The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Is the Bitcoin Treasury Company Boom About to BURST? | The CBP 242 Pt 1

Episode Date: November 25, 2025

FRIENDS AND ENEMIESAre Bitcoin treasury companies going to make it through this cycle? $NAKA misses reporting, and has come under major scrutiny for salaries and expenses. We'll dive in.Plus, Tether and Ledn partner, Canadian stablecoin legislation looms, and the federal government dumped a bunch of money into European space programs (nice).___Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord: https://discord.com/invite/YgPJVbGCZX A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - https://easydns.com EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. With DomainSure and EasyMail, you'll sleep soundly knowing your domain, email and information are private and protected. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for 25% off fees FOR LIFE, and start stacking today.256Heat -⁠ https://256heat.com/ ⁠ GET PAID TO HEAT YOUR HOUSE with 256 Heat. Whether you're heating your home, garage, office or rental, use a 256Heat unit and get paid MORE BITCOIN than it costs to run the unit. Book a call with a hashrate heating consultant today.

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 informed. Listen to Levin Joee. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS. The media is feeding a slot. It doesn't matter what topics discussed Quality entertainment and information you can trust

That's being planned or at least discussed You know, we're not going to allow Quality entertainment and information you can trust Send the guys some value boost them with some stats Bitcoin is a scarcity asset I mean it's just a fact Geopolitical national down to the local cloud Friends and enemies

Welcome back to the Canadian Bitcoiners podcast A Monday Night Flagship Rip Where I will tell you that in the show notes Len sent me for tonight, the stories there's a 99% chance he's going to spend 7 or 8 minutes going downhill and dunking on David Bailey but we'll see

We'll see it's possible It's possible if that's what happens Yeah The man deserves it All his actions We don't know if treasury companies are going to make it boys We're going to find out first of all How's it going buddy? Great to see you

Yeah it's a wonderful day It's great I took a look Last week Joey we had a lot of people watch our YouTube video last week an incredible number I am trying I'm trying different things

I'm trying to entice the algorithm a little bit without being cringe and we'll see if it continues to work but it is difficult to do I am not willing to compromise on the cringe but I am willing to I'm willing to edge the algorithm but I don't want to see any climaxing okay

but we're gonna keep doing what we're doing on CBP anyway I will say Len I don't know if you ever look at the audio plays but they're steady rising too. We've seen a bit of a spike the last two months or so. Very good. You know, on this mountain, we're always listed as like the top whatever of shows on there. Yeah.

That's good. I mean, listen, we do our thing. You come here. You guys can come here Monday night. You can not come here Monday night. But I guarantee you'll have a better time if you show up and you'll learn something along the way. Can't beat that, can you? No, it's a great place to come and spend some time with Bitcoiners and maybe give us some

feedback along the way through our show. Totally. How much Bitcoin to retire? That's the real question. I'm racking my brain. I don't think I have a definitive answer yet. Did you see that I made? So one of the things YouTube lets you do is AB test thumbnails.

And actually, I'm doing this over on Access of Easy too. And I made one last week. The one that won out on the AB test was the Schiff and Dan Pena one. But there was another one I made that had a picture of Michael Saylor and, you know, you need X Bitcoin to retire. and it was in the background and in the foreground which is L.O.L. You're never retiring. The price is going to zero. That one didn't win.

That one didn't win. Oh, well, I thought people would have liked that. But if we have an answer, has people made a decision what is the number of the Bitcoin needed to order to retire? I don't know. I'm still kind of figuring this out. You think you could learn it at Klaus Schwab's new academy?

What do they do over there? Oh, you didn't know Klaus Schwab. He tweeted today, a little short video. He's starting a future proofing academy. to me, where you can learn to thrive in the world of technology and AI and quantum. It's a real, that's a real thing that happened. I saw it today. I don't know when it happened, but let's shake it instead.

Franklin Templeton, now this, right? It's just, but yeah, whatever. You know what? With this latest dip, I'm almost now finally got to 0.1 Bitcoin. I'm very, very close to that. So if that's the number that I could retire on, oh, my God, I'm so happy. but if not, I'll have to reach whatever that I call is.

Oh, God, I love it. Well, let's talk about the sponsors and then we'll get into some other stuff we've got going on. EasyDNS is the longest standing lead sponsor of the show. Mark is a dear friend to Lenin and I and he can be a dear friend to you too

because he runs EasyDNS and what is EasyDNS? It's the best place for you to buy, port, hold, transfer, a website. If you're starting a business, you need a website. If you're starting an email list, you need a website. If you're starting a podcast, you need a website. And Mark happens to be

the website slinger you need to be in bed with. Okay, why do I say that? A couple of reasons. One, data protection, security. He's got that taken care of it. It's top of mind for him. Nothing for you to worry about or think about, which is the perfect blend of what you want to see from a vendor. On top of that line, for a couple extra bucks, you get domain sure and easy mail. Easy is in the name way to protect your data, your client's data, all that good stuff. And make sure that you're not getting spoofed on your URL, your address, can't have that. And if you're a Bitcoiner, which, you know, you ought to be if you're listening to this show, or at least a pre-corner, right? Something like that. You get a number of options

with virtual private server, excuse me, use on EasyDNS and with EasyDNS. What do you want to do a Bitcoin note, an OSTER relay? Mark's got you covered. And there's probably some other stuff, too, that Mark can help you with. I know we've sent people to Mark over the years for a number of different projects that we just didn't have the capacity to really help with because we don't understand this stuff. But Mark does, and he takes Bitcoin for services, which you can't be. So go there, EZNS.com. Use the promo code, CBP Media and get half off your first round of buys.

Mark's due for another appearance on the show soon, I think. I think he's coming down. We have a Wayside House board meeting. Shit, it might be this week. I got to look. I think it might be this week. this week he'll be down maybe we'll uh maybe we'll spend something up i got to talk to him but anyway easy ns.com to see uh chief sponsor who's next well francis could be another person that

is due for uh an appearance of the show right is you know francis so he's your heads is bull bitcoin and that's the second sponsor of this show that's where i make my buys or joy makes his buys and that's where you should be making your buys as well or sells whatever you want to do you can do either or unchain lightening those your options you for not for a non-custodal exchange they have multitude of options like auto buys, you can do reoccurring buys, limit orders. And a lot of people took advantage of that. If they had set it up, their limit order was taken advantage because the price of Bitcoin dropped significantly in the past couple of weeks.

Well, decent amount of. Either way, bull Bitcoin, they have your privacy in mind when they do it. It's mixed before it's sent to you. So check them out. Use a referral code below. If you do that, then all your buys and sales moving forward are going to be a little bit cheaper. So check them out.

They're available in a bunch of different countries at Canada, Mexico, Costa Rica. Alsabwe, Argentina, Western Europe. They're taking over the world. Yeah, totally, man. Love to see it. Love to see it. You want to do some boost, then some housekeeping? We got some stuff to talk about housekeeping.

We can do boost first. Okay. Top five boosts, wartime 133s. And he writes, fuck the ETFs, checkmark, middle finger, middle finger, dynamite, dynamite. So that's what wartime says, what he believes. Great.

Bitcoin Jim, 333s. last show was fire thanks for the many entertaining shows and the great info a couple of beer mugs doing a cheers they're claiming Moe BTC Dick 500 sats he's

saying I'm throwing in I don't know if I pronounceing this right whaley or Wally Wally I think it is it's a subdivision of Surrey B.C into the ring for consideration this is for our Christmas episode we have a number of suggestions that have been provided to us yeah yeah

So, yeah, you know, if I'm going to go with Surrey, I'm going to take this one kind of off because it's a subdivision of, like, it's close enough. A lot of Surrey recommendations, by the way. Yeah, yeah, they're coming through heavy on Discord DMs, Discord chat, Twitter DMs, people want to see Surrey. What's going on in Surrey? What's in the water in Surrey? I'm not going to go there. Gentleman might have name of Bonn or Bonn. James Bond? Just B-O-N.

Oh, okay. so boom 21 21 sats and he writes in hamilton man watched a bit too much game of thrones going all tyrian tyrian tyrian i because i don't watch it i didn't watch it either but it's like a pretty famous i mean not to not to give you a shot here but pretty famous pop culture obviously i don't follow i haven't watched the second of this nor have it anyways he says he's going all uh on this old man he's saying surrey man versus rich man and could be a good BC clash. So here we go.

There is. Yeah. So last but not least, we have Hammertown OG, 2,500 sats and writes in, if intergenerational trauma was a legitimate cause for abnormal behavior, then every single child who grew up in a steel working household in Hamilton would be a certified psychopath. Love the show, keep up the great work. And I was from the show we had last week. a good story and the guy was the intergenerational trauma was part of the reason why the sentence

was slightly reduced yeah love that i love that for him uh boost bang and boost man keep him coming couple of things to talk about in housekeeping no interview this week i did the sip and rip today because uh my daughter like i said was in a pretty good mood yesterday morning and she's learning all sorts of new stuff she's doing the stairs now then going up and down the stairs in the house with supervision of course so i didn't want to miss that but i did record one today talked a bit about this Mike Green article that I think was okay. We were talking about it with Mark this morning. Mark hates it.

Maybe I'm somewhere in between, but the idea basically is that the poverty line is actually not or shouldn't be based on this old calculation three times the minimum amount of money to put your family on a three meal a day diet or something like that and should actually be based on what he calls the cost of participation, which is interesting. A couple of good quotes from that article about how, you know, you know, you know, a couple of good quotes from that article about how you know back in the day to participate quote unquote in modern society you needed a mailbox and like a $10 I don't know it landline cost right and people today are paying you know how much for internet and phone and all this stuff because that's what you

need you can't bank without the internet you can't you know apply for jobs though to computer and all this stuff and so the point that he makes is well some economists and some market participants would say, yeah, it's, you know, 10 times the price, but you're getting 100 times more compute power. So it's actually cheaper. And Mike says correctly, it's not that you're getting 100 times more compute power. It's that you can't participate in the economy without 100 times more compute power. It is a required cost. And so I recommend people read that. Tell me what you think. We had Mike on the show a couple of years ago. He's a bright guy, though I don't agree with everything he says. And I will say that we deleted that episode as

part of a larger purge, but, you know, he, he steamrolled us, I thought, a bit during that show, but as Len will remember, he did sit and talk with us after while he was drinking like a half a bottle of wine in his kitchen. You remember that? He turned his camera back on and sat with us for a bit and just shut the shit a little bit about a few, a few big names in Bitcoin that he thought were scammers, one of them in the news recently. I won't mention who, but I can't even remember that uh yeah you you would if i told you you would if i told you i won't say it on the air because now there's too many people listening i don't want uh i don't want to get in any trouble but yeah there was uh it doesn't matter if it's one person listening or a million people listening

it's the same thing that's going to come out if you spread some spread news we never yeah we ain't we ain't saying the name yeah but uh yeah i recommend my people read that so that was a sip and rip this or last week last friday i went on phil box podcast you guys remember him from his appearance here and he's a great follow on twitter i think former president of the nasdaq among other things and we spoke for about an hour about a lot of things man um he's a guy you know i don't know if you listen to his show then it's kind of you know tradfi slash culture and he's a guy what i mean i know you don't but i just say that as kind of part of my uh you know introduction to the the show It's interesting to talk to a guy like that because he's a little older than me and a little more experience and he's seen a lot.

And you know what the best part about him is? He sees the same problems we do. And he's not a Bitcoin hater. He's got concerns like many people do, but he's not a Bitcoin hater and he thinks that we're on the right track, which was a really refreshing thing to hear from a traditional finance guy, although that's kind of pigeonholing him. Had a lot of fun. I want people listen to that. And that will be up on our feed at some point, too, once I figure out how to either get

it from when we're downloaded. This Saturday, what are we doing? This Saturday morning, 8 a.m. What do we got planned? Oh, it's this Saturday, yes. Coming up. What are we doing? Tell the people. Yeah, we're with fundamentals and yeah. Business cat. We're doing rock, rock paper, Bitcoin, four man risk. And you know what?

Fundamentals went on, had a interview with Dan Webb. Yeah, I saw that today. Yeah, when is that coming out? I don't know. I just saw that they recorded it. Now, business cat he streams us Sats all the time and still I see it

I am very thankful you streamed with Sats I would suggest stream us none and just send us a message with the right you get better bang for the buck like that that's my suggestion to you business he's got a direct contact info he doesn't have to go through the

but you know what I mean like you might as well get your name out there with a message rather to just stream us every minute or whatever that's just my opinion send us nil man he's the best He's the best. So we're looking forward to that.

That is all the housekeeping I have. Do you have anything else you want to talk about? Well, I guess in conjunction of what you said, because I had two meals this past weekend with some people. And I'm surprised because I start contrast. The boomer crowd love Carney. Yeah. It's just exactly what you envision it to be.

And then the people that are closer to my age that are. You're an exer. You're an exer, right? I think. Yes. I've met up with somebody that was an ex as well. And same mentality. It's just like getting, planning to get the fuck out, right?

Like there's just, you know, it's just interesting to see like people, their mentality and it's, a lot of it is based on experience how many years you lived in this earth. And the fact that you accumulated a lot of assets during a time when, well, let's be honest, they devalued the currency. And if you look at homes and shit like that, it's like, yeah, you made some good purchases buying those homes. But let's, you know, you didn't do anything specific. You just fucking bought a house, right, great, or several houses. Great financial decision. Yeah. But it didn't make you a financial genius.

Do you know what's funny? I joked with Phil. We were talking a lot about the boomer. I don't want to say just boomers. I think it's just a generational sort of war going on, even between millennials and zoomers. I was joking with Bill that my dad, you know, made a, he's done very well financially. He had a good job, of course. but done very well financially because of his advisor.

And he's pressured me over the years to give money to the same advisor. And, you know, I did, I ended up giving some money to his daughter, the advisor's daughter, who's also an advisor, to manage. But do you know what my dad's financial advisor was doing before he became a financial advisor? A private wealth manager. You know what he was doing before that? Selling mortgages or something. Selling ties at Wulco. So to give you an idea of what it really takes.

took to be a strong financial advisor, the answer is not much, between 71 and about 15 years ago. So keep that in mind, everybody. Keep that in mind when people are telling you that they got it right and you should take their advice. They are fighting the last war. And actually, they never even picked up a gun in that war, to be honest, you know, literally and figuratively.

So anyway, look at buying a house. Yeah. And I don't want to beat this with a dead horse. But Bitcoin is very similar to that. In reality, the people that purchased homes and had it run up in value, because to be honest, the currency got devalued, all they did was suddenly buy it and the maintenance of it. I'm sure they did some maintenance. They placed the shingles, the roof, whatever. They did that part.

But Bitcoin is the same thing. All you do is just buy it and you do nothing else. Like it's, it's just, it's the simplest fucking thing you could do. There's no management. There's no rebalancing. It's just you buy. move it to an address rinse and repeat that is it it's such a simple almost like brain dead way of doing things but it fucking works yeah it really does and as long as you are able to

manage your keys successfully a lot of people haven't but if you think about what is how do you successfully manage your keys don't expose it to the internet make sure when you generate you do it in a way that you're high entropy and don't fuck around man, even thrown a pastries on top of it if you really wanted to. Yes, sir. Or several. Yes, sir. I have one more announcement to make. I went out for a couple of drinks with

my friend Rishi, who's in the chat, and met him on Friday for a couple of Ryan gingers, and we had a nice discussion unloaded on a number of different topics that you can't often talk about in play company, so I appreciate him coming out to meet me. He gave me a hoodie

that Madex designed, I think four bull or with Bull. And I'm just on Madex's website right now, and it's not there. It's a, I think, a large or extra large hoodie. I will check that maybe during the break or after the show. And next week, I'm going to give it away because he wanted to do that. It doesn't fit him. Do you have it there? I don't have it. It's upstairs. I kind of got distracted before we started here. And also, I can see on the baby monitor, my daughter is just looking into the camera. So she's not asleep either. I don't want to really disrupt this podcast. But,

Next week, we're going to give it away. So I don't know how we're going to do it yet. Maybe use the name wheel or something like that. Excel. That's the size of Excel. Xl. Okay. There we go.

Yeah, Rishi, thanks, buddy. So we're going to give that away next week. And if you want it, make sure you're in the live chat. I don't know, sometime between the first and second part of the show. And we'll figure out a way to give it to somebody. And, I mean, if you're in Canada, we'll even pay the shipping. Don't worry about the shipping. I think in the past we made people pay shipping.

But the goodness, if we do it right, you'll get it with Canada post sometime before Christmas next year. Yeah. It's going to be a perfect gift for someone in 26. They're going to love it. Yeah. Yeah. Age to perfection.

Let's talk about Bitcoin. I'm going to just maybe shut my, what should I do? Should I just go to the boss room and wait until you're done dunking on Bailey or like, what are you going to do? No, I wanted to talk about quickly that we reached a milestone this past week with Bitcoin. And 95% of all Bitcoin has been mined to date. Yes. So that's an interesting milestone that people may not have been aware.

I certainly wasn't aware until it showed up in my feed. And that means the remaining 5% is going to be released through Bitcoin mining between now and expected 2140. So everything that you see now with respect to the price action of Bitcoin, it's the existing Bitcoin that's sloshing around. And, you know, 95% to date has been mined. Bitcoin mining is going to get a heck of a lot more competitive. And it's going to be a lot more less lucrative in the future. And so we still have a few halvings before it gets really, really. But after, you know, two havings and beyond, man, it's going to be fun to see what happens

with these Bitcoin miners out there. As for the rewards, they become very, like I would say, minuscule. Unless the price of Bitcoin really ramps up. Oh, man, we'll see a lot of capitulation with Bitcoin miners. I'm happy. I got my guy running right behind me here. No problem. I'm happy to take their sats.

I'll do it any time. I'll do it any time. Did you hear about this $5 wrench attack story in Port Moody? Which one are we talking about? There's been a few in the news. I don't know if the Port Moody one is one that's crossed my timeline. So this is a guy, he's a Hong Kong man. We're not doing a Hamilton Man segment or anything.

This is a guy from Hong Kong. He was sentenced to seven years in prison in Canada because he attacked a Bitcoiner and his family at their home at Port Moody. And his name, I'm going to butcher it. I would just say his last name is Chan. This is the guy. who came over and pretended to be a post office staffer, right? Delivery guy?

Yeah, exactly that. This guy is 35 years old. He robbed him of $2 million worth of Bitcoin and the people that he robbed it from the family was deemed to be a Bitcoin investor and he was known for his online boat. So he must have been, you know,

talking about his Bitcoin gains, flaunting it, showing it off to friends and family, shit like this is a, you know, very much a no-no, right? Like, you don't want to show off that you made some big gains. Live humble. That's the way to do it. The family was held hostage overnight and he was subject to waterboarding, sexual assault, and death threats.

And the dude showed up at their house dressed in Canada Post uniforms. That should have been an immediate red flag because they don't do this, right? They just go knock on doors and run away. And he was wearing a COVID mask, the face mask. So they said the men took the families, their cell phones, laptop computers, and demanded the pins and the passwords. and they threatened to cut the family or kill them if the passwords or pins were not provided. And the man was stripped, repeatedly beaten, waterboarded. He gave them access to his cryptocurrency accounts, this is according to the CBC article.

But they told them it was not enough. They wanted 200 Bitcoin from them. The daughter managed to escape somehow out the backdoor through this whole ordeal. and she ran to a neighbor's house called 911 and that action saved her and her family from getting potentially killed so this is a very interesting story out there people need to take serious care with the bitcoin also don't fucking flaunt if you made massive gains right like the fuck if you look at me i i truly have the 0.1 bitcoin i i am that guy man i'm almost there You look at my car and how I dress and my shoes and everything.

Like, fuck. Like, you know what I mean? Like, fucking do the right thing. You know what the time. Do you think that it's excusable for a guy with that much wealth in Bitcoin not to have like security in place? What security do you think he would be able to put in place? Like, like we talk all the time about how, you know, maybe we don't, at least we didn't do it for security reasons. But you don't keep your Bitcoin like at your residence, you know?

Like you want to have a gap between an emotional. moment where you want to sell, for example, and being able to just, like, grab Bitcoin and put it on exchange. So, like, why not at a million or even $500,000? Like, why not any of these numbers just say, I got to do something here? Or use, you know, cover your ears. Use a multi-sig custodian if you don't trust yourself or if you're at risk. And, you know, there's also some complicating factors here.

Chinese thugs and mafia and whatnot running rampant in that part of the country. So, you know, there's a lot of stuff here we probably don't know, but all the same could have been avoided largely anyways if, if some of these best practices were adhered to. It's not hard to do that. You know, there's a lot of options besides keeping it like, I don't know, in a shoebox, in your bed or whatever. It's just like this is a million things you could do that would be better for you and more secure for your Bitcoin and your family. You know, one way you could secure yourself would be to get a handgun, but unfortunately. the chat it's in the chat yeah imagine the guy has a gun yep imagine the guy had again and i talked to show to humorous prawn he got it right away last week uh so yesterday was chatting with with somebody

for brunch and and we're just mentioning that yeah man you can't buy legally you can't buy a handgun in can't know right now they stopped this practice October last year or a year before that i'm not i can't remember exactly but since then the only options if you want to get a firearm it's going to be like a shotgun or a rifle. So I mean, those certainly work but, you know, and it's just, it's too bad, right?

You have criminals out there that they're armed and you're not able to do the same. You're not able to arm yourself to the same degree they are. It's almost like a lawless society out there, right? Derek, these laughs, talking

about how he got a burner. I think it's pronounced burn a B-Y-R-N-A. I want to get these guys on the podcast. They sell non-lethal firearms and they ship to Canada, no questions asked. What is it? Like a beanbag at shooting? Like, what is it? Nah, it's lethal if you hit the guy in the head, that's for

sure. But what is it? Officially a non-lethal round. I'll pull it up. Let's pull it up. Is it a compressed air that's shooting it? Like, it's not a... Yes. Let's see. Here, I'll just add it to the screen here. So what makes it of, like, a gun would be gunpowder, is that would be like the definition of a firearm? The other projectile method

maybe, I don't know. This is, I'll be honest. this is way outside my wheelhouse so here's the here's the legal intent all 10 provinces no background checks ships to your door 22,000 5 star reviews

I want to get the guy on the show 433 bucks where you can get this whatever the fuck this is this looks great Black Friday sale you know maybe I'll buy one I do kind of want to have one at the house not that I really need it but it be good to see

and I do want to get these guys on the show because you know when I look at this And this is part of the ethos around ready I want that guy to bought a right by the way I want to talk to him Army Ranger That's the one I want Yeah I don't know what that guy charges the day

But let me get him just sitting outside my front porch Actually I didn't done that So you don't really worry about that But like I want to get these guys on Because much like the ready dot CA ethos The whole idea behind having something like this at your house Is basically don't wait until you have an issue To get this right

Have it handy and have a deterrent And you know talking to people over the years especially as we started talking more and more about these stories where people are getting broken into violently assaulted, having their stuff stolen from them, you have you have a very limited number of options. You mentioned their shotguns, firing them

might not be that great. Then you have like, you can get a big dog or a couple big dogs. Good, but dogs will be killed by a guy with a gun. And, you know, the third option is having a firearm like this. And I see pran in the chat saying criminals don't carry fake guns. The question isn't whether they carry fake guns.

The question really is two-pronged, right? Are they willing to use the gun and are they willing to have a confrontation in general? Or are they just trying to wave that gun around and get in and get out? Like if having a deterrent gives you an extra minute or two minutes, you know, is that enough that one guy in the group says, I'm out of here and takes off? That's really the question you have to ask yourself. And, you know, until something changes in Canada, it's not about having the thing that you you want it's about having the things that you can have that might be a preventative measure

if something goes sideways on your property i think i think you're better off having it than not yeah but yeah that's a good way to put it yeah but relying on it as the stopgap measure may not be the the right mentality so if you use it as it's intended to be used probably it's you're in a much better position and not having it let's be honest what else do you have you're going to be like stop or i'll yell and at that point you may as well just fucking you know what the police say leave your keys to front door yeah and um obey their orders or something like that like just comply with that completely nuts man completely nuts just backwards yeah yeah this is anyways uh i'll quickly talk about this story um tether they invested money in former sponsors

this is a big story this is a big story i think well there's not much to it in terms of of what's been disclosed. I think it's just a trend in which way things are going. The amount of money that is being invested has not yet or probably will never be disclosed because let's be honest, these are not publicly traded companies, so they don't have to disclose anything. But it's just showing that there's more and more capital that is being allocated into stuff like this, lending services.

And it seems to be the way forward for how I guess traditional finance will start offering. I disagree with that assessment right away. I actually think that what we're seeing here is what Bitcoiners want. They want services like Leiden because what do you not want to do is a Bitcoiner. That's exactly what is going to go to the second point is. So you're going to have these traditional companies, a traditional finance companies, offer up services that would enable people to not be subjected to capital tax. So capital base tax. I like this.

My big question is, doesn't Leiden already use tether, they do, I think, right? trying to remember that B2X loan had some tether tie-in. So it's the usage of it versus the investing of it. And I'm not sure if tether invested in leaden up to this point. I don't know.

But certainly if they have, they like the product and they're you know, the proverbial doubling down. Or if they haven't up to this point, they decided they want to get their hat, sorry, their name added to the ring here. So I like the fact that they want to get into

this letton former i i used leaden before before but once 20 so did i so did i when they were sponsoring the show i had a bunch of bitcoin there yeah that's one thing that people that when they sponsor a show i used their services but 22 changed my mentality and i've always suggested people don't fucking play and give up your cheese i will i will take the opposite stance they've never had a problem not once i know all caps or pletitor might say they've you know they got close but i think those are those are thin thin connections and leon is never said they've had a problem that that that's a good you know um do you wear your seatbelt when you get in a car um did you know did ftx investors or users uh have uh faith in the service before

when tits up because it never did go tips up until it went so what i'm trying to get at is there is a level of risk when you give up your keys sure sure and give up your coin right give up your coin yeah and that's and i'll give you an example right now like this a For people that use these type of products, you know, you've got to be aware of the risk. This guy, I know that Leiden doesn't offer a leverage trading. That's what they don't offer. But I'm going to just throw it all together in.

Like, this is, you know, I'm just simplifying things from my point here. This guy posted on Reddit. He deleted the post, but I snagged the screenshot. So luckily I did that. But he was recently liquidated because of the recent drawdown we had with the price of Bitcoin. We went to as low as 80K, give or take. And we're sitting at 80. It might have been less than that even for a bit.

So, and we were like not too long ago, two weeks ago, like 1.10, whatever it was. Like, you know, it is a decent drawdown. So this guy, he says his life savings gone because he used leverage. 1.3 Bitcoin, Joy, 1.3 Bitcoin. That's tough. And it's times like this. I read the book. I watched the movie the Lord of the Rings

and the Fellowship of the Ring Gandalf the Grey said that shortcuts make for long delays period and this guy was trying to make a shortcut trying to get more in a very quick period of time. No, it's not the case. Which is crazy because he only needed 0.1 to retire. Right

and he was at 1.3 so you could have retired many, many times so now he has to start from scratch. Effectively he's delayed his chances of living the good life off Bitcoin and he's done this because of greed. And I will continue to shout from the rooftops about this shit.

You know, I was once a user of lead-in. But again, like I said, 2022 was one of the things that during that year changed my mentality with Bitcoin and also banks as well. There was a few things. That was a great year for just a busy. Busy year. So the wipeout of defy in 2022, you know, gave me a new outlook on Bitcoin holding your own keys. And so I beg people at that.

there. If you're thinking about doing these leveraged trades, like seriously consider what you're doing because this stuff, in my opinion, it's not worth it. If you keep your keys, you're done. You sit. Nobody can steal that wealth from you. There's no fucking taxes you have to pay as long as you don't spend your Bitcoin. Like I say, it's the easiest thing to do. Just buy, hold, rinse and repeat. That's it. Don't be like this guy. Don't fuck around with your Bitcoin. No corner of the week to, uh, he's done. Unfortunately, it's no corner. No corner now.

Yeah, that's too bad. Tough. Okay. Drum roll, please. It's time for the Nakamoto segment of... You want to talk about it. I don't have anything to say. I want to hear what you have to say.

Because this is really... I've collected my flowers a number of times on the show, and I think you're about to collect yours right here. The funny thing is, I really don't want to. You have to talk about it. Like, this kind of... EMD, this scammonoto, like that's what should be called, right? Let's be honest.

These guys, they sold 367 Bitcoin and they have 5,400, give or take left on their balance sheet. And this might be the start of a huge tidal wave of Bitcoin that could be put on the market, right? You have all these treasury companies. What's the one that was associated with SWAN, SQ&S or whatever? Yeah, whatever the fucking was. Sequins or whatever, yeah.

they started selling, right? So you have, when you have these companies, if they start selling or continue to start selling their Bitcoin, there's a lot of sell pressure that's going to be available or that's going to be on the market, just putting this downward pressure on the price of Bitcoin, and it could be a negative flywheel effect where then you have the price goes lower,

they have to sell more, and who the heck knows what's going to happen in the future. But with respect to Scamonoto, you've got to understand that these guys, they release some information with their quarterly. quarterly earnings and this is the quarterly stuff right they the revenue joey was 380k yeah right and salaries that doesn't seem like doesn't seem like that much it does not salary we send more we send more through bull bitcoin no not maybe not more but close to that much and we're a little podcast you know and i realize it's not all revenue for bull but yeah it's not that's not a big

number. That is not a big number. That is terrible. And their quarterly salaries, Joey, is 5.7 million USD. That is... Do you want to hear some numbers? Let me give you some numbers. Then you can rip in. Go ahead. The CEO, David Bailey. I like David Bailey, but this is,

this is nasty. This is nasty work. $58,333 per month for CEO services. Performance based annual cash bonus up to 2.1 million, five million in stock options, one million dollars in restricted stock units at RSUs, which is basically like if you work there for a year, whatever, two years, you get more stock, and then a million more in performance-based restricted stock units, so based on outcomes.

And then, you know, I think you're going to talk about, it looks like you have in the show notes here, some other tertiary spending that's going on at the C-suite level. So I'll let you go ahead, keep going. I want to call them actually in a second. I just texted. I just took a look for the telephone number. So remember, 5.7 million for the salaries. You broke it down what the CEO makes.

Former CEO or I don't know what the, either way he's still there. Yeah, they just brought in another guy, right? 23 full-time employees, 38 part-timers as of December of last year. This number, I would imagine, would be a lot less now. But let's just go ahead with the 23 full-time employees, right? And then 38. So let's say those 38 part-timers working half the time. time. So that means that's 42 full-time employees as of December, right? So if you do the math,

if you divide 5.7 million by 42 employees, that comes to around 154,000 average per employee per quarter per quarter. And so like it's not like the company does a lot, right? All they do is buy Bitcoin. Joey, how hard is it for you to buy Bitcoin and store your keys? In this case, I don't think, I don't think I could charge $58,000 a month if, uh, that's, yeah. And in this case, they're having somebody else manage it. I believe that they're, I have no, like, the keys manage the custody for, for sure, almost for sure. So think about this.

They fucking take all this money just to simply have the company buy Bitcoin and send it to somebody else to hold on to it, right? I don't know what justifies this salary. These guys, I would think they're making, or they're having parties that are making FTS, FTCX blush, right? Like, think about FTCS, the fucking things they did. These guys, I don't know what they're doing to make this money. But on top of all this shit, they say the Bitcoin that they say that was sold, no, no, no.

I'm going to clarify, it wasn't sold. I'm reading directly from David Bailey's tweet. So this is straight, his words, not mine. To clarify, we didn't sell Bitcoin. We invested the Bitcoin across several international treasury companies, Treasury, BTC, Metaplanet future holdings as a core part of a strategy is monetizing our Bitcoin balance sheet. Our direct Bitcoin balance has not captured a value of these equity investments. So they sold the Bitcoin to buy more treasury companies.

So flywheel, baby, let's go. Let's go. Warren, like myself, I'm looking at this. They sold Bitcoin at a loss. You just don't get it. We just don't get it. I just, I'm fucking an idiot about this. But you know what?

I'm not part of the orgy party, so I don't know what's going on over there. The behavior here is disgusting. Like, you know what? I'm embarrassed for him. I'm embarrassed for Bitcoin. I'm embarrassed for the CBP that we allowed him to come on. I'm embarrassed for everything.

Like, I'm big sorry to everybody out there that we gave this guy a chance to talk. Clearly, this Scamamoto is out there. They're eating a five-star Michelin restaurants while their investors are fighting for crumbs at the dumpster at Wendy's that's what they're doing I'm curious

I'm gonna call them up right now I'll just do a fucking live how many fucking employees they have and what the fuck they do let's let's get this thing going Nakamoto the stock is down 3888-8-8-220 let's go

it's down 90% year-to-date long distance charges may apply come on Thank you for calling kindly and B. Our office hours are Monday through Thursday from 9 a.m. to 5 p.m. Friday from 9 a.m. to 4 p.m. Well, they work Saturdays.

We are closed on Sundays. Let's call them during rock paper Bitcoin. During Saturday business hours, we may receive immediate assistance by sending up the text message. Oh, you can send a text. Who answers? What's the text message answer guy make? Is he making 2030K? You may also leave at the voicemail, and a member of our team will return your call as soon as possible.

If you have reached us outside of our normal business hours, please leave us the voicemail. A member of our team will return your call as soon as we are back in the office. Thank you for choosing kindly MD. We look forward to assisting you. Thank you. Yes, hi. Good afternoon. My name is Len.

I'm calling from the Canadian Bitcoiners podcast. I'm a potential future investor, and I'm curious about the number of employees that you have listed here on your website. It says 23, but I noticed that you guys are taking 5.7 million quarterly in salary. So I'm just curious. Indeed, is it 23 employees? What exactly did these employees do?

Send me an email back at Canadian Bitcoiners at gmail.com. I'd love to hear more about this. Thank you very much. There you have it. That's due diligence, maybe. I'm fucking serious. I'm a potential investor. I want to know a little bit more about this.

Clearly, I didn't get enough from what their SEC filings are telling me, I need fucking information. They got to get it. And if I don't get it today, let's do a Saturday morning telephone. Next week, next week,

tune in when we call Bitcoin Well, investor relations, find out the status of their loans. Fuck, is it Thanksgiving? We may not even get them this weekend because it's Thanksgiving. It's America Thanksgiving,

yeah, on Thursday. So Saturday, there's nothing going on in America. They're recovering from shopping. Oh, maybe, yeah, maybe. Ward a holiday. So, like, you know what? I left my fucking, my email address.

Hopefully they sent this something back. I'm curious. I need the information. This is a treasury company. This is a treasury company. There's nothing aside from buying Bitcoin, but yet they're paying each other fucking tons of money. I mean, sequins or whatever, sequins bought back stock.

So, like, if you buy back stock in your treasury company, immediately you nerf, like, you completely destroy the thesis, right? Like, either Bitcoin is the best way to spend. the money or buying back stock is the best way to spend the money. And if you stop buying Bitcoin to buy back stock, then like the party's over. The jig is up. And seeing these guys sell for capital for capital investment. Like, okay, I get it. Like 1031 does this too. They're not a treasury company, but they invest in companies instead of buying Bitcoin. I don't know. You know, everyone thinks they can outperform. And again, you know, we talked a bit about it earlier,

right? And this is not, you know, meant to be a shot at Marty and Matt or anyone, really. But But there is a danger in being an early adopter of Bitcoin and thinking that you are some kind of genius when all you know is limited supply good number go up. This is really at the core of the price action. But the danger is that if you're on the vanguard of something that people view as world altering technology or world altering asset distribution or whatever, you might find yourself a little too big for your bridges and trying to do things that you don't have expertise in. And I think this is a good example of that. That's what the problem is with all these treasure companies, not just this guy. Like Metaplanet and all these other companies, how are they doing? MSTR, how's it doing?

How's any of the shit doing? It's a disaster. It's like a mushroom cloud over there. And so that's why that's why in the episode. Like, are these companies going to survive a cycle where the price grinds lower another 15, 20% over the course of a year? I doubt it, honestly. Certainly not with that thesis They're not going to be able to just say

We're buying Bitcoin They're going to have to buy back stock They're going to have to whatever right There's no doubt about that Some are going to have to do a reverse split To just maintain You know Yeah I think you have to be a dollar

On To be on a NASDAQ You have to have a I forget You know who's been on this a long time By the way TXMC on Twitter He does not get

His flowers enough But he was saying this early About some of these like Offshoot treasury company is that you just think you're MSTR and you're not and you're going to find out the hard way what MSTR had to go through to make this work and you don't have the capital.

You don't have the capital, the support, you know, the liquid shareholder base. You have nothing that's needed to make this work. Well, MSTR is the first one that's going through the wall and they're going to get the bloodiest

because they're up against the monster. And have you followed this whole indices thing? I certainly haven't. Yeah, I can't add anything to it, but that seems to be it's a big story. J.P. Morgan, put out an article that's six weeks old about how they think that Sailor is going to be removed

from some of these indices and give himself more pain down the road because of it. I don't know. Like I said, that thing was out for five or six weeks. No one cared about it. And JP Morgan, you know, maybe wants to crash the market. Maybe wants to buy cheap Bitcoin. Maybe wants to buy cheap MSTR. Maybe wants to buy any of that stuff on the cheap.

They have the power to crash a market. They've done it before. They've manipulated markets outright. legally and illegally. So I wouldn't be surprised. I don't put anything past anyone. But Len, what is the lesson here?

The lesson is don't get over your skis. No leverage, no loans, no nonsense, keys and sleep. And that's it. 100%. And let's talk about quickly Cracken.

We've a lot of talking about backhand night. Maybe this might be the last story here. But Cracking users, they got, I don't know if it was one user or several users. It seems to be just one, got wrecked because we had a down turn in the price of bitcoin as i mentioned earlier this uh in the show and they decided to market

sell some bitcoin at 61.3 to be specific that's worth eight million cad at the time and they sold that for about 28k because there was just there was nothing there right there was no somebody had a limit order they put in they must have put in a 28k and made fucking bank right it's so you got to put If you're going to sell Bitcoin, put in some safeguards, make sure you're not selling everything on market price because there are times, you know, it's one in a trillion, one in a million, but every once in a while, it comes up that somebody gets wrecked as a result. 61 Bitcoin, the guy sold for only 28K. So now this guy's got to go back and start, I guess he's got to buy another 0.1 Bitcoin

and start retiring off that. Let's find the guy. Let's find a way to repay this guy. right same way uh why he fucked up how long i know how long ago was that story though where a guy paid way too much in fees and one of the pools refunded him the fees remember that yeah that was the pool that refunded the fees because they got it in this case i know the person that bought it they're not going to say oh you you made a shitty decision i only bought it for 28k i'll see you never know you never know no man i'm just trying to tell people out there if you're going to sell

Bitcoin, make sure you don't do that fucking market price, the market sell. If you do it a market sell, you know, it's a potential, if there's a lot of it, it would just, all the set, all the buy orders will be eaten up and there's, you know, you're selling it for pennies. And this has happened. And you know what's funny, Cracken is going to try to go for an IPO. After even at all this, they filed an S-1. Someone will buy.

Someone will buy that. For sure, 100%. So we don't know exactly what the ticker's going to be. or what the valuation of the company but it looks like they're going through the motions to get publicly listed and there'll be you know I would imagine sometime next year

Crackin is going to be available for sale for people that want to buy some shares so just look for thought what's their ticket going to be crack maybe KRKN maybe I don't know

TBD no problem let's go the other side you ready yeah i think we have a lot to talk about another side let's do it if you're on audio see tomorrow if you're on video all of you on video first of all you should be in the youtube channel to get in the live chat second of all uh hang out we're not going anywhere we're coming right right back with the notable stories i'm going to talk a bit about uh my new bidet so uh until next time take care

yourselves and don't buy scammonoto