The Empire Can’t Stack

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Transcription provided by Podhome.fm
Created: 06/11/2025 18:11:36
Duration: 4592.509
Channels: 1
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It is 09:15AM
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Pacific Daylight Time.
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It is the June
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2025.
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This is episode
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1,113.
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And we've got a pretty
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stacked show for you today. We've got some, House Agricultural and Financial Services Committees,
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take on The US Crypto Market Structure Bill. That's coming up.
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Marty Bent has released a,
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well, a plug in. Or not actually a plug in. Whatever it is that you put on your browser extension, that's what I'm calling. He's
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released a browser extension called Opportunity Cost. I wanna get into that one.
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Ukraine's parliament is looking at a crypto asset reserve bill
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and then economic Bitcoin nodes.
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Why there's a difference,
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and why you may want to use one.
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Bitcoin climbs slightly
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because inflation slowed in May.
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That's not my take on it. We'll we'll get into that.
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Strategy might be causing problems.
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The the whole buying of the Bitcoin and stocking of the Bitcoin and
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debting of the Bitcoin, you know what I'm getting at. We'll we'll get into that one.
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US House Financial Services Committee,
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is doing something else
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with crypto. I've not heard of this one yet.
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The clarity act is in play. And then Connecticut decides
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to pull out
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a
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a a 1911
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semi automatic pistol,
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throw one in the chamber,
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draw back the hammer,
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point it to their head,
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and pull the trigger. Yes. They did. Yes. They did. They probably will not survive this. I would like to see Connecticut as a state be subsumed by one of their neighbors at this point. Maybe something like I don't know. Is New Hampshire New Hampshire's close of, you know, close to Connecticut. I don't know if they share a border or not. You know why? Because I'm an American. God damn it. That means I don't know geography.
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We're finally
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finally seeing
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quantum
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biopharma
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companies buy Bitcoin. That will be the last up for the day. But
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and foremost,
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let's hit the list
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with this one.
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Crypto market structure bill has moved
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out of the house of committees,
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or rather the house committees, and the stablecoin
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action is now pending.
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This is about the market structure bill.
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And, by the way, it is written by Jesse Hamilton
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for the good people at CoinDesk,
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if
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that's what you think.
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The house agricultural and financial financial services committee sent a major
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major bipartisan
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message
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after advancing The United States crypto market structure bill on Tuesday marking the of several expected developments
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in the advancement of digital assets legislation expected this week.
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The KAUST financial services committee was hashing out,
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I hope they weren't smoking it. Hashing out some of the final details in a marathon hearing on Tuesday on the bill to set up digital asset market oversight before voting to advance it
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32 to 19
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even as the agriculture
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committee vetoed the advance bill,
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47 to six.
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At the same time,
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the senate's legislation
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to regulate stablecoin
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issuers
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was was rolling towards a final vote.
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This year's effort to finally set The United States stage for crypto trading oh, here we go. This is it. We'll we'll do the clarity act right here.
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Known as the digital asset market clarity act was the focus of markups, special hearings in which
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congressional panels consider amendments and put a final polish on legislation
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before
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advancing it to the chamber floor.
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In this case, two house committees were considering the Clarity Act
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at the same time on Tuesday,
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and the agriculture panel finished
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Oh, they were across the finish line. Congratulations.
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You win, quote, the clarity act provides
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certainty
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on digital assets to market participants,
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fills regulatory gaps at the commodities
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future trading commission
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and the securities and exchange commission. It bolsters American innovation
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and brings needed customer protections to digital asset related activities and intermediaries, said the agriculture
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panel's chairman, Glenn
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Thompson,
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as he opened his committee hearing.
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The panel's ranking Democrat,
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representative
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Angie
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Craig, noted that, quote, this is not a perfect bill, but
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also said that tens of millions of Americans using cryptocurrency
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will continue to grow whether congress acts or not.
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But if we don't act, it will grow without the consumer protections
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that retail investors need and deserve.
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You know, protections like those that govern
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other corners of the American financial system.
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Pausing just to say this,
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and look where that's gotten us.
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Moving on, the house bill outlines the jurisdictional borders
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between the two US market regulators
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and establishes a new leading role for the CFTC,
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commodities futures trading commission,
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over the trading of digital commodities,
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which represents the bulk of crypto activity.
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Because
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the two congressional committees
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each oversees different elements of the crypto market, commodities, and
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securities.
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Each has a piece of the relevant jurisdiction so the panels work to amend the legislation
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will have to be melded together.
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Staffers said that the products of successful markups from each committee
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would then be combined into a unified
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committee report
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to be considered by the wider house of representatives.
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The legislation has been continually overhauled
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right up to the markups with Republicans hoping to keep enough Democrats on board that a bipartisan support can influence
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how much the senate embraces the bill if it passes the house.
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But
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Democrats in the house financial services committee were still meeting to examine points of the bill they have concerned with as recently as late Monday.
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Representative David Scott, one of the Democrats
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who serves on both committees, expressed
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the discontent
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of some of his party,
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quote, the bill allows crypto firms to bypass proper oversight and ignore investor protections,
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as I have outlined on multiple occasions here and in the finance committee, he said, arguing
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that the bill does not
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properly fund the commodities regulator. Quote, the CFTC,
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though essential,
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is not
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designed
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to oversee retail facing investment products.
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Pausing to say he's correct. He's absolutely correct about that. Scott added, this is a gift to the worst actors in the industry.
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Others remain concerned
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that the legislation doesn't directly block senior government officials, most notably president Donald Trump, the orange man himself, from personally benefiting
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from crypto business interest.
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Again, pausing to say a name,
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Elizabeth Warren.
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Let's do another one.
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Nancy Pelosi.
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I'm just gonna go ahead and throw Mitch McConnell in there. I don't know
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if he's rich as snot,
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but I'm pretty sure he's got a shit ton of money. Why do I even bring these names up?
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Because none of them have any business
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having the amount of money they have
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on the salaries they make
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unless they know something that nobody else in markets knows.
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I'm talking about insider freaking trading here ladies and gentlemen.
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Let's not give these people a pass. Whether they're blue or red, it doesn't matter. I don't give a shit.
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You're
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there's no way Nancy Pelosi could have the amount of money she has.
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She is a better trader than Warren Buffett.
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She does not have the training Warren Buffett has.
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There's no way
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she's insider trading
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on information that's privy to her only
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before most other people, especially plebs and retail, ever get that information and therefore is able to completely capitalize on it and yet tell
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me and you that we're breathing too much carbon dioxide out of our lungs. I
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It's maddening to watch these people succeed
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every single thing in every single thing that they do
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and the rest of us are just sucking swamp water and yet we still vote these assholes in. I include Mitch McConnell just because I I assume
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that he is probably a scumbag just like the other two. Right? And but I just need to make sure that everybody understands. I'm trying to remain neutral here. They all suck.
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Maxine Waters, who also sucks by the way, the top Democrat on the House Financial Services Committee, raised similar concerns
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while she introduced an amendment Tuesday to the HUD, h u d, transparency act of 2025
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that would direct its inspector general to investigate
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a suggestion
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that the Department of Housing and Urban Development
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might evaluate
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crypto or stablecoins for payments. Quote,
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unfortunately,
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Trump
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and his administration are trying to force crypto down the throats of people living in HUD assisted housing.
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Wow. That is one hell of a statement there, lady. Quote,
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I, for one, would want to know if HUD is using Trump's stablecoin,
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how they choose the stablecoin,
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and what fees are being paid into the president's pocket, end quote.
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Pandering.
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That's just pandering. She literally knows nothing about the structure of what's going on. Doesn't mean that I do,
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but it's very clear she's talking out of the side of her mouth. Anyway, during Tuesday's markup,
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Democrats of the Financial Services Committee offered dozens of amendments
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to do everything from block Trump,
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from profiting off of or engaging in crypto ventures to setting requirements
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for the minimum number of commissioners, the the Securities and Exchange Commission and Commodity Futures Trading Commission
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must have before engaging in any rule making.
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These amendments
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all failed along party lines.
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And then we have the Genius Act. So where are we on the Genius Act?
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While the house moved forward with the Clarity Act, the senate is nearing a potential final vote this week
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on the guiding and establishing
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national innovation for US stablecoins of 2025,
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also known as the Genius Act, which would
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erect guardrails for the issuance of US stablecoins,
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the dollar based tokens that underpinned a wide swath of crypto trading.
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Majority leader John Thune,
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the senate's top Republican, who has recently joined the effort to push forward the stablecoin legislation, made a procedural move on Monday
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to soon advance to a final vote.
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Industry insiders are preparing for a vote as soon as well, today,
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Wednesday,
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Jared Seberg, a policy analyst at TD Cowan,
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said in a note to clients that Thune's movement meant,
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quote, a limit
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what amendments can be considered before a final vote on the package, including
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making it difficult for backers of unrelated credit card legislation to use stablecoin bill
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as leverage to force consideration of their own efforts.
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That was one of the final potential roadblocks to senate advancement of that bill, which has already drawn strong
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bipartisan votes as it moved
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through the process in that chamber of congress. And the legislation sponsor, senator Bill Hagerty,
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had made it clear that the bill faces a very tight window for adoption this year,
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considering what else is on the senate's plate. The Genius Act was on the senate's floor agenda for Tuesday with a 02:30PM
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amendment
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deadline.
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If the Genius Act passes the senate,
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it'll then head to the house
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where a similar stablecoin bill already awaits, having cleared its own committee's hurdles.
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At that point, lawmakers will have to decide their strategy on how to proceed, whether to include the stablecoin matter alongside the market structure bill as a single package,
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whether the house can just take up the senate's bill as written, or whether or not
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the house will seek to hash out its very own version.
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So in my opinion, that's the end of the article, this bill is kinda far from the finish line. Just
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be aware.
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We're just now through the house
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or getting to the very end of the house.
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Then we've got a whole other thing going on in the senate. And if they pass it or something
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like it, then
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some version of both of these things will end up at the president's desk
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for signing. I do not see that happening
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anytime very soon,
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but maybe sooner than I foresee.
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I don't know. Let's move on
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to talk about opportunity cost.
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Marty Bent from,
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well, TFTC,
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the
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used to be called Tales from the Crypt, but they,
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rebranded
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themselves,
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Truth for the Commoner,
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long time long time podcast in the Bitcoin space,
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very well loved. I love the guy myself,
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have yet to be able to meet the guy. I've I've had two opportunities
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and thought it's like I was in the middle of talking to somebody else, and I was like, oh, well, I'll go go talk to him later. One was at the, inaugural
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beef initiative,
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thing in Texas,
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and, I thought he'd be there all day long, but he did, like, one talk in the morning and then bailed out. I looked around. I go, oh, wait a minute. I was gonna go talk to Marty. Where is he? And they're like, dude, his wife is pregnant.
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He went home.
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So
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the other time was a bit block boom, and I didn't get a chance I did I did get a chance to talk to Matt O'Dell, though, for quite a while,
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but, dad didn't get a chance to talk to, mister Bent. However,
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mister Bent speaks to us through this,
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opportunitycost.app
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is the website.
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And, essentially, what it does, it's a,
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it's an extension for your web browser. It's Chrome. Okay? So I don't you know, if you're using Firefox,
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I I don't know what to tell you other than that makes me sad because I last few times I've tried to use Firefox. It's oh my god. It's so awful. Anyway, so if you've got a Chrome based bow browser,
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this will be an extension for your browser. What it will do is it will sense
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the cost in US dollars of any website
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and
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reframe that website to include that same cost
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at that particular moment of the day's
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price of bitcoin.
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So like if you're going like for instance if you're going to Zillow
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and it shows the price of a house at like you know $1,095,000
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oh my god for a four bedroom
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six bath
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four bedrooms six bathrooms why Why do you need six bathrooms if you've only got four bedrooms? What the f is wrong with everybody?
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I mean, three bathrooms is fine for a four bedroom house, man.
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That's just weird. Anyway, I I digress.
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Let's say you go to Zillow, you see this house listed for over a million dollars.
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It automatically
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adds right next to it. This extension automatically adds on the website itself, mind you,
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the price of that house
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in today's price of Bitcoin at that particular moment.
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I think that this is good. So you could go to Amazon and it would do the same thing.
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You could go to any any place that's that's showing you the price of something.
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This this
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extension will sense that and say, ah, you need to put in,
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drop in this frame right here, right next to that price,
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at what that would actually cost in Bitcoin.
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So
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it sounds easy, but that kind of thing is hard to execute because you're basically dealing
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with everybody else's website and websites you don't even know about.
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And somehow or another, this extension is able to slip the price of BTC
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alongside
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the USD.
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I think it's a great idea. He's been talking about it for a while. It looks like it's finally dropped. It's opportunitycost.app,
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opportunitycost.app.
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That's opportunitycost.app,
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and you can extend it or, install it as an extension to your Chrome browser.
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Now onto the land of milk and honey that we also call Ukraine,
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crypto asset reserve bill has landed in Ukraine's parliament. Helen Parks from Cointelegraph
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says Ukrainian lawmakers
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have introduced a draft bill, it's a draft,
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that would allow the National Bank of Ukraine to include cryptocurrencies like Bitcoin.
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It was submitted to Ukraine's parliament, the Verkhomelradha,
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I can't pronounce any of this crap, on Tuesday
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and is entitled bill number thirteen three fifty six, and it proposes amendments to the law,
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quote,
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on the National Bank of Ukraine, end quote, regarding the inclusion of crypto assets alongside gold and foreign currencies.
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While authorizing
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the central bank to acquire cryptocurrencies like Bitcoin as part of the state reserves,
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the bill would not require
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the authority to do so according to
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Yarslav
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Zlensnigak,
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a member of parliament,
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who confirmed the introduction of the bill on his Telegram channel. The central bank
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would retain full discretion over whether to allocate
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any portion of its reserves to crypto,
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how much to allocate and when to do so, quote, how, when, and how much should be the decision of the regulator itself,
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Zelensnyak
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said.
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Although leaving the final decision for the National Bank of Ukraine,
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the lawmakers support the creation of a potential state crypto asset reserve as a step that will integrate the country into global financial innovations. Quote,
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proper management of crypto reserves will help strengthen macroeconomic
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stability
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and create new opportunities for the development of the digital economy.
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The man whose name I can't pronounce wrote in a statement on Telegram.
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Okay.
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So using Telegram. Well, at least it wasn't a tweet. Right? Anyway, he discussed the potential state crypto reserve in a video commentary with Binance's regional head of Central and Eastern European countries in Central Asia,
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Karolyov
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Komikov. I
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these names.
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Who helped the lawmakers
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write the draft bill.
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Okay. Additionally, contributors to the bill include
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Peter Bilyuk,
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head of artificial intelligence practice at the local law firm,
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Just Khatum
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Legal Engineering, and a member of Ukraine's expert committee on AI
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development.
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So AI is collapsing into crypto in the eyes of
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Ukrainian
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parliament as to how they're stitching this together. That's actually kinda interesting, honestly,
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because I'm pretty sure that
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AI agents
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and,
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you know, in the future like, you know, agent
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type robots that are actually doing stuff,
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probably gonna have to use machine money for certain things like charging their batteries or getting repaired or something like that. It sounds like science fiction, ladies and gentlemen, but it's it's not going to be because either
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look. Here's the way this works. This is that's the end of the article. I'm just gonna say this.
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People kind of pooh pooh the the the thought that
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AI agents are going to use Bitcoin
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for their monetary unit.
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And if we extend that into robotics,
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like, you know, machines,
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you know, like like, why would we pay these machines?
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And no. We're not paying
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the the machines. We're not really paying the AI agents, although that that could be a thing because if it's a if it's a service,
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or, you know, a service as a subscription or subscription to cert whatever you wanna call it. If you've got a subscription for something that's doing you good, like a robot that's, I don't know, cleaning your house all day or AI that's helping you book plane tickets, whatever it is,
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If that if it has value to you, then you might be paying it money or paying the people that built it the money.
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So that's where a lot of people get confused as they say, well,
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you're not gonna be paying the robot itself and you're not gonna be paying the AI agent yours itself. You're going to be paying the people that built it.
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Yes. This is true.
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However, think of it from a management standpoint.
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If I have
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a servant like, let's say that I have a service of robots that comes and, I don't know, cleans your house like a robotic maid service.
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You pay me
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and I have to keep up the maintenance on the robots and and do all the stuff to make sure that they can get to your house and clean your house.
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What if I don't want to do that management?
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What if I just say, you
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know, why don't you just install a module into,
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you know, the computers
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the central computer core of this robot that basically says, hey, buddy. You need to take care of yourself. Here's your weekly allowance.
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And that allowance is in machine money, and it's probably going to be Bitcoin
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and probably Stablecoin.
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I I I I'm not a fan of Stablecoin, but it's I'm not going to get rid of it all by myself, so there you go.
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If you
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if you have a situation
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that is unmanaged,
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like the maintenance of a robot, then the robot is going to die. It's going to fall apart, and it won't be able to complete its mission. Right? So it's not gonna be making you any money. So therefore, it has to be managed. So the question becomes, who manages it? Are you going to manage it by fixing it yourself,
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or are you going to enable that robot to manage its maintenance
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all by itself? And if you do,
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then who's gonna do that work for free? The answer is no one.
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So
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unless you wanna manage its accounts
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as well as
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well, like, let's say, you program it to go to the
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robot shop to get fixed up or get its, like, six month tune up or whatever it is you do,
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then you've gotta manage the finances.
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Okay? You're not managing the maintenance. You you've offshored that to somebody else because you don't wanna do it, but somebody has to manage the maintenance. So you're still you're still stuck with the money management part. You've got to, you know, you've got to do the transaction with the guy that's fixing your robots.
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If you don't want to do that management,
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then you have to offshore that into the robot itself see how this works
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so I think that AI and crypto are going to become very very very close cousins
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to each other
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And I'm not the only one that thinks so. Just
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saying. Let's move on to economic Bitcoin nodes,
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why you need to use your node for it to matter.
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This is Shinobi from Bitcoin Magazine.
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What
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is an economic node?
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To understand that, you need to conceptually understand how a user interacts with the Bitcoin network in the place.
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00:24:50.115 --> 00:24:51.415
Bitcoin is a database,
391
00:24:51.795 --> 00:24:57.335
and a network to facilitate the updating and synchronization of updates to that database
392
00:24:57.795 --> 00:25:01.575
used for the primary purpose of people transacting Bitcoin,
393
00:25:02.035 --> 00:25:03.015
which is entries
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in the database.
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00:25:05.850 --> 00:25:14.350
The primary concern of a user making use of Bitcoin for this purpose is the validity of the transactions that are sent to them. For example,
396
00:25:14.730 --> 00:25:21.845
is the money they have received valid in the sense that when they go forward in the future to spend it somewhere else,
397
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that other people will also widely accept it as valid.
398
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If that is not the case, then it is useless as money.
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00:25:30.065 --> 00:25:31.845
This is the purpose of a node,
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00:25:32.225 --> 00:25:32.965
to verify
401
00:25:33.265 --> 00:25:34.085
these transactions.
402
00:25:34.900 --> 00:25:44.040
In order to do so, your node must have a complete set of all the existing coins or unspent transaction outputs, also known as UTXOs,
403
00:25:45.140 --> 00:25:46.440
in order to check
404
00:25:46.820 --> 00:25:48.120
every proposed transaction
405
00:25:48.420 --> 00:25:48.920
against.
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00:25:49.565 --> 00:25:55.825
When a transaction is broadcast, your node verifies that the coins it is spending are in this UTXO
407
00:25:56.125 --> 00:25:56.625
set
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00:25:57.245 --> 00:25:59.345
meaning that they have not been spent
409
00:25:59.645 --> 00:26:00.145
yet.
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00:26:01.660 --> 00:26:05.360
When that transaction is confirmed in a block, those individual UTXOs
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are then removed
412
00:26:07.260 --> 00:26:08.240
from the UTXO
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00:26:08.540 --> 00:26:12.080
set and the new ones created by the transaction are added
414
00:26:12.940 --> 00:26:23.215
in order to compute that UTXO set in the place a node must parse through the entire historical record of all past transactions contained in the blockchain, going through the process
415
00:26:23.595 --> 00:26:29.775
of adding each newly mined UTXO to the set and removing slash adding all
416
00:26:30.220 --> 00:26:32.560
the consumed and newly created UTXOs
417
00:26:32.940 --> 00:26:35.280
processed in each individual block
418
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without doing this, there is no way to be certain that the current UTXO
419
00:26:40.060 --> 00:26:41.040
set stored
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00:26:41.340 --> 00:26:44.160
in your node is actually accurate and valid
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00:26:44.745 --> 00:26:52.205
In the future, zero knowledge proofs may obviate the need for this by replacing the historical blockchain with the succinct cryptographic
422
00:26:52.505 --> 00:26:53.005
proof
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00:26:53.385 --> 00:26:57.485
that any given UTXO set is valid for a specific block height.
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00:26:58.345 --> 00:26:59.165
Your node
425
00:27:00.270 --> 00:27:07.410
is simply an agent for you as an economic actor, in the sense of automated AI agents that many LLM
426
00:27:07.710 --> 00:27:09.090
advocates speak about.
427
00:27:09.790 --> 00:27:13.010
It is an autonomous program acting on your behalf,
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00:27:13.525 --> 00:27:14.745
in a certain context,
429
00:27:15.125 --> 00:27:19.304
in this case guaranteeing the validity of Bitcoin transactions to ensure
430
00:27:20.085 --> 00:27:28.585
that when you are the recipient of one of those transactions the chain of transactions that created the coin spent to you is actually valid.
431
00:27:29.419 --> 00:27:33.679
An economic node is simply a node that is actually being used by someone engaging
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00:27:34.140 --> 00:27:34.960
in economic
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00:27:35.260 --> 00:27:35.760
activity
434
00:27:36.700 --> 00:27:39.279
to ensure the validity of the coins they are receiving.
435
00:27:39.980 --> 00:27:41.440
Why is that so important?
436
00:27:42.855 --> 00:27:45.515
Why do only these nodes matter?
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Think about what make makes Bitcoin function in the place.
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People running the same consensus rules.
439
00:27:52.615 --> 00:27:59.530
The only reason there is a coherent singular network is because everyone is running the same consensus rules.
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00:27:59.910 --> 00:28:01.530
When miners produce blocks,
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00:28:01.910 --> 00:28:06.809
every individual node arrives at the same conclusion as to whether or not it is valid.
442
00:28:07.635 --> 00:28:16.135
Every individual node will follow whatever is the blockchain composed of valid blocks that has the most proof of work attached to it.
443
00:28:16.915 --> 00:28:19.815
There is only a singular coherent Bitcoin network
444
00:28:20.195 --> 00:28:20.695
because
445
00:28:21.960 --> 00:28:28.780
each individual actor chooses to enforce the same set of consensus rules against blocks that miners produce.
446
00:28:29.160 --> 00:28:31.340
It is purely voluntary association,
447
00:28:32.120 --> 00:28:34.140
voluntary subjugation of oneself
448
00:28:34.625 --> 00:28:36.485
to a certain set of consensus
449
00:28:36.865 --> 00:28:37.365
rules.
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00:28:38.465 --> 00:28:40.485
So to illustrate the point, let's imagine
451
00:28:40.865 --> 00:28:45.365
three different scenarios of nodes deviating from the existing set of rules.
452
00:28:46.065 --> 00:28:46.545
In the
453
00:28:47.760 --> 00:28:48.260
imagine
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00:28:48.560 --> 00:28:55.460
a few major exchanges like Kraken, Coinbase, etcetera, all alter their consensus rules from the rest of the network.
455
00:28:56.400 --> 00:29:03.184
These nodes represent the economic platforms where Bitcoin is traded and its price established in fiat terms.
456
00:29:03.965 --> 00:29:11.345
Nodes running conflicting rules from them or making transactions that will not be recognized as valid by their nodes, to be more specific,
457
00:29:11.804 --> 00:29:14.225
now cannot engage in that market.
458
00:29:16.020 --> 00:29:18.840
Those exchange nodes will not recognize
459
00:29:19.220 --> 00:29:26.280
user deposits as valid, and as such they will not be able to deposit coins and participate in those marketplaces
460
00:29:27.220 --> 00:29:32.275
Other nodes can band together, but they cannot capture the economic power of those exchanges.
461
00:29:33.455 --> 00:29:33.955
Ultimately,
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00:29:34.575 --> 00:29:39.155
short of the value of the coin created by the rule set they are enforcing crashing to nothing,
463
00:29:39.535 --> 00:29:45.475
other nodes on the network will have no choice but to adopt their rule set in order to interact with them.
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00:29:45.990 --> 00:29:47.370
Otherwise, the exchanges
465
00:29:47.670 --> 00:29:50.090
will simply ignore and honor deposits
466
00:29:50.870 --> 00:29:52.490
their nodes consider invalid.
467
00:29:53.510 --> 00:29:54.810
In the scenario,
468
00:29:55.270 --> 00:30:00.810
let's imagine a group of much smaller businesses and users that regularly receive transactions.
469
00:30:02.095 --> 00:30:07.315
Maybe all of them together amount to the economic activity of a single exchange like Coinbase.
470
00:30:08.174 --> 00:30:08.995
These users
471
00:30:09.375 --> 00:30:17.475
choosing to alter their consensus rules is not as inescapable as a number of large exchanges in concert, but it's still significant.
472
00:30:18.630 --> 00:30:20.810
Here, other users can still access
473
00:30:21.350 --> 00:30:32.170
marketplaces like exchanges to ensure that Bitcoin is being priced by the market. The majority of the network will still accept everyone else's coins in receipt for goods or as deposits
474
00:30:32.674 --> 00:30:34.054
to trade on marketplaces,
475
00:30:34.434 --> 00:30:34.934
but
476
00:30:35.315 --> 00:30:42.695
they still represent a sizable portion of economic activity withdrawing from the rest of the network. This is leverage they can use.
477
00:30:43.475 --> 00:30:45.414
Even as a minority of the network,
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the likelihood is extremely high
479
00:30:48.270 --> 00:30:57.570
that there are sufficient levels of economic activity crossing between this minority of nodes and the rest of the network. This is not a clear case of leaving the rest of the network
480
00:30:58.030 --> 00:31:00.610
no option but to adopt the new rules,
481
00:31:01.294 --> 00:31:05.715
But it definitely creates pressure for large portions of the network who interact
482
00:31:06.095 --> 00:31:07.554
across that gap.
483
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From there, the more users that choose to cross the gap because of who they economically
484
00:31:13.470 --> 00:31:15.169
in or economically interact
485
00:31:15.630 --> 00:31:19.250
with, that pressure grows larger for the rest of the remaining network.
486
00:31:20.429 --> 00:31:26.770
Then in the last scenario, let's imagine a group of nodes representing a small set of users generating very little
487
00:31:27.135 --> 00:31:32.595
or no economic activity at all, and these users choose to alter their rule set.
488
00:31:32.895 --> 00:31:34.755
They receive almost no payments.
489
00:31:35.295 --> 00:31:39.555
They represent a rounding error in terms of economic value on the network.
490
00:31:40.015 --> 00:31:40.915
They're irrelevant
491
00:31:41.800 --> 00:31:43.100
to the rest of the network.
492
00:31:43.720 --> 00:31:53.660
Large businesses, exchanges, other economic actors, they will not care if a handful of people stop patronizing them or sending them Bitcoin for different reasons.
493
00:31:54.545 --> 00:31:57.445
This set of nodes altering their consensus rules
494
00:31:57.825 --> 00:31:58.725
doesn't matter.
495
00:31:59.424 --> 00:32:01.125
They create no pressure.
496
00:32:01.585 --> 00:32:05.765
They create no opportunity cost that matters for the rest of the network.
497
00:32:06.950 --> 00:32:14.410
An economic node's influence on the overall consensus of the Bitcoin network is proportional to the amount of economic activity involving
498
00:32:15.190 --> 00:32:17.290
that node and its owner.
499
00:32:18.470 --> 00:32:22.135
A node that is not being used for this purpose is completely
500
00:32:22.595 --> 00:32:24.135
irrelevant to the consensus
501
00:32:24.435 --> 00:32:26.695
rules of the Bitcoin network at large.
502
00:32:27.475 --> 00:32:34.535
It creates no economic pressure, imposes no opportunity cost on the rest of the network when it alters its consensus rules.
503
00:32:35.340 --> 00:32:36.240
It is indistinguishable
504
00:32:36.780 --> 00:32:39.120
from a participant in a Sybil attack
505
00:32:39.900 --> 00:32:42.559
There might be other reasons to run a node besides
506
00:32:43.179 --> 00:32:49.360
verifying your own transactions, such as direct access to blockchain data for research or analysis purposes, but ultimately,
507
00:32:50.325 --> 00:32:51.705
that node is irrelevant
508
00:32:52.085 --> 00:32:52.825
to consensus.
509
00:32:54.085 --> 00:32:57.625
This dynamic is why Bitcoin cannot be civil attacked.
510
00:32:58.245 --> 00:33:08.200
It's why some malicious actors can spin up a million nodes on Amazon Web Services running different consensus rules, and it will have zero effect on the actual Bitcoin network
511
00:33:08.820 --> 00:33:10.520
your node doesn't matter
512
00:33:11.140 --> 00:33:12.840
unless you use it
513
00:33:14.020 --> 00:33:15.080
so use it
514
00:33:16.340 --> 00:33:20.760
it's the end of the article by Shinobi out of Bitcoin Magazine and he makes a lot of sense
515
00:33:21.434 --> 00:33:24.495
For a recap, I run a full Bitcoin node.
516
00:33:25.274 --> 00:33:29.774
My full Bitcoin node is indeed an economic node.
517
00:33:30.475 --> 00:33:30.975
Why?
518
00:33:31.674 --> 00:33:32.174
Because
519
00:33:32.635 --> 00:33:34.255
I make when I make transactions,
520
00:33:35.260 --> 00:33:38.559
I literally use my node for everything about that transaction.
521
00:33:39.740 --> 00:33:41.039
I have a Specter wallet.
522
00:33:42.140 --> 00:33:43.440
I create a transaction.
523
00:33:44.539 --> 00:33:57.525
That Specter wallet is actually on my start nine node. It is directly connected to my Bitcoin full node. That's how it's able to do all of the things that a wallet does. It can read the blockchain.
524
00:33:58.304 --> 00:34:09.510
It is follow it knows what consensus rules are in play. And when it makes a transaction, it follows those consensus rules so that that transaction will be considered valid by the rest of the network.
525
00:34:10.210 --> 00:34:10.710
Then
526
00:34:11.010 --> 00:34:12.310
when I make the transaction,
527
00:34:12.770 --> 00:34:15.510
if I want to follow it on mempool dot space,
528
00:34:16.045 --> 00:34:21.105
I have mempool dot space so I can see where my transaction is, has it been confirmed,
529
00:34:21.565 --> 00:34:36.470
where is it in the block, you know, where is it in the block, is it like 15 blocks from now before it gets mined, is it in the next block, I don't know. I have to go look at the actual transaction in mempool. Space to figure that shit out. My mempool. Space instance
530
00:34:36.850 --> 00:34:42.230
is running right next to my Bitcoin full node again on my start nine.
531
00:34:42.945 --> 00:34:47.365
And the reason it knows exactly where it is in the blockchain is because it's querying
532
00:34:48.625 --> 00:34:49.365
the blockchain
533
00:34:49.985 --> 00:34:55.765
that I have a full copy of on my node to find out where in the chain it is.
534
00:34:56.840 --> 00:35:01.500
How many how much fees did I pay? Is it following the consensus rules?
535
00:35:02.200 --> 00:35:07.420
That's what an economic node is. At the at at the level of a single user
536
00:35:07.800 --> 00:35:09.500
who is, I don't know,
537
00:35:09.875 --> 00:35:10.375
buying
538
00:35:11.635 --> 00:35:15.255
a a a gift card from from Bull Bitcoin or something like that.
539
00:35:15.555 --> 00:35:16.055
Right?
540
00:35:16.434 --> 00:35:17.655
Or if I'm sending,
541
00:35:18.035 --> 00:35:21.734
you know, Bitcoin to, you know, if I'm sending Bitcoin to an exchange
542
00:35:22.059 --> 00:35:27.599
because I gotta sell it because I I don't know. I gotta pay a power bill or something like that. I'm using my node.
543
00:35:28.380 --> 00:35:30.160
So my node does matter.
544
00:35:31.099 --> 00:35:33.279
For a long time, my node
545
00:35:33.740 --> 00:35:41.015
didn't matter. I was running a Bitcoin full node, but you know how much economic activity I was actually leveraging it for?
546
00:35:41.555 --> 00:35:42.055
Zero.
547
00:35:42.434 --> 00:35:52.530
So therefore, it was not an economic node. I used to be of the mind that as long as we just spin up a whole bunch of nodes that we were going to protect the Bitcoin network.
548
00:35:52.910 --> 00:35:57.250
That is not the case and it is certainly not what Shinobi is saying here.
549
00:35:57.790 --> 00:36:00.290
When I say that you should run a full node
550
00:36:00.605 --> 00:36:03.345
it means you should also use your full node.
551
00:36:03.724 --> 00:36:04.545
I recommend
552
00:36:05.164 --> 00:36:05.664
myNodeBTC,
553
00:36:07.005 --> 00:36:08.305
and I also recommend
554
00:36:08.684 --> 00:36:09.184
Start9.
555
00:36:09.805 --> 00:36:10.625
I decommissioned
556
00:36:11.005 --> 00:36:14.385
my old Bitcoin full node, which was a myNodeBTC.
557
00:36:15.230 --> 00:36:17.490
I loved it. It was great. It worked fine.
558
00:36:18.029 --> 00:36:20.849
I'm really in love with my start nine,
559
00:36:21.470 --> 00:36:22.369
server pure.
560
00:36:22.910 --> 00:36:32.975
I love this thing because it does a bunch of stuff other than just Bitcoin, but it is where all of my Bitcoin and Lightning and mempool and wallet stuff, that's where it all occurs.
561
00:36:33.995 --> 00:36:35.695
I have an economic node.
562
00:36:36.395 --> 00:36:37.375
You should too.
563
00:36:38.075 --> 00:36:38.575
Economic
564
00:36:39.195 --> 00:36:49.210
nodes are sweet, just like Oshi products are sweet. They're awesome. They're totally awesome. In fact, www.oshigood.us.
565
00:36:49.750 --> 00:36:53.589
Oshi good, 0shig00d.us
566
00:36:53.589 --> 00:36:58.234
is where you're gonna go to pick up your jars of huddle butter. Your
567
00:36:58.855 --> 00:37:00.234
b t h
568
00:37:00.695 --> 00:37:07.195
c node candies that have t h c in it. You're gonna be able to get oshi stickers. You're gonna be able to get chocolate
569
00:37:07.552 --> 00:37:11.710
mint chocolate chip no no I'm sorry banana chocolate chip huddle bars.
570
00:37:13.290 --> 00:37:23.550
His huddle butter is just pecan butter and it's it's it I everybody that tastes this stuff says that it's astounding. I have yet to taste it, but what I have tasted
571
00:37:24.145 --> 00:37:25.285
is the huddle bar.
572
00:37:25.745 --> 00:37:36.085
It's just chock full of dates and all kinds of good stuff, man. I mean, it's like some like, right now, he's actually out of stock on that, but the ingredients are this, dates,
573
00:37:37.020 --> 00:37:43.440
pecan butter, which is that hot old butter that he talked about, dark chocolate chips, banana powder, peanut flour,
574
00:37:43.980 --> 00:37:48.560
chocolate powder or cacao powder, vanilla extract, cinnamon and sea salt.
575
00:37:49.185 --> 00:37:54.005
I mean, it's a two and a half or a 2.4 ounce bar, but I gotta tell you, man, this stuff
576
00:37:54.545 --> 00:37:55.605
packs so much,
577
00:37:56.065 --> 00:37:59.285
like, instant energy. Like, if you're on a trail, hiking,
578
00:37:59.665 --> 00:38:01.605
or running, or doing something and
579
00:38:01.905 --> 00:38:04.165
you're, like, hungry and you need some energy,
580
00:38:04.610 --> 00:38:07.990
this is where you need to go. Oshigood.us.
581
00:38:08.290 --> 00:38:09.830
Oshigood dot u s.
582
00:38:10.210 --> 00:38:13.990
Use the term Bitcoin and in the coupon code.
583
00:38:14.290 --> 00:38:15.830
He's not given a discount.
584
00:38:16.785 --> 00:38:17.285
Right?
585
00:38:18.305 --> 00:38:33.680
Just be aware. There's no 10% discount for using Bitcoin and. But this is the circle p. And if you support Oshi and you tell him, hey, I heard about your stuff on the circle p from the Bitcoin and podcast, then Oshii knows I made a sale for him.
586
00:38:34.380 --> 00:38:38.400
Oshii gets to determine how much that sale is worth to Oshii.
587
00:38:38.780 --> 00:38:41.360
And then he sends me that value
588
00:38:41.740 --> 00:38:42.720
in sats.
589
00:38:43.224 --> 00:38:45.325
This is value for value advertising.
590
00:38:45.625 --> 00:38:48.204
I do not have sponsors. I do not have promoters.
591
00:38:48.505 --> 00:38:58.444
I do not have I don't I don't get a big fat check from cold or from CoinKite or Coinbase or any of, you know, any of like these these larger companies.
592
00:38:58.869 --> 00:38:59.369
Right?
593
00:38:59.990 --> 00:39:00.230
I
594
00:39:01.830 --> 00:39:03.450
everybody else has those sponsors.
595
00:39:03.750 --> 00:39:09.210
They don't need me. They don't need me selling their products. You know who does? People like Oshi,
596
00:39:09.990 --> 00:39:11.609
you know, people like SoapMiner.
597
00:39:12.245 --> 00:39:15.385
That's what the Circle p is about. It's about giving the plebs
598
00:39:15.925 --> 00:39:19.065
a a place to put their products in front of people,
599
00:39:19.925 --> 00:39:32.640
to try it out because they love making this stuff. Maybe I get I can almost guarantee you that almost all of the people in the Circle p would rather be making the stuff that they sell in the circle p as their main
600
00:39:32.940 --> 00:39:39.359
form of income than to go to any fiat job that they actually have. I can guarantee you that.
601
00:39:39.900 --> 00:39:48.805
So when you support them, they can support me. And then I can support you by bringing you the Bitcoin news that you can use.
602
00:39:50.705 --> 00:39:55.525
Last up, Bitcoin climbs slightly as The United States report on inflation
603
00:39:56.850 --> 00:40:02.610
says that inflation slowed in May. This is James Rubin out of, dcrypt.co.
604
00:40:02.610 --> 00:40:03.110
Bitcoin
605
00:40:03.810 --> 00:40:04.310
gained
606
00:40:04.690 --> 00:40:07.990
half a percentage point after the May consumer price index
607
00:40:08.530 --> 00:40:09.910
showed that prices rose
608
00:40:10.290 --> 00:40:11.570
2.4%
609
00:40:11.570 --> 00:40:12.310
in May,
610
00:40:12.825 --> 00:40:16.205
showing that US president Donald Trump's trade war has had
611
00:40:16.585 --> 00:40:18.365
limited impact on prices.
612
00:40:18.905 --> 00:40:20.185
The 2.4
613
00:40:20.185 --> 00:40:21.325
increase is lower
614
00:40:21.865 --> 00:40:23.385
than all 73
615
00:40:23.385 --> 00:40:24.605
forecasters predicted.
616
00:40:25.299 --> 00:40:30.599
The largest cryptocurrency by market capitalization was recently hovering just below a 109,000,
617
00:40:31.059 --> 00:40:33.880
but has now risen closer to a 110,000.
618
00:40:34.260 --> 00:40:38.599
Alright. That's all that we need to know from this particular story.
619
00:40:41.695 --> 00:40:46.515
When there talk about this this is causing the the price of Bitcoin to rise,
620
00:40:46.975 --> 00:40:48.675
that sort of kinda counterintuitive
621
00:40:49.215 --> 00:40:50.915
to what this actually means,
622
00:40:51.375 --> 00:40:51.875
unless
623
00:40:53.100 --> 00:41:00.400
more and more institutional and retail people are not looking at Bitcoin as a risk asset anymore. Here's why.
624
00:41:02.060 --> 00:41:09.755
Trump has been trying to get Jerome Powell to lower the federal fund rate so that we can get cheap money so that we could do things like buy houses.
625
00:41:11.255 --> 00:41:12.635
Jerome Powell is not budging.
626
00:41:13.175 --> 00:41:14.234
He is recalcitrant.
627
00:41:14.775 --> 00:41:16.315
He is remaining in place.
628
00:41:16.615 --> 00:41:28.030
He is not moving. He's not budging. He's been telling verbally everybody that he has no reason whatsoever to lower the fed funds rate, so therefore, there's no cheap money so that you can go buy risk assets.
629
00:41:28.490 --> 00:41:36.030
Generally speaking, what happens when we get news that confirms that he's not going to lower rates yet one more freaking time
630
00:41:36.545 --> 00:41:39.365
is that we see a price drop in risk assets,
631
00:41:39.825 --> 00:41:41.445
and that would include Bitcoin
632
00:41:41.745 --> 00:41:42.245
unless
633
00:41:43.665 --> 00:41:48.805
sentiment is starting to change across the globe, or at least in The United States.
634
00:41:50.030 --> 00:41:50.530
Why?
635
00:41:51.630 --> 00:41:52.369
This news
636
00:41:52.670 --> 00:41:58.290
that inflation really didn't rise as much as possible as as 73 forecasters thought it would
637
00:41:58.670 --> 00:42:01.170
gives Jerome Powell all the ammunition
638
00:42:01.470 --> 00:42:02.210
he needs
639
00:42:02.724 --> 00:42:06.025
to go into June and July and say no
640
00:42:06.565 --> 00:42:07.865
yet one more time.
641
00:42:08.885 --> 00:42:14.505
He doesn't need to lower the federal fund rate. He is going to say, see, it's working.
642
00:42:15.130 --> 00:42:19.070
By not lowering the Fed funds rate, we are not accelerating
643
00:42:19.609 --> 00:42:23.630
anything. But if we lower the Fed funds rate, we might see a bump in inflation.
644
00:42:23.930 --> 00:42:28.330
And since inflation is clearly coming down to the chagrin of '73
645
00:42:28.330 --> 00:42:30.430
probably Nobel laureate, Keynesian
646
00:42:30.805 --> 00:42:31.305
economist,
647
00:42:31.685 --> 00:42:32.585
he's right.
648
00:42:33.205 --> 00:42:38.825
He doesn't wanna screw with that. And therefore, you are not going to see Fed funds rate drop,
649
00:42:39.125 --> 00:42:42.505
not unless something bad happens to Jerome Powell.
650
00:42:42.819 --> 00:42:45.240
And I don't want anything bad to happen to anybody.
651
00:42:45.619 --> 00:42:46.680
I'm just saying
652
00:42:47.299 --> 00:42:51.960
this story seems a bit or the the price action on Bitcoin seems a bit counterintuitive
653
00:42:53.299 --> 00:42:55.160
to what I've seen in the past.
654
00:42:55.700 --> 00:42:56.760
But like I said,
655
00:42:57.299 --> 00:42:58.119
what if
656
00:42:58.835 --> 00:42:59.494
what if
657
00:43:00.994 --> 00:43:03.575
sentiment is changing on Bitcoin as a risk asset?
658
00:43:04.275 --> 00:43:07.494
That could be interesting. Meanwhile, we will run the numbers.
659
00:43:18.490 --> 00:43:19.710
Futures and commodities,
660
00:43:20.490 --> 00:43:28.350
energy sector kicking ass today. Hell, even natural gas is up even though it's crawling sideways. But oil, West Texas Intermediate,
661
00:43:28.865 --> 00:43:30.724
is up two and a half points
662
00:43:31.184 --> 00:43:34.244
to sixty six fifty nine. Britton, North Sea is up
663
00:43:34.545 --> 00:43:35.744
2.15%
664
00:43:35.744 --> 00:43:37.204
to sixty eight thirty one.
665
00:43:37.585 --> 00:43:41.045
Natural gas is just switched to unchanged, and gasoline
666
00:43:41.570 --> 00:43:44.210
is up two and a to $2.13
667
00:43:44.210 --> 00:43:44.869
per gallon.
668
00:43:45.250 --> 00:43:50.630
Of course, the gasoline price is more, you know, more in tune with summer driving season
669
00:43:51.010 --> 00:43:53.110
than it is with actual gas and
670
00:43:53.825 --> 00:43:56.964
or rather oil and natural gas prices. But gold
671
00:43:57.265 --> 00:44:00.224
is up a quarter of a point to $33.51
672
00:44:00.224 --> 00:44:06.164
in four dimes. Silver is down a point. Platinum is up four points. Copper is down 1.6%.
673
00:44:06.625 --> 00:44:08.644
Palladium is up one and a quarter.
674
00:44:09.540 --> 00:44:11.880
Ag is mostly in the green today. Biggest winner?
675
00:44:12.820 --> 00:44:13.320
Lumber
676
00:44:13.780 --> 00:44:15.940
is the winner. 1.66%
677
00:44:15.940 --> 00:44:19.720
to the upside and the biggest loser is coffee, one and a quarter to the downside.
678
00:44:20.420 --> 00:44:26.825
Meanwhile, live cattle crawling sideways slightly in the green. Lean hogs up a quarter, feeder cattle down a half.
679
00:44:27.285 --> 00:44:36.025
The Dow is up a S and P is crawling sideways in the green, Nasdaq is up a of a point while the S and P Mini is down
680
00:44:36.725 --> 00:44:39.029
0.07%.
681
00:44:39.089 --> 00:44:42.789
Meanwhile, Bitcoin chilling out at a $109,004.20.
682
00:44:43.009 --> 00:44:44.630
No. Literally, it's $4.20.
683
00:44:45.009 --> 00:44:47.089
$2,180,000,000,000
684
00:44:47.089 --> 00:44:49.890
of market cap. We can get 32.6
685
00:44:49.890 --> 00:44:56.265
ounces of shiny metal rocks with our 1 Bitcoin of which there are $19,000,008,877,310
686
00:44:56.265 --> 00:44:59.885
and a quarter of. Average fees per block are really, really, really low.
687
00:45:00.425 --> 00:45:01.405
And we have
688
00:45:03.305 --> 00:45:07.225
five, yep, five blocks carrying 6,400
689
00:45:07.225 --> 00:45:08.445
transactions waiting
690
00:45:08.920 --> 00:45:16.700
to clear at high priority rates of three satoshas per v byte. Low priority is gonna get you into three satoshas per v byte and the hash rate
691
00:45:17.000 --> 00:45:17.500
has
692
00:45:17.960 --> 00:45:18.780
is banging
693
00:45:19.640 --> 00:45:21.800
916.9
694
00:45:21.800 --> 00:45:25.255
exa hashes per second. Whoop dee freak can do.
695
00:45:25.795 --> 00:45:26.775
Flop return,
696
00:45:27.235 --> 00:45:33.255
which was yesterday's episode of Bitcoin and I got Bitcoin arborist gave me 5,000
697
00:45:33.395 --> 00:45:36.055
sats. Thank you, brother. He says, great episode.
698
00:45:37.170 --> 00:45:38.150
Thanks for elaborating
699
00:45:38.930 --> 00:45:45.750
some in this opportune bullshit. Confusing bullshit like this makes me sometimes think that BTC is over my head
700
00:45:46.130 --> 00:45:49.109
as a lowly, hardworking fiat mining plaid.
701
00:45:49.535 --> 00:45:56.915
Tried listening to the opera turn debate and can't help but think I'm over my head in this asset and spiral into paranoia
702
00:45:57.375 --> 00:46:01.955
that clearly I must not know enough to even sit on my cold storage
703
00:46:02.255 --> 00:46:02.755
stash
704
00:46:03.210 --> 00:46:08.750
without fucking that up when the moment comes when I wanna borrow against it or whatever I'm gonna do.
705
00:46:09.609 --> 00:46:17.630
Too much shit to follow. This opportune shit reminds me of after I fell in love, after reading the Bitcoin stand standard,
706
00:46:18.055 --> 00:46:26.795
and then read Mastering Bitcoin and thought, or read Mastering Bitcoin and thought, quote, who the hell you kidding with this shit above your pay grade? End quote.
707
00:46:27.255 --> 00:46:33.880
Your pod helps me get back to the fucking meat and potatoes of stay humble and stack sats. Fuck opporturn,
708
00:46:34.180 --> 00:46:35.160
I I think,
709
00:46:35.619 --> 00:46:36.119
maybe.
710
00:46:38.900 --> 00:46:39.880
Bitcoin arborist.
711
00:46:40.260 --> 00:46:42.440
Thank you, sir. I appreciate that.
712
00:46:43.220 --> 00:46:44.119
The whole goal
713
00:46:44.925 --> 00:46:46.545
of this of this podcast
714
00:46:47.645 --> 00:46:50.065
is to kinda comb through all the news
715
00:46:50.605 --> 00:46:53.745
on a daily basis and to keep people calm.
716
00:46:54.285 --> 00:47:00.305
Man, I've seen all this shit before. I've seen it before. I've seen it before. I've seen it before. And guess what?
717
00:47:01.220 --> 00:47:03.160
I get to see it all again.
718
00:47:04.180 --> 00:47:09.559
I've seen all of the shit that you're if you're new to Bitcoin and you're wondering about this opportune stuff
719
00:47:09.859 --> 00:47:12.359
or ordinals or whatever
720
00:47:12.660 --> 00:47:16.525
fight of the day is going on, not only have I seen it before,
721
00:47:17.065 --> 00:47:19.325
I've seen it before three different times
722
00:47:19.785 --> 00:47:22.924
wearing three different dresses in three different colors
723
00:47:23.865 --> 00:47:25.164
on three different chicks.
724
00:47:25.944 --> 00:47:27.565
It's the same shit,
725
00:47:27.900 --> 00:47:31.839
different girl, different color, different dress, but it's still
726
00:47:32.220 --> 00:47:33.520
a chick wearing a dress.
727
00:47:34.460 --> 00:47:37.839
Everybody calm down. We don't need to get all all
728
00:47:38.220 --> 00:47:42.685
all up in a tizzy. And it looks like Bitcoin arborist gave me another 2,100
729
00:47:42.685 --> 00:47:46.145
sats but didn't say anything. Thank you, sir. Jubjubs with a thousand
730
00:47:47.244 --> 00:47:50.785
says Bitcoin and is quickly becoming my most anticipated podcast.
731
00:47:51.085 --> 00:47:56.625
I think this is the beginning of a beautiful friendship. Dude, thank you. I appreciate that.
732
00:47:57.470 --> 00:47:59.329
Joe oh, wait. Hold on. Psyduck
733
00:47:59.950 --> 00:48:01.170
with 714
734
00:48:01.230 --> 00:48:01.730
says
735
00:48:03.390 --> 00:48:03.890
Psyduck.
736
00:48:04.829 --> 00:48:06.369
Yodle 511.
737
00:48:07.390 --> 00:48:07.890
Pampeat.
738
00:48:08.829 --> 00:48:18.445
Turkey with 500 says nothing. I like it better when you say something, turkey. Perminer with two ten says thank you, sir, no thank you. And I think that's the weather report.
739
00:48:28.740 --> 00:48:31.000
Welcome to part two of the news you can use.
740
00:48:31.380 --> 00:48:35.720
Remember what Bitcoin arborist was saying back there during the weather report
741
00:48:36.255 --> 00:48:37.474
about being confused,
742
00:48:37.934 --> 00:48:44.994
not thinking he's out of his depth because of all the bullshit that's going on, not quite sure if he's gonna screw something up.
743
00:48:46.174 --> 00:48:49.075
Yeah. Here we go. Strategies, rising holdings,
744
00:48:49.580 --> 00:48:50.800
risk making Bitcoin
745
00:48:51.100 --> 00:48:53.280
inappropriate for central bank reserves,
746
00:48:53.900 --> 00:48:54.400
Signum
747
00:48:54.780 --> 00:48:55.280
warns.
748
00:48:55.580 --> 00:49:03.440
Now before we get into this from James Hunt out of the block, let me just say this. I've been seeing this for the last two days, not the Signum report.
749
00:49:04.025 --> 00:49:07.245
Well, it's probably all falling out of the signum report, but
750
00:49:08.185 --> 00:49:08.685
different
751
00:49:08.985 --> 00:49:09.485
pundits,
752
00:49:10.105 --> 00:49:11.245
different infiduences
753
00:49:11.785 --> 00:49:13.005
over there on the Twitters,
754
00:49:13.705 --> 00:49:19.085
all saying, you know, all of a sudden I start seeing this narrative pop up. Oh my God, they're buying too much Bitcoin.
755
00:49:21.080 --> 00:49:22.540
I've seen all this before.
756
00:49:23.960 --> 00:49:25.180
I'll see it again.
757
00:49:26.040 --> 00:49:27.340
Let me just say this.
758
00:49:28.360 --> 00:49:29.980
Bitcoin is for enemies.
759
00:49:31.480 --> 00:49:31.980
Nobody,
760
00:49:32.360 --> 00:49:35.260
not you, not me, not anybody else
761
00:49:35.744 --> 00:49:38.644
can stop strategy from buying more Bitcoin
762
00:49:39.025 --> 00:49:42.005
if they want it. We cannot stop other institutions
763
00:49:42.384 --> 00:49:45.605
and banks, whether they want to or not, to buy Bitcoin.
764
00:49:46.464 --> 00:49:48.805
We cannot force the hand of anyone
765
00:49:49.184 --> 00:49:51.204
to either buy or not buy
766
00:49:51.640 --> 00:49:52.380
the corn.
767
00:49:53.160 --> 00:49:54.220
This is good.
768
00:49:54.680 --> 00:49:55.180
Why?
769
00:49:55.640 --> 00:49:58.780
Because if we could stop somebody from buying Bitcoin,
770
00:49:59.400 --> 00:50:00.300
then Bitcoin
771
00:50:00.600 --> 00:50:02.619
failed. It is simply
772
00:50:03.000 --> 00:50:03.820
that easy.
773
00:50:04.335 --> 00:50:05.855
If you don't understand that
774
00:50:06.494 --> 00:50:08.275
if you don't understand that,
775
00:50:09.135 --> 00:50:11.474
then this is the wrong space for you.
776
00:50:12.734 --> 00:50:14.355
The whole point of Bitcoin
777
00:50:15.135 --> 00:50:17.395
was freedom of economic activity
778
00:50:19.320 --> 00:50:19.980
that is
779
00:50:20.520 --> 00:50:21.020
unhindered
780
00:50:22.360 --> 00:50:23.260
by government
781
00:50:23.880 --> 00:50:24.860
and other institutional
782
00:50:26.280 --> 00:50:26.780
irrationalizations
783
00:50:27.960 --> 00:50:30.380
on what they think money is.
784
00:50:30.815 --> 00:50:36.035
It's about the best I can put it. So let's get into why everybody's freaking out about this bullshit.
785
00:50:37.135 --> 00:50:38.275
Bitcoin acquisition
786
00:50:38.815 --> 00:50:43.715
vehicles like strategy have significantly amplified institutional demand for Bitcoin, but
787
00:50:45.060 --> 00:50:46.120
their increasingly
788
00:50:46.660 --> 00:50:47.160
aggressive
789
00:50:47.860 --> 00:50:53.160
and leveraged approach to accumulating Bitcoin risks undermining the asset's credibility
790
00:50:54.180 --> 00:50:57.320
as a central bank reserve according to a report
791
00:50:57.695 --> 00:51:00.675
from regulated digital asset bank, Signum.
792
00:51:01.055 --> 00:51:04.675
That's spelled s y g n u m, by the way.
793
00:51:05.295 --> 00:51:06.035
On Monday,
794
00:51:06.895 --> 00:51:08.835
strategy announced it had purchased
795
00:51:09.215 --> 00:51:10.275
yet more Bitcoin,
796
00:51:11.319 --> 00:51:14.119
taking its total holdings to 582,000
797
00:51:14.119 --> 00:51:14.619
Bitcoin.
798
00:51:15.480 --> 00:51:16.920
There are now a 144
799
00:51:16.920 --> 00:51:21.740
companies that have adopted some form of Bitcoin Treasury, a 114 of which are publicly traded
800
00:51:22.040 --> 00:51:24.540
with Tether backed twenty one, Nakamoto,
801
00:51:25.515 --> 00:51:29.454
Trump Media, GameStop, and k thirty three recently joining the fray
802
00:51:29.914 --> 00:51:33.694
with the likes of Meta Planet, Similar Scientific, and KULR,
803
00:51:34.795 --> 00:51:38.015
which sounds like a radio station I would like to own, but
804
00:51:38.589 --> 00:51:43.170
they're all adopting the model pioneered by strategy cofounder Michael Saylor.
805
00:51:43.710 --> 00:51:46.770
Analyst at Bernstein predicts strategy and its corporate copycats
806
00:51:47.230 --> 00:51:49.710
could add $330,000,000,000
807
00:51:49.710 --> 00:51:52.530
to their Bitcoin treasuries over the next five years,
808
00:51:52.914 --> 00:51:56.934
driven by the more pro crypto Trump administration in The United States.
809
00:51:57.315 --> 00:52:03.414
With strategies plans to expand these holdings further over time through various multimillion dollar financial programs,
810
00:52:04.434 --> 00:52:05.494
Signum warned
811
00:52:06.240 --> 00:52:07.460
that such concentration
812
00:52:07.760 --> 00:52:08.260
introduces
813
00:52:08.560 --> 00:52:09.700
systemic fragility
814
00:52:10.000 --> 00:52:11.140
potentially deterring
815
00:52:11.440 --> 00:52:17.380
central banks from adopting Bitcoin due to concerns over liquidity, volatility, and centralized influence quote,
816
00:52:18.080 --> 00:52:20.740
large concentrated holdings are a risk
817
00:52:21.485 --> 00:52:27.345
for any asset, and at that point, strategies holdings are approaching a point where they become problematic.
818
00:52:28.285 --> 00:52:32.545
With the company holding close to 3% of the total Bitcoin ever issued,
819
00:52:32.845 --> 00:52:35.905
but a much higher share of the actual liquid supply,
820
00:52:36.380 --> 00:52:40.640
the Signum analyst said, quote, their goal of acquiring 5%
821
00:52:41.260 --> 00:52:44.080
of the total issued Bitcoin raises concerns,
822
00:52:44.780 --> 00:52:47.040
not least because these vehicles amassing
823
00:52:47.580 --> 00:52:51.360
too much of the supply undermines Bitcoin safe haven properties.
824
00:52:52.355 --> 00:52:56.855
A private corporation controlling a large portion of the existing supply would make Bitcoin
825
00:52:57.714 --> 00:52:58.214
inappropriate
826
00:52:59.075 --> 00:53:02.934
for central banks to hold as a reserve asset.
827
00:53:04.990 --> 00:53:21.095
What began in 2020 as a corporate treasury strategy to hedge inflation has transformed into a speculative investment vehicle model. Signum continued with companies like strategy and newcomers such as twenty one Capital or Nakamoto Holdings now using debt, you know, convertible bonds,
828
00:53:21.555 --> 00:53:24.535
preferred stocks, and even perpetual instrumentation
829
00:53:25.475 --> 00:53:30.295
to leverage Bitcoin purchases beyond the scale of their underlying business operations.
830
00:53:30.915 --> 00:53:34.535
These firms now function more like closed end funds than corporations,
831
00:53:35.310 --> 00:53:37.090
raising doubts about the appropriateness
832
00:53:37.630 --> 00:53:40.370
of framing such activity as treasury management,
833
00:53:40.670 --> 00:53:42.530
the digital asset bank said.
834
00:53:43.150 --> 00:53:44.050
They added
835
00:53:44.430 --> 00:53:47.410
they added this, quote, the steep drop
836
00:53:47.905 --> 00:53:53.205
in the liquid supply can also reverse the structural trends of declining Bitcoin volatility
837
00:53:53.745 --> 00:53:54.885
and rising liquidity.
838
00:53:55.585 --> 00:53:59.205
Both of which has been cited by institutions and central banks
839
00:54:00.000 --> 00:54:00.500
as
840
00:54:00.960 --> 00:54:01.460
key
841
00:54:02.240 --> 00:54:05.060
preconditions for adopting Bitcoin as a reserve asset.
842
00:54:05.520 --> 00:54:11.940
These effects, the analysts argue, are now being distorted by leveraged acquisition vehicles crowding out organic demand.
843
00:54:12.975 --> 00:54:18.275
Beyond niche cases like El Salvador, very few central banks are currently even considering
844
00:54:19.055 --> 00:54:24.275
adding Bitcoin to their reserves and even fewer are enacting such plans. However, in March,
845
00:54:24.735 --> 00:54:29.690
president Trump did sign the executive order to establish the strategic Bitcoin reserve.
846
00:54:30.710 --> 00:54:34.890
Commerce or rather sorry. Hold on. Hold on. We're we're I kinda lost it again.
847
00:54:35.349 --> 00:54:37.530
Good lord. I can't even read anymore.
848
00:54:37.990 --> 00:54:42.010
There we go. Signum argues that these leverage Bitcoin strategies,
849
00:54:42.845 --> 00:54:49.424
while initially benefiting from strong bullish sentiment and helping reduce liquid supply, are unsustainable in the long term.
850
00:54:50.204 --> 00:54:51.585
Share price premiums
851
00:54:52.045 --> 00:54:57.825
over BTC holdings are already at risk of eroding or flipping into discounts, especially
852
00:54:58.390 --> 00:55:05.530
as much more or rather as more such vehicles launch and investor demand plateaus, the analyst said.
853
00:55:06.150 --> 00:55:10.410
Bear markets or fundraising difficulties could force these companies to sell Bitcoin,
854
00:55:11.085 --> 00:55:15.105
amplifying price downturns and further damaging sentiment they added.
855
00:55:15.805 --> 00:55:23.265
The trend also may crowd out more measured corporate Bitcoin allocations in Signum's view. Unlike speculative accumulation plays,
856
00:55:23.760 --> 00:55:26.980
small Bitcoin positions can serve as prudent hedges
857
00:55:27.440 --> 00:55:30.260
in a volatile global financial system. However,
858
00:55:30.640 --> 00:55:35.540
these vehicles risk giving the impression that Bitcoin is inherently tied to leverage speculation,
859
00:55:36.000 --> 00:55:36.500
potentially
860
00:55:36.800 --> 00:55:37.300
undermining
861
00:55:38.015 --> 00:55:38.515
thoughtful
862
00:55:38.895 --> 00:55:40.675
adoption by institutions,
863
00:55:41.055 --> 00:55:41.875
they added.
864
00:55:42.415 --> 00:55:42.915
Quote,
865
00:55:43.295 --> 00:55:46.755
these vehicles have catalyzed demand for Bitcoin that cannot
866
00:55:47.215 --> 00:55:48.915
or cannot yet
867
00:55:49.455 --> 00:55:56.319
access the crypto market. In this regard, they have made a contribution similar to the impact of the Bitcoin ETFs.
868
00:55:56.940 --> 00:55:58.319
They have also tremendously
869
00:55:58.700 --> 00:56:05.839
benefited shareholders of these companies by investing funds into a safe haven asset instead of into a flagging business,
870
00:56:06.345 --> 00:56:07.484
the analyst concluded.
871
00:56:08.025 --> 00:56:09.085
Quote, however,
872
00:56:10.345 --> 00:56:12.285
as demand levels off
873
00:56:12.825 --> 00:56:15.165
and is saturated by increased supply,
874
00:56:15.785 --> 00:56:19.165
the valuation of these shares relative to their Bitcoin holdings
875
00:56:19.465 --> 00:56:20.765
becomes at risk.
876
00:56:21.819 --> 00:56:27.599
Additionally, these strategies also create certain risk for the crypto market as a whole, end quote
877
00:56:30.380 --> 00:56:30.880
So
878
00:56:31.579 --> 00:56:32.640
what are they saying?
879
00:56:34.365 --> 00:56:39.905
Sounds to me like Signum. I'm gonna say a couple of ways. Signum has some good points here
880
00:56:40.205 --> 00:56:47.745
and a really bad take. And their really bad take is that, oh, Bitcoin's not gonna be adopted by central banks. Good.
881
00:56:48.380 --> 00:56:49.280
I'm glad.
882
00:56:49.900 --> 00:56:54.480
I need all the central banks to die in their own filthy water
883
00:56:54.860 --> 00:56:59.680
and drown in the scum sucking pool of sewage that they've created for themselves.
884
00:57:00.700 --> 00:57:02.000
That's what I want.
885
00:57:02.615 --> 00:57:08.635
And how do they die in their scum sucking pool of sewage that they've created themselves? Well, they don't buy Bitcoin.
886
00:57:09.575 --> 00:57:10.795
It's that simple.
887
00:57:11.414 --> 00:57:13.835
They end up filling their own nest
888
00:57:14.295 --> 00:57:16.234
with their own fecal matter
889
00:57:16.539 --> 00:57:19.039
because they can't stop shitting in the water,
890
00:57:19.900 --> 00:57:28.240
and essentially, they just poison themselves. And I'm talking about fiat creation, and central banks are part of that particular machine.
891
00:57:29.035 --> 00:57:30.575
If they don't buy Bitcoin,
892
00:57:31.035 --> 00:57:32.575
I feel good about that.
893
00:57:33.195 --> 00:57:33.855
In fact,
894
00:57:34.395 --> 00:57:40.735
maybe that's the plan of Saylor. Who knows? I I I actually don't think it is. I I think he's he's not that,
895
00:57:41.049 --> 00:57:45.390
you know, mechanistic about, you know, his four d chess playing, but maybe
896
00:57:45.769 --> 00:57:46.750
he's not dumb.
897
00:57:47.690 --> 00:57:49.230
But they do have a good point.
898
00:57:51.289 --> 00:57:53.150
He is buying an awful lot of Bitcoin.
899
00:57:54.355 --> 00:57:57.095
A lot of institutions are buying an awful lot of Bitcoin.
900
00:57:57.555 --> 00:58:02.535
The more Bitcoin they buy, the less there is on the street for the common pleb like you and me.
901
00:58:02.915 --> 00:58:04.215
That's kinda bad.
902
00:58:05.395 --> 00:58:08.455
But then they go back and make another bad point
903
00:58:08.850 --> 00:58:12.550
that this accumulation is going to crash the price of Bitcoin.
904
00:58:13.250 --> 00:58:13.990
I've seen
905
00:58:14.530 --> 00:58:18.870
I've seen crashes of Bitcoin before. You know what happened to me? Nothing.
906
00:58:19.410 --> 00:58:20.390
I didn't die.
907
00:58:20.705 --> 00:58:29.925
I didn't stop feeding myself. I was still able to locate the bathroom in the middle of the night when I woke up having to pee. So, honestly, it really didn't change much for me.
908
00:58:31.745 --> 00:58:33.285
So this seems
909
00:58:34.050 --> 00:58:37.750
like a report that's more based in, you know, in progenitive
910
00:58:38.690 --> 00:58:42.230
being a progenitor of fear, and I don't like that shit.
911
00:58:42.850 --> 00:58:46.215
In fact, I don't like this report at all because it did
912
00:58:46.615 --> 00:58:52.955
absolutely nothing to be well balanced. It's very, very concerned with whether or not central banks and massive institutions
913
00:58:53.735 --> 00:58:59.515
have an appetite for Bitcoin, and therefore, Bitcoin's gonna die. It brings up the point that
914
00:59:00.020 --> 00:59:02.920
as these as the institutions that are buying Bitcoin,
915
00:59:03.220 --> 00:59:07.000
they're buying too much Bitcoin and that's going to cause Bitcoin to die.
916
00:59:07.780 --> 00:59:11.880
There's there's really not a whole lot in this particular report
917
00:59:12.260 --> 00:59:12.760
that
918
00:59:13.380 --> 00:59:14.200
is balanced
919
00:59:14.660 --> 00:59:15.320
and neutral.
920
00:59:15.915 --> 00:59:17.215
So, in my opinion,
921
00:59:17.595 --> 00:59:19.535
this is simple fear mongering.
922
00:59:19.915 --> 00:59:21.135
For whatever purposes,
923
00:59:21.595 --> 00:59:22.415
I don't know.
924
00:59:22.795 --> 00:59:23.695
That's that's
925
00:59:24.075 --> 00:59:30.895
the real question here. If I'm correct and this report is more about generating fear than it is about telling the truth,
926
00:59:31.350 --> 00:59:33.050
then the question becomes,
927
00:59:33.590 --> 00:59:34.410
who benefits?
928
00:59:35.110 --> 00:59:37.210
And I do not have an answer for that.
929
00:59:37.590 --> 00:59:40.570
So we're going to move on, in fact. To Connecticut,
930
00:59:40.870 --> 00:59:42.810
who has decided to kill themselves
931
00:59:43.734 --> 00:59:46.474
for some dumbass reason. Atlas twenty one
932
00:59:46.775 --> 00:59:48.075
is writing this one,
933
00:59:48.535 --> 00:59:49.035
Connecticut
934
00:59:49.415 --> 00:59:51.675
says no to Bitcoin law.
935
00:59:54.055 --> 00:59:57.835
They didn't just say no. Let's talk about it. Connecticut
936
00:59:58.920 --> 01:00:00.780
has taken a firm stance
937
01:00:01.319 --> 01:00:02.619
against digital assets
938
01:00:03.160 --> 01:00:05.740
by approving legislation that categorically
939
01:00:06.839 --> 01:00:07.339
bans
940
01:00:08.200 --> 01:00:13.260
all levels of state and local governments from investing in Bitcoin and other cryptocurrencies.
941
01:00:14.205 --> 01:00:16.465
So they didn't just say no,
942
01:00:17.245 --> 01:00:18.625
they banned it.
943
01:00:18.925 --> 01:00:22.225
They banned Bitcoin in Connecticut. This is an effective
944
01:00:22.925 --> 01:00:23.425
state,
945
01:00:23.805 --> 01:00:24.305
municipal,
946
01:00:24.925 --> 01:00:25.425
county,
947
01:00:25.725 --> 01:00:26.225
city
948
01:00:26.820 --> 01:00:27.320
level
949
01:00:27.700 --> 01:00:29.960
ban on holding Bitcoin.
950
01:00:30.420 --> 01:00:34.760
Now, you as a as the citizen can do it, but no state agency,
951
01:00:35.140 --> 01:00:35.960
no municipal
952
01:00:36.340 --> 01:00:38.280
agency, no county agency
953
01:00:38.785 --> 01:00:40.165
will be able to touch
954
01:00:40.625 --> 01:00:43.045
Bitcoin or any other digital asset
955
01:00:44.065 --> 01:00:44.885
for life.
956
01:00:47.425 --> 01:00:50.805
That is an effective way to blow your brains out with
957
01:00:52.260 --> 01:01:04.515
a nineteen eleven gun. Now on June, the Connecticut General Assembly published the final text of house bill seventy eighty two, which has now become public act number 25 through 66,
958
01:01:04.595 --> 01:01:08.775
or rather, public act number 25 dash 66.
959
01:01:09.154 --> 01:01:10.535
The legislation was passed
960
01:01:11.075 --> 01:01:11.575
unanimously
961
01:01:12.914 --> 01:01:15.974
by both the house and the senate,
962
01:01:16.355 --> 01:01:17.174
which signaled
963
01:01:17.840 --> 01:01:18.900
bipartisan bipartisan
964
01:01:19.440 --> 01:01:23.940
agreement on the need to keep public finances away from the cryptocurrency market.
965
01:01:25.040 --> 01:01:25.540
Unanimous
966
01:01:26.080 --> 01:01:29.220
votes in both the house and the senate.
967
01:01:30.375 --> 01:01:32.795
I could probably count on one hand
968
01:01:33.495 --> 01:01:35.435
the amount of times that that has happened
969
01:01:35.895 --> 01:01:40.395
ever no matter the state or even at the federal government level.
970
01:01:41.575 --> 01:01:42.075
Unanimous.
971
01:01:43.410 --> 01:01:44.150
They unanimously
972
01:01:44.690 --> 01:01:49.190
banned the holding of Bitcoin by any agency in the state or city
973
01:01:50.450 --> 01:01:51.670
in both the House
974
01:01:52.210 --> 01:01:53.109
and the Senate.
975
01:01:53.490 --> 01:01:56.234
Let that sink in. Let the bells
976
01:01:56.695 --> 01:01:57.755
of tyranny
977
01:01:58.055 --> 01:01:59.755
ring throughout your head.
978
01:02:00.055 --> 01:02:02.795
This is Connecticut basically saying,
979
01:02:03.175 --> 01:02:03.994
you know what?
980
01:02:05.015 --> 01:02:11.115
We all wanna live in a teepee, out on the plains, and we're just gonna make our own clothes by skinning animals.
981
01:02:12.510 --> 01:02:14.290
Oh my god, dude. This is
982
01:02:16.590 --> 01:02:19.490
even the Quakers have better sense than you guys.
983
01:02:19.790 --> 01:02:21.810
And, well, actually, that's that's
984
01:02:22.110 --> 01:02:22.610
that's,
985
01:02:23.070 --> 01:02:28.825
an insult to the Quakers, honestly, because they actually live a pretty good life. I'm just saying. The new law
986
01:02:29.605 --> 01:02:33.145
establishes an outright ban on government entities purchasing,
987
01:02:33.925 --> 01:02:34.425
holding,
988
01:02:34.885 --> 01:02:41.065
or investing in Bitcoin and other cryptocurrencies, and it also prohibits the creation of any virtual currency reserve
989
01:02:41.480 --> 01:02:45.900
and the acceptance of crypto payments in addition to restrictions on the public sector.
990
01:02:46.680 --> 01:02:53.180
The state's legislation introduces consumer protection measures for private individuals. Oh, they get to tell their citizenry
991
01:02:54.039 --> 01:02:54.779
how to live.
992
01:02:55.164 --> 01:02:57.984
Crypto businesses operating as money service businesses
993
01:02:58.444 --> 01:03:02.785
will now be required to disclose all material risks associated with cryptocurrencies
994
01:03:03.484 --> 01:03:06.144
through clear, conspicuous, and legible writing
995
01:03:06.605 --> 01:03:08.065
in the English language.
996
01:03:09.500 --> 01:03:10.960
This is a temper tantrum
997
01:03:11.579 --> 01:03:12.319
from Connecticut.
998
01:03:12.700 --> 01:03:13.920
That's what this is.
999
01:03:14.460 --> 01:03:16.079
This is not legislation.
1000
01:03:16.859 --> 01:03:18.240
This is a temper tantrum.
1001
01:03:19.099 --> 01:03:22.480
Clear, conspicuous, and legible writing in the English
1002
01:03:22.780 --> 01:03:23.280
language.
1003
01:03:24.215 --> 01:03:27.195
So I guess I guess we don't have to put it in Spanish.
1004
01:03:28.215 --> 01:03:29.595
I'm I'm sure there's no
1005
01:03:29.895 --> 01:03:30.395
Mexicans,
1006
01:03:31.255 --> 01:03:32.075
no El Salvadorans,
1007
01:03:32.615 --> 01:03:33.355
no Hispanics,
1008
01:03:33.655 --> 01:03:38.860
Latinas, Latinos of any kind, way, shape, or form that live fucking Connecticut
1009
01:03:39.160 --> 01:03:41.980
that you know, they they don't maybe they don't read English.
1010
01:03:42.520 --> 01:03:47.020
You don't say you you gotta write it in Spanish too and you you have to write it in Mandarin?
1011
01:03:47.800 --> 01:03:50.940
No. No. No. No. This is how I know this is a fucking temper tantrum.
1012
01:03:51.240 --> 01:03:51.980
This state
1013
01:03:52.755 --> 01:04:06.055
this state is screwed. I'm sorry, but you guys in Connecticut are just fucked. Another provision addresses the protection of minors. Oh my god. Think of the children. The new law mandates legal guardian verification
1014
01:04:06.579 --> 01:04:08.359
for all users of cryptocurrency
1015
01:04:08.740 --> 01:04:10.119
under the age of 18.
1016
01:04:11.739 --> 01:04:12.239
Oh,
1017
01:04:13.859 --> 01:04:14.359
god.
1018
01:04:16.180 --> 01:04:20.200
It's like reading something out of Eastern Europe. While Connecticut
1019
01:04:20.575 --> 01:04:40.340
adopts a restrictive position towards digital asset, several other US states are mount moving in the opposite direction. And we already know about all that even though some of these dumbasses have hosed their future because they voted down a bunch of bills. And I haven't heard about any new bills coming in. It's late in the legislative session for states, so it doesn't surprise me.
1020
01:04:42.000 --> 01:04:45.060
If you live in Connecticut, get out, get out, get out.
1021
01:04:45.840 --> 01:04:50.340
And it's not because you need them to adopt Bitcoin that nobody needs to adopt Bitcoin.
1022
01:04:50.805 --> 01:04:57.224
They need to stop adopting restrictive measures that they put on themselves and then go further and place it on their citizenry.
1023
01:04:57.525 --> 01:05:00.185
Anybody that does that will do it with other things too.
1024
01:05:00.885 --> 01:05:01.625
The unanimous
1025
01:05:01.925 --> 01:05:04.185
nature of this vote is what's the most concerning.
1026
01:05:05.369 --> 01:05:05.869
Holy
1027
01:05:06.329 --> 01:05:06.829
shit.
1028
01:05:08.730 --> 01:05:10.109
In this clear, conspicuous,
1029
01:05:10.410 --> 01:05:12.910
legible writing in the English language bit,
1030
01:05:15.049 --> 01:05:19.630
yes. Because only people in the the the people in Connecticut, they only speak English.
1031
01:05:21.595 --> 01:05:25.215
Never mind. I was gonna go on a rant. I'm not gonna do it. Quantum BioPharma
1032
01:05:26.075 --> 01:05:27.695
boost digital asset holdings
1033
01:05:27.995 --> 01:05:29.195
to $5,000,000
1034
01:05:29.195 --> 01:05:32.175
with yet a new Bitcoin purchase.
1035
01:05:32.770 --> 01:05:35.750
This is out of Bitcoin magazine written by Jenna Montgomery.
1036
01:05:36.130 --> 01:05:36.630
Jenna,
1037
01:05:37.490 --> 01:05:39.430
take us for a ride in an expansion
1038
01:05:40.050 --> 01:05:43.190
of its digital asset portfolio, Quantum Biopharma Limited,
1039
01:05:44.050 --> 01:05:44.550
Quantum.
1040
01:05:45.065 --> 01:05:45.885
I love it. Quantum
1041
01:05:46.585 --> 01:05:47.085
Biopharma
1042
01:05:47.625 --> 01:05:48.365
has announced
1043
01:05:49.145 --> 01:05:51.785
the purchase of an additional $500,000
1044
01:05:51.785 --> 01:05:52.445
in Bitcoin
1045
01:05:52.985 --> 01:05:54.365
and other cryptocurrencies,
1046
01:05:54.905 --> 01:05:56.765
read that as, yes, they're shitcoiners,
1047
01:05:57.339 --> 01:06:00.079
bringing its total holdings to $5,000,000
1048
01:06:00.140 --> 01:06:01.839
USD. The Canadian biopharmaceutical
1049
01:06:02.300 --> 01:06:02.800
company
1050
01:06:03.500 --> 01:06:06.640
made the move after securing approval from its board of directors.
1051
01:06:07.660 --> 01:06:10.000
Quantum Biopharma Limited is pleased
1052
01:06:10.300 --> 01:06:16.645
to announce that after receiving approval from the board of directors, the company has purchased additional Bitcoin and other shitcoins
1053
01:06:17.505 --> 01:06:25.924
as part sorry. I put that in there. As part of its strategic efforts. This brings the total amount of BTC and other cryptocurrencies purchased to $5,000,000.
1054
01:06:26.730 --> 01:06:34.910
This investment marks another step in the company's growth reinforcing its broader strategy to include Bitcoin in its long term financial planning.
1055
01:06:35.290 --> 01:06:37.390
If you don't know what Quantum Biopharma
1056
01:06:37.770 --> 01:06:42.575
is and what they do, and I think it's important to start asking ourselves questions about
1057
01:06:43.035 --> 01:06:44.415
when a company becomes
1058
01:06:44.795 --> 01:06:46.015
a Bitcoin holder,
1059
01:06:46.555 --> 01:06:48.815
what is their underlying revenue model?
1060
01:06:49.195 --> 01:06:53.935
And I'm not this is sort of a callback to this to the argument that was made in Signum.
1061
01:06:54.360 --> 01:06:59.580
Right. But I've always made this argument when it came to strategy. It is and was a zombie company.
1062
01:07:00.120 --> 01:07:03.660
They weren't really providing anything new. They were just servicing their old clients.
1063
01:07:04.520 --> 01:07:09.980
They weren't really doesn't seem to me like they were coming up with anything new or innovative. They just had this business intelligence
1064
01:07:10.305 --> 01:07:10.805
software
1065
01:07:11.185 --> 01:07:13.765
suite. And I can't believe that, you know,
1066
01:07:14.065 --> 01:07:16.325
SAS and Oracle hasn't just completely
1067
01:07:16.625 --> 01:07:18.405
ripped apart their market share.
1068
01:07:18.785 --> 01:07:28.110
So of course, they were going to pivot to something else. It's either that or just close-up shop and send everybody home. And no leader of a company wants to do that. Right? But
1069
01:07:29.530 --> 01:07:31.550
it doesn't mean that I can't be,
1070
01:07:31.850 --> 01:07:37.950
you know, at least interested in what the business model of a company that decides to adopt Bitcoin is.
1071
01:07:38.625 --> 01:07:46.005
Steak and Shake isn't really adopting Bitcoin. They're just allowing payment in it. But I know what they do. They sell burgers and shakes and fries.
1072
01:07:46.385 --> 01:08:00.319
Okay. That's a simple revenue model. I'm hungry. I got money. I walk into Steak and Shake. I want a burger, fries, and a shake. They give it to me and I give them money. That's the revenue model. It's clean, it's simple, it doesn't it's not complicated.
1073
01:08:01.339 --> 01:08:02.960
But what does Quantum BioPharma
1074
01:08:03.740 --> 01:08:04.240
do?
1075
01:08:04.955 --> 01:08:07.215
Well, what we know is that they're known
1076
01:08:07.835 --> 01:08:10.415
for their work in the biotech space,
1077
01:08:11.435 --> 01:08:11.935
particularly
1078
01:08:12.715 --> 01:08:13.695
through its subsidiary,
1079
01:08:14.075 --> 01:08:14.575
Lucid
1080
01:08:15.195 --> 01:08:15.695
Psychosceuticals.
1081
01:08:17.675 --> 01:08:18.175
Psycheceuticals.
1082
01:08:20.180 --> 01:08:23.160
That's a hell of a name. Lucid Psychaceuticles
1083
01:08:23.620 --> 01:08:24.120
Incorporated,
1084
01:08:24.660 --> 01:08:28.600
and they focus on neurological treatments like Lucid MS.
1085
01:08:29.620 --> 01:08:36.574
With this latest Bitcoin investment, the company joins a growing list of firms hedging traditional finance strategies with Bitcoin.
1086
01:08:37.114 --> 01:08:38.655
So what is LucidMS?
1087
01:08:39.594 --> 01:08:43.775
I'm almost guaranteed that it has something to do with the treatment for multiple sclerosis.
1088
01:08:44.315 --> 01:08:45.614
But let's just see.
1089
01:08:47.580 --> 01:08:49.360
Lucid MS is a patented
1090
01:08:49.980 --> 01:08:50.480
neuroprotective
1091
01:08:51.020 --> 01:08:53.360
compound that is demonstrated in preclinical
1092
01:08:53.900 --> 01:08:54.400
models
1093
01:08:55.020 --> 01:08:56.480
to prevent and reverse
1094
01:08:56.860 --> 01:08:58.160
myelian degradation,
1095
01:08:58.860 --> 01:09:00.560
a cause for multiple sclerosis.
1096
01:09:01.455 --> 01:09:04.675
So myelian, if you wanna know, is this insulatory
1097
01:09:05.215 --> 01:09:08.675
sheath that runs the length of the neurons
1098
01:09:09.215 --> 01:09:10.355
in your brain,
1099
01:09:10.735 --> 01:09:13.315
spinal cord, and the rest of your neuro
1100
01:09:15.030 --> 01:09:16.329
system. Right?
1101
01:09:16.949 --> 01:09:30.224
Think of two wires that are crossing together. If they don't have insulation on themselves, they're going to short the wires are going to short out against each other because the copper is directly against each other and electrons are gonna jump from one wire to another and it causes problems.
1102
01:09:30.605 --> 01:09:39.985
You gotta keep your wires separate. That's why when you pull wires out of out of the wall to do some electrical work or whatever, they're covered with rubber. They're insulated.
1103
01:09:40.525 --> 01:09:44.600
That's what Mylion does. So when you get multiple sclerosis,
1104
01:09:46.580 --> 01:09:51.960
the myelian sheath starts to degrade from the neurons and you get what's called crosstalk,
1105
01:09:52.739 --> 01:09:55.480
and it causes all kinds of fucking problems.
1106
01:09:55.985 --> 01:10:00.085
Hence, multiple sclerosis. And if you've never seen anybody with multiple sclerosis,
1107
01:10:00.625 --> 01:10:04.565
you might wanna look that up. So at least we have
1108
01:10:05.025 --> 01:10:05.765
a product.
1109
01:10:06.625 --> 01:10:10.325
And multiple sclerosis is, you know, it's it's a thing.
1110
01:10:10.929 --> 01:10:12.789
It's not it's not unusual
1111
01:10:13.329 --> 01:10:14.389
it's not widespread
1112
01:10:14.690 --> 01:10:17.989
but it's also not unusual and it is a painful
1113
01:10:19.170 --> 01:10:19.670
miserable
1114
01:10:20.050 --> 01:10:21.030
looking existence
1115
01:10:22.050 --> 01:10:24.389
so at least these guys they do something
1116
01:10:25.125 --> 01:10:32.905
And they're stacking Bitcoin so that they can hopefully, they're stacking it because they want to be able to continue to do the thing that they do.
1117
01:10:33.925 --> 01:10:36.344
And that's when Bitcoin becomes simple.
1118
01:10:37.860 --> 01:10:40.760
I keep thinking about it. I was listening to,
1119
01:10:42.260 --> 01:10:43.320
untapped growth
1120
01:10:43.620 --> 01:10:45.560
on the Acres USA podcast.
1121
01:10:48.020 --> 01:10:50.440
Is it Joel? I think his name is Joel Hollingsworth,
1122
01:10:51.395 --> 01:10:54.055
but it's Joel untapped growth on Twitter
1123
01:10:54.435 --> 01:10:58.295
and on Noster. He's he's found his way to Noster. So good for you, Joel.
1124
01:10:59.235 --> 01:11:01.815
An hour and a half of talking about pasture,
1125
01:11:02.915 --> 01:11:03.815
soil health,
1126
01:11:04.850 --> 01:11:06.150
cows, genetics,
1127
01:11:06.850 --> 01:11:15.830
how all this interacts with each other. And then he brings up how screwed the financial system is and why that's causing problems in ranching like it is
1128
01:11:16.210 --> 01:11:18.550
and affecting beef prices, which it is.
1129
01:11:19.145 --> 01:11:23.405
And he mentions Bitcoin several times. And it dawned on me while listening
1130
01:11:23.864 --> 01:11:26.045
that Bitcoin becomes very simple
1131
01:11:26.505 --> 01:11:32.364
if you let it actually complete the mission that it was designed for. So what is Bitcoin?
1132
01:11:33.280 --> 01:11:37.860
The several people have several different definitions, and I started thinking about, well, what's mine?
1133
01:11:38.480 --> 01:11:39.860
It's simply hard money
1134
01:11:40.320 --> 01:11:44.739
that's not controlled by a single entity. That's the important part.
1135
01:11:45.040 --> 01:11:46.980
It takes care of the hard money thing.
1136
01:11:48.125 --> 01:11:57.265
The fact that it's not controlled by an institution or a government or a group a small group of people and don't say fucking core. I'm tired of this argument about op return.
1137
01:11:57.565 --> 01:12:01.025
Core doesn't control Bitcoin. I do not have to upgrade
1138
01:12:01.530 --> 01:12:04.510
to version 20 or to version 30.
1139
01:12:04.890 --> 01:12:07.470
I can stay at version 29.
1140
01:12:07.690 --> 01:12:10.650
There was a guy that was in, a guy in my,
1141
01:12:12.010 --> 01:12:13.710
that I think it was,
1142
01:12:14.010 --> 01:12:15.960
was yes. No. It was, Anoster
1143
01:12:16.355 --> 01:12:23.655
We had listened to yesterday's show where I said something about this. And he said, yeah. But you don't get, you know, bug updates. Okay.
1144
01:12:23.955 --> 01:12:27.255
And and I I don't disagree with that. That is understandable.
1145
01:12:28.034 --> 01:12:31.895
But I have to push back a little bit and say, how many people
1146
01:12:32.370 --> 01:12:33.270
running versions
1147
01:12:33.969 --> 01:12:34.469
one
1148
01:12:34.850 --> 01:12:35.909
through 28
1149
01:12:36.130 --> 01:12:37.590
have been hacked for their Bitcoin
1150
01:12:37.969 --> 01:12:39.030
off a cold storage?
1151
01:12:39.570 --> 01:12:44.949
I I have not heard of a single news story. I guarantee you if that has ever happened,
1152
01:12:45.705 --> 01:12:48.125
if that has ever happened, you would hear nothing
1153
01:12:49.065 --> 01:12:56.125
you would hear nothing else by the mainstream media because they would be able to finally kill Bitcoin once and for all, see it got hacked.
1154
01:12:56.665 --> 01:12:57.804
The other bugs,
1155
01:12:58.185 --> 01:12:59.565
I I also understand.
1156
01:13:00.510 --> 01:13:01.490
Right? But it's
1157
01:13:02.110 --> 01:13:05.650
it's not it's not as big of a deal as people make it out to be.
1158
01:13:06.110 --> 01:13:08.530
I don't have to upgrade to to 30.
1159
01:13:08.910 --> 01:13:13.330
I can stay at 29, and I can dispense with this entire opportune bullshit.
1160
01:13:13.965 --> 01:13:19.265
Right? Because all Bitcoin is is actual money that performs the
1161
01:13:19.965 --> 01:13:22.945
the need that we have for money.
1162
01:13:23.565 --> 01:13:26.225
The fact that it's not controlled by anyone,
1163
01:13:27.370 --> 01:13:42.270
Except go back to the shinobi piece about running your own economic node. If you wanna have if you wanna help protect the network, you need to have a node and use your node in an economic fashion. Other than that, ladies and gentlemen, that's it. Bitcoin is not complicated.
1164
01:13:43.505 --> 01:13:48.885
It it is it's not a god. It's not a cult. It's not anything other than this this software
1165
01:13:49.344 --> 01:13:55.445
that finally said we're gonna take money and we're gonna turn it into pure math like it was always meant to be
1166
01:13:55.824 --> 01:13:57.764
without the ability for some
1167
01:13:58.065 --> 01:13:58.565
idiot,
1168
01:13:58.930 --> 01:13:59.670
two idiots,
1169
01:13:59.970 --> 01:14:04.950
a group of idiots, or a very large section of the world trying to fuck it up.
1170
01:14:05.490 --> 01:14:10.995
And all you have to do is use it as money. Use it as savings. Use it as what money is intended to do.
1171
01:14:11.475 --> 01:14:13.895
We could finally have something that can't be broken.
1172
01:14:14.435 --> 01:14:21.095
And that's all it has to do. And that's what I loved about Joel on the The U acres USA podcast,
1173
01:14:21.635 --> 01:14:24.295
which I'm going to actually have to listen to twice.
1174
01:14:24.755 --> 01:14:26.455
Not because of the Bitcoin aspect,
1175
01:14:27.130 --> 01:14:28.190
because of the ranching,
1176
01:14:28.890 --> 01:14:29.710
cattle nutrition,
1177
01:14:30.810 --> 01:14:35.710
soil stuff. I am gonna fight to get Joel back on. I interviewed him
1178
01:14:36.170 --> 01:14:38.510
years ago before he did
1179
01:14:39.450 --> 01:14:49.405
the project that he's working on now. And it is clear to me that that man in the last four years since I've talked to him, and it may have even been five years, in fact. Actually, yeah.
1180
01:14:49.785 --> 01:14:52.285
Five years since I've since I've interviewed,
1181
01:14:53.145 --> 01:14:54.845
Untapped Growth on this show.
1182
01:14:55.310 --> 01:14:58.450
He has clearly learned more about genetics and his relationship
1183
01:14:59.230 --> 01:15:03.010
to animal health, soil health, and all this stuff
1184
01:15:03.550 --> 01:15:04.050
than
1185
01:15:04.510 --> 01:15:09.250
he knew when I interviewed him. This guy seems to be like a machine.
1186
01:15:09.575 --> 01:15:13.595
I'm definitely gonna try to get him on, but the most important part
1187
01:15:14.375 --> 01:15:16.955
about what Joel was saying is that simply
1188
01:15:17.815 --> 01:15:18.955
Bitcoin fixes
1189
01:15:19.655 --> 01:15:21.275
the underlying problems
1190
01:15:22.055 --> 01:15:22.875
of ranching
1191
01:15:24.210 --> 01:15:25.030
meat prices
1192
01:15:25.890 --> 01:15:28.470
and why things are in ranching
1193
01:15:29.010 --> 01:15:30.150
the way they are.
1194
01:15:30.850 --> 01:15:36.070
And if we would just start looking at the fact that it does fix these things,
1195
01:15:37.665 --> 01:15:39.045
then a whole new
1196
01:15:40.945 --> 01:15:43.845
future for ranching opens up in front of us.
1197
01:15:45.105 --> 01:15:51.125
I'll try to if I remember right and I've got, like, three brain cells clicking together, I will try to include
1198
01:15:51.750 --> 01:15:52.730
the, interview,
1199
01:15:53.349 --> 01:16:02.090
that Joel gave on, Acres USA in the show notes of today's show. That's it for today, in fact, and I will see you on the other side.
1200
01:16:02.869 --> 01:16:10.695
This has been Bitcoin and and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
1201
01:16:11.395 --> 01:16:12.535
Have a great day.