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Welcome in to This Week in Bitcoin, episode 83.

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

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I'm so stinking thankful for Bitcoin.

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I mean, once you really get Bitcoin, it's not that the fiat price, it's not that it doesn't matter.

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It's just that when it goes down, your conviction in the asset doesn't really change.

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Because, you know, Bitcoin historically has drawdown cycles.

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And then the coins get redistributed to stronger hands.

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And then, inevitably, it pumps higher than ever before, usually.

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I mean, we all know this is the phase of price discovery we're in.

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Probably going to be in for a lot of our lives, if maybe all of our lives.

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It doesn't mean the rest of the world gets that.

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And it doesn't mean the rest of the world and the bankers aren't paying close attention.

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And this week, they saw some blood in the water.

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It has been a wild week of reveals.

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I'm going to get into a few of them.

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And when the price is down, the knives have come out.

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And Wall Street, they still seem a bit confused.

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Some of them seem to be trying to attack.

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Some of them have been trying to put it together.

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And some of them are worried that it has broader implications for the wider market.

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It's the number one story.

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Let's make one more move here.

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At least one more discussion point before we take a break.

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Bitcoin.

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It's an A-block story, I think, still.

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Oh, it's an A-block story, guys, because it's a number one story. It's an A-block story, at least until it's not.

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Until it isn't. It's down again. OK, Bitcoin is.

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At the time they were recording this, Bitcoin had reached up to 87 and was down to 86.

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So while they're talking about it, Bitcoin was down 1.6 percent.

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They're talking like it's destroyed, right? But OK.

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I think the broader thing to pay attention to is the questions he asks and the implications.

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Coinbase got downgraded today at Argus.

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So, you know, there's a belief that the market overall is not really going to be able to fully stabilize until Bitcoin does.

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You own Coinbase in the ETF.

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So what's your view on that?

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I love it.

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So number one thing that jumps out to me is there's an overall belief that the market won't stabilize until Bitcoin does.

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Interesting number one.

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Number two, he goes to his expert who owns Coinbase via an ETF.

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So this guy's the Bitcoin expert because he's a Coinbase shareholder?

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Until Bitcoin does.

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You own Coinbase in the ETF.

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So what's your view on that?

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I think I said yesterday.

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I've said last week and I'll say it again today.

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I think it's going lower.

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I think the entire crypto space, Coinbase is going lower.

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I love the conviction in which they speak, right?

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Because, of course, this was a couple of days ago and now Bitcoin is several thousand dollars higher than what he said.

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Maybe they'll go down again.

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Who knows?

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But it's just sort of funny, the conviction in which these guys speak of,

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I've said it before, I'll say it again, I'll say it tomorrow, I'll say it tomorrow afternoon,

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and the day before, and the day after, and the day before, and the day before.

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And it's just like, what?

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Hold on, slow down, buddy.

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You're just saying nonsense.

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Like, I could have said it before, I'll say it again.

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Okay.

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All right.

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I think I said yesterday, I said last week, and I'll say it again today.

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I think it's going lower.

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I think the entire crypto space.

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Coinbase is going lower.

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It's going low because of what's going on with crypto.

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It looks to me like the crypto asset class peaked on October 6th.

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The crypto asset class peaked on October 6th. Keep that date in mind.

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We're in the midst of a liquidity driven sell off. You could cite whatever reason for it.

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We're in the midst of a liquidity driven sell off, which we'll come back to.

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But in terms of observing momentum on a very near term basis, there's no signal that I see in front of me that suggests a turn.

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Nothing's going to turn it around, guys.

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Did you did you believe? Do you believe what others do that until Bitcoin firms up, at least stabilizes somewhat, that the market itself is going to feel a little more volatile?

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This conversation is sort of a microcosm of the broader conversation happening. Why is it going down? We don't know. Something happened after October 6th. Is it an indication of broader problems in the wider industry in the market? Is Bitcoin the canary in the coal mine or is it something unique to just Bitcoin? What's going on? That's the general discussion.

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And what really seems to have shifted is, and I think it's happened just during the run of this podcast.

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I mean, if you look just, say, 80 weeks ago, the panel would have laughed at the idea that Bitcoin's price action has any meaningful market signal.

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They would have laughed at that idea.

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But now they take it very seriously.

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And you hear them implying something went wrong after October 6th.

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Well, October 6th was our last all-time high when we hit $126,000.

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ETH was pumping.

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A lot of the altcoins were pumping.

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and then something, as you hear them imply, broke down in quote unquote crypto.

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OK, what's going on here?

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Let's let's talk about this.

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You might remember a few weeks ago I mentioned we're seeing a lot of talk about Binance being

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at the center of a lot of issues in the market.

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It seemed that their pricing oracle had lost sync and wasn't reflecting the broader market

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price, but just the price on Binance only.

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this caused a liquidation event that was larger than when FTX went down. That is massive. By the

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way, it took us eight weeks to recover when FTX went down. So this was a big, big deal. And it

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didn't happen on October 6th. October 6th is when the money was still flowing. It happened on October

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10th. And I'm not an expert in this particular event, never used Binance, and I'm not a DeFi guy.

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So when these types of things happen, I don't tend to pay them much attention until they start

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impacting Bitcoin. That does seem to have happened. Now, to help us understand, I'm going to bring in

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our DGN and chief on the show, Tom Lee, to explain what is supposedly, supposedly,

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Supposedly, a software bug or a glitch.

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What specifically occurred on or around October 10th that would lead us to where we are now on what, November 20th?

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Yeah.

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Well, Steve actually pointed this out.

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There's a lot of what they call automated processes in crypto.

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One of them is called ADL, okay?

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And that's an automatic liquidation feature that would take place if someone's account

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or their collateral drops in price.

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DeFi is wild, man.

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So the automatic deleveraging feature, it's a feature, right?

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It's a feature, according to Tom.

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So the way things work in standard Bitcoin land, say you go get a loan and you use Bitcoin

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as collateral, and then you have a loan to value ratio.

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You usually want to double it.

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So say you want a $5,000 loan.

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Just keep the numbers simple.

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You want a $5,000 loan.

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You'll put $10,000 worth of Bitcoin in.

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And that way you're over collateralized, all right?

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And then if for some reason Bitcoin were to crash and your Bitcoin no longer collateralized that $5,000,

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SALT or Lend or Strike or whoever would contact you and say, you know, sir or ma'am, you have 24 hours or 48 hours,

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whatever their window is, each place has their own policies, and they do make them clear.

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You have this amount of time to add more collateral, collateral to pay off your loan or to put some more cash in your account.

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And if you don't do that within 24 or 48 hours or whatever it is, we will margin call you,

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which means they will take your Bitcoin, cash it out to help cover your loan.

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But in DeFi, there's no tech support, right?

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There's no customer service in DeFi.

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You're not going to have anybody help you and give you a 24-hour heads up.

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So they have a feature, automatic deleveraging.

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Well, what happens when the source of price breaks?

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You start deleveraging people that shouldn't be deleveraged when their accounts are in good standing.

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So that's what happened on Binance, at least my understanding and my opinion.

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And that event, their price oracle going sideways caused all kinds of problems.

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Okay?

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And so, yeah, yeah, automatic deleveraging.

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It's a feature.

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One of them is called ADL, and that's an automatic liquidation feature that would take place if someone's account or their collateral drops in price.

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It's essentially like a margin column.

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On a specific exchange, a stablecoin's price varied from other exchanges.

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Actually, stablecoin should stay at $1.

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It dropped to $0.65.

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Uh-oh.

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But that only happened within the exchange quotes, within this exchange because of liquidity.

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that triggered an ADL, an automatic liquidation across many accounts.

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It wiped out as that spread across other exchanges, right?

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Because liquidations cascade.

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Almost too many crypto accounts got wiped out,

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even though minutes before they were actually profitable accounts.

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Some of it retail, some of it professionals,

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bit of a retail massacre, much like FTX was.

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Another FTX parallel.

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So who is behind this?

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Like, who's the they in the market makers and they got hit?

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Who's the they?

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Well, you know, Brian, I am aware of names, but because, you know, I'm not someone who

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wants to name names, I think what you should keep in mind is that this error is actually

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essentially a bug, you know, a code error, because I think in retrospect, they would

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have pulled pricing from across exchanges.

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All right.

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So he doesn't want to say it's Binance, but in my opinion, it must be Binance because

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that's who's been at the center of all of this. They're the one that had the Oracle problems. And I

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think it was the BNB coin that got de-pegged. So it's a bug, he says. Well, is it a bug?

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Is it a bug when you just design it wrong? You make a mistake? That's not a bug. That's a bad

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design. They designed it to only use their own price Oracle for information and their price

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Oracle broke. But that was a decision, not a bug. I think he's being pretty loose with the term here.

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I mean, in retrospect, you could consider it a bug. It's not functioning the way it should.

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But that was a design choice, probably an intentional design choice that Kev's come back and bit them in the arse.

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So bug is a very broad term here, in my opinion.

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This error is actually essentially a bug, you know, a code error, because I think in retrospect,

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they would have pulled pricing from across exchanges to set the price for that stable coin rather than rely on internal quotes.

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so but this has resulted in a lot of market makers and traders having less capital and as you know

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as crypto prices drift lower because trading volumes drop they need to then have more capital

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available which means they shrink their balance sheet further so they sell their bitcoin so this

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this is why it affects bitcoin their stupid games blow up in defi and then market makers like winter

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Mute and others, they now have a hole in their balance sheet they have to cover. So they go to

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the asset that they can sell quickly in the economy that they play in, which is Bitcoin.

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So they go to their reserves and they start selling their Bitcoin. Somebody, as an example,

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since this happened since October 10th, has been selling every day at 9.30 a.m. Big stacks of

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Bitcoin. It doesn't matter the market price, the market sentiment, what the price action is doing

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every day, 9.30 a.m., they hit the sell button on a big stack. That is probably somebody executing

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a playbook to recover missing funds. And they're doing this type of sale. You could say, well,

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we're not trying to play the market. We're just executing a strategy. There's legal reasons to do

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it that way. And so they're cashing out their Bitcoin to cover the mistakes and the holes that

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were generated by this massive liquidation event, this 20 billion plus liquidation event.

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Not a bug, though, right?

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That was a design mistake, but okay.

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This is then that reflexive weakening.

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Okay.

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I want to go back to this point, Tom.

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I hate the term glitch.

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I can't stand the term glitch because, you know, things go down at the airport.

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And they say, well, a glitch clause, your flight did not take off.

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I agree with the host on this point.

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I think it is a travesty that the general public lets the media just call everything a glitch.

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As a technology person, that's not a glitch.

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There was a problem, a mistake, something screwed up, right?

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Glitch is this stupid generic term that we let people just get away with to just excuse like, oh, yeah, your bank account got emptied because of a glitch.

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Come on.

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However, in Tom's defense, I don't think he said glitch.

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I think he said bug.

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I think he said bug, which is also being used fairly broadly, but I don't think he said glitch.

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I agree with the host, but I don't think he's listening.

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That's not a glitch.

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that's more than a glitch.

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It's a word that is used to describe

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pretty serious automation issues,

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software problems, crashes,

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for some reason that they try to minimize.

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Is this some kind of a software bug?

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That's exactly what he said.

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So these guys, you know, I mean, oh my God,

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they don't even do the basics of their job.

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He just has to sit there on his butt and listen to Tom,

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and he can't even do that.

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That's causing part of this?

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I'm trying to follow exactly what you're hinting around about.

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Oh, then you might try listening.

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Yeah.

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I mean, Brian, it is.

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For instance, in 1987, portfolio insurance was the, quote, glitch.

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And that triggered the cascade in 1987.

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And so the industry learned and then never offered that again.

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You know in 2009 it was really that the collateral wasn secure in real estate in these packaged subprime mortgages Now the industry learned and they recoded that I talking about Wall Street

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But then regulators came in and over-regulated.

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That was the negative effect of that.

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In crypto, this code of ADL and the way they pull prices is never going to happen again.

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The good news is we're not going to have over-regulation in crypto.

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But now we have to deal with that liquidation effect.

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That liquidation effect being everybody that got screwed.

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I just I don't really get his point there at the end.

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Isn't isn't setting accurate pricing across the industry the exact kind of thing regulation would fix?

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Not that it would ever apply to DeFi, but it's just a weird point that he makes there.

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Also, keep in mind, Tom is looking for a reason that ETH has tanked.

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His treasury company for Ethereum, he bought at the top.

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Tom bought at the top.

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And now his Bitmine Ethereum strategic reserve is down over 51 percent. He's down billions of dollars right now. So that's another reason why Tom's coming on TV and explaining this bug theory is because a lot of investors are in the red if they bought into his company.

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And there's a kind of a, I guess, the subtext of him having to explain that away.

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And honestly, I think there is something to this idea that the market pounces when Bitcoin

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goes down now because we're in a different game and bankers like JP Morgan are paying

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attention.

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And they were poised and waiting for a moment just like this.

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Bitcoin Twitter was activated this week.

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I mean, really, for good reason.

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Folks were putting together the implication of MSCI's October announcement,

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which JP Morgan just happened to amplify at the perfect time this week.

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So a little backstory here.

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MSCI, they're considering excluding digital asset treasury companies

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from their index tracking funds.

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Let that sink in for a second.

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If that were to happen, these funds that are passively buying MicroStrategy stock and other debt category companies, they would have to sell if MSCI were to make this decision.

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And that would potentially create a, quote, meaningful pressure on the affected names, end quote.

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So MSCI has about 38 crypto exposed companies they're considering excluding from index funds.

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Micro strategies on there, riots on there, marathons on there, and others.

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And they have a consultation window that runs now through December 31st.

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And then they're going to announce and publish their decision on January 15th.

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And then if they decide to remove these DATs from the indexes, the indexes have to take care of that, i.e. sell, in February.

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And it looks like certain organizations are using this dip to take direct shots at MSTR and Saylor's market position.

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They're trying to sniff out weakness to see if his strategy can be attacked under price pressure.

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And we're talking perfectly timed press releases, suspicious delays in transferring MSTR shares, which is a big deal,

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and a full circuit of talking heads ready to amplify the message anywhere that would let them on.

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The bottom line this week, the pressure was on for Mikey Saylor.

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And in the middle of all of it, he appeared on the CoinDesk podcast, where the host rightfully asked him about the situation.

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Now, Saylor's answer is interesting on its own.

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But keep listening, because what he reveals is sort of a broader framework, I think, of how he views these attacks, strategies position, and Bitcoin in the broader financial system.

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It's really revealing.

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And lastly, I just want to ask you about the JP Morgan report that came out this morning,

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warning that strategy could be excluded from benchmarks like NASDAQ, MSCI, and it could

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trigger an estimated $2.8 billion in automatic outflows.

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That's just from the MSCI alone.

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What's your response to that?

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I think it's a bit alarmist.

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I'm not so sure the numbers are nearly that high.

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I think actually the numbers would be much smaller.

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I also think it's already priced into the market by a factor of 10, if you count it.

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I don't think there's any relationship between the decision-making of MSC and the NASDAQ 100 or the S&P 500 index allocators.

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The company is an operating company.

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It's just like insurance companies use capital in order to create financial products and banks use capital to create financial products.

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We use capital to create digital credit finance products.

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It's possible there are people in the world that don't fully appreciate digital credit

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or digital treasuries.

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That wouldn't surprise me.

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We had that challenge with bankers that didn't want to bank Bitcoin.

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We had that challenge with accountants that were a little bit skeptical of digital assets

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accounting.

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The accountants embraced the asset.

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The bankers embraced the asset.

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The politicians embraced the asset.

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We had the challenge with credit rating agencies, and they just embraced the asset.

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We're starting to get credit ratings.

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We have the challenge under the Basel Accords, where Basel Accords allocate zero value to

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Bitcoin, and now they've announced they're going to reconsider that.

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So I'm not concerned that we have these kind of concerns.

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I think we'll educate all of the companies in the space.

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Ultimately, it's above my pay grade to decide whether MSCI embraces digital asset holders

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a digital credit or not. It's just like it's above my pay grade, whether the S&P 500 puts us

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in the index. But what I would say is over the long run, it doesn't matter because over the long

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run, this will create near-term volatility. But if the world wants a bank account that pays them

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10% rock dividends, and if Bitcoin is digital capital superior to gold, then it's not going to

294
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matter what an equity index allocator decides, if the insurance companies don't want to buy Bitcoin

295
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and the banks don't want to buy Bitcoin or the index allocator doesn't want to support a digital

296
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treasury company, the free market is going to allocate capital and it will adjust. It just

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creates a bigger opportunity for some other equity investor that will pile into this particular

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asset class. You know, it strikes me that if

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Saylor is successful and strategy really sort of

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trailblazes this path, two things. Number one, they

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really did have to deal with so many arrows. They had

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to just take so many of them to get through this that they will create a trail

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for others to follow. But number two, I think they will normalize if they're

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successful, companies just keeping a little Bitcoin on the balance sheet.

305
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not as a Bitcoin strategic reserve,

306
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but just like they hold assets like real estate.

307
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And some of these things he's knocking down

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will make it possible for corporations to do that.

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Support these kind of companies.

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So it is what it is.

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It'll work itself out.

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I think whenever there's a lot of volatility in the market,

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and right now clearly we've had a lot of volatility of late,

314
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we're living through about a 35% drawdown.

315
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You know, I remember what it was like

316
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when we had the crypto winter,

317
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And there's a 75% drawdown.

318
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When you have a massive drawdown, everyone looks for a reason why.

319
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And they will grasp it.

320
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Is this the reason why?

321
00:21:32,208 --> 00:21:38,868
Everybody wants a reason to explain their pain or the storm or the volatility.

322
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Is it the crypto exchange liquidation bots?

323
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Or is it this?

324
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Or is it that?

325
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At the end of the day, if you look at the chart of Bitcoin for the past 15 years, there's 15

326
00:21:51,648 --> 00:21:53,088
major drawdowns.

327
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It always comes back to an all-time high.

328
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There's five brutal pullbacks in the past five years.

329
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This is not the most brutal.

330
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All of those things have happened without the support of the politicians, without the support

331
00:22:07,948 --> 00:22:13,268
of the banking industry, without the ETFs, without the IBIT derivatives market, without

332
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the support of MSCI, without the support of the S&P index.

333
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I could go on and on and on.

334
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And the reason that digital assets are spreading around the world is because there's a billion

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people.

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They want to hold the money in their hand.

337
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They want to move the money at the speed of light.

338
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They don't want to be dependent on 20th century financial structures.

339
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They don't trust gatekeepers.

340
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And they would like to move forward with their lives with some control, with financial freedom

341
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and sovereignty and property rights.

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and those fundamentals are stronger than ever we just had the secretary of the treasury scott

343
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besant show up at the launch of pub key in washington dc last night right and so in the

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midst of all the you know the crypto chaos and people worrying about well will these guys say

345
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that and will this happen you have the most powerful financial regulator in the world

346
00:23:15,268 --> 00:23:22,508
implicitly showing his support for the crypto economy, for digital gold, for Bitcoin,

347
00:23:23,328 --> 00:23:29,368
and explicitly giving guidance to banks that it's okay to custody crypto assets,

348
00:23:29,368 --> 00:23:36,228
it's okay to actually handle them as part of staking and fee allocations, and it's okay to

349
00:23:36,228 --> 00:23:42,428
extend credit. And that is the most profound thing that's happened in 17 years in this industry.

350
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And if we keep our eyes on that, then the near-term volatility is just going to be noise.

351
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We have to work our way through it cheerfully, constructively.

352
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It'll eventually pass.

353
00:23:54,308 --> 00:23:59,108
People will look back and smile and say, you remember the day when that news story came out.

354
00:23:59,708 --> 00:24:01,568
That's Sailor's long way of saying zoom out, bro.

355
00:24:01,788 --> 00:24:05,768
But I wanted to play that longer clip because that is a framework, I think, that he works from.

356
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Now, a little tip.

357
00:24:07,948 --> 00:24:11,028
If you're ever a guest on someone's podcast, don't bang your desk while you're talking.

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It transfers to the mic and it's very annoying. So how much truth is behind this JP Morgan coordinated attack? Well, who knows? But it seems plausible. And it seems plausible because just what are the chances a little while later, JP Morgan announces a Bitcoin product that, well, you might consider competing with sailors offerings, perhaps.

359
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Now, this is an interesting one because along with this new product, they also announced a study showing how Bitcoin is a global macro asset, how those that are interested in global macro assets should pay attention and how it's going to be continually traded going forward as a global macro asset.

360
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That's wild coming from JP Morgan.

361
00:24:54,008 --> 00:24:57,688
And then following that, they announced this new, I guess what they consider a product.

362
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It's called a structured investment product, everybody.

363
00:25:00,668 --> 00:25:01,808
Doesn't that sound exciting?

364
00:25:02,228 --> 00:25:05,428
It's linked to BlackRock's Bitcoin ETF, their iBit ETF.

365
00:25:06,068 --> 00:25:07,308
And it's got a catchy name.

366
00:25:07,888 --> 00:25:10,368
It's the Auto Calibrate Accelerated Barrier Notes

367
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linked to the iShares Bitcoin Trust ETF.

368
00:25:13,708 --> 00:25:15,628
Just rolls right off the tongue.

369
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Structured notes like this,

370
00:25:18,048 --> 00:25:21,108
they don't get like catchy consumer product names or tickers.

371
00:25:21,828 --> 00:25:23,208
You got to ask your broker for it.

372
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But here's how it works.

373
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This is a wild one.

374
00:25:25,688 --> 00:25:28,548
This is a TradFi product through and through.

375
00:25:29,348 --> 00:25:30,088
So here's how it goes.

376
00:25:30,568 --> 00:25:35,768
If IBIT is at or above the target price in one year, and the target price is like they

377
00:25:35,768 --> 00:25:41,668
say, it's all in there when you sign up, investors automatically get a guaranteed 16% gain.

378
00:25:42,388 --> 00:25:47,348
So maybe 16% doesn't sound like a lot, but maybe if it's at a bad year, that is.

379
00:25:47,868 --> 00:25:49,568
And that's exactly what JP Morgan expects.

380
00:25:50,388 --> 00:25:55,748
So if IBIT is below that target, the investment will just then continue to 2028.

381
00:25:55,748 --> 00:26:04,328
If Ibit raises, gets up to the target by 2028, investors can then make up to 1.5 times their money with no cap.

382
00:26:05,008 --> 00:26:06,648
So that's nice, I guess.

383
00:26:06,828 --> 00:26:12,428
If Ibit is down in 2028, but not more than 30%, investors get all their money back.

384
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If it's down more than 30%, investors take a loss past that point.

385
00:26:18,008 --> 00:26:26,208
So the idea that they have baked into this thing, and this is crazy to me, is it's essentially assuming the four-year cycle is correct.

386
00:26:26,548 --> 00:26:31,168
And they are betting on Bitcoin having a potential weakness in 2026.

387
00:26:31,308 --> 00:26:32,388
That's my read of this product.

388
00:26:32,948 --> 00:26:35,268
And then a rally into 2028.

389
00:26:35,948 --> 00:26:39,068
Now, their product is designed to sort of be flexible if it does better than that.

390
00:26:39,448 --> 00:26:44,248
But they have built this thing around the thesis that Bitcoin is going to have a rough 2026.

391
00:26:45,208 --> 00:26:46,708
And I don't know if I agree with that.

392
00:26:46,708 --> 00:27:05,288
Now, I'm going to explain why in a moment. But is JP Morgan trying to attack spot Bitcoin price and the MSTR game? Yeah, I would assume they're going to always play every side of every major trade. And when Bitcoin takes a dip, they're going to go all in on that. That would be my my base expectation. But who knows? Who really knows?

393
00:27:05,288 --> 00:27:20,848
all right one story really made waves this week and it sounded a lot like some of the things we

394
00:27:20,848 --> 00:27:27,988
talk about on this show a sub stack was authored by mike green in a post titled part one my life

395
00:27:27,988 --> 00:27:31,728
is a lie and if you were online at all this week you saw this probably getting shared around

396
00:27:31,728 --> 00:27:46,696
In this piece Green drops a revelation a revelation that seems to have really hit a nerve with the entire public It just I couldn believe how much I saw this getting quoted And it fits kind of right in with the thesis of This Week in Bitcoin

397
00:27:47,256 --> 00:27:52,856
So America's entire understanding of what we call the poverty line and what we consider the middle class,

398
00:27:53,396 --> 00:27:57,176
it's built on a faulty 1960s era metric.

399
00:27:58,015 --> 00:28:01,876
That's where we get this U.S. poverty line from is from this 1960s era metric.

400
00:28:01,876 --> 00:28:12,275
And while Mike was digging into why the middle class feels less poor, despite strong GDP numbers for years and what they say is historically low unemployment, the middle class seems to be getting crushed.

401
00:28:12,436 --> 00:28:24,436
And during his research, he found a sentence buried in a paper that says, quote, the U.S. poverty line is calculated as three times the cost of minimum food diet in 1963 adjusted for inflation.

402
00:28:24,436 --> 00:28:39,976
Okay, let me say that again. The U.S. poverty line that you hear about, about, you know, pulling people up above the poverty line, the way they calculate that is three times the cost of a minimum food diet based in 1963, adjusted for inflation.

403
00:28:39,976 --> 00:28:45,035
So the original logic is that families in the 60s spent one third of their income on food.

404
00:28:45,535 --> 00:28:55,116
So the idea was the poverty line was set at a 3x above your basic bare minimum food costs, thinking the food was your most expensive aspect of your budget.

405
00:28:55,416 --> 00:29:01,876
So if you could if you could factor that as their largest cost, then that was a good baseline.

406
00:29:01,876 --> 00:29:09,795
It was designed as a crisis threshold, a crisis threshold that said they could still get food, but couldn't save much, couldn't do much more above that.

407
00:29:09,976 --> 00:29:31,196
And so they took that crisis threshold. And so that was the bare bones food budget. Then over time, we've just kind of adopted it as the general poverty line, not as a crisis threshold. And as you well know, since 1963, food's a lot more than 3% of your budget. Minimum 5% to 7%.

408
00:29:31,196 --> 00:29:40,535
But housing, health care, child care, transportation, those things have gotten radically more expensive and they dominate the household budget now.

409
00:29:40,896 --> 00:29:51,156
So if you keep the original logic, but you were to update it for today's spending, take that 1963 metric and update it, the multiplier isn't 3x above food anymore.

410
00:29:51,156 --> 00:30:08,856
It's roughly 16x, which means the modern crisis line for a family of four is not $31,200 like the U.S. government tells us, but it's actually somewhere, if you're ready for this, between $130,000 and $150,000.

411
00:30:08,936 --> 00:30:12,775
Let's call it $140,000 as a realistic too little of a floor.

412
00:30:13,356 --> 00:30:17,816
Now, this is going to depend on where you live and how many kids you do or don't have.

413
00:30:17,816 --> 00:30:28,055
But if you update the math, $140,000 is the floor for a family of four that wants to cover costs and maybe every now and then stash a little money away.

414
00:30:28,476 --> 00:30:30,795
This is Mike Green on Fox Business.

415
00:30:31,496 --> 00:30:32,936
Real math of survival, though.

416
00:30:32,996 --> 00:30:42,775
So we're talking about real survival, real poverty line, child care, $32,000, housing, $23,000, food, almost $15,000, transportation, almost $15,000.

417
00:30:42,775 --> 00:31:06,876
So these numbers are the numbers he's going off of. And I don't know how many of you are spending $14,000 a year on food, but I'm probably spending more than that. I got three kids. I got a wife and a dog and my fat mouth to feed. $14,000, that would be our best year since COVID. Since COVID, I would not be shocked if we spend $14,000 in six, seven months.

418
00:31:06,876 --> 00:31:10,275
it's bad here in the Pacific Northwest for food costs.

419
00:31:10,376 --> 00:31:12,156
Really, the West Coast and the East Coast

420
00:31:12,156 --> 00:31:15,016
have crushing food costs and housing costs.

421
00:31:15,616 --> 00:31:17,535
How many of you living on the West or East Coast

422
00:31:17,535 --> 00:31:20,535
spend more than $23,000 a year on housing?

423
00:31:21,196 --> 00:31:22,216
Probably a lot of you.

424
00:31:23,236 --> 00:31:24,956
That's, it's a crazy amount.

425
00:31:25,076 --> 00:31:28,336
Childcare, median spend is 32,000,

426
00:31:28,476 --> 00:31:30,156
almost $33,000 a year.

427
00:31:30,676 --> 00:31:32,756
Almost $15,000 on transportation.

428
00:31:32,956 --> 00:31:35,396
And then the one that seems really low is healthcare.

429
00:31:35,996 --> 00:31:39,196
They're saying the average spend is $10,000 a year on healthcare.

430
00:31:39,295 --> 00:31:42,976
Well, if you have a medical event, it's $10,000 when you walk in the door.

431
00:31:44,035 --> 00:31:46,775
And so with these numbers, which to me for the coast are really low.

432
00:31:46,836 --> 00:31:51,275
Now, maybe somewhere in the middle, somewhere where the cost of living is cheaper, these numbers are fine.

433
00:31:51,696 --> 00:31:57,775
But that to me, I would love to see a year where I only spend $14,000 on food.

434
00:31:58,176 --> 00:31:59,035
That would be great.

435
00:31:59,856 --> 00:32:05,896
So this 140, it doesn't even really cut it in the Seattle area if you have a large family, like a family of five.

436
00:32:06,396 --> 00:32:07,596
It's painful math.

437
00:32:07,696 --> 00:32:13,216
And so they're basing it on numbers that, depending on where you live, are either just about right or are even too low.

438
00:32:13,216 --> 00:32:18,316
So it's maybe you're close to the poverty line and, say, the Seattle area might be closer to 150,000, 160,000.

439
00:32:19,176 --> 00:32:24,336
So that's something to keep in mind as we talk about these numbers is that people's experience is going to be a little bit different depending on where they live.

440
00:32:24,336 --> 00:32:36,976
Housing, 23,000. Food, almost 15,000. Transportation, almost 15,000. Healthcare, almost 11,000. Other essentials, 22,000. Add-in taxes. You're saying the real poverty line is 140,000, essentially.

441
00:32:36,976 --> 00:32:42,336
It is very close. And I want to just be clear that that 140,000 doesn't mean you are literally poor.

442
00:32:42,436 --> 00:32:45,196
Right. We're not talking about, you know, country poor sort of stuff.

443
00:32:45,795 --> 00:32:53,476
What I'm describing there is that's really the threshold at which you can cover all of the expenses without government assistance and start saving.

444
00:32:53,916 --> 00:32:59,156
Right. Start preparing for your future. That's a very, very different place than most people think it is.

445
00:32:59,316 --> 00:33:06,576
Obviously, people hit you and saying you you talked about this a little bit in the piece that, hey, you know, it's a lot different in Mississippi than it is in Manhattan.

446
00:33:07,055 --> 00:33:08,496
It's a lot different in Mississippi.

447
00:33:08,775 --> 00:33:16,996
And what's been so interesting to me is actually the anger and frustration and resentment of that number is typically coming from people who don't have kids.

448
00:33:17,696 --> 00:33:22,076
I see a lot of young, informed, intelligent commentators like this is absolutely ridiculous.

449
00:33:22,196 --> 00:33:23,836
$32,000 for child care.

450
00:33:24,196 --> 00:33:30,996
And in the meantime, the vast majority of my comments that are coming in are from people who are actually in that situation saying you're 100 percent right.

451
00:33:31,076 --> 00:33:32,236
This is exactly my experience.

452
00:33:32,236 --> 00:33:38,956
Now, what I think this reveals is a core trap of life in the States right now and probably most of the West.

453
00:33:39,196 --> 00:33:46,436
To reach a median household income of $80,000, most families on average will need two earners.

454
00:33:46,816 --> 00:33:59,555
But that second earner's wages are largely just consumed by child care costs and the other costs to participate in the workforce, you know, transportation, food, things like that that you have to schedule, additional help you have to hire.

455
00:33:59,555 --> 00:34:04,736
So that second earner ends up working just to pay for a stranger to watch their kids.

456
00:34:05,236 --> 00:34:08,635
And it's like it almost eats up all of the second earner salaries.

457
00:34:09,115 --> 00:34:14,115
And these folks, they're not in a place to build wealth via real estate.

458
00:34:14,595 --> 00:34:15,056
Right.

459
00:34:15,095 --> 00:34:23,216
They can't they can't buy tiny bits of real estate and they're not in a place to chase expensive stocks like NVIDIA and hope that they can still ride a pump.

460
00:34:23,716 --> 00:34:26,496
But they can get paid in Bitcoin.

461
00:34:26,736 --> 00:34:28,456
And I'll have more about that in the booths.

462
00:34:28,456 --> 00:34:46,916
Anybody can get, anyone can get paid in Bitcoin. Anybody. I have more of that later. They can stack tiny bits of sats as windows of opportunity allow, a tax return, a STEMI check, holiday gift, earning sats, or sat rewards programs like I talk about with Fold and others.

463
00:34:46,916 --> 00:34:55,996
Like you can't passively earn real estate, OK, but you can passively earn sats and get little bits of property.

464
00:34:56,196 --> 00:35:07,335
And the irony of all of this is Mike Green has never been able to figure out Bitcoin and never understood this, which is ironic because it is the solution to the very problem he's identified.

465
00:35:07,556 --> 00:35:15,976
But beyond that, what I think Mike's research is uncovering, and there is a link in the show notes to it, is a pattern that we keep seeing.

466
00:35:15,976 --> 00:35:21,175
When you dig into these official metrics, we often find that the data is wrong.

467
00:35:21,896 --> 00:35:29,076
You know, some say the data is lying because bad assumptions get baked in decades ago and it sticks around for so long we stop questioning it.

468
00:35:29,536 --> 00:35:36,175
We've been told our whole lives that the poverty line is improving, that we're lifting people above this poverty line.

469
00:35:36,576 --> 00:35:38,756
And it's one of the biggest achievements of the West.

470
00:35:38,996 --> 00:35:43,916
But the truth is that poverty line is wildly, grossly outdated.

471
00:35:43,916 --> 00:35:50,976
Basically, it says that you're OK if you're making annually the cost of a new car.

472
00:35:51,576 --> 00:35:53,856
Like that's the poverty line, the cost of a new car.

473
00:35:54,095 --> 00:35:57,456
One purchase and you've spent your entire annual salary.

474
00:35:58,335 --> 00:36:01,076
This is exactly where Bitcoin has a unique product market fit.

475
00:36:01,335 --> 00:36:04,296
You can buy tiny amounts, literally a few dollars at a time.

476
00:36:04,776 --> 00:36:12,076
Its digital nature is a feature, not a bug for people who rent or move frequently or live in tiny, small places.

477
00:36:12,076 --> 00:36:13,496
You live in a tiny home?

478
00:36:13,916 --> 00:36:18,115
Way better than trying to be self-sovereign with your gold or stacking cash under your mattress.

479
00:36:18,675 --> 00:36:23,036
And if you grew up digital, well, then digital money just makes sense.

480
00:36:23,576 --> 00:36:24,896
There's a real product fit here.

481
00:36:25,076 --> 00:36:28,376
And I'm just not in agreement with JP Morgan.

482
00:36:28,815 --> 00:36:33,315
I think things could be lining up for a really fantastic 2026.

483
00:36:33,416 --> 00:36:36,596
So even a small stack is going to see returns.

484
00:36:36,736 --> 00:36:37,876
I don't know for sure.

485
00:36:38,516 --> 00:36:41,056
But I think there's about three possible liquidity events.

486
00:36:41,056 --> 00:36:45,655
they're likely to happen, they're going to set up a great 2026.

487
00:36:46,315 --> 00:36:51,196
And like I've said before, a lot of the market liquidity is still hitched to that AI bandwagon.

488
00:36:51,576 --> 00:36:54,216
And so when that shifts, Bitcoin is going to stand to benefit.

489
00:36:54,596 --> 00:36:56,056
And it seems like that might be happening.

490
00:37:01,936 --> 00:37:05,236
The U.S. crypto czar David Sachs said, quote,

491
00:37:05,335 --> 00:37:10,635
According to today's Wall Street Journal, AI-related investments account for half of GDP growth.

492
00:37:11,056 --> 00:37:13,356
A reversal would risk recession.

493
00:37:13,736 --> 00:37:15,036
We can't afford to go back.

494
00:37:16,096 --> 00:37:19,536
And AI-related investments account for half of GDP growth.

495
00:37:20,016 --> 00:37:21,456
But what have I been saying?

496
00:37:21,815 --> 00:37:23,256
And what do we know about GDP growth?

497
00:37:23,396 --> 00:37:29,396
We need GDP to grow so that way our debt doesn't look so bad when we look at our debt to GDP ratio.

498
00:37:29,496 --> 00:37:31,896
So there's a lot of reasons we need that GDP.

499
00:37:33,096 --> 00:37:33,936
That TDP.

500
00:37:34,936 --> 00:37:37,376
There's a lot of reasons why we need the GDP to grow.

501
00:37:38,076 --> 00:37:40,175
And Sachs is a reversal would risk recession.

502
00:37:40,175 --> 00:37:46,516
We can't go back. So there it is. The federal government is going to back the AI pamp.

503
00:37:46,976 --> 00:37:52,856
And they're doing it in a way that I think will set up 2026 to continue to put money into the market.

504
00:37:54,175 --> 00:38:00,596
The president just signed a sweeping executive order launching the Genesis mission,

505
00:38:01,115 --> 00:38:06,335
a push to supercharge American artificial intelligence by going all in,

506
00:38:06,335 --> 00:38:12,396
mobilizing America's labs, scientists, and supercomputers to strengthen national security,

507
00:38:12,956 --> 00:38:20,596
tackle rising energy costs, and cement U.S. dominance in AI. Incredibly important.

508
00:38:20,996 --> 00:38:26,976
This is reminiscent of the Manhattan Project that brought World War II to an early and successful end.

509
00:38:27,756 --> 00:38:30,396
This is Chris Wright. He's the U.S. Energy Secretary.

510
00:38:30,396 --> 00:38:43,076
And the reason why he's making reference to the Manhattan Project is because this Genesis mission, or as I'll be calling it, Project Genesis, will be falling under the purview of the Energy Department, just like the Manhattan Project did.

511
00:38:43,496 --> 00:38:45,815
So there's a little bit of a wink and a nod there.

512
00:38:46,076 --> 00:38:51,276
But also, the Energy Department's responsible for a lot of interesting research projects beyond just energy.

513
00:38:51,456 --> 00:38:57,856
This is reminiscent of the Manhattan Project that brought World War II to an early and successful end.

514
00:38:57,856 --> 00:39:02,596
similar to the Apollo projects that put a man on the moon in 1969.

515
00:39:03,115 --> 00:39:07,476
This is an all-in national effort to take the power of AI

516
00:39:07,476 --> 00:39:14,256
and pair it with the 40,000 outstanding scientists and engineers at our national labs

517
00:39:14,256 --> 00:39:20,436
to use the world's largest supercomputers to advance innovation and science,

518
00:39:20,436 --> 00:39:22,956
to fix our rising energy costs.

519
00:39:24,436 --> 00:39:26,675
But today, a new question is emerging.

520
00:39:26,675 --> 00:39:29,956
Is America too dependent on AI spending?

521
00:39:30,536 --> 00:39:39,155
Fresh analysis shows AI-related investment may have accounted for half of all GDP growth in the first half of the year.

522
00:39:39,396 --> 00:39:41,276
Yeah, of course. Of course.

523
00:39:41,516 --> 00:39:46,135
And that's why they're saying things like the Manhattan Project and the Apollo missions.

524
00:39:46,135 --> 00:39:49,076
Because you know what those were? Massive spends.

525
00:39:49,335 --> 00:39:50,236
That's what those were.

526
00:39:50,916 --> 00:39:54,335
That's what this executive order is signaling to the market, to the money people.

527
00:39:54,876 --> 00:39:56,115
The government's got your back.

528
00:39:56,115 --> 00:39:57,776
Go spend money.

529
00:39:58,556 --> 00:40:00,276
I'm not making a judgment call here.

530
00:40:00,356 --> 00:40:01,036
That's not my job.

531
00:40:01,096 --> 00:40:02,936
My job is to tell you where liquidity is coming from.

532
00:40:03,596 --> 00:40:10,216
By the way, Project Genesis has the most badass government website I have ever seen.

533
00:40:10,276 --> 00:40:11,635
I don't know who's making their websites.

534
00:40:12,576 --> 00:40:15,155
It goes way harder than any federal government website.

535
00:40:15,536 --> 00:40:16,315
It's really something.

536
00:40:16,956 --> 00:40:21,476
This Project Genesis is going to be a driving theme for 2026, right?

537
00:40:21,936 --> 00:40:23,236
I mean, that's what they're telling the market.

538
00:40:23,236 --> 00:40:25,976
And it's going to lead to money flowing into assets.

539
00:40:26,115 --> 00:40:31,476
all government money spending does. Like the White House, they can't set the rate. They can't

540
00:40:31,476 --> 00:40:37,815
set the price of money. But they can do things at the government level that still essentially inject

541
00:40:37,815 --> 00:40:42,856
liquidity into the market. And that's what they're saying is going to happen. So this is one of, I

542
00:40:42,856 --> 00:40:48,556
think, the more bullish things. It'll be an ongoing theme over 2026. And then there's another one.

543
00:40:48,615 --> 00:40:53,416
And these are things we know are going to happen. That executive order is signed. The next thing we

544
00:40:53,416 --> 00:40:57,456
know that will happen. It's just a matter of time. In fact, it's going to happen in May.

545
00:40:58,076 --> 00:41:04,396
Is a new boss for the center of the financial universe will be sitting down and taking over

546
00:41:04,396 --> 00:41:10,236
for J-Pow. It has just been announced by Bloomberg that Kevin Hassett, this man right here,

547
00:41:10,315 --> 00:41:15,496
is the number one choice, the favorite by Trump to be the next Federal Reserve chairman.

548
00:41:15,496 --> 00:41:21,016
This is from the Swan YouTube channel. And this is one of the most important developments in global

549
00:41:21,016 --> 00:41:25,356
finance. And today we're going to break it down. Trump's preferred candidate for the Federal Reserve

550
00:41:25,356 --> 00:41:36,383
chair is not a random technocrat and not a neutral bureaucrat either This is a selection with massive implications for monetary policy for market structure and for Bitcoin itself

551
00:41:36,523 --> 00:41:42,303
We have to remember that the next Fed chair does not simply set interest rates. The next Fed chair

552
00:41:42,303 --> 00:41:47,003
shapes the credibility of the dollar, the discretion of liquidity, and the long-term

553
00:41:47,003 --> 00:41:52,823
stability of the entire financial system. When the selection process shifts from a traditional

554
00:41:52,823 --> 00:41:58,563
insulated search to a politically aligned search, investors immediately start looking for assets

555
00:41:58,563 --> 00:42:04,323
that do not depend on central bank neutrality. Bitcoin will become the beneficiary of that shift.

556
00:42:04,323 --> 00:42:09,643
It is the only global asset without political control, without discretionary supply changes,

557
00:42:09,823 --> 00:42:14,803
and without exposure to the internal pressures of Washington. I will walk you through why this

558
00:42:14,803 --> 00:42:20,723
potential appointment matters, why the market is already reacting to it, and why Bitcoin stands to

559
00:42:20,723 --> 00:42:26,143
gain from every part of this transition. The stakes are absolutely enormous and the opportunity

560
00:42:26,143 --> 00:42:32,603
is even larger. I mean, really, what we are seeing here is an outright politification of the Fed.

561
00:42:33,203 --> 00:42:39,923
And this is an appearance which other presidents, presidents eyes, have attempted to avoid.

562
00:42:40,543 --> 00:42:45,463
And Trump doesn't care to do that, for better or for worse. He's got something he wants to get done.

563
00:42:45,463 --> 00:43:02,063
He feels he has a mandate. He's right. And he's going to take whatever action he has and be damned with precedence set by precedence. So this is actually an astute analysis because it will begin to undercut trust in central banks.

564
00:43:02,063 --> 00:43:09,663
much I think this isn't this is a rough analogy but I would argue analogous to how the Ukraine

565
00:43:09,663 --> 00:43:16,343
war and the way they weaponized the SWIFT system and seized Russian assets started a process of

566
00:43:16,343 --> 00:43:21,503
de-dollarizing at central banks and buying gold and I gotta give it to my buddy the Bitcoin dad

567
00:43:21,503 --> 00:43:25,643
he called it the day we were recording the Bitcoin dad pod and that news broke

568
00:43:25,643 --> 00:43:30,843
years ago he said that's exactly what would happen and he's right and I think we're seeing it again

569
00:43:30,843 --> 00:43:33,323
only this time it's going to be with the Fed and central banks.

570
00:43:34,263 --> 00:43:36,803
Now, for better or for worse, again, not making a judgment call here.

571
00:43:36,923 --> 00:43:42,263
I'm just telling you, this is going to be a liquidity event in itself when we get a dovish Fed in there.

572
00:43:42,263 --> 00:43:45,063
Chance to gain from every part of this transition.

573
00:43:45,303 --> 00:43:49,383
The stakes are absolutely enormous and the opportunity is even larger.

574
00:43:49,503 --> 00:43:54,903
Right after the Bloomberg report, we have seen Kevin Hassett has skyrocketed to a 51% chance

575
00:43:54,903 --> 00:43:57,643
as Trump's potential nominee for the Fed chair.

576
00:43:57,643 --> 00:44:03,363
Second place is Christopher Waller at a 27% chance, and third place is Kevin Warsh with a 16% chance.

577
00:44:03,563 --> 00:44:08,403
Hassett is by far and away the number one candidate, according to prediction markets.

578
00:44:08,523 --> 00:44:14,563
What we're seeing right now is a shift in how the Federal Reserve is selected, and that shift has major consequences.

579
00:44:14,803 --> 00:44:18,663
Trump is not looking for a traditional, insulated central banker.

580
00:44:18,983 --> 00:44:26,663
He is looking for someone aligned with his administration's economic policies, and the market understands exactly what that means.

581
00:44:26,663 --> 00:44:32,843
when a central bank becomes more closely connected to political objectives, its perceived independence

582
00:44:32,843 --> 00:44:37,863
weakens. Once that credibility begins to erode, investors start to reassess their long-term

583
00:44:37,863 --> 00:44:42,743
exposure to the U.S. dollar, and they begin searching for an asset that cannot be steered

584
00:44:42,743 --> 00:44:48,163
by election cycles, political incentives, or policy pressure. Bitcoin fits that requirements

585
00:44:48,163 --> 00:44:53,083
with absolute clarity. It becomes... Now, if that sounds a little extreme, keep in mind,

586
00:44:53,083 --> 00:44:58,783
it's going to be in the context of other pressures that are also making the dollar a less than ideal investment.

587
00:44:59,123 --> 00:45:08,663
Hence the need for stable coins and hence the need to, I guess, dial back the reserve requirements for the bank so that way they can buy more treasuries.

588
00:45:08,823 --> 00:45:10,643
That's kind of what's at play here.

589
00:45:11,063 --> 00:45:13,943
So you imagine you put a new Fed chair in there.

590
00:45:13,983 --> 00:45:19,043
Now, he doesn't control the way everyone votes, but what he can do is whip up consensus.

591
00:45:19,463 --> 00:45:21,463
And he's going to be aligned with the White House.

592
00:45:21,463 --> 00:45:22,683
He works for Trump right now.

593
00:45:23,083 --> 00:45:25,183
and along with the White House,

594
00:45:25,263 --> 00:45:27,003
they'll be pulling out every trick in the book

595
00:45:27,003 --> 00:45:27,983
to pump the markets.

596
00:45:28,103 --> 00:45:29,103
I mean, the White House is doing it now,

597
00:45:29,163 --> 00:45:30,723
so imagine when they have a Fed chair

598
00:45:30,723 --> 00:45:31,543
that's aligned with them.

599
00:45:32,803 --> 00:45:35,023
But there's one more hanging Chad narrative out there,

600
00:45:35,043 --> 00:45:38,283
and I legitimately hesitate to even go there.

601
00:45:38,823 --> 00:45:40,583
It's because it's almost a meme at this point.

602
00:45:41,063 --> 00:45:42,803
But I'm not the one bringing it up, okay?

603
00:45:42,863 --> 00:45:45,283
To be fair, it's not me bringing this one up.

604
00:45:45,343 --> 00:45:46,723
I warned you earlier this year,

605
00:45:47,583 --> 00:45:48,783
I just got to set expectations,

606
00:45:48,783 --> 00:45:50,403
that when all the crypto focus,

607
00:45:50,543 --> 00:45:51,183
quote-unquote crypto,

608
00:45:51,483 --> 00:45:52,423
of the White House

609
00:45:52,423 --> 00:45:53,683
and of all the Congress critters,

610
00:45:53,983 --> 00:45:56,523
when it shifted from Bitcoin and a Bitcoin reserve

611
00:45:56,523 --> 00:45:59,583
to stable coins and the Genius Act,

612
00:46:00,103 --> 00:46:02,083
I was telling you at that point in time,

613
00:46:02,203 --> 00:46:03,743
the Bitcoin reserve is going to have to wait.

614
00:46:04,363 --> 00:46:06,023
Now, I was optimistic and I'd hoped

615
00:46:06,023 --> 00:46:07,363
that after Genius had passed,

616
00:46:07,663 --> 00:46:09,703
we'd see the focus return to a Bitcoin reserve.

617
00:46:10,103 --> 00:46:11,043
That didn't happen.

618
00:46:11,443 --> 00:46:13,603
What we saw instead is now they're focused

619
00:46:13,603 --> 00:46:14,823
on this market structure bill,

620
00:46:14,983 --> 00:46:16,543
which is still ongoing.

621
00:46:16,823 --> 00:46:18,583
There's some talk of it finishing in December,

622
00:46:19,203 --> 00:46:20,703
maybe early 2026.

623
00:46:20,703 --> 00:46:25,103
OK, when market structure is done, it is possible.

624
00:46:25,703 --> 00:46:26,983
Take this with a grain of salt.

625
00:46:27,763 --> 00:46:31,783
It is possible we may see the discussion turn back to the Bitcoin reserve at some point in

626
00:46:31,783 --> 00:46:32,483
2026.

627
00:46:32,663 --> 00:46:38,983
And the reason I say that is because just this week, fresh ideas have been proposed on how

628
00:46:38,983 --> 00:46:42,103
to budget nooch fund this thing.

629
00:46:42,543 --> 00:46:46,603
Introduce the Bitcoin for America Act, which would allow Americans to pay their federal

630
00:46:46,603 --> 00:46:47,603
taxes in Bitcoin.

631
00:46:47,763 --> 00:46:48,583
Tell us about this.

632
00:46:48,583 --> 00:46:53,623
Well, look, we're talking about affordability. That's just your dollar has been getting crushed.

633
00:46:53,863 --> 00:46:56,743
You know, the house that you live in didn't inherently get more valuable.

634
00:46:57,243 --> 00:47:01,623
The money that you measure it in got worth less. And gold is another indicator.

635
00:47:01,783 --> 00:47:05,443
One of the best performers in the past year or two years has been gold.

636
00:47:06,023 --> 00:47:09,063
And that's just one of the worst performers been the dollar.

637
00:47:09,503 --> 00:47:16,943
So a lot of people hold other assets. Bitcoin's been one of the big rises over the last 10 years for sure.

638
00:47:16,943 --> 00:47:21,823
and you can pay your taxes in Bitcoin and avoid capital gains on that.

639
00:47:22,263 --> 00:47:24,943
But the president created a strategic Bitcoin reserve.

640
00:47:25,383 --> 00:47:26,343
How do you fund it?

641
00:47:26,343 --> 00:47:32,763
Well, having one control point, the Secretary of Treasury control it makes sense,

642
00:47:33,103 --> 00:47:38,303
but you can fund it with no government spending just by collecting Bitcoin as payments for taxes.

643
00:47:38,483 --> 00:47:40,723
So that's what the Bitcoin for America Act does.

644
00:47:40,723 --> 00:47:54,603
I mean, I like it better than them being super incentivized to seize Bitcoin as the way to fund it. Not that they won't do that. But I like this is I think people would take advantage of this, especially if there's no capital gains, at least some of the whales that have been around for a while.

645
00:47:54,603 --> 00:48:05,723
Who knows, right? But the reality is just one of these three possible liquidity events plays out and we well, we know the Project Genesis is kicking off and we know we're going to have a new Fed chair.

646
00:48:05,863 --> 00:48:14,543
I think absent any major black swan events, assets like Bitcoin, I mean, especially Bitcoin, are set up to do well in 2026.

647
00:48:14,783 --> 00:48:18,823
That's my read. However, I would like your read.

648
00:48:18,823 --> 00:48:23,243
Are you feeling bullish for 2026? Why or why not?

649
00:48:23,243 --> 00:48:28,583
You know, we are at a point in November where you could really see this thing going any way.

650
00:48:28,723 --> 00:48:30,743
And I'll be completely honest with you.

651
00:48:30,983 --> 00:48:38,643
If this was November of 2024 and you were asking me about 2025, I was feeling pretty bullish at this point.

652
00:48:39,403 --> 00:48:40,943
You know, the election was just over.

653
00:48:41,783 --> 00:48:43,003
Things were pumping like crazy.

654
00:48:43,163 --> 00:48:49,563
It seemed like we would be at 125,000 by January or April in November of last year.

655
00:48:50,123 --> 00:48:56,463
Now, looking back with hindsight, well, we know because we've gone through it week by week why we are not there.

656
00:48:56,663 --> 00:48:59,343
And it's pretty clear there's been a lot of chaos.

657
00:48:59,783 --> 00:49:01,483
But, you know, in November, it's hard to tell.

658
00:49:01,563 --> 00:49:02,503
It's pretty foggy.

659
00:49:02,983 --> 00:49:04,763
But just a couple of these things play out.

660
00:49:04,803 --> 00:49:05,843
It seems like it could happen.

661
00:49:05,903 --> 00:49:06,483
So let me know.

662
00:49:06,543 --> 00:49:07,643
Are you feeling bullish?

663
00:49:08,263 --> 00:49:10,983
And then you got to tell me why or why not.

664
00:49:11,263 --> 00:49:14,063
OK, boost in, support the show and let me know.

665
00:49:19,563 --> 00:49:34,443
We got a lot more show.

666
00:49:34,543 --> 00:49:35,663
It's a big one this week.

667
00:49:35,743 --> 00:49:37,263
Coming up, your boosts.

668
00:49:37,263 --> 00:49:40,363
Why 8% of the Bitcoin supply moved this week.

669
00:49:40,723 --> 00:49:43,203
An OG's take on the filter fork debate.

670
00:49:43,423 --> 00:49:46,043
And some fresh quantum FUD that I need to bust.

671
00:49:46,503 --> 00:49:48,403
And of course, our final clip of the week.

672
00:49:48,683 --> 00:49:51,903
So I want to let you know you can support this show just by doing what you do.

673
00:49:52,303 --> 00:49:55,063
You want to stack sats on River? Use my link when you sign up.

674
00:49:55,083 --> 00:49:57,563
It's the best way to stack sats in the U.S. and you can support the show.

675
00:49:57,803 --> 00:50:03,863
If you're all about self-custody, you don't want them to have a wallet, you want to host the wallet, check out the Bitcoin well.

676
00:50:04,243 --> 00:50:07,483
Canada and the U.S., an amazing automatic self-custody platform.

677
00:50:08,103 --> 00:50:11,123
Holidays are coming up. You ready to spend some Bitcoin? Got them in a Lightning wallet?

678
00:50:11,663 --> 00:50:16,043
Go from sats and Lightning to a gift card like Amazon or hundreds of others in just seconds.

679
00:50:16,463 --> 00:50:17,543
That's the Bitcoin company.

680
00:50:17,783 --> 00:50:18,823
They only deal with Bitcoin.

681
00:50:19,283 --> 00:50:23,703
Now, you heard me mention ways to passively stack sats, like paying your damn bills and things like that.

682
00:50:23,783 --> 00:50:24,723
That's the fold card.

683
00:50:25,223 --> 00:50:25,883
Community favorite.

684
00:50:26,343 --> 00:50:30,803
Now, if you want to get access to your Bitcoin value without selling it, need a little cash, that's salt lending.

685
00:50:31,403 --> 00:50:35,443
Last but not least, if you're a Fountain FM listener, don't forget we've got that Fountain FM membership.

686
00:50:36,063 --> 00:50:39,183
It's a great way to support the show with fiat or sats.

687
00:50:39,483 --> 00:50:42,503
And I have plans to wrap that content up in 2026.

688
00:50:46,043 --> 00:51:04,903
Oh, and we do have some boosts.

689
00:51:04,903 --> 00:51:07,103
Four score and seven boosts to go.

690
00:51:07,203 --> 00:51:09,043
Did I say I was going to wrap up the fountain member?

691
00:51:09,103 --> 00:51:10,183
No, I'm going to ramp it up.

692
00:51:10,263 --> 00:51:11,583
I've got ideas to ramp it up.

693
00:51:11,663 --> 00:51:14,483
So if you're a fountain member, stay tuned over 2026.

694
00:51:14,943 --> 00:51:15,203
All right.

695
00:51:15,203 --> 00:51:19,743
Let's get to our baller booster and its producer Jeff with 50,000 sats.

696
00:51:23,383 --> 00:51:24,183
He's a good guy.

697
00:51:24,423 --> 00:51:25,423
He's a real good guy.

698
00:51:25,563 --> 00:51:26,203
No, he's a great guy.

699
00:51:26,363 --> 00:51:27,503
Oh, I'm really glad you did this.

700
00:51:27,643 --> 00:51:29,143
So Jeff is sending us an update.

701
00:51:29,143 --> 00:51:36,043
Listeners, you might remember he boosted in before and he has been experimenting with mining Bitcoin completely off solar.

702
00:51:36,563 --> 00:51:37,683
Here's a little winter update.

703
00:51:37,783 --> 00:51:38,783
I was hoping we'd get this.

704
00:51:39,503 --> 00:51:43,883
Jeff writes, I need to rethink my mining game for the winter, much less sun to convert to sats.

705
00:51:43,883 --> 00:51:45,903
and my miner has been off a lot lately.

706
00:51:46,363 --> 00:51:49,323
I might just let the miner run at a lower rate 24-7

707
00:51:49,323 --> 00:51:51,803
and then bump up the power on sunny days for a few hours.

708
00:51:52,423 --> 00:51:53,383
As for the SAT sale,

709
00:51:53,683 --> 00:51:56,203
I upped my DCA with a smash buy a few times

710
00:51:56,203 --> 00:51:57,383
as the price was just falling.

711
00:51:57,803 --> 00:52:00,183
I didn't hit the bottom, but I'm happy with what I got.

712
00:52:00,583 --> 00:52:01,423
Thanks for another great show.

713
00:52:01,423 --> 00:52:02,963
SATs are on sale.

714
00:52:03,423 --> 00:52:04,483
SAT sale boost.

715
00:52:04,583 --> 00:52:04,783
Woo!

716
00:52:05,343 --> 00:52:05,783
Boost!

717
00:52:07,683 --> 00:52:09,103
Oh, yeah, I was wondering, Jeff.

718
00:52:09,183 --> 00:52:11,823
So I think, yeah, I mean, definitely just run it lower, right?

719
00:52:12,623 --> 00:52:14,903
You could also look at some of those bid axes if you want to go crazy.

720
00:52:15,223 --> 00:52:20,783
But what if you, you know, since you're not running the AC, you know, there's some days you're not doing laundry.

721
00:52:21,303 --> 00:52:24,083
Your overall net power usage might be down.

722
00:52:24,083 --> 00:52:27,963
So maybe you could supplement a little bit and turn up the miner.

723
00:52:28,823 --> 00:52:32,623
I mean, I would hate to see that number go down myself.

724
00:52:32,623 --> 00:52:34,763
But you are trying to do it off of green energy.

725
00:52:34,923 --> 00:52:37,203
So do keep me posted on how that develops.

726
00:52:37,343 --> 00:52:38,763
And thank you for being the baller boost.

727
00:52:39,303 --> 00:52:40,503
Appreciate that very much.

728
00:52:40,503 --> 00:52:44,983
OB comes in with a generous 33,333 sets.

729
00:52:48,903 --> 00:52:50,143
Hey, Chris, great show.

730
00:52:50,243 --> 00:52:50,703
Keep it up.

731
00:52:51,083 --> 00:52:57,503
I'm taking a break from 40 hours of podcasts a week, but you did make the shorthand for lists of for the episodes.

732
00:52:57,623 --> 00:52:58,483
I must listen.

733
00:52:58,623 --> 00:52:59,283
Oh, that's great.

734
00:53:00,043 --> 00:53:02,603
He says, also, I don't think they fight you has started yet.

735
00:53:03,143 --> 00:53:04,503
You read my mind, OB.

736
00:53:04,723 --> 00:53:06,323
First of all, I'm glad I made the short list.

737
00:53:06,323 --> 00:53:15,143
But I was thinking that this week, too, that like what we're seeing from JP Morgan and the index funds, the war hasn't even started yet.

738
00:53:15,283 --> 00:53:18,483
They're just assembling the troops and drawing the battle lines.

739
00:53:19,343 --> 00:53:24,383
I think a lot of Bitcoiners think we somehow with ETFs and all this stuff getting approved, like we've made it.

740
00:53:25,043 --> 00:53:25,643
I don't know yet.

741
00:53:26,203 --> 00:53:26,703
I don't know yet.

742
00:53:26,763 --> 00:53:31,583
I think, you know, certain areas we have, but the bankers, I don't think they're going to give up so easily.

743
00:53:32,543 --> 00:53:34,943
I'm keeping my eye out, Obi.

744
00:53:34,943 --> 00:53:35,983
Thank you for the boost.

745
00:53:36,323 --> 00:53:37,043
Really appreciate it.

746
00:53:37,603 --> 00:53:40,563
Mac Jollers is here with 21,000 sats.

747
00:53:41,783 --> 00:53:42,603
I love it.

748
00:53:43,203 --> 00:53:48,903
Strike or Cash App should make their own plugin and allow you to instantly connect your account to the Bidax.

749
00:53:49,663 --> 00:53:50,103
Oh.

750
00:53:51,043 --> 00:53:54,323
He says, yeah, so that way you could just mine and have the sats go to your account.

751
00:53:54,823 --> 00:53:58,983
He says, the option to solo or pool mine will drive true adoption.

752
00:53:59,363 --> 00:53:59,823
It's fun.

753
00:54:00,123 --> 00:54:01,463
It's interesting and it helps the network.

754
00:54:01,903 --> 00:54:02,643
This is the way.

755
00:54:03,083 --> 00:54:03,523
Yes.

756
00:54:04,083 --> 00:54:05,223
I want to get in on this.

757
00:54:05,223 --> 00:54:08,763
I've been thinking that for the last few months that it might be time for me to try to just get a bed access.

758
00:54:08,863 --> 00:54:11,363
Just every time I go sit down, I look at one.

759
00:54:11,983 --> 00:54:15,843
I think, Chris, you could spend that $400 and just buy sats.

760
00:54:16,183 --> 00:54:16,643
You know what I mean?

761
00:54:17,383 --> 00:54:19,143
And I think I should just buy the sats.

762
00:54:19,643 --> 00:54:21,943
And then I'm sort of frozen in my decision process.

763
00:54:22,703 --> 00:54:23,523
But it would be.

764
00:54:23,663 --> 00:54:25,623
But then you made me think, Mac.

765
00:54:25,683 --> 00:54:27,443
It's like, but it's also educational.

766
00:54:27,683 --> 00:54:28,223
It's fun.

767
00:54:28,423 --> 00:54:29,883
And I am participating in the network.

768
00:54:29,903 --> 00:54:31,103
And how do you put a value on that?

769
00:54:31,323 --> 00:54:32,063
This is the way.

770
00:54:32,443 --> 00:54:33,163
I like it.

771
00:54:33,263 --> 00:54:33,703
Thank you, Mac.

772
00:54:34,363 --> 00:54:35,443
I'm going to give that a lot more thought.

773
00:54:35,763 --> 00:54:37,883
Paranoid Coders here with 2,000 sats.

774
00:54:38,023 --> 00:54:39,483
Coming in hot with the boost.

775
00:54:39,603 --> 00:54:41,083
No message, just value, though.

776
00:54:41,543 --> 00:54:41,943
Boost!

777
00:54:42,263 --> 00:54:42,983
Thank you, Paranoid.

778
00:54:43,863 --> 00:54:46,003
VC Avalo's here with a row of ducks.

779
00:54:46,083 --> 00:54:48,063
That's 2,222 sats.

780
00:54:49,643 --> 00:54:52,523
All right, so you asked how bill pay from Strike works for me.

781
00:54:52,883 --> 00:54:53,543
Oh, great.

782
00:54:53,623 --> 00:54:54,063
Okay, VC.

783
00:54:54,423 --> 00:54:55,043
Here we go.

784
00:54:55,703 --> 00:54:58,523
He says, what you get is a bank account and routing number from Strike.

785
00:54:59,283 --> 00:55:02,283
That's where I have my Bitcoin balance, and I hold zero US dollars.

786
00:55:02,283 --> 00:55:07,503
I put that bank account and routing number they give me into my credit card, my mortgage, my car payment, etc.

787
00:55:08,503 --> 00:55:11,043
Literally everywhere and anywhere I have to pay bills.

788
00:55:11,383 --> 00:55:16,503
So all of my USD-based bills are paid for my Bitcoin quote-unquote checking balance in Strike.

789
00:55:17,083 --> 00:55:21,343
Importantly, I also have an auto-withdrawal threshold on Strike where anything above the

790
00:55:21,391 --> 00:55:27,311
mount is moved to a new address in my cold storage automatically. Hold on. You can give

791
00:55:27,311 --> 00:55:32,751
strike like an X pub or something. How are you, are you manually putting a new address in there?

792
00:55:32,811 --> 00:55:37,651
No, right. You're doing auto withdrawal. How are you getting, how do you get strike to withdraw

793
00:55:37,651 --> 00:55:40,911
to a new address every time? Please tell me that. Is it X pub? Like, how are you doing this?

794
00:55:41,411 --> 00:55:46,051
I did not know they could do that. All right. Anyways, he says, so he has a threshold in strike

795
00:55:46,051 --> 00:55:50,671
where when his balance of stats gets above a certain level, it auto moves to a new address

796
00:55:50,671 --> 00:55:52,011
in his cold storage automatically.

797
00:55:52,671 --> 00:55:53,611
So this is the way it works.

798
00:55:53,651 --> 00:55:54,931
He says he gets paid in Bitcoin,

799
00:55:55,331 --> 00:55:56,511
which goes into his quote unquote

800
00:55:56,511 --> 00:55:57,691
checking balance, you know,

801
00:55:57,771 --> 00:55:58,871
with Sats and Strike.

802
00:55:59,531 --> 00:56:00,751
And then he uses that balance

803
00:56:00,751 --> 00:56:01,651
for monthly expenses.

804
00:56:02,391 --> 00:56:03,571
Excesses above that

805
00:56:03,571 --> 00:56:04,971
are then automatically swept

806
00:56:04,971 --> 00:56:05,811
to cold storage.

807
00:56:06,111 --> 00:56:07,251
He finishes by saying

808
00:56:07,251 --> 00:56:08,571
it's actually fairly mind-blowing.

809
00:56:09,271 --> 00:56:09,751
Yes.

810
00:56:10,131 --> 00:56:10,431
Okay.

811
00:56:11,051 --> 00:56:12,491
So this is what I was talking about.

812
00:56:12,631 --> 00:56:13,971
Anybody can get paid in Bitcoin.

813
00:56:14,371 --> 00:56:14,731
Anybody.

814
00:56:15,311 --> 00:56:17,731
And this is actually a big brain way

815
00:56:17,731 --> 00:56:20,591
to passively accidentally stack Sats.

816
00:56:20,671 --> 00:56:27,351
every this is the wrong way to put it but just conceptually stay with me every dollar unspent

817
00:56:27,351 --> 00:56:35,051
stays a sat right so you everything sats by default and you only leave sats when you spend money

818
00:56:35,051 --> 00:56:40,911
and so if you have a few hundred dollars say left over in your checking account every month

819
00:56:40,911 --> 00:56:48,511
well in this scenario they would be sats and you end up i've done the math you end up just stacking

820
00:56:48,511 --> 00:56:54,011
even with the tax implication of spending sats to pay your bills, you still end up with a larger

821
00:56:54,011 --> 00:57:01,271
stack. This is one of the most underrated ways for everyday people to just stack sats. You get

822
00:57:01,271 --> 00:57:07,951
paid in Bitcoin, and then you will find you think real hard before you go buy that cheeseburger

823
00:57:07,951 --> 00:57:12,811
from McDonald's because you're converting sats to pay for that. And you think real hard about it,

824
00:57:12,831 --> 00:57:17,671
and it's actually a great discipline. Sometimes you do it, sometimes you don't. When you don't,

825
00:57:17,671 --> 00:57:19,111
you now have more Bitcoin.

826
00:57:19,711 --> 00:57:21,271
And that adds up over time.

827
00:57:21,911 --> 00:57:24,531
And it's even when you're not getting by.

828
00:57:24,611 --> 00:57:25,611
And sure, there's going to be months

829
00:57:25,611 --> 00:57:26,771
where maybe you got to buy new tires

830
00:57:26,771 --> 00:57:28,431
and you drain your bank account.

831
00:57:28,491 --> 00:57:29,491
That kind of thing can happen.

832
00:57:30,291 --> 00:57:31,411
But VC, what I would love,

833
00:57:32,451 --> 00:57:34,651
could you chime in on the tax stuff?

834
00:57:34,771 --> 00:57:35,371
You're still hitting,

835
00:57:35,511 --> 00:57:36,751
you're getting a tax bill for this.

836
00:57:37,411 --> 00:57:38,771
I think where this could get even better

837
00:57:38,771 --> 00:57:39,991
is if Strike does roll out,

838
00:57:40,011 --> 00:57:41,391
and I think they will, that line of credit.

839
00:57:42,131 --> 00:57:43,471
And then you use that,

840
00:57:43,651 --> 00:57:45,851
which would be based with Bitcoin collateral.

841
00:57:46,031 --> 00:57:47,111
You would use that to pay the bills.

842
00:57:47,111 --> 00:57:50,291
and then you would not have the tax implication of selling sats.

843
00:57:50,991 --> 00:57:52,611
But I'd love to know if you're tracking that,

844
00:57:52,771 --> 00:57:54,651
does Strike just, I assume they just track that for you

845
00:57:54,651 --> 00:57:56,071
and then you're just going to give that to your accountant?

846
00:57:56,851 --> 00:57:59,511
That seems like it could be a lot of little transactions though,

847
00:57:59,551 --> 00:58:01,791
so I'd love if you wanted to follow up on that

848
00:58:01,791 --> 00:58:04,491
and if you're thinking about the line of credit product.

849
00:58:05,291 --> 00:58:06,931
And I really hope more people consider this.

850
00:58:07,031 --> 00:58:10,451
I hope I get a chance to do this soon and then I will report back

851
00:58:10,451 --> 00:58:12,691
and I think other people should consider it too.

852
00:58:12,811 --> 00:58:14,191
Thank you, VC, really appreciate that.

853
00:58:14,631 --> 00:58:16,311
And I'd love to hear more on how it goes.

854
00:58:17,111 --> 00:58:18,031
I think that's a really great idea.

855
00:58:18,611 --> 00:58:21,531
User 15 comes in with 2,121 zets.

856
00:58:21,791 --> 00:58:22,451
Oh, my God.

857
00:58:22,511 --> 00:58:23,991
This drawer is filled with fruit lobes.

858
00:58:24,331 --> 00:58:24,651
All right.

859
00:58:24,691 --> 00:58:29,911
So I asked, and he says, tariff dividends denominated in U.S. dollars will be inflationary.

860
00:58:29,911 --> 00:58:37,311
So I asked if Trump is going to give everyone a $2,000 stimmy check that comes from the tariff revenue.

861
00:58:37,631 --> 00:58:41,631
Since that's not new money supply being created, is it technically inflationary?

862
00:58:41,631 --> 00:58:47,651
and user 15 says, yes, fiat payouts expand the use of the dollar

863
00:58:47,651 --> 00:58:50,831
and sending money to individuals instead of paying down the debt

864
00:58:50,831 --> 00:58:53,531
carries an opportunity cost and prolongs inflation.

865
00:58:54,111 --> 00:58:57,171
Simply put, when you play fiat games, you win fiat prizes.

866
00:58:58,251 --> 00:58:59,311
That's it right there, right?

867
00:58:59,331 --> 00:59:01,471
Because there's really no winning here

868
00:59:01,471 --> 00:59:03,351
because they're not going to pay down the debt

869
00:59:03,351 --> 00:59:05,211
and then they're going to give the money to the people.

870
00:59:05,211 --> 00:59:09,551
They're going to take what is essentially an uncapped crap coin

871
00:59:09,551 --> 00:59:11,951
and they're going to go buy scarce products with it.

872
00:59:13,211 --> 00:59:15,231
There's just not a lot of ways to win that one.

873
00:59:15,571 --> 00:59:16,351
Thanks, user 15.

874
00:59:16,451 --> 00:59:19,391
Hey, if you want to update your name in your fountain profile

875
00:59:19,391 --> 00:59:21,351
and boost in and tell me who you are, please do.

876
00:59:21,971 --> 00:59:22,511
But I like that.

877
00:59:22,571 --> 00:59:23,591
Thank you very much for answering that.

878
00:59:24,531 --> 00:59:25,131
Appreciate that.

879
00:59:25,271 --> 00:59:27,391
Gene Bean's back with a row of ducks.

880
00:59:27,451 --> 00:59:27,891
Hey, Gene.

881
00:59:28,991 --> 00:59:31,971
I think I'm done with knots after the recent round of stupidity.

882
00:59:32,171 --> 00:59:33,031
Back to core I go.

883
00:59:33,831 --> 00:59:35,971
Suggestions on config adjustments would be appreciated.

884
00:59:36,671 --> 00:59:37,551
Oh, that's...

885
00:59:38,411 --> 00:59:38,811
All right.

886
00:59:38,811 --> 00:59:40,911
I don't have any off the top of my head because I'm still running 29.

887
00:59:41,591 --> 00:59:46,571
In fact, I think one of my nodes is running 28.

888
00:59:46,711 --> 00:59:47,791
My main node is running 29.

889
00:59:48,291 --> 00:59:49,271
And I also have an AlbiHub.

890
00:59:49,491 --> 00:59:50,311
I got three nodes.

891
00:59:50,911 --> 00:59:51,971
And I don't know what the AlbiHub is running.

892
00:59:52,451 --> 00:59:55,131
But I like this idea, as I will eventually upgrade.

893
00:59:55,351 --> 00:59:59,211
And I think a recommended node config could be a really cool segment.

894
00:59:59,971 --> 01:00:00,711
Thank you, Gene.

895
01:00:01,451 --> 01:00:02,471
I think I am going to do that.

896
01:00:02,491 --> 01:00:04,291
If you have any input, please, please send it in.

897
01:00:04,831 --> 01:00:05,431
Nice to hear from you.

898
01:00:05,931 --> 01:00:07,731
Hey, Faraday Fedora is back with the Rodux.

899
01:00:08,811 --> 01:00:16,311
I think if Trump was serious about bringing back manufacturing to the United States, you'd see those around him investing in that sort of thing.

900
01:00:16,871 --> 01:00:18,871
This would be the investment opportunity of a lifetime.

901
01:00:19,111 --> 01:00:24,751
Instead, you see those folks going to him to get special deals and exemptions to keep doing what they've always been doing.

902
01:00:25,251 --> 01:00:30,071
It's all about being a gatekeeper and having control, not about setting America up for success.

903
01:00:30,911 --> 01:00:35,691
Hmm. Yeah, if you follow the money there, Faraday, they're investing in things like crypto.

904
01:00:36,491 --> 01:00:36,771
Huh.

905
01:00:37,331 --> 01:00:39,311
Yeah, I wonder if they're investing in things like manufacturing.

906
01:00:40,031 --> 01:00:40,471
I couldn't say.

907
01:00:41,511 --> 01:00:43,371
I suppose if they were, people would be critical of that.

908
01:00:44,071 --> 01:00:45,291
But that's a good observation.

909
01:00:45,751 --> 01:00:48,871
He says, also, around the BIP444 locking up UTXOs,

910
01:00:49,031 --> 01:00:51,051
that's got to be the stupidest thing I've ever heard.

911
01:00:51,431 --> 01:00:54,771
If I'm a bad actor, I'm not going to do that thing with my life-saving stack.

912
01:00:54,971 --> 01:00:57,951
I'm going to use a wallet I just made and a handful of SATs,

913
01:00:58,091 --> 01:00:59,891
maybe something I got from a Bitcoin ATM.

914
01:01:01,271 --> 01:01:02,531
Dude, don't give him the idea.

915
01:01:04,451 --> 01:01:05,631
Don't give him the idea.

916
01:01:05,691 --> 01:01:11,571
dude. You're right though. Yeah. Okay. I got more on that. I got more on that in the update section.

917
01:01:12,191 --> 01:01:17,611
Thank you for the boost. Let's see. The Majestic Caster, I'm going to say, comes in with a row of

918
01:01:17,611 --> 01:01:26,831
ducks. Long time listener, first time booster. Hey, all right. Good job. Thank you for the boost.

919
01:01:28,011 --> 01:01:32,051
Thank you, Majestic Caster, if I'm getting that right. Good to hear from you. Hey, Ace Ackerman's

920
01:01:32,051 --> 01:01:38,071
back with a row of ducks. The orange pill. It's a hard one to swallow some days. Yeah, sometimes you

921
01:01:38,071 --> 01:01:42,651
pay more, you pay less for it. But, you know, the pill doesn't change. It's just the way the market

922
01:01:42,651 --> 01:01:50,951
values the pill. Don't forget that, Ace. Thanks for the boost. Blazer4151 is here with 4,321 sats.

923
01:01:50,951 --> 01:01:56,171
Coming in hot with the boost. Well, this week in Bitcoin has become my only news podcast each week.

924
01:01:56,571 --> 01:01:59,171
I might skim the headlines, but other than that, keep up the great work.

925
01:01:59,331 --> 01:01:59,631
Wow.

926
01:01:59,891 --> 01:02:01,171
I appreciate that.

927
01:02:01,691 --> 01:02:02,291
Thank you.

928
01:02:02,391 --> 01:02:02,851
Make it so.

929
01:02:03,571 --> 01:02:05,211
I will keep up the effort.

930
01:02:05,591 --> 01:02:06,151
I appreciate that.

931
01:02:06,251 --> 01:02:08,671
With support from the audience, the show continues.

932
01:02:09,511 --> 01:02:12,651
Philip is here with 3,333 sats.

933
01:02:13,151 --> 01:02:14,151
Well, that's Eric, good buddy.

934
01:02:14,211 --> 01:02:14,611
I like that.

935
01:02:14,671 --> 01:02:17,791
I feel like 333, there's got to be a meaning to that one.

936
01:02:18,211 --> 01:02:20,431
Boy, they are doing a lot with mayo these days.

937
01:02:20,511 --> 01:02:22,491
Of course I stick with the DCA, Chris.

938
01:02:22,491 --> 01:02:23,571
That's the whole point.

939
01:02:23,571 --> 01:02:26,311
Yeah, why get distracted by ups and downs, right?

940
01:02:26,771 --> 01:02:28,131
That's sort of the benefit of the DCA.

941
01:02:28,231 --> 01:02:29,771
Good point, Philip, but thank you very much.

942
01:02:30,451 --> 01:02:31,411
And it's good to hear from you.

943
01:02:31,911 --> 01:02:33,391
Hey, there's KiwiBitcoinGuy.

944
01:02:33,471 --> 01:02:34,111
He's back.

945
01:02:34,591 --> 01:02:36,811
4,567 sats.

946
01:02:37,211 --> 01:02:39,011
Put some macaroni and cheese on there, too.

947
01:02:39,531 --> 01:02:43,051
I make regular DCA buys at the same time every month for the same amount.

948
01:02:43,511 --> 01:02:45,331
I don't try to time the peaks or the dips.

949
01:02:45,491 --> 01:02:48,731
I just buy, consolidate, and move to cold storage.

950
01:02:49,131 --> 01:02:49,751
It works for me.

951
01:02:50,051 --> 01:02:50,591
Keep it simple.

952
01:02:50,791 --> 01:02:51,511
Remove the emotion.

953
01:02:52,131 --> 01:02:53,111
Get a regular routine going.

954
01:02:53,111 --> 01:02:54,891
and then store your savings in cold storage.

955
01:02:55,191 --> 01:02:55,691
Tick tock.

956
01:02:56,271 --> 01:02:57,231
Yeah, Kiwi, next block.

957
01:02:57,331 --> 01:03:00,071
I think there's something really peaceful to that.

958
01:03:00,151 --> 01:03:01,151
Now, it's personality-based.

959
01:03:01,251 --> 01:03:01,951
Some people, you know,

960
01:03:01,991 --> 01:03:03,811
they love trying to snipe the dips or whatever,

961
01:03:04,031 --> 01:03:06,251
but there is something really nice about

962
01:03:06,251 --> 01:03:08,071
this is your nest egg for the future.

963
01:03:08,671 --> 01:03:10,331
This is a multi-year investment.

964
01:03:11,131 --> 01:03:12,191
I just said it and forget it.

965
01:03:12,451 --> 01:03:13,591
Some weeks I get it on sale.

966
01:03:13,691 --> 01:03:14,531
Some weeks I pay more.

967
01:03:14,851 --> 01:03:16,271
And I don't fuss about it.

968
01:03:16,851 --> 01:03:18,271
I think it's a pretty healthy way to look at it, Kiwi.

969
01:03:18,271 --> 01:03:19,451
Thank you very much.

970
01:03:19,871 --> 01:03:20,931
Appreciate hearing from you too.

971
01:03:21,531 --> 01:03:22,691
Hey, look, there we go.

972
01:03:22,691 --> 01:03:29,271
good news nakamoto 6102 is back good news everyone 3500 sats says appreciate the content well thank

973
01:03:29,271 --> 01:03:34,451
you appreciate the value hey wow look at that that's kangaroo paradox right there hello kangaroo

974
01:03:34,451 --> 01:03:43,751
paradox let's go 11 100 and one sats that's not possible nothing can do that oh hey first time

975
01:03:43,751 --> 01:03:46,851
boosting twib that's great thank you very much

976
01:03:46,851 --> 01:03:56,551
I'm a total Bitcoin newbie and really enjoying your breakdown of the macro news.

977
01:03:56,931 --> 01:03:58,831
You've convinced me to start stacking sats.

978
01:03:58,931 --> 01:03:59,951
Hey, thanks for that.

979
01:04:00,271 --> 01:04:04,391
I'm considering noting up too and was about to go nuts to balance out the network.

980
01:04:04,391 --> 01:04:09,131
But all this bit 444 business has me convinced to go with core 30 and just tweak the settings.

981
01:04:09,291 --> 01:04:11,971
I will report back once I get it up and running.

982
01:04:12,251 --> 01:04:12,491
Ha!

983
01:04:12,931 --> 01:04:13,371
Yes!

984
01:04:13,831 --> 01:04:14,271
Yes!

985
01:04:15,151 --> 01:04:15,471
Woo!

986
01:04:15,471 --> 01:04:18,391
Love that! Love that!

987
01:04:18,511 --> 01:04:21,291
Wow, that's great. Okay, I had to get up and celebrate that.

988
01:04:21,691 --> 01:04:23,511
Kongaroo, thank you for getting on board.

989
01:04:23,891 --> 01:04:26,491
Glad you're stacking SAT, getting yourself some assets for the future.

990
01:04:26,611 --> 01:04:29,051
And note up! You'll learn a lot about the network when you do it.

991
01:04:29,511 --> 01:04:32,831
Man, you're going all in at ludicrous speed.

992
01:04:32,911 --> 01:04:43,266
We going to have to go right to ludicrous speed Thanks for boosting the show It good to hear from you I really like that Good to hear about Good to hear about I love it I love it I love it when people note up

993
01:04:43,966 --> 01:04:44,546
So good to hear.

994
01:04:45,226 --> 01:04:47,486
Bob was here with 7,222 sats.

995
01:04:48,286 --> 01:04:49,766
Nuclear launch detected.

996
01:04:50,186 --> 01:04:50,826
Love the signal.

997
01:04:50,966 --> 01:04:53,866
I have a weekly and monthly budget for my Bitcoin buys.

998
01:04:53,866 --> 01:04:58,686
I opt for slightly larger amounts than typical daily and buy when I see a bigger down leg.

999
01:04:59,106 --> 01:05:01,586
But not the all-in Smashbox kind.

1000
01:05:01,906 --> 01:05:05,126
I've heard that straight DCA beats timing the market over the long run,

1001
01:05:05,266 --> 01:05:07,926
but I like knowing I got even a little bit of the lowest drops.

1002
01:05:08,366 --> 01:05:10,186
And if I eat through my budget prematurely,

1003
01:05:10,186 --> 01:05:12,326
then I can always sell the car, the dog, or the kids,

1004
01:05:12,406 --> 01:05:16,846
or anything I can get my hands on until I mine more fiat.

1005
01:05:18,566 --> 01:05:23,306
But can we all agree buying at any price a day is going to be a good deal in four years?

1006
01:05:23,466 --> 01:05:25,006
Yeah, you nailed that.

1007
01:05:25,746 --> 01:05:28,986
Yeah, I mean, we're going to look back at $80,000 and think it was a fantastic deal.

1008
01:05:28,986 --> 01:05:36,746
Chris, have you heard the talk about on-chain fees getting higher in the future, making it unfeasible to manage multiple small amounts?

1009
01:05:37,226 --> 01:05:38,666
I've heard you talk about this in episode 8.

1010
01:05:38,766 --> 01:05:49,786
If I DCA via Strike and then I do consolidate a large chunk into a hot wallet, do I still have all those little UTXOs from Strike or did I create a new larger one moving them to my hot wallet?

1011
01:05:50,246 --> 01:05:55,466
What if I then move from that app wallet to cold storage since it preserves the multiple small UTXOs?

1012
01:05:55,686 --> 01:05:55,946
Thanks.

1013
01:05:56,746 --> 01:05:58,966
Yeah, so I don't buy from strike very often,

1014
01:05:58,966 --> 01:06:01,886
but I seem to recall they do batch withdrawals.

1015
01:06:01,946 --> 01:06:02,586
And when they do that,

1016
01:06:02,606 --> 01:06:04,266
I think you're going to get one large UTXO,

1017
01:06:04,366 --> 01:06:05,146
but it's not guaranteed.

1018
01:06:05,786 --> 01:06:08,086
And really what you could do is take the transaction ID,

1019
01:06:08,406 --> 01:06:09,866
put that into mempool.space,

1020
01:06:10,266 --> 01:06:11,726
and there'll be a big old visual there.

1021
01:06:11,806 --> 01:06:13,826
You can see if it's lots of little lines,

1022
01:06:13,866 --> 01:06:15,606
then you got a bunch of little UTXOs.

1023
01:06:15,686 --> 01:06:18,086
If it's one big line, then you got one big UTXO.

1024
01:06:19,406 --> 01:06:20,546
I'm wondering about your setup.

1025
01:06:20,546 --> 01:06:22,846
So it sounds like you're three wallets in, right?

1026
01:06:23,526 --> 01:06:24,786
So you got your strike wallet,

1027
01:06:24,786 --> 01:06:31,346
you got your hot wallet and then you've got your cold storage wallet that's not bad what i might

1028
01:06:31,346 --> 01:06:34,886
consider you know if you've listened to episode eight probably i mentioned it in there i think

1029
01:06:34,886 --> 01:06:39,806
you know you could take that middle wallet and make it liquid and then it doesn't really matter

1030
01:06:39,806 --> 01:06:43,266
and then when you do withdraw out of liquid it'll be consolidated just something to consider

1031
01:06:43,266 --> 01:06:47,206
you know there's a lot of talk about privacy coins and all that and liquids right there it's

1032
01:06:47,206 --> 01:06:53,166
pretty straightforward it's really not that tricky apps like the bowl wallet and aqua wallet make it

1033
01:06:53,166 --> 01:06:54,846
pretty easy. And of course, there's bolts.

1034
01:06:55,846 --> 01:06:57,106
I'm forgetting, you know, bolts,

1035
01:06:57,206 --> 01:06:59,186
bolts.whatever it is. I'm tired, so I'm

1036
01:06:59,186 --> 01:07:01,126
blanking out on the name. But there's the bolts

1037
01:07:01,126 --> 01:07:03,186
zap, whatchamacallit, they'll let you just

1038
01:07:03,186 --> 01:07:05,306
swap to from on-chain lightning

1039
01:07:05,306 --> 01:07:07,186
or liquid. And that's really

1040
01:07:07,186 --> 01:07:09,306
convenient. Just something to consider with the three-wallet

1041
01:07:09,306 --> 01:07:11,186
setup. There's a little bit of room in there for

1042
01:07:11,186 --> 01:07:13,206
some maybe improvement, but maybe not. Maybe it

1043
01:07:13,206 --> 01:07:15,226
works really well for you. And I think you're

1044
01:07:15,226 --> 01:07:17,206
going to be okay coming out of Strike, but check out

1045
01:07:17,206 --> 01:07:19,306
on mempool.space or your own mempool if you have a node

1046
01:07:19,306 --> 01:07:20,686
and let me know.

1047
01:07:21,326 --> 01:07:22,986
And if anybody has any experience with that, I

1048
01:07:22,986 --> 01:07:25,306
I'd also just like some clarification there, but I think he's set.

1049
01:07:25,986 --> 01:07:27,746
Bobby Pins here with 10, and thank you for the boost.

1050
01:07:27,846 --> 01:07:29,366
Bobby Pins here with 10,000 sats.

1051
01:07:29,486 --> 01:07:31,246
It's over 9,000!

1052
01:07:31,986 --> 01:07:34,586
Texas just bought $10 million of Bitcoin.

1053
01:07:34,746 --> 01:07:35,986
Proud to be a Texan, y'all.

1054
01:07:36,326 --> 01:07:38,426
Just wish it was real sats instead of IBIT.

1055
01:07:38,466 --> 01:07:38,906
Baby steps.

1056
01:07:39,606 --> 01:07:42,926
Yeah, I wanted to get this story in the news section.

1057
01:07:43,066 --> 01:07:46,046
I thought maybe even it could be a narrative for 2026 if other states do this,

1058
01:07:46,046 --> 01:07:47,206
but we just don't know at this point.

1059
01:07:47,646 --> 01:07:48,486
It is really great.

1060
01:07:48,966 --> 01:07:52,386
I think IBIT for states is probably what they're comfortable with, right?

1061
01:07:52,386 --> 01:07:53,706
They work within these worlds.

1062
01:07:54,906 --> 01:07:57,626
And would they properly set up Sparrow in a cold wallet?

1063
01:07:58,466 --> 01:07:59,366
Probably not.

1064
01:07:59,966 --> 01:08:01,206
They would probably blow it.

1065
01:08:01,326 --> 01:08:04,486
And then that would be a massive controversy when they lost their stash.

1066
01:08:04,806 --> 01:08:06,846
$10 million worth of Bitcoin in a few years.

1067
01:08:06,986 --> 01:08:07,946
It's going to be a lot more.

1068
01:08:08,326 --> 01:08:09,526
So maybe this is for the best.

1069
01:08:09,706 --> 01:08:11,846
Either way, it's exciting to see a state forward thinking.

1070
01:08:11,966 --> 01:08:14,746
And you hope others will do so in 2026.

1071
01:08:15,266 --> 01:08:15,966
Thank you, Bobby Penn.

1072
01:08:16,226 --> 01:08:21,326
Thank you, everybody who boosted the show, even those that are below the 2000s at cutoff for making it on air.

1073
01:08:21,326 --> 01:08:22,766
I still read them and have them in the show notes.

1074
01:08:22,826 --> 01:08:23,626
Really appreciate that.

1075
01:08:24,006 --> 01:08:26,426
And of course, thank you to everybody who streams sats.

1076
01:08:26,606 --> 01:08:27,986
You did a nice lift this week.

1077
01:08:27,986 --> 01:08:31,146
We had 39 of you stream sats as you listen to the podcast.

1078
01:08:31,246 --> 01:08:34,886
And collectively, you stacked 85,067 sats.

1079
01:08:34,966 --> 01:08:35,726
That's really not too bad.

1080
01:08:35,806 --> 01:08:36,146
Thank you.

1081
01:08:36,586 --> 01:08:39,726
And then when you combine that with those of you who sent a message as well,

1082
01:08:40,126 --> 01:08:41,306
did a lot better than last week.

1083
01:08:41,426 --> 01:08:46,166
We stacked 252,223 sats for episode 83.

1084
01:08:51,326 --> 01:08:55,766
Fountain.fm is making it easier and easier to boost.

1085
01:08:55,866 --> 01:08:57,766
It's a really straightforward way to support the show

1086
01:08:57,766 --> 01:08:59,746
and get new podcasting 2.0 features.

1087
01:09:00,426 --> 01:09:02,646
There is a self-sovereign route as well with AlbiHub

1088
01:09:02,646 --> 01:09:05,606
and a whole bunch of great apps over at podcastapps.com

1089
01:09:05,606 --> 01:09:06,906
or newpodcastapps.com.

1090
01:09:07,026 --> 01:09:08,886
You get new features as well.

1091
01:09:09,166 --> 01:09:11,506
And don't forget, we have that Fountain.fm membership

1092
01:09:11,506 --> 01:09:14,766
that lets you use SATs or your Fiat to support the show.

1093
01:09:14,966 --> 01:09:17,266
And of course, thank you to the Jupiter Party members.

1094
01:09:17,686 --> 01:09:18,746
There's no advertiser.

1095
01:09:19,406 --> 01:09:21,046
There's just the audience.

1096
01:09:21,046 --> 01:09:26,346
And honestly, for a news podcast about Bitcoin, I think it's probably the right way to go.

1097
01:09:26,766 --> 01:09:33,166
And every time you guys step up and support the show with a membership or a boost, you make it viable and you make it possible for another episode.

1098
01:09:33,506 --> 01:09:34,526
So thank you very much.

1099
01:09:34,646 --> 01:09:37,406
As we approach Turkey Day, I'm very grateful for all of you out there.

1100
01:09:37,406 --> 01:09:52,986
you may have seen the headlines this week that more than eight percent of the bitcoin total supply

1101
01:09:52,986 --> 01:09:58,226
moved in the past week this is a pretty rare event the other times we've seen this kind of

1102
01:09:58,226 --> 01:10:03,386
movement was march 2020 when bitcoin was at five thousand dollars and people were snapping it up

1103
01:10:03,386 --> 01:10:07,046
December of 2018 when Bitcoin was at $3,500.

1104
01:10:07,346 --> 01:10:09,446
Could you imagine an entire Bitcoin for $3,000?

1105
01:10:10,386 --> 01:10:10,806
All right.

1106
01:10:11,366 --> 01:10:13,606
Why is so much Bitcoin moving around in the past week?

1107
01:10:14,126 --> 01:10:18,806
Well, it seems that 800,000 Bitcoin was moved by Coinbase to a new address.

1108
01:10:18,946 --> 01:10:23,146
They posted that they were cleaning up accounts and will be transferring a large number of coins internally.

1109
01:10:24,466 --> 01:10:25,806
Yeah, and then they did.

1110
01:10:26,266 --> 01:10:33,346
Also, which caused a bit of panic for about 10 minutes, tens of thousands of MicroStrategy coins were moved.

1111
01:10:33,386 --> 01:10:35,386
I'm not sure if all of them are on Coinbase anymore.

1112
01:10:35,946 --> 01:10:37,906
Some people was pretty panicked,

1113
01:10:38,106 --> 01:10:41,186
like panicked that this was Saylor capitulating

1114
01:10:41,186 --> 01:10:42,726
and selling and stuff like that.

1115
01:10:43,286 --> 01:10:45,726
Interestingly, strategies seem to need to clarify.

1116
01:10:45,926 --> 01:10:47,566
They said, if Bitcoin drops

1117
01:10:47,566 --> 01:10:49,986
to our $74,000 average cost basis,

1118
01:10:50,466 --> 01:10:54,126
we still have 5.9 times the assets to convertible debt,

1119
01:10:54,526 --> 01:10:57,666
which we refer to as the Bitcoin rating of our debt.

1120
01:10:57,886 --> 01:11:00,126
At 25,000 Bitcoin price,

1121
01:11:00,126 --> 01:11:03,366
that would be two times our assets to convertible debt.

1122
01:11:03,386 --> 01:11:06,366
okay, I guess that means they could,

1123
01:11:06,486 --> 01:11:08,206
even at 25,000, they're still good.

1124
01:11:08,906 --> 01:11:11,206
My only hesitation is I get it,

1125
01:11:11,266 --> 01:11:12,946
and then they kind of make up their own metric,

1126
01:11:13,046 --> 01:11:14,626
the Bitcoin rating of debt.

1127
01:11:15,186 --> 01:11:16,546
Like that's something they made up.

1128
01:11:16,606 --> 01:11:18,306
So then I get a little uncomfortable again.

1129
01:11:18,946 --> 01:11:21,706
But he seems to say they're okay, and I believe him.

1130
01:11:22,686 --> 01:11:24,886
All right, well, this is something that I've been watching

1131
01:11:24,886 --> 01:11:26,846
because I don't think it's a black swan event,

1132
01:11:26,846 --> 01:11:28,906
but it would be a disruptive event to the market.

1133
01:11:29,406 --> 01:11:30,546
I've been getting the feeling

1134
01:11:30,546 --> 01:11:33,446
that President Trump might be a little done

1135
01:11:33,446 --> 01:11:36,346
with Treasury Secretary Scott Besant.

1136
01:11:36,886 --> 01:11:39,026
And I've made that comment recently.

1137
01:11:39,826 --> 01:11:42,506
I think the market has a lot of faith in Scott.

1138
01:11:42,946 --> 01:11:44,386
And if Trump were to fire him,

1139
01:11:44,526 --> 01:11:46,426
I think it would impact the price of Bitcoin

1140
01:11:46,426 --> 01:11:47,386
and the market in general.

1141
01:11:47,586 --> 01:11:51,166
And he said, Trump said this just a few days ago.

1142
01:11:51,626 --> 01:11:55,446
The only thing Scott's blowing it on is the Fed.

1143
01:11:56,466 --> 01:11:59,906
Because the Fed, the rates are too high, Scott.

1144
01:11:59,906 --> 01:12:04,166
And if you don't get it fixed fast, I'm going to fire your ass, OK?

1145
01:12:05,126 --> 01:12:09,586
Man, this is a real Kobayashi Maru for Scott here because Scott doesn't control the rates.

1146
01:12:10,346 --> 01:12:11,946
The Fed board does, right?

1147
01:12:12,266 --> 01:12:17,546
So he can try to suggest to Jay Powell and the other board members that they vote to lower the rates.

1148
01:12:18,266 --> 01:12:19,366
But he can't do it himself.

1149
01:12:20,106 --> 01:12:22,026
So Trump, of course, wants to fire Jay Powell.

1150
01:12:22,626 --> 01:12:24,846
And Scott keeps talking Trump out of it.

1151
01:12:24,846 --> 01:12:43,306
I can't tell you, Scott, sir, don't fire him. Sir, please don't fire him. He's got three months to go. Don't fire him. I want to get him out, Scott, please. He's a voice of reason. You're very lucky you have him. I'll tell you that. Yeah.

1152
01:12:43,306 --> 01:12:51,566
I don't know. It just seems like one of those Trump jokes that's not so much a joke.

1153
01:12:52,486 --> 01:12:58,866
I don't think it's a black swan if he fires Besant, but it could be a gray swan, you know, maybe a gray crow.

1154
01:12:59,166 --> 01:13:01,546
I don't know. I think there would be a reaction, though.

1155
01:13:02,266 --> 01:13:05,226
No wins situation for old Scott, too, so it's hard to see where it goes.

1156
01:13:05,646 --> 01:13:08,846
And it's that kind of thing Trump might do, even though he has to wait a few months.

1157
01:13:08,846 --> 01:13:18,386
But while we're talking about politically connected figures in the know, Eric Trump posted a tour of his Bitcoin mine operation.

1158
01:13:19,126 --> 01:13:26,266
And it's a U.S.-based operation that seems to be producing a notable amount of the daily Bitcoin supply.

1159
01:13:28,406 --> 01:13:31,846
Hey, friends, Eric Trump. Welcome to American Bitcoin.

1160
01:13:31,846 --> 01:13:39,846
It's a little sneak peek of our facility in Texas using American energy to mine Bitcoin right here on American soil.

1161
01:13:39,846 --> 01:13:41,846
We could not be more proud of this facility.

1162
01:13:41,846 --> 01:13:48,846
35,000 of these servers right here, all liquid cooled, securing the network, mining Bitcoin.

1163
01:13:48,846 --> 01:14:00,960
Every single day we mine about 2 of the world Bitcoin supply and we safeguard it every single day So when people say that cryptocurrency is intangible it not It very tangible

1164
01:14:01,660 --> 01:14:08,340
And this right here, guys, is living proof. Take a look at the company. Come join us. We could not be more excited about our growth.

1165
01:14:08,600 --> 01:14:14,420
Of course, he's got to pan up the stock. It does look like a clean, nice facility, though.

1166
01:14:14,420 --> 01:14:17,820
All right, let's talk about quantum FUD.

1167
01:14:18,520 --> 01:14:35,340
You know, this is my opinion, but based on everything I've read, the discussion on GitHub with the Bitcoin developers, discussion on Noster from developers I trust, my reading of technical discoveries that have come out around quantum recently, I'm just not worried about a quantum threat to Bitcoin anytime soon.

1168
01:14:35,760 --> 01:14:41,680
Now, you could ask me again in 10 years or maybe five years and say, hey, are you worried about it now anytime soon?

1169
01:14:41,680 --> 01:14:44,940
maybe my answer would be different, but I don't think it will be for the next five or 10 years.

1170
01:14:45,520 --> 01:14:51,880
I am worried, though, about the narrative around quantum. I'm worried about the risk of the

1171
01:14:51,880 --> 01:14:56,920
narrative about Bitcoin and quantum. And I think it could be getting away from us already. And the

1172
01:14:56,920 --> 01:15:02,460
reason I say that is you're already seeing folks that know better trotted out to try to take stabs

1173
01:15:02,460 --> 01:15:07,460
at Bitcoin and use it as an excuse to pump Zcash. Sort of one of the fundamentals. Now, there's

1174
01:15:07,460 --> 01:15:12,440
something else going on within the Bitcoin community that kind of non-crypto people need

1175
01:15:12,440 --> 01:15:18,780
to know about. This is a gentleman from VanEck. And that is ultimately VanEck has been around

1176
01:15:18,780 --> 01:15:23,620
before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken.

1177
01:15:23,880 --> 01:15:27,760
What? Why would he be saying this? And what do you suppose the chances are? He's saying this at

1178
01:15:27,760 --> 01:15:33,760
$84,000. Bitcoin's been on the slide. He just had, oh, we could walk away from Bitcoin at any moment.

1179
01:15:33,760 --> 01:15:37,820
I mean, we're not saying anything's wrong now, but if it looks at us sideways, we're out.

1180
01:15:38,380 --> 01:15:40,240
VanEck has been around before Bitcoin.

1181
01:15:40,420 --> 01:15:44,300
We will walk away from Bitcoin if we think the thesis is fundamentally broken.

1182
01:15:44,460 --> 01:15:45,400
We don't right now.

1183
01:15:45,520 --> 01:15:48,340
But you always have to look at the underlying technology.

1184
01:15:48,900 --> 01:15:54,940
And the crypto, sorry, the Bitcoin community has been asking itself about, is there enough encryption in Bitcoin?

1185
01:15:55,420 --> 01:15:57,340
Because quantum computing is coming.

1186
01:15:57,640 --> 01:15:58,720
No one is asking that.

1187
01:15:59,220 --> 01:16:03,720
People, I guess they think the entire Bitcoin network uses elliptic curve encryption or something.

1188
01:16:03,760 --> 01:16:09,320
like i don't i don't know what he thinks nobody's worried about all of bitcoin getting hacked it

1189
01:16:09,320 --> 01:16:15,380
would be older wallets at first right and let's be real here we are at tens of qubits right now

1190
01:16:15,380 --> 01:16:19,160
you're going to need thousands of qubits to be able to do an attack like this and at that point

1191
01:16:19,160 --> 01:16:23,800
you're going to go after tls and all kinds of things and so and then secondly is there enough

1192
01:16:23,800 --> 01:16:30,760
privacy in bitcoin and so a lot of bitcoin ogs or maxis have been looking at zcash no they are

1193
01:16:30,760 --> 01:16:36,860
What's that? Zcash is a token sort of related to Bitcoin with a lot more privacy.

1194
01:16:37,480 --> 01:16:43,820
Because the kind of garbage that we got about Bitcoin four years ago is it's like used for all bad illicit behavior.

1195
01:16:44,000 --> 01:16:49,380
But now everyone kind of realizes when you move money around on the Bitcoin blockchain, you can see it.

1196
01:16:49,420 --> 01:16:53,720
You can see it move from one wallet to another. And a lot of people are looking for more privacy.

1197
01:16:53,720 --> 01:16:57,880
He went from quantum to privacy.

1198
01:16:58,600 --> 01:17:15,300
And the idea that the transparency of the blockchain is a problem seems to completely miss the absolute bankruptcy and trust in all of the institutions, including the financial institutions, and how much transparency and trust is valued right now.

1199
01:17:15,680 --> 01:17:17,820
But let's not kid ourselves.

1200
01:17:18,320 --> 01:17:22,120
No one is seriously selling their Bitcoin for some Zcash pump trap.

1201
01:17:22,120 --> 01:17:25,080
and neither one of them are fully quantum resistant.

1202
01:17:26,020 --> 01:17:27,620
Zcash is a fork of Bitcoin.

1203
01:17:27,780 --> 01:17:29,080
So when he says it's kind of related,

1204
01:17:29,360 --> 01:17:31,940
yeah, yeah, it's a fork.

1205
01:17:32,460 --> 01:17:35,600
It's a fork of Bitcoin with a faster block time

1206
01:17:35,600 --> 01:17:37,580
and patches for privacy.

1207
01:17:38,480 --> 01:17:42,200
Both Zcash and Bitcoin rely on elliptic curve cryptography.

1208
01:17:42,940 --> 01:17:44,380
Both are vulnerable to attacks.

1209
01:17:44,500 --> 01:17:45,940
Now, you could absolutely argue

1210
01:17:45,940 --> 01:17:47,840
Zcash is further along in different ways.

1211
01:17:48,540 --> 01:17:50,240
But if you remove the privacy features,

1212
01:17:50,340 --> 01:17:51,980
Zcash would basically be Bitcoin

1213
01:17:52,600 --> 01:17:59,860
The team behind it, ZeroCoin Electric Coin Company, deliberately chose to fork Bitcoin rather than build from scratch for the obvious reasons.

1214
01:17:59,940 --> 01:18:03,040
They could inherit the proof of work model.

1215
01:18:03,580 --> 01:18:07,420
They have the tooling, the developer familiarity, some network effects.

1216
01:18:07,480 --> 01:18:08,500
It's obvious why they would do it.

1217
01:18:09,300 --> 01:18:13,900
And then they merged privacy features that could be technically merged into Bitcoin if there was demand.

1218
01:18:14,060 --> 01:18:14,820
How do I know that?

1219
01:18:14,940 --> 01:18:16,180
Because it's a fork of Bitcoin.

1220
01:18:17,020 --> 01:18:18,000
Yes, I looked into it.

1221
01:18:18,020 --> 01:18:19,560
It would require non-trivial work.

1222
01:18:19,560 --> 01:18:22,660
But if there was demand, it could be done to Bitcoin.

1223
01:18:23,400 --> 01:18:35,300
Now, Ethereum, on the other hand, Ethereum has much, much bigger problems with quantum vulnerabilities than Bitcoin, where Bitcoin is going to see issues in is at first is going to be in the Satoshi era wallets.

1224
01:18:35,660 --> 01:18:36,700
OK, let's play that out.

1225
01:18:37,120 --> 01:18:39,440
So somebody gets access to Satoshi era wallets.

1226
01:18:39,500 --> 01:18:40,120
Well, what happens?

1227
01:18:40,660 --> 01:18:44,180
Then we have a bunch of old coins that get distributed back into the market.

1228
01:18:44,680 --> 01:18:48,160
Bitcoin goes on sale for a while and coins go to strong hands.

1229
01:18:48,840 --> 01:18:49,240
Okay.

1230
01:18:49,980 --> 01:18:50,940
Oh, that's rough, right?

1231
01:18:51,340 --> 01:18:52,520
Well, what happens to Ethereum?

1232
01:18:53,460 --> 01:18:54,120
Well, guess what?

1233
01:18:54,560 --> 01:18:56,340
That elliptic curve encryption I mentioned?

1234
01:18:57,280 --> 01:19:00,240
Ethereum's EVM proof of stake relies directly on that,

1235
01:19:00,520 --> 01:19:03,680
meaning that if quantum could break elliptic curve encryption,

1236
01:19:04,220 --> 01:19:06,480
they could break not just wallets of Ethereum,

1237
01:19:06,480 --> 01:19:10,900
but they would break consensus itself of the Ethereum network.

1238
01:19:11,560 --> 01:19:15,300
That is a massive, massive bigger issue.

1239
01:19:16,000 --> 01:19:17,260
But nobody talks about it.

1240
01:19:17,260 --> 01:19:37,280
And that tells you it isn't really about the risk. It's about creating a FUD narrative to pump Zcash while Bitcoin's down. And Bitcoin's consensus doesn't collapse under a quantum pressure. Ethereum does. It's that simple, right? That's the real difference. And so I just think this whole Zcash narrative is so overcooked.

1241
01:19:37,280 --> 01:20:06,400
If privacy really mattered, then Nimblewimble getting the Litecoin would have put Litecoin on the map. And I hate to say it, but I think Monero would be a lot further along too. Right now, the market wants an open, transparent, something that's designed by rulers. Sorry, something designed by rules, not rulers. And the reason why I got distracted there is I was debating if I should talk about the Zcash infinite printing bug that was completely missed because of the privacy architecture of Zcash or not.

1242
01:20:06,400 --> 01:20:08,520
But I will leave that as an exercise to the listener.

1243
01:20:09,100 --> 01:20:12,420
I really, I don't want to come across as some sort of Zcash basher.

1244
01:20:12,560 --> 01:20:14,880
I don't think about Zcash at all.

1245
01:20:15,500 --> 01:20:16,360
I don't care.

1246
01:20:16,360 --> 01:20:21,040
But I do get annoyed when people create these quantum FUD narratives to try to pump their bags.

1247
01:20:21,600 --> 01:20:24,260
So I think we should have a little OG wisdom.

1248
01:20:25,120 --> 01:20:27,340
Now, this is a clip from Andre Antonopoulos.

1249
01:20:27,380 --> 01:20:32,200
And I don't agree with everything he says or has said in this clip or has said in the past.

1250
01:20:32,280 --> 01:20:33,520
But I do respect him.

1251
01:20:33,520 --> 01:20:35,620
because if it wasn't for Andreas,

1252
01:20:35,880 --> 01:20:37,540
I think a lot of people wouldn't know

1253
01:20:37,540 --> 01:20:38,540
how to talk about Bitcoin

1254
01:20:38,540 --> 01:20:39,500
in the way they do today.

1255
01:20:39,640 --> 01:20:41,020
And some of the people out there

1256
01:20:41,020 --> 01:20:41,980
that are rich,

1257
01:20:42,320 --> 01:20:44,740
that hold massive bags of Bitcoin,

1258
01:20:45,180 --> 01:20:47,860
directly owe it to Andreas's

1259
01:20:47,860 --> 01:20:49,860
early advocacy for Bitcoin.

1260
01:20:50,420 --> 01:20:51,680
And so he was asked recently

1261
01:20:51,680 --> 01:20:54,160
on his thoughts around the filter fork

1262
01:20:54,160 --> 01:20:55,640
and BIP444,

1263
01:20:55,900 --> 01:20:58,520
which isn't its actual name anymore.

1264
01:20:58,780 --> 01:20:59,760
But he was asked about it

1265
01:20:59,760 --> 01:21:01,040
and I thought it was important

1266
01:21:01,040 --> 01:21:03,240
to share his rather practical

1267
01:21:03,240 --> 01:21:06,960
straightforward thinking on it, which aligns with a lot of what I've been concerned about too. So

1268
01:21:06,960 --> 01:21:11,580
probably another reason I wanted to play it. Summarize. Any data can be encoded as any data.

1269
01:21:12,120 --> 01:21:17,640
One person spams another person's content. The power to decide what is and what isn't allowed

1270
01:21:17,640 --> 01:21:24,860
is dangerous because it leads to censorship. It also leads to giving the developers power

1271
01:21:24,860 --> 01:21:32,920
over the protocol, which will eventually be used by someone else. And if the developers are shown to

1272
01:21:32,920 --> 01:21:41,300
be able to censor, then they will become required to censor in any and all jurisdictions where they

1273
01:21:41,300 --> 01:21:49,920
live. And so that's extremely dangerous. And people will be able to put ordinals and

1274
01:21:49,920 --> 01:21:58,160
shit pegs and JPEGs and NFTs and garbage and Bible verses, I already said garbage,

1275
01:21:58,160 --> 01:22:03,800
and other stuff on the blockchain, whether we want them to or not.

1276
01:22:05,560 --> 01:22:12,300
And so I would rather people put it in an op return where we can then disregard it,

1277
01:22:12,640 --> 01:22:17,420
prune it, and not have to carry it anymore forever than if they put it,

1278
01:22:18,020 --> 01:22:21,180
hide it in other places of the protocol because we made op return too hard.

1279
01:22:21,620 --> 01:22:25,440
And so I actually think that's a better solution.

1280
01:22:25,440 --> 01:22:27,400
Yeah, like I said, I don't always agree with everything he says there,

1281
01:22:27,400 --> 01:22:35,960
But I do think there's some irony that when this entire core 30 debate started and the increase in Operaturn, I initially was not in favor.

1282
01:22:36,220 --> 01:22:40,600
I was willing to listen to both sides, but it seemed like it would just enable more spam.

1283
01:22:40,860 --> 01:22:51,360
But now with this filter fork discussion and the furthering of all of this, I've realized Operaturn may be the lesser of two evils.

1284
01:22:51,360 --> 01:22:56,920
I mean, in order to keep Operaturn small and avoid spamming the network, you have to go to extreme measures.

1285
01:22:56,960 --> 01:23:06,220
Because what I've been watching over the last couple of weeks is individuals delight in finding ways to encode random different stuff into the blockchain in all different manners and means,

1286
01:23:06,340 --> 01:23:18,255
just to prove to the filter folks that they have to constantly be doing a cat and mouse game So Andreas is right There always will be a way to encode data And so if that is true which I believe it to be

1287
01:23:18,335 --> 01:23:20,655
then perhaps the best solution is op return,

1288
01:23:20,895 --> 01:23:23,155
where those of us that run our own nodes and whatnot

1289
01:23:23,155 --> 01:23:25,455
could just choose to chop it off and ignore it.

1290
01:23:25,455 --> 01:23:28,235
And then we have a dedicated place for that crap to go.

1291
01:23:28,535 --> 01:23:30,235
And if you don't want it, you don't get it.

1292
01:23:30,255 --> 01:23:31,675
And if you do want it, it's there.

1293
01:23:32,315 --> 01:23:35,415
And we don't have to go down seizing people's UTXOs

1294
01:23:35,415 --> 01:23:39,495
and forking something right at its golden moment of adoption,

1295
01:23:39,715 --> 01:23:44,195
which would be absolute manic suicide, right?

1296
01:23:44,275 --> 01:23:45,695
I mean, you run, maybe not,

1297
01:23:46,035 --> 01:23:49,135
but you run the risk of blowing a golden opportunity,

1298
01:23:49,715 --> 01:23:52,535
a literally once in the universe kind of opportunity

1299
01:23:52,535 --> 01:23:53,935
with a fork like that,

1300
01:23:54,055 --> 01:23:56,015
especially when you consider the interests involved

1301
01:23:56,015 --> 01:23:58,835
like the DATs and the big holders

1302
01:23:58,835 --> 01:24:00,715
and things like BlackRock,

1303
01:24:00,815 --> 01:24:02,375
like there's a lot of variabilities there.

1304
01:24:02,375 --> 01:24:04,835
We don't need to be provoking any of that right now.

1305
01:24:04,835 --> 01:24:13,595
And the idea that we would seize UTXOs or do some sort of fork seems so anti-Bitcoin to me that I can't even believe it's being discussed.

1306
01:24:13,895 --> 01:24:14,875
I just don't know.

1307
01:24:14,995 --> 01:24:15,775
I can't imagine.

1308
01:24:15,855 --> 01:24:21,195
As somebody who's been watching this since 2011, this really blows me away.

1309
01:24:21,555 --> 01:24:22,295
This really does.

1310
01:24:22,355 --> 01:24:23,215
I've seen some crap.

1311
01:24:24,175 --> 01:24:25,775
And I mean, I have seen some crap.

1312
01:24:26,115 --> 01:24:27,335
I have seen some crap.

1313
01:24:28,035 --> 01:24:30,075
But this is some fresh stuff here.

1314
01:24:30,075 --> 01:24:35,335
So I thought Andre's, I thought his opinion was worth reflecting on because he's also been around for longer than me.

1315
01:24:35,915 --> 01:24:37,935
And he raises some of the same concerns.

1316
01:24:37,935 --> 01:24:39,315
And I just think that can't be ignored.

1317
01:24:39,395 --> 01:24:41,215
And I have not heard good answers to those.

1318
01:24:41,215 --> 01:25:01,815
I don't tend to give Coinbase a lot of positive coverage on this podcast,

1319
01:25:02,915 --> 01:25:05,215
but every now and then a broken clock, right?

1320
01:25:05,475 --> 01:25:09,795
And I got a hint this week that there just might be some solid thinkers over there at Coinbase.

1321
01:25:10,755 --> 01:25:13,375
And so I wanted to play this as our final clip this week.

1322
01:25:13,955 --> 01:25:18,935
This is the head of strategy, and he doesn't think that we are in a prolonged bear market at all.

1323
01:25:19,275 --> 01:25:23,855
He thinks it's just a temporary drawdown, and he's kind of just looking at the fundamentals.

1324
01:25:24,615 --> 01:25:26,735
Nothing's really changed since the all-time high.

1325
01:25:27,115 --> 01:25:28,655
If you just step back and think about it structurally,

1326
01:25:29,595 --> 01:25:33,055
in fact, you can argue the news coming out about Citibank, J.P. Morgan,

1327
01:25:33,515 --> 01:25:36,035
both leveraging stablecoins at a huge scale.

1328
01:25:36,035 --> 01:25:43,695
The Czechoslovakian National Bank has come out and announced they will be the first Eurozone country to purchase Bitcoin for the Treasury.

1329
01:25:44,875 --> 01:25:46,575
Clarifying rules from the IRS.

1330
01:25:47,355 --> 01:25:50,775
Harvard Endowment announcing they own more Bitcoin than gold.

1331
01:25:51,315 --> 01:25:54,555
All of those things are structurally very, very positive.

1332
01:25:55,075 --> 01:26:00,095
From the exchange point of view, we're not seeing a massive increase in open interest in a futures market.

1333
01:26:00,475 --> 01:26:01,595
CME, you can check it yourself.

1334
01:26:01,595 --> 01:26:10,715
I was always taught early on a declining price market accompanied by a rapidly declining open interest means the market is breaking down structurally.

1335
01:26:10,795 --> 01:26:12,795
People are exiting the market forever.

1336
01:26:13,235 --> 01:26:19,095
When I look at Bitcoin, I see the number of active Bitcoin wallets roughly the same as it was three months ago.

1337
01:26:19,415 --> 01:26:26,895
I see both CME and Coinbase Futures open interest, again, taking down a little bit, but not nearly in line with price direction.

1338
01:26:26,895 --> 01:26:36,455
And so I go back to the very, very basic principle of if I like apples, I don't like them less because they're on sale.

1339
01:26:37,475 --> 01:26:40,195
And so if you like this asset, you like it more.

1340
01:26:41,215 --> 01:26:47,315
If you don't like this asset, if you've never liked this asset, you now have the microphone for a few months or two weeks.

1341
01:26:47,375 --> 01:26:47,995
We'll see how long.

1342
01:26:48,415 --> 01:26:50,375
And enjoy that moment.

1343
01:26:56,895 --> 01:27:03,195
Let's check in on the state of the network.

1344
01:27:03,435 --> 01:27:07,055
I'm wrapping up at block height 925,338.

1345
01:27:07,735 --> 01:27:08,855
Bitcoin's doing okay.

1346
01:27:09,135 --> 01:27:12,895
Current USD price to one Bitcoin is 90,470.

1347
01:27:13,375 --> 01:27:17,635
That puts our sats per US dollar at 1,106 sats.

1348
01:27:18,195 --> 01:27:21,275
We're down 28.3% from our all-time high.

1349
01:27:21,895 --> 01:27:23,355
Yep, feeling it right now.

1350
01:27:23,355 --> 01:27:34,595
Our all-time high was $126,180 51 days ago on, on, if you were listening to the show, you know the answer, October 6th, October 6th.

1351
01:27:34,595 --> 01:27:37,075
Retarget date is today, as I record.

1352
01:27:37,675 --> 01:27:41,075
Difficulty adjustment going down 1.7%.

1353
01:27:41,075 --> 01:27:48,535
Reachable nodes on the network, almost 24,000, just ticked below actually earlier today, 23,857 nodes.

1354
01:27:48,795 --> 01:27:52,555
Core 30 clocking in at 12.5% of the network, followed by Core 28.

1355
01:27:52,555 --> 01:27:55,875
and then Notts 25, 11, 10 at 7.7.

1356
01:27:56,195 --> 01:27:57,615
There's a few other versions of Notts on there too.

1357
01:27:57,695 --> 01:27:59,775
So they're basically pretty close to Core 30 still.

1358
01:28:00,455 --> 01:28:02,255
There's been a lot of weird number games

1359
01:28:02,255 --> 01:28:03,755
in the node numbers.

1360
01:28:04,075 --> 01:28:05,715
I don't like the jumping around I'm seeing.

1361
01:28:06,215 --> 01:28:08,175
Feels like somebody's spinning up some VPSs.

1362
01:28:08,335 --> 01:28:09,815
So to me, it seems like the solution

1363
01:28:09,815 --> 01:28:11,615
is for us plebs to node up.

1364
01:28:12,855 --> 01:28:15,915
We are up 3.2% in the last 24 hours,

1365
01:28:16,035 --> 01:28:18,555
only down 1% over the last seven days.

1366
01:28:19,155 --> 01:28:20,695
Starting a slow tick back up.

1367
01:28:20,975 --> 01:28:21,535
Could be good.

1368
01:28:21,535 --> 01:28:22,575
Don't know for sure yet.

1369
01:28:22,975 --> 01:28:26,335
But overall, TikTok next block, the network's doing just fine.

1370
01:28:37,155 --> 01:28:41,435
Well, if you made it this far, you should check out the links at ThisWeekInBitcoin.show.

1371
01:28:41,495 --> 01:28:44,515
The stuff I talked about, the research papers, whatnot, linked over there.

1372
01:28:44,555 --> 01:28:46,255
Some stories I might not have covered as well.

1373
01:28:46,855 --> 01:28:54,655
Also, I'd love a boost to tell me how I did with my goal of telling you the important bits around the news, but not get distracted with the emotions.

1374
01:28:55,295 --> 01:28:56,535
I think it's the signal that matters.

1375
01:28:56,535 --> 01:28:59,055
So that way you can plan for your family and your stack.

1376
01:28:59,615 --> 01:29:02,895
Boost in also with what else you'd like to see from the show and your price prediction.

1377
01:29:03,015 --> 01:29:05,035
Do you think 2026 is going to be bullish?

1378
01:29:05,395 --> 01:29:06,335
Why or why not?

1379
01:29:07,175 --> 01:29:07,495
All right.

1380
01:29:07,515 --> 01:29:10,475
Well, I hope you have a great Thanksgiving for those who pig out and celebrate it.

1381
01:29:10,575 --> 01:29:12,055
I'm grateful for all of you out there.

1382
01:29:12,395 --> 01:29:15,095
I'm going to leave you with a value for value track this week.

1383
01:29:15,095 --> 01:29:19,515
If you boost in during the music, 95% of your sats will go to the artist.

1384
01:29:19,935 --> 01:29:22,935
And today's Value for Value track is by Justin Landtrip.

1385
01:29:23,355 --> 01:29:27,295
This is his latest album, Floodgates, and this track is Epiphany Rising.

1386
01:29:45,095 --> 01:29:50,675
The devil I know just carving out flesh from an old alone

1387
01:29:50,675 --> 01:29:52,975
And this and I've been thinking

1388
01:29:52,975 --> 01:29:58,975
I've found an excuse for every dream

1389
01:29:58,975 --> 01:30:02,695
I want epiphany is rising

1390
01:30:02,695 --> 01:30:07,735
I think I want to kill the king

1391
01:30:07,735 --> 01:30:13,775
Head on down

1392
01:30:13,775 --> 01:30:16,035
Beat the crowd

1393
01:30:16,035 --> 01:30:17,955
Watch his head

1394
01:30:17,955 --> 01:30:19,955
Tumble down

1395
01:30:19,955 --> 01:30:22,275
Burn the fields

1396
01:30:22,275 --> 01:30:24,395
Tell some lies

1397
01:30:24,395 --> 01:30:26,455
Open wide

1398
01:30:26,455 --> 01:30:28,235
Long dark night

1399
01:30:28,235 --> 01:30:30,575
Don't you wonder

1400
01:30:30,575 --> 01:30:32,835
Why can't we see it

1401
01:30:32,835 --> 01:30:34,735
The humming flood

1402
01:30:34,735 --> 01:30:36,895
And all these leeches

1403
01:30:36,895 --> 01:30:38,775
Swim around my head

1404
01:30:38,775 --> 01:30:41,875
I leave and don't look back again

1405
01:30:41,875 --> 01:30:45,315
Don't look back

1406
01:30:45,315 --> 01:30:47,375
Don't look back

1407
01:30:47,375 --> 01:30:49,495
Don't look back

1408
01:30:49,495 --> 01:30:51,535
Don't look back

1409
01:30:51,535 --> 01:30:53,635
Don't look back

1410
01:30:53,635 --> 01:30:55,795
Don't look back

1411
01:30:55,795 --> 01:30:57,815
Don't look back

1412
01:30:57,815 --> 01:30:59,795
Don't look back

1413
01:30:59,795 --> 01:31:04,835
Look how I unpack my heart

1414
01:31:04,835 --> 01:31:06,135
With every breath

1415
01:31:06,135 --> 01:31:09,095
Turn around, more than what I live

1416
01:31:09,095 --> 01:31:13,435
I get loaded fingers, lost fans

1417
01:31:13,435 --> 01:31:16,575
And I'm stacking and stacking regrets

1418
01:31:16,575 --> 01:31:22,315
Got this constant need to flee and be

1419
01:31:22,315 --> 01:31:28,275
Some sense of self, an epiphany is rising

1420
01:31:28,275 --> 01:31:33,055
I think I wanna kill the king

1421
01:31:36,135 --> 01:31:41,415
Head on down, beat the crowd

1422
01:31:41,415 --> 01:31:45,515
Watch his head tumble down

1423
01:31:45,515 --> 01:31:49,955
Burn the fields, tell some lies

1424
01:31:49,955 --> 01:31:53,815
Open wide, long dark night

1425
01:31:53,815 --> 01:31:58,395
Don't you wonder, why can't we see it?

1426
01:31:58,395 --> 01:32:02,435
The humming flood and all these leeches

1427
01:32:02,435 --> 01:32:04,395
Swim around my head

1428
01:32:04,395 --> 01:32:07,455
Leave and don't look back again

1429
01:32:07,455 --> 01:32:10,855
And don't look back