บทถอดความฉบับเต็มของ How Binance Got Hit By The BIGGEST HEIST In Human History

clients of River. River 78 00:04:53.420 --> 00:04:55.940 is unaffected. All client Bitcoin is held in 79 00:04:55.940 --> 00:04:57.820 Maldi -Sig cold storage, never lent out. so 80 00:04:57.820 --> 00:04:59.860 and so forth. Every client deserves to know 81 00:04:59.860 --> 00:05:02.320 how their Bitcoin is protected. I mean, you 82 00:05:02.320 --> 00:05:05.340 know, that's great. Well, I saw Alex Leishman 83 00:05:05.340 --> 00:05:09.960 chiming in on somebody saying, well, you know, 84 00:05:09.960 --> 00:05:11.320 what would you, what do you guys do 85 00:05:11.320 --> 00:05:12.980 better? And he said, for starters, I wouldn't 86 00:05:12.980 --> 00:05:15.340 have a single hot wallet with the three 87 00:05:15.340 --> 00:05:19.600 bill. Nonetheless, I feel like this is a 88 00:05:19.600 --> 00:05:23.060 perfect opportunity to get Adam to chime in 89 00:05:23.060 --> 00:05:30.000 as somebody that is very adamant that self 90 00:05:30.000 --> 00:05:33.080 -custody is the way such that you designed 91 00:05:33.080 --> 00:05:37.380 Bitcoin well to not hold anybody's coins ever. 92 00:05:37.380 --> 00:05:39.920 You're looking at this. I mean, not that 93 00:05:39.920 --> 00:05:43.000 I won't say it feels good, but like, 94 00:05:43.000 --> 00:05:44.060 what do you, what are you thinking when 95 00:05:44.060 --> 00:05:46.740 you're seeing this? Holy crap. Yeah, I mean, 96 00:05:46.740 --> 00:05:48.940 listen, it doesn't feel good at all. But 97 00:05:48.940 --> 00:05:51.020 personally, it's quite vindicating that, you know, we 98 00:05:51.020 --> 00:05:53.120 chose the hard path for a reason. It's 99 00:05:53.120 --> 00:05:57.880 not easy to have investors, customers, shareholders, team 100 00:05:57.880 --> 00:06:01.120 members be like, hey, our largest point of 101 00:06:01.120 --> 00:06:03.720 friction is the ad your wallet. And me 102 00:06:03.720 --> 00:06:06.000 sat there being like, well, yes, but it's 103 00:06:06.000 --> 00:06:08.460 the only thing that keeps our customers safe. 104 00:06:08.460 --> 00:06:16.980 I get really frustrated when custodians, especially custodial 105 00:06:16.980 --> 00:06:20.400 exchanges, have this air that, like, we are 106 00:06:20.400 --> 00:06:22.300 safer than that other guy that got hacked. 107 00:06:22.300 --> 00:06:24.980 It's kind of like, it's a little bit 108 00:06:24.980 --> 00:06:27.360 the hubris that I feel like we, we 109 00:06:27.360 --> 00:06:28.980 maybe, you know, we're talking about on this 110 00:06:28.980 --> 00:06:30.320 show a few months ago with the cold 111 00:06:30.320 --> 00:06:34.080 card hack. I don't know that there is 112 00:06:34.080 --> 00:06:36.880 such a thing as a massive honeypot being 113 00:06:36.880 --> 00:06:41.040 safer than a non -honeypot. And at the 114 00:06:41.040 --> 00:06:42.040 end of the day, a three or five 115 00:06:42.040 --> 00:06:44.080 multi -sig is just three, five -dollar wrenches 116 00:06:44.080 --> 00:06:47.800 away from being captured. And I think

that 117 00:06:47.800 --> 00:06:50.360 we, we fail to see that as a 118 00:06:50.360 --> 00:06:55.480 society. And, yeah, I personally think that the 119 00:06:55.480 --> 00:06:59.620 way custodians and especially custodial exchanges will work 120 00:06:59.620 --> 00:07:03.160 in the future is going to be multi 121 00:07:03.160 --> 00:07:05.480 -party, almost like blind keys. Last night I 122 00:07:05.480 --> 00:07:09.440 was ideating with my team about like blind. 123 00:07:09.440 --> 00:07:11.480 Because even inside Bitcoin, well, like we have 124 00:07:11.480 --> 00:07:13.540 keys that govern our own funds, not customer 125 00:07:13.540 --> 00:07:15.200 funds, but we, of course, have our own 126 00:07:15.200 --> 00:07:17.260 funds that we have to govern. And I 127 00:07:17.260 --> 00:07:19.720 think blind keys, I don't, I don't have 128 00:07:19.720 --> 00:07:20.660 this fully flush out in my head yet. 129 00:07:20.660 --> 00:07:23.960 but like there should be some number of 130 00:07:23.960 --> 00:07:29.380 keys managing some number of coin inside some 131 00:07:29.380 --> 00:07:31.260 number of wallets and there should be some 132 00:07:31.260 --> 00:07:34.560 number of people that manage those but no 133 00:07:34.560 --> 00:07:36.000 one should know who the other kind of 134 00:07:36.000 --> 00:07:38.700 like the federation model but a blind federation 135 00:07:38.700 --> 00:07:41.600 model with security I don't know I am 136 00:07:41.600 --> 00:07:46.620 just so so frustrated with the state of 137 00:07:46.620 --> 00:07:50.520 custodial exchanges somehow thinking that their honeypot is 138 00:07:50.520 --> 00:07:52.120 safe. safer than the other. At the end 139 00:07:52.120 --> 00:07:54.260 of the day, a honeypot's a honeypot, not 140 00:07:54.260 --> 00:07:55.880 your keys, not your coins, not your firmware, 141 00:07:55.880 --> 00:07:58.200 not your coins, not your seed, not your 142 00:07:58.200 --> 00:08:01.140 coins, not your coins, not your entry, not 143 00:08:01.140 --> 00:08:03.900 your counterparty, pick your counterpart wisely is kind 144 00:08:03.900 --> 00:08:05.440 of where my head keeps going. And it's 145 00:08:05.440 --> 00:08:06.900 kind of the same story just with different 146 00:08:06.900 --> 00:08:08.960 victims over and over and over and over 147 00:08:08.960 --> 00:08:10.500 and over and over. Adam, can you explain 148 00:08:10.500 --> 00:08:13.920 to people how the non -custodial exchange thing 149 00:08:13.920 --> 00:08:15.780 works a little bit? I think some of 150 00:08:15.780 --> 00:08:18.140 the comments I hear, you know, not even 151 00:08:18.140 --> 00:08:19.520 about you guys, but about Bull, like on 152 00:08:19.520 --> 00:08:21.540 my side, is, is where do they get 153 00:08:21.540 --> 00:08:24.640 to Bitcoin for the instant buy? Like, where 154 00:08:24.640 --> 00:08:25.980 does that Bitcoin come from? They don't hold 155 00:08:25.980 --> 00:08:28.560 anything. They have nothing on there. Like, explain

156 00:08:28.560 --> 00:08:30.220 to people sort of without giving away the 157 00:08:30.220 --> 00:08:33.620 secret recipe, obviously. What is the mechanism that 158 00:08:33.620 --> 00:08:36.580 allows you guys to not be a honeypot 159 00:08:36.580 --> 00:08:39.240 for Bitcoin at the sort of, like, exchange 160 00:08:39.240 --> 00:08:41.120 level, the way these other guys are? Yeah, 161 00:08:41.120 --> 00:08:43.900 I mean, so we could be seen as 162 00:08:43.900 --> 00:08:46.040 a honeypot, frankly, because we hold inventory. And 163 00:08:46.040 --> 00:08:47.380 so, like, when you buy Bitcoin at Bitcoin 164 00:08:47.380 --> 00:08:51.180 well, you are buying directly from our inventory 165 00:08:51.180 --> 00:08:54.760 Bitcoin wallet. And then when you buy, our 166 00:08:54.760 --> 00:08:57.560 inventory gets less, and then we rebuy that 167 00:08:57.560 --> 00:08:59.340 inventory kind of in real time, which is 168 00:08:59.340 --> 00:09:03.680 how we mark the market speculation. No different 169 00:09:03.680 --> 00:09:04.900 than a grocery store, right? Like, if you 170 00:09:04.900 --> 00:09:06.520 go to a grocery store and you want 171 00:09:06.520 --> 00:09:09.160 to buy steak, they have 100 rib -eyes. 172 00:09:09.160 --> 00:09:10.320 And then over the course of the day, 173 00:09:10.320 --> 00:09:11.760 they sell 30 rib -eyes. And the next 174 00:09:11.760 --> 00:09:14.080 day, they have to order 30 rib -eyes. 175 00:09:14.080 --> 00:09:16.060 This is the exact same, what we do 176 00:09:16.060 --> 00:09:17.840 is do that kind of in real time. 177 00:09:17.840 --> 00:09:19.620 And so while we could be a honeypot, 178 00:09:19.620 --> 00:09:21.300 because we have a large number of customers 179 00:09:21.300 --> 00:09:25.380 purchasing Bitcoin from our Bitcoin platform. If all 180 00:09:25.380 --> 00:09:27.400 of those coins, and this is the key 181 00:09:27.400 --> 00:09:31.100 difference, if our entire hot wallet was drained, 182 00:09:31.100 --> 00:09:33.260 there would be zero customer Bitcoin lost. And 183 00:09:33.260 --> 00:09:37.680 that is the difference between a custodial exchange 184 00:09:37.680 --> 00:09:40.240 and a non -custodial exchange is that the 185 00:09:40.240 --> 00:09:43.940 hot wallet is not customer Bitcoin. The hot 186 00:09:43.940 --> 00:09:46.440 wallet is company Bitcoin. And I think that's 187 00:09:46.440 --> 00:09:48.680 the kind of, like one thing I like 188 00:09:48.680 --> 00:09:51.220 to say is, is, if, Bitcoin well, unplugged 189 00:09:51.220 --> 00:09:53.840 its servers right now. We went away, we 190 00:09:53.840 --> 00:09:56.480 disappeared forever. I was just like, I'm done 191 00:09:56.480 --> 00:09:59.840 with this stress. I'm out of here. Unplug 192 00:09:59.840 --> 00:10:02.260 and I'm out. There'd be zero customer Bitcoin 193 00:10:02.260 --> 00:10:04.720 lost. And like, I think we're the only 194 00:10:04.720 --> 00:10:07.000 exchange in America that can say that. Unlike 195 00:10:07.000 -->

00:10:09.860 fellow, unlike fellow Canadian Gerald Cotton, who also 196 00:10:09.860 --> 00:10:12.320 called the plug. Literally, man. Yeah. Like, like, 197 00:10:12.320 --> 00:10:14.500 that's just it. And I, like, that's lost 198 00:10:14.500 --> 00:10:19.720 on people, right? Not to mention, like, man, 199 00:10:19.720 --> 00:10:22.740 On a deeper level, like, I know that 200 00:10:22.740 --> 00:10:26.220 I am a target. We've seen Canadian Bitcoin 201 00:10:26.220 --> 00:10:29.640 Exchange CEOs, whatever that string of words together 202 00:10:29.640 --> 00:10:31.820 means. We've seen them get targeted. I think 203 00:10:31.820 --> 00:10:33.060 we're talking about that on this show. Like, 204 00:10:33.060 --> 00:10:34.160 what was it a year ago, a year 205 00:10:34.160 --> 00:10:35.760 and a half ago? One of them got 206 00:10:35.760 --> 00:10:37.780 kidnapped, a million dollar ransom, all this, all 207 00:10:37.780 --> 00:10:42.240 this craziness. I'm a lower target than every 208 00:10:42.240 --> 00:10:44.800 custodial exchange, which means also my family is 209 00:10:44.800 --> 00:10:47.820 a lower target. Like, like, guys, listen, you 210 00:10:47.820 --> 00:10:49.080 know, not to get super dark at the 211 00:10:49.080 --> 00:10:50.840 top of the show. But like, if you 212 00:10:50.840 --> 00:10:53.940 steal someone's daughter, like, they're going to do 213 00:10:53.940 --> 00:10:55.640 whatever you want them to do. And do 214 00:10:55.640 --> 00:10:59.660 you want that person having 30 % of 215 00:10:59.660 --> 00:11:02.820 the keys that that govern billions of dollars? 216 00:11:02.820 --> 00:11:04.080 Like, at the end of the day, it's 217 00:11:04.080 --> 00:11:07.060 just, it's just a massive honeypot that I 218 00:11:07.060 --> 00:11:11.120 think we need to acknowledge. And this idea 219 00:11:11.120 --> 00:11:14.040 that some honeypots are safer than others needs 220 00:11:14.040 --> 00:11:17.620 to be extinguished. We absolutely need to come 221 00:11:17.620 --> 00:11:19.620 to terms of the fact that counterparties are. 222 00:11:19.620 --> 00:11:22.800 counterparties and just like we're all naive in 223 00:11:22.800 --> 00:11:25.800 suggesting that, you know, certain wallets are better 224 00:11:25.800 --> 00:11:30.620 because of of certain practices. Certain exchanges are 225 00:11:30.620 --> 00:11:33.100 not better because of certain practices. I think 226 00:11:33.100 --> 00:11:35.600 the humility that Bitcoin demands is that everyone 227 00:11:35.600 --> 00:11:37.620 is exposed. We have to be aware of 228 00:11:37.620 --> 00:11:40.060 this. We have to be talking about this. 229 00:11:40.060 --> 00:11:41.840 And, and I think we're all going to 230 00:11:41.840 --> 00:11:43.180 be better off in the future because of 231 00:11:43.180 --> 00:11:47.620 it. But at this point, it's like self 232 00:11:47.620 --> 00:11:50.320 -custody is risky. Exchanges are risky. you should 233 00:11:50.320 --> 00:11:52.180 probably just figure out the right structure for 234 00:11:52.180 --> 00:11:54.100 you and your family. You know, I'm writing 235 00:11:54.100 --> 00:11:55.900 about this all the time. The counterparty ladder. 236 00:11:55.900 --> 00:11:58.480 It's like which tradeoffs exist and what are 237 00:11:58.480 --> 00:12:02.420 the benefits at those levels on the ladder? 238 00:12:02.420 --> 00:12:05.920 And the more honest you are with yourself, 239 00:12:05.920 --> 00:12:08.740 the safer your generational wealth is. No, completely. 240 00:12:08.740 --> 00:12:09.680 Adam, I kind of want to jump in 241 00:12:09.680 --> 00:12:10.660 and pick your brain a little bit more 242 00:12:10.660 --> 00:12:11.600 because I'm kind of curious. Because one of 243 00:12:11.600 --> 00:12:12.980 the things I think people don't necessarily realize 244 00:12:12.980 --> 00:12:14.640 is anytime you're dealing with these large exchanges, 245 00:12:14.640 --> 00:12:16.660 too, you're dealing with their automated system, right? 246 00:12:16.660 --> 00:12:18.560 And that could be another point of vulnerability. 247 00:12:18.560 --> 00:12:19.620 It had nothing to do with the way. 248 00:12:19.620 --> 00:12:20.980 the keys were generated, even how the keys 249 00:12:20.980 --> 00:12:22.720 were stored. We got the keys to the 250 00:12:22.720 --> 00:12:25.180 automation process. And I believe that's what happened 251 00:12:25.180 --> 00:12:26.760 here, that it was one engineer as a 252 00:12:26.760 --> 00:12:29.240 DevOps engineer. And from the information that I've 253 00:12:29.240 --> 00:12:30.800 been able to pull so far, no private 254 00:12:30.800 --> 00:12:32.860 keys were compromised. They just were able to 255 00:12:32.860 --> 00:12:34.480 get into the system to then make the 256 00:12:34.480 --> 00:12:36.700 request to sign the transactions that then send 257 00:12:36.700 --> 00:12:38.640 it out of the existing hot wallet. So 258 00:12:38.640 --> 00:12:39.960 I'm just curious if you have like anything 259 00:12:39.960 --> 00:12:42.440 you can share with regards to like backend 260 00:12:42.440 --> 00:12:44.940 infrastructure for these sort of companies, for exchanges, 261 00:12:44.940 --> 00:12:46.860 even for the ones that you operate. How 262 00:12:46.860 --> 00:12:48.800 is that even necessarily secure? Because we got 263 00:12:48.800 --> 00:12:50.920 a larger foot then for attack, a whole 264 00:12:50.920 --> 00:12:53.540 other surface, completely unrelated to the Bitcoin custody 265 00:12:53.540 --> 00:12:56.740 itself. Yeah, Bitcoin custody and in this case, 266 00:12:56.740 --> 00:12:59.880 I think they actually exploited a DevOps engineer 267 00:12:59.880 --> 00:13:02.080 coupled with an ERC bug. is that was 268 00:13:02.080 --> 00:13:04.040 I've been trying to confirmation on it. Yeah, 269 00:13:04.040 --> 00:13:05.160 but it only explains the Ethley, but it 270 00:13:05.160 --> 00:13:09.020 was like, EIP 7702, something about delegation. Shitcoin 271 00:13:09.020 --> 00:13:10.520 stuff

that I wasn't familiar with, I even 272 00:13:10.520 --> 00:13:12.880 heard terms of before today. I know, I 273 00:13:12.880 --> 00:13:13.900 was reading about last night and I was 274 00:13:13.900 --> 00:13:16.660 like, EIP, wow, you know, they're still copying 275 00:13:16.660 --> 00:13:20.480 Bitcoin. But it's this constant. of, I think, 276 00:13:20.480 --> 00:13:25.340 cryptographic and then programmatic access. And programmatic access 277 00:13:25.340 --> 00:13:28.740 is much more accessible, much easier to build. 278 00:13:28.740 --> 00:13:30.920 And when you're a small company, programmatic access 279 00:13:30.920 --> 00:13:32.240 makes a lot of sense because you're a 280 00:13:32.240 --> 00:13:34.980 small target. You know, you don't, and then, 281 00:13:34.980 --> 00:13:37.060 and then like, guys, it's this concept of 282 00:13:37.060 --> 00:13:40.340 a simple and complex system. Complex systems don't 283 00:13:40.340 --> 00:13:42.300 start complex. They always start simple and then 284 00:13:42.300 --> 00:13:45.280 grow. And I can imagine Binance over the 285 00:13:45.280 --> 00:13:47.320 last 15 years or 10 years, how long 286 00:13:47.320 --> 00:13:50.280 they've been, started probably quite simply. And then 287 00:13:50.280 --> 00:13:54.160 just bolted on a bunch of craziness throughout 288 00:13:54.160 --> 00:13:56.240 the last decade. And they're, you know, like, 289 00:13:56.240 --> 00:13:58.520 we got tech debt at Bitcoin well. I 290 00:13:58.520 --> 00:14:01.040 can imagine the mountain of tech debt that 291 00:14:01.040 --> 00:14:03.300 finance has and their key controls have and 292 00:14:03.300 --> 00:14:06.820 all this stuff. And frankly, you know, I 293 00:14:06.820 --> 00:14:10.660 don't know that they, everyone's talking about the 294 00:14:10.660 --> 00:14:12.040 amount of money they had in the hot 295 00:14:12.040 --> 00:14:14.840 wallet. Like, that's probably a reasonable percentage of 296 00:14:14.840 --> 00:14:16.160 their funds that they currently have on the 297 00:14:16.160 --> 00:14:19.680 platform. Exactly. I don't know 100%. Plus, you 298 00:14:19.680 --> 00:14:21.980 got to imagine, like, they're re -hypothicating, even 299 00:14:21.980 --> 00:14:23.480 just a little, just a little, that they'll 300 00:14:23.480 --> 00:14:24.900 make it up later, right? Because the other 301 00:14:24.900 --> 00:14:26.260 thing, too, is that, if I'm not mistaken, 302 00:14:26.260 --> 00:14:28.460 they are the largest exchange in the world. 303 00:14:28.460 --> 00:14:30.280 So again, going to that point of like, 304 00:14:30.280 --> 00:14:32.280 well, they're safe because they're with, yeah, exactly. 305 00:14:32.280 --> 00:14:33.640 So the point of like, if they're safe 306 00:14:33.640 --> 00:14:35.020 because they're with Coinbase, get the fuck out 307 00:14:35.020 --> 00:14:36.780 of here. The largest exchange in the world 308 00:14:36.780 --> 00:14:39.040 had their system breached. Again, by one guy, 309 00:14:39.040 -->

00:14:40.640 it tends to be a person in his 310 00:14:40.640 --> 00:14:41.660 access. Sorry, I just want to get in 311 00:14:41.660 --> 00:14:42.620 there for a second. No, no, I think 312 00:14:42.620 --> 00:14:44.200 that's a great take. And like, yeah, it 313 00:14:44.200 --> 00:14:45.760 was a DevOps engineer, right? Wasn't a public 314 00:14:45.760 --> 00:14:49.500 base, wasn't, it's a DevOps engineer. And I, 315 00:14:49.500 --> 00:14:52.620 and, you know, again, every single platform, every 316 00:14:52.620 --> 00:14:55.940 exchange, every person needs to look at, like, 317 00:14:55.940 --> 00:14:57.680 when you trust a custodian to hold your 318 00:14:57.680 --> 00:14:59.640 Bitcoin, if they're the biggest, if they're the 319 00:14:59.640 --> 00:15:01.200 best, they got the big Twitter following, they 320 00:15:01.200 --> 00:15:03.340 got all the fancy words in their bio, 321 00:15:03.340 --> 00:15:06.300 whatever it is. It's like, are you going, 322 00:15:06.300 --> 00:15:08.560 are you capable to audit all of the 323 00:15:08.560 --> 00:15:10.720 things that they do in and amongst that? 324 00:15:10.720 --> 00:15:12.580 Because if they don't hold the keys, they 325 00:15:12.580 --> 00:15:14.440 are in charge of hiring or setting the 326 00:15:14.440 --> 00:15:16.720 hiring process for who does hold the keys. 327 00:15:16.720 --> 00:15:18.140 And it's like, are you going to audit? 328 00:15:18.140 --> 00:15:20.220 their hiring process are you like you know 329 00:15:20.220 --> 00:15:22.860 look at was it block five um many 330 00:15:22.860 --> 00:15:25.860 years ago sent 700 bitcoin instead of seven 331 00:15:25.860 --> 00:15:28.460 hundred dollars to a rewards account like like 332 00:15:28.460 --> 00:15:31.360 you know great callback i totally forgot about 333 00:15:31.360 --> 00:15:32.760 that dude it's like you show up to 334 00:15:32.760 --> 00:15:34.640 work hungover and and and you got the 335 00:15:34.640 --> 00:15:36.580 keys to the to the castle is the 336 00:15:36.580 --> 00:15:39.200 ronkern coins are gone it's like i forgot 337 00:15:39.200 --> 00:15:41.320 the toggle the the the toggle didn't work 338 00:15:41.320 --> 00:15:43.320 and i didn't realize like are we auditing 339 00:15:43.320 --> 00:15:46.160 all the hiring practices are we ordering auditing 340 00:15:46.160 --> 00:15:48.760 like the way that you're front -end interacts 341 00:15:48.760 --> 00:15:51.720 with your back end with your cryptographic programmatic 342 00:15:51.720 --> 00:15:55.120 API key distinction like you know there's levels 343 00:15:55.120 --> 00:15:57.360 and layers to all of this stuff say 344 00:15:57.360 --> 00:15:59.280 i'm not a dimension too even sorry like 345 00:15:59.280 --> 00:16:01.040 when the company gets to that size what 346 00:16:01.040 --> 00:16:02.040 are the odds that you have a person 347 00:16:02.040 --> 00:16:03.680 that has a drug problem an alcohol problem 348 00:16:03.680 --> 00:16:05.180 a gambling problem a family owner of the 349 00:16:05.180 --> 00:16:08.420 gambling problem like like you're just expanding the 350 00:16:08.420 --> 00:16:10.960 probability of even that human factor yeah and 351 00:16:10.960 --> 00:16:13.400 and that's where i believe custodial exchanges to 352 00:16:13.400 --> 00:16:16.380 be the scariest form because my whole thesis 353 00:16:16.380 --> 00:16:19.060 with the counterparty ladder is rung one is 354 00:16:19.060 --> 00:16:21.740 like you know basically all traditional assets where 355 00:16:21.740 --> 00:16:24.220 char exposed to too many counterparties to name 356 00:16:24.220 --> 00:16:27.580 run two is custodial exchanges and the scariest 357 00:16:27.580 --> 00:16:29.540 part about that is that you cannot name 358 00:16:29.540 --> 00:16:31.220 the counterparties because you don't know who they 359 00:16:31.220 --> 00:16:33.340 are at least we know on rung one 360 00:16:33.340 --> 00:16:35.460 the government could change the rules uh the 361 00:16:35.460 --> 00:16:37.140 stock broker could change the rules the board 362 00:16:37.140 --> 00:16:39.180 of directors it's all in public right we've 363 00:16:39.180 --> 00:16:41.380 seen it we've seen history before we know 364 00:16:41.380 --> 00:16:43.680 how it works we are actively finding out 365 00:16:43.680 --> 00:16:46.440 right now oh I guess DevOps engineers are 366 00:16:46.440 --> 00:16:49.240 also a counterparty to custodial exchanges. It's like, 367 00:16:49.240 --> 00:16:54.440 oh, their programmatic API is also a counterparty 368 00:16:54.440 --> 00:16:55.980 on the counterp -like, we just have all 369 00:16:55.980 --> 00:16:59.100 of these blind, unknown counterparties, which is why 370 00:16:59.100 --> 00:17:01.360 I think Run 2 is just the scariest 371 00:17:01.360 --> 00:17:06.020 place to be. Brandon? Yeah, sorry, I got 372 00:17:06.020 --> 00:17:07.960 like a paraglider like flying over me. I 373 00:17:07.960 --> 00:17:08.820 thought I was going to like land on 374 00:17:08.820 --> 00:17:10.240 me. I saw you look it up. I 375 00:17:10.240 --> 00:17:12.820 was like, with the parachute. I was like, 376 00:17:12.820 --> 00:17:14.780 what the hell is going on? Um, you 377 00:17:14.780 --> 00:17:16.000 guys were seeing the, what was the James 378 00:17:16.000 --> 00:17:17.660 Bond movie of Pierce Brosnan where they're like, 379 00:17:17.660 --> 00:17:18.740 he's like fighting the guys off of those 380 00:17:18.740 --> 00:17:21.400 little gliders. Oh my gosh. Anyway, I just 381 00:17:21.400 --> 00:17:23.340 imagine CZ. I'm like, you know, he forgot 382 00:17:23.340 --> 00:17:24.720 his laptop on the table and like doesn't 383 00:17:24.720 --> 00:17:26.020 have a pin on his computer. And the 384 00:17:26.020 --> 00:17:27.160 guy's like jump. Like you said, like the 385 00:17:27.160 --> 00:17:28.360 drunk guy comes in the office. He's like, 386 00:17:28.360 --> 00:17:31.500 oh, what's going on here? And also, how, 387 00:17:31.500 --> 00:17:33.280 how much Bitcoin

does North Korea have at 388 00:17:33.280 --> 00:17:35.120 this point? Did they own all the world? 389 00:17:35.120 --> 00:17:38.540 Like, did they actually find out? Good question. 390 00:17:38.540 --> 00:17:40.200 Yeah, I'm like listening to the morning briefing 391 00:17:40.200 --> 00:17:41.720 thing. I had this, you know, morning and 392 00:17:41.720 --> 00:17:44.180 then, you know, our stuff here. I'm just 393 00:17:44.180 --> 00:17:46.180 like, keep thinking, like, how much is North 394 00:17:46.180 --> 00:17:48.180 Korea have? And, like, is it really North 395 00:17:48.180 --> 00:17:49.700 Korea? You know, it's like, no one ever 396 00:17:49.700 --> 00:17:53.140 talks about North Korea. They're the scapegoat. They're 397 00:17:53.140 --> 00:17:54.640 always the scapegoat. Like, I just throw to 398 00:17:54.640 --> 00:17:56.520 North Korea. It's a black box, literally. Like, 399 00:17:56.520 --> 00:17:57.360 you look at it at night, it's a 400 00:17:57.360 --> 00:17:58.680 black box. You just throw it in there, 401 00:17:58.680 --> 00:18:00.660 it disappears. And you're like, ah, whatever. No 402 00:18:00.660 --> 00:18:02.200 one knows is actually going on. But then 403 00:18:02.200 --> 00:18:04.440 Nathan, I think you just mentioned Coinbase, too. 404 00:18:04.440 --> 00:18:07.020 Like, all these hacks, all these things going 405 00:18:07.020 --> 00:18:08.900 on that we've always, you know, oh, where's 406 00:18:08.900 --> 00:18:10.640 sailors coin, you know, all this stuff? And 407 00:18:10.640 --> 00:18:13.480 it's like, who's safe at the end of 408 00:18:13.480 --> 00:18:15.120 the day? And we've talked about this all 409 00:18:15.120 --> 00:18:17.720 year, AI and what's happening. And this is 410 00:18:17.720 --> 00:18:19.540 just going to continue. And we talked about 411 00:18:19.540 --> 00:18:21.580 and laughed about the, you always see the 412 00:18:21.580 --> 00:18:24.400 articles about how AI is making, your quantum's 413 00:18:24.400 --> 00:18:26.240 making crypto vulnerable and all this stuff. You 414 00:18:26.240 --> 00:18:28.960 never see like the, you know, well, hey, 415 00:18:28.960 --> 00:18:30.160 the, the, you know, the Nimitz class carriers, 416 00:18:30.160 --> 00:18:31.660 so they're kind of vulnerable, you know, or 417 00:18:31.660 --> 00:18:33.340 whatever. Like you never see like the military. 418 00:18:33.340 --> 00:18:34.740 Where are these articles about like the rest 419 00:18:34.740 --> 00:18:36.800 of society, like legacy society? It's always like 420 00:18:36.800 --> 00:18:38.280 us, like out in the front, like in 421 00:18:38.280 --> 00:18:39.920 the bleeding edge that it's like, whoa, got 422 00:18:39.920 --> 00:18:41.580 to be worried about these guys. And there's 423 00:18:41.580 --> 00:18:42.840 stuff going on, but you know there's stuff 424 00:18:42.840 --> 00:18:45.360 going on. closed doors that we just don't 425 00:18:45.360 --> 00:18:46.840 know about. So it does, it makes you 426 00:18:46.840 -->

00:18:48.540 think about North Korea, makes you think about 427 00:18:48.540 --> 00:18:51.940 Coinbase and what's going on there. But again, 428 00:18:51.940 --> 00:18:52.740 and I think one of you guys mentioned 429 00:18:52.740 --> 00:18:55.080 it too, the tradeoffs, you know, like life 430 00:18:55.080 --> 00:18:58.460 is tradeoffs and probabilities. And, you know, at 431 00:18:58.460 --> 00:18:59.180 the end of the day, I just think 432 00:18:59.180 --> 00:19:02.460 of does, do we really believe that Bitcoin 433 00:19:02.460 --> 00:19:03.900 changes you? Like, I know it has for 434 00:19:03.900 --> 00:19:06.240 me. And I would, speaking for all of 435 00:19:06.240 --> 00:19:07.620 you here, you know, and in the chat 436 00:19:07.620 --> 00:19:09.420 and everything, I'm pretty sure it's changed all 437 00:19:09.420 --> 00:19:11.740 of you too. And at some point, you 438 00:19:11.740 --> 00:19:14.020 do have to become a different person. Like, 439 00:19:14.020 --> 00:19:16.220 facts change, my life changes. I need to 440 00:19:16.220 --> 00:19:17.880 level up my research. I need to level 441 00:19:17.880 --> 00:19:20.660 up my setup, my, you know, my hardware, 442 00:19:20.660 --> 00:19:23.060 my privacy stack, my AI, my local models, 443 00:19:23.060 --> 00:19:24.520 whatever it is. You really got to get 444 00:19:24.520 --> 00:19:26.220 in your game because this is the living 445 00:19:26.220 --> 00:19:29.020 embodiment of Bitcoin changes. You don't change Bitcoin. 446 00:19:29.020 --> 00:19:30.320 I mean, how many examples do we need 447 00:19:30.320 --> 00:19:32.560 this year of, you know, people forking off 448 00:19:32.560 --> 00:19:35.120 and you don't change Bitcoin. Bitcoin changes you. 449 00:19:35.120 --> 00:19:36.880 You have to become a different person. You 450 00:19:36.880 --> 00:19:41.260 have to become a different person. You have 451 00:19:41.260 --> 00:19:42.200 to say, okay, can't become a different person. 452 00:19:42.200 --> 00:19:43.760 You have to say, okay, I can't let 453 00:19:43.760 --> 00:19:45.600 rest of my laurels. At the end of 454 00:19:45.600 --> 00:19:47.840 the day, I guess the real question is, 455 00:19:47.840 --> 00:19:50.140 again, how many people are going to self 456 00:19:50.140 --> 00:19:53.660 -custody themselves? Most people don't even know how 457 00:19:53.660 --> 00:19:55.960 the existing financial system works. And so where 458 00:19:55.960 --> 00:19:57.660 is that line, I guess, where's the dividing 459 00:19:57.660 --> 00:19:59.800 line? You know, is it better a UI, 460 00:19:59.800 --> 00:20:02.300 UX for custody solutions? But that goes back 461 00:20:02.300 --> 00:20:03.860 to the tradeoffs and probabilities I think Adam 462 00:20:03.860 --> 00:20:05.520 just mentioned earlier, right? Where the more you're 463 00:20:05.520 --> 00:20:07.200 going down that road of, you know, the 464 00:20:07.200 --> 00:20:09.680 custodies or the different hardware wallets, the different, 465 00:20:09.680 --> 00:20:11.040 you know, like a big key. Like these 466 00:20:11.040 --> 00:20:13.000 things are easier, but there's tradeoffs. You know, 467 00:20:13.000 --> 00:20:15.220 life is. just tradeoffs and probabilities. And so 468 00:20:15.220 --> 00:20:18.280 that's where, you know, where is that balance 469 00:20:18.280 --> 00:20:19.580 at the end of the day? And to 470 00:20:19.580 --> 00:20:21.520 me, I think my great hope, just kind 471 00:20:21.520 --> 00:20:22.800 of landing the plane and answering all of 472 00:20:22.800 --> 00:20:25.180 it is that you're going to have more 473 00:20:25.180 --> 00:20:27.160 and more of the bigger crowd get into 474 00:20:27.160 --> 00:20:29.000 Bitcoin and hopefully you have these sediment layers 475 00:20:29.000 --> 00:20:30.800 on top of Bitcoin. But these people will 476 00:20:30.800 --> 00:20:32.400 blow themselves up. I mean, you're seeing it 477 00:20:32.400 --> 00:20:34.100 with these hacks. You're seeing with FTX. You're 478 00:20:34.100 --> 00:20:36.140 seeing it with, I don't know, Coinbase someday. 479 00:20:36.140 --> 00:20:37.220 You'll see it with the JP Morgan. Like 480 00:20:37.220 --> 00:20:39.840 I contend now for a few years that 481 00:20:39.840 --> 00:20:41.500 you'll, you're going to see some massive banking 482 00:20:41.500 --> 00:20:44.320 players take themselves down because of Bitcoin. And 483 00:20:44.320 --> 00:20:46.060 I think SiteBringer had a great post the 484 00:20:46.060 --> 00:20:47.400 other day. And we kind of mentioned it 485 00:20:47.400 --> 00:20:49.260 a few weeks ago before the twins were 486 00:20:49.260 --> 00:20:51.520 born before I left for a week or 487 00:20:51.520 --> 00:20:54.280 so. But it was about, yeah, last time 488 00:20:54.280 --> 00:20:57.140 I slept. And it was about the violence 489 00:20:57.140 --> 00:20:59.680 that you'll have in the reorientation of people 490 00:20:59.680 --> 00:21:01.940 learning. And it was basically about learning again, 491 00:21:01.940 --> 00:21:03.740 hey, you can play games on Bitcoin for 492 00:21:03.740 --> 00:21:06.120 a while, but it's different than all other 493 00:21:06.120 --> 00:21:07.960 asset classes. Gold, you can play games for 494 00:21:07.960 --> 00:21:09.460 thousands of years. And no one knows how 495 00:21:09.460 --> 00:21:10.880 much gold and silver there is. You can't 496 00:21:10.880 --> 00:21:13.040 audit it. It's complete, you know, trusting someone 497 00:21:13.040 --> 00:21:13.920 to, you know, trusting someone to, to audit 498 00:21:13.920 --> 00:21:15.580 things and people all around the world. But 499 00:21:15.580 --> 00:21:17.680 with Bitcoin, you can do these funny games 500 00:21:17.680 --> 00:21:18.940 for a while. Could be a year or 501 00:21:18.940 --> 00:21:20.880 four years or eight years or 20 years. 502 00:21:20.880 --> 00:21:23.120 But eventually, you get found out. And then 503 00:21:23.120 --> 00:21:26.840 society learns. One thing I think is worth 504 00:21:26.840 -->

00:21:31.240 mentioning about CZ, specifically about Binance. There's some 505 00:21:31.240 --> 00:21:34.420 commentary sort of on the periphery of this 506 00:21:34.420 --> 00:21:36.480 whole thing about how CZ, like you kind 507 00:21:36.480 --> 00:21:37.620 of hinted at Nate, how he had a 508 00:21:37.620 --> 00:21:40.340 hole in his balance sheet. And these guys 509 00:21:40.340 --> 00:21:43.280 are making a play with players that are 510 00:21:43.280 --> 00:21:44.960 to, you know, quote somebody in the chat, 511 00:21:44.960 --> 00:21:48.360 these sort of invisible, unconquerable enemies, North Korea, 512 00:21:48.360 --> 00:21:51.000 or, you know, these other hacking groups, to 513 00:21:51.000 --> 00:21:53.220 fill that hole, they need the price of 514 00:21:53.220 --> 00:21:54.320 Bitcoin to go down a little bit. And 515 00:21:54.320 --> 00:21:57.280 so they stage this thing. They freeze transactions. 516 00:21:57.280 --> 00:21:59.700 They run through what is a novel way 517 00:21:59.700 --> 00:22:01.240 to clean the coins, as we talked about 518 00:22:01.240 --> 00:22:04.680 earlier. Chainalysis picked that up. And they get 519 00:22:04.680 --> 00:22:07.460 the decrease in the price. They need to 520 00:22:07.460 --> 00:22:08.620 fill the hole in the balance sheet. You 521 00:22:08.620 --> 00:22:12.220 may recall in 2022 or 2023, when the 522 00:22:12.220 --> 00:22:15.540 FTX thing happened. And there was one company 523 00:22:15.540 --> 00:22:17.160 that got to see the FTX books, and 524 00:22:17.160 --> 00:22:20.320 it was Binance. Yeah. And Binance at the 525 00:22:20.320 --> 00:22:22.140 time said, we don't like the way the 526 00:22:22.140 --> 00:22:23.500 books look. We're not going to buy. But 527 00:22:23.500 --> 00:22:25.880 at that moment as well, there are people 528 00:22:25.880 --> 00:22:27.860 saying that what Binance really doesn't want is 529 00:22:27.860 --> 00:22:31.480 for people looking at their books, not FTX's 530 00:22:31.480 --> 00:22:33.860 books. Everyone knows FTX's books are bad. What 531 00:22:33.860 --> 00:22:35.940 Binance doesn't want is people finding out their 532 00:22:35.940 --> 00:22:38.060 books are bad. Something to keep in mind 533 00:22:38.060 --> 00:22:40.320 with all this. This is twice now. There's 534 00:22:40.320 --> 00:22:41.980 been discussion about whether or not CZ has 535 00:22:41.980 --> 00:22:43.260 a problem with his balance sheet. I don't 536 00:22:43.260 --> 00:22:45.400 know. know if he does or doesn't, but 537 00:22:45.400 --> 00:22:47.980 to me, he looks like an animal in 538 00:22:47.980 --> 00:22:50.720 the corner, threatening to sell a billion plus 539 00:22:50.720 --> 00:22:54.400 of SpaceX. Yep. Like, that's a bit, that's 540 00:22:54.400 --> 00:22:56.740 a bit of a weird thing to utter 541 00:22:56.740 --> 00:22:59.640 over an Elon Musk, you know, reply in 542 00:22:59.640 --> 00:23:01.580 a tweet or whatever that was. Something to 543 00:23:01.580 --> 00:23:04.120 keep in

mind. No, I can completely agree. 544 00:23:04.120 --> 00:23:05.700 Really quick. Does anyone, and this might be 545 00:23:05.700 --> 00:23:07.200 a quick answer. I've never looked into us 546 00:23:07.200 --> 00:23:09.380 really at all or thought about too much, 547 00:23:09.380 --> 00:23:11.440 but CZ just being a proxy for China, 548 00:23:11.440 --> 00:23:13.280 obviously, right? Like being there. Oh, don't talk. 549 00:23:13.280 --> 00:23:14.420 We don't talk about Canadians like that on 550 00:23:14.420 --> 00:23:17.100 this program. There's four of us here. We 551 00:23:17.100 --> 00:23:18.420 don't talk about that. All right. The Americans 552 00:23:18.420 --> 00:23:19.600 got to do the job over here. That's 553 00:23:19.600 --> 00:23:23.380 all. Oh, geez. Okay. Couple things quick. One, 554 00:23:23.380 --> 00:23:24.960 North Korea, if we're to believe the numbers, 555 00:23:24.960 --> 00:23:27.120 has 31 ,800 Bitcoin. So they're doing quite 556 00:23:27.120 --> 00:23:28.500 well for themselves, but you're pointed about that 557 00:23:28.500 --> 00:23:29.700 being a black box. You're telling me, like, 558 00:23:29.700 --> 00:23:30.620 you know how to do change, like, you 559 00:23:30.620 --> 00:23:31.960 know how to obscure where the coins are 560 00:23:31.960 --> 00:23:33.360 going, you know, to hack into the system, 561 00:23:33.360 --> 00:23:34.660 but you can't cover that it's coming from 562 00:23:34.660 --> 00:23:37.240 North Korea. Super weird, man. Super weird. Also, 563 00:23:37.240 --> 00:23:39.020 I'm glad. A guy who's got every single 564 00:23:39.020 --> 00:23:41.220 shit coin on the planet on his platform 565 00:23:41.220 --> 00:23:45.920 fails on an ETH, Smart contract. Like, that's, 566 00:23:45.920 --> 00:23:47.840 I don't know, man. I'm just saying it's 567 00:23:47.840 --> 00:23:49.980 a little weird. Joey's always asking for a 568 00:23:49.980 --> 00:23:54.180 red sticker on his forehead here. I do 569 00:23:54.180 --> 00:23:56.160 think, I do think Adam's saying, though, too, 570 00:23:56.160 --> 00:23:57.500 though, by the way, of like, and we've 571 00:23:57.500 --> 00:23:59.060 all seen it with AI, this really, but 572 00:23:59.060 --> 00:24:01.140 like them just over time, they've been around 573 00:24:01.140 --> 00:24:02.560 for it and then just like tacking things 574 00:24:02.560 --> 00:24:04.360 on over time, right? You're building stuff and 575 00:24:04.360 --> 00:24:06.160 they're just tacking shit on. And then all 576 00:24:06.160 --> 00:24:07.980 of a sudden, because an AI attack, like 577 00:24:07.980 --> 00:24:09.600 attackers only have to be right one time 578 00:24:09.600 --> 00:24:10.880 when you're building shit, you've got to be 579 00:24:10.880 --> 00:24:12.400 right all the time. And that's, that's what 580 00:24:12.400 --> 00:24:14.680 people are finding out. It's, hey, I've got 581 00:24:14.680 --> 00:24:15.820 to be right all the time. The attacker 582 00:24:15.820 --> 00:24:16.760 is the only

guy to be right one 583 00:24:16.760 --> 00:24:18.520 time. I can't wait to tell people I 584 00:24:18.520 --> 00:24:20.000 came up with that. Yeah, that's good. Yeah, 585 00:24:20.000 --> 00:24:21.420 that's a good one to steal. Okay, Ben, 586 00:24:21.420 --> 00:24:22.300 I have a question for you because this 587 00:24:22.300 --> 00:24:23.640 is something I was thinking about earlier today. 588 00:24:23.640 --> 00:24:24.800 I posted in the back chat as well. 589 00:24:24.800 --> 00:24:26.860 So if we remember, if we remember, this 590 00:24:26.860 --> 00:24:29.720 isn't actually Eith, right? It's Eith. There's the, 591 00:24:29.720 --> 00:24:31.700 it's not the, there's the ETH, the original 592 00:24:31.700 --> 00:24:33.800 one. We had the Dow hack back in 593 00:24:33.800 --> 00:24:36.760 2016. So the Dow hack in 2016 was 594 00:24:36.760 --> 00:24:39.120 3 .6 million ETH that were stolen out 595 00:24:39.120 --> 00:24:41.180 of that. The value at the time was 596 00:24:41.180 --> 00:24:45.600 $50 to $60 million. This was approximately 167 597 00:24:45.600 --> 00:24:48.260 ,000 Eth or 197 ,000 Eth, somewhere between 598 00:24:48.260 --> 00:24:53.600 there, anywhere from $385 to $450 million. I'm 599 00:24:53.600 --> 00:24:56.760 wondering if a rollback is in the cards 600 00:24:56.760 --> 00:25:01.640 when the largest exchange has about half a 601 00:25:01.640 --> 00:25:03.900 billion dollar hole in their balance sheet, and 602 00:25:03.900 --> 00:25:06.320 the whole shit coin industry is basically done, 603 00:25:06.320 --> 00:25:08.140 in my opinion at this point. Do they 604 00:25:08.140 --> 00:25:09.460 roll back? And even if they did, do 605 00:25:09.460 --> 00:25:10.780 people fucking care of that buy that crap? 606 00:25:10.780 --> 00:25:16.900 Eith classic er. Eith classic er. Eith more 607 00:25:16.900 --> 00:25:22.640 classic. I don't know. I mean, do we 608 00:25:22.640 --> 00:25:25.640 even care at this point, really? Like, it's 609 00:25:25.640 --> 00:25:30.500 just, it's every fork of everything. I see 610 00:25:30.500 --> 00:25:35.000 somebody being like, oh, CZ got his, got 611 00:25:35.000 --> 00:25:37.640 what he deserved for de -listing BSV in 612 00:25:37.640 --> 00:25:41.220 2019. Man, come on. No. I think he's 613 00:25:41.220 --> 00:25:44.640 fucking around. I mean, maybe. I kind of 614 00:25:44.640 --> 00:25:46.400 recognize the name in the chat. Maybe. I 615 00:25:46.400 --> 00:25:49.720 don't know. But, like, this is, there's always 616 00:25:49.720 --> 00:25:52.340 going to be, shit coins are going to 617 00:25:52.340 --> 00:25:55.840 do shit coin things. And, you know, such 618 00:25:55.840 --> 00:25:59.840 as life. And, like, will some roll stuff 619 00:25:59.840 --> 00:26:03.480 back? I mean, again, we saw, we see 620 00:26:03.480 --> 00:26:05.960 the, the freezes with the stable coins. It's 621 00:26:05.960 --> 00:26:08.920 all the same bucket, right? It's the same 622 00:26:08.920 --> 00:26:11.540 bucket. It's, it's, it's, shit. Bitcoin's for one 623 00:26:11.540 --> 00:26:17.480 reason or another. Sensorable, inflatable, can be rolled 624 00:26:17.480 --> 00:26:21.140 back, whatever it may be. It's not censorship 625 00:26:21.140 --> 00:26:25.400 resistant. It's not, you know, it's you, you, 626 00:26:25.400 --> 00:26:29.340 the main thing being that the underlying promises 627 00:26:29.340 --> 00:26:34.960 of how the network works, the foundation can 628 00:26:34.960 --> 00:26:38.140 shift beneath you. And it is least likely 629 00:26:38.140 --> 00:26:42.800 to shift with Bitcoin. And I don't know. 630 00:26:42.800 --> 00:26:45.140 That's it. That's why I've been, you know, 631 00:26:45.140 --> 00:26:47.300 and it's not like I started Bitcoin only. 632 00:26:47.300 --> 00:26:49.000 I dabbled in the shit coins, as many 633 00:26:49.000 --> 00:26:52.160 did, especially back then. Oh, yeah. I've seen 634 00:26:52.160 --> 00:26:54.240 him dance at a light coin conference. I've 635 00:26:54.240 --> 00:26:58.600 seen it. You did that? The video exists. 636 00:26:58.600 --> 00:27:00.120 It exists. It's out there. You know who 637 00:27:00.120 --> 00:27:03.700 shot it was, um, uh, oh, now why 638 00:27:03.700 --> 00:27:05.540 am I forgetting his name? Uh, one of 639 00:27:05.540 --> 00:27:07.900 the, one of the really good. Luke Dasher. 640 00:27:07.900 --> 00:27:09.720 No, no, one of the really good Bitcoin 641 00:27:09.720 --> 00:27:14.620 artists. shit. He's done, like, a lot of 642 00:27:14.620 --> 00:27:17.380 high -end. The Ashinoba guy, or fractal and 643 00:27:17.380 --> 00:27:20.740 crypticrypt? Not fractal. No, one of the tall 644 00:27:20.740 --> 00:27:23.560 guy. I'm, anyways. Oh, my gosh. Yeah, that's 645 00:27:23.560 --> 00:27:24.880 the other guy. That's the only three. I 646 00:27:24.880 --> 00:27:27.920 know. He did, like, some portraits that, like, 647 00:27:27.920 --> 00:27:30.420 are nodes, like, that run in the background. 648 00:27:30.420 --> 00:27:32.020 He did, like, a... You need Aladdin here. 649 00:27:32.020 --> 00:27:33.420 Where's Aladdin? With all the artists. Damn it. 650 00:27:33.420 --> 00:27:36.120 Yeah. Cut up credit cards to make, like, 651 00:27:36.120 --> 00:27:38.660 the guy from the New York Times article 652 00:27:38.660 --> 00:27:41.560 that was Satoshi Dori Nakamoto. Anyways, he's done 653 00:27:41.560 --> 00:27:43.120 some incredible pieces. He's the one who shot 654 00:27:43.120 --> 00:27:46.260 the video, but it was sufficiently embarrassing. I'm 655 00:27:46.260 --> 00:27:47.840 glad we can bring it up almost a 656 00:27:47.840 --> 00:27:50.280 decade later. That's what we're here for. Speaking 657 00:27:50.280 --> 00:27:51.620 of things to bring up, which is completely 658 00:27:51.620 --> 00:27:53.080 unrelated segue. The other thing that I was 659 00:27:53.080 --> 00:27:54.260 just dropping in the back chat is another 660 00:27:54.260 --> 00:27:56.360 possible idea is that this seems also very 661

00:27:56.360 --> 00:27:59.500 suspicious with CZ getting the pardon. Like Brandon, 662 00:27:59.500 --> 00:28:00.900 your point about North Korea being a black 663 00:28:00.900 --> 00:28:02.220 box. It's like, hey, if you want to 664 00:28:02.220 --> 00:28:04.460 fund black ops for life, basically, and have 665 00:28:04.460 --> 00:28:05.980 a nice little treasure you can play with 666 00:28:05.980 --> 00:28:07.460 to do all your fun little business around 667 00:28:07.460 --> 00:28:09.160 the world, this would be a pretty interesting 668 00:28:09.160 --> 00:28:10.960 way to get some cash in capital. pretty 669 00:28:10.960 --> 00:28:12.440 sure he'd trade his freedom in life for 670 00:28:12.440 --> 00:28:14.000 it, because I know that I would have. 671 00:28:14.000 --> 00:28:15.340 You know, you know, uh, Kim Jong -un 672 00:28:15.340 --> 00:28:16.980 is just sitting there like Boris and Goldm 673 00:28:16.980 --> 00:28:18.940 eye with his glasses, like hacking away, just 674 00:28:18.940 --> 00:28:21.060 like, you know, like, you know, like, you 675 00:28:21.060 --> 00:28:25.440 got to fund the rocket program. Unbelievable. Yeah, 676 00:28:25.440 --> 00:28:27.200 it's, it's, it's, and it was FTX, too. 677 00:28:27.200 --> 00:28:28.540 And that's why, like, Joey bringing that up 678 00:28:28.540 --> 00:28:30.620 is so ironic. It's like CZ and, and 679 00:28:30.620 --> 00:28:32.760 Sam, like, fighting that out four years ago. 680 00:28:32.760 --> 00:28:34.180 But they're both like, you know, just things 681 00:28:34.180 --> 00:28:36.600 proxy, like, shill operations, it seems like, where 682 00:28:36.600 --> 00:28:38.880 it's like, where are you guys centered? What's 683 00:28:38.880 --> 00:28:41.880 going? What's running through your company? And, you 684 00:28:41.880 --> 00:28:43.340 know, that one just, you know, like, hey, 685 00:28:43.340 --> 00:28:45.060 you got, you got got, there was your 686 00:28:45.060 --> 00:28:46.580 turn to, to blow up, you know, but 687 00:28:46.580 --> 00:28:48.260 now is it's easy? You know, who knows? 688 00:28:48.260 --> 00:28:49.960 I mean, it was just the speculation of 689 00:28:49.960 --> 00:28:52.780 like, again, this is why these, these operations 690 00:28:52.780 --> 00:28:56.180 continue happening. And again, if you're not pulling 691 00:28:56.180 --> 00:28:59.060 your stuff off in custodying it, what's the 692 00:28:59.060 --> 00:29:01.120 point at the end of the day? Yeah. 693 00:29:01.120 --> 00:29:02.140 Okay, one other thing before we go to 694 00:29:02.140 --> 00:29:03.760 the break. Are we, do we have the 695 00:29:03.760 --> 00:29:06.580 Nvidia honeypot thing in the notes? I have 696 00:29:06.580 --> 00:29:07.640 the link, so I'll grab it if we 697 00:29:07.640 --> 00:29:08.920 need to. You know what I just want 698 00:29:08.920 --> 00:29:10.840 to. Well, I just want to make, make 699 00:29:10.840 --> 00:29:12.820 like a point here that there's also this 700 00:29:12.820 --> 00:29:15.540 like idea of women who are out of 701 00:29:15.540 --> 00:29:17.760 your league, right? You know, the shit. Know 702 00:29:17.760 --> 00:29:19.600 where you are on the scale. And you're 703 00:29:19.600 --> 00:29:21.340 like, you know, this is out of my 704 00:29:21.340 --> 00:29:23.780 normal sort of strike zone, but I'm going 705 00:29:23.780 --> 00:29:26.060 to be able to smash anyways. These guys 706 00:29:26.060 --> 00:29:27.740 have to kind of understand that, right? This 707 00:29:27.740 --> 00:29:31.060 was something that was pretty commonly understood. I 708 00:29:31.060 --> 00:29:32.660 want to say like seven, eight years ago. 709 00:29:32.660 --> 00:29:34.040 I think there was like commentary around this 710 00:29:34.040 --> 00:29:36.460 and Silicon Valley and some other places. The 711 00:29:36.460 --> 00:29:38.040 sort of maybe the big tech companies, the 712 00:29:38.040 --> 00:29:40.120 big tech companies, but seems to me like, 713 00:29:40.120 --> 00:29:42.440 there's another possibility of this continuing to kind 714 00:29:42.440 --> 00:29:44.740 of rear its head, right? As people turn 715 00:29:44.740 --> 00:29:47.500 more inward and go to dating apps and 716 00:29:47.500 --> 00:29:49.620 stuff like that, they sort of, I think, 717 00:29:49.620 --> 00:29:52.440 lose sight of where they are in the 718 00:29:52.440 --> 00:29:56.540 pecking order. And this is another possibility, right? 719 00:29:56.540 --> 00:29:58.500 If it can happen to Jensen, man, it 720 00:29:58.500 --> 00:30:00.260 can happen to you too. You know, like 721 00:30:00.260 --> 00:30:02.400 you are not, you are not immune to 722 00:30:02.400 --> 00:30:04.880 this. Yeah. All right, Jens, I'm going to 723 00:30:04.880 --> 00:30:05.980 take us to break here. On the other 724 00:30:05.980 --> 00:30:07.820 side of the break, a couple things. Of 725 00:30:07.820 --> 00:30:09.980 course, I mentioned that there's more to talk 726 00:30:09.980 --> 00:30:12.580 about when it comes to chain analysis. Fun 727 00:30:12.580 --> 00:30:15.800 little follow up on their reporting for the 728 00:30:15.800 --> 00:30:18.220 day. But also, we mentioned off the top 729 00:30:18.220 --> 00:30:21.780 of the show that there was a treasurer 730 00:30:21.780 --> 00:30:26.840 that was found from the same reseller that 731 00:30:26.840 --> 00:30:31.080 was known to be splitting apart ledgers and 732 00:30:31.080 --> 00:30:35.460 putting 4G antennas in them. So we're going 733 00:30:35.460 --> 00:30:38.740 to be chatting about exactly what happened there, 734 00:30:38.740 --> 00:30:41.620 who should be concerned how widespread or not 735 00:30:41.620 --> 00:30:46.480 it is. And ironically enough, the redemption arc 736 00:30:46.480 --> 00:30:52.460 of Mark Carpellis of Mount Gawks, my, my, 737 00:30:52.460 --> 00:30:58.400 how the turntables. We'll be back in just 738 00:30:58.400 --> 00:31:00.040 a moment. Smash those like buttons. Throw those 739 00:31:00.040 --> 00:31:01.580 chairs. We'll see

you guys in just a 740 00:31:01.580 --> 00:31:03.960 second. You already know that you can't leave 741 00:31:03.960 --> 00:31:05.280 your seat phrase on paper. It needs to 742 00:31:05.280 --> 00:31:06.620 be on metal. What you might not know 743 00:31:06.620 --> 00:31:08.040 is that more Bitcoin has actually been lost 744 00:31:08.040 --> 00:31:09.780 than been stolen. More than 10 times the 745 00:31:09.780 --> 00:31:11.620 amount ever hacked, gone because someone lost their 746 00:31:11.620 --> 00:31:14.040 keys. Your biggest risk isn't some shadowy supercoder, 747 00:31:14.040 --> 00:31:15.960 it's time in the elements. That's why Stampseed 748 00:31:15.960 --> 00:31:18.620 uses titanium. Titanium never rusts. Doesn't matter if 749 00:31:18.620 --> 00:31:19.720 it's a raging house fire at the bottom 750 00:31:19.720 --> 00:31:20.760 of the ocean or sitting in a desk 751 00:31:20.760 --> 00:31:22.880 drawer for 50 years. Titanium doesn't care. One 752 00:31:22.880 --> 00:31:24.320 salt piece, nothing to come apart that you 753 00:31:24.320 --> 00:31:25.940 hammer in. Buy the stamp seed kit and 754 00:31:25.940 --> 00:31:27.180 as your set evolves, you just grab more 755 00:31:27.180 --> 00:31:28.860 plates. Stamp it once and never worry about 756 00:31:28.860 --> 00:31:31.040 your backup again. And for the advanced users, 757 00:31:31.040 --> 00:31:32.960 there's the clear code set. Every letter, number, 758 00:31:32.960 --> 00:31:34.340 and symbol of your full keyboard, no two 759 00:31:34.340 --> 00:31:36.560 characters are like, your passphrase, your descriptor, backed 760 00:31:36.560 --> 00:31:38.400 up on titanium. This is what I personally 761 00:31:38.400 --> 00:31:40.060 use and have for years, so stop leaving 762 00:31:40.060 --> 00:31:42.260 yourself exposed. They're giving you 15 % off 763 00:31:42.260 --> 00:31:43.960 with promo code Bitcasts so that you finally 764 00:31:43.960 --> 00:31:45.620 get this done today. Click the link in 765 00:31:45.620 --> 00:31:47.060 the description down below or scan the QR 766 00:31:47.060 --> 00:31:49.180 code on the screen. When it comes to 767 00:31:49.180 --> 00:31:51.540 peer -to -peer trading and lending, instant self 768 00:31:51.540 --> 00:31:54.160 -c custody and no K -y -y -hawdle 769 00:31:54.160 --> 00:31:56.040 is the place to be. You can sign 770 00:31:56.040 --> 00:31:57.780 up with just an email address, and once 771 00:31:57.780 --> 00:32:00.320 you're there, you can start browsing offers immediately, 772 00:32:00.320 --> 00:32:01.980 whether you're looking to buy and sell or 773 00:32:01.980 --> 00:32:03.780 whether you're looking to lend or borrow. So 774 00:32:03.780 --> 00:32:05.500 you can check them out today at the 775 00:32:05.500 --> 00:32:09.000 links down below. Most exchanges keep your Bitcoin 776 00:32:09.000 --> 00:32:10.940 by default. Bitcoin Well sends it straight to 777 00:32:10.940 --> 00:32:12.800 your wallet where it belongs. That's why we've 778 00:32:12.800 --> 00:32:14.460 been recommending them for years, but that's not 779 00:32:14.460 --> 00:32:15.900 all that they do. For anyone looking to 780 00:32:15.900 --> 00:32:17.880 make a big purchase, there's Bitcoin Well Infinite, 781 00:32:17.880 --> 00:32:19.220 because the hard part isn't buying, it's making 782 00:32:19.220 --> 00:32:20.280 sure you haven't left your family with a 783 00:32:20.280 --> 00:32:22.820 giant mess. Taxes, estate planning, even lending and 784 00:32:22.820 --> 00:32:25.180 mining. Infinite pairs with your own dedicated advisor 785 00:32:25.180 --> 00:32:26.700 to help you through the whole journey. And 786 00:32:26.700 --> 00:32:28.640 for our American friends, they finally launched their 787 00:32:28.640 --> 00:32:30.940 Bitcoin IRA. Traditional or Roth, you can roll 788 00:32:30.940 --> 00:32:32.680 over an existing 401k. and it's a real 789 00:32:32.680 --> 00:32:34.500 Bitcoin on chain that you can verify. So 790 00:32:34.500 --> 00:32:37.360 head to Bitcoinwell .com slash BTC Sessions. Scan 791 00:32:37.360 --> 00:32:38.580 the QR code on the screen or click 792 00:32:38.580 --> 00:32:40.140 the link in the description down below. That's 793 00:32:40.140 --> 00:32:44.520 Bitcoinwell .com slash BTC Sessions. All right, uh, 794 00:32:44.520 --> 00:32:47.520 gents, let's, uh, let's chat Trezor first. Hang 795 00:32:47.520 --> 00:32:48.800 on, are we just gonna gloss over the 796 00:32:48.800 --> 00:32:51.760 fact that like Ben gained 50 pounds between 797 00:32:51.760 --> 00:32:54.940 that ad read and who he is today. 798 00:32:54.940 --> 00:32:57.920 We talked about it a little time. I 799 00:32:57.920 --> 00:33:01.100 just saw half of Ben, this tiny Ben. 800 00:33:01.100 --> 00:33:06.320 I was watching my figure. here. Oh, geez. 801 00:33:06.320 --> 00:33:10.600 All right, let's chat Trezor here. Mr. Carpellis, 802 00:33:10.600 --> 00:33:13.800 formerly of Mount Gawks, at the time, one 803 00:33:13.800 --> 00:33:19.060 of the most catastrophic custodial failures in Bitcoin, 804 00:33:19.060 --> 00:33:21.440 and, well, just Bitcoin at the time, because 805 00:33:21.440 --> 00:33:24.260 the shit coin ecosystem hadn't quite developed by 806 00:33:24.260 --> 00:33:27.260 then. Nonetheless, he's been the one that's been 807 00:33:27.260 --> 00:33:30.260 investigating all this ledger stuff, and here he 808 00:33:30.260 --> 00:33:32.200 is, Ledger isn't the only one, Treasor devices. 809 00:33:32.200 --> 00:33:36.600 sold by Cryptobillis also had an implant. Important, 810 00:33:36.600 --> 00:33:39.240 if you bought Treasur from Cryptobillis between March, 811 00:33:39.240 --> 00:33:41.180 26 onwards, and you're using it to store 812 00:33:41.180 --> 00:33:43.400 funds. Please move your funds to a newly 813 00:33:43.400 --> 00:33:45.640 created wallet with a new seed as soon 814 00:33:45.640 --> 00:33:47.500 as possible. If you have a device and 815 00:33:47.500 --> 00:33:49.920 you are unsure, DM me I'll have

to 816 00:33:49.920 --> 00:33:52.520 happily cover shipping fees and analyze your device. 817 00:33:52.520 --> 00:33:54.480 I mean, obviously, if you're doing that, maybe 818 00:33:54.480 --> 00:33:57.280 a move the funds off just automatically right 819 00:33:57.280 --> 00:34:01.160 before. Anyways, from Trezer. Update, we've been made 820 00:34:01.160 --> 00:34:04.920 aware through response. disclosure of a single hardware 821 00:34:04.920 --> 00:34:07.860 implant and a Treasurer Save 5 device bought 822 00:34:07.860 --> 00:34:11.680 from the reseller Cryptobillis in August 2026. No 823 00:34:11.680 --> 00:34:14.880 Cryptobillis buyer has reported a loss of funds 824 00:34:14.880 --> 00:34:17.320 to us. Important, if you bought a treasure 825 00:34:17.320 --> 00:34:20.980 from Cryptobillis from March, 26 onwards, we know 826 00:34:20.980 --> 00:34:22.920 this is unsettling. Here's what to do. If 827 00:34:22.920 --> 00:34:24.420 you're already using it, move your funds to 828 00:34:24.420 --> 00:34:26.480 a newly created wallet with a new seed 829 00:34:26.480 --> 00:34:28.700 as soon as possible. Do not reuse the 830 00:34:28.700 --> 00:34:30.860 old seed in any wallet hardware or software. 831 00:34:30.860 --> 00:34:33.560 If you don't have another secure hardware wallet 832 00:34:33.560 --> 00:34:36.160 available, we recommend temporarily migrating funds to a 833 00:34:36.160 --> 00:34:38.380 software wallet or an exchange you are familiar 834 00:34:38.380 --> 00:34:42.760 with. Like Binance, maybe not. Not set up 835 00:34:42.760 --> 00:34:45.460 yet. Don't set it up. We haven't received 836 00:34:45.460 --> 00:34:48.480 the device to confirm this report, but based 837 00:34:48.480 --> 00:34:50.420 on the customer's description, we're treating it as 838 00:34:50.420 --> 00:34:54.040 credible and sharing it now. So they did 839 00:34:54.040 --> 00:34:59.480 remove Cryptobillis and other resellers following all the 840 00:34:59.480 --> 00:35:03.760 stuff with Ledger. And they've since added, or 841 00:35:03.760 --> 00:35:11.040 they are adding anonymous pickup now for their 842 00:35:11.040 --> 00:35:13.300 devices. That's a thing that's being rolled out 843 00:35:13.300 --> 00:35:17.740 in Europe and then soon other places. We 844 00:35:17.740 --> 00:35:20.360 can chat about that in a second. But 845 00:35:20.360 --> 00:35:23.020 yeah, never share your wallet backup, all that 846 00:35:23.020 --> 00:35:26.040 kind of stuff, just some general outlines here. 847 00:35:26.040 --> 00:35:29.000 So, yeah, as far as we know, it's 848 00:35:29.000 --> 00:35:30.840 a single device, but if there's a single 849 00:35:30.840 --> 00:35:35.380 device, device from the same place where the 850 00:35:35.380 --> 00:35:39.740 ledgers were being torn apart, then there's a 851 00:35:39.740 --> 00:35:41.680 strong possibility that it may be others. So 852 00:35:41.680 --> 00:35:45.100 if you got one from that reseller, yeah, 853 00:35:45.100 --> 00:35:49.280 move

funds, an abundance of caution is required 854 00:35:49.280 --> 00:35:51.800 there, and you don't want to be just 855 00:35:51.800 --> 00:35:54.460 the next victim of this whole man. Dude, 856 00:35:54.460 --> 00:35:55.240 if you got like a ham and cheese 857 00:35:55.240 --> 00:35:56.920 sandwich from that reseller, like, throw that shit 858 00:35:56.920 --> 00:35:58.960 out. If anyone got anything from them, just 859 00:35:58.960 --> 00:36:01.560 be done with it. Was it not supply 860 00:36:01.560 --> 00:36:04.800 chain? Or is this suggesting that the reseller 861 00:36:04.800 --> 00:36:08.000 was actually infiltrated? I think it's the reseller, 862 00:36:08.000 --> 00:36:09.380 Adam. It's got to be at this point. 863 00:36:09.380 --> 00:36:11.500 Yeah, it's hard. The reseller just before was 864 00:36:11.500 --> 00:36:16.820 acquired by somebody else. Okay. Smaller problems than 865 00:36:16.820 --> 00:36:20.140 supply chain, no? Yeah. Yeah, yeah. More limited. 866 00:36:20.140 --> 00:36:23.200 Further down the chain. Yeah. Further down the 867 00:36:23.200 --> 00:36:25.400 chain. Right, because the supply chain. But still, 868 00:36:25.400 --> 00:36:26.580 the supply chain is a counterparty. Let's all 869 00:36:26.580 --> 00:36:28.460 acknowledge that. Just because they haven't been hit 870 00:36:28.460 --> 00:36:32.060 yet doesn't mean they won't or couldn't be. 871 00:36:32.060 --> 00:36:35.540 But, yeah, dang, man, the reseller game is 872 00:36:35.540 --> 00:36:38.700 got to be tough. I, uh, and, you 873 00:36:38.700 --> 00:36:39.960 know, I guess you got to just end 874 00:36:39.960 --> 00:36:42.040 up hacking people in order to, to make 875 00:36:42.040 --> 00:36:44.120 it work. Yeah. What do you do? The 876 00:36:44.120 --> 00:36:46.480 thing is these companies that sell hardware wallets 877 00:36:46.480 --> 00:36:47.860 now, like they already charge an arm and 878 00:36:47.860 --> 00:36:49.860 a leg for them, presumably because you get 879 00:36:49.860 --> 00:36:51.700 this like, you know, suite of security features 880 00:36:51.700 --> 00:36:53.800 on the device, whatever. Great. I'm not saying 881 00:36:53.800 --> 00:36:57.260 it's a bad thing, but that's assuming you 882 00:36:57.260 --> 00:36:59.660 can get a reseller or a courier or 883 00:36:59.660 --> 00:37:01.440 whatever to carry the thing at a discount 884 00:37:01.440 --> 00:37:03.340 or carry the thing at, you know, some 885 00:37:03.340 --> 00:37:06.640 kind of economics of scale calculation. Now maybe 886 00:37:06.640 --> 00:37:10.460 you can't, right? So I think people, self 887 00:37:10.460 --> 00:37:12.980 -custody is a weird animal at the moment. 888 00:37:12.980 --> 00:37:14.400 And a lot of people are thinking about, 889 00:37:14.400 --> 00:37:16.520 well, so I want to be responsible for 890 00:37:16.520 --> 00:37:19.040 the tech stack related to self -custody. They 891 00:37:19.040 --> 00:37:21.320 think it's a sort of a daunting thing. 892 00:37:21.320 --> 00:37:22.800 I think that's going to wind up being 893 00:37:22.800 --> 00:37:24.680 the second point of friction over the next 894 00:37:24.680 --> 00:37:26.000 little while. The first point of friction is 895 00:37:26.000 --> 00:37:27.560 going to be the price. I think a 896 00:37:27.560 --> 00:37:28.740 lot of are going to say, yeah, you 897 00:37:28.740 --> 00:37:31.080 know what, I already have a Coinbase account. 898 00:37:31.080 --> 00:37:32.680 I'd rather just put it there and forget 899 00:37:32.680 --> 00:37:34.180 about it and not worry about having like 900 00:37:34.180 --> 00:37:35.820 a wallet or rather have an app or 901 00:37:35.820 --> 00:37:37.980 whatever the case is. Yeah, but what do 902 00:37:37.980 --> 00:37:39.860 they think Coinbase is using? I think they're 903 00:37:39.860 --> 00:37:42.020 Adam, I agree with you, but you, you're 904 00:37:42.020 --> 00:37:44.820 not, you are not the average Coinbase user. 905 00:37:44.820 --> 00:37:45.380 I am not the average coin base user. 906 00:37:45.380 --> 00:37:45.900 I am not the average I think too 907 00:37:45.900 --> 00:37:47.320 much. This is true. You know what I'm 908 00:37:47.320 --> 00:37:49.940 saying? Like, it's just a different game, right? 909 00:37:49.940 --> 00:37:51.000 I'm trying to, I'm trying to get in 910 00:37:51.000 --> 00:37:52.660 the head of the sort of like the 911 00:37:52.660 --> 00:37:55.520 Normy Bitcoin or new Bitcoin investor or whatever. 912 00:37:55.520 --> 00:37:57.060 We want to bring people this side of 913 00:37:57.060 --> 00:37:59.880 the, the, the eye. hell, obviously, but no, 914 00:37:59.880 --> 00:38:01.920 I agree with you. I think that both 915 00:38:01.920 --> 00:38:04.400 self -custody, but I think before self -custody, 916 00:38:04.400 --> 00:38:06.480 I think custodial exchanges are the ripest for 917 00:38:06.480 --> 00:38:08.080 disruption. I'm going to be spending a big 918 00:38:08.080 --> 00:38:11.460 part of my this quarter and next year, 919 00:38:11.460 --> 00:38:13.340 really thinking about how to disrupt what I'm 920 00:38:13.340 --> 00:38:16.080 calling rung two, but basically all custodial exchanges, 921 00:38:16.080 --> 00:38:19.020 it is so irresponsible the way that we 922 00:38:19.020 --> 00:38:21.200 have just, like, like, in no other industry 923 00:38:21.200 --> 00:38:23.620 is the broker and the custodian, the same 924 00:38:23.620 --> 00:38:25.760 thing. I'm waiting for shake pay. I'm, Adam. 925 00:38:25.760 --> 00:38:27.860 Shake pay is at the domino in Canada. 926 00:38:27.860 --> 00:38:31.780 No, no, no, shake pay uses Coinbase. All 927 00:38:31.780 --> 00:38:33.580 of ShakePay customers, now listen, I don't want 928 00:38:33.580 --> 00:38:35.160 to speak badly of my competitors. I love 929 00:38:35.160 --> 00:38:36.780 Shake Pay, love Carl and the guys over 930 00:38:36.780 --> 00:38:39.060 there. But like, all of their funds are 931 00:38:39.060 --> 00:38:41.900 exposed to the U .S. governing system of 932

00:38:41.900 --> 00:38:44.340 crypto. And all of those coins, not maybe 933 00:38:44.340 --> 00:38:45.960 not all, I should be careful with my 934 00:38:45.960 --> 00:38:47.920 term all, but at least some. Like, read 935 00:38:47.920 --> 00:38:49.620 the terms of service guys. Have a clanker. 936 00:38:49.620 --> 00:38:52.240 Have a low level clanker. Read the terms 937 00:38:52.240 --> 00:38:54.320 of service where your Bitcoin sits. You don't 938 00:38:54.320 --> 00:38:55.860 have title. You don't have insurance. They're a 939 00:38:55.860 --> 00:38:58.160 giant slush pool. and probably not even in 940 00:38:58.160 --> 00:39:00.580 the jurisdiction you expect. Like, it's, it's, it's 941 00:39:00.580 --> 00:39:03.260 mind -blowing that our government is handing out 942 00:39:03.260 --> 00:39:06.120 these, like, these bank titles or, like, whatever 943 00:39:06.120 --> 00:39:09.000 the securities titles are, with, with broker and 944 00:39:09.000 --> 00:39:12.020 custodian being mashed together. No other industry allows 945 00:39:12.020 --> 00:39:14.280 for this. It is irresponsible. It's foolish. It's 946 00:39:14.280 --> 00:39:16.680 insulting. They're behind the times, Adam. That's all 947 00:39:16.680 --> 00:39:18.640 it is. They don't understand. They're looking at 948 00:39:18.640 --> 00:39:23.960 old. I'm fired up about it. Okay. I'll 949 00:39:23.960 --> 00:39:25.000 jump super quick. Joy, I want to put 950 00:39:25.000 --> 00:39:26.220 this to you because I'm curious in terms 951 00:39:26.220 --> 00:39:27.420 of all of the the city side, and 952 00:39:27.420 --> 00:39:28.340 then Brandon I'll show up so you can 953 00:39:28.340 --> 00:39:29.580 get in there. The thing that I found 954 00:39:29.580 --> 00:39:31.180 myself kind of thinking about today, and maybe 955 00:39:31.180 --> 00:39:32.680 I'm wrong, because we've had this conversation kind 956 00:39:32.680 --> 00:39:34.040 of about, like, user experience and what people 957 00:39:34.040 --> 00:39:35.940 are going to do going forward. Think about 958 00:39:35.940 --> 00:39:37.340 all the time, like, if you've come to 959 00:39:37.340 --> 00:39:38.700 Bitcoin, and it's not during like a bull 960 00:39:38.700 --> 00:39:40.460 market, so just number go up, you probably 961 00:39:40.460 --> 00:39:41.640 put a lot of time into understand, like 962 00:39:41.640 --> 00:39:43.800 Austrian economics, sound money theory, and you came 963 00:39:43.800 --> 00:39:47.680 to this conclusion. I'm sorry, putting together a 964 00:39:47.680 --> 00:39:50.620 multi -sig is not that hard. It's really 965 00:39:50.620 --> 00:39:52.940 not that hard. It may be a commitment. 966 00:39:52.940 --> 00:39:53.940 You may have to do some studying for 967 00:39:53.940 --> 00:39:55.060 a while. You may have to work at 968 00:39:55.060 --> 00:39:57.640 it for a while. But realistically, like, how 969 00:39:57.640 --> 00:40:00.740 much effort and responsibility should you expect to 970 00:40:00.740 --> 00:40:02.200 take on if you're going to have an 971 00:40:02.200 --> 00:40:04.860 asset that, like, the Chinese government can't confiscate? 972 00:40:04.860 --> 00:40:07.640 Well, but losing 20 pounds isn't that hard. 973 00:40:07.640 --> 00:40:09.360 It just takes discipline and effort. And it's 974 00:40:09.360 --> 00:40:11.260 like, correct, you know, it look, but look 975 00:40:11.260 --> 00:40:12.940 around. Like, you have more fat people than 976 00:40:12.940 --> 00:40:14.280 you have people that look like Ben, right? 977 00:40:14.280 --> 00:40:16.300 Like, I think that we need to acknowledge 978 00:40:16.300 --> 00:40:18.980 that there is a very low number of 979 00:40:18.980 --> 00:40:21.120 people that want to actually take personal agency. 980 00:40:21.120 --> 00:40:24.000 Even though we all know that eating McDonald's 981 00:40:24.000 --> 00:40:25.600 and, and, you know, taking McDonald's and, you 982 00:40:25.600 --> 00:40:27.740 know, taking. 2 ,000 steps a week is 983 00:40:27.740 --> 00:40:29.580 not good for us long term. We don't 984 00:40:29.580 --> 00:40:32.420 care. We have been conditioned through the But 985 00:40:32.420 --> 00:40:34.060 Adam, should that be like the cost of 986 00:40:34.060 --> 00:40:36.000 entry? Like, is that, like, I'm not saying 987 00:40:36.000 --> 00:40:37.360 this is the only option going for, but 988 00:40:37.360 --> 00:40:39.320 like, shouldn't that necessarily be like the price 989 00:40:39.320 --> 00:40:41.080 of admission into having Bitcoin that you actually 990 00:40:41.080 --> 00:40:42.640 secured to the future is you're going to 991 00:40:42.640 --> 00:40:44.400 have to take the 10 ,000 steps. It 992 00:40:44.400 --> 00:40:45.340 can't be going to have to put some 993 00:40:45.340 --> 00:40:48.600 time. Joey's right. Yeah. It can't be. It 994 00:40:48.600 --> 00:40:50.740 can't be because there are other competing assets. 995 00:40:50.740 --> 00:40:53.800 There are other things that promise you falsely, 996 00:40:53.800 --> 00:40:57.480 generational wealth, general relational, uh, Sovereignty, generational prosperity. 997 00:40:57.480 --> 00:40:59.940 There are a whole host of evil people 998 00:40:59.940 --> 00:41:02.120 that want to separate you But, Adam, by 999 00:41:02.120 --> 00:41:03.260 the way, if we keep this up on 1000 00:41:03.260 --> 00:41:04.560 the price action, like that list is getting 1001 00:41:04.560 --> 00:41:05.960 bigger by the day, you could buy fucking 1002 00:41:05.960 --> 00:41:07.820 Durasl Double A is pretty soon and make 1003 00:41:07.820 --> 00:41:09.920 more money than we're fucking making. Like, we're 1004 00:41:09.920 --> 00:41:12.360 in big trouble over here. And you're not 1005 00:41:12.360 --> 00:41:14.500 wrong. You're 100 % paying on. The difference 1006 00:41:14.500 --> 00:41:16.840 is a DuraCell AA can't be cut in 1007 00:41:16.840 --> 00:41:22.920 half. The visibility, we've got that. One of 1008 00:41:22.920 --> 00:41:26.000 the key functions of good money. The

half 1009 00:41:26.000 --> 00:41:28.740 -life. The only thing that separates Bitcoin from 1010 00:41:28.740 --> 00:41:30.640 batteries is that it can't be cut in 1011 00:41:30.640 --> 00:41:33.740 half. Love it. It makes me think of 1012 00:41:33.740 --> 00:41:36.680 the Jaco just meme in general, good. You 1013 00:41:36.680 --> 00:41:39.580 know, like, these things are good. You know, 1014 00:41:39.580 --> 00:41:41.000 it's just, it's shitty because we have to 1015 00:41:41.000 --> 00:41:43.100 live through them, you know, but that's the, 1016 00:41:43.100 --> 00:41:44.700 that's life, right? Like everyone's had to live 1017 00:41:44.700 --> 00:41:46.840 through certain things. Like we look back, like, 1018 00:41:46.840 --> 00:41:48.160 Bitcoiners, the last 17 years are our test 1019 00:41:48.160 --> 00:41:49.520 pilots. We look at like, you know, the 1020 00:41:49.520 --> 00:41:51.460 guys flying, you know, fighter jets and, you 1021 00:41:51.460 --> 00:41:52.900 know, different planes and like, you know, they 1022 00:41:52.900 --> 00:41:55.780 died literally doing what they love. And it 1023 00:41:55.780 --> 00:41:57.560 was for the benefit of all of us. 1024 00:41:57.560 --> 00:41:59.380 And that's what we are largely. You know, 1025 00:41:59.380 --> 00:42:01.360 like the premium, like the outsized gains you 1026 00:42:01.360 --> 00:42:04.120 might get from Bitcoin are that test pilot 1027 00:42:04.120 --> 00:42:06.260 era and all these things happening. And then 1028 00:42:06.260 --> 00:42:07.780 we as humans kind of turn around and 1029 00:42:07.780 --> 00:42:09.040 bitch in the moment of like, well, why 1030 00:42:09.040 --> 00:42:10.740 is this stuff happening? It's like, well, that's 1031 00:42:10.740 --> 00:42:13.420 because we're moving fast, you know, generally speaking 1032 00:42:13.420 --> 00:42:15.420 and breaking things like that. That's just life, 1033 00:42:15.420 --> 00:42:17.120 you know. And so I think that like 1034 00:42:17.120 --> 00:42:18.260 Adam makes a great point. You guys are 1035 00:42:18.260 --> 00:42:20.760 talking about that and a very real like, 1036 00:42:20.760 --> 00:42:22.520 and that's, again, largely, this is some of 1037 00:42:22.520 --> 00:42:24.320 the reason why some of the crowd forked 1038 00:42:24.320 --> 00:42:27.640 off. And it was. this battle of thinking 1039 00:42:27.640 --> 00:42:28.980 that, you know, life should go this way 1040 00:42:28.980 --> 00:42:30.700 and we should have a medium exchange and 1041 00:42:30.700 --> 00:42:31.960 that's the way we're going to get it. 1042 00:42:31.960 --> 00:42:34.000 And it's like this education route in that 1043 00:42:34.000 --> 00:42:37.040 sense where the contrast principle says more of 1044 00:42:37.040 --> 00:42:38.860 like, hey, if Elon, like you look at 1045 00:42:38.860 --> 00:42:41.000 like, obviously technology or cars and stuff like 1046 00:42:41.000 --> 00:42:42.280 that, and you know, again, people, you know, 1047 00:42:42.280 --> 00:42:44.100 test pilots are people being killed by cars. 1048 00:42:44.100 --> 00:42:45.820 And we didn't go backwards and say, oh, 1049 00:42:45.820 --> 00:42:46.400 you know what, we're going to get rid 1050 00:42:46.400 --> 00:42:47.820 these cars because someone got killed by a 1051 00:42:47.820 --> 00:42:49.260 car, you know, it's the same thing with 1052 00:42:49.260 --> 00:42:50.760 people losing their Bitcoin. Like, we're not going 1053 00:42:50.760 --> 00:42:52.380 backward. And then you have some of the 1054 00:42:52.380 --> 00:42:54.380 crowd saying, hey, medium of exchange is going 1055 00:42:54.380 --> 00:42:55.220 to be the way. Like, that's going to 1056 00:42:55.220 --> 00:42:56.800 be the way. going to be the mantle. 1057 00:42:56.800 --> 00:42:59.120 But again, humans, we don't, we have, we 1058 00:42:59.120 --> 00:43:01.020 have, we have, like Joey said, we have 1059 00:43:01.020 --> 00:43:02.900 these, the list growing by the day, if 1060 00:43:02.900 --> 00:43:04.780 Bitcoin's price doesn't steadily, you know, keep rising 1061 00:43:04.780 --> 00:43:07.560 here, or we have Venmo, we have PayPal, 1062 00:43:07.560 --> 00:43:08.980 there's already things out there where it gives 1063 00:43:08.980 --> 00:43:11.080 me the medium exchange very quickly. And in 1064 00:43:11.080 --> 00:43:13.700 99 .9 % of the time, things are 1065 00:43:13.700 --> 00:43:15.700 okay. And I'm not getting censored. I'm not 1066 00:43:15.700 --> 00:43:18.780 getting frozen. I don't need permissionless, whatever. And 1067 00:43:18.780 --> 00:43:20.900 so, like, we're fighting this fight against the 1068 00:43:20.900 --> 00:43:23.640 masses who, they have no idea what's going 1069 00:43:23.640 --> 00:43:25.400 on. They don't listen to anything we've ever 1070 00:43:25.400 --> 00:43:27.000 said. They look at us as psychopaths. Most 1071 00:43:27.000 --> 00:43:28.020 of those don't even, I was driving down 1072 00:43:28.020 --> 00:43:29.640 the highway today, and I was looking at 1073 00:43:29.640 --> 00:43:31.200 all the cars. I'm like, like, one of 1074 00:43:31.200 --> 00:43:32.320 the 10 of these people probably even heard 1075 00:43:32.320 --> 00:43:33.560 of Bitcoin. I was just like, you know, 1076 00:43:33.560 --> 00:43:34.680 you're in a day, like, driving down the 1077 00:43:34.680 --> 00:43:35.900 highway. And I was just like laughing to 1078 00:43:35.900 --> 00:43:37.560 myself of like the world that we live 1079 00:43:37.560 --> 00:43:39.600 in like this echo chamber at times. And 1080 00:43:39.600 --> 00:43:41.160 not to say it's not going to play 1081 00:43:41.160 --> 00:43:43.340 out. I could not be more bullish about 1082 00:43:43.340 --> 00:43:45.060 the future and Bitcoin and AI and what's 1083 00:43:45.060 --> 00:43:47.880 coming in the abundance and prosperity and energy, 1084 00:43:47.880 --> 00:43:50.300 literally and figuratively. But it's, it's these moments 1085 00:43:50.300 --> 00:43:51.940 we have these quantum leaps where there

will 1086 00:43:51.940 --> 00:43:53.360 be bad shit that happens. I think that's 1087 00:43:53.360 --> 00:43:54.880 why all of us come here and the 1088 00:43:54.880 --> 00:43:56.680 church. chat and everything is to prepare for 1089 00:43:56.680 --> 00:43:58.640 those times when shit does hit the fan 1090 00:43:58.640 --> 00:44:00.380 so that you can make it from this 1091 00:44:00.380 --> 00:44:02.220 side to the other side and be standing 1092 00:44:02.220 --> 00:44:03.920 still we talked you know hoddle talked about 1093 00:44:03.920 --> 00:44:06.160 it the other day i mean making that 1094 00:44:06.160 --> 00:44:07.860 that that journey across the bridge from the 1095 00:44:07.860 --> 00:44:09.700 old world to the new world this you 1096 00:44:09.700 --> 00:44:12.040 know whatever it's bi -metallic standard the cbdc's 1097 00:44:12.040 --> 00:44:14.680 in stable coins versus bitcoin this contrast principle 1098 00:44:14.680 --> 00:44:16.700 that's paying out makers versus takers that's all 1099 00:44:16.700 --> 00:44:18.640 playing out but it's just weird because we're 1100 00:44:18.640 --> 00:44:21.860 living through this history part and if it 1101 00:44:21.860 --> 00:44:23.880 was 20 years when we look back and 1102 00:44:23.880 --> 00:44:25.860 say oh wow that Like, that was easy. 1103 00:44:25.860 --> 00:44:27.120 Like, you know, nice job, guys. Like, we're 1104 00:44:27.120 --> 00:44:29.180 living on a Bitcoin standard. That's awesome. Thanks. 1105 00:44:29.180 --> 00:44:30.680 You know, but we are going through it 1106 00:44:30.680 --> 00:44:32.100 now. And that's what makes it, you know, 1107 00:44:32.100 --> 00:44:33.260 the fog of war and just kind of 1108 00:44:33.260 --> 00:44:35.980 blurry vision right now. Yeah. I've seen, I 1109 00:44:35.980 --> 00:44:38.320 mean, there's been plenty. I think this is 1110 00:44:38.320 --> 00:44:40.220 the most crash outs I've ever seen. I 1111 00:44:40.220 --> 00:44:42.000 think it's because we didn't get the absolute 1112 00:44:42.000 --> 00:44:45.600 euphoria in the bull run. And the bear 1113 00:44:45.600 --> 00:44:50.380 market has actually been pretty muted comparatively. Yeah, 1114 00:44:50.380 --> 00:44:54.980 like it's it's not been like insane drop. 1115 00:44:54.980 --> 00:44:58.240 at all. Like, we've seen 80 plus percentage 1116 00:44:58.240 --> 00:45:01.500 drops in, you know, say like, you go 1117 00:45:01.500 --> 00:45:05.320 back a couple cycles there. A couple cycles. 1118 00:45:05.320 --> 00:45:07.600 It's like a cycle ago. How much should 1119 00:45:07.600 --> 00:45:10.220 we drop in 2020 to 23? Yeah, yeah, 1120 00:45:10.220 --> 00:45:11.040 yeah, exactly. It was like 60, 70 %. 1121 00:45:11.040 --> 00:45:12.380 It was a big number. Yeah, it was 1122 00:45:12.380 --> 00:45:14.240 crazy. Yeah. And that was like, it was 1123 00:45:14.240 --> 00:45:16.540 70 something, I think. It wasn't quite 80. 1124 00:45:16.540 --> 00:45:19.160 It was the, it was 80 something after 1125 00:45:19.160 --> 00:45:23.160 the 2017 bubble. Oh, yeah, that was bad. 1126 00:45:23.160 --> 00:45:24.580 Yeah, it was. But I mean, that was 1127 00:45:24.580 --> 00:45:27.580 also. Yeah, but it was also a crazy 1128 00:45:27.580 --> 00:45:30.280 year, right? Like, that one, the year started 1129 00:45:30.280 --> 00:45:32.640 at a thousand and went to damn near 1130 00:45:32.640 --> 00:45:35.940 20. Yeah, that, like, that type of price 1131 00:45:35.940 --> 00:45:38.440 movement in a single calendar year, a lot 1132 00:45:38.440 --> 00:45:40.420 of people just didn't know how to handle 1133 00:45:40.420 --> 00:45:43.000 it, like even to the upside. We haven't 1134 00:45:43.000 --> 00:45:44.700 seen an upside move like that since looking 1135 00:45:44.700 --> 00:45:46.500 at your free testosterone. I would say that 1136 00:45:46.500 --> 00:45:48.860 was a... Yeah, exactly. I think so. I 1137 00:45:48.860 --> 00:45:51.300 think so. I'm waiting for the crash here. 1138 00:45:51.300 --> 00:45:53.220 You see me come back. I'll look a 1139 00:45:53.220 --> 00:45:55.300 little bit more feminine. That's a four -year 1140 00:45:55.300 --> 00:45:59.820 chart. Nonetheless, I do want to chat. There's 1141 00:45:59.820 --> 00:46:01.000 a comment here, and then I want to 1142 00:46:01.000 --> 00:46:03.360 hit a few other things that are probably 1143 00:46:03.360 --> 00:46:07.780 going to ruin my point. But Melody, people 1144 00:46:07.780 --> 00:46:09.480 are going to piece out of crypto and 1145 00:46:09.480 --> 00:46:11.520 Bitcoin. You hate that they're connected, but they 1146 00:46:11.520 --> 00:46:13.940 are. I never heard PayPal or Venmo or 1147 00:46:13.940 --> 00:46:15.840 Bank of America or Visa get hacked for 1148 00:46:15.840 --> 00:46:19.000 $6 billion. It only happens to crypto people. 1149 00:46:19.000 --> 00:46:22.300 Wrong. Yeah, absolutely wrong. And the problem is 1150 00:46:22.300 --> 00:46:25.360 that you don't see it. You don't. see 1151 00:46:25.360 --> 00:46:27.680 it it's baked into the price and the 1152 00:46:27.680 --> 00:46:29.660 fees and the and and the price of 1153 00:46:29.660 --> 00:46:31.780 fiat in general and what's your name of 1154 00:46:31.780 --> 00:46:35.300 the the like um dcadena trust no no 1155 00:46:35.300 --> 00:46:37.620 no people say a bunch of shit that's 1156 00:46:37.620 --> 00:46:39.880 wrong and it's harder brandolini's right do you 1157 00:46:39.880 --> 00:46:41.360 find that you're like you do a channel 1158 00:46:41.360 --> 00:46:43.120 where you're kind of explaining people how things 1159 00:46:43.120 --> 00:46:45.040 work in bitcoin do you find you're like 1160 00:46:45.040 --> 00:46:48.800 a subject um of this kind of brandolini's 1161 00:46:48.800 --> 00:46:50.320 law where you just don't have the time 1162 00:46:50.320 --> 00:46:53.160 to refute every wrong yeah that's That's the 1163 00:46:53.160 --> 00:46:56.020 thing. Like people, people do not understand the 1164 00:46:56.020 -->

00:46:59.600 existing system. They don't understand that the reason 1165 00:46:59.600 --> 00:47:03.180 everything continues to go up perpetually is that 1166 00:47:03.180 --> 00:47:06.080 it can always be papered over. If there 1167 00:47:06.080 --> 00:47:08.860 were actual real consequence, you would see it. 1168 00:47:08.860 --> 00:47:10.940 And back in the day, when money was 1169 00:47:10.940 --> 00:47:15.160 constrained, or, you know, where you actually had 1170 00:47:15.160 --> 00:47:19.400 a reserve, like an actual reserve when you're 1171 00:47:19.400 --> 00:47:24.160 doing fractional reserve, And if people were like, 1172 00:47:24.160 --> 00:47:25.760 oh, I don't think they've got, you know, 1173 00:47:25.760 --> 00:47:27.960 they lent a little too much, there's not 1174 00:47:27.960 --> 00:47:30.020 the reserves there, and they would go and 1175 00:47:30.020 --> 00:47:32.460 there'd be bank runs. And yeah, people would 1176 00:47:32.460 --> 00:47:34.840 get screwed and there just wouldn't be enough 1177 00:47:34.840 --> 00:47:38.540 money. But now there's many different mechanisms through 1178 00:47:38.540 --> 00:47:41.380 which new money can effectively be made out 1179 00:47:41.380 --> 00:47:44.700 of zero. The amount of fraud that happens 1180 00:47:44.700 --> 00:47:48.300 with online commerce, with like Visa and MasterCard 1181 00:47:48.300 --> 00:47:50.980 and all these things. Chargebacks even. Charge backs, 1182 00:47:50.980 --> 00:47:55.020 like it's huge. It is huge. constant perpetual 1183 00:47:55.020 --> 00:48:00.340 fraud happening every single day. And it's baked 1184 00:48:00.340 --> 00:48:02.180 into the fact that you're paying a shit 1185 00:48:02.180 --> 00:48:04.840 ton of fees and that the money is 1186 00:48:04.840 --> 00:48:08.620 infinite. And with Bitcoin, it's just not. They 1187 00:48:08.620 --> 00:48:10.440 can fake it for a while, but it's 1188 00:48:10.440 --> 00:48:12.060 a canary in the coal mine. You fuck 1189 00:48:12.060 --> 00:48:15.520 around and eventually everybody finds out about it 1190 00:48:15.520 --> 00:48:18.580 because it's actually open and you can see 1191 00:48:18.580 --> 00:48:20.580 what's going on. Yeah, the ledger affects everyone, 1192 00:48:20.580 --> 00:48:22.260 right? So even just like a quick couple 1193 00:48:22.260 --> 00:48:23.200 notes here, because I just looked at I 1194 00:48:23.200 --> 00:48:25.160 was curious. It was Carr, Carbanek, I'm not 1195 00:48:25.160 --> 00:48:27.380 sure how to pronounce it, from 2013, 2015, 1196 00:48:27.380 --> 00:48:29.680 $1 billion stolen across 100 banks from HACS 1197 00:48:29.680 --> 00:48:31.640 that they learned to make employees and basically 1198 00:48:31.640 --> 00:48:34.780 siphon off like $10 ,000 at a time. 1199 00:48:34.780 --> 00:48:39.200 Bangladesh Bank, SWIFT system, $95 million. We had 1200 00:48:39.200 --> 00:48:42.460 ATM Bank of Russia, 2016, Uganda, Central Bank. 1201 00:48:42.460 --> 00:48:44.720 So there have been many, many banks hit 1202 00:48:44.720 --> 00:48:45.920 with hacks over the years. Not to mention 1203 00:48:45.920 --> 00:48:48.860 TD having a $3 billion. I think TD's 1204 00:48:48.860 --> 00:48:51.180 paid over $3 billion in fine. They love 1205 00:48:51.180 --> 00:48:54.620 fines over there. They love their, dude, they're 1206 00:48:54.620 --> 00:48:56.440 not even fines. They're just cost of admission 1207 00:48:56.440 --> 00:48:58.180 at this point. It's part of their costs 1208 00:48:58.180 --> 00:49:00.660 of goods sold. It is weird. It's weird 1209 00:49:00.660 --> 00:49:03.080 to talk about Bitcoin as the hub and 1210 00:49:03.080 --> 00:49:06.120 centerpiece of like all these different things in 1211 00:49:06.120 --> 00:49:07.980 terms of like the hacking, right? But then 1212 00:49:07.980 --> 00:49:09.480 there's this whole other group of people who 1213 00:49:09.480 --> 00:49:12.700 doesn't even understand how AI and hacking and 1214 00:49:12.700 --> 00:49:15.420 all the stuff that's going on is working. 1215 00:49:15.420 --> 00:49:17.480 And they're pointing at stuff that you guys 1216 00:49:17.480 --> 00:49:19.140 are talking about. You know, you guys are 1217 00:49:19.140 --> 00:49:22.260 the subject of thefts and frauds. And it's 1218 00:49:22.260 --> 00:49:24.840 like, man, you know, wait till you find 1219 00:49:24.840 --> 00:49:29.520 out how like education, administration is robbing you 1220 00:49:29.520 --> 00:49:32.640 and tax, you know, your sewer grates are 1221 00:49:32.640 --> 00:49:36.360 being, there's kickbacks going to contractors and developers 1222 00:49:36.360 --> 00:49:39.740 and like, you have no idea. Yeah. Okay. 1223 00:49:39.740 --> 00:49:41.500 And I see a reply here already. My 1224 00:49:41.500 --> 00:49:43.380 stocks have never been stolen from Vanguard. My 1225 00:49:43.380 --> 00:49:45.720 PayPal's never been drained. Bank account has never 1226 00:49:45.720 --> 00:49:48.500 been hacked. You know what? I would venture 1227 00:49:48.500 --> 00:49:51.280 to say all of that shit has actually 1228 00:49:51.280 --> 00:49:53.660 happened in the internet you've not found out 1229 00:49:53.660 --> 00:49:54.980 about it and you've never heard of it 1230 00:49:54.980 --> 00:49:58.000 because they paper it over your stocks are 1231 00:49:58.000 --> 00:50:01.520 for sure re re -hypublicated and lent out 1232 00:50:01.520 --> 00:50:03.560 to other people and that that has a 1233 00:50:03.560 --> 00:50:05.600 stifling effect on the price of them your 1234 00:50:05.600 --> 00:50:08.360 PayPal I guarantee that shit has been hacked 1235 00:50:08.360 --> 00:50:11.800 where does it come through in in your 1236 00:50:11.800 --> 00:50:14.820 fees and uh in the insurance and all 1237 00:50:14.820 --> 00:50:17.660 the the freezing yeah like the the reason 1238 00:50:17.660 --> 00:50:19.200 they don't let you withdraw your stuff from 1239 00:50:19.200 --> 00:50:21.700 PayPal either you or somebody else is because 1240

00:50:21.700 --> 00:50:23.660 of how much stuff gets stolen like it's 1241 00:50:23.660 --> 00:50:26.160 yeah it's it's it is actually crazy people 1242 00:50:26.160 --> 00:50:27.820 who people yeah people who don't have a 1243 00:50:27.820 --> 00:50:30.400 PayPal store uh or a PayPal account I 1244 00:50:30.400 --> 00:50:32.600 have no idea that you can't withdraw your 1245 00:50:32.600 --> 00:50:36.780 like income your income income money you've already 1246 00:50:36.780 --> 00:50:39.540 spent to produce a product, produce a service 1247 00:50:39.540 --> 00:50:42.480 whatever for I think the minimum is 14 1248 00:50:42.480 --> 00:50:44.240 days or 21 days now. Oh yeah, yeah, 1249 00:50:44.240 --> 00:50:46.320 it's crazy. And then the fees that get 1250 00:50:46.320 --> 00:50:48.820 raked out of that are crazy. Oh, yeah. 1251 00:50:48.820 --> 00:50:50.520 But I mean, to the end of the 1252 00:50:50.520 --> 00:50:53.180 post here, and that's, she said, but of 1253 00:50:53.180 --> 00:50:55.320 course, that's my fault. I'm not saying it's 1254 00:50:55.320 --> 00:50:57.940 your fault. No. I'm saying that this is 1255 00:50:57.940 --> 00:51:01.320 a thing that happens when you get money 1256 00:51:01.320 --> 00:51:08.740 that is censorship resistant, irreversible. There is a 1257 00:51:08.740 --> 00:51:12.620 very real incentive to be able to steal 1258 00:51:12.620 --> 00:51:16.100 that. And sometimes that comes through. through in 1259 00:51:16.100 --> 00:51:18.980 the custodians because they are massive honeypots. And 1260 00:51:18.980 --> 00:51:23.700 sometimes, like right now, there's a step change 1261 00:51:23.700 --> 00:51:27.140 in the technology that we use day to 1262 00:51:27.140 --> 00:51:31.500 day to secure everything. And it's kind of, 1263 00:51:31.500 --> 00:51:34.680 you know, you're walking on landmines and you're 1264 00:51:34.680 --> 00:51:36.620 trying to figure out and navigate the way 1265 00:51:36.620 --> 00:51:38.760 we haven't gotten to the other side of 1266 00:51:38.760 --> 00:51:41.580 the field full of landmines yet. We'll get 1267 00:51:41.580 --> 00:51:44.280 there eventually. The world will sort this out. 1268 00:51:44.280 --> 00:51:47.620 But right now, buckle the fuck up because 1269 00:51:47.620 --> 00:51:50.400 it's happening everywhere. It's just whether you see 1270 00:51:50.400 --> 00:51:52.620 it in one fell swoop or whether it's 1271 00:51:52.620 --> 00:51:54.560 baked into the price of the money you're 1272 00:51:54.560 --> 00:51:56.780 using. It's good take, man. You know, enough 1273 00:51:56.780 --> 00:51:59.720 people talking about that. No. And so there's 1274 00:51:59.720 --> 00:52:03.560 so many, I don't want to open, go 1275 00:52:03.560 --> 00:52:04.840 down with rabbit hole too too much because 1276 00:52:04.840 --> 00:52:06.320 we could. I mean, this is why Bitcoin 1277 00:52:06.320 --> 00:52:07.460 is this. This is why we're all here. 1278 00:52:07.460 --> 00:52:08.940 Because of what Ben just said, and then 1279 00:52:08.940 --> 00:52:11.040 you can take it downstream or down to 1280 00:52:11.040 --> 00:52:13.780 the other rabbit holes of the unseen voting 1281 00:52:13.780 --> 00:52:16.900 incentives. or maybe golden handcuffs that many people, 1282 00:52:16.900 --> 00:52:18.160 especially in America, I'm sure Canada, too, you 1283 00:52:18.160 --> 00:52:19.900 think of golden handcuffs where you go into 1284 00:52:19.900 --> 00:52:22.700 a 401k or a 529 in America or 1285 00:52:22.700 --> 00:52:25.620 your RSPs or your superannuations, these retirements in 1286 00:52:25.620 --> 00:52:28.520 Canada or US or Australia. And now you're 1287 00:52:28.520 --> 00:52:30.740 golden handcuffed. I know so many people who 1288 00:52:30.740 --> 00:52:33.120 they are handcuffed to their job, they hate, 1289 00:52:33.120 --> 00:52:35.040 they have a life they hate because, so 1290 00:52:35.040 --> 00:52:35.980 you don't That was me. It's not even 1291 00:52:35.980 --> 00:52:37.700 just, yeah, it's not it's an open air 1292 00:52:37.700 --> 00:52:39.900 prison. Still is me. Exactly. Still is Joey. 1293 00:52:39.900 --> 00:52:41.540 Yep. And it's an open air prison that 1294 00:52:41.540 --> 00:52:43.440 people think is just about censorship or my 1295 00:52:43.440 --> 00:52:45.560 shit's been frozen. And no, it goes beyond 1296 00:52:45.560 --> 00:52:47.480 that well beyond. It's who you vote for 1297 00:52:47.480 --> 00:52:49.200 because you feel I have to vote for 1298 00:52:49.200 --> 00:52:50.920 this person to get what I need. And 1299 00:52:50.920 --> 00:52:52.360 that's when I'm doing something against my will 1300 00:52:52.360 --> 00:52:54.460 or I'm putting an injection in my body. 1301 00:52:54.460 --> 00:52:56.160 It goes so far beyond all that. and 1302 00:52:56.160 --> 00:52:58.060 that's all part of the Fiat structure that 1303 00:52:58.060 --> 00:52:59.200 you live in this open air prison that 1304 00:52:59.200 --> 00:53:00.540 you just don't even realize. and then we 1305 00:53:00.540 --> 00:53:02.400 just myopically look at it and say, well, 1306 00:53:02.400 --> 00:53:04.380 they didn't freeze me out like, you know, 1307 00:53:04.380 --> 00:53:06.920 or a crypto hack. That's just one little, 1308 00:53:06.920 --> 00:53:08.520 you know, a needle in a haystack of 1309 00:53:08.520 --> 00:53:12.740 problems. No, I got it's coming. That's just 1310 00:53:12.740 --> 00:53:14.840 dead on. That was literally me before. Not 1311 00:53:14.840 --> 00:53:17.040 far off. I found my way here. It's 1312 00:53:17.040 --> 00:53:18.580 interesting, all this stuff is happening, by the 1313 00:53:18.580 --> 00:53:19.920 way, at the same time that Grand Theft 1314 00:53:19.920 --> 00:53:21.240 Auto 6 is coming out in like two 1315 00:53:21.240 --> 00:53:24.240 weeks. Forget all about it. What if, what 1316 00:53:24.240 --> 00:53:26.660 if, you know, some sort of AI hack 1317 00:53:26.660 --> 00:53:28.800 prevents Grant Theft Auto 6? What do you

1318 00:53:28.800 --> 00:53:30.240 mean what if? In the third segment, we're 1319 00:53:30.240 --> 00:53:31.660 going to talk about the government telling me 1320 00:53:31.660 --> 00:53:34.280 to load up on fucking water and tuna. 1321 00:53:34.280 --> 00:53:35.760 It's not a question. Like, I'm going to 1322 00:53:35.760 --> 00:53:37.400 be playing Grand Theft Auto alone in my 1323 00:53:37.400 --> 00:53:39.280 house for sure. Oh, my God. Okay, we 1324 00:53:39.280 --> 00:53:40.540 got to hit a couple things before we 1325 00:53:40.540 --> 00:53:44.340 go to break, you know, to. I don't 1326 00:53:44.340 --> 00:53:46.620 know, maybe ruin my point I made in 1327 00:53:46.620 --> 00:53:49.620 the last rant here, but let's dive into 1328 00:53:49.620 --> 00:53:52.340 it. We're chatting about chain alysis, dropping all 1329 00:53:52.340 --> 00:53:56.060 that info on the finance hack. Well, they 1330 00:53:56.060 --> 00:53:59.360 got fucking hacked too. So here we are. 1331 00:53:59.360 --> 00:54:01.920 Chainalysis, the firm that tracks crypto hackers, was 1332 00:54:01.920 --> 00:54:04.960 hacked itself. It told customers an email seen 1333 00:54:04.960 --> 00:54:09.020 by ICD that an attacker using, quote, offensive 1334 00:54:09.020 --> 00:54:15.460 agentic techniques, excess users names, emails, and role 1335 00:54:15.460 --> 00:54:17.540 labels. It says it has nothing to do 1336 00:54:17.540 --> 00:54:21.080 with the Binance heist. So there you have 1337 00:54:21.080 --> 00:54:25.520 one thing. Also, breaking voltage experienced an attack. 1338 00:54:25.520 --> 00:54:29.400 Unauthorized party copied a list of email addresses, 1339 00:54:29.400 --> 00:54:32.280 user IDs, and active statuses associated with accounts 1340 00:54:32.280 --> 00:54:34.880 on our platform. No evidence that the email 1341 00:54:34.880 --> 00:54:38.060 addresses have been misused, but still not good. 1342 00:54:38.060 --> 00:54:42.180 Also, Polymarket, Jesus. Users were drained through its 1343 00:54:42.180 --> 00:54:46.700 own website, hijacked, debug bear, monitoring script, sold 1344 00:54:46.700 --> 00:54:49.900 users, positions, and sent 2 .6 mil to 1345 00:54:49.900 --> 00:54:55.020 one wallet. Yeah, all around, wonderful news. But 1346 00:54:55.020 --> 00:54:57.500 again, nobody is exempt from this stuff. It's 1347 00:54:57.500 --> 00:55:00.020 going to keep happening. It's going to keep 1348 00:55:00.020 --> 00:55:03.520 getting worse. The entire internet needs to be 1349 00:55:03.520 --> 00:55:07.120 overhauled. You don't know who you're interacting with. 1350 00:55:07.120 --> 00:55:10.920 Nobody has proper security. Side note, I picked 1351 00:55:10.920 --> 00:55:13.060 up a couple of these today, the UB 1352 00:55:13.060 --> 00:55:15.960 Keys. Hey, it's funny. Me and Brandon were 1353 00:55:15.960 --> 00:55:17.440 talking about that in the back chat and 1354 00:55:17.440 --> 00:55:19.000 I'm wondering which model is best and you 1355 00:55:19.000 --> 00:55:21.260 bought a couple without telling us. That's pretty 1356 00:55:21.260 --> 00:55:24.520 weird. I subscribe to Sovereign Sessions here. Interesting. 1357 00:55:24.520 --> 00:55:26.080 I got to go to the YouTube channel 1358 00:55:26.080 --> 00:55:29.160 to get the alpha. You'll find out when 1359 00:55:29.160 --> 00:55:32.680 it drops. Yeah, I mean, like, again, we 1360 00:55:32.680 --> 00:55:34.580 all have to really think about how we're 1361 00:55:34.580 --> 00:55:37.760 doing things differently. Pain is the most effective 1362 00:55:37.760 --> 00:55:40.240 teacher. And man. is there a lot of 1363 00:55:40.240 --> 00:55:42.980 that going around right now? So not only 1364 00:55:42.980 --> 00:55:44.300 are you going to have to be locking 1365 00:55:44.300 --> 00:55:46.660 down your accounts with 2FA and all that, 1366 00:55:46.660 --> 00:55:51.160 getting rid of, you know, SMS as a 1367 00:55:51.160 --> 00:55:53.520 recovery method, all that stuff that can be 1368 00:55:53.520 --> 00:55:56.820 compromised. Honestly, it's probably going to have to 1369 00:55:56.820 --> 00:56:00.360 be physical at this point. Like, I think 1370 00:56:00.360 --> 00:56:03.220 that's probably the way we're headed or like 1371 00:56:03.220 --> 00:56:06.620 multi -factor in some way, shape, or form. 1372 00:56:06.620 --> 00:56:09.600 And then beyond that, you, you're, you're, you're, 1373 00:56:09.600 --> 00:56:12.940 you're going to need a way to identify 1374 00:56:12.940 --> 00:56:16.360 and understand who you're actually speaking with now. 1375 00:56:16.360 --> 00:56:19.440 Like, it's to the point where you can 1376 00:56:19.440 --> 00:56:22.140 easily fake a real person, their voice, their 1377 00:56:22.140 --> 00:56:25.260 likeness, whatever it may be, and you can 1378 00:56:25.260 --> 00:56:27.260 be compromised. Like, you know, I think of 1379 00:56:27.260 --> 00:56:29.900 my family. I think of even, even I 1380 00:56:29.900 --> 00:56:33.540 go back, I think two, three years already 1381 00:56:33.540 --> 00:56:36.440 somebody I know had gotten a phone call 1382 00:56:36.440 --> 00:56:39.760 from me. And it was bad enough. that 1383 00:56:39.760 --> 00:56:42.940 it sounded super fishy. It wouldn't sound bad 1384 00:56:42.940 --> 00:56:45.740 now. It wouldn't. It would just be... Case 1385 00:56:45.740 --> 00:56:48.480 in point, Karlobott? Like, yeah. Oh, yeah, yeah. 1386 00:56:48.480 --> 00:57:10.740 Walker's doing it for fun. All right, gents, 1387 00:57:10.740 --> 00:57:11.920 we're going to go to break here on 1388 00:57:11.920 --> 00:57:14.180 the other side of the break. There's still 1389 00:57:14.180 --> 00:57:16.620 plenty more to discuss. I kind of want 1390 00:57:16.620 --> 00:57:20.020 to get into some of this Canada stuff 1391 00:57:20.020 --> 00:57:25.240 because, holy, wow. We're investing in the bleeding 1392 00:57:25.240 --> 00:57:30.300 edge of AI. It's mostly just bleeding. We 1393 00:57:30.300 --> 00:57:35.520 have equivalent of Opus

3 coming to Canada. 1394 00:57:35.520 --> 00:57:37.800 Yeah, all kinds of great stuff going on 1395 00:57:37.800 --> 00:57:42.640 there. Also, I kind of wanted to show, 1396 00:57:42.640 --> 00:57:44.240 nobody used this, by the way, but I 1397 00:57:44.240 --> 00:57:46.700 built a wallet. I vibe -coded it. What 1398 00:57:46.700 --> 00:58:09.300 do you mean? Don't use it. Getting out 1399 00:58:09.300 --> 00:58:14.400 with physical tokens is not spiritual option. Option? 1400 00:58:14.400 --> 00:58:15.780 I don't know what that. Anyways, thanks for 1401 00:58:15.780 --> 00:58:17.160 - I have no. What does that mean? 1402 00:58:17.160 --> 00:58:19.780 That comment? No one knows what it means. 1403 00:58:19.780 --> 00:58:21.840 Jim, if you want to correct what you've 1404 00:58:21.840 --> 00:58:23.980 written and clarify, I will bring it up 1405 00:58:23.980 --> 00:58:27.220 on screen. Appreciate it. I think it's a 1406 00:58:27.220 --> 00:58:30.180 shot at gold to be honest. Nonetheless, we'll 1407 00:58:30.180 --> 00:58:34.160 be back in just a moment. Unless for 1408 00:58:34.160 --> 00:58:35.640 some reason you think they're about to stop 1409 00:58:35.640 --> 00:58:37.800 printing and stop borrowing, you know exactly where 1410 00:58:37.800 --> 00:58:39.620 Bitcoin is going. whether your stack is already 1411 00:58:39.620 --> 00:58:40.760 at the size where you know you should 1412 00:58:40.760 --> 00:58:42.320 do something about it, or it's headed there, 1413 00:58:42.320 --> 00:58:44.100 it's time your security caught up. That's why 1414 00:58:44.100 --> 00:58:46.740 you need CASA Premium. Your Bitcoin secured across 1415 00:58:46.740 --> 00:58:49.360 five keys, three on hardware from different vendors, 1416 00:58:49.360 --> 00:58:50.660 one on your phone and one held by 1417 00:58:50.660 --> 00:58:52.700 CASA. Use any three to sign, which means 1418 00:58:52.700 --> 00:58:54.120 if you lose one key, you don't lose 1419 00:58:54.120 --> 00:58:56.060 your stack. It also means that CASA can't 1420 00:58:56.060 --> 00:58:58.020 move it without you. The kit, devices and 1421 00:58:58.020 --> 00:58:59.240 everything goes with it, ships right to your 1422 00:58:59.240 --> 00:59:00.780 door, and their advisory team walks you through 1423 00:59:00.780 --> 00:59:02.320 the full setup. And for those of you 1424 00:59:02.320 --> 00:59:04.060 care about privacy as much as I do, 1425 00:59:04.060 --> 00:59:05.820 there's no KYC on the vault. Use any 1426 00:59:05.820 --> 00:59:07.480 email you like, use any address you like. 1427 00:59:07.480 --> 00:59:09.540 No one has to know your personal. details. 1428 00:59:09.540 --> 00:59:10.380 I know what you're thinking, what if something 1429 00:59:10.380 --> 00:59:12.360 happens to CASA? What about my family? Well, 1430 00:59:12.360 --> 00:59:13.720 sob and recover means that you can always 1431 00:59:13.720 --> 00:59:15.840 rebuild using open source tools like Sparrow. And 1432 00:59:15.840 --> 00:59:18.040

as for your family, CASA inheritance means you're 1433 00:59:18.040 --> 00:59:19.200 not leaving them a locked box with no 1434 00:59:19.200 --> 00:59:20.860 key. You invite them with an email and 1435 00:59:20.860 --> 00:59:22.360 their key lies dormant while you're still alive 1436 00:59:22.360 --> 00:59:24.300 and should that day ever come, you don't 1437 00:59:24.300 --> 00:59:25.540 have to worry about them having to figure 1438 00:59:25.540 --> 00:59:27.160 it out when you're not around to ask. 1439 00:59:27.160 --> 00:59:28.820 You've already taken care of it. So head 1440 00:59:28.820 --> 00:59:31.320 to CASa .io slash Sessions promo code sessions 1441 00:59:31.320 --> 00:59:33.500 to receive 10 % off your first year. 1442 00:59:33.500 --> 00:59:36.400 That's casa .io slash Sessions code sessions. Click 1443 00:59:36.400 --> 00:59:37.720 the link in the description down below or 1444 00:59:37.720 --> 00:59:40.040 scan the QR code on the screen. One 1445 00:59:40.040 --> 00:59:42.340 company I like pointing people to when they 1446 00:59:42.340 --> 00:59:45.480 ask about Bitcoin mining is abundant mines. They 1447 00:59:45.480 --> 00:59:47.920 were founded by Bo and Christine Turner after 1448 00:59:47.920 --> 00:59:50.260 losing over half a million dollars to broken 1449 00:59:50.260 --> 00:59:52.880 promises in the mining industry and they built 1450 00:59:52.880 --> 00:59:55.800 their hosting model to remove the usual headaches. 1451 00:59:55.800 --> 00:59:58.440 With abundant mines, you own your machines and 1452 00:59:58.440 --> 01:00:01.060 keep 100 % of the Bitcoin you mine. 1453 01:00:01.060 --> 01:00:04.180 There's no revenue share, no hidden skims. Pricing 1454 01:00:04.180 --> 01:00:07.320 is simple. One flat monthly fee covers power, 1455 01:00:07.320 --> 01:00:11.280 parts, labor, and repairs. They also guarantee uptime. 1456 01:00:11.280 --> 01:00:13.380 The machine goes down, their hash rate redirect 1457 01:00:13.380 --> 01:00:16.220 system routes hash power from their fleet, so 1458 01:00:16.220 --> 01:00:18.940 earnings don't just stop, and every machine is 1459 01:00:18.940 --> 01:00:22.560 insured at full replacement value. Everything is hosted 1460 01:00:22.560 --> 01:00:25.040 in the U .S., powered by hydro, and 1461 01:00:25.040 --> 01:00:28.080 mining equipment may qualify for 100 % year 1462 01:00:28.080 --> 01:00:32.680 -one bonus depreciation. Learn more at abundantmines .com 1463 01:00:32.680 --> 01:00:36.040 slash sessions. I just want to quickly point 1464 01:00:36.040 --> 01:00:37.520 out that everybody was talking about like the 1465 01:00:37.520 --> 01:00:39.580 calendar year, like it has to bottom in 1466 01:00:39.580 --> 01:00:43.300 October and how could that possibly, possibly happen? 1467 01:00:43.300 --> 01:00:44.880 There's a non -zero chance. It might actually 1468 01:00:44.880 --> 01:00:46.320 happen on Halloween. I just wanted to point 1469 01:00:46.320 --> 01:00:49.620 that out. Well, what do you

think? We're 1470 01:00:49.620 --> 01:00:53.220 going to get 58K a wick down. Oh, 1471 01:00:53.220 --> 01:00:54.760 wouldn't that be fun? Aren't we already there 1472 01:00:54.760 --> 01:00:57.140 with inflation, Justin? I mean, we're 15, 20 1473 01:00:57.140 --> 01:00:59.260 % inflation at this point. Yeah. Oh, God, 1474 01:00:59.260 --> 01:01:00.640 yes. That's playing on the safe side. Sorry, 1475 01:01:00.640 --> 01:01:02.460 Ben, please go ahead. Yeah, no, I mean, 1476 01:01:02.460 --> 01:01:03.660 I was just, I was going to bring 1477 01:01:03.660 --> 01:01:05.800 up. Uh, so here we're, we are on 1478 01:01:05.800 --> 01:01:10.180 the seven day down just under 6%. I 1479 01:01:10.180 --> 01:01:12.320 mean, for the largest heist in history of 1480 01:01:12.320 --> 01:01:16.980 any kind, I'll take it. I'll take it. 1481 01:01:16.980 --> 01:01:19.820 Yeah, nonetheless, but again, you go out a 1482 01:01:19.820 --> 01:01:23.580 year. I mean, okay, yeah, we're rebounding off 1483 01:01:23.580 --> 01:01:26.620 off the 200 week moving out. Quite above 1484 01:01:26.620 --> 01:01:28.300 it. Yeah, we're fine. Yeah. This is no 1485 01:01:28.300 --> 01:01:32.100 problem, man. Nothing. It's really fine. No, the 1486 01:01:32.100 --> 01:01:33.560 fact that this is as far as it's 1487 01:01:33.560 --> 01:01:36.320 gone with what has happened, the largest exchange 1488 01:01:36.320 --> 01:01:38.960 in the whole space getting hacked. Bitcoin's at 1489 01:01:38.960 --> 01:01:42.220 76. Oh my God, there's no one left 1490 01:01:42.220 --> 01:01:43.700 to sell at that point in time. Like, 1491 01:01:43.700 --> 01:01:46.140 you really have exhaughts and sellers. Everything else 1492 01:01:46.140 --> 01:01:47.300 is shit in the bed too. Look at 1493 01:01:47.300 --> 01:01:50.200 precious metals, silver. It's not just metals, man. 1494 01:01:50.200 --> 01:01:53.520 Go to like stuff like, Intel, Camico, uh, 1495 01:01:53.520 --> 01:01:55.460 like whether it's nuclear or whatever. I think 1496 01:01:55.460 --> 01:01:57.700 the Amazon earnings call and Google earnings call 1497 01:01:57.700 --> 01:02:00.680 gave people a scary yesterday. And so, you 1498 01:02:00.680 --> 01:02:02.620 know, naturally people are kind of retreating a 1499 01:02:02.620 --> 01:02:04.160 little bit from their, what they proceed to 1500 01:02:04.160 --> 01:02:05.940 be their risk compositions. I was say Bitcoin's 1501 01:02:05.940 --> 01:02:10.220 not in any trouble until like 65, 66, 1502 01:02:10.220 --> 01:02:12.480 like, well, and, and even beyond that, like, 1503 01:02:12.480 --> 01:02:13.860 the stock market shit in the bad, the 1504 01:02:13.860 --> 01:02:17.960 Chinese markets, it's crazy. Like, everything is, uh, 1505 01:02:17.960 --> 01:02:21.860 it's going wild. Dude, Intel fucking 30, 35, 1506 01:02:21.860 --> 01:02:22.820 whatever, you guys just had it up there, 1507 01:02:22.820 --> 01:02:24.160 I think. Yeah, sitting at like I see 1508 01:02:24.160 --> 01:02:26.320 right now, sitting at like 28 .58 % 1509 01:02:26.320 --> 01:02:28.820 down, the video down, five percent. The video 1510 01:02:28.820 --> 01:02:30.440 is selling off because the Chinese have found 1511 01:02:30.440 --> 01:02:32.620 their way in, you know, that's, yeah, yeah, 1512 01:02:32.620 --> 01:02:35.260 yeah. Yeah, um, we have, uh, you know, 1513 01:02:35.260 --> 01:02:37.120 you know, plenty of countries also chiming in 1514 01:02:37.120 --> 01:02:41.720 on very forth -turning -esque stuff. Canada introduced 1515 01:02:41.720 --> 01:02:43.700 new national security plan, urging the country to 1516 01:02:43.700 --> 01:02:47.060 prepare for all types of emergencies, including potential 1517 01:02:47.060 --> 01:02:52.160 war. Um, so that's a nice little exciting 1518 01:02:52.160 --> 01:02:54.940 tidbit there. I'm just trying to find the, 1519 01:02:54.940 --> 01:02:57.920 uh, where was it? Is it more Canada 1520 01:02:57.920 --> 01:03:01.380 stuff? Well, yeah, let's go down the Canada 1521 01:03:01.380 --> 01:03:03.360 rabbit hole first, but was it all. Okay, 1522 01:03:03.360 --> 01:03:04.560 on. I have, I have something for that. 1523 01:03:04.560 --> 01:03:10.040 there we go. Thanks. I just want to 1524 01:03:10.040 --> 01:03:11.200 make sure I got that. I kind of 1525 01:03:11.200 --> 01:03:12.900 see something new on that graphic every time 1526 01:03:12.900 --> 01:03:14.120 you play it. And so today I notice 1527 01:03:14.120 --> 01:03:16.960 that the weather says Canada, it's cold again. 1528 01:03:16.960 --> 01:03:20.920 That's the weather report. Think for yourself, buddy. 1529 01:03:20.920 --> 01:03:22.520 Speak for yourself. It is. It did just 1530 01:03:22.520 --> 01:03:25.720 snow in Calgary like the other day. So 1531 01:03:25.720 --> 01:03:30.400 that's wonderful. I mean, okay, so let's rattle 1532 01:03:30.400 --> 01:03:33.520 awesome Canada fun stuff. Observation of the day. 1533 01:03:33.520 --> 01:03:35.760 This is from James Ethorn. observation of the 1534 01:03:35.760 --> 01:03:40.180 day. Canada hikes into a weak economy the 1535 01:03:40.180 --> 01:03:42.540 next day. Employment data comes out close to 1536 01:03:42.540 --> 01:03:46.340 50 ,000 in job losses and the previously 1537 01:03:46.340 --> 01:03:52.560 reported number revised from 26K to negative 16K. 1538 01:03:52.560 --> 01:03:55.720 Canadian mainstream media ignoring this. I wonder why 1539 01:03:55.720 --> 01:03:57.620 it's almost as if 70 % of their 1540 01:03:57.620 --> 01:04:00.440 paycheck comes from the existing government. Well, we 1541 01:04:00.440 --> 01:04:02.320 had friends of the show, I wasn't Richard 1542 01:04:02.320 --> 01:04:04.780 Diaz and Ben Rabidow both were saying. this 1543 01:04:04.780 --> 01:04:06.780 is a bad decision going in it is 1544 01:04:06.780 --> 01:04:09.220 it's a mistake it's a clear mistake and 1545 01:04:09.220 --> 01:04:10.940 by the way this does not account for 1546 01:04:10.940 --> 01:04:13.100 stuff like currency

weakness either like these guys 1547 01:04:13.100 --> 01:04:15.280 are everyone is talking about how they're planning 1548 01:04:15.280 --> 01:04:17.360 for something that might come in terms of 1549 01:04:17.360 --> 01:04:19.960 the oil market or the usd it's not 1550 01:04:19.960 --> 01:04:22.200 their mandate it's the bank of Canada doesn't 1551 01:04:22.200 --> 01:04:24.160 not have that mandate this is it is 1552 01:04:24.160 --> 01:04:26.640 not you know a bank that should be 1553 01:04:26.640 --> 01:04:29.940 looking at all this stuff and we every 1554 01:04:29.940 --> 01:04:32.920 time we report economic data the revisions are 1555 01:04:32.920 --> 01:04:36.060 downward after the fact this is not going 1556 01:04:36.060 --> 01:04:38.520 to be any different. But it does look 1557 01:04:38.520 --> 01:04:42.240 like we're cozying up more to the EU. 1558 01:04:42.240 --> 01:04:46.440 Yeah, it looks like we have, what was 1559 01:04:46.440 --> 01:04:48.940 the term for it? We're an associate member. 1560 01:04:48.940 --> 01:04:50.240 We're in the cock chair, bud. We're in 1561 01:04:50.240 --> 01:04:52.560 the cut chair. Yeah, associate member. So I'm 1562 01:04:52.560 --> 01:04:55.240 sure that'll, I'm sure, I'm sure the, I'm 1563 01:04:55.240 --> 01:04:56.700 sure the, I'm sure the show runner. Yeah, 1564 01:04:56.700 --> 01:04:58.800 we're the showrunner. Yeah, do the benefits outweigh 1565 01:04:58.800 --> 01:05:03.820 the drawbacks? Certainly not. My guess is we're 1566 01:05:03.820 --> 01:05:08.580 going to get. the overflow from everybody that's 1567 01:05:08.580 --> 01:05:10.440 been spilling into the EU. I think that's 1568 01:05:10.440 --> 01:05:11.960 the mechanism. Brian, you have a take on 1569 01:05:11.960 --> 01:05:15.180 that? Because, like, obviously the UK under, uh, 1570 01:05:15.180 --> 01:05:17.600 fuck, whatever the new office extra, who's fucking 1571 01:05:17.600 --> 01:05:19.900 running that country. Like, these guys are all 1572 01:05:19.900 --> 01:05:21.540 starting to talk about how they're going to 1573 01:05:21.540 --> 01:05:24.620 move back into a tighter relationship with the 1574 01:05:24.620 --> 01:05:26.940 European Union after leaving it, I mean, at 1575 01:05:26.940 --> 01:05:30.340 least in, in, um, theory, I guess eight 1576 01:05:30.340 --> 01:05:32.240 years ago, nine years ago, whenever that was, 1577 01:05:32.240 --> 01:05:33.920 10 years ago at this point. Do you 1578 01:05:33.920 --> 01:05:37.980 have a thought on like the UK, EU, 1579 01:05:37.980 --> 01:05:43.120 Canada's proposed role, all this stuff? I mean, 1580 01:05:43.120 --> 01:05:45.200 it's, again, we've, it's the Carney thing, right? 1581 01:05:45.200 --> 01:05:46.900 The thing we've talked about a lot to 1582 01:05:46.900 --> 01:05:47.940 me at the end of the day, it's 1583 01:05:47.940 --> 01:05:50.940 just these systems clashing. And again, and you 1584 01:05:50.940 --> 01:05:52.580 guys, a lot of people know my thoughts 1585 01:05:52.580 --> 01:05:54.580 of just the city of London, not the 1586 01:05:54.580 --> 01:05:56.420 British people or anything like that, right? It's 1587 01:05:56.420 --> 01:05:58.180 just the financiers, right? The city of London, 1588 01:05:58.180 --> 01:06:00.320 the financier aspect of what's been going on 1589 01:06:00.320 --> 01:06:03.520 for hundreds of years. And that's why they're 1590 01:06:03.520 --> 01:06:05.320 pulling the plug on all this. Look at 1591 01:06:05.320 --> 01:06:07.300 Lagarde. Look at, you know, this is why 1592 01:06:07.300 --> 01:06:09.040 we have so many problems in general because... 1593 01:06:09.040 --> 01:06:11.240 Do you mean boxing champion, Christine Lagarde? Yeah, 1594 01:06:11.240 --> 01:06:14.620 look at Lagarde. After fighting Mike Tyson, that 1595 01:06:14.620 --> 01:06:17.520 Christine Lagarde? Well, and this is why the 1596 01:06:17.520 --> 01:06:19.280 older generations put up with this. God love 1597 01:06:19.280 --> 01:06:21.120 them all. But the younger generation, the younger 1598 01:06:21.120 --> 01:06:23.240 generations with the transparency of, like, social media 1599 01:06:23.240 --> 01:06:25.820 has its ills. But also the benefits of 1600 01:06:25.820 --> 01:06:28.180 it are the instant feedback where you have 1601 01:06:28.180 --> 01:06:30.300 Christine Lagarde, where she is, as we have 1602 01:06:30.300 --> 01:06:31.860 stated many times, right? if the people have 1603 01:06:31.860 --> 01:06:34.120 an escape, an exit, they will find it. 1604 01:06:34.120 --> 01:06:36.240 Well, what is she doing? She's leaving early 1605 01:06:36.240 --> 01:06:38.520 so that McCrone, before he's ousted or whatever 1606 01:06:38.520 --> 01:06:41.320 happens, they can just name a replacement before 1607 01:06:41.320 --> 01:06:42.980 the people can, you know, weigh in on 1608 01:06:42.980 --> 01:06:44.920 it. And so this is this kind of 1609 01:06:44.920 --> 01:06:47.900 these shenanigans that will not continue going forward, 1610 01:06:47.900 --> 01:06:49.440 meaning they won't continue into the next five, 1611 01:06:49.440 --> 01:06:51.180 10, 15, 20 years. People will not stand 1612 01:06:51.180 --> 01:06:53.600 for this stuff anymore. And so you're seeing 1613 01:06:53.600 --> 01:06:57.560 just the crumbling everywhere. France literally crumbling everywhere, 1614 01:06:57.560 --> 01:06:59.780 whether it's the immigration stuff, obviously the price 1615 01:06:59.780 --> 01:07:02.460 and instability. Pause that video. Pause that video. 1616 01:07:02.460 --> 01:07:04.600 Keep going. This is a hostage video. It's 1617 01:07:04.600 --> 01:07:07.940 a fucking, it's a Taliban hostage video. Here's 1618 01:07:07.940 --> 01:07:09.600 how you know. Let me tell you how 1619 01:07:09.600 --> 01:07:11.220 you know, okay. I'm been, I am a 1620 01:07:11.220 --> 01:07:14.120 big fan of Christine. I'm sure young Christine, 1621 01:07:14.120 --> 01:07:15.840 I am sure young Christine can get some 1622 01:07:15.840 -->

01:07:19.040 attention on dance floor, okay? But old Christine, 1623 01:07:19.040 --> 01:07:21.420 old Christine loves a couple of things. She 1624 01:07:21.420 --> 01:07:24.380 loves her hair done, never in her face. 1625 01:07:24.380 --> 01:07:26.320 She loves making sure she is sort of 1626 01:07:26.320 --> 01:07:28.600 like well caps from the neck down, which 1627 01:07:28.600 --> 01:07:31.120 would include not having that wire showing. And 1628 01:07:31.120 --> 01:07:33.320 she loves one other big thing that is 1629 01:07:33.320 --> 01:07:35.320 a dead giveaway that she'd not agree to 1630 01:07:35.320 --> 01:07:37.960 this video, and it's the fucking scarf. There's 1631 01:07:37.960 --> 01:07:39.840 no scarf on this video. You can watch 1632 01:07:39.840 --> 01:07:41.780 any Christine Lagarde video and see that she's 1633 01:07:41.780 --> 01:07:44.620 wearing a scarf. This is a Taliban hostage 1634 01:07:44.620 --> 01:07:46.920 video. There's no doubt about it. I am 1635 01:07:46.920 --> 01:07:49.260 100 % convinced to that. Hot take here, 1636 01:07:49.260 --> 01:07:50.700 but this is how you know that her 1637 01:07:50.700 --> 01:07:56.640 and Opti broke up. Oh, wow. He's not 1638 01:07:56.640 --> 01:07:58.620 going to take an unemployed woman, all right? 1639 01:07:58.620 --> 01:08:04.300 Across the bow. Opti needs a breadwinner. Some 1640 01:08:04.300 --> 01:08:06.280 up, some up with that, man. I'm telling 1641 01:08:06.280 --> 01:08:08.400 you something's up with that. I agree. They've 1642 01:08:08.400 --> 01:08:11.000 got enough money to get some good AV 1643 01:08:11.000 --> 01:08:13.620 team in there, and that slow push in 1644 01:08:13.620 --> 01:08:16.600 is really uncomfortable. Yeah, with someone with someone's 1645 01:08:16.600 --> 01:08:19.380 thumb on the iPhone camera button. Like, it's 1646 01:08:19.380 --> 01:08:21.320 not where, where's the Ken Burns, man? Where's 1647 01:08:21.320 --> 01:08:23.660 Kenny on that? We got to find them. 1648 01:08:23.660 --> 01:08:26.100 Yeah. So, but this is where, again, again, 1649 01:08:26.100 --> 01:08:27.800 I don't know if you've had Tom on 1650 01:08:27.800 --> 01:08:29.980 recently, Nathan, but this is, again, like the 1651 01:08:29.980 --> 01:08:32.200 arc the America, the America, Russia, Trina. You're 1652 01:08:32.200 --> 01:08:34.440 talking about Longo? Tom Longo? Yeah, Tom Longo, 1653 01:08:34.440 --> 01:08:37.540 sorry. This is this new world that's here, 1654 01:08:37.540 --> 01:08:39.640 the British Imperial Empire and what's been happening 1655 01:08:39.640 --> 01:08:41.200 now for the last century, this post -World 1656 01:08:41.200 --> 01:08:43.460 War I, post -World War II order, this, 1657 01:08:43.460 --> 01:08:46.360 the international rules, all this nonsense that's emanated 1658 01:08:46.360 --> 01:08:48.680 from the Frankfurt School and the consuliform relations 1659 01:08:48.680 --> 01:08:51.780 and the RRIA, which is now Chatham House, 1660 01:08:51.780 --> 01:08:54.760 like the MI5, MI6, which was the genesis 1661 01:08:54.760 --> 01:08:57.680 of CIA and Massad and everything. Like, this, 1662 01:08:57.680 --> 01:08:59.320 that global order, are they still going to 1663 01:08:59.320 --> 01:09:00.460 have power? Are people in about? Of course 1664 01:09:00.460 --> 01:09:03.060 they are. But the, what's being exposed now 1665 01:09:03.060 --> 01:09:05.680 and the, the real incentive structures are what's, 1666 01:09:05.680 --> 01:09:07.980 what's being exposed. And that is why you 1667 01:09:07.980 --> 01:09:10.000 have like Canada, for instance, and Mark Carney, 1668 01:09:10.000 --> 01:09:12.620 what's happening, they're the proxy. They were 250 1669 01:09:12.620 --> 01:09:14.660 years ago, you know, the, what was happening 1670 01:09:14.660 --> 01:09:17.120 was it was the the beachhead for the 1671 01:09:17.120 --> 01:09:18.660 British. You know, they'd come and land, you 1672 01:09:18.660 --> 01:09:20.100 know, in Canada and come down to attack 1673 01:09:20.100 --> 01:09:21.940 the Americans. And George Washington was talking to 1674 01:09:21.940 --> 01:09:23.100 a Quebec and like, hey, how can we 1675 01:09:23.100 --> 01:09:26.260 be together? And so this whole thing is 1676 01:09:26.260 --> 01:09:27.460 just coming to a head to see all 1677 01:09:27.460 --> 01:09:28.940 these cycles that are just coming to ahead, 1678 01:09:28.940 --> 01:09:29.600 which we talked about earlier, which we talked 1679 01:09:29.600 --> 01:09:31.100 about which it's crazy to have to live 1680 01:09:31.100 --> 01:09:33.100 through. We just read them on history books 1681 01:09:33.100 --> 01:09:35.120 usually and it's like, oh, wow, that's insane. 1682 01:09:35.120 --> 01:09:36.320 like, glad I had to live through it, 1683 01:09:36.320 --> 01:09:38.360 people. We're living through it, people. We're living 1684 01:09:38.360 --> 01:09:40.860 through it. and these real disruptions, we've talked 1685 01:09:40.860 --> 01:09:43.140 about nation states going down, all this stuff. 1686 01:09:43.140 --> 01:09:45.040 It's happening. It is happening and it's just, 1687 01:09:45.040 --> 01:09:47.220 it's weird because we know people. Like, I 1688 01:09:47.220 --> 01:09:48.800 know, you all of you in Canada. you 1689 01:09:48.800 --> 01:09:50.180 know, a bunch of us here in America. 1690 01:09:50.180 --> 01:09:51.780 I have family in Canada. You know, I, 1691 01:09:51.780 --> 01:09:53.360 like I, you know, it's like, they're going 1692 01:09:53.360 --> 01:09:55.240 through these disruptions. We know people in Europe. 1693 01:09:55.240 --> 01:09:56.280 We know people in other parts of the 1694 01:09:56.280 --> 01:09:58.680 world. And it's crazy to, because you never 1695 01:09:58.680 --> 01:10:00.160 did. We never did. We never, new people 1696 01:10:00.160 --> 01:10:01.260 around the world where you could talk to 1697 01:10:01.260 --> 01:10:02.880 them very easily. It was just disruption and 1698 01:10:02.880 --> 01:10:04.780

chaos and killing and whatever happened. It was 1699 01:10:04.780 --> 01:10:06.300 like, oh, you know, you found out about 1700 01:10:06.300 --> 01:10:07.620 maybe a year later or five years or 1701 01:10:07.620 --> 01:10:09.400 10 years later and it's like, oh, okay, 1702 01:10:09.400 --> 01:10:11.380 well, that sucks. But we now live it 1703 01:10:11.380 --> 01:10:13.020 in real time 24 -7. I think that's 1704 01:10:13.020 --> 01:10:14.880 what makes it very weird. And then you 1705 01:10:14.880 --> 01:10:16.700 throw on top of that, almost none of 1706 01:10:16.700 --> 01:10:20.000 us, me included, we don't, know, we don't 1707 01:10:20.000 --> 01:10:22.540 know what was actually happening and the limited 1708 01:10:22.540 --> 01:10:23.860 part we do, right? So we have no 1709 01:10:23.860 --> 01:10:25.600 context for what's really happening. It's just what 1710 01:10:25.600 --> 01:10:28.260 captions and algorithms and legacy news tells us. 1711 01:10:28.260 --> 01:10:30.040 And then you're trying to decipher all. It's 1712 01:10:30.040 --> 01:10:32.080 just, it's a mess. And, you know, it's 1713 01:10:32.080 --> 01:10:33.720 going to, like someone said earlier, a banner, 1714 01:10:33.720 --> 01:10:35.020 somebody is, you know, buckle up. You know, 1715 01:10:35.020 --> 01:10:36.700 buckle up. Yeah, man, I think, I think 1716 01:10:36.700 --> 01:10:38.240 there's a good, there's a good chance that 1717 01:10:38.240 --> 01:10:39.680 most history that we've read and been taught 1718 01:10:39.680 --> 01:10:41.560 is, is completely made up by the victors 1719 01:10:41.560 --> 01:10:44.040 and designed to keep us controlled. Canada, let's 1720 01:10:44.040 --> 01:10:47.260 go, Adam. Adam's been throwing a hundred to 1721 01:10:47.260 --> 01:10:49.660 take the news, right? Canada looks like the 1722 01:10:49.660 --> 01:10:52.240 testing ground for how to take over a 1723 01:10:52.240 --> 01:10:54.800 country 101. Like, this is, this is the 1724 01:10:54.800 --> 01:10:56.820 playbook that I would use. And, and when 1725 01:10:56.820 --> 01:10:59.300 you, listen, We talked a little bit earlier 1726 01:10:59.300 --> 01:11:01.600 about how when we, you know, Bitcoin is 1727 01:11:01.600 --> 01:11:03.760 like some kind of bad actor, like some 1728 01:11:03.760 --> 01:11:05.860 kind of catalyst, PayPal's fine. It's like, Bitcoin 1729 01:11:05.860 --> 01:11:07.360 is the canary in the coal mine. When 1730 01:11:07.360 --> 01:11:10.780 you understand how the world works, thanks to 1731 01:11:10.780 --> 01:11:13.540 understanding how money works, thanks to being invested 1732 01:11:13.540 --> 01:11:15.860 due to this asset called Bitcoin, you truly 1733 01:11:15.860 --> 01:11:18.320 do get a look into what the world 1734 01:11:18.320 --> 01:11:20.400 looks like. And then you have this nefarious 1735 01:11:20.400 --> 01:11:22.480 stuff. They're lying to you in broad daylight. 1736 01:11:22.480 --> 01:11:23.320 What do you think they're going to do 1737 01:11:23.320 --> 01:11:26.020 a century later? Like, what? This is, you 1738 01:11:26.020 --> 01:11:27.600 know, this is the middle of the financial 1739 01:11:27.600 --> 01:11:30.540 revolution. We are actively seeing states fail, and 1740 01:11:30.540 --> 01:11:33.200 they're covering it up and calling it associate 1741 01:11:33.200 --> 01:11:35.680 membership or whatever kind of nonsense term they're 1742 01:11:35.680 --> 01:11:37.180 kind of throwing our way. Adam, you tell 1743 01:11:37.180 --> 01:11:38.760 me my McGraw -Hill textbooks weren't telling me 1744 01:11:38.760 --> 01:11:41.900 the truth? No, Brandon, they are designed to 1745 01:11:41.900 --> 01:11:49.240 control you. We considerably underestimate what the people 1746 01:11:49.240 --> 01:11:51.160 in power are willing to do to stay 1747 01:11:51.160 --> 01:11:54.460 in power and to proceed on their mission. 1748 01:11:54.460 --> 01:11:58.260 The, if nobody in their right mind believes 1749 01:11:58.260 --> 01:12:01.100 the government is there to save them. You're 1750 01:12:01.100 --> 01:12:04.560 a class A degenerate if you think in 1751 01:12:04.560 --> 01:12:06.900 any way, shape, or form, the government wants 1752 01:12:06.900 --> 01:12:09.680 to help you. And especially at the expense 1753 01:12:09.680 --> 01:12:14.880 of themselves. And thinking that, thinking that Canadians 1754 01:12:14.880 --> 01:12:16.500 or Americans or Americans or some level of 1755 01:12:16.500 --> 01:12:18.760 politician is going to do something that something 1756 01:12:18.760 --> 01:12:21.960 that benefits you, and then, and then worse, 1757 01:12:21.960 --> 01:12:24.560 not taking the action to, to, you. to 1758 01:12:24.560 --> 01:12:26.980 prevent that from happening to your future generations. 1759 01:12:26.980 --> 01:12:28.920 I got five kids. I got five kids 1760 01:12:28.920 --> 01:12:30.100 rolling around this house. One of them just 1761 01:12:30.100 --> 01:12:31.160 brought me a cookie, which you guys saw 1762 01:12:31.160 --> 01:12:33.280 me eating a few minutes ago. Like, we 1763 01:12:33.280 --> 01:12:35.080 need to work hard, you guys. We need 1764 01:12:35.080 --> 01:12:36.900 to understand what the hell is going on. 1765 01:12:36.900 --> 01:12:38.120 We need to build the tools. We need 1766 01:12:38.120 --> 01:12:39.660 to collect the community. And we need to 1767 01:12:39.660 --> 01:12:40.980 figure out who the people are that are 1768 01:12:40.980 --> 01:12:42.440 going to actually build the next version of 1769 01:12:42.440 --> 01:12:44.620 society. Because this is the revolution right now. 1770 01:12:44.620 --> 01:12:46.740 And I'm super thankful that I'm not standing 1771 01:12:46.740 --> 01:12:47.920 on the front lines of battle. I watched 1772 01:12:47.920 --> 01:12:49.300 pressure the other night with my wife. Have 1773 01:12:49.300 --> 01:12:51.740 you guys seen pressure? There's this scene. Oh, 1774 01:12:51.740 --> 01:12:53.560 it's sick. It's like the day before D

1775 01:12:53.560 --> 01:12:56.600 -Day and the, weatherman that basically told them 1776 01:12:56.600 --> 01:12:58.940 to go or not go on G -Day. 1777 01:12:58.940 --> 01:13:00.400 Super crazy. Oh, I've seen these clips on 1778 01:13:00.400 --> 01:13:03.180 Twitter. Yeah, yeah. It's dialed. It's dialed. But 1779 01:13:03.180 --> 01:13:05.600 there's this scene in there. And my wife 1780 01:13:05.600 --> 01:13:07.380 and I, like, we, uh, I had to 1781 01:13:07.380 --> 01:13:08.760 like close my, like I was really torn 1782 01:13:08.760 --> 01:13:11.540 by it. It's the front lines of battle. 1783 01:13:11.540 --> 01:13:13.600 And it's all these young men running out 1784 01:13:13.600 --> 01:13:16.380 of the ship, just getting absolutely blasted. Like, 1785 01:13:16.380 --> 01:13:18.240 turrets are they're waiting for them, right? You 1786 01:13:18.240 --> 01:13:20.160 land on the beach, you open the door. 1787 01:13:20.160 --> 01:13:21.520 Who's the first guy to get shot, right? 1788 01:13:21.520 --> 01:13:23.340 First guy out of the door. How lucky 1789 01:13:23.340 --> 01:13:24.440 are we that, that the first, that the 1790 01:13:24.440 --> 01:13:24.840 first guy out of the door? front lines 1791 01:13:24.840 --> 01:13:27.240 of our battle is the Bitcoin in our 1792 01:13:27.240 --> 01:13:29.080 self -custody Bitcoin wallet that may or may 1793 01:13:29.080 --> 01:13:31.140 not be protected by dice. Like, we are 1794 01:13:31.140 --> 01:13:34.240 so unbelievably lucky that we are not getting 1795 01:13:34.240 --> 01:13:37.080 blasted by turrets here. The government actively wants 1796 01:13:37.080 --> 01:13:39.080 to kill you and control you. You need 1797 01:13:39.080 --> 01:13:40.360 to figure out how to use the tools 1798 01:13:40.360 --> 01:13:42.400 that we have and stay sovereign, or else 1799 01:13:42.400 --> 01:13:44.600 your bloodline will fail. This is just a, 1800 01:13:44.600 --> 01:13:46.740 this is just facts right now, clip this, 1801 01:13:46.740 --> 01:13:48.060 put it on Noster so it can't be 1802 01:13:48.060 --> 01:13:50.480 censored. Like, we have the tools, you guys. 1803 01:13:50.480 --> 01:13:51.960 You just got to figure out how to 1804 01:13:51.960 --> 01:13:53.680 use them. Okay, so just really quick before 1805 01:13:53.680 --> 01:13:55.760 we move on. Adam is the youngest on 1806 01:13:55.760 --> 01:13:57.820 the stream. Has anyone ever said anything was 1807 01:13:57.820 --> 01:14:00.860 dialed before on this stream? I'm using it 1808 01:14:00.860 --> 01:14:02.540 now. No, I'm taking it. That was first 1809 01:14:02.540 --> 01:14:04.340 time I ever heard that. It's dialed. That 1810 01:14:04.340 --> 01:14:06.600 movie's dialed. You've never heard you would say 1811 01:14:06.600 --> 01:14:09.800 that? No. Dialed in. Dial out and figure 1812 01:14:09.800 --> 01:14:15.020 out how the youth talk, Joey. But boomer. 1813 01:14:15.020 --> 01:14:17.660 Joe's a boomer. We're the same age, bro. 1814 01:14:17.660 --> 01:14:18.700 You want me to teach you how to 1815 01:14:18.700 --> 01:14:22.040 use the camera settings, too? I'm going to 1816 01:14:22.040 --> 01:14:23.680 be, I'm going to be zooming in later. 1817 01:14:23.680 --> 01:14:27.220 I will say. that, oh, God, Lisa is 1818 01:14:27.220 --> 01:14:29.720 so, my wife is so bad with any 1819 01:14:29.720 --> 01:14:32.480 sort of slang at all. And I can't 1820 01:14:32.480 --> 01:14:34.600 remember what it was. It was like, it 1821 01:14:34.600 --> 01:14:37.920 was like, uh, TLDR or something like that. 1822 01:14:37.920 --> 01:14:40.920 Somebody said that. And, and I was hanging 1823 01:14:40.920 --> 01:14:42.660 out with Opti and he was with her 1824 01:14:42.660 --> 01:14:44.900 and she's like, TLDR, I don't know what 1825 01:14:44.900 --> 01:14:46.520 that is. And then he said like a 1826 01:14:46.520 --> 01:14:48.660 couple others and she didn't know what they 1827 01:14:48.660 --> 01:14:52.100 were. And he's funny thing about it. He 1828 01:14:52.100 --> 01:14:54.440 was like, he was like, do you know? 1829 01:14:54.440 --> 01:14:59.420 LOL. She's like, yeah, lots of love, of 1830 01:14:59.420 --> 01:15:02.040 course. She just opened up the door. She 1831 01:15:02.040 --> 01:15:05.140 hears me talking about her. Oh, that's great. 1832 01:15:05.140 --> 01:15:07.340 I'm going to see here, Lisa. Ben's saying 1833 01:15:07.340 --> 01:15:09.720 nice things about you. Oh, God. Okay. I 1834 01:15:09.720 --> 01:15:12.020 got to bring up this gem because holy 1835 01:15:12.020 --> 01:15:15.020 hell, what is going on? Wow. This is, 1836 01:15:15.020 --> 01:15:16.800 this is like maybe the worst thing we've 1837 01:15:16.800 --> 01:15:19.540 ever played about Canada on this show. Crazy 1838 01:15:19.540 --> 01:15:20.540 shit going on here. Yeah, this is a 1839 01:15:20.540 --> 01:15:23.460 real clip. This is a real conversation. This 1840 01:15:23.460 --> 01:15:24.720 is not done. Even the name of the 1841 01:15:24.720 --> 01:15:27.480 show. Inclusive, X, Y. I think that's got 1842 01:15:27.480 --> 01:15:28.900 to be an airport, right? What airport is 1843 01:15:28.900 --> 01:15:33.180 that? YXE? It's somewhere, Saskatchewan somewhere. Anyways, let's 1844 01:15:33.180 --> 01:15:36.540 take a listen. Neurodivergence is a numerous amount 1845 01:15:36.540 --> 01:15:38.060 of different types of disabilities. All of those 1846 01:15:38.060 --> 01:15:39.400 are, most of, a majority of those are 1847 01:15:39.400 --> 01:15:41.240 invisible ones. So you have your autism, you 1848 01:15:41.240 --> 01:15:43.680 have your ADHD. Side note, it's not invisible. 1849 01:15:43.680 --> 01:15:47.860 Not a new. Let's keep going. People can 1850 01:15:47.860 --> 01:15:51.120 have dyslexia. So it falls under that obscure, 1851 01:15:51.120 --> 01:15:52.620 weird little space there. So you have like 1852 01:15:52.620 --> 01:15:53.900 so many different types of things. It's hard 1853 01:15:53.900 --> 01:15:55.460 to listen.

because there's so many out there. 1854 01:15:55.460 --> 01:15:57.560 But it affects different the way that a 1855 01:15:57.560 --> 01:16:00.120 person learns and the way they can remember 1856 01:16:00.120 --> 01:16:01.780 things, the way they read things, it affects 1857 01:16:01.780 --> 01:16:06.180 their language. Okay. And so I, I had 1858 01:16:06.180 --> 01:16:08.340 to grok, I was like, why is this 1859 01:16:08.340 --> 01:16:12.100 person, there's got to be an explanation. Anyways, 1860 01:16:12.100 --> 01:16:13.820 the person in the clip is a drag 1861 01:16:13.820 --> 01:16:17.160 performer from hijinks, one of the co -founders 1862 01:16:17.160 --> 01:16:21.120 of Saskatoon, all ages drag group, wigged out 1863 01:16:21.120 --> 01:16:24.700 YXE, appearing as a guest, on the community 1864 01:16:24.700 --> 01:16:29.140 access TV show Inclusive YXE. The Drano Mustache 1865 01:16:29.140 --> 01:16:31.760 is part of their theatrical drag presentation for 1866 01:16:31.760 --> 01:16:34.680 the segment. Drag often, yeah, okay, da -da 1867 01:16:34.680 --> 01:16:38.920 -da -da -da. Wow, and then they tie 1868 01:16:38.920 --> 01:16:40.640 in, so they tie in all the drag 1869 01:16:40.640 --> 01:16:44.680 stuff with neurodivergence inclusion and all of this 1870 01:16:44.680 --> 01:16:47.100 other stuff. What would you rather have Somalians 1871 01:16:47.100 --> 01:16:49.920 in your tax base or whatever this is? 1872 01:16:49.920 --> 01:16:52.520 What would you prefer? Like this is a 1873 01:16:52.520 --> 01:16:53.760 list of it, like they're going after the 1874 01:16:53.760 --> 01:16:55.260 kids. mine aren't in public school, so it's 1875 01:16:55.260 --> 01:16:56.780 not a worry. They're going to take in 1876 01:16:56.780 --> 01:16:58.480 my door. Do we have leering centers, Joey? 1877 01:16:58.480 --> 01:16:59.920 What's your nightmare? You got to think about 1878 01:16:59.920 --> 01:17:02.260 like your nightmare blunt rotation. Is it the 1879 01:17:02.260 --> 01:17:05.720 woman who, like, says Somalians aren't about bananas 1880 01:17:05.720 --> 01:17:08.000 and rice and then can only talk about 1881 01:17:08.000 --> 01:17:09.100 bananas and rice for the rest of the 1882 01:17:09.100 --> 01:17:11.680 interview? Or is it these two fucking they 1883 01:17:11.680 --> 01:17:14.340 thems with a mustache drawn on, like she's 1884 01:17:14.340 --> 01:17:17.080 some kind of Halloween warrior talking to you 1885 01:17:17.080 --> 01:17:20.940 about fucking invisible handicaps when hers is very, 1886 01:17:20.940 --> 01:17:24.120 it's the most visible thing I've ever seen. 1887 01:17:24.120 --> 01:17:26.380 What is, the night of blood rotation evolves 1888 01:17:26.380 --> 01:17:29.380 every day. Listen, as, as someone who is 1889 01:17:29.380 --> 01:17:37.120 an undiagnosed autist, undiagnosed ADHD, undiagnosed neurodivergent, as 1890 01:17:37.120 --> 01:17:41.520 a proud member of this community, I need 1891 01:17:41.520 --> 01:17:47.200 you to understand that is my superpower. And 1892 01:17:47.200 --> 01:17:49.840 I'm thankful my mommy didn't make me take 1893 01:17:49.840 --> 01:17:51.880 the candy that the doctor was trying to 1894 01:17:51.880 --> 01:17:54.960 get that. It's so true. But you can 1895 01:17:54.960 --> 01:17:56.300 go either way, right? You can be like 1896 01:17:56.300 --> 01:17:59.000 the Bitcoin company CEO or you can be 1897 01:17:59.000 --> 01:18:02.080 like Timu Wario on the local news. Like, 1898 01:18:02.080 --> 01:18:03.960 you never know how things are going to 1899 01:18:03.960 --> 01:18:06.260 turn out for you. I thought there's an 1900 01:18:06.260 --> 01:18:08.600 S &L skit. I straight out that's so 1901 01:18:08.600 --> 01:18:11.260 perfect because even right down to like the 1902 01:18:11.260 --> 01:18:12.900 mics are hissing and humming. And I can 1903 01:18:12.900 --> 01:18:16.080 just hear like the low quality. It's unreal. 1904 01:18:16.080 --> 01:18:18.080 Listen, listen, let's turn back to Buddy. The 1905 01:18:18.080 --> 01:18:20.960 anchor chair. He's like, uh, okay. He's on 1906 01:18:20.960 --> 01:18:22.900 the fore. As someone who has a high 1907 01:18:22.900 --> 01:18:27.060 budget, low performance, podcast. I know, I know 1908 01:18:27.060 --> 01:18:28.820 how hard it is to make it in 1909 01:18:28.820 --> 01:18:32.780 media. And I do not understand how this 1910 01:18:32.780 --> 01:18:35.760 type of media makes it. You know what, 1911 01:18:35.760 --> 01:18:37.080 Adam, you know what's funny? You said that 1912 01:18:37.080 --> 01:18:39.340 for years, I've always like bitched to Jessica, 1913 01:18:39.340 --> 01:18:40.800 my wife. I'm always like, how come you 1914 01:18:40.800 --> 01:18:42.660 don't see like George Washington? How come there's 1915 01:18:42.660 --> 01:18:44.800 no kids about George Washington? There's not, there's 1916 01:18:44.800 --> 01:18:46.860 not like a segment about like some great 1917 01:18:46.860 --> 01:18:49.020 thing. It's some like completely made up nonsense 1918 01:18:49.020 --> 01:18:51.100 like this. And this was constantly put in 1919 01:18:51.100 --> 01:18:53.380 your face to, in my opinion, it's there 1920 01:18:53.380 --> 01:18:55.120 to just really drive. a wedge in society, 1921 01:18:55.120 --> 01:18:56.900 obviously, and just like, it really pissed people 1922 01:18:56.900 --> 01:18:59.200 off. It's an Overton window stretcher, man. It 1923 01:18:59.200 --> 01:19:00.500 is. It's like, it's all this. Does the 1924 01:19:00.500 --> 01:19:01.820 chick? That would have never made it onto 1925 01:19:01.820 --> 01:19:05.000 TV 10 years ago. It's with the books, 1926 01:19:05.000 --> 01:19:06.480 but it would have been on SNL, man. 1927 01:19:06.480 --> 01:19:08.620 SNL did a skit. Well, but, but Pat, 1928 01:19:08.620 --> 01:19:10.360 but Pat on SNL, like it wouldn't have 1929 01:19:10.360 --> 01:19:13.860 been serious. Yeah, true, true. It would have 1930 01:19:13.860 --> 01:19:17.500 been taken.

Like, that's not SNL. That's, that's, 1931 01:19:17.500 --> 01:19:18.340 that's, that's, that's, they're trying to be serious. 1932 01:19:18.340 --> 01:19:20.840 Like, they think that is serious. Does the 1933 01:19:20.840 --> 01:19:22.540 chick on the right side there, the girl 1934 01:19:22.540 --> 01:19:24.420 who's like, obviously a girl, Does she say 1935 01:19:24.420 --> 01:19:25.740 anything for the whole clip or is it 1936 01:19:25.740 --> 01:19:29.980 just like a fucking bedazzled tuxedo there? Pretty 1937 01:19:29.980 --> 01:19:31.900 presumptuous of you, Joey. I don't think the 1938 01:19:31.900 --> 01:19:33.260 one on the right is a girl. I'm 1939 01:19:33.260 --> 01:19:35.400 pretty sure I mean, man, baby. She has 1940 01:19:35.400 --> 01:19:37.540 long hair. He has long hair. Can we 1941 01:19:37.540 --> 01:19:38.960 pull it back up? Can we, can we 1942 01:19:38.960 --> 01:19:40.580 zoom in? I got it. It's a fucking 1943 01:19:40.580 --> 01:19:42.340 analogy. I was just trying to figure out. 1944 01:19:42.340 --> 01:19:45.220 Got to read the story. By the way, 1945 01:19:45.220 --> 01:19:46.840 it turned, no, I couldn't find any evidence 1946 01:19:46.840 --> 01:19:48.040 if it was government funded because I was 1947 01:19:48.040 --> 01:19:49.500 like, this has to be the only way. 1948 01:19:49.500 --> 01:19:50.760 I mean, well, local news is going to 1949 01:19:50.760 --> 01:19:52.980 air funded. Yeah, local news is government funded. 1950 01:19:52.980 --> 01:19:55.120 always these local channels are government funding. Okay, 1951 01:19:55.120 --> 01:19:56.480 hang on right here. I'll pause it and 1952 01:19:56.480 --> 01:19:59.280 enhance. Okay, here we go. I think that's 1953 01:19:59.280 --> 01:20:01.140 a chick. I think that's a chick. I 1954 01:20:01.140 --> 01:20:04.480 think that's close. I don't know. That's a 1955 01:20:04.480 --> 01:20:07.320 dude. That's close. The hands look like women's 1956 01:20:07.320 --> 01:20:12.000 hands. So do bends. Wow. Oh, it won't 1957 01:20:12.000 --> 01:20:13.460 let me enhance. It just enhanced on the 1958 01:20:13.460 --> 01:20:18.420 menu. I, listen, I'm not, I think you 1959 01:20:18.420 --> 01:20:20.880 could probably pick up, like, all the outfits 1960 01:20:20.880 --> 01:20:22.280 you see here. If you were like, you 1961 01:20:22.280 --> 01:20:24.600 know, how much. much of the fit cost. 1962 01:20:24.600 --> 01:20:27.620 Tiles has this stuff for like 15 bucks, 1963 01:20:27.620 --> 01:20:29.220 I'm pretty sure. If you can find the 1964 01:20:29.220 --> 01:20:32.360 sequins to paste onto the purple blazer, maybe 1965 01:20:32.360 --> 01:20:34.540 another five or six bucks, easy. There's nothing 1966 01:20:34.540 --> 01:20:36.460 wrong with a thrift store fit though. Halloween's 1967 01:20:36.460 --> 01:20:38.580 tomorrow, buddy. We don't all live in Ontario 1968 01:20:38.580 --> 01:20:43.240 with all you bougie. Financialized economy. Ramped in 1969 01:20:43.240 --> 01:20:46.460 men and Guelph men. Come on, now. Yeah. 1970 01:20:46.460 --> 01:20:47.700 This is, you guys, it would be better 1971 01:20:47.700 --> 01:20:49.660 off with a Harold from red green running 1972 01:20:49.660 --> 01:20:53.260 the country versus, you know, a car. and 1973 01:20:53.260 --> 01:20:55.520 these clowns red green i always forget you're 1974 01:20:55.520 --> 01:20:57.080 basically i'm a hockey night canada boy through 1975 01:20:57.080 --> 01:20:59.040 my entire life cbc bc bc bc bc 1976 01:20:59.040 --> 01:21:00.300 bays the national i'd watch the national just 1977 01:21:00.300 --> 01:21:03.100 for like shits and gaito man's bridge man's 1978 01:21:03.100 --> 01:21:05.660 the former anchor the national um you know 1979 01:21:05.660 --> 01:21:08.420 he was good newsman but his sort of 1980 01:21:08.420 --> 01:21:10.340 most popular bit you know what it was 1981 01:21:10.340 --> 01:21:13.400 it was him christmas shopping for his wife 1982 01:21:13.400 --> 01:21:17.740 on christmas eve at canadian tire awesome amazing 1983 01:21:17.740 --> 01:21:19.720 he would buy her the dumbest shit he'd 1984 01:21:19.720 --> 01:21:21.220 be like i don't know maybe this like 1985 01:21:21.220 --> 01:21:24.440 bobblehead hedgehog with the Christmas tree sunglasses might 1986 01:21:24.440 --> 01:21:25.740 be a hit this year. I'm not sure. 1987 01:21:25.740 --> 01:21:28.000 I'm going to try it out, you know. 1988 01:21:28.000 --> 01:21:29.260 He was a good man. Great. He was 1989 01:21:29.260 --> 01:21:30.900 a good man. So good. All right. We 1990 01:21:30.900 --> 01:21:32.120 got one more thing we got a hit 1991 01:21:32.120 --> 01:21:35.980 on. And that is the incredible investment that 1992 01:21:35.980 --> 01:21:37.820 Mr. Carney here. Oh, we got to go 1993 01:21:37.820 --> 01:21:42.260 deep on this. Joey had a great tweet 1994 01:21:42.260 --> 01:21:44.020 here. A number of Canadians who will choose 1995 01:21:44.020 --> 01:21:48.160 cohere, which is the, the AI firm that 1996 01:21:48.160 --> 01:21:51.060 we're buying a stake in on. behalf of 1997 01:21:51.060 --> 01:21:55.140 Canada, apparently, over open AI or anthropic or 1998 01:21:55.140 --> 01:21:56.860 an open weight model is zero. Not a 1999 01:21:56.860 --> 01:21:59.700 single way. We'll use this product or this 2000 01:21:59.700 --> 01:22:03.020 company of their own volition. You had some 2001 01:22:03.020 --> 01:22:05.920 people that were upset at you for that 2002 01:22:05.920 --> 01:22:08.820 tweet, but really quick. I love that users 2003 01:22:08.820 --> 01:22:12.600 have, readers have added context. The coherent model 2004 01:22:12.600 --> 01:22:15.380 is not world leading in any by any 2005 01:22:15.380 --> 01:22:18.400 venture. So you posted, you posted the compute 2006 01:22:18.400 --> 01:22:19.820 tweet, Ben, maybe pull that up and I'll 2007 01:22:19.820 --> 01:22:21.260 tell you why I think this is a 2008 01:22:21.260 --> 01:22:25.140 bad investment. Here we go. Side note, just

2009 01:22:25.140 --> 01:22:29.020 really quick here. If you see up here, 2010 01:22:29.020 --> 01:22:31.680 Quen 3 .827B, I'm running that on my 2011 01:22:31.680 --> 01:22:35.260 laptop. That's a local model. Wow. The local 2012 01:22:35.260 --> 01:22:39.320 model. Just for, and so it is more 2013 01:22:39.320 --> 01:22:42.640 than three times as powerful as their best 2014 01:22:42.640 --> 01:22:44.640 model at the time. Anyways, Joe. The big 2015 01:22:44.640 --> 01:22:47.520 issue here is multi -prong, and I'll try 2016 01:22:47.520 --> 01:22:51.820 and break it down in like succinct way. 2017 01:22:51.820 --> 01:22:54.900 The problem is really, the first bit is 2018 01:22:54.900 --> 01:22:58.520 that Canada is all about this sort of 2019 01:22:58.520 --> 01:23:02.940 sovereign AI ethos. I love the idea, but 2020 01:23:02.940 --> 01:23:05.360 it means that we have to have a 2021 01:23:05.360 --> 01:23:08.540 company who's able to do sovereign AI the 2022 01:23:08.540 --> 01:23:11.900 way that Anthropic or Open AI have done 2023 01:23:11.900 --> 01:23:13.380 it. And obviously, we're not going to talk 2024 01:23:13.380 --> 01:23:15.860 about the open weight models. They're completely lost 2025 01:23:15.860 --> 01:23:17.900 on our government, sadly, but this is the 2026 01:23:17.900 --> 01:23:20.920 case. We don't have that company. What we 2027 01:23:20.920 --> 01:23:22.900 have is this company called Cohere. And Cohere 2028 01:23:22.900 --> 01:23:27.040 is a company that admittedly is not quite 2029 01:23:27.040 --> 01:23:30.580 LLM, the same way that retail facing LLMs 2030 01:23:30.580 --> 01:23:34.000 are. They're focused on privacy and data protection 2031 01:23:34.000 --> 01:23:36.660 and stuff like this. I appreciate that. But 2032 01:23:36.660 --> 01:23:38.460 at the same time, if you look at 2033 01:23:38.460 --> 01:23:41.940 that press hit that Carney did and that 2034 01:23:41.940 --> 01:23:44.280 his ministers have done over the past. And 2035 01:23:44.280 --> 01:23:46.640 tomorrow, Evan Solomon, our minister of tech and 2036 01:23:46.640 --> 01:23:48.860 AI, will release a podcast that they just 2037 01:23:48.860 --> 01:23:51.800 invented out of nothing. with the CEO or 2038 01:23:51.800 --> 01:23:55.060 founder of Cohere, something Gomez, I forget his 2039 01:23:55.060 --> 01:23:57.620 first name. The thing is that these guys 2040 01:23:57.620 --> 01:24:01.080 are selling this as a company that is, 2041 01:24:01.080 --> 01:24:02.540 you know, sort of a kindred spirit to 2042 01:24:02.540 --> 01:24:04.120 open AI or anthropic. It's just not the 2043 01:24:04.120 --> 01:24:07.120 case, number one. Number two, and maybe, maybe 2044 01:24:07.120 --> 01:24:10.920 more importantly, is that the idea that this 2045 01:24:10.920 --> 01:24:12.940 is a sovereign AI company is just not 2046 01:24:12.940 --> 01:24:17.240 true. It's sovereign insofar as the company is 2047 01:24:17.240 --> 01:24:20.460 incorporated in Canada, but the chips or

Nvidia 2048 01:24:20.460 --> 01:24:26.260 chips. The data centers are owned by, what 2049 01:24:26.260 --> 01:24:27.780 is a Carney's company there? Some of them 2050 01:24:27.780 --> 01:24:29.960 are. Brookfield? Oh, Brookfield? I was just trying 2051 01:24:29.960 --> 01:24:31.080 to figure that out to figure what the 2052 01:24:31.080 --> 01:24:33.680 Brookfield investment was. It's in the infrastructure. They 2053 01:24:33.680 --> 01:24:35.400 have a private line of credit that no 2054 01:24:35.400 --> 01:24:37.340 one's talking about yet. I may write a 2055 01:24:37.340 --> 01:24:38.780 tweet, thread about this. You know who the 2056 01:24:38.780 --> 01:24:42.340 private line of credit is with, the ECB? 2057 01:24:42.340 --> 01:24:44.720 These guys are running, yeah, so these guys 2058 01:24:44.720 --> 01:24:46.940 are running kind of like a backdoor, less 2059 01:24:46.940 --> 01:24:49.300 sovereign operation. And I said to Hoddle D, 2060 01:24:49.300 --> 01:24:50.540 we were playing. Call of Duty before the 2061 01:24:50.540 --> 01:24:52.620 podcast started. And so I was getting my 2062 01:24:52.620 --> 01:24:54.620 best ideas out there to the Call of 2063 01:24:54.620 --> 01:24:57.320 Duty lobby. Shout to you guys. Too bad 2064 01:24:57.320 --> 01:25:00.400 we couldn't win that Plant and Destroy game. 2065 01:25:00.400 --> 01:25:04.460 But the idea that sovereignty in Canada now 2066 01:25:04.460 --> 01:25:08.400 doesn't actually mean sovereignty, but has taken on 2067 01:25:08.400 --> 01:25:11.340 a meaning akin to diversity, where diversity means 2068 01:25:11.340 --> 01:25:15.260 anything but white, sovereignty means anything but America. 2069 01:25:15.260 --> 01:25:17.640 Anything but U .S. Yeah. So we've actually 2070 01:25:17.640 --> 01:25:21.520 gone this other direction where. we will take 2071 01:25:21.520 --> 01:25:26.680 investment and hardware and software and influence and 2072 01:25:26.680 --> 01:25:29.380 whatever else from anyone about America. A complete 2073 01:25:29.380 --> 01:25:32.260 mistake, obviously, given the direction the European Union 2074 01:25:32.260 --> 01:25:33.400 is going. We can talk about that another 2075 01:25:33.400 --> 01:25:34.680 time. But I think the other thing that's 2076 01:25:34.680 --> 01:25:40.500 worth mentioning is this comment from Carney and 2077 01:25:40.500 --> 01:25:43.120 Evan Solomon has echoed this. We want to 2078 01:25:43.120 --> 01:25:44.880 have a stake. They obviously did a big 2079 01:25:44.880 --> 01:25:46.920 raise. I tweeted a chart about the number 2080 01:25:46.920 --> 01:25:48.960 of dollars, private dollars and public dollars. that 2081 01:25:48.960 --> 01:25:50.800 Anthropic is raised and Open AI is raised 2082 01:25:50.800 --> 01:25:53.000 compared to these guys. They just did a 2083 01:25:53.000 --> 01:25:55.520 big raise and are now valuing themselves at 2084 01:25:55.520 --> 01:25:58.640 $35 or $36 billion, which is great. It 2085 01:25:58.640 --> 01:26:01.120 only makes sense when you consider that the 2086 01:26:01.120 --> 01:26:03.160 federal government of Canada put in close to 2087 01:26:03.160 --> 01:26:05.480 $2 billion in the last raise. And why 2088 01:26:05.480 --> 01:26:08.800 do they do this? Not because these guys 2089 01:26:08.800 --> 01:26:10.780 are a frontier model, which is obviously a 2090 01:26:10.780 --> 01:26:13.060 lie like we talked about earlier. Not because 2091 01:26:13.060 --> 01:26:15.260 these guys are in demand. They're not in 2092 01:26:15.260 --> 01:26:17.500 demand. Not because these guys are being used 2093 01:26:17.500 --> 01:26:19.500 by Canadian companies and to the extent they're 2094 01:26:19.500 --> 01:26:22.520 being used by Canadian companies, the true cost 2095 01:26:22.520 --> 01:26:24.140 of compute is not being paid by the 2096 01:26:24.140 --> 01:26:26.340 companies using them. So Bell and ScanRail, for 2097 01:26:26.340 --> 01:26:28.360 example, use these guys to protect their data, 2098 01:26:28.360 --> 01:26:31.760 protect their privacy. But because the government is 2099 01:26:31.760 --> 01:26:34.760 subsidizing the company, they're able to charge less 2100 01:26:34.760 --> 01:26:36.840 than market for the compute and for the 2101 01:26:36.840 --> 01:26:39.840 product. That's not going to last unless you 2102 01:26:39.840 --> 01:26:41.960 keep the basing the currency. Not going to 2103 01:26:41.960 --> 01:26:43.080 be lost on this chat, not going to 2104 01:26:43.080 --> 01:26:46.680 be lost on these listeners. The bigger problem, 2105 01:26:46.680 --> 01:26:49.760 though, is that the biggest. that this company 2106 01:26:49.760 --> 01:26:55.820 actually has no viable product, none. They are 2107 01:26:55.820 --> 01:26:59.700 telling us the public, the taxpayer, the government, 2108 01:26:59.700 --> 01:27:01.320 that they are not in competition with Anthropic 2109 01:27:01.320 --> 01:27:03.760 and Open AI. That's not the case. Anthropic 2110 01:27:03.760 --> 01:27:05.740 and Open AI, as we see with the 2111 01:27:05.740 --> 01:27:10.280 market action today, are the sort of latest 2112 01:27:10.280 --> 01:27:13.940 monolithic companies that are going to take down 2113 01:27:13.940 --> 01:27:17.200 entire sectors. And this is not, I don't 2114 01:27:17.200 --> 01:27:21.040 think, conjecture at this point. They've upended everything 2115 01:27:21.040 --> 01:27:24.920 from camera apps on your iPhone to Adobe 2116 01:27:24.920 --> 01:27:30.200 production suites to podcast studios, to video editing 2117 01:27:30.200 --> 01:27:36.200 stuff, to YouTube thumbnail making, to medical sciences, 2118 01:27:36.200 --> 01:27:39.720 you name it. If the government wants to 2119 01:27:39.720 --> 01:27:42.260 pretend that these are two different silos, they 2120 01:27:42.260 --> 01:27:46.060 can. But it is imperative that Canadians and 2121 01:27:46.060 --> 01:27:49.480 any other you know, group of citizens whose 2122 01:27:49.480 --> 01:27:52.440 government tells them,

there are two silos, we 2123 01:27:52.440 --> 01:27:54.160 have the winner and this other one doesn't 2124 01:27:54.160 --> 01:27:56.900 matter, it's imperative that people understand this is 2125 01:27:56.900 --> 01:28:00.640 a lie. It is an intentional, easy to 2126 01:28:00.640 --> 01:28:03.160 debunk a lie on the back of stuff 2127 01:28:03.160 --> 01:28:05.060 like where are the capital flows from the 2128 01:28:05.060 --> 01:28:09.940 private sector, where are the compute opportunities and 2129 01:28:09.940 --> 01:28:12.840 capacity going, not to these guys, and maybe 2130 01:28:12.840 --> 01:28:15.520 most importantly, how much of the valuation is 2131 01:28:15.520 --> 01:28:18.060 actually from government subsidy. pointed out to me 2132 01:28:18.060 --> 01:28:20.520 today that, you know, the chart I posted 2133 01:28:20.520 --> 01:28:23.220 is wrong. Other companies in the United States, 2134 01:28:23.220 --> 01:28:25.920 like Open AI and Anthropic, you know, principally, 2135 01:28:25.920 --> 01:28:27.500 have taken money from the government. They've taken 2136 01:28:27.500 --> 01:28:30.560 money from the government for their services. The 2137 01:28:30.560 --> 01:28:33.620 government is buying services from these companies because 2138 01:28:33.620 --> 01:28:35.800 they're good. They're solid. They're best in class, 2139 01:28:35.800 --> 01:28:38.260 best in silo. That's not the case for 2140 01:28:38.260 --> 01:28:40.340 these other guys. I plan on watching this 2141 01:28:40.340 --> 01:28:42.200 video tomorrow with Evan Solomon, who is a 2142 01:28:42.200 --> 01:28:46.460 clueless art dealer, by the way, with the 2143 01:28:46.460 --> 01:28:49.380 CEO of Cohere. I'm going to try and 2144 01:28:49.380 --> 01:28:50.360 pull it apart. I think there's going to 2145 01:28:50.360 --> 01:28:51.580 be a lot of opportunity for people to 2146 01:28:51.580 --> 01:28:53.700 really see through the nonsense here. And to 2147 01:28:53.700 --> 01:28:57.280 Ben's point, someone in the comments, you know, 2148 01:28:57.280 --> 01:29:00.120 John, whatever his name is, Eli, Ali, who's 2149 01:29:00.120 --> 01:29:01.580 a Bitcoin guy, I think he was working 2150 01:29:01.580 --> 01:29:03.020 with Block rewards, to be honest with you, 2151 01:29:03.020 --> 01:29:06.880 Ben. You know, it's saying that he unfollowed 2152 01:29:06.880 --> 01:29:09.540 me and might unfollow Ben because of doomerism. 2153 01:29:09.540 --> 01:29:12.160 It's not dumerism. John actually, in his profile, 2154 01:29:12.160 --> 01:29:14.400 talks about running an AI company. And the 2155 01:29:14.400 --> 01:29:16.320 question I have for anyone who's running a 2156 01:29:16.320 --> 01:29:18.940 company, whether it's AI or anything else, is, 2157 01:29:18.940 --> 01:29:21.120 do you think the most important thing about 2158 01:29:21.120 --> 01:29:23.620 your company should be proximity to Ottawa? Because 2159 01:29:23.620 --> 01:29:26.100 right now, the most important thing for your 2160 01:29:26.100 --> 01:29:29.160 company's success is how close you are to 2161 01:29:29.160 --> 01:29:30.880 the spigant. Can you get some kind of 2162 01:29:30.880 --> 01:29:35.460 grant or funding or special term loan that 2163 01:29:35.460 --> 01:29:37.760 makes you, that gives you the ability to 2164 01:29:37.760 --> 01:29:40.880 sell your product under market value to gain 2165 01:29:40.880 --> 01:29:45.080 market share? If that's your company strategy, you're 2166 01:29:45.080 --> 01:29:47.220 not going to make it. I would argue, 2167 01:29:47.220 --> 01:29:48.640 Adam, I don't know what you think. I 2168 01:29:48.640 --> 01:29:50.220 think you're a good entrepreneur. I've told you 2169 01:29:50.220 --> 01:29:52.140 as much in the past. And I think 2170 01:29:52.140 --> 01:29:54.560 what you're doing at Bitcoin well is great. 2171 01:29:54.560 --> 01:29:56.440 I think there's very few guys like you 2172 01:29:56.440 --> 01:30:00.980 in Canada these days. Whether it's like Francis, 2173 01:30:00.980 --> 01:30:05.260 you, guys like Lucky from Shopify, I can 2174 01:30:05.260 --> 01:30:07.180 name sort of on one hand, the number 2175 01:30:07.180 --> 01:30:08.960 of Canadian entrepreneurs that I think are building 2176 01:30:08.960 --> 01:30:12.040 products that succeed here and abroad. It's a 2177 01:30:12.040 --> 01:30:14.380 very small number. That's it. That's it. I 2178 01:30:14.380 --> 01:30:15.540 get to go back to the rim and 2179 01:30:15.540 --> 01:30:17.340 that imploded. You know, like, Paul Silly and 2180 01:30:17.340 --> 01:30:19.000 those guys, part of the reason I think 2181 01:30:19.000 --> 01:30:21.580 that this is the case now is because 2182 01:30:21.580 --> 01:30:23.840 Canadian entrepreneurs realize that if I can go 2183 01:30:23.840 --> 01:30:26.580 to the right school, get the right MBA 2184 01:30:26.580 --> 01:30:28.580 with the right profs and the right connections 2185 01:30:28.580 --> 01:30:32.240 to Sussex, then I'm cruising after that. My 2186 01:30:32.240 --> 01:30:34.420 company, my bloodline will be funded by the 2187 01:30:34.420 --> 01:30:36.680 Canadian taxpayer. That's what these guys are doing. 2188 01:30:36.680 --> 01:30:38.560 There's no doubt about this. That's the whole 2189 01:30:38.560 --> 01:30:39.980 Canadian plan because even look at like the 2190 01:30:39.980 --> 01:30:42.340 wealthiest, like, middle class that you have, is 2191 01:30:42.340 --> 01:30:44.700 you're coming from the universities or their doctors, 2192 01:30:44.700 --> 01:30:47.100 right? Yeah, it's the entire, like, the only, 2193 01:30:47.100 --> 01:30:49.100 like, somewhat wealth you have in this country. 2194 01:30:49.100 --> 01:30:50.620 And the prime ministers are scattered or government 2195 01:30:50.620 --> 01:30:52.980 paid high wages. The prime minister tried to 2196 01:30:52.980 --> 01:30:54.420 answer a question today, like I told you 2197 01:30:54.420 --> 01:30:56.800 guys before the show about, you know, how 2198

01:30:56.800 --> 01:31:00.280 this contributes to Canadian sovereignty or AI sovereignty. 2199 01:31:00.280 --> 01:31:02.740 He couldn't answer it. It's not because the 2200 01:31:02.740 --> 01:31:04.540 prime minister's not a smart guy. It's not 2201 01:31:04.540 --> 01:31:06.100 because the prime minister is not prepared. It's 2202 01:31:06.100 --> 01:31:08.100 because there is no good answer for it 2203 01:31:08.100 --> 01:31:10.840 because it's not true. And the media, to 2204 01:31:10.840 --> 01:31:12.380 their, to To their credit, it's starting to 2205 01:31:12.380 --> 01:31:13.920 catch up on this stuff. Adam, yeah, sorry, 2206 01:31:13.920 --> 01:31:15.100 buddy. Go ahead. You know, no, listen, this 2207 01:31:15.100 --> 01:31:16.500 is, this is, this concept is called a 2208 01:31:16.500 --> 01:31:20.000 corporatocracy. And when your marketing budget is closer 2209 01:31:20.000 --> 01:31:22.840 to a lobby budget, this is exactly what 2210 01:31:22.840 --> 01:31:24.560 we see. And we see people trying to 2211 01:31:24.560 --> 01:31:27.140 appease the government rather than trying to appease 2212 01:31:27.140 --> 01:31:29.840 customers. And that's the, that's the reality of 2213 01:31:29.840 --> 01:31:31.980 where we are. It is, it is much 2214 01:31:31.980 --> 01:31:33.560 more fruitful, just like you said, Joey, to 2215 01:31:33.560 --> 01:31:35.720 appease the government, to build a business that 2216 01:31:35.720 --> 01:31:38.940 will, like, guys, the scariest thing about AI 2217 01:31:38.940 --> 01:31:41.760 is the amount of data that we, knowingly 2218 01:31:41.760 --> 01:31:43.140 ship. Do you know, do you know what 2219 01:31:43.140 --> 01:31:45.140 Carney? Do you know what Carney and Solomon 2220 01:31:45.140 --> 01:31:47.020 said about the reason they took stake in 2221 01:31:47.020 --> 01:31:48.920 this company? Because it gives him a seat 2222 01:31:48.920 --> 01:31:50.980 at the table and an opportunity to control. 2223 01:31:50.980 --> 01:31:53.180 Those are his words, not mine. And so 2224 01:31:53.180 --> 01:31:55.740 like the data, it's crazy. When people say, 2225 01:31:55.740 --> 01:31:58.180 like, it's sovereign, what's sovereign? Like I said, 2226 01:31:58.180 --> 01:31:59.780 Nvidia owns the chips, Brookfield owns the fucking 2227 01:31:59.780 --> 01:32:02.780 data centers. The European Union is invested to. 2228 01:32:02.780 --> 01:32:05.900 The Canadian government's invested. There's no sovereignty. It's 2229 01:32:05.900 --> 01:32:08.220 completely ridiculous, man. Joe, it's going to be 2230 01:32:08.220 --> 01:32:09.760 just as good as the arrive app, okay? 2231 01:32:09.760 --> 01:32:10.960 It'll be just as good as the arrive 2232 01:32:10.960 --> 01:32:13.400 app. And hopefully they pay a little bit 2233 01:32:13.400 --> 01:32:15.120 more for it too. I will say there's 2234 01:32:15.120 --> 01:32:18.460 a silver lining here, okay? The government has 2235 01:32:18.460 --> 01:32:20.540 given, I used to talk about

sovereignty all 2236 01:32:20.540 --> 01:32:23.460 the time, and I had Libtards tell me 2237 01:32:23.460 --> 01:32:26.440 that sovereignty is a bad word. And now 2238 01:32:26.440 --> 01:32:29.240 that the liberals are using the term sovereignty, 2239 01:32:29.240 --> 01:32:30.820 we can all reclaim it. And we can 2240 01:32:30.820 --> 01:32:33.360 all have sovereign sessions, and we can all 2241 01:32:33.360 --> 01:32:37.340 have this mission for sovereignty being redeemed by 2242 01:32:37.340 --> 01:32:39.180 the liberals, and we can poke holes in 2243 01:32:39.180 --> 01:32:41.760 what sovereignty actually means. because it is absolutely 2244 01:32:41.760 --> 01:32:46.380 ridiculous that we would call anything sovereign that 2245 01:32:46.380 --> 01:32:49.320 is not built inside the walls with the 2246 01:32:49.320 --> 01:32:51.920 talent that we have. And actually, actually meaningfully 2247 01:32:51.920 --> 01:32:54.780 contributes to our GDP. We have a house 2248 01:32:54.780 --> 01:32:57.880 of cards, a house of carnies, actually. And 2249 01:32:57.880 --> 01:33:01.460 it's going to explode. I just says something 2250 01:33:01.460 --> 01:33:02.900 to the back chat. I hope Nathan can 2251 01:33:02.900 --> 01:33:04.900 pull it up. Of the last big, like, 2252 01:33:04.900 --> 01:33:07.380 private sector investment, the government made a huge 2253 01:33:07.380 --> 01:33:09.640 deal of, like, press releases, whatever, because they 2254 01:33:09.640 --> 01:33:12.860 are obviously the anti -elon, anti -whatever. And 2255 01:33:12.860 --> 01:33:15.640 it's this launch pad, these guys put up 2256 01:33:15.640 --> 01:33:18.380 in Nova Scotia. So, if you want to 2257 01:33:18.380 --> 01:33:20.200 have it be like, I hope you're sitting 2258 01:33:20.200 --> 01:33:26.180 down, because here's the fucking launch patch. Where's 2259 01:33:26.180 --> 01:33:27.240 the drawn -on mustache? This is like the 2260 01:33:27.240 --> 01:33:29.000 Lake of America sign, Joey, right over by 2261 01:33:29.000 --> 01:33:31.300 you. I wish I was kidding. I wish 2262 01:33:31.300 --> 01:33:32.740 I was kidding. How much they drop on 2263 01:33:32.740 --> 01:33:35.080 this? Oh, fuck, Ben. Oh, that's a $30 2264 01:33:35.080 --> 01:33:37.280 million pile of gravel for sure. Seven rate, 2265 01:33:37.280 --> 01:33:39.320 seven rate minimum. And like, I, I hate 2266 01:33:39.320 --> 01:33:41.720 it because. And I just want to like, 2267 01:33:41.720 --> 01:33:44.320 to John's point, John got on me and 2268 01:33:44.320 --> 01:33:47.000 Ben a little bit about how we're Dumers. 2269 01:33:47.000 --> 01:33:49.940 I'm not a Dumer, but you cannot sit 2270 01:33:49.940 --> 01:33:53.780 back and watch this stuff. By criticism, that 2271 01:33:53.780 --> 01:33:56.400 site appears to be just a $200 million 2272 01:33:56.400 --> 01:33:58.680 slab of Congress. Just nine figures. Just nine 2273 01:33:58.680 --> 01:34:01.060 figures. You know, like. This is Joey, this 2274 01:34:01.060 --> 01:34:03.580 is the Lake, Lake Ontario sign that right 2275 01:34:03.580 --> 01:34:05.720 by you that cost like 500 grand or 2276 01:34:05.720 --> 01:34:07.900 $200. You know, he spent the fucking, yeah, 2277 01:34:07.900 --> 01:34:09.080 you know, he could have bought a house 2278 01:34:09.080 --> 01:34:12.060 with that money. fucking bought a sign like 2279 01:34:12.060 --> 01:34:15.240 at some point somebody with some financial sense 2280 01:34:15.240 --> 01:34:16.900 has to come into power but i think 2281 01:34:16.900 --> 01:34:18.660 in bitcoin the thing we realize is that 2282 01:34:18.660 --> 01:34:22.740 even if we get that guy there's nothing 2283 01:34:22.740 --> 01:34:24.040 he can do oh i want to push 2284 01:34:24.040 --> 01:34:25.840 you on that joey i think like like 2285 01:34:25.840 --> 01:34:28.340 he carney has financial sense i think he's 2286 01:34:28.340 --> 01:34:30.040 using it exactly the way they have installed 2287 01:34:30.040 --> 01:34:31.500 him to do so yeah like yeah like 2288 01:34:31.500 --> 01:34:34.020 this is what evil or dumb guys you 2289 01:34:34.020 --> 01:34:35.440 can you can have dumb for a year 2290 01:34:35.440 --> 01:34:36.920 you can have dumb for two years or 2291 01:34:36.920 --> 01:34:38.560 for three years you don't get dumb for 2292 01:34:38.560 --> 01:34:40.680 15 years right this is evil this is 2293 01:34:40.680 --> 01:34:42.300 this is this is straight up central bank 2294 01:34:42.300 --> 01:34:45.360 guy obviously wets like it's it's it's pretty 2295 01:34:45.360 --> 01:34:48.300 obvious at this point yeah yeah Brandon uh 2296 01:34:48.300 --> 01:34:50.920 peeking over the ice wall uh what are 2297 01:34:50.920 --> 01:34:54.840 your thoughts yeah holy cow i i will 2298 01:34:54.840 --> 01:34:56.900 say and again you know our good buddy 2299 01:34:56.900 --> 01:34:58.240 bode buddy nolan and you guys might remember 2300 01:34:58.240 --> 01:34:59.780 too but carnie's like he's actually the biggest 2301 01:34:59.780 --> 01:35:01.160 financial loser of all the time to to 2302 01:35:01.160 --> 01:35:03.060 adam's point he's doing he's doing it's all 2303 01:35:03.060 --> 01:35:05.120 relative he's playing the game but he's doing 2304 01:35:05.120 --> 01:35:06.780 someone else's bidding he's not a he's not 2305 01:35:06.780 --> 01:35:09.140 a stupid guy um you know he's just 2306 01:35:09.140 --> 01:35:10.740 playing a game that's not for all of 2307 01:35:10.740 --> 01:35:12.440 us but i forget what it was he 2308 01:35:12.440 --> 01:35:14.320 got some slush fund he got some he 2309 01:35:14.320 --> 01:35:16.740 lost you know like a trillion dollars uh 2310 01:35:16.740 --> 01:35:18.700 i don't forget when it was exactly and 2311 01:35:18.700 --> 01:35:20.340 what the fund was for like 10 years 2312 01:35:20.340 --> 01:35:22.360 ago or decade ago but he's no one 2313 01:35:22.360 --> 01:35:24.520 claims he's the biggest financial loser of all 2314 01:35:24.520 --> 01:35:27.080 time uh

which is again this is just 2315 01:35:27.080 --> 01:35:28.800 the the the grift and the graft it's 2316 01:35:28.800 --> 01:35:31.200 a lake ontario two hundred fifty thousand dollar 2317 01:35:31.200 --> 01:35:33.540 signed it's the 200 million dollar piece of 2318 01:35:33.540 --> 01:35:35.260 concrete this is just the grip and the 2319 01:35:35.260 --> 01:35:37.160 graph i mean you come to to michigan 2320 01:35:37.160 --> 01:35:39.640 here and the roads are effing terrible Why 2321 01:35:39.640 --> 01:35:41.780 is that? Why? We got asphalt everywhere. Put 2322 01:35:41.780 --> 01:35:43.680 concrete down. Well, you can't because we're going 2323 01:35:43.680 --> 01:35:45.440 to skim the difference. We got, you know, 2324 01:35:45.440 --> 01:35:46.860 who the contracts go to who knows who 2325 01:35:46.860 --> 01:35:49.520 is, you know, Jimmy's, you know, uncle and 2326 01:35:49.520 --> 01:35:51.620 he's running stuff. So we're giving him the 2327 01:35:51.620 --> 01:35:54.420 difference, the arbitrage there. And we just get 2328 01:35:54.420 --> 01:35:56.320 shitty roads and we're repaving them every two 2329 01:35:56.320 --> 01:35:58.300 years. It's just how government works. And to 2330 01:35:58.300 --> 01:36:00.280 your guys point, this goes back to, I 2331 01:36:00.280 --> 01:36:02.540 believe, Frederick Bastiat, right? When, when plunder becomes 2332 01:36:02.540 --> 01:36:04.380 a way of life, and I'm going to 2333 01:36:04.380 --> 01:36:06.520 mess it up. But it's, you know, men 2334 01:36:06.520 --> 01:36:08.160 create the moral code around it, the legal 2335 01:36:08.160 --> 01:36:10.560 code, legal code. to justify it and that's 2336 01:36:10.560 --> 01:36:12.340 where we are you know, so that's how 2337 01:36:12.340 --> 01:36:13.260 we're going to see our way out of 2338 01:36:13.260 --> 01:36:14.480 this and how are we going to fight 2339 01:36:14.480 --> 01:36:15.700 our way are we going to band together 2340 01:36:15.700 --> 01:36:17.000 people who think like us like when you 2341 01:36:17.000 --> 01:36:19.040 guys mentioned earlier that to me is the 2342 01:36:19.040 --> 01:36:20.820 only way it's control you control put your 2343 01:36:20.820 --> 01:36:22.820 mask on and there's there's no one coming 2344 01:36:22.820 --> 01:36:23.880 to save it by the way not just 2345 01:36:23.880 --> 01:36:26.180 central banker Carney was also the second choice 2346 01:36:26.180 --> 01:36:27.400 he was the runner -up for head of 2347 01:36:27.400 --> 01:36:29.960 the IMF in 2019 no is that yes 2348 01:36:29.960 --> 01:36:33.280 yes yes Lagarde like every one of them 2349 01:36:33.280 --> 01:36:36.200 holy shit good fucking that's a good find 2350 01:36:36.200 --> 01:36:37.520 where did you find that is that true 2351 01:36:37.520 --> 01:36:39.140 I remember I pulled it up here because 2352 01:36:39.140 --> 01:36:40.660 I was like, I remember him making a 2353 01:36:40.660 --> 01:36:44.420 run at something. His cohere agent hallucinated and

2354 01:36:44.420 --> 01:36:49.240 pulled him. In 2011, after Dominic Strauss -Con 2355 01:36:49.240 --> 01:36:51.660 resigned Carney, then Banking Canada, the governor was 2356 01:36:51.660 --> 01:36:53.520 floated as a possible replacement. And then in 2357 01:36:53.520 --> 01:36:56.640 2019, a serious run when Lagarde left the 2358 01:36:56.640 --> 01:36:59.340 IMF. So he twice was kind of in 2359 01:36:59.340 --> 01:37:01.120 the running as the possible head of the 2360 01:37:01.120 --> 01:37:03.140 IMF. Love that. I told you guys before 2361 01:37:03.140 --> 01:37:05.860 that he says after a couple glasses of 2362 01:37:05.860 --> 01:37:07.180 wine, that he thinks he looks like James 2363 01:37:07.180 --> 01:37:13.480 Bond. So, yeah, all right, gents, uh, gonna 2364 01:37:13.480 --> 01:37:15.480 round out here, but I do want to, 2365 01:37:15.480 --> 01:37:18.240 really quick, I'm gonna, everybody in the chat, 2366 01:37:18.240 --> 01:37:20.440 uh, later on, please comment, because I want 2367 01:37:20.440 --> 01:37:22.760 your, I want your feedback. I vibe coded 2368 01:37:22.760 --> 01:37:24.500 the shit out of something. And so I'm 2369 01:37:24.500 --> 01:37:26.460 gonna, I'm gonna, I'm gonna quickly, uh, give 2370 01:37:26.460 --> 01:37:29.340 a little show to, uh, Sessions wallet. I 2371 01:37:29.340 --> 01:37:31.180 vibe coded this on the plane on the 2372 01:37:31.180 --> 01:37:34.420 way to, uh, Lugano, uh, but it's, I'm 2373 01:37:34.420 --> 01:37:36.800 in advanced mode mode right now. Here's my, 2374 01:37:36.800 --> 01:37:38.760 here's my, here's my T. LDR pitch. By 2375 01:37:38.760 --> 01:37:40.340 the way, this thing is probably like fucking 2376 01:37:40.340 --> 01:37:42.260 Swiss cheese, so don't use it to secure 2377 01:37:42.260 --> 01:37:46.600 anything. Nonetheless, it's all modular. You can add 2378 01:37:46.600 --> 01:37:49.380 and like move around the modules and kind 2379 01:37:49.380 --> 01:37:50.940 of, you know, if you want to add 2380 01:37:50.940 --> 01:37:53.900 a hardware wallet or something, plug it in, 2381 01:37:53.900 --> 01:37:58.360 parrot, Bluetooth, QR, whatever you want. And I've 2382 01:37:58.360 --> 01:37:59.960 set it up so that there's a spending 2383 01:37:59.960 --> 01:38:03.980 wallet, which is using Spark. But if you 2384 01:38:03.980 --> 01:38:07.140 want to make it more private, you can 2385 01:38:07.140 --> 01:38:12.180 actually receive via eCash and then have it 2386 01:38:12.180 --> 01:38:15.120 swap into the Lightning wallet. I've also set 2387 01:38:15.120 --> 01:38:16.960 it up so that any hardware wallet that 2388 01:38:16.960 --> 01:38:19.560 you have, you can receive via Lightning and 2389 01:38:19.560 --> 01:38:21.920 then have it swap directly into the wallet 2390 01:38:21.920 --> 01:38:24.200 as well or have a threshold of the 2391 01:38:24.200 --> 01:38:27.320 spending that auto converts to your wallet. I've 2392 01:38:27.320 --> 01:38:31.320 also added the ability to create vaults. So 2393 01:38:31.320 --> 01:38:33.780 you can do multi -sig vaults yourself. You 2394 01:38:33.780 --> 01:38:36.260 can also do a multi -person vault that 2395 01:38:36.260 --> 01:38:38.140 you can pair and it uses. this Noster 2396 01:38:38.140 --> 01:38:41.420 to pair up with people. Yeah, I've done 2397 01:38:41.420 --> 01:38:43.740 a ton of shit here. Yeah, obviously, you 2398 01:38:43.740 --> 01:38:45.760 can connect your own node. You can do 2399 01:38:45.760 --> 01:38:48.260 for on -chain sends. You can do fake 2400 01:38:48.260 --> 01:38:50.600 two -person coin joins or use pay join 2401 01:38:50.600 --> 01:38:53.840 depending on what's available. Yeah, I mean, you 2402 01:38:53.840 --> 01:38:56.140 can link a Noster identity. You can do 2403 01:38:56.140 --> 01:38:57.980 Noster Wallet Connect. You can do all kinds 2404 01:38:57.980 --> 01:39:00.440 of shit. You can also link your mobile 2405 01:39:00.440 --> 01:39:02.680 and other computers. So you have the exact 2406 01:39:02.680 --> 01:39:06.160 same layout, everything that you have here. You're 2407 01:39:06.160 --> 01:39:08.880 like all linked. everything and have it be 2408 01:39:08.880 --> 01:39:12.220 consistent across every single interface and it uses 2409 01:39:12.220 --> 01:39:15.640 past key backups to do so so that 2410 01:39:15.640 --> 01:39:17.920 you don't you can write your seed but 2411 01:39:17.920 --> 01:39:20.720 it'll actually also back up your entire fucking 2412 01:39:20.720 --> 01:39:22.920 interface so this is what i've been dicking 2413 01:39:22.920 --> 01:39:24.940 around with for the past week nathan came 2414 01:39:24.940 --> 01:39:27.040 up with some awesome ideas too but uh 2415 01:39:27.040 --> 01:39:29.720 here's where we are let me know in 2416 01:39:29.720 --> 01:39:31.660 comments uh or hit me up on how 2417 01:39:31.660 --> 01:39:34.620 are you not bullish on the future but 2418 01:39:34.620 --> 01:39:36.400 you can just fucking spin up your own 2419 01:39:36.400 --> 01:39:38.880 wallet exactly as you want it on the 2420 01:39:38.880 --> 01:39:42.120 plane to Switzerland. Yeah. I always thought Ben 2421 01:39:42.120 --> 01:39:43.800 was just a pretty melt piece, but now 2422 01:39:43.800 --> 01:39:46.180 I see he's actually vying for product jobs 2423 01:39:46.180 --> 01:39:50.560 around the world. So this is pretty good. 2424 01:39:50.560 --> 01:39:52.880 Yeah, so anyways, I'm stoked for it because 2425 01:39:52.880 --> 01:39:55.480 it's just, it's cool and I can integrate 2426 01:39:55.480 --> 01:39:58.020 all of the shit that I want. And 2427 01:39:58.020 --> 01:39:59.720 then I'm gonna, I was, I was, I 2428 01:39:59.720 --> 01:40:01.920 was, uh, we were with Rob Hamilton of 2429 01:40:01.920 --> 01:40:05.640 Red Team, uh, in, in, uh, Lugano. And 2430 01:40:05.640 --> 01:40:06.980 I was like, hey, can I pass you 2431 01:40:06.980 --> 01:40:08.620 my wallet? He's like, I'll drop it in 2432 01:40:08.620 --> 01:40:11.140 the red team chat and

we'll just have 2433 01:40:11.140 --> 01:40:13.660 a go at it. Like, please do. I'm 2434 01:40:13.660 --> 01:40:15.320 just seeing pop up in my feed right 2435 01:40:15.320 --> 01:40:15.880 now. I just want to make sure I 2436 01:40:15.880 --> 01:40:19.260 get this one quick. Oh shit. Wellet, Sessions 2437 01:40:19.260 --> 01:40:25.180 wallet reportedly hacked. The biggest surprise for me 2438 01:40:25.180 --> 01:40:27.240 is it's users. I'm actually shocked by that. 2439 01:40:27.240 --> 01:40:30.660 Yeah. It's you and Ben. Yeah, exactly. We're 2440 01:40:30.660 --> 01:40:33.280 both screwed. I actually just stole Nathan's money. 2441 01:40:33.280 --> 01:40:37.000 That's all.! just went right to his address. 2442 01:40:37.000 --> 01:40:42.180 Yeah. Anyways, that's been my pet project this 2443 01:40:42.180 --> 01:40:43.340 past week and it's been a lot of 2444 01:40:43.340 --> 01:40:45.840 fun to mess around with that. Cool. Well, 2445 01:40:45.840 --> 01:40:48.340 that was great. Adam, thank you, of course, 2446 01:40:48.340 --> 01:40:51.600 as always for joining us. Seemed pressure, seemed 2447 01:40:51.600 --> 01:40:53.100 to - Adam, people in the chat saying 2448 01:40:53.100 --> 01:40:56.120 you're throwing 100 tonight. Love that, man. I 2449 01:40:56.120 --> 01:40:58.120 don't know what that means because I'm too 2450 01:40:58.120 --> 01:41:00.860 young, but I appreciate that. You get the 2451 01:41:00.860 --> 01:41:05.960 passball. They mean you're dialed. Yes, dial. That's 2452 01:41:05.960 --> 01:41:08.880 a good one. That's a good one. Perfect. 2453 01:41:08.880 --> 01:41:10.160 Awesome. Well, this is great. Everybody in the 2454 01:41:10.160 --> 01:41:11.520 chat. Thank you for being here, except for 2455 01:41:11.520 --> 01:41:15.280 that one guy. Fuck him. And we'll see 2456 01:41:15.280 --> 01:41:16.920 you guys after the weekend. I'm Ben. This 2457 01:41:16.920 --> 01:41:20.420 is Nathan, Adam, Joey, and Brandon. And this 2458 01:41:20.420 --> 01:41:25.240 was Bitcast. You know the world is heading 2459 01:41:25.240 --> 01:41:27.500 down a dark path. You know the world 2460 01:41:27.500 --> 01:41:28.460 is heading down a dark path. Online censorship, 2461 01:41:28.460 --> 01:41:30.980 central bank digital currencies, a complete loss of 2462 01:41:30.980 --> 01:41:34.180 privacy, and it's only accelerated. Most people are 2463 01:41:34.180 --> 01:41:36.820 falling behind with the latest technology. And those 2464 01:41:36.820 --> 01:41:39.900 that aren't are sacrificing their data, their control, 2465 01:41:39.900 --> 01:41:43.460 and their dignity just to keep up. That 2466 01:41:43.460 --> 01:41:45.820 doesn't have to be you. Here, you'll have 2467 01:41:45.820 --> 01:41:48.300 everything you need to break free. Over the 2468 01:41:48.300 --> 01:41:51.140 past decade, I've helped 20 million people take 2469 01:41:51.140 --> 01:41:53.240 control of their money, their data, and their 2470 01:41:53.240 --> 01:41:56.200 digital lives. Now, I'm bringing everything I've learned 2471 01:41:56.200 --> 01:41:59.040 to one place. Sovereign Sessions is your home 2472 01:41:59.040 --> 01:42:03.060 to learn, master, and live freedom tech. Bitcoin, 2473 01:42:03.060 --> 01:42:07.340 AI, private communications, self -hosted tools, everything. Each 2474 01:42:07.340 --> 01:42:09.220 week, I'll walk you through step by step 2475 01:42:09.220 --> 01:42:12.060 with the most critical tools that put you 2476 01:42:12.060 --> 01:42:15.600 back in charge. Don't ask permission, take control. 2477 01:42:15.600 --> 01:42:19.080 Welcome to the Sovereign Sessions.