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#793: China Is Funding The War On Data Centers with Sam Lyman · TFTC: A Bitcoin Podcast

0:00
You've had a dynamic where money has become freer than free.
0:10
If you talk about a Fed just gone nuts, all the central banks going nuts.
0:16
So it's all acting like safe haven.
0:18
I believe that in a world where central bankers are tripping over themselves to devalue their
0:23
currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.
0:28
I mean, that's part of the bull case for Bitcoin.
0:31
If you're not paying attention, you probably should be.
0:36
Sam Lyman, welcome to the show, sir.
0:39
Spidey, great to be here.
0:41
Well, I appreciate you coming here.
0:43
It's been a busy week for you.
0:44
Testifying on the Hill.
0:46
You got Clarity Act not making it through cloture.
0:49
Got a lot of stuff going on in the world of AI,
0:53
the effective altruism trying to ruin the,
0:55
effective altruists trying to ruin the party.
0:58
There's a ton of talk about. How are you feeling? Are you okay? How's your week been?
1:04
It's been a whirlwind, definitely. It seems like as the pace of AI development accelerates, so are things at BPI and in Washington.
1:13
It's been a wild, fun ride, and we're excited for what's ahead.
1:17
Yeah, I think for the purposes of this show and our core audience, which are Bitcoiners, maybe we start on clarity,
1:23
But I think throughout the conversation, we'll touch on AI, many facets of it, data center build out, data center dividends, the propaganda that is being waged against American citizens by foreign actors.
1:39
And I think we should touch on the effect of altruists first.
1:44
But I think starting with clarity, what is the vibe on the Hill based off of this week, the bill not making it past the cloture vote?
1:54
And I guess the reaction from the regulatory agencies, it seems to me that the ball is moving forward despite this bill not getting passed.
2:04
Yeah, it's a vibe of general disappointment.
2:06
I think after August recess, there was optimism that they could get clarity across the finish line.
2:12
The president and the White House working with Senate Republicans had made a number of concessions along the ethics front that really answered about 80 percent of all concerns Democrats had as far as the ethics issues go.
2:27
However, that wasn't enough at the end of the day.
2:29
It seems like even though there were some indications that Democrats would support it, the final vote came out pretty much along party lines.
2:37
And that was disappointing because, you know, it seemed like a good bipartisan compromise.
2:43
I think if this same bill had been presented a couple of months ago, it may have passed.
2:47
But because we're so close to the midterm elections now, I think the Democratic caucus was more inclined to vote against it so as not to hand Trump a win so close to the election.
2:59
But it's disappointing. There's a good draft in place if we ever want to resurrect it.
3:05
But I don't see any movement happening anytime this year.
3:09
yeah yeah i saw uh there were some republicans about it again i think i saw josh halley give a
3:16
uh an interview and his argument was that he had a bunch of farmers coming to him so they were
3:23
worried that they weren't going to be able to get credit financing from their local community banks
3:26
because of stable coins drawing deposits so that users could get the yield and i was like is that
3:32
Is that really the case?
3:33
And I think this particular stablecoin issue, I'm interested to get your opinion whether or not you think it's like a legitimate concern or just political posturing.
3:45
Because if you look at what Fidelity did last week or the week before, it looks like they launched their unstablecoin.
3:51
There's nothing within clarity or genius that precludes that banks can't get in this game either, correct?
3:58
Yeah. And that's what was frustrating about this last week when we were testifying on the Hill
4:04
about AI and data centers. Code Pink was in full force, but also in full force were the bank
4:10
lobbyists on the other side. We were on the House side and over on the Senate side, the
4:14
bank lobbyists were going to different offices, pushing against clarity. And that stablecoin issue
4:21
seemed to be a sticking point with a lot of offices. And from my viewpoint, it was a trap
4:25
FI-SYOP at the end of the day. In my personal point of view, stablecoins are an opportunity for
4:32
community banks to get back in the game, to use stablecoins, launch their own stablecoins,
4:36
to innovate in such a way that they're not going up against the bigger banks in the way that
4:41
they've been trying to compete with bigger banks for the last decade or so. When I was at the
4:45
Treasury Department, there was big emphasis in the building on it being the community bank's turn
4:51
to really thrive and to really come back.
4:54
About half of community banks have disappeared since the Great Recession.
4:57
And something that was very stressed within the building
5:00
was that we want to put all the regulations in place
5:03
that community banks will be able to compete on a level playing field.
5:07
But it also on the community banks themselves to innovate in any way we can And my point of view stable coins are the opportunity to do just that I think that stable coins can actually be to the benefit of community banks if they leverage them themselves
5:20
So it's disappointing, though, that the stable coins will kill community banks meme ended up being not only false, but also so powerful.
5:29
I think we've seen a lot of powerful memes lately coming from opposition sources that at the end of the day are also false memes.
5:36
It's always frustrating to fight against that.
5:39
Yeah.
5:40
But to the point of it seems like agencies like the SEC, CFTC, OCC aren't going to wait for a bill to get passed.
5:47
I think the SEC came out earlier this morning and said they're going to announce a five-year innovation window where companies can experiment with on-chain token issuance for stocks and other assets.
6:06
Obviously, the OCC has been pushing forward with issuing bank charters to Bitcoin and crypto exchanges.
6:13
And CFTC and SEC are working together to determine what rules they're going to set for different parts of the industry.
6:19
So at the end of the day, is clarity necessary?
6:24
Are what these agencies are doing despite the bill not getting enacted into law?
6:29
Is that a temporary bandaid that could leave us open for some exposure?
6:34
after the 2028 election? What's the landscape now that's not passed?
6:41
It's definitely encouraging that these executive agencies are putting forward regulations that
6:46
would effectively act as the Clarity Act. The concern there, of course, is if White House
6:51
slips in 2028, all that could be rolled back. At that point, though, I think that there would be
6:56
so much opposition from the digital asset industry that that's less likely to happen. But
7:00
it is a good compromise solution, at least in the near to medium term that we have regulations going
7:07
forward that help implement a lot of the same principles of the Clarity Act.
7:11
Yeah. How important do you think that the bank charters are, that they're issuing more bank
7:15
charters? I think it's important. And it definitely legitimizes the space in a way that you didn't
7:23
see in the previous administration. And it's been heartening just to see how positive the Trump
7:29
admin has been towards digital assets. Generally, I think they've fulfilled a lot of the promises
7:33
that they made on the campaign trail and those promises are being realized now. So I think it's
7:39
encouraging. Yeah. All right. Shifting to AI, you, uh, you made a splash this summer with the report
7:47
that you wrote, uh, highlighting the, the infiltration of, of foreign actors and foreign
7:54
money into propaganda campaigns waged against the AI data center build out here domestically
8:01
in the United States. It went pretty viral. You guys made the front page, what was it,
8:05
the Times or the Wall Street Journal. And you were on Capitol Hill yesterday testifying
8:13
about what you discovered in your research. So I think let's pretend like most of the audience has
8:20
no idea about the research that you've done on this particular subject, what you found
8:25
and sort of the consequences or the reactions from the government since you released the
8:32
report.
8:33
What did you find?
8:35
Yeah.
8:36
Well, this is such an interesting topic.
8:38
And we just scratched the tip of the iceberg earlier this summer, and we've been diving
8:43
deeper.
8:44
And there's a real there there in terms of foreign influence and the data center debate
8:48
here in the United States.
8:50
So I'll take you back a few years ago, though, when I was working at Riot Platforms.
8:54
Riot Platforms, for those who don't know, is a Bitcoin mining and AIHPC company.
8:58
And when I was at Riot, we were building a data center in Corsicana, Texas.
9:02
It's a rural county in Texas, beautiful place, small population.
9:06
What was interesting was there was general community support for the data center we were building until there wasn't.
9:11
Out of nowhere, there was this large opposition within the community itself to the data center.
9:17
And we started to trace where that opposition stemmed from.
9:20
We realized that the bulk of the adversity was coming from a woman who didn't even live in the county.
9:26
She lived in the county next door.
9:28
She got on Facebook and she started spreading a lot of FUD, a lot of fear, uncertainty and doubt about the data center riot was building.
9:35
She started to spread a lot of falsehoods about water usage, electricity consumption.
9:39
And before we knew it, there was significant opposition within the county itself.
9:43
So what we did was we put our investigative journalism hat on and started asking questions about who funds this particular activist.
9:51
This was about 2023. And Marty, you may remember the what do they call it?
9:57
The XRP Army, right? XRP Ripple at that time, a few years previously, had donated a significant sum of money to Greenpeace to spread a lot of FUD about Bitcoin,
10:09
especially its electricity consumption.
10:13
What we realized was this activist had actually partnered with Greenpeace
10:17
to spread a lot of misinformation about our data center that we were building Bitcoin mining And we realized in the process that there were people she was working with who obviously were opposed to Bitcoin as a rival cryptocurrency
10:32
We were able to shed light on that.
10:34
That was good.
10:34
We were able to clear up a lot of the misinformation
10:36
that was being spread in the community, and the data center went forward.
10:39
But having had that experience earlier this summer,
10:42
I saw the data center debate really catching fire across the country.
10:47
And I put on the same investigative journalism hat and I asked, what is going on here?
10:53
Who is driving this opposition?
10:55
Because the amount of negative sentiment that data centers have driven has been so disproportionate to the actual impact data centers have on the ground that I started to ask questions.
11:07
And China, in many ways, seemed to be an obvious answer.
11:11
Around the same time that I started to dig into this, you might recall that Senator Sanders hosted a roundtable at the U.S. Capitol building on the existential risk of AI.
11:22
That's what it was titled. And at this roundtable, he invited two Chinese AI ambassadors.
11:29
One of them, Sui Lan, was actually handpicked by the government over there in China to spread the gospel of global cooperation in AI to the United States and to U.S. lawmakers.
11:42
And during this Capitol Hill event, these Chinese ambassadors essentially made the case that the United States needs to slow its AI build out.
11:51
To me, it was such an obvious psyop on every level that if I were a foreign influence agent working back in China, this would be the coup of the year to see two Chinese nationals lecturing U.S. lawmakers about the dangers of artificial intelligence.
12:06
And so that's where I started asking questions because this was happening concurrently with the data center debate really just blowing up.
12:14
And so I started investigating who are the specific groups that are pushing against data centers.
12:20
And I noticed that there was a real trail of evidence with Chinese propaganda in particular.
12:27
What I realized is that Chinese English language media has been pushing against the data center built out in the United States for about a year now.
12:34
They've been running stories on their YouTube channels and across various digital newspapers talking about how dangerous data centers are for the communities where they're built, how they'll spike electricity prices and consume all the water.
12:46
So it was very clear that from the top down, there was a directive from the CCP to turn American public opinion against data centers.
12:54
Now, simultaneously, I discovered a network of nonprofits here in the United States that were echoing a lot of that exact same anti-data center messaging in communities across the country.
13:05
Some nonprofits that our listeners might know of is Code Pink, for example.
13:10
Code Pink is a nonprofit group of just crazy baby boomer women who wear bright pink T-shirts,
13:17
and they'll go and they'll disrupt a lot of congressional hearings, for example.
13:20
But they've also been boots on the ground in a lot of these data center debates across the country.
13:24
I started looking at another group called the Party for Socialism and Liberation,
13:28
which is a Marxist-Leninist party that is explicitly pro-China in so much of its messaging.
13:33
And they were actually the most arguably the most effective canvassers in the country in getting data center projects stopped or blocked.
13:42
So we were actually able to find that with this particular group, the Party for Socialism and Liberation, they had stopped about $24 billion in AI infrastructure investment across the country.
13:53
And then I asked the question, who is funding all of these groups?
13:55
And I was able to link back all of the funding for Code Pink, the Party for Socialism and Liberation, People's Forum to one person.
14:03
His name is Neville Roy Singham.
14:05
Who is Neville Roy Singham?
14:07
Singham is a Shanghai based Marxist.
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He's an American citizen, but he has been a CCP apologist for years.
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And he first came under FBI suspicion as far back as 1974.
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He sold his tech company in the 2010s for hundreds of millions of dollars, then devoted about $278 million of that fortune to fund far left causes here in the United States.
14:30
Foremost among those causes is stopping the data center build out.
14:33
And so here you have a man who the New York Times has identified as being the financier of a, quote, global web of Chinese propaganda, pushing against data centers in the United States.
14:44
And I just laid that all out in what we called the schizo chart, where we showed the different Chinese propaganda taking place against data centers, the different Singham funded nonprofits pushing against data centers and showed how this all converged into one giant national fight about data centers.
15:02
that was so effective that 71% of Americans today, 71% say they do not want to live in a community
15:10
that has a data center in it, which notably is an even larger number than the number of people who
15:14
say they don't want to live next to a nuclear power plant. So that was the foreign psyop that
15:19
we uncovered and we made it known to the members of Congress. And I think it's caught steam because
15:24
people had an intuition and there was some kind of foreign influence involved. And we just put
15:28
flesh on the bones of that intuition.
15:31
How did you how did you connect Like what was the reason What was the the mechanics of your research like like how easy was it to uncover this Or hard Yeah honestly AI was an incredible tool
15:44
And I think it was fitting that we had the data centers helping us defend the data centers
15:48
because I burned through so many tokens just looking for patterns in China state media, for example.
15:54
It was actually a very simple query at the end of the day.
15:57
I just got on my cloud and said, Claude,
15:59
I have this intuition that Chinese English language media has been pushing against the data center build out for a while now.
16:06
Can you help substantiate this?
16:08
Just like popped out, you know, multiple different stories in a matter of minutes that documented over the years, not just this year, but going back several years, every anti-tech story that the CCP has been pushing out through its Chinese English language media.
16:24
So honestly, with AI, I don't know if it would have been possible.
16:27
It would have been possible, but it would have taken arguably hundreds of hours.
16:31
But with AI, it gave us so much leverage to be able to do the research so much more quickly than we would have been able to without it.
16:38
So shout out data centers.
16:40
Very ironic.
16:42
Definitely.
16:43
I mean, and for any of the people who may be in the 71% of poll respondents who would not want to live next to a data center who may be listening to this, I think it's important to go over like the low hanging FUD and debunking like water usage is like that for context for anybody who's listening to this doesn't know.
17:06
like I sit on the board of a data center company historically.
17:10
We've done Bitcoin mining in the TVA.
17:13
We've been in the TVA for six years now, five or six years.
17:19
And so I know this problem intimately and funnily enough,
17:21
as you mentioned with your story of Riot,
17:23
on the Bitcoin mining front, we've been fighting these battles for many years.
17:27
But like water usage is one.
17:29
Like people are commonly referencing some research report
17:34
that was done over a decade ago.
17:36
and over-exaggerated the water usage of data centers back then by something like 10,000%.
17:41
And so people are just running with a bad research report and saying it's using so much water.
17:47
It's closed-loop water systems.
17:51
It's not using that much water at all.
17:54
Sound is another one.
17:55
Yes, Bitcoin mining had its problems, and it's not like these things don't make any sound,
18:00
but that is a problem that is solvable.
18:02
and then at the end of the day are they raising electricity prices
18:07
and I can say for certain at least for the data centers that we operate we we know for sure
18:16
because the utility companies that we work with have told us and they've gone to public
18:21
city council meetings and explicitly said this because we're buying their excess capacity they've
18:28
been able to hold rates down for two years straight because we're there as a buyer of first
18:33
and last resort. And so the FUD is real, it's loud, but it's obnoxiously wrong in many regards.
18:41
That's a good way of putting it. Yeah, it's unfortunate too because
18:46
it's put the data center industry in a posture of defense. I think for the last several months,
18:53
data centers have been trying to explain to communities how they won't hurt their community
18:58
which is a fairly easy case to make but even after you've made that case i think data centers need to
19:03
go a step further in explaining how they can actively help communities too i think that's
19:08
another story that's not really being told no it's simple things too i think yeah and you've
19:15
run the numbers there's plenty of stories have been coming out as i think it's a bit of a lag
19:20
effect but i think the industry or parts of the industry at the very least have been jolted awake
19:26
like, hey, we need to get better at narrative forming and really telling the story.
19:29
But if you look at some historical data centers from Microsoft or Amazon in the towns that
19:36
they they've entered, particularly in the northwest, and they've been there for decades,
19:40
the turnaround that these towns have had because the data centers are paying property taxes
19:46
and sales taxes on electricity that have enabled these small towns that were that were sort
19:54
hollowed out before data center came in. You're talking about hundreds of millions of dollars of
19:59
revenue over, over many years that allow them to build roads, build schools, build
20:03
football fields, hospitals, whatever it may be. Yeah. It's incredible. Quincy, Washington,
20:11
I think is, that's the one I was referencing. I think. Yeah. Yeah. That's the ideal scenario where
20:18
Microsoft and other investments into that community more than quintupled the county budget.
20:23
And as you said, built sidewalks that didn't exist before, just brought incredible prosperity and success to that community.
20:31
And the community was on the ropes before the data center showed up.
20:34
And now it's the ideal case for what data centers can do for a rural town.
20:38
Yeah. And you have this concept of data center dividends.
20:41
Why don't we walk through that?
20:42
Right. So I am so stoked about data center dividends because I think that this is the winning narrative that
20:50
that can really jujitsu public opinion back in favor of data centers.
20:55
So what are data center dividends?
20:58
To explain them, I think it's easiest first to look at the state of Alaska.
21:02
For those who don't know, in the state of Alaska, they have this incredible program called the Alaska Permanent Fund.
21:09
With the Alaska Permanent Fund, the oil royalties that the state collects are invested into an endowment.
21:15
and then the investment earnings from that endowment are then paid to every resident of
21:20
Alaska every year. It's an incredible program where those payments, which average about $1,500
21:25
a year for the last decade, go towards not only adults, but towards children as well. So if you're
21:32
a four-year-old child who lives in Alaska, you are eligible to receive a $1,500 check from the
21:37
government that comes from the oil industry in the state. It's an incredible benefit. And I started
21:43
to ask myself, can that particular model be scaled in any way? As it turns out, it can. And that's
21:49
the math we figured out with data center dividends. So what makes Alaska work is two things. Number
21:54
one, it's a huge landmass with a very small population. Number two, it has this incredible
22:00
energy resource. When you think about it, America's rural counties have the exact same properties.
22:05
They have small populations relative to their landmass and an incredible energy resource or
22:10
another way of thinking of it. They have pristine real estate for AI development. So what they've
22:15
lacked, though, is some kind of public mechanism that can help turn those earnings into something
22:22
that benefits everybody in the county. So with data center dividends, we took a look at the
22:26
amount of tax revenue that a one gigawatt data center will generate, which is in the 100, about
22:31
$150 million a year, depending on obviously the county. This is an estimate. So it's not an
22:37
across the board rule, but that's our estimate just based on data we got from Loudoun County,
22:44
Virginia, the most data center rich data set in the country. So you look at what are the specific
22:51
needs that these counties have? Well, they have to finance their public safety, their infrastructure
22:55
and their schools. But even after doing that, there's still tens of millions of dollars left
23:01
over in a lot of these rural counties. What we realize is you can take that surplus tax revenue
23:06
from the data center, and you can simply remit it to the households in that rural county,
23:12
and we ran the math on it, you can remit about $5,000 to $9,000 a year per household in a rural
23:19
county just from the excess taxes generated by data centers. So imagine you're living in a rural
23:24
county where the median income is probably around $50,000 a year, and you receive about a $10,000
23:30
bonus from the local government every year. I mean, that's life-changing money for so many families,
23:35
and it allows families to invest in their children's college education.
23:38
It allows them to help pay off the mortgage faster or buy a new car.
23:43
It offers so much economic opportunity to the families who deserve it the most.
23:48
I mean, these counties are doing the nation an enormous solid
23:52
by opening themselves up to data centers and to AI infrastructure.
23:56
They are the key to winning the AI race against China,
23:59
and I think they should be compensated accordingly.
24:02
They make these data centers possible in the first place,
24:05
And so I think it makes sense with that surplus revenue to reward them for what they've done to make that possible.
24:11
And that's what data center dividends aim to do.
24:13
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slash tftc that's simple mining dot io slash tftc who do you think would be the first to uh to jump
27:00
at this opportunity who's gonna have to lead that initiative is it gonna have to be the data centers
27:04
or the county uh trying to lead that i think it will have to be the counties and if you're an
27:11
enterprising county commissioner this is waiting for you this is the uh lock and key to massive
27:18
success for your community. The way I see it, data center companies might be open to it if they're
27:26
really pressed. Otherwise, they'll just try to get them built. But I think for data center companies
27:31
who are on the ropes in communities where maybe they've already broken ground, this is a good
27:36
option to turn to because it's something that will allow what is a burden politically to all of a
27:42
sudden become a huge benefit politically for the developers and the county commissioners who have
27:46
supported these projects in the past. But I think the onus mostly falls on the county governments
27:51
themselves. That's one thing I think the county governments need to realize is they have a ton
27:56
of leverage right now because obviously the demand for electricity is higher than it's ever been and
28:03
only going to accelerate from here as the demand for tokens increases and I think continues to go
28:10
exponential as I think we're just scratching the surface of the agentic economy. I think it was
28:15
only a couple of months ago that agent to agent token or agent to agent prompting that resulted
28:22
in token output succeeded human to model token output. So like the agent economy is just budding.
28:31
We just surpassed the point where agents are using more tokens than humans, which is a crazy thought.
28:36
And then we have robotics. We have endeavors to go to space, which is probably going to be enabled
28:42
by some sort of AI agentic system as well.
28:47
And we don't have enough power.
28:48
I think the counties have a ton of leverage here.
28:51
Yeah, which is complete inversion of the dynamic
28:54
from a few years ago,
28:55
where counties were more or less tripping over themselves
28:58
to get data centers to build.
29:00
Now the dynamic has flipped in such a way that,
29:03
like you're saying, Marty, they have all the leverage now.
29:05
And so they need to use that leverage accordingly
29:06
and find a way to make data centers
29:09
really work for their communities.
29:11
And I think this is a promising way to do it.
29:14
Yeah.
29:14
And I think on the narrative front, too, we do need to get the stories like Quincy out there and the Alaskan Permanent Fund.
29:24
Because if you are a rural community, again, I've seen this in Appalachia where we operate, again, the towns that we go into for Bitcoin mining alone.
29:34
And I think the taxes that we pay for Bitcoin mining are the property taxes we pay, the material, the rates, the revenue that we provide, the utility, it's material.
29:46
But once you switch that, the numbers get even better.
29:51
And especially if we're trying to reorient the domestic economy and re-industrialize, like kickstarting it with this type of activity is important.
30:02
And if you think of something like a data center dividend, like if it's prosperous enough that you can get local people begin to invest in the economy and aid in the reindustrialization that's necessary outside of the AI data center build out.
30:18
I think that's a really positive narrative to run with.
30:22
It's like, hey, this is the kickstart to re-architecting the Rust Belt that's been hollowed out because of Trippin's dilemma and our neglect of domestic production for five decades and our abdication of that to China.
30:39
Exactly.
30:40
And Marty, you hit on such an important point there.
30:43
The data center build out is re-industrialization.
30:46
I think a lot of people interpret reindustrialization to mean bringing all the aluminum smelters back online, bringing all the textile factories back online.
30:55
That's part of it.
30:57
But in the economy of the 21st century, increasingly the bedrock will be artificial intelligence.
31:03
And I think another way of conceiving of a data center is an intelligence factory.
31:07
These are intelligence factories and they are creating hundreds of thousands of jobs across the country which is another underappreciated point Already data centers have spiked construction jobs in the country to about 8 million which is the highest
31:22
it's ever been. And you see a lot of these protest groups pushing against data centers saying they're
31:27
standing up for the working class. B.S. They're not standing up for the working class. The working
31:33
class is benefiting enormously from the data center build out, so much so that we've been able to track
31:38
over 40 unions and labor organizations across the country that are in favor of data centers and are
31:45
pushing against anti-data center regulations. You have plumbers and electricians who are getting
31:50
paid upwards of $200,000 a year because they're in such high demand right now as these data centers
31:56
get built out. Blue collar jobs in particular have experienced a significant boom just from
32:02
the data center built out alone. And I think that's another piece of the narrative that's
32:06
missing right now. This is, there's that tweet. What do you think re-industrialization looks like?
32:10
Vibes, essays, it's the data center build out. Well, I thought you made this point brilliantly
32:16
on the Hill yesterday. I was trying to figure out who the Congressman was that asked you the
32:23
question, but your response was basically, you know, it's propaganda because in China,
32:30
like the media is not pushing this narrative at all. In fact, it's the exact opposite. They're,
32:35
they're pressing the build out as hard as possible while they're using um using funds
32:42
funneled through singham to to slow us down um right while they're speeding up yeah that's that's
32:49
the tell right there the same chinese state media that is sewing fud about data centers here in the
32:54
united states is celebrating ai milestones back in china and simultaneously the same chinese
32:59
government is subsidizing the use of energy by its AI data centers by up to 50%. So there's no
33:05
data center protest happening in China because A, it's probably illegal over there, but B,
33:10
it also has the full support of the government and industry over in China, and they don't have
33:15
their free speech to protest it even if they wanted to. So there is a real discrepancy,
33:19
and you see that play out too in perceptions of AI. It couldn't be any more different how people
33:23
perceive AI in mainland China versus the United States. Edelman did a poll just last year about
33:29
how optimistic people are about the future of AI. About 80% of Chinese citizens said they're
33:35
optimistic about their AI future, as opposed to just 17% of American citizens. There's a real
33:40
psyop against AI, and I think it's pushed in part by Chinese propaganda and people working in favor
33:47
of the Chinese Communist Party. But let's be honest, it's also been pushed by the AI executives
33:52
who have arguably done more than anybody else to sow fear, uncertainty, and doubt about artificial
33:57
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slash Bitcoin That A dot com slash Bitcoin Check it out Yeah what is up What is going on Daria Sam even uh all three coming out within the last week saying we need to slow down the uh the narrative coming from the frontier
36:36
lab providers i'll say i'll rank dario the most doomer sam number two elon the distant third i was
36:44
i was actually shocked to see him um agree with dario and saying that they should slow down who
36:49
Who knows? Maybe there is something that I'm I'm unaware of.
36:53
I don't know. I just use caveman pattern recognition.
36:57
It's very similar to some of the covid narratives around lockdown.
37:00
And it's like I don't think you guys are being very genuine right now.
37:05
I think there's definitely an economic component to it.
37:07
I definitely think there is pressure from the the open source, open weight models, undercutting price and getting comparable performance or at least 98 percent of the way to.
37:19
the public frontier models now.
37:22
Obviously, there's a lot at stake for companies like Anthropic and OpenAI
37:27
specifically, considering how much money they've raised,
37:30
how many promises they've made.
37:33
And this this push to slow down and to implicitly
37:38
create this regulatory moats and licensing regime is nefarious.
37:43
I think it's idiotic.
37:45
And then on top of that, you have the narrative of this thing,
37:47
this technology that we're building.
37:49
at a very rapid pace, it's going to kill us all. It's like, then why are you building it at all?
37:54
Yeah, there's real conflict of interest if that's what they truly believe, right?
37:59
Marty, you mentioned caveman pattern recognition, and I feel like I've been experiencing the same
38:05
thing. You look at COVID, you look at global warming, which became climate change. You look
38:10
at AI doomerism. It's all the same thing. You present a doomsday prophecy that is more or less
38:17
non-falsifiable and people get ginned up and afraid of that and they surrender their rights
38:22
or they surrender their common sense to that cause. And I think that's what we're seeing take
38:26
place right now with AI safety. Who's heard of global warming or climate change in the last year?
38:31
It's almost as if the global elite in mass completely turned off the narrative on global
38:37
warming. I think that's in part because as recently as 2020, you had Bernie Sanders telling everybody
38:41
that we only had six years to take action on global warming before there would be irreversible
38:47
damage done to the world that could destroy all of our ecology. Obviously, that has not panned out.
38:53
And I think people, it's like a Ponzi scheme, like people catch on to what's going on and then
38:59
they bail and they go to the next narrative Ponzi scheme, the next meanplex that scares
39:04
the living daylights out of people. And that clearly right now is AI safety. It was bizarre
39:10
with the Jacob Coxon story after he released his announcement.
39:15
For those who don't know, Jacob Coxon was a low-level Anthropic employee
39:19
who was there for, I think, all of a few weeks, I think six weeks total.
39:23
And he announced his resignation from Anthropic on Twitter,
39:26
warning people that what they were building there
39:28
could truly bring about the end of humanity.
39:30
He coordinated it, I believe, with the Wall Street Journal op-ed
39:33
that was released in tandem,
39:35
and it got over 140 million impressions on Twitter.
39:38
Just absolutely absurd.
39:40
had all the hallmarks of an op. And since that time in Washington, though, it's become the
39:46
prevailing narrative. It has become the issue, the current thing, so to speak, on Capitol Hill.
39:52
We need to do something about AI regulation. It's like they could replace the global warming
39:57
microchip with the AI safety microchip. And I think what's different this time, though,
40:02
is that you have decentralized media in the form of X, where people can see and catalog the AI,
40:07
the psyop playing out in real time. So there's a lot more healthy skepticism about it, but still,
40:12
it's been really discouraging to see how many people have fallen for the doomerism so quickly
40:17
and without justification. And I think it's going to be arguably the most salient political issue of
40:25
the next couple of years here. Yeah. And I think we were discussing before we hit record, but it
40:30
would be remiss of us not to bring up the impact that the effective altruists are having on this
40:36
conversation specifically. And I think, again, I think we're well suited to, to address this,
40:43
considering we've seen this up close and personal in our industry with SBF and FTX, who was an
40:50
acolyte of the school of effective altruism probably still is. And it's completely insane
40:57
philosophy and worldview. Yeah, it's, it's disturbing. And I think it's a group of likely
41:06
well-intentioned nerds who grew up in a very secular culture, who've never read the classics,
41:14
who think the idea of God is a meme, and then they discover basic economics and probabilities,
41:24
and they engineer their own religion on top of that. And what's disturbing to me is that in that
41:29
effort to fill the God-shaped hole in their hearts with their own secular religion, I don't think
41:35
they're just left behind with a God-shaped hole. I think that God-shaped hole is a black hole.
41:39
that sucks into it our humanity and any connection we have to the divine. I was doing some research a
41:46
few years ago into Peter Singer, who's essentially the intellectual forefather of the effective
41:51
altruist movement. And there's clips of him across YouTube where he is making justifications for
41:58
the most immoral acts, whether it be abortion as a eugenic practice, zoophilia, or infanticide for
42:06
the severely disabled. I think there's this sense that when you remove God as the anchor of your
42:12
morality, human beings put themselves in the place of God and end up creating the most twisted
42:18
morality imaginable. And so behind the veneer of so-called effective altruism is some of the most
42:24
disturbing ideas and conceptions of morality that I've ever seen. It's very disconcerting. And to
42:30
see it play out again, like you're saying, Marty, I mean, we've seen this movie before with SBF,
42:34
And now it's playing out on an even larger scale, it seems.
42:37
Well, and it's it's funny to bring up the divine and God.
42:39
And there's been research done.
42:41
If you post train these models on the Bible, particular verses in the Bible, you find alignment.
42:46
If you give the the models, the teachings of Jesus Christ, they actually act more moral than if they're being post trained by the effect of altruists or trying to replace that guy.
42:56
And it is, I think, Bill Gurley had the the quote of the year so far.
43:03
I do think Dario Modi thinks he is the midwife birthing a God right now.
43:09
Yeah.
43:10
Yeah.
43:11
Disturbing,
43:12
very disturbing stuff.
43:13
And to your point,
43:14
Marty,
43:14
I think we can solve AI alignment in a day.
43:19
If we just instill Christian principles into it,
43:22
I think Jesus Christ figured this out 2000 years ago.
43:25
And the EAs have disregarded that in large part and are trying to
43:29
engineer their own morality into it,
43:30
which is why open source models are so important, because as good of a product as Claude is, for example,
43:36
it has that morality baked in that doesn't have a foundation at the end of the day.
43:41
And if that becomes the only game in town, the monopoly over AI, then I think that will twist people's perceptions of the world.
43:48
It will inform their own conceptions of morality in a way that will be hugely destructive to society over the long term.
43:54
Yeah, there are some great green text.
43:56
There was a green text being floating around a couple of weeks ago about the Bible.
44:01
It's like maybe God knew he had to he had to send Jesus down when he did in the long
44:09
arc of human history because we have 2000 years of the Bible spreading.
44:13
It is all over the Internet and all in the training of these models.
44:17
But it gets to it's another point, too, that is really frustrating about this whole debate
44:21
is nobody pushing the Doomerism meme or line of thinking
44:28
can give you a step-by-step process of how AI is going to take over the world
44:32
and destroy humanity.
44:34
It's sort of hand-wavy.
44:36
Everybody will reference the paperclip problem,
44:39
but it's like, okay, let's walk through step-by-step how this actually happens.
44:43
They can't do it.
44:44
Yeah, they can't do it.
44:45
There's so much hand-waving going on,
44:46
and I think that was exposed this last week.
44:49
There is a researcher named David Bellamy. He had this viral tweet where he pointed out that the idea that AI will engineer a virus that can kill all of humanity is without any foundation whatsoever.
45:02
And he has the unique background of being both an AI researcher and someone who has an extensive background in bioengineering in particular.
45:10
And he just walked through the logistics of what it would take for a super intelligent AI to somehow engineer its own virus in a lab.
45:18
And not only the logistical complications of that, but the mathematical difficulty in doing that.
45:25
It really exposed that meme for what it is, which is important.
45:28
I think that is a killer meme for the safety crowd right now is this idea that AI will kill us all.
45:34
It scares the crap out of people.
45:35
And like we saw with SBF, I think the world of digital assets was so technically difficult for the normie to understand that they ceded their trust to a scammer who is telling them that this is how the world works.
45:49
This is how crypto works.
45:50
I think you see that same thing at play with AI, where a lot of normies who don't have a technical background will just cede their trust to, for example, the Anthropic employee who resigned recently, Doomsaying, on his way out.
46:02
Because they think, well, that's somebody who clearly understands this technology.
46:06
I don understand this technology And as someone who has that technical background I should trust what they saying When you talk to people who have technical backgrounds on multiple fronts not only AI but also biology as well they point out how difficult that truly is to do
46:20
Yeah, not only that, even, I mean, the big story everybody's been pointing to, and Andrew Yang,
46:27
He was on CNBC breaking news to Becky Quick and Andrew Sorkin about what happened with the hugging face.
46:37
And his characterization of it was completely wrong.
46:40
But there was this A9.
46:41
I think his name was Lumenscape.
46:43
I wrote about it in the newsletter last week.
46:45
But he did this really good postmortem.
46:48
He did like an individual dissection of the hugging face hack.
46:53
and he made some really good points where the models that were supposed to be sandbox that
46:59
open AI was training, they were explicitly told that they had access to a synthetic internet and
47:05
that when the agents ultimately broke out of the sandbox, they didn't think that the internet that
47:12
they were using was actually real. They thought it was synthetic. And so, and then he, and then he
47:16
brought up the point that if you tell the agents in the sandbox that they are going to use the real
47:21
internet, they will not act in the way that they did. They thought they were using synthetic data
47:25
when they were attacking hugging face. And so there, again, to your point about SBF and people
47:30
not being able to discern what's right and wrong in the world of crypto, I think that's
47:35
obviously, I think that's actually an order of magnitude harder in AI when you're talking about
47:38
like linear algebra and matrices and how these things actually work. On the back end, it's even
47:44
harder to discern. I'm not going to say I know for certain how these things work, but I think I know
47:49
know enough to be dangerous and just like that first principles logic that lumenscape
47:54
uh laid out in the piece that he wrote last week like makes a lot it's like oh of course
47:59
it went haywire it didn't think it was using the real internet right right yeah i i'm of the same
48:06
mind they i think the difficult thing is meeting people who have that technical background who can
48:11
break things down in understandable terms because for the normie who does have a technical background
48:17
that can be hard to grasp what's going on there.
48:21
And so it's rare, though, that you find someone with a technical background
48:23
who also has the ability to explain things in an accessible way.
48:28
That's, I think, oftentimes the obstacle we face both in the digital asset industry
48:33
and in the AI industry.
48:35
Well, that's a good segue into a BPI summit next week
48:40
and just BPI's posturing in general.
48:43
I mean, that's a lot of what you guys do on a daily basis,
48:46
particularly trying to educate people, people on the Hill.
48:51
So let's talk about the summit a little bit.
48:52
What can people expect next week?
48:55
What are you looking to get out of it?
48:56
What kind of conversations are you looking to push into the zeitgeist of Washington, D.C.?
49:04
Yeah, we are stoked for our summit next week.
49:07
On day one, we're going to lay out a philosophy that was pioneered by a resident philosopher, Andrew Bailey.
49:14
Some of your listeners might know Andrew.
49:16
He's been a fellow of ours for a long time.
49:17
He's recently joined BPI full time.
49:20
Andrew's going to lay out the idea of cypherpunk humanism, which is similar to the idea of little
49:25
tech.
49:27
I think a lot of Americans understandably distrust technology and the industry broadly
49:32
because they've seen how Facebook has maybe monopolized their time or they've just had
49:37
negative experiences with the technology industry for the past 10 years or so.
49:41
So what we are trying to advocate as an organization is technology that empowers the individual, that enables the sovereign individual over the sovereign state.
49:51
Bitcoin, of course, is the perfect example of that.
49:54
It's an open source form of money that cannot be stolen.
49:58
It cannot be hacked.
49:59
It cannot be printed.
50:00
And it has empowered millions of individuals across the globe, especially those in countries that have very repressive monetary regimes.
50:08
So that is what we call a freedom technology. At the BPI Summit next week, we want to look to other freedom technologies that we can champion to help promote this concept of cypherpunk humanism.
50:21
We believe open source AI is absolutely critical in that effort. As we were talking at the beginning of the podcast, Marty, we risk right now a duopoly in AI where it's either open AI is ChatGPT or Anthropics Cloud.
50:35
and those are the only two games in town.
50:38
Americans will use those products and send all their data back to centralized companies that could then sell their data to advertisers companies in interests that don have the best interests of their customers in mind all the time
50:50
What we think is the best path forward for our country and for people across the world
50:54
is open source AI to run AI using your own compute, where you can keep all that data
51:01
private, where you don't have to cede any of your personal information over to a corporation,
51:06
but you can use open source models to do what you see fit.
51:11
We think that's another critical freedom technology.
51:13
We're also going to be discussing decentralized social media like Noster,
51:18
decentralized communications apps like BitChat.
51:22
There are so many different freedom technologies emerging right now,
51:26
and we think that this is a way to earn the trust of the American people
51:30
when it comes to technologies to show how technology can be used,
51:34
not to isolate or atomize, but to bring people together and to empower them against corporations
51:40
and against the state. And Bitcoin is really the foundation of all that. Andrew's going to lay that
51:46
out for us. Then on day two, we're going to talk about what does a policy platform for cypherpunk
51:51
humanism look like? Data center dividends is going to be a key part of that. But we're really excited.
51:57
We're going to have Jack Borsey. He will be our keynote speaker on day one. He's going to lay out
52:01
his vision of an open source future. He's made a real pivot into focusing on artificial
52:07
intelligence and believes that it's an extremely consequential technology. We'll also have Michael
52:12
Saylor there on day one. We'll have many members of Congress and members of the executive branch
52:19
there on day two, but it's going to be a jam-packed two days of programming. We're really excited for
52:24
it though. And we're excited because I think policies we're pushing truly are one of one
52:31
here in DC. You know, Bitcoin Policy Institute, when it was first started by David Zell and Graham
52:36
McCarty, I think a lot of lawmakers didn't consider the policy implications of Bitcoin,
52:41
but since then it's become a mainstay in American technology discussions. And I think we're just
52:48
going to build on that foundation in the years to come to continue to advocate not only for Bitcoin,
52:53
but other freedom technologies as well it's extremely important work again even on the open
52:57
source model side like there's so much work i think we saw a great example of why this is important
53:05
this week with latham and walkins a large law firm here in the united states saying we're not using
53:11
open ai we're anthropic anymore we actually bought our own gpus and we're self-hosting
53:17
um we're self-hosting open source models because we don't want to give that information to anthropic
53:23
and open AI. And I think that's, I think Alex Karp, love him or hate him, I think he's been
53:28
beating that drum too. And I think it's a good drum to beat because if you think of the implications
53:36
of having that duopoly take hold and be the predominant way through which people interact
53:42
with this technology, like that is incredibly dystopian minority report type of surveillance
53:48
state that can be erected and then people will say well somebody's got to host the gpus even
53:54
you're running even if you're running open source models like somebody can see into that and it's
53:58
like well it's true to an extent but there's also technology like trusted execution environments and
54:02
secure enclaves that can protect you from that so you can get the best of both worlds where
54:07
you don't have to have a server sitting in your in your office um and you don't have to be a
54:13
a network engineer to have the certainty that you have privacy.
54:16
There are secure enclaves and GPUs now that can affect your data too.
54:20
So I think just beating this particular drum and drawing a line in the sand saying we cannot
54:26
cede control over this technology to these two companies who are staffed with people,
54:33
many people, I won't say all of the staff of these companies believe in effective altruism,
54:38
but many of them have this convoluted worldview, at least in my opinion.
54:43
Yeah, I see that at play. I think Claude and Anthropic is probably the most EA-rich company in the space.
54:51
I think OpenAI is a little bit better, but the EA is strong over there as well.
54:55
I'm hopeful that the non-EA forces will win out at OpenAI.
55:00
But yeah, it's disturbing because if we only have closed models, that's a level of personal invasion that we've never seen before.
55:09
where with social media I think companies could discern the kinds of things we liked what our preferences were So many queries we make to AI models surrender our very thoughts and they can see exactly how we think in a way that no other company has been able to see before which I think underscores the need for that open source AI
55:31
We want to keep our thoughts to ourselves.
55:34
We don't need to sell them to companies.
55:36
And I think that's the case we need to make to the American people.
55:39
I think open source AI is in large part kind of hard for the average American to access right now just because their first interaction with AI typically is chat GPT.
55:50
And it's very accessible. It's very user friendly in the same way that for years Bitcoiners helped mainstream Bitcoin with normies, helped them adopt Bitcoin.
56:01
I think we're going to have that same challenge in the next few years of helping our parents and grandparents understand here's how you use an open source AI model.
56:08
here's why it's better for you um here's why it's also less expensive and just documenting for them
56:14
all the benefits of open source versus closed closed models i think will be really important
56:19
yeah and the last question would be remiss if we didn't bring it up because uh this is a bitcoin
56:25
podcast and this is actually the bill i care more about the clarity arma looks like it got it had a
56:30
a key checkpoint reached yesterday yeah representative baggage is the author of arma is
56:37
um championing it on the hill and i think it's got a good possibility of getting strong bipartisan
56:45
support at the end of the day and so we'll we'll see it's promising though uh you know we're one
56:50
step closer to a strategic bitcoin reserve which is something that we've been working on for years
56:55
now and i think this gets us one step closer to that goal what what was the step we took yesterday
57:00
it was trying to remember i've been so uh sucked into the congressional hearing this week
57:09
yeah yeah ken's been following the arm updates a lot more than me but
57:14
um i think it was introduced wasn't it it cleared the house financial services committee
57:20
there we go okay that's that's a huge hurdle um because that tees it up for a vote so that's
57:27
really, really promising. Is that further along than Clarity got? Clarity passed the House and
57:34
made it to the Senate. And so passing the House means it passed the House Financial Services
57:38
Committee as well. So as long as it passes the House, it will be essentially tied with where
57:45
Clarity is at. Okay. I'm still not well-versed on the dynamics of, I mean, I did watch,
57:52
was a schoolhouse rock growing up. It's been a while.
57:55
The process is still a bit convoluted in my mind.
58:00
Yeah, I worked in the Senate for about six years and
58:03
there's still matters of parliamentary procedure that are beyond me. It's very
58:07
complicated over there. Yeah. Well, Sam, thanks for
58:11
all the work that you do, all the research that you've been doing. I think it's extremely important.
58:15
Incredibly enlightening and having a positive impact
58:19
on the discussion around these very important topics.
58:22
There's a lot at stake here,
58:24
and it's important that we get good information
58:25
in the hands of American citizens and the politicians.
58:30
We've decided to allow to make decisions on our behalf.
58:33
So I think it's really incredible work that you've done
58:37
and looking forward to seeing in person next week in D.C.
58:40
Yeah, likewise, Marty.
58:41
Thanks for having me on.
58:43
All right. Peace and love, freaks.
58:45
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58:48
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58:52
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58:56
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59:45
Thank you.