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Let's go. Welcome back to Bitcoin Center.

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Episode 26.

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What's up, Cedric?

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What's up, Paul?

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Man, what are you doing over there?

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I'm looking at what tweets I want to talk about this week.

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I want to read this one.

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This is from Shinaka, 86.

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Shinaka, the way?

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Breaking.

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The silent kill switch inside your Bitcoin ETF.

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They told you it was safe.

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They told you it was secure.

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they never told you about the clause that lets them unplug the protocol this is not a market

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prediction this is a structural revelation the veto the se filings are clear blackrock fidelity

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and other etf sponsors hold good faith discretion decide which bitcoin chain is the valid one

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in the event of a fork your sovereign upgrade it can be orphaned stranded vetoed into irrelevance

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by a compliance officer. The concentration? Right now, ETF custodians control 1.3 million Bitcoin.

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That is 6.8% of the entire circulating supply. A single company, Coinbase, holds 81% of that.

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Projections show this concentration reaching 15% to 20% by 2030. At that threshold, their veto power

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becomes absolute. The precedent? History is not kind to the stranded. The Ethereum DAO fork in

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2016 orphaned the original chain, ETC, leaving 16 to 20% of nodes behind. The Bitcoin cash forks in

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2017 and 2018 did the same, isolating 17% of participants. These were voluntary splits. An

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ETF veto is an involuntary excision. The future frozen. This is not about price. This is about

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protocol ossification. Upgrades for privacy, scalability, or post-quantum security can be

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blocked to satisfy regulatory compliance. The innovative heart of Bitcoin risks being frozen at

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a 2017 level of technology. We are witnessing the great speciation, a compliant, sanitized,

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black rock Bitcoin, and a sovereign, purist, original Bitcoin. Your fungible asset may soon

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become two. The greatest paradox in financial history is unfolding. The decentralized asset is

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being centrally captured through its own investment vehicles the ultimate trade is no longer long or

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short it is self-custody versus controlled custodial capture the clock is ticking the

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concentration is growing that is the red pill swallow it what to watch next custody concentration

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breaching 10 percent well said yeah that's interesting i mean i like that uh she or he

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or they or whatever they are did that so thoroughly i mean we all kind of said that right from the

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beginning right that that was the risk of the etf yeah well do you think it's a big risk blackrock

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does that to every security on wall street that they're uh on the board of right that then they

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hold the most of the shares they they vote the proxies for all the shareholders they control

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that they have not control but big sway over that company um why would they not want that over

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bitcoin yeah well i mean someone like rockstar dev uh he was on my show and he was saying you

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know you it's a giant honeypot you'd concentrate all this bitcoin one day it gets uh hacked taken

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and it's all unleashed in a way when it gets rinsed and distributed again maybe and decentralized

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um but i i think you know i i mean the only pushback i have against that

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is that I do believe there's a general awakening of humanity to a decentralized lifestyle.

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Moving away from you take care of me, daddy, to I'm going to take care of myself because nobody

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else got my back. If anybody knows this better than anyone, it's the millennials, right? They

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just got dumped a pile of shit. So if they're not going to wake up to the fact that they need

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to be sovereign, they need to be decentralized, then this is the future that we have.

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And we've given up.

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But I think many people, starting with Gen X especially, and then going into millennials

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and our kids, the Gen Zs that are coming up now, they want a decentralized future.

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They don't trust centralized government control.

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So I think even though she's accurate and it's well said and it's a relevant threat,

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I'm hopeful that humanity is moving away from that mindset.

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Yeah.

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The hard forks and the soft forks,

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that conversation will come up, I think, during the show.

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I want to read another tweet from Rob Wallace.

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Since Trump got elected last November

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and Bitcoin ran from 60K to 100K,

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Bitcoin has been shaking out the weak

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and testing the patience of the strong.

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For months, OGs holding thousands of Bitcoin have been selling.

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Happy to have held until the 100K milestone

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and convinced we were near the top of the four-year cycle over five and a half million bitcoin about

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27.9 percent of the 19.9 million bitcoin in circulation wait how many how many over five

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and a half million bitcoin about 27.5 percent that's of the 19.9 sold when have moved oh move

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not at least once as prices at prices above 100k okay moved is different than sold but

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but sure.

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I think it's interpreted here.

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Yeah, when I researched what was sold,

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it's equivalent to what was being sold

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in previous cycles, but go on.

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These coins are moving out of the hands

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of individual whales

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and into the hands of convicted hodlers,

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institutions, and the wealth they represent.

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This rotation has helped Bitcoin

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build one of the strongest bases in history,

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sitting just a few percentage points

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from all-time highs

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while Twitter cries boredom.

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The bears made one final stand on October 10th

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that violent flash crash that wiped out more leverage in a single day than the first four

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months of the year combined it was the bears last shot and they fired it yet here we stand at 115

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000 right now bitcoin sits in a position that is statistically rare the largest positioning rinse

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in crypto's history has collided with a macro goldilocks backdrop the trump z trade deal

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framework is finally taking shape after six months of tension over the weekend in malaysia both sides

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confirmed major progress the sense said the agreement would spare china from 100 tariffs

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while china's rare earth export ban will be delayed for at least a year giving the west a

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crucial window to rebuild supply chains at the same time the fed is preparing to end

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quantitative tightening while signaling they will cut rates into a market already at all-time highs

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trillions of dollars are still sitting in money money market funds waiting to move back into risk

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all of it adds up to one thing the world's biggest markets are turning the corner

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the cloud of uncertainty that has hung over bitcoin all year is finally lift finally lifting

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and as asia opened last night we saw it unfold in real time gold is falling down over two and a

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half percent overnight and eight percent since it peaked last tuesday bitcoin is up six percent

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and october is officially in the green the rotation is on the torch is being passed when gold toppled

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in 2020 bitcoin launched within two months rising more than 400 in the following half year we could

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be setting up for a similar story now bitcoin is the next man up this could be the moment the world

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realizes that the four-year cycle is a thing of the past the greatest opportunities in bitcoin do

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not come when it is cheap they come when the last bear gives up and the last skeptic runs out of

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excuses this is the setup that only comes around once every four years bitcoin's time to launch is

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here i mean okay yeah i don't know if that was that convincing um especially with sort of the

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the yeah i mean and and referring to 2020 that was a totally different setup i i don't you know i

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a lot of well said stuff there but i don't necessarily agree yeah we'll see we'll see

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do you think uh i mean do you think markets are or or m2 is is easing is getting more is there

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more liquidity coming into the system uh what has been sort of it's still it's it seems to me like

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It's still a battle, right?

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I think there's obviously going to be more liquidity with lower interest rates.

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I think if we lose the fear of massive tariffs on these crucial metals and minerals,

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and I think that'll be a win also.

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But at the same time, there's a macro backdrop.

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If you look at just the overall business cycle that's getting more and more negative.

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Yeah, the layoffs.

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And AI's innovation reducing employment or reducing future hiring.

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So there's a lot of cross-currents.

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I still think there's more upside left in Bitcoin.

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regard besides all of that um but i have a hard time seeing this thing go

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to the 444k or a million or 800 or 750 but it could go to 70k in the next week too

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yeah i think that's very possible and that could really blow everyone's minds and then

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that could be that could be what we need to just flush out because it seems like there's still a

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lot of speculation in the system well what i was going to say is that you might need some sort of

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business cycle panic before you get massive liquidity injections by the United States.

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All I know is that the path we're going is much higher Bitcoin and much higher gold,

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but Bitcoin is going to be far greater performance than gold just out of the scarcity factor and the

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adoption factor so if you focus on where we're going and not the path we take to get there

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you're going to be fine and you're going to just take any downturn any major catastrophes as

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opportunities to accumulate more all right that's that's the uh stay humble and stack sats yeah

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let's fucking go all right this is bitcoin center number 26 brought to you by bite federal go bank

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yourself point of sale crypto wallet and the bitcoin atms make sure you buy spot bitcoin at

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that bitcoin atm and put in self-custody and stamp your seed phrase you could use micro seed

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uh go to microstreet.io you could use the code matrix let's get into it let's do it

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let's be real right praising telegram for launching a bitcoin wallet i've always felt

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like lukehaley bitcoin this digital currency that's out there that people say oh it might be

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the next big thing what do you think i think it's rat poison bitcoin she never heard him a few weeks

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ago now everybody's talking about him but is it is it a currency i don't know or is it more like a

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stock or is it a tulip bowl or is it just stupid to me it smells like ponzi scheme and the greater

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fool theory right do like five minutes of freaking research well thanks for coming to my set talk

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Yes.

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Don't buy shit.

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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 say no, that he's a fake name.

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It was a pseudonym.

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I mean, you're literally putting real money

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onto a system that we don't even know who created it.

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It will come to a bad ending.

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Is this the most exciting bull run ever?

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Not for me.

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No, it's not.

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welcome to bitcoin center the fast-paced show where the debate is the story

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i had no idea this was the first topic are bitcoin's biggest hodlers trading self-sovereignty

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for wall street convenience as over three billion of bitcoin moves into black rocks

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ETF tax-free.

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So when I looked at this,

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you have to understand that these

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in-kind conversions

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where you've got

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Bitcoiners coin in exchange

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for ETF shares,

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it can go the other way as well.

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So

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it's still up to the Bitcoin community

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to preach

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about self-custody

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and the value of self-custody.

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I don't think there's going to be

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anything greater

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than a wall street meltdown to convince people of self-custody just like we've experienced

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all the crypto meltdowns yeah and we've yanked our coins into self-custody i think wall street's

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gonna have to learn that lesson um and i think do you mean main street investing in wall street

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no no no these are institutions that are able to do this individuals are just screwed if you're

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in the ETF, you're just, you can't take self-custody of Bitcoin in the ETF. These are for institutional

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buyers only. The reason why they want to do it, right, is that it's cheaper and easier to get

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margin on your Bitcoin than it is to get a collateralized loan against Bitcoin, right?

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You're going to get a collateralized loan at 8%, 10% maybe if you're an institution where you're

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get margin at like what three four percent things silly like that right so um i think for them it

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makes sense hopefully they believe in self-custody and when the stuff hits the fan hopefully they're

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yanking their coins are going into self-custody as well so i mean it is that is the beauty of

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bitcoin the fact that you can hold it sovereignly and that that is unlike any other asset we have

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so uh that and other than gold in your backyard right so uh yeah that's my take on it it's uh

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you know three thirty thousand coins they say roughly um and i bet holds i bet not the entire

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etf initiative but holds about 3.8 percent of the coins of the 21 million damn well these ogs a lot

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of them were some of the most radical thinkers around separate money from state yeah you know

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Well, why do we...

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We don't know they're OGs.

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Sure, we don't know that.

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We don't know that.

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I think they're institutional holders

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that have been accumulating Bitcoin.

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And this is a way for them to get more leverage.

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Yeah.

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All right.

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Let's move on to the next one here.

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All right.

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Trump pardons CZ.

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A sitting U.S. president just pardoned the Binance co-founder.

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Does Trump freeing Binance's CZ raise a red flag?

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I mean, was CZ still in jail?

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No, he was out of jail, but he sort of, I think, had a record.

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And so he couldn't.

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This kind of opens the gate for him to more officially resume business with finance here in the U.S.

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Got it.

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Well, when he went to jail, he had to appoint, you know, sort of a representative to take his rollover.

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And so, I mean, in May, before he got the pardon, they accepted about, I think, $2 billion in Trump's stablecoin.

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as payment uh you know as an equity investment so they were already sort of paving the way and

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doing pre-negotiations the company was without cz officially being there and being a part of it

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what i find interesting about this one i didn't realize that cz subjected himself to u.s authority

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and went to prison here i didn't realize he was i thought he would never land on america american

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soil to being taken it was like an agreement though for like a short period of time sentence

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or something like sure uh it was short i think it was like more a little longer than two months i

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think it was several months maybe four months or something like that they also paid a 4.3 billion

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dollar penalty uh and uh that was i mean so just think about how profitable they are but on the

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other side of this you know um the biden administration came at them for you know not

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Not maintaining an effective anti-money laundering program,

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which, you know, that's really vague in the sense that,

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so they're running a program that's just not effective.

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Define effective.

226
00:16:46,000 --> 00:16:47,140
Who gets to judge that?

227
00:16:47,500 --> 00:16:48,300
Who gets to judge?

228
00:16:48,500 --> 00:16:52,100
The president or the CEO of HSBC never went to prison

229
00:16:52,100 --> 00:16:53,420
for not running a fucking...

230
00:16:53,420 --> 00:16:55,200
An effective anti-money laundering.

231
00:16:55,200 --> 00:16:58,060
Yeah, or JP Morgan when made off.

232
00:16:58,260 --> 00:17:00,100
They always throw some underling in jail.

233
00:17:00,100 --> 00:17:02,960
Yeah, with made off and all these sort of crimes.

234
00:17:02,960 --> 00:17:06,680
So it does seem maybe that it wasn't fair.

235
00:17:07,040 --> 00:17:07,540
I don't know.

236
00:17:07,780 --> 00:17:10,000
I'm not a CZ, like, I'm not a crypto fan,

237
00:17:10,080 --> 00:17:11,620
but I think CZ's a really interesting character.

238
00:17:12,220 --> 00:17:16,140
But he also, he pledged to make America the capital of crypto.

239
00:17:17,160 --> 00:17:18,520
Which is, I think this is interesting,

240
00:17:18,580 --> 00:17:20,360
because there was always rumors that, you know,

241
00:17:20,420 --> 00:17:32,968
Binance is sort of a Chinese front Now he was born in I think Canada sort of like Vitalik But Vitalik being Russian Canada is an easy way to

242
00:17:32,968 --> 00:17:34,188
Sort of place to embed someone?

243
00:17:34,508 --> 00:17:40,188
No, from what I understand, it's an easy place to land if you're coming from China.

244
00:17:40,548 --> 00:17:40,888
Sure.

245
00:17:41,448 --> 00:17:43,648
Or was he planted there by China?

246
00:17:44,088 --> 00:17:44,668
Who knows?

247
00:17:44,668 --> 00:17:45,928
But it's interesting.

248
00:17:46,328 --> 00:17:48,448
They're going to let Binance go crazy here in the States.

249
00:17:48,468 --> 00:17:50,208
He couldn't build what he's building in China.

250
00:17:50,208 --> 00:17:51,968
So he had to leave, right?

251
00:17:52,188 --> 00:17:52,308
Yeah.

252
00:17:52,448 --> 00:17:57,648
So Trump, though, before we move on, he pardoned the three co-founders of BitMEX.

253
00:17:58,408 --> 00:18:04,268
And he pardoned Ross and the 1,500 people.

254
00:18:04,408 --> 00:18:08,128
He used the pardon power in his second term early as opposed to most presidents usually.

255
00:18:08,788 --> 00:18:09,708
Let's move on.

256
00:18:10,188 --> 00:18:13,808
The next one here is JP Morgan embraces Bitcoin collateral.

257
00:18:15,888 --> 00:18:19,388
Bossman, Mafia Don, Jamie Dimon once called Bitcoin a fraud.

258
00:18:20,048 --> 00:18:23,028
So why is JP Morgan now willing to lend against it?

259
00:18:23,608 --> 00:18:25,128
Is this a pragmatic turnabout?

260
00:18:25,128 --> 00:18:28,588
Because the rates are higher than traditional collateral lending,

261
00:18:28,728 --> 00:18:29,928
and I can make more money.

262
00:18:30,788 --> 00:18:31,008
Sure.

263
00:18:31,108 --> 00:18:33,588
Well, it also brings more assets under management.

264
00:18:33,968 --> 00:18:34,208
Yeah.

265
00:18:34,628 --> 00:18:37,988
They're rolling out the deal with what Coinbase, crypto, wallets.

266
00:18:38,408 --> 00:18:39,188
Coinbase is going to cuss you.

267
00:18:39,268 --> 00:18:40,448
They're going to lend against it.

268
00:18:41,228 --> 00:18:42,128
Everybody's doing it.

269
00:18:42,908 --> 00:18:44,148
He's got to make more money.

270
00:18:44,808 --> 00:18:44,908
Yeah.

271
00:18:44,968 --> 00:18:48,848
They have about 2% more than what they normally lend.

272
00:18:49,388 --> 00:18:54,188
Do you believe that Jamie's sort of slowly coming around to this for the money?

273
00:18:54,428 --> 00:19:02,488
Or this has been sort of deliberately slow rolled as more of a plan to just delay, delay, delay?

274
00:19:03,808 --> 00:19:05,028
I mean, you know.

275
00:19:05,068 --> 00:19:06,448
Did he always know he was going to come around?

276
00:19:06,608 --> 00:19:07,288
I don't think so.

277
00:19:07,408 --> 00:19:10,848
You know, Jamie Dimon, they became the custodian for the gold ETF.

278
00:19:11,208 --> 00:19:11,408
Right.

279
00:19:11,468 --> 00:19:11,708
Okay.

280
00:19:11,968 --> 00:19:13,768
GLD, which is giant, right?

281
00:19:13,768 --> 00:19:13,988
Yeah.

282
00:19:13,988 --> 00:19:14,168
Yeah.

283
00:19:14,588 --> 00:19:17,108
And they did that a few years back.

284
00:19:17,968 --> 00:19:23,548
So they understood the debasement trade before they publicized the debasement trade.

285
00:19:23,868 --> 00:19:27,628
And they wanted to custody the largest sovereign asset in the world.

286
00:19:28,428 --> 00:19:31,428
I think they will eventually get there with Bitcoin.

287
00:19:32,088 --> 00:19:37,408
But he's not going to walk back his comments and say I was wrong.

288
00:19:37,568 --> 00:19:41,568
I don't see him being humble enough to say he's wrong about anything.

289
00:19:41,948 --> 00:19:46,728
But at the same time, I don't think he's going to miss an opportunity to make money.

290
00:19:47,108 --> 00:19:52,028
yeah and he's not going to let a division of his true opportunity yeah so yeah they can make more

291
00:19:52,028 --> 00:19:55,988
money lending against bitcoin than they can lending against apple stock let's lend against

292
00:19:55,988 --> 00:20:00,888
right they're going to buy coinbase probably at some point and turn to turn the strategy and be

293
00:20:00,888 --> 00:20:04,008
like that's a nice business you got there be a shame something happened to your your coins there

294
00:20:04,008 --> 00:20:10,668
yeah exactly all right let's move on to the next one uh bitcoin's intrinsic so much better has

295
00:20:10,668 --> 00:20:15,468
actually i think a lot of people including recently recently was saying like bitcoin has

296
00:20:15,468 --> 00:20:23,108
no intrinsic value. The general tale that people tell about the gold intrinsic values that you can

297
00:20:23,108 --> 00:20:30,908
wear as jewelry. I mean, come on, seriously. The underlying scarcity of Bitcoin secured by code

298
00:20:30,908 --> 00:20:36,448
is the intrinsic value. This is the only thing that's deflationary by nature. And so I think

299
00:20:36,448 --> 00:20:40,268
it's a better version than gold. It's digital. You can move it around. It's way more fungible

300
00:20:40,268 --> 00:20:44,788
than gold that you wear as jewelry. And so I think it'll be worth more than gold, for sure.

301
00:20:44,788 --> 00:20:46,088
You can wear your Bitcoin. Don't worry.

302
00:20:48,588 --> 00:21:00,628
All right. So I guess the question here is that David said each Bitcoin encodes one gigawatt hour of energy into unforgeable digital scarcity.

303
00:21:00,908 --> 00:21:08,108
Could this energy as value framing flip the script on critics like Lagarde or is it just a remix of the old?

304
00:21:08,108 --> 00:21:12,968
No, I don't think it flips the script on Lagarde. I don't think she really is going to draw much from that comment.

305
00:21:12,968 --> 00:21:13,868
I don't think she cares what he says.

306
00:21:14,168 --> 00:21:15,968
I think generally he's a really smart dude.

307
00:21:17,108 --> 00:21:19,288
You know, he'll come up a little bit later when we get into Spark.

308
00:21:19,448 --> 00:21:23,588
But, like, you know, I don't really get this comparison here.

309
00:21:23,768 --> 00:21:27,728
I don't think that, you know, Bitcoin is like a real literal battery of storing energy.

310
00:21:28,288 --> 00:21:30,908
The miners can just turn off the hash rate at any time.

311
00:21:30,908 --> 00:21:33,628
And, like, it's not sort of a forward-looking commitment.

312
00:21:33,888 --> 00:21:36,648
I just don't get the exact analogy.

313
00:21:36,768 --> 00:21:38,008
I don't think Lagarde's going to care.

314
00:21:38,008 --> 00:21:43,048
I don't think it has intrinsic value because of the electricity already spent.

315
00:21:43,408 --> 00:21:45,648
Well, I slightly disagree with that.

316
00:21:45,848 --> 00:21:48,208
I totally agree that Lagarde doesn't give a shit.

317
00:21:48,828 --> 00:21:50,488
But I disagree.

318
00:21:50,748 --> 00:21:57,688
I do think that the energy consumption used to secure the network adds intrinsic value.

319
00:21:58,148 --> 00:22:00,588
Because you can't just create this stuff out of thin air.

320
00:22:00,708 --> 00:22:02,648
It's forcing so much work.

321
00:22:02,648 --> 00:22:06,048
I think it kind of represents a cost of production.

322
00:22:06,288 --> 00:22:07,548
Yes, it's a cost of production.

323
00:22:07,548 --> 00:22:12,828
but like you're you know you can spend a lot of money uh producing something that has no value

324
00:22:12,828 --> 00:22:20,188
to it sure and so i don't think it gives it intrinsic value this cost of production is a part

325
00:22:20,188 --> 00:22:28,108
of the security model right because of the cost yeah i think it's the network yeah so in that

326
00:22:28,108 --> 00:22:33,548
regard i think it adds a lot of value i i think i see what you're saying it definitely uh you know

327
00:22:33,548 --> 00:22:39,628
know represents the security level and the you know how secure your coins are or your sats yeah

328
00:22:39,628 --> 00:22:43,948
yeah that's the way i look at it yeah we could explore that for hours so let's move on to the

329
00:22:43,948 --> 00:22:50,128
next one here so people are rushing to other stores of value that don't rely on a central government

330
00:22:50,128 --> 00:22:55,588
the shiny metal gold is one of them but there's another currency that people are opting for that

331
00:22:55,588 --> 00:23:00,128
kind of looks a little bit like gold at least mentally bitcoin is essentially the new gold

332
00:23:00,128 --> 00:23:02,488
It's becoming really the true digital gold.

333
00:23:02,488 --> 00:23:06,148
I think a lot of young people are comfortable with digital assets and digital currencies

334
00:23:06,148 --> 00:23:08,328
and would switch over to Bitcoin or something different.

335
00:23:08,328 --> 00:23:12,848
Either one of those things would provide a check on the Federal Reserve because people

336
00:23:12,848 --> 00:23:16,808
would have an alternative and the Fed would know that if they created too much inflation,

337
00:23:16,808 --> 00:23:17,808
people would switch over.

338
00:23:17,808 --> 00:23:24,548
Bitcoin and other cryptocurrencies may represent a future path for this psychological journey

339
00:23:24,548 --> 00:23:27,368
of money that we've seen here, but it seems to be too early.

340
00:23:30,128 --> 00:23:37,548
that was cool yeah i had no idea who this guy was my little bitcoin bubble but uh his bubble's

341
00:23:37,548 --> 00:23:42,708
bigger than ours yeah way bigger bigger than bitcoins and it's i you know it's just more

342
00:23:42,708 --> 00:23:49,748
proof that this discussion around fiat this discussion around debasement around inflation

343
00:23:49,748 --> 00:23:56,788
is becoming mainstream people i mean gosh bitcoin has unlocked financial education

344
00:23:57,668 --> 00:24:02,068
i don't think it's bitcoin that i'm i think this is inflation yeah and i think this is the norm

345
00:24:02,068 --> 00:24:06,948
this is the the normalization of the debasement trade which is a nice way of putting like your

346
00:24:06,948 --> 00:24:11,668
money's going to they've literally gotten whole society to buy into like we can make money

347
00:24:11,668 --> 00:24:17,908
disagree on inflation no i totally disagree you can look at it as a trade bitcoin is the seed this

348
00:24:17,908 --> 00:24:22,948
is the seed that was planted solution i yeah but it's what i'm saying is it's unlocked as

349
00:24:22,948 --> 00:24:28,708
he's coming to this through gold gold explained finally i mean maybe that's an allusion to gold

350
00:24:28,708 --> 00:24:33,988
gold bugs have been saying this shit for how many years what i thought was cool is that was

351
00:24:33,988 --> 00:24:42,068
now all of a sudden bitcoin comes on the scene and bitcoin community just you know memes it into

352
00:24:42,068 --> 00:24:49,428
existence and like gets it in cnbc gets like joe kernan talking about safedean's book get like we

353
00:24:49,428 --> 00:24:50,948
embedded that conversation

354
00:24:50,948 --> 00:24:53,468
at the level where

355
00:24:53,468 --> 00:24:55,528
it's reaching a YouTube influencer.

356
00:24:56,388 --> 00:24:57,368
Like, that's telling

357
00:24:57,368 --> 00:24:59,328
this story. I mean,

358
00:24:59,388 --> 00:25:00,348
I've heard it on

359
00:25:00,348 --> 00:25:02,908
so many podcasts now.

360
00:25:02,908 --> 00:25:04,908
I think in a very modern YouTube

361
00:25:04,908 --> 00:25:07,188
sort of temporal way that people will

362
00:25:07,188 --> 00:25:09,488
grok and relate to on YouTube

363
00:25:09,488 --> 00:25:11,348
in the format that YouTube is short video.

364
00:25:11,808 --> 00:25:13,188
Kind of comes across very clear,

365
00:25:13,888 --> 00:25:15,328
level-headed. Even if it's

366
00:25:15,328 --> 00:25:17,188
as simple as we just needed

367
00:25:17,188 --> 00:25:19,068
the new technology spin

368
00:25:19,068 --> 00:25:23,328
in order to get the younger generation on the hard money program.

369
00:25:23,508 --> 00:25:24,988
Maybe that's all this is.

370
00:25:25,188 --> 00:25:28,888
If it's even that simple, it's good that this message is out there.

371
00:25:29,308 --> 00:25:31,468
Yeah, I don't think people are going to come through it for the hard money.

372
00:25:31,548 --> 00:25:32,808
I think it's going to be the debasement trade.

373
00:25:32,928 --> 00:25:34,868
I don't think people are going to realize that it's about hard money.

374
00:25:34,988 --> 00:25:36,468
They're just going to...

375
00:25:36,468 --> 00:25:38,308
It's sort of going to be like the dot-com trade.

376
00:25:38,368 --> 00:25:39,388
It starts somewhere.

377
00:25:39,568 --> 00:25:40,488
It has to start somewhere.

378
00:25:40,568 --> 00:25:41,168
It has to start somewhere.

379
00:25:41,168 --> 00:25:46,168
But in the dot-com trade, maybe 10% of 15 people understood the internet.

380
00:25:46,608 --> 00:25:48,128
The rest of the people were just chasing alpha.

381
00:25:48,128 --> 00:25:50,048
They didn't understand sort of.

382
00:25:50,248 --> 00:25:54,568
So I think a lot of people are going to come to Bitcoin and gold right now just to survive.

383
00:25:55,148 --> 00:25:55,808
It's totally different.

384
00:25:55,928 --> 00:26:02,408
It's totally different because the dot-com trade was a technology innovation for companies.

385
00:26:03,328 --> 00:26:10,108
The Bitcoin is a technology revolution that fixes money that we all use.

386
00:26:10,468 --> 00:26:10,548
Yeah.

387
00:26:10,548 --> 00:26:10,688
Right?

388
00:26:10,808 --> 00:26:16,048
Like this is immediate, an immediate shift in.

389
00:26:16,048 --> 00:26:18,328
They're going to be told the same thing about ETH too.

390
00:26:19,468 --> 00:26:21,708
I haven't seen that.

391
00:26:21,868 --> 00:26:22,528
I haven't seen.

392
00:26:23,068 --> 00:26:26,508
If I'm going to give Wall Street any credit about this,

393
00:26:27,188 --> 00:26:32,488
they're not describing ETH as gold 2.0.

394
00:26:32,488 --> 00:26:34,248
Yeah, but they're pushing out the stable coins.

395
00:26:34,448 --> 00:26:36,548
I think Main Street still likes ETH.

396
00:26:36,548 --> 00:26:40,368
They're thinking of ETH as a blockchain technology company.

397
00:26:40,428 --> 00:26:42,048
You know, we talk about Bitcoin.

398
00:26:42,048 --> 00:26:42,948
Wall Street 2.0.

399
00:26:42,948 --> 00:26:45,968
We talk about Bitcoin maybe being NSA creation, right?

400
00:26:46,048 --> 00:26:52,208
yeah do you think i mean how is eth not maybe a state creation that is is they knew they were

401
00:26:52,208 --> 00:26:56,448
going to support the whole time eth is wall street in a similar way wall street 2.0 that's

402
00:26:56,448 --> 00:27:02,048
what jimmy is behind it i mean defy is wall street 2.0 that's what's so weird about jamie playing

403
00:27:02,048 --> 00:27:09,568
dumb is like they invested and seeded and started it's like how did that get uh green lit like that

404
00:27:10,048 --> 00:27:14,608
yeah it's crazy all right let's move on they sold they sold all their tech if you enjoy the show

405
00:27:14,608 --> 00:27:19,648
please hit like and subscribe tune into bitcoin center every tuesday at 8 pm eastern

406
00:27:20,448 --> 00:27:25,728
to paul myself uh brought to you by bite federal go bank yourself let's move on to the lightning round

407
00:27:31,408 --> 00:27:37,968
all right the feds waller embraced the disruption fed governor is not only praising crypto

408
00:27:37,968 --> 00:27:44,448
innovations but floating a skinny fed account for stablecoin firms is the u.s central bank

409
00:27:44,448 --> 00:27:51,368
turning crypto friendly at last or is this just rhetoric as waller eyes the fed chair role oh i

410
00:27:51,368 --> 00:27:56,828
don't think this is just rhetoric i think this is serious i think this is happening um this is

411
00:27:56,828 --> 00:28:02,108
bringing liquidity to the the newest companies actually turns stable coins into an even better

412
00:28:02,108 --> 00:28:08,628
cbdc yeah 100 puts it on their rails gives them a lot more control yeah and then it's exchangeable

413
00:28:08,628 --> 00:28:10,788
with all the other CVBCs in the world.

414
00:28:10,928 --> 00:28:11,068
Yeah.

415
00:28:11,528 --> 00:28:14,528
And this Federal Reserve Governor, Christopher Walker,

416
00:28:14,848 --> 00:28:16,468
I mean, he kicked off this conference.

417
00:28:16,748 --> 00:28:16,808
Waller, right?

418
00:28:16,808 --> 00:28:17,748
Waller, my bad.

419
00:28:18,448 --> 00:28:19,808
He's Walker from now on.

420
00:28:20,208 --> 00:28:21,108
Christopher Walker.

421
00:28:22,328 --> 00:28:22,808
Cowbell.

422
00:28:22,888 --> 00:28:23,748
We need more cowbell.

423
00:28:23,748 --> 00:28:26,828
So, yeah, Christopher Walken is now on the Federal Reserve Board.

424
00:28:27,548 --> 00:28:28,968
And, you know, he said,

425
00:28:29,528 --> 00:28:33,188
my view from the Fed from now on is embrace the disruption.

426
00:28:33,348 --> 00:28:34,028
Don't avoid it.

427
00:28:34,468 --> 00:28:37,108
The Fed intends to be an active part of that revolution.

428
00:28:37,108 --> 00:28:42,348
I think the revolution is not happening with the Fed as far as they're concerned, but this is them co-opting the revolution.

429
00:28:43,368 --> 00:28:48,188
And he's, you know, one of Trump's potential top candidates to replace Powell.

430
00:28:49,028 --> 00:28:51,328
So it could be just talk to kind of, you know, whatever.

431
00:28:51,428 --> 00:28:56,788
But he said, I believe we can and should do more to support those actively transforming the payment system.

432
00:28:57,008 --> 00:29:02,128
To that end, I have asked Federal Reserve staff to explore the idea of what I'm calling a payment account.

433
00:29:02,128 --> 00:29:08,608
this whole conference was to just really get together people from the fed and these payment

434
00:29:08,608 --> 00:29:13,708
companies in the crypto space this goes hand in hand with luke groman's comment a month or so ago

435
00:29:13,708 --> 00:29:20,028
when he said uh when somebody asked him about like a getting stable coin adoption and he said

436
00:29:20,028 --> 00:29:25,728
and he said we'll just wait to the next major crisis when a foreign government needs a swap

437
00:29:25,728 --> 00:29:30,508
line for us dollars and we say you're not getting it unless you take it as stable coins

438
00:29:31,168 --> 00:29:31,948
Right, no, 100%.

439
00:29:31,948 --> 00:29:33,688
You got to spend it this way or that way.

440
00:29:34,188 --> 00:29:35,488
Yeah, and the last thing I'll say is...

441
00:29:35,488 --> 00:29:36,528
Don't be kidding yourself.

442
00:29:36,688 --> 00:29:38,628
Stable coins are CBDCs.

443
00:29:38,888 --> 00:29:40,868
And my man Christopher Walken said,

444
00:29:40,948 --> 00:29:43,728
I wanted to send a message that this is a new error

445
00:29:43,728 --> 00:29:45,268
for the Federal Reserve in payments.

446
00:29:45,948 --> 00:29:48,908
The DeFi industry is not viewed with suspicion or scorn.

447
00:29:49,408 --> 00:29:51,888
He called the new Fed conference an acknowledgement

448
00:29:51,888 --> 00:29:53,828
that distributed ledgers and crypto assets

449
00:29:53,828 --> 00:29:55,248
are no longer on the fringes,

450
00:29:55,568 --> 00:29:57,728
but are increasingly woven into the fabric

451
00:29:57,728 --> 00:29:58,808
of the payment and financial system.

452
00:29:59,248 --> 00:30:00,488
And this has nothing to do with Bitcoin.

453
00:30:00,508 --> 00:30:06,728
in my opinion and uh i i hope bitcoin is very little or nothing to do with d5 for a long time

454
00:30:06,728 --> 00:30:12,708
uh we could talk about that maybe but yeah let's move on to the next one but this is going fast

455
00:30:12,708 --> 00:30:19,508
all right so uh gbdc discount vanishes i have no idea they're still around

456
00:30:19,508 --> 00:30:27,288
no gray scales gbdc trust once at a 50 discount is now trading essentially a parody

457
00:30:27,288 --> 00:30:32,448
and zero is a zero percent discount so our trade oh i guess that's a one m nap are traders that

458
00:30:32,448 --> 00:30:38,288
confident spot etf approval is imminent or is there arbitrage risk if the sc i mean it was it

459
00:30:38,288 --> 00:30:45,328
was gbtc traded like a closed-end mutual fund right so um you know traders are going to arbitrage

460
00:30:45,328 --> 00:30:54,128
the uh uh the premiums or the uh what do you call it the uh discount away and that's what we've seen

461
00:30:54,128 --> 00:31:00,528
with GBTC. I guess there is rumors or there's potential the SEC is going to give them the

462
00:31:00,528 --> 00:31:08,668
ability to convert GBTC into an ETF. I don't see why it's taken so long, but I guess Gensler

463
00:31:08,668 --> 00:31:18,388
wanted to punish them since they decided to sue the SEC. And so now maybe when the SEC wakes up

464
00:31:18,388 --> 00:31:20,028
from their government shutdown,

465
00:31:20,728 --> 00:31:23,728
maybe they will give GBTC ETF

466
00:31:23,728 --> 00:31:25,308
and then this won't be an issue anymore.

467
00:31:25,448 --> 00:31:27,568
But I still don't think the premiums or discounts

468
00:31:27,568 --> 00:31:28,388
are going to get that big

469
00:31:28,388 --> 00:31:30,508
because traders will just get rid of it.

470
00:31:31,048 --> 00:31:31,108
Right.

471
00:31:31,488 --> 00:31:34,068
So it's kind of a nothing burger,

472
00:31:34,268 --> 00:31:37,168
but good to see that the 50% discount is gone.

473
00:31:37,828 --> 00:31:39,168
Yeah, I wonder how Barry Schilbert's doing.

474
00:31:39,808 --> 00:31:39,988
All right.

475
00:31:40,188 --> 00:31:40,928
I think certainly, yeah,

476
00:31:40,968 --> 00:31:41,888
it's fair to say that right now

477
00:31:41,888 --> 00:31:44,068
gold is winning the debasement trade.

478
00:31:44,888 --> 00:31:46,828
But I think there's the NFK

479
00:31:46,828 --> 00:31:51,468
and there are lots of market market people out there have talked about how bitcoin trails gold

480
00:31:51,468 --> 00:31:57,068
and whatever and yeah then it's probably true um but i think it's important that that when we say

481
00:31:57,068 --> 00:32:02,028
the debasin trade it's really there's there's an important geopolitical angle to it right like the

482
00:32:02,028 --> 00:32:07,868
chinese and around the mid-2000 teens decided they were going to start stockpiling gold um china has

483
00:32:07,868 --> 00:32:15,068
a gp to all you know public private debt ratio of like 390 something like that huge um they've

484
00:32:15,068 --> 00:32:19,008
they've injected $1 trillion worth of yuan into their economy this year.

485
00:32:19,128 --> 00:32:25,928
They are debasing yuan against gold with the objective of creating a sort of gold-based,

486
00:32:25,968 --> 00:32:29,028
not gold-backed, but gold-based financial system.

487
00:32:29,808 --> 00:32:34,088
And when you have central banks buying gold,

488
00:32:35,488 --> 00:32:39,028
the express purpose of retooling the global financial system and creating new rails,

489
00:32:39,588 --> 00:32:40,628
this is what's going to happen.

490
00:32:40,628 --> 00:32:42,428
And I think Bitcoin's going to catch up.

491
00:32:43,248 --> 00:32:43,988
There's lots of money in.

492
00:32:43,988 --> 00:32:46,888
Bitcoin is trade 24-7. Gold is not trade 24-7.

493
00:32:47,428 --> 00:32:49,688
There's lots of reasons why Bitcoin is a lot more volatile,

494
00:32:49,828 --> 00:32:53,228
and there's been a lot of talk in D.C. lately about, you know,

495
00:32:53,308 --> 00:32:55,988
does Bitcoin's volatility prevent it from achieving its, you know,

496
00:32:56,408 --> 00:32:58,028
achieving the objective of becoming global collateral?

497
00:32:58,208 --> 00:33:00,308
Maybe again, I'll leave that in the exact receiving address.

498
00:33:00,388 --> 00:33:01,348
I have my own opinions about that.

499
00:33:01,868 --> 00:33:03,728
But I think it's important to remember what's actually going on here.

500
00:33:03,828 --> 00:33:06,548
I mean, yes, gold right now is winning the debasement trade,

501
00:33:06,648 --> 00:33:08,388
but, you know, this is a marathon, not a sprint.

502
00:33:08,388 --> 00:33:13,208
There's a very disciplined effort in aging to make this happen.

503
00:33:13,208 --> 00:33:15,268
for reasons that make perfect sense

504
00:33:15,268 --> 00:33:16,848
if you're a Chinese policymaker.

505
00:33:17,748 --> 00:33:21,608
But again, I don't really fret too much

506
00:33:21,608 --> 00:33:24,868
the price action of Bitcoin over the past week

507
00:33:24,868 --> 00:33:27,928
for all kinds of reasons.

508
00:33:28,048 --> 00:33:30,828
And again, I also don't think the price of gold is infinite

509
00:33:30,828 --> 00:33:33,248
because again, gold, like a lot of other assets,

510
00:33:33,408 --> 00:33:33,928
is manipulated.

511
00:33:34,448 --> 00:33:35,048
It can be repressed.

512
00:33:35,108 --> 00:33:35,748
It can be inflated.

513
00:33:36,228 --> 00:33:37,168
Right now it's being inflated,

514
00:33:37,168 --> 00:33:40,608
but there's a limit to even an economy

515
00:33:40,608 --> 00:33:41,888
besides China and all their stimulus,

516
00:33:41,968 --> 00:33:42,948
how much they can inflate the price.

517
00:33:43,208 --> 00:33:53,828
so is he suggesting that china is helping suppress the bitcoin market while pumping the gold market

518
00:33:53,828 --> 00:34:01,408
to compete on different monetary outcomes i'm not sure what he was suggesting in terms of that

519
00:34:01,408 --> 00:34:08,648
i mean what do you think china is doing here do you think china is just trying to acquire gold

520
00:34:08,648 --> 00:34:18,648
it's been very clear right china needs to build a middle class to uh offset uh a future uh multipolar

521
00:34:18,648 --> 00:34:24,888
world where the us becomes less of a customer right so they started saying in 2014 uh we're

522
00:34:24,888 --> 00:34:28,088
going to buy less treasuries we're going to let them roll off our balance sheet we're going to

523
00:34:28,088 --> 00:34:33,448
tell our citizens to start buying gold they were very public about getting their citizens to invest

524
00:34:33,448 --> 00:34:39,768
in gold and then they uh been instead of buying treasuries buying gold for their balance sheet so

525
00:34:39,768 --> 00:34:46,808
they're they are driving the value of gold up to uh to create wealth with inside their own country

526
00:34:47,448 --> 00:35:01,396
at the same time right there see there now an opportunity when we sanctioned russia there now this opportunity to go to the rest of the belt and road uh players and say hey the u could

527
00:35:01,396 --> 00:35:06,176
take your treasuries at any time why don't we start settling trade in gold we'll trade our

528
00:35:06,176 --> 00:35:10,936
currencies any surpluses can be settled in gold we'll set up a gold exchange in hong kong we'll

529
00:35:10,936 --> 00:35:16,116
set up a gold exchange in saudi arabia we'll set up a gold exchange in your country we'll have the

530
00:35:16,116 --> 00:35:20,176
vaults in your country so you don't have to worry about us confiscating your gold like the u.s did

531
00:35:20,176 --> 00:35:26,016
right so they're they're using this very smartly against us to set up a multipolar world that can

532
00:35:26,016 --> 00:35:33,436
settle in gold gold this is what we say yeah not not gold backed yeah i get it settled gold based

533
00:35:33,436 --> 00:35:39,776
yeah okay gold i call it but are they just missing the whole bitcoin bitcoin thing no no no no bitcoin

534
00:35:39,776 --> 00:35:41,196
Bitcoin is $2 trillion.

535
00:35:41,376 --> 00:35:42,756
Gold's over $20 trillion.

536
00:35:42,856 --> 00:35:43,436
$30 trillion.

537
00:35:43,556 --> 00:35:44,736
$30 trillion, yeah.

538
00:35:44,796 --> 00:35:45,816
So there's...

539
00:35:45,816 --> 00:35:48,256
More liquidity is not big enough.

540
00:35:48,276 --> 00:35:50,136
It's not big enough to settle global trade yet.

541
00:35:50,136 --> 00:35:52,076
Are they just going to ignore it?

542
00:35:52,316 --> 00:35:53,076
I doubt it.

543
00:35:53,676 --> 00:35:56,796
So the mining going on in Bitcoin,

544
00:35:57,276 --> 00:35:58,436
the mining going on in China,

545
00:35:58,436 --> 00:36:01,516
do you think that is rogue miners?

546
00:36:02,056 --> 00:36:04,296
And or is that the state acquiring some Bitcoin?

547
00:36:04,516 --> 00:36:05,956
I have no proof of any of it.

548
00:36:06,076 --> 00:36:08,996
I mean, I would suspect that the state is involved.

549
00:36:09,776 --> 00:36:14,316
And what happens if gold, if the United States government dumps a bunch of gold tomorrow?

550
00:36:14,316 --> 00:36:17,736
What if the United States government sold all the gold tomorrow, crashing the price?

551
00:36:17,736 --> 00:36:18,276
That's not going to happen.

552
00:36:19,116 --> 00:36:23,696
I mean, what is the threat to then China long term?

553
00:36:24,456 --> 00:36:25,336
Maybe the way...

554
00:36:25,336 --> 00:36:25,876
The threat to China?

555
00:36:26,176 --> 00:36:30,776
Well, in terms of like some societies didn't adopt gold fast enough.

556
00:36:31,296 --> 00:36:31,736
Okay.

557
00:36:31,876 --> 00:36:33,836
And it set them back, let's say.

558
00:36:33,956 --> 00:36:35,296
Maybe they went with silver.

559
00:36:35,856 --> 00:36:36,296
Okay.

560
00:36:36,416 --> 00:36:36,676
Right?

561
00:36:36,776 --> 00:36:39,136
And that set them back maybe 100 or 200 years.

562
00:36:39,176 --> 00:36:39,376
Sure.

563
00:36:39,776 --> 00:36:46,816
could that happen with bitcoin i think that's the play right i think the china not aware of that

564
00:36:46,816 --> 00:36:53,776
no i think they are aware of it but they have this other right now other risk right that they

565
00:36:53,776 --> 00:36:58,416
have they have a closed capital structure and capital flight is very dangerous for them and

566
00:36:58,416 --> 00:37:05,216
bitcoin just is like the best capital flight instrument ever created right so they're going

567
00:37:05,216 --> 00:37:09,616
going to sit there and say uh they're going to promote gold ownership they're going to promote

568
00:37:09,616 --> 00:37:14,876
gold investment because and they've done everything to outlaw bitcoin mining bitcoin trading bitcoin

569
00:37:14,876 --> 00:37:22,056
custody over the years because they want this closed capital structure that's a then that's

570
00:37:22,056 --> 00:37:28,496
why we as bitcoiners keep saying the best thing we can do is embrace this new freedom tech this

571
00:37:28,496 --> 00:37:34,116
sovereign money and give it to the world and have most of it here in the united states so i think

572
00:37:34,116 --> 00:37:40,936
we're going to let them drive the value gold up we're going to mark to market our gold fill up the

573
00:37:40,936 --> 00:37:47,616
tga and then we're going to slam bitcoin and then we're going to regain our dominance on a bitcoin

574
00:37:47,616 --> 00:37:52,736
standard we'll have a multi-polar world some of the world working on gold some of the world working

575
00:37:52,736 --> 00:37:59,296
on digital gold and that's how trade is going to be settled in the future but there's no reason for

576
00:37:59,296 --> 00:38:06,576
us to like blow that that out of the bag right now let's let them monetize the gold with their

577
00:38:06,576 --> 00:38:11,136
liquidity and then we'll mark to market when it's ten thousand dollars an ounce and then and in the

578
00:38:11,136 --> 00:38:16,096
meantime we're confiscating bitcoin and doing all this and then we'll just we'll elevate the price

579
00:38:16,096 --> 00:38:20,576
of bitcoin and who holds most bitcoin in the world the united states right the united states has what

580
00:38:20,576 --> 00:38:25,296
like four percent of the gold i wonder how much china has at this point like is it two percent

581
00:38:25,296 --> 00:38:26,116
I have no idea.

582
00:38:26,336 --> 00:38:27,336
I have no idea.

583
00:38:27,476 --> 00:38:30,216
But I would hope that that's the game plan.

584
00:38:30,236 --> 00:38:30,696
What is that?

585
00:38:30,796 --> 00:38:33,296
Like $2 to $3 trillion on the balance?

586
00:38:33,816 --> 00:38:36,496
You know, sort of what the markup would be.

587
00:38:36,756 --> 00:38:38,656
I think we were trying to figure that out.

588
00:38:38,676 --> 00:38:39,636
We were trying to figure that out.

589
00:38:39,716 --> 00:38:42,336
And the quote we heard was around $1 trillion at today's prices.

590
00:38:42,476 --> 00:38:45,336
I think, yeah, today's price is about $1 trillion.

591
00:38:45,716 --> 00:38:46,796
So now you're talking about $250X or something like that.

592
00:38:46,796 --> 00:38:47,836
$2.5 trillion, yeah.

593
00:38:48,056 --> 00:38:48,476
Something like that.

594
00:38:48,496 --> 00:38:49,736
All right, let's move on to the next one here.

595
00:38:50,236 --> 00:38:52,516
Hodler profit-taking hits record levels.

596
00:38:52,516 --> 00:38:56,756
Long-term hodlers unloaded 337,000 Bitcoin in the past 30 days.

597
00:38:57,276 --> 00:38:57,556
Wow.

598
00:38:57,936 --> 00:39:01,476
The biggest monthly sell-off by diamond hands in recent memory.

599
00:39:02,036 --> 00:39:04,636
Is this merely prudent profit-taking after new highs

600
00:39:04,636 --> 00:39:07,456
or a harbinger that even believers see trouble ahead?

601
00:39:08,036 --> 00:39:09,716
I don't think it's about trouble ahead.

602
00:39:09,716 --> 00:39:10,736
So here's the deal.

603
00:39:10,816 --> 00:39:12,216
I did a little bit of research on this.

604
00:39:12,376 --> 00:39:12,516
In 2017...

605
00:39:13,436 --> 00:39:13,976
Thank God, someone did.

606
00:39:15,476 --> 00:39:18,876
In 2017, during that cycle,

607
00:39:18,876 --> 00:39:26,416
there was 3.93 million long-term bitcoin sold and they're defining long-term by six months to

608
00:39:26,416 --> 00:39:32,416
one year old in 2013 three million long-term bitcoin was sold that's that long-term hodlers

609
00:39:32,416 --> 00:39:39,176
six months to one year so take that with a grain of salt but 3.93 million supposedly sold in 2017

610
00:39:39,176 --> 00:39:46,996
3 million supposedly sold in 2021 peak and currently we're sitting at 3.27 million

611
00:39:46,996 --> 00:39:55,196
so very very comparable numbers all coinciding with the four-year cycle yep and and people sort

612
00:39:55,196 --> 00:40:03,196
of leveling up in their lives i would say like just looking at this most recent recent flush

613
00:40:03,196 --> 00:40:10,456
of uh uh this down flush in the market and how little bitcoin responded to that

614
00:40:10,456 --> 00:40:16,476
i don't think that was a big drop like you mean in four year past four-year cycle tops

615
00:40:16,476 --> 00:40:24,496
the first big move down was they were always like close to 50 i mean they were violent down drafts

616
00:40:24,496 --> 00:40:33,056
50 down at 50 or more recoveries right so so for bitcoin to be down 10 15 percent on that big of a

617
00:40:33,056 --> 00:40:39,996
flush was not like a big deal right and it's not coming on on like massive bullish speculation it's

618
00:40:39,996 --> 00:40:45,316
coming in the midst of a one-year consolidation a lot of speculation in the system i think

619
00:40:45,316 --> 00:40:50,676
there's a lot of speculative rhetoric there's not a lot of speculation there's not a lot of uh

620
00:40:51,396 --> 00:40:56,696
um i think every time we go through the price chart right there's not sure there's not you

621
00:40:56,696 --> 00:41:01,476
don't hear people saying like oh my god bitcoin's going up forever right but i have a feeling a lot

622
00:41:01,476 --> 00:41:05,876
of people are going levered long when they feel like the tide is you know when the top will be in

623
00:41:05,876 --> 00:41:10,856
the top in this market's going to be in when we hear everybody saying oh the four-year cycle's

624
00:41:10,856 --> 00:41:16,736
dead. It's going to a million. It's going to go wherever it's going. We're just going straight to

625
00:41:16,736 --> 00:41:20,276
the next bull market. There's no more four-year cycle. As soon as everybody believes there's no

626
00:41:20,276 --> 00:41:26,176
more four-year cycle, then this bull run will be dead. But right now, we've got this drag of

627
00:41:26,176 --> 00:41:30,796
everybody still thinks the four-year cycle is real. We're going to sell just in case.

628
00:41:31,316 --> 00:41:35,876
Long-term hodlers are selling, taking profit. If you've made billions of dollars,

629
00:41:36,836 --> 00:41:40,716
I'd probably sell some too, right? Yeah, I hear you. All right, let's move on here.

630
00:41:40,856 --> 00:41:54,596
all right uh the real world test 8.9 yield on lightning so a recent uh public lightning network

631
00:41:54,596 --> 00:42:00,516
node experiment earned 8.9 annualized yield over 60 days is this evidence that bitcoin's layer two

632
00:42:00,516 --> 00:42:06,976
can generate substantial yield and maybe not for me yield curve no this still seems very

633
00:42:06,976 --> 00:42:11,456
experimental to me in terms of like you know this is done over 60 days they're still trying to like

634
00:42:11,456 --> 00:42:17,696
widen the network um 8.9 i just i don't i'm not sold that that's going to be around the rate

635
00:42:17,696 --> 00:42:23,136
they'll generate i think they have to come in around 9 10 11 or this is just not going to be

636
00:42:23,936 --> 00:42:31,056
that appetizing to you know sort of people who want to you know hold liquidity or capital somewhere

637
00:42:31,056 --> 00:42:36,096
so i i'm just i'm not uh sold yet i love that they're doing this and that their public company

638
00:42:36,976 --> 00:42:41,616
and it seems like they're trying to do it the right way and they have like a real bitcoin business

639
00:42:41,616 --> 00:42:47,696
uh i just don't know if it's scalable yet that i you know i i don't know the details about this

640
00:42:47,696 --> 00:42:52,416
they did this with about 500 bitcoin that's how they scaled it they scaled it up to about 497

641
00:42:52,416 --> 00:42:57,056
bitcoin i believe which is on their balance sheet that's what i was gonna say in order to do this

642
00:42:57,056 --> 00:43:01,616
kind of stuff you have to be a giant node yeah so they're trying to be one of these giant nodes

643
00:43:01,616 --> 00:43:06,496
there they got up to 500 bitcoin there it's from their own balance sheet which to me so then they

644
00:43:06,496 --> 00:43:08,636
They generate a little yield on their holdings.

645
00:43:08,816 --> 00:43:10,416
It's all there, the flywheel.

646
00:43:10,756 --> 00:43:15,336
But to me, that sort of breaks the purpose of Lightning.

647
00:43:16,436 --> 00:43:16,876
Right?

648
00:43:16,916 --> 00:43:18,936
We wanted massive decentralization.

649
00:43:19,496 --> 00:43:21,076
Yeah, I don't think that's the way Lightning's going.

650
00:43:21,096 --> 00:43:22,056
We wanted everybody running the nodes.

651
00:43:22,056 --> 00:43:25,236
Lightning's going the way of sort of custodial and...

652
00:43:25,236 --> 00:43:26,816
Giant nodes, right?

653
00:43:26,836 --> 00:43:27,016
Yeah.

654
00:43:27,296 --> 00:43:30,176
And those giant nodes are going to be controlled by large institutions.

655
00:43:30,176 --> 00:43:34,156
Sort of, you know, whatever back office for Visa, right?

656
00:43:34,296 --> 00:43:34,656
Right.

657
00:43:34,656 --> 00:43:36,396
I think we're going to need a level three, a level four.

658
00:43:36,496 --> 00:43:37,756
Layer four, layer five.

659
00:43:37,836 --> 00:43:38,516
No, I think you're right.

660
00:43:38,816 --> 00:43:43,576
Like maybe Visa adopts Lightning and runs giant nodes

661
00:43:43,576 --> 00:43:45,396
and makes transactions for us free.

662
00:43:45,396 --> 00:43:47,396
And I think it's even going to be a layer on top of Lightning.

663
00:43:47,396 --> 00:43:50,576
Near free because they're earning this 4% or 5% yield.

664
00:43:50,856 --> 00:43:51,796
Yeah, we'll see.

665
00:43:51,916 --> 00:43:53,896
I think it's going to be even a layer on top of Lightning

666
00:43:53,896 --> 00:43:55,456
that Visa would adopt.

667
00:43:55,696 --> 00:43:56,076
It's still evolving.

668
00:43:56,076 --> 00:43:56,716
Yeah, I think, yeah.

669
00:43:56,936 --> 00:43:58,396
Let's move on to the next one here.

670
00:44:00,596 --> 00:44:03,996
Bitcoin, 30% undervalued versus tech stocks.

671
00:44:03,996 --> 00:44:09,776
One analysis claims Bitcoin is trading at 30% discount relative to its fair value versus the NASDAQ.

672
00:44:10,176 --> 00:44:14,116
Does this imply Bitcoin's rally still has headroom if viewed as a tech asset?

673
00:44:14,556 --> 00:44:17,476
Or is comparing apples to oranges completely misleading?

674
00:44:19,256 --> 00:44:26,616
I just thought this whole question was kind of silly because it's like half the time you hear people say the problem with Bitcoin is it's correlated to tech assets.

675
00:44:27,156 --> 00:44:33,696
Then the other half of the time they're saying if Bitcoin uncorrelates with tech assets, then it would really prove itself as a store of value.

676
00:44:33,696 --> 00:44:36,356
and an asset that deserves to be in a portfolio.

677
00:44:37,236 --> 00:44:40,396
So the only reason people are bitching

678
00:44:40,396 --> 00:44:41,716
or saying it's undervalued

679
00:44:41,716 --> 00:44:42,496
is because all of a sudden

680
00:44:42,496 --> 00:44:45,356
it's not correlating with tech stocks, right?

681
00:44:45,396 --> 00:44:46,856
And it's not correlating with the S&P.

682
00:44:47,376 --> 00:44:50,096
But there should be a whole nother half of the population

683
00:44:50,096 --> 00:44:51,456
that think that's an amazing thing.

684
00:44:51,516 --> 00:44:53,576
And now this asset deserves to be in every portfolio.

685
00:44:54,456 --> 00:44:56,276
So I think it misses the whole point.

686
00:44:57,216 --> 00:45:00,896
The very fact that Bitcoin can uncorrelate with tech stocks,

687
00:45:00,896 --> 00:45:09,856
i think adds value to the adoption of this asset over the long run right so um to me it's not it's

688
00:45:09,856 --> 00:45:16,576
not a disappointing thing it's not uh you know i well i do think it's undervalued if tech stocks

689
00:45:16,576 --> 00:45:22,336
fall apart and it correlates on the downside then you know we'll be i mean this is uh you know an

690
00:45:22,336 --> 00:45:26,096
analyst is just trying to figure out where the correlations and trends and patterns are and what

691
00:45:26,096 --> 00:45:30,816
conclusions they could draw from a limited sample size and that's been a very con that's been a very

692
00:45:30,816 --> 00:45:35,536
prominent thing trying to figure out how to look at this thing how to value it how to evaluate at

693
00:45:35,536 --> 00:45:43,696
a moment in time how to place a bet but for my perspective right you are seeing a lot of selling

694
00:45:43,696 --> 00:45:51,376
with not a lot of downside yet we just don't know well you know no matter what anyone's plans are

695
00:45:51,376 --> 00:45:55,936
the government's included we don't know what kind of black swan events could just come out of nowhere

696
00:45:55,936 --> 00:45:57,976
at any time, short-term or long-term.

697
00:45:58,256 --> 00:46:00,256
But there's nothing I've seen that would...

698
00:46:00,256 --> 00:46:01,076
I mean, if Bitcoin dropped...

699
00:46:01,076 --> 00:46:02,356
That's when they usually come out, though.

700
00:46:02,356 --> 00:46:05,696
If Bitcoin dropped to $70,000, $50,000, $40,000 a coin,

701
00:46:06,096 --> 00:46:07,996
I'd be like, what can I sell?

702
00:46:08,196 --> 00:46:08,336
Right.

703
00:46:08,976 --> 00:46:12,036
You would feel richer in purchasing power in a lot of ways

704
00:46:12,036 --> 00:46:14,616
if you have any sort of fiat that you make in the real world.

705
00:46:14,896 --> 00:46:16,056
It's worth more now.

706
00:46:16,216 --> 00:46:18,076
You could get two Bitcoin for the price of one.

707
00:46:18,156 --> 00:46:18,776
That'd be amazing.

708
00:46:19,076 --> 00:46:19,656
I agree.

709
00:46:19,916 --> 00:46:20,756
All right, let's move on.

710
00:46:23,116 --> 00:46:24,916
And what I just did through that,

711
00:46:24,916 --> 00:46:28,536
And by the way, what I would ask you to do is keep coming back to that statement.

712
00:46:29,056 --> 00:46:30,936
The natural state of the free market is deflation.

713
00:46:31,096 --> 00:46:32,036
Don't just say it.

714
00:46:32,716 --> 00:46:33,356
Internalize it.

715
00:46:33,876 --> 00:46:36,816
Internalize it so it's true for you because it is true.

716
00:46:37,416 --> 00:46:40,116
In that world, prices fall to the marginal cost of production.

717
00:46:41,456 --> 00:46:42,656
And it keeps happening.

718
00:46:42,976 --> 00:46:44,356
And that happens forever.

719
00:46:45,156 --> 00:46:46,776
So what does that set up in our brains?

720
00:46:47,276 --> 00:46:48,996
It sets up a cognitive dissonance.

721
00:46:49,556 --> 00:46:52,576
And the first part is a mental discomfort in our brains

722
00:46:52,576 --> 00:46:56,856
by holding two true statements that we can't align.

723
00:46:57,756 --> 00:46:58,516
They're opposites.

724
00:46:59,696 --> 00:47:03,796
And the second thing, and what most Bitcoiners will tell you in this,

725
00:47:04,056 --> 00:47:06,696
is as they spend more time in Bitcoin,

726
00:47:07,176 --> 00:47:08,416
the other thing that happens,

727
00:47:08,496 --> 00:47:10,916
and I'm going to share with you how it happened to me too,

728
00:47:11,636 --> 00:47:13,656
is the discomfort you feel

729
00:47:13,656 --> 00:47:17,196
when your actions don't align to your values.

730
00:47:17,976 --> 00:47:19,876
That's the second thing that happens.

731
00:47:19,876 --> 00:47:28,176
And so worse than this, we've never lived in a system, a natural state, a free market,

732
00:47:28,276 --> 00:47:29,256
we've never lived in that.

733
00:47:29,736 --> 00:47:36,676
Worse than our own brains trying to understand that complication is this.

734
00:47:37,416 --> 00:47:43,836
It's happening at a faster and faster rate because exponential productivity gains,

735
00:47:44,416 --> 00:47:48,916
artificial intelligence, is exponential productivity gains.

736
00:47:48,916 --> 00:47:54,276
Exponential productivity gains means everything should be cheaper at a faster and faster rate, forever.

737
00:47:55,696 --> 00:47:59,896
And that should be the natural course as we compete to provide more value.

738
00:48:00,916 --> 00:48:03,516
And we should all be living in that abundant system.

739
00:48:03,756 --> 00:48:08,356
And it should be getting easier and easier for 8 billion people on the planet every day.

740
00:48:08,716 --> 00:48:10,516
Because that's how we compete.

741
00:48:10,516 --> 00:48:20,596
and it's wild that we use the technology that produces artificial intelligence and we ourselves

742
00:48:20,596 --> 00:48:28,556
will use it and then wonder why prices are falling and their system looks so bad because we live in a

743
00:48:28,556 --> 00:48:34,776
system because it's a credit-based system that can't allow that to happen that must extract all

744
00:48:34,776 --> 00:48:40,936
of those gains and centralize them and make them stronger and stronger and stronger with

745
00:48:40,936 --> 00:48:47,896
very few people controlling all of the technology, all of the broad-based abundance that should

746
00:48:47,896 --> 00:48:49,956
flow to you.

747
00:48:49,956 --> 00:48:51,116
It's wild.

748
00:48:51,116 --> 00:49:02,136
It's wild that smart people can say, AI and robotics is going to replace all jobs.

749
00:49:02,136 --> 00:49:06,516
By the way, AI and robotics is the worst it'll ever be right now.

750
00:49:07,436 --> 00:49:09,416
It's moving so fast.

751
00:49:10,216 --> 00:49:14,196
And smart people can say AI and robotics place all jobs.

752
00:49:15,176 --> 00:49:24,136
But we should keep printing money so people, when they lose their jobs, prices should rise and they won't know what to do.

753
00:49:25,916 --> 00:49:26,896
It's ludicrous.

754
00:49:26,896 --> 00:49:34,336
that the the the idea of productivity is to save our save our time if we would allow

755
00:49:36,576 --> 00:49:45,136
so jeff's been preaching this for years now um is this just is this message not sinking in is it

756
00:49:45,136 --> 00:49:51,296
flying under the radar for most people or are they yeah i think it's totally why why why are

757
00:49:51,296 --> 00:49:56,736
people not rocking this i think because they're uncomfortable uh to what he was saying i mean like

758
00:49:56,736 --> 00:50:02,896
it's really like painful to have these two ideas in your head and live in a paradox i i think it's

759
00:50:03,536 --> 00:50:09,296
it's just draining um i don't think i don't think people have a hard time realizing that there's

760
00:50:09,296 --> 00:50:15,696
what's good for humanity and then there's what's good for government well i think a lot of people

761
00:50:15,696 --> 00:50:22,176
think government is humanity yeah you know and i have a it's the creator of money it's the creator

762
00:50:22,176 --> 00:50:29,036
of money it's your problem god sort of like property right so uh a god-like ability to

763
00:50:29,036 --> 00:50:37,496
create money yes and um which steals humanity's which gives wealth and productivity anybody who

764
00:50:37,496 --> 00:50:43,436
has the the money printer becomes the they have the moral imperative to solve all problems now

765
00:50:43,436 --> 00:50:49,656
because they have the ring that's all the people like hey you don't believe that you don't believe

766
00:50:49,656 --> 00:50:54,056
that you just say no but i did believe that for a long time it's like you're in a government world

767
00:50:54,056 --> 00:50:58,296
you're right and they control everything you don't think about it that way but you're like

768
00:50:58,296 --> 00:51:03,396
yeah i guess anything outside of my purview i got we gotta go to them to figure this out it's like

769
00:51:03,396 --> 00:51:10,836
entering the matrix and going like whoa right so it's it is the bitcoin matrix and this is um i

770
00:51:10,836 --> 00:51:17,816
I think once people grok this, they do have a hard time understanding.

771
00:51:18,756 --> 00:51:27,656
But I don't what I don't get is why they don't all of a sudden realize that the government and the Federal Reserve is the problem.

772
00:51:28,656 --> 00:51:37,836
Because if you removed them from the situation, well, if you removed, if you removed, if you removed money from the state.

773
00:51:37,836 --> 00:51:39,636
We just had an interesting conversation with Dan White.

774
00:51:40,516 --> 00:51:44,116
And, you know, I think the history of money is still not fully understood.

775
00:51:44,536 --> 00:51:44,896
For sure.

776
00:51:44,896 --> 00:51:58,496
And to say that the Federal Reserve is the problem doesn't acknowledge that the Federal Reserve was solving some problems of sort of private money and all the banking issues prior to 1913.

777
00:51:58,996 --> 00:51:59,416
Okay, so.

778
00:52:00,096 --> 00:52:04,836
And I wasn't around then, but it wasn't like things were just all copacetic and they weren't booms and busts.

779
00:52:04,896 --> 00:52:05,336
They were.

780
00:52:05,336 --> 00:52:07,276
All this like different money

781
00:52:07,276 --> 00:52:07,896
Flowing around

782
00:52:07,896 --> 00:52:08,296
But the booms and bust

783
00:52:08,296 --> 00:52:10,296
Didn't impoverish the entire world

784
00:52:10,296 --> 00:52:10,796
No I get it

785
00:52:10,796 --> 00:52:12,516
I think it's been a bad bad thing

786
00:52:12,516 --> 00:52:13,876
But I think it came about

787
00:52:13,876 --> 00:52:26,304
Participating with those bad banks Right But I think a lot of people Might correctly assume It would be worse without this thing No this is Especially pre But this is the nature of humanity that creates so many long problems

788
00:52:26,424 --> 00:52:30,044
This idea of, I am hurt, somebody needs to help me.

789
00:52:30,624 --> 00:52:36,084
That has created so many chronic problems in civilization forever.

790
00:52:36,464 --> 00:52:41,504
As opposed to, I screwed up, I needed to bail myself out.

791
00:52:41,504 --> 00:52:43,924
Yeah, well, there's no personal responsibility taught.

792
00:52:43,924 --> 00:52:45,964
in America and the culture and any of it.

793
00:52:46,424 --> 00:52:47,424
Exactly. So

794
00:52:47,424 --> 00:52:49,484
this is what the Federal Reserve

795
00:52:49,484 --> 00:52:51,804
played on or prayed on.

796
00:52:51,944 --> 00:52:53,684
Sure. This like somebody help

797
00:52:53,684 --> 00:52:55,844
me attitude that so

798
00:52:55,844 --> 00:52:57,644
many people in our world want to embrace.

799
00:52:58,084 --> 00:52:59,484
Yeah. And this

800
00:52:59,484 --> 00:53:02,284
creates longer term.

801
00:53:02,724 --> 00:53:03,824
Yeah, but they don't have a

802
00:53:03,824 --> 00:53:05,684
people go to them like mommy and daddy.

803
00:53:06,024 --> 00:53:07,764
That's a bad thing. They don't have a money printer.

804
00:53:08,084 --> 00:53:09,704
We gave them the authority.

805
00:53:09,704 --> 00:53:11,704
They literally separated family and said, hey, look,

806
00:53:11,784 --> 00:53:13,644
we'll give Social Security so the family

807
00:53:13,644 --> 00:53:19,204
doesn't have to care you know we're we're the family now we're we're the source of love

808
00:53:19,204 --> 00:53:26,784
creation and all things godlike so come to us with your problems that we come to us with your

809
00:53:26,784 --> 00:53:31,764
injustice there's lots of control structures that have been set up a society to fill that role

810
00:53:31,764 --> 00:53:37,344
and that is a big problem because people do not take their own sovereignty in their their own

811
00:53:37,344 --> 00:53:43,004
hands people don't want to be sovereign feed yourself make your own money store your own money

812
00:53:43,004 --> 00:53:44,284
Be your own bank.

813
00:53:45,024 --> 00:53:46,144
Dude, Jeff is a godsend.

814
00:53:46,384 --> 00:53:46,704
Yes.

815
00:53:48,524 --> 00:53:50,584
What is that?

816
00:53:51,424 --> 00:53:52,324
Oh, yeah.

817
00:53:52,324 --> 00:53:53,444
Yeah, he moved to Florida.

818
00:53:54,204 --> 00:53:56,384
He had to, you know, vote with his feet a little bit.

819
00:53:56,504 --> 00:53:57,184
Yeah, buddy.

820
00:53:57,584 --> 00:53:58,604
Welcome to Florida, Jeff.

821
00:53:58,984 --> 00:53:59,524
Welcome to Florida.

822
00:53:59,704 --> 00:54:00,864
Yeah, I hope I didn't talk to you.

823
00:54:00,904 --> 00:54:01,664
All right, let's move on.

824
00:54:02,044 --> 00:54:02,364
All right.

825
00:54:02,444 --> 00:54:02,824
All right.

826
00:54:03,284 --> 00:54:04,564
Spark and ARK.

827
00:54:06,004 --> 00:54:08,004
Redefine Bitcoin's Layer 2 landscape.

828
00:54:08,764 --> 00:54:12,784
As Spark and ARK emerge with radically different trust and privacy tradeoffs

829
00:54:12,784 --> 00:54:18,724
to extend lightning's reach are we witnessing the birth of a new pragmatic era in bitcoin scalability

830
00:54:18,724 --> 00:54:24,204
or the quiet normalization of semi-custodial networks under the banner of layer two

831
00:54:24,204 --> 00:54:31,444
no i think this is incremental uh pragmatic experimentation trying to find small benefits

832
00:54:31,444 --> 00:54:35,464
and risks and trade-offs just trying to figure out the trade-offs that lightning hasn't solved

833
00:54:35,464 --> 00:54:47,984
I don't think Lightning is the end-all be-all for the end user or the retail user or the common person to interact with the on-chain final settlement.

834
00:54:48,584 --> 00:54:51,444
So I think these things are going to be built on top of Lightning.

835
00:54:51,604 --> 00:54:59,424
But the way these things are, I don't think that they're anywhere near end state themselves or guaranteed.

836
00:54:59,424 --> 00:55:18,584
I think they're moving in a good direction because from working in the space and working with Lightning, watching what happened to Samurai, I started to understand Lightning as a risk from a regulatory perspective because you're custodying people's coins.

837
00:55:19,164 --> 00:55:20,904
You're running a node on their behalf.

838
00:55:21,504 --> 00:55:27,124
And when you have custody, you're taking on a responsibility that requires licensing and regulation.

839
00:55:27,124 --> 00:55:28,344
It's a whole other ballgame.

840
00:55:28,344 --> 00:55:41,744
So to the extent that they can build layer twos that work like Lightning but are peer-to-peer without people having to rely on somebody running their node, I'm all for it.

841
00:55:41,884 --> 00:55:50,584
And I think it's great innovation because at the end of the day, that merchant, that retailer wants to just get the Bitcoin.

842
00:55:50,904 --> 00:55:51,904
They just want to get paid.

843
00:55:52,024 --> 00:55:55,544
They want to get paid cheaper, faster, with no settlement risk.

844
00:55:55,544 --> 00:56:01,184
and lightning can deliver that but it can't deliver that in a fashion that the regulators

845
00:56:01,184 --> 00:56:06,984
will allow yeah we got to run through this i'll just you know set for privacy just put out a piece

846
00:56:06,984 --> 00:56:13,544
in bitcoin magazine uh taking a look at these two systems uh we definitely need you know more layer

847
00:56:13,544 --> 00:56:19,264
twos or new layer twos or maybe this is three and four you know uh arc kind of came out of um

848
00:56:19,264 --> 00:56:26,104
uh concept of arc was created in may of 2023 and uh but you know there's still trust trade-offs

849
00:56:26,104 --> 00:56:31,884
there's lack of you know sort of finality or sort of like figuring out there's vtxos that expire

850
00:56:31,884 --> 00:56:38,884
um it's complex sort of user experience still uh there's privacy trade-offs transaction visibility

851
00:56:38,884 --> 00:56:45,984
issues uh but you know there's progress here and then you know looking at spark uh spark uh was

852
00:56:45,984 --> 00:56:50,664
launched by the folks at light spark you know who um you know they have an interesting history

853
00:56:50,664 --> 00:56:55,264
they came out of the failed libra sort of currency or they're affiliated with that they have

854
00:56:55,264 --> 00:57:01,024
connections to that they've uh done something like uva which is a username system with natively

855
00:57:01,024 --> 00:57:06,504
integrated compliance features for their banking partners so it doesn't sound so great but this

856
00:57:06,504 --> 00:57:12,404
seems to kind of be uh more aligned with bitcoin ethos and they're kind of taking some of the like

857
00:57:12,404 --> 00:57:18,084
state chains and they're trying to move that forward and build on that uh but again this sort

858
00:57:18,084 --> 00:57:24,724
of like has you know maybe some trust trade-offs lack of true finality uh potentially centralized

859
00:57:24,724 --> 00:57:31,844
token control uh and some privacy trade-offs uh but you know we'll see where this goes it's exciting

860
00:57:31,844 --> 00:57:36,164
yeah no i i think there's going to be some good things that emerge from this all right let's let's

861
00:57:36,164 --> 00:57:37,664
Let's move on to the next one here.

862
00:57:38,364 --> 00:57:41,624
Shinobi warns, save our wallets before it's too late.

863
00:57:42,224 --> 00:57:46,304
As U.S. prosecutors target developers of open source, non-custodial wallets,

864
00:57:46,424 --> 00:57:49,224
Bitcoiners are rallying behind the Satoshi Niju campaign

865
00:57:49,224 --> 00:57:52,004
to secure explicit legal protections.

866
00:57:52,624 --> 00:57:54,964
Does this mark the beginning of a new civil rights battle

867
00:57:54,964 --> 00:57:57,324
for digital self-sovereignty or the last stand

868
00:57:57,324 --> 00:57:59,924
before code itself becomes criminalized?

869
00:58:00,544 --> 00:58:03,704
Well, hopefully we don't have to get,

870
00:58:03,704 --> 00:58:12,264
this doesn't become uh an end-all be-all uh they're trying to get this uh into the what do

871
00:58:12,264 --> 00:58:19,464
they call it the uh what's that new crypto law they're working the crypto clarity act the anti

872
00:58:19,464 --> 00:58:25,784
clarity act to go through um which you know because if they're going after self-custody

873
00:58:26,584 --> 00:58:31,944
like they did with with samurai and and these lightning nodes and what they did with tornado

874
00:58:31,944 --> 00:58:39,524
cash, if they go in after these developers to squash privacy and self-custody, that really

875
00:58:39,524 --> 00:58:41,884
is like the first nail in the coffin.

876
00:58:42,524 --> 00:58:47,664
That, to me, is more dangerous than what's happening with IBIT.

877
00:58:48,804 --> 00:58:51,504
So I'm hopeful.

878
00:58:51,884 --> 00:58:57,704
I have sent my letters to our senators here in Florida, both Republican and Democrat,

879
00:58:58,224 --> 00:59:00,084
to let them know what I think.

880
00:59:00,084 --> 00:59:03,804
I think this is very important for everybody in our space to support.

881
00:59:04,204 --> 00:59:05,664
They make it super easy.

882
00:59:05,764 --> 00:59:08,844
Go to the website, download the letter, email it.

883
00:59:09,104 --> 00:59:11,844
They give you the phone numbers, call your senators,

884
00:59:12,084 --> 00:59:13,824
let them know that you care about this stuff.

885
00:59:14,484 --> 00:59:16,244
And self-custody is super important.

886
00:59:16,344 --> 00:59:20,184
If we lose that, we have lost Bitcoin.

887
00:59:21,204 --> 00:59:22,584
That's the bottom line.

888
00:59:22,944 --> 00:59:26,864
This is the first digital bearer asset ever in humanity,

889
00:59:26,864 --> 00:59:29,764
and they will take it away if we don't fight for it.

890
00:59:30,084 --> 00:59:32,744
And so you have to fight for your ability to hold it yourself.

891
00:59:33,564 --> 00:59:35,264
Yeah, I agree.

892
00:59:35,404 --> 00:59:35,584
Word.

893
00:59:36,304 --> 00:59:38,324
All right, man, let's go to the last one here.

894
00:59:39,884 --> 00:59:42,944
I mean, let's say that Peter and I are bad actors.

895
00:59:43,744 --> 00:59:44,184
Sure.

896
00:59:44,444 --> 00:59:45,324
Let's say that we are.

897
00:59:45,404 --> 00:59:46,524
What are you going to do about it?

898
00:59:46,604 --> 00:59:47,684
That's why we are here.

899
00:59:48,244 --> 00:59:49,544
How are you going to stop us?

900
00:59:49,544 --> 01:00:01,384
uh i thought this also had to do with um bonance founder cz agreeing to debate uh peter schiff with

901
01:00:01,384 --> 01:00:06,644
bitcoin versus gold i think all these guys i don't know that didn't sound i don't know i don't like

902
01:00:06,644 --> 01:00:11,944
them really kind of what do you think of that quote from jameson um i don't really i i don't

903
01:00:11,944 --> 01:00:14,824
understand the clip i don't understand what the hell they were talking about there so they're

904
01:00:14,824 --> 01:00:19,044
saying like uh that that clip is related to knots versus core and they're saying like hey

905
01:00:19,044 --> 01:00:26,244
we're bad actors not like literally like jameson saying me okay like himself but like uh hypothetically

906
01:00:26,244 --> 01:00:32,484
bad actors like if they're gonna do this and you can't stop them 100 like that that's it like what

907
01:00:32,484 --> 01:00:37,524
are you gonna do what are you gonna do about it like we could just do it but it seemed like i mean

908
01:00:37,524 --> 01:00:41,444
it he's it seemed like that clip makes it seem like he's intimating like he's trying to think

909
01:00:41,444 --> 01:00:49,844
through how to be a bad actor you know and and that that yeah so i and that we're guessing i'm

910
01:00:49,844 --> 01:00:56,004
guessing what he was trying to say is there are always bad actors we've had many bad actors in

911
01:00:56,004 --> 01:01:03,124
the bitcoin space in the past and even if he he's not saying he what he is but even if he was or

912
01:01:03,124 --> 01:01:10,584
somebody else was you can't stop it it's the protocol itself that's this trust model that

913
01:01:10,584 --> 01:01:17,124
as long as we maintain the protocol and we maintain the consensus that bad actors can come

914
01:01:17,124 --> 01:01:21,484
and go they can do a little bit of damage but they're going to get flushed out right they always

915
01:01:21,484 --> 01:01:28,364
have so i'm hopeful that's what he was getting at um if this is related to the core and knots debate

916
01:01:28,364 --> 01:01:37,704
um i'm still like i mean first of all thank you tone vase and jimmy song for your lecture series

917
01:01:37,704 --> 01:01:43,064
or interview series yeah i mean jimmy had i think uh tone vase had jimmy and bob burnett on today

918
01:01:43,064 --> 01:01:48,024
i watched that today uh and the other two episodes i think that they've done and more coming i mean

919
01:01:48,744 --> 01:01:54,584
uh we need guys like that to come in to this this discussion because i think they're educating a lot

920
01:01:54,584 --> 01:02:00,664
of people if you haven't watched it go watch it these guys were around for uh in the bitcoin

921
01:02:00,664 --> 01:02:02,584
community for the first

922
01:02:02,584 --> 01:02:04,444
user-activated

923
01:02:04,444 --> 01:02:06,284
software, the block wars.

924
01:02:07,004 --> 01:02:08,444
They're taking this on again

925
01:02:08,444 --> 01:02:10,564
to try and make sure people really understand what's going

926
01:02:10,564 --> 01:02:12,544
on. I think it's super important.

927
01:02:13,624 --> 01:02:14,684
I'm not

928
01:02:14,684 --> 01:02:16,764
sold

929
01:02:16,764 --> 01:02:18,704
on either. The more I learn

930
01:02:18,704 --> 01:02:20,544
about the discussion, the more

931
01:02:20,544 --> 01:02:22,664
I see both sides

932
01:02:22,664 --> 01:02:24,644
and the more I think that

933
01:02:24,644 --> 01:02:26,704
maybe the whole

934
01:02:26,704 --> 01:02:28,084
discussion about

935
01:02:28,084 --> 01:02:30,384
the CSAM debate

936
01:02:30,384 --> 01:02:35,404
is like an emotional wrapper

937
01:02:35,404 --> 01:02:38,444
on a core technical issue

938
01:02:38,444 --> 01:02:40,904
that most of us probably aren't capable

939
01:02:40,904 --> 01:02:42,664
of really comprehending.

940
01:02:43,464 --> 01:02:45,484
So at the end of the day,

941
01:02:46,044 --> 01:02:50,564
if there's a way for this whole community

942
01:02:50,564 --> 01:02:52,844
to come together and solve this

943
01:02:52,844 --> 01:02:56,024
or come to a settlement on an agreement

944
01:02:56,024 --> 01:03:00,664
or simply we have multiple clients running,

945
01:03:01,864 --> 01:03:05,584
then that is better than us trying to experiment

946
01:03:05,584 --> 01:03:09,004
with a fight that leads to a hard fork.

947
01:03:09,244 --> 01:03:13,424
That is going to be a horrible experience

948
01:03:13,424 --> 01:03:15,684
for anybody who's new to this system.

949
01:03:16,424 --> 01:03:20,444
And I don't think anybody benefits from it.

950
01:03:21,604 --> 01:03:24,584
So I don't know that his comment

951
01:03:24,584 --> 01:03:31,744
was directly associated with calling himself a bad actor

952
01:03:31,744 --> 01:03:33,164
because he supports core.

953
01:03:33,844 --> 01:03:34,824
And what are you going to do about it?

954
01:03:34,824 --> 01:03:35,604
I don't think he was calling.

955
01:03:35,724 --> 01:03:38,384
I don't know if he's trying to call people out like that or not,

956
01:03:38,504 --> 01:03:41,024
but maybe he was.

957
01:03:41,124 --> 01:03:44,924
I mean, Bitcoin's a decentralized protocol that's uncensorable.

958
01:03:45,084 --> 01:03:46,484
You can do what the hell you want.

959
01:03:47,844 --> 01:03:50,764
Yeah, but I think we know what monetary transactions are.

960
01:03:51,124 --> 01:03:51,864
Yeah, we do.

961
01:03:51,864 --> 01:04:00,544
And I think that we shouldn't have faith that bad actors are going to not act badly when we try to steer them in the place we want them to misbehave.

962
01:04:01,124 --> 01:04:01,984
I'm just, I'm not sure.

963
01:04:02,104 --> 01:04:08,484
And I just don't know why we had to go from Op Return at 83 kilobytes to 10,000.

964
01:04:09,484 --> 01:04:11,084
We didn't have to do that.

965
01:04:11,104 --> 01:04:15,064
And some people have argued that this has been something Core has been thinking about for a decade.

966
01:04:15,944 --> 01:04:16,684
It's not a rush.

967
01:04:16,884 --> 01:04:20,244
But the community flipped out, and they were just like, we don't hear you.

968
01:04:20,244 --> 01:04:24,724
If there's a good technical argument, Core is not doing a good job of explaining it.

969
01:04:24,724 --> 01:04:25,624
Yeah, I agree with that.

970
01:04:25,624 --> 01:04:33,204
But also, the CSAM, that really triggered me initially.

971
01:04:34,064 --> 01:04:43,864
But now I'm starting to understand that that's probably not as big of a threat as I once thought it was to node operators.

972
01:04:45,904 --> 01:04:48,744
Miners are certainly not incentivized.

973
01:04:48,744 --> 01:04:53,184
big publicly traded miners are certainly non-incentivized to mine that stuff.

974
01:04:54,144 --> 01:04:56,364
So they're leery about it as well.

975
01:04:57,364 --> 01:05:05,584
So, you know, there's a lot, this is a lot more nuanced and complicated than I think

976
01:05:05,584 --> 01:05:09,464
the surface level argument that's happening on X reflects.

977
01:05:10,224 --> 01:05:10,324
Yeah.

978
01:05:10,704 --> 01:05:12,244
Just to maybe clarify on the clip.

979
01:05:12,684 --> 01:05:16,184
So Michael Dunworth, Rokasa, come get your boy.

980
01:05:16,184 --> 01:05:22,264
but then kyle torpe was like this was in response to luke calling him and peter bad actors or

981
01:05:22,264 --> 01:05:26,164
something like that by the way he didn't just say it out of nowhere it makes more sense in that

982
01:05:26,164 --> 01:05:30,684
context then michael's like thanks for clarifying that makes help that makes heaps more sense

983
01:05:30,684 --> 01:05:35,524
everything is starting to feel clickbaity paparazzi on the timeline do you get the same sort of stuff

984
01:05:35,524 --> 01:05:39,684
yeah it's getting a little wild out there but i think this speaks to that we need a new governance

985
01:05:39,684 --> 01:05:43,924
model i don't think we have one in place that's going to work for an asset this size

986
01:05:43,924 --> 01:05:48,104
and i think that i don't think i think we're moving past the ability of humans

987
01:05:48,104 --> 01:05:56,184
to augment tinker adjust i think like bob said it really good today on on uh with tone and jimmy

988
01:05:56,184 --> 01:06:01,664
when he said you know when he started it i think at gateway it was kind of like they they were

989
01:06:01,664 --> 01:06:05,804
they were developers they're doing whatever hell they wanted and they were doing stuff they thought

990
01:06:05,804 --> 01:06:10,184
was great and then as they got bigger and they became publicly traded and they became this giant

991
01:06:10,184 --> 01:06:15,464
company and they had users that were like well don't take that away no don't don't change this

992
01:06:15,464 --> 01:06:22,904
and then you begin to it becomes very much more complicated and there's a lot more social and

993
01:06:22,904 --> 01:06:29,624
corporate implications to making technical changes and so uh you know well jim it sounds like on

994
01:06:29,624 --> 01:06:35,304
bitcoin audible chat jimmy song and guy swan would talk about it and jimmy sounds like he's really for

995
01:06:35,304 --> 01:06:41,224
ossification that a lot of these developers want to you know have new tools new things to play with

996
01:06:41,224 --> 01:06:46,664
more d5 more of this bullshit and like we kind of know that this is really good money it's a

997
01:06:46,664 --> 01:06:53,944
fantastic store of value it's people's life force and i think we're moving past the ability of one

998
01:06:53,944 --> 01:07:01,384
human yeah to i mean look at justice gold gold has been ossified for how long forever right and

999
01:07:01,384 --> 01:07:07,464
gold is the best money we've had for and and ossification could mean for like for a few years

1000
01:07:07,464 --> 01:07:12,584
until people come up with something that is really thought out well yeah i need it let's

1001
01:07:12,584 --> 01:07:18,264
let's make what we have better let's bring privacy and security to what we already have awesome it's

1002
01:07:18,264 --> 01:07:25,384
not it's not ossification to demise it's ossification unless there's a critical issue

1003
01:07:25,384 --> 01:07:32,184
that needs to be solved and then what is the governance model look like to make those decisions

1004
01:07:32,184 --> 01:07:38,344
and i think i think bob is kind of thinking about that and others need and if if anything good comes

1005
01:07:38,344 --> 01:07:46,344
out of this debate yeah it's that we will figure out a better way to coordinate what needs to be

1006
01:07:46,344 --> 01:07:53,624
changed and why yeah as opposed to just changing something that doesn't need to be fixed last one

1007
01:07:53,624 --> 01:07:59,204
We got on top right here, Schiffer, Zao, two guys who know very little about Bitcoin or are not real supporters.

1008
01:07:59,864 --> 01:08:01,324
CZ, I think, actually knows what he's talking about.

1009
01:08:01,384 --> 01:08:03,064
They should invite Brian Armstrong to this.

1010
01:08:03,144 --> 01:08:08,544
They could be a bunch of three clowns kind of selling shit coins and arguing against Bitcoin.

1011
01:08:09,444 --> 01:08:11,604
You know, I want to read one more thing that's really interesting.

1012
01:08:11,724 --> 01:08:17,444
So Zelle, the bank-owned money transfer app used by more than 100 million U.S. customers for instant domestic payments,

1013
01:08:18,004 --> 01:08:21,684
says it plans to enable international transfers using stable coins.

1014
01:08:21,684 --> 01:08:28,264
the service will be available to any bank in the zell network so then the site bringer i don't know

1015
01:08:28,264 --> 01:08:32,884
this is a or not but this is a monumental development but it's being quietly presented

1016
01:08:32,884 --> 01:08:39,284
almost too quietly which is exactly why it matters here's the unfiltered truth this marks the covert

1017
01:08:39,284 --> 01:08:44,864
merger of the u.s banking system and crypto rails zell is not just another fintech app it's the

1018
01:08:44,864 --> 01:08:50,584
clearing interface for over 1800 u.s banks collectively managing trillions in retail flow

1019
01:08:50,584 --> 01:09:03,284
When that network integrates stablecoins for international transfers, what's really happening is the digitization of the U.S. dollar settlement layer, the plumbing beneath the financial system.

1020
01:09:03,644 --> 01:09:06,724
Stablecoins are no longer the crypto toy of the retail class.

1021
01:09:07,104 --> 01:09:12,944
They're becoming the rails for the next swift but bank-controlled KYC and fully reflexive to U.S. policy.

1022
01:09:13,744 --> 01:09:16,564
Number two, this is the soft launch of CBDC without the C.

1023
01:09:17,124 --> 01:09:19,424
No official central bank digital currency.

1024
01:09:19,424 --> 01:09:20,144
No problem.

1025
01:09:20,584 --> 01:09:25,704
What we're seeing is a proxy CBDC system emerging from the private sector under regulatory blessing.

1026
01:09:26,284 --> 01:09:30,964
The US avoided launching a CBDC directly because that would have triggered political backlash,

1027
01:09:31,464 --> 01:09:34,064
privacy outrage and state level resistance.

1028
01:09:34,344 --> 01:09:38,764
Instead, they're federalizing stable coins through commercial banking conduits like Zelle,

1029
01:09:39,184 --> 01:09:41,824
using existing consumer trust infrastructure.

1030
01:09:42,324 --> 01:09:45,524
The result, full programmability and traceability of transactions.

1031
01:09:45,552 --> 01:09:51,852
dollar hegemony extended into digital form plausible deniability it's not a CBDC it's

1032
01:09:51,852 --> 01:09:57,912
innovation this is the reverse Trojan horse of monetary control a private sector rollout masking

1033
01:09:57,912 --> 01:10:03,732
as convenience number three reflexive implications for Bitcoin here's the paradox the Excel this

1034
01:10:03,732 --> 01:10:09,492
accelerates Bitcoin adoption not hinders it because it because as fiat transitions into

1035
01:10:09,492 --> 01:10:15,132
digital form the belief structure of money itself becomes transparent when your Zelle balance is a

1036
01:10:15,132 --> 01:10:19,512
programmable token, the difference between stablecoin and crypto collapses. The mental

1037
01:10:19,512 --> 01:10:25,012
firewall separating traditional finance from the digital asset realm disintegrates. Reflexively,

1038
01:10:25,112 --> 01:10:30,212
that triggers a belief migration. The realization that money is now code, and if all money is code,

1039
01:10:30,292 --> 01:10:36,112
the purest form of code money wins. That's Bitcoin. Every user sends a cross-border Zelle

1040
01:10:36,112 --> 01:10:42,512
transfer using a regulated stablecoin is now functionally interacting with a blockchain.

1041
01:10:42,512 --> 01:10:47,792
chain. And every interaction is a micro dose of awareness, a subconscious onboarding into

1042
01:10:47,792 --> 01:10:53,512
the post fiat paradigm for global liquidity implication, stable coin rails, compressed

1043
01:10:53,512 --> 01:10:58,452
friction and bypass traditional correspondent banking bottlenecks. That means velocity of

1044
01:10:58,452 --> 01:11:11,154
dollar liquidity increases more flow less drag Ironically this inflates global USD liquidity even as the Fed maintains its tightening stance on paper It stealth monetary expansion through technological

1045
01:11:11,154 --> 01:11:16,934
rails, what you should call shadow QE via blockchain infrastructure. And every liquidity

1046
01:11:16,934 --> 01:11:23,514
expansion, however disguised, reflexively fuels hard collateral assets. That's the bridge. Zelle

1047
01:11:23,514 --> 01:11:29,834
stablecoins to U.S. dollar digitization to hidden liquidity expansion to Bitcoin ignition.

1048
01:11:30,274 --> 01:11:35,474
The real meta play. Don't miss this. This rollout isn't just about payments. It's geopolitical

1049
01:11:35,474 --> 01:11:41,094
containment. The U.S. is watching China's digital yuan encroach on emerging market corridors.

1050
01:11:41,674 --> 01:11:46,274
And rather than fight it head on, it's co-opting the terrain. By turning Zelle into a regulated

1051
01:11:46,274 --> 01:11:51,574
global stablecoin network, the U.S. quietly reasserts dollar dominance in digital form.

1052
01:11:51,574 --> 01:11:57,374
It's the same strategy the British Empire used with telegraphy and naval routes.

1053
01:11:57,774 --> 01:12:01,094
Control the rails and you control the narratives of value transmission.

1054
01:12:01,894 --> 01:12:07,594
Zelle's expansion marks the monetary mirror moment where old world banking and digital finance finally fuse.

1055
01:12:08,174 --> 01:12:14,514
It's the birth of the hybrid layer, the point where sovereignty, liquidity and code converge into one reflexive field.

1056
01:12:15,234 --> 01:12:32,396
The Zelle news is the quiet trigger point the invisible ignition the day the banks began to run on chain and pretend they didn that was awesome i and i think it goes beyond zelle it paypal yep it venmo it visa it mastercard it american

1057
01:12:32,396 --> 01:12:40,956
express right they're all going to do it and i think totally accurate and just expand it um

1058
01:12:40,956 --> 01:12:46,656
And then I got bad news for everybody who's holding a bag of Ripple.

1059
01:12:48,176 --> 01:12:49,376
It ain't Ripple.

1060
01:12:50,036 --> 01:12:53,436
It's all of those guys running stablecoins.

1061
01:12:53,976 --> 01:12:58,176
So and then at the end of the day, right, what does that mean?

1062
01:12:58,176 --> 01:13:03,296
It's exactly it's I mean, Russia pointed this out as the threat, right?

1063
01:13:03,296 --> 01:13:14,376
Russia called us out on this stablecoin game because they know it is the threat by which we're going to offshore inflation and liquidity into all of their citizens all over the world.

1064
01:13:15,136 --> 01:13:17,476
So this is the game.

1065
01:13:17,936 --> 01:13:26,876
Bitcoin is going to be the pristine collateral in that new infrastructure, in that new dollar liquidity rail system.

1066
01:13:27,336 --> 01:13:29,276
So it's no longer going to be treasuries.

1067
01:13:29,456 --> 01:13:30,816
Treasuries are going to die a slow death.

1068
01:13:30,816 --> 01:13:33,076
It's going to be Bitcoin and stablecoins.

1069
01:13:33,296 --> 01:13:34,856
Prepare accordingly.

1070
01:13:35,956 --> 01:13:47,798
Bank yourself Get your Bitcoin Hold it in self and get ready for the future It coming Yeah please hit like and subscribe Turn on your notification Join us every Tuesday at 8 p

1071
01:13:48,358 --> 01:13:53,038
Francis, I don't know if we have any questions or Q&A or comments, but this is Bitcoin by

1072
01:13:53,038 --> 01:13:53,718
Federal.

1073
01:13:53,898 --> 01:13:54,918
Go bank yourself.

1074
01:13:56,358 --> 01:13:59,118
Seth for Privacy is a Monero advocate.

1075
01:13:59,358 --> 01:13:59,918
Good for him.

1076
01:14:00,398 --> 01:14:00,738
Yes.

1077
01:14:00,738 --> 01:14:02,678
He's trying to figure things out.

1078
01:14:02,838 --> 01:14:04,258
No, I mean, Monero was awesome.

1079
01:14:04,258 --> 01:14:06,438
Monero was a great privacy coin.

1080
01:14:07,098 --> 01:14:10,318
It's just too small of a network now,

1081
01:14:10,378 --> 01:14:12,458
and it can be broken.

1082
01:14:12,578 --> 01:14:14,058
He's breaking down the pros and cons

1083
01:14:14,058 --> 01:14:16,178
of layer twos on Bitcoin.

1084
01:14:16,458 --> 01:14:18,598
Love the privacy,

1085
01:14:19,098 --> 01:14:21,338
and hopefully we can get more privacy into Bitcoin

1086
01:14:21,338 --> 01:14:21,758
in the future.

1087
01:14:21,758 --> 01:14:23,438
Yeah, hopefully Bitcoin can learn from Monero on that front.

1088
01:14:23,558 --> 01:14:24,918
I don't think Monero's going to work out,

1089
01:14:25,058 --> 01:14:27,638
but I'd love to chat with Seth for privacy

1090
01:14:27,638 --> 01:14:29,198
about specifically these kinds of things.

1091
01:14:29,298 --> 01:14:30,678
What he likes about Monero, maybe even.

1092
01:14:31,198 --> 01:14:31,938
We could learn from that.

1093
01:14:31,998 --> 01:14:32,318
I don't know.

1094
01:14:32,638 --> 01:14:34,158
I don't think we should be so closed-minded

1095
01:14:34,158 --> 01:14:36,878
but thanks for commenting.

1096
01:14:37,938 --> 01:14:38,378
That's it.

1097
01:14:39,018 --> 01:14:39,478
All right.

1098
01:14:39,718 --> 01:14:40,218
Thanks, Seth.

1099
01:14:41,638 --> 01:14:42,518
Let's roll out.

1100
01:14:42,638 --> 01:14:44,998
This is Bitcoin Center brought to you by Byte Federal.

1101
01:14:45,118 --> 01:14:51,038
Go bank yourself, point of sale, crypto wallet, and Bitcoin ATMs.

1102
01:14:51,718 --> 01:14:52,398
Buy that Bitcoin.