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good evening bitcoiners welcome back to bitcoin center live stream number 24. my name is cedric

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youngelman i'm paul tarantino and here we go so uh there's another tuesday uh anything in the news

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i i got something i would bring up all right go ahead that i i don't think is in the show i i don't

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know but the 16 billion dollar confiscation oh yeah that just i just heard about that today

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Yeah.

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Pig farming scam.

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Yeah, the pig farming scam.

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But I don't think that accurately describes it.

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I think it was a lot of sort of online scams to kind of heist people from their money and lure them in.

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And they, I mean, did you hear all the details?

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No.

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I mean, you know, they had, I think, a camp set up in Cambodia.

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People were prisoners there.

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And, like, they had to work on, like, they were lured in.

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and they had to work on these you know these jobs to kind of scam people online okay and it was like

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supposedly a 38 year old who was running all this and then laundering some of the money through like

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legal fronts like like casinos and different things in industry and kind of build a front i

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mean and then somehow managed to accrue i guess 130 000 plus so this is crazy so like i mean these

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kind of scams have been going on forever you don't ever hear about i would never hear about

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busts like the only bust i would see is like some scam uh some guy on youtube blowing up a scammer

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on youtube but like is bitcoin finally the incentive to get law enforcement like the government

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wanting bitcoin is that finally the incentive to go out and blow up these scams because the

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scammers are out of control what if the government what if this is just repatriating like what if

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this was one organization to another this is black it's not tin uh you know well i mean this is i mean

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a 38 year old person was running multiple businesses in multiple industries you know

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through different sort of uh trade uh skills you know uh harboring people right trafficking money

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laundering and then somehow get he wasn't that old i mean he was very young yeah then when he

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gets caught and it wasn't like he wasn't like a big didn't look like a big violent guy yeah and

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he wasn't just like stealing crypto and cashing it all out he was harboring the stolen funds in

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bitcoin and then the authorities show up and he's like oh yeah you're right here's my keys

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because they they didn't say that they they you know they found him and they're working on it

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I mean, are these agents for the U.S. to get revenue-neutral Bitcoin?

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We need to take profits.

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We need to bring that home.

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This is how they get revenue-neutral Bitcoin?

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I have no idea.

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I'm just being a tinfoil hat here.

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But, like, it just seems a little weird.

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Right.

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But I do want to read a tweet.

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So I'll bring this up to my bookmarks here.

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All right.

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This is from Lola.

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The U.S. government wanting to forfeit.

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So, remember, they're confiscating $127,000 Bitcoin.

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is exactly the kind of situation that should clarify to everyone what perverse incentives

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the strategic bitcoin reserve is birthing in the u.s wait what well they're confiscating yeah right

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so i mean it's like their incentive now is to steal steal bitcoin or take bitcoin yeah right

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not earn it not even print for it right that's not like they went and busted the scam to return

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the dollars to the people who got scammed well it sounds like we're keeping the bitcoin right

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They're not using it to return the money to the people who got scammed.

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That's what I was trying to say.

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Is Bitcoin now the incentive to bust scams?

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Like the ability of...

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Yeah, I think it is.

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This is one of the perverse incentives.

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Because the scams have been there forever.

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We never went to go bust scams to get the dollars to the treasury.

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You know what I mean?

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Right.

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Well, I mean, there was a lot of asset forfeiture in the United States of America.

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local governments that's true and they can take it like very little not even proof right like hey

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we pulled you over a speeding ticket and uh we smell drugs we're taking everything right until

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you prove that and you can go through that process and you're still going to be out all the law

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legal fees right and you'll probably get half back if you know some sort of discount or haircut

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How amazing would it be if law enforcement actually returned the assets to the people that were scammed out of the assets?

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That would be great.

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That would be amazing, right?

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Especially if this guy was stealing dollars and investing.

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Well, this guy wasn't even stealing American citizens' money.

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Ah, even more.

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Yeah, this is a lot of UK, a lot of Southeast Asia, the global scam.

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and the night scoops that up um i mean it just seems like they white knight has just showed up

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and they're like oh wow here's 130 000 bitcoin 40 increase on the sbr right i mean that is dramatic

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that's crazy you know and that's another 16 billion raising the total uh sbr to like 50

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billion i think already something like that wow right uh you know i wonder oh man that's really

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and we'll see how many of these go on they want they want to keep it that's what i'm saying

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that's what i'm hearing they want to keep it and largest asset forfeiture in history

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um yeah i mean who can advocate for the funds to be returned uh hey you know i'm

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i'm sad and i want i know these eight people in cambodia who lost their eath

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you know i mean i don't know you know yeah so it's a mess and uh how did they find out

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where this guy was and what he was doing.

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Well, that's where...

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And he just turned over his keys.

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Yeah. He took all these

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steps to build and determine...

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If the story just disappears

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after this,

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and there's no

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persecution of this guy,

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it would be interesting.

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Okay, or even if there's

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persecution of him.

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I don't know.

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See you in Valhalla, 38.

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your old buddy all right well you know a couple more um maybe this comes up i'm not sure but roger

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oh i'd have no idea roger ver he he settled oh yeah yeah he settled i believe he said bitcoin

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he settled into the reserve he paid some amount of money like probably 40 something million or

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something i can't go on that he settled and he gets his freedom back that's good that's great

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it makes you wonder uh it's like was that a shakedown whatever i don't know but it's really

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interesting i want to read the book hijacking bitcoin i'll admit that i want to read the book

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i want to see the other side i'm not saying i have to believe everything that's in the book

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uh roger's really interesting i mean he's bitcoin jesus so the the og i mean roger the way he spoke

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about it was amazing until until the whole block he supported the whole nascent uh industry in a

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lot of ways in the beginning yes yeah 100 one of the first angel investors in bitcoin the way he

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talked about bitcoin was very much affected me emotionally and it was so it was but you know

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that's what bitcoin does right it it it so and maybe you know and so to speak maybe roger went

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off the reservation but is he wrong about everything probably not probably not and i'd like to hear his

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side on the big block thing and even i mean we still have me not to agree we still have the big

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blocked the bait but if he said we clean by federal between people 40 million like what did

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he like what if could you imagine they came to him like six months ago like 20 million he's like no

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six months like 40 million you know it's probably not in reverse it's not like it's coming down i

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have no idea maybe there was never a deal like like you know like what did he gain for the time

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he spent if that deal was always on the table and yeah you think like no amount of money is worth

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your freedom you know i mean to you know here like i want to you got the keys yeah i mean what are you

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going to change i hope for an administration change like ross in a way took it was strange

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that it'd be trump then but i'd been back to trump to get out like it wasn't going to happen on biden

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and literally was waiting for that one card only a president could get right ross out yeah so i

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don't know i thought that was really interesting uh and then i don't know if it's in the show but

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uh trump trump is supposed to got 870 billion dollars yeah i saw that bitcoin what do you

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make of that oh he's doing a lot better than uh most most people well that was right that was a

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rapid increase yeah you know one day he's gonna show up at the you know for bitcoin uh fort satoshi

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nakamoto and just say oh here's the keys yeah yeah i mean like here's you know whatever but uh here's

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500 000 bitcoin you could walk away with but still i mean he's got almost a billion yeah uh

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is that a conflict of interest world liberty financial his like his whole family the way they

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wrote it it sounded like him interesting is that his you know sort of uh piece of world liberty

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you know and okay i don't know yeah right you know but uh who knows they could also throw they

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could also be you know the media loves to define all digital assets as bitcoin so that could be like

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their total crypto holdings yeah that sure that could be the total crypto holdings yeah well you

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know whatever it is then you know they're obviously that could be stable coins sure yeah and but they're

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they have they're aligned with sort of the outcome here oh yeah for sure you know uh whatever

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incentives you know might be more than we can say for core well i hope that comes up wow this is uh

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this is day two or three i heard like four people are running core 30. i don't know i think it's like

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nine people now i'm i mean i mean it's very low i heard i heard high numbers i heard low numbers

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yeah i don't know i don't know the numbers i did see quoted i saw a chart it looked like it was

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very low numbers um yeah i don't know i already see uh different organizations sort of touting

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layer one use cases with this that they didn't have before yes abms and yeah yeah exactly

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you know okay so it's like like literally right there's already people talking about right after

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launches people are already saying like oh great we can do this now we can do this now yeah where

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the whole time they're quiet they're like nah we're cool bro yeah and then all of a sudden they're

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They're like, oh, this is awesome, Core V30.

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I have nothing to do with monetary transactions.

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We're pumped.

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Yeah.

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All the shit we were worried about.

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It's so stupid.

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I don't know.

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What was the rest?

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But I don't know.

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I went.

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You know, I had him back.

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Yeah.

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He tweets a lot about this topic.

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A lot.

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He tweets a lot.

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A lot.

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Like, I'm wondering.

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And he's very, you know.

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But I want to look at the math.

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Like, I was trying to, like.

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Can you.

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I want to figure out how many tweets.

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Can you physically tweet that much?

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and run a business and be everywhere why would it matter so much and the argument still seem to be

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it's and don't worry it's a nothing burger yeah that's not true and i just you know

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i don't know man yeah this could be tough uh you know i'm trying to get into the weeds but that

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that's where it gets a little tricky though trying to really figure it out for yourself

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you know let's still lean i'm not that's not good and there was i i totally agree that this is not

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good because they're not fixing a problem tell me what the problem was right that caused you to have

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to increase the amount of data that you could put in op return what was the problem why did that need

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fixing nothing needed fixing so then what's the purpose well there was no per they didn't give us

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a purpose it was just the purpose was because why not did you see pierre richard on oh he was on

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another show great show i mean when i talked to pierre he was pro but he said worst case scenario

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he's like this is really bad okay i haven't i haven't heard he's like you know it's an attack

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and bitcoin needs to be attacked and bitcoin goes to a thousand dollars and we have to hard fork and

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And we figure out how to clean up the whole chain.

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And we apologize to Luke.

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And it goes on.

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And it was a little like, whoa.

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Like, I don't know.

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Like, I get the thought experiment.

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And, like, we can always figure this out.

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But that seems like a lot of unintended self-insuffer damage.

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What's $2 trillion in value going down to $200 million?

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Right.

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That's no big deal, bro.

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We'll just reorg, man.

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It's no big deal, bro.

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Right.

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What the?

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I don't know.

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So, all right, well, we've been...

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I did so, I don't...

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We got a lot to get into.

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It just doesn't feel right.

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You know, live stream number 24.

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Let's just get into it.

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There's a lot of topics.

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So this is brought to you by ByteFero.

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Go bank yourself.

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Can't wait to get into it, guys.

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Let's be real, right?

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Praising Telegram for launching a Bitcoin wallet.

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I've always felt like with Haley.

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Bitcoin, this digital currency that's out there that people say, oh, it might be the next big thing.

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What do you think?

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I think it's rat poison.

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Bitcoin.

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You never heard of them a few weeks ago?

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Now everybody's talking about them.

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But is it a currency?

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I don't know.

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Or is it more like a stock?

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Or is it a tulip bowl?

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We're going to debate that.

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It's stupid.

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To me, it smells like Ponzi scheme and the greater pool theory writing.

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You do like five minutes of freaking research.

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Well, thanks for coming to my set talk.

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Yes.

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Don't buy shit quits.

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Oh, man, I was getting that wrong.

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All right.

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Bitcoin's recent rally.

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Do you agree?

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Is crypto finally dead?

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Go to the next one.

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

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What are they?

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

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It was a pseudonym.

232
00:14:28,520 --> 00:14:32,920
I mean, you're literally putting real money onto a system that we don't even know who created it.

233
00:14:32,980 --> 00:14:39,460
it will come to a bad ending is this the most exciting bull run ever it's not for me no it's not

234
00:14:39,460 --> 00:14:53,700
welcome to bitcoin center the fast-paced show with a debate

235
00:14:53,700 --> 00:15:00,200
all right question number one the historic bitcoin flash crash

236
00:15:00,200 --> 00:15:05,620
after bitcoin plunged by twenty thousand dollars in an hour during friday's record twenty billion

237
00:15:05,620 --> 00:15:11,340
dollar liquidation event was this a healthy leverage flush out or a warning sign for deeper

238
00:15:11,340 --> 00:15:17,960
liquidity for jillian i mean that was something huh uh i missed it i feel like i missed it too

239
00:15:17,960 --> 00:15:24,180
i literally uh worked all day and then kind of people told me what was going on and yeah i was

240
00:15:24,180 --> 00:15:25,020
clueless about it.

241
00:15:25,200 --> 00:15:26,700
Yeah, I missed it.

242
00:15:27,260 --> 00:15:29,560
You know, I saw, by the time I tuned in,

243
00:15:30,120 --> 00:15:32,260
it was down like half of what it was.

244
00:15:33,340 --> 00:15:44,796
And it reminded me a lot of March of 2020 And I was I went instantly looking for the news I saw the Trump thing that he threatened 100 tariffs on China

245
00:15:45,076 --> 00:15:48,396
and I was like, oh, this feels like four months ago.

246
00:15:49,516 --> 00:15:52,096
And I said right away, a couple days,

247
00:15:52,416 --> 00:15:54,176
by Monday, this is going to be all sorted out.

248
00:15:54,176 --> 00:15:57,916
And then by Sunday morning, it was really almost like, oopsies.

249
00:15:58,996 --> 00:16:00,536
I read the memo wrong.

250
00:16:00,536 --> 00:16:07,836
And AI told me he was going to eliminate any export of capital.

251
00:16:08,016 --> 00:16:10,796
But now it just looks like they're going to monitor it a little bit more closely.

252
00:16:11,316 --> 00:16:13,816
And I read a word wrong, and it's all good.

253
00:16:13,836 --> 00:16:16,416
At the end of the day, I think this is probably pretty good for Bitcoin.

254
00:16:17,456 --> 00:16:17,716
Yeah.

255
00:16:17,716 --> 00:16:23,056
I mean, I think it's kind of normal for up 80% for the year and kind of a bull cycle,

256
00:16:23,396 --> 00:16:26,756
even though it hasn't been a bull off top yet and might not come.

257
00:16:26,756 --> 00:16:33,656
Now, if we had a 20% down bar at the end of a hype,

258
00:16:33,856 --> 00:16:36,656
like at the end of an exponential run,

259
00:16:36,776 --> 00:16:37,956
then I would be a little bit concerned,

260
00:16:38,056 --> 00:16:40,316
but not during this consolidation and on news.

261
00:16:40,476 --> 00:16:44,316
This wiped out like $65 billion in open interest,

262
00:16:44,896 --> 00:16:47,036
resetting positioning to July levels,

263
00:16:48,076 --> 00:16:49,256
and exposing thin books.

264
00:16:49,376 --> 00:16:53,076
There was like a crypto nuclear explosion,

265
00:16:53,836 --> 00:16:55,756
and coins went from like $350 to a penny.

266
00:16:55,756 --> 00:16:57,336
I guess shitcoins got smoked.

267
00:16:57,856 --> 00:17:06,736
So that's where this crossing with the Trump thing is weird because you read it from the crypto world.

268
00:17:07,476 --> 00:17:12,456
And this was a little bit like they're trying to say it's not to do with stablecoins and things like that.

269
00:17:13,056 --> 00:17:16,736
But there were liquidity issues on these centralized exchanges.

270
00:17:16,736 --> 00:17:22,516
And there were discrepancies between ETH, USD of like 300% between different exchanges.

271
00:17:22,776 --> 00:17:22,956
You know why?

272
00:17:22,956 --> 00:17:27,376
because the market in these shitcoins is just market makers.

273
00:17:27,956 --> 00:17:29,376
It's market makers making-

274
00:17:29,376 --> 00:17:31,036
Right, and so they were rebalancing their books

275
00:17:31,036 --> 00:17:32,696
and liquidating profitable positions.

276
00:17:32,936 --> 00:17:33,116
Yeah.

277
00:17:33,296 --> 00:17:34,916
And when they say 20 billion loss,

278
00:17:34,956 --> 00:17:37,316
that's not 20 billion of put in capital though.

279
00:17:37,736 --> 00:17:37,956
Yeah.

280
00:17:38,136 --> 00:17:40,276
That's, you know, you make a $200 bet

281
00:17:40,276 --> 00:17:42,696
and now it's worth two, you lever up 20X.

282
00:17:42,996 --> 00:17:43,216
Right.

283
00:17:43,376 --> 00:17:44,396
And you lose that.

284
00:17:44,496 --> 00:17:47,356
You don't lose your capital, you know, all 20 billion.

285
00:17:47,356 --> 00:17:49,536
You lose a portion of that in capital terms.

286
00:17:50,276 --> 00:17:52,216
But this was crazy.

287
00:17:52,216 --> 00:17:57,336
So like some of these stable coins like de-pegged by like 35%.

288
00:17:57,336 --> 00:17:59,476
And we'll get into it a little bit more.

289
00:17:59,856 --> 00:18:07,436
But, you know, it kind of exposed some fragility in the broader bullshit crypto system.

290
00:18:07,656 --> 00:18:08,336
It needs to happen.

291
00:18:08,336 --> 00:18:08,696
It is healthy, right?

292
00:18:08,716 --> 00:18:09,656
It's definitely healthy.

293
00:18:10,236 --> 00:18:12,156
And as Bitcoiners, you're like, I've been here before.

294
00:18:12,316 --> 00:18:14,016
And it was like, I barely blinked.

295
00:18:14,196 --> 00:18:14,276
Right.

296
00:18:14,576 --> 00:18:15,376
And, you know.

297
00:18:15,456 --> 00:18:17,636
When people were told me like, hey, the markets are melting down.

298
00:18:17,736 --> 00:18:19,376
And I went and I pulled up my phone.

299
00:18:19,376 --> 00:18:22,136
I looked at Bitcoin and I'm like, oh.

300
00:18:22,216 --> 00:18:25,856
Now, Bitcoin even had some thinner exchanges, I think, that did get down to like 103.

301
00:18:26,876 --> 00:18:27,096
Yeah.

302
00:18:27,256 --> 00:18:29,616
But again, none of these things broke 100K.

303
00:18:29,676 --> 00:18:32,856
It doesn't mean it won't break 100K whenever, but very interesting.

304
00:18:33,076 --> 00:18:33,736
I think it's very good.

305
00:18:33,756 --> 00:18:34,256
Moving on.

306
00:18:34,256 --> 00:18:34,696
All right.

307
00:18:37,696 --> 00:18:38,276
All right.

308
00:18:38,356 --> 00:18:40,736
So trade war between U.S. and China looms.

309
00:18:41,316 --> 00:18:48,856
Do the newly announced tariffs signal a short-term negotiation tactic, or is the White House prepared for a sustained economic confrontation with Beijing?

310
00:18:48,856 --> 00:18:54,396
i mean i i think trump is prepared but i don't think our economy is prepared for a trade war

311
00:18:54,396 --> 00:19:00,216
for everything i've been reading yeah he might flip-flop again yeah i i would suspect that

312
00:19:00,216 --> 00:19:04,716
somebody's gonna get in his ear and be like yo this ain't gonna work because you know we can't

313
00:19:04,716 --> 00:19:11,296
build anything without china so i don't i don't know you know if there's uh like a willingness

314
00:19:11,296 --> 00:19:17,756
to really go all in and i think probably china understands that like like negotiate all you want

315
00:19:17,756 --> 00:19:24,256
talk tough all you want i mean how much pressure can we put on them other than this is a full-blown

316
00:19:24,256 --> 00:19:28,156
currency soybeans and hogs i mean i don't think it's a trade war i think it's a currency war

317
00:19:28,156 --> 00:19:34,356
oh well of course i think they both actually but it's also the currency war to do the things they

318
00:19:34,356 --> 00:19:39,996
need to do at home to keep that population from each population from revolting within

319
00:19:39,996 --> 00:19:44,556
sure so they need the appearance of like i wouldn't be like there's an undertable handshake

320
00:19:44,556 --> 00:19:47,776
Do you mind if I call out a hundred?

321
00:19:47,996 --> 00:19:50,016
I think it's all choreographed.

322
00:19:50,056 --> 00:19:53,456
I think they call up and say, hey, we're going to announce the hundred percent tariffs.

323
00:19:53,536 --> 00:19:54,656
You're going to act surprised.

324
00:19:55,596 --> 00:19:58,256
Like, we need to kind of do something over here.

325
00:19:58,716 --> 00:20:00,076
Yeah, that might be the case.

326
00:20:00,216 --> 00:20:00,856
It might be the case.

327
00:20:01,716 --> 00:20:02,356
It could be.

328
00:20:02,436 --> 00:20:03,756
I think that's all felt out.

329
00:20:03,876 --> 00:20:04,036
I think.

330
00:20:04,616 --> 00:20:10,956
But there is no denying, right, that we need rare earths and we need chips.

331
00:20:10,956 --> 00:20:11,976
Oh, no denying that.

332
00:20:11,976 --> 00:20:14,156
to upgrade our energy grids.

333
00:20:14,156 --> 00:20:15,016
That's why we bought the pesos.

334
00:20:15,196 --> 00:20:18,076
That's why we bought $40 billion of pesos the other day.

335
00:20:18,396 --> 00:20:19,576
Because it's not about it.

336
00:20:19,596 --> 00:20:23,296
That's adding liquidity to the fiat market

337
00:20:23,296 --> 00:20:25,436
and adding global liquidity.

338
00:20:25,436 --> 00:20:26,416
We bought pesos.

339
00:20:26,416 --> 00:20:29,316
And we're buying access to minerals and where it's.

340
00:20:29,336 --> 00:20:29,876
Yeah, exactly.

341
00:20:29,976 --> 00:20:30,156
Right.

342
00:20:30,456 --> 00:20:32,976
And then use that money in certain ways.

343
00:20:33,196 --> 00:20:34,036
And here's money.

344
00:20:34,296 --> 00:20:36,936
And you don't go kaboom pop right now.

345
00:20:37,116 --> 00:20:37,576
Yeah, yeah, yeah.

346
00:20:37,596 --> 00:20:38,376
Yeah, 100%.

347
00:20:38,376 --> 00:20:39,736
And it brings them under our wing.

348
00:20:39,956 --> 00:20:40,136
All right.

349
00:20:40,836 --> 00:20:41,516
Next question.

350
00:20:41,516 --> 00:20:50,796
next question all right so institutions plan to double crypto exposure by 2028 the question is if

351
00:20:50,796 --> 00:20:55,756
institutions truly plan to double their bitcoin exposure why announce it now sing the signaling

352
00:20:55,756 --> 00:21:02,876
strategy to competitors instead of quietly accumulating because this is i think is ideological

353
00:21:02,876 --> 00:21:08,956
narrative framing so this is more about crypto and stable coins and they want to push people towards

354
00:21:08,956 --> 00:21:14,636
these things now yes they're rolling these things out and they this is not about bitcoin this is not

355
00:21:14,636 --> 00:21:20,156
about um oh we're worried this is like we want people to know we're good they should use our

356
00:21:20,156 --> 00:21:25,516
products let's prime them yeah the bond market's gonna die let's start selling them this stuff

357
00:21:25,516 --> 00:21:30,796
instead yeah yeah exactly that's the bottom line and i think it just represents like moving sort

358
00:21:30,796 --> 00:21:36,076
of assets from your dollars that are not tokenized to now the tokenized dollar at the same bank or

359
00:21:36,076 --> 00:21:36,776
a different bank.

360
00:21:37,536 --> 00:21:39,196
So I think that's just priming.

361
00:21:39,596 --> 00:21:40,396
Priming the pump.

362
00:21:41,836 --> 00:21:43,596
So I think it's kind of nothing better.

363
00:21:43,736 --> 00:21:44,556
All right, let's go to the next one.

364
00:21:44,576 --> 00:21:49,916
My essay comes out tomorrow, and my take on the four-year cycle, the TLDR is like, I

365
00:21:49,916 --> 00:21:54,576
don't, there have been three four-year cycles, and there's very good reasons for them, all

366
00:21:54,576 --> 00:21:57,376
center around U.S. and Chinese monetary policy.

367
00:21:58,096 --> 00:22:01,916
I know that there is a technical factor in terms of mining rewards, but I think that

368
00:22:01,916 --> 00:22:04,256
is not really the real driver of all this.

369
00:22:04,296 --> 00:22:05,736
It just happens to happen at the same time.

370
00:22:05,736 --> 00:22:08,276
It's really about fiat liquidity between the U.S. and China.

371
00:22:09,036 --> 00:22:14,656
And if we think about this particular cycle, if we just listen to what the politicians are telling us,

372
00:22:14,716 --> 00:22:19,976
and they usually, as they've been liars or they all are, they usually tell the truth about some things.

373
00:22:20,556 --> 00:22:27,876
And the consistent message, whether we're all around the world, is we will do all these things for people,

374
00:22:28,156 --> 00:22:30,556
and we're not going to tax them for them.

375
00:22:30,556 --> 00:22:34,536
Whether that's building bombs, it's building factories, it's building houses.

376
00:22:34,536 --> 00:22:36,396
whatever it is

377
00:22:36,396 --> 00:22:39,116
taxes are not going up to the level

378
00:22:39,116 --> 00:22:41,436
needed to pay for all this stuff

379
00:22:41,436 --> 00:22:42,796
so it's all about printed money

380
00:22:42,796 --> 00:22:45,376
and whether it's the Fed or it's the PBOC

381
00:22:45,376 --> 00:22:47,456
it's ECB or whatever central bank

382
00:22:47,456 --> 00:22:48,216
you want to talk about

383
00:22:48,216 --> 00:22:51,016
the politicians are saying

384
00:22:51,016 --> 00:22:53,456
hey we need cheaper money and we need more of it

385
00:22:53,456 --> 00:22:55,116
and there's various ways of getting

386
00:22:55,116 --> 00:22:57,576
to that point

387
00:22:57,576 --> 00:22:59,176
which is why I think

388
00:22:59,176 --> 00:22:59,656
Bitcoin

389
00:22:59,656 --> 00:23:02,536
and gold

390
00:23:02,536 --> 00:23:04,436
for that matter are basically

391
00:23:04,436 --> 00:23:07,576
telling us the future is more fiat debasement.

392
00:23:07,956 --> 00:23:10,536
And so I don't think the four-year cycle applies in this particular instance,

393
00:23:10,796 --> 00:23:14,276
mainly because nobody knows what the world order is going to look like

394
00:23:14,276 --> 00:23:17,196
in the next two to three years, but surely we'll be volatile

395
00:23:17,196 --> 00:23:20,656
and surely politicians will print money to make sure that people feel okay

396
00:23:20,656 --> 00:23:24,316
and vote for them or support them in the political process.

397
00:23:25,096 --> 00:23:26,936
So I'm long and strong.

398
00:23:27,836 --> 00:23:28,436
All right.

399
00:23:28,516 --> 00:23:31,696
I think Arthur Hayes usually has dope takes.

400
00:23:32,216 --> 00:23:33,316
Todd takes a fire.

401
00:23:33,316 --> 00:23:37,396
i think he makes a lot of predictions i don't think he's known as a great trader i don't i

402
00:23:37,396 --> 00:23:43,396
haven't heard all his predictions come true i've seen some of them fall flat but uh what do you

403
00:23:43,396 --> 00:23:47,236
think is the four-year cycle dead is this all driven by global equity i feel like we've talked

404
00:23:47,236 --> 00:23:50,676
about this for a bit but you've been talking about global liquidity probably longer than i have

405
00:23:51,636 --> 00:23:57,316
no i think i think arthur's totally right and i i would kind of support what he's saying by some

406
00:23:57,316 --> 00:24:03,236
some of the research I've seen Michael Howell disclose and talk about,

407
00:24:03,376 --> 00:24:04,536
and also Raoul Paul,

408
00:24:05,276 --> 00:24:10,276
in that they're looking at this global liquidity cycle

409
00:24:10,276 --> 00:24:15,196
that was synced with Bitcoin throughout these last three cycles,

410
00:24:15,196 --> 00:24:16,996
but then broke during COVID,

411
00:24:18,116 --> 00:24:20,476
meaning that in the COVID crash,

412
00:24:20,516 --> 00:24:25,716
in that era where rates went to zero and stayed low for some time,

413
00:24:25,716 --> 00:24:37,176
many, many of the world's treasury holders and debt holders refinanced, right?

414
00:24:37,176 --> 00:24:43,256
So everybody got in on these lower rates and restructured their debt.

415
00:24:43,676 --> 00:24:48,656
And so we're coming up into now an extended cycle because of that,

416
00:24:48,736 --> 00:24:51,036
where you would have a normal refinancing cycle,

417
00:24:51,216 --> 00:24:55,656
which takes low rates, takes liquidity to operate the refinancing cycle.

418
00:24:55,716 --> 00:25:10,236
If that gets delayed because everybody was able to refinance in late 2020 and that pushes out this liquidity cycle, then it could naturally be that we get this liquidity cycle to last longer.

419
00:25:10,236 --> 00:25:17,776
and we see rates come down into end of this year early next year providing more liquidity and and

420
00:25:17,776 --> 00:25:22,756
uh because we're going to run into this wall of refinancing that has to happen

421
00:25:22,756 --> 00:25:28,576
you know right around the second and third quarters of next year it's massive wall of

422
00:25:28,576 --> 00:25:34,176
refinancing this it looks like it needs to be accomplished so that means more liquidity for

423
00:25:34,176 --> 00:25:38,276
Bitcoin a lot longer than what we've had in past cycles.

424
00:25:38,276 --> 00:25:44,836
So my only thought, though, is I think if liquidity plummets between now and sometime

425
00:25:44,836 --> 00:25:52,936
before the end of Q2, people, there will be half the camp will say that's because the

426
00:25:52,936 --> 00:25:53,556
cycle's over.

427
00:25:54,636 --> 00:25:59,736
Halvings, you know, this lines up enough that they'll attribute it to the halving cycle

428
00:25:59,736 --> 00:26:01,436
and not liquidity per se.

429
00:26:01,876 --> 00:26:03,676
And that will persist on.

430
00:26:03,676 --> 00:26:07,116
because i i agree i don't i think that this lines up much more with liquidity than they

431
00:26:07,116 --> 00:26:13,116
having cycles over the last 16 years so uh we'll see i think a lot of people are afraid of their

432
00:26:13,116 --> 00:26:19,036
friends being like haha how did you not see that coming again right so well and this might be i

433
00:26:19,036 --> 00:26:24,076
think a lot of the reasons why you're seeing some of the treasury company gets sold so hard

434
00:26:24,796 --> 00:26:28,796
because there's probably some people that bought that believing that it was going to be linked to

435
00:26:28,796 --> 00:26:32,956
the four-year cycle right and that they were going to put it the four-year cycle on steroids

436
00:26:32,956 --> 00:26:33,236
Yeah.

437
00:26:33,556 --> 00:26:33,716
Yeah.

438
00:26:33,916 --> 00:26:34,436
Well, we'll see.

439
00:26:34,556 --> 00:26:36,056
I mean, they are eating up a lot of supply.

440
00:26:36,316 --> 00:26:39,656
Every institution is eating a supply, more than the minted supply.

441
00:26:39,656 --> 00:26:46,276
Operates right now without banking access, isolated, yet resolute in our fight for change.

442
00:26:47,236 --> 00:26:51,296
Some in the swallows found a lifeline in Bitcoin during hyperinflation,

443
00:26:51,736 --> 00:26:55,216
usually to protect their wealth and to finance their escape.

444
00:26:55,916 --> 00:27:00,136
Today, Bitcoin bypasses government-imposed exchange rates

445
00:27:00,136 --> 00:27:02,896
and thus helps many of our people.

446
00:27:03,476 --> 00:27:08,536
It has evolved from a humanitarian tool to a vital means of resistance.

447
00:27:09,396 --> 00:27:12,276
We are grateful for a lifeline Bitcoin provides

448
00:27:12,276 --> 00:27:16,556
and look forward to embracing it in a new democratic Venezuela.

449
00:27:16,556 --> 00:27:20,896
We envision Bitcoin as part of our national reserves,

450
00:27:21,356 --> 00:27:23,896
helping rebuild what the dictatorship stole.

451
00:27:24,796 --> 00:27:28,056
Before our gold reserves were plundered,

452
00:27:28,056 --> 00:27:32,316
Venezuela had wealthy financial reserves worldwide.

453
00:27:32,836 --> 00:27:38,596
We will restore those reserves and include Bitcoin as a key component.

454
00:27:39,316 --> 00:27:45,276
The only way to help Venezuela is forced is by insuring property rights,

455
00:27:45,856 --> 00:27:49,236
low inflation, equal access to opportunity.

456
00:27:51,496 --> 00:27:57,076
Well, she sounds like she works at the United States.

457
00:27:57,076 --> 00:28:01,456
yeah well that was so my one question right there was my last question but now you're

458
00:28:01,456 --> 00:28:05,356
branching it like why was that in english well like who's she talking to is she talking to

459
00:28:05,356 --> 00:28:11,116
bitcoin or talking to venezuelans because right so that that was interesting to me another i mean

460
00:28:11,116 --> 00:28:16,856
it's another politician i'm just yeah yeah so she won the she won the norwell peace prize

461
00:28:16,856 --> 00:28:22,996
okay i'm not that's interesting for me but that's an interesting um what did she do you know what

462
00:28:22,996 --> 00:28:31,396
you got the peace prize for no that okay uh other than throwing over or taking over as opposite

463
00:28:31,396 --> 00:28:37,156
opposition leader in venezuela against an authoritarian sure but like malay was an opposition

464
00:28:37,156 --> 00:28:43,236
you know leader and did you see the concert you put on the other day no first book oh my gosh

465
00:28:43,876 --> 00:28:49,956
i can't watch it oh very neil diamond desk oh lots of grunts and groans and like performing and

466
00:28:49,956 --> 00:28:56,516
It was like a huge stadium to celebrate the release of his book.

467
00:28:56,796 --> 00:28:58,016
Yeah, he's good at that.

468
00:28:58,136 --> 00:28:59,156
He's really good at that.

469
00:28:59,316 --> 00:29:01,276
So yeah, I trust Legos so far.

470
00:29:01,476 --> 00:29:11,016
So anyways, I guess the question becomes, is Bitcoin's place a global tool for political resistance?

471
00:29:11,196 --> 00:29:12,356
Is this what they're trying to say?

472
00:29:12,596 --> 00:29:14,816
I think Bitcoin's become a global marketing tool.

473
00:29:14,816 --> 00:29:34,936
When I see this, when I see this, what I see, when I put her there, I put Pekeli in El Salvador, I put Malay in Argentina, I say, oh, okay, we're going to now just try and Bitcoinize and stablecoinize all of Latin America.

474
00:29:34,936 --> 00:29:37,156
You're now our best buddies and we're here to help.

475
00:29:37,456 --> 00:29:48,856
We're no longer going to extract resources and keep your currency down and support cartels and fly in weapons for overthrowing them.

476
00:29:48,956 --> 00:29:53,856
Instead, you're all our friends now and it's all Bitcoin and stable coins.

477
00:29:54,816 --> 00:29:57,756
And I can't help but think, like, why now?

478
00:29:57,756 --> 00:30:06,076
why why like i mean uh because i think that our allies need to move to a sort of uh to our rails

479
00:30:06,076 --> 00:30:11,596
so where the america is looking to capture right right exactly reserves hash power we love you

480
00:30:11,596 --> 00:30:16,396
now because usually you're gonna use the dollar so if you if you yeah so and we we're gonna use

481
00:30:16,396 --> 00:30:24,636
bitcoin to bring back credibility to fiat because gold is no longer credible oil is no longer sort

482
00:30:24,636 --> 00:30:29,756
are credible for it and it's kind of an interesting way around like oh bitcoin saved all these people's

483
00:30:29,756 --> 00:30:37,636
lives and that's all true right like any good psyop is 95 truth right so they're they're like

484
00:30:37,636 --> 00:30:43,516
they can tell all these great stories about bitcoin and we can celebrate venezuela which is

485
00:30:43,516 --> 00:30:48,816
all good i'm not like i don't want to sound like i just i mean this this is great for the venezuelan

486
00:30:48,816 --> 00:30:54,416
people but at the same time you just like when you you understand the political motivation of the

487
00:30:54,416 --> 00:30:57,536
United States, you begin to think like, is this set up?

488
00:30:57,536 --> 00:31:03,796
If you heard this guy, level 941, otherwise goes as pigeon, a low IQ pigeon.

489
00:31:03,796 --> 00:31:04,656
I love this guy, right?

490
00:31:04,656 --> 00:31:06,176
941, is he a Sarasota boy?

491
00:31:06,176 --> 00:31:09,176
Level 941, I don't know.

492
00:31:09,176 --> 00:31:21,032
I don think so But I have no reason to Now yeah yeah okay So he says here what Trump empire is doing China has been working on a 20 year plan since the O zeros America too

493
00:31:21,032 --> 00:31:22,012
It's all coming together.

494
00:31:22,692 --> 00:31:23,592
Capture custody,

495
00:31:23,712 --> 00:31:24,172
black rock,

496
00:31:24,252 --> 00:31:24,552
fidelity,

497
00:31:24,712 --> 00:31:25,492
coin-based custody,

498
00:31:26,092 --> 00:31:27,232
domesticate production,

499
00:31:27,532 --> 00:31:27,892
marathon,

500
00:31:28,152 --> 00:31:28,552
riot,

501
00:31:29,112 --> 00:31:29,772
clean spark,

502
00:31:29,952 --> 00:31:30,752
nuclear feeds.

503
00:31:31,412 --> 00:31:32,272
Step three,

504
00:31:32,432 --> 00:31:33,572
control liquidity rails,

505
00:31:33,712 --> 00:31:34,352
ETFs,

506
00:31:34,412 --> 00:31:34,692
banking,

507
00:31:34,772 --> 00:31:35,332
APIs,

508
00:31:35,672 --> 00:31:38,572
fed supervision for integrate legal dominance,

509
00:31:38,752 --> 00:31:39,052
FASB,

510
00:31:39,172 --> 00:31:39,792
fair value,

511
00:31:39,832 --> 00:31:42,012
SEC reporting CFTC oversight.

512
00:31:42,512 --> 00:31:43,732
Five, tie it to defense,

513
00:31:43,892 --> 00:31:45,192
Department of Energy grid,

514
00:31:45,752 --> 00:31:47,112
Department of Defense cyber layer,

515
00:31:47,412 --> 00:31:48,532
NSA hash security.

516
00:31:48,912 --> 00:31:50,152
Outcome, Bitcoin functions

517
00:31:50,152 --> 00:31:51,412
as controlled pressure valve

518
00:31:51,412 --> 00:31:52,852
for the $35 trillion in debt

519
00:31:52,852 --> 00:31:54,812
that absorbs global demand

520
00:31:54,812 --> 00:31:55,612
for hard assets

521
00:31:55,612 --> 00:31:57,012
under American jurisdiction.

522
00:31:57,972 --> 00:31:59,612
Yeah, well said.

523
00:32:00,232 --> 00:32:01,132
I think you nailed it.

524
00:32:01,992 --> 00:32:03,792
He goes on to talk about sort of...

525
00:32:03,792 --> 00:32:04,912
We should give him a seat on the show.

526
00:32:06,432 --> 00:32:07,392
He's way better.

527
00:32:07,532 --> 00:32:08,552
He's way smarter than I am.

528
00:32:08,912 --> 00:32:09,152
Yeah.

529
00:32:09,152 --> 00:32:15,532
well done 941 yeah golden riches bricks fiat inflates the west bitcoin restores hard asset

530
00:32:15,532 --> 00:32:20,032
credibility without leaving u.s custody that's the play don't replace the dollar reinforce

531
00:32:20,032 --> 00:32:26,232
keep fiat for spending use bitcoin as the reserve release valve yeah exactly and it's really that's

532
00:32:26,232 --> 00:32:32,112
what's going on and you see that marathon uh struck a deal with sort of a french uh nuclear

533
00:32:32,112 --> 00:32:38,232
energy company no i didn't see that yeah to get their excess power which is sort of like feeding

534
00:32:38,232 --> 00:32:44,432
french european power into our power grid interesting yeah marathon's building a facility

535
00:32:44,432 --> 00:32:48,912
there though i think they're tapping into an existing facility probably maybe investing in

536
00:32:48,912 --> 00:32:55,432
a future facility yeah something like that yeah i wonder how many um i wonder if there's any

537
00:32:55,432 --> 00:33:01,492
european union countries that are going to become like uh the el salvador to the united states

538
00:33:01,492 --> 00:33:05,432
well i think that's what a lot of right you know i mean like well because we're going to release

539
00:33:05,432 --> 00:33:07,532
The European Union is going to break up.

540
00:33:08,032 --> 00:33:09,932
There's no way European Union is staying together.

541
00:33:10,152 --> 00:33:10,492
I don't know.

542
00:33:10,992 --> 00:33:11,892
A lot of people say that.

543
00:33:12,132 --> 00:33:14,212
You know, it looks like it's under a lot of pressure.

544
00:33:14,552 --> 00:33:21,532
I mean, I could see France, Italy, others that are not in such great shape saying,

545
00:33:21,632 --> 00:33:25,392
you know, we should maybe tighten up our relationship with America here.

546
00:33:25,572 --> 00:33:27,472
Same playbook as the oil era.

547
00:33:27,792 --> 00:33:29,172
Create the infrastructure first.

548
00:33:29,292 --> 00:33:30,372
Declare the standard later.

549
00:33:30,872 --> 00:33:34,172
Phase one, build domestic cash production.

550
00:33:34,172 --> 00:33:39,892
phase two custody through etfs and treasury seizures phase three tokenized t-bills backed

551
00:33:39,892 --> 00:33:46,012
by verified etf seizures through etfs and treasury seizures i don't know if the end of

552
00:33:46,012 --> 00:33:52,192
treasury i don't know if etfs and wait it's like seizing treasuries from foreign nations

553
00:33:52,192 --> 00:33:56,172
or seizing like this kid this 38 year old guy's 130 000 bitcoin

554
00:33:56,172 --> 00:34:03,132
uh phase two custody through etf so having the etfs custody of the bitcoin and treasury seizures

555
00:34:03,132 --> 00:34:09,532
oh bitcoin treasury caesars yeah she's yeah to build their treasury phase three tokenized t-bills

556
00:34:09,532 --> 00:34:14,012
backed by verified energy yeah right and that could be a public private partnership like i've

557
00:34:14,012 --> 00:34:19,452
been saying that's the new dollar it's back okay that's the new dollar the hash dollar yeah so not

558
00:34:19,452 --> 00:34:24,172
the petrodollar anymore this guy got the hash dollar i like this guy yeah this guy's this guy's

559
00:34:24,172 --> 00:34:31,372
really good that's awesome yeah there's a few more i'm hoping i'm fine before we yeah so all right

560
00:34:31,372 --> 00:34:33,372
let's get on to the light all right let's do it

561
00:34:41,132 --> 00:34:47,292
all right texas europe texas bitcoin reserve

562
00:34:49,692 --> 00:34:57,612
will other states do it i'll do it for you no okay all right oh yeah i see it texas officially

563
00:34:57,612 --> 00:35:03,272
launches their bitcoin treasury so if uh texas just launched a state-run bitcoin reserve using

564
00:35:03,272 --> 00:35:07,112
taxpayer funds are there more to follow well there's already like there's already new there's

565
00:35:07,112 --> 00:35:14,032
already new hampshire arizona now texas there's like 21 or 22 others that have

566
00:35:14,032 --> 00:35:22,712
started the process or talking about the potential of it so you know i mean that's half the united

567
00:35:22,712 --> 00:35:29,992
states have got something in the works doesn't mean they're all going to pass um florida shot it

568
00:35:29,992 --> 00:35:38,552
down for instance but um yeah that was surprising but um yeah no i think we're gonna yes there's

569
00:35:38,552 --> 00:35:43,512
more to come and i think you know especially as some of these states are successful with the

570
00:35:43,512 --> 00:35:48,312
treasury just like el salvador was successful and others uh other states are gonna be like yo we're

571
00:35:48,312 --> 00:35:54,632
missing out we got to get on this program so it's going to happen yeah so but surely all right yeah

572
00:35:54,632 --> 00:35:57,992
uh we'll see how that plays out um let's move on to the next one

573
00:36:01,112 --> 00:36:06,392
the one trillion dollar stable coin prediction debate standard chartered's

574
00:36:07,272 --> 00:36:14,472
bold call the stable coin issuance will hit one trillion is meeting skepticism our analysts write

575
00:36:14,472 --> 00:36:19,992
that this forecast overlooks regulatory and adoption hurdles or are banks underestimating

576
00:36:19,992 --> 00:36:25,672
the crypto dollar demand oh i i don't think they're naive at all i think they're probably

577
00:36:25,672 --> 00:36:30,872
underestimating yeah the push they're gonna the demand and the push into the products i agree

578
00:36:31,592 --> 00:36:37,992
what this goes on to the standard uh charter sort of analysis is around um first to say okay look

579
00:36:37,992 --> 00:36:42,472
uh people want these stable coins so then they're kind of like oh well maybe then they just want

580
00:36:42,472 --> 00:36:45,012
want everything in a stable coin form.

581
00:36:45,092 --> 00:36:48,572
They want your shitty currency, but in a stable coin.

582
00:36:48,712 --> 00:36:49,612
They'll trust that more.

583
00:36:50,112 --> 00:36:52,292
And they don't want a self-custody.

584
00:36:52,432 --> 00:36:53,972
They want custodial custody.

585
00:36:54,652 --> 00:36:55,852
So they say that's an opportunity.

586
00:36:56,572 --> 00:36:58,312
But then they're like, well, you know,

587
00:36:58,352 --> 00:37:00,792
this is maybe more of like a second Bretton Woods.

588
00:37:01,132 --> 00:37:02,732
And like the trillion dollars in stable coins

589
00:37:02,732 --> 00:37:04,292
that are coming are going to be the dollar

590
00:37:04,292 --> 00:37:06,872
that's going to eat up your currency.

591
00:37:06,872 --> 00:37:09,252
And they're going to get to a safer currency.

592
00:37:09,252 --> 00:37:15,952
and and they paint that as a negative or potential sort of like disruptive force what i find what i

593
00:37:15,952 --> 00:37:21,972
no one sort of uh braces maybe the positive side for the local country there where their people

594
00:37:21,972 --> 00:37:26,992
will get a life raft to their current current country currency and the current that that

595
00:37:26,992 --> 00:37:31,232
appreciation or that stabilization of their capital doesn't have to leave the country per se

596
00:37:31,232 --> 00:37:36,952
it would even help them build at home right or stabilize their entrepreneurial activities maybe

597
00:37:36,952 --> 00:37:43,092
be at home 100 so some of that could be a value or net net positive 100 you know bringing statement

598
00:37:43,092 --> 00:37:47,612
i mean it's the first step right if you can get out if you if you're in a country with a bad

599
00:37:47,612 --> 00:37:54,352
currency and you can start to save if you if you can spend less than you make because your dollar

600
00:37:54,352 --> 00:37:58,932
is not hyper inflating uh you're gonna you're gonna start to save but the warning here is the

601
00:37:58,932 --> 00:38:04,132
genius act and the clone the monetary colonialism that's coming yes yeah for sure they're kind of

602
00:38:04,132 --> 00:38:09,392
trying to look at that and i think that is sort of not being naive no and the other thing that you

603
00:38:09,392 --> 00:38:15,072
didn't talk about though that i think is going to drive a ton of stable coin uh issuance is that i

604
00:38:15,072 --> 00:38:21,912
think all the major u.s exchanges are going to move to extended hours trading they're going to

605
00:38:21,912 --> 00:38:27,932
start to digitize securities and and they're going to bring crypto onto their platforms and that

606
00:38:27,932 --> 00:38:33,612
extended trading hours are going to require and crypto is going to require stable coins

607
00:38:33,612 --> 00:38:41,692
in order for that trading to settle instantly 24 7 365 so that's um when you start when you say

608
00:38:41,692 --> 00:38:49,352
all this it's a very interesting space to watch the nasdaq and and tokenize that stable coins they

609
00:38:49,352 --> 00:38:54,812
need to trade if anyone listening knows anything about maker dow and the history of maker dow i

610
00:38:54,812 --> 00:39:01,032
do want to understand stable coins and um i i don't i'm not saying i i think they are net positive

611
00:39:01,032 --> 00:39:05,512
for the world in a way and i'm not saying that it's not even crypto uh cryptocurrency that's just

612
00:39:05,512 --> 00:39:11,992
sort of like a tool that people can use um but and and it doesn't necessarily apply to me but i

613
00:39:11,992 --> 00:39:16,152
can see how businesses and people around the world would want stable coins um so it's gonna be a very

614
00:39:16,152 --> 00:39:20,312
interesting space to watch uh but you know what's interesting here in this report also though is

615
00:39:20,312 --> 00:39:25,752
that they they recognize that the use case for stable coins is not speculation that it's that's

616
00:39:25,752 --> 00:39:29,752
necessity oh that's interesting that's very interesting and maybe even crypto right so

617
00:39:29,752 --> 00:39:32,492
So they're recognizing that people are coming to this thing at a necessity,

618
00:39:32,592 --> 00:39:33,892
and they're not just speculating again.

619
00:39:34,332 --> 00:39:35,632
So I thought that was really interesting.

620
00:39:35,832 --> 00:39:36,992
All right, let's go to the next one.

621
00:39:38,732 --> 00:39:43,112
All right, so Lummis seeks Bitcoin tax relief.

622
00:39:43,292 --> 00:39:43,792
Oh, please.

623
00:39:44,632 --> 00:39:47,492
Senator Cynthia Lummis, and that's not even because I want to sell,

624
00:39:47,932 --> 00:39:52,152
introduced a bill to exempt small personal Bitcoin transactions from Gapogain tax.

625
00:39:52,932 --> 00:39:59,032
Will this bipartisan push finally remove a friction to Bitcoin as currency or a stock in D.C.?

626
00:39:59,032 --> 00:40:02,712
I praise her for what she's doing,

627
00:40:02,892 --> 00:40:06,612
but I think this thing is going to have a hard time getting through DC.

628
00:40:06,612 --> 00:40:06,792
Yeah, I think this is the grift.

629
00:40:07,312 --> 00:40:08,732
Because this is like...

630
00:40:08,732 --> 00:40:10,272
This will not get through.

631
00:40:10,772 --> 00:40:11,792
Not even a diminimis amount.

632
00:40:11,792 --> 00:40:13,592
Even the diminimis amount.

633
00:40:14,072 --> 00:40:15,152
It's like...

634
00:40:15,152 --> 00:40:18,512
You know that scene in Star Wars where they get under that impossibly low wall?

635
00:40:18,612 --> 00:40:18,992
It's closing.

636
00:40:19,192 --> 00:40:21,092
That is like opening this thing up.

637
00:40:21,192 --> 00:40:21,512
Yeah.

638
00:40:21,752 --> 00:40:23,532
That's like Luke Skywalker's like, yo!

639
00:40:24,712 --> 00:40:25,292
Oh, man.

640
00:40:25,292 --> 00:40:27,772
It's just so rough because it's like...

641
00:40:27,772 --> 00:40:28,912
That's treating it like money.

642
00:40:29,032 --> 00:40:35,672
literally some portion of your stack and maybe that's a whole stack for people um because that's

643
00:40:35,672 --> 00:40:41,112
they're saying six hundred dollars or five thousand three hundred dollar transactions

644
00:40:41,112 --> 00:40:47,752
five thousand a year so it's not a ton of money but it cracks that cracks the door open even if

645
00:40:47,752 --> 00:40:54,532
it's a hundred dollars yeah yeah man and it just now now then u.s people will start you know

646
00:40:54,532 --> 00:41:01,572
accepting uh bitcoin payments and that is the that should be the number one uh that would be my

647
00:41:01,572 --> 00:41:07,792
single i love it i love it i hope this works i hope she's successful do you think that everybody

648
00:41:07,792 --> 00:41:12,832
should sell pressure so like let's say someone's like someone has a number let's say someone has

649
00:41:12,832 --> 00:41:18,512
a number right no they're like oh i have x amount of bitcoin or x amount of that five thousand bucks

650
00:41:18,512 --> 00:41:24,492
per year well no let's say it was let's say it was there was no cap okay if there's no capital

651
00:41:24,492 --> 00:41:29,932
yeah let's say there's no cap so what's the question if so like let's say people like whatever

652
00:41:29,932 --> 00:41:34,192
the price is yeah so people are like hey they're thinking themselves i want bitcoin to reach a

653
00:41:34,192 --> 00:41:39,272
certain price so that i can sell but now without paying taxes yeah they might say oh i i could

654
00:41:39,272 --> 00:41:45,012
reach a lower price to because yeah people would start to trim off the top as opposed to borrowing

655
00:41:45,012 --> 00:41:45,812
against the asset.

656
00:41:46,532 --> 00:41:47,792
There would be some sell pressure.

657
00:41:48,152 --> 00:41:48,332
Right.

658
00:41:48,812 --> 00:41:50,212
But I still think it'd be great

659
00:41:50,212 --> 00:41:51,212
for the legal framework.

660
00:41:51,212 --> 00:41:52,392
That would hurt the banks

661
00:41:52,392 --> 00:41:54,692
and that would hurt anybody involved

662
00:41:54,692 --> 00:41:55,952
in lending against Bitcoin.

663
00:41:55,952 --> 00:41:56,192
All right.

664
00:41:56,292 --> 00:41:57,932
Let's go on to the next one here.

665
00:41:59,112 --> 00:41:59,812
Who's up?

666
00:42:01,652 --> 00:42:03,512
Luxembourg's Bitcoin Reserve bet.

667
00:42:05,272 --> 00:42:06,972
Luxembourg's sovereign wealth fund

668
00:42:06,972 --> 00:42:09,072
invested 1% in Bitcoin ETFs.

669
00:42:09,392 --> 00:42:11,192
Symbolic first for the Eurozone.

670
00:42:11,932 --> 00:42:13,892
But is this tiny allocation

671
00:42:13,892 --> 00:42:18,612
a mere experiment or a bellwether for nations diversifying into bitcoin reserves i think it's

672
00:42:18,612 --> 00:42:23,252
both i think you know any smart wealth advisor we've been talking about this like worth their

673
00:42:23,252 --> 00:42:28,772
uh weight in salt or sats like would give you advice to put in one percent yeah and this is

674
00:42:28,772 --> 00:42:33,492
about price exposure i think we covered this last week but like this is not bitcoin uh they're not

675
00:42:33,492 --> 00:42:38,132
buying bitcoin they're not self-custiding bitcoin they don't care about any of that they're not

676
00:42:38,132 --> 00:42:42,452
signaling to the world that you should custody bitcoin or countries should custody bitcoin

677
00:42:42,452 --> 00:42:46,592
They're just saying, hey, we're a really fucking great hedge fund,

678
00:42:47,132 --> 00:42:49,552
and we're going to put 1% in this thing,

679
00:42:49,632 --> 00:42:51,012
and it doesn't matter to us because it's nothing.

680
00:42:51,152 --> 00:42:51,992
And we have the ETF now.

681
00:42:52,172 --> 00:42:53,972
I mean, it's just another, you know.

682
00:42:53,972 --> 00:42:55,812
And it's another plug-in to America, though.

683
00:42:55,832 --> 00:42:57,572
It's another plug-in to the system.

684
00:42:57,572 --> 00:42:59,032
They probably bought IBIT.

685
00:42:59,112 --> 00:42:59,512
Probably.

686
00:42:59,832 --> 00:43:00,092
Right?

687
00:43:00,552 --> 00:43:00,912
Probably.

688
00:43:01,332 --> 00:43:05,632
It was like, hey, let's support the guy who runs the fucking World Economic Forum now.

689
00:43:05,632 --> 00:43:06,752
Buy a little bit of his product.

690
00:43:06,752 --> 00:43:11,852
The only good thing here is that it is legitimizing the asset amongst the boomers

691
00:43:11,852 --> 00:43:12,872
that have all the wealth, right?

692
00:43:12,932 --> 00:43:14,872
When boomers look at this and they go like,

693
00:43:14,952 --> 00:43:16,332
all these countries are doing it,

694
00:43:16,872 --> 00:43:18,052
all the broker-dealer is doing it.

695
00:43:18,052 --> 00:43:19,312
Sure, it is a little bit of signal.

696
00:43:19,312 --> 00:43:21,052
My advisor is talking about it.

697
00:43:21,292 --> 00:43:22,732
But I don't think, yeah,

698
00:43:22,792 --> 00:43:24,752
I think that's a very small set of people

699
00:43:24,752 --> 00:43:28,812
that are really clued into the Ray Dalios,

700
00:43:29,152 --> 00:43:32,212
the Harvard News, the Luxembourg News.

701
00:43:32,272 --> 00:43:33,812
I still think that's a very small,

702
00:43:33,892 --> 00:43:35,692
my tradified friends and I come from China,

703
00:43:35,692 --> 00:43:36,712
they're like, I don't fucking care.

704
00:43:36,952 --> 00:43:38,032
Yeah, it's like Goldman.

705
00:43:38,392 --> 00:43:38,952
Right, right, right.

706
00:43:38,952 --> 00:43:39,212
You know?

707
00:43:39,292 --> 00:43:40,572
Yeah, good point, good point.

708
00:43:40,572 --> 00:43:41,872
All right, next.

709
00:43:44,652 --> 00:43:48,812
All right, so Russia greenlights Bitcoin for banks.

710
00:43:49,752 --> 00:43:55,472
As Russia's central bank moves to let commercial banks offer crypto amid 20 million Russians already using it,

711
00:43:55,972 --> 00:43:58,332
is this a pragmatic embrace of reality?

712
00:43:59,112 --> 00:44:02,012
And do we have any idea how much the Russian government owns?

713
00:44:02,632 --> 00:44:06,592
I don't know how much the Russian government owns, but I think it's more than we know.

714
00:44:06,752 --> 00:44:07,652
Do you think they're mining?

715
00:44:08,432 --> 00:44:09,152
Oh, God.

716
00:44:09,152 --> 00:44:10,672
But I would assume so.

717
00:44:10,812 --> 00:44:12,072
I would assume they're mining.

718
00:44:12,372 --> 00:44:14,712
Do they do a Bitcoin a day?

719
00:44:15,372 --> 00:44:15,892
Who knows?

720
00:44:16,112 --> 00:44:18,132
Like they're ever going to tell you?

721
00:44:18,352 --> 00:44:19,632
No, but we could do some math.

722
00:44:19,732 --> 00:44:21,612
That's 365 Bitcoin a year.

723
00:44:22,352 --> 00:44:24,312
They're not going to be not involved.

724
00:44:24,312 --> 00:44:26,592
Do they have 100,000 Bitcoin that we don't know about?

725
00:44:26,912 --> 00:44:27,392
They could.

726
00:44:27,552 --> 00:44:28,612
They could very easily.

727
00:44:28,972 --> 00:44:30,512
I mean, Putin's met with Vitalik.

728
00:44:30,552 --> 00:44:31,712
I always think that's interesting.

729
00:44:31,852 --> 00:44:32,532
It is interesting.

730
00:44:32,532 --> 00:44:35,792
I think I don't know how much control there is or direct input.

731
00:44:35,792 --> 00:44:47,492
But I mean, I think this whole thing about the central bank, freedom, you know, freedom of computer for the world goes, he meets with Putin, he meets with South Korea.

732
00:44:48,592 --> 00:44:52,352
I mean, I guess it's good to talk to your enemies and maybe try to bring freedom.

733
00:44:52,352 --> 00:44:54,532
I don't know if I want to bring freedom to North Koreans.

734
00:44:54,592 --> 00:44:56,392
I'm not going to meet with their leader.

735
00:44:56,712 --> 00:44:59,212
He probably brought them a fuzzy unicorn in playtime.

736
00:44:59,692 --> 00:44:59,972
I don't know.

737
00:44:59,992 --> 00:45:00,292
What do you think?

738
00:45:00,372 --> 00:45:00,932
I guess we're not.

739
00:45:01,092 --> 00:45:03,072
Russia seems primed with all their new power.

740
00:45:03,072 --> 00:45:14,632
I think the central bank is going to permit this, but it's going to be under massive control for the amount of rehypothecation these banks are allowed to do with their Bitcoin, right?

741
00:45:14,772 --> 00:45:26,492
So it sounds a lot like U.S. regulation in that, yeah, we're going to let you handle crypto, but you're going to have to have one-to-one reserves, and it just breaks the bank model.

742
00:45:26,892 --> 00:45:29,972
And therefore, the banks are going to be slow to take it up.

743
00:45:29,972 --> 00:45:34,612
sure do you think it's going to bring any freedom to 20 i mean i don't know if i believe this number

744
00:45:34,612 --> 00:45:39,172
that 20 million russians are already using i mean is that crypto dude i don't know we have russians

745
00:45:39,172 --> 00:45:44,372
that work with we have russians that work for us and you know they're not worried about their freedom

746
00:45:44,372 --> 00:45:51,572
it's not like like they like you know what i mean like i don't know all right let's move on to the

747
00:45:51,572 --> 00:45:58,932
next one russia is what the russia that we grew up with um big banks playing g several g7 stable

748
00:45:58,932 --> 00:46:07,972
coin 10 banking giants b of a deutsche bank goldman etc explore a g7 peg stable coin threat

749
00:46:07,972 --> 00:46:13,572
or catalyst to bitcoin yeah it's not a threat uh definitely catalyst everyone's running to the

750
00:46:13,572 --> 00:46:17,332
table now these are some of the laggard banks goldman's weird to be in there because they

751
00:46:17,332 --> 00:46:23,252
have circle yeah so like are they just kind of like betting on different horses the g7 thing mix

752
00:46:23,252 --> 00:46:27,572
maybe that's sort of like a way to do monetary colonialism like kind of be a little bit like

753
00:46:27,572 --> 00:46:29,172
friendly with these other six countries.

754
00:46:29,172 --> 00:46:32,912
Why do I want a stable coin that's got Deutsche Bank attached to it?

755
00:46:32,912 --> 00:46:33,912
Nobody can't.

756
00:46:33,912 --> 00:46:38,252
Well, people want stable coins and look, they might not even be getting stable coins, but

757
00:46:38,252 --> 00:46:40,252
they're going to be offered products.

758
00:46:40,252 --> 00:46:44,012
So it's going to have exposure to the whole G7?

759
00:46:44,012 --> 00:46:45,692
This is where Facebook failed.

760
00:46:45,692 --> 00:46:46,692
Debt?

761
00:46:46,692 --> 00:46:58,688
All the G7 debt Like I don want the G7 debt Well yeah but they hoping some customers aren as smart as you and you know i mean i think people are pretty like if you living in a g7 country and the

762
00:46:58,688 --> 00:47:03,408
dollar is the better currency you want the dollar stable coin you don't want the g7 stable looks

763
00:47:03,408 --> 00:47:07,648
goldman launched a stable coin they're number two now it's not like these guys are idiots and can't

764
00:47:07,648 --> 00:47:12,688
you know figure out markets and maybe this failed the point is they didn't launch right but these

765
00:47:12,688 --> 00:47:14,548
these are laggard banks. They're coming late.

766
00:47:15,048 --> 00:47:16,208
Everyone wants to get in the game.

767
00:47:16,708 --> 00:47:18,388
I think it's interesting that they're going to try

768
00:47:18,388 --> 00:47:20,408
maybe the basket of currencies approach. Facebook

769
00:47:20,408 --> 00:47:22,648
failed at that. A lot of governments negotiate

770
00:47:22,648 --> 00:47:24,028
with it. Nobody wants that shit.

771
00:47:24,448 --> 00:47:26,828
And then it would just creep towards the dollar

772
00:47:26,828 --> 00:47:28,268
and then probably even maybe

773
00:47:28,268 --> 00:47:30,748
things that are not fiat. Maybe that's their angle.

774
00:47:31,248 --> 00:47:32,788
Maybe they're going to put Bitcoin in there

775
00:47:32,788 --> 00:47:34,568
or something not those

776
00:47:34,568 --> 00:47:36,368
seven currencies and be a bigger basket.

777
00:47:36,648 --> 00:47:38,668
Yeah, we'll see. Everyone's coming

778
00:47:38,668 --> 00:47:40,388
to the table. I don't have faith.

779
00:47:41,128 --> 00:47:42,668
Alright, so there was a

780
00:47:42,688 --> 00:47:48,648
mystery whale behind the 4.2 billion dollar bitcoin dump oh it was unmasked

781
00:47:49,248 --> 00:47:55,048
yeah he's oh this is the hyper liquid guy oh please this is like the kid on the roof

782
00:47:55,048 --> 00:48:00,008
what yeah what is this what do you believe do you believe this i don't know dude the way

783
00:48:00,008 --> 00:48:04,968
investigators claim hyper liquid whale who dumped 4.2 billion in bitcoin for eef

784
00:48:04,968 --> 00:48:10,548
also this is another one of those weird ones right where like there's all these arrows pointing that

785
00:48:10,548 --> 00:48:19,548
that he uh was involved as a fraud at bit forex and um you know that that he was involved in these

786
00:48:19,548 --> 00:48:30,128
other these other companies where bitcoin disappeared um and now he's but but but there's

787
00:48:30,128 --> 00:48:34,268
all these there's all this suspicion around him but he's never been arrested he's never been detained

788
00:48:34,268 --> 00:48:42,628
just seems to be floating through life without any issues and uh supposedly right trading billions

789
00:48:42,628 --> 00:48:48,228
and billions of dollars so this is the person who like was wasn't it a person who shorted bitcoin

790
00:48:48,228 --> 00:48:53,408
like right yeah 30 minutes this is supposedly that person supposedly that person and he says

791
00:48:53,408 --> 00:48:57,428
no no that was a friend's account that wasn't my or customer's account that wasn't my account oh

792
00:48:57,428 --> 00:49:01,348
he's already like that wasn't me he's also saying it wasn't him but what i'm saying is

793
00:49:01,348 --> 00:49:07,168
People that we know have done far less and been detained.

794
00:49:08,308 --> 00:49:16,768
This guy just swinging billion dollars around and being involved in corporations that have all sorts of fraud issues and things going on.

795
00:49:17,328 --> 00:49:19,168
It's all good.

796
00:49:20,388 --> 00:49:20,888
It's all good.

797
00:49:21,888 --> 00:49:23,548
Yeah, that's just a client's account.

798
00:49:23,668 --> 00:49:24,808
Don't worry about it, bro.

799
00:49:26,228 --> 00:49:27,028
I don't know.

800
00:49:27,408 --> 00:49:28,748
I don't trust any of it.

801
00:49:28,848 --> 00:49:29,348
Strange times.

802
00:49:29,348 --> 00:49:30,528
I don't trust any of it, man.

803
00:49:30,528 --> 00:49:33,308
No, I think we don't have the real story here.

804
00:49:33,428 --> 00:49:34,168
Yeah, absolutely.

805
00:49:34,788 --> 00:49:35,688
Let's move on.

806
00:49:36,148 --> 00:49:40,588
I was a big believer in Bitcoin since more or less the start of it.

807
00:49:41,388 --> 00:49:47,508
I got to buy my first few thousand of Bitcoin in 2013.

808
00:49:48,328 --> 00:49:49,408
And I didn't care much.

809
00:49:49,888 --> 00:49:52,648
I think I bought at the local maximum.

810
00:49:53,208 --> 00:49:55,788
It's something like $700 per Bitcoin.

811
00:49:56,508 --> 00:49:58,768
And I just threw a couple of millions there.

812
00:49:58,768 --> 00:50:12,948
And other people after Bitcoin later next year went down, somewhere close to 300, 200, started to express their sympathy to me.

813
00:50:13,288 --> 00:50:14,848
They said, oh, you're a poor fellow.

814
00:50:15,528 --> 00:50:21,088
You made this horrible mistake investing in this new thing, but don't feel bad about it.

815
00:50:21,288 --> 00:50:23,048
We still have some respect for you.

816
00:50:23,288 --> 00:50:25,488
And my response to them was, I don't care.

817
00:50:25,588 --> 00:50:26,348
I'm not going to sell it.

818
00:50:26,688 --> 00:50:27,708
I believe in this thing.

819
00:50:27,708 --> 00:50:31,588
I think this is the way money should work.

820
00:50:32,148 --> 00:50:34,188
Nobody can confiscate your Bitcoin from you.

821
00:50:35,308 --> 00:50:38,948
Nobody can censor you for political reasons.

822
00:50:39,668 --> 00:50:43,868
This is the ultimate means of exchange.

823
00:50:44,468 --> 00:50:49,868
And again, I'm now talking about Bitcoin, but it relates to cryptocurrencies in general.

824
00:50:50,528 --> 00:50:57,368
So I have been able to fund my lifestyle, so to say, from my Bitcoin investment.

825
00:50:57,708 --> 00:51:03,788
Some people think if I'm able to rent nice locations or fly private,

826
00:51:03,788 --> 00:51:06,988
it's because I somehow extract money from Telegram.

827
00:51:07,528 --> 00:51:13,148
Like I said, Telegram is a money-losing operation for me personally.

828
00:51:14,608 --> 00:51:19,188
Bitcoin is something that allowed me to stay afloat.

829
00:51:20,068 --> 00:51:24,708
And I believe it will come to a point when Bitcoin is worth $1 million.

830
00:51:25,488 --> 00:51:27,348
Just look at the trends.

831
00:51:27,708 --> 00:51:30,188
The governments keep bringing money like no tomorrow.

832
00:51:30,768 --> 00:51:32,008
Nobody's bringing Bitcoin.

833
00:51:32,188 --> 00:51:36,988
There is a predictable inflation and then it stops at a certain point.

834
00:51:37,908 --> 00:51:39,148
Bitcoin is here to stay.

835
00:51:39,268 --> 00:51:42,028
All the fiat currency remains to be seen.

836
00:51:43,488 --> 00:51:48,508
Yeah, but I've got so many questions.

837
00:51:49,288 --> 00:51:53,528
So he's saying Telegram's losing money.

838
00:51:54,128 --> 00:51:56,428
Bitcoin's funding his lifestyle.

839
00:51:57,708 --> 00:52:04,188
this is pr and the question is is this proving that true freedom in the future will depend more

840
00:52:04,188 --> 00:52:14,028
on code than on citizenship yeah i mean i i'm so confused this is the guy the guy that launched a

841
00:52:14,028 --> 00:52:20,668
bitcoin wallet with no bitcoin telegram founder yes telegrams bitcoin wallet

842
00:52:20,668 --> 00:52:24,108
doesn't handle Bitcoin.

843
00:52:24,388 --> 00:52:25,508
It only handles shitcoins.

844
00:52:28,148 --> 00:52:30,168
Okay, but he's also the guy who said

845
00:52:30,168 --> 00:52:34,148
that the U.S. government has a law

846
00:52:34,148 --> 00:52:36,988
that allows them to go to any developer

847
00:52:36,988 --> 00:52:38,888
at any company, tech company,

848
00:52:39,088 --> 00:52:40,488
and say, you have to give us a back.

849
00:52:40,488 --> 00:52:41,628
You have to do what we want,

850
00:52:41,708 --> 00:52:42,788
and you can't tell your boss.

851
00:52:43,248 --> 00:52:44,888
And that's why he won't move to the States.

852
00:52:45,228 --> 00:52:47,808
That sounds like a Satoshi-like figure.

853
00:52:47,908 --> 00:52:49,168
Not that I'm saying he can't do Bitcoin.

854
00:52:49,168 --> 00:52:54,088
but like almost in a way like so you would imagine so she's like look okay i worked at cisco

855
00:52:54,088 --> 00:53:00,408
and uh in my spare time i created bitcoin i haven't made any money from bitcoin maybe that's

856
00:53:00,408 --> 00:53:05,528
why i spent any of my bitcoin i lost money making this thing but thank god for my oracle stock

857
00:53:05,528 --> 00:53:10,668
options that allowed me to do this thing do you think that uh maybe he didn't put bitcoin maybe

858
00:53:10,668 --> 00:53:14,748
he really does love bitcoin and he didn't put it in his wallet because he knew he had to put a

859
00:53:14,748 --> 00:53:21,568
back door in his wallet and he didn't want to fuck bitcoiners sure if it's a sure i mean i'm

860
00:53:21,568 --> 00:53:26,368
just saying figure out a way to do it the way that would work either you're you're feeding us

861
00:53:26,368 --> 00:53:32,448
a line of shit now because you don't really like bitcoin but well he could be just someone who did

862
00:53:32,448 --> 00:53:36,788
really his story is very interesting he put a few million but if you love if you love bitcoin why

863
00:53:36,788 --> 00:53:41,848
is it not like the primary asset or the only asset in your telegram that's a really fair

864
00:53:41,848 --> 00:53:42,948
It's not even there.

865
00:53:44,108 --> 00:53:45,928
They have a crypto wallet.

866
00:53:46,388 --> 00:53:47,488
They have a crypto wallet.

867
00:53:47,728 --> 00:53:48,948
Yes, they launched a crypto.

868
00:53:49,028 --> 00:53:50,728
Dude, this is in our intro.

869
00:53:50,988 --> 00:53:53,108
I'm saying, give me a break about Telegram.

870
00:53:53,168 --> 00:53:53,388
Right.

871
00:53:53,568 --> 00:53:54,688
They launched.

872
00:53:55,388 --> 00:53:56,108
I don't use it.

873
00:53:56,108 --> 00:53:58,748
The media is like, they launched a Bitcoin wallet.

874
00:53:58,988 --> 00:54:00,428
And then I went in and checked it out.

875
00:54:00,448 --> 00:54:01,528
And there was no Bitcoin.

876
00:54:01,948 --> 00:54:02,988
What I don't understand.

877
00:54:03,328 --> 00:54:09,408
Every time I talk to, especially people on X or Bitcoiners, they're like, yo, you got a Telegram?

878
00:54:09,528 --> 00:54:10,308
Yo, you got a signal?

879
00:54:10,308 --> 00:54:15,028
and i'm like why can't we talk what like what are we going to talk about that like i'm always like

880
00:54:15,028 --> 00:54:19,748
why we need to go to this encrypted platform right and we never end up talking about anything that i

881
00:54:19,748 --> 00:54:26,388
would be like why did we leave where we were already communicating and go to this other one

882
00:54:26,388 --> 00:54:30,788
for what benefit you know i don't know yeah i don't know but so i think it's really interesting

883
00:54:30,788 --> 00:54:36,068
i thought that was an amazing quip lexine pissed okay so it was like oh you like this bitcoin thing

884
00:54:36,068 --> 00:54:41,028
a little too much you you didn't sell any you're still holding like he was like this he seems a

885
00:54:41,028 --> 00:54:47,268
little like wrap it up you know and i don't know man like that that was inspiring to me but it's

886
00:54:47,268 --> 00:54:52,868
disappointing to hear the bitcoin wallet yeah it's so hard for me like i don't when i don't see these

887
00:54:52,868 --> 00:54:57,268
things aligning and it could just it's but if there was anyone if there was ever anyone who under

888
00:54:57,268 --> 00:55:03,028
would understand sort of networks and censorship resistance and yeah right all that it'd be someone

889
00:55:03,028 --> 00:55:05,808
Who's creating like a Napster or a Telegram?

890
00:55:05,808 --> 00:55:10,448
If the whole point of Telegram was privacy and security,

891
00:55:11,648 --> 00:55:14,628
and you see those same kind of qualities in Bitcoin,

892
00:55:14,788 --> 00:55:16,388
and you call it the best money in the world,

893
00:55:16,808 --> 00:55:19,468
why would you not have Bitcoin in your Telegram wallet?

894
00:55:19,868 --> 00:55:20,168
I don't know.

895
00:55:20,228 --> 00:55:21,828
Don't fall for all the Bitcoin influences.

896
00:55:21,828 --> 00:55:23,348
Did he add it to the wall?

897
00:55:23,408 --> 00:55:24,808
Maybe he added it to the wall.

898
00:55:24,828 --> 00:55:25,188
We'll see.

899
00:55:25,288 --> 00:55:25,508
I don't know.

900
00:55:25,528 --> 00:55:26,488
Let's move on.

901
00:55:26,888 --> 00:55:27,968
It's driving me crazy.

902
00:55:27,968 --> 00:55:28,228
All right.

903
00:55:28,488 --> 00:55:28,928
Coinbase.

904
00:55:29,328 --> 00:55:31,788
MasterCard's $2 billion stable coin raise.

905
00:55:31,788 --> 00:55:35,068
are Coinbase and MasterCard's bidding wars,

906
00:55:35,388 --> 00:55:39,288
trying to acquire a stablecoin firm for $2 billion,

907
00:55:39,488 --> 00:55:41,988
a sign that traditional finance will pay almost anything

908
00:55:41,988 --> 00:55:44,348
to control crypto's payment plumbing.

909
00:55:45,128 --> 00:55:47,528
Well, dude, MasterCard has a lot to lose, man.

910
00:55:47,868 --> 00:55:49,488
They have a SOTUS visa.

911
00:55:49,828 --> 00:55:54,148
Because if the world starts trading stablecoins peer-to-peer,

912
00:55:54,408 --> 00:55:55,208
they're smoked.

913
00:55:56,108 --> 00:55:58,928
And I would think that they need to move into this.

914
00:55:58,928 --> 00:56:00,508
I don't think any of this is going to be peer-to-peer.

915
00:56:00,508 --> 00:56:04,028
i don't think the majority of stable coins are going to be peer-to-peer what i'm what i'm getting

916
00:56:04,028 --> 00:56:11,068
as a settlement right yeah like they need instant settlement at so badly like the the cost of

917
00:56:11,068 --> 00:56:16,428
settlement risk in their business like why why would they need to acquire like you copy paste

918
00:56:16,428 --> 00:56:22,188
the tech that's a good point like what do you like whatever you buy is gonna be like old tech

919
00:56:22,188 --> 00:56:29,788
by the time you figure out how to use it this uh banks or bvnk whatever they're called they uh they

920
00:56:29,788 --> 00:56:37,388
they have a token issuance protocol system and the rails etc so you know if you're going to be

921
00:56:37,948 --> 00:56:43,788
running credit card transactions with stable coins you're going to be issuing credit and

922
00:56:43,788 --> 00:56:47,788
running your transactions with stable coins so you have instant settlement you're going to have

923
00:56:47,788 --> 00:56:54,348
to do that in like every currency in the world if you're mastercard so they probably are highly

924
00:56:54,348 --> 00:56:59,388
incentivized to be like we need to be able to like create stable coins for every currency we deal in

925
00:56:59,388 --> 00:57:05,708
and right now everybody's doing usdt so maybe that's the way they're thinking about it and then

926
00:57:05,708 --> 00:57:14,188
if you're coinbase i mean this is like partially shutting down some competition if you really want

927
00:57:14,188 --> 00:57:22,668
to push circle or diversify into uh issuing stable coins in all the other countries so i mean yeah

928
00:57:22,668 --> 00:57:27,788
opening up markets these are these i mean they're both are highly incentivized to get this thing

929
00:57:27,788 --> 00:57:31,388
things we're going to be interesting i think they do want to own these rails yeah these rails are

930
00:57:31,388 --> 00:57:35,708
going to be very valuable very valuable i just think it's gonna be you know you bought yahoo

931
00:57:35,708 --> 00:57:41,708
you bought certain companies that just the tech wasn't there you know yeah i know this is pretty

932
00:57:41,708 --> 00:57:46,908
simple tech that's that's what i'm saying right like they're not you would want to know like you

933
00:57:46,908 --> 00:57:52,508
just build your own database like yeah you know i don't know all right um let's move on

934
00:57:52,508 --> 00:58:05,148
uh binance's 283 million crash payout binance is compensating users 283 million after several

935
00:58:05,148 --> 00:58:13,788
wrapped assets wrapped beth whatever that is bn soul and usde de-pegged in the flash crash

936
00:58:13,788 --> 00:58:19,148
does this set a new precedent for exchange responsibility or is it fostering more hazard

937
00:58:19,148 --> 00:58:27,168
for risky traders oh it's definitely not uh establishing like a uh accountability most some

938
00:58:27,168 --> 00:58:33,468
a lot a lot of this is coming out of binance or binance however people say it uh their binance

939
00:58:33,468 --> 00:58:40,248
earn program oh right and this was tied to like uh so like people were staking this stuff to get

940
00:58:40,248 --> 00:58:47,148
income and then but i think also sort of like as collateral so and it de-pegged by like 35

941
00:58:47,148 --> 00:58:54,588
percent and then there's this whole sort of like war of like the uh chain of like well our dpeg

942
00:58:54,588 --> 00:58:59,228
was 15 minutes after the bitcoin flash crash we didn't cause it because some people are saying

943
00:58:59,228 --> 00:59:03,628
this has nothing to do with trump but the flash crash that had to do more with this this deep

944
00:59:03,628 --> 00:59:09,308
hegging and the illiquidity in certain um stable coins and they're saying no that wasn't us but

945
00:59:09,308 --> 00:59:14,348
we're going to cover these because i think they want to protect their their their proprietary

946
00:59:14,348 --> 00:59:19,028
programs. And they were like, this is not the way things are going to necessarily be going forward

947
00:59:19,028 --> 00:59:24,148
if you lose your money here. I don't think they're establishing accountability. I think this is moral

948
00:59:24,148 --> 00:59:30,848
hazard or more of it. And it just shows to... It's a bailout for their customers, right?

949
00:59:31,488 --> 00:59:34,788
Yeah, it's a bailout for their customers on what are probably very profitable products.

950
00:59:34,788 --> 00:59:41,208
It's probably smart on Binances. I mean, if I was Binance and I could afford to do that,

951
00:59:41,208 --> 00:59:42,448
I'd probably do the same thing.

952
00:59:42,568 --> 00:59:44,108
I want to make my customers whole.

953
00:59:45,288 --> 00:59:53,908
But at the same time, I mean, I don't think people realize how unstable a lot of people

954
00:59:53,908 --> 00:59:56,068
and how thin some of these markets are in these.

955
00:59:56,068 --> 01:00:01,448
But if you were collateralized and the peg didn't break, you would have been still enough

956
01:00:01,448 --> 01:00:02,328
collateralization.

957
01:00:02,488 --> 01:00:06,848
And now the peg breaks and it doesn't perform the function it was and you get wiped out

958
01:00:06,848 --> 01:00:09,148
of what could have been a still profitable position.

959
01:00:09,368 --> 01:00:09,388
Yeah.

960
01:00:09,788 --> 01:00:10,188
But because.

961
01:00:10,188 --> 01:00:11,188
Oh, you know what else they said?

962
01:00:11,208 --> 01:00:14,188
Because you're linked to the most e-liquid assets.

963
01:00:14,188 --> 01:00:16,588
So they had coins that were trading like $3.50, right?

964
01:00:17,188 --> 01:00:23,408
Then the flash crash happens, and some people had old limit orders of like one penny.

965
01:00:23,408 --> 01:00:24,608
That never got closed out.

966
01:00:24,628 --> 01:00:25,808
Or that never got closed out.

967
01:00:25,848 --> 01:00:28,768
You would think they would wipe those clean after a certain period of time.

968
01:00:28,948 --> 01:00:29,248
Wow.

969
01:00:29,288 --> 01:00:33,508
And that sort of triggered some of these low buys and all these different things, right?

970
01:00:33,508 --> 01:00:33,768
Interesting.

971
01:00:33,768 --> 01:00:34,188
So, yeah.

972
01:00:34,528 --> 01:00:34,848
Interesting.

973
01:00:34,848 --> 01:00:41,008
So it points to a lot of problems in the system and that this stuff is just going to keep happening.

974
01:00:41,008 --> 01:00:48,288
good to cancel it finances for real get out of finance they're the world's largest cryptocurrencies

975
01:00:48,288 --> 01:00:55,008
so i can't believe that cz is still on the largest exchange yeah yeah largest exchange but they do

976
01:00:55,008 --> 01:00:59,728
run stable coins so some of their own and cz man still out of jail still running that thing wow

977
01:01:01,008 --> 01:01:08,288
all right the casino oh so crypto payments enter u.s casino industry

978
01:01:08,288 --> 01:01:16,208
that that's us yeah so by federal struck a deal you guys us go bank yourself with bureau pay

979
01:01:16,208 --> 01:01:22,988
is that a way yeah yeah and this will let licensed gaming operators settle bets in bitcoin and fiat

980
01:01:22,988 --> 01:01:30,048
could regulated gambling become an unexpected on-ramp for mainstream bitcoin adoption i don't

981
01:01:30,048 --> 01:01:35,608
know if it's for for adoption but i mean what burrow pay is doing is really interesting they have

982
01:01:35,608 --> 01:01:45,208
become the only licensed regulated crypto wallet by the gaming industry. So all the gaming regulators

983
01:01:45,208 --> 01:01:50,268
have given them the thumbs up and they've given them permission to be the first crypto wallet to

984
01:01:50,268 --> 01:01:56,728
interface with legal operators in the gaming space. So Burra Pay facilitates the casinos

985
01:01:56,728 --> 01:01:59,868
receiving Bitcoin from gamblers,

986
01:02:00,828 --> 01:02:04,508
an exchange by federal will take that Bitcoin,

987
01:02:04,928 --> 01:02:10,648
deliver dollars to the casino to fund the gambler's wallet.

988
01:02:11,788 --> 01:02:14,148
So the gambling is still taking place with dollars.

989
01:02:14,808 --> 01:02:16,868
And we're facilitating the exchange.

990
01:02:16,868 --> 01:02:20,968
And Boropay is the licensed regulated wallet for the entire industry.

991
01:02:20,968 --> 01:02:21,828
Well, the gambler can gamble with Bitcoin,

992
01:02:22,108 --> 01:02:23,888
but then get sort of tokenized on the end.

993
01:02:23,888 --> 01:02:28,048
No, the way this works is the gambler funds their Bitcoin,

994
01:02:28,048 --> 01:02:29,628
I mean, funds their gaming.

995
01:02:29,664 --> 01:02:33,404
They're gambling with Bitcoin, but they are getting dollar credits.

996
01:02:33,404 --> 01:02:34,764
They're out in their own Bitcoin.

997
01:02:34,904 --> 01:02:35,084
Yeah.

998
01:02:35,324 --> 01:02:36,544
So they're using Bitcoin.

999
01:02:37,264 --> 01:02:37,744
100%.

1000
01:02:37,744 --> 01:02:38,064
100%.

1001
01:02:38,064 --> 01:02:38,504
You're right.

1002
01:02:38,544 --> 01:02:39,704
They're using their Bitcoin.

1003
01:02:40,704 --> 01:02:46,344
And then they're getting, it doesn't matter if they get diamonds on the other side that are tokenized diamonds that are worth $1.

1004
01:02:46,684 --> 01:02:47,564
Because a lot of people.

1005
01:02:47,784 --> 01:02:50,284
It has a dollar value that are credits to use in the casino.

1006
01:02:50,324 --> 01:02:51,684
This is a use case, though.

1007
01:02:51,684 --> 01:02:59,764
it's like even hardcore bitcoiners would use the dollar as a unit of account when gambling probably

1008
01:02:59,764 --> 01:03:04,164
yeah unless they're gambling on the side with other bitcoiners you know something like that

1009
01:03:04,164 --> 01:03:08,244
but like when you go to a casino most people are like i want to make a 20 bet i want to make a five

1010
01:03:08,244 --> 01:03:12,484
dollar bet you know and and you're using it as a medium exchange and you're not and you're using

1011
01:03:12,484 --> 01:03:17,044
it as your account i think you know you probably may be using it as unit account before you go into

1012
01:03:17,044 --> 01:03:21,364
the casino maybe you're like hey i'm only going to give up x amount of dollars today because they

1013
01:03:21,364 --> 01:03:26,404
value my money more than that and i cannot buy that many less that's smart but once you're in

1014
01:03:26,404 --> 01:03:29,924
there you're like all right i got this hundred dollars yeah this game is a dollar that game's

1015
01:03:29,924 --> 01:03:37,604
fine the interesting thing is like the uh offshore unregulated gaming with crypto is like a giant

1016
01:03:37,604 --> 01:03:44,484
market and the casinos here in the united states have missed out on that because there was no

1017
01:03:44,484 --> 01:04:00,696
regulated solution provider They come from the gaming space The the founders do they they the founders were like some of the largest uh bitcoin i sorry uh slot machine operations in in the

1018
01:04:00,696 --> 01:04:06,456
world like as far as like the software and the operational software for the slot machines um and

1019
01:04:06,456 --> 01:04:12,056
so they've been in the gaming industry for a long time um and at some point they roll out they got

1020
01:04:12,056 --> 01:04:18,056
they got into crypto and built this what do you mean they got so they they got into it as a company

1021
01:04:18,056 --> 01:04:23,736
or they they got the founders got into they started this new company to be able to develop a wallet

1022
01:04:23,736 --> 01:04:30,696
it's a brand new company that they founded in order to build out this uh proprietary wallet for

1023
01:04:30,696 --> 01:04:36,616
gaming operators so they built a proprietary gaming regulators have approved right because

1024
01:04:36,616 --> 01:04:40,936
that's the only way you're getting in the door now the gaming regulators is that state by state or is

1025
01:04:40,936 --> 01:04:47,656
at national i believe it's state by state and then even goes into one of their all 50 states

1026
01:04:47,656 --> 01:04:53,576
indian lands it goes into online it goes it goes into all different avenues within the united states

1027
01:04:54,536 --> 01:05:00,136
right and so at some point if you have your jp morgan stable coin you know or your circle coin

1028
01:05:00,136 --> 01:05:19,368
whatever you can go or your bitcoin you can go to a casino in in the future and yeah so but this is This is online but eventually it be physical too So this you go you go to caesar palace and you want to gamble so you want to fund your casino wallet and you could pay with

1029
01:05:19,368 --> 01:05:24,448
your credit card you could pay with your paypal you could pay with venmo you could pay with bitcoin

1030
01:05:24,448 --> 01:05:28,208
so if it's bitcoin could that be in my strike wallet or my wallet anyway it doesn't matter

1031
01:05:28,208 --> 01:05:32,008
You're sending it to the Burra Pay wallet that the casino is operating.

1032
01:05:32,768 --> 01:05:33,548
So, okay.

1033
01:05:34,008 --> 01:05:35,348
So you don't see Burra Pay.

1034
01:05:35,448 --> 01:05:37,068
You log into Caesars, and Caesars is like,

1035
01:05:37,188 --> 01:05:40,428
here's your wallet that you could send your Bitcoin to this wallet,

1036
01:05:40,788 --> 01:05:42,408
which would be the Burra Pay wallet.

1037
01:05:42,428 --> 01:05:43,888
They're operating it for the casino.

1038
01:05:44,088 --> 01:05:47,608
Then Burra Pay is, I'm not saying transferring like there's a sale or whatever,

1039
01:05:47,708 --> 01:05:49,048
but however, I'm just lame in terms.

1040
01:05:49,228 --> 01:05:50,848
And Burra Pay works with ByFederal.

1041
01:05:51,768 --> 01:05:55,608
ByFederal, they say, hey, Caesars got X amount of Bitcoin.

1042
01:05:56,468 --> 01:05:57,308
Give us a quote.

1043
01:05:58,208 --> 01:05:59,268
We give them a code.

1044
01:05:59,468 --> 01:06:00,288
We exchange it.

1045
01:06:00,508 --> 01:06:01,188
We take the Bitcoin.

1046
01:06:01,968 --> 01:06:02,988
We deliver them dollars.

1047
01:06:04,368 --> 01:06:05,908
And then how does this work in practice?

1048
01:06:06,188 --> 01:06:09,968
Now that you guys, it's all set to go, how does it get implemented?

1049
01:06:10,088 --> 01:06:12,248
Do you have to go to Caesars?

1050
01:06:12,528 --> 01:06:14,768
They're signing up operators.

1051
01:06:14,768 --> 01:06:16,448
They're signing up operators.

1052
01:06:16,608 --> 01:06:18,068
They're the licensed gaming wallet.

1053
01:06:19,068 --> 01:06:20,628
We are exchanging the currency.

1054
01:06:21,828 --> 01:06:22,248
Got it.

1055
01:06:23,468 --> 01:06:36,360
That fascinating Yeah What they built is really cool really exciting We fired up to be a part of it so that online though this is was this only online no no the first uh their first inked

1056
01:06:36,360 --> 01:06:42,800
client is an online provider but they're talking they're in talks with all the major casino

1057
01:06:42,800 --> 01:06:48,840
operators in the united states fascinating all right very cool yeah well hit like and subscribe

1058
01:06:48,840 --> 01:06:54,920
if you're enjoying the show towards the end francis i don't know if we have any uh q a or comments

1059
01:06:54,920 --> 01:07:05,240
we don't there you have it um we're so exciting the best in the game all right so we just answer

1060
01:07:05,240 --> 01:07:10,040
everybody's question i hope you guys enjoy the news we're bringing to you uh this is uh bitcoin

1061
01:07:10,040 --> 01:07:16,120
center brought to you by federal go bank yourself point of sale crypto wallet and bitcoin etms

1062
01:07:17,000 --> 01:07:22,440
get that bitcoin put it in self-custody run your own node stamp your seed phrase use micro seed

1063
01:07:23,160 --> 01:07:31,160
use code matrix at microsoft.io all right i think we don't get pig butchered oh don't do that yeah

1064
01:07:31,160 --> 01:07:36,040
don't get your uh bitcoin taken by the u.s government just ignore the 15 emails you're

1065
01:07:36,040 --> 01:07:40,360
in text messages you're getting every day from coinbase withdrawals yeah there's no free lunch

1066
01:07:41,640 --> 01:07:45,960
it doesn't it's not happening

1067
01:07:46,120 --> 01:07:47,120
Bye.