Latest / Simply Bitcoin / Putin Legalizes Bitcoin Mining Within Russia | EP 1050

Transcript

Putin Legalizes Bitcoin Mining Within Russia | EP 1050 · Simply Bitcoin

• 0:02
  It's all going to zero against Bitcoin.
• 0:06
  It's going up forever. War.
• 0:15
  You're against Bitcoin. You're against freedom.
• 0:24
  Global hash war and at that time people were saying, well, what
• 0:27
  if governments banned Bitcoin? What if, what if, what if, you
• 0:31
  know, and I said no, the opposite's going to happen.
• 0:33
  Governments are going to embrace it and they're going to want to
• 0:34
  put it on their reserves. And in fact, they're going to be
• 0:37
  competitively trying to do so. And this is part of the game
• 0:41
  theory built into Bitcoin. And now the United States is
• 0:44
  entering into the global hash war.
• 0:46
  The El Salvador is already leading the global hash war and
• 0:49
  other countries like Argentina and others are waking up for the
• 0:52
  fact that these it's like, let me, let me put this into really
• 0:56
  the, the context here for you, Alex.
• 0:58
  It's like when gunpowder came around.
• 1:01
  When gunpowder came around, the countries that adopted gunpowder
• 1:04
  stayed in the game, but those who did not got eaten by the
• 1:08
  countries that had gunpowder. Like if you don't have Bitcoin
• 1:11
  on your strategic reserve as a country, you're going to be,
• 1:14
  you're going to go fade away and you're going to disappear or be
• 1:16
  gobbled up by the country. Yeah, we're going to submit the
• 1:19
  coin live. Your number one source for the
• 1:21
  peaceful Bitcoin revolution covering news, cultural manic
• 1:24
  warfare. We will be your guide through
• 1:26
  the separation of money and state.
• 1:28
  In the cold opening, we had the legendary Max Keiser on the Alex
• 1:32
  Jones Show, and he's saying the choir part out loud.
• 1:35
  He's talking about a coin, something that he coins.
• 1:37
  He calls it the global hash war call it the game theory, right,
• 1:41
  Bitcoins game theory. It incentivizes, you know, it's
• 1:44
  really Co opted human greed in order to ensure its survival.
• 1:49
  And what you're seeing is not only in Russia kind of bend the
• 1:52
  knee. I think you're going to see
• 1:53
  China also too, but you've seen other countries, a Kaiser
• 1:57
  mentioned El Salvador. You also have Paraguay.
• 1:59
  You also have the small Kingdom of Bhutan in the Himalayas.
• 2:02
  It was discovered that they're mining with bit deer and they've
• 2:05
  increased their hash rate. They've increased it from 100
• 2:07
  Exa hashes to I think 600 Exa hashes.
• 2:09
  Like look at the jump of that. And that was after the halving,
• 2:12
  I believe. So they obviously have to be
• 2:14
  bullish about Bitcoin's future. And this is Bitcoin's game
• 2:18
  theory playing out. It's something that we were
• 2:20
  talking about, I think a week ago or so when we initially
• 2:24
  reported on this, officially got into law.
• 2:26
  Like before, it was like these bills were introduced.
• 2:29
  Now they were literally signed into law.
• 2:30
  So Bitcoin mining is coming back to Russia.
• 2:34
  And the thing I got to say about this is do you think that Putin,
• 2:39
  you know, a lot of people feel strongly about him, but I'll
• 2:41
  just say this like, do you think that, you know, he did this out
• 2:43
  of the kindness of his heart? No, he did this because he had
• 2:46
  no choice or better said, he did this because he believed that
• 2:49
  this was the best choice. And that's what I mean about
• 2:53
  bitcoins incentives. That's what I mean about the
• 2:56
  game theory Basically ensures that we've won.
• 3:00
  What we're up against is essentially their game theory is
• 3:03
  coercion. Like they have to coerce people
• 3:05
  to use their system. They have to coerce people to
• 3:07
  use their money. They have to coerce people to
• 3:10
  shut the F up and not speak and not say anything like what's
• 3:13
  happening in the UK, right? Our system is just based on
• 3:16
  incentives, right? If you're a note operator, if
• 3:19
  you're a miner, you're doing all of that because you're pursuing
• 3:24
  your own incentives. And what happens with Bitcoin is
• 3:27
  that it's an aligned incentive system.
• 3:29
  And all of a sudden, it's very strange to hear that you as a
• 3:34
  Bitcoiner in the US have aligned incentives with the Russian
• 3:37
  government. Like that is very weird to say
• 3:40
  that in fact, you have aligned incentives with any Bitcoin
• 3:43
  miner anywhere around the world, right?
• 3:45
  You have aligned incentives with them.
• 3:47
  And that's very kind of like difficult to understand for a
• 3:50
  lot of people, especially coming from the Fiat system, which is a
• 3:53
  misaligned incentive structure system.
• 3:55
  So we're going to talk about more about Russia legalizing
• 3:58
  Bitcoin mining. Think it's awesome.
• 4:00
  I think it's also proving what we've been saying again about
• 4:03
  the aligned incentive structures, about bitcoins game
• 4:06
  theory and why I think Bitcoin winning is inevitable.
• 4:09
  This is the best money the world has ever seen.
• 4:11
  We're also going to talk about something that we've that we
• 4:14
  explored on Wednesday, me and Opti went hard in pain.
• 4:19
  We said, look like I don't believe that you know, Biden and
• 4:24
  now Harris winning re election be positive for the for the
• 4:28
  Bitcoin industry in the US. And after we did that episode,
• 4:32
  literally the episode after we were a little bit excited
• 4:36
  because it seemed like the Mark Cuban and members of the
• 4:40
  Democratic Party, including representative kind of from
• 4:44
  California. He was also president of the
• 4:47
  Bitcoin conference, wanted to sit down with members of the
• 4:51
  industry and they did, but it didn't go according to plan.
• 4:55
  And Kamala Harris didn't show up.
• 4:57
  All she had to do was zoom in. It was like a phone call and she
• 5:00
  didn't show up. And then again, don't pay
• 5:02
  attention to what they say. Talk is cheap, actions are
• 5:04
  expensive. Pay attention to what they do.
• 5:07
  The same day that they signalled that the Fed and other like
• 5:12
  government regulatory agencies actually sued one of the last
• 5:16
  remaining Bitcoin and crypto friendly banks in the US.
• 5:21
  And I think that the only reason they're even wanting to meet in
• 5:24
  the 1st place is because there's an election.
• 5:26
  I truly believe that if Biden wins another term or whatever,
• 5:31
  Kamala, it would be terrible for the industry in the US because
• 5:36
  they would just do what they're doing now.
• 5:38
  They would multiply that by like 5.
• 5:41
  Like they're showing that they're not stopping.
• 5:43
  They're showing that they're serious.
• 5:45
  Obviously they don't want to lose votes on this issue.
• 5:48
  So they're kind of like signaling, but it's cheap
• 5:50
  signaling. So, yeah.
• 5:52
  And I think that this is this is something that I was talking
• 5:54
  about with Opti and our guest for today, like before we went
• 5:57
  live. Like it's very difficult to talk
• 6:00
  about politics sometimes. It's very difficult to talk
• 6:03
  about these issues because as Bitcoiners, we've always enjoyed
• 6:08
  being somewhat ignored, right? Like it's like, oh, this, you
• 6:11
  know, at first they ignored us, then they kind of made fun of
• 6:14
  us. But you have to fundamentally
• 6:17
  understand the moment in history you're living through.
• 6:20
  You are living through the separation of money and state.
• 6:23
  Do you think the state, the matrix, the thing that funds the
• 6:27
  matrix, do you think that thing isn't going to fight back?
• 6:30
  Like you're naive if you don't think that.
• 6:33
  So the reality is that there's two candidates that are pro
• 6:36
  Bitcoin, anti CBDC, and there's one candidate that is anti
• 6:42
  Bitcoin, pro CBDC, right? So this election, I think we'll
• 6:48
  have consequences from a regulatory perspective in the US
• 6:52
  and I think that's something that people should understand to
• 6:55
  the core. Anyways, I do want to bring up
• 6:58
  our special guest for today and legendary Co host who's always
• 7:01
  optimistic, somewhat optimistic today, not really.
• 7:05
  You caught me. You caught me in a moment.
• 7:07
  You caught me in the moment. Of course we got CJ in the house
• 7:10
  and of course we have Optimus Fields man Opti like I got to
• 7:14
  say what it what is Alex Jones like theme of his show?
• 7:18
  It's like tomorrow's news today, like simply is like tomorrow's
• 7:21
  Bitcoin news today, bro. Well, hey, Nico, we, I don't
• 7:25
  call you Niko Jones for nothing. So, you know, it's it's on
• 7:28
  brand. It's on brand.
• 7:30
  Like dude, didn't we not call it?
• 7:32
  Like I feel like we called this, we absolutely nailed this call
• 7:36
  and we've been talking about this theme for like 6 months in
• 7:39
  regards to Kamala and Biden and all that.
• 7:43
  For a long time and yeah, and that's like the beauty of being
• 7:45
  a Bitcoiner and working from first principles and and
• 7:48
  actually understanding what's going on.
• 7:50
  Even an Adiq like myself understanding what's going on in
• 7:53
  the world is once you're able to see the world clearly, you have
• 7:57
  the predictive power of understanding what's going to
• 7:59
  happen. And you're like, the game theory
• 8:01
  is playing out in real time. You're like, I already know
• 8:03
  what's happening. I I get the game now.
• 8:06
  And once you get to that point, it's very easy to predict what's
• 8:08
  going to happen. Obviously we don't have a
• 8:10
  crystal ball here. We're just like seeing the moves
• 8:13
  being made. And it's like, yeah, it's very
• 8:14
  obvious what's happening right now.
• 8:16
  And hey, as a Bitcoiner, we're in a great position to continue
• 8:21
  to, in our opinion, you know, spread the signal and, and
• 8:23
  hopefully expose more people to what is actually happening.
• 8:26
  And on that point, I am really excited for our guest today, CJ
• 8:31
  me and him have had some conversations in the past, but I
• 8:34
  wanted to bring them on to the live show because the live show
• 8:37
  does get more exposure. And I want you guys to hear more
• 8:40
  about what CJ saying. Cuz again, like I just said,
• 8:43
  when you're a Bitcoiner, you have this power of predicting
• 8:47
  what's gonna happen. And CJ literally predicted
• 8:49
  everything that was gonna happen since the last time we talked.
• 8:52
  So we're gonna get an update on what's going on in the market,
• 8:55
  talk about the Fed painting themselves in the corner, and
• 8:57
  then I'll, you know, pick C JS brain a little bit and hopefully
• 9:00
  get some more predictions of where we're headed.
• 9:02
  So CJ, how you doing this morning bro?
• 9:05
  I'm great. It's great to be here on Simply
• 9:07
  Bitcoin. You guys are the best we are
• 9:08
  getting Tomorrow's Bitcoin news today.
• 9:11
  Thank you guys. Man, I'm.
• 9:14
  Excited. So CJ discovered some things in
• 9:18
  his research in regards to some of the numbers that they've been
• 9:22
  selling us. So I don't know if you want to
• 9:23
  give us a quick little sneak peek on what we're going to talk
• 9:26
  about during the culture Opti and CJ.
• 9:28
  It is lies, lies, lies versus fight, fight, fight.
• 9:34
  We as Bitcoiners need to come together for the good of the
• 9:37
  industry. Nico was on fire on that
• 9:39
  introduction. He is spot on what the future is
• 9:42
  going to look like. If you want your U.S. citizen to
• 9:46
  be named next to Iran and all these other North Korea, you
• 9:50
  could you look at some of these international exchanges.
• 9:53
  Anybody can use the exchange, but not if you're from the
• 9:55
  United States, not if you're from North Korea, not if you're
• 9:57
  from. You want that, go ahead and vote
• 9:59
  for these leftist. Go ahead and vote for the
• 10:01
  Democrats. If you want anti CBDC, anti
• 10:06
  socialism, if you want to recapitalize the Republic, then
• 10:10
  you vote conservative. It's that simple.
• 10:12
  Yes, we don't like some of the people on either side, but it
• 10:15
  doesn't matter. This is about the future of the
• 10:17
  industry. That is where they're drawing
• 10:19
  the line and they are lying on every level, not just what
• 10:22
  they're saying with Kamala. Oh, let's reset relations and
• 10:26
  then not even showing up. They're lying about the numbers
• 10:30
  too. Inflation numbers are way off.
• 10:32
  And I think everybody who follows me and follows you guys
• 10:35
  understands that. But I've recently dove into the
• 10:38
  unemployment numbers and they are just as bad, if not even
• 10:42
  worse than the inflation numbers.
• 10:45
  It is all a scam and a lie. I I don't want to get pinged,
• 10:50
  but we're talking about like C19 level lies here.
• 10:53
  That's how bad it is in the industry and we need to flush it
• 10:56
  all out. We need to drain the financial
• 10:58
  swamp too. Yeah, absolutely, man.
• 11:01
  I think you couldn't. You're spot on.
• 11:03
  And when I want to add to that as well is that like, guys, this
• 11:06
  was never, they made it a political issue the moment that
• 11:11
  they started locking Bitcoin privacy developers in jail.
• 11:14
  We as as an organization, as a media organization, we've always
• 11:17
  remained neutral. And I remember that day like
• 11:19
  Opti and I just broke like, we're like, should we move to El
• 11:22
  Salvador? It's like, no, we're going to
• 11:23
  hold the ground here, this and this and that.
• 11:25
  And we're like, we have to bring this up.
• 11:27
  And I remember tweeting out it was a couple months ago now and
• 11:32
  it was everyone was hush hush. I remember saying like Biden
• 11:35
  winning re election wouldn't be good for the industry.
• 11:39
  And the tweet blew up, got like 2003 thousand likes.
• 11:42
  That's a lot of likes on Twitter and at least for my account and
• 11:47
  and I was like, look, I I obviously struck a chord here
• 11:50
  and it's something very uncomfortable for a lot of
• 11:52
  people because they're like, what do you mean?
• 11:54
  This is tuning into a Bitcoin show?
• 11:55
  Like what the well, like, why are you guys talking about this?
• 11:57
  It's like we have upgrade as an industry.
• 12:00
  We have like now it's like we've gone into the mainstream kind of
• 12:04
  political discussion. And of course, you know, if we
• 12:08
  want Bitcoin to succeed, I'm not saying it needs a politician.
• 12:11
  I'm not saying that whatsoever, but if we want our industry to
• 12:14
  thrive, at least here in the US, like if we don't all, all want
• 12:17
  to be digital nomads, like unfortunately, it's gotten to
• 12:21
  the point where these types of discussions are important.
• 12:25
  So I'll say that anyways. Lots to uncut, lots to unpack
• 12:28
  and talk about before we get there.
• 12:29
  I do want to give a very special shout out of course to our lead
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  bitcoinwell.com. All right everybody, let's hit
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  the numbers. Lots to talk about.
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  The Bitcoin numbers. All right, everybody, I do want
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  All right, everybody. So I do want to get to the
• 15:01
  numbers and then we'll talk about Russia and all that.
• 15:04
  At the time I'm recording, the Bitcoin price is $60,190.00.
• 15:08
  That's per dollar 1000 six 1661 Block height 856,053 Block
• 15:15
  height eight 193,947 Having estimate March 23rd 2028 Total
• 15:21
  lightning network capacity 4833 BTC capacity value 290 million
• 15:28
  U.S. dollars Realize monetary inflation 1.46% market
• 15:33
  capitalization 1.1 9 trillion Bitcoin verse gold market cap
• 15:38
  7.1% in the grand scheme of things, we are just getting the
• 15:43
  party started anyways, pivoting to today's news shout out to our
• 15:48
  boy nick. Apparently he wrote this Putin
• 15:50
  signs law legalizing cryptocurrency mining in Russia.
• 15:56
  Now of course you have to be inclusive of the wording, right?
• 15:59
  Cryptocurrency mining, that's what the law says.
• 16:01
  But since Ethereum migrated to proof of stake, the vast
• 16:04
  majority like 95 plus of proof of work Bitcoin mining is this
• 16:10
  Bitcoin like it's it's not really crypto anymore anyways.
• 16:15
  Russian Russian President Vladimir Putin has signed has
• 16:19
  officially signed a law that legalizes cryptocurrency mining
• 16:22
  in Russia, according to a report by Russian news agency tasks.
• 16:27
  The law introduces several key concepts, including digital
• 16:30
  currency mining, mining pools and mining infrastructure
• 16:34
  operators. Mining activities are now
• 16:36
  recognized by Russia as part of a turnover rather than the
• 16:39
  insure the issuance of digital currency.
• 16:42
  The new legislation specifies that only only Russian legal
• 16:46
  entities and individual entrepreneurs registered with
• 16:49
  the government will be allowed to engage in cryptocurrency
• 16:52
  mining. However, individual miners can
• 16:54
  participate without registration, provided their
• 16:56
  energy consumption remains within government set limits.
• 17:00
  Additionally, the law permits that trading of foreign digital
• 17:03
  financial assets on Russian blockchain on Russian
• 17:06
  blockchains. However, the Bank of Russia
• 17:07
  retains the authority to ban the placement of certain assets if
• 17:11
  they're deemed a threat to the country's financial stability,
• 17:14
  according to TA US. During a recent government
• 17:17
  meeting, President Putin emphasized Russia's need needs
• 17:21
  to seize the moment in establishing a legal framework
• 17:24
  for digital currencies. He highlighted the potential of
• 17:26
  digital currencies to contribute to Russia's economic
• 17:29
  development, stressing the need for proper regulation and
• 17:32
  infrastructure. The law is set to take effect
• 17:34
  ten days after its official publication, except for specific
• 17:38
  provisions that may have different implementation dates.
• 17:41
  Now, what's really interesting about this is you heard very
• 17:46
  similar language coming out of Donald Trump.
• 17:50
  He and and we played you guys during the cold opening a couple
• 17:53
  days ago when he went on Aiden Ross's live stream.
• 17:56
  He said the reason that we have to do this has nothing to do
• 17:59
  with how I feel about it. It has to do with the fact that
• 18:02
  if we don't do it, China will. And essentially what Putin is
• 18:05
  saying is something very similar.
• 18:07
  If we don't, if we don't seize this moment, another country,
• 18:12
  he's going to capitalize on it. This is what Max Kaiser was
• 18:15
  talking about when he's talking about the global hash war.
• 18:18
  This is what I'm talking about when I'm talking about the
• 18:21
  incentive structure. The incentive structure is set
• 18:24
  up in a way, and this is also the theory of the sovereign
• 18:27
  individuals. Beautiful seeing all this play
• 18:28
  out is you have nation states now competing in regards to how
• 18:33
  much Bitcoin they can acquire. If you have nation states
• 18:36
  competing, you win, right? You want nation states competing
• 18:40
  for you to be a citizen, for you to set up shop there.
• 18:44
  You want that type of dynamic and it seems like Bitcoin is
• 18:48
  moving that forward. So this is extremely bullish
• 18:51
  news. It was a big deal when they
• 18:52
  announced the bills. It's an even bigger deal when
• 18:56
  now they've been signed into law, and that exactly happened
• 18:59
  yesterday. So overall, really good, good
• 19:01
  news. Doesn't surprise me at this
• 19:03
  point. I think I was really surprised
• 19:05
  at first with El Salvador. I was really surprised with
• 19:08
  Michael Saylor and MicroStrategy.
• 19:09
  We knew those days were coming, but it's still like, one thing
• 19:13
  is like imagining in your head, the other thing is like actually
• 19:15
  happening in reality. But you know, it's gotten to
• 19:18
  this point where we've been covering this for quite a while.
• 19:20
  Opti, like the Kingdom of Bhutan, El Salvador, Paraguay,
• 19:24
  Argentina, Trump at the Bitcoin conference, RFK at the Bitcoin
• 19:29
  conference, then moving the F out of the Overton window.
• 19:31
  Now Michael Saylor is mentioning Overton window, right?
• 19:36
  I got quoted. Also, second legacy media
• 19:39
  publication. I got quoted by the Guardian, so
• 19:42
  we got Financial Times. I got the Guardian.
• 19:44
  Well, what they're, they're trying.
• 19:45
  I, I read that article off to you.
• 19:46
  They're going hard in the paint. Yeah, let let CJ go and I'll
• 19:49
  pull up the little the the quote for you.
• 19:51
  So CJ jump in. What's your thoughts on this
• 19:54
  while I pull this up? Yeah.
• 19:55
  So what's so important about Bitcoin hash rate is that it's
• 20:00
  part of Bitcoin being engineered money and a lot of people don't
• 20:03
  get past like the absolute digital scarcity part.
• 20:07
  They they get it, but then they stop their study there.
• 20:10
  But once you understand absolute digital scarcity and the effects
• 20:14
  of 21 million finite supply, the next thing to understand is the
• 20:19
  Bitcoin difficulty adjustment, because that's another aspect of
• 20:23
  Bitcoin being engineered money and the way that it works is as
• 20:27
  hash rate goes up, then the difficulty goes up.
• 20:31
  And when the difficulty goes up, the cost of producing the
• 20:33
  Bitcoin goes up. And of course, the price of any
• 20:37
  commodity cycle, they say, is set at the margin.
• 20:40
  But whose margin? The margin of cost?
• 20:43
  The margin of the producer, right?
• 20:44
  When you go into a store and you go to buy something, you don't
• 20:48
  place a bid. The producer sets the price.
• 20:50
  And that price is based on their cost plus their marketing
• 20:53
  strategy. And it's up to the consumer.
• 20:55
  It's up to the free market price signal to say, does this deliver
• 21:00
  value or not? Oh, hey, here's some M&M Reese's
• 21:03
  snacks. It's $45.
• 21:06
  Oh well, for $45.00, that's not worth it.
• 21:09
  I'm not getting the value from that snack.
• 21:11
  I'll do something else that's more fair value than something
• 21:15
  that's so overpriced. So when it comes to Bitcoin,
• 21:18
  what value does it deliver? Oh, I don't know, 247365 access
• 21:23
  to liquidity, 0 counterparty risk settlement anywhere in the
• 21:28
  world within 10 minutes. That is secure and cheap.
• 21:32
  These are very valuable characteristics of money that
• 21:35
  deliver value to governments, to companies, to people.
• 21:39
  And the price that we have to pay to gain access to that value
• 21:43
  is always going to be relative to the cost of production.
• 21:46
  Because it's the miners who are the four sellers, right?
• 21:49
  We're stacking. We will never sell.
• 21:51
  We don't ever want to sell our Bitcoin.
• 21:53
  If you sell your Bitcoin, I'm sorry for you.
• 21:55
  You should never sell your Bitcoin.
• 21:56
  Miners have cost. Miners meet at the margin.
• 22:00
  They have to cover their costs. They are forced sellers of what
• 22:03
  they produce and that's where the price is set.
• 22:06
  Well, as Russia gets in on the game and eventually Trump came
• 22:10
  and said, if I'm president, the United States will be one of the
• 22:13
  lowest cost energy producers in the world and the United States
• 22:16
  will become a Bitcoin mining powerhouse.
• 22:19
  What does that mean? Hash rate is going to explode.
• 22:22
  And it even if we're involved or not, hash rate is going to
• 22:24
  explode. We can't be left behind.
• 22:26
  And as hash rate increases every 2016 blocks, the difficulty will
• 22:31
  increase, which will push up the cost of production, which will
• 22:34
  require those miners who are forced to sell to ask for a
• 22:37
  higher price. And sometimes the bid might not
• 22:40
  be there because we're so early in the marketplace that the
• 22:43
  marketplace doesn't understand the value that they're actually
• 22:45
  receiving. But for us Bitcoiners, when we
• 22:48
  see cheap Bitcoin, especially relative to its cost of
• 22:50
  production, it is a no brainer that you should be as stacking
• 22:53
  as aggressively as you possibly can.
• 22:56
  This is a positive feedback loop we are now moving.
• 22:58
  When I first started in Bitcoin 10 years ago, this was like
• 23:01
  people would laugh when you said, Oh yeah, countries are
• 23:04
  going to you're fool. You're whatever man.
• 23:06
  Good luck with your magic Internet money.
• 23:08
  Countries are now going to be in mining.
• 23:10
  It's over, it's done. This is the final shift.
• 23:13
  Get your shit together and stack as many sacks as you can because
• 23:16
  we are now moving into the final phase.
• 23:18
  Amen. Yeah, absolutely.
• 23:20
  I couldn't agree. Yes, I couldn't agree with you
• 23:23
  enough, Opti. What do you.
• 23:25
  Yeah, wait, hold on, hold on. I just want to say first of all,
• 23:27
  This is why I wanted to bring CJ on the live show because he
• 23:30
  always just drops truth bombs on us and not not to rehash
• 23:33
  everything that was just said before I pull up the these these
• 23:35
  clips or these screenshots for you guys.
• 23:38
  We've been talking about this for a while and CJ just laid it
• 23:41
  down perfectly. Like the the global game theory
• 23:44
  or as Max Keiser calls it, you know, the global hash war.
• 23:47
  It's happening in real time. And now everyone is being forced
• 23:50
  to embrace Bitcoin like we had with the cold opening.
• 23:53
  It's akin to what we saw in history.
• 23:55
  Like if you didn't adopt gunpowder, you're going to get
• 23:58
  left behind. Like this is what we're seeing
• 24:00
  right now. This is financial gunpowder or
• 24:02
  as sailor always says, you know, like the world is going digital
• 24:05
  and if you don't get yourself some digital gold or some
• 24:08
  digital assets, digital capital like you're going to be left
• 24:11
  behind. And This is why bit corners are
• 24:13
  always saying, you know, the maybe maybe it's not the most or
• 24:17
  maybe it's a little rude. It's not the nicest way of
• 24:19
  saying it, but if you don't adopt Bitcoin, you're going to
• 24:21
  have fun staying poor. And now everyone is waking up to
• 24:23
  this and nation states are waking up to this.
• 24:25
  The institutions are waking up to this.
• 24:28
  And this is the final game here. Like we are in the final ending.
• 24:31
  Not only is the financial world like cheetering on collapse
• 24:34
  right now, but Bitcoin is finally going from that
• 24:37
  gradually moment to that suddenly moment.
• 24:40
  And it's going to get adopted worldwide.
• 24:42
  And it's happening right now as we speak.
• 24:44
  So as we always say, you know, if you're if you you've been
• 24:46
  watching this show and you only have like a little bit of
• 24:51
  capital in Bitcoin, like now is a good time to deploy your
• 24:54
  capital and get a big position in Bitcoin because things are
• 24:57
  fundamentally changing in real time.
• 24:59
  OK, with that being said, you guys can find this article on
• 25:04
  the guardian. It's called MAGA hats, panties
• 25:06
  and the carnivore diet. My bizarre day at Trump's
• 25:08
  Bitcoin 2024 speech. It is a it's it's definitely
• 25:12
  tinged in like a anti Bitcoin. You know, Bitcoiners are far
• 25:17
  right, right extremists kind of lens.
• 25:20
  But I was reading it this morning because David Bailey
• 25:22
  posted something he's like, I got a Fact Check this article
• 25:25
  here. There was 8000 people in the
• 25:26
  room. So I'm like, all right, let me
• 25:28
  see what the guardian is saying. You know me, I love reading the
• 25:30
  fake news corporate press and seeing what they're saying about
• 25:33
  industry, especially when you got the the insight of being
• 25:37
  from, you know, within the Bitcoin industry.
• 25:38
  Like, all right, let me see how the legacy media is covering us.
• 25:41
  Anyways, as I was reading this, I found a very special quote
• 25:45
  here of our boy, you know, our very own Niko and it goes Niko
• 25:50
  Moran, founder and CEO of BIP vault.
• 25:52
  First of all, I wish you'd said founder and CEO of of simply
• 25:55
  Bitcoin, but I know, I know, but you know, we got to get our
• 25:59
  brand out there anyways. Niko Moran said bit corners had
• 26:02
  to engage in a war. Politics is downstream from the
• 26:05
  culture war, so if we want to win this, we want to win the
• 26:07
  culture war, He said for Bitcoiners that meant winning
• 26:10
  over the Bitcoin skeptics, and for Trump supporters it meant
• 26:13
  beating the woke mob with overlap between those imagined
• 26:16
  enemies. OK though, hold on.
• 26:19
  I have another one here to further to further illustrate
• 26:23
  this point. They literally quote tweeted
• 26:25
  Niko's quote, which isn't even a Niko quote per Southeast.
• 26:28
  It was a Breitbart quote. Breitbart quote because like the
• 26:32
  irony is not lost on me. They like Big quoted it, you
• 26:35
  know, later on in the article. Again, politics is downstream
• 26:38
  from the culture wars. So if we want to win this, we
• 26:41
  want to win the culture war. Nico Moran Just love the
• 26:43
  marketing anyways, Nico. How do you feel about this?
• 26:47
  I mean, dude, like we're winning hard.
• 26:50
  Like it's great. This is the second time legacy
• 26:54
  media has quoted me. I think the Financial Times
• 26:57
  quoted me when I said my bit at Bitcoin 21.
• 27:01
  Clearly it works every time just getting under their skin.
• 27:04
  But yeah, this is information narrative trench warfare on the
• 27:06
  battlegrounds of the Internet. And they don't like it when you
• 27:09
  point out the game. Like they don't like it when you
• 27:11
  point out how to win. And of course, like that, that
• 27:16
  that obviously gets under their skin.
• 27:17
  If you read that article though, like I mean the amount of hate,
• 27:21
  the amount of like, I can't, we have David Bailey coming on on
• 27:25
  Monday. Oh, let's go.
• 27:27
  Talk to him about this. It's going to be.
• 27:29
  Great. I think it's Friday though.
• 27:30
  No, it's Monday, comes on on Monday.
• 27:32
  OK. All right.
• 27:33
  Either way, we're we're going. To talk about this, looking
• 27:34
  forward to it, but yes, absolutely, I stick by what I
• 27:38
  said. This is how we win.
• 27:40
  We win through Bitcoin. Anyways, everybody, let's get to
• 27:43
  the news. Lots to talk about today.
• 27:44
  Let's check it out. The Daily News.
• 27:50
  I want to give a shout out to our sponsor Foundation Devices.
• 27:54
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  in the show notes below to learn more.
• 28:45
  All right, everybody, we team up with specific Bitcoin companies
• 28:51
  when we partner with them, we choose them very carefully in
• 28:54
  order for you to thrive in the separation of money and state.
• 28:57
  So we've had Bitcoin, well, automatic self custody.
• 29:00
  We've had the stamp seed, and of course, we have the passport by
• 29:03
  foundation devices. The revolution is self custody.
• 29:06
  It's like if enough of us do it, we win.
• 29:08
  There's absolutely nothing they could do about it.
• 29:10
  It drives them up a wall. They can't stand it.
• 29:13
  And the way that you take self custody your Bitcoin is I
• 29:16
  recommend obviously using a hardware wallet.
• 29:19
  And of course the best one to take self custody with is the
• 29:22
  passport by foundation devices. It's completely Bitcoin only
• 29:25
  it's open source. They have a they have a
• 29:27
  concierge service on their website.
• 29:29
  So literally if as soon, if you don't know how to use a hardware
• 29:33
  wallet, they will literally walk you through how to do it.
• 29:37
  So go check out passport by foundation devices.
• 29:40
  It's absolutely awesome. Now, I do want to talk about
• 29:45
  this because I, I think it's a big deal.
• 29:47
  And this is something that we've been talking about over the last
• 29:50
  couple of days, which is the UK is like literally locking people
• 29:56
  in prison for what they're saying on the Internet.
• 29:59
  And I'm not talking about violence.
• 30:01
  I'm not talking about threats of violence, anything they deem as
• 30:04
  hate speech. And of course they are the
• 30:06
  ultimate art like they're the ones that get to decide what is
• 30:10
  hate speech and what is not hate speech.
• 30:11
  By the way, that is exactly why the 1st Amendment is what it is.
• 30:16
  Because the founding fathers, they had enough wisdom to
• 30:18
  realize that if government, if the state is the one that gets
• 30:23
  to dictate what speech is OK, what speech is not OK, they'll
• 30:26
  move the goal posts, right? They'll change the wording of
• 30:29
  definitions in order for it to politically benefit them.
• 30:33
  So it was a very kind of dangerous concept.
• 30:35
  So they ran into, they essentially came to an imperfect
• 30:38
  solution because it isn't perfect.
• 30:39
  And they realize, look, the state should have no authority
• 30:43
  to regulate speech because if they had some authority, they're
• 30:46
  going to abuse that power. And thank God we had a
• 30:51
  revolution here in the US because the UK, it's definitely
• 30:54
  doesn't look like it's heading in the right direction.
• 30:56
  So the the gov.uk posted think before you post and they
• 31:04
  disabled the comments and the reason they disabled the
• 31:06
  comments because everyone was ratioing them.
• 31:10
  Dude like absolutely wrecked. Cat turd says think before you
• 31:14
  become North Korea. Greg says I was going to ratio
• 31:19
  you, but decided not to because it might be legal and I don't
• 31:22
  want to get in trouble. And of course they.
• 31:25
  Still ratio they. Turned off the comments.
• 31:27
  And this isn't exactly why they're going after Elon.
• 31:31
  This is exactly why they're going after Twitter.
• 31:33
  This is why Maduro made Twitter illegal in Venezuela for 10 days
• 31:37
  because they can't have people openly discussing ideas.
• 31:40
  Somehow that's a threat to democracy.
• 31:42
  All right, moving on to today's news, which is something that we
• 31:47
  started covering on Wednesday, then we kind of had to walk it
• 31:49
  back on Thursday. But when you looked at the
• 31:52
  details, we're like, no, we don't have to walk this back.
• 31:54
  We were right. But essentially this election
• 31:58
  year, Trump has always obviously capitalized on Bitcoin and
• 32:03
  protecting the industry. So has RFK.
• 32:06
  He was never going to do that if the Biden administration did not
• 32:09
  create that opportunity for him, by the way.
• 32:14
  And they, and, you know, the Kamala realizes that a major
• 32:18
  part of her demographic are Bitcoin holders, people that
• 32:22
  like the industry, people that believe in the future of
• 32:25
  Bitcoin, right? So what are they trying to do?
• 32:28
  They're trying to benefit from both.
• 32:30
  I want the votes. I'm going to say Harris for
• 32:32
  crypto. I'm going to say all these nice
• 32:34
  things that when push comes to shove, we're going to keep the
• 32:38
  exact same policy in place. So there was a quote UN quote, a
• 32:43
  virtual town hall, virtual meeting with like very important
• 32:48
  members of the industry. They had a, a, a, a quote UN
• 32:52
  quote roundtable. It was set up by Mark Cuban,
• 32:55
  Anthony Scaramucci, and they had a Zoom meeting.
• 32:58
  Now, apparently it didn't go very well.
• 33:01
  Here's the Fox Business headline says crypto executives clash
• 33:05
  with Democratic leaders in heated Zoom meeting.
• 33:09
  Now, before I get to the details of that meeting, I do want to
• 33:14
  let's check out some of these tweets from notable figures in
• 33:16
  the industry. Here's Tyler Winklevoss.
• 33:19
  And he says Tyler Winklevoss, by the way, was the person who
• 33:22
  teamed up with David Bailey, CEO of BTC Inc, in order to have a
• 33:27
  donation for Donald Trump. It was it was Gemini that
• 33:30
  Winklevoss are known for getting that sweet Facebook money and
• 33:33
  aping into Bitcoin there and becoming billionaires in the
• 33:36
  process. And of course, David Bailey's
• 33:38
  extremely successful entrepreneur launching the BTC
• 33:41
  Inc in the Bitcoin conference and all that stuff.
• 33:44
  And they teamed up and they did this huge fundraiser for Trump.
• 33:47
  So this is someone that obviously has has his fingers on
• 33:50
  the pulse. The bank that they sued the same
• 33:54
  day, by the way, that the same day that Kamala announced that
• 34:00
  she was having her crypto for Harris thing or better said
• 34:02
  someone in the community did and you know they announced the town
• 34:05
  hall and all that stuff. That same day it was announced
• 34:09
  that the Fed was actually suing customers bank.
• 34:13
  Customers bank is the bank that Gemini, which is the exchange
• 34:18
  that the both the Winklevoss twins founded use and the reason
• 34:23
  that they have to keep using different banks is because of
• 34:26
  operation choke .2 point O. It's an original article that
• 34:29
  was written by Nick Carter. And in that art in that article,
• 34:32
  something that Opti and I, we, we, we saw this, we, we didn't
• 34:35
  put it as elegantly and we didn't list it out for you guys
• 34:38
  like Nick Carter did. But we kept seeing the signs.
• 34:41
  We're like, wait, what is going on here?
• 34:43
  It's almost as if they're going after our industry.
• 34:45
  Then I had Caitlin Long on the show and she was talking about
• 34:48
  her bank, Custodia Bank, which is supposed to be the first
• 34:51
  crypto bank in the US. And she told us she's like, they
• 34:55
  denied me a federal banking charter.
• 34:58
  And that order came her words, not mine.
• 35:00
  That order came directly from the White House.
• 35:03
  So I mean, you know, the day that you and again, it's kind of
• 35:07
  moving the goal posts like it's like, oh, you don't actually
• 35:10
  care about this. You just want to get it's an
• 35:11
  election year. This is an important topic to
• 35:14
  you. But when push comes to shove,
• 35:16
  you don't change your policy whatsoever.
• 35:17
  Now, I think, you know, they they hold together this, this
• 35:21
  quote UN quote roundtable. I think Winklevoss has a very
• 35:24
  good observation here. He says, can you explain why
• 35:26
  Kamala Harris didn't attend the crypto roundtable yesterday?
• 35:29
  I understand that she's on the campaign trail, but the the
• 35:32
  meeting was virtual. All she needed was an Internet
• 35:35
  connection, technical difficulties.
• 35:37
  I mean, that's a really good point.
• 35:38
  Now let's get into some of the details of this meeting.
• 35:41
  There goes on to say a virtual confab designed to repair
• 35:44
  relations between the crypto industry and the Democratic
• 35:47
  Party turned ugly Thursday morning, underscoring the uphill
• 35:50
  battle progressive crypto advocates are having trying to
• 35:54
  glean industry support for the presidential candidacy of Kamala
• 35:57
  Harris. The Zoom meeting was hosted by
• 35:59
  California Congressman Ro Khanna with the goal of mending fences
• 36:04
  during a contentious election year with a burgeoning industry
• 36:08
  that has been the target of a massive regulatory crackdown on
• 36:11
  by the Biden administrations financial regulators.
• 36:14
  With Vice President Kamala Harris now at the top of the
• 36:17
  ticket, the party is looking to help Harris, its 2024 nominee,
• 36:21
  win back crypto votes from her GOP opponent Donald Trump, who
• 36:26
  has recently embraced the industry and vowed to make the
• 36:29
  US the crypto capital of the world.
• 36:31
  Around 20 people were on the call, including Biden
• 36:34
  administration officials such as Deputy Treasury Secretary Wally
• 36:38
  Adeyemo, deputy director of the National Economic Council Leah
• 36:42
  Brainard and deputy White House chief of staff Bruce Reed.
• 36:48
  Christine Lucia. Yeah, Lucius.
• 36:50
  Lucius, a senior advisor to Harris, was also president but
• 36:54
  did not speak. And it goes on to say attendees
• 36:57
  with the crypto side include billionaire tech entrepreneur
• 37:00
  and crypto investor Mark Cuban. Anthony Scaramucci goes on,
• 37:05
  instead of finding common ground, industry executives lash
• 37:09
  out at White House officials, rightly so, largely over the
• 37:12
  regulatory assault from agencies like the SEC and the Federal
• 37:16
  Reserve. I didn't know the Federal
• 37:17
  Reserve was an agency. I thought it was an independent
• 37:21
  peg anyways, people who attend, who attended told Fox News.
• 37:26
  Fox Business. The meeting seemed like a replay
• 37:28
  of the Round table Qana hosted in Washington, DC last month,
• 37:32
  when industry execs aired their grievances to a senior White
• 37:35
  House official about the unfair treatment they received under
• 37:39
  Biden. Quote, executives didn't hold
• 37:41
  back on telling the administration reps how much
• 37:44
  damage they've done the to the crypto industry and to the
• 37:47
  Democratic Party with their actions against digital assets.
• 37:51
  Conway, for instance, aggressively expressed
• 37:54
  frustration that the administration has proved
• 37:56
  nothing but empty promises to the industry.
• 37:59
  Conway and early Coinbase investor did not immediately
• 38:02
  respond to a request for comment.
• 38:04
  Another tense moment occurred when Adeyemo told attendees that
• 38:07
  banks and regulatories were not actively trying to cut the
• 38:11
  industry off from their broader financial system.
• 38:14
  I mean, CJ, we're going to talk about this during the culture.
• 38:17
  What does that sound like to you?
• 38:20
  It's, it's, it's almost as if they're, you know, I don't want
• 38:22
  to say manipulating information or data, but I think we've seen
• 38:26
  this before, haven't we? That's right.
• 38:29
  This is narrative control. This is all about getting the
• 38:32
  people who have to go out there, work their nine to five, come
• 38:36
  home, take their kids to soccer and cheerleading and live life.
• 38:40
  And we want to live life peaceably.
• 38:41
  And you know, I saw some comments earlier where people
• 38:44
  were like, oh, this guy's a bitcoiner and political.
• 38:46
  How can I follow him or listen to him?
• 38:48
  I'm apolitical, I'm pro Bitcoin, I'm a one purpose voting and
• 38:53
  that's for Bitcoin. And that's because Bitcoin is
• 38:55
  truth money and those who like the truth and use truth within
• 39:00
  their lives tend to gravitate towards Bitcoin.
• 39:02
  Those who are ignorant or busy and haven't spent the time or
• 39:07
  who have bad intentions tend to go towards that CBDC side, the
• 39:12
  the lie side of these things. I've never seen the divide as
• 39:15
  strong as it is. And it's the point where it's
• 39:17
  just bold faced lying at this point.
• 39:19
  And what concerns me in the long run for something like this
• 39:22
  might be like, oh, it's just political back and forth.
• 39:25
  No, I mean, when you have this amount of lying, there's a
• 39:28
  chance that people are going to lose trust.
• 39:31
  And the people who are with you might not lose trust.
• 39:33
  But if enough people lose trust, that's the difference between
• 39:36
  inflation and hyperinflation. They can keep kicking this can
• 39:40
  down the road as long as everybody trusts them.
• 39:42
  But the bigger the lies become and the more obvious the lies
• 39:46
  are, the easier and faster trust is going to be lost.
• 39:49
  And at some point in time in the future, nobody knows net when we
• 39:52
  will reach that threshold where most people will have simply
• 39:55
  just lost trust. And it's at that point not with
• 39:59
  any big printing or any big quantitative easing program.
• 40:04
  It's at with the loss of trust, we will move from inflation to
• 40:08
  hyperinflation. And we have never been as close
• 40:11
  as we are now to a complete loss of trust.
• 40:14
  A. 100 percent, 100%. And I, I just want to finish
• 40:17
  this, this, this paragraph because it's absolutely
• 40:20
  hilarious. In response, a crypto executive
• 40:24
  asked those on the call for a show of hands of whose firms
• 40:28
  have been denied banking services because of White House
• 40:30
  policies. According to two attendees,
• 40:33
  nearly all the industry representatives raised their
• 40:36
  hands. Despite the friction, Saramucci
• 40:39
  told Fox Business he's optimistic.
• 40:41
  Yeah. I mean, like, it's like, like
• 40:44
  I'm optimism that like, you know, you know how what will
• 40:48
  really wake them the F up? Losing the election.
• 40:52
  You want to really like that is how you wake someone up because
• 40:56
  there is like there's feedback there and now you have to pivot.
• 40:59
  You know what won't wake them up?
• 41:01
  Winning the election, They'll keep doubling down.
• 41:03
  Why do they have to change? There's no feedback that tells
• 41:06
  them they should change. So.
• 41:08
  The the advice that they're getting from these people too
• 41:11
  Branyard choose to be on the Fed.
• 41:13
  So these are these are entrenched people.
• 41:15
  And what happened with Caitlin Long and custodia bank is a
• 41:18
  travesty. It's illegal that the the reason
• 41:21
  they wouldn't give her the charter is because her bank
• 41:24
  would be fully reserved, of course, and every other bank in
• 41:27
  the in that network is backed by a penny in worst case scenario
• 41:32
  to $0.10 best case scenario. So all of the deposits within
• 41:36
  that system, to the banks who had that master account access,
• 41:39
  all of those deposits would have went right to Custodia bank.
• 41:42
  Because who the hell wants to hold a bank deposit that's
• 41:45
  backed by a penny or $0.10 when you can go with Custodia and
• 41:48
  have it be backed by a full dollar.
• 41:51
  So their, their economic analysis, their mindset on
• 41:54
  modern monetary theory and how these things are supposed to
• 41:57
  work are diametrically opposite of Bitcoin and the Bitcoin
• 42:00
  economy, which is a fully reserved over collateralized
• 42:04
  credit market. And that's what they're at risk
• 42:06
  here. They're at risk of losing
• 42:07
  control of the credit market. And I know we're going to touch
• 42:09
  on it later, but that is the source, the, the one of the main
• 42:13
  sources of motivation for these people to have to force, to tell
• 42:18
  these lies and twist the narrative.
• 42:20
  Because they truly that if we allow this innovation to become
• 42:23
  fully integrated, if we give Caitlin this master account, we
• 42:27
  could reveal the stupidity of all of our past regulation and
• 42:31
  decisions that we made for fractional reserve banking.
• 42:33
  So Bitcoin is bringing fractional reserve banking to
• 42:36
  the forefront. And Tether is proving with
• 42:39
  stable coins that you can have fully reserved banks that are
• 42:42
  extremely profitable. Tether has like 25 employees and
• 42:45
  they made 4 / 4 billion dollars. They make just as much money as
• 42:49
  Morgan Stanley makes with 40,000 employees.
• 42:53
  And they have a much better, cleaner line.
• 42:55
  But one is a fully backed stablecoin model where they
• 42:57
  performed custodial arbitrage and one is a fractional reserve
• 43:01
  banking model where they still perform custodial arbitrage but
• 43:04
  all of the risk is transferred to the depositors.
• 43:07
  We the people. So this is movement, whether
• 43:09
  you're talking about dollars or Bitcoin or anything in between,
• 43:12
  this movement is about making the system more secure and being
• 43:16
  founded on asset equity like Bitcoin rather than fake Fiat
• 43:20
  debt derivatives like the dollar.
• 43:22
  Amen, man. Well.
• 43:24
  C JS bringing the hot fire for you guys today on Friday.
• 43:27
  If you guys are enjoying the show, make sure to smash that
• 43:30
  like button. We're almost at 100 likes.
• 43:32
  Help us break 100 likes within the first hour of the show.
• 43:34
  If you're watching us on YouTube Rumble and X, there's about 1000
• 43:37
  of you guys watching live. So sit back, relax, enjoy the
• 43:40
  ride. We still have a lot of content
• 43:41
  to get to. I do want to finish this
• 43:43
  article. Last quote says this was a Biden
• 43:46
  administration meeting, but the focus now has to be on the
• 43:49
  Harris campaign and what they're willing to do.
• 43:52
  I mean or or crazy idea, you vote for the other guys that
• 43:56
  have already publicly came out and supported the industry.
• 44:00
  Like it's so nuts to me the cognitive dissonance.
• 44:03
  Like it's like, dude, like the only way the Democrats are going
• 44:07
  to lose, learn their lesson. Truly as it relates, guys, we
• 44:10
  are not a political show as it relates to Bitcoin is if they
• 44:15
  lose this election, clearly they're saying one thing, their
• 44:18
  actions are saying the other. What are their actions here is
• 44:20
  Tyler Winklevi and he goes on to say today the Fed confirmed that
• 44:25
  Operation Choke .2 point O remains in full swing, providing
• 44:29
  valuable insight into how it works and verify that the Harris
• 44:32
  crypto reset is a scam. The Fed revealed all of this in
• 44:36
  a 13 page enforcement action it issued this morning against
• 44:41
  crypto friendly bank, Customers Bank.
• 44:43
  The punchline of this enforcement action is that
• 44:46
  Customers Bank must now give the Fed 30 days of advance notice
• 44:50
  prior to entering into any new banking relationship with a
• 44:54
  crypto company. Of course, the only way you can
• 44:56
  understand this is by connecting the third paragraph on page one
• 45:00
  of the order with the last paragraph on page 9.
• 45:04
  So page one says whereas Bancorp has pursued a business strategy
• 45:08
  that involves offering banking services to digital asset
• 45:11
  customers, effective immediately, the organization
• 45:13
  shall provide the Reserve Bank with written notice 30 days
• 45:17
  prior to engaging in. So essentially like, what is
• 45:21
  that, but not attacking the business.
• 45:23
  Now connect the dots with the Fox Business article.
• 45:26
  They literally made the one of the most influential, you know,
• 45:30
  executives in the industry raise their hands and say, who felt
• 45:34
  like we're attacking you? Basically everyone raised their
• 45:36
  hand. What is this?
• 45:37
  But not an attack. This is harder.
• 45:39
  This is harder to make business. You're leaving essentially your
• 45:43
  business in the in the hands of the Federal Reserve.
• 45:45
  I thought the Federal Reserve was an independent bank Like I
• 45:48
  didn't know they they they regulated things too that this
• 45:52
  is crazy. How is this not a a cabal?
• 45:54
  Anyways, it goes on to say given that customers banks is one of
• 45:58
  the few only crypto friendly banks remaining in America
• 46:01
  today, this means that the Fed is now a direct gatekeeper
• 46:05
  standing between crypto companies and their ability to
• 46:08
  get a new bank account. This is not how principles based
• 46:11
  regulation is supposed to work. I don't think they're interested
• 46:14
  in that. I think they're interested, I'm
• 46:17
  going to say an essential bank, digital currency.
• 46:20
  They want a monopoly for it when they roll it out.
• 46:23
  And This is why they're doing what they're doing.
• 46:25
  But it's an election year, so they kind of have to walk it
• 46:27
  back a little bit. Anyways, this is not how
• 46:30
  principles based regulation is supposed to work.
• 46:32
  The decision whether to bank a company should be decentralized
• 46:35
  across the entire banking industry, made by each bank at
• 46:39
  its own discretion. Now this decision has been
• 46:42
  centralized by the Fed and will be made by the Fed at at its
• 46:47
  sole discretion. The choke point has been
• 46:50
  created. Excuse me, what exactly did
• 46:53
  customers bank do to earn this regular regulatory straitjacket
• 46:57
  and be forced to abdicate its own business judgement and
• 47:00
  decision making to the Fed with respect to banking crypto
• 47:02
  companies? That part is entirely unclear.
• 47:05
  The non allegation allegations are so hand WAVY and vague they
• 47:10
  would make France Copta blush. All we know from the 13 page
• 47:14
  order is that during the most recent examination and
• 47:17
  inspection, the Fed, quote, identified significant
• 47:21
  deficiencies. Not a single fact or tangible
• 47:24
  finding, however, is provided to back this claim.
• 47:27
  The public must take the Fed's word for it, essentially.
• 47:30
  Trust us, they say, how convenient.
• 47:33
  So exactly how convenient, right?
• 47:35
  How convenient that they're holding a meeting the same day.
• 47:39
  How convenient that, oh, we don't have to beg Biden anymore,
• 47:43
  Now we have to beg Kamala. Like how convenient.
• 47:46
  Like it's like, no, just say no. And I know it's very
• 47:49
  uncomfortable for everybody. It's just like, just vote for
• 47:52
  the people that say that. Like I'll protect the industry
• 47:56
  or you can beg. But clearly they're not
• 47:58
  interested in that. They don't give a shit.
• 48:00
  And I'm telling you the reason that they don't give a shit.
• 48:02
  Watch Wednesday's episode, Opti and I move the fuck out of that
• 48:05
  over with Overton Window. But put it simply, the reason
• 48:09
  they don't care is because they want a central bank digital
• 48:13
  currency. You can't have Bitcoin in a
• 48:16
  CBDC. People are always going to
• 48:18
  choose a currency that is deflationary and that the
• 48:21
  government can't censor and steal on the base.
• 48:23
  They're always going to want to choose that.
• 48:25
  So if there's a competition, Bitcoin will win every time.
• 48:28
  They don't want a competition. And what is that but the one of
• 48:32
  the most anti capitalist things I've ever seen?
• 48:35
  That is some dystopian level shit.
• 48:38
  No, the Federal Reserve is going to dictate how banks in America
• 48:42
  do business with Bitcoin and crypto.
• 48:45
  That is so the institution that has everything to lose.
• 48:48
  If we win, they're the ones that get to decide what the hell is
• 48:53
  going to happen. Like, that is gnarly to me, CJ.
• 48:57
  Yeah, I was going to you're. You're.
• 48:58
  On fire and I couldn't agree with more with you.
• 49:00
  I have a question for you. What about all the major banks
• 49:03
  that have paid hundreds of billion dollars in fines?
• 49:07
  It kind of seems like a good idea that they should be
• 49:09
  reporting who their customers are too, right?
• 49:12
  I mean, they're, they're the ones who've gotten found guilty
• 49:15
  and who've had to settle and pay hundreds of billions of dollars
• 49:18
  in fines and fees for breaking the law.
• 49:21
  Like Winklevoss said, what law has customers broken?
• 49:26
  We, we don't. There is no court case.
• 49:28
  There is no settlement. There's no precedent.
• 49:30
  And then you look at the major banks and you see all the laws
• 49:33
  that they've broken. Why aren't they being held to
• 49:35
  account? Well, if you if you can't answer
• 49:37
  that question, then you're just too naive because Nico laid it
• 49:40
  out perfectly. This is an attack on the
• 49:41
  industry. This is a push towards a central
• 49:44
  bank digital currency. And Nico Opti, both of you know,
• 49:47
  and probably most of the people watching this show know a
• 49:49
  central bank digital currency. It what it really is about is
• 49:53
  about control of prices. They don't want to just control
• 49:57
  the price of money with interest rates.
• 49:58
  They're not, they're not happy with just being able to state
• 50:00
  the interest rate. They want to tell you how much
• 50:02
  milk cost. They want to tell you how much
• 50:04
  you can buy. They want to tell you how much
• 50:06
  chicken cost. And they want to be in charge of
• 50:08
  all prices because that gets them in charge of all resources.
• 50:12
  So forget about the free market price signal we were talking
• 50:14
  about earlier. They want the centralized
• 50:17
  socialist price market signal, which history has showed us
• 50:20
  never works and and and like this is like.
• 50:24
  The Overton window, like it, we're shifting and it is
• 50:26
  accelerating and we're going to continue to shift it.
• 50:29
  And it's funny because during the culture it's you're going to
• 50:32
  hear the same things about a different topic, but the
• 50:36
  behavior is still the same, right?
• 50:39
  But essentially, guys, you have to understand this, right?
• 50:42
  If Bitcoin is the money for capitalism, ACBDC is the money
• 50:48
  for communism. Just look at it from that
• 50:51
  parallel. Bitcoin or slavery, right?
• 50:53
  It's all the same, just different words.
• 50:56
  Holy shit, Opti, did we move that fucking window this week,
• 50:59
  brother? Real quick, bro, before we get
• 51:01
  to CJ, yeah, I'm going to make this quick.
• 51:03
  Because I, I really want to talk to CJ.
• 51:04
  I don't know if it was just us, but we definitely, you know,
• 51:07
  leaped off the ledge. And hey, when we saw this news
• 51:10
  or the campaign and this, this Zoom meeting, you know, you
• 51:13
  could say we were cynical, but we, you know, again, predicted
• 51:16
  that this is, was going to happen.
• 51:17
  This is just hot air coming out of their mouths.
• 51:19
  This is them trying to retrack or what?
• 51:21
  What are they calling it? The reset?
• 51:23
  Because they know they messed up and now they're realizing that
• 51:26
  they have to backtrack that. So I could I could probably keep
• 51:29
  going harder, but I think CJ and Nico killed it.
• 51:31
  Let's get into the culture because I really want to get the
• 51:33
  signal that CJ is going to spread.
• 51:34
  Absolutely. All right, everybody, let's.
• 51:36
  Hit the culture. Let's do this.
• 51:39
  The daily culture, everybody I do want to give a shout out of.
• 51:48
  Course to our sponsor, the orange palapse stack friends who
• 51:51
  stack SAT join the 11,820 bit corners that are currently on
• 51:57
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• 52:00
  great resource if you're travelling, you move to a new
• 52:03
  city or like you're travelling for a conference and you don't
• 52:05
  know any bitcoiners. You put the orange pull app and
• 52:08
  it has a really clever geographical feature and it will
• 52:10
  allow you to send Adm directly to bitcoiners that are near you.
• 52:14
  It's also the number one resource for Bitcoin only
• 52:16
  events. Like I said, if you're
• 52:18
  travelling, you go to a conference and let's say there's
• 52:20
  no events, there's no panels that day for whatever reason,
• 52:23
  you pull up the Orange Pull app and it will literally allow you
• 52:27
  to see what events are are happening that day.
• 52:30
  It's also the best way to reach me directly.
• 52:32
  I don't really answer Twitter DMS these days or emails.
• 52:35
  So if you want to send me a question or you want to say
• 52:37
  hello, download the Orange pull app and you could send Adm to me
• 52:41
  over there. So download the Orange Pull app.
• 52:43
  It is the number one. It is the Bitcoin social layer
• 52:47
  stack friends who stack SAT's. Check the QR code on your screen
• 52:50
  right now or the link in the video description.
• 52:53
  Now I was saying, well, we're still on the news.
• 52:56
  I was talking. I was basically making the case,
• 52:59
  CJ, that this behavior, right, of essentially obfuscating the
• 53:05
  truth is not something that is only happening as it relates to
• 53:10
  the regulatory environment for our industry.
• 53:13
  You have discovered, which does not surprise me, I might add,
• 53:17
  but you have discovered that apparently they haven't been
• 53:20
  exactly truthful in regards to other statistics.
• 53:24
  So could you get into that? Yeah, well, and and actually
• 53:27
  before you go. CJ, I think I have the tweet
• 53:29
  here so I can do have your charts.
• 53:31
  Is this the great revision one? I I can pull it up and we can
• 53:34
  pull some charts up while you're while you're going.
• 53:36
  Yeah, you can pull up whatever you want.
• 53:37
  I, I, I, I'll start out like this because of the first thing
• 53:40
  that the first kickback I get on this is usually, well, they're,
• 53:44
  they're lying about the data. And the answer to that is no.
• 53:48
  And matter of fact, it is a miracle.
• 53:50
  I thank God every day that we have access to this data.
• 53:54
  It is we have an economy of over 300 million people and somehow
• 54:00
  the US government is able to collect all of this data and
• 54:05
  they share it with us publicly, even through API.
• 54:08
  So that's, that's a miracle. This might be the only thing the
• 54:11
  government actually does, right? They collect data accurately.
• 54:15
  It's accurate data. The lying part comes in when
• 54:19
  they take that data and through different methodologies that
• 54:23
  have changed from previous methodologies, they now plug it
• 54:26
  into a new equation. So when it comes to CPI, you can
• 54:32
  check govflation.com or WTF happened in 1980 three.com
• 54:37
  because that's when the change happened.
• 54:38
  They made a change to CPI in 1983 and that changed everything
• 54:43
  and it was a substitution based change.
• 54:45
  Now the substitutions really picked up in 1999, but what that
• 54:49
  means is this. The original equation was
• 54:52
  designed to measure a constant standard of living.
• 54:56
  That way we as a people can understand whether or not our
• 55:00
  lifestyle is allowing us to get ahead or if we're falling
• 55:04
  behind. So it's of the utmost importance
• 55:06
  to understand the constant cost of maintaining a quality of life
• 55:11
  or a standard of living. With the new substitution based
• 55:15
  methodology, which has lead to the misrepresentation of the
• 55:19
  data is because what happens is it's a it's not a constant base,
• 55:24
  it's it's now a substitution based.
• 55:29
  So in other words, if your constant was filet mignon and
• 55:34
  filet mignon meat went up 10%, but certainly meat only went up
• 55:38
  2%, They have the ability to say, oh, well, because sirloin
• 55:42
  meat is only up 2% and filet mignon's up 10%, that person who
• 55:47
  eats filet, they're just going to buy sirloin.
• 55:49
  So their cost of of living isn't going up because they can just
• 55:52
  buy sirloin. Yeah, but I want to eat filet
• 55:55
  and I want to measure the constant cost of eating that
• 55:58
  filet. I don't want to switch from
• 56:00
  filet to sirloin, or I don't want to switch from buying a bag
• 56:04
  of chips that's 8 ounces to six oz.
• 56:06
  There's all different ways that they're tweaking these numbers
• 56:09
  and it's all through methodology.
• 56:11
  So I think we can be more confident in understanding the
• 56:15
  flaw in the system when we understand that the lying is not
• 56:18
  happening at the data level because they're collecting this
• 56:21
  data and it's almost miraculous they're able to do so and share
• 56:24
  it with us. But when they plug it into their
• 56:27
  new tweaked methodologies, which have the CPI has been changed
• 56:31
  over 16 times in a very short amount of time.
• 56:34
  And what you can see from CPI is that it's been coming down.
• 56:38
  But in this chart you see manufacturing.
• 56:41
  Manufacturing is telling a different story.
• 56:43
  You can see in early 2023, we went under the the 50 midline,
• 56:47
  which is typically that's that symbols that you're in a
• 56:50
  recessionary period. You can see back when Trump went
• 56:53
  in there, there was a lot of unknowns.
• 56:55
  We went under briefly but came back up.
• 56:57
  And then during COVID, we came down below because everything
• 56:59
  shut down and then we came back up.
• 57:01
  But look what happened in in 2021.
• 57:04
  And it's important to note they didn't raise interest rates
• 57:06
  until March of 2022. So you know this, this downward
• 57:10
  trend started in 2021 before they started raising interest
• 57:15
  rates because most people attribute the, the fall of the
• 57:18
  economy, the demand destruction of the economy to the raising of
• 57:20
  the interest rates. But manufacturing tells a little
• 57:23
  bit of a different story. The most important part to glean
• 57:25
  from this chart, though, is that back in 2023, we were a, we were
• 57:30
  in negative growth. So my, my thing is an Opti.
• 57:33
  Maybe you can pull this up and when you go into the inflation
• 57:37
  and you'd switch from a constant standard of living to the
• 57:39
  substitution based measurement, what happens is the inflation
• 57:43
  rate is reducted reduced significantly.
• 57:47
  So inflation right now is is around 10% and the government is
• 57:52
  saying it's around 3%. So the difference between 10 and
• 57:55
  3% is 7%. And what happens is when you,
• 57:58
  when you look at the economy, an important metric is called GDP.
• 58:02
  Oh, beautiful right there. So GDP is gross domestic
• 58:05
  product. That's this is how we measure
• 58:07
  whether the level of production and consumption in an economy.
• 58:11
  So if an economy is growing, you see positive GDP.
• 58:14
  If economy is shrinking, you see negative GDP.
• 58:16
  Well, if you use the real inflation rate to subtract the
• 58:20
  rate of price increases from the marketplace when it, when
• 58:24
  calculating economic growth, real GDP is actually negative.
• 58:29
  So the government by understating inflation and, and
• 58:32
  they call it the GDP deflator. It's not exactly the CPI it
• 58:36
  there's a little bit of a difference there, but it doesn't
• 58:38
  matter. They're using too small of a
• 58:39
  deflator. So they're mistakenly accounting
• 58:42
  for that extra 7%, right. The government says 3%.
• 58:45
  The old constant methodology says 10.7%.
• 58:49
  There's 7% of inflation that these White House economists are
• 58:53
  actually attributing to the economy.
• 58:56
  So they're saying, hey, the economy is strong, we can keep
• 58:58
  rates higher for longer because the economy is so strong.
• 59:01
  Yeah, but that's because you are making the mistake of accounting
• 59:04
  price increases for economic growth and that's not the
• 59:08
  reality. The reality is that the price,
• 59:10
  if you take away the GDP based on real inflation, on a constant
• 59:14
  measurement GDP is negative. And that makes perfect sense.
• 59:17
  All of these things start to come together when you use the
• 59:20
  real numbers based on the original methodology versus
• 59:23
  these new substitution based methodologies that are really
• 59:26
  just designed for the narrative. So it's really important to
• 59:30
  understand CPI is 10%. And by the way, back in 2021
• 59:34
  when they said, oh, inflation almost went to a new all time
• 59:37
  high, go take a look at the guflation chart.
• 59:40
  CPI was at an all time high. We did have all time high
• 59:43
  inflation after they printed all that money and COVID, and we're
• 59:46
  heading towards wave 2 now because there's $6 trillion of
• 59:51
  buying power on the sidelines. They're all waiting to buy the
• 59:53
  dip, right? When, Hey, when Bitcoin goes
• 59:55
  under 50, I'll buy the dip. When?
• 59:57
  What did Dave Portnoy say? When Bitcoin hits forty, I'll
• 1:00:00
  buy it. Well, did he buy at 49?
• 1:00:02
  No, because then he started waiting for 30.
• 1:00:05
  US Bitcoiners, we know how this works.
• 1:00:07
  You always buy because you buy discounts.
• 1:00:09
  You buy when Bitcoin is cheap, and right now Bitcoin is the
• 1:00:11
  cheapest it's ever been. And by the way, we just had a
• 1:00:14
  complete washout in the marketplace based on the
• 1:00:16
  economic data we just talked about, right?
• 1:00:18
  So GDPCPI jobs data, which as I was saying earlier, is even
• 1:00:23
  worse. They got the unemployment at 4%.
• 1:00:26
  When you go back to the older methodology, unemployment is
• 1:00:29
  upwards of 7%. The the year over year growth of
• 1:00:33
  unemployment triggered what they call the Sam rule, which is that
• 1:00:36
  if your your growth is greater than 5 percent, 0.5%, then what
• 1:00:41
  happens is every single time in history that that's happened,
• 1:00:44
  we've entered into a recession. So all the recession signals are
• 1:00:47
  going off and then analysts are looking back at government GDP
• 1:00:50
  and saying, well, hey, these are just fake recession signals.
• 1:00:53
  No, those are actually accurate real recession signals.
• 1:00:56
  It's you're, it's, you're lying about the CPI and your changes
• 1:00:59
  in methodology to manipulate the narrative that are leading to
• 1:01:03
  the misunderstanding in the broader marketplace.
• 1:01:05
  But the smarter money managers, the people who see what's really
• 1:01:08
  going on here, they know exactly what's happening and they're
• 1:01:10
  preparing for what comes next. The CME Fed watch has the
• 1:01:14
  percentage chance of rate cuts in September being 100%.
• 1:01:18
  Now the argument isn't are they going to cut or not.
• 1:01:20
  The argument has now become more are they going to cut by 25
• 1:01:23
  basis points or 50 basis points or is something else going to
• 1:01:26
  snap in the market? We saw the Yang carry trade
• 1:01:29
  start to break down the other day and, and by the way, the the
• 1:01:32
  Yang carry trade when the Japanese central bank raised
• 1:01:36
  interest rates by 0.25 basis points.
• 1:01:40
  So less, you know, 1/4 of 1% caused this huge sell off in
• 1:01:43
  liquidation. This forced selling, this
• 1:01:46
  deleveraging within the marketplace for 1/4 of 1%.
• 1:01:50
  And the, and a lot of people are saying, oh, the, the Fed needs
• 1:01:52
  to come out and lower the interest rate.
• 1:01:54
  But the, what caused that sell off and deleveraging was the,
• 1:01:57
  the shrinking of the spread between the cost to borrow the
• 1:02:00
  yen and what you can earn with the USD.
• 1:02:02
  So if, if the Fed comes out and lowers the interest rate, that
• 1:02:06
  also shrinks the spread. So we could see more force
• 1:02:09
  deleveraging or even forced liquidations.
• 1:02:12
  I did see JP Morgan come out and say that they think that the
• 1:02:15
  young carry trade has unwound to the tune of about 75%.
• 1:02:18
  So maybe 25% of that leverage is still left in the market with
• 1:02:22
  people with maybe had a stronger balance sheet.
• 1:02:24
  But that risk is still there and rates are going down in
• 1:02:27
  September. So when rates go down in
• 1:02:28
  September, $6 trillion is on the sideline.
• 1:02:32
  It's waiting to bid. Well, guess what?
• 1:02:34
  The recession was masked by the lying of the data.
• 1:02:37
  Everybody waited for a recession to buy the dip.
• 1:02:40
  But if you were looking at the real data, we've been in a
• 1:02:42
  recession since 2023. So you should have been buying
• 1:02:44
  the dip since 2023. What we're going to find out is
• 1:02:47
  that you missed your chance to buy the dip and now they're
• 1:02:50
  going to lower interest rates. And when those interest rates go
• 1:02:53
  down, all of that money that ran into those interest rates to get
• 1:02:56
  your 5% with principal protection, which is a joke.
• 1:03:00
  When bitcoins got 50% CAGR, what the hell are you looking at 5%
• 1:03:04
  for? That's bitcoins delivering a 10X
• 1:03:06
  the rate over 10 years. Can you do math?
• 1:03:08
  Well, no, I guess these people can't.
• 1:03:10
  And what's happening is when that rate goes down, all of this
• 1:03:15
  money on the sideline that was waiting to buy the dip, but
• 1:03:18
  never, never bought the dip, They couldn't execute.
• 1:03:21
  They didn't. It didn't go down low enough for
• 1:03:22
  them. There was no, the news never
• 1:03:25
  said that we were in a recession.
• 1:03:26
  They didn't. They didn't.
• 1:03:27
  All the signals they were looking for never came.
• 1:03:29
  Well, as all that money races out of these money market funds,
• 1:03:32
  guess where it's going to go? It's going to go right back into
• 1:03:35
  assets. It's going to go back into
• 1:03:36
  Bitcoin, the fastest horse in the race.
• 1:03:38
  It's going to go back in the real estate.
• 1:03:40
  It's going to go back in the stocks.
• 1:03:41
  It's going to go back into anything that can't be printed.
• 1:03:44
  And the the harder it is to print it, the faster it's going
• 1:03:47
  to go up in price. And that is going to happen on
• 1:03:50
  the back of probably quantitative easing, increased
• 1:03:54
  deficit spending. So we're right now the interest
• 1:03:57
  rate is high and that's causing the economy to slow that cost
• 1:04:00
  what they cause demand destruction.
• 1:04:03
  So demand destruction creates a negative price pressure.
• 1:04:06
  Well, because they raised the interest rate so high, everybody
• 1:04:09
  knows that the, the government's interest rate expense is the
• 1:04:12
  highest it's ever been. It actually cost more to service
• 1:04:15
  our debt than it does to pay for our military.
• 1:04:18
  And we, and we have by far the largest military budget in the
• 1:04:21
  world, and it costs more to, to finance our debt.
• 1:04:25
  So what happens is that creates a positive price pressure.
• 1:04:29
  Now when they lower interest rates, the, the economy, the
• 1:04:33
  demand destruction is going to disappear.
• 1:04:34
  The money's going to come back funneling in.
• 1:04:36
  That creates a positive price pressure.
• 1:04:38
  Meanwhile, the government is still deficit spending.
• 1:04:41
  That's a positive price pressure.
• 1:04:43
  So right now we have 2 price pressures.
• 1:04:45
  One kind of offsets the other, but the positive pressure, price
• 1:04:48
  pressure is still winning because the demand destruction
• 1:04:51
  is so muted. But in the future, we're going
• 1:04:53
  to have positive price pressure from all the trillions of
• 1:04:56
  dollars on the sidelines running back into assets since they
• 1:04:59
  can't get the yield anymore. Plus the government deficit
• 1:05:02
  spending creating the positive price.
• 1:05:04
  Prices are going to go up much faster than people anticipate,
• 1:05:08
  much faster than we saw during COVID.
• 1:05:10
  And by the way, the last time this happened, Bitcoin dropped
• 1:05:13
  from $9000 all the way down to $3000 when we had that liquidity
• 1:05:17
  crisis deleveraging event. Well, the yen carry trade just
• 1:05:21
  blew up. We had a deleveraging event.
• 1:05:23
  We had a liquidity crisis. Bitcoin did not even go below.
• 1:05:27
  I mean, it went barely below 50,000, right?
• 1:05:29
  So barely below 50. It's basically held $50,000 at
• 1:05:33
  this point. And what happened last time is
• 1:05:36
  Bitcoin went from $3000, it went over 20X to 60,000, went even
• 1:05:40
  higher. But just call it 20X for the
• 1:05:42
  sake of math. Well, as we get into a a season
• 1:05:45
  of lowering interest rates and seeing all the effects of that
• 1:05:49
  take place, plus government increasing deficit spending to,
• 1:05:54
  to support the economy that they just destroyed, right?
• 1:05:57
  the Fed did demand destruction. They destroyed the economy.
• 1:05:59
  They targeted the economy. They should have been fighting
• 1:06:01
  the currency. But instead they they chose to
• 1:06:03
  fight the economy. Now the government's going to
• 1:06:05
  have to spend even more money to build up the economy that they
• 1:06:08
  just destroyed. And then we're going to see
• 1:06:10
  double positive price pressure on the back of the same policies
• 1:06:13
  that push Bitcoin from 3000 to 60,000.
• 1:06:16
  Well, guess what? That same measured move from
• 1:06:18
  3000 to 60,000, that 20X, that's like Bitcoin going from 50,000
• 1:06:24
  to $1 million. Do you?
• 1:06:25
  Do you? But what about the diminishing?
• 1:06:27
  Aspect of it right, because it is, it is it is a lot harder
• 1:06:31
  from it can think just from numerically market cap wise.
• 1:06:35
  What would you say to that? Well, the first thing is is one
• 1:06:38
  of the. Statistics that you showed
• 1:06:39
  earlier was that we were around 7% of gold's market cap.
• 1:06:43
  So if Bitcoin were to go to to between 700 and $1,000,000, that
• 1:06:47
  puts us on par with gold's market cap.
• 1:06:50
  So talking about marketing the the limits of market
• 1:06:52
  capitalization and valuation, this type of move from 50,000 to
• 1:06:56
  a million basically just makes us even with gold.
• 1:06:59
  And gold is old, gold has been demonetized.
• 1:07:02
  Bitcoin is being monetized right now as we speak.
• 1:07:05
  So it's in the opposite, it's poised to absolutely flip that
• 1:07:09
  market cap and it's and it's a perfectly real realistic move
• 1:07:15
  based on the amount of printing that they're going to have to
• 1:07:17
  do. Now diminishing returns is
• 1:07:19
  different because I don't like to call it diminishing returns.
• 1:07:22
  I like to call it diminishing premiums.
• 1:07:24
  And if you follow me along, Bitcoin fair value where we
• 1:07:27
  track bitcoins price relative to its cost of production.
• 1:07:30
  What we're seeing is diminishing premiums, not necessarily
• 1:07:34
  diminishing returns. So if we as we move into a
• 1:07:36
  global hash war and the cost of production goes up
• 1:07:40
  significantly, then you can still have a diminished premium.
• 1:07:44
  Like the last cycle the cost of production was around 40,000,
• 1:07:51
  just call it like 35,000 and we went to 70.
• 1:07:53
  So it was like 100% premium. But the previous 2016 having
• 1:07:57
  cycle premium of the market price relative to its cost was
• 1:08:01
  400%. So and then before that it was
• 1:08:05
  like 600%. So we went from six 100% to 400%
• 1:08:08
  diminishing premiums to cost. And the reason that's happening
• 1:08:12
  is because of the the, the public minor companies.
• 1:08:16
  And in the old days we had OG bitcoiners who were just going
• 1:08:19
  to hold and they only sold to maybe buy something or whatnot.
• 1:08:22
  But now that these companies are public miners, these public
• 1:08:25
  miners have a fiduciary responsibility to lock in
• 1:08:28
  profits. So when the price starts to go
• 1:08:30
  up above the cost of production significantly, these miners
• 1:08:34
  start selling their treasury Because remember, they're forced
• 1:08:36
  sellers. And if they're not selling their
• 1:08:38
  treasury because the price is under the cost like it is today,
• 1:08:41
  if they're forced to sell, they're losing money.
• 1:08:44
  And if they can hold, then they have to use cash flow or use
• 1:08:47
  debt to make it through to the point where the price goes back
• 1:08:50
  above the cost. So I think we're going to see
• 1:08:52
  diminish, we're going to continue to see diminishing
• 1:08:55
  price premiums relative to cost of production.
• 1:08:58
  But at the same time time, we're going to see an explosion in the
• 1:09:01
  cost of production because of what we talked about earlier
• 1:09:04
  today with the global hash wars now hitting a hitting a, a fast
• 1:09:08
  pace. So yeah, I mean, it makes sense
• 1:09:10
  in both ways and both points are valid.
• 1:09:12
  But what's being missed here is that the global hash war is now
• 1:09:15
  pushing up the cost of production significantly, very
• 1:09:19
  much significantly. The the cost of production right
• 1:09:21
  now. BFV, you can go check it out.
• 1:09:23
  I have it around $300,000. That's not the OpEx cost of
• 1:09:28
  production or the electrical cost of production.
• 1:09:29
  Those are different metrics. Miners love to talk about their
• 1:09:32
  electrical cost of production because it makes it seem like,
• 1:09:35
  hey, we have solar power and it cost us $25,000 to mine a
• 1:09:39
  Bitcoin. Yeah, but you spent, you had to
• 1:09:41
  spend $100 million to tap into the solar power.
• 1:09:44
  So you have to include capital expenditures and operational
• 1:09:47
  expenditures to understand what the cost of production is.
• 1:09:50
  And that's what you're looking at right there.
• 1:09:51
  So yeah, Opti, we could have a diminishing premium maybe maybe
• 1:09:56
  you're only at a 50% premium this time or a 90% premium, but
• 1:10:00
  you're talking about relative to over $300,000.
• 1:10:03
  So that same 100 and remember the last cycle we have the China
• 1:10:07
  mining ban. That China mining ban threw a
• 1:10:09
  whole wrench in the entire cycle.
• 1:10:11
  And what happened to the cost of production during that China
• 1:10:13
  mining ban as the miners were forced to sell, they sold that
• 1:10:16
  price from 60 above 60 all the way down to 30 at the cost of
• 1:10:20
  production to raise that capital to relocate.
• 1:10:23
  Once they relocated, price went right back up because the miners
• 1:10:26
  are the four sellers. So in this time the miners are 4
• 1:10:29
  sellers. The hollers are hodling, but the
• 1:10:31
  global hash wars are pushing up the we have significant amount
• 1:10:35
  of hash rate. Bitcoins hash rate is growing at
• 1:10:37
  an exponent rate and the and the difficulty adjustment is that
• 1:10:42
  that engineered money component that a lot of people don't take
• 1:10:45
  the time to look into, but it's specifically designed for this
• 1:10:48
  reason. Satoshi taught this.
• 1:10:50
  This isn't CJ's opinion. I learned this from Satoshi's
• 1:10:54
  material and I have posts about that on my Twitter in my
• 1:10:56
  highlights. You can go check it out.
• 1:10:58
  The actual quotes from Satoshi talking about the natural rules
• 1:11:02
  of economics in a commodity cycle, the price, the cost of
• 1:11:06
  something always gravitates towards the price and and
• 1:11:09
  Bitcoins difficulty adjustment is designed to push the cost of
• 1:11:13
  production towards the price. This is number go up technology.
• 1:11:17
  And then when the price comes below the cost of production,
• 1:11:20
  there's an added element, which is the difficulty can go
• 1:11:22
  negative. And then that makes the cost of
• 1:11:24
  production go down so that the producers can have a chance at
• 1:11:28
  being profitable again, which is a sustainability element.
• 1:11:31
  So this, you know, Bitcoin, I'd like to say, Nico, in the
• 1:11:34
  beginning of the episode, you said this is the best money.
• 1:11:36
  I'd, I'd like to put forth the thing that Bitcoin is the first
• 1:11:39
  money. We've used what could work as
• 1:11:41
  money for a hit for a long time. And this is the first time we
• 1:11:44
  actually have real money. Absolute digital scarcity and
• 1:11:48
  the difficulty adjustment, which takes care of the commodity,
• 1:11:51
  supporting the system through the commodity cycle.
• 1:11:53
  All of these things come together and plug in perfectly
• 1:11:56
  with what we talked today because difficulty is going up,
• 1:11:58
  cost of production is going up. The global hash words are going
• 1:12:01
  to make that accelerate. The lies from the Democrats are
• 1:12:04
  going to make that adoption accelerate.
• 1:12:06
  So we have demand going up for a value that's needed because even
• 1:12:09
  in the UK, you can't repost a tweet without getting arrested.
• 1:12:13
  What happens when you start getting arrested because
• 1:12:15
  bitcoins number Bitcoins number go up technology or you can't
• 1:12:18
  say that because that's like saying Fiat is number go down
• 1:12:21
  technology. Uh oh, I think we figured
• 1:12:24
  something out. We have to silence these people.
• 1:12:26
  That's where we're going right now.
• 1:12:27
  Bitcoin is economic freedom based on the true rules and laws
• 1:12:31
  of the economy. One last thing.
• 1:12:33
  Thank you guys for letting me rant on this, but I got one last
• 1:12:35
  thing to hammer home because it's just bullshit.
• 1:12:37
  The the, these people tell you that inflation is economic
• 1:12:41
  growth. And this goes back to Nico, what
• 1:12:43
  you said earlier. They change the words.
• 1:12:45
  They change the definitions and meaning of words.
• 1:12:48
  In a strong economy, prices go up temporarily because the
• 1:12:52
  increase in demand pushes the prices up.
• 1:12:55
  But an increase of demand barely moves across the production,
• 1:13:00
  right? So for a producer, when they're
• 1:13:01
  facing inflationary price pressures, the cost of
• 1:13:04
  production is going up too, because the devaluation of the
• 1:13:07
  dollar, the dilution of the dollar forces all prices to go
• 1:13:11
  up. Cost of production and and front
• 1:13:14
  end facing price. But a strong economy just just
• 1:13:17
  forces the front end facing price to go up.
• 1:13:20
  What that does is it creates profit for the producer and then
• 1:13:23
  producers can take that profit and reinvest in expanding
• 1:13:28
  supply. And when they expand supply, I
• 1:13:30
  like to use the water bottle example.
• 1:13:32
  You know, if you make 1,000,000 water bottles, it might cost you
• 1:13:34
  $0.10 per water bottle. But if your company did really
• 1:13:37
  good and sold all those water bottles and you made a good
• 1:13:40
  profit and you can push the price up, you can reinvest that
• 1:13:42
  profit to making 10 million water bottles.
• 1:13:45
  It might only cost you six cents.
• 1:13:47
  So you could actually lower the front end price and your profit
• 1:13:51
  margin would still be larger. But because you have a lower
• 1:13:54
  front end price, a lower price means greater demand.
• 1:13:57
  So a true healthy economy temporarily creates higher
• 1:14:01
  prices, but that enables producers to reinvest in in
• 1:14:05
  expanding supply, reducing the marginal cost of production,
• 1:14:09
  lowering the front end price while maintaining or even
• 1:14:12
  growing profitability, which then leads to greater
• 1:14:16
  consumption and greater production.
• 1:14:18
  That's the definition of a strong economy.
• 1:14:20
  This inflation that they're trying to that that they're
• 1:14:23
  forcing on us from raiding the Piggy Bank.
• 1:14:26
  What happens is inflation doesn't just push up the front
• 1:14:29
  end price, it also pushes up the producers cost of production.
• 1:14:32
  So if the producer doesn't raise the front end price, they are
• 1:14:35
  less profitable. They're less.
• 1:14:37
  That's why price to sales and price to earnings ratios are so
• 1:14:41
  off the charts because we are in an inflationary environment
• 1:14:44
  where think companies become less and less profitable because
• 1:14:46
  the cost of production goes up just as much as the front end
• 1:14:50
  facing price. There's no profits to reinvest.
• 1:14:52
  And then if the company doesn't raise the price, there's their
• 1:14:55
  margins shrink. So they're forced to raise the
• 1:14:56
  price. They have, they have spun this
• 1:14:59
  idea and they have really modern monetary theory and all of the
• 1:15:04
  the lies and definition changes of that line of thinking is, is
• 1:15:09
  a travesty to humanity because now people don't even have a
• 1:15:12
  basic understanding of economics.
• 1:15:13
  And Jeff Booth does a great job of explaining this.
• 1:15:16
  In a real strong economy, yeah, prices might go up temporarily,
• 1:15:19
  but in the long term they come down.
• 1:15:21
  And that's how a strong economy adds more demand.
• 1:15:25
  It's more demand because profit producers can lower prices,
• 1:15:28
  which allows more more people to participate.
• 1:15:30
  And when more people can participate, their quality of
• 1:15:33
  life and standard of living is increasing.
• 1:15:36
  That's the opposite of what we're seeing right now.
• 1:15:38
  Everybody's quality of life and standard of living is
• 1:15:40
  decreasing. Unless you're on a Bitcoin
• 1:15:42
  standard, then it tells unless. You're on a Bitcoin standard and
• 1:15:45
  that's. Why Bitcoiners are happy and
• 1:15:46
  that's why Bitcoiners are are excited.
• 1:15:48
  Everybody who's stuck on this Fiat standard, they're they're
• 1:15:51
  making more money, but they're buying less stuff.
• 1:15:54
  So they're not happy. You guys, you tell me have you
• 1:15:57
  noticed that the services industry here in the United
• 1:15:59
  States has is lower that you get it's not even services it's.
• 1:16:04
  The quality of products like you see them because they they're
• 1:16:08
  forced to cut corners and they want to keep the price roughly
• 1:16:11
  the same. So it degrades the products.
• 1:16:13
  See this effects food. This effects, it effects
• 1:16:16
  essentially like many assets of life because people have to
• 1:16:20
  understand like money is the base layer of society plays an
• 1:16:24
  instrumental role in the human condition and our just our daily
• 1:16:27
  lives. And if that system is based on
• 1:16:30
  theft, it's corrupt. It's fundamentally corrupted to
• 1:16:32
  the core. There are many things that go
• 1:16:35
  down from that. I'm glad that you brought up
• 1:16:36
  Jeff Booth because Jeff Booth is making the case and guys connect
• 1:16:39
  the dots. We we, we want you guys to
• 1:16:41
  connect the dots on the show. It's just, if you just have
• 1:16:43
  single data points, they mean nothing.
• 1:16:45
  CJ brought up the UK censorship. Jeff Booth is bringing up like,
• 1:16:49
  look, in a system based on theft, they have to coerce the
• 1:16:54
  narrative. If they don't coerce you into
• 1:16:56
  believing a shared narrative, then you have very.
• 1:16:59
  And This is why we cover freedom of speech, because it's it's our
• 1:17:02
  tool to really fight this. If you don't have that, then all
• 1:17:07
  of a sudden things like, why does money need to steal from me
• 1:17:10
  in order to function? Bitcoin is better money.
• 1:17:14
  Those words are very dangerous to what they're doing today.
• 1:17:19
  And This is why we prepare you guys.
• 1:17:21
  We we get you guys and we get you guys in the game, your head
• 1:17:24
  in the game to really understand what is happening right now.
• 1:17:28
  And we we take a more light hearted approach.
• 1:17:30
  But this is the separation of money and state.
• 1:17:33
  This is a pivotal moment in human history.
• 1:17:36
  And CJ, you laid out the case and it reminds me of
• 1:17:40
  Solzhenitsyn's quote. You know they're lying.
• 1:17:44
  We know they're lying. They know we know we're lying
• 1:17:47
  and they're lying anyways, right?
• 1:17:48
  It's very dystopian, it's very communist.
• 1:17:52
  I'm going to keep saying that word.
• 1:17:53
  We we took it out of the bag on this week's show, but I'm going
• 1:17:56
  to keep saying it. And that's really what it is.
• 1:17:58
  What type of future do you want to live?
• 1:18:00
  Do you want to live in a Bitcoin powered capitalist society or do
• 1:18:04
  you want to live in a central bank digital currency powered
• 1:18:08
  communist society? Because those are really the two
• 1:18:10
  futures ahead of you. It's really Bitcoiners slavery
• 1:18:14
  and wake up and get involved because it hits me even harder
• 1:18:19
  when you have. A family, right?
• 1:18:20
  Nico, I remember seeing you at Bitcoin Naples.
• 1:18:23
  Congratulations it for for the sake of.
• 1:18:26
  Our children. I bought a lot of guns and I
• 1:18:28
  bought a lot of Bitcoin after that, right?
• 1:18:30
  Yeah, Bitcoin bullets and a Bible.
• 1:18:33
  That's what we need. And I'll tell you what's what
• 1:18:36
  the, the, the really sad part about this is the United States
• 1:18:40
  is being blocked together with North Korea and Iran with our
• 1:18:43
  stance toward this industry. So the rest of the world is
• 1:18:46
  adopting this technology. And something that we're working
• 1:18:49
  on at People's Reserve is a principal protected note that we
• 1:18:53
  call a Bitcoin bond. Now what's so exciting about
• 1:18:55
  this product is that we, we're already actually talking to a
• 1:18:58
  few potential sovereign issuers. So people don't understand how
• 1:19:01
  fast this marketplace is moving because where we're going,
• 1:19:04
  everything I just told you about interest rates, why that's
• 1:19:06
  important is because the lenders in the marketplace are not going
• 1:19:11
  to accept larger real negative interest rates.
• 1:19:14
  So with, even with interest rates right now at 5% and
• 1:19:17
  inflation at 10%, you, you subtract inflation from the,
• 1:19:20
  from the risk free rate and that gives you the real rate of
• 1:19:22
  return. It's your, it's your rate of
• 1:19:24
  return based in terms of purchasing power.
• 1:19:26
  So yeah, you might be getting 5% nominal on your treasuries, but
• 1:19:30
  when prices are 10% at the end of the year, you're still buying
• 1:19:32
  5% less stuff. So it's real rates that matter
• 1:19:35
  for money managers whose job is not to just protect the nominal
• 1:19:39
  value and trick their clients, but to truly preserve purchasing
• 1:19:42
  power through time. And what's going to happen is
• 1:19:44
  when interest rates go back down and inflation goes back up, real
• 1:19:49
  interest rates are going to be the most negative that they've
• 1:19:53
  ever been, which means lenders are not going to be interested
• 1:19:56
  in lending money in order to get back less purchasing power.
• 1:20:00
  It's just even, even insurance company models are going to
• 1:20:04
  break down because you can't, you know, if there's a claim in
• 1:20:07
  the future because of a hurricane.
• 1:20:09
  The cost to fix that hurricane is going to be significantly
• 1:20:12
  more than the negative return of purchasing power you received on
• 1:20:16
  everybody's payments that you kept in U.S.
• 1:20:18
  Treasuries. So we, we approach this problem
• 1:20:21
  saying you know what these debt derivatives are, are broken
• 1:20:24
  market and we can integrate Bitcoin into this marketplace.
• 1:20:28
  And when you integrate Bitcoin into the marketplace, it
• 1:20:31
  actually creates the yield on our principal protected note.
• 1:20:34
  So you, you, you would lend money to the issuer, the
• 1:20:36
  issuer's note would mature and give you back your principal.
• 1:20:38
  So if you invested $1,000,000 at the end of the five years, you
• 1:20:41
  get $1,000,000 back what's left over the Bitcoin that was
• 1:20:44
  bought. So the performance of Bitcoin,
• 1:20:46
  the best performing asset in the world, is what produces the
• 1:20:50
  yield on the note. And that's what countries and
• 1:20:53
  companies and States and cities are going to need to do.
• 1:20:56
  They're going to need to integrate Bitcoin into their
• 1:20:58
  debt issuance or else nobody's going to want to buy their debt.
• 1:21:01
  And if nobody wants to buy your debt, especially if you're a
• 1:21:03
  country, the only thing you can do is quantitative easing.
• 1:21:06
  The only thing you can do is print money and buy your own
• 1:21:08
  debt. And that leads to
• 1:21:09
  hyperinflation. So we are now at that point in
• 1:21:12
  the cycle where yes, we need to be political, yes, we need to be
• 1:21:16
  involved in finance. Yes, we need to get involved
• 1:21:18
  more than we ever have before. Because if we don't integrate
• 1:21:21
  Bitcoin, when other countries start to integrate Bitcoin, USA
• 1:21:25
  will go just like it has an education.
• 1:21:27
  At one point it was a top level education.
• 1:21:30
  Now our education system sucks. Well, we are the top
• 1:21:33
  financialized economy in the world.
• 1:21:35
  If we don't integrate the the the most hard first form of
• 1:21:39
  money, the first discovery of money, complete digital scarcity
• 1:21:44
  guaranteed through a through a decentralized money protocol.
• 1:21:48
  If we don't adopt the reserve asset of the Internet economy
• 1:21:51
  and economy that's greater than anyone economy or team of
• 1:21:53
  countries, we will lose and our ranking in the financialization
• 1:21:58
  portion of the world will drop and our quality of life and
• 1:22:00
  standard of living will be to the point where I'm sure many
• 1:22:03
  Bitcoiners will leave this country.
• 1:22:05
  So if you want a future for your children and freedom and with
• 1:22:09
  freedom of speech based on the Republic of the United States
• 1:22:12
  and the and the true Constitution of the United
• 1:22:14
  States, we need to be more active now than we've ever been.
• 1:22:16
  And I'm apolitical, but now's the time to act for the sake of
• 1:22:19
  your children to make sure that we maintain our leadership in
• 1:22:23
  the world. Because if we don't adopt
• 1:22:25
  Bitcoin and other countries do, we will fall to irrelevance
• 1:22:28
  faster than anybody could really imagine.
• 1:22:30
  Amen, man. Said Well dude, this was.
• 1:22:34
  Guys, this was the. Friday show we try to bring on
• 1:22:37
  bring you guys that hot fire before Nico wraps us up
• 1:22:40
  everyone. In the chats, like how come no
• 1:22:41
  one knows CJ and I'm like, This is why we got him on the live
• 1:22:44
  show so more of you guys can get exposure to this kind of
• 1:22:47
  message. This this is what the points the
• 1:22:49
  show of the point of the show is about is getting the good signal
• 1:22:53
  out there so more people know what's actually going on.
• 1:22:55
  So kudos to you CJ. I'm guessing everyone in the
• 1:22:57
  chat's going to have to re watch that rant so that they can
• 1:23:00
  actually digest everything you said.
• 1:23:02
  But absolutely destroyed it dude.
• 1:23:04
  Absolutely, man, and. Yeah, dude, so, so much signal
• 1:23:08
  on today's episode. Thank you so much for coming on.
• 1:23:10
  Love to have you back on again in the near future.
• 1:23:13
  As you know, the election season continues to heat up and things
• 1:23:18
  get crazy and keep on kicking ass.
• 1:23:20
  Man, it's incredible work just discovering the lies, really.
• 1:23:24
  Thank you so much. It's an honor.
• 1:23:25
  To be on this show, you guys are doing what for this industry,
• 1:23:29
  What needs to be done and where else can you get tomorrow's news
• 1:23:33
  today? Let's go.
• 1:23:35
  Let's go, actually. CJ, I'll plug.
• 1:23:36
  Plug where we people can find you for the audio listeners, and
• 1:23:39
  then let's roll this one out. Yeah, sure.
• 1:23:41
  Thank you. My name on the screen.
• 1:23:43
  There is actually my handle for Twitter and YouTube.
• 1:23:46
  Very active on X. You can dive into my highlights
• 1:23:49
  and you can DM me. I'll do my best to help
• 1:23:52
  everybody get to where they need to be to be prepared for what's
• 1:23:56
  coming. Absolutely.
• 1:23:58
  All right. Everybody, this was the Friday
• 1:23:59
  show for August 9th, 2024. I'm your host, Nico's, my Co
• 1:24:03
  host optimist feels and of course, our guest for today, CJ
• 1:24:07
  bringing the hot fire. If you guys enjoyed today's
• 1:24:09
  show, make sure to smash that like button.
• 1:24:11
  Consider subscribing if you feel like we provided you value.
• 1:24:14
  And guys, unplug. Enjoy the weekend and we'll see
• 1:24:17
  you Monday, 12:15 PM Eastern Standard Time for another
• 1:24:20
  episode of Simply Bitcoin Live. Bitcoin or Slavery?
• 1:24:26
  Episode was brought to you by bitcoinwell.com on a mission to
• 1:24:30
  enable independence.