The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Canadians Face a QUARTER TRILLION Debt from Liberal Budget - WHY Bitcoin is Your Best Bet | CBP 212 Pt 1

Episode Date: April 22, 2025

FRIENDS AND ENEMIESThe Liberal government's latest budget has added a staggering quarter trillion dollars to Canada's debt, leaving many Canadians wondering how this will impact their financia...l future. In this video, we explore the implications of this massive debt increase and why it's more important than ever for Canadians to consider diversifying their investments with assets like Bitcoin. With the federal election on the horizon, it's crucial that voters understand the party platforms and national issues that will shape the country's future. From Pierre Poilievre to Mark Carney, we examine the key players and their stance on electoral reform, voter engagement, and public outreach. As Canadian investors, it's essential to stay informed about the state of Canadian democracy and the impact of federal election news on our economy. Don't miss this critical analysis of the Liberal budget and why it's time to take control of your financial future.Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord:   / discord   A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - ⁠⁠www.easydns.com⁠⁠ EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for $20 bones, and take advantage of all Bull Bitcoin has to offer.

Transcript
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Starting point is 00:00:00 Friends and enemies. Welcome back to the Canadian Bitcoiners podcast. This is number, what did I write in the title? Two hundred and twelve, which is by my math, something like thirty five in billion less than Mark Carney is planning to add to the national deficit. My name is Joey. That is Len. Did you watch a game last night? Hey, did you catch the game last night? No, I didn't. One at least 162. Okay. Yeah. Good start. Make me laughs. Okay. Good for them. Yeah. I know the plane of senators, but I had no idea what the score is. How you been? What can I say? Other shit, right? I just took my dog for a walk. It's like it's like 1617 degrees over here. It stopped raining though. Yeah. Right. It's whatever it is, what it is. It's another gray day in Southern Ontario. Look, this is the, I like this currency, the one Singapore dollar.
Starting point is 00:00:56 That's the one we got to adopt, right? The Singapore dollar. Like it is beauty. It's amazing that you've managed to hold this up upside down, not once, but twice on both sides. People are not getting the... Oh, there we go. Looks great. Thanks to a friend of the show, Dan Wedge for that banger. Did you know that Mark Carney's signature is on the $20 bill? Yeah, we've talked about that.
Starting point is 00:01:18 We have? Okay. When he was talking about... Oh, I don't know if he's on it, others, but we were talking about when he first started claiming he was talking about, I don't know if he's on others, but we were talking about when he first started claiming he was not an insider. And I said, no, how many insiders do you know that have their autograph on the 20? I doubt that's a big number. I think that's probably a two separate circles, Venn diagram.
Starting point is 00:01:37 If I had to guess, I don't know what you think, but that's, that's my guess for sure. He is just a common Joe, common Mark. And yeah, well, whatever it's working for him because it looks like there's a lot of people going out to vote. Yeah. For him and for the other guy as well. So whatever they're doing, they're drumming up a lot of interest. And today's the last day that you could do the advanced voting. So if you- Did you go yet? No. No. Yeah. I'm going to go next Monday, I guess. Yeah. I mean, we'll talk about all that. We have a lot to discuss tonight. Let's talk about the sponsors first. Then we'll do a little housekeeping and boost as always. EasyDNS, the best place for you to register your domain. Mark is your friendly neighborhood domain registrar. We've used
Starting point is 00:02:19 him for websites that we've bought at EasyDNS or registered with EasyDNS. We've used them for websites that we've had given to us, that we've moved over from other places, and you guys should be doing the same. No matter what you're doing, you need a website these days. And there's no better place to do this than with Marc. For a couple extra bucks you get the DomainSure Security Suite, which we talk about every week on Accessive Easy, a podcast you guys should be listening to, because more and more we're talking about things there that we then end up talking about here months later in the Bitcoin space related to cybersecurity. But domain sure, make sure you don't get nabbed by
Starting point is 00:02:57 some nefarious actor. We talk all the time about data being stolen, websites and emails being spoofed. And obviously on this show, we discussed, you know, Coinbase having these problems over the years. It wouldn't happen if easy DNS was their registrar. The best one I've seen, don't mean to cut you off. The best one I saw, there was a website that came out and it was are my keys, my private keys safe or something like that. Stop. And people putting their keys.
Starting point is 00:03:23 Somebody, I don't know if anybody has done that, but it's, I found it to be absolutely brilliant. If you're going to be preying on people that just don't know and are trusting it's something along those lines. Maybe I got the wording incorrect, but it's you get the gist of it. Yes. And I guess anybody that submits their information on there, they're in for a lot of tough times ahead. Yeah. But I wonder like does it find out if it's Bitcoin or not Bitcoin because I don't know. And I don't know how you can figure that stuff out. I mean there's probably some script running that does it pretty easily but you know if you use Mark you don't have
Starting point is 00:03:58 to worry about that and then obviously if you're a Bitcoiner I mean you can do anything over there with the virtual private server options you can run a Bitcoin node, NOS2 relay. You want to do a BTC Pay server for yourself or your website. It's all you, man. Not to mention that they have pretty easy WordPress extensions and other things you can use to share data, blog posts. No market wrap from CBP this week, but next week we'll get back at it once things slow down here in the family realm. Go over to EaseDNS, use the code CBPmedia, you get 50% off your first round of buy. It's pretty good. That's not a bad deal. I would say,
Starting point is 00:04:30 who's the other sponsor? It's Bull Bitcoin, but you're going to have to help me out for this because I'm not sure exactly. I understand this. So I don't even know what the price is of Bitcoin. It went up from what I heard today. Call it 86 or 87. I don't know. All right. That sounds good. If you like it and you want to buy a good place to buy is from Bull Bitcoin. If you like it and want From what I heard today, I don't know. Call it 86 or 87. I don't know. All right. That sounds good. If you like it and you want to buy, a good place to buy is from Bull Bitcoin. If you like it and want to sell, a good place to sell is with Bull Bitcoin. On-chain, Lightning, you have your different options. The last I checked, on-chain is still rather cheap.
Starting point is 00:04:54 Although I didn't check before Sunday, so I don't know if things have changed in the last day or so. Either way, on-chain is the way to go, at least for the time being. But it's not just simply buying or selling Bitcoin. There's other things you could do with it, right? It's Bitcoin. You could be using it as a medium exchange. One of two ways you can start paying your bills with that. Use the Bold Bitcoin bill service to do that. You got an outstanding car payment, outstanding credit card payment. You could use your Bitcoin to pay that. Might as well. Bitcoin sitting at 86, 87k. Good time to do that.
Starting point is 00:05:21 Another thing you could do with your Bitcoin, you could start spending that indirectly in the real world by buying gift cards through bull Bitcoin. And that way you can start spending your Bitcoin when you go to say Home Depot or Starbucks or whatever, because they're not going to take your Bitcoin direct with a gift card. If you purchase with your Bitcoin, well, that's one way you can start spending your Bitcoin in the real world. Use our promo code below and you will get, Joey. You get 25% off your fees. So instead of just $21 once you get a quarter of the fees refunded or not charged which is pretty good. Bull Bitcoin already has super low fees. So for them to do this, if you're a frequent buyer, I mean I know you guys are buying frequently
Starting point is 00:05:59 I can tell by the volume, this is gonna be worth a lot more to you than the $21. So I'm pretty hyped about this. I didn't know this. Guillaume told us this last week after the show. And yeah, I don't know when that change happened, but it's a lot better. Honestly, just when you thought these guys couldn't do anything more for you. Here they go. Adding some wire.
Starting point is 00:06:19 This is going to add up in the long run, especially doing large dollar purchases. It won't even take that long. It's like if you buy 500 bucks every month, you're going to get more than $21 back in two months, three months, something like that. If I had to guess, I don't know exactly how long, but yeah, you're going to be doing pretty well for sure. And the good thing about them, talking about bull Bitcoin is they're not custodial. There's so many exchanges out there that are, and you can't complete a buy through bull Bitcoin without providing a Bitcoin address. It may not be a correct one. It's up to you to provide that,
Starting point is 00:06:48 but you have to provide a Bitcoin address. So they don't hold onto your Bitcoin. That is really what you want from an exchange. You don't want to give them an opportunity to rug you. And bull Bitcoin will not rug you because well, they don't have any book Bitcoin to rug you with. So I like that. It's great. Let's do some boosts then we'll move on to housekeeping.
Starting point is 00:07:08 All right wartime 333sats did a bunch of sats this week and he says sorry from my hieroglyphs it's my way of being lazy and saying hello and he says the thing is not a firecracker it's a dynamite so I said to his couple of firecrackers, no, it's dynamite. So yeah, there you go. Great. He also writes in for another 333 sats. There are still good women out there. For sure. Just snagged one.
Starting point is 00:07:37 Alas, I did not get a girlfriend this cycle, moved her straight to wifey. Congratulations. Congrats, yeah. Where's the, I don't know, like, have you looked in the mail for your wedding invite? Len, I haven't seen mine. Maybe it got lost or the strike is still delaying it maybe. That's a good wartime. What are you doing, buddy?
Starting point is 00:07:55 We got to figure that out. I'm surprised I haven't seen it yet. Yeah. Interesting. For guys, every week, like I don't talk to all my friends every week. This guy talks to me more than some of my friends. So I'm surprised I'm not, uh, I mean, you can even throw me at the table closest to the bar. Like I'm not going to be offended. I'm not going, I don't leave the, actually I will fuck that. Fuck that. I'm going. Joy, mo BTC Dick 500 sats. He says tariffs, globalism, failing the money printer. It's all noise. Globalism failing the money printer. It's all noise stacks at you know what? He's hundred percent right really the thing I go off these days if I have more sets today than I had yesterday I'm happy and it doesn't have to be a lot even just a little bit I am very happy as for the price as for this and that I'm trying to shut it out because a lot of this I can't control right it's gonna
Starting point is 00:08:44 happen regardless if I worry about it Think about it do anything. Yeah, so I just do my thing control what I can which is my stash stack of Bitcoin And yeah, I try to increase that so He's right totally agree these days especially like we'll talk a bit today about Some of the mayhem and madness and like the liberal Platform among other things. And it's just, it's another reason to just ignore. I hate to say ignore politics because
Starting point is 00:09:10 it will not ignore you as the saying goes, but you know, you have ways to make yourself more agile and more difficult to corral. And Bitcoin really is like, if not the top of the list, it's very close. So I think you should be thinking about your Bitcoin stash. Yeah. More than ever, I would say today than, than ever before. And he writes in another one. Mo BTC Dick does 500 stats again. What are your guys thoughts on strategy formerly known as micro strategy needing to sell in 2026? Possibly. I've always been wary of sailors plan, but I worried he could be the black Swan that sparks the next bear market in selling. He doesn't, he doesn't have to sell because the shares like the debt is convertible. So
Starting point is 00:09:58 he didn't sell when it went to 15 K. Why would he sell it? Because, because he's bought a lot above 75 and 80. Right. And so there's people out there, you know, I haven't vetted any of this, but the people out there who say at 60, he starts to sweat a little bit at 50. He's sweating a lot more. I don't, I think it's actually a, the numbers a lot lower than that. There is no number. The number is he starts sweating is when he can't raise any more money.
Starting point is 00:10:23 Well, here's the thing, right? The Bitcoin, Bitcoin price is that number. Those numbers are one in the same. And so on paper, they may not be one in the same, but for the people who are buying that debt, those numbers are one in the same. If he starts selling, what happens to the price of Bitcoin? I mean, he's got enough to move the market like big time. And not even that. The thing is that the sentiment will be what moves the market. That's what dump everything at once.
Starting point is 00:10:48 Even if you, even if he runs like a very obscure and discrete selling operation, soon as someone gets wind, it's that's going to be a big drop in the price. So like 50%, 40% if I had to guess. So it's really the price of Bitcoin does have something really for me, it's a hundred percent tied to how much money you could get. If you could shit dilute, if you could borrow as long as he's able to do those two things and maybe some other things as well to just somehow raise more money,
Starting point is 00:11:14 the amount he has doesn't really matter up on a Bitcoin. He has 20, 26 possibilities. So all their shit doesn't matter. He's committed to continually stack away and he has a plan to just Dilute I guess yeah borrow as much possible So pictures of his feet maybe sell that nice boat. He's got behind him and all those videos I don't know or that fractal encrypt artwork. He's got to Yeah, I don't know. You know what? Don't worry about sailor. He's I I think, more likely a government operative than not. So you don't think so? I think you might be. That's my opinion anyway. So you nod your head or shake your head. But no more time also writes in a 300, sorry, 333 sacks. He
Starting point is 00:11:57 loves his threes. And he says, with respect to your, how can you start living a unhypnotized life with true Heather? He said, it needs a part two, great conversation. It was good. I, you know, maybe if we're done with the boost, we'll move to housekeeping here. Yeah, we are. I felt vindicated talking to Heather because I can, in our discord, I've been like talking to you guys and trying to tackle like this, what seems to be like a stream yard audio problem with good microphones. And Heather came on and had a good mic, has a podcast,
Starting point is 00:12:31 I've listened to her podcast, the audio is good. I listen to when I do like the quick currents and some of the interviews and Len and I, like the audio is good, but there's a problem with leveling between two mics. And I went to the StreamYard help page the other day, and they have this new section for quality microphones and audio equipment that they did not have before. And so that tells me that sometime in the last few months, they've realized that not everyone is using a Logitech webcam and a laptop mic, and that people actually paid a couple hundred bucks
Starting point is 00:13:00 for a mic and some headphones. And some of the stuff they were doing on the, would guess on the rendering side or like the this the audio quality side you're really swimming upstream if you had that equipment before. In Heather's show I think that she had she probably has a cloud lifter to go with that SM7B mic and maybe some audio interface on her computer to make things sound a certain way. But we got into trouble when the echo cancellation on her end turned off and her levels dropped off a cliff. Then we got into trouble again when she put on headphones, AirPods that were wireless. Like
Starting point is 00:13:36 I have these like whatever, AirPods, Macs, headphones. And when you put them with your computer, when you pair them, your computer picks up the mic too. So on the video side, there was a lot of feedback. It's not un-listenable, but it's not a good experience. So I want to apologize for that. On the audio side, I spent a lot of time cleaning up the audio and getting rid of all the echo that I could. I think it sounds really quality and I think it's more than listenable. It's not quite up to the standard that we would normally release, but it's there now. And you know, as you can see Len, I gave to the standard that we would normally release, but it's there now. And, you know, as you can see, Len, I gave Len a mic that we bought for the show a few years ago. I replaced it with this mic. And so now we're both operating on a similar plane. I got the hand me downs, baby. Well, that's a good mic too. Like that's a $300 mic. And like, you know, this one's,
Starting point is 00:14:20 this one's both. Yeah, this one's about 350. Well, because when we started buying stuff for the show, I thought, I want this to sound professional. And it was easier then, because StreamYard wasn't doing all this digital work on the audio, right? And so now they are. And we've been sending our guests now a link to that help page and saying, you've got to follow these instructions.
Starting point is 00:14:39 So from here on out, shouldn't have that problem. The audio should be level between Len and I now. I expected it's gonna sound good in post and everything should be fine. Other housekeeping, I was on Pleb Underground last week on Friday, had a blast with Phil. You know, he did our show a couple weeks back. I want to bring him and Sarah Ulrichon to talk about more stuff in Bitcoin. Those guys are a lot of fun. I think that we're aligned on the mission and the message in a lot of ways. And like I said before, try not to do stuff that's dumb, try not to do stuff
Starting point is 00:15:15 that's clickbaity. And then I see Millennial Moron in the chat, brother what's up? He's gonna be coming on in two weeks to talk about presumably the election outcome as well as some other stuff. I mean there's a lot to discuss in Canada these days whether it's housing. I do want to talk about pensions a bit. I do want to talk about some Canadian equity stuff compared to the USA and maybe just some some of the the fallout from the data that's becoming I think more mainstream thanks to guys like Richard Diaz obviously friend friend of the show, and Dicker and the Looney Hour guys, sharing all the time like don't talk to me about vibes, talk to me about gross fixed capital formation, talk to me
Starting point is 00:15:52 about talk to me about GP per capita, talk to me about the OECD ranking for all our economic data, like don't talk to me about, again Minister Freeland today tweeting, we're the best economy in the G7. It's just so obviously not true. And that data is, if the data is so poorly understood and so poorly recorded that we can spin that, then the data is not worth collecting and reporting on. And so I'm looking forward to talking to him.
Starting point is 00:16:21 And then this week, Tuan is coming on to talk mining, I guess. Yeah, home mining and what to heat your home with that. It's very, it's not simply just putting a miner in one room and having that just provide ambient or increasing the ambient temperature there. It's using the central air in your house to do it. So it's quite a quite an interesting setup. And I got a briefing from him last week about it and the way it's driven. It's really cool how it's done. And I will have to go into a deep dive into this the likelihood that people would want it how likely like if it's worthwhile to actually install it in your house. Right? And because let's be honest electricity is not cheap here in Ontario But if you're heating your home and you have central air Then this might be one way to just maybe take a little bit of the load off your furnace and earn some sats at the same
Starting point is 00:17:19 Time. Yeah, and yeah, we'll get some numbers to see what you could earn and given today's hashrate so far. So I'm looking forward tomorrow on I'm chatting with him tomorrow. Oh, tomorrow, not Wednesday. Okay, great. Yeah. I want to note here. So one more episode. No programming note next week. Very exciting. Election night special me, Len, Tom Carradze, Mark Jefdivic, Francis, and none other than Boomer in the chat, booking agent slash friend of the show, a friend of Len and I. I'm really looking forward to that episode. It's going to start at about eight o'clock. Don't quote me on that time. If we decide to start a bit earlier, a bit later, don't be mad. And we're going to go until, what do you think, 9 15, 9 30, something like that?
Starting point is 00:18:03 Whenever we feel ready to go. I don't want to give a hard time. I want to just go based on the vibe. You know, if we're running out of steam, if the chat's dying down, let's get the fuck out. Agreed. Last, last comment here. I know this is long housekeeping. Every week there are like a few hundred people watching the show live. I don't know how many are on YouTube because I don't look at the YouTube stream, but if you are on Twitter and want to participate in the live chat, I implore you go to YouTube. If you are on Twitch and want to participate in the live chat, I implore you go to YouTube. It's not just so I can type back to you. It's so that you can talk to other people instead of just sending your comments into
Starting point is 00:18:41 the ether for me to look at, not be able to type back to. might interrupt the flow of the show if I if I respond I might not. What the fuck is with this ETH talk? I know sorry sorry I didn't say that. Is this bankless time already? I didn't mean to say that. I didn't mean to say that. Are we doing the bankless review? But that's point making. Len, one other thing. I never do this on this show. My football conditioning and review channel has surpassed 80,000 plays and is now like the third month in a row of five figure plays in the month. I am very excited about that. Very excited for a channel
Starting point is 00:19:13 that started with me just reviewing footballs that I thought were easy to throw as a quarterback compared to others. I am pumped about that. So I just want to thank people who've been visiting me over there too. It's a different vibe. I have to say, but it's, it's a lot of fun. I enjoy making those videos, so thank you. Wanna dive right in because we've been doing this for- Let's hit it, man. Yeah, let's hit it.
Starting point is 00:19:30 It's been a very long intro. The Bitcoin Core, we'll talk about that right after the bat because this came out version 29.0 was released in the past seven days. And with that, now that makes Bitcoin Core version 26 and all derivatives of that reach its end of life. Because if you look at the maintenance schedule for that, it's no longer going to be receiving any critical updates. So anybody that's running version 26 or older, beware because if there are any critical updates that should be applied or people are aware that are going to impact those, you should update your software
Starting point is 00:20:06 to something more current, at least version 27 or newer, or maybe even awesome alternative to Bitcoin knots. And it's certainly it's an option. It's good to have these options out there. And with respect to version 29 and the goodies it may contain, it's nothing groundbreaking. There's some network improvements that are in there. The replace by fee is now standard. The option was enabled in version 28.
Starting point is 00:20:31 That is big. I think that is a big development. Well, it was already in 28, so it's now standard in 29. So people like Peter Todd, I think are gonna be very happy about this recent small. Are you not happy with that? You don't like that change. It's good.
Starting point is 00:20:46 It's good to have it. It's great. RBF is important. I think it's a nice new feature. But you could have always enabled it. I know. But it's like, you know, it's part of the it's part of the, you know, the landscape.
Starting point is 00:20:56 It's in the picture now at all times. I like having options, to be honest. That's me. And I like if I want to enable, I can if I want to not enable it. I don't need to just, you know know I'd prefer to have that type of but either way DB cache is now the limit used to be 16 GB that is now eliminated in totality that's because computers have a lot more resources available to them and also the recent UTXO growth set has basically forced
Starting point is 00:21:23 the core developers to eliminate the DB cache limit and the compiling process has changed and it's now migrated from AutoTools to CMake and AutoTools is a legacy configuration used for portability and CMake is a newer kind of things it's new kit on the block and it's better for clock cross-plat. And not sure how many people here compile their own version of Core. I'll raise hands for anybody that does. I do, I'm one of the probably one of the few that do that.
Starting point is 00:21:50 I see making it version 3.2 or higher in order to compile it. So there we go. If you are a Core runner, update your Core. If you're running 26 or older, just my two cents. What do you want to see in a version of core that's not there now? I don't know. I have nothing. These are updated so infrequently and I am surprised.
Starting point is 00:22:15 Yeah, I'm surprised that you're not a little more excited about this because it seems like the feedback on Twitter is that this is a really nice update and a little more than what we're used to getting from the core dev team on core. What is the big one here? And there's some networking improvement. I think it's, I think about like invisible plain sight. It's RBF, the networking stuff. I don't know the 16 gig limit, I guess makes sense. I don't know why it took so long to remove that though. Um, like, what do you think? I don't know. You tell me. RBF is nice, but it was again, that's a flagship change. That is a flagship change. It was there in 28. So like, it's not like it wasn't there. It's now just standard part of the software right now. So you had the option
Starting point is 00:22:58 previously to enable it or not. Good. Great. Okay. What do you, okay. What do you want to see then? Tell me what you want to see. To be honest, just if anything, I want stability and I want any critical things to be fixed. That's the big thing. In terms of changes to Bitcoin, what do we need right now in terms of changes to Bitcoin? I don't think much, honestly. I am part of the canvas. You know what I would like to see? And actually Wilhelm in the chat is talking about the CoinKite Teleport know, I would like to see, you know what I would like to see, and actually Wilhelm in the chat is talking about the CoinKite teleport feature. I would like to see something that makes wallet transport. I dare I say easier than memorizing 12 words. There's not many things easier than that, but I would, I'd be curious if there's a way to innovate on that front,
Starting point is 00:23:39 given that people are looking to be more agile in the face of increasingly difficult tax laws in the modern world. I think a lot of Bitcoiners are going to be running up against that in the next five years, 10 years. So I'm curious if there's innovations to be made there, but otherwise, yeah, I'm not really sure where I want Core to go next. There's a border wallet, I think, that's been enabled in Sparrow where you could just memorize a particular pattern. Yeah, you need a file to go with it though. You need a file to go with it. Oh really? Okay. Yeah. Yeah. It's border wallet. You're talking about border wallet in Sparrow. Still really good, but
Starting point is 00:24:13 it's not a perfect solution. I hate that I'm even saying that because obviously I've contributed exactly zero to wallet technology, but interesting stuff all the same. Do you want to talk about the cold card teleport thing a little bit? I won't talk about teleport. I'll talk about the co-signing. Sure. Teleport, I'm still wrapping my head around it. And to be honest, it's a feature from what I gather,
Starting point is 00:24:35 I'm not going to use at all, but either way, the co-signing thing is now available on the Mark IV. If you are using firmware 5.4.2, and also on the Q version, firmware version 1.3.2Q. So if you're using any of those or newer, you get access to something called a cold card co-signing. And when this is enabled, a second seed is then added to your cold card,
Starting point is 00:25:01 and this is known as a spending policy. And the new seed is used along the main seed of the device and it's kind of creating a two of N multi-sig wallet and with that you could put on some spending policies so rather than having a wallet where you could drain it in totality without any barriers whatsoever you could put some, some spending rules in this to protect your funds and also give you a little bit more flexibility moving forward. So you could put limits on how much Bitcoin can be spent in a single transaction. You could also restrict how much Bitcoin, how fast Bitcoin can be sent to requiring a minimum number of blocks to be built between transactions.
Starting point is 00:25:45 You could also whitelist where you are going to be sending Bitcoin. This is sounding a little bit like CTV in a way. So it's giving you the ability to whitelist addresses where you could send it. And there's also 2FA where you could use mobile 2FA for authentication. So this is something I find to be rather fascinating. I haven't yet dove deep into it, but if you are concerned about your stack and you wanna provide a little bit more security,
Starting point is 00:26:13 rather than using something like Liana and time locking it, you could use something like this. This is another alternative. Again, options are good. Let's have as many options available. So the consumer, the end user, you and I, and everybody listening and watching can make a decision what works best for them. The key teleport stuff, not too up to date with that so I can't speak on it unless you have some
Starting point is 00:26:34 information you want to share. I'm going to share, I'll share the website. I think this is pretty interesting only because it, I don't want to speak ill of MVK and the team there because I don't know enough about this either yet. But this is interesting. So it's basically cloning a cold card via anything from a Zoom call to a video call of some kind. So if you ever want to leave the country and have your Bitcoin available to you when you
Starting point is 00:27:03 get to the other place or like someone stays behind and then you can send the Bitcoin this way. It's neat. But this I think really flies in the face of your mission against connectivity in a lot of ways, right? Like you don't want to be sharing anything related to your key, your wallet, your device over a digital medium. I don't know how secure this is or isn't because I just don't, I don't know enough about it yet, but I want to see Ben do a video on this and find out what he thinks about it because really that's the guy to ask and he's not afraid to,
Starting point is 00:27:38 um, to point out some of the issues or errors. We can also just ask Dee to come on the show. I never even thought about calling him. Um, but maybe we'll, um, we'll bring him on in the next little while to talk about some of these new features and do a rundown. He also does videos for the CoinKite YouTube page. So, you know, one of these guys will have a video soon and we can see this in action. I think it's, as you mentioned, options, great. I just don't want to be sacrificing security for ease, right? And so, you know, I mentioned earlier that I want to see some innovation on the wall side. This is exactly what I'm talking about,
Starting point is 00:28:08 the teleport. I just don't know how, how well this can be secured. I need to know more about this file, right? Like it's encrypted though. That's one thing I'm aware of. Yeah. But like encrypted is just another word for trusting someone to encrypt for you, right? Is that, you know? Well, there are, I don't want to speak specifically on this. And I don't know what type of encryption method methodology it uses. But there's a lot that are open source, and it's been tried, tested and true. So to say encrypted, you know, there could be some backdoor to it, or there's a trust. I mean, it's
Starting point is 00:28:43 software and you could you could analyze the code and you could see Bitcoin itself. We have shot 256, for example. Right. And so if there's any any sort of potential to crack it, it's just going to pivot and make it more secure, just like any of these encryption programs. So I don't know. So I can't speak too much.
Starting point is 00:29:03 Let's yeah, we should enable data. Come on. That'd be pretty fucking cool. Yeah, let's give him a call. Yeah, there's been a lot of it in his life that's changed too and be good to catch up on that as well. Firmware with brains, sorry, with Bitmain. I'm not sure if you saw this. Bitmain had some firmware updates with their S21 pluses. That's very powerful machines and there's some shenanigans going on with these firmware updates and I've got a name of shin sorry sin jenko singe I think that's about whatever either way this guy's on twitter pronounce his name before you put your down give a fuck sorry buddy
Starting point is 00:29:36 he's saying if you update your firmware on your s21 plus to the latest firmware you're gonna have difficulties connecting to ocean mining pool why hmm see Hmm. See, it's very odd. Like why would Bitmain limit the ability to connect to ocean mining? This could be a long standing issue from the block size war between Jihan Wu and Lutashir. I mean, they were on different sides of the fence here when it came to which side they wanted to go. Either way, this applies to the firmware dated March 14th, 2025. So if you have that particular firmware on your S21+, you're not gonna have any ability to connect
Starting point is 00:30:16 to the ocean mining pool. Instead, you have to use firmware February 7th, 2025. That's the alternative you could use for your ASIC, and then that will enable you to connect to the mining pool. I just find this odd. Again, like maybe that's the reason it could be some long standing bad blood between Jihan and Luke. That's the only thing I could think of.
Starting point is 00:30:38 Or there was just some oversight somewhere. But why would it stop connecting one particular pool? It just seems strange to me. I don't know. I'm going to post a link to the tweet in the chat. Yeah, so we have any. Well, Lucas is saying he thinks it's nefarious and says it's not the first time that Ant Miner and Bitman have done this.
Starting point is 00:31:01 They've hidden stuff in there before and then only ever released a patch once too many people from the community are making noise that they can't avoid it. Luke has released, I'll quote the tweet though, if someone has an impact that's 21 plus, they can merge this hack into their preferred Datum tag to hold them over until bitman releases a real fix. So he's got something on his GitHub that you can just merge into your, your Datum tag and use. I, you know, beefs like this, Len, die hard.
Starting point is 00:31:28 And Luke is a polarizing figure for a number of reasons. Ocean is a pool that people like and don't like for a number of reasons. And Bitmain is not an honest actor. They've proven this over the last five, six, seven years. Luke is correct that there's been other issues with their firmware and hardware in the past, intentional or unintentional. And like I said before, not fixed until too many people are talking about it, that it's too difficult
Starting point is 00:31:53 to ignore. So I, you know, the plate of the home miner is one of, you know, I'm never going to get a block. I'm never going to hit a whatever, but you know, you never have to really worry about stuff like this with a bit axe. Like, axe OS is never gonna give you this issue. You run brains on your bit axe or whatever if you want, and it'll be fine, you know, you're never gonna have this problem. But if you run one of these larger scaled miners with this hardcore, with the hardcore hardware, you're at the mercy of these guys who are making it, and these guys who are making it have an axe to grind with each other. with the hardcore hardware,
Starting point is 00:32:25 you're at the mercy of these guys who are making it. Len, is this going to get better or worse as the price goes up and its hash rate goes up? It's going to get more competitive, more reason to do this, more reason not to fix the bugs, more reason to be exclusive. This is not going to improve anytime soon. We don't have much competition right now. It's bit main provides the majority of equipment out there. I know there's what's minor too and stuff like that, but really it's, it's bit main is the big driver here and everybody else is fighting. But it was bit mean is not, it's not on the Harbor side. They're keeping their tech off that pool.
Starting point is 00:32:58 Right? It's I'm trying to get to the point that if you have concerns about just the software that's connecting to the pool Something like the bidax they're poaching hardware from these s 19s and s 21s because There is no chips that is made in-house here They're physically taking the chips out and plugging it in and creating a bidax for that. We are heavily reliant taking the chips out and plugging it in and creating a bid ax for that. We are heavily reliant on bit main to provide the chips for us to mine Bitcoin. That is very concerning in the long run. Remember one time we had Intel talking about potentially getting into the mining game and then they stopped that. Square. Also square. Yes. Yeah. Yes. So there were some talks. How much research
Starting point is 00:33:48 and development is required to make a dent in this? And then even once you get there, is it worthwhile? Because you're not selling to a huge amount of customers. You're selling to mainly large scale Bitcoin miners. They're going to be the bread and butter that's going to provide you the most bang for the buck for your revenue. How many of them are there? It's not like it's a car where everybody's driving a car. There's not too many. They granted they need tens of thousands, hundreds of thousands of machines, but still that's the biggest problem I see. Like there's no fucking alternatives out there. And what can we do? Do we talk to a chip maker out there? Let's get this done. If so, how?
Starting point is 00:34:33 Like, how do we get on board? It's a big ask. We're stuck. Yeah. For now. That's the reality. Until something changes and it seems like nothing is going to change. Can Howard Lutnick force someone to come on shore and make an American miner like Boomer saying in the chat? Can we not do that? Howard, get it going, Howard. Come on. So he's saying that block is still at it.
Starting point is 00:34:58 I had no idea. So yeah, so is CBP. CBP also still at it. We're also building our own Silicon to my Bitcoin. Let's give Block credit. At least they have the facilities. They have the man. They got everything required to start doing this. We don't. So if they're doing it, if they're still doing it, wonderful. I look forward to seeing something released. And yeah, Bob Bernat's been working on it, but with Samsung, Samsung getting in this game would be fucking anybody else
Starting point is 00:35:29 would be fucking incredible. But Samsung is still a foreign owned company. Yes, I like ideally own it. It'd be nice to have a US firm do this and also have this is a huge fucking bridgeged across but also have it all the manufacturing done within the United States possible probably not but right like you're given the cost and everything and yeah totally but hey we could ask for right like a whatever let's talk about the block stream Jade
Starting point is 00:36:00 because I don't know if this is fUD or not, but we've been ripping this wallet. So I doubt it, but yeah, go ahead. Well, probably. I don't, it's hard to say. Like I'll tell you what I see here, what people are saying and you can make your own determination. Something named Protos on X was sounding the alarm about a critical vulnerability within a Chinese chip. This is the ESP32 chip and this is used in some hardware devices out there and one specifically is the Blockstream Jade, the OG Jade
Starting point is 00:36:33 wallets and Blockstream came out to say that the bug itself was an interface bug and it's not active on the Blockstream version 1 wallet. This is also including the DIY builds for people that are doing it at home and this does not exist at all in the Jade Plus hardware which is the newer one that's selling for a little bit more money than the original Jade. A guy by the name of Mahavir Jain, he wrote an article to quote, clear the air with respect to this chip and the ESP32 chip controller, it's a Bluetooth controller
Starting point is 00:37:12 and the whole bug itself, there is a potential back door here. And so undocumented commands could be used by a malicious actor to devices running Bluetooth on the ESP32. So these commands are the ones that are providing people with getting access to the hardware. From what I gather, it's not available. This type of interface is not applicable within the Blockstream Jade version one.
Starting point is 00:37:41 So take that for what you will. Either it's bad, it's good, it is whatever is whatever but I personally I'm not gonna use a Jade. I'm gonna use something else. That's the end of the story. There's too many you know too much smoke with this thing. It doesn't even matter if there's fire at this point. There's a lot of hardware wallets the cold card obviously the Q the mark the mark for whatever that are all just it seems seems to me, better hardware devices with less controversy, with less worry, with less connectivity, and you know,
Starting point is 00:38:13 you're fortunate to have options, and you don't wanna be this guy who's experimenting with your stack on a device that seems to be unproven. That's all I'll say. I think this is the lesson to take away from all this. So, Boomer's saying in the chat that Marty and Odell were talking about this and stuff like the block clock may also be affected and potentially bid access as well. And what I would suggest is if that's the case and somehow malicious actually were to gain access and to get access to your network because a lot of these devices are
Starting point is 00:38:49 connecting by Wi-Fi and if they could somehow figure out the Wi-Fi password to get access to your network make sure the computers that you're running don't give any resources to any other network computers If you run like a VPN for instance, you could block all internet access within your intranet. And so there's lots of different ways you could do this, learn it, because just in case there is a malicious actor out there that does gain access to one of the devices within your network, and let's be honest, there's a lot of these internet of things out there that we plug in. Just one of them is compromised and you have a computer that is providing information and there's not much of a barrier to get in, then whatever's on that computer could potentially
Starting point is 00:39:34 be lost to these actors out there. Secondly, not just also providing some barrier from getting into your computer. Try not to have anything that is, that you shouldn't have on your computer, right? Like keywords, right? You don't want to have them on there. If you are going to have them on, maybe go through the effort of encrypting it, shit like that. Passwords, like, you know, I don't know. It's a lot like you're playing with fire, you know, the more opportunities you give and the more hardware you don't update and the more things You're playing with fire. severity of these attacks and the resources going into planning them and executing them is gonna go up too. So you know you owe it to yourself to be careful. Offline keys, everything air-gapped, it's not that hard. It sounds
Starting point is 00:40:32 complicated you know the the paranoid guide to the MK4 is kind of annoying to follow but man you're gonna feel good once you finish it. You're gonna feel really good once you finish it. It's gonna be very, a big part of your peace of mind for sure. Another thing to consider is if you have anything that has like passwords and stuff like that, like a computer, just leave it offline, turn it off, don't have it hooked up. And totally that's another thing. And another last time lock your Bitcoin, right? Like doing that, there's no $5 wrench attack or whatever it is these days. The price of that wrench that's going to get the access to that Bitcoin because it's fucking time locked.
Starting point is 00:41:13 Yeah, that's one way you could really provide some security to your Bitcoin. Yeah. OK, Joey, MSTY. Oh, boy. All right. Well, this is not a Michael Saylor thing. This is some other company doing it, right? We're not going to, you can't fault Michael Saylor or strategy for this because it's this levered long, right? I'm going to give you this. I don't totally understand this.
Starting point is 00:41:42 I'll give you what I gathered here. Okay. Okay. And so MSTY, it is the yield max right away. Fucking it sounds bad. Yield max MSTR option income strategy ETF. What? Oh, it's the dividend paying ETF. Yeah.
Starting point is 00:41:58 Okay. Okay. Got it. Got it. Got it. And it's trying to generate a monthly income. Are we all doing that? But the way you're doing it, Elise, you're parlaying your services and you're getting
Starting point is 00:42:12 paid like that. They're trying to use synthetic covered call strategy. What the fuck that is. I'll try to explain what I have to use AI for this. Synthetic covered. Okay. So synthetic covered calls. Thank you.
Starting point is 00:42:24 Thank you. AI for this synthetic cover. Okay. So synthetic covered calls. You may remember we had not Ben Gagnon, but his colleague there, their chief financial officer. Yeah. Yeah. And what bit farms engineered in the Bitcoin space is basically the synthetic covered call to, to secure, um, there's a way to describe this, to shore up their financial picture in the event that Bitcoin has a crash. And the covered call is basically a hedge against the drop in price in Bitcoin. I don't know what the synthetic call strategy is on this, but- It's that they don't hold Bitcoin directly, nor do they hold the MSTR stock directly. Okay.
Starting point is 00:43:05 So, it's... So, what do they hold? They hold nothing. This is nuts. This is like you're asking for trouble with stuff like this. This is like when you look at the ingredient list on fruit snacks and there's a bunch of stuff you don't recognize and none of it is fruit and none of it is snacks. That's what this is.
Starting point is 00:43:20 You're looking at the ingredients list, there's no Bitcoin and no MSTR, but it's MSTY and it's a Bitcoin related, like this is, don't get crazy. Don't get crazy. So like it's selling options and through that it's either going to be call options or, and then if they're freaking us out and that's how they're able to potentially generate income. So that's the synthetic bullshit of all this. It truly is. I'm out on this. What's what's the performance look like?
Starting point is 00:43:50 There's probably a terrible. It's probably take a look at the last month, six months, three months, year. It's all fucking down. Last six months, 30 percent year to date, 20 percent one 34% five day even the five days only 4% so like you'd be better off presumably you're doing this as like mstr is levered or bait like high beta bitcoin this is high beta mstr is that the selling point i don't know i don't want to pump mstr to pump MSTR, right? But if you look at its performance in the last three months, six months, year, it absolutely ripped this to shreds. Yeah. The idea that carrot that they're dangling in front of the investor out there, that monthly income, people love to get this fucking thing.
Starting point is 00:44:43 They love this steady stream of income. People love income dividend stuff. They love that kind of shit. And this is right up their alley. Like why not just, the other thing too, I'll say that I'm not, like I said, I'm not familiar with this tool, but the thing about dividend stocks
Starting point is 00:45:01 is that dividend stocks don't offer like price growth a lot of the time. So if you get it's like a dividend ETF that pays quarterly or whatever, you can expect the dividend to keep producing for you, obviously based on the number of shares in that ETF you have and whatever the ETF holds. But you may not expect price appreciation. So there's a trade off there for one. So maybe it's true that this price appreciation on this thing is actually not what we should expect and the dividend should be there.
Starting point is 00:45:27 But again, the same reason I still have trouble sometimes with like a huge position MSTR, if you're buying MicroStrategy because they hold the underlying and MicroStrategy is always selling stock to buy the underlying, then why aren't you just buying the underlying? then why aren't you just buying the underlying? Like why aren't you just, you know,
Starting point is 00:45:49 I get that you wanna like try and catch a rip and I've done this too. I still own MSTR, like I'm not telling you that I've sold it all, but it does raise some questions. If you wanna stay up an extra 15 minutes and think about this in your bed at night, it's pretty easy to do. And obviously, Pleditor tweeting out receipts steady now about how MSTR wants you to know
Starting point is 00:46:10 without any shadow of a doubt that you are not entitled to any of the coin that they think they're entitled to and that they don't actually hold any Bitcoin themselves. So, you know, it's not something that I would be playing games with in terms of this MSCY thing or any of the derivatives of MSCR. MSCR is volatile enough, you know, you don't need to add more excitement to your life than what you get with, with Sailor. I think you're, you're fine doing that if that's what you want to do, you know, good luck. Yeah, I saw that announced. They bought more Bitcoin. It was average, average price 84 K or something like that. I think I saw that announced. They bought more Bitcoin. It was average, average price, 84 K or something like that. I think I saw. Not bad. Do you think they care? No, with the price, they don't give a flying fuck. They're the same as you and me in that regard, right? They, they think this thing is ripping. I think it's ripping. You think it's ripping and they're buying no matter what.
Starting point is 00:46:56 So what they should be doing though, is buying this MSTY and reporting on it. That would be an absolute fucking signal for the market that this thing should be ready to rev. I would love to see that. See, yeah, they purchased a couple hundred million of MSGY. They want to get the steady stream of income so they can use that to buy more Bitcoin. Looking for the dividend. Right. This is one way to buy Bitcoin, right? They're going to buy and use that. I'm buying BMO stock for the dividend dividend and I'm using it to buy. You're right. That's one. For here's the banks. It's like CN rail,
Starting point is 00:47:29 shit like that right there. The telcos, I think give a dividend too. Yeah. And it's pretty thick, you say they don't move that much in price. I mean, we're Simone Belanger. We got to bring Simone back on. Tell me what dividend stocks, what dividend basket is the best one? Dividend aristocrats What dividend stocks, what dividend basket is the best one dividend aristocrats to, to get me to get me a steady Bitcoin stream. He's a Bitcoiner at heart though. I know. Right. Like that's the thing that yeah, such a fiat. I love it. I love it. All right. Let's see what else we'll talk about Bhutan. Let's talk about them. It's been a while since we talked about them. It has been. And they're making a lot of press on X these days
Starting point is 00:48:07 Given what they've been doing and that is simply mining for Bitcoin with your excess electricity. They've made this decision a few years back and They threw up the year every year periodically They have excess electricity and that's when they use that to point to the Bitcoin mining equipment they have within our country and that's what they do. And this is really more of an economic story than anything else. It's maybe somewhat related to Bitcoin but reality this is an economic story but it's still interesting to talk about on our show. Al Jazeera of all places wrote an article about this on their website and it's talking about can Bitcoin save Bhutan's struggling economy and they're saying that amid a
Starting point is 00:48:51 brain drain and economic woes Bhutan has used cryptocurrency to double the salaries of their civil servants and they're using hydropower to mine Bitcoin so if people are talking about the pollution that Bitcoin mining is And they're using hydropower to mine Bitcoin. So if people are talking about the pollution that Bitcoin mining is emitting into the atmosphere, in this case, no. You could talk about the flooding of land and stuff like that, but really there's no carbon that's being released as a result. And the Prime Minister Bhutan is saying it's a simple strategic choice that many people have made and earned billions of dollars and I think governments should do that and I think governments will be looking at this in the future and Bhutan has been struggling with their economy in the past few years. Tourism was and still is a huge part
Starting point is 00:49:39 of their GDP and there has been tremendous fluctuations for the visitors coming in after COVID. The country typically wants to bring in about 300,000, they could host up around 300,000 people per year. And last year they got about 150,000 tourists. So still even in 2024, a few years after COVID, there's still about half of capacity. Youth unemployment, just like a lot of other places, is sky high.
Starting point is 00:50:09 19% in 2024. You know what ours is by the way? You know what ours is? 25, 24? Ours is like 15 or 16, I'm pretty sure. Oh, fuck. Not far off, just to give you an idea of the dire situation here compared to our friends overseas.
Starting point is 00:50:23 And they're saying that's a struggling economy according to this article and The government said they sold a hundred million dollars worth of Bitcoin and they're using some of the proceeds to double the salaries of their Civil servants so people like teachers Hospital workers shit like that that have potentially been leaving the country You're not trying to lure them to stay in the country and provide services. And to date, they have over 600 million Bitcoin worth of that they've mined as of April 9th. So again, this is more of an economic story,
Starting point is 00:50:56 but other countries are gonna look at this. The ones that have excess power, as long as they're able to make more mining Bitcoin than selling it to their neighbors or doing whatever the fuck they do with your excess electricity. It makes sense to look at this as an option. And I know they're doing it in Ethiopia, for instance. So there's going to be a lot more of this moving forward.
Starting point is 00:51:17 But but I'm not going to go there. Why doesn't you time just go elbows up to fix their economy? I don't want to question it. Does that work? Anyone know? Let's find out. But the one thing that is considered as more and more capital is used to purchase Bitcoin mining equipment, so does the hash rate go up. We reached a record last week, we were talking around 900x hash per second. So we're going to get to the Zeta hash. Is that what it's called? I think so. We talked about it. Zeta, Zeta, Zeta, something like that. We didn't know.
Starting point is 00:51:47 And we're still trying to figure it's going to get to that level, right? And once it gets to that level, it's going to be because of stories like this, because there's going to be more countries out there that have access to capital. You're going to direct it towards buying equipment, energize it and away you go. So I'm not sure if you want to add anything to this story. Nah, not really. It's good. I enjoy that the media is covering stuff. I wish they were more creative than Bitcoin is maybe going to fix this third world economy the same way they were with El Salvador. Like we have to do better than that. I mean, we, the media should do better than that. Why is it working? How does this stuff benefit over there? Maybe could it benefit here as well? Let's look at
Starting point is 00:52:23 like, there's no curiosity from the press, unfortunately, but as you know, that's, that's what we live with every day. So I'm used to it by now. It's neat. All the same. Let's leave it at that. Cash app. Cash app. That's the comp, the company that's cash. Is they have a jingle or are you just no, they don't. I made it up. I made it up. Okay, so very very catchy. Thank you You people could buy bitcoin using cash app. This is the I'm not sure where this fits within square But is it a subsidiary of square or something or block where the fuck it is? I think so. Yeah, I think so It rolls up square square. It's square. Yeah. Yeah. Okay, And then Jack Dorsey is the guy that's behind square, right?
Starting point is 00:53:06 Yeah, so like there's a connection here So they're saying with now with cash app there's gonna be some fees that they're gonna be putting alongside for people are buying Bitcoin and the fees are Just a table that's provided by cash app. I Don't think it's truly reflective of what's the reality of it. So if you're going to buy between zero and one dollar of Bitcoin, three percent fees applied, one to five dollars, five to twenty five percent fees apply on top. And it goes from there. So the it's as high as ten percent for the next next groups and so forth. And it goes down to as low
Starting point is 00:53:44 as two percent from one from 100 to 200 dollars But what I'm trying to get at is I'm not sure why they're doing this Jack Dorsey has been a huge proponent of Bitcoin I don't know how many people use cash app to buy Bitcoin a lot but a lot and it looks like in small Dollar amounts like people were probably buying a dollar here, two dollars there, 50 cents here. And if they are doing that moving forward, it really dings them the hardest if they're buying say, one dollar or just a little bit over one dollar.
Starting point is 00:54:15 And that's where it's close to 25% fees. And you know, when you're talking 25% fees on one dollar may not seem like a lot, but if you're doing multiple buys over a long enough period of time, that could really be a huge amount and really I'm not sure how it this structure works how people use cash app to buy Bitcoin but in my opinion just looking at this chart it's in your best interest to buy anything above $100 that's where it's really going to be the cheapest for you
Starting point is 00:54:43 in fact it really gets cheap when you get past $5,000, but I'm not sure how many people are using cash app to buy 5k worth of Bitcoin or alternatively, maybe find something else out there, maybe river or something else to get you your Bitcoin. Does it seem all that good? Like it's not. And the other thing I want to, I was trying to think about here. I should have looked this up before we started the show, but it just occurred to me now. You and me have talked in the past, I guess I'm saying talked, we have spoken in the past about the issue with some of these non-custodial peer-to-peer exchanges and how there's too much of a markup on spot and people don't want to use them because that markup is unpalatable if you look at
Starting point is 00:55:23 something like Cash App or ShakePay or whatever, right? And so they'd rather give up their privacy and use one of these other services than pay an extra 5% and use something that's peer-to-peer, even though it, you know, is relatively trustworthy. Let's be honest, you know, there's not too many stories about people getting rugged on Bisq or RoboSats or HODL. How many more fee hikes and minimum hikes can we see from a company like Cash App before people start looking at other options and end up going down this peer-to-peer road? The reason I'm asking this, the reason I think this is interesting is because typically the government has been an enemy of apps like Cash App in terms of buying Bitcoin. And I would say they probably still are at some level. They don't want people buying Bitcoin too much, just a little bit so that they feel like they can have some and be agile and all these things that Bitcoin brings. But if they buy too much, they become a problem for the government. Cash App, as a player in this whole game, has responsibility to its customers,
Starting point is 00:56:20 but also it has responsibility to government. Government wants these apps and services to be transparent. If they start pushing people into non-transparent purchasing options, then those fees become an issue for the government. There's a lot going on here and it's kind of a half fleshed out thought, But I do think that the higher these fees go, the more likely people start using off-the-grid services. And then I don't know what happens with some of these apps and with what the government expects in terms of information dumps and transparency reports and all these things, KYC AML laws. I'm not sure. But you can't raise the fees forever. Eventually people will say like, okay, now it's worth learning about this other service, this third service, right?
Starting point is 00:57:06 And they may not be there yet, but they're getting closer. And this one ruffled a lot of feathers. This was on Twitter quite a bit when it was announced. Jack Dorsey of all people. Yeah. Right? Like he's... He's running a business, man.
Starting point is 00:57:21 If the business is not doing that well and they decide they want some more money or it's greater costs than they originally thought. It's obviously his prerogative. I just wonder, but like I said earlier, I wonder about the stuff I mentioned there, but also why raise the fee on Bitcoin? Are you tapped on the other options that you have? I don't know. I guess there's only one way to find out, right? We'll just have to wait and see. That's it, Joey. That's it for the Bitcoin stuff. Almost now we're in. Let's move on to the rest.
Starting point is 00:57:51 Yeah. Stay here if you're on audio or if you're on video, I should say, and watching live. If you're on audio, come back tomorrow for the second half. I guess everyone's on video now that we're posting video and not audio, but you get the picture. If you're here already, just hang out. If you're not here live, then tomorrow you get more. Till then, take care of yourselves.
Starting point is 00:58:09 Don't be a cock.

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