Welcome. What's up? We're back at Center. Yeah. Presented by Byte Federal crypto wallet point of
sale and ATM. Go bank yourself hit like and subscribe. Thank you for joining us. How are
you tonight? I'm pretty good. You're doing good. Yeah. And yourself? I'm doing fine. But did you
hear about this woman,
this Chinese woman?
She's not doing so great.
The goddess of wealth.
Yeah, the goddess of wealth.
Yeah.
Here she is.
She stole, well, she's like scammed
128,000 people.
There's been some sort of like
minor accomplice who I think has also gone to jail.
But I mean, she couldn't have done this all on her own.
But she scammed like, I think,
quote unquote, or people
who are 50 to 75, generally speaking, investors.
And then she, what?
She took them or stored the money in Bitcoin and crypto, I guess.
And fled China.
To the UK.
That's the only way you're getting out of China with 61,000 Bitcoin.
So kind of, I mean, this seems like a,
I wouldn't say somewhat of a sophisticated,
it sounds like organized crime.
They didn't tell us what the scam was exactly.
Well, I think she was scamming investors.
out of you know saying i'm investing on your behalf okay send me it's that's what i got from
the research i did right right and uh you know then she flees to the uk after doing this for
several years and uh the bitcoin that she stored it in because they recovered the uk government has
recovered 61 000 bitcoin i think from her so and that's appreciated quite a bit so her lawyers like
hey they're actually going to do bitcoin for sale yeah but but the lawyers her lawyer's like hey
hey, everyone's going to do okay here.
Oh, they're going to get back to all the victims.
She huddled.
Sweet.
And she wasn't able to...
Then it's not a scam.
She was investing their money.
Right.
It's just a forced liquidation.
Yeah.
We're shutting the hedge fund down.
Sorry, guys.
She just got really good trigger, and they don't like that.
So I stayed through her in jail.
But it looks like it's with the U.K.
Is the U.K. going to keep the 61,000 Bitcoin
and become, what, the third largest strategic Bitcoin reserve in the world, if they do.
Right behind probably the right ahead of Ukraine.
Well, we'll see.
That'll be interesting.
We'll see how smart they are.
Yeah, sure.
And brighter pastures.
I mean, they probably need it now that they're launching their digital ID.
They probably hand it out to all their favored people.
Sure.
We'll see.
And then this I thought was a little bit more notable.
little more humble brag you know to friends and family yeah this this guy this guy his iq is 276
reportedly i didn't know the chart went that high that's how low my iq is exactly uh but he believes
that bitcoin will grow by as much as 100 fold over the next decade and become a global reserve asset
and so he supposedly went all in that's awesome yeah that's pretty uh intense uh good for him
that's kind of exciting though because you could say to people he didn't just call the top
well he says the future of money we're by the top well he's making sort of a long-term
thesis and he's saying it sounds to me it's like listen the smartest person in the world
it's like look i went through my own algorithm and it's sort of like what is the best thing to
do here and sort of and you know the answer is binary so it's like going all in on the thing that
you yeah that you're convinced of we think he's smart he passed my test all right let's let's get
into the show here let's do it it's bitcoin center brought to you by by federal go bank yourself hit
hit like and subscribe.
Never heard of them a few weeks ago.
Now everybody's talking about them.
But is it a currency?
I don't know.
Or is it more like a stock?
Or is it a tulip bowl?
Or is it just stupid?
To me, it smells like Ponzi scheme and the greater fool theory right here.
You do like five minutes of freaking research.
Well, thanks for coming to my set talk.
Yes.
Don't buy shit quits.
Oh, man.
I was going to get that wrong.
All right.
Bitcoin's recent rally.
Do you agree?
Is crypto finally dead?
Go to the next one.
Matter of fact, they're kind of in the Ethernet.
What are they? Some rumors that it's a Japanese guy, but they say no, that he's a fake name.
It was a pseudonym. I mean, you're literally putting real money onto a system that we don't
even know who created it. It will come to a bad ending. Is this the most exciting bull run ever?
Not for me. No, it's not.
welcome to bitcoin center the fast-paced show where the debate is
yeah we did you and i it's just as real as the other one
and we lost the technology though since this morning when we recorded that
luke dashers hard fork leak so uh there were leaked texts uh showing that core dev
mentioned something about a bitcoin hard fork i'm gonna let you take it from here
luke said this is all garbage uh he's denying it um
so i don't think we really know where we stand on this i don't know if those are really his text
I don't know that we can know for sure.
All we know is that they're claiming that Luke's proposing a hard fork.
Luke is denying it.
And I guess we'll wait and see.
Yeah, I mean, even if the texts are real, taking texts out of context, I think sort of betrays trust.
And they're out of context.
And so people can kind of riff on hypotheticals.
And I'm not saying they are real or not and even whatever.
I mean, he literally, if those really are his texts, he literally said, like, I've got to think more about this, just something to that effect.
Sure.
And like you said, he could be just riffing and just kind of thinking out loud to somebody he trusted.
Yeah.
What is your...
He said a couple times in there, like, I need to, like, we could, theoretically or something, we could do something like this, but I got to think about it.
Yeah.
What is interesting about the law firm
Writing a proposal
I guess the
Ocean law firm
Or the lawyers that work with Ocean
Writing a proposal
About how to maybe regulate
Spam
In the Bitcoin network
If that comes to fruition
And we really see that from that team
Then
Maybe this is all true
What is all true?
like that maybe Luke is
maybe this group is actually
considering this as a solution
oh a hard fork
right
I mean I don't know
I think it's good to consider it as a thought
experiment
and what that would mean but I don't think
that's what we want right now and I don't know if this
is better I don't know
there's no way
there's two different like we're worried
about core
allowing
exponential amounts of spam to easily be put into the blockchain,
which can lead to all sorts of stuff we don't want in the blockchain.
Yeah.
And, but this is like a process by which to censor,
which we don't want that either.
Right.
If this is true, right?
Right.
So, man, I talk about between a rock and a hard spot.
One of the interesting sides I've heard from Core is if everyone's doing
drastically different sort of filtering,
then it's really hard to ascertain system-wide
what's going on in the mempool,
sort of the greater mempool,
and to kind of do more predictions
and things of that nature.
And, you know, it's not consensus rules.
So, yeah, I mean, this is a very interesting debate.
I wish a compromise would be found,
which would be around, like, just raise it
So what Adam Back said, Dr. Adam Back, around 160 kilobytes or something like that.
Give it a little bit more room.
Let's see what that does.
Right.
We don't have to go all the way to 100,000 right now.
So, all right.
I think let's move on.
I see a question here.
European banks, euro, stablecoin.
the consortium of nine major banks ing unicredit etc is forming a company to launch a euro-backed
stable coin with europe's banking giants tokenizing the euro will bitcoin's role as global
money be sidelined or strengthened by fiat-backed competitor that definitely won't be sidelined i
think that's uh sort of tongue-in-cheek uh i think this just really speaks to europe trying to catch
up and uh stable coins we've been talking about this week after week i mean the united states
government has been rolling out the red carpet for stable coins and crypto and you know i really
think i dwell a lot about how if the united states government really controls most of newly minted
uh control is not the right word but if a lot of the mining is here where newly minted bitcoin is
here. Bitcoin that's bought and sold is with dollars, primarily on American exchanges.
That gives America a lot of control over sort of the peripheral externalities of this asset.
And I think the rest of the world is trying to figure out what to do about that.
I think the banks are actually in a better position to do
something like this than the central bank doing a CBDC. I think a CBDC put out
by the European Central Bank would fail horribly.
They just don't seem to have capabilities technically.
They don't seem to have consensus with the European Union.
I think anything put out by that entity is going to be horribly –
well, no one's going to trust it.
No one's going to want to use it.
It's going to take brute force to get people on board.
I think the banks would have a far better shot.
So right now, global stablecoin issuance stands at nearly $300 billion.
And euro-denominated stablecoins total just $620 million.
So just from market dynamics, you know.
Yeah, the euro is just as a currency has a lot of problems.
Just putting it into a stablecoin isn't going to fix that.
Right.
But this isn't even – they're hoping it will get this done next year, launch.
I don't even have a CEO yet.
There's not a lot of vision.
I think they're just really sort of scratching
and throwing spaghetti at the wall and seeing what sticks I mean Tether has a euro stable point right So is it the euro Only million of the billion
No one's using that compared to the dollar.
Right.
All right, let's move to the next one here.
Speaking of Tether, Tether has a $500 billion valuation bid.
Tether is seeking $15 to $20 billion in funding at a roughly $500 billion valuation.
Is a 500 billion tether valuation proof of crypto's maturity or looming credit bubble?
I think it's proof of the maturity of the stablecoin market.
I wouldn't say a crypto market.
Looming credit bubble?
What's looming about it?
We already have a credit bubble.
We've got a massive credit bubble.
Right.
At a sovereign level, right?
So I don't know that this is something that signifies the top or the end.
Tether is an incredibly profitable business.
Tether doesn't even need this money, probably.
And this is interesting to me.
I want to know who puts the money in.
True.
You know, Kanner, Fitzgerald, Goldman, or which banks, which government funds.
Which is why they're getting such a good valuation.
Yeah.
Because it's probably just, okay, we'll let you in, but you're going to have to pay up.
So we'll see.
Let's move on to the next one here.
Bitcoin dips on revised GDP data.
So the question, Bitcoin fell below $111K after revised U.S. Q2 GDP.
Does news sensitivity signal market fragility?
No, I don't think that signals market fragility.
I think this is actually a signal of market maturity.
uh just how we're seeing uh volatility come down a lot in this phase of bitcoin i don't think
volatility is coming down forever but right now it's coming a lot lower i think news is impacting
the price a lot less uh or at least you know esoteric news we have this like the beginnings
of a civil war and i don't think the news is reacting to that so because i think that this
it recognizes a very mature asset now.
And there are very mature players in the space.
This is not retail.
I mean, the ETF at, you know, you can consider retail,
but generally speaking, you're smartest investors in the securities market.
Your value investors, your long-term hodlers.
So I think it's a great sign.
You know, if anything, you know, you would think that some of –
I mean, we're back at 113, so we didn't even stay down that long.
I don't think that any of the price movement of Bitcoin was reflective or caused by that at all.
I think Bitcoin is just trading around whale liquidation and treasury company acquisition,
and it's bouncing back and forth between those two paddles on the ping pong table.
Yeah.
And I think that's irrelevant on any of the news, actually.
Do you think Bitcoin OGs are still selling and are the predominant sell pressure force right now?
I believe so.
You do.
And is that just people who might have had coins on something like Silk Road or just huddled a really long time?
However they got them.
Yeah, these are people that from like 2010 to 2012 that have an enormous amount of coins and are now maybe worth hundreds of millions or billions.
And it's time to seriously think about liquidity.
What's my estate plan? What's my tax plan? How do I get this to my kids? What am I going to do with my life?
Like, right. It's a whole new world for you.
um and do you think then those coins are getting dribbled out as they're plotting through these
things or like i think that probably some of it is getting sold some of it's getting moved in the
bitcoin treasury some of it's uh probably getting getting moved into different trust and insurance
products and okay i got one for you do you think that if people are buying say a bitcoin treasury
company at a 10 m nav 10 okay five ten whatever it is yeah yeah so it's like i go i give uh you
know company XYZ $10 and they have on the balance sheet or whatever but let's say they they buy one
dollar worth of bitcoins 10 M net whereas if I had gone out and bought Bitcoin I'm buying $10
worth of Bitcoin so in a way is that sort of like taking for like pressure off the Bitcoin price
because dollars are getting diluted so Bitcoiners I want to put $10 my money into Bitcoin
right into bitcoin price exposure ten dollars right now i can give ten dollars to this company
you had a five for ten mnav and they could go lever up right but i could have put that directly
into bitcoin and gotten more spot and all of us together if there is a together point like
that's something i really i do think about yeah because you're you're you're really diluting your
your purchasing power yeah your purchasing power right how much bitcoin you're getting per dollar
when you go that route in hopes that they're going to outpace your ability to keep purchasing.
But, yeah, that's a good point.
It maybe has a more long-term movement.
And I think the biggest fervor we've seen over the last nine months.
That would explain a lot of the volatility contraction.
You could be FOMO-ing into these Bitcoin treasury companies
and essentially diluting your ability to hold more Bitcoin.
And all Bitcoiners.
Yeah, that's a good point.
That's a real good point.
That's something I'm going to think about.
Alright, let's move on to the next one here, right?
In these halls, ideas are born long before they become history.
Today, a seed is planted.
A conversation begins, not of gold, not of oil, but of a new kind of reserve.
Digital, decentralized, beyond borders.
It is only a question, only a thought.
But thoughts become debates.
Debates become decisions, and decisions shape the future.
What would it mean if Sweden prepared for a world where Bitcoin is as strategic as steelbanks was?
Where mining is a part of the energy strategy?
and Bitcoin lost secure innovation instead of stopping it.
All right.
This is Bitcoin Center 22.
If you're enjoying the show, this is presented by Byte Federal.
Go bank yourself.
Crypto wallet, point of sale, and ATM.
Hit like and subscribe.
So what did you make of this?
Well, actually, let me set that up a little bit.
Jan 3 brings Bitcoin to Swedish Parliament.
You just saw the clip.
I think it's great that Jan3 is doing it.
I mean, this is what their mission statement is,
and it's wonderful that they're out there talking and educating.
I don't want to give people the wrong impression
that this isn't like a parliamentary meeting
on whether Bitcoin is going to become a treasury asset
or something like that.
This is an educational first step.
So planting early seeds, and hopefully they'll go that route.
i think i think it's a good first step what blows my mind is every week now it's some country trying
to figure out stable coins another company trying to figure crypto payments cross border uh a
different entity talking to a government educating this is it's really wow yeah it's all good all
right well let's uh i think it's time to go to uh the landing round
all right cedric so the uk banks are testing tokenized deposits a group of major uk banks
announced a pilot to tokenize bank deposits on the blockchain for payment rooms if banks put
deposits on chain is this a win for digital finance or a way to crowd out the trustless
alternatives like bitcoin i i don't think this is a win for digital finance i don't think this
crowds out the trustless alternative like bitcoin this is like this is really like there's like
multiple teams out there and this team's just like fumbling the ball
and they're just like bitcoin bad stable coins bad we're gonna put our own
dollar our own uh currency on a block our own private blockchain and call it a token and uh
I don't know it's you know I mean again they're gonna everyone I do like experimentation uh as
long as it's not predatory but this just doesn't make a lot of sense to me uh but the UK is just
really struggling now uh again this is sort of like red flag laws red flag laws with cars yes
completely just destroyed their you know sort of let's call it for better or worse a crypto economy
and uh you know they've already burned down the house so this is them trying to figure it out
from here right we couldn't kill it so now we have to do it and we're going to probably do it very
poorly the um it reminds me of like when for our younger viewers won't have a clue what i'm talking
about but when the internet came out yeah and every bank got the intranet totally
It's the same freaking shit.
Well, you know, when the internet came out a lot,
what was considered the internet back, you know, it was AOL, America Online.
And you'd go into their walled garden.
And they basically had, you know, chat rooms.
And they did a lot of experimentation that then permeated the greater web.
And they had the most network effects for a while.
Yeah, my first email account was AOL.
Yeah.
And they would send out those disks and you would get 1,000 hours free of AOL.
they actually did an accounting scam where they capitalized all those disks.
So, yeah, every one of their competitors expensed those types of programs.
But AOL and their auditors, now EY and Young, made the argument that,
well, you know, for every thousand disks we send out,
maybe four people sign up and they stick around for 3,000 hours
and we get X amount of dollars.
So we're going to capitalize and bleed this out and expense this out
over a long time which enabled them to sort of inflate their stock price and buy all their
competitors and their stock went up about five billion dollars you know the total market uh
capitalization and by that time they got fined like 500 million it wasn't really you know it's
a good good deal you know so sorry it's gonna be curious but this is uh next let's go to the next
all right digital euro on horizon all right so the ebc official side of digital euro
could be launched by
2029. How dangerous
is the CBDC to European Bitcoin
adoption? It's going to
drive European Bitcoin adoption. I don't know.
Oh, absolutely. What if they
all get ensnared?
No.
The CBDC is going to...
I think the CBDC is going to fail
horribly.
It hasn done well anywhere it been launched Every CBDC The DC project has very very little take Wait till the fangs come out though
And, you know, you get it.
Maybe they're teasers where you get a little more interest rate, higher interest rate return.
People are more inclined to trust a business than they are to trust essential.
Wait till you can't get a mortgage without using stable coins and having X amount of deposits.
This is what would have to happen.
Capital controls.
You'd have to have the mandatory digital ID.
It all has to be mandatory and authoritarian for it to have any uptake.
Right.
And I think the world consensus at this point, and consensus is not the right word.
You don't need over 50%.
If you have a small percentage of people that don't obey this authority, it will throw the whole thing off its rails.
And you think you have.
Just like the anti-vaxxers during COVID, it doesn't take a large portion of the population signaling the how this could be used against them to divert the entire project.
And if they don't have 100 percent uptake.
What if they have 92 percent uptake or 72 percent uptake?
I should have said 100 percent.
If they don't even get 30 percent uptake, it's not going to work.
not to mention all the super hackers that are going to just target cbdcs this i mean you think
like like once they've got once they hack into that system they're just gonna be giving themselves
credits taking credits away from politicians so you're gonna have right start all right let's see
where this new cbdc wallet and some hacker is gonna drain i mean it's gonna be an all-out war
So it'll be entertaining.
I put a higher than non-zero chance that it goes really well in Europe.
And in the U.S., we get the same thing through a private-public partnership.
I think it works in China only.
All right.
Well, let's see.
We'll monitor in this week.
Let's go on to the next one here.
China pauses Hong Kong real-world asset tokens, I guess.
Beijing ordered major brokerage to halt real-world assets.
I think you skipped one.
Ah, September.
Yeah.
Sorry.
September turns green after all.
I'm going to read my own question.
Crypto markets rebound by month's end.
Is red September a thing in the past?
Maybe.
I love looking at these kind of graphics where you can kind of try to read the tea leaves
and what's going to happen next.
But every time there's been a green September,
October has been very bullish and very green.
I'm not going to make up.
But I don't think rent September is a thing of the past.
I'm not going to make a trend a day or two.
If this were to close a day later or a day earlier.
I mean, 16, 17 years is not even going to be a trend
or really material in 100 years.
It's a nothing burger.
Right. All right, moving on.
That's why I skipped it.
All right, China.
pauses hong kong real world asset tokens yeah you're doing good yeah i'm trying man this is
all right so beijing ordered major brokerage brokerages to halt real real world asset
tokenization in hong kong does china's clamp down on tokenization asset tokenized asset trading
signal caution or protecting protectionism that might drive more decentralized crypto adoption
okay um real world assets in hong kong they're paused and it wasn't a mandatory it was a
suggestion china is worried about capital flight and real world assets are a way for like our
chinese ladies scammed 128 000 people to flee the country with assets so uh real world assets
are kind of freaking them out because Chinese high net worth are able to transact in rural
assets in Hong Kong, and then who knows where they go. The other thing is maybe less authoritarian
and that they're just, they want to make sure that real world assets are actually there behind
the tokenized asset.
So remains to be seen.
You know, when it comes to China,
I kind of lean towards capital controls
and worry about capital flight out of the country.
But, you know, maybe they're just trying to make sure
that it's really regulated.
Have things really calmed down in Hong Kong?
Seems like it.
Yeah.
They were pretty violent during the COVID era.
Yeah.
I wonder how long before China invades here.
All right, let's move on.
You know, well, I'm going to go on this one anyways.
Hong Kong seems to be inking itself a nice little position in China
because of all the gold trade.
But anyways, BlackRock files for Bitcoin premium income ETF.
Will the demand for yield, yield-driven products,
ever fade into oblivion, or is this hunger for yield part of human condition?
Oh, it's completely part of human condition.
It'll never fade.
tremendous appetite for it.
It makes sense.
Dude, I can tell you from managing money
for years, people love
something that just strokes them
a check every month for doing nothing.
They love it.
They love dividends.
They love yield.
Income,
revenue makes the world go around in a lot of ways.
A thought
experiment, if we ended up
on a desert island
and
we both had gold
like it wouldn't really and there were no goods
I mean it's not going to do much for us
right I mean the aliens would come and pick
me up bro yeah no I mean
because I have the gold production
yeah I'd be getting off the island
whoever has the food would have all the wealth
you know the
what's
interesting here is I'm wondering if BlackRock
saw sailors
yeah I think they're definitely jumping on
MSTY and WNTR
WNTR and the YieldMax funds,
it's a smart play for them.
And I think people are always searching for Yield.
Plus they get to buy more Bitcoin.
Yeah, it'll be interesting to see how they manage the account,
the fund.
Yeah.
All right.
This is my turn.
This is your turn.
Okay.
Senate hearing on crypto taxation.
Will the upcoming hearings on digital asset taxation
lead to clearer tax rules?
Are we on a good path here?
The tax rules are not unclear.
I don't understand.
Crapo announces this?
Crapto?
Mike Crapo.
Yeah, the tax rules are not unclear.
They're very straightforward.
The IRS considers it property.
You can just chat that and find out what taxation is on property.
If we're on, are we on a good path?
Maybe not, because as property, we have the ability to conduct wash sales,
which means if Bitcoin drops, we can liquidate and immediately buy it back at the exact same price,
lock in that loss, report it on our tax return, and have Bitcoin on a lower cost basis.
That only exists in property.
And if so, if this Senate hearing is to eliminate that rule, then we're not on a good path.
But remains-
I don't think we're on a good path.
I think there was a lot of hope in them at the beginning of the year.
I just don't think we're on a good path.
And I think that's coming.
I think they're going to eliminate the wash rule.
Yeah.
Hopefully.
So those are the ones.
Hopefully nothing else.
Yeah.
All right.
Let's move on.
Yeah.
Well, that's the beginning.
All right.
Regulators probe crypto treasury stock moves.
The question.
The SEC and FINRA are investigating unusual stock price spikes ahead of several companies' Bitcoin buying announcements.
raising concerns about insider trading at this fragile early stage of bitcoin treasuries
how critical is it that actors avoid behavior that risk tainting the entire practice
mistrust i don't think that's critical i think it's critical though if they uh if there's bad
behavior that it gets uh found out and uh prosecuted i think it depends on who the bad actors are
okay what does that mean i mean apparently politicians have been doing this forever
uh insider trading yeah okay this would be so fine then i mean are you saying that we it should
be legal for everyone to do inside i'm just saying it's going to depend on who they find
as oh yeah sure no i'm not saying it should be a fair and just uh search for sure predatory
behavior should be and they should clean that shit up if there is the only person i ever it'd
be great if there is none it'd be great if these people know that's going to jail for insider
trading who do i know martha yeah jason carrick from my high school uh yeah he was part of a ponzi
the largest ponzi scene ever on long island a 400 million dollar ponzi i think martha is the only
big name person that's ever done going to jail for not for ponzi for insider trading for insider
yeah uh i mean i know guys get busted like no name guys off the radar guys get busted go to jail
for insider yeah i just i just don't think that pelosi yeah the trump family you name it i think
what this is getting at though is that officials insider trading and they just resign do you care
though if uh if these companies have bad actors and it gets found out and is that bad for bitcoin
I mean, what are we asking about?
The price then?
Is that bad for Bitcoin's price?
It doesn't reflect on Bitcoin at all.
Would the price react?
No.
The price of, no.
Okay.
To the price of Bitcoin?
So this, now this notice, I think these, they're looking at 200 companies.
Mm-hmm.
So, and I think that this, this whole thing, even if this becomes a permanent aspect of finance,
out of those 200, there's got to be 3% of them are bad actors.
So you have a board and you have some executives.
Maybe 10 or 20%.
They know they're about to launch a massive Bitcoin buy.
The shares are trading at a below one MNav.
And they go out and they load up on their shares.
And then the Bitcoin buy comes.
This shit happens all the time on Wall Street.
All the time.
Yeah, I don't think much is going to come out of this.
But I'm just saying if there is anything that they find, I don't care.
I don't think it's critical for Bitcoin that they don't find that.
No, Bitcoin doesn't care.
All right.
UK rolls out mandatory digital ID.
Britain now will require digital IDs for right-to-work checks.
Can this ever be implemented without threatening civil liberties?
No.
We got a zip for this one.
Let's build a little clip.
All right, let's go.
And that is why today I am announcing this government will make a new free-of-charge
digital ID mandatory for the right to work by the end of this parliament.
Let me spell that out.
You will not be able to work in the United Kingdom if you do not have digital ID.
It as simple as that Oh man I think like maybe five people in the audience clapped
if anything like talk about political suicide this is not gonna
i i really think you have to question this is this to create internal
like such internal pressure that it that europe explodes like like there has there must be some
greater they don't want to fragment europe what why they want one world government day i mean
they want one world government how do they get that by fragmenting yes by conquering the division
sure i am so so you got you got but don't you think this is like a test for digital id mass
migration you got the digital uh backs pass you got the digital id you got cbdcs all this stuff
which they any poll any research is going to show you nobody is nobody's in favor of this
and then he's just flat out saying like it is going to be mandatory that's literally like
inciting violence against your people.
It reminds me
when Willy Woo...
The governments do that all the time.
Yeah, I know, but Willy Woo back in 2019 said this.
He said, World War III
is not going to be between two great
powers. It's going to be between the
governments and their people.
Right, that's the whole point, right?
And the people are not going to fight.
I think you have way too much optimism
for the people fighting back.
That's where I think we
really differ.
where we differ yeah i just don't think enough people are going to fight back
which is going to make it really difficult for the people who want to fight back to put up a good fight
and uh you know you do a country by country and see what works if it doesn't work at all
you back off for a few years you try something else i mean i'm just generally more optimistic that
all of like evolution has always been pushed by massive risks
and problems so i think i think you mean i don't think we'll just roll over it doesn't mean it's
not going to that was the biggest message from dave columns talk on carlson was that that we're
not coming back we're already long i have coming back where i disagree and the noise is just so
overwhelming that humanity is going to be led into a little mousetrap i think portions of humanity
will i think large swats i think it starts in the uk right yeah that happened yeah they turned it
off and they saw what they could do and they rattled the cage yes and and people really thought
that that was a serious risk to their own life and their own family nobody's going to think the
CBDC is a risk to their life and their family.
It's going to be a complete.
Wait till they give them an event.
They say, oh, they're not, they're not taking it up.
Yeah, that's exactly.
So that's what they're going to do.
They're going to, they are going to probably run a false flag to try and get uptake.
We thought that this was the case for many, many years, right?
As soon as we knew about CBDCs back in 2018, 17, we were talking about this, but that people
are waking up to the fact that
a lot of these events are
staged. And
a lot of these events have ulterior
motives and purposes.
And I just guess I have a broader
faith in the humanity. I'm not
saying it's going to be easy. I'm not going to say it's
overnight, but we're waking up to it
and we will push back against it.
We'll see.
This week, I'm not as optimistic
as you are. I don't think you meant...
I think we just went through...
See, but this is the way, I guess,
This is how I embrace the chaos,
because I've always felt like nothing gets fixed until it breaks.
I've seen that over and over again.
And it's going to take a great breaking before we get a great awakening
so that we don't get the great reset.
Yeah, that's what I want to.
Let's do it. Make it happen.
We're doing our best.
So let's move on to the next one.
You read this one here.
It has Nydig create Bitcoin MNAP metric.
How should investors react to Nydig's claim that the traditional MNAP metric market cap divided by BTC held is misleading?
So the reason they think it's misleading, Nydig says this does not take into account operating businesses.
I don't know what case they're citing
because I think this is in reaction to
I'm assuming this is in reaction to Strive
acquiring Semler Scientific
and I think they're trying to make
the claim that
they're trying to defend Strive's
sort of premium I think
on Semler and Semler had
you know less than one MNAP
I think it was valued by the market
and I think they paid two MNAP
so I think Nidig's trying to get out
in front of that because Semler though I don't think
is actually has positive cash flow i'm not sure i don't think they have positive cash well i think
they just thought they did have i want to look into that and i think they just well it depends
on how you if you account for say like a one-time uh you know expensive like a lawsuit okay so you
know um they just actually loaned out their coins at like 10 to get money to pay back their like 40
million dollar lawsuit so um you know i i don't but i do think you could make an argument if if
companies were profitable that you can't just look at sort of like their nav you have to look at the
operating business but i'm not aware of any of these companies having you know sort of positive
cash flows or high material positive cash flows you know or a track record of that so you know
noted but uh i'm not sure what it applies to right now yeah you know so let's move on
all right google backs 4.6 billion dollar bitcoin mining expansion
what does google's massive almost five billion dollar backing of bitcoin miners uh mean
yeah i i hope it means they're gonna start getting into this game i i is this an ai play
I don't think so because these what what I read is that these are both sort of like green miners.
They use, you know, what do you call regenerative?
What do you call like an energy?
Clean energy.
Sure.
And and so but the fact that they're putting so much money into Bitcoin miners in particular, I find very interesting.
I don't know if this is just
I think this is an AI play
You think they want to
They probably have massive power
that they want to have access to
so it's probably a hardware play
I didn't see anything about them wanting to
insert AI into their
facilities
but yeah, it could be
Yeah, well a lot of miners are pivoting towards
large public miners
are pivoting towards AI
Let's get into the last one here
AI focused
Bitcoin miners outperform peers.
Why are Bitcoin mining companies pivoting to AI cloud services,
seeing a 57% stock gains versus flat Bitcoin mining?
And what does AI pivot trend mean for the broader mining industry's valuation strategy?
I think it's just a cat and mouse game with the market to find valuation.
So over the past month, Bitcoin mining stocks with clear AI HPC pivots
gained an average of 57%, adding $16 billion to their collective market capitalization.
Over the past three months, this cohort achieved a cumulative average gain of ownership, outperforming Bitcoin.
But, you know, you can see here on September 9th, Nebius Group secured a landmark deal with Microsoft,
adding $17 to $19 billion in revenues over the five years to provide Microsoft Azure with expanded infrastructure capacity
to, you know, NVIDIA's latest AI hardware.
So I think this is more about sort of providing, you know,
capacity to their clients and the market finding value in that.
That's what I gained from this.
I mean, it's interesting that, you know, you would think about in previous cycles,
hash rate would come down during the bear markets on a lag.
And hash rate is incredibly high right now.
So there's a lot of energy chasing a few coins.
And it might make sense for all these miners to divert to people that will consume energy at a much higher price where that's feasible.
Right.
Because Bitcoin miners have always got to go search out the cheapest possible energy where AI can pay a lot more.
so will this pull down hash rate in the bitcoin network at a time when it seems excessively oh i
don't think this is going to pull down hash rate not at all really no i don't uh i think this is
just more about more power coming on more access to power more securing long-term contracts i mean
the the microsoft's uh capex grew 24 billion year over year to support demand for its cloud and ai
offerings do you know do a can ai server farms be like off grid way out in the middle of nowhere
uh that's a good question uh i i don't know i i think i i wonder how much of this is in texas and
it's to kind of help manage being the grid and when you're not bitcoin mining you can ai and
other things but i think this is more about getting i think that the ai has been very profitable for
these companies and uh securing these huge deals so and then these huge companies are trying to
secure access to data centers so and future data centers because a lot of this uh these contracts
are based on demand that's not even built out yet selling future demand that's not even built
yeah i mean it's it's interesting though that they would they would invest specifically in bitcoin
mining so hopefully there's something more going on there that we're not aware of yeah
That too. We'll see. All right. Well, I think that wraps us up for this evening.
Bitcoin Center live stream number 22 brought to you by Byte Federal. Go bank yourself.
We got the crypto wallet. We got the point of sale and we got the ATM.
Put it in custody, self-custody. Stamp your micro seed. Use your code matrix for that.
There's also, besides Bitcoin wallet, there's Bitcoin vault where you can create unlimited addresses.
addresses, hold your own keys, and it's lightning enabled.
All of our products are lightning enabled.
So stack and send at late speed.
Join us next week.
Ask Q&A.