BTC Sessions - BREAKING: Jamie Dimon JUST Flipped On Bitcoin — BUT He’s HIDING Something WAY Bigger...

Episode Date: October 31, 2025

Jamie Dimon just flipped on Bitcoin—but it’s not the full story. While the $4.6T JPMorgan CEO appears to be changing his tune, there’s a much bigger play, which he quietly admitted. Here’s what he’s not telling you—and why it matters now more than ever.BOOK private one-on-one sessions with BITCOIN MENTOR! Learn self custody, hardware, multisig, lightning, privacy, running a node, and plenty more - all from a team of top notch educators that I've personally vetted.https://bitcoinmentor.io/—------------------------------FOLLOW BTC Sessions on X: x.com/BTCsessions—------------------------------SHOW SPONSORS:BITCOIN WELL BUY BITCOINhttps://qrco.de/bfiDC6COINKITE/COLDCARD (5% discount):https://store.coinkite.com/promo/BTCSessions AQUA WALLEThttps://qrco.de/bfiD8gNUNCHUK HONEYBADGER INHERITANCEhttps://qrco.de/bfiDARHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://qrco.de/bfiDCp#btc #bitcoin #crypto

Did Jamie Diamond, of all people, just admit that he was wrong about Bitcoin? At this week's Future Investment Initiative Summit in Saudi Arabia, the JP Morgan CEO, who once said he'd fire any employee caught holding Bitcoin, was asked point blank if his views have changed. His response shocked the audience, including myself, but what's even more revealing is, what he didn't say. So today we're going to break down the clip. We're going to analyze the shift and contrast it with Larry Fink's recent comments at the same event on Bitcoin and Gold.

Insights that confirm what many in the Bitcoin space, including you guys, have been expecting for years. Because while they both now sound like they're on team Bitcoin, their ulterior motives are clear as day. and you'll want to make sure they don't fool you along with the rest of retail. So, strap in, make sure you drop a like on the video, and stay tuned. You're not going to want to miss this one. I am Ben with the BTZ Sessions.

This is your weekly session. I want to welcome to the stage, my co-hosts, with the most Mr. Nathan Fitzsimmons of the Bitcoin mentor. How are you doing, man? I'm doing well, Mr. Sessions. How are you doing today? Did you see, we got some more Bitcoin improvement protocols, including maybe a soft fork on the Horizon?

Yeah, things are as spicy as ever in that camp. And as I was looking at that, there's some things looking back at previous contentious times that I think Bitcoiners should be aware of in the case of if this were to result in a hard fork. There's certain things that came up last time around that people were unaware of and caused them to lose a lot of Bitcoin in the process. So we'll touch on some of those technicals that you're going to want to be informed of because otherwise if you make a wrong move, it's possible for somebody to steal Bitcoin from you in the event of a heart for it.

But we'll get to that in a moment. But let's talk JP Morgan, specifically Jamie Diamond. So he's at this event in Saudi Arabia. It is, I'm going to pull up my screen here. So forgive my for me for a moment there. But yeah, so there's this event happening in Saudi Arabia. It is called the Future Investment Initiative event, I guess, from an institute there. There's a lot of people there, a lot of heavy hitters, including Jamie Diamond and Larry Fink, Jamie Diamond, rather.

And so I want to bring up this clip of Jamie Diamond being asked if he has changed his mind on anything. related to Bitcoin, cryptocurrency, all of that. Pretty interesting and telling his response. I want you guys to listen closely. Not for what he says. Yes, of course, listen to what he says, but listen to what he omits. Listen to what he doesn't say here.

I was skeptical of crypto at one point. I've gotten away with no damage so far. Crypto is real. It can mean blockchain, stable coins. You have a JPMorgan deposit coin. You can move stuff. Smart contracts. reveal all that stuff is real it will be used by all of us to facilitate you know better transactions

and all right so um he seems to be very much in the camp of hey like this stuff is real now everybody he said it's going to be used by everyone Nathan did you notice one word that he did not use there I'm not sure he said sorry that was first and foremost but I He never said the word Bitcoin. Weird. Weird that that wouldn't come up. All of it. Crypto, blockchain, you know, token, all of that stable coin, all of that.

Our contract. Yeah. No Bitcoin specifically. Now, it could be a case of him, you know, shoving together Bitcoin and crypto into one bucket. That could be the way he's looking at it. However, I have a little bit of a different theory here. Before we dive into that, though, before we talk about incentives, I do want to also mention about Larry Fink at the same event talking about Bitcoin and Gold specifically in the context of today's economic outlook.

So Larry Fink, he's at the same event, and he described both Bitcoin and gold as assets of fear during his. remarks at this event. He said and argued that investors are increasingly turning to these assets due to anxiety over the debasement of traditional holdings and mounting concerns around global financial stability. Quote, owning crypto assets or gold are assets of fear. You own these assets because you're frightened of the debasement of your assets. He also noted where he's extended to physical and financial security of holdings. Now, going further on the dollar, dependency, he said, addressing the U.S. economic landscape, Fink expressed concerns about American reliance on selling dollar-based assets to foreign investors. He warned, we are still a nation that

needs 30 to 35 percent of all our treasury sales going overseas. And to me, that's the biggest issue today. If that ever changed, it has a multiplier effect because of the dependency on selling dollar-based assets to foreigners, meaning what happens to the currency when people stop desiring the currency, when things stop being denominated in dollars. And he's effectively saying that Bitcoin and gold are a bet on that actually happening. And we see it globally. We see countries saying, you know what, we're going to settle the petra dollar is no more. We're going to settle these things in, you know, the Chinese yuan or in some cases, Bitcoin as as Russia has talked about doing and just made legal for cross-border settlement. Now, back to J.P. Morgan for a second

and Jamie Diamond. J.P. Morgan, the company and the CEO, Jamie Diamond, have been very much at odds in opinion seemingly publicly facing until this moment. You have J.P. Morgan, the company, saying Bitcoin price is undervalued. This is earlier in October. It's undervalued. They see a path to $165,000 per coin this calendar year and said this is comparing it to gold with a potential rise to 165K. And again, they say it could go, again, up to 40% above current levels.

The steep rise in gold price over the past month has made Bitcoin more attracted to investors relative to gold, especially as Bitcoin to gold volatility ratio keeps drifting lower below two. So, I mean, J.P. Morgan itself, the company and its actions, seem to be very much in line with Bitcoin is a real thing. We think it has value. We think it will continue to have more value, even to the tune of now allowing people to use Bitcoin as collateral for loans. And so their actions are, saying Bitcoin has value. Jamie Diamond is saying everything but Bitcoin, but his company is taking these actions. And this is in an environment where things are not looking so hot overall.

The Fed seems to be panicky. Obviously, you have Jerome Powell the other day cutting interest rates. He said, our long-stated plan is to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserve conditions. We may approach that point in the coming months. So this is from Zero Hedge. They're saying the translation here, the money printer is warming back up. If you've been paying attention, this shouldn't come as a surprise. The playbook has been obvious for a while.

First come rate cuts right now. Then stop quantitative tightening, which is basically slated for December 1st. And then comes quantitative easing or money printing, probably sometime in early 2026. All the pundits are saying rate cuts for at least three more in the beginning of next year. And so what's force in their hand? It says even without President Trump's constant pressure, the Fed doesn't have a choice. The job market is collapsing. Companies have announced damn near a million, but 950,000 job cuts.

so far this year. That's a 55% jump from 2024 and the highest since the beginning of the pandemic. Meanwhile, Americans are searching help with mortgage on Google at levels not seen since the 2008 financial crisis with mortgage rates around 6.3%. Double the 3% rates most locked in during 2020 to 2021 and inflation compounding at 10 to 15% over four years. Homeowners are tapped out. The Fed can't fix these problems with rate cuts. loan, so they're moving to the next phase, ending QT and firing up QE soon after. The article goes on to talk about their balance sheet, how much money they created over the pandemic and how they tried to reel it in, but they effectively couldn't.

So here's here's their balance sheet, and I'll try to zoom up a little bit on this, but you can see that the money printing just exploded. They basically more than, you know, they printed like 40% of all existing money. They tried to reel it back in. Pre-pandemic, the balance sheet was somewhere around $4 trillion. In the midst of the pandemic, they got up into the $9 trillion range. They reeled it back a little bit. Right now, we're sitting at a balance sheet of around $6.6 trillion.

They're basically saying we're done reeling it back in. So there's what, like 40, what is that? 50, almost 60% above what they were pre-pandemic. So they're just saying like, yeah, that's it. And so in the article, they effectively say that, and if I can get back to it, they effectively say that the problem is when they go into QE again, they're starting from this new normal of a massive balance sheet, 60% higher before they started printing. And what that means, and this is the crazy part of the end of the article when they say, kicking off the next money printing cycle from a $6.6 trillion balance sheet instead of four, with so much pandemic era cash still sloshing around the system,

all but guarantees double-digit inflation. We're talking about potential currency destruction on a scale and at a speed America has never seen. the most important two words of the whole thing, position accordingly. And I jump back to the original clip of Mr. Jamie Diamond and him saying, or his actions, rather,

let's discuss what he's saying and what he's actually doing. What he's actually doing is his company is warming up to Bitcoin saying this this is value this has value we want to be taking this as collateral we see this going up in the future what he's saying is everything except Bitcoin so what's the incentive here it's I love Bitcoin buy my shit coin it's give me the Bitcoin he's he is this guy. He is a sleazy car salesman. And he's trying to sell you a shitty deal. He's trying to get people like, I guarantee you J.P. Morgan is going to have Bitcoin accounts. They're going to

keep it in their custody. They're going to have products. He's talking about having deposit coins and J.P. Morgan coins and the stable coins and the other coins and everything. He doesn't want to lose market share. He wants you to go through him as always has been the case. He wants your money. And it's no different from Larry Fink, right? Larry Fink's playing a little bit of a different game. He's overtly saying Bitcoin is the solution, but his solution is custodyed Bitcoin with BlackRock, right? With Ibit. He's saying, and they've pushed so hard. hard to make it easy for people to give them their real Bitcoin, right? The in-kind redemptions, anybody who doesn't know what in-kind redemptions means,

it's basically like, hey, you can, if you have Bitcoin, you can give the Bitcoin to into custody, say, to, like, Coinbase that's custodying them to redeem for the ETF. And the draw for somebody would be, oh, well, I can get it into a tax-free or a tax-deferred or tax-sheltered vehicle into my IRA or whatever it is through that. And then that helps me in that sense. But does it? Does it? Because what's coming around the corner from everybody giving up their physical Bitcoin, it's another fucking. an executive order, 6102.

If you don't think that they're going to at some point say, listen, this is tanking the dollar. Nobody wants dollars. Everybody wants the Bitcoin. So like it's going to be, you're not allowed to self-custy it. I don't know what to tell you. But like, in my opinion, the writing's on the wall. Nathan, what do you think about all this? My Lord, where to begin on that one.

One, I believe there's also some new IRS rules reporting that has to come into effect in 2026 as well too. So they're definitely setting up for identifying where all the Bitcoin is and absolutely want to get it into their trusted partners hands. And I completely agree with in the sense that they know what the better asset is. They're going to end up stacking the better asset and they're going to sell a bunch of shit coins and stuff on top of it. Right. They've banks make their money by being an unnecessary middleman, right? Bitcoin off-usegates them. It gets around them, which is why they fought it for so long, why they denied it for so long. But eventually they're just going to try to insert themselves into that same sort of system. If you think for one second, they're going to let

tether take over the stable coin market at the end of the day or let coin base be in charge be be the one selling them crypto shit coins uh-uh if there's going to be bitcoin banks which i believe that there will be i mean even how finney talked about it way back in the day then the existing commercial banks have a lot of lobbying power have a lot of financial power and they will try and kick out the existing and take over that role they're past the point of they don't they're not fighting it anymore they're not going to try and sell you some shit coin shovels and try and steal your money and just stack bitcoin and treasuries and other things along the way while we have this transitionary period. Yeah, 100%. And I see some comments that are, I think, on the nose here in the chat.

Somebody just said, intuitive guy, very intuitive, as a matter of fact, said strategy will be the Bitcoin Reserve strategy. I think that's totally right. I think that's an eventuality that will come to pass. The writing's already on the wall, Ben. Remember, I think it was Intel, right? The U.S. government now owns a share of Intel, that the U.S. government has already started normalizing, basically taking control of, what do you say, strategic or like military strategic companies, right? These are things that we need for infrastructure. We've had Jason Lowry, his soft fork thesis, that this is basically a power projection, that this is critical for strategic global purposes.

If they justify that at any point in time, 100%, they will just say micro strategy is now ours for strategic military purposes. Yeah, 100%. And again, it's the way that they get you, the individual, the person watching this, that has self-custody of Bitcoin, which if you haven't self-custody of Bitcoin, for the love of God, please do. Lots of resources on the channel. Go to and actually I'll even just drop the QR code while I'm talking here down below. But go to BTCSessions.ca slash learn or just scan that QR code, a bunch of free tutorials to get you started on that path. but I digress.

The whole playbook to get people to comply is to offer up some sort of, some sort of carrot on a stick. And one of those would be, again, in-kind redemptions, hey, you're in a tax deferred vehicle, whatever it may be. Like, there's some sort of incentive there to buy to get into the ETF and give up your custody. Another method of this that we've seen, and I wouldn't say that it's, it's, it's, It's the goal of like taking the Bitcoin for the state, but it will be a vehicle for that to be able to happen. Is the Treasury company play, man? Like the old, and I know that people don't like sometimes people referring to these these companies as shitcoins. But like in a way like that, that's the tactic.

It's I love Bitcoin by my shit coin. and it is, hey, you know what we're going to do? We're going to buy a bunch of Bitcoin. You should buy shares in our company that is buying Bitcoin. Or you could just buy the Bitcoin. And so, like, I recognize there's instances where people are like, you know, I have money in some sort of an account that is a retirement account and there's tax benefits. The money is already in there.

And so what is available to me? And maybe they're getting strategy. Maybe they're getting a Bitcoin ETF. It's a little bit different, though. If you're taking something that you could be buying, that you could be buying your own self-custody Bitcoin with, and then instead doing that. You know, if you have money in retirement accounts

and this is kind of your option, then you can absolutely do that. But I would say also be self-custy. Bitcoin. It is so, so important. And, and, and I, I think that down the line, this turns into this. Yeah. Right. I completely agree, Ben. The, the, the people that I've seen that have lost or I've spoken to that I've lost Bitcoin, it wasn't because somebody hacked them. It almost never is, right? The majority of Bitcoin that I've seen that's lost and people that have directly talked to, it's because of both pride and greed. It's one of those to every. It's one of those to every.

every time. They got too greedy, too fancy. They wanted leverage. They wanted something with the other one is yield. It's like, I don't care how you explain it to me. As soon as I see yield on any sort of Bitcoin product, I'm immediately red flag. It's like, I'm not going to touch it, right? But it's greed that people get too greedy and they fall for a scam or company that just didn't have good practices that goes belly up or pride. And they think that they know enough and they know just enough to get hurt, but they stop learning, right? They stop trying to educate themselves, understand how the tech, how everything works under the hood. It's always one of those two. Yeah, 100%. And again, in the comments, I see self-custody can indeed be intimidating that I fully understand. It's something brand new to a lot of people. But, you know, with, with, you know, with great power comes great responsibility, right? Like, you got to put in the elbow grease. And it's not, it's unfamiliar, but it's not impossible. In fact, I would argue that it's actually pretty attainable. for most people. If you're capable of using a smartphone and downloading an application, you're capable of self-custening Bitcoin. If you're capable of keeping an important document safe, like a passport or a birth certificate or something like that, you are capable of self-custying Bitcoin.

The only rub is the process is a little new. And so there's some practice involved there. That is totally okay. And it's important that you get familiar because we we ourselves did not live through executive order at 6102 and it was a long time ago and so nobody today has any direct experience with something like this happening which is the perfect time for them to do it again and so if you don't think it can happen to you that's because it just hasn't happened yet. But on the other side of this, we're going to kind of change gears, but also in the realm of protecting your Bitcoin, there's a lot of stuff going around regarding Bitcoin and

potential forks. And a fork meaning like Bitcoin as it, you know it, potentially splitting into two different versions of Bitcoin. I'm going to be, you know, I'm going to mince words here a little bit. But this has happened before where there's confusion and all of a sudden there's two different coins and which one is Bitcoin and all of that. And there's forks that are hard forks and soft forks. There's something that is proposed as a soft fork, meaning that one coin continuing with a restriction with some added rules. There's a proposal for something like that.

but it's a proposal that could potentially result in a split that would result in two separate coins which one is bitcoin and that's where the rub comes in and there's some historical learnings that i lived through that i watched happen where if that did come to pass you need to be careful in how you handle your bitcoin and how you move it you need to be cognizant of if there were a split, if all of a sudden there was another coin, even if you decide this is, this is Bitcoin, this is some other shit coin, I'm going to sell the other shit coin. There's a way you can lose all your Bitcoin in doing that.

We're going to discuss that in a moment and what this proposal is. But in the meantime, everybody that's joining us, if you're brand new to the channel, thank you for being here. Welcome. If you're returning, welcome back. Make sure you drop a like on the video if you're enjoying the conversation. And we're going to be back in one. One minute after a quick shout out to our sponsors to tell you all about the precautions you should take in the event of a fork.

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don't sell your Bitcoin, borrow against it. You can head over to debify.com to check them out or simply scan the QR code on the screen. All right, we are back in and we're gonna be chatting about BIP 444. Now, before we dive in, of course, did you know that almost 40% of you are not subscribed? If you're not subscribed, please do subscribe to the channel and hit that little notification bell. A lot of people don't realize when a show even happens.

So make sure you hit that little bell that'll help you a ton. But BIP 444, the Bitcoin Soft Fork proposal, dividing developers, and the community. Let's chat about it. So this has to do with, you know, kind of the knots versus core, putting arbitrary data onto the Bitcoin blockchain, images, you know, files, all this kind of stuff. What recently happened with Core is they loosened the default limit of the amount of data that can be shoved in a field called the opertern field. And a lot of people see that as, you know, their reasoning was, well, this is the most efficient place to put it if people are going to put it. And they seem to want to. So we're going to loosen this restriction by default.

So it's easy for them to do it there instead of elsewhere, which would cause more bloat. And it would be harder to host all that data for node runners. other people say, well, if you don't want something done in general, why would you make it easier to be done, even if it's a more efficient way of doing it? So this is kind of the back and forth. And so we've seen what was kind of by and large the most used implementation of Bitcoin by far like 90 something percent on the regular Bitcoin core drop below 80 percent of, of the globally visible nodes. And we've seen Bitcoin knots, which reinstates those limits

and allows for you to set all kinds of limits on the transactions sitting in what's known as your Mempool, the transactions waiting to be added to the Bitcoin blockchain. You can set a whole bunch of limits and say, I'm not gonna relay these transactions unless they're actually in a block. And so Bitcoin Notts is now over,

20% of the existing nodes. So it's a clear indication that people were upset with the decision of development in and around Bitcoin core. Now, what we've seen is this proposal. And this proposal would temporarily restrict non-financial data on Bitcoin's blockchain as a soft fork, meaning that it wouldn't result in a new coin. it would just add some rules to the existing Bitcoin blockchain at the consensus level. So it would activate and it would basically say no transactions over this data size.

People are saying that this could be construed as censorship. And if we can do this, then we could censor other types of transactions, potentially. So let's chat a little bit about how this would work. So reduced data temporary software. This is what it's going to be called. Proposal calls for a one-year restriction on arbitrary non-financial data stored in Bitcoin blocks, essentially rolling back a recent change from Bitcoin core in version 30. This removed the 83 byte cap on the op return outputs.

That update opened the floodgates again to data-heavy transactions. Some useful others are just what people would consider as spam. The authors of this BIP, Bitcoin Improvement Proposal 444, argue that this has turned Bitcoin into a dumping ground for everything from NFTs to inscriptions, threatening the fees, lock space, and even legal liability if illegal images are put on chain. the proposed software would reimpose temporary limits um okay so the split what is going on here um again the supporters say bitcoin survival depends on keeping it a monetary network um they're one that allowing unrestricted data uploads could lead to illegal or copyrighted content being permanently

etched on chain worth noting that this has already happened in the past there is illegal content on chain. I won't say some of the stuff, but one example would be like blueprints for 3D printing guns, things that the government would not like now immutably on chain. Okay, fair enough. They say that this risks turning Bitcoin into a tool only legally protected corporations can run centralizing what was meant to be trustless. I can see the worry. I'm not sure if I line up with that exactly, and we'll dive into that momentarily and have a conversation about it. However, critics say BIP-444 is a slippery slope towards censorship.

Again, Peter Todd, another developer, demonstrated that the proposal could be easily bypassed and showed how to do it. Others warned that enforcing subjective definitions of non-financial data would make node operators de facto compliance officers. antithetical to Bitcoin's permissionless design. Bitmex research added that malicious actors could weaponize the rule, deliberately embedding illegal material to trigger node reorgs or chain splits. Now, what I worry about here is the potential for this to trigger a hard fork as well. Because with a soft fork, if it were to be activated, but there were still nodes that were allowing for larger transactions with data in them,

then what you get is if they create a block that has a larger transaction and this software is active, then people running the new BIP 4444 would see that larger transaction as invalid. and if they start building a chain with the larger transactions and the other nodes are saying that's invalid, they'll start building a chain with only small transactions in it and you get a chain split. That would be, I guess you could say that would be a hard fork. I don't know, how would you phrase that? Because it is a chain split, but is it a hard fork, Nathan? Now my definitions are getting away from me.

I'm trying to think because essentially, if the other transactions would then be invalid with the larger operturn, that that would cause a chain split, but I don't think it's technically a hard fork because it's still backwards compatible. So if the new chain got ahead, the other group might actually revert back to it. So basically if there was a split,

and we had a brief kind of one with the large opertern, and we had the other one without the large opertern. If they built upon the one with the not large operatern, the large upper turn one would be dropped and everyone would rejoin on the heavier chain, that did not have that data in there. So it would require, it would be a perpetual chain split until they decided,

because they said it's temporary, which is still going to get my head around that aspect as well too. It doesn't seem that it can be temperate to me. Well, it can. And actually, I'll show you there's a discussion around this. How do you create a restriction of rules temporarily? Because typically the way it works is if you do a soft fork to reverse the soft fork, you have to do a hard fork.

And when, when you, again, everybody listening when you hear soft fork and hard fork. Soft fork means backwards compatible. Hard fork means not backwards compatible. Soft fork is a tightening of rules so that everything that you're currently doing is still valid by the old definition of things. A hard fork is a loosening of the rules. So something you're doing now was previously not allowed.

and that's why it requires everybody to kind of update. Okay, so there's this discussion between Rob Hamilton and Bitcoin Error Log, aka John Carvalo. And they're talking about how this would be a soft fork, even though it can be temporary. Greg Maxwell seems to have honed in on it. He says, I think it right near a conclusion that the proposal isn't well considered or constructive, but it does appear to limit its scope to blocks within this height to this height until and including block 987-424 are checked with these additional rules. This means that blocks past that block don't apply these rules.

They will be accepted by this proposal. In fact, it is never removed but becomes inactive. And so it isn't a relaxing of a rule, but a limitation on the scope of a new rule. rule temporarily. Of course, without an implementation, there is uncertainty in what it could actually do. So basically you're saying, like, you're introducing a new rule. You're tightening the rules, but you're saying the new rule takes place from this block to this block. And so it's a tightened rule in a certain period of time. So technically, it could be a soft fork, but it could result in a chain split.

I wonder, my worry here is that this becomes so contentious that it does somehow result in a hard fork. And this is kind of where I wanted to go with this, is what happens in the instance of a hard fork because a lot of people here won't have been around when that actually happened. So back in 2017, there were people that wanted to scale Bitcoin. a certain way by growing the block size. We call them retarded. Yes. And so what ended up happening was you had the creation of Bitcoin cash. At the time, they were saying, no, this is Bitcoin. We're going to upgrade our nodes.

We're going to change the rules so now you can fit more transactions into a block. And when they did that, what ended up happening was effectively there's now two coins. There's the original version of Bitcoin, which continued going as is. And then you had basically a copy pasta of the exact same account balances at that exact point in time. So if you had one Bitcoin, you now also had one Bitcoin cash on the other side. And all of the keys, all of the seed phrases, all of the ad, were exactly the same. Now, that sounds nice and easy. Okay, cool. I've got hardware. I've got a seed phrase. I can just access the other coins. And if I think this other one, Bitcoin Cash is a

shitcoin, I can dump it. I'll sell it to whoever and then I'll go buy Bitcoin with this nice little air drop that I just got. Yeah, it sounds great, Ben, free shit coin to get rid of. And in a way, it was a nice little gift to be able to stack extra corn at the time. However, here's the problem. There's something called a replay attack. And Nathan, I don't think you were aware of this when I mentioned it to you. I don't know if you were. No, I was not aware of the replay attack.

And it's funny because as soon as you explain it's like, that seems blatantly obvious because they are copies of one another. So Ben, walk us through there. Yeah. So let's say, let's say I did a peer to peer trade. I was like, okay, I've got this shit coin now. I'm going to sell it. For some reason, Nathan wants my shit coin. I say, I love Bitcoin, buy my shit coin.

And Nathan says, yes, yes, please. And so I go and I sell him all my shitcoins. You know, I have one Bitcoin and one Bitcoin cash. And I send it to him. And I say, can you pay me, you know, it's not worth anything. It's not worth much. But give me a certain. amount of Bitcoin for that. Okay, seems all hunky dory, right? Transaction done. It's not. And the reason is,

Nathan took my Bitcoin cash. Remember, it's a copy pasta of everything, of every single key and balance and address and so and so forth, which means that what I just did on Bitcoin cash would technically be possible on Bitcoin and look completely the same. And now Nathan has the actual broadcasted transaction of the Bitcoin Cash that went to him. And the replay attack is taking the exact same information and broadcasting it on the regular Bitcoin network. So in selling one Bitcoin cash to Nathan, what I did was actually give him the information to send him, the full Bitcoin on the regular Bitcoin chain. And that is exactly what happened back in 2017 because Bitcoin Cash when it did the

copy pasta, they said, no, we are Bitcoin. We are the new Bitcoin. And so they didn't feel they needed to change anything. And the replay attacks started happening. And the moment, like, this is one of the things that really cemented the law. that they clearly were not Bitcoin was eventually they capitulated and they they they changed the addresses to update so that the replay attack wasn't wasn't feasible anymore. So the way that transactions were signed and the addresses worked were no longer you couldn't

do the same thing on Bitcoin. So that change denoted like, oh, no, we're something different. like it's not going to happen on the main Bitcoin chain. So I think that's part of one of the many things that made it clear that Bitcoin is Bitcoin and B Cash was B Cash. But this is very important to note. So if this ever happens, if there's ever a split, there's two coins and one is saying, hey, we're Bitcoin or whatever.

And you want to get rid of that thing. What can you do? Well, you can do it one of two ways. But you need to move the entirety of one of those coins to a new address that you yourself own before moving it anywhere else. And I would say actually, no, that's not even the case. You need to move your Bitcoin before you get rid of your shit coin. anything that you do from then on can be replayed. So effectively, even if you moved all your shitcoin to another address and then sold

it to somebody, they could replay both transactions. You need to make it so it's invalid so nobody can replay what you've done on the original Bitcoin, which makes claiming that shit coin to get a little bit more Bitcoin a dangerous matter. You have to be very, very cautious of that. Because even if it's in cold storage, it doesn't friggin' matter if the person has the signature that they can just repeat on the other chain. I'll say the way that I would describe it is it's almost like you wrote me a check to move some funds from your J.P. Morgan to my account. But your accounted banking of America will also honor that check.

So I'm taking the same one to two different locations and getting both. Yeah, exactly. So if anything, if there's ever an actual split that, results from any of this. The most important thing is probably just don't do anything with the shit coin. For a while, if you do move it anywhere, just move, again, move it to an address that you yourself own. The other thing that I'll mention is if you're sitting in a custodial exchange, which

is not advisable in the first place, but if you're sitting in a custodial exchange, Most of the exchanges have already been through all this, and there were so many splits and forks and airdrops and all this crap. They've already written out that they're just not going to honor them anymore. Like a lot of them would be like, we're not. No. Like if you want that stuff, you self-custy it. So, you know, two reasons to not be sitting in a custodial exchange. One is you don't own the Bitcoin, but two is if there's a shit coin airdrop, you also don't own that and you're probably not ever going to get it.

So, yeah, those are kind of my main thoughts here. Nathan, is there anything else you wanted to add here in regards to either BIP 444 or potential chain splits, anything like that? Yeah, there's a couple things that's one that touch on quick. One, there's a video of John Carvalho Errologue in a conversation with Roger Verre from back in this time. If you haven't seen it, go and find it. It's absolutely delightful. You get to watch somebody really crash out there. 10 out 10 recommend.

And then the other one, too, is that I just want to share it because this one kind of helped me feel a more reassured in the whole situation as well, too, is that I had a wonderful conversation with a good friend. I don't know if he'd want me to talk about this publicly, so I won't name who it was. But he was pointing out that I'm kind of hopeful that this soft fork and even the concerns around policy change aren't really going to be an issue, that his observation was, regardless of what's happening. So like the anti-censorship of Bitcoin comes from the fact that not only you have your own node, you can broadcast your own transactions, you hold your keys, and technically you could mine your own transactions at any point in time. He was kind of of of the opinion that regardless of which version is going to be used, that a lot of the major mines, a lot of the major miners at some point in time will just stop mining stuff with large operative data,

not because it's a policy or consensus rule, just because they're massive billion-dollar companies that it's not worth the extra couple box to maybe take on some sort of legal headache or even just like brand issues, right? people start basically trying to drag them through the streets and hurt their public image. Like that has value to them too. But I think a lot of this operative and stuff kind of goes away as large miners really just don't want to, they don't, it's not worth the risk of participating in it. Yeah, 100%.

I, I do wonder how a lot of this is going to play out. I actually hadn't heard that perspective before. But Francis, Francis tends to be pretty prescient. He, he, there's, there's many a time where he has more or less laid out how he thinks things are going to go. And years back, years later, we look back and say, holy crap, that played out exactly. Actually, I interviewed Francis in the realm of all these, these forks and everything. I interviewed Francis in the summer and early fall of 2017. And I was in Montreal.

We hiked up, whatever the mountain there is. I can't remember. But like in the middle of town, we walked up it and I interviewed them as we went. And at the very top, I'm like, how does this fork play out? Like this whole split, this Segwit 2X, like all the, you know, besides the terminology, people trying to, you know, get control of Bitcoin and split it and do all these different things. And he basically walked through exactly what he thought was going to happen. And he fucking nailed it.

So if you can go back and you can find that the interview. is still up, but look, 2017, probably September, he just walks through, hey, I think this is going to happen, and it was on the money. So when Francis, when Francis has an inclination

to believe how something is going to play out, it's worth a listen. That's for sure. By the way, we're both kind of retarded. The mountain in Montreal is Mount Royal. I was pretty sure with that, but I was still going like, let me just Google it just in case,

being in Alberta here. Perfect. Perfect. Well, nonetheless, you know, when in doubt, just take a step back, take a breath, and move slowly and conscientiously, and you should be okay. We're going to change gears here. Our new favorite segment is coming up in a moment. It's one that we lovingly refer to. Nathan's favorite. What's it called, Nathan? We're going to go with the Canada Sucks section. It's my favorite part of the show. Yeah. And if you haven't heard, they are literally taking away people's homes in Canada, specifically in BC. And if this ruling in BC is any indication, there's going to be a lot more of it coming down the pipeline momentarily. We're going to talk about property rights, how you're going to own nothing and be happy, especially in Canada and why owning Bitcoin is so important.

along with a few other awesome new tech updates and something not necessarily directly related to Bitcoin, but built by Bitcoiners that is now helping people in Jamaica as the hurricane approaches. Very interesting. So we'll be back in just a moment. Quick shout out to sponsors. If you're enjoying the show, drop a like. Make sure you're subscribed. We'll be right back. Looking for a simple and secure.

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Click the link in the show notes or scan the QR code on the screen to check out the Honeybadger plan. All right. Let's chat Canada taking away people's homes. This is wild. So anybody that's unfamiliar with what we do here, anytime there's an event in Canada, there's something called a land acknowledgement. So you might be, I don't know, you might be at like a dance recital. You might be at like a comedy show. A town hall.

A town hall meeting, whatever it is. And they'll get up and they'll be like, now before tonight's events, we would like to recognize that we are hosting this event on the land. of the such and such people from this tribe and this tribe and basically saying like we don't own this over and over and over. Yeah. And so what we're seeing now is the result of that. This is a man in Richmond, BC, Richmond just kind of like in the Vancouver area. And he's lived there.

He's been in Richmond since 1975. I'm not sure if he owned his home since 70s. He does still have a mortgage lender. So either he had a line of credit on his home or he got his mortgage later. But nonetheless, he has a mortgage and a home there. And he just got told by his mortgage lender because of a new ruling in BC that says that that land is actually owned by a tribe that was there, I don't know how long ago, 100 years, 150, whatever. So they claim. Yeah, like way before, you know, a long time.

Benicillin, for the wheel. Exactly, yeah. Whatever it is, it was before this man then entered into a contract to buy a home and live in this place for decades. They now say, oh, actually, it's these people's, this tribe's land. So here's the guy talking about what just happened. Yep. What you're not telling you too? We're not having a story for you, but you ask.

We have a story for him. He doesn't have any answers. He knew what's going on. He sat there and enjoyed his $400,000 a year he makes. Yes. Is he a bitter? Yes, my tax dollars are at work right now. And who knows?

I thought at least we're going to get a gift card out of this deal, got nothing here tonight. Are you going to get the time? Oh, definitely, definitely. I'll be smiling suit and stuff right now. I'll find out what my having is to go forward to protect my land for more than enough years to know it's mine. I'm not giving it up without a fight. And this isn't, again, this is the area.

175 homes affected by the Cowichin land claim are unsellable private home sales in the area. affected by the new native title in Richmond, BC, can now only proceed with buying and selling with the consent of the Cowichin Nation. And this is from their lawyer. So there's this whole area that's basically like, nope, this is ours. And Nathan, wasn't there like a warehouse,

like corporate warehouses and stuff in there? Correct. I'm pretty sure it started with commercial land is where the ruling came from. And in fact, even like Amazon Warehouse, houses at this point. And it was something along the lines of like they're saying like it's so like unprecedented. This thing was like dual title. They're saying like, no, you both have a title. Everyone can just get along. You have a title. You have a title. It'll be totally fine. And then it realized that

expanded beyond just that commercial area that was first in dispute, which I still can't believe that it just ruled on that, which is just ridiculous. And you're, you could see exactly what was going to happen. Because now the banks use that house as collateral for the mortgage, but they're not sure who actually has the title. And so they're not going to touch it because they might get screwed. If they loan out the money for the mortgage, but they actually have no claim to clot back or have difficulty doing so they're not going to bother. So they're not going to be able to get mortgages and they're going to be able to sell this stuff. It's an absolute shit show. And it's just communism one-on-one. Like they're really getting rid of private property here. Yeah. And this is now expanding

outside of BC. It is. Of course it is. Because it worked then. It worked. It's like I got you to send me your shitty B cash and I took your Bitcoin. I'll ask the next guy. So look at this. The indigenous industry is now coming. for half of Quebec. An Algonquin First Nation has filed a title claim in Quebec's superior court over large swaths of territory across the west of the province and is also seeking $5 billion from the government and crown corporations. Meanwhile, hundreds of homeowners in Richmond, B.C., of course, are fighting for their homes. In this video, Dan Dix of Press for Truth explains why this is injustice. We'll listen to just a little bit of his own recording.

I got no audio. Nothing for you? No, it could just be me, though. Chat, let us know if you were hearing the audio. I'll play it over here. No audio, unfortunately. So sorry, chat. Either way, interesting.

The guy just kind of breaks down, hey, like, this is what's happening. This is where it's now happening. Of course, the NDP, one of our parties up here in the Great White North, they voted down the Property Rights Protection Act before even hearing what was in it. This was proposed in the wake of what was happening in Richmond. And this is now starting to happen across Canada. There's been multiple now moves for various tribes to make claim on this land. So this is going to end up going to the Supreme Court.

So yet another reason why Canadians are having a rough time. Outside of that, though, Toronto Food Bank smashes all records began in 2025. 4.1 million visits between April and March of last year to this year. 10% of Torontonians now use their services. 55% of users are newcomers to Canada. Furthermore, one in four, I think was the recent stat, one in four Canadians now using the food bank. multiple I think it was like one in ten

Canadians are skipping meals Oh dude it's getting bad I'm I know people personally more and more that are having people fire it around them or losing their jobs themselves It's getting really crazy Yeah it's wild

And so I guess for the end of the Canada sucks section We'll finish it up with a good jab A well-placed jab from Nick Zabo We have just in Nvidia is now worth more than two Canada's and a guy quoting it and saying, yeah, this is a bubble. And Nick Zabo said, it may be legit. Large language models have answered many more of my questions over the last year than Canadians have. Not bad.

Well played, Nick Zobo. Well played. Let's, yeah. Any final thoughts on the Canada situation? Yeah, the one thing I wasn't going to toss out there. I was trying to find the link here. I'm pretty sure it's like Canadian Orange Party.com or something along those lines.

But Caribou, who was involved in the Canada trucker protest and was at the Canadian Bitcoin conference, he's starting a little bit of a political action group as well too. So for anyone seeing the ridiculousness that's going on, I'm not sure if it's the best vehicle to do so, but if you want to work with and help him, I want to give him that shout out. Hell yeah.

Love to hear it. Okay, I want to contrast two things on the technical side of Bitcoin that are being offered up to, Various people, different technologies, different segments of the market. So on one hand, we have IBM launching new Bitcoin wallets and custody services to institutions. Well, that's interesting and that's a big name. It's also custody services.

So big corporation wanting to take your Bitcoin again, I love Bitcoin, buy my shirk coin. we learned why that's bad. However, on the more positive and completely contrasting side of things, we have BitKee proposes a new Bitcoin improvement proposal called chain code delegation, a major step forward for multi-sick privacy. Instead of sharing full chain codes, it withholds them entirely. Co-signers get only the minimal info needed to sign a transaction without learning balances or unrelated activity. What this means in practice, is let's say you have a multi-sig, and if you don't know what a multi-sig is, you think a Bitcoin wallet, you've got one key to unlock your Bitcoin and spend it. A multi-sig, multiple key is required

to unlock your Bitcoin and spend it, meaning you can put them in different places. So if somebody kicks in your door and takes a hardware wallet, they don't have enough to get your coins. And there's such thing as assisted multi-sig setups. So you maybe have a company that has one key, and you need at least two keys to unlock your Bitcoin, you have two keys in different locations. If you lose one or break one or whatever, you just are irresponsible and lose the device and the seed, you can go to the company and be like,

can you help me approve this transaction and move my money? And they can indeed do that. The tradeoff being they can see the balance because they are part of the multi-sig and they can see all of the transactions and everything that you're doing and whatever they're approving. With this improvement proposal, they would see nothing.

All they would see is, do you want to approve this? Yes or no. It's a massive upgrade for privacy when you were doing this. It also allows you for a self-sovereign multi-sig set up where you set it up yourself and you just want backup keys for family members. They can basically have the keys without knowing what's up. They just are like a recovery mechanism like, hey, you've got an, additional key, you can help me with this, but you don't get to see what I'm holding.

So I think this is badass. Nathan, what do you think? No, I love it. And the thing that jumps out at me, which is why I think the collaborative custody partners out there will adopt it is like, I remember listening to NVK talking about customer data. Like, he doesn't want to have to collect it, right? I don't want that information, but I'm required to have it. Now it's another thing that I have to hold on to insecure and it's a huge pain in the ass. So now any of the companies out there can use this. And if anyone ever knocks on their door and says, hey, I need to know their balancing to know their information, they can legit turn around and say, I don't have it. I didn't want to keep it.

I don't have that information to protect or store. There's nothing here for me to hand over to you. Yeah, 100%. So I look forward to this hopefully eventually being implemented. I think it would be a huge boon to privacy in what's already a pretty compelling and awesome multi-sig space. Like all the stuff with miniscript is incredible. I love all that.

but this would just be a nice little cherry on top. So happy to see it. 100%. Now, I want to switch gears here. A couple last things, but there's a tool that was built by Bitcoiners, but not specifically for Bitcoin. And that thing is called BitChat. And so what this is, no, it's not bitch at, although I like to call it. Betchat. It just a really bring to that song.

Yeah. So it is Bit Chat. The idea is that in places, the initial impetus was it for like a human rights kind of perspective. Hey, tyrannical government, there's a protest. What do they do? Oftentimes protesters trying to communicate and coordinate, they shut off the internet. All of a sudden, nobody has a line of communication. Well, BitChat solves that in that you have a chat agent. that uses your Bluetooth and establishes mesh networks in a given area so that you can freely chat encrypted amongst people in the group. You can have individual one-on-one chats,

create segregated small groups, all of that. And so this was created. And one of the cool things is they started to be able to anticipate things boiling over with civil unrest because they would see the downloads, in advance of that happening for BitChat because people would be like, hey, they might try to shut us down.

Okay, great. Well, we're going to download this so we can still coordinate and talk on the ground when they do. Now, that's not the only use case, though, because natural disasters and emergencies, this is also very useful because internet connectivity may disappear.

And this is exactly what we're saying. seeing now, bit chat downloads are spiking in Jamaica. We've seen spikes in regions of civil unrest before. This is the first spike in response to a natural disaster. Our thoughts are with the people of Jamaica. We hope you and your friends and family are safe. So people in advance of this are anticipating internet may be down. If I have bit chat, I may be able to communicate locally in small relegated areas where there's that connectivity and we can build a mesh network together

to be able to communicate. I think that's, what an awesome tool. So hats off to Jack Dorsey for vibe coding that up out of the blue and Calais to continue on building that. And actually eventually adding in,

I believe it's already kind of like in alpha, but using Bitcoin in it with cash with ECAC. No, it's absolutely phenomenal. I love the Jack Dorsey Redemption arc is a fun one to watch. And for anyone that hasn't already got this thing, like I was playing around with it at the Canadian Bitcoin Conference,

it's one of those apps that I would suggest, even if you have it so it's not turned on constantly, I would download it now. It's one of those like, you know, you keep a few emergency supplies in the car, in the home as well too. It's not going to take up a lot of space. Have that on your phone.

Because if you ever actually need it, if something goes wrong, you can be very glad that you already do have it. Yeah, yeah. It's kind of cool. I had a bunch of, I think at three, are four different conferences I went to this year.

They're like, all right, everybody download BitChat. And then it's just like you open it up and you don't have to do anything and you just start to see people popping into the room. And there's just like a global chat for everybody. Very interesting. Anyways, I did want to say that I'm in the midst of editing a tutorial video for it right now. It doesn't need too much of an explainer, but there's certain things with geo tags and stuff like that that are pretty interesting that you can also utilize.

So well worth taking a look at. And I think I'll be dropping that on Monday. So if you're not subscribed, make sure you do and hit that little notification bell so you can see when it comes out. And just in this realm of other things that I'm playing around with, you might see it. Well, we're not in a good view right now. Yeah. But I do have a fancy new little toy on my background right now, the Brains deck. It's like a customizable dashboard for things like the block height, mining stats, Bitcoin price.

You can also just add in like clock and weather and all that kind of stuff. I've been play around with it. Pretty fancy. Pretty nice. So yeah, worth checking out. That one will probably be coming out in the next week or two as well. Lots of good stuff to play around with. So I'm very excited.

But with that, we're tapped out here. We're going to wrap it up. Nathan, thanks for joining me, everybody else that watch the show. Thank you for being here. Again, please do drop a like on the video if you've enjoyed the conversation. Make sure you're subscribed so that you get all the tutorials, the live shows, and all the other fun Bitcoin goodness that comes out through the channel. And most importantly, it's always great to talk about the news and everything.

But please do take action. Please do learn Bitcoin self-custy, learn the tools. I always play a clip at the very end of the episode to help you do that and point you towards to the Learn page, which is a resource that we would love for you to use. With that, I'm out. I'm Ben. That's Nathan. And this was your weekly session.

We'll see you guys soon. Hey, you. Yes, you watching the Bitcoin price movements and the latest exciting news. It's awesome to stay informed. But the real power of Bitcoin comes from taking control. Don't just watch. Take action. Head over to btcccessions.ca.ca.

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