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all right what's up

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october 21st uh another tuesday how are you doing brother

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there you go all right how you been i've been good how was your weekend man

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uh it was pretty epic i was up in montreal for the canadian bitcoin conference

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yeah that was great i saw your co-worker michelle weekly yeah she's talking about privacy and

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security uh it was a great conference she was representing bite federal go bank yourself but

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not for the intro but uh hit like and subscribe yeah i had a great time in montreal i think it's

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one of the best conferences uh on stage i think larry lepard okay uh he you know really brought

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to fire both on he was on x the whole time or you know telling people to go i've been watching him

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just rip people he was ripping people to shreds like on the way from like the festival to the

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dinner bitcoin uh and he knew that guy personally and then he found crossfit and now he's just

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fucking terrorist yes so the highlights i guess uh so larry on stage and sort of the message he

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was kind of giving or just kind of the way he's able to crystallize certain points especially

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around like maybe price of suppression and how there's price suppression through uh paper gold

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and futures and same similar thing in bitcoin yeah and he doesn't think it's drastic you know

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uh i don't want to speak for larry but he was pretty intense and then i got to walk home from

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the conference at hotel with larry and tomer stro light stormer tomer and nico on panel with me

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so these were some highlights and then uh when we went out for steak dinner uh bull bitcoin

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invited us but they get to a nice steak restaurant and uh like there's like 50 60 people coming

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and we find out that we don't actually have a reservation for any of us but somehow they

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accommodate us uh gibbies and uh we had a nice time steaks came really late at night but

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so yeah that was it was a great weekend uh epic conference i'd go again uh for the third time in

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a row this was my second time there so montreal's beautiful city that's awesome yeah how about you

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uh what did i do this weekend i built a chicken coop oh your second one i guess yeah big one

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bigger okay this is on the farm it's going out to the farm it's portable built-in watering and food

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movable fresh grass every day they're gonna be some happy chickens yeah we're talking about that

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um I thought this puppy would sort of replace or prevent that like I thought I we'd got the puppy

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and then let's not with us today let's not do the chicken coop but I think we're still doing

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chicken coop behind us somewhere here so what about bitcoin what about it i don't know are we in the

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bitcoin space anymore uh are we in the are we in the trending sideways space you know going up to

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montreal going to the canada it was like really honed in it was really bitcoin maxi stuff and uh

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it was i thought really focused and you know i don't think you're hearing necessarily a lot of

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new sort of content or signal or anything but it was nice to be around other bitcoin maxis

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and it wasn't convoluted or anything.

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And yeah, I felt like I was in a little bubble

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for a little while in Bitcoin land.

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You can go to the bazaar and buy stuff,

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hats, shirts, and panties for Bitcoin.

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Maybe we're seeing a glimpse of what Bitcoin's

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going to look like 30 years from now,

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where it's just going sideways forever.

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And we're just all living on a Bitcoin standard.

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We're all happy, eating steak,

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hanging out with each other in our bubbles.

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Tough to imagine.

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They're not going to stop printing.

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So I just, I don't know.

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I was trying to-

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But if printing comes and Bitcoin goes up

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and inflation, cost of living goes up

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and Bitcoin goes up and cost of living goes,

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isn't that the same as being flat?

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In a way, and I think that'd be great, I guess.

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If it maintained purchasing power,

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I guess is what you're saying.

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If it maintained purchasing power, yeah.

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Sure, and if that's the stability

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of the stable coin of it, yeah.

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Sure.

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I think that's kind of what it's designed to do.

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Your portfolio that you're managing

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outside of your job is really where your career,

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your entrepreneurship is really just trying to create money.

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You're using your portfolio.

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This is what most people do to sort of create a basket of goods.

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Patrick wants to print money.

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But not create money like in that sense,

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but sort of like, yeah, hold your purchasing power.

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All right, let's get into it.

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Let's get started.

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Yeah, go back yourself, Paul.

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Hit like and subscribe.

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This is brought to you by Byte Federal.

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And Satoshi Bakamoko.

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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 with Kayleigh.

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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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You never heard of them a few weeks ago.

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Now everybody's talking about them.

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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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To me, it smells like Ponzi scheme in 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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Yes.

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Don't buy shit coins.

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Oh, man, I was getting 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,

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but they know that he's a fake name.

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It was a pseudonym.

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You're literally putting real money onto a system

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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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ding ding all right cedric gold is hitting an all-time high banks are tapping fed facilities

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amid tidying liquidity bitcoin's uptober fizzled is this just a temporary macro blip capping uh

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macro blip capping the bull run or is it a fundamental test of bitcoin's resilience as

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liquidity drains i i don't think it's uh the end of the bull run personally

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uh i think it has to do with liquidity you know this article i'm reading here in coindesk talks

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to sort of how the overnight rates,

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the Fed overnight rate is going up.

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It went from like 0.02 to 0.19, I think, bips.

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And then I think that the overnight rate

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between the banks went up

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and the amount of collateral

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that is coming through the repo facility

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is hitting around like sort of the amounts after COVID.

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So it looks like there's a little fear in the market

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and I think everyone's waiting for more liquidity to come.

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When I say everyone, I think it's investors,

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traders, hedge funds.

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So that's what it appears to be.

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I still think there's this trend line of,

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in some way, they're not, I don't know how,

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they're not letting Bitcoin rip.

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Yeah.

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And they're holding it back until there's just much more,

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I think, one, they're pulling more into the ETFs,

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more into the treasury companies,

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more into sort of institutional hands via those vehicles.

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I know those represent shareholders and things like that.

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And even the ETF does represent ownership.

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But I think they want it in those vehicles.

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I think this is a time where the coins are changing hands from OGs.

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I think it's still, we're underestimating how many OGs are just liquidating coins at this price and continuing, almost like they're DCAing out.

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I agree.

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I also think, though, that the Federal Reserve and the U.S. in general is the largest liquidity provider in the world.

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And we have yet to join the party in a big way.

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Right.

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We helped out Argentina, but that was like only 20 billion and, you know, maybe some other things.

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But, yeah, we haven't really jumped in in a massive way.

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Not the way China is doing it.

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And so I think if we jump into that game, I think there's, I agree with you, there's one more big run left in this baby.

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Yeah.

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So we'll see.

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All right, let's move on to the next topic here.

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All right.

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U.S. seizes $15 billion in Bitcoin.

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With U.S. authorities now holding $130,000 Bitcoin from a massive scam bust,

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potentially the largest single contribution to a national Bitcoin reserve,

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will it be the fraudsters, not policymakers,

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who end up jump-starting America's Bitcoin balance sheet?

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I mean, I think this is a revenue-neutral way to get Bitcoin

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is to seize it all over the world.

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um what there was something very interesting though about this article that um they just

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kind of left hanging which was that uh do you remember the big chinese miner hack

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not too long ago the chinese miner was like a lovin or lubin or something okay yeah i'm not

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reading it so i can't remember the name but um i guess the coins that they recovered elliptic

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trace them back to that hack of the miner.

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And so they're questioning now,

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was this miner really hacked?

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Sure.

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Or was it a fake hack

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in order to obfuscate these coins even further?

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And then they mentioned this thing

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and then moved on from it,

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which was like,

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was the US involved in hacking that exchange?

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And then they just dropped that comment.

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Right.

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I'm like, wait a minute here.

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That's a weird seed to plant.

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because if if the u.s hacked those coins from the chinese minor and then they end up in the hands of

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this i believe uh chinese national running uh pig butchering scams and camp in cambodia

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do you think those were connected that's what they're making the case elliptic is making the

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case that when they track those coins that they're somehow connected details to be determined um

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Um, so, you know, and then it always begs the question like, okay, great.

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You can track these coins.

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You can see where they came from, but I don't see any attempt to return them to the individuals

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who had them stolen.

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Right.

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Yeah.

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So that, that's where I'm like, let's stop.

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This is so disappointing.

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Let's stop the fraud.

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Yeah.

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And not helping.

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You're not going to return with the people that got fraud.

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And it's a sizable amount of coins for the United States government.

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It's going to be very interesting.

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That was, that was horrible to see and very disheartening.

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So I don't know.

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There's a lot, but I think there's more of that to come.

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A lot of mystery there.

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and I think C here is on the...

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I think that's a warning shot to US citizens.

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Yeah, 100%.

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Let's move on.

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Okay.

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Samson Mao predicts a supersized rally

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and Samson claims Bitcoin's next bull run

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will outshine gold.

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And is this a hyperbole from a permeable

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or does Bitcoin's post-having dynamics

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truly have a shot at eclipsing gold's performance?

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I do think Bitcoin has definitely a shot at eclipsing gold's performance, even before year end.

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And that wouldn't be much here in terms of like for a Bitcoin rally in Q4 of, you know, 18 months after the halving.

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I just, you know, and I think that, you know, Samson has been calling us for a long time.

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You could argue that a broken clock is right twice a day.

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But I really think that it's going to be a gradually then suddenly moment.

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And I'm on team Samson here.

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I think that Bitcoin at some point is going to shock us and do multiples compared to gold.

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I think gold is showing us.

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I mean, gold is up, what, 60% on the year.

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Right.

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And that's, I think, $10 trillion for the market cap.

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And that's a little confusing because like 15, if there's 30 trillion in gold, if it's

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not 30 trillion, maybe 15 of that is not traded.

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Maybe that's in gold, that's in antiquities and in jewelry and things of this.

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Only 15 trillion is traded, things of this nature.

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but gold is racing.

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I think this is a really screaming to the company.

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They're even talking about the debasement trade.

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I think the debasement trade is going to be sort of the way the transitory

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comment was made around inflation,

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where that's going to be the talk for the next 18 months.

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They're seeding this narrative that you can almost get rich on inflation.

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Yeah.

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I mean,

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I have the feeling that gold is got to be accumulated first.

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Yeah.

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as a and it has to and then we can market to market i don't i don't think we're marking it

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to market i think we will we only gain we only have four percent of we have eight thousand tons

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of gold right four percent of the 30 trillion i think i think i'm gonna piss on my laptop

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i don't think they are i think they're gonna actually dump it uh i don't think they can

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market market they have to go through an audit it would cause a concern for an audit why well

244
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I don't know.

245
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I don't think they're going to.

246
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I disagree.

247
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But Peter Schiff says that gold is going to hit a million an ounce before Bitcoin.

248
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It's a million points.

249
00:13:20,640 --> 00:13:21,000
All right.

250
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Let's move on.

251
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All right.

252
00:13:23,260 --> 00:13:24,040
Let's move on.

253
00:13:24,900 --> 00:13:28,760
So SEC's Atkins embraces crypto innovation.

254
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Is this SEC's new pro innovation stance?

255
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Will with Chair Paul Atkins making crypto and tokenization his job one, a true turning point for U.S. regulation or just lip service in a post-Gensler error?

256
00:13:41,300 --> 00:14:04,660
No, I think this is a true turning point. What did they call it? The program crypto or something like that, that they've got it going over there. I mean, the agenda at the SEC is to move on. It looks like, sounds like, seems like moving on Trump's agenda to make Bitcoin and crypto a significant part of the US economy. Can't do it without SEC approval.

257
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if you look at what NASDAQ is talking about

258
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and what we're talking about with the stablecoin legislation

259
00:14:11,480 --> 00:14:14,760
you've got to get the SEC on board to tokenize everything

260
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because the more you tokenize the more you need stablecoins

261
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and then the more they can sell treasuries

262
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so I think this is job one for them

263
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and the SEC has been tasked with like let's get this thing going

264
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but unfortunately they're closed

265
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so to be determined

266
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in how fast they can get it done

267
00:14:33,300 --> 00:14:47,740
All right. To be determined. All right. That's awesome. Let's get on to the next one. Thanks for that. All right. Let's bring in Lindsay Stamp here. Our guest. The Uber Chronicles. How are you?

268
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Good. How are you doing?

269
00:14:49,860 --> 00:14:56,500
Really good. How did this all start? When did you find Bitcoin and when did you start Ubering for Bitcoin?

270
00:14:56,500 --> 00:15:17,320
Yeah, so I started, you know, I was like most people where I owned Bitcoin some in like 2018, 2019, a little bit in 2021, but didn't know anything about it, just bought it, sold it for a couple hundred bucks, like when it went up and, you know, didn't really care about it until 2023, like the end of 2023.

271
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somebody on Twitter reached out to me and was like, Hey, you should read this book,

272
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broken money by Lynn Alden. I think you'd really like it. And, um, you know, I think it would be

273
00:15:26,020 --> 00:15:29,940
good for you. Somebody, you know, at that time I was talking about traditional finance. I was

274
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talking about Roth IRAs and 401ks and investing in real estate and you know taxable brokerage accounts And so this person who is well known on Twitter and on social media reached out to me about it and encouraged me to read some books

275
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And so for four months, I pretty much just read books straight, Bitcoin books, was obsessed with

276
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it and made my first purchase in February of 2024. And shortly after in like June, July of 2024 is

277
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when I started driving Uber because I realized like, you know, this is a race to accumulate

278
00:16:00,930 --> 00:16:06,070
the coin as fast as possible. So the money that I'm putting into it from my W2 job and the money

279
00:16:06,070 --> 00:16:11,790
I'm putting into it from my rental properties is not enough. I need to earn more money and what can

280
00:16:11,790 --> 00:16:17,990
I do? And that's when Uber started. You are a hustler. That's awesome. I got to ask you,

281
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how many people are you orange pilling in your Uber driving? You know, it's not as many as I

282
00:16:25,790 --> 00:16:30,550
would like, to be honest with you. You would be surprised how many people you just pick up and

283
00:16:30,550 --> 00:16:34,990
take to work or take home from work and they just want to sit silently, you know, and they don't

284
00:16:34,990 --> 00:16:42,290
even want to talk. But a company reached out to me and sent me Bitcoin hats and I've been wearing

285
00:16:42,290 --> 00:16:47,550
them when driving Uber and that sparked some conversation. So more recently I've met other

286
00:16:47,550 --> 00:16:53,310
Bitcoiners and like had people asking about it. So I think like having something in the car or

287
00:16:53,310 --> 00:17:00,230
wearing some kind of merch might help me. So we'll see, I guess. I have tortured so many Uber

288
00:17:00,230 --> 00:17:04,230
drivers at different Bitcoin conferences over the years where the poor suckers are just,

289
00:17:04,290 --> 00:17:08,550
they're stuck listening to me ramble about Bitcoin for however long that would drive me.

290
00:17:09,130 --> 00:17:12,310
It's good to see that it's going the other direction. And I'm wondering,

291
00:17:12,590 --> 00:17:18,030
are you going to bring your vehicle and yourself to Bitcoin 2025 in Vegas?

292
00:17:19,370 --> 00:17:28,710
I think that I'm not going to bring my Honda, but I think I'm going to bring myself and it'll

293
00:17:28,710 --> 00:17:35,330
be my first conference so yes i am planning to come cool cool very good what kind of ubernomics

294
00:17:35,330 --> 00:17:40,270
are there like uh should i pick up this person or that person how do you kind of do you have to face

295
00:17:40,270 --> 00:17:46,070
that or you just go wherever are there any sort of uh ways to play the game differently yeah it's

296
00:17:46,070 --> 00:17:50,930
actually funny you ask that because i was on another podcast this past weekend it's called

297
00:17:50,930 --> 00:17:56,470
the rideshare guide podcast and um he basically interviews people that do uber lift doordash

298
00:17:56,470 --> 00:18:01,190
Instacart, things like that. And he gives them tips and tricks on how to increase their earnings.

299
00:18:01,610 --> 00:18:06,970
And I guess in the Uber world, I didn't know this until this weekend. There's people that are

300
00:18:06,970 --> 00:18:11,570
cherry pickers and there's people that are ants and the cherry pickers just like take the best

301
00:18:11,570 --> 00:18:16,530
rides when they pop up and the ants take every ride that pops up. So up until this weekend,

302
00:18:16,530 --> 00:18:20,930
I just took every single ride. Like if it popped up on the screen, like I would accept it. My

303
00:18:20,930 --> 00:18:26,310
acceptance rate was like 99%. And I come to find out doing this podcast over the weekend,

304
00:18:26,310 --> 00:18:30,650
that that's actually not the best way to like increase your earnings or earn the most money

305
00:18:30,650 --> 00:18:35,410
because the uber algorithm knows that you're going to accept the fare regardless of what it is so they

306
00:18:35,410 --> 00:18:41,530
take a larger cut like a larger percentage of the fare um and when you decline them and you put like

307
00:18:41,530 --> 00:18:46,630
uh not worth the time or there's like a button you can click of why you're declining it when you tell

308
00:18:46,630 --> 00:18:51,270
them it's not worth the money they increase your fare to get you to accept more rides and then you

309
00:18:51,270 --> 00:18:57,030
make more money so i'm gonna start like being more selective about the rides that i take and

310
00:18:57,030 --> 00:19:02,150
what i accept but up until now i've just picked up every single ride that's popped up on my screen and

311
00:19:02,150 --> 00:19:09,870
you know gone with it this is proof that time preference pays off again has your life plan

312
00:19:09,870 --> 00:19:16,250
or goals changed sort of uh over the last you know whenever you started sort of i think you've

313
00:19:16,250 --> 00:19:22,110
always been maybe on this journey of investing uh so has it changed with bitcoin in terms of uh

314
00:19:22,110 --> 00:19:29,850
maybe your goals or what you your expectations are oh yeah um totally i would say that my goals

315
00:19:29,850 --> 00:19:34,770
and my aspirations and like my life plan is completely different you know like a couple

316
00:19:34,770 --> 00:19:39,950
years ago when i first started making content like i was like my goal was to have enough money coming

317
00:19:39,950 --> 00:19:44,590
in from rental properties and dividends that i could quit my job like that's what i was going

318
00:19:44,590 --> 00:19:48,930
towards. And now I don't own any dividend paying stocks. I've already sold one of my rental

319
00:19:48,930 --> 00:19:53,730
properties this year. I'm getting ready to post another one of my properties for sale. I don't

320
00:19:53,730 --> 00:20:00,230
want to do any of that. I would much rather find a way to just add value to the world and use my

321
00:20:00,230 --> 00:20:06,530
money to save in Bitcoin. And I would like to work in Bitcoin and, you know, contribute to,

322
00:20:06,710 --> 00:20:11,010
you know, the network and the space at a larger capacity, whatever that looks like. So yeah,

323
00:20:11,010 --> 00:20:14,590
I think, you know, a couple of years ago, I was like, let me climb the corporate ladder,

324
00:20:15,210 --> 00:20:19,450
you know, make as much as I can, invest as much as I can and try to buy assets.

325
00:20:19,450 --> 00:20:21,550
And now I don't want to do any of that.

326
00:20:23,370 --> 00:20:24,890
I think you already work in Bitcoin.

327
00:20:25,050 --> 00:20:31,010
I think Ubering for sats is working in Bitcoin and chronicling is, and, you know, sort of

328
00:20:31,010 --> 00:20:34,970
recording that and sharing with the world is even just sort of working in Bitcoin even

329
00:20:34,970 --> 00:20:36,090
more is brand message.

330
00:20:36,090 --> 00:20:41,950
So start sending us or, you know, in between rides, maybe start posting some of your Bitcoin thoughts.

331
00:20:42,450 --> 00:20:43,030
I'd love to hear.

332
00:20:43,470 --> 00:20:44,950
Yeah, that's a good idea.

333
00:20:45,450 --> 00:20:47,970
Extend the videos a little and make some more content.

334
00:20:48,110 --> 00:20:48,850
I think that's a good idea.

335
00:20:49,470 --> 00:20:55,770
And when you get when you get off off here today, make sure to give Francis your contact information.

336
00:20:55,910 --> 00:20:58,670
We want to send you some by federal swag to wear it when you're driving.

337
00:20:59,010 --> 00:20:59,730
That'd be awesome.

338
00:21:00,090 --> 00:21:00,810
I would love that.

339
00:21:01,650 --> 00:21:01,910
Yeah.

340
00:21:02,230 --> 00:21:04,610
You could tell people to go bank themselves.

341
00:21:04,610 --> 00:21:06,850
at the high total

342
00:21:06,850 --> 00:21:08,010
Bitcoin ATMs.

343
00:21:08,030 --> 00:21:08,510
It's a nice way to say

344
00:21:08,510 --> 00:21:09,830
what you want to say sometimes.

345
00:21:10,890 --> 00:21:11,330
Exactly.

346
00:21:12,610 --> 00:21:13,090
Necessary.

347
00:21:13,630 --> 00:21:14,630
Thank you so much

348
00:21:14,630 --> 00:21:15,510
for coming on the show.

349
00:21:15,590 --> 00:21:16,070
Thanks, Lindsay.

350
00:21:17,010 --> 00:21:18,150
Yeah, thank you for having me.

351
00:21:18,190 --> 00:21:18,670
Appreciate it.

352
00:21:19,250 --> 00:21:19,970
Yeah, definitely.

353
00:21:20,410 --> 00:21:20,650
Anytime.

354
00:21:21,130 --> 00:21:21,850
Bye, Satoshi.

355
00:21:22,370 --> 00:21:23,550
That's Satoshi Pogamodo.

356
00:21:24,650 --> 00:21:25,790
All right, let's head over

357
00:21:25,790 --> 00:21:27,030
to the lightning round.

358
00:21:27,430 --> 00:21:28,330
This is brought to you

359
00:21:28,330 --> 00:21:29,130
by Byte Federal.

360
00:21:29,130 --> 00:21:30,130
Go back to you.

361
00:21:30,130 --> 00:21:42,530
oh zabo strikes adam back job zabo strikes back this is like empire strikes back

362
00:21:43,330 --> 00:21:47,330
uh i'm just gonna kick it to you what what happened here man what's going on

363
00:21:47,970 --> 00:21:56,290
zabo just basically said you know stop with the bs spam uh you're not you're uh you're gonna put

364
00:21:56,290 --> 00:21:59,670
put the network at risk by allowing this spam.

365
00:22:00,310 --> 00:22:05,170
It went into the CSAM debate and which, you know, people have been,

366
00:22:05,570 --> 00:22:08,510
and Adam, one of them making the case that, you know,

367
00:22:08,990 --> 00:22:11,170
nobody's going to be held liable for this.

368
00:22:11,750 --> 00:22:17,470
I think Nick is right that it's an attack vector because if, you know,

369
00:22:17,470 --> 00:22:21,190
right now, if you want to put CSAM on the Bitcoin network,

370
00:22:21,350 --> 00:22:25,470
you're going to have to obfuscate it in a way where it's not easily seeable.

371
00:22:26,290 --> 00:22:28,410
by anybody searching the blockchain.

372
00:22:28,750 --> 00:22:30,330
You'd have to have proper software

373
00:22:30,330 --> 00:22:32,890
to extract it from the blockchain.

374
00:22:33,190 --> 00:22:35,770
If it's just in the operator and it's full images,

375
00:22:36,390 --> 00:22:37,710
anybody's gonna be able to see it.

376
00:22:37,810 --> 00:22:41,290
And then I think courts are gonna be able to make the case

377
00:22:41,290 --> 00:22:45,290
that you as a node should have not forwarded this data.

378
00:22:45,830 --> 00:22:48,830
The user node should not have supported

379
00:22:48,830 --> 00:22:52,370
this transaction into the Bitcoin blockchain.

380
00:22:53,130 --> 00:22:54,630
And that's a major risk.

381
00:22:54,630 --> 00:23:03,890
So if you wanted to, I think if you wanted to attack Bitcoin, whereas the nodes are so decentralized, that's what makes the network robust.

382
00:23:03,890 --> 00:23:25,490
And if you want to attack people and prevent people from running nodes, scare them, or actually make a case against particular node operators so that you could consolidate nodes into big corporations that would do what they're told and run filtering software to remove CSAM, then this is a way to attack Bitcoin.

383
00:23:25,490 --> 00:23:41,290
So to me, it's obvious and I don't understand if it's just technical hubris, which allows you to sort of like ignore the obvious threat or if something else is going on.

384
00:23:41,890 --> 00:23:45,750
But this whole technical debate that you can't prevent it.

385
00:23:45,790 --> 00:23:49,950
So let's not worry about it, I think, is a major attack on Bitcoin.

386
00:23:51,090 --> 00:23:53,270
Yeah, I don't know why we're opening up the gates.

387
00:23:53,270 --> 00:23:54,770
It doesn't make any sense.

388
00:23:54,770 --> 00:23:57,190
yeah we're still looking back at taproot

389
00:23:57,190 --> 00:23:58,870
I was listening to Tone Vays

390
00:23:58,870 --> 00:24:00,950
asking Adam back about this directly

391
00:24:00,950 --> 00:24:02,890
you know

392
00:24:02,890 --> 00:24:05,030
and to me it's like you're either

393
00:24:05,030 --> 00:24:06,870
he's either fooling himself

394
00:24:06,870 --> 00:24:08,530
with his own technical prowess

395
00:24:08,530 --> 00:24:10,410
by not

396
00:24:10,410 --> 00:24:13,090
contemplating that

397
00:24:13,090 --> 00:24:15,250
a court is not going to see the world

398
00:24:15,250 --> 00:24:17,130
through Dev's eyes a court is

399
00:24:17,130 --> 00:24:19,090
going to simply see this as there's an image

400
00:24:19,090 --> 00:24:21,210
you can see it you forwarded it

401
00:24:21,210 --> 00:24:22,230
you're supporting it

402
00:24:22,230 --> 00:24:34,390
So I think the legal logic that I think Dr. Adam Back is tracking is there's a developer at Blockstream who is a core developer and stated this sort of this logic.

403
00:24:34,590 --> 00:24:42,930
I don't think it's logical, but sort of this statement or rationale of if you start to filter things, you're acknowledging that certain things shouldn't be there.

404
00:24:42,930 --> 00:24:48,630
And now you're saying, oh, I am going to do my best to no, no, no, I'm going to do my best to keep those out.

405
00:24:48,710 --> 00:24:51,910
And now the onus is on the user to keep it all out.

406
00:24:52,230 --> 00:24:54,150
and this is weird.

407
00:24:54,310 --> 00:24:55,970
I was talking to Tomer Storleit about this.

408
00:24:56,330 --> 00:24:57,470
So he's like, that's like saying, okay,

409
00:24:57,750 --> 00:25:00,750
your doors are not going to work perfectly,

410
00:25:01,390 --> 00:25:05,870
so we should leave them open instead of like,

411
00:25:05,950 --> 00:25:07,890
because the onus, if you close the door now,

412
00:25:07,990 --> 00:25:10,010
if anyone comes in, it's your fault.

413
00:25:11,350 --> 00:25:13,510
So it's like a weird logic.

414
00:25:14,510 --> 00:25:16,910
If you try to defend yourself,

415
00:25:16,910 --> 00:25:18,610
they're basically saying that we're acknowledging

416
00:25:18,610 --> 00:25:19,790
that there are bad things here,

417
00:25:19,870 --> 00:25:21,490
and now the onus is on us to defend,

418
00:25:21,490 --> 00:25:24,250
and remove and keep 100% out,

419
00:25:24,390 --> 00:25:26,070
or they will come after us.

420
00:25:26,090 --> 00:25:28,250
And so it's like the reverse jujitsu logic

421
00:25:28,250 --> 00:25:29,230
of like what you're saying.

422
00:25:29,510 --> 00:25:30,850
I don't think it holds up,

423
00:25:31,070 --> 00:25:32,490
but that's the train of thought.

424
00:25:32,810 --> 00:25:33,310
I've seen that.

425
00:25:33,330 --> 00:25:34,470
I've seen that hold up.

426
00:25:34,470 --> 00:25:36,250
For instance, like down in the Keys,

427
00:25:36,630 --> 00:25:39,050
when you're all the electrical poles

428
00:25:39,050 --> 00:25:40,470
that are out in the water,

429
00:25:40,570 --> 00:25:43,010
the boats can hit and people die hitting them every year.

430
00:25:43,730 --> 00:25:47,810
There's no lights and there's no markers on those poles

431
00:25:47,810 --> 00:25:51,750
because in order to put power,

432
00:25:51,970 --> 00:25:54,090
they got this grandfather clause

433
00:25:54,090 --> 00:25:56,130
that says they would never have to maintain them

434
00:25:56,130 --> 00:26:00,990
in order to afford taking power all the way to Key West.

435
00:26:01,810 --> 00:26:05,170
So they're not held liable every time somebody dies

436
00:26:05,170 --> 00:26:07,390
by hitting one of these poles that are unmarked and unlit.

437
00:26:08,010 --> 00:26:11,670
And the argument is, well, if you mark them and you lit them,

438
00:26:11,990 --> 00:26:14,310
then you'd have to maintain it and then you'd be liable.

439
00:26:15,310 --> 00:26:17,630
So I understand that argument,

440
00:26:17,630 --> 00:26:28,810
but it comes with this sort of state power to give these companies a pass.

441
00:26:29,630 --> 00:26:31,350
Bitcoin doesn't have that luxury.

442
00:26:31,530 --> 00:26:33,930
Bitcoin's not inking a deal with the federal government saying,

443
00:26:34,290 --> 00:26:38,830
hey, if we agree to share CSAM, you agree not to sue us ever, right?

444
00:26:38,930 --> 00:26:40,090
No, that ain't going to happen.

445
00:26:40,550 --> 00:26:42,470
Yeah, so I agree we're in a really bad place.

446
00:26:42,470 --> 00:26:50,870
I thought that Adam Back raised a really great, you know, sort of pragmatic solution of just raise the kilobytes to 160.

447
00:26:51,450 --> 00:26:52,650
Just double it, basically.

448
00:26:53,210 --> 00:26:54,770
Let's give it an inch more.

449
00:26:55,190 --> 00:26:56,150
Let's see where that goes.

450
00:26:56,650 --> 00:26:58,150
Allow a little bit more scalability.

451
00:26:58,270 --> 00:26:59,870
Whatever you want to say goes in there.

452
00:27:00,750 --> 00:27:02,530
And, you know, I think that would have been a nice compromise.

453
00:27:02,750 --> 00:27:04,150
I think now we're in a terrible place.

454
00:27:04,530 --> 00:27:05,370
I've been saying this for weeks.

455
00:27:05,450 --> 00:27:07,410
I think we're past the point of the Civil War.

456
00:27:07,590 --> 00:27:09,170
I think it's already happened behind us.

457
00:27:09,590 --> 00:27:10,850
And we're in it, and we don't know it.

458
00:27:10,850 --> 00:27:22,130
But I also think that we are, I think the division amongst the nodes, with nodes running different clients, could end up making Bitcoin stronger.

459
00:27:22,330 --> 00:27:22,650
It will.

460
00:27:22,790 --> 00:27:23,170
It will.

461
00:27:23,250 --> 00:27:24,470
But that's the point of a war.

462
00:27:24,610 --> 00:27:30,190
I mean, we're going to get stronger, but we're going to have to test the anti-fragility to prove that.

463
00:27:30,930 --> 00:27:34,190
I guess when I'm saying war, I don't know if this ends in a hard fork right now.

464
00:27:34,190 --> 00:27:40,410
I don't know if it ends in a hard fork, but I think this is, well, I think this is headed towards a soft or a hard fork.

465
00:27:40,850 --> 00:27:44,310
I think we have a problem on our hands with V30.

466
00:27:44,370 --> 00:27:46,430
I mean, look, let's say worst case scenario,

467
00:27:46,530 --> 00:27:49,490
we have 50% of the people running NOS, 50% of the people running CORE.

468
00:27:50,270 --> 00:27:52,370
We need a third and fourth implementation.

469
00:27:52,370 --> 00:27:54,910
If there's a CSAM attack on people running CORE,

470
00:27:55,010 --> 00:27:55,910
then we'll know the answer.

471
00:27:56,310 --> 00:27:57,790
We have to destroy CORE.

472
00:27:57,790 --> 00:27:58,570
CORE has to go.

473
00:27:59,170 --> 00:28:00,470
We have to destroy CORE.

474
00:28:01,250 --> 00:28:02,710
We have to destroy CORE.

475
00:28:03,150 --> 00:28:05,970
And we have to come up with a new and better governance model.

476
00:28:06,010 --> 00:28:07,910
I don't know that we need to destroy CORE.

477
00:28:08,030 --> 00:28:10,390
I think we just need a large percentage of people running NOS.

478
00:28:10,390 --> 00:28:12,630
because then the nodes will be resilient.

479
00:28:12,650 --> 00:28:16,730
This is not working the way this is going, I think.

480
00:28:16,790 --> 00:28:20,450
And this is, we're going to face bigger problems at some point

481
00:28:20,450 --> 00:28:22,850
and we don't have a way to kind of deal with them anymore.

482
00:28:23,250 --> 00:28:24,110
That's a good point.

483
00:28:24,590 --> 00:28:26,290
We just don't, this is bad.

484
00:28:26,690 --> 00:28:27,330
But look at it.

485
00:28:27,330 --> 00:28:29,330
And so that part of the attack too is like,

486
00:28:29,630 --> 00:28:31,650
oh, now we're like, we're static

487
00:28:31,650 --> 00:28:33,890
and maybe we're ossifying in ways we shouldn't

488
00:28:33,890 --> 00:28:35,630
because we're in a little like.

489
00:28:35,790 --> 00:28:39,350
I still feel like if we had two or three clients

490
00:28:39,350 --> 00:28:43,370
with two or three teams of developers

491
00:28:43,370 --> 00:28:49,850
all competing to have a higher percentage of nodes running,

492
00:28:50,090 --> 00:28:52,390
that's a better place to be.

493
00:28:52,410 --> 00:28:52,770
I agree.

494
00:28:52,890 --> 00:28:54,430
It needs to be three, four, five, six.

495
00:28:54,450 --> 00:28:56,250
Because then they could both be developing

496
00:28:56,250 --> 00:28:59,330
quantum-resistant technologies.

497
00:28:59,330 --> 00:29:01,850
They could both be developing different security models.

498
00:29:02,470 --> 00:29:04,590
I don't think there needs to be assigned teams

499
00:29:04,590 --> 00:29:06,770
that are paid for by Bitcoiners.

500
00:29:07,010 --> 00:29:08,630
I think that people need to volunteer

501
00:29:08,630 --> 00:29:11,810
and get paid in ways that they,

502
00:29:11,950 --> 00:29:13,190
like, I just don't think we should have people

503
00:29:13,190 --> 00:29:15,390
that are hired, who have the title of,

504
00:29:15,430 --> 00:29:19,070
who get to speak as, speak for, right?

505
00:29:19,170 --> 00:29:20,690
Like it's contribution-based.

506
00:29:20,850 --> 00:29:22,790
I mean, I love the idea of supporting these.

507
00:29:22,890 --> 00:29:23,370
You don't get in.

508
00:29:23,510 --> 00:29:24,610
But at the same time, it's like,

509
00:29:24,710 --> 00:29:26,150
you should have so much Bitcoin

510
00:29:26,150 --> 00:29:29,050
that your life depends on making this network

511
00:29:29,050 --> 00:29:29,910
as robust as possible.

512
00:29:29,970 --> 00:29:30,830
That should be your incentive.

513
00:29:31,010 --> 00:29:32,650
Like if I'm worth billions.

514
00:29:32,970 --> 00:29:34,870
And I think we're past the point where a human

515
00:29:34,870 --> 00:29:38,450
can really sort of adjust, you know,

516
00:29:38,490 --> 00:29:40,430
something that has 700,000 lines of code.

517
00:29:41,110 --> 00:29:41,590
True.

518
00:29:41,690 --> 00:29:43,550
And I think we have to figure out, like,

519
00:29:43,770 --> 00:29:45,910
different ways of moving this vote.

520
00:29:46,550 --> 00:29:46,870
Simplification.

521
00:29:46,870 --> 00:29:50,850
Simplification and ways to move the design

522
00:29:50,850 --> 00:29:51,830
and governance forward.

523
00:29:52,070 --> 00:29:53,310
Because this is, I don't know.

524
00:29:53,490 --> 00:29:54,610
So let's move on.

525
00:29:54,630 --> 00:29:56,010
I feel like we're better off.

526
00:29:56,010 --> 00:29:57,210
I'm excited for the next topic.

527
00:29:57,390 --> 00:29:58,290
We'll run through these.

528
00:30:00,990 --> 00:30:03,950
Bitmain's sweetheart deal with Eric Trump's firm.

529
00:30:03,950 --> 00:30:10,010
Chinese mining giant Bitmain is giving Eric Trump's American Bitcoin Corp special treatment.

530
00:30:10,210 --> 00:30:14,450
Thousands of rigs on buy now, pay later terms.

531
00:30:14,570 --> 00:30:20,050
Does this raise red flags about foreign influence and favoritism in U.S. Bitcoin mining?

532
00:30:20,590 --> 00:30:22,370
All right. You know how this deal works.

533
00:30:22,930 --> 00:30:23,830
So this is great.

534
00:30:24,690 --> 00:30:28,650
So they're giving, giving is really like the appropriate word.

535
00:30:28,650 --> 00:30:32,410
They're giving the Trumps, not the Trumps, they're giving American Bitcoin mining,

536
00:30:32,410 --> 00:30:34,150
which is also

537
00:30:34,150 --> 00:30:36,210
merged with Hut8.

538
00:30:36,350 --> 00:30:37,870
So there's a little bit of who's really

539
00:30:37,870 --> 00:30:40,370
behind the legal deal. And there was mergers, and a lot of the mergers

540
00:30:40,370 --> 00:30:41,510
was designed for this opportunity.

541
00:30:42,290 --> 00:30:44,950
But this entity received 16,000

542
00:30:44,950 --> 00:30:46,270
Bitmain miners,

543
00:30:46,590 --> 00:30:48,770
and they get to pay later,

544
00:30:49,110 --> 00:30:50,470
but up to two

545
00:30:50,470 --> 00:30:52,090
years later in Bitcoin.

546
00:30:53,170 --> 00:30:54,970
Nice. And they get the...

547
00:30:54,970 --> 00:30:56,290
So, yeah.

548
00:30:56,450 --> 00:30:58,450
So this really speaks to, like, when

549
00:30:58,450 --> 00:31:00,450
Eric Trump was talking about their cost basis

550
00:31:00,450 --> 00:31:02,330
of, like, 38,000, it was like,

551
00:31:02,410 --> 00:31:04,110
I mean, I was like, that's really low.

552
00:31:04,110 --> 00:31:05,750
I'm assuming that's because they're not,

553
00:31:05,750 --> 00:31:08,610
he's not counting the money they're gonna pay back

554
00:31:08,610 --> 00:31:09,450
for two years.

555
00:31:09,450 --> 00:31:20,920
I don know how he comes up to that number but you know so maybe that on a cash basis Interesting But that does speak to sort of uh you know i don know if that enough to sort of capture you know the trump but

556
00:31:20,920 --> 00:31:25,600
that would definitely like sort of gain influence and i think that's how politics are done in

557
00:31:25,600 --> 00:31:31,940
america uh you know i'm not saying that's good or bad it sounds bad but i mean cut me a deal and

558
00:31:31,940 --> 00:31:38,280
i'll set you up in a meeting with uh daddy yeah for something else you know i mean well here's a

559
00:31:38,280 --> 00:31:42,460
Quote from in May at a Las Vegas Bitcoin conference sponsored by Bitmain,

560
00:31:42,960 --> 00:31:45,280
the president of American Bitcoin, Matt Prusik,

561
00:31:45,620 --> 00:31:47,780
underscored the political nature of the Bitcoin industry.

562
00:31:48,140 --> 00:31:51,900
If you think you're in the energy business or compute business or Bitcoin

563
00:31:51,900 --> 00:31:53,040
business, you're half right.

564
00:31:53,460 --> 00:31:55,020
He told the audience underneath it all,

565
00:31:55,020 --> 00:31:57,860
you're in the business of politics in the politics business.

566
00:31:58,740 --> 00:31:58,780
Yeah.

567
00:31:59,000 --> 00:32:02,880
You know, so of course they're looking for preferential accent.

568
00:32:03,120 --> 00:32:04,840
You know, let's move on to the next one here.

569
00:32:05,640 --> 00:32:07,600
I think that's just how things are done now.

570
00:32:07,600 --> 00:32:09,600
Paul Tudor Jones pivots to gold.

571
00:32:09,740 --> 00:32:10,800
What's going on here, Paul?

572
00:32:11,680 --> 00:32:13,940
I mean, I don't know if it's a pivot.

573
00:32:14,120 --> 00:32:16,760
His article was just like, you know, gold's doing really well

574
00:32:16,760 --> 00:32:18,980
and likely it's going to outperform Bitcoin this year.

575
00:32:20,600 --> 00:32:23,220
He didn't really change his position.

576
00:32:23,780 --> 00:32:29,220
He still sees Bitcoin and gold as two primary assets in the portfolio.

577
00:32:30,300 --> 00:32:32,120
And, you know, we'll see.

578
00:32:33,540 --> 00:32:34,540
I don't know.

579
00:32:34,580 --> 00:32:35,820
I think it was kind of a nothing burger.

580
00:32:35,820 --> 00:32:39,100
It didn't really get me going one way or the other.

581
00:32:39,300 --> 00:32:40,860
All right, let's move on to the next one here.

582
00:32:42,400 --> 00:32:44,700
JP Morgan, Bitcoin trading.

583
00:32:45,400 --> 00:32:45,740
Yes?

584
00:32:46,400 --> 00:32:46,880
Custody?

585
00:32:47,120 --> 00:32:47,600
No.

586
00:32:47,900 --> 00:32:50,900
So JP Morgan greenlit client trading in Bitcoin

587
00:32:50,900 --> 00:32:53,820
while pointedly refusing to custody it.

588
00:32:54,380 --> 00:32:56,460
Is this just a prudent risk management

589
00:32:56,460 --> 00:33:00,120
or does the bank still fundamentally distrust

590
00:33:00,120 --> 00:33:01,960
actually holding Bitcoin?

591
00:33:02,920 --> 00:33:04,300
Yeah, I think they distrust it.

592
00:33:04,300 --> 00:33:07,420
don't think they want really much to do with it yet i think they're just dipping their toe in the

593
00:33:07,420 --> 00:33:13,500
water they're gonna get involved um they're not doing custody uh you know jamie diamond is still

594
00:33:14,060 --> 00:33:19,820
holding out on that but they're look they're an authorized uh what is an ap on the etf so they're

595
00:33:19,820 --> 00:33:25,500
making money there they're gonna do some trading i think this is really more about stable coins

596
00:33:25,500 --> 00:33:30,940
uh and and sort of they they have their own stable coin coming out he did mention that that custody

597
00:33:30,940 --> 00:33:36,700
would probably follow i think it will follow she says i think it will follow right now i think

598
00:33:36,700 --> 00:33:41,500
they'll have coinbase sort of hold their probably their stable coin to start i think custody will

599
00:33:41,500 --> 00:33:45,900
follow maybe that will come through acquisition or they'll develop their own rails but uh and

600
00:33:45,900 --> 00:33:50,140
wallets but they're just taking their time yeah who knows what sort of direction they're getting

601
00:33:50,140 --> 00:33:54,940
from the u.s government maybe to kind of play this this part of the field and stay off this other part

602
00:33:54,940 --> 00:34:00,860
of the field you know so i mean once you know he's gonna he's the custodian for the gold etf

603
00:34:00,860 --> 00:34:12,280
And then once they do what you say they won't do, which I'm going to hold you to this, when they revalue the gold on the U.S. balance sheet, then JPMorgan will be interested in custody and Bitcoin.

604
00:34:12,740 --> 00:34:18,040
And I'll just go in and ink some massive deal and just start taking it all from Coinbase.

605
00:34:18,040 --> 00:34:32,020
Right. Well, we'll see. You know, a little tip. I mean, Larry Lepard's partner, David Foley, his brother is at JP Morgan and like really close to Jamie Dimon.

606
00:34:32,180 --> 00:34:37,860
Oh, you know, so, you know, I'm sure Jamie, you know, I'm sure he's heard from some smart people on Bitcoin.

607
00:34:38,160 --> 00:34:40,280
Oh, yeah. You know, or will soon. We'll see.

608
00:34:43,000 --> 00:34:43,600
All right.

609
00:34:45,820 --> 00:34:46,560
Is it me?

610
00:34:46,560 --> 00:34:47,440
It's you, baby.

611
00:34:47,440 --> 00:34:50,340
All right. Jack Dorsey calls out Tether's donation.

612
00:34:51,520 --> 00:34:57,100
Jack Dorsey ridiculed Tether's $250,000 donation to Bitcoin devs as a rounding error.

613
00:34:57,700 --> 00:34:58,780
Why only $250,000?

614
00:34:59,240 --> 00:35:02,840
Does this shame crypto companies into funding more open source development

615
00:35:02,840 --> 00:35:06,360
or just highlight that legacy Bitcoiners like Jack are carrying the load alone?

616
00:35:08,240 --> 00:35:11,560
Yeah, I mean, it is kind of a small number for Tether.

617
00:35:12,100 --> 00:35:15,560
I mean, that's like chump change at Tether.

618
00:35:15,560 --> 00:35:23,320
i mean uh why i don't like i just don't where does that donation go how do the devs run it also

619
00:35:23,320 --> 00:35:28,680
too like i i think this is not good i don't think this is what you don't think i don't know i don't

620
00:35:28,680 --> 00:35:35,480
i don't explain this to me so tether gives 250 000 of big devs bitcoin devs who are they

621
00:35:36,120 --> 00:35:41,160
uh why do they get the money yeah what do they do with the money it was brink uh is there a contest

622
00:35:41,160 --> 00:35:46,920
i guess brink was uh one of the ones that i know jack is i'm not i don't know exactly where tether's

623
00:35:46,920 --> 00:35:52,440
donation went but and it's not a lot of money i agree it's not the other side of it tether is

624
00:35:52,440 --> 00:35:57,240
trying to build stuff that they believe is freedom tech and sovereign tech like they're trying to

625
00:35:57,240 --> 00:36:03,880
build their own and deliver it as a product to people um which tether yeah yeah okay they're

626
00:36:03,880 --> 00:36:10,600
trying to build freedom tech you know self-sovereign it's really hard to believe that

627
00:36:10,600 --> 00:36:17,960
they're gonna have some end game of freedom is saying i i know i know but that's just hard to

628
00:36:17,960 --> 00:36:23,960
remains to be seen right sure i don't know i think you're getting fed uh you're getting fed a story

629
00:36:23,960 --> 00:36:33,080
there now let's go on to the next one uh naval calls out lynn alden oh gosh these tech guys i'm

630
00:36:33,080 --> 00:36:39,720
gonna let these speak for themselves oh man what are you all tells out lynn alden for being behind

631
00:36:39,720 --> 00:36:48,680
the curve for not understanding zcash the question is is this a coordinated pump of zcash from

632
00:36:48,680 --> 00:36:55,160
silicon valley valley or is it simply so they can dump it on investors why are so many big names

633
00:36:56,040 --> 00:37:02,120
are falling in the trap dude i'm just gonna read bit pain i'm just gonna read his tweet

634
00:37:02,120 --> 00:37:06,360
the entire zcash pump and dump scam is such a narrative to begin with

635
00:37:07,080 --> 00:37:13,320
like even if zcash transactions were reliably reliably private they aren't why the f would i

636
00:37:13,320 --> 00:37:19,000
buy it as an investment if the utility is private payments and somehow by some miracle i find the one

637
00:37:19,000 --> 00:37:23,640
out of one million people willing to accept zcash why would i not just immediately prior to the

638
00:37:23,640 --> 00:37:31,240
transaction exchange real money i.e bitcoin for the for the regarded pseudo private vc scam why

639
00:37:31,240 --> 00:37:37,580
hold it? Why invest in it? There is no value or cruel thesis. The scammers are getting so lazy

640
00:37:37,580 --> 00:37:44,060
and low energy. This is the 2023 sleepy Joe Biden of shit coin scams. At least come up with some

641
00:37:44,060 --> 00:37:50,300
half sensible thesis to dump your bags. Come on, you worthless cunts. You can do better than this.

642
00:37:50,460 --> 00:37:56,100
Believe in you. Mint and NFT are some shit. 2021 scammery was so much more exuberant.

643
00:37:56,620 --> 00:38:01,060
I don't even think these guys see it as a scam because this is their entire business

644
00:38:01,060 --> 00:38:02,480
model in VC.

645
00:38:03,120 --> 00:38:03,480
Sure.

646
00:38:04,080 --> 00:38:06,080
So if they've got a bag of stuff,

647
00:38:06,320 --> 00:38:08,440
they're incentivized to sell it

648
00:38:08,440 --> 00:38:10,440
to the next

649
00:38:10,440 --> 00:38:11,680
greater fool.

650
00:38:12,640 --> 00:38:14,640
Yeah, but Naval's going to stake his rep

651
00:38:14,640 --> 00:38:16,740
on this one. I mean, it's kind of

652
00:38:16,740 --> 00:38:18,780
done in a way. Especially going

653
00:38:18,780 --> 00:38:20,400
after Lin Alden so hard.

654
00:38:21,220 --> 00:38:22,340
He could have slid it under him.

655
00:38:22,420 --> 00:38:24,860
I think Zcash is cool. I think it is a use case.

656
00:38:24,860 --> 00:38:26,900
You said the same thing about Elon with Doge.

657
00:38:27,480 --> 00:38:27,920
What do you mean?

658
00:38:28,440 --> 00:38:30,700
The Dogecoin BS that he was

659
00:38:30,700 --> 00:38:32,720
Terrible. Well, I think Elon's an idiot.

660
00:38:33,140 --> 00:38:34,400
I thought Naval.

661
00:38:35,040 --> 00:38:36,480
I didn't think Naval's an idiot.

662
00:38:38,240 --> 00:38:38,760
Yeah, well,

663
00:38:38,940 --> 00:38:40,540
Chamath, as we know, is an

664
00:38:40,540 --> 00:38:42,500
FVC Facebook guy.

665
00:38:42,720 --> 00:38:43,000
Come on.

666
00:38:43,280 --> 00:38:44,480
Let's go next one.

667
00:38:45,440 --> 00:38:46,740
Teal is probably a

668
00:38:46,740 --> 00:38:47,800
volcanic Satan

669
00:38:47,800 --> 00:38:50,220
lizard, dude. I don't know.

670
00:38:50,460 --> 00:38:51,760
Let's go on to the next one.

671
00:38:51,920 --> 00:38:54,080
What is the next one? You're up.

672
00:38:54,860 --> 00:38:55,300
Okay.

673
00:38:55,940 --> 00:38:56,800
Un momento.

674
00:38:59,180 --> 00:39:00,420
Bitcoin shrugs

675
00:39:00,420 --> 00:39:01,820
as bank jitters.

676
00:39:02,080 --> 00:39:03,940
U.S. regional bank stocks are sliding

677
00:39:03,940 --> 00:39:05,300
and bond yields are whips on.

678
00:39:05,320 --> 00:39:06,180
That's not the one.

679
00:39:06,240 --> 00:39:07,300
That's not the one, man.

680
00:39:07,540 --> 00:39:07,840
Japan, baby.

681
00:39:08,100 --> 00:39:10,400
Japan may let banks hold Bitcoin.

682
00:39:11,400 --> 00:39:13,000
If Japan's financial regulator

683
00:39:13,000 --> 00:39:14,780
greenlights banks to hold Bitcoin

684
00:39:14,780 --> 00:39:16,340
and even run crypto exchanges,

685
00:39:16,440 --> 00:39:18,180
are we on the verge of a domino effect

686
00:39:18,180 --> 00:39:19,580
in global banking adoption?

687
00:39:20,220 --> 00:39:22,280
Or will conservative risk rules

688
00:39:22,280 --> 00:39:23,400
keep traditional finance

689
00:39:23,400 --> 00:39:24,920
from going full orange pilt?

690
00:39:25,840 --> 00:39:27,760
Daddy Orange said,

691
00:39:27,880 --> 00:39:29,940
you guys need to get your shit going here

692
00:39:29,940 --> 00:39:32,980
because we're about to switch to stable coins and Bitcoin.

693
00:39:33,260 --> 00:39:35,520
So you better figure that out over there.

694
00:39:35,960 --> 00:39:37,600
The yen carry trade is done.

695
00:39:37,600 --> 00:39:40,140
So you're going to start holding Bitcoin.

696
00:39:40,640 --> 00:39:42,360
So, I mean, it's literally that's, you know,

697
00:39:42,360 --> 00:39:44,020
they're just doing what we tell them to do, right?

698
00:39:44,400 --> 00:39:46,560
So they're just, they say, oh, okay,

699
00:39:46,620 --> 00:39:47,880
SAP 121 is repealed.

700
00:39:48,220 --> 00:39:49,740
Banks are going to start doing crypto and stable coins

701
00:39:49,740 --> 00:39:50,140
in the United States.

702
00:39:50,380 --> 00:39:51,580
We need to do the same thing.

703
00:39:51,960 --> 00:39:52,900
Let's get our act together.

704
00:39:53,320 --> 00:39:54,360
It's as simple as that.

705
00:39:54,660 --> 00:39:58,380
But the thing people are missing is this doesn't happen fast.

706
00:39:58,380 --> 00:40:04,020
I don't care if it's Jesus Christ himself coming out of the clouds and saying, banks, you will hold Bitcoin.

707
00:40:04,660 --> 00:40:06,720
This is not going to happen fast.

708
00:40:06,900 --> 00:40:11,280
Banks are so far behind the curve from a technological perspective.

709
00:40:12,020 --> 00:40:16,440
They have 1980s DOS operating systems.

710
00:40:16,820 --> 00:40:19,020
They cannot just jump into a crypto future.

711
00:40:19,440 --> 00:40:25,120
They have, and it breaks their entire rehypothecation business model.

712
00:40:25,120 --> 00:40:29,400
This is a totally new line of business

713
00:40:29,400 --> 00:40:30,440
It's highly technical

714
00:40:30,440 --> 00:40:33,120
And banks are going to be

715
00:40:33,120 --> 00:40:37,200
The big Wall Street banks will do it

716
00:40:37,200 --> 00:40:39,480
But your local community bank

717
00:40:39,480 --> 00:40:40,860
Is going to have a hard time

718
00:40:40,860 --> 00:40:42,600
I don't care dude

719
00:40:42,600 --> 00:40:46,280
Their technical infrastructure is so archaic

720
00:40:46,280 --> 00:40:46,900
I agree

721
00:40:46,900 --> 00:40:49,140
And their compliance is so

722
00:40:49,140 --> 00:40:51,580
I agree

723
00:40:51,580 --> 00:40:52,240
That's interesting

724
00:40:52,240 --> 00:40:54,980
You take a BSA officer

725
00:40:54,980 --> 00:40:58,360
at a bank and say, you're going to now have automated KYC

726
00:40:58,360 --> 00:41:02,860
through a technical interface on a cell phone.

727
00:41:03,060 --> 00:41:07,060
And that BSA officer is going to panic. They're going to panic

728
00:41:07,060 --> 00:41:11,160
and throw the biggest hissy fit. And the compliance officers at the banks run the banks.

729
00:41:11,160 --> 00:41:15,180
They run them. So this is not happening

730
00:41:15,180 --> 00:41:18,900
anytime soon because these are hall monitors that are used to their clipboards.

731
00:41:18,900 --> 00:41:22,040
Maybe the banks that move slower die.

732
00:41:22,040 --> 00:41:24,580
yeah but not all banks are going to die

733
00:41:24,580 --> 00:41:26,700
the big Wall Street banks will take it all

734
00:41:26,700 --> 00:41:28,500
yeah 100% alright

735
00:41:28,500 --> 00:41:30,560
we'll have bank accounts on our cell phones

736
00:41:30,560 --> 00:41:33,100
we'll bank ourselves through our cell phones

737
00:41:33,100 --> 00:41:34,880
and it'll be connected to a larger bank

738
00:41:34,880 --> 00:41:35,660
a Wall Street bank

739
00:41:35,660 --> 00:41:38,840
community banks are smoked

740
00:41:38,840 --> 00:41:40,560
that's my opinion

741
00:41:40,560 --> 00:41:42,620
so go bank yourself baby

742
00:41:42,620 --> 00:41:44,260
fight federal

743
00:41:44,260 --> 00:41:45,180
hit like and subscribe

744
00:41:45,180 --> 00:41:46,560
let's go on to the next one here

745
00:41:46,560 --> 00:41:47,620
I can't wait for this one

746
00:41:47,620 --> 00:41:51,960
we have these dollar

747
00:41:51,960 --> 00:41:54,360
There are bills in our pocket, backed by the government,

748
00:41:54,360 --> 00:41:55,600
and that's what money is.

749
00:41:55,600 --> 00:41:57,860
And the purchasing power of the dollar never goes up.

750
00:41:57,860 --> 00:41:59,180
The dollar only goes down.

751
00:41:59,180 --> 00:42:01,960
It's just a question of when will it utterly fail?

752
00:42:01,960 --> 00:42:04,200
We can't be trapped in our bubble of the United States

753
00:42:04,200 --> 00:42:05,720
like it'll never happen here.

754
00:42:05,720 --> 00:42:07,080
It could certainly happen here.

755
00:42:11,660 --> 00:42:12,800
No, I'm not Satoshi.

756
00:42:14,620 --> 00:42:16,060
The money that people are familiar with

757
00:42:16,060 --> 00:42:17,860
are regulated and controlled.

758
00:42:17,860 --> 00:42:19,160
Bitcoin is freedom money.

759
00:42:19,160 --> 00:42:20,500
Bitcoin's coming in!

760
00:42:20,500 --> 00:42:24,100
It's a new technology where the power is in the hands of the people.

761
00:42:24,400 --> 00:42:26,220
You want to send money and receive money?

762
00:42:26,300 --> 00:42:27,560
This is outside the bank, bro.

763
00:42:27,780 --> 00:42:28,700
And it's much better.

764
00:42:29,180 --> 00:42:30,660
Bitcoin is a hyped-up fraud.

765
00:42:31,440 --> 00:42:33,400
The asset itself is creating nothing.

766
00:42:33,560 --> 00:42:35,540
I would short it if there was an easy way to do it.

767
00:42:35,560 --> 00:42:37,040
I think it's a scum ball activity.

768
00:42:37,220 --> 00:42:39,440
There's not that many people who want to buy pet rocks right now.

769
00:42:39,540 --> 00:42:42,100
The pet rock probably has more value because at least it's a rock.

770
00:42:42,360 --> 00:42:46,560
Crypto is financing terrorism and human trafficking and drug dealing.

771
00:42:46,560 --> 00:42:48,320
Do criminals use Bitcoin?

772
00:42:48,440 --> 00:42:48,920
Of course.

773
00:42:48,920 --> 00:42:51,040
Criminals use all useful tools.

774
00:42:51,420 --> 00:42:53,840
Cars, cell phones, food and water.

775
00:42:54,580 --> 00:42:56,200
Governments do not like Bitcoin.

776
00:42:56,500 --> 00:42:57,580
They cannot control it.

777
00:42:57,820 --> 00:42:58,740
We want the Bitcoin.

778
00:42:59,020 --> 00:43:00,400
We're going to seize your money.

779
00:43:00,540 --> 00:43:01,720
That freedom is powerful.

780
00:43:02,020 --> 00:43:05,360
Governments would be removed from their ability to manipulate currency.

781
00:43:06,300 --> 00:43:08,960
Bitcoin works because the software works.

782
00:43:09,080 --> 00:43:12,240
And the software works because there are people maintaining it.

783
00:43:12,460 --> 00:43:14,780
In tomorrow's world, we will tell our children,

784
00:43:15,260 --> 00:43:17,480
instead of buy real estate, we'll tell them buy Bitcoin.

785
00:43:17,480 --> 00:43:20,440
Some girls know I do, they're my axe for some cryptocurrency.

786
00:43:20,980 --> 00:43:24,360
You go to Central America, South America, Africa.

787
00:43:24,560 --> 00:43:27,000
These are markets that see Bitcoin as a necessity.

788
00:43:27,180 --> 00:43:31,580
I've seen countries now adopting Bitcoin as a legal tender that opens up the whole world.

789
00:43:31,940 --> 00:43:33,580
A lot of Nigerians don't choose banks.

790
00:43:33,760 --> 00:43:34,940
I do not have IDs.

791
00:43:35,140 --> 00:43:37,380
All those things are required to open a bank account.

792
00:43:37,720 --> 00:43:40,740
Not everyone has, believe it or not, equal access to finances.

793
00:43:41,240 --> 00:43:46,080
I remember being 40 years old and having $200 and that being my entire life savings and

794
00:43:46,080 --> 00:43:47,940
thinking to myself, what is going on?

795
00:43:48,120 --> 00:43:50,080
I am Olin Bithgut. There is no Bangat Gah.

796
00:43:50,180 --> 00:43:52,120
It is truly taking on its own

797
00:43:52,120 --> 00:43:54,080
life. Once you have knowledge, well, what are you

798
00:43:54,080 --> 00:43:56,280
going to do with it? How are you going to change?

799
00:44:02,900 --> 00:44:03,820
Yeah, I love it.

800
00:44:04,060 --> 00:44:05,340
Me too. It's awesome.

801
00:44:06,060 --> 00:44:07,340
It's playing here in Sarasota.

802
00:44:07,780 --> 00:44:09,900
When? I just doxxed us, sorry.

803
00:44:12,420 --> 00:44:14,060
Yeah, no, it's playing

804
00:44:14,060 --> 00:44:16,740
over the Halloween weekend, I believe it comes out.

805
00:44:17,040 --> 00:44:18,320
Yeah, I think that's going to play a lot of places

806
00:44:18,320 --> 00:44:20,040
on Halloween, probably on the 31st.

807
00:44:20,120 --> 00:44:21,220
Yeah, the day of the white paper.

808
00:44:21,220 --> 00:44:23,480
I mean, the story, the meme,

809
00:44:23,980 --> 00:44:25,820
it's all going mainstream.

810
00:44:25,820 --> 00:44:27,660
I could see a movie like that popping off

811
00:44:27,660 --> 00:44:29,340
or blowing up on a Netflix if,

812
00:44:29,520 --> 00:44:31,280
but I think it would be predicated by

813
00:44:31,280 --> 00:44:33,040
a very climatic bull run.

814
00:44:34,140 --> 00:44:35,760
This is going to kick it off, right?

815
00:44:35,900 --> 00:44:38,040
I don't know if this, that could kick it off,

816
00:44:38,080 --> 00:44:39,780
but I'm saying like for it to really gain traction

817
00:44:39,780 --> 00:44:41,540
and wide viewership, I think people would come

818
00:44:41,540 --> 00:44:43,660
if Bitcoin was already up

819
00:44:43,660 --> 00:44:45,380
multiples from here.

820
00:44:45,520 --> 00:44:46,000
Give it time.

821
00:44:46,340 --> 00:44:46,660
Yeah, no.

822
00:44:47,220 --> 00:44:48,140
Okay, let's see.

823
00:44:49,240 --> 00:44:50,020
That looked dope.

824
00:44:50,120 --> 00:44:50,620
I loved it.

825
00:44:50,620 --> 00:44:51,620
They did a good job.

826
00:44:51,700 --> 00:44:52,160
It looks good.

827
00:44:52,180 --> 00:44:53,080
I think we should get them on the show.

828
00:44:53,360 --> 00:44:53,820
Let's do it.

829
00:44:53,980 --> 00:44:55,220
Let's move on to the next one.

830
00:44:56,080 --> 00:44:56,340
All right.

831
00:44:56,500 --> 00:44:58,560
Just Bitcoin shrugs at bank jitters.

832
00:44:59,520 --> 00:45:03,340
Is this a risk asset or a refuge here?

833
00:45:04,620 --> 00:45:05,020
Oh.

834
00:45:06,620 --> 00:45:07,060
Sorry.

835
00:45:07,060 --> 00:45:09,120
I didn't realize you were asking me that question.

836
00:45:09,120 --> 00:45:12,580
I think it's

837
00:45:12,580 --> 00:45:15,000
Neither

838
00:45:15,000 --> 00:45:18,460
It's not

839
00:45:18,460 --> 00:45:18,760
I mean

840
00:45:18,760 --> 00:45:21,960
It is sort of acting

841
00:45:21,960 --> 00:45:23,660
A little bit like a risk asset

842
00:45:23,660 --> 00:45:24,700
But not really

843
00:45:24,700 --> 00:45:26,100
It's been going sideways for a year

844
00:45:26,100 --> 00:45:27,180
The NASDAQ's been ripping

845
00:45:27,180 --> 00:45:28,840
S&P's been going up

846
00:45:28,840 --> 00:45:30,540
Bitcoin's going sideways

847
00:45:30,540 --> 00:45:33,040
If you chop off

848
00:45:33,040 --> 00:45:35,020
The start of this bull run

849
00:45:35,020 --> 00:45:36,540
At post-halving

850
00:45:36,540 --> 00:45:38,860
And then you just look at 2025

851
00:45:38,860 --> 00:45:42,160
it's going sideways

852
00:45:42,160 --> 00:45:44,580
S&P up, NASDAQ up

853
00:45:44,580 --> 00:45:46,240
gold up, silver up

854
00:45:46,240 --> 00:45:51,060
so I mean has it been acting as a safe haven?

855
00:45:52,160 --> 00:45:53,520
no not necessarily

856
00:45:53,520 --> 00:45:55,780
because you know safe havens would say

857
00:45:55,780 --> 00:45:58,580
when there's an issue with the banking system

858
00:45:58,580 --> 00:46:00,440
that Bitcoin should run

859
00:46:00,440 --> 00:46:01,320
people should be flying

860
00:46:01,320 --> 00:46:02,900
you know why it's not acting like a safe haven

861
00:46:02,900 --> 00:46:05,680
Bitcoin is like come put all your money

862
00:46:05,680 --> 00:46:07,460
in these Bitcoin treasury companies

863
00:46:07,460 --> 00:46:14,160
and they're down 60 70 80 90 percent people are like this thing i'm fucked like all the momentum

864
00:46:14,160 --> 00:46:20,080
from this year is kind of drawn in there yeah that's a good you know it's a good and i i still

865
00:46:20,080 --> 00:46:24,620
say you know it's like that diluted purchasing power bitcoiners but how many i mean how many

866
00:46:24,620 --> 00:46:31,340
mnavs now are at one or slightly below um like 16 out of the 100 or something like that or

867
00:46:31,340 --> 00:46:36,420
you know yeah yeah including metaplanet i believe which is like the number two

868
00:46:36,420 --> 00:46:39,300
They're number four ranked, but like sort of below one.

869
00:46:39,300 --> 00:46:41,840
I think they are like 0.97 or last I checked.

870
00:46:41,840 --> 00:46:43,420
I mean, things have fluctuated since then.

871
00:46:43,420 --> 00:47:02,910
If Bitcoin starts its run if we have an end of the year run it could change that for a lot of those companies real fast Right So one that remains to be seen were they just early too early to what is it a long thing whether they were early you know whether this you know i still think we have a long ways to go before bitcoin is

872
00:47:02,910 --> 00:47:09,150
seen as a safe haven right i don't think it gets really seen as a safe haven from the math i mean

873
00:47:09,150 --> 00:47:12,990
obviously bitcoiners believe but maybe they permanently trade believe one like if you think

874
00:47:12,990 --> 00:47:18,110
about you maybe compare it to like sort of gold like you know like you think about like one 1.1

875
00:47:18,110 --> 00:47:22,350
you have management risk you have leverage you have different sort of like things that you could

876
00:47:22,350 --> 00:47:26,350
say you have operating business expense or just not even operating business like

877
00:47:26,350 --> 00:47:30,510
if acquiring bitcoin is the operating business even that has an expensive okay

878
00:47:30,510 --> 00:47:35,870
but the treasury companies have uh payroll they have hr they have compliance they have legal

879
00:47:35,870 --> 00:47:41,310
they have the the strategy team like they have the bonuses like these things are dragged on

880
00:47:42,990 --> 00:47:48,030
know in some ways maybe i don't know yeah but what i was getting at was that if you know the treasuries

881
00:47:48,030 --> 00:47:53,070
real treasuries not treasury companies u.s trades has been the safe haven asset for the last 40 years

882
00:47:53,630 --> 00:48:03,470
and until that starts to meaningfully break down due to inflation uh then you know that's when you

883
00:48:03,470 --> 00:48:07,950
should see gold and bitcoin start to look be looked at as a safe haven and we've been seeing

884
00:48:07,950 --> 00:48:11,790
that gold is being looked at as a safe haven obviously it's been it's been doing great this

885
00:48:11,790 --> 00:48:18,430
year on this risk that liquidity is going to lead to inflation right um and and bitcoin hasn't hasn't

886
00:48:18,430 --> 00:48:23,870
yet caught up or it hasn't yet responded um because i still think people are viewing it as a technology

887
00:48:24,750 --> 00:48:29,790
the mass market i mean bitcoiners are looking at it as a safe haven because it can't be confiscated

888
00:48:29,790 --> 00:48:33,790
it can't be censored yeah i think they also think even if they think it's a second that they also

889
00:48:33,790 --> 00:48:37,710
think they missed it i do think that they missed it i think that there's lindsay they feel like

890
00:48:37,710 --> 00:48:43,150
it's a less asymmetric bet lindsey doesn't and she's bringing on yeah no sure she recognizes the

891
00:48:43,150 --> 00:48:48,830
value and sort of the future potential that still remains yeah yeah so let's move on to the next one

892
00:48:48,830 --> 00:48:57,790
here um china freezes big tech stable coins so beijing has quietly forced tech giants to shut

893
00:48:57,790 --> 00:49:04,430
down stable fund project does this signal a crackdown on yuan competitors a strike at tether

894
00:49:04,430 --> 00:49:10,270
demand or a broader escalation in the economic war that could push bitcoin into the spotlight

895
00:49:10,990 --> 00:49:15,150
that's interesting so i do think we're seeing this well they're keeping they want they don't

896
00:49:15,150 --> 00:49:20,990
want stable coins in hong kong hong kong passed an initiative to launch table coins and the major

897
00:49:20,990 --> 00:49:24,670
chinese banks not from hong kong like we're going to get in that into that pilot program

898
00:49:25,230 --> 00:49:30,830
and then china was like whoa that's not really cool and so i can see why they don't want any sort

899
00:49:30,830 --> 00:49:36,350
of uh stable coins in hong kong that's not they want to export controls there and that's their

900
00:49:36,350 --> 00:49:39,790
transition to the west and they monitor that very closely and that's key for them

901
00:49:40,430 --> 00:49:43,470
uh i think we're going towards this world where it's going to be gold

902
00:49:44,590 --> 00:49:50,910
and uh cbdc's not necessarily stable coins like the dollar and then uh on the other side it's going

903
00:49:50,910 --> 00:49:58,990
to be bitcoin reserves and hash power and um stable coins so i think countries like canada

904
00:49:58,990 --> 00:50:05,470
are aligning with us by selling their gold they're uh aligning themselves with the west or the the

905
00:50:05,470 --> 00:50:09,870
states and the way the states are going to a bitcoin network and hash power i think in a way

906
00:50:09,870 --> 00:50:17,070
selling your gold is aligning with us i think uh el salvador uh moving to stable you know having

907
00:50:17,070 --> 00:50:21,710
tether there and moving to bitcoin is aligning with us that's that's where i kind of see this

908
00:50:21,710 --> 00:50:25,550
going yeah but so if you're if you're china right you're going to shut this down because you you want

909
00:50:25,550 --> 00:50:29,790
to prevent capital flight right and you want to control your currency as much as possible right

910
00:50:29,790 --> 00:50:38,750
but what's to prevent a chinese individual from using um a tour browser and downloading a tether

911
00:50:38,750 --> 00:50:47,470
wallet and uh maybe send you know having an account in hong kong and then sending converting

912
00:50:47,470 --> 00:50:51,470
into stable coins right but they're not going to let a hong kong bank launch it or the hong kong

913
00:50:51,470 --> 00:50:55,790
government launch it or yeah or and they're going to threaten that person with jail but i mean with

914
00:50:55,790 --> 00:51:00,430
with decentralized exchanges you should be able to convert yeah they're just not gonna let this

915
00:51:00,430 --> 00:51:05,630
happen in a centralized fashion and they're not gonna they're gonna fight it as far as hard as

916
00:51:05,630 --> 00:51:10,750
they can speed bump but if you're an individual in china uh or even a business in china you're

917
00:51:10,750 --> 00:51:16,430
kind of incentivized to to look at these things but not if they're not but also not really they're

918
00:51:16,430 --> 00:51:19,710
not gonna make it easy for you but they're not gonna allow it probably in the news and they're

919
00:51:19,710 --> 00:51:23,350
they're not gonna just like they banned uh bitcoin trading and they banned but you know

920
00:51:23,350 --> 00:51:27,550
where the number one with the most mining in the world is right now where the most mining in the

921
00:51:27,550 --> 00:51:32,330
world is in china as someone told me at the conference not states like i thought all right

922
00:51:32,330 --> 00:51:41,510
let's move on to the last one here or the next one 450 million bitcoin statue on alcatraz yeah

923
00:51:41,510 --> 00:51:47,650
a bitcoin miner is proposing a 450 foot prometheus statue on alcatraz island

924
00:51:47,650 --> 00:51:53,850
bold vision of bitcoin's cultural triumph or peak crypto hubris and who's going to explain

925
00:51:53,850 --> 00:52:02,330
this to national park service what is this and so bitcoin miner uh whose name i can't remember

926
00:52:02,330 --> 00:52:11,710
uh had proposed this idea and i guess he's pitched it to the administration um it's 450 million or

927
00:52:11,710 --> 00:52:19,950
450 feet both both yes and what is it made out of gold no it's made out of uh

928
00:52:19,950 --> 00:52:29,790
nickel and some other metals a half a billion yeah nickel yeah but i mean it's a big statue

929
00:52:29,790 --> 00:52:34,770
i don't get it uh that's what you would say wouldn't that person buy bitcoin peak

930
00:52:34,770 --> 00:52:41,890
this is regarded i think it would be uh i don't get it like a non-profit

931
00:52:43,090 --> 00:52:49,570
uh project but if this thing got erected and all of a sudden new york had the largest

932
00:52:50,690 --> 00:52:57,330
alcatraz though this is alcatraz san francisco yeah but that i'm sorry yeah um that uh which

933
00:52:57,330 --> 00:53:02,530
has been shut down right so if all of a sudden san francisco had the largest that's right

934
00:53:02,530 --> 00:53:09,250
related statue in the world it's almost like the same signal you get on times magazine when

935
00:53:09,250 --> 00:53:13,010
some country builds the largest building in the world right and it's the top of the market when

936
00:53:13,010 --> 00:53:17,090
you say shut down do you you mean the prison or you mean the tourist destination yeah okay

937
00:53:17,090 --> 00:53:22,210
have you been to alcajos no i've been a few times uh well i'm not gonna i'm gonna quit doxing my

938
00:53:22,210 --> 00:53:31,010
family fair enough uh i won't tell you why i was in alcares i won't dox myself all right i think

939
00:53:31,010 --> 00:53:38,450
that's the end of the show i do we have any um q a in the chat francis hit like and subscribe this

940
00:53:38,450 --> 00:53:43,650
is bitcoin center brought to you by bite federal go bank yourself you got the point of sale the

941
00:53:43,650 --> 00:53:50,050
crypto wallet and the bitcoin atms hope you guys are enjoying the show we do it every tuesday at 8

942
00:53:50,050 --> 00:53:52,610
p.m eastern this will be what the statue looks like

943
00:53:52,610 --> 00:53:57,330
yeah you satoshi

944
00:53:57,330 --> 00:54:02,850
you satoshi say goodbye bye bye everybody

945
00:54:02,850 --> 00:54:07,330
good dog all right i'm gonna try to

946
00:54:09,330 --> 00:54:16,930
yeah i predict the gold inflation rate is going to go up like 10 because now

947
00:54:16,930 --> 00:54:23,410
now they can burn 4k worth of diesel for every hour so what do you think is going to happen with

948
00:54:23,410 --> 00:54:27,730
gold do you think gold's going to go to 16 000 an ounce no he's got a great point right i mean

949
00:54:31,090 --> 00:54:37,570
well said robert yeah four i love that four thousand dollars worth of diesel for every ounce

950
00:54:37,570 --> 00:54:41,890
what do you think is going to happen i mean gold just pulled back a little bit yeah it's at 4100

951
00:54:41,890 --> 00:54:47,710
didn't change I mean the RSI hasn't really been um diverging yet so I think I think gold could

952
00:54:47,710 --> 00:54:53,170
still move for quite some time in the upper direction do you think it's the canary in the

953
00:54:53,170 --> 00:55:00,370
coal mine do you think if you're like who's buying that much I mean if you were not a bitcoiner right

954
00:55:00,370 --> 00:55:06,070
now yes like you were like I'm ignoring that I'm trad fi I got my value ETFs I got this that

955
00:55:06,070 --> 00:55:11,110
what would and you were not a gold bug let's say as well you weren't a hard money guy but you were

956
00:55:11,110 --> 00:55:15,670
investor yeah you know just protect your family i don't mean like you're a hedge fund guy would you

957
00:55:15,670 --> 00:55:20,870
i mean gold would still i think it's a non-gold bug who invests you'd be like what is gold saying

958
00:55:20,870 --> 00:55:26,710
right now wouldn't you at 60 for the year yeah like wouldn't you be drawn to figure that out yeah

959
00:55:27,670 --> 00:55:35,190
and i mean how how much farther is it from that to like bitcoin is the fastest growing etf of all

960
00:55:35,190 --> 00:55:41,670
time like a hundred billion is in ibit like the first like nine months or something crazy like

961
00:55:41,670 --> 00:55:47,510
that how we how you as a non-bitcoiner and the non-goldberg not looking at like just where the

962
00:55:47,510 --> 00:55:56,310
alpha is i'm just saying like i'm i am lacking sympathy for people who are like uh i'm ideologically

963
00:55:56,310 --> 00:56:00,470
opposed but like you just you're not going to protect yourself against inflation right i'm

964
00:56:00,470 --> 00:56:03,230
I'm talking about the people who are managing their portfolio,

965
00:56:03,790 --> 00:56:06,130
a doctor, a dentist, a plumber, a teacher,

966
00:56:06,230 --> 00:56:08,890
anyone who has savings, who's doing it themselves.

967
00:56:08,950 --> 00:56:10,710
Not someone who plugs it into their 401k,

968
00:56:11,250 --> 00:56:13,350
who's like, look, I'm going to retire in 30 years.

969
00:56:13,430 --> 00:56:14,930
The 401k people do the algorithm.

970
00:56:15,610 --> 00:56:17,210
I'm giving all those people forgiveness.

971
00:56:17,370 --> 00:56:19,390
I'm saying anyone who's like sitting down

972
00:56:19,390 --> 00:56:21,890
with a piece of paper and a pen or a laptop

973
00:56:21,890 --> 00:56:24,490
and is like, what should I do with this amount of money

974
00:56:24,490 --> 00:56:26,330
that I do every year, every quarter?

975
00:56:27,010 --> 00:56:29,430
How are they just ignoring what gold is saying?

976
00:56:29,430 --> 00:56:35,250
because most people uh do have cognitive dissonance when it comes to things they believe in

977
00:56:35,250 --> 00:56:40,270
and if they've been following people they've been telling them gold is a pet rock for the last 40

978
00:56:40,270 --> 00:56:46,070
years it's hard for them to break that mental model and admit to it they think gold's going up

979
00:56:46,070 --> 00:56:52,330
because crazy people are buying it don't people just like kind of list off like the dow like you

980
00:56:52,330 --> 00:56:57,910
know the s&p and like look at like the gold has been one year three year five year ten year returns

981
00:56:57,910 --> 00:56:59,430
Isn't that how it starts?

982
00:57:00,130 --> 00:57:06,230
The investment management committee has looked at gold as a piece of junk for as long as I've been in it.

983
00:57:06,310 --> 00:57:08,310
Well, I'm not even just saying go buy gold.

984
00:57:08,430 --> 00:57:12,370
I'm saying as a non-gold bug investor, as a non-Bitcoin investor,

985
00:57:12,610 --> 00:57:16,550
at some point you have to react to what's happening in the real world.

986
00:57:16,670 --> 00:57:17,410
Yeah, but then it's also too late.

987
00:57:18,250 --> 00:57:19,910
Right, but then you say, okay, where next?

988
00:57:19,910 --> 00:57:21,290
If I'm too late on...

989
00:57:21,290 --> 00:57:22,850
Did you see that guy, the finance guy?

990
00:57:23,370 --> 00:57:24,310
Guy talks finance.

991
00:57:24,470 --> 00:57:26,910
I mean, the kid finally came around to Bitcoin.

992
00:57:26,910 --> 00:57:33,790
he was like every time bitcoin went down i would shit on it and then and then it just but it always

993
00:57:33,790 --> 00:57:40,770
came back so he's like finally i'm like you know what like like i'm in like wait this is funny

994
00:57:40,770 --> 00:57:45,850
it's probably engagement farming i mean he's really good at like i think you know but whether

995
00:57:45,850 --> 00:57:52,890
it's engagement farming or not it reads i think like someone's real journey right um

996
00:57:52,890 --> 00:58:00,750
oh man we need more haters not lovers that's true but like he's been hating for a long time

997
00:58:00,750 --> 00:58:08,970
yeah there he is uh we'll roll out to this so in the past whenever bitcoin dropped like this i

998
00:58:08,970 --> 00:58:13,210
would make fun of being of it being a store of value i would think this would finally be the

999
00:58:13,210 --> 00:58:17,830
time bitcoin would collapse i was wrong every time so this time i'm using the drop as a buying

1000
00:58:17,830 --> 00:58:18,410
opportunity.

1001
00:58:19,830 --> 00:58:21,330
That's kind of like, you know,

1002
00:58:21,890 --> 00:58:23,010
at the beginning of the year.

1003
00:58:23,010 --> 00:58:25,190
We're going to 70K for sure now.

1004
00:58:27,550 --> 00:58:29,670
You know, I mean, he's really kind of...

1005
00:58:29,670 --> 00:58:30,250
Listen to this.

1006
00:58:30,830 --> 00:58:33,750
The internet shut down for half the day and I had zero access

1007
00:58:33,750 --> 00:58:35,850
to my retirement investment

1008
00:58:35,850 --> 00:58:37,770
accounts. I did still have access

1009
00:58:37,770 --> 00:58:39,750
to my physical gold and

1010
00:58:39,750 --> 00:58:41,590
any Bitcoin on a cold storage wallet.

1011
00:58:42,150 --> 00:58:43,530
Maybe there is something to this

1012
00:58:43,530 --> 00:58:44,750
decentralized thing.

1013
00:58:46,370 --> 00:58:46,730
You know,

1014
00:58:46,730 --> 00:58:53,190
you know i mean there's yeah this is someone who's been like looking you know it's like probably like

1015
00:58:53,190 --> 00:58:57,630
28 or 32 years old who's like just got married trying to figure out how to buy a house he was

1016
00:58:57,630 --> 00:59:01,470
like for a year and a half trying to figure out if you should rent or buy and trying to figure out

1017
00:59:01,470 --> 00:59:06,390
like renting you make you do a little better but like you have you can't make sort of lifestyle

1018
00:59:06,390 --> 00:59:10,550
choices around like putting in a water filter or something there's a long time trying to figure

1019
00:59:10,550 --> 00:59:15,990
that out trying to figure out where to put his money in the which etf and really trying to figure

1020
00:59:15,990 --> 00:59:17,790
out how to one day

1021
00:59:17,790 --> 00:59:20,050
just retire and

1022
00:59:20,050 --> 00:59:22,290
raise a family. Not retire early.

1023
00:59:23,250 --> 00:59:24,050
Just one day

1024
00:59:24,050 --> 00:59:25,710
retire. How did I feel for these guys?

1025
00:59:25,870 --> 00:59:28,110
If I was a millennial or Gen Z,

1026
00:59:29,010 --> 00:59:30,150
I would be

1027
00:59:30,150 --> 00:59:31,770
doing radical things

1028
00:59:31,770 --> 00:59:34,050
because they're just

1029
00:59:34,050 --> 00:59:36,370
the unlucky generation

1030
00:59:36,370 --> 00:59:38,110
is turning this. None of my

1031
00:59:38,110 --> 00:59:40,050
close friends own Bitcoin. They mostly all

1032
00:59:40,050 --> 00:59:41,950
own homes. They buy stocks and

1033
00:59:41,950 --> 00:59:44,050
talking about the stock market. But they think

1034
00:59:44,050 --> 00:59:45,630
Bitcoin is too risky and speculative.

1035
00:59:45,990 --> 00:59:49,150
Soon they realized that not owning Bitcoin is the bigger risk.

1036
00:59:49,250 --> 00:59:50,090
We are still early.

1037
00:59:51,190 --> 00:59:54,070
Many people are asking me what changed my mind about Bitcoin.

1038
00:59:54,450 --> 00:59:58,090
There was no book I read or no new piece of content that I saw.

1039
00:59:58,590 --> 01:00:01,510
Honestly, I just decided to stop being so arrogant towards it

1040
01:00:01,510 --> 01:00:04,050
and stop pretending like I knew what was going to happen.

1041
01:00:04,710 --> 01:00:07,450
Historically, every collapse has been a buying opportunity.

1042
01:00:07,790 --> 01:00:09,850
So I'm deciding to hop on board this round.

1043
01:00:10,310 --> 01:00:12,570
I'll happily have my initial views be proven wrong

1044
01:00:12,570 --> 01:00:14,090
while I make money with the Bitcoin community.

1045
01:00:14,090 --> 01:00:15,510
Thanks for the warm welcome.

1046
01:00:15,990 --> 01:00:20,850
I mean, you know, it's never too late to admit you might be wrong on something.

1047
01:00:20,950 --> 01:00:23,770
Sometimes once you see something, you cannot see it.

1048
01:00:23,790 --> 01:00:25,070
Then there's no going back.

1049
01:00:25,950 --> 01:00:30,110
There's no, there's zero chance the government pays off the national debt.

1050
01:00:30,110 --> 01:00:35,190
There's 100% the chance the debt overload causes Bitcoin and gold to go higher and higher.

1051
01:00:36,470 --> 01:00:37,290
You know?

1052
01:00:39,210 --> 01:00:42,890
She's a 10 out of 10, but won't Bitcoin and chill dump her?

1053
01:00:45,990 --> 01:00:51,870
you know it's you know like michael r sullivan friend of the show yeah he wrote fucking legend

1054
01:00:51,870 --> 01:00:57,430
bitcoiners can get incredibly toxic when people criticize the orange coin guy talks finance has

1055
01:00:57,430 --> 01:01:01,630
been on the receiving end of that as much as anybody to look past that and still check out

1056
01:01:01,630 --> 01:01:05,910
bitcoin despite the negativity is incredibly commendable in my opinion this was someone who

1057
01:01:05,910 --> 01:01:11,070
used to troll us like shift like where it was like i think he believed it i don't know about

1058
01:01:11,070 --> 01:01:15,570
like shift but like it was getting him a lot of traction and there was a lot of opportunity to do

1059
01:01:15,570 --> 01:01:20,970
it and we would fight it and it would get you know the non-bitcoiners loved it uh but then one

1060
01:01:20,970 --> 01:01:26,490
day says hey look you know like i was wrong every time like i'm my my eyes aren't deceiving me

1061
01:01:26,490 --> 01:01:31,290
yeah you know i think that's why i don't have some empathy for people who are trying to do this and

1062
01:01:31,290 --> 01:01:34,710
just ignoring it over and over i'm not talking about people who don't pay any attention i can

1063
01:01:34,710 --> 01:01:40,690
see why that gets by them i just i'm getting nervous about everybody being so pro-bitcoin

1064
01:01:40,690 --> 01:01:46,550
well the government being pro-bitcoin is weird and all you know all of us uh not you and me but

1065
01:01:46,550 --> 01:01:52,310
people rooting that on not that i think it like kills bitcoin no but things are changing though

1066
01:01:52,310 --> 01:01:57,450
makes me feel like we're due for a big correction at some point when this is done well it's nice to

1067
01:01:57,450 --> 01:02:02,890
see zabo back huh yeah yeah you know let's get a little toxic yeah that too right let's defend

1068
01:02:02,890 --> 01:02:09,810
every bitcoin cycle has slayed a hero every cycle i've been in a slate a hero well it's not again

1069
01:02:09,810 --> 01:02:11,510
And there should be no heroes, though.

1070
01:02:11,670 --> 01:02:12,250
There shouldn't be.

1071
01:02:12,470 --> 01:02:12,690
Yeah.

1072
01:02:12,790 --> 01:02:14,690
So no, we shouldn't even have heroes to slay.

1073
01:02:14,850 --> 01:02:15,930
But I get now people kind of.

1074
01:02:16,230 --> 01:02:18,890
It happens all the time in the Bitcoin space.

1075
01:02:18,890 --> 01:02:19,010
Yeah.

1076
01:02:19,170 --> 01:02:21,770
People that you thought like, oh, my God, this guy's a legend.

1077
01:02:21,950 --> 01:02:22,590
Oh, he's a hero.

1078
01:02:22,750 --> 01:02:23,290
He's brilliant.

1079
01:02:23,470 --> 01:02:23,710
Blah, blah, blah.

1080
01:02:24,050 --> 01:02:26,790
And then a year later, you're going like, what the hell?

1081
01:02:27,290 --> 01:02:28,830
Ideas have people, you know?

1082
01:02:28,870 --> 01:02:29,290
So we'll see.

1083
01:02:29,290 --> 01:02:29,610
We'll see.

1084
01:02:29,640 --> 01:02:31,340
They have good ideas, you know what I mean?

1085
01:02:31,420 --> 01:02:32,180
We'll see who that is.

1086
01:02:32,320 --> 01:02:33,260
We'll see where it goes.

1087
01:02:33,420 --> 01:02:33,800
All right.

1088
01:02:34,340 --> 01:02:36,200
Thank you so much for tuning in, folks.

1089
01:02:36,340 --> 01:02:37,020
Thanks for joining us.

1090
01:02:37,020 --> 01:02:37,720
See you next week.

1091
01:02:37,720 --> 01:02:38,560
Our shenanigans.

1092
01:02:38,760 --> 01:02:40,700
Bitcoin Center, brought to you by Byte Federal.

1093
01:02:40,920 --> 01:02:41,560
Go bank yourself.