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Welcome in to This Week in Bitcoin, episode 79.

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

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Why does all the macro news seriously always happen on a show day?

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Man, a guy needs a nap after watching the FOMC meeting alone.

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And there's no time for that.

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There's no time for naps.

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There's actually quite a bit we need to get into today.

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So let me just say right off the top, take a little pause right here and say,

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Happy early Bitcoin White Paper Day.

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Of course, everyone knows around the world, October 31st is universally known as the Bitcoin White Paper Day.

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It's a day to just take a pause and thank Satoshi and maybe go read the white paper.

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At least, you know, the first eight pages. That's what I say. Okay.

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We have a lot to talk about. You know, we're now into the second longest U.S. government shutdown in history.

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So you'd kind of maybe expect that would be dragging Bitcoin down or moving things.

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But from what I'm tracking, I don't really see any big impact on Bitcoin yet. I don't know about you.

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So this week, I'm going to take a look at three major macro events that are pushing Bitcoin around that do seem to be having an impact that I think you need to get caught up on.

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So be sure to stick around to the update segment, too, because after we get through all of that, there's some good news.

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There's some spicy news, a little bit of everything in the update segment.

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And you'll definitely want to catch that.

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But let's start by looking at what I'm very reluctantly calling a trading narrative monster.

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I don't have a better name for this, but I'm talking about the AI trade.

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It's entered a new phase this week, and it's the hype around layoffs due to AI efficiency.

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And it has everyone, I would say, ratcheting up the tone of the discussion around AI to a whole other level.

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Amazon executives say they're all in on AI, confident they can continue to grow with fewer people.

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This round of cuts impacts about 14,000 corporate employees worldwide.

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They are one of the most valuable companies on the planet, and they seemingly lay off employees en masse once a quarter.

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And it just isn't fair to the employees that do make them all of their money and don't seem to get rewarded for it.

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Seattle's largest employer confirmed the layoffs in an internal memo, calling AI the most transformative technology we've seen since the Internet.

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The memo says the technology is allowing Amazon to operate faster and leaner.

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Some newly jobless employees took to social media.

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I was laid off by Amazon.

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I was one of the 14,000 employees that were affected today.

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They sent out an email at 5 a.m. Seattle time.

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The music's a nice touch, you know, really makes it hits you in the feels.

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This smells like spin to me.

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AI is such a perfect cover for what was bad hiring practices.

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Amazon, they get to look forward looking.

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It would seemingly legitimize the technology.

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I mean, can't you almost just picture the conversations in corporate boardrooms and meetings around the world when somebody says maybe we should automate that with AI?

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And then, you know, the realistic person says, I don't think it's up for that yet.

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I don't think AI is there yet.

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And then the other guy in the room says, are you kidding?

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Haven't you seen what Amazon is doing?

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They just laid off 14,000 people and replaced them with AI.

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Of course it works.

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Not only that, but it just brilliantly justifies the billions that Amazon has spent and will spend in both AI and data centers.

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It's just such a tidy little narrative to cover what is really just piss poor hiring practices since COVID.

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Here is the question of the morning. Are AI layoffs real or are they a scapegoat for what's going on in the employment picture in this country?

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Christina Percanellos joins us now with that story. Good morning.

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Good morning, Andrew. Amazon, Chegg, Microsoft, Meta, SalesSource, the list continues.

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Tech companies just are cutting tens of thousands of jobs, and some of them, some of them are blaming AI.

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But at NVIDIA's GTC in DC yesterday, top CEOs were telling us something completely different about what's driving these cuts.

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For example, Perplexity's CEO says the AI narrative is missing the point. Listen in.

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Overhiring they did in the COVID era when they didn't actually need to.

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The results of that are being seen now.

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So correlation doesn't imply causation.

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It's not because of AI that people are losing jobs.

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And CoreWeave CEO Michael Intractor frames it as part of a bigger pattern that just happens in tech history.

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During each technical revolution, there is a rotation that occurs.

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And I think one of the roles for government is going to be to assist the rotation that's required to retrain, to repurpose, to allow people to build careers.

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This, even that, is too generous to this narrative.

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The idea that we're seeing some sort of rotation or business cycle.

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If anything, it's going to be more based on rates and liquidity than it is AI.

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These are large language models.

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These are not sophisticated thinking machines.

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Could they replace a secretary whose only job is to summarize your meeting?

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Yes.

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Could they replace somebody who you hired to maybe write out and transcript calls or whatever?

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I've worked with lawyers that had somebody on staff who would just sit there and transcribe stuff for them.

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Those types of jobs, yeah, they're going away.

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But these are large language models.

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In fact, we should stop calling it generative AI.

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We should really not even call it artificial intelligence.

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We should either call it machine learning or large language models.

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Because that is actually a more accurate description.

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And I think what we're actually seeing is more like business cycle adjustments, bad practices in hiring adjustments.

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Here's some numbers in just recent layoffs.

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UPS announced 48,000 employees.

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Intel announced 24,000 employees.

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Nestle has announced 16,000 employees are being laid off.

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Accenture has announced 11,000.

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Ford, 11,000.

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Novo, Nordisk, which I would assume makes a ton of money.

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9,000 employees. Microsoft, 7,000 employees. PwC, 5,600 employees. Salesforce, 4,000 employees.

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Paramount, 2,000 employees. Target, 1,800 employees. Kroger, 1,000 employees. You think

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it's AI at Kroger? Is it AI at Target? Applied Materials, 1,444 employees laid off. Meta,

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600 employees. Is all of that because of AI? I don't think so. I think we're seeing a structural

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adjustment. Now, the question becomes how significant of a structural adjustment.

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And I would argue perhaps that's the wrong framing. And I think it's been the wrong framing

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for a while. We've talked about this on the show. And Lynn Alden recently touched on this

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when she was on forward guidance. And why not have her explain it instead of me for the third time?

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Yeah, I think we can, another way of looking at it is a sector by sector basis.

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So whether it's real or nominal or sector by sector, I do think that this is an environment you want to slice and dice it.

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Perhaps a similar example is Canada, where we look at the per capita metrics.

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That really mattered compared to the national metrics because you had, for a while, a pretty high rate of immigration.

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And of course, what people feel is the per capita statistics.

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If the economy is growing, but an above average rate of it is population growth, that doesn't feel like growth on the individual level.

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And I sometimes analyze the economy of Egypt because I spend part of each year there.

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They've had pretty high population growth.

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They often point to pretty high, even real GDP growth, the way they report it.

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But one of the metrics I look at there is energy consumption per capita.

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And that's been kind of flat to down for a decade now.

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And that coincides more with on the ground what people feel.

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Similarly, if you look at things like how many of their labor hours does it take to afford the same car that it did five years ago, it really takes them more hours rather than fewer hours to afford that car, which makes them feel like they're going backward, which is pretty realistic in many areas.

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And so when you kind of apply those similar types of metrics to a developed market like the United States, I think you'll get similar pockets where, again, PMI activity is low.

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So if you work in multiple different industries, the respondents or the employees there are saying, yeah, business isn't necessarily great.

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I'm not really seeing the economic boom that others are talking about.

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That's because they're not in the either they're not in the line of fire from deficits or they're not in the line of fire from private sector CapEx spending on AI.

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If you're in the orbit or at least next to the orbit of those two things, you're probably feeling okay.

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Whereas if you're not, there's this whole array of other sectors that some of them are an outright recession.

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I mean, commercial real estate or even residential real estate, anything that's related to turnover volumes is recessionary.

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It's a very problematic industry at the moment.

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So I would look at things really on a sector-by-sector basis.

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I've really been enjoying this rolling recession theory because I keep trying to disprove it and it just keeps getting reaffirmed. I think we've been tracking it on this show when it came to beer sales, Disney park attendance sales, movie theater sales, luxury watch and jewelry sales.

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And, of course, home sales. We've been watching how the demographics on who buys and who can't buy there have been playing out. And then last week we talked about the fact that a lot of illegal immigrants that had bought vehicles here, perhaps subprime loans, like we talked about last week for their cars, which I guess just means risky lender, they drove their cars across the border or they've just left their cars here when they self-deported, which these have material impacts.

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But also, those people were buying consumer goods.

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Those people were ordering from Amazon.

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And Amazon's delivery sales are down something like 24% right now.

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So I think what you're seeing is sort of this knock-on effect where when a recession kind of hits an area, the people that it affects, then their demand goes down.

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Or you're seeing government actions that are in some cases improving the economy and in some cases weakening the economy just by removing demand.

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It's a very complicated system.

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And so the question becomes is do these rolling recessions begin to accumulate or is the Fed stimulus policy strong enough to continue to offer background liquidity that sort of paves over these and the overall market continues to rally?

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That seems very likely. And so when you have all of these jobs now that are starting to look pretty shaky, the common and I think it's still the common belief as of today.

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My gut feels like this is going to begin to shift. The common belief today is that it's a low hire, low fire market.

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And that's their cute way of saying, well, not a lot of people are getting hired, but they're also not firing a lot of people either.

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So if you got a job, you'll keep it kind of a thing. But I actually think we're transitioning into a low higher high fire.

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Not like crazy, but I think that the needle is beginning to tilt that direction.

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And so that's going to be one of the number one signals the Fed watches.

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And today, as I record, like I mentioned, it was an FOMC meeting day where we got Jerome Powell to come out on stage and tell us what the new price of money is going to be.

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And the Fed did announce that they plan to cut rates as expected by 25 basis points.

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That now brings the Fed rate to 4%.

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All right.

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We're getting what they call closer to neutral.

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I guess the Fed believes that somewhere around 3%, 2% to 3% is a neutral rate.

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And so they're just above neutral at this point.

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There were two dissidents, one favored no cut and another favored a 50 basis point cut instead of just 25.

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And here's Jay Powell from today's event really getting to the nut of why they had to cut in banker speak.

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In the labor market, the unemployment rate remained relatively low through August.

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Job gains have slowed significantly since earlier in the year.

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A good part of the slowing likely reflects a decline in the growth of the labor force due to lower immigration and labor force participation.

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though labor demand has clearly softened as well. Although official employment data for September

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are delayed, available evidence suggests that both layoffs and hiring remain low and that both

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households' perceptions of job availability and firms' perceptions of hiring difficulty continue

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to decline. So that I think right there is a pretty good example of how, well, A, the Fed doesn't have

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a lot of data right now, and B, the data they do have is backwards looking. So he just said it.

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He didn't say the colloquial version of low hire, low fire, but he just said it in banker speak. And I think that's informing their current rate cut decisions and the future rate cut decision trajectory that we'll talk about. That's the point they're working from. I suspect I could be wrong, but I suspect by the end of November, early December, the narrative will have shifted on that. And it's a low hire, high fire.

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But right now, Jay Powell believes it is a low hire, low fire market.

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And he just says that.

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And that is part of their current analysis of future cuts.

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Although official employment data for September are delayed,

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available evidence suggests that both layoffs and hiring remain low

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and that both households' perceptions of job availability

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and firms' perceptions of hiring difficulty continue to decline.

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In this less dynamic and somewhat softer labor market,

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the downside risks to employment appear to have risen in recent months.

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Inflation has eased significantly from its highs in mid-2022,

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but remains somewhat elevated relative to our 2% longer-run goal.

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Estimates based on the Consumer Price Index suggest that total PCE prices rose 2.8%

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over the 12 months ending in September, and that, excluding the volatile food and energy categories,

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core PCE prices rose 2.8% as well.

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Nearly 3%, in other words.

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And that's after you exclude the stuff that everybody needs to live their daily lives.

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That is horrible.

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I mean, you should do the math on 3% inflation for 20 years.

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Just do the math on that compounding effect there.

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And that's where we're at right now.

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And they've been having a hell of a time with that 2% target.

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They couldn't get it to 2% early on.

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And then since COVID, they can't get it under 2%.

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They can't get it under 3%.

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And that, even 3% is atrocious.

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And they're, you know, so 2.8% is their rough cooked number.

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By the way, they also have a new metric.

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I don't know how new it is, but that's a new one they're talking about at least, where they have tariff excluded inflation.

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So if you exclude the tariff cost inflation, okay, all right, but I have to pay that cost.

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So why would you exclude it?

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Sending in September and that excluding the volatile food and energy categories core PCE prices rose 2 as well These readings are higher than earlier in the year as inflation for goods has picked up

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In contrast, disinflation appears to be continuing for services.

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Near-term measures of inflation expectations have moved up on balance over the course of

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this year on news about tariffs, as reflected in both market and survey-based measures.

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Beyond the next year or two or so, however, most measures of longer term expectations remain consistent with our 2% inflation goal.

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They always say that. Always. They always have said that. You can go back years of Jay Powell's job and he always says that.

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That, well, you know, yeah, inflation isn't where we want it right now, even when it was below 2% and then once it was above 2%.

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Yeah, it's not where we want it right now, but don't worry because we're long-term thinkers.

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And when we look at the long-term math, we see it gets back down to an average of 2%.

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And then when you ask them, can you show me that math?

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Yeah, well, you see right here on the line chart where we say we're going to try real hard?

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Yeah, once you add that in, we're going to get to 2%.

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So it's silly he always adds that.

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So here we are.

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We're in a situation where it's just, you know, these are risk-reducement cuts because, you know, the stock market's softening.

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But maybe even bigger news than a rate cut is the Fed announced they would end quantitative tightening on December 1st.

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And you recall I told you this is something we're looking for because this will shift mildly the liquidity profile in the market.

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So the Fed noted that their mortgage-backed securities, which are basically bundles of home loans, are going to be invested into T-bills after December 1st.

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So they're going to be a T-bill buyer, short-term duration T-bill buyer.

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So I think that is actually maybe even more bullish for Bitcoin than a rate cut, than just a 25, than one single rate cut.

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So things seem like they're moving from restrictive to what they call supportive of the balance sheet policy.

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So they're not doing quantitative easing. They're not turning the money printer on in that sense. But it is definitely going to provide a little bit more liquidity up to the market as they stop tightening and they invest in treasuries.

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And so that might have you thinking, geez, if that happens in December,

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ooh, all right, here comes the Santa rally.

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Well, don't get too excited.

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I'm not so sure it could happen.

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But Jerome Powell went beyond just his typical disclaimer about future policy changes.

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He went above and beyond to point out that you really shouldn't get too excited.

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Don't expect another rate cut in December.

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In the near term, risks to inflation are tilted to the upside

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and risks to employment to the downside.

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A challenging situation.

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There is no risk-free path for policy

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as we navigate this tension between our employment and inflation goals.

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Like he did last time, he's once again saying,

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we have no good answer.

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We have two paths ahead of us,

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and neither one of them are actually the correct one.

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So since they're both in a bad spot and they're in conflict,

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we're going to do the only thing we can do

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and try to get back to a neutral rate position.

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Our framework calls for us to take a balanced approach

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in promoting both sides of our dual mandate.

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With downside risks to employment having increased in recent months,

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the balance of risks has shifted.

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Accordingly, we judged it appropriate at this meeting

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to take another step toward a more neutral policy stance.

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With today's decision, we remain well positioned to respond in a timely way

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to potential economic developments.

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We will continue to determine the appropriate stance of monetary policy based on the incoming data, the evolving outlook, and the balance of risks.

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We continue to face two-sided risks.

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In the committee's discussions at this meeting, there were strongly differing views about how to proceed in December.

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A further reduction in the policy rate at the December meeting is not a foregone conclusion.

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Far from it.

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Far from it, he says.

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Like, it never says that kind of stuff.

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For banker, that's tough talk.

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And it was a point he reiterated in the QA shortly after that.

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So that's going to leave things a little bit in the unknown territory.

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If the labor market continues to deteriorate, it'll probably push them towards another rate cut.

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But one of the things he implied, although it didn't come directly out and say it, is if they don't have good data to work from, they're more inclined to just do nothing.

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And what that was was a veiled threat about the government shutdown.

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because without the government functioning, they can't get current data.

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And if they don't have current data, they can't make decisions.

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It's sort of the point he was trying to make.

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So if the government shutdown continues long enough, they could screw up the rate cut.

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Ha ha ha ha!

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Okay, number two.

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This rare earth thing.

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I tell you, this is a massive, massively big deal.

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And the White House has moved very fast on this issue.

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They have signed landmark frameworks with deals or a deal to have a deal, I guess you could call it.

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That's what they're that's what they're calling a framework.

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It's a deal that they're going to have a deal with Japan just this week.

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And it covers mining, recycling, processing, critical infrastructure, all of that for rare earths just between the U.S. and Japan and a few others.

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The U.S. has also made agreements with Australia, Malaysia, Cambodia, Thailand, Vietnam, again, all around rare earth minerals, processing capabilities, etc.

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I mean, it's actually you got to you got to admit that is very impressive.

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But there is no skipping the proof of work.

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While these agreements do reduce long term risk and that's going to get priced in, it will take years to fully counter China's dominance in this area.

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China currently holds around 69% of all rare earth mining, and they do 92% of the refining.

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That's why they could put a tariff on anything that has 1% of their rare earths in it or a control policy.

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And the thing that I think matters to a lot in the tech industry is nearly all the global rare earth magnet manufacturing is done in China, nearly all of it.

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But these deals need to happen, right?

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The U.S. needs to position themselves.

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The best time to figure this out would have been 40 years ago.

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The second best time to figure this out is today.

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So I am honestly shocked at how fast the Trump administration is banging these deals at.

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And I think it's something that might get more notice with the passage of time.

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Now, some of these are only frameworks, but I imagine even if only a couple of them materialize into deals, that's a lot better.

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And it's interesting because all of this is in a backdrop now to Trump going to China to sit down with Xi and they announced, just perhaps in preparation for the meeting, that they would be buying 180,000 tons of U.S. soybeans, which is the first purchase in months since all the trade disputes.

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Now, this is positioning. This is signaling. This is China telling the market, telling policymakers that they're willing to play ball. And that's how it should be interpreted for you as a Bitcoin. There's a signal to the market. They're trying to signal. But you need to keep it in perspective as well. That doesn't mean it's a done deal.

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China was buying approximately 2.18 million metric tons a month of soybeans before these trade disputes.

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In the peak, sometimes during the real busy months, 5 to 6 million tons of soybeans a month.

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And they just bought 180,000 tons after not buying any for months.

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So, you know, like keep that in perspective.

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But this is a massive deal because it impacts the AI trade.

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It impacts the iPhone and Apple trade.

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It impacts building computers, Bitcoin miners.

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I mean, it's in everything.

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And so Bitcoin has been trying to figure out how to price this in as a market.

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Tyler, 10 p.m. local time here in New York, 11 a.m. your time.

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What are we expecting in the conversation between the two world leaders?

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Yeah. Hey, Danny.

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Well, it really is starting to feel like the contours of any potential U.S.-China agreement

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is expanding beyond what we originally expected to be just a pullback in the recent escalation

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of tensions, right?

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We started this week coming out of the trade talks in Malaysia, where we heard the Treasury Secretary Scott Besson suggest that we were going to get an extension to the trade truce in place and set to expire on November 10th.

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And also some mitigation when it comes to recent actions like China was going to start to resume its purchases of U.S. soybeans, which Bloomberg News has confirmed.

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And I would say all of this is early and Bitcoin should always be prepared for any of this to go south, because what we have right now is consensus on issues.

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We don't have deals. But Besson did come out and say that 100 percent tariffs are off the table.

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And that also China was going to scale back, delay some of its export curves related to critical and rare earth minerals.

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But as Matt, that's a big development right there. Right. So the U.S. that that is a big development.

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The U.S. has time to build up their supply chain and they can work out it, hopefully work out a deal with China.

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If they pull that off this week, I think that's going to be a major tailwind for Bitcoin going into December and November and all of that.

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As these things start to stack up, clearing out these major uncertainties, well, they're critical.

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All right, so there's three macro events that are impacting Bitcoin.

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Now, let's talk about something that's going to impact how you spend Bitcoin in the future,

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or perhaps prevent you from spending it.

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This is actually a positive development.

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So let's start with Lendon.

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I think that's how you say it.

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Ledin.

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They are a Bitcoin-backed loan company, and they just announced that they surpassed $1 billion in originations for 2025, and that their quarterly volume has reached $392 million.

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That, to me, suggests massive demand for Bitcoin-backed loans.

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And they're not the only one, right?

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We've talked about SALT, Strike is in this, Unchained Capital.

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And then for large institutional customers, I'll have more news on that soon.

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According to the co-founder of Ledin, CEO Adam Reeds, he says the results reflect the growing demand for Bitcoin collateralized credit and Ledin's focus on solid management practices.

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They say surpassing the $1 billion mark on loan originations year to date reinforces the growing demand for responsible Bitcoin-backed lending and our commitment to transparency and trust.

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Yeah, you know, it's year to, I mean, 2025 ain't even over yet.

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I've talked about Bitcoin-backed loans quite a bit in the past on this show.

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and I have to say this week

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while I'm very excited for letting there

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they're starting to feel like an old

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product I mean it

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they're not horrible but

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they do have their downsides

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as somebody who's experimented with them

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and it's not the typical thing like a margin

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call when the price drops and stuff like that

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in fact it's

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broader in flexibility and the fact

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that you have to take out a one big

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chunk sum of money

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and if you can only do that every 12

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months, you kind of have to know what you have to forecast out 12 months and it's not very flexible.

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This week, Lava, who's known for Bitcoin loans, introduced the world's first Bitcoin backed line

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of credit. It's a line of credit. And in a sign of how fast this entire space is moving,

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in the same week, Strikes, Jack Mallers also said that they're working on a very similar product

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and he went into some detail.

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And I think Bitcoiners should listen to this.

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Think of this as a way to get access to your Bitcoin

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without selling it,

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and in a way that you can manage it

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and you don't have to commit to these large sums of money.

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You know, what we've seen with lending,

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we've lent out hundreds of millions of dollars.

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We're going to cross a billion soon.

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And a lot of these are people borrow against their Bitcoin

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to buy more Bitcoin.

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So that's leverage.

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Some of these are people borrow against their Bitcoin

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to get a car, to buy a house, to start a business.

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But also some of these, people are trying to treat it like a line of credit.

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What do I mean by that?

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Well, you know, if the only loan you can get against your Bitcoin is a 12-month loan,

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then you have to take out the amount of cash against your Bitcoin that you're going to

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need for the 12 months.

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And a lot of the people don't want a 12-month loan.

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They just want a loan that can cover their next credit card bill or cover their dentist's

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appointment or they need to fix their bathroom.

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And so my idea was, well, if someone has a certain amount of Bitcoin on the platform,

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let's say 25,000 Bitcoin, let's just give them a line of credit that goes up to 50% of their balance.

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So that would be $12,500.

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And so then let's say their credit card is $4,000 that month.

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They have a mortgage payment of $2,000.

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And after the month is over, they've spent $6,000.

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When a bill comes in and is paid from Strike, Strike automatically in real time extends a line of credit and pays your bill for you.

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And sends you a push notification like, hey.

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To make sure it's clear, what he's saying is that say you put $25,000 worth of Bitcoin, not 25 Bitcoin or 25,000 Bitcoin, but $25,000 worth of Bitcoin.

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You would then have access to a $12,500 line of credit because it's a 50% loan to value ratio.

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And that means the Bitcoin price could come down considerably before you have to worry about a margin call.

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And so you would get access to $12,500 of spend, but you would only have to pay for the amount you actually used, like a credit card.

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So, you know, maybe you have a credit card that allows you to spend $5,000, or maybe you have a credit limit of $20,000 or $50,000 or whatever it might be.

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But if you only put $500 on it that month, then you only are responsible for $500 and you only have the interest rate on the $500, et cetera, et cetera.

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And if you pay it off, like you don't even have to pay the interest on it.

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that's the idea with a line of credit,

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is you could take a little portion of your Bitcoin stack,

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store it in Strike,

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or maybe eventually one of these products

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will have a hardware-based multi-sig backing.

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Strike doesn't right now.

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Lava doesn't.

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Unchain does, but their requirements are like the minimum

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is like $100,000 loan.

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But this is a product that's getting developed out,

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and they will begin to compete on features

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like self-custody down the road.

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Right now, it's going to be fees, rates, interface,

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customer support.

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00:30:19,933 --> 00:30:25,033
the basics. But then as these companies, and we have multiple of them that are trying to do this,

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they're going to have to compete on things like self-custody as well. So imagine a future where

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you don't have to screw around with IBIT or an ETF. You can buy good old hard sats. You can hold

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00:30:37,193 --> 00:30:42,613
them and you can draw from them as a line of credit when you need to. That's what they're

381
00:30:42,613 --> 00:30:48,133
talking about here. Your mortgage was paid. Your line of credit just grew from $0 to $2,000.

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00:30:48,133 --> 00:30:53,633
Hey, your credit card was paid, your line of credit just grew from $2,000 to $4,000,

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and you've used X percent of your line of credit against X amount of Bitcoin.

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And then your direct deposit comes in and you can pay off that line of credit And then the rest can go to stacking sats So that way you always buying Bitcoin You never selling Bitcoin You not taking out these massive loans because people get really scared like oh I taking out a huge loan What if the price dips What if I get liquidated

385
00:31:16,445 --> 00:31:21,565
But when I talk to customers, they're not worried about getting liquidated over a $6,000 line of

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00:31:21,565 --> 00:31:27,105
credit against their Bitcoin. And that way, you don't have to own tons of fiat. And that way,

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00:31:27,105 --> 00:31:32,325
you don't have to own any fiat. And that way, your Bitcoin works as collateral to finance your

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00:31:32,325 --> 00:31:39,205
everyday expenses. And it's a much better user experience. And, you know, we obviously are also

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00:31:39,205 --> 00:31:43,045
looking like, should we wrap that and give you a credit card on top of it just so that you can

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00:31:43,045 --> 00:31:47,505
spend the line of credit through the card itself? I'm not sure about that one yet. I'm looking into

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00:31:47,505 --> 00:31:52,885
it. Later on in the stream, it sounded like he's very seriously looking into it. You could see the

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00:31:52,885 --> 00:31:58,845
advantage of that. A credit card that's balanced is based on your collateral. But when you need to

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00:31:58,845 --> 00:32:02,605
go to get new tires or something like that, you have an interface.

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00:32:02,765 --> 00:32:04,865
You can interface with the traditional financial system.

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Strike also, and this isn't an ad.

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00:32:07,945 --> 00:32:09,485
I don't even have an affiliate link for them.

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00:32:10,005 --> 00:32:14,765
But they let you pay your bills and they let you take your paycheck in a SATS.

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And so you can start to see where you bring your paycheck in via auto deposit.

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It all goes to SATS.

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00:32:21,505 --> 00:32:25,385
And then you use the bill pay and the line of credit to kind of manage access to fiat

401
00:32:25,385 --> 00:32:26,365
as you need it.

402
00:32:26,585 --> 00:32:28,585
And whatever you don't use just stays in SATS.

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00:32:28,845 --> 00:32:32,225
And the math works out. It's a pretty good way to end up stacking additional sats.

404
00:32:32,225 --> 00:32:36,205
And it also turns out to be a pretty good motivator not to spend money.

405
00:32:37,845 --> 00:32:44,565
So boost in, support the show and let me know, would you like a product like this, a line of credit backed by your Bitcoin?

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00:32:45,225 --> 00:32:51,265
Does it appeal to you or, you know, for those of you that this appeals to, have you already ran off to ETF land?

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00:32:51,605 --> 00:32:54,125
I hope not. But let me know. Send a boost.

408
00:32:54,125 --> 00:32:56,405
would you actually sign up for something like this

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00:32:56,405 --> 00:32:58,305
assuming the rates and the risk

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00:32:58,305 --> 00:33:00,085
met your tolerances

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00:33:00,085 --> 00:33:02,305
boost in and support the show with something like

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00:33:02,305 --> 00:33:04,225
Fountain FM or Podverse or Cast-O-Matic

413
00:33:04,225 --> 00:33:06,325
or go grab AlbiHub and you can use all

414
00:33:06,325 --> 00:33:06,905
kinds of apps

415
00:33:24,125 --> 00:33:32,365
Well, coming up in the show, it's your boost and then a big, overloaded, oversized update section.

416
00:33:32,725 --> 00:33:34,025
And of course, the final clip of the week.

417
00:33:34,325 --> 00:33:37,605
But I want to mention you can support the show by doing what you do.

418
00:33:37,665 --> 00:33:38,885
You want to stack sats on River?

419
00:33:39,025 --> 00:33:40,325
It's a great place to stack sats.

420
00:33:40,905 --> 00:33:43,225
Use our link in the show notes and support the show when you do it.

421
00:33:43,565 --> 00:33:47,785
Now, if you're all about self-custody, maybe you're in Canada or the U.S., check out the Bitcoin Whale.

422
00:33:48,205 --> 00:33:49,905
They do something nobody else does.

423
00:33:49,965 --> 00:33:51,185
There's no wallet on their platform.

424
00:33:51,185 --> 00:33:52,525
You bring your own wallet.

425
00:33:52,625 --> 00:33:53,625
It's all about self-custody.

426
00:33:54,005 --> 00:33:54,785
It's crazy great.

427
00:33:55,045 --> 00:33:55,905
That's the Bitcoin well.

428
00:33:56,165 --> 00:33:56,905
Link in the notes.

429
00:33:57,285 --> 00:33:58,505
Now, you want to spend some sets.

430
00:33:58,585 --> 00:34:02,545
Get them on Lightning real quick and then buy a gift card from hundreds of choices.

431
00:34:02,865 --> 00:34:04,305
I'm talking about the Bitcoin company.

432
00:34:04,585 --> 00:34:05,525
You can log in with Lightning.

433
00:34:05,605 --> 00:34:07,465
No user ID or account required.

434
00:34:08,185 --> 00:34:09,125
Something that's just going to get leaked.

435
00:34:09,185 --> 00:34:09,925
Nothing like that.

436
00:34:09,925 --> 00:34:13,105
And they have hundreds of gift cards to go from stats to gift card in just seconds.

437
00:34:13,845 --> 00:34:14,285
Foldcard.

438
00:34:14,605 --> 00:34:18,765
That's what I use to pay my bills, buy gift cards for things like family members and gifts.

439
00:34:19,505 --> 00:34:20,505
Foldcard's fantastic.

440
00:34:21,285 --> 00:34:21,805
And then Salt.

441
00:34:21,805 --> 00:34:25,645
that's where I go to get my liquidity from my Bitcoin right now so I can

442
00:34:25,645 --> 00:34:28,705
you know get access to some of that value without actually having to sell the Bitcoin

443
00:34:28,705 --> 00:34:32,445
I think Salt's great too because they have a fantastic

444
00:34:32,445 --> 00:34:37,385
margin call product that makes sure you don't get completely liquidated which

445
00:34:37,385 --> 00:34:42,065
you know it's always a good thing in Bitcoin all right links in the show notes

446
00:34:42,065 --> 00:34:43,565
right at the top for all that

447
00:34:51,805 --> 00:35:00,665
And we do have some boosts coming into the show this week.

448
00:35:00,765 --> 00:35:04,345
And Chew Toys here is our baller booster with 30,000 sats.

449
00:35:04,345 --> 00:35:05,825
Hey, rich lobster!

450
00:35:07,465 --> 00:35:08,905
Fun will now commence.

451
00:35:09,165 --> 00:35:10,565
All right, Chew Toys says,

452
00:35:10,785 --> 00:35:14,105
I just set up my Nots node as my true server.

453
00:35:14,765 --> 00:35:16,465
As my true server? What do you mean as a...

454
00:35:16,465 --> 00:35:20,465
What can you tell me about the privacy best practices when running a node?

455
00:35:20,465 --> 00:35:24,865
I've had a node before and on Umbral, but I gave up after a hard drive failure.

456
00:35:28,165 --> 00:35:29,665
Also, no need for video for me.

457
00:35:29,865 --> 00:35:31,425
I like to listen to the show while I work.

458
00:35:32,245 --> 00:35:34,145
You know, graphs on Nostrisis could be valuable.

459
00:35:34,285 --> 00:35:35,125
Interesting idea.

460
00:35:36,025 --> 00:35:37,825
Supplemental imagery on Nostrisis, huh?

461
00:35:38,145 --> 00:35:42,705
Well, that's, you know, really, honestly, where I could take Chutoy, where I could do that now is the chapter images.

462
00:35:43,405 --> 00:35:44,505
If a guy had the time.

463
00:35:44,825 --> 00:35:47,125
Come on, AI, how come you haven't solved that if it's so good?

464
00:35:47,125 --> 00:35:51,665
I can replace 14,000 workers, but it can't generate me chapter images that are appropriate to the topic.

465
00:35:51,805 --> 00:35:52,645
What's up with that?

466
00:35:53,065 --> 00:35:54,305
Security best practices.

467
00:35:54,745 --> 00:35:57,365
I would just take a gander at running a Tor node.

468
00:35:57,565 --> 00:35:58,665
Just see what that's about.

469
00:35:58,825 --> 00:36:00,505
You know, I mean, run your node on Tor.

470
00:36:01,185 --> 00:36:02,445
See if that works for you.

471
00:36:03,405 --> 00:36:09,865
You know, you could also look into node IP and transaction broadcasts.

472
00:36:09,865 --> 00:36:11,365
Just so you have a sense of what that's like.

473
00:36:11,465 --> 00:36:12,925
Boy, I'm thinking about this tutorial.

474
00:36:13,085 --> 00:36:14,505
It's like this could be a whole other episode.

475
00:36:14,505 --> 00:36:16,785
Maybe we should put this in our AlbiKide one.

476
00:36:16,785 --> 00:36:18,105
I'm writing this down right now.

477
00:36:19,385 --> 00:36:19,725
Okay.

478
00:36:20,225 --> 00:36:21,105
I like that.

479
00:36:21,825 --> 00:36:23,585
Something maybe for our Albie Guide episode.

480
00:36:23,945 --> 00:36:24,485
Thank you, Chutoy.

481
00:36:24,585 --> 00:36:25,805
Appreciate the baller boost.

482
00:36:26,605 --> 00:36:30,005
Adversary 17 is here with 24,576 sets.

483
00:36:30,245 --> 00:36:32,705
I hoard that which your kind covet.

484
00:36:32,865 --> 00:36:33,865
And Adversary's Rights,

485
00:36:34,085 --> 00:36:36,545
here's an update on the Knotts versus Core nodes.

486
00:36:36,685 --> 00:36:39,465
Knotts is taking up 50, not five,

487
00:36:39,825 --> 00:36:41,425
50 gigs of more space.

488
00:36:41,865 --> 00:36:42,585
Not sure why.

489
00:36:43,545 --> 00:36:44,925
I'd be curious to know if anybody else

490
00:36:44,925 --> 00:36:50,285
is noticing a size differential between knots and core. Adversary says, no video for me. I prefer

491
00:36:50,285 --> 00:36:54,845
audio because it allows me to think critically about what is being said. Video requires more

492
00:36:54,845 --> 00:37:00,905
sensory input. It takes more brain power. Plus, I listen during my commute. Yes. Make it so. Yeah,

493
00:37:00,925 --> 00:37:06,545
I agree on that. I do find visuals to be distracting. I think there are times, like when

494
00:37:06,545 --> 00:37:12,625
it's dollar amounts and charts, which does come up a lot on this show, where it is useful. But if you

495
00:37:12,625 --> 00:37:18,245
want to do a little experiment, play a news clip, like from YouTube, and then like minimize your

496
00:37:18,245 --> 00:37:21,285
browser or something and play it again. I don't know. And you'll probably notice, especially if

497
00:37:21,285 --> 00:37:25,105
it's like something about war, something really detailed and complex, you'll notice the little

498
00:37:25,105 --> 00:37:28,645
things in there that you didn't notice just by watching, in my opinion. And maybe that's just me.

499
00:37:28,705 --> 00:37:31,625
Maybe it's because I have ADD. And so the video is just too distracting.

500
00:37:32,205 --> 00:37:35,565
Hey, goodversaries. Appreciate that boost. It's always nice to hear from you.

501
00:37:35,865 --> 00:37:40,065
OB's here with 21,420 sats.

502
00:37:40,505 --> 00:37:41,825
Coming in hot with the boost.

503
00:37:41,845 --> 00:37:42,285
All right.

504
00:37:42,625 --> 00:38:08,085
Our buddy Andrew knows all about Bitcoin. Of course, he's talking about from CNBC. He's the heel and Joe is the baby face of our wrestling fans out there. A video on Primal and Zapdos streams and YouTube and Rumble would be great. Oh, actually a pro video, huh? You know, maybe for live events to OB, you know, I, you know, when I asked last week what people would think of a video version of the show, I kind of knew what you would say because you're an auto, you're an audio audience, right?

505
00:38:08,085 --> 00:38:14,665
it's sort of like going to a steak restaurant and asking people if they would like to order,

506
00:38:15,105 --> 00:38:16,605
I don't know, a hot dog?

507
00:38:17,025 --> 00:38:18,225
No, that's not quite right.

508
00:38:18,285 --> 00:38:18,765
You know what I mean?

509
00:38:18,805 --> 00:38:20,005
Like you're asking the wrong crowd.

510
00:38:20,925 --> 00:38:25,185
But I also, I like hearing why people love audio because I'm a big audio format fan.

511
00:38:25,305 --> 00:38:26,645
So I don't mind at all.

512
00:38:27,165 --> 00:38:30,765
And I do think that if I were to get into video for this show in any capacity,

513
00:38:31,125 --> 00:38:34,025
Noster and ZapDotStream would probably be high on my list.

514
00:38:34,025 --> 00:38:43,065
I don't even, I mean, I suppose maybe YouTube as well is just a publishing destination, but I just, I can't get myself excited about building a large presence on YouTube.

515
00:38:43,625 --> 00:38:46,025
You know, that platform is very fickle.

516
00:38:46,925 --> 00:38:47,705
Things can change.

517
00:38:48,205 --> 00:38:52,125
You know, you can build a niche and then YouTube takes away all the heat from that niche.

518
00:38:52,585 --> 00:38:53,925
So, yeah.

519
00:38:54,085 --> 00:38:54,465
Thanks, OB.

520
00:38:54,785 --> 00:38:56,805
You make me want to be a better man.

521
00:38:56,905 --> 00:38:57,585
Appreciate you.

522
00:38:58,105 --> 00:39:01,185
Mac Jollers is here with 3,000 sats.

523
00:39:01,285 --> 00:39:01,985
This is the way.

524
00:39:02,405 --> 00:39:03,205
I prefer audio.

525
00:39:03,205 --> 00:39:05,065
I'm never watching podcasts

526
00:39:05,065 --> 00:39:07,105
but I've definitely clicked on those short video clips

527
00:39:07,105 --> 00:39:09,025
so if you do video be sure to make some of those

528
00:39:09,025 --> 00:39:11,445
those shorts man I tell you what I experimented

529
00:39:11,445 --> 00:39:12,545
recently with some of those

530
00:39:12,545 --> 00:39:15,305
YouTube definitely puts the heat on those suckers

531
00:39:15,305 --> 00:39:17,245
they definitely do

532
00:39:17,245 --> 00:39:19,205
I think what I think I think I don't know nothing

533
00:39:19,205 --> 00:39:21,225
about nothing but I think what YouTube

534
00:39:21,225 --> 00:39:22,785
does is when you publish a short

535
00:39:22,785 --> 00:39:25,245
they rapid fire throw it in front of

536
00:39:25,245 --> 00:39:27,165
people as fast as possible as soon as the

537
00:39:27,165 --> 00:39:28,725
videos render boom boom boom boom

538
00:39:28,725 --> 00:39:31,285
and then they immediately start getting the feedback

539
00:39:31,285 --> 00:39:33,305
on that. And if people like it and they get engaged,

540
00:39:33,785 --> 00:39:35,085
they continue to spread it around.

541
00:39:35,185 --> 00:39:37,145
And if they don't, they shut that sucker down fast.

542
00:39:37,425 --> 00:39:39,205
But those shorts, if they have

543
00:39:39,205 --> 00:39:40,445
the right combination of stuff,

544
00:39:41,205 --> 00:39:43,325
they'll go flying. It's really

545
00:39:43,325 --> 00:39:45,325
something. Thank you, Mac. Appreciate

546
00:39:45,325 --> 00:39:47,045
the boost. Gene Bean's back with

547
00:39:47,045 --> 00:39:49,045
4,666 sats.

548
00:39:49,045 --> 00:39:50,905
Oh my god, this drawer is filled with

549
00:39:50,905 --> 00:39:53,025
brooklobes. Gene Bean votes

550
00:39:53,025 --> 00:39:54,965
audio only, although Nostra

551
00:39:54,965 --> 00:39:57,025
Clips would be welcome. Again, another

552
00:39:57,025 --> 00:39:58,685
vote for Nostra Video Clips. You guys,

553
00:39:59,365 --> 00:40:00,985
you guys, on the same page.

554
00:40:00,985 --> 00:40:01,725
You know what I'm saying?

555
00:40:01,845 --> 00:40:03,585
This is a tasty burger.

556
00:40:03,765 --> 00:40:05,865
Yeah, I got answers and I want some questions.

557
00:40:05,965 --> 00:40:06,265
All right.

558
00:40:06,345 --> 00:40:09,785
We can't have you being undercompensated for TWIB.

559
00:40:10,125 --> 00:40:17,485
Surely all the people, the listeners of the hashtag Bitcoin hashtag podcast can figure out how to use the hashtag lightning network to show their appreciation for what you do.

560
00:40:17,945 --> 00:40:19,905
If anyone wants some help figuring it out, hit me up.

561
00:40:19,965 --> 00:40:25,165
I'm on Mastodon at Gene Bean or he provides his end pub, which I wish we need an easy way.

562
00:40:25,165 --> 00:40:39,185
What I have done, Gene, and maybe this is maybe a hack, but I got chrislas.com and I just set up with a redirect to a primal page for with my end pub because people need, you know, a friendly URL.

563
00:40:39,345 --> 00:40:39,645
I can't.

564
00:40:40,045 --> 00:40:41,485
But he did provide his end pub, which is great.

565
00:40:41,585 --> 00:40:42,085
Thanks, Gene.

566
00:40:42,305 --> 00:40:42,685
Thank you.

567
00:40:42,805 --> 00:40:43,785
Thank you for that sentiment.

568
00:40:44,585 --> 00:40:45,005
You know what I mean?

569
00:40:45,065 --> 00:40:45,925
Appreciate that.

570
00:40:46,705 --> 00:40:47,705
Tough little ship there, Gene.

571
00:40:47,805 --> 00:40:48,425
Tough little ship.

572
00:40:49,225 --> 00:40:49,585
Little.

573
00:40:50,185 --> 00:40:50,905
Not little at home.

574
00:40:51,465 --> 00:40:53,525
Mix is here with 2,100 sats.

575
00:40:53,865 --> 00:40:54,845
Everything's under control.

576
00:40:54,845 --> 00:41:14,005
No need for video here. I feel the need for video mostly comes from the want need to put something on YouTube. Audio is more useful when you listen to pick up more details and how things are said. Oh, right there, right? I know. Mix, I think you're kind of right. Well, I don't know. I think a lot of people that make content don't like YouTube. I'm definitely in that camp.

577
00:41:14,005 --> 00:41:27,005
And video, the question I think, the core question about video comes down to how much value does shareability and virality have with a small sprinkling of discoverability.

578
00:41:27,405 --> 00:41:28,825
All words I kind of hate.

579
00:41:29,265 --> 00:41:30,205
But you know what I mean.

580
00:41:30,425 --> 00:41:32,305
Nobody shares around links to podcasts.

581
00:41:32,405 --> 00:41:34,905
They share links to video and shorts and stuff like that.

582
00:41:35,885 --> 00:41:37,825
So I think that's why people are on there.

583
00:41:38,205 --> 00:41:40,365
Frankly, I find the YouTube platform abhorrent.

584
00:41:40,365 --> 00:41:41,705
I think it's creator hostile.

585
00:41:42,065 --> 00:41:43,845
And I think they would like to crush podcasting.

586
00:41:44,005 --> 00:41:51,585
So if I were to do video, it would mostly be in the alternative enclosure and it would be on a peer tube platform, ideally.

587
00:41:51,585 --> 00:41:56,225
And then it would be on a Nostra platform, ideally, and then perhaps on YouTube.

588
00:41:56,985 --> 00:41:58,445
But I don't think I'd be sending anybody there.

589
00:41:59,385 --> 00:42:02,385
Paranoid Coder comes in with 2,000 sats.

590
00:42:02,565 --> 00:42:03,865
The traders love the vol.

591
00:42:04,025 --> 00:42:05,945
No message, just the value.

592
00:42:06,045 --> 00:42:07,165
And I appreciate that.

593
00:42:07,606 --> 00:42:09,985
Oppie's here with 4,000 sats.

594
00:42:10,125 --> 00:42:12,385
Boy, they are doing a lot with mayo these days.

595
00:42:12,385 --> 00:42:16,145
I have ADHD and I use podcasts and audiobooks to help me focus at work.

596
00:42:16,385 --> 00:42:18,345
Video is distracting, so I just never use it.

597
00:42:18,425 --> 00:42:23,705
That being said, if others would like to have it, I have no issue as long as audio is the first priority.

598
00:42:24,025 --> 00:42:30,805
I've given up on a few longtime listeners due to the host moving to video first mindset and making audio a waste of time to listen to.

599
00:42:31,145 --> 00:42:32,185
I'd hate to see that happen to Twib.

600
00:42:32,865 --> 00:42:33,645
Yeah, I agree.

601
00:42:34,245 --> 00:42:37,645
A big, big pet peeve of mine.

602
00:42:39,645 --> 00:42:42,285
Because I'd made that mistake, I think, in the past.

603
00:42:42,385 --> 00:42:48,485
Now, thankfully, I made that mistake a decade ago and then realized I need to focus on multi-track audio.

604
00:42:49,405 --> 00:42:54,005
And to this day, we live video stream Linux Unplugged, but it's an audio first show.

605
00:42:54,445 --> 00:42:57,606
When we're done, we produce independent tracks.

606
00:42:57,725 --> 00:42:59,485
We give our audio editor and he produces it.

607
00:42:59,745 --> 00:43:05,065
This show, I record to multi-track my track, the clips, all that's on its own tracks.

608
00:43:05,565 --> 00:43:08,665
I don't edit, but I do mix it down and publish it.

609
00:43:08,665 --> 00:43:13,345
And I have the ability to like, you know, drop a gate on a track if I need to, if there's noise or something like that.

610
00:43:13,385 --> 00:43:19,905
And it just even that level of control, even if I'm not doing a lot of post-production, even just that increases the quality.

611
00:43:20,045 --> 00:43:22,865
And I can, you know, or I can toss a compressor if I mess something up on there.

612
00:43:22,885 --> 00:43:24,505
Like I have optionality, right?

613
00:43:24,965 --> 00:43:28,185
It's like a raw, it's like raw photos versus JPEGs in a way.

614
00:43:28,845 --> 00:43:33,365
And when you go video and you have to go, it's sort of like you're going straight to JPEG.

615
00:43:34,745 --> 00:43:36,865
You know, people get so distracted by all of that.

616
00:43:37,365 --> 00:43:39,805
So that was a lesson I internalized a decade ago,

617
00:43:40,425 --> 00:43:41,925
is the audio is great.

618
00:43:42,085 --> 00:43:44,785
And audio, you know, the video is always a secondary product.

619
00:43:45,145 --> 00:43:47,185
And so what we do in Linux Unplugged is the live stream.

620
00:43:47,765 --> 00:43:48,805
You know, we'll put that out as video.

621
00:43:49,465 --> 00:43:52,165
But the core show and what pays the bills is audio.

622
00:43:52,565 --> 00:43:52,985
Thanks, Hoppy.

623
00:43:53,065 --> 00:43:53,725
Nice to hear from you.

624
00:43:54,285 --> 00:43:55,585
Appreciate your input there.

625
00:43:56,005 --> 00:43:56,565
Tomato's here.

626
00:43:56,925 --> 00:43:57,425
Hey, Tomato.

627
00:43:57,425 --> 00:44:00,285
He brought 2,048 sats with him.

628
00:44:01,485 --> 00:44:03,085
I've been enjoying the balance of show recently.

629
00:44:03,205 --> 00:44:03,865
Keep up the good work.

630
00:44:03,965 --> 00:44:05,025
Ah, thanks for the feedback.

631
00:44:05,165 --> 00:44:05,885
Appreciate that, Tomato.

632
00:44:06,565 --> 00:44:09,685
One dull geeks here with 3,333 sats.

633
00:44:09,885 --> 00:44:10,965
Well, I'll be dipped.

634
00:44:11,625 --> 00:44:13,725
Regarding video, it's great when there are visuals

635
00:44:13,725 --> 00:44:14,725
that help convey information.

636
00:44:14,885 --> 00:44:15,865
But as soon as people do that,

637
00:44:15,945 --> 00:44:17,165
the audio version seems to suffer,

638
00:44:17,265 --> 00:44:18,365
and I tend to switch to the video,

639
00:44:18,685 --> 00:44:20,425
and they tend to switch, or I tend to switch,

640
00:44:20,485 --> 00:44:21,405
to the video-only version.

641
00:44:21,825 --> 00:44:23,205
Is there some way to stream sats

642
00:44:23,205 --> 00:44:24,865
while watching the link to the video feed?

643
00:44:25,205 --> 00:44:28,285
Well, that's the great thing about being in your RSS feed

644
00:44:28,285 --> 00:44:29,345
as an alternative enclosure.

645
00:44:29,345 --> 00:44:30,845
It just plays in your podcast player.

646
00:44:31,745 --> 00:44:31,885
Yeah.

647
00:44:32,685 --> 00:44:34,225
Anyways, enough about that.

648
00:44:34,345 --> 00:44:35,125
But yeah, it's a good question.

649
00:44:35,125 --> 00:44:38,485
Cardboard Warrior comes in with, thank you for the boost, with 5,000 sats.

650
00:44:39,345 --> 00:44:42,905
Probably a silly question, but when you run a node, say on Lenovo running Windows 11,

651
00:44:43,025 --> 00:44:45,245
do you have to keep said node running all the time?

652
00:44:45,685 --> 00:44:46,465
Thanks for the value.

653
00:44:47,185 --> 00:44:47,825
Yes, indeed.

654
00:44:48,325 --> 00:44:52,865
You do want to keep it running all the time because the Bitcoin network runs all the time.

655
00:44:53,525 --> 00:44:54,205
Good question, though.

656
00:44:54,345 --> 00:44:55,465
Not a dumb question.

657
00:44:55,865 --> 00:44:57,785
I could totally, you know, and it will catch up.

658
00:44:58,165 --> 00:44:59,505
It's just not going to be as functional.

659
00:45:00,085 --> 00:45:04,325
And if it's offline for a while, it'll take a while to catch up.

660
00:45:05,125 --> 00:45:05,965
Thank you for the boost.

661
00:45:06,745 --> 00:45:09,385
Northern HODL is here with 2,121 sats.

662
00:45:10,645 --> 00:45:13,145
I'm not against video, but I only listen to audio podcasts.

663
00:45:13,245 --> 00:45:15,145
I'm usually walking, driving, or lying in bed.

664
00:45:15,945 --> 00:45:18,645
Yeah, where I would find video to be useful would be at the desk.

665
00:45:19,645 --> 00:45:23,106
You know, if you're watching, if you're sitting at the desk, like me, I've got too many screens,

666
00:45:23,425 --> 00:45:24,905
so I might toss a video up there.

667
00:45:25,285 --> 00:45:27,865
And if I'm going to go the route of a podcast while I'm at the desk,

668
00:45:28,106 --> 00:45:30,125
I might just go the route of a video podcast.

669
00:45:30,765 --> 00:45:32,405
I might not be looking at it constantly.

670
00:45:32,405 --> 00:45:36,165
I might not even have that particular tab up, but I might tab to it from time to time.

671
00:45:36,645 --> 00:45:37,365
I'm with you, though.

672
00:45:37,385 --> 00:45:40,005
I mostly listen in the car when I'm driving.

673
00:45:40,505 --> 00:45:48,106
If I go on a walk, definitely bring in, you know, or if I'm working on the outside of the house, the RV, whatever, studio, put in a podcast.

674
00:45:48,745 --> 00:45:49,485
I love that.

675
00:45:49,925 --> 00:45:52,925
Because, you know, one thing is I don't want the topic to change for like an hour.

676
00:45:53,285 --> 00:45:57,385
Like if you go with YouTube, it's like every 15 minutes, something new, you know.

677
00:45:57,945 --> 00:45:58,625
Thank you for the boost.

678
00:45:59,545 --> 00:46:01,825
Ed's here with 3,333 sats.

679
00:46:01,825 --> 00:46:03,005
Danger zone

680
00:46:03,005 --> 00:46:04,585
I vote for audio format

681
00:46:04,585 --> 00:46:05,785
Video is a huge

682
00:46:05,785 --> 00:46:07,165
Is huge data wise

683
00:46:07,165 --> 00:46:08,085
I download

684
00:46:08,085 --> 00:46:08,825
In my download queue

685
00:46:08,825 --> 00:46:09,665
My podcast content

686
00:46:09,665 --> 00:46:10,885
Daily to my local storage

687
00:46:10,885 --> 00:46:11,665
Oh good idea

688
00:46:11,665 --> 00:46:13,245
In this usage model

689
00:46:13,245 --> 00:46:14,065
I can stream content

690
00:46:14,065 --> 00:46:15,065
Without data connections

691
00:46:15,065 --> 00:46:15,485
Heck yeah

692
00:46:15,485 --> 00:46:16,745
I never worry about storage

693
00:46:16,745 --> 00:46:17,925
As my phone will stay in the cab

694
00:46:17,925 --> 00:46:18,745
Of my truck for a while

695
00:46:18,745 --> 00:46:19,805
And I walk around with a bluetooth

696
00:46:19,805 --> 00:46:21,025
And I listen to Twib

697
00:46:21,025 --> 00:46:22,305
While working at the same time

698
00:46:22,305 --> 00:46:22,945
Thanks for producing

699
00:46:22,945 --> 00:46:24,225
The best Bitcoin podcast

700
00:46:24,225 --> 00:46:25,505
I've heard on the topic of Bitcoin

701
00:46:25,505 --> 00:46:26,865
And doing it in format

702
00:46:26,865 --> 00:46:28,865
Focused on audio

703
00:46:28,865 --> 00:46:29,245
Yeah

704
00:46:29,245 --> 00:46:30,385
Let's hear it good buddy

705
00:46:30,385 --> 00:46:31,665
Alright I'll take that

706
00:46:31,665 --> 00:46:33,265
That is true.

707
00:46:33,945 --> 00:46:34,485
Thanks, Ed.

708
00:46:35,205 --> 00:46:36,025
I like that.

709
00:46:36,106 --> 00:46:46,578
Of course what I was talking about it wouldn have changed the default to be I wouldn rip the bandaid off as it were You like that I wouldn rip that bandaid off but I agree with you Like if you

710
00:46:46,698 --> 00:46:47,958
I love the pre-downloading.

711
00:46:47,998 --> 00:46:49,518
Like when I go on a road trip and stuff,

712
00:46:49,598 --> 00:46:50,718
I download everything.

713
00:46:50,958 --> 00:46:51,358
Audiobooks,

714
00:46:51,418 --> 00:46:51,818
podcasts,

715
00:46:51,978 --> 00:46:52,738
you name it.

716
00:46:53,198 --> 00:46:53,758
I love that.

717
00:46:54,578 --> 00:46:55,438
Golf Winch is here with,

718
00:46:55,678 --> 00:46:57,798
Golf Winch is here with 2,000 sats.

719
00:46:59,058 --> 00:47:00,018
I'm doing my part.

720
00:47:00,338 --> 00:47:02,018
This is one of my favorite weekly shows.

721
00:47:02,018 --> 00:47:02,698
Audio for me.

722
00:47:02,858 --> 00:47:04,878
Video is too time consuming.

723
00:47:04,878 --> 00:47:06,458
for you or for me?

724
00:47:06,858 --> 00:47:08,138
For me, I would just do it live.

725
00:47:08,218 --> 00:47:10,178
But yes, yes, it can be.

726
00:47:10,278 --> 00:47:10,978
Oh, my God.

727
00:47:11,498 --> 00:47:12,638
If you want to mess around with like shorts

728
00:47:12,638 --> 00:47:14,358
and edit them really tight and stuff like that,

729
00:47:14,418 --> 00:47:15,418
it's horrible golf.

730
00:47:15,638 --> 00:47:16,318
Thank you for the boost.

731
00:47:16,978 --> 00:47:18,618
Mug Daddy's here with 5,000 sats.

732
00:47:18,858 --> 00:47:19,658
This is the way.

733
00:47:20,018 --> 00:47:21,378
I listened to this podcast for a while

734
00:47:21,378 --> 00:47:22,678
while I'm doing other things.

735
00:47:23,078 --> 00:47:24,538
So I have zero interest in video.

736
00:47:24,538 --> 00:47:25,038
Mm-hmm.

737
00:47:25,278 --> 00:47:25,718
Mm-hmm.

738
00:47:25,798 --> 00:47:26,378
I'm getting that.

739
00:47:26,498 --> 00:47:27,218
I'm getting that.

740
00:47:27,758 --> 00:47:29,058
That's not possible.

741
00:47:29,178 --> 00:47:30,198
Nothing can do that.

742
00:47:30,298 --> 00:47:30,958
Thank you for the boost.

743
00:47:31,098 --> 00:47:33,558
And I love how productive you all are.

744
00:47:33,558 --> 00:47:40,998
good god that's great army guy 6902 is here with 5 000 sats i am programmed in multiple techniques

745
00:47:40,998 --> 00:47:46,778
another great episode as a truck driver audio is king for me but i'm sure video would also be nice

746
00:47:46,778 --> 00:47:50,858
especially for the charts and the clips keep up the great work well that's such a nice balanced

747
00:47:50,858 --> 00:47:57,078
take army guy and yeah and you know if i did a video version it would basically be what you hear

748
00:47:57,078 --> 00:48:02,698
just with visuals i'm not by the way doing one i wanted to take the pulse on this because for this

749
00:48:02,698 --> 00:48:06,918
show, it would be pretty straightforward for me to do one live to tape. I would just capture as I do

750
00:48:06,918 --> 00:48:11,318
the show. I would just capture my screen, capture the clips I'm playing and produce it. So I wanted

751
00:48:11,318 --> 00:48:15,918
to put the offer out there. But I love that I'm hearing kind of how you guys like that wasn't what

752
00:48:15,918 --> 00:48:20,518
I expected was to hear how you guys listen. I mean, think about it from my perspective. I have

753
00:48:20,518 --> 00:48:25,618
no effing idea. So in a way, this is like market research here. This is fantastic. Appreciate that.

754
00:48:26,058 --> 00:48:30,218
If anybody else wants to share, I'm always up. Let me know. Kiwi Bitcoin. And thank you for the

755
00:48:30,218 --> 00:48:40,098
boost army guy kiwi bitcoin guide is back with 4567 sets i love video for technical tutorials

756
00:48:40,098 --> 00:48:45,878
but prefer audio for news and interviews hmm that's an interesting distinction that's interesting

757
00:48:45,878 --> 00:48:51,038
i like i like that uh he goes on to say how about some detailed video content on technical topics

758
00:48:51,038 --> 00:48:55,378
perhaps available as bonus content video content would involve more effort for you so putting in

759
00:48:55,378 --> 00:48:58,078
the effort towards an evergreen technical content would mean it sticks around longer

760
00:48:58,638 --> 00:49:00,878
Thanks for the in-depth content and research you put into every show.

761
00:49:01,398 --> 00:49:03,218
And plus one for that AlbiHub deep dive.

762
00:49:03,338 --> 00:49:03,778
All right.

763
00:49:04,358 --> 00:49:04,738
Mm-hmm.

764
00:49:04,938 --> 00:49:05,338
Yep.

765
00:49:05,918 --> 00:49:06,318
Yep.

766
00:49:06,858 --> 00:49:07,398
Mm-hmm.

767
00:49:07,818 --> 00:49:08,318
Thanks, Kiwi.

768
00:49:08,538 --> 00:49:09,198
Good to hear from you.

769
00:49:09,338 --> 00:49:09,798
Good boost.

770
00:49:10,638 --> 00:49:13,338
Nakamoto 6102 is here with 3,500 sats.

771
00:49:13,458 --> 00:49:15,218
Put some macaroni and cheese on there, too.

772
00:49:15,478 --> 00:49:16,638
Plus one for audio only.

773
00:49:16,718 --> 00:49:17,818
And thanks for the value.

774
00:49:17,978 --> 00:49:18,938
You got it, buddy.

775
00:49:19,058 --> 00:49:19,858
Thank you, Nakamoto.

776
00:49:19,958 --> 00:49:20,898
Nice to hear from you.

777
00:49:21,658 --> 00:49:23,458
Ace Ackerman's here with a row of ducks.

778
00:49:24,818 --> 00:49:25,838
No video necessary.

779
00:49:26,218 --> 00:49:28,138
There's already plenty of quality content there to digest.

780
00:49:28,278 --> 00:49:28,678
That's true.

781
00:49:28,738 --> 00:49:30,278
There is a lot of, there is a lot.

782
00:49:31,078 --> 00:49:31,358
Yeah.

783
00:49:31,758 --> 00:49:35,278
Although, I don't know if I would say any of it meets the standard, but yes, I agree.

784
00:49:35,358 --> 00:49:35,918
There is a lot.

785
00:49:37,358 --> 00:49:38,458
Why do I got to do that?

786
00:49:38,758 --> 00:49:40,798
MDS is here with 11,000 sets.

787
00:49:40,798 --> 00:49:43,818
I don't understand what the heck is going on here.

788
00:49:44,098 --> 00:49:48,758
Australia is getting between its largest trading partner and its primary leverage tool against its greatest adversary.

789
00:49:48,998 --> 00:49:50,458
What could go wrong?

790
00:49:50,878 --> 00:49:52,118
Of course, he's talking about the rare earth deal.

791
00:49:52,658 --> 00:49:54,898
And the agreement was a handshake?

792
00:49:55,538 --> 00:49:57,638
Who's left holding the bag if China pivots?

793
00:49:58,458 --> 00:50:00,958
Yeah, well, that could very well be what happens, MDS.

794
00:50:01,178 --> 00:50:02,078
It's a great question.

795
00:50:02,698 --> 00:50:05,098
The least you cobbers could do...

796
00:50:05,098 --> 00:50:05,658
Cobbers?

797
00:50:05,818 --> 00:50:06,538
What's a cober?

798
00:50:06,858 --> 00:50:09,818
The least you cobbers could do is check out the band of Aussie plebs

799
00:50:09,818 --> 00:50:12,678
stacking sats on Fountain before the warships arrive.

800
00:50:13,038 --> 00:50:14,618
Check out Social Hijack.

801
00:50:14,698 --> 00:50:15,438
Not mad at you, Chris.

802
00:50:15,598 --> 00:50:16,418
Keep up the great work.

803
00:50:17,818 --> 00:50:18,718
I like you.

804
00:50:18,938 --> 00:50:19,318
That's good.

805
00:50:19,318 --> 00:50:20,118
You're a hot ticket.

806
00:50:20,218 --> 00:50:21,238
Yeah, you're a hot ticket, MDS.

807
00:50:21,318 --> 00:50:21,898
I like that.

808
00:50:22,538 --> 00:50:23,438
I think that was a good one.

809
00:50:23,438 --> 00:50:24,958
Thank you for the perspective, too.

810
00:50:25,778 --> 00:50:26,578
Okay, what do we have here?

811
00:50:26,638 --> 00:50:28,098
We have VCAVLO.

812
00:50:28,498 --> 00:50:28,898
What is it?

813
00:50:28,938 --> 00:50:31,298
V-C-A-V-A-L-L-O.

814
00:50:32,278 --> 00:50:32,678
Vacavalo?

815
00:50:32,998 --> 00:50:34,318
No, that's probably not it.

816
00:50:34,378 --> 00:50:35,338
2,001 sat.

817
00:50:35,518 --> 00:50:36,578
Good news, everyone.

818
00:50:37,058 --> 00:50:38,238
Here's to your hourly rate.

819
00:50:39,598 --> 00:50:40,258
He's a good guy.

820
00:50:40,498 --> 00:50:41,478
He's a real good guy.

821
00:50:41,618 --> 00:50:42,258
No, he's a great guy.

822
00:50:42,578 --> 00:50:43,538
All right, thank you very much.

823
00:50:43,578 --> 00:50:44,298
I appreciate that.

824
00:50:44,398 --> 00:50:45,038
It's pretty funny.

825
00:50:45,558 --> 00:50:46,078
Next caller.

826
00:50:46,418 --> 00:50:49,618
Philip is here with 3,333 sats.

827
00:50:49,778 --> 00:50:51,638
You're doing very well.

828
00:50:51,638 --> 00:50:53,198
Chris, this content's great and valuable.

829
00:50:53,198 --> 00:50:59,358
keep it up. Thank you very much. I appreciate that. Bug-Eyed Stormtrooper. Hey, there he is.

830
00:50:59,458 --> 00:51:01,998
You know, I was thinking about you the other day. I was like, that's such a great name.

831
00:51:02,458 --> 00:51:09,558
He's here with 5,000 sats. Report again. I would lean towards not using video as it doesn't fit my

832
00:51:09,558 --> 00:51:15,558
listening habits, but wouldn't shame any effort towards that direction. I like that. I want to

833
00:51:15,558 --> 00:51:19,658
say things like that, but I wouldn't shame any effort towards that direction. That's how I want

834
00:51:19,658 --> 00:51:24,378
believe you said that. So what is your listening habit, though? That's the bit I want to know.

835
00:51:24,738 --> 00:51:30,358
You know what I mean? These are the bits that I'd like to hear. Joey D's here with, Joey DD,

836
00:51:30,718 --> 00:51:37,238
Joey Double D's here with 5,000 sats. This is why I have bedtime wine. But no mess, it's just

837
00:51:37,238 --> 00:51:41,618
the value. And of course, I always do appreciate that. A couple other boosts below the 2,000-sat

838
00:51:41,618 --> 00:51:45,978
cutoff on the video topic. Of course, I read all of them, and I do above 2,000 sats and above

839
00:51:45,978 --> 00:51:47,678
just for time on air.

840
00:51:48,138 --> 00:51:50,778
Also, a big shout-out to everybody who streams Sats as they listen.

841
00:51:50,918 --> 00:51:52,458
38 of you did that, and collectively,

842
00:51:52,958 --> 00:51:57,798
you stacked the show 40,351 Sats just by streaming them to us.

843
00:51:58,238 --> 00:51:59,578
Thank you very much, Sat Streamers.

844
00:52:00,078 --> 00:52:00,798
Makes a difference there.

845
00:52:01,258 --> 00:52:04,658
Now, we combine that with everybody who boosted in this week,

846
00:52:04,798 --> 00:52:06,898
and it brings the show up a little bit from last week

847
00:52:06,898 --> 00:52:09,998
to 200,766 Sats.

848
00:52:15,978 --> 00:52:27,078
If you'd like to boost the show,

849
00:52:27,218 --> 00:52:28,758
Fountain FM makes it pretty easy

850
00:52:28,758 --> 00:52:30,858
because they host the Lightning Wallet for you,

851
00:52:31,098 --> 00:52:32,138
make it easy to get started,

852
00:52:32,318 --> 00:52:33,458
integrate with Strike and whatnot.

853
00:52:34,178 --> 00:52:36,298
Of course, there's a few different routes you can take,

854
00:52:36,678 --> 00:52:39,118
from running your own self-hosted setup with AlbiHub

855
00:52:39,118 --> 00:52:42,078
to going all the way to the hardcore,

856
00:52:42,718 --> 00:52:44,358
to the dark side with Boost CLI.

857
00:52:44,358 --> 00:52:46,798
Find out more at podcastapps.com.

858
00:52:46,878 --> 00:52:47,658
Check out AlbiHub.

859
00:52:48,118 --> 00:52:49,998
If you just want to get started quick, Fountain FM.

860
00:52:50,438 --> 00:52:54,398
And thank you everybody who supports the show with a boost or a Fountain FM membership.

861
00:52:55,138 --> 00:52:58,558
We'll have more for you in the future or, of course, a Jupiter.party membership.

862
00:52:59,278 --> 00:53:01,938
All of that goes towards making this an ad-free show.

863
00:53:05,178 --> 00:53:05,898
Make it so.

864
00:53:05,898 --> 00:53:11,098
Thank you everybody who supports the show, either directly or indirectly, with that automatic or boost.

865
00:53:14,358 --> 00:53:26,618
Well, there's big news from J.P. Morgan, one of the world's largest banks,

866
00:53:26,618 --> 00:53:35,498
and they announced this week they would begin the process to accept Bitcoin and Ethereum as collateral by the year end.

867
00:53:35,498 --> 00:53:48,918
Now, this is notable in that their CEO, Jamie Dimon, has been one of the loudest, most voracious critics of Bitcoin.

868
00:53:49,318 --> 00:53:54,078
And I'll play some of his highlights now so we can celebrate this massive capitulation.

869
00:53:54,638 --> 00:53:56,478
This is Jamie Dimon in 2000.

870
00:53:56,538 --> 00:53:58,118
I'm only going back a couple of years, friends.

871
00:53:58,118 --> 00:54:05,298
This is Jamie Dimon in 2023 calling for Bitcoin, calling Bitcoin a waste of time.

872
00:54:05,398 --> 00:54:08,178
And I think in this one, he even calls it a pet rock.

873
00:54:08,758 --> 00:54:12,518
What we're talking about, we pretty much always have some crypto conversation with you.

874
00:54:12,578 --> 00:54:14,318
I'm just curious because I don't think we've talked to you since.

875
00:54:14,418 --> 00:54:15,898
I think all that's been a waste of time.

876
00:54:15,978 --> 00:54:18,918
And why you guys waste any breath on us totally beyond me.

877
00:54:19,238 --> 00:54:27,018
Imagine in 2023 saying that all the stuff on crypto has been a waste of time and a waste of breath before everything that has happened this year.

878
00:54:27,018 --> 00:54:34,598
And it wouldn't just be like, you know, a no-coiner pleb, but this is one of the richest bankers in the world.

879
00:54:35,578 --> 00:54:38,358
Imagine missing it this hard and being this guy.

880
00:54:38,538 --> 00:54:41,758
Because you just think the whole thing just is going to zero and it's fake?

881
00:54:42,158 --> 00:54:44,678
Bitcoin itself is a hyped-up fraud.

882
00:54:45,478 --> 00:54:45,978
It's a pet rock.

883
00:54:45,998 --> 00:54:47,098
You're back to that? Really?

884
00:54:47,218 --> 00:54:47,618
Yeah, of course, yeah.

885
00:54:48,638 --> 00:54:53,598
So what do you make then of BlackRock and other firms that are investing in infrastructure?

886
00:54:53,598 --> 00:54:54,658
No, that's different.

887
00:54:54,658 --> 00:55:00,418
Blockchain is a technology ledger system that we use to move information.

888
00:55:00,938 --> 00:55:03,778
We've used it to do overnight repo, intraday repo.

889
00:55:03,998 --> 00:55:06,778
We've used it to move money.

890
00:55:07,178 --> 00:55:10,918
I love the, oh, not Bitcoin, but yeah, blockchain, guys.

891
00:55:11,618 --> 00:55:14,258
They've been around for years, and they're just so stupid.

892
00:55:15,018 --> 00:55:17,438
Like, blockchain is some great database, right?

893
00:55:17,518 --> 00:55:21,418
Like, blockchain is better than an Oracle database for moving these things around that they're talking about,

894
00:55:21,418 --> 00:55:24,838
where it's two centralized entities moving money between each other.

895
00:55:25,018 --> 00:55:28,038
Like they need a global decentralized blockchain.

896
00:55:29,678 --> 00:55:31,218
So that is a ledger.

897
00:55:31,298 --> 00:55:34,158
That's a technology ledger type of thing that we think will be deployable.

898
00:55:34,478 --> 00:55:38,018
Remember, we've been talking about that for 12 years, too, and very little has been done.

899
00:55:38,318 --> 00:55:42,078
There are some tokens that I agree with you on, but Bitcoin is based on a distributed ledger.

900
00:55:42,078 --> 00:55:46,038
It has all the characteristics of a store of value.

901
00:55:46,538 --> 00:55:48,698
Old Joe coming in clutch since 2023.

902
00:55:49,178 --> 00:55:51,018
It's immutable. It's scarce.

903
00:55:51,418 --> 00:55:52,418
It's totally untrue.

904
00:55:52,598 --> 00:55:53,958
It's 21 million.

905
00:55:54,098 --> 00:55:54,598
Oh, yeah, really.

906
00:55:54,858 --> 00:55:56,418
How do you know it's going to stop at 21 million?

907
00:55:56,698 --> 00:55:57,598
Totally untrue.

908
00:55:57,758 --> 00:55:59,758
By the way, here's a totally fan.

909
00:55:59,838 --> 00:56:00,558
Here's a total.

910
00:56:00,998 --> 00:56:04,758
Here's a total Jamie Dimon fantasy of what could happen.

911
00:56:04,878 --> 00:56:05,758
Totally untrue, though.

912
00:56:06,838 --> 00:56:08,438
Because it's Satoshi.

913
00:56:08,958 --> 00:56:09,858
Everyone says that.

914
00:56:09,918 --> 00:56:11,258
Well, maybe it's going to get to 21 million.

915
00:56:11,378 --> 00:56:13,598
And Satoshi's picture is going to come up and laugh at you all.

916
00:56:14,918 --> 00:56:16,618
There isn't a picture.

917
00:56:16,998 --> 00:56:19,118
And by then, Satoshi will have taken out billions of dollars.

918
00:56:19,578 --> 00:56:23,238
What was your reaction to the failure of FTX and all of that?

919
00:56:24,758 --> 00:56:29,298
You know you've seen lots of failures over the years of different things that have happened on Wall Street and the world of finance.

920
00:56:29,318 --> 00:56:30,138
I'm not surprised at all.

921
00:56:31,058 --> 00:56:33,238
I called it a decentralized Ponzi scheme.

922
00:56:33,678 --> 00:56:35,478
The hype around this thing has been extraordinary.

923
00:56:36,198 --> 00:56:36,938
The underlying asset.

924
00:56:37,178 --> 00:56:38,938
But you have a lot of clients who aren't involved.

925
00:56:38,938 --> 00:56:44,698
You guys have all seen the analysis on Tether and the analysis on all these things and the lack of disclosures.

926
00:56:44,998 --> 00:56:45,638
And it's outrageous.

927
00:56:46,058 --> 00:56:47,778
Regulators should have stopped this a long time ago.

928
00:56:47,778 --> 00:56:49,578
People have lost billions of dollars.

929
00:56:50,118 --> 00:56:54,718
You know, some are, you know, if you look at it as lower income people, it's some in some cases.

930
00:56:54,718 --> 00:57:02,478
Jamie, there's a difference between saying FTX is a decentralized Ponzi scheme and saying that crypto itself is a Ponzi scheme.

931
00:57:02,578 --> 00:57:04,618
That's like, I mean, Madoff created options.

932
00:57:04,938 --> 00:57:07,578
Crypto itself doesn't do anything is a pet rock.

933
00:57:08,178 --> 00:57:08,758
You're happy to.

934
00:57:08,938 --> 00:57:09,058
Bitcoin.

935
00:57:09,338 --> 00:57:11,058
Yeah, you can own it all you want.

936
00:57:11,638 --> 00:57:12,578
I'm just talking.

937
00:57:12,778 --> 00:57:13,678
I mean, there's a lot.

938
00:57:13,878 --> 00:57:15,158
It's billions of dollars.

939
00:57:15,158 --> 00:57:16,238
I don't care about Bitcoin.

940
00:57:16,398 --> 00:57:17,578
So we should just drop the subject.

941
00:57:17,578 --> 00:57:19,118
All right, let's just move on, he says.

942
00:57:19,138 --> 00:57:20,558
I don't want to talk about this anymore.

943
00:57:21,178 --> 00:57:28,778
And then, of course, you remember the classic testimony when Elizabeth Warren and him prepared ahead of time and exchanged emails planning on what they'd talk about.

944
00:57:29,298 --> 00:57:36,578
And when he had his moment to testify, of course, Jamie Dimon said that if he ran the government, his fantasy, of course, he would shut the whole thing down.

945
00:57:37,378 --> 00:57:40,518
I've always been deeply opposed to crypto, Bitcoin, etc.

946
00:57:41,598 --> 00:57:42,538
Deeply opposed.

947
00:57:42,838 --> 00:57:43,758
I forgot he says that.

948
00:57:43,798 --> 00:57:45,338
I've always been deeply opposed.

949
00:57:45,338 --> 00:57:48,918
I've always been deeply opposed to crypto, Bitcoin, etc.

950
00:57:48,918 --> 00:57:54,858
He doesn't even understand it, right? He can't tell the difference between FTX and Bitcoin and other cryptos.

951
00:57:54,998 --> 00:57:59,338
You could hear that. He doesn't understand it, but he deeply opposes it.

952
00:57:59,758 --> 00:58:03,058
I've always been deeply opposed to crypto, Bitcoin, etc.

953
00:58:03,538 --> 00:58:09,718
You pointed out the only true use case for it is criminals, drug traffickers, anti-money learning, tax avoidance.

954
00:58:09,718 --> 00:58:20,778
And that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously and because it doesn't go through, as you mentioned, all these systems have built up over many years.

955
00:58:21,178 --> 00:58:23,098
Know your customers, sanctions, OFAC.

956
00:58:23,638 --> 00:58:25,278
They can bypass all of that.

957
00:58:25,658 --> 00:58:27,498
If I was the government, I'd close it down.

958
00:58:27,698 --> 00:58:28,518
Oh, I'd close it down.

959
00:58:28,938 --> 00:58:29,418
Oh, OK.

960
00:58:29,618 --> 00:58:29,798
Yeah.

961
00:58:30,238 --> 00:58:30,498
Boy.

962
00:58:30,818 --> 00:58:35,658
And then, of course, in 2024, he continued to say it's a fraud and a Ponzi scheme.

963
00:58:36,518 --> 00:58:36,958
Crypto.

964
00:58:37,638 --> 00:58:40,978
If you mean crypto like Bitcoin, I've always said it's a fraud.

965
00:58:41,778 --> 00:58:43,058
So no hope for it.

966
00:58:43,178 --> 00:58:46,238
Well, if they think they're a currency, there's no hope for it.

967
00:58:46,538 --> 00:58:47,478
It's a Ponzi scheme.

968
00:58:47,578 --> 00:58:48,678
It's a public decentralized.

969
00:58:49,078 --> 00:58:50,398
Who's they, Jamie?

970
00:58:50,498 --> 00:58:50,918
Who's they?

971
00:58:51,538 --> 00:58:52,478
That was on Bloomberg.

972
00:58:52,478 --> 00:59:00,298
Now, here he is in January of 2025 saying that Bitcoin has no intrinsic value and it's basically like smoking.

973
00:59:00,978 --> 00:59:04,218
You've said that it's as useless as a pet rock.

974
00:59:04,218 --> 00:59:07,178
This is on the CBS Sunday Morning News.

975
00:59:07,718 --> 00:59:08,958
What do you really think?

976
00:59:09,158 --> 00:59:11,618
You're going to have some kind of digital currency at one point.

977
00:59:11,838 --> 00:59:13,498
So I'm not against crypto.

978
00:59:13,938 --> 00:59:15,838
You know, Bitcoin itself has no intrinsic value.

979
00:59:16,078 --> 00:59:21,578
It's used heavily by sex traffickers, money launderers, ransomware.

980
00:59:22,018 --> 00:59:23,778
So I just don't feel great about Bitcoin.

981
00:59:24,078 --> 00:59:26,418
I applaud your ability to want to buy or sell it.

982
00:59:26,458 --> 00:59:28,018
Just like, I think you have the right to smoke.

983
00:59:28,398 --> 00:59:30,278
But I don't think you should smoke.

984
00:59:30,978 --> 00:59:34,878
You know, I hate that he ties it to the sex predators and stuff like that.

985
00:59:34,958 --> 00:59:36,558
And we've gone through the data.

986
00:59:37,418 --> 00:59:38,458
We've looked at it.

987
00:59:38,638 --> 00:59:45,358
We know that it's low, that the amount of illegal activity on Bitcoin has been dropping for years as people realize it's an open ledger.

988
00:59:45,978 --> 00:59:47,478
So that's the background.

989
00:59:47,878 --> 00:59:55,098
So that's the scale of capitulation when J.P. Morgan announced that they'd be getting involved with Bitcoin lending.

990
00:59:56,058 --> 01:00:00,238
If the customers want to use it and how they use it and it's used properly, we'll be doing it.

991
01:00:00,278 --> 01:00:03,438
It's what the customer wants. It's not what J.P. Morgan personally wants.

992
01:00:03,778 --> 01:00:06,118
Oh, it's a bit of a change of tune there all of a sudden.

993
01:00:06,718 --> 01:00:14,278
J.P. Morgan declined to comment, but this is a space to watch because although it's early days and so far isolated to the trading division,

994
01:00:14,558 --> 01:00:20,378
it could ultimately expand to other areas of the business, whether it's corporate or asset management or even consumer.

995
01:00:20,658 --> 01:00:24,378
But again, early days still here, but still quite interesting, guys.

996
01:00:24,378 --> 01:00:37,938
It's early days at J.P. Morgan. But I wonder when you have, you know, the world's biggest bank now wading into this, what it's going to mean for the other financial services and banks that are already in this arena, as well as some of the crypto banks.

997
01:00:37,938 --> 01:00:59,238
Yeah, I think usually the way it works is if a client gets a certain service from one bank, they ask if it's available at the other counterparties. It's also doing businesses, other prime brokerage divisions and so forth. And so this is definitely something where JP Morgan has heard from, as I mentioned, the hedge fund managers and asset managers as a service that they want.

998
01:00:59,238 --> 01:01:07,638
And the firm has kind of been of the mindset recently that if regulations allow for it, they will explore it and figure out what they need to do to make it happen.

999
01:01:07,898 --> 01:01:15,918
The bigger question comes from kind of a risk management standpoint, which is that Bitcoin and Ether are more volatile than typical types of collateral.

1000
01:01:16,098 --> 01:01:21,438
So you have to take a certain size haircut in order to make that feasible from a risk management standpoint.

1001
01:01:21,858 --> 01:01:24,538
Really what she's talking about is you just have to have more collateral.

1002
01:01:24,538 --> 01:01:27,838
So that way you can withstand a larger drawdown.

1003
01:01:27,838 --> 01:01:50,838
The trend in the update section this week of convictions changing to chase profits is undeniable. We'll get back to that. But before we continue on that trend, I thought it was worth mentioning that BitKey, the folks of the BitKey wallet, have proposed a new Bitcoin improvement proposal, a BIP as they're called, that is for chain code delegation.

1004
01:01:50,838 --> 01:01:55,278
delegation they say it's a major step forward for multi-sig privacy instead of

1005
01:01:55,278 --> 01:01:58,998
sharing a full set of chain codes it withholds them entirely co-signers get

1006
01:01:58,998 --> 01:02:02,758
only the minimal info needed to sign a transaction without learning the

1007
01:02:02,758 --> 01:02:07,578
balances or unrelated activity this means multi-party wallets like corporate

1008
01:02:07,578 --> 01:02:13,338
treasuries or family vaults can now have co-signers that help recover funds or set

1009
01:02:13,338 --> 01:02:15,138
spending limits

1010
01:02:15,171 --> 01:02:17,811
without seeing your transaction history.

1011
01:02:18,451 --> 01:02:21,611
This has been authored by the current and former BitKey engineers that work there,

1012
01:02:21,671 --> 01:02:26,231
and their proposal aims to become an open standard for any wallet that wants to adopt it.

1013
01:02:26,951 --> 01:02:30,251
BitKey will be the first implemented, enabling truly private collaborative custody.

1014
01:02:30,991 --> 01:02:33,671
That sounds really neat.

1015
01:02:34,151 --> 01:02:36,951
So I'll put a link to this in the show notes where they explain more about it.

1016
01:02:37,331 --> 01:02:39,611
But, you know, as somebody who has a family,

1017
01:02:39,711 --> 01:02:42,871
and I would love to have lots of sub-wallets and maybe do something like co-signing,

1018
01:02:43,351 --> 01:02:44,811
something I'll follow very closely.

1019
01:02:44,811 --> 01:02:47,711
And if I see anything move forward, I'll try to report on it for you.

1020
01:02:49,091 --> 01:02:52,771
This story is a bit interesting and complicated.

1021
01:02:53,011 --> 01:02:57,891
Credit ratings firm S&P Global assigned a B- to strategy this week.

1022
01:02:58,331 --> 01:03:07,271
Now, this rating, which is not a very good one, it's considered speculative grade, does open up strategy to new forms of capital investment.

1023
01:03:07,271 --> 01:03:16,651
But hilariously, one of the reasons they only gave strategy a B minus is because they're concerned about them not holding enough melting fiat.

1024
01:03:17,171 --> 01:03:26,411
They write, quote, our ratings on strategy incorporate our view that the company's narrow business focus and high Bitcoin concentration and low U.S. dollar liquidity.

1025
01:03:26,751 --> 01:03:30,651
They need more treasuries and dollars in order to be rated high.

1026
01:03:30,651 --> 01:03:41,451
And Saylor just sat down for an interview today or yesterday and was asked about getting a B minus instead of, you know, something perhaps a little more prestigious.

1027
01:03:42,191 --> 01:03:46,011
I'm here with the executive chairman of Strategy, Michael Saylor. Thank you so much for joining us.

1028
01:03:46,711 --> 01:03:47,291
Happy to be here.

1029
01:03:47,551 --> 01:03:53,811
Michael, this is your first interview since the S&P granted its very first rating to a Bitcoin-focused company. Is that correct?

1030
01:03:54,111 --> 01:03:54,651
That's correct.

1031
01:03:54,871 --> 01:03:57,831
So tell me about this announcement, what the significance is to the industry.

1032
01:03:57,831 --> 01:04:06,711
Well, the news just came out today. S&P put out a press release that they've granted for the first time to a Bitcoin treasury company a credit rating.

1033
01:04:07,311 --> 01:04:10,211
So we were rated as a B minus.

1034
01:04:10,711 --> 01:04:11,191
Is that fair?

1035
01:04:11,331 --> 01:04:14,791
It's a start. We expect to move up in the ratings over time.

1036
01:04:15,411 --> 01:04:23,751
But we think it's a very auspicious start because it represents institutional adoption of Bitcoin-backed credit.

1037
01:04:24,571 --> 01:04:30,551
And of course, the most exciting thing we've done this year are four IPOs of four digital credit instruments.

1038
01:04:31,431 --> 01:04:35,551
Strike, strife, stride, and stretch of late.

1039
01:04:36,051 --> 01:04:40,111
And now that we've got an S&P credit rating, that's going to open up the market.

1040
01:04:40,111 --> 01:04:46,031
There are hundreds of billions of not trillions of dollars of capital that won't buy an unrated instrument.

1041
01:04:46,691 --> 01:04:49,811
They can go ahead and acquire a rated credit instrument.

1042
01:04:49,811 --> 01:04:54,391
So it's really a great day for us and for the entire crypto industry, I think.

1043
01:04:55,031 --> 01:05:03,291
Yeah, I think the big takeaway is just having a credit rating opens them up to potential investors that couldn't invest in somebody that doesn't have one, which is a wild thing.

1044
01:05:03,351 --> 01:05:05,651
But of course, they have something like that.

1045
01:05:06,431 --> 01:05:13,371
Now, let's get back to that profits over conviction and how it's going to be changing people's minds.

1046
01:05:14,151 --> 01:05:18,291
CleanSpark, one of the largest Bitcoin miners, is pivoting to AI.

1047
01:05:19,091 --> 01:05:20,531
They've acquired land.

1048
01:05:20,631 --> 01:05:21,791
They're building out data centers.

1049
01:05:21,931 --> 01:05:25,451
They've been in competition with Microsoft for Wyoming AI data center space.

1050
01:05:26,191 --> 01:05:27,311
And they're based out of Las Vegas.

1051
01:05:27,631 --> 01:05:32,351
And they're moving into artificial intelligence and beginning to develop AI data centers alongside

1052
01:05:32,351 --> 01:05:35,151
their Bitcoin mining business.

1053
01:05:35,331 --> 01:05:38,731
And the CEO of CleanSpark talks a little bit about this.

1054
01:05:39,351 --> 01:05:42,951
So I want to start this conversation with an announcement you made exactly a week ago.

1055
01:05:43,131 --> 01:05:46,331
CleanSpark is moving away from being a pure play Bitcoin mining company

1056
01:05:46,331 --> 01:05:51,391
and introducing AI compute into its portfolio. Talk to me about what's behind that shift for

1057
01:05:51,391 --> 01:05:55,731
CleanSpark specifically, because you're not alone. I mean, lots of miners have been doing the same.

1058
01:05:55,851 --> 01:06:01,551
So talk to me about this decision. Well, Bitcoin miners are uniquely positioned in that

1059
01:06:01,551 --> 01:06:09,451
we have the ability to build out and energize data centers very rapidly. And what that's resulted in

1060
01:06:09,451 --> 01:06:16,351
is as we're seeing this kind of rush for AI capacity.

1061
01:06:16,771 --> 01:06:18,491
For example, this morning on CNBC,

1062
01:06:18,491 --> 01:06:20,571
they were talking about hyperscalers

1063
01:06:20,571 --> 01:06:24,111
are spending 60% of their free cash flow on CapEx

1064
01:06:24,111 --> 01:06:25,551
to try and keep up with AI.

1065
01:06:26,131 --> 01:06:28,371
Well, where we're seeing constraints,

1066
01:06:28,371 --> 01:06:32,311
constraints, excuse me, is on access to power.

1067
01:06:32,751 --> 01:06:34,671
So CleanSpark, as an example,

1068
01:06:35,171 --> 01:06:36,751
started out as an energy company.

1069
01:06:37,171 --> 01:06:38,411
And five years ago,

1070
01:06:38,411 --> 01:06:42,871
we made a shift to a pure play Bitcoin miner. In that period of time, we've become the largest

1071
01:06:42,871 --> 01:06:51,511
Bitcoin miner in North America. So what really has led to that is our ability to access energy

1072
01:06:51,511 --> 01:06:56,591
and land very rapidly and to deploy that. So as we kind of analyze the opportunities,

1073
01:06:56,591 --> 01:07:03,771
it's readily apparent that the cash flows and the profitability for a pivot or a strategy that's

1074
01:07:03,771 --> 01:07:08,591
that's kind of down dual tracks, maximizing the value of our Bitcoin mining operations,

1075
01:07:08,591 --> 01:07:16,591
but also using that access to land and power. Who could have seen this coming? Remember a few

1076
01:07:16,591 --> 01:07:21,371
weeks ago when I told you I'm concerned about the power needs of AI eating into Bitcoin mining

1077
01:07:21,371 --> 01:07:29,051
operations. This is interesting. I generally don't think any company should have a split focus.

1078
01:07:29,051 --> 01:07:33,251
Bitcoin mining is an extremely excruciating business at times.

1079
01:07:33,251 --> 01:07:43,720
Having a split like this maybe it a good thing Maybe it creates another revenue stream Or maybe it a bad thing because it dilutes your focus But the thing that the reason why I believe

1080
01:07:43,720 --> 01:07:47,780
this is going to be a particular pressure point for commercial Bitcoin companies, especially ones

1081
01:07:47,780 --> 01:07:55,040
that are public shareholders, et cetera, is they have the power deals figured out. They had to solve

1082
01:07:55,040 --> 01:08:01,080
this years ago. They've got what, almost eight, nine years of a lead on the AI companies on

1083
01:08:01,080 --> 01:08:07,320
working out these power deals. And so if power is one of the number one bottlenecks to this build

1084
01:08:07,320 --> 01:08:11,760
out, the money that's going to get thrown at these companies is just going to be insane. And they're

1085
01:08:11,760 --> 01:08:16,180
going to take their eye off of mining. And maybe this isn't a bad thing, but I think it's just

1086
01:08:16,180 --> 01:08:21,580
something, it's a trend we should be watching. To provide AI data center services is really the

1087
01:08:21,580 --> 01:08:27,040
most appealing for our shareholders. Yeah. Talk about how you sort of offset the demand for power,

1088
01:08:27,040 --> 01:08:32,240
the cost for power, because it is getting more expensive. How does CleanSpark sort of manage

1089
01:08:32,240 --> 01:08:37,800
the cost of power in this pivot that you're making? Yeah. So it's interesting. Bitcoin mining

1090
01:08:37,800 --> 01:08:45,120
is a very unique load. When there's demand on the grid, in fact, meeting with the principal of one

1091
01:08:45,120 --> 01:08:51,880
of the utilities in Georgia, they told us that if they had 100 hours per year of flexibility added

1092
01:08:51,880 --> 01:08:57,040
to the grid, it could solve the vast majority of the rolling brownouts, rolling blackouts that

1093
01:08:57,040 --> 01:09:03,440
challenge many utilities. So Bitcoin mining is an interruptible load, meaning that we get a signal

1094
01:09:03,440 --> 01:09:08,520
from the utility when there's increased demand and we have the ability to curtail those loads and

1095
01:09:08,520 --> 01:09:15,640
push power back very rapidly. AI data centers, the opposite side of the equation, many of the MSAs

1096
01:09:15,640 --> 01:09:23,560
require that the uptime is 99 and five nines uptime. So blending a Bitcoin mining facility

1097
01:09:23,560 --> 01:09:29,040
with an AI data center gives you the interruptibility, the flexibility of those loads that

1098
01:09:29,040 --> 01:09:34,900
the utilities so desperately need. Just a quick story when Hurricane Helene hit in-

1099
01:09:34,900 --> 01:09:38,960
All right. That's all right. All right. Okay. All right. So that's CleanSpark and they're making

1100
01:09:38,960 --> 01:09:43,600
a pivot. I don't have a deep analysis on this other than this is just something I think I want

1101
01:09:43,600 --> 01:09:48,320
I keep an eye on. And I think it's going to be interesting to check back on CleanSpark three to

1102
01:09:48,320 --> 01:09:53,920
five years, you know, as the AI play is sort of settled down, where does this leave them?

1103
01:09:54,380 --> 01:09:58,340
That's going to be my question. So that's something I'll keep an eye on. But if you get any stories,

1104
01:09:58,440 --> 01:10:02,960
want to send me a link, please do. Always very helpful. And like I said, it might not all be bad.

1105
01:10:03,540 --> 01:10:08,700
Maybe this shakes mining up. It moves things around and it brings new players into the space

1106
01:10:08,700 --> 01:10:12,620
and gives smaller players a chance. So it might not necessarily be a bad thing if CleanSpark

1107
01:10:12,620 --> 01:10:20,340
fumbles this. And then there's the general tone shift and attitude shift around the environmental

1108
01:10:20,340 --> 01:10:27,220
impact of these things. The study that said that each Bitcoin transaction uses a swimming pool of

1109
01:10:27,220 --> 01:10:33,940
water was updated this week to recognize that an entire Bitcoin mining facility, on average,

1110
01:10:34,600 --> 01:10:40,500
uses significantly less water than a single U.S. household. It went from a swimming pool per

1111
01:10:40,500 --> 01:10:46,540
transaction to the entire mining facility uses less water than a U.S. household. That's a huge

1112
01:10:46,540 --> 01:10:55,920
pivot. And it's all this realignment around profit and build out around AI. And in this weird way,

1113
01:10:56,080 --> 01:11:02,700
it's restarted the conversation around investing in energy and that the energy investment is more

1114
01:11:02,700 --> 01:11:10,200
important than other high priority issues, even climate change. And I'm not the one saying this.

1115
01:11:10,500 --> 01:11:12,760
Bill Gates is the one saying this.

1116
01:11:13,120 --> 01:11:14,480
But economics works there.

1117
01:11:14,840 --> 01:11:21,400
When the climate activists who have been very supportive of what you've done and you've been very supportive of what they've done read this.

1118
01:11:22,100 --> 01:11:29,960
And if Greta Thunberg is reading this and saying to herself, my goodness, he seems like he is reversing himself, what would you tell her?

1119
01:11:29,960 --> 01:11:35,420
I'd say wasn't the goal here to improve human lives.

1120
01:11:35,420 --> 01:11:51,320
And shouldn't we, in our awareness of how little generosity there is to help measure, you know, should we get them a measles vaccine or should we do some climate related activity?

1121
01:11:51,980 --> 01:12:00,620
And if if we could take if we stop putting all vaccines and that saved you point one degree, would that be a smart trade off?

1122
01:12:00,620 --> 01:12:03,680
That's the kind of question we have to ask.

1123
01:12:03,680 --> 01:12:05,680
so I'm a climate activist

1124
01:12:05,680 --> 01:12:07,840
but I'm also a child survival

1125
01:12:07,840 --> 01:12:08,500
activist

1126
01:12:08,500 --> 01:12:11,060
I mean you want kids to survive don't you

1127
01:12:11,060 --> 01:12:13,980
and so you better invest in things that make human life

1128
01:12:13,980 --> 01:12:15,380
better and in his memo

1129
01:12:15,380 --> 01:12:17,900
you know I think Gates is trying to make the meta

1130
01:12:17,900 --> 01:12:18,860
point in my opinion

1131
01:12:18,860 --> 01:12:21,800
that the world governments

1132
01:12:21,800 --> 01:12:23,600
are getting too debt riddled

1133
01:12:23,600 --> 01:12:25,720
they cannot continue to afford

1134
01:12:25,720 --> 01:12:27,700
to spend money on all these different things and there's going to be

1135
01:12:27,700 --> 01:12:29,880
less and less money to go around

1136
01:12:29,880 --> 01:12:31,800
for these things and

1137
01:12:31,800 --> 01:12:33,180
he's not convinced

1138
01:12:33,180 --> 01:12:37,400
that we get the return on investment for overall human quality of life.

1139
01:12:37,740 --> 01:12:41,780
And that he thinks that things like AI, this is his opinion,

1140
01:12:42,540 --> 01:12:45,760
are probably more likely to discover the cure to some of these issues,

1141
01:12:45,860 --> 01:12:48,900
like diseases and climate change, than they are to worsen them.

1142
01:12:49,120 --> 01:12:53,460
And that if we were to curb their development in the name of climate change,

1143
01:12:53,880 --> 01:12:56,040
we'd be holding human development back.

1144
01:12:56,580 --> 01:13:06,209
It a remarkable change in stance And it interesting you know just something like nearly 40 of Bill Gates portfolio is Microsoft

1145
01:13:06,469 --> 01:13:08,569
Of course, they're massive into AI.

1146
01:13:08,889 --> 01:13:14,729
The next biggest portion of Bill Gates's portfolio is Berkshire Hathaway, also massively doing AI investments.

1147
01:13:15,029 --> 01:13:16,449
And the list goes on from there.

1148
01:13:17,269 --> 01:13:21,649
So Gates with his Microsoft and his Berkshire, you know, he's got a lot of deep AI investments.

1149
01:13:21,909 --> 01:13:23,569
This pivot had to be made, I suppose.

1150
01:13:23,569 --> 01:13:38,349
But what I wonder and I ponder and I posit to you is will this shift around energy production and this tolerance for high energy use applications stick around for more than a couple of years?

1151
01:13:38,589 --> 01:13:42,749
Is this a temporary thing or is this a permanent phase shift?

1152
01:13:43,369 --> 01:13:50,609
I'd really like to know because I'm hopeful it's a permanent one, but I'd like to hear maybe the counterside to that or maybe somebody who agrees.

1153
01:13:53,569 --> 01:14:06,249
Well, we talked about the billions that have been converted from Bitcoin into iBit last week.

1154
01:14:06,629 --> 01:14:08,209
And that got some feedback.

1155
01:14:09,369 --> 01:14:10,649
Bitcoin's been captured!

1156
01:14:11,769 --> 01:14:12,649
Something kind of like that.

1157
01:14:13,949 --> 01:14:16,609
Look at the Bitcoiners. They're giving up their sovereignty.

1158
01:14:17,489 --> 01:14:19,329
You know, that kind of stuff.

1159
01:14:19,329 --> 01:14:22,569
Whenever the banks are involved and Bitcoin's involved, people get upset.

1160
01:14:22,569 --> 01:14:26,369
I've said this before, but I think the journey will be something a lot like Linux.

1161
01:14:26,829 --> 01:14:31,749
You know, it starts as this crazy, impossible idea that maybe somebody would like.

1162
01:14:31,949 --> 01:14:35,189
It becomes this sort of cyberpunk technology.

1163
01:14:35,549 --> 01:14:40,229
And then it eventually becomes the general technology platform of the world.

1164
01:14:40,269 --> 01:14:44,129
And that means Microsoft and Samsung and Intel are using it.

1165
01:14:44,389 --> 01:14:49,689
And it means, you know, crazy kids restoring PCs in a basement are using it.

1166
01:14:49,869 --> 01:14:52,549
And it means that whole range is possible.

1167
01:14:52,569 --> 01:15:06,249
And I think that's going to be true with Bitcoin. You're going to have the banks and the financial system that are using it. And then you'll have the open source freaks and those of us like me that are just like hardcore self-hodlers and self-hosters. We're still going to be around too.

1168
01:15:06,249 --> 01:15:10,309
And David Marcus, he's the co-founder and CEO of LightSpark.

1169
01:15:10,589 --> 01:15:13,409
He sat down with Natalie Brunel on CoinStories.

1170
01:15:13,609 --> 01:15:20,629
And David's interesting because his company, amongst others, has partnered with SoFi, which is a bank here in the States.

1171
01:15:21,229 --> 01:15:25,989
And they're using LightSpark for international remittance.

1172
01:15:26,549 --> 01:15:28,829
So LightSpark is using the Lightning Network.

1173
01:15:29,069 --> 01:15:34,869
And when you're in the SoFi app and you send money to somebody in another country, you send them dollars.

1174
01:15:34,869 --> 01:15:36,669
or maybe even within the US actually.

1175
01:15:37,249 --> 01:15:39,989
But when you send money on the backend,

1176
01:15:40,129 --> 01:15:40,889
it's using Lightning.

1177
01:15:41,149 --> 01:15:41,949
You don't even know it.

1178
01:15:42,029 --> 01:15:43,769
You only see dollars in the SoFi app.

1179
01:15:43,809 --> 01:15:44,909
You don't know anything about Bitcoin.

1180
01:15:45,309 --> 01:15:47,029
You don't know it's using the Lightning network.

1181
01:15:47,489 --> 01:15:48,749
So he's an interesting chap

1182
01:15:48,749 --> 01:15:49,949
and he's got an interesting perspective

1183
01:15:49,949 --> 01:15:52,509
because he was a former PayPal president.

1184
01:15:52,689 --> 01:15:53,409
He worked at Meta.

1185
01:15:53,529 --> 01:15:54,949
Now, you know, he's working very heavily

1186
01:15:54,949 --> 01:15:56,349
in the Lightning network space.

1187
01:15:56,889 --> 01:15:58,429
So he has an interesting point of view

1188
01:15:58,429 --> 01:16:01,289
on using Lightning as a transaction layer

1189
01:16:01,289 --> 01:16:03,529
and using Bitcoin as a store of value

1190
01:16:03,529 --> 01:16:04,269
at the same time.

1191
01:16:04,869 --> 01:16:07,029
And you've probably heard this. It came up a lot this summer.

1192
01:16:08,009 --> 01:16:13,169
Jack Dorsey and others brought up this idea that if Bitcoin is only ever a store of value

1193
01:16:13,169 --> 01:16:17,689
and it's never used for day-to-day transactions, then it's essentially failed.

1194
01:16:18,009 --> 01:16:20,529
And it hasn't lived up to Satoshi's dream.

1195
01:16:21,249 --> 01:16:26,169
Well, I've always felt like that's a little bit too bleak of a look at the situation.

1196
01:16:26,469 --> 01:16:29,849
And I really like David's answer when Natalie brought up this question.

1197
01:16:29,849 --> 01:16:31,749
So I had Matt Pines on my show recently.

1198
01:16:31,749 --> 01:16:35,809
And one of the things he said is if Bitcoin is only a store of value, it has failed.

1199
01:16:35,989 --> 01:16:36,829
Do you agree with that?

1200
01:16:36,949 --> 01:16:37,749
Yeah, I fully agree.

1201
01:16:37,869 --> 01:16:37,989
Yeah.

1202
01:16:38,489 --> 01:16:40,249
But I think we need to unpack that.

1203
01:16:40,649 --> 01:16:45,969
It's like it needs to be a store of value for the network to be secure, trusted, and all that.

1204
01:16:46,049 --> 01:16:51,089
So it's a prerequisite step for it to become what Satoshi wanted it to be, which is everyday payments.

1205
01:16:51,689 --> 01:16:55,289
Now, on the way to everyday payments, there are two ways to think about this.

1206
01:16:55,389 --> 01:16:58,589
One is actually using Bitcoin to unit of account for everyday payments.

1207
01:16:58,589 --> 01:17:01,689
I think we're far from that for the reasons we discussed.

1208
01:17:01,749 --> 01:17:11,269
But I think using Bitcoin as a neutral settlement network and asset to move between fiat currencies and to move stablecoins, this is happening now.

1209
01:17:11,769 --> 01:17:16,729
And in the next five years, it's going to become mainstream in a massive way.

1210
01:17:16,829 --> 01:17:22,589
And I think it's going to start moving trillions of dollars of value every year on top of the Bitcoin network.

1211
01:17:22,849 --> 01:17:27,869
And I think when that happens, Bitcoin will have fully entered its utility phase.

1212
01:17:27,869 --> 01:17:32,369
And in some cases, people will start receiving and sending payment denominated in Bitcoin.

1213
01:17:32,969 --> 01:17:34,949
And then, you know, time will do its thing.

1214
01:17:45,469 --> 01:17:48,189
Let's check in on the state of the network.

1215
01:17:49,449 --> 01:17:52,849
921, 373 is our block height.

1216
01:17:53,589 --> 01:17:56,809
Block height 921, 373.

1217
01:17:56,809 --> 01:18:06,069
I like that. 921. Current market price in USD for one Bitcoin is $111,280. That puts our sats per

1218
01:18:06,069 --> 01:18:14,969
dollar right now at 898 sats to $1. Oh, the price just dipped down to $11,300. That's cool. $111,300.

1219
01:18:15,169 --> 01:18:19,249
These numbers, I don't know. I'm liking them today. I don't mind Bitcoin at $111 at all,

1220
01:18:19,289 --> 01:18:33,838
to tell you the truth Our all high was I do like that too down 11 percent since then that was 23 days ago on october 6th we target difficulty date is now in november 11th i think this will probably

1221
01:18:33,838 --> 01:18:41,438
change but the estimated difficulty adjustment is a downward 11.4 percent reachable bitcoin nodes

1222
01:18:41,438 --> 01:18:44,438
23,995 down a little bit.

1223
01:18:44,858 --> 01:18:46,018
What's going on there, guys?

1224
01:18:46,158 --> 01:18:47,078
It's time to node up.

1225
01:18:48,918 --> 01:18:49,858
Time to node up.

1226
01:18:49,958 --> 01:18:53,718
The largest Noughts node currently has just about 8% of the network share.

1227
01:18:54,658 --> 01:18:55,538
So there you go.

1228
01:18:56,378 --> 01:18:59,838
That is a quick snapshot, a state of the network.

1229
01:19:11,438 --> 01:19:23,978
Well, if you made it this far, go check out the links.

1230
01:19:24,578 --> 01:19:26,238
This Week in Bitcoin.show

1231
01:19:26,238 --> 01:19:30,518
My goal is to create something that doesn't get distracted by the emotions around what's happening,

1232
01:19:30,518 --> 01:19:33,658
but just focuses on the signal, helps you make the best decisions.

1233
01:19:33,758 --> 01:19:34,898
Let me know how I did with a boost.

1234
01:19:35,358 --> 01:19:37,718
Also, boost in if there's anything you'd like to see from the show.

1235
01:19:37,798 --> 01:19:40,418
Maybe I missed something or you have a little extra context.

1236
01:19:41,018 --> 01:19:43,538
please boost in. Send it my way. I'd love to have that.

1237
01:19:44,078 --> 01:19:47,378
Now, as we get out of here, I am going to leave you with a value-for-value track.

1238
01:19:47,378 --> 01:19:52,338
If you boost in while the music plays, 95% of your sats go to the artist and anyone on their team.

1239
01:19:52,858 --> 01:19:53,638
It's their discretion.

1240
01:19:54,298 --> 01:19:57,438
And this week, I'm leaving you with the end of the world.

1241
01:19:57,718 --> 01:20:00,978
Seems appropriate for Halloween, and it's by Fleo Zara.

1242
01:20:10,418 --> 01:20:22,298
There are no trees in the patio

1243
01:20:22,298 --> 01:20:31,598
This life is taken, what's there left to own?

1244
01:20:35,178 --> 01:20:39,458
No cars, no trees and no stuff bones

1245
01:20:39,458 --> 01:20:46,938
There's all these parts of truth in your eyes

1246
01:20:46,938 --> 01:20:50,918
Destroyed by that past that is scaring me

1247
01:20:50,918 --> 01:20:55,358
There are no flowers

1248
01:20:55,358 --> 01:21:03,398
There are no flowers

1249
01:21:03,398 --> 01:21:12,578
There are no tools on the radio

1250
01:21:12,578 --> 01:21:21,498
When there ain't nothing, there ain't my studio

1251
01:21:21,498 --> 01:21:30,038
No Friday movies and a shopping mall

1252
01:21:33,398 --> 01:21:42,278
There's all these parts of truth in your eyes, destroyed by our past, and it's gilded, we've gathered, we've been.

1253
01:21:42,278 --> 01:21:45,438
There are no flowers.

1254
01:21:50,238 --> 01:21:53,818
There are no flowers.

1255
01:21:58,518 --> 01:22:01,758
There are no flowers.

1256
01:22:03,398 --> 01:22:33,378
guitar solo

1257
01:22:33,398 --> 01:23:03,378
guitar solo

1258
01:23:03,398 --> 01:23:33,378
guitar solo

1259
01:23:33,398 --> 01:23:50,538
welcome to Video