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Welcome in to This Week in Bitcoin, episode 85.

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

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As I start rounding out the final episodes of the year, if you can believe it, once again,

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we have a big news day on a recording day.

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The Federal Reserve chair came out of his cave and declared the price of fiat has changed once again.

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But the price of fiat isn't the real story for Bitcoin.

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It's what comes next for Bitcoin after these Fed cuts have been digested and the big news that really came out of the conference starts getting felt in the market.

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I think you could make a pretty solid argument that they shouldn't be lowering rates at all.

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I think I would hear that argument. I'm going to try to argue the other side today.

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I recognize that compound inflation over the last five years is at 28.32 percent,

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according to Truflation. So let's call it 30%. On average, everything is 30% more expensive

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over the last five years. That's five years of inflation increases. And at the same time,

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the S&P 500 is doing great. Markets got plenty of money, apparently, for AI to continue to flow.

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Gold's ripping. So cutting rates, that could make inflation worse. That would make the market pump

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even harder, which could lead to a bigger bubble. I get your argument. But let's set all that aside

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for a moment, because while those things are true, I think it's also true the Fed still had to cut

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rates. That 30 percent inflation over the last five years is crushing the people. It's five straight

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years of getting everything more expensive, your gas, your homes, everything. And thankfully,

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some prices are coming down, but not enough. People are still feeling the pinch. And it's all

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been building into one term that's emerged to sort of sum up the entire situation. Everybody's just

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calling it affordability. Turning now to the economy, President Trump in recent months has

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dismissed concerns about affordability as a Democratic hoax. But this evening in the

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battleground state of Pennsylvania, he is focusing on the crisis and touting the administration's

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efforts to lower the cost of living. Chief White House correspondent Nancy Cordes is with the

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president in Mount Pocono, Pennsylvania. As he prepared to tout his economy,

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President Trump was asked to grade it. A plus. A plus. A plus, plus, plus, plus, plus. But at

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Shields Family Market in Scranton, Pennsylvania, the shoppers are tougher graders. They always go

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to old Scranton, don't they? They love going to Scranton and asking the boomers. I would think a

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B minus.

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You're definitely failing.

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Oh, I would give it a D.

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Boy, the grocery store has got to be, you know, the place to find the most negative sentiment possible.

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Anne-Marie Hadley is a retired educator.

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The economy is not good.

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I don't see promises being kept.

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And the promise was to bring prices down.

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Oh, absolutely.

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Uh-huh. Yep, it was.

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One of the biggest cell phones the Trump administration ever made.

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They should have never promised to bring prices down.

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And if I were Trump, I would be countering that narrative right now, say, all right, you want all the prices, all the prices to come down? Fine. Then you're going to get a recession. You want everything to come down in price? Then you get a recession. That's how it works. If I was the president, that's what I'd be saying right now. I'd be making it really clear. You're economically illiterate. You have no idea how market pricing works. And if you want the pricing to come down, then everyone's going to suffer. Say it like that, right?

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Instead, they're like, well, but we're getting energy down and we're getting this thing over here down.

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And what about your eggs?

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And they're basically they're playing a chicken shit game here that is a loser because they made promises during the campaign that prices would come down.

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And people want that.

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And they're too stupid to realize how this works.

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The economy is not good.

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I don't see promises being kept.

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And the promise was to bring prices down.

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Oh, absolutely.

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The president insists he is keeping that promise.

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Grocery prices are down.

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Energy, energy has come down incredibly.

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But government data tells a different story.

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This is a cute little game they play here.

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So when Trump says energy, he's being sort of broad.

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He's speaking of oil, right?

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Because that's what he's made an impact on.

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Oil prices are down.

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Gasoline prices are down.

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So when he says energy, he's referring to the input cost to the economy for transporting goods.

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That's why he's talking about energy.

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But they then, I believe, intentionally misunderstand this to talk about electric prices, right?

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Like, of course, because everybody's electricity price is going up because of the data centers.

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So it's a fun little word game we get to play.

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Grocery prices are down. Energy, energy has come down incredibly.

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But government data tells a different story.

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The cost of energy is up 2.8 percent over 12 months.

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Overall inflation was falling, but drifted back up when Trump imposed tariffs.

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tariffs. That was a statement that J-Pow underscored today in his press conference,

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which we'll get to in just a moment. Now, I'm actually kind of sympathetic to this argument.

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It is way too damn expensive to go grocery shopping. It is way too damn expensive to eat

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and do the basics. Gas coming down helps, but at this point, it's just not enough. I don't think

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they're being completely fair to the president, though. He's being slightly nuanced in his

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affordability hoax comments. I can't say affordability hoax because I agree the prices

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were too high. I can't call it a hoax because they'll misconstrue that. But they use the word

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affordability. And that's their only word. They say affordability. And everyone says, oh,

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that must mean Trump has high prices. No, our prices are coming down tremendously from the

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highest prices in the history of our country. Heard at the highest prices ever. And we're

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bringing them down. We inherited the worst inflation in the history of our country.

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Well, it was bad inflation, right? That's also partially what got him elected. So you can complain about it. But if it wasn't for that bad economic situation, you may not have gotten the job. Now, I don't think it's fair to pin the fact that we can't bring all the prices down. They have done a pretty good job getting energy down. I mean, I can't believe the price of gas right now. But despite all of that, it's not enough. It's not enough. And even though inflation continues to be hot, you know, running around 3%, the people are crushed and they need something to change.

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And we're starting to feel it in different sectors.

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And over the year, over 2025, I've covered the various sectors that seem to be going through a localized recession.

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And now we're looking at basically a really rough patch for homes after essentially four years of bad market.

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Welcome back.

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We're heading into the slow season for the housing market.

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But this year could be worse than expected as sellers seem to be giving up.

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Diana Olek joins us to explain why.

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Diana.

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Hey, Micah.

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Yeah, when a seller takes their home off the market, it's called a delisting, and they're now happening at an unusually high rate.

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Delistings in October, which are reported with a one-month lag, were up 45.5% year-to-date and up nearly 38% from October of last year.

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That according to a new report from Realtor.com.

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Now, this is the highest delisting year since they began tracking in 2022.

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Delistings began to rise in June and have remained elevated for five straight months.

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About 6% of active listings have been coming off the market each month, which is typically something you only see in the dead of winter.

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All right, so why is it happening?

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Uncertainty in the economy, stagnant and high mortgage rates, and of course a still pricey market.

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Locally, Miami, Denver, and Houston are seeing the highest ratio of delistings compared with new listings.

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Those are also markets that saw some of the biggest price gains in recent years.

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Oh, imagine that.

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So you got the housing market teetering.

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You got employment areas just not looking so good outside of tech and medical.

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There's a lot of areas when you zoom in that aren't banking and tech and military that are struggling.

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And now the housing market.

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I happen to think the Fed watches these types of things.

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And it all sets the stage for decisions they have to make.

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And there's this pomp and circumstance around the entire thing.

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The entire day today.

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This is Wednesday, December 10th, 2025.

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The entire day today, by the mainstream media, it has essentially been JPOW Day.

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Welcome back. Markets have turned higher. Take a look.

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We are about an hour away from the opening bell for a Wednesday.

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The Dow Industrial is now up 35, and the NASDAQ is up 5.5.

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The Federal Reserve's rate decision is happening today at 2 p.m. Eastern.

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Of course, this is the final big event of the year for the markets.

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The yields, however, are higher right now, even though everybody's expecting a cut in rates.

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The yield on the 10-year now sitting at 4.20%.

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concerns that interest rate cutting cycles could be coming to an end

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and that we will have a hawkish tone from Jay Powell.

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Well, a hawkish tone it was.

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To some extent, the Fed cut rates by another 25 basis points.

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That makes it the third rate cut of 2025,

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which brings the Fed funds rate to 3.5, 3.75 percent range

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and makes it a grand total of 75 basis point cuts in total

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since September. All right, pretty standard stuff. I think I kind of understand why they had to do

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this. The market would have really had a fit if they hadn't. But that wasn't the big news.

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I think we expected that. Market was expecting it. Polymarket had like 94% odds. The big news

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is that just as quantitative tightening came to an end on December 1st, today we learned that the

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Federal Reserve plans to buy $40 billion worth of treasury bills over the next 30 days starting on

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December 12th. $40 billion in T-bills, short-term T-bills. This will inject cash directly into the

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financial system. However, I'm going to let you know right now, this isn't Lambo money. This is

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Uber ride money, okay? So this isn't going to send us to the moon. It's going to be a rather

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limited impact, I would guess. It's hard to really gauge these things, clearly. This is my speculation

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here, but you have to make kind of adjustments in your thinking when we come to these numbers.

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When I say $40 billion worth of treasury bills, $40 billion sounds like a lot of money. And it is,

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no doubt about it, but it's all relative, right? Because the treasury market itself is somewhere

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between $7 and $8 trillion. So this works out to be about a buy of $1.3 billion a day

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in a $7 to $8 trillion treasury market.

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It makes a difference, but it isn't Lambo money.

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So this won't significantly boost lending.

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This isn't going to significantly boost liquidity here.

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It may, though, provide a subtle tailwind that's kind of hard to perceive.

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I think the reality is we could call this baby quantitative easing,

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quantitative easing light.

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It's definitely money printing, but it's not the full-on quantitative easing,

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the big print, as some call it. This is more like the gradual print. However, I was reading

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through the language of the Fed decision, and they left a door open here. And when the Fed

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leaves a door open, they almost always take it. I would be willing to bet, again, total

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crisp speculation here, but I would be willing to bet this low-key T-bill buying goes beyond

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just the next 30 days. So in there, in the conference, J-Pouse is going to be for 30 days.

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starting on December 12th goes 30 days. I would be willing to bet in March this thing's still going

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and maybe a little bit longer because they kind of had some Fed language in there

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that sort of implied this might be a thing that continues. So that's interesting. And again,

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not a huge deal. And it's something they could turn up. You know, maybe it's 40 billion this

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month. Maybe it's 60 billion the month after. Who knows? Maybe not. There were three Fed members

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that dissented on the rate cuts, still pretty unusual for that kind of level of dissent.

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And J-Pow suggested that the rate cuts may be down or done for now. So don't really expect

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anything in January. However, he did add that rate hikes are not the base case. In other words,

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rate hikes are not likely. And another little nugget that he snuck in there, a J-Pow nug.

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He says that they are currently estimating that the federal government is overstating job gains

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by 60,000 in recent months. So he thinks somewhere between 50 to 60,000 jobs per month

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are not actually there in the reports. And that just like we were seeing in the Biden administration,

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we're going to see a revision about once or twice a year that will be, he believes,

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about 60,000 per month to get removed whenever that revision happens. That's huge. And it's

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fascinating because he doesn't know. He says what we kind of are guessing, like when we guessed

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before we got it right. So we're guessing again and we think we're going to get it right. But then

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five minutes before, he'll tell you how data-driven they are and how everything is so data-dependent.

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But every time they ask him to kind of get down deep on something, it starts sounding real vague

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to me. Like, oh, I don't know. We're just kind of guessing. We don't even know if the data is

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valid actually. So then we also have this fudge factor where we just kind of make up our own

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fudge factor number. So that way we get good data. Like, that's not how that works, guys.

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That not how that not being data dependent It it so funny because they give off this era of this aura of of of professionalism and data nerds with their dot plots and all of these things that they take into consideration

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But the little bits and cracks that they do show us often reveal they don't really have good jobs numbers.

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They don't really have they don't really have good inflation numbers either.

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In fact, sometimes they kind of get it wrong, which I don't know.

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I mean, there is an argument.

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Maybe Trump, you know, Trump wants to get rid of Jay Powell still.

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even now. And we have to acknowledge that all of this is just going to all come to a head in a few

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months in May when it's time for Jerome Powell to step down. And the new guy, Trump's just come

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out and said it's a litmus test that the new guy has to cut rates. I want to ask about interest

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rates because a lot of Americans agree with you that they're too high. You're going to pick a new

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Fed chair soon. Is it a litmus test that the new chair lower interest rates immediately? Yes.

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Well, this guy should too, but I think he's a combination of not a smart person and doesn't like Trump.

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Okay.

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So he's stepping down in May.

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We're still hitting him.

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We're still hitting him.

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In fact, we're even threatening to nullify his assignment.

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We have a lousy Fed chair.

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And by the way, it looks, you're going to have to check this, please.

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I just heard it could be that all four commissioners in the Fed signed by Biden, including too late.

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You know, you know, too late is too late, pal. Jerome too late. He's too late with his interest rates for a reason.

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He's a bad guy. He's not a smart guy, but he's a bad guy. Too late.

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Is he going to lower rates a little bit? Finally. Did you see what Jamie Dimon respected guy said?

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You got to get the rates down, you schmuck, you know?

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You know, I don't know. I mean, I honestly am not sure if Trump realizes this, but it's an entire committee. So your best case scenario is to get a guy in there who can just whip consensus up like, I don't know, like somebody who's extremely inspirational.

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Like, it's not really usually the type that goes for the Fed chair.

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They don't tend to be the type that whips a crowd up into a fever and gets them all to go in a certain direction.

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They're kind of, you know, usually accountant types.

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I'm not sure what he's expecting because Jay Powell alone does not set the rates.

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Now, maybe the next guy in there can really make some good progress and pressure.

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I'm not sure.

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And I don't mean to come across as some huge Jerome Powell defender.

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I think he probably is a little late on the rate cuts.

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In fact, I think he's blown it several times on inflation.

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Some of his timing on the rate cuts have looked political, even if they're not.

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And his timing is off.

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I have this clip from May 4th, 2024.

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Just over a year and change ago.

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And J-Pow was saying he doesn't see the stag or the flation.

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You might remember this clip.

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I played it in the show.

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And I said this was going to be wrong.

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And here we are.

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and inflation is still over their target, still over 3%. It's still hot and we're cutting rates.

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So it's probably going to go up more. This is Jay Powell on May 4th, 2024, saying we don't have a

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stagflation problem. In addition, I would say, you know, most forecasters, including our forecasting,

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was that last year's level of growth was very high, 3.4% in, I guess, the fourth quarter,

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and probably not going to be sustained and would come down.

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But that would be our forecast.

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That wouldn't be stagflation.

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That would still be to a very healthy level of growth.

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And, of course, with inflation, we will return inflation to 2%.

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And that won't be.

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So I don't see the stag or the flation, actually.

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The lever you have pulled breaks.

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He's not in service.

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Sorry about that.

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Please make a note of it.

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Seems like you were wrong, J-PAL.

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Now, I'm not saying I think Trump's right either at the same time because getting somebody else in there might not make all the difference.

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He hasn't nailed it every time.

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This has been a very hard time to be the Fed chair, and his legacy is going to be a little rocky.

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But the rate hikes, they're over.

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I guess we are now into a period of at least lower interest rates for an extended period of time, even if we don't see them come down again until the new Fed chair.

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3.75 percent, and there's still room to bring those down.

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There's still room.

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Another 50 basis points even could be in there.

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Who knows?

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Well, Michael Saylor's real competition showed up this week.

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Strategies' most serious competitor is probably Jack Maulers and 21.

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21 officially went public.

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Jack got to go down to Wall Street.

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He got to press the buttons and he got to chat with the folks on the financial news.

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Seems like a pretty big day for Jack Mahlers and 21.

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CBC Exclusive is the founder and CEO of 21 Capital, Jack Mahlers.

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Jack, welcome. Good to have you.

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Thanks for having me, guys. How are you?

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I'm good. Largest here, but third largest total in terms of corporate Bitcoin treasuries?

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That's right.

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And how did this all start?

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The company's co-founded by Tether and I.

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So I was telling you before we aired, there's not too many people that were around in Bitcoin 13 years ago.

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Tether and I were some of those folks and we co-founded the business.

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We're not a treasury company.

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We've been classified that we're not like strategy in the sense that we do have a lot of Bitcoin, but we're also building a business.

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We're building an operating company.

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We're bringing a lot of Bitcoin products to market with the intent to have cash flow.

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It's funny.

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He's clearly he's trying to differentiate.

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First, he's going to start with strategy.

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We're not doing what strategy is doing.

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We're building a business.

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Of course, strategy would say they're building a digital credit business.

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That's exactly what Michael Saylor just said the other day.

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But okay.

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And then he's going to go after Coinbase.

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I think that's a much better attack vector.

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But I think with you've got Jack Mahler's, you've got SoftBank, you've got Tether, and you've got Bitfinex all involved in this company.

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They're all involved with 21.

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SoftBank, they're having a weak moment, but they like to spend money.

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And Tether prints money, right?

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And then Bitfinex with their connections.

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and their team of people to network.

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This really is a pretty good competitor to strategy.

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By the way, I don't buy any of these stocks.

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I just stack sats.

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But I think it's fascinating to watch these guys try to launch

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because what Jack's saying here is that 21 is going to try to offer products

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to the market that use Bitcoin somehow.

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And so we find ourselves, we think we can build a perfect world

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between what is a Coinbase or a Robinhood and a strategy in a Bitcoin company.

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We look at a Coinbase, we don't think they're a Bitcoin business.

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They're a crypto business. We look at a strategy that's focused on Bitcoin, but doesn't have any products and doesn't have cash flow in the industry.

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We want to live in the intersection of that. And we think, you know, Tether and I were very confident in our ability to deliver.

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What would that mix look like, the part of the business that does give you cash?

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So, listen, Tether is obviously the largest stablecoin issuer in the world, tons of cash flow.

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I'm the founder of Strike, one of the biggest Bitcoin financial services firms in the world.

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Bitfinex, a sister exchange of Tether. So we see many opportunities in brokerage, exchange, credit and lending.

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I mean, to us, the opportunities are endless again. This is something we've been doing for over a decade.

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Credit and lending. Isn't that interesting? Credit and lending. Isn't that what Strike's doing, Jack?

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Jack? Oh, Jack, isn't that what Strike's doing?

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Now, does that mean that 21 is going to become like a financer of Strike?

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Perhaps they're going to use their 40,000 Bitcoin as a financial backing to provide liquidity to the Strike customers?

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Does it mean that 21 is going to buy strike? What does that mean exactly? I'm not so sure. But it does sound like credit products and lending products will be some of 21's products. Now, Jack was then over on Bloomberg, I believe it was. That was CNBC where he's just doing the whole thing. Boop, boop, boop, boop, moving around, you know, because they all have booths down there on the floor at Wall Street. So Jack just goes from one shop to the next and gets to talk about his listing.

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You know, when you get to, when you open, when you do the opening bell down there, you're a big deal for the day.

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You get lots of pictures, lots of interviews.

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So this is Jack's big day.

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He goes on Bloomberg and they ask him, where's the Bitcoin price going?

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I see the price of Bitcoin heading.

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Higher, higher.

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How much higher?

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A lot higher.

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My general framework from the highest level is human beings collectively.

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We own about $900 trillion worth of stuff.

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That's equities, the things behind us, real estate, precious metals, fine art, all of the things that we own.

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Half of that we're using as a savings account.

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We're owning the portfolio of companies or the art or the house to actually try and persist wealth into the future.

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I think Bitcoin's going after that market.

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It's going after a market of $400 to $500 trillion worth, and right now it's $2.5 trillion.

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So I think in purchasing power terms, Bitcoin can go up 100 to 200 times more from here.

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All right. So we know Bitcoin obviously is the most...

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all right so we got baby quantitative easing rates came down again more digital asset treasury

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companies are spinning up price seems to be recovering a little bit what is the second

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order effect of all of this for Bitcoin. Well, friends, brace yourself, because I've always said

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that Bitcoin is truly driven by the overall liquidity cycle, and it's not driven by a four-year cycle.

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And I think we may be about to blow the doors off the four-year cycle theory. You see, if we're

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going to go into a period of increasing liquidity, Bitcoin's going to respond to that. Four-year cycle

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be damned. And the four-year cycle tells us right now that we should be entering a prolonged bear

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market. And this is one of the topics that's being hotly debated in Bitcoin right now. Is the four-year

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cycle actually over? Or some are suggesting perhaps the four-year cycle was never real at all.

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Now, I don't know if I want to go that far, but I did want to get a couple of different takes on

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this as we round out 2025, because I think this is going to be one of the defining questions of

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2025 and 2026. We're either going to see this thing blow up or we're going to see it play out.

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And this is ARK, I think it's just ARK Invest, ARK Invest's Kathy Wood on the four-year cycle

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when she stopped by Fox Biz. I want to get your take on gold and Bitcoin as well, because gold

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is doing so well this year, up 60%, nearly 60% for the year. Bitcoin has been a lot more choppy.

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It's down just 20% in the last three months. You've mentioned this trade could actually flip-flop

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next year, with gold facing downside risk and Bitcoin poised to outperform. Tell us about that.

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Yes. So Bitcoin is behaving more like a risk-on asset. It has played the risk-off role at different

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times during the European sovereign debt crisis, during our regional bank crisis. But right now,

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it's risk-on. It is climbing another wall of worry, and that is the four-year cycle. We think

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the four-year cycle is going to be disrupted. And what I mean by that is Bitcoin regularly

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drops 75 to 90 percent in its early days. The volatility is going down. It's down about 30

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some odd percent. And I think there's a fear of the four-year cycle. We think that the move by

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institutions into this new asset class is going to prevent much more of a decline.

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We may have seen the low a couple of weeks ago. Now, gold is more of a risk-off asset,

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and that its rise, we think, is proof that we are climbing a wall of worry. Investors are using

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gold as a hedge against geopolitical risk. And yet, if you look at what happened from the early

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80s to the late 90s, gold went down as we were in the really the golden age for innovation,

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ending with the internet. We think the same could happen now and that Bitcoin will remain a risk on

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and re-engage. And this fear of AI hype will, I think it's good as an investor. I'm happy that

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people are worried. But I think we will continue to lean into that because we've really just begun

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the AI age. Well, yeah, that's easy to say because the country's hooked on the AI crack.

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You can't stop the AI PAMP. That's the reality. You can't. You need that 1% of GDP and maybe next

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year it's 1.5% or 2%, probably not 2, GDP. You have to have it. So they can't stop the PAMP.

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And the downside is AI will continue to siphon money from Bitcoin.

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People that are looking for a sure thing are going to go into AI because it's essentially going to be government backed by Project Genesis because they have to have that pump.

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They have to have that pump.

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They need GDP to get up.

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They have to get GDP up just because of our debt and interest payments and our GDP to debt ratio.

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They have to do it.

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So the AI pamp continues because they need it.

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boys in the tech industry lucky the way they position themselves this is what you need to

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understand the microsofts and amazons and meta of the world all of them open ai all of them have

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figured out how to make them quintessentially critical to the u.s economy essentially making

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them government backed making them a sure bet like the banks have just it's it's it's not it's not

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written down It just implicit There no choice So that means as investors they always like Kathy she going to continue to throw money at AI because it a sure thing at least for another

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couple of years, at least, at least easily till past the midterms. They may struggle to keep it

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going, but that's going to be their, that's going to be their goal. Now let's, let's switch from a

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general market analyst like Kathy, who sometimes gets it right, sometimes gets it wrong. Let's

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switch to Lynn Alden, who I've played before, but now she's got an updated take and Lynn always gets

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it right. And of course, she's focused on Bitcoin. So are you in the camp of four-year cycle still

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on cue, no real change in how these cycles have gone in the past? Or do you think that has shifted

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some? My base case is the four-year cycle is no longer really relevant. It arguably hasn't been

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relevant for the past cycle either. Early on, whenever the supply having happened, that was a

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very big change to Bitcoin's kind of new supply coming out. Whereas now the annual supply inflation

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rate is well under 1%. It's a lower supply growth than gold. I look at the four-year cycle

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as something that mattered a lot in the beginning. In early days, miners dumping supply after

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struggling with the halving, that moved the market. It took them a while to capitulate,

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But when they finally capitulated, that supply moved the market.

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But I agree with Lynn that that weight has faded.

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But you've got to appreciate the implications.

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See, with the ETFs, the four-year cycle became wobbly.

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It became like a planet with an elliptical orbit.

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It just was – and it got a little wobbly.

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And then with the liquidity cycle that we're about to go through starting today,

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Well, really starting December 1st and kicking up on December 12th and going into 2026 and especially in May when we get a new chair who's going to push for lower rates.

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So the market will act accordingly because they're going to price in future action.

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So perhaps even before rates have been cut, once we have a new Fed chair in, the market will start processing that.

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So we have a real liquidity buildup.

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So you have the ETFs that came along and kind of knocked the four-year cycle out of its orbit.

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Everybody thought, OK, well, the four-year cycle just arrived early.

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We just arrived early.

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And then that was the explanation.

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But when you look at the sheer amount of liquidity that's about to come in over 2026, I think it's going to destroy this four-year cycle.

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Something that used to be real is going to be absolutely destroyed.

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But this, you have to appreciate how baked in this has been to the Bitcoin thesis for years.

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For a decade plus, all these whales that started selling in May and July, I bet a lot of them were betting on the four-year cycle.

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And in this weird way, they kind of manifest it.

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Narratives become reality.

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But even soon, they will be like pissing in the wind, especially as a lot of them are apparently getting tapped out.

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The whale selling is down.

395
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Well, the price is down, too.

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I suppose that might also change their calculus a little bit is that the price is down.

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But I just think this is something we should take a moment with.

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And if the four-year cycle truly is dead, it's a different Bitcoin.

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It's a completely different Bitcoin.

400
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I'm okay with that because I think it might actually mean a more stable Bitcoin.

401
00:31:00,220 --> 00:31:02,180
You know, we used to see 80% drawdowns.

402
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Now we're seeing 30% drawdowns.

403
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Okay, I have to ask.

404
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Have I convinced you? Will the liquidity star kill the four-year cycle star?

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What do you think? Is the four-year cycle over?

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Boost in. Tell me your thoughts and what you think the implications of that might be.

407
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Is there a negative ramification of the four-year cycle coming to an end?

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Boost in and let me know.

409
00:31:36,820 --> 00:31:47,200
Well, you can support the show by doing what you do.

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00:31:47,280 --> 00:31:47,940
So don't go anywhere.

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00:31:48,020 --> 00:31:49,101
We have a lot more coming up.

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00:31:49,101 --> 00:31:55,800
But first, I want to tell you, if you want to buy sats on River, the best way to stack sats in the U.S., use my link in the show notes.

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Doesn't cost you more.

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00:31:56,861 --> 00:31:57,440
Supports the show.

415
00:31:57,960 --> 00:32:04,601
If you are all about self-custody, check out the Bitcoin Well, an amazing automatic self-custody platform here in the U.S. and Canada.

416
00:32:04,601 --> 00:32:09,900
Now, if you want to spend sats, go from lightning to gift cards, hundreds of different gift cards, Bitcoin only platform.

417
00:32:10,440 --> 00:32:13,800
Go to thebitcoincompany.com, but use the link in our show notes.

418
00:32:14,320 --> 00:32:17,521
If you're ready to stack sats while you pay bills, passively stack.

419
00:32:17,960 --> 00:32:19,101
Foldcard makes it happen.

420
00:32:19,620 --> 00:32:27,601
And last but not least, if you need to get access to a little liquidity yourself without selling your Bitcoin, without a tax event, check out Salt Lending.

421
00:32:28,101 --> 00:32:28,761
They make it great.

422
00:32:29,300 --> 00:32:29,521
All right.

423
00:32:29,521 --> 00:32:33,841
We have a lot coming up still in the show, including a new soft fork proposal.

424
00:32:34,601 --> 00:32:36,521
and all kinds of other shenanigans.

425
00:32:37,021 --> 00:32:39,440
And what I'm going to call is the debunk of the week.

426
00:32:40,960 --> 00:32:41,880
I think I'll call it that.

427
00:32:42,080 --> 00:32:42,820
We have so much more.

428
00:32:43,040 --> 00:32:43,521
So all of that.

429
00:32:43,540 --> 00:32:44,501
So if you want to support the show,

430
00:32:44,761 --> 00:32:45,680
I'll have a link in the show notes.

431
00:32:45,720 --> 00:32:47,720
You can do it passively.

432
00:32:47,720 --> 00:33:10,501
four score and seven boosts ago yeah we do have some good good boosts good old boosts some good

433
00:33:10,501 --> 00:33:12,460
boost. From adversary 17, we start

434
00:33:12,460 --> 00:33:14,200
with, as our baller booster.

435
00:33:14,501 --> 00:33:15,880
Hey, rich lobster!

436
00:33:16,460 --> 00:33:17,980
Yep, but, not but.

437
00:33:18,861 --> 00:33:20,300
Atversary 17 comes in with

438
00:33:20,300 --> 00:33:22,501
99,152

439
00:33:23,241 --> 00:33:24,440
sats. Yes,

440
00:33:24,640 --> 00:33:26,420
buddy, thank you very, very much.

441
00:33:26,420 --> 00:33:27,380
Appreciate that.

442
00:33:32,341 --> 00:33:34,480
Adversaries writes, catching up regarding the poverty

443
00:33:34,480 --> 00:33:36,300
line. I spent over $23,000

444
00:33:36,300 --> 00:33:38,400
on housing myself, and I'm in

445
00:33:38,400 --> 00:33:40,460
the Midwest in a rural area. What gets

446
00:33:40,460 --> 00:33:44,501
me is that these so-called experts never update their formulas, even though everything is

447
00:33:44,501 --> 00:33:49,640
constantly changing around them. Why do you think that is? It's a great, great point. In fact,

448
00:33:49,680 --> 00:33:53,741
you'd think they'd be going on about how much work it is all the time and how they need more

449
00:33:53,741 --> 00:33:57,540
money to stay up to date. Instead, you're right. They just sit with models from the 60s.

450
00:33:58,460 --> 00:34:03,820
Huh. Interesting. Chris, I will buy you a BitX. Tell me which one and where to ship it. I'm

451
00:34:03,820 --> 00:34:08,400
almost done setting up a pool server so we can have a JB pool. Oh my God. I love that idea.

452
00:34:08,400 --> 00:34:11,340
extra bonus stats for the baby Chris clip.

453
00:34:13,440 --> 00:34:15,180
Man, you'd buy me a, that is really generous.

454
00:34:15,900 --> 00:34:16,860
I don't know.

455
00:34:16,960 --> 00:34:19,620
I haven't, I'd love to get a minor going

456
00:34:19,620 --> 00:34:20,521
and I'd love to do a little pool,

457
00:34:20,820 --> 00:34:21,960
but I don't know which one to get.

458
00:34:22,521 --> 00:34:23,481
I got to do some research.

459
00:34:23,700 --> 00:34:25,300
That's such a great idea, JB Pool.

460
00:34:25,400 --> 00:34:26,300
I'm so down for that.

461
00:34:27,120 --> 00:34:29,521
Fun to get Brent doing it in the van too.

462
00:34:29,940 --> 00:34:31,521
You know, warm up the van with a little bit axe.

463
00:34:33,320 --> 00:34:34,061
Thank you, adversaries.

464
00:34:34,440 --> 00:34:35,021
Appreciate that.

465
00:34:35,081 --> 00:34:35,600
Baller boost.

466
00:34:35,600 --> 00:34:41,200
you are our baller this episode and i'd love to take you up on that bit x i just don't know

467
00:34:41,200 --> 00:34:46,840
anything really about it i'm such a noob you know what i mean thank you sir j cube came in with 60

468
00:34:46,840 --> 00:34:52,820
000 sets i hoard that which your kind covered coming in hot with the boobs value for value

469
00:34:52,820 --> 00:34:58,140
for you going to swap back to core i don't feel like we can risk adding censorship even if i hate

470
00:34:58,140 --> 00:35:03,001
the idea of cats or worse on chain definitely would appreciate any guidance on configure to

471
00:35:03,001 --> 00:35:03,640
Keep the bloat out.

472
00:35:03,720 --> 00:35:04,561
Keep up the amazing work.

473
00:35:04,680 --> 00:35:05,700
Love all the macro coverage.

474
00:35:05,800 --> 00:35:06,600
Thank you, JQ.

475
00:35:07,521 --> 00:35:09,780
Yeah, I mean, maybe core for the new years, huh?

476
00:35:10,180 --> 00:35:11,740
Totally upending my plans.

477
00:35:12,541 --> 00:35:17,780
I am beside myself with disappointment, actually, with knots and the soft fork debate.

478
00:35:18,800 --> 00:35:20,541
Literally, literally makes me sick.

479
00:35:21,021 --> 00:35:21,700
I hate it so much.

480
00:35:22,220 --> 00:35:23,620
It's really, really disappointing and sad.

481
00:35:24,380 --> 00:35:26,481
And yeah, so, okay, I'll be working on that.

482
00:35:26,561 --> 00:35:29,041
And so when I do get that sorted out, I will share it with you.

483
00:35:29,521 --> 00:35:30,280
Thank you, JQ.

484
00:35:30,280 --> 00:35:35,180
YouTube, turd in the punch bowl comes in with 40,000 sats.

485
00:35:40,360 --> 00:35:42,081
There's coffee in that nebula.

486
00:35:43,420 --> 00:35:45,561
150,000 sats for a show you put together.

487
00:35:45,700 --> 00:35:46,260
It ain't enough.

488
00:35:46,521 --> 00:35:47,340
Keep up the good work.

489
00:35:47,460 --> 00:35:48,860
You earn that bump like a meffer.

490
00:35:50,100 --> 00:35:53,081
OK, I like the way you spell it.

491
00:35:53,521 --> 00:35:55,300
There is a podcast called The Lemonade Stand.

492
00:35:55,440 --> 00:35:56,380
They're mostly skeptics.

493
00:35:56,660 --> 00:35:58,140
They don't talk Bitcoin very often.

494
00:35:58,140 --> 00:36:01,541
In their latest episode, they talked about the X402 payment protocol.

495
00:36:02,041 --> 00:36:06,160
They were so close to understanding Bitcoin, but just missed.

496
00:36:06,760 --> 00:36:09,061
I'd be interested in your breakdown in response to their commentary.

497
00:36:09,300 --> 00:36:11,380
Oh, do they actually talk about Bitcoin?

498
00:36:11,960 --> 00:36:12,860
All right, I'll make a note.

499
00:36:12,960 --> 00:36:13,601
Lemonade stand.

500
00:36:14,300 --> 00:36:14,960
Yeah, it's funny.

501
00:36:15,260 --> 00:36:20,521
I often hear podcasters in the Linux space talking about how there's no great way to fund open source software

502
00:36:20,521 --> 00:36:23,021
or there's no great way to fund their podcast or content.

503
00:36:23,101 --> 00:36:24,720
I just think, you're so close.

504
00:36:25,220 --> 00:36:26,920
You know, there's this open source money you could use.

505
00:36:27,501 --> 00:36:28,200
Thank you, turd.

506
00:36:29,021 --> 00:36:31,420
I'm not sure if I heard the lemonade stand.

507
00:36:31,880 --> 00:36:32,780
We'll check it out after the show.

508
00:36:33,640 --> 00:36:34,521
Appreciate the boost, too.

509
00:36:34,581 --> 00:36:34,900
Really do.

510
00:36:35,820 --> 00:36:40,800
User 54549358 is here with 23,000 sats.

511
00:36:44,800 --> 00:36:46,280
And they say Oklahoma's in the house.

512
00:36:47,120 --> 00:36:47,481
Great.

513
00:36:47,680 --> 00:36:51,601
Now, if you want to claim your username and your fountain profile and boost back, let me know how you were.

514
00:36:52,180 --> 00:36:52,960
Appreciate that.

515
00:36:52,960 --> 00:36:54,380
And thank you for the boost.

516
00:36:54,700 --> 00:36:55,380
And hello, Oklahoma.

517
00:36:55,380 --> 00:36:57,200
Nice to have you on board.

518
00:36:57,940 --> 00:37:01,541
Marius is here with 21,420 sats.

519
00:37:03,780 --> 00:37:05,420
Okay, I got you.

520
00:37:05,660 --> 00:37:06,380
I got you.

521
00:37:07,160 --> 00:37:09,160
Why you got to put numbers and letters together?

522
00:37:09,460 --> 00:37:10,880
Why can't you just go f*** yourself?

523
00:37:11,001 --> 00:37:11,581
Because it's fun.

524
00:37:11,700 --> 00:37:12,101
It's fun.

525
00:37:12,561 --> 00:37:15,360
Thanks for compressing the latest financial markets for us Bitcoiners.

526
00:37:16,740 --> 00:37:17,061
Compressing.

527
00:37:18,521 --> 00:37:19,300
Thank you, Marius.

528
00:37:19,460 --> 00:37:20,280
Appreciate that.

529
00:37:20,660 --> 00:37:21,660
All right, those are big boosters.

530
00:37:21,780 --> 00:37:22,180
Thank you, everybody.

531
00:37:22,340 --> 00:37:23,280
Gene Bean comes in.

532
00:37:23,280 --> 00:37:28,780
I think he's using Nostra Wallet Connect from Fountain to boost 2,723 sats.

533
00:37:29,220 --> 00:37:29,660
Boost!

534
00:37:30,460 --> 00:37:34,380
Testing up, testing boosting from Fountain with Albi Hub and Nostra Wallet Connect.

535
00:37:34,960 --> 00:37:37,920
Yes, the new Fountain beta is working on adding Nostra Wallet Connect.

536
00:37:38,561 --> 00:37:42,760
He says, Chris, any suggestions for what to self-host to provide my own lightning address?

537
00:37:42,880 --> 00:37:44,501
It's like me at mydomain.com.

538
00:37:44,820 --> 00:37:50,360
I know I can have a custom Ailes with Albi, but I'm more interested in something I run connected to my self-hosted wallet directly.

539
00:37:51,061 --> 00:37:54,880
He says, by the way, this boost did come from Fountain with my AlbiHub wallet and Nostra

540
00:37:54,880 --> 00:37:55,521
wallet connect.

541
00:37:56,001 --> 00:37:57,200
Oh, that's so great, Gene.

542
00:37:57,981 --> 00:38:02,800
Regarding an LN address, the way I have done this on a node without Albi, and I will give

543
00:38:02,800 --> 00:38:07,280
it probably four out of six, was LN bits.

544
00:38:08,120 --> 00:38:12,920
LN bits, it's, and LN bits is actually kind of handy too, because you can set up some sub

545
00:38:12,920 --> 00:38:15,440
wallets and things like, you get a couple other features you get with AlbiHub, but you

546
00:38:15,440 --> 00:38:16,880
also can manage an LN address.

547
00:38:16,880 --> 00:38:18,760
and I think it's probably worth

548
00:38:18,760 --> 00:38:19,860
if you're not going to use AlbiHub

549
00:38:19,860 --> 00:38:21,440
it might be worth taking a look at LNBits

550
00:38:21,440 --> 00:38:24,061
but I am telling you from a somewhat foggy memory

551
00:38:24,061 --> 00:38:24,601
on that one Gene

552
00:38:24,601 --> 00:38:25,900
because I do solve that now

553
00:38:25,900 --> 00:38:28,860
I do solve that now with AlbiHub

554
00:38:28,860 --> 00:38:30,340
however I have a node

555
00:38:30,340 --> 00:38:32,680
that is a totally self-hosted node as you know

556
00:38:32,680 --> 00:38:34,240
and would love a solution for that

557
00:38:34,240 --> 00:38:36,300
so I may be taking a look at LNBits too

558
00:38:36,300 --> 00:38:37,481
if you give me a positive response

559
00:38:37,481 --> 00:38:38,800
let me know how that goes

560
00:38:38,800 --> 00:38:39,800
and thank you for the boost

561
00:38:39,800 --> 00:38:43,001
Okie Dokie's here with 10,000 sats

562
00:38:43,001 --> 00:38:44,960
It's over 9,000!

563
00:38:44,960 --> 00:38:51,160
Hey, Chris, I wanted to thank you for the great signal you provide and for starting my Bitcoin journey over a year ago.

564
00:38:55,160 --> 00:38:57,481
Nice. I always look forward to the next episode.

565
00:38:57,581 --> 00:39:00,140
P.S. sent via AlbiHub on my NixOS home server.

566
00:39:00,320 --> 00:39:01,700
I still can't believe this works.

567
00:39:02,460 --> 00:39:05,440
Oh, that's so cool.

568
00:39:05,981 --> 00:39:06,280
Yes.

569
00:39:06,460 --> 00:39:07,521
Fun will now commence.

570
00:39:07,660 --> 00:39:08,660
Well done, okie dokie.

571
00:39:09,521 --> 00:39:10,380
That is really cool.

572
00:39:11,081 --> 00:39:12,041
That's a really nice setup.

573
00:39:12,400 --> 00:39:14,780
NixOS, AlbiHub, self-hosting it.

574
00:39:14,960 --> 00:39:18,061
That's really good. Really good. Okie dokie. Thank you for the boost.

575
00:39:18,740 --> 00:39:21,740
Beholder's here with 4,100 sats.

576
00:39:22,581 --> 00:39:24,420
Best and most valuable Bitcoin podcast.

577
00:39:24,820 --> 00:39:27,900
Wow. Thank you, sir. I really appreciate that.

578
00:39:28,561 --> 00:39:31,300
Thank you for helping us help you help us all.

579
00:39:31,521 --> 00:39:33,521
Yes. Appreciate it very much.

580
00:39:34,280 --> 00:39:36,521
Nakamoto 6102 is here with 3,000 sats.

581
00:39:36,760 --> 00:39:39,001
Oh, my God. This drawer is filled with Froot Loops.

582
00:39:39,180 --> 00:39:40,920
Well, I do gift Bitcoin for the holidays.

583
00:39:40,920 --> 00:39:45,521
The kids have a choice of either dollars or Bitcoin, and they always choose Bitcoin.

584
00:39:45,780 --> 00:39:46,460
Thanks for the value.

585
00:39:46,880 --> 00:39:47,920
Oh, that's a nice idea.

586
00:39:48,021 --> 00:39:48,860
Give them a choice, huh?

587
00:39:48,940 --> 00:39:50,120
I never thought about giving them a choice.

588
00:39:51,120 --> 00:39:52,061
Let's just do it.

589
00:39:52,601 --> 00:39:55,601
Yeah, kids, I'm still debating dad this year.

590
00:39:56,220 --> 00:39:57,880
I've given mom Bitcoin before.

591
00:39:58,220 --> 00:39:59,940
I probably shouldn't be saying this, but it's not much.

592
00:40:00,041 --> 00:40:05,240
So if you're going to go wrench attack my mom, enjoy your $50 of Bitcoin or whatever.

593
00:40:07,061 --> 00:40:09,840
And that's, you know, at different times, been different technologies.

594
00:40:09,840 --> 00:40:14,420
And I've been meaning to ask if she still even knows where it is.

595
00:40:15,700 --> 00:40:16,460
There's Sats card.

596
00:40:17,320 --> 00:40:19,680
CoinKite makes a couple of different, like the one dime.

597
00:40:19,740 --> 00:40:24,340
They make a couple of physical products you can gift to, but then you're also, you know, you're paying a premium because they're kind of expensive.

598
00:40:25,140 --> 00:40:31,280
And then River makes it possible to gift via like a link, which is pretty easy if you're in the States.

599
00:40:31,840 --> 00:40:32,380
Thank you, Nakamoto.

600
00:40:32,940 --> 00:40:33,700
Appreciate the boost.

601
00:40:34,440 --> 00:40:36,820
Paranoid Coders here with 4,000 Sats.

602
00:40:36,820 --> 00:40:39,120
I got answers and I want some questions.

603
00:40:39,840 --> 00:40:44,440
Do you bring up taxes at all when giving family members your Bitcoin as a gift or giving Bitcoin as a gift?

604
00:40:44,680 --> 00:40:47,081
That's probably my biggest hesitation with giving out these days.

605
00:40:47,340 --> 00:40:53,860
I'd almost rather give them some cash and help them learn how to buy Bitcoin from themselves, introduce them to custody and when it makes sense to them.

606
00:40:55,340 --> 00:40:57,120
What would be the difference there tax wise?

607
00:40:57,200 --> 00:41:02,680
I guess cost basis, a gift cost basis versus a purchase cost basis, I suppose.

608
00:41:03,900 --> 00:41:07,360
I'm not inclined to do it that way just because the extra steps.

609
00:41:07,360 --> 00:41:09,140
I just want to give them the Bitcoin.

610
00:41:09,140 --> 00:41:12,300
hold on to this, don't lose it, talk to me again in five years.

611
00:41:12,501 --> 00:41:13,561
Right? That's what I want to do.

612
00:41:14,220 --> 00:41:17,880
The tax accounting for that, you know, it would be a capital gains for them.

613
00:41:18,061 --> 00:41:19,900
And it would probably not be a great one for that.

614
00:41:20,101 --> 00:41:23,601
But it would also be like giving somebody a gold bar or, you know,

615
00:41:23,981 --> 00:41:34,831
some other asset silver something like that So there just when you get something for free you know having to pay 30 capital gains on it I mean yes you still paying it but it you got it for free

616
00:41:35,171 --> 00:41:37,851
So I think as a gift, it's not a huge concern of mine.

617
00:41:38,751 --> 00:41:41,251
Ideally, the conversation we would have

618
00:41:41,251 --> 00:41:43,071
would be hold this for five years.

619
00:41:43,691 --> 00:41:45,191
Maybe I give them a storage mechanism

620
00:41:45,191 --> 00:41:47,231
or maybe, you know, for the amount,

621
00:41:47,551 --> 00:41:48,671
maybe I trust something like river.

622
00:41:48,811 --> 00:41:49,211
I don't know.

623
00:41:49,211 --> 00:41:51,351
I haven't really come to a conclusion on that my own,

624
00:41:52,051 --> 00:41:53,911
but you give it to him, you say,

625
00:41:53,911 --> 00:41:58,691
hold on this for five years and five years we'll talk about how to spend it and maybe you can look

626
00:41:58,691 --> 00:42:03,151
at you know options at that point you know maybe it's no big deal at that in five years maybe you

627
00:42:03,151 --> 00:42:06,851
can throw it on the strike app in five seconds over the lightning network and take out a collateral

628
00:42:06,851 --> 00:42:10,091
loan against it and maybe it'll be worth two grand so you can take out a grand or something

629
00:42:10,091 --> 00:42:16,371
you know i there's this is hard to really know paranoid so i i don't worry about it too much

630
00:42:16,371 --> 00:42:20,231
because they got something for free and even if they have to pay cap gains on if they want to sell

631
00:42:20,231 --> 00:42:21,471
But that's one thing.

632
00:42:21,531 --> 00:42:24,391
But two, if they're selling it outright, they probably didn't talk to me to begin with.

633
00:42:24,511 --> 00:42:26,371
Something probably broke down before we got to that point.

634
00:42:26,971 --> 00:42:27,611
It's a good question.

635
00:42:27,831 --> 00:42:28,171
Thank you.

636
00:42:28,951 --> 00:42:32,551
Turbo came in with 6,767 sats.

637
00:42:32,611 --> 00:42:33,231
Turbo, huh?

638
00:42:33,231 --> 00:42:33,671
I like it.

639
00:42:33,791 --> 00:42:34,431
That's pretty funny.

640
00:42:34,951 --> 00:42:35,451
Next caller.

641
00:42:35,951 --> 00:42:37,751
Relatively new listener and loving the show.

642
00:42:37,831 --> 00:42:39,251
Thank you for helping me find Ronald Jinkies.

643
00:42:39,791 --> 00:42:43,011
The tunes are taking me back to my Amiga 500 retro gaming.

644
00:42:43,351 --> 00:42:44,511
Oh, that's awesome.

645
00:42:45,231 --> 00:42:48,311
As you can probably tell, I do love me the retro gaming.

646
00:42:48,991 --> 00:42:50,531
I don't know what might have given it away.

647
00:42:51,151 --> 00:42:51,771
Probably nothing.

648
00:42:52,131 --> 00:42:52,691
Thank you for the boost.

649
00:42:53,351 --> 00:42:54,491
Gene Bean's here with a row of ducks.

650
00:42:55,551 --> 00:42:57,331
Oh, this went under a different accounting for you, Gene,

651
00:42:57,411 --> 00:43:01,811
because the Noster Wallet Connect comes from your username with an Albie address, I think, or something.

652
00:43:02,491 --> 00:43:03,131
He says, I had to re-

653
00:43:03,131 --> 00:43:03,751
Oh, oof.

654
00:43:03,851 --> 00:43:06,891
I've had to re-record a podcast episode, and I know how taxing that is.

655
00:43:07,291 --> 00:43:10,311
Here's a drop in the bucket to help offset the additional labor for last week's episode.

656
00:43:10,691 --> 00:43:11,411
Oh, thank you, Gene.

657
00:43:11,691 --> 00:43:12,691
Appreciate you thinking about me.

658
00:43:13,191 --> 00:43:17,151
Ed Broughton's here with 12,000 sats right on the nose.

659
00:43:17,331 --> 00:43:17,851
He's a good guy.

660
00:43:17,851 --> 00:43:19,071
He's a real good guy.

661
00:43:19,211 --> 00:43:19,891
No, he's a great guy.

662
00:43:24,151 --> 00:43:25,871
Merry Christmas, Chris, to answer your question.

663
00:43:25,971 --> 00:43:27,671
Yeah, I share some sats for the holidays.

664
00:43:28,331 --> 00:43:29,431
Here's some proof of work.

665
00:43:29,531 --> 00:43:33,611
1,000 sats for each of the 12 days of Christmas, a 12,000-sat boost for TWIB.

666
00:43:35,431 --> 00:43:36,671
Very, very nice.

667
00:43:40,911 --> 00:43:42,691
Thanks, Ed. Appreciate that.

668
00:43:43,211 --> 00:43:46,491
Philip is back with 3,333 sats.

669
00:43:47,151 --> 00:43:49,071
Did you buy that from a certified vendor?

670
00:43:49,431 --> 00:43:50,851
No message, just the value.

671
00:43:51,271 --> 00:43:52,111
Thank you very much.

672
00:43:52,171 --> 00:43:54,231
That's a spicy meatball.

673
00:43:54,791 --> 00:43:55,831
Oh, and here's Boba.

674
00:43:55,931 --> 00:43:59,171
Boba's here with 9,999 sets.

675
00:43:59,291 --> 00:44:02,091
I don't understand what the heck is going on here.

676
00:44:02,211 --> 00:44:04,051
Oh, he's picking up on my glitch thing I talked about.

677
00:44:04,051 --> 00:44:05,011
He says bug versus glitch.

678
00:44:05,151 --> 00:44:11,951
Aren't these just talking points that have often been rehearsed and echoed across the talking heads in support of some overarching narrative?

679
00:44:12,331 --> 00:44:16,071
Even though Tom never said glitch, they still need to get that talking point out.

680
00:44:16,071 --> 00:44:36,351
Remember, the media is supposed to tell you what to think. Yeah. Or maybe the most insidious version of that is the media likes to walk you down a path for you to form a conclusion that you will own. Right. And I think that's actually the most insidious thing, because once you once you make that final connection and you make the decision, you own it. You love it. Everybody loves their own creation.

681
00:44:36,351 --> 00:44:52,091
So if they can get you to walk down a path and take you right to the conclusion without telling you the conclusion and allowing you to form that like any reasonable person would, given the path and information they just received and walked down, it's incredibly insidious if you think about it.

682
00:44:52,711 --> 00:44:53,971
Also, thanks for going above and beyond.

683
00:44:54,151 --> 00:44:56,191
Producing the same show twice in a row is rough.

684
00:44:57,771 --> 00:45:00,371
Yeah, let me tell you, I was exhausted, too.

685
00:45:00,431 --> 00:45:04,151
I took a beat and I said, the longer I wait, the harder this is going to get.

686
00:45:04,151 --> 00:45:07,971
So I'm going to scratch the file recovery process and I'm just going to get started.

687
00:45:08,531 --> 00:45:13,151
Regarding Bitcoin for the holidays, I set my wife up with a River account so she can start stacking sets.

688
00:45:13,951 --> 00:45:14,971
Oh, yeah, that's a great idea.

689
00:45:15,091 --> 00:45:16,711
I wish you could do a family account at River.

690
00:45:17,091 --> 00:45:23,551
If she questions a component or if she has a question, if you question the infrastructure or a component, then you're probably not doing right.

691
00:45:23,551 --> 00:45:28,411
Giving someone something they don't want or aren't ready for might be like giving them a holiday sweater in July.

692
00:45:31,051 --> 00:45:33,451
Yeah, something that gets stored away and forgotten, he says.

693
00:45:34,151 --> 00:45:35,171
A holiday sweater in July.

694
00:45:35,271 --> 00:45:37,671
Yeah, you don't want your Bitcoin gift to be a holiday sweater in July.

695
00:45:37,951 --> 00:45:38,491
You do not.

696
00:45:38,771 --> 00:45:40,151
You want to make sure they're ready to receive it.

697
00:45:40,191 --> 00:45:41,971
I think that's where some of my hesitation comes from, Bob.

698
00:45:41,991 --> 00:45:42,691
I think you nailed it.

699
00:45:43,251 --> 00:45:44,671
Thank you very much for the boost.

700
00:45:45,011 --> 00:45:45,811
It's good to hear from you.

701
00:45:46,531 --> 00:45:48,791
The Musos here with 5,000 sats.

702
00:45:48,931 --> 00:45:49,711
This is the way.

703
00:45:50,411 --> 00:45:53,051
I'm also in Australia, and I also use Hardblock.

704
00:45:53,191 --> 00:45:55,751
Unlike Coinjar, they are Bitcoin only.

705
00:45:56,351 --> 00:45:58,191
Ah, Hardblock is Bitcoin only, huh?

706
00:45:58,311 --> 00:46:02,691
The MasterCard offering sounds appealing, and to be fair, I haven't read about it completely.

707
00:46:02,691 --> 00:46:09,471
But my immediate concern is the tax implications. CoinJar's offering other cryptocurrencies is also unappealing to me. Yeah.

708
00:46:09,931 --> 00:46:10,731
This is the way.

709
00:46:10,891 --> 00:46:18,731
I agree. It's just a more complicated stack. When you just focus on Bitcoin, there's enough problems there, let alone all of the other blockchains and their technology stack and all that.

710
00:46:19,471 --> 00:46:26,311
The tax implications of selling Bitcoin keep coming up. I think because we're getting closer to tax time, it's something people are thinking about.

711
00:46:26,311 --> 00:46:31,591
Now, the reality is most of these platforms are going to give you a report at tax time with a cost basis.

712
00:46:32,391 --> 00:46:39,811
And I will maintain that if you ultimately net more sats than you would have, even if you end up paying some capital gains tax, it's still worth it.

713
00:46:40,331 --> 00:46:44,971
But of course, that's easy for me to say because I'm all in on Bitcoin and I hate capital gains tax too.

714
00:46:45,811 --> 00:46:55,511
But if you could have a MasterCard that was linked to a line of credit where it was using Bitcoin as collateral to issue the credit, you're not selling the Bitcoin.

715
00:46:55,511 --> 00:46:57,531
And that is not a tax event at that point.

716
00:46:58,271 --> 00:46:59,711
So that I'm all about.

717
00:47:00,471 --> 00:47:01,291
It's a little nuance there.

718
00:47:01,351 --> 00:47:01,751
Thanks, Temuso.

719
00:47:01,871 --> 00:47:02,431
Appreciate that.

720
00:47:02,951 --> 00:47:04,411
Ace Ackerman's back with a row of ducks.

721
00:47:05,651 --> 00:47:07,151
2,222 sats.

722
00:47:07,811 --> 00:47:11,071
Investing in the best Bitcoin podcast in the universe.

723
00:47:11,391 --> 00:47:12,711
Coming in hot with the boost.

724
00:47:12,731 --> 00:47:13,891
Yeah, hot take there.

725
00:47:13,951 --> 00:47:14,371
I like it.

726
00:47:14,951 --> 00:47:15,451
Thank you, sir.

727
00:47:15,651 --> 00:47:16,251
Appreciate it, Ace.

728
00:47:17,011 --> 00:47:19,651
Bitcoin Focus is here with 3,000 sats.

729
00:47:20,071 --> 00:47:21,311
Coming in hot with the boost.

730
00:47:21,331 --> 00:47:22,191
Another hot boost.

731
00:47:22,271 --> 00:47:22,851
Make it so.

732
00:47:22,951 --> 00:47:23,451
Make it so.

733
00:47:24,251 --> 00:47:24,971
Thanks, Picard.

734
00:47:25,511 --> 00:47:26,571
How's Bitcoin dad doing?

735
00:47:26,631 --> 00:47:29,151
Would be cool to get him on with an end of year episode review.

736
00:47:29,451 --> 00:47:30,571
I was thinking that too.

737
00:47:30,791 --> 00:47:35,371
Then I thought he may be enjoying not doing a podcast, right?

738
00:47:35,431 --> 00:47:36,891
And he might not be following the news.

739
00:47:37,471 --> 00:47:44,551
One of the things that can be nice is to not follow the news or let somebody else follow the news for you, which is an offer, which is a service I try to provide.

740
00:47:44,971 --> 00:47:51,291
So I don't know how current he is on stuff, but I have been meaning to bring it up to him because I would love to have a chat just to kind of get his macro thoughts on stuff.

741
00:47:51,571 --> 00:47:52,311
Thanks, Bitcoin Focus.

742
00:47:52,491 --> 00:47:53,091
Appreciate you.

743
00:47:53,091 --> 00:47:56,411
Hey, Kiwi Bitcoin guide is back.

744
00:47:56,511 --> 00:48:00,331
Look at that with 4,567 sats.

745
00:48:01,371 --> 00:48:04,431
Thank you for helping us help you help us all.

746
00:48:04,891 --> 00:48:07,871
I gave my niece and nephew some Bitcoin for Christmas in 2022.

747
00:48:08,671 --> 00:48:11,671
Turns out it was a great time to do that as it's gone nothing but up.

748
00:48:11,671 --> 00:48:18,191
I gave them the same amount of fiat again last Christmas and explained how much it was worth less now in sats.

749
00:48:18,551 --> 00:48:22,191
When I see them check and ask how their magic internet money is doing, I love it.

750
00:48:22,191 --> 00:48:24,011
One of them is right into it.

751
00:48:24,391 --> 00:48:27,151
So I send him sats and the quest to spend them at a local merchant.

752
00:48:27,291 --> 00:48:28,811
Oh, and a quest to spend them at a...

753
00:48:28,811 --> 00:48:29,211
Really?

754
00:48:29,511 --> 00:48:30,131
Did he do it?

755
00:48:30,691 --> 00:48:32,231
I've become the Bitcoin uncle.

756
00:48:32,891 --> 00:48:34,711
You're doing very well.

757
00:48:35,711 --> 00:48:36,471
That's great.

758
00:48:37,031 --> 00:48:39,311
I would love to know if they've spent Bitcoin in the wild.

759
00:48:40,151 --> 00:48:41,851
I'm trying to think if my kids have ever done that.

760
00:48:41,891 --> 00:48:43,091
I don't think so.

761
00:48:43,791 --> 00:48:44,091
No.

762
00:48:45,051 --> 00:48:45,571
New life goal.

763
00:48:45,831 --> 00:48:46,731
New life goal.

764
00:48:46,831 --> 00:48:47,271
Unlocked.

765
00:48:47,291 --> 00:48:48,391
Thank you, KiwiBitcoinGuide.

766
00:48:49,091 --> 00:48:53,051
Cardboard warriors here with 8,500 sats.

767
00:48:53,191 --> 00:48:54,131
I like you.

768
00:48:54,511 --> 00:48:55,551
You're a hot ticket.

769
00:48:55,811 --> 00:48:57,311
Originally, I have my node up and running.

770
00:48:57,771 --> 00:49:01,071
Oh, officially, I have my node up and running, and I'm not a very techie person,

771
00:49:01,071 --> 00:49:03,531
so I decided to go with the Raspberry Pi 5 running Umbral.

772
00:49:04,011 --> 00:49:06,231
It took an entire month to sync.

773
00:49:06,651 --> 00:49:08,851
The internet connection was good, and I did use an SSD,

774
00:49:09,031 --> 00:49:10,651
so I'm not really sure what happened there.

775
00:49:10,911 --> 00:49:13,351
But we're synced up now, and I'm proud to add another node to the network.

776
00:49:13,731 --> 00:49:15,991
Love the solid weekly informational stuff on the show,

777
00:49:15,991 --> 00:49:18,711
and thanks for your service in podcasting.

778
00:49:18,811 --> 00:49:19,871
Oh, thanks, Cardboard Warrior.

779
00:49:19,951 --> 00:49:20,811
First of all, great name.

780
00:49:21,191 --> 00:49:23,231
Second of all, no shame in that game.

781
00:49:23,491 --> 00:49:24,951
It does take a long time on the Pi.

782
00:49:25,331 --> 00:49:26,911
I think on the Pi, you're just,

783
00:49:27,051 --> 00:49:30,011
you're comboed by probably IO,

784
00:49:30,311 --> 00:49:31,411
even though it's SSD, right?

785
00:49:31,471 --> 00:49:32,111
You're still going to be,

786
00:49:32,191 --> 00:49:34,011
it's not like it's a super fast bus.

787
00:49:34,711 --> 00:49:36,871
Low memory, lower CPU,

788
00:49:37,211 --> 00:49:38,751
like it's just all kind of combos up,

789
00:49:39,331 --> 00:49:40,251
but there ain't nothing wrong with it

790
00:49:40,251 --> 00:49:41,051
once you get up and running

791
00:49:41,051 --> 00:49:43,551
and it's a great starting point to learn more

792
00:49:43,551 --> 00:49:45,131
and in the future,

793
00:49:45,131 --> 00:49:48,751
if you like pick up a one liter PC off of eBay or Amazon for a hundred,

794
00:49:48,911 --> 00:49:49,491
200 bucks,

795
00:49:49,491 --> 00:49:50,451
when you're really into this,

796
00:49:50,871 --> 00:49:53,931
you're going to have a substantial upgrade and all the skill sets you've

797
00:49:53,931 --> 00:49:54,571
learned will apply.

798
00:49:54,891 --> 00:49:56,351
So go for it,

799
00:49:56,371 --> 00:49:56,491
man.

800
00:49:56,511 --> 00:49:57,411
And thank you for letting me know.

801
00:49:57,671 --> 00:49:58,671
And I appreciate the boost.

802
00:49:59,311 --> 00:50:00,151
Hope to hear from you again,

803
00:50:00,231 --> 00:50:04,131
cardboard retro gears here with 12,100 sats.

804
00:50:08,391 --> 00:50:09,991
Reporting back regarding coin jar.

805
00:50:10,191 --> 00:50:10,551
So far,

806
00:50:10,631 --> 00:50:10,991
so good.

807
00:50:11,271 --> 00:50:14,151
I've updated my Jupiter party subscription to use the attached mastercard

808
00:50:14,151 --> 00:50:14,391
now.

809
00:50:14,391 --> 00:50:16,891
So now I'm paying for my membership with sats.

810
00:50:17,511 --> 00:50:18,791
Ah, that's great.

811
00:50:19,311 --> 00:50:21,531
Few retail purchases this week too, and it's been working great.

812
00:50:22,031 --> 00:50:23,751
Hurts to spend those sats, I'll have to say that.

813
00:50:24,051 --> 00:50:26,011
Also flipping back to core with my config tweaks,

814
00:50:26,131 --> 00:50:28,051
given the nots BIP444 shenanigans.

815
00:50:29,671 --> 00:50:31,431
Buy store goods, stack sats.

816
00:50:31,871 --> 00:50:36,151
Also been keen to know how you'll be handling gifting to non-coiners,

817
00:50:36,211 --> 00:50:38,511
thinking I might do that this Xmas for family and friends.

818
00:50:39,131 --> 00:50:42,531
The nice thing about Bitcoin is it can be a last minute gift.

819
00:50:42,531 --> 00:50:45,731
I am probably taking advantage of that this year.

820
00:50:46,071 --> 00:50:47,811
That might be one of the things I do.

821
00:50:48,011 --> 00:50:50,211
In that circumstance, in the States,

822
00:50:50,331 --> 00:50:51,711
River makes that really easy.

823
00:50:52,591 --> 00:50:56,231
But there are Bitcoin gift cards and other ways to do it.

824
00:50:56,411 --> 00:50:58,611
There's so many different ways.

825
00:50:59,071 --> 00:51:02,571
If I had a budget, and I think every year I dream of this,

826
00:51:02,611 --> 00:51:05,251
is I'd like to go spend $100 on CoinKite

827
00:51:05,251 --> 00:51:09,691
and buy SATs cards and buy OneDimes or OpenDimes

828
00:51:09,691 --> 00:51:10,991
and give those out.

829
00:51:10,991 --> 00:51:12,771
but yet I haven't done it,

830
00:51:12,851 --> 00:51:16,491
but I often will fall back on more electronic ways to do it because it just

831
00:51:16,491 --> 00:51:17,291
makes it so quick.

832
00:51:17,991 --> 00:51:19,111
I know it's not a great answer.

833
00:51:19,191 --> 00:51:20,651
I'm a bad person when it comes to that.

834
00:51:21,231 --> 00:51:23,391
When I first started giving away Bitcoin,

835
00:51:23,711 --> 00:51:24,251
I even,

836
00:51:24,391 --> 00:51:28,791
I even went on Amazon and I got a stupid gold coin,

837
00:51:28,891 --> 00:51:29,791
a Bitcoin gold coin.

838
00:51:29,891 --> 00:51:30,051
You know,

839
00:51:30,111 --> 00:51:33,591
you can picture it in your head and I got in a little jewel case and I put a

840
00:51:33,591 --> 00:51:34,951
little note in there.

841
00:51:35,551 --> 00:51:37,991
Like one time I even put an SD card in there.

842
00:51:38,091 --> 00:51:40,851
Like I did the whole thing and now I'm just,

843
00:51:40,991 --> 00:51:43,131
It's like, yeah, there's some Bitcoin on account for you.

844
00:51:43,211 --> 00:51:43,691
Enjoy your money.

845
00:51:45,231 --> 00:51:46,251
It's horrible retro.

846
00:51:46,671 --> 00:51:47,591
Thank you for the boost.

847
00:51:47,931 --> 00:51:48,911
I appreciate it.

848
00:51:49,451 --> 00:51:51,891
Orange Pill Lawyer 25 is here.

849
00:51:52,291 --> 00:51:54,251
This is why I have bedtime wine.

850
00:51:54,371 --> 00:51:56,451
This is one of those boosts that makes me want to drink bedtime wine.

851
00:51:56,551 --> 00:51:58,011
8,888 sats.

852
00:51:58,471 --> 00:51:59,931
Sorry to hear about the lost episode.

853
00:52:00,231 --> 00:52:01,051
Thanks for everything you do.

854
00:52:01,611 --> 00:52:02,851
Don't make me think about it, man.

855
00:52:03,291 --> 00:52:04,431
Don't make me think about it.

856
00:52:04,851 --> 00:52:05,431
I'm just kidding.

857
00:52:05,511 --> 00:52:06,171
Thank you for the boost.

858
00:52:06,771 --> 00:52:08,791
Cost Now is here with 2,500 sats.

859
00:52:08,791 --> 00:52:10,331
The traders love the vol.

860
00:52:10,331 --> 00:52:13,151
Always look forward to my Thursday commute and the latest episode of TWIB.

861
00:52:13,271 --> 00:52:14,251
Keep up the great work.

862
00:52:14,371 --> 00:52:15,151
Well, thank you.

863
00:52:15,251 --> 00:52:16,311
You're so boost.

864
00:52:16,671 --> 00:52:17,931
I will with these great boosts.

865
00:52:17,991 --> 00:52:19,491
This is a great support week.

866
00:52:19,951 --> 00:52:22,811
OB is here with 16,000 sats.

867
00:52:23,171 --> 00:52:24,451
That's not possible.

868
00:52:24,591 --> 00:52:25,611
Nothing can do that.

869
00:52:25,771 --> 00:52:26,951
No message, just value.

870
00:52:26,991 --> 00:52:28,331
I am programmed in multiple techniques.

871
00:52:29,051 --> 00:52:29,851
No problem with that.

872
00:52:29,931 --> 00:52:30,851
Thank you very much.

873
00:52:31,431 --> 00:52:34,771
Hodler is here with 5,047 real good sats.

874
00:52:34,951 --> 00:52:37,371
They're real and they're spectacular.

875
00:52:37,671 --> 00:52:38,571
Hey, Chris, thanks for the value.

876
00:52:38,571 --> 00:52:43,771
I've been thinking about ways to get my friends and family into Bitcoin, but no matter what I do, it doesn't click for them.

877
00:52:44,331 --> 00:52:48,731
I know you get Bitcoin at the price you deserve, but it still feels like I'm failing the people I care about.

878
00:52:48,871 --> 00:52:49,271
Thoughts.

879
00:52:50,791 --> 00:52:52,031
Yeah, I know that feeling.

880
00:52:53,171 --> 00:52:57,571
I guess everybody gets Bitcoin at the price they deserve.

881
00:52:57,771 --> 00:53:02,631
I guess another way to look at that is everybody gets Bitcoin when it clicks for them.

882
00:53:02,671 --> 00:53:05,711
And usually it clicks for them when it fills a need.

883
00:53:05,711 --> 00:53:11,931
So if you can identify what need they have, what hard money solves for them, and usually it's something to do with inflation.

884
00:53:12,991 --> 00:53:14,571
Sometimes it can be a long-term thing.

885
00:53:14,631 --> 00:53:18,771
You give them some Bitcoin for Christmas this year, and then a couple of years, you ask them how that Bitcoin's doing.

886
00:53:20,031 --> 00:53:22,091
It's not an overnight thing.

887
00:53:22,611 --> 00:53:28,671
It's a slow, honest, open, easy conversation, and it still isn't always successful.

888
00:53:29,491 --> 00:53:31,351
I mean, think about it from my perspective.

889
00:53:32,211 --> 00:53:34,291
Hundreds of thousands of listeners on my other shows,

890
00:53:34,711 --> 00:53:36,591
how many of them ever picked up Bitcoin?

891
00:53:37,331 --> 00:53:38,071
A small percentage.

892
00:53:38,191 --> 00:53:39,251
The ones that are listening to this show now.

893
00:53:40,551 --> 00:53:41,691
It's really something, isn't it?

894
00:53:41,911 --> 00:53:43,131
You can lead a horse to water, man.

895
00:53:43,311 --> 00:53:44,611
You can lead a horse to water.

896
00:53:45,091 --> 00:53:46,951
One of the things Bitcoin teaches us

897
00:53:46,951 --> 00:53:49,951
is humans are a fascinating creature.

898
00:53:50,571 --> 00:53:53,471
I'm really constantly amazed at how much I learn

899
00:53:53,471 --> 00:53:59,171
about human nature, human behavior, ego, bias filtering,

900
00:53:59,171 --> 00:54:01,531
I mean, all of it I learned through Bitcoin.

901
00:54:02,231 --> 00:54:04,171
It's really something.

902
00:54:04,791 --> 00:54:05,491
It's really something.

903
00:54:06,251 --> 00:54:10,571
And so don't hurt your, like, you know, don't kick yourself.

904
00:54:10,691 --> 00:54:12,011
Don't be hard on yourself is what I'm trying to say.

905
00:54:12,771 --> 00:54:14,491
It can just be a really tricky thing.

906
00:54:15,171 --> 00:54:15,511
Good luck.

907
00:54:16,151 --> 00:54:16,911
Let me know how it goes.

908
00:54:17,071 --> 00:54:18,231
Maybe the holidays are the time to do it.

909
00:54:18,751 --> 00:54:21,891
And the musical coder rounds us out with 5,000 sats.

910
00:54:22,311 --> 00:54:23,911
Because I'm the win.

911
00:54:24,291 --> 00:54:26,791
He's adding some value on top of his Jupiter party membership.

912
00:54:26,931 --> 00:54:27,811
Says keep up the great work.

913
00:54:27,811 --> 00:54:30,431
This is the one true signal on the economy and Bitcoin.

914
00:54:30,651 --> 00:54:30,911
Wow.

915
00:54:31,471 --> 00:54:32,991
Thank you very, very much.

916
00:54:33,111 --> 00:54:34,571
Thank you, everybody who boosted in.

917
00:54:34,631 --> 00:54:37,711
All of you who boosted in below 2,000 sats, I have those as well.

918
00:54:37,811 --> 00:54:41,891
The cutoff is 2,000 sats for just time on the show because even that can sometimes get a bit long.

919
00:54:41,991 --> 00:54:44,131
But I am extremely grateful.

920
00:54:44,251 --> 00:54:47,831
We had a couple of lean weeks, and you guys really stepped up, supported the show.

921
00:54:47,891 --> 00:54:48,791
There is no sponsor.

922
00:54:49,471 --> 00:54:51,431
This is a value for value podcast.

923
00:54:51,591 --> 00:54:52,771
I make it for the people.

924
00:54:53,211 --> 00:54:54,691
It's a show for the people by the people.

925
00:54:54,831 --> 00:54:56,471
And you really, really came through.

926
00:54:56,471 --> 00:55:04,251
44 of you stream sats as you listen thank you very much you collectively stacked 63 971 sats

927
00:55:04,251 --> 00:55:12,951
not bad at all and when you combine that with our boosters we stacked 443 030 sats this week

928
00:55:19,641 --> 00:55:31,341
Thank you, everyone.

929
00:55:31,501 --> 00:55:33,421
Fountain FM is going from strength to strength.

930
00:55:33,541 --> 00:55:37,621
Not only do they have the self-hosted option now with Nostra Wallet Connect,

931
00:55:38,161 --> 00:55:40,041
but they also have a completely hosted infrastructure.

932
00:55:40,341 --> 00:55:43,941
There's a bunch of great apps that make it possible to boost over at newpodcastapps.com.

933
00:55:43,941 --> 00:55:48,861
We also have the Fountain FM membership program and the Jupiter.party membership program.

934
00:55:48,861 --> 00:56:12,421
Thank you everyone who supports the show. It means the world to me. This is a work of passion. It's something I care extremely about. And I think one listen at a time, we could change the world. We're really, I mean, look where this is going to be in five, 10 years. Look back. Look back at what we learned together through this podcast. It's going to be something. It's going to be really something to look back at. Thank you everyone for making episode 85 possible.

935
00:56:18,861 --> 00:56:25,081
Well, it's time to talk about the cat.

936
00:56:25,501 --> 00:56:35,801
Before I do, I want to mention that BIP444 has received its official Bitcoin improvement proposal number, and it is now officially BIP110.

937
00:56:36,621 --> 00:56:39,661
So BIP110 is out there and they're still debating it.

938
00:56:39,681 --> 00:56:42,961
But this week, we're going to spend a little time talking about the cat.

939
00:56:43,641 --> 00:56:46,261
Claire Ostrom wrote on X, quote,

940
00:56:46,261 --> 00:56:53,321
After weeks of work, I'm finally sharing my BIP draft, The Cat, a non-monetary UTXO cleanup.

941
00:56:53,921 --> 00:57:00,441
It's a soft fork proposal focused on preventing and cleaning up non-monetary UTXO spam.

942
00:57:00,961 --> 00:57:02,381
Please read before commenting.

943
00:57:02,561 --> 00:57:04,181
I'm seeking serious critical review.

944
00:57:04,741 --> 00:57:09,841
So when you go to the GitHub, the readme towards the top states the following.

945
00:57:10,061 --> 00:57:13,581
Again, I'm going to do just a little bit of quoting from the GitHub here.

946
00:57:13,581 --> 00:57:26,781
It says that the project documents a soft fork consensus change and new spending rules intended to remove an existing snapshot-based set of non-monetary UTXOs, which they call MMUs.

947
00:57:27,341 --> 00:57:31,221
I'm sorry, NMUs, non-monetary UTXOs, NMUs.

948
00:57:31,881 --> 00:57:40,641
This will be done by protocols such as the ordinals and stamps protocols, making those UTXOs permanently unspendable and eligible for removal from the UTXO set.

949
00:57:40,641 --> 00:57:54,941
In other words, it introduces a new consensus concept, a binary classification that marks some existing UTXOs as permanently unspendable and considers them to be non-monetary UTXOs.

950
00:57:55,661 --> 00:58:03,901
The BIP is effectively a socially curated UTXO blacklist enforced by consensus based on external indexers to Bitcoin Core.

951
00:58:04,521 --> 00:58:09,021
So you have to appreciate this is a massive philosophical and technological departure from Bitcoin's historical model.

952
00:58:09,021 --> 00:58:12,821
Even if the target is spam, this is really something.

953
00:58:13,461 --> 00:58:16,301
They're trying to solve UTXO bloat from inscription spam.

954
00:58:16,721 --> 00:58:20,181
But to do so, they're introducing three dangerous precedents, in my opinion.

955
00:58:20,881 --> 00:58:21,321
Here they are.

956
00:58:21,441 --> 00:58:25,761
Number one, a consensus-enforced asset classification.

957
00:58:26,781 --> 00:58:31,761
So we're going to start having consensus classify different UTXO transactions.

958
00:58:32,361 --> 00:58:33,561
Perhaps the worst of them.

959
00:58:33,561 --> 00:58:39,741
Number two, using an external indexer as a binding force in Bitcoin.

960
00:58:40,421 --> 00:58:45,181
And then number three, the inconceivable thing that Bitcoiners are even considering.

961
00:58:45,461 --> 00:58:50,101
Number three, retroactive destruction of settled property rights.

962
00:58:50,181 --> 00:58:54,281
In other words, when you use the Bitcoin blockchain at the time you were following the rules,

963
00:58:54,821 --> 00:58:59,681
somebody is going to come along after the fact and determine that that is not a valid

964
00:58:59,681 --> 00:59:02,501
transaction anymore and invalidate it.

965
00:59:02,501 --> 00:59:06,441
they're going to come along after the fact and steal your property rights.

966
00:59:07,361 --> 00:59:10,721
That's retroactive selective UTXO confiscation by rule change.

967
00:59:10,921 --> 00:59:11,701
Do you appreciate that?

968
00:59:11,741 --> 00:59:12,941
Now, how are they doing this?

969
00:59:13,681 --> 00:59:16,001
Well, this is the really dumb part.

970
00:59:16,001 --> 00:59:20,081
They're using a specific version of Ordinal's indexing software called Ord,

971
00:59:20,181 --> 00:59:22,341
Ord 0.240 with their patch,

972
00:59:22,681 --> 00:59:25,341
to interpret inscriptions on the Bitcoin blockchain.

973
00:59:25,721 --> 00:59:29,161
It's not part of the Bitcoin consensus software like Bitcoin Core.

974
00:59:29,161 --> 00:59:36,401
It's an off-chain parser and indexer that interprets Bitcoin data according to the Ordinals protocol.

975
00:59:37,321 --> 00:59:42,221
You have to understand Bitcoin itself has no concept of inscriptions, ordinals, spam.

976
00:59:42,841 --> 00:59:47,241
These are things that are layered on top of Bitcoin by ORD or ORD.

977
00:59:47,961 --> 00:59:54,881
So you have a third-party content classifier that becomes the consensus oracle for the Bitcoin network.

978
00:59:55,881 --> 01:00:00,101
Bitcoin would then inherit ORD's ideas of what is and not monetary uses.

979
01:00:00,401 --> 01:00:08,101
And if there's any bug, any change, any bias in ORD, it becomes law on Bitcoin.

980
01:00:09,081 --> 01:00:16,281
They're introducing a probabilistic filter with a false positive exclusion list embedded as a consensus object.

981
01:00:17,001 --> 01:00:18,821
That's weird.

982
01:00:19,821 --> 01:00:24,561
And every implementation you have to understand is going to have to be bug for bug compatible.

983
01:00:24,561 --> 01:00:27,561
Any mismatch creates a silent consensus split.

984
01:00:28,261 --> 01:00:31,541
That's not good because that's probably going to happen.

985
01:00:32,461 --> 01:00:37,741
Consensus already hates things like floating points, time, external data, hash table behavior.

986
01:00:38,101 --> 01:00:42,361
And it's definitely going to hate a fancy probabilistic memory structure.

987
01:00:42,741 --> 01:00:45,521
This is not conservative engineering on Bitcoin.

988
01:00:46,061 --> 01:00:48,161
This is not ossification on Bitcoin.

989
01:00:48,621 --> 01:00:52,481
This is wild ideas bolted on top of Bitcoin.

990
01:00:52,821 --> 01:00:54,501
And here's the crazy thing, too.

991
01:00:54,561 --> 01:00:55,741
There's a value threshold.

992
01:00:56,021 --> 01:00:56,881
It's arbitrary.

993
01:00:57,241 --> 01:00:58,101
It's gameable.

994
01:00:58,241 --> 01:00:59,421
It can be changed.

995
01:00:59,901 --> 01:01:02,241
It does not make for a constant law.

996
01:01:02,861 --> 01:01:07,721
Right now, they suggest a value max for things that could just be wiped off of 1,000 sats.

997
01:01:08,721 --> 01:01:10,761
Attackers can easily bypass that.

998
01:01:11,541 --> 01:01:12,601
You could batch inscriptions.

999
01:01:13,061 --> 01:01:13,461
You could share.

1000
01:01:13,521 --> 01:01:14,401
There's a lot of ways.

1001
01:01:15,021 --> 01:01:16,881
So it doesn't even really stop future spam.

1002
01:01:16,881 --> 01:01:19,901
It targets past economic winners.

1003
01:01:20,501 --> 01:01:23,481
It targets past economic winners.

1004
01:01:24,561 --> 01:01:28,281
You have to understand how wild this is to me as a longtime Bitcoiner.

1005
01:01:29,321 --> 01:01:43,769
We talking about setting a precedent where we can rug coins for any reason I can believe this is even happening right now I really can And I because I have to think this is so crazy it not really going to go anywhere These people are going to be barking up this tree for a while

1006
01:01:44,009 --> 01:01:46,169
And I just can't believe this is really going to go anywhere.

1007
01:01:46,809 --> 01:01:48,129
I have links in the show notes.

1008
01:01:48,349 --> 01:01:52,229
I, what really gets me is how many of you out there,

1009
01:01:52,469 --> 01:01:55,589
not you, like the listener, but like people in the world,

1010
01:01:56,229 --> 01:01:57,329
think this is a good idea.

1011
01:01:57,329 --> 01:02:08,409
I have watched people on Noster and X all day long rave about what a great idea the cat is, about how it turns Bitcoin truly to a monetary protocol.

1012
01:02:08,769 --> 01:02:10,949
I don't know if these are all status cucks.

1013
01:02:11,549 --> 01:02:15,249
I don't know if these people like to hand things over.

1014
01:02:15,609 --> 01:02:23,989
Like, I don't know what has gotten into their heads that anybody should be anointed the winner and losers by a group of people in Bitcoin.

1015
01:02:23,989 --> 01:02:26,209
is so antithesis to anything Bitcoin's,

1016
01:02:26,249 --> 01:02:27,429
I just can't, I can't believe we're here.

1017
01:02:27,989 --> 01:02:28,969
But here we are.

1018
01:02:29,169 --> 01:02:30,809
I'll have links if you want to read more about the cat.

1019
01:02:31,409 --> 01:02:33,469
And of course, BIP-110, formerly 444,

1020
01:02:33,709 --> 01:02:34,569
which continues on.

1021
01:02:34,629 --> 01:02:35,709
They're still trying to soft fork.

1022
01:02:36,129 --> 01:02:37,849
So now we got two different soft fork proposals.

1023
01:02:38,069 --> 01:02:39,989
Two different soft fork proposals.

1024
01:02:40,569 --> 01:02:42,229
It's just absolutely crazy.

1025
01:02:42,869 --> 01:02:43,549
Oh my.

1026
01:02:50,209 --> 01:02:50,809
All right.

1027
01:02:51,549 --> 01:02:53,729
I don't know if you're going to find this interesting or not.

1028
01:02:53,729 --> 01:02:55,869
I have to be honest with you, but it matters.

1029
01:02:56,089 --> 01:02:59,069
You know, it's one of these things is like sometimes the news isn't that sexy.

1030
01:02:59,689 --> 01:03:15,749
But acting CFTC chairman Caroline Pham is piloting a new program that allows users of the financial system, like, you know, bankers, like real users, like players, to have Bitcoin as collateral in their loans.

1031
01:03:16,089 --> 01:03:21,609
She can explain it better than I can because these are things I care a little about, but I understand will have a big impact long term.

1032
01:03:22,389 --> 01:03:25,009
Well, good morning, and thank you so much for having me here on the show.

1033
01:03:25,009 --> 01:03:42,569
So I think what's really important to understand is that we are doing a limited pilot program that has important guardrails that are in place because we've seen with the events that have happened on offshore exchanges that it's more important than ever that Americans deserve safe U.S. markets under U.S. regulations.

1034
01:03:42,569 --> 01:04:07,429
So what we've done to structure this pilot program is that if you are using a CFTC broker, which is what are our futures commission merchants, those are registered by us, those are overseen by us and the National Futures Association, which is like FINRA, you will be able to use Bitcoin, Ether, and USDC to collateralize contracts that are denominated in those Bitcoin, Ether, or USDC.

1035
01:04:07,429 --> 01:04:14,589
And it's basically in-kind collateral. So that's very limited in what you can do. You can't use it instead of cash, for example.

1036
01:04:14,589 --> 01:04:16,869
Now, I had a hard time really understanding this.

1037
01:04:16,929 --> 01:04:19,349
So I went to kind of try to find some reactions online.

1038
01:04:19,529 --> 01:04:26,469
And as one person put it, collateralizing derivatives with Bitcoin is crypto finally showing up to the party in a tuxedo instead of sweats.

1039
01:04:26,929 --> 01:04:31,209
Another person put, quote, a big step towards full integration of Bitcoin.

1040
01:04:31,449 --> 01:04:38,229
When Bitcoin is accepted as clean collateral, balance sheets and leverage infrastructure start treating it like a true monetary asset.

1041
01:04:38,669 --> 01:04:40,189
This is how adoption compounds.

1042
01:04:40,189 --> 01:04:47,229
So my basic take, the little I do understand here from what the CFTC guy was saying, is going to be great for businesses that hold Bitcoin.

1043
01:04:47,649 --> 01:04:57,969
If you're a small, medium, or large business and you have Bitcoin on the balance sheet, for some of them, this could free up billions in capital to let them use Bitcoin holdings for loans.

1044
01:04:58,169 --> 01:05:00,749
They don't have to now liquidate their Bitcoin to get access to the value.

1045
01:05:01,309 --> 01:05:07,869
It's their equivalent of being able to use salt lending now or strike, but in the business world.

1046
01:05:07,869 --> 01:05:10,969
So that alone just seems like it's going to be huge.

1047
01:05:21,969 --> 01:05:25,609
I would imagine, too, it's going to be huge, but it'll be one of those things that builds, right?

1048
01:05:25,769 --> 01:05:27,649
Some companies will dip their toes in it.

1049
01:05:28,129 --> 01:05:28,949
More companies will try.

1050
01:05:29,029 --> 01:05:30,449
You'll start to get customer demand.

1051
01:05:30,709 --> 01:05:31,989
And then you really see it take off.

1052
01:05:32,549 --> 01:05:35,669
So for our final clip, and yes, we're at the final clip of the week,

1053
01:05:35,669 --> 01:05:39,309
I wanted to talk about something that I saw getting shared online.

1054
01:05:39,429 --> 01:05:41,409
So I'm going to set the stage and we'll play the clip.

1055
01:05:41,849 --> 01:05:43,229
And you may have seen this get shared.

1056
01:05:43,509 --> 01:05:46,969
It was called I Wasted Eight Years of My Life in Crypto,

1057
01:05:47,409 --> 01:05:49,769
a Bitcoin-centric deconstruction.

1058
01:05:50,469 --> 01:05:51,789
And I don't really think that was fair.

1059
01:05:51,869 --> 01:05:53,369
People said it was really anti-Bitcoin.

1060
01:05:53,589 --> 01:05:56,489
It was, oh, Bitcoin's really been put on notice here.

1061
01:05:56,569 --> 01:05:59,189
I think Brian Krebs, the security guy, was like,

1062
01:05:59,229 --> 01:06:00,649
oh, it just shows crypto's a cult.

1063
01:06:01,089 --> 01:06:03,269
It's really just none of that.

1064
01:06:03,969 --> 01:06:04,749
So here's the deal.

1065
01:06:04,749 --> 01:06:09,929
This week, a former developer in crypto published a long reflection titled, I Wasted Eight Years of My Life in Crypto.

1066
01:06:10,369 --> 01:06:20,129
And then he went on describing how libertarian ideals, things that he heard from Ayn Rand and cyberpunk culture, they really pulled him into the crypto industry, he says.

1067
01:06:20,229 --> 01:06:29,229
He loved the idea of, quote, walking across the border with a billion dollars in your head, end quote, and believed that he was going to build a new financial system by working in shit coins.

1068
01:06:29,229 --> 01:06:40,269
And then years later, after all of that, he concluded that, well, he spent his 20s actually building a casino, the biggest online multiplayer 24-7 casino, and that he lost his purpose.

1069
01:06:40,549 --> 01:06:43,869
And along the way, the crypto industry as a whole lost his purpose.

1070
01:06:43,969 --> 01:06:45,789
And that was the part that the critics really liked.

1071
01:06:46,509 --> 01:06:51,489
He says all the layer one horse races, meme coins and zero sum financial games just disillusioned him.

1072
01:06:52,129 --> 01:06:57,329
He claims the gamblification not only destroys value, but threatens long term social mobility.

1073
01:06:57,329 --> 01:07:06,289
He says he ultimately still thinks Bitcoin could reach a million dollars, but insists the broader crypto ecosystem is toxic, nihilistic, and ending with this quote,

1074
01:07:06,869 --> 01:07:10,029
Do you want to make money or do you want to be right?

1075
01:07:10,449 --> 01:07:12,149
I choose to be right this time.

1076
01:07:12,549 --> 01:07:14,889
I always love those self-righteous ones.

1077
01:07:15,729 --> 01:07:20,589
I know Bitcoin's going to a million, but I'm going to sell it because I'm a moral person and I choose to be right.

1078
01:07:21,189 --> 01:07:21,829
Yeah, right.

1079
01:07:22,369 --> 01:07:23,689
Yeah, that's how humans work.

1080
01:07:24,149 --> 01:07:24,349
All right.

1081
01:07:24,369 --> 01:07:25,669
So let's talk about this.

1082
01:07:25,669 --> 01:07:28,429
And a lot of people will say this is a real Bitcoin takedown.

1083
01:07:28,549 --> 01:07:30,549
It was a deconstruction of Bitcoin, et cetera, et cetera.

1084
01:07:30,609 --> 01:07:31,109
It's so stupid.

1085
01:07:31,649 --> 01:07:36,149
First of all, throughout the piece, he conflates crypto and Bitcoin constantly.

1086
01:07:36,849 --> 01:07:37,389
I hate that.

1087
01:07:38,469 --> 01:07:40,909
When he wants to take shots directly at Bitcoin, he'll put it in there.

1088
01:07:40,929 --> 01:07:42,669
But otherwise, everything is crypto, this casino, that.

1089
01:07:42,849 --> 01:07:43,269
Well, yeah.

1090
01:07:43,929 --> 01:07:46,069
You went and worked in the shitcoin casino industry, buddy.

1091
01:07:46,689 --> 01:08:01,417
You saw sound money You said oh neat I go build my own You were arrogant Bitcoin monetary policy is fixed Crypto is arbitrary All those different projects have different monetary policies Bitcoin is a savings technology Crypto is a venture capital speculative

1092
01:08:01,417 --> 01:08:08,057
engine. You got sucked into VC games, idiot. Calling Bitcoin a casino is like blaming gold

1093
01:08:08,057 --> 01:08:13,837
because penny stocks pump and dump. That's stupid. And then he describes the level one wars is like

1094
01:08:13,837 --> 01:08:19,737
this pointless war. And I guess he's supposed to be implying that Bitcoin's lost that war or

1095
01:08:19,737 --> 01:08:26,917
something like that. But that's silly. Bitcoin's strict monetary policy sets it aside from all of

1096
01:08:26,917 --> 01:08:31,197
these. I just would not even mix these other level ones. They're not final settlement levels.

1097
01:08:32,117 --> 01:08:36,457
And his personal disillusionment, he says, I built a casino, not a new financial system.

1098
01:08:37,277 --> 01:08:42,557
Yeah. Yeah, you worked on casino projects. Bitcoin isn't a casino just because Solana VCs are around.

1099
01:08:42,557 --> 01:08:45,777
the noise does not negate the presence of the signal.

1100
01:08:46,317 --> 01:08:48,657
How did you work in this industry for so long and not know that?

1101
01:08:49,737 --> 01:08:56,317
And I think despite his seemingly conviction that Bitcoin would reach a million dollars,

1102
01:08:56,617 --> 01:09:00,477
he never does pause to differentiate Bitcoin's monetary role from the casino architecture he helped build.

1103
01:09:00,997 --> 01:09:02,337
And then he just throws it all under the bus.

1104
01:09:02,937 --> 01:09:07,397
He spends eight years running the slot machine, and then he concludes sound money doesn't work.

1105
01:09:07,857 --> 01:09:08,817
Think about that for a second.

1106
01:09:08,817 --> 01:09:18,057
And then all of the NPCs online, including Brian Krebs, pass this around like it's some sort of hot takedown of Bitcoin and crypto.

1107
01:09:18,857 --> 01:09:21,197
Think about how mentally weak they are.

1108
01:09:21,897 --> 01:09:24,937
I mean, you don't even have to know Bitcoin to read through this and understand the logical fallacy.

1109
01:09:25,597 --> 01:09:33,017
You don't have to understand Bitcoin to understand developer burnout and how people can get disenfranchised with an industry that honestly is a little crap.

1110
01:09:33,517 --> 01:09:35,617
His experience is real. His burnout is understandable.

1111
01:09:35,617 --> 01:09:39,777
But the target of his blame is completely misaligned.

1112
01:09:39,957 --> 01:09:40,777
He misses the target.

1113
01:09:41,717 --> 01:09:42,657
He built the casino.

1114
01:09:42,817 --> 01:09:43,677
That was his choice.

1115
01:09:44,117 --> 01:09:45,377
Bitcoin is not the casino.

1116
01:09:45,857 --> 01:09:46,857
It's the exit.

1117
01:09:47,457 --> 01:09:51,657
And I think what people have to reframe, and I don't know how, maybe this is why they're

1118
01:09:51,657 --> 01:09:52,237
so nihilistic.

1119
01:09:52,437 --> 01:09:53,317
He said people are nihilistic.

1120
01:09:53,397 --> 01:09:53,777
Maybe they are.

1121
01:09:53,817 --> 01:09:54,737
They don't understand Bitcoin.

1122
01:09:55,557 --> 01:10:01,257
Imagine looking at the world where you see a Federal Reserve that's debasing your savings.

1123
01:10:01,257 --> 01:10:06,877
You see a federal government that's going to back an LLM PAMP for as long as they can.

1124
01:10:07,557 --> 01:10:10,617
And you see all these conflicting things that are making your purchasing power weaker.

1125
01:10:11,057 --> 01:10:14,897
And you're watching it erode over these last five years at the tune of an average of 30%.

1126
01:10:14,897 --> 01:10:19,657
If you didn't know about Bitcoin, how depressed would you be right now?

1127
01:10:20,497 --> 01:10:24,597
Like Bitcoin is the saving grace of all of this.

1128
01:10:25,177 --> 01:10:31,197
Bitcoin is how we all collectively work together without even realizing we're doing it to build a better world.

1129
01:10:31,257 --> 01:10:37,417
If you did, you know, Saylor says this and it sounded it sounded kind of cliche when I first heard it.

1130
01:10:37,717 --> 01:10:42,497
But he's right. Bitcoin is hope. It's hard money.

1131
01:10:43,277 --> 01:10:47,957
It's the best way we've ever invented to store your time and energy into the future.

1132
01:10:48,997 --> 01:10:51,637
And imagine spending eight years building casinos instead.

1133
01:10:52,177 --> 01:10:55,297
I'd be pretty disillusioned, too. I want to play a clip here.

1134
01:10:55,337 --> 01:10:57,597
This is our final clip of the week. This is Jeff Walton.

1135
01:10:57,597 --> 01:11:06,917
He's the chief risk officer at Strive, which is Vivek Ramaswamy's Bitcoin digital asset company.

1136
01:11:07,517 --> 01:11:10,057
And he echoes similar sentiments.

1137
01:11:10,257 --> 01:11:15,517
He's a younger millennial, or maybe, I don't know how you classify it, but he's not an older millennial.

1138
01:11:15,517 --> 01:11:16,297
He's younger than me.

1139
01:11:16,797 --> 01:11:18,937
He's a mid-tier millennial.

1140
01:11:19,097 --> 01:11:23,397
And I think he really sums up the situation, well, quite accurately.

1141
01:11:24,837 --> 01:11:26,377
I grew up like lower middle class.

1142
01:11:26,377 --> 01:11:28,657
I'm an only, only child.

1143
01:11:28,657 --> 01:11:30,617
Like I don't speak with my parents anymore.

1144
01:11:31,177 --> 01:11:35,717
I've got no, like, I've got nothing to fall back on.

1145
01:11:36,597 --> 01:11:42,457
So every risk that I've had to take in my life or any, like anything I've needed to build

1146
01:11:42,457 --> 01:11:48,577
for myself is like, I like truly in the spirit of like Western America, I've had to like

1147
01:11:48,577 --> 01:11:49,417
build it myself.

1148
01:11:49,417 --> 01:11:56,617
And so that's required me to like be really analytical about every, everything I've done,

1149
01:11:56,957 --> 01:12:03,877
like every risk that I've taken has been just so incredibly calculated that it's like, I have to,

1150
01:12:03,937 --> 01:12:09,817
like, I have to succeed. This, this needs to succeed or else I'm just like, I'm screwed.

1151
01:12:10,277 --> 01:12:14,877
I can't go live in my parents' basement, right? Like I got to go figure, figure something else

1152
01:12:14,877 --> 01:12:25,077
out. And so that necessity is really like what's landed me where I'm at and figuring, like having

1153
01:12:25,077 --> 01:12:29,377
to go figure this out and like rationalize it. And then once you just keep digging, like I just

1154
01:12:29,377 --> 01:12:32,677
keep digging, keep digging, keep digging and keep rationalizing things. They're like, okay,

1155
01:12:32,797 --> 01:12:40,037
this is, this is the only, this is the only solution. Like this is the best use of time,

1156
01:12:40,037 --> 01:12:47,637
energy, money, and focus into perpetuity because it's not real estate, it's decaying.

1157
01:12:48,297 --> 01:12:52,977
There's so much monetary premium that's stuck in real estate. All these bonds look horrible.

1158
01:12:54,717 --> 01:12:58,917
99.9% of the stocks in the stock market don't make any money. So I've got to make a bet on

1159
01:12:58,917 --> 01:13:08,717
MAG7. I think valuations are incredibly high in the pure equity market. Okay. So PE, so I could go

1160
01:13:08,717 --> 01:13:13,757
of private equity or private credit. And like, this just seems like a bunch of schmoozing and

1161
01:13:13,757 --> 01:13:18,757
bullshit and nobody really knows anything and it's illiquid and I'm not going to get capital for 10,

1162
01:13:18,817 --> 01:13:23,977
15, 20 years. So, you know, it's like none of that makes any sense. And so really it's like,

1163
01:13:23,977 --> 01:13:32,537
it is the, it's what's left. It's like, this is what our generation like can hold and build and

1164
01:13:32,537 --> 01:13:38,997
be a part of and like actually make a better world like the world can be improved

1165
01:13:38,997 --> 01:13:58,477
let's check in on the state of the network as i wrap up at block height 927 327 the price

1166
01:13:58,477 --> 01:14:18,385
one Bitcoin to a US dollar 92 That makes our sats per dollar 1 sats to one US dollar We starting a little bit of recovery Let hope it keeps on going You never know after a Fed cut Our decline right now from our all high is 26 which was 65 days ago

1167
01:14:18,385 --> 01:14:21,825
Our all-time high date, October 6th, as you know, 2025.

1168
01:14:22,805 --> 01:14:23,845
65 days ago.

1169
01:14:24,285 --> 01:14:31,685
We're currently on target for a downward adjustment of 0.6% for the estimated difficulty change for the Bitcoin network.

1170
01:14:32,465 --> 01:14:33,205
Not too bad.

1171
01:14:33,385 --> 01:14:37,185
That would be on December 10th, which is today.

1172
01:14:38,325 --> 01:14:39,865
Probably just a couple of...

1173
01:14:39,865 --> 01:14:41,205
Jeez, probably by the time I get this episode out.

1174
01:14:42,505 --> 01:14:46,105
There are currently 24,856 nodes on the network.

1175
01:14:46,325 --> 01:14:47,265
Ticking up a little bit.

1176
01:14:47,465 --> 01:14:48,285
A little bit.

1177
01:14:48,725 --> 01:14:51,605
Core 30, 14.3%.

1178
01:14:51,605 --> 01:14:53,285
Nots 2525.

1179
01:14:54,765 --> 01:14:56,165
Looks like November's edition.

1180
01:14:56,505 --> 01:14:57,305
My eyesight's getting bad.

1181
01:14:57,385 --> 01:14:58,785
10.4% of the network.

1182
01:14:59,225 --> 01:14:59,405
Okay.

1183
01:15:00,285 --> 01:15:00,725
Okay.

1184
01:15:01,365 --> 01:15:01,805
Interesting.

1185
01:15:01,805 --> 01:15:05,325
Bitcoin priced in gold right now, currently 21.8 ounces.

1186
01:15:06,605 --> 01:15:07,245
How's that?

1187
01:15:07,745 --> 01:15:08,525
There's a metric.

1188
01:15:08,805 --> 01:15:09,545
Let's watch that one.

1189
01:15:09,845 --> 01:15:11,785
Bitcoin priced in gold, 21.8 ounces.

1190
01:15:12,545 --> 01:15:12,685
Hmm.

1191
01:15:13,505 --> 01:15:14,565
I'd like to see that change.

1192
01:15:15,705 --> 01:15:16,125
All right.

1193
01:15:16,165 --> 01:15:17,525
Looks like everything's moving right along.

1194
01:15:17,585 --> 01:15:18,825
I'm just checking over the rest of the stats.

1195
01:15:18,925 --> 01:15:19,725
Everything looks really good.

1196
01:15:19,805 --> 01:15:22,325
The state of the network is strong.

1197
01:15:31,805 --> 01:15:40,465
Well, if you made it this far, go check out the links in the show notes this week in Bitcoin.show.

1198
01:15:40,605 --> 01:15:42,505
You'll find the back catalog over there.

1199
01:15:42,865 --> 01:15:45,805
Also, all the other great shows over at jupiterbroadcasting.com.

1200
01:15:46,205 --> 01:15:49,225
My goal is to create something that doesn't get distracted by the motions.

1201
01:15:49,765 --> 01:15:51,805
You know, the president says something that gets people triggered.

1202
01:15:51,885 --> 01:15:55,605
I try to look past that, find the signal and tell you how it's going to impact your stack.

1203
01:15:55,985 --> 01:15:56,745
That's what I try to do.

1204
01:15:56,805 --> 01:15:57,985
Let me know how I did with a boost.

1205
01:15:58,425 --> 01:16:02,185
Also, you can let me know anything you'd like to see additional in the show.

1206
01:16:02,605 --> 01:16:04,665
Maybe something that should have been cut from the show.

1207
01:16:04,925 --> 01:16:05,765
That's fine, too.

1208
01:16:06,045 --> 01:16:07,025
You can boost that in.

1209
01:16:07,305 --> 01:16:08,285
I appreciate that.

1210
01:16:08,585 --> 01:16:10,065
The show's out every single Wednesday.

1211
01:16:10,185 --> 01:16:12,105
I don't quite have the holiday schedule figured out.

1212
01:16:12,945 --> 01:16:15,605
I'm feeling like we're going to keep going, but you never know.

1213
01:16:15,885 --> 01:16:19,985
I may take the week of the 24th off, so I suppose a heads up there, because that'll be Christmas Eve.

1214
01:16:20,645 --> 01:16:22,845
But that's pretty much all I really have planned for at the moment.

1215
01:16:23,645 --> 01:16:26,465
Yeah, I think that's all the little housekeeping I have to tell you.

1216
01:16:26,525 --> 01:16:27,545
So thank you so much for tuning in.

1217
01:16:27,545 --> 01:16:30,625
Now, I'm going to leave you with a value for value track, as I do.

1218
01:16:30,885 --> 01:16:32,005
And you know what the drill is here.

1219
01:16:32,085 --> 01:16:37,545
If you boost in while this track plays, 95% of your sats go to our artist.

1220
01:16:37,865 --> 01:16:43,005
I thought, since it's the holidays, I'd play a song that I think really got me into value for value music.

1221
01:16:43,005 --> 01:16:47,045
It's not the one that got me there, but I think it really opened the door for me.

1222
01:16:47,445 --> 01:16:50,925
So this week, I want to play Apex by Empath Eyes.

1223
01:16:57,545 --> 01:17:27,525
Thank you.

1224
01:17:27,545 --> 01:17:57,525
Thank you.

1225
01:17:57,545 --> 01:18:27,525
Thank you.

1226
01:18:27,545 --> 01:18:57,525
Thank you.

1227
01:18:57,545 --> 01:19:27,525
Thank you.

1228
01:19:27,545 --> 01:19:57,525
Thank you.

1229
01:19:57,545 --> 01:20:27,525
Thank you.