Welcome in to This Week in Bitcoin, Episode 72.
My name is Chris, chrislas.com, jupiterbroadcasting.com.
Well, September is kicking off with a bang.
If you're just watching Bitcoin price action, you might not realize it,
But there's a lot happening in the macro sense.
The U.S. just added half a trillion dollars of federal debt in the last 30 days.
Our buddies in Canada, the numbers just came in.
The Canadian economy shrank 1.6 percent in the second quarter of this year.
And all this is despite aggressive rate cuts in central banks around the world.
And yields are surging.
September clicked and France, Japan, Germany, Canada, the U.S. and the U.K., the yields just started surging.
Japan's 30-year bond just ripped to all-time new highs.
All time.
The UK is seeing the highest rate since 1998.
I think the only read here, I could be wrong,
but I think the read here is that the market is rejecting central bank rate cuts.
You see it in gold, kind of the canary in the coal mine, classically.
Gold has a new goal, and that is its all-time high now of $3,560.
When this happens with gold, Bitcoin tends to follow shortly after.
it is sniffing out problems in the market.
And it's just a more known product.
It's been in the market a long time.
It has a ginormous market share.
So gold moves first.
But it tends to be an indicator
and Bitcoin tends to follow.
So no doubt about it,
with rate cuts looming in the US,
even though the market seems to be rejecting them,
September is setting up to be a consequential month
in a lot of ways,
from macro issues at the top
to pain in the streets.
The McDonald's CEO, talk about pain in the streets, just went on CNBC and gave us a reality check for the U.S. economy.
And part of what we also saw was that particularly with middle and lower income consumers, they're feeling under a lot of pressure.
I think there's a lot of commentary about what's the state of the economy, how's it doing?
And what we see is it's really kind of a two tier economy.
If you're upper income earning over one hundred thousand dollars, things are good.
Another way to put this is retail is tapped out. You'll hear that kind of terminology in our community sometimes. Depending on where you live, like if you live in the Pacific Northwest, 100K isn't enough. But depending on where you live, if you make 100K or more, you're doing okay. You're not skipping breakfast. You're not really feeling the pain anymore of inflation. You're doing mostly okay. You're probably traveling a bit.
below that 100k line and this guy knows his stuff this is where they make their money
this is mcdonald's power range here right below that 100k people are really hurting and it is
clearly a division a two-tier system i mean if you're upper income earning over a hundred thousand
dollars things are good stock markets are near all-time highs you're feeling you know quite
confident about things you're seeing international travel all those barometers of upper income
consumers are doing quite well. What we see with middle and lower income consumers is actually a
different story. It's that consumers under a lot of pressure in our industry, traffic for lower
income consumers is down double digits. And it's because people are either choosing to skip a meal.
So we're seeing breakfast. People are actually skipping breakfast or they're choosing to just
eat at home. And so for our business, which has a significant group of consumers, which are in that
middle and lower income, we needed to step in with something like what we're doing here.
They need cheaper food. McDonald's needs cheaper food. The number of Americans not in the labor
force who currently want a job is up to 6.2 million by the official stats. I'll link to the
stats in the show notes. That's the highest since July 2021. So like around COVID times.
So the U.S. now has more unemployed people than job openings. Pain in the streets,
macro issues at the top. This is why the Trump administration is pushing to get more and more
control of the Fed. If J-Pow won't cut the rates, then they're going to get more control of the Fed.
And I think they're going to get what they want. The incentives are aligned in the system on this
one. Fed Governor Waller, who is someone that is on the short list to replace J-Pow as the Fed chair,
he was recently interviewed and he's kind of signaling the direction things would go if he
was put in charge. And he says, this is such a great, it's a phrase that's been floated by a few
Fed officials. And he comes right out and just says it on air now. You need to look past the
inflation. If you look past the inflation, things are great. Yeah, well, he was unambiguously calling
for rate cuts in our exclusive interview, Sarah, as you know, and also adding that the Fed may have
far to go to get to neutral. The two other Fed speakers, they were not quite as dovish, but they
did express some flexibility in their outlooks. First, let me get to Waller, who said that his
call for cuts is really based on the idea that tariffs pass through the system and don't create
wider inflation. If you take 3%, you're about 125, 150 basis points above that. And if tariff
inflation looks like it's going to be temporary, and it's a one-time level effect, which I think,
inflation expectations are anchored, and the labor market's really weakening. So our dual
mandate says worry about employment and inflation look through the inflation worry about the
employment start cutting you just got to look through the inflation don't you get it he solved
it if you just look past the inflation inflation's not so bad so go ahead and cut rates and get more
inflation and that is the policy it seems because that that's basically that guy's messaging to
trump give me the job so that's the policy if he gets the job or whoever does get the job
And when that happens, you got to wrap your head around this because this is key to Bitcoin's value proposition. When this policy does become law of the land, and it seems likely that it is and will, everyone becomes a spectator or maybe the better way to put it is a speculator.
the debasement's going to become obvious after a certain point this is what i'm saying the
debasement's going to become obvious everyone's going to realize it even people that have no
economic background they're going to understand that they're getting debased so in a sense
everyone is gambling on what to do with their money because if you're getting paid in fiat
it's getting debased at a rate that you're actually going to be able to notice now
that's the thing even even running around three percent you're going to notice that because three
percents their official baseline number. But as we know, it often runs hot in individual areas. And
what we saw last time is sometimes it would run hot in lumber. And then you'd see it in eggs. You'd
see it in different sectors at different times. And so they'd come in with like, oh yeah, CPI is
the max it ever got to is 7%. Meanwhile, if you look at your grocery bill from two, three years
ago and you buy the same things, it's more than doubled in price. Seems like more than 7% to me.
it becomes noticeable. So everyone's going to be spectating on this event. And whether they realize
it or not, they're also speculating. And I know I'm not doing a very good job of explaining it,
so I'm going to call in some backup here. Jack Mallers was on Bloomberg, and he tried once again
to explain it to a no-coiner who just never gets it, who gets paid well. You know, he's maybe a,
I don't mean to be offensive, but I know a lot of tech guys like this, or gals.
You know, they make kind of a ridiculous amount of money relative to other industries for their amount of experience and value.
No offense, I was one of them once too.
And they're not really feeling the pain.
They are living in pretty much a position of privilege.
You know, I was looking at house prices just again.
And people are moving into houses with an HOA of $1,000 a month.
The kind of luxury life you must live in order to be willing to pay $1,000 a month, which should be almost another rent.
and HOA fees should be a signal to you that you're living a very privileged life, a very special
position. But these people, they get paid, they get paid well. They're not particularly feeling
the pain. So they don't see what's coming. And Jack tries his best. Last time you were on our
program, you gave this idea, it kind of went viral on X after we spoke, but it was this idea of
the idea of existing and being paid to exist through cryptocurrency. The idea that, you know,
you sitting there at work all day long, you're not necessarily being compensated for what you're
doing. And you see crypto as being a solution to that. I got to be honest with you, I didn't quite
get it. I want you to paint that picture for me and get me on board. Yeah, well, so first of all,
I think it's Bitcoin, not crypto. You know that. But just to clarify for the audience, it's Bitcoin
specific. Well, that's just your view, though, that Bitcoin is the crypto that you're focused on.
Yeah, but I think it's Bitcoin is the money within the crypto sphere. And the point really
hears is this, Tim. Every single day, you make a decision on how to get compensated for your time,
your energy, your effort, your labor. I'm watching you. I'm sitting in the behind the scenes. I'm
watching you haul your butt. You're doing a great job on this show. You need to somehow capture the
value you're creating for all of us here. And you need to somehow save that value so that tomorrow
you can pay rent, you can get groceries, you can travel home and see your parents. But that comes
every two weeks in the form of a paycheck to me. Right. But what the... Bloomberg sees the value in
that. They hired me. Correct. So you're going to get a paycheck in the form of dollars, but those
dollars are losing value in the things that you need in your life anywhere between two and 20%.
Depends on what you want. You want a Caesar salad, 2%. You want a nice house, 20%. And so you need to
find a way to persist and save and store that wealth. And you make a decision every single day,
whether you know it or not. Unfortunately, because the dollar is being debased, everyone is a
speculator here filming and watching us. And so you have to make that decision. And in my opinion,
over the last 15 years, and it will continue to be so,
Bitcoin is the best place to do that.
Take the wealth you're creating today,
bring it with you tomorrow.
That's why when people say they're late to Bitcoin,
it's a silly way to think about it.
It's a savings technology.
You're always stacking sats.
You're always trying to save a little bit for tomorrow
as long as you're alive.
It's not this speculative thing
that you tried to buy when it was low,
and now you're just going to ride it high.
You're never late because you're always trying
to save your future energy.
And Bitcoin's always going to be in demand,
That's a scarce asset as long as governments and central banks continue to devalue their fiat currency.
That certainly seems like the plan, doesn't it?
So there's going to be demand for things like Bitcoin, gold, real estate, those types of things.
And Bitcoin is one of the few things you can buy tiny fractions of at a time.
As you receive a little bit extra, you know, $5, you put it into Bitcoin.
You can do that with real estate or gold unless you willing to buy some sort of IOU abstract thing So Bitcoin will be in demand and it is built for this time
And things are really lining up unless we destroy ourselves from the inside first.
Well, the node wars are really the thing that is the topic, if you could call it that.
It has really gotten to a point now that is pretty bad.
The conflict between the Bitcoin Core folks and the Bitcoin Nots folks.
Some are calling it the 2025 Spam Wars, other calling it node wars.
I hate the stupid names.
But it's probably what we will, we'll pick one of these to refer to it down the road.
Because it is beginning to sort of echo the ideological rifts we saw during the 2017 block size wars.
And at first I thought it was hyperbole to say that, but seeing the direction of the discourse this week, I'm sad to say it's getting to those levels.
It's not there yet.
So if you don't remember, at the heart of the dispute here is Bitcoin Core has a plan as a version 30 that comes out soon.
they're removing the 80 byte data limit on Oppratern.
You could override this before,
but they're just removing the built-in limit.
And core developers argue this is going to support innovation
and open usage sort of reduces gatekeeping.
Of course, the Nots folks argue this is going to be used for spam.
It's going to be used for all kinds of things,
perhaps illegal things that we don't want on the blockchain.
And it reduces Bitcoin's role as a monetary system.
And it may compromise scalability
if it's filling up nodes, disks, and things like that.
Perhaps.
I will say this does, there's two sides to this,
but it's gotten so,
the arguments have gotten personal,
the attacks have gotten very visceral.
In the 14 years I've been an observer
of the discourse of the Bitcoin community,
there are a few other moments that feel this rough.
And this one I think is building right now
because there's a clock, there's a countdown ticking.
Because these changes do land in Bitcoin Core 30,
which has a target release date of around October 3rd, 2025.
So the fighting is starting to get pretty dirty
and there is some nonsense,
some of which I want to address.
It's really kind of coming from both sides
because it's getting pretty heated.
The one that I think is really disingenuous
from the core side that I just have seen over and over again
is this claim that Noughts is just one guy.
You're crazy to trust your Bitcoin node with just one guy.
Well, that's false.
This is not how open source software works.
nots is built in all of the work that goes into core so all of the work that goes into core
is also in knots and then yes the things on top of core are maintained by a subset of people
but it's all open source and verifiable i think also from the core side the argument that filters
never work or don't work won't work i mean that's like a half truth yeah people can get around them
but that's like saying email spam filters don't work.
Yes, I still sometimes get spam,
but my spam filter also blocks like 90% of it.
So I'm not going to remove my email spam filter.
It's a similar, it's, yeah, it's not great, but it works.
Now, I think their argument, their counter argument
that the ways around it right now centralized mining,
that is an interesting and valid argument.
And I think it's better than some of the personal attacks
on folks like Luke and Mechanic.
the argument that since you can't stop it just let it all through doesn't really sit well with
people but if you if you reframe it to do you want to build in censorship technology to bitcoin
i think people have a different feeling about that see in in my opinion core hasn't been good
from the beginning about communicating the changes around op return and the knots folks haven't been
great about staying on message at first it was about utxo bloat then they pivoted to well i don't
want that in my mempool on my hard drive. And now they've pivoted to, well, what about illegal content?
Now Operaturn will be large enough, you could just store illegal content directly in Operaturn.
It sort of feels like a throw it all against the wall strategy and see what sticks.
And I mean, you could make the argument that, you know, all these things are a problem,
but neither one of them have really come to a refined message. And I think I could be wrong,
and please boost in and tell me otherwise if you disagree. But the real debate, in my opinion,
is do we want censorship mechanisms in Bitcoin?
And the for it crowd, i.e. the folks that want some censorship,
i.e. the nots folks that want filters,
they argue people should have a say on what gets stored on their node in their home.
And they argue that filters do work even if they don't stop everything.
And they also argue that we should filter as much non-monetary uses as possible.
That's sort of like, I think, the nots argument.
And I think the Bitcoin core folks are saying,
who gets to decide what is spam?
Who's starting to make those decisions?
Do you want the small group of developers
making those decisions?
And they'd argue that people are already using
the blockchain to store JPEGs
in a way that does centralize minor revenue.
And they also argue that if you build censorship
into Bitcoin Core down the road,
they could get pressured by governments
or BlackRock or somebody
to use that censorship technology
to determine maybe OFAC sanctioned transactions
now need to get filtered.
I think another version of the argument
is, do you want Bitcoin to be a truly permissionless sort of chaos reigns? There's no way to stop users
from embedding arbitrary data, or do you want it to be something that tries to use tools that forces
it only for monetary use? That to me feels like the quintessential aspect of the debate.
So here's my question in this debate. Could we be accidentally backing ourselves into a corner
being anti-spam. I don't really like the idea of my node storing JPEGs. So just if you look at it
from that angle, well, not seems attractive. But are we long-term perhaps enabling censorship of
transactions? Would you live with JPEGs on the blockchain if it meant all transactions were
truly censorship resistance and nobody's really determining what gets approved and what doesn't?
Could you live with JPEGs in that scenario? Boost in, let me know what you think. I've been
just sort of debating that internally as I read through all of this this week. And boy, has it been
a mess. Coming up on the show, your boost, a fascinating research report by River, some updates
you need to know about, a final clip of the week, and an important state of the network.
So I just want to mention, you can support the show just by doing what you do.
You want to buy some sats on River, one of the best ways to stack sats in the U.S.,
use my link in the show notes. A little bit goes back towards the show. Now, if you're all about
self-custody, you live in the Canadians or the Americas, well, I want to tell you about the
Bitcoin Well. It's an amazing automatic self-custody Bitcoin platform. You want to spend some bitcoins
you got on the Lightning Network,
go to sats to gift card in just seconds.
You can even log in with the Lightning Network.
Check out the Bitcoin company.
They're only Bitcoin.
They're focused on great deals.
They give you some sats back, all of that.
Now, you want to stack sats
while you just live your day-to-day life,
paying your expenses, your bills,
buying things and your whatnots?
That's the Fold Card.
Fold Card.
Really popular in our audience.
I use it every day.
If you want to get access to your Bitcoin value
without selling it,
Salt Lending is a great way to go
and they've recently introduced a program to help you purchase margin call protection.
So you don't get margin called on your Bitcoins.
Something I'm going to be looking into a lot more.
Links to all of that in the show notes.
Thanks for supporting the show.
And now, as the French say, it is time for le boost.
Another way to support the show directly is a boost using the Lightning Network.
And OB is our baller booster.
Getting it on sale this week, I'd say, with 25,430 sats.
Hey, rich lobster!
Thank you, OB. He says running knots.
No other message than that. Just wanted you to know.
Thanks, OB.
Appreciate it. Galactic Starfish comes in with 2,000 sats. Everything's under control.
I just purchased the Nerd Axe Plus and I got it set up mostly to experiment and vote for nots,
of course. I purchased more Bitcoin right before it went on discount. Unfortunate timing. Oh, well,
I'll just get back to stacking. You know, there, I got to say, Starfisher, eventually it will come
back, right? So you probably, you probably will look at it in a year or so and kind of laugh and
think it's cheap. That's my expert. I'll tell you a funny story is right before the last major bear
market in December, Bitcoin was kind of ripping again. And for Christmas, I bought my son some,
his first Bitcoin, this was a couple of years ago, right before the crash. And it was around like
60,000 and then it crashed and it took like two years or something like that. He sat, that, that
young boy huddled in the red for two years, but I think before he saw profit. So it'll eventually
will come around. And then you laugh. You're like, oh, geez, now that
seems cheap. Thank you for the boost.
Appreciate it. Drekkar is here with
4,400 sats.
All right.
No message, just some value. Oh, I guess
there is a message. 4, 3,
2, 1.
Just pump the brakes right there. I don't know what that means,
but I like it.
I like it. All right, well, this doesn't seem
right. Mac Jollers comes in with 17,000
sats. Well, I'll be dipped.
Call me a mad cow bullish,
but does anyone else see how there's roughly
21 million metric tons of gold?
Cough, maybe 17-ish.
And now there's 21 million Bitcoin?
Cough, around 17 million-ish.
You do the math.
Yeah, man.
When you factor in,
which I think is kind of one of the things you're getting at,
when you factor in the Bitcoin that's been lost,
some of the Bitcoin that's locked up that may never sell,
like your Satoshi coins or something,
there's not 21 million Bitcoin.
is there? It's probably more like 17 million Bitcoin. So it's even more scarce than people
realize Thank you Mac Jollers Appreciate the boost Ace Ackerman here with a row of ducks 2 sats He says boost from a new Bitcoin
nots node runner.
All right.
Well done, Ace.
Thanks for sending a boost.
Kiwi Bitcoin Guide's here with 4,567 sats.
This is a vote for some bonus content
about running nots.
When the node count is nearly at 20% and the core team is starting to play dirty, it's time to really understand more about running nuts.
A walkthrough guide and assessment on this would be super helpful.
All right.
So, Kiwi, I have a follow-up question.
If I were going to do a guide, what OS should I do it on?
I personally use NixBitcoin.
I think that's probably too advanced for a guide.
I know Umbral and Start9.
I mean, I need some advice on when I do newbie content, what platform I should feature to get people started.
or if it should be platform.
I can't really do platform agnostically
because I'll have to tell you how to install stuff.
So that's where I've been hung up recently.
I would love feedback on that.
If you or anybody else out there has it,
I would really appreciate that.
You make me want to be a better man.
Thanks for the boost, Kiwi.
Haya Howells?
No.
Haya Lowe's comes in with 15,000 sats.
I like you.
You're a hot ticket.
I like you even if I can't say your name.
Doing a little catch up on the latest episodes.
Your show's amazing and inspiring.
It never is condescending or simply hyping.
Keep up the great work.
Thank you.
That is one of my goals.
I appreciate that.
Lately, thinking about whether I should get rid of the buy button and simply call it an exchange into Bitcoin.
I think the unit bias is the most hindering thing for potential new participants.
Yes.
I got so worked up, I bumped the microphone there.
Yeah, I really agree.
And I think also that's what makes people think they're too late.
I just had this conversation with a gentleman.
I'd say he's probably about 56, 55.
And good guy.
You know, he's still working.
So he's got a little, and he's just a single guy.
He's got a little extra money.
And came up to tell me that he comes up.
Hey, you're the Bitcoin guy, right?
Because we know a mutual acquaintance in the family.
You're the Bitcoin guy, right, Chris?
I'm like, yeah, I guess.
I guess that's me.
It's just a Bitcoin guy.
Okay.
And then he starts telling me about how proud he is.
He bought a whole bag of XRP because Bitcoin's too expensive.
Oh, I missed the window on that, he says.
But this XRP looks like it's a great price.
So I agree with you there on the Unibias thing.
He says, especially after guys like Jack Molle promote Bitcoin with the exit keeps getting more expensive.
Yeah, that's true.
In the end, it's not about how much Bitcoin you buy, but how much fiat you exchange for hard money.
Love to hear your thoughts on that.
The next boost will come from my Albi Hub.
Oh, yeah, right.
Think on Noster, listen on Fountain, and live on Bitcoin.
That's fire, dude.
Well done.
I like that.
Think on Noster, listen on Fountain, and live on Bitcoin.
Woo!
Yeah, this is a great boost.
So, you know, when Jack says the exit is getting more expensive, yeah, he's using shorthand for buying a whole coin.
And I do think we should stop thinking like that.
I think we should stop thinking like you have to get to a whole coin.
The idea is just about saving energy for the future, right?
It's about protecting yourself against abasement, and we are living through a very historic time where that's a genuine threat.
Is it, you know, sure.
Should everybody try to aspire to be a whole coiner?
I would say so.
But I aspire to be a lot of things.
I aspire to also be 50 pounds lighter, 30 pounds.
I don't know, maybe not 50, 25 pounds lighter.
So, yeah, I think you just have to buy as much as you can.
And it's about taking fiat that is worth more now and will be worth less later and using it while it's worth more.
Perhaps another way to look at it.
But making it sound like if you, yeah, when you say the egg is getting more expensive, it does make it sound like you're missing out.
Which is silly since Jack's business is kind of selling people Bitcoin.
You should let him know about that, hey, let him know.
Thanks for the boost.
Hello there is here with a row of ducks.
No messes, just the ducks.
Thank you very much.
Nakamato6102 is here with 3,500.
100 sats. What the heck?
Says, thank you for the value. Well, thank you very much.
Put some macaroni and cheese on there, too.
There's some mac and cheese for you as well.
So Kelly's came in below the 2000
sack cutoff. Pull him up. Said, great value for value
episode. Thank you very much.
And user 183
said, here's some structural shift support.
Happy sack Christmas.
A structural shift is what it is.
You gotta say it right.
Oh, also, shout out to Pod
Bun and maybe
it was just Pod Bun this week.
I might be missing a couple of others who also boosted the track at the end of the show.
According to Apple, some of you on the Apple podcast platform have been cutting off during the music.
Come on, man. It's a vibe. Don't do that.
Thank you, everybody, who supported the show directly with a boost.
38 of your stream stats as you listened.
You collectively stacked 49,242 sets for episode 72 of This Week in Bitcoin.
Thank you very much. I do appreciate that.
together when you combine it with our boosters. A little light this week, but we've had some great
weeks too, so honestly, I can't complain. And I do appreciate all of you combined together. It was
131,507 sats. This is a Value for Value podcast. I put it out there for free. There are no sponsors
because my focus is you and making you happy. One of the ways you send value back is through a boost.
You can also become a member in Fountain.
There's a system and a way to subscribe in there.
And it gives you access to bonus content.
And of course, you can also become a jupiter.party member.
Thank you, everybody.
Appreciate you for supporting this here show.
And however you choose to do it, it does mean a lot.
And the show continues.
It's going to be a very busy September.
I have some travel at the end of the month.
But before that arrives, it's going to be crammed with story after story, I suspect.
So let's get right back into it.
Wasabi Wallet 2.7.0 was released this week.
It's a nice one because it's one of these stabilization releases that also gave us a few nice new goodies and a fresh look.
So I think the number one thing to talk about is the enhanced Bitcoin node integration.
Bitcoin node connectivity is now more seamless, they say.
RPC endpoint handling has been refined for smoother setup
with support for Onion Service RPC interfaces.
Additionally, Wasabi no longer bundles Bitcoin D binaries,
while block downloading has been simplified and made more dependable.
Now, I mentioned new UI goodies.
They have a refreshed UI with new icons and animations.
For this, they write,
The interface has been given a polished update.
Subtle animations and balanced color schemes breathe new life
into Wasabi's design, making it both cleaner and less aggressive.
Yeah, okay.
All right.
Either way, nice to see.
More new features linked in the show notes.
River has their research report on business owners buying Bitcoin.
The big takeaway headline is that some business owners that are River clients
are putting 22% of their profits into Bitcoin.
So here's a couple of the interesting things I took away.
The entire PDF will be linked in the show notes.
River writes that businesses now hold 6% of all Bitcoin.
6% of all Bitcoin is held by businesses.
Still around 61% for just the plebs, but it's a 21x jump since 2020.
2025 inflows have smashed records so far, already 12.5 billion more than all of 2024.
Halfway into the year and we're already 12.5 billion more.
The companies they say that are using River are stacking hard.
on average 22% of net income is going into Bitcoin.
They say the main reason is these businesses
see Bitcoin as inflation insurance.
They also like this 24-7 liquidity
and no third-party risk.
Treasury firms seem to be buying on average
around, get this guys,
1,400 Bitcoin a day.
Go look up how much Bitcoin is made a day.
And they're buying about 1,000 more a day
than it is made. Strategy alone is sitting on around $70 billion in Bitcoin. They also say that
they saw a noticeable trend in behavior changes after the U.S. government started talking about
a strategic Bitcoin reserve, not so much because of the reserve itself, but because business clients
view it as, well, now a Bitcoin ban is off the table. Also, they say businesses are viewing the
volatility more like gold levels. And volatility was one of the largest excuses for them to avoid
Bitcoin. And it's pretty interesting. I guess the median is about 10% of small businesses that are
buying Bitcoin are putting, I should say of their customers, there's a meeting of about 10% of them
that are just going all in. Some of them are just nuts. But the average is 22% of net profits are
going into Bitcoin. They also broke down the different areas. This paper is fascinating,
you guys. It's really, I mean, you got to scroll through a lot. But real estate is the number one
businesses on river by industry. Real estate. The number two customer by industry is actually
other Bitcoin service companies. They're storing their treasury or whatever it is on river.
Services and hospitality is number three. Finance, number four. Software, number five. Consulting,
six. Healthcare, seven. Construction, eight. Nonprofit, nine. And consumer products is the
10th category. There's 158 public companies with Bitcoin holdings. How about that? Estimated
percentage of the businesses that self-custody their Bitcoin, the estimated percentage of the
businesses that self-custody their Bitcoin, 25.7%. Over 3,000 businesses alone are just using River.
okay so you can see that's the real story there is the smaller businesses
i think when you look in the health in particular dentists seem to be stacking a lot of bitcoin
does anybody know why that is why are dentists in the health care industry saw all in on bitcoin
what do they know maybe they know teeth aren't a story value
All right we already at the final clip of the week because a lot of the news has just been node wars and infighting and debunking various claims thrown at each other
And not a lot of focus on the building or the news this week.
But I have a sense that's all about to change regardless if Bitcoin is focused on it or not because the macro volatility is wild.
So it seemed like for our final clip of the week, before we get to all of that, I want to play something that I have been trying to get on the show probably since episode one.
This is Peter Van Valkenburg, and he has an excellent explanation of Bitcoin.
In July of 2022, he sat in front of the Banking, Housing, and Urban Affairs Committee and really nailed it.
And I'm just going to play a selection of it because I want us to remember the things that really matter right now.
As Bitcoiners are hurting other Bitcoiners, let's focus on the things that really matter around Bitcoin.
And I think Peter nails that. The full clip will be in the show notes.
Chairman Crapo, Ranking Member Brown, members of the committee.
Thank you for the opportunity to speak with you today.
My name is Peter Van Valkenburgh, and I'm the Director of Research at CoinCenter, an independent nonprofit focused on the public policy issues affecting cryptocurrency and public blockchain networks.
What is Bitcoin?
Bitcoin is the world's first cryptocurrency,
and it works because of the world's first public blockchain network.
What does Bitcoin do?
It's simple.
It lets you send and receive value to and from anyone in the world
using nothing more than a computer and an internet connection.
Now, why is it revolutionary?
Because unlike every other tool for sending money over the internet,
It works without the need to trust a middleman.
The lack of any corporation in between means that Bitcoin is the world's first public digital payments infrastructure.
And by public, I simply mean available to all and not owned by any single entity.
Now, we have public infrastructure for information, for websites, for email.
It's called the Internet.
But the only public payments infrastructure that we have is cash, as in paper money.
And it only works in face-to-face transactions.
Before Bitcoin, if you wanted to pay someone remotely, over the phone or the internet,
then you could not use public infrastructure.
You would rely on a private bank to open their books and add a ledger entry that debits you
and credits the person you're paying.
And if you both don't use the same bank, well then there'll be multiple banks and multiple ledger entries in between.
With Bitcoin, the ledger is the public blockchain, and anyone can add an entry to that ledger, transferring their Bitcoins to someone else.
And anyone, regardless of their nationality, race, religion, gender, sex, or creditworthiness, can for absolutely no cost create a Bitcoin address in order to receive payments digitally.
Bitcoin is the world's first globally accessible public money.
Is it perfect?
No.
Neither was email when it was invented in 1972.
Bitcoin's not the best money on every margin.
It's not yet accepted everywhere.
It's not used often to quote prices, and it's not always a stable store of value.
But it is working, and the mere fact that it works without trusted intermediaries is
amazing. It's a computer science breakthrough, and it will be as significant for freedom,
prosperity, and human flourishing as the birth of the internet.
Okay, let's check in on the state of the network as I wrap up. Block height 913.51,
and the Bitcoin price to USD is $111,860.
That puts the sats per dollars at 864 sats to one US dollar.
We are officially at 10.1% down from our all-time high of $124,460
just a mere 20 days ago.
Feels like it's been longer than that.
It's been a rough 20 days.
Our retarget date is set for September 4th, and it is estimated the difficulty will be adjusted upwards by 5.7%.
It's a big jump in reachable nodes since I checked earlier today.
Current reachable nodes at 23,549.
Interesting.
That's about 500 nodes that have apparently come online since I checked this morning.
Bitcoin knots sitting at 17.6% of the network, nearly 18% of the network, making it nearly the
number two most popular node software on the Bitcoin network right now. The number to watch
will be to see how version 30 gets adopted. That'll be fascinating. There is so much to get
into. It's going to be a wild month and the Bitcoin network is strong.
Well, if you made it this far, links at thisweekinbitcoin.show.
My goal is to try to cover things without getting distracted by the emotions or the drama and really just tell you what's happening out there.
And this has been a tricky one because the emotions are very high right now as version 30 gets closer and closer.
But I try to focus on the signal.
So let me know how I did with a boost.
And of course, if I miss something or you just have thoughts or follow up on something I did cover,
boost in and let me know what that might be or what else you'd like to hear from the show.
And if you have any suggestions for bonus content, I really appreciate when you guys do come in with
that. And then last but not least, I've asked you to weigh in on the spam debate. Could we be
accidentally backing ourselves into a corner in the name of preventing JPEGs on the blockchain?
In other words, do we begin to enable a culture of censorship just to fight JPEGs? Is it worth it?
Would you live with JPEGs on the blockchain or is that assessment off the mark? Boost in there and
let me know what you think too. Now I am going to leave you with a value for value track. So that
means once the music starts, if you're in a podcasting 2.0 app, 95% of your boost will go
to the artist or anybody else in their team that they want to go to. And so this week, it's the
first single from an upcoming full length album titled This World Ain't Mine to Change. It's going
to be out on October 24th, and today's track is That's Okay.
They say it's a young man's game.
Well, I'm sitting on this bench, feeling my age.
And if I've got a part to play, it ain't set a stage.
And that's okay.
They say it's a rigged game.
But I ain't here to play.
There's far too much a stain
Cause there are souls that are growing cold
And all we've got is today
Gotta make that okay
His thoughts are not our thoughts
His ways they sure ain't our ways
For his word goes out
Water in the ground, cause the sun to sprout, and others to drown.
Who knows what tomorrow brings?
Only he can tell us what any of it means.
Oh, come what may.
I'll just be here in my lane
Giving thanks and singing praise
This world ain't mine, I'm changing, that's okay
There'll be a final day
That the song is played
Like the grass that fades
And I'll go to my grave
And you won't know my name
That's okay, that's okay
Oh, come what may
I'll just be here in my lane
Giving thanks and singing praise
This world ain't mine to change and that's okay
Oh come one day
I'll just be here in my lane
With a gospel to proclaim
Hearts are mine, they're changing, that's okay
The world ain't mine, they're changing, that's okay
It's you who reign in, that's okay
Thank you.
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