The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - MELT UP WINTER COMING, CANADIAN STABLECOINS, CANADIAN BUDGET WEEK | The CBP 239 Pt 1

Episode Date: November 4, 2025

FRIENDS AND ENEMIESJoin us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord:   / discord   A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - 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.

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 Joe E. Spots is taking care off right off the top. Oh, Bitcoin and easy DNS the media is feeding a slop. It doesn't. 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 people to buy this up. 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. It's budget week, Len.

Tomorrow is the big day. We're having a budget the first time in 500 days. 500 days. What else has not happened in 500 days? The Leafs haven't won a Stanley Cup. The Js haven't won the World Series. Yeah, yeah, yeah, yeah. I don't know.

I think that's about it. We're going to talk about all this tonight. We've got to talk about Canadian stable coins. I don't know whose idea that was. You got to talk about rate cuts. We've got to talk about all the stuff that matters to Bitcoiners. Maybe even core versus knots, again, Lens Fian. That's coming up on Wednesday.

That's not coming up today. We'll talk about Wednesday as well. Let's talk about the sponsors. Easy DNS, the best place for you to buy port. Can you borrow a domain? Probably not. But you can get a domain off of Mark easily or bring yours over to a competent DNS provider. Mark is certainly that if you want to get to over there.

and protect your domain, protect your data, easy mail, domain, sure, a couple extra bucks a month, really worth it given the number of hacks, breaches, nightmare scenarios where people are leaking their data and their customers' data, more importantly, to the wider internet being sold in the dark web for the cost of Raising Cain's chicken finger combo. Mark doesn't worry about that stuff. Why? Because he's competent, knows what he's doing. And we hope that you guys will use him if you want any of that stuff done. Not to mention if you're a Bitcoin or lots of virtual private server options. What can you do, Len, VPN, I should say, Noster Relay Bitcoin Node.

And then as well, if you're an enthusiast, some other virtual private server stuff for you, if you like. You can just go over there and find out more. Mark will tell you what's the code CBP Media. 50% off your first round of buys. So load up the cart. Get over there and patronize our sponsors. Lenn is adjusting wires. Who's the second sponsor?

I was just moving a controller out of the way. No, it's a bold Bitcoin, right? Non-custodial exchange, this is what you want. When you're dealing with your Bitcoin buys, we'll be talking about why you don't want to deal with custodial exchanges in today's show. We buy lightning. You go buy on-chain.

Still fees are rather cheap. So on-chain is the way to go. But a lot of different options you could do. You could do reoccurring buys. You could do limit orders. You could do auto buys. Not many non-custodial exchanges offer this. Not many custodial exchanges offer this.

as well. You can pay bills. Check them out. They're available in Canada, Mexico, Argentina, Costa Rica, El Salvador. It's El Salvador on the list? I believe so. I don't remember. Oh, Western Europe. Pablo and Guillem are both in the chat. They can correct us. We can only do so much. Either way, these guys are taking over the world and because the reason why is people want their services. People want to buy Bitcoin from somebody that provides safe and secure way of buying Bitcoin and both Bitcoin provides that for you. Check them out. If you use our code below and by signing up using that you get in perpetuity

it's going to be a little bit less costly to do your buys and sell so check them out wherever you are in the world as long as you're not in the United States unfortunately screwed can't beat it Pablo and Guillaume both say no not in El Salvador not yet let's get El Salvador on the list

we haven't talked about El Salvador in a while but whatever. What is there to say really you want to do some boost and do some housekeeping and get rolling? Boos yeah wartime, 133 sats sip and rip a couple of beer mugs love it in rip

yeah dog writes 525 sats great rip joey for the sip and rip 100% on the money or to be more specific where tax dollars are going and I'm going to mention that later on in today's show I got an interesting revelation of where some of this may be going

and tomorrow we're going to get up very specific details so much a day tomorrow first time in a long time During the sip and rip, I did, I was going to do a bunch of different stuff, but I ended up focusing on the SNAP benefits in the States, the food stamps. Oh, my God. Pretty wild stuff. Yeah, I put, I put together a bunch of good data that I've seen from Twitter in the last little while and some other facts and figures. Did you know, Len, the average woman in the United States, not on government assistance, weighs 146 pounds.

Do you know what the average woman on government food stamps weighs? 210. 211, yeah. Oh, fuck. I'm less than a pound. 2.11. So, I mean, they're not buying. Like, I said this on the show that I put out on Sunday. You should go to it. It's only like, those are only going to ever be like 20 minutes max. The people on a government assistance for more than, I don't know, five years should just be shipped like chicken, broccoli and rice. No money. No, no going on Amazon or DoorDash. Like, eat well and find a job after a couple of years. There's none of this horseshit 30 years on snacks. and they're cutting my benefits. What am I going to do?

Why have you been on snap for 30 years, bro? Come on. Like, enough is enough. Anyway. Times are tough. All righty. Yeah, sure. 30 years.

It's just, you know, it's the market conditions aren't favorable for those folks. Somebody was showing anecdotal evidence of what's going on in Walmart as of November 1st when things ran out. Yeah. Shelfth were full. Shocker. People had. Haven't seen any confrontational videos shared online of, you know, low IQ shoppers going crazy

in Walmarts all over the United States. Yeah, shocking. Shopping carts weren't overloaded. It was basically what you were able to afford. It was almost like living on a Bitcoin standard, right? Like you could only buy what you have, nothing more, nothing less.

Anyways, Jair writes in 4,000 sets. He says two legends, and that's with me and Mr. Arnome, who I want to thank for coming on a show last week. Yeah. He took some time. out of his day to do that.

And if you haven't listened to that, if you want to learn a little bit more about BIP 444 and a potential upcoming fork, I definitely recommend listening to that. He is very opinionated. He's been around this game for some time. So I think you'd like it

if you're interested in that topic. Even if you're not interested, Arnome and Len make it accessible, number one, but also Gnome is a nym. And so he is, like Lenn said, rather opinionated and not afraid to speak his mind on any subject.

So, yeah, good show there. Good show there. Any other boosts? Two more. Hammertown OG, 2,500 sets. Hammertown OG. My colleague? You bumped into him, maybe.

He says, you guys are right. UBIs are a dangerlessly bad concept. In the not-to-distant future, people will become dependent on their UBI and will be in a form of a CBDC and digital ID and wallet. Step out a line, protest to government, and your wallet ID in funds we turned off and inaccessible.

What did CBC tweet today, right? What did they tweet today? We need to do automatic tax filing because it could help ease in UBI payments. Is that what you're saying? Yeah. These people are working against you and they're working together. And I can't stress it enough. Last but not least, we have Business Cat 5555.5.5.

Thank you. Blas B.C. Oliver Anthony said it perfectly in rich men north of Richmond. God, if you're 5'4.3 and 300 pounds, taxes ought not to pay for your bags of fudge rounds. Yeah. It is true. Like, I don't know how else you can. I am very anti-fat.

I'm a big anti-fat guy, but anyway, yeah, that's the boost. I want to, before we talk about the show schedule, I want to thank Corey, Hoddler's official. I ordered a basketball or baseball jersey from him because he made us custom shirts. He made Len and I custom shirts with our logo on them. They're very nice. And I said, I've been meaning to buy one of these jerseys. I've got to get my hands on one. So the least I could do.

I bought the jersey. He sent me a bunch of stuff. Some stuff that I ended up giving to Len that, you know, maybe we will pass along to other people in time or save for our kids or something, you know, in the Bitcoin way. it's just amazing the stuff that Bitcoiners do when they're in a position to show gratitude and we see it in the boost

and you know Len and I do it we give our time to a lot of different places and a lot of different shows and you know Len is given his time to people doing stuff that I would never do because it's time consuming and you know it's amazing the generosity

that comes from this community when there's value given for free the podcast doesn't cost anything to consume. We don't charge a monthly fee for people who listen. And it seems to me that that's

a common thing in Bitcoin. So I want to thank Corey. And if you haven't picked up anything from Halders officially yet, you ought to have. Because he's making really good stuff. Everything he sells is top notch. And I wore my Noster shirt to work the other day. And a couple of people pointed it out, Len. Our friend Manny Minero and

a couple other people liked the design, even if they didn't know what the Noster thing was all about. So super cool. Super cool. I would have expected him to know what Loster is. He did, but he did, but other people didn't, but they just like the design. To Nostrich, she doesn't.

Yeah. That's it for my boosts. I have nothing else to say. Well, actually, Wednesday we might have a show. Yeah, what are you doing Wednesday? Yeah. There may be a show. I don't know sure if it's going to happen,

given it. It sounds like in the group chat, Lynn. It's getting pretty heated in there. That's what I'm getting at. I think that things may come to blow. And they just, fuck it. They'll say fuck it. But either way, we might have Praveen come on and we'll have Hottledee.

Hottledee, Praveen, and maybe Twan. I think Twan is doing an install that day, he said, so you can't do it. Yeah, they'll be talking about potential fork, soft or hard, Bip 444, opera turn, core version 30 knots, a whole bunch of things. And, yeah, it's going to be a discussion, not a debate, a discussion. I have one more thing to add. A doctor, a surgeon, approached me on the second day of the conference a couple of weeks ago and wanted to talk about a decentralized network of doctors working for Bitcoin or incorporating Bitcoin into the practice.

If I can't give you stories about what's going on or the health care system is nuts. I can't find the card you gave me, sir. I looked in my bag. I looked in my jeans. I got sick during that travel back home. I was in a bit of a days. if you listen to the show every day or every week or whatever, send me a message either on Instagram or my Instagram is at Joey Graham's, all one word, and you can send me a message

there and I'll answer it even if we don't follow each other. It doesn't go for everyone else. And the other place you can reach me is at CBP Joey at gmail.com. Either one is fine. I will see the message. That's assuming I continue to have trouble finding this card. But I thought about it today, and I really want to talk to you about the stuff we discussed, but I have no way to get a hold of you. So if you're listening, reach out. Let's go on. The less I say about Canadian health care, the better, what's going straight to Bitcoin stories. Sure, man. All right, we have the Canadian budget coming out tomorrow, right? And that's going to come around around 4 o'clock. The dude got new shoes

today. I'm not sure if you saw. I did. I did. Yeah. Well, I don't want to get into too many specifics because we don't have anything that's been laid out just yet. So going too deep on this topic just doesn't make sense. But still, I want to just briefly touch on something because there are multiple reports out there. And they're saying that there may be something in the budget with respect to stable coins and new rules and regulations surrounding it. And remember in June of this year, we had the US release the Genius Act.

and that helped define regulations about issuance of stable coins and how to deal with anti-money laundering rules. So all that shit along those lines. Canada is simply trying to keep up with the Joneses in this case. It makes sense. The big question that still needs to be resolved, what stable coins is right now is considered a security. And the question is, should it be morphed into something

that could be like as a payment like a cash, the cash can be used? if that's the case, then it's no longer a security. And Canada is going to be looking at this. I can't wait to see how they're going to be designing this. But it looks like that there's going to be some people, if they're looking or expecting something very big here, they may be disappointed from what I'm gathering from these reports.

And if you're digging into the story, Global Mail was mentioning that a Canadian company called Tetra was going to launch a Canadian stable coin in 2026. And another company called Loon is hoping to do the same thing this year after they bought up the CADC stable coin. They have funding too, by the way, VC funding in both cases. Yeah, they both. Millions and millions. Yeah. Yeah.

The timing of this of buying up that company, that stable coin company, CEDC, and also Tetra, releasing one, I don't think it's a coincidence. I think that they have some, I don't want to say inside knowledge, but they see which way the winds are blowing. And it seems to be a race here, a digital race, as to get these Canadian stable coins out there. And you've mentioned it many a time that there's a potentially a connection between a stable coin and a CBDC. Totally. And if we believe that to be the case, then we may be witnessing the birth of a pseudo-CBDC within Canada as a result of this plus the regulation that's going to be coming out. so that's all I could say because like I said the budget comes out tomorrow and anything more it's just I'm just speculating and I could be looking like a total fool

because they could just throw a curveball and do something else I don't fucking know we can talk about the budget a bit I just want to maybe knock out one thing on CBDCs first the reason the CBDCs are so prevalent for governments now is because there needs to be a demand or CBDCs for stable coins I should say so prevalent is because there needs to be demand for debt. And every economist now is on the same page that Bitcoin has been on for 10 years. That at some point, the debt is no longer a feasible investment by institutions, foreign governments, whatever, because the currency is weakening too quickly. There's no guarantee you're going to get your principal back, et cetera, et cetera, et cetera. And so you see the long end of the

curve going up. I expect tomorrow to see competent commentators, guys like Mike Campbell, Rich Diaz, Sreskes and Dicker over at Looney Hour. You know, we will talk about and a few other people, I'm sure we'll talk about it. That's really the key thing about the budget. And the reason you want a stable coin is because then you can force the issuer to buy the bonds to back the printed stable coin balances. And, you know, we've seen this over and over again in the U.S. messaging that what we want is to drive demand for U.S. treasuries and how are we going to do it. We're going to bring the issuers onshore. We're going to force them to hold treasury.

It's going to force them the whole dollars. and then we're going to use foreign buyers to drive demand. The question for me remains the same. I've said it on this show. I think I said it other places too. If you have access to a U.S. dollar stable coin and a CAD stable coin, you will go to the U.S. dollar stable coin. It's a stronger currency.

It's the cleanest dirty shirt and pick your sort of phrase, your descriptor. It leads me wondering how the government is going to force the CAD stable coin on the population because it will have to be forced. I don't have an answer. I don't. I really don't care, to be honest. For whatever reason, this is a topic that just does... Oh, we lose Len?

Who would we lose there? Me or Len, I don't know. But the thing I would say is that, you know, if I was a stable coin issuer, that would be my question, for sure. Is where are we getting into the sort of demand for this table coin. Is it me that's gone or you this gone? Someone in the chat tell me. I have no idea. This is so funny. I have no idea

if we're still on here or not. But anyway, um, hello? Is anyone there? Lens gone. Okay. Well, listen, the other problem that with, um, speculating on the budget is, is clear. You're back on all then. I see. Um, the other problem with speculating on the budget is that I think there's been a lot of trial balloons floated. Like you can see in the press, there's a lot of people talking about how big the deficit's going to be, $60 billion, $70 billion, $80 billion. It's going to investment and not spending, blah, blah, blah, blah, blah, I don't know. But would it surprise you as an observer of Canadian politics and as a observer of the cunning

of Carney if the deficit ended up being a lot lower than what the sort of projected numbers have been from the Fraser Institute and from other, let's call them, right-leaning think tanks and academic groups, you know, would it surprise you if it was a little lower so they can kind of hang their hat on it? Sure. Nothing will surprise. Oh, it wouldn't surprise me. Now, let's take it a different standard. It's a different question. What do you think it's going to be? Do you think it's going to be north of $70 billion? Is it highly like, or say likely? Yeah. I think 70 is a number to your point. And I also think that, yeah, but I think that what

they're going to do is try and phrase it and say the investment is, you know, half of that. And the spending is the other half or reducing the operational, you know, expenditure by 50% or whatever, but really it's just moving to the other side of the ledger. And so I don't- If the money spent in it proper, and I mentioned this to Nome last week, hypothetically, if they cut back a lot on foreign investment and they start spending a lot domestically on stuff like maybe improving rails, like stuff that's, that should tangibly improve our lives, it's hard to say that. that's you know if you're going to go into debt i think that's the best way to go yeah i i agree

there's infrastructure needs yeah totally so and that would potentially create new jobs here and it would just maybe not long term it would work at least in the short term it would certainly help things i i wouldn't look at that and say that's fucking terrible i wish they didn't have a deficit and they didn't add to the debt but if you're going to have to do it i mean i'll i'll take that yeah i mean my my other concern is just like what government projects have gone well over the last 30 years really you know like every major roadway railway bridge high like you name it they just they're not well built they're certainly not done on time and under budget and now then you have this additional

concern where if you do choose to use temporary workers or international workers like they're shitty at their jobs there's no debating this at this point everyone can see that this is the case And so, you know, is the likelihood that, you know, the Canadian jobs that are given out are going to be given to Conistoga grads, or are we going to actually do unionized construction, you know, is it going to be tack and Dufferin and all these other big companies doing the work? Or is it going to be, you know, sing and sing and associates building those highways? I don't know. And I realize people will say, well, that's not really fair to characterize them. Yes, it is. Don't be stupid. We've seen this over and over again. So I have that concern. My other big concern is that there's going to be more finessing in the budget about this military spending. We've talked about that too. I'll remind people that 5% of the budget now has to go to military spending to meet NATO requirements. And I think the thing that people are missing, and honestly, it drives me nuts to see like Northern Perspectives and that guy in Alberta who does the podcast every day. Like they're tweeting out 10 tweet threads about how we don't have the money.

Taxes are going to go up. That's like the dumbest shit I've ever seen. Okay, all they're going to do, and they're doing it already, is say, well, spending of this nature is military spending, whether it's, you know, adding to the ship fleet to the Coast Guard or building, you know, new bases or whatever, adding salary to underpaid military. Like, that's all military spending. And as percentage of GDP, yeah, it goes up. It doesn't necessarily mean you're going to see more taxes. What you're getting again is balance sheet gymnastics. and like all this stuff

I think it's going to take a lot to parse what's in that budget compared to years past whatever what am I we'll find out are we gonna do anything tomorrow night I'm probably not going to

but I will be listening to the delivery of the budget who's doing it I guess champagne is doing it yes yeah okay I don't know if I'm not sure Carney is going to be here

I think he's still in Asia right he wasn't in the house today at least i looked at it for five minutes he wasn't there yeah i'm not sure no he was certainly wasn't there no because poliet was at the beginning so he's probably still in asia by by the way he apologized so good for him anyway let's talk more bitcoin and we'll talk about uh well japan let's let's go over there since we talked about carni in asia let's talk about japan and japan has entered into the bitcoin mining game and they have a japanese utility company called tokyo Electric Power Company Holdings Incorporated.

And that is publicly traded, by the way. And it's one of the largest power companies in Japan. And they've been purchasing units from Canaan. And that's the A6 producer. And TEPCO, which is the company I mentioned, is the acronym for it. They've been previously experimenting with Bitcoin mining through one of their subsidiaries using surplus renewable energy. So there are no strangers to this whole mining game.

Back in September 2024, there's a subsidiary Agile Energy X. They've been testing on a small scale of Bitcoin mining to prevent renewable energy from being wasted. So they were converting excess solar and wind generation into Bitcoin rather than curtailing output during periods of low demand. And these tests, they have been successful enough that the parent company wants to ramp up things. So TEPCO is buying up A6 And there's a connection between TEPCO And the Japanese government Because the Japanese government owns a portion of this company

Shocking in Japan no Yeah So now you have a direct linkage to The Japanese government that is now mining Bitcoin And they are going to be using the hydro-cooled Avalon A1566HSA servers and they're going to be used to, quote, stabilize regional power grid load through controlled overclocking and underclocking.

And we've talked about this quite a bit. So they're going to be dynamically adjusting the hash rate depending on the needs and the voltage to balance the energy in real time. And they plan to have this up and running by the end of 2025. And the president of Agile Energy, that's their subsidiary, who is saying Bitcoin mining can incentivize renewable, energy projects and growth to provide producers with additional energy streams and it can provide

further profits to encourage further investments in clean energy and so you have this this loop here that you're going to have more and more energy being generated and what are you going to do with that energy well let's potentially use the excess to mine bitcoin here you go we now have Japanese government mining Bitcoin thoughts I don't know Bitcoin mining is cutthroat

seen miners collapse a number of times over the years you know Clean Spark capitulated recently Did they really? Yeah Clean spark

They had a fucking massive run I think they capitulated Iron today signed a deal with I think Amazon or Microsoft, they're going to do AI predominantly with a sort of side gig in mining. So mining is a difficult business. And I think we've been saying on this show for a long time, we stopped talking to miners on the program for exactly that reason because it seemed to me like a lot of them wanted to pump their stock.

And as much as I like guys like Ben Gagnon and Jeff Lucas over at Biff Farms, and there are others as well who I think are good people and honest dealers. but it is very difficult to make money mining, very difficult. I think you're looking at from a lens that probably you shouldn't be looking at. You should look at it from a different way. Look at it as a power producer, right? And the ability to generate power. You're still better off doing HPC, not mining.

HBC compute is more valuable. And you're not a forced seller of HPC when the price goes down. And it doesn't make sense to do that as your primary focus. And I think a lot of industrial miners are going to find this over the next few years. And I think what's going to happen is the majority of that pie is going to shift the HPC and they'll do some mining when the price is right. But they'll do HPC as a focus. And that'll be the selling point for the stock. It'll be the selling point for the investors.

It'll be the selling point for acquirers. And I expect this to continue. The real question I have about Japan, though. And the thing I think is interesting, obviously Japan's financial markets are a little bit backwards, right? The government owns almost all the debt and almost all the companies. And so I'm curious if this is a response to what they view as a problem on the horizon or if they just happen to have stake in a company that's going this direction for purely fiduciary reasons, right? I don't know which it is. And I don't think anyone does.

The latter, that's my guess. to go back, and I have to also plead a little bit of ignorance here because I don't know exactly how HPC works in totality. But if from what I do gather, and anybody, including yourself, correct me if I'm wrong, there's got to be a consistent output, right? You're not dynamically ramping things up or down. And that's what Bitcoin mining has the ability to do. So that's what they're using the Bitcoin mining in this particular case. So I'm not sure if the high performance computing could work in that environment. Maybe you can. I don't know because I'm just

not totally familiar with that side of things. But if it can't, then Bitcoin mining certainly makes sense. Yeah, the question is what percentage of your pie should be mining? It's not about whether you can ramp up or down. Of course. I think every HPC company

will have some mining. I don't think they're going all HPC. I don't think that makes a lot of sense. But the question is how much. And so I wonder if we revisit this in a year, two years, or maybe after the next halving, maybe that's the right time to look at it again. And you can look at a bunch of miners at that time, probably. What does their operation look like then?

Is it still a, you know, mining story or is it a we had trouble picking up new A6? We had trouble getting server racks. We had trouble getting power for crypto mining, whereas AI didn't have the same issues, the same roadblocks, same bureaucracy problems. But these are all things to consider, right? And so the other thing, too, is AI going to slow down in terms of use and adoption? I don't think it's going to, unfortunately, for a lot of different reasons, but I won't get into that. Meanwhile, there is a guarantee that mining is basically unprofitable for the smallest participants of which these guys are one.

And so what happens when the mining becomes unprofitable? Like you can almost already see the roadmap because you've seen it before. There's precedent for how this ends up looking, right? The question is how much is the government willing to backstop or support when things get tough? And that's the, that's the thing I don't have an answer to. Yeah. They have no sharehold. And if they could, if the energy that is excess energy, they had no way to use it.

And so just might as well monetize it somehow. And if it's periodic, it's not consistent. And there are times where they probably would be in deficit, then I don't know, maybe Bitcoin mining does make sense. A lot of questions that need to be answered. But I like the fact that we have now power producers that are state-owned are looking into Bitcoin mining. Yeah, that is true.

It does make sense. And it gives them the ability to ramp things up and scale things out even further. And one thing, if you look at the chart, you look at power production and how well countries do, there's a correlation between wealth of the country. country and how much energy they produce. It's, there's, and the countries that make fuck all in terms of energy,

they don't do very well. Yeah. Yeah. Yeah. But, all right. Let's go to Australia. We're going all over the world.

So Australian police, they were able to nab 5.9 million in crypto from a quote unquote, well-connected alleged criminal. So the, this doesn't, you know, Doesn't seem like a crazy story in the surface. Why are we laughing at this?

Go ahead. It is funny, but there's a story here that people should take and learn from. So it really isn't a crazy story, but as you dig a little bit, it looks like you may, you know, learn something here. The person in question was selling a tech type product to alleged criminals. Maybe it's Pegasus. If you don't listen to Access of Easy, you may not know what Pegasus is. you ought to be listening to that show too. Absolutely, yeah.

So, but the person had a, had password protected notes on his mobile device when he was nab by police. And police were able to identify an image containing random numbers and words. Hmm. And numbers were divided into six groups with over 50 combinations.

And an Australian forensics team, they determined this could be related to a crypto wallet. And he didn't want to handle the keys to this crypto wallet and by doing so he is basically going to land himself up to 10 years in jail so as per law you have to hand over the keys when you're kind of these types of thing if not potentially 10 years so i guess he was trying to trade up to 10 years in jail and by the time he gets out he still has access to the keys which he didn't give up and enjoy some life of luxury that's if these shit coins were able to maintain value during that time that's a discussion for another time but the police got actually got a data scientist involved to help crack the keys. And he said, quote, some of the number strings felt wrong and they looked like they were not computer generated.

It looked like a human had modified the sequence by adding numbers to the front of some sequences. So there were some subtle irregularities here. And that led to them solving, getting access to the wallet. So people out there that are going to do something similar with their Bitcoin stuff and keep it somewhere that is easily accessible. and they think they could just add some numbers here

or change something around. There could be some forensics done to this. It's some forensic analysis done to this. And it could be figured out what is human added because it just does not seem like it's computer generated. Be careful with your keys. That's really the one thing I'm taking away from this. Everybody, be careful with your keys.

Do not expose them at all to the internet. Even if you're doing encryption, you think you're doing something clever to hide it, you're not. It could be found. This could potentially be your life savings. Don't fuck around with it. What's the lesson here? Don't fuck around with shit coins.

Don't commit crimes. Don't commit crimes. Okay, we don't want that. Don't try and police people on human, you know, human made changes, manmade changes to what should be computer generated keys or code generated keys. Don't forget, Len. Famously, one of the people on this program lost a bunch of money, you know, five years ago, whatever it was, because he hastily plugged in about, you know, a handful of numbers and a cold card. And so it's easy to find out if a human has made, you know, some changes to what should otherwise be a perfectly random, you know, set of digits, set of letters, whatever.

The thing I don't get is why, like, how did they get access to his phone? good question i don't know it was not noted maybe they forced his thumb on the thing and it opened up for him i know who knows who knows all right california they find coin hub that's a bitcoin ATM company for sorry 600 and 75 000 that's over that's like nothing it's like nothing billion canadian yeah yeah well the charge is a result of overcharging customers in the state of California. And this is due to, as a result of findings, due to the regulator, DFPI. And 105,000 is going to be paid as restitution to California customers. And they were charging more than what was allowed per state law. They were accepting cash transactions above the $1,000 limit

was also a no-known estate of California. They were emitting key financial information on receipts. They failed to provide legal required disclaimers before transactions. There were a few things here that were wrong. Some of the transactions that were done on these ATMs, Joey, this is beautiful stuff here. They were over $10,000. So some people were buying, looks like Bitcoin. Heaven forbid. But they say that many of these oversight transactions were involving customers over the age of 60.

So you know, the reason. Well, he's got a girlfriend in Venezuela. what do you mean or they got a call you have a fine you know you will send you to jail send us eleven thousand dollars worth of bitcoin will wipe this fight this record for it's like that people are easily duped when it comes to this so under law operators cannot accept more than a thousand dollars in cash for transactions per day fees in california a cap that either five dollars or 15 percent of the transaction value whichever is higher It's not much, eh?

Holy fuck, 15%. Well, let's be, they were charging more than 15% or fees. That's a fucking scale. What is the, what is the, what is the fee on ATMs here? Like, 7%? 8? What is it? I think it's like, what's Adam charged?

What's Bitcoin? What's Bitcoin well charge? I think it's as high as 15%. Okay, so they're, they're up there. That's a lot. It's right at the limit. But these guys were charging in excess of that. So, and who knows what they're not.

Free market, baby. If people want to pay, let them pay. I guess so. See, getting 14%ish in the chat. Yeah, from what I gather, it's depending on the location, it's between 12 or 13% and 15%. That's what they are over here, but whatever. Steak and Shake.

Do you care about this story? This like Bitcoin Reserve story, is steak and shake is a shake and steak or steak and shake? Steak and shake. I have no idea. I've read it about a million times last week. They're starting a Bitcoin treasury. And they're donating 210 SATs to the OpenSats Foundation every time they make a sale in Bitcoin.

Yeah. So it's a double it. I like that. Hey, I'm changing my opinion. There you go. Joey did mention that they're going to be adding to their treasury, the Bitcoin, or starting one. Every sale that they do that was in the sale of Bitcoin because you could buy their food over there with bitcoin they're not going to be converting that to bitcoin so not like other

treasury companies that are borrowing begging or whatever these guys are just simply not converting this to bitcoin to whatever so you went to detroit not too long ago you went to dc not to long ago there is a stake in each of those two locations joey you failed us by not going to check it's a busy listen when you're going stateside for a football game there's not a lot of time to do much uh especially in washington my wife had not seen like the you know history around Yeah, the stick-and-cheek is one of the, like, the historical places over there. Is it? Yeah.

Lincoln Memorial, Washington Monument, Staking-Chake. So you fucking, you dropped the ball like the fucking Jay's did, I did. I did. Do you watch any of the game? I watched game six and seven. I'm not a big baseball guy, but it was frustrating to see the Js not capitalize on some mistakes that probably should have won in the World Series. So, I don't know.

to be honest I don't care that much there's a few plays I would like to have back like the wedge ball between the wall and the track in game six I thought that was questionable

Did they raise your hands and yeah the outfielders did yeah umpires didn't right away the outfielders did yeah and they got the call um there was a few other ones like the guy sliding into home plate feet first

even though all the analytics say that any base that's not second or third you run through it you're always going to be faster than sliding and if you have to slide you slide hand first not foot first so i don't know did you know the baseball players now where like a hand guard on their sliding hand it's like a mitt yeah i had not seen that it's like an oven mitt but like the announcers pointed out you know this thing about the you know during the replay or whatever that he had

the guard on i thought why is this guy have the handguard on if he's sliding feet first like what are we doing here this is the end of the season it's game seven of the world series this is when you're protect your your mug like who cares anyway disappointing all the same well okay this company sqo ns sequins sequins berkeley is that what is that what a scam this place is there's a number of scams in this particular field they're a treasury company that has ties to swan bitcoin and it looks like they're starting to sell at least speculations that are starting to sell some of the corn 970 bitcoin valued at $107 million as of yesterday looks like it was moved to a coin-based deposit address which means looks like they might be selling it off the company

has about 3,200 Bitcoin before to sale so a decent amount so they're saying that um well they need the money right the company it was down a little over 25% in a month in the in the trades so 63% in six months it gets worse when you zoom out even further they were as high as 5390 in july and that as of yesterday don't even tell don't even tell me don't even say it it's going to be an embarrassingly low number something that's near zero no it's it's not it's it's seven dollars and 34 cents but seven 34 versus 5390 yeah that remember that was the peak of paper Bitcoin summer, a lot of companies took a huge beating.

You have a fucking micro strategy that has taken a massive beating, but I don't know what those companies are doing well. Bitcoin what is it, if it doesn't humble people and corporations, what does it do? This is the thing it does every cycle. Every cycle.

And unfortunately, you're going to still have the next cycle. And even this one, people are still going to pile in because of a variety of reasons. And you had Bitcoin just sitting there waiting to be purchased. You can buy it. You could hold it.

And then it's yours. Well, not to mention that like, you know, how many times we talk about MSTR at some point the risk of them having to sell? Like, I don't think it's a risk now or even any time in the near future, to be honest with you. But look at these smaller companies. How many times did we say this? What happens? Yeah. I mean, there's other keyman risks there with Mike.

But, you know, the whole, the point is that the point is that like. You guys, like you guys who are buying these companies, like my question is why, why? If you want a Bitcoin treasury company and you care about outperforming Bitcoin, okay, if that's the thesis, the only company, okay, that has the right balance of the opportunity to do that in Fiat terms and not rugging you by selling the Bitcoin as MSTR, there's not another company that has that balance. And even that balance is dicey. But if you're going to do it, there's only one place for the capital. And it's not fucking sequins. It's not Nakamoto. It's not any of these companies.

It's MSCR. I'm going to give you the argument that somebody that wants to buy the shit. And I don't fucking buy you. We must be a twilight zone here. What's going on? No, I don't buy it ago. Because you said it. Why would you buy into this?

It's that same argument. Why would you buy those other things? It's because you want to outperform something. Right? And I don't buy into this. But they will say, I'm going to buy into MSTR because it's going to potentially outperform Bitcoin. All right.

I'm going to buy into this SQ&S because it's going to potentially upperform MSTR. I'm going to buy this fucking shit coin because it's going to outperform Bitcoin. It's always this upperforming bullshit. That's what you're always trying to chase these potential gains. You're not wrong. I'm not saying you're wrong. Sorry, that's what it is. I need to put that argument up.

I'm not saying, listen, I'm not saying you wrong. All I'm saying is if I'm in the mind of the. investor, okay? These other companies don't have the right weighting of risk and increasing in value. Appreciation, whatever. I'm tongue-tied.

Only MSCR has it. Because you can't, like, yeah, it is true that these like penny stocks, you know, I realize it's not necessarily a penny stock but like Macomoto is now and a few other ones are. They don't have the base. They don't have

the foundation that MSTR has. And so you were running the risk of this. I will say that MSTR is even showing signs of weakness. I listened to their Ernie's call last week. Staler's talking about all sorts of shit that he wasn't talking about before. Today they offered a European preferred. Like, I don't know, man. It seems to me like there's a lot going on at MSTR that I don't like to.

And I would just caution people because the problem with rug pulls is you don't know until you know. And by then it's too late. So stay on the lookout. And I will remind people again that. that Michael Saylor committed financial fraud in the 2000s, significant financial fraud. You mentioned that before. He cooked his books in the 2000s. So, I don't know, like, do you want to put your faith in this guy?

You could, I guess. It's a different time now. Maybe he's reformed. I don't know, but there's no shenanigans go on with these companies. No, there's never, no, never. Never, yeah. If ever something happens, I don't know, what's, 106 shows my block clock, the price of Bitcoin, 100 to 6K, if

there's any anything that they decided to sell some of their Bitcoin. Oh, it dropped 30% overnight. Because you imagine, and if hypothetically, they wanted to double. Just the cell pressure would drop it, you know, multiple percent. And then the sentiment around the

cell, like if you lose sailor, I mean, the only positive is that there'd be a lot of plebslop that would, you know, crash and burn. Oh, yeah. What are you going to, who are you going to put in the thumbnail now? We had Tiff and Tiff and what's the other guy's name? Powell in our thumbnail today

because we're talking about them in the back half. I'm going to try and make the criniest thumbnails. I know Nate from he does Ben's thumbnails and some other stuff for Ben and does BTC mentor. He gave me a template to use. I haven't used it yet, but it does make me laugh. It's just like I don't understand

why people put all their faith in Mike Sailor. Like if you look back, again, if you look back two years three years maybe, let's say. We had Mike Saylor basically constantly swimming upstream against the sharpest knives. It was all Wall Street, all media, all bitcoiners. Everyone had questions for this guy about his stock.

He went on about the Texas Mining Consortium or whatever. You remember that. He went on shows that weren't Natalie Brunel and Stefan Lavera. Now it's only Brunel, by the way. He only talks to Natalie Brunel. He even talks to Natalie Brunel on his quarterly reports, his quarterly earnings calls. I cannot stress enough how much easier the comms environment has gotten for Sailor,

and yet how much worse the comms are. You can make it at what you will, but having Pierrot, Preston Pish, and Natalie Brunel does not scream confidence to me. It doesn't. And, you know, that's the top dog in the Bitcoin Treasury company ecosystem. He's doing things a little bit different. He's got a nice base. It'd be hard for him to go tits up.

But the risk exists. And I think you'd be naive if you said the risk was not greater now than it was a year ago. It's all I'm saying. It's all I'm pointing out. And to Lenz point, you know, if you think it about the smaller companies, then it's fair to think it about the bigger ones too. Even if you think it less, the risks are the same. They are the same. No, I would say none of them are fucking good.

Like everything is fucking garbage when you're talking about this. It's all fiat. And that's why we're Bitcoiners is what we're trying to. Exit the Fiat game. For thumbnails, we should probably tap into the Central African Republic. For thumbnail?

It's been a while since we talked about them, right? Who are we going to put on from the CAF or CAR? I don't know. Whoever's in charge there. Remember, they were Bitcoiners for a couple of weeks and then they decided it. Yeah, and they went with their own coin, right? They wanted their own shit coin.

It's a bait and switch. What a fucking joke? Anyways, FTX. It looks like creditors are What year is it? What year is it? Why are we talking about FTX? Oh my God.

Well, there's a lot of things that are happening a lot around this. Like, number one, we have the people are going to get paid from what they lost. Like, there's going to be some recovery. But unfortunately, it's going to be as little as 9% once you adjust for prices now. Remember, okay, we're talking about... You get paid in the value at the time of the bankruptcy. Yeah. So if you're in Ethereum, if you're in Ethereum, you break even.

22 Pretty sure What's the theory Matt? I didn't want to look at them Yeah I think it's pretty low A clue But Bitcoin is a 20K

Or under 20K when this happened So it's 5X plus since then RIP So that's pathetic So that's why I was talking about Using non-custodial exchanges Is that when you do that When you do the buy

It's automatically With bull Bitcoin It's sent to you when you provide the address. So if the company goes tits up, you have your Bitcoin because you're not having them hold on to it. So that's why don't leave your keys somewhere else.

It just does not make something, I'm clicking around on this to try and get rid. There's like a weird boulding going on in my GUI, but it's not, yeah, it's not, I can't fix it, so whatever, don't worry about it. We're not going to put Luke on every fucking thumbnail. No. Anyways, to go back to FTX,

they're saying that they're going to try to help them out these people a little bit more this is fucking rich man because there's a possibility of extra recovery I'm quoting this extra recovery that's the word of that how could a fuck do you get as well air drops from external projects that are targeting FTX creditors

this is how they're going to try to make people even more whole or try to make them whole in the whatever what a fucking joke also SBF has an appeal hearing taking place tomorrow the same place the same time or the same day of the budget coming on in Canada. Could you imagine the appeal hearing? It goes his way. Probably won't.

But there's a lot of moving parts here. Remember, Trump fucking, he pardoned CZ. I don't think he's going to pardon SB. He doesn't know who CZ was. But that's true. Well, yeah. So like, look at this guy. He's got, he's an acronym.

Let's pardon him. Let's give him a fucking free outs, right? He's in a, I like one names or acronyms. Well, CZ, SBF, their acronyms. Let's go. get out of here i feel bad i feel bad that this is still ongoing it's like you know i think a lot of people who probably got nuke by ftx just want to be done with bitcoin and crypto at this point uh they've seen the run up to 120k you know i don't know we're at right now 100 and what block

clocks in the living room but uh yeah it's like 105 000 1006000 whatever it is like that's life-changing money if you were buying a 20k uh if you're buying a 3k 5k 10k whatever if you bought after the ftx collapse and somehow lost that tattoo. You just want out. You want to be done with it. You want to forget about it. It's like your ex-girlfriend keeps showing up on Instagram. She looks better or better every time you see her. But you can't. You're stuck with your new fat wife. So you don't think that if you are saying you bought Bitcoin and FTX and you just like we're buying Bitcoin. You weren't trading it. You think that changed your mentality with how you hold on to Bitcoin.

I think people, I honestly think people, then they don't like that connection is so far from so many people's minds. It's like just that it's just I think it's just that I was buying it. I didn't know anything about it. I still don't know anything about it. I stopped thinking about it. I think it's a scam, whatever.

Like the jump from FtX rugging to I need a cold card is like it's canyon size. It's huge. It's way they're going to neither of us think. Mount Gawks, they're going to be extending repayment to October 31st, 2026. Yeah. And these Mount Gawks repayments,

some already has taken place but it looks like this is just it's an ongoing fucking thing it's kind of in the same vein as FTX yeah that was Bitcoin right this is Bitcoin and who to fuck knows whatever else but I think the people

that suffered through the collapse of Mount Cox I think they understood they learned that there's a high value in holding on your own keys and I'm hoping that the same applies for how few people that just had Bitcoin on FTX, that they're going to come out and say, yeah, holding

onto my keys makes a lot of sense. Because I think the majority of XTX customers were shit-coiners, trading actively doing I think that is true. Yeah, I think that is true. They're lost to begin with. They're never going to come back. You remember when me and you were young Bitcoiners and we were talking about like, we were like walking to get coffee and talking about like the just absolute junk on

finance that we were buying, or at least that I was buying, like ontology coin. Remember that? Denta coin, ontology coin. Remember when Coinbase used to give those... Coinbase on, yeah.

Coinbase used to have those courses and you just... Yeah, the quizzes. And you get fucking airdrop shit coins, which immediately got transferred over to fucking Bitcoin. Allegedly this shit happened.

Do you know Coinbase in 2013 if you signed up and started a Bitcoin wall with them, they gave you 0.1 Bitcoin. Yeah. wild wild man there was faucets you were getting far more than that

just a couple of years before that yeah when it was a true zero yeah when it was a true zero but um it should make you think like you don't know what you're holding on to like just wait be patient be patient you know

I gave um I went to a wedding on the weekend on Saturday for a good buddy mine younger than me he's 32 we've been playing football together for a long time and I gave him uh you know I gave him a nice cash purse

but also gave him I reset my jade and put some Bitcoin on there for them gave it to him and put everything you needed in the card and just made sure I sold them don't lose this card if you need help with this let me know but do not sell it like this will pay for your kids college tuition

or something they're a guarantee it may very well happen yeah we have a lot on the back side let's fucking cut this one short like Jennifer Lopez over here too much on the backside to ignore let's go over there then if you're on audio come back tomorrow if you're anywhere else stay tuned we're not going anywhere we'll see in a second and don't invest in a treasury company