Latest / Simply Bitcoin / Did US Gov INSIDER EXPOSE Americas Secret Bitcoin Buying?! EP 1276

Transcript

Did US Gov INSIDER EXPOSE Americas Secret Bitcoin Buying?! EP 1276 · Simply Bitcoin

• 0:00
  Everyone's been talking about the Bitcoin treasury strategies,
• 0:04
  and it seems like everyone is forgetting about what's
• 0:07
  happening with the United States Strategic Bitcoin Reserve.
• 0:11
  But what if we told you that the US government may have already
• 0:15
  acquired Bitcoin and hasn't told anyone?
• 0:19
  Yes, we might be in some speculation territory, but
• 0:22
  Boheim just testified about the United States Strategic Reserve,
• 0:25
  and I want you to pay very, very closely to what he says in this
• 0:30
  clip. Let's RIP it and get into the
• 0:31
  show. There are a lot of different
• 0:33
  actors that held onto some Bitcoin and some fashion or
• 0:36
  another. Now the process begins in terms
• 0:39
  of, you know, establishing the reserve, the actual
• 0:41
  infrastructure behind it and getting all that accomplished.
• 0:44
  There's nothing in the EO that mandates that report become
• 0:47
  public, but we could choose to to make it public at some point.
• 0:51
  And we are certainly keen on the idea of accumulation.
• 0:53
  We've stated publicly that Bitcoin is digital gold.
• 0:56
  We believe it's in the best interest the United States to to
• 0:59
  garner as much as we can possibly get.
• 1:00
  I've said that at every conference that I've spoken at
• 1:02
  in the last two to three months. Now, obviously this has to be
• 1:05
  done in budget neutral ways that don't cost the taxpayer a dime.
• 1:08
  The president was clear about that in the executive order.
• 1:10
  But I think we have some very creative minds, two of which are
• 1:13
  are sitting up here with me and I think we'll we'll begin moving
• 1:16
  very quickly on that. OK, so maybe you didn't catch it
• 1:20
  there, but I will break this all down for you.
• 1:22
  And of course, I'm not alone. I have Luke with me, probably
• 1:26
  the most bullish content creator in YouTube period.
• 1:29
  And then we have Kenobi, who's a Bitcoin mining analyst working
• 1:33
  for demand pool, the first fully stratum V2 pool.
• 1:36
  So we got a jam packed show for you guys, but let me break this
• 1:39
  down for you guys. So again, you heard Bo Hines
• 1:42
  there and I again, I don't think you caught it, but he said a few
• 1:45
  important things. One in particular that, you
• 1:48
  know, are continuing to hold their Bitcoin.
• 1:50
  We all know this idea that we're the United States with the
• 1:53
  executive order essentially said we're no longer going to sell
• 1:56
  seeds Bitcoin. So we know that's happening.
• 1:58
  We heard him continue to double down on this idea of, hey, you
• 2:02
  know, we're going to find budget neutral ways to acquire Bitcoin.
• 2:06
  But there was one point in the middle that made me think and
• 2:09
  connect this to an article that we dropped literally the same
• 2:12
  day, and it was titled how many Bitcoins has the US government
• 2:15
  quietly bought ahead of its strategic reserve reveal?
• 2:19
  Now, do you know what I'm talking about here?
• 2:21
  If you heard him correctly, or rather if you were listening
• 2:23
  closely, he basically said all of this market structure, even
• 2:28
  our buys, you know, reading between the lines, we don't
• 2:31
  necessarily have to reveal this to the public via the executive
• 2:35
  order. Now we've all been wondering a
• 2:37
  few questions. What is going on with the audit
• 2:40
  of the Bitcoin reserve and do they even have the Bitcoin?
• 2:43
  Are they still going to continue and buy Bitcoin?
• 2:45
  What are these budget neutral strategies?
• 2:48
  What are they actually doing on the back end?
• 2:50
  Well, we dropped this article and I'm not going to read the
• 2:52
  whole article, but please go to our sub stack.
• 2:54
  We've been dropping some fire over there on our sub stack.
• 2:56
  So simplybitcoin.substack.com and, and you can see all the
• 3:00
  different ways of, of potentially buying Bitcoin or
• 3:03
  rather acquiring Bitcoin. Some of course, as you know from
• 3:06
  the executive order is this idea that any new seized Bitcoin in
• 3:10
  2025 is no longer going to be sold and it's going to be added
• 3:12
  to the strategic reserve. That's one of the ways.
• 3:15
  And you know, just some guesstimates, just kind of
• 3:17
  speculation that could be roughly around 10 to 20,000
• 3:21
  coins. Who knows, We're just kind of
• 3:22
  throwing some numbers out there. Then of course, these budget
• 3:25
  neutral ways, and some of those could be, you know, selling
• 3:28
  treasuries over the counter. There's there's financial
• 3:30
  trickery that they can do to essentially not expose the fact
• 3:34
  that they are buying Bitcoin. Again, go read the article, but
• 3:37
  I'm going to give you the conclusion from this article
• 3:39
  because I think it makes what Bo Hines said come a little clearer
• 3:43
  in picture going to the very bottom at the conclusion of this
• 3:47
  we wrote in summary, it is highly plausible that the United
• 3:50
  States government has been quietly adding to its Bitcoin
• 3:53
  holdings since the strategic Bitcoin reserve was announced
• 3:56
  and certainly keeping every coin it can.
• 3:59
  All signs point to a concentrated effort to
• 4:01
  accumulate a significant AKA a non trivial amount of Bitcoin
• 4:05
  under the radar given the incentives of those in power and
• 4:08
  the strategic rationale of quote by early announced later.
• 4:11
  While exact figures are unknown, the US likely holds well above
• 4:15
  its initial 200,000 Bitcoin that was seized base and possibly 10s
• 4:21
  of thousands of Bitcoin or more. And furthermore, the US
• 4:24
  government's quiet Bitcoin accumulation aligned with
• 4:26
  historical precedent of strategic assets stockpiling,
• 4:30
  such as gold reserves in the early 20th century when the
• 4:32
  Treasury discreetly amassed bullion to bolster economic
• 4:35
  dominance. And this geopolitical strategy
• 4:38
  likely extends to countering rival nations like China.
• 4:42
  Of course, we're starting to see rumors around the world, whether
• 4:44
  it's Russia, China, smaller countries essentially start to
• 4:48
  pivot the Bitcoin or at the very least take Bitcoin seriously and
• 4:51
  no longer just ignoring it and digging their head in the sand.
• 4:54
  Now wrapping up here, the government is likely
• 4:57
  accumulating significant holdings without immediate yet
• 4:59
  market disruption, positioning itself for a transformative
• 5:03
  reveal that cements bitcoins role in the national financial
• 5:06
  strategy. Now the TLDR of this article is
• 5:09
  this idea that, as I've been saying on the show, you guys
• 5:12
  heard me coin it a few times on the show as the billionaire FUD
• 5:15
  playbook that you essentially you know you FUD Bitcoin you
• 5:19
  acquire Bitcoin at a low price. So once your bags are packed,
• 5:23
  that's when you announce that you are actually buying Bitcoin
• 5:26
  and you have a sizable position. Well, again, we, we might be tea
• 5:29
  leaf reading, we might be reading between the lines, we
• 5:32
  might be speculating a little bit on today's show.
• 5:34
  But it is starting to sound like the US government is saying
• 5:39
  essentially that last part. They are packing their bags and
• 5:43
  when they're ready to announce that they have fully accumulated
• 5:46
  their position, that's when they come out and announce that they
• 5:49
  have bought a lot of Bitcoin, that they are acquiring Bitcoin.
• 5:52
  They may continue to acquire Bitcoin because that's when you
• 5:55
  will see the wave of FOMO coming to Bitcoin.
• 5:58
  The game theory starts to play out.
• 5:59
  Every nation state will now have a panic rush to get into Bitcoin
• 6:03
  and I think that's when we will get, you know, I forget what
• 6:06
  they're called, Omega candles, God candles, the 100K candle
• 6:09
  everyone's waiting for. Now Bo Hines followed this up on
• 6:13
  Twitter and he was actually referencing Eleanor Terra and
• 6:16
  he's talking about the strategic Bitcoin reserve.
• 6:19
  And you can see here, as stated today, we are committed to
• 6:24
  getting market structure done by the end of September period.
• 6:29
  So now we have a deadline, we have a timeline by September, we
• 6:33
  might get some news coming out whether the US is acquiring
• 6:36
  Bitcoin, whether they bought more Bitcoin, what this market
• 6:39
  structure is going to look like. And going further, we got this
• 6:42
  other story coming out of the Wall Street Journal, which is
• 6:46
  doubling down and continuing this trend again highlighted by
• 6:49
  TFTC. Many countries are studying ways
• 6:52
  to inject cryptocurrency into their financial system.
• 6:55
  So you're seeing that these things are taken off.
• 6:58
  These conversations are going crazy.
• 7:00
  Now, I do want to add one more wrinkle in here.
• 7:03
  I know I've been ranting a little bit, but I'm on fire this
• 7:05
  morning. I'm geeked up on coffee.
• 7:08
  I saw this article on Politico this morning and we've been
• 7:11
  talking about Bitcoin corporate treasury strategy on the show
• 7:14
  for a while, but now it looks like political aisles are
• 7:18
  picking this up. It looks like politicians and
• 7:21
  politics are picking this up and they are starting to kind of
• 7:25
  pick their lanes here. So here's the title on Politico
• 7:28
  and it goes forest fire. Corporate America's Bitcoin
• 7:31
  buying spree fuels concerns. Critics warn that hoovering up
• 7:35
  digital assets could backfire whenever the volatile crypto
• 7:38
  markets take a turn for the worst.
• 7:40
  Again, you can couldn't find this on Politico, but I just
• 7:42
  highlighted 1 portion here. Washington is beginning to take
• 7:45
  notice. Again, Washington is beginning
• 7:48
  to take notice, whether that means acquiring Bitcoin or the
• 7:51
  opposition side saying, hey, we probably shouldn't do this.
• 7:54
  But Senator Jeff Merkley, an Oregon Democrat who has
• 7:57
  criticized Trump's enthusiasm for the upstart industry, raised
• 8:01
  concerned about companies, quote, investing in crypto
• 8:04
  despite its financial risk and potential for corruption.
• 8:07
  And a former Wall Street regulator who was granted
• 8:10
  anonymity to to be candidly said the rise of corporate or crypto
• 8:13
  treasuries could be, quote, the instigator of the next crypto
• 8:17
  crash. And Senator Elizabeth Warren,
• 8:19
  the top Democrat on the Senate Banking Committee, warned that
• 8:22
  the fallout from any future crypto crisis could reach beyond
• 8:26
  digital assets. Quote when crypto crashed in
• 8:29
  2022, the shock stayed mostly inside the crypto bubble, So our
• 8:33
  broader economy kept humming. If businesses start piling
• 8:36
  crypto onto their balance sheets, the next bus won't be so
• 8:39
  contained and it could trigger your layoffs and business
• 8:41
  failures in multiple sectors. Again, we're hearing from
• 8:45
  Elizabeth Warren. Hey, you know, if if Bitcoin has
• 8:47
  another bear market, this is a systemic risk to the whole
• 8:50
  financial system. It's your guys's fault for
• 8:53
  stacking stats, when in reality, it's like it's the Fiat system's
• 8:56
  fault that it can blow up so easily.
• 8:58
  But there was one quote in this article this morning that I want
• 9:03
  to connect to the clip of Bohinds in our sub stack.
• 9:06
  And you guys have probably heard this, but now in this new light,
• 9:10
  let's read what Eric Trump's been saying.
• 9:11
  And he goes, everybody wants it on as a balance sheet item, said
• 9:17
  Eric Trump, the president's second son, who's become a
• 9:18
  leading voice for the family business, said at a the Bitcoin
• 9:21
  conference. And he goes, everybody wants it.
• 9:23
  No one wants to get rid of it. And it's incredibly powerful.
• 9:26
  I think you're going to see the value skyrocket.
• 9:30
  So I am tea lift reading here, guys.
• 9:32
  I'll admit to that. But when I heard Bo Hines say
• 9:36
  what we've had these conversations about is the US
• 9:39
  buying, I think it's coming very clearly to me that the US
• 9:43
  government is positioning themselves rather of course, as
• 9:46
  we've seen with the ETF, with all the insiders into the Trump
• 9:49
  administration of their bitcoiners.
• 9:51
  You're starting to see that probably by December we would we
• 9:55
  should have a timeline on if they have acquired more Bitcoin
• 9:59
  via what ways they've acquired Bitcoin.
• 10:01
  And it looks like we might have a slow, you know, a slow
• 10:06
  summertime. But I'm starting to feel that by
• 10:09
  the end of this year, we are going to get the fireworks.
• 10:13
  It looks like the US is going to announce it by September.
• 10:16
  Some some very interesting news. We might get some buys come out
• 10:19
  here, but I don't know, guys, tell me in the chat, am I tea
• 10:22
  leaf reading? Am I reading too far in between
• 10:25
  the lines? It sounded like Bo Hines said
• 10:27
  exactly what we said on our sub stack, that even if they are
• 10:30
  buying, they don't necessarily have to tell us that they are
• 10:34
  buying. Now, I know we've been wondering
• 10:36
  what's up with the audit. You know, hey, hey, U.S.
• 10:38
  government, Hey, Uncle Sam, do you actually hold those 200K
• 10:41
  coins? What is going on?
• 10:43
  I'm starting to lean towards the idea that the US government
• 10:47
  probably has more Bitcoin and this might be some kind of art
• 10:50
  of the deal thing going on. You know, you don't announce
• 10:53
  your buys because we already know what China's doing.
• 10:56
  They've been kind of slowly but surely pivoting into Bitcoin.
• 10:59
  So things are starting to heat up.
• 11:01
  It's starting to get interesting here.
• 11:03
  Anyways, I've gone long enough. I should have broken this up a
• 11:05
  little bit, but Luke, what's your thoughts on this?
• 11:08
  Is the US government stacking Bitcoin?
• 11:11
  Am I speculating too hard or is this right up your alley?
• 11:16
  Oh, this is right up my alley, my friend.
• 11:18
  I I certainly do think any of these big western nation states,
• 11:24
  I think they're all quietly buying Bitcoin again.
• 11:26
  Let me retract that a little bit all.
• 11:28
  I'm not so sure whether all of the, you know, the French or the
• 11:32
  Spanish or a lot of the other, let's call them collectivist
• 11:36
  countries across the West who like to practice what they
• 11:39
  preach and they're trying to create kumbaya, so to say.
• 11:43
  I didn't think they're adopting Bitcoin.
• 11:45
  They're patiently awaiting the burnt lobsters digital CBBC
• 11:50
  that's going to be rolling out in October.
• 11:52
  So I think a lot of these European countries are certainly
• 11:55
  going one way, but then these Western American countries are
• 11:59
  going the other way. What I find really interesting
• 12:01
  is that since America's kind of embraced Bitcoin, they've
• 12:04
  elected Donald Trump. They seem to be swinging back
• 12:08
  the other way in a pretty hard fashion.
• 12:11
  We're watching the Middle East kind of come back together.
• 12:14
  It looked as if the Middle East was going to go one way.
• 12:18
  Saudi Arabia joined the BRICS. We saw the Middle East accept.
• 12:25
  It's. One oil sales in 2022-2023 24
• 12:31
  but it looks as if since Trump's kind of embrace embrace just
• 12:36
  call it what it is a lot more real basically not just economic
• 12:43
  reality it. Looks as if.
• 12:46
  Have started coming back this way we obviously broke in the
• 12:48
  news of the billion dollar Bitcoin ETF Saudi Arabia and a
• 12:58
  lot of these hard to Bitcoin. So again it's really
• 13:03
  interesting. I think the Middle East, they
• 13:06
  all seem to be going the and then you know your and your, you
• 13:12
  know, your Italies and your Frances, a lot of these
• 13:15
  countries who've kind of down the path of reality and they're
• 13:19
  going down the different path. The clown.
• 13:26
  Did we lose him? Did we lose me?
• 13:33
  No. OK, we're still here.
• 13:36
  All right, Well, I think we lost Luke.
• 13:38
  So Luke, if you can hear me, I'll DM him, I'll DM him, we'll
• 13:42
  get him back on. All right.
• 13:44
  Well, anyways, you know, we do this live, guys, this show goes
• 13:47
  live and we do it remotely. So things happen, but.
• 13:50
  We're trying to censor him, you know.
• 13:52
  Yeah, yeah. Too much sauce.
• 13:53
  Too much sauce over there. So Kenobi, what's your thoughts
• 13:58
  on this? Do you think the US is stacking?
• 14:00
  Am I speculating too much, reading between the lines?
• 14:03
  I think when you kind of frame it in this idea of, of course,
• 14:07
  they're not going to fully Telegraph what they're doing
• 14:09
  with their buys because of the geopolitical game theory
• 14:11
  implications here. Now, I do see people in the chat
• 14:14
  essentially saying, you know, as a, as an American citizen, a
• 14:17
  taxpayer, they should tell us what they're doing with our
• 14:19
  money. But I, I don't think this would
• 14:21
  be a break from everything else they do.
• 14:23
  So I don't know. I mean, it's kind of like the
• 14:26
  their modus operandi for the past few decades, even a
• 14:30
  century, right? I think there's two data points
• 14:33
  that are very interesting, right?
• 14:34
  First of all, Jason P, Jason P Lowery, he went quiet like a
• 14:38
  long time ago, right? And we haven't really heard
• 14:41
  anything back from him. So what has he been up to,
• 14:43
  right? I don't really agree with his
• 14:45
  sophomore thesis on all of that. But hey, I'm not in the US
• 14:49
  military. I'm not in the US government,
• 14:51
  right? So perhaps he was able to sell
• 14:54
  it properly to those people. And, hey, he got into some crazy
• 14:58
  rooms to tell them how it works, right?
• 15:00
  So that's the first thing. He disappeared a while back,
• 15:02
  although we have seen some, you know, indications that he's
• 15:06
  still alive. And then the second point is
• 15:09
  it's been eerily quiet over the past three to four to five
• 15:12
  months since the executive order was signed.
• 15:15
  It's been way too quiet. You know when it's like
• 15:18
  definitely quiet like it's suspicious.
• 15:22
  It's very suspicious and also the way that the market has been
• 15:24
  moving just chomping sideways, not really going any doing
• 15:27
  anything going anywhere. I think that's the tell tale.
• 15:30
  I think that's when you know that they're accumulating.
• 15:33
  They want to accumulate at a certain spot.
• 15:35
  They want to accumulate at 100K or what between 100K and 110K,
• 15:39
  perhaps drop it down to 80 K like a month ago, right?
• 15:43
  But nothing really has been happening.
• 15:45
  It's been very boring. Meanwhile, we have we have all
• 15:49
  of us just speculating what is going on?
• 15:52
  What are they doing? I mean, while they're just
• 15:54
  buying up, gobbling them up as well as MicroStrategy meta
• 15:57
  planet, right? Everyone's buying Bitcoin,
• 15:59
  everyone's doing it and still the price can't go over 110 Ki.
• 16:03
  Think that's the that's the telltale sign that they have
• 16:06
  definitely been buying. And honestly, I feel like by the
• 16:09
  time they they come out of the woodworks and they show the
• 16:13
  magic, it'll be a sizable stack, a very sizable stack.
• 16:18
  And I agree also with Luke. Nice to see you again.
• 16:21
  By the way. They were trying to censor you.
• 16:25
  You know, today is the day where they censor all of us.
• 16:27
  Be careful too much. Sauce.
• 16:30
  Yeah. But yeah, I definitely think
• 16:33
  that the US is buying, that's for sure.
• 16:37
  Other big countries are buying. I've also heard that a few other
• 16:40
  sovereigns that are not. Hey, we have PTC sessions on the
• 16:44
  on the chat that hopefully we we survive around here.
• 16:49
  Luke has already been censored. Love you too BT sessions.
• 16:55
  But yeah, so I've heard that other sovereigns in Europe has
• 16:58
  have started buying. I don't know any names.
• 17:00
  Even if I did, I wouldn't be able to share them, right?
• 17:03
  But I'm hundred, I'm Spanish and German and I'm 100% sure that
• 17:07
  Germany with their, let's say, brain Galaxy moves that they've
• 17:11
  been doing for the past three decades, turning off nucleus,
• 17:16
  turning on the coal plants, importing nuclear energy from
• 17:19
  France and then going full crazy on the green stuff.
• 17:23
  And then also like, well, what happened in 2020?
• 17:26
  Let's not go into that, right? But it was crazy as well.
• 17:30
  And then also selling how many thousands of Bitcoin?
• 17:32
  50 Thousand 50,000. Don't remind me.
• 17:36
  Jesus Christ. And now you're telling me that
• 17:38
  these guys are going to buy? No, these guys are going to be
• 17:40
  last in the queue. They're going to get 1000
• 17:42
  Satoshi's tops and that's it. And Spain as well.
• 17:45
  I mean, I'm Spanish, I'm here in Barcelona, not looking good, not
• 17:48
  looking good. Our politicians are way too
• 17:50
  worried with other stuff. So French people, you know,
• 17:54
  they're chilling with their baguettes and their coffees and,
• 17:56
  you know, whatever they're doing over there, I don't think Europe
• 17:59
  is woken up. We're still, let's say,
• 18:02
  collectively asleep as collectivists that we are.
• 18:07
  Yeah, and in the news, guys, we do have some interesting news
• 18:10
  coming out of the EU. So, you know, full circle here.
• 18:13
  But there was something you said Kenobi, that I, that I, I don't
• 18:17
  know if it really kind of sunk in when I was thinking about the
• 18:20
  strategic Bitcoin Reserve. But you basically said right
• 18:23
  now, and just to kind of recap what you said, you're like, when
• 18:26
  these governments come into Bitcoin, they're not going to
• 18:30
  buy a measly, you know, 100 coins or something like that.
• 18:32
  You know, they're going to be buying a huge stack, a sizable
• 18:36
  stack, a good percentage of what they're holding right now, even
• 18:40
  like a what 10% of what they allegedly hold, which is 200 K,
• 18:44
  that's 20,000 coins. Like when the government stick
• 18:48
  their toes into this market, especially the big governments,
• 18:50
  you know, the US, the big three, China, Russia, etcetera.
• 18:54
  Like when they come into this market, the splash they make is
• 18:58
  a huge splash. You know, they'll do some big
• 19:00
  sailor 20,000 coin buys type stuff.
• 19:03
  So if they are working in the background, or rather, you know,
• 19:06
  as Kenobi, what you were saying, you know, maybe they're doing
• 19:09
  the the Bitcoin developer ethos, you know, just build in silence.
• 19:14
  Maybe they're building the strategic Bitcoin reserve in
• 19:16
  silence here until it's officially announced.
• 19:19
  But again, you have to remember they have trillions of dollars
• 19:24
  or rather have trillions of dollars.
• 19:27
  You know, they can print trillions of dollars.
• 19:28
  So they can obviously acquire a huge stack of Bitcoin.
• 19:33
  Now, there is the caveat of budget neutral here.
• 19:36
  That's probably the the one limitation thing.
• 19:38
  But there is another kind of interesting trend that I've been
• 19:42
  kind of following along the last couple of weeks.
• 19:44
  It's this idea that we are seeing kind of a partisan split
• 19:48
  in regards to Bitcoin. As you can tell, obviously the
• 19:51
  Trump administration's going really into Bitcoin.
• 19:54
  You're seeing some very favorable regulations, you're
• 19:56
  seeing the SEC flip around Bitcoin, and then you're seeing
• 19:59
  the opposition essentially laying the groundwork to fight
• 20:02
  Bitcoin and Bitcoiners, and I've been saying this for a long
• 20:05
  time, that we're going to get to a point where all of us
• 20:08
  Bitcoiners are villainized by, you know, half of the aisle
• 20:11
  here. And it's super important for us
• 20:13
  to at times remember, like Bitcoin is for anyone, Bitcoin
• 20:18
  is for enemies here. Like if you want to fight
• 20:21
  Bitcoin, you're really only. Hurting yourself and the people
• 20:23
  that listen to you. But I'm starting to see the the
• 20:26
  bricks being laid towards that future.
• 20:28
  And it might come a lot faster than we think.
• 20:31
  So even though a lot of this stuff is bullish and we might
• 20:33
  see the US kind of come out, Trump come out and claim some
• 20:37
  bombastic buys in Bitcoin. We also have to stay vigilant
• 20:41
  that at that time, we might see a vicious whiplash of the media
• 20:45
  attack us and call us villains. We might even see the the green
• 20:50
  FUD come back around, you know, we're boiling the ocean.
• 20:52
  We're going to take all of the energy of I forget what it was
• 20:55
  like Norway or whatever, you know, all the crazy stuff we
• 20:57
  lived through in the past. So I find that very interesting
• 21:00
  that we're starting to see this come out from of course, like
• 21:03
  politico.com, like I just mentioned right now, Elizabeth
• 21:07
  Warren's been very notorious for doing this.
• 21:08
  So as bullish as I think this is going to be and actually, you
• 21:12
  know when step back for a second.
• 21:14
  I'm not the biggest fan of governments acquiring Bitcoin,
• 21:17
  but I can't stop them from doing that.
• 21:19
  So before everyone in the chat calls me a status here, it is
• 21:22
  what it is, man. You know, they it's
• 21:24
  permissionless money. If they want to acquire it, they
• 21:27
  can acquire it. They don't need me to tell them
• 21:30
  it's OK or anything. OK, But I found that interesting
• 21:33
  as well. You're starting to see the the
• 21:36
  media apparatus get turned on and kind of plant those seeds to
• 21:40
  make us all into villains. And I think as the price starts
• 21:43
  going higher, we're going to see that increase as well.
• 21:46
  I think it's going to be a whole new actually 2 waves, one wave
• 21:49
  of a whole new retail wave. Like I was telling Niko
• 21:51
  yesterday before I got on the plane to go up to Canada, I'm
• 21:54
  like, dude, whenever this bull run comes back, like this is
• 21:57
  going to be bigger than 2017. And for once, guys, I got the
• 22:00
  perma bear to be like, yeah, I really think it's going to be
• 22:03
  bigger than 2017. But again, on the flip side,
• 22:06
  you're seeing that once this price starts going up, the
• 22:09
  narratives around Bitcoin, around inequality, about the,
• 22:12
  you know, the rich staying richer, those are going to get
• 22:14
  kicked into OverDrive. And so, you know, prepare
• 22:17
  yourself to that. Anyways, Luke, without getting
• 22:20
  this band here, what's your thoughts on my last tinfoil hat
• 22:25
  thought? Yeah, I mean, geez, I have to be
• 22:29
  careful. My thoughts, if I'm not going to
• 22:31
  get the channel banned, I do have a tinfoil hat around here
• 22:34
  somewhere, but I, I do just think that, you know, every
• 22:37
  nation state will be forced to adopt Bitcoin again.
• 22:40
  And I do. I don't think retail was ever
• 22:43
  going to take us to $1,000,000 a coin or $2,000,000 a coin.
• 22:47
  Like if the billionaires and the nation states never showed up,
• 22:50
  then I'd probably agree with those losers saying, hey, look,
• 22:52
  we're going to follow a power law and diminishing returns
• 22:55
  forever and bitcoins just going to become this boring
• 22:57
  predictable thing. I would actually agree with the,
• 23:00
  you know, the experts, so to say in the Bitcoin space who draw
• 23:03
  the funny lines on charts. But I do think the reason why
• 23:06
  I'm personally as bullish as I am is because nation states with
• 23:10
  money printers and sovereign wealth funds that can tap into a
• 23:13
  $50 trillion capital market, they are now the new buyers in
• 23:17
  the Bitcoin space. So again, to address the
• 23:20
  conspiracy theory, I just think it's reality that every nation
• 23:23
  state will be forced to buy Bitcoin.
• 23:25
  I think we're just now starting to see this wave and this really
• 23:28
  big ramp up of public companies beginning to adopt Bitcoin in a
• 23:32
  really big way. I saw a chart, I maybe we can
• 23:34
  bring it up later, but in like 2020, there was like one public
• 23:37
  company adopting Bitcoin. 2021, there might have been like 20 or
• 23:41
  30. That number stagnated in
• 23:42
  2021-2022, 2023. Now we've got like 130 public
• 23:47
  companies adopting Bitcoin and it's growing at like 30 public
• 23:50
  companies a month. So last month there's nearly a
• 23:53
  new treasury company with Bitcoin on the balance sheet
• 23:57
  being, you know, started every single day.
• 24:01
  So I think this, you know, public FOMO that we can see in
• 24:04
  the realm of these huge big public corporations.
• 24:07
  I think this is representing what's actually happening
• 24:10
  underneath the surface. And I think the demand that
• 24:13
  we're seeing skyrocket on the chart that Opti just pulled up
• 24:17
  out of the wazoo while I was midway through a rant.
• 24:20
  I think this is representative of what the nation states are
• 24:24
  probably doing. But again, they don't have to
• 24:28
  file these SEC disclosures every quarter publicly announced it,
• 24:33
  Hey, we got Bitcoin, they don't Nation states can just quietly
• 24:37
  print and mine Bitcoin all they like.
• 24:40
  So I think that chart there, it's a really good one and I do
• 24:43
  think it kind of represents what nation states are doing.
• 24:46
  So again, we're just too conspiratorial gentleman on
• 24:50
  YouTube. I'll be, but I I do, I had to
• 24:53
  speculate. That's what I think is happening
• 24:54
  underneath. Yeah, though there is a
• 24:55
  constraint of course, the self constraint or rather self
• 24:58
  constraint of budget neutral, which I think is kind of this
• 25:01
  idea that they know there will be political pushback on this if
• 25:05
  they are quote UN quote, you know, using taxpayers dollars to
• 25:08
  acquire Bitcoin. So, you know, as critical as I
• 25:11
  am of politics in general, so it seems like they are thinking
• 25:15
  very deeply about how to very seriously announce this and
• 25:21
  obviously make a splash when they do this.
• 25:23
  So, you know, who knows? I think we just need to be a
• 25:26
  little patient here. In the meantime, we get to stack
• 25:29
  stats, right? Kenobi?
• 25:30
  The stats are cheap right now, so we can just keep stacking.
• 25:33
  Everything's good. Well, The funny thing is if you
• 25:37
  look back for years, three years, three years, it's not
• 25:39
  that cheap, right? And it hurts, right.
• 25:43
  I still remember we were doing meet ups here in Barcelona
• 25:46
  around 2022, the bare bottom, you know, and we're buying a
• 25:49
  beer for like 10,000 SAT's, 12,000, you know, they go for
• 25:53
  like 2 1/2 euros. So like 10,000 SAT's.
• 25:55
  And now in the recent meet up, I looked at the, at the invoice
• 26:00
  and it was something like 2300 SAT's.
• 26:02
  And I was like, all right, I guess that's deflation.
• 26:05
  That's the, that's the Bitcoin, Bitcoin life.
• 26:07
  You know, it's the beers have gotten, you know, 75% cheaper.
• 26:11
  So I mean, that's how you also have to look at it looking
• 26:15
  forward, right? Because now the same way that
• 26:17
  the beer has gotten cheaper, your biases have also become
• 26:20
  less, let's say, impactful. But you also got to remember in
• 26:23
  like 4 years, eight years, where's Bitcoin going to be at
• 26:27
  least $2,000,000, at least $3,000,000.
• 26:29
  I mean, also we got to remember inflation, all of that.
• 26:32
  Like it's almost like saying, oh, I have a.
• 26:34
  No, no, 22 million in today's purchasing power, that's.
• 26:37
  What I was going to say, right? Because otherwise in Venezuela,
• 26:40
  you know, it's like, yeah, I have $40 million.
• 26:42
  I can barely buy coffee, you know, but no, we're going to
• 26:45
  have like easily $1,000,000 with today's purchasing power.
• 26:48
  So anyone who has like half a Bitcoin or even 0.1 Bitcoin,
• 26:53
  hey, you suddenly have 100K that's a down payment for a
• 26:56
  house, which by the way you should not put down like just
• 27:00
  don't. If you want to do something like
• 27:02
  perhaps get a little bit of a loan and start playing with
• 27:04
  that. See if you can leverage yourself
• 27:06
  a little bit, but don't buy a house.
• 27:07
  It's not a good business. Just keep renting.
• 27:09
  I know at the beginning of the of the live stream, some people
• 27:11
  in the chat that were saying on YouTube like, oh, renting versus
• 27:16
  owning all the equity and owning and all that is like guys
• 27:19
  renting nowadays is the trick. You don't put any capital up
• 27:23
  front. You keep everything, all of the
• 27:25
  capital for yourself. You just pay a little bit every
• 27:27
  month. You keep stacking like a
• 27:29
  motherfucker, you know, like keep going and in 20 years
• 27:34
  you're retiring entire bloodline.
• 27:35
  You know, nobody else has to work in your bloodline.
• 27:37
  So that's that's what I'm seeing right now.
• 27:40
  Yeah, well, Kenobi, the the chat is just still kind of a reeling
• 27:44
  after yesterday's show. Nico came on and and said the
• 27:47
  same thing, but we literally did like a 45 minute segment on it
• 27:51
  yesterday. So they're still chatting about
• 27:54
  that. But I agree with you.
• 27:55
  To me, that makes perfect sense, you know, right.
• 27:57
  So I know Luke doesn't even rent Luke just, you know, he just
• 28:02
  rents out Airbnbs. He's just living that nomadic
• 28:05
  life. So I know Luke agrees here.
• 28:07
  Hell yeah. Yeah, renting the biggest shit
• 28:10
  coin. That's a great point.
• 28:11
  Kenobi. I, I would I, I'm not going to
• 28:13
  buy a house for a long time. The stick that I have had for at
• 28:17
  least the past five or six years now is that if a house costs
• 28:21
  more than 5% of your net worth, then it is a shit coin.
• 28:26
  I can understand the argument that people make like, oh, but I
• 28:29
  need to justify my rationalization for loving a
• 28:32
  real estate and, you know, succumbing to the property
• 28:35
  propaganda. People will say the biggest
• 28:38
  narratives I hear is, but Luke, you don't have a family.
• 28:41
  You're 28 year old with a wild haircut.
• 28:43
  Of course you don't care about security and owning a home.
• 28:46
  And that is true. Now let me walk through the
• 28:48
  caveats. If you are someone who has a
• 28:51
  family, you might have 4 kids and all of the you know, you've
• 28:54
  got dogs in the backyard barking, you've got chickens off
• 28:57
  to the side laying eggs. I, I get all of the arguments.
• 29:00
  I need a house, I need a farm for my entire big family and zoo
• 29:04
  of animals I got in my backyard. I still strongly believe that
• 29:08
  when you run the numbers, if you have more than 5% of your net
• 29:12
  worth locked up in real estate, whether that is, you know,
• 29:15
  paying the hundreds of thousands of dollars of a down payment for
• 29:19
  a home that you have to lock up to get the mortgage, I think
• 29:23
  you're gonna significantly regret that decision in 10 or 20
• 29:26
  years, even considering the wildest of circumstances.
• 29:30
  You might have four or five, six kids and you might have to
• 29:33
  stress out about getting a new rental lease every six months.
• 29:37
  I get it all. I've I've thought very deeply
• 29:39
  about all of the considerations, and I still have a pretty strong
• 29:43
  opinion on that blanket rule. If more than 5% of your net
• 29:46
  worth is locked up in real estate, you're going to
• 29:49
  significantly regret that decision in 10 or 15 years.
• 29:53
  And I think most of this just simply comes down to the fact
• 29:55
  that most people are bearish on Bitcoin.
• 29:57
  Most people think Bitcoins just digital gold, it's just going to
• 30:00
  be worth 500,000 or $1,000,000 a coin in five or ten years time.
• 30:05
  And I think when you actually think about what Bitcoin really
• 30:09
  is and you stop just looking at lines on a chart drawn by
• 30:12
  someone who parades himself around as an expert and says, I
• 30:15
  know the price of Bitcoin, it's the gospel.
• 30:17
  It's going to be $1,000,000 in 2033.
• 30:19
  When you actually start thinking about what Bitcoin could
• 30:21
  actually be worth, that is when you start to get a little bit
• 30:24
  scared If you've got more than 5% of your net worth plowed into
• 30:29
  real estate. Now again, the caveat 5%, I
• 30:32
  think that's because you can make a good argument for losing
• 30:35
  the hundreds of thousands or even the millions of dollars of
• 30:38
  value that you are going to lose by having 5% of your net worth
• 30:41
  in real estate versus being 100% all in Bitcoin.
• 30:45
  Sure, you can make an argument or a trade off and say I prefer
• 30:48
  to have the security for those five years, which is why I paid
• 30:52
  hundreds of thousands of dollars or I lost hundreds of thousands
• 30:56
  of dollars worth of opportunity costs by having 5% of my net
• 31:00
  worth in real estate. But the big problem that I see
• 31:03
  is most a lot. Let me retract that.
• 31:06
  The big problem I see is that a lot of bitcoiners have 1020,
• 31:10
  thirty, 40% of their net worth tied up in sinking ships and
• 31:15
  anchors. That's what a real estate is.
• 31:18
  A real estate investment is an anchor.
• 31:20
  It's not only a psychological anchor, but it's an economic
• 31:23
  anchor. So again, I I could talk about
• 31:26
  real estate for 20 minutes, but. I was yeah, that you did.
• 31:28
  Actually, every time this topic gets brought up, the the check
• 31:31
  gets triggered. And and I think Luke said it
• 31:33
  best and we, we tried to explain it yesterday.
• 31:35
  Like, everyone's situation is different.
• 31:38
  You can make pros and cons for both sides of this argument, but
• 31:41
  when it comes to like a, you know, all in smashed by a house
• 31:46
  with 100 Bitcoin today or maybe wait a couple of years.
• 31:51
  I think that argument super simple.
• 31:53
  You're like, yeah, I'm not spending that much that or 10
• 31:55
  Bitcoin on a whatever, you know, whatever the argument.
• 31:58
  And like when you when you think in in Bitcoin terms, you're
• 32:00
  like, yeah, why would I do that? Like I just rent in four or five
• 32:03
  years I can buy it for cheaper. So without going without
• 32:08
  rehashing the whole argument from yesterday because the chat
• 32:10
  gets livid right now, let's get into the rest of the show guys.
• 32:14
  I do want to remind you, of course, the smash like button
• 32:17
  comment on the show. If you think that the US is
• 32:19
  buying Bitcoin or maybe if you just think I'm stupid, that's
• 32:22
  fine by me. And of course, hit the
• 32:25
  subscriber button. Guys, we drop content Monday
• 32:28
  through Friday live show and we are dropping all kinds of
• 32:31
  content throughout the week. Anyways, I do I want to give a
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• 33:16
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• 34:52
  Like, all right guys, the the chats, the chat still triggered
• 34:55
  over whether you should rent or buy.
• 34:58
  That's that's apparently a hot topic here.
• 35:00
  Everyone loves that topic. All right, we're over here on
• 35:02
  Clark Movies Dashboard. Of course, the current Bitcoin
• 35:04
  price is $107,300. Seems like we're responding very
• 35:10
  well to the crisis in the Middle East.
• 35:12
  Things are I think that things are going good, man.
• 35:14
  I think once we break close to all time high again, it's it's
• 35:18
  it's off to the races, boys and girls.
• 35:20
  And then I'm not going to read all the numbers here because you
• 35:22
  probably don't really care, but block height, probably the most
• 35:25
  important number to me is at 902,963 TikTok next block and
• 35:31
  market cap and Fiat terms, $2.13 trillion and the decline from
• 35:35
  all time high a -420 let's go. So well, you know, I'm not going
• 35:39
  to read all the numbers here. All right.
• 35:41
  Anyways, I do want to kind of give a little context here.
• 35:45
  So as I was kind of talking about in the beginning of the
• 35:48
  show, or rather I've been kind of talking about it yesterday, I
• 35:51
  kind of mentioned it. It's this idea that we are
• 35:54
  starting to see Bitcoin enter the mainstream, whether it's
• 35:58
  from content creators on the fringe, whether it's more
• 36:01
  mainstream creators that are, you know, streaming, IRL
• 36:04
  streaming, everyone is seemingly talking about Bitcoin in certain
• 36:09
  ways, but we are starting to see a new wave of FOMO.
• 36:14
  And also we're starting to see the new marketing team out
• 36:16
  there, You know, the black rocks of the world, the institutions
• 36:18
  of the world, they're in suits, they talk well, they have fancy
• 36:21
  charts and numbers. They are all starting to
• 36:24
  instigate this FOMO. Well, we saw this clip from
• 36:27
  Squawk Box. It is a billionaire and let's
• 36:30
  just hear what he's saying about Bitcoin.
• 36:33
  And I think this is a trend of what we will see towards the end
• 36:36
  of the year. I just thought some of the big
• 36:39
  companies are going to be amazingly positioned.
• 36:42
  Microsoft is going to stay on it.
• 36:44
  And maybe today it's a $3 billion company, but let's say
• 36:47
  double S in five years, it could be 5 or 6 billion.
• 36:50
  Oh, trillion, Trillion, Yeah, sorry, of course, trillion.
• 36:53
  Then we added Bitcoin. We thought of Bitcoin as a
• 36:56
  company. Today I think Bitcoin is 2
• 36:58
  trillion. And we're like, well, could it
• 37:00
  get to also four or five trillion?
• 37:02
  Obviously Bitcoin's not a company be like saying if gold's
• 37:05
  a company. But I thought it was interesting
• 37:06
  as a new asset market cap, market cap 2 trillion is so big.
• 37:11
  Involved in Bitcoin? You know, I've not gotten
• 37:14
  involved with Bitcoin and I wake up every day at 3:00 in the
• 37:17
  morning and I'm like, why am I such an idiot?
• 37:19
  What have I been waiting for? Not being involved in it?
• 37:23
  And it just goes up and up in the past.
• 37:26
  I think it's interesting, the retail investors, they were much
• 37:29
  faster at getting involved with Bitcoin than the institutional
• 37:32
  ones. And I always thought Bitcoin's
• 37:34
  amazing, but it's double or triple the volatility of the
• 37:37
  NASDAQ. Nasdaq's already pretty
• 37:38
  volatile. Why do I need to deal with this
• 37:40
  added volatility? Recently, Bitcoin, when it went
• 37:44
  down during the tariff, only went down as much as NASDAQ.
• 37:47
  So it seems the volatility as an asset class is coming down.
• 37:51
  OK. So, but given your, your, your
• 37:54
  sort of thesis, do you say to yourself even at this point in
• 37:56
  the ball game, if you think it's going to double or triple and
• 37:59
  going to be part of the NASDAQ 100 if you were to think of it
• 38:02
  as a company? Yes, I have you think about.
• 38:05
  It that you should own it now. Yes, I have to think about it
• 38:07
  now. Do I own it now?
• 38:09
  Do I own it tomorrow in a few days?
• 38:11
  But every day I do think, why do I not own it?
• 38:14
  And I think to be a good investor, it's not just like
• 38:18
  owning the obvious stock, but sometimes you have to change
• 38:20
  your mind and you have to just say, well, I made a mistake and
• 38:23
  I'm changing my mind and maybe Bitcoin will how do?
• 38:25
  You come up to that evaluation, is it as a percentage of gold's
• 38:30
  market cap? Or something so I.
• 38:32
  Thought like the market cap of the world, the net worth of the
• 38:35
  world is I think 450 to 500. Equities are let's say 120.
• 38:40
  Gold above and under the ground is 2020.
• 38:43
  And then Bitcoin is 2 trillion. And I was like, OK, well, 2
• 38:48
  trillion, let's say it represents half a percent of the
• 38:51
  net worth of the world. Could it go to one or two?
• 38:54
  Some people say, oh, a bitcoins going to be 100 trillion.
• 38:57
  I'm like, OK, that's not, you know, maybe a bit of an
• 39:01
  aggressive estimate, but could it double over a period of time?
• 39:05
  And then we talked about the de dollarization of the world, the
• 39:08
  end of US exceptionalism. So those would be some of the
• 39:12
  reasons. OK, so something's a breakdown
• 39:15
  and then I was just about to tell this for you guys.
• 39:17
  So Skywalker outs, who's this guy speaking?
• 39:20
  It is Phillip, Phillip Lafont. I'm going to butcher the name of
• 39:23
  his company. I think it's CO2 Coach Cho, CO2
• 39:27
  management. Sorry guys, it's a headphone and
• 39:29
  venture capital firm and he's again, billionaire investor
• 39:33
  who's invested in some of the biggest companies that you
• 39:35
  probably know like Bytedance, DoorDash, Instacart, Snap Inc,
• 39:38
  Spotify and UEI Pass. So like this guy, you know, as
• 39:43
  he was saying, saying in that clip, like he is a, an investor
• 39:48
  in startups, like he takes the risk to invest in what he think
• 39:52
  is going to be the future. And there is a few things that I
• 39:55
  find the most interesting. One, of course, you can hear the
• 39:58
  regret. He's like, I stay up at 3:00 AM
• 40:01
  and I wonder and I kick myself in the ass and I'm like, why
• 40:03
  didn't I buy this Bitcoin 10 years ago?
• 40:06
  He'd probably be, you know, one of the richest man in the world
• 40:09
  at this point. But you can tell that he's
• 40:12
  probably going into like the early Sailor moment right now.
• 40:15
  Remember, Sailor was a huge skeptic.
• 40:17
  Now he's like the profit of Bitcoin right now.
• 40:20
  He's got the whole biggest, no one probably going to catch up
• 40:23
  the Sailors holdings here. But you're starting to see this
• 40:26
  trend play out. And I think this is not only
• 40:28
  playing out in public, on television, on corporate news,
• 40:32
  but it's also probably playing out in behind the scenes
• 40:35
  conversation and personal conversation.
• 40:37
  So if this is just a continuation of the trend we're
• 40:41
  seeing, I think again, we might be seeing a huge splash come
• 40:45
  from not just the nation states, not just the corporate treasury
• 40:49
  strategies, not just the bond markets, but individual personal
• 40:54
  wealth investments. It's, I think it's playing out
• 40:56
  really soon. I it really starting to look
• 40:59
  like how's this price not going up.
• 41:01
  But there's one last thing I want to say before I pass it
• 41:03
  over to you guys. The one thing that I thought was
• 41:05
  very interesting from that clip was this idea that we've been
• 41:09
  dealing with around Bitcoin for a long time, that Bitcoin is too
• 41:12
  volatile. As I said earlier, you know, in
• 41:15
  the face of all the things we've seen in the last couple of
• 41:17
  weeks, Bitcoin is holding up very, very strong.
• 41:19
  I think it's spent like 40 days above 100K, even though it
• 41:23
  seemed like the world was melting around us.
• 41:25
  And as Phillip was saying, you know, when we got the the drops
• 41:31
  down, when the all the global markets dropped, Bitcoin only
• 41:34
  dropped as much as the S&P 500, like it's no more volatile than
• 41:39
  traditional macro stocks at this point.
• 41:41
  So a lot of the FUD that has stopped, a lot of huge deep
• 41:44
  pockets to come into Bitcoin, I think are slowly but surely
• 41:48
  starting to iron themselves out. And now the real question here
• 41:51
  is, yeah, we might be getting dampened on the on the the
• 41:54
  downside, but are we still are we going to be dampened on the
• 41:58
  upside question, you know, is there is there paper Bitcoin?
• 42:01
  Is the price manipulations going on?
• 42:03
  Like what exactly is the mechanics playing out Well
• 42:06
  again? You know, keep it simple stupid.
• 42:08
  AKA keep it simple Opti. It's it's demand, supply,
• 42:12
  economics. At a certain point it will break
• 42:15
  and that's when we will see Valhalla.
• 42:17
  So you know, stay, stay patient, stack some stats, stay humble,
• 42:21
  stay solvent. This is the key.
• 42:22
  Anyways, I will pass it to Kenobi.
• 42:24
  Kenobi, what's your thoughts here in this clip?
• 42:26
  Are are you just relishing in the fact we're seeing
• 42:28
  billionaires have some regret and some FOMO around stacking
• 42:33
  Bitcoin now? Well, it's never good to like.
• 42:39
  You know, have shot, you know, like where you like enjoy other
• 42:42
  people, like, you know, getting hurt or something like that.
• 42:45
  But same time it's like you guys feel like making fun of us.
• 42:48
  You guys have not really been taking us seriously.
• 42:50
  And now you're suddenly like, oh, what happened?
• 42:52
  Like we got to wake up, you know, So I think to a certain
• 42:56
  degree we shouldn't do this. But same time as like I told
• 42:59
  you, so you know, on another note, the whole like, you know,
• 43:03
  the whole classic of like there's 48 million millionaires
• 43:06
  or something like that, but there's only 21 million Bitcoins
• 43:09
  or no, there's 48,000 millionaires.
• 43:11
  I don't know, something like that.
• 43:12
  If and if each millionaire wanted to have one Bitcoin, they
• 43:15
  couldn't all have it. Well, for billionaires, it's
• 43:19
  well past time, you know, like they're not going to get it,
• 43:22
  like they don't realize it yet, but they're not billionaires
• 43:24
  anymore. It's just a matter of time.
• 43:26
  Oh, well, depending on how inflation goes, because at some
• 43:29
  point we're going to have the big print, right?
• 43:32
  They're going to become trillionaires and
• 43:33
  quadrillionaires like people in Venezuela.
• 43:35
  You know, they're also millionaires.
• 43:37
  They can't have a coffee or an apple afford an apple, right?
• 43:42
  So that that that's on one side. And I think we're going to start
• 43:45
  seeing this more. We're going to start seeing this
• 43:46
  more. And they're going to be the last
• 43:48
  ones to get Bitcoin. They're still still going to own
• 43:51
  assets. There's because the way that
• 43:53
  these guys, they got rich is that they own assets, but
• 43:55
  they're going to see many people just basically rocket past them,
• 43:59
  you know. And that's actually something
• 44:01
  that David Zell told me in Oslo during the also Freedom Forum,
• 44:05
  They would tell the guy that runs BPI with Graham McCarthy,
• 44:08
  He was giving this this factoid that by the time Bitcoin has the
• 44:13
  market cap of gold, which could be any day now.
• 44:16
  So like for tomorrow guys, I know, but honestly, you could by
• 44:20
  the end of the year, we could honestly be there.
• 44:23
  Like it wouldn't be crazy. I would not be surprised at that
• 44:27
  point. Half of the world's billionaires
• 44:29
  will be Bitcoin and shit coin adjacent.
• 44:32
  You know, like crypto billionaires, you know, people
• 44:34
  that have the like cypherpunk, liberty, first Austrian
• 44:39
  economics at least close to them.
• 44:41
  You know, 'cause there's some, you know, like the, who's the
• 44:43
  guy from Tron, The Who, like bought the apple and not the
• 44:47
  apple, but the banana. Yeah, Justice.
• 44:50
  He's also going to be a billionaire, right?
• 44:52
  He's also going to be part of that number.
• 44:53
  But anyway, he, he's better than, I don't know, some of
• 44:57
  these billionaires that just don't care and they just want to
• 45:00
  enslave us, so to speak. So, yeah, I think it's going to
• 45:04
  be, it's going to be great to have so many billionaires that
• 45:07
  are that, well, so many this like reshuffle of like wealth
• 45:12
  where so many billionaires are going to be Bitcoiners or like,
• 45:16
  you know, they're going to have to fight in them.
• 45:18
  They, they know what it is. They've been there.
• 45:20
  They were called, you know, criminals, terrorists, all of
• 45:24
  that back in 2013, 1415. And now they're billionaires and
• 45:27
  they're in the same room as us. Trump, for example, right?
• 45:30
  As as Macron, as whoever is running Germany nowadays, right?
• 45:35
  Or whoever's running the UK nowadays, right?
• 45:37
  They're going to be there and they're going to be telling them
• 45:39
  what's up and what is not up, right?
• 45:42
  So that's going to be good. And I think that should have
• 45:44
  some great positive impacts, not just on surprise, but also
• 45:47
  unlike ourselves Bitcoiners, because going back to what the
• 45:50
  point you, we were saying before, like we are going to be
• 45:53
  blamed whenever the whole like bubble explodes, they're going
• 45:57
  to point at us. Like when the Titanic sinks,
• 45:59
  they're going to point at everyone who got in the life
• 46:01
  rafts called Bitcoin. And they're going to be like
• 46:03
  you, it's your fault, as if we had created the, the Fiat
• 46:07
  iceberg that that sunk the Titanic, You know, like they're
• 46:11
  going to blame us. And we're going to need as much
• 46:13
  help as many people on our side on the like political with
• 46:18
  political capital, with real capital, you know, and, and
• 46:22
  positions of power to say, actually, wait, hold up, don't
• 46:25
  prosecute these guys. They were actually calling all
• 46:27
  of us. They were in the, you know, in
• 46:30
  Thanksgiving dinners, they were in summer parties, you know,
• 46:33
  always talking about Bitcoin. They were your annoying friend.
• 46:35
  They were telling you, hey, get on the live raft.
• 46:37
  It's here. And it's like this life raft is
• 46:39
  not just good, it's going to make you a shit ton of money and
• 46:43
  nobody listens. And now that everyone's become
• 46:45
  Venezuela, you know, everyone's just the big Prince has arrived
• 46:48
  and you are a billionaire, but you can barely afford an apple.
• 46:51
  Now you want to blame them. Now you want to blame them.
• 46:53
  You know, when we were the first ones from like ages ago saying,
• 46:57
  hey, guys, it's coming, it's here, right?
• 46:59
  So I think that's what's going to happen.
• 47:00
  And, and honestly, I'm happy that some of these billionaires
• 47:03
  are going to are going to, you know, eat their own words.
• 47:06
  Basically, we shouldn't be too happy, as I said at the
• 47:08
  beginning. But again, it's like it's right.
• 47:11
  It's just right while you're talking.
• 47:14
  I. Was I was seeing the headline
• 47:15
  already flash in my mind from like the New York Times or
• 47:19
  something in a few years? Like the Bitcoiners weren't loud
• 47:22
  enough, Why didn't they tell us to buy Bitcoin now we're all
• 47:25
  poor or something like that. It's already going to happen.
• 47:28
  You heard it here 1st and actually while you were talking.
• 47:31
  I do, I do. I do want to make another joke,
• 47:33
  another Optidad joke. Since you guys aren't get memes
• 47:36
  today, I'll throw a meme right here.
• 47:38
  As Kenobi was saying, you know all of you will be millionaires.
• 47:42
  Everyone will be a millionaire because of hyperinflation.
• 47:44
  Unless you own Bitcoin, you can also be a millionaire.
• 47:47
  You and you and you will all be millionaires.
• 47:50
  But no, Kenobi, that's actually I, I never actually heard that
• 47:55
  idea that you were recapping of Zelle, you know, at the market
• 47:59
  cap of Bitcoin or of gold, Bitcoin would be, you know, so
• 48:04
  entrenched in the system that half of the billionaires would,
• 48:07
  you know, be Bitcoin adjacent. And of course, again, that's
• 48:10
  basically $1,000,000 Bitcoin. So it's not that far away guys.
• 48:13
  Like it's, it's not this far fetched idea.
• 48:16
  It could potentially happen at this, whatever this next
• 48:19
  parabolic bull run could be. So it's probably closer than you
• 48:22
  think anyways, Luke, what's your thoughts on that clip by Philip
• 48:26
  Lafont? What's your thoughts on
• 48:28
  billionaire FOMO starting to take place?
• 48:30
  Is this the, what's it the mother of all supply shocks
• 48:34
  coming? Is the supply shock coming?
• 48:36
  Is this going to send us to what was your ridiculous price
• 48:40
  prediction last time, like $10 billion per coin or something
• 48:43
  ridiculous? What's your thoughts watching
• 48:45
  that clip? So. $4 billion.
• 48:49
  Four billion. It's gonna happen.
• 48:52
  It's. Gonna happen.
• 48:53
  We laid out the maths in the last live stream, so I encourage
• 48:55
  the people to go check that puppy out.
• 48:57
  But yeah, I think firstly the clip was hilarious.
• 49:00
  I thought that was really funny there with the the billionaire,
• 49:05
  they're regretting the fact that he couldn't buy Bitcoin and it
• 49:09
  wakes him up at 3:00 AM in the morning.
• 49:11
  I thought that was absolutely hilarious.
• 49:13
  But I think like we always talk about the Bitcoin on the
• 49:16
  exchanges, that's the biggest indicator that, you know, the
• 49:19
  billionaire FOMO has started. And I just think it's only going
• 49:23
  to accelerate again. Over the past six months, we got
• 49:26
  six months of data showing 100,000 Bitcoin leaving the
• 49:30
  exchanges every single month. I think we're kind of at this
• 49:33
  hockey stick right now. And I do think to lightning
• 49:36
  goats comment, we are on the precipice of the mother of all
• 49:41
  supply shocks. I think it's coming.
• 49:43
  I think it's much closer than most people think.
• 49:44
  And like I continue to beat the drum about it's all over.
• 49:48
  By 2030, 2030, it's all over. I expect that's going to come a
• 49:52
  lot quicker than most people think.
• 49:55
  And again, the price of Bitcoin, it's not in the hundreds of
• 49:58
  thousands and it's not in the 1,000,000 when it is finally all
• 50:02
  over, when we see probably what's going to be the most
• 50:06
  extreme volatility we've ever seen in our life, Price of
• 50:09
  Bitcoin is going to be 8 figures and nine figures.
• 50:12
  It's not going to be hundreds of thousands of dollars a coin.
• 50:14
  And I just got my popcorn and I'm just sitting back and
• 50:18
  renting until that day finally comes that Bitcoin is valued
• 50:23
  where it should be valued. That was a.
• 50:26
  That was a. This is why you're good at what
• 50:28
  you do, Luke. That was good.
• 50:29
  That was good. All right, guys, as I was saying
• 50:32
  earlier, we do have some crazy stuff coming out of the EU.
• 50:37
  They are saying the quiet part out loud.
• 50:40
  You probably won't believe it if I don't actually just read you
• 50:43
  the headlines. So let's just get into the news
• 50:44
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  All right, guys, I'm going to jump straight.
• 53:17
  Into this because this is just batshit insane.
• 53:20
  So this came out this morning at 5:02 AM Eastern Time and it goes
• 53:24
  by the European Central Bank on on Twitter it goes there is an
• 53:29
  urgent need to channel retail savings into capital markets to
• 53:33
  develop those markets and finance EU priorities.
• 53:37
  An EU savings standard could increase retail participation,
• 53:41
  benefiting savers, boosting investment and supporting
• 53:45
  strategic priorities. And I saw someone in here say
• 53:48
  like, maybe maybe I didn't see, I don't know.
• 53:51
  Is this like, what the hell does this even mean Is basically what
• 53:53
  the tweet said. Anyways, let's break this down,
• 53:56
  guys. So here's from the ECB blog.
• 53:59
  And of course, you know, we talk about this constantly on the
• 54:02
  show. Why should everyone be forced to
• 54:05
  be investors if we just want to save our money?
• 54:08
  Now keep that in mind when you kind of hear some of these
• 54:11
  points that they wrote in this blog, which they did caveat at
• 54:14
  the end that this is, you know, the opinions of just the authors
• 54:18
  and not the European Central Bank.
• 54:20
  But you know, at this point, it's kind of like us here.
• 54:23
  It's simply like Nico gets all the Flack for stuff, but it's
• 54:26
  really all of us doing crazy stuff.
• 54:28
  Well, Chrissy Lagarde gets all the blame for all of this stuff.
• 54:30
  The head of the European Central Bank gets the blame for this.
• 54:35
  So they can try to skirt the the responsibilities away.
• 54:38
  But let's just let's just picture Christine Lagarde saying
• 54:41
  this stuff here. So the title is crossing 2
• 54:44
  hurdles in one leap, How an EU savings product could boost
• 54:48
  returns and capital markets. You heard that right, Your
• 54:51
  savings will boost the capital markets.
• 54:54
  There is now an urgent need to channel retail savings into
• 54:56
  European capital markets in order to develop those markets
• 54:59
  and finance EU priorities. In this edition of the ECB blog,
• 55:03
  we show that an EU saving standard could increase retail
• 55:06
  participation in the capital markets, benefiting savers,
• 55:09
  boosting investment in EU companies and supporting
• 55:12
  strategic priorities. Honestly, it's, it's almost
• 55:15
  like, what's it oxymoron? You know, like jumbo shrimp.
• 55:18
  It's like I'm just trying to save.
• 55:21
  Yet I am now a participant in the capital markets, like make
• 55:24
  it make sense. European Central Bank, but of
• 55:26
  course their Fiat bank. Anyways, I'm not going to read
• 55:30
  the whole thing. I highlighted some points here.
• 55:31
  The trade off between investment cost and investment objectives.
• 55:35
  A fundamental feature to factor into the design of a European
• 55:38
  savings initiative would be a low cost of investing.
• 55:41
  This would capture the most cost effective products.
• 55:44
  On the one hand, this highlights a crucial trade off between low
• 55:47
  cost products, higher returns and diversification for savers.
• 55:52
  On the other, it showcases an opportunity to align with
• 55:55
  European financing priorities from the consumers perspective,
• 55:59
  ensuring that investments have a broad geographical scope can
• 56:02
  enhance returns and diversify risk.
• 56:04
  However, this approach may conflict with the goal of
• 56:07
  financing European priorities, especially when tax incentives
• 56:10
  are used to encourage investments in the EU.
• 56:14
  Now going further again, bunch of mumbo jumbo.
• 56:16
  It's it sounds like they're trying to collectivize your
• 56:19
  savings here. You know, they're trying to take
• 56:21
  your savings and push it towards quote EU priorities.
• 56:25
  Sounds interesting. Now I found this, it's
• 56:27
  interesting considering we always talk about Bitcoins,
• 56:30
  Kegger, I do have those numbers here for you if you need a a
• 56:33
  refresh here, but increased capital markets participation
• 56:37
  can benefit savers. You know, you just, you got to
• 56:39
  just, you know, gamble your money, gamble your savings away
• 56:44
  and you can increase capital markets, man.
• 56:46
  But here we go. Here's some numbers.
• 56:48
  The funds in our sample achieved an average annualized return of
• 56:52
  6% over the past 10 years, an average 6% per year over the
• 56:58
  last 10 years, man, really good savings, Chrissy.
• 57:00
  ECB 6% a year, you know 6% kegger basically kind of amazing
• 57:06
  you're kind of killing it over there.
• 57:07
  Similar to the return on European stock indices such as
• 57:11
  the MSCI Europe. I think I'm going to take a
• 57:13
  pause here 'cause I do have the you know the Bitcoin keggers
• 57:16
  over here five year 4 year and 10 year keggers.
• 57:21
  So you know I, it's, it's not as good as 6%, but you know the
• 57:25
  kegger over the last 10 years is 83.8%.
• 57:29
  The kegger over the last five years is 62.7% and even the
• 57:33
  kegger over the last four years is 32.0.
• 57:36
  Wait, you didn't see it? Yeah, yeah, you did 32 point.
• 57:39
  What was it, 4% or something like that?
• 57:42
  So, man, dude, the ECB is doing really good with your savings.
• 57:46
  You know, you got to trust them. They're, they're they're giving
• 57:49
  you better returns, man. You got to trust your savings to
• 57:52
  the ECB. And then of course, investing in
• 57:55
  capital markets. It's not without risk, of
• 57:57
  course. Kind of interesting.
• 57:59
  You know, I really want to save in something that doesn't
• 58:01
  actually increase my risk here. And yet you're telling me that I
• 58:06
  should increase my risk here so that we can get our savings into
• 58:10
  the capital markets to push EU priorities forward.
• 58:13
  Remember yesterday when I was telling you that the EU is
• 58:16
  cooked and everything they're doing is because they're
• 58:18
  seemingly probably going bankrupt?
• 58:21
  I don't know. This might be some more signal
• 58:23
  of that. Again, your savings initiative
• 58:26
  could boost the EU capital market integration.
• 58:30
  Man, at least you're doing a good thing here.
• 58:32
  You know, you're boosting the EU's priorities with your
• 58:35
  savings, man. Sounds great.
• 58:37
  You know, the collective good and all that.
• 58:39
  Anyways, conclusion, calibrating or here actually, I'll read the
• 58:43
  whole thing. Why not?
• 58:44
  European savings standards could benefit both savers and
• 58:47
  companies by channeling a share of existing liquidity to the
• 58:50
  more productive part of the economy.
• 58:52
  Again, your savings isn't productive bro.
• 58:55
  It's not productive for you to hoard all that cash.
• 58:57
  You know it's not productive for you to hoard all that money for
• 59:00
  your retirement. You need to funnel that into the
• 59:03
  capital markets. OK, OK, sorry, sorry, I'm I'm
• 59:06
  getting triggered here. Existing liquidity of the more
• 59:09
  productive part of the economy while also providing savers with
• 59:12
  competitive returns 6%. But it's design matters.
• 59:16
  Calibrating the selection criteria, coupled with tax
• 59:19
  incentives and dismantling barriers to a more integrated EU
• 59:22
  capital market will be key to achieving the dual goals of
• 59:25
  maximizing your returns and supporting European Union
• 59:29
  objectives. Crucially, investors should
• 59:32
  continue to enjoy flexibility when choosing with products to
• 59:35
  invest it, as they will ultimately be the ones who
• 59:38
  shoulder the risk of investing in the gavel.
• 59:41
  You again. You heard it there one more
• 59:43
  time. Give us your savings.
• 59:46
  We're going to give you something that doesn't acquire
• 59:48
  risks, but capital markets are risky.
• 59:50
  So, you know, invest at your at your own risk.
• 59:54
  Here. And we're going to boost
• 59:58
  European Union priorities, which a lot aren't doing a good job
• 1:00:02
  anyways. And as Marty Bent said right
• 1:00:05
  here, they're doing a covert bail in in Europe to prop up
• 1:00:09
  their flailing economy. Again, we said this yesterday
• 1:00:14
  and you know, here we got Dan he goes.
• 1:00:16
  And don't forget that Lagarde was head of the IMF in 2013 when
• 1:00:19
  they published this little note telegraphing their playbook to
• 1:00:22
  suddenly seize Fiat in people's bank accounts in order to pay
• 1:00:26
  off government debt. Bitcoin fixes this.
• 1:00:29
  I mean guys like at this point I, I like.
• 1:00:34
  At this point, Kenobi what? Are you doing over there?
• 1:00:36
  Look. Look, I mean, you're getting.
• 1:00:40
  Pretty and you're American. I'm, let's say double European
• 1:00:43
  because I'm half Spanish, half German.
• 1:00:44
  You know, my mom's Spanish, my dad's German.
• 1:00:46
  And trigger doesn't even like get close to it.
• 1:00:50
  Like we are currently in Europe in a committing a mass suicide
• 1:00:59
  basically. But be like, you know, the Pied
• 1:01:01
  Piper, you know, like with the fluid and everything and taking
• 1:01:03
  over the rats. Well, that's what's happening.
• 1:01:06
  Like that's literally what's happening.
• 1:01:07
  And they're literally telling us like the, the fluid, it's
• 1:01:11
  saying, you know, hey, we're going to kill you all
• 1:01:12
  metaphorically, people are. Eating it up.
• 1:01:16
  People are eating it up. It's crazy, man.
• 1:01:18
  It's crazy. And the the the craziest part is
• 1:01:21
  that this all comes like because if you.
• 1:01:26
  Trace it all back. The European Union only works
• 1:01:29
  because Germany was financing everything like Germans, they're
• 1:01:32
  one of the greatest nations like like the amount of stuff they
• 1:01:35
  produce. You know, they, they were one of
• 1:01:37
  the they're one of the few nations that have like a
• 1:01:40
  positive account surplus. Like compared like they export
• 1:01:43
  more than what they import. And that means that they are on
• 1:01:46
  net saving. So they're savers on that.
• 1:01:48
  So there, that's why also Germany is the number one to
• 1:01:51
  second country to have when ranked by nodes, right?
• 1:01:55
  There's like 3000 nodes in clearnet in Germany, right?
• 1:01:58
  Right after the US. I think that's why the community
• 1:02:01
  is so strong there because Germany by de facto, by the
• 1:02:05
  culture, they're savers. They produce a lot and then they
• 1:02:08
  export more than what they consume, right?
• 1:02:10
  They're great Bitcoiners. They're great Bitcoiners, But
• 1:02:12
  what happened? They're politicians.
• 1:02:14
  They wanted to be more green and they saw nuclear and they saw, I
• 1:02:17
  don't know, some propaganda that oh, nuclear is bad.
• 1:02:20
  They Bitcoin mining didn't exist back then, but it existed on a
• 1:02:24
  good capacity since 2019, you know, on an industrial scale.
• 1:02:26
  So they could have stopped, you know, hit the brakes, but they
• 1:02:28
  didn't. So they just kept going full
• 1:02:30
  ahead, destroying all of their nuclear facilities, like
• 1:02:34
  decommissioning them all and then just basically shooting
• 1:02:38
  energy prices through the roof at the same time that they have
• 1:02:42
  energy shortages. So not only do they not have
• 1:02:45
  enough energy, but also the energy super expensive.
• 1:02:48
  So with that you get that all of this industrial capacity
• 1:02:53
  Germany, the beating heart, heart and lungs and brain, if
• 1:02:56
  you want, of the European Union suddenly was getting choked by
• 1:03:01
  their by themselves. They were choking themselves.
• 1:03:03
  They, they, they, they, they for, for 20 years, they decided,
• 1:03:05
  what if we just keep pressing? Like what if we just don't
• 1:03:09
  breathe? What would happen?
• 1:03:11
  Well, we're discovering it now because Spain, Italy, Portugal,
• 1:03:15
  Greece and a few other countries, like all of the
• 1:03:18
  right, we're known as the pigs, right?
• 1:03:21
  We're not contributing on net. Like we take more than we get.
• 1:03:24
  So we're a drag on the European Union.
• 1:03:26
  And if Germany suddenly I think was this past year, they also
• 1:03:29
  became a drag on the European Union.
• 1:03:31
  It's like, wait a second, who's who's running this thing then?
• 1:03:35
  Who's financing all of this then?
• 1:03:38
  And well, we're realizing that if Germany's not financing it,
• 1:03:42
  then we all have to. And I'm going to be honest with
• 1:03:45
  you guys, I don't want to, I don't want to finance this
• 1:03:48
  bullshit project with a central bank in Frankfurt that is
• 1:03:52
  accountable to absolutely no, no one.
• 1:03:54
  Not that the rest of central banks are accountable to anyone,
• 1:03:57
  but anyway. And furthermore, this is not the
• 1:04:01
  first time they were telling us. And I think this is actually
• 1:04:04
  they were doing the whole like art of the deal.
• 1:04:05
  They act like they took a page out of Trump's playbook and they
• 1:04:11
  decided to, you know, Trump, what he does is he goes crazy.
• 1:04:14
  First he does he does a crazy move.
• 1:04:15
  Nobody expects it. And it's like, whoa, whoa, whoa.
• 1:04:17
  And then he settles in the middle.
• 1:04:18
  So but he still got much more than what the other side would
• 1:04:21
  have been willing to give. So in this case, a few months
• 1:04:24
  ago, they were telling us, Hey, we're going to move.
• 1:04:26
  I don't know, the number was seeing like $10 trillion or
• 1:04:30
  something like that of savings of like money in your bank
• 1:04:32
  account. We're going to move it to
• 1:04:34
  finance the war in Ukraine. Like like we like these guys,
• 1:04:39
  there's they're supposedly, you know, left wing progressive, you
• 1:04:42
  know, oh, peace kumbaya, you know, John Lennon, imagine all
• 1:04:46
  of that. And now they're talking about
• 1:04:47
  financing a war. Like anyway, I don't want to get
• 1:04:51
  into that there. That's a whole yeah, that's
• 1:04:52
  going to get us new, but. I do have a question for you.
• 1:04:56
  Obviously, as you said, you're getting triggered and you're an
• 1:04:59
  American that, you know, talking about me.
• 1:05:02
  And I mean, I, I can venture to guess that if I talk to a normal
• 1:05:07
  person in America, they probably wouldn't understand what the
• 1:05:10
  hell we're even talking about. Obviously in Bitcoin circles,
• 1:05:13
  it's like very, very obvious what this means.
• 1:05:16
  So I pose that question to you. If you talk to normal people, if
• 1:05:20
  you still talk to normal people here, you know, if you don't
• 1:05:23
  just speak to Bitcoiners, do they understand what's going on?
• 1:05:26
  Do they think this is a good thing?
• 1:05:27
  Like, what's the general consensus of the population over
• 1:05:30
  there? Wow, not good.
• 1:05:35
  Because some person like that, I mean, the problem with Europe
• 1:05:41
  and the EU is that it's worked good enough for the past.
• 1:05:45
  Well, Europe for the past 80 years since the Second World
• 1:05:47
  War, you know, reconstruction, all everything is great
• 1:05:49
  institutions. You know, Spain got out of
• 1:05:51
  dictatorship. Now we're a democracy.
• 1:05:53
  Well, apparently we're not really.
• 1:05:54
  But anyway, there's peace and there's no wars and oh, it's so
• 1:05:58
  great. And our institutions, our
• 1:05:59
  politicians, everything works, you know, Oh, the welfare
• 1:06:03
  system, it works, right. And that means that basically
• 1:06:05
  the previous generation, the one before, like before nine 2000s,
• 1:06:09
  right? Because I was born in 1999.
• 1:06:11
  So anyone like 10 to 15 years born before that, they didn't
• 1:06:16
  they, they're asleep. They they they were born to a
• 1:06:20
  generation to their parents, my grandparents.
• 1:06:22
  They they had only enjoyed Europe.
• 1:06:25
  Good times. Then they were born into like,
• 1:06:28
  OK, decent times, yes. OK, by the time that we're
• 1:06:30
  getting into the market, 2008 financial crisis wasn't great,
• 1:06:33
  but still, you know, hey, we can still at least live at our
• 1:06:35
  parents house and hey, we're not Venezuela, You know, like at
• 1:06:39
  least it's working and it and they're they've been like put to
• 1:06:42
  sleep. They're basically to sleep.
• 1:06:44
  There's just an entire section of the population between the
• 1:06:47
  ages of like 30 or like 34 to like up, just up, just
• 1:06:52
  everything up there like they, they, they're asleep.
• 1:06:55
  They trust blindly. They, you know, the don't trust
• 1:06:58
  verify. They're just trust and trust and
• 1:07:01
  trust and trust and never verify.
• 1:07:03
  That's their motto, right? Like, don't even try to think
• 1:07:06
  for yourself. Oh, oh, don't think for
• 1:07:07
  yourself. That's crazy.
• 1:07:08
  Wait, you're having thoughts? No, no, no, we cannot have that
• 1:07:11
  here. Wait, you wrote, you read a book
• 1:07:13
  about something that isn't mainstream.
• 1:07:15
  Oh, whoa, whoa. We cannot have that here.
• 1:07:17
  What? That's the general vibe.
• 1:07:19
  So in a way, we're getting what we deserve because most of the
• 1:07:24
  population is asleep on the wheel.
• 1:07:26
  Like there's here's another news yesterday, the IRS, the Spanish
• 1:07:30
  IRS announced that they're going to start literally
• 1:07:34
  propagandizing. Well, they call it education,
• 1:07:36
  but come on, we all know what that's about.
• 1:07:38
  You know, they, they're going to start propagandizing 88,000
• 1:07:42
  students in Spain about the benefits of paying taxes.
• 1:07:46
  Because look, there's no streets in Spain, there's no hospitals
• 1:07:50
  in Spain. We have to pay taxes in order
• 1:07:51
  for the, for, for them to exist, for someone to put them there,
• 1:07:55
  right? It's just just propaganda.
• 1:07:57
  They just want to keep propagandizing.
• 1:07:59
  Cuz the problem is with my generation, we're not gonna have
• 1:08:02
  like a pension. We're not gonna see that we're
• 1:08:06
  most likely gonna get €2.00 worth in two days, right?
• 1:08:10
  We're gonna get a coffee and they're gonna be like, hey, at
• 1:08:12
  least say thank you, right? And we're like, what are you
• 1:08:14
  talking about? Like I've paid like in total
• 1:08:17
  like what, half $1,000,000 my or EUR my entire life.
• 1:08:20
  And I just get a coffee a month. That's what we're going to get,
• 1:08:23
  right? And we know that my generation
• 1:08:25
  knows that like most people in my age, we're kind of like
• 1:08:28
  jaded. We're kind of like jaded when I
• 1:08:30
  discovered Bitcoin, you know, Bitcoin is hope literally.
• 1:08:33
  But for most of my generation, they still don't get it.
• 1:08:35
  But the problem is that they are asleep.
• 1:08:37
  They're still asleep because there's all of this like built
• 1:08:40
  up propaganda of like, don't think no need to.
• 1:08:42
  The government has got it more or less right.
• 1:08:44
  They'll figure it out, right. And people are just, they know I
• 1:08:48
  shouldn't trust politicians and all of that, but they they still
• 1:08:51
  don't do anything. Like even the few ones that wake
• 1:08:54
  up in my generation, they're still kind of like, you know,
• 1:08:58
  they no hope, no hope. And you try to tell them about
• 1:09:00
  Bitcoin. They're like, it's too volatile.
• 1:09:03
  I'm too late. And it's like, you know what?
• 1:09:06
  It is what it is, I guess. I guess, you know, it's like
• 1:09:09
  with little kid, like you tell them, hey, it's hot.
• 1:09:12
  The fire's hot. Yes, it's great and it's
• 1:09:14
  mesmerizing. You know, we like men.
• 1:09:16
  We will literally build fires just to stare at it and sit at
• 1:09:19
  it, right? That's what we do.
• 1:09:21
  But hey, don't touch it and the kid and then it goes and touches
• 1:09:25
  it and then it learns that it's hot.
• 1:09:26
  And I feel like we're going to see that, but on a massive
• 1:09:29
  scale, on a massive scale and it's going to burn.
• 1:09:33
  It's going to burn. So actually going back for a
• 1:09:37
  second, I know it's going to get everyone on the on the chat
• 1:09:39
  triggered. But like if you're in Europe and
• 1:09:42
  you have a house and you are opening, that's a liability.
• 1:09:46
  Yes, it looks like an asset. Oh, I have equity, all of that.
• 1:09:48
  It's a liability. You do not know when it's going
• 1:09:50
  to go down the hill, when you're going to get expropriated, when
• 1:09:55
  something shit is going to hit the fat and it could hit in 1000
• 1:09:57
  different ways, right? If you're renting, at least it's
• 1:10:00
  not your capital. You have everything on Bitcoin.
• 1:10:02
  You don't have that opportunity cost of like a house.
• 1:10:05
  You can just get your bags next flight or just boat or car out,
• 1:10:10
  right? But if you have a house, it's
• 1:10:11
  like, oh, I got to sell it. Oh, what'd they do, right?
• 1:10:15
  That's what Bitcoin in the fourth turning, right?
• 1:10:18
  Bitcoin in the fourth turning is going to like separate the
• 1:10:22
  people that make it and the people that don't make it right.
• 1:10:25
  And I think Europe is not going to make it as a whole, not at
• 1:10:28
  all. We're not going to make it.
• 1:10:30
  So individually, some of us, we're going to make it.
• 1:10:34
  The Bitcoiners. We have a very strong community
• 1:10:36
  here in Spain, here in Barcelona, lots of meetups, 2030
• 1:10:40
  people showing up, hundreds of people in the Telegram groups
• 1:10:44
  and slowly more people getting orange built.
• 1:10:47
  But as a whole, we're it's over, Europe is.
• 1:10:53
  Cooked. I've been saying that for a
• 1:10:54
  minute. Well, Luke has a funny accent,
• 1:10:58
  but he's not actually from Europe.
• 1:11:00
  But similar things are happening in Australia.
• 1:11:03
  So Luke, what's your thoughts seeing the ECB basically say,
• 1:11:07
  hey, give us your savings, bro, we're going to go gamble it into
• 1:11:10
  the casino. You're going to get a better
• 1:11:12
  return, man. Trust us.
• 1:11:13
  We need to employ or we, we need to build up the capital markets,
• 1:11:17
  man. Don't you care about the roads?
• 1:11:19
  Luke, what's going on over here? Yeah, so it's hilarious that.
• 1:11:24
  It's actually the news of bank bailings all the way back in
• 1:11:29
  20/17/2018 and 20/19 that originally got me interested in
• 1:11:34
  gold before I even found Bitcoin.
• 1:11:37
  So I thought it was interesting. There was like, if you look at
• 1:11:39
  the number of countries implementing a bank bailing, the
• 1:11:43
  numbers start going parabolic in 20/17/18 and 19.
• 1:11:46
  And that's because for the first time since the 2008 great
• 1:11:50
  repression, Great Recession, sorry, the banks started going
• 1:11:55
  bankrupt again. You saw the interest rates in
• 1:11:57
  the repo market spike in late 2019.
• 1:12:00
  We saw the yield curve invert in 2019.
• 1:12:03
  And all of the banks started saying exactly what Christine
• 1:12:06
  Lagarde said in 2013 and what the ECB is saying this week.
• 1:12:11
  We need to steal the people's savings.
• 1:12:13
  That's what a bank bailing is. Obviously a bailout is when the
• 1:12:17
  bank goes bankrupt and we steal the people's money through
• 1:12:21
  wealth destruction. So we print the money, we give
• 1:12:23
  the money to the bank. A bail in is different.
• 1:12:26
  A bail in is when we say, OK, the bank's bankrupt, why don't
• 1:12:29
  we just steal all of the depositors and the savings money
• 1:12:32
  from the inside? It's a little bit more of an
• 1:12:34
  overt form of theft. But it's just as.
• 1:12:37
  Bad as the bail out with the printed money and the your
• 1:12:40
  savings being devalued. So anyway, Long story short, I
• 1:12:43
  saw all of these bank bailings happening in 20/17/18 and 19 and
• 1:12:47
  that's what inevitably turned me into a gold bug and then a
• 1:12:51
  bitcoiner. And I just think if you just
• 1:12:53
  study the collapse of every Western government or every
• 1:12:57
  civilization in history, it follows the exact same
• 1:13:00
  trajectory as what we're seeing today, which is again, why I
• 1:13:03
  have such a hard line stance on real estate.
• 1:13:07
  Go and study every single collapse of not only a
• 1:13:10
  collectivist society, but any Western government.
• 1:13:13
  Again, since the year 1800, there's been 52 governments that
• 1:13:18
  have reached debt to GDP levels of 130%. 51 of those countries
• 1:13:23
  defaulted within 15 years. And default typically means
• 1:13:28
  multiple different scenarios. The government goes through
• 1:13:31
  hyperinflation to pay back its enormous debt, goes through a
• 1:13:34
  period of very high inflation to pay back its debt, or it just
• 1:13:38
  outright starts confiscating the people citizens.
• 1:13:42
  Sorry, it starts confiscating the citizens money to pay back
• 1:13:45
  its debt. So again, if you look like this
• 1:13:47
  is just shouldn't be a surprise, like we've got a 98.7% chance
• 1:13:52
  that I think we're living through a global government
• 1:13:55
  default right now. And that's because we have about
• 1:13:57
  12 or 13 countries around the world with debt to GDP levels of
• 1:14:01
  130%. Most of them are countries we're
• 1:14:03
  talking about today. It's the pigs, like Kenobi said
• 1:14:06
  earlier, Portugal, Italy, Greece, Spain.
• 1:14:08
  It's France, It's America, Canada, Australia, New Zealand.
• 1:14:13
  If you look at the most indebted countries around in the world,
• 1:14:15
  ask yourself why are they implementing the exact same
• 1:14:19
  playbook? Think about it for a minute.
• 1:14:22
  It's all because of that four letter word.
• 1:14:24
  It's debt. They all have too much debt.
• 1:14:27
  So what is the solution for too much debt?
• 1:14:29
  High taxes. You attack the entrepreneurial
• 1:14:33
  or the business owners in a country.
• 1:14:36
  You strip all of the the wealth out of the business owners and
• 1:14:40
  the high earners. We're seeing that in Australia.
• 1:14:42
  Wealth taxes, taxes on retirement accounts.
• 1:14:46
  Spain just implemented A wealth tax in 2022.
• 1:14:48
  France is proposing citizenship based taxation.
• 1:14:51
  You know, America's, you know, doing what they're doing best.
• 1:14:55
  Obviously they're one of the first countries with citizenship
• 1:14:57
  based taxation and then so high taxes, money printing, high
• 1:15:01
  inflation, woke culture again, woke culture is just another
• 1:15:05
  excuse to distract the masses. Again, it's bread and circuses
• 1:15:10
  if you give the. Masses, bread and circuses.
• 1:15:12
  They won't even realize what's going on and they will never
• 1:15:15
  revolt. It's as simple as that.
• 1:15:16
  And then think about the massive big I need to be very careful
• 1:15:19
  with this, but just think about who those countries are letting
• 1:15:23
  into their borders and why would they be letting those people
• 1:15:27
  into their borders? Just think about that.
• 1:15:30
  The most indebted countries around the world pretty much
• 1:15:32
  have open border policies. Ask yourself why.
• 1:15:37
  You can get really conspiratorial, and that's going
• 1:15:40
  to take you down some really scary paths if you live in those
• 1:15:43
  countries. When we start looking at the
• 1:15:46
  degradation of safety in the places like London, for example,
• 1:15:50
  which is just a horrifying place right now, but also just think
• 1:15:54
  about it from pure, pure economic sense.
• 1:15:56
  If you just open up your borders and let everybody into your
• 1:15:59
  country, this props up the housing Ponzi bubble.
• 1:16:03
  So again, I could talk about this for 20 minutes, but I think
• 1:16:05
  the summary is pretty much what Kenobi said.
• 1:16:09
  Owning property in the EU or Australia or Canada or even
• 1:16:14
  America, it's really risky because you're just putting your
• 1:16:18
  livelihood on the line. So to say, we'd careful what I
• 1:16:21
  say there. You're putting your livelihood
• 1:16:23
  on the line and you're saying, look, I've got half of my net
• 1:16:25
  worth in this stationary asset, come and tax it.
• 1:16:28
  Oh, you need, you're going bankrupt.
• 1:16:30
  You're the government, you've run out of money.
• 1:16:32
  Well, here's half of my savings, Come and tax it.
• 1:16:34
  Come and take it away. And that's what they will do.
• 1:16:37
  They will do that through rising property taxes.
• 1:16:40
  You should see the amount of taxes on property in Australia.
• 1:16:43
  There's something called stamp duty.
• 1:16:45
  You have to pay $20,000 for the government just for buying a
• 1:16:47
  home in the 1st place. Then there's property taxes,
• 1:16:51
  thousands if not 10s of thousands of dollars a year.
• 1:16:53
  And then now we've got, what is it?
• 1:16:56
  We've got a retirement wealth tax in Australia.
• 1:16:59
  So if you have more than $3,000,000 of assets in your
• 1:17:01
  retirement account, if that rises, guess what?
• 1:17:04
  You've got to pay unrealized capital gains taxes even if you
• 1:17:08
  didn't sell any of the assets in your retirement portfolio.
• 1:17:11
  So again, let's talk about this for 20 minutes, I think.
• 1:17:13
  I think it's just a simple summary.
• 1:17:15
  Do not trust the West. They're bankrupt and they're
• 1:17:18
  going to take your money. If you have wealth, why would
• 1:17:21
  you have 2030% of your wealth in a big stationary asset that the
• 1:17:25
  government knows where you keep it?
• 1:17:27
  Terrible idea. Yeah, totally.
• 1:17:29
  And actually Luke. You, you reminded me of, I don't
• 1:17:31
  know if you guys saw it in the chat or, or you 2 Jack Mullers
• 1:17:35
  did a great clip the other day and this idea and you, and you
• 1:17:39
  brought it up, you know, that we're probably in some kind of
• 1:17:42
  global financial recession, depression, some kind of global
• 1:17:46
  calamity. And I think all of the things
• 1:17:48
  you were kind of talking about are obviously factors of the
• 1:17:51
  fact that the money's going down.
• 1:17:52
  But everyone continues to look at the dollar.
• 1:17:56
  And of course, we've all seen this chart here, the purchasing
• 1:17:59
  power of the dollar. So I'll bring it up here.
• 1:18:01
  And, you know, let me zoom in a little bit here.
• 1:18:03
  You can see the dollar's worth since what, like 1930 of the
• 1:18:07
  Federal Reserve. Obviously, it's lost 99%.
• 1:18:10
  You've heard all these tropes. You can see here is the stock
• 1:18:13
  market crash and the lead up of the Great Depression.
• 1:18:16
  And then since the dollar has just been decimated.
• 1:18:19
  And now we still kind of look at the dollar as an indicator of
• 1:18:23
  what's going on in the global markets.
• 1:18:24
  Of course, we've been watching the global M2 liquidity supply,
• 1:18:28
  but what Mahlers was saying in this clip is like everyone is
• 1:18:32
  really looking at it differently because what was this purchasing
• 1:18:35
  power against? What was it measured against?
• 1:18:37
  It was the purchasing power of paper money against gold.
• 1:18:41
  And this is what they're you're kind of seeing in this chart is
• 1:18:44
  that your purchasing power of the dollar has decreased against
• 1:18:47
  gold. And everyone's looking at the
• 1:18:49
  Bitcoin price price in Fiat dollars.
• 1:18:52
  But when you look at the big gold priced in Bitcoin, it's
• 1:18:56
  starting to look exactly what you're seeing with the Fiat
• 1:18:59
  dollar, which is this is where you're starting to see that
• 1:19:03
  we've probably been in a global depression, recession, whatever
• 1:19:08
  you want to call it for a long, long time.
• 1:19:11
  But everyone is just looking in the wrong direction.
• 1:19:14
  And I found that to be just like a very powerful clip there.
• 1:19:16
  And you know, just showing you guys the charts here.
• 1:19:19
  This is gold priced in Bitcoin. As you can see, it's losing a
• 1:19:24
  lot of it's purchasing power. It's looking exactly like the
• 1:19:27
  Bitcoin or the dollar purchasing power chart here.
• 1:19:30
  So, you know, there's a lot of things going around that it all
• 1:19:34
  boils down to like fixed the money fixed, or a lot of these
• 1:19:36
  problems really do come down to, hey, I need to save capital.
• 1:19:41
  If I can save capital and you save capital, then we all get
• 1:19:44
  richer. As long as there's no one in the
• 1:19:46
  middle that is constantly debasing the purchasing power,
• 1:19:50
  inflating the currency so that we all don't feel the pain, but
• 1:19:55
  we collectively get poorer. Take back your sovereignty, take
• 1:19:59
  back your money, take back your life.
• 1:20:01
  Stay humble, stack sats. This is the way.
• 1:20:04
  This is how we fix everything, everything.
• 1:20:06
  You know, Bitcoin won't fix everything, but if you fix the
• 1:20:08
  money, then we can start working on all the other problems.
• 1:20:12
  You know, you can't you can't fix a a a leaky sink.
• 1:20:15
  If if you're just kind of putting tape around the the
• 1:20:18
  sink, you got to, you know, maybe probably redo the plumbing
• 1:20:21
  here. Simple, simple idea.
• 1:20:23
  Anyways, I do want to move on because I want to talk to
• 1:20:25
  Kenobi. He's working on something super
• 1:20:28
  cool and you know, Bitcoin mining and running nodes has
• 1:20:32
  been all up in the news lately. And I think Kenobi is part of
• 1:20:37
  the vanguard here helping maintain bitcoins
• 1:20:41
  decentralization. So let's get into the culture
• 1:20:43
  and we will wrap up today's show.
• 1:20:47
  I want to give a shout out to our.
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• 1:21:01
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• 1:22:29
  All righty then. Kenobi, thank you for coming on
• 1:22:33
  this show. Of course, as I said in the
• 1:22:35
  beginning, you work for demand pool, the first fully stratum V2
• 1:22:39
  pool, mining pool here. Maybe actually, let's just start
• 1:22:44
  with the question. We've been hearing it all all
• 1:22:47
  around Twitter recently. You know, there's a lot of
• 1:22:50
  concerns about Bitcoin mining being too centralized.
• 1:22:54
  You know, there's even the concern about the the nodes, you
• 1:22:58
  know, attack with the nodes and all this stuff.
• 1:23:01
  But maybe for the people that aren't as initiated, what is
• 1:23:05
  stratum V2? What are you guys working on
• 1:23:08
  over there and is there a real issue in centralizing Bitcoin
• 1:23:12
  mining? Yeah.
• 1:23:16
  So I think the last. Analogy you used was a perfect
• 1:23:20
  example for what's happening right now.
• 1:23:21
  So people may not know this, but pools and miners, they
• 1:23:26
  communicate with each other. So miners, they have ASICS, they
• 1:23:29
  have data centers. It was fun to see Hive and their
• 1:23:31
  data centers. That's where they have their
• 1:23:33
  ASICS. They have the chips doing all of
• 1:23:35
  the mining, the SHA 256 crunching to find the next a
• 1:23:39
  valid block. But in order to communicate with
• 1:23:42
  the pool, which is the ones giving them, let's say a
• 1:23:46
  financial service by grouping a lot of hash together in order to
• 1:23:50
  like smooth out the variability and the variance in payouts.
• 1:23:54
  Well, to communicate between the pool and the minor, they need to
• 1:23:57
  use something, they need to use a protocol.
• 1:23:59
  Right now the plumbing in the mining industry is a stratum V1.
• 1:24:03
  So the first version, the one created in 2012 by Slush, the
• 1:24:07
  creator of the first Bitcoin mining pool, which nowadays is
• 1:24:11
  brains pool. And he created a system, a
• 1:24:16
  protocol that helps miners communicate with pools.
• 1:24:23
  But the problem is he did it in a good, good enough way.
• 1:24:25
  He just like put it together. I don't know what how much time,
• 1:24:29
  but I like to picture it, you know, in his garage, you know,
• 1:24:32
  just put it together an afternoon and it was good
• 1:24:34
  enough. And he just let it RIP, you
• 1:24:36
  know, and good enough it was the whole industry started using it.
• 1:24:40
  And now what's the standard? Now everyone's using it to our
• 1:24:43
  own detriment, as we'll see in the future because, you know,
• 1:24:47
  block size wars happened. We realized, hey, yo, what's
• 1:24:49
  going on here? The miners, they have a lot of
• 1:24:51
  power, not just the miners, but like the pools and like the
• 1:24:54
  producers. We need to start decentralizing
• 1:24:56
  this, you know, like, of course, proof of stake, proof of shit,
• 1:25:00
  rather that's decentralized from the get go, right?
• 1:25:04
  All of these proof of stake networks that keep being turned
• 1:25:07
  on and off, turned on and off because they don't work, of
• 1:25:10
  course. Meanwhile, on Bitcoin, thanks to
• 1:25:12
  proof of work, we have had, what's the number now, 99.99% up
• 1:25:16
  time. And in the past 10 years it's
• 1:25:18
  just been 100%, right. That's thanks to proof of work,
• 1:25:21
  thanks to decentralization of mining.
• 1:25:23
  But we can make it better because right now we only have 5
• 1:25:28
  nodes between 5:00 and 6:00 nodes deciding what goes into
• 1:25:33
  95% of the blocks. So if at any time you look at
• 1:25:36
  the at the mem pool, mem pool dot space.
• 1:25:39
  Yeah. Awesome.
• 1:25:40
  When was the last one, 2013? Yeah.
• 1:25:43
  So in the past 10 years it's just been 100%, right?
• 1:25:45
  Since 2015 to now, basically 100%.
• 1:25:49
  And that's thanks to proof of work, which is one of the
• 1:25:51
  biggest innovations in the past century.
• 1:25:53
  I would say thanks to Takamoto. The thing is.
• 1:25:58
  The way that it works right now as I.
• 1:26:00
  Was saying it gives the pools thanks to due to strata V1 a lot
• 1:26:05
  of power because they are the ones deciding what goes into the
• 1:26:08
  blocks. So at the end of the day, it's
• 1:26:10
  only 5 to 6 nodes to decide most of the transactions and most of
• 1:26:14
  the blocks how they look like. That's not really what Satoshi
• 1:26:17
  Nakamoto wanted, right? He didn't want hundreds of
• 1:26:20
  thousands of hashers or mercenaries, if you will.
• 1:26:24
  And then just a few miners, a few people decided on what goes
• 1:26:27
  into the block. No, he said one CPU, one vote.
• 1:26:30
  Meaning you have your CPU, you have your ASIC, you have your
• 1:26:33
  minor, you get to decide what goes into that block and publish
• 1:26:37
  it once it's once you found the valid one, right?
• 1:26:40
  So with that, after the block science wars, everyone realized
• 1:26:45
  wow we fell asleep in the wheel. How did we allow stratum V1 to
• 1:26:50
  take a hold with this key mistake giving the pool so much
• 1:26:54
  power. That's when Matt Corallo, he
• 1:26:57
  created better hash was an attempt, but not good enough,
• 1:27:00
  but good enough to get a lot of people involved.
• 1:27:03
  So from companies, from miners, from pools and developers and
• 1:27:07
  then also other type of stakeholders, right?
• 1:27:09
  But these are the, the big three got them in one room and said,
• 1:27:12
  hey, guys, what should the, the, the protocol, the plumbing of
• 1:27:17
  mining look like in the future? Like for the next 1000 years,
• 1:27:22
  what are we going to be using to mine?
• 1:27:23
  It cannot be straight on V1 because it's definitely not
• 1:27:26
  good, right? It's centralizing.
• 1:27:28
  It's it doesn't give them power to the miners.
• 1:27:30
  And also as to how things happen, miners are going to go
• 1:27:34
  from being subsidized or like or being like emitters of new coins
• 1:27:40
  because till now there have been minting, creating quite a few
• 1:27:44
  new coins per block. You know like till recently it
• 1:27:46
  was 6 coins per block, now it's 3.125 but in two halvings it's
• 1:27:52
  going to be 0.6 something like it's gonna be less than a full
• 1:27:56
  Bitcoin. That what they're gonna be
• 1:27:59
  creating per block. So they're gonna actually start
• 1:28:01
  selling the block space. That's gonna be the new
• 1:28:03
  commodity. We already have hash rate as a
• 1:28:04
  new modern day commodity. But now block space, like
• 1:28:07
  actually space in the blocks, putting transactions in there,
• 1:28:11
  that's gonna become the future commodity because people,
• 1:28:14
  nations, as we were talking at the beginning, right, the US
• 1:28:17
  whenever they want to do a transactions, A transaction,
• 1:28:19
  they don't want to be guessing. They don't want to be hoping,
• 1:28:21
  you know, like crossing their fingers.
• 1:28:23
  No, they're going to have subcontract, they're going to
• 1:28:25
  have contracts with minors. They're going to be like, look,
• 1:28:27
  we're going to pay you this much and you're going to assure us
• 1:28:29
  the first, I don't know, megabytes of each block that you
• 1:28:32
  mine, you know, stuff like that. So as that happens, stratum V1
• 1:28:36
  is not prepared for that. Plus also stratum V1, it's not
• 1:28:40
  encrypted like your ISP, your Internet service provider, they
• 1:28:43
  can see that you're mining, they can block you at any time,
• 1:28:46
  right? It's clear text, right?
• 1:28:48
  It's also not specified meaning like we all imagine as if the
• 1:28:53
  English that you speak and the one that I speak and the one
• 1:28:56
  that they speak in the UK was actually different.
• 1:28:58
  Not just the accent, not just the funny accent, you know, but
• 1:29:00
  like literally different, like they use different sentences and
• 1:29:03
  how they build it. That's actually how this
• 1:29:05
  protocol works. It's in a weird way, it kind of
• 1:29:07
  works, but it doesn't really, right.
• 1:29:09
  And we see it in the, in the between 0.2 and 1.5% of stale or
• 1:29:14
  rejected chairs. That's basically kind of like
• 1:29:16
  the 2% inflation rate of like, oh, it's just how the system
• 1:29:19
  works. Oh, 2% inflation, but with
• 1:29:21
  mining, we have the same of like between 0.1 and 1.5% of your
• 1:29:27
  work will just not get paid. That's part of the problem of
• 1:29:30
  Strata V1 because of how it was built.
• 1:29:31
  And then third, it's in clear text, like the messages in
• 1:29:36
  Strata V1 between a machine and a machine, the ASIC and the pool
• 1:29:40
  infrastructure, like the nodes that we have, like it's, it's,
• 1:29:45
  it's in Jason's, it's in Whatsapp's, it's in emails.
• 1:29:47
  And it's also unencrypted. Like anyone can read it, anyone
• 1:29:50
  can see the what, what you're sending.
• 1:29:52
  So that's not efficient. It's almost like, imagine I'm
• 1:29:55
  speaking English now, but in order for us to communicate, I
• 1:29:58
  would have to like translate to Chinese.
• 1:30:00
  He sends you the information, but not directly to you.
• 1:30:02
  He sends it to your translator from Chinese to English.
• 1:30:05
  And then, oh, now you get the English message.
• 1:30:07
  You know, it's, it's stupid. It's stupid.
• 1:30:09
  So was trying to be two. They all got together and they
• 1:30:11
  said, OK, the future of mining needs to look like this.
• 1:30:14
  And the three main features I'm going to leave the the star for
• 1:30:18
  for the last would be binary. So we're going to communicate.
• 1:30:21
  I'm going to communicate directly to you in English.
• 1:30:23
  You know, it's going to be binary machine to machine.
• 1:30:25
  That also makes the packages smaller.
• 1:30:28
  Then we're going to encrypt it. We use modern encryption to like
• 1:30:31
  make sure that hey, your hash rate cannot be stolen because
• 1:30:33
  that's a thing that we know it's never been fully confirmed.
• 1:30:37
  But all of the miners, they, they have stories and they have
• 1:30:39
  heard stories of hey, I was one percent, 2% of my hash, which is
• 1:30:43
  like missing, you know, And that's because because you have
• 1:30:47
  unencrypted clear text messages shares being sent to the pool.
• 1:30:50
  Someone can intercept them and they can just claim them for
• 1:30:53
  themselves. But with encryption, that's
• 1:30:56
  impossible. The only thing they would see is
• 1:30:57
  just gibberish. Nothing, nothing to see there,
• 1:31:00
  right? That also prevents censorship
• 1:31:02
  from your ISP and all of that because it's just another
• 1:31:05
  Internet package. Who knows what it is, right?
• 1:31:08
  And and 3rd, but most important, it enables minor side block
• 1:31:14
  template generation. Basically, miners stop being
• 1:31:17
  mercenaries, miners stop being just hashers, miners stop just
• 1:31:21
  renting out their hash rate to the best or usually the worst
• 1:31:25
  bidder, those being the pools, and they become miners again.
• 1:31:29
  So you create your own blocks and you decide what goes in
• 1:31:32
  them. And that's the magic of
• 1:31:34
  Astronomy 2. That's what we're doing.
• 1:31:36
  But The thing is, we at demand, we are the 1st pool to
• 1:31:40
  implement. So Stratum V2, it's a protocol,
• 1:31:43
  it's independent of us. Like it's not our protocol, it's
• 1:31:47
  by the community, free open source software, you know, FOS
• 1:31:50
  and it's actually created by a couple of very intelligent,
• 1:31:56
  smart people. Some of them you may even know
• 1:31:58
  them like Pad Linux, right? He's the project manager, so to
• 1:32:01
  speak, of Stratum V2. And actually our CTO used to be
• 1:32:07
  the lead developer for Strat MV2.
• 1:32:09
  And the advantage of that is that anyone can go to GitHub,
• 1:32:14
  check out the code, start participating, start fixing
• 1:32:17
  stuff if they see any mistakes or just help us build.
• 1:32:23
  And yeah, we're just the first pool to implement it.
• 1:32:25
  Because the thing with pool mining is that it's a cartel.
• 1:32:29
  Like they don't tell you, but it's not really a free market.
• 1:32:33
  Like I don't know if you remember, but 2-3 years ago
• 1:32:35
  Foundry was going all around saying 00 percent fees pools in
• 1:32:39
  the future, they're going to have 0% fees, you know, because
• 1:32:41
  of all the ancillary services that we're like we're providing
• 1:32:44
  and all of that. Which also anyway that like they
• 1:32:48
  were, they were, they were saying that.
• 1:32:49
  But now recently, two months ago, three months ago, right
• 1:32:52
  before mining Disrupt, which is where we met Opti, they actually
• 1:32:57
  hiked the fees for all of their clients.
• 1:32:59
  So what happened there? They were promising 0% fees, but
• 1:33:02
  they had to hike the fees. Well, The thing is that the
• 1:33:07
  technology is just one of the vectors of centralization and
• 1:33:10
  mining, pooled mining. The second centralization vector
• 1:33:14
  is FPPSFPPS stands for full paper share and it's the most
• 1:33:20
  common is actually the reigning payout method in the mining
• 1:33:24
  space. And the, the story of it is that
• 1:33:27
  it appeared around 2017 18. And basically what happened is
• 1:33:30
  that pools, they were, they were just payment distributors.
• 1:33:33
  They were just payment mechanisms, you know, like we
• 1:33:36
  all get together and we just need a third party, you know,
• 1:33:38
  some independent third party to like distribute the payments so
• 1:33:41
  that there's no conflict of interest.
• 1:33:42
  You know, I get my fair share, you get your fair share, you get
• 1:33:45
  your fair share. We're all happy, you know, and
• 1:33:47
  we only get the pizza once the pizza's baked.
• 1:33:49
  Once a block is found, then we get paid, right?
• 1:33:51
  Then you get to eat well with full, full paper share FPPS you
• 1:33:56
  actually get to eat even if the pizza hasn't been baked.
• 1:34:00
  Because what happened is, you know, like an Indiana Jones in
• 1:34:02
  the first, in the first movie, Raiders of the Lost Ark, the 1st
• 1:34:06
  5 minutes, you know, he goes into that cave and at the end of
• 1:34:08
  it there's this like golden totem and he takes it and he
• 1:34:12
  puts sand right. He took the valuable thing and
• 1:34:14
  he just left sand right. And that's what happened with
• 1:34:17
  with pools. They thought they were just
• 1:34:19
  switching one payment method for another.
• 1:34:22
  But what they got is they switched out a working and
• 1:34:24
  perfectly fine PPLNS payment method for an insurance product.
• 1:34:29
  Suddenly they went from being payment providers or payment
• 1:34:33
  distributors or however you want to call them to being insurers.
• 1:34:36
  They were providing an insurance policy.
• 1:34:38
  But what happens with insurance policies?
• 1:34:41
  In order to not go bankrupt, you need a shit ton of cash.
• 1:34:44
  You need in this case actually Bitcoin, which is even harder to
• 1:34:47
  get, right, like you cannot print bitcoins.
• 1:34:49
  So these guys, they need to get a lot of of of Bitcoin, a lot of
• 1:34:53
  capital to back them up. Because otherwise, let's say you
• 1:34:55
  have a streak of bad luck for two or three days.
• 1:34:58
  You need to give your payouts to your miners, but you don't find
• 1:35:01
  any blocks. Well, you still need to pay
• 1:35:03
  them. Even if you didn't get paid as a
• 1:35:05
  pool, you're eating up all of the risk, right?
• 1:35:07
  So you need to be capitalized. Otherwise one day you wake up
• 1:35:10
  and it's like, well, I guess the party, the party's over.
• 1:35:14
  That's it, guys. We didn't make it.
• 1:35:16
  We ran out of reserves. The pool is shutting down and
• 1:35:19
  nobody wants that, right? So they need to have a lot of
• 1:35:21
  capital. A capital wants to be paid.
• 1:35:23
  There's, you know, like a hurdle rate.
• 1:35:26
  So that that actually makes running a pool very expensive.
• 1:35:29
  Something that should be very easy, just a bit of
• 1:35:30
  infrastructure. And once the pizza is baked, you
• 1:35:33
  distribute it, so to speak, right?
• 1:35:35
  Suddenly becomes very expensive and that's the second
• 1:35:38
  centralization vector because not everyone has all the dope,
• 1:35:41
  not everyone has all of the coins to actually start a new
• 1:35:44
  pool and start decentralizing mining.
• 1:35:46
  So that's why the the Co founders of demand, Alejandro
• 1:35:50
  Latorre and Filippo so that the our CTO is Filippo.
• 1:35:53
  He's the lead developer of Stratamy Tuor was, although he's
• 1:35:57
  still involved, you know, free open source software.
• 1:35:58
  You're like the devs are always like contributing back to the
• 1:36:02
  main product to the main GitHub. They got together because
• 1:36:06
  Alejandro, he had he's created. Well, he took two different
• 1:36:10
  pools to number one. In 2018 he took btc.com and in
• 1:36:14
  2019 he took pool in to number one spot.
• 1:36:17
  So he's he's he knows how the sausage just made.
• 1:36:19
  He's been in the belly of the beast and he was like, whoa, we
• 1:36:23
  we need to change stuff. That's how he found stratomy 2.
• 1:36:26
  He met Philippe and he was like, right, whenever it's ready, you
• 1:36:29
  give me a call and we get this started.
• 1:36:31
  Because he also knew that pools, they're comfortable.
• 1:36:34
  They're comfortable. They're chilling, you know,
• 1:36:35
  Yeah, they have their Capital Partners.
• 1:36:37
  They're raking in the cash. They also have hidden spreads.
• 1:36:40
  Like they tell you, oh, it's just 1%, but in reality it's,
• 1:36:43
  you know, like the airport exchanges, you know, like money
• 1:36:46
  exchanges. You go there and they tell you,
• 1:36:47
  oh, it's 0% and you give them €100 and instead of giving you
• 1:36:51
  $110, they give you like 95. And you're like, what happened
• 1:36:54
  there? I thought it was 0% fee, right?
• 1:36:57
  Well, there's hidden fees, there's hidden spreads, right?
• 1:36:59
  And that's what happens with FPPS because they need to make
• 1:37:02
  money, otherwise they're going to go bankrupt.
• 1:37:04
  And they're too comfortable, too comfortable.
• 1:37:07
  They're raking in the cash. So they're making a lot of
• 1:37:09
  money. They're too comfortable.
• 1:37:10
  It's also cartel like they're, they're all talking to each
• 1:37:13
  other. They don't want to move things,
• 1:37:14
  you know, just let the industry sleep, you know?
• 1:37:18
  So the moment that Stratum V2 was good enough to go like
• 1:37:22
  production ready, they partnered up and they said let's go if we
• 1:37:25
  don't do it, nobody else is gonna do it so they decided to
• 1:37:27
  launch demand and now I'm here talking to you trying to
• 1:37:32
  decentralize go all right well doing.
• 1:37:35
  The noble work, you know, I just talk about Bitcoin.
• 1:37:38
  You're actually helping, you know, I'm just trying to get
• 1:37:40
  more people into it. You're actually helping
• 1:37:41
  decentralize the network. So I think that the question for
• 1:37:45
  me, well, I don't mind, but maybe someone in the chat does.
• 1:37:49
  They can just, you know, jump on to the website and then connect.
• 1:37:54
  Like how does that work for them?
• 1:37:57
  You know, could they solo mine? How does this all work out for
• 1:38:00
  them? So The thing is, for now, we.
• 1:38:04
  Haven't launched yet. We had like like we're the we
• 1:38:08
  launched, but we're in beta still.
• 1:38:09
  You're still in beta? Yeah, exactly.
• 1:38:13
  We're actually doing private testing right now with some of
• 1:38:16
  our big miners corporations that we've contacted that they're
• 1:38:21
  willing to support us because the thing with launching a non
• 1:38:24
  FPPS pool, because that's the thing.
• 1:38:26
  If you want to just call up and pull call up bit main and be
• 1:38:30
  like, hey guys, just give me a new website and I'll be a new
• 1:38:33
  pool for you. Perfect.
• 1:38:34
  Yeah, you can do that. It's very easy to actually
• 1:38:36
  launch a pool like that. And recently we actually saw
• 1:38:39
  that I think it was b ^2 network that came out of nowhere and
• 1:38:42
  we're all like, oh, who's this network?
• 1:38:44
  Who's this new pool that has like 7 to 8 exogenicism getting
• 1:38:47
  a blog once or twice a day, you know, and at the beginning was
• 1:38:51
  like crazy, but then we quickly realized, oh, they're just,
• 1:38:54
  they're just another proxy. And you know, like from the from
• 1:38:57
  the outside, it looks like there's many shops, but on the
• 1:38:59
  back end they're all, they're run by the same guy, so to
• 1:39:01
  speak, right. And that's what's actually
• 1:39:03
  happening nowadays with Bitcoin mining, right?
• 1:39:05
  With all of these pools that they claim to be independents.
• 1:39:08
  But when you actually look, you know, you open up and you're
• 1:39:11
  like, wait, there's only one person here.
• 1:39:13
  What's going on, right? So if you don't want to do that,
• 1:39:16
  if you don't want to go the easy route, the centralizing route,
• 1:39:18
  you need to go the PPLNS route. And that's basically doing pools
• 1:39:23
  the classic way, just getting enough hash rate together and
• 1:39:26
  using maths and statistics to like smooth out the variability,
• 1:39:30
  the variance of payouts. But of course, to do that, if
• 1:39:32
  you want to do it right, you need to get some big partners.
• 1:39:35
  You need to get at least between 0.8 and 1% of the hash rate in
• 1:39:40
  order to like launch and give the same experience to the to
• 1:39:44
  the miners as with FPPS, because they also want to get, you know,
• 1:39:47
  regular payouts because they have bills to pay.
• 1:39:49
  They have, you know, families to feed, so to speak, you know,
• 1:39:51
  salaries, wages and electricity bills and machines to to buy
• 1:39:56
  right. So they want to get paid and in
• 1:39:58
  order to get paid, you cannot be like the new parasite pool,
• 1:40:01
  which by the way, fully endorsed for like if you haven't bid axe,
• 1:40:04
  try it out. They have a new payout model
• 1:40:06
  apparently. Like whoever finds the blog gets
• 1:40:08
  a Bitcoin and the rest just get the rest.
• 1:40:10
  Very interesting. But of course they only have
• 1:40:13
  like 80 pin a hash. They have been live for like I
• 1:40:15
  think a month now. They haven't found a block.
• 1:40:18
  If you if you want to do industrial level mining, if you
• 1:40:22
  want to do serious mining, profitable mining, that that's a
• 1:40:25
  no go, right, That's a no go. So you need to get big partners
• 1:40:28
  willing to bet on your solution, but on the future and do some
• 1:40:33
  testing, make sure that everything's right.
• 1:40:35
  Because the worst thing would be, you know, we launch and then
• 1:40:38
  you know, something goes wrong. That would be horrible for
• 1:40:41
  everyone. Nobody wants to see that.
• 1:40:43
  Cuz also we represent strata V2 to a certain degree, right?
• 1:40:47
  Cuz we're the first fully strata V2 pool, right?
• 1:40:49
  And we want our miners to get a good experience and to start
• 1:40:53
  building their own blocks with Strata V2, because we believe
• 1:40:57
  the technology it represents the next 1000 years of mining.
• 1:41:00
  Like for with strategy two, you can comfortably mine for the
• 1:41:04
  next 1000 years, so to speak, right?
• 1:41:05
  And so we want to do it right. And launching a month, a month
• 1:41:09
  earlier or a month later doesn't really matter, right?
• 1:41:11
  When you're thinking in a scale of hundreds of years, thousands
• 1:41:14
  of years, like with Bitcoin, right?
• 1:41:16
  So, so we're first testing with our big miners, we're going to
• 1:41:20
  get a lot of hash rate. That's we have already contacted
• 1:41:23
  a few, a few people. Well, big means actually
• 1:41:25
  anything above 50 peda hashes more or less, which, hey, in
• 1:41:30
  Spain that's actually quite crazy because thanks to our
• 1:41:32
  great leaders, we don't even we don't have mining anymore, which
• 1:41:36
  by the way, also takes me to like the blackout.
• 1:41:37
  We had a blackout recently. Had we had mining in Spain, that
• 1:41:41
  wouldn't have happened, right? We had a blackout similar to the
• 1:41:44
  one that Texas had in two in 2021.
• 1:41:47
  Thankfully there was no cold or anything like we just had a
• 1:41:50
  blackout for our full game. Yeah, we just it was hot, but
• 1:41:54
  not as hot as right now and yeah, we had a blackout and
• 1:41:58
  truly, if we had Bitcoin mining, that would have been solved.
• 1:42:00
  But anyway, that's that's besides the point.
• 1:42:03
  Awesome man. Well, you.
• 1:42:04
  Know more power to you guys. I can't wait to see it launch.
• 1:42:08
  Actually, I don't know if you can leak it, but is there an ETA
• 1:42:11
  so the audience can keep an eye out like what's what's the
• 1:42:14
  timeline here? And then we'll wrap up today's
• 1:42:15
  show. I cannot say too much.
• 1:42:19
  Plead the 5th. Plead the 5th.
• 1:42:20
  It's fine by me. I cannot say too much, but I can
• 1:42:24
  say like we're aiming for this year definitely be live and for
• 1:42:29
  now we're keeping it private. You know, I like almost like a
• 1:42:31
  private pool. But we're definitely looking
• 1:42:34
  looking out to like welcoming more people and having more
• 1:42:38
  minors start trying out Stratum V2.
• 1:42:40
  So we also have a few things in the pipeline for those curious
• 1:42:44
  bees out there that also want to try Stratum V2.
• 1:42:47
  We'll see what we can provide in the next couple months.
• 1:42:51
  But yeah, we definitely want to launch this year, get it going.
• 1:42:53
  But I said 1000 years, right? Like when in doubt, zoom out,
• 1:42:59
  you know, take a chill. Rather do it right than do it
• 1:43:02
  fast, you know, if you can do it right and fast, perfect, great.
• 1:43:06
  But rather do it right, you know, And that's what we're here
• 1:43:09
  to do. And Opti, before I go, thanks
• 1:43:12
  for having me, man. It's been a pleasure.
• 1:43:14
  I've loved it. It's been an honor to be here.
• 1:43:16
  And also I love the community. I love how riled up again with
• 1:43:20
  topics. Yeah, appreciate it, man.
• 1:43:22
  All right. Guys, for the audio listeners,
• 1:43:24
  go check out what Kenobi's working on.
• 1:43:26
  It's demand dot work. That is DMND dot work Kenobi.
• 1:43:32
  I know, I know I asked you this earlier that on the show, but if
• 1:43:35
  people want to get in touch with you, what's your Twitter again?
• 1:43:37
  Because I know you just got banned again.
• 1:43:38
  So what's the what's the freshest Twitter account?
• 1:43:43
  Yeah, so I mean, I'm Noster. You can find me there.
• 1:43:45
  I don't use it too regularly yet because I feel like it's not
• 1:43:48
  ready, like anyway. But yeah, I'm there.
• 1:43:50
  General Kenobi, Kenobi Nakamoto, any of the two should work.
• 1:43:54
  And on Twitter will be Kenobi General Five.
• 1:43:58
  I think at this point the five tells you, yeah, sounds like a
• 1:44:02
  scam account. I'm not gonna lie.
• 1:44:05
  Exactly. Sounds like it's.
• 1:44:06
  Almost like to impersonate me, right?
• 1:44:08
  But no, it's actually me. You'll see me talk every now and
• 1:44:11
  then, do a retweet, Whatnot, and otherwise demand under score
• 1:44:15
  pool. That would be the Twitter
• 1:44:17
  account. That's where we post updates on
• 1:44:20
  Whatnot. We also try to do stuff on
• 1:44:21
  LinkedIn, try to get some of those Fiat people, you know,
• 1:44:24
  more orange pills. But yeah, Kenobi, thank you.
• 1:44:28
  So. Much for coming on today.
• 1:44:29
  It was an absolute pleasure. Great show and honestly fitting.
• 1:44:33
  We were talking about the EU and you're like, yeah, they're
• 1:44:35
  cooked. The EC BS cooked.
• 1:44:37
  Aw, so man, thank you so much. Hang out.
• 1:44:40
  I'm behind the scenes for a second while I wrap up today's
• 1:44:43
  show. All right, guys, there you have
• 1:44:46
  it. This was the Friday show.
• 1:44:49
  You already know the deal. Go outside, eat some good food,
• 1:44:53
  call your loved ones, cut some grass.
• 1:44:56
  Person you're arguing with on the other side on Twitter will
• 1:44:58
  be there when you come back. We will see you on Monday.
• 1:45:01
  Luke and I will maintain the bullishness on Monday.
• 1:45:05
  Do check out all the content we're dropping on our channel,
• 1:45:09
  but I'm pretty sure you guys can find Nico at the Bitcoin Rodeo
• 1:45:13
  this weekend. I don't know the schedule yet,
• 1:45:15
  but Nico's in Canada. He won't be back until probably
• 1:45:18
  Tuesday and then we'll get back to our normally scheduled
• 1:45:21
  programming. On that note, been your boy
• 1:45:23
  Opti. I will see you on Monday.
• 1:45:25
  Peace out. Today's episode was brought to
• 1:45:28
  you. Bybitcoinwell.com a Bitcoin only
• 1:45:30
  platform on a mission to enable financial independence.