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Welcome in to This Week in Bitcoin, episode 108.

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

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You know the old saying, the best time to buy is when everyone else is selling.

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Now, I will admit, short term, I'm bracing myself.

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Long term, though, I think the signal's never been more clear.

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And I really mean that.

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Everyone's distracted by a bunch of short term stuff.

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But what I see being set up for the long term just makes the case for Bitcoin even stronger.

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So I would like to share what I'm seeing with you and try to make that case today.

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Breaking news, the Consumer Price Index for May shows the highest inflation reading in more than three years.

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Prices rose 4.2% over the past year.

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Financial analyst at Bankrate, Stephen Cates, is here with more.

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Stephen, what stands out to you when you dig into this report?

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Well, it's energy prices, really.

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I mean, not that it's a surprise.

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We knew that this was going to be high, but we've seen a 40% increase year over year for gasoline.

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And obviously that's hitting people right in the wallet.

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Oh, yeah.

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So the CPI for May came in at 4.2%, like you said, mostly from energy.

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If we were to just say zoom out, as they like to say, that's a 97% loss in purchasing power

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since 1913, the founding of the Fed, and an 88% loss in purchasing power since 1971,

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the closing of the gold window.

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Now, that is just going by government numbers.

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not using shadow stats or trueflation or any other calculation method.

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That's just by going modern CPI measurements,

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an 88% loss in purchasing power since 1971.

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And here we are now with this two-week war that is over 100 days and 15 weeks long,

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and prices are up.

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It's impacting inflation and things, you know, they're not great in the States,

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but whoa, are they getting a lot more serious in other parts of the West?

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Jeff Carey of Carlyle writes in this,

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The cost of rebuilding and recovering from the Hormuz shock will be enormous and underscores

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the regime change towards physical assets.

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Jeff joins us now for more.

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Jeff, welcome to the program.

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It's always good to catch up with you, sir.

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Fluid environment.

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So allow me to go through the headline of the last five or 10 minutes or so.

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One headline, one report coming from Iran that their energy assets have been struck.

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Now, I have limited information beyond that.

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But Jeff, from your standpoint, in the week since we last spoke, has this got worse or

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better?

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Worse.

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I like to call it molecular contagion.

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You know, last week we were talking about shortages in Singapore.

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You know, prices of jet fuel spiked to $230 a barrel.

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This week, you know, it's in Rotterdam.

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Rotterdam's $220 a barrel.

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Thailand, Philippines, New Zealand, Australia.

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So this thing's going intercontinental.

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And, you know, so you look at Singapore, Rotterdam, the spread, there's no more price spread.

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There's no more spare barrels.

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There's no policy fix.

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And it's just physics at this point.

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I want to emphasize these are physical supply chains and that the idea of around financialization and the ability to print money doesn't apply here.

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And I think the title of that piece says it all. You can't print molecules.

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Jeff, with that in mind, where and how do you think we're underpricing this risk still in financial markets?

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That's the peculiar thing about this is that you look at the paper markets, they've entirely disconnected from the physical markets.

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Crude oil on an Oman basis, you know, on the other side of the straight, the side that's free, spiked to $173 a barrel yesterday.

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Crude delivered in Asia is a blend.

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Dubai and Oman, which is trading somewhere around $130 and $170.

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Today, this morning, they're one, call it $120 to $150.

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So you're delivering crude into Asia at somewhere around $130 a barrel.

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Product prices are spiraling above $200 a barrel.

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So the disconnect is between the paper market, which is sitting around 100, and the physical market, which is showing a very different environment.

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That seems to be maybe the first signs of some instability there.

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Now, how all of this plays out will have major external factor impact on Bitcoin.

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And if that energy situation isn't enough of a tug on Bitcoin right now in the short term, you know, in times like these, good news also can be bad news, at least short term, for Bitcoin.

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The labor market surprised economists in May with employers adding more than jobs than expected.

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The unemployment rate stayed steady at 4.3 percent.

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But the report also signals growing pressure on wallets as higher prices continue to make it harder to keep up with everyday costs.

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Gas prices fueled those hikes, raising questions about where spending is headed.

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Consumer buying power is contracting, not improving.

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And we know that when we look at surveys of Americans, you've sort of got competition for their biggest economic worries between essentially inflation or affordability.

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The combination of accelerating inflation and robust labor market makes it less likely that the Federal Reserve will announce an interest rate cut later this month.

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Oh, and thus we have yet another short-term drag.

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So we've got the situation with Iran in the strait and energy.

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And we've got this problem here in the States.

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Now, Canada's bank just today decided to keep rates where they're at.

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So there's one major Western bank that's just holding rates.

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We're now on the precipice.

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There's a June rate decision coming up.

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And we have higher energy prices.

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We have reported lower unemployment.

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And now Polymark is showing a 99% chance that the Fed just doesn't do anything with rates in June.

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And next week, we have a new Fed chair that takes the public stage for the first time.

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SpaceX is going to obviously occupy this week.

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But next week, Warsh's meeting.

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Wow, I don't remember one.

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I mean, you have to go back years, if not decades, to get something that to me is going to be more interesting and more impactful than what he's going to say.

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But no one would really hold it against Joe Warsh if he didn't do what President Trump obviously wants so much, and that's lower rates.

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because things have changed and the bond market itself can dictate what's possible for the Fed to do.

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And it certainly doesn't look like interest rate cuts are coming anytime soon.

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I mean, the 10-year is the ultimate arbiter. You're absolutely right.

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But do you notice that even a tone change of President Trump from, you know, a month or two ago,

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oh, we definitely have to lower rates almost to saying, hey, just don't raise rates.

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I think his last statement was, I don't think we should raise rates.

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They sort of maybe we could keep them the way they are.

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And clearly, I mean, next week he's not going to raise or lower rates.

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But I mean, what is he going to map out?

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I mean, he is going to change communications, going to eliminate the dot plots.

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I mean, I mean, a new agenda is going to be announced.

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He gave us really not a lot of clues coming into him.

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No speech before the quiet period, which we're in right now.

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So really, it's a big reveal.

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And that unfortunately does have an impact on Bitcoin.

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Again, these are external factors that affect liquidity in the market that have an impact

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on Bitcoin.

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And what comes out in that meeting next week is going to impact Bitcoin, at least in the

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short term.

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Again, this is my short term part.

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we're getting to the long-term part.

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I'm building the short-term bearish thesis.

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I can't even get myself to say it.

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I think the reason why I'm trying to prep you

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is it's unlikely there's gonna be

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a lot of change at the Fed very fast.

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It's not an institution that does anything quick.

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And I'm not the one saying that

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somebody who probably knows how these things work

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because he secretly kind of controls the entire cartel

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is Jamie Dimon, the CEO of JP Morgan.

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And during a little Q&A on May 9th,

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And he laid out why he thinks we should be just prepared to wait for any kind of real change at the Fed.

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I think he'll do a good job.

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Now, I don't think it's in the market what he can do.

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Because remember, he's one person.

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He's walking in a room probably right now.

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There are 12 people at the table.

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They're smart people.

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They're mostly economists.

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And they're going to say, you know, Kevin, we'd like to hear your ideas.

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And let's think about it.

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Let's review these things.

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So it's going to take study.

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They're going to take time.

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So there's almost no chance he can actually change anything in six months.

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And he needs the time.

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So in the meantime, the environment change that he's entering into.

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Yeah, it does indeed.

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So let's get into that because I think that sets up the long-term case.

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last week i talked about just the staggering profits that xai open ai ananthropic all

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individually need to reach in just the next few years to justify the valuations we're seeing in

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the ipo market and justify the money that they are just soaking out of the market and even if

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they're successful, I would suggest to you that it doesn't really matter long term, not for Bitcoin.

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Even if they pull it off and each one become about the size of Microsoft in just a few years,

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which I laid out the numbers for last week, I still think Bitcoin would be a better long term

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bet. It's funny, too, because I've talked to people and said, boy, if I had a time machine,

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I'd go back in time and I'd buy Apple stock and Google stock. Well, here we are. These companies

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are promising you in five years, they're going to be the size of the iPhone. They're going to be

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the size of Microsoft. If that's true, there's almost something that inevitably will happen

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that'll still be bullish for Bitcoin. Because we live in a time, my friends, of fiscal dominance.

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The lever you have pulled breaks is not in service. And in a period of fiscal dominance,

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governments almost always take a active role in the private markets. We're already seeing it

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happen. So the chances of the U.S. government getting involved and screwing things up,

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they go up the more successful these companies are. And it won't matter which political party

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is in charge because populism is on the rise. And this problem, whatever the people identify,

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must be solved. And one of those problems right now that the people have identified

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is in fact AI and data centers.

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Getting some news on SpaceX this morning.

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One prominent senator now calling for an IPO delay.

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Our Eamon Javers has that for us.

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Eamon, a 12-page letter here, heavily footnoted.

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Yeah, good morning, Carl.

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This is a letter from Democratic Senator Elizabeth Warren

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to the commissioner of the Securities and Exchange Commission

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asking the commission to delay Friday's SpaceX IPO,

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citing investor protection concerns.

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Elizabeth Warren in this letter

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citing a number of factors she says warrant a delay in the IPO, including the company's

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valuations. She says market analysts have raised concerns about the math underlying SpaceX's target

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valuation. She raises concerns about governance structure, saying publicly traded companies are

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meant to be accountable to their shareholders. The SpaceX IPO will flip this model on its head

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with shareholders providing billions of dollars in new capital with no accountability measures

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for Mr. Musk or company leadership.

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And she's expressing concerns here about passive investors,

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saying the SpaceX IPO creates a new concern

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that major stock market indexes are being rigged

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in a way that would force millions of investors

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in passive index funds,

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a generally lower cost investment option

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that can be attractive to retail investors

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to invest in SpaceX and face exposure

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to SpaceX's significant risk with no choice in the matter.

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So tell us how you really feel, Liz.

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this is such a savvy and cynical thing that she does. This is peak Elizabeth Warren right here.

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We're watching it right here. We're witnessing it right now. And that is she knows nothing's

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going to happen. It's going to this thing goes live on Friday of this week. You don't you don't

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stop it now. Right. But that's going to look really good to the base. Number one, that's going to look

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great to the base. Number two, if this thing does go sideways now, she's on record beforehand saying,

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hey, don't do it. And if it doesn't go sideways, it'll be forgotten. And at most, it'll just be her

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being precautious, being careful, being concerned. So there's really no downside to it. But it is an

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example as they become bigger and bigger money targets, they're going to just face more and more

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pressure. And it isn't just going to be from the left. This is going to be a bipartisan problem

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these AI companies are going to deal with. This is a clip of Arthur Hayes, and he's pointing out

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how political pressure could be a thing from the right, or really any halfwit politician

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that tunes into populism and figures out which way the crowd's going.

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So it's a great message.

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And so my theory is that if Trump wants to pull a rabbit out of a hat, the only issue

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that he can really flip-flop on is AI, at least temporarily.

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And basically take the Democrat talking point and say, yes, we're going to do more terms

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on data centers We going to create a national dividend for AI tax them whatever the fuck right Just you know Trump being Trump he say a bunch of shit whether or not he actually does it after November you know questionable And so I think that this is the only way that

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they can, they have a chance of winning is to really just change the narrative on AI and be

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the party that's all about protecting Americans from AI. And the Americans will forget that they're

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the ones who finance the whole thing anyways, because people are stupid. And so that's,

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I think, the main risk. And again, the desire of Trump to go after AI is purely predicated on the

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price of oil, which also reflects the relationship between him and the IRTC. So the longer this war

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goes on without a resolution and we build up this essentially further down the road, price

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spiking commodities, the higher the chance that Trump goes after AI, I think, in a way to win the

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election for, at least in the House, for the Republicans. And obviously, if there's one thing

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that's, you know, catastrophic for the AI narrative, it's taxation and regulation. We saw that in

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Korea and Korean politician came out. So we, there should be some sort of national AI tax.

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Cosby was limit down that day, if today. And so I think if this rhetoric starts being espoused by

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the leading party, especially by Trump, you're going to see the AI bubble pop, at least

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for the next, you know, through the election. And I don't know, I'm not actually saying this

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is going to happen. But I think what Arthur is laying out is a conceivable way even a pro-AI

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politician could turn. And I think it could even start in small and understandable ways. In fact,

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maybe it already has. There was a recent executive order from the White House that says that they get

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30 days to review frontier models. It's voluntary. But think about the motivation behind it.

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How did they pivot from we don't want to slow down, we're competing with China, to let's give

221
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us 30 days to review these models before they go public. It's to cover their butts. It's in case

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some massive thing does develop, some cyber vulnerability gets discovered, some AI-related

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event that would be bad. The White House can't be seen as doing nothing, or even worse, perhaps

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enabling it. So just out of political cover and caution and sensible, good, common-sense steps,

225
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these things begin to shift.

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What's happening right now is that AI has become the new climate change.

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It's this imminent catastrophe that is requiring all this government intervention.

228
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But there's very little evidence to support it.

229
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And look, we're open to evidence.

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If there's actually a problem, we should do something about it.

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But I don't think we should do it in this knee-jerk way.

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And you are seeing a lot of that.

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The Trump administration is pushing for a more unified approach to artificial intelligence,

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reportedly working with lawmakers on a deal that could override some state AI laws.

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The proposal would pair a federal standard with some Capitol Hill priorities

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like child safety protections and deepfake safeguards.

237
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OK, Liz.

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Now, this is a great example of a risk scenario that Bitcoin just doesn't have to worry about.

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The scenario of massive success and then the government gets involved

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and starts creating new rules and things like that.

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And then what eventually happens

242
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is it picks winners and losers in the market,

243
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especially in a fiscal dominant environment.

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Just go play around with your favorite chat machine

245
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and explore that topic.

246
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So that is a headwind long-term

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that Bitcoin simply won't face.

248
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But even if the political climate

249
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doesn't distort this market,

250
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which almost seems impossible in modern times,

251
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but even if somehow the current political situation

252
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doesn't bleed into the market

253
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and these AI companies are able to really rip

254
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Well, you know, let's say the other thesis is true that thus then they rip like crazy and they just totally go nuts in the market and are massively successful.

255
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Well, for a for that period of time, the Bitcoin is going to look really stupid.

256
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They're going to look really stupid.

257
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But think about the end scenario there, because if these A.I. companies are that successful, they are that successful because they have replaced workers, because they have replaced software companies and entire businesses.

258
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that's also not going to be very good for the market.

259
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This is Jordi Visor on Pomp's podcast.

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Give investments and I think of the future.

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I have a belief on what I think will happen.

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I don't think investing in the S&P 500 is safe past 2030.

263
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I've said that repeatedly

264
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because I think AI will disrupt all companies.

265
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So for me, I don't think Apple's safe.

266
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I don't think Google's safe.

267
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I don't think Amazon's safe.

268
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So when people look at Bitcoin

269
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and they don't think it's safe,

270
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I understand that that's their belief.

271
00:18:29,293 --> 00:18:51,934
The question is, have they fought a lot about the future? Because one of the reasons that I think Bitcoin is safe is because the consumer, human beings will not be consuming more than AI agents in a short amount of time. It came out on Exus Week that there are more AI agents on HTML sites than humans. Like this is where we're headed.

272
00:18:51,934 --> 00:19:05,174
So if you think the world of human beings is going to dominate commerce, it's not. It's AI agents. So if you ask me what is a direct play on that, I believe Bitcoin is a direct play on agents dominating humans going forward.

273
00:19:05,174 --> 00:19:13,293
Now, what he means by that is these companies value, the stock is not going to hold up in value for all these other companies that these agents are replacing the functionality for.

274
00:19:13,714 --> 00:19:30,773
And I think there is something to this theory that if these companies are super successful, it destroys the rest of the market in its wake and then thus probably creates the situation where there needs to be even more government money printing and debasement and creates a very bullish scenario for Bitcoin long term.

275
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So that seems to be, so there's the short-term things that seem to be freaking people out

276
00:19:36,194 --> 00:19:40,414
and getting people to run from Bitcoin, sell it, and try to buy AI stocks.

277
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But not everybody is making that play.

278
00:19:54,253 --> 00:19:59,993
We've probably unfortunately noticed that since October, the average folks, they're out.

279
00:20:00,773 --> 00:20:07,813
They're out. They've been spooked. This has worked for them. They're on the prediction markets. They're trying to buy stock, things like that.

280
00:20:08,533 --> 00:20:12,454
That's pretty common in a bear market. Really, it is pretty common to see that kind of rotation.

281
00:20:12,633 --> 00:20:23,954
And the media always gets really hostile during these times. They just flip. They go from, you know, kind of getting it to or starting to get it to just forgetting everything and just going hostile to all the old talking points.

282
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and it's always the same.

283
00:20:26,373 --> 00:20:29,153
You always have the regular folk, they bail.

284
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They don't stack when the price is low.

285
00:20:31,073 --> 00:20:32,753
They wait for the price to get really high again.

286
00:20:33,013 --> 00:20:34,533
They don't like cheap Bitcoin, I guess.

287
00:20:34,873 --> 00:20:35,733
And then you got the media.

288
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They just are always the same.

289
00:20:39,194 --> 00:20:41,353
So that's, you know, almost like comfort food

290
00:20:41,353 --> 00:20:43,633
during a bear market, I suppose, for me at this point.

291
00:20:43,633 --> 00:20:46,454
But I've noticed something different this time.

292
00:20:47,273 --> 00:20:49,233
Big money is buying the dip.

293
00:20:49,873 --> 00:20:52,333
Big money has more conviction than ever.

294
00:20:52,333 --> 00:20:57,174
while the plebs are panicking and selling, not us plebs, obviously.

295
00:20:57,993 --> 00:20:59,073
People don't listen to this podcast.

296
00:20:59,934 --> 00:21:01,873
So let's start here with Matthew Siegel.

297
00:21:01,974 --> 00:21:04,214
I like him because he really does seem to do his homework,

298
00:21:04,753 --> 00:21:07,853
and he's the head of digital asset research at VanEck.

299
00:21:08,474 --> 00:21:11,373
Not only does he do a good job of pushing back on the hosts

300
00:21:11,373 --> 00:21:14,233
that are just, you know, all anti-crypto, anti-Bitcoin now,

301
00:21:14,533 --> 00:21:17,573
but I think he kind of sneaks in there a good long-term message.

302
00:21:17,674 --> 00:21:19,593
I'm not sure if they hear it, but I like it.

303
00:21:19,853 --> 00:21:21,593
But what if this time is fundamentally different?

304
00:21:21,593 --> 00:21:24,313
And I know it doesn't feel good to sell at 60 when you could have sold at 120.

305
00:21:25,013 --> 00:21:27,853
But do you think we're going back up to those old highs?

306
00:21:28,333 --> 00:21:32,313
This time is fundamentally the same, which is that there's a four-year cycle to this asset.

307
00:21:32,633 --> 00:21:33,573
It's highly cyclical.

308
00:21:33,934 --> 00:21:35,773
There's no buyer of last resort.

309
00:21:36,133 --> 00:21:40,873
And right now you have a narrative and a reality in the market around AI, which is going parabolic.

310
00:21:41,033 --> 00:21:42,653
And it's sucking up investment capital.

311
00:21:42,813 --> 00:21:47,934
And it's literally competing with existing software platforms, including these open source networks.

312
00:21:47,934 --> 00:21:50,013
The buyer of last resort was kind of supposed to be Michael Saylor.

313
00:21:50,813 --> 00:21:55,153
I don't get too concerned with leveraged entities that buy and sell these cryptos.

314
00:21:55,273 --> 00:21:56,414
It'll feel good on the way up.

315
00:21:56,533 --> 00:21:57,813
But when you have a downdraft.

316
00:21:57,973 --> 00:21:59,273
Since when is that true?

317
00:21:59,853 --> 00:22:02,033
The buyer of last resort is supposed to be Michael Saylor.

318
00:22:02,093 --> 00:22:03,653
You know, there are other treasury companies.

319
00:22:03,793 --> 00:22:04,694
There are other whales.

320
00:22:05,733 --> 00:22:08,613
Remember how SpaceX has 18,000 Bitcoin on its balance sheet?

321
00:22:08,714 --> 00:22:10,313
Remember how there's other companies that are doing this?

322
00:22:10,493 --> 00:22:11,914
Remember how there's people that just stack Bitcoin?

323
00:22:12,033 --> 00:22:15,954
Like, it's just, they just make these assumptions in so confidently.

324
00:22:15,954 --> 00:22:21,153
entities that buy and sell these crowds, it'll get on the way up. When you have a down draft,

325
00:22:21,553 --> 00:22:25,133
you know, those leverage entities will get washed out. And that's kind of what's happening to

326
00:22:25,133 --> 00:22:30,914
MicroStrategy at the moment. If we look forward six months, 12 years, eventually these paramount

327
00:22:30,914 --> 00:22:36,853
are worth more ease. Capital will rotate back to the software platforms that have real utility

328
00:22:36,853 --> 00:22:42,373
that are selling at a reasonable discount. And, you know, we'll see what Q4 looks to us like a time

329
00:22:42,373 --> 00:22:43,714
when you want to have a full position,

330
00:22:44,194 --> 00:22:46,353
the market will be discounting the election outcome.

331
00:22:46,714 --> 00:22:48,613
We'll be able to focus on some of the money printing

332
00:22:48,613 --> 00:22:50,954
that will continue to be so compelling

333
00:22:50,954 --> 00:22:51,954
as an adoption story.

334
00:22:52,214 --> 00:22:53,373
And when it got so mainstream,

335
00:22:53,773 --> 00:22:55,694
the president was up there racing it in the grid.

336
00:22:55,993 --> 00:22:57,313
It can't be more mainstream than that.

337
00:22:57,414 --> 00:22:58,934
And it's hard to imagine ever reaching

338
00:22:58,934 --> 00:23:01,073
that level of adoption velocity again.

339
00:23:01,694 --> 00:23:03,273
Well, I mean, we think that this will become

340
00:23:03,273 --> 00:23:05,073
a mainstream asset that will compete

341
00:23:05,073 --> 00:23:06,894
with other reserves selling currencies.

342
00:23:07,113 --> 00:23:08,773
There's two central banks that are buying Bitcoin.

343
00:23:09,174 --> 00:23:10,694
There's a number of sovereign wealth funds.

344
00:23:10,954 --> 00:23:11,793
This is the time of the market

345
00:23:11,793 --> 00:23:13,713
when the weekends are kicking Bitcoin

346
00:23:13,713 --> 00:23:16,053
and chasing AI and like, let's talk

347
00:23:16,053 --> 00:23:18,993
and say, thank you so much.

348
00:23:19,253 --> 00:23:20,073
Thank you so much.

349
00:23:21,073 --> 00:23:22,053
Man, how bad

350
00:23:22,053 --> 00:23:23,493
that a family is in the background.

351
00:23:24,313 --> 00:23:25,213
She's so professional.

352
00:23:26,093 --> 00:23:27,973
What was baked into her

353
00:23:27,973 --> 00:23:29,833
question there was an assumption that

354
00:23:29,833 --> 00:23:32,013
in order for Bitcoin to get adoption, it needs

355
00:23:32,013 --> 00:23:34,033
to have a high level of the president up on the

356
00:23:34,033 --> 00:23:34,873
stage promoting it.

357
00:23:35,533 --> 00:23:37,914
She doesn't fundamentally understand

358
00:23:37,914 --> 00:23:39,853
the value. Again, because they're not really thinking

359
00:23:39,853 --> 00:23:41,073
about currency debasement.

360
00:23:41,174 --> 00:23:42,993
They're not thinking about long-term store value, right?

361
00:23:43,013 --> 00:23:45,333
They're thinking about minute-to-minute trades, really.

362
00:23:45,934 --> 00:23:47,653
But I think Matthew was right.

363
00:23:47,914 --> 00:23:49,533
He said, focus on the money printing,

364
00:23:50,253 --> 00:23:52,953
getting past the election, those kinds of things.

365
00:23:53,033 --> 00:23:54,513
I think there was some signal there.

366
00:23:54,914 --> 00:23:56,573
And over at Charlie Schwab,

367
00:23:56,973 --> 00:23:59,773
they're framing Bitcoin's value around energy.

368
00:23:59,953 --> 00:24:01,473
Now, I don't think this is in a theory

369
00:24:01,473 --> 00:24:04,713
to go 100% in on, but it is worth listening to.

370
00:24:05,233 --> 00:24:06,914
And the other thing to consider is

371
00:24:06,914 --> 00:24:09,694
a Bitcoin value pinned to energy

372
00:24:09,694 --> 00:24:15,174
that's a topic that really clicks right now in this particular moment.

373
00:24:15,793 --> 00:24:17,733
Speculation, mining, whatever.

374
00:24:18,333 --> 00:24:20,474
Let me go back to Raphael Hour 101.

375
00:24:21,233 --> 00:24:22,394
What's the underlying?

376
00:24:22,914 --> 00:24:27,113
Apple's underlying is the expectation of free cash flow.

377
00:24:27,414 --> 00:24:31,133
The underlying of the Knicks is Brunson's going to get it done.

378
00:24:31,613 --> 00:24:34,373
So he's asking, you know, what's the underlying value of Bitcoin?

379
00:24:34,513 --> 00:24:38,333
Like it's this classic, does it generate revenue?

380
00:24:38,333 --> 00:24:39,893
Apple generates revenue.

381
00:24:40,113 --> 00:24:41,233
What about revenue?

382
00:24:41,633 --> 00:24:43,713
What's the underlying of Bitcoin?

383
00:24:44,193 --> 00:24:44,513
Energy.

384
00:24:45,113 --> 00:24:48,473
It costs money to produce Bitcoin.

385
00:24:48,674 --> 00:24:56,233
And every, our entire framework for investing in Bitcoin and cryptocurrencies comes down to minor metrics.

386
00:24:56,813 --> 00:25:01,213
There are energy costs and infrastructure costs associated with producing Bitcoin.

387
00:25:01,633 --> 00:25:08,093
In any product, theoretically, the price of a product should be at a premium to the cost of producing it.

388
00:25:08,093 --> 00:25:09,434
And so we can see this.

389
00:25:09,833 --> 00:25:20,053
We know for the best miners, those that have the cheapest energy costs and the most advanced fleets of ASICs, they produce Bitcoin at about $60,000 per Bitcoin.

390
00:25:20,373 --> 00:25:20,674
Really?

391
00:25:21,293 --> 00:25:21,513
Yeah.

392
00:25:22,053 --> 00:25:22,793
So historically.

393
00:25:22,793 --> 00:25:26,213
I haven't heard that data point ever in my discussion of crypto.

394
00:25:26,213 --> 00:25:26,674
So what is it?

395
00:25:26,813 --> 00:25:28,753
Blowing this guy's mind right now.

396
00:25:28,833 --> 00:25:31,233
He's blowing this guy's mind, this Bloomberg analyst.

397
00:25:31,233 --> 00:25:38,493
The other thing to consider in this moment is energy is becoming a harder and harder currency.

398
00:25:38,653 --> 00:25:39,853
I mean, we just talked about this earlier.

399
00:25:41,213 --> 00:25:43,953
It's like this matters more maybe than it ever has.

400
00:25:44,053 --> 00:25:49,273
I don't love this theory because it kind of undersells how much pain miners can try to endure.

401
00:25:49,453 --> 00:25:50,893
They seem to do that.

402
00:25:51,153 --> 00:25:53,213
But I do think there's something to it.

403
00:25:53,973 --> 00:25:54,753
So historically—

404
00:25:54,753 --> 00:25:57,914
I haven't heard that data point ever in my discussion of crypto.

405
00:25:57,914 --> 00:26:01,373
So what does that mean within the Chicago price theory?

406
00:26:01,573 --> 00:26:03,973
Well, the Seton Hall price theory of this.

407
00:26:04,033 --> 00:26:08,653
If $60,000 is my manufacturing cost, what does it mean for price?

408
00:26:08,713 --> 00:26:09,934
Are we going to go under $60,000?

409
00:26:10,133 --> 00:26:11,073
The answer is yes.

410
00:26:11,674 --> 00:26:18,233
Well, first, let me point out, as a Seton Hall grad, it's important to think about what this has done historically.

411
00:26:18,573 --> 00:26:25,753
In deep bear markets, for those top producing miners, their cost of production has served as a bottom.

412
00:26:25,753 --> 00:26:31,894
them. The average miner today, it costs them $95,000 to produce Bitcoin. They have higher

413
00:26:31,894 --> 00:26:37,313
energy costs. They have less efficient ASICs. And so they temporarily shut down operations when it

414
00:26:37,313 --> 00:26:41,553
becomes less profitable. I love it that he's blowing those guys' mind. That's great. Now,

415
00:26:41,633 --> 00:26:46,894
our next analyst that we're going to get to is Eric B. from Bloomberg. You know him. He was

416
00:26:46,894 --> 00:26:53,513
early into accurate on the money with the Bitcoin ETF story. And he's looking at this not from

417
00:26:53,513 --> 00:26:56,673
spot Bitcoin, as they would call it, you know, us just buying the corn directly.

418
00:26:56,933 --> 00:27:02,593
He's looking at this from what do we need to see from the market to get the next wave

419
00:27:02,593 --> 00:27:03,893
of ETF buyers?

420
00:27:03,893 --> 00:27:10,433
And it's worth thinking about that just simply because the ETF ins and outs do have a major

421
00:27:10,433 --> 00:27:13,453
impact on a new form of adoption and price.

422
00:27:13,753 --> 00:27:18,373
The only thing I do worry about, and I think this is something where the industry itself

423
00:27:18,373 --> 00:27:23,353
has to kind of figure this out, is the messaging shouldn't only be

424
00:27:23,513 --> 00:27:24,953
hey, the boomers are coming.

425
00:27:25,453 --> 00:27:27,133
That makes it seem more Ponzi-ish,

426
00:27:27,193 --> 00:27:28,313
like we just need more investors.

427
00:27:28,993 --> 00:27:31,893
I think the message is that the fundamental purpose

428
00:27:31,893 --> 00:27:43,767
and value here is that the government is gonna print money like crazy no matter who president And if you want a hedge something that the government cannot debase this is a powerful asset for that similar to gold

429
00:27:44,207 --> 00:27:45,027
Got it right there.

430
00:27:45,107 --> 00:27:47,387
And as they start to understand, that market will develop.

431
00:27:47,987 --> 00:27:50,367
And Coinbase's head of institutional strategy says,

432
00:27:50,667 --> 00:27:53,407
all right, well, the individuals might be struggling to figure it out right now,

433
00:27:53,407 --> 00:27:59,847
but let me tell you what, as somebody who's helping these transactions actually be possible,

434
00:28:00,407 --> 00:28:02,327
he is seeing more buying than ever.

435
00:28:02,327 --> 00:28:08,147
The way he frames it is the really big whales that are in, they're getting into Bitcoin with actual conviction now.

436
00:28:08,647 --> 00:28:10,607
They like Bitcoin at 60,000.

437
00:28:10,827 --> 00:28:15,087
Said what I can tell you is I have the luxury of speaking to institutional investors.

438
00:28:15,787 --> 00:28:19,187
They've put months and years into looking at this asset class.

439
00:28:19,427 --> 00:28:22,647
So when they do that and it's cheaper, they like it.

440
00:28:23,227 --> 00:28:24,707
Some have a price target, some don't.

441
00:28:24,787 --> 00:28:25,927
Some are long-term accumulators.

442
00:28:25,927 --> 00:28:38,527
I just got off a plane from the Middle East, and I can tell you that the family offices in the UAE and the government and sovereign funds that are putting the effort into buying this asset class are not unhappy at being able to buy it at a discount.

443
00:28:39,127 --> 00:28:49,707
I get the luxury of seeing the institutional piping that's building and supporting Bitcoin and other crypto assets in good price markets and bad price markets.

444
00:28:50,267 --> 00:29:03,687
And what's kind of interesting is if I compare where we are now with the last time, one or two times before I was on your show, in a much more bullish price environment, we have shockingly stronger level of infrastructure than we did at that time.

445
00:29:03,687 --> 00:29:06,407
So that's what the institutional investors are looking for.

446
00:29:06,827 --> 00:29:12,487
But I will say even retail, we're still at about $100 billion of Bitcoin ETF exposure.

447
00:29:13,027 --> 00:29:13,907
Just think about that.

448
00:29:13,967 --> 00:29:15,567
This is a very, very new product.

449
00:29:15,567 --> 00:29:22,327
The prices drop almost 50% from the peak, and we've only seen about 15% drawdown in the retail interest.

450
00:29:22,447 --> 00:29:27,667
So I think both retail and institutional are signaling this is a long-term asset you want to hold.

451
00:29:28,107 --> 00:29:32,167
Only a 15% drawdown in the ETF surprised me, especially with guys like Peter Schiff saying,

452
00:29:32,307 --> 00:29:34,167
oh, they're all going to sell and bring it down to zero.

453
00:29:34,647 --> 00:29:44,107
Then later in that interview, CNBC Joe there tried to rattle down a list of five things he thinks are dragging down the Bitcoin price to see what Coinbase's John says.

454
00:29:44,107 --> 00:29:49,727
Joe only got to four and then kind of ran out and it was the things we've talked about. But I did

455
00:29:49,727 --> 00:29:54,467
like I did like John's response to it. Pull back. I can come up with a couple. I mean, you got,

456
00:29:54,467 --> 00:29:59,627
you know, risk off. People want to maybe invest in other things. So you sell what's liquid if you

457
00:29:59,627 --> 00:30:08,167
want to go into some hot IPO. Interest rates are not coming down perhaps anytime soon. And they've

458
00:30:08,167 --> 00:30:14,007
been going up. So the whole debasement trade maybe makes less sense. Is clarity bogged down?

459
00:30:14,107 --> 00:30:21,467
at this point. Michael Saylor finally sold a small amount of Bitcoin, but he said he'd never sell.

460
00:30:22,107 --> 00:30:26,507
And that's four. I'm sure I could come up with a fifth. Am I missing anything?

461
00:30:27,227 --> 00:30:32,467
No, you've hit the big four that I think the consensus rationale is behind. Look, Joe,

462
00:30:32,547 --> 00:30:37,187
volatility is a funny thing, right? If I told you a year ago, we'd be 100 days into a war with Iran,

463
00:30:37,667 --> 00:30:41,427
with the Strait of Hormuz being closed and no clear sight of line to it being opened,

464
00:30:41,427 --> 00:30:44,427
would you think that crude would still be trading under 100 bucks a barrel?

465
00:30:45,167 --> 00:30:49,447
Right. So when I think about these assets like Bitcoin, I think of them as commodities because

466
00:30:49,447 --> 00:30:55,207
of my background. And volatility comes and goes. But these long duration assets that are good to

467
00:30:55,207 --> 00:31:01,127
hold tend to stay popular with institutional investors. So I try not to stay up at night

468
00:31:01,127 --> 00:31:05,887
thinking about reasons why. I do know it was a great asset to hold. It was a fantastic asset to

469
00:31:05,887 --> 00:31:10,587
hold 10 years ago. It was a great asset to hold five years ago. And given the way the plumbing is

470
00:31:10,587 --> 00:31:15,127
progressing, given the way market structure is moving, tax reform, which I know the only thing

471
00:31:15,127 --> 00:31:20,467
less exciting than the words market structure or the words tax reform. But we have seven bills

472
00:31:20,467 --> 00:31:25,667
circulating that will do great things for the institutional piping that supports Bitcoin and

473
00:31:25,667 --> 00:31:29,967
other crypto assets. All right, forgive me. But speaking of taxes, let's just go there really

474
00:31:29,967 --> 00:31:33,707
quick. Stick with me for a minute because I think it's going somewhere interesting. But just before

475
00:31:33,707 --> 00:31:40,047
I recorded today, I think it was today, the U.S. Tax Committee, the U.S. House Tax Committee,

476
00:31:40,047 --> 00:31:44,647
Congress creators that run the tax committee, as I would normally put it if I weren't on the show,

477
00:31:45,227 --> 00:31:48,587
were holding a hearing on, quote, crypto tax reform.

478
00:31:49,007 --> 00:31:50,647
I'll play you just a moment of the kickoff.

479
00:31:51,347 --> 00:31:52,507
The committee will come to order.

480
00:31:53,147 --> 00:31:57,387
Today marks the first legislative hearing in this committee in years,

481
00:31:57,967 --> 00:32:03,127
which highlights the importance and complexity of digital asset taxation.

482
00:32:03,127 --> 00:32:07,467
The digital asset status quo is untenable.

483
00:32:08,207 --> 00:32:13,787
America needs clear tax rules of the road to remain the crypto capital of the world.

484
00:32:13,787 --> 00:32:16,447
All right. And there was different representatives there.

485
00:32:16,727 --> 00:32:18,787
You heard from the Coinbase guy just on CNBC.

486
00:32:19,007 --> 00:32:24,887
They had a rep there pushing to remove taxes on smaller Bitcoin transactions for brokers.

487
00:32:25,807 --> 00:32:27,947
While we strongly support the direction of the legislation,

488
00:32:28,347 --> 00:32:31,947
we believe several targeted improvements would strengthen the final product.

489
00:32:32,307 --> 00:32:37,027
First, Congress should go further by establishing a personal transaction de minimis exemption

490
00:32:37,027 --> 00:32:39,547
for all digital assets, including Bitcoin.

491
00:32:40,187 --> 00:32:42,267
Congressman Yakima's bill removes tax friction

492
00:32:42,267 --> 00:32:43,267
on network fees,

493
00:32:43,607 --> 00:32:46,247
but a consumer who uses Bitcoin to buy a pair of jeans

494
00:32:46,247 --> 00:32:48,847
still has to calculate and report a capital gain.

495
00:32:49,387 --> 00:32:50,767
That's not good tax policy.

496
00:32:51,267 --> 00:32:53,487
Americans shouldn't need an accountant to buy jeans,

497
00:32:53,847 --> 00:32:55,867
and the IRS doesn't benefit from tracking

498
00:32:55,867 --> 00:32:59,827
millions of transactions that generate little or no revenue.

499
00:33:00,327 --> 00:33:02,127
So we had Coinbase there.

500
00:33:02,387 --> 00:33:04,127
We also had CoinCenter,

501
00:33:04,127 --> 00:33:06,607
and CoinCenter's chief of policy was there,

502
00:33:07,027 --> 00:33:08,247
and he brought his spicy pants.

503
00:33:08,567 --> 00:33:10,647
Smith, ranking member Neil and members of the committee,

504
00:33:10,867 --> 00:33:12,887
I thank you for the opportunity to testify today.

505
00:33:13,047 --> 00:33:14,487
My name is Jason Samansato,

506
00:33:14,767 --> 00:33:16,967
and I am the director of policy at CoinCenter,

507
00:33:17,407 --> 00:33:19,347
a nonprofit focused on cryptocurrency

508
00:33:19,347 --> 00:33:21,007
and public blockchain policy.

509
00:33:21,647 --> 00:33:24,287
For several years, former Secretary of Defense,

510
00:33:24,427 --> 00:33:26,567
Donald Rumsfeld, sent the IRS a letter

511
00:33:26,567 --> 00:33:27,607
with his tax returns.

512
00:33:28,267 --> 00:33:30,127
The 2014 version read,

513
00:33:30,347 --> 00:33:34,127
as in prior years, I have absolutely no idea

514
00:33:34,127 --> 00:33:36,947
whether our tax returns and tax payments are accurate.

515
00:33:37,027 --> 00:33:41,787
This is amazing because I doubt Secretary Rumsfeld even used Bitcoin.

516
00:33:42,547 --> 00:33:44,327
Taxes are already complex.

517
00:33:45,007 --> 00:33:57,367
Crypto tax compliance is even harder, in part because our tax system assumes that most financial activity runs through intermediaries that can track, summarize, and report transactions for their customers.

518
00:33:57,947 --> 00:34:04,147
That assumption may work tolerably well when the people use banks, brokers, and payment processors.

519
00:34:04,847 --> 00:34:08,527
It breaks down when Americans use open cryptocurrency networks

520
00:34:08,527 --> 00:34:12,367
that were designed to allow users to transact directly with each other.

521
00:34:12,507 --> 00:34:14,847
I mean, I am glad somebody's there representing this.

522
00:34:14,927 --> 00:34:16,367
So I have a question for you.

523
00:34:17,267 --> 00:34:20,207
Wherever you live, in whichever country,

524
00:34:20,207 --> 00:34:24,287
if your local government were to remove taxes on, let's say,

525
00:34:24,367 --> 00:34:26,987
Bitcoin transactions under $1,000,

526
00:34:27,687 --> 00:34:30,787
would you use Bitcoin for more day-to-day things?

527
00:34:31,367 --> 00:34:32,687
Why or why not?

528
00:34:33,167 --> 00:34:35,467
I think most times I would say no.

529
00:34:36,327 --> 00:34:52,987
However, when money is really tight and, you know, it's like revenue for the business is down and, you know, it's been going like that for maybe six, seven months, you start thinking, oh, actually, maybe I will sell a little Bitcoin just to keep living, especially if this is going to be maybe, you know, one of the higher points of the year or not.

530
00:34:53,307 --> 00:34:54,827
I mean, these are always factors you have to consider.

531
00:34:55,147 --> 00:35:00,747
And it would be nice, like, say, I wanted to just cover a couple of bills, not to have to pay a capital gains tax on that.

532
00:35:00,747 --> 00:35:19,207
So I think actually, honestly, I would probably spend more Bitcoin. Not a lot. And maybe not for like jeans, you know, and like coffee, as they like to say. But I think I would spend more Bitcoin. And I would probably spend larger amounts and try to do a lot less of the, you know, quickly in, quickly out kind of stuff.

533
00:35:19,207 --> 00:35:21,387
So I'd like to know what you would do, boost in.

534
00:35:21,907 --> 00:35:24,327
Would you sell a little more Bitcoin or would it not change it?

535
00:35:24,367 --> 00:35:25,347
Doesn't matter where you live.

536
00:35:25,527 --> 00:35:26,607
Would it change or would it not?

537
00:35:27,227 --> 00:35:34,487
Or if somebody out there lives where you can already spend your Bitcoin for free, like in the El Salves or something, you can go ahead and boost in and rub that in as well.

538
00:35:49,207 --> 00:35:56,387
You can also support the show just by doing what you do.

539
00:35:56,447 --> 00:35:59,487
If you want to buy sats on river, one of the best ways to stack sats in the U.S.,

540
00:35:59,487 --> 00:36:01,147
use my link in the show notes.

541
00:36:01,367 --> 00:36:04,947
If you're all about self-custody and you're in the States and you're in Canada,

542
00:36:05,607 --> 00:36:09,307
check out the Bitcoin Well, an amazing automatic self-custody platform.

543
00:36:09,527 --> 00:36:10,947
They don't even have a wallet for you.

544
00:36:11,267 --> 00:36:14,107
You host your own wallet, self-custody all the way.

545
00:36:14,327 --> 00:36:18,367
If it's time to spend some of your sats and you want to go from sats to gift card in seconds

546
00:36:18,367 --> 00:36:19,567
over the Lightning Network.

547
00:36:20,427 --> 00:36:21,267
The Bitcoin company.

548
00:36:21,727 --> 00:36:22,467
Hundreds of gift cards.

549
00:36:22,587 --> 00:36:23,627
They only do Bitcoin.

550
00:36:23,747 --> 00:36:24,687
You can log in with Lightning.

551
00:36:25,187 --> 00:36:26,407
Now, Salt Lending.

552
00:36:26,547 --> 00:36:27,787
I don't think they get enough love.

553
00:36:28,027 --> 00:36:28,987
They got rug protection.

554
00:36:29,107 --> 00:36:29,947
If the price drops,

555
00:36:30,047 --> 00:36:31,667
they've got lower minimum loans

556
00:36:31,667 --> 00:36:32,667
than just about anybody else

557
00:36:32,667 --> 00:36:33,887
and very competitive rates.

558
00:36:34,347 --> 00:36:35,787
I think Salt Lending is pretty good.

559
00:36:36,047 --> 00:36:36,827
And you can get access

560
00:36:36,827 --> 00:36:37,627
to your Bitcoin value

561
00:36:37,627 --> 00:36:38,367
without selling it.

562
00:36:38,707 --> 00:36:40,107
Just be sure you can cover

563
00:36:40,107 --> 00:36:41,527
if the price goes down.

564
00:36:42,067 --> 00:36:42,847
You know, and they'll help you.

565
00:36:42,847 --> 00:36:44,107
They'll email you and stuff like that.

566
00:36:44,147 --> 00:36:44,927
But you need to be careful.

567
00:36:45,787 --> 00:36:46,627
You need to be careful.

568
00:36:46,827 --> 00:36:47,647
But I know you're an adult.

569
00:36:48,127 --> 00:36:48,927
Links to all of that.

570
00:36:49,087 --> 00:36:50,227
Go get, oh, the Fold card too.

571
00:36:50,367 --> 00:36:51,447
Stack sats while you pay your bills.

572
00:36:51,887 --> 00:36:52,907
I got their new Visa card.

573
00:36:53,367 --> 00:36:54,387
Stacking the sats that way too.

574
00:36:55,027 --> 00:36:56,707
There's always multiple ways to stack sats.

575
00:36:57,147 --> 00:36:58,987
Thank you everybody who supports the show

576
00:36:58,987 --> 00:37:00,347
by doing what you do.

577
00:37:11,807 --> 00:37:14,127
Four score and seven boosts ago.

578
00:37:14,187 --> 00:37:15,727
It is time for some boosts

579
00:37:15,727 --> 00:37:18,967
And I want to start by apologizing about last week.

580
00:37:19,347 --> 00:37:21,047
You probably knew I could tell something was up,

581
00:37:21,247 --> 00:37:22,527
but I didn't want to freak any of you out

582
00:37:22,527 --> 00:37:23,747
if some of you thought you lost your sats.

583
00:37:23,847 --> 00:37:24,647
It was my bad.

584
00:37:24,727 --> 00:37:25,887
Your sats were received.

585
00:37:26,367 --> 00:37:27,587
I messed up the report.

586
00:37:28,427 --> 00:37:29,227
I don't know.

587
00:37:29,787 --> 00:37:30,687
I guess I found the next thing

588
00:37:30,687 --> 00:37:31,947
I should probably automate with the agents

589
00:37:31,947 --> 00:37:35,387
because apparently I can't do it right.

590
00:37:35,907 --> 00:37:38,407
So hopefully I snagged on your boost from last week

591
00:37:38,407 --> 00:37:40,527
and I had incorporated it into this week's report.

592
00:37:40,847 --> 00:37:42,007
If you don't hear it,

593
00:37:42,007 --> 00:37:43,927
it just means I messed up again.

594
00:37:44,007 --> 00:37:45,387
It doesn't mean your sats weren't received.

595
00:37:45,727 --> 00:37:48,947
After all, I am mostly just an ugly bag of water.

596
00:37:48,947 --> 00:37:51,047
So I apologize about that.

597
00:37:51,447 --> 00:37:56,727
And let's make good by starting with Bitcoin Lizard, who came in with 50,000 sats.

598
00:37:58,527 --> 00:38:03,747
He says, fellow listeners, we've got to pump these numbers up.

599
00:38:03,847 --> 00:38:04,867
They were rookie numbers.

600
00:38:05,267 --> 00:38:06,747
Ah, thanks, Bitcoin Lizard.

601
00:38:06,807 --> 00:38:07,807
I love hearing from you.

602
00:38:07,867 --> 00:38:09,447
Thank you for being our baller.

603
00:38:09,547 --> 00:38:10,327
Appreciate you, sir.

604
00:38:11,087 --> 00:38:15,247
Derivation Dingus comes in with 44,444 sats.

605
00:38:15,727 --> 00:38:22,387
Great show as usual. Thanks for the value.

606
00:38:22,567 --> 00:38:27,087
Even if Bitcoin is fiat for another quarter or two, tons of great work have been happening.

607
00:38:27,527 --> 00:38:30,307
It just gives us plebs more time to DCA at super low prices.

608
00:38:30,647 --> 00:38:32,427
You know, we like to say it in the Bitcoin community.

609
00:38:33,307 --> 00:38:35,387
The fundamentals of Bitcoin haven't changed, right?

610
00:38:35,427 --> 00:38:36,847
There hasn't been a compromise in the network.

611
00:38:37,267 --> 00:38:40,347
There isn't some sort of issue with unlimited Bitcoin getting printed.

612
00:38:40,887 --> 00:38:43,807
There isn't some sort of miner that has gone totally nuts.

613
00:38:43,807 --> 00:38:45,927
There isn't a bunch of spam on the network.

614
00:38:46,447 --> 00:38:47,827
Things are just steady.

615
00:38:48,427 --> 00:38:50,447
But it's the fiat world around it, right?

616
00:38:51,167 --> 00:38:51,367
Yep.

617
00:38:51,927 --> 00:38:52,587
Thank you, derivation.

618
00:38:53,047 --> 00:38:53,747
Good to hear from you.

619
00:38:54,407 --> 00:38:57,307
Hodler's here with 33,000 sats.

620
00:38:57,407 --> 00:38:58,187
Right on the money.

621
00:39:03,487 --> 00:39:06,907
It's fun to imagine Bitcoin prices some crazy heights, he writes,

622
00:39:06,947 --> 00:39:09,747
and I feel like everyone has at least thought about it at once.

623
00:39:10,127 --> 00:39:12,307
I feel like it could easily happen in the next few decades

624
00:39:12,307 --> 00:39:14,207
with the help of hyperinflation, of course.

625
00:39:14,807 --> 00:39:18,547
You know, I have known a couple of rich people

626
00:39:18,547 --> 00:39:20,667
over the years that like owned businesses

627
00:39:20,667 --> 00:39:23,187
that I worked for as an IT contractor.

628
00:39:23,707 --> 00:39:27,287
And they lived like they were dirt poor.

629
00:39:27,727 --> 00:39:28,747
And then just recently,

630
00:39:28,747 --> 00:39:30,687
I was watching an interview with a billionaire

631
00:39:30,687 --> 00:39:33,367
who has all his assets in non-liquid things.

632
00:39:33,867 --> 00:39:35,867
And he talked about how he's walking around

633
00:39:35,867 --> 00:39:38,347
with like 10 grand in actual liquid cash.

634
00:39:39,147 --> 00:39:41,187
On paper, he's worth like a billion something.

635
00:39:41,187 --> 00:39:46,847
but on you know in the bank account he's got like 10 grand and in a way that's what us bitcoiners

636
00:39:46,847 --> 00:39:53,687
are right now you know like on you know on paper potential future gains we might all be amongst

637
00:39:53,687 --> 00:39:58,907
fellow millionaires here but today the liquid amount we can take out we're like that billionaire

638
00:39:58,907 --> 00:40:04,847
walking around with ten thousand dollars of cash and i think that's actually more of the experience

639
00:40:04,847 --> 00:40:07,887
of being asset rich than people talk about.

640
00:40:08,527 --> 00:40:11,687
Being asset rich often means living thrifty

641
00:40:11,687 --> 00:40:14,687
and trying to allocate to assets as you can.

642
00:40:15,247 --> 00:40:17,867
You know, that's the whole idea of taking your work

643
00:40:17,867 --> 00:40:20,767
and your energy today and storing it for future you to enjoy

644
00:40:20,767 --> 00:40:22,507
and your family and to benefit others.

645
00:40:23,167 --> 00:40:24,967
So this is a funny thing.

646
00:40:25,027 --> 00:40:26,207
It's like none of that's changed.

647
00:40:26,947 --> 00:40:28,947
It's mission is mission is normal.

648
00:40:29,027 --> 00:40:30,027
Like we continue, right?

649
00:40:30,387 --> 00:40:31,127
Keep on stacking.

650
00:40:31,527 --> 00:40:32,327
Thank you, Hodler.

651
00:40:32,847 --> 00:40:34,167
Appropriate name in that one.

652
00:40:34,167 --> 00:40:38,007
I'd say SleazeStackSats.

653
00:40:38,207 --> 00:40:39,627
Okay, SleazeStackSats.

654
00:40:39,787 --> 00:40:40,267
Something like that.

655
00:40:40,267 --> 00:40:40,867
SleazeStackSats.

656
00:40:40,947 --> 00:40:41,987
I think it's something like that, right?

657
00:40:42,187 --> 00:40:42,807
Something like that.

658
00:40:42,847 --> 00:40:45,527
Comes in with 22,222 sats.

659
00:40:45,607 --> 00:40:47,287
This old duck still got it.

660
00:40:47,647 --> 00:40:50,267
First time using this app's wallet and boost features.

661
00:40:50,387 --> 00:40:50,707
Hey!

662
00:40:51,247 --> 00:40:51,647
Boost!

663
00:40:51,867 --> 00:40:52,567
Hope this works.

664
00:40:52,667 --> 00:40:54,467
Twib is my primary Bitcoin news podcast.

665
00:40:54,587 --> 00:40:58,027
Your balance on economy, Bitcoin, and relevant current events is perfs.

666
00:40:58,427 --> 00:40:59,187
Don't change a thing.

667
00:40:59,467 --> 00:41:02,087
But dragging my feet on boosting because lightning is unfamiliar territory for me.

668
00:41:02,187 --> 00:41:02,787
It worked!

669
00:41:02,787 --> 00:41:05,507
Yeah, Fountain's got a nice lightning

670
00:41:05,507 --> 00:41:07,427
wallet in there now. They've got a nice lightning

671
00:41:07,427 --> 00:41:09,567
wallet in there. Thank you, Sleets. Nice

672
00:41:09,567 --> 00:41:11,567
to hear from you. Thanks for getting that

673
00:41:11,567 --> 00:41:13,587
working. User54 comes

674
00:41:13,587 --> 00:41:15,447
in with 15,000

675
00:41:15,447 --> 00:41:17,447
sats. Let's hear it, good buddy. No

676
00:41:17,447 --> 00:41:19,287
message, just value. He's a good guy.

677
00:41:19,547 --> 00:41:21,827
He's a real good guy. Appreciate that. Thank you.

678
00:41:22,127 --> 00:41:23,107
Value's always appreciated.

679
00:41:23,807 --> 00:41:33,260
These are some good ones this week on the names Milestrix comes in I sure I getting that wrong with 15 sats Chris I sending some port your way Love the show and look forward to each episode

680
00:41:34,140 --> 00:41:35,280
Ah, thank you very much.

681
00:41:35,420 --> 00:41:39,440
And the support is very much well-received and appreciated.

682
00:41:39,580 --> 00:41:40,320
And yes, I got it.

683
00:41:40,820 --> 00:41:41,640
I got it.

684
00:41:42,040 --> 00:41:43,700
Oh, B's back with 12,000 sats.

685
00:41:43,840 --> 00:41:46,080
Oh my God, this drawer is filled with fruit lobes.

686
00:41:46,280 --> 00:41:47,080
I did boost.

687
00:41:47,160 --> 00:41:48,000
I don't need the recognition,

688
00:41:48,600 --> 00:41:50,180
but I can clearly see it's in my fountain app.

689
00:41:50,180 --> 00:41:51,040
It must be an error.

690
00:41:51,140 --> 00:41:52,560
It was, it was.

691
00:41:52,560 --> 00:41:54,260
I apologize for about that.

692
00:41:54,720 --> 00:41:56,280
Your booths are here and they're spectacular.

693
00:41:56,500 --> 00:41:58,760
They're real and they're spectacular.

694
00:41:59,140 --> 00:41:59,380
Yes.

695
00:41:59,540 --> 00:42:00,500
So thank you very much.

696
00:42:01,040 --> 00:42:02,980
Paranoid Coder is here with 8,000 sats.

697
00:42:06,100 --> 00:42:07,500
No message, just value.

698
00:42:07,600 --> 00:42:08,500
Thank you very much, Paranoid.

699
00:42:08,620 --> 00:42:12,260
And KiwiBitcoinGuides back with 8,888 sats.

700
00:42:15,360 --> 00:42:16,920
I think you might have had a technical problem.

701
00:42:17,000 --> 00:42:17,700
I think you're right.

702
00:42:17,940 --> 00:42:19,340
So here's a little double for the week.

703
00:42:19,340 --> 00:42:23,020
Stick to the signal and leave the $1 million price for the B-grade podcasters.

704
00:42:23,160 --> 00:42:23,680
$1 million?

705
00:42:24,420 --> 00:42:25,480
Let me tell you something.

706
00:42:26,620 --> 00:42:30,040
I'm actually believe by the time we get to $1 million, we won't need it.

707
00:42:30,600 --> 00:42:34,140
Although perhaps it'll be a second economy that's trading in real assets and it's only

708
00:42:34,140 --> 00:42:35,060
going to get easier to do so.

709
00:42:35,480 --> 00:42:39,740
So I don't think $1 million is quite the goal it should be myself.

710
00:42:39,880 --> 00:42:41,260
But thank you for boosting in.

711
00:42:41,800 --> 00:42:42,520
Kiwi, it's always good.

712
00:42:42,580 --> 00:42:46,200
And I think we're kind of on the same page, although it is fun to speculate about where

713
00:42:46,200 --> 00:42:54,020
it be in 2030s? Because I think that's for some reason just developed as a common goalpost for a

714
00:42:54,020 --> 00:42:59,240
lot of us Bitcoiners. What do you think? Debitcoiners EU comes in with 10,000 sats. The

715
00:42:59,240 --> 00:43:04,680
traders love the vol. Here's some thanks in the form of sats. Would like to contact you sometime

716
00:43:04,680 --> 00:43:12,180
about gamifying the sats streaming experience if interested. Oh, gamifying, huh? Hmm. Hmm. I wonder

717
00:43:12,180 --> 00:43:16,140
what you have in mind. Well, I just, why not just say in the boost? Just, let's just say in the

718
00:43:16,140 --> 00:43:20,100
boost. Let's hear it. Good buddy. You had me right there. You got to say in the boost. That's kind

719
00:43:20,100 --> 00:43:22,820
of strange. You got to set it right there. You know what I mean? You got to set it right there.

720
00:43:22,860 --> 00:43:25,040
You got to just set it right there in the boost. I don't know why I didn't just say right there in

721
00:43:25,040 --> 00:43:31,080
the boost. Consider that. But thank you for the boost. Appreciate it. Brother Mike's here with 4,444

722
00:43:31,080 --> 00:43:36,320
sats. Things are looking up for all the duck. I couldn't tell. I couldn't let you give up after

723
00:43:36,320 --> 00:43:40,020
such a low week. So you get a double row of ducks.

724
00:43:42,180 --> 00:43:46,280
Love the revamp on the artwork.

725
00:43:46,440 --> 00:43:47,700
Hey, somebody said something.

726
00:43:47,820 --> 00:43:49,120
Brother Mike, you're the only person.

727
00:43:49,320 --> 00:43:52,100
I've been having a little fun with the show artwork from time to time, not every week.

728
00:43:52,900 --> 00:43:55,360
But sometimes there's a hint towards the topic in there.

729
00:43:55,840 --> 00:43:57,120
And nobody has said nothing.

730
00:43:57,940 --> 00:43:59,060
Except for you, Brother Mike.

731
00:43:59,100 --> 00:43:59,780
Thank you for the post.

732
00:44:00,560 --> 00:44:01,500
I appreciate you.

733
00:44:01,600 --> 00:44:02,960
It's always nice to hear from you.

734
00:44:03,640 --> 00:44:05,680
Hey, speaking of somebody it's always nice to hear from,

735
00:44:05,680 --> 00:44:08,920
Philip is here with 3,333 sats.

736
00:44:09,160 --> 00:44:11,960
I don't understand what the heck is going on here.

737
00:44:12,180 --> 00:44:14,720
Top show, Chris. Love the way you pull everything together for us.

738
00:44:14,780 --> 00:44:17,180
Well, thank you very much. I like you.

739
00:44:17,260 --> 00:44:19,600
I like you. You're a hot ticket.

740
00:44:19,740 --> 00:44:20,600
It's good to hear from you.

741
00:44:21,360 --> 00:44:24,620
Mutt M8 is here with 2,267 sets.

742
00:44:26,300 --> 00:44:28,620
Twib is my traffic coping mechanism.

743
00:44:28,780 --> 00:44:33,080
Oh, good. The song of the week at the end of the show is picked for those of you in traffic.

744
00:44:33,200 --> 00:44:34,180
Just something to drive to.

745
00:44:34,560 --> 00:44:36,300
It's more for driving to, not so much for traffic.

746
00:44:36,500 --> 00:44:38,460
But it was for people in the car.

747
00:44:38,820 --> 00:44:40,100
So it's nice to hear from you, Mutt.

748
00:44:40,100 --> 00:44:46,600
But I'm headed to the Alt-BitLab Bitcoiners Meetup, and I wanted to bring awareness to the Space Protocol.org.

749
00:44:46,700 --> 00:44:55,400
It's SpacesProtocol.org, a Bitcoin-anchored naming system designed to remove dependency on a central authority, perhaps a way to engage with the TWIB community.

750
00:44:56,080 --> 00:44:58,540
And he, oh, okay, he says my name's Andrew, and I also emailed you.

751
00:44:58,680 --> 00:45:00,800
All right, well, thank you, Mutt, and I will look more into that.

752
00:45:00,800 --> 00:45:04,280
So that's the BitLab, the Alt BitLab Bitcoiners meetup.

753
00:45:04,420 --> 00:45:05,580
Boop-a-da-boop-a-boop-a-boop.

754
00:45:06,100 --> 00:45:07,140
If you want to look it up.

755
00:45:07,640 --> 00:45:08,300
Thank you for the value.

756
00:45:08,440 --> 00:45:08,980
Appreciate it.

757
00:45:09,320 --> 00:45:12,200
Hey, your inner child is here with 2005 sats.

758
00:45:12,280 --> 00:45:13,700
Coming in hot with the boost.

759
00:45:14,400 --> 00:45:15,760
Maybe we broke your fountain account.

760
00:45:17,880 --> 00:45:18,860
No, no, it was me.

761
00:45:19,220 --> 00:45:21,540
As long as people accept sats as payment, it won't die.

762
00:45:21,720 --> 00:45:24,460
Talking about Bitcoin, I tried to share the math on gold to Bitcoin.

763
00:45:24,460 --> 00:45:29,260
The equivalent sats to ever exist equal atoms of gold would be one grain of sand worth of gold,

764
00:45:29,260 --> 00:45:30,900
or 6.86 milligrams.

765
00:45:31,440 --> 00:45:33,500
That's how rare Bitcoin will be.

766
00:45:34,200 --> 00:45:35,860
Well, doesn't that just blow your mind?

767
00:45:36,200 --> 00:45:37,940
Why you got to put numbers and letters together?

768
00:45:38,240 --> 00:45:39,620
Why can't you just go for yourself?

769
00:45:39,740 --> 00:45:40,840
That does blow my mind.

770
00:45:41,640 --> 00:45:42,240
Thanks, inner child.

771
00:45:42,860 --> 00:45:44,720
Go sit there and let that bake the noodle for a minute.

772
00:45:46,160 --> 00:45:47,760
Blitzlink is here with 2,088 sats.

773
00:45:48,700 --> 00:45:50,060
No message, just value.

774
00:45:50,160 --> 00:45:50,900
Thank you very much.

775
00:45:50,960 --> 00:45:51,660
Appreciate you.

776
00:45:51,840 --> 00:45:53,680
You're doing very well.

777
00:45:53,860 --> 00:45:57,060
Ace Ackerman's here with a row of ducks, 2,222 sats.

778
00:45:57,620 --> 00:46:07,620
I don't think Bitcoin will reach a million dollars in six years with the current level of apathy getting pretty tired of watching these price predictors being made fools cycle after cycle.

779
00:46:07,960 --> 00:46:13,880
Yeah, I was just thinking this morning to a like people probably were expecting rate cuts a while ago.

780
00:46:14,500 --> 00:46:19,160
I mean, I honestly think we may have seen rate cuts if it hadn't been for the tariffs last year.

781
00:46:19,160 --> 00:46:26,560
and then it's potentially possible, conceivably, theoretically, hypothetically possible, maybe,

782
00:46:27,180 --> 00:46:31,640
that we would have seen rate cuts earlier this year if it weren't for the spike in energy prices

783
00:46:31,640 --> 00:46:37,060
due to the conflict with Iran. It's hard to say for sure, but it seems possible to me.

784
00:46:37,500 --> 00:46:43,280
And so it's made anybody who's tried to really predict pricing be a fool. Like, I never really

785
00:46:43,280 --> 00:46:47,760
can even, I don't even know how you would predict the price. I think it's people who get,

786
00:46:47,760 --> 00:46:53,060
people that get all caught up in charts. I think what's easier is to predict liquidity.

787
00:46:53,720 --> 00:46:59,900
Maybe not predict liquidity, but monitor liquidity. I feel like that's easier. And if you monitor

788
00:46:59,900 --> 00:47:05,220
liquidity, such will go the direction of Bitcoin. And now if you want to layer in other things like

789
00:47:05,220 --> 00:47:10,800
news for your cycles or supply dynamics, whatever, you know, you can, you can layer these things on

790
00:47:10,800 --> 00:47:14,420
and maybe you get more resolution or maybe you send your off yourself off in the wrong direction.

791
00:47:14,420 --> 00:47:20,480
but I think these are some ways you could try to get to a prediction of price up or down but I don't

792
00:47:20,480 --> 00:47:26,920
know how you'd ever guess a price how could you I mean Bitcoin is an asset that routinely has 50%

793
00:47:26,920 --> 00:47:32,140
levels volatility or more I just don't know how you could you know I wanted to clip today for you

794
00:47:32,140 --> 00:47:36,000
you can look up on YouTube if you want like a feel-good piece I really should have clipped it

795
00:47:36,000 --> 00:47:41,240
it just is long it's called the Bitcoin Farmer it's a documentary on YouTube that just came out

796
00:47:41,240 --> 00:47:46,100
this week called The Bitcoin Farmer. And it's about a farmer who warms his greenhouse and dehydrates

797
00:47:46,100 --> 00:47:52,500
his crops and all these things using mining heat from Bitcoin miners, the excess heat.

798
00:47:53,040 --> 00:47:59,940
And it's a really good piece. And it really kind of connects to, there's this strange

799
00:47:59,940 --> 00:48:06,320
comparison to Bitcoin in farming. And having lived now on a farm for almost a year,

800
00:48:06,320 --> 00:48:13,180
like there's just unpredictability in the yields and the crop in the animals in in the input cost

801
00:48:13,180 --> 00:48:18,480
for the feed there's so many variabilities that some years in farming you have a really good year

802
00:48:18,480 --> 00:48:24,640
and some years you just got to get by on a little bit less and the there's a it's a good documentary

803
00:48:24,640 --> 00:48:29,480
but it's not particularly groundbreaking but it's a feel-good bitcoin or documentary so it's you

804
00:48:29,480 --> 00:48:33,920
want to look up the bitcoin farmer on youtube i think you'll like it and i think there's some

805
00:48:33,920 --> 00:48:35,660
some comparisons there when you think about it.

806
00:48:35,660 --> 00:48:37,700
Sort of like cycles in a different kind of sense.

807
00:48:38,540 --> 00:48:38,940
Thank you, Ace.

808
00:48:39,000 --> 00:48:39,540
Good to hear from you.

809
00:48:40,220 --> 00:48:42,860
Benover comes over with 2,222 cents.

810
00:48:43,880 --> 00:48:44,480
Great show.

811
00:48:44,580 --> 00:48:45,200
First time listener.

812
00:48:45,320 --> 00:48:46,540
Thanks to Podcasting 2.0.

813
00:48:46,600 --> 00:48:46,900
Hey!

814
00:48:47,540 --> 00:48:49,000
B-O-O-S-T.

815
00:48:49,120 --> 00:48:51,180
Shout out to Adam and Dave for sending somebody over.

816
00:48:51,940 --> 00:48:52,500
Thanks, boys.

817
00:48:53,360 --> 00:48:54,680
Let's go podcasting, right?

818
00:48:55,360 --> 00:48:55,760
Boost!

819
00:48:56,160 --> 00:48:59,500
And Gene Bean comes in with a row of ducks.

820
00:49:00,420 --> 00:49:02,060
I've been thinking about what you said

821
00:49:02,060 --> 00:49:04,080
about how the required profit levels of AI companies

822
00:49:04,080 --> 00:49:06,360
based on valuations and such are maybe impossible.

823
00:49:06,840 --> 00:49:07,840
That's actually kind of disturbing

824
00:49:07,840 --> 00:49:09,180
because of how the results might impact

825
00:49:09,180 --> 00:49:10,460
not just our financial lives,

826
00:49:10,540 --> 00:49:12,640
but all the things that transition to being AI-driven

827
00:49:12,640 --> 00:49:13,700
between now and then.

828
00:49:14,420 --> 00:49:16,860
Yeah, I try not to go too down that rabbit hole gene

829
00:49:16,860 --> 00:49:19,620
because the one thing that's hard,

830
00:49:19,700 --> 00:49:21,060
it's like when you try to forecast out,

831
00:49:21,120 --> 00:49:23,440
the one thing that's hard to really account for

832
00:49:23,440 --> 00:49:25,320
is we can course correct.

833
00:49:26,180 --> 00:49:29,040
And the Federal Reserve and the Treasury

834
00:49:29,040 --> 00:49:31,760
have just these unbelievable tools to kick the can

835
00:49:31,760 --> 00:49:33,700
that they can just sometimes create

836
00:49:33,700 --> 00:49:34,740
that we don't even think of.

837
00:49:35,340 --> 00:49:38,240
So there's always possibilities

838
00:49:38,240 --> 00:49:40,180
of a course correction

839
00:49:40,180 --> 00:49:41,920
or something kind of going differently

840
00:49:41,920 --> 00:49:43,000
than we can forecast.

841
00:49:43,560 --> 00:49:44,640
But yeah, it's a wild one.

842
00:49:45,360 --> 00:49:46,840
May we live in interesting times, right?

843
00:49:47,240 --> 00:49:47,920
It's good to hear from you.

844
00:49:48,160 --> 00:49:48,920
I hope you're doing well.

845
00:49:49,640 --> 00:49:51,880
Code 27 comes in with 2,000 sats.

846
00:49:52,000 --> 00:49:53,480
B-O-O-S-T.

847
00:49:53,560 --> 00:49:54,920
No message, just value.

848
00:49:54,920 --> 00:49:56,780
And Moon Knight's back with 2,000 sats.

849
00:49:57,000 --> 00:49:58,420
Coming in hot with the blues.

850
00:49:58,540 --> 00:50:00,140
I do love hearing that Metroid music.

851
00:50:00,220 --> 00:50:01,040
Yeah, you got it.

852
00:50:01,040 --> 00:50:02,640
Ha ha, you got it.

853
00:50:02,700 --> 00:50:03,300
Well done.

854
00:50:04,180 --> 00:50:05,420
You're the only one, Moon Knight.

855
00:50:05,480 --> 00:50:06,260
You're the only one.

856
00:50:06,880 --> 00:50:07,540
You got it.

857
00:50:08,200 --> 00:50:09,360
Oh, that makes me feel good.

858
00:50:09,920 --> 00:50:11,100
And we're going to wrap it up there.

859
00:50:11,180 --> 00:50:12,920
That is our last boost above,

860
00:50:13,060 --> 00:50:13,980
2,000 sats or above.

861
00:50:14,060 --> 00:50:15,700
We do have the 2,000 sat cutoff for time.

862
00:50:16,120 --> 00:50:17,060
I think I got everybody,

863
00:50:17,140 --> 00:50:17,840
so it's a little bit longer,

864
00:50:17,940 --> 00:50:18,800
but I think I picked up

865
00:50:18,800 --> 00:50:19,680
some of the ones we lost.

866
00:50:20,080 --> 00:50:21,120
So this one's a bit of a mix.

867
00:50:21,180 --> 00:50:22,380
This is some current support

868
00:50:22,380 --> 00:50:24,940
and the support I think I missed last week.

869
00:50:25,300 --> 00:50:26,500
So when we bring it all together,

870
00:50:26,500 --> 00:50:28,240
we had 30 of you stream sats

871
00:50:28,240 --> 00:50:32,760
stacking 40,565 sats for this here podcast.

872
00:50:33,160 --> 00:50:36,760
When you conclude or include, I'm losing it boys.

873
00:50:37,100 --> 00:50:41,620
When you include our boosts from this week and last week,

874
00:50:41,620 --> 00:50:48,320
I believe that brings our total to 320,889 satoshis.

875
00:50:53,000 --> 00:50:55,640
Thank you everybody who supports the show with a boost.

876
00:50:55,700 --> 00:50:56,760
It's a value for value podcast.

877
00:50:56,760 --> 00:51:01,600
no advertiser, but also I think it's a fantastic way to not only interact with the show,

878
00:51:02,160 --> 00:51:07,160
but to use a lightning network in a way that I think is really unique and novel.

879
00:51:07,740 --> 00:51:11,760
And for some of you who are new to the podcast, you might not know that for a little while,

880
00:51:12,000 --> 00:51:15,660
Jupyter Broadcasting, we were owned by Linux Academy and then a cloud guru.

881
00:51:16,060 --> 00:51:20,000
And after a couple of years, I bought the company back and brought it independent again

882
00:51:20,000 --> 00:51:21,540
so we could do things like this.

883
00:51:21,640 --> 00:51:22,960
That's just what had not been possible.

884
00:51:23,080 --> 00:51:25,960
We were part of a larger training platform, nothing against them.

885
00:51:25,960 --> 00:51:32,680
It's just they're not interested in this particular market and this particular topic or really in experimenting with Bitcoin.

886
00:51:32,900 --> 00:51:37,420
But being independent meant I could take this risk and the risk pays off when you participate.

887
00:51:37,620 --> 00:51:39,780
So I really, really do appreciate it.

888
00:51:40,020 --> 00:51:42,520
And I have a pretty big announcement.

889
00:51:43,180 --> 00:51:45,120
I am introducing, introducing.

890
00:51:47,620 --> 00:51:52,560
I haven't slept much for about two weeks, so I'm doing pretty good if you knew how little sleep I got, I got to say.

891
00:51:52,620 --> 00:51:55,420
But I am interboosting the WebBoost.

892
00:51:55,420 --> 00:52:03,420
If you go to boost.jupiterbroadcasting.com, we now have the ability to boost from the web.

893
00:52:03,960 --> 00:52:05,520
Ladies and gentlemen, check it out.

894
00:52:06,300 --> 00:52:09,500
You can pick your show and you can boost from the web.

895
00:52:25,420 --> 00:52:26,820
From the web.

896
00:52:26,900 --> 00:52:32,180
With cash or sats, the official web boost is live.

897
00:52:32,480 --> 00:52:36,120
Boost.jupiterbroadcasting.com

898
00:52:36,120 --> 00:52:38,740
So this is pretty exciting.

899
00:52:39,120 --> 00:52:42,300
You can, I think it's, everything's denominated in sats or USD,

900
00:52:42,440 --> 00:52:44,880
but it's really anything Stripe supports on the fiat side.

901
00:52:44,960 --> 00:52:48,780
It's using ZapRite, which is a Bitcoin platform that I really like.

902
00:52:49,300 --> 00:52:54,600
And on the back end, we are using LNBits on a lightning node to split.

903
00:52:54,600 --> 00:52:57,900
one LNURL payment amongst the hosts

904
00:52:57,900 --> 00:52:59,760
or whatever the splits are for the particular show.

905
00:53:00,060 --> 00:53:01,520
Like this show has a set of splits,

906
00:53:02,320 --> 00:53:03,160
LUP has a set of splits,

907
00:53:03,220 --> 00:53:04,300
and Launch has a set of splits.

908
00:53:04,660 --> 00:53:07,020
And LNBits lets us handle that

909
00:53:07,020 --> 00:53:09,020
with some glue that we built together

910
00:53:09,020 --> 00:53:09,920
to make it all happen.

911
00:53:10,480 --> 00:53:13,120
And the big win here is now you can boost

912
00:53:13,120 --> 00:53:15,340
with any Lightning Wallet app

913
00:53:15,340 --> 00:53:16,860
that supports LNURL,

914
00:53:16,920 --> 00:53:18,480
like QR code scanning and sending.

915
00:53:18,480 --> 00:53:21,180
So it doesn't have to be a podcasting 2.0 app,

916
00:53:21,340 --> 00:53:22,740
but it can be.

917
00:53:22,860 --> 00:53:24,520
Like you can still just boost with Fountain,

918
00:53:24,600 --> 00:53:26,500
using the regular old boost,

919
00:53:26,640 --> 00:53:28,820
or you can scan the QR code using Fountain

920
00:53:28,820 --> 00:53:30,660
and use your wallet from Fountain to send a boost.

921
00:53:31,180 --> 00:53:33,820
So it is really flexible in the sense that

922
00:53:33,820 --> 00:53:35,400
you can just use a QR code

923
00:53:35,400 --> 00:53:37,280
and anything that supports sending sats

924
00:53:37,280 --> 00:53:39,420
from a QR code over Lightning will work now.

925
00:53:39,940 --> 00:53:43,280
So Strike, Cash App, Phoenix Wallet, Breeze,

926
00:53:43,420 --> 00:53:47,120
Zeus, Aqua, Albi Hub, Fountain Wallet,

927
00:53:47,120 --> 00:53:50,700
like I said, no longer only podcasting 2.0 apps,

928
00:53:50,700 --> 00:53:55,720
but podcasting 2.0 apps still 100% supported and appreciated.

929
00:53:55,920 --> 00:53:59,660
What we're doing is we're integrating all of this into one system.

930
00:54:00,400 --> 00:54:01,740
And so it'll be one boost report.

931
00:54:01,840 --> 00:54:04,420
If it's a web boost, if it's a podcasting 2.0 boost,

932
00:54:04,520 --> 00:54:06,440
it'll all be in there, one report.

933
00:54:06,800 --> 00:54:08,600
But there is one cool thing.

934
00:54:09,380 --> 00:54:11,040
If you're a Jupyter Party member,

935
00:54:11,460 --> 00:54:13,340
you now get a free boost per episode.

936
00:54:13,640 --> 00:54:15,500
You just have to auth to your memberful account,

937
00:54:15,580 --> 00:54:17,400
which is really easy, and that's it.

938
00:54:17,400 --> 00:54:19,520
Once you've authed to your memberful account,

939
00:54:19,520 --> 00:54:23,000
you can boost once per episode for free.

940
00:54:23,440 --> 00:54:24,960
Now, Fountain members, don't worry, I got you.

941
00:54:25,040 --> 00:54:26,180
As soon as there's an API for this,

942
00:54:26,640 --> 00:54:27,760
totally going all in on that.

943
00:54:28,000 --> 00:54:29,640
And I do have treats for the Fountain members

944
00:54:29,640 --> 00:54:30,400
plan for the future.

945
00:54:30,840 --> 00:54:32,400
But it is a way if you've been wanting

946
00:54:32,400 --> 00:54:33,620
to support the show directly,

947
00:54:33,620 --> 00:54:35,440
but you don't have sats you want to spend

948
00:54:35,440 --> 00:54:37,340
or you don't have a podcasting 2.0 app,

949
00:54:37,380 --> 00:54:39,120
but you do have sats in a lightning wallet,

950
00:54:39,480 --> 00:54:41,900
you can now go to boost.jupiterbroadcasting.com,

951
00:54:42,100 --> 00:54:43,860
choose TWIB, the episode you want,

952
00:54:44,220 --> 00:54:45,360
and boost away from the web,

953
00:54:45,440 --> 00:54:47,000
and it will be included in the future report.

954
00:54:47,120 --> 00:54:48,800
And that report I'm going to get generated

955
00:54:48,800 --> 00:54:50,000
very soon by the agents,

956
00:54:50,060 --> 00:54:51,180
so I don't mess it up anymore.

957
00:54:52,760 --> 00:54:53,920
My bad on that one,

958
00:54:53,940 --> 00:54:55,240
and I do apologize once again,

959
00:54:55,280 --> 00:54:56,480
but I'm very excited about

960
00:54:56,480 --> 00:54:58,320
boost.jupiterbroadcasting.com.

961
00:54:58,500 --> 00:55:00,420
I think there's some really neat technology

962
00:55:00,420 --> 00:55:01,420
that we're doing in there

963
00:55:01,420 --> 00:55:03,300
and then being able to tie into the memberful API

964
00:55:03,300 --> 00:55:04,880
so the members get a free boost

965
00:55:04,880 --> 00:55:06,680
and also still on the backend

966
00:55:06,680 --> 00:55:09,240
supporting LNURL and splits and all of that

967
00:55:09,240 --> 00:55:10,840
and the podcasting 2.0 specs.

968
00:55:11,040 --> 00:55:12,300
It's really great.

969
00:55:12,380 --> 00:55:14,880
In fact, the boost.jupiterbroadcasting.com

970
00:55:14,880 --> 00:55:17,700
is reading the value block from our RSS feeds.

971
00:55:18,414 --> 00:55:19,094
So it's just so cool.

972
00:55:19,154 --> 00:55:21,994
You update the value block in the RSS feed, and the web gets updated too.

973
00:55:21,994 --> 00:55:22,314
Ha!

974
00:55:28,674 --> 00:55:29,814
So, make it easy.

975
00:55:29,914 --> 00:55:34,714
Go to boost.jupiterbroadcasting.com or grab something like Fountain or Albie and support the show.

976
00:55:34,894 --> 00:55:36,234
I really do appreciate it.

977
00:55:36,234 --> 00:55:53,574
well i wasn't sure if i was going to cover this but i think it's an important lesson for bitcoiners

978
00:55:53,574 --> 00:55:58,014
especially the new class and anybody that's watching these etfs come along

979
00:55:58,014 --> 00:56:06,174
our cousins over at zcash had a real rough couple of weeks and i think it really really underscores

980
00:56:06,174 --> 00:56:10,854
why Bitcoin is the one true digital currency.

981
00:56:11,694 --> 00:56:14,134
So, boy, this is a complicated one,

982
00:56:14,214 --> 00:56:15,754
but let me break it down for you, friends.

983
00:56:16,554 --> 00:56:17,774
Between May and June,

984
00:56:17,774 --> 00:56:21,554
there was some serious drama over at Zcash and Zek.

985
00:56:21,614 --> 00:56:24,634
A critical bug was discovered on their orchard shield pool.

986
00:56:24,834 --> 00:56:25,754
It's a shielded pool,

987
00:56:25,974 --> 00:56:27,514
and we'll get more into that in just a moment.

988
00:56:28,114 --> 00:56:30,234
It's been live since 2022.

989
00:56:31,074 --> 00:56:33,914
There was a soundness flaw in the zero-knowledge proof circuit

990
00:56:33,914 --> 00:56:37,674
that could have let anyone mint unlimited counterfeit Zek

991
00:56:37,674 --> 00:56:39,094
inside the shielded pool.

992
00:56:39,934 --> 00:56:43,254
Completely undetectable on-chain due to the privacy design.

993
00:56:43,654 --> 00:56:48,094
It was found on May 29th, 2026

994
00:56:48,094 --> 00:56:49,854
by an independent researcher.

995
00:56:50,394 --> 00:56:51,234
His name's Taylor.

996
00:56:51,774 --> 00:56:53,234
He works for Shielded Labs.

997
00:56:53,554 --> 00:56:56,614
And he was just poking around at things in Claude Opus.

998
00:56:57,314 --> 00:56:59,134
He actually shared the prompt.

999
00:56:59,254 --> 00:57:00,854
It was like a one-sentence prompt.

1000
00:57:00,854 --> 00:57:06,554
and he found a bug that allowed for unlimited Zek printing inside this pool

1001
00:57:06,554 --> 00:57:09,334
that's been around for four years.

1002
00:57:09,814 --> 00:57:13,874
Now, the immediate fallout from that is substantial.

1003
00:57:14,694 --> 00:57:19,254
Number one, because Zek is a privacy coin, you cannot audit the supply.

1004
00:57:19,634 --> 00:57:23,034
So now they have no idea how much Zek exists in this pool

1005
00:57:23,034 --> 00:57:25,494
and if it's being used to purchase things

1006
00:57:25,494 --> 00:57:28,534
and if it's being used to essentially inflate the supply.

1007
00:57:28,534 --> 00:57:34,454
so the central management which does exist and showed themselves came together on june 2nd and

1008
00:57:34,454 --> 00:57:39,554
did a soft fork to temporarily just disable the transactions so if you were any other user in that

1009
00:57:39,554 --> 00:57:44,714
pool you just didn't get to spend your money sorry you don't get to spend your money today

1010
00:57:44,714 --> 00:57:50,794
then the next day they all organized together and they hard forked and they re-enabled the pool with

1011
00:57:50,794 --> 00:57:57,454
a fixed circuit zek the currency for zcash plunged 38 to 50 percent within about 48 hours

1012
00:57:57,454 --> 00:58:01,194
just nasty, has a partial rebound.

1013
00:58:01,594 --> 00:58:04,114
Arthur Hayes publicly exited his entire ZEC position

1014
00:58:04,114 --> 00:58:06,294
after just pumping it two weeks in a row.

1015
00:58:06,794 --> 00:58:09,474
And the real problem here is nobody knows

1016
00:58:09,474 --> 00:58:12,154
how much ZEC exists in that pool now,

1017
00:58:12,794 --> 00:58:14,394
even though the fix is in there,

1018
00:58:14,454 --> 00:58:17,074
because the users cannot easily audit the supply,

1019
00:58:17,454 --> 00:58:21,854
where every Bitcoin user can get the UTX info set

1020
00:58:21,854 --> 00:58:24,074
with one command on their Bitcoin node.

1021
00:58:24,754 --> 00:58:26,694
So here's a guy named Tulip King.

1022
00:58:27,454 --> 00:58:32,754
and he's going to give us some details and some additional context from what I just filled you in

1023
00:58:32,754 --> 00:58:40,214
on. They're being pretty cheeky about the language of the bug saying, oh, like it would have been

1024
00:58:40,214 --> 00:58:46,094
able to do like unvalid state transactions, which I mean, it seems like the honest way to read that

1025
00:58:46,094 --> 00:58:52,654
is like there was a double spend bug. What they did is first they did like a soft fork to censor

1026
00:58:52,654 --> 00:58:59,174
orchard transactions. So essentially what that is, is they just rejected them. So I think it was

1027
00:58:59,174 --> 00:59:04,214
about like a 24 hour time window, but for however long, they basically said, Hey, everybody run this

1028
00:59:04,214 --> 00:59:18,905
software software miners exchanges wallet operators And it basically means if anybody went to do a transaction within the orchard pool we would just pretend it like just ignore it right Like not include the transaction

1029
00:59:19,185 --> 00:59:23,245
The point of that was essentially like, while they're trying to fix the bug,

1030
00:59:23,465 --> 00:59:28,205
if somebody else would have discovered the bug, they could exploit it. But by blocking

1031
00:59:28,205 --> 00:59:34,125
all transactions, it can't be exploited. So then they fix the bug and then they do a hard fork

1032
00:59:34,125 --> 00:59:37,345
that essentially moved the ZK circuit

1033
00:59:37,345 --> 00:59:40,665
to this new valid logic

1034
00:59:40,665 --> 00:59:42,545
that doesn't have the export anymore.

1035
00:59:43,485 --> 00:59:46,065
So there's a lot of different pieces.

1036
00:59:46,645 --> 00:59:50,045
The first piece is, let's be clear,

1037
00:59:50,265 --> 00:59:51,585
it's just not good.

1038
00:59:51,705 --> 00:59:53,225
I don't see how it's good

1039
00:59:53,225 --> 00:59:56,625
that Zodl can ping everybody

1040
00:59:56,625 --> 00:59:59,545
and be like, just ignore that these privacy pools exist.

1041
00:59:59,665 --> 01:00:02,165
And they can instantly get everybody to do that.

1042
01:00:02,165 --> 01:00:06,025
And then that can also just like hit the network with a hard fork.

1043
01:00:06,025 --> 01:00:08,865
And we're all just like on this new network now.

1044
01:00:08,865 --> 01:00:13,865
Like I understand the response where people are like, oh, it was easy to coordinate because

1045
01:00:13,865 --> 01:00:15,065
the bug was so serious.

1046
01:00:15,605 --> 01:00:20,105
So if there was a hyper serious Bitcoin bug, maybe they'd coordinate too.

1047
01:00:20,465 --> 01:00:22,525
But there is a hyper serious Bitcoin bug named quantum.

1048
01:00:23,685 --> 01:00:24,125
Right.

1049
01:00:24,605 --> 01:00:24,985
So like.

1050
01:00:25,325 --> 01:00:25,845
Yeah, yeah, yeah.

1051
01:00:25,925 --> 01:00:31,745
But his core point there, what I see having, you have to understand.

1052
01:00:31,745 --> 01:00:33,545
I'm not trying to pull the old man card here.

1053
01:00:34,105 --> 01:00:35,645
I'm really not, I swear.

1054
01:00:36,125 --> 01:00:37,105
But you have to understand,

1055
01:00:37,665 --> 01:00:42,265
I still remember when Litecoin and Ethereum launched.

1056
01:00:42,845 --> 01:00:46,245
And I was pissed then that there was even altcoins then

1057
01:00:46,245 --> 01:00:48,825
because I immediately saw what the problem was going to be.

1058
01:00:49,625 --> 01:00:53,665
And often they will go for years and years

1059
01:00:53,665 --> 01:00:57,485
before they reveal the true nature of central management.

1060
01:00:58,025 --> 01:01:00,225
But then something like this happens

1061
01:01:00,225 --> 01:01:04,345
and you realize there are kings and rule makers

1062
01:01:04,345 --> 01:01:06,845
that can just reach out over a chat

1063
01:01:06,845 --> 01:01:09,845
and change the nature of the network in a day.

1064
01:01:10,585 --> 01:01:13,485
And Bitcoin simply does not have that risk.

1065
01:01:14,025 --> 01:01:16,805
End of the day, like, you just have to admit

1066
01:01:16,805 --> 01:01:20,005
that, like, it's a concerning amount of centralization,

1067
01:01:20,225 --> 01:01:21,465
even though they did the right thing.

1068
01:01:21,605 --> 01:01:25,805
Like, it would have been worse to leave the bug in there for sure, right?

1069
01:01:25,805 --> 01:01:32,985
But like it exposes and reminds us of like, candidly, like the value of Bitcoin not doing

1070
01:01:32,985 --> 01:01:33,485
anything.

1071
01:01:33,785 --> 01:01:35,685
Like that's problem number one is centralization.

1072
01:01:36,105 --> 01:01:40,005
Problem number two is the privacy pools.

1073
01:01:40,005 --> 01:01:42,665
They operate on like what's called the turnstile.

1074
01:01:43,025 --> 01:01:50,845
So essentially, if I deposit Tenzek and you deposit Tenzek into the pool, the network knows

1075
01:01:50,845 --> 01:01:52,545
that there's Tenzek in the private pool.

1076
01:01:52,545 --> 01:01:57,565
You and I can swap back and forth all day and it will be hidden, but they know the total amount.

1077
01:01:57,925 --> 01:02:04,585
That way, like when I go to withdrawal, I can't withdraw 30 ZEC because I'll put in 10 and you put in 10.

1078
01:02:04,745 --> 01:02:06,465
The network knows there's only 20 ZEC.

1079
01:02:06,845 --> 01:02:19,225
But imagine I used this exploit and I have like, I really have 10 ZEC, but I sent a bunch of other wallets in there I own 10 ZEC on double spends.

1080
01:02:19,225 --> 01:02:20,985
and then I could just drain the pool,

1081
01:02:21,225 --> 01:02:22,525
like classic DeFi style.

1082
01:02:22,745 --> 01:02:25,345
I could pull out all the way up in turnstile.

1083
01:02:26,285 --> 01:02:29,105
So what that essentially means is,

1084
01:02:29,245 --> 01:02:30,265
so like Zcash Network,

1085
01:02:30,585 --> 01:02:32,625
there's still the same known amount of tokens.

1086
01:02:32,885 --> 01:02:34,265
But in the privacy pool,

1087
01:02:34,545 --> 01:02:35,585
it could have been the case

1088
01:02:35,585 --> 01:02:37,465
where say there's a million deposits in there.

1089
01:02:37,745 --> 01:02:42,005
Some guy just went and created 17 million private tokens

1090
01:02:42,005 --> 01:02:44,625
that nobody knows about because it's a privacy pool.

1091
01:02:44,745 --> 01:02:45,985
Nobody knows it was actually exploited.

1092
01:02:46,345 --> 01:02:48,425
Now he could only pull out the 1 million,

1093
01:02:48,425 --> 01:02:53,305
But what happens if other people start to integrate like,

1094
01:02:53,305 --> 01:02:56,665
oh, I can buy this thing with private tokens.

1095
01:02:56,665 --> 01:02:59,205
I don't ever have to leave the pool to buy a Chipotle burrito,

1096
01:02:59,205 --> 01:03:03,665
or I don't ever have to leave the pool to do a transaction with near intent.

1097
01:03:03,665 --> 01:03:13,857
And you never know Oh that not good is it It not that I don think there a place for privacy

1098
01:03:13,997 --> 01:03:16,317
I would love to see a privacy coin we could trust.

1099
01:03:16,777 --> 01:03:19,177
I think the solution is to have a trusted base layer

1100
01:03:19,177 --> 01:03:21,697
and then use something like Liquid or Lightning or Arc

1101
01:03:21,697 --> 01:03:24,797
or some other technology that gives you privacy

1102
01:03:24,797 --> 01:03:28,017
on top of something that the entire world can audit and trust.

1103
01:03:28,577 --> 01:03:30,177
And we have that in Bitcoin.

1104
01:03:30,417 --> 01:03:33,677
But speaking of crypto scammers, let's wrap up.

1105
01:03:33,957 --> 01:03:39,037
with one of the best, the king of the scammers, Sam Bankman-Fraud.

1106
01:03:39,117 --> 01:03:46,097
He's back and he's rolling the dice and apparently has not changed at all.

1107
01:03:46,677 --> 01:03:51,217
Former FTX crypto founder Sam Bankman-Fried speaking out from prison

1108
01:03:51,217 --> 01:03:54,997
after being found guilty of one of the biggest financial schemes in history.

1109
01:03:55,437 --> 01:03:59,157
Fox Business' Susan Lee spoke exclusively to the disgraced crypto king.

1110
01:03:59,497 --> 01:04:01,497
She's here now with more. Susan, what did he have to say?

1111
01:04:01,497 --> 01:04:10,897
Good morning to you. Well, it's been more than three years since a former crypto billionaire was arrested for fraud and money laundering, currently serving a 25 year sentence.

1112
01:04:11,197 --> 01:04:15,117
Sam Bankman reads that he would welcome some help from the White House.

1113
01:04:16,197 --> 01:04:19,477
It would be obviously, you know, ultimately up to the president, not up to me.

1114
01:04:20,797 --> 01:04:25,737
Now, have you had any conversations with the White House or anyone connected to the president at all?

1115
01:04:26,557 --> 01:04:27,377
I haven't myself.

1116
01:04:27,377 --> 01:04:32,357
But have, say, your parents or anyone that you've been in contact with at all?

1117
01:04:33,217 --> 01:04:34,197
I can't speak for them.

1118
01:04:34,897 --> 01:04:39,317
I assume that you would want a pardon from the White House.

1119
01:04:40,137 --> 01:04:40,617
Absolutely.

1120
01:04:41,717 --> 01:04:45,917
Now, despite the vagueness in that answer, we did find a pardon application.

1121
01:04:46,397 --> 01:04:51,257
Right now, the application is for a pardon after he serves his prison sentence.

1122
01:04:51,257 --> 01:04:56,857
Bankman Freed is still appealing his conviction with that decision currently pending in the Second Circuit.

1123
01:04:56,857 --> 01:04:59,957
he still maintains that he did not commit fraud.

1124
01:05:26,857 --> 01:05:54,517
You know, Sam's whole thing.

1125
01:05:54,517 --> 01:06:09,917
Well, look, they made their money back. Well, yeah, they made their money back because you tank the market. And then when the recovery process begun, the market was recovering and Bitcoin and Solana came back up and he happened to invest in a little thing called Anthropic.

1126
01:06:10,277 --> 01:06:20,477
But that doesn't change the reality that he still misused customer funds, essentially had a slush fund between his research company and FTX and did, in fact, commit fraud.

1127
01:06:20,677 --> 01:06:23,977
So what do you think is going to happen? Do you think he's going to get a pardon?

1128
01:06:24,517 --> 01:06:44,517
So my gut says no, but if you want to test that new web boost, boost.jupiterbroadcasting.com, let me know. Now, this last clip, not my favorite clip, but I do think it's an interesting directional one. And it's maybe also notable because it's the former PayPal president. And he's all in on the U.S. investing in gold.

1129
01:06:44,517 --> 01:06:47,057
Should the US government buy Bitcoin?

1130
01:06:47,057 --> 01:06:50,157
There's been some discussion lately about back at the reserve.

1131
01:06:50,157 --> 01:06:53,697
The reserve right now is just seized assets.

1132
01:06:54,237 --> 01:06:57,617
Should the US actually spend taxpayer money to buy assets?

1133
01:06:58,197 --> 01:07:12,408
No I don think it should spend taxpayer money to buy assets I think rotating off other assets into Bitcoin in a very cautious way and slow slowly I think potentially makes sense But I mean like gold like selling gold

1134
01:07:12,408 --> 01:07:17,228
to buy Bitcoin. I mean, Bitcoin is so much better than gold. Come on. Like it's like there's it's a

1135
01:07:17,228 --> 01:07:32,228
no-brainer. All right, let's check in on the state of the network. I am wrapping up at block height

1136
01:07:32,228 --> 01:07:42,868
953,137. Our current U.S. price to one Bitcoin is 61,750. That puts our sats per dollar at 1,619

1137
01:07:42,868 --> 01:07:52,668
sats to one US dollar. We are down 51.1% from our all-time high 246 days ago, October 6, 2025.

1138
01:07:53,488 --> 01:07:56,928
The retarget date's coming up in just three days as I record June 13,

1139
01:07:57,588 --> 01:08:03,068
2026, with a downward adjustment now of 10.8%. So that did level out a little bit.

1140
01:08:03,708 --> 01:08:11,668
Our reachable Bitcoin notes, 27,388, still looking real strong. We're down 6.4%

1141
01:08:11,668 --> 01:08:13,208
from the last episode.

1142
01:08:14,248 --> 01:08:15,228
I don't even feel it.

1143
01:08:15,768 --> 01:08:16,268
It's fine.

1144
01:08:16,808 --> 01:08:17,548
I don't even feel it.

1145
01:08:17,568 --> 01:08:18,008
Do you feel it?

1146
01:08:18,708 --> 01:08:19,248
It's fine.

1147
01:08:20,068 --> 01:08:21,148
Stay the network is strong.

1148
01:08:21,328 --> 01:08:21,868
It continues.

1149
01:08:21,968 --> 01:08:22,868
TikTok, next block.

1150
01:08:33,068 --> 01:08:34,848
Well, if you made it this far,

1151
01:08:35,248 --> 01:08:36,928
you got diamond hands, my friend.

1152
01:08:37,188 --> 01:08:38,488
Really, this is where conviction

1153
01:08:38,488 --> 01:08:40,068
is tested and made.

1154
01:08:40,068 --> 01:08:45,428
if you're still investing in learning and monitoring the situation and figuring out where things are going,

1155
01:08:45,528 --> 01:08:47,888
you've got what it takes to be in this for the long haul.

1156
01:08:48,308 --> 01:08:54,948
Links to what I talked about, including that molecule piece that I thought sounded pretty good.

1157
01:08:55,008 --> 01:08:56,948
I forget the whole title, but it was good. It's in the show notes.

1158
01:08:56,948 --> 01:09:01,588
They're all in the show notes at thisweekinbitcoin.show and jupiterbroadcasting.com.

1159
01:09:01,888 --> 01:09:08,008
My goal, of course, is to give you a show that doesn't get distracted by the emotions or the games that are going around,

1160
01:09:08,008 --> 01:09:09,908
but just really focuses on the signal

1161
01:09:09,908 --> 01:09:11,488
so that way you can plan for yourself,

1162
01:09:11,908 --> 01:09:14,088
your friends, your family, your business,

1163
01:09:14,268 --> 01:09:16,088
your future, whatever it might be.

1164
01:09:16,428 --> 01:09:17,208
I hope I did that.

1165
01:09:17,248 --> 01:09:18,928
You can always let me know by sending in a boost

1166
01:09:18,928 --> 01:09:19,808
with a little bit of value.

1167
01:09:20,368 --> 01:09:22,688
And as I do, I'm going to wrap it up

1168
01:09:22,688 --> 01:09:23,988
with a value for value track.

1169
01:09:24,408 --> 01:09:28,048
This is, I say one for those of you out there on a drive,

1170
01:09:28,148 --> 01:09:30,648
maybe a nice swoopy drive around corners,

1171
01:09:31,128 --> 01:09:32,228
beautiful summer weather.

1172
01:09:32,728 --> 01:09:34,728
You can send a boost to a 95% of the stats

1173
01:09:34,728 --> 01:09:36,568
during the song will go to our artists.

1174
01:09:36,568 --> 01:09:39,888
and it is Tragedy by IRF Cat.

1175
01:09:40,368 --> 01:09:41,188
See you next week.

1176
01:09:41,428 --> 01:09:42,108
Thanks for being here.

1177
01:10:06,568 --> 01:10:08,108
Will be the best of the centuries

1178
01:10:08,108 --> 01:10:09,668
But words fall on deaf ears

1179
01:10:09,668 --> 01:10:11,628
Nose clog, nothing in the eyes

1180
01:10:11,628 --> 01:10:13,328
That are full of pain except tears

1181
01:10:13,328 --> 01:10:14,588
Yeah, I'm a mess, dear

1182
01:10:14,588 --> 01:10:16,948
If I die, then that will be a blessed year

1183
01:10:16,948 --> 01:10:21,208
My soul, searching for a way out

1184
01:10:21,208 --> 01:10:25,508
Can't find it, world full of darkness

1185
01:10:25,508 --> 01:10:27,628
So many heartless

1186
01:10:27,628 --> 01:10:32,808
But I'm open to give them a peace of mind

1187
01:10:32,808 --> 01:10:34,368
Regardless

1188
01:10:34,368 --> 01:10:39,328
Cause what's better way to die than to give away your pain

1189
01:10:39,328 --> 01:10:46,948
Yeah, it's a curse for me, but can't be another's gain

1190
01:10:46,948 --> 01:10:49,828
But ain't that a shame