The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Illinois Signed the Worst Bitcoin Law in US History. Who's Next? | The Canadian Bitcoiners Podcast

Episode Date: June 23, 2026

Illinois just signed the most punitive digital asset tax in US history — a 0.2% fee on every Bitcoin transfer, purchase, and receipt. Effective January 1, 2027. No exemption for transfers to your own wallet. And out-of-state brokers serving Illinois residents are captured too. This week on Canadian Bitcoiners, we break down exactly what the Illinois Digital Asset Tax Act does, who it hits, and why the Crypto Council for Innovation called it "the only state to punitively tax customers simply for receiving digital asset activity."But Illinois isn't the only story. The Federal Reserve proposed bank-style KYC requirements for every stablecoin issuer on June 18 — five agencies, joint rulemaking, comments close August 21. Stablecoins are officially becoming banks. Microsoft disclosed a Tor-based clipper malware campaign (Trojan/CryptoBandits.A) that has been running since February 2026, stealing Bitcoin seed phrases from clipboards and redirecting wallet addresses to attacker wallets via USB worm propagation. If your seed phrase ever passed through a shared Windows machine, you need to hear this.On the Canadian side: Prime Minister Carney's first federal budget cancelled the luxury tax on private jets and yachts — the only item in his budget that makes something cheaper — while Durham Region closed a homeless shelter and homelessness spiked 77% in eight months. Strategy's preferred stock STRC hit a record low of $87 against $100 par. Binance exits the EU on July 1. Jack Mallers' $140M XXI stock option package gets scrutinized. Bitcoin mining difficulty dropped 10% in the 11th-largest downward adjustment in network history.The week's thesis: every financial instrument that isn't Bitcoin is being taxed, tracked, or banned. Illinois taxed transfers. The Fed KYC'd stablecoins. Binance got pushed out of the EU. Bitcoin is the last lane still open.⚡ Canadian Bitcoiners Podcast — Bitcoin news for Canadians, every week.————————————————————————————————SPONSORS🔒 easyDNS — Canadian-owned, ICANN-accredited registrar that has accepted Bitcoin since 2013. Domains, DNS, email, hosting, all without selling you out. Use promo code CBPMedia for 50% off your first purchase, no limits. → https://easydns.com⚡ Bull Bitcoin — Canada's non-custodial, Bitcoin-only exchange. Founded 2013 in Montreal. They never hold your keys; you self-custody from day one. CBP listeners get 25% off fees for life. → https://app.bullbitcoin.com/registration/cbp🔥 256 Heat — Hashrate heaters: Bitcoin miners purpose-built to heat a space. Every watt of electricity becomes heat AND hashrate, so you're warming your space and stacking sats at the same time. Custom solutions available. Tell them CBP sent you for a discount. → https://256heat.com🎓 Bitcoin Mentor — One-on-one coaching to take you from "I bought some Bitcoin" to true self-sovereign ownership. Wallets, keys, collaborative custody, inheritance planning, node setup, the whole stack. 30-day money-back guarantee on every package. → https://btcmentor.io/aff/joey————————————————————————————————FOLLOW THE SHOW🎙️ CBP — https://x.com/CanadianBTCPod👤 Joey — https://x.com/joeytweeets👤 Len — https://x.com/thebtcpricebot————————————————————————————————

friends and enemies. If you are a Canadian who is looking to buy a jet or a yacht, boy, do I have good news for you. If you are an Illinois resident looking to move your Bitcoin to a personal wallet, the news is not so great. All that. Plus, of course, the latest and greatest from the collapsing Canadian country. Ah, man, what a day. What a week.

Looking forward to talking to you guys. Here's the intro. And so, you know, the government can say whatever they want about this thing, not competing. 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. 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 inform. Listen to Levin Joe E. Spots is taking care off right off the top of Bitcoin. Easy DMS, the media is feeding the slop. Hitting the ground running, boil. What's a good word over there? How you doing? How is my favorite co-host? Stay warm. I am chilly.

How about you? It's a little cool here. I think the basement here is significantly colder. But that's fine. No big deal. I should have turned Twan's heater on, but I didn't even think about it until just now. Yeah, man, busy Monday today.

We got a lot of talk about. Just finished up BitCast. Now I get to spend some quality time with the CBP audience. And of course, you lend. First, of course, though, the sponsors, ECDNS. Mark rolling out a cloud bot for you if you want. Use our promo code there, get a month for free. Try it, why not?

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What else you should load up, Joey? Corn. Bitcoin. Right? And where are you going to buy your Bitcoin? Bull. Our guys. Yeah.

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other parts of Latin America, Western Europe, and who the heck knows? They're available next. You know what? User code below to sign up If you haven't done so, if you do that, all your buys and sales forever are going to be cheaper. So what the hell you're waiting for? 25% cheaper if he's a promo code.

You cannot beat that. The only way you get something for less is if you're buying a jet or a yacht. Let's do some boost. We'll do a little housekeeping and then we'll hit the ground running here. We've got a lot to talk about. Only one. Bear market boost. It's a bare market boost.

Yeah. So it's from everybody's friend with it, specifically yours, Hammertown OG, 2,500 sats. And he writes it. And great work, guys, keep it up. Buddy, it's always up. Let me tell you that. Always fucking out. True.

I should note in the housekeeping section here, so if you go to Bitcoin Broadcast, I was on with my friend Vince a couple weeks back and he just put that up last Tuesday. So I didn't get to say it on our show. I should have. I can't remember if I did or not. Maybe I did.

Maybe I didn't. But it's a really fun interview. He's got a lot of good feedback, which is a lot of fun. One other sort of tangentially related thing. Somebody recognized me at the park last weekend. And I forgot to say, number one, great to see you. And number two, sorry if we'd met before and I didn't remember your name. So I hope to see you again here in the lovely town of Dundas at some point.

But yeah, I forgot to bring that up the other day. But felt bad about that one. It was early in the morning. I was with my daughter as busy, you know, busy a.m. stretch for me there. I was single parenting. Anyway, let's talk about the Illinois Bitcoin story. All right. Let's talk about it.

Crazy. Yeah. We haven't talked about Illinois for quite some time. Dave, you know, kind of missed those Chicago-centric stories. But here we are. We got a couple today if you want them, right? That other one. I do want to talk about it, but I don't think we should.

Just for a couple of reasons. There's so many things to talk on the back-happ. This is one that may be just too close to the sun. I don't want to touch. Either way, this one, Illinois, you keep doing it. This is a story how things could get really nutty with Bitcoin. and this is the digital asset privilege tax act privilege tax act this has been signed off into law so it's not something that's being debated this is something that is now in effect and it starts

on january 1 2027 is that when it officially will start impacting people who want to buy Bitcoin or even Chitcoins in the state of Illinois. And if you do, it's not just buying. There's also other things I'll talk about it. You're going to be subjected to a 0.2% transaction based tax.

It's not a capital gains tax. We're all familiar with this because at least I hope I think we're all familiar with this. But this goes way beyond that. This is exchanges they're going to be charging this tax for residents in the state of Illinois who buy or sell or even move assets between wallets. It's not applicable for private wallets.

So if you have a private wallet and you go from one to another, it's not applicable for that. It's only applicable when you're dealing with an exchange. Considering how many people love to leave stuff on an exchange, this might potentially impact them. So why did they pass this? If you ask me, it's asinine. You're essentially just taxing people from moving Bitcoin or buying Bitcoin. It's just an added tax.

Granted, not very much. Zero point two percent transactional base, but it's still, it's another tax you have to pay. But the reality is, why the fuck not wouldn't they do this? Who are they impacting? Right? It's essentially just, and I can't believe I'm saying this, it's free money. It truly is just free money. I don't agree with it, but.

in terms of who you're going to piss off. How are they going to enforce this? What is the plan for this? The exchange is going to have to do that. The exchange so much, though. The tax wants to capture transfers between personal wallets. No, no, not personal. This doesn't apply to private wallets.

This only applies when you move from wallet to wallet within the exchange. So if you move from one exchange to another or even within wallets within that same exchange, you're then subjected to that tax. If you move it from one to another, say from you have a cold card, you have one that has the pass key and one that doesn't, you could move them through each other and no big deal, right? The pass phrase, sorry, not pass phrase. You can move it, no problems there. But if it's on the exchange, it does apply there.

So that's why it's going to be applicable. That's why it can be done because it was going to be done on the exchange level. If the exchanges want to do business within the state of Illinois, they're going to have to follow suit with this particular law. So it's not going to be that hard to do it. They estimate this new revenue is going to be generating about $60 million annually. It's not a lot. You know, that may be enough just to get one city run or Chicago city run grocery store,

just enough to have it looted and restocked. But other than that, like, it's still just free money. In the end, I look at this and say, what a fucking joke. This is the way things are going to be trending moving forward. They are not, I'm saying it's just the proverbial day, everybody out there, They're not going to help out Bitcoiners whatsoever. They're going to look at it as a way to generate money. That's fine.

You know what that does for other people? It makes them learn how to use self-custy services, which they are not, this tax will not be applying to them. And they're going to eventually give them the big middle finger. Just like that guy's God Saul or whatever to fuck that guy's name on. God's sad. He's talking about this eggs attacks. And, you know, I don't want to say how to get around it.

But we all know, like, I don't know. say you should do it, but theoretically there's one that exists, right? It's just going to push people to this fucking, this way of doing things. So good luck, man. Good luck, Illinois. I love you. Yeah, I don't understand why Pritzker thinks this is a good idea. I suppose that, you know, the voting block who holds Bitcoin is probably so small that

it doesn't matter and everyone else hates people who made money on Bitcoin. So, you know, they're going to be a popular political group enforcing this kind of thing. The interesting piece, though, do you know who I think is dominant? South than Chicago or in Illinois is strike. So, like, are people who buy Bitcoin going to be now subjected to this new tax? Only Illinois, Illinois residents. Not businesses. No, it is businesses.

It is businesses. Yeah. That's a big problem. That's a big problem. So what do you do if you're, you know, like, what is strike supposed to do now? They got to pay an extra 0.2 or find a way to charge an extra extra. 0.2. Is that what I'm hearing? They'll go to Delaware. Maybe. Yeah. I mean, that's the Wayne's World Way, right? You know, what's funny about this too is the idea that they're going to

collect 60 million on this is so laughable. As though that money's not already spent 10 times over week by week in Chicago, you know, Chicago, Illinois on police services and mayoral scandal, lawyering up. And I mean, now this whatever, Femmicide thing is going to cost a million dollars. Who knows what the hell that's going to cost these guys in terms of actual money. It's like crazy, you know, the stuff that these guys think, the money these guys spend the things they spend it on.

And that $60 million is just going to lead to people, I think probably, Len, like the most productive people, maybe the people with the most capital. Bitcoin is a huge capital pool, obviously, at this point. They're going to leave the state. You know, they're going to leave the state. Because what do we always say?

say, this is the way things start, right? First, it's exchange wallets and exchange buys. Then it's all transfers you got to pay. Now that we know which wallets are yours, you got to pay off those wallets. They're going to start doing chain alices or purport to do chain alices and try and catch you sending money to your barber, sending money to your friends, paying your fantasy football dues. Just fuck off. These guys are unbelievable. J.B. Pritzker, by the way, to give you an idea of what kind of absolute pig this guy is. He owns a second home in, I think, attached to his primary residence, where he had all of the toilets removed.

So he could make the case that that home is not inhabitable and therefore shouldn't be subjected to property tax. It's like, quote, unquote, a shed on his property. This guy's a fucking dickhead. Not to mention he's like 600 pounds, okay? And his sister looks like Mrs. Dale Fire. go look her up or his cousin. Don't go too deep down that Wikipedia rabbit hole if you know what's good for you.

These people are fucking idiots. They want to do all the things that you're not allowed to do. You're not allowed to transact privately. You're not allowed to exist outside of every single punitive tax they can come up with. Now, the bright side here is that it sounds like since you gave this stories to me on Saturday or Sunday, they may start looking at walking this back a little bit. But the question that I think because it's just wildly unpopular, people don't want to see this stuff. I get that, but the people

that are against this are they a huge voting blocker? They're going to... I don't know. Especially in the state of Illinois. Let's be honest. In the state of Illinois, do you think that those these people, these bick-cointers, don't think so. They're going to move the needle? Exactly. I mean, I'm looking at this in terms

of a political lens. And I'm not sure why they would want to try to appease this group of people. And I would be part of this group of people. But you know what? Like I go back, it's free money, but it's stupid free money. Just because it's free doesn't mean that it's going to be without consequence down the

road. You're talking about people picking up and moving and asking more taxation dollars, you're going to be less taxation dollars you're going to be collecting through sales and through all kinds of bullshit. It's going to hurt you in the end in the long run. But you know what? And in the short run, I say, oh, this is great. Another potentially 60 million. And you're I guess questioning if that number is even valid. But where it's even spent three times over, as you say, it's, it's fucking bullshit. But it's unfair. accumulated wealth or however they frame it, right? They'll figure out some way to paint it to people like it.

I think we're going to see a lot more stuff. And this is kind of creative. I have to give them credit. This is rather creative in terms of having things done. But when's the next jurisdiction that's going to do, California, New York? Right? I could see it happen. California's already got tons of hairbrain stuff like this, right?

They, you know, they're no stranger to punitive taxes. And that's really all this is. Because as we mentioned, and as I think any common person, whether you're a Bitcoin or not understand, 60 million is like a drop and a drop in a drop in the bucket, you know, whatever that budget fractal looks like for you. It's a very, very small, you know, decimal place percentage of what the actual expenditures are week to week. And the worst part, the worst part is that you can say a lot of things about Bitcoin businesses, but what you can't say is they weren't innovative, right? These guys innovated in a big way. And I think that it's

unfair to force this kind of legislation on them when really they're one of the only businesses over the last five years in the financial services industry that innovated. And now you're just going to punish them for operating in an asset class you don't like or because they're mean to you on Twitter or whatever. These people are just like the worst. But this is not news to you and me or to people who listen and watch this show. This is just exactly the status quo at this point. The Honorable Brendan might be able to accumulate more gifts in that adjacent room.

If somebody decides to open a door and takes a look inside there, there might be some extra things. And it might be from, who knows, definitely not Bitcoiners, right? Pritzker. Can you Pritzker's given him any guess? I'm thinking more along the lines of Senator Warren, maybe. True, true. Pritzker, just an absolute rhino, that guy. Like him and Chris Christie, just like, the poster boys for American, like, glutton living. Talk about high off the hog. Like, I love that phrase, by the way, because it tells you, like, that, that phrase comes from where you're cutting the meat, right?

So you're living too high on the hog. You're not eating the rump or anything like that. It's all the good meat you're eating. That's exactly what these guys are about. And they're doing it on the taxpayer dime, which is just fucking sickening. Speaking of eating good meat, it looks like that 21 capital's own Jack Muller's

might be earning quite a bit of money through his endeavor as being CEO over there. Now, the question people are asking is how many shares is this guy getting paid? And somebody were throwing on the number that he's getting paid 12 million shares, which could be worth north of $60 million as of this weekend's price. But I think if you dig deeper, that number is quite a bit lower.

I think the number is really around 1.6 million shares is what he's eligible to get, which is not quite the 12 million, but still nothing to sneeze at. And the majority of these shares, about 80%, they're locked up and he can't sell this stuff for some time. So one thing that is for certain is that these shares, the price of it, is going to be bleeding over time. So worth, you know, quite a bit now. But, you know, by the time he's able to sell it, it's going to be worth quite a lot less.

And also when they're sold, it's going to drive down the price of the, of this company, or at least per share, because there's going to be more shares out there standing or at least more shares out there that people could buy. And who the fuck knows? I'm not a big fan of this. I do know that you had a little bit of a tiff with, uh, Mr. Muller's. I'm not sure if you want to, uh, I didn't have a tiff, what, that one tweet?

Like, look, there was a clip that he posted. and someone somebody somebody I think it's TFTC that posted it yeah yeah yeah and you're saying that it was a if I recall correctly a brain dead take or something along with the line just a brain dead clip like

it's just so frustrating and actually I didn't realize that it's actually green candle on the other side of that interview so you know Brandon no offense but like this is one of the things I'm frustrated by and I said it on Twitter I said it on BitCast you're gonna find these guys who were once big names quote unquote names in Bitcoin

basically going to anyone that'll give them a mic because no one's buying the vibe or the equity anymore. You know, just ask Michael Saylor. Sailor's experiencing this firsthand in a way that I don't think anybody thought he would. And, you know, it's interesting to watch 21's, I mean, can you call it a success? I don't know. The stock is down, you know, a significant amount of money since inception. And I think maybe more importantly, you know, Jack is taking a victory lap in public domains,

public domains for asking Sailor how he's defining how he's defining MNAV and I think also how he's defining accretion. Somebody with the balls to do it should ask Jack how he defines Bitcoin Treasury company because he keeps on saying a 21 is not that. It's something else. That's fucking bullshit, man. It's fucking bullshit. These guys are in bed with tether and cancer Fitzgerald.

Fine. But don't pretend that you're the same hoodie yo guy from a few years ago. I've always had a problem with that. And I think that this guy has been proven to be a little bit of a false profit. honestly. I can't, I can't, like, if you don't understand why, I'm not going to waste time fighting with you about it. And not that you're doing that, but I just am like so tired of people pointing me to this guy as one of the best bitcoinsers. He went from, you know, bringing people to tears buying a Diet Coke in a bodega during a Bitcoin conference video to running a treasury

company, you know, where is the, you know, vision that we were promised. I don't, to be honest with you, I don't think it's there. And also, Bitcoiners now, I think, and you see this a lot with, with, you know, I'll talk about Francis. I always thought Francis was a good Bitcoin even before he sponsored our show. But if I look at the way Francis carries himself and what he's doing with his life and the things he's talking about, he's talking about important cultural issues, economic issues, government issues, really going to the mat over things that will matter not only to him, but to his children. And I think that maybe Jack will come out of that a little bit if he ends up having a kid or starts thinking about things in terms of the future a little bit more personally than he does now.

But for now, all I see is the same kind of calm strategy that he's always had and people just aren't eating it up anymore, which is why that kind of clip makes it to my feed. And it's like, AI, job loss. I don't need, I don't need him to say that to me. And neither does anyone else. Neither does anyone else. And if you look at, you know, that clip in others that he's done, it's like, you know, why are we talking about this? There's more important things to discuss, like privacy, like, you know, is Tether your partner going to be a de facto CBDC at a time when every government is looking to roll out CBDCs? Like, how can you call yourself a visionary or a Bitcoin or if that's who you're partnered with.

Give me a fucking break, dude. It's fine if you want to make money, but admit that that's the goal and stop, you know, larping as a freedom guy or a revolutionary. No one's fucking buying it anymore, nor should they, to be honest with you. He talks a good game, and people love that.

And when he's doing it from the closet, the empty closet and a shit like that, it's a great schick. I'm not saying that people should lap it up, but people are. And that's the reality. Totally. It's too bad.

And, yeah, people sometimes have a very difficult time getting the message out of what's being said. Because they may be a good talker, but in the end, if you really dig down deep, there's really no substance there. Yeah. Like, what do you believe in? What do you believe in? You know, like at the risk of fucking causing myself a significant amount of personal

difficulty, you could at least say that I'm on here every week, saying the shit that I actually think, you know? I'm not fucking masking the things that I think. I'm not trying to make a Fiat buck saying the popular thing. It's just not what we're about. It's not what we're about. And it wasn't what he was about at one point either. But now I don't think there's much of a discussion to be had about that.

Well, he's crossed the threshold to become a suit coiner. He's now a CEO of this. If something happens and he voluntarily leaves or, you know, there's still a chance that he could redeem himself. I don't think the story is totally complete yet. But I think it's, I'm going to guess how it's going to be written. I think we're all going on the same page. It's going to be, you know, he's going to be in this suit corner world for quite some time and, you know, he'll try to get everything out of it.

I mean, if you look at his lineage, too. I know. And like, we don't, I don't often like beak off about the fucking Epstein stuff. But his partner in crime, Lutnik, was in the fucking Epstein shit a bunch. Like, they were buddies. You know, like, where's your fucking moral compass, dude? I don't know. It is frustrating to watch how this guy, in my opinion, has like really declined in terms

of credibility. I don't think, uh, I don't think there's any, there's no discussion to be had about that. I don't think. People, you know, once they get money and they get more money and it's hard to get rid of it, whatever they're doing. It's destroyed greater men, right? Definitely. Definitely. They come with a wheelbarrow full of money. Okay, let's do it again. Just like a strike, STRC, right? Like that's another one that just very quickly. They posted that strategy did post that they have 32 years worth of dividends in order to cover or Bitcoin reserves a cover of dividends.

32 years worth, but not too long ago, it wasn't 32, it was 71 years. So the number went from 71 to 32 and just about, you know, they lost 40 years, just about in just a very short period of time, which is that troubling to some people? Maybe not. Maybe it is. I mean, I don't know. I mean, if they do have to start selling their Bitcoin to meet these obligations, 32 becomes negative 32 in a very quick period of time. I would say in a nanosecond. So I'm looking at this is not a good thing, when you try and compare it the trend. Good on them, you know, hopefully they make it,

but if they don't, whatever, my Bitcoin's safe, I know it's going to take a real fucking pounding in terms of their price, but the number of stats I have, to be honest,

not going to change. It's going to be the exact same. In fact, I'll probably have more the next day as a result. So I don't give a fuck what happens to him, but I hope a lot of people,

in the end, this could really impact people if they just don't fucking read the writing on a wall, just seems like something's there. As TRC, you know, the problem with these treasury companies is twofold, right? I talked about this last week.

You have to have, maybe I didn't talk about it on our show, actually. I think I talked about it on BICAST. But the reason the STRC is having so much trouble is that SETA, the other, the competing one from Strive, the competing dividend, does their dividends daily? Okay. So what does that mean? It means that if you want the dividend, what are you doing? You're buying, you're buying SETA at night, right before the market closes, pushing it back close to par or past par. And then in the morning, you're selling, going into the market, playing the NASDAQ, playing Ibit, playing whatever you do with your money. At night, you come back for the daily dividend.

You get the dividend, do it again, do it again, do it again. Sailor wants to pay every two weeks. I mean, what's the point there? The market's telling you that they want the dividend, number one, more frequently. And number two, they're telling you they don't care about your comm strategy. the fucking digital fortress, digital real estate, the rocket ship AI thing, what they want, okay, is that dividend regularly. And I think there's a case to be made that what they also want is no, you know, weird debt, you know, story that's got converts and it's got, you know,

stuff rolling over for the next two years to the tune of $3 billion. He's got an operating business that, you know, only makes about $40 million a year when his obligations are about $100 million or $40 million a month, sorry, when his obligations are about double that or a little more than double that in terms of the dividend on STRC. The other problem he has, and you mentioned it here, you know, that they cut their dividend outlook, right, by about half to 32 years. The issue is one of cascades, right? You don't, you're not going to get an opportunity to pay the dividend for 32 years

if suddenly you only have 20 years of dividend, right? If suddenly that number is 20, that number is going to go from 20 to 10 a lot faster than it went from 32 to 20, just that. Just ask FDX how that goes. Ask any of these guys who've blown up over the years. Once there's blood in the water, people will come for you. And we've talked about this before. Wall Street doesn't like this guy.

What is there to like about this guy? If you're a Wall Street, if you're a Wall Street vet, if you're a CEO, if you're an investor. We already know that his move to get that product into institutional hands has more or less been a flop. STRC is like 86% retail, 87% retail. And I think that there's also something to be. said about the way that he put Fong Lee in the CEO chair and started doing communications, I think going out on a limb a lot of times, even though he's been on friendly programs and platforms way more often than not. He goes out on a limb now. The things he says, the messaging,

I think is pretty extreme. Now you even got Fong, who I think has been the voice of reason Com Cool collected on the earnings calls, on Twitter, now saying, today I just bought a million dollars in STRC, I'm holding it until it goes back to par and maybe longer. That's not responsible messaging. And also, it's probably not even SEC compliant, to be honest with you, but those guys are like toothless now too. Don't do it again, guys. Like the whole thing, the whole thing is just nuts.

And the vibe, you know, to the, maybe I'll close with this and pass it back to you, people care a lot about vibes now. Because you can park your money in almost anything when inflation is at 3%, 4%. Printer starting to think about warming up again, Warsh talking about getting rid of forward guidance and redefining inflation. And like, you know, these things, these things should tell you that you're going to be able to invest in almost anything. And right now, if you parked in STRC, you're down 14% on your principal, only getting your dividend twice a month while, you know, the NASDAQ is up 8% in a month. Or the S&P is up 8% in a month. or NVIDIA or Sandisk is up

a thousand percent in a year, blah, blah, blah. Like, this is the way that things, this is the way that things unravel. And I appreciate that Sailor's trying to make this point that he's got the 30 years of dividend. But man, Len, in the information world of today, that 30 years could get erased in a fucking

heartbeat. As soon as they start selling it, it goes from 32 to negative 32 in a nanosecond. Yeah, it doesn't take long for that to happen. And you know what else too? He doesn't want to sell Bitcoin. Doesn't that tell you he doesn't want to sell Bitcoin because he doesn't like the way that that market

moved treated him. And you know how you know he doesn't like it. And you know how you know the market responded. Bitcoin up today, strike or MSTR down. People are not buying this dilution shit anymore. They're not going, I know, but it never used to happen. Now it happens all the time. It happens. The one thing

people love, I don't know, like you were saying vibe, I think people like something else more than that. They like fucking results. And the results of the one that's going to be, you mentioned one of them, the daily dividend. That's one results versus twice a month. That is huge. Another result, 13% versus 11.5. That's the result people care about. People are not buying STRC because they're Bitcoiners. You probably have a few

of them do, and a few of them that maybe just love Sailor. But the reality is the people that are doing that is they want the fucking gains from that. And if there's something else, there's a competing product that is able to provide more. They're going to flock towards that. It only make sense is they don't give a shit that Bitcoin, that's sorry, that micro strategy has more Bitcoin. That does what's the say to? Who do you fuck strive? Who the fucks?

The Vec is involved in that somehow. They don't give a shit about the fact that they have more Bitcoin, that strategy has more Bitcoin. They just want the fucking 13% daily gains. These guys, they have to change their strategy to go from 13 to 13 and a half. And instead of giving daily fucking, they got to give

dividends by the minutes. They got to be fucking very creative here. They got to be fucking very creative here. and then just out Fiat those other guys in the Fiat world. Let's see if they get the by minute, then of course, by the second. It is funny. Because you're right. It's like it's like gamifying it, right?

Like they are totally going short time horizon. Fiat games like dopamine hit. It's amazing. It's so good. Can you imagine by the second the dividends? You see like fucking pennies come into your fucking. That's funny. Just rolling in.

That would attract people. Oh, totally. Yeah. Well, you know, let's talk about this beauty story out of Gulf Ontario. And some guy used a Bitcoin ATM this past April. And he put money into it, got Bitcoin. This is the stuff that normally happens. It's not the fucking, you know, this is what you do with the Bitcoin ATM.

But the idiot didn't just leave it like that. He wanted to go an extra step. He came back the next day to break into the machine and get the money that he deposited into it. And all this happened at a business located on Speedvale Avenue East, for those who are familiar with the area in Wealth. And that was on April 24th. Police were called to the business because the owner arrived and he noticed his front door was broken into his smashed open

and the Bitcoin ATM was a fucking mess. The guy went to town under that. And so he looked at the security footage and didn't take long to figure out who was the guy that did it because he was just there less than 24 hours earlier, the same location to buy fucking Bitcoin. What a fucking idiot. And this story, just incredibly like,

this reminds me of the Hamilton versus Branden Man, we might have to fucking expand it to throw in Guelph just for the hell of it, a three-way dance. But no name has been given yet. But I'd love to know who he is. I would love to interview this guy to go on to his brain and figure out what his fucking motive is. What he was trying to do here? Because we've got to get to the bottom of this. This story is just beautiful stuff.

And it encompasses so many things that's wrong with society as a whole, but maybe the area as well. I want to get more information. What did we say? I think we were talking to Mark about this offline. This could have been any of us, going to the Bitcoin ATM, to get money back because we feel like we got ripped off. Like, you know, if you've been buying Bitcoin the last little while, you definitely didn't get what you wanted.

I'm taking my money back. I'm taking it back. I'm down 10%. I should have bought the Seda. I would have been up 13%. That's right. I see Greg in the chat too. My mom gets 78 cents a day at USD and loves it.

And it's kind of fun. I got to be honest. It'd be fun to see it drip in like that. Anyways, Bitcoin mining. It's so fucking Fiat that bullshit. You know, like I don't. want to get it. I think actually I kind of do want to get it to this past week. And the discussion was like what happens when you have to leave and, you know, the exit tax and the access to your money and stuff like that. Like, it's just, when shit gets fucking hairy, you don't want to be collecting 13 cents every day from your fucking, uh, your SAT earnings because you know, you never, you know, never get it in the end because you got to wait three days for this to clear and then three days to go to the bank and shit like that. My, and I don't know if I told the story, my mom. bought a car. Did I say this on air before or no? My mom bought a car just very recently.

And there was a delay in getting it because she obviously, she wanted to use some of her TFSA to get the car. So she sold that and then moved it to the bank to buy it. It was like a long delay. She's like, what the fuck? This is forever. Yes, it is. My fucking takes forever. You know, use Bitcoin. The thing is instant. It just goes to show you when you want to get something. It takes when you want to get in a market. It takes fucking time. She was impacted by that because she wanted to get that car. A-SAP, but couldn't do it. I think wealth simple now doesn't actually do the T-minus-3

or T-plus-3. I think they do it day-of. So you can withdraw and get the withdrawal out to your bank account before the trade settles. They just front it. I'm pretty sure. I want it by the minute. We need to be the same-minute withdrawals. Yes. Yes.

Yeah, you see, like, fuck. Then somebody else is going to do by the second, right? You got to just Fiat the next guy. Let's do this Bitcoin mining story. And those who are Bitcoin mining sure have noticed a bit of a jump this past week because the difficulty adjustment, they went down about 10%. And this is one of the biggest jumps downwards in the network's history.

And a lot to do has to, because the Bitcoin price, right now we're sitting at $64,000, that's impacting miners out there. And they may have to just turn shit off until things get a little more profitable for them. Or, but there may be the potential for them to just not energize those A6 and just go into data center, going to AI bullshit, right? And it's more lucrative in your business. Why not? Number go down when it comes to difficulty adjustment as a result.

Also, we have a heat wave going on in Texas. A lot of mining is going on over there. So it could be that some of the equipment over there is just, you know, unfortunately being turned off to divert power to people that keep homes and businesses cool. that being said, this is the perfect storm out there. And you know what, people that are Bitcoin mining, and if you use like equipment like Twan that G's selling and we're promoting, you're getting rewarded the result of that. 10% more Bitcoin.

I don't know, what are these 10% downward? Are you going to, okay. So, but like what is the, the point is that the miners now, because they're in HPC, they need more than 10% difficulty adjusting. And, you know, the problem with that is that that means difficulty adjustment is going to go down even more. Like what, there's a, there's a line. here somewhere like we talked about with STRC

the cascade, you know, you never know what that line is where things just fucking spiral downward. I don't think the network's endanger anything, but you know, this will be a story on the news at some point, I would guess. There's a maximum though, it could go down and I think there's a maximum it could go up. For adjustment period, yeah, yeah, sure. Correct. So it cannot just like drop up

a cliff. It could drop up a clip over a long period of time. Yeah, yeah, yeah. So if that happens, this is just capitalism in its finest. It's just you're looking, you're essentially selling your energy to mine Bitcoin. Do it if you want. Do it if it's profitable. Have fun. If not, have fun. This is the way it should be. It should be a venture that you're just, you're not forced to do. You want to do it. Great. And that's capitalism. That's what Bitcoin is. I like to see

that. It's going to impact the price. Sorry, is it going to impact mining? Sure. I don't think it's going to impact the health and a network. I don't think we'll get to a point where we'll have not enough machines out there hashing that we don't cause yourself. If you look at the hash rate, it's so very high right now, even with this 10% downwards. But just love to see it.

I don't know. This is just a capitalism. Yeah. What are you back at levels not seen since 2025 or something like that, probably? I think earlier this year. Yeah. You know what I mean?

The number has been up into the right pretty steadily. So you're not really too worried about that drop. I don't know. You know what, you know what, though? I do want to see more decentralization in mining and maybe this will help with that. You want people coming online with older equipment,

more affordable equipment, guys who aren't industry monsters, stuff like that. So we'll see. You know what else too? If the difficulty goes down, like we're so far, like you mentioned there, from any network danger anyways, no big deal.

Not a big deal. Spin up your bid axis. Start playing the lottery. Maybe that's the move. Also, it provides people incentive for innovation for making chips even more efficient. That way you could try to squeak every or squeeze every last sat

per kilowatt that you're able to generate or watt that you're able to generate or watt the trip. So that's another thing that it's a net benefit as a result of this. But whatever. This is an interesting story, Joy. There may be a mandate

for customer. People date. People date. No, I'm going to call it a mandate. I'm going to stick with that. There may be a mandate for people, to provide identification, customer ID when using stable coin as a payment.

Shocker. Hey, didn't I just say that in the first story? I'm pretty sure I did. De facto CDC. By the way, they're kicked out of Europe, UST. They're not going to, they don't want to meet the mandate. They want Lagarde coin to be the fucking currency of choice over there.

No, in Europe, they want, you have to provide a certain amount of liquidity that has to be deposited into a European bank. Whatever. In order to operate over there. That's to meet Micah rules. Those people are so, they're so stupid over there.

Lagarde or stupid scarf or dumb skeleton head or fucking convict record. Like just, I hate those people so goddamn much. Anyway, go ahead. So this ID story that I'm talking about for using Bitcoin or sorry, stable coin as a payment. This is a joint proposal coming for the Federal Reserve and four different federal agencies. So you got some heavy hitters. that are recommending this. And the Federal Reserve released some,

they release some data and shared their perspective onto what this means. They want to force certain payment stable coin issuers to maintain a customer ID program, a.k. If you look at the news continues to get tighter and tighter around the neck. And I get what they're trying to do, right? I do understand it. But seriously, this is still a step in the wrong direction. The info inevitably is going to be stolen.

You have a honeypot of information that is going to tie how much, well, who owns how much stable coin. You're looking at a $5 wrench attack just waiting to happen because you're going to then know how much people have in stable coins. If you have stable coins, you likely have something adjacent to that. as well. So the number of stable, a number of wrench attacks, they go up as a result of all this. This is just a disaster waiting to happen. But, you know, like, it is what it is. Like, what the fucking going to do? They tell us we have to have to deal with it. Luckily, it's just to do with just stable coins, right? If you're using Bitcoin as a payment, you're subjected to capital gains and all that bullshit, I hear nothing about that.

this is applied to Bitcoin, which is, I think, rather good, but that could potentially change. It's a sign they can't do it, right? I was just saying on Bitcast, the thing about number go down for this long of a period is that you remember why you cared about Bitcoin in the first place. It's not because you wanted to get rich, maybe at least a little bit the first, you know, a little while. But the more you learn about Bitcoin, especially as the noose titans, man, you know, we've already, you just talked about it. You need agile money. Okay. You need it. If you want to cross a board. You want to move to another province.

You want to move to another country. You want to pay for services. You don't want to be part of the panopticon that the government is lying out for you. You need to be agile. And Bitcoin is the only thing that will do that. It's the only thing. There's nothing else. This is the only money that will give you that agility.

Widely accepted, deeply liquid, impossible to trace if you take care of your privacy, of course, and follow best practices. But when number is down, when price is down or chopping or whatever, and the sentiment is, you know, all the BIP 110 guys screaming at the core guys, screaming at the knots guys about arbitrary data and whatever else. Not just arbitrary data. Whatever. Also Father's Day.

Well, the point. I had that too. Oh my God. Nightmare. That guy needs a, I'm on the check. But like when you, when you're tweeting about all that stuff, what you have to remember is like the money, the quality of the money is going up because we're becoming more capable on the network app, UI side, but also because the other options are worse and worse.

you can't have cash anymore. No one takes cash. The EU CBDC is going to have negative interest rates. This is not a conjecture. It's in the position papers they've written over the years. No savings, no investing, just spending. You're just the economic token, man. These guys think of you as a piece of cattle to be surveilled in tax until you die.

And you don't want that for yourself or your family, right? That's the Bitcoin way. And this is an important moment, man. Stack up, spot. ETFs are, you know, not going to help you if you got to move. It's going to be the opposite, actually. So think about that. This one, it sounds like an axis of easy story I'll be talking about.

But it definitely is applicable to us and our audience in the CBP land. A threat was recently published by the Microsoft threat intelligence. And they say that there's an active malware out there that's impacting Windows machines. And it's specifically trying to target people that store information on a computer, specifically 12 and 24 words. The seed phrase is the BIP 39 stuff that people tend to just copy and paste and leave on their machines.

And this type of malware, it's very creative because it also uses TOR to get past firewalls and to cover their tracks. The way people are infected by this, it's very, very low tech. Users are impacted when they plug in a USB key into the computer. And if the U.S.

USB key was infected. And if it is, the computer then is going to get infected. And the malware then scans the drives on the computer for these 12 or 24 words. And people, right, like I say in other times, I mentioned this before in other shows, I'll mention it again. Never ever store your 12 or 24 words on a device that is hooked up to the internet or network. On its own, fine. But even then, remember, don't do it in plain text. Encrypt, do shit like that, store off site.

Be creative, right? Just don't let that anybody could steal that machine and get access to it. Think about privacy and be creative. But either way, once this malware finds the words, once it scans and finds the words, it uses its own tour client that then send the information out to the mothership and they're able then to clean up and steal all the Bitcoin from these people. It's a interesting story. Very low tech.

It's not like people out there, oh, you know, I'm going to get impacted by this. You got to plug in a, who's using USB keys these days? That's the question. Yeah, that's the question. Who's the target here? It ain't your average bitconer. You're like, you're talking to guys who air gap everything and have like, you know, different security threat models in place.

The likelihood that I plug in a USB drive to my computer is basically zero. You're never going to get me doing it. If I got a transfer a file, it's got to come to me some other way. I ain't plug in your USB drive in. Not because I don't trust you, but because I just don't know what you've been doing. I don't know how careful you are. I don't know where that thing came from. My wife, my dad, my mom, my friends, my brothers.

Like, I'm not, I'm not going to take it. I'm not going to put it in. You want to send me that file? Find another way. It's not. Or do it at a library at a coffee shop that allows computers, like shit like that, or maybe your work stuff like that. Yeah, yeah.

Fuck them all over. Exactly. Yeah. I ain't putting it in mind. My shit is not getting your fucking. you know, make your raw USB drive, you know, and you got to bag that up at minimum. So there's this Missouri man.

Interesting story. Safe, fake. Truly a Missouri man. You could have to put this guy versus Brampton, man. Just sneaking in Missouri, man. Well, we had the, the Guelph man. So we're getting all these other men involved, too. So safe fake, 22 out of St. Louis, Missouri.

This dude pled guilty of attempted robbery of Bitcoin and kidnapping. back in August of 2024. What a fucking story this is, Joey. The victims, the guys, they fucking came that. They are the parents of somebody who was involved in the theft of thousands and thousands of billions of dollars in the grand scheme of things. So they went after the parents of somebody that stole Bitcoin and they wanted to get into the action.

This is how they decided to do this. So Buddy and his loser friends planted a way to kidnap them through a home invasion. clearly this is just another $5 wrench attack. This shit is happening more and more frequently these days. You know what? Even if you stole Bitcoin, you're not safe because they can go after your fucking parents. Imagine that. Look, if you're

going to steal fucking Bitcoin, don't fucking say anything. Lay low, don't change your lifestyle. You'll be all right. Don't be like these fucking losers out here. But anyways, this Missouri man looks like he's going to go to fucking jail for a long time for this. Yeah, I have no really comment to this except pretty funny story.

These guys, the masterminds behind these things never fail to amaze me with their ideas. They're just like some of the lowest finesse, lowest skill people on the planet. Find another slant, man. Sell hot dogs or something. I don't know. It's got to be easier than this. This is a free lesson for everybody out there because we're on the topic of losing Bitcoin.

And somebody named Triton Zero-Zero post this on the Bitcoin subreddit. This has been since deleted. But luckily, the screenshots are there and the internet is forever. And he writes, compromised seed phrase stole all my Bitcoin. He says he's really hoping somebody can help him out. He just opened his ledger wall to find

zero euros showing and it looks like it's been it was a cent operation done on August of last year. He didn't check this out since August of last year until now. And he says, are there any steps I can perform to understand what happened here and he wants some help? It looks like he emailed his seed phrase to a few

of his trusted trusted friends in case he died so that way his wife would be able to get access to he trusted the wrong motherfuckers out there 1.6 Bitcoin gone what a fucking more instead of educating his wife that's the path of least resistance

keep this shit in the house and that way if something happens to you she has that knowledge in her head and she can apply it whenever she wants what the fuck he's doing he trusted the wrong people Anyways, these guys are now out around 100,000 US dollars if you're looking at today's prices. Good to fuck a luck. This is just funny stuff.

I don't know if it was a troll or not because he deleted it afterwards, but if it's true, like what a fucking loser. It's funny that probably, Len, even if it's not true, how many people are doing something similar? Giving their seed phrase to like someone you know and just saying, hey, by the way, if something goes sideways, here's the Bitcoin words or whatever, right? Like they don't, there's a lack of understanding on their part how sort of permanent that mistake is. Once it's out there, it's out there. Every wallet associated with that seed phrase

is cooked. Two things I think I swear by as far as security model. I've said this before. Number one, your stuff cannot be easily accessible as far as sends. There's got to be points of friction, even better if they're like geographical points of friction to send Bitcoin. That's number one. Number two, you do not let any of those, you know, information points leave your trusted circle and your trusted circle should be you, maybe your wife, maybe your, you know, kids, whatever. Like if you got kids through that age, I don't know. But emailing it out to a group of people on what is basically like, you know, clear text, easy to get for Google, easy to get for probably a million other people. It's just a huge mistake. Huge. Even if it was an email.

Yeah. Even a person like face to face, here you go, bud. You're like, you know, right? Don't give it to us. Just don't give it to it. Maybe you give 12 or so. Maybe you give 12 or so. something. And then give us a 12 to remember the other 12 in your head or something like that. Like you could or make your wife remember. Like there's got to be other ways you could fucking do it. Totally. Yeah.

But this free lesson, this is the beautiful thing about this is education like this type of education is free. It costs you nothing and it could save you a fuck load in the future. Don't be like this idiot. Do something else. Do something better. Joey, you mentioned a few great things about keeping it geographically in separated spots.

Especially not in the same location where you live, shit like that is fucking great. That's the easiest thing to do. That's a zero cost thing to do. Just do like, do that and you're going to find yourself sleeping a lot better tonight, for sure.

I think that's it because we got a fair bit to talk about in the back end. It's been a busy week in the world of the the Monde de Clune. So we're going to do that side of things now. If you're on audio,

come back tomorrow for the back half with us on video. But a hundred of you. Stick in. Hang on on YouTube. Get off Twitter. Come to YouTube. Talk in the chat.

and we'll see you right back here in a second. Take care of yourselves. Don't be a cock.