The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - HORMUZ SAFE - Bitcoin For Oil in Iran | Canadian Bitcoiners Podcast 265 Pt 1

Starting point is 00:00:00 Friends and enemies, welcome back to the Canadian Bitcoiners podcast tonight. Hormuz safe. Some interesting rumors. I suppose there's still rumors. There's not yet a significant transaction that's taken place on this idea of Bitcoin for insurance through this trade of Hormuz. We'll talk about that. We'll talk about some other stuff, the usual, the intro. And so, you know, the government can say whatever they want about this thing not competing.

Starting point is 00:00:29 It's for black market only. It's for this, for that. But they're really treating it like a threat. And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view. It's not a good idea.

Starting point is 00:00:42 And by the way, that'll hit MSTR too. It'll probably hit other stuff as well. Friends and enemies. Welcome back. Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better informed. Listen to Levin Joe E.

Starting point is 00:00:55 Spots is taking care off right off the top of Bitcoin and Easy DNS. The media is feeding. We are so back. What's going on? Happy Tamil war crime day today. We're celebrating a long weekend, as you know, because of that. Our prime minister let me know that today. Yeah, how you doing?

Starting point is 00:01:16 Good? I'm good, but clue me in on this. Oh, Prime Minister Carney saying today that we need to remember that today is Tamil something day, some kind of Tamil travesty in the 50s, I guess, in Sri Lanka. Alonca, very important day in Canadian culture, as you know. So yeah, that's why we have the day off. I'm not sure if you knew that, but there you go. Oh, I celebrated by Gwana Chudok and hitting some ball falls.

Starting point is 00:01:44 So that's how I celebrated the Tamil day. It's Tamil genocide remembrance day today. I had no idea. Straight from the PMO, bud. Straight from the PMO. See, I like to tell my wife, I'm a citizen of the world. And, yeah, I enjoy getting. getting educated.

Starting point is 00:02:07 Obviously, we don't know everything, right? It's a constant learning experience. That's what life is. And yeah, very good. And Gary has been very active these past little... He's a busy boy. We've been talking about access of easy. It's impacting you, impacting everybody.

Starting point is 00:02:23 It's coming, man. We'll probably talk about that tonight. We'll do the sponsors first. EasyDNS is the best place for you to do anything on the internet, basically at this point, domain registrar and all around good guy, Mark Jethivik. We'll take care of you if you want to start a business. You want to start a website. Want to start a blog.

Starting point is 00:02:40 Want to sell pictures your feet. Whatever. Open claw on Easy DNS finally starting today or starting recently. It's live now, which is great. All the usual stuff, okay, when it comes to Easy DNS. Don't worry about having your content taken down, which is becoming more and more prevalent. We had that not in the read for a long time. I am bringing it back tonight, executive decision,

Starting point is 00:03:03 in the face of all these things going on in terms of Bill C-22. Free speech is under attack, man. And without sharing the details, I know Mark has gone to the map for a number of his clients over the years and would more than likely do the same for you. Of course, if you're a Bitcoiner,

Starting point is 00:03:18 virtual private service stuff, we talked about this many times and for a couple extra bucks. Easy mail, domain share, corporate level security at a reasonable price. We love it. You'll love it too. EasyDNS.com.

Starting point is 00:03:30 media is the code 50% off whatever you buy the first time through so load the cart who's the other sponsor no no I want to just give another plug for mark because he he stated I guess on Twitter that the C22 stuff that easy dns is going to respectfully be unable to implement whatever backdoor methods they want to say he said that officially easy dine that position will go to distance in court to defend it they are going to do everything so that's what he said can't be that Can't beat that, man. You know, best sponsors in the world on this show. Another example is the why. Now, I don't want to gloss over the other sponsor of the show, and that's Bull Bitcoin. And I took a look at my block clock when our intro was played, and I was shocked at the price of Bitcoin being $76,000. What a great time to buy my financial advice. And Bull Bitcoin, if you do want to buy, they will be happy to facilitate that exchange.

Starting point is 00:04:26 They'll take your Fiat, as dirty it may be, and it'll convert it into Bitcoin. and you will get that direct to the address you provide because they are a non-custodial exchange. This is what you want in the exchange. You've seen so many examples of exchanges going tits up and taking the Bitcoin along with that. Well, Bitcoin does not give you the opportunity to get rugged because like I mentioned, you've got to provide an address in order to do the buy. They could also, if you want to sell your Bitcoin, they'll be happily to give you a dirty fiat for your Bitcoin, of course. And you could pay bills with your Bitcoin.

Starting point is 00:04:55 If you want to send money to your friends, well, one way you can do that is send a Bitcoin. Well, it gets transferred to Fiat and it gets e-transfer to your buds. And so a lot of different options you could do. You could eliminate orders. And so just check them out. They're expanding. They are available right now, Canada, in Mexico, a lot of Latin American countries, Western Europe. And if you have not yet opened an account, what the fuck are you waiting for?

Starting point is 00:05:18 Because if you do open it with our code below, all your buys and sales are going to be cheaper forever. Check them out. You love to see it. Boos, housekeeping, and then we're rolling. So yeah, we got four notable boosts, MoBTC, Dick, 500 sats. And he says, I'm going to trust Sailor on this one. And Sailor, he trusts. What is that?

Starting point is 00:05:43 What is that about? That's about... We had a discussion about Sailor last week. Yeah. And I don't remember... I already forget. Yeah. Things are having too fast.

Starting point is 00:05:53 I play golf this afternoon. I don't know. I don't know. What the fuck do I? Anyways. Jare, a thousand sats. He said, I tried to send CAD, C-A-D-D, that's the stable coin we talked about, but Sats will have to do. And I appreciate that because what the heck would we do with CAD?

Starting point is 00:06:10 Sats, we understand. CAD. Yeah, we do not. Business cat, you're going to love this one. 1-337, Sats. And he only writes in tits. That's it. Just fucking thing.

Starting point is 00:06:24 Gotta say it on the air. That's the rule. And finally, we have Bonn with the Bitcoin B symbol. And that's how he writes his name Bonn, 21, 21 sats. It says, no boost last week. Let's make sure that doesn't happen again this week. Thank you very much for the donation and agreed with the sentiment. So let's get some stats coming in.

Starting point is 00:06:46 Amazing. Glad to have you guys. On the housekeeping side, I did two shows last week, one with Tom Karadza on your life, your terms. You can see that in full on their performance. podcast feed, their YouTube feed. That is their best performing video. That's their number one video, I think, in terms of like the first 48 hours, I remember what he didn't send me, sent me something. But you guys will like that interview, lots of conversation about the next little

Starting point is 00:07:11 while for Canada. Stuff that you and I talk about on this show a little bit, but don't go into detail on sort of like, you know, remaining agile and how to be a citizen of the world if it comes to that. Talked about some other stuff too, of course. And I also was on Mike, some of money talks over the weekend. So you can go to that. You were the main event as well, right? It was me and Joe Shackner. I think he's the lead.

Starting point is 00:07:33 But our interviews are about the same as about 15 minutes, 20 minutes each, something like that. It was a co-main event. Yeah, it was quite good. Joe's a great guy. I really enjoyed breaking bread with him at the conference last year at the end of the conference there. Mike's show always a great pleasure to talk to those guys. Great team. And obviously Mike's a friend of our show as well.

Starting point is 00:07:50 I am supposed to do an interview this week. but my daughter is sick again. So I may end up canceling that tonight in preparation for what's probably coming on Wednesday. What the illness is coming on Wednesday? Yeah, like she's like got a runny nose now. So generally it's about 48 hours before things start peaking and leveling out. We'll see though. It's summertime now.

Starting point is 00:08:13 It's going to be 30 degrees tomorrow. So maybe it'll, you know, accelerate that. Yeah. I'm not sure if you look at that process. Yeah, Wednesday it's going to be cold again. I know. It's going to be 12 and 15. Friday. So Friday golf still is going to be a possibility next week. But fuck, man. Yeah. So we'll see. I'm going to see what tomorrow looks like. You may see me doing interviews this week. You may not. But anyway. And then of course, if you haven't checked out big cast yet, I would go check that out with me, Ben, Walker, Brandon and Nathan. We just finished that tonight. And we're going to talk about some of the stuff from that show tonight. This lead story, the Hormuz safe insurance. This is wild. Did you research this at all? I know I sent you this this morning or last night.

Starting point is 00:08:54 I forget when, but this is quite a story. Yeah, Doug, I don't want to say super deep on this, but I try to dig from what I can with what time I had today. And it's the insurance product that's going to be available. Launched by Iran on May 16, Hormuz Safe is the product name. And it's going to be giving the ability for ships to pass through the straight of Hormuz and they'll have some insurance alongside it. So payment to be done in Bitcoin.

Starting point is 00:09:24 That's from what I'm understanding. Yeah. And what is the insurance covered? They say it's transit risks, inspections, delays, detentions, confiscations, but there's no insurance for damages that are going to be covered by an attack by weapons. That's something of interest because I think that's the biggest cause of concern for anybody wanting to travel through there with a ship with millions of dollars worth of oil on it. So with this whole Hormuz thing, it gives the ability to use Bitcoin as a way to make payment.

Starting point is 00:10:00 And of course, it's going to be abating sanctions. And the way they play it out, I think it's going to be interesting to see how this all unfolds. But the obvious thing is it shows that Bitcoin is a currency that respects no borders, no sanctions, none of that stuff. It's just you could send it to whomever you want, whenever you want, and it may be filtered out by one particular miner, but eventually it will be picked up by another minor and broadcast and the Bitcoin sent. But this thing then, if you look at it, it kind of Trump is indirectly tied to Bitcoin, right? You know, you've got the World Liberty FI, or financial, sorry, if I is a token, the financial is the actual company itself.

Starting point is 00:10:50 It's all garbage anyways. he had his attendance at a Bitcoin in Nam only conference not too long ago and then we have the genius Lanny Poffel Act that was still going so there's a lot of connections between Trump it's a dotted line to Bitcoin but it's there but with respect to Iran we got to go back to that and you know there was always talk there was some talk not too long about setting up these tolls and the possibility of them doing it and managing this themselves without using these goons at Swift.

Starting point is 00:11:24 And I don't know if anything has happened with specifically to the toll system itself. Maybe it's something that died in the waters over there. I don't know, but it's still an idea. But the move could force tankers to go through the strait

Starting point is 00:11:40 and these tankers would be originating from Saudi Arabia, Iraq, UAE. And but by doing so, if you have to use this Hormuz stray stuff, safe stuff. It's going to impact them because they got to provide information. They got to provide what type of cargo they have.

Starting point is 00:11:59 Well, the route where they're going to be going. So there's going to be the vehicle, sorry, the vessel information declaration. They need that. That's required to pass the straight. So you're knowing, Randall then be knowing where the oil is going. That information might have strategic value in the future because I'm of the opinion, knowledge is power. And the reaction to all this is exactly what you would expect it to be. You have immediate threats for geopolitical retaliation, condemning the move, you name it.

Starting point is 00:12:31 And then there's also ports out there that may potentially say, nay, nay, I don't want to touch this stuff that if you're using this Hormuz safe. So ports like Rotterdam, ports like Singapore, these are pretty fucking large ones. They don't recognize these Iran issued financial guarantees. So they run a risk of getting banned from these large ports. That's fine. Maybe they'll just go to China. They'll go somewhere else where the oil is wanted and they'll accept it. But in the end, more than anything, I think this may or may not be a big thing in the end. Who the fuck knows? But really, it shows that Bitcoin is fuck you currency. You know, the truckers showed it off not too long ago in Ottawa. But still, I think that's

Starting point is 00:13:11 straight of Hormuz, the Hormuz safe thing. It's interesting. In theory, But I'm skeptical that it's going to be used in practice given the current framework. This is why I'm happy to do two shows on Monday because the the feeling on Bigcast was way more bullish than this. But I'm happy to hear you take the other side a little bit on whether or not this is going to be, you know, everything it's cut out to be. I think there's a number floating around right now is $10 billion of demand for this thing. Not sure. Don't know. that's a bit of a stretch probably just given that we don't have insurance against weapons damage

Starting point is 00:13:53 and attack damage and stuff like that this is one of the key things we've all heard the video at this point of uh i think it was an indian ship driver or ship captain i guess not a driver trying to navigate the straight and saying like you're shooting at me or there's like weapons pointed in my direction from your vessel i already paid here's my whatever payment number account number. I forget exactly what the nature of the clip was. But that's obviously a big concern over there. And this doesn't cover that. So I'm not sure what the long-term use case is here. Because shipping lanes already have insurance options. Like England has a maritime insurance option. I'm sure the straight had one before and we'll have one again when it opens up.

Starting point is 00:14:36 The important thing here, I think you mentioned it, is that you have adversaries agreeing that we're going to use this currency to ensure our craft against, you know, X, Y, Z problem. And they may not agree on anything else. They may not agree on language, religion, politics, any number of other things that generally cause basically irreparable relationship damage on a geopolitical global stage. But they agree on this. Okay, great. Like that a lot.

Starting point is 00:15:04 I would also point to this idea that, like, it's like, it's like, it's, like, it's, like, is the straight of Hormuz becoming the focal point for Bitcoin policy in the United States a little bit? What do I mean by that? Think about the last two weeks or so. Just the messaging and dare I say the vibe coming out of the White House around Bitcoin. You have Rubio talking about how other countries are using means to get around sanctions and the U.S. has to do something that's not directly related to dollar hegemony because they just can't flex that muscle like they used to be able to.

Starting point is 00:15:41 You have Hegzeth talking about how the Department of War is running a node in front of a congressional hearing and how he thinks, you know, without saying soft power, he's basically exposing Jason Lowry's soft power thesis to his colleagues on national television and talking about Bitcoin as a part of U.S. power projection. then you have a recent announcement that there's going to be a significant jump in, I shouldn't say jump, but a significant development, let's call it, in the Strategic Reserve, you know, the announcement of the announcement recently from some U.S. Admiral, I forget his name. And now you have this happening in the straight. It feels to me a little like there's too much smoke here for there not to be any fire.

Starting point is 00:16:29 And I don't know what the fire is going to look like. Is the U.S. going to announce that they are figuring out some way to securely hold Bitcoin that's not related to a custodian. That's not related to something else. Are they going to talk about how they may use Bitcoin as a currency for commodity trade if the situation demands it? I don't know. But the messaging is all leaning towards something happening that maybe is out of their control.

Starting point is 00:16:56 And so they want to seem like they're aligned with Bitcoin or that they were ahead of the curve. Were they ahead of it? I don't know, maybe, maybe more than some other countries, but certainly less than some as well. I just think they don't want to be left flat-footed when that inevitable Bitcoin is doing X and the U.S. can't do X announcement drops. They don't want to seem like they lost, right? They want to seem like they were on board with this thing or were influencing that outcome, whether they were or not. It's a completely different story. But it seems to me like the messaging is leaning that direction.

Starting point is 00:17:28 This will become a political. I'm not talking to this particular thing. I'm talking Bitcoin will become a political. Probably already has. Probably already has. I'm thinking it's going to be a camp that the Democrats and Republicans are each going to have to dig in their heels and make a distinction of where they stand with respect to Bitcoin

Starting point is 00:17:46 and the usage of it, the storage of it, shit like that. That's what's going to happen within, I suppose. I don't think we'll get at this midterm, but I think it's more so the next presidential election. And if it happens next presidential election, given that Trump's already finished his two terms. And I'm assuming that he's not going to be able to run again. Is the Republican dude going to, or gal, is that person going to hold the flag?

Starting point is 00:18:15 I mean, I'm not saying they're doing it right now, but better than in the past. But they're going to want to do it again. I don't know. Not sure. Depends on the price of Bitcoin, I think, in a lot of ways. Does that really matter? Oh, yeah, sure. Because Bitcoin at 150K is a significant campaign contribution, right?

Starting point is 00:18:36 There's a pack angle there, too. Bitcoin at 70K, maybe not. That's one thing. I would also say that both, and this is my view on the frontrunners, Rubio and Vance are both pro-Bitcoin, I think. The Federal Reserve Chair is pro-Bitcoin. You're going to move into a part of U.S. economic history here shortly. I don't know if the new CPI reading proposed by Warsh's in the stories tonight.

Starting point is 00:19:08 I don't remember if I saw it or not. But you're going to move into this era now where all numbers will be finessed at all times. And they're going to tell you how they're finessing them. And they're going to finesse them in order to run the money printer to try and get out of this debt spiral there and the deficit spiral there, and they're going to try and inflate their way back. They can't, they can't do it with inflation alone. They're going to try and do it with productivity vis-a-a-I and I think other stuff that the mags are going to try and provide them, which is why it's so critical that these guys get a deal with China as we saw the mag guys

Starting point is 00:19:39 going over there last week. You're entering into an era now where the U.S. seems to, at the highest levels, understand that it's no longer about aircraft carriers. And, you know, what other weapons do you have if you don't have aircraft carriers? Well, the dollar used to be the other vehicle, right? Slash Swift. Dangerously getting close to the Jason Lowry. Yeah. And now, like, maybe this is it. We know somebody out there

Starting point is 00:20:04 that probably has a fucking stiff woody. Oh. Is it, is it boomer? Is it boomer with the hardcover, hardcover software, uh, $5,000 copy? I know, but, I mean, he may be part of that camp, but I know somebody else. What I'm saying, though, is that there's, there's clearly been a phase shift here, um, from the United States.

Starting point is 00:20:22 I think that they realize, you know, and actually a friend of the show, Scott Horton, who was on this program two months ago, was on Rogan last week and talked about this too, that I think the U.S. tried their best to hide the fact that maybe they're not as militarily capable as they've been leading on with Google Maps censorship and news spin and all this stuff. I think it's invariably true and invariably going to be discovered by people that they lost in Iran. They couldn't impose their will over there. They're finding that more and more. And maybe it's not about this hard power stuff anymore. Maybe it is about, there I say it. I'm not going to say it, but it's not hard power. You know, it's an interesting, interesting time right now because, because as well, you know,

Starting point is 00:21:13 And I did mention this on the Karazza show that countries generally have a pretty good feeling about what the North Star is they should be following. Whether they do it or not is a different story. But for a long time, you know, it was difficult to argue with the Americans having the North Star, right? The Euro poor and Canada pores and Africa pores. Like, we all looked there for what the country should look like. Was it perfect? No. But it was the best that we had on the planet in terms of like what direction we should be headed, culturally, politically, all these things.

Starting point is 00:21:51 Now that lighthouse is out a little bit. And the U.S., I think, understands that. Certainly Canada, you know, Mark Carney understands that. He talks a lot now about how we can't look at the U.S. anymore. Even though the Euro lighthouse has been out for a decade or more, he's trying to get everyone to look over there as opposed to the states. I'm rambling a little bit now. But the point I'm trying to make is that there's a vacuum. There's a vacuum in hard power, vacuum in soft power.

Starting point is 00:22:16 And Bitcoin is going to play a role in filling that. I think you'd be naive to believe that there's not going to be any Bitcoin spin, any Bitcoin angle, any Bitcoin participation in this. I think that's a position you will regret taking, especially if you don't have any. That's going to be big. Let's go back to where we started, this Hormu's safe thing in six months from now. Are you betting that we'll see that? still be hearing of this thing or are you betting that you probably will not be hearing of this? I don't know. I honestly don't know. I don't know. I don't know. I don't want to say this is

Starting point is 00:22:49 truly a nothing burger, but I have a feeling that this is something we probably won't hear anymore. That's just maybe the glass half full in me from this. But I just, for whatever reason, this seems interesting, but the excitement level isn't, you know, it's not going off the the Richter scale for me. It is interesting news. And the funny thing is a few years ago, if this was announced, it would be, I don't want to say earth-shattering, but it would certainly, you would be able to feel the effects in the Bitcoin community.

Starting point is 00:23:23 But enough has been done in the past few years. Fuck, you even had Trump, like, get involved with, tangentially to Bitcoin. At the conference, yeah. That is in name only. and then he's the president of the United States at least at the time he was he was he the president or was he he's a candidate he's candidate

Starting point is 00:23:44 Trump at the time I think yeah you know fuck things have changed things have we've grown a lot as big coiners and whatever it's straight of Hormu stuff this Hormu safe great next let's go on let's talk about

Starting point is 00:24:01 net coin sure net coins yeah that coin hey whatever they are alerting people This is a big digital assets subsidiary. And last time, well, a few times ago we talked about this company. We moved the fucking the price of this company. Remember, not too long ago.

Starting point is 00:24:19 We moved today. If anywhere, it's going to go fucking down. Because netcoins, they are alerting people up there of an ongoing fishing attempt. And for people that are signed up to their exchange, they say that, quote, We are aware of a phishing email circulating that impersonates net coins. Reference is a fake, quote, quote, security incident and instruct recipients to set up an exodus wallet and use a pre-supplied 12-word recovery. And so the email is not from netcoins. The domain is not theirs.

Starting point is 00:24:53 It comes from Lucky Bunny. Fun. We should check to see who fucking registered that. I don't know. We got that. Talk to Mark. What? I can do it. It's right here.

Starting point is 00:25:04 See who's going to be to register for that. Let's let me take a peek. It'd be funny to see. Go daddy. There you go, go daddy. So they say that there has been no security incident at Netcoins. I would beg to differ because if people receive this email, how did they get it? So there had to have been some security incident.

Starting point is 00:25:22 And they say, of course, never import your keys, recovery keys, and somebody else's information. So there you go. This is interesting, more an FYI out there. People are using this exchange. I would suggest useful Bitcoin. That's just me. Do what you want with your money, with your Bitcoin. But they suffered an attack.

Starting point is 00:25:41 How is there. There's been no security incident whatsoever, but yet the email for the users is out and about. I can't believe that people are still getting these emails preloaded wallet words, Exodus wallet, and they're all in. How does this keep happening? Not that I'm complaining, good content-wise. But come on, what's what's the story here? How is this possible? I don't know.

Starting point is 00:26:10 Bin's it's long gone. He's now onto the fake meat stuff. Is it fake meat? Yeah, it's like synthetic proteins, I think. Yeah, best way to put it. Very cool. Yeah, so from one winner to another. All right.

Starting point is 00:26:24 Let's talk about this truly Canadian Bitcoin story, Joy. Sure. Truly Canadian. Sad Street, which tells itself as the fact. fastest growing digital currency brokerage in Canada. They're holding a golf tournament at Glen Abbey. And it's called the Bitcoin Open, June 6th. Right?

Starting point is 00:26:44 So that this open, the Bitcoin Open, it's a combination golf and poker tournament. And it's organized by Bitcoin Sports Network and Sat Street. And this tournament, if you want to play Glen Abbey, by the way, I've never played there. And I'd like to, but I don't have the funds to do it. They're doing a scramble format golf tournament. So for people who aren't aware, that's going to be the best ball. We see, for some shoots and you decide which is the best to go from there. Prizes are going to be available, which some interesting ones.

Starting point is 00:27:14 If you do a hole in one, I guess in that particular hole, the winner gets one full Bitcoin. Wow. Now, the odds of getting the hole in one obviously are going to be fucking. There's also longest drive competition closest to the pin. They have prizes up for grabs for those. I don't know what are the prizes for that. And the golf winners will also receive tickets to the 2027 Bitcoin Golf Championship. That's scheduled to take place in Nashville next year.

Starting point is 00:27:41 If you wish to register, it's not cheap. It's the BTC Open.com. A foursome, 4,000 Canadian. Just to give an idea. So it's going to cost you everyone one grand Canadian or about $6. It's expensive. In this economy? Come on.

Starting point is 00:27:55 Yeah. We should register and go with this. There's a two-sum we could do. two grand of course joey let's let's each drop a grant and i'm fucking not doing it fun i mean your your ball will be the one we play all day long i'm pretty good off a tea but uh my mid range games uh it leaves something to be desired to put it kindly i i don't know i don't know who's paying these sorts of dollars for these events but i like you know i'm a fan of the idea though right do we agree on that absolutely i think it's more of a business expense yeah that's just

Starting point is 00:28:24 paying for this it's a good a good way to get out network and the business will cover it and go from there. Me, you, Mark and Twan, and the sponsors will pay. How about that? You do not want me to fucking play golf. Not a Glen Abbey. I'll do a Chidog. But not Glenn Abbey. So we'll do our own Bitcoin

Starting point is 00:28:43 part two. The junior event. A meetup at the ninth hole. A foot long hot dog in a picture and that's it. So this is a pretty cool story. I think you're going to like it. Someone not too long ago that it was terrible with security with his keys. they he lost five bitcoin and he was unable to get access to it for around 11 years and it's been

Starting point is 00:29:06 in this state in limbo since then that's life-changing money yeah bitcoin right like that's a lot and 11 years ago it didn't cost all that much but unfortunately didn't get access it doesn't have access to keys well buddy decided to turn to AI to help and claude stepped up to the plate and they fucking hit a home run what he did he gave access to the computer which he used in college. That was the computer he used many years ago in getting these Bitcoin, and he granted access to Clyde and gave it a go at it. And the wallet file was located and a cloud did its thing to try to decrypt it using BTC recover. And according to him, before he did this, he tried using trillions of passwords to try to get in. And he said he found the old pneumonic a few weeks ago

Starting point is 00:29:51 ended up using being the old password before he changed it. So he thought he was screwed. So the last ditch effort. He gave the college computer to Claude and Malai was able to get it and get into it. And the password was LOL 420, fuck the police. So he said he got stoned

Starting point is 00:30:11 when he changed the password. So you have life changing Bitcoin. Don't get fucking ripped at stone and change passwords to something else. 3.5 trillion password attempts. He tried in his own. None work. That goes to show you to the level of security that it comes to

Starting point is 00:30:27 getting access. This was just an encrypted file. This wasn't trying to guess his 12 or 24 words. And yeah, it was interesting that he used Claude to get this and they managed to get it. So he said he's going to name his first born child after Claude's CEO. Dario. Well, I mean, I'm happy for the guy. I think people should be using AI tools for other stuff besides this. Don't get me started. But, you know, the interesting thing about all the Is it not that the, like, the password difficulty really is the key to keeping your Bitcoin safe? So he lost this thing, you know, how many years ago, who knows? And took him, you know, five, would you say five years, six years, something like that?

Starting point is 00:31:13 Yeah, he lost it 11 years ago. 11 years ago. Okay, yeah, sorry. So, so, like, you know, you've had this stuff sitting around and it was safe that whole time. There's been no, no issues with your seed phrase, no issues with anything. And I think people, you know, people oftentimes if they don't know much about Bitcoin will say, well, it's only a matter of time until seed phrases are guessed. Like, that's just not true. It's just not true. The 24 words especially, you're in a different realm of difficulty there. And there's a reason why people use that level of, you know, quote unquote encryption for secure networks.

Starting point is 00:31:53 It's not easy. There's not enough compute. There's not enough. There's not enough. You know, what is the, what is the analogy? It's like guessing the same two grains of sand in the universe, right? So like you basically pick any two random grains of sand and they're the same one. I heard it was Adams. Adams, whatever. Something insane.

Starting point is 00:32:09 Something insane. Like, if you really break it down, like let's use this one Singapore dollar, for example. How many atoms are that make up this bill? And it's a huge fucking number. But this, in comparison to say the city of Toronto, the province of Ontario, the country of Canada is very small. Then you go even bigger, the world, the solar system, the galaxy, the universe. And it just goes to show you, this is fucking tiny in the grand scheme of things.

Starting point is 00:32:38 There's so many fucking guesses out there. And it's possible you can guess seed words. You can guess the 12 or 24. But the likelihood of doing so, good fucking luck. And maybe one over time, over a long enough period of time, is going to get with traditional computing power or just throwing the darts on the wall, we'll get it. But that doesn't mean it's unsecure. It just means that the person got lucky. I just looked, I just asked, Claude, I'll read the response here. Imagine someone hid a single specific grain of sand

Starting point is 00:33:11 somewhere on earth, every beach, every desert, every ocean floor, every dust speck and every attic. You get one guess. You point out one grain. That's the like, that's the likelihood of getting it on your first try. It's actually worse than that. The seed phrase space is two to the power. 56 possible combinations, which is around 10 to power 77. The number of atoms in the entire observable universe is 10 to the power of 80. So you're not picking one grain of sand on earth. You're picking one specific atom out of a stack of a thousand universes. To put a finer point on it, if every human who has ever lived, about 117 billion people,

Starting point is 00:33:46 had been guessing seed phrases nonstop one per nanosecond since the Big Bang, they would have collectively checked about 10 to the power of 37. So a little more than half of the seed phrases. That's not even a rounding error against 10 to the power of 77. Oh, maybe I'm way off on that actually. I suppose so. Yeah, power there would tell me that. They'd be 40 orders of magnitude short.

Starting point is 00:34:13 You could run that same setup for another trillion universe's worth of time and still not make it dent. You can't do it. It's impossible to do for people who just don't understand. 100%. 256, yeah, there you go. Cracken. Since we're kind of on the topic of AI, I was going to say we're on the topic of Cracken seed phrases,

Starting point is 00:34:32 but okay, different Cracken. Got it. I like that. So 150 employees at Cracken are going to get the axe because they're deploying or they've deployed AI. And furthermore, their IPO may be delayed again. Wow. Shocker over there.

Starting point is 00:34:50 Well, it's the same old story with respect to the IPO. But this is becoming more familiar these days when you look at the AI side, I think, because AI is impacting businesses everywhere. And even Bitcoin-related businesses like Block or Coinbase, they announced recently cuts with the usage of more AI. So this time it's Cracken. And 150 people are going to be leaving over there. And it's too bad for them.

Starting point is 00:35:15 And they've rolled out AI tools to help boost operational efficiency. And this is all in an effort to streamline operations and to come. cause. That's exactly what AI is going to be very good at doing. And so the IPO, we talked about this a few times on this show and delayed again. They say 2027,

Starting point is 00:35:36 maybe, maybe is when it's going to go live. I take it, you're not going to be a day one. You're not going to be lining up. I want that fucking, I want to get in that. Give me some of that stock. You know, the only one that's done really well right after that was Circle. Yeah. For whatever reason,

Starting point is 00:35:53 I don't know if it's now still above the IPO price, but Circle after it IPOed, it suffered a boost in the, like there's a two or three or four X. So that's one of the few that worked. But for the majority of these, they don't. Different business model with Circle, right?

Starting point is 00:36:09 Circle's doing a stable coin too. Yeah. You kind of see why people would place value on that. What is the value prop at Cracken? If this is, cracking is akin to Coinbase in a way, right? Like, if you're going to buy an exchange token,

Starting point is 00:36:23 or an exchange equity, why would you ever buy anything except Coinbase? If you're going to buy a Bitcoin Treasury company, why would you ever buy anything except MSTR, right? Now, you could talk to me about the pref stack on the Treasury side. I get it. But the idea that you're going to somehow siphon capital away from Coinbase on the back of what exactly, especially after the last year you've had C-suite turnover, delays, layoffs. I don't see this. Are they even going to, do you think they're going to IPO sometime this year?

Starting point is 00:36:53 I mean, the years are already half over. No, they say 2027. So they're giving you the indication that's definitely not happening this year. So let's see if they actually make it in 27. You got to imagine, yeah, you got to imagine if we have a sustained kind of bare market, what does that look like in terms of exchange?

Starting point is 00:37:11 What does it look like in terms of IPO valuation? What is the market going to say about your stock? Probably nothing great. This is all 2021 stuff. That boat has sailed. And I just took a look at the price. for circle, just for my own interest. It's sitting now $111 U.S.D and it IPOed 107.

Starting point is 00:37:30 So if you held it since then, it's flat. But it went as high as 240 within a month, less two weeks after IPO. So it jumped. I don't know why something happened. People loved it. I didn't. But I didn't make money off it either way. So I didn't lose either way.

Starting point is 00:37:49 Whatever, good for them. Let's talk about this new ASIC minor. That's hitting the market in June. And it's the Nexus S1BM1373. And this, you can buy it from a few different places, including Bitcoinmerch.com. Retail price is $999 and 99.9. I'll call it $1,000. That's all USD, by the way.

Starting point is 00:38:14 So what this is, it's a low power device, kind of like this, right? and it uses four chips from the latest ant miner S23 over 10 terahash of hashing power 100 watts that is very efficient that goes to show you how efficient the S23 is how many people are going to buy this I don't know but the efficiency it's less than 10 joules per terahash that's fucking incredible stuff yeah it's it's very pricey i don't know i'd rather just i mean i'm maybe biased in this i'd rather stick to toan's things to on's devices which functions as a heater yeah and so you could heat a room or area of the house and still mine for

Starting point is 00:39:08 bitcoin at the same time this i think it's a little more more pricey and although it's very very efficient I think you're probably better off buying something else. Twan's in the sweet spot for home mining, I think. The big problem always, always, always is the price friction. So people can tell you all about the cost per terra hash, the efficiency, the noise. But if the unit is $5,000, you're not going to get a lot of sales. So what do you do? You got to make something that's a little more accessible.

Starting point is 00:39:41 Either you make it accessible through different. payment plans or revenue sharing or you make it accessible through the ticket price. And the ticket price, the lower it goes, the less hash you get. That's the nature of mining. I would suggest people that if you want to mine and you want to do it at home, like obviously Twan's a good good guy to know and a sponsor of the show. But the more important thing, the sort of core that the argument isn't to buy something in 2506 heat.

Starting point is 00:40:07 It's to buy something that makes sense in terms of the cost and maintenance and expectation and, you know, secondary function, blah, blah, blah. This is what I think is important for a home miner. I do expect, though, that people are going to start mining at home more and more because the price of these things is bound to come down. And more and more people are going to go, yeah, for a thousand bucks, I'd buy one of those in a year or two years. And I think you see that already.

Starting point is 00:40:33 You've actually seen it in the home mining space for a long time. When people were buying S-9s, you know, from Kaboom and just chucking them up in their garage and forgetting about them, That was like difficult to sell to your wife, ugly to look at, loud, you know, no real engineering beyond just the ASIC board. Now you have products like Twans, products like this. There's other products too that I think are not as good, but like aesthetically they look okay, like the heat bit. That's what people want. They want something they can put anywhere in their house and feel like it's not, you know, out of place, let's say.

Starting point is 00:41:10 And that's what people are looking for when it comes to home mining. You're going to see more more people getting into this, man, over time, especially in Canada. I think this is really going to come fast for people who are not in the home mining game yet. As you have more of these companies that are publicly traded and not publicly traded, transition away from Bitcoin mining. Totally. That's going to create a new opportunity for people to buy on a cheap. You have a glut of equipment out there that is going to be available.

Starting point is 00:41:37 So that it's going to make it even more lucrative to buy a device. and either on your own or get one that it is fabricated to heat like what Twan sells. And that's just going to be, I don't say a renaissance for home mining, but at least an opportunity out there that may not be available in the past. And keep in mind, we have the halving coming up in two years, two years. So if you're going to want to mine, you want to take advantage before that halving. The price, Bitcoin, man, what's going to happen during the having? because, you know, as the price, if it stays stagnant, man, Bitcoin miners are going to take it in a fucking teeth.

Starting point is 00:42:16 I could be even more opportunity to buy because they'll just continually sell their equipment and it'll be just, you know, flooding the market with equipment that's going to be even cheaper. I don't know. We'll see what happens. It's good, though. Like, all these things, the slow burn of, I shouldn't say slow burn, the slow destruction of the industrial miner is going to be an interesting. you know, variable for hash rate, for price, for a number of different things in Bitcoin over the next little while. Even if you pivot to HPC successfully, you're going to still wind up being a forced seller of the Bitcoin you mine, probably at some point. So, you know,

Starting point is 00:42:51 the weird thing about the miners is that I don't think they ever expected to play this much for a role. I think they thought, you know, NGU, we'll get the hardware, we'll sign power purchase agreements, and then we'll just keep rolling over and doing it again and again and again and with the same providers, we'll build relationships, blah, blah, blah. AI completely nuked the model. And so the miners that are holding on, I don't know what they're holding on for, but it ain't going to work. If you're a publicly traded miner, I think you've got to start planning your exit before

Starting point is 00:43:20 it's too late. This is a Bitcoin adjacent story. And I want to talk about brains. Brains, they are the mining pool company. They're the creator of OS's. So people that want to run firmware on their A6 and make them more efficient, that's what they do. They also have the Brains Deck, which is similar to the block clock that I think offers a little bit more data than that does. But either way, they are expanding by acquiring CAMS capital, CAMMS.

Starting point is 00:43:55 That is a CFTC registered commodity assets management firm. The question is what is the synergy here? Yeah, why? Exactly. That's the question. I mean, is it trying to help bring the Bitcoin across the threshold from continually being honored or respected as a commodity? I don't know. Bridging the gap between mining because they have the Bitcoin expertise and commodity trading.

Starting point is 00:44:27 Okay, great. But I don't know what's the benefits from this long term from this. move. I don't know why brains wanted to even consider doing it. It seems like it's going way outside their wheelhouse. If you ask me, I don't know. I always had good ideas. I got a lot of respect with brains. They also recently started up that market for you could purchase Bitcoin hash rate on market price. So you don't have to, you don't have to have your own equipment. You could just simply rent it from them. And people were doing that. And some people were actually making good money by building blocks.

Starting point is 00:45:02 They were doing stuff that's Bitcoin related. This comes around. This comes around. I'm like, what the fuck is this? I don't know. Maybe you could help figure out what the, maybe I'm missing something that's just. I don't think you are. I mean, you're definitely missing something, but I don't know what it is either. Like, I have no idea what the, what is the relationship between these two businesses. I don't know. I don't know.

Starting point is 00:45:24 It just seems very odd that they want to do this. Just. Well, as a leadership team there, been there, been there. the same since like we started CBP. Obviously Gandalf was there for a while, Dan. He left years ago. But I think most of the other people that I kind of know as the brains team are still there. I think you're right.

Starting point is 00:45:45 So that's kind of weird that these guys suddenly are going this direction. It's complete their wheelhouse. It just seems really. I don't understand why they would do this. They got an email from Netanyahu to this is the direction the company has to go now. considering they acquired them and it's not publicly disclosed the price of it. So we have no idea how much they spent. How do they accumulate this money?

Starting point is 00:46:10 I guess it's through all their everything they do in brains itself that was able to generate revenue or profit. But couldn't have been better deployed somewhere else? It seems like it's just branching out into fiat more than anything else. I don't know. I'm not, I don't, on the surface, I'm not a big fan of it. Right. I could be proven.

Starting point is 00:46:29 wrong with this. I don't know. I was just hoping somebody could make heads or tail to this. What do you what do you make of like what is the gain to be had here? Even if you like that's the other thing. Like even if the speculation we're kind of coming up with here on the fly is correct. I don't see the gain to be made by other company to be honest with you. So I don't understand why they're doing this. I guess we'll find out. We'll find it over time. It's like we decide to buy a fucking car. Yeah. And just run Uber Eats with it or something like that. Great. I actually start streaming from the Uber Eats car instead of from the house. So ladies and gentlemen, if you want to see this take place,

Starting point is 00:47:09 don't send a boost. They want this. That would be amazing. So even not just Uber Eats, but even Uber in general, because you could get the passenger in the back of the car. True. You could just fucking talk to that person with a fucking Bitcoin.

Starting point is 00:47:23 And at the end, you look to see your review and see if it's a, it could be five star. hard money dude five star all the way recommend so yeah if you want it let us know maybe we'll make this happen maybe it makes sense for them to get cams capital anyways bitcoin let's talk about one more story because there's so fucking much sure brown world stuff to talk about bitcoin ordinals the system that enables i knew this arbitrary i knew this was going to somehow make it into the a block we have to we have to talk about it i love it you know what would the fucking spanishabre

Starting point is 00:47:59 out there. They tried to create this movement that there are rare sats. One sat is one sat. I don't care what you fucking tell me. And if you really want to understand the impact this had or has on Bitcoin, sink a node, do an IBD. And then tell me when things start to slow down, understand why things start to slow down. And it's because of this garbage, because the node itself has to fucking just deal with more

Starting point is 00:48:28 trash that wasn't there in a past. Well, ord.io, that's the NFT Explorer, is going to be shutting down as of June 1. Fuck them. The reason for shutting down, no more money is available to run the project. I am

Starting point is 00:48:46 fucking amazed that this is even happening, that they just ran out of money. I'm shocked. But fuck them. And the people that are associated with this and I've mentioned their names in the past many times. They don't deserve to be named again. But fuck them all. All this does is just creates more problems for node runners.

Starting point is 00:49:06 It's more spam. It increased the dollar value of every transaction for a period of time. There was no net benefit from this. These people are just trying to rip other people off. That's it. That's not fucking Bitcoin. That's chicoinery. And they brought it here.

Starting point is 00:49:22 Good to see this thing shutting down. I love it. I have no comment on this except that once again, you were correct about the direction all this would go. The thing will eventually work itself out. The cost of doing anything with Bitcoin, there is, you have to use Bitcoin itself. Yeah, there's a cost.

Starting point is 00:49:40 Yeah. And there's only a certain amount. Now, granted, you could exchange an unlimited currency, which is every fiat out there for Bitcoin. But let's be honest, over time, you just, that thing gets devalued. So it gets harder and harder to send Bitcoin. for fun.

Starting point is 00:49:59 Eventually it's going to be done for you need to send it. Fuck them all. Good to see this thing closed. I don't want to see any more fucking garbage on Bitcoin. TTIL, man. TTIYL. Obviously, yeah.

Starting point is 00:50:11 And more to come. This is just a step in the road for a story that has yet to be concluded. Let's go to the back half. If you're with us on audio, come back half. If you're up with us on video, one of the hundred or so people here

Starting point is 00:50:24 on holiday money, that's not bad. Hang in. We're going to be right back with all your favorite stories from the Notable North section of the podcast. Len used the other name earlier, but I'm going to keep it clean, Notable North. We will see you in a second. And don't buy the Cracken IPO.

The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - HORMUZ SAFE - Bitcoin For Oil in Iran | Canadian Bitcoiners Podcast 265 Pt 1

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