1
00:00:00,000 --> 00:00:15,220
Welcome in to This Week in Bitcoin, episode 78.

2
00:00:15,460 --> 00:00:20,860
My name is Chris, ChrisLAS.com, JupyterBroadcasting.com.

3
00:00:21,180 --> 00:00:24,560
Well, Q4 is off to a bit of a rocky start.

4
00:00:24,560 --> 00:00:31,100
And I kind of have the sense that some Bitcoiners out there have been feeling a bit of FOMO, fear of missing out.

5
00:00:31,760 --> 00:00:34,500
Gold has been on a real rip for the whole summer.

6
00:00:35,160 --> 00:00:39,220
And I think some of us Bitcoiners have started to smell a local top.

7
00:00:39,500 --> 00:00:44,900
And we've wondered, OK, if this thing's going to be ripping so hard, eventually it's probably going to take a breather, right?

8
00:00:45,380 --> 00:00:51,140
And you kind of get an idea that that's coming when the no-coiners started lining up around the block to buy the rock.

9
00:00:51,140 --> 00:00:55,620
I'm telling you as consumer, why gold is suddenly shining brighter than ever before.

10
00:00:55,620 --> 00:00:57,060
Isn't it? I just stole this from the podcast table.

11
00:00:57,060 --> 00:00:58,040
I saw you swipe it.

12
00:00:58,120 --> 00:00:59,640
There's only seven cameras on me.

13
00:00:59,920 --> 00:01:00,980
Prices are soaring.

14
00:01:01,080 --> 00:01:04,540
They just reached a new record high, more than $4,200 an ounce.

15
00:01:04,940 --> 00:01:06,820
That's double from just a year and a half ago.

16
00:01:06,860 --> 00:01:12,980
So here to break it all down, whether you've got gold to sell or jewelry to buy or gold to steal, NBC's Vicky Wynn.

17
00:01:13,500 --> 00:01:15,880
All right, so what's behind this price hike?

18
00:01:15,960 --> 00:01:19,380
Listen, gold is up 14% in just the last month, Savannah.

19
00:01:19,380 --> 00:01:22,560
we have been enchanted by gold for thousands of years.

20
00:01:22,640 --> 00:01:25,140
It was one of the original forms of money, right?

21
00:01:25,140 --> 00:01:27,320
And typically gold retains its value.

22
00:01:27,440 --> 00:01:30,540
So when times are turbulent, global economy is going crazy,

23
00:01:30,640 --> 00:01:32,160
people turn to gold to invest.

24
00:01:32,240 --> 00:01:33,840
That's what's pushing the demand up.

25
00:01:33,880 --> 00:01:36,200
By the way, I should mention a thank you to Lionheart,

26
00:01:36,280 --> 00:01:38,140
who's provided all this beautiful gold jewelry,

27
00:01:38,140 --> 00:01:40,020
because that's what people are asking about.

28
00:01:40,100 --> 00:01:41,680
What does it mean for jewelry?

29
00:01:41,960 --> 00:01:42,320
All right.

30
00:01:42,420 --> 00:01:44,720
So you could tell things got a little hot.

31
00:01:44,960 --> 00:01:48,140
And then, of course, the last couple of days, gold has dropped 8%.

32
00:01:48,140 --> 00:02:06,000
And that is a big drop for gold. In fact, on Monday, I think it was Monday, it might have been Tuesday, it all blurs together. It had its largest one day drop since April of 2013. Gold has only seen a move of that magnitude 34 times since 1971.

33
00:02:06,000 --> 00:02:10,080
You know, so an 8% drop for Bitcoin is a Tuesday.

34
00:02:10,840 --> 00:02:13,600
But gold's only seen it 34 times since 1971.

35
00:02:14,220 --> 00:02:18,580
OK, or put another way, gold dropped more than the entire market cap of Bitcoin.

36
00:02:19,480 --> 00:02:25,780
Silver fell as much as 9% in a single day and posted its largest decline since the 2020 crash.

37
00:02:26,500 --> 00:02:29,120
And you still can't buy a cup of coffee with either one of them.

38
00:02:29,600 --> 00:02:30,000
You know what?

39
00:02:30,060 --> 00:02:31,280
I can't buy coffee.

40
00:02:31,360 --> 00:02:33,600
I can't buy a pizza with either one of those things.

41
00:02:33,600 --> 00:02:37,380
And clearly they're not a store of value with the price swings like that.

42
00:02:37,480 --> 00:02:38,300
And they're obviously dead.

43
00:02:39,060 --> 00:02:40,180
OK, I'm joking, of course.

44
00:02:40,920 --> 00:02:42,120
But the gold bugs weren't.

45
00:02:42,480 --> 00:02:48,080
When they get a nice little pump, they just really shorten that window to like a daily chart.

46
00:02:48,800 --> 00:02:51,860
You know, long term thinkers all day long when it comes to gold.

47
00:02:51,960 --> 00:02:55,540
But when it comes to Bitcoin, they always look at the hourly chart.

48
00:02:56,380 --> 00:02:57,840
Let's not just focus on the day to day.

49
00:02:57,920 --> 00:02:59,200
Let's welcome in Ed Yardeny.

50
00:02:59,260 --> 00:03:02,000
He is president and founder of Yardeny Research.

51
00:03:02,000 --> 00:03:07,420
Okay, so we're not just focusing on the day-to-day. We're bringing in Ed. He's a macro guy. He's a gold bug.

52
00:03:07,920 --> 00:03:11,660
Ed, you can comment on what you heard from the president, or we can just move on to the markets.

53
00:03:12,040 --> 00:03:20,540
I know from a market perspective, you think both gold and the S&P 500 can each hit 10,000 by the end of the decade.

54
00:03:20,660 --> 00:03:25,300
I'm not a math whiz, but that's only about four years and, what, two and a half months from now.

55
00:03:25,600 --> 00:03:30,780
Oh, man. So over a medium-term timescale, Ed's pretty bullish, it sounds like.

56
00:03:30,780 --> 00:03:32,140
Why so bullish?

57
00:03:32,960 --> 00:03:38,100
Well, look, on the stock side, the economy has proven to be remarkably resilient.

58
00:03:38,740 --> 00:03:44,880
We've seen three years now where we've had the most widely anticipated recession of all

59
00:03:44,880 --> 00:03:46,400
times that just didn't happen.

60
00:03:47,160 --> 00:03:52,380
Notwithstanding all the shocks that the economy dealt with and continued to grow, I think

61
00:03:52,380 --> 00:03:54,100
the economy is going to remain resilient.

62
00:03:54,520 --> 00:03:59,980
I think we may continue to have these rolling recessions that affect different sectors at

63
00:03:59,980 --> 00:04:04,780
different times, but the overall economy, I think, may very well continue to grow through the end of

64
00:04:04,780 --> 00:04:10,240
the decade. I want to say I agree with old Ed here. This is kind of my base case, too. I think

65
00:04:10,240 --> 00:04:15,180
we've already been seeing these rolling recessions. We saw it hit Budweiser. We saw it hit Disney.

66
00:04:15,320 --> 00:04:19,920
We've seen it hit the movie theaters. There's areas where people are cutting back, but because

67
00:04:19,920 --> 00:04:26,660
we are in a full swing debasement cycle, there's other areas that are just going to pump, totally

68
00:04:26,660 --> 00:04:31,620
divorced from how the average consumer is doing. So far, I'm totally with Ed on his macro analysis.

69
00:04:31,840 --> 00:04:36,740
Okay. Which I, by the way, call a roaring 2020s because so far so good. It has been roaring.

70
00:04:37,280 --> 00:04:45,620
I look for earnings to get down up to over $450 a share by the end of the decade and apply a 22

71
00:04:45,620 --> 00:04:52,000
multiple and you get to something close to 10,000. Gold and stocks have a very interesting

72
00:04:52,000 --> 00:04:56,820
relationship. On a short-term basis, they're inversely related, but on a longer-term basis,

73
00:04:57,260 --> 00:05:04,760
their trends have been nearly identical. And I think gold is increasingly viewed as the safe,

74
00:05:04,980 --> 00:05:09,920
diversifying asset that you want to have in a portfolio. Okay, agree with him or disagree with

75
00:05:09,920 --> 00:05:15,480
him. Once again, Ed is demonstrating a bit of long-term thinking, right? Because gold is going

76
00:05:15,480 --> 00:05:19,220
to be in vogue right now because of the quote-unquote debasement trade. If you're thinking

77
00:05:19,220 --> 00:05:22,940
about the debasement trade, you're probably thinking beyond just five years. You're kind of

78
00:05:22,940 --> 00:05:28,780
naturally thinking long term. Definitely a risk off asset, whereas Bitcoin is proving it to be

79
00:05:28,780 --> 00:05:36,640
more of a risk on asset. Oh, now, wait a minute. Where did this come from? Yeah. Bitcoin's made a

80
00:05:36,640 --> 00:05:42,380
lot of people a lot of money, but it is down about 21,000 right now. Oh, comments right at the bottom,

81
00:05:42,380 --> 00:05:50,160
at the bottom. And this is honestly, this is pretty kid glove stuff. If you look on like X

82
00:05:50,160 --> 00:05:54,400
and other places, the gold bugs just come out and hammer Bitcoin about its store of value

83
00:05:54,400 --> 00:06:00,480
whenever there's a bit of price retracement. But yet that narrative just doesn't come up

84
00:06:00,480 --> 00:06:07,860
when gold has one of its most significant drops and silver as well ever. So it just seems like,

85
00:06:07,860 --> 00:06:11,780
you know, it's the Lindy effect. It's going to take time for people to wrap their head around it.

86
00:06:11,780 --> 00:06:19,820
So whatever it is, it's just it's so funny how the gold bugs don't seem to get it, because when they talk about Bitcoin, they have to go to the hourly chart.

87
00:06:20,200 --> 00:06:24,540
But if you look at a five year price chart, which I think all gold bugs should be looking at.

88
00:06:25,020 --> 00:06:28,680
Well, gold's up one hundred and seventy four percent in the last five years.

89
00:06:28,780 --> 00:06:29,280
Pretty good.

90
00:06:30,200 --> 00:06:34,320
Bitcoin's up one thousand one hundred and thirty six percent in the same time frame.

91
00:06:34,780 --> 00:06:37,060
And gold's pump really only kicked off this summer.

92
00:06:37,060 --> 00:06:42,460
I mean, it started heating up after the U.S. election, but it got its rocket boosters in the summer.

93
00:06:42,580 --> 00:06:43,620
Go look at a price chart.

94
00:06:44,080 --> 00:06:47,740
June, July-ish, especially in August, it just starts really going up.

95
00:06:48,400 --> 00:06:51,060
But that's if you price it in dollars.

96
00:06:52,380 --> 00:06:59,180
It gets a bit more interesting if you price Bitcoin and gold in something that's scarce, like energy.

97
00:06:59,180 --> 00:07:12,100
So if you price Bitcoin and gold in, say, crude oil, over the last five years, in terms of what you could exchange gold or Bitcoin for energy, forget fiat for a moment, but you want something hard, something scarce.

98
00:07:12,560 --> 00:07:18,300
In terms of oil, Bitcoin is up 731% in the last five years.

99
00:07:18,920 --> 00:07:23,280
Gold is down 30% in terms of oil in the last five years.

100
00:07:23,540 --> 00:07:26,220
Now, if you zoom out, gold's doing much better.

101
00:07:26,220 --> 00:07:31,280
But if we just go by a five-year window, Bitcoin's doing a lot better. Put another way,

102
00:07:32,000 --> 00:07:36,980
let's look at this longer term. In January of 2017, where gold is a bit more competitive when

103
00:07:36,980 --> 00:07:44,800
you zoom out here, in January of 2017, an ounce of gold and one Bitcoin had roughly the same value.

104
00:07:45,420 --> 00:07:52,040
They were both worth around 20 barrels of oil. In 2017, gold and Bitcoin, both of them were worth

105
00:07:52,040 --> 00:07:57,660
about 20 barrels of oil. Today, the performance of the two assets has drastically diverged.

106
00:07:58,060 --> 00:08:03,900
One ounce of gold is now worth around 66 barrels of oil. So you went from 20 barrels to 66 barrels

107
00:08:03,900 --> 00:08:15,720
of oil since 2017. Today, one Bitcoin is worth 1,742 barrels of oil. So from 20 barrels of oil

108
00:08:15,720 --> 00:08:24,960
in 2017 to 1,742 barrels of oil today, making a single Bitcoin currently worth the equivalent

109
00:08:24,960 --> 00:08:30,200
around 26 ounces of gold in terms of crude oil, all priced in barrels.

110
00:08:30,540 --> 00:08:35,000
You have to kind of look outside the system to really understand the Bitcoin gold story.

111
00:08:35,380 --> 00:08:38,140
And these gold guys, they're all about the long term.

112
00:08:38,340 --> 00:08:42,580
They're all about thinking like that until it comes to like, you know, a little bit of

113
00:08:42,580 --> 00:08:44,720
pump and then Bitcoin gets a little retracement.

114
00:08:44,720 --> 00:08:46,580
and then the stupid comes out.

115
00:08:57,380 --> 00:08:59,040
Okay, so if all this is true,

116
00:08:59,460 --> 00:09:01,760
why does it feel like the USD price

117
00:09:01,760 --> 00:09:03,160
has been farting around so much?

118
00:09:04,160 --> 00:09:06,520
After all, everyone says after gold has its run,

119
00:09:06,640 --> 00:09:08,900
Bitcoin's supposed to take a nice run.

120
00:09:09,540 --> 00:09:11,000
And that is kind of generally true,

121
00:09:11,060 --> 00:09:13,160
although the part people don't often say,

122
00:09:13,380 --> 00:09:14,120
although I say it,

123
00:09:14,720 --> 00:09:20,000
There tends to be a lag like 100 days after a gold run is sort of the average.

124
00:09:20,000 --> 00:09:24,060
But like after COVID, I think it was three, four months.

125
00:09:24,800 --> 00:09:26,340
It can take a while sometimes.

126
00:09:26,820 --> 00:09:32,320
But I also think it's because we have a couple of oh shit things that we still need to clear out of the system.

127
00:09:32,800 --> 00:09:35,820
I'll just keep it to just two this week, only two.

128
00:09:36,180 --> 00:09:39,020
And I'll start with the shorter term issue that we have to clear out.

129
00:09:39,020 --> 00:09:46,280
When you look at the different pumps and the different dumps recently and the people short selling, Binance keeps coming up.

130
00:09:46,400 --> 00:09:49,480
They're at the center of all of these stories over and over again.

131
00:09:49,700 --> 00:09:50,640
Now, I'm not a trader.

132
00:09:51,000 --> 00:09:52,940
I don't buy and sell the crap coins.

133
00:09:53,140 --> 00:09:54,700
I just DCA and HODL.

134
00:09:54,940 --> 00:10:05,960
So this and if that's you, you know, this kind of stuff probably doesn't really even really matter to you other than it explains why the price hasn't been ripping in October and with all of the tailwinds.

135
00:10:05,960 --> 00:10:15,200
So this is a theory of mine that follows, but I think we're seeing the slow, soft decline of Binance, the once big king of the crypto exchanges.

136
00:10:15,940 --> 00:10:21,760
And what looks like a lot of long-term hodlers that are selling on Binance might actually be more of a rotation.

137
00:10:22,520 --> 00:10:26,540
Now, the rotation I'm talking about looks like selling on-chain.

138
00:10:27,060 --> 00:10:29,640
And this is me putting together several things.

139
00:10:30,200 --> 00:10:35,460
Bloomberg had a piece called Bitcoin Wealth Flows to Wall Streets as Whales Adopt ETFs.

140
00:10:35,460 --> 00:10:46,120
And in this piece, which I'll link in the show notes, they say, quote, a regulatory change this summer opened up the door for large investors to hand their Bitcoin to an ETF in exchange for shares of the fund.

141
00:10:46,320 --> 00:10:54,040
It's called an in-kind transaction and is used across most ETFs, but was only approved for Bitcoin products in July.

142
00:10:54,380 --> 00:10:57,700
And the thing is, is this process is generally tax neutral.

143
00:10:57,880 --> 00:11:03,000
There's not a lot of options when it comes to moving your Bitcoin around that are tax neutral like this.

144
00:11:03,000 --> 00:11:30,220
No cash changes hands. No sale is recorded. Bitcoin flows out to a regulated ETF institutional custody, but looks like a sale on chain. BlackRock, BlackRock, oh boy, oh boy, I think that's a Freudian slip. BlackRock has announced that they have facilitated more than $3 billion worth of these conversions. That's according to their head of digital assets, Robbie Michnik.

145
00:11:30,220 --> 00:11:38,800
So why? Why are these whales that have been long-term hodlers, why have they converted $3 billion of Bitcoin into Ibit?

146
00:11:39,620 --> 00:11:49,280
Well, by exchanging their Bitcoin for ETF shares, this is again from the Bloomberg piece, investors can keep the same stake in the cryptocurrency while moving it into a form the financial system recognizes.

147
00:11:49,640 --> 00:11:50,820
It goes on to say,

148
00:11:50,820 --> 00:12:02,760
In a brokerage account, that holding can be pledged as collateral, borrowed against or included in estate plans, things that are cumbersome, risky or impossible when assets sit in a private digital wallet.

149
00:12:03,400 --> 00:12:12,380
The ETF wrapper offers legitimacy, ease and turning what was once an off-grid wealth into something banks and advisors can work with.

150
00:12:12,480 --> 00:12:14,260
Again, that's from the Bloomberg article, not from me.

151
00:12:14,640 --> 00:12:17,040
But I do kind of co-sign it to a degree.

152
00:12:17,040 --> 00:12:30,940
Having watched my folks and friends that have brokerage accounts and understanding that you can't move money between like a stock and Bitcoin and these things are isolated and you miss out.

153
00:12:31,660 --> 00:12:32,960
People want it all in one account.

154
00:12:33,060 --> 00:12:39,360
But the other thing they get access to, this article just kind of touches on, is much superior lending products.

155
00:12:39,960 --> 00:12:43,180
Much superior lending products where you can do mixes too.

156
00:12:43,260 --> 00:12:45,320
It doesn't just have to be a Bitcoin-backed loan.

157
00:12:45,320 --> 00:12:52,620
But additionally, the ones you can get from a Bitcoin-backed loan are much more competitive rates than what Strike is going to offer right now, right?

158
00:12:52,660 --> 00:12:59,320
Where Strike might get you a 10% or 12% interest rate, some of these are going to get you something closer to 5%.

159
00:12:59,320 --> 00:13:01,520
I mean, that's a massive difference.

160
00:13:02,140 --> 00:13:06,720
And so there's just a lot of incentive there, plus it's all kind of integrated into the system.

161
00:13:07,120 --> 00:13:24,864
So the article wraps up with it been quite the institutional migration moving settlement from offshore venues like Binance to onshore regulated custodians Across 2025 whales and funds have been trading exchange convenience for Wall Street custody Binance liquidity share is

162
00:13:24,864 --> 00:13:29,984
collapsing while BlackRock, Fidelity, and Bitwise soak up that flow, creating the illusion of selling

163
00:13:29,984 --> 00:13:36,944
pressure. So this actually, if I could just break this down, could be bullish because the spot

164
00:13:36,944 --> 00:13:42,644
balances are falling. It looks like there's a lot of selling, but supply isn't actually increasing.

165
00:13:42,904 --> 00:13:46,424
supply is tightening, even though it looks like they're selling.

166
00:13:47,204 --> 00:13:49,844
And these ETF Bitcoin, they're functionally, they're off market.

167
00:13:50,224 --> 00:13:52,724
It does remove some of the volatility fuel,

168
00:13:53,484 --> 00:13:56,304
and especially getting off of Binance, which has a lot of issues.

169
00:13:56,704 --> 00:14:00,884
So we have this, I believe, slow decline of Binance,

170
00:14:00,884 --> 00:14:04,824
which was once the king of the offshore cryptocurrency market,

171
00:14:05,084 --> 00:14:08,664
and it is slowly draining into these United States institutions.

172
00:14:09,684 --> 00:14:12,584
And as the Market Structure Act gets closer to come online,

173
00:14:12,904 --> 00:14:21,064
If in that market structure act, they by law decree that there must be certified central price controls, that's really going to suck for Binance.

174
00:14:21,244 --> 00:14:25,164
Because one of the ways Binance can manipulate the market is by manipulating the Oracle data.

175
00:14:25,464 --> 00:14:27,784
I don't want to get into that because if you don't trade, who cares, right?

176
00:14:27,784 --> 00:14:28,184
I don't care.

177
00:14:28,844 --> 00:14:32,684
But this could be setting up for a sort of shakeout.

178
00:14:32,744 --> 00:14:33,624
It could take a little bit.

179
00:14:34,104 --> 00:14:37,324
And the decline of Binance's actual influence over the market.

180
00:14:37,624 --> 00:14:41,084
And if that were to happen, that I think would actually be an extremely good thing.

181
00:14:41,084 --> 00:14:47,244
Now, there's a second, I'd say, bigger issue that we should talk about.

182
00:14:47,604 --> 00:14:52,804
And we've touched on it recently, so we'll just mention it short, but it's very important.

183
00:14:52,844 --> 00:14:56,364
So I do feel compelled to mention it here, and it is going to have dramatic impact on Bitcoin.

184
00:14:57,104 --> 00:15:03,324
The battle over rare earth minerals could be devastating to the West if this doesn't go right.

185
00:15:03,804 --> 00:15:05,404
And here's a quick recap of where we're at.

186
00:15:05,544 --> 00:15:10,304
The United States used to be an industry leader of rare earth production up until the 1980s.

187
00:15:10,304 --> 00:15:16,704
But for the last several decades, the U.S. and the rest of the world have largely depended on China for the majority of their rare earths.

188
00:15:16,944 --> 00:15:26,364
Now escalating trade tensions between the two countries have forced the U.S. to seek to develop a domestic supply chain after China enacted stringent export controls of rare earths back in April.

189
00:15:26,564 --> 00:15:37,464
The United States is so dependent on a number of these critical materials, we are absolutely held hostage by companies that are geopolitical foes.

190
00:15:37,464 --> 00:15:54,584
This is the feedstock to physical AI. We've had on your air, we've had Jensen Wong, Elon Musk, and many others talking about robotics, drones being the largest industry in the history of the world. Well, rare earth magnets are essential. And so if we don't bring this supply chain on now, then we're really leaving trillions of dollars at risk.

191
00:15:54,824 --> 00:16:05,864
This is all hands on deck warfare right now between the US and China. It's a competition that is an existential competition in my view. And so nothing is off the table.

192
00:16:05,864 --> 00:16:10,484
Global demand for rare earth permanent magnets is expected to more than double by 2035.

193
00:16:12,004 --> 00:16:15,004
But can the U.S. wean itself off of Chinese rare earths?

194
00:16:15,624 --> 00:16:21,104
CNBC spoke to experts and stakeholders about what it will take to mine and process rare earths domestically.

195
00:16:22,844 --> 00:16:28,404
So this issue is why you're seeing folks that might not normally hobnob, knob the hobs.

196
00:16:28,404 --> 00:16:34,424
And as you saw this last week, President Trump and Australia's prime minister were doing just that.

197
00:16:34,424 --> 00:16:39,404
Today, President Trump signed an agreement with the Prime Minister of Australia focused

198
00:16:39,404 --> 00:16:41,104
on rare earth minerals.

199
00:16:41,104 --> 00:16:47,104
The deal aims to secure U.S. access to Australia's earth resources and growing tensions with China.

200
00:16:47,104 --> 00:16:52,264
The deal could involve up to $8.5 billion in projects, focusing on minerals like lithium

201
00:16:52,264 --> 00:16:56,064
and silicone, which are essential for modern technology.

202
00:16:56,064 --> 00:16:59,624
President Trump says the deal would take the U.S. relationship with Australia to the next

203
00:16:59,624 --> 00:17:04,384
level, while also giving the U.S. a chance to negotiate a trade deal with China.

204
00:17:04,424 --> 00:17:12,704
I think that China will come to the table and make a very fair deal, because if they don't, they're going to be paying us 157 percent in tariffs.

205
00:17:13,264 --> 00:17:22,764
The agreement also ties in investments in submarines and unmanned underwater vehicles through a partnership with the U.K. designed to counter China's influence in the Indo-Pacific.

206
00:17:23,264 --> 00:17:25,284
Trump called it a win for both nations.

207
00:17:25,484 --> 00:17:26,564
Who wrong?

208
00:17:26,824 --> 00:17:29,804
Yeah, so this is, I mean, it's good to see, right?

209
00:17:29,804 --> 00:17:34,964
And there are businesses in both countries that are trying to step up saying we're going to try to have production ready.

210
00:17:35,184 --> 00:17:43,564
And some of their most positive estimates say that we should see some results, especially when it comes to some of the critical magnets that we need in early 2028.

211
00:17:43,984 --> 00:17:46,244
But that's their best case.

212
00:17:52,144 --> 00:17:54,624
OK, I have to I have to sneak in a quick third reason.

213
00:17:54,624 --> 00:17:56,564
I mean, it's it's those things, too.

214
00:17:56,784 --> 00:17:57,804
And they really matter.

215
00:17:57,904 --> 00:17:59,444
And Bitcoin has to work through that.

216
00:17:59,804 --> 00:18:06,024
But I have to toss this one in too because in the United States, there seems to be stress building among some of the regional banks.

217
00:18:06,384 --> 00:18:08,124
And we keep hearing it's an isolated incident.

218
00:18:08,224 --> 00:18:09,464
It's an isolated incident.

219
00:18:09,564 --> 00:18:10,504
Nothing to worry about.

220
00:18:10,944 --> 00:18:18,344
The thing that I have learned is that the banking industry, they can have these problems that can take years to unwind.

221
00:18:18,484 --> 00:18:21,784
They can move really slow until they don't.

222
00:18:22,504 --> 00:18:29,004
And it's also fueling a lot of concern, which is I think what we're seeing in the broader sector, that there are more cracks emerging in credit markets.

223
00:18:29,004 --> 00:18:45,004
You used the phrase cracks. We were doing some market entomology yesterday, picking up on what Jamie Dimon said about the potential of there being more than one cockroach in the environment. And I wonder sort of how we should look at these two events and complement both the comments that he made about the bankruptcies that we've seen and this latest news about these two regional banks.

224
00:18:45,004 --> 00:18:50,204
Well, they still remain quite isolated incidents as far as we can tell.

225
00:18:50,984 --> 00:18:52,484
Oh, maybe not so isolated.

226
00:18:53,184 --> 00:19:06,944
So then we fast forward a couple of days and Tricolor, which was a bank that sold cars and provided auto loans mostly to low income Hispanic communities in the southwestern United States area, also filed for bankruptcy protection in September.

227
00:19:06,944 --> 00:19:21,804
And then today, as I record, subprime lender, which I think subprime is banker for risky lender, subprime lender, Primeland Capital filed for bankruptcy today.

228
00:19:22,324 --> 00:19:22,944
Now, guess what?

229
00:19:23,104 --> 00:19:29,824
Primeland Capital also specialized in car lending to low-income communities.

230
00:19:30,304 --> 00:19:35,444
And Nobody Special Finance on YouTube, one of the few people that covered this this morning, had the report.

231
00:19:35,444 --> 00:19:41,824
Meanwhile, we've got the big one of the day here. Subprime lender PrimaLend enters bankruptcy

232
00:19:41,824 --> 00:19:48,904
after a bond default. We saw this one coming. It is now official. PrimaLend Capital Partners

233
00:19:48,904 --> 00:19:53,924
filed for bankruptcy after months of negotiations with creditors following missed interest payments

234
00:19:53,924 --> 00:19:59,544
on its debt. PrimaLend, which provides financing to auto dealerships that cater to subprime borrowers,

235
00:19:59,544 --> 00:20:05,324
listed estimated assets and liabilities below $500 million each, according to court documents

236
00:20:05,324 --> 00:20:11,404
it filed in the Northern District of Texas. So that's an important one there, guys. Number one,

237
00:20:11,464 --> 00:20:16,344
it's a fraction of the size of tricolor. This is much smaller. But the fact that these guys are

238
00:20:16,344 --> 00:20:22,664
filing for bankruptcy in the Northern District of Texas, is this another story where the surge

239
00:20:22,664 --> 00:20:28,544
of deportations and the sudden change in immigration policy may be contributing to this bankruptcy

240
00:20:28,544 --> 00:20:34,664
here. Again, we saw with Tricolor, 30,000 missing cars that they think just drove across the border

241
00:20:34,664 --> 00:20:39,624
when people self-deported. Plus, when somebody gets deported, are they going to pay their bills

242
00:20:39,624 --> 00:20:43,044
if the car gets left behind in America? They're going to keep making their car payments? Probably

243
00:20:43,044 --> 00:20:49,084
not. This is another subprime lender, so maybe they were also specializing to people without

244
00:20:49,084 --> 00:20:53,884
social security numbers or with no credit history. So there's a little bit of overlap here with the

245
00:20:53,884 --> 00:20:59,084
tricolor story. Now, in a press release, Prima Lend said it was pursuing a sale of the business

246
00:20:59,084 --> 00:21:05,404
in bankruptcy court and would continue to fund and service loans to its own borrowers. That's

247
00:21:05,404 --> 00:21:10,564
kind of misleading. They haven't paid interest in months. Prima Lend finances buy here, pay here,

248
00:21:10,564 --> 00:21:16,804
auto dealerships, which serve low-income borrowers. And there's that low-income slash

249
00:21:16,804 --> 00:21:22,224
subprime slash risky bet. You make a bunch of loans to people who can't pay them back.

250
00:21:22,224 --> 00:21:34,224
In particular, guys, that 2021, 22 and 23 vintage car loans, when everybody was flush with Stimmy Cash and their credit scores went way up because, well, it was illegal to report delinquencies.

251
00:21:34,484 --> 00:21:37,244
All of a sudden, risky borrowers looked really good.

252
00:21:38,024 --> 00:21:40,084
And well, a lot of people are missing their payments now.

253
00:21:40,924 --> 00:21:47,304
I think those of us that have been in Bitcoin for a while, we know that it tends to be an indicator of concern.

254
00:21:47,304 --> 00:21:52,224
It becomes a global sentiment indicator because it's the open market 24-7.

255
00:21:52,764 --> 00:21:57,904
It's liquid, it's available, it's around the world, and it's telling us we need to pay attention to these three issues.

256
00:21:58,284 --> 00:21:58,964
That's what I believe.

257
00:21:58,964 --> 00:22:21,664
okay now a bit of a production question for you in the background i have been experimenting

258
00:22:21,664 --> 00:22:28,264
with producing a video version of the show i'm not sure if there is demand for it though so i

259
00:22:28,264 --> 00:22:35,864
thought, why not ask, would you be interested in a video version of This Week in Bitcoin?

260
00:22:36,104 --> 00:22:41,364
I'd probably release it on YouTube, but what I'm actually more interested in from a FreedomTech

261
00:22:41,364 --> 00:22:47,764
standpoint is the alternative enclosure tag in the podcasting 2.0 spec. So unlike the past,

262
00:22:47,904 --> 00:22:53,324
the bad old days where I'd have multiple RSS feeds, one for the audio, one for video. In fact,

263
00:22:53,324 --> 00:22:56,284
for a while back in the day.

264
00:22:56,504 --> 00:22:57,904
I had one for HD video,

265
00:22:58,084 --> 00:23:00,144
one for standard definition video,

266
00:23:00,624 --> 00:23:01,644
one for the audio.

267
00:23:01,804 --> 00:23:03,044
It was a mess.

268
00:23:03,424 --> 00:23:04,444
And some of that technical debt

269
00:23:04,444 --> 00:23:06,104
still exists for Jupyter Broadcasting.

270
00:23:06,424 --> 00:23:08,704
But with the alternative enclosure tag,

271
00:23:09,284 --> 00:23:10,384
oh, it's beautiful.

272
00:23:10,664 --> 00:23:13,764
One single master RSS feed

273
00:23:13,764 --> 00:23:16,464
can have both the audio and the video.

274
00:23:16,804 --> 00:23:17,924
The audio would be the default,

275
00:23:17,924 --> 00:23:20,104
but if your player supported it,

276
00:23:20,244 --> 00:23:22,504
you could just flip over to the video version.

277
00:23:22,504 --> 00:23:28,604
And it turns out like almost all the clips, I guess this week, all the clips, not always, but all the clips this week are video.

278
00:23:29,264 --> 00:23:30,644
I'm just capturing the audio.

279
00:23:31,004 --> 00:23:35,544
So I guess that would probably be the biggest value add I'd suspect is that you'd be able to watch the clips.

280
00:23:35,704 --> 00:23:36,944
But is that something you'd want?

281
00:23:37,084 --> 00:23:39,784
Honestly, I think sometimes listening is more valuable.

282
00:23:40,244 --> 00:23:41,804
I really like the audio medium.

283
00:23:42,324 --> 00:23:44,464
It does keep the production effort down.

284
00:23:44,704 --> 00:23:50,544
But I have to admit something I've realized myself is I am consuming more and more content via video.

285
00:23:50,544 --> 00:23:52,904
probably because more people are just doing it by default.

286
00:23:53,624 --> 00:23:56,524
But if I'm at my desk or I'm at home and the TV's on,

287
00:23:57,144 --> 00:23:58,304
I find myself drifting to video.

288
00:23:58,844 --> 00:24:00,524
So if I could offer the same to you,

289
00:24:00,564 --> 00:24:01,984
that's something I might be interested in.

290
00:24:02,524 --> 00:24:04,264
However, I don't really know if there's demand for it.

291
00:24:04,604 --> 00:24:06,324
You know, this has been an audio podcast from the beginning.

292
00:24:06,424 --> 00:24:07,604
There might not be any interest in there.

293
00:24:07,644 --> 00:24:08,264
So let me know.

294
00:24:08,804 --> 00:24:10,024
Send a boost with your vote

295
00:24:10,024 --> 00:24:13,224
and tell me if you would be interested

296
00:24:13,224 --> 00:24:15,824
in a video version of this here show.

297
00:24:16,164 --> 00:24:18,124
Or, you know, it could be something in between.

298
00:24:18,124 --> 00:24:20,444
I have other ideas as well as like clips and whatnot.

299
00:24:20,544 --> 00:24:23,244
that perhaps I post on Noster that are sort of supplemental to the show.

300
00:24:23,864 --> 00:24:25,824
I'll have more. I'm cooking on all of that.

301
00:24:26,264 --> 00:24:29,364
But I would like, before I get much further down this road, your take.

302
00:24:29,604 --> 00:24:30,624
So boost in and let me know.

303
00:24:30,624 --> 00:24:54,204
coming up we got your boost an update section you're really going to want to catch in a great

304
00:24:54,204 --> 00:24:59,324
last clip of the week so before i go any further besides boosting and being a jupiter party member

305
00:24:59,324 --> 00:25:01,924
you can support the show just by doing what you already do.

306
00:25:02,444 --> 00:25:04,844
If you want to buy Sats on River, one of the best platforms ever

307
00:25:04,844 --> 00:25:07,624
that just introduced supercharged dip buys,

308
00:25:08,304 --> 00:25:09,404
we got a link in the show notes.

309
00:25:09,644 --> 00:25:12,104
If you're in Canada or you're just all about self-custody,

310
00:25:12,204 --> 00:25:15,224
the Bitcoin Well is an amazing automatic self-custody platform.

311
00:25:15,384 --> 00:25:17,024
Love them. Link in the show notes.

312
00:25:17,504 --> 00:25:19,204
Now, if you want to spend your Sats via Lightning,

313
00:25:19,724 --> 00:25:21,744
you can go to the Bitcoin company.

314
00:25:22,004 --> 00:25:24,964
You can go from Sats to gift card in seconds.

315
00:25:25,044 --> 00:25:26,824
You can even log in with your Lightning ID.

316
00:25:26,824 --> 00:25:29,544
like, well, credentials, I guess, whatever you call it.

317
00:25:30,184 --> 00:25:31,184
Link in the show notes for that.

318
00:25:31,524 --> 00:25:33,524
Now, if you want to stack SaaS just doing the day-to-day,

319
00:25:33,644 --> 00:25:36,744
paying your bills, buying what you got to buy,

320
00:25:36,864 --> 00:25:38,644
that kind of stuff, Foldcard.

321
00:25:38,804 --> 00:25:39,944
It's a winner in our community.

322
00:25:40,004 --> 00:25:40,704
I use it every day.

323
00:25:41,124 --> 00:25:44,064
And last but not least, I recommend Salt Lending.

324
00:25:44,184 --> 00:25:46,264
They're still the one with the edge up, I think,

325
00:25:46,284 --> 00:25:47,724
if you want to get access to your Bitcoin

326
00:25:47,724 --> 00:25:50,344
without selling it by taking out a collateralized loan.

327
00:25:50,584 --> 00:25:52,104
Because they have one product

328
00:25:52,104 --> 00:25:53,744
the other guys aren't going to touch,

329
00:25:53,744 --> 00:25:56,604
and that is if the price really tanks,

330
00:25:56,824 --> 00:26:00,984
they will auto-convert your Bitcoin balance to stablecoins to ride out the volatility

331
00:26:00,984 --> 00:26:04,744
and then allow you to convert it back to Bitcoin once the price starts to increase again.

332
00:26:05,404 --> 00:26:07,684
Now, not a huge stablecoin guy,

333
00:26:08,144 --> 00:26:11,964
but that's a compelling way to prevent from getting completely margin called.

334
00:26:12,384 --> 00:26:13,824
Salt Lending has a lot of really great features,

335
00:26:13,924 --> 00:26:15,704
including ACH support for payments and more.

336
00:26:16,124 --> 00:26:16,904
Links to all of that.

337
00:26:17,324 --> 00:26:20,144
No official affiliation, just products I use.

338
00:26:26,824 --> 00:26:29,824
And we did get some boosts.

339
00:26:29,824 --> 00:26:42,287
Ask not what your podcast can boost for you but what you can boost for your podcast Natgasm Immersion comes in with 33 sats

340
00:26:46,007 --> 00:26:47,027
Let's hear it good, buddy.

341
00:26:47,167 --> 00:26:49,927
I probably didn't get that right, but you are our polybooster this week.

342
00:26:49,967 --> 00:26:50,927
You got it at a great price.

343
00:26:50,927 --> 00:26:55,367
Chris, do you need heat for your place without a bunch of extra work?

344
00:26:55,487 --> 00:26:58,427
Check out exergyheat.com.

345
00:26:58,487 --> 00:27:00,107
That's exergyheat.com.

346
00:27:00,107 --> 00:27:01,227
Heat that pays.

347
00:27:01,967 --> 00:27:02,187
Hmm.

348
00:27:02,947 --> 00:27:05,627
Now, you don't say on the site here, are these Bitcoin miners?

349
00:27:05,807 --> 00:27:08,007
Because I see they're featured in a lot of Bitcoin press.

350
00:27:08,967 --> 00:27:10,627
Electric devices convert energy into heat.

351
00:27:10,767 --> 00:27:11,307
Bitcoin miners.

352
00:27:11,387 --> 00:27:11,827
Oh, here we go.

353
00:27:11,967 --> 00:27:13,347
Bitcoin miners pay you for contributing.

354
00:27:13,667 --> 00:27:15,187
Frickin' love this idea, dude.

355
00:27:16,027 --> 00:27:20,467
I look around at the space heaters and the oil heaters that I use at my place, and I think

356
00:27:20,467 --> 00:27:22,407
that stupid thing should be using that heat.

357
00:27:23,067 --> 00:27:24,207
That's just wasted energy.

358
00:27:24,927 --> 00:27:25,567
Wasted energy.

359
00:27:25,807 --> 00:27:26,287
Thanks, Nat.

360
00:27:26,387 --> 00:27:27,047
Appreciate that.

361
00:27:27,047 --> 00:27:31,007
Mug Daddy's here with 22,222 sats.

362
00:27:31,187 --> 00:27:31,727
Ah, fine.

363
00:27:31,967 --> 00:27:33,687
This old duck still got it.

364
00:27:34,247 --> 00:27:34,707
Great show.

365
00:27:34,827 --> 00:27:35,447
Glad you're back.

366
00:27:35,607 --> 00:27:38,427
But don't swallow the Eurocoin propaganda.

367
00:27:38,627 --> 00:27:42,727
Your American mind cannot fathom how cuck the average Euro is.

368
00:27:42,727 --> 00:27:48,187
They don't have a competitor to Visa or MasterCard because there's genuinely no need for it.

369
00:27:48,587 --> 00:27:53,047
But Euros reflexively buy almost any propaganda the ECB shoves at them.

370
00:27:53,047 --> 00:27:57,727
The digital euro is a control mechanism masquerading as a solution in search of a problem.

371
00:27:58,127 --> 00:27:59,167
Full stop.

372
00:27:59,507 --> 00:28:00,807
Fun will now commence.

373
00:28:00,867 --> 00:28:01,907
Oh, man.

374
00:28:02,887 --> 00:28:04,467
All right.

375
00:28:04,807 --> 00:28:05,667
I like that.

376
00:28:05,727 --> 00:28:06,367
That's a hot take.

377
00:28:06,427 --> 00:28:08,227
Did you buy that hot take from a certified vendor?

378
00:28:08,447 --> 00:28:10,387
Did you buy that from a certified vendor?

379
00:28:10,627 --> 00:28:11,407
I think I'm all in.

380
00:28:11,527 --> 00:28:12,027
Oh, I'm in.

381
00:28:12,167 --> 00:28:13,907
I don't know about that, but I do like that take.

382
00:28:14,407 --> 00:28:15,807
Boost in if you agree or disagree.

383
00:28:16,307 --> 00:28:16,927
Thank you, Mug Daddy.

384
00:28:17,347 --> 00:28:17,967
Appreciate it.

385
00:28:18,587 --> 00:28:19,527
Hey, here's Gene Bean.

386
00:28:19,707 --> 00:28:22,227
He's here with 6,233 sats.

387
00:28:22,227 --> 00:28:24,747
I like you. You're a hot ticket.

388
00:28:24,967 --> 00:28:27,087
Could you break down leverage for a noob?

389
00:28:27,187 --> 00:28:27,867
Yeah, it's like a loan.

390
00:28:28,327 --> 00:28:31,907
So you take out a loan for $1,000.

391
00:28:32,287 --> 00:28:33,247
I'm making these numbers up.

392
00:28:33,347 --> 00:28:34,687
You back it with $300.

393
00:28:35,587 --> 00:28:38,547
So you have $300, but you have $1,000 worth of purchasing power.

394
00:28:39,267 --> 00:28:43,687
But then you get wiped out because what you backed it with, the price of that.

395
00:28:43,927 --> 00:28:47,187
So, for example, say you put some Bitcoin on the line to get that loan.

396
00:28:47,607 --> 00:28:49,527
Well, when the value of that Bitcoin were to drop,

397
00:28:49,527 --> 00:28:55,847
Or what happens in the case of altcoins is they put their Solana or their ETH or whatever it might be as collateral.

398
00:28:56,607 --> 00:28:59,967
And then when those things have price movements, they make Bitcoin look like gold.

399
00:29:00,287 --> 00:29:01,287
Like it's steady.

400
00:29:03,187 --> 00:29:04,947
They're like 70%, 80% vol.

401
00:29:05,547 --> 00:29:07,227
So they move like and they just get wiped out.

402
00:29:07,327 --> 00:29:09,967
Their collateral becomes worth nothing so their loan isn't backed anymore.

403
00:29:10,507 --> 00:29:11,547
And so they get wiped out.

404
00:29:11,807 --> 00:29:13,027
That's the quick version, Gene.

405
00:29:14,107 --> 00:29:15,407
A command and control economy.

406
00:29:15,467 --> 00:29:17,147
Is he saying China's economy is a botnet?

407
00:29:17,147 --> 00:29:19,607
Now, I think that's their command and control economy.

408
00:29:19,707 --> 00:29:28,287
I think they're trying that out as a way of saying that it's an economy directed from the very top down, which is a lot like a Trump economy.

409
00:29:28,927 --> 00:29:32,387
Anyways, have you ever gotten the bonus stuff for Twib working with Jupyter Party?

410
00:29:32,467 --> 00:29:33,647
If not, is it still in the works?

411
00:29:33,967 --> 00:29:34,847
It is still in the works.

412
00:29:35,427 --> 00:29:41,947
I have the ability to manually post things to the Jupyter Party members in a downloads area where they could log in and download them.

413
00:29:42,327 --> 00:29:46,867
Because I haven't been able to get it to work better than that, I've kind of paused special features for Twib in general.

414
00:29:47,147 --> 00:29:48,247
I don't know if that's a good idea,

415
00:29:48,627 --> 00:29:51,167
but I just don't want to shortchange the members,

416
00:29:51,587 --> 00:29:53,427
and because I can't solve this right now,

417
00:29:53,627 --> 00:29:54,987
I'm just not making bonus content,

418
00:29:55,647 --> 00:29:56,527
which is not great.

419
00:29:57,307 --> 00:29:59,247
I really hate that these platforms

420
00:29:59,247 --> 00:30:00,727
get me up against a wall like this.

421
00:30:01,207 --> 00:30:02,707
Plus, I also want to try to figure out

422
00:30:02,707 --> 00:30:04,087
the video stuff too now, but we'll see.

423
00:30:04,427 --> 00:30:05,007
And then Gene asks,

424
00:30:05,007 --> 00:30:07,167
so what you think about BolWallet?

425
00:30:07,467 --> 00:30:09,607
Oh, Gene, short version looks pretty great.

426
00:30:09,947 --> 00:30:11,607
Long version will be in the update section.

427
00:30:11,827 --> 00:30:13,427
I have more for you coming soon.

428
00:30:14,047 --> 00:30:14,707
Thanks for the boost.

429
00:30:15,447 --> 00:30:17,087
Mix comes in with 5,000 sats.

430
00:30:17,147 --> 00:30:18,567
The traders love the vol.

431
00:30:18,767 --> 00:30:20,727
No message, just value, though, which is just fine.

432
00:30:20,927 --> 00:30:21,667
Thank you very much.

433
00:30:22,307 --> 00:30:23,807
Ace Ackerman's back with a Rodex.

434
00:30:24,787 --> 00:30:26,627
2,222 sats.

435
00:30:26,847 --> 00:30:27,747
This is a great episode.

436
00:30:28,207 --> 00:30:28,807
Thank you, Ace.

437
00:30:29,387 --> 00:30:30,107
Perseate that.

438
00:30:30,927 --> 00:30:33,507
Retro Gear's here with 3,333 sats.

439
00:30:33,727 --> 00:30:34,507
This is the way.

440
00:30:35,187 --> 00:30:38,207
Hey, Chris, I just switched to Nots29.2 from Core.

441
00:30:38,587 --> 00:30:40,867
I ended up using the Linux server IO Docker image.

442
00:30:41,227 --> 00:30:43,407
It's getting pretty simple to set up a node these days,

443
00:30:43,527 --> 00:30:44,547
slowly catching up on Twib.

444
00:30:44,647 --> 00:30:46,067
Cheers for the high signal content.

445
00:30:46,467 --> 00:30:47,167
Well done.

446
00:30:47,367 --> 00:30:47,747
Yes.

447
00:30:52,367 --> 00:30:56,887
I've been thinking, too, I'd like to have another private node, just a really low-key Docker container one.

448
00:30:56,967 --> 00:30:57,887
It doesn't have to be much.

449
00:30:58,127 --> 00:30:59,547
That might be the way I go, RetroGear.

450
00:31:00,127 --> 00:31:04,767
Of course, today, too, if you're concerned about operator and stuff, you can still change those settings.

451
00:31:04,767 --> 00:31:08,767
You can run Core 30, and you can change those defaults.

452
00:31:09,447 --> 00:31:12,687
You can also continue to run Core 29, or you can run not.

453
00:31:12,787 --> 00:31:15,207
So you've got a few options now, and I'd love to even see more options.

454
00:31:15,207 --> 00:31:17,687
Let's have another node out there, another node or two, really.

455
00:31:18,407 --> 00:31:21,167
You know, you look at the Linux landscape, how many freaking distributions there are.

456
00:31:21,407 --> 00:31:26,247
It's strange that we only have one big node implementation, in my opinion.

457
00:31:26,567 --> 00:31:29,827
It seems more like an anomaly of time, not the way it's always going to be.

458
00:31:30,787 --> 00:31:32,767
And I might check that out, RetroGear.

459
00:31:32,847 --> 00:31:34,267
I like the Linux server IO stuff.

460
00:31:34,447 --> 00:31:34,927
Thanks for that.

461
00:31:35,167 --> 00:31:35,727
Appreciate the boost.

462
00:31:36,227 --> 00:31:38,467
Paranoid Coders here with 2,000 sats.

463
00:31:38,947 --> 00:31:39,347
Boost!

464
00:31:40,007 --> 00:31:41,387
No message, just the value.

465
00:31:41,747 --> 00:31:42,167
Thank you.

466
00:31:42,167 --> 00:31:45,767
Mike Newman's here with 7,777 sats.

467
00:31:46,847 --> 00:31:50,167
Love this podcast, Chris.

468
00:31:50,267 --> 00:31:50,747
Well-rounded.

469
00:31:50,947 --> 00:31:52,067
Heard about it on podcasting.

470
00:31:52,187 --> 00:31:53,547
Hey, shout out to those boys.

471
00:31:53,767 --> 00:31:54,207
Thank you, guys.

472
00:31:54,887 --> 00:31:59,247
Also, heard about your road trip and lunch meetup in Turnstile a few weeks ago.

473
00:31:59,827 --> 00:32:00,167
Turnstile.

474
00:32:00,687 --> 00:32:02,127
But I was out of town.

475
00:32:02,267 --> 00:32:03,927
Oh, right, the place we had lunch at.

476
00:32:04,047 --> 00:32:04,967
Yes, right, right.

477
00:32:05,567 --> 00:32:07,147
Told the guys there that you were coming.

478
00:32:07,327 --> 00:32:07,927
Oh, did you?

479
00:32:08,227 --> 00:32:08,927
They had no clue.

480
00:32:09,147 --> 00:32:09,367
Yeah.

481
00:32:09,787 --> 00:32:11,447
Checked in yesterday and they said, quote,

482
00:32:11,447 --> 00:32:13,527
It was huge and a really great group of people.

483
00:32:13,967 --> 00:32:14,967
Stay humble and keep stacking.

484
00:32:15,327 --> 00:32:16,087
Well, you know what?

485
00:32:16,127 --> 00:32:19,927
I appreciate that you did that, Mike, because I don't reach out anymore.

486
00:32:20,607 --> 00:32:23,467
I sometimes do for some really large groups.

487
00:32:23,887 --> 00:32:26,187
Like if we're going to have 100 people or more.

488
00:32:26,307 --> 00:32:32,327
But for the like 30 to 50 people, I've stopped because when I contact these places, they panic.

489
00:32:32,607 --> 00:32:34,867
Or they make me go through all of this process.

490
00:32:34,867 --> 00:32:37,687
Or they make me pay and commit to like $1,000, $2,000.

491
00:32:37,687 --> 00:32:41,607
and if we just show up, they work it out.

492
00:32:41,707 --> 00:32:43,687
I know that's not the way we should do it,

493
00:32:44,167 --> 00:32:46,947
so I try not to abuse it and we try to be very generous,

494
00:32:47,707 --> 00:32:48,887
so we didn't tell them.

495
00:32:49,687 --> 00:32:53,047
And I really wished we had because it turned out the day we showed up,

496
00:32:53,427 --> 00:32:56,547
they were down to a two-person crew and they had one menu item.

497
00:32:56,627 --> 00:32:58,007
Now, it was a good burger, so it worked out.

498
00:32:58,347 --> 00:33:00,707
So I'm kind of glad you gave them a heads up so they knew we were coming.

499
00:33:00,707 --> 00:33:02,587
Had I known they were going to be limited like that,

500
00:33:02,647 --> 00:33:03,727
I would have given them a heads up too.

501
00:33:04,207 --> 00:33:06,427
I rolled the dice on that, but you had my back.

502
00:33:06,427 --> 00:33:08,187
Appreciate that and appreciate the boost.

503
00:33:09,007 --> 00:33:13,067
Kiwi Bitcoin Guide's here with 4,567 sats.

504
00:33:13,187 --> 00:33:14,307
Fun will now commence.

505
00:33:14,827 --> 00:33:15,827
Note up, Bitcoiners.

506
00:33:16,227 --> 00:33:17,227
We all got to do it.

507
00:33:17,467 --> 00:33:19,347
Here's a guide from our community website in New Zealand.

508
00:33:19,467 --> 00:33:21,727
I just published it to help all Bitcoiners run their own node.

509
00:33:22,047 --> 00:33:24,387
It's right up your alley, Chris, and it's running straight on Ubuntu.

510
00:33:24,987 --> 00:33:28,587
You can find it at kiwibitcoinguide.org, and I will put a link to it.

511
00:33:28,667 --> 00:33:30,187
It's Set Up the Bitcoin Node Guide.

512
00:33:30,647 --> 00:33:31,967
Thanks, Kiwi Bitcoin Guide.

513
00:33:32,007 --> 00:33:33,207
That's a really great idea.

514
00:33:33,887 --> 00:33:34,987
We need more people doing that.

515
00:33:35,507 --> 00:33:36,187
Get your voice.

516
00:33:36,187 --> 00:33:36,747
Thank you, Kiwi.

517
00:33:37,387 --> 00:33:38,987
Bobby Pins here with 5,000 sats.

518
00:33:39,267 --> 00:33:41,287
Put some macaroni and cheese on there, too.

519
00:33:41,427 --> 00:33:43,487
Well, speaking of nodding up, great timing.

520
00:33:43,667 --> 00:33:51,607
I was looking at the mempool of my node during block 91, 919,953, which was also during the AWS outage.

521
00:33:53,267 --> 00:33:57,467
I was confused why the block would be taking over six times as long as it should be.

522
00:33:57,867 --> 00:34:02,347
The best thesis I can come up with is maybe the big pool uses AWS orchestration software.

523
00:34:02,947 --> 00:34:03,707
Maybe the big pools.

524
00:34:03,707 --> 00:34:08,668
Is there a better explanation you could think of, or am I just inexperienced and don't realize these anomalies just happen sometimes?

525
00:34:09,127 --> 00:34:12,487
Also odd that almost after an hour, it gets mined by an unknown solo miner.

526
00:34:13,547 --> 00:34:14,727
Bobby Penn.

527
00:34:15,847 --> 00:34:21,627
So the key party says, I was confused why a block would be taking almost six minutes as long as it should be.

528
00:34:21,847 --> 00:34:23,607
Oh, I'm sorry, six times.

529
00:34:24,347 --> 00:34:25,227
I was going to say six minutes.

530
00:34:25,287 --> 00:34:26,487
I could say six times.

531
00:34:27,727 --> 00:34:32,168
The best thesis I can come up with is the big pools use AWS for orchestration software.

532
00:34:33,127 --> 00:34:33,607
Huh.

533
00:34:33,707 --> 00:34:38,767
I would buy that. I would buy that. I wonder if anybody else has information on this.

534
00:34:39,387 --> 00:34:46,847
Bobby Penn. I like that. I like that theory. Oh, I'm in. Yeah. I like it a lot. I don't know.

535
00:34:46,947 --> 00:34:49,767
There could be other explanations for sure, Bobby Penn, but that does seem pretty good.

536
00:34:50,027 --> 00:34:53,827
Thank you, everybody who boosted in. We do have the 2000s cutoff, but I keep all the boosts even

537
00:34:53,827 --> 00:34:59,287
below 2000s. I save them in the dock and I count them towards our total and I appreciate all of

538
00:34:59,287 --> 00:35:05,267
them. Now let's take a look at how we did. We had 42 of you stream SATs. SAT streamers really did a

539
00:35:05,267 --> 00:35:13,267
heavy lift this episode. You stacked 53,593 SATs. Now, when you combine that with our boosters,

540
00:35:13,267 --> 00:35:19,827
this episode stacked a humble 147,960 SATs.

541
00:35:19,827 --> 00:35:22,947
lower expectations

542
00:35:22,947 --> 00:35:34,407
now that's not horrible but it's not great so if i lowball estimate 12 hours of work for this

543
00:35:34,407 --> 00:35:39,168
episode which is a lowball that's an hourly rate of i don't know i'm doing the math but i think

544
00:35:39,168 --> 00:35:45,427
it's about 13 an hour it's not horrible it's not nothing but if you feel that my analysis the news

545
00:35:45,427 --> 00:35:49,507
collation the clip collation the collection of all of it in the presentation if you feel it's worth

546
00:35:49,507 --> 00:35:54,688
more than $13 an hour, please do consider sending a boost to this episode. In fact, that math only

547
00:35:54,688 --> 00:35:58,927
gets worse if I'm honest about the amount of time I spend on the episode. But that said,

548
00:35:59,527 --> 00:36:03,007
that said, it's not nothing. It's just not where I was hoping it would be at.

549
00:36:06,547 --> 00:36:10,767
But I do really appreciate those of you who did support this, either with a Jupiter Party

550
00:36:10,767 --> 00:36:17,227
membership or a boost. Thank you very much. I mean, you were the MVPs of this week's episode,

551
00:36:17,227 --> 00:36:17,987
So thank you.

552
00:36:18,467 --> 00:36:26,467
And all of this said, to put it in context, I have to be aware that this last week's episode still did make it to number two on the fountain charts.

553
00:36:26,847 --> 00:36:33,168
So it might have just been a lower, weaker overall week in the value verse, perhaps.

554
00:36:33,367 --> 00:36:34,047
I don't know.

555
00:36:34,587 --> 00:36:37,367
So that means those of you who did boost, you matter a lot.

556
00:36:37,787 --> 00:36:39,907
Thank you, everybody who did send some value into this episode.

557
00:36:40,267 --> 00:36:41,087
Appreciate you.

558
00:36:41,087 --> 00:36:43,367
and if you would like to boost the show,

559
00:36:43,487 --> 00:36:45,447
Fountain FM makes it really easy to do so

560
00:36:45,447 --> 00:36:47,307
because they do all the lightning hosting for you

561
00:36:47,307 --> 00:36:49,627
or you can take the challenge on with Albie Hub

562
00:36:49,627 --> 00:36:50,847
and build your own environment

563
00:36:50,847 --> 00:36:52,887
and then connect you to a lot of different backend apps

564
00:36:52,887 --> 00:36:54,007
like Castomatic.

565
00:36:54,547 --> 00:36:55,487
I think that's a really good one.

566
00:36:55,547 --> 00:36:56,707
Podverse is fantastic

567
00:36:56,707 --> 00:36:58,807
or you can actually just get the Albie extension

568
00:36:58,807 --> 00:37:01,827
and then you can boost from the podcastindex.org website.

569
00:37:11,087 --> 00:37:17,927
I had some updates I wanted to get into, and you heard Gene ask about it.

570
00:37:18,188 --> 00:37:22,107
Boll Wallet is finally available on iOS and Android worldwide,

571
00:37:22,267 --> 00:37:28,267
and it is an open-source wallet that I think is probably worth at least a little bit of your attention.

572
00:37:28,847 --> 00:37:32,087
It's reproducible. Well, it will be very soon, so that's very good.

573
00:37:32,087 --> 00:37:33,787
It's open-source. It's SigWit native.

574
00:37:34,267 --> 00:37:39,987
It uses a lot of proven libraries under the hood that have already been in use by Dolphin or Aqua

575
00:37:39,987 --> 00:37:43,447
and other wallets out there.

576
00:37:43,767 --> 00:37:45,307
You can connect it to your own node.

577
00:37:45,688 --> 00:37:48,287
It has coin selection and labeling.

578
00:37:48,427 --> 00:37:49,007
That's huge.

579
00:37:49,627 --> 00:37:51,427
It has a mempool-based fee algorithm,

580
00:37:51,547 --> 00:37:53,767
so you're paying just what you need to pay.

581
00:37:54,107 --> 00:37:55,087
It's Bitcoin only.

582
00:37:55,567 --> 00:37:58,927
It also supports importing watch-only wallets,

583
00:37:59,107 --> 00:38:01,447
so if you have cold storage but you want to keep an eye on it.

584
00:38:01,927 --> 00:38:05,067
It has encrypted secrets to protect against malicious apps on your phone,

585
00:38:05,067 --> 00:38:07,067
secure keyboard to prevent clipboard hijacking.

586
00:38:07,168 --> 00:38:08,188
I'm reading from their points here.

587
00:38:08,188 --> 00:38:12,747
no push notifications and no data collection, no IP tracking whatsoever.

588
00:38:13,467 --> 00:38:15,427
It's interesting they call it no push notifications.

589
00:38:16,327 --> 00:38:18,947
And they also support testnet if you want to mess around.

590
00:38:19,107 --> 00:38:21,367
And here's something I think you're going to like.

591
00:38:21,587 --> 00:38:27,967
When receiving payments, a bull user can choose to receive via Lightning, Bitcoin, or Liquid.

592
00:38:28,668 --> 00:38:30,987
It actually, I installed it. I like it.

593
00:38:31,627 --> 00:38:34,787
I think I might like it a little bit more than the Aqua Wallet, to be honest with you.

594
00:38:35,067 --> 00:38:37,567
And I also like the bull Bitcoin folks.

595
00:38:37,567 --> 00:38:42,867
If you haven't heard of them before, I will link to a presentation they gave recently about their origin story.

596
00:38:43,547 --> 00:38:51,307
And one of the things, and I like this, that they get into, and they have it time-coded, is how open source plays a role pretty deeply with everything they do.

597
00:38:51,688 --> 00:38:54,188
And that always registers highly on my list of priorities.

598
00:38:54,487 --> 00:38:56,447
So I'll have a link in the show notes for that.

599
00:38:56,827 --> 00:38:57,407
Go check that out.

600
00:38:58,607 --> 00:39:04,627
Now, some reports of an AlbiScam email are surfacing, so I just wanted to make you aware of it.

601
00:39:05,287 --> 00:39:06,487
Be extra bear aware.

602
00:39:07,107 --> 00:39:12,567
Daniel, or the Daniel, on Noster has reported some Alba users are getting fake phishing emails,

603
00:39:12,707 --> 00:39:15,047
claiming they need to log back into their Alba account.

604
00:39:15,587 --> 00:39:18,007
The email and the link it gives you are bogus.

605
00:39:18,707 --> 00:39:20,247
This is what Daniel posted on Noster.

606
00:39:20,407 --> 00:39:20,927
He says, quote,

607
00:39:20,927 --> 00:39:26,267
What I believe is happening is someone is using the public lightning addresses from Noster profiles

608
00:39:26,267 --> 00:39:29,747
to dox everyone's registered email address on Alba.

609
00:39:30,547 --> 00:39:35,887
By simply entering a valid Alba address, the login page leaks the corresponding email address.

610
00:39:36,487 --> 00:39:40,287
This means the purpose of the attack is not so much to breach your Albi account,

611
00:39:40,287 --> 00:39:44,627
it's to collect the emails of Albi users for future phishing attacks.

612
00:39:44,627 --> 00:39:46,627
So just something to be aware of.

613
00:39:46,627 --> 00:40:03,871
And if the Albi folks have any comment on that I keep an eye out for that PayPal had a very embarrassing crypto week You might have heard that they accidentally issued trillion worth of a stablecoin The mistake was made by Paxos

614
00:40:03,971 --> 00:40:09,831
which is PYUSD's issuer during an internal transfer. It showed up publicly on the Ethereum

615
00:40:09,831 --> 00:40:14,971
blockchain and then was reversed about 20 minutes later after on-chain observers flagged it. Now,

616
00:40:14,971 --> 00:40:20,311
fat finger mistakes. They've happened before. Tether once minted $5 billion by accident and

617
00:40:20,311 --> 00:40:25,011
Citigroup mistakenly sent $81 trillion in a single transaction last year.

618
00:40:25,411 --> 00:40:28,731
I don't know why, but it just it feels like, of course, it was on the Ethereum network.

619
00:40:29,111 --> 00:40:34,231
There's not anything to back $300 trillion. Remember how the genius acts as all these

620
00:40:34,231 --> 00:40:39,131
things are supposed to be backed? Well, backed by what proof? Because apparently they can still

621
00:40:39,131 --> 00:40:44,691
just issue $300 trillion. So I guess there is no mechanism to prove they have those backings

622
00:40:44,691 --> 00:40:51,471
before they issue it, which seems awfully busted to me and will never be a problem.

623
00:40:51,591 --> 00:40:53,511
Clearly, that'll never come up again in the future.

624
00:40:53,611 --> 00:40:55,051
That's just not going to be a problem.

625
00:40:55,191 --> 00:40:56,491
It's not going to cause a huge disaster.

626
00:40:56,631 --> 00:40:57,431
Clearly, obviously.

627
00:40:58,531 --> 00:40:58,931
Jeez.

628
00:41:00,051 --> 00:41:01,091
OK, OK.

629
00:41:01,431 --> 00:41:02,591
One more thing.

630
00:41:03,991 --> 00:41:04,991
OK, maybe not with just one.

631
00:41:05,171 --> 00:41:06,071
I've been doing that this week.

632
00:41:06,111 --> 00:41:06,591
It's probably two.

633
00:41:07,351 --> 00:41:08,571
Fed Governor Christopher J.

634
00:41:08,691 --> 00:41:11,351
Waller says the Federal Reserve loves crypto now.

635
00:41:11,351 --> 00:41:25,471
This week at the Payments Innovation Conference, the Federal Reserve governor said that crypto has become integrated into the payments and financial system, which, believe it or not, I mean, if that's true or not, that's not really the point.

636
00:41:25,551 --> 00:41:31,491
The point is, this is a very notable shift in the tone coming from the Federal Reserve staff.

637
00:41:32,191 --> 00:41:39,571
And here was his comments to open his, I don't think they call it keynote, opening remarks, I suppose.

638
00:41:40,111 --> 00:41:45,111
This is an acknowledgement that distributed ledgers and crypto assets are no longer on the fringes,

639
00:41:45,651 --> 00:41:49,691
but are increasingly woven into the fabric of the payment and financial system.

640
00:41:50,471 --> 00:41:56,351
Now, before we hear from these innovators, I would like to touch on roles that the Federal Reserve plays to support the private sector.

641
00:41:56,771 --> 00:42:03,611
These include serving as a convener to solve coordination problems and operating core payment and settlement infrastructure.

642
00:42:04,371 --> 00:42:10,871
We are also looking ahead, conducting hands-on research on tokenization, using smart contracts,

643
00:42:11,031 --> 00:42:15,831
and the intersection of AI and payments for use in our own payment systems.

644
00:42:16,231 --> 00:42:22,371
We do this to understand the innovation happening within the payment system, as well as to evaluate

645
00:42:22,371 --> 00:42:27,971
whether these technologies could provide opportunities to upgrade our own payment infrastructures

646
00:42:27,971 --> 00:42:33,351
and to enable us to have deeper conversations with the industry on these new technologies.

647
00:42:33,611 --> 00:42:41,191
The Federal Reserve governor went on to say that the Federal Reserve needs to do more to support this new payment system.

648
00:42:41,551 --> 00:42:48,451
And they have called on the staff to explore the idea of what is being called a payment account at the Federal Reserve.

649
00:42:49,271 --> 00:42:54,291
So a Federal Reserve payment account would function as a regulated on-ramp for crypto and stablecoin payment networks,

650
00:42:54,371 --> 00:43:01,751
giving them a way to plug into the Fedwire and ACH networks without needing a traditional middleman bank.

651
00:43:01,751 --> 00:43:07,751
that's big. I mean, if that is true, that is a really big, that is actually truly them

652
00:43:07,751 --> 00:43:13,811
embracing this. Well, I don't know if that goes anywhere, but just that kind of language from the

653
00:43:13,811 --> 00:43:19,731
Federal Reserve, that has to count for something. All right. Last week, I got a bit worked up

654
00:43:19,731 --> 00:43:25,531
over Andrew Sorkin, you know, the CNBC host, mostly because he's just horrible at his job

655
00:43:25,531 --> 00:43:30,951
in general. And he's now going around on a book tour, totally unaware of the structural problems

656
00:43:30,951 --> 00:43:32,511
and the overall system

657
00:43:32,511 --> 00:43:36,051
and just trying to gin up as much 1929 fear as possible.

658
00:43:36,251 --> 00:43:37,271
It just drives me nuts.

659
00:43:37,811 --> 00:43:40,231
And I just had to go on a bit of a rant.

660
00:43:40,311 --> 00:43:41,951
And after I published last week's episode,

661
00:43:42,071 --> 00:43:44,131
a clip of Andrew talking about his Bitcoin regrets

662
00:43:44,131 --> 00:43:44,951
popped up online.

663
00:43:45,471 --> 00:43:46,491
And man, it just would have been perfect

664
00:43:46,491 --> 00:43:47,971
to include in last week's episode

665
00:43:47,971 --> 00:43:50,071
because I think it gives you some insights

666
00:43:50,071 --> 00:43:52,631
into why he drives me freaking nuts.

667
00:43:53,491 --> 00:43:57,371
In Bitcoin and or gold, but we don't.

668
00:43:57,471 --> 00:43:58,091
Why is that?

669
00:43:58,531 --> 00:43:59,151
I don't know.

670
00:43:59,951 --> 00:44:00,811
How do you invest?

671
00:44:00,951 --> 00:44:02,211
Anyone ever ask you that?

672
00:44:03,431 --> 00:44:04,911
Most people don't ask me that.

673
00:44:04,971 --> 00:44:08,771
And the truth is I'm not allowed to invest in individual stocks.

674
00:44:09,311 --> 00:44:12,811
It's actually given what I do for a living, that's part of the-

675
00:44:12,811 --> 00:44:14,871
Remember, he's super important guys, right?

676
00:44:15,311 --> 00:44:18,131
I mean, he's just a really important guy and everything he says matters.

677
00:44:18,251 --> 00:44:23,511
So that's why he's not allowed to invest in stocks because Andrew can move markets or something.

678
00:44:23,771 --> 00:44:24,191
Part of the-

679
00:44:24,191 --> 00:44:24,591
Part of the deal?

680
00:44:24,991 --> 00:44:27,011
Part of the nunnery that I have to live in.

681
00:44:27,031 --> 00:44:27,991
You're long the index.

682
00:44:28,351 --> 00:44:29,331
I'm long the index.

683
00:44:29,331 --> 00:44:30,391
I am long-

684
00:44:30,391 --> 00:44:30,631
Bitcoin?

685
00:44:30,951 --> 00:44:31,471
Bitcoin gold?

686
00:44:31,791 --> 00:44:33,271
I'm long the indexes.

687
00:44:33,611 --> 00:44:36,091
And no, by the way, I wish I could.

688
00:44:36,191 --> 00:44:38,711
I thought for many, many years, it's probably shifted now.

689
00:44:38,991 --> 00:44:41,691
So he wishes he could buy Bitcoin is what he means to say.

690
00:44:41,751 --> 00:44:43,871
But it's not because he isn't allowed by contract.

691
00:44:44,211 --> 00:44:47,491
He didn't buy Bitcoin because he was afraid of how it might look.

692
00:44:47,591 --> 00:44:51,351
But for years upon years, I was always, I think Chmaph and I have talked about this.

693
00:44:51,951 --> 00:44:58,371
I was always worried about buying Bitcoin because I didn't know, I didn't want to be on TV or in the papers.

694
00:44:58,471 --> 00:44:59,331
Well, I would do it.

695
00:44:59,411 --> 00:45:00,391
I came on CNBC.

696
00:45:00,391 --> 00:45:14,631
I know. I know. I would tell Sorkin to buy it. And I would sit there. A hundred, a coin, two hundred coins. Sorkin would show me a clip of Charlie Munger telling me that it was a rat poison. And he would say, Tom, what do you think? And I said, I have tremendous respect for Charlie and Warren, but they're wrong.

697
00:45:14,631 --> 00:45:19,671
I remember those moments fondly and sadly because I should have listened.

698
00:45:19,991 --> 00:45:20,851
I should have listened.

699
00:45:21,051 --> 00:45:23,591
Ha, ha, ha, ha, ha, ha, ha, ha.

700
00:45:23,591 --> 00:45:23,851
Ha.

701
00:45:24,431 --> 00:45:25,891
So this is why it drives me crazy.

702
00:45:26,631 --> 00:45:28,991
Andrew Sorkin, he's not a weatherman.

703
00:45:29,511 --> 00:45:32,271
Okay, he's not reporting on White House Palace drama.

704
00:45:32,931 --> 00:45:36,011
He covers the markets every single day.

705
00:45:36,011 --> 00:45:47,391
And after years of crapping on Bitcoin, laughing in his co-host Joe's face and other guests that came on to tell him about Bitcoin, he now says he regrets not buying Bitcoin himself.

706
00:45:47,731 --> 00:45:49,911
And he didn't do it because he didn't want to look bad.

707
00:45:50,031 --> 00:45:57,671
And he's totally like a psychopath, indifferent to those that he misled by following his advice.

708
00:45:58,191 --> 00:45:59,011
I looked it up.

709
00:46:00,011 --> 00:46:04,611
CNBC, in print before this, but on television, first talks about Bitcoin.

710
00:46:04,611 --> 00:46:10,591
on June 20th, 2011, because Bitcoin had a crash and they were having a little laugh at it.

711
00:46:10,711 --> 00:46:17,031
Bitcoin was at $17.56 at the time when CNBC decided to talk about it on television.

712
00:46:18,131 --> 00:46:21,631
Less than lunch at McDonald's.

713
00:46:22,231 --> 00:46:23,611
Can you believe that?

714
00:46:23,751 --> 00:46:26,151
For an entire Bitcoin, not some sats.

715
00:46:26,151 --> 00:46:31,891
The entire Bitcoin was less than lunch at McDonald's when they first talked about it.

716
00:46:31,891 --> 00:46:41,231
So the viewers that followed Andrew's advice missed out on a price appreciation of approximately 618,000%.

717
00:46:41,231 --> 00:46:45,551
The most asymmetric bet of their lifetime.

718
00:46:45,971 --> 00:46:49,011
They missed out on it if they followed Andrew's advice.

719
00:46:49,351 --> 00:46:53,191
So now that he sits there and laughs about it, it drives me crazy.

720
00:47:01,891 --> 00:47:06,071
So let's get some signal back in here.

721
00:47:06,831 --> 00:47:09,531
Jack Mahler's had a great point on his recent podcast,

722
00:47:09,531 --> 00:47:11,311
and it's something I was touching on earlier,

723
00:47:11,351 --> 00:47:13,391
and I think it's the way we should wrap up this episode.

724
00:47:13,891 --> 00:47:15,931
When you're looking at Bitcoin's price action,

725
00:47:16,331 --> 00:47:19,451
it's always, I think, worth keeping in mind

726
00:47:19,451 --> 00:47:21,611
that it might be the canary in the coal mine.

727
00:47:22,191 --> 00:47:24,191
And while this can be stressful,

728
00:47:24,371 --> 00:47:26,091
it can be disappointing that you don't get the pump

729
00:47:26,091 --> 00:47:28,991
that you want, we would rather have it this way

730
00:47:28,991 --> 00:47:29,911
than any other way.

731
00:47:29,991 --> 00:47:31,751
And I think Jack illustrates that point.

732
00:47:31,891 --> 00:47:35,891
So I wanted to put out this tweet really to calm everyone down. I said, remember,

733
00:47:36,091 --> 00:47:39,671
Bitcoin is the most sensitive to liquidity. It moves first. It's a truth machine.

734
00:47:40,471 --> 00:47:45,511
Bitcoin on a Friday night tanking is telling us something. It's telling us there's something

735
00:47:45,511 --> 00:47:52,231
broken in the financial system. Liquidity is off. The fiat system is failing. Okay. And you want

736
00:47:52,231 --> 00:47:57,291
Bitcoin to be the most sensitive to liquidity because we want it to be the best expression

737
00:47:57,291 --> 00:48:00,851
of currency debasement. We want it to be the best performer on the other side of the money printer.

738
00:48:00,851 --> 00:48:03,731
When you're the most sensitive to liquidity, it goes both ways.

739
00:48:03,871 --> 00:48:08,171
Yes, you react on a Friday night when the stock market can't because it's closed and

740
00:48:08,171 --> 00:48:09,551
when gold doesn't because it's a rock.

741
00:48:11,351 --> 00:48:15,171
But that means if they're going to print a ton of money, and this is the end of fiat

742
00:48:15,171 --> 00:48:18,911
as we know it, Bitcoin is going to be the best performer.

743
00:48:30,851 --> 00:48:33,091
Let's check in on the state of the network before I get out of here.

744
00:48:33,171 --> 00:48:37,171
I'm wrapping up at block height 920,285.

745
00:48:37,631 --> 00:48:38,731
My monkey brain loves that.

746
00:48:38,811 --> 00:48:40,011
920,285.

747
00:48:40,371 --> 00:48:40,691
I don't know.

748
00:48:41,031 --> 00:48:41,731
I just like that.

749
00:48:42,151 --> 00:48:46,911
The current price, 107,880 Bitcoin to one US dollar.

750
00:48:47,431 --> 00:48:48,251
107,000.

751
00:48:48,291 --> 00:48:49,851
Just ticked up to 107,900.

752
00:48:50,371 --> 00:48:52,451
Actually, it's ticking up right now as I talk.

753
00:48:52,531 --> 00:48:52,931
I like that.

754
00:48:53,051 --> 00:48:54,391
920, 940.

755
00:48:54,971 --> 00:48:55,851
Look at it go.

756
00:48:56,451 --> 00:48:58,031
Sats per dollar, 926.

757
00:48:58,591 --> 00:49:00,191
926 sats to one US dollar.

758
00:49:00,191 --> 00:49:12,011
We are currently down 14.5-ish, 4-ish percent from our all-time high, which was $126,180 15 days ago on October 6, 2025.

759
00:49:12,871 --> 00:49:20,491
Our difficulty retarget date is coming up on October 29th, an estimated difficulty adjustment upwards of 5.9%.

760
00:49:20,491 --> 00:49:26,251
And our reachable nodes on the network has been hovering right around here, 24,558.

761
00:49:26,351 --> 00:49:28,191
I'd love to see that break into the 600 zone.

762
00:49:28,191 --> 00:49:35,051
Let's see, Bitcoin Core 30 clocking in at 2.5% of the network.

763
00:49:36,071 --> 00:49:37,231
2.5%.

764
00:49:37,231 --> 00:49:39,911
Notts October release, 4.2.

765
00:49:40,751 --> 00:49:42,911
Notts September release, 11.6.

766
00:49:43,651 --> 00:49:46,891
And an earlier Notts release, I think March, 5.9.

767
00:49:47,851 --> 00:49:49,131
So still sitting around 20% too.

768
00:49:49,171 --> 00:49:50,451
The node stuff hasn't moved much.

769
00:49:51,411 --> 00:49:51,751
Interesting.

770
00:49:52,871 --> 00:49:53,191
All right.

771
00:49:53,771 --> 00:49:54,211
There you go.

772
00:49:54,431 --> 00:49:55,711
State of the network, it's strong.

773
00:49:58,191 --> 00:50:07,991
Well, I'm heading out into the woods,

774
00:50:08,611 --> 00:50:10,591
celebrating Halloween a little early with the kids.

775
00:50:11,711 --> 00:50:12,971
But I'd love to hear from you.

776
00:50:13,491 --> 00:50:14,811
Before I get back, send me a boost.

777
00:50:14,871 --> 00:50:15,551
Let me know how I did.

778
00:50:15,591 --> 00:50:17,051
I hope I didn't get distracted by too many things.

779
00:50:17,091 --> 00:50:19,451
We focused on the signal, got you the information you needed,

780
00:50:19,511 --> 00:50:20,631
explained what's going on.

781
00:50:21,031 --> 00:50:23,431
Let me know if I did that successfully with a boost.

782
00:50:24,191 --> 00:50:27,091
And of course, you can always boost in with what else you'd like to hear from the show.

783
00:50:27,091 --> 00:50:28,551
future topic ideas.

784
00:50:28,791 --> 00:50:31,031
We are cooking up an AlbiHub special

785
00:50:31,031 --> 00:50:32,251
that kind of gets into lightning

786
00:50:32,251 --> 00:50:33,391
and things like that.

787
00:50:33,691 --> 00:50:35,431
It's not fully flushed out yet.

788
00:50:35,531 --> 00:50:36,451
So if you have any input

789
00:50:36,451 --> 00:50:38,851
on what that might pertain to,

790
00:50:38,911 --> 00:50:39,691
what it might include,

791
00:50:39,911 --> 00:50:41,391
what else questions we could answer

792
00:50:41,391 --> 00:50:42,971
around AlbiHub and lightning nodes,

793
00:50:43,611 --> 00:50:44,711
send those in as well

794
00:50:44,711 --> 00:50:46,031
and I'll start banking them

795
00:50:46,031 --> 00:50:46,711
for that production.

796
00:50:47,231 --> 00:50:47,551
All right.

797
00:50:47,931 --> 00:50:49,071
That's it for me this week.

798
00:50:49,151 --> 00:50:50,211
Links to what I talked about

799
00:50:50,211 --> 00:50:51,651
are at thisweekinbitcoin.show,

800
00:50:51,731 --> 00:50:52,271
a bunch of other great

801
00:50:52,271 --> 00:50:53,491
Jupyter broadcasting productions

802
00:50:53,491 --> 00:50:54,211
over there as well.

803
00:50:54,531 --> 00:50:55,711
I'm going to leave you

804
00:50:55,711 --> 00:50:56,911
with a value for value track.

805
00:50:56,911 --> 00:51:00,551
If you boost in during the song, 95% of your sats go to the artist.

806
00:51:00,951 --> 00:51:04,631
And this week, it's one of my all-time favorite value-for-value artists, Oli.

807
00:51:04,851 --> 00:51:06,651
And it's his song, Low Key.

808
00:51:06,651 --> 00:51:10,511
Since I can't remember, I've been chasing this dream, dream.

809
00:51:10,931 --> 00:51:11,971
It's been out and up.

810
00:51:12,671 --> 00:51:15,991
A lot of people switch lanes, and it's like G, G.

811
00:51:16,351 --> 00:51:17,511
I've been doing enough.

812
00:51:18,131 --> 00:51:21,591
Had too many long days, which I ain't seen, seen.

813
00:51:22,011 --> 00:51:26,071
When you been in love, bottle in my hand, I just keep it low key.

814
00:51:26,071 --> 00:51:27,111
Key

815
00:51:27,111 --> 00:51:28,731
That's what feeling does

816
00:51:28,731 --> 00:51:30,291
Bottle in my hand

817
00:51:30,291 --> 00:51:31,611
I just keep it low key

818
00:51:31,611 --> 00:51:32,671
Only for the weak

819
00:51:32,671 --> 00:51:33,031
Hold up

820
00:51:33,031 --> 00:51:34,391
Need a second just to breathe

821
00:51:34,391 --> 00:51:35,411
Know how life can be

822
00:51:35,411 --> 00:51:37,171
Learning nothing but it's coming free

823
00:51:37,171 --> 00:51:38,151
Had to fail to see

824
00:51:38,151 --> 00:51:39,791
I was in the city 17

825
00:51:39,791 --> 00:51:40,971
Trying to build a dream

826
00:51:40,971 --> 00:51:43,071
I've seen a lot of shit that no one ever do

827
00:51:43,071 --> 00:51:44,851
Feelings turn to pain

828
00:51:44,851 --> 00:51:45,891
That's the subtle truth

829
00:51:45,891 --> 00:51:47,491
And the colors I assume

830
00:51:47,491 --> 00:51:48,611
They finally coming through

831
00:51:48,611 --> 00:51:51,331
Think I lost what I was running to

832
00:51:51,331 --> 00:51:52,411
Since I can't remember

833
00:51:52,411 --> 00:51:53,931
I've been chasing this dream

834
00:51:53,931 --> 00:51:54,891
Dream

835
00:51:54,891 --> 00:51:56,331
It's been out enough

836
00:51:56,331 --> 00:51:58,431
A lot of people switch lanes

837
00:51:58,431 --> 00:52:00,391
And it's like G, G

838
00:52:00,391 --> 00:52:01,911
I've been through enough

839
00:52:01,911 --> 00:52:03,951
Had too many long days

840
00:52:03,951 --> 00:52:05,991
Wish I ain't seen, seen

841
00:52:05,991 --> 00:52:07,431
When you been in love

842
00:52:07,431 --> 00:52:09,111
Bottle in my hand

843
00:52:09,111 --> 00:52:10,471
I just keep it low-key

844
00:52:10,471 --> 00:52:13,131
G, that's what feeling does

845
00:52:13,131 --> 00:52:16,811
Yeah, trips can only bring you down sometimes

846
00:52:16,811 --> 00:52:18,811
When you're back against a wall

847
00:52:18,811 --> 00:52:20,231
Thinking that you lost it all

848
00:52:20,231 --> 00:52:22,311
I don't even make a sound, I'm fine

849
00:52:22,311 --> 00:52:24,371
I just keep it to myself

850
00:52:24,371 --> 00:52:25,771
Only one that wished me well

851
00:52:25,771 --> 00:52:28,511
I guess I had to lose some to make it out right

852
00:52:28,511 --> 00:52:31,271
People I grew from and maybe lost sight

853
00:52:31,271 --> 00:52:33,991
Still I feel like I'm too gone and sleeping at night

854
00:52:33,991 --> 00:52:35,431
Drink a little, I might

855
00:52:35,431 --> 00:52:38,311
Since I can't remember, I've been chasing this dream

856
00:52:38,311 --> 00:52:39,291
Dream

857
00:52:39,291 --> 00:52:40,711
It's been out of now

858
00:52:40,711 --> 00:52:42,811
A lot of people switch lanes

859
00:52:42,811 --> 00:52:44,791
And it's like G, G

860
00:52:44,791 --> 00:52:46,311
I've been doing enough

861
00:52:46,311 --> 00:52:48,351
Had too many long days

862
00:52:48,351 --> 00:52:50,371
Wish I ain't seen, seen

863
00:52:50,371 --> 00:52:51,811
When you been in love

864
00:52:51,811 --> 00:52:53,491
Bottle in my hand

865
00:52:53,491 --> 00:52:55,491
I just keep it low, keep it

866
00:52:55,491 --> 00:52:57,491
G, that's what feeling does