1 00:00:00,000 --> 00:00:09,420 Welcome. What's up? We're back at Center. Yeah. Presented by Byte Federal crypto wallet point of 2 00:00:09,420 --> 00:00:14,880 sale and ATM. Go bank yourself hit like and subscribe. Thank you for joining us. How are 3 00:00:14,880 --> 00:00:20,780 you tonight? I'm pretty good. You're doing good. Yeah. And yourself? I'm doing fine. But did you 4 00:00:20,780 --> 00:00:22,860 hear about this woman, 5 00:00:23,120 --> 00:00:24,140 this Chinese woman? 6 00:00:26,680 --> 00:00:27,920 She's not doing so great. 7 00:00:28,320 --> 00:00:28,740 The goddess of wealth. 8 00:00:29,260 --> 00:00:30,800 Yeah, the goddess of wealth. 9 00:00:30,800 --> 00:00:31,160 Yeah. 10 00:00:32,120 --> 00:00:34,240 Here she is. 11 00:00:34,800 --> 00:00:36,740 She stole, well, she's like scammed 12 00:00:36,740 --> 00:00:38,400 128,000 people. 13 00:00:39,180 --> 00:00:40,480 There's been some sort of like 14 00:00:40,480 --> 00:00:42,960 minor accomplice who I think has also gone to jail. 15 00:00:43,080 --> 00:00:44,560 But I mean, she couldn't have done this all on her own. 16 00:00:45,180 --> 00:00:46,420 But she scammed like, I think, 17 00:00:46,880 --> 00:00:48,780 quote unquote, or people 18 00:00:48,780 --> 00:00:51,520 who are 50 to 75, generally speaking, investors. 19 00:00:52,560 --> 00:00:53,620 And then she, what? 20 00:00:53,700 --> 00:00:57,640 She took them or stored the money in Bitcoin and crypto, I guess. 21 00:00:57,660 --> 00:00:58,420 And fled China. 22 00:00:58,940 --> 00:00:59,540 To the UK. 23 00:00:59,960 --> 00:01:04,520 That's the only way you're getting out of China with 61,000 Bitcoin. 24 00:01:05,100 --> 00:01:06,960 So kind of, I mean, this seems like a, 25 00:01:06,960 --> 00:01:09,340 I wouldn't say somewhat of a sophisticated, 26 00:01:10,820 --> 00:01:12,200 it sounds like organized crime. 27 00:01:12,380 --> 00:01:14,440 They didn't tell us what the scam was exactly. 28 00:01:14,920 --> 00:01:17,480 Well, I think she was scamming investors. 29 00:01:18,780 --> 00:01:23,980 out of you know saying i'm investing on your behalf okay send me it's that's what i got from 30 00:01:23,980 --> 00:01:29,420 the research i did right right and uh you know then she flees to the uk after doing this for 31 00:01:29,420 --> 00:01:34,780 several years and uh the bitcoin that she stored it in because they recovered the uk government has 32 00:01:34,780 --> 00:01:40,220 recovered 61 000 bitcoin i think from her so and that's appreciated quite a bit so her lawyers like 33 00:01:40,220 --> 00:01:47,260 hey they're actually going to do bitcoin for sale yeah but but the lawyers her lawyer's like hey 34 00:01:47,260 --> 00:01:48,680 hey, everyone's going to do okay here. 35 00:01:50,080 --> 00:01:52,440 Oh, they're going to get back to all the victims. 36 00:01:52,600 --> 00:01:53,300 She huddled. 37 00:01:53,720 --> 00:01:54,120 Sweet. 38 00:01:54,360 --> 00:01:55,980 And she wasn't able to... 39 00:01:55,980 --> 00:01:56,820 Then it's not a scam. 40 00:01:56,920 --> 00:01:57,960 She was investing their money. 41 00:01:58,300 --> 00:01:58,660 Right. 42 00:02:00,280 --> 00:02:01,880 It's just a forced liquidation. 43 00:02:02,280 --> 00:02:02,480 Yeah. 44 00:02:02,480 --> 00:02:03,940 We're shutting the hedge fund down. 45 00:02:04,020 --> 00:02:04,460 Sorry, guys. 46 00:02:04,460 --> 00:02:07,680 She just got really good trigger, and they don't like that. 47 00:02:08,260 --> 00:02:10,100 So I stayed through her in jail. 48 00:02:10,320 --> 00:02:12,180 But it looks like it's with the U.K. 49 00:02:12,180 --> 00:02:16,100 Is the U.K. going to keep the 61,000 Bitcoin 50 00:02:16,100 --> 00:02:22,800 and become, what, the third largest strategic Bitcoin reserve in the world, if they do. 51 00:02:22,900 --> 00:02:24,780 Right behind probably the right ahead of Ukraine. 52 00:02:25,540 --> 00:02:26,440 Well, we'll see. 53 00:02:26,580 --> 00:02:27,160 That'll be interesting. 54 00:02:27,480 --> 00:02:28,800 We'll see how smart they are. 55 00:02:28,980 --> 00:02:29,460 Yeah, sure. 56 00:02:29,520 --> 00:02:30,660 And brighter pastures. 57 00:02:30,660 --> 00:02:35,020 I mean, they probably need it now that they're launching their digital ID. 58 00:02:35,820 --> 00:02:40,260 They probably hand it out to all their favored people. 59 00:02:40,820 --> 00:02:40,980 Sure. 60 00:02:41,340 --> 00:02:41,780 We'll see. 61 00:02:42,480 --> 00:02:45,840 And then this I thought was a little bit more notable. 62 00:02:45,840 --> 00:02:54,480 little more humble brag you know to friends and family yeah this this guy this guy his iq is 276 63 00:02:54,480 --> 00:03:00,880 reportedly i didn't know the chart went that high that's how low my iq is exactly uh but he believes 64 00:03:00,880 --> 00:03:07,360 that bitcoin will grow by as much as 100 fold over the next decade and become a global reserve asset 65 00:03:07,360 --> 00:03:16,560 and so he supposedly went all in that's awesome yeah that's pretty uh intense uh good for him 66 00:03:16,560 --> 00:03:19,600 that's kind of exciting though because you could say to people he didn't just call the top 67 00:03:20,880 --> 00:03:25,760 well he says the future of money we're by the top well he's making sort of a long-term 68 00:03:26,640 --> 00:03:30,880 thesis and he's saying it sounds to me it's like listen the smartest person in the world 69 00:03:30,880 --> 00:03:36,720 it's like look i went through my own algorithm and it's sort of like what is the best thing to 70 00:03:36,720 --> 00:03:41,840 do here and sort of and you know the answer is binary so it's like going all in on the thing that 71 00:03:41,840 --> 00:03:52,080 you yeah that you're convinced of we think he's smart he passed my test all right let's let's get 72 00:03:52,080 --> 00:03:57,360 into the show here let's do it it's bitcoin center brought to you by by federal go bank yourself hit 73 00:03:57,360 --> 00:03:58,300 hit like and subscribe. 74 00:04:27,360 --> 00:04:28,540 Never heard of them a few weeks ago. 75 00:04:28,760 --> 00:04:30,340 Now everybody's talking about them. 76 00:04:30,480 --> 00:04:31,580 But is it a currency? 77 00:04:31,860 --> 00:04:32,340 I don't know. 78 00:04:32,540 --> 00:04:33,860 Or is it more like a stock? 79 00:04:34,040 --> 00:04:35,440 Or is it a tulip bowl? 80 00:04:35,540 --> 00:04:36,900 Or is it just stupid? 81 00:04:37,120 --> 00:04:40,420 To me, it smells like Ponzi scheme and the greater fool theory right here. 82 00:04:40,520 --> 00:04:43,140 You do like five minutes of freaking research. 83 00:04:43,540 --> 00:04:44,960 Well, thanks for coming to my set talk. 84 00:04:45,140 --> 00:04:45,440 Yes. 85 00:04:46,280 --> 00:04:47,460 Don't buy shit quits. 86 00:04:47,640 --> 00:04:47,960 Oh, man. 87 00:04:47,980 --> 00:04:48,920 I was going to get that wrong. 88 00:04:49,040 --> 00:04:49,400 All right. 89 00:04:50,420 --> 00:04:51,780 Bitcoin's recent rally. 90 00:04:51,960 --> 00:04:52,480 Do you agree? 91 00:04:52,580 --> 00:04:53,800 Is crypto finally dead? 92 00:04:53,800 --> 00:04:54,640 Go to the next one. 93 00:04:54,800 --> 00:04:56,980 Matter of fact, they're kind of in the Ethernet. 94 00:04:56,980 --> 00:05:01,660 What are they? Some rumors that it's a Japanese guy, but they say no, that he's a fake name. 95 00:05:01,740 --> 00:05:05,500 It was a pseudonym. I mean, you're literally putting real money onto a system that we don't 96 00:05:05,500 --> 00:05:10,660 even know who created it. It will come to a bad ending. Is this the most exciting bull run ever? 97 00:05:11,000 --> 00:05:13,380 Not for me. No, it's not. 98 00:05:13,380 --> 00:05:28,200 welcome to bitcoin center the fast-paced show where the debate is 99 00:05:28,200 --> 00:05:33,600 yeah we did you and i it's just as real as the other one 100 00:05:33,600 --> 00:05:37,660 and we lost the technology though since this morning when we recorded that 101 00:05:37,660 --> 00:05:45,540 luke dashers hard fork leak so uh there were leaked texts uh showing that core dev 102 00:05:45,540 --> 00:05:49,000 mentioned something about a bitcoin hard fork i'm gonna let you take it from here 103 00:05:49,000 --> 00:05:56,400 luke said this is all garbage uh he's denying it um 104 00:05:56,400 --> 00:06:04,500 so i don't think we really know where we stand on this i don't know if those are really his text 105 00:06:04,500 --> 00:06:08,660 I don't know that we can know for sure. 106 00:06:09,000 --> 00:06:14,860 All we know is that they're claiming that Luke's proposing a hard fork. 107 00:06:15,060 --> 00:06:16,140 Luke is denying it. 108 00:06:16,400 --> 00:06:17,900 And I guess we'll wait and see. 109 00:06:18,660 --> 00:06:23,140 Yeah, I mean, even if the texts are real, taking texts out of context, I think sort of betrays trust. 110 00:06:23,560 --> 00:06:24,800 And they're out of context. 111 00:06:25,120 --> 00:06:28,320 And so people can kind of riff on hypotheticals. 112 00:06:28,340 --> 00:06:30,900 And I'm not saying they are real or not and even whatever. 113 00:06:30,900 --> 00:06:38,900 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. 114 00:06:39,160 --> 00:06:39,300 Sure. 115 00:06:39,580 --> 00:06:44,660 And like you said, he could be just riffing and just kind of thinking out loud to somebody he trusted. 116 00:06:45,260 --> 00:06:45,460 Yeah. 117 00:06:47,160 --> 00:06:47,800 What is your... 118 00:06:47,800 --> 00:06:54,700 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. 119 00:06:54,780 --> 00:06:54,960 Yeah. 120 00:06:54,960 --> 00:06:59,760 What is interesting about the law firm 121 00:06:59,760 --> 00:07:01,520 Writing a proposal 122 00:07:01,520 --> 00:07:03,640 I guess the 123 00:07:03,640 --> 00:07:04,840 Ocean law firm 124 00:07:04,840 --> 00:07:07,200 Or the lawyers that work with Ocean 125 00:07:07,200 --> 00:07:08,620 Writing a proposal 126 00:07:08,620 --> 00:07:11,900 About how to maybe regulate 127 00:07:11,900 --> 00:07:13,700 Spam 128 00:07:13,700 --> 00:07:14,480 In the Bitcoin network 129 00:07:14,480 --> 00:07:16,940 If that comes to fruition 130 00:07:16,940 --> 00:07:19,220 And we really see that from that team 131 00:07:19,220 --> 00:07:21,320 Then 132 00:07:21,320 --> 00:07:23,040 Maybe this is all true 133 00:07:23,040 --> 00:07:24,520 What is all true? 134 00:07:24,520 --> 00:07:26,740 like that maybe Luke is 135 00:07:26,740 --> 00:07:28,580 maybe this group is actually 136 00:07:28,580 --> 00:07:30,800 considering this as a solution 137 00:07:30,800 --> 00:07:32,360 oh a hard fork 138 00:07:32,360 --> 00:07:33,760 right 139 00:07:33,760 --> 00:07:36,420 I mean I don't know 140 00:07:36,420 --> 00:07:38,720 I think it's good to consider it as a thought 141 00:07:38,720 --> 00:07:39,120 experiment 142 00:07:39,120 --> 00:07:42,680 and what that would mean but I don't think 143 00:07:42,680 --> 00:07:44,660 that's what we want right now and I don't know if this 144 00:07:44,660 --> 00:07:46,440 is better I don't know 145 00:07:46,440 --> 00:07:47,180 there's no way 146 00:07:47,180 --> 00:07:50,880 there's two different like we're worried 147 00:07:50,880 --> 00:07:52,740 about core 148 00:07:52,740 --> 00:07:54,280 allowing 149 00:07:54,280 --> 00:07:58,620 exponential amounts of spam to easily be put into the blockchain, 150 00:07:58,920 --> 00:08:02,360 which can lead to all sorts of stuff we don't want in the blockchain. 151 00:08:02,800 --> 00:08:02,960 Yeah. 152 00:08:03,640 --> 00:08:09,240 And, but this is like a process by which to censor, 153 00:08:10,420 --> 00:08:11,520 which we don't want that either. 154 00:08:11,700 --> 00:08:12,140 Right. 155 00:08:12,720 --> 00:08:13,920 If this is true, right? 156 00:08:14,180 --> 00:08:14,460 Right. 157 00:08:15,280 --> 00:08:17,740 So, man, I talk about between a rock and a hard spot. 158 00:08:17,740 --> 00:08:21,380 One of the interesting sides I've heard from Core is if everyone's doing 159 00:08:21,380 --> 00:08:23,540 drastically different sort of filtering, 160 00:08:24,060 --> 00:08:27,800 then it's really hard to ascertain system-wide 161 00:08:27,800 --> 00:08:30,200 what's going on in the mempool, 162 00:08:32,040 --> 00:08:33,440 sort of the greater mempool, 163 00:08:33,640 --> 00:08:35,740 and to kind of do more predictions 164 00:08:35,740 --> 00:08:37,060 and things of that nature. 165 00:08:38,080 --> 00:08:40,700 And, you know, it's not consensus rules. 166 00:08:41,120 --> 00:08:45,340 So, yeah, I mean, this is a very interesting debate. 167 00:08:45,420 --> 00:08:47,060 I wish a compromise would be found, 168 00:08:47,920 --> 00:08:49,940 which would be around, like, just raise it 169 00:08:49,940 --> 00:08:54,220 So what Adam Back said, Dr. Adam Back, around 160 kilobytes or something like that. 170 00:08:54,680 --> 00:08:55,620 Give it a little bit more room. 171 00:08:55,720 --> 00:08:56,780 Let's see what that does. 172 00:08:57,300 --> 00:08:57,620 Right. 173 00:08:57,920 --> 00:09:00,820 We don't have to go all the way to 100,000 right now. 174 00:09:00,820 --> 00:09:01,800 So, all right. 175 00:09:01,900 --> 00:09:03,820 I think let's move on. 176 00:09:07,000 --> 00:09:08,600 I see a question here. 177 00:09:11,560 --> 00:09:14,980 European banks, euro, stablecoin. 178 00:09:14,980 --> 00:09:22,120 the consortium of nine major banks ing unicredit etc is forming a company to launch a euro-backed 179 00:09:22,120 --> 00:09:28,100 stable coin with europe's banking giants tokenizing the euro will bitcoin's role as global 180 00:09:28,100 --> 00:09:34,380 money be sidelined or strengthened by fiat-backed competitor that definitely won't be sidelined i 181 00:09:34,380 --> 00:09:39,920 think that's uh sort of tongue-in-cheek uh i think this just really speaks to europe trying to catch 182 00:09:39,920 --> 00:09:45,360 up and uh stable coins we've been talking about this week after week i mean the united states 183 00:09:45,360 --> 00:09:52,640 government has been rolling out the red carpet for stable coins and crypto and you know i really 184 00:09:52,640 --> 00:10:00,000 think i dwell a lot about how if the united states government really controls most of newly minted 185 00:10:00,000 --> 00:10:05,600 uh control is not the right word but if a lot of the mining is here where newly minted bitcoin is 186 00:10:05,600 --> 00:10:12,120 here. Bitcoin that's bought and sold is with dollars, primarily on American exchanges. 187 00:10:13,040 --> 00:10:20,080 That gives America a lot of control over sort of the peripheral externalities of this asset. 188 00:10:20,820 --> 00:10:24,500 And I think the rest of the world is trying to figure out what to do about that. 189 00:10:25,160 --> 00:10:28,160 I think the banks are actually in a better position to do 190 00:10:28,160 --> 00:10:35,580 something like this than the central bank doing a CBDC. I think a CBDC put out 191 00:10:35,580 --> 00:10:40,040 by the European Central Bank would fail horribly. 192 00:10:40,640 --> 00:10:43,840 They just don't seem to have capabilities technically. 193 00:10:44,080 --> 00:10:49,720 They don't seem to have consensus with the European Union. 194 00:10:50,520 --> 00:10:56,140 I think anything put out by that entity is going to be horribly – 195 00:10:56,140 --> 00:10:57,600 well, no one's going to trust it. 196 00:10:57,640 --> 00:10:58,560 No one's going to want to use it. 197 00:10:58,720 --> 00:11:01,520 It's going to take brute force to get people on board. 198 00:11:02,060 --> 00:11:04,120 I think the banks would have a far better shot. 199 00:11:04,120 --> 00:11:08,800 So right now, global stablecoin issuance stands at nearly $300 billion. 200 00:11:09,620 --> 00:11:13,920 And euro-denominated stablecoins total just $620 million. 201 00:11:15,460 --> 00:11:18,720 So just from market dynamics, you know. 202 00:11:19,080 --> 00:11:23,720 Yeah, the euro is just as a currency has a lot of problems. 203 00:11:23,780 --> 00:11:25,840 Just putting it into a stablecoin isn't going to fix that. 204 00:11:25,920 --> 00:11:26,060 Right. 205 00:11:26,120 --> 00:11:30,200 But this isn't even – they're hoping it will get this done next year, launch. 206 00:11:30,220 --> 00:11:31,360 I don't even have a CEO yet. 207 00:11:31,560 --> 00:11:32,640 There's not a lot of vision. 208 00:11:32,640 --> 00:11:34,720 I think they're just really sort of scratching 209 00:11:34,720 --> 00:11:47,812 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 210 00:11:47,872 --> 00:11:49,232 No one's using that compared to the dollar. 211 00:11:49,412 --> 00:11:49,572 Right. 212 00:11:49,912 --> 00:11:51,812 All right, let's move to the next one here. 213 00:11:52,332 --> 00:11:56,152 Speaking of Tether, Tether has a $500 billion valuation bid. 214 00:11:56,972 --> 00:12:01,292 Tether is seeking $15 to $20 billion in funding at a roughly $500 billion valuation. 215 00:12:01,292 --> 00:12:08,132 Is a 500 billion tether valuation proof of crypto's maturity or looming credit bubble? 216 00:12:09,012 --> 00:12:15,332 I think it's proof of the maturity of the stablecoin market. 217 00:12:15,492 --> 00:12:16,812 I wouldn't say a crypto market. 218 00:12:19,172 --> 00:12:20,452 Looming credit bubble? 219 00:12:21,112 --> 00:12:22,452 What's looming about it? 220 00:12:22,452 --> 00:12:23,432 We already have a credit bubble. 221 00:12:23,712 --> 00:12:25,212 We've got a massive credit bubble. 222 00:12:25,532 --> 00:12:25,792 Right. 223 00:12:25,972 --> 00:12:27,372 At a sovereign level, right? 224 00:12:27,372 --> 00:12:35,412 So I don't know that this is something that signifies the top or the end. 225 00:12:36,612 --> 00:12:38,372 Tether is an incredibly profitable business. 226 00:12:39,132 --> 00:12:40,952 Tether doesn't even need this money, probably. 227 00:12:43,512 --> 00:12:45,272 And this is interesting to me. 228 00:12:45,332 --> 00:12:47,132 I want to know who puts the money in. 229 00:12:47,852 --> 00:12:48,132 True. 230 00:12:48,272 --> 00:12:54,672 You know, Kanner, Fitzgerald, Goldman, or which banks, which government funds. 231 00:12:54,672 --> 00:12:56,312 Which is why they're getting such a good valuation. 232 00:12:56,312 --> 00:12:56,792 Yeah. 233 00:12:56,792 --> 00:13:01,772 Because it's probably just, okay, we'll let you in, but you're going to have to pay up. 234 00:13:02,412 --> 00:13:03,012 So we'll see. 235 00:13:03,112 --> 00:13:04,592 Let's move on to the next one here. 236 00:13:06,372 --> 00:13:08,932 Bitcoin dips on revised GDP data. 237 00:13:09,512 --> 00:13:15,352 So the question, Bitcoin fell below $111K after revised U.S. Q2 GDP. 238 00:13:16,072 --> 00:13:18,792 Does news sensitivity signal market fragility? 239 00:13:19,492 --> 00:13:22,192 No, I don't think that signals market fragility. 240 00:13:22,272 --> 00:13:24,152 I think this is actually a signal of market maturity. 241 00:13:24,152 --> 00:13:33,272 uh just how we're seeing uh volatility come down a lot in this phase of bitcoin i don't think 242 00:13:33,272 --> 00:13:38,672 volatility is coming down forever but right now it's coming a lot lower i think news is impacting 243 00:13:38,672 --> 00:13:44,812 the price a lot less uh or at least you know esoteric news we have this like the beginnings 244 00:13:44,812 --> 00:13:50,012 of a civil war and i don't think the news is reacting to that so because i think that this 245 00:13:50,012 --> 00:13:52,032 it recognizes a very mature asset now. 246 00:13:52,612 --> 00:13:55,112 And there are very mature players in the space. 247 00:13:55,712 --> 00:13:56,672 This is not retail. 248 00:13:56,812 --> 00:14:01,052 I mean, the ETF at, you know, you can consider retail, 249 00:14:01,052 --> 00:14:06,132 but generally speaking, you're smartest investors in the securities market. 250 00:14:06,772 --> 00:14:08,952 Your value investors, your long-term hodlers. 251 00:14:09,612 --> 00:14:11,152 So I think it's a great sign. 252 00:14:11,772 --> 00:14:16,372 You know, if anything, you know, you would think that some of – 253 00:14:16,372 --> 00:14:19,512 I mean, we're back at 113, so we didn't even stay down that long. 254 00:14:19,512 --> 00:14:28,012 I don't think that any of the price movement of Bitcoin was reflective or caused by that at all. 255 00:14:28,932 --> 00:14:37,132 I think Bitcoin is just trading around whale liquidation and treasury company acquisition, 256 00:14:37,512 --> 00:14:43,712 and it's bouncing back and forth between those two paddles on the ping pong table. 257 00:14:43,712 --> 00:14:44,072 Yeah. 258 00:14:44,772 --> 00:14:49,052 And I think that's irrelevant on any of the news, actually. 259 00:14:49,512 --> 00:14:58,052 Do you think Bitcoin OGs are still selling and are the predominant sell pressure force right now? 260 00:14:58,272 --> 00:14:58,872 I believe so. 261 00:14:59,112 --> 00:14:59,412 You do. 262 00:14:59,592 --> 00:15:08,312 And is that just people who might have had coins on something like Silk Road or just huddled a really long time? 263 00:15:08,452 --> 00:15:09,392 However they got them. 264 00:15:09,392 --> 00:15:19,932 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. 265 00:15:20,932 --> 00:15:26,272 And it's time to seriously think about liquidity. 266 00:15:26,852 --> 00:15:32,232 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? 267 00:15:32,452 --> 00:15:34,532 Like, right. It's a whole new world for you. 268 00:15:34,532 --> 00:15:39,252 um and do you think then those coins are getting dribbled out as they're plotting through these 269 00:15:39,252 --> 00:15:43,412 things or like i think that probably some of it is getting sold some of it's getting moved in the 270 00:15:43,412 --> 00:15:49,932 bitcoin treasury some of it's uh probably getting getting moved into different trust and insurance 271 00:15:49,932 --> 00:15:56,792 products and okay i got one for you do you think that if people are buying say a bitcoin treasury 272 00:15:56,792 --> 00:16:04,412 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 273 00:16:04,412 --> 00:16:12,512 know company XYZ $10 and they have on the balance sheet or whatever but let's say they they buy one 274 00:16:12,512 --> 00:16:19,472 dollar worth of bitcoins 10 M net whereas if I had gone out and bought Bitcoin I'm buying $10 275 00:16:19,472 --> 00:16:26,012 worth of Bitcoin so in a way is that sort of like taking for like pressure off the Bitcoin price 276 00:16:26,012 --> 00:16:34,352 because dollars are getting diluted so Bitcoiners I want to put $10 my money into Bitcoin 277 00:16:34,352 --> 00:16:39,232 right into bitcoin price exposure ten dollars right now i can give ten dollars to this company 278 00:16:39,232 --> 00:16:45,192 you had a five for ten mnav and they could go lever up right but i could have put that directly 279 00:16:45,192 --> 00:16:51,092 into bitcoin and gotten more spot and all of us together if there is a together point like 280 00:16:51,092 --> 00:16:56,812 that's something i really i do think about yeah because you're you're you're really diluting your 281 00:16:56,812 --> 00:17:00,472 your purchasing power yeah your purchasing power right how much bitcoin you're getting per dollar 282 00:17:00,472 --> 00:17:06,032 when you go that route in hopes that they're going to outpace your ability to keep purchasing. 283 00:17:06,912 --> 00:17:08,552 But, yeah, that's a good point. 284 00:17:08,712 --> 00:17:11,372 It maybe has a more long-term movement. 285 00:17:11,372 --> 00:17:14,212 And I think the biggest fervor we've seen over the last nine months. 286 00:17:14,212 --> 00:17:17,092 That would explain a lot of the volatility contraction. 287 00:17:17,272 --> 00:17:21,572 You could be FOMO-ing into these Bitcoin treasury companies 288 00:17:21,572 --> 00:17:24,672 and essentially diluting your ability to hold more Bitcoin. 289 00:17:24,672 --> 00:17:25,972 And all Bitcoiners. 290 00:17:26,192 --> 00:17:26,992 Yeah, that's a good point. 291 00:17:28,012 --> 00:17:29,172 That's a real good point. 292 00:17:29,432 --> 00:17:30,312 That's something I'm going to think about. 293 00:17:30,312 --> 00:17:32,312 Alright, let's move on to the next one here, right? 294 00:17:40,312 --> 00:17:45,312 In these halls, ideas are born long before they become history. 295 00:17:45,312 --> 00:17:48,312 Today, a seed is planted. 296 00:17:48,312 --> 00:17:56,312 A conversation begins, not of gold, not of oil, but of a new kind of reserve. 297 00:17:56,312 --> 00:18:00,312 Digital, decentralized, beyond borders. 298 00:18:00,312 --> 00:18:04,312 It is only a question, only a thought. 299 00:18:04,312 --> 00:18:07,312 But thoughts become debates. 300 00:18:07,312 --> 00:18:12,312 Debates become decisions, and decisions shape the future. 301 00:18:12,312 --> 00:18:18,312 What would it mean if Sweden prepared for a world where Bitcoin is as strategic as steelbanks was? 302 00:18:18,312 --> 00:18:22,312 Where mining is a part of the energy strategy? 303 00:18:22,312 --> 00:18:27,132 and Bitcoin lost secure innovation instead of stopping it. 304 00:18:31,212 --> 00:18:32,012 All right. 305 00:18:32,152 --> 00:18:33,672 This is Bitcoin Center 22. 306 00:18:34,312 --> 00:18:36,712 If you're enjoying the show, this is presented by Byte Federal. 307 00:18:37,172 --> 00:18:37,952 Go bank yourself. 308 00:18:38,072 --> 00:18:39,632 Crypto wallet, point of sale, and ATM. 309 00:18:40,132 --> 00:18:41,032 Hit like and subscribe. 310 00:18:41,252 --> 00:18:42,772 So what did you make of this? 311 00:18:44,052 --> 00:18:46,232 Well, actually, let me set that up a little bit. 312 00:18:46,232 --> 00:18:48,332 Jan 3 brings Bitcoin to Swedish Parliament. 313 00:18:48,772 --> 00:18:49,532 You just saw the clip. 314 00:18:52,312 --> 00:18:53,872 I think it's great that Jan3 is doing it. 315 00:18:54,192 --> 00:18:57,652 I mean, this is what their mission statement is, 316 00:18:57,692 --> 00:19:00,092 and it's wonderful that they're out there talking and educating. 317 00:19:01,092 --> 00:19:03,072 I don't want to give people the wrong impression 318 00:19:03,072 --> 00:19:06,692 that this isn't like a parliamentary meeting 319 00:19:06,692 --> 00:19:10,412 on whether Bitcoin is going to become a treasury asset 320 00:19:10,412 --> 00:19:11,192 or something like that. 321 00:19:11,432 --> 00:19:15,112 This is an educational first step. 322 00:19:15,672 --> 00:19:20,712 So planting early seeds, and hopefully they'll go that route. 323 00:19:20,712 --> 00:19:26,472 i think i think it's a good first step what blows my mind is every week now it's some country trying 324 00:19:26,472 --> 00:19:32,712 to figure out stable coins another company trying to figure crypto payments cross border uh a 325 00:19:32,712 --> 00:19:38,632 different entity talking to a government educating this is it's really wow yeah it's all good all 326 00:19:38,632 --> 00:19:41,912 right well let's uh i think it's time to go to uh the landing round 327 00:19:41,912 --> 00:19:55,432 all right cedric so the uk banks are testing tokenized deposits a group of major uk banks 328 00:19:55,432 --> 00:20:01,852 announced a pilot to tokenize bank deposits on the blockchain for payment rooms if banks put 329 00:20:01,852 --> 00:20:08,112 deposits on chain is this a win for digital finance or a way to crowd out the trustless 330 00:20:08,112 --> 00:20:14,512 alternatives like bitcoin i i don't think this is a win for digital finance i don't think this 331 00:20:14,512 --> 00:20:19,632 crowds out the trustless alternative like bitcoin this is like this is really like there's like 332 00:20:19,632 --> 00:20:22,672 multiple teams out there and this team's just like fumbling the ball 333 00:20:25,712 --> 00:20:30,592 and they're just like bitcoin bad stable coins bad we're gonna put our own 334 00:20:30,592 --> 00:20:40,732 dollar our own uh currency on a block our own private blockchain and call it a token and uh 335 00:20:40,732 --> 00:20:47,272 I don't know it's you know I mean again they're gonna everyone I do like experimentation uh as 336 00:20:47,272 --> 00:20:53,092 long as it's not predatory but this just doesn't make a lot of sense to me uh but the UK is just 337 00:20:53,092 --> 00:20:59,452 really struggling now uh again this is sort of like red flag laws red flag laws with cars yes 338 00:20:59,452 --> 00:21:04,812 completely just destroyed their you know sort of let's call it for better or worse a crypto economy 339 00:21:05,932 --> 00:21:09,932 and uh you know they've already burned down the house so this is them trying to figure it out 340 00:21:09,932 --> 00:21:14,492 from here right we couldn't kill it so now we have to do it and we're going to probably do it very 341 00:21:14,492 --> 00:21:22,892 poorly the um it reminds me of like when for our younger viewers won't have a clue what i'm talking 342 00:21:22,892 --> 00:21:28,412 about but when the internet came out yeah and every bank got the intranet totally 343 00:21:29,452 --> 00:21:31,072 It's the same freaking shit. 344 00:21:31,372 --> 00:21:34,012 Well, you know, when the internet came out a lot, 345 00:21:34,452 --> 00:21:38,912 what was considered the internet back, you know, it was AOL, America Online. 346 00:21:39,112 --> 00:21:40,572 And you'd go into their walled garden. 347 00:21:40,992 --> 00:21:43,292 And they basically had, you know, chat rooms. 348 00:21:43,352 --> 00:21:47,752 And they did a lot of experimentation that then permeated the greater web. 349 00:21:47,752 --> 00:21:50,472 And they had the most network effects for a while. 350 00:21:51,052 --> 00:21:52,752 Yeah, my first email account was AOL. 351 00:21:53,232 --> 00:21:53,452 Yeah. 352 00:21:53,832 --> 00:21:57,372 And they would send out those disks and you would get 1,000 hours free of AOL. 353 00:21:57,372 --> 00:22:01,932 they actually did an accounting scam where they capitalized all those disks. 354 00:22:02,932 --> 00:22:08,412 So, yeah, every one of their competitors expensed those types of programs. 355 00:22:08,752 --> 00:22:14,372 But AOL and their auditors, now EY and Young, made the argument that, 356 00:22:14,452 --> 00:22:17,432 well, you know, for every thousand disks we send out, 357 00:22:17,532 --> 00:22:21,972 maybe four people sign up and they stick around for 3,000 hours 358 00:22:21,972 --> 00:22:23,212 and we get X amount of dollars. 359 00:22:23,752 --> 00:22:26,652 So we're going to capitalize and bleed this out and expense this out 360 00:22:26,652 --> 00:22:30,652 over a long time which enabled them to sort of inflate their stock price and buy all their 361 00:22:30,652 --> 00:22:36,732 competitors and their stock went up about five billion dollars you know the total market uh 362 00:22:36,732 --> 00:22:41,212 capitalization and by that time they got fined like 500 million it wasn't really you know it's 363 00:22:41,212 --> 00:22:47,372 a good good deal you know so sorry it's gonna be curious but this is uh next let's go to the next 364 00:22:47,372 --> 00:22:55,612 all right digital euro on horizon all right so the ebc official side of digital euro 365 00:22:55,612 --> 00:22:58,412 could be launched by 366 00:22:58,412 --> 00:23:00,552 2029. How dangerous 367 00:23:00,552 --> 00:23:02,612 is the CBDC to European Bitcoin 368 00:23:02,612 --> 00:23:04,492 adoption? It's going to 369 00:23:04,492 --> 00:23:06,832 drive European Bitcoin adoption. I don't know. 370 00:23:07,092 --> 00:23:08,592 Oh, absolutely. What if they 371 00:23:08,592 --> 00:23:09,952 all get ensnared? 372 00:23:10,792 --> 00:23:11,232 No. 373 00:23:12,672 --> 00:23:14,352 The CBDC is going to... 374 00:23:14,352 --> 00:23:16,672 I think the CBDC is going to fail 375 00:23:16,672 --> 00:23:17,172 horribly. 376 00:23:18,452 --> 00:23:28,444 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 377 00:23:28,684 --> 00:23:29,444 And, you know, you get it. 378 00:23:29,544 --> 00:23:34,424 Maybe they're teasers where you get a little more interest rate, higher interest rate return. 379 00:23:35,044 --> 00:23:39,584 People are more inclined to trust a business than they are to trust essential. 380 00:23:39,644 --> 00:23:44,704 Wait till you can't get a mortgage without using stable coins and having X amount of deposits. 381 00:23:44,704 --> 00:23:46,304 This is what would have to happen. 382 00:23:46,304 --> 00:23:46,704 Capital controls. 383 00:23:46,704 --> 00:23:49,124 You'd have to have the mandatory digital ID. 384 00:23:49,324 --> 00:23:54,124 It all has to be mandatory and authoritarian for it to have any uptake. 385 00:23:54,124 --> 00:23:54,484 Right. 386 00:23:54,804 --> 00:24:03,424 And I think the world consensus at this point, and consensus is not the right word. 387 00:24:03,524 --> 00:24:04,804 You don't need over 50%. 388 00:24:04,804 --> 00:24:15,804 If you have a small percentage of people that don't obey this authority, it will throw the whole thing off its rails. 389 00:24:15,804 --> 00:24:17,244 And you think you have. 390 00:24:17,244 --> 00:24:30,384 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. 391 00:24:30,784 --> 00:24:32,344 And if they don't have 100 percent uptake. 392 00:24:33,944 --> 00:24:37,364 What if they have 92 percent uptake or 72 percent uptake? 393 00:24:37,364 --> 00:24:38,304 I should have said 100 percent. 394 00:24:38,304 --> 00:24:42,804 If they don't even get 30 percent uptake, it's not going to work. 395 00:24:42,804 --> 00:24:50,964 not to mention all the super hackers that are going to just target cbdcs this i mean you think 396 00:24:50,964 --> 00:24:55,924 like like once they've got once they hack into that system they're just gonna be giving themselves 397 00:24:55,924 --> 00:25:02,124 credits taking credits away from politicians so you're gonna have right start all right let's see 398 00:25:02,124 --> 00:25:08,164 where this new cbdc wallet and some hacker is gonna drain i mean it's gonna be an all-out war 399 00:25:08,164 --> 00:25:10,124 So it'll be entertaining. 400 00:25:10,544 --> 00:25:14,644 I put a higher than non-zero chance that it goes really well in Europe. 401 00:25:15,564 --> 00:25:18,844 And in the U.S., we get the same thing through a private-public partnership. 402 00:25:19,584 --> 00:25:22,884 I think it works in China only. 403 00:25:23,984 --> 00:25:24,304 All right. 404 00:25:24,424 --> 00:25:24,944 Well, let's see. 405 00:25:25,104 --> 00:25:26,124 We'll monitor in this week. 406 00:25:26,444 --> 00:25:27,504 Let's go on to the next one here. 407 00:25:28,204 --> 00:25:32,064 China pauses Hong Kong real-world asset tokens, I guess. 408 00:25:32,564 --> 00:25:35,784 Beijing ordered major brokerage to halt real-world assets. 409 00:25:35,784 --> 00:25:39,524 I think you skipped one. 410 00:25:40,724 --> 00:25:42,644 Ah, September. 411 00:25:43,064 --> 00:25:43,584 Yeah. 412 00:25:44,444 --> 00:25:45,044 Sorry. 413 00:25:47,384 --> 00:25:49,364 September turns green after all. 414 00:25:49,364 --> 00:25:50,404 I'm going to read my own question. 415 00:25:52,304 --> 00:25:54,964 Crypto markets rebound by month's end. 416 00:25:55,284 --> 00:25:57,304 Is red September a thing in the past? 417 00:25:59,244 --> 00:25:59,724 Maybe. 418 00:26:00,524 --> 00:26:04,984 I love looking at these kind of graphics where you can kind of try to read the tea leaves 419 00:26:04,984 --> 00:26:06,084 and what's going to happen next. 420 00:26:06,764 --> 00:26:08,904 But every time there's been a green September, 421 00:26:09,284 --> 00:26:12,624 October has been very bullish and very green. 422 00:26:13,984 --> 00:26:15,484 I'm not going to make up. 423 00:26:15,684 --> 00:26:17,664 But I don't think rent September is a thing of the past. 424 00:26:17,664 --> 00:26:19,564 I'm not going to make a trend a day or two. 425 00:26:19,564 --> 00:26:23,064 If this were to close a day later or a day earlier. 426 00:26:23,664 --> 00:26:27,164 I mean, 16, 17 years is not even going to be a trend 427 00:26:27,164 --> 00:26:30,024 or really material in 100 years. 428 00:26:30,364 --> 00:26:30,784 It's a nothing burger. 429 00:26:31,124 --> 00:26:32,204 Right. All right, moving on. 430 00:26:32,364 --> 00:26:33,304 That's why I skipped it. 431 00:26:34,004 --> 00:26:34,824 All right, China. 432 00:26:34,984 --> 00:26:41,564 pauses hong kong real world asset tokens yeah you're doing good yeah i'm trying man this is 433 00:26:41,564 --> 00:26:49,604 all right so beijing ordered major brokerage brokerages to halt real real world asset 434 00:26:49,604 --> 00:26:55,124 tokenization in hong kong does china's clamp down on tokenization asset tokenized asset trading 435 00:26:55,124 --> 00:27:02,584 signal caution or protecting protectionism that might drive more decentralized crypto adoption 436 00:27:02,584 --> 00:27:13,944 okay um real world assets in hong kong they're paused and it wasn't a mandatory it was a 437 00:27:13,944 --> 00:27:20,464 suggestion china is worried about capital flight and real world assets are a way for like our 438 00:27:20,464 --> 00:27:27,324 chinese ladies scammed 128 000 people to flee the country with assets so uh real world assets 439 00:27:27,324 --> 00:27:35,384 are kind of freaking them out because Chinese high net worth are able to transact in rural 440 00:27:35,384 --> 00:27:44,504 assets in Hong Kong, and then who knows where they go. The other thing is maybe less authoritarian 441 00:27:44,504 --> 00:27:50,504 and that they're just, they want to make sure that real world assets are actually there behind 442 00:27:50,504 --> 00:27:51,644 the tokenized asset. 443 00:27:52,924 --> 00:27:55,124 So remains to be seen. 444 00:27:55,404 --> 00:27:56,724 You know, when it comes to China, 445 00:27:56,784 --> 00:28:00,044 I kind of lean towards capital controls 446 00:28:00,044 --> 00:28:03,964 and worry about capital flight out of the country. 447 00:28:04,164 --> 00:28:07,364 But, you know, maybe they're just trying to make sure 448 00:28:07,364 --> 00:28:09,264 that it's really regulated. 449 00:28:09,264 --> 00:28:10,824 Have things really calmed down in Hong Kong? 450 00:28:11,384 --> 00:28:12,284 Seems like it. 451 00:28:12,464 --> 00:28:12,684 Yeah. 452 00:28:13,164 --> 00:28:16,804 They were pretty violent during the COVID era. 453 00:28:17,404 --> 00:28:17,644 Yeah. 454 00:28:17,644 --> 00:28:20,484 I wonder how long before China invades here. 455 00:28:20,504 --> 00:28:22,184 All right, let's move on. 456 00:28:22,424 --> 00:28:25,564 You know, well, I'm going to go on this one anyways. 457 00:28:25,704 --> 00:28:29,504 Hong Kong seems to be inking itself a nice little position in China 458 00:28:29,504 --> 00:28:30,544 because of all the gold trade. 459 00:28:31,224 --> 00:28:35,764 But anyways, BlackRock files for Bitcoin premium income ETF. 460 00:28:36,884 --> 00:28:40,604 Will the demand for yield, yield-driven products, 461 00:28:40,644 --> 00:28:45,324 ever fade into oblivion, or is this hunger for yield part of human condition? 462 00:28:45,544 --> 00:28:47,344 Oh, it's completely part of human condition. 463 00:28:47,684 --> 00:28:49,004 It'll never fade. 464 00:28:49,004 --> 00:28:51,184 tremendous appetite for it. 465 00:28:51,184 --> 00:28:52,264 It makes sense. 466 00:28:53,324 --> 00:28:55,064 Dude, I can tell you from managing money 467 00:28:55,064 --> 00:28:56,644 for years, people love 468 00:28:56,644 --> 00:28:59,144 something that just strokes them 469 00:28:59,144 --> 00:29:00,464 a check every month for doing nothing. 470 00:29:01,004 --> 00:29:01,644 They love it. 471 00:29:02,044 --> 00:29:04,304 They love dividends. 472 00:29:04,664 --> 00:29:05,624 They love yield. 473 00:29:08,464 --> 00:29:08,904 Income, 474 00:29:09,064 --> 00:29:11,164 revenue makes the world go around in a lot of ways. 475 00:29:11,964 --> 00:29:13,144 A thought 476 00:29:13,144 --> 00:29:15,164 experiment, if we ended up 477 00:29:15,164 --> 00:29:16,564 on a desert island 478 00:29:16,564 --> 00:29:18,264 and 479 00:29:18,264 --> 00:29:20,364 we both had gold 480 00:29:20,364 --> 00:29:22,284 like it wouldn't really and there were no goods 481 00:29:22,284 --> 00:29:23,904 I mean it's not going to do much for us 482 00:29:23,904 --> 00:29:26,464 right I mean the aliens would come and pick 483 00:29:26,464 --> 00:29:27,944 me up bro yeah no I mean 484 00:29:27,944 --> 00:29:30,044 because I have the gold production 485 00:29:30,044 --> 00:29:31,744 yeah I'd be getting off the island 486 00:29:31,744 --> 00:29:34,344 whoever has the food would have all the wealth 487 00:29:34,344 --> 00:29:35,204 you know the 488 00:29:35,204 --> 00:29:38,264 what's 489 00:29:38,264 --> 00:29:40,164 interesting here is I'm wondering if BlackRock 490 00:29:40,164 --> 00:29:41,884 saw sailors 491 00:29:41,884 --> 00:29:44,304 yeah I think they're definitely jumping on 492 00:29:44,304 --> 00:29:46,264 MSTY and WNTR 493 00:29:46,264 --> 00:29:48,644 WNTR and the YieldMax funds, 494 00:29:49,184 --> 00:29:50,444 it's a smart play for them. 495 00:29:50,704 --> 00:29:52,804 And I think people are always searching for Yield. 496 00:29:52,804 --> 00:29:53,924 Plus they get to buy more Bitcoin. 497 00:29:54,364 --> 00:29:56,404 Yeah, it'll be interesting to see how they manage the account, 498 00:29:56,624 --> 00:29:57,204 the fund. 499 00:29:57,644 --> 00:29:57,784 Yeah. 500 00:29:57,844 --> 00:29:58,124 All right. 501 00:29:58,344 --> 00:29:59,044 This is my turn. 502 00:29:59,304 --> 00:30:00,004 This is your turn. 503 00:30:00,024 --> 00:30:00,324 Okay. 504 00:30:00,484 --> 00:30:02,164 Senate hearing on crypto taxation. 505 00:30:02,344 --> 00:30:04,904 Will the upcoming hearings on digital asset taxation 506 00:30:04,904 --> 00:30:07,424 lead to clearer tax rules? 507 00:30:07,424 --> 00:30:08,784 Are we on a good path here? 508 00:30:09,064 --> 00:30:10,664 The tax rules are not unclear. 509 00:30:11,104 --> 00:30:11,424 I don't understand. 510 00:30:12,464 --> 00:30:13,604 Crapo announces this? 511 00:30:14,824 --> 00:30:15,264 Crapto? 512 00:30:15,264 --> 00:30:16,344 Mike Crapo. 513 00:30:19,044 --> 00:30:21,924 Yeah, the tax rules are not unclear. 514 00:30:22,224 --> 00:30:23,244 They're very straightforward. 515 00:30:23,444 --> 00:30:24,904 The IRS considers it property. 516 00:30:25,344 --> 00:30:29,584 You can just chat that and find out what taxation is on property. 517 00:30:31,124 --> 00:30:32,944 If we're on, are we on a good path? 518 00:30:33,064 --> 00:30:38,604 Maybe not, because as property, we have the ability to conduct wash sales, 519 00:30:38,604 --> 00:30:46,484 which means if Bitcoin drops, we can liquidate and immediately buy it back at the exact same price, 520 00:30:47,444 --> 00:30:52,284 lock in that loss, report it on our tax return, and have Bitcoin on a lower cost basis. 521 00:30:52,944 --> 00:30:54,904 That only exists in property. 522 00:30:55,904 --> 00:31:03,084 And if so, if this Senate hearing is to eliminate that rule, then we're not on a good path. 523 00:31:04,264 --> 00:31:06,004 But remains- 524 00:31:06,004 --> 00:31:07,344 I don't think we're on a good path. 525 00:31:08,604 --> 00:31:10,684 I think there was a lot of hope in them at the beginning of the year. 526 00:31:10,824 --> 00:31:12,304 I just don't think we're on a good path. 527 00:31:12,344 --> 00:31:13,224 And I think that's coming. 528 00:31:13,324 --> 00:31:14,884 I think they're going to eliminate the wash rule. 529 00:31:15,224 --> 00:31:15,324 Yeah. 530 00:31:16,544 --> 00:31:16,944 Hopefully. 531 00:31:17,164 --> 00:31:18,404 So those are the ones. 532 00:31:18,964 --> 00:31:19,784 Hopefully nothing else. 533 00:31:19,964 --> 00:31:20,144 Yeah. 534 00:31:20,224 --> 00:31:20,564 All right. 535 00:31:20,684 --> 00:31:21,284 Let's move on. 536 00:31:21,444 --> 00:31:21,604 Yeah. 537 00:31:21,724 --> 00:31:22,484 Well, that's the beginning. 538 00:31:23,164 --> 00:31:23,744 All right. 539 00:31:24,844 --> 00:31:28,064 Regulators probe crypto treasury stock moves. 540 00:31:28,204 --> 00:31:28,864 The question. 541 00:31:29,304 --> 00:31:37,804 The SEC and FINRA are investigating unusual stock price spikes ahead of several companies' Bitcoin buying announcements. 542 00:31:37,804 --> 00:31:42,724 raising concerns about insider trading at this fragile early stage of bitcoin treasuries 543 00:31:42,724 --> 00:31:48,864 how critical is it that actors avoid behavior that risk tainting the entire practice 544 00:31:48,864 --> 00:31:55,324 mistrust i don't think that's critical i think it's critical though if they uh if there's bad 545 00:31:55,324 --> 00:32:03,504 behavior that it gets uh found out and uh prosecuted i think it depends on who the bad actors are 546 00:32:03,504 --> 00:32:08,004 okay what does that mean i mean apparently politicians have been doing this forever 547 00:32:08,004 --> 00:32:14,464 uh insider trading yeah okay this would be so fine then i mean are you saying that we it should 548 00:32:14,464 --> 00:32:20,164 be legal for everyone to do inside i'm just saying it's going to depend on who they find 549 00:32:20,164 --> 00:32:26,824 as oh yeah sure no i'm not saying it should be a fair and just uh search for sure predatory 550 00:32:26,824 --> 00:32:31,664 behavior should be and they should clean that shit up if there is the only person i ever it'd 551 00:32:31,664 --> 00:32:35,444 be great if there is none it'd be great if these people know that's going to jail for insider 552 00:32:35,444 --> 00:32:43,544 trading who do i know martha yeah jason carrick from my high school uh yeah he was part of a ponzi 553 00:32:43,544 --> 00:32:50,024 the largest ponzi scene ever on long island a 400 million dollar ponzi i think martha is the only 554 00:32:50,024 --> 00:32:55,744 big name person that's ever done going to jail for not for ponzi for insider trading for insider 555 00:32:55,744 --> 00:33:02,844 yeah uh i mean i know guys get busted like no name guys off the radar guys get busted go to jail 556 00:33:02,844 --> 00:33:09,184 for insider yeah i just i just don't think that pelosi yeah the trump family you name it i think 557 00:33:09,184 --> 00:33:14,124 what this is getting at though is that officials insider trading and they just resign do you care 558 00:33:14,124 --> 00:33:22,124 though if uh if these companies have bad actors and it gets found out and is that bad for bitcoin 559 00:33:22,124 --> 00:33:23,984 I mean, what are we asking about? 560 00:33:24,044 --> 00:33:24,544 The price then? 561 00:33:24,584 --> 00:33:25,564 Is that bad for Bitcoin's price? 562 00:33:25,564 --> 00:33:27,124 It doesn't reflect on Bitcoin at all. 563 00:33:27,564 --> 00:33:29,284 Would the price react? 564 00:33:29,844 --> 00:33:30,044 No. 565 00:33:31,264 --> 00:33:32,484 The price of, no. 566 00:33:33,024 --> 00:33:33,304 Okay. 567 00:33:33,464 --> 00:33:34,024 To the price of Bitcoin? 568 00:33:34,184 --> 00:33:38,324 So this, now this notice, I think these, they're looking at 200 companies. 569 00:33:38,704 --> 00:33:38,964 Mm-hmm. 570 00:33:39,704 --> 00:33:45,784 So, and I think that this, this whole thing, even if this becomes a permanent aspect of finance, 571 00:33:46,504 --> 00:33:49,224 out of those 200, there's got to be 3% of them are bad actors. 572 00:33:49,224 --> 00:33:52,364 So you have a board and you have some executives. 573 00:33:52,364 --> 00:33:53,364 Maybe 10 or 20%. 574 00:33:53,364 --> 00:33:56,484 They know they're about to launch a massive Bitcoin buy. 575 00:33:56,944 --> 00:34:01,744 The shares are trading at a below one MNav. 576 00:34:02,264 --> 00:34:04,884 And they go out and they load up on their shares. 577 00:34:05,144 --> 00:34:06,604 And then the Bitcoin buy comes. 578 00:34:07,624 --> 00:34:09,944 This shit happens all the time on Wall Street. 579 00:34:11,024 --> 00:34:11,904 All the time. 580 00:34:12,044 --> 00:34:13,484 Yeah, I don't think much is going to come out of this. 581 00:34:13,564 --> 00:34:16,884 But I'm just saying if there is anything that they find, I don't care. 582 00:34:16,884 --> 00:34:21,064 I don't think it's critical for Bitcoin that they don't find that. 583 00:34:21,064 --> 00:34:22,024 No, Bitcoin doesn't care. 584 00:34:22,164 --> 00:34:22,364 All right. 585 00:34:22,864 --> 00:34:25,744 UK rolls out mandatory digital ID. 586 00:34:26,304 --> 00:34:29,924 Britain now will require digital IDs for right-to-work checks. 587 00:34:30,604 --> 00:34:33,324 Can this ever be implemented without threatening civil liberties? 588 00:34:33,664 --> 00:34:33,924 No. 589 00:34:34,204 --> 00:34:35,324 We got a zip for this one. 590 00:34:35,564 --> 00:34:36,344 Let's build a little clip. 591 00:34:36,804 --> 00:34:37,564 All right, let's go. 592 00:34:38,624 --> 00:34:44,424 And that is why today I am announcing this government will make a new free-of-charge 593 00:34:44,424 --> 00:34:50,324 digital ID mandatory for the right to work by the end of this parliament. 594 00:34:51,324 --> 00:34:52,484 Let me spell that out. 595 00:34:53,024 --> 00:34:58,604 You will not be able to work in the United Kingdom if you do not have digital ID. 596 00:34:59,324 --> 00:35:08,136 It as simple as that Oh man I think like maybe five people in the audience clapped 597 00:35:09,816 --> 00:35:16,616 if anything like talk about political suicide this is not gonna 598 00:35:18,776 --> 00:35:26,056 i i really think you have to question this is this to create internal 599 00:35:26,056 --> 00:35:37,316 like such internal pressure that it that europe explodes like like there has there must be some 600 00:35:37,316 --> 00:35:43,116 greater they don't want to fragment europe what why they want one world government day i mean 601 00:35:43,116 --> 00:35:48,616 they want one world government how do they get that by fragmenting yes by conquering the division 602 00:35:48,616 --> 00:35:54,456 sure i am so so you got you got but don't you think this is like a test for digital id mass 603 00:35:54,456 --> 00:36:02,216 migration you got the digital uh backs pass you got the digital id you got cbdcs all this stuff 604 00:36:03,096 --> 00:36:09,256 which they any poll any research is going to show you nobody is nobody's in favor of this 605 00:36:10,056 --> 00:36:16,936 and then he's just flat out saying like it is going to be mandatory that's literally like 606 00:36:16,936 --> 00:36:18,776 inciting violence against your people. 607 00:36:19,196 --> 00:36:20,196 It reminds me 608 00:36:20,196 --> 00:36:22,596 when Willy Woo... 609 00:36:22,596 --> 00:36:24,016 The governments do that all the time. 610 00:36:24,136 --> 00:36:26,816 Yeah, I know, but Willy Woo back in 2019 said this. 611 00:36:26,876 --> 00:36:28,536 He said, World War III 612 00:36:28,536 --> 00:36:30,876 is not going to be between two great 613 00:36:30,876 --> 00:36:32,716 powers. It's going to be between the 614 00:36:32,716 --> 00:36:34,076 governments and their people. 615 00:36:34,536 --> 00:36:36,576 Right, that's the whole point, right? 616 00:36:36,996 --> 00:36:38,376 And the people are not going to fight. 617 00:36:38,476 --> 00:36:40,876 I think you have way too much optimism 618 00:36:40,876 --> 00:36:42,176 for the people fighting back. 619 00:36:43,776 --> 00:36:44,916 That's where I think we 620 00:36:44,916 --> 00:36:45,596 really differ. 621 00:36:45,596 --> 00:36:49,836 where we differ yeah i just don't think enough people are going to fight back 622 00:36:50,556 --> 00:36:54,796 which is going to make it really difficult for the people who want to fight back to put up a good fight 623 00:36:57,516 --> 00:37:05,196 and uh you know you do a country by country and see what works if it doesn't work at all 624 00:37:05,196 --> 00:37:11,516 you back off for a few years you try something else i mean i'm just generally more optimistic that 625 00:37:11,516 --> 00:37:18,156 all of like evolution has always been pushed by massive risks 626 00:37:20,316 --> 00:37:26,716 and problems so i think i think you mean i don't think we'll just roll over it doesn't mean it's 627 00:37:26,716 --> 00:37:32,636 not going to that was the biggest message from dave columns talk on carlson was that that we're 628 00:37:32,636 --> 00:37:39,436 not coming back we're already long i have coming back where i disagree and the noise is just so 629 00:37:39,436 --> 00:37:49,056 overwhelming that humanity is going to be led into a little mousetrap i think portions of humanity 630 00:37:49,056 --> 00:37:54,916 will i think large swats i think it starts in the uk right yeah that happened yeah they turned it 631 00:37:54,916 --> 00:38:01,036 off and they saw what they could do and they rattled the cage yes and and people really thought 632 00:38:01,036 --> 00:38:07,016 that that was a serious risk to their own life and their own family nobody's going to think the 633 00:38:07,016 --> 00:38:09,736 CBDC is a risk to their life and their family. 634 00:38:10,016 --> 00:38:11,676 It's going to be a complete. 635 00:38:11,836 --> 00:38:13,136 Wait till they give them an event. 636 00:38:13,376 --> 00:38:15,056 They say, oh, they're not, they're not taking it up. 637 00:38:15,276 --> 00:38:16,876 Yeah, that's exactly. 638 00:38:17,096 --> 00:38:19,316 So that's what they're going to do. 639 00:38:19,396 --> 00:38:23,436 They're going to, they are going to probably run a false flag to try and get uptake. 640 00:38:23,676 --> 00:38:27,436 We thought that this was the case for many, many years, right? 641 00:38:27,436 --> 00:38:35,496 As soon as we knew about CBDCs back in 2018, 17, we were talking about this, but that people 642 00:38:35,496 --> 00:38:37,536 are waking up to the fact that 643 00:38:37,536 --> 00:38:39,476 a lot of these events are 644 00:38:39,476 --> 00:38:41,496 staged. And 645 00:38:41,496 --> 00:38:43,376 a lot of these events have ulterior 646 00:38:43,376 --> 00:38:44,576 motives and purposes. 647 00:38:45,236 --> 00:38:47,496 And I just guess I have a broader 648 00:38:47,496 --> 00:38:49,556 faith in the humanity. I'm not 649 00:38:49,556 --> 00:38:51,356 saying it's going to be easy. I'm not going to say it's 650 00:38:51,356 --> 00:38:53,396 overnight, but we're waking up to it 651 00:38:53,396 --> 00:38:55,076 and we will push back against it. 652 00:38:55,976 --> 00:38:56,636 We'll see. 653 00:38:57,776 --> 00:38:59,196 This week, I'm not as optimistic 654 00:38:59,196 --> 00:39:01,256 as you are. I don't think you meant... 655 00:39:01,256 --> 00:39:03,176 I think we just went through... 656 00:39:03,176 --> 00:39:04,656 See, but this is the way, I guess, 657 00:39:05,496 --> 00:39:11,436 This is how I embrace the chaos, 658 00:39:11,756 --> 00:39:16,856 because I've always felt like nothing gets fixed until it breaks. 659 00:39:17,896 --> 00:39:19,656 I've seen that over and over again. 660 00:39:20,036 --> 00:39:24,616 And it's going to take a great breaking before we get a great awakening 661 00:39:24,616 --> 00:39:26,816 so that we don't get the great reset. 662 00:39:28,096 --> 00:39:31,956 Yeah, that's what I want to. 663 00:39:32,716 --> 00:39:33,816 Let's do it. Make it happen. 664 00:39:33,816 --> 00:39:34,836 We're doing our best. 665 00:39:35,016 --> 00:39:36,676 So let's move on to the next one. 666 00:39:38,216 --> 00:39:39,996 You read this one here. 667 00:39:41,156 --> 00:39:46,556 It has Nydig create Bitcoin MNAP metric. 668 00:39:47,336 --> 00:39:54,676 How should investors react to Nydig's claim that the traditional MNAP metric market cap divided by BTC held is misleading? 669 00:39:55,476 --> 00:40:01,716 So the reason they think it's misleading, Nydig says this does not take into account operating businesses. 670 00:40:01,716 --> 00:40:05,036 I don't know what case they're citing 671 00:40:05,036 --> 00:40:07,036 because I think this is in reaction to 672 00:40:07,036 --> 00:40:09,076 I'm assuming this is in reaction to Strive 673 00:40:09,076 --> 00:40:10,936 acquiring Semler Scientific 674 00:40:10,936 --> 00:40:13,216 and I think they're trying to make 675 00:40:13,216 --> 00:40:14,296 the claim that 676 00:40:14,296 --> 00:40:17,356 they're trying to defend Strive's 677 00:40:17,356 --> 00:40:18,696 sort of premium I think 678 00:40:18,696 --> 00:40:21,136 on Semler and Semler had 679 00:40:21,136 --> 00:40:23,176 you know less than one MNAP 680 00:40:23,176 --> 00:40:24,636 I think it was valued by the market 681 00:40:24,636 --> 00:40:25,936 and I think they paid two MNAP 682 00:40:25,936 --> 00:40:29,036 so I think Nidig's trying to get out 683 00:40:29,036 --> 00:40:31,116 in front of that because Semler though I don't think 684 00:40:31,116 --> 00:40:34,796 is actually has positive cash flow i'm not sure i don't think they have positive cash well i think 685 00:40:34,796 --> 00:40:40,556 they just thought they did have i want to look into that and i think they just well it depends 686 00:40:40,556 --> 00:40:46,796 on how you if you account for say like a one-time uh you know expensive like a lawsuit okay so you 687 00:40:46,796 --> 00:40:54,156 know um they just actually loaned out their coins at like 10 to get money to pay back their like 40 688 00:40:54,156 --> 00:41:01,876 million dollar lawsuit so um you know i i don't but i do think you could make an argument if if 689 00:41:01,876 --> 00:41:07,116 companies were profitable that you can't just look at sort of like their nav you have to look at the 690 00:41:07,116 --> 00:41:12,516 operating business but i'm not aware of any of these companies having you know sort of positive 691 00:41:12,516 --> 00:41:19,056 cash flows or high material positive cash flows you know or a track record of that so you know 692 00:41:19,056 --> 00:41:25,276 noted but uh i'm not sure what it applies to right now yeah you know so let's move on 693 00:41:25,276 --> 00:41:31,296 all right google backs 4.6 billion dollar bitcoin mining expansion 694 00:41:31,296 --> 00:41:38,496 what does google's massive almost five billion dollar backing of bitcoin miners uh mean 695 00:41:38,496 --> 00:41:45,816 yeah i i hope it means they're gonna start getting into this game i i is this an ai play 696 00:41:45,816 --> 00:41:54,396 I don't think so because these what what I read is that these are both sort of like green miners. 697 00:41:54,576 --> 00:41:59,396 They use, you know, what do you call regenerative? 698 00:42:00,336 --> 00:42:01,396 What do you call like an energy? 699 00:42:02,096 --> 00:42:02,576 Clean energy. 700 00:42:02,656 --> 00:42:03,196 Clean energy. 701 00:42:03,196 --> 00:42:03,436 Sure. 702 00:42:05,316 --> 00:42:13,436 And and so but the fact that they're putting so much money into Bitcoin miners in particular, I find very interesting. 703 00:42:13,436 --> 00:42:15,756 I don't know if this is just 704 00:42:15,756 --> 00:42:17,036 I think this is an AI play 705 00:42:17,036 --> 00:42:19,336 You think they want to 706 00:42:19,336 --> 00:42:20,836 They probably have massive power 707 00:42:20,836 --> 00:42:22,916 that they want to have access to 708 00:42:22,916 --> 00:42:24,736 so it's probably a hardware play 709 00:42:24,736 --> 00:42:27,156 I didn't see anything about them wanting to 710 00:42:27,156 --> 00:42:29,296 insert AI into their 711 00:42:29,296 --> 00:42:29,856 facilities 712 00:42:29,856 --> 00:42:32,676 but yeah, it could be 713 00:42:32,676 --> 00:42:35,476 Yeah, well a lot of miners are pivoting towards 714 00:42:35,476 --> 00:42:37,316 large public miners 715 00:42:37,316 --> 00:42:38,256 are pivoting towards AI 716 00:42:38,256 --> 00:42:40,796 Let's get into the last one here 717 00:42:40,796 --> 00:42:43,016 AI focused 718 00:42:43,016 --> 00:42:45,056 Bitcoin miners outperform peers. 719 00:42:45,556 --> 00:42:49,356 Why are Bitcoin mining companies pivoting to AI cloud services, 720 00:42:49,916 --> 00:42:55,876 seeing a 57% stock gains versus flat Bitcoin mining? 721 00:42:55,876 --> 00:43:01,256 And what does AI pivot trend mean for the broader mining industry's valuation strategy? 722 00:43:02,576 --> 00:43:06,236 I think it's just a cat and mouse game with the market to find valuation. 723 00:43:07,856 --> 00:43:12,256 So over the past month, Bitcoin mining stocks with clear AI HPC pivots 724 00:43:12,256 --> 00:43:17,616 gained an average of 57%, adding $16 billion to their collective market capitalization. 725 00:43:18,216 --> 00:43:25,196 Over the past three months, this cohort achieved a cumulative average gain of ownership, outperforming Bitcoin. 726 00:43:26,136 --> 00:43:31,376 But, you know, you can see here on September 9th, Nebius Group secured a landmark deal with Microsoft, 727 00:43:31,616 --> 00:43:39,496 adding $17 to $19 billion in revenues over the five years to provide Microsoft Azure with expanded infrastructure capacity 728 00:43:39,496 --> 00:43:42,516 to, you know, NVIDIA's latest AI hardware. 729 00:43:43,176 --> 00:43:46,456 So I think this is more about sort of providing, you know, 730 00:43:46,496 --> 00:43:49,896 capacity to their clients and the market finding value in that. 731 00:43:50,036 --> 00:43:52,256 That's what I gained from this. 732 00:43:52,496 --> 00:43:56,096 I mean, it's interesting that, you know, you would think about in previous cycles, 733 00:43:56,476 --> 00:44:03,276 hash rate would come down during the bear markets on a lag. 734 00:44:05,376 --> 00:44:08,096 And hash rate is incredibly high right now. 735 00:44:09,496 --> 00:44:14,296 So there's a lot of energy chasing a few coins. 736 00:44:15,716 --> 00:44:25,236 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. 737 00:44:25,236 --> 00:44:25,596 Right. 738 00:44:26,196 --> 00:44:33,856 Because Bitcoin miners have always got to go search out the cheapest possible energy where AI can pay a lot more. 739 00:44:33,856 --> 00:44:42,316 so will this pull down hash rate in the bitcoin network at a time when it seems excessively oh i 740 00:44:42,316 --> 00:44:46,956 don't think this is going to pull down hash rate not at all really no i don't uh i think this is 741 00:44:46,956 --> 00:44:52,776 just more about more power coming on more access to power more securing long-term contracts i mean 742 00:44:52,776 --> 00:45:02,076 the the microsoft's uh capex grew 24 billion year over year to support demand for its cloud and ai 743 00:45:02,076 --> 00:45:07,436 offerings do you know do a can ai server farms be like off grid way out in the middle of nowhere 744 00:45:09,756 --> 00:45:15,596 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 745 00:45:15,596 --> 00:45:22,076 it's to kind of help manage being the grid and when you're not bitcoin mining you can ai and 746 00:45:22,076 --> 00:45:27,116 other things but i think this is more about getting i think that the ai has been very profitable for 747 00:45:27,116 --> 00:45:32,396 these companies and uh securing these huge deals so and then these huge companies are trying to 748 00:45:32,396 --> 00:45:39,116 secure access to data centers so and future data centers because a lot of this uh these contracts 749 00:45:39,116 --> 00:45:45,596 are based on demand that's not even built out yet selling future demand that's not even built 750 00:45:46,636 --> 00:45:52,236 yeah i mean it's it's interesting though that they would they would invest specifically in bitcoin 751 00:45:52,236 --> 00:45:56,876 mining so hopefully there's something more going on there that we're not aware of yeah 752 00:45:57,116 --> 00:46:00,756 That too. We'll see. All right. Well, I think that wraps us up for this evening. 753 00:46:01,836 --> 00:46:06,696 Bitcoin Center live stream number 22 brought to you by Byte Federal. Go bank yourself. 754 00:46:07,156 --> 00:46:10,536 We got the crypto wallet. We got the point of sale and we got the ATM. 755 00:46:10,536 --> 00:46:17,356 Put it in custody, self-custody. Stamp your micro seed. Use your code matrix for that. 756 00:46:18,536 --> 00:46:25,536 There's also, besides Bitcoin wallet, there's Bitcoin vault where you can create unlimited addresses. 757 00:46:25,536 --> 00:46:30,356 addresses, hold your own keys, and it's lightning enabled. 758 00:46:30,456 --> 00:46:31,696 All of our products are lightning enabled. 759 00:46:32,036 --> 00:46:35,796 So stack and send at late speed. 760 00:46:36,256 --> 00:46:37,336 Join us next week. 761 00:46:37,416 --> 00:46:38,256 Ask Q&A.