Full Transcript for 125: Losing the Plot

35 00:02:40,500 --> 00:02:43,540 Now, everybody knows this was coming because they announced it in June. 36 00:02:43,720 --> 00:02:45,220 It's been planned for a while. 37 00:02:45,220 --> 00:02:49,120 So you know how the market is when they expect something, they tend to absorb it pretty well. 38 00:02:49,120 --> 00:02:50,940 So nobody's really talking about it even. 39 00:02:51,740 --> 00:03:00,100 But in this revision, they also recalculated inflation all the way retroactively back to 40 00:03:00,100 --> 00:03:01,420 Q1 of 2021. 41 00:03:01,860 --> 00:03:06,000 So five years of inflation history just got rewritten this morning. 42 00:03:06,560 --> 00:03:10,860 And you know that's going to matter when the Fed looks at inflation data because the PCE 43 00:03:10,860 --> 00:03:13,540 metric is their favorite inflation metric. 44 00:03:13,940 --> 00:03:16,580 I'm going to have more information in the show notes if you want to learn more because 45 00:03:16,580 --> 00:03:17,580 it is kind of interesting. 46 00:03:17,580 --> 00:03:22,780 But essentially, the short version is three major categories were changed. 47 00:03:23,120 --> 00:03:28,740 We did have the BEA revising the methodology for several different components within PCE. 48 00:03:29,040 --> 00:03:34,860 Legal services, they're actually moving that back to 2021 and kind of adjusting that metric, 49 00:03:35,060 --> 00:03:37,460 that different benchmark for legal services. 50 00:03:37,940 --> 00:03:41,900 Software and computer accessories has also been adjusted as well as portfolio management. 51 00:03:41,900 --> 00:03:49,880 And I think the big key is portfolio management that actually has been a driver for PCE to the upside over the last year and a half, two years or so. 52 00:03:50,040 --> 00:03:51,800 It seems like they're trying to account for that. 53 00:03:52,040 --> 00:03:56,260 So we actually did see PCE coming in lower, both on headline as well as core. 54 00:03:56,540 --> 00:03:59,380 And the real impact is going to be on the year over year statistics here. 55 00:03:59,480 --> 00:04:04,220 But headline PCE came in at 0.3%, somewhat in line with the street's expectations. 56 00:04:05,060 --> 00:04:07,480 And again, this has been known for a while. 57 00:04:07,880 --> 00:04:09,820 So everything's in line with expectations. 58 00:04:09,820 --> 00:04:12,520 I mean, they've been known since June, right? 59 00:04:12,660 --> 00:04:15,600 And let's just look at the timeline here for a moment. 60 00:04:16,040 --> 00:04:20,780 So the new federal chair was sworn in on May 22nd, 2026. 61 00:04:21,520 --> 00:04:24,140 So he knew that this would be dropping. 62 00:04:24,860 --> 00:04:28,160 At least on paper, he knew that inflation was going to be dropping because they were 63 00:04:28,160 --> 00:04:30,120 going to be changing the way they calculate it in September. 64 00:04:31,040 --> 00:04:32,500 So why did they raise rates? 65 00:04:33,160 --> 00:04:37,800 If the Fed knew that inflation, the

core metric that they like to look at, would be coming 66 00:04:37,800 --> 00:04:45,460 down in September, why did they raise rates? Are they playing games? I mean, what do you think? I 67 00:04:45,460 --> 00:04:50,300 really want to know, because it feels like what we just got is a game here. Warsh gets to have a 68 00:04:50,300 --> 00:04:55,020 performative hike that gets under his belt. And now no one's talking about Warsh being a Trump 69 00:04:55,020 --> 00:04:59,220 puppet anymore. That narrative is completely gone. And for the most part, the White House really 70 00:04:59,220 --> 00:05:02,420 hasn't been too hostile about it. Trump said, oh, you know, rates should be down. Rates should be 71 00:05:02,420 --> 00:05:07,340 down. We should have the lowest rates in the world. Right. But he hasn't he hasn't gone to war like he 72 00:05:07,340 --> 00:05:11,660 did with J-PAL. Maybe that's because the White House also knew the PCE numbers would be coming 73 00:05:11,660 --> 00:05:16,880 down in September because everybody knew this. And so you get one performative rate hike. It 74 00:05:16,880 --> 00:05:21,020 sends a signal to the market. The market does a lot of the tightening for you. Warsh gets to look 75 00:05:21,020 --> 00:05:26,640 like a big shot, gets to declare victory on inflation at the next meeting or soon after, 76 00:05:26,760 --> 00:05:30,960 you know, this is Fed timescale. But it's a damn risky game to play if that's what's going on. And 77 00:05:30,960 --> 00:05:35,620 Maybe I'm crazy, but I'm no more crazy than your good buddy, Tom Lee. 78 00:05:36,080 --> 00:05:39,420 Still becomes, it's easy, but for competitors, it's tougher. 79 00:05:39,940 --> 00:05:45,220 And on the inflation side, I still think the next six months will be the most important 80 00:05:45,220 --> 00:05:50,200 because if inflation starts to decline, this is not because of the Fed hikes that happened 81 00:05:50,200 --> 00:05:51,160 last week. 82 00:05:51,240 --> 00:05:54,180 It's because of the policy that's already in place. 83 00:05:54,320 --> 00:05:57,400 And I think that means the Fed could actually walk back some of that hawkishness. 84 00:05:57,400 --> 00:06:05,940 Yeah, I mean, what if that doesn't happen, that we have an elevation in both yields and inflation for longer than you suspect? 85 00:06:06,160 --> 00:06:13,500 I mean, the Fed's own forecasts aren't exactly talking about inflation getting back to target next month or the month after that or after that. 86 00:06:14,080 --> 00:06:17,580 Yeah, Scott, I think the probabilities are really high it's going to drop. 87 00:06:17,580 --> 00:06:24,600 One is because the PCE methodology on September 30th, they're going to unveil the new methodology. 88 00:06:25,160 --> 00:06:28,120 It's probably 20 to 40 basis points off the year of year. 89 00:06:28,220 --> 00:06:30,760 So the 3-4 could be 3%. 90 00:06:30,760 --> 00:06:37,700 And then we know that the tariff effects start to fade and the flash memory

effects start to fade. 91 00:06:37,700 --> 00:06:41,040 The stock market portfolio fees start to fade. 92 00:06:41,600 --> 00:06:46,880 And the energy, if oil again stays here at 100, it doesn't add to inflation in six months. 93 00:06:47,580 --> 00:06:54,420 So for inflation to really accelerate from here, housing has to become higher price, but higher rates is going to contain that. 94 00:06:54,980 --> 00:07:00,820 And oil would have to make a move towards 150 and then flash memory would have to actually jump again. 95 00:07:00,880 --> 00:07:03,760 But again, it's being adjusted out of the methodology. 96 00:07:03,960 --> 00:07:08,060 So I think the odds favor a much lower inflation year in six months. 97 00:07:08,800 --> 00:07:11,980 What a great time to adjust flash memory out of the methodology. 98 00:07:11,980 --> 00:07:22,280 You know, a lot of time, I think as Bitcoiners, we watch this kind of stuff and we feel like we're watching the fiat system just make the rules up in real time from the outside. 99 00:07:22,760 --> 00:07:24,160 At least that's what it feels like. 100 00:07:24,580 --> 00:07:30,060 And slowly but surely, the players in the market, I think they're starting to see it out, too. 101 00:07:30,140 --> 00:07:31,360 They're bit by bit, at least. 102 00:07:31,940 --> 00:07:39,840 You know, I think what clicks, it's an unbelievable bit of thought technology, actually, is I got to break it out. 103 00:07:39,840 --> 00:07:41,060 It's Lynn Alden's train. 104 00:07:41,980 --> 00:07:47,700 I know this sounds crazy, guys, but stick with me. 105 00:07:48,300 --> 00:07:55,980 This simple visualization that this has created, it might be one of the best financial memes of the next decade. 106 00:07:56,380 --> 00:07:59,320 Because I think it's starting to click for more and more people. 107 00:07:59,320 --> 00:08:02,940 Like, it's a shift in your worldview kind of thing. 108 00:08:03,360 --> 00:08:08,120 And recently, two events really kind of got that train rolling for people. 109 00:08:08,120 --> 00:08:14,180 I mean, obviously, there's lots of macro stuff, especially with the energy stuff and Iran and the strait, et cetera, et cetera. 110 00:08:14,540 --> 00:08:27,940 But you just when you're watching, at least from where I'm sitting, Buffalo Bill Besson's war on the bond vigilantes and just the human nature of round numbers and the U.S. hitting 40 trillion dollars in debt. 111 00:08:27,940 --> 00:08:45,127 Right The economy that underpins everything now has a number so large that magic is required not to get swallowed up by it Swallowed whole Magic is required And so it just like of course that was true at 39 It was true at 38 37 112 00:08:45,527 --> 00:08:48,127 But 40 trillion, you got to admit, 113 00:08:48,187 --> 00:08:49,507 there's something about round numbers, right? 114 00:08:49,627 --> 00:08:52,367 When Bitcoin's at 99,000, that's exciting. 115 00:08:52,447 --> 00:08:55,587 But when it's at 100,000, that's very exciting. 116 00:08:56,247 --> 00:08:57,427 Nothing's really changed. 117 00:08:57,767 --> 00:08:58,867 But we can't help it. 118 00:08:59,127 --> 00:09:00,167 It's just these round numbers. 119 00:09:00,167 --> 00:09:06,087 And something about that 40 trillion mark seems to just have made more and more folks 120 00:09:06,087 --> 00:09:08,867 start hearing that train in the back of their mind. 121 00:09:09,247 --> 00:09:14,987 And the second order and third order effects of what 40 trillion dollars really means is 122 00:09:14,987 --> 00:09:16,427 starting to make them hedge differently. 123 00:09:17,127 --> 00:09:21,347 And so that's where I just think Lynn's analogy of there's no stopping that train. 124 00:09:21,467 --> 00:09:22,247 It just works. 125 00:09:22,487 --> 00:09:26,287 It's this moment of realization that the math is the math. 126 00:09:26,627 --> 00:09:28,467 There's no such thing as recessions anymore. 127 00:09:29,007 --> 00:09:29,787 I agree with that. 128 00:09:29,787 --> 00:09:43,267 Okay, so if you don't have recessions anymore, the liquidity cycle is not the same. That doesn't mean that the government doesn't try to prevent stock market crashes and prevent possible recessions that they're worried about. 129 00:09:43,267 --> 00:09:55,267 So when you look at the liquidity cycle, you have to remember what makes M2 go down is when humans start getting worried about things and they start hoarding cash and they start putting it into non-economic places. 130 00:09:56,087 --> 00:10:00,567 They're paying off debt or they're doing something, but they're not actually generating GDP with it. 131 00:10:00,907 --> 00:10:08,687 So there has been a link between liquidity forever and M2 and then you get GDP. 132 00:10:09,247 --> 00:10:11,367 And then you know what happens after you get GDP? 133 00:10:11,367 --> 00:10:19,047 liquidity turns into more jobs we're not doing that anymore it turns into profits first and then 134 00:10:19,047 --> 00:10:26,267 it goes into there so we have the s&p 500 growing at 30 earnings and the hiring x health care is 135 00:10:26,267 --> 00:10:31,907 negative over the last 20 months think about that we've had no job creation over the last 20 months 136 00:10:31,907 --> 00:10:38,207 except for health care fraud good so we have no job creation how are we breaking it so the the 137 00:10:38,207 --> 00:10:45,647 percentage of capital versus labor is now at the worst in history for labor. So we've broken the 138 00:10:45,647 --> 00:10:51,087 liquidity mechanism. Now, how is the stock market growing so fast? Because liquidity leads to nominal 139 00:10:51,087 --> 00:10:55,587 GDP. Nominal GDP is top line revenue, money transaction, people get hired, they spend more 140 00:10:55,587 --> 00:11:00,967 money. How in God's name do we actually have this mechanism still working? This is why the liquidity 141 00:11:00,967 --> 00:11:06,587 cycle is not about Bitcoin anymore. Liquidity cycle in 2009 began with the efficiency of

productivity 142 00:11:06,587 --> 00:11:12,407 finally entering up. So the internet was born in 1994 in terms of when Netscape went public. 143 00:11:12,847 --> 00:11:17,647 Then we had the dot-com bubble. That was the version of crypto, that period into the dot-com 144 00:11:17,647 --> 00:11:22,867 bubble and after where we were building the rails for commerce. It didn't come until the smartphone 145 00:11:22,867 --> 00:11:26,507 came. And when the smartphone came, we had an explosion of productivity that showed up in profit 146 00:11:26,507 --> 00:11:30,927 margins. It did not show up in GDP, but I've talked about that. It's a horrible index for 147 00:11:30,927 --> 00:11:35,607 what we're dealing with with software and intangibles. But what is happening now is we've 148 00:11:35,607 --> 00:11:41,787 broken the liquidity mechanism. So I will say it again to everyone. We will be having more liquidity 149 00:11:41,787 --> 00:11:47,127 in the system, but not through the liquidity measures that people talk about. Tokenization 150 00:11:47,127 --> 00:11:53,067 unleashes dormant assets, $900 trillion of assets of which two thirds just sit. 151 00:11:53,067 --> 00:11:56,067 Hold on, I'll stick with him. I know he's saying tokenization and I'll tell you what, 152 00:11:56,407 --> 00:12:02,507 my hatred of what tokenization is going to lead to has made me not hear what Jordy is about to say. 153 00:12:02,507 --> 00:12:06,527 And now I get what the incentive is for the dollar system. 154 00:12:06,787 --> 00:12:08,427 That's what it's actually about. 155 00:12:08,547 --> 00:12:14,067 And I hadn't really connected it because I think it's going to lead to such irresponsible, 156 00:12:14,467 --> 00:12:19,087 essentially reckless gambling in the market with just all of the crap products that will 157 00:12:19,087 --> 00:12:22,547 eventually be derived from this that I already hate it before it's arrived. 158 00:12:22,787 --> 00:12:26,607 But after hearing this, I at least understand what the incentive is. 159 00:12:26,627 --> 00:12:28,067 And so I encourage you to hear it, too. 160 00:12:28,067 --> 00:12:31,447 through the liquidity measures that people talk about. 161 00:12:32,067 --> 00:12:34,327 Tokenization unleashes dormant assets, 162 00:12:34,507 --> 00:12:37,767 $900 trillion of assets of which two thirds 163 00:12:37,767 --> 00:12:39,667 just sit and do nothing. 164 00:12:40,167 --> 00:12:41,847 They will be used as collateral. 165 00:12:42,007 --> 00:12:43,427 They will be in daily transactions. 166 00:12:43,427 --> 00:12:47,667 You won't have to go to get a borrow money from your bank. 167 00:12:47,747 --> 00:12:49,087 It'll be programmable and stuff. 168 00:12:49,167 --> 00:12:50,767 We post something for a period of time 169 00:12:50,767 --> 00:12:52,727 waiting for your receivables to come in. 170 00:12:52,787 --> 00:12:53,207 And then it goes, 171 00:12:53,507 --> 00:12:55,947 the whole system will be based on the velocity of money. 172 00:12:56,327 --> 00:13:00,347 So remember, liquidity, M2, is about the government putting money into the system. 173 00:13:00,547 --> 00:13:02,167 We have plenty of money to run the system. 174 00:13:02,287 --> 00:13:03,467 That's showing up in profit margins. 175 00:13:03,607 --> 00:13:04,767 It's showing in top-line revenue. 176 00:13:05,127 --> 00:13:09,387 All right, so I thought that was kind of interesting, but I want to go back to this idea of no recessions, 177 00:13:09,427 --> 00:13:12,947 and let's stick with that just for a second because I think when you say no recessions, 178 00:13:13,267 --> 00:13:17,707 it's simplifying a very complex thing into just one easy idea. 179 00:13:18,247 --> 00:13:20,407 They're not going to let a recession get really bad. 180 00:13:20,887 --> 00:13:24,607 But I think you could actually nuance it down a bit, and so Simon Dixon does that, 181 00:13:24,607 --> 00:13:25,467 and he puts it together. 182 00:13:26,047 --> 00:13:28,687 He was recently on Natalie Brunel's Coin Story show, 183 00:13:28,807 --> 00:13:29,667 and she asked Simon, 184 00:13:30,127 --> 00:13:32,027 why is the stock market ripping? 185 00:13:32,267 --> 00:13:33,387 Why hasn't it crashed 186 00:13:33,387 --> 00:13:36,807 when the bond market is like a 17-year mess? 187 00:13:36,947 --> 00:13:38,507 It's just we keep, 188 00:13:38,627 --> 00:13:40,267 everyone keeps talking about the bond market, 189 00:13:40,327 --> 00:13:42,127 the bond market, the yields, the yields, 190 00:13:42,527 --> 00:13:43,387 but yet the stocks, 191 00:13:43,627 --> 00:13:46,827 they don't seem to be pricing in some sort of issue. 192 00:13:47,087 --> 00:13:48,007 What's going on here? 193 00:13:48,207 --> 00:13:49,927 I thought that was a great question on Natalie's part, 194 00:13:49,927 --> 00:13:51,307 and Simon breaks it down. 195 00:13:51,867 --> 00:13:53,287 In fact, it just keeps going up. 196 00:13:53,287 --> 00:13:56,947 Yeah. So we're in, I think you've had Lynn on your show many times, Lynn Alden, 197 00:13:57,187 --> 00:14:02,267 always talking about fiscal dominance. That's the phase we're in. Fiscal dominance means you 198 00:14:02,267 --> 00:14:08,967 can't have a recession. You can't correct the stock market. The only way to accelerate your 199 00:14:08,967 --> 00:14:16,067 way through this is through growth. And through growth means growth by any means. If it means 200 00:14:16,067 --> 00:14:23,367 create a war, get lots of rollover debt, spend it into military companies, do whatever you need to 201 00:14:23,367 --> 00:14:29,487 do to stimulate the stock market. And so there is a war economy that benefits and gets stimulated. 202 00:14:29,767 --> 00:14:34,227 There is a surveillance state economy. There is all these data centers. There's AI. 203 00:14:34,787 --> 00:14:41,127 There's these big trends. But the rule, if you want a very easy rule to understand, is that 204 00:14:41,127 --> 00:14:47,187 there is an average cost on the debt, which

is approximately 3.3%. So if you take the 40 trillion, 205 00:14:48,147 --> 00:14:53,887 that has to continually be rolled over. And more frequently, it's being rolled over by 206 00:14:53,887 --> 00:15:00,207 Americans through their pensions and stable coins and all these funky things that they're trying to 207 00:15:00,207 --> 00:15:05,947 come up with in order to do it. But you can keep this debt-based Ponzi scheme as it were, 208 00:15:05,947 --> 00:15:11,207 because it is a Ponzi scheme, it has to carry on. You can't tank the market because it's the 209 00:15:11,207 --> 00:15:16,367 collateral and the backbone of the whole system. The entire banking system is dependent upon real 210 00:15:16,367 --> 00:15:22,807 estate prices continuing to go up. And if those prices don't go up, then you get a severe 211 00:15:22,807 --> 00:15:29,647 correction. So the only way to do that is to grow at a higher rate than the average cost on the debt. 212 00:15:29,647 --> 00:15:42,147 So if the GDP of the economy, as long as it is growing greater than 3.3%, then you can carry this on for a bit longer and carry this on for a bit longer. 213 00:15:42,907 --> 00:15:53,087 Now, the mechanism for growth that they have chosen is almost like a new industrial revolution in building out data centers and artificial intelligence. 214 00:15:53,087 --> 00:16:00,647 and you know people are speculating on well doesn't that cost us a lot of jobs like because 215 00:16:00,647 --> 00:16:05,807 everyone's using ai now and you know i've in my companies we've had freezes in most of the 216 00:16:05,807 --> 00:16:09,767 companies i've invested in they've had hiring freezes and yeah you know you're getting these 217 00:16:09,767 --> 00:16:15,607 highly productive employees and then there's less people underneath them and you know and at some 218 00:16:15,607 --> 00:16:21,127 point right there's going to be these self-driving cars and self-driving trucks and suddenly we're 219 00:16:21,127 --> 00:16:26,667 going to have these big employment shocks. And so you're getting the growth, but the growth is 220 00:16:26,667 --> 00:16:31,527 concentrating to those that already have all the assets and all the value. And then those that are 221 00:16:31,527 --> 00:16:36,287 about to lose their job, what are they going to do? Are they going to start maybe trying to 222 00:16:36,287 --> 00:16:40,807 refinance their home, release more equity? Or are they going to start selling down their pensions 223 00:16:40,807 --> 00:16:45,507 early? Or they're going to start selling their assets. So we're getting this huge concentration 224 00:16:45,507 --> 00:16:48,907 and shift and that's causing, you know, this thing. 225 00:16:49,107 --> 00:16:54,567 And once the dollar starts weakening and continues to weaken, that's kind of how you manage this 226 00:16:54,567 --> 00:16:58,307 transition because it relies upon the dollar continually strengthening. 227 00:16:58,907 --> 00:16:58,947 Yeah. 228 00:16:59,247

--> 00:17:01,907 And debasement helps, of course, get away from that debt. 229 00:17:02,287 --> 00:17:06,607 So the AI pump has to continue, though, for that GDP to debt ratio to be anything that 230 00:17:06,607 --> 00:17:08,407 we can actually claim to be reasonable. 231 00:17:08,607 --> 00:17:24,474 It accounts for nearly 40 percent of total growth of the GDP which means it adds about somewhere between 0 and 1 percentage points to the GDP right now just the AI investments in general That according to the St Louis Federal Reserve Bank 232 00:17:24,634 --> 00:17:28,474 So we kind of have a Ponzi on it, and that's always what it's been, really, especially since 233 00:17:28,474 --> 00:17:34,614 we de-pegged from gold. And I think big tech has been a major player in this pump since really, 234 00:17:34,894 --> 00:17:39,514 I mean, obviously it started with the dot-com boom, but I think it took a breather. And then 235 00:17:39,514 --> 00:17:44,374 after 2008, it's been big tech in the driver's seat with one massive innovation after another. 236 00:17:44,494 --> 00:17:49,434 If you just walk it back through your minds from AI to blockchain to smartphone to Internet of 237 00:17:49,434 --> 00:17:54,274 Things, et cetera, et cetera, et cetera, there's just been one hype wave after another, each one 238 00:17:54,274 --> 00:17:59,414 bigger and louder and more and more people getting in on it each and every time with big tech now 239 00:17:59,414 --> 00:18:05,154 becoming the Meg 7 and they've been directly pumping things. Right. And so this AI pump has 240 00:18:05,154 --> 00:18:10,094 been driven through them as well. And I think the signal is that more people are paying attention to 241 00:18:10,094 --> 00:18:15,894 this. And the other indication that people are in fact paying attention, it's not just that people 242 00:18:15,894 --> 00:18:20,214 are interested in talking about macroeconomics now or more people know who the Federal Reserve 243 00:18:20,214 --> 00:18:24,714 chair is than anyone in my previous entire life experience has ever known. Like there's these 244 00:18:24,714 --> 00:18:30,074 other signs that people are paying attention, obviously out there, but there's also numbers 245 00:18:30,074 --> 00:18:31,294 you can put on a chart. 246 00:18:31,694 --> 00:18:32,854 I'm not a chart sniffer, 247 00:18:33,133 --> 00:18:35,114 but I do like to look at Bitcoin 248 00:18:35,114 --> 00:18:36,954 priced in gold from time to time, 249 00:18:37,133 --> 00:18:38,174 not priced in Fiat. 250 00:18:38,954 --> 00:18:43,614 And Bitcoin in gold terms is up around 251 00:18:43,614 --> 00:18:45,054 roughly 3% this week. 252 00:18:45,734 --> 00:18:47,214 That's not too crazy, right? 253 00:18:47,554 --> 00:18:49,194 What is interesting is recently, 254 00:18:50,114 --> 00:18:52,954 Bitcoin held and gold kind of went down 255 00:18:52,954 --> 00:18:54,214 after the rate hike. 256 00:18:54,294 --> 00:18:55,054 That was interesting. 257 00:18:55,374 --> 00:18:58,334 And Bitcoin bounced a bit after the PCE print 258 00:18:58,334 --> 00:19:00,454 and gold really hasn't done much. 259 00:19:00,514 --> 00:19:02,574 But actually what's very noteworthy here 260 00:19:02,574 --> 00:19:05,234 is the longer term gold to Bitcoin ratio. 261 00:19:05,994 --> 00:19:08,314 Gold is not looking so good recently. 262 00:19:08,614 --> 00:19:11,134 Bitcoin in gold terms is up 37% 263 00:19:11,134 --> 00:19:14,174 from its 14.4 ounce August low. 264 00:19:14,174 --> 00:19:16,334 And the 90 day Bitcoin gold correlation 265 00:19:16,334 --> 00:19:19,374 is at a six year high. 266 00:19:20,354 --> 00:19:22,874 So that is something to watch 267 00:19:22,874 --> 00:19:24,614 and Bitcoin Magazine broke it down. 268 00:19:25,054 --> 00:19:25,734 In early September, 269 00:19:25,734 --> 00:19:33,294 we cleared that May high of 17.9 ounces, three higher lows followed by a new high. 270 00:19:33,694 --> 00:19:39,674 Two things are really catching my eye here. We start this deviation in June, 271 00:19:40,254 --> 00:19:48,954 and that's a low in dollars that we undercut. And then the February low set a higher low. 272 00:19:49,434 --> 00:19:54,854 So we're making higher lows, and then we're also making higher highs if we look later on at the 273 00:19:54,854 --> 00:19:59,133 timeframe as we start to come out in the second half of this year. We really were struggling until 274 00:19:59,133 --> 00:20:04,454 February. And then we start to get this bullish trajectory. The February low is about 12.1 ounces 275 00:20:04,454 --> 00:20:11,554 measured in gold. The June low on that chart, 13.7 ounces. And then the August low, 14.4 ounces. 276 00:20:11,834 --> 00:20:20,074 So in early September, we cleared that May high of 17.9 ounces, three higher lows followed by a new 277 00:20:20,074 --> 00:20:26,834 high. Very, very bullish setup. Yeah, bullish indeed it might be because Bitwise's Ryan Rasmussen, 278 00:20:27,054 --> 00:20:33,294 I think that's how you say it, says he's been seeing his nation state level clients sell their 279 00:20:33,294 --> 00:20:42,414 gold to buy Bitcoin. Gold and selling their other FX reserves to fund Bitcoin purchases. So there 280 00:20:42,414 --> 00:20:49,174 really is this kind of dual sided approach to getting exposure to hard assets through Bitcoin 281 00:20:49,174 --> 00:20:54,854 and gold. Now, the thing about sovereign wealth funds is they control massive amounts of capital. 282 00:20:55,594 --> 00:20:59,694 And they're pretty interesting in terms of their willingness to take a little bit of risk 283 00:20:59,694 --> 00:21:05,654 with their portfolio in a newer asset like Bitcoin relative to gold. And even though it's 284 00:21:05,654 --> 00:21:11,534 just a small percentage of their portfolio, maybe 2% or 3%, the amount of money they control and 285 00:21:11,534 --> 00:21:16,734 the amount of capital they control is so massive that that can have a meaningful impact on the 286 00:21:16,734 -->

00:21:21,594 Bitcoin market. And are these sovereigns looking to buy ETFs or spot Bitcoin or are they more 287 00:21:21,594 --> 00:21:27,794 interested in trying to generate it maybe through mining or some other efforts? Yeah, I think it's 288 00:21:27,794 --> 00:21:32,994 actually all of the above, right? The ones that we spoke to, the sovereign wealth funds were, 289 00:21:33,414 --> 00:21:38,133 some were interested in buying spot Bitcoin ETFs, some were interested in building their 290 00:21:38,133 --> 00:21:45,633 own custody solutions in-house or investing in custodians in their country and using those for 291 00:21:45,633 --> 00:21:50,934 direct holdings in cold storage. Some were participating in mining. Some were more interested 292 00:21:50,934 --> 00:21:57,214 in running strategies to generate income on their Bitcoin, like options income strategies. At Bitwise, 293 00:21:57,214 --> 00:22:04,354 we help sovereigns and other investors build SMA portfolios where our team in-house runs 294 00:22:04,354 --> 00:22:10,414 option overlay strategies to generate income on top of their Bitcoin holdings. So it really is 295 00:22:10,414 --> 00:22:15,474 all of the above. For some of these sovereign wealth funds, it's a strategic initiative for 296 00:22:15,474 --> 00:22:23,373 the country to embrace Bitcoin and crypto and bring innovation into their country. And so partly 297 00:22:23,373 --> 00:22:28,114 their investments are then putting their cards on the table and saying, look, we're here for the 298 00:22:28,114 --> 00:22:34,414 long term. We believe Bitcoin is going to play a major role in the financial economy for the future. 299 00:22:34,414 --> 00:22:40,373 And so not only are we investing in bringing innovation into our country, bringing crypto 300 00:22:40,373 --> 00:22:46,294 companies into our country, whether that's custodians, exchange ins, or payments via 301 00:22:46,294 --> 00:22:51,914 Bitcoin, but we're also buying Bitcoin and holding it. So I think it's really all of the above, 302 00:22:52,014 --> 00:22:56,274 which is, you know, what makes Bitcoin so fascinating today is that you have all these 303 00:22:56,274 --> 00:23:02,373 different ways to gain exposure to Bitcoin. And some are great for some people, some are great 304 00:23:02,373 --> 00:23:07,174 for others, and all of them are great for many investors. All of them are great for Bitwise. 305 00:23:07,174 --> 00:23:16,334 And speaking of crazy buddies, your crazy buddy, Kathy Wood, says that gold peaked on the day that Trump nominated Warsh. 306 00:23:16,554 --> 00:23:23,034 And so it is interesting that the gold price peaked on the day President Trump nominated him. 307 00:23:23,354 --> 00:23:30,154 And we would not be surprised to see the gold price stabilize around here, maybe go down. 308 00:23:30,674 --> 00:23:31,774 Jury's out on that. 309 00:23:32,014 --> 00:23:34,594 We're going to be in a wait and see mode. 310 00:23:34,594 --> 00:23:47,954 But if the dollar

moves up, as we believe it will, because the returns on invested capital in the U.S. are going up relative to those in the rest of the world, we believe the gold price will come down. 311 00:23:48,514 --> 00:23:49,394 Oh, okay. 312 00:23:49,534 --> 00:23:53,633 Now, I don't know if you can really pin it on one reason. 313 00:23:53,873 --> 00:23:57,334 She's got a couple there, but, you know, it's a complex market. 314 00:23:57,694 --> 00:23:59,274 Things are just dynamic right now. 315 00:23:59,274 --> 00:24:14,234 The thing is, a lot of the recent trades, the reason why I say that is a lot of the recent trades have just sort of been herd momentum, or I guess what the wonks would call it would be fast money, where they just chase whatever has momentum at the moment, and gold may have just lost that. 316 00:24:14,774 --> 00:24:18,133 I think we're seeing a bit, too, of the AI trade spill off. 317 00:24:18,194 --> 00:24:24,434 Not that the AI trade is slow completely, but some of what you can buy has been bought at this point, right? 318 00:24:24,434 --> 00:24:35,613 And then also, I think they're with all of the talk of it destroying all humans and Bill Gates saying it's going to kill a billion people and Dario saying it'll kill four to six percent of humanity and, you know, take 20 percent of jobs. 319 00:24:35,854 --> 00:24:41,734 That thing, maybe it's made people kind of want to back off a bit, you know, and also there's all of the training costs and all of that. 320 00:24:42,234 --> 00:24:46,354 So I think maybe, maybe we're seeing a spillover a little bit into Bitcoin. 321 00:24:46,494 --> 00:24:48,574 And I suspect Lynn Alden agrees. 322 00:24:48,574 --> 00:24:55,754 more with bitcoin adoption is a multi-year story and there's different types of adoption so whenever 323 00:24:55,754 --> 00:25:00,614 we look at like a multi-month period like this i think a lot of it has to do with liquidity conditions 324 00:25:00,614 --> 00:25:07,014 and then some of it just is like just fast money right so you know for a while you know the ai 325 00:25:07,014 --> 00:25:12,774 trade was sucking some of the the kind of the the oomph out of bitcoin i would say and so what 326 00:25:12,774 --> 00:25:16,394 happens is eventually bitcoin gets to a point where all the fast money's out or most of the 327 00:25:16,394 --> 00:25:17,254 Fast money's out. 328 00:25:17,894 --> 00:25:18,914 People have been liquidated. 329 00:25:19,434 --> 00:25:23,874 And then all that's kind of left is like the long-term money 330 00:25:23,874 --> 00:25:25,834 that's just kind of there for years. 331 00:25:26,694 --> 00:25:28,633 And then it makes it so just the marginal seller 332 00:25:28,633 --> 00:25:29,894 is just not really there anymore. 333 00:25:29,894 --> 00:25:31,934 Like, you know, bad news can come out 334 00:25:31,934 --> 00:25:35,934 and just people that could sell have already sold. 335 00:25:36,574 --> 00:25:38,934 And bulls are just less leveraged than they were. 336

00:25:39,574 --> 00:25:42,354 And so it only takes either minor good news 337 00:25:42,354 --> 00:25:45,734 or in some cases just less bad news. 338 00:25:45,734 --> 00:25:47,873 and then it starts to build a base. 339 00:25:47,873 --> 00:25:49,154 It just stops going down. 340 00:25:49,154 --> 00:25:50,294 And it's not really a headline event, 341 00:25:50,294 --> 00:26:02,160 it just stops going down And then when it stops going down and turns up even a tiny bit you got the technical traders come in and say hey that chart looked like dumpster fire for six months and now it doesn anymore So it triggers their alerts 342 00:26:02,800 --> 00:26:12,140 And then, you know, once it goes up 10, 20, 30% off the lows, you know, you start to get momentum traders that come in and say, hey, now our alerts are triggering for that. 343 00:26:12,560 --> 00:26:19,580 And then if that's eventually enough to get it up to the next high, then you have headlines and retail and other types of buyers coming in. 344 00:26:19,580 --> 00:26:24,280 So you get kind of self-reinforcing buying to the upside, you get self-reinforcing selling to the downside. 345 00:26:25,320 --> 00:26:32,101 And it mostly just starts the part you look for, which I think we've crossed now, is just that fast money is already out. 346 00:26:32,380 --> 00:26:41,320 And just there's an exhaustion of sellers, not because there's any one reason, just because everyone that was going to sell has largely already sold. 347 00:26:41,520 --> 00:26:48,200 So now it just it takes a very small amount of news to start grinding sideways to up instead of sideways to down. 348 00:26:48,200 --> 00:26:59,420 The one thing I would add is over time, that HODLer base that understands the value and market fit of Bitcoin, as I like to say, you see them set the floor. 349 00:26:59,500 --> 00:27:01,180 And I think we're already seeing that. 350 00:27:01,540 --> 00:27:08,280 This four-year cycle has been, well, so far pretty smooth in terms of four-year cycles so far. 351 00:27:08,500 --> 00:27:14,060 And so once the traders leave, or fast money, as Lynn puts it, then we set the floor. 352 00:27:14,180 --> 00:27:17,060 And there's just more of us that accumulate over time. 353 00:27:17,640 --> 00:27:19,500 The rest of the clip with Lynn was good, too. 354 00:27:19,680 --> 00:27:23,341 And I think she kind of lays out her current market thesis for Bitcoin. 355 00:27:23,520 --> 00:27:24,940 Up instead of sideways to down. 356 00:27:25,420 --> 00:27:25,601 Yeah. 357 00:27:25,700 --> 00:27:28,601 Of course, you hear the perma bear kind of perspectives on it, too. 358 00:27:28,680 --> 00:27:32,440 But does that make Bitcoin less vulnerable to another liquidity squeeze? 359 00:27:32,440 --> 00:27:35,020 Or can it still get pulled down with everything else? 360 00:27:35,440 --> 00:27:37,800 That's Jeremy from KITCO News. 361 00:27:38,820 --> 00:27:40,660 Well, so Bitcoin is still a volatile asset. 362 00:27:41,020 --> 00:27:46,741 I mean, it can swing $10,000 in either direction without a real cause. 363 00:27:46,741 --> 00:27:47,760 It can just do that. 364 00:27:47,880 --> 00:27:52,940 It's kind of like how, you know, yeah, so I think we're still in for a choppy situation. 365 00:27:53,060 --> 00:27:56,660 I'm not really calling for like a major bull action in the next three months necessarily. 366 00:27:57,920 --> 00:28:00,300 With Bitcoin, I kind of approached two main things. 367 00:28:00,520 --> 00:28:03,180 One is, is it the best at what it does? 368 00:28:03,700 --> 00:28:09,280 And this is a situation where network effects and protocol security and simplicity all matter. 369 00:28:09,720 --> 00:28:13,080 So kind of like how, you know, what is the staying power of Ethernet? 370 00:28:13,220 --> 00:28:14,580 What is the staying power of USB? 371 00:28:14,580 --> 00:28:18,780 B, what is the staying power of simple transfer protocol, internet protocol? 372 00:28:19,640 --> 00:28:24,700 These kind of communication protocols have very long lasting life cycles that are self-reinforcing. 373 00:28:24,780 --> 00:28:26,420 And I kind of put Bitcoin in that camp. 374 00:28:27,120 --> 00:28:29,140 So one is I just analyze this. 375 00:28:29,241 --> 00:28:30,780 Is it still the best at what it does? 376 00:28:31,341 --> 00:28:36,020 And if that's a yes, then the second question is how big, what is the market for what it does? 377 00:28:36,480 --> 00:28:44,020 And so, for example, if Bitcoin is global capital and permissionless payments, right now it's worth something like 0.2%. 378 00:28:44,580 --> 00:28:51,060 of global liquid assets. And then I asked myself, could it be worth 2% of global liquid assets? 379 00:28:51,160 --> 00:28:57,580 Would that be unreasonable? And my view is no. And so it's like, I still think that there's a 380 00:28:57,580 --> 00:29:04,060 potential 10X or more upside to the asset compared to the global sea of assets that can be invested 381 00:29:04,060 --> 00:29:10,601 in me, compared to the global bond market, compared to equities, housing, which is illiquid 382 00:29:10,601 --> 00:29:16,460 assets. I think gold is valuable. That's part of the total base we can consider. And then there's 383 00:29:16,460 --> 00:29:21,140 Bitcoin. And I just think it's still small compared to what its potential is, especially in that world 384 00:29:21,140 --> 00:29:25,660 we just talked about. I mean, it's a world of deficits. It's a world of capital controls. It's 385 00:29:25,660 --> 00:29:32,560 a world of war. And, you know, self-custodial mobile capital, I think, is valuable. 386 00:29:32,560 --> 00:29:38,060 Yeah. I want to nuance it down just a little bit. She compared Bitcoin to TCP, IP, and SMTP. 387 00:29:38,060 --> 00:29:44,341 I look at it kind of like this. I agree with the TCP IP part. I think Bitcoin's TCP IP for money 388 00:29:44,341 --> 00:29:52,380 in a sense. I think lightning is SMTP, right? SMTP rides on top of TCP IP. It requires

TCP IP 389 00:29:52,380 --> 00:29:58,140 and the base protocol to exist and be valid in order for SMTP to work. But then SMTP rides on 390 00:29:58,140 --> 00:30:01,420 top of that and allows you to transmit directly, directly, or you could say peer to peer. 391 00:30:02,000 --> 00:30:07,940 And when you think about them as protocols like that and how open source protocols just grow, 392 00:30:08,060 --> 00:30:12,880 and it becomes an economic incentive for others to adopt it as they grow, 393 00:30:13,320 --> 00:30:17,080 then, you know, that's just part of the value story around Bitcoin. 394 00:30:19,261 --> 00:30:22,120 But I got to ask you a question that I would like you to boost in about. 395 00:30:22,120 --> 00:30:27,101 What is your reaction to the BEA rewriting the last five years of inflation data? 396 00:30:27,841 --> 00:30:31,460 Does it feel like the fiat system is just making up the rules as they go? 397 00:30:31,601 --> 00:30:35,420 Or is this type of management justified in a system like this? 398 00:30:35,420 --> 00:30:41,800 does a fiat system like this require these types of adjustments because of its very nature? And so 399 00:30:41,800 --> 00:30:46,520 therefore, in a weird way, it is valid. You know what I'm asking? I mean, it's a weird one. 400 00:30:46,940 --> 00:30:53,080 So are they fake numbers or not? What do you think? Boost.jupiterbroadcasting.com. 401 00:30:53,080 --> 00:30:54,460 Let me know and support the show. 402 00:31:05,420 --> 00:31:14,180 Now don't go away. 403 00:31:14,260 --> 00:31:15,300 Not only are the boosts coming up, 404 00:31:15,320 --> 00:31:17,241 but there's a lot of updates you need to know about 405 00:31:17,241 --> 00:31:19,060 and a final clip of the week. 406 00:31:19,200 --> 00:31:21,120 I'll just mention, you can also support the show 407 00:31:21,120 --> 00:31:22,241 just by doing what you do. 408 00:31:22,300 --> 00:31:24,860 If you want to start stacking sats on River or Strike, 409 00:31:24,920 --> 00:31:26,140 I got links in the show notes. 410 00:31:26,560 --> 00:31:30,260 If you want to use a platform that's all about self-custody, 411 00:31:30,500 --> 00:31:32,960 where you have the wallet, that's the Bitcoin well. 412 00:31:33,241 --> 00:31:34,980 Check them out in Canada or the US. 413 00:31:34,980 --> 00:31:42,160 If you want to go from sats to gift card in just seconds over the Lightning Network, the Bitcoin company, they only do Bitcoin and they just did a nice redesign. 414 00:31:42,540 --> 00:31:45,280 Great infrastructure. I've used them for years. Link in the notes. 415 00:31:45,860 --> 00:31:50,120 Fold card. Stack the sats while you're paying your bills, doing what you got to do to live your life. 416 00:31:50,160 --> 00:31:52,100 And they also have a Visa card to stack sats too. 417 00:31:53,200 --> 00:31:59,440 And then salt lending. One of the OGs in Bitcoin lending that gives you access to your Bitcoin without having to sell it. 418 00:31:59,780 --> 00:32:01,960 Get

a little bit of that liquidity. Strike does that as well. 419 00:32:01,960 --> 00:32:03,480 I got links to all of those in the notes. 420 00:32:04,060 --> 00:32:07,380 No official relash, just services I use. 421 00:32:07,741 --> 00:32:10,420 So far, haven't been rugged, so I can recommend them. 422 00:32:10,841 --> 00:32:13,020 Thanks for supporting the show by doing what you do. 423 00:32:13,660 --> 00:32:16,220 But now, let's get in to the Boos. 424 00:32:19,020 --> 00:32:21,980 And now, it is time for Le Boos. 425 00:32:21,980 --> 00:32:24,101 All right, here we go. 426 00:32:24,241 --> 00:32:27,480 Kicking us off is John A. with Get Ready For It. 427 00:32:27,480 --> 00:32:32,360 Ladies and gentlemen, boys and girls, 250,000 Satoshis. 428 00:32:43,700 --> 00:32:49,560 John A. Wright's been listening to all the JB shows for years, but Twib slowly risen to the top of his my favorite. 429 00:32:50,140 --> 00:32:52,160 All shows go to the top of my queue, though. 430 00:32:52,620 --> 00:32:53,440 Bootlegs for the win. 431 00:32:53,800 --> 00:32:54,600 Thank you, John. 432 00:32:55,360 --> 00:32:59,600 Yeah, bootlegs could be in the future for TWIB. 433 00:33:00,320 --> 00:33:02,620 I kind of want to think about the format a bit 434 00:33:02,620 --> 00:33:03,800 so it's valuable for the members, 435 00:33:04,020 --> 00:33:07,480 and I'm still kind of experimenting with live streams on Fountain 436 00:33:07,480 --> 00:33:08,900 and kind of getting that worked out. 437 00:33:08,940 --> 00:33:10,380 My account just recently got access, though. 438 00:33:11,100 --> 00:33:13,940 So there could be more news on that front soon. 439 00:33:14,100 --> 00:33:14,741 Thank you, John. 440 00:33:14,800 --> 00:33:16,860 Really appreciate you being our baller booster. 441 00:33:17,920 --> 00:33:22,520 Derivation Dingus comes in with 1, 2, 4, 6, 6, 7 sets. 442 00:33:22,600 --> 00:33:24,440 Yes, that's 124,000. 443 00:33:24,600 --> 00:33:27,140 667 Satoshis. 444 00:33:28,241 --> 00:33:28,400 What? 445 00:33:29,080 --> 00:33:31,340 Oh, can you believe it? 446 00:33:38,960 --> 00:33:39,360 Woo! 447 00:33:40,000 --> 00:33:40,540 Break it up. 448 00:33:40,960 --> 00:33:42,280 You got boost power. 449 00:33:42,680 --> 00:33:43,680 Derivation Dingus writes, 450 00:33:43,780 --> 00:33:45,860 Twib is one of the best Bitcoin podcasts around. 451 00:33:46,180 --> 00:33:48,200 I hope these sats help you get through this slower period. 452 00:33:48,320 --> 00:33:49,720 Yes, they do, Derivation. 453 00:33:50,300 --> 00:33:51,220 Thank you very much. 454 00:33:51,940 --> 00:33:52,760 That's a great boost. 455 00:33:52,880 --> 00:33:54,560 Appreciate you coming in from Fountain, too. 456 00:33:55,440 --> 00:33:56,540 Mastrix, am I getting that right? 457 00:33:56,700 --> 00:33:59,000 M-A-L-Y-S-T-R-Y-X. 458 00:33:59,100 --> 00:34:04,200 Mastrix comes in with a clean 120,000 Satoshis. 459 00:34:04,280 --> 00:34:05,780 I heard that, but you're kind. 460 00:34:06,680 --> 00:34:07,120

Yes! 461 00:34:12,920 --> 00:34:13,600 Stop it. 462 00:34:14,300 --> 00:34:15,041 Get some help. 463 00:34:16,521 --> 00:34:17,200 All right. 464 00:34:17,280 --> 00:34:17,700 All right. 465 00:34:17,800 --> 00:34:18,260 So, hi, Chris. 466 00:34:18,320 --> 00:34:19,920 Just wanted to encourage you to keep going. 467 00:34:19,920 --> 00:34:23,380 I suspect donations being down may have less to do with the quality of the value and more 468 00:34:23,380 --> 00:34:28,100 about us being so squeezed on available funds. Yeah, I hear that. Everything is getting more 469 00:34:28,100 --> 00:34:32,200 and more expensive while income doesn't change. Some people, it's just going down and down. I 470 00:34:32,200 --> 00:34:34,900 wish I could support more. Really, I love the show and I've learned so much from 471 00:34:34,932 --> 00:34:37,392 Twib and before from the Bitcoin dad. 472 00:34:37,772 --> 00:34:39,952 True believer and your weekly information is important to me. 473 00:34:40,452 --> 00:34:42,132 I did get a split air, so I'm trying again. 474 00:34:42,312 --> 00:34:43,372 Oh, you know what? 475 00:34:44,412 --> 00:34:46,592 Yeah, I wonder because we got a lot of support. 476 00:34:46,652 --> 00:34:49,972 I wonder if some of my channels, you know, got too loaded on one side. 477 00:34:50,712 --> 00:34:51,572 Thank you very much, Mal. 478 00:34:51,632 --> 00:34:51,972 And I do. 479 00:34:52,132 --> 00:34:53,832 I know I'm feeling the same way these days. 480 00:34:54,452 --> 00:34:55,672 It's a tricky thing, right? 481 00:34:56,272 --> 00:34:58,732 Especially in an age when we want to keep independent media alive. 482 00:34:58,732 --> 00:35:00,332 It's getting squeezed on all sides. 483 00:35:00,872 --> 00:35:02,572 Really, this community makes a difference. 484 00:35:02,712 --> 00:35:04,092 Thank you very much. 485 00:35:04,092 --> 00:35:12,212 Who Needs Chairs, I get that reference, comes in with 115,000 Satoshis. 486 00:35:15,212 --> 00:35:16,932 But that's not possible. 487 00:35:17,072 --> 00:35:18,112 Nothing can do that. 488 00:35:18,292 --> 00:35:21,692 Who Needs Chairs writes, most valuable podcast I listen to by far. 489 00:35:21,972 --> 00:35:23,992 Hope you continue to put out the Bitcoin macro content. 490 00:35:24,152 --> 00:35:28,252 Regarding the Bitcoin price, I think the bear case is it holds above 80K. 491 00:35:28,772 --> 00:35:32,312 Bold cases, we get positive Iran news, more fiscal deficit and debasement news, 492 00:35:32,612 --> 00:35:35,872 or more mainstream adoption news that pushes Bitcoin higher. 493 00:35:36,432 --> 00:35:38,772 Yeah, that seems like a pretty astute analysis to me. 494 00:35:39,052 --> 00:35:40,772 And it could go, any of those could go either way. 495 00:35:41,132 --> 00:35:42,852 So stay tuned and find out, right? 496 00:35:44,372 --> 00:35:45,432 Thank you very much. 497 00:35:45,492 --> 00:35:47,072 Who does need chairs? 498 00:35:47,172 --> 00:35:47,692 Sell you chairs. 499 00:35:47,892 --> 00:35:49,092 Are you over-invested in chairs? 500 00:35:49,652 --> 00:35:49,852 Huh? 501 00:35:50,532 --> 00:35:51,712 Do you hedge on multiple chairs? 502 00:35:51,832 --> 00:35:52,972 How many glasses do you have? 503 00:35:53,332 --> 00:35:54,112 What about your headphones? 504 00:35:54,112 --> 00:35:56,132 Do you hedge on multiple headphones? 505 00:35:56,752 --> 00:35:57,012 No. 506 00:35:57,712 --> 00:35:58,632 You need to buy sats. 507 00:36:00,132 --> 00:36:01,592 Thanks, Jared. 508 00:36:01,672 --> 00:36:02,252 Appreciate you. 509 00:36:03,092 --> 00:36:07,792 Nats Gimerson comes in with 111, 101 Satoshis. 510 00:36:07,792 --> 00:36:08,552 Woo-hoo-hoo! 511 00:36:09,452 --> 00:36:10,832 Woo, look at it go! 512 00:36:12,632 --> 00:36:14,392 Says, don't stop, brother. 513 00:36:14,472 --> 00:36:16,172 They are doing a lot with mayo these days. 514 00:36:16,192 --> 00:36:18,732 Indo-Pacific Command, not Indopay.com. 515 00:36:18,812 --> 00:36:19,052 Okay. 516 00:36:19,312 --> 00:36:19,692 All right. 517 00:36:19,832 --> 00:36:20,172 All right. 518 00:36:20,252 --> 00:36:20,992 Did I say that? 519 00:36:21,032 --> 00:36:21,372 I'm sorry. 520 00:36:21,432 --> 00:36:22,152 That's so embarrassing. 521 00:36:22,932 --> 00:36:23,332 Thanks. 522 00:36:24,512 --> 00:36:24,892 Nats? 523 00:36:24,972 --> 00:36:26,092 Oh, Nats gas immersion. 524 00:36:26,092 --> 00:36:31,552 or what? Now, are you saying you have natural gas powered immersed miners? Is that what your 525 00:36:31,552 --> 00:36:36,952 is that what your is that what your handle is implying? I need a clarification. I need a 526 00:36:36,952 --> 00:36:41,272 clarification. And I appreciate that baller boost. Thank you. Thank you very much. All right. And 527 00:36:41,272 --> 00:36:45,712 here we go. One more than a hundred thousand sets. Get ready. It's our last one. And it's very, 528 00:36:45,712 --> 00:36:51,232 very much appreciated. Ladies and gentlemen, coming in with 100,000 sets right there on the 529 00:36:51,232 --> 00:36:57,272 knows it's dash dummy i hoard that which your kind covet everything's under control and dash 530 00:36:57,272 --> 00:37:02,832 dummy says just thanks well thank you very much boost appreciate you anonymous came in with 88 531 00:37:02,832 --> 00:37:10,732 345 satoshis i don't know if that feels like the right sound for that one well i'll be dipped 532 00:37:10,732 --> 00:37:14,212 have to work on that one huh yeah but he's definitely a good guy he's a good guy yeah 533 00:37:14,212 --> 00:37:19,052 he's a real good guy great guy yeah but he is anonymous says uh yo chris your macroeconomics 534 00:37:19,052 --> 00:37:23,312 reporting and analysis is very much appreciated. You make the complex topic approachable without 535 00:37:23,312 --> 00:37:27,512 jargon. And even though I may not subscribe to every point in your thesis, I hope your listeners 536 00:37:27,512 --> 00:37:32,832 rally to support the show. I endeavor to contribute when possible. Zab. Boy,

I love hearing that. I 537 00:37:32,832 --> 00:37:35,592 love hearing that you can listen and not agree with everything because that's what I try to do 538 00:37:35,592 --> 00:37:40,732 as well. I'd love to cultivate that kind of community. Thank you very much, Zab, aka Anonymous. 539 00:37:41,472 --> 00:37:46,372 J-Cube comes in with 77,777 Satoshis. 540 00:37:49,052 --> 00:37:55,072 jcubes write support boost 541 00:37:55,072 --> 00:38:01,792 seriously though we really don't we really don't want you to stop so here's some signal and value 542 00:38:01,792 --> 00:38:07,232 thank you jcubes appreciate that value foxbite comes in with 70 000 sats 543 00:38:07,232 --> 00:38:18,092 thanks for another great twib episode love twib thank you foxbite and i appreciate you 544 00:38:18,552 --> 00:38:19,612 Thanks for using the web boost. 545 00:38:20,032 --> 00:38:24,152 Halleck's here with 54,321 Satoshis. 546 00:38:28,832 --> 00:38:30,152 Also a fantastic boost. 547 00:38:30,232 --> 00:38:31,872 He says, sorry for not boosting more often. 548 00:38:31,992 --> 00:38:33,732 I'm usually listening in the car and I forget to boost. 549 00:38:33,972 --> 00:38:34,492 I understand. 550 00:38:35,252 --> 00:38:36,612 Consider yourself caught up. 551 00:38:36,692 --> 00:38:37,312 Thank you, Halleck. 552 00:38:37,412 --> 00:38:38,092 Appreciate you. 553 00:38:38,632 --> 00:38:42,992 Juke is here with 44,444 Satoshis. 554 00:38:43,212 --> 00:38:45,012 10 gold gloves out of a possible 10 gold gloves. 555 00:38:45,032 --> 00:38:45,792 Very nice. 556 00:38:46,152 --> 00:38:47,452 First time booster. 557 00:38:47,932 --> 00:38:48,332 What? 558 00:38:48,392 --> 00:38:49,232 Are you serious? 559 00:38:50,232 --> 00:38:51,632 Juke, thank you very much. 560 00:38:52,312 --> 00:38:52,692 You know what? 561 00:38:52,692 --> 00:38:54,372 You get a little first-time boost eagle, too. 562 00:38:54,772 --> 00:38:55,492 Just for you. 563 00:38:56,112 --> 00:38:58,012 I just wanted to thank you for all the shows and analysis. 564 00:38:58,232 --> 00:39:00,432 Hiatus would be understandable, but a real pity. 565 00:39:00,532 --> 00:39:01,372 Well, thank you very much. 566 00:39:01,452 --> 00:39:02,912 Thanks, Juke, for taking the time to boost. 567 00:39:03,732 --> 00:39:04,532 Hope to hear from you again. 568 00:39:05,292 --> 00:39:08,812 Mudum 8 comes in with 36,720 satoshis. 569 00:39:09,472 --> 00:39:11,172 I'm just guessing I got that right. 570 00:39:11,232 --> 00:39:11,852 Oh, my God. 571 00:39:11,912 --> 00:39:13,392 This drawer is filled with broodlobes. 572 00:39:13,572 --> 00:39:17,132 I purchased Mudum at TWIB with coupon code TWIB for 20% off. 573 00:39:17,132 --> 00:39:19,732 50% of the proceeds to Chris via this boost. 574 00:39:20,172 --> 00:39:23,212 Get an at Twib or at this week in Bitcoin name 575 00:39:23,212 --> 00:39:27,632 and support the show by downloading spaceswallet.com. 576 00:39:27,632 --> 00:39:30,452 That is spacesprotocol.org for more information. 577 00:39:31,212 --> 00:39:33,112 And check your contact info and let's chat. 578 00:39:33,812 --> 00:39:37,552 Oh, spaceswallet.com and visit spacesprotocol.org 579 00:39:37,552 --> 00:39:39,132 and grab your username today. 580 00:39:39,532 --> 00:39:42,092 Thank you very much, Mudder Mate, for the boost. 581 00:39:42,252 --> 00:39:43,052 Appreciate you. 582 00:39:43,052 --> 00:39:48,352 a Monday is here with 35,555 Satoshis. 583 00:39:53,632 --> 00:39:55,532 Twib is my number one podcast. 584 00:39:55,652 --> 00:39:57,932 I always listen to it as soon as an episode comes out. 585 00:39:58,532 --> 00:40:00,792 Even Lup, I just listen to sometimes during the week, 586 00:40:00,872 --> 00:40:02,172 but Twib, it's on top. 587 00:40:03,772 --> 00:40:05,132 It's okay, I don't tell the boys. 588 00:40:05,552 --> 00:40:08,052 Late report back, but the Bitcoin convergence was, 589 00:40:08,252 --> 00:40:08,952 convergence? 590 00:40:09,232 --> 00:40:10,512 Or maybe coverage was great. 591 00:40:10,632 --> 00:40:12,152 A lot of, oh, oh, oh. 592 00:40:12,592 --> 00:40:13,292 Bitcoin convergence. 593 00:40:13,552 --> 00:40:18,472 Lots of people from Portland and Seattle spent the whole day talking Bitcoin networking and exchanging goods for real money. 594 00:40:18,652 --> 00:40:19,872 And they plan to do it again next year. 595 00:40:19,932 --> 00:40:20,912 That's so great. 596 00:40:21,092 --> 00:40:21,952 I would love to go. 597 00:40:22,632 --> 00:40:23,352 Oh, this year. 598 00:40:23,892 --> 00:40:24,932 This has been a year. 599 00:40:25,452 --> 00:40:26,512 This has really been a year. 600 00:40:26,892 --> 00:40:28,212 But with support like this, I could probably go. 601 00:40:28,272 --> 00:40:29,272 Thank you, Amunday. 602 00:40:29,412 --> 00:40:30,192 I appreciate you. 603 00:40:30,752 --> 00:40:35,312 Kiwi Bitcoin guides back with 33,333 satoshis. 604 00:40:35,632 --> 00:40:36,552 Well, I'll be dim. 605 00:40:36,552 --> 00:40:37,352 There he is. 606 00:40:37,412 --> 00:40:37,932 He's a good guy. 607 00:40:38,012 --> 00:40:38,492 He's a great guy. 608 00:40:38,512 --> 00:40:39,172 He's a real good guy. 609 00:40:39,312 --> 00:40:39,972 No, he's a great guy. 610 00:40:40,092 --> 00:40:40,312 Mm-hmm. 611 00:40:40,452 --> 00:40:40,832 Mm-hmm. 612 00:40:40,832 --> 00:40:42,792 You're doing very well. 613 00:40:42,912 --> 00:40:46,372 Now, Chris, just between you and me, there will be no more talk of you not continuing twip. 614 00:40:47,132 --> 00:40:50,112 And in finito, no more. 615 00:40:50,432 --> 00:40:52,252 Thank you for your attention to this matter. 616 00:40:53,572 --> 00:40:55,292 All right. All right. Very good. 617 00:40:55,432 --> 00:40:57,292 You make me want to be a better man. 618 00:40:57,412 --> 00:40:59,132 Thanks, Kiwi. It's good to hear from you. 619 00:40:59,472 --> 00:41:01,712 And when I'm feeling it this week, that is for sure. 620 00:41:02,392 --> 00:41:04,072 MDS is here with 30,000 sats. 621 00:41:04,472 --> 00:41:06,332

Tough little ship. Little. 622 00:41:07,092 --> 00:41:08,972 Damn, Chris, crazy you don't get more sats. 623 00:41:08,972 --> 00:41:10,352 It's my absolute favorite. 624 00:41:10,832 --> 00:41:12,172 How many listeners do you get a week? 625 00:41:12,252 --> 00:41:16,312 Have you considered offering early access for a fee and delaying Spotify releases? 626 00:41:16,752 --> 00:41:18,052 I didn't think you're on Spotify either. 627 00:41:18,212 --> 00:41:18,412 Ew. 628 00:41:18,732 --> 00:41:19,292 Am I on Spotify? 629 00:41:19,352 --> 00:41:20,232 Oh, yeah, no, I am. 630 00:41:20,252 --> 00:41:20,552 You're right. 631 00:41:20,612 --> 00:41:23,032 Yeah, because I got a notification that I got takedowns. 632 00:41:23,432 --> 00:41:24,312 So I am on Spotify. 633 00:41:25,152 --> 00:41:25,512 Spotify. 634 00:41:26,452 --> 00:41:27,032 How many listeners? 635 00:41:27,032 --> 00:41:31,432 I think roughly about 33,000 unique listeners every 90 days. 636 00:41:31,652 --> 00:41:33,432 It's not a ton, right, when you break it down. 637 00:41:33,532 --> 00:41:39,532 It's kind of a small show, but not bad considering it's been a bear market for a year and, you know, the show's been growing during that period. 638 00:41:39,532 --> 00:41:46,112 so I actually can't really complain because I kind of knew going into this that when the show 639 00:41:46,112 --> 00:41:50,212 goes into a bear market growth is going to slow and then when it goes into a bull market I kind of 640 00:41:50,212 --> 00:41:56,992 I hope I hope that growth kind of picks up a bit so it does take it does take a village to keep the 641 00:41:56,992 --> 00:42:02,192 show going and it's not a huge village thank you MDS and oh as far as like bonus content and stuff 642 00:42:02,192 --> 00:42:05,772 there may be more for the members I want to do that the thing is I really just kind of go pedal 643 00:42:05,772 --> 00:42:06,752 to the metal for the main show. 644 00:42:07,292 --> 00:42:09,192 And so I just have to come up with something 645 00:42:09,192 --> 00:42:11,752 that doesn't take away from focus and energy 646 00:42:11,752 --> 00:42:12,452 into the main show. 647 00:42:12,572 --> 00:42:14,452 And that I'm still trying to find the balance of 648 00:42:14,452 --> 00:42:15,992 in between doing the show. 649 00:42:16,192 --> 00:42:17,052 But thank you, MDS. 650 00:42:17,172 --> 00:42:17,712 Appreciate you. 651 00:42:18,232 --> 00:42:21,472 Anon comes in with 25,500 sats. 652 00:42:22,052 --> 00:42:22,732 Let's go. 653 00:42:23,112 --> 00:42:24,852 Twib is a staple of my content consumption. 654 00:42:25,032 --> 00:42:26,752 Please keep up the great work that you're doing. 655 00:42:27,252 --> 00:42:29,112 Do you have any options for a fountain wallet 656 00:42:29,112 --> 00:42:29,792 and the company? 657 00:42:29,892 --> 00:42:31,832 Do you have any opinions on fountain wallet 658 00:42:31,832 --> 00:42:32,772 and the company itself? 659 00:42:33,832 --> 00:42:34,372 Well, sure. 660 00:42:35,192 --> 00:42:35,472 Yeah. 661 00:42:35,472 --> 00:42:36,492 Yeah, I have a lot. 662 00:42:36,932 --> 00:42:41,372 I think, you know, I like what Fountain is doing as a platform hosting provider a lot. 663 00:42:41,752 --> 00:42:49,332 I use it to host Twib, and they have leaned into making agentic workflows for publishing and managing your podcast. 664 00:42:50,152 --> 00:42:53,012 It's probably the best out of anybody anywhere that's doing it. 665 00:42:53,332 --> 00:42:56,312 So I like that, but I think it does come at the expense of focus on the app. 666 00:42:56,792 --> 00:43:01,872 But thankfully, the podcasting Tudor standard is such that there are a lot of great podcasting apps you can move about. 667 00:43:01,872 --> 00:43:06,352 and lightning is such that you can move your stats to a different wall pretty easy like albi hub or 668 00:43:06,352 --> 00:43:20,002 we also have the web boost so i i don know where that goes like that what i i say like let wait and see but as far as like as a company I think they really on to something pretty great and are way ahead of anybody else on the hosting side It just not what they really known for yet 669 00:43:20,302 --> 00:43:21,642 But I think they're going to work to change that. 670 00:43:22,162 --> 00:43:22,602 Thank you, Anod. 671 00:43:22,762 --> 00:43:23,622 Appreciate you. 672 00:43:24,782 --> 00:43:30,182 Cypher Citizen comes in with 22,222 Satoshis. 673 00:43:30,342 --> 00:43:32,162 This old duck still got it. 674 00:43:32,202 --> 00:43:32,882 A McDuck boost. 675 00:43:33,202 --> 00:43:34,002 Keep up the good work. 676 00:43:34,002 --> 00:43:37,242 This show is the podcast I look forward to the most week to week. 677 00:43:37,242 --> 00:43:44,102 you guys really that is awesome i mean think about that that really is amazing to hear thank 678 00:43:44,102 --> 00:43:50,822 you very much cdubs also sent in a row of mcducks things are looking up for all the duck no message 679 00:43:50,822 --> 00:43:56,582 just value and a frothy mix i think is probably how you say it sent in a row of ducks but since 680 00:43:56,582 --> 00:44:01,682 we've had a couple of those i'm gonna give you an aflac aflac there you go uh i love your show 681 00:44:01,682 --> 00:44:05,882 it encouraged me to get a bit key and start moving my bitcoin away from cash app to real 682 00:44:05,882 --> 00:44:09,322 self-custody wallet. I like the multi-sig infrastructure and the ability to recover 683 00:44:09,322 --> 00:44:15,262 my wallet and set up inheritance in case of my eventual demise. The BitKey is a bit pricey, 684 00:44:15,342 --> 00:44:18,822 but I love the way it feels in the hand. Keep up the good work and stick to value for value. 685 00:44:18,902 --> 00:44:24,082 It makes John C. Dvorak and the Podfather proud. Thanks, Frothy. You know, I think the BitKey, 686 00:44:24,082 --> 00:44:29,722 there is something to that because I've bought and bought and I've purchased two for family 687 00:44:29,722 -->

00:44:38,022 members and they always remarked on the feel in the hand. They always did. And what makes me feel 688 00:44:38,022 --> 00:44:42,942 really good about it is they don't have to manage a seed phrase with BitKey. It does mean you're 689 00:44:42,942 --> 00:44:46,762 relying on the BitKey infrastructure being online, although they do have a break glass methodology 690 00:44:46,762 --> 00:44:51,582 that allows you to switch wallets without their infrastructure. But in order for day-to-day 691 00:44:51,582 --> 00:44:56,842 operations to work beyond spend limits, their infrastructure has to be online. That's the 692 00:44:56,842 --> 00:45:01,662 downside, I doubt blocks going anywhere. They seem like one of the more solid tech companies 693 00:45:01,662 --> 00:45:06,662 and one of the more solid companies in the space. So I think if you're going to bet on a company in 694 00:45:06,662 --> 00:45:11,982 the space blocks, probably one of them, who knows, you know, but I did have a clanker do an extensive 695 00:45:11,982 --> 00:45:17,142 review using one of the high end models of the block infrastructure. And they're using the state 696 00:45:17,142 --> 00:45:22,642 of the art Amazon in cloud, you know, enclaves for private keys where they can't even see them. 697 00:45:22,642 --> 00:45:27,162 block staff can't even see them. They're taking advantage of all of like the really crazy high end 698 00:45:27,162 --> 00:45:33,582 encryption stuff that Amazon has to offer. So like the threat to the bit key from the analysis I got 699 00:45:33,582 --> 00:45:39,402 was really it's OK, when quantum computers come along and they can crack SSL and they can do 700 00:45:39,402 --> 00:45:43,022 sufficient man in the middle attacks and they know who you are and they know who your ISP is 701 00:45:43,022 --> 00:45:46,982 and then get between you and Amazon Web Services. That's when you need to start worrying about the 702 00:45:46,982 --> 00:45:51,882 bit key. But we're going to know when that's coming. That's the more likely attack surface 703 00:45:51,882 --> 00:45:54,382 than an employee at Block. 704 00:45:54,782 --> 00:45:55,902 Now, there always could be vulnerabilities 705 00:45:55,902 --> 00:45:56,902 like in the app or something, 706 00:45:57,062 --> 00:45:58,762 but I think part of it is open source. 707 00:45:59,482 --> 00:46:00,702 All right, well, there you go. 708 00:46:01,142 --> 00:46:02,322 Jeez, I really got into it. 709 00:46:02,342 --> 00:46:03,422 But thanks, Frothy, appreciate you. 710 00:46:03,842 --> 00:46:05,582 Marius also sent an a row of McDucks. 711 00:46:05,622 --> 00:46:07,262 This old duck still got it. 712 00:46:07,302 --> 00:46:08,362 No message, just value. 713 00:46:08,482 --> 00:46:09,622 And SleetSat stacks, 714 00:46:09,722 --> 00:46:11,262 which I always get wrong saying ducks. 715 00:46:11,282 --> 00:46:13,262 Things are looking up for old duck ducks. 716 00:46:13,302 --> 00:46:13,982 Another McDuck. 717 00:46:14,322 --> 00:46:16,002 My commute is three to four hours a day, 718 00:46:16,102 --> 00:46:17,102 three days per week. 719 00:46:17,202 --> 00:46:18,102 I need Twib. 720 00:46:18,502 --> 00:46:20,422 It's the only podcast I listen to twice. 721 00:46:20,622 --> 00:46:21,442 Wow, really awesome. 722 00:46:21,882 --> 00:46:23,922 I signed, signed, Slee stats. 723 00:46:24,362 --> 00:46:24,622 Nope. 724 00:46:25,282 --> 00:46:26,862 I think I just got a brain thing. 725 00:46:27,422 --> 00:46:28,722 Slee, he even wrote it out for me, guys. 726 00:46:29,062 --> 00:46:29,862 Slee stack stats. 727 00:46:29,982 --> 00:46:32,682 P.S. Lurks needs to show some love and boost some stats. 728 00:46:32,862 --> 00:46:33,702 He did earlier. 729 00:46:33,902 --> 00:46:36,562 I mean, I'm just so embarrassed that I can't say your name. 730 00:46:36,622 --> 00:46:37,122 It's so bad. 731 00:46:37,342 --> 00:46:39,042 And yet I still so appreciate you. 732 00:46:39,322 --> 00:46:40,182 Thank you very much. 733 00:46:40,422 --> 00:46:41,602 Slee stack stats. 734 00:46:42,462 --> 00:46:44,662 User 13 came in with 21,000 stats. 735 00:46:46,962 --> 00:46:48,122 Oi, Chief Oi Boost. 736 00:46:48,222 --> 00:46:48,962 Chief Tommy here. 737 00:46:49,362 --> 00:46:51,062 Thanks for creating one of the best shows in Bitcoin. 738 00:46:51,062 --> 00:46:52,922 and value for value is a bitch sometimes. 739 00:46:53,302 --> 00:46:54,382 We all want it to be the standard, 740 00:46:54,482 --> 00:46:55,822 but not sure it's realistic long-term. 741 00:46:56,202 --> 00:46:57,502 In the age of free content, 742 00:46:57,702 --> 00:46:58,942 I would consider sponsorships 743 00:46:58,942 --> 00:47:00,742 if you would make it worth your time. 744 00:47:01,102 --> 00:47:01,782 Long live TWIP. 745 00:47:02,402 --> 00:47:03,762 I appreciate the flexibility there. 746 00:47:03,922 --> 00:47:04,782 Thank you, user 13. 747 00:47:05,442 --> 00:47:06,282 And message received. 748 00:47:06,722 --> 00:47:07,882 I mean, this week showing that 749 00:47:07,882 --> 00:47:10,042 when the community rallies, 750 00:47:10,042 --> 00:47:11,502 it really can make a difference, right? 751 00:47:11,542 --> 00:47:13,602 It's this, it's of course the sustainability of it, 752 00:47:13,682 --> 00:47:14,562 but thank you, sir. 753 00:47:15,202 --> 00:47:16,942 OB comes in with 21,000 sets. 754 00:47:18,962 --> 00:47:20,162 You know, it's a great movie. 755 00:47:20,782 --> 00:47:23,942 Obi writes, Twib is by far my most expensive subscription. 756 00:47:24,722 --> 00:47:25,382 Sorry, dude. 757 00:47:25,702 --> 00:47:26,662 He says, I love it. 758 00:47:27,402 --> 00:47:29,762 What Bitcoin did has degraded a bit. 759 00:47:30,022 --> 00:47:30,882 RHR is gone. 760 00:47:31,102 --> 00:47:31,842 Preston is done. 761 00:47:31,982 --> 00:47:33,762 Blue collar Bitcoin disappeared and so on. 762 00:47:34,162 --> 00:47:35,542 If you love doing it, continue. 763 00:47:35,662 --> 00:47:36,282 If not, call today. 764

00:47:36,422 --> 00:47:37,102 Respect it either way. 765 00:47:37,182 --> 00:47:37,622 Thank you, Obi. 766 00:47:37,682 --> 00:47:38,302 I do love it. 767 00:47:38,782 --> 00:47:39,602 I mean, it's hard. 768 00:47:39,722 --> 00:47:43,922 So it's like, it's anything you have to do on the regular, sort of like a daily routine 769 00:47:43,922 --> 00:47:44,902 that's a bit of a grind. 770 00:47:45,422 --> 00:47:47,482 I imagine if I exercised, it'd be a bit like that. 771 00:47:47,522 --> 00:47:47,902 I don't know. 772 00:47:49,442 --> 00:47:50,042 Thanks, Obi. 773 00:47:50,162 --> 00:47:52,802 Too busy prepping the show, though. 774 00:47:53,242 --> 00:47:56,402 Chance of Dizzy Spells is back with 21,000 sats. 775 00:47:58,122 --> 00:47:59,042 I love it. 776 00:48:04,262 --> 00:48:05,382 Chance of Dizzy Spells writes, 777 00:48:05,462 --> 00:48:06,842 your show's value is really appreciated. 778 00:48:07,002 --> 00:48:07,862 Here's some in return. 779 00:48:07,962 --> 00:48:08,322 Overdue. 780 00:48:08,402 --> 00:48:09,022 Sorry about that. 781 00:48:09,102 --> 00:48:09,462 Please up. 782 00:48:09,662 --> 00:48:10,862 Keep up the great work. 783 00:48:11,182 --> 00:48:12,482 Well, thank you very much, Chance. 784 00:48:12,482 --> 00:48:13,442 Nice to hear from you. 785 00:48:13,962 --> 00:48:16,662 And to round us out, we do have a few more. 786 00:48:16,662 --> 00:48:23,142 User 26 came in with 5,000, 20,000, 25,000, 225 cents. 787 00:48:23,242 --> 00:48:23,522 I'm sorry. 788 00:48:23,622 --> 00:48:26,102 I'm just, I'm still laughing, which I appreciate. 789 00:48:26,802 --> 00:48:27,522 Axelrod says, 790 00:48:27,602 --> 00:48:30,222 SideDuck is the name of our local Bitcoin meetup in Ventura. 791 00:48:30,682 --> 00:48:31,942 You can check out the Orange Club app. 792 00:48:32,222 --> 00:48:33,662 Hope your show stays on course. 793 00:48:34,142 --> 00:48:36,002 I really value your take on Bitcoin economics. 794 00:48:36,662 --> 00:48:37,362 Thank you very much. 795 00:48:37,642 --> 00:48:39,702 Take me out with a stronghold email soundbite. 796 00:48:39,782 --> 00:48:40,262 You got it. 797 00:48:40,362 --> 00:48:42,082 I know, I don't know if I, do I have the email one? 798 00:48:42,562 --> 00:48:44,462 I know I have, this is my favorite one. 799 00:48:44,822 --> 00:48:45,862 Linux or something. 800 00:48:46,102 --> 00:48:46,982 I know I've got that. 801 00:48:47,582 --> 00:48:48,502 I wonder what else I have. 802 00:48:48,522 --> 00:48:50,282 Yep, that stands up to scrutiny. 803 00:48:50,562 --> 00:48:51,482 Mm-hmm, I got that. 804 00:48:52,042 --> 00:48:53,122 You know, I got one I need to play. 805 00:48:53,262 --> 00:48:54,722 I got one I just need to get out of my system. 806 00:48:54,942 --> 00:48:55,582 I'll play that soon. 807 00:48:56,082 --> 00:48:57,402 Thank you very, very much. 808 00:48:57,482 --> 00:48:57,942 Appreciate you. 809 00:48:58,522 --> 00:49:01,862 Code 27 came in with a row of ducks, 2,222 sats. 810 00:49:02,822 --> 00:49:03,982 No message, just value. 811 00:49:04,182 --> 00:49:07,162 And Philip is here with 10,000 satoshis. 812 00:49:07,722 --> 00:49:09,682 It's over 9,000! 813 00:49:10,442 --> 00:49:11,222 Nice to hear from you. 814 00:49:11,342 --> 00:49:12,322 Lots to say this week, Chris, 815 00:49:12,362 --> 00:49:14,882 and I don't think being a news-based show should be a fatal flaw. 816 00:49:15,242 --> 00:49:18,462 I'm pretty sure it's your style and creative flair, which makes the show special and different. 817 00:49:18,462 --> 00:49:23,602 Once Bitcoin goes bull, you can segue into development infrastructure or energy and new use cases. 818 00:49:23,702 --> 00:49:25,762 The content with Bitcoin is endless and compelling. 819 00:49:26,542 --> 00:49:29,022 Just got to be presented with humor and pizzazz. 820 00:49:29,162 --> 00:49:31,902 I, too, wish I could just jazz around and attend Bitcoin events. 821 00:49:31,962 --> 00:49:32,562 Don't we all? 822 00:49:32,662 --> 00:49:34,602 And also just have endless food and friends. 823 00:49:35,042 --> 00:49:36,182 But not with my work. 824 00:49:36,242 --> 00:49:38,182 I have three jobs and I got to pay the rent. 825 00:49:38,262 --> 00:49:39,202 Yeah, I hear you, Philip. 826 00:49:39,682 --> 00:49:40,482 I hear you. 827 00:49:41,002 --> 00:49:42,062 Maybe I did the math. 828 00:49:42,262 --> 00:49:43,822 I don't want to tell you the hours I work. 829 00:49:43,822 --> 00:49:45,562 but last night the wife and I did the math. 830 00:49:45,982 --> 00:49:48,002 Maybe one day in the not too distant future, 831 00:49:48,002 --> 00:49:49,142 we'll be able to just sit back. 832 00:49:49,242 --> 00:49:49,902 Hang in there, Chris. 833 00:49:50,402 --> 00:49:51,222 We love what you do, 834 00:49:51,282 --> 00:49:51,882 but I totally get it. 835 00:49:51,922 --> 00:49:54,182 If you need to scoop more value elsewhere, Philippa. 836 00:49:54,502 --> 00:49:55,022 Thank you, Philippa. 837 00:49:55,082 --> 00:49:57,142 You know, that's what we're working towards, right? 838 00:49:57,282 --> 00:49:58,942 It's all a matter of time preference. 839 00:49:59,822 --> 00:50:01,302 And honestly, there's, you know, 840 00:50:01,942 --> 00:50:03,162 I'm very lucky to get to StackSats 841 00:50:03,162 --> 00:50:04,922 doing what I love doing, right? 842 00:50:05,002 --> 00:50:07,442 So I don't ever lose perspective of that. 843 00:50:07,562 --> 00:50:09,402 It's always just a matter of also, 844 00:50:09,962 --> 00:50:11,582 you know, like you said, paying the rent. 845 00:50:11,842 --> 00:50:12,382 Thank you. 846 00:50:12,662 --> 00:50:13,482 Nice to hear from you. 847 00:50:13,822 --> 00:50:18,702 User 14 is here with 18,121 sats. 848 00:50:18,822 --> 00:50:20,762 Chunky Cheese Guy with it. 849 00:50:20,962 --> 00:50:21,382 There it is. 850 00:50:21,442 --> 00:50:22,182 I just had to play it. 851 00:50:22,642 --> 00:50:23,322 Keep up the great work. 852 00:50:23,402 --> 00:50:24,622 So much signal, so little noise. 853

00:50:24,722 --> 00:50:25,502 Thank you, User 14. 854 00:50:25,682 --> 00:50:26,402 Appreciate you. 855 00:50:26,962 --> 00:50:29,702 Turbo's here with 10,101 sats. 856 00:50:31,042 --> 00:50:31,742 Chin up, brother. 857 00:50:32,082 --> 00:50:33,842 Thanks for the effort you put into the episodes. 858 00:50:33,982 --> 00:50:34,642 I love the format. 859 00:50:34,822 --> 00:50:37,342 Audio is always excellent, and the content is always tip top. 860 00:50:37,602 --> 00:50:39,462 Thank you from all the way across the pond. 861 00:50:39,462 --> 00:50:40,262 Appreciate you. 862 00:50:40,562 --> 00:50:41,722 Hey, Gene Bean's here. 863 00:50:41,822 --> 00:50:43,022 Hello, Gene Bean. 864 00:50:43,022 --> 00:50:45,462 Gene Bean's here with 7,222 sets. 865 00:50:45,662 --> 00:50:46,822 The traders love the vol. 866 00:50:47,662 --> 00:50:48,402 Come on, people. 867 00:50:48,482 --> 00:50:49,342 Keep Chris on the air. 868 00:50:50,042 --> 00:50:52,702 Also, bless him and the 5% on Treasury note. 869 00:50:53,542 --> 00:50:58,282 I'll go out on a limb and project it will get much more than 5% over the next 10 years on our Bitcoin. 870 00:50:58,722 --> 00:51:01,882 By the way, second boost that is a lot like the first was on fountains. 871 00:51:01,962 --> 00:51:03,682 Just so peeps out there on Nostra would see the message. 872 00:51:03,762 --> 00:51:04,362 Oh, thank you. 873 00:51:04,682 --> 00:51:05,982 Yeah, the Nostra way is a good way. 874 00:51:05,982 --> 00:51:13,342 I have been thinking about setting up a Twib X account and posting clips. 875 00:51:13,962 --> 00:51:17,702 I hate it, but I, you know, I don't think I would do it directly. 876 00:51:17,802 --> 00:51:20,662 I think I would make the clanker do it, but I would make sure the clanker does it well. 877 00:51:20,722 --> 00:51:22,062 I would review it, but I don't know. 878 00:51:22,402 --> 00:51:23,342 I just hate social media. 879 00:51:23,482 --> 00:51:27,582 But I do think it would probably be a good idea for me to do something like that. 880 00:51:27,942 --> 00:51:28,482 Thank you, Gene. 881 00:51:29,142 --> 00:51:29,862 Perseates you. 882 00:51:30,742 --> 00:51:32,142 T is here with 10,000 sats. 883 00:51:32,422 --> 00:51:33,602 Thank you very much. 884 00:51:33,882 --> 00:51:35,362 And here's something for your trouble. 885 00:51:35,362 --> 00:51:40,502 Keep Twib alive, my favorite podcast, and not just in the Bitcoin space. Wow. Thank you. Thank you, 886 00:51:40,542 --> 00:51:46,862 T. I really appreciate that. You guys, the signal on that is really something. Just wait till I tell 887 00:51:46,862 --> 00:51:57,712 the wife tonight DJW comes in with 19 sets Boosting the sad puppy I know Thanks for all you do 888 00:51:58,232 --> 00:51:58,932 Y'all be good. 889 00:51:59,112 --> 00:52:00,332 Thanks, DJW. 890 00:52:00,452 --> 00:52:01,672 I do appreciate it. 891 00:52:01,992 --> 00:52:03,692 You know, sometimes it is a little sad. 892 00:52:04,292 --> 00:52:06,112 PJ's here with 15,000 sats. 893 00:52:06,872 --> 00:52:08,332 I need more spending sats. 894 00:52:08,992 --> 00:52:10,752 Should have got more before the pump. 895 00:52:10,892 --> 00:52:13,112 Yeah, don't we always say that, PJ? 896 00:52:15,052 --> 00:52:15,772 Don't we? 897 00:52:16,252 --> 00:52:17,112 Should have bought more. 898 00:52:17,392 --> 00:52:19,212 User 85 is here with 2,000 sats. 899 00:52:19,292 --> 00:52:20,732 Coming in hot with the boost. 900 00:52:20,832 --> 00:52:21,652 Thanks from Germany. 901 00:52:21,772 --> 00:52:22,212 Keep her up. 902 00:52:22,452 --> 00:52:23,012 Don't stop. 903 00:52:23,092 --> 00:52:23,632 Well, thank you. 904 00:52:23,732 --> 00:52:24,452 Appreciate that. 905 00:52:24,832 --> 00:52:27,232 Yukon Cornelius is here with 5,000 sats. 906 00:52:27,332 --> 00:52:28,072 This is the way. 907 00:52:28,272 --> 00:52:33,072 Chris, can you help us understand how much support it would take to keep the show going? 908 00:52:33,512 --> 00:52:36,292 I love your show and it's been a weekly listen for me since the Bitcoin Dad pod. 909 00:52:36,352 --> 00:52:38,992 I'm always listening in the car, so I sometimes forget to boost. 910 00:52:40,112 --> 00:52:44,692 I've heard this suggested before that maybe I should come up with basically a weekly goal 911 00:52:44,692 --> 00:52:46,872 so we can kind of together keep track of how it's going. 912 00:52:47,392 --> 00:52:48,812 I am open to that idea. 913 00:52:48,912 --> 00:52:49,432 I would just, you know, 914 00:52:49,452 --> 00:52:51,012 I was sitting down with the wife just recently, 915 00:52:51,112 --> 00:52:52,592 kind of going through the numbers, 916 00:52:53,372 --> 00:52:56,232 trying to figure out what my hours are 917 00:52:56,232 --> 00:52:57,472 and all of that across JB. 918 00:52:57,872 --> 00:52:59,812 So I'm kind of already doing the math. 919 00:52:59,892 --> 00:53:00,652 I would be up to that. 920 00:53:00,772 --> 00:53:02,172 I might think about that 921 00:53:02,172 --> 00:53:03,212 if that's something people are interested. 922 00:53:03,312 --> 00:53:05,532 I've always kind of thought the philosophy was 923 00:53:05,532 --> 00:53:06,432 is what you value it, 924 00:53:06,512 --> 00:53:08,332 but maybe a goalpost would be useful. 925 00:53:09,092 --> 00:53:10,632 I'd love to hear more people's thoughts. 926 00:53:11,412 --> 00:53:11,892 Thanks, Yukon. 927 00:53:12,632 --> 00:53:15,072 Brewgators here with 4,321 sats. 928 00:53:15,352 --> 00:53:16,012 Roger that. 929 00:53:16,012 --> 00:53:19,372 Told myself I was going to boost more often, but I keep forgetting, to be honest. 930 00:53:19,772 --> 00:53:20,832 So I just subscribed instead. 931 00:53:21,032 --> 00:53:22,092 Thanks for all the hard work you do. 932 00:53:22,212 --> 00:53:23,972 Oh, well, thank you very much. 933 00:53:24,032 --> 00:53:24,692 Yes, sir. 934 00:53:24,832 --> 00:53:26,072 Sirty, sir, sir, sir. 935 00:53:26,172 --> 00:53:27,132 Appreciate you, Brewgator. 936 00:53:27,252 --> 00:53:28,152 I

like that name, too. 937 00:53:28,832 --> 00:53:30,872 Ripcord's here with 5,000 sats. 938 00:53:30,952 --> 00:53:32,232 The traders love the vol. 939 00:53:32,392 --> 00:53:32,912 Yeah, they do. 940 00:53:33,172 --> 00:53:33,732 Yeah, they do. 941 00:53:34,132 --> 00:53:34,592 But why? 942 00:53:35,092 --> 00:53:36,352 Because they're DGens. 943 00:53:37,152 --> 00:53:37,512 Boostage. 944 00:53:37,632 --> 00:53:38,172 Thank you, Ripcord. 945 00:53:38,232 --> 00:53:38,772 Appreciate it. 946 00:53:39,492 --> 00:53:41,632 Amade 2004 is here with 2,100 sats. 947 00:53:41,832 --> 00:53:42,552 That's right, everybody. 948 00:53:42,632 --> 00:53:43,912 It's that time of year again. 949 00:53:44,292 --> 00:53:45,132 Happy birthday. 950 00:53:45,132 --> 00:53:47,112 That was random and not the right one. 951 00:53:47,612 --> 00:53:48,632 And all thumbs up. 952 00:53:48,732 --> 00:53:50,932 Paranoid Coders here with 2,000 sats, no message. 953 00:53:51,092 --> 00:53:53,692 And Love Down Babylon's back with 4,000 sats. 954 00:53:53,892 --> 00:53:55,012 Rock and roll. 955 00:53:55,592 --> 00:53:56,392 Give us a goal. 956 00:53:57,192 --> 00:53:57,672 Oh, okay. 957 00:53:57,772 --> 00:54:00,852 I also think you could use more light news to cover the other stuff about the ecosystem. 958 00:54:01,032 --> 00:54:02,292 I will stay tuned to the updates. 959 00:54:02,932 --> 00:54:06,072 Been listening since the Bitcoin Dad pod, and your opinion is also Signal. 960 00:54:06,532 --> 00:54:07,092 Maybe guess. 961 00:54:07,152 --> 00:54:07,892 I've thought about it. 962 00:54:08,412 --> 00:54:11,232 Guess audio tends to be rough and slow momentum. 963 00:54:11,232 --> 00:54:13,692 and I think you could almost see that 964 00:54:13,692 --> 00:54:15,492 as more like a special edition of the show, 965 00:54:15,612 --> 00:54:16,692 like a bonus episode, 966 00:54:16,852 --> 00:54:19,092 or when I'm traveling, get the right guest. 967 00:54:19,192 --> 00:54:20,132 I could see that, you know? 968 00:54:20,752 --> 00:54:22,072 Chris, I've been unemployed for 11 months. 969 00:54:22,112 --> 00:54:23,732 I only have 13,000 sats in my wallet, 970 00:54:23,832 --> 00:54:26,052 but I'm almost tapped on savings. 971 00:54:26,132 --> 00:54:28,132 I haven't made a dime on my own value for value show yet, 972 00:54:28,712 --> 00:54:30,812 but I pay hosting on faith and still boost your stream 973 00:54:30,812 --> 00:54:32,872 because I believe in value for value 100%. 974 00:54:32,872 --> 00:54:35,172 No, 21,000%. 975 00:54:35,172 --> 00:54:36,032 Keep rocking. 976 00:54:36,332 --> 00:54:37,252 I'm a ride or die, bro, 977 00:54:37,572 --> 00:54:38,552 and Twib is high value. 978 00:54:38,672 --> 00:54:39,432 Thank you so much. 979 00:54:39,892 --> 00:54:40,932 Man, love Down Babylon. 980 00:54:41,112 --> 00:54:41,472 Thank you. 981 00:54:41,572 --> 00:54:42,572 Appreciate you, Lurks. 982 00:54:42,752 --> 00:54:43,052 Damn. 983 00:54:43,152 --> 00:54:45,012 You make me want to be a better man. 984 00:54:45,132 --> 00:54:47,312 And good luck with the new pod, Love Down Babylon. 985 00:54:47,872 --> 00:54:48,772 Good luck with that. 986 00:54:49,552 --> 00:54:50,492 And you know what I say? 987 00:54:50,772 --> 00:54:51,852 You're doing a good job. 988 00:54:51,892 --> 00:54:52,512 That's what I say. 989 00:54:53,252 --> 00:54:57,872 The GWJW is here with 19,900 Satoshis. 990 00:55:01,512 --> 00:55:06,172 Are we able to, are we about to endure a wave of capitulation in the value for value world? 991 00:55:06,412 --> 00:55:07,052 Say it ain't so. 992 00:55:07,632 --> 00:55:08,692 You do what suits you best, sir. 993 00:55:08,692 --> 00:55:11,752 I'm a family man and you got a family man has to get paid. 994 00:55:11,952 --> 00:55:13,332 We'll see you on the other side. 995 00:55:13,332 --> 00:55:14,912 And we're grateful when we have you back. 996 00:55:15,192 --> 00:55:17,012 He says, oh, I had another split. 997 00:55:17,232 --> 00:55:17,592 Another. 998 00:55:17,752 --> 00:55:19,812 I wonder how many stats didn't actually make it because of that. 999 00:55:19,892 --> 00:55:20,672 Hopefully not too many. 1000 00:55:21,372 --> 00:55:23,252 Thankfully, it goes across a couple of nodes. 1001 00:55:23,292 --> 00:55:24,852 And so I've got it here, right? 1002 00:55:25,932 --> 00:55:26,632 But you know what? 1003 00:55:26,992 --> 00:55:27,592 We'll see. 1004 00:55:28,632 --> 00:55:29,232 We'll see. 1005 00:55:29,752 --> 00:55:32,652 It's always hard to tell because you have these moments where a lot of support comes in. 1006 00:55:33,132 --> 00:55:35,812 Nakamoto 6102 comes in with 7,000 Satoshis. 1007 00:55:36,752 --> 00:55:37,652 Thank you for the value. 1008 00:55:37,652 --> 00:55:41,172 Hopefully the boosts are more consistent so we can keep the W in Twib. 1009 00:55:42,492 --> 00:55:43,992 I love that. 1010 00:55:44,352 --> 00:55:45,712 Keep the W in Twib. 1011 00:55:46,112 --> 00:55:46,752 That's good. 1012 00:55:47,532 --> 00:55:48,092 That's good. 1013 00:55:48,352 --> 00:55:49,652 You're doing very well. 1014 00:55:50,532 --> 00:55:52,512 Sat Satoshan comes in with 5,000 sats. 1015 00:55:52,552 --> 00:55:54,652 That's a spicy meatball. 1016 00:55:54,952 --> 00:55:58,732 Where can I find information about how much money Bitcoin has settled as a medium of exchange 1017 00:55:58,732 --> 00:56:02,372 and how many millions are stored as a store of value in Bitcoin addresses on Chain and Lightning Network? 1018 00:56:02,792 --> 00:56:04,172 I think these are important metrics to follow. 1019 00:56:04,252 --> 00:56:04,952 They are on there. 1020 00:56:05,072 --> 00:56:05,752 They are out there. 1021 00:56:05,752 --> 00:56:10,252 there's a lot of different like quote unquote dashboards you could check you could check out 1022 00:56:10,252 --> 00:56:17,392 the clark moody dashboard bitwise has dash there's a lot of dashboards coin gecko has dashboards i 1023 00:56:17,392 --> 00:56:23,452 mean trading view there's so many ways it's

really about knowing what to look up and the names of 1024 00:56:23,452 --> 00:56:28,632 these things that's the tricky part but you know with an lm they can help you get there like they 1025 00:56:28,632 --> 00:56:32,832 know what these things are they've indexed the crap out of it apparently so you can get there 1026 00:56:32,832 --> 00:56:34,592 Ace Ackerman's here with a row of ducks. 1027 00:56:35,632 --> 00:56:37,712 And thank you, Satsun, for the boost. 1028 00:56:38,292 --> 00:56:41,912 Ace says, Bitcoin price stays sideways or up for the next 30 days. 1029 00:56:42,032 --> 00:56:43,732 I love it when you guys actually come in on the predictions. 1030 00:56:44,192 --> 00:56:44,692 Stay the course. 1031 00:56:45,092 --> 00:56:47,632 Inconsistencies in income is part of the Entrepreneur Party. 1032 00:56:48,092 --> 00:56:52,792 You know, Ace, I've really been kind of telling myself, like, this is just going to be a rougher 1033 00:56:52,792 --> 00:56:55,232 year in the history of my small business. 1034 00:56:55,992 --> 00:56:57,412 And those things happen. 1035 00:56:57,792 --> 00:57:00,612 You know, it's much like living on a farm, which I also do. 1036 00:57:00,612 --> 00:57:08,272 hey bitcoin which has seasons farms which have seasons and small businesses have seasons and 1037 00:57:08,272 --> 00:57:14,492 i'm in the middle of all of it i i maximized volatility apparently now ace you're giving me 1038 00:57:14,492 --> 00:57:18,852 an existential crisis now that i think about it but i appreciate the boost dragar is here with 1039 00:57:18,852 --> 00:57:27,432 our first baseballs boost of the week 12 345 sats so the combination is one two three four five 1040 00:57:27,432 --> 00:57:54,592 Hello from Tokyo. Maybe my biweekly, maybe a biweekly show would be more sustainable long term. Weekly is a pretty intense schedule. That's always an option, I suppose. You know, instead of going away, right? That could be an option. Biweekly is tricky because sometimes I guess biweekly paired with breaking news that I could see. Right. So if something happens, I have to break in a little bit more often. Thanks, Derek. Appreciate it. Sats over bits comes in with 10,000 sats. 1041 00:57:54,592 --> 00:57:57,012 They're real and they're spectacular. 1042 00:57:57,612 --> 00:58:00,032 You should consider doing a BIP 110 recap sometimes. 1043 00:58:00,152 --> 00:58:01,572 Some truly ridiculous stuff has happened. 1044 00:58:02,332 --> 00:58:03,712 Bcash Jr. land lately. 1045 00:58:04,032 --> 00:58:05,552 And thanks again for the best show on Bitcoin. 1046 00:58:06,172 --> 00:58:06,772 I know. 1047 00:58:07,192 --> 00:58:12,552 I would love more feedback on if I should continue to cover the BIP 110 S coin stuff. 1048 00:58:13,012 --> 00:58:18,352 I mean, now that it's just an altcoin, it doesn't really fall within the perspective of the show. 1049 00:58:18,872 --> 00:58:21,752 However, it is a fascinating tale. 1050 00:58:21,752 --> 00:58:31,352 It really there's so you could argue that maybe there's lessons to be learned there, but it could also turn into a lot of me just kind of pointing and laughing because it is at that level of ridiculousness. 1051 00:58:31,432 --> 00:58:34,292 There's not really a rational argument. 1052 00:58:34,792 --> 00:58:36,732 I mean, they would say there is, but it doesn't hold up. 1053 00:58:36,772 --> 00:58:36,952 Right. 1054 00:58:37,072 --> 00:58:40,552 So would love more feedback on the BIP 110 continued coverage. 1055 00:58:40,692 --> 00:58:41,532 It's a good idea. 1056 00:58:42,012 --> 00:58:42,992 Bun comes in with a road. 1057 00:58:44,392 --> 00:58:48,132 I appreciate that you keep us up to date on what's happening and around Bitcoin. 1058 00:58:48,572 --> 00:58:50,052 It'd be a shame to see the show go. 1059 00:58:50,492 --> 00:58:51,652 I've been giving it a lot of, 1060 00:58:51,772 --> 00:58:52,992 I've been having a lot of issues with Fountain 1061 00:58:52,992 --> 00:58:54,692 and it's been stopping me from being able to boost. 1062 00:58:54,812 --> 00:58:55,892 Oh, I'm sorry to hear that, Bun. 1063 00:58:56,232 --> 00:58:57,672 Well, we do have the, oh, you did. 1064 00:58:57,772 --> 00:58:58,472 You used the web boost. 1065 00:58:58,612 --> 00:58:59,112 There you go. 1066 00:58:59,232 --> 00:58:59,472 Okay. 1067 00:58:59,752 --> 00:59:01,272 Well, you've figured it out, Bun. 1068 00:59:01,272 --> 00:59:02,332 I don't got to tell you. 1069 00:59:02,652 --> 00:59:03,672 Nice to hear from you. 1070 00:59:03,992 --> 00:59:04,292 All right. 1071 00:59:04,372 --> 00:59:06,072 That's all of our SAP boosts. 1072 00:59:06,112 --> 00:59:07,032 Thank you, everybody. 1073 00:59:07,132 --> 00:59:07,792 That's incredible. 1074 00:59:08,732 --> 00:59:09,832 And we're going to wrap it up 1075 00:59:09,832 --> 00:59:11,572 with a little bit of Fiat boosts, 1076 00:59:11,572 --> 00:59:13,472 which are also very much appreciated, 1077 00:59:13,572 --> 00:59:15,572 especially I have some upcoming travel to Texas. 1078 00:59:16,132 --> 00:59:17,932 So it's a great opportunity to spend some Fiat. 1079 00:59:17,932 --> 00:59:19,952 And Department of Lulz is back. 1080 00:59:20,052 --> 00:59:20,832 with $100. 1081 00:59:32,292 --> 00:59:33,852 No message, just value. 1082 00:59:34,632 --> 00:59:36,332 Which, hey, that's great. 1083 00:59:36,492 --> 00:59:37,392 But let me know, department, 1084 00:59:37,472 --> 00:59:38,632 if that was a mistake or not. 1085 00:59:38,732 --> 00:59:39,232 Appreciate you. 1086 00:59:39,412 --> 00:59:41,632 Anonymous came in with $10 in fiat. 1087 00:59:41,772 --> 00:59:43,232 B-O-O-S-T. 1088 00:59:43,332 --> 00:59:44,532 Hope this helps fill in the gap. 1089 00:59:44,612 --> 00:59:45,292 Thank you, Anonymous. 1090 00:59:45,472 --> 00:59:46,472 Appreciate you. 1091 00:59:46,472 --> 00:59:50,792 And that is our boost above the 2000sat cutoff for the week. 1092 00:59:50,872 --> 00:59:51,632 That was a long one. 1093 00:59:52,052 -->

00:59:53,812 If you stuck with me, I really appreciate you. 1094 00:59:54,112 --> 00:59:57,072 And thank you, everybody who supported this episode or became a member. 1095 00:59:57,372 --> 01:00:00,492 This is probably going to be a 10-pole episode for the year. 1096 01:00:00,592 --> 01:00:03,312 We've got a real banger here, so let's wrap it all up. 1097 01:00:03,592 --> 01:00:06,292 We had 19 of you stream sats as you listened, 1098 01:00:06,412 --> 01:00:10,792 and collectively you stacked 33,584 satoshis. 1099 01:00:11,052 --> 01:00:12,052 Thank you very much. 1100 01:00:12,212 --> 01:00:15,612 When you combine that with the Fiat boost and the sat boost, 1101 01:00:15,612 --> 01:00:20,932 we're just gonna take fiat and value it at current sat market prices this 1102 01:00:20,932 --> 01:00:34,202 episode stacked 1 million eight hundred and ninety four thousand five hundred and twenty eight Bitcoin can you believe that That might be a record Getting close 1103 01:00:36,582 --> 01:00:37,662 It's incredible. 1104 01:00:37,962 --> 01:00:38,722 It's really impressive. 1105 01:00:38,882 --> 01:00:40,322 We had 42 native boosts. 1106 01:00:40,382 --> 01:00:42,202 We had 24 web boosts. 1107 01:00:43,122 --> 01:00:45,862 And of course, I mentioned the sat streamers as well. 1108 01:00:46,182 --> 01:00:49,422 It's a total of 73 boosts this episode. 1109 01:00:49,422 --> 01:00:51,562 That also feels like a high watermark. 1110 01:00:51,682 --> 01:00:52,802 It's an incredible signal. 1111 01:00:53,182 --> 01:00:54,282 Message received. 1112 01:00:54,662 --> 01:00:55,322 Thank you, everybody. 1113 01:00:55,322 --> 01:00:56,902 I would encourage you to keep supporting. 1114 01:00:57,022 --> 01:01:00,242 It's hard for me to ask after such an incredible amount of support. 1115 01:01:00,582 --> 01:01:03,102 I would appreciate that it continued to kind of level out. 1116 01:01:03,182 --> 01:01:06,422 And I would love also your feedback on goal markers for the show. 1117 01:01:06,822 --> 01:01:09,122 And maybe they get dynamically adjusted after a week like this. 1118 01:01:09,182 --> 01:01:09,862 Maybe. I don't know. 1119 01:01:10,082 --> 01:01:12,122 I don't know, but thank you very much. 1120 01:01:12,462 --> 01:01:15,102 Like I say, I can't wait to go home and tell the lady about this one. 1121 01:01:15,342 --> 01:01:17,642 And I have some great updates to wrap us up, too. 1122 01:01:20,442 --> 01:01:23,662 If you want to support the show, it's boost.jupiterbroadcasting.com 1123 01:01:23,662 --> 01:01:26,842 or Jupiter.party to become a member. 1124 01:01:27,402 --> 01:01:30,182 And when we do get fancy bootlegs, you get that automatically, 1125 01:01:30,402 --> 01:01:32,682 and all the other shows and their features. 1126 01:01:44,202 --> 01:01:48,102 But with that, let's talk just really briefly about Bonds. 1127 01:01:48,102 --> 01:02:00,082 I didn't want to dwell on this in the macro section, but it is the story still, especially for everybody else that's not a Bitcoiner. 1128 01:02:00,302 --> 01:02:02,582 They're only really talking about the Bitcoin market. 1129 01:02:03,082 --> 01:02:05,562 And old Rick at CNBC, he's retiring. 1130 01:02:06,082 --> 01:02:07,162 He's already announced his retirement. 1131 01:02:07,262 --> 01:02:08,322 He's on the way out the door. 1132 01:02:08,782 --> 01:02:10,922 And he kind of has short-term syndrome. 1133 01:02:11,282 --> 01:02:14,182 And this was his perspective on the state of the bond market. 1134 01:02:14,182 --> 01:02:24,422 I mean, Rick, it's worth pointing out how unusual it is to have five year yields rise 18 basis points in one session. 1135 01:02:25,262 --> 01:02:26,642 18 and equally unusual. 1136 01:02:26,842 --> 01:02:31,662 How unusual is it to have zero interest rates for seven years around the globe? 1137 01:02:31,862 --> 01:02:33,022 It's still unwind, you think? 1138 01:02:33,022 --> 01:02:36,742 This is the price we pay for manipulating and it's a normalization. 1139 01:02:36,742 --> 01:02:45,182 I'll give you something. Since 1980, the average yield on a 10 year note is around five and a half to 5.6 percent. 1140 01:02:45,302 --> 01:02:47,082 That should put things in perspective. 1141 01:02:47,582 --> 01:02:50,862 Now, you guys know I've been tracking Luke Roman. He sold Bitcoin. 1142 01:02:51,022 --> 01:02:53,542 He's been planning to buy it back, but might have missed his window now. 1143 01:02:53,982 --> 01:02:56,662 I also like to follow him because he's he's a very intelligent person. 1144 01:02:56,762 --> 01:03:01,922 He's got a he's got a great macro lens in which he views the market and he's weighed very heavily on gold. 1145 01:03:01,922 --> 01:03:03,482 So it's always kind of interesting to get his perspective. 1146 01:03:03,482 --> 01:03:07,522 and gold has been in an interesting spot since the summer, really. 1147 01:03:07,922 --> 01:03:11,482 And he was on Macroscopic and he talked about the debasement trade. 1148 01:03:11,862 --> 01:03:15,382 But I thought what was more interesting in there is he's getting bullish on Bitcoin. 1149 01:03:15,502 --> 01:03:17,322 You can kind of hear he's changing his position, 1150 01:03:17,682 --> 01:03:22,622 but he's OK with maybe not being on the upside of his most recent trade. 1151 01:03:23,222 --> 01:03:24,762 I think the debasement trade is back on, 1152 01:03:25,222 --> 01:03:29,943 which makes me want to buy gold, Bitcoin, silver and just accumulate. 1153 01:03:29,943 --> 01:03:38,642 there are times when i think the average person shouldn't be trading bitcoin i think they should 1154 01:03:38,642 --> 01:03:44,882 just be accumulating it i have twice before sold most of my bitcoin and both times bought back more 1155 01:03:44,882 --> 01:03:50,222 than i had when i started with some people would say that's unwise maybe it is i maybe i'll get 1156 01:03:50,222 --> 01:03:56,602 caught this time not being able to buy it all back and i'm also okay with that for multiple 1157

01:03:56,602 --> 01:04:03,142 reasons. Number one, sizing, age, tech unfamiliarity, right? So, you know, position sizing, 1158 01:04:03,242 --> 01:04:07,782 right? It was nearly half my liquid net worth because I bought a bunch when, you know, Peter 1159 01:04:07,782 --> 01:04:12,082 Zion got on Rogan and said it was going to zero. Like I remember the day vividly, I was like waving 1160 01:04:12,082 --> 01:04:19,722 it in and it worked, you know, 20 to whatever. And, you know, 20 to 95 in a few years, that's, 1161 01:04:19,802 --> 01:04:23,822 that's pretty good. When it's half your liquid net worth at my age and I'm over 50, 1162 01:04:23,822 --> 01:04:29,682 that makes you a little bit more, especially when I don't have the, 1163 01:04:30,582 --> 01:04:38,302 I can talk about all the ins and outs of gold much better than I can about all the ins and outs of Bitcoin. 1164 01:04:39,222 --> 01:04:41,282 And look, the... 1165 01:04:41,282 --> 01:04:45,002 Well, I mean, okay, I want to pause here because of course you can. 1166 01:04:45,722 --> 01:04:49,702 Gold's a rock. Bitcoin's a technology. It's a protocol. It's a network. It's a community. 1167 01:04:50,042 --> 01:04:51,982 It's significantly more complex. 1168 01:04:51,982 --> 01:04:57,542 so i don't know why that i mean i guess that's a reason but okay anyways i just want to point out 1169 01:04:57,542 --> 01:05:01,942 like of course you understand cold it's where it's really simple and there's just parts of it 1170 01:05:01,942 --> 01:05:09,042 that are just completely opaque to you and that's just how it is i mean and and look the the unknowable 1171 01:05:09,042 --> 01:05:17,082 unknowable well of look if if you know what is ai going to do what is quantum going to do i don't 1172 01:05:17,082 --> 01:05:21,682 know and i can't tell you is quantum going to come up with you know fake gold or the ability to send 1173 01:05:21,682 --> 01:05:26,642 a rocket energy free to a asteroid and bring it back and create, you know, more gold than 1174 01:05:26,642 --> 01:05:27,142 we've ever had. 1175 01:05:27,362 --> 01:05:27,642 Maybe. 1176 01:05:28,242 --> 01:05:31,202 Is it going to, you know, break Bitcoin code? 1177 01:05:31,482 --> 01:05:31,722 Maybe. 1178 01:05:31,862 --> 01:05:32,362 I don't know. 1179 01:05:32,582 --> 01:05:33,542 I can't. 1180 01:05:33,662 --> 01:05:34,702 So for me. 1181 01:05:34,702 --> 01:05:42,382 So the problem I have with this is his example for quantum's risk or AI's risk to gold is 1182 01:05:42,382 --> 01:05:43,802 sort of ridiculous, right? 1183 01:05:43,862 --> 01:05:48,822 Like, is it going to create unlimited energy and send a rocket up into space and mine more 1184 01:05:48,822 --> 01:05:49,202 gold? 1185 01:05:49,202 --> 01:05:52,662 because that's his risk scenario for quantum or AI for gold, right? 1186 01:05:52,922 --> 01:05:55,962 But then for Bitcoin, his risk scenario is, is it going to break the code? 1187 01:05:56,382 --> 01:05:59,422 Which is like a lot

more practical, straightforward risk scenario, right? 1188 01:05:59,802 --> 01:06:02,302 But the reality is, and I don't know why Luke does this, 1189 01:06:02,342 --> 01:06:07,042 the reality is the risk scenario for gold is the institutions and the infrastructure, 1190 01:06:07,042 --> 01:06:10,882 which are going to get obliterated if quantum computing were just to come along 1191 01:06:10,882 --> 01:06:12,602 way before Bitcoin does. 1192 01:06:12,922 --> 01:06:14,462 And Bitcoin already has solutions in place. 1193 01:06:14,462 --> 01:06:22,162 And these places would have to update old infrastructure and banks and financial institutions are the slowest. 1194 01:06:22,622 --> 01:06:25,242 So I know because I worked at them. 1195 01:06:25,502 --> 01:06:32,522 I did IT in banks and I know it's so and and our bank was probably relatively more nimbile than other ones. 1196 01:06:32,943 --> 01:06:44,182 So this sort of is like a fantastical risk scenario for gold and then a much more practical risk scenario for gold feels like an emotional derivative and not like a practical analysis. 1197 01:06:44,182 --> 01:06:50,242 derivative of risk. You know, break Bitcoin code. Maybe. I don't know. I can't. So for me, 1198 01:06:50,782 --> 01:06:57,182 I don't think so. But I don't think so does not equate to a 50 percent liquid net worth position, 1199 01:06:57,282 --> 01:07:01,802 45 percent liquid net worth position at age 51. It just doesn't. That's irresponsible 1200 01:07:01,802 --> 01:07:10,702 to my wife, to my family, to my clients, to sort of, you know. And so to me. 1201 01:07:11,622 --> 01:07:16,782 But for the average person, I don't think they should be trying to trade it, but I think they should also be responsible about position sizing. 1202 01:07:17,342 --> 01:07:18,722 So a couple of things are interesting here. 1203 01:07:18,862 --> 01:07:28,042 He mentions that he does have a responsibility to his clients and that as somebody who's in his early 50s, that gold is just more responsible than owning Bitcoin, apparently. 1204 01:07:28,482 --> 01:07:31,042 And that would be, of course, due to the volatility that the traders love. 1205 01:07:31,462 --> 01:07:34,342 But the question would be, is what is your end goal, right? 1206 01:07:34,342 --> 01:07:41,202 Is your end goal to just sort of stabilize your existing wealth with, you know, some decent returns from time to time? 1207 01:07:41,282 --> 01:07:42,842 Not always, but from time to time. 1208 01:07:43,162 --> 01:07:44,142 Is that your end goal? 1209 01:07:44,222 --> 01:07:54,962 Or is your end goal to have exponential wealth growth that is outpacing debasement that you could potentially pass on to others, like children or family members, that would then also benefit them? 1210 01:07:55,042 --> 01:07:59,342 Are you building for today or are you building for the future is sort of the difference there. 1211 01:07:59,382 --> 01:08:03,402 And as a macroanalyst, again, I'm kind of surprised that Luke doesn't look at it from that point of view. 1212 01:08:03,402 --> 01:08:06,382 for the average person, I don't think they should be trying to trade it, but I think they should also 1213 01:08:06,382 --> 01:08:14,302 be responsible about position sizing, right? Which is, you know, I think it's easier to have a bigger 1214 01:08:14,302 --> 01:08:21,402 position in gold, given the lower volatility, given the historical track record. And critically, 1215 01:08:22,522 --> 01:08:28,862 when you look, you know, when I really bought huge into, I've owned Bitcoin since 2013. 1216 01:08:28,862 --> 01:08:33,262 when I bought huge into it in 2021, 1217 01:08:34,242 --> 01:08:37,102 January 2020, December 20, January 2021, 1218 01:08:37,602 --> 01:08:40,302 if you look at it against gold since then, 1219 01:08:41,082 --> 01:08:45,262 it's outperformed gold by 8% with a whole lot of drama. 1220 01:08:46,062 --> 01:08:47,142 And you kind of go, 1221 01:08:48,082 --> 01:08:50,062 now, maybe that means it's about to take up, 1222 01:08:50,062 --> 01:08:52,463 but that's almost six years 1223 01:08:52,463 --> 01:08:54,862 of basically performing in line with gold 1224 01:08:54,862 --> 01:08:58,443 with a lot less volatility and drama 1225 01:08:58,443 --> 01:09:01,682 which at my age again, the next six years, 1226 01:09:01,682 --> 01:09:04,122 I'm gonna be 57 years old. 1227 01:09:04,122 --> 01:09:08,223 I like drama a lot less at 51 than I did at 45. 1228 01:09:08,223 --> 01:09:09,862 I think I'm gonna like it even less at 57 1229 01:09:09,864 --> 01:09:17,904 they do at 51. And so to me, everything we talked about on the bond side tells us the dollar 1230 01:09:17,904 --> 01:09:21,604 debasement trade is back on. Everything we're seeing is the dollar debasement trade is back 1231 01:09:21,604 --> 01:09:25,504 on. I don't think it ever left. I think it was all narrative bullcrap that they tried to get 1232 01:09:25,504 --> 01:09:31,044 people to think it was off, but I think it's back on. And in that world, I think Bitcoin is your 1233 01:09:31,044 --> 01:09:34,884 hardest asset. I think gold is second hardest. I think silver, you want to own some silver too, 1234 01:09:34,924 --> 01:09:37,604 because silver's got the industrial kicker that we were just talking about of, 1235 01:09:37,604 --> 01:09:44,144 you know, it is the it is it has the industrial kicker in terms of that demand and that 1236 01:09:44,144 --> 01:09:49,344 unobtainium dynamic. Right. It's a way to play a lot of different things, including sulfuric acid 1237 01:09:49,344 --> 01:09:54,384 problem, supply problems. I'm of two minds about this clip. I get what Luke is saying about, you 1238 01:09:54,384 --> 01:09:58,064 know, when you're buying for safety, he wants to put his money into something that he understands. 1239 01:09:58,064 --> 01:10:02,364 And what he's essentially saying is I get gold and I don't quite get Bitcoin. And that's how I am 1240 01:10:02,364 --> 01:10:06,304 in a

way. Right. That's why I stack Bitcoin and I don't buy gold. I just don't get gold. 1241 01:10:07,004 --> 01:10:08,524 I mean, I understand it, but I don't get it. 1242 01:10:08,584 --> 01:10:10,084 And I don't really play in the stock market. 1243 01:10:10,284 --> 01:10:11,484 I don't, you know, do options 1244 01:10:11,484 --> 01:10:13,184 because that just seems like something 1245 01:10:13,184 --> 01:10:14,484 that I would need to understand better 1246 01:10:14,484 --> 01:10:15,424 before I got into it. 1247 01:10:15,984 --> 01:10:18,764 At the same time, Luke's a full-time macro analyst. 1248 01:10:18,904 --> 01:10:21,044 Like that's what he gets paid well to do full-time, 1249 01:10:21,284 --> 01:10:23,184 who advises his clients on trades, 1250 01:10:23,204 --> 01:10:24,944 which he just said he is responsible for. 1251 01:10:25,464 --> 01:10:27,544 And the information on Bitcoin is out there. 1252 01:10:28,024 --> 01:10:29,224 He could pick up a phone even 1253 01:10:29,224 --> 01:10:30,784 and call Lynn Alden if he wanted to 1254 01:10:30,784 --> 01:10:32,024 and ask her a question directly. 1255 01:10:32,384 --> 01:10:34,024 He could listen to podcasts like Twib. 1256 01:10:34,144 --> 01:10:35,324 He could watch YouTube videos. 1257 01:10:35,324 --> 01:10:40,644 so this clip's a bit of a mixed bag and you know as for his reasons of buying gold and silver 1258 01:10:40,644 --> 01:10:45,324 maybe it makes sense for somebody looking for gold or silver returns just the reasons are the 1259 01:10:45,324 --> 01:10:53,404 same reasons i've heard my entire life and you know like if if if you needed bitcoin to be used 1260 01:10:53,404 --> 01:10:57,644 in industrial applications to be valuable then why isn't the dollar used in industrial applications 1261 01:10:57,644 --> 01:11:03,804 people value the dollar but it's not used in industrial applications the best monetary assets 1262 01:11:03,804 --> 01:11:08,604 aren't. I'm not saying the dollar is, but it's just an example. So, I mean, maybe it makes sense 1263 01:11:08,604 --> 01:11:14,544 if you're looking for safe returns. But when he uses the framing of drama, again, that feels like 1264 01:11:14,544 --> 01:11:20,944 emotional framing to me because price discovery for a new asset that is overall going up is totally 1265 01:11:20,944 --> 01:11:27,444 normal. It's a matter of framing, not drama. Would it be fair to say, OK, all right, it would be it 1266 01:11:27,444 --> 01:11:33,144 would be fair. I think it's in fact, I think by a fair amount, it's fair to say gold has preserved 1267 01:11:33,144 --> 01:11:39,564 purchasing power since 2008. You could say that today in 2026. If you bought gold in 2008 and you 1268 01:11:39,564 --> 01:11:44,124 held it today, it's preserved your purchasing power roughly, if you go by, you know, official 1269 01:11:44,124 --> 01:11:50,124 metrics by about 6x. So it's probably even beaten the actual inflation numbers, right? But maybe not 1270 01:11:50,124 -->

01:11:57,344 by 6x, but it's beat inflation official CPI numbers, I think by about 6x since 2008. Okay. 1271 01:11:57,344 --> 01:12:05,704 But that is only true if you held through a lost decade, which gold bugs call it themselves, a lost decade to get there. 1272 01:12:06,084 --> 01:12:07,104 Is that drama? 1273 01:12:07,664 --> 01:12:09,364 It just really is a matter of framing. 1274 01:12:09,604 --> 01:12:17,044 And Luke is emotionally framing it as drama when it's asset price discovery, when gold has had its own tranches of horrible price activity. 1275 01:12:17,824 --> 01:12:31,342 It just weird how it just isn logically consistent from a guy like Luke I just trying to make sense of it in my brain I just want to do a quick sweep of project updates I have more information in the show notes 1276 01:12:31,342 --> 01:12:32,362 for you to read up on. 1277 01:12:32,842 --> 01:12:34,462 Bitcoin Core released a candidate 1278 01:12:34,462 --> 01:12:35,582 with two security patches 1279 01:12:35,582 --> 01:12:36,962 that are probably worth your attention. 1280 01:12:37,922 --> 01:12:40,102 Liquid users are still unable to peg out 1281 01:12:40,102 --> 01:12:43,182 nearly four weeks after the $320 million hack. 1282 01:12:43,502 --> 01:12:44,802 Blockstream says they are continuing 1283 01:12:44,802 --> 01:12:47,262 to have third parties audit the new code 1284 01:12:47,262 --> 01:12:49,302 for their nodes and the Liquid infrastructure, 1285 01:12:49,302 --> 01:12:52,622 but no update on recovering the $320 million funds, 1286 01:12:52,722 --> 01:12:54,282 which would be required for a one-to-one peg. 1287 01:12:54,802 --> 01:12:56,542 And Block, speaking of Block earlier, 1288 01:12:57,402 --> 01:13:01,582 they have been building Lightning 420 support 1289 01:13:01,582 --> 01:13:02,842 for AI agent payments. 1290 01:13:02,982 --> 01:13:04,422 So now it's not just for the S-Coins. 1291 01:13:04,922 --> 01:13:07,702 Lightning can get in on the agent AI protocol payment system. 1292 01:13:07,702 --> 01:13:11,702 And Sparrow Wallet 2.55 was released on September 17th 1293 01:13:12,342 --> 01:13:13,502 after security reviews. 1294 01:13:13,822 --> 01:13:14,962 It's a maintenance release 1295 01:13:14,962 --> 01:13:17,622 with stricter PSPT signature verification 1296 01:13:17,622 --> 01:13:19,542 before, excuse me, 1297 01:13:19,602 --> 01:13:21,502 fields are copied into open transactions 1298 01:13:21,502 --> 01:13:23,642 and silent payment output scripts 1299 01:13:23,642 --> 01:13:25,222 are checked before device signing now. 1300 01:13:25,342 --> 01:13:27,582 And there is a narrower hardware wallet flow 1301 01:13:27,582 --> 01:13:29,422 for BitBox02, Trezor, Ledger, 1302 01:13:29,942 --> 01:13:31,182 Crux, Jade, and Coldcard. 1303 01:13:31,762 --> 01:13:34,342 Not critical, but worth your attention, 1304 01:13:34,462 --> 01:13:34,982 I would say. 1305 01:13:35,442 --> 01:13:36,902 And Bitcoin Pay Server, 1306 01:13:37,002 --> 01:13:38,582 BTC Pay Server 2.44 1307 01:13:38,582 --> 01:13:40,582 came out on September 8th, 1308 01:13:40,582 --> 01:13:42,042 which is a security hardening release 1309 01:13:42,042 --> 01:13:44,562 and blocks a newly observed L&D takeover route 1310 01:13:44,562 --> 01:13:45,902 for older configs 1311 01:13:45,902 --> 01:13:49,222 and an older config could also expose L&D methods 1312 01:13:49,222 --> 01:13:50,262 in a restart window. 1313 01:13:50,842 --> 01:13:52,302 And there's also some situations 1314 01:13:52,302 --> 01:13:54,002 where you may need to replace passwords and whatnot. 1315 01:13:54,222 --> 01:13:56,962 So it's a good, solid BTC pay server update. 1316 01:13:57,282 --> 01:13:58,362 I recommend you get it. 1317 01:13:58,942 --> 01:13:59,982 There you go, quick fire. 1318 01:14:00,062 --> 01:14:01,342 I just wanted to get you through those 1319 01:14:01,342 --> 01:14:03,202 with more links in the show notes. 1320 01:14:03,702 --> 01:14:05,262 As for the final clip this week, 1321 01:14:05,282 --> 01:14:06,622 because we do have to get out of here, 1322 01:14:07,222 --> 01:14:08,802 I want to get an update from Safe, 1323 01:14:08,982 --> 01:14:10,522 the author of the Bitcoin standard. 1324 01:14:10,522 --> 01:14:12,782 And Safe talks about what he thinks 1325 01:14:12,782 --> 01:14:15,402 is the most bullish thing in Bitcoin right now 1326 01:14:15,402 --> 01:14:19,302 that we're maybe a little distracted from because of everything that's going on. 1327 01:14:19,382 --> 01:14:21,982 I mentioned earlier that it seems like the volatility, 1328 01:14:22,422 --> 01:14:29,302 the volatility of the four-year cycle is reducing if we are on our way out of it. 1329 01:14:29,302 --> 01:14:35,322 And that is perhaps noticeable because it's something we have been bouncing around in the boost. 1330 01:14:35,402 --> 01:14:37,302 It's like, what's going on with the four-year cycle? 1331 01:14:37,562 --> 01:14:42,042 And so SAFE has been observing the changing nature of it and had this commentary. 1332 01:14:42,042 --> 01:14:47,802 With each cycle, I think more and more people begin to see that this is happening. 1333 01:14:47,922 --> 01:14:49,522 And so we're witnessing less volatility. 1334 01:14:50,162 --> 01:14:53,762 I think this is really the most bullish thing happening in Bitcoin right now. 1335 01:14:54,122 --> 01:14:59,202 If you look at these cycles, the first bear market that followed the first having was 1336 01:14:59,202 --> 01:15:01,502 something I think in the range of 87%. 1337 01:15:01,502 --> 01:15:03,702 The second one was about 84%. 1338 01:15:03,702 --> 01:15:05,842 The third one was 77%. 1339 01:15:05,842 --> 01:15:08,902 This one so far has only been 54%. 1340 01:15:08,902 --> 01:15:13,482 Now, it may drop further, but probably not. 1341 01:15:13,902 --> 01:15:17,602 And even if it does, I don't think it'll draw more than 77%. 1342 01:15:17,602 --> 01:15:26,702 So as long as it drops less than 77%, then I think we are essentially

proving Bitcoin's value proposition 1343 01:15:26,702 --> 01:15:32,142 and proving that its volatility is declining as the volume increases, as the market becomes more mature, 1344 01:15:32,242 --> 01:15:36,182 as more institutional money comes in, and as more people understand the cycles. 1345 01:15:36,182 --> 01:15:50,240 I think a lot of the old timers learned the lesson in 2021 You know they thought all right Bitcoin going to the moon Bitcoin going to the moon Finally 2017 also a lot of people did the same thing And then sitting through a 70 80 drawdown 1346 01:15:50,240 --> 01:15:51,680 is a big punch in the gut. 1347 01:15:51,800 --> 01:15:53,700 It hurts no matter how much 1348 01:15:53,700 --> 01:15:55,160 you want to post on Twitter 1349 01:15:55,160 --> 01:15:56,960 about not carrying an oblong 1350 01:15:56,960 --> 01:15:57,680 for the long term. 1351 01:15:58,120 --> 01:16:00,140 70, 80% drawdown is bad. 1352 01:16:00,560 --> 01:16:01,040 It hurts. 1353 01:16:01,300 --> 01:16:02,520 And I think a lot of people 1354 01:16:02,520 --> 01:16:04,060 expected that this year. 1355 01:16:04,060 --> 01:16:04,980 And that's why we didn't see 1356 01:16:04,980 --> 01:16:07,360 such a big rise in the price 1357 01:16:07,360 --> 01:16:10,900 because a lot of the people who would have been in 2017 and 2011, 1358 01:16:11,740 --> 01:16:14,660 very bull-tarded and buying with leverage at the top, 1359 01:16:15,320 --> 01:16:19,660 where instead maybe not buying or maybe liquidated some of the early holdings, 1360 01:16:20,060 --> 01:16:23,520 maybe buying houses and chairs and other things that they may need. 1361 01:16:24,040 --> 01:16:27,140 And the result is that we didn't see a big spike up. 1362 01:16:27,140 --> 01:16:30,800 So the chart doesn't look so attractive for posting memes 1363 01:16:30,800 --> 01:16:32,380 and dunking on no-coiners and shit-coiners 1364 01:16:32,380 --> 01:16:37,540 because we didn't get that giant green candle toward the end. 1365 01:16:37,1000 --> 01:16:41,140 But it meant that the drawdown is smaller. 1366 01:16:41,280 --> 01:16:44,480 I think this is far more important than Twitter bragging rights 1367 01:16:44,480 --> 01:16:48,640 because this means that Bitcoin is maturing as an asset. 1368 01:16:48,640 --> 01:16:54,800 So now you have to go back four years to find a drawdown in Bitcoin that was more than 54%. 1369 01:16:54,800 --> 01:17:00,820 And that's pretty significant because that really moves it from uninvestable for most people 1370 01:17:00,820 --> 01:17:05,800 to an investable asset, something that most money managers can look into. 1371 01:17:06,180 --> 01:17:09,880 Most money managers will put money in stocks like NVIDIA, 1372 01:17:10,360 --> 01:17:15,1000 which can have a 50% drawdown and have had high volatility in their growth phase. 1373 01:17:16,480 --> 01:17:19,420 So now Bitcoin is becoming more and more acceptable, more and more profitable. 1374 01:17:19,600 --> 01:17:21,760 The longer it lives, of course, that also helps. 1375 01:17:22,140 --> 01:17:24,600 But also I think the decline in the volatility is a huge deal. 1376 01:17:24,600 --> 01:17:28,1000 So we're essentially arbitraging the cycles away, 1377 01:17:29,100 --> 01:17:30,640 but it's going to take a while before people, 1378 01:17:30,640 --> 01:17:35,880 realize it because ultimately about 98% of people don't even hold any Bitcoin. And among Bitcoiners, 1379 01:17:35,920 --> 01:17:40,400 the vast majority of Bitcoiners don't even believe that it is having this driving cycle. 1380 01:17:40,740 --> 01:17:45,480 So it's going to take a while before people get it. But I think the more people get it, 1381 01:17:45,580 --> 01:17:53,740 the less of a cyclical nature it will have, the smaller the drawdowns will be, and the less 1382 01:17:53,740 --> 01:17:57,260 volatility we have on the way up. And that's just going to make Bitcoin more and more mature as an 1383 01:17:57,260 --> 01:17:59,360 asset, will attract more and more serious capital. 1384 01:18:00,640 --> 01:18:12,740 All right, checking in on the state of the network. 1385 01:18:12,860 --> 01:18:17,240 I'm wrapping up at block height 969,340. 1386 01:18:17,240 --> 01:18:22,980 Our Bitcoin price to USD is 83,790. 1387 01:18:23,440 --> 01:18:26,240 Stats per dollar right now, 1,193. 1388 01:18:26,380 --> 01:18:30,560 Down 33.6% from our all-time high 359 days ago. 1389 01:18:30,640 --> 01:18:37,820 you savages. But this is interesting. The estimated difficulty change is now tipped up. 1390 01:18:37,960 --> 01:18:46,140 It's a small one, but it's 0.2% and it's just 356 blocks away. So that should land around October 1391 01:18:46,140 --> 01:19:08,397 2nd and the network will adjust slightly upwards There are 25 reachable nodes on the Bitcoin network That up a little bit And the sats or I sorry the fees are up a bit it uh 3 sats per vbyte right now for immediate and 2 sats per vbyte for a half hour now those 1392 01:19:08,397 --> 01:19:13,857 might sound cute if you're a long timer but those have been sitting around one for quite a while 1393 01:19:13,857 --> 01:19:18,657 so it's notable you might have to go look up what's going on something must happen during the show 1394 01:19:18,657 --> 01:19:26,097 That's one of the, you know, honestly, one of the signals I follow when something's going on is when I start seeing that tick up. 1395 01:19:26,397 --> 01:19:27,237 Can be one of them, at least. 1396 01:19:27,837 --> 01:19:30,077 But that's exactly how the network should behave. 1397 01:19:30,297 --> 01:19:34,297 In other words, the network is doing just fine and it's strong. 1398 01:19:34,297 --> 01:19:51,597 well links to what i talked about are at this week in bitcoin.show my goal is to give you a show 1399 01:19:51,597 --> 01:19:55,517 that doesn't get distracted by the emotions around what's going on but focuses on the signal so you 1400 01:19:55,517 --> 01:20:00,037 can plan for yourself your friends your family your future so let me know how i did with a boost 1401 01:20:00,037 --> 01:20:01,777 at boost.jupiterbroadcasting.com. 1402 01:20:01,857 --> 01:20:02,677 I want to know your thoughts 1403 01:20:02,677 --> 01:20:05,877 on them redoing the PCI math as well. 1404 01:20:06,337 --> 01:20:07,077 Anything we talked about, 1405 01:20:07,137 --> 01:20:07,637 there's a lot, 1406 01:20:07,757 --> 01:20:09,677 including there's some really great questions 1407 01:20:09,677 --> 01:20:10,557 during the Boost segments, 1408 01:20:10,557 --> 01:20:11,477 if you missed that, 1409 01:20:12,057 --> 01:20:13,137 that I'd like your feedback on. 1410 01:20:13,557 --> 01:20:14,117 Speaking of that, 1411 01:20:14,157 --> 01:20:15,537 I want to take a moment and say 1412 01:20:15,537 --> 01:20:17,577 this episode was a very rewarding episode 1413 01:20:17,577 --> 01:20:18,497 for me personally. 1414 01:20:18,897 --> 01:20:20,177 I've been doing podcasting 1415 01:20:20,177 --> 01:20:20,997 for nearly 20 years, 1416 01:20:21,057 --> 01:20:22,197 and this is going to be up there 1417 01:20:22,197 --> 01:20:24,137 in one of probably the top five, 1418 01:20:24,597 --> 01:20:26,457 not only because of the tremendous value, 1419 01:20:26,457 --> 01:20:27,917 which helps very much at this time, 1420 01:20:28,277 --> 01:20:29,237 but also just because 1421 01:20:29,237 --> 01:20:33,377 some of the messages and notes really were touching and really landed for me. 1422 01:20:33,617 --> 01:20:37,017 So I just want to take a moment and thank everybody who supported the show this week. 1423 01:20:37,257 --> 01:20:39,557 And I hope we can keep on doing this together. 1424 01:20:39,917 --> 01:20:41,637 So very, very much appreciated. 1425 01:20:41,837 --> 01:20:44,617 And I just want to take a moment and acknowledge that again. 1426 01:20:45,337 --> 01:20:47,697 It's, you know, I know it's not going to be every time. 1427 01:20:47,937 --> 01:20:51,817 So when it does happen, you got to just sort of sit and enjoy the moment. 1428 01:20:51,817 --> 01:20:53,297 And I'm doing that right now. 1429 01:20:53,497 --> 01:20:56,297 But that's it for me for episode 125. 1430 01:20:56,297 --> 01:21:03,177 Again, you can support the show with a boost at boost.jupiterbroadcasting.com or jupiter.party for a membership. 1431 01:21:03,577 --> 01:21:06,397 Thanks so much for joining me, and I'll see you back here next week. 1432 01:21:26,297 --> 01:21:56,277 Thank you. 1433 01:21:56,297 --> 01:22:15,617 Thank you.