1 00:00:00,017 --> 00:00:03,077 The reality is, if you told me a year ago that we were going to have a correction 2 00:00:03,077 --> 00:00:06,317 down to $63,000, I would have been ecstatic. 3 00:00:06,437 --> 00:00:09,197 That would have been a fantastic, fantastic price for us. 4 00:00:09,357 --> 00:00:14,417 Yes, the ETFs have had a big impact on the price appreciation in twofold. 5 00:00:14,557 --> 00:00:17,957 The first one is the fact, of course, that if you make something easier to buy, 6 00:00:18,137 --> 00:00:21,197 there will be more demand, and more demand than supply means prices go up. 7 00:00:21,277 --> 00:00:26,737 But the most important point here is actually what the ETF for Bitcoin being approved meant. 8 00:00:27,017 --> 00:00:31,657 It actually means that regulators can't stand in the way of legitimate products 9 00:00:31,657 --> 00:00:33,157 and financial products forever. 10 00:00:33,357 --> 00:00:37,997 So what we're going to see and what the market is actually counting on is definitely 11 00:00:37,997 --> 00:00:40,997 a set of new crypto products that will come to market soon. 12 00:00:43,057 --> 00:00:47,557 Ethereum ETFs, Solana ETFs, many of these other crypto products that I'm sure are coming to market. 13 00:00:47,717 --> 00:00:52,017 So it's really this starting gun. And that's what is happening and not really 14 00:00:52,017 --> 00:00:53,517 just the Bitcoin ETF on its own. 15 00:00:53,680 --> 00:01:05,040 Music. 16 00:01:04,317 --> 00:01:07,897 Is it, though? Welcome back to This Week in Bitcoin. We'll get into that. 17 00:01:07,937 --> 00:01:10,817 This, though, is your weekly high signal Bitcoin news podcast. 18 00:01:11,057 --> 00:01:13,677 My name is Chris. I go by Chris LAS online. 19 00:01:14,517 --> 00:01:17,317 And we do this every week. Oh, and I've got my crap together. 20 00:01:17,317 --> 00:01:21,217 I'm back from a road trip to NixCon and the Southern California Linux Expo. 21 00:01:21,697 --> 00:01:23,577 It's actually pretty great to meet some of you there already. 22 00:01:23,677 --> 00:01:24,977 That was pretty cool and unexpected. 23 00:01:25,657 --> 00:01:28,357 Many of us making it back for the first time since 2019. 24 00:01:29,297 --> 00:01:34,617 And while I was away, it appears the battle has begun at the ETF floodgates 25 00:01:34,617 --> 00:01:35,977 for the wider crypto market. 26 00:01:36,697 --> 00:01:39,477 Surprisingly, though, the first shots appear to be fired from the SEC. 27 00:01:40,397 --> 00:01:45,957 I say surprisingly because this comes after years of the SEC dodging the big 28 00:01:45,957 --> 00:01:50,117 question. So do you recognize, how would you categorize Ether then? 29 00:01:50,817 --> 00:01:57,397 I think that the general sweep of what Congress did, not just in the 30s, but as amended. 30 00:01:57,497 --> 00:02:00,617 I'm asking you, you're sitting in your chair now to make. This is SEC Chair 31 00:02:00,617 --> 00:02:05,097 Gary Gensler testifying to Congress, and I think you can tell where this is going. 32 00:02:05,337 --> 00:02:11,197 Take an assessment under the laws as exists, is Ether a commodity or a security? 33 00:02:13,191 --> 00:02:16,071 Without speaking to any one token, it's a matter of facts. I know you've repeatedly 34 00:02:16,071 --> 00:02:19,331 said that you're not going to speak to one, except you've spoken to one, Bitcoin. 35 00:02:19,711 --> 00:02:24,171 So I'm asking you to speak to a second one, the second largest market cap here. 36 00:02:24,411 --> 00:02:29,011 And speaking to the tokens, there's 10,000 to 12,000. If there's a group of 37 00:02:29,011 --> 00:02:34,031 entrepreneurs in the middle and the public is anticipating a profit based on 38 00:02:34,031 --> 00:02:38,011 the... I'm asking a specific question, Chair Gensler. I said this in private. 39 00:02:38,151 --> 00:02:45,011 This should be no shock to you I'm asking this question. is Ether a commodity or a security? 40 00:02:45,251 --> 00:02:48,851 And again, it depends on the facts and the law. And if there's a group of individuals... 41 00:02:48,851 --> 00:02:53,531 I'm asking about the facts and the law sitting in your seat and the judgment you are making. 42 00:02:54,011 --> 00:02:58,471 Clearly, Gary's having a tough time answering the question, at least in the 43 00:02:58,471 --> 00:03:01,111 recent past. But this week, maybe that's changed. 44 00:03:01,611 --> 00:03:04,831 Okay, let's talk about today's top stories. And we start with some breaking 45 00:03:04,831 --> 00:03:08,851 news. The Ethereum Foundation reportedly under investigation investigation by the SEC. 46 00:03:09,331 --> 00:03:13,631 According to Fortune, the US regulator began a probe into the foundation shortly 47 00:03:13,631 --> 00:03:16,491 after the network shifted to proof of stake in 2022. 48 00:03:17,091 --> 00:03:21,231 The outlet also spoke to a person at a company who received a subpoena request. 49 00:03:21,591 --> 00:03:25,811 Back in February, Ethereum updated its website to reflect that it had received 50 00:03:25,811 --> 00:03:30,511 a voluntary inquiry from a state authority, one that required confidentiality. 51 00:03:30,551 --> 00:03:34,351 It also removed a disclosure on the foundation's website that that said it had 52 00:03:34,351 --> 00:03:38,091 never been contacted by an agency that required confidentiality. 53 00:03:38,131 --> 00:03:42,211 Now, we don't know at this point in time if it's actually a securities investigation 54 00:03:42,211 --> 00:03:44,531 that's happening or something just a little more routine. 55 00:03:44,791 --> 00:03:48,591 However, the wider crypto industry seems to be gearing up for that securities battle. 56 00:03:49,875 --> 00:03:53,775 You see, the idea is that if Ethereum can get sold through an ETP or ETF product, 57 00:03:53,995 --> 00:03:58,195 then so could Solana and all the other centrally managed crypto products. 58 00:03:58,575 --> 00:04:01,655 So the whole industry is interested in what happens here. 59 00:04:02,235 --> 00:04:08,255 And the liquidity for these projects in the anticipation of the ETF has an impact 60 00:04:08,255 --> 00:04:10,615 on Bitcoin's price action in the short term. 61 00:04:11,215 --> 00:04:14,455 And what we really have to kind of appreciate is there's fundamental differences 62 00:04:14,455 --> 00:04:19,795 between a commodity and a security. And it hinges on what's being bought and what's being sold. 63 00:04:20,255 --> 00:04:22,975 Commodities are basic goods that can be traded or exchanged. 64 00:04:24,015 --> 00:04:27,735 Securities, however, they involve taking ownership, stake in something. 65 00:04:28,555 --> 00:04:32,535 Maybe somebody or an entity or a group provides credit to a common group in 66 00:04:32,535 --> 00:04:35,695 hopes of earning a profit. They're more centrally managed. 67 00:04:36,855 --> 00:04:42,115 And this was made sort of decidedly clear in the Securities Act of 1933, 68 00:04:42,355 --> 00:04:46,395 where it creates three thresholds to determine if something is a security. 69 00:04:46,555 --> 00:04:51,475 Two of them are pretty straightforward, but there's a third threshold. 70 00:04:52,475 --> 00:04:56,715 And, well, it's a bit of a more vague threshold. And that's where Ethereum's 71 00:04:56,715 --> 00:05:00,595 management team will make their argument. Now, to explain it better than I can, 72 00:05:00,715 --> 00:05:04,155 this clip is Dan Bowen. He's a professor of computer science and electrical 73 00:05:04,155 --> 00:05:05,835 engineering at Stanford University. 74 00:05:06,295 --> 00:05:10,255 Now, what's interesting is if you look at the statutes, the organic statutes, 75 00:05:10,255 --> 00:05:15,315 the Securities Act of 1933 and the Securities and Exchange Act of 1934, 76 00:05:15,635 --> 00:05:19,435 each contains a section that defines what a security is. 77 00:05:19,955 --> 00:05:23,875 And the definitions look pretty pedestrian and obvious. 78 00:05:24,775 --> 00:05:29,355 They talk about stock. They talk about bonds. They talk about other instruments 79 00:05:29,355 --> 00:05:32,395 that most of us would recognize as clearly being securities. 80 00:05:33,035 --> 00:05:36,455 But they then throw in a phrase called investment contract. 81 00:05:37,615 --> 00:05:44,235 What the heck is an investment contract? Well, the investment contract is what I call a rubber phrase. 82 00:05:44,455 --> 00:05:51,295 It's flexible and it's designed to capture arrangements that act like securities 83 00:05:51,295 --> 00:05:56,995 but don't fit comfortably within any of the other categories of securities. 84 00:05:57,615 --> 00:06:01,615 Now, you'll hear the ETH promoters and marketing team tell you that the SEC 85 00:06:01,615 --> 00:06:04,535 has already made past statements that make it clear they consider ETH a commodity. 86 00:06:04,895 --> 00:06:08,295 And if ETH is a commodity, then it is not under the purview of the SEC. 87 00:06:09,175 --> 00:06:13,455 And Professor Dan gets into that a bit as well. In a recent speech given in 88 00:06:13,455 --> 00:06:19,055 June 2018 by Bill Hinman, the director of the Division of Corporation Finance at the SEC, 89 00:06:19,455 --> 00:06:26,395 Bill clearly articulated that it's the SEC's position that Bitcoin and Ether are not securities. 90 00:06:27,435 --> 00:06:30,975 That's a very important conclusion, and the interesting question is, 91 00:06:31,175 --> 00:06:34,875 what's the logical process that leads to that conclusion? 92 00:06:36,840 --> 00:06:43,160 Division Director Hinman reasoned as follows. He said that, to the best of his understanding, 93 00:06:43,940 --> 00:06:50,740 Bitcoin and Ether were sufficiently decentralized that there was no one who 94 00:06:50,740 --> 00:06:53,080 played the role of a promoter in the system. 95 00:06:54,100 --> 00:06:57,220 No one had sufficient control over the system. 96 00:06:58,080 --> 00:07:02,440 Not only was there no promoter, there was also no asymmetry of information. 97 00:07:02,440 --> 00:07:07,540 There was no situation where there was someone like a promoter or like an issuer 98 00:07:07,540 --> 00:07:12,880 who would know so much more than people transacting the system that it gave 99 00:07:12,880 --> 00:07:16,320 rise to the asymmetry that would cause the registration requirement. 100 00:07:16,940 --> 00:07:21,440 And in registration, the issuer or the promoter has to disclose the additional 101 00:07:21,440 --> 00:07:26,840 information they have so that purchasers are adequately informed with regard 102 00:07:26,840 --> 00:07:29,640 to the purchase and sale of the underlying security. 103 00:07:29,640 --> 00:07:35,480 The problem is, there was an asymmetrical difference, and the SEC's director's 104 00:07:35,480 --> 00:07:38,380 understanding was wrong, and his public statements were wrong. 105 00:07:39,120 --> 00:07:42,400 There were people who knew more than the rest at ETH's founding. 106 00:07:42,980 --> 00:07:47,920 There were those who had access to ETH before the public, as this famous audio 107 00:07:47,920 --> 00:07:50,980 of Ethereum founder Vitalik so clearly captured for all of history. 108 00:07:51,280 --> 00:07:55,180 So we are going to start the Ether presale in a couple of weeks. 109 00:07:55,180 --> 00:07:59,040 So the Ether pre-sale will be an opportunity for anyone to purchase Ether, 110 00:07:59,240 --> 00:08:02,240 where Ether is the internal currency inside of the Ethereum system, 111 00:08:02,480 --> 00:08:03,920 sort of like the XRP and Ripple. 112 00:08:04,120 --> 00:08:08,020 Now, is there a big window of opportunity for people to get in, 113 00:08:08,200 --> 00:08:11,840 or is there just like a one-day opportunity? No, it's something worth thinking of. 114 00:08:12,040 --> 00:08:15,600 It might be 45 days, it might be 30, it might be 60 days. 115 00:08:15,640 --> 00:08:18,100 Okay, so there's plenty of time, sort of an incremental thing, 116 00:08:18,180 --> 00:08:19,660 so the earlier you go in... 117 00:08:19,660 --> 00:08:23,960 Yes, the earlier you get in, the better price you get. Now, let's say you're 118 00:08:23,960 --> 00:08:27,520 one of the founders of Ethereum and your colleague, Charles, 119 00:08:27,700 --> 00:08:33,780 what's to prevent one of you guys to load up and get half the ethers for yourself? 120 00:08:34,200 --> 00:08:37,860 Or do you have to buy in to those ethers also? Yeah, well, okay. 121 00:08:37,980 --> 00:08:42,540 So we are going to look at exactly how much ether we're going to get. 122 00:08:42,600 --> 00:08:47,660 That's still undecided, but it will be very, very public and it will be a rather 123 00:08:47,660 --> 00:08:51,760 small portion of the entire- I mean, when you say small portion, 124 00:08:51,840 --> 00:08:55,840 are you talking about like 10% of the total, 5%? Yes. Right. 125 00:08:58,200 --> 00:09:02,500 It'll be something like... Or you guys are still undecided. What does the percentage 126 00:09:02,500 --> 00:09:04,720 matter if the supply is uncapped? 127 00:09:05,280 --> 00:09:11,320 It doesn't matter. And I've never been very satisfied with their transparency around any of this. 128 00:09:11,440 --> 00:09:13,780 We did get a little more insight at the time, though. 129 00:09:14,020 --> 00:09:17,480 What we're hoping is, is that sort of similar to what happened with Mastercoin. 130 00:09:17,480 --> 00:09:23,020 If that slice is something like 20% and then the value of Ether goes up by 5%, 131 00:09:23,020 --> 00:09:27,620 then we basically have the entire initial BTC that we got all over again. 132 00:09:27,820 --> 00:09:31,480 Now, to me, that sounds like a group or a team that are clearly going to work 133 00:09:31,480 --> 00:09:32,880 to drive up the value of an investment. 134 00:09:34,023 --> 00:09:37,663 And it's kind of a point they've made over and over again on stage. 135 00:09:38,003 --> 00:09:42,083 They are a team. Here's a quick couple of takes on that. About 100 people that 136 00:09:42,083 --> 00:09:43,523 are working on Ethereum right now. 137 00:09:43,743 --> 00:09:46,543 Myself leading the protocol design. 138 00:09:46,983 --> 00:09:50,603 We also have branding teams. We have marketing teams. Branding teams, 139 00:09:50,703 --> 00:09:52,603 marketing teams, Vitalik's leading design. 140 00:09:53,303 --> 00:09:57,403 When you buy Ethereum, you're expecting these people to grow and expand the 141 00:09:57,403 --> 00:10:01,783 Ethereum protocol and expand the Ethereum ecosystem. ecosystem. 142 00:10:01,883 --> 00:10:05,043 When this happens, you're expecting the value of Ethereum to go up. 143 00:10:06,243 --> 00:10:09,643 That sounds like a security managed by a team that you're making investment 144 00:10:09,643 --> 00:10:11,283 in with an expectation of return. 145 00:10:11,843 --> 00:10:16,203 And I'm not alone on this take. SEC Chair Gary Gensler has more recently said, 146 00:10:16,323 --> 00:10:20,703 and just made this point very clear several times, if you take funding, it's kind of clear. 147 00:10:20,923 --> 00:10:26,623 If you're raising money from the public and the public is in anticipation of 148 00:10:26,623 --> 00:10:32,103 profit profit based upon that promoter, sponsor, that group's efforts, 149 00:10:32,443 --> 00:10:34,243 that's within the securities laws. 150 00:10:34,503 --> 00:10:39,683 And it's within the securities laws because Congress painted with a broad brush. 151 00:10:39,843 --> 00:10:44,603 They wanted to protect you, the investing public, so that you have proper information 152 00:10:44,603 --> 00:10:50,223 or what's called full and fair information and protect you against fraud and scammers and the like. 153 00:10:50,443 --> 00:10:54,723 Now, despite, I should say, all of the documentation and the audio I could play 154 00:10:54,723 --> 00:10:59,843 you, It's not actually a clear win for the SEC or really for the Ethereum team. 155 00:11:00,043 --> 00:11:04,643 You see, they're both going to use this broad brush, as Gary puts it, to defend their area. 156 00:11:05,183 --> 00:11:09,323 This is where the turf war really will happen for them is in this broad brush zone. 157 00:11:10,663 --> 00:11:14,963 And that's going to be a lot of nuance. And as this drama unfolds, 158 00:11:14,963 --> 00:11:20,463 the contention of the investment market that invests in Bitcoin as a quote unquote 159 00:11:20,463 --> 00:11:25,203 risk asset is going to be whipsawing their buys and sells right along with this drama. 160 00:11:26,740 --> 00:11:29,560 So thanks. Thanks, Crypto. Appreciate that. 161 00:11:29,740 --> 00:11:33,380 And speaking of turf wars, you know, I wouldn't pass over the fact that we're 162 00:11:33,380 --> 00:11:36,340 seeing a actual turf war play out right now. 163 00:11:37,080 --> 00:11:40,800 You see, the CFTC may end up being an ally of Ethereum in this fight, 164 00:11:40,860 --> 00:11:44,440 arguing that, well, it's distributed enough now. 165 00:11:44,700 --> 00:11:47,440 Maybe it wasn't initially, but you know now. 166 00:11:48,620 --> 00:11:53,820 And the chairman of the CFTC recently told Congress that if the SEC reclassified 167 00:11:53,820 --> 00:11:55,400 Ethereum, it would mess things up. 168 00:11:55,400 --> 00:12:01,000 If we do have any action by the SEC to essentially validate that decision, 169 00:12:01,260 --> 00:12:03,960 i.e., you know, constituting Ether as a security, 170 00:12:04,260 --> 00:12:10,160 it would then put our registrants, our exchanges, who list Ether as a futures 171 00:12:10,160 --> 00:12:15,320 contract, sort of in noncompliance of SEC rules as opposed to CFTC rules. rules. 172 00:12:15,480 --> 00:12:18,720 So I am working with Chair Gensler. We're working with his office. 173 00:12:18,800 --> 00:12:22,820 We're working with the agency to ensure that whatever steps are taken are deliberate, 174 00:12:22,980 --> 00:12:26,700 that we're involved, and that they understand certainly what the consequences 175 00:12:26,700 --> 00:12:32,840 would be if there was a decision by the agency to determine that Ether was a security. 176 00:12:33,140 --> 00:12:36,440 As of now, we need to preserve the integrity of our markets and understand that 177 00:12:36,440 --> 00:12:40,040 this is a years-old decision where these markets are functioning well under 178 00:12:40,040 --> 00:12:43,700 the decision and the conclusion that Ether is a commodity. 179 00:12:46,680 --> 00:12:50,960 Okay, coming up, some ETF news, your boost, some project updates you need to 180 00:12:50,960 --> 00:12:56,180 know about, a fantastic resource, and a couple of clips of the week to round it all out. 181 00:12:56,300 --> 00:12:59,240 But first, I want to thank the show's sponsor, Podhome.fm. 182 00:12:59,700 --> 00:13:04,700 That's my podcasting, 2.0 hosting platform of choice. Use the promo code TWIB. 183 00:13:05,880 --> 00:13:09,560 When you sign up, you get your first three months for free. It is an unlimited 184 00:13:09,560 --> 00:13:14,740 podcasting platform with unlimited shows and episodes powered by their own Podhome AI. 185 00:13:15,000 --> 00:13:18,180 It's like having an entire production crew in your back pocket, 186 00:13:18,320 --> 00:13:22,840 balances your audio, transcribes your podcast, creates chapters and clips for 187 00:13:22,840 --> 00:13:24,220 you. It'll even suggest titles. 188 00:13:24,580 --> 00:13:27,660 And it's a great platform for live streaming and hosting MP3s. 189 00:13:27,680 --> 00:13:30,900 Podhome.fm, promo code TWIB. 190 00:13:30,960 --> 00:13:35,500 Thank you to Podhome for sponsoring this week in Bitcoin. 191 00:13:37,291 --> 00:13:40,771 And now a quick Bitcoin ETF update. I'm going to watch these as long as it seems 192 00:13:40,771 --> 00:13:44,171 to be driving critical narratives or price action. It might matter to you. 193 00:13:44,451 --> 00:13:49,051 And this week, GBTC's bankruptcy sell-off saw record-setting outflows. 194 00:13:49,091 --> 00:13:54,751 Now double any other ETF in outflows year-to-date and has set a record for cumulative 195 00:13:54,751 --> 00:13:57,351 outflows for any ETF in history. 196 00:13:57,871 --> 00:14:02,011 That's the kind of sell-off we're seeing from just the GBTC ETF, 197 00:14:02,271 --> 00:14:06,191 which might explain some of the price action this week. But despite all of that, 198 00:14:06,331 --> 00:14:12,211 the Bitcoin ETFs rank third overall out of 3,400 ETFs in annual revenue generated so far. 199 00:14:12,971 --> 00:14:18,191 68% though of the Bitcoin network has not sold or moved their coins in over a year. 200 00:14:18,611 --> 00:14:21,471 So don't let things around the ETF scare you. 201 00:14:21,691 --> 00:14:24,631 The majority of the coin holders are still the plebs. 202 00:14:24,811 --> 00:14:29,471 But the overall Bitcoin ETF market seems to be doing very well despite the outflows. 203 00:14:29,471 --> 00:14:34,071 And the reality is most people think GBTC can only continue these kind of outflows 204 00:14:34,071 --> 00:14:36,171 till the end of the year at the most. 205 00:14:36,331 --> 00:14:40,551 And as you've probably guessed, this has been really fantastic for Coinbase, 206 00:14:40,671 --> 00:14:43,451 as the CEO, Brian Armstrong, recently mentioned. 207 00:14:44,151 --> 00:14:50,351 Yeah. So with the ETFs that got approved, we've seen a huge influx of capital into the system. 208 00:14:50,391 --> 00:14:52,831 About $12 billion of inflow have happened. 209 00:14:53,171 --> 00:14:57,191 And when that happens, sometimes people ask us, well, what does that mean for 210 00:14:57,191 --> 00:15:00,951 Coinbase? Well, you know, it's actually incredibly positive for Coinbase. 211 00:15:01,331 --> 00:15:06,271 We're storing, we're the custodian for about 90% of the assets in those Bitcoin 212 00:15:06,271 --> 00:15:10,311 ETFs. And so we have monetization opportunities there as a custodian. 213 00:15:10,371 --> 00:15:15,091 But it didn't cannibalize any of the opportunity in our direct products to our 214 00:15:15,091 --> 00:15:16,611 retail app or institutional product. 215 00:15:16,811 --> 00:15:23,331 We actually saw increased inflows there while we saw $12 billion of inflow into the ETFs. 216 00:15:23,920 --> 00:15:33,200 Music. 217 00:15:33,043 --> 00:15:37,843 I've got some project updates for you. RoboSats 0.6.0 is out. 218 00:15:37,963 --> 00:15:43,783 This is a non-KYC, non-know-your-customer way to buy Bitcoins using the Lightning Network. 219 00:15:44,303 --> 00:15:47,523 They've been working on an Android app as well. But something that I think is 220 00:15:47,523 --> 00:15:52,843 going to be just a big deal long term is the renewed effort on decentralization. 221 00:15:53,023 --> 00:15:56,323 They're picking this back up and they introduced a major upgrade that introduces 222 00:15:56,323 --> 00:16:01,823 RoboSats Federation, a decentralized system of independent coordinators to host orders. 223 00:16:02,323 --> 00:16:05,783 They say this will enhance the platform's robustness and experience now 224 00:16:05,783 --> 00:16:08,623 it's just the beginning but they say this is the first step toward 225 00:16:08,623 --> 00:16:13,363 significant decentralization allowing users to interact with any coordinator 226 00:16:13,363 --> 00:16:16,863 seamless seamlessly they have a new avatar generator in there and of course 227 00:16:16,863 --> 00:16:22,863 bug fixes and improvements and in the spirit of kyc free bitcoin another platform 228 00:16:22,863 --> 00:16:28,083 that just seems to be going from strength to strength now and i'm happy to actually say that is BISQ. 229 00:16:28,183 --> 00:16:30,023 B-I-S-Q. 230 00:16:30,483 --> 00:16:35,523 And they have just released BISQ 2. They're trying to make it easier to use 231 00:16:35,523 --> 00:16:39,623 and something I think that is really a great resource if you're considering using BISQ. 232 00:16:40,223 --> 00:16:44,883 Some of their team joined an AMA and asked me anything on Stacker News and they 233 00:16:44,883 --> 00:16:47,703 answered some great questions about how it works, the feature breakdown, 234 00:16:48,103 --> 00:16:54,903 fees, the differences between BISQ 2 and BISC-1, another great way to buy your 235 00:16:54,903 --> 00:16:58,383 Bitcoin peer-to-peer, KYC-free. I'll have links to the AMA. 236 00:16:59,626 --> 00:17:03,086 And to the news article about RoboSats, two of my favorite applications out 237 00:17:03,086 --> 00:17:06,566 there. Great ways to stack Bitcoin without KYC. 238 00:17:07,206 --> 00:17:15,306 We have some boosts. The dude Abide comes in with 77,777 sats. 239 00:17:15,406 --> 00:17:20,326 Oh, boy, you are our baller lobster this week, the dude Abides. 240 00:17:20,426 --> 00:17:27,606 He was boosting episode one. He says, let's get this thing to the first page. It deserves it. 241 00:17:28,026 --> 00:17:31,066 Thanks. You know, that does help in the fountain charts. Lots of people find 242 00:17:31,066 --> 00:17:32,226 us when we go to the top page. 243 00:17:32,726 --> 00:17:36,486 Jeremy Ross comes in with 20,000 sats. Great show so far. Looking forward to 244 00:17:36,486 --> 00:17:40,166 more episodes as I continue my own journey into crypto and value for value. 245 00:17:40,626 --> 00:17:44,566 Oh, be very careful, Jeremy. We appreciate you being here. And hopefully after 246 00:17:44,566 --> 00:17:47,926 a few episodes, you'll stop calling it crypto and you'll call it Bitcoin. 247 00:17:48,346 --> 00:17:53,966 I appreciate the boost. Jordan Bravo comes in with 5,555 sats. 248 00:17:54,026 --> 00:17:57,166 Coming in hot with the boost. He says, I'm excited for this week in Bitcoin, 249 00:17:57,366 --> 00:18:00,746 especially in the way of the Bitcoin dad going on hiatus. 250 00:18:00,866 --> 00:18:03,106 Yes, Jeff, I've heard a few of those. Thank you very much. 251 00:18:03,966 --> 00:18:09,246 Adam Curry comes in with 10,000 sats. Make it so. Says, great clip about DOS. 252 00:18:10,106 --> 00:18:14,006 Happy to oblige, Podfather. Glad you found it useful. Thanks for the booth. Booth? 253 00:18:14,926 --> 00:18:17,766 Thanks for the booth. For the Jeff booth. No, thank you for the boost. 254 00:18:17,826 --> 00:18:22,306 I appreciate it. Chad F. comes in with a strong, really enjoying the show, row of ducks. 255 00:18:23,226 --> 00:18:27,526 Thank you, Chad F. Jeff, UConn, or an alias, probably getting that right, right? 256 00:18:27,566 --> 00:18:31,306 Comes in with 10,000 sats. It's over 9,000! 257 00:18:32,066 --> 00:18:36,146 Says, this was a great episode. Episode two, it gives me a busy dad the distilled information I need. 258 00:18:36,246 --> 00:18:38,946 Now I don't have the, I don't always have the time to pay attention to everything 259 00:18:38,946 --> 00:18:40,426 going on with the news and the talk. 260 00:18:40,486 --> 00:18:44,606 So this show is filling those holes in just one hour. Oh, I'm going to try to keep it under an hour. 261 00:18:46,106 --> 00:18:50,266 Maybe I went long. I mean, there will be weeks where it goes a little long, 262 00:18:50,306 --> 00:18:51,426 I imagine, depending on the news. 263 00:18:52,398 --> 00:18:58,398 I'd say my nominal target is 25 to 30 minutes, but I don't push it if it's not 264 00:18:58,398 --> 00:19:01,558 necessary for the content. Again, it's high signal. Get you in, get you out. 265 00:19:01,938 --> 00:19:06,198 This is the part where I like to just slow down and engage with the community and expand where we can. 266 00:19:06,398 --> 00:19:09,058 And, of course, I'm hoping this kind of becomes a revolving conversation when 267 00:19:09,058 --> 00:19:11,058 you guys boost in with the topics and things you care about, 268 00:19:11,178 --> 00:19:13,378 the things you want follow-up on or you want to follow-up on. 269 00:19:13,658 --> 00:19:15,118 All of that is very, very welcome. 270 00:19:15,738 --> 00:19:21,458 You can boost with the new podcast app at podcastapps.com. And I love it. I love it when you do. 271 00:19:22,178 --> 00:19:24,198 Green Everett boosted in with 5,000 sats. 272 00:19:24,978 --> 00:19:27,338 He says, I'm here because Adam Curry said I should listen. 273 00:19:28,278 --> 00:19:31,418 Very good. The Podfather, it has great taste. 274 00:19:32,318 --> 00:19:35,878 This is my first time here. I'm hitting play now. Adam's people, 275 00:19:36,018 --> 00:19:37,538 we boost right off the bat. 276 00:19:38,558 --> 00:19:43,278 Now that is great. It's good people. That's what that is. That is good, good people. 277 00:19:45,038 --> 00:19:51,098 Gene Bean comes in with 5,000 sats. Just met Gene Bean in IRL at Scale and NixCon. 278 00:19:51,458 --> 00:19:53,738 And he's just as great in person as he is over booze. He writes, 279 00:19:53,858 --> 00:19:56,358 thanks for the advice and your time last week. 280 00:19:56,438 --> 00:19:59,218 I really appreciate it. I'm also loving the show. It's well done and a great 281 00:19:59,218 --> 00:20:01,358 format. You're a great format, Gene Bean. 282 00:20:01,918 --> 00:20:05,098 You're a great format. Oppie 1984 comes in. 283 00:20:08,278 --> 00:20:15,558 4,000 sats with a support boost. Podhome, our sponsor and our platform, also boosting the show. 284 00:20:15,738 --> 00:20:17,878 How about that? That is a hot boost. 285 00:20:19,218 --> 00:20:22,458 15,000 sats. Great episode. and another great show format. Please keep going 286 00:20:22,458 --> 00:20:25,758 as this really is valuable information to keep me informed. Great stuff. 287 00:20:26,598 --> 00:20:32,418 Hashtag go podcasting. How about that? How about that? Now that is real support. Thank you, Podhome. 288 00:20:33,298 --> 00:20:39,758 Podhome.fm. Appreciate that. The tone record comes in with 6,102 sats. 289 00:20:40,178 --> 00:20:43,098 This is great weekly coverage of capturing relevant events and nice to see the 290 00:20:43,098 --> 00:20:46,538 nod to time chain calendar. Added your show to my rotation. I appreciate that. 291 00:20:46,998 --> 00:20:51,138 Nice nod of confidence. Sorry I missed you last week. Where were you? I was here. 292 00:20:51,678 --> 00:20:56,358 Okay, no, I wasn't. Time chain calendar shout out. Still a great, great tool. 293 00:20:57,158 --> 00:20:59,778 I really love it. I have it up on a couple of my tablets that I have around 294 00:20:59,778 --> 00:21:01,958 my house. Yes, I have tablets around my house. Don't bug me about it. 295 00:21:01,998 --> 00:21:04,558 Gene Bean comes in with another row of ducks. 296 00:21:06,118 --> 00:21:08,958 Do you have any suggestions on how to get started running a Bitcoin node, 297 00:21:09,118 --> 00:21:12,918 possibly on a VPS like Hetzner? I don't know if I recommend Hetzner. 298 00:21:14,724 --> 00:21:18,824 I don't have experience with running a node on Hetzner. If anybody does, please boost in. 299 00:21:19,884 --> 00:21:22,644 I'll tell you what I've been really liking, Gene, if you're up for it, 300 00:21:22,664 --> 00:21:23,784 is the Nix Bitcoin project. 301 00:21:24,424 --> 00:21:28,024 It's a bit intense if you're not familiar with Nix. So that's a big lift. 302 00:21:28,724 --> 00:21:31,384 But all of the issues you have with something like a Start9, 303 00:21:31,604 --> 00:21:35,784 which I think is great, or an Umbral, which is pretty good, you don't have with Nix Bitcoin. 304 00:21:35,984 --> 00:21:40,504 And that is somebody else is managing and packaging things up and kind of making 305 00:21:40,504 --> 00:21:42,184 assumptions about how your system is built. 306 00:21:42,184 --> 00:21:47,144 And then when big updates happen, those assumptions can sometimes bite you and 307 00:21:47,144 --> 00:21:50,044 things go wrong and you end up down like at a command line interface, 308 00:21:50,164 --> 00:21:53,784 maybe some sort of series of scripts that they've written, taking different 309 00:21:53,784 --> 00:21:55,384 incarnations off of their form, 310 00:21:55,524 --> 00:21:58,704 trying to get your personal bank back up online. 311 00:21:59,204 --> 00:22:02,284 And if you're a small business like me, you know, it's a pretty critical part of what we do. 312 00:22:03,444 --> 00:22:07,764 And what Nick's Bitcoin does is like a prescription. It has to be followed every 313 00:22:07,764 --> 00:22:10,824 single time. And if anything fails, it doesn't build completely. 314 00:22:11,364 --> 00:22:13,344 So you have this sort of pre-flight check. 315 00:22:14,024 --> 00:22:17,644 And if everything doesn't check out, it doesn't build, the system doesn't switch. 316 00:22:18,784 --> 00:22:21,504 If you switch and there's like some sort of bug or software regression that 317 00:22:21,504 --> 00:22:23,364 couldn't be caught at build time, but it's like some sort of bug, 318 00:22:23,444 --> 00:22:26,444 maybe an LND or something like that, you just roll back. 319 00:22:27,624 --> 00:22:30,004 And that kind of ability to roll back without affecting your data, 320 00:22:30,024 --> 00:22:34,244 but be able to roll back the applications, I think a pretty big deal for a Bitcoin node. 321 00:22:36,584 --> 00:22:39,644 I know Umbral just has a new update this week. Version 1.0 came out. 322 00:22:39,664 --> 00:22:40,524 Could be worth looking at. 323 00:22:42,144 --> 00:22:44,764 I don't know about Hetzner. I'd like to hear other people's thoughts on that. 324 00:22:44,844 --> 00:22:48,464 I have to tell you, it feels risky to some degree to use a Bitcoin, 325 00:22:48,644 --> 00:22:53,124 to seriously use a node on any VPS, depending on what your threat factor is. 326 00:22:53,244 --> 00:22:54,544 I think it's just something to keep in mind. 327 00:22:54,704 --> 00:22:57,884 That is something I'd love to open up for conversation to the rest of the audience. 328 00:22:57,984 --> 00:23:02,064 So please do boost in if you have opinions on that. Mr. Pibb comes in. Mr. 329 00:23:03,244 --> 00:23:07,664 Pibb? Is that you? With one extra B, that's all it takes? And that's not, okay, I'll go with it. 330 00:23:07,764 --> 00:23:11,344 5,000 sats. That's Bitcoin Noob here. Totally ignorant, to be honest. 331 00:23:11,464 --> 00:23:13,324 Wow. Well, you got a boost in, dude. That's pretty good. 332 00:23:13,764 --> 00:23:18,604 You haven't led me astray on Linux, FOSS, or self-hosting. So I'll hitch onto this wagon as well. 333 00:23:18,744 --> 00:23:21,744 I've been curious about Bitcoin, and it's nice to have a source of information 334 00:23:21,744 --> 00:23:24,524 who I already trust. I learned a lot so far. Keep them coming, please. 335 00:23:25,404 --> 00:23:28,704 I'd welcome some Bitcoin 101 type podcasts for myself, fellow newbies who are 336 00:23:28,704 --> 00:23:29,584 listening. Thank you, Chris. 337 00:23:30,404 --> 00:23:34,684 Hmm. We should probably start as a community collecting resources for total Bitcoin newbies. 338 00:23:34,804 --> 00:23:38,224 I like the intellectual curiosity a lot, Mr. 339 00:23:38,264 --> 00:23:40,984 Bibb. that's um a rarity you're a 340 00:23:40,984 --> 00:23:44,124 special person that is really something and thank 341 00:23:44,124 --> 00:23:46,984 you for the boost i really appreciate that too i know that first 342 00:23:46,984 --> 00:23:49,924 setup can be a little bit of a climb mr cospeeland comes 343 00:23:49,924 --> 00:23:55,824 in with 2 000 sats says love the updates segment thank you jcube 2 000 sats 344 00:23:55,824 --> 00:24:00,724 heck yeah dude i'm glad you're covering this stuff uh and user 82 came in with 345 00:24:00,724 --> 00:24:04,864 3 000 sats this is great to see you back and hybrid sarcasm was rocking the 346 00:24:04,864 --> 00:24:08,904 support after getting his wall being strike issues sort I know. 347 00:24:08,964 --> 00:24:14,364 Well, he says managed wallets like Albion Strike make it impossible to empty my wallet to zero. 348 00:24:15,723 --> 00:24:19,843 That's always kind of a trick because this is one of the reasons I think Liquid 349 00:24:19,843 --> 00:24:25,763 and Lightning are going to be maybe more accessible to average users that are moving small funds. 350 00:24:26,363 --> 00:24:31,003 Because I mean I probably have wallets all over the place with what essentially are dust sats. 351 00:24:32,623 --> 00:24:36,303 Because you always have to reserve some for fees, yeah. Would a self-hosted 352 00:24:36,303 --> 00:24:37,403 wallet be the solution to this? 353 00:24:38,103 --> 00:24:43,063 To a degree. You're always going to have the issue of needing to get the fees 354 00:24:43,063 --> 00:24:46,903 covered. But what you could do pretty easily on a self-hosted wallet is throw 355 00:24:46,903 --> 00:24:50,163 some more UTXOs in there, combine it into a larger transaction and move them 356 00:24:50,163 --> 00:24:51,663 all out. You'll have more optionality. 357 00:24:52,423 --> 00:24:55,443 You definitely have more optionality on a self-hosted one. There are minimum 358 00:24:55,443 --> 00:24:58,143 transactions and you know how they'll – you've seen this before like on the 359 00:24:58,143 --> 00:25:00,703 hosted ones where they're like they'll just auto-calculate the fees for you 360 00:25:00,703 --> 00:25:03,583 and they'll just tell you – like they don't give you like different kinds of 361 00:25:03,583 --> 00:25:06,763 optionality to control like how many fees you want or maybe you want to do replace by fee. 362 00:25:06,843 --> 00:25:09,943 Like they don't give you access to that stuff that is tooling to solve some 363 00:25:09,943 --> 00:25:13,043 of this. So it does get better, but it's not perfect. 364 00:25:14,083 --> 00:25:18,163 21 is enough comes in with 12,121 sats. 365 00:25:18,463 --> 00:25:22,323 And they write, this is the first Jupiter Broadcasting show I can catch from the very beginning. 366 00:25:23,503 --> 00:25:26,623 That's great. Welcome aboard, sir. Thanks for all the content. 367 00:25:27,243 --> 00:25:30,643 Now, that's all the boosts we had above 2,000 sats. I currently have a cutoff 368 00:25:30,643 --> 00:25:33,583 of 2,000 sats universally across my shows just for time purposes. 369 00:25:34,923 --> 00:25:38,623 It's sort of the best way I can manage, but I appreciate all of it. 370 00:25:38,623 --> 00:25:41,143 But we had 32 boosters this week, which is really outrageously great. 371 00:25:42,423 --> 00:25:46,623 And so I read all of them. They all go in my show notes for posterity as well. 372 00:25:46,923 --> 00:25:50,983 So if your amount is below the 2,000 sats, don't worry. I'm still seeing it. 373 00:25:51,323 --> 00:25:54,623 It just doesn't make it into the actual on-air portion. But I appreciate all of them. 374 00:25:54,663 --> 00:26:00,163 Thank you, everybody who boosted in. We stacked 199,927 sats. 375 00:26:01,823 --> 00:26:05,123 Radical transparency around what we bring in in the value-for-value model is 376 00:26:05,123 --> 00:26:08,023 key to how this works. That's why I tell you the amounts. 377 00:26:08,763 --> 00:26:11,463 If you find the show valuable, the information valuable, you want to support 378 00:26:11,463 --> 00:26:14,763 the show and keep it going, please consider boosting with a podcast app like 379 00:26:14,763 --> 00:26:16,443 Fountain or Podverse or Castomatic. 380 00:26:17,123 --> 00:26:20,623 Or you can even boost from sites like the Podcast Index or go sign up for True 381 00:26:20,623 --> 00:26:22,703 Fans FM and boost from there. 382 00:26:23,123 --> 00:26:26,083 Now, I do have a couple of resources of the week that I want to get to, 383 00:26:26,123 --> 00:26:27,443 so I'm not done with you yet. 384 00:26:27,983 --> 00:26:30,143 But thank you, boosters. Appreciate your support. 385 00:26:33,623 --> 00:26:36,643 Bolts.exchange. Now, you may know about Bolts.Exchange, but if you don't, 386 00:26:36,643 --> 00:26:42,083 let me just take a second and tell you this is the way that myself and pretty 387 00:26:42,083 --> 00:26:47,163 much everybody I know moves funds between on-chain and Lightning or from Lightning 388 00:26:47,163 --> 00:26:51,383 back to on-chain or potentially swap into liquid. 389 00:26:52,523 --> 00:26:56,223 Bolts, B-O-L-T-Z.Exchange. So if you've got some SATs sitting in a wallet. 390 00:26:57,701 --> 00:27:00,521 And you want to get them in a new podcast app, and you want to get them onto 391 00:27:00,521 --> 00:27:02,841 Lightning, you can use Bolts.Exchange. 392 00:27:02,861 --> 00:27:06,521 Or if you want to take sats out of a Lightning wallet and move them on-chain 393 00:27:06,521 --> 00:27:08,981 to store them, you can use Bolts.Exchange. 394 00:27:09,241 --> 00:27:12,741 And I think it's a fantastic service, and something they've done this week that 395 00:27:12,741 --> 00:27:17,061 made me want to mention them, and I've got to say, I'd love to see everybody 396 00:27:17,061 --> 00:27:22,481 do this, is Bolts.Exchange has posted a very, very good warrant canary. 397 00:27:22,961 --> 00:27:27,781 Maybe what should really be the industry standard. entered. They have their PGP signature up there, 398 00:27:27,861 --> 00:27:32,521 and it's a signed message that says the maintainers and admins of the software 399 00:27:32,521 --> 00:27:37,481 project known as Bolts Exchange have received and complied with zero requests 400 00:27:37,481 --> 00:27:39,721 for information from any kind of third parties, 401 00:27:39,841 --> 00:27:41,841 including but not limited to government agencies. 402 00:27:42,521 --> 00:27:47,061 We will renew this notice within 60 days time. If this notice fails to be renewed 403 00:27:47,061 --> 00:27:49,141 by then, you should assume the worst. 404 00:27:49,581 --> 00:27:54,401 I am the admin of HTTPS Bolts.Exchange. I am in control of my PGP I will update 405 00:27:54,401 --> 00:27:55,941 this canary within 60 days. 406 00:27:56,201 --> 00:27:59,421 Today is 2024-03-2022. 407 00:27:59,981 --> 00:28:05,041 And of course, they put the latest Bitcoin block hash in there as well with their PGP signature. 408 00:28:05,441 --> 00:28:09,561 Then also, they make it easy to import their keys and verify this message. 409 00:28:09,661 --> 00:28:14,081 They give you the actual PGP command line and curl command line. 410 00:28:14,161 --> 00:28:15,681 It's really GPG to do all that. 411 00:28:16,681 --> 00:28:21,341 Man, just a round of applause and a bell for them. them. I'm going to slap that 412 00:28:21,341 --> 00:28:22,321 bell hard for those guys. 413 00:28:22,901 --> 00:28:27,561 I think that is something that we should see anybody who's responsible for any 414 00:28:27,561 --> 00:28:31,961 kind of transactions or where they touch your money for a few minutes even. I want to see that. 415 00:28:32,161 --> 00:28:36,741 I want to see this from, you know, Blockworks. I want to see this from Coinbase. 416 00:28:37,501 --> 00:28:41,021 I think we should see this everywhere. So I'll put a link to their canary, 417 00:28:41,061 --> 00:28:45,661 and I'll also link to Bolts.Exchange because it really truly is a fantastic 418 00:28:45,661 --> 00:28:50,621 and quick and cheap way to move between lightning, on-chain, and liquid. 419 00:28:51,061 --> 00:28:53,321 And now it's time for our final clips of the week. 420 00:28:54,761 --> 00:28:58,281 This one is a reminder of why Bitcoin is important. 421 00:29:00,591 --> 00:29:04,551 It really is a dramatic one. India's Congress Party, not familiar with the politics 422 00:29:04,551 --> 00:29:07,191 of India, so I can't vouch either way for the Congress Party, 423 00:29:07,311 --> 00:29:10,491 but they apparently represent around 20% of the population. 424 00:29:10,971 --> 00:29:14,871 And this week they had their bank accounts frozen just two months before elections. 425 00:29:15,631 --> 00:29:20,311 If any of you imagine, anybody in the country imagines what happens happens 426 00:29:20,311 --> 00:29:30,331 when your bank account, your ATM card, your entire financial identity is erased. 427 00:29:31,471 --> 00:29:35,771 You can imagine if it is done to a family, the family will starve to death. 428 00:29:36,291 --> 00:29:39,071 If it is done to a business, the business will be crippled. 429 00:29:40,471 --> 00:29:44,491 This is what has been done to the Congress party one month back. 430 00:29:45,991 --> 00:29:49,111 All our bank accounts have been frozen. 431 00:29:51,191 --> 00:29:57,671 We can do no campaign work. We cannot support our workers. We cannot support our candidates. 432 00:29:58,291 --> 00:30:02,911 Our leaders cannot fly from one part of the country to the other. 433 00:30:02,931 --> 00:30:09,111 Forget fly, they can't take a railway train and this has been done literally 434 00:30:09,111 --> 00:30:14,351 two months before for the election campaign. Bitcoin fixes this. 435 00:30:14,971 --> 00:30:17,931 It can happen in India. It can happen in Canada. 436 00:30:18,071 --> 00:30:20,971 And it happens where you live today already. You just probably, 437 00:30:21,231 --> 00:30:24,211 hopefully, have had the privilege of not having to notice. 438 00:30:25,091 --> 00:30:27,971 And Bitcoin also protects you from inflation. 439 00:30:29,231 --> 00:30:33,351 And this week, some are saying that we may have just witnessed a transition 440 00:30:33,351 --> 00:30:37,551 from the Fed to now a new standard of high inflation for longer. 441 00:30:38,151 --> 00:30:42,751 Mohamed Olarian is here, chief economic advisor at Allianz, president of Queens 442 00:30:42,751 --> 00:30:49,811 College at Cambridge University, and a Fed, are you a whisperer? What are you? 443 00:30:50,631 --> 00:30:52,211 Observer. A Fed observer. 444 00:30:53,811 --> 00:30:57,991 Did you think it was dovish, more dovish than you were expecting yesterday? 445 00:30:58,431 --> 00:31:04,291 Oh, absolutely. And in two ways. One is a signal that they're willing to tolerate 446 00:31:04,291 --> 00:31:05,911 higher inflation for longer. 447 00:31:05,911 --> 00:31:13,591 And second, something that is flying below the radar screen is what Chair Powell said about QT, 448 00:31:13,711 --> 00:31:19,191 said about the balance sheet, saying that he's willing to slow down the journey 449 00:31:19,191 --> 00:31:21,451 to a lower balance sheet. 450 00:31:21,591 --> 00:31:26,851 I think that twin patience means that we may well look back on this week as 451 00:31:26,851 --> 00:31:32,011 the week in which central banks stepped away from a very strict inflation target 452 00:31:32,011 --> 00:31:34,251 to a much broader concept of an inflation target. 453 00:31:34,251 --> 00:31:37,531 The truth is the Fed's trapped. 454 00:31:38,091 --> 00:31:42,211 If they lower rates, inflation will start ticking up faster than it already 455 00:31:42,211 --> 00:31:43,751 is in a tightening cycle. 456 00:31:44,331 --> 00:31:48,951 And if they don't lower the rates, it seems like a very likely scenario that 457 00:31:48,951 --> 00:31:53,131 we'll enter a massive recession if you look at all the indicators that are all 458 00:31:53,131 --> 00:31:55,011 peaking at pre-2008 levels. 459 00:31:56,279 --> 00:32:03,399 And as the CNBC host was about to bring up, it's also an election cycle, 460 00:32:03,519 --> 00:32:10,859 which means that if the economy were to slide, it would be an even bumpier and rowdy election season. 461 00:32:11,099 --> 00:32:15,059 And this has, in your view, nothing to do with the election. 462 00:32:16,239 --> 00:32:19,899 So I would like to believe the Fed in saying that it is apolitical. 463 00:32:20,419 --> 00:32:22,359 You would like to believe? Do you believe? 464 00:32:23,179 --> 00:32:26,739 Look, I have no other reason to believe otherwise. 465 00:32:27,019 --> 00:32:31,159 Well, it was a weird it was weirdly dovish. And I keep bringing up that suddenly 466 00:32:31,159 --> 00:32:36,499 it seems like the asymmetric risk is now of a recession after we've had two 467 00:32:36,499 --> 00:32:39,479 really hot inflation numbers. 468 00:32:39,539 --> 00:32:44,079 I was with you when when you asked me what what does the outlook look like? 469 00:32:44,119 --> 00:32:49,139 I told you 55 percent soft landing, 30 percent recession, 15 percent something 470 00:32:49,139 --> 00:32:53,539 better than than that. And I think I think that they realize two things. 471 00:32:53,659 --> 00:32:56,759 I think they realize that the economy is weakening, 472 00:32:56,799 --> 00:33:00,799 but they've also realized or hope they're going to realize that we are living 473 00:33:00,799 --> 00:33:05,339 in a world in which the supply side is the problem and that we need to tolerate 474 00:33:05,339 --> 00:33:09,099 slightly higher inflation if we don't want to sacrifice the economy. 475 00:33:09,099 --> 00:33:11,719 Now, how about that? 476 00:33:12,219 --> 00:33:17,139 Now it's we can't risk the economy. Not we have to stop inflation. 477 00:33:18,179 --> 00:33:23,339 Either way, Bitcoin protects your purchasing power over the long term in numerous ways. 478 00:33:23,519 --> 00:33:27,979 But these two that we just covered, I think these are some of the most powerful. 479 00:33:28,699 --> 00:33:31,959 And these are the ones that your no-coiner friends and family are going to start 480 00:33:31,959 --> 00:33:35,459 to understand as their financial privilege begins to melt away. way. 481 00:33:37,059 --> 00:33:40,439 Now, if you made it this far, I want to just say thank you very much. 482 00:33:41,019 --> 00:33:43,899 Thisweekinbitcoin.show is where you can find the links. 483 00:33:43,999 --> 00:33:47,619 I now have a contact form if you're not a booster, but boost is really what 484 00:33:47,619 --> 00:33:49,979 I'd love to see from you and what you'd love to see from me. 485 00:33:50,059 --> 00:33:52,819 Boost it and tell me what you'd like to see in the show, what you'd like to see covered. 486 00:33:53,659 --> 00:33:55,899 Was there something missed that you thought should have been in here? 487 00:33:56,659 --> 00:33:59,319 That'd also be great to let me know. It helped me refine what I'm watching. 488 00:33:59,939 --> 00:34:03,259 I'm hoping to create the number one Bitcoin news podcast for the podcasting 489 00:34:03,259 --> 00:34:05,679 2.0 community and for the Jupyter Broadcasting community. 490 00:34:06,599 --> 00:34:10,759 And of course, the wider one as well. So I'm also soliciting value for value 491 00:34:10,759 --> 00:34:13,179 music, songs that fit the theme of the show. 492 00:34:14,319 --> 00:34:18,499 You know, normally you don't play Bitcoin songs on a podcast, 493 00:34:18,639 --> 00:34:19,999 but this is a great excuse to play one. 494 00:34:20,059 --> 00:34:22,639 So if there's a great value for value Bitcoin song, please link it to me. 495 00:34:23,259 --> 00:34:26,439 Or if just there's some music you think that works really well for an outro, 496 00:34:26,599 --> 00:34:30,579 I'd love to hear it because I think it's it's a great way for the show to incorporate 497 00:34:30,579 --> 00:34:35,539 a feature that really has changed the discussion around sats. 498 00:34:36,719 --> 00:34:42,559 When you boost into a show or you boost a track, people are not denominating that value in dollars. 499 00:34:44,226 --> 00:34:48,506 The entire value for value community is using sats. 500 00:34:49,826 --> 00:34:54,046 Everything is being valued in sats directly. It's the beginning of something 501 00:34:54,046 --> 00:34:55,966 beautiful. And now music is part of that. 502 00:34:56,086 --> 00:34:58,366 So I'd like to incorporate it into this show. Now this week, 503 00:34:58,366 --> 00:35:02,526 though, since I don't have a value for value song, I do have a meme of the week, 504 00:35:02,606 --> 00:35:07,766 you know, something kind of silly and old Mikey Saylor. He's always great for a meme. 505 00:35:08,486 --> 00:35:11,686 He's been of a meme factory. Perhaps, perhaps that's intentional. 506 00:35:11,786 --> 00:35:13,486 Wouldn't it be hilarious if we discovered he had writers? 507 00:35:14,566 --> 00:35:20,426 Helping them come up with quips that can be memed. Oh, that'd be so much drama. It'd be crazy. 508 00:35:21,026 --> 00:35:24,106 Maybe I should get out of here. The signal is beginning to drop, 509 00:35:24,206 --> 00:35:26,726 I think. Thank you so much for listening to This Week in Bitcoin. 510 00:35:27,006 --> 00:35:28,646 I'll see you next week. And I mean it. 511 00:35:29,266 --> 00:35:33,326 What do you do with the Bitcoin besides it just gather value? 512 00:35:33,726 --> 00:35:37,006 Real estate developers in New York City, they're not buying the real estate 513 00:35:37,006 --> 00:35:38,246 because they want to live in it. 514 00:35:38,306 --> 00:35:43,986 But like most of the people who are buying assets at some point want to sell the assets at a profit. 515 00:35:41,040 --> 00:35:46,320 Music. 516 00:35:44,226 --> 00:35:57,926 People that use fiat currency as a store of value, we call them poor. We call them poor. 517 00:35:54,640 --> 00:36:31,280 Music. 518 00:35:59,986 --> 00:36:09,546 People that use fiat currency, we call them poor. We call them poor. 519 00:36:10,206 --> 00:36:13,386 We call them poor. We call them poor. 520 00:36:18,586 --> 00:36:19,806 There's a name for them. 521 00:36:21,926 --> 00:36:23,106 We call them poor. 522 00:36:25,846 --> 00:36:27,006 We call them poor. 523 00:36:30,386 --> 00:36:36,246 Okay. Right, like, the point is, if you have the superior asset, 524 00:36:36,486 --> 00:36:38,006 it's going up forever, Lauren. 525 00:36:39,186 --> 00:36:42,506 Forever. Right, I mean, right, but I mean, we can all look. 526 00:36:42,506 --> 00:36:56,146 Bitcoin sort of as forever more people that use fiat currency as a store of value. 527 00:36:56,386 --> 00:36:57,706 We call them. 528 00:36:57,680 --> 00:37:50,500 Music.