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Welcome in to This Week in Bitcoin, Episode 70.

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

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Now, not to start with price, but we'll get to why.

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If there was one person we could point our finger at and say,

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You're the reason the Bitcoin price has been going down for the last couple of weeks.

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You're the reason.

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It wouldn't be Jerome Powell.

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It wouldn't be Donald Trump.

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No, no.

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It would be U.S. Treasury Secretary Scott Besant.

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Or Scott Besant.

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Not only is the Treasury sucking liquidity out of the market still, but Scott personally went out and freaked everyone out when he went on Fox Business and said this.

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We've also started to get into the 21st century a Bitcoin strategic reserve.

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We're not going to be buying that, but we are going to use confiscated assets and continue to build that up.

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We're going to stop selling that.

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I believe that Bitcoin reserve at today's prices is somewhere between 15 and 20 billion.

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A couple of things in here.

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So he says we're going to stop selling, which does kind of maybe imply there had been selling by the previous administration.

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And he says 15 to 20 billion.

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Going to use confiscated assets and continue to build that up.

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We're going to stop selling that.

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You know, I believe that Bitcoin reserve at today's prices is somewhere between 15 and 20 billion.

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But the thing that seemed to really freak people out is Scott said we're not going to be buying.

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We're going to be using the confiscated funds.

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we're not going to be buying Bitcoin.

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I heard that statement and I thought, well, that makes sense.

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Nothing new there.

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They're going to keep doing what they say they've been planning to do since January,

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even though we haven't really seen any action on that.

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But a lot of people took it as a walkback on a promise to buy a bunch of Bitcoin by the federal government.

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I watched the polymarket odds jump and then crash.

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They were kind of ticking back up to about 35%.

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65% and Scott goes on Fox Business, boom, down to 16% odds that we'll see a Bitcoin reserve in 2025.

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So a few hours later, when the Bitcoin price was going down more,

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polymarket odds were changing, the talking heads were responding.

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Scott took to X.

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He clarified by saying, quote, Bitcoin that has been finally forfeited to the federal government

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will be the foundation of the strategic Bitcoin reserve that President Trump established in his

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March executive order. In addition, Treasury is committed to exploring budget-neutral pathways to

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acquire more Bitcoin to expand the reserve and to execute on the president's promise to make the

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United States, quote, the Bitcoin superpower of the world. End quote. So Scott tried to do a little

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bit of cleanup there later on X, but again, none of this was really new. We kind of always knew they

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weren't going to be directly buying it. They were going to try to find, quote, budget-neutral ways to

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do it. And they were going to just steal more Bitcoin as they could, assuming they can go

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through all the legal loopholes. And I find it funny that these quote unquote investors out there

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even have the federal government buying Bitcoin in their base case. And if you're one of them,

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I'd like to know what you're thinking. Why would you do that? Well, any large single buyer,

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why would you ever factor them into your base case for an investment? It's just silly,

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right? You should, I guess it's a bonus if the federal government bought a bunch of Bitcoin,

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But you shouldn't plan on it. I wouldn't plan on anything like that. But I guess a lot of people did. I think there's just that combined with a lot of other big things going on right now. It's not just Scott scaring people.

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I'm pretty sure Scott would like to see the Bitcoin price go up.

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I actually would make that bet.

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But this might even be a small example of the dramatic fiscal situation in the United States and that the Treasury Secretary faces.

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because essentially the situation has gotten to the point

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where government actors have to execute conflicting strategies.

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And for example, while the White House has been celebrating about tariff revenue

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and how it's seemingly had no impact on inflation,

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we this week got new PPI numbers.

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Now that's the producer inflation number,

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the people that actually make the stuff that the consumers buy,

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which impacts the CPI.

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And this was not a good report.

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we saw a 0.9% month over month increase in July.

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Now that's a stinker.

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That's nearly a full percentage.

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It might as well be 1% increase.

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And that is the largest increase that we have seen since June of 2022,

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much larger than expected.

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So that's got everybody spooked as well.

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It's not necessarily Scott's fault.

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I think that's one of the things there's a clock that we'll get to

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that they're racing against, time they're racing against.

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But a hot PPI means we're going to have spooked investors.

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And it also means we could see a hotter CPI a little bit down the road.

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So what are the real implications of this hotter than expected PPI report?

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So CPI, it was a bit mixed.

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Headline was better than expected, but core was a bit hotter.

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And people said, well, it was just better than feared.

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This one's a lot worse than feared.

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Does this take a 25 basis point cut off the table?

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Does it officially eliminate the idea of a 50 basis point cut?

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Oh, and here we are.

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it always comes back to the Fed rate cut because the entire system is so cooked.

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It's so based on cheap money.

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It is so absolutely hooked and dependent on it, like that famous clip from Robin Williams.

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Just give me a little liquidity, man.

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And so that's immediately where the conversation goes.

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And the reality is a hotter than expected PPI and CPI that isn't going down at the rate they'd like it to go down has even gone up a little bit.

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does mean the Fed would typically be less inclined to cut rates, all other factors being neutral.

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That became kind of a whisper conversation going on as well.

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Look, I think a 50 basis point cut was never really that much on the table, and certainly this removes it.

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I think a 25 basis point cut now is even odds at best.

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The market is priced in much more than that.

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But we have a data-dependent Fed, and these numbers do not give comfort that inflation is cooling.

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if anything, inflation seems stuck and possibly going higher. So I think this reduces the odds of

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even a 25 basis point cut in September. And of course, we have to digest that news.

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Now, that was Roger Ferguson. He's a former Federal Reserve vice chairman. So he might know

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what he's talking about. And you can see why some people would be freaked out on that. But I think

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we should also take a moment to recognize the broader situation that's not just impacting us

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here in the States. Let's zoom out. There's a whole macroeconomic situation that's going to

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impact all of the West. It starts here in the States, but it'll impact everybody. Recently,

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the U.S. officially hit $37 trillion in debt. That's according to the Treasury's own number.

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We hit the big 3-7. 20% of our tax revenue in total now goes to just paying interest.

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We're paying like a trillion in interest now. And that is a massive problem that we're going

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to circle back to. But if you look down into the numbers and you really dig in, the situation's

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even worse at the business and individual level. In the United States, we saw 446 large bankruptcy

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filings in 2025 so far. That's up 12% from the 2020 pandemic highs and on track to approach a

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2010 crisis level that we saw. There were 71 filings in July alone. That's the highest monthly

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total since July of 2020 during COVID lockdowns when businesses were collapsing. It's been ramping

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up since April alone of this year. 371 bankruptcy, large bankruptcy filings, what the government

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categorizes as large bankruptcy filings, 371 in the first half of the year, 63 in June,

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officially passed the 2020 totals right there in June. We're seeing like Forever 21, Joann's,

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Rite Aid, Party City, Claire's, others. It's particularly hitting the retail sector,

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which would indicate that the consumer is tapped out.

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And these businesses, a lot of them,

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have been just barely getting by for the last two-plus years

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with these high rates.

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Debt trick after debt trick to survive.

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And they're kind of out of options now.

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They're kind of out of ideas.

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So they're in a bad spot.

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Their interest rates are not like, you know,

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they're not crazier higher than ours.

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They're on average around 9.1%.

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But they're rising.

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They're still rising.

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And the numbers are bad across the U.S. economy. 43% of the Russell 2000 firms are unprofitable

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as of late 2024, which is worse than it was in 2008. It's worse. It does also seem like,

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you know, the producer inflation is up, suggesting that there is some trade war impact here.

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If you average out the tariff rates, the average tariff rate is 17.3%. That's the highest since

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1935 in the United States. And then you see big firms like Apple and NVIDIA and AMD,

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they're getting special deals straight from the White House. But small electronics firms,

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like I have some listeners who run electronic shops that reflash things so that way they have

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no cloud dependency, they're going to get smashed. And that's just beginning to roll out.

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Small businesses are citing poor sales as one of their top issues right now. 11% cited that in July,

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the highest since July of 2020. I'm concerned too about the job numbers. All of this is

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to lay the groundwork for what I would describe as a very desperate situation, both at the top

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and when you look down through the economy. I could keep on going, right? I could keep on going,

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especially if you look at youth. Unemployment for the 20 to 24-year-old, unemployment for them

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on average is 8.1%. That's the highest it's been in four years. That's where we got during the 2008

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collapse. So depending on where you want to look in the economy, things are real bad.

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Some areas are not so bad, like medical. When you look over at medical, things are looking okay. In

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fact, they're the biggest growth in jobs right now in the economy. Where we have, I think, a

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consolidation likely to happen is these smaller companies are not going to be able to survive

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these conditions. And large companies that are getting special deals from the White House

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will be able to weather this inflation and these tariffs because they're getting their deals.

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They'll be able to re-roll a loan or whatever they have to do. They'll be able to ride

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unemployment spikes, and they'll soak up more and more market share. And so these large corporations

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and the U.S. federal government's incentives will align more and more. That's when it becomes

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the rest of the world's problem.

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I'm going to play a clip that some are saying is just absolutely unbelievable.

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You see, this isn't a Republican thing.

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This isn't a Democrat thing.

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You need to stack sats because the U.S. and its corporations,

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their back is up against the wall.

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And if you're a citizen in the U.S. or you're outside the U.S.,

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especially outside the U.S.,

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Ironically, you need to stack sats the hardest because there is no stopping this train.

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The lever you have pulled breaks is not in service.

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And what?

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Please make a note of it.

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I would consider a twisted irony of history, reminiscent of historical colonial practices where wealth extraction from colonies was justified because of military protection.

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the United States is going to leverage its power and its trade position and its tariffs and its dollar to extract the money it needs from its allies, from its friends, because everybody else is tapped out.

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And so they're coming for everyone else around them.

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And this is the Treasury Secretary, Scott Besant, just saying the quiet part out loud.

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We have these agreements in place where the Japanese, the Koreans, and to some extent the Europeans will invest in companies and industries that we direct them largely at the president's discretion.

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So the president of the United States is going to tell companies and countries where to direct their money.

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Like he's their CEO.

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He's going to tell them where to invest their surplus money, their surplus trade money in the United States.

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And how does that work?

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I mean, it's almost like an offshore appropriation.

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I'm not sure we've ever had anything like that in the States before.

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It is absolutely an offshore appropriation.

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We are absolutely appropriating their money and telling them where to spend it.

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Essentially, it's our money.

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Have you consulted with, I don't know, the Senate Finance Committee or the House Ways and Means Committee or what?

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He is literally saying they're going to tell European companies where and how they can spend their money in the United States.

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And if they don't do it, they're going to punish them with the trade agreements they now have in place,

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which might explain why they had to rush these trade agreements into place.

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I don't know, the Senate Finance Committee or the House Ways and Means Committee or what?

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Well, Larry, I think a good framing of that is other countries, in essence, are providing us with a sovereign wealth fund.

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So they're going to buy our goods.

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That's essentially what's going on.

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Wait, let me step back.

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They're going to build our factories.

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They're going to help us to build new factories, which Mr. Trump loves.

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Exactly.

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So the way to think about it.

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You see, we're not appropriating their money.

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They're going to help us.

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They're going to help us by spending their money where we tell them to and build the things we tell them to for the factories we tell them to.

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And they're going to help us.

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They're going to help us to build new factories, which Mr. Trump loves.

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Exactly.

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So the way to think about it is these huge surpluses accumulated offshore.

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Let's take Japan.

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We're going to have $550 billion.

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and they will be reinvesting that back into the U.S. economy

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and we will be able to direct them as we reshore these critical industries.

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We are trying to de-risk the U.S. economy from what we saw during COVID.

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What a win-win, right?

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So not only do we get to tell you how you can spend your money,

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where you can spend your money,

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but also we're going to use that money to make us less dependent on you.

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So eventually you're going to be irrelevant anyways.

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What a deal.

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Reshore these critical industries.

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We are trying to de-risk the U.S. economy from what we saw during COVID.

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President loves new factories.

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He'll take rehabbed old factories, but he loves new factories.

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That is truly remarkable There a pattern here you see because the U sort of tapped out on the winning the wars and running that war machine and it just an endless spend cycle and it

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gotten us to where we're at. We can't really tap the population anymore. We're inflating the money

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faster than the population can really sustain, and so we must turn inward and go after our so-called

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allies, and these allies have no choice because they depend on Washington for military protection.

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They depend on access to the American market, especially if the American market's going to be printing money.

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So it essentially leaves them defenseless against American wealth extraction, a lot like how it worked in the 19th century, ironically.

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But there's more leverage that can be applied.

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And to understand how that leverage can be applied and truly, truly be applied, you have to understand where stable coins fit in.

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I frankly don't really love talking about stablecoins, but the strategic implication here,

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wow, it's huge. I really think Arthur Hayes has cracked it. I've been covering Arthur Hayes

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since the beginning of the show, and he is focused on an essay right now in preparation

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for a presentation he's going to be giving. I think you'll see the essay come out in the next

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week or so. And it's about stable coins and how they fit into everything we've just been talking

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about. And I think I now understand the why behind the Trump White House rushing to move so fast on

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these trade deals and on these tariffs and on some of the crypto regulation and policy. You know,

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you might remember earlier this year in the show, I was confused, like, why are they doing this?

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This is not the order of operation. You should do these things. You're doing it very hard. And I

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thought, well, maybe it's, you're doing it the hard way is what I thought. And I thought maybe

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they're doing it the hard way because, you know, it's the first hundred days. They got to ram this

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thing through while power is at its peak. And that might've been a factor, but I think I was

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missing the bigger picture. And that's where Arthur Hayes comes in. So let's look at that

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bigger picture and see how all of this snaps together and how this may actually be a play

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when we bring together the fiscal situation, the dominance that creates for the U.S. Treasury

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Department and the resistance by the Federal Reserve to cut rates and the fact that we

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need to extract maximum wealth from all of the U.S. allies as possible, especially Japan

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and the EU.

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How does it all snap together?

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Well, ironically, it is stable coins.

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And Arthur lays it out right here for us.

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And I thought his insights were pretty relevant.

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There's two pools of money, which I think best sent via monetary policy and aggressive

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use of terrorizing sanctions can make people onboard into stable coins. Before he gets into

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this, because it's a brilliant explanation, I will link to the entire podcast in the show notes if

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you want to watch it. I thought this was the most relevant for our discussion. There's two pools of

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money, which I think best sent via monetary policy and aggressive use of terrorizing sanctions can

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make people onboard into stable coins. The first is the Eurodollar market, right? So,

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So, you know, 1950s and 60s, Eurodollar market was created because of all the regulations and prohibitions around interest payments and trade flows that the U.S. monetary authorities were putting on commercial banks.

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And so you have these foreign branches of U.S. banks and foreign banks saying, hey, I'll take your dollars outside of U.S. control.

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And so we have this $10 to $13 trillion market, which nobody has any control over, oftentimes influences Fed and Treasury policy in terms of when dollars become expensive and cheap in the Eurodollar market.

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And you can probably trace almost every financial crisis outside of the United States to Eurodollar market flows.

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And these flows are not doing what Bessett wants them to do.

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He can't control them.

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He doesn't know where they are.

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He can't make them buy what he wants, which is Treasury bills.

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So my idea, and maybe he'll do this or maybe he won't, I don't know, is right now, why do you feel comfortable in a Eurodollar?

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Because every time your banking institution has gotten into trouble, the Fed, the Treasury bails you out, even if technically they shouldn't be doing it.

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So because you're not a member of the discount window, don't follow U.S. regulations.

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But we can point to many, many, even 2008, the Fed secretly bailed out all these foreign

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branches of banks for all their bad trading policies to make sure the euro dollar depositor

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was sweet.

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So the first thing President should do is say, hey, guess what?

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If you don't have your money in a US branch of a bank or a US bank inside of America,

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you do not have a guarantee any longer.

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We will not come and save you anymore.

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So all of a sudden, these dollars are like, oh, OK, well, there isn't this blanket government

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guarantee from the Fed and the Treasury for these trillions of dollars that I have deposited on

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these banks. But I could put my money into a stable coin. And a stable coin means that the

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dollars are either a deposit at a US branch of a bank in America, or they're holding treasury bills.

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So if you don't feel safe in your Deutsche Bank account in Switzerland or wherever, just talk to

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your authorized participant and move these deposits over to a stable coin. And now you have access to

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year dollars. You have the blanket guarantee of the U S government. And guess what? You might earn

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a bit of a yield on, on your money. Cause we probably don't get much of a yield in a Euro

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dollar deposit outside of America. Cause the banks don't actually need your money and they have to

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pay capital charges to the Basel three and blah, blah, blah. Right. All the, all the bad things

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about why banks don't like large deposits. And so now you have, you know, a 10 to $13 trillion

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TAM of money that could flow into stable coins from abroad. And what's during a stable coin

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Besson has full control. He knows where you are, you know, which bank he, you know, he knows where

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you're clearing your treasuries. And the best part is he can offer you a yield that's lower than Fed

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funds. So if Fed funds is four and a half, he can say, Oh, guess what? I'll give you two on a six

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month T bill. And you say, well, I can't really do anything about that because I'm not going to go

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into a U S bank bank deposit. The banks don't even pay you anywhere close to Fed funds. So fuck it.

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I'll just buy the 2% that Besson offers.

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So Besson can, and one fell stroke, completely new to the Fed, and no longer does the Fed

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have any control over Fed funds because Besson can offer the Treasury bill at whatever price

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he wants, unconstrained by what Powell, whoever his successor does.

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Besson's got to sell that debt.

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He's got to sell that debt.

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That's his number one job is to sell that debt.

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And he has found a way to make a product that is more attractive than what the Fed can offer.

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He's found a way around the Fed.

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Now, that's interesting, but that's only part of the strategy.

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You see, the situation's gotten far too serious to let the Fed mess around with it.

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And we have to make sure that not only do we take control from the Fed,

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But the stupid, petty local governments don't disrupt the dollarization of the world because if the treasury is the new ruler, the ruler is going to want total world dominance.

295
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And how would they possibly convince world governments to allow their citizens to transact or even maybe save in stable coins?

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Well, Arthur gets into that too.

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The U.S. has ways.

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You have a lot of retail around the world in developed and developing countries.

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I live in Asia, and basically the entire investment game out here in Asia is how do we get local currency into dollars so that they can buy higher yielding assets and equities?

300
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That's literally all of finance in Asia.

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And then every so often, the regulators come after people, and they basically put the young guy in jail, and the boss stays sweet, as they do.

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And that is the game.

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So Bessa could say, okay, guess what? We're going to deputize Elon Musk and Mark Zuckerberg and give them protection to go and offer a stablecoin bank account through their WhatsApp, your Instagram, your X account. And we don't care if a foreign regulator, whether banking or internet regulator-

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It's interesting, I'll interrupt you just for a second, that he mentions Elon Musk. At first I thought, no, that's silly. But then it makes total sense. X has been working so hard to become a money transmitter platform. They've been getting licensed in every state. They've been talking about it since Elon took over. It's part of the renamed X. Of course they'd love to get in on the stablecoin game. And then if you had it on the X platform and you had it on the meta platforms, it would be all over the world in seconds.

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account. And we don't care if a foreign regulator, whether banking or internet regulators says,

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we don't like this. We don't like that you're basically giving a dollar bank account to our

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entire underclass or anyone who's not a wealthy individual. And they don't care because they're

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sitting in Hawaii and Austin, Texas, and Trump is protecting them. And if you go and you try to

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remove access to Facebook or X, guess what? Sanctions, just like what Trump threatened with

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Europe when they had their Digital Information Act or whatever it is. And then furthermore,

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Besson finally has a sanctions weapon, right? So if you're in Asia or a lot of developing world,

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all the elites essentially steal from their people and put their money in US banks in some way,

313
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shape or form. And so guess what, president or prime minister or parliamentarian,

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if you don't allow Western social media companies to bank all of your people with dollars,

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I'm going to sanction you and you're going to lose access to the billions of dollars that you stole

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from your people. And so guess what's going to happen? Nothing. And so I think that is how

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you're going to get, you know, sort of like 20, 25 trillion dollar TAM of money that could flow

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into dollar stable coins. And I think they're hinting at this already in terms of, you know,

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you have the major social media companies saying, oh, we're investigating stable coins and this,

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that and the other thing. And, you know, Besson's very pro on them. And then basically what's the

321
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stable coin do? They're going to buy treasury bills and they'll buy it. Whatever yield Besson

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offers, he can completely destroy the fed. He can put, you know, short-term rates wherever he wants

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it. And now he's got a sink of tens of trillions of dollars that he can essentially fund the U S

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government with until they do some sort of yield curve control to bring down the long end.

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So I think that's, that's what I would do if I was Besson. Now, I think they're on the path,

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whether or not they get there, who knows.

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Now, they're not just going to take it.

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World governments are going to respond because you can stop the bleeding.

329
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You can isolate some of the damage if you move fast enough and if you sell it right.

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And you have to lock down as many of the exits and entrances as you possibly can to the existing system.

331
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And one might wonder if we don't see a couple of those efforts underway right now that could very easily come for Bitcoiners.

332
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Man, this next one.

333
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So the Bank of International Settlements has released a paper that proposes an incentive structure that essentially makes everyone self-KYC, even for non-custodial wallets.

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It's a framework aimed at enforcing anti-money laundering, of course, because we have to worry about that.

335
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And they're so clever, they've come up with a way to even get those that have cold wallets or cold storage to also KYC.

336
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So their proposal is a system where each crypto asset gets an AML compliance score based on its entire transaction history.

337
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Of course.

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low scored assets, those that have touched non-KYC wallets, would be rejected by exchanges

339
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and off-ramps. Yep. So it gets implemented at the off-ramps, mostly by exchanges. A wallet will

340
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have a score from zero to 100. 100 is from allow listed KYC verified wallets. You're good to go.

341
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Zero is you've been touched by a denied listed no KYC wallet. Dun, dun, dun. And you know,

342
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if you've touched a few in there, I would presume your number will range from zero to 100.

343
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And regulated platforms would only accept coins above a certain score threshold, which the

344
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regulators, I presume, could adjust. Even if you've never used an exchange, you've never used KYC,

345
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but you want to sell to a KYC, well, then you're going to have to create a duty of care. And this

346
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is where they think the incentives will work in because users are eventually going to want to sell

347
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their coin to buy a house or to get some cash. And so it shifts, they say, the duty of care culture

348
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from the institution to the individual. You see, because the off-ramps will only accept tokens from

349
00:28:23,853 --> 00:28:28,813
approved wallets and wallet providers like services of, you know, people out there that

350
00:28:28,813 --> 00:28:34,313
offer wallet services will have to block unverified wallets. And they even think that

351
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depending on the chain, some of the compliance scores could probably be embedded in the coins

352
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if they have like a little extra data they could put in there.

353
00:28:42,073 --> 00:28:45,953
They think this approach will create a self-policing culture,

354
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self-policing, self-policing, self-policing culture

355
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for non-custodial wallets.

356
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Now, this is fascinating because if you look at

357
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the White House's digital assets report,

358
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it calls for tools that hide coin origins as,

359
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it calls those as, quote,

360
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a primary money laundering concern.

361
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So it calls tools to try to obscure your money,

362
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the origin of your money,

363
00:29:06,953 --> 00:29:08,473
which I suppose in this case,

364
00:29:08,513 --> 00:29:13,213
could be a flip to the liquid network and back, a swap back and forth. They consider that, quote,

365
00:29:13,253 --> 00:29:22,113
a primary laundering concern. So that's how you do it, right? You get it at the exits of the

366
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entrances. And then I think you have to turn up the ancillary things around it too. It's a whole

367
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net. It's not just as simple as the exchange on-ramps and off-ramps because that gets you a

368
00:29:35,033 --> 00:29:41,194
lot, but that doesn't get you everything. But what if you could age gate? And I see this trend

369
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of age verification. And I think if they're willing to age gate something like a VPN,

370
00:29:47,853 --> 00:29:53,853
a privacy tool like a VPN, who says they won't age gate Bitcoin services and commercial wallets

371
00:29:53,853 --> 00:29:56,253
or download links for wallets in the future.

372
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Verification.

373
00:29:56,993 --> 00:29:59,414
Yeah, but people who want to can see it now by...

374
00:29:59,414 --> 00:29:59,773
Verification.

375
00:29:59,773 --> 00:30:03,653
Yeah, but people who want to can see it now by using a VPN.

376
00:30:04,213 --> 00:30:07,113
Do you want to bring age verification in on a VPN?

377
00:30:07,733 --> 00:30:10,453
This is the Children's Commissioner for England.

378
00:30:10,833 --> 00:30:12,313
Two things in answer to that.

379
00:30:12,473 --> 00:30:15,414
One, most children see it on social media.

380
00:30:15,873 --> 00:30:18,633
But I'm asking about VPN because time is tight.

381
00:30:18,773 --> 00:30:20,953
You might even risk making the news if you want.

382
00:30:20,953 --> 00:30:24,434
Of course we need age verification on VPNs.

383
00:30:24,674 --> 00:30:27,113
It's absolutely a loophole that needs closing.

384
00:30:27,373 --> 00:30:28,653
And that's one of my major recommendations.

385
00:30:28,653 --> 00:30:33,194
Of course we need age verification on crypto wallets.

386
00:30:33,753 --> 00:30:43,194
That's one of the areas where miners can get around the protections we put in place for them with credit card payment processors and with the VPNs and with porn.

387
00:30:43,333 --> 00:30:45,233
And this is one more area where we have a loophole.

388
00:30:45,333 --> 00:30:46,674
We have to address this loophole.

389
00:30:47,313 --> 00:30:48,633
It's a pretty easy argument to make.

390
00:30:49,353 --> 00:30:52,113
I don't like it, but I think it's a pretty easy argument to make.

391
00:30:52,934 --> 00:30:54,033
So here's my question.

392
00:30:54,153 --> 00:30:55,653
I'd like you to boost in, support the show.

393
00:30:55,653 --> 00:30:58,373
would you be willing to self KYC

394
00:30:58,373 --> 00:31:13,907
say you have some coins that are non just that way you could spend your Bitcoin legally Like I talked to an individual who bought a house they cashed out their Bitcoin to buy a house and the bank still wanted this was a few

395
00:31:13,907 --> 00:31:19,367
years ago, the bank wanted a complete paper trail all the way back to the individual paychecks that

396
00:31:19,367 --> 00:31:25,527
were used to finance the purchase of the Bitcoin at the time. And so the KYC thing, if you really

397
00:31:25,527 --> 00:31:28,887
want your money, like if you've been sitting on this for 20 years and you got a million dollars

398
00:31:28,887 --> 00:31:30,947
and you want access to that,

399
00:31:31,627 --> 00:31:34,467
are you willing to KYC in order to spend it?

400
00:31:34,847 --> 00:31:36,487
And at that point, why wouldn't you, I suppose?

401
00:31:36,547 --> 00:31:37,247
That's the other question.

402
00:31:37,967 --> 00:31:39,247
And I think because of that,

403
00:31:39,347 --> 00:31:41,927
the natural incentive is to sort of just comply with this

404
00:31:41,927 --> 00:31:42,867
because at the end of the day,

405
00:31:43,087 --> 00:31:44,267
you want to be able to spend it.

406
00:31:45,107 --> 00:31:45,687
I don't know, man.

407
00:31:46,247 --> 00:31:47,187
I'd like to know what you would do.

408
00:31:47,267 --> 00:31:49,747
I'm not so sure I follow that logic myself.

409
00:31:49,827 --> 00:31:51,727
I think I would rather try to use it as collateral

410
00:31:51,727 --> 00:31:52,927
and never have to spend it,

411
00:31:52,967 --> 00:31:54,647
but they probably would still want to know

412
00:31:54,647 --> 00:31:56,847
what its score rating was.

413
00:31:57,067 --> 00:31:58,607
This thing's really going to be a scourge.

414
00:31:58,607 --> 00:32:04,207
I'll link to this BIS proposal, more like BS proposal, so you can read through it if you want.

415
00:32:06,087 --> 00:32:07,647
Well, maybe make a ruckus.

416
00:32:07,647 --> 00:32:31,107
well you could support the show by doing what you do you want to stack some sats on river one of the

417
00:32:31,107 --> 00:32:36,347
best places in the united states of america well i got a link to river in the show notes you use

418
00:32:36,347 --> 00:32:40,767
that link it supports the show. If you're all about that self custody, you're in

419
00:32:40,767 --> 00:32:45,727
Canada or in America, the Bitcoin whale is an amazing automatic self custody

420
00:32:45,727 --> 00:32:49,147
Bitcoin platform. You ready to spend some of those sats? You're on the Lightning

421
00:32:49,147 --> 00:32:54,247
Network? The Bitcoin company go from sats to hundreds of different gift cards in

422
00:32:54,247 --> 00:32:58,567
like, I don't know, 10 seconds? You know how fast the Lightning Network is. I don't

423
00:32:58,567 --> 00:33:01,587
need to tell you. All they do is Bitcoin. You can log in with your Lightning

424
00:33:01,587 --> 00:33:05,127
credentials if you'd like, no account required, or you can make one too. I'm not

425
00:33:05,127 --> 00:33:09,267
your dad. If you want to stack sats when you're paying bills, using your debit card, buying your

426
00:33:09,267 --> 00:33:13,947
gas, doing the things you got to do to live your life in this system, the Fold Card can help you

427
00:33:13,947 --> 00:33:19,167
passively stack sats. I got a link to that in the show notes. If it's time to get access to liquidity

428
00:33:19,167 --> 00:33:23,567
without selling your Bitcoin, Salt Lending takes care of that. They got some cool services coming

429
00:33:23,567 --> 00:33:29,767
too. Salt's going for it. Like a no getting margin called insurance policy type thing. That sounds

430
00:33:29,767 --> 00:33:34,607
pretty cool. Links to them, no official relationship other than I use them, I like them, I trust them.

431
00:33:35,127 --> 00:33:36,447
and you can support the show by using them.

432
00:33:58,947 --> 00:34:00,327
It is time for the boost.

433
00:34:00,327 --> 00:34:06,467
And now, as the French say, it is time for le boost.

434
00:34:08,327 --> 00:34:14,887
And J-Cube 3 is our baller booster this week, coming in with a generous 55,000 cents.

435
00:34:18,947 --> 00:34:20,947
J-Cube writes, I missed boosting last week.

436
00:34:21,007 --> 00:34:26,827
The only thing I trust in a news organization to do is to push a slanted narrative that suits them.

437
00:34:27,367 --> 00:34:29,107
Bitcoin is truth. Spread the truth.

438
00:34:29,107 --> 00:34:34,567
it is nice that bitcoin you know everything's out there it always comes back like i always say it

439
00:34:34,567 --> 00:34:38,707
always reverts to the mean you know what you got to do right with the with the situation with the

440
00:34:38,707 --> 00:34:43,667
media these days honestly it's been wrecked by commercialization but the situation i think if

441
00:34:43,667 --> 00:34:50,427
you're up for it is you have to take it all in and use your best judgment and experience and and

442
00:34:50,427 --> 00:34:55,967
your your memory use your mind to uh sort it all out but i suppose that not everybody's up for that

443
00:34:55,967 --> 00:34:57,227
and it doesn't work out great for everybody.

444
00:34:57,727 --> 00:35:00,767
Or, you know, you go out and find trusted value for value voices

445
00:35:00,767 --> 00:35:04,927
where you know their incentive aligns to super serve you.

446
00:35:05,127 --> 00:35:06,807
I mean, that's the way all media really should be.

447
00:35:06,867 --> 00:35:08,527
It drives me crazy that it's not.

448
00:35:08,927 --> 00:35:10,687
And that if people worked in the industry

449
00:35:10,687 --> 00:35:11,967
and they saw the other side of it,

450
00:35:12,547 --> 00:35:14,127
they would understand why it works me up so much.

451
00:35:14,387 --> 00:35:15,127
Thank you, JQ.

452
00:35:15,827 --> 00:35:16,527
Appreciate you.

453
00:35:17,287 --> 00:35:18,587
Hey, there's Adversary 17.

454
00:35:18,587 --> 00:35:18,747
Gene.

455
00:35:24,027 --> 00:35:28,207
Coming in with 24,576 sets.

456
00:35:28,267 --> 00:35:29,667
Coming in hot with the boost.

457
00:35:30,167 --> 00:35:31,827
He says, keep the bonus episodes coming.

458
00:35:32,587 --> 00:35:34,507
That media production did irk me like it did you.

459
00:35:34,587 --> 00:35:36,427
Great episode, though I'm a little behind.

460
00:35:36,547 --> 00:35:37,087
He's catching up.

461
00:35:37,127 --> 00:35:37,587
Well, thank you.

462
00:35:37,847 --> 00:35:38,607
Thanks for the check-in.

463
00:35:39,027 --> 00:35:40,027
Appreciate that, adversaries.

464
00:35:40,927 --> 00:35:43,607
Gene Bean's here with 4,444 sets.

465
00:35:43,827 --> 00:35:44,407
That's fine.

466
00:35:44,887 --> 00:35:47,507
I think when the ETH crowd tanks,

467
00:35:47,507 --> 00:35:51,507
Bitcoin will continue trucking, and the big names in Bitcoin will go straight up.

468
00:35:51,787 --> 00:35:53,927
And they'll say, I told you crypto wasn't the same as Bitcoin.

469
00:35:54,147 --> 00:35:54,347
Ha!

470
00:35:55,227 --> 00:35:56,187
Told you so!

471
00:35:56,487 --> 00:35:58,247
That will be delicious.

472
00:35:58,827 --> 00:35:59,127
I agree.

473
00:35:59,627 --> 00:36:06,867
I'm curious if you have any opinions on Canon's Avalon Nano S3, or the mini S3, for home Bitcoin mining.

474
00:36:07,027 --> 00:36:09,987
I've only kind of, you know, drooled at them, Gene.

475
00:36:10,027 --> 00:36:11,007
I like the price point.

476
00:36:11,407 --> 00:36:13,767
I like the price point, at least of the Nano S3.

477
00:36:13,767 --> 00:36:16,187
but if I, you know, right now

478
00:36:16,187 --> 00:36:18,187
I would have to really compare it

479
00:36:18,187 --> 00:36:19,747
I would have to do a fair comparison of the BitX

480
00:36:19,747 --> 00:36:20,987
and I don't think I'm prepared to do that

481
00:36:20,987 --> 00:36:22,707
because I think that's where it's competing against, right?

482
00:36:23,187 --> 00:36:23,747
Would you agree?

483
00:36:24,567 --> 00:36:27,867
Because the BitX is kind of its main competitor there

484
00:36:27,867 --> 00:36:30,287
and it's got a pretty good community around it

485
00:36:30,287 --> 00:36:32,167
but I will keep an eye out

486
00:36:32,167 --> 00:36:35,827
Avalon Mini 3 and the Avalon Nano 3S

487
00:36:35,827 --> 00:36:38,147
if anybody out there has experience with those devices

488
00:36:38,147 --> 00:36:39,967
educate me, would you?

489
00:36:40,407 --> 00:36:42,607
Educate me and help answer Gene's question

490
00:36:42,607 --> 00:36:44,827
and he's a good frequent supporter of the show.

491
00:36:45,287 --> 00:36:46,707
I'd like the community to help him out if they can.

492
00:36:46,787 --> 00:36:47,367
Thank you, Gene.

493
00:36:47,587 --> 00:36:48,647
Nice to hear from you.

494
00:36:49,367 --> 00:36:52,007
Scuffed also came in with 4,404 fans.

495
00:36:53,227 --> 00:36:54,427
That's a big old duck.

496
00:36:54,467 --> 00:36:55,427
What are you talking about?

497
00:36:55,647 --> 00:36:57,327
Quack-a-wack-a, it's a treasure.

498
00:36:57,627 --> 00:36:58,067
Yippee!

499
00:36:59,067 --> 00:37:02,107
He says, regarding home network security for your node.

500
00:37:02,427 --> 00:37:06,767
Oh, yes, we were talking about if it's worth trying to proxy the ports

501
00:37:06,767 --> 00:37:08,667
or just open them up on your home internet.

502
00:37:09,607 --> 00:37:11,707
Scuffed writes, I run Noughts on Start 9,

503
00:37:11,707 --> 00:37:13,807
and everything's routed through Tor by default.

504
00:37:13,907 --> 00:37:14,507
No open ports.

505
00:37:14,767 --> 00:37:15,427
Works quite well.

506
00:37:15,927 --> 00:37:16,787
Yeah, you know what, Scuffed?

507
00:37:16,847 --> 00:37:18,367
I run one of my nodes that way too.

508
00:37:18,487 --> 00:37:21,367
I wouldn't say it's no problem,

509
00:37:21,767 --> 00:37:25,807
but I'd say it's a fair trade to not have open ports.

510
00:37:25,807 --> 00:37:28,547
I think if you're dealing with a lot of Lightning,

511
00:37:29,647 --> 00:37:30,727
eh, I don't know.

512
00:37:31,027 --> 00:37:33,247
You know, I think my ClearNet nodes

513
00:37:33,247 --> 00:37:34,227
have been a little easier

514
00:37:34,227 --> 00:37:35,707
to get established on the Lightning network,

515
00:37:35,907 --> 00:37:37,707
but it is possible with the Tor nodes,

516
00:37:37,807 --> 00:37:40,307
so I shouldn't speak badly of it.

517
00:37:40,607 --> 00:37:41,267
That's a great point,

518
00:37:41,267 --> 00:37:42,547
is you could just totally run it on tour.

519
00:37:43,327 --> 00:37:44,387
And that's what I do with one of mine.

520
00:37:45,007 --> 00:37:47,287
Producer Jeff's here with 2,222 sats.

521
00:37:47,367 --> 00:37:50,207
Oh, and I should say, of course, thank you, Scuffed.

522
00:37:51,867 --> 00:37:54,307
PJ writes, I've gone a little more blind

523
00:37:54,307 --> 00:37:57,527
from how hard my eyes rolled listening to Miss Fitcher.

524
00:37:58,107 --> 00:37:58,387
Yeah.

525
00:37:59,467 --> 00:38:00,987
And she worked at the SEC, dude,

526
00:38:01,027 --> 00:38:02,407
as the right-hand guy to Gary.

527
00:38:03,147 --> 00:38:04,507
He says, I'd like to push back a little bit

528
00:38:04,507 --> 00:38:06,447
on the 120% K growth comparison.

529
00:38:06,947 --> 00:38:07,707
It sounded good,

530
00:38:08,027 --> 00:38:09,447
but as something that starts at zero from birth,

531
00:38:09,507 --> 00:38:10,507
you can only really grow.

532
00:38:10,507 --> 00:38:14,547
whereas other assets started at some inherent value given by their company or their market.

533
00:38:14,867 --> 00:38:17,207
I think it's more powerful to highlight that Bitcoin started at zero

534
00:38:17,207 --> 00:38:20,287
and due to its hard value, it is what it is today.

535
00:38:20,967 --> 00:38:24,067
Then use a time-based comparison against something else from birth to other asset.

536
00:38:24,387 --> 00:38:26,667
I agree. I was just going to say that.

537
00:38:27,667 --> 00:38:28,767
I think that's actually really fun.

538
00:38:29,407 --> 00:38:30,447
Thanks for another killer show.

539
00:38:30,607 --> 00:38:31,947
Time to top up my fountain wallet.

540
00:38:32,567 --> 00:38:34,087
Thank you, PJ. Appreciate that.

541
00:38:34,087 --> 00:38:37,207
BTC is my 401k

542
00:38:37,207 --> 00:38:38,207
comes in with

543
00:38:38,207 --> 00:38:40,747
12,042 sats

544
00:38:40,747 --> 00:38:46,447
he said 1500 sats to our artist

545
00:38:46,447 --> 00:38:48,487
appreciate that and he says here's over

546
00:38:48,487 --> 00:38:50,787
9,000 sats for the hilarious line she spells

547
00:38:50,787 --> 00:38:52,607
Fisher with a C which is disgusting

548
00:38:52,607 --> 00:38:54,187
I know it is

549
00:38:54,187 --> 00:38:56,527
it is gross it is gross

550
00:38:56,527 --> 00:38:57,787
not needed not needed

551
00:38:57,787 --> 00:39:00,367
he says

552
00:39:00,367 --> 00:39:02,427
great episode well thank you

553
00:39:02,427 --> 00:39:04,727
Thank you, BTZ is my 401k.

554
00:39:05,287 --> 00:39:06,227
You and me both, buddy.

555
00:39:06,487 --> 00:39:07,887
Appreciate the boost.

556
00:39:08,467 --> 00:39:09,867
Hello there, he's here with a row of ducks.

557
00:39:11,267 --> 00:39:12,847
No message, just the value.

558
00:39:13,027 --> 00:39:14,107
But I appreciate that value.

559
00:39:14,187 --> 00:39:14,567
Thank you.

560
00:39:15,227 --> 00:39:18,107
Everything is Satoshi is here with 4,200 sets.

561
00:39:18,287 --> 00:39:19,607
Live long and prosper.

562
00:39:19,807 --> 00:39:23,587
It's obvious Tom Lee has taken thousands of Bitcoin to shill Ethereum,

563
00:39:24,027 --> 00:39:26,547
because the disingenuous comments are truly laughable.

564
00:39:26,827 --> 00:39:27,507
I feel you, Tom.

565
00:39:27,827 --> 00:39:30,087
Anything to stack as hard as Daddy Fink.

566
00:39:30,367 --> 00:39:32,307
Don't hate the player, hate the game.

567
00:39:32,427 --> 00:39:53,187
Run Noughts. Run Albiehub. Yes. Owen Danum. All right. Now, here's the thing. What if Tom Lee really believes it? See, I think these guys, they really believe it because they don't fully understand it. Like he admitted he didn't fully understand Bitcoin. He doesn't fully understand ETH. He probably doesn't understand.

568
00:39:53,187 --> 00:40:08,047
Like if you're going to try to bet on ETH, I think it's incumbent upon you to understand something like Sol or Sui or some of the other alternatives and appreciate and understand why they're not a threat or if they are indeed a threat to Ethereum.

569
00:40:08,547 --> 00:40:18,047
And unless you can tell me in a simple three or four word sentence, you know, not three or four words, but three or four sentences, I don't think you understand it.

570
00:40:18,187 --> 00:40:20,487
And I would bet you Tom Lee doesn't understand those dynamics there.

571
00:40:20,487 --> 00:40:32,347
But he's taking a bet because he sees JP Morgan and others saying they're going to launch a stablecoin on Ethereum, which they probably will for a little while until they need more control, more safety, more competitive pricing and speed.

572
00:40:32,727 --> 00:40:34,827
And then they'll just roll it on a SQL database probably.

573
00:40:36,627 --> 00:40:37,827
Thanks, everything, Satoshi.

574
00:40:38,987 --> 00:40:42,267
Sometimes I'm so salty, but I appreciate your boost.

575
00:40:43,587 --> 00:40:46,787
MJVC is here with 3,222 sats.

576
00:40:46,987 --> 00:40:47,927
I like you.

577
00:40:48,287 --> 00:40:49,347
You're a hot ticket.

578
00:40:49,347 --> 00:40:52,827
No message, just the value, which I appreciate.

579
00:40:53,087 --> 00:40:54,167
Thank you very much.

580
00:40:55,067 --> 00:40:57,167
Drekar is here with 12,200 sats.

581
00:40:57,467 --> 00:40:59,747
Oh my God, this drawer is filled with fruit lobes.

582
00:40:59,927 --> 00:41:02,027
Boy, they are doing a lot with mayo these days.

583
00:41:02,087 --> 00:41:03,147
He says, always the best.

584
00:41:03,327 --> 00:41:03,787
Thank you.

585
00:41:04,207 --> 00:41:04,967
Appreciate the value.

586
00:41:06,287 --> 00:41:07,627
Ace Ackerman's here with a row of ducks.

587
00:41:07,627 --> 00:41:13,427
He says, chase for stablecoin dominance is in a race to the bottom, similar to the ICO boom bust era.

588
00:41:13,927 --> 00:41:14,907
Tom Lee is a loon.

589
00:41:14,907 --> 00:41:19,727
I know it's really a shame

590
00:41:19,727 --> 00:41:22,127
because he was so early on Bitcoin

591
00:41:22,127 --> 00:41:23,067
on CNBC

592
00:41:23,067 --> 00:41:24,587
I wanted to like the guy

593
00:41:24,587 --> 00:41:26,267
I know

594
00:41:26,267 --> 00:41:29,087
Bitcoin will show us all our heroes

595
00:41:29,087 --> 00:41:30,247
that's what it does

596
00:41:30,247 --> 00:41:32,467
that's why I

597
00:41:32,467 --> 00:41:35,387
just don't want to get into that game at all

598
00:41:35,387 --> 00:41:37,687
because it's just the ultimate humbling experience

599
00:41:37,687 --> 00:41:38,227
I imagine

600
00:41:38,227 --> 00:41:39,687
thank you for the boost

601
00:41:39,687 --> 00:41:40,527
appreciate it

602
00:41:40,527 --> 00:41:44,447
next boost comes from

603
00:41:44,447 --> 00:41:46,667
OB and it is $19,000.

604
00:41:47,027 --> 00:41:48,527
Put some macaroni and cheese on there.

605
00:41:48,547 --> 00:41:50,267
One day maybe. $19,000.

606
00:41:52,787 --> 00:41:54,627
Not sleeping is catching up to me.

607
00:41:54,967 --> 00:41:56,607
OB writes two opinions. Number one,

608
00:41:57,307 --> 00:41:58,407
Natalie is an excellent

609
00:41:58,407 --> 00:42:00,187
communicator and meets people where they are

610
00:42:00,187 --> 00:42:02,567
and educates them by steering the conversation.

611
00:42:02,927 --> 00:42:04,487
Number two, if people are

612
00:42:04,487 --> 00:42:06,407
baffled by captured media pretending not to

613
00:42:06,407 --> 00:42:08,207
understand Bitcoin, this will continue while they

614
00:42:08,207 --> 00:42:09,867
attempt the slow adoption for their donors.

615
00:42:10,287 --> 00:42:11,307
Yes. Yeah.

616
00:42:11,307 --> 00:42:13,387
The donors,

617
00:42:13,387 --> 00:42:14,167
The owners.

618
00:42:14,667 --> 00:42:15,707
Not the donors, the owners.

619
00:42:16,087 --> 00:42:16,767
For their owners.

620
00:42:17,247 --> 00:42:20,587
Because it's their owners that are stacking, right, that own these large banks and all of that.

621
00:42:21,007 --> 00:42:22,347
That's a good solid point, OB.

622
00:42:22,467 --> 00:42:22,847
Thank you.

623
00:42:23,347 --> 00:42:23,887
Appreciate it.

624
00:42:24,487 --> 00:42:25,587
Odyssey Westra is here.

625
00:42:26,067 --> 00:42:29,167
And he's bringing in 3,333 cents.

626
00:42:29,307 --> 00:42:32,067
Thank you for helping us help you help us all.

627
00:42:32,187 --> 00:42:34,427
Sending some love to Ollie for our track this week.

628
00:42:34,487 --> 00:42:34,907
Thank you.

629
00:42:35,527 --> 00:42:36,407
Appreciate that, Odyssey.

630
00:42:37,207 --> 00:42:40,347
Kung Fu Hoddle is here with a row of ducks.

631
00:42:40,347 --> 00:42:43,047
2,222 cents.

632
00:42:43,387 --> 00:42:45,347
He says, great show.

633
00:42:45,467 --> 00:42:47,427
What movie does the clip from your boost?

634
00:42:47,547 --> 00:42:49,567
He's a good guy and he's a great guy.

635
00:42:49,687 --> 00:42:51,407
He's a real good guy come from.

636
00:42:51,807 --> 00:42:52,347
He's a good guy.

637
00:42:52,587 --> 00:42:53,567
He's a real good guy.

638
00:42:53,727 --> 00:42:54,367
No, he's a great guy.

639
00:42:54,887 --> 00:42:59,087
That is actually a comedy show called Letterkenny.

640
00:42:59,827 --> 00:43:01,027
And it's good.

641
00:43:01,207 --> 00:43:02,207
Let's hear it good, buddy.

642
00:43:02,307 --> 00:43:03,007
But it's unique.

643
00:43:03,227 --> 00:43:05,967
So you may not be up for it, but I love it.

644
00:43:05,967 --> 00:43:07,767
Why you got to put numbers and letters together?

645
00:43:08,067 --> 00:43:09,387
Why can't you just go f*** yourself?

646
00:43:09,887 --> 00:43:10,967
So check out Letterkenny.

647
00:43:11,227 --> 00:43:11,667
Yeah.

648
00:43:11,667 --> 00:43:14,467
It's a special kind of taste, though.

649
00:43:14,807 --> 00:43:16,487
Thank you, everybody who supported the show.

650
00:43:16,587 --> 00:43:19,807
46 of you stream sats as you listen to the show.

651
00:43:20,207 --> 00:43:20,827
Check this one out.

652
00:43:20,867 --> 00:43:21,767
Not too bad at all.

653
00:43:22,167 --> 00:43:25,547
You stacked 104,881 sats.

654
00:43:25,827 --> 00:43:31,047
When you combine that with our boosters, we got to 260,404 sats this episode.

655
00:43:31,587 --> 00:43:32,187
Appreciate it.

656
00:43:32,227 --> 00:43:33,727
This is a value for value podcast.

657
00:43:33,807 --> 00:43:34,907
I put it out there for free.

658
00:43:35,187 --> 00:43:37,827
If you get some value from it, if it helps you understand the Bitcoin world,

659
00:43:37,827 --> 00:43:39,867
with a world that impacts and shapes Bitcoin,

660
00:43:40,987 --> 00:43:42,787
consider sending some value back with a boost.

661
00:43:43,267 --> 00:43:44,767
The easiest way to do it is with Fountain FM

662
00:43:44,767 --> 00:43:46,467
or your own self-hosted node.

663
00:44:03,067 --> 00:44:05,387
These days too, if you're a Fountain FM user,

664
00:44:05,507 --> 00:44:07,067
you can support us directly in the app

665
00:44:07,067 --> 00:44:10,187
with their new member service where I'm releasing bonus content,

666
00:44:10,407 --> 00:44:13,687
and I'm working out a system to also get it to our Jupiter.party members.

667
00:44:14,427 --> 00:44:17,587
Thank you, everybody, who supports the show with a boost or a subscription.

668
00:44:25,827 --> 00:44:27,587
What do you say we get into some updates?

669
00:44:28,047 --> 00:44:30,667
So we know what happened to Bo Hines.

670
00:44:30,667 --> 00:44:35,247
Remember last week I covered that the former college football player

671
00:44:35,247 --> 00:44:39,967
who has twice ran unsuccessfully for Congress in North Carolina and is only 29 years old.

672
00:44:41,387 --> 00:44:42,327
He resigned.

673
00:44:42,427 --> 00:44:46,267
He was tasked with helping the president early in the second term of his to deliver

674
00:44:46,267 --> 00:44:51,107
on the promise of making the U.S. the crypto capital of the world.

675
00:44:51,687 --> 00:44:56,547
Bo made it about 28 weeks in the White House and then he resigned.

676
00:44:56,767 --> 00:45:00,227
We presumed for a new job and boy, did he get it.

677
00:45:00,227 --> 00:45:06,387
Next, stablecoin issuer Tether just hired Bo Hines to lead its U.S. digital asset strategy.

678
00:45:06,927 --> 00:45:10,087
Tether said the former executive director for the White House Crypto Council

679
00:45:10,087 --> 00:45:11,847
will start immediately to, quote,

680
00:45:11,967 --> 00:45:15,627
directly engage and coordinate Tether's U.S. strategy and expansion.

681
00:45:16,347 --> 00:45:20,507
Tether CEO Paolo Arduino also said in the press release that the appointment of Hines

682
00:45:20,507 --> 00:45:23,707
is part of the company's commitment to build a strong U.S. presence.

683
00:45:23,707 --> 00:45:26,247
For his part, Hines also shared the news on X,

684
00:45:26,247 --> 00:45:32,587
saying he was excited to help build an ecosystem that empowers U.S. consumers and reshapes the financial system.

685
00:45:33,367 --> 00:45:39,247
Hines left the Trump administration earlier this month and at the time thanked White House AI and crypto czar David Sachs,

686
00:45:39,647 --> 00:45:43,727
adding that together they had positioned the United States as the world's crypto capital.

687
00:45:44,107 --> 00:45:46,547
You know, I'm a little disappointed in myself now that I think about it.

688
00:45:47,547 --> 00:45:49,467
I should have looked it up.

689
00:45:50,527 --> 00:45:54,607
My gut tells me Bo Hines' family is really well connected.

690
00:45:55,227 --> 00:45:56,307
Do you get that sense?

691
00:45:57,167 --> 00:45:59,947
Because he's trying to run for Congress twice and he's in his 20s.

692
00:46:00,407 --> 00:46:01,267
I mean, wow.

693
00:46:01,607 --> 00:46:03,107
And then he gets into the White House.

694
00:46:03,187 --> 00:46:06,047
Plus, I think he was backed by Trump when he did try to run for Congress.

695
00:46:06,387 --> 00:46:08,747
So he's had a connection to Trump for years.

696
00:46:09,287 --> 00:46:12,507
Then he gets this sweet position in the White House that's just kind of made for him.

697
00:46:12,747 --> 00:46:15,187
It's just sort of created for him under David Sachs.

698
00:46:15,827 --> 00:46:19,407
And then he gets a line into Tether where they're going to be printing money.

699
00:46:20,007 --> 00:46:22,387
And he's no doubt going to get a super sweet payoff.

700
00:46:23,307 --> 00:46:25,607
There's got to be more to that story there, I would think.

701
00:46:25,687 --> 00:46:28,167
I don't know, but if you do, boost in and tell me.

702
00:46:28,967 --> 00:46:32,047
I thought this story was interesting and should be on your radar.

703
00:46:32,247 --> 00:46:47,920
The FBI used of Bitcoin priced in USD worth of Bitcoin to track down a alleged serial corporate hacker So this guy went by the name of Intel Broker and I think it was involved in like

704
00:46:47,920 --> 00:46:53,460
ransomware and whatnot. He's 25 year old British national. His name was Kai West or is Kai West,

705
00:46:53,700 --> 00:47:01,380
but he went by Intel Broker. He's accused of stealing over $25 million worth of, well,

706
00:47:01,380 --> 00:47:09,120
he got $25 million in ransom. I think he hacked 40 companies and essentially netted a pretty good

707
00:47:09,120 --> 00:47:15,660
profit. And typically he only used Monero, but an undercover agent offered him Bitcoin instead of

708
00:47:15,660 --> 00:47:21,300
Monero because they essentially posed as a victim company. And the FBI said, well, bro, what if,

709
00:47:21,860 --> 00:47:25,640
what if instead we use Bitcoin? I've got that. I don't know how to swap to Monero. Well, you just

710
00:47:25,640 --> 00:47:31,820
take the Bitcoin. West accepted the Bitcoin. It's just $250 too, which is pretty low price.

711
00:47:32,280 --> 00:47:36,860
That tiny transaction gave investigators the thread they needed to follow, linking his wallets

712
00:47:36,860 --> 00:47:42,720
and his email accounts, all that jazz. And then he was arrested in France in February and is now

713
00:47:42,720 --> 00:47:47,981
facing extradition to the US where he's being charged with conspiracy, wire fraud, and computer

714
00:47:47,981 --> 00:47:52,560
intrusions. So this guy stacks up $25 million. I don't know if he's hitting everybody for $250

715
00:47:52,560 --> 00:47:57,720
payments. That seems pretty small. This guy managed to stack up $250 million worth of

716
00:47:57,720 --> 00:48:03,760
crypto via victims paying him in Monero. The FBI figures, let's switch him over to the Bitcoin

717
00:48:03,760 --> 00:48:10,620
network. And because they have the off-ramps all locked down, they got him. So this is why

718
00:48:10,620 --> 00:48:17,120
controlling the on-ramps and off-ramps of the system is so important. And like I talked about

719
00:48:17,120 --> 00:48:22,380
last week, Bitcoin is the last currency you want to do this kind of crime in. So when people

720
00:48:22,380 --> 00:48:23,960
and I just saw several,

721
00:48:23,960 --> 00:48:26,001
I could have played clips this week, you guys.

722
00:48:26,140 --> 00:48:27,800
I could have played clips of people this week

723
00:48:27,800 --> 00:48:30,140
saying the only valid use of Bitcoin

724
00:48:30,140 --> 00:48:32,420
is for criminal and money laundering.

725
00:48:32,860 --> 00:48:34,501
Criminal activity, money laundering.

726
00:48:34,600 --> 00:48:35,940
Oh, and sometimes they throw in gambling,

727
00:48:36,080 --> 00:48:37,600
but I didn't hear that this time.

728
00:48:38,300 --> 00:48:39,520
But this right here shows you

729
00:48:39,520 --> 00:48:40,640
why you wouldn't want to do that.

730
00:48:41,300 --> 00:48:42,720
The FBI, in fact, it's so good,

731
00:48:42,780 --> 00:48:44,600
the FBI tricks them to using Bitcoin.

732
00:48:44,700 --> 00:48:45,640
I mean, that's just remarkable.

733
00:48:46,720 --> 00:48:48,880
Anyways, $250 and they take this guy down

734
00:48:48,880 --> 00:48:50,440
for $25 million worth of scams.

735
00:48:50,981 --> 00:48:51,740
It's fascinating.

736
00:48:52,380 --> 00:49:00,981
Citigroup considers custodying and even getting to the stablecoin game and letting you buy and

737
00:49:00,981 --> 00:49:06,760
sell crypto ETFs inside their platform. They're gearing up their various sales pitches. They want

738
00:49:06,760 --> 00:49:15,501
your Bitcoin. How quickly they go from calling it a toxic asset to trying to get you to put your

739
00:49:15,501 --> 00:49:21,240
coins into their system. Okay, let's talk about the top stories for the week. Citigroup is looking

740
00:49:21,240 --> 00:49:27,800
to offer crypto-related services. Now, the bank's CEO did say in last month's earnings call that

741
00:49:27,800 --> 00:49:33,501
Citi was considering the issuance of a stablecoin. Now, an executive from the firm says it could go

742
00:49:33,501 --> 00:49:38,220
beyond that. Responding to a Reuters report that the bank was looking into more crypto services,

743
00:49:38,760 --> 00:49:43,120
Citi's global head of partnerships and innovations, Biswarp Chatterjee, told CNBC,

744
00:49:43,120 --> 00:49:47,300
quote, as part of our commitment to meeting the evolving needs of our clients,

745
00:49:47,300 --> 00:49:52,420
we are actively exploring custodial solutions, as well as other stablecoin initiatives,

746
00:49:52,800 --> 00:49:58,140
such as reserve management and the potential issuance of our own external token or coin,

747
00:49:58,360 --> 00:50:00,560
with safety and soundness top of mind.

748
00:50:01,020 --> 00:50:06,720
A digital asset custody platform would put Citi in competition with firms like Coinbase and BitGo,

749
00:50:07,080 --> 00:50:10,501
and the issuance of a stablecoin could turbocharge payments for the bank.

750
00:50:10,920 --> 00:50:16,040
Currently, the bank operates Citi Token Services, which offers 24-7 instant payments,

751
00:50:16,040 --> 00:50:18,020
but only to certain city branches.

752
00:50:18,660 --> 00:50:23,020
Since President Trump signed the Genius Act stablecoin regulation bill into law last month,

753
00:50:23,400 --> 00:50:26,360
Wall Street has ramped up plans to operate in the crypto space.

754
00:50:26,860 --> 00:50:30,260
Bank of America has also expressed interest in launching a stablecoin.

755
00:50:30,620 --> 00:50:34,400
And even J.P. Morgan CEO Jamie Dimon, a staunch critic of cryptocurrencies,

756
00:50:34,860 --> 00:50:39,060
said last month in an earnings call that his firm will be involved in stablecoins.

757
00:50:39,900 --> 00:50:44,360
Speaking of crypto, we seem to be facing a bit of an unstakening.

758
00:50:45,040 --> 00:50:50,420
The unstaking approaches over 3.3 billion-ish,

759
00:50:50,481 --> 00:50:54,420
somewhere around there worth of Ethereum is queued up to exit the system,

760
00:50:54,420 --> 00:50:58,380
which is the longest and deepest queue we've seen in a long time.

761
00:50:58,740 --> 00:50:59,680
So here's a funny thing.

762
00:51:00,360 --> 00:51:01,800
You might not know if you're a Bitcoiner.

763
00:51:02,580 --> 00:51:04,420
On the Ethereum network, when you stake your ETH,

764
00:51:04,501 --> 00:51:06,960
which you kind of be silly not to do, I suppose,

765
00:51:07,060 --> 00:51:09,400
because otherwise you're getting eaten by inflation,

766
00:51:09,760 --> 00:51:12,140
you have to queue it if you want to unstake it.

767
00:51:12,140 --> 00:51:15,540
You have to queue it to stake it, and you have to queue it to unstake it.

768
00:51:16,040 --> 00:51:22,120
So if you want to get your ETH back, say you want to spend it or you want to sell it because ETH is just pumped after the first time in like three years,

769
00:51:22,501 --> 00:51:28,260
you have to go into the unstaking queue, which dynamically adjusts with the unstaking demand.

770
00:51:28,720 --> 00:51:36,640
So when there's a lot of demand to unstake ETH, like right now, the queue grows and grows and grows, and you can't get your ETH out.

771
00:51:36,640 --> 00:51:42,560
when I just checked a bit ago. The wait time to get your ETH out when you want to unstake it right

772
00:51:42,560 --> 00:51:51,440
now is 15 days and 14 hours. That's a lifetime in the ETH price action. There are currently almost

773
00:51:51,440 --> 00:51:58,021
900,000 ETH pending to be unleashed onto the market. And in the meantime, while they're all

774
00:51:58,021 --> 00:52:03,080
waiting for their ETH to get out, the price has been sliding. And the whole ETH treasury narrative

775
00:52:03,080 --> 00:52:05,360
has gone completely silent this week.

776
00:52:06,180 --> 00:52:07,060
Completely silent.

777
00:52:07,860 --> 00:52:09,080
No one's talking about it.

778
00:52:09,620 --> 00:52:10,780
Completely radio silent.

779
00:52:11,640 --> 00:52:14,280
So you literally cannot time the top or the bottom with ETH

780
00:52:14,280 --> 00:52:15,220
if you stake your ETH,

781
00:52:15,880 --> 00:52:18,680
which is why ConsenSys and some of the others

782
00:52:18,680 --> 00:52:22,120
hold on to unstaked ETH so they can strategically dump.

783
00:52:22,740 --> 00:52:24,860
That's why they do that, even though they could be making money.

784
00:52:25,600 --> 00:52:26,300
What's that tell you?

785
00:52:26,940 --> 00:52:27,220
All right.

786
00:52:28,140 --> 00:52:29,780
Now, here's a great story.

787
00:52:30,120 --> 00:52:32,740
A group is pitching, taking Bitcoin mining,

788
00:52:33,080 --> 00:52:39,340
and using it to warm a town's pool, which would save them money and potentially even earn them some money.

789
00:52:40,001 --> 00:52:47,001
An idea to heat Kitsilano pool using Bitcoin mining was discussed at a conference in Vancouver today,

790
00:52:47,320 --> 00:52:50,960
an event Mayor Ken Sim also attended and spoke at.

791
00:52:50,960 --> 00:52:57,560
This afternoon's panel was part of the Learning Bitcoin conference this weekend at the Vancouver Convention Centre.

792
00:52:57,560 --> 00:53:11,521
The participants discussed how Bitcoin miners are essentially computers and the heat generated from them could be used to heat Kit's pool for use all year round, adding it could even make the city money.

793
00:53:12,240 --> 00:53:25,700
Mining for Bitcoin would not only pay for the energy used to heat the pool, but there would be extra Bitcoin that could be then additionally sold to pay for services, to pay for lifeguards, to pay for more operational hours, to pay for swimming lessons.

794
00:53:25,700 --> 00:53:35,640
In fact, it would be the case that the Bitcoin mining facility at Kitts Pool would probably make the city maybe a million dollars a year in profit.

795
00:53:36,440 --> 00:53:39,140
Vancouver Mayor Ken Sim is a fan of the idea.

796
00:53:39,280 --> 00:53:46,300
He was in the audience and spoke later in the day about his push to integrate Bitcoin into the city of Vancouver's finances.

797
00:53:46,300 --> 00:53:58,040
A motion passed by council last year directed staff to explore how the city could accept taxes and fees in the cryptocurrency and even convert some of the city's reserves into it.

798
00:53:58,220 --> 00:54:00,740
That report is due back sometime in the fall.

799
00:54:01,001 --> 00:54:03,981
I really like the idea of using Bitcoin mining to heat a pool.

800
00:54:04,740 --> 00:54:10,080
I love the idea, too, of maybe at home, like if I could have a hot water tank heated by Bitcoin mining.

801
00:54:10,080 --> 00:54:20,021
But I think, too, if using Bitcoin like this can be helpful for a city pool in Vancouver, where else is this going to be useful?

802
00:54:20,560 --> 00:54:34,620
We are just so at the beginning of businesses and groups and even quasi-government groups figuring out how to leverage Bitcoin to make what they do a little more sustainable or maybe completely sustainable.

803
00:54:35,400 --> 00:54:38,140
And it just takes a little bit of outside-of-the-box thinking.

804
00:54:38,140 --> 00:54:41,360
And you were seeing it at these little local levels more and more and more.

805
00:54:41,800 --> 00:54:43,160
It's building and building and building.

806
00:54:43,680 --> 00:54:45,040
So cool to watch.

807
00:54:45,680 --> 00:54:46,760
All right, last thing.

808
00:54:46,920 --> 00:54:52,760
Speaking of things that are pretty darn neat, it was August 18th, 2008.

809
00:54:52,880 --> 00:54:57,600
So this week, 17 years ago, Satoshi launched Bitcoin.org.

810
00:54:57,900 --> 00:54:58,360
Wow, what?

811
00:54:59,021 --> 00:55:00,360
No, that cannot be.

812
00:55:00,521 --> 00:55:01,660
I wrote 17 years.

813
00:55:02,660 --> 00:55:04,220
Well, Bitcoin.org had a birthday.

814
00:55:04,300 --> 00:55:04,700
How about that?

815
00:55:04,700 --> 00:55:07,800
Let's just go with that because anything else makes me feel absolutely bonkers crazy that

816
00:55:07,800 --> 00:55:25,640
can't be true. Speaking of things that happened a while ago, in 2016, Andreas Antonopoulos held a

817
00:55:25,640 --> 00:55:33,760
talk titled Currency Wars and Bitcoin Neutrality. And Andreas saw what is happening today almost

818
00:55:33,760 --> 00:55:40,040
nine years ago. He talks about the why the governments are closing the exits and how they

819
00:55:40,040 --> 00:55:45,820
will use the controls of their financial system. And it's really insightful considering what we

820
00:55:45,820 --> 00:55:51,740
just covered in the show. He talks about it from the point of what had just recently happened in

821
00:55:51,740 --> 00:55:57,700
Turkey. And he starts really by saying, right as I'm coming into the clip, he starts really by saying

822
00:55:57,700 --> 00:56:04,680
how the currency wars will force governments to manipulate these exits and these entrances to the

823
00:56:04,680 --> 00:56:10,580
system. But there is another currency war going on, and this is an international currency war.

824
00:56:11,001 --> 00:56:16,680
This is where nation is pitted against nation using its flag money, its national currency,

825
00:56:17,300 --> 00:56:25,220
as a trade war instrument in order to tip the trade balance and erode the national debt

826
00:56:25,220 --> 00:56:28,940
in countries that are suffering from enormous debt loads.

827
00:56:28,940 --> 00:56:32,260
They have no hope of ever paying back.

828
00:56:32,260 --> 00:56:36,320
And so if you are a government and you have debt measured

829
00:56:36,320 --> 00:56:39,260
in the billions or trillions of dollars,

830
00:56:39,260 --> 00:56:42,981
how do you best pay back that debt?

831
00:56:42,981 --> 00:56:46,540
By increasing standards of living and productivity

832
00:56:46,540 --> 00:56:49,080
until you can grow yourself out of it?

833
00:56:49,080 --> 00:56:52,820
Or by confiscating the savings of retirees

834
00:56:52,820 --> 00:56:56,780
in the middle class, destroying a generation of workers,

835
00:56:56,780 --> 00:57:03,200
and having them pay through a shadow tax the debt through inflation.

836
00:57:03,200 --> 00:57:05,680
Now, we know which side countries are choosing,

837
00:57:05,680 --> 00:57:10,640
because we're seeing it play out again and again and again.

838
00:57:10,640 --> 00:57:13,920
Of course, that's not how they sell it.

839
00:57:13,920 --> 00:57:16,840
They don't say, our plan to exit the debt

840
00:57:16,840 --> 00:57:19,981
is to destroy pensioners and the middle class,

841
00:57:19,981 --> 00:57:24,420
and create a system of shadow taxation and confiscation

842
00:57:24,420 --> 00:57:29,300
to bail out the banks and bail out the government debt.

843
00:57:29,300 --> 00:57:34,400
What they say instead is, this will eradicate black money,

844
00:57:34,400 --> 00:57:38,460
this will permanently end corruption,

845
00:57:38,460 --> 00:57:42,521
and we will win the war on crime.

846
00:57:42,521 --> 00:57:45,860
And everybody says, hey, that sounds like a great idea.

847
00:57:45,860 --> 00:57:46,860
Let's go for it.

848
00:57:46,860 --> 00:57:56,580
This promise is almost always wrapped in popular nationalism.

849
00:57:56,580 --> 00:58:06,300
The great scourge of the emerging 21st century is the resurgence of populist nationalism.

850
00:58:06,300 --> 00:58:09,300
Fascism is rising.

851
00:58:09,300 --> 00:58:19,220
Just like the politicians wrap themselves in the flag, they also create these associations with their national flag money

852
00:58:19,220 --> 00:58:27,820
to wrap their money in the veil of nationalism, to wrap the policies of wealth destruction and confiscation

853
00:58:27,820 --> 00:58:30,240
in the veil of nationalism.

854
00:58:30,240 --> 00:58:37,481
If you disagree with the idea that pensioners should pay for the national debt and to bail out the banks,

855
00:58:37,481 --> 00:58:43,021
If you disagree with the idea that a whole generation of young people should find themselves

856
00:58:43,021 --> 00:58:48,300
permanently unemployed, or underemployed, or working in McJobs,

857
00:58:48,300 --> 00:58:58,320
then you are a traitor to the nationalist ideal of solving crime, black money, and corruption.

858
00:58:58,320 --> 00:59:01,760
You probably have some corrupt money hidden, don't you?

859
00:59:01,760 --> 00:59:03,700
That's what motivates you.

860
00:59:03,700 --> 00:59:10,140
That is exactly the tone of discussion that is happening right now in places like Turkey,

861
00:59:10,140 --> 00:59:18,320
where Erdogan announced that it was everybody's duty as a Turkish citizen to sell their dollars

862
00:59:18,320 --> 00:59:25,220
and buy lira and gold in order to prop up the nationalist pride.

863
00:59:25,220 --> 00:59:33,600
Modi in India used the same exact rationale to get everyone to suffer just a little bit,

864
00:59:33,600 --> 00:59:40,320
The people suffering the most have no voice. They are invisible, especially in India.

865
00:59:40,320 --> 00:59:49,100
The middle class that suffers a bit can wrap itself in the flag and go for these nationalist ideals.

866
00:59:49,100 --> 00:59:56,220
In these currency wars, there is one force that stands neutral as a safe haven,

867
00:59:56,220 --> 01:00:00,660
as an exit strategy, as an opportunity for people to say,

868
01:00:00,660 --> 01:00:05,740
you know what, you go ahead, I'm gonna opt out.

869
01:00:05,740 --> 01:00:07,380
And that's Bitcoin.

870
01:00:07,380 --> 01:00:10,120
Bitcoin is now standing at the precipice

871
01:00:10,120 --> 01:00:13,860
of becoming the safe haven asset

872
01:00:13,860 --> 01:00:16,300
for billions of people around the world,

873
01:00:16,300 --> 01:00:20,720
who for the first time will have the opportunity to say,

874
01:00:20,720 --> 01:00:22,320
I see where you're going,

875
01:00:22,320 --> 01:00:24,740
I don't believe in your nationalist bullshit,

876
01:00:24,740 --> 01:00:25,940
I see the exit sign.

877
01:00:26,160 --> 01:00:31,180
I'm going to go this way and leave and opt out from these experiments.

878
01:00:42,300 --> 01:00:44,900
Let's check in on the state of the network before I get out of here.

879
01:00:45,100 --> 01:00:48,620
Wrapping up at block height 910,930.

880
01:00:49,440 --> 01:00:53,340
Current price in U.S. dollars is 114,200.

881
01:00:54,021 --> 01:00:57,001
Sats per dollar, 876 sats to one U.S. dollar.

882
01:00:57,660 --> 01:01:01,840
So that means right now we're down 8.2% from our all-time high.

883
01:01:02,440 --> 01:01:11,001
The all-time high was $124,460, which if you can believe it, that was only six days ago.

884
01:01:12,080 --> 01:01:17,380
If you go by the sentiment online, you'd think we've been in a bear market for like three months.

885
01:01:17,960 --> 01:01:20,780
It was just on August 13th, 2025.

886
01:01:20,780 --> 01:01:24,981
Now we've got a retarget date coming up on August 22nd.

887
01:01:25,400 --> 01:01:31,880
Estimated difficulty change at this time, a downward adjustment of 0.3%.

888
01:01:31,880 --> 01:01:33,300
Check this out, though.

889
01:01:33,360 --> 01:01:36,600
Reachable nodes on the network, 23,020.

890
01:01:37,440 --> 01:01:39,780
Bitcoin knots coming in at 16.6%.

891
01:01:40,560 --> 01:01:43,700
Depending on where you look, some charts put it at 17%.

892
01:01:43,700 --> 01:01:45,300
That's remarkable.

893
01:01:46,720 --> 01:01:47,280
Remarkable.

894
01:01:47,280 --> 01:01:50,220
It'll be interesting to see how 30 does when it comes out shortly.

895
01:01:50,780 --> 01:01:53,180
Bitcoin network hums right along.

896
01:01:53,180 --> 01:01:54,140
Things are moving.

897
01:01:55,620 --> 01:01:56,660
Fees are here and there.

898
01:01:57,021 --> 01:01:57,920
They're up a little bit earlier.

899
01:01:59,080 --> 01:02:00,360
Bitcoin network is strong.

900
01:02:00,780 --> 01:02:02,920
Let's see if we can't get those Bitcoin nodes up a little more.

901
01:02:03,040 --> 01:02:05,880
23,020 is our number this week.

902
01:02:06,680 --> 01:02:07,440
Can it get to 30?

903
01:02:11,174 --> 01:02:20,934
Thank you for listening to this week's episode of This Week in Bitcoin.

904
01:02:21,174 --> 01:02:26,714
If you made it this far, links to what I talk about, generally I put them all over at thisweekinbitcoin.show.

905
01:02:27,254 --> 01:02:32,554
That's the page over at Jupiter Broadcasting that has all of the previous episodes and the show notes.

906
01:02:33,074 --> 01:02:38,134
My goal is to give you a show that doesn't get distracted by emotions, just focuses on the signal,

907
01:02:38,654 --> 01:02:41,094
figuring out what's going on with our Bitcoin and happening around it.

908
01:02:41,094 --> 01:02:44,274
Let me know how I did with a boost or if you think there's something I missed that should have been in the show.

909
01:02:44,954 --> 01:02:45,854
I always like to hear that.

910
01:02:45,874 --> 01:02:49,474
And also requests for future content are also appreciated as well.

911
01:02:49,934 --> 01:02:52,734
I'm going to leave you with a value for value track this week.

912
01:02:52,734 --> 01:02:56,934
If you boost during the song, 95% of the stats go to the artist.

913
01:02:57,054 --> 01:02:57,654
It's pretty cool.

914
01:02:58,154 --> 01:03:00,194
It's such a cool technology, really.

915
01:03:00,834 --> 01:03:05,194
And this week, it is Junkyard of Dreams by Jawbone.

916
01:03:11,094 --> 01:03:23,314
I'm off to the city

917
01:03:23,314 --> 01:03:28,014
The city of my dreams

918
01:03:28,014 --> 01:03:31,294
I'm leaving the country

919
01:03:31,294 --> 01:03:35,134
All this clean living's too much for me

920
01:03:35,134 --> 01:03:37,594
Some say it's too gritty

921
01:03:37,594 --> 01:03:41,674
Too greedy for a man like me

922
01:03:41,674 --> 01:03:57,187
But looks are deceiving Inside I feeling like breaking free To throw me on the bone yard And I find you beating hard

923
01:03:57,187 --> 01:04:00,107
Throw me on the scrap yard

924
01:04:00,107 --> 01:04:03,967
And I'll get you working

925
01:04:03,967 --> 01:04:08,427
But there's something better

926
01:04:08,427 --> 01:04:13,047
No matter how bad the deal

927
01:04:13,047 --> 01:04:18,267
Throw me on the junkyard of dreams

928
01:04:18,267 --> 01:04:23,407
And I'll find you something real

929
01:04:23,407 --> 01:04:33,047
I'm riding the fast train

930
01:04:33,047 --> 01:04:37,067
It's the last train that I'll ride

931
01:04:37,067 --> 01:04:40,987
I'm trading my silence

932
01:04:40,987 --> 01:04:44,307
For the sound of the city's cry

933
01:04:44,307 --> 01:04:47,007
A life in the slow lane

934
01:04:47,007 --> 01:04:51,007
Is where folks say I should be

935
01:04:51,007 --> 01:04:54,727
As I get nearer

936
01:04:54,727 --> 01:04:56,307
My mind is clearer

937
01:04:56,307 --> 01:04:58,227
It's what I need

938
01:04:58,227 --> 01:05:01,327
So throw me in the phone yard

939
01:05:01,327 --> 01:05:06,307
And I'll find you a beating heart

940
01:05:06,307 --> 01:05:09,227
Throw me on the scrap yard

941
01:05:09,227 --> 01:05:13,827
And I'll get you a-working part

942
01:05:13,827 --> 01:05:17,567
There's something better

943
01:05:17,567 --> 01:05:22,207
No matter how rapid you hear

944
01:05:22,207 --> 01:05:31,999
Throw me in the junkyard of dreams And I find you something free

945
01:05:53,999 --> 01:06:23,979
guitar solo

946
01:06:23,999 --> 01:06:40,439
I went to the city, the city of my dream. With each passing day now, I'm more awake than I've ever been.

947
01:06:40,439 --> 01:06:45,539
So throw me in the boneyard

948
01:06:45,539 --> 01:06:50,539
And I'll find you a beating heart

949
01:06:50,539 --> 01:06:53,459
Throw me on the scrapyard

950
01:06:53,459 --> 01:06:58,119
And I'll find you a walking pop

951
01:06:58,119 --> 01:07:01,879
There's something better

952
01:07:01,879 --> 01:07:19,332
No matter how bad the deal Throw me on the junkyard of dreams Gotta find you something

953
01:07:19,332 --> 01:07:20,772
Free

954
01:07:20,772 --> 01:07:27,872
Free

955
01:07:32,912 --> 01:07:35,612
I'm finding something real

956
01:08:02,912 --> 01:08:32,892
guitar solo

957
01:08:32,912 --> 01:08:46,492
Thank you.