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what's up not bitcoin that's true why do you think that is um

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i i mean i don't know technically i mean i guess liquidity obviously has a lot to do with it

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my tinfoil hat perspective is that there there are

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groups that would like to see bitcoin lower to accumulate more prior to

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rates being lowered more prior to liquidity injections.

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If there is something brewing in the repo markets

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and in liquidity in general,

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raising liquidity now for future buys

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could be a strategy that people are implementing.

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I just generally feel like when I look at 2026

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and the amount of debt that needs to be refinanced,

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that the powers that be would like to have some cover

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before they pump liquidity.

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And having some sort of contraction as cover

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for liquidity injections,

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which will eventually drive inflation,

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but if you have a crisis of some sort,

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you can, you know, everyone's been like, oh, thank you, you know, for putting out the fire.

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And that the inflation that comes after that will be somewhat overlooked. It gives you sort of a time

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delay, right? Because the end result of all this money printing is going to be pretty

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significant inflation. And the government wants that. The government wants to refinance their debt.

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corporations want to refinance their debt and what what better way than a crisis to justify

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lower rates on liquidity injections so we might see i i you know i get the sense that it's a good

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time to be very careful and prepare to acquire as much bitcoin as possible at some point in the near

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future whether that's two or three months six months i don't know but i feel like there's a

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going to be a great opportunity on the horizon and nothing like a false flag a repo crisis a

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you know and i and i guess what i would be looking for like does does the s p start to contract hard

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now i mean gold is sold off bitcoin is sold off these are liquidity driven assets if the stock

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market follows if the dollar strengthens this dollar just went over one this could yeah this

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could start to accelerate into a really really good buying opportunity so i'm generally i like

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and i guess this is a is a probably just by being in cycles of bitcoin when it goes down

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I start to get excited. And when it goes up, I always feel like I don't have enough. And then

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it goes down, you're like, oh, here's my opportunity. So yeah, I would say like, you know,

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start selling stuff, start raising liquidity yourself as well and figure out where you're

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going to scrounge every last dollar to get as much Bitcoin as possible before there's no more

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opportunities. Because this contraction and volatility that we've seen in Bitcoin this whole

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year every time there's been a little drop it's been bought a little drop has been bought so there

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is and even this drop like when we broke 106 i thought this thing was going to cascade i thought

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bitcoin was going to just collapse rapidly into 90 000. this has been pretty slow considering what

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we've seen in the past when bitcoin just and only still 20 30 off of a local yeah up here yeah so

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It's kind of normal for a bull market, if you will.

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Some people think this is the beginning of the bear market.

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And maybe we only go down 35%, 30%, 35%,

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and the buying pushes it back up.

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And maybe we stay in this tight range.

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I hope not.

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I'd like to see a real sell-off.

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I'd like to see people really get flushed and capitulate.

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Yeah.

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And get the fear and greed index into single digits.

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I mean, isn't this kind of capitulation

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on an asset of this quality and value in this part?

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of its site trajectory i looked at the fear and greed index one time today and it was like 20.

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well coming down to what the 50-week moving average yes do we bounce off that or i guess

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probably a little bit a little bit but i kind of would like to see that that get broken

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and get a real flush before i got aggressive about buying more right really break all trend lines

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yeah really just hope you hear the out of everybody leverage longs whatever yeah speculation right

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really shake it all out that's that's like these are like if that's what we really need you probably

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if you just if you just bought if you just bought bitcoin at 100k or 120k because it broke out you're

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like yeah we're gonna go to 150 we're gonna go to 180 220 whatever okay so you you you bought at the

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wrong time big deal bitcoin will be above that price at some point in your horizon and now is

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an opportunity to get more than you thought you could ever get in the bull markets right so bear

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markets always end up for hodlers and people that are really on the bitcoin mission these are the

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opportunities that you should be waiting for that you should be excited about i know that that fights

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like all your gut instincts um but they pay off and i every time i've seen the fear and greed index

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go into single digits, it's been a great opportunity.

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I wonder what the mayor multiple's at.

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Let's get into the show.

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Welcome to Bitcoin Center, brought to you by Byte Federal.

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Point of sale, crypto wallet, and the Bitcoin ATM.

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Buy Bitcoin, put in self-custody, and run a node.

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Stamp your seed phrase into metal.

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Let's do it.

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All right, let's get into it.

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Let's be real, right?

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Praising Telegram for launching a Bitcoin wallet.

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I've always felt like the daily Bitcoin, this digital currency that's out there that people say, oh, it might be the next big thing.

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What do you think?

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I think it's rat poison.

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Bitcoin.

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She never heard him a few weeks ago.

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Now everybody's talking about him.

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But is it a currency?

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I don't know.

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Or is it more like a stock?

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Or is it a tulip bowl?

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Or is it just stupid?

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But to me, it smells like Ponzi scheme and the greater pool theory, right?

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You do like five minutes of freaking research.

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Well, thanks for coming to my set talk.

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Don't buy shit, Quentin.

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Oh, man, I didn't get that wrong.

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All right.

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Bitcoin's recent rally.

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Do you agree?

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Is crypto finally dead?

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Go to the next one.

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Matter of fact, they're kind of in the Ethernet.

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What are they?

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Some rumors that it's a Japanese guy, but they know that he's a fake name.

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It was a pseudonym.

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I mean, you're literally putting real money onto a system that we don't even know who created it.

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It will come to a bad ending.

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Is this the most exciting bull run ever?

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Not for me.

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No, it's not.

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Welcome to Bitcoin Center, the fast-paced show where the debate is the story.

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All right, Cedric, question number one.

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besant is praising bitcoin as trump eyes him for fed chair as treasury secretary scott besant

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celebrates bitcoin 17 years of flawless uptime calling it more resilient than ever donald trump

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publicly mused about making him the next fed chair what would a besant chairmanship mean

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i mean he definitely seems like a shrewd character but i don't think that's any sort

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of guarantee for i mean obviously i think he wants bitcoin to go to the moon or whatever and who trump

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percent okay but i don't think like that why do you think he's well i should say go to the moon i

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think i think percent is bullish i think he's building the economy around stable coins and i

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think they need bitcoin price appreciation to continue demand for stable coins and crypto sure

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and the narrative yeah and so bitcoin goes to zero that does not help that doesn't help any of it so

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So they want Bitcoin to eventually go up in price.

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I think it's part of the regime's diet for the balance sheet.

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But that doesn't mean that just appointing him chairman of the Federal Reserve

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is like pressing a green button and everything just goes.

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I think that's Trump's way of saying, good job, I like this guy.

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Yeah, and he's throwing him in the mix and he's testing things.

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But I do want to read the tweet.

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17 years after the white paper, this is a percent.

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17 years after the white paper, the Bitcoin network is still operational

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and more resilient than ever.

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Bitcoin never shuts down.

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Senate Dems could learn something from that.

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Yeah, so that's some good trolling.

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It's trolling.

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Right?

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I mean, this is all political theater.

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Yeah.

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But I think it's a big part of their narrative

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and part of their financial outlook and scheme here.

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So I can hear the future tweets.

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Well, you know, since the Democrats

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keep putting everything shut down,

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and liquidity's drying up

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and now we got this problem in the markets

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and blah, blah, blah, blah, blah, blah.

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Boy, they're just setting the Democrats up

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for the blame, right, on this one.

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But I don't like this sort of politicalization

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of Bitcoin in terms of being,

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I like the Orange Party

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and right now it's a little bit of a political football

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and that could change in two to four years

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in terms of voting.

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So let's move on here.

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It suits their story.

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All right.

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Seyfedine calls out Malay's textbook

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Keynesian nonsense.

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After quadrupling

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Argentina's money supply in two years,

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President Malay now defends it as

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preventing deflation from under-monetization.

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Is this the moment libertarian

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reform turns into the same inflationist

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logic it swore to destroy?

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Yeah, look.

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I mean, Seyfedine's right, but I don't

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think that you can expect

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any

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politician to take a deflationary posture or pursue a deflationary posture or policy.

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Because if you're in the government and you work for the government and your role is to manage the

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government, then inflation is what you need to devalue the debt. The greater the inflation,

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the less valuable your debt is. And now he's fully in bed, right? With the U S financial

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industrial complex. He is a district manager for the U S. And so he's all set on following their

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protocol, which is we're going to make stuff cheap here. We're going to inflate our monetary system.

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you can buy our assets you can extract our minerals and i'm i'm good right i'm your buddy

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right like you're gonna take care of me right so he's playing political games for yeah but he's

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also it seems like he's just reading lines and he's playing almost like different roles at

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different times within within the times like a politician totally yeah but he politics on not

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being that way wait a minute any politics on austrian economics yes so it's either like

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massive trolling sort of like demoralization campaign as well because it's it's do you know

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what i mean argentina you mean this is totally demoralized for well i think this is like this

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is demoralizing though like the continuation of but he just i mean he said one he won by a landslide

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yeah so are like the what apparently what's happening in argentina is exactly what's happened

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here in the united states people continue to vote for for uh this is more extreme the popular figure

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and they vote for the guy who says the right things and they don't really think about the

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actual outcomes right but also the politicians never both sides whatever don't do the things

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they are voted in to do.

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So it's even hard to then measure

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the thing you voted for,

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whether it didn't get done.

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Anybody gets in power

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and they are going to do what benefits

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them maintaining power

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and what benefits the government.

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And then the people are the last

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ones. They get

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what falls off the plate.

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Yeah.

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So I'm writing

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a sub stack. I think

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what people should think about is we don't have an IPO for Bitcoin, but this last four months to me

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feels like sourcing the pricing of the IPO where the original investors are getting out of large

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chunks. Now, why is there ever an IPO for monetization? If someone has 9 billion in Bitcoin,

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I mean, I think they should diversify a little bit. If it was related to China,

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Guess what China has now that they haven't had since 2014, 15?

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A bull market in stocks.

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Guess what else people have?

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Well, they have the chance to invest in AI.

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AI is a 10-bagger in many cases.

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You've been able to do it in the public markets.

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So I think at some point, Bitcoin becomes a boring asset to people who are looking for

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three-baggers, four-baggers, five-baggers.

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It becomes a diversification.

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So I think this is just a distribution of a few massive holders.

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and the weaknesses I have heard about Bitcoin as I've gotten into it from institutions,

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it's too volatile, not too volatile anymore. We've taken the implied volatility and the actual

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realized volatility down to 30 and below in some cases. So the vols come down. Okay, what's the

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next thing? Well, it's too concentrated in ownership. I mean, I've gone through the numbers.

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When you add Satoshi's wallet, you add the other whales, you're talking about about a third of it

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has been owned by not many people. I think like 10,000 is the number I heard, regardless of what

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00:14:46,580 --> 00:14:52,680
the right answer is. Every month, the Bitcoin, Ibit, outstanding shares goes up. It's up again

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this month, even though the price is down. So I think everyone that's depressed has actually

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become entitled. I think they think it's a risk asset. Oh, there's another one. This is just a

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risk asset. Okay, well, it's not going up with the NASDAQ, so that's good. Lower correlation.

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Well, it's just digital gold. Well, it's not going up with gold. So guess what? In portfolio theory,

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for everyone who hasn't bought any yet, I think with your stocks, with your gold, with your bonds,

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Now there's every argument to make. It's lower volatility now, lower correlation with the other

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traditional asset class, diversification from gold. I think this thing is going to move higher.

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I was wrong about where I thought we'd be at this point. It's still up for the year. I think once

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this consolidation is done and we through the IPO process and the fundamentals take over next year once we get through clarity and the beginning of tokenization and the stories of zell and everything along those lines i think we going to have an

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acceleration all right all right i don't need to regurgitate the question but do you think he's

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right in regards to this becoming a low volatility maybe longer steadier climb is the area also makes

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It's a comparison to sort of the Facebook IPO and the Amazon IPO.

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Yeah.

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And so I don't buy the IPO.

234
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Well, you sort of have a concentration of holders during pre-IPO.

235
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Yeah.

236
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And what he's saying now in the Bitcoin market is you finally have tremendous liquidity.

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You know, all the original concentrated holders are going to sell into a bull market.

238
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So there's actually a continuous bid.

239
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and the market's actually deep enough that if you had 100 million in 2019 or a billion in 2019

240
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you'd move the market if you sold okay but so now you see slow this is argument that's all i'm

241
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i know i know and i think it rationalizes the side would the sideways chop solidation sure

242
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and it kind of speaks i agree to that yeah and well he speaks to sort of like when you looked

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at the Facebook IPO, there was a bull market around Facebook for two years after the IPO,

244
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but the stock went sideways in what should have been a bullish time for Facebook. But it's all

245
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the original. I get it. You get it. So and there's positive things about distribution

246
00:17:04,982 --> 00:17:10,982
and it becomes harder for each individual to have, you know, to be able to move markets and

247
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things like that. So it's an interesting report. I think it's a great rational outlook. He may be

248
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right what's happening but why why if you had a billion in bitcoin plus yeah and you wanted to

249
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diversify why would you not borrow just 10 of your portfolio diversify bitcoin goes again borrow

250
00:17:32,142 --> 00:17:37,422
another 10 diversify more yeah uh well you're still then you're still concentrating your risk

251
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to some extent depending on how you structure that that that loan and that leverage you're still tied

252
00:17:42,922 --> 00:17:47,602
into one thing sure um some people don't necessarily there's like the case to be made right

253
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and you have 10 billion in bitcoin smart and you diversify out two to eight billion of it and stay

254
00:17:52,922 --> 00:17:57,522
and you're still but if you're still skin in the game and you have to remember a lot of these early

255
00:17:57,522 --> 00:18:02,802
holders weren't in it because they believed in well that coin is the sole asset you said that

256
00:18:02,802 --> 00:18:09,222
no maybe they mind a lot as a hobby maybe maybe they got coins locked in at silk road

257
00:18:09,222 --> 00:18:16,582
lots of reasons people got in early uh and that helped do so much but now china bands

258
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in my opinion if you did serious research about the reset that is occurring currently this is a

259
00:18:24,182 --> 00:18:33,822
global reset restructuring of trade restructuring of power restructuring of currencies debt the

260
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whole ball of wax it would inform you that gold and bitcoin are probably the two best assets to

261
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own for the next decade yeah and then you're going to dump all these assets on the mark you know

262
00:18:47,942 --> 00:18:57,042
however you can dump them and diversify at the wrong time so you that to me says oh so we're

263
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assuming that the biggest bitcoin holders are guys that don't believe you're making the um

264
00:19:03,842 --> 00:19:09,982
sort of the the notion that they that they wanted to hold this long and maybe they've just been

265
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looking for their exit all along maybe and they've able finally with the size of their stack they're

266
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able to actually the other thing i don't like about i don't agree with this is that if if you

267
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if that's the case you wanted to diversify your bitcoin holdings because you're not really a

268
00:19:24,882 --> 00:19:30,782
bitcoin you just happen to have a lot of bitcoin right um oh i totally forgot where i was gonna go

269
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with this i'm trying to run through his piece here just if i could sort of get his answer to

270
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that question he speaks about it you know sort of a passing of the torch oh now i know what i was

271
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gonna say so if you wanted you know if if you're going to do this why what's the benefit of dumping

272
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Bitcoin, even if it's any percentage of your holdings, into the hands of bag holders that

273
00:19:58,642 --> 00:20:02,262
are not self-custody people.

274
00:20:02,402 --> 00:20:03,462
They're not pro-Bitcoin.

275
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Wall Street, in my mind, wants a pet rock.

276
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They want digital gold.

277
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Bitcoiners want to change the entire financial system.

278
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and this is i guess where i maybe this is just my uh hatred of this idea that we're giving control

279
00:20:24,222 --> 00:20:29,042
of a lot of bitcoin to institutions i think you have to look at it maybe more as bitcoin

280
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is all like a roller coaster and a really fucking hard ride and a lot of these people

281
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uh who have been on longer probably than you and i have been on the ride a long time and even the

282
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best even michael jordan retires right and i think if you're like worth 10 billion

283
00:20:42,542 --> 00:20:46,002
and you might not want to go back to down to 3 billion.

284
00:20:46,242 --> 00:20:47,082
I understand that.

285
00:20:47,082 --> 00:20:48,462
I'm not saying I understand that.

286
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I'm saying they understand that because they're there.

287
00:20:50,442 --> 00:20:53,282
But what I don't like is that let's liquidate our Bitcoin

288
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by putting it in an ETF.

289
00:20:55,182 --> 00:20:58,022
Let's liquidate our Bitcoin by putting it into a treasury company.

290
00:20:58,022 --> 00:21:00,562
Let's liquidate our Bitcoin by doing these other things

291
00:21:00,562 --> 00:21:04,102
that give control of that Bitcoin to people

292
00:21:04,102 --> 00:21:06,062
that are not necessarily Bitcoiners.

293
00:21:06,262 --> 00:21:07,282
I hear what you're saying.

294
00:21:07,742 --> 00:21:11,802
That is, to me, a longer-term risk to the project.

295
00:21:11,802 --> 00:21:18,042
And so that, I don't mind people selling and diversifying.

296
00:21:18,202 --> 00:21:26,102
But Dr. Adam Back is a case study in public of someone who's been either lending or selling his Bitcoin to Bitcoin treasury companies, right?

297
00:21:26,482 --> 00:21:31,622
So then sell it in MNAV to Bitcoiners and dilute their purchasing power.

298
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In my mind.

299
00:21:32,622 --> 00:21:37,242
And so it's like, think about, he had all the reason to have aligned incentives in all of it.

300
00:21:37,262 --> 00:21:37,562
Yes.

301
00:21:37,622 --> 00:21:39,402
And you're not seeing it play out that way.

302
00:21:39,822 --> 00:21:40,562
No, that's.

303
00:21:40,562 --> 00:21:44,102
He's giving up control of his Bitcoin, whether through sale or lease.

304
00:21:45,122 --> 00:21:46,342
That's not...

305
00:21:46,342 --> 00:21:49,902
So I'm saying he's indicative of longtime bag holders in a way.

306
00:21:51,582 --> 00:21:52,422
I mean, he's...

307
00:21:52,422 --> 00:21:53,522
I mean, yeah, look, you can't...

308
00:21:53,522 --> 00:21:53,842
Whatever.

309
00:21:53,982 --> 00:21:55,702
Everybody's going to do whatever they're going to do,

310
00:21:55,782 --> 00:21:57,382
and they're free to do whatever they want to do.

311
00:21:57,642 --> 00:21:57,762
Yes.

312
00:21:58,282 --> 00:21:59,762
And I think you're seeing that happen.

313
00:22:00,562 --> 00:22:04,022
I am just dismayed by...

314
00:22:04,022 --> 00:22:04,962
I hear you.

315
00:22:05,382 --> 00:22:06,022
I'm with you.

316
00:22:06,022 --> 00:22:08,122
More and more institutions holding more and more coins.

317
00:22:08,122 --> 00:22:10,522
I would rather see the price drop

318
00:22:10,522 --> 00:22:12,462
and have more individuals

319
00:22:12,462 --> 00:22:14,542
come in and own their own Bitcoin

320
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and hold on something else.

321
00:22:15,742 --> 00:22:16,322
I'm with you.

322
00:22:16,322 --> 00:22:18,642
I think

323
00:22:18,642 --> 00:22:21,282
for whatever reason, the marketing plan

324
00:22:21,282 --> 00:22:23,242
did not get that across to the whole world

325
00:22:23,242 --> 00:22:24,762
in the first 16 to 17 years.

326
00:22:25,882 --> 00:22:27,342
And it might not

327
00:22:27,342 --> 00:22:29,402
get easier to get that pitch across.

328
00:22:30,262 --> 00:22:31,202
That doesn't mean that

329
00:22:31,202 --> 00:22:32,522
everyone's beyond reproach.

330
00:22:32,842 --> 00:22:35,522
Yeah, we need to have a core group

331
00:22:35,522 --> 00:22:36,102
that's the same.

332
00:22:36,102 --> 00:22:38,662
We need the smash core, Bitcoin core, shitcoin core.

333
00:22:38,982 --> 00:22:41,182
Bitcoin, if it were money, would be base money.

334
00:22:41,442 --> 00:22:47,962
It's not a claim or an IOU, which is what inside money, to use the expression Bob used, is.

335
00:22:47,962 --> 00:22:52,302
So Bitcoin can't be anything but a base money if it's money at all.

336
00:22:52,442 --> 00:22:56,542
Whether it's money at all depends on how widely used it is as a medium of exchange.

337
00:22:57,062 --> 00:23:04,482
So then the question that grows out of that is, can you have a fractional reserve banking system develop on top of a Bitcoin standard?

338
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and the answer is in principle you can whether the regulators would ever allow such a thing of

339
00:23:09,522 --> 00:23:15,682
course i doubt it very all right i'm actually going to go back to geordie vissey's report

340
00:23:15,682 --> 00:23:22,242
because i found the answer his answer okay the psychology of the original holder put yourself

341
00:23:22,242 --> 00:23:27,682
in the shoes of someone who mined bitcoin in 2010 or bought it at 100 or even 1 000.

342
00:23:27,682 --> 00:23:33,282
you've held through mount gox through china bands multiple times through the 2018 bear market through

343
00:23:33,282 --> 00:23:37,482
through COVID, through regulatory uncertainty, through mainstream media calling the scam for

344
00:23:37,482 --> 00:23:41,722
over a decade. You believed when almost no one else did. You took the risk and you won.

345
00:23:42,202 --> 00:23:47,862
Bitcoin succeeded beyond almost anyone's wildest expectations. But now what? You're sitting on

346
00:23:47,862 --> 00:23:52,942
generational wealth. Life circumstances change. Maybe you're approaching retirement. Maybe you

347
00:23:52,942 --> 00:23:58,622
have kids in college. Maybe you want to diversify into AI or buy a Jeff Bezos-sized yacht, start a

348
00:23:58,622 --> 00:24:02,922
business, or simply enjoy the fruits of your patience. And for the first time ever, you can

349
00:24:02,922 --> 00:24:08,062
actually exit your position without destroying the market. That's new. For years, the liquidity

350
00:24:08,062 --> 00:24:14,002
simply didn't exist. Try selling 100 million of Bitcoin in 2015. You'd crater the price. Try

351
00:24:14,002 --> 00:24:20,862
selling a billion Bitcoin in 2019. Same problem. The market couldn't absorb it. But now ETFs are

352
00:24:20,862 --> 00:24:25,562
providing institutional bid. Major companies hold Bitcoin on their balance sheets. Sovereign wealth

353
00:24:25,562 --> 00:24:30,602
funds are getting involved. The market has finally matured to the point where early holders can exit

354
00:24:30,602 --> 00:24:36,162
significant positions without causing chaos. And here's the crucial insight. They're doing it during

355
00:24:36,162 --> 00:24:41,242
a risk-on environment specifically because that's when buyers have capital. When stocks are rallying,

356
00:24:41,282 --> 00:24:45,902
when confidence is high, when liquidity is abundant, that's the optimal time to distribute.

357
00:24:46,582 --> 00:24:51,542
Selling into fear would crater Bitcoin. Selling into strength elsewhere. That's just smart

358
00:24:51,542 --> 00:24:56,882
business. This is what the OG whales have been waiting for, not price, price they've had,

359
00:24:56,882 --> 00:25:02,082
liquidity market depth the ability to actually exit the mission is accomplished bitcoin proved

360
00:25:02,082 --> 00:25:06,802
itself now comes the reward and and i think you could say before i would think you'd say well

361
00:25:06,802 --> 00:25:11,122
jordy you know me she's definitely trad fi he bridges the gap here i think he does a great job

362
00:25:11,122 --> 00:25:16,082
but like that's a very trad five view but that's probably where their world and they're like all

363
00:25:16,082 --> 00:25:21,122
the voices around them are probably sure you know and i'm not saying that these these weren't ballers

364
00:25:21,122 --> 00:25:26,642
back then and had balls and tons of chutzpah but their lives have probably changed or however

365
00:25:26,642 --> 00:25:31,782
you know and and he's just guessing here but like it's possible i i don't know it's possible um

366
00:25:31,782 --> 00:25:35,942
and that doesn't mean that they're selling to zero i would love to see somebody it doesn't

367
00:25:35,942 --> 00:25:39,962
mean they're not borrowing against i would love to see somebody create an otc desk that just

368
00:25:39,962 --> 00:25:46,102
takes that nine billion and just liquidates it to plubs give it to plubs yeah we've got a like

369
00:25:46,102 --> 00:25:50,682
i don't know well then you're eliminating buyers and that's you know sell uh that's price pressure

370
00:25:50,682 --> 00:25:55,042
George Selgin, Bitcoin's fixed supply isn't the holy grail.

371
00:25:55,162 --> 00:25:55,782
Oh, that's weird.

372
00:25:56,462 --> 00:26:03,762
Economist George Selgin argues that Bitcoiners are wrong to think infinite divisibility makes a fixed money supply immune to macro problems.

373
00:26:04,222 --> 00:26:09,302
Warning that when money demand rises faster than prices can adjust, economies can stall.

374
00:26:09,862 --> 00:26:16,422
Is it time for Bitcoiners to expand their thinking from full reserve banking toward Selgin's free banking model?

375
00:26:16,422 --> 00:26:22,062
where bitcoin acts as base money and market issued credit flexibility meets short-term

376
00:26:22,062 --> 00:26:29,042
demand without central bank bailouts yeah so i mean in my mind this is a tradify economist

377
00:26:29,042 --> 00:26:35,262
talk for i want this to be a pet rock like gold and we wanted to support the dollar we wanted to

378
00:26:35,262 --> 00:26:40,982
support fractional reserve banking bitcoin was built to destroy fractional reserve banking

379
00:26:40,982 --> 00:26:43,782
Bitcoin was built to take on the central bank.

380
00:26:44,022 --> 00:26:47,462
Bitcoin was built to allow you to bank yourself.

381
00:26:48,142 --> 00:26:49,522
That's the whole theory.

382
00:26:50,402 --> 00:26:53,622
And I think TradFi economists have a hard time

383
00:26:53,622 --> 00:27:01,602
either crushing their entire lifetime of belief and work

384
00:27:01,602 --> 00:27:06,782
to that something could work better than the model that they supported

385
00:27:06,782 --> 00:27:09,582
and understood and have built their entire career on.

386
00:27:09,582 --> 00:27:15,862
and and and he said that in that quote he said like yeah you know we could build a fractional

387
00:27:15,862 --> 00:27:22,682
reserve system on top of bitcoin like they're just applying and i'm not taking anything away from his

388
00:27:22,682 --> 00:27:30,602
his he knows more about economics than i've forgotten right like he's but i i think if you

389
00:27:30,602 --> 00:27:40,842
were to take the view of a fully reserved financial system on a bitcoin standard then you could once

390
00:27:40,842 --> 00:27:45,322
you start to grok that then you could start to look at what jeff booth says and how he describes

391
00:27:45,322 --> 00:27:52,942
a deflationary economy that's prosperous for humanity right that's that drives abundance for

392
00:27:52,942 --> 00:28:00,482
humanity now that flies in the face of the model we're in now where all the wealth flows to the top

393
00:28:00,602 --> 00:28:08,122
all the wealth flows to the one percent that are in bed with the financial system and so i think

394
00:28:08,122 --> 00:28:13,242
that breaks their models it breaks they can't imagine it and or they don't want to believe

395
00:28:13,242 --> 00:28:17,082
they don't want to yeah they don't want to believe it right yeah so i think they've heard the stories

396
00:28:17,082 --> 00:28:22,122
they say that's the story to me that's not this also is why i get so frustrated with

397
00:28:23,482 --> 00:28:28,762
everybody giving their bitcoin to wall street or just buying the etf and not having self-custody

398
00:28:28,762 --> 00:28:34,762
they're missing the original context all of it i think i mean this i think this year has been an

399
00:28:34,762 --> 00:28:41,082
inflection point on that oh yeah huge beyond sort of the this ipo moment it's what you're saying is

400
00:28:41,082 --> 00:28:47,642
sort of the the the ethos is being consumed in a lot of ways yeah it's all about it's not being uh

401
00:28:47,642 --> 00:28:54,362
propagated further no um it's all about a thing that i can buy that goes up forever right that's

402
00:28:54,362 --> 00:28:59,802
like an investor's wet dream right i used to always say to my clients when i was managing money for

403
00:28:59,802 --> 00:29:05,082
for individual clients i know you just want the thing that goes up right because that's really

404
00:29:05,082 --> 00:29:10,442
all they want like that thing went up how come i didn't own it like they didn't want to talk about

405
00:29:10,442 --> 00:29:17,322
yeah sure right because i mean any of the the like bigger structural issues that really would drive

406
00:29:17,322 --> 00:29:23,562
wealth right they they just i want the thing that goes up right and no no understanding of the

407
00:29:23,562 --> 00:29:30,002
internal workings of the system so it goes back to sort of uh you know water your weeds and uh cut

408
00:29:30,002 --> 00:29:34,362
your flowers yeah yeah so it's like sell something i did well on yeah and go buy that other thing i

409
00:29:34,362 --> 00:29:38,882
have no faith and conviction and go find the next thing and i'll buy some and it ends up being a

410
00:29:38,882 --> 00:29:48,862
weed whatever let's move on all right all right i'm asking you a question now hrf yep the quantum

411
00:29:48,862 --> 00:29:53,362
threat to bitcoin the human rights foundation new report outlines both the technical and moral

412
00:29:53,362 --> 00:30:00,242
roadmap for preparing bitcoin against future quantum attacks will uh saying it will require

413
00:30:00,242 --> 00:30:04,942
years of sustained research does this mark the start of a coordinated global effort to make

414
00:30:04,942 --> 00:30:11,502
bitcoin post quantum secure yeah so i think it's quite interesting that the quantum thread is being

415
00:30:11,502 --> 00:30:20,902
rolled out if you will around sort of the the the implementation wars right so uh if you go

416
00:30:20,902 --> 00:30:27,842
through these key takeaways uh the first one is like 1.7 million bitcoin uh in very early addresses

417
00:30:27,842 --> 00:30:32,322
right so these are the most potent these are like dormant or you know maybe lost right so they're

418
00:30:32,322 --> 00:30:36,902
really vulnerable to the long range quantum attacks i don't know the difference between short and long

419
00:30:36,902 --> 00:30:41,042
there's an additional four and a half million bitcoin are vulnerable to the long range quantum

420
00:30:41,042 --> 00:30:46,162
attacks but owners would be able to move them or secure them right so we can kind of right and then

421
00:30:46,162 --> 00:30:50,042
there's uh short-range quantum attacks could enable the theft of bitcoin during transactions

422
00:30:50,042 --> 00:30:51,402
while public keys are exposed.

423
00:30:52,082 --> 00:30:53,002
So maybe actually short range

424
00:30:53,002 --> 00:30:54,462
is like these sort of these attacks

425
00:30:54,462 --> 00:30:55,062
that kind of like

426
00:30:55,062 --> 00:30:56,322
why you're trying to move the keys

427
00:30:56,322 --> 00:30:57,522
to the secure addresses, right?

428
00:30:58,682 --> 00:30:59,902
Researchers are working to solve

429
00:30:59,902 --> 00:31:01,202
for both the short and long range attacks.

430
00:31:01,762 --> 00:31:03,002
Okay, here, this is where it gets spicy.

431
00:31:03,142 --> 00:31:04,062
One proposed solution

432
00:31:04,062 --> 00:31:04,882
is to upgrade Bitcoin

433
00:31:04,882 --> 00:31:06,722
to include a quantum secure address type,

434
00:31:07,062 --> 00:31:08,282
which would protect anyone

435
00:31:08,282 --> 00:31:09,462
able to move their coins.

436
00:31:10,042 --> 00:31:25,264
Another proposal addresses what to do with the coins that no one can or is willing to move Burn them so that thieves cannot plunder them but sacrifice Bitcoin neutrality in the process

437
00:31:26,564 --> 00:31:27,504
And then there's another.

438
00:31:27,904 --> 00:31:30,004
So let's discuss that one in a second.

439
00:31:30,004 --> 00:31:37,804
But there's also quantum resistant transactions would be significantly larger in data size than existing ones.

440
00:31:37,804 --> 00:31:43,944
so this could dramatically increase the size of the blockchain which is already facing scaling

441
00:31:43,944 --> 00:31:51,284
challenges okay right so we it's like not first core i think is this sort of false dichotomy

442
00:31:51,284 --> 00:31:56,844
probably right but we do need to figure out what to do with implementation and core and you know go

443
00:31:56,844 --> 00:32:02,404
move forward and governance but then you have like what you know could be a real threat or maybe is a

444
00:32:02,404 --> 00:32:06,344
real threat i don't know how much time we have before quantum comes then you get into this like

445
00:32:06,344 --> 00:32:10,084
If people aren't willing to move their coins, that's a weird...

446
00:32:10,084 --> 00:32:17,844
If no one can, coins that are lost or people died or they don't want to move and protect their coins,

447
00:32:18,504 --> 00:32:20,024
we're going to secure them for that.

448
00:32:20,164 --> 00:32:21,204
This is where...

449
00:32:21,204 --> 00:32:26,204
This is when you start to question people that have been...

450
00:32:26,204 --> 00:32:30,304
And the solution seems to have its own scaling problems.

451
00:32:30,304 --> 00:32:34,404
I haven't heard why it has to be a larger transaction or anything.

452
00:32:34,404 --> 00:32:43,044
you know but you know so there are so many things there that are uh slippery slopes and and problems

453
00:32:43,044 --> 00:32:49,444
and but if this is to the extent that this is a threat or any sort of like we need to move fast

454
00:32:49,444 --> 00:32:55,204
or anything we don't really have the governance or sort of like way to achieve consensus on these

455
00:32:55,204 --> 00:33:00,004
bigger issues right now because this is prop i mean there's so many things that i kind of my number

456
00:33:00,004 --> 00:33:10,564
one core knots why are we why are we battling so hard about uh this op return debate as opposed to

457
00:33:10,564 --> 00:33:15,684
like solving real problems right right like we could have just done okay we'll move it up to 160

458
00:33:16,244 --> 00:33:22,324
end of discussion let's all focus on the real threats to bitcoin yeah i agree if you propose a

459
00:33:22,324 --> 00:33:27,284
solution to a real threat i think you'll get consensus on making the change number two

460
00:33:27,284 --> 00:33:35,304
part of me says like if somebody's not willing to move their coins and those coins get stolen

461
00:33:35,304 --> 00:33:41,164
that's fine that's like that's how yeah that's how people shouldn't intervene the coins aren't

462
00:33:41,164 --> 00:33:47,424
gone the coins aren't gone yeah they're just redistributed which ones can and can't be who's

463
00:33:47,424 --> 00:33:52,764
willing and won't right so all of them should not be sort of scooped up protected right and i think

464
00:33:52,764 --> 00:33:59,404
all this assumes that some white hat effort is going to beat the black hats yeah and i don't i

465
00:33:59,404 --> 00:34:04,524
would not bet on that no i would bet on the black hats to figure out how to move things before you

466
00:34:04,524 --> 00:34:09,004
can secure them i mean there's a giant reward out there for somebody that can break it yeah

467
00:34:09,644 --> 00:34:18,924
and i'm uh but i i you know the the bottom line is i think is that the bitcoin if it's if you know

468
00:34:18,924 --> 00:34:26,684
This giant monetary network, and if we have enough people with enough wealth stored in this protocol,

469
00:34:27,024 --> 00:34:31,544
we should come together to figure out what the solution should be.

470
00:34:31,544 --> 00:34:37,304
And that's the kind of problems we should be working on at the core developer level.

471
00:34:38,004 --> 00:34:42,484
Not worried about, can we fit a JPEG in there or an image?

472
00:34:43,544 --> 00:34:46,104
The interesting, this is where maybe AI helps us.

473
00:34:47,224 --> 00:34:47,644
Maybe.

474
00:34:47,644 --> 00:34:50,964
you know because i i think you know you start looking at six seven hundred thousand lines of

475
00:34:50,964 --> 00:34:58,484
code and it's beyond any one human's ability to augment the code in a way that they could

476
00:34:58,484 --> 00:35:04,164
understand second and third order effects yeah i also it's almost beyond the ability any one

477
00:35:04,164 --> 00:35:10,584
person's ability to review i also don't want people to feel like oh my god this like this is

478
00:35:10,584 --> 00:35:16,144
eminent well maybe that's why maybe the price maybe for this is uh you know start nine i don't

479
00:35:16,144 --> 00:35:21,584
this is in the show but start nine was like we have never sold a sap before from our treasury but

480
00:35:21,584 --> 00:35:29,184
at 117k when we saw that there's a high chance of a soft fork we sold some sats for the first time

481
00:35:29,824 --> 00:35:37,424
interesting you know and i do think that soft fork what like that spooked them maybe i'm misdee

482
00:35:37,424 --> 00:35:41,824
maybe they thought but i think it was a software let's move on but the point is i could see that

483
00:35:41,824 --> 00:35:46,464
the price is reflecting this a little bit yeah and i get i get but you know also you get like

484
00:35:46,464 --> 00:35:52,944
massive range between when this threat is going to be real and so i don't even know that we really

485
00:35:52,944 --> 00:35:57,664
know the truth about that no we don't but i no we don't that's why i wouldn't be in a rush to move

486
00:35:57,664 --> 00:36:02,704
anyone's coins who's not who can't or won't like this isn't i i don't think people should be afraid

487
00:36:02,704 --> 00:36:09,744
that's not a very bitcoiny i think like solution or suggestion to move other people's coins no or

488
00:36:09,744 --> 00:36:16,144
to burn them or just redistribute them or anything people even consider that yeah now that was the

489
00:36:16,144 --> 00:36:20,944
human rights foundation i'm just noting that but um so all right let's move on to the lightning round

490
00:36:24,464 --> 00:36:35,424
is it like the resentment of work comes from the feeling that it is both necessary and yet somehow

491
00:36:35,424 --> 00:36:40,864
pointless it's like you you don't have a choice to do it you have to do it because you'll starve

492
00:36:40,864 --> 00:36:45,664
and die if you don't and yet doing it doesn't achieve anything you're still it's like you're

493
00:36:45,664 --> 00:36:48,944
on the you're on the treadmill you're on the fiat treadmill this is a this is a bitcoin meme right

494
00:36:49,744 --> 00:36:54,224
um or the is it the hamster wheel i forget is it you get what i you get what i mean right like

495
00:36:54,224 --> 00:37:03,184
you're you can't get off it right it's like sisyphean yeah and it's perfectly legitimate to be

496
00:37:03,184 --> 00:37:10,944
to relate to this and to be angry about it a good way to inoculate yourself from this assuming you

497
00:37:10,944 --> 00:37:19,744
want to is to see bitcoin as savings um because for a number of reasons i mean one is if you're

498
00:37:19,744 --> 00:37:25,104
clear about it being savings and and you you know you've thought seriously about what that means

499
00:37:25,664 --> 00:37:30,704
you won't mistake it for an investment because that's something else these are these are or at

500
00:37:30,704 --> 00:37:36,844
least should be distinct concepts shit coins are clearly not savings they're clearly they're not

501
00:37:36,844 --> 00:37:44,044
even really investments they're they're just gambling um and i think that's also more cleanly

502
00:37:44,044 --> 00:37:53,704
addressing what the the the kind of culture of resentment around fiat work has destroyed in the

503
00:37:53,704 --> 00:37:58,224
first place right it's again exactly as you were saying it's not that work is bad work is good work

504
00:37:58,224 --> 00:37:59,784
is fundamentally very, very good.

505
00:38:00,444 --> 00:38:04,524
It's that working without the ability

506
00:38:04,524 --> 00:38:08,044
to transform that into savings is bad.

507
00:38:10,524 --> 00:38:11,424
What do you think?

508
00:38:11,944 --> 00:38:13,784
I think Alan Farrington's awesome.

509
00:38:14,264 --> 00:38:15,384
Do you think Bitcoin educators

510
00:38:15,384 --> 00:38:17,024
should lean harder into framing,

511
00:38:17,524 --> 00:38:18,444
this sort of framing,

512
00:38:18,604 --> 00:38:20,044
instead of, you know, number go up?

513
00:38:20,224 --> 00:38:20,704
I do.

514
00:38:21,424 --> 00:38:24,204
So like the Fiat treadmill

515
00:38:24,204 --> 00:38:27,584
or the hamster wheel, so to speak,

516
00:38:27,584 --> 00:38:33,184
i think all of us at one point in our lives unless you're in that one percent category have felt that

517
00:38:33,744 --> 00:38:40,064
and i i definitely relate to that um and well i think maybe there's some people who aren't in the

518
00:38:40,064 --> 00:38:44,944
one percent who enjoy what they do sure maybe they don't know i'm not they can't afford to save at it

519
00:38:44,944 --> 00:38:51,424
but yeah no what i'm getting at is that i think a lot of us over over time have made decisions on

520
00:38:51,424 --> 00:38:58,224
i'll take this job because i will get paid more as opposed to i will pursue this route because

521
00:38:58,224 --> 00:39:03,584
that's what i'm really passionate for right and so when you're making those decisions you're sort

522
00:39:03,584 --> 00:39:11,744
of diverging from your real purpose and your real mission in life for fiat gains and this is one of

523
00:39:11,744 --> 00:39:18,144
the things that i think a lot of us realized about bitcoin early on is that holy smokes this is my

524
00:39:18,144 --> 00:39:26,444
opportunity to create abundance in a way that will allow me to eventually pursue my passions.

525
00:39:27,884 --> 00:39:35,104
And you go back to the history books and you read about the golden age and how people could be

526
00:39:35,104 --> 00:39:40,924
endowed with a small percentage of gold. Maybe they inherited it from their family, but that

527
00:39:40,924 --> 00:39:47,684
would give them a base level of living that would allow them to pursue their passions. This is when

528
00:39:47,684 --> 00:39:52,504
the greatest art was created the greatest music was created the greatest buildings were built

529
00:39:52,504 --> 00:40:02,164
right and and we as a bitcoiner i'm hopeful that we can return to that kind of human experience

530
00:40:02,164 --> 00:40:13,484
but that in a world that requires you to pay to be alive you need to beat inflation and that

531
00:40:13,484 --> 00:40:19,024
inflationary hamster wheel is going to be spinning so fast over the next decade

532
00:40:19,024 --> 00:40:25,484
that if you're not aggressively saving in Bitcoin, how would you ever get off that hamster wheel?

533
00:40:26,024 --> 00:40:30,824
And I think this is some of the nihilism that a lot of the millennials and Gen Z feels.

534
00:40:32,044 --> 00:40:38,904
And there's such a wide chasm between understanding the financial system that you're taught

535
00:40:38,904 --> 00:40:43,884
and understanding history that you're taught

536
00:40:43,884 --> 00:40:45,684
versus true history,

537
00:40:46,764 --> 00:40:51,404
the true structure of the financial system

538
00:40:51,404 --> 00:40:53,084
that impoverishes you over time

539
00:40:53,084 --> 00:40:56,184
versus opting out into a Bitcoin standard

540
00:40:56,184 --> 00:40:59,364
and saving in Bitcoin to build prosperity and wealth

541
00:40:59,364 --> 00:41:00,304
for you and your family.

542
00:41:01,044 --> 00:41:05,584
And it's a long-term solution, right?

543
00:41:05,984 --> 00:41:07,164
It's not a trade.

544
00:41:07,164 --> 00:41:10,924
You don't buy Bitcoin, sell it, and all of a sudden you're wealthy, right?

545
00:41:10,984 --> 00:41:15,064
It's not a shit coin that you got lucky and you bought for a penny and now it's trading

546
00:41:15,064 --> 00:41:15,404
at $100.

547
00:41:16,024 --> 00:41:23,404
This is a long-term, highly probable solution to your problem, but it takes you having that

548
00:41:23,404 --> 00:41:29,264
vision, that understanding and belief so that you save in Bitcoin continually until you

549
00:41:29,264 --> 00:41:29,904
reach that point.

550
00:41:29,964 --> 00:41:31,604
And you might not be doing it for yourself.

551
00:41:31,984 --> 00:41:36,104
You might be doing it for future generations, your children, your grandchildren, whatever

552
00:41:36,104 --> 00:41:43,244
you can do but once you grok that uh everything that alan is saying makes sense and and that is

553
00:41:43,244 --> 00:41:48,644
your way out right this is this is these people that we talked about earlier selling 9 billion in

554
00:41:48,644 --> 00:41:55,404
bitcoin right they've they've released themselves from the hamster wheel and so there's a there's a

555
00:41:55,404 --> 00:41:59,744
trajectory here for you to achieve that but you have to follow the program you have to buy the

556
00:41:59,744 --> 00:42:05,444
bitcoin you have to save it you have to hold it and you have to keep doing it so i i agree with

557
00:42:05,444 --> 00:42:09,764
everything alan is saying yeah he's brilliant all right let's move on to the next one here

558
00:42:09,764 --> 00:42:21,204
all right so october flops bitcoin supposed october streak finally fizzled dropping seven percent

559
00:42:21,204 --> 00:42:27,144
uh probably more now since this question's been written but officials uh struck a hawkish tone

560
00:42:27,144 --> 00:42:33,204
was the myth of october rallies just a myth or did a pullback simply or was a pullback simply

561
00:42:33,204 --> 00:42:37,764
overdue i mean it was it was a myth in the sense that it was a limited sample size of october's

562
00:42:37,764 --> 00:42:42,564
that we're dealing with here right you know and i just think it's irrelevant i don't think this is

563
00:42:42,564 --> 00:42:47,844
something we should dwell on here october and right but uh i mean like i mean obviously it went

564
00:42:47,844 --> 00:42:53,204
down and opto october didn't exist not saying that we shouldn't dwell on it like oh didn't happen but

565
00:42:53,204 --> 00:42:56,644
i i just don't think it was something that's guaranteed because it happened in the past yeah

566
00:42:56,644 --> 00:43:01,684
we have we have and i think it was a lot of hopium i mean just right we have like three four-year

567
00:43:01,684 --> 00:43:07,524
cycles to look back right exactly and that's a very tiny sample set like you said um there are

568
00:43:07,524 --> 00:43:13,524
16 or 17 octobers is not a big sample set no it's not it's not it's not predictive or uh anything like

569
00:43:13,524 --> 00:43:20,244
that i i think that was uh that probably maybe that was a uh driven by havings when the havings

570
00:43:20,244 --> 00:43:28,004
were big but now we have much bigger players in the market we have much bigger totally different

571
00:43:28,004 --> 00:43:34,084
animal let's move on to the next one here uh jamie diamond crypto at one point he was still

572
00:43:34,084 --> 00:43:39,764
gotten away with no damage so far crypto is real it can mean blockchain stable coins you have a

573
00:43:39,764 --> 00:43:44,404
jp morgan deposit coin you can move stuff smart contracts reveal all that stuff is real it will

574
00:43:44,404 --> 00:43:52,404
be used by all of us to facilitate you know better transactions and all right i mean that's just jamie

575
00:43:52,404 --> 00:43:57,764
being jamie and you know he's always been jp morgan's always been a crypto supporter with with

576
00:43:57,764 --> 00:43:58,204
with ETH.

577
00:43:58,784 --> 00:44:00,724
He's just never really talked about it,

578
00:44:00,824 --> 00:44:03,324
or they never really talked about them being part of the origin of ETH.

579
00:44:04,144 --> 00:44:08,364
I wonder how much of that was driven by him sitting next to Larry Fink.

580
00:44:09,304 --> 00:44:12,664
What I mean is when he's on his own, he's like,

581
00:44:12,764 --> 00:44:13,084
I'm screwed.

582
00:44:13,084 --> 00:44:13,564
Oh, sure.

583
00:44:13,684 --> 00:44:14,464
And then he's got to be covered.

584
00:44:14,704 --> 00:44:17,684
And then he's sitting there with the largest ETF,

585
00:44:17,964 --> 00:44:20,024
the most successful ETF in history.

586
00:44:20,264 --> 00:44:21,924
He's the authorized provider on it.

587
00:44:21,924 --> 00:44:22,264
Yes.

588
00:44:22,384 --> 00:44:23,124
Or participant.

589
00:44:23,124 --> 00:44:23,164
Right.

590
00:44:23,164 --> 00:44:31,084
so right and we do know jp morgan uh was basically instrumental in developing a lot of the eth code

591
00:44:31,084 --> 00:44:36,604
right a lot of the smart contract code and they sold it all the consensus yeah right so you know

592
00:44:36,604 --> 00:44:43,004
the stable coin that they created was on ethereum so yeah is he saying he's saying this now because

593
00:44:43,004 --> 00:44:46,844
wall street is now behind this and wall street now wants to make money with this

594
00:44:47,484 --> 00:44:52,604
so he's still very careful to keep it on the crypto side yes he's not he's not he'll make

595
00:44:52,604 --> 00:44:57,564
money on the back end with the bitcoin in the back office but yeah he's not gonna he knows right but

596
00:44:57,564 --> 00:45:02,604
he's he's known all along and yeah you know he's jamie the gangster let's move on jamie the mafia

597
00:45:03,164 --> 00:45:07,324
all right there's another one uh you you could all right plan b

598
00:45:08,604 --> 00:45:15,084
sees bullish rsi chart guru that's questionable chart guru plan b pointed out bitcoin's monthly

599
00:45:15,084 --> 00:45:21,644
rsi at 66 signaling sustained uptrend is following such technical signals still a smart bull play

600
00:45:21,644 --> 00:45:25,544
or are these old school indicators giving a false sense of security?

601
00:45:26,464 --> 00:45:27,704
What's up with the...

602
00:45:27,704 --> 00:45:28,704
What?

603
00:45:29,124 --> 00:45:30,364
I mean, it's all hocus-pocus.

604
00:45:30,604 --> 00:45:31,084
Okay.

605
00:45:31,424 --> 00:45:32,064
Hocus-pocus.

606
00:45:32,084 --> 00:45:36,304
Historically, RSI levels between 60 and 70 have often preceded periods

607
00:45:36,304 --> 00:45:37,764
of gradual price appreciation,

608
00:45:38,224 --> 00:45:40,664
especially when accompanied by strengthening fundamentals

609
00:45:40,664 --> 00:45:45,044
such as institutional inflows and macroeconomic easing expectations.

610
00:45:45,844 --> 00:45:47,264
This really means nothing to me.

611
00:45:47,404 --> 00:45:48,624
I think we just move on.

612
00:45:48,624 --> 00:45:51,624
Well, I mean, what's funny about this or what's...

613
00:45:51,644 --> 00:45:57,084
i get interesting about this is that he's wrong again yeah so because it dropped after this right

614
00:45:57,084 --> 00:46:01,164
so this was written a few days ago so let's just move on let's not give it a lot of air good job

615
00:46:01,164 --> 00:46:09,724
um plan b so here uh uh i'll read it laurence lapard powell's trapped and the printing has begun

616
00:46:10,284 --> 00:46:15,724
laurence lapard says powell's nervous body language screams trapped as fed officials hint

617
00:46:15,724 --> 00:46:19,084
at renewed asset buying, calling it the big print.

618
00:46:19,684 --> 00:46:22,344
Is Lepard right that the Fed just flinched?

619
00:46:23,724 --> 00:46:24,784
I don't think so.

620
00:46:24,804 --> 00:46:25,504
I don't think so.

621
00:46:25,684 --> 00:46:26,404
I don't think so.

622
00:46:26,464 --> 00:46:28,864
I mean, I think Larry will be right in the long run,

623
00:46:29,404 --> 00:46:32,704
and his thesis will be correct in the long run.

624
00:46:32,704 --> 00:46:35,724
I just still believe that there is an incentive

625
00:46:35,724 --> 00:46:38,944
to drop the market now.

626
00:46:39,704 --> 00:46:39,824
Right.

627
00:46:39,944 --> 00:46:42,044
So do you think Powell's actually nervous

628
00:46:42,044 --> 00:46:44,704
about the moves he has to perform

629
00:46:44,704 --> 00:46:57,486
perform and execute or maybe he nervous about how those moves that he has no qualms or like he knows he has to do for whatever their plan is but just how he received and how he perceived There a difference there

630
00:46:57,606 --> 00:46:57,846
You know what I mean?

631
00:46:57,986 --> 00:47:01,386
I don't think he's nervous about the moves they're taking.

632
00:47:01,526 --> 00:47:03,226
I don't think he's nervous about what happens to the economy.

633
00:47:03,766 --> 00:47:04,626
As a good Fed chairman.

634
00:47:04,986 --> 00:47:05,986
Yeah, he wants to be seen well.

635
00:47:05,986 --> 00:47:07,146
He wants to be seen well,

636
00:47:07,206 --> 00:47:09,926
and he doesn't want to just drop interest rates

637
00:47:09,926 --> 00:47:12,746
and pump the economy full of liquidity

638
00:47:12,746 --> 00:47:16,166
and create inflation unless there's a big crisis.

639
00:47:16,166 --> 00:47:22,626
right so we'll put 29 billion in the repo we'll put a little bit here we'll put a little bit there

640
00:47:22,626 --> 00:47:28,966
we'll we'll make things but do you think his job actually makes him nervous i don't mean commute

641
00:47:28,966 --> 00:47:33,986
the communications part of it because i can see anyone yeah you gotta go up and speak publicly

642
00:47:33,986 --> 00:47:39,246
do you think he's nervous about speaking or do you think he's nervous about what they did before he

643
00:47:39,246 --> 00:47:44,706
spoke or he speaks i don't think he's nervous about any of the moves they're taking whether

644
00:47:44,706 --> 00:47:50,126
they work or not i mean i don't think he's yeah the reality of all of this is that the federal

645
00:47:50,126 --> 00:47:56,486
reserve is owned by banks and their main concern is supporting right the banking system i think

646
00:47:56,486 --> 00:48:01,266
they made their decision probably behind the scenes i think it sounds it sounds good to like

647
00:48:01,266 --> 00:48:05,886
do things for inflation and do things for employment i think that's a nice about the

648
00:48:05,886 --> 00:48:11,086
message and the plumbing but it's really about the banks and the plumbing liquidity and if you

649
00:48:11,086 --> 00:48:14,486
know so he might be nervous like they might take moves that are unpopular and he's nervous about

650
00:48:14,486 --> 00:48:16,106
how that's received.

651
00:48:16,406 --> 00:48:18,586
But I don't think he's nervous about the move

652
00:48:18,586 --> 00:48:20,846
they took. Do you get what I'm saying?

653
00:48:21,086 --> 00:48:22,526
Yeah, yeah. I think he's like, this is what we gotta

654
00:48:22,526 --> 00:48:24,506
do in the room, and then they gotta come out. He's like, oh, shit,

655
00:48:24,526 --> 00:48:26,606
I gotta tell them, and they might throw apples

656
00:48:26,606 --> 00:48:28,546
at me. And that sucks. I don't

657
00:48:28,546 --> 00:48:29,946
wanna be the guy that has apples around me.

658
00:48:29,946 --> 00:48:32,066
I don't think he has questions about what he's doing.

659
00:48:32,306 --> 00:48:34,006
If you work... Okay, the banks

660
00:48:34,006 --> 00:48:35,646
rely

661
00:48:35,646 --> 00:48:38,106
on the Treasury,

662
00:48:38,626 --> 00:48:40,286
the Treasuries

663
00:48:40,286 --> 00:48:41,146
surviving.

664
00:48:41,146 --> 00:48:48,426
right right fractional reserve banking relies on the treasuries surviving right massive inflation

665
00:48:48,426 --> 00:48:56,886
will devalue the treasuries but his reputation will be crushed so if we can if they can engineer

666
00:48:56,886 --> 00:49:04,546
a decline that then allows him to bail out the economy right what uh we didn't see this coming

667
00:49:04,546 --> 00:49:10,046
like it wouldn't surprise me if there's a false flag between now and when rates go down and you

668
00:49:10,046 --> 00:49:11,566
I mean, like with banking or war?

669
00:49:12,466 --> 00:49:13,406
I don't know.

670
00:49:13,406 --> 00:49:14,166
Not war, but you know.

671
00:49:14,346 --> 00:49:15,306
I don't know where it's coming from, right?

672
00:49:15,626 --> 00:49:20,146
Like what a great scenario for him and the treasury

673
00:49:20,146 --> 00:49:22,706
and all the powers that be if all of a sudden

674
00:49:22,706 --> 00:49:27,846
there was a terrorist attack on energy infrastructure.

675
00:49:28,626 --> 00:49:29,626
Yeah, I mean, right.

676
00:49:29,826 --> 00:49:31,966
And now, oh gosh, we have no choice.

677
00:49:32,146 --> 00:49:34,126
We have to print, we have to create stimulus.

678
00:49:34,526 --> 00:49:36,426
We have to do everything we can to rebuild this

679
00:49:36,426 --> 00:49:37,546
as fast as possible

680
00:49:37,546 --> 00:49:40,026
because everything's going to collapse if we don't.

681
00:49:40,046 --> 00:49:46,806
then all all it's all off the table it's like yeah we'll take rates back to zero we're gonna

682
00:49:46,806 --> 00:49:53,586
we're gonna support nuclear military uh is going to put nuclear reactors all over on trailers all

683
00:49:53,586 --> 00:49:58,346
over the country to power back up the grid we're gonna build infrastructure like you've never seen

684
00:49:58,346 --> 00:50:03,566
before massive stimulus i think it's gonna be a slower crumble i think it's gonna be a slower

685
00:50:03,566 --> 00:50:11,566
crumble with no help coming for a long time well okay so that i mean that i mean i could see that

686
00:50:11,566 --> 00:50:17,366
scenario as well but if you have high interest rates and you have a high dollar going into

687
00:50:17,366 --> 00:50:23,646
the refinancing with the rates lower but slowly they will destroy the u.s government yeah like

688
00:50:23,646 --> 00:50:26,726
the treasury will not be able to function all right let's see and i don't think that's in the

689
00:50:26,726 --> 00:50:27,906
Let's move on to the next one.

690
00:50:28,046 --> 00:50:29,226
This is an important one.

691
00:50:30,446 --> 00:50:30,926
All right.

692
00:50:31,886 --> 00:50:33,386
The U.S. seeks...

693
00:50:33,386 --> 00:50:34,286
Oh, yeah, God.

694
00:50:34,626 --> 00:50:38,086
The U.S. seeks maximum sentence for the samurai wallet developers.

695
00:50:38,206 --> 00:50:43,446
As the U.S. government pushes for maximum five-year sentence against samurai wallets,

696
00:50:44,266 --> 00:50:44,806
Kion...

697
00:50:44,806 --> 00:50:47,166
Excuse me if I'm pronouncing your name wrong.

698
00:50:47,306 --> 00:50:48,886
Rodriguez and William Hill.

699
00:50:49,406 --> 00:50:53,386
Developers who say they built privacy tools to make Bitcoin work as intended,

700
00:50:53,386 --> 00:51:01,926
is financial privacy itself now being treated as a crime in american court yeah yes 100 this is

701
00:51:01,926 --> 00:51:07,866
why we talked about this is really bad yes so and there's why no one's working on anything but

702
00:51:07,866 --> 00:51:17,606
stable coins and you know uh real world assets and tokenize this on if you don't layer one or

703
00:51:17,606 --> 00:51:22,406
layer two if you're a bit because you know they don't want the government coming at them like this

704
00:51:22,406 --> 00:51:26,486
and this is weird this is not i mean this is not weird but they're they're kind of really

705
00:51:26,486 --> 00:51:34,986
going after intent like they are saying that the founders of the this samurai wallet intended for

706
00:51:34,986 --> 00:51:40,826
this to be used by criminals that's an excuse you could kind of and they got them to admit

707
00:51:40,826 --> 00:51:47,266
i'm not saying the admission is admission of guilt they got them to say you know uh i have

708
00:51:47,266 --> 00:51:52,986
regrets around how he marketed it because the hint is you know they marketed it towards

709
00:51:52,986 --> 00:51:59,306
black market dealers or money launderers or anything like this right they did no i'm not

710
00:51:59,306 --> 00:52:04,506
saying they did i'm saying they got them to say they did they got the founders as part of their i

711
00:52:04,506 --> 00:52:10,786
think their plea deal like to say plea deals are right right i'm saying so they got them to say

712
00:52:10,786 --> 00:52:15,826
what they needed them to say though yeah but this is all about intent this is not about a money

713
00:52:15,826 --> 00:52:17,186
transmission license.

714
00:52:18,246 --> 00:52:19,426
This is not about...

715
00:52:19,426 --> 00:52:21,906
This is just going to tell people that, like, if you're a Bitcoiner,

716
00:52:22,026 --> 00:52:23,306
you have to realize

717
00:52:23,306 --> 00:52:25,626
that you are a massive threat

718
00:52:25,626 --> 00:52:27,886
to the status quo.

719
00:52:28,326 --> 00:52:29,806
They're saying that the developers laundered

720
00:52:29,806 --> 00:52:31,586
at least $237 million in proceeds from

721
00:52:31,586 --> 00:52:33,846
drug trafficking, darknet

722
00:52:33,846 --> 00:52:35,886
marketplaces, cyber

723
00:52:35,886 --> 00:52:37,866
intrusions, frauds,

724
00:52:38,446 --> 00:52:39,586
murder-for-hire schemes,

725
00:52:39,586 --> 00:52:41,526
and a child pornography website.

726
00:52:42,646 --> 00:52:43,526
Now, I think something like

727
00:52:43,526 --> 00:52:45,466
Samurai should sit between most people

728
00:52:45,466 --> 00:52:48,386
and their exchanges and all of these things, right?

729
00:52:48,446 --> 00:52:50,966
Like, I think this technology should sort of be built

730
00:52:50,966 --> 00:52:52,786
into everything we're doing in the back end.

731
00:52:53,046 --> 00:52:54,546
Are dollars in your pocket anonymous?

732
00:52:55,586 --> 00:52:56,046
Right.

733
00:52:56,206 --> 00:52:57,426
So they made all these arguments.

734
00:52:57,526 --> 00:52:57,946
They lost.

735
00:52:58,006 --> 00:52:59,286
They were making a digital...

736
00:52:59,286 --> 00:53:00,706
No, but they lost the arguments.

737
00:53:00,706 --> 00:53:01,826
Okay, but...

738
00:53:01,826 --> 00:53:02,546
So...

739
00:53:02,546 --> 00:53:03,706
But anybody who gives a plea deal...

740
00:53:03,706 --> 00:53:05,786
The defendant's crimes are not...

741
00:53:05,786 --> 00:53:07,206
You know that plea deal is a manipulation.

742
00:53:07,646 --> 00:53:10,846
The defendant's crimes are not predicated on a regulatory lapse,

743
00:53:10,886 --> 00:53:14,426
but on the defendant's unambiguous desire, intent,

744
00:53:14,426 --> 00:53:17,246
and actions taken to help criminals engage in money laundering

745
00:53:17,246 --> 00:53:19,726
and sanctions evasions through samurai.

746
00:53:20,646 --> 00:53:23,026
The conspiracy to commit sanctions evasion charge,

747
00:53:23,126 --> 00:53:26,166
which too carries a maximum sentence of 20 years,

748
00:53:26,326 --> 00:53:30,266
was also dropped in exchange for the developer's guilty plea.

749
00:53:30,346 --> 00:53:32,426
So they'll get five years, these guys.

750
00:53:32,666 --> 00:53:34,106
They can steal Russian assets.

751
00:53:34,546 --> 00:53:35,626
They can sanction Russia.

752
00:53:36,286 --> 00:53:40,586
They can recover coins, not give them to anybody.

753
00:53:40,586 --> 00:53:47,626
what i'm getting at is it's the they got in trouble for bragging how the government is not

754
00:53:47,626 --> 00:53:50,906
good for us the government wants private transactions the bank of international

755
00:53:50,906 --> 00:53:54,026
settlements wants private transactions the federal reserve wants private transactions

756
00:53:54,026 --> 00:54:01,446
they don't the cia they want private transactions the imf wants a private transaction anybody who's

757
00:54:01,446 --> 00:54:06,246
in a powerful position doesn't want you to know what they're spending their money on oh 100 yeah

758
00:54:06,246 --> 00:54:07,746
Well, they'll use real Bitcoin.

759
00:54:07,746 --> 00:54:14,926
You get dollars in your pocket, or you get a wallet that has privacy tools in it, and you're a criminal.

760
00:54:16,426 --> 00:54:17,746
So this is the...

761
00:54:17,746 --> 00:54:19,906
I think this is important.

762
00:54:20,046 --> 00:54:27,106
At another point, the memorandum quotes a Twitter exchange between Rodriguez and a Samurai wallet user,

763
00:54:27,766 --> 00:54:35,126
citing Samurai's focus on censorship resistance, highlighting that Rodriguez referred to Bitcoin as black market money.

764
00:54:36,246 --> 00:54:39,046
I mean, they're taking expos.

765
00:54:41,186 --> 00:54:41,746
Quips.

766
00:54:42,066 --> 00:54:44,886
People are saying like a euphemism, an analogy.

767
00:54:46,106 --> 00:54:47,166
I mean, this is...

768
00:54:47,166 --> 00:54:49,766
Bitcoin has always been black market money.

769
00:54:49,786 --> 00:54:51,006
Francis says we have to move on.

770
00:54:51,166 --> 00:54:53,186
But this is, I think this is really bad.

771
00:54:53,946 --> 00:54:55,486
You couldn't use the cyberpunk to defend.

772
00:54:55,486 --> 00:54:57,366
It's a very scary precedent.

773
00:54:57,606 --> 00:54:58,126
It's an omen.

774
00:54:58,126 --> 00:55:00,306
It leads to the elimination.

775
00:55:00,826 --> 00:55:04,946
This leads to the elimination of non-custodial wallets in the United States.

776
00:55:04,946 --> 00:55:10,626
if that becomes a crime uh that is so i think that's on the back burner for now

777
00:55:11,266 --> 00:55:16,786
i think that's coming we've lost i think that's lost the plot the plot yeah and we've gonna yeah

778
00:55:16,786 --> 00:55:25,986
i agree let's move on all right i want mstr to stand for monster we want to create a monster

779
00:55:25,986 --> 00:55:31,586
company we don't want to careen toward the future with an advantage you know we don't want to be the

780
00:55:31,586 --> 00:55:37,906
talented fighter you know that kind of wins and loses and mostly wins and is a little bit sloppy

781
00:55:37,906 --> 00:55:44,386
and undisciplined we want to create the the digital credit instruments that are two to four times

782
00:55:44,386 --> 00:55:50,706
better than everything in the 300 trillion dollar market and we want to eat the world right and we

783
00:55:50,706 --> 00:55:55,666
want to sell a hundred billion dollars of them and after we sell 10 billion then 20 billion then 40

784
00:55:55,666 --> 00:56:01,266
billion then 80 billion when people go well aren't you levered we want to say well you know actually

785
00:56:01,266 --> 00:56:10,146
our leverage is zero huh what wait what we have 30 amplification but we don't have 100 billion

786
00:56:10,146 --> 00:56:15,346
of debt we have 100 billion of equity that happens to actually amplify the common equity let me

787
00:56:15,346 --> 00:56:21,906
educate you on a new way to build a company so so i would say you want to boil that down it's a very

788
00:56:21,906 --> 00:56:29,346
disciplined growth strategy we would rather coast and have a bulletproof balance sheet and a 75

789
00:56:29,346 --> 00:56:38,786
billion company growing 30 a year than to stretch for capital or stretch for for some kind of yield

790
00:56:38,786 --> 00:56:44,546
but but undermine the balance sheet and take on credit risk because you know some someone says

791
00:56:44,546 --> 00:56:50,946
i'll give you 10 billion dollars tomorrow and it's you know it's senior to strc we just created

792
00:56:50,946 --> 00:56:57,346
volatility and we crumpled the credit of the instrument that is going to provide a comfortable

793
00:56:57,346 --> 00:57:04,806
retirement to a billion people. I don't want to be the dude that made a good trade that made 25

794
00:57:04,806 --> 00:57:11,046
or made $50 billion by trading Bitcoin by using cheap corporate money. We don't want to be the

795
00:57:11,046 --> 00:57:19,566
company that made 25 or $50 billion or a Hail Mary, or maybe we lost it by whatever, borrowing

796
00:57:19,566 --> 00:57:24,306
money, however we can get it to buy Bitcoin. We want to be the company that provided a comfortable

797
00:57:24,306 --> 00:57:27,766
retirement to a billion people and changed the world.

798
00:57:29,946 --> 00:57:32,486
All right.

799
00:57:32,686 --> 00:57:35,466
Will we read about this in history books in 20 plus years?

800
00:57:36,986 --> 00:57:41,846
You'll read about it and you'll frickin' chuckle because you'll be like, I got screwed.

801
00:57:42,486 --> 00:57:46,606
Because Alan Farrington's hamster wheel is going to be spinning at 15% and he's going

802
00:57:46,606 --> 00:57:47,346
to be paying you 10.

803
00:57:48,426 --> 00:57:53,846
So this is everything I hate about this point in time in Bitcoin.

804
00:57:54,306 --> 00:57:59,966
is that it is all about Bitcoin for me, not for thee.

805
00:58:00,626 --> 00:58:01,886
Let me handle your Bitcoin.

806
00:58:02,126 --> 00:58:03,206
I'll give you a return.

807
00:58:04,406 --> 00:58:07,486
And that is going to end poorly for everybody who falls for it.

808
00:58:07,666 --> 00:58:08,746
He's a great storyteller.

809
00:58:08,986 --> 00:58:10,286
He's a great salesperson.

810
00:58:10,526 --> 00:58:12,246
He's doing what's right for his company.

811
00:58:13,046 --> 00:58:14,266
No shame in that.

812
00:58:14,586 --> 00:58:20,226
But you as an individual need to understand that if you take that bait,

813
00:58:20,666 --> 00:58:22,486
you're in the mousetrap.

814
00:58:22,486 --> 00:58:31,786
you need to hold bitcoin let it compound and build your own sovereignty do not fall for a 10

815
00:58:31,786 --> 00:58:41,786
fiat yield when inflation is going to go way beyond that over the next decade this is your

816
00:58:41,786 --> 00:58:47,166
comfortable retirement is not going to be comfortable in 10 years this is not how this

817
00:58:47,166 --> 00:58:51,186
works great for Monster, not for you.

818
00:58:51,846 --> 00:58:53,246
Bitcoin for corporations, maybe.

819
00:58:53,786 --> 00:58:57,586
You need to get flat. You need to get out of debt.

820
00:58:57,906 --> 00:59:01,506
You need to start building savings in Bitcoin. You need to figure out how to

821
00:59:01,506 --> 00:59:03,846
feed yourself. This is

822
00:59:03,846 --> 00:59:09,246
a pitch that makes you feel like everything's going to be okay.

823
00:59:09,926 --> 00:59:13,546
The world is changing in dramatic ways. Are you going to have a job in the future?

824
00:59:13,546 --> 00:59:14,946
Is AI going to take it?

825
00:59:15,946 --> 00:59:24,086
Are you going to live off 10%, 5%, 7% yields when inflation is running at 15%, 17%, 18%?

826
00:59:24,946 --> 00:59:29,566
No, you're going to want Bitcoin and gold, and you're going to want land, and you're going to want to be able to grow your own food.

827
00:59:29,926 --> 00:59:34,206
That's the only place where sovereignty is going to exist over the next 10, 20 years.

828
00:59:35,146 --> 00:59:40,546
And this just, it sounds good, but you're being suckered.

829
00:59:41,106 --> 00:59:41,806
All right.

830
00:59:42,346 --> 00:59:43,186
I'm with you.

831
00:59:43,186 --> 00:59:50,066
let's move on uh you're gonna ask me about the digital euro yeah sure i'll ask you about the

832
00:59:50,066 --> 00:59:57,026
digital euro the ecb pushes ahead with the digital euro the ecb's digital euro project moves into the

833
00:59:57,026 --> 01:00:01,266
next phase tightening the link between money and state control under the banner of innovation

834
01:00:01,666 --> 01:00:07,906
do policymakers even understand the monster they're unleashing or is this a case of widespread

835
01:00:07,906 --> 01:00:13,426
economic illiteracy among many i think we've already all the above let's move on but like i

836
01:00:13,426 --> 01:00:18,306
will just almost say is they aim to be ready for potential first issuance of the digital euro during

837
01:00:18,306 --> 01:00:26,146
2029. 2029 yeah i'm reading their uh white paper here euros so it's i think they have all the

838
01:00:26,146 --> 01:00:31,906
intents to uh put everyone under financial surveillance through essential i mean this is

839
01:00:31,906 --> 01:00:34,626
This is the beginning of this.

840
01:00:34,866 --> 01:00:34,966
Okay.

841
01:00:37,486 --> 01:00:40,646
We are working with the national central banks of the euro area

842
01:00:40,646 --> 01:00:42,846
to look into the possible issuance of the digital euro.

843
01:00:43,326 --> 01:00:45,146
It would be a central bank digital currency,

844
01:00:45,246 --> 01:00:46,926
an electronic equivalent to cash,

845
01:00:47,346 --> 01:00:49,066
and it would complement bank notes and coins,

846
01:00:49,146 --> 01:00:51,526
giving people additional choice about how to pay.

847
01:00:52,286 --> 01:00:52,466
Okay.

848
01:00:52,466 --> 01:00:53,486
This is very real.

849
01:00:53,706 --> 01:00:54,386
Mark my words.

850
01:00:54,906 --> 01:00:57,646
The European Union is dying.

851
01:00:57,706 --> 01:00:57,906
Yeah.

852
01:00:58,066 --> 01:00:59,586
The euro is dying.

853
01:00:59,586 --> 01:01:02,306
it's going to end up being a bunch of

854
01:01:02,306 --> 01:01:04,486
individual states

855
01:01:04,486 --> 01:01:06,366
again that are in

856
01:01:06,366 --> 01:01:08,546
alignment with the western

857
01:01:08,546 --> 01:01:10,466
corridor

858
01:01:10,466 --> 01:01:12,566
run by the US

859
01:01:12,566 --> 01:01:13,566
slash bitcoin

860
01:01:13,566 --> 01:01:16,246
hash dollar

861
01:01:16,246 --> 01:01:17,166
hash power

862
01:01:17,166 --> 01:01:20,546
by 29 there will be no Europe

863
01:01:20,546 --> 01:01:22,186
everything will change by then

864
01:01:22,186 --> 01:01:23,266
so let's move on

865
01:01:23,266 --> 01:01:25,226
it's not worth staying there

866
01:01:25,226 --> 01:01:27,966
literally and figuratively

867
01:01:27,966 --> 01:01:33,746
major europe but you're going to europe next week so you'll have fun in amsterdam maybe you'll

868
01:01:33,746 --> 01:01:41,206
remember it major european bank nordia's epic turn to bitcoin etp once the major nordic bank

869
01:01:41,206 --> 01:01:46,746
that banned employees from touching crypto nordia is now launching a bitcoin linked exchange traded

870
01:01:46,746 --> 01:01:53,366
product for customers its first public embrace of digital assets with europe's micro rules now in

871
01:01:53,366 --> 01:01:58,966
force is this the moment legacy nordic finance officially crosses the rubicon

872
01:02:01,766 --> 01:02:12,006
this is the moment nothing changes god i look at everybody's going this is a global a concerted

873
01:02:12,006 --> 01:02:18,966
global effort to consolidate everybody's bitcoin into institutions yeah that's what this is and i

874
01:02:18,966 --> 01:02:23,306
I never regret ever being excited in 2017 and 18,

875
01:02:23,306 --> 01:02:25,566
we were like, oh my God, we're going to get an ETF.

876
01:02:25,566 --> 01:02:28,106
Oh my God, it's going to go to 100,000.

877
01:02:28,106 --> 01:02:29,646
We were saying that back then.

878
01:02:29,688 --> 01:02:31,368
We got them. We got lots of them.

879
01:02:31,528 --> 01:02:33,568
The biggest attack on self-custody ever.

880
01:02:33,968 --> 01:02:34,548
It's horrific.

881
01:02:36,348 --> 01:02:37,388
It's great for grandma.

882
01:02:38,068 --> 01:02:39,468
No, I don't think so.

883
01:02:40,408 --> 01:02:41,548
In a way, it isn't.

884
01:02:42,008 --> 01:02:43,108
Because grandma thinks she has Bitcoin.

885
01:02:43,108 --> 01:02:43,588
Yeah.

886
01:02:44,328 --> 01:02:45,708
Alright, let's move on.

887
01:02:47,488 --> 01:02:48,788
Hit like and subscribe

888
01:02:48,788 --> 01:02:49,908
if you're enjoying this.

889
01:02:50,008 --> 01:02:52,048
We need a major crash

890
01:02:52,048 --> 01:02:53,948
just to get everybody back into self-custody.

891
01:02:54,288 --> 01:02:55,708
Let's rip through this next one.

892
01:02:55,788 --> 01:02:56,308
France.

893
01:02:56,308 --> 01:02:59,868
what's the question here?

894
01:02:59,948 --> 01:03:01,588
France is Bitcoin week.

895
01:03:02,248 --> 01:03:04,288
Getting another sovereign nation

896
01:03:04,288 --> 01:03:05,548
gonna dump Bitcoin.

897
01:03:05,788 --> 01:03:08,828
Reserve dreams and unproductive wealth taxes.

898
01:03:08,968 --> 01:03:10,388
Bitcoin Twitter spent all week

899
01:03:10,388 --> 01:03:13,048
cheering that France might buy 2% of the Bitcoin supply

900
01:03:13,048 --> 01:03:14,568
while missing the fine print

901
01:03:14,568 --> 01:03:16,548
that lawmakers actually voted to tax it

902
01:03:16,548 --> 01:03:17,748
as unproductive wealth.

903
01:03:18,428 --> 01:03:19,448
Which one is it?

904
01:03:19,988 --> 01:03:22,348
Will crypto Twitter stop shitposting headlines

905
01:03:22,348 --> 01:03:24,508
and start reading past the first sentence?

906
01:03:24,508 --> 01:03:30,608
yeah well everyone's looking for hopium it's been a lot of sideways action and and i think

907
01:03:30,608 --> 01:03:36,348
and and they've been watching risk on assets fly compared to bitcoin in a short time frame so it's

908
01:03:36,348 --> 01:03:41,348
right it's like so much of the shit on x is just a headline and and then when you read into it

909
01:03:41,348 --> 01:03:47,628
half the time it's not even really about bitcoin right no i agree yeah well uh this outlet that

910
01:03:47,628 --> 01:03:52,608
specialize in that i want to read a tweet before we get to any comments or q and a q and a if we

911
01:03:52,608 --> 01:04:00,108
have any. So this is from Ethan Brooks. I'm the CFO of a PAE-backed company. I woke up to 19 emails

912
01:04:00,108 --> 01:04:07,088
from the CEO between 1 a.m. and 4 a.m. Subject lines, thoughts, quick one, alignment. I stared

913
01:04:07,088 --> 01:04:11,408
at the ceiling and thought, he doesn't sleep. He just runs equity payouts at different EBITDA

914
01:04:11,408 --> 01:04:17,628
scenarios. By 8 a.m., I was already behind. The VP of finance asked when we're sending the updated

915
01:04:17,628 --> 01:04:21,948
forecast. I said soon, even though I haven't opened the model in two weeks because I already

916
01:04:21,948 --> 01:04:29,548
know how it ends. At 10 a.m., the CEO told me we're hiring 12 heads, but cutting SG&A. I nodded,

917
01:04:29,888 --> 01:04:35,528
deleted the plan, and renamed the file. Final, V9 approved. At lunch, I sat alone in my office,

918
01:04:35,688 --> 01:04:40,928
scrolling through emails that all started with just following up. By 1 p.m., the PE senior

919
01:04:40,928 --> 01:04:44,928
associate was replying to my updates before I could even finish reading the subject line.

920
01:04:45,748 --> 01:04:49,928
Every message started with quick thought and ended with another model version request.

921
01:04:49,928 --> 01:04:54,428
At 3 p.m. he called, wanted an EBITDA bridge that inspires confidence.

922
01:04:54,428 --> 01:04:57,128
I moved numbers until it looked believable.

923
01:04:57,128 --> 01:04:58,928
He said, not good enough.

924
01:04:58,928 --> 01:05:01,068
The MD wants EBITDA to double by year end.

925
01:05:01,068 --> 01:05:02,668
I said, copy that.

926
01:05:02,668 --> 01:05:06,068
Then I stared at the spreadsheet and thought, so do I.

927
01:05:06,068 --> 01:05:23,414
By 6 p I was writing words like momentum synergies and runway into a deck that means nothing I closed my laptop looked at my reflection and reminded myself we all know it isn real but it has to look like it is until someone buys it

928
01:05:24,554 --> 01:05:25,114
Fuck.

929
01:05:26,594 --> 01:05:27,954
There's the hamster wheel.

930
01:05:27,954 --> 01:05:29,454
Yeah, the Fiat hamster wheel.

931
01:05:30,094 --> 01:05:30,914
At large.

932
01:05:31,054 --> 01:05:32,634
And that is like so much.

933
01:05:34,814 --> 01:05:36,514
Of the economic activity right now.

934
01:05:36,514 --> 01:05:37,634
Economic activity, yeah.

935
01:05:37,774 --> 01:05:38,634
Yeah, well said.

936
01:05:38,834 --> 01:05:40,774
And it's going to stop.

937
01:05:41,114 --> 01:05:43,254
I don't know what to tell people.

938
01:05:44,114 --> 01:05:45,374
I don't think you should tell them anything.

939
01:05:46,494 --> 01:05:47,854
We don't know what's going to happen.

940
01:05:48,434 --> 01:05:49,794
You don't know what's going to happen,

941
01:05:49,854 --> 01:05:52,754
but you do know that we're in a global reset.

942
01:05:53,074 --> 01:05:54,014
We're in a restructuring.

943
01:05:54,014 --> 01:06:02,434
We're in a monetary fiat debasement phase.

944
01:06:03,054 --> 01:06:04,614
That's how the debt gets restructured.

945
01:06:05,154 --> 01:06:05,194
Right?

946
01:06:05,294 --> 01:06:06,354
So just simple.

947
01:06:06,514 --> 01:06:13,594
Simple. Most of the sovereign nations in the world are crushed by debt, except for Russia and China.

948
01:06:14,114 --> 01:06:17,434
China, because they have a lot of debt, but they don't have a central bank.

949
01:06:18,194 --> 01:06:22,334
So China and Russia are going to be okay. Everybody else is totally fucked.

950
01:06:22,994 --> 01:06:29,114
And the only way to save themselves is massive inflation to debase the currency and devalue the debt.

951
01:06:29,774 --> 01:06:34,134
If you live in one of those countries and you live your life in one of those currencies,

952
01:06:34,134 --> 01:06:38,934
you need gold and you need bitcoin and bitcoin be the fastest horse in the race as paul tudor jones

953
01:06:38,934 --> 01:06:44,274
loves to say if you don't have that yet you've got a very short period of time to get your shit

954
01:06:44,274 --> 01:06:49,314
together this is coming hard basically also what we're saying is but depending on what sort of your

955
01:06:49,314 --> 01:06:54,254
uh economic context you live in you know whether you know there's some countries maybe a hundred

956
01:06:54,254 --> 01:06:59,254
dollars is a lot of money but gold is really it's basically like an etf like you you can't take

957
01:06:59,254 --> 01:07:03,794
possession of gold so don't look at the price like you cannot look at the price you have to look at

958
01:07:03,794 --> 01:07:09,274
as like the only thing that will transfer value to the new system but also the only thing that

959
01:07:09,274 --> 01:07:15,394
you take self-custody of yes and so gold is not that well it's really hard to take lots a lot of

960
01:07:15,394 --> 01:07:22,794
a lot of gold yes so as your size of wealth goes up gold sort of like for like i don't know 50

961
01:07:22,794 --> 01:07:29,454
of the population a gold coin 99 of the population yes yes right right i agree one gold coin i agree

962
01:07:29,454 --> 01:07:38,834
So all I'm getting at is that if you look back in history and you study these types

963
01:07:38,834 --> 01:07:45,334
of transitions, the only thing that made it to the other side was these hard assets.

964
01:07:46,014 --> 01:08:00,460
Now we have the most hard asset ever created which is Bitcoin If you can get that and get it in self and take it with you to whatever new system is set up in your country you going to be better off than if you do nothing

965
01:08:01,360 --> 01:08:03,600
You know, some of the paradoxes,

966
01:08:04,040 --> 01:08:06,420
some of what it takes to understand Bitcoin

967
01:08:06,420 --> 01:08:08,920
is not necessarily the same skills

968
01:08:08,920 --> 01:08:10,480
to take self-custody of Bitcoin.

969
01:08:10,840 --> 01:08:11,180
True.

970
01:08:11,780 --> 01:08:12,080
Right?

971
01:08:12,200 --> 01:08:13,860
So it's kind of a one-two punch.

972
01:08:13,880 --> 01:08:14,380
But it's not that complicated.

973
01:08:14,640 --> 01:08:15,440
Not that complicated,

974
01:08:15,440 --> 01:08:17,200
but it's not the same skill set.

975
01:08:17,200 --> 01:08:19,560
It's not necessarily the same problem solved.

976
01:08:19,780 --> 01:08:21,180
Like, I'm not technical.

977
01:08:21,380 --> 01:08:27,000
Meaning if someone is trying to not be debased, that's not an argument for self-custody per se.

978
01:08:27,800 --> 01:08:31,060
It leads to self-custody, meaning like part of the way.

979
01:08:31,280 --> 01:08:33,380
Well, I mean, history would inform you, right?

980
01:08:33,420 --> 01:08:38,840
If you look back through history, people that had their gold in a bank lost that gold.

981
01:08:39,580 --> 01:08:39,980
Right.

982
01:08:39,980 --> 01:08:46,400
But if they're not thinking about the counterparty risk and they're just thinking about the debasement risk.

983
01:08:47,200 --> 01:08:51,600
yeah but it's two different skill sets and knowledge sets the problem to accomplish both

984
01:08:51,600 --> 01:08:55,840
to get into self-custom i'm just trying to acknowledge it i get it but the problem is and

985
01:08:55,840 --> 01:09:02,000
if you if you really look at history when these events transpire governments will do whatever

986
01:09:02,000 --> 01:09:08,720
they take to retain power and control relative to other governments around them right so right so you

987
01:09:08,720 --> 01:09:15,280
have the goliaths up here in the in the stadium fighting right for their little bit of control

988
01:09:15,280 --> 01:09:21,760
and survival and they don't care if they step on us to survive right they don't care if they crush us

989
01:09:22,640 --> 01:09:30,000
so you need to get your hard assets get out of dodge hunker down and get ready for some to go

990
01:09:30,000 --> 01:09:36,480
down because it's coming his history shows us it's coming and they're going to do everything

991
01:09:36,480 --> 01:09:41,920
along the way to tell you like uh you know bitcoin's not doing so good you know it's down

992
01:09:41,920 --> 01:09:45,200
They're going to shake you out of it so they can accumulate more.

993
01:09:46,080 --> 01:09:50,940
They're going to tell you stories like it's that guy's the problem or that country's the problem.

994
01:09:51,040 --> 01:09:52,260
We got your back.

995
01:09:52,620 --> 01:09:57,860
All these things, these are common tropes that coincide with these resets.

996
01:09:58,680 --> 01:10:01,020
And you just have to ignore all the BS.

997
01:10:01,460 --> 01:10:03,640
You have to look at what happens throughout history.

998
01:10:04,060 --> 01:10:04,980
Get your hard assets.

999
01:10:05,620 --> 01:10:06,260
Get safe.

1000
01:10:06,520 --> 01:10:07,660
Get low over your skis.

1001
01:10:08,200 --> 01:10:09,840
And just wait it out.

1002
01:10:09,840 --> 01:10:18,960
right guns goats and get your bitcoin in self-custody three g's sats steers and swords yeah

1003
01:10:20,160 --> 01:10:26,000
and whiskey i don't know all right i think that was another epic show uh if we don't have any

1004
01:10:26,000 --> 01:10:41,466
questions or comments uh roll out uh this is a bitcoin center and like and subscribe brought to you by by federal i can see the question all right yeah this is from uh living franks yes but this will take some time my plan is stacked for 10 years and

1005
01:10:41,466 --> 01:10:48,026
fingers crossed my bitcoin savings will carry me and my family through definitely word up uh best

1006
01:10:48,026 --> 01:10:56,746
of luck that no i think that's i think that's great um i just i would say uh five years not 10.

1007
01:10:56,746 --> 01:11:01,866
what to get to like 2032 yeah you need to you need to get yeah i mean even by then i think it'll be

1008
01:11:02,746 --> 01:11:09,466
i mean i i would i would accelerate your purchases as much as possible you're talking about your dca

1009
01:11:09,466 --> 01:11:14,426
plan yeah yeah if you're doing a dca over the next 10 years try and figure out how to do it in five

1010
01:11:15,466 --> 01:11:20,746
i i i think that this is coming it's here like the governments are preparing yeah but even after

1011
01:11:20,746 --> 01:11:25,466
five years your labor is your way of dcaing into yeah but you're you're you're your pay

1012
01:11:25,466 --> 01:11:31,986
your compensation is not going to grow as fast as inflation yeah no so your ability and and

1013
01:11:31,986 --> 01:11:37,246
bitcoin could be going up in price so your ability to acquire bitcoin is going to decelerate yeah i

1014
01:11:37,246 --> 01:11:40,986
mean i think about that something along the lines of like everyone talks about the house you know

1015
01:11:40,986 --> 01:11:46,146
the house is going down in sats or bitcoin but your salary is yeah you know and it's like if

1016
01:11:46,146 --> 01:11:51,486
you if someone's making 50 grand a year well five years ago that could have bought five or ten bitcoin

1017
01:11:51,486 --> 01:11:56,366
and now they could they're working for half a bitcoin yeah exactly and if that person bought

1018
01:11:56,366 --> 01:12:02,386
five or ten bitcoin at a hundred or a thousand or ten thousand front load your dca that's as much as

1019
01:12:02,386 --> 01:12:07,786
possible and uh but but still have that long-term time horizon i think that that 10-year time

1020
01:12:07,786 --> 01:12:14,706
is weird but front load your dca just think about like when at some point and this is where everyone

1021
01:12:14,706 --> 01:12:20,386
at some point was working for 10 bitcoin for a year's worth of work right like let's say bitcoin

1022
01:12:20,386 --> 01:12:23,906
to ten thousand dollars yeah you made a hundred grand made a hundred grand that's ten big and that

1023
01:12:23,906 --> 01:12:28,306
doesn't mean you get to save every dollar you make yeah right but it's something that that person at

1024
01:12:28,306 --> 01:12:34,466
some point bought or stacked 10 bitcoin let's say and that 10 bitcoin is now worth a million dollars

1025
01:12:35,106 --> 01:12:39,106
well now they're working for point one or ten percent of their stack i mean just so interesting

1026
01:12:39,106 --> 01:12:45,106
that arc yeah no where it prices you out of almost work you might even love that's why i get so excited

1027
01:12:45,106 --> 01:12:50,146
when bitcoin drops because you you know well your personal power goes up once you start your income

1028
01:12:50,146 --> 01:12:54,146
yes your fiat income becomes more valuable more valuable and if you understand the horizon of it

1029
01:12:54,146 --> 01:12:59,666
you're like this is a short-term opportunity to perfect maximize exactly yeah all right all right

1030
01:12:59,666 --> 01:13:05,746
uh well thank you for writing that in yep well really appreciate it um that's all we got all out

1031
01:13:05,746 --> 01:13:09,186
bitcoin center brought to you by federal go bank yourself thank you for joining us

1032
01:13:09,186 --> 01:13:11,406
See you next week, Tuesdays at 8 p.m.