The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Jane Street's Bitcoin Manipulation EXPOSED - The $120B Price Jump Nobody Expected | The CBP 254 Pt 1

Episode Date: March 3, 2026

Another HUGE Week for Bitcoiners, with TONS of news from all over the world.🚨 Jane Street just got hit with a lawsuit — and the moment it dropped, Bitcoin's mysterious daily 10AM dump VANISHED. The price ripped 10%, adding $120 billion to market cap. Coincidence? We break down the allegations, the ETF manipulation mechanics, and what this means for price discovery going forward.💣 The US and Israel launched strikes on Iran this weekend — Khamenei is dead, oil is spiking, and Bitcoin barely flinched. Dropped to $63K on Saturday, bounced to $68K by Sunday. We unpack why BTC is acting as a 24/7 macro pressure valve and what Monday's open means for the trade.📊 Polymarket bettors wagered over $500 million on the Iran conflict within 24 hours — including a $45M contract on Khamenei's removal that resolved to 100%. We look at what prediction markets are telling us about the timeline for de-escalation and regime change.🏦 Jane Street's role as an Authorized Participant in IBIT gave them a regulatory "grey window" — exemptions from normal short-selling rules that critics say allowed systematic price suppression. The firm was already banned from Indian markets by SEBI for a similar "morning pump, afternoon dump" scheme. Now the TerraForm Labs lawsuit alleges insider trading that helped trigger the $40B Luna collapse in 2022.⚡ Bitcoin is trading around $67K as we record. Fear & Greed Index sits at 14 — Extreme Fear. $3.8 billion in ETF outflows in February. $327M liquidated in 24 hours. Is this capitulation, or the buying opportunity of the cycle?🇨🇦 Plus: Canadian stories, macro outlook, and more.🔔 Subscribe and hit the bell so you never miss an episode.📧 Websiter: https://canadianbitcoiners.com🐦 Twitter:   / canadianbtcpod  #bitcoin #janestreet #iranwar #btc #bitcoinprice #manipulation #etf #ibit #bitcoinnews #crypto #polymarket #bitcoincanada #geopolitics #bitcoinetf #cryptocurrency

Friends and enemies, welcome back to the CBP this week. Len, are you a big fan of this 10 a.m. slam lawsuit against Jane Street? I know I am. We're going to talk about that. We're going to talk about the Netherlands backing off of their wealth tax proposal. We're going to talk about Iran. We have to. And a number of other big stories in the Bitcoin world coming up this week on the Canadian Bitcoin's podcast.

Hang in. 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 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 get other stuff as well. Friends and enemies. Welcome back. Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better in form listed to leavenjoe spots is taking care off right off the top oh bitcoin and easy dns the media's

feeding the slop well i mean everybody wants to know one thing okay how was your nchl 94 tournament on the weekend did not happen you know i was off by a week it was four yeah they're having one in march so i'm gonna go invade that one and see what happens but yeah i missed it by a week that is horrendous uh Your camera looks frozen on my screen. I don't know if it's just stream yard or if it's the stream or whatever. I will disappear and come back then. Okay. I don't know if it's just a me thing or not, but we'll find out.

Len is going to come right back. We'll do the sponsors in the meantime. Then we'll get into the usual content here. EasyDNS. Mark and his friends and teammates and colleagues and employees over EasyDNS. I've been friends of the show for many years. And we encourage you if you are looking for registrar work to go to EasyDNS. What does that mean?

You want to buy a website, port a website. You want to do some hosting. You want to do some virtual private server stuff if you're a bitcoiner. So Noster Relays, Bitcoin nodes, you name it. Mark's got your back. He also has a couple of different services available for you. Easy Mail, excuse me, a domain shirt to help you keep your stuff safe, your client's stuff safe, your mailing list, all that good stuff. Only on Easy DNS.

Can you get White Club service for the cost of no frills shopping, which is what we like on this show. So go over if you haven't already. CBP media is the code. You get 50% off your first round of buys. You cannot beat that. I guarantee it. Len, who's the other sponsor? Bold Bitcoin, my friend.

Bull Bitcoin, a great place to buy. A lot of people are buying, given the price of Bitcoin has gone up today. So that's driving up the price. And hopefully they're using Bull Bitcoin to do that. And if you want to sell, you could also use Bull Bitcoin to do that as well. You can do it with the on-chain when fees are low and fees are high. You can use something like lightning. Fees are still very low, though.

why would you want to use anything else at this particular moment? Bull Bitcoin, because it's non-custodial. This is what you prefer to have in an exchange. You don't want somebody to hold onto your Bitcoin. In order to do a buy, you've got to provide a Bitcoin address. What other exchange allows you that? Like, they will not send you Bitcoin. They will not let you buy a Bitcoin.

They're not providing a Bitcoin address. It does not be a real address. It could be a fake one, but you're just wasting your money if you do that. But that's what I'm talking about bull Bitcoin. They just want to make sure that you will not get rugged by them. They try very hard to make sure that you are taking care of. They also provide excellent service. So if you need some help with setting up a cold card or learning the process, just ask them.

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If you haven't, what the hell are you waiting for? Do it now. Love it. Let's do some housekeeping, maybe first and foremost. I don't have anything to say this week about housekeeping, really. The Duneberg episode continues to Garner plays. It's in our most popular video ever posted, which is nice. Scott Horton and I will be talking this Thursday.

You might remember I had to put it off because there was a bit of a hang-up on their end with scheduling. No big deal. And couldn't have asked for better timing for worse reasons. with the Iran war now going on and all this other stuff. Scott's a, he's a very, I mean, this is an understatement. If you know Scott Horton at all, you'll know that saying that he's very well read and understands the history of American Empire. It's just underselling him like you would not believe.

But you really need to listen to some of his stuff. He was on Tucker Carlson last year for several hours talking about some of the history of American wars and why, generally speaking, the Ukraine-Russia conflict was one that was instigated by NATO, among others. So, yeah, it's going to be a great interview. We're going to talk to him for about an hour. And then next Thursday night, I will be speaking to Francis Puyat for, I don't know, a while. And as I mentioned last time, we spoke about interviews.

At least some of the interviews now, if not all of them, will be pre-recorded, edited up for you guys, and then released on a separate day just so we get, first of all, as much algorithmic help as we can get, but also you get a little bit more of a boost when you have stuff like, you know, that early video hook and some of the highlights baked in. So we have someone on the staff here to do that now,

which is great. I don't think I have anything else if you want to do boost, then we can get right into it. We only have one boost to talk about. What's wrong to you guys? I don't know. Everyone was buying, can't afford the meat anymore.

They're holding back the $2 they send us. What the heck? I don't know. Anyways, Hammer, OG 2,500 stats. He says, more great information. You guys are a wealth of knowledge for new bitcoins. Thanks for bringing each and every scamming story to the forefront. Even if it seems repetitive, your reporting is helping people learn the costly lessons of those who are careless. When new bitcoins me for information and tips, I point them to this show. Keep cranking out

the hits. Very nice. Thank you very much for the kind of words. Very, very much. Appreciate that. Len always does a bang up job getting like, Like the most, like stuff I've A lot of it's repetitive. Yeah, but stuff I've never seen. I just want to make sure. Yeah. Yeah.

I got to hit it. Got to hit it. People are getting scammed every week. We don't want to be a CBP listener. So better we talk about it, even if it's a little bit redundant, then just to leave you to your own devices, right? Don't want that. Yep.

Yeah. The only way to learn is, not the only way. The most cost effective way to learn is learn from somebody else. Is someone else? Exactly. Let them make the mistake and you learn what mistake. they made and you try not to repeat what they've done. And then that way, they've done the, you know, they paid the price and you just,

you know, they paid tuition. You got free education as a result. That's the, to me, that's the best way to do things. Yeah. You want to learn yourself and get burned in the process. Yeah. It's very effective, but man, it's very costly. Yeah.

Very effective. It's safe. It's safe and effective. No, it's just effective. Yeah. That's a, you know, it's not, not as effective of a fucking dumping, Bitcoin every 10 a.m. Can you believe this story, by the way?

Like, this is a crazy. Zero Hedge has been saying this for years, literal years. And I didn't really look into it until like a year ago, maybe I looked into it for the first time. I didn't look into it enough to know it was Jane Street or that they had this thing nailed down. I didn't know anything about the authorized participant thing until last week. And this is to me the wildest story in Bitcoin. And by the way, there's a lot of similarities in our thinking here. Okay, go. Do you want to do the summary?

Do the summary like you always do? I don't think there's much of a summary to be done. I think it's more of a discussion more than anything else because this is this is huge news, right? So the fact that these guys apparently are manipulating markets. It's not even apparently. I think it's like this is like a fact. It's a fact. If you look at, yeah, 100% because if you look at the chart, a lot of people are saying there seems to be something synthetic here.

If you're looking at what happens and it's just, it's a cyclical thing. It just happens. Sunday night, another fucking dump, what the fuck happened? 10 a.m slam, man. 10 a.m. slam. So the way they can do it is that it authorized participants, and these guys are one of the four original authorized participants in the ETAF, in the I bid ETF. So the big money ETF, the BlackRock, Spot ETF for Bitcoin, they're an authorized

participant. What does that mean? It means that they buy and sell spot to match the price of Bitcoin and keep the ETF in balance with the spot price. Okay. And there's not a lack of reporting. That's right. They don't have to report.

That's exactly right. I guess they can't if they want. Nor their methods. Nor their methods. So when they rebalance, yeah. So that when they rebalance, they can take the other side of the trade in a derivatives hedge. So they can go, that is to say basically if they know they're going to sell to rebalance at 10 a.m. They can go short.

Once the market has that sort of, once the market has been open for a while and the books are a little deeper than they would be at nine or they would be on the weekend or they will be overnight, you know, you get that 10 a.m. Eastern, if you can go short on that, you know, you're really doing well. Now, Zero Hedge, I just want to point out, this is not a sure thing, okay? It's still an allegation. It's like a 90% allegation. Like I said last week on, on Bitcast there with the boys on Ben Sessions show, it's like 90%. But the thing is that as time goes on, the truth really becomes evident in the absence of the price declines.

So, for example, the story came out. What the hell happened? The next day, 10% jump. The next day, 10% jump. Right. You didn't see that fucking movement. It's like, no.

You know what's even a better indicator, though, Len? There was a war that broke out over the weekend. The price didn't drop. Like, it dropped for like an hour, two hours, something like that in the middle of the night and then rebounded and now is up, I think, since Friday.

So you look at these things together. And again, well, you can't say for sure that this is, you know, it was 100% a rigged game and Jane Street was on this. It sure looks like there was a role to play for them in terms of the price decline. And by the way, even if there wasn't, even if it was somebody else involved in this, because the lawsuit they're under is not related to the 10 am. Slam. It's related to Tara. But it's a warning shot to anyone who might be doing this, any other authorized participants

who might be trying to do this. It's like, hey, we are watching the price action in these tokens. We are watching the patterns in that price action. And if we think that you're playing a role in tainting the purity of God's free markets in America around the world, we're going to come for you. You see that Trump media, apparently they sent a letter to Congress. About what? Apparently, they're asking or demanding an investigation into Jane Street. They ought to.

They ought to. Naked short selling. Yeah. That's due to more of a broader. I mean, Citadel has put out so much research over the years. And how, you know, you may remember Citadel from the GameStop, Bananza, boondoggle, whatever you want to call it from 2021. You know, these guys, they're, yeah, I tore up in the chat, putting it the best way you can't. Fiat freak's going to Fiat, man.

Like, that's just what they do. They don't know anything but these games. And I'll tell you one other thing, Len, this will tickle your, your Jimmy's a little bit. You know what makes this difficult to do? is when people self-custody. Because you can only play paper games with stuff that's not in cold storage. You can't play paper games with stuff that's on my cold card. Yeah, it's very difficult.

And so you can't, these guys, you know, the reason they're able to do this and run derivatives games on top of their authorized participant status and not report any of it and not disclose their methods is because people have coin that is on exchanges and ETS, you know, blah, blah, blah. So the more you take custody of your coins, the more you take advantage of physical redemption, the more, I should say the more difficult this sort of thing becomes. So if you like the price action, war breaks out in Iran, war breaks out in Israel. You know, there's talk of rates now being held steady instead of being cut in the states thanks to this war. You're seeing energy prices start to take up.

All these things that would normally lead to a Bitcoin decline, you can get it. You're flat. You're basically flat. You know, it's a good thing. Like I said, I think since Friday you're up. Certainly since the beginning of last week, you are up. Do you know that they were one time? These wounds were fined by Indian authorities.

Wow, if Indians, you can get in after India. Apparently they were doing algorithmic market manipulation over there. Shocker. They were tight within the past six years. Also, NASDAQ find them a token $25,000 last year because they were doing, I don't understand what the fuck was going on. but there were some irregularies within the system. I mean, you can't have any doubts that the guys who are running,

you know, again, not to go too deep into the Tara lawsuit, but the guys who are running a scam in a telegram chat called Bryce's Secret, like if you're, if that's the scam you're running, chances are you're not that sophisticated an actor. And so I wouldn't surprise. How come we didn't get in this? The Bryce Pratt. I don't know where I'm supposed to be.

Like how many discords do I have to join before I get the Bryce's secret invite, right? I'm in a bunch of them. I'm trying to get in front of new NFTs. I'm trying to get in front of new IPOs. I'm trying to get in front of all sorts of stuff. I'm buying fake passwords to sell. I'm buying fake IDs to sell. I can't get it.

I'm on the outside looking in, man. I'm on the limited hangout. We all are, Joey. That's why we're here bitcoining and just putting it in our cold storage. Because by doing that, you know, you're, as you mentioned, you're free from this manipulation. You're not being a part of it. And whatever happens, it's, you know,

there are a lot of things we can't take control of. They just happen regardless. We could think a certain way. We could, it just doesn't happen. They just happen because there's so many things going on. A lot of levers being pulled, strings being tugged.

And we're just part of the ride. I'm going to keep buying. This doesn't deter me from buying. And I don't think the same with you, right? Like, you're probably more convicted. I run a buy every day. I am starting to buy. to take payment for certain things in Bitcoin.

Like, you know, I, yeah, I'm all in on this. My conviction has never been. If you got this, though, would you trade this for? The Singapore dollar for those on audio. I mean, we continue to use that as a prop. It's one of the, we've really gotten our monies worth of that. I love this. No pun intended.

Yeah. I love this thing. What's David Saint-Aj going to come to the conference with this year? Has there been any other currency failures in the last 12 months? He gave out a few, few Venezuelan Boulevard's last year. No, years ago. He gave him out last year too. Okay.

A couple of the tradfai guys at that conference, by the way, like friend of the show, Rich Diaz, who's actually a friend of mine, like he's a buddy. Dave came by and was like talking to me and introduced himself to Rich, and he said, here, you should have this. Rich loved it. The finance guys love talking failed currencies.

It's one thing, even if they don't agree on Bitcoin, we all love talking about the failures of Keynesian economics. It's nothing better on a Saturday morning 9 a.m. I carry it in my wallet. That's good. Good reminder. It's not just that. It's a talking point as well. I like to bring it up to anybody that will listen to me.

Since I don't leave the house, nobody listens to me whatsoever. But when I do, I do bring it up as much as possible. And I think it's a great talking point. And it's a good indication like why it is you don't want to keep any of your wealth tied to this. Yeah.

Because if you do, you know, I can turn into. Buddy, I think you're right. I think you're right. I really have no areas of this. with you on that. You know what else is funny too about this whole Jane Street thing? You know,

it's funny that people who are not in Bitcoin continue to say that Bitcoin's price is manipulated by Tether, right? You always hear Bitcoin's price is being manipulated to the upside by all these guys, whether it's, you know, the Peter Schiff's or the Mike Greens or you name it. There's a number of different sort of players in the macro space. I even think Kevin Muir, who's another friend of mind, no friend of the show over beers a couple weeks ago was saying that he was worried about Tether being the thing. I don't think those guys are, you know, necessarily bad actors or dishonest for thinking that. But it's funny to me that the most vocal guys about Tether are quiet when the James Street 10 a.m. Slam disappears from the daily trading volume and traffic.

Isn't that weird? These guys, they always want to talk about how the price is manipulated up. never want to talk about how the price is being manipulated the other way, which to me is, it's telling, it's telling. I'll just, I'll just leave it at that. You don't think, do you have any inkling that tether is doing any sort of price manipulation at all? I have no idea. No, I don't. I don't. I don't. I don't. I mean, Len, they're making a ton of money over there. And, you know, whether it's buying gold, buying bonds, buying Bitcoin, the thing is that even if you think the, the tether is fake, the profits, they're buying hard assets with the profits. So the money's coming from somewhere. And to me, it's obvious

that that whole operation is just really well run. It could still be a house of cars, though. A little. I mean, it's possible, but let's face it, okay. They've been through the past making money, but, you know, how many, how many ups and downs have these guys been through now? Five, six, like, they've been around, you know. And the U.S. regulators are a pretty tough bunch, especially when it comes to crypto companies. I don't imagine they'd get that, you know, even though it's wrapped in the illustrious veneer of the 21 brand and Lutnik and Mallors and those guys,

I don't think they get into that deal if regulators are not getting a pretty good look at their books. Well, they're getting into the good books of these people because there's that specific, I forget the name of it. It's not a US dollar tether, but it is a stable coin that is supposed to operate within the confines of the United States country. and then it is adhered to the laws over there

because they're backed specifically by liquid assets and shit like that. So they're allowing that. They almost gave it a blessing that and USDC, sorry, as the two stable coins that they'll let operate within the United States. So the fact that they gave them the ability to do that, I think it's a telling sign that they like what they're doing

or they're at least confident in what you're doing that, you know, but who would have. fuck knows. With respect to the manipulation of the price, I have no idea if you're doing it. I hear that all the fucking time but I have no idea if it's happening or not because I don't have enough information. I could speculate,

but speculation gets me fucking nowhere. Right? Like it's, oh, I'm throwing darts against a fucking board here. Yeah, yeah. It's a fool's game to rip that kind of thing, right? Yeah. Like more bullshit like from all this too. I mean, you mentioned the Iran thing. I just

really quickly want to mention And there's been a lot of people, a lot of fun going on. Oh, Bitcoin mining is going to take a real hit here. Because what is it? Something like up to 5% of Bitcoin mining comes from Iran. And now that energy arbitrage. These are just outing themselves as clueless, aren't they? Over and over and over again about this.

That top mining, the mining topic especially is a frustrating one for me. It's not like we had like a 15% drop or give up, 15% drop a few weeks ago because they had to turn off miners and divert energy to heat homes. That wasn't a catastrophic event for Bitcoin and Bitcoin mining as a whole. We had a huge drop four years ago when China banned Bitcoin mining again. Yeah. What the fuck happened? It just took, you know, everyone, everyone knows.

Everyone knows it's not going away. And I'm just, you know, I don't have a lot of time for these guys. I actually said at Mike's conference, Mike Campbell's conference that like, you know, it's becoming really hard to just engage with people who are making lazy, like over and over again disproven arguments about mining, about this thing's going to zero, about, you know,

you name it. There's a hundred different theories out there from people who don't own Bitcoin, have no interest in Bitcoin outside of watching it decline. And oftentimes have a vested interest in seeing, seeing the price go down and the network become, you know, the network, excuse me,

the network viewed more and more as like illegitimate or fragile or whatever. There's no point engaging with these people, even though, you know, it's funny, Bitcoin, unlike many other assets, does bring out the worst than people a lot of times. Like, when we drop from 125 to 60, the number of people who are willing to like show their ass trying to dance on the Bitcoin grave is, you don't see this in any other asset. Real estate, maybe you see guys saying, I told you this was a bubble, blah, blah, blah, but you very rarely see it anywhere else. And Bitcoin, like, oh my God, you're down 20, 30 percent.

guys are coming out. They're ready to kick you when you're down, spit on your grave. And meanwhile, you know, the rest of us are just like, you know, what's that meme James Franco, first time? Like, you know, we've seen this a bunch. It's not the first drop. It's not going to be the last drop. But, you know, it's all about whether or not you have the mental fortitude to hang in

and stack. The frustrating thing is like, you look at, again, like, you look at all the different elements of the environment that you're in now compared to the last 50% drop. And we're way far afield here from Iran and Jane Street. But it bears repeating. This is the easiest 50% drop you'll ever buy in Bitcoin until the next one. Like they're just the environment and the elements of legality and these things. They're all trending in our favor.

And people are still saying it's going to zero. I can't help you, man. I can't help you. I wish that you would buy it. Like I want you to buy it. Bitcoin is one of the very few assets that I try and tell people to buy, even though it really does nothing for me. Like you buying doesn't move my bags, you know?

I think I said this before. The only other place you see that is like a Catholic confession booth. The priest wants you to repent. He doesn't get anything out of it, you know? That's how I feel sometimes. Like I'm not getting anything out of you buying. I hope you buy. I hope you turn into a time preference officianto.

But if you don't, that's no skin off my back either. I just want to see you succeed. That's all. Another thing that is being, it's out there that you have to put into, the recipe is there's a kind of civil war that's going on within Bitcoin. Right? And I'm not sure

if that's helping things out. It's certainly it's mudding the waters more than anything else. You think it's a civil war. It's strong word from you there. Well, it's, you have these two camps that are entrenched, right? There are a lot of people in the middle that just, you know, and I'm kind of, I think I'm part of that

in the middle that I'm just watching all this shit. I'm not siding on one or the other. But you have a lot of people out there that are siding on one side or another. And, you know, the, the result from this, I think it's going to be, it's not going to be the best. Let's just say that. I can't see a way that everybody's going to walk away happy. If there's not enough minor signaling, then not enough node signaling,

these guys have their face. Yeah. If somehow a miracle happens that minor signal, which he probably probably, I won't or enough node signal that they probably want to have this. You then have the potential for a chain split. And that's obviously not going to be good for Bitcoin. So I can't see a scenario that this resolves itself. And you have people walking away and everybody say, yeah, this was a good result.

You're going to have some people up there that are just going to be pissed. And they're going to, I don't know, they're going to have to transition to something else, I think. Like, how could Luke continue to work with Bitcoin? No, he doesn't. He's catching in so many. chips. He's cashing so many chips, though. Something seems, you know, it just doesn't seem right there. And not just him, there's also a bunch of other people.

I get it. The fucking spam is garbage. You want to have monetary transactions. But the way it's framework, the framework that this is set up. And you can just see there's a potential chain split for this. And that is not going to be, I don't think that's going to be good for Bitcoin as a whole. But that's what we have to deal with. We have this going on for the next six months or so. So you think chain split potential still, eh? I mean, I see this a bunch.

I think we've probably talked about it on the show. I continue to think that we're probably not going to see a chain split because if anything, if anything, something else will come up that takes the air out of this and forces people to kind of align in terms of their priorities. It will move away from this particular issue. Well, if not enough power gets associated with this, there's no chance for it. So who does BlackRock want to win, right? Is that the question we should be asking? No, I'm looking at the miners and the nodes.

I know. I know what you're saying, but I mean, these guys have, well, they have more influence now than they used to have. The good thing about the prospectus for BlackRock is they get to choose, which is the Bitcoin they want to follow. Yeah. And then whatever coin that they have on the side as a result of this, they could dump it and make the profits from that. Like, if you think about this as theoretically, there's a chain split. You have two different coins. Which fulcrum is going to be the thing that does a chain split?

It's the only thing that would trigger it, I would think, is you have miners building blocks. No, no, I know that. I know, like, I know the mechanism, but what is the issue, you think? Like, BIP 110. And do you think it's going to be, yeah, okay. That's what you have miners building blocks that are 110, BIP 110 compliant, and miners building blocks that are not BIP 110 compliant, as we have right now. And then you'd have a minor that would include stuff that would be, you know,

not compliant with BIP 110. And BIP 110 would just reject it altogether. So you'd have two different chains. And if there's enough hash power on each of the two, then you could have two different chains then build out as a result of that because one would just rejects new blocks that are compliant right now

and the other one wouldn't. So that's, what would happen then is then theoretically BlackRock would then have access to both coins and they'll say, you know what, I'm going to pick this one as the Bitcoin.

The other one they would have, they'll sell it, they'll make a gain as a result of that. You're not going to make it because that's not part of the agreement you have with BlackRock or any other ETF holder. you're just having them hold on to one coin or whatever it may multiple they they get the benefits of that

any any sort of chain split or anything they get it all they get all that shit so good for them yeah i um you know bip 110 is is uh an ongoing debate i have been maybe the i mean not maybe i've been the more vocal on this show about quantum and the risks of quantum and this type of thing. So, you know, I think that's the, that's sort of the, that's going to be the wedge issue for a lot of people because I think there's still people that view quantum as like a 20 year problem when I think it's actually closer to like a five year problem. And yeah, I mean, without going into the nitty gritty, there's going to, there's going to be a time soon where most people, I think, will just understand and accept that even if, you're, you know, there's going to, there's going to be a time soon soon where,

you view it as a 10 or 20 year problem and not as a five-year problem, it's best to start addressing this stuff now. And that's where the attention will go. You know, don't forget, one of the benefits of the asset is that we're, you know, we're difficult to move. We're not agile, but it's a good thing, you know, 90% of the time. This is one of those 10% times, though. That it might be good idea to start thinking about this.

From Corey from Swan talked about this. And he was saying, you know, as long as you follow these rules, you're going to be protected from quantum, right? right now. As long you're not using addresses. Sure like that. So you know what? Once this thing comes live, you can just move your coin around.

Make sure that you're safe. And then there's not much pivoting you have to do. The people that don't move their coin around or lost access to it. If that gets, that's, you know what? That's part of it. Do you have any feelings about the Satoshi coins? You know what? If by chance.

Bounty? Yeah. Who cares, man? If they want to get picked up, if they could get somehow as a result. if they want to spend that much time and effort with this quantum, this fictional quantum shit, just to get... Fictional, he says. Okay.

Well, I mean, right? Like, until I see this happen, it's not really, it's not a reality yet. You're not a superposition in Joyor? No? I don't even know what that is, but it's probably not. Okay. You know, you're not a Qibit, Qibit and Joyor? No.

So until I see them divert all those. resources towards trying to get Bitcoin when there could be a whole bunch other things you could do securing cancer or fucking you know the nuclear code shit like that there's a lot of other things you could use with this to try to so but if they wanted to use it to get Satoshi's coins all the more power to them and as soon as you see them move then oh you know what something's happened maybe time for me to react with my coins and move it around look if you haven't moved your coins for 15 fucking years yeah you're not like it's it's free whatever happens happens at that point if i guess the fucking the words for that right or if i get

if i somehow get the keys to that to that coin like if i you know sam i'll get those keys it's mine man are you going to say it's not mine it's mine fuck you let's move on that's the final word on that is there no let's talk about knots then oh here we go great no let's not let's talk about not specifically nots is picking up steam but core does continue to do work for their software and version 31 is going to be coming out in the next two months or so i think it's aprilish it's due for release when that does that's going to make version 28 um obsolete or at least absolutely maybe the right word it will no longer be maintained so security updates and shit won't be provided for versions 28 and older anyways version 31 comes with a few interesting things

like there's improvements to transactions uh for privates and stuff silent payments. The one is I find interesting, there's going to be protections against eclipse attacks. And it's, you know, it's a good idea. But until you read that you have to use different outbound connections in order to make this truly work. So you have to use connections for IPV4, IPV6, Tor, I2P. And so people...

It's way above my pay grade. Yeah, way about my pay grade. Well, the way that I... You have to use multiple outbound connections on multiple. pull different protocols and that way it will help you from protecting from an eclipse attack. I don't know. I mean, I use primarily just only Torr in mine. So this won't impact me.

So anyways, they also say that it also make use of the version 2. Sorry, V2 transport protocol. That's using that allows for encrypting of data. So that's going to be harder for an eclipse attack. So that's going to at least be effective. And it's going to be ventur interfacing for strata and v2 mining and shit like that. But the one thing I think that is the best thing about this all,

anybody that's doing a IBD initial block download, they know what it takes for fucking ever once you get to 2023, once the ordinals and all that bullshit comes into reality, they say that the IBD is going to be much more. It will be better. I don't say much better. It will be improved on multi-core systems. And who the fuck doesn't have a multi-core system?

So I think that's pretty cool. I hope this bleeds into knots and it's not too distant future. They still are sticking with that fuckload of a upper turn shit. They should have reduced that. But it is what it is.

You know what? Everybody has an option to what they want to wrong. Are you on 28? You're on 28, right? I am on 28. So that's going to be soon. I'm going to have to move over to 29 and fuck.

Then eventually got to figure out what to do. I don't want to go to 30. I got to figure this out. Maybe I'll just edit the fucking code and just reduce the upper turn side. I mean, I want to go to work. It's compile it.

There's a lot of smart people. working on making it easier to not deal with the spam. So you're in good company there. I personally think that probably like for the eclipse stuff, I would guess almost no one is going to

actually use that functionality. No, it's going to be baked in it. But you have to, it sounds like you have to change your outbounds manually. I change my outbound manually so I only use Tor. Okay. Okay. So I think it's going to do it automatically on the fly.

I don't know for certain. I mean, we'll find out soon, I guess. Yeah. So that's good because obviously you've got better protection of the nodes and whatnot. Yeah. There's nothing wrong. Again, one of the things I think we both agree on, even if we disagree on what the recommendation is from time to time, you know what Bitcoin does well is optionality.

Because of the backwards compatibility, you get to pick and choose the things that work for you, the things you like to use, the things you want to use. and if you don't want to use any of it, you can just go with your cold card and sparrow and fly like the wind. My son, that's all you need. And on top of that, it being open source, you could change whatever you want,

then recompile it. That's right. Yeah, compile it. And then do what you want. It's a beautiful thing. Yeah, totally, man. Czech presidents, the Czech Republic presidents, he signed into law,

essentially exempting capital gains taxes on Bitcoin if it's held for three plus years. Great. And this was signed into law this past week. And this only applies to the first 1.7 million of profit per year. So only that is tax exempt. Anything above that is going to be taxed at the rate of 15 or 23%. So anybody's at the huge roller, a big roller out there.

You can't be in the Czech Republic and avoid that. Furthermore, those using Bitcoin won't be forced to report transactions valued less than 4,100 USD. Notice I'm using USD. It's more of a local currency. I'm just converting it to USD for just sake of argument here. And so they have this. We also we have the Czech Republic National Bank. They approved a proposal.

They look like they're going to be examining buying Bitcoin. and adding it to their allocation of things. Right now, the reserves sit $146 billion, and they say that 5% could be used to allocate in other things, including Bitcoin. Not to say they will do it. They're looking into this. This is something that is being done. So Czech Republic seems to be moving very quickly to becoming very Bitcoin friendly, very cool stuff.

They're a good company there, too. There's a number of other countries thinking about doing the same thing, Treasury Reserve assets type stuff, which is great. But not all this is rosy because there could be, you know, this could be undone one day. Middle of last year, we had the minister, ministry of justice. There was some scandal going on there to tune around 460 Bitcoin that was donated to them from, it looks like some criminals, a money laundering scheme, all this. The justice minister resigned from his post, right?

So now there's a connection here, Bitcoin, money laundering and all this shit. So you have this in the back of people said, Also, the current finance minister is truly, he said he's not on board with the central bank doing anything with Bitcoin. But you know what? Here we are. This is, you know, things could change. But at the very least, Czech Republic seems to be taking a step in the right direction. We'll see what happens.

Yeah. It's in Europe. Like, you know, I'm not going to hold my breath, right? Europe is like as crazy as it's ever been. Uh-huh. Both on the leadership side and on the war side and the conflict side and the really. relationships with America side. It's not a place where you're going to find a lot of stability.

And I think that, you know, regardless of what you think about Bitcoin, what is the cure for potentially having these permanent measures made temporary by your political opponents after the next election? The mechanism through which you can protect yourself from that is number go up. Nobody wants to see a number go up asset removed from a treasury balance, right? So we'll see what happens with the price over the next year or two. I mean, we expect it to be higher, of course. But how much higher does it need to be that the gains in the treasury outstrip the gains politically by, you know, reversing the policies of your enemies?

I don't know. That remains to be seen. We've never been through this before. It's a new territory for Bitcoin, I think. I can tell you something else that won't go up is the workforce of block that's going to be going down. Oh, man. And I'm going to try reading this in lowercase font for people up there. So try your best to digest this.

Yeah. So yeah. So, Claude, write me a layoff tweet, make no mistakes, and write it for millennials and zoomers, all lowercase. Yeah,

so the workforce, it's shrinking like somebody's going into the pool, the very cold water, and suffer some shrinkage there. 10,000 strong, going down to around 6,000 folks. So 4,000 people are going to be given,

or already having given the pink slip. And they're going to be more streamlined, and you're going to be using AI to make the company more competitive. competitive. And the market absolutely loved this decision because the reaction for that was the share price went up quite a bit at the news. So apparently, you know, people love to hear this for whatever reason. But just a heads up. So if that news made that company more valuable, the CBP, we're going to continue to downsize our force. It's going to be a couple of AI people doing this fucking show next week. And maybe it'll get me to my stacking goal of 0.1 Bitcoin much sooner. And maybe we'll become very, very rich as a result. So who knows. Block's AI first initiative here. Yeah. It's a huge shift for a big company, right?

I don't think it's, I don't think it's like the silver bullet that they're saying it is. You know, Block, it's interesting, right? Block has had, as I recline in my chair, Block has had a couple of really good years in a row. And most of the time when you have a couple of really good years in a row, you expect to see, you know, changes in staffing, but not necessarily the changes that they've undertaken. You might expect to see some growth or adding new products or adding new streams for products or something like that. But what we're seeing here instead is Dorsey going, okay, well, we've had a couple of good quarters. And what we're going to do is fire 40% of our workforce, bring us back to 2020. So it was actually pre-COVID levels, pre-pandemic

levels. And raise guidance. Street loves it, obviously. But the big question mark for me, as someone who uses AI every day for tons of stuff, the question for me is whether or not you think your company is actually going to be able to run on half the staff and, you know, ostensibly replace that production with AI. I think there's probably two things that are true here. The first thing is that he knows he way overstaffed. So that 40% when people are questioning him, like I just did, about, well, how much of that productivity you're going to be able to replace with Claude or whatever.

The answer is not 40%. And he knows he doesn't actually need to replace 40% because he was overburdened with employees before that. That's problem number one. Problem number two, though, is I think a more significant one. And it's that this tech is really cutting edge in a lot of ways. I look at my own use and I'm like a, I'm not a power user of this stuff, but I'm working on getting better at it.

And I'm amazed by what it can do. But I'm also amazed at how long it takes to really get an output you're comfortable with. and how much steering a quote-unquote autonomous AI needs to get something done. I'll give you an example. When we do research for this show, you know, you send me the stories and most of the stuff I already know, but if I want to go deeper on something, I get the chat bot to do it. Give me a research report here. And I want to see some data on some of the claims that are in this tweet or this story or whatever.

Like, where are they getting this from? Occasionally, it runs and does a pretty good job, you know, maybe five or six minutes will go by. it'll give me the stuff I'm looking for and some visualizations. And I can see where the data was pulled from and it's there. And great. But man, 20% of the time, it gets it wrong. And so I'm not running a company like Block, which by the way does payments, Bitcoin stuff, mining, hardware wallets. Yeah, Bitkey, title.

Title as you're going to fucking hear about that. Maybe that's going to get the cut. So he says that, you know, as far as like the AI tools doing the work, he says that, that 90% of the code written at Block Now is done by AI first. So, you know, presumably you have like senior engineers or whatever.

You know, reviewing it, I'm not sure. I want to point out this comment that just came through in the chat from Claude. Watch the video last night of a guy setting up a Bitcoin wallet with OpenClaa AI agent and started transacting with other AI agents. It's happening fast. No bank is going to open a bank account.

I'm not saying that this is not the case. that AI can't do certain things really well. But it's one thing to do it on your desktop. It's another thing to do it for your billion dollar company. Well, what did Elon Musk do with X? He cut back staff quite a bit. But I mean,

everyone, yeah, but everyone saw the staff at that place. Right. These guys, yeah, and Amazon, same thing.

Like, you don't need... Apple, I'm sorry, Microsoft. So this is sort of the point I was making with the first criticism is that people are saying, well, how's you going to replace the productivity of 40,000 or 40% of his staff?

Like, he's not. He doesn't need to. We don't know. See, there's a lot. We just don't know. And the reason why we don't. Because we don't have all the information.

What I do know, and you pointed it out, is that they're now back to 2020. So post-pandemic, they were aggressively hiring. In fact, from what I could tell, their hiring was very aggressive in a past year and a half. Yeah. So whatever it is, last year and a half, they grew tremendously in terms of their workforce. they are this is unique in the fact that they're doing this massive cut the company is doing well it's reporting profits and it's reporting healthy profits it's not like it's a company that is just bleeding money and it's far from it yeah they're doing well now they're they have to come out

and say look we're doing well i think with this move we're going to do even better it might work it might work it might not work time will tell like it's not like we had clara fiver or is that they pronounce that writing they fucking did that's the same thing They reduced their workforce and went with I didn't even know they were publicly traded They publicly traded? I don't know if they're publicly traded But I do know that they announced that they've done that

And so you have those companies But they're nowhere on the same level as Block I block is a different level But the people that got laid off I mean what do they do now Now you have added to the 30,000 employees from Microsoft Combined Microsoft and Amazon that were laid off last year And all these other places

There's a glut of these technical staff or former technical that's just looking for employment. And you can't just give them one year of chat GPT. Here you go. Use this and it's going away present. Something has to be done, these people. Like it's a lot of people like taxpayers. It sucks for them. But you know what?

Block, if they can make this work, if they could make this an effective, essentially make it a more profitable company with less other companies. going to follow suit. It's proven to be effective as far as the market's concerned. Like you mentioned there, I think it was 24% after hours. Incredible. 17% the next day, too, like continued to run. So people like the idea. The question is, the question I have for those people who want to buy the stock,

you know, at 41% premium compared to what it was the day before. My question to those people is, what company can you point to that laid off a bunch of staff and went to AI? as opposed to just laying off a bunch of staff and streamlining. For example, you don't need the DEI crew at Twitter, right? You didn't need that. You didn't need that woman who was on the Brogan podcast getting fucking pasted by Joe Rogan and Tim Poole about censorship.

Like, she's obviously retarded. You don't need that woman at $250,000 a year or whatever she's making, right? You don't need her. You don't need people to be on the safety and community team taking down tweets where someone posts a meme about Joe Biden online or says that he's incompetent or that he's a vegetable. Like that guy, you don't need a team to review those things. So if you want to save a million dollars getting rid of those 10 people, it's easy because

you're not replacing them with technology that I hate to say it is unproven, broadly unproven. So like that's the thing I would ask people is what company are you looking at that's done a cut like this replaced with AI and still been a powerhouse? We don't have any examples to go off. Just want to note, by the way, who overstaffed the shit out of Twitter and then left as well? Who was that? It was Dorsey. So, you know, the company we're talking about, he's already done this once.

It didn't go that well. So I'm, you know, I'm not 100% sure if this is where I want to be putting a bunch of money to be perfectly. There's only one. My good buddies are invested in this company heavy, too. It's the only place you park here. Singapore. P-O-R dollar. Singapore dollar, baby.

Yeah. Citibank, they want to hold on to your Bitcoin. I like it. Yeah. Not actually your Bitcoin. They want to hold institutional clients, Bitcoin, and make Bitcoin bankable. That's what they say. The announcement came this past week that they're going to launch by the end of this year,

a Bitcoin custody service as well as integration infrastructure for institutional clients. And one of the big boys offering up Bitcoin services to their bigger customers. People say Bitcoin's worthless. Citibank, I think, disagrees with that settlement. And you have now clients out there, they want people to give up their Bitcoin and want City to hold on to the keys. Why? Because everybody knows remembering 12 fucking words is a pain in the ass.

That's why City's there to do it for you. They know that you're a fucking idiot. You don't can't remember 12 words, but they can. And they'll do it just for you. Yeah. You're fucking two done to remember. It's deeper than that. Fuck it.

I don't get. It's more Fiat level. Fuck it all, man. It's deeper than that. Not at all. Sab 121 was rescinded, right? So Sab 121 was the law. I think it's two years old now.

I guess it's 26, so maybe three years old now. That basically said to hold Bitcoin on your balance sheet as a bank or to hold Bitcoin as an asset on your balance sheet, you have to count it as a liability. And so when you have a liability as a bank, you have a reserve ratio you need to meet for your liabilities. So, you know, for Bitcoin, I think it was two to one or something. like that. So you had to over collateralize every Bitcoin you had with double the value in T bills or bonds or or cash.

Haven't forbid you make this thing solvent. Haven't forbid you make the company solvent. Yeah. So that used to be, so that used to be what they wanted you to do. Now the law has been rescinded so you can actually hold Bitcoin and not have to over collateralize it. Because let's face it, Bitcoin is an asset.

A volatile one? Sure. But it's an asset. It's not a liability in your balance. It's all bullshit. I know. I know. I know you don't.

But I'll tell you right now you're wrong. And the reason you're wrong is because what you actually want to see here is these guys holding Bitcoin and you want to see the continued institutionalization of the asset because it doesn't number... Then let them do it the proper fucking way. This is the proper way. This is the proper way.

The proper way is you do it. You don't let somebody else hold on to your fucking Bitcoin. Holding on a 12 words, it is not fucking hard. Why does somebody else have to do it for you? We talked about this. You don't fucking... We talked about it. We talked about it.

You're yelling at the clouds again. You're yelling at the clouds again. I'm not yelling at the clouds. Joey, I could tell you for a fact, I know that my Bitcoin, where it is, I trust nobody else, but myself that that Bitcoin is there. Yeah. Anybody that's using this service cannot say the same thing. I'm not saying you're wrong. I don't think you're wrong.

If they want to get their fucking Bitcoin on Christmas Day 2 a.m. They can't, they don't have access to the fucking point. I do. Yeah. So I don't give a shit. What you fucking say? I don't have to ask anybody for permission. Yeah.

I don't have to. to deal with any fucking borders. No. I just do it. Transact. Nobody fucking knows because I broadcast with my own my own fucking node. Yeah.

Fuck off, man. Like that's the way it should be. This is Bitcoin. Everything else, if you're going to just melt it into Fiat, it's Fiat. I'm not saying, I'll just point out that I think there's this idea in Bitcoin.

And you're not the only person who has this idea. So, you know, don't view this as like a personal shop. But there's an idea in Bitcoin that this can of custody and understanding is the same for everybody and it's just not. And so when I hear people say they want to use the bank to hold their Bitcoin, I don't assume that that same person with a little more coaching and a little more effort and a little more

determination could get to a cold card. Not everyone can. I'm talking about a fucking corporation here. Yeah, they have you presume to have the fucking. Yeah, they can't do it. They can't do it for legal reasons or for board reasons. Legal reason? They just don't want to fucking do with it.

It's not a governance work. fucking words. Not how governance works. It's not. Maybe it is in the future, but between stuff like auditors and oversight committees and all that sort of thing, like insurance for boards as well, like you can't, those are things that are legal requirements. And so until self-custody works its way into that framework, you're not going to see it.

I know you want to see it. Yeah, it's not about that. Nobody's done it. You're putting, yeah, you put the car before the horse. That's a problem. You got to think about the horse. We have companies that are recently that have Bitcoin on their balance sheet. They don't have boards.

They don't have boards. I'm looking at fucking Tesla, man. I'm looking at, I have no proof, no definitive proof that Tesla has not, does not secure their own Bitcoin. I hear Arkham may say something, but I've read Arkham says other bullshit. I forget what they said in the past. It was totally, oh, that micro strategy was moving to Bitcoin.

So whatever, you know, Arkham could say one thing, but it's like everyone else, right, he's after clicks. He's after clicks. So, you know what, Tesla, they run their own fucking node. do they is that like is that a is that a confirmed thing to the last I recall yes they run a five wasn't it

Elon that said this a few years ago we should look and see it I mean we could look it up who custodies Tesla's you'll never find a definitive answer for this I've tried looking for this it will all point to Arkham and like I said Arkham they said that fucking my guess

like I said my guess is that especially a guy like Elon who's been under the gun under the microscope for a lot of different reasons like there's There's rules about insuring these boards and liabilities for the board members and stuff like that. And so to get certain levels of insurance and to be operational and functional as a board, you have to follow certain rules. I'm not saying the ideal is not what you're describing. But at the moment, like I said, the cart before the horse.

You can't until... It's just like any asset, right? It's not, though. It's not. And that's why we like it. It's not like any other asset. And that's why we like it. But it's also, it also presents risks.

these guys and their their subsidiaries are not necessarily willing to take. That's all. Ah, that's, that's what I want to hear. They're not willing to take it. They can't take it. They're not willing to take it. Oh, the insurers and stuff are not for sure. Yeah, 100%.

Come on. If you present enough money for this stuff, you could get anything fucking insured. I could get the fucking, there's various fucking insured next to a plane. You know what I mean? I could get anything fucking assured. If I could go Lloyd's of London, they'll fucking do it for me. Anything is possible, Joy.

If you present enough money, you present a strong community. business case, you get anything done. Yeah. But I mean, it's not, it doesn't make sense for those boards to go. It doesn't make sense for those boards to spend all that money, all that time when they can go to city. Like that's the, that's the point, right? Maybe it's not that much.

We're just assuming. We don't know. We don't know. Properly multi-sig or you have enough people. You know, what's the difference? I bet you by, if we're still doing the show in a decade, I bet you in 2036, we still don't see companies custody. So what's difference?

city holding it and them holding it. What's the mechanism in order to get access to the- definitions around city, right? That's the whole point of the quote-unquote qualified custodian. These rules are put in place not for the people, the bank, for example, doesn't like that term because it looks good on a business card. I'm asking on a practical point.

I'm not asking for these, the way this views, I'm talking practicality. What's the difference between city holding it and the board or not the board the company itself holding it. Insurance. Insurance is one. Great one.

Getting it. Think about it. If you have to go to city or Coinbase or whoever to get access to your Bitcoin, is it just a phone call, an email? Is it 10 people?

Yeah, I don't know. I'm not sure. 10 people email. You know what? Whatever it is in terms of how many people are required to do it, you can multi-sig. You may need,

yeah, you may need, for example, like most boards, the board I'm on, I know, like there's, you know, an executive committee

that has some, like, extra board powers, extra governance powers. But even still, like, you know, the whole point of something like a bank holding your Bitcoin is to add a check and balance in the thing, right? So, you know, you might be able to convince two board members. It's a good idea to do the multi-sig. But convincing two board members isn't enough.

You also have to get the right signature for the bank to do it, right? That's the whole point of having the custodian involved. You have to beg the bank to fucking give it. Fuck that. Yeah, you're framing it incorrectly. You're framing incorrectly. It's not about begging. It's not about begging the asset from your board.

With Bitcoin, the best way to do it. It's good for you and me. It's good for you and me. But I'll tell you as someone who's done governance boards for more than a decade, you want to see stuff like this. That's fair. But as we said at the beginning of the show, and we were all in agreeance then,

which of Bitcoin and the cold storage, don't let the ETF hold on to this shit because they could potentially manipulate markets, all that stuff. Yeah. You know, I believe that. I believe that stuff from beginning to end through and through. I believe it.

I bleed it. I live it. Yeah. No doubt. I know you do. I know you do. Let's go to the notable stories. If you're with us on audio, I mean, you come back tomorrow.

But if you're on video with us live, hang in. We're not going anywhere. Come back in like one or two seconds. We'll talk to you about some what's sure to be a action-pack, notable North story. Notable International Story section. it's fucking full yeah whatever don't be a cock