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Welcome in.

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This week in Bitcoin, episode 126.

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My name is Chris.

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Chris LAS.com.

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Jupyterbroadcasting.com.

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Now, I don't usually consider the day-to-day or hour-to-hour price action of Bitcoin to be newsworthy.

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I do think there is some signal you can take when you zoom out a little bit and watch it over months or years.

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And I think one of the questions that we've been debating recently is the recent pop-up.

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Is it the signal of a new debasement trade being back on?

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Is it the end of the four-year cycle?

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Is it a temporary thing with an AI trade slowdown that's just going to slide into some sort of range-bound crawl again?

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These are all questions that are currently up in the air.

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And what we do know is the macro world is buzzing about three things this week.

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inflation, energy, and bonds.

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And we're going to watch how Bitcoin responds to all of this

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and what we can take away from it.

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And maybe the most interesting part of it all

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is some of this macro news dropped just as I sat down,

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just as I began to record.

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So let's start with that.

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Keep your mind on rates,

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because we've got some breaking news

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with Steve Leesman right now

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on the minutes of the latest Federal Reserve meeting.

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Steve Leesman, bring them to us.

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Hey, Brian, thanks very much.

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Minutes from the last meeting say that most participants said it would likely be appropriate for another rate hike by year end.

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This leaves open the possibility of October, but also keeps December into play.

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Of course, they said that decisions of the future meetings would depend on the incoming data, which has been mixed in the meantime.

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Many said that the higher path for a funds rate would be prudent on risk management grounds, something we've heard increasingly amounts from Fed officials.

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It would provide insurance against, you know, high inflation.

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All right, I'll pause here just for a second to translate.

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So what the Fed, you know, the Council of Fed Elders is saying is to mitigate risk of inflation.

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We all agree that we probably need to do another rate hike this year.

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The amounts from Fed officials will provide insurance against, you know, high inflation because of stronger demand and further supply shocks to the economy.

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Several said the current policy rate was not restrictive or only mildly restrictive.

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kind of picking up on language from Fed Chairman Kevin Warsh, who had said he didn't really find it

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very restrictive at all when he looked around most parts of the economy. Participants noted that

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inflation remained elevated, had not seen sufficient progress, and the risks were skewed to the upside

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when it came to inflation being elevated in the near term. It's almost like changing the rates

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isn't impacting inflation. But let's not analyze that too carefully. Let's just raise rates.

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medium term. And of course, they talked about what was driving inflation. That includes

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geopolitical developments and supply shocks. And they were concerned that these inflation

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expectations, which had been running higher, we had a report this morning about that,

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could affect wage and price decisions. Now, what he's saying there, because he just

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rambles it all together while he keeps making whatever noise he's making, but this data is

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important. There was a survey done of U.S. citizens and the expectation of inflation increasing

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is up. People expect inflation to go up. Now, when they expect inflation to go up,

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guess what happens? Inflation goes up. Retailers use that as an opportunity to raise prices.

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People start negotiating for their wages, et cetera.

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It's been running higher. We had a report this morning about that. It could affect wage and

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price decisions. Strong business investment, consumer spending, all supported solid economic

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growth. And there was not much worry at all about the labor side of the economy. They said the

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The scale of the AI buildup had continued to surprise them, and the underlying momentum in the economy looks like it also increased.

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It really does show you how their data is so delayed.

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But right now, the odds of an October rate hike seems to still be low.

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It seems everyone's going to expect at least one more this year.

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But the more immediate problem is that that really won't solve what is causing the inflation pressure.

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I mean, we've talked about this, but the immediate problem is energy.

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And by energy, I really mean oil.

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Let's get more insight on these oil markets.

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Oil strategist Julian Lee joins us now.

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Julian, what is sort of the mix here of concern of renewed tension in the Strait of Hormuz

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versus what we've been hearing from analysts, that in fact you are seeing the flow of oil,

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of energy start to return to pre-war levels?

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Yeah, I think this is the real dilemma that's pulling markets both up and down at the moment.

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We get some very bullish comments in terms of flows out of the US Central Command, out of the

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US administration, out of some of the analysts saying that flows are almost back to normal,

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you know, more than 10 million barrels of oil exiting Hormuz in a 24-hour period.

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And that sends prices downwards.

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And then in response to that, to some extent, we get this surge in Iranian attacks on tankers.

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That starts to worry the market and that sends prices back up again.

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And I think we are going to continue to see this, that the market is going to be very much

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pulled up and down by the ebb and flow of tensions and attacks in the Strait of Hormuz,

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potentially in the Southern Red Sea as well.

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So this is something that I don't think gets enough discussion is that because the U.S. has backed itself into this fiscal macro situation, that's where our vulnerability lies.

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So when we go fight an enemy that is tactically smaller than us, well, they hit us where it hurts more. They don't launch missiles at the U.S. They attack energy resources and they put pressure on our financial markets. And then they get on X and they post memes about the market collapsing.

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it's it's a it's not a kinetic war it's been a fiscal war and it's an energy war and it's been

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that because that is the dynamics that are available to iran it's really just what else

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are you going to do right what else you're going to do when you got to fight the guerrilla and the

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problem with this type of warfare is it hurts the people i mean war always inevitably is paid for by

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the people but this directly is moving day-to-day prices on energy and on food and of course the

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cost to transport everything that people buy. But more importantly, over time, we're really seeing

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mortgage rates impacted by this, and they've been climbing up and up. And now you've got Buffalo

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Besant working at full speed, and he's not really making any kind of difference.

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There's a slowing economy, and the cost of borrowing will not come down.

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All right, back in August, I walked you through the Treasury's plan to buy back its own long-term

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bonds and why critics called it a backdoor way of holding down interest rates. That plan is now

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running at full size. On Thursday, the Treasury bought back up to $6 billion of its 10 to 20-year

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bonds. That's the second operation at that size, and it's triple what these used to be. And the

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Treasury is, of course, replacing the long bonds it buys with short-term debt, which is exactly the

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swap that critics warned about. It's highly inflationary. And here's what that money bought.

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The 10-year yield is still above 5.2%, the highest in 24 years. And the average 30-year

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mortgage jumped again to nearly 7.3%. So the government is spending billions of dollars to

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calm the bond market, but the bond market is not calming. Wall Street can see what this is.

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The head of global bonds at Prudential's investment arm, which is one of the biggest

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bond managers in the world, told CNBC the Treasury is trying to control the price level at the back

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end of the curve. That's a polite way of saying price management. The exact phrase Stan Druckenmiller

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used when he called the program a big mistake. The Treasury says it's about liquidity. You've had

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six weeks to watch it and you can decide which description fits. I think I do want to tap the

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brakes a little bit on this narrative. These things ebb and flow. They don't just when you're talking

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about the macro market until something really dramatically breaks and we'll get we'll get to

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that. It's it's a slow up and down, up and down. So right now, as I record, the U.S. 10 year is at

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5.29%. That is pretty alarming, but it's a more nuanced picture than that because also just before

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I sat down to record, the U.S. just held its 10-year treasury auction and they sold $39 billion

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worth of 10 notes at the auction And reportedly it went pretty smooth There wasn really any kind of issue Still it is the highest auction yield since the year 2000 at 5

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So that definitely has some investors worried.

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And I think what the worry is,

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is not so much the direct one-to-one implication,

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but the second order effects

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that if we have these bond yields at this price

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and we have the Fed raising rates again,

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which there apparently is consensus

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that there will be another rate hike this year, that may actually expose a much, much larger

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problem that does cause one of those immediate macro movements I just referred to. And that

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could be what we're seeing priced into the bond market right now.

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The 10-year treasurer, yours 5%. Now, I could take that as a sign that the economy is really

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strong. How do you take it?

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Well, Stuart, you know what? With the stock market, the stock market is like your fake

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friend that tells you what you want to hear when you want to hear it. And the bond market

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is like your real friend that tells you the truth.

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Really?

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The reality is 5.3% this morning is not a victory lap.

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It's an invoice.

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The government is paying more money for debt.

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The free lunch is over.

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What I see 5.3% representing is the anticipation

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of future inflation and now the creation

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of what I believe will be a historic credit crisis

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with all the commercial debt that needs to be refinanced.

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So I think there's a very different story going on right now.

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And the bond market is flashing warnings.

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Now, being a millennial, I didn't plan correctly,

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and I missed a really great real estate boom.

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One of the big mistakes of my life.

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I was just a little too young to appreciate it.

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But so that's an aspect of the analysis that I hadn't really gotten into.

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I was starting to dig into the real estate market, actually,

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in this last week to do a little bit of a presentation on the show.

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And they bring up an interesting point that has sort of been driving my research.

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Story going on right now.

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And the bond market is flashing warnings.

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There's a credit crunch coming because commercial real estate has to read that the loans are

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coming due.

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They've got to be refinanced at much higher interest rates and we can't afford it.

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Exactly.

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And Stuart, this is almost a trillion dollars.

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So the government was giving away money for almost seven years with rates down to practically zero.

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Now those same loans need to be refinanced at significantly higher rates.

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So what I'm seeing is a lot of banks are being forced to renegotiate these loans because these projects were underwritten as if interest rates were going to stay low and they haven't.

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Now, this is a warning that we have heard in various forums before, but it starts to get a little more credible if the Fed is going to continue to raise rates.

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And I think Bitcoin is pricing all of this in.

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And this is a lot in real time to price in, which has left some of us wondering, was this recent shot up that we saw after Buffalo Bessent started admitting that he was going to bail out the market?

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or was it the restart of the debasement trade as the greater macro traders realized, oh,

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they are genuinely going to just debase their way out of this, so let's buy some Bitcoin?

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Or has this just been a short-term bounce maybe as people buy ahead of the four-year cycle?

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These are all been questions that we've been debating.

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No, this isn't the debasement trade comeback because if you look at the prices of commodities

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like gold gold just isn't doing well it's not too far off from 52 week lows it's in the it's

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near the lows not near the highs so this is more of a bitcoin specific story having to do with

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four-year cycle and short covering and you know the other data point for that is you look at like

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say software stocks bitcoin and software have been moving together software has also been hated and

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shorted and instead of rallied because of the kind of covering around that. So I think that's

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what that is. Do you agree? No, this isn't the debasement trade. Oh, sorry, I hit play again.

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Do you agree? I think, you know, I've been debating this. I think it is possible that it was a

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temporary bump in Bitcoin's price because it does seem like if this was truly the debasement trade

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is back on. That's a much bigger thing than just one asset. And so you would presumably see people

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investing in gold as well. Now, I know often gold and Bitcoin tend to diverge. One's doing well when

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the other isn't. But if this was truly like, oh, crap, you'd think you'd almost see like the real

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estate market turning around. You'd think you'd see gold turning around. Maybe, right? Or is it

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the market that does wrap its head around the debasement trade at this point,

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the people that do understand it, by very definition, are playing a very, very long game.

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No, Greg, just follow up on, since you mentioned debasement and you're a great thinker about Bitcoin as a macro issue, to what extent is that debasement issue still driving Bitcoin prices?

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Like we've seen a lot of institutional action and activity as well.

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So is the debasement argument as a driver or a factor driving Bitcoin somewhat less important than it was, let's say, three years ago?

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I would say it's more important, Andrew, for one main reason.

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That is, there are headwinds for Bitcoin, which is why we're not seeing it go up faster than we already are.

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The headwinds are signs of monetary tightening.

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You've got higher yields.

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You've got increased rate height expectations.

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You've got higher oil prices.

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You've got a higher dollar index.

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All of that, in theory, should be pushing Bitcoin down.

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Bitcoin is one of the most sensitive assets to liquidity expectations.

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We're not seeing that.

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Why?

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Because most investors are looking through that.

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They're looking through, as I mentioned earlier, they're looking through the market stress to what will the fix be.

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And given recent history, we really much know that the fix will be injecting liquidity where needed, which will accelerate not just inflation, but also the currency, the basement relative to good.

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I want to believe her.

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I do, because, I mean, that's what the hodler thesis is, is we're hodling because we know where this goes.

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But I think you got two things going on here.

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People are buying ahead of the four year cycle change.

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Right.

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That seems pretty clear.

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and long-term thinkers, they do know that this train has no brakes. There is no stopping it.

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And so Cole from Strive, he was on what Bitcoin did and he kind of put more behind this theory

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and this whole idea in general. So maybe this is me being impatient, but how long is Trump been in?

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Just over 18 months, something like that. And both him and Bissett have been sort of signaling

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they want a week of dollar the entire time and it's not really happened. Why is that?

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so the the trade-off here is if yields are moving higher long in yields that's generally going to be

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positive for the dollar and so you see besant saying you know i will use the full treasury

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general account i will use i'm the house i'm blah blah blah but then he hasn't done enough

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and so yields are moving higher so the dollar is strengthened with that at some point if that thesis

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if they can't take the pain anymore and you know whether i'm right that call it like they can't let

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it go above six but even if they let it go to seven but if they ultimately step in the trade

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that i'm talking about on the fixed income side will still play out fine right we're just saying

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this will be a higher than average rate because of the pain that we don't think they'll take and

209
00:16:00,921 --> 00:16:07,341
because ai is likely going to be a deflationary force so they'll ultimately bring rates down

210
00:16:07,341 --> 00:16:12,481
that when they take that action the dollar will move lower but until they take that action

211
00:16:12,481 --> 00:16:16,821
it actually the dollar should be moving higher rates will be moving higher what i think's been

212
00:16:16,821 --> 00:16:23,221
interesting is that bitcoin's held up remarkably well through that yeah and i think that and part of

213
00:16:23,221 --> 00:16:29,601
i mean i i was writing about this when the 10 year was still like about 4 4.6 or so and i was saying

214
00:16:29,601 --> 00:16:33,241
this is what i think is going to happen rates will move up higher the dollar move up higher

215
00:16:33,241 --> 00:16:39,661
at some point they will reverse that that will be the start of the real bitcoin bull run and right

216
00:16:39,661 --> 00:16:44,901
now what i think's been encouraging for bitcoin is that i think people are seeing that because if

217
00:16:44,901 --> 00:16:48,901
you don't see that and you just see rates moving higher, dollar moving higher, Bitcoin should be

218
00:16:48,901 --> 00:16:54,381
moving lower unless the markets are actually being forward looking and saying, you know, Bitcoin may

219
00:16:54,381 --> 00:16:59,061
kind of struggle a little bit throughout this and be choppy, but it's kind of getting bulled up for

220
00:16:59,061 --> 00:17:04,501
what they think might happen. What they think might happen. So I feel like I like that clip,

221
00:17:04,581 --> 00:17:09,781
but maybe Cole needs to speak with more conviction. What they think might happen. I just, I disagree

222
00:17:09,781 --> 00:17:23,562
I agree with that It happening It not going to happen It isn about to happen It is happening now and it likely going to accelerate And we are at the stage where they just admitting it and trying to convince you it a good thing

223
00:17:23,882 --> 00:17:28,662
How do you pay off $40 trillion? Not in college tuition yet, but in the national debt.

224
00:17:28,862 --> 00:17:31,322
The president has a concept of a plan on this.

225
00:17:31,382 --> 00:17:34,442
In fact, he did this interview with Time magazine in which he said, and I quote,

226
00:17:34,862 --> 00:17:41,042
certain levels of inflation could actually lower the debt and do so, to quote the president, very rapidly.

227
00:17:41,662 --> 00:17:44,802
He debuted that idea as the 10-year Treasury yield today

228
00:17:44,802 --> 00:17:47,082
hit its highest level since 2002.

229
00:17:47,882 --> 00:17:49,722
Doug Flynn, Flynn's Zito Capital Management,

230
00:17:49,942 --> 00:17:51,742
is with us on all of this.

231
00:17:51,942 --> 00:17:54,202
It's really a remarkable thing for the president to say.

232
00:17:54,922 --> 00:17:57,682
And it suggests to me that there's been background conversations

233
00:17:57,682 --> 00:18:00,202
in the White House about, well, you know, there is an upside to this,

234
00:18:00,222 --> 00:18:01,562
and this is one way we can get out of it.

235
00:18:02,462 --> 00:18:05,522
I suspect there's been discussions about this very topic in the White House

236
00:18:05,522 --> 00:18:07,142
based on that comment.

237
00:18:07,642 --> 00:18:10,982
So it's a full-on admission that debasement is now the preferable option

238
00:18:10,982 --> 00:18:11,882
to paying down the debt.

239
00:18:11,962 --> 00:18:13,222
That's what it is.

240
00:18:14,282 --> 00:18:15,462
Is it true, though?

241
00:18:15,542 --> 00:18:16,422
That's the question.

242
00:18:17,322 --> 00:18:18,922
What he's talking about is that,

243
00:18:19,162 --> 00:18:22,442
as you know how your dollar buys less as time goes on,

244
00:18:22,862 --> 00:18:25,682
he's basically saying that if you inflate,

245
00:18:26,102 --> 00:18:28,262
if with inflation, that means the purchasing power

246
00:18:28,262 --> 00:18:29,442
of that dollar is going to be less.

247
00:18:29,442 --> 00:18:33,722
So it's actually, it costs us less in actual real dollars

248
00:18:33,722 --> 00:18:36,522
to pay down the past debt.

249
00:18:36,702 --> 00:18:38,482
So if the dollar's worth 80 cents,

250
00:18:38,482 --> 00:18:41,902
It's actually cheaper to pay it back when you have inflation.

251
00:18:42,382 --> 00:18:47,682
The only problem with that is, and it could be slightly true for the past debt, is that

252
00:18:47,682 --> 00:18:49,642
investors sniff this out pretty quickly.

253
00:18:49,642 --> 00:18:53,422
And then what they end up demanding are even higher interest rates.

254
00:18:53,422 --> 00:18:57,902
So then all your future debt, which we don't have under control at all, is going to cost

255
00:18:57,902 --> 00:18:58,942
you even more.

256
00:18:59,142 --> 00:19:02,222
So at the end, it's not really going to make a difference.

257
00:19:02,222 --> 00:19:06,482
But technically, you could be right by saying it's going to help you pay down some of that

258
00:19:06,482 --> 00:19:06,802
old debt.

259
00:19:06,802 --> 00:19:35,262
So I actually read the whole interview, like the transcript of his interview with Time. But on this particular issue, let me put it up on the screen. Certain levels of inflation will pay off the debt rapidly. Well, they're concerned the economy is too hot. And the president says, no, they're concerned for inflation interview. Yeah, exactly. And the president, OK, and frankly, this is hurting our country more than inflation is hurting our country more than inflation. Can you tell us about your meeting? And then he goes on and cuts off and says, you know, inflation, certain levels of inflation will also pay off that debt very rapidly, very rapidly.

260
00:19:36,022 --> 00:19:36,882
Can I just jump in?

261
00:19:37,522 --> 00:19:38,462
Oh, man.

262
00:19:39,162 --> 00:19:43,562
The guest is right to point out that the market sniffs this out ahead of time and starts pricing

263
00:19:43,562 --> 00:19:43,882
it in.

264
00:19:43,942 --> 00:19:46,782
So it doesn't really work the way everyone likes to say it does.

265
00:19:47,222 --> 00:19:49,982
But what I'm stuck on is why did Trump have to say it twice?

266
00:19:50,662 --> 00:19:51,062
Twice.

267
00:19:51,182 --> 00:19:52,282
He said very rapidly.

268
00:19:52,902 --> 00:19:56,882
$40 trillion, very rapidly, $40 trillion, and we're still adding to that debt?

269
00:19:57,482 --> 00:19:59,162
How do you do that very rapidly?

270
00:19:59,682 --> 00:20:04,102
I mean, what kind of inflation levels are we talking about here?

271
00:20:04,102 --> 00:20:22,302
And it's just the president saying it out loud now. And we have heard Besson say similar things. I mean, it is incredible to hear this kind of messaging coming from the current administration of the reserve currency. It's really remarkable. And you keep talking like that. And that's how you're going to get 100K Bitcoin again.

272
00:20:22,302 --> 00:20:25,962
As far as what gets Bitcoin over 100K, I mean, that's a trader's question.

273
00:20:26,402 --> 00:20:33,602
I mean, obviously, it moved quite quickly from, I mean, bottoming somewhere around 58K to what it is now, far higher.

274
00:20:34,022 --> 00:20:36,062
It's a smaller move than that to hit 100.

275
00:20:36,722 --> 00:20:38,602
And I think it's a combination of liquidity.

276
00:20:39,182 --> 00:20:43,082
I think it's a combination of just, you know, the chart has come in.

277
00:20:43,162 --> 00:20:45,422
First, they saw that, you know, Bitcoin's not going down anymore.

278
00:20:45,602 --> 00:20:46,962
So they start to get in.

279
00:20:47,222 --> 00:20:50,342
If it starts to build up some momentum, then momentum traders come in.

280
00:20:50,342 --> 00:21:08,082
And so already a lot of the fast money's out. It's strongly held. And eventually there are things that can attract fast money back. But I think that the longer term backdrop is just that money supplies around the world are going to keep growing. The bond markets around the world are going to keep growing. Nothing stops those trains.

281
00:21:08,082 --> 00:21:17,682
And so there's this kind of like background pressure, this rising tide for the best quality assets, even though just like a rising tide, you have waves that come in and out.

282
00:21:17,762 --> 00:21:23,102
So you get, you know, surges and corrections, but you still want to own the highest quality, scarce things.

283
00:21:23,282 --> 00:21:25,342
And, you know, obviously Bitcoin is among the best.

284
00:21:38,082 --> 00:21:46,342
All right, Boostin, I want to know what you think.

285
00:21:46,342 --> 00:21:49,962
Has Bitcoin found its market fit or is it four-year cycle hedging?

286
00:21:50,322 --> 00:21:53,182
And I want to remind you, you can support the show by doing what you do.

287
00:21:53,502 --> 00:21:56,182
If you want to buy your sats on River, use my link in the show notes.

288
00:21:56,522 --> 00:22:00,482
All about self-custody, the Bitcoin Well is a platform in Canada and the U.S.

289
00:22:00,522 --> 00:22:01,502
They don't even host the wallet.

290
00:22:01,902 --> 00:22:05,362
And they have a lot of great lightning features and a ton of amazing features in Canada.

291
00:22:05,362 --> 00:22:08,442
The Bitcoin company go from sats to lightning in just seconds.

292
00:22:08,722 --> 00:22:09,742
Can even log in with lightning.

293
00:22:10,142 --> 00:22:10,782
The Fold card.

294
00:22:12,662 --> 00:22:13,282
That's a thing.

295
00:22:14,102 --> 00:22:15,122
It's a thing.

296
00:22:15,502 --> 00:22:18,522
Salt Lending gets you access to your Bitcoin value without selling.

297
00:22:18,602 --> 00:22:20,482
We're going to hear from their CEO later in the show.

298
00:22:21,022 --> 00:22:24,362
And Strike has announced APRs on cash.

299
00:22:25,242 --> 00:22:26,082
So you get sats back.

300
00:22:26,582 --> 00:22:28,842
And Strike has also just announced stacks.

301
00:22:28,962 --> 00:22:31,002
So you can have sub wallets for yourself.

302
00:22:31,502 --> 00:22:34,182
Maybe your spending sats, your saving sats, family members.

303
00:22:34,762 --> 00:22:38,242
All of that's in there, and you can support the show by using the links in the show notes,

304
00:22:38,362 --> 00:22:40,022
and of course, by sending a boost.

305
00:22:48,722 --> 00:22:50,722
And it is time for some boosts.

306
00:22:51,042 --> 00:22:51,442
Boost!

307
00:22:51,662 --> 00:22:53,302
So let's get into those.

308
00:22:53,422 --> 00:22:54,942
This is the way this show keeps on going.

309
00:22:54,942 --> 00:22:57,362
Your boosts are what keep me on the air.

310
00:22:57,502 --> 00:23:02,922
And we start with our baller booster coming in with 221,000 sats.

311
00:23:02,922 --> 00:23:04,582
It is Madalis.

312
00:23:04,962 --> 00:23:05,242
Woo!

313
00:23:05,402 --> 00:23:07,262
I'm hoping I say that right for you being our baller.

314
00:23:07,542 --> 00:23:10,922
Again, 221,000 Satoshis.

315
00:23:12,042 --> 00:23:12,922
Hey, rich lobster!

316
00:23:15,722 --> 00:23:18,142
You're the best of the world.

317
00:23:18,822 --> 00:23:20,242
Nothing's gonna ever keep you...

318
00:23:20,242 --> 00:23:23,082
Mal writes, Mal, hey, Chris, this is long overdue.

319
00:23:23,182 --> 00:23:26,222
Consider back pay and prelude to my JB membership.

320
00:23:26,642 --> 00:23:28,002
I've been listening to you for over a year.

321
00:23:28,102 --> 00:23:29,502
Twib was my gateway to Bitcoin.

322
00:23:30,122 --> 00:23:32,122
I've since gotten into mining, DCA, et cetera.

323
00:23:32,122 --> 00:23:32,922
but thanks for the value.

324
00:23:33,102 --> 00:23:34,342
P.S. I love the outro music

325
00:23:34,342 --> 00:23:35,562
over the value for tracks,

326
00:23:35,642 --> 00:23:36,562
but I do miss Sequest.

327
00:23:37,202 --> 00:23:38,042
You got it, buddy.

328
00:23:38,402 --> 00:23:38,902
You got it.

329
00:23:39,002 --> 00:23:40,762
You know, thank you very much for that.

330
00:23:40,862 --> 00:23:41,922
I appreciate the value

331
00:23:41,922 --> 00:23:43,802
and I love that you've gotten into mining.

332
00:23:44,122 --> 00:23:45,522
If you ever want to share that,

333
00:23:46,322 --> 00:23:46,662
do.

334
00:23:46,862 --> 00:23:47,702
And stay tuned for Sequest.

335
00:23:48,282 --> 00:23:49,702
I'd love to hear more details on the mining.

336
00:23:49,822 --> 00:23:51,102
Thank you for being our baller booster.

337
00:23:51,802 --> 00:23:54,342
Adversaries comes in with 36,000 Satoshis.

338
00:23:54,342 --> 00:23:57,042
I hoard that which your kind covet.

339
00:23:57,202 --> 00:23:58,682
B-O-O-S-T.

340
00:23:59,162 --> 00:24:00,002
Sorry, I haven't been boosting.

341
00:24:00,102 --> 00:24:01,522
I've been behind in almost everything lately.

342
00:24:01,522 --> 00:24:03,122
Oh, man, I feel that.

343
00:24:04,202 --> 00:24:06,082
Ooh, buddy, I feel you.

344
00:24:06,182 --> 00:24:06,662
I feel you.

345
00:24:06,722 --> 00:24:07,102
I understand.

346
00:24:07,262 --> 00:24:07,882
Thanks, adversaries.

347
00:24:08,202 --> 00:24:09,682
Ooh, I feel that one.

348
00:24:10,002 --> 00:24:13,862
Mac Yawlers comes in with 30,500 sats.

349
00:24:17,942 --> 00:24:21,302
Fountain's been making it difficult for me to move sats between Fountain and Strike.

350
00:24:21,722 --> 00:24:21,942
Hmm.

351
00:24:22,382 --> 00:24:23,822
Twib is the purest signal in Bitcoin.

352
00:24:24,062 --> 00:24:25,622
I voiced my worry about you quitting much earlier.

353
00:24:25,762 --> 00:24:26,722
What is it going to take, Chris, huh?

354
00:24:26,782 --> 00:24:26,922
Huh?

355
00:24:26,922 --> 00:24:27,442
Give us a number.

356
00:24:28,002 --> 00:24:28,542
We'll pay it.

357
00:24:28,722 --> 00:24:29,342
Bet you anything.

358
00:24:29,342 --> 00:24:30,942
By far my favorite podcast.

359
00:24:30,942 --> 00:24:32,042
I'm going to sort that out.

360
00:24:32,542 --> 00:24:35,582
I've been really busy this week and I haven't, I'm sick again.

361
00:24:35,842 --> 00:24:37,162
Well, I don't know if I call it sick.

362
00:24:37,762 --> 00:24:38,982
I haven't slept for days.

363
00:24:39,042 --> 00:24:42,442
And so I feel like I'm sick, but I will get on that.

364
00:24:42,622 --> 00:24:44,822
I promise eventually I just have to sort it all out.

365
00:24:45,222 --> 00:24:47,742
Well, I can't promise, but it is my intention.

366
00:24:48,702 --> 00:24:50,782
I got to take care of some family stuff first though.

367
00:24:51,422 --> 00:24:51,942
Northern North.

368
00:24:52,762 --> 00:24:52,942
Okay.

369
00:24:52,962 --> 00:24:53,522
I'm going to get it right.

370
00:24:53,522 --> 00:24:57,422
North Lake Hodel comes in with 23,456 Satoshis.

371
00:25:00,942 --> 00:25:07,882
twib is the best and last week's twibs was the best and last week your surgeon value for value

372
00:25:07,882 --> 00:25:12,702
shows something your listeners get lazy and that's okay sometimes for you to scold us regarding any

373
00:25:12,702 --> 00:25:17,222
government inflation rate it's cooked like a soggy green bean just watch the long-term liquidity

374
00:25:17,222 --> 00:25:23,082
growth which is like eight to nine percent that's the hurdle rate i agree eight to nine percent you

375
00:25:23,082 --> 00:25:28,122
could even maybe argue 13 depending on your lifestyle and which you you know which you spend

376
00:25:28,122 --> 00:25:33,362
all your money on. But thank you, North Lake Hottle. Appreciate that. Derivation Dingus is here with

377
00:25:33,362 --> 00:25:41,582
22,667 Satoshis. Personally, I'm a little more hesitant on setting a specific boost goal. I almost

378
00:25:41,582 --> 00:25:44,682
would be more interested in seeing your hourly rate calculated over the last three episodes

379
00:25:44,682 --> 00:25:48,202
or something like that. Then when people see that number and feel like it's low,

380
00:25:48,202 --> 00:26:02,063
they can boost Just a thought Hmm Hmm That would be interesting too I was thinking again this is a long idea I was thinking like a dashboard kind of with top boosters and the goal for that week

381
00:26:02,443 --> 00:26:03,903
But I'm not sure how to generate that goal.

382
00:26:04,763 --> 00:26:06,443
This is just an idea I'm kind of sorting out.

383
00:26:06,743 --> 00:26:09,603
But something I'm thinking about, you know, why not?

384
00:26:09,643 --> 00:26:11,603
We are in the world of clinkers, after all.

385
00:26:12,123 --> 00:26:12,783
Thanks, derivation.

386
00:26:14,443 --> 00:26:15,483
A frothy mix.

387
00:26:15,523 --> 00:26:16,043
Oh, I got it.

388
00:26:16,043 --> 00:26:20,723
A frothy mix comes in with 22,223 Satoshis.

389
00:26:20,723 --> 00:26:22,683
You're doing very well.

390
00:26:23,223 --> 00:26:24,743
Reboost for a failed sat split on Fountain.

391
00:26:25,183 --> 00:26:25,983
Bet your channel was full.

392
00:26:26,043 --> 00:26:26,723
It might have been.

393
00:26:27,063 --> 00:26:29,143
I did try to look into that, and I really couldn't track that down.

394
00:26:29,223 --> 00:26:31,143
I hope we had no issues this week, though.

395
00:26:31,843 --> 00:26:33,083
Thank you very much, Afrathi.

396
00:26:33,883 --> 00:26:36,303
A turd in the punch bowl comes in with 2,000 sats.

397
00:26:36,443 --> 00:26:38,223
This is a tasty burger.

398
00:26:38,763 --> 00:26:40,183
Inflation numbers have always been fake.

399
00:26:40,303 --> 00:26:42,743
Just setting up a narrative continued to robbing the citizens.

400
00:26:42,903 --> 00:26:44,723
Also, did you ever get your LBTC back?

401
00:26:44,823 --> 00:26:45,023
No.

402
00:26:45,363 --> 00:26:46,023
No, I have not.

403
00:26:46,803 --> 00:26:48,603
I'm trying to maintain my calm about that.

404
00:26:48,603 --> 00:26:50,603
Because it would be...

405
00:26:50,723 --> 00:26:52,743
Let's just say the wife would not be happy with me that day.

406
00:26:53,483 --> 00:26:56,043
And I don't really have any update from Blockstream.

407
00:26:57,243 --> 00:27:00,063
So it's getting to be a little long now,

408
00:27:00,423 --> 00:27:03,723
which makes me worried that we're going to see some market funkiness.

409
00:27:04,443 --> 00:27:05,563
I'm keeping my eye on it.

410
00:27:05,563 --> 00:27:06,963
I'll give you an update when I've got one, turd.

411
00:27:07,443 --> 00:27:08,763
Thanks, and enjoy the punch.

412
00:27:09,543 --> 00:27:11,943
Orange Pill Lawyer comes in with 10,000 sats.

413
00:27:12,163 --> 00:27:13,203
Well, I'll be dipped.

414
00:27:13,423 --> 00:27:14,863
Sorry, I haven't boosted in a long time.

415
00:27:15,483 --> 00:27:17,163
I haven't missed a twip episode yet.

416
00:27:17,263 --> 00:27:18,763
Still the best Bitcoin podcast out there.

417
00:27:18,763 --> 00:27:20,823
Well, orange-pilled lawyer, it's good to hear from you.

418
00:27:20,883 --> 00:27:22,103
I think about you from time to time.

419
00:27:22,183 --> 00:27:22,723
I like your name.

420
00:27:23,323 --> 00:27:25,983
I feel like there should be a consortium of Bitcoin businesses.

421
00:27:26,203 --> 00:27:30,163
Guys like myself who have a Bitcoin-based biz could work with, right?

422
00:27:30,183 --> 00:27:32,863
A website I go to or a network I can reach out to and be like,

423
00:27:32,903 --> 00:27:36,143
I need lawyer services or I need accounting services or whatever.

424
00:27:36,423 --> 00:27:38,703
And it's, you know, you're working with somebody that understands Bitcoin.

425
00:27:39,343 --> 00:27:40,383
Is there anything like that out there?

426
00:27:40,703 --> 00:27:41,383
Because there should be.

427
00:27:42,483 --> 00:27:42,763
Terrell?

428
00:27:42,943 --> 00:27:43,203
No.

429
00:27:43,503 --> 00:27:44,983
Terrell comes in with 10,000.

430
00:27:45,023 --> 00:27:45,483
That's horrible.

431
00:27:45,903 --> 00:27:47,503
10,200 Satoshis.

432
00:27:48,763 --> 00:27:50,763
I listen every week and I forget to boost, too.

433
00:27:50,943 --> 00:27:52,903
But I would actually feel really sad if Twib was gone.

434
00:27:53,223 --> 00:27:53,823
Well, thanks, Tara.

435
00:27:53,963 --> 00:27:57,763
And, you know, that's kind of one of the calculations I make, too, when I decide to support a podcast.

436
00:27:58,443 --> 00:27:59,603
Would I be sad if they were gone?

437
00:28:00,363 --> 00:28:03,703
Sats McGee comes in with one, two, three, four, five sats.

438
00:28:03,783 --> 00:28:05,003
Yeah, that's a Spaceballs boost.

439
00:28:05,183 --> 00:28:09,163
So the combination is one, two, three, four, five.

440
00:28:09,263 --> 00:28:11,903
Sats McGee writes, supporting local Bitcoin podcasters.

441
00:28:12,063 --> 00:28:13,203
Keep the episodes coming.

442
00:28:13,603 --> 00:28:14,463
Thank you very much.

443
00:28:14,543 --> 00:28:15,543
Yes, that's amazing.

444
00:28:15,543 --> 00:28:17,323
I've got the same combination on my luggage.

445
00:28:17,483 --> 00:28:19,663
Paranoid Coder comes in with 2,000 sats.

446
00:28:19,683 --> 00:28:20,983
Coming in hot with the boom.

447
00:28:21,023 --> 00:28:22,363
No message, just value, thank you.

448
00:28:22,803 --> 00:28:25,863
Anonymous comes in with 5,433 satoshis.

449
00:28:25,923 --> 00:28:27,203
The traders love the vol.

450
00:28:27,323 --> 00:28:29,503
No message, just value, though, thank you very much.

451
00:28:29,623 --> 00:28:33,063
And Gene Bean's here with 4,444 satoshis.

452
00:28:33,123 --> 00:28:33,563
Oh, I'm in.

453
00:28:34,283 --> 00:28:37,143
Is it just me, or has your number of sat streamers dropped way off?

454
00:28:37,243 --> 00:28:40,363
Sat streamers is such a great way for us to support the show on autopilot.

455
00:28:40,863 --> 00:28:43,503
Streaming is also great while riding in the car,

456
00:28:43,583 --> 00:28:45,603
since it chugs right along in the background, that's true.

457
00:28:45,603 --> 00:28:51,063
I wonder, Gene, if we're not seeing a decrease in podcasting 2.0 app usage.

458
00:28:51,483 --> 00:28:51,743
I don't know.

459
00:28:51,783 --> 00:28:55,003
My fountain stats are still pretty good, but I think that's where the majority of the sat

460
00:28:55,003 --> 00:28:55,683
streamers came from.

461
00:28:56,363 --> 00:29:00,843
Many of us work better when there's a clear targeted amount to support someone's needs.

462
00:29:01,163 --> 00:29:03,583
Don't sell yourself short when sharing whatever the target is either.

463
00:29:03,763 --> 00:29:04,183
Thank you, Gene.

464
00:29:04,243 --> 00:29:04,803
That's a good signal.

465
00:29:05,043 --> 00:29:05,623
Appreciate that.

466
00:29:06,263 --> 00:29:10,203
Code 27 is here with our first row of ducks, 2,222 satoshis.

467
00:29:11,323 --> 00:29:12,083
Appreciate you.

468
00:29:12,543 --> 00:29:15,463
Hope the value for value model works, but I understand if you need to go a different route.

469
00:29:15,603 --> 00:29:17,983
Code 27, thanks for being chill, and I appreciate the value.

470
00:29:18,723 --> 00:29:21,923
Musical coders here with 8,500 satoshis.

471
00:29:26,963 --> 00:29:29,763
Keep up the awesome work on keeping everyone up to date.

472
00:29:29,963 --> 00:29:31,923
American economic policies in Bitcoin.

473
00:29:32,383 --> 00:29:36,723
You know, it's crazy how much the U.S. economy impacts Bitcoin.

474
00:29:37,303 --> 00:29:40,743
There is a lot of shenanigans going on in the European bond markets, too,

475
00:29:40,743 --> 00:29:43,603
which I have debated covering in the update section,

476
00:29:43,603 --> 00:29:47,443
but I just don't want to inundate you guys with bond news in a Bitcoin podcast.

477
00:29:47,663 --> 00:29:49,463
But there's a lot going on in the macro.

478
00:29:49,803 --> 00:29:50,503
Hey, Philip is back.

479
00:29:51,003 --> 00:29:54,703
Philip is here with 5,810 satoshis.

480
00:29:55,543 --> 00:29:58,023
All the economic data released by governments is manipulated.

481
00:29:58,263 --> 00:29:58,363
Yeah.

482
00:29:58,703 --> 00:30:01,303
Well, of course, historically, that's the fiat system model,

483
00:30:01,443 --> 00:30:03,243
and the incentive is only to increase votes.

484
00:30:03,583 --> 00:30:05,163
The reason I find your takes so special, Chris,

485
00:30:05,203 --> 00:30:06,843
is your devotion to open source and principle.

486
00:30:07,023 --> 00:30:08,443
This feels like a base layer to me.

487
00:30:08,763 --> 00:30:10,123
I love that.

488
00:30:10,203 --> 00:30:10,963
Thank you very much.

489
00:30:11,803 --> 00:30:13,343
Yeah, I have more thoughts on that.

490
00:30:13,603 --> 00:30:15,703
it's not really where my focus is at right now,

491
00:30:15,743 --> 00:30:18,003
but I have a lot more thoughts of that as far as like clips,

492
00:30:18,363 --> 00:30:20,363
releasing clips and clip collection too,

493
00:30:20,723 --> 00:30:24,263
and archival and how to possibly make that available and things like that.

494
00:30:24,883 --> 00:30:26,443
Maybe like early next year goals,

495
00:30:26,563 --> 00:30:27,223
but you know,

496
00:30:27,263 --> 00:30:28,283
it's just a way to open it up a bit more.

497
00:30:28,363 --> 00:30:28,603
Thank you,

498
00:30:28,663 --> 00:30:28,963
Philippa.

499
00:30:29,123 --> 00:30:30,363
Nice to hear from you.

500
00:30:31,163 --> 00:30:35,023
Lord Stabby's here with 4,444 Satoshis.

501
00:30:36,483 --> 00:30:36,843
Boost.

502
00:30:37,003 --> 00:30:38,183
And then another one that says boost.

503
00:30:38,763 --> 00:30:39,383
Thank you.

504
00:30:39,903 --> 00:30:40,263
Boost.

505
00:30:40,883 --> 00:30:42,203
Receive loud and clear.

506
00:30:42,963 --> 00:30:44,463
All right, here we go.

507
00:30:44,563 --> 00:30:45,903
We have a user 54.

508
00:30:46,323 --> 00:30:47,003
That's a good one.

509
00:30:47,123 --> 00:30:49,183
And they're here with 9,000 sats.

510
00:30:52,063 --> 00:30:56,043
And they just come in with a special limited boosty boost.

511
00:30:56,143 --> 00:30:56,803
You got it, buddy.

512
00:30:57,263 --> 00:30:58,243
Boosty, boosty, boosty, boosty.

513
00:30:58,243 --> 00:31:00,143
You got to set that username, though, so I know who you is.

514
00:31:00,903 --> 00:31:03,923
Zach 324 is here with 10,000 satoshis.

515
00:31:03,963 --> 00:31:05,543
It's over 9,000.

516
00:31:05,803 --> 00:31:07,143
No message, just value.

517
00:31:07,243 --> 00:31:07,703
Thank you, Zach.

518
00:31:07,943 --> 00:31:09,303
Ace Akram is here with a row of ducks.

519
00:31:09,303 --> 00:31:17,083
I'd suggest calculating compensation per hour on a regular basis would be counterproductive.

520
00:31:17,223 --> 00:31:20,963
Seems like the value for value shows do well on show anniversaries and host birthdays.

521
00:31:21,443 --> 00:31:25,423
Maybe have a show your appreciation every month and keep a smaller boost with community

522
00:31:25,423 --> 00:31:27,123
participation segment going because it's fun.

523
00:31:28,063 --> 00:31:28,263
Hmm.

524
00:31:29,043 --> 00:31:31,923
Yeah, like a quarterly fundraiser or a monthly fundraiser episode.

525
00:31:32,043 --> 00:31:32,723
Keep the show going.

526
00:31:33,383 --> 00:31:33,803
Call out.

527
00:31:33,943 --> 00:31:34,783
Yeah, it's something there.

528
00:31:35,483 --> 00:31:37,823
I feel like I'd have to make a few changes if I did that.

529
00:31:37,823 --> 00:31:40,503
tighten up the boost segment in this show on a regular basis.

530
00:31:41,463 --> 00:31:42,583
But that...

531
00:31:42,583 --> 00:31:43,883
Let's keep iterating on that, Ace.

532
00:31:43,903 --> 00:31:45,523
I might forget that just because I haven't slept.

533
00:31:45,763 --> 00:31:46,903
But I like that idea.

534
00:31:47,263 --> 00:31:49,723
I can feel I need to think about it more.

535
00:31:49,883 --> 00:31:51,023
But I think you're on to something there.

536
00:31:51,523 --> 00:31:52,243
You're on to something.

537
00:31:52,803 --> 00:31:53,823
I don't know what it is, though.

538
00:31:55,283 --> 00:31:57,943
Magnolia Mayhem is here with 4,444 Satoshis.

539
00:31:57,963 --> 00:31:59,603
Quaka, waka, it's a treasure.

540
00:31:59,803 --> 00:32:02,143
Make it up for last week's split failing.

541
00:32:02,323 --> 00:32:03,363
Well, thank you very much, Mayhem.

542
00:32:03,443 --> 00:32:05,003
I appreciate that you guys...

543
00:32:05,003 --> 00:32:06,903
This audience, man, this audience, right?

544
00:32:06,903 --> 00:32:10,003
Guys like me, paying attention to the split failures and stuff.

545
00:32:10,163 --> 00:32:10,923
This is the way.

546
00:32:10,963 --> 00:32:11,603
It's really awesome.

547
00:32:11,723 --> 00:32:12,443
Thank you very much.

548
00:32:13,123 --> 00:32:13,563
All right.

549
00:32:14,243 --> 00:32:17,103
Colorado's Snow comes in with 10,000 sets.

550
00:32:17,303 --> 00:32:17,983
Tough little ship.

551
00:32:18,783 --> 00:32:19,143
Little.

552
00:32:19,823 --> 00:32:22,463
Twib makes my Thursday morning commute my favorite drive, hands down.

553
00:32:22,463 --> 00:32:25,023
Perfect amount of information blended with humor and community.

554
00:32:25,223 --> 00:32:26,383
Love this show.

555
00:32:26,703 --> 00:32:27,463
Oh, that's awesome.

556
00:32:27,923 --> 00:32:30,523
You know, Colorado, I totally know what you mean about that one day.

557
00:32:30,643 --> 00:32:33,803
You get a good drive in the morning, even if traffic's bad, because you like that show.

558
00:32:33,963 --> 00:32:35,163
I got the same thing going.

559
00:32:35,263 --> 00:32:35,983
Thank you very much.

560
00:32:36,363 --> 00:32:37,403
I appreciate that boost.

561
00:32:37,563 --> 00:32:38,683
You're doing a good job.

562
00:32:38,943 --> 00:32:40,203
Kiwi Bitcoin Guide's back.

563
00:32:40,623 --> 00:32:43,863
6,543 Satoshis.

564
00:32:44,803 --> 00:32:47,923
It seems like an ongoing question for value-value content creators.

565
00:32:48,263 --> 00:32:49,203
How to make it sustainable.

566
00:32:49,623 --> 00:32:51,863
Are there any other creators whose model you like?

567
00:32:52,043 --> 00:32:54,283
Or anyone doing anything that you think would work for TWIP?

568
00:32:54,643 --> 00:32:56,803
Throw some ideas out there, your listeners, and see what comes back.

569
00:32:57,103 --> 00:32:58,743
There must be a way to keep the quality content coming.

570
00:32:59,103 --> 00:33:00,783
Yeah, I think we're kind of working on that, Kiwi.

571
00:33:00,823 --> 00:33:04,363
I feel like we are on a process, being you guys, which I appreciate.

572
00:33:04,483 --> 00:33:05,843
You know, I always look to the No Agenda show.

573
00:33:05,983 --> 00:33:34,883
They, you know, they did an incredible job. And I think they are in a particularly unique category because not only are they the OGs, but, you know, it's the best podcast in the universe. So obviously it's going to do well. I humbly would love to just, you know, figure out a way to this show doesn't have to pay me full time. Right. It needs to pay for itself. And I would love to help it help the network build its Bitcoin base. And me personally, of course, because ultimately, if I commit to this for years and years and I grind for years,

574
00:33:34,883 --> 00:33:37,023
that's a really nice reward for a Bitcoiner.

575
00:33:37,723 --> 00:33:38,443
So that aspect,

576
00:33:38,643 --> 00:33:41,043
like that's where the show I think sits for me

577
00:33:41,043 --> 00:33:42,203
and what my expectations are.

578
00:33:42,403 --> 00:33:43,943
Overall, the entire JB network

579
00:33:43,943 --> 00:33:45,683
is what should be paying my day-to-day bills

580
00:33:45,683 --> 00:33:46,923
and that includes the other shows as well.

581
00:33:47,003 --> 00:33:49,083
So it doesn't all have to lean on Twib.

582
00:33:49,523 --> 00:33:51,243
Now, if I could wave a magic wand

583
00:33:51,243 --> 00:33:52,263
and only do one show,

584
00:33:52,303 --> 00:33:53,523
well, that would be incredible.

585
00:33:53,523 --> 00:33:55,403
But I also would like steak for dinner

586
00:33:55,403 --> 00:33:56,523
every single night

587
00:33:56,523 --> 00:33:58,483
and lobster for breakfast with a side of eggs.

588
00:33:58,683 --> 00:33:59,783
Well, I have the eggs at least.

589
00:34:00,423 --> 00:34:01,503
You know what I mean, Kiwi?

590
00:34:01,903 --> 00:34:03,223
But like it is something

591
00:34:03,223 --> 00:34:04,403
I think we're working through right now.

592
00:34:04,883 --> 00:34:06,343
And I appreciate that feedback.

593
00:34:06,843 --> 00:34:07,743
And you know what?

594
00:34:08,303 --> 00:34:10,423
I, I'll give you a holler if this goes south.

595
00:34:10,623 --> 00:34:12,023
Give me a holler when this goes south.

596
00:34:12,543 --> 00:34:15,363
Sloppy Joe's here with 7,000 sats.

597
00:34:15,463 --> 00:34:16,363
I like that name, Sloppy.

598
00:34:16,463 --> 00:34:17,043
He's a good guy.

599
00:34:17,283 --> 00:34:18,223
He's a real good guy.

600
00:34:18,283 --> 00:34:19,223
He used to love Sloppy Joe's.

601
00:34:19,463 --> 00:34:19,643
Mm-hmm.

602
00:34:20,103 --> 00:34:22,203
What do you see as the biggest one or two threats to Bitcoin?

603
00:34:22,503 --> 00:34:23,423
Oh, this is a good question.

604
00:34:23,803 --> 00:34:26,603
I see a future where Bitcoin becomes fully adopted as money.

605
00:34:26,703 --> 00:34:28,343
The institutions are already far enough into this

606
00:34:28,343 --> 00:34:30,023
and have every incentive to protect its value

607
00:34:30,023 --> 00:34:31,383
and prevent debasement.

608
00:34:31,383 --> 00:34:33,843
To me, the bigger risk is censorship resistance,

609
00:34:33,843 --> 00:34:36,003
which many institutions do not really care about.

610
00:34:36,029 --> 00:34:38,229
They just want number go up on government protection.

611
00:34:38,649 --> 00:34:41,269
That's why mining centralization seems like the real long-term threat.

612
00:34:41,429 --> 00:34:43,129
Luckily, we do have some ways to fight that.

613
00:34:43,529 --> 00:34:45,029
Yeah, and we've seen a shakeup in the mining market.

614
00:34:45,489 --> 00:34:50,289
At a high level, like the truest big threat to Bitcoin would be a lack of adoption because

615
00:34:50,289 --> 00:34:54,409
of sane economic policies adopted by nation states.

616
00:34:54,409 --> 00:34:59,169
That would truly probably, like if you could count on the dollars in your savings account

617
00:34:59,169 --> 00:35:03,489
going up and, you know, the money you save and you didn't have to become some kind of

618
00:35:03,489 --> 00:35:08,109
financial genius to work the stock market and, you know, actually get a real return and you could

619
00:35:08,109 --> 00:35:12,569
just save money, that would probably detract from the use case of Bitcoin. It seems mathematically

620
00:35:12,569 --> 00:35:19,189
impossible at this point. And then when you go to more likely threats, I think the one you identify,

621
00:35:19,369 --> 00:35:25,109
I'd nuance it a bit in there. I think reducing Bitcoin's fungibility and however that happens

622
00:35:25,109 --> 00:35:29,249
is not a good thing. And I could see the financial institutions getting in on that,

623
00:35:29,249 --> 00:35:42,769
Right. You already see some places that will refuse to accept coins that have gone through a mixer or joiner of some kind. Now, there's ways around that currently, but it's crossed my mind, too, you know, because I've dipped mine in liquid or another held hostage in liquid.

624
00:35:42,769 --> 00:36:07,369
So will there be a time when some bank doesn't want coins where they can't trace the entire history exactly? It's a possibility. It would reduce the fungibility. I think that would be bad for Bitcoin. It should be one sat is one sat and there's not special sats. There's not special Bitcoin. And I think the more humans lean into that and they're inclined to lean into that. I'll give you an example.

625
00:36:07,369 --> 00:36:14,049
I personally don't like this idea, but if somebody wanted to send me Bitcoin from Satoshi's wallet,

626
00:36:14,309 --> 00:36:20,109
if I could have five sats from Satoshi's wallet, I'd probably be a little bit more precious about

627
00:36:20,109 --> 00:36:25,769
those sats than all my other sats. And I think you might be too, right? If you could get 100,000

628
00:36:25,769 --> 00:36:30,949
sats from Satoshi's wallet, it's not about the amount. They're from Satoshi's wallet. He mined,

629
00:36:30,949 --> 00:36:37,189
they mined those Bitcoin. And my dumb monkey brain can't help but feel like that makes those

630
00:36:37,189 --> 00:36:42,629
things more special. And so if somebody like myself or you is inclined to want to give some

631
00:36:42,629 --> 00:36:47,369
SATs special properties over others, then it's no doubt to me that others will too. And so I think

632
00:36:47,369 --> 00:36:52,129
that's a risk. How it actually plays out, we don't know. And it's one of those things that's at the

633
00:36:52,129 --> 00:36:56,249
human layer, not the Bitcoin layer. So it could, in theory, be undone as we learn a hard lesson.

634
00:36:56,569 --> 00:37:00,949
But I do think that could be a potential threat. Great question. Thank you, Sloppy Joe.

635
00:37:00,949 --> 00:37:03,489
Derefter?

636
00:37:03,889 --> 00:37:04,929
I'm so sorry.

637
00:37:05,409 --> 00:37:06,369
D-R-E-E.

638
00:37:06,709 --> 00:37:08,589
Oh, Dree Ever After?

639
00:37:08,689 --> 00:37:09,609
I don't know, man.

640
00:37:09,789 --> 00:37:11,149
I'm messing that one up.

641
00:37:11,389 --> 00:37:11,909
Pew, pew, pew.

642
00:37:12,049 --> 00:37:12,409
Come in there.

643
00:37:12,469 --> 00:37:14,289
You get an extra pew, pew because I messed it up, okay?

644
00:37:14,329 --> 00:37:15,089
That's just for you.

645
00:37:15,409 --> 00:37:17,009
Coming in with a Spaceballs boost.

646
00:37:17,109 --> 00:37:19,089
One, two, three, four, five sets.

647
00:37:19,369 --> 00:37:22,389
We're going to have to go right to ludicrous speed.

648
00:37:22,669 --> 00:37:24,129
And Dree says, keep on going.

649
00:37:24,269 --> 00:37:24,949
Well, thank you, After.

650
00:37:25,049 --> 00:37:25,949
I appreciate that.

651
00:37:26,209 --> 00:37:28,629
Hodler comes in with 10,000 Satoshis.

652
00:37:28,629 --> 00:37:30,509
You're doing very well.

653
00:37:30,509 --> 00:37:33,369
To all the Icelanders listening, you know who you are.

654
00:37:33,509 --> 00:37:34,309
I subscribe to Twib.

655
00:37:34,809 --> 00:37:35,969
Does that make me better than you?

656
00:37:36,289 --> 00:37:36,549
Yes.

657
00:37:37,089 --> 00:37:37,689
Yes, it does.

658
00:37:40,049 --> 00:37:41,169
Fun will now commence.

659
00:37:41,349 --> 00:37:41,929
Love the burn.

660
00:37:42,049 --> 00:37:42,629
Thank you, Hodler.

661
00:37:42,769 --> 00:37:43,609
Appreciate that.

662
00:37:44,389 --> 00:37:49,089
Slee Stacks Sats comes in with 6,240 sats.

663
00:37:49,169 --> 00:37:49,589
Make it show.

664
00:37:49,729 --> 00:37:51,109
I'm claiming I got that one.

665
00:37:51,429 --> 00:37:51,809
Probably not.

666
00:37:52,209 --> 00:37:55,389
Ever since Luke Groman sold his stack, he's been channeling Peter Schiff.

667
00:37:56,109 --> 00:37:57,969
Oh, you saw the crash out on X this week?

668
00:37:57,969 --> 00:38:04,589
about about strike and not strike strc and you know digital bitcoin credits and stuff like that

669
00:38:04,589 --> 00:38:09,249
it's it's interesting i don't know i thought i thought maybe i'd cover it i'm gonna give luke

670
00:38:09,249 --> 00:38:13,689
some time to breathe and let him cook i still respect his opinion but i think he is meeting

671
00:38:13,689 --> 00:38:18,369
the ends of where his understanding meets bitcoin and it's a lot to process at this particular

672
00:38:18,369 --> 00:38:24,329
moment but his general i think his general theory was is that selling digital credit drives demand

673
00:38:24,329 --> 00:38:27,789
towards buying digital credit and not bitcoin and so then bitcoin isn't going to have the returns

674
00:38:27,789 --> 00:38:32,769
people expect. But there is an underlying market growth opportunity there, right? Just like the

675
00:38:32,769 --> 00:38:36,949
internet had, just like Linux had and open source in general had in the early and late 90s. There's

676
00:38:36,949 --> 00:38:41,749
an overall market opportunity over the next 20, 30 years that I don't know if Luke is factoring

677
00:38:41,749 --> 00:38:45,869
for, because how could you? But those of us that have been in this position for a while that have

678
00:38:45,869 --> 00:38:51,069
gone from no one knowing about Bitcoin at all to all of you knowing about Bitcoin and talking about

679
00:38:51,069 --> 00:38:55,229
interest rates and talking about debasement trades and all of that, like it's a totally

680
00:38:55,229 --> 00:38:59,649
different market now. So I don't know if Luke's adjusting or not, but I'll keep an eye on it.

681
00:38:59,709 --> 00:39:04,769
And thanks, Lee. Appreciate you. And then Wine Eagle is here. And Wine Eagle is our baller booster

682
00:39:04,769 --> 00:39:18,549
for Fiat this week with one hundred and five dollars. I get a hit from YouTube every time I

683
00:39:18,549 --> 00:39:23,269
play that. They come after me every time I play that. And it's worth it. Wine Eagle writes,

684
00:39:23,269 --> 00:39:25,889
I fell off of boosting when I fell off of breeze.

685
00:39:26,089 --> 00:39:26,869
I'm sorry about that.

686
00:39:27,169 --> 00:39:28,349
Your episodes, though, keep me sane.

687
00:39:28,429 --> 00:39:30,149
The macro stuff is key to the episodes.

688
00:39:30,289 --> 00:39:31,869
I narrowly avoided the cold card issues.

689
00:39:32,009 --> 00:39:33,989
I've generated my keys on an MK2.

690
00:39:34,369 --> 00:39:36,209
I'm still single SIG and afraid.

691
00:39:36,449 --> 00:39:49,387
Please check out ANZN It a method for multi I investing in myself Okay I will look into that And a shout out to STRC moving to daily dividends Yeah that is interesting I think that makes it a

692
00:39:49,387 --> 00:39:54,747
little bit more attractive for some. I'd be curious to know, Wine Eagle, what you decide to do. I

693
00:39:54,747 --> 00:39:59,507
think you probably need, you do probably want to move. I think a lot of us are getting hung up on

694
00:39:59,507 --> 00:40:05,107
multi-sig and I don't know if it's a good thing or a bad thing. So I'll look at the Azen. Azen,

695
00:40:05,107 --> 00:40:12,087
review all new business emails. And I don't think that's it. Maybe I have to put A's in Bitcoin in

696
00:40:12,087 --> 00:40:15,987
there. I'm not sure, buddy. But when I search for it, yeah. Okay. It's not finance. I see.

697
00:40:16,127 --> 00:40:20,627
Oh, they're not finance. All right. That's all our boosts above the 2000s at cutoff. Thank you,

698
00:40:20,747 --> 00:40:24,787
everybody who supported the show. Really appreciate it. I wasn't sure how this week would go

699
00:40:24,787 --> 00:40:29,287
since we had such a great showing last week. So here's where we ended up. We had 24 folks

700
00:40:29,287 --> 00:40:38,467
stream sats and collectively pretty nice boost y'all stack 60 641 satoshis this is a tasty burger

701
00:40:38,467 --> 00:40:43,427
it is indeed those in a nickel will get you a cup of coffee no that's actually you get more than a

702
00:40:43,427 --> 00:40:47,587
cup of coffee with 60 000 sats friend all right so then when we bring it all together including

703
00:40:47,587 --> 00:40:52,107
our fiat booster that we're just going to convert to current market price at sats then we had a

704
00:40:52,107 --> 00:40:56,107
grand total of 707,728

705
00:40:56,667 --> 00:40:59,847
Satoshis. Not too shabby, especially

706
00:40:59,847 --> 00:41:03,807
since last week was so great. And man, oh man, do I appreciate it.

707
00:41:04,087 --> 00:41:07,807
When my health is kicking my ass, my motivation can be down, and I see those

708
00:41:07,807 --> 00:41:11,887
boots. I have them up in my office. I see them come in. It gives me the energy.

709
00:41:12,307 --> 00:41:15,787
It really is amazing how it works. You know, it's like,

710
00:41:16,387 --> 00:41:19,747
no, you guys want this. I can do this. It's an incredible

711
00:41:19,747 --> 00:41:24,047
cycle. Somebody's been making podcasts for years. It's like nothing I've ever experienced.

712
00:41:24,367 --> 00:41:28,687
I really appreciate you supporting the show. No advertiser, just me stacking sats,

713
00:41:28,807 --> 00:41:33,427
reporting what I can report. No other interest in making you happy so you can support the show

714
00:41:33,427 --> 00:41:40,287
and we can keep on going. I am absolutely grateful for those of you who think the show's worth it.

715
00:41:41,427 --> 00:41:46,647
And I was just recently digging through the back catalog. There has been some really great

716
00:41:46,647 --> 00:41:50,227
coverage on the show, not to toot my own horn, but some of the big stories are in that back

717
00:41:50,227 --> 00:41:56,307
catalog worth checking out. You can support the show at boost.jupiterbroadcasting.com. Go over

718
00:41:56,307 --> 00:42:00,607
there, leave a message. And if you're a member, you do get a free boost per episode. You have to

719
00:42:00,607 --> 00:42:05,667
be a jupiter.party member. It's just something to consider. A little something extra for you as a

720
00:42:05,667 --> 00:42:09,407
thank you. And I do have some updates for you as well. So let's get into those.

721
00:42:09,407 --> 00:42:20,547
as congress closed the door on the clarity act the bureaucrats are opening a window

722
00:42:20,547 --> 00:42:24,647
on rules that they can try to write now i don't know how long these will stick but

723
00:42:24,647 --> 00:42:29,487
sometimes they do manage to stick around for a while and here in the states the crypto industry

724
00:42:29,487 --> 00:42:35,387
is still reeling from the loss it's embarrassing and a massive blow for them and they're still

725
00:42:35,387 --> 00:42:38,167
out there licking their wounds on national television.

726
00:42:38,767 --> 00:42:40,507
So I think, you know how vacuums work,

727
00:42:40,847 --> 00:42:43,527
nature horbs and abhorrs or sucks and all that.

728
00:42:43,807 --> 00:42:47,507
So when there's no one there to make the rules,

729
00:42:47,807 --> 00:42:50,207
somebody's got to step in and the bureaucrats,

730
00:42:50,367 --> 00:42:53,107
well, they're going to take the job on, I suppose.

731
00:42:53,467 --> 00:42:55,207
Now, this is interesting because we've already seen

732
00:42:55,207 --> 00:42:56,907
the SEC flex its muscles.

733
00:42:57,067 --> 00:42:59,227
And now we're seeing the U.S. Commodity Futures

734
00:42:59,227 --> 00:43:00,907
Trading Commission, the CFTC,

735
00:43:01,367 --> 00:43:03,027
try to fill in the gaps where they can

736
00:43:03,027 --> 00:43:04,067
and flex their muscles.

737
00:43:04,947 --> 00:43:10,347
CFTC stepping in with some new proposed crypto rules to establish oversight after Congress failed to pass a law.

738
00:43:10,467 --> 00:43:11,847
Join us right now with some of the details.

739
00:43:12,287 --> 00:43:14,567
This CFTC chairman, Mike Zeller, good morning to you.

740
00:43:14,967 --> 00:43:18,547
I know you've been frustrated, I think, with Congress in terms of not passing that bill.

741
00:43:18,987 --> 00:43:23,027
In place of that, what exactly does this new framework do?

742
00:43:23,627 --> 00:43:27,907
I am absolutely disappointed in Congress and not getting this bill to the president's desk.

743
00:43:28,007 --> 00:43:29,467
It's been a priority since day one.

744
00:43:29,547 --> 00:43:34,047
We've worked really hard to get here, but we've got statutory authority and we're going to use it.

745
00:43:34,067 --> 00:43:39,447
the SEC is doing the same. They issued their proposed REG crypto assets, which is kind of

746
00:43:39,447 --> 00:43:44,447
the framework for distributing crypto assets. And Gary Gensler was very critical of these offerings,

747
00:43:44,607 --> 00:43:49,047
which he and others refer to as initial coin offerings. That created a path to get the tokens

748
00:43:49,047 --> 00:43:53,087
into the United States with the protections of the securities laws. But the tokens themselves

749
00:43:53,087 --> 00:43:58,167
are not securities in most instances, so they need a place to trade. And we saw four years ago with

750
00:43:58,167 --> 00:44:02,547
the collapse of FTX, many of these exchanges, even if they're licensed at the state level,

751
00:44:02,547 --> 00:44:04,647
don't have market-based regulations.

752
00:44:04,847 --> 00:44:06,847
So we're putting in place market-based...

753
00:44:06,847 --> 00:44:09,367
Now, he's from the state, and he's here to help,

754
00:44:09,567 --> 00:44:12,027
as long as you voluntarily participate.

755
00:44:12,407 --> 00:44:15,307
That's the gotcha, is this is a voluntary program.

756
00:44:15,427 --> 00:44:18,247
Regulation, anti-manipulation, anti-fraud,

757
00:44:18,607 --> 00:44:19,987
segregation of customer assets,

758
00:44:20,387 --> 00:44:24,027
segregation of functions between brokers, exchanges, and clearing.

759
00:44:24,347 --> 00:44:26,647
That right there is probably my favorite one.

760
00:44:26,647 --> 00:44:30,067
And we expect customers to want to trade on these platforms

761
00:44:30,067 --> 00:44:31,107
that are federally regulated.

762
00:44:31,267 --> 00:44:31,767
It's an option.

763
00:44:31,767 --> 00:44:37,067
We don't have the ability to say every exchange needs to register with us as the Clarity Act

764
00:44:37,067 --> 00:44:39,167
would have done, but we can create a federal option.

765
00:44:39,267 --> 00:44:40,347
And that's exactly what we're doing here.

766
00:44:40,407 --> 00:45:01,064
I do actually think that there will be a large customer base that likes the fact that it federally regulated and that makes them comfortable So there that This next one I was going to set this aside because I just thought it was political talk But as Bitcoiners I know how you all think And when you heard that the Republicans

767
00:45:01,064 --> 00:45:06,844
are actually going to try to run on cutting everybody $5,000 checks if they win the midterms,

768
00:45:06,944 --> 00:45:11,804
which seems like a long shot. Well, at first, you're like, oh, boy, yeah, that would be great

769
00:45:11,804 --> 00:45:14,044
for Bitcoin. And that kind of goes through your head. But then you think, no, no, no,

770
00:45:14,044 --> 00:45:18,404
they're just talking crap. They're not really going to do that. Well, it looks like it might

771
00:45:18,404 --> 00:45:24,224
be actually their entire platform right now. It has been brought up multiple times this week alone.

772
00:45:24,664 --> 00:45:28,424
I got some details for you. And then let's do some Bitcoin math on the other side.

773
00:45:29,104 --> 00:45:33,904
President Trump is doubling down on his promise to give every American adult $5,000

774
00:45:33,904 --> 00:45:39,544
if Republicans win the upcoming midterm elections. But many voters are skeptical the checks will

775
00:45:39,544 --> 00:45:43,824
ever come. Joining me now to break this down is Yahoo Finance's Ben Wershko. Ben,

776
00:45:43,944 --> 00:45:49,604
what can you tell us about this? Yeah. So this has really emerged as a real central part of

777
00:45:49,604 --> 00:45:53,864
President Trump's final sprint here to the election, where 29 days till the election,

778
00:45:53,944 --> 00:45:58,384
as you mentioned. And this is something that Trump is very focused on. Two fronts here that

779
00:45:58,384 --> 00:46:04,284
it's focused on. One is actually getting money out the door now, getting out the door this month

780
00:46:04,284 --> 00:46:10,604
to Americans to move votes right now, seemingly, based on the credits of this.

781
00:46:10,664 --> 00:46:11,544
There's two areas here.

782
00:46:11,644 --> 00:46:16,424
One is $500 checks being sent to Obamacare recipients.

783
00:46:16,424 --> 00:46:18,364
Those started at the beginning of this month.

784
00:46:18,724 --> 00:46:18,884
Yep.

785
00:46:19,184 --> 00:46:19,704
Well, I'm out.

786
00:46:20,004 --> 00:46:22,524
The second is something President Trump announced over the weekend,

787
00:46:22,644 --> 00:46:27,664
which is $90 direct deposits to Medicare Part B beneficiaries.

788
00:46:28,004 --> 00:46:28,164
Yep.

789
00:46:28,284 --> 00:46:28,624
I'm out.

790
00:46:28,824 --> 00:46:32,284
He said those are going to go out immediately and announce them over the weekend.

791
00:46:32,284 --> 00:46:40,924
And this comes as what observers are calling an all hands on deck effort of the government to find money that that can be that can be announced and go out quickly.

792
00:46:40,924 --> 00:46:48,224
Oh, God. Oh, man. Oh, boy. You know, I never got any of the previous stimulus checks from COVID.

793
00:46:48,864 --> 00:46:53,564
But if you did, there was three stimulus checks in total that came to thirty two hundred dollars.

794
00:46:54,024 --> 00:46:59,064
The short version is if they do this by Bitcoin, that's the short version.

795
00:46:59,064 --> 00:47:06,944
The long version is if you'd put that $3,200 straight into Bitcoin at the each time each stimulus check came out, you just bought Bitcoin at the spot price.

796
00:47:07,324 --> 00:47:12,924
It would be rough if that $3,200 would be roughly worth $18,600.

797
00:47:13,484 --> 00:47:16,684
So you'd go from $3,000 to $18,000.

798
00:47:17,104 --> 00:47:23,284
In other words, three stimulus checks combined would have seen a 482% growth.

799
00:47:23,724 --> 00:47:26,404
That's about roughly 5.8x your money.

800
00:47:26,404 --> 00:47:29,364
just you take the money you didn't already have

801
00:47:29,364 --> 00:47:30,384
that the government just gave you

802
00:47:30,384 --> 00:47:31,684
that they printed for basically

803
00:47:31,684 --> 00:47:33,504
and you buy Bitcoin with it.

804
00:47:34,564 --> 00:47:36,604
That to me seems like it's pretty solid play

805
00:47:36,604 --> 00:47:37,444
if this comes through

806
00:47:37,444 --> 00:47:39,204
just based on the previous math.

807
00:47:39,744 --> 00:47:41,244
And that honestly,

808
00:47:41,744 --> 00:47:44,044
these last few years haven't been Bitcoin's best.

809
00:47:44,344 --> 00:47:46,184
Its best years may still be ahead of it.

810
00:47:46,544 --> 00:47:49,144
And it's still a 482% return

811
00:47:49,144 --> 00:47:50,544
if you just bought it at the time.

812
00:47:50,624 --> 00:47:51,564
They didn't have to even like

813
00:47:51,564 --> 00:47:53,064
try to time the market or anything.

814
00:47:53,164 --> 00:47:54,404
You just bought it when you got it.

815
00:47:54,904 --> 00:47:56,204
That's really telling to me.

816
00:47:56,404 --> 00:47:59,224
Okay, our last clip is from the Salt Lending CEO.

817
00:47:59,704 --> 00:48:02,504
I think this is the first time I've ever played him on the show.

818
00:48:02,984 --> 00:48:04,984
And he brings up something interesting here.

819
00:48:05,044 --> 00:48:09,464
He says that the kind of FOMO that we often feel as individuals when we finally figure

820
00:48:09,464 --> 00:48:13,084
out Bitcoin and you think, man, I wish I would have figured this out sooner.

821
00:48:13,164 --> 00:48:14,004
I would have bought more.

822
00:48:14,204 --> 00:48:15,524
I wish I would have bought more.

823
00:48:15,544 --> 00:48:18,224
Or when it really dips and then it rips, you think, oh, I wish I would have bought more.

824
00:48:18,224 --> 00:48:20,004
We all individually feel that.

825
00:48:20,104 --> 00:48:21,804
We're probably pretty familiar with that feeling.

826
00:48:22,524 --> 00:48:28,124
However, he says that it's also happening at the corporate buyer level as well.

827
00:48:28,724 --> 00:48:34,224
So, Sean, we just had some executives on our show from St. Cloud Financial based in Minnesota.

828
00:48:34,504 --> 00:48:39,104
They're the first credit union to adopt Bitcoin onto its core ledger.

829
00:48:39,324 --> 00:48:46,684
They're calling Bitcoin their blockbuster video moment, meaning that, I mean, this is the pivotal time.

830
00:48:46,844 --> 00:48:48,544
You lose your business if you don't jump on.

831
00:48:48,544 --> 00:48:54,884
What do you think or why do you think major credit unions and banks are feeling the FOMO around Bitcoin adoption?

832
00:48:55,004 --> 00:48:58,204
And what is the actual consequence for them if they ignore it?

833
00:48:58,964 --> 00:49:06,664
You know, I think everybody, every human goes through this experience at some point or time where you learn about Bitcoin and then it becomes clear you wish you had been earlier.

834
00:49:06,904 --> 00:49:08,904
Everybody feels like that no matter when they've started.

835
00:49:09,504 --> 00:49:12,624
And I think that will be true of sovereigns and banks and institutions of all sizes.

836
00:49:12,624 --> 00:49:18,124
It's true that it just persists in a way that that is something that we all go through at some point in time.

837
00:49:18,124 --> 00:49:23,744
what if you're going to adopt. So I also think there was a lot of large institutions that were

838
00:49:23,744 --> 00:49:28,064
held back that couldn't really participate. The registered investment advisor is a great example

839
00:49:28,064 --> 00:49:34,604
that banks being the epitome of the slower moving entity that eventually have to have all the boxes

840
00:49:34,604 --> 00:49:39,424
checked. And I'd say in some fashion or another, they've all been checked. So I think that's why

841
00:49:39,424 --> 00:49:46,044
you would see that that pace is just that FOMO is real. Now, you know, you talk about where we are

842
00:49:46,044 --> 00:49:49,544
on this adoption curve or the adoption cycle.

843
00:49:49,764 --> 00:50:03,661
And it seems that this latest phase of our adoption cycle has compressed volatility quite a bit And that great in that we had much less steep of a drawdown this bear market but that also presumably

844
00:50:03,661 --> 00:50:09,301
compresses Bitcoin's potential upside as well. Do you think that's necessarily the case moving

845
00:50:09,301 --> 00:50:15,661
forward or do you see us maybe entering more of an S-curve adoption? This really depends on the

846
00:50:15,661 --> 00:50:20,501
time horizon you're looking at, I think, because of, you know, the general curve is going to be up

847
00:50:20,501 --> 00:50:26,841
and further when it comes to just the scarcity of Bitcoin and the adoption. But as you look at it

848
00:50:26,841 --> 00:50:31,301
from maybe a horizon, I do think that there is a dampening of volatility and we'll continue to see

849
00:50:31,301 --> 00:50:35,661
that. But that doesn't necessarily mean you wouldn't see, zoomed out over another decade,

850
00:50:36,201 --> 00:50:40,321
an extreme increase in price. It's really a matter of what horizon you're looking at.

851
00:50:40,761 --> 00:50:44,561
And generally, I come from the frame of never sell your Bitcoin, think of it as a generational

852
00:50:44,561 --> 00:50:48,601
asset. I think that's where it does its best work, although it has all these other great

853
00:50:48,601 --> 00:50:54,801
attributes as money, store value. On short term, there's a lot of market participants now. So

854
00:50:54,801 --> 00:50:57,781
there's all the short selling and all the different instruments built on top of it.

855
00:50:58,121 --> 00:51:03,801
Continue to see that. But if you are zooming out, which I think is always generally a better view

856
00:51:03,801 --> 00:51:09,821
when it comes to an asset like Bitcoin, the long term, I think we're still going to see prices that

857
00:51:09,821 --> 00:51:14,761
are in comparison to other fiat currencies and repricing of different assets like real estate.

858
00:51:14,761 --> 00:51:17,801
it'll still be significant comparatively.

859
00:51:29,481 --> 00:51:31,861
All right, let's check in on the state of the network.

860
00:51:32,121 --> 00:51:36,361
I am wrapping up at block height 970,394.

861
00:51:37,341 --> 00:51:42,661
Bitcoin's USD price coming in right now at $83,280.

862
00:51:42,661 --> 00:51:54,521
That puts our sats per dollar at 1,201, and we are down 34% right on the nose from our all-time high, which was 366 long days ago.

863
00:51:55,121 --> 00:51:56,361
Ho, ho, ho, ho.

864
00:51:56,581 --> 00:51:57,661
October 6th.

865
00:51:57,741 --> 00:52:04,881
Speaking of October, our retarget date is now October 16th, with an estimated difficulty change of 5.7%.

866
00:52:04,881 --> 00:52:07,981
Since that is a bit out, I would expect that to shift around a little bit.

867
00:52:07,981 --> 00:52:12,001
Reachable Bitcoin nodes are at 25,229.

868
00:52:12,081 --> 00:52:12,801
Not too bad.

869
00:52:13,241 --> 00:52:16,301
Our 24-hour price adjustment is down 2.8%.

870
00:52:16,301 --> 00:52:19,301
Since our last episode, we're down 0.6%.

871
00:52:19,301 --> 00:52:23,141
But on the 30-day, we're still up 5.1%.

872
00:52:23,141 --> 00:52:30,061
We have exactly 2.2 sats per vbyte for immediate transactions right now

873
00:52:30,061 --> 00:52:33,141
and 1,318 blocks till retarget.

874
00:52:33,401 --> 00:52:35,701
The network is doing well.

875
00:52:36,201 --> 00:52:37,321
It is indeed.

876
00:52:37,321 --> 00:52:38,181
strong.

877
00:52:46,221 --> 00:52:48,621
Well, if you made it this far,

878
00:52:49,181 --> 00:52:51,061
go check out Clanker Therapy

879
00:52:51,061 --> 00:52:52,761
if you're into the Clanker Therapy thing.

880
00:52:53,601 --> 00:52:55,141
I'm not sure if it's therapy for you

881
00:52:55,141 --> 00:52:56,061
or the Clanker.

882
00:52:56,341 --> 00:52:57,581
No, it's where we get together

883
00:52:57,581 --> 00:52:58,661
on a live stream occasionally

884
00:52:58,661 --> 00:53:00,501
and cover what we've been building

885
00:53:00,501 --> 00:53:01,621
with Clankers and how,

886
00:53:01,901 --> 00:53:02,941
some of the best practices

887
00:53:02,941 --> 00:53:04,461
and the tooling that we've adopted

888
00:53:04,461 --> 00:53:05,821
and some of the things

889
00:53:05,821 --> 00:53:06,741
we've actually shipped.

890
00:53:07,081 --> 00:53:08,541
So I'll have a link to that in the show notes,

891
00:53:08,561 --> 00:53:10,861
or you can search YouTube for Clanker Therapy 2.

892
00:53:11,221 --> 00:53:12,621
There's also a Clanker Therapy 1.

893
00:53:13,101 --> 00:53:14,801
We also have links to everything I talked about

894
00:53:14,801 --> 00:53:16,381
at thisweekinbitcoin.show.

895
00:53:16,821 --> 00:53:18,781
Some of the things didn't even make it in the show are there.

896
00:53:19,101 --> 00:53:21,181
Now, my goal is to give you a podcast

897
00:53:21,181 --> 00:53:22,761
that doesn't get distracted by the emotions

898
00:53:22,761 --> 00:53:24,821
around what's happening, but focuses on the signal

899
00:53:24,821 --> 00:53:26,561
and how that impacts your Bitcoin.

900
00:53:26,741 --> 00:53:29,801
So you can plan for yourself, your family, your future,

901
00:53:29,921 --> 00:53:32,101
whatever it might be, your friends, your business,

902
00:53:32,541 --> 00:53:35,041
whatever it could be, whatever is valuable for you.

903
00:53:35,341 --> 00:53:36,541
And then you can let me know how I did it.

904
00:53:36,541 --> 00:53:38,661
boost.jupiterbroadcasting.com.

905
00:53:39,341 --> 00:53:40,421
That's where you go to send a message,

906
00:53:40,781 --> 00:53:42,641
and I'll read it if it's above 2,000 sats.

907
00:53:43,041 --> 00:53:45,521
And jupiter.party is where you can become a network member,

908
00:53:45,761 --> 00:53:47,541
and then you get a free member boost

909
00:53:47,541 --> 00:53:49,881
and any special features that I release.

910
00:53:50,181 --> 00:53:52,401
That's it for me for episode 126,

911
00:53:52,561 --> 00:53:54,721
and I'll see you back here next week.

912
00:53:55,021 --> 00:53:55,601
Thanks for listening.

913
00:54:06,541 --> 00:54:36,521
Thank you.

914
00:54:36,541 --> 00:55:03,841
Thank you.