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Welcome in to This Week in Bitcoin, episode 75.

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My name is Chris, ChrisLAS.com, JupiterBroadcasting.com.

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Okay, I'm not really here this week, and this isn't a real episode because I'm on vacation.

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Clearly.

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But as the author of the Bitcoin standard put it, it is Fiat Bingo Day again.

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Really, it's Fiat Bingo Week because today we have a U.S. rate decision and we have Canada's rate decision today as well.

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And then tomorrow, or perhaps as you're listening to this, the U.K. and Japan are set to announce their rate cut decisions.

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Canada's kicking us off.

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They lowered their key interest rate by, you're never going to guess it, 25 basis points.

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And they announced that just a bit before Jay Pau took the stage this afternoon.

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Considerable uncertainty remains, but with a weaker economy and less upside risk to inflation,

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governing council judged that a reduction in the policy rate was appropriate to better balance the risks going forward.

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That was the governor of the Bank of Canada announcing the rate cut.

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They also note that their job market has softened.

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Inflation has eased, but not in energy pricing.

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And the federal government's removal of retaliatory tariffs against the U.S. has reduced some upside risk to future inflation.

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So with jobs getting a little weak and the upside risk to future inflation low, it's time to cut, Canada says.

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And so they're coming down 25 basis points.

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And whenever we're facing one of these cuts, every community that's impacted by this begins to speculate.

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Bitcoiners wonder if the Bitcoin price will pump or if people will sell the news.

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And obviously, every day, people wonder if it's going to impact maybe their credit card, interest rates, mortgage rates, things like that.

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Now to some news that could really impact your wallet and your family budget.

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Yeah, today, the Federal Reserve is meeting where they'll decide if they're going to lower interest rates.

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Let's check in with KPRC2 News anchor Brittany Jeffers with what we should expect today.

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Good morning, Brittany.

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Good morning to you, ladies.

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And over the past few hours, I've been going over different reports on what experts think could play out today.

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And what I'm seeing from a lot of different analysts is that they believe the Federal Reserve leaders will vote to cut interest rates today.

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Keep in mind, this would be the first time in nine months, and it can potentially affect everything from your mortgage rate, your car loan, even credit cards.

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So let's go ahead and dive into the numbers and see what's on the table here.

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Analysts expect that the Fed could cut the key rate by a quarter point.

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And this would bring the target federal funds rate to between 4 and 4.25 percent.

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And this is impactful because a cut like this usually makes it cheaper to borrow money.

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Mounting signs of labor market weakness are a key reason that the Fed is expected to lower borrowing costs for the first time since December.

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Analysts say there's also a growing belief among central bankers that tariff inflation may be short-lived.

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Now, I looked at a report from FICO. It shows Americans' credit scores are falling at the fastest rate since the Great Recession more than 15 years ago.

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The analytics company found that borrowers are behind on credit card and car payments as well as other loans.

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Now, as far as what we can expect to see happen today.

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We'll get to that. There's also no denying that the buildup to today's rate meeting has been extremely political.

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Today, members of the Federal Reserve begin their meeting to decide interest rate cuts on if they should make interest rate cuts with renewed pressure from President Trump.

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The president posting on social media this message to Fed Chair Jerome Powell, quote, too late, must cut interest rates now and bigger than he had in mind.

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Housing will soar.

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Well, I think he's probably going to be disappointed in that.

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And not all cuts are good cuts.

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some asset holders are going to benefit in the long term, but there are some asset holders

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that are going to have to take it in their bags. Let's assume for the moment that the Fed funds

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futures are correct and there's a 100 percent chance the Fed will cut rates tomorrow by at

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least a quarter of a point to four and four and a quarter percent. We've talked a lot about which

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stocks and sectors stand to benefit from a Fed easing, but which could stumble? Today,

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Today, Barron's put a fine point on one name in particular, and it may surprise you.

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In an article entitled Berkshire Hathaway could see a big hit if the Fed slashes rates.

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Here's how much.

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Barron says because Warren Buffett's Berkshire Hathaway parks a huge amount of its cash in short term T-bills,

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if the Fed goes on a rate cutting cycle through the end of next year,

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Berkshire could take a three billion dollar hit to the annual interest income he normally gets from those T-bills.

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Oh, shit about some of that rat poison. And I hate to say it, but I think that's exactly what is going to happen. If you bet on the most safest investment you could possibly make, which that's what Berkshire does. That's what they're known for. You will be the end up the one getting screwed.

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And I think that is just so quintessentially encapsulates the time we are in is the holders of the safe assets, supposedly the quote unquote safe assets are the ones that will end up being the bag holder, like the empty bag, I suppose, to complete the analogy.

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so the way this works is the fomc committee gets together they dot their plots and then

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just before the next day just before jay powell comes out on stage jerome powell the chair of the

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federal reserve jay powell as i affectionately recall him comes out on stage they pre-announce

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the rate cut. So when he enters the room to talk about the rate cut, everybody knows the news ahead

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of time. And that gives the press a little bit of time to formulate their questions. You can also

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start to watch the market digest the news and then continue to digest the news as Jay Powell speaks.

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So he enters the room and he kicks things off like a classic Jerome Powell press conference.

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Good afternoon. My colleagues and I remain squarely focused on achieving our dual mandate

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goals of maximum employment and stable prices for the benefit of the American people.

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While the unemployment rate remains low, it has edged up.

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Job gains have slowed and downside risks to employment have risen.

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I'd say his tone is a little more somber.

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This is a very highly anticipated rate cut, very closely watched and likely one to be

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echoed around Western governments.

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So this just to me seems like a big moment in history because this is the start of what

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could very likely be an ongoing series of rate cuts. We'll get more into that.

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At the same time, inflation has risen recently and remains somewhat elevated.

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In support of our goals and in light of the shift in the balance of risks,

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today the Federal Open Market Committee decided to lower our policy interest rate by a quarter

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percentage point. A shift in the balance of risks. You got to love the way these guys talk.

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Like I told you last week, this bad job revision that we got that shows that really we've been

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taken in the pants with jobs, which, by the way, a strong jobs market was like the key thing holding

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up the rates as far as he was saying, oh, yeah, well, look at the strong jobs market. We don't

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need to lower rates. No, we're fine. Look at all these jobs. Look at all these jobs. And then this

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revision comes out. The Fed, and I'll make my case later in the show, the Fed was always going to

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lower interest rates today. Spoiler alert. They were always going to lower rates. This jobs

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revision gives them the political cover they need to do it. I'll try to make my case later,

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but here he is. The balance of risk has changed. In support of our goals and in light of the shift

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in the balance of risks, today the Federal Open Market Committee decided to lower our policy

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interest rate by a quarter percentage point. We also decided to continue to reduce our securities

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holdings. I'll have more to say about monetary policy after briefly reviewing economic developments.

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Continuing to reduce their security holdings is banker code for quantitative tightening remains.

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So this isn't a barn burner money printing meme that everybody's going to be posting online.

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It is bullish, but if they were to also begin quantitative easing, in other words, they were to start purchasing assets, that would really flood the market with liquidity.

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Instead, they're going to continue their runoff process, which is a tightening process.

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by a quarter percentage point. We also decided to continue to reduce our securities holdings.

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I'll have more to say about monetary policy after briefly reviewing economic developments.

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Recent indicators suggest that growth of economic activity has moderated. GDP growth,

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GDP rose at a pace of around one and a half percent in the first half of the year, down from

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2.5 percent last year. The moderation in growth largely reflects a slowdown in consumer spending.

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In contrast, business investment in equipment and intangibles has picked up from last year's pace.

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Activity in the housing sector remains weak.

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In our summary of economic projections, the median participant projects GDP to rise 1.6% this year and 1.8% next year, a touch stronger than projected in June.

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I'd love it if one of you out there kept track of those numbers.

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I kept that in the clip, so that way maybe we could return to that in a year or so and see if he was right.

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So let's talk about this rate cut.

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Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people.

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At today's meeting, the committee decided to lower the target range for the federal funds rate by a quarter percentage point to four to four and a quarter percent and to continue reducing the size of our balance sheet.

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So we are officially in a cutting environment now.

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The Federal Reserve has cut interest rates by 25 basis points.

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That's a 0.25% cut.

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That's the first cut since December.

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A narrow majority of Federal Reserve officials have now penciled in a total of three cuts this year.

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Now, it doesn't mean it will happen.

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They're forecasting that.

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That's implying an additional 50 basis point rate cut in 2025 and 25 basis point rate cuts in 2026 and another 25 basis point in 2027.

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Not a lot of cuts, slower amount of cuts, but a continued regime of lowering the rate.

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Now, they have very carefully crafted their messaging, removed certain phrases about the labor market and phrases they used before to justify their existing monetary policy.

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And one of the wrinkles, one of the things that's in the background of this FOMC meeting is this ginormous revisions to the jobs report and how that's all of a sudden changed the outlook, how the Fed can pivot.

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And that's one of the things that the press is just going to pepper him with questions like, how can you so quickly pivot on this?

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And one of the very early questions gets J-POW into a line of answering I didn't expect.

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When they talk about the jobs market, he says one of the things that's having an impact right now is we've kicked out a lot of illegals and we have less migration coming into the country.

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And so, therefore, there's just lower participation in the jobs market.

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I would say if you're looking at why employment is doing what it's doing, that's much more about the change in immigration.

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So the supply of workers has obviously come way down There very little growth if any in the supply of workers And at the same time demand for workers has also come down quite sharply

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And to the point where we see what I've called a curious balance.

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It's, you know, typically when we say things are in balance, that sounds good.

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But in this case, the balance is because both supply and demand have come down quite sharply.

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Now demand coming down a little more sharply because we see, we now see the unemployment rate edging up.

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I thought that was just remarkable to hear the federal chair say out loud is, well, yeah, there's less immigration, so there's less jobs.

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But also he's saying that they sort of came down in sync.

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Perhaps the demand for jobs came down a little bit harder.

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So with the shift in jobs, this gave them the cover to move to an easing policy, even though the risk of inflation is still there.

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I think if you go back to April and now look at the revised job creation numbers for May, June, July and August, I can no longer say that.

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So what that means is that the risks were clearly tilted toward inflation.

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I would say they're moving toward equality.

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Maybe they're not quite out of equality.

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We don't need to know that.

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But we do know that they've moved meaningfully.

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By equality, he means the risk between their dual mandate to maintain price stability and maintain the labor market. They're about equal risk right now is what he's actually saying. If you listen to the words the man is saying, they're both equally at risk.

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I would say they're moving toward toward equality. Maybe they're not quite out of quality. We don't need to know that. But we got it. We do know that they've moved meaningfully toward greater equality, the risks between the two goals. And that suggests that we should be moving in the direction of neutral. And that's what we did today.

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So there you go. It's like we were we have this revised number. We have to do it. We have to do it. In fact, he comes back to it again and again during the press conference. It's the revised jobs report. It's the reason.

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Colby Smith of the New York Times.

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Should we be viewing today's cut as the committee taking out some insurance against the possibility

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that the labor market is at risk of weakening?

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Or is it the committee's view that the dynamics of a downturn are already in place?

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I guess I'm just trying to square the shift in the rate forecast in the SEP towards more

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cuts than just three months ago with the fact that the forecast for unemployment didn't

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change.

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Yeah, I think you could think of this in a way as a risk management cut.

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because if you look at the SEP, actually the projections for growth this year and next

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actually ticked up just a little bit, and inflation and unemployment didn't really move

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once.

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So what's different now?

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What's different now is that you see a very different picture of the risks to the labor

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market.

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You've seen, you know, we were looking at 150,000 jobs a month at the time of the last

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meeting, and now we see the revisions and we see the new numbers.

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And I don't want to put too much emphasis on payroll job creation, but it's just one

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of the things that suggest that the labor market is really cooling off. And that tells you that it's

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time to take that into account in our policy. Oh, okay. Oh, okay. So isn't it interesting that

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what he's essentially saying here is that for the last year, they've been making their decisions

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based on bogus data. That doesn't sound very good when you break it down. Now, here's the question

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I came to during all of this. If unemployment is on the rise because migration is down and

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illegal immigrants are out, then how does a rate cut help us at all? How does a rate cut

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solve that particular problem? Well, one of the reporters actually asked that question.

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Michael McKee from Bloomberg Radio and Television. I'm a little confused by your explanation of what

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the Fed cutting rates because of unemployment, if you think that most of what's happening in the

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employment area is related to immigration, which your rate cuts wouldn't address, how do you see

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that as more important than inflation, which has remained almost a full percentage point above your

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target? Well, I was saying that what's happening in the labor market has more to do with immigration

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than it has to do with tariffs. That was the question I was answering. So I wouldn't say that

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all of what's happening in the labor market is due to tariffs.

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I mean, you clearly have a slowing in due to immigration.

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You clearly have a slowing in demand,

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which is now perhaps more than that in supply.

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And we know that because the unemployment rate has ticked up.

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So that's what I meant by that.

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Does that make sense to you?

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Boost in if you're buying this narrative.

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To me, it's pretty thin,

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even when you listen to J-PAL's explanations that,

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well, we had to cut because of these revised job numbers, because A, that's admitting that they were being led by bogus data.

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And B, how do they know the new data isn't bogus?

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Like, well, so when inflation was transitory, was that also bogus data?

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Like, this seems to keep happening.

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And then they're cutting rates because the employment market is suffering, but it's mostly suffering because immigration and immigrants are out.

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But at the same time, they're going to cut rates.

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I'm like, does this make sense to you?

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Boost in and tell me if this makes any sense to you, if you're clicking like what you think is really going on here. And this next clip, I think, gives us some insights. They have no path forward. They were always going to have to cut rates because there is no good answer.

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It's like a lot of people out there in the real world find themselves now trapped between debt and cost of living and inflation going up and a bad housing market.

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There's just no good answers anymore for the people and for the Federal Reserve.

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It is such an unusual situation.

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Ordinarily, when the labor market is weak, inflation is low.

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And when the labor market is really strong, that's when you've got to be careful about inflation.

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So we have a situation where we have two-sided risk, and that means there's no risk-free path.

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And so it's quite a difficult situation for policymakers.

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And it's not at all surprising to me that you have a range of views.

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It's not so much about having different views for the path of the economy, but it's partly that.

197
00:18:17,922 --> 00:18:23,962
But it's also partly about what's the right thing to do in light of the tension between the two goals.

198
00:18:23,962 --> 00:18:27,402
How do you weight them? How worried are you about one versus the other?

199
00:18:27,482 --> 00:18:37,242
So it's natural. I think it would actually be surprising if you didn't have a pretty wide range of views based, you know, in this kind of highly unusual situation, and we do.

200
00:18:37,902 --> 00:18:45,523
So, but, you know, we get together, we discuss, we have a great discussion, and then we decide what to do and we act.

201
00:18:45,642 --> 00:18:52,523
But you're right there that it's a wide dispersion of views, and I think that's understandable and natural in the current situation.

202
00:18:52,862 --> 00:18:55,962
There's a bit of context and background to his answer.

203
00:18:55,962 --> 00:19:05,842
See, there's a bit of contention right now as Stephen Moran, who came from the White House, still has his position at the White House, just joined the Federal Reserve's board of governors.

204
00:19:06,803 --> 00:19:14,102
And during his confirmation hearings, I guess he was quoted as talking about a secret third mandate for the Fed.

205
00:19:14,763 --> 00:19:17,842
Of course, we're familiar with their price stability and maximum employment mandate.

206
00:19:17,922 --> 00:19:18,922
He talks about it all the time.

207
00:19:19,523 --> 00:19:23,803
But Stephen says there's a third mandate to pursue moderate long-term interest rates.

208
00:19:24,642 --> 00:19:30,283
And essentially, he points to the fact that any time the bond market really starts to have issue, the Fed steps in.

209
00:19:30,602 --> 00:19:36,082
And this mention of a third mandate sparked debate amongst all kind of analysts and people on Twitter and Bitcoiners freaking out.

210
00:19:36,182 --> 00:19:37,182
Oh, a third mandate.

211
00:19:37,982 --> 00:19:42,242
And of course, this guy is Trump's potential pick to replace J-PAL.

212
00:19:42,822 --> 00:19:44,622
So it got a lot of attention.

213
00:19:45,102 --> 00:19:46,303
And there was speculation.

214
00:19:46,662 --> 00:19:47,742
Would he address it?

215
00:19:47,783 --> 00:19:48,642
Would he talk about it?

216
00:19:49,082 --> 00:19:52,902
And depending on his answer, some speculated it might cause the market to race or crash.

217
00:19:53,602 --> 00:19:54,622
Well, he was asked about it.

218
00:19:55,142 --> 00:19:56,082
Well, I'll let you decide.

219
00:19:56,142 --> 00:19:57,703
But to me, it sort of seems like a non-issue.

220
00:19:58,523 --> 00:20:02,902
And at his recent confirmation hearing, Stephen Myron brought up that the Fed actually has

221
00:20:02,902 --> 00:20:08,162
three mandates from Congress, not just jobs in stable crisis, but also moderate long-term

222
00:20:08,162 --> 00:20:08,943
interest rates.

223
00:20:09,482 --> 00:20:13,102
So what does Congress mean by moderate long-term interest rates?

224
00:20:13,102 --> 00:20:17,263
How should we understand that when we see the 10-year Treasury moving?

225
00:20:17,722 --> 00:20:21,703
And how do you think about this part of the mandate when policy choices like rate cuts

226
00:20:21,703 --> 00:20:24,462
or balance sheet reductions affect the long end of the yield curve?

227
00:20:26,063 --> 00:20:31,662
So we always think of it as the dual mandate, maximum employment and price stability for a long

228
00:20:31,662 --> 00:20:37,602
time because we think moderate long-term interest rates are something that will result from stable

229
00:20:37,602 --> 00:20:45,642
inflation, low and stable inflation, and maximum employment. So we haven't thought about that

230
00:20:45,642 --> 00:20:51,002
for a very long time as a third mandate that requires independent action.

231
00:20:51,362 --> 00:20:52,942
So that's where that is.

232
00:20:53,742 --> 00:20:56,842
And there's no thought of, as far as I'm concerned,

233
00:20:56,842 --> 00:20:59,722
there's no thought of considering that, you know,

234
00:21:00,362 --> 00:21:04,563
considering that we somehow incorporate that in as something in a different way.

235
00:21:06,842 --> 00:21:08,442
There you go. There's no third mandate.

236
00:21:08,742 --> 00:21:09,682
What are you talking about?

237
00:21:15,642 --> 00:21:27,102
All right, coming up on the show, I'll make my case why I think they had no choice.

238
00:21:27,102 --> 00:21:28,102
This was coming anyways.

239
00:21:28,102 --> 00:21:30,142
And I also, I want to get to your boosts.

240
00:21:30,142 --> 00:21:34,523
I know it's a shorter episode, but I've already got an episode in the can from Oscars chat

241
00:21:34,523 --> 00:21:35,523
with some boosts.

242
00:21:35,523 --> 00:21:36,523
So I want to catch up.

243
00:21:36,523 --> 00:21:41,283
But first, I want to mention, you can support the show just by doing what you already do,

244
00:21:41,283 --> 00:21:42,283
stacking sats.

245
00:21:42,283 --> 00:21:45,602
You want to buy some sats on River, one of the best places in the U.S. to stack sats?

246
00:21:45,602 --> 00:21:46,523
I got a link in the show notes.

247
00:21:46,602 --> 00:21:47,882
You support the show while you do it.

248
00:21:48,563 --> 00:21:49,763
Now, if you're all about self-custody,

249
00:21:50,162 --> 00:21:52,102
if you're in Canada or the U.S.,

250
00:21:52,102 --> 00:21:55,182
the Bitcoin Well is an amazing automatic self-custody platform

251
00:21:55,182 --> 00:21:57,362
to and from your own wallet.

252
00:21:58,102 --> 00:22:00,162
All your own wallets, Lightning and on-chain.

253
00:22:00,702 --> 00:22:02,962
If you're ready to spend some sats via Lightning,

254
00:22:03,462 --> 00:22:07,102
the Bitcoin company goes from sats to gift card in just moments.

255
00:22:07,623 --> 00:22:08,623
All they do is Bitcoin.

256
00:22:08,783 --> 00:22:09,842
You can sign in via Lightning.

257
00:22:10,442 --> 00:22:13,922
FoldCard lets you pay bills, stack sats, things like that.

258
00:22:13,922 --> 00:22:16,162
your day-to-day expenses, stack stats.

259
00:22:16,662 --> 00:22:19,442
Salt Lending lets you get access to your Bitcoin value without selling it.

260
00:22:20,162 --> 00:22:21,023
That's pretty great, too.

261
00:22:21,563 --> 00:22:23,543
Link in the show notes for all of that.

262
00:22:23,722 --> 00:22:25,982
Support the show by just doing what you do.

263
00:22:25,982 --> 00:22:48,642
Ask not what your podcast can boost for you, but what you can boost for your podcast.

264
00:22:48,642 --> 00:22:56,902
And we got some direct support into the show via booze, and Satsquatch comes in as our baller booster with 88,000 sats.

265
00:22:57,002 --> 00:22:58,402
Hey, rich lobster!

266
00:23:00,422 --> 00:23:00,862
Yeah!

267
00:23:01,842 --> 00:23:03,902
That's a spicy meatball!

268
00:23:04,623 --> 00:23:08,882
Satsquatch writes, Chris, I stacked and DCA'd corn throughout the summer just like the rest of the year.

269
00:23:09,322 --> 00:23:11,882
Fiat inflation is forever and won't go down, in my opinion.

270
00:23:12,382 --> 00:23:15,322
Hope this rate cut pumps our bags, but who the heck knows anymore.

271
00:23:15,442 --> 00:23:16,182
Have fun in Texas.

272
00:23:16,362 --> 00:23:17,043
Love it down there.

273
00:23:17,043 --> 00:23:21,142
Yes, thank you, SatSquatch. Thank you. And I had a boy, DCA away.

274
00:23:21,822 --> 00:23:26,283
I will be traveling down to Texas for Texas Linux Fest at the end of the month.

275
00:23:27,043 --> 00:23:29,662
And then Texas Linux Fest itself kicks off in October.

276
00:23:29,822 --> 00:23:35,623
So if you are in the Austin area and want to come say hi, Texas Linux Festival is one of the good ones.

277
00:23:35,662 --> 00:23:40,263
Because it's a smallish crowd, high signal, low noise, good hang.

278
00:23:40,742 --> 00:23:46,442
And it's October 3rd through the 4th in Austin, Texas at the Commons Conference Center, I believe.

279
00:23:46,442 --> 00:23:52,002
But you can find out more if you just Google up Texas Linux Fest or Bing it up, whatever it might be.

280
00:23:52,263 --> 00:23:53,982
Thank you, SatSquatch. Appreciate that.

281
00:23:54,362 --> 00:23:57,862
Hey, look, producer Jeff's here with 50,000 sats.

282
00:23:58,142 --> 00:23:59,382
Live long and prosper.

283
00:23:59,702 --> 00:24:00,303
Yes, hi.

284
00:24:00,523 --> 00:24:12,505
Hello Enjoy your time off and happy birthday to H Yes the wife and I are celebrating a birthday I on vacation right now I not doing a show I not doing a show because I on vacation

285
00:24:13,305 --> 00:24:14,125
This is all AI.

286
00:24:14,345 --> 00:24:15,025
Yeah, that's it.

287
00:24:15,345 --> 00:24:16,365
This is all AI.

288
00:24:16,945 --> 00:24:18,105
All systems are functional.

289
00:24:18,425 --> 00:24:18,965
Thank you, PJ.

290
00:24:19,685 --> 00:24:22,465
J-Cube's here with 30,000 sats.

291
00:24:22,465 --> 00:24:25,385
I don't understand what the heck is going on here.

292
00:24:25,485 --> 00:24:26,045
Keep it up, Chris.

293
00:24:26,105 --> 00:24:28,125
My wife and I listen to your show regularly for the news.

294
00:24:28,645 --> 00:24:29,385
You take Andrew it.

295
00:24:29,465 --> 00:24:30,265
Oh, that's great.

296
00:24:30,385 --> 00:24:31,265
I like you.

297
00:24:31,625 --> 00:24:32,685
You're a hot ticket.

298
00:24:33,125 --> 00:24:35,045
You know, a couple that listens together stays together.

299
00:24:35,245 --> 00:24:35,885
Thank you, JQ.

300
00:24:36,025 --> 00:24:37,125
Appreciate the boost.

301
00:24:37,585 --> 00:24:41,985
Hello there is here with 6,666 cents.

302
00:24:42,785 --> 00:24:43,745
Yes, sir.

303
00:24:43,885 --> 00:24:45,165
Sirty, sir, sir, sir.

304
00:24:45,325 --> 00:24:46,585
It was actually some ducks.

305
00:24:46,585 --> 00:24:52,385
He says, I thought I had done really well, smash buying on the dips, but strike shows that my average price via DCA did better.

306
00:24:52,505 --> 00:24:53,725
I was actually pretty surprised.

307
00:24:54,725 --> 00:24:55,125
Interesting.

308
00:24:55,265 --> 00:24:55,705
Hello there.

309
00:24:55,705 --> 00:25:00,385
And I really like the platforms that let you keep track of your average cost.

310
00:25:00,925 --> 00:25:03,845
That's a really good little bit of measurement you can do there.

311
00:25:04,285 --> 00:25:05,285
Thank you for sending that in.

312
00:25:05,865 --> 00:25:07,025
That's some good feedback.

313
00:25:07,565 --> 00:25:10,845
Galactic Starfish is here with 3,333 sats.

314
00:25:11,985 --> 00:25:14,365
I DCA'd a set weekly amount.

315
00:25:14,645 --> 00:25:17,065
I put some towards a project car, a.k.a. my money pit.

316
00:25:17,105 --> 00:25:20,425
And whenever I had left that I didn't spend, I used that to smash buy.

317
00:25:21,005 --> 00:25:21,665
I like that.

318
00:25:21,665 --> 00:25:31,385
Yeah, there have been times, too, where I've been like, I'll put a little money into Bitcoin and be like, in two years, I'm going to come back to that and see where it's at and then decide if I want to still do the thing.

319
00:25:31,465 --> 00:25:32,825
And I often just want to keep the Bitcoin.

320
00:25:33,545 --> 00:25:34,525
Maybe two years, one year.

321
00:25:34,605 --> 00:25:35,685
You know, it's like it depends on the time frame.

322
00:25:35,805 --> 00:25:36,505
But it's interesting.

323
00:25:36,665 --> 00:25:39,665
Like, after I give the decision some space, I come back.

324
00:25:39,705 --> 00:25:40,905
I actually still prefer the Bitcoin more.

325
00:25:41,585 --> 00:25:45,625
But I think, you know, that's my thinking is if you got spare cash, you put it into Bitcoin.

326
00:25:46,185 --> 00:25:47,765
You could put it in your savings account, I suppose.

327
00:25:48,825 --> 00:25:49,105
Yes.

328
00:25:49,205 --> 00:25:49,645
What are you going to do?

329
00:25:50,365 --> 00:25:51,365
You don't let it sit there and melt?

330
00:25:51,665 --> 00:25:52,345
That's weird.

331
00:25:53,045 --> 00:25:54,465
That sounds more risky to me.

332
00:25:54,585 --> 00:25:55,625
Thank you, Galactic Starfish.

333
00:25:55,825 --> 00:25:56,025
Fisher?

334
00:25:56,805 --> 00:25:57,645
I suppose it's Fisher, huh?

335
00:25:57,905 --> 00:25:58,705
Although you're missing neither.

336
00:25:59,165 --> 00:25:59,705
Appreciate you.

337
00:26:00,165 --> 00:26:03,865
Block 7 is here with 7,777 sats.

338
00:26:04,105 --> 00:26:06,985
I don't understand what the heck is going on here.

339
00:26:07,225 --> 00:26:07,565
Heck.

340
00:26:08,345 --> 00:26:10,305
Poor Hank, he's so confused, right?

341
00:26:10,305 --> 00:26:12,325
Put some macaroni and cheese on there, too.

342
00:26:12,425 --> 00:26:13,565
Although he gets that part right.

343
00:26:13,705 --> 00:26:18,745
Block 7 writes, with 7,777 sats, do the start 9, then school's on the upgrade that is looming.

344
00:26:19,325 --> 00:26:21,065
I like that idea so much.

345
00:26:21,065 --> 00:26:22,785
I saw that boost come in live.

346
00:26:23,625 --> 00:26:25,125
Well, or at least I saw it in the morning.

347
00:26:25,345 --> 00:26:27,465
I don't know if I saw it come in live because I think it came in like at 2 a.m.

348
00:26:27,465 --> 00:26:32,105
But I saw it in the morning when I got up and I thought to myself, that's exactly what I should do.

349
00:26:32,945 --> 00:26:36,825
That's what I should do is I should set up a start nine now and then go through the upgrade process.

350
00:26:37,005 --> 00:26:38,845
Boy, they are doing a lot with mayo these days.

351
00:26:38,865 --> 00:26:40,585
Because that can be painful.

352
00:26:41,005 --> 00:26:42,045
So I think I will get on that.

353
00:26:42,145 --> 00:26:42,805
Thank you, Block7.

354
00:26:42,945 --> 00:26:43,685
Great suggestion.

355
00:26:44,485 --> 00:26:46,705
Paranoid Coders here with 2,000 sets.

356
00:26:46,805 --> 00:26:48,225
Coming in hot with the boost.

357
00:26:48,225 --> 00:26:51,405
I wanted to give you another resource to get some info on Spark.

358
00:26:51,585 --> 00:26:54,745
Instead of issuing separate Bitcoin-based coins,

359
00:26:55,085 --> 00:26:57,825
the whole system is built on pre-signed exit transactions

360
00:26:57,825 --> 00:26:59,725
that get updated for every Spark transaction.

361
00:26:59,925 --> 00:27:03,825
This allows users to unilaterally exit from the base chain at any time.

362
00:27:04,245 --> 00:27:06,985
I know you consume a lot of content, though, so no worries if you can't get to it,

363
00:27:07,005 --> 00:27:08,225
but I truly think it might be useful.

364
00:27:08,465 --> 00:27:11,725
And one of the best scaling solutions that stays true to Bitcoin's ethos,

365
00:27:11,865 --> 00:27:12,845
and it includes a fountain link.

366
00:27:13,185 --> 00:27:14,985
All right, I will check that out. Thank you, Paranoid Coder.

367
00:27:15,785 --> 00:27:16,785
Spark seems interesting.

368
00:27:16,785 --> 00:27:20,945
don't honestly know much about it. So I think it's an area I need to learn more about. So I will.

369
00:27:21,405 --> 00:27:24,725
So that way I can have an informed opinion. Because right now, you know me, I'm pretty much

370
00:27:24,725 --> 00:27:28,445
just Bitcoin on chain lightning with a little bit of liquid here and there. And that's about as

371
00:27:28,445 --> 00:27:35,165
fancy as I get. I could see playing around with eCash and some of that stuff. But for right now,

372
00:27:35,165 --> 00:27:39,785
it's just as fancy as I need. And it works really well for me. And I really like, you know,

373
00:27:39,845 --> 00:27:43,665
consolidating small transactions and liquid and moving it out in one large transaction.

374
00:27:43,665 --> 00:27:51,705
but the idea that the system is built on pre-signed exit transactions that all right you got my

375
00:27:51,705 --> 00:27:57,265
attention there thanks for the boost paranoid loomer comes in with 5 000 sats the traders love

376
00:27:57,265 --> 00:28:04,565
the vol appreciate the macro takes p.s inscriptions already enabled c sam we don't have to bring it up

377
00:28:04,565 --> 00:28:09,805
that's not possible nothing can do that yeah i agree can't be true can't be true thank you

378
00:28:09,805 --> 00:28:16,145
Bloomer. Appreciate the boost. Ace Ackerman's here with a Rowanux. Great episode. Enjoy your time off.

379
00:28:16,345 --> 00:28:21,405
Totally. Thank you. And I am completely taking the week off. Totally doing that, Ace. Thank you very much.

380
00:28:21,865 --> 00:28:28,445
Jordan Bravo comes in with a Rowanux. What? Give him a good one. Give him a good one. There you go.

381
00:28:32,145 --> 00:28:36,345
Sometimes you get a soundboard misfire. My sat stacking has slowed to a trickle these past few

382
00:28:36,345 --> 00:28:39,825
months as monthly expenses for him and my family. Don't leave much left over for anything else.

383
00:28:39,925 --> 00:28:45,345
Inflation sucks, but this is why we buy Bitcoin. Jordan, I think you are in a position where a lot

384
00:28:45,345 --> 00:28:49,745
of folks are. They're tapped out, is how I say it. They're tapped out. I think what you look for

385
00:28:49,745 --> 00:28:55,885
are moments to sneak a little bit into Bitcoin here and there. $100, $20, $10, $5. As you can,

386
00:28:55,945 --> 00:28:59,865
you sneak a little bit in, and that can be a new form of DC gain. Not so much daily, though,

387
00:29:00,465 --> 00:29:04,525
right? But that is the downside of things getting tight. And I think one of the key things to do in

388
00:29:04,525 --> 00:29:10,605
these scenarios is reduce expensive debt like credit card debt and look for edge cases where

389
00:29:10,605 --> 00:29:15,265
you can stack a little bit feeling you though buddy feeling you so much i'm gonna go ahead and

390
00:29:15,265 --> 00:29:21,005
hit my microphone in your honor thank you a train's here with 15 000 sets i feel like a train

391
00:29:21,005 --> 00:29:26,305
that's a reference to something this is the way thank you for the boost thanks for the economic

392
00:29:26,305 --> 00:29:31,065
overview and the heads up on the npm attack no worries here sparrow and coldwall user myself i

393
00:29:31,065 --> 00:29:34,285
tried the jump to using Fold as a primary bank account,

394
00:29:34,685 --> 00:29:36,945
but I was really disappointed with the transfer out limits,

395
00:29:37,085 --> 00:29:37,725
maybe in the future.

396
00:29:38,405 --> 00:29:40,625
He says, I snipe by and keeping the average low.

397
00:29:40,825 --> 00:29:42,085
Have fun and enjoy the trip.

398
00:29:42,165 --> 00:29:42,565
Use knots.

399
00:29:43,285 --> 00:29:46,405
So I'm not aware of limits on outbound,

400
00:29:46,485 --> 00:29:47,725
but maybe I don't do large ones.

401
00:29:48,785 --> 00:29:50,145
Sometimes we pay like, you know,

402
00:29:50,145 --> 00:29:51,065
a couple times a year,

403
00:29:51,145 --> 00:29:53,625
we pay a pretty large auto insurance bill

404
00:29:53,625 --> 00:29:54,445
and things like that,

405
00:29:54,485 --> 00:29:56,145
but I don't have huge transfers coming out.

406
00:29:56,525 --> 00:29:57,925
But I do appreciate that boost.

407
00:29:58,825 --> 00:30:01,005
Hey, look, it's Wine Eagle with 9,000 one sats.

408
00:30:01,065 --> 00:30:03,145
It's over 9,000!

409
00:30:04,005 --> 00:30:06,265
Boosting the best Bitcoin show out there.

410
00:30:06,385 --> 00:30:07,865
And shout out to the Podfather.

411
00:30:08,025 --> 00:30:09,405
Live long and prosper.

412
00:30:09,605 --> 00:30:11,005
Shout out to the Podfather, indeed.

413
00:30:11,845 --> 00:30:12,565
Thank you, Wine Eagle.

414
00:30:13,485 --> 00:30:15,885
Brewer Seth is here with 2,000 sats.

415
00:30:17,025 --> 00:30:18,365
No message, just the value.

416
00:30:18,785 --> 00:30:19,285
Thank you, Brewer.

417
00:30:19,605 --> 00:30:20,565
Nice to hear from you.

418
00:30:21,065 --> 00:30:21,945
Hey, look, it's Gene Bean.

419
00:30:22,085 --> 00:30:24,045
You make me want to be a better man.

420
00:30:24,185 --> 00:30:26,965
And he's here with 5,781 sats.

421
00:30:28,345 --> 00:30:29,745
Yes, I've been de-same for a while,

422
00:30:29,745 --> 00:30:31,345
but I also did a little bit of buying the dip.

423
00:30:31,785 --> 00:30:32,705
Hope you enjoy your week off.

424
00:30:32,885 --> 00:30:33,305
Thank you, Gene.

425
00:30:33,465 --> 00:30:34,645
Totally taking the week off.

426
00:30:35,125 --> 00:30:36,725
For me, the choice to run NONTS

427
00:30:36,725 --> 00:30:38,305
ended up being nothing about spam,

428
00:30:38,405 --> 00:30:39,625
but about how the core team

429
00:30:39,625 --> 00:30:41,165
crammed this operaturn change through.

430
00:30:41,685 --> 00:30:43,025
Their actions made me concerned about

431
00:30:43,025 --> 00:30:45,065
there only being one common node implementation.

432
00:30:45,705 --> 00:30:48,805
Such a underrepresented take, Gene.

433
00:30:49,485 --> 00:30:50,725
An underrepresented take.

434
00:30:51,065 --> 00:30:52,345
I think a lot of people are just like,

435
00:30:52,705 --> 00:30:54,505
you're clearly not following consensus.

436
00:30:54,765 --> 00:30:55,745
There's a lot of concern here.

437
00:30:55,805 --> 00:30:56,705
Why are you pushing this through?

438
00:30:56,785 --> 00:30:58,085
Why couldn't this wait a little bit longer

439
00:30:58,085 --> 00:30:59,005
while we hash this out?

440
00:30:59,265 --> 00:31:00,625
especially after they've seen the reaction

441
00:31:00,625 --> 00:31:01,945
and the increase in knots usage,

442
00:31:02,285 --> 00:31:03,205
no course correction.

443
00:31:03,585 --> 00:31:05,185
That itself is a red flag.

444
00:31:05,465 --> 00:31:06,705
Despite all of the other stuff,

445
00:31:06,745 --> 00:31:07,585
that's what I've come to is

446
00:31:07,585 --> 00:31:09,025
I'm not really as concerned about

447
00:31:09,025 --> 00:31:11,245
all the other stuff that sorts itself out

448
00:31:11,245 --> 00:31:12,225
with fees and whatnot.

449
00:31:12,905 --> 00:31:14,245
And we see this kind of thing

450
00:31:14,245 --> 00:31:15,165
in free software all the time.

451
00:31:15,945 --> 00:31:16,825
Gene continues to,

452
00:31:16,965 --> 00:31:17,805
regarding a guide,

453
00:31:17,885 --> 00:31:18,265
I have to admit,

454
00:31:18,585 --> 00:31:19,845
I don't know much about Start9.

455
00:31:19,945 --> 00:31:20,965
I'm interested in your experiences.

456
00:31:20,965 --> 00:31:21,505
If you try it,

457
00:31:21,945 --> 00:31:23,945
I looked at how they package things a while back

458
00:31:23,945 --> 00:31:25,925
and was sort of perplexed by their choices.

459
00:31:26,545 --> 00:31:27,505
That's when I went with Umbral.

460
00:31:27,965 --> 00:31:29,065
Things might be different now, though.

461
00:31:29,685 --> 00:31:30,845
Yeah, I agree.

462
00:31:31,165 --> 00:31:35,725
I kind of took a long time ago, I took a similar look and kind of preferred the umbral architecture,

463
00:31:35,865 --> 00:31:37,985
but I think that's dramatically changing in the new Start 9.

464
00:31:38,485 --> 00:31:41,005
And that transition has got to be a fascinating one.

465
00:31:41,065 --> 00:31:44,005
One of the things I kind of want to clock and see how it goes.

466
00:31:44,785 --> 00:31:51,265
You know, you think about it, that could be really rough, but done right, smooth, you know, could be fantastic.

467
00:31:52,045 --> 00:31:52,405
Thank you, Gene.

468
00:31:52,965 --> 00:31:55,805
Scuffed is here with 5,555 sats.

469
00:31:55,805 --> 00:32:03,405
there's coffee in that nebula i dca'd every day all summer using the big four strike river and

470
00:32:03,405 --> 00:32:08,305
bitcoin will enfold and i diversify in these cases because well if one platform has issues

471
00:32:08,305 --> 00:32:13,105
then i sweep into self-custody after a few months of stacking hope you had a good week off totally

472
00:32:13,105 --> 00:32:17,985
took the week off that's a interesting scuff it makes it a little harder to track but i also tend

473
00:32:17,985 --> 00:32:24,385
to try out just over the years different platforms as well so i think you're probably right there

474
00:32:24,385 --> 00:32:26,765
with most of us. You know, something new comes along, you want to try it.

475
00:32:27,425 --> 00:32:33,125
Chad F's here with 2,034 sats across. Get ready for this. Nine boos.

476
00:32:37,125 --> 00:32:40,905
Okay, so I think these are probably in chronological order, so we'll go through some of this. I think

477
00:32:40,905 --> 00:32:45,905
he's probably responding to my chat with Oscar. Chad F writes, if LN dress is so easy to add,

478
00:32:45,905 --> 00:32:49,905
where's the other podcasting apps being built on Lightning then? The spec supports LN address now.

479
00:32:50,425 --> 00:32:52,505
Podcast app devs aren't lightning experts,

480
00:32:52,605 --> 00:32:54,545
so we need some help from the Bitcoin community as well.

481
00:32:54,785 --> 00:32:54,945
Yeah.

482
00:32:55,645 --> 00:32:56,685
None of this is a new problem.

483
00:32:57,165 --> 00:32:58,385
It's an open spec after all.

484
00:32:58,705 --> 00:33:00,905
Where is the Nostra podcasting apps if it's so easy?

485
00:33:01,025 --> 00:33:02,465
I don't know where this is coming from, Chad.

486
00:33:02,525 --> 00:33:04,245
This is awfully hostile.

487
00:33:05,025 --> 00:33:07,905
I think the point that we're making in the chat with Oscar

488
00:33:07,905 --> 00:33:13,205
is that Keysend isn't seeing adoption outside of three or four apps.

489
00:33:13,645 --> 00:33:17,605
And L and address is only part of the boosting spec.

490
00:33:17,605 --> 00:33:20,165
Like LN address is how you resolve the recipient.

491
00:33:20,645 --> 00:33:26,845
But LN address doesn't have accommodations for metadata like what was the total amount?

492
00:33:26,945 --> 00:33:27,685
What is the message?

493
00:33:27,805 --> 00:33:28,665
What is the person's name?

494
00:33:28,725 --> 00:33:31,765
And additionally, it really falls down if you have anyone in the splits.

495
00:33:32,125 --> 00:33:33,545
They won't get any of that information.

496
00:33:34,085 --> 00:33:35,865
They'll see like 10 sats show up in their wallet.

497
00:33:36,225 --> 00:33:37,725
They won't even necessarily know who it's from.

498
00:33:38,105 --> 00:33:39,685
And they won't know that there was a message.

499
00:33:39,685 --> 00:33:41,845
And they won't know what the total boost amount actually was.

500
00:33:42,865 --> 00:33:47,405
So that's, you know, so yes, LN address is technically supported, but with some tradeoffs.

501
00:33:47,605 --> 00:34:09,825
I really appreciate you, Chad, because you are a great advocate for podcasting 2.0 and value for value music. And I'm telling you, KeySend is dying, unfortunately, and LN address is not a complete spec. Here's what I wrote to the Fountain team. I've never posted this publicly. This is what I wrote to the Fountain team when I moved this week in Bitcoin over to LN address for one week.

502
00:34:10,445 --> 00:34:13,825
This is what I wrote to the team to let them know why we had to move back to Keysend.

503
00:34:14,585 --> 00:34:16,965
I wrote, so far we have identified multiple issues.

504
00:34:17,065 --> 00:34:20,325
Some of them are seemingly transition issues, like clients that don't support LN address,

505
00:34:20,425 --> 00:34:22,325
but some of them are big game stoppers.

506
00:34:22,765 --> 00:34:26,665
One of the biggest being metadata loss, depending on what features the client supports.

507
00:34:27,425 --> 00:34:31,045
Metadata beyond the boost message and the per split payment amounts would no longer be available

508
00:34:31,045 --> 00:34:33,265
from clients supporting only LN address.

509
00:34:33,365 --> 00:34:38,085
No total amount, no username, no message, depending on the client and the server.

510
00:34:38,085 --> 00:34:41,685
Right now, Fountain is the only setup that works fully.

511
00:34:42,085 --> 00:34:47,805
Even AlbiHub is mostly busted with only supporting the bare basic receiver of the sats.

512
00:34:47,985 --> 00:34:48,905
That's all they support.

513
00:34:49,585 --> 00:34:50,845
This is my writing.

514
00:34:51,365 --> 00:34:55,085
This is pure 100% death to the boost in podcasts.

515
00:34:55,425 --> 00:35:00,725
And even if Fountain clients send some of that metadata via Noster, that's not a podcasting solution.

516
00:35:01,005 --> 00:35:02,365
That's a Fountain solution.

517
00:35:02,745 --> 00:35:05,525
I'm not really interested in this reduction of functionality.

518
00:35:05,525 --> 00:35:12,905
And I'm way more inclined to just build my own tool that lets people boost me directly via my website and bypass all the apps together.

519
00:35:13,325 --> 00:35:15,345
I get that Keysend needs replaced.

520
00:35:15,745 --> 00:35:18,905
And we cannot force apps to support Noster for metadata.

521
00:35:19,245 --> 00:35:23,385
But the boosts via LN address are not even a partial replacement.

522
00:35:24,425 --> 00:35:26,585
I don't know what about that you're not getting, Chad.

523
00:35:27,585 --> 00:35:28,285
I don't know what part.

524
00:35:28,485 --> 00:35:29,885
Yes, LN address is supported.

525
00:35:30,145 --> 00:35:32,025
It's a 20% implementation.

526
00:35:32,385 --> 00:35:34,805
Yes, zip code is a better deal.

527
00:35:34,805 --> 00:35:36,305
KeySend is a better deal.

528
00:35:36,665 --> 00:35:37,545
It truly is.

529
00:35:37,825 --> 00:35:38,985
And I'm not just saying that.

530
00:35:39,425 --> 00:35:43,985
But nobody outside of a tiny handful of apps, like three or four apps, is supporting it.

531
00:35:44,545 --> 00:35:52,645
And the entire Nostra ecosystem, in the meantime, has built a solution, post-fact, that is modern, built around L and address, and solves the metadata issue.

532
00:35:52,745 --> 00:35:56,245
Because they came along later when this technology stack existed.

533
00:35:56,945 --> 00:36:01,505
And it's like, you've got to get your head around this, Chad, because you're out there involved in every conversation.

534
00:36:01,505 --> 00:36:04,105
you're sending boost to the podcasting 2.0 podcast,

535
00:36:04,565 --> 00:36:05,925
sending them down the wrong path,

536
00:36:05,965 --> 00:36:16,907
which is extremely dangerous You doing it out of advocacy for the very system that you will actually crush if you don wrap your head around this problem And if you going to continue to

537
00:36:16,907 --> 00:36:22,387
advocate like this, it's incumbent upon you to understand the issue. The problem isn't that

538
00:36:22,387 --> 00:36:27,227
LN Address is not supported. The problem is it is supported currently, but it is a 20% solution.

539
00:36:27,547 --> 00:36:32,047
And the only 100% solution where it works is Fountain. And if we continue down this path,

540
00:36:32,167 --> 00:36:35,047
Fountain will be the only place where we have full, complete boost metadata.

541
00:36:35,047 --> 00:36:38,447
it. Well, God bless them, because they're the ones doing the hard work, and that's the way it's going

542
00:36:38,447 --> 00:36:45,387
to be. All right. Okay. Not doing a show, taking the week off. Moving on. Axelrod comes in with

543
00:36:45,387 --> 00:36:50,427
2,001 sat. Just pump the brakes right there. Says, I love the mission of the Fountain App.

544
00:36:50,827 --> 00:36:55,167
Supporting the economic development around Bitcoin. Great show. Keep it coming. I agree.

545
00:36:55,327 --> 00:36:59,367
It's like proving the haters wrong every day when people are out there using the boosting and sending

546
00:36:59,367 --> 00:37:07,467
sats or zapping. Proving them wrong. User 13 comes in with a row of ducks. Bullish on podcasting

547
00:37:07,467 --> 00:37:12,867
2-0 and Noster. Thanks everyone who builds. Yes, I should double that since I just went on that

548
00:37:12,867 --> 00:37:19,887
whole rant. Very grateful. Just very stressed out. Thor comes in with a row of ducks. I love the

549
00:37:19,887 --> 00:37:25,487
episode. Thanks for the explanation of Keysend versus Bolt 11 and Noster. This episode made me

550
00:37:25,487 --> 00:37:28,367
for more open web built on more open protocols.

551
00:37:28,627 --> 00:37:30,747
I need to noodle around with some Nostra code now.

552
00:37:30,927 --> 00:37:33,927
I do think that's where we end up, Thor, ultimately.

553
00:37:34,727 --> 00:37:37,987
Something more widely adopted based on open standards.

554
00:37:38,807 --> 00:37:43,867
And ideally something that is not a massive overhead

555
00:37:43,867 --> 00:37:45,607
for podcast app developers.

556
00:37:46,247 --> 00:37:47,707
Like I love the Cast-O-Matic model

557
00:37:47,707 --> 00:37:48,707
because it's a great app

558
00:37:48,707 --> 00:37:49,947
and they don't really have to run

559
00:37:49,947 --> 00:37:50,927
a lot of backend infrastructure.

560
00:37:50,927 --> 00:37:53,047
I think there's like one little thing they run now

561
00:37:53,047 --> 00:37:54,407
for lit support.

562
00:37:54,407 --> 00:37:56,247
that's really how it should be.

563
00:37:56,447 --> 00:37:58,127
And I'd love to see something that would work

564
00:37:58,127 --> 00:37:59,647
across all the different app models.

565
00:38:00,387 --> 00:38:01,127
Great boost. Thank you, Thor.

566
00:38:01,807 --> 00:38:02,947
Good to hear from you.

567
00:38:07,047 --> 00:38:09,967
Thank you, everybody who supports the show directly with a boost

568
00:38:09,967 --> 00:38:13,107
or through a Fountain membership or a Jupyter.party membership.

569
00:38:13,527 --> 00:38:15,767
44 of you stream sats.

570
00:38:16,387 --> 00:38:19,907
We stacked 76,282 sats collectively.

571
00:38:20,087 --> 00:38:21,147
Thank you very much.

572
00:38:21,147 --> 00:38:23,427
Boy, they are doing a lot with mayo these days.

573
00:38:23,427 --> 00:38:29,767
And when you combine that with our boosters, we stacked a nice 323,259 sets.

574
00:38:30,967 --> 00:38:34,227
That is across the last two episodes, of course, but it's a nice number.

575
00:38:34,347 --> 00:38:40,367
I appreciate it either way and was a very robust conversation this week that went on a lot longer than I expected,

576
00:38:40,547 --> 00:38:42,747
considering I'm not doing a show this week.

577
00:38:42,967 --> 00:38:43,927
I'm not even here.

578
00:38:53,427 --> 00:39:00,907
Send a boost. Why are they still work?

579
00:39:01,447 --> 00:39:03,947
Fountain FM makes it real easy because they host everything for you,

580
00:39:03,987 --> 00:39:06,407
but there's a lot of options if you want to go the Albie Hub route.

581
00:39:07,147 --> 00:39:08,387
It's essentially your two paths.

582
00:39:08,827 --> 00:39:11,527
There's also the Breeze app, B-R-E-E-Z-E.

583
00:39:12,267 --> 00:39:15,087
And with that, that concludes all the ways you can possibly boost this show.

584
00:39:16,087 --> 00:39:20,227
But with Albie, you can pick from a suite of great apps,

585
00:39:20,367 --> 00:39:22,407
and of course, truefans.fm as well.

586
00:39:23,427 --> 00:39:28,247
Thank you, everybody. Appreciate your support. Now on with the show.

587
00:39:39,227 --> 00:39:45,087
All right. Now, I don't have a full update for you or that because I am trying to keep it a little tight.

588
00:39:45,087 --> 00:39:57,967
But I wanted to get back on course and talk about this position of no good choices, a lot of risk, and the Fed had to cut regardless of a revised jobs report or anything like that.

589
00:39:58,327 --> 00:40:04,787
And our final clip of the week is a chat between Luke Groman and Natalie Brunel, which I think is her most recent episode.

590
00:40:04,907 --> 00:40:05,947
I'll link to it in the show notes.

591
00:40:06,207 --> 00:40:11,347
And he really gets into the structural reasons why the rate cut was always going to be baked in.

592
00:40:11,347 --> 00:40:27,307
I think the markets have begun playing by a new set of rules, which is we have seen five or six different times in the last five years that nothing will be allowed to hurt the treasury market.

593
00:40:27,707 --> 00:40:29,107
Treasury market starts to dysfunction.

594
00:40:29,947 --> 00:40:35,187
More liquidity comes like that, either by a weaker dollar from the treasury or action from the Fed.

595
00:40:35,187 --> 00:40:41,487
And I think they're doing the math around true interest expense, which is like, okay, we need to cut something, right?

596
00:40:41,547 --> 00:40:42,087
You know, Doge.

597
00:40:42,227 --> 00:40:49,487
The failure of Doge, I think, is not given enough contextual importance, which is, you know, something that we've talked about before.

598
00:40:49,747 --> 00:40:54,847
Something I was harping on over and over earlier this year, which is, look, here's what the U.S. government spends its money on.

599
00:40:55,547 --> 00:41:01,927
It's spending 80% of all-time high receipts on entitlements to boomers and silent generation.

600
00:41:02,067 --> 00:41:03,327
Sorry, excuse me, 70%.

601
00:41:03,327 --> 00:41:13,707
it's been in 25% gross interest. It's spending 20%, 15%. No. Yeah. A trillion on, yeah, 20%

602
00:41:13,707 --> 00:41:21,207
on defense. What are you going to cut? You can't cut entitlements. And if you think you can cut

603
00:41:21,207 --> 00:41:25,727
entitlements, I would encourage people to look at the tragedy last week and revisit your view.

604
00:41:26,627 --> 00:41:30,947
And I think that's, from an economic standpoint, maybe the biggest takeaway of last week, which is

605
00:41:30,947 --> 00:41:36,467
if you thought there was a tail chance that entitlements could be restructured in any

606
00:41:36,467 --> 00:41:42,567
reasonable time horizon, like last week marked it to zero. So there is no chance entitlements

607
00:41:42,567 --> 00:41:49,807
are going to get marked down. Defense is only going up. All there is is cut rates. So I think

608
00:41:49,807 --> 00:41:54,727
markets are beginning to play by this new set of rules, which is bad news is good news. Good news

609
00:41:54,727 --> 00:42:00,927
is good news on a nominal base. I think you look at a chart of the S&P 500 over TLP,

610
00:42:00,947 --> 00:42:06,827
you look at the long bond ETF, you look at a chart of gold over ETLT, you look at a chart of Bitcoin

611
00:42:06,827 --> 00:42:13,667
over TLT. It's all the same chart with gold has the least volatility, S&P has the second least

612
00:42:13,667 --> 00:42:17,967
volatility, and Bitcoin has the most volatility, as you'd expect. But they are all up and to the

613
00:42:17,967 --> 00:42:24,647
right. They're hockey sticks. And I think we're just seeing more and more investors, markets

614
00:42:24,647 --> 00:42:30,287
playing by the new rule, which is I just can't own bonds. Not only can I not own bonds,

615
00:42:30,287 --> 00:42:34,187
but they're going to run this thing so hot because they don't have a choice.

616
00:42:34,367 --> 00:42:39,307
You know, the Fed is not being preempted because, you know, Trump's an idiot.

617
00:42:39,747 --> 00:42:44,327
It's being preempted because he's, they came in and was like, well, we're going to cut.

618
00:42:44,487 --> 00:42:48,387
And then they looked and they did the math like, oh God, what did I get myself into?

619
00:42:48,487 --> 00:42:49,447
All we can cut is rates.

620
00:42:49,447 --> 00:42:57,347
So, you know, some of those things I say, I don't say lightly, but I do think that what

621
00:42:57,347 --> 00:43:02,587
we're seeing in markets is the discounting of that we're past a tipping point of this sort of just

622
00:43:02,587 --> 00:43:09,127
get me into something that's going to hold purchasing power when they do what they have to do.

623
00:43:09,127 --> 00:43:29,407
okay let's check in on the state of the network block height 915 146 as i wrap up the u.s

624
00:43:29,407 --> 00:43:37,187
bitcoin price to dollar ratio coming in right now at 115 760 i was just delaying there because it

625
00:43:37,187 --> 00:43:44,627
was adjusting. That makes our sats per dollar at $864. We're down 7% from our all-time high of

626
00:43:44,627 --> 00:43:54,787
$124,460 just a short 34 days ago, August 13th, 2025, Bitcoin summer. Difficulty retarget date is

627
00:43:54,787 --> 00:44:01,087
set for September 18th with a target difficulty adjustment change of an increase of 4.4%.

628
00:44:01,087 --> 00:44:07,907
More on that in a moment. Reachable nodes down, 23,972.

629
00:44:08,667 --> 00:44:13,787
Noughts, though, both versions coming collectively together at over 20% of the network.

630
00:44:14,427 --> 00:44:21,127
Noughts now around 21%. The majority of the nodes on the network are now officially Bitcoin Noughts nodes.

631
00:44:22,247 --> 00:44:27,067
What a remarkable development. We'll see, though, as Core 30 comes out, if that begins to change.

632
00:44:28,067 --> 00:44:32,927
Now, one of the remarkable milestones we hit this week, speaking of the state of the network,

633
00:44:33,967 --> 00:44:37,727
Bitcoin's hash rate blasted past one zeta hash per second.

634
00:44:38,167 --> 00:44:41,967
That's more calculations every second than the grains of sand on Earth,

635
00:44:42,127 --> 00:44:44,527
making it the most secure network ever built.

636
00:44:44,527 --> 00:44:50,907
It got very little recognition, but it has peaked above a zeta hash multiple times this week,

637
00:44:50,987 --> 00:44:56,627
which is an unbelievable milestone, making Bitcoin the most secure computing network

638
00:44:56,627 --> 00:45:00,347
ever created. The state of the network is quite strong.

639
00:45:08,607 --> 00:45:12,647
I hope you enjoyed this non-episode, taking a quick look at the Fed rate cut

640
00:45:12,647 --> 00:45:18,847
and the beginning of what is likely an ongoing rate cut regime. Links to what I talked about

641
00:45:18,847 --> 00:45:22,727
this week at thisweekinbitcoin.show. That'll take you to the Jupiter Broadcasting page,

642
00:45:23,067 --> 00:45:25,967
where you can also find some of the other great shows over there. Let me know

643
00:45:25,967 --> 00:45:28,387
if you enjoyed this, try to focus in on the signal.

644
00:45:28,627 --> 00:45:30,407
Of course, when I got to the boost, I got a little worked up.

645
00:45:30,527 --> 00:45:32,407
You can tell me about that too. Give me feedback. Tell me

646
00:45:32,407 --> 00:45:34,527
never do it again. A little real sink in it.

647
00:45:36,407 --> 00:45:36,727
Also,

648
00:45:36,827 --> 00:45:38,347
I'd love to know what else you'd like to see covered on the show.

649
00:45:38,427 --> 00:45:40,247
Any other ideas you have, boost those in as

650
00:45:40,247 --> 00:45:42,487
well. Always really appreciate it.

651
00:45:42,547 --> 00:45:44,627
That concludes episode 75.

652
00:45:44,807 --> 00:45:46,447
We are now officially around the horn

653
00:45:46,447 --> 00:45:48,267
making our way to episode 80,

654
00:45:48,407 --> 00:45:50,327
if you can believe it. Absolutely

655
00:45:50,327 --> 00:45:52,327
remarkable. So I'm going to leave you this

656
00:45:52,327 --> 00:45:54,027
week with a value for value

657
00:45:54,027 --> 00:45:56,247
classic artist, one of my all-time favorites.

658
00:45:56,387 --> 00:45:58,147
It's Ollie, and this is his

659
00:45:58,147 --> 00:46:00,007
new track, This, That.

660
00:46:00,007 --> 00:46:02,107
I built this all about the mud,

661
00:46:02,147 --> 00:46:04,127
you know this, that. Shop ain't finished

662
00:46:04,127 --> 00:46:05,727
till it done, cut the chit-chat.

663
00:46:06,047 --> 00:46:07,907
I really been through what I've done, and no

664
00:46:07,907 --> 00:46:09,927
mismatch. Daddies don't

665
00:46:09,927 --> 00:46:11,987
make them anymore like me. I came to

666
00:46:11,987 --> 00:46:14,027
far to care what he said or she said.

667
00:46:14,407 --> 00:46:16,027
Time can heal a lot of wounds, never

668
00:46:16,027 --> 00:46:17,887
regret. Some nights I need that

669
00:46:17,887 --> 00:46:19,327
now they poof, gotta reset.

670
00:46:20,227 --> 00:46:21,787
Daddies don't make them anymore

671
00:46:21,787 --> 00:46:24,007
like me. I built this all about the mud.

672
00:46:24,027 --> 00:46:25,027
You know this step

673
00:46:25,027 --> 00:46:26,727
Job ain't finished, tell it done

674
00:46:26,727 --> 00:46:27,767
Cut the chit chat

675
00:46:27,767 --> 00:46:29,407
I really been through what I saw

676
00:46:29,407 --> 00:46:30,627
And I'm mismatched

677
00:46:30,627 --> 00:46:33,427
Ladies don't make them anymore like me

678
00:46:33,427 --> 00:46:35,167
I came too far to care what he said

679
00:46:35,167 --> 00:46:36,007
And she said

680
00:46:36,007 --> 00:46:38,647
Time heal a lot of wounds, never regret

681
00:46:38,647 --> 00:46:40,427
Some nights I leave that, now they poof

682
00:46:40,427 --> 00:46:41,347
Got a reset

683
00:46:41,347 --> 00:46:44,487
Ladies don't make them anymore like me

684
00:46:44,487 --> 00:46:47,067
Everything these days cheap, nothing made to last

685
00:46:47,067 --> 00:46:49,867
Only love you for the moment, put it fading fast

686
00:46:49,867 --> 00:46:52,487
Circle just like blood, never question that

687
00:46:52,487 --> 00:46:54,487
Yeah, just like blood

688
00:46:54,487 --> 00:46:55,487
Mm-hmm

689
00:46:55,487 --> 00:46:57,167
Small town kids still the same

690
00:46:57,167 --> 00:46:58,487
Coming up, had to prove a lie

691
00:46:58,487 --> 00:46:59,867
Everybody else fitting in

692
00:46:59,867 --> 00:47:01,227
Can't pretend to be the thing I'm not

693
00:47:01,227 --> 00:47:02,507
I remember way back then

694
00:47:02,507 --> 00:47:03,967
And them long nights, I'll pray to God

695
00:47:03,967 --> 00:47:05,267
2 a.m. these friends here

696
00:47:05,267 --> 00:47:06,887
Unplugged in, my soul tugged

697
00:47:06,887 --> 00:47:09,107
And it's like, whoa, whoa

698
00:47:09,107 --> 00:47:12,687
I got way too much on my mind these days

699
00:47:12,687 --> 00:47:14,747
Like, whoa, whoa

700
00:47:14,747 --> 00:47:17,307
Gotta move along through the plane

701
00:47:17,307 --> 00:47:18,847
I built this all up after mud

702
00:47:18,847 --> 00:47:19,847
You know this, that

703
00:47:19,847 --> 00:47:21,587
Drop ain't finished, till it done

704
00:47:21,587 --> 00:47:22,567
Cut the chit chat

705
00:47:22,567 --> 00:47:24,347
I really been through what I've done

706
00:47:24,347 --> 00:47:25,427
And no mismatch

707
00:47:25,427 --> 00:47:28,287
Daddies don't make them anymore like me

708
00:47:28,287 --> 00:47:30,867
I came too far to care what he said and she said

709
00:47:30,867 --> 00:47:33,507
Time can heal a lot of wounds, never regret

710
00:47:33,507 --> 00:47:35,287
Some nights I need that, now they proof

711
00:47:35,287 --> 00:47:36,267
Gotta reset

712
00:47:36,267 --> 00:47:39,247
Daddies don't make them anymore like me

713
00:47:39,247 --> 00:47:41,767
I put this all up out the mud, you know this, that

714
00:47:41,767 --> 00:47:43,527
Job ain't finished, tell it done

715
00:47:43,527 --> 00:47:44,547
Cut the chit chat

716
00:47:44,547 --> 00:47:46,287
I really been through what I've done

717
00:47:46,287 --> 00:47:47,407
And no mismatch

718
00:47:47,407 --> 00:47:50,247
Daddies don't make them anymore like me

719
00:47:50,247 --> 00:47:52,847
I came too far to care what he said and she said

720
00:47:52,847 --> 00:47:55,467
Time can heal a lot of wounds, never regret

721
00:47:55,467 --> 00:47:58,207
Some nights I need that, now they proof, gotta reset

722
00:47:58,207 --> 00:48:01,407
Badish don't make them anymore like me