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You may have heard the White House using a new word you'll likely hear on the.

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Campaign trail, Bidenomics.

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In a recent speech, the president claimed to be setting new records with the U.S. employment rate.

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With the American Rescue Plan, we provide a relief and support directly to working-class families.

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Our economy came roaring back. Unemployment dipped below 4% by the end of my first year in office.

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Now it's been below 4% for the longest stretch in 50 years of American history.

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Music.

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Welcome in to This Week in Bitcoin, episode 24. My name is Chris.

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You know, I've been having this feeling recently, and I wonder if you felt the

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same thing. Have you had the feeling that no matter what your lying eyes tell you, you're wrong?

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You're wrong. The experts tell you you're wrong. Politicians tell you you're

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wrong. The president tells you you're wrong. Pundits tell you you're wrong.

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Turns out you were right. You're not crazy. And I'll bring the receipts.

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You've been getting gaslit about the economy for more than a year.

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And it's impacting the price of Bitcoin.

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It's impacting the price of a banana. It's impacting your job.

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So we're going to get to that. We are going to get to that. But first,

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I wanted to cover some Bitcoin headlines.

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I noticed this week that Bitcoin's mine supply has just passed the 94% milestone.

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In other words, there's slightly more than 1.25 million Bitcoin left to be mined

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ever for all of humanity. Okay?

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We are in a massively scarce market already, and the market just hasn't figured it out.

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So whatever price you're stacking Bitcoin at, it's a great price.

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1.25 million Bitcoin left. When you start thinking about the numbers, like the ETFs buy.

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That's not very much, and it's not going to take long until the market figures

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out what a scarce asset this is.

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And speaking of investment, we actually have some interesting news out of El Salvador.

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The government of El Salvador announced this week plans to enhance the skills

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of 80,000 employees through a detailed Bitcoin certification program.

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It says it's focused on strategic management and public policy.

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The National Bitcoin Office is said to provide the training and certification.

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I believe that's Max and Stacey. office.

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Now on the other side, the UK National Crime Agency has their latest risk assessment

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out and it turns out crypto bad won't someone think of the children.

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The UK National Crime Agency's latest risk assessment finds that the crypto

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assets are quote, increasingly used to launder non-digital proceeds of crime.

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How crypto is used to launder non-digital proceeds, I'm not sure because the

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report doesn't tell you.

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In fact, the assessment provides no concrete data to back up up its claims and

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also throws in there that end-to-end encryption is posing increased risk to children.

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So clearly we got a crackdown on encryption and cryptocurrencies.

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Also, German authorities around the same time have

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announced that they've seized 13 Bitcoin ATMs

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and nearly $28 million in cash in

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a crackdown where they're trying to take out KYC AML

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law violators and I saw a report from

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one of these ATM operators who bailed from their operation when

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they saw that this crackdown was coming and they basically say

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yeah it's the government closing the door behind them they

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we our system has problems not negotiated payroll and negotiated payroll across

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the border down in Germany for the last quarter people are making less money

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they're gonna of course start easing rates faster over there and they're cracking

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down on the exits sort of like we've always seen because it always comes back to macro doesn't it.

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Music.

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Minutes ago, Edward Lawrence live in the Grand Tetons, Jackson,

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Wyoming, now has the revision number on the job claim of the past 12 months. And what is it, Edward?

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You know, we all felt this one,

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didn't we? Because Bitcoin, it's a proxy signal for general liquidity.

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And we just got the revised jobs report number, and it's a whopper.

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Now, most of the market's been holding their breath as rate cuts approach anyways,

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as job numbers last month started to look a little shaky.

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The stock market's beginning to rotate into smaller companies after historic

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levels of consolidation into the Meg-7.

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And we seem to see rolling, isolated recessionary pressures spreading into the wider economy.

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And we're watching boomers put what little liquidity they do have into gold

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as fast as the decrepit industry can manage.

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But we really have two big signals screaming at us this last week.

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The price of gold, which has been on a rip, while the price of oil has been on a dump.

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And now we have the absolute collapse of employment numbers.

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This is a huge revision, down 818,000 fewer jobs.

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This is basically the government's overstated the amount of people in the workforce.

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And even when you look under this, manufacturing was down 115,000 people.

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So this is a revision down, a significant revision down, the largest in 15 years that we've seen.

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And it basically says that the government has now overstated the amount of people

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who are working in this workforce.

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It shows weakness in the job markets over the past year that we didn't realize

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was there, but now we know is there.

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So again, 818,000 overall jobs down, manufacturing down 115,000 in this.

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And if you just look, construction down 45,000. So these numbers are huge numbers

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in revisions down, Bill.

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They're devastating numbers. And I want to put some of this into perspective.

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This is the second worst jobs revision in U.S. history. It's the largest downward revision in 15 years.

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We'll talk about why he's a Jackson Hole here in a moment. But let's just break

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it down by, you heard some of these numbers here.

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Manufacturing has been revised down by 115,000 jobs. Trade, transportation and

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utilities down by 104,000 jobs.

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Professional business services revised downward by almost 360,000 jobs.

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Leisure and hospitality revised downward by 150,000 jobs.

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But hey, it's not all bad. Good news.

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Government jobs were revised 1,000 upward. So we had some growth.

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Huh? Now take this in for a moment.

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Just take this in. Almost 120,000 jobs revised downward for over the last year.

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In fact, I would be willing to bet some sats they worked real hard to get that number under a million.

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Every mainstream economist, every pundit, every politician has been telling

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you we are in a record job growth market.

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But we knew that was wrong. In fact, you might recall, I predicted on this little

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humble show a few weeks ago this might happen in episode 16.

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I just wasn't expecting it this soon. I think the first red flags emerged in

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the summer of 2022 when Zero Hedge identified this initially.

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They found like there was a striking discrepancy between the number of U.S.

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Payrolls and the number of actual employed workers, two separate metrics that get tracked.

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Now, the reason why that was noteworthy is because those two numbers had tracked together forever.

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But they started to widen, and that's when Zero Hedge noticed.

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They looked at it and they charted the U.S. payrolls. They looked at it and

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they charted the actual employed numbers.

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And they saw that the two, after being tick for tick for years,

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started to have a widening gap in March of 2022.

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It grew to 1.5 million and then it just kept growing. The gap just kept growing

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as time went on. So that was red flag number one.

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But also in March of this year, we saw the Philadelphia Fed suggest that payroll

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data could be overstated by 800,000.

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And then, like I mentioned, on June 27th of this year, I covered the California

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jobs that had been revised and took out all job gains in 2023.

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So I put it all together. It seemed like it's very possible to me,

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I said, it's very possible that we could have a massive revision at some point.

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I just didn't expect it this soon. I thought, you know, it's the kind of thing

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you keep quiet until after an election.

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You don't talk about it now. Now, but looking into it, the BLS does have scheduled

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revisement periods, and it

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also happens to be landing right as Fed Chair Powell is at Jackson Hole,

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where in the past he has indicated that rate cuts would happen or that rate hikes would happen.

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And the BLS, with their $750 million annual budget, revised these numbers and

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put it out just in time for him to be at Jackson Hole.

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Now, I suspect you won't see the media cover this until it's like a post facto

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explanation for why the rate cuts are arriving.

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They're not going to really run with it tonight because it's devastating news

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for the current administration.

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But what this tells us is that the job market has been soft for more than a

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year and we didn't have the right tools to measure it. We just had our guts.

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But all of the best tooling was wrong.

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But in my point of view, it's actually good news now that we know this.

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I mean, it sucks for the work situation, but this is the market healing.

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Getting the right data is a step in the direction to correctly price risk.

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And I suspect this is why the big banks are buying the dip in a big way.

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We have some reports filed that suggest they're going all in.

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In the second quarter of 2024, we had a major buy from the banks,

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even though Bitcoin itself wasn't really doing all that hot.

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And interest continues to grow, even though Bitcoin's price hasn't been pumping this quarter.

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Bitcoin on pace for a negative quarter, but interest continues to grow across

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Wall Street when it comes to Bitcoin ETFs. Let's get to Mackenzie Segalos with that story.

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Hi, Mack. Hey, Contessa. So that 13F deadline on Wednesday gave us a read on

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which banks and hedge funds took a position in the new spot Bitcoin ETFs in the second quarter.

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Goldman Sachs in particular went big in Q2, lifting its holdings to over $418

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million, up from zero exposure in Q1.

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Now, most of that is coming from the 7 million shares that it holds in BlackRock's

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ETF. Morgan Stanley actually trimmed its Bitcoin ETF holdings to around one

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hundred and eighty nine million dollars and swapped out its grayscale shares

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for BlackRock's offering.

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HSBC has nearly three point six million dollars worth of spot Bitcoin holdings.

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And Bank of America has five point three million dollars in these products.

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UBS and JP Morgan both took on minimal stakes. Now, it's worth noting that most

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of these banks are likely just snapping up crypto for their clients,

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not their own balance sheets. And then you've got hedge funds like Millennium

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Management, which are some of the biggest buyers.

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It's the single largest holder of shares in BlackRock's Bitcoin ETF.

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Recent filings also show that Point72 Asset Management, Elliott,

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Apollo, Citadel, Jane Street, and the Michigan Retirement System have all got

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spot Bitcoin products in their portfolio.

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You know, it feels like it's almost a crime they're getting Bitcoin at this price.

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This is how it works, folks. folks, this is how the financial institutions front-run the regular folk.

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The people really in the know, they front-run the financial institutions,

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but ultimately, on average, the financial institutions win because so many average

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Joes out there are still not at all tuned in to what's going on here.

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Meanwhile, these banks are spending massive money.

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Yesterday, the ETF saw an aggregate inflow of $88 million, and they've had another,

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I don't have the number today, but I know that it's already,

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I think it's more than $88 million today as I record. on a Wednesday.

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Now, what do you think? These banks are all stupid? Are they all getting sucked

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into a scam when they're dumping money like this into a Bitcoin ETF? What do you think?

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It was reported that recently 60% of the largest head funds in the United States

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have exposure to the Bitcoin ETFs. 60% of the largest hedge funds.

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Music.

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You, I will be off next week. I'm getting on an airplane, and I'm flying to

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Toronto, and I'll be racking and stacking new servers for Jupiter Broadcasting.

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And maybe it's the travel. Maybe it's the airplane. Because personally,

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I think dying on an airplane would be a pretty badass way to go.

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You know, because otherwise I'm probably just going to die from being a fatty

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or in a car accident or something like that. But if I could die in an airplane,

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well, that's pretty notable.

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You know, people are like, hey, what happened to that podcaster,

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Chris? Oh, he died in an airplane. No!

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Yeah, he died in an airplane crash in 2024. No!

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You know, that's a cool story. So if I die on my way to Toronto or back,

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I just want you to know I'm totally okay if it was in an airplane crash.

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But it does have me thinking, you know, what happens if, say,

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I don't make it back, if something were to happen on the trip?

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Your buddy Mikey Saylor recently spoke to this when he sat down with a little

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chat for Odell. I didn't answer your last question, which is, you know, key man risk.

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You know, what if I go away? You know, and I thought about it and I,

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you know, and and what I would just say is, first of all, I don't have any heirs,

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but a nonprofit foundation, which will morph into being a public charity.

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So when I'm gone, my stock, my shares, my assets flow into a public charity

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whose mission is to support Bitcoin and the adoption of Bitcoin forever.

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And so you don't have to worry about micro strategy changing direction.

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You don't have to worry about, you know, the truth is I'm probably better for

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a Bitcoin gone than here. Thank you.

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You know, dead than alive. As long as you're, if you're dead,

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you can't, you know, you can't, what was the word, murder, was it, slay your heroes.

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Slay your heroes. You know, so, you know, like, once I'm gone,

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I'm not going to be talking, so I can't give a bad tweet, I suppose.

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And micro-strategy, or just go on with the micro-strategy.

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And the micro-strategy is simple. It's raise capital from the institutions that

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have capital, buy Bitcoin, hold the Bitcoin forever, don't lose the Bitcoin, don't sell the Bitcoin.

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That's a great note to end on, Michael. Bitcoin is forever to the moon.

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Thank you for everybody in the room. So it has me wondering,

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what are you going to do if something ever happens to you with your coins?

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I'm looking for simple but effective tips.

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Boost them in, and I'll read them when I come back after racking and stacking servers.

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Coming up in the show, it is your boost. Major project updates. Big one.

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Also, a great clip of the week. Some newbie questions and more. So stand by.

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Music.

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If you'd like to support the show, you can use two of our affiliates,

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then transmit them over Lightning when you're done.

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00:15:52,968 --> 00:15:57,508
The Bitcoin company helps you convert sats into gift cards instantly over Lightning.

219
00:15:57,948 --> 00:16:02,248
Both companies, River and the Bitcoin company, run by Bitcoiners,

220
00:16:02,268 --> 00:16:05,428
for Bitcoiners, Bitcoin-only companies.

221
00:16:05,688 --> 00:16:09,368
The affiliate links in the show notes, if you use those, support the show.

222
00:16:09,768 --> 00:16:12,828
It's a great way to get yourself a little something while you're supporting the show.

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00:16:13,200 --> 00:16:29,520
Music.

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00:16:29,361 --> 00:16:33,481
Because we got some great ones this week. And Byte Bandit is our baller booster

225
00:16:33,481 --> 00:16:36,661
with 81,000 sats. Hey, rich lobster!

226
00:16:38,661 --> 00:16:41,461
First, he sent me a message to ask if I had checked out Fetty.

227
00:16:41,621 --> 00:16:43,941
And he says, oh, I then listened to the show.

228
00:16:44,161 --> 00:16:48,481
I hadn't finished the episode yet. And I realized that you did give Fetty a mention.

229
00:16:48,621 --> 00:16:51,861
Regarding what makes good money, I'd like to plus one your recommendation for

230
00:16:51,861 --> 00:16:53,321
Lynn Alden's Broken Money book.

231
00:16:53,781 --> 00:16:56,701
She begins the book by answering questions like, what is money?

232
00:16:56,701 --> 00:16:59,401
Money with history and logic anyone could follow.

233
00:16:59,521 --> 00:17:05,181
She explains early money, fiat, inflation, and Bitcoin very simply,

234
00:17:05,221 --> 00:17:07,361
with each concept building on the last.

235
00:17:07,481 --> 00:17:09,981
I highly recommend it if you're looking for a more detailed explanation than

236
00:17:09,981 --> 00:17:11,101
Chris gave in the last episode.

237
00:17:11,601 --> 00:17:16,221
Yes, also, I'll plus two Lynn Alden's broken money. I was just looking at it

238
00:17:16,221 --> 00:17:19,001
this morning on my bookshelf thinking, I need to mention this on the show again.

239
00:17:19,401 --> 00:17:22,341
He also said he's convinced three people, including his wife,

240
00:17:22,381 --> 00:17:24,881
to play around with Bitcoin for the first time because Because of Fetty,

241
00:17:25,001 --> 00:17:29,821
the sign-up process is super simple, and he avoided exchanges altogether by

242
00:17:29,821 --> 00:17:31,501
just sending them 8,000 or 10,000 sats.

243
00:17:31,661 --> 00:17:36,481
In his opinion, Fetty is positioning itself to be the perfect open community-first onboarding tool.

244
00:17:36,801 --> 00:17:40,201
And he also sent 1,000 sats to our artist for the Value for Value track.

245
00:17:40,681 --> 00:17:44,521
Thank you very, very, very much, ByteBandit, for that baller boost and those

246
00:17:44,521 --> 00:17:48,261
messages. I really appreciate that. You are our baller this week.

247
00:17:50,801 --> 00:17:54,861
Thank you kindly. Finally, Halleck doesn't want to be left out of the fun, though.

248
00:17:54,941 --> 00:17:59,421
He's coming in with 30,000 saps. Yeah, live long and prosper.

249
00:17:59,621 --> 00:18:04,101
Using Bitcoin to pay off debt sounds nice, but wouldn't we just run up the debt

250
00:18:04,101 --> 00:18:06,141
again? He's talking, of course, about the country.

251
00:18:08,181 --> 00:18:11,961
Oh, Halleck, you're right. Yeah.

252
00:18:12,121 --> 00:18:16,721
And, you know, there's always, I think, going to be a fiat or a CBDC fiat kind

253
00:18:16,721 --> 00:18:20,401
of thing because it's too easy for the governments when they can print their

254
00:18:20,401 --> 00:18:22,161
own money. It's too hard when they can't so.

255
00:18:23,897 --> 00:18:27,037
Yeah. I don't know. Although you would think the government's going to want

256
00:18:27,037 --> 00:18:31,437
to get in on some of those sweet, sweet gains besides just cap gains and unrealized taxes. So we'll see.

257
00:18:32,117 --> 00:18:34,157
Because what they're doing right now doesn't seem to be enough to me.

258
00:18:35,037 --> 00:18:38,477
Jcube comes in with 20,000 sats. Coming in hot with the booze.

259
00:18:38,477 --> 00:18:42,237
Sorry to hear about your note issue. So here are some additional sats. Thank you. Yeah.

260
00:18:43,057 --> 00:18:47,497
Yeah. I only received 8% of the sats for the last episode. Fixed now, though.

261
00:18:48,337 --> 00:18:51,677
Running real good. He says, I'm good with the U.S. owning 5% of Bitcoin,

262
00:18:51,897 --> 00:18:55,137
though I'd rather... I'm good with the U.S., although I'd rather it wasn't me.

263
00:18:55,157 --> 00:18:59,017
I'd rather the U.S. move to confiscate a Bitcoin onto the balance sheet, then sell it.

264
00:19:00,077 --> 00:19:03,597
I'd rather there be an early nation-state adopter rather than late to the party.

265
00:19:03,597 --> 00:19:09,297
Yeah i also am not super comfortable with the keeping the seized bitcoin thing

266
00:19:09,297 --> 00:19:17,457
and it's not like traditional assets like you seize cash or gold bars from a criminal you can't,

267
00:19:18,017 --> 00:19:21,497
necessarily maybe gold bars have serial numbers but you can't necessarily always

268
00:19:21,497 --> 00:19:24,877
trace back where that money originated from like the person that was maybe a

269
00:19:24,877 --> 00:19:29,837
victim of a crime but with bitcoin you sure can so like why not give it back

270
00:19:29,837 --> 00:19:34,017
to the original people that didn't commit a crime instead of the government getting to keep it.

271
00:19:34,157 --> 00:19:37,057
And if the government gets to keep it, then that just incentivizes the government

272
00:19:37,057 --> 00:19:37,997
keeping other people's Bitcoin.

273
00:19:38,777 --> 00:19:42,897
So the more I think about using seized Bitcoin to build up some sort of strategic

274
00:19:42,897 --> 00:19:47,597
reserve or whatever they want to call it, the less comfortable I am with it.

275
00:19:47,637 --> 00:19:48,537
I have to be honest with you.

276
00:19:48,577 --> 00:19:55,037
I think ultimately, if you were to zoom out, my position could be described as I'd rather the U.S.

277
00:19:55,077 --> 00:19:57,377
Put some Bitcoin on its balance sheet rather than not.

278
00:19:57,557 --> 00:20:00,517
I too would rather they be an early adopter rather than a late adopter.

279
00:20:00,817 --> 00:20:03,617
I think I care about that more than what they do with the seized Bitcoin,

280
00:20:04,197 --> 00:20:07,817
but pretty close second to that is I really don't want them to use the seized Bitcoin.

281
00:20:09,597 --> 00:20:13,477
Does that make sense? I know it feels like I guess a little bit all over the

282
00:20:13,477 --> 00:20:17,837
place, but I guess it's, you know, I just have two opinions about it, I suppose.

283
00:20:18,337 --> 00:20:20,297
I'm going to, you know, but as you guys talk about it with me,

284
00:20:20,337 --> 00:20:22,617
the more I actually kind of feel like I'm whittling it down to how I feel.

285
00:20:22,657 --> 00:20:25,177
So thank you for that. I appreciate the boost, Jcube.

286
00:20:25,997 --> 00:20:28,977
LazyLox comes in, 20,000 saps. The traders love the vol.

287
00:20:29,357 --> 00:20:32,477
Boosting in, he says they do love that vol mikey is

288
00:20:32,477 --> 00:20:35,357
right about that thank you lazy locks appreciate

289
00:20:35,357 --> 00:20:38,577
that doesn't have to be a profound message the

290
00:20:38,577 --> 00:20:43,097
support itself is truly what matters faraday fedora comes in with a row of ducks

291
00:20:43,097 --> 00:20:48,837
2,222 sats boosting to make sure that the value you earned wasn't lost in the

292
00:20:48,837 --> 00:20:53,177
node shuffle i'm currently trying to migrate my umbral node to 1.0 so far i

293
00:20:53,177 --> 00:20:58,157
have about a million on-chain Sats missing in action and three million channels that won't close.

294
00:20:58,337 --> 00:21:01,757
Oh man, Faraday, that sounds rough.

295
00:21:03,404 --> 00:21:06,084
Hopefully you know within about 14 days you'll get the channel stuff

296
00:21:06,084 --> 00:21:08,884
back if you had to do like a force close or something like

297
00:21:08,884 --> 00:21:11,764
that i've spent so i've spent so much

298
00:21:11,764 --> 00:21:15,684
hard money getting different nodes going in the last month i've

299
00:21:15,684 --> 00:21:18,624
been through like three nodes in the last month i'm in a really good place with

300
00:21:18,624 --> 00:21:23,064
my node now in fact for the first time my node seems to be so well peered on

301
00:21:23,064 --> 00:21:26,424
the network i'm having to pay attention to like what my channel fees are because

302
00:21:26,424 --> 00:21:31,244
kraken is trying to route through me and a bunch of others are trying to bolts

303
00:21:31,244 --> 00:21:33,824
and others are trying to route through my well-connected Lightning node now.

304
00:21:34,024 --> 00:21:37,744
I've never had that problem because my node's either been poorly connected or behind Tor.

305
00:21:39,624 --> 00:21:43,164
So now that it's on ClearNet and well-connected and positioned to the network

306
00:21:43,164 --> 00:21:46,004
with low fees, because of course I'm trying to make it cheap to boost.

307
00:21:46,964 --> 00:21:49,844
I'm getting used as like a router for Kraken and others.

308
00:21:49,904 --> 00:21:52,684
It's pretty interesting to be on the other side of the connectivity issue.

309
00:21:53,224 --> 00:21:56,124
I covered a little bit of the setup. I didn't really say it directly,

310
00:21:56,224 --> 00:22:00,004
but in Linux Unplugged that came out this week, I discussed sort of the setup

311
00:22:00,004 --> 00:22:03,204
around the node. The short version is I went with Nix Bitcoin.

312
00:22:03,984 --> 00:22:06,884
I don't know if I'd recommend this for most folks unless you're already comfortable

313
00:22:06,884 --> 00:22:13,384
with Nix, but it is like mission bulletproof grade, pro-level way to run a node.

314
00:22:13,624 --> 00:22:17,864
Like if you were a services company offering lightning services to customers,

315
00:22:18,064 --> 00:22:19,224
I'd run it on Nix Bitcoin.

316
00:22:19,964 --> 00:22:22,204
It's professional grade, and one of the things you don't have to worry about

317
00:22:22,204 --> 00:22:24,404
is like that upgrade process like you do with Umbral.

318
00:22:25,004 --> 00:22:27,664
But the key thing is because you do a start nine, you could do this with Umbral,

319
00:22:27,764 --> 00:22:30,464
you could do this with just Linux and Bitcoin D and light L and D.

320
00:22:30,464 --> 00:22:36,004
But the key thing that I did is I set up a VPS on Linode, but you can use any

321
00:22:36,004 --> 00:22:42,684
VPS, and I'm using Nginx and Tailscale to forward inbound and outbound traffic to a node on my LAN.

322
00:22:43,184 --> 00:22:47,124
But according to the rest of the world, according to the Bitcoin network and

323
00:22:47,124 --> 00:22:50,484
the Lightning network, my node's public IP is that VPS.

324
00:22:51,084 --> 00:22:55,204
So the world interacts with that VPS, and that VPS is forwarding the traffic

325
00:22:55,204 --> 00:22:57,664
to my actual node, which lives on Tailscale. scale.

326
00:22:58,204 --> 00:23:00,984
And that way I can have lots of disk and lots of power and I can have stuff

327
00:23:00,984 --> 00:23:06,064
that's on hardware I already own, but I can have a public IP that doesn't expose

328
00:23:06,064 --> 00:23:10,804
my ISP, doesn't really give my ISP an idea what I'm doing, and isn't affected

329
00:23:10,804 --> 00:23:12,104
when my dynamic IP changes.

330
00:23:13,184 --> 00:23:18,064
And I'm having a great time with it. The LND node is rocking now. It's been really great.

331
00:23:18,644 --> 00:23:22,664
OPI 1984 comes in with 4,000 sats. Just close this fucking door.

332
00:23:22,964 --> 00:23:28,524
It looks like my last boost was lost, but it's no big deal. The TLDR is I have a guide to Meshtastic.

333
00:23:28,764 --> 00:23:31,664
It's at opi1984.com slash Meshtastic.

334
00:23:32,324 --> 00:23:38,164
You know what? I actually knew I missed your boost, OPI, because I shared your

335
00:23:38,164 --> 00:23:42,084
link with the guys internally at the time when you boosted it in originally.

336
00:23:42,084 --> 00:23:46,244
Originally, but then when the report ran, it didn't get it from the,

337
00:23:46,264 --> 00:23:49,544
I guess it was my Albie or whatever, whatever, wherever we pulled the report

338
00:23:49,544 --> 00:23:52,584
from, that node didn't get your boost.

339
00:23:52,984 --> 00:23:55,984
But I did see it in like the helipad dashboard at one point,

340
00:23:56,044 --> 00:23:59,784
when I got the 8% split to the studio, I got that on the, because I'm always

341
00:23:59,784 --> 00:24:00,504
watching that dashboard.

342
00:24:00,764 --> 00:24:03,644
And so we've all been looking at your link and listener Jeff's building out

343
00:24:03,644 --> 00:24:06,604
a Meshtastic system, very excited about Meshtastic.

344
00:24:06,784 --> 00:24:09,344
And I don't know if there's a Bitcoin transaction angle yet,

345
00:24:09,364 --> 00:24:12,284
but I'd love to do a Bitcoin transaction over Meshtastic somehow.

346
00:24:12,504 --> 00:24:13,244
Maybe it's not possible.

347
00:24:13,764 --> 00:24:18,284
He goes on to say, as for the CIA creating Bitcoin, I highly doubt it.

348
00:24:18,344 --> 00:24:22,664
I think it was an individual or maybe a group on who Satoshi is.

349
00:24:22,764 --> 00:24:24,044
I feel like it's best if we don't know.

350
00:24:24,364 --> 00:24:27,444
When a project has a face, people judge it by that person or group.

351
00:24:27,584 --> 00:24:31,004
By not knowing who Satoshi is, Bitcoin can stand on its own merits without the

352
00:24:31,004 --> 00:24:33,744
threat of its creator or saying or doing something to denigrate it.

353
00:24:34,344 --> 00:24:36,104
Boy, do I completely agree.

354
00:24:38,504 --> 00:24:41,564
I Now is Elon. It's all it's Elon's the face of every decision.

355
00:24:42,064 --> 00:24:45,224
Anything wrong that happens, it's Elon. When Steve Jobs was alive,

356
00:24:45,464 --> 00:24:48,444
anything people didn't like about Apple, it was all Steve Jobs.

357
00:24:48,824 --> 00:24:50,804
He personified the entire company.

358
00:24:51,324 --> 00:24:54,924
And that would happen with Satoshi. And if Satoshi said the wrong thing,

359
00:24:55,124 --> 00:24:56,924
it'd be bad. You know, I saw.

360
00:24:57,524 --> 00:25:02,944
Boy, I wonder if I could find it. Probably not. But Vitalik tweeted or posted this morning.

361
00:25:03,524 --> 00:25:08,084
And I don't know. I just got a really weird vibe from it. I don't know if I'll

362
00:25:08,084 --> 00:25:11,504
be able to find it in time, but essentially he posted this morning that,

363
00:25:11,564 --> 00:25:14,344
oh, I've been told I need to be more bullish when I talk about Ethereum.

364
00:25:15,264 --> 00:25:19,384
And then he posted a AI generated picture of a bull. But if you zoom out,

365
00:25:19,464 --> 00:25:21,384
who's telling him he needs to be more bullish?

366
00:25:21,944 --> 00:25:26,404
And why does he need to be more bullish? Because apparently his words on X directly

367
00:25:26,404 --> 00:25:27,384
affect the price of Ethereum.

368
00:25:28,264 --> 00:25:33,304
That's the unsaid thing in that tweet is that if he tweets more bullishly,

369
00:25:33,304 --> 00:25:38,924
the price go up. And when he just tweets about esoteric chain problems, price go down. One man.

370
00:25:39,584 --> 00:25:44,964
That's not good. And he just says it, too. He doesn't even realize it. I mean, no, I'm not.

371
00:25:45,864 --> 00:25:49,824
I don't know. I just don't know how people don't see that. Jordan Bravo comes

372
00:25:49,824 --> 00:25:52,844
in with. Thank you very much for the bootstop. And I'm sorry I missed it last week.

373
00:25:53,144 --> 00:25:59,084
Jordan Bravo comes in with 5,500 and rid of offsets. That's not possible. Nothing can do that.

374
00:25:59,344 --> 00:26:05,244
Oh, but it can. He says, my lightning node runs on a Dell OptiPlex mini PC using Nick's Bitcoin.

375
00:26:06,844 --> 00:26:09,404
Yeah, brother. There we go.

376
00:26:11,393 --> 00:26:17,553
I use Tailscale, oh, here we go, to connect to a VPS so I don't expose my IP address. Yes!

377
00:26:18,133 --> 00:26:23,673
Yes! L&D has been incredibly reliable with a 99.9% payment success rate over

378
00:26:23,673 --> 00:26:24,633
the course of many months.

379
00:26:25,353 --> 00:26:28,273
Lastly, I remote control it with Zeus. Yes!

380
00:26:29,493 --> 00:26:32,553
Which provides a wonderfully slick UI. Chef's kiss.

381
00:26:33,033 --> 00:26:38,833
That's the ultimate setup. The ultimate setup. You don't need a big old fancy

382
00:26:38,833 --> 00:26:40,793
Umbral Web UI or the Start9 UI.

383
00:26:41,393 --> 00:26:44,653
You just need the processes, the services running, the ports open,

384
00:26:44,873 --> 00:26:48,393
listening on the right network interface, and then you connect to it with Zeus.

385
00:26:49,113 --> 00:26:52,813
Zeus is such a great app. I'm going to get into it more because they have a

386
00:26:52,813 --> 00:26:55,193
massive update coming up in the show. But Jordan, bravo.

387
00:26:55,553 --> 00:27:00,033
I give you a big bell. That's a plus one bell right there to your setup.

388
00:27:00,133 --> 00:27:01,333
You've essentially nailed my setup.

389
00:27:01,733 --> 00:27:05,873
Only I'm not using a Dell Optiplex, but I do plus one those mini PCs.

390
00:27:06,093 --> 00:27:07,633
Those do work really, really great.

391
00:27:09,513 --> 00:27:13,233
That's such a perfect. How funny is that? I did not realize I was going to get

392
00:27:13,233 --> 00:27:16,373
to that boost. How can you be deaf with ears like that?

393
00:27:16,673 --> 00:27:21,913
Blaster 41 comes in with 10,000 sats. Says, I look forward to the show every week. Well, thank you.

394
00:27:22,193 --> 00:27:25,393
I look forward to this segment every week and chatting with you guys.

395
00:27:26,113 --> 00:27:29,133
Oh, come on. Get rid of the bell. Who's got the bell?

396
00:27:29,853 --> 00:27:31,813
Somebody here's got a bell. Get rid of the bell.

397
00:27:32,653 --> 00:27:36,033
Dexord comes in with 2,345 sats.

398
00:27:37,573 --> 00:27:39,853
I'm glad the boosts are working again. So please don't stop.

399
00:27:39,853 --> 00:27:42,193
Oh, this is my main Bitcoin news and vibe source.

400
00:27:42,913 --> 00:27:46,553
Right on. We'll keep on vibing. Thank you, Dexort. I appreciate that.

401
00:27:46,753 --> 00:27:51,053
Pitar comes in with a row of ducks. Is it you? Is it really you, Pitar?

402
00:27:51,713 --> 00:27:57,333
It's fun to debate, speaking of Satoshi, but ultimately, I think it's better not to know who he was.

403
00:27:57,753 --> 00:28:01,353
Maybe we should all rally behind Tucker and just collectively agree it's the CIA.

404
00:28:02,513 --> 00:28:04,453
Then it still remains mysterious.

405
00:28:05,913 --> 00:28:11,233
Let's go with it. Yes. Let's pivot into it. Oh, yeah, it's totally the CIA.

406
00:28:11,853 --> 00:28:14,793
Yeah, they're best elite ninja hackers designed it. It's really good.

407
00:28:14,913 --> 00:28:17,693
Best hackers ever. Yeah, it's good code. It's really good code.

408
00:28:17,753 --> 00:28:18,933
You're going to be really impressed. It was the CIA.

409
00:28:20,993 --> 00:28:24,853
Hi, I love it. Thank you. It's nice to hear from you. Digital Farmer comes in

410
00:28:24,853 --> 00:28:27,673
with 5,000 sats. It's peanut butter jelly time.

411
00:28:27,993 --> 00:28:29,893
Using Breeze, too, which is nice to see.

412
00:28:30,933 --> 00:28:35,533
He writes, what a bad week to have a node in trouble. You're telling me, buddy.

413
00:28:36,133 --> 00:28:40,253
You're telling me. Is the cold card still your go-to hardware Bitcoin wallet?

414
00:28:40,373 --> 00:28:42,573
I'm also looking forward to the SafePal wallet.

415
00:28:43,173 --> 00:28:46,153
Yes, the cold card is still my go-to hardware wallet.

416
00:28:46,253 --> 00:28:51,753
The primary thing that I look for in a hardware wallet, besides good security

417
00:28:51,753 --> 00:28:54,673
and good support in software, obviously...

418
00:28:55,631 --> 00:29:00,631
I don't want it to have a battery. I don't want it to have anything that's going to expire in 10 years.

419
00:29:01,311 --> 00:29:03,691
Right? Because we're all going to be good little hodlers here.

420
00:29:04,071 --> 00:29:07,711
We're going to keep our cold card or whatever it is you have in somewhere really safe.

421
00:29:08,271 --> 00:29:11,091
And you're not going to touch it for five years. You're not going to touch it for 10 years.

422
00:29:11,911 --> 00:29:15,991
So I don't want the next time I take that thing out of the drawer for it to break.

423
00:29:16,671 --> 00:29:18,971
Reality is I think you should actually check in on your setup a little more

424
00:29:18,971 --> 00:29:22,131
often than that. Make sure the workflow still works and everything's the way you expect.

425
00:29:22,331 --> 00:29:25,211
But that way you don't have a bad surprise one time when you really need it.

426
00:29:25,631 --> 00:29:29,651
But I don't like these devices that are getting more complicated with bigger

427
00:29:29,651 --> 00:29:31,651
screens and more touch and battery.

428
00:29:31,991 --> 00:29:35,551
I want this thing to be an inert piece of electronics.

429
00:29:36,211 --> 00:29:39,611
It's just as inert as possible. And I feel like the cold card,

430
00:29:39,791 --> 00:29:43,551
at least the standard like 4, gets pretty close to that.

431
00:29:44,111 --> 00:29:47,371
I will take a look at the SafePal wallet though. I'm always interested.

432
00:29:47,751 --> 00:29:55,411
I also, I would love to hear somebody articulate a really solid no hardware wallet setup.

433
00:29:55,631 --> 00:29:58,131
And advocate for that. I don't feel like we have anybody out there,

434
00:29:58,191 --> 00:30:01,991
but we've really just locked into this hardware waltz or the only way to secure

435
00:30:01,991 --> 00:30:04,491
your stash when you self-host. Is that true?

436
00:30:05,091 --> 00:30:09,551
I'd love to hear somebody articulate maybe an argument in the other way.

437
00:30:10,431 --> 00:30:14,031
Anonymous comes in with 3,000 sats. No message, though. Everything's under control.

438
00:30:14,451 --> 00:30:18,451
And Ace Ackerman comes in with a row of ducks, 2,222 sats.

439
00:30:19,791 --> 00:30:23,371
Ace says, I don't think knowing the identity of Satoshi would be a net positive

440
00:30:23,371 --> 00:30:26,551
for Bitcoin, because Tucker Carlson is a PSYOP.

441
00:30:30,591 --> 00:30:35,051
You know, maybe he is. It would make the most sense. Nice to hear from you, Ace.

442
00:30:36,191 --> 00:30:40,031
Rotted Mood also has a row of ducks to say, testing out my new Albie hub.

443
00:30:40,211 --> 00:30:42,211
Bigger, this was the place to send the test.

444
00:30:42,451 --> 00:30:45,071
Well, you got that right, Rotted Mood. Thank you very much.

445
00:30:46,311 --> 00:30:50,811
Monty comes in with a row of ducks. Thanks for starting in on the noob questions.

446
00:30:51,291 --> 00:30:54,451
Really helpful summary on why Bitcoin has value. Thanks to the transcription,

447
00:30:54,651 --> 00:30:56,811
I was able to grab that section for future reference.

448
00:30:57,311 --> 00:31:00,871
Oh, I'm glad you're enjoying the transcription, too. Yep. Trying to put all

449
00:31:00,871 --> 00:31:03,511
the podcasting tutorial features I can. And Monty, stay tuned.

450
00:31:04,111 --> 00:31:08,031
I'm doing another batch of those this episode. So we'll be right there.

451
00:31:09,191 --> 00:31:13,691
Okay. I'm going to say Karamado Zero comes in with 3,000 sats. Make it so.

452
00:31:14,011 --> 00:31:18,351
And they write, ironically, even though I'm sold on the concept of value for

453
00:31:18,351 --> 00:31:23,751
value, you, and I've been boosting various shows, I don't fully grasp how Sats work.

454
00:31:23,931 --> 00:31:28,571
I understand that it's a fraction of a Bitcoin, and it's on a separate network

455
00:31:28,571 --> 00:31:30,211
that allows faster transactions.

456
00:31:30,891 --> 00:31:35,411
I guess I just find it a bit unnatural for popular applications which support Bitcoin.

457
00:31:37,191 --> 00:31:40,231
Not always supporting sending and receiving Sats out of the box,

458
00:31:40,311 --> 00:31:46,091
not to mention the confusion of Sats and Satoshi's vision, which also look like Sats.

459
00:31:46,911 --> 00:31:51,671
Okay, yeah, man. Yeah, there's a few things in here. So, Karamedo, you're right.

460
00:31:53,011 --> 00:31:57,131
Bitcoins are, there's not really technically a Bitcoin.

461
00:31:57,591 --> 00:32:01,771
That's what we call 100 million sats. 100 million Satoshis is a Bitcoin.

462
00:32:02,051 --> 00:32:05,251
And that's just a unit of account we came up with a long time ago.

463
00:32:05,491 --> 00:32:07,911
I don't even remember. I don't remember if it was a community-created thing

464
00:32:07,911 --> 00:32:09,271
or Satoshi created that actual unit.

465
00:32:09,751 --> 00:32:14,991
But you have, they are units of a total Bitcoin. That's what we denominate here

466
00:32:14,991 --> 00:32:17,331
is we denominate in sats.

467
00:32:17,911 --> 00:32:21,911
Roger that. Now, you said something here. Oh, you said, I understand it's a

468
00:32:21,911 --> 00:32:25,091
fraction of a Bitcoin on a separate network that allows for faster transactions.

469
00:32:25,491 --> 00:32:28,991
So let's give you a little bit better understanding there. The way the Lightning

470
00:32:28,991 --> 00:32:31,091
Network works is you're still, yep, you're still using sats,

471
00:32:31,231 --> 00:32:36,671
but users, they've pre-opened channels to each other so that they can send multiple

472
00:32:36,671 --> 00:32:40,551
transactions to each other without waiting for the slower mainnet confirmations.

473
00:32:40,671 --> 00:32:43,231
You open these channels and you commit some sats to them.

474
00:32:43,791 --> 00:32:47,051
That gets settled on the network. So the network is aware of that arrangement.

475
00:32:47,311 --> 00:32:50,031
And then And then you can move sats across that channel instantly.

476
00:32:50,271 --> 00:32:51,291
That's what Lightning does.

477
00:32:51,751 --> 00:32:57,191
And they're not a separate token. It's not like another blockchain or anything like that.

478
00:32:57,571 --> 00:33:02,271
It's just a layer two that runs on top of the main net, the main Bitcoin blockchain.

479
00:33:02,271 --> 00:33:04,931
Chain and lightning is kind of like

480
00:33:04,931 --> 00:33:07,711
smtp in that anybody can implement it and anybody

481
00:33:07,711 --> 00:33:11,211
can send on and participate on that network but they

482
00:33:11,211 --> 00:33:14,091
just have to set it up and so some people do that by implementing like

483
00:33:14,091 --> 00:33:16,851
a back-end provider and other folks like

484
00:33:16,851 --> 00:33:20,211
here at jb do it by running our own node and then

485
00:33:20,211 --> 00:33:23,491
when it comes to like satoshi's vision and the other stuff don't even

486
00:33:23,491 --> 00:33:26,291
pay attention it's all crap there's a reason why

487
00:33:26,291 --> 00:33:29,311
they're called shit coins and just look at the prices compared to

488
00:33:29,311 --> 00:33:33,071
bitcoin go price them all in bitcoin they're going to zero it is

489
00:33:33,071 --> 00:33:36,151
it's a it's ostensibly trying to wrap themselves

490
00:33:36,151 --> 00:33:39,271
in in bitcoin's brand it it's

491
00:33:39,271 --> 00:33:44,891
called affinity scamming they're trying to ride on the fame of bitcoin and some

492
00:33:44,891 --> 00:33:48,131
of them were created because you know their founders had different visions for

493
00:33:48,131 --> 00:33:51,711
different ideas of how the bitcoin network should operate or block sizes things

494
00:33:51,711 --> 00:33:55,191
like that other things are created just because people want to get rich and

495
00:33:55,191 --> 00:33:57,031
they try to make a software project and make it all work.

496
00:33:58,017 --> 00:34:01,097
That's a whole other episode, but those are great questions,

497
00:34:01,177 --> 00:34:02,077
and don't feel frustrated.

498
00:34:02,757 --> 00:34:06,377
You were actually really close to the mark there, Karamado.

499
00:34:06,477 --> 00:34:10,297
So I will see if I can't find a link for the Lightning Network that kind of

500
00:34:10,297 --> 00:34:13,377
talks a little bit more about how it works, and I'll toss that in the show notes

501
00:34:13,377 --> 00:34:15,637
so you can read up on that later if you'd like.

502
00:34:15,997 --> 00:34:21,397
It sounds complicated, but you could think of the main Bitcoin network as layer

503
00:34:21,397 --> 00:34:23,017
one. That's where all the security happens.

504
00:34:23,117 --> 00:34:25,517
Layer two is where the faster transactions happen, in.

505
00:34:25,977 --> 00:34:29,077
And you could even have a layer three on top of that. That's a whole other network.

506
00:34:29,137 --> 00:34:30,837
Maybe that's what Fedements will be considered one time.

507
00:34:31,277 --> 00:34:34,777
Okay. That wraps us up on the boost. At least everybody that was above the 2000

508
00:34:34,777 --> 00:34:39,137
sat cutoff, but thank you everybody who did boost in. We had 19 total boosters.

509
00:34:39,477 --> 00:34:43,557
We also had 37 of you just streaming your sats as you listened,

510
00:34:43,697 --> 00:34:45,617
which is I think a new watermark.

511
00:34:45,877 --> 00:34:50,697
So we had a total of 42,000 sats just streamed in while folks were listening.

512
00:34:51,037 --> 00:34:55,537
So when you combine that with the boosts, that means we stacked for this episode,

513
00:34:58,117 --> 00:35:00,737
239,816 sats.

514
00:35:06,830 --> 00:35:10,010
Thank you, everyone, who boosted in. I really appreciate that.

515
00:35:10,050 --> 00:35:11,170
It's a great batch in there.

516
00:35:11,470 --> 00:35:17,730
And overall, it's 51 unique people that participated in the Value for Value system this week.

517
00:35:17,770 --> 00:35:21,130
And if you'd like to participate, the best way is to get a new podcast app at

518
00:35:21,130 --> 00:35:25,150
podcastapps.com. Fountain 1.1 just came out. I'll be telling you more about that shortly.

519
00:35:25,790 --> 00:35:28,510
Podverse is going to be rebuilt from the ground up to be better than ever.

520
00:35:28,690 --> 00:35:31,970
And Castomatic is fantastic on iOS. But there's a bunch of others,

521
00:35:32,050 --> 00:35:33,530
too, like True Fans and more.

522
00:35:33,630 --> 00:35:37,650
Just find them at podcastapps.com. I say you start with Strike if you're new

523
00:35:37,650 --> 00:35:41,610
to this whole thing because it works in over 100 countries. It supports lightning out of the box.

524
00:35:41,850 --> 00:35:45,270
It's run by a Bitcoiner. And it's easy to link to something like Fountain.

525
00:35:45,530 --> 00:35:48,250
But you can also boost from the web if you use Fountain's website.

526
00:35:48,450 --> 00:35:51,010
There's a lot of ways to get your message and your support into the show.

527
00:35:51,190 --> 00:35:54,930
This is a value-for-value production, which means if you got some value,

528
00:35:55,050 --> 00:35:58,170
if you got some knowledge, if you got something that mattered to you and you

529
00:35:58,170 --> 00:36:02,210
want the show to stick around, one of the ways you can make sure that happens is by boosting.

530
00:36:02,510 --> 00:36:05,410
Because right now it's advertiser-free. I don't know if it'll always stay that

531
00:36:05,410 --> 00:36:09,890
way, but I'm not in a huge rush to get an advertiser on board if we do have

532
00:36:09,890 --> 00:36:12,810
great support from our audience, which we have had.

533
00:36:12,950 --> 00:36:15,350
And I'd love to see that keep rolling in. Thank you, everybody.

534
00:36:20,590 --> 00:36:24,530
All right, let's get to the newbies corner. You heard me mention we'd be talking about this.

535
00:36:24,650 --> 00:36:28,830
And this week I'm going to answer what is KYC?

536
00:36:28,970 --> 00:36:34,310
It's something we toss around a lot. and I want to get this out there so we have this to refer to.

537
00:36:35,370 --> 00:36:41,170
KYC or know your customer refers to the process of verifying your identity before

538
00:36:41,170 --> 00:36:47,130
you're allowed to buy, sell or trade Bitcoin or another cryptocurrency on a commercial platform.

539
00:36:47,790 --> 00:36:51,670
Typically you'll have to be of a certain age, probably 18 or older.

540
00:36:51,750 --> 00:36:54,630
You'll have to provide personal information like your full name,

541
00:36:54,730 --> 00:36:56,190
your date of birth, your address.

542
00:36:56,690 --> 00:36:59,890
You'll have to show a picture with either you'll take it with a phone or webcam

543
00:36:59,890 --> 00:37:06,010
of government issued ID could be like driver's license passport sometimes even bills will work and,

544
00:37:06,795 --> 00:37:09,535
Also proof of address. So that's another place where you'll often have to supply

545
00:37:09,535 --> 00:37:12,135
like a bank statement or a utility bill.

546
00:37:12,395 --> 00:37:15,195
And you may even have to scan your face with your selfie camera.

547
00:37:15,855 --> 00:37:18,195
And then some platforms, if you're going to do even larger transactions,

548
00:37:18,395 --> 00:37:21,795
will follow up with even additional information that they need.

549
00:37:22,375 --> 00:37:24,955
Now, if you're listening to this and you're thinking, geez, Chris,

550
00:37:25,055 --> 00:37:27,555
that sounds like a lot, I can tell you that companies don't do this voluntarily.

551
00:37:27,735 --> 00:37:29,455
They do it because they're required to by law.

552
00:37:29,975 --> 00:37:34,315
The idea is that with this information, we'll finally stop money laundering

553
00:37:34,315 --> 00:37:38,195
and terrorism and all that stuff that it never seems to stop.

554
00:37:38,375 --> 00:37:42,075
And it does have a negative impact on Bitcoin purchases. That's why you'll generally

555
00:37:42,075 --> 00:37:44,155
hear the Bitcoin community refer to it negatively.

556
00:37:45,095 --> 00:37:48,535
Delays your access. If you say you want to go buy some Bitcoin when the price

557
00:37:48,535 --> 00:37:52,995
is dropping, too bad. You're going to wait maybe even several days to get your identity verified.

558
00:37:53,775 --> 00:37:57,775
There's usually purchasing limits assigned with KYC. And of course,

559
00:37:57,775 --> 00:37:58,855
there's privacy concerns.

560
00:37:59,355 --> 00:38:03,735
It means the platform has a record of every Bitcoin, every transaction at every

561
00:38:03,735 --> 00:38:07,855
amount, every value and at the time you bought it and where you did or did not send it.

562
00:38:08,095 --> 00:38:11,575
And it's probably safe to assume that most of them are then automatically reporting

563
00:38:11,575 --> 00:38:17,055
that to a tax authority with your name, with your address and all of that.

564
00:38:17,055 --> 00:38:21,755
And the reason I believe this is my speculation that this is so stringent is

565
00:38:21,755 --> 00:38:25,835
because when you're buying Bitcoin, you're buying something outside the system, man.

566
00:38:26,095 --> 00:38:28,675
You're buying outside the system. You understand?

567
00:38:29,395 --> 00:38:32,995
You're exiting. You're going out the door. It's like when you leave the country

568
00:38:32,995 --> 00:38:36,275
and they want to monitor the exits.

569
00:38:36,275 --> 00:38:39,795
They want to monitor who's coming in and who's going out, and they want to make

570
00:38:39,795 --> 00:38:43,695
sure that when you came in and you got some, and when you walk out with a big

571
00:38:43,695 --> 00:38:45,555
profit, that they get their cut of the action.

572
00:38:46,155 --> 00:38:50,035
That's really what this is about. It's about controlling the exits and the entrances.

573
00:38:50,035 --> 00:38:56,095
The way we refer to it in Bitcoin is they control the on and off ramps of the fiat system.

574
00:38:56,655 --> 00:39:01,315
But you are off ramping out of the fiat system. And when you exist outside that

575
00:39:01,315 --> 00:39:03,055
fiat system, they have no oversight.

576
00:39:03,275 --> 00:39:06,755
But when you return, they got you again.

577
00:39:07,075 --> 00:39:10,535
Now, the way around KYC is generally peer-to-peer platforms.

578
00:39:10,975 --> 00:39:15,215
BISC is getting pretty good. BISC 2 version 2.10 came out this week,

579
00:39:15,215 --> 00:39:16,855
and it brings support for the Lightning Network.

580
00:39:17,958 --> 00:39:23,338
QR codes and also, I think, support for webcams, improved Tor startup,

581
00:39:23,498 --> 00:39:26,118
better chats for when you're buying peer-to-peer.

582
00:39:26,258 --> 00:39:32,618
So BISQ, B-I-S-Q, and you want version 2, will facilitate a peer-to-peer transaction.

583
00:39:32,738 --> 00:39:34,338
There's also things like RoboSats.

584
00:39:34,938 --> 00:39:38,878
I'll put a link to a very nice resource called Learn RoboSats.

585
00:39:39,498 --> 00:39:42,538
And it's essentially a brokerage system or whatever. Maybe that's not the right

586
00:39:42,538 --> 00:39:46,798
term. But you go there and there's buys and sells, two sides of the order.

587
00:39:46,878 --> 00:39:51,118
And you say if you're buying or you're selling, you generate a nymph or a nym,

588
00:39:51,158 --> 00:39:54,618
not a nympho, but a nym. You could be a nympho and do it still.

589
00:39:55,098 --> 00:39:58,778
And that's like, you know, like your own identity for that site.

590
00:39:58,918 --> 00:40:00,758
And you can either choose to keep it or generate a new one.

591
00:40:01,498 --> 00:40:04,478
And you engage in a person-to-person direct selling process.

592
00:40:04,598 --> 00:40:07,558
And they have different ways you can fund the transaction or different ways they can pay you.

593
00:40:08,058 --> 00:40:11,218
And, of course, with Bitcoin, you could buy Bitcoin the way I used to back in

594
00:40:11,218 --> 00:40:13,718
the day. and then you just give somebody cash.

595
00:40:13,978 --> 00:40:20,358
I mean, I distinctly remember giving somebody $200 in cash to buy two Bitcoin

596
00:40:20,358 --> 00:40:24,838
from them when that was slightly above market price for two Bitcoin.

597
00:40:25,058 --> 00:40:27,198
I was paying like 25 bucks over probably.

598
00:40:28,678 --> 00:40:31,738
You will pay sometimes for the convenience of the peer-to-peer system.

599
00:40:32,418 --> 00:40:36,998
And if you're listening and saying, Chris, Chris, Chris, tell them about XYZ

600
00:40:36,998 --> 00:40:38,818
platform. Please send it in.

601
00:40:39,918 --> 00:40:43,838
You know, I don't really have a I don't have an extensive list of ways to get

602
00:40:43,838 --> 00:40:45,218
Bitcoin peer to peer these days.

603
00:40:45,878 --> 00:40:52,558
There's also things like Noster, Stacker News or Podcasting 2.0 or Fold,

604
00:40:52,758 --> 00:40:57,458
which will sort of earn you Bitcoin if you're an active participant in those

605
00:40:57,458 --> 00:41:00,458
ecosystems, just sort of low key earn you Bitcoin.

606
00:41:00,538 --> 00:41:05,238
Now, at least in the case of Stacker News and Noster, that's not necessarily KYC. see.

607
00:41:05,878 --> 00:41:10,318
So I hope that answers your question. And since I have a little bit of time

608
00:41:10,318 --> 00:41:11,678
here, I want to answer one other question you had.

609
00:41:11,718 --> 00:41:15,198
We still have a whole other stack, but you also asked about custodial versus

610
00:41:15,198 --> 00:41:16,838
non-custodial wallets.

611
00:41:17,318 --> 00:41:19,158
What is that? What does this term mean?

612
00:41:19,878 --> 00:41:23,358
The primary difference is who controls your private keys.

613
00:41:24,078 --> 00:41:28,478
Is a business or a service or an entity holding those keys on your behalf and

614
00:41:28,478 --> 00:41:30,018
essentially managing your Bitcoin?

615
00:41:30,718 --> 00:41:35,198
Or do you hold those keys? And do you manage that Bitcoin? You may have heard

616
00:41:35,198 --> 00:41:37,418
the saying, not your keys, not your coins.

617
00:41:38,058 --> 00:41:43,638
Whoever manages the wallet that your keys stay in actually technically owns your Bitcoin.

618
00:41:44,158 --> 00:41:46,398
So that's why so many folks advocate

619
00:41:46,398 --> 00:41:50,118
for self-custody, because you remove yourself from third-party risk.

620
00:41:50,878 --> 00:41:54,298
Something could happen at Coinbase, they could get hacked. Something could happen

621
00:41:54,298 --> 00:41:56,198
at Celsius, they could go out of business. Oh, wait, they did.

622
00:41:56,518 --> 00:41:58,418
These things, and then you lose your coins.

623
00:41:58,998 --> 00:42:02,738
A private party, though, often makes it a little easier. You know,

624
00:42:02,778 --> 00:42:06,618
maybe you forget your password. They have a support process to help you reset it.

625
00:42:06,978 --> 00:42:09,718
If your house burns down, you don't lose your Bitcoin if that's where you're

626
00:42:09,718 --> 00:42:12,698
storing it. Or if your safety deposit box gets raided by the feds,

627
00:42:12,698 --> 00:42:14,358
you don't lose your Bitcoin if that's where you store it.

628
00:42:15,464 --> 00:42:19,004
What? There's higher risk of hacks and mismanagement and just losing your Bitcoin.

629
00:42:19,544 --> 00:42:23,664
Non-custodial wallets give you full control over your private keys.

630
00:42:23,824 --> 00:42:25,124
It's complete ownership.

631
00:42:25,304 --> 00:42:29,644
And that's one of the unique properties of Bitcoin as an asset,

632
00:42:29,804 --> 00:42:33,984
is you can digitally move this thing and have complete ownership over it.

633
00:42:34,244 --> 00:42:38,124
You don't need any third party. So you're kind of missing out on one of the

634
00:42:38,124 --> 00:42:41,564
greatest things about Bitcoin if you're using a custodial wallet.

635
00:42:41,904 --> 00:42:46,124
So a non-custodial wallet. It's under your control. But that also means it's

636
00:42:46,124 --> 00:42:47,504
up to you if something goes wrong.

637
00:42:47,564 --> 00:42:50,324
You lose your seed phrase, you lose your hardware wallet, you lose your laptop

638
00:42:50,324 --> 00:42:52,944
that you put your Bitcoin on, whatever it is, that's on you now.

639
00:42:53,364 --> 00:42:57,064
But there's no third party risk. So it's what are you the most comfortable with?

640
00:42:57,704 --> 00:43:02,664
And generally, I default for long term storage to non-custodial wallets, something that you own.

641
00:43:03,144 --> 00:43:08,544
So that way you're not putting your life changing wealth into some company that

642
00:43:08,544 --> 00:43:10,784
could make a mistake and go out of business or get hacked.

643
00:43:11,404 --> 00:43:14,484
And I'm not super impressed with Coinbase's security. I mean,

644
00:43:14,504 --> 00:43:19,444
I don't have any incidents to point to, but I've watched this company since

645
00:43:19,444 --> 00:43:22,804
they were created, and I look at how their system works behind the scenes from

646
00:43:22,804 --> 00:43:25,104
what you can tell, and it's getting kind of antiquated.

647
00:43:25,584 --> 00:43:28,824
So I'm not really comfortable leaving Bitcoin on any exchange at all.

648
00:43:28,864 --> 00:43:31,924
River probably is the one I'm the most comfortable with because they've built

649
00:43:31,924 --> 00:43:33,224
their infrastructure, so a strike.

650
00:43:33,844 --> 00:43:37,424
And they have recently built it and recently made sure it's hardened and it's

651
00:43:37,424 --> 00:43:39,724
following best practices of like the last couple of years.

652
00:43:40,284 --> 00:43:42,724
But other folks like Coinbase, they've been around for a long time.

653
00:43:42,824 --> 00:43:43,724
They don't necessarily do that.

654
00:43:44,024 --> 00:43:46,664
And you just, when you know, if you start to get like, say, a million bucks

655
00:43:46,664 --> 00:43:50,284
in Bitcoin one day, that stuff starts to bother you.

656
00:43:50,344 --> 00:43:53,044
And there's such an intense peace of mind.

657
00:43:53,624 --> 00:43:58,384
There's like a tranquility when you see the markets freaking out one day.

658
00:43:58,584 --> 00:44:02,964
You wake up and Bitcoin's tanking and Coinbase is down or Bitcoin's ripping

659
00:44:02,964 --> 00:44:04,464
and nobody can get to Coinbase to buy.

660
00:44:04,704 --> 00:44:07,624
The platforms are down and people can't sell. People can't buy.

661
00:44:07,684 --> 00:44:11,124
They can't move it. But, well, if you self-custody your Bitcoin,

662
00:44:11,384 --> 00:44:14,184
none of that impacts you at all.

663
00:44:14,264 --> 00:44:17,824
You just sit back, pop the popcorn, and watch the chaos because your Bitcoin's

664
00:44:17,824 --> 00:44:20,504
sitting there on your cold wallet or whatever just fine.

665
00:44:21,164 --> 00:44:25,224
So that's just something to consider when it comes to non-custodial wallets as well.

666
00:44:25,924 --> 00:44:29,224
Nothing says you can't get started. You know, stack those sats on river for

667
00:44:29,224 --> 00:44:31,904
a while and then eventually move them to cold storage.

668
00:44:32,524 --> 00:44:36,824
When it's at a price point that matters a lot to you. You know, it may be at $1,000.

669
00:44:37,884 --> 00:44:41,304
You'll be disappointed if you lose that, but it's not going to change your life.

670
00:44:41,864 --> 00:44:45,264
But when it gets to $100,000, probably would change your life.

671
00:44:45,384 --> 00:44:48,844
And that might be, you know, $50,000, whatever that number is for you, $10,000.

672
00:44:49,084 --> 00:44:51,864
Maybe that's when you start moving it to something you own and you control.

673
00:44:52,384 --> 00:44:55,824
I hope that makes sense. I'd love to hear others' thoughts on that as well.

674
00:44:55,884 --> 00:45:00,764
Now, I do have more coming up, such as why I have a complicated flow for my

675
00:45:00,764 --> 00:45:04,344
Bitcoin savings going from River to Aqua to Sparrow to Cold Storage.

676
00:45:04,344 --> 00:45:06,004
Why am I doing that? Is there a better way?

677
00:45:07,024 --> 00:45:11,104
Also, how to move larger chunks of Bitcoin. What's the best way to do that?

678
00:45:12,395 --> 00:45:14,675
What are the different types of Bitcoin, liquid, lightning, and others?

679
00:45:15,035 --> 00:45:16,955
There's not really different types of Bitcoin, but I'll answer that.

680
00:45:17,335 --> 00:45:21,255
A primer on fees, especially into the future. And are there any benefits to

681
00:45:21,255 --> 00:45:23,775
the ETF, Roth IRAs, and things like that?

682
00:45:23,815 --> 00:45:27,895
Those are some of the more advanced questions that I want to try to get to over the next few weeks.

683
00:45:28,315 --> 00:45:31,115
At least once the show comes back. I'll answer them as time allows,

684
00:45:31,255 --> 00:45:32,115
and I hope that made sense.

685
00:45:33,840 --> 00:45:45,680
Music.

686
00:45:34,915 --> 00:45:35,915
Now, project updates.

687
00:45:42,595 --> 00:45:46,455
Fountain 1.1 is out, and it's a big one.

688
00:45:46,675 --> 00:45:52,075
You can now bring your existing Nostra profile to Fountain or create a new one.

689
00:45:52,115 --> 00:45:55,235
Your boosts and your comments will be surfaced to other Nostra clients.

690
00:45:55,775 --> 00:46:00,115
Posts shared from other Nostra clients relating to audio, audio shares,

691
00:46:00,315 --> 00:46:02,875
will now show up in your Fountain feed inside the app.

692
00:46:03,015 --> 00:46:08,635
And conversations and interactions will now flow freely across multiple apps that use Nostra.

693
00:46:09,095 --> 00:46:13,635
So Fountain is now a first-class Noster audio client.

694
00:46:14,055 --> 00:46:17,955
Your Fountain profile is the same as your Noster profile, so the two are one and the same now.

695
00:46:18,095 --> 00:46:21,655
And as a result, any content that you interact with is going to reach more people

696
00:46:21,655 --> 00:46:24,375
and see higher engagement on the Noster network.

697
00:46:24,455 --> 00:46:27,415
When you launch the app, you can connect a profile or you can create one.

698
00:46:27,795 --> 00:46:30,595
Audio posts from Noster clients will now appear there in Fountain.

699
00:46:30,595 --> 00:46:36,055
And Fountain is using brand new, just a baby, Nostra Improvement Proposal 73,

700
00:46:36,535 --> 00:46:43,635
NIP 73, to associate posts with podcast episodes using a globally unique podcast GUID ID.

701
00:46:44,035 --> 00:46:48,935
It's really exciting to see this land. I know the team's been working on this for weeks.

702
00:46:49,275 --> 00:46:53,955
We helped them test some of this early on. and what this does is it moves your

703
00:46:53,955 --> 00:46:58,635
identity, your social graph, and all of that outside of one single app and lets

704
00:46:58,635 --> 00:47:01,055
you take it to any app that treats you the best.

705
00:47:01,215 --> 00:47:04,435
And your followers on Noster will move to the next app with you,

706
00:47:04,515 --> 00:47:07,995
your recommendations, your posts, but also the podcasts that you love are going

707
00:47:07,995 --> 00:47:09,175
to get greater exposure now.

708
00:47:09,255 --> 00:47:14,415
It's a fantastic move and it really shows how Fountain is blazing a trail and

709
00:47:14,415 --> 00:47:18,455
setting the way forward for a Noster future, at least for for those that want it.

710
00:47:19,655 --> 00:47:20,915
Now let's talk about Zeus.

711
00:47:22,162 --> 00:47:26,642
One of the best wallets out there. Runs on Android and iOS.

712
00:47:27,842 --> 00:47:34,222
And version 9.0 RC1 is out. I'm covering this early because maybe 9.0 comes

713
00:47:34,222 --> 00:47:36,022
out while I'm on my break next week.

714
00:47:36,562 --> 00:47:42,382
Stacking and racking. But it's so great. It's got a brand new purchase channel, advanced service UI.

715
00:47:42,462 --> 00:47:46,322
It supports hardware wallets and signing device support, which allows users

716
00:47:46,322 --> 00:47:48,302
to craft on-chain transactions

717
00:47:48,602 --> 00:47:51,802
and open and close channels using hardware wallets

718
00:47:51,802 --> 00:47:55,682
like the cold card seed signer and many others that's

719
00:47:55,682 --> 00:47:58,362
awesome you can now import xpubs for watch only

720
00:47:58,362 --> 00:48:02,122
accounts you can do batch channel opens and transactions you can close channels

721
00:48:02,122 --> 00:48:07,402
to an external address you can see the pending htls there's a new swipe to pay

722
00:48:07,402 --> 00:48:11,462
component for invoices that are around 10 000 sats and a new layout that makes

723
00:48:11,462 --> 00:48:17,262
it easier to use one-handed and scan invoices more performant camera support port.

724
00:48:17,322 --> 00:48:19,622
It's just, it's so good.

725
00:48:20,022 --> 00:48:22,482
And you heard us talk about it earlier in the show.

726
00:48:23,062 --> 00:48:30,342
You can use Zeus either as just a lightning wallet and you run everything right there in the app.

727
00:48:30,402 --> 00:48:33,522
It is a node in your freaking pocket. It's unbelievable.

728
00:48:34,202 --> 00:48:39,502
Or you can configure Zeus to manage a remote node. They'll manage the channels,

729
00:48:39,522 --> 00:48:41,822
look at the liquidity to spend from that node.

730
00:48:42,262 --> 00:48:47,022
It is the MVP setup. up. Just a little Linux box running in your corner,

731
00:48:47,162 --> 00:48:51,302
running Bitcoin D and LND and Zeus. It's really all you need.

732
00:48:51,662 --> 00:48:56,122
It's so magical. It's such a great app. I've met Evan, too, the developer of it. He's a great guy.

733
00:48:56,302 --> 00:49:00,542
It's just top to bottom one of my favorite pieces of software in the Bitcoin space.

734
00:49:00,822 --> 00:49:05,402
And version 9.0 is so, 0.9.0 is so, so close.

735
00:49:05,782 --> 00:49:09,702
And then last but not least, as a project update for you. I have an interesting one.

736
00:49:10,442 --> 00:49:14,322
It's a film called The Anatomy of Bitcoin.

737
00:49:14,522 --> 00:49:19,042
It's an open source community funded hyper realism film taking the viewer on

738
00:49:19,042 --> 00:49:21,802
a visual understanding of the mechanisms that make Bitcoin work.

739
00:49:23,000 --> 00:49:26,760
Fascinated by this. I'm not totally sure where this is going.

740
00:49:26,820 --> 00:49:30,480
I think it's really, really, really early days because the trailer right now

741
00:49:30,480 --> 00:49:34,000
is kind of like, you know, it's a little AI-generated vibe going on here.

742
00:49:36,100 --> 00:49:40,260
We've always defined ourselves by the way we use our time.

743
00:49:41,700 --> 00:49:45,160
How we remember the past and project the future.

744
00:49:45,960 --> 00:49:49,360
How we become memories after our time is over.

745
00:49:49,540 --> 00:49:54,380
How our experience Experience is equalized by the common bond of the passage of time.

746
00:49:54,660 --> 00:49:56,820
I'll keep an eye on it, see if it develops into something interesting.

747
00:49:56,940 --> 00:49:58,240
That's probably just getting the

748
00:49:58,240 --> 00:50:00,740
word out there. I doubt the whole film is going to be narrated that way.

749
00:50:00,860 --> 00:50:04,900
That was my initial fear. And then I realized, slow down, slow down.

750
00:50:05,000 --> 00:50:07,740
They're probably just getting it set up and they want people to know about it.

751
00:50:07,780 --> 00:50:09,160
And this is how they chose to do it.

752
00:50:09,640 --> 00:50:13,620
So I'll reserve judgment until then. But it's called the anatomy of Bitcoin.

753
00:50:13,840 --> 00:50:16,180
And they're looking for people to help support create it.

754
00:50:16,580 --> 00:50:18,920
And I'll keep an eye on it and tell you where it goes in the future.

755
00:50:19,540 --> 00:50:24,180
Time for our final clip of the week and i like this one a lot,

756
00:50:25,116 --> 00:50:30,296
Jack Maulers used the metaphor of Taylor Swift tickets to illustrate fiat debasement

757
00:50:30,296 --> 00:50:32,796
to folks that just don't seem to get it.

758
00:50:33,136 --> 00:50:36,656
Let me just give an example. If I owed you, let me try and think,

759
00:50:36,756 --> 00:50:42,396
if I owed you 20 Taylor Swift tickets, so this is, could clip this,

760
00:50:42,436 --> 00:50:44,896
send this to your family, this will be understandable.

761
00:50:45,076 --> 00:50:49,856
If I owed you 20 Taylor Swift tickets, in theory, I have two options.

762
00:50:49,956 --> 00:50:52,716
I can either pay those back in full by giving you the tickets,

763
00:50:52,796 --> 00:50:57,256
or I could say, I can't afford to pay that back and we call that a default.

764
00:50:57,596 --> 00:51:00,716
Two options when you're in debt, pay it back or default.

765
00:51:00,916 --> 00:51:04,096
And I say, I'm so sorry, I can't actually pay that back. Now,

766
00:51:04,136 --> 00:51:05,876
the government has a third option.

767
00:51:06,036 --> 00:51:11,696
They can actually devalue and debase the thing that they owe by printing money, right?

768
00:51:11,816 --> 00:51:16,056
So if I could say, well, Taylor Swift tickets at one point were like $20,000 a pop.

769
00:51:16,276 --> 00:51:20,596
If I can make them $2 a pop, I can pay you back 20 Taylor Swift tickets.

770
00:51:20,636 --> 00:51:23,396
No problem. I'll just devalue what they're worth and so

771
00:51:23,396 --> 00:51:26,776
the US government has a third option which

772
00:51:26,776 --> 00:51:30,196
is printing currency debasing the currency and that's

773
00:51:30,196 --> 00:51:33,236
their only way out so they the

774
00:51:33,236 --> 00:51:39,036
US government cannot default that is not an option right and they also can't

775
00:51:39,036 --> 00:51:44,956
pay it back debt to GDP in the US is almost 130% global debt to GDP is well

776
00:51:44,956 --> 00:51:49,016
over 300% so that is the amount of debt they have versus the amount of growth

777
00:51:49,016 --> 00:51:50,436
they're producing to pay that back.

778
00:51:50,696 --> 00:51:53,416
Paying it back is not an option. Defaulting is not an option.

779
00:51:53,596 --> 00:51:59,156
So anyone listening, what's the only thing they can do to value the thing they

780
00:51:59,156 --> 00:52:01,616
owe? Print money, debase the currency.

781
00:52:02,236 --> 00:52:05,256
What's the scarcest thing in human history?

782
00:52:05,576 --> 00:52:09,036
What's the best performing asset in the last 15 years?

783
00:52:09,276 --> 00:52:13,076
What is the best expression of currency debasement? What's a put option on the

784
00:52:13,076 --> 00:52:15,276
existing financial system? What is long volatility?

785
00:52:15,496 --> 00:52:19,336
How do you monetize this chaos? us. You buy Bitcoin. You buy Bitcoin.

786
00:52:19,736 --> 00:52:24,516
That's been my macro thesis from day one. And that's my Taylor Swift analogy. Bam. Clip it.

787
00:52:24,896 --> 00:52:27,816
There you go. And we did. Thank you, Jack. If you made it this far,

788
00:52:27,856 --> 00:52:30,016
links at thisweekinbitcoin.show.

789
00:52:30,576 --> 00:52:33,716
Please boost in what you'd like to hear from the show. If I missed a story or

790
00:52:33,716 --> 00:52:36,436
if you have any thoughts I want to hear from you and share it with a friend.

791
00:52:36,536 --> 00:52:40,876
I'd love to be the number one Bitcoin podcast for the JB and podcasting 2.0 community.

792
00:52:41,236 --> 00:52:46,316
A reminder, I'm off stacking and racking servers next week but I'll see you

793
00:52:46,316 --> 00:52:50,576
right back here in September and I leave you this week with a value for value

794
00:52:50,576 --> 00:52:54,936
track you can boost in and support the artists directly it's Swamp Thing by Abel James.

795
00:52:57,680 --> 00:57:57,415
Music.