The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Quantum Hoax, LTC Compromised, Bitcoin Unaffected | CBP 262 Pt1

Episode Date: April 28, 2026

The "largest quantum attack on Bitcoin" just collapsed. Project Eleven paid 1 BTC for a 15-bit ECC break — but a classical computer does the same thing. Bitcoin's 256-bit security is untouched.A researcher won the Project Eleven Q-Day Prize for breaking a 15-bit elliptic curve key on a publicly accessible quantum computer, billed by the press as the "largest quantum attack on Bitcoin to date." Within 48 hours half the crypto press had it framed as Q-Day. The reality: a $300 laptop can break a 15-bit ECC key in well under a second. Bitcoin uses 256-bit ECC. The gap between 15 bits and 256 bits is roughly 2^241 — a number larger than the atoms in the observable universe. Q-Day is real as a research milestone. Q-Day is FUD as a Bitcoin threat headline today.On this episode we break down what Project Eleven actually proved, why the "1 BTC bounty" isn't what crypto media made it sound like, why Bitcoin's elliptic curve cryptography is nowhere close to being broken, and what's REALLY worth paying attention to this week — from the Litecoin MWEB 13-block reorg to the Bitcoin Core v30 wallet migration drama, the Bitcoin Knots vs. Core fork update, Shakepay's new BTC-backed loans, SEC Chair Atkins' "innovation" pivot, Kraken's 56 million IRS tax forms, and a $1.1 BILLION Canada Child Benefit story most Canadians missed this week. Plus, of course, Mark Carney's new wealth fund. What a time to be alive.🔗 SPONSORS & LINKS🟠 Bull Bitcoin — Buy Bitcoin directly to your own wallethttps://mission.bullbitcoin.com/cbp🌐 EasyDNS — Domain registration & EasyMail security.Promo Code: CBPMedia (50% off first cart)⛏️ 256 Heat — Heat your home while mining Bitcoin256heat.com📚 BTC Mentor — Bitcoin security & inheritance planninghttps://btcmentor.io/aff/90/Subscribe to Canadian Bitcoiners: https://www.youtube.com/@CanadianBitcoinersSubscribe to clips: https://www.youtube.com/@CanadianBitcoinersClipsFollow Joey: @joeytweeetsFollow Len: @TheBTCPriceBotFollow the show on X: @canadianbtcpod#Bitcoin #Quantum #QuantumComputing #ProjectEleven #QDay #BitcoinFUD #BitcoinSecurity #Cryptography #BTC #Crypto #CanadianBitcoiners

Friends and enemies, welcome to the Canadian Bitcoiners podcast. Hope you enjoyed your weekend, enjoyed your Monday. Tonight on the show, the new Carney Sovereign Debt, I mean, sovereign wealth fund. We'll be talking about that. Of course, I mean, we can't ignore that. It's getting a ton of press. A surprising amount of positive press, unfortunately. We'll be discussing that.

The quantum hoax, Len, are you going to wind up being right and doing a victory laugh about this? You may. You may. We're going to find out. And, of course, as well. some other stuff, tether freezing funds and a lot of other fun incidences around the world. Finally, we'll be finishing with the usual, the highly requested, the innovative Hamilton Man versus Brampton Man segment.

We will see you after the intro. Hang in there. So, you know, the government can say whatever they want about this thing not competing. It's for black market only. It's for this for that. But they're really treating it like a threat. And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF.

You 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 Lenn and Joey. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS, the media is feeding the slop. Buddy, how you doing? How you feeling? How you holding up over there? Are you feeling the wealth? sovereignty of it. Are you feeling the

warm grace of the sovereign wealth over there? It's just a rush of Canadian pride went through me as soon as I heard this announcement. Which ended it come out of you? When I came back home from work, I had to drop one really

bad. Let's just say that. Very rare. It doesn't know. Oh, man. Digesting this was tough to do. Yeah, no doubt. We're going to talk about a lot of stuff tonight. Let's talk about the sponsors first. Easy DNS, the best place for you to buy a domain, port a domain, use a domain. Mark is your friendly neighborhood registrar. So anything you need in the domain registry service, I guess I was going to call it domain

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is protected, stays protected. And your client list, business and all that other stuff, stays protected as well. Unbelievable. We love that. We love it. It's the best. And then don't forget, Len, as always, virtual private server stuff, which I think now includes an easy claw bought where you can do some domain domain work from your phone, telegram, chat, or other means, I believe, all with EZNS. Paying Bitcoin if you want, EZNS.com. Use the promo code CBP Media. You get 50% off your first round

to buys no matter how you pay. Who's the second sponsor? Bull Bitcoin. I like using bull Bitcoin. You like using bold Bitcoin. It's a great place to buy. Great place to sell if you want to. 77,000. That's not a bad price. So, yeah, you could use your Bitcoin over there to pay bills. you can send money to people with your Bitcoin and ends up Fiat going to your friends' bank accounts.

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They've been around for quite some time. They are second to none. And they're expanding in Western Europe, South America, Central America. They're in Canada. Who knows where they go next? Who knows? Who knows where they'll go next? And if they do entering your jurisdiction,

I would suggest opening an account using our referral code below. Because if you do that, all your buys and sells forever will be cheaper. So check them out. They are the best. Totally. Totally agree with that. housekeeping off the top. I am doing nothing this week.

No Bitcast till Friday because the boys are in Vegas. So I am going to take advantage of this week and do some side projects, do some other stuff. You remind me during the Bull Read. We also have to pay Andreas. Andreas, if you're watching, sorry, I haven't done that yet. You can hear my voice that I am sick. I will send you some Bitcoin this week now that I have some time. I don't think my next interview is actually with Mike from OnRamp.

OnRamp just launched a partnership as well. worth looking into if you haven't already. I won't spoil it. But I'm looking forward to that discussion. I don't know what other interviews we're going to do. It's summertime now. I have a kid and she is starting to talk and do all these other fun things. So probably I will just be talking to her instead of talking to you guys. I hate to break it to you. But if you know, you know, it's just the way things goes. Yeah, it's the best time right now when she's like she's walking now. Yeah. Talking is fun. It's a fun time, man. Oh yeah, it's great. It is a lot of fun. I'm enjoying it quite a bit.

Until the next one comes on, then they leave it all over again. Dark ages, right? That's my wife calls them the dark ages. 100 days of darkness, the first 100 days. It's a lot of fun. Yeah. Go into boost. Let's do it. Let's do it.

All right, you got four noteworthy boost to bring up. MoBTC dick does 500 stats twice. So first he says, curious, what each of you think about seeing sub 70K Bitcoin again. And obviously no one knows anything, but I love to hear arguments for both. I think I said it last week, it's potentially to go lower, especially with these treasury companies, quote, treasury companies sitting on a lot of Bitcoin. They could create a lot of downward pressure if they do decide to sell because they've been, you know, they've been sitting underwater and this stuff. How long will their shareholders want to continue to stay underwater? They may just start selling and it could create a negative flywheel factor.

And so they just sell, sell, sell, and who knows? Maybe you get into 50s again. Who the fuck knows? I don't know, but I would just stock today, stock tomorrow, I'll stack next week. Yeah, I don't really think about the price too often these days. I am thinking more and more about agility. And I tweeted again today an update to the capital controls thing, which we'll talk about in the Mark Carney segment of the show.

We have a Mark Carney segment now probably, you know, by the way things are going here with the liberal government in the majority position. The price is truly, should be to everybody, but it's like truly secondary now. people will come around to this asset. There's almost no doubt. And if you're stacking, you're going to be glad you did. Plus, I mean, from the technical side, you know, if I just put on my TA hat for a second here,

200 week moving average, always a good place to buy. So far, so good. We'll see if we get another significant drop. But I think you're right, Len, it's going to be one of the big debts or maybe, I don't know, one of the miners or exchange problem or ETF problem, some of that nature, macro event. You know, we are a macro asset now,

is good, but also puts us at the mercy of, you know, whether the straits are open or whatever else is going on in the world. So all things to consider good and bad. We take it all. We just, we metabolize it. We move on. So we do. And Mo BTC Dick says, or writes in again for 500 sides. He says, genuinely, a tough decision on what BIP to go with now? None. 300, no, 301, no, 10, no, 361. No, I mean. nah. Bit please. We got to just stay cool, stay calm. That's right. Doug 525 Sats, he says, had my first experience of 15% of the final grade being earned through turning up. Add in a session last week on DEI, and I think I'm closer than ever to saying goodbye to the life of a teacher.

So he's already experienced the 15% of getting marks just for showing up. He's been giving that to with students. It sounds like, what a wonderful. That's Doug and Rup, I think, right? Just says Doug. So probably, probably Doug and Roof. He emailed us and I forgot about it. And so I have to send it to you. I will send it to you. He had a small ask of us. I'm sorry, Doug, I emailed you back today. And Derek, these laughs. I saw your email too. Derek, I think you have my number because I texted you last time when I couldn't make it last minute there. So if you're coming into town, let me know, Doug, I will get to your stuff too. The DEI slash attendance thing. I mean, what is that?

What are we doing with that? That story came and went so quickly. Like there's so much going on in Ontario between Doug buying private jets and trying to take over Toronto Island and doing all this other stuff. But the 15% for attendance kind of just slid under the radar came and went.

It's an interesting time. A lot of things happened. If this was news 10 years ago, we'd be harping on this for weeks. But now the way things are, you know, the president's, I was just to say the assassins nearby to the present

the United States again. Right? Like what the fuck is going on? We'll talk about that later on. But that's it for the boost, Joey. I'm not sure if you want to transition to whatever segment it to show you on. Let's go.

We'll just do the Bitcoin stories first. We are going to talk about the sovereign wealth fund in the back half. I would encourage you if you're here, a bunch of you guys are here already. Come over to YouTube number one. Like the video for me. Number two. Leave a comment.

All that good stuff. But most importantly, stay. Stay a while and listen for my Diablo heads. I think Diablo 4 expansion comes out tomorrow. So another thing on my list of things to do this week without an interview and without Bitcass. Sorry boys. I'm going to enjoy the

time off. I'm almost cash Patel. And you're paying Diablo too, right? Because they're still updating that you were mentioning. I am playing everything and nothing, which is I think the life of a father and a gamer, which kind of sucks. My buddies are getting into Borderlands 4 now, which has been

out, you know, seven months. And so I want to play with them. My brother and I play and D as well play Arc Raiders and then obviously Diablo 2, Diablo 4, awesome games. Crimson Deserts like unbelievably deep. Yeah, I don't know. I'm busy. What can I say? But daughter family comes first and that's

yeah, you know, like that's been the way of the world for a long time. I'm not going to break from that. You know what? To be honest with you, one of the things, this is like offbeaten path, obviously. I don't want to cut into the 49th parallels. Oh, no. By talking about you know, father's daughter relationship.

ship. I can't wait to play video games and do stuff like that. Like things that interest me with my daughter and then also do stuff with her that interests her that might not be like my cup of tea. Because I just don't do that right now with like my wife, for example. My wife loves to read and do like crafty stuff. You never going to catch me, you know, by the kiln. But whatever my daughter likes to do, I'm going to be doing it. So I'm looking forward to that.

Which story do you want to go with? The quantum story or something else. We could do quantum. We could do light coin reorg. We could do. That's no quantum for quantum. I mean, it's just a nightmare. story for all like every single bitcoin story is hilarious this week they're great there's a lot of

every week is like this and project 11 i be honest i'd never heard of this company or this it's nicks it's invested uh he's invested in it yeah it's not his company but he's an investor in it yeah the castle uh castle island yeah castle island yeah i don't whatever it's just a bunch of jokes there was a one bounty reward or a word that was handed out because somebody cracked the 15-bit elliptical curve using a publicly accessible quantum computer. And so the one Bitcoin was awarded to

Giancarlo Leli. And all right, Project 11, they got rugged for this one Bitcoin. Show to our guy though, Italian, right? Fellow Pison? Yeah, yeah. We like that, yeah. And supposedly this is a post-quantum security startup.

Valued right now to the last information I have $120 million because they had a $20 million raise earlier this year. And as you mentioned, Castle Island Ventures was part of this whole process. And I'm wondering now if quantum is going to be the next AI or HPC type thing. It's going to get a lot of attention and a lot of capital going to it. And so you can see the valuations of these companies going up.

But anyways, the funny news here is that all this really was, apparently was just a brute force attack, a 15-bit ellipt electrical curve. was attacked via brute force. And somebody showed off that they were able to do this with a mere 20 lines of Python coding. And that was, and with an off-the-shelf computer. Yeah. And with that alone,

you could have done it. So it's not like that he was able to use a far-fetched, futuristic quantum computer to do this. Maybe, maybe not because let's not suck each other's cocks yet. This is nothing, right? 15 bits to 256 bits,

which is what Bitcoin uses. it's not really the next step in an evolutionary process. It's basically having somebody just run around his local park versus going to the next fucking galaxy. It's a huge fucking leap you have to go from one to the next. So people are looking at this and saying AI or sorry, quantum computing is something that's around the corner. This is an example of it.

I don't think so. We can focus on it a little bit. It shouldn't be the majority of what we're doing. but you know we could look into this we could plan ahead and when it's time to execute we could execute but there's really no rush right now slow steady this could be just fud forever if it is great but if not let's just not fucking react let's let's just sit back and relax we're in a weird time in bitcoin don't you think do you not think this is a bit of a weird time like there's like a full moon you got the quantum thing going on that really i think like i still

believe is a threat. But then you have like Project 11, which is allegedly, allegedly now I have to say at the forefront, you know, the tip of the spear when it comes to this, you know, post-quantum threat model, modeling, I guess you should say, running a bounty program and then having it basically turned on its head. Like they can't even do a bounty properly for the tech that they think is going to be needed to secure a post-quantum future in Bitcoin and presumably other things. Very strange from them. This all happening, of course, at the same time as Paul Stork, the drive chain guy, makes her like reappearance, you know, like where he's been MIA. And by the way, the Bitcoin conference in Vegas putting him on the stage. Not to talk about

that, but to talk about, I think something else, I forget what. Like, I'm all for debate and discourse and engagement and all these things. But man, like you have that going on. Then you have other BIP proposals that are allegedly honest actors, whether it's for quantum or other things, talking about soft forks and hard forks and freezing people's coins. Freezing coins. Yeah. Like what? I mean, what? This is like so weird, man. We used to fight about like, like, remember the taproot episode from when we both were still like pretty wet behind the ears with Mario Gibney. And he came on and talked to us about Taproot and some other stuff. And, you know, we had not met him yet. And Leden was not a sponsor of the show yet and all these different things.

And I just, like, think back to those discussions about how much more technical they were, how much more, how much less political they were. At least how that's how it seemed to me. Maybe I just wasn't as involved or as like, you know, I don't want to call myself notable, but maybe we are. You know, so people weren't trying to make this case to me every day on Twitter or at meetups or at the Your Life Your Terms event. I don't have people coming up to me and ask me what BIP I support or don't support. But now it's not like that. I've made this point before, but it's worth repeating.

Bitcoin's political slash social layer now is the biggest attack factor. It's like how many people can you get to rally behind your cause on the back of a really good tweet, or on the back of a really good YouTube video or a really good podcast appearance or whatever, right? A really good graphic that's, you know, immensely shareable online and can garner likes and views and engagement. There's a real chance that that's really what's going to drive the discussion here

as opposed to technicals because I'll speak for myself. I have a pretty good, you know, character compass, let's say, for when it comes to looking at what other people are talking about and thinking about whether or not they're honest actors. And I don't have to go with that, though, technical chops, at least not as much as I should, maybe more than most, but not as much as I should, having been in the space now for more than a decade at this point. There's an interesting sort of dynamic taking shape, right, where now the guys who want to make changes don't seem to be interested in convincing the mailing list, for example. They seem to be interested in convincing Twitter and podcasters.

And guys like Bitcoin Bugle are making light of. this, right? But they are correct in their assessment and in their ability to have recognized that, yeah, the podcasters now are controlling network, you know, protocol decisions in a way, which is funny, but also for what should be the World Reserve asset of choice and neutral money, a little bit troubling, wouldn't you say? Are you with me on all that? Where do you disagree? Where do you agree? Talk to me about this. Bitcoiners are conservative in nature with respect to any changes to the network. The way, the way, I see it, and I think that this is not really going to be earth-shattering news.

Slow and steady, right? Any changes, let's deal with it, right? Like, we don't want to change anything really quickly because we've seen what happens with changes with other, you know, digital assets and you get rugged, things could break, whatever. But with respect for who's running things, who's got ultimate power, I don't know, it's not podcaster, it's not minors. It's always the node runners, right? It's economic node runners that have the majority. or have all the power. They could push whatever they want.

If they want consensus to be this, they could be that. If they don't want it, well, they have every opportunity to vote with their node. They can do whatever they want. Yeah, they can do whatever version you want.

And we have that right now with BIP 110, and you have people trying to signal that they want to do this. But I think right now it's like 20 something percent. Yeah. Last I saw, they have until September to get this activated. Even if they do, I don't know.

Ultimately with that, I don't want to make this a Bip 110 story, but I think that's going to lead to a fork and a potential shit coin that's going to be. You know, Hunter Beast replied to one of our tweets, one of my tweets last week. Someone pointed out, I can't remember who it was. One of the people who listens to her watches the show. I should thank this person, by the way, because I got caught using an LLM to do an episode summary for this show. And it hallucinated that Hunter Beast was behind 110. And he made this comment that a lot of people are just like, you know, it's become so nuclear that people are blowing up his replies without having this other thing to worry about. So he doesn't want to have to worry about this.

I'd be curious. You know, if I could convince him to come on the show, would you talk to him? I'd be happy to talk with him. Because I don't have the chops to do it. And, you know, you run a node. You've been around the software. And I think he'd have a lot to say not only about the BIP that he's, you know, I don't want to say like champion. but he's behind one of them.

But I think also about just the environment that they're operating in now, as far as the Bitcoin improvement proposals. Maybe I'll reach out to him. I think I should. I think all caps told me to do it too. And I think Dee also said that I should do it. So maybe I will. We'll try and set something up with the guy.

But yeah, it's crazy. The stuff that's going on now. You're absolutely right. You're absolutely right. And I guess we could also transition to the shit coin side of things because it's a sad day in a shit coin world this week. Lightcoin was attacked. That's my first baby.

That was my first ever crypto purchased, Lightcoin. Before everything else, that was number one. Light coin. What did they call that? The silver. Me and Manny Minero used to buy Lightcoin because we had Unify. This was before we knew anything about anything. But we did that.

So there you go. Well, it was subjected to an attack. It wasn't a 51%, but it was ultimately a zero-day vulnerability that impacted mining pools. And there was also a DOS attack. And so what resulted here was a 13 block reorg and that meant that there was potential for double spending, which took place. Yeah. And this goes to show you why you don't deal in shit not named Bitcoin. And the bug enabled invalid transactions to be included into blocks because the problem was they were running old software.

And this is a good reason why you want to update. whatever software you're running. If you're running, say, Bitcoin Core, if you're running knots, whatever the fuck it may be, make sure it's running something that is still getting updated. If it's not updated, you could potentially not be able to verify whatever it is you're trying to verify your transaction or when you're trying to broadcast it. But nonetheless, with respect to Lycoyne, there was a very short period of time that there were two parallel versions of the Lycoyne blockchain.

It was a shitcoin squared, we'll call it. And one of the invalid transactions was, so the one had the invalid transactions, and that one was ignored by miners that had patched nodes. So the ones that had the patched nodes, they saw the invalid transactions. They didn't deal with it, but they had their own version of the like coin blockchain that they were running. So the longest chain ended up winning, but it took some time. and the chain that with that the invalid shitty transactions well during that time like I said there was three hours double spending took place they did chain across chain swaps it's a fucking mess so somebody was able to take advantage of this make some bank and yeah good for them but the

question remains I mean you know you found a zero day you explore winners win winners win what can you say yeah people might be wondering that could the same thing happened to Bitcoin? Probably. Probably not. It's a possibility. That's all I would say slim. So you'd have to find a similar zero day to exploit within Bitcoin. And you'd have to coordinate this with mining pools. You'd have to somehow have nodes accept your transactions. And that would normally not be accepted. And you'd have to put a lot of effort. You have to put a lot of resources required to do this. And on top of this, like coin has something. of a privacy layer. It's called the Mimble Wimble extension block. That's a fucking handful

or mouthful to say. So it's actually, it's different than what Bitcoin uses Bitcoin. Every node can see every amount in address. The Mimble Wimble uses block extensions or extension blocks and they'd handle transactions differently. So they took advantage of that consensus bug, which is not able to port to Bitcoin. And like I said, this is why it's very important if you do run any software, be it an operating system, node, client, whatever the fuck it may be, update your fucking stuff. Make sure you have the latest in terms of security updates. It doesn't have to be the latest and greatest in terms of the newest, but just security updates.

All those fucking holes, they get patched. Is you need this, you don't want to be left behind. So fuck like coin. This is actually just a good learning experience for everybody. And if you don't update your software. Heaven forbid, you are still buying light coin in the year of our Lord 2026. I don't know what to tell you if if that's the case. So like let's what do you think what do you say to these people?

I have no idea. What do you what do you guess what the price is? Like take a light coin just take a stab. Uh, oh my God. I honestly have no idea. I know that the price of Ethereum today hit the same price that Ethereum was in 2021, which made me laugh. But I don't know. And Bitcoin is slightly above 2020.

A little up, yeah, a little up. 10%. Yeah. I don't know. What is like coin? Is it 175 US? 55. Wow.

55. Yeah. And you know what? That reorder? How did that go? When did Charlie Lee sell? He sold the top, right? What do he?

He sold like 300, 400? It was 3.47 was the high in 2021. That's when he sold, right? And he's like, I got to get out. I'm biased or whatever. Blah, blah, blah. There's a couple of peaks. We have almost 300 in 2017.

And then a few years later, it went to 300 and change. So, yeah. What a time to be alive. We've seen so much. You know, we've seen so much. And we, you know what? They still fucking operate. People still run these nodes.

Crazy. There is a value for absolute trash out there. Is it? Do you think people just buy it? Do you think people just buy it because they don't want to use Bitcoin but also don't want to use, like, traditional rails? Like, what's the use case there now? I don't know. What is it's, they propagate blocks faster.

So it's, I think it's faster. Yeah. It's every 2.5 minutes or something like that. So, so. And then didn't they increase the supply of, of it as well? Same. I think it's the same. I think you still $21 million.

I'm pretty sure. I think. I don't know. How could you do blocks every, you know, two minutes and be the same, you know, what's the mining? It's actually four times faster. That's whatever I recalling. But I don't know. Whatever.

You know what? Just like this is like I say, this is why you don't deal with shit not named Bitcoin. And that includes a Singapore dollar, the Canadian dollar. Love it. Euro. A quick reminder. People watching on Twitter, go to YouTube and watch the video and play around with our chat. Our chat's always fun.

And leave a like on the video. I have to beg for this. now because this is all YouTube cares about apparently. So go over there and do that for me. Thank you. Please and thank you. Please and thank you. What's next? I want to talk about my Bitcoin mute list. My Twitter

mute list. I have a ongoing. Was this on the run down lens? No, no. I guess the list itself remains fucking undefeated because this week Paul's dork who happens to be muted on my

fucking X account. So he's on there A pusher of drive chains I guess he ran out of patience For getting this thing Adopted by everybody Like I said, node runners, they don't want to fucking see this thing

And Bitcoiners, you're not going to accept A stupid idea. So he's moving on To the next best stupid idea Which is a New Bitcoin hard fork. E-cash is the name of it Recycling a name introduced decades ago And the start of this is going to

be August of this year. The technicals of this are, who gives a fuck? I don't want to get into the technical. I'll be perfectly honest. True CBP fashion here. The only thing I'll say is that they're going to be using shot 256D. That's a double shot 256 hash algorithm.

So with this, you can mine with your regular ant minor. So everybody that is using one of Twan's devices, or if you're using a bitax or whatever, even an S9, you could use that to mine this shikler. if you choose to do so. There's going to be a one-time difficulty reset at the fork, which means that mining is going to happen super quickly if there's enough hash power that jumps on board.

And I don't know why anyone would want to mine this, but that's beyond me. So BIP 300 and BIP 301 is going to go live, activate at the start of this hard fork. They say they're going to be testing for bugs this summer. They're going to be doing some bounties to figure out if they could find something. Maybe they could talk to a light coin team to figure out if they could avoid any of the problems over there. So the good news is whatever Bitcoin you have at the time of the hard fork,

you're going to have the equal amount of this new shick coin that you could potentially dump in favor of Bitcoin. The better news, this officially pushes the drive chain discussion onto a forked shik coin. So we may not hear about this again for least a foreseeable future with Bitcoin. And for those thinking that it's a good thing because, you know, this is drive change. It's good to have its centralized garbage. You know, that's going to make mining even more. It's going to incentivize miners to fuck around and stuff. And according to Paul's dork, Satoshi coins, I can't fucking believe this,

are going to be manually reassigned to investors today. So if you invest today with your Bitcoin, you're going to get some of the new shit coin that comes out from Satoshi's stack. How fucking centralized is that? Elite, elite. Right away, run away from this. So he says, what are the investors,

somebody asked him on X, what are investors investing in exactly? He replied, quote, I will DM you. Very quiet. Very secretive. They didn't say anything. So can't even be transparent with what you're investing in. So imagine giving them Bitcoin as an investor and you're getting this kind of pre-mined shit coin.

Because let's make no mistake. This is a pre-mine. It's not like they're letting what happened with B-Cash. They didn't do this. Even the shittier fork of B-Cash didn't do this stuff. They left Satoshi coins alone. These guys are fucking going in. stuff that's been mine, it's taking it and reawarding.

The Overton window is open now on these coins, right? It's open because of the quantum debate and people think these things are not sacred. I don't know how sacred they are, but I do think that like this is obviously a product of these discussions that have been happening over the last year. Potentially, but the question. Not that I agree. Not that we agree. We don't agree with that. Yeah.

Could you imagine, you know, you buy something like Bitcoin, you sit in it for a decade just because you are quiet. you don't want to move it, you're secretive. Somebody comes along later on and say, you know what, it's going to be then taken away from you just because you haven't moved it. That's not the way things operate, right? That's so fucking centralized. And like you said, a few minutes ago,

Buddy has a place on the stage of a conference that's going on in Las Vegas. To talk about, not this, but who the fuck cares? I guess drive chains, what else is he going to talk about? Nonetheless, if you want to know my mute list, I'll be happy to share it with anybody out there. And people out there, if you do follow it or mute everybody, it'll be clean, clean discussion that's going on on your ex-feed.

It's a lot better with getting shit like this off your feed. Yeah, agreed. I just want to point in a couple things. And John in the chat is saying this as well. Air drops are income. So if you claim those tokens, if you control them at any time, that's income. You'll be taxed on that.

Fair market value at the time of the air drop. If you sell those tokens or move those tokens, it will docks your Bitcoin at the same addresses. So make sure you understand how that works as well. Ben was saying a couple weeks ago that he's going to put out, Ben Perrin, BTC session, is going to put out a tutorial on how to handle air drops or at least talk about it somewhere. So that people understand, you are taking a big risk with your sovereign stack. if you think you can just finesse a couple hundred thousand, twenty thousand, ten thousand, one thousand, one hundred, whatever out of thisirdrop.

It's not that easy. And you got to make sure that you're on top of that stuff because if you aren't, your risk, your exposure gets much bigger very quickly and you won't be able to do anything about it. So just chill. Just chill. Don't get greedy. Enjoy the show. There'll be some fireworks on Twitter that day.

I'm sure. Price will be volatile that day. I'm sure all these things are good for Bitcoin in the long term. But don't expose yourself without knowing exactly what you're doing. And if you need help, like message somebody, you know, even if we can't help you, like we'll point you in the right direction. Same with Ben Perrin. Same with the, like, again, like whatever, BTC mentor advertises on this show.

But we like go there and ask them about this, you know, as the day draws near. I think it's in August, right? That's the day. It's in August is when it's going to, there's going to be a point in time where it's going to, they'll close things off and in it's August it goes live. Yeah. The best thing you should do is don't move around your Bitcoin. If you want to take advantage of anything,

if you want to do like anything here with the, the air drop and sell it, don't do anything with you, but keep it under wrap. And one thing that is historical here, though, is the price of these forks typically are the highest daily after the fork. Yeah. So if you want to maximize,

your gains and you're able to not docks yourself, speed is the utmost importance. The longer you wait, the less value it's going to be with these shit coins. Play it safe, boys. Play it safe. Where are we going next, buddy? Lead the way.

This whole topic, I find it rather interesting. I was not around at the time when Bitcoin cash, I just missed it by a few months, two months, maybe, three months. So I didn't take advantage of anything with respect to that. But this one, I'm looking forward to this.

I want to look at all the options available to me. And CRA, if you're listening, I'm going to definitely declare everything if I do decide to sell. But I just want to gauge your interest on this. Are you going to sit tight? What are you thinking of doing? You have to be prepared because, as I mentioned there, if you sell the other token, the addresses from which those tokens were eardroped to you

will expose both the new token and the old token Bitcoin addresses. Presuming you sell those on exchanges that KYC, you'll expose your whole stack. It's that quick. It's immediate. So that's one problem. If you're going to sell, you got to sell from coins that you feel comfortable

are already exposed. That's number one. Number two is if you take control of some of the airdrop, then you will be presumed to have control of all the air drop. that's taxable. So you will owe tax on that as well at some point, you know, if they choose to pursue it, I suppose. You know, I don't know what the likelihood of that is or the, the capability or the, you know, what is the priority there for the CRA or other tax agencies? I'm not sure. But I suspect that if this gains any traction at all, it'll be a significant story and it'll be

an easy tax receipt for these guys. So my suggestion, honestly, is to do as little as you possibly can here yeah that's that's that's as safe as it gets and john is saying you need to talk about replay attack i i kind of breathe yeah is that don't do anything with your bitcoin leading up to it because if you do just in a nutshell i i think i understand that the nature of it is that if you do something in the it's a transaction and it's copied to the next one the next chain potentially somebody could use the the signing of it to fuck you over just don't do anything less is more sit back with respect to your Bitcoin, but with respect to the shit coin, I think at this particular moment, act as soon as you can without exposing your stack and without giving up

any security or privacy, because if you can, you probably maximize your rewards for this. The longer you wait, the less value these coins will have. And good for Paul for doing this. he's sticking his neck out there. I don't agree with it. I think it's a fucking stupid move. But the guy has balls for doing it. But still, he's a shik-coiner.

Let's be honest. Yeah. John, make a good point there. The replay tag is interesting, but you have to move the fork first to give up the key, or the key, I guess, the signature to get your original stack. There's a lot, man,

you don't realize how complex some of this stuff is. It's not just about cold cards, okay? There's a lot of tech here. that I think 90% of people in Bitcoin are not familiar with and consequences that 90% of people in Bitcoin are not prepared for. They don't know how to prepare for it. And so like I said, your best choice, I think, is like as little as possible. Yeah.

So this was all talked about when they had the Bitcoin Unlimited and Bitcoin XT. Bitcoin Gold was in there too, I think. There was a bunch of different forks of this thing over the year. No, these are the ones that weren't even, like, these are just stuff that just died in the vine. I think Unlimited might have went live, but nobody on whatever the fuck it is. But then eventually it turned into Bitcoin Cash. This replay attack was all discussed and dealt with at that time. So we're just reliving essentially a type of block size war without being an actual war.

It's just we're going to get the benefits of having another shik coin that is going to be, in terms of the amount is going to be the same of how much Bitcoin you have. You have one Bitcoin, you're going to have one of these shit coins. Yeah, e-cash. Not even an original name. Not even an original name. Sad State of Affairs over there in the historic camp. So then a really quick story.

Sparrow, that app is back again on the Apple. It's unbelievable. I don't understand how this could come out again and again and again. People out there, if you're downloading something, remember always verify it. With Sparrow, for instance, this is something you download directly from the Sparrow website. And so when you download it, then you can confirm it to verify if the against a signature to verify that the software is legit. Because with Bitcoin, if you fuck up, it's gone.

So always make sure you're getting the right stuff, the right software. Always verify and never, ever enter your seeds into a computer that is connected to the internet or an app that is on your phone, which is connected to the internet. Because if you use the air gap devices, let's be honest, what the fuck could go wrong there? Nobody could tap into it, make sure it's totally air gap, no NFC, no Bluetooth, none of that bullshit.

I'm a big fan of swapping it out that SD card back and forth from my cold card. I feel safe doing it, but whatever you do, feel safe, do it, but make sure you always fucking verify. You fuck it up, somebody steals it, nobody's going to get your fix your Bitcoin

problem, you're fucking broke and you'll be investing into the new Carney the fuck of this sovereign wealth fund. So that's going to be your retirement. Do you know what's crazy? You know what's crazy about this? Like obviously friend of the show and our friend personally, Praveen,

built co-wallet, right? Over the last I don't know, how long has it been? Two years he's been working on that probably, maybe longer. Yeah. And how many times has he told us, you know, in private chats or on the show or like in the corn lord's chat or whatever about how difficult it is to get an app onto the app store. Bitcoin wallet. Same thing. Those guys were working on that for two, three years, whatever it's been.

I'm trying to think. That first conference, when Francis announced it was 2024, right? I think. And so, like, it was before that. It was before I even moved. 23. Yeah, it was 23. So, you know, we had that conference. Actually, my wife was at home, getting the house ready to move. Because 24 was in Montreal, 25 was Montreal. That's right. 26 is going to be in Toronto again. So three years, they worked on that. Just shy of three years they worked on that wallet to get it to the app store, right? And now these guys are running the scam not once, but twice in like three weeks. How's that possible? Is Apple to blame here? Yeah. Yeah, they are to blame, of course. Now, if somebody loses their Bitcoin as a result of the

scam, I'm wondering, does the terms and conditions, does it enable somebody to sue? I don't, I don't think I doubt it. I doubt it. You're still the moron if you do it. Like, if an app asks you for your credit card information and then, you know, a dancing, rock, you know, princess image comes up and says, don't forget the three magic numbers on the back and you give it to her. But if it's Rosalina, though, no, she's the big character in the movie. True. Things change. By the way, good movies.

Yeah, I stay away from all this stuff, man. You don't need a wallet on your phone unless it's co-over bull. That's all you need. Bitcoin-backed lending services. This is becoming more and more popular. I'm telling you, man. I'm telling you. So with shake pay, they have 1.5 million users registered.

How many are active? I have no idea. But 1.5 million users registered. We have a population of around 40 to 41 million, I'm guessing, in Canada. That's not a bad fucking number. So they now are offering these Bitcoin backed loans. You could now get a loan between $100. It's all Canadian, by the way, $100 and up to $50.

thousand dollars apy is 9.5% and they say 95% of the collateral will be in cold wallets held through third party custodians like coinbase and there's going to be no rehypothication as a result of all this they say that so it's going to be held there not leaden doesn't do that i think they do re-hypotency letter leitleather re-hypothicates yeah so that's the difference and leaden for whatever reason they don't have they don't have the ability to offer this type of same service in Canada because I guess you're trying to focus on different partners, different clientele at this time. Whatever it may be.

It's funny that, you know, like two different companies, both Canadian, one is here and the other one was kind of pushed away. With respect to shake pay is Bitcoin backed lending, you need to maintain a LTD of 80% or you're going to get liquidated. And so you can put up your Bitcoin or your ETH if you wanted to because they do sell Heath over there and you can take advantage of this product. So, um, interesting. Wealth simple apparently might be offering this in the future as well.

Nothing is confirmed yet, but it looks like this type of service is going to be offered up quite a bit in the next little while using your Bitcoin as collateral. I talked about it in the past. I'd rather just, you know, I don't want to deal with this. I'd rather pay the Piper. And if I have to buy something, I'd rather just borrow against the bank and pay that back at this particular moment. That's the situation I'm in. I'd rather not do anything on Bitcoin. keeps their own.

These services are going to be huge. These products are going to be huge, and they're going to be huge for two reasons. Number one is because no one under the age of like 30 at this point has a house to borrow against that they want to use for day-to-day living, right? And what they might have instead is crypto, Bitcoin, Ethereum, whatever, right? And so you're going to see these services pop up more and more because the economy demands that people have purchasing power above and beyond their earning power. And unless we allow for stuff like this and expand the collateral base that we're willing to accept for fiat loans, it doesn't work.

So you have to do this. I think that's reason number one. Reason number two is because as this asset class becomes more widely recognized as pristine collateral, which it is, there's no reason why these guys wouldn't take it. And banks will take it next. And we will see the proliferation of these products at lower. and lower rates, everything will trend to the lowest possible rate for these assets and the loans related to them. This is going to continue. And I think it's a good thing. I realize you don't want to use it. But at some point, you never know. Like if you want to get a loan and you don't have a

home or something, right? Like I said, if you're a young person who wants to do this, this is a good way for you to use your Bitcoin without selling. I think we all agree that the regulations around Bitcoin, as far as it's sort of like place in a taxable capital hierarchy, it's only going to get more and more unfriendly in Canada. So this is a good feature. And I think it's hard to roll something like this back once you allow it. And obviously these guys are playing the political game a little more than most exchanges. They're playing the policy game a little more than most exchanges. And so this is a nice feature.

I expect to see this become very popular very quickly, to be honest with you. I think this is the thing that might propel them to publicly traded company status. I really think this is that big a deal. They could offer it and people could jump on board and take advantage of it. I'm just up the opinion. I don't know or not because another thing to consider is you're going to be doxing yourself, how much Bitcoin, at least what. Bitcoin, you're going to be putting up for collateral.

So if you're willing to do that and you want to get Fiat in return temporarily and then pay that back, all the more power. But you know, I guess my situation is different and, you know, it's not a one size, fits all approach. I'm just, whatever I need, I'll just go to the bank and borrow and then pay that back. And be honest, I don't really need to borrow a lot if I have to do anything because my lifestyle is fucking, I live within my means. I don't buy expensive cars.

I don't go on expensive vacations. I don't need expensive food. I live within my means. I'm a very boring person like that. I'm living for tomorrow and tomorrow is coming closer. And I think one more story we'll talk about quickly. Sure. And we'll fold.

They launched something called a Bitcoin bonus program. And this is going to allow employers, businesses, to offer up Bitcoin bonuses, kind of like how steak and shake is doing it. And that's going to be now giving employers the ability to roll this out on a wider scale. And this is going to be a way to keep employees from leaving because you're going to give them some incentive to stay. In this case, it's going to be potentially savings in Bitcoin. They're going to be enabling people or businesses to allocate 1% of Bitcoin.

So employees can then redeem it at the end of the year. And for people who's going to be the primary. custodian for this, Bitco. And they're the federal trust bank charter that's going to be federally regulated and insured. So they have that behind it, right? Bicko. Interesting.

It'd be interesting to see this rolled out. I'm not sure how many employers are going to be offering it. Stake and shake does it. It's going to be more for like, I'm assuming, companies like that. It's going to be part-time employees, entry level positions, shit like that.

I don't think you're going to see a bank offering this. I don't think you're going to see Microsoft offering this. It'd be cool if they did, but I just don't see that. So it's just another story. I thought was pretty cool and folders involved. I'm fine with this. I mean, Bitcoin bonus is a neat idea.

There's, I think, opportunities for a lot of different businesses to do this. Will they are not? Different question entirely. And also, there's still probably, if I had to guess, a little bit of unwillingness on the part of people who are targeted by something like this.

Target is the wrong word, but they're impacted by something like this, let's say. Because again, to be paid in Bitcoin, you have to realize the income, right? And then you have to pay out tax based on that income. And presumably if you get to a high enough threshold where you're paid in Bitcoin, you have to sell Bitcoin to pay the tax and incur a second hit to make that payment. So it's still a little unfriendly in terms of actual pragmatic use as a payment rail for someone's 9 to 5. But I think you should offer this anyways. Let people make that decision themselves.

And if people want to get paid in Bitcoin, I'm all for it. If they want to take a little bit in Bitcoin, I'm all for it. They want to take a lot. I'm all for it. I think many people would be okay with that. And maybe what it will take to see legislation around stuff like that change is we'll have to reach a critical matter. massive people who are doing this and saying, I'm not going to pay tax on this three times, whatever it is.

Like, I'm not going to do it. You got to find another way. You got to change legislation. Otherwise, I'm not going to be happy about that and not going to vote for you or whatever. So, you know, it's fine to me. It's still early days for all this stuff, of course. I don't think anyone's got McDonald's on board. Yeah, good luck.

Give it up to let their robots get access to this. So if the robots that are going to be serving people are going to be able to click Bitcoin, that'd be fucking amazing. Yeah, that's funny. Let's start paying taxes as well. Sure. It's untapped, right? It's a new revenue. That's what I keep hearing.

Universal high income, right, from Elon there. All the robots will be paying for everything. Tax them all, man. Fuck it. Good idea. Good idea. Why don't we think of that? Are we done on this side?

You want to go to Notables? Yeah, let's go to Notables. Yeah. Okay, we're going to go to Notables. If you're on audio, stay with us or come back tomorrow for the other half. If you're on video or with us live, first of all, go to YouTube, like the video. We appreciate all your support. And hang in.

We're going to do Carnie's sovereign. Wealth Fund announcement today. What a nuts announcement out of the blue. Anyway, take care yourselves. Don't invest in like coin.