The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Saylor Just Broke Bitcoin's Golden Rule — Here's Why It's Genius | CBP 264 Pt 1

Episode Date: May 12, 2026

Saylor just broke Strategy's "NEVER SELL" Bitcoin rule. The $1.5B dividend math, the 11.5% yield, the Q1 -$12.5B net loss, and what it means for Canadian MSTR holders — explained.Michael Saylor told investors on Strategy's Q1 2026 earnings call that he will "probably sell some Bitcoin to pay a dividend, just to inoculate the market and send the message that we did it." Three days later he walked it back, saying the remark wasintended to "jam short-sellers and 'haters.'" Strategy holds 818,334 BTC at an average cost basis of $75,537. The annualized preferred dividend obligation is roughly $1.5 billion. Q1 net loss was $12.54 billion. Bitcoin briefly traded below $81,000 after the call.In this episode of the Canadian Bitcoiners Podcast:- The actual mechanism: buy with credit, let it appreciate, sell to fund preferreds- Why this isn't an MSTR "Ponzi" reveal — and why it kind of is- Sequans' 1,025 BTC sale, the $35.9M convertible-note pressure, and what "treasury reckoning" looks like in practice- Canada's first regulated CAD stablecoin: Tetra's CADD with Shopify and National Bank backing- Coinbase cuts 14% of staff for "AI-native pods" while the exchange goes down for an AWS chiller failure- Germany ends its 12-month Bitcoin tax exemption — €2B revenue target by 2027- The Netherlands prepares 36% tax on UNREALIZED Bitcoin gains by 2028- Bitcoin Core's first-ever memory-safety bug, CVE-2024-52911, quietly patched a year before public disclosure- Notable North: Alberta separation petition crosses 300k signatures, Honda walks from a $15B Ontario EV plant, Doug Ford sacks the Conestoga College board, Ottawa finally starts tracking which temporary residents have actually leftThe orange-pill takeaway: every "treasury company" model — Strategy, Sequans, the next wave — gets stress-tested when the dividends and debts come due in fiat. The companies that buy and never sell are betting that their cost of capital stayslower than Bitcoin's CAGR forever. Saylor just admitted that the bet has a release valve. Canadian retail and Canadian pensions are sitting on MSTR exposure; the next 12 months are the test of whether the model is genius or a glorified levered Bitcoin ETF..Canadian Bitcoiners Podcast- Website: https://canadianbitcoiners.com- X: @CanadianBTCPod- Subscribe & turn on notifications for the weekly orange-pill drop.————————————————————————————————SPONSORS■ easyDNS — Canadian-owned, ICANN-accredited registrar that has accepted Bitcoin since 2013. Domains, DNS, email,hosting, all without selling you out. Use promo code CBP Media for 50% off your first purchase, no limits.→ https://easydns.com■ Bull Bitcoin — Canada's non-custodial, Bitcoin-only exchange. Founded 2013 in Montreal. They never hold your keys;you self-custody from day one. CBP listeners get 25% off fees for life.→ https://app.bullbitcoin.com/registration/cbp■ 256 Heat — Hashrate heaters: Bitcoin miners purpose-built to heat a space. Every watt of electricity becomes heat AND hashrate, so you're warming your space and stacking sats at the same time. Custom solutions available. Tell them CBPsent you for a discount.→ https://256heat.com■ Bitcoin Mentor — One-on-one coaching to take you from "I bought some Bitcoin" to true self-sovereign ownership. Wallets, keys, collaborative custody, inheritance planning, node setup, the whole stack. 30-day money-back guarantee on every package.→ https://btcmentor.io/aff/joey————————————————————————————————FOLLOW THE SHOW■■ CBP — https://x.com/CanadianBTCPod■ Joey — https://x.com/joeytweeets■ Len — https://x.com/thebtcpricebot————————————————————————————————#Bitcoin #Saylor #Strategy #MSTR #Canadian

friends and enemies. Michael Seller, I mean, Sailor, thinking about getting off some of his Bitcoin, Nate Erskine Smith, usurped by a foreign diaspora and CPI print tomorrow in the States, among other things. We're going to talk about all that tonight.

We got a big show for you, but first is always the intro. And so, you know, the government can say whatever they want about this thing not competing. It's for black market only. It's for this, for that. But they're really treating it like a threat.

And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the EETF. 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 get 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 Lenin Joe E. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS.

The media is feeding a slop. I mean, we're laughing. We're laughing over here at, the goings on. What's going on, buddy? Good to see you. How are you? It's all good, man. Waiting for summer to start or spring. I love. Me too. Me too. Same. I got some landscapers coming over this week. Got some stuff getting delivered tomorrow. Looking forward to a nice yard. We're on a time crunch tonight a little bit because Len is going to rip some chel 94 of course after the show. So let's hop right into the sponsors. Easy DNS. The best place for you

to buy Port, own, operate, a website and a business, really. We, obviously have our website there. Mark has helped us with a number of things. And it's helping many people with many things these days, as well as getting some other stuff ready, like Ready.com, which you should be looking at anyhow. If you want to buy a website, you want to do some virtual private server stuff if you're a Bitcoiner. You want to operate those things with an open claw, easy claw through telegram. Mark's got your back. There's no better place to be for all these things than easy DNS. So go there. Use the promo code CBP Media. Start your business, start your website, and get 50% off your first round of buys.

No limits, man. I don't think anyway. I put no limits in the description, but I'm actually not sure about that. I'm fairly certain, but just try it. What's worse so can happen? And load up your cart. Yeah. Load it up.

Yeah. I like Bull Bitcoin nerd or second sponsor of the show. You like Bull Bitcoin. Great place to do your buys. Great place to do yourselves. Price of Bitcoin, I just took a look a second ago. We did one change. It's almost $80,000.

Love it. Maybe a good opportunity if you want to start paying your bills with Bitcoin, which, of course, Bull Bitcoin allows you to do. that, right? If you have some credit card bills still from Christmas that needs to be paid off, maybe a house payment, car payment, whatever it may be, you could use bull Bitcoin to facilitate those payments by using your Bitcoin. You can also buy Bitcoin over there. You can sell Bitcoin over there. Since they're non-custodial, they do not hold on to your corn. Once you place the buy and provide a address, it gets sent there immediately after getting mixed, of course. You could also do other

things. You could do like limit orders. You could do reoccurring buys, auto buys. A lot of buys were hit in the past couple of months as prices were lower, but as we're creeping up, maybe not so much. So you know what? If you missed out, the mode of sales, screw you. But either way, bold Bitcoin, they're expanding. They're there for you. Check them out.

Use a referral code if you have not yet opened an account. And if you haven't, what are you waiting for? And if you use our code, all your buys and sales will be cheaper. So check it out. Love it. Let's get into some boost. Then we have some housekeeping stuff to do. No boost this week.

I don't know why. was not a single one. I checked literally three, four minutes ago. I'm not convinced that the Blues are working, honestly, because I'm not, I'm hearing that there's other people having problems too. It's funny, the Fountain Guys email will be today because they want to start hosting video on their platform. But I'm just thinking to myself, like,

you can't even get the easy stuff to work anyways. Story for another time. The housekeeping, do you want to talk a bit about the 256 heat meetup? Yeah, there is one taking place in Montreal and one taking place in Ottawa. So the one in Ottawa, it's taking place at the North Gloucester

branch, and that's at 2036 Ogiliv. I'll butcher that fucking name. 6 to 9 p.m. Ogilvy? Is it Ogilvy? I gagged out. Okay. It's whatever it is. That's where it's going to be 6 to 9 p.m. on Wednesday, May 13th.

And there is one in Montreal as well tomorrow that is going to be May 12th. But I don't have, the details for that one. Do you have that information handy? I don't have very information. Let's see. In Montreal,

no, I don't see it. Boomer did send us the Ogobie one, but not the other one, I don't think. It's all good. I mean, if you want to keep an eye out for it, follow Boomer on Twitter, or follow BTC underscore Montreal on Twitter,

and you'll see where those events are taking place, not that big a deal. Would you, if it was local? Because we met up with Twan, this was past, yeah. Yeah.

I don't want it to spill the beans. Man, oh man, what's being built is going to be some interesting stuff in a not too distant future. I sent those pictures I took out to a few people. And everyone is as excited as we were to see the new models coming out. So, I mean, get hyped, man. Get hyped. So trying to get the Montreal information. I don't see it.

I didn't look at the Twitter page, but I don't see it in the private chat. Yeah. So unfortunately, that's what we have. My bad. Follow Boomer. Follow Twan. And just figured out. I mean, they'll be posting about it, I'm sure.

Those gorilla heaters are going to be fantastic. 100%. They're going to be not. I'm going to say it. I want to say too much. If you're going to, mine, uh, it's going to be interesting stuff. You could do stuff. Yeah.

Anyways, any other housekeeping items? We have the rare interview this week. Michael Tanguma. Tanguma? Tanguma from, Tangura. Tanguma from, uh, on ramp is coming on. We're going to talk about a number of things. Obviously, they're in the news for, um, some new partnerships.

And, uh, you know, They are a, I don't want to say naysayer, but someone who's trying to take some business from stretch, which is obviously the most popular thing under the sun right now. So I'm looking forward to that interview. And then Friday, I'm doing money talks, I think I see in my calendar here that I'm doing money talks on Friday. So news to me, news to you. Can't wait to do that. Looking forward to talking to Mike and the team over there. It should be a good show.

From one white to another. Let's talk about Siler. Sure. Yeah. I don't have much to say about this one because let's be perfectly honest. Michael Saylor and he is very much associated with micro strategy. They see we tied it to him for obvious reasons, right? And this past week, we learned that micro strategy might have sold a little bit of Bitcoin

but bought a heck of a lot more in the process. It just doesn't seem to jive with me. Well, they didn't sell, but the idea is that they may sell even if they don't need to to inoculate the market in the sailors' words. That's an interesting way of putting it as a. business, they will not go down with the ship and hold on through the Bitcoin until the end of days. There will be a point in time where that Bitcoin will be traded for something, be it Fiat,

a service, or a good. It's not like me or you, Joey, or anybody else that's listening or watching this show. As an individual, we have the ability to go to our grave with our keys if we wanted to. A business, if they have an asset on the books, eventually that business, the long enough time horizon goes tits up. And those assets, they got to get liquidated into something. So for micro strategy to talk about selling Bitcoin, it's really, it's not the end of the world.

It's not unheard of. It was inevitable. And for them to do it, great. I mean, they have every right to do whatever they want. They're not a hoddler forever. But maybe a strategy for them going forward is maybe they could borrow against their Bitcoin. But even that, like it just kind of delays the inevitable. Yeah, they won't do that.

They won't do that. They might. I'm just saying this is an option, but the inevitability is that Bitcoin will one day, be it 10 years, 100 years, 1,000 years, whatever it may be, it will not be on their balance sheet. And when that happens, right, you know, that's just really the result of it. So I'm not shocked about this. I'm not pissed off about this. This is just the nature of doing business. Let me ask you something.

Do you think they're going to have more or less Bitcoin than they do now in five years? More. What about in 10? more okay i don't see i don't see them going uh turning their back on bitcoin and saying we're not having anymore as long as michael stiller's alive and still doing this thing once he's no longer in a picture then the it's an unknown variable that i can't predict they may he may be somehow replaced by somebody that's pro bitcoin or not pro bitcoin and if it's not pro bitcoin then anything could happen but if there's pro bitcoin i could see them continuing this type of

of strategy moving forward. So they'll probably still have more Bitcoin in the balance sheet in the next five, 10, 15 years. Yeah. But give it a long enough time horizon, you know, 50 years, 100 years, will they have less than they have now? Who knows? I want to talk about two things here that I think are important.

One is, what does it mean to quote unquote have to sell? There's two reasons you think you have to sell, right? one is because your treasury and your balance sheet demands it like you said pretty difficult to imagine a situation at least in the short term medium term where that's the case they're so well they're so well insulated just because of the size of this fortress that they've built in bitcoin terms and now also they're building a similar i mean it's going to take a long time to get there of course but they're they're adding cash to their to their reserves all the time to help pay these dividends and insulate themselves even first So do they have to sell because of a balance sheet issue or a liquidity issue? No. But there's another reason that they may view themselves as being in a position where they have to sell. And that is the inoculation part. I actually really like this.

And I know our guy Narwhal's in the chat talking about this too. I think that this is an important moment for Bitcoin. Because if I look at the landscape, even over the last few years, honestly, Len, honestly, Len, what have the naysayers really said about strategy more than anything else? No one says that it's not raising the price floor. It is. No one says that it's not good that he's adopted. Bitcoin is a treasury asset.

It is. I don't think a lot of people say it's not good that he's got these other vehicles now that are Bitcoin powered, that they can't officially say Bitcoin backed, of course. Thank you, SEC, for making sure that you're protecting investors. The biggest down talk has always been, what are you going to do when he sells? It's going to be indicative of fading conviction or waning certainty and price appreciation or all these different things. I actually don't think that that's true, but there's no better way to prime for that than to say that when the time is right and it makes sense you might sell just to tell people and show people that you will. Now, I will add one other thing here and then I'll ask you what you think about all this.

I believe that he's starting to talk about this now because of the maturity date. on his debt. These guys have been trying to clean up their balance sheet quite a bit. And you'll notice in the slide presentations that Jeff Walton was talking about this too, but you'll notice in the earnings call presentations, which is where he made this comment. They do a lot of commentary on the nature of the converts that they've been issuing over the last three years, I guess, or two years. And those converts mostly come due next year and the year after. They start this year at about a billion. I think it's $3 billion. 27. and $3,3,0.28. 29 is zero. So if they can make it through that $7 billion of convertible

debt, assuming that people don't want equity, which is probably the case, generally, if you're going to buy convertible debt at that level, you're not doing it to get stock in the company. You're doing it to get fiat back. Fine. If they can make it through that, they're going to be even more bulletproof than they are now. But they may decide, especially in a run-up in the Bitcoin price, that that's a good time to sell some to try and get out from underneath that wall of debt. His operating business is, you know, like 100x, I think, shy of meeting these commitments. So a lot of people talk about the operating business. I don't think it's even worth mentioning at this point, both from a both from like the fundamental stance, like the thematic

stance of the company, but also the financial picture just doesn't warrant a discussion about that business. My guess is that he's going to sell next year. and 27. And I don't think it's a big deal. I do recommend, though, this is financial advice. If you want to buy Bitcoin, I think the day he sells, like you're probably going to get a nice wick, a nice downward wick. I don't think it'll last though, because I think people will realize what's going on and maybe the market is maturing a little bit to the point where people view that much more as a dip than an opportunity. It'll be the same town criers like shifts, saying it's over for Bitcoin. Sailor has sold, you know, your God is bleeding, blah, blah, blah. But I don't

think a lot of people see it that way. The market doesn't see it that way. And I'm looking forward to the day that he parts with a little bit of BTC. I think it's going to be a big day. There's not too many other bearish narratives out there, Len, these days around Bitcoin, besides Sailor being to control the price if he decides to sell. Well, he's buying OTC, right? So you were saying that the price, you think that he or the company impacted it going up. I don't know. He wants to start buying spot. He's buying a spot. He's buying OTC, but they're not, it doesn't seem to me that they're impacting the price. It doesn't.

Right. Okay. Sorry. Then I misunderstood you. I agree with that because they, I mean, I'm looking at a big purchase of 34,000 Bitcoin they got in April. 34,000 is a lot of Bitcoin. Yeah, man.

And that's just in one shot or in one months. And so the price, whatever, for whatever reason is not going up because it's OTC, I guess. But when they start selling, the price is definitely going to go down, even though if they start selling OTC or in a way. that's not going to impact the market the same way that they would say you or I just going to it to bull Bitcoin or shake pay or whatever and sell it. I think that just because people looking at this and if they start selling, wow, micro strategy, the ultimate Bitcoin bull in on Wall Street.

If they start selling, what does that mean for Bitcoin? Is it done? Is the ship sale in this thing? Whatever happens, Bitcoin's going to survive. And I don't care. Everybody could come in whenever they want. Anybody could leave whenever they want, be it. buying it, running a node or whatever to fuck they want.

That's the beautiful thing about it. It's truly his capitalism. Yeah, totally agree. You're not forced into it. You're not forced not to be in it. And they're not even the biggest bulls on Wall Street anymore. Are they like sailors a bull? But some of these other guys have risked their reputations on these assets are this

asset through ETS, through public statements, through, you know, you name it. Guys like Paul Tudor Jones doing Patrick O'Shaughnessy's podcast like a week or two ago, that guy's been in the market for 40 years, 50 years. and he's still talking about Bitcoin being the best thing available. Like, these guys, I think, understand more about asset quality, even if they don't understand the technicals. And they like what they see. Is it JP Morgan who's starting their own ETF pretty soon, right?

Like that launches. Yeah, they're offering up to clients. You know, so like that's another, these guys are, they're, I don't want to say all in, but man, compared to a few years ago, you know, Sailor was at the lunch table by himself. Now there's not an empty seat at the at the table. It's good to see. Well, as soon as BlackRock started offering up an ETF. That's right. Everybody else is going to have to be follow suit. And everybody seems to be

doing it as well. And that's whatever. I'm not going to jump for joy. The fact that they're offering the services or I'm not going to be pouting and saying this is bullshit. It just is what it is. It's Fiat. And everybody wants to stay in it. All the more power to you. I hope you don't get wrecked in the process. But People are getting wrecked because, you know, they've been chopped at the knees because they didn't get access to their funds looking at people in Ottawa, for instance. And what happens as a result of that? Nothing.

Two courts say they did wrong and still, you know, appeal. Appeal. It's still going to appeal this thing. Keep appealing. Even whatever. The guy goes on a yacht and using plastic cups. The ladies in Eastern Europe enjoying trips over there, like, whatever. We're just pawns.

And as soon as retail thinks, yeah, we're going to fucking. and win, they stack the deck against. Change rules of the game. Yeah. Look what happened with GameStop. That was ridiculous.

How quickly we forget. How quickly we forget. I never. You know, like let's talk about Sequan. Sequins, Sequins, Sequins,

Sequins. Sure. Sequan. Sequan. Sequan Barclay. Yeah. Yeah. Everybody's favorite.

I think this is your favorite Treasury company. I'm a big on I'm a big Sequins holder. Yeah. I think you've dumped in them in Fives. These guys, apparently they sold off through the duration of time.

They sold off about 2,000 Bitcoin. And they have right now a little bit over 1,100 Bitcoin left in their balance sheet. And these guys, they started going into the Bitcoin Treasury Company world back when it was hot in 2025. And what a shitty move this was on their part, for their shareholders, because they're taking it in the hoop as a result. I'll give you some context here, is that their stock price peaked. at $53.90 on July 14th. It was $53.90. July 14th.

Yesterday, it was closed yesterday to markets, but still, as a reference, $3.46. It went from $53.90 to $3.46 in less than a year. Well done, sec ones. Well done. I like the buy, high, sell. Low strategy. This works really well.

So I think there's going to be a lot more of this coming along with these treasury companies, because they're sitting on bags that are getting heavier by the day. And they have things they have to pay. And they have, you know, they borrowed against just to buy this Bitcoin. And they bought it at $120,000, $125,000. And here they're sitting at 81.6. There's going to be more this coming in the future.

So if you have some dry powder sitting on the side, just be ready. They'll fucking sell. And if you want to buy it, it's there for your buying. I love these stories about the, the Dats, just being destroyed. like how many of these things are going to be left in a few years. Sequins basically dead in the water. The investment thesis has always been the same, right? And this is the case in a lot of sectors.

You buy the leader at any price because if the strategy works, they're going to be able to execute it better than anybody else. And so why would you not just buy MSTR? Why would you not just buy Nvidia? Why would you not just buy Bitcoin? Like these are the these are the flagship assets in the silos. And if you want to go another direction, that's fine. But the risk is much greater because you're not only dealing with operational risk

or government legislative risk or all these other things, you're also dealing with, well, people just might buy the thing that works the best and say, forget about it. Don't forget, you're not constrained anymore by unit price. You can buy half shares or whatever. And we've seen already that I think even the most competent DATs are starting to realize that doing what Sailor is doing isn't going to work. Seda is trying to do this with a higher interest rate than stretch.

It's a differentiator. Guys like, I was named that company in Japan. Metaplanet is trying to do it with jurisdictional arbitrage. They're saying, well, you can't get MSTR in Japan, so you got to buy us, blah, blah, blah. and then like you kind of go down this list and it's it's like why would you buy anything in this space besides just the leader I don't I don't understand why anyone is still playing games with these other things apart from I mean we've talked about Nakamoto on this show before but God knows there's other examples too like in the mining space even did you see so hut eight uh had who did we have on that blonde Sue Ennis. Yeah, yeah.

So I saw she left the company too to start working for some other AI. I'm not even going to say it on the air in case I get this wrong, but you should look and see who Sue Ennis is working for now and tell me if you think that like Sue, who is on the inside for a long time, didn't decide to go play in the stronger silo, it's sort of the leading competitor in that space, the AI space, as opposed to staying on a Bitcoin miner, right? These are all like cascading markets in terms of quality. And, you know, one thing you're noticing now, maybe more than before, even between Bitcoin and Ethereum, by the way, not just between publicly traded Bitcoin. Ethereum, let's talk about that. Yeah, I mean, they're in a mess over there. But the publicly traded companies is one thing. But you also see this between Bitcoin and Ethereum.

People are just not willing to wait for the thing that they are used to buying to come around. The rally's not guaranteed. the quality is not guaranteed and as more more people realize they're not willing to hang on and wait the likelihood of those rallies decreases to zero. It's not a mystery man.

I don't know why people are still messing around with this stuff, but they are. So markets are great and all this, blah, blah, blah. But they do this because they want to hit a home run. They think they can. Yeah. That's why they do it.

They go into shit coins. That's why they do all kinds of stuff like this because there's the thought that I'm going to be able to do it. other people are going to potentially get wrecked, but I think I found a strategy. I'm going to get in when it's low and I'm going to sell when it ramps up and gets hot and gets high in price. And in the end, you're just holding a bag that is worth just a fraction of what you purchased in the beginning. We've heard this story so many times.

The road is littered with these stories. And we don't want to be another one of them. Bodies, man. Bodies, yeah. So fuck them. Like, you know what, if they want to do it, if they want to play these stupid games, I don't fucking care. I really don't. At this point in my life,

it just, fuck it all, man. You know what, people, we could talk about the virtues of Bitcoin and why you should have it. If people, they,

they get this information and for whatever reason, they don't digest it properly, what can I do? The thing is they do digest it, right? Like they, see, I disagree.

I think they do. And I think that they just tell other people that what they know to be true is not true with this idea in mind that they're, their bags are going to pump. I think that's what's happening. No, because this, and I had discussions with people in the past about this. I always talk about Bitcoin, but as soon as, now I'm going back about a year or two, as soon as BlackRock started investing or started offering up an ETF, it changed a game.

Then they're like, wow, this is legitimate. They're offering it up. I'm going to start looking into this. Maybe I'll start putting some money in a Bitcoin ETF. The message hasn't changed. Fair. It's just now somebody else, they're attaching, their name to it. And a lot of people do that. They look at the messenger and they're not listening to the message itself. We've heard this a lot. Oh, yeah.

Like, this is going way back in municipal politics when Rob Ford was the mayor of Toronto. He came up with some ideas, which were good. But because Rob Ford said it, everybody that's against him on the other side of political spectrum, it's fucking shit. Sometimes you got to separate the message from the individual. If you can't do that, and this happens a lot with Bitcoin because in Bitcoin, you have all these quote unquote nerds. what sort of ground did they come from? What sort of basis? It's just a message. And if the message is not coming from somebody this prominent, people go in one ear and out the other. Like that, Andreas talk that he gave, what, 15 years ago?

To nobody. To nobody. And that's what it is, right? This is actually what it was. That was you and me for a long time. You know, now it's like you start to build an audience because you've been correct,

I think, in a lot of ways, right? You know what? I've said it so many times. times the, all roads lead to Lenn. And it's so true that a lot of what I'm saying, you could see, even the transformation of yourself, Joey, it's been stark and noticeable and it's a breath of fresh air to see that we are seeing things a lot more on a eye to eye level. Here we go.

Lens aren't even going to say what we were talking about at Twonzie other night. But yeah, that's, lens made about a lot of things. I see things for what they are, at least in my opinion. Let's talk about C-A-D-D-CADDA. Stables, baby, let's go. Yeah, the first digital dollar in Canada that is regulated. And we kind of touched on this in the past, launched by Tetra Digital Group on May 4th.

So just last week. And people may be asking what the fuck is this all about. Aren't there already Canadian stable coins? Well, yes, but this one is. Let's say it is different because it's a licensed trust company that is offering it under a financial, traditional financial services framework. And it's offered and approved by the Alberta Treasury Board and Finance. Whatever. It's supposed to be back one-to-one with Fiat Reserve.

So every one C-A-D is supposed to have one Canadian dollar or a loony associated with it. And they say they want to be transparent by offering up periodic audits and performance. by external auditors and those checks will be done on a monthly basis. And they will also do unannounced random checks and do all attestations and are going to be public, published publicly, sorry, and it's going to be able to either verify that they have reserved backing. Yay. The network you're going to be using is going to be, well, base and also Ethereum.

Yay. They also have expansions, plans to go to Salana for even faster. payments and the idea behind it. I know. And the idea behind this, stable coin is supposed to provide some level of assurance that you won't get rugged. That's the idea behind

it. This whatever. And they say that this is going to offer up solutions for businesses that want to avoid foreign exchange fees. And those typically are one and a half to three percent fees. And

also, there's going to be real time settlement 24-7. So what they did in December 2025, CAD was used to move money between national bank and wealth simple. And they did it instantly on the weekend. Can't do this with traditional banking stuff. But you can't do it because they won't let you do it. Not because the rails aren't there because they close or whatever they do. This is such a scam.

Did he a Lavalier or whatever his name is spoke at the conference last year in Montreal? Nice enough guy. Don't get me wrong. We will never take character shots on this show. I shouldn't say never, but most of the time we don't. He had this like quote in I think the FT or I don't know, one of these papers in Canada about this coin, this coin. And the quote was like, yeah, we're we know that the Canadian dollars in demand all over the world for global commerce. What fucking world are you living in, bro?

Canadian dollars in demand. Where is it in demand? How many people are asking about the Canadian dollar overseas? Fucking nobody. You know, it's like, maybe they're just like saying loony or something. But nobody in their right mind is picking the Canadian dollar over the American dollar, the pound, the euro, the frank, the any of these, any of these other tokens. And so when these guys eventually go to stables, it's over for this project, this stupid little project. All that's going to be left is the cage that the fucking government's going to put you in and force you to use it.

That's the only thing it's going to be left for these stable points. And until you get that through your stupid fucking head, DityA and other guys, I'm not going to leave you alone because this is causing problems for us long term. Nobody wants this shit. Figure it out, dude. Is your pocketbook really that empty that you have to go this direction and build the Panopticon for these guys so they can use it when no one else wants your stable coin? Is that really what we're doing here? Come on, man. Give me a fucking break.

If there's a mass push to get our energy to market, and if there is a requirement to have that energy purchased in Canadian dollars, then you could see that there would be. Where would we, how could we ever enforce that requirement? How could we ever do it? If there's a need for something, like I say, like you have something that somebody else wants, you're in a driver's seat. No.

Okay. So when you're selling something and the buyer really wants to buy, it, which of the two is driving the bus here? This is like that meme where it's like the seller is driving. This is like that meme where the two college kids are about to have sex and the kids are like, I consent and I consent. And then in the corner is like a picture of Jesus. And it's like, did you forget to ask somebody?

Jesus is America, okay, in this analogy. And America doesn't let anybody tries to try it. It's not let anybody pay for oil and gas in anything but U.S. dollars. Now, it's one thing if China wants to do it. Okay, that's a different, different story than us. If India wants to do it, that's a different story than us. But we don't have the gravitas to impose our will in an oil market transaction for anything

under anything except dollars. And I think that's not, that's not going to change any time soon. It really depends. As I say, it's the seller if they, sorry, the buyer really wants that product and they have to do whatever the seller is offering up, right? It's really just, you want? You have to pay. What do you have to?

What is, I think you're missing a huge step there, though, that the seller in this case is really beholden to the U.S. in a way that other sellers are not. Okay, that's fair. But if they're going around it, and like you mentioned two countries that probably they don't give a fuck, right,

if they want energy and they'll get it at whatever cost, right? Yeah, they don't care. They're not going to say, oh, let's do it in a U.S. You know, you want a Canadian. And by the way, by the way, you have to bring that to my money. You have to bring that to market, though. By the way, they do it in U.S. dollars anyway.

No, not in total. When they're buying it through Iran, they're using yuan right now. So they are going, I mean, after doing it there, that's, in the end, it really depends on the relationship between a buyer and a seller. And that's all of it. If they don't give a fuck about the U.S., and it seems that nowadays we seem to have less to do with the United States. Oh, my God. Who knows? Don't get me started.

anything is possible joey right and you know my elbows are up your elbows are up my elbows are down right now actually no no no i think collectively is our fucking ankles are up because unfortunately we're taking it there's no way around uh let's talk about coinbase and i sure because uh my favorite stock coinbase yeah okay do you still have that uh oh yeah obviously you haven't what's the fucking price of this it's uh i don't know 200 and maybe 180 something 200 something 216 16

Is it? Yeah 216 nice You know what It eclipsed So it debuted It got back over the IPA Yeah I know

But I'm still down On my coinbase bag a little bit Oh no I'm not I'm not anymore But anyway I mean I'm a I'm a frequent buyer It's stock

So It is what it is It is I get We never Because you haven't been listening to what I've been saying. We never talk about, this is the only show I go on where people talk about my TFSA, my other programs, no one ever talks about it. So whatever. Anyways,

people, I would suggest don't invest in your TFSA. These guys in the chat said earlier in the show that they're going to leave a like on the video. What if I start talking about Coinbase, they're pulling the likes back. Now they're not going to go revoking the likes. It's my fault for talking about Coinbase. I brought it up. I'm just talking to get to 4,000 subscribers. if we keep this up. We got to... Well, it's a story because they said they're going to be reducing their workforce by roughly 14%.

And they say that Coinbase is well capitalized, has diversified revenue streams, and is well positioned to weather any storm. The wording to this seems a little suspect to me, but the reasons for the reductions in assets in the seats is due to AI. And they say they want to focus on smaller teams that are more focused and they'll be able to be more agile with AI coming into the fold. And with this, I can't wait to see the vibe coding that comes along the right, right?

We've had in the past Coinbase go down multiple times. Oh, yeah. And the price of Bitcoin was going up. And that was without this taking into consideration. Now you're going to throw this into the mix. I don't know, man. You're going to see Coinbase go down when Bitcoin price goes up. Coinbase go down because somebody fucked up.

in the coding process because they're vibe coding. This is just an absolute disaster waiting to happen. This quote, we are flattening our org structure to five layers max below CEO, COO. Layers slow things down and create coordinated tax. The future is small, high context teams can move quickly. Leaders will own much more and they could have as many 15 plus direct reports. Fewer layers mean that a leaner cost. structure that is built to perform through all market cycles.

That's fine. And they say they're going to, quote, experimenting with reduced pod size, including one-person teams with engineers, designers, one-person team, and produce product managed on all sides. So you're going to have more garbage products coming out as a result being offered by Coinbase. It has to be, right? You have these one-man teams, one-person teams. And I don't know how hard is, you know, in the past, we. talked about it the difficulty of

coinbase offer bitcoin sell bitcoin people like it just this type of strategy works oh so well for stuff like bull bitcoin they they do it right they focus on bitcoin you get fiat they give you bitcoin the fucking thing works coinbase they had the brand show too fucking far and here we are and they say the best thing of all the best thing of all joy if you are not going to dump your bags now i don't know what's going to make you dump your bags they say best all, quote, employees on a work visa will get extra transition support.

Nice. Those outside the U.S. will receive similar support. Joey, they are fucking pandering to the one thing that you talk about quite often. You're not fucking going to dump your bags. Ladies and gentlemen, he will never dump his bags. He's going to wait for this till the end of time. Joey, this is something. You've got to get rid of this fucking thing right now, regardless of the price, just on principle alone.

you got to do it you can't be supporting a company like that you can't be buying in unless you are an H1B supporter I support temporary four workers I support them getting extra transition support even people outside of the United States

they deserve more support than the United States I think this is what they do do the reason the reason I like Coinbase is because I am still a big fan of Armstrong's you're not allowed to be political here

a letter from, I think, two years ago, three years ago. I love operators that take that stance. Toby Loogie did it at Shopify. Brian, obviously, at Coinbase. I think that the Spotify guys did it too, if I remember correctly. Dan Eck, although he's not the, I don't think he's a CEO anymore, might just be the president. But I want to support operators like that and I want to own companies that make that decision. I can see you guys in the chat getting very riled up.

I get it. I get it. But I am with you that this is going to lead to problems with their product. Coinbase, for all the things it's done incorrectly, maybe the most egregious thing has been the outages during peak Bitcoin price move. Oh. You know, moments. We got an outage story to talk in just a moment.

So go ahead. It has to be that. That's got to be the biggest black mark. because they pride themselves on, I mean, they really do carry themselves like they're the only player in the game. They never talk about their competition. They often bring products to market first or did anyways for a long time. And obviously have the biggest, you know, treasury slash, I think Bitcoin treasury too,

to be honest, they're even bigger than strike. So, or strike, I'm sorry, not strike block. So these guys have a lot going forward. them, but they just sometimes it's like, man, you know, what is the nature of the environment there, the working environment, the boardroom environment, that they're doing stuff like, like giving extra help to H-1Bs in this day and age? I don't get that. One-man teams is like sort of an obvious faux pa, I guess, in the language he's using.

And maybe last, like five layers is good for taco dip, but I'm. I'm not sure it's good for organizational structures. It still seems like a lot to me. I know from my own professional experience that it is true that the more layers of, I don't want to even say just management, but the more layers of collaboration and approval you have to go through, both sort of good things on paper, oftentimes you're giving up,

you're giving up momentum for, coordination in a lot of ways. And you see the results of that in big, big, big companies. For example, look at the way that Anthropic and Open AI have accelerated through the AI product suite over the last year, you know, eight months, 12 months, whatever, compared to companies like Microsoft who just have the absolute most dog shit AI implementation anywhere in the market. and Apple who doesn't even have an AI tool that's worth mentioning.

So it is true that some of these things are causing problems for these guys and they don't seem to understand that. Will I sell the bag? I don't know. On principle alone, you should say, you know what? These guys, they are doing stuff with individuals, which whom I've been talking quite a bit lately. And posting a lot of these comments about. And while in terms of the allegiance of where you should be parking your money, it certainly shouldn't be there.

You should park it somewhere else. Preferably, I would say definitely not your TFSA or RSP. But then again, you know, everybody could do what they want and hopefully they don't get rugged in the process. Like Coinbase users probably did this past week when they were trying to access the system because they suffered an outage late in the evening on, May 7th, and it wasn't due to a massive surge in the price of Bitcoin. This was very, very unique

in this case. I guess they fired all the people that were impacting this type of line of business because small agile teams clearly didn't work right here. The one-man team couldn't figure this out. The problem with this particular outage, it appears it went down because, quote, a room overheating in an AWS data center. Oh. I get it. It's getting warmer outside and somebody's using one of these Twan heaters to mine and heat the room. Guys,

open the window or throttle the fucking thing down. It's not going to work that well if you're going to just, you know, keep it full bore on fucking getting warmer, right? Come on. So, but the problem here is I look at this and I talk about this on Axis of Easy. At least I I had in the past quite a bit is the outsourcing of stuff. I get it. AWS is a huge thing, but still if you have the capital,

if you can do stuff, like it's not like it's a mom and pop shop. This is a company that's quite large. Try to build more stuff in-house that you could get more controlled over, right? I don't, I don't get it. I understand they want to have low latency, and that's the argument with AWS.

and, but really, come on. Like, they got to hit the hard road here. And the reason why things are more difficult is because fewer people want to do it. And doing stuff in-house is more difficult. But from what I learned about all this, Coinbase uses AWS heavily for core operations, heavily for core operations. So maybe, I mean, I'm harping on this. The cost of ramping up a data center is now quite high. maybe the ship has sailed on that at this particular moment.

Maybe not because another outage could really damage the reputation of Coinbase. And not that it's been damaged enough over the years, but you know what I mean? I look at this and you're relying on outsourcing the shit. It just between that and the temporary foreign worker stuff, like I can't fucking talk about them anymore. I'm done with Coinbase. If you want to talk about it, I'm fucking done. This is just, I'll keep it short, but this is an example of the continued centralization of the internet, right? You ostensibly have all these different companies, Coinbase, Amazon,

you know, Microsoft, Google, Apple, whatever. They're all using cloud servers from like the same three people, right? Google has its own, Amazon has one, and then Azure and Microsoft. Now, you may say to yourself, you can go other places that are smaller, but these big companies need two things, right? They need stable online status and also the capacity to expand. And so there's only a few places you can go for both those things, which are basically non-starter. if you don't have them. So yeah, I mean, how many times do we talk on Access-Eveezy last year maybe or the week before that they, Amazon Web Services went down or a company using Amazon Web Services,

blame them for an outage. Happened a bunch of times. And Amazon is a company that just announced, I want to say like two months ago, that they're basically putting a stop to the vibe coding thing. We want to see all the code written by humans or reviewed by humans before. implemented. And even if you use AI to help you and you have a bug, it's your bug. Don't give it to someone else. Don't put in a ticket for it. You have to get that remedy on your own. And we want to see it remedy before it goes to production. So anyway, all that to say, that

centralization really is the thing to talk about there, Coinbase, whatever. I mean, the company at the, the company is taking the brunt of that story. But there has been others and there will be others that suffer because Amazon Web Services can't keep their data stuff running. And we talk to the bull guys. And from what I've gathered, many times I hear about them building stuff in house. You know, they're doing stuff themselves. Yeah, they build all the software at house. Yeah.

Yeah. When you have that level of control, you basically control the outcome. If there's an issue, you don't want to cause it. But there's going to be no overheating of a room that's causing it from offshore company that's doing or some remote company that's doing it. You do it all yourself. You have total control. It's just like the ownership of your keys.

You have your keys. You control when you're going to spend the Bitcoin. If you give it up to somebody else to hold on to, they can do whatever they want. It's just it's a level of control you want to. I look at Coinbase, they should do this. You know, fuck them. I can't believe I'm still talking about them. Bitcoin Core, if you're running a version older than version 29, you should want to listen to this story.

because a new high severity level advisory has been posted by the Bitcoin Core team. And this is a script interpreter remote crash. Okay, and I'm going to read this quote unquote here. It says validating a specially crafted block may cause the node to access previously freed memory. Now, if you understand what that means, it means that then. somebody could get access to what's going on with your computer could cause the victim's node to crash. And who knows if they could get access to the computer using remote code execution. And that's through using input block data.

You could fuck somebody over if they're running version of version 28 and below. So on reading this, I was running 28.3. and I decided to upgrade to one of the versions of 29. And to my surprise, I talked about this with you and Tuan this past weekend. I compile my version of Bitcoin Core when I run it. And same thing with Nauts. I compile that as well. And for Bitcoin Core version 29, for whatever reason, it compiled relatively fast.

I don't know if they've done some efficiencies to the code itself. I know it's now using C make versus make in previous versions, whatever that may be. It took me like 40 minutes in total to compile. That's fast. That is fast. I think it's pretty, on a shitty computer. And on that shitty computer, I was also, I didn't give it all the resources it probably needed because I was still running core in the background. And I had a Firefox window open in the foreground.

So still all the resources were being divvied up. Still 40 minutes. Anyways, good on them if they're improving on things. I know they get shit on them quite a bit, but if they are making things better for not only the compiling process, but also the IBD, it's a step in the right direction. We just got to reduce the amount of spam that's going to be put on there.

We talk about that ad nauseum, but anyways, either way, I'm safe because now I'm running a version of cord that is not impacted by this script, interpreter remote crash bug. So if you are running a version that's lowered in 29, like 28, 27, 26, whatever fuck it may be,

you may want to upgrade it just in case you don't want somebody to get access to your system by doing some remote access code execution. Nothing more. Okay. I mean, it's good stuff. You're the guy who's been, I think, beating the drum of always saying,

you know, one or two stable versions behind whatever core is doing, even before the Knotts thing became prevalent. You still take that view. At 28, you were above the red line and still decided to upgrade, right? It was inevitable that I was going to be changing it at 29. This pushed me a much faster clip because 28 became obsolete once version 31 was released. And 31 was just released last month.

So it's not long. You know, it wasn't long in the tooth. So they stopped providing any security updates to 29 at that moment. So it's only a couple of weeks since they stopped. updating it. So I was going to be updating the 29 eventually. Yeah, you were just closer than you or closer than you realized before. Okay.

Yeah, I was just pushed towards that. Okay. Whatever maybe it is, what it is. I guess one more story. We could talk about me. Sure. Some lucky bastard mined two Bitcoin blocks solo in the last eight months, in the last eight months. And it's not like it's over the span of the last 16 years.

This guy did it in 17 years. This guy did it in the last eight months. First one, block 920440. That was October 23, 2025. The second, 948-146 just last week. And dude was using a self-hosted public pool instance using public pool. And since this was self-hosted, no fees to share. He collected everything for himself.

And as for how much hash power you had available to him, it's estimated that he used something that was very modest, something as high as the low hundreds in terra hash per second. So if you think about, say, one of those units that Twan sells, you could get 50, 60 terra hash, give or take, maybe higher. If this guy was running in the low hundreds, what are the odds? Three or four of Tuan units, five units?

What are the odds of this, Len? Two in the same eight months? extremely small. Impossibly small. Yeah, yeah. You're going up against these massive Bitcoin mining companies that have tens of thousands of machines and they're all pointed to pools like public pool or sorry, the F2 pool or whatever. And, you know, the aggregate of all that is just there's so much hash power that's there. The fact that one guy can do it twice.

This is suspect. It's suspect. You think it's a... How can it not be? How can it not be? Luck of the draw, man. You can't even win the lottery twice. Some people have.

Well, for sure, but I guarantee the government is looking at you if you win it twice. The odds are much worse here, right? It's just simply the playing the odds game. It's difficult to find it once. Second time, it's, you know, it's that much more difficult. That's crazy. The odds are, you can theoretically mine with a commoner 64. Is it going to be efficient?

No, but you can build a block with a Commodore 64. Oh, my God, man. Anything's possible, man. So good on that. I found that. I mean, yeah, show to that guy. People in the chat loving it too. I actually do think that it's cool when solo guys hit the block because a lot of us are solo mining.

And it's fun to see those machines get lucky. Going to be more solo miners hitting in the future, though, I think. As the tech improves for the home miner and as industrial miners realize, that they're in a bad business, which amazing they haven't realized yet, but they will at some point. And that's more and more of those industrial miners that decide to flood the market with machines. It's going to make units that people want to buy and do some home mining a heck of a lot cheaper. And I can't really talk about the specifics. But man, the stuff we saw this past weekend, Joey, and the cost and everything is an exciting time for people.

When Conestoga has to close Tibbitts Hall because they're not taking. any more Indians to their culinary program. We'll move about 10 or 20,000 of those discarded mining units into the hall there and mine at Conestoga. Norwell was talking is a CBP miner. Mine's still running strong. The CBP miners are great. I love the CP miners. But the ones we saw from Thuan, I mean, we may as well just go to the next half there.

We'll do the sponsor read from Twan and then keep on. We'll do the sponsorship for Twan at the Hamilton. At the end, sorry, yeah, at the end. Yeah. All right, let's transition to the next side of the story. That's the next side of the show. Stay here. If you're on video, if you're on audio,

come back tomorrow for the back half. Like usual, like usual. We'll see you next time. And don't invest in Coinbase.