54,738 --> 01:18:58,498
that just kind of showed up with ClaudeBot on January 30th.

1342
01:18:58,498 --> 01:19:04,758
So I doubt in six months we've seen all of the benefits from Agentic.

1343
01:19:04,878 --> 01:19:08,218
So I think we got about another year in this build out.

1344
01:19:08,218 --> 01:19:15,478
And then at some point, you're going to get a bust and all these new and innovative financing schemes, they're going to have issues.

1345
01:19:15,998 --> 01:19:19,718
But for right now, I think, you know, you still got a lot more room to go.

1346
01:19:20,058 --> 01:19:20,758
Yeah, come on.

1347
01:19:21,098 --> 01:19:22,798
I love how matter of fact he is about it being a bubble.

1348
01:19:23,378 --> 01:19:26,298
You know, make your money while you can and then get out when the getting's good.

1349
01:19:26,378 --> 01:19:27,598
Just make sure you get the timing right.

1350
01:19:27,818 --> 01:19:28,918
That's great advice there, huh?

1351
01:19:29,658 --> 01:19:32,918
Could the AI pump like this last another year through a new asset class?

1352
01:19:33,758 --> 01:19:34,778
Yeah, I think it could.

1353
01:19:34,778 --> 01:20:00,817
However the unknown headwind that seems to be developing the dynamic is that the AI pushback that we seeing in communities is bubbling into the political class and is resulting in political action This is Bernie Sanders yesterday Thank you very much for joining me I wanted to take a moment to share with you a letter that I just sent to the three

1354
01:20:00,817 --> 01:20:03,837
major leaders of the AI industry.

1355
01:20:03,917 --> 01:20:05,317
And here's what the letter says.

1356
01:20:05,377 --> 01:20:06,797
I'm going to read it verbatim.

1357
01:20:07,597 --> 01:20:15,297
Dear Mr. Altman, Mr. Amodai, and Mr. Zuckerberg, almost every day there is a new story about

1358
01:20:15,297 --> 01:20:22,557
how your companies are losing control of the AI technology you are developing with potentially

1359
01:20:22,557 --> 01:20:29,297
cataclysmic results. This week, we learned frighteningly that AI has been used for the

1360
01:20:29,297 --> 01:20:35,797
first time ever to create new viruses. As you know, this type of development in the wrong hands

1361
01:20:35,797 --> 01:20:41,637
could lead to new bioweapons that result in the deaths of tens of millions of people.

1362
01:20:41,637 --> 01:20:54,117
Going right to 11 on that one. But I wouldn't assume the AI backlash is just one political party and in just one country. People across the political spectrum and across the West seem to have issue.

1363
01:20:54,117 --> 01:21:06,417
Next night, the backlash against AI data centers is growing with protests from coast to coast in dozens of states today. The issue uniting many Americans across the political divide. Here's ABC's Alex Preshay.

1364
01:21:07,317 --> 01:21:14,997
Tonight, a growing debate over data centers as a number of demonstrations play out across the country, from Atlanta to Berkeley, California.

1365
01:21:15,457 --> 01:21:17,877
We want to slow down AI data center development.

1366
01:21:18,077 --> 01:21:21,977
We want to slow down AI in general and stop big tech from infringing on our local communities.

1367
01:21:21,977 --> 01:21:27,717
The explosion of data center construction projects, the byproduct of the AI and cloud computing boom.

1368
01:21:27,717 --> 01:21:36,597
That skyrocketing growth also prompting new scrutiny as communities housing these centers say they are bearing new burdens of heightened water and power usage.

1369
01:21:37,097 --> 01:21:43,777
This week, New York became the first state to halt construction of new large data centers, the governor imposing a one-year moratorium.

1370
01:21:44,477 --> 01:21:54,837
In Granbury, Texas, just outside of Fort Worth, residents have filed petitions to recall their mayor and several city council members after the city annexed property for a new data center site.

1371
01:21:54,837 --> 01:22:01,597
Yeah, even in Texas, the pro data center state, the governor is changing his tune and saying they're going to have to pay for their water.

1372
01:22:01,657 --> 01:22:02,677
They're going to pay for electricity.

1373
01:22:02,677 --> 01:22:03,877
And he's talking tough.

1374
01:22:04,517 --> 01:22:06,197
The politics are forcing his hand.

1375
01:22:06,577 --> 01:22:11,537
Now, it's not that I don't think that the token economy or whatever you want to call it will continue for a long time.

1376
01:22:11,577 --> 01:22:13,117
I mean, just look at my personal use case.

1377
01:22:13,617 --> 01:22:17,297
I'm using more tokens than ever, and I don't see that slowing down.

1378
01:22:17,897 --> 01:22:21,957
AI has been very useful, and I think a lot of people feel that way, especially people out there red teaming right now.

1379
01:22:21,957 --> 01:22:24,297
But it does have a lot of risks as well.

1380
01:22:24,837 --> 01:22:28,297
and I do think this data center backlash is a growing one.

1381
01:22:28,597 --> 01:22:31,897
And I also think it gives us a peek into like a parallel universe

1382
01:22:31,897 --> 01:22:36,057
where imagine the AI trade hadn't come along,

1383
01:22:36,457 --> 01:22:40,117
and for some reason the market got fixated on Bitcoin.

1384
01:22:40,657 --> 01:22:42,157
And this is, again, a parallel universe, right?

1385
01:22:42,157 --> 01:22:45,997
And a market bubble like this AI bubble formed around Bitcoin,

1386
01:22:46,417 --> 01:22:47,497
like we're seeing right now.

1387
01:22:48,597 --> 01:22:52,577
The massive and expansive growth in mining

1388
01:22:52,577 --> 01:22:54,777
would have driven this exact backlash.

1389
01:22:54,837 --> 01:23:00,937
all of this would be coming for bitcoin right now if we'd gotten like our go to the moon million

1390
01:23:00,937 --> 01:23:06,677
dollar bitcoin uh after trump got elected or whatever all of this would be coming for bitcoin

1391
01:23:06,677 --> 01:23:12,657
when you're doing something like this slow and steady is the way people need time to adjust to

1392
01:23:12,657 --> 01:23:18,657
new ideas and honestly the idea of using more power for growth and prosperity it just goes

1393
01:23:18,657 --> 01:23:22,797
against everything people have learned about trying to protect the environment and that really matters

1394
01:23:22,797 --> 01:23:28,257
to them. It takes time for people to come around to new understandings, to take what they thought

1395
01:23:28,257 --> 01:23:32,057
was a simple topic and then learn that it's actually much more complex and be humble enough

1396
01:23:32,057 --> 01:23:36,397
to understand that they have a lot more to learn, that it's more nuanced than they realized. That

1397
01:23:36,397 --> 01:23:41,957
just doesn't happen overnight. I guess, you know, if I wanted to be rich in two years, I could have

1398
01:23:41,957 --> 01:23:45,777
played the AI trade back when we were still all calling it fancy autocorrect. That would have been

1399
01:23:45,777 --> 01:23:51,277
a great time to jump in. But I got into Bitcoin because I don't want to play in the casino.

1400
01:23:51,277 --> 01:23:55,737
I don't want to gamble around with stocks and all of the third-party risk there.

1401
01:23:55,957 --> 01:23:58,597
And I don't really want to win fiat prizes either.

1402
01:23:59,337 --> 01:24:03,557
I just want to stack hard money and focus on my life, my kids, and my work.

1403
01:24:04,497 --> 01:24:09,357
So I think what we just saw with the BIP-110 stuff, with everything that's going on,

1404
01:24:09,917 --> 01:24:14,917
is we just saw Bitcoin reaffirm that it is truly one of the hardest monies in the world.

1405
01:24:15,317 --> 01:24:20,297
A small group of radicals failed to change it.

1406
01:24:20,297 --> 01:24:23,037
and the distributed incentives worked.

1407
01:24:33,677 --> 01:24:36,677
Well, let's check in on the state of the network

1408
01:24:36,677 --> 01:24:40,897
as I'm wrapping up at Blockite 962,187.

1409
01:24:40,997 --> 01:24:45,917
Bitcoin is clocking in at 63,270 US dollars.

1410
01:24:46,037 --> 01:24:50,057
That puts our stats per dollar at 1,581 satoshis to 1 US dollar.

1411
01:24:50,297 --> 01:24:58,177
We're down a sharp 49.9% from our all-time high 310 days ago.

1412
01:24:58,177 --> 01:25:03,737
The upcoming difficulty change is a downward adjustment of 3.1%.

1413
01:25:03,737 --> 01:25:17,796
Reachable Bitcoin nodes right now 26 I actually expected that to go down a little bit We down 2 from the last episode and we down 0 for 24 hours

1414
01:25:17,936 --> 01:25:20,596
but we're still up 1.9% for the 30th.

1415
01:25:21,536 --> 01:25:22,296
It's not too bad.

1416
01:25:22,976 --> 01:25:24,956
We're kind of just hovering in this range right now, aren't we?

1417
01:25:25,216 --> 01:25:25,756
Just looking at it.

1418
01:25:25,776 --> 01:25:27,876
It sort of feels like we've been locked in.

1419
01:25:28,276 --> 01:25:30,456
Like we used to have the 58K gang,

1420
01:25:30,656 --> 01:25:33,156
and now we need like the 64K club or something like that.

1421
01:25:33,776 --> 01:25:35,116
But, you know, things are moving right along.

1422
01:25:35,116 --> 01:25:38,476
We saw fees go up and down during all the BIP10 stuff.

1423
01:25:38,596 --> 01:25:40,096
The blocks continue to be produced.

1424
01:25:40,876 --> 01:25:47,016
We're now hundreds of blocks ahead of the BIP110 chain, and the network continues to be very strong.

1425
01:25:55,016 --> 01:25:55,616
All right.

1426
01:25:55,936 --> 01:25:56,596
Excuse me.

1427
01:25:57,176 --> 01:25:57,396
All right.

1428
01:25:57,496 --> 01:26:00,436
If you made it this far, I'm barely making it this far.

1429
01:26:00,456 --> 01:26:00,996
It was a long one.

1430
01:26:01,216 --> 01:26:01,756
Thank you, everybody.

1431
01:26:02,216 --> 01:26:04,676
This Week in Bitcoin.show is where you go to get the links.

1432
01:26:04,836 --> 01:26:06,096
Lots of links this week.

1433
01:26:06,156 --> 01:26:07,736
Some stuff didn't even make it into the show.

1434
01:26:08,216 --> 01:26:13,836
My goal is to not get distracted by the emotions or the politics or the groupthink,

1435
01:26:14,396 --> 01:26:16,156
but to focus on the signal of what's happening.

1436
01:26:16,676 --> 01:26:19,936
So that way you can plan for yourself, your friends, your family, and your future.

1437
01:26:20,276 --> 01:26:22,336
So you can always let me know how I did with the boost.

1438
01:26:22,416 --> 01:26:23,756
I always appreciate the value returned.

1439
01:26:23,816 --> 01:26:27,136
And of course, I want to know where you're at after all this BIP 110 stuff.

1440
01:26:27,196 --> 01:26:29,296
Any questions you have about the cold card story.

1441
01:26:29,296 --> 01:26:32,376
And if you have a knots node, what the heck you're doing with that?

1442
01:26:32,616 --> 01:26:35,136
So boost.jupiterbroadcasting.com, let me know.

1443
01:26:35,436 --> 01:26:38,056
I'm going to wrap up with a value for value track.

1444
01:26:38,196 --> 01:26:40,276
This is by a value for value veteran.

1445
01:26:40,596 --> 01:26:44,576
It is Joe Martin and it's his track, The Jetsons.

1446
01:26:44,956 --> 01:26:46,636
And I'll see you back here next week.

1447
01:26:47,076 --> 01:26:47,996
Thanks for joining me.

1448
01:26:59,296 --> 01:27:04,796
Is it an ocean of color growing exponentially?

1449
01:27:07,296 --> 01:27:11,836
What keeps me up through the night time?

1450
01:27:12,076 --> 01:27:15,096
Keeps me dreaming through the day?

1451
01:27:15,096 --> 01:27:20,436
Is that the goddess of wisdom is only a block away?

1452
01:27:22,296 --> 01:27:25,376
I wanna fly with the Jetsons

1453
01:27:25,376 --> 01:27:29,276
I wanna shoot past the stars

1454
01:27:29,276 --> 01:27:36,156
I want to take you to a place you've never been before

1455
01:27:36,156 --> 01:27:41,956
When nothing rhymes like purple and orange

1456
01:27:41,956 --> 01:27:44,796
You can count the coldest law

1457
01:27:44,796 --> 01:27:47,876
I want to fight with the Jetsons

1458
01:27:47,876 --> 01:27:52,456
I want to shoot past the stars

1459
01:27:52,456 --> 01:27:57,996
What's done is done

1460
01:27:57,996 --> 01:28:05,116
Oh, we'll live and die by the number 21

1461
01:28:05,116 --> 01:28:11,496
Where energy is flowing

1462
01:28:11,496 --> 01:28:15,316
Through machines that are all known

1463
01:28:15,316 --> 01:28:20,676
And the lightning outshines the sun

1464
01:28:20,676 --> 01:28:25,276
I want to fly with the Jessens

1465
01:28:25,276 --> 01:28:28,596
I want to shoot past the stars

1466
01:28:28,596 --> 01:28:32,956
I want to take you to a place

1467
01:28:32,956 --> 01:28:36,136
You've never been before

1468
01:28:36,136 --> 01:28:41,896
When nothing shines like purple and orange

1469
01:28:41,896 --> 01:28:44,816
You can count the colors more

1470
01:28:44,816 --> 01:28:48,156
I want to fly with the Jesselands

1471
01:28:48,156 --> 01:28:52,636
I want to shoot past the stars

1472
01:28:52,636 --> 01:28:54,636
With you

1473
01:28:54,636 --> 01:29:03,636
With you

1474
01:29:03,636 --> 01:29:11,736
Twelve words in my head

1475
01:29:11,736 --> 01:29:15,336
With how you've all answered

1476
01:29:15,336 --> 01:29:19,456
A phrase in my mind

1477
01:29:19,456 --> 01:29:25,176
I've got a role mankind, I wanna fly with the Jetsons

1478
01:29:25,176 --> 01:29:28,836
I wanna shoot past the stars

1479
01:29:28,836 --> 01:29:36,016
I wanna take you to a place you've never been before

1480
01:29:36,016 --> 01:29:41,936
Nothing rhymes in purple and orange

1481
01:29:41,936 --> 01:29:44,776
You can count the cold as law

1482
01:29:44,776 --> 01:29:48,096
I wanna fly with the Jetsons

1483
01:29:48,096 --> 01:29:52,676
I want to shoot past the stars

1484
01:29:52,676 --> 01:29:55,396
With you

1485
01:29:55,396 --> 01:30:02,156
With you

1486
01:30:02,156 --> 01:30:11,796
With you

1487
01:30:11,796 --> 01:30:18,076
I want to fly with the Jetsons

1488
01:30:18,096 --> 01:30:18,596
you