The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #160 (Bitcoin News) - Rags to Runes, Halving Talk, Mining Pools
Episode Date: April 23, 2024FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. -Another halving -Runes are going to ruin a bunch of shitcoiners -Binance...’s USDC move -Braiins is lightning quick -What’s up with mining pools -More privacy for bitcoin nodes and so much more From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: www.CanadianBitcoiners.com Discord: https://discord.com/invite/YgPJVbGCZX A part of the CBP Media Network: www.twitter.com/CBPMediaNetwork This show is sponsored by: easyDNS - https://easydns.com/ EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - https://mission.bullbitcoin.com/cbp The CBP recommends Bull Bitcoin for all your BTC needs. With their new kyc-free options, there's never been a quicker, simpler, more private and (most importantly) cheaper way to acquire private Bitcoin. Use the link above for $20 bones, and take advantage of all Bull Bitcoin has to offer.
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The Canadian Bitcoiners podcast is just two guys and maybe a guest or two discussing Bitcoin,
Bitcoin equities, and the related macroeconomic space. It's not meant to be financial advice,
so please, if you're doing any investing, after listening to our program, do your own research,
do your own due diligence, and understand that any money you invest can be lost. The show is meant for entertainment purposes only, and we hope you enjoy the program.
Friends and enemies, welcome back to the Canadian Bitcoiners podcast,
the best place to spend a Monday night. Although the Bugle podcast says that you should turn us
off and turn off TFTC and and turn off uh what bitcoin did
and listen what the heck is the bugle podcast is it a is it a like comedy podcast is it like
the bitcoin bugle is that what it is i have no idea it sounds like it might be but anyway we
would talk we'd talk to them shout out to boomer for turning us on to that we were mentioned at
the end of that show with how dare they tell us to super with us pretty pretty legit company though
i will say like those are
fucking huge shows they mentioned us with anyway my name is joey that's len and uh we have a lot
i'm not shilling a ledger i'll tell you that before we start on that career what's going on
over there ah joey i'm good i'm glad you know what this friday joey i'm gonna have to say it
fucking finally playing some golf this is great now two I've rained out two Fridays in a row.
So the summer of Lent officially begins this week.
Can't wait.
How about you, Joey?
How are you?
I'm good, man.
Been like deep in draft stuff for the NFL.
Redskins obviously have the second pick.
Commanders, whatever, have the second pick.
Quarterback on the board here.
Big, big deal.
Looking forward to it.
Is it Keith Shuler? Are they going to draft him? It's going to be Jaden Daniels or Drake May. it i have a shooter it's gonna be it's
gonna be jayden daniels or drake may i don't know who it's gonna be but um what do you what do you
think about this most teams i guess when they do the quarterback visits to the top 30 visits
they i guess bring in the players one at a time the redskins brought in so the top three
quarterbacks for visits at the same time.
And instead of doing them at the stadium,
took them to Topgolf.
Your thoughts?
Let them challenge each other and see if they could.
Who's still in charge?
Is this Schneider?
No, he sold the team.
He sold the team, finally.
Under new management?
So this isn't part of it.
So maybe it's a good strategy.
I actually like it. So I'll tell you, this is like a little bit inside baseball, but people who watch football know this. finally under new management so this isn't part of so maybe it's a good strategy you know i actually
like it so i'll tell you that this is like a little bit inside baseball but people who watch
football know this daniels i think is the consensus kind of number two guy now and uh what they did
was pick him up from the airport at a separate time than the other two were picked up from the
airport and told him in the car that they were going to do top golf altogether so they could
see his reaction and it wasn't good his agent got on twitter pretty quickly after that and called
the whole thing unprofessional blah blah blah so interesting stuff i think if uh if they don't
draft them it will have served this purpose i'm interested in seeing that and mark making the
chat saying the hockey playoffs are on too i watched a bit of the leafs game saturday night
not impressive at all at least oh yeah four nothing yeah, 4-0 I think, or 4-1.
Yeah, to Boston.
I mean, Boston's got their number in a major way, man.
Ever since that 4-1 comeback in Game 7.
That was probably 11, 12 years ago now.
Maybe longer, actually.
I think I was like 25.
After my time.
I don't know.
Yeah, not good.
Not good.
Yeah, so the draft is this Thursday.
That's good.
I'm looking forward to that.
But otherwise, no, summer's good, man. Things are going well over here. Not good. Yeah. So the draft is this Thursday. That's good. I'm looking forward to that. But otherwise, no, summer's good, man.
Things are going well over here.
No complaints.
Looking forward to the conference in, what is that, three weeks?
Something like that.
So I'll be traveling to Quebec, my wife and I, to take in the sights, do a little panel work, and enjoy the scene.
You know what?
I got to say, thank you for the invite to Innocente Brewery.
On Saturday, there was a halving party, which I attended.
I showed up
very late because I had a bunch of family
functions to attend that day, but it was a lot
of fun, Joey. People were asking, where the heck are you?
I was winning another Beer League
title on Saturday.
I was repping the CBP.
I was repping the CBP that day,
and it was a lot of fun.
We had somebody even jumping on
and doing some um some singing
i saw that it's like a like poetry slam or whatever i don't know i don't know what it was
but i you know i was chatting and i forget with whom and all of a sudden you know it's like i
have to record this fucking thing by the way there was a bunch of people i met for the first time
that listened to our show nice and it is a really good time to you know just chill
with some bitcoiners too bad i should have played but whatever yeah it is what it is um well why
don't we do the sponsors uh we have two of them they're great both from easy dns mark's been with
us a long time more than a year and a half now i think he's been hanging around you and me
and uh we use his service for our website can CanadianBitcoiners.com. You should
check that website out. Check out what's coming every week and research reports, which I wrote
in haste on Sunday this week with a little bit of a stinger. If you want to host a website,
you can do it at EasyDNS. You can buy the domain through Mark. You can transfer a domain you
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the things you like with virtual private servers. So if you want to do a Bitcoin node, you want to
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You want to do node lists. You want to do whatever. He can help you with that. You can write emails
under your new domain name to your friends and family or to your clients, to whoever you want. We have emails at canadianbitcoiners.com that we haven't used or
maybe even spun up yet. I'm not sure, but we're going to do that at some point and you'll see
that. GPG, PGP and GPG, both of them available to you if you use EasyDNS. Whatever you want to do
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And you know, a lot of people are flocking over at EasyDNS.
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And this is very good.
Yeah, very strong.
You guys, I mean, people at Bitcoin want to build stuff.
And, you know, Mark is a proven builder.
Look at the guy's career and his stature in the web world.
He's a guy you want to know what he's up to.
You don't get that way without knowing how to build stuff.
People go to him because he can help them.
It's a no-brainer.
Another bunch of people that will help you out and they know a whole bunch are bull bitcoin right bull bitcoin
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provide the necessary information and fund it and you're good to go you love to see it um i guess uh
we'll start before the boost some housekeeping this week. Tomorrow, actually.
Tomorrow morning.
And Aiden, his son, Karadza, will be at Chez Moi.
I can't remember if it's Chez Nou.
No, Chez Nou is our house.
I think it's Chez Moi.
Isn't it yours and your wife?
Nah, but I mean, for the show's purposes,
she's not going to be here.
Anyway, they'll be at my house
and we'll be talking about Bitcoin,
the economy, a bunch of other stuff.
I hope Tom doesn't wear a flowered shirt
like he did at the Your Life, Your Terms event.
I don't know who okayed that.
I'm not sure what the social team
at Rockstar Real Estate was doing that day.
But I'm looking forward to talking to them both.
It's always fun to talk to Tom and Aiden
because they see things very similar and you can see the kind of, you know, passage of the knowledge from father to son there, which is outstanding.
Something Bitcoiners are always proud to be a part of this sort of lineage and family growth.
And then I don't think we have anything Wednesday.
We're just one interview this week, right?
Just one interview.
And I am the last.
You won't see me for two weeks.
You're going away. Yeah. i'm i'm on hiatus so yeah i have no interview schedule for this week i have no interview
schedule for next week there was one schedule for this week i think yeah there was one and it
was scheduled to like or something okay yeah no but i mean it's good so we got uh yeah we'll be busy this weekend next regardless and then um what else is going on i don't know we have next week we have the one that's reason
why i'm disappearing for a couple of weeks yeah so yeah we have uh bitcoin magazine on tuesday
mark and dave bailey will be here and then i think do we have a we don't have a break in interviews
at all so far we did last summer but i don we have a, we don't have a break in interviews at all so far.
We did last summer,
but I don't think this summer we're going to have that luxury.
It doesn't look like,
eh?
No,
people want to come on and we want to have people on.
Yeah,
yeah,
yeah,
for sure.
Yeah.
It's a streak,
you know,
keep it up.
So anything else you want to knock off before?
I think that's it.
I think that's it.
We may as well go to the boost and then hop into the news.
Tons to talk about today.
Yeah. Well, wedge social 419 sats so why just is it wait man wedge
hit us with 419 now 420 damn come on man he's on nostril he's very active and he's always
communicating with us so at least me i'm not sure if you're on nostril of it is i love that guy he's anyways he writes in
love this one gents first of the five joey hasn't defended his coinbase position
so you've been defending it apparently but last week you weren't i well i just don't know like
look i'll be honest with you okay there's a part of me that's glad that I DCA'd for a while
into Coinbase and now it's in the green by a long shot. But part of me is also just like, man,
these guys just can't seem to figure it out. And I plan on selling at some point in the not too
distant future just because I just don't want to deal with Armstrong anymore. I just can't trust
the guy, which again, I've said this a this many times it sucks because he got the woke thing so right so early and so publicly and just hasn't gotten anything
else right basically the entire time when it comes to bitcoin so whatever it is what it is you know
take the gains when you got them and uh get out when get out whether getting's good
bold btc dick 500 sats thank god for Short and sweet. That's all he writes. Agreed.
Doug and Rup, 1,000 sats.
Well said, Joey.
Now let's get after making Epoch 5 the best yet.
This is with respect to your Orange episode.
This came out of the blue, by the way.
I didn't even know that you were recording this.
Yeah, we talked about this like a month and a half ago.
Jeff, from WhatBitcoinDid, who's a friend of ours, a friend of mine for sure.
I mean, I've been on his show when him and Doug used to do it together.
Long time ago now,
it was around the time I got married.
And I keep in touch with him.
He's a good Bitcoiner.
He's done a lot of fun interviews.
And I want to support what people are doing
when it comes to podcasting.
And he reached out
and I think got a number of podcasts to do it.
Rock Paper Bitcoin did it.
We did it.
And I think a handful of others put out something short or to the point or not so to the point
on having day just about Bitcoin, orange pilling and how to get people on board.
So yeah, I was happy to do that.
Did it in one take.
It was fun.
Something to do on a Friday afternoon.
And yeah, glad you guys enjoyed it.
Owen 21, 1000 Sats.
Made last year's conference and loved it this year i decided to
stack sats instead but this episode is giving me nasty case of the fomos sounds like it's going to
be awesome shame hotels etc are such a fucking ripoff and yeah respect your interview with plate
licking pleb mont Montreal hotels are expensive.
I'll tell you that.
I found a low-cost-ish one, I think, anyway,
because I want to be responsible with the cash.
But yeah, not pretty.
I know a few people who are paying quite a bit more than me
to stay near the conference.
So I'm a little bit further than I want to be.
But I think overall, it's a decent trade-off.
Conferences are great, man.
It's like what I was saying about the meetup on the weekend for the having,
you get around these people who share the same mindset and same reference
points that you do. And it's energizing in a way that you're, you know,
normie life is just never going to be. So it's, you know,
there's pros and cons to paying the ticket price,
but I think at the end of the day for me anyway, I mean,
I can't really say it's worth it. I didn't pay for a ticket i'm on stage so i would say i would say that broadly if you want to just hang
out in montreal for a day maybe go to plates after party get a hotel room and see the city with your
you know better half or something i don't know it's a decent idea i'm bringing my wife should
be a good time north star weld service 10 000 sats thank you very much he writes in this month is my three year anniversary
for getting into bitcoin i'm still learning so much and don't have a lot of sats not a life
changing amount but for the first time in my life i have real savings i'd like some advice on how not
to get anxiety when i see a dip of two percent or more i've been dcing weekly all through the top and bottom these last few
years but i still crap myself when it drops from 70k to 61k in a week i know this is bitcoin but
for how long before i feel comfortable or do you ever i mean if you've been in for three years
you were in the highs of 2021 two highs and then the absolute lows of what was at the end of 2022 ftx yes yeah
if you experience that 60 sorry 71 to 61k is a drop in a bucket like
until this gets to like four digits until i see less than 10 000 then i'll like figure what the
hell is going on but until then anything is going to be
possible and for me there's no anxiety this thing goes where it wants and i'm just going to buy when
it's low and i'm going to buy when it's high too so animal spirits right i i think i would start to
like sweat i mean that sweat is the wrong term i would be pissed if it got under 50 i think
but you wouldn't you just wouldn't be able to shake me out under almost any circumstances.
There's just almost no way that you'd be able to shake me out because you'd have to imagine
that a price move down from wherever we are now, 64, 65 to, what did you say?
Four figures, four digits?
Yeah, I said this before.
Yeah, it has to be a temporary thing, right?
It'd have to be like a shock that caused that kind of price move.
And we recover from that kind of stuff we always do now you have to get to to suggest what number i'm coming up
with it has to be some coordinated attack where i guess a bunch of prominent countries out there
ban bitcoin exchanges ban bitcoin mining and do a whole bunch of stuff like that. It won't stop it.
It will certainly shake out the lettuce hands out there.
But the reality is Bitcoin will go down hard in that case.
But for that to happen, for this type of attack to take place, it's highly unlikely.
But even then, if it ever gets to under 10,000, then it's wondering what the hell's going on.
But I'd probably just sell everything I have to buy some more at that point but whatever this is bitcoin enjoy the ride this
is fun yeah and yeah the memes the memes and the spaces and the podcasts after huge price dips like
it's always a good time we try and have fun with it anyway we've done a pretty good job with that
i think over the years so i've seen a few you know i think the other thing too is that it sounds like
you know if you've been in for three years, you
got to figure during those huge dips, he probably didn't have that much sitting in Bitcoin and
now maybe he does.
And so those dips are a little more startling than they were two years ago.
I know I used to feel like that.
In 2017, 18, when the price was super low and it dropped a thousand bucks, that was
from like, a thousand dollar drop was like from 5,000 to 4,000 in 2017, 18, like, or 2017, 18. That was like, you know, we were in failed experiment
territory there after the ICO thing. And that, those were, you know, drops I wasn't thrilled
with, but I didn't really have that much money parked in there. Now it's a bit of a different
ball game. And even though I have more of my savings in Bitcoin, the drops don't bother me almost at
all anymore. Like you said, short of a coordinated attack that would give me a bit of a scare.
It's really hard to... I can't imagine a situation where I'd be like, I got to get out.
It just wouldn't happen, I don't think, for me. I don't know. Also, this is the whole point of
cold storage. If you want to take some emotion out of it get your wallets away from you like don't don't keep them anywhere where you can just like reach
into a drawer and grab them you know what i mean like that's the other piece of the equation i
think agreed okay joey ready to dive into the stories because we got a bunch we're going to
talk about today shall we it's going to be a fun one okay well let's talk i guess the biggest news this past week which is the bitcoin having that we can't gloss over this and okay let's just briefly talk about
for people that just don't know because there are some people that are probably new to the show
they're figuring what the heck's the bitcoin having what is it it's bitcoin has an issue
and schedule a set issue and schedule on average every 10 minutes a certain amount of bitcoin is released to a
particular miner that mined or built a block so this reward is cut in half every four years
and this past week we underwent yet another one of these occurrences this is the fourth time this
has happened in bitcoin's history where the rewards were cut in half so for those keeping count, the first halving took place November 2012, followed by July
2016, May 2020, and now April 2024.
And for roughly the next four years, minor rewards are going to be 3.125 Bitcoin on average
every 10 minutes, plus the fees.
So I don't want to talk about something which is taking up a lot of the
Bitcoin bandwidth these days, which is the spam just yet.
We'll talk about that in a moment, just a few minutes.
But this is really,
I just want to say this is the first having that I've been really a part of.
I did own Bitcoin back in May, 2020.
I bought Bitcoin, I think in December, 2017, when I first got in, but the last having,
I'll be honest, I didn't celebrate all that much. It was during the turmoil of everything being
shut down and all that stuff. But this time around, I'm very cognizant of it, right? And
all the celebrations that came with it. And I'm very happy that I also attended one of the
celebrations back at Saturday at Innocent Brewery in Waterloo.
So it was nice to see a lot of Bitcoiners.
It's nice to see a lot of people I knew.
It's nice to meet people that I'd never met before.
It's great chatting with everybody out there.
So this halving has come and gone.
There's been a lot of hoopla around it.
And you know what?
We'll see you all in four more years, Joey.
I'm not sure if you want to add anything to that is having priced in sure i i'm i'm totally disconnected from the price
i don't care about the price i did see that uh since the having i think there was one
who was it probably kruger one of these guys posted that now just iBit is buying significantly
more than the daily issuance.
Everyone, you got to be cautious of these stats because the issuance is one piece of
the available Bitcoin, but there's a lot of sellers, as we talked about before, that will
be drawn to market by price action.
So iBit is buying some of the issuance, maybe from the miners, some OTC, some open market. So I bet is buying, you know, some of the issuance maybe from the miners,
some OTC, some open market. Uh, so I would be cautious of those stats. I don't think the
having is priced in because it's just such a significant supply change that it almost can't
be. Now the question for people who think it's priced in would be why aren't all subsequent
having is also priced in, you know, like why don't we see price accelerating at a,
anyway,
this is like too much think boy nonsense,
but yeah,
having,
you know,
great,
super.
You didn't do anything for the first having,
I thought we might,
we were probably trading messages that day.
I don't know.
Maybe.
I don't think so.
Remember that was,
we were knee deep in.
It just started basically.
Yeah.
It just started.
Two months ago.
And we're just starting to like open up and have enjoy whatever the good
weather was offering us back in May.
So I remember that vividly,
like we're starting to golf again.
Similar to course we went to,
by the way,
it was like a great day.
Actually,
I'll even say this.
This was funny.
The first course we went to,
it rings a bell.
This is all accelerate talk. That's why we went to, it rings a bell. This is all Accelerate talk.
That's why.
So we went to the course, right?
We played, and it was fucking full.
The course was immaculate
because it was the first time
anybody's been on that year.
It was May,
and normally it's a little bit beat up at that point.
And, you know,
I don't chit-chatter with somebody else nearby.
They weren't part of our group.
Like, yeah, good thing to play golf.
He's like, yep, I'm even getting paid to do this so he was on server so accelerate brother accelerate because you're
getting paid to play golf those were the days those were the days yeah so that's it for the
having stuff i'm not sure if you want to add anything else we're done we're done happy having
glad everyone made it let's uh let make Epoch 5 one to remember.
All right.
Well, with the having came a lot of spam, and this came in the name of ruins.
And this is really just the enabling of shit coining on Bitcoin.
Sorry.
And it's the minting of trash.
A lot of people so far have lost great sums of money.
And whatever. lot of people so far have lost great sums of money and whatever miners and scammers out there they're laughing at all these degens because they're the ones that are profiting from this
and since runes went live and it went live on the having a lot of people like myself were
looking and wondering what was going to happen with the fees. And, well, looks like, you know,
there was a slow progression of fees
that was rising up towards the halving
just a few days before it.
But what happened on the halving day
was absolutely fucking nuts
because there were some blocks out there
that were averaging about over 1,000 sats per V-byte.
And that's a lot, considering where we were just a few weeks ago
or it was single digits that's you know in grand scheme of things that's in the same amount but
let's go over some of the things that just happened right as a result of this bolts bolts
is the swapping service they went offline because the fees were just too high surprisingly coinbase stayed online
i thought for sure they would have gone down but it was offline in a full moon they're just they're
always offline looking for a reason someone did some analysis and they came up with some
interesting numbers the 130 blocks after this having netted miners almost 1700 bitcoins from fees and block rewards
the previous having netted a little bit more over 1200 bitcoin so significantly more bitcoin was
raised by miners this time around almost 50 percent more and that's even taking into consideration to having cut in half sorry
yeah the issue is yeah so that's there's goes to show you how much is being spent on
transaction fees people are spending money left right in the center for absolute trash and the
having block that was really interesting it had over 40 btc and reward from that just one block well who was it via btc
that one i forget who won it but anyways there's lots of interest in that particular block and
again it's mostly driven by spam and scams and don't get caught up into that though and we have
to look at the transaction fees right if you go look at what's going on today and you want to see how this looks historically,
Bull Bitcoin came out with this new website
called fee multiple.bullbitcoin.com.
fee multiple.bullbitcoin.com.
And from that, you could see
how much the transaction fees are today
in comparison to the last 30 days
and in comparison to the past year.
So if you think fees are high
and you want to do a transaction,
this may deter you from doing it.
Or if you think fees are average price and you want to do a transaction, this may deter you from doing it. Or if you think fees are average price, and you want to do a transaction, this information
may deter you from doing it or may encourage you to do it either way. I like this initiative from
bull Bitcoin. So check this out. It's a really cool website. It gives you a visual display
comparison 30 days in the last year. There it is, Joey. That's it's awesome. And does it say
extremely high? So yeah yeah basically uh if unless
you have money to burn and you really have to get a transaction through i would say wait on chain
do it on lightning those are the options i would say but you know it's up to you and so utxo
consolidation i was talking about this for quite a while i hope that everybody has executed all of them before the
having date because now it's going to be even more costly to consolidate your utxos these fees
these high fees they won't last forever forever they may last for days weeks or months who the
hell knows eventually they're going to run out of money but until then consolidating transactions
your each sorry your utx etx is just not going to
be a cheap endeavor so next time you get a cheap opportunity to do it take advantage and do it
because you'll be left just always wondering what should i have done but anyways this is also a good
opportunity for people to learn what's going to happen in a permanently high fee environment let's
be honest bitcoin the on- chain doesn't scale very well.
And as more people start to get on board, companies, countries, etc. What this means is
that it's going to be more clogged, and it's gonna be more difficult to get your transaction through
on chain. So it's a good time to learn the alternatives out there. I've mentioned lightning.
And that is one or maybe others out there that works for you
as well.
Check them out, learn how to use it, because this might be how we will be using Bitcoin
in the future.
Once Bitcoin is used by more and more people using it on chain just is not really going
to be an option for us.
Also, if you have a lightning lightning node hopefully you've opened a channel
if not wait until it's cheap and then open a channel then because that only makes sense to
take advantage when fees are cheap and then then you're going to reap the rewards when fees are
not the last thing i just have to say through all this but there's runes and all this fucking
garbage is don't be a fucking dgen there's so many people out there that lost thousands tens of thousands of
dollars i've not some posts by francis about this he just was copying and pasting some some posts on
twitter i can't believe how much people are paying to try to mint fucking trash and they lost their
money it's gone it's done they're never going to be able to recoup it don't fall into this trap
this stuff is only there it's a pump and dump there are. They're never going to be able to recoup it. Don't fall into this trap. This stuff is only there.
It's a pump and dump.
There are people out there
who are going to fucking take your money
and laugh at you for doing it.
And really, the ones that are going to take advantage here
are the miners.
Well, they're not taking advantage.
They're just part of the system.
But also these scammers out there.
Don't fucking feed into this.
Learn to buy Bitcoin.
Put it in a cold storage.
Joey mentioned doing this earlier in the show.
Doing what I'm saying right now is the best thing for you don't get involved in all that other garbage
don't trade don't do leverage garbage just buy buy spot cold storage you're good that's my super
super high risk man playing in that rune um landscape like i went on Spaces Friday night, which ended up being the
happy night. I was on there a bit Saturday
and a bit yesterday and today.
A lot of Rune talk,
a lot of people trying to pump their bags.
You're allowed to do
that, but I don't
recommend it for the average
Bitcoiner. Because like Glenn said, the best
case scenario is you're taking a chance with your Bitcoin
and
it's unwise to do that.
You would never take a chance with your Bitcoin in other places.
You wouldn't go to Bit Casino or whatever McCormick is advertising on fucking what Bitcoin
did and play the roulette wheel with your Bitcoin.
Why would you do it with runes?
You can argue the roulette wheel actually gives you better odds.
But anyway, slur from the time.
At least the roulette wheel doesn't have a discord that's dumping on retail. So you got that going for you
if you're at the wheel. Let's talk about some of the second order effects of runes and stuff like
that. I think there's an argument to be made or one that's been made by the runes people and by
Rodimer himself that this is helping the security budget because it's forcing transaction fees up. Fine, I guess. But the problem is when you put more Bitcoin in the
hands of miners, what you're really doing is giving Bitcoin to institutions and entities
that are always going to be sellers, period, end of story, either forced or willing.
They're not holding Bitcoin on a balance sheet. Bitcoin in the treasury for a miner is not a good idea.
It doesn't make sense.
And these guys wind up being for sellers a lot of the time.
So you're giving a lot of Bitcoin to what ends up being these people who are going to cause negative price pressure.
I'm not sure that's good for the security budget, because if miners can't operate, then
that's bad for hash rate, number one.
So I think he's
wrong about that. Maybe short term, you might get a little bit of a pump like we saw on the weekend.
And I know you're saying like sometimes last weeks and months, I would say last hours more
often than not. You might see these rips to $100 a transaction for high priority,
but then right now it's like 12 or 13. I just looked. It's like, yeah, 13 bucks American.
So what is that? 20 Canadian, something like that.
By this time next year, it'll be 60 Canadian, 13 American.
But we'll save that story for the budget talk.
The problem, I think, is that you wind up, like I said, giving this stuff to miners.
Miners want to be sellers.
That's the nature of their business.
Not good, number one.
Number two, the runes thing, I think it's just BRC 20, but more efficient.
I'm, you know, ashamed to say, but also I do it for the people who listen to this program.
I listened to Casey Rodimer on a podcast last week.
You know, a podcast he was on?
Bankless?
Bankless.
And, uh, I listened to him on Bankless.
The really sad thing, and I don't, maybe sad is not the right word, but the thing that's confusing to me as an observer, and I'm not necessarily like, I'm not as dead set against all this
as you are, although I think we agree that this is on the whole not a good thing for
Bitcoin.
What I don't get is he seems to me when he speaks about Bitcoin and the mission behind Bitcoin, he sounds like we do.
But then when he talks about stuff like runes, he explicitly says it's like for the degens.
I don't get how you can think one of those things and the other.
At the same time, it's hard for me to square that circle i also think that you know one thing we couldn't figure out last time we talked about rodimer in depth was is he making any money on on this
ordinals thing i i don't know that he did necessarily outside of like the hell money
podcast or whatever else they did uh you know kind of like second order effects of the the
sudden fame but it sounds to me like he's reserved a couple of BRC20 ticker
symbols on runes or whatever, and maybe has a way to make money on that. That's his prerogative,
of course. But if you play in that game, you're entering into an ecosystem where you are at a
disadvantage right away against someone who knows that they're going
to be dumping on you at some level. And the whole thing just is, it leaves a bad taste in my mouth.
And I don't like it very much. I think the last time we talked about Casey, I gave him the benefit
of the doubt. I said that he's ultimately a developer. He can do this on Bitcoin if he
wants. It's within the rules. This is, of course, within the rules as well. But it just doesn't make a lot of sense from a reputational point of view.
Do you think your reputation is going to get better or worse when the people you're bringing into Bitcoin are, quote unquote,
degens and gamblers, and the people who are leaving as far as your core support are people who have been in Bitcoin as long as you, contributed to the ecosystem growth
and contributed to the mission, the nature of the mission as it kind of stands today.
It isn't good. This reminds me a lot of Isaiah's job, which is a story I've been thinking about a
lot that Francis turned me on to more than a year ago now, about how when you have a mission like this, you basically have two choices. You can either cater
to the masses by watering down your mission to bring people aboard and then realize when it's
too late that the masses were never going to help you move the ball forward anyways,
and the mission's lost all potency and you've kind of just become another piece of straw in the bale of hay.
The other option is that you stay on the extreme, the fringe,
keep the teeth in your mission and stay focused on what you believe is right,
and you find that people who are as extreme and as focused as you find you and help support your cause.
I think he's doing the first.
Now, I would argue, and I think this is one of the
reasons I want to talk to David Bailey next week too, and Mark, although less Mark about this,
because I think he's already on board with a lot of this stuff. But the third option I think is,
should the people who have this mission focus try and convince other people who seem to be
equally as focused on different or conflicting things to come to
their side. I think you could make that case so that maybe there's three options in total.
I don't see Rodimer as doing either of the two that would help Bitcoin. And to me,
that's the most frustrating thing. He doesn't have a vested interest or a need to run a company like
Bailey, for example. he also probably has tons
of Bitcoin land. And so chances are he doesn't need the money. And yet I find that he's doing
things that would indicate to me that maybe neither of those things are true, or he actually
cares more about bringing in DGens than he does about making Bitcoin a success. It's unbelievable
to me. It just doesn't make any sense. What do you call a person that does that?
I don't know. I don't't know I could give you some terms
go ahead
if he's talking one way and then doing something else
like you're saying just a little while ago
when you hear him speak he sounds like
a bitcoiner but in reality
the actions in which he does are
anything but
the thing is that it's not all his actions
it's just fucking this that's the thing is that the thing is that it's not all his actions it's just fucking
this like wait wait no saying the last two things right like that's the that's the thing i don't
get like it just it's like it just started like like why after all these years presumably when
you finally like the like the orange coins at an all-time high and this is the time you choose to
wear a different jersey why you know what that's his choice he decided to do
this you know one could make an argument that it's hypocritical sure yeah one can make that
argument you know one could also make an argument you know he's just simply trying to scam people
so i mean but the thing is but the thing is like he's not like he the amount of money he stands to make on runes, I would argue, again, I'm hypothesizing that he's got a lot of Bitcoin.
He's been around.
The number of dollars he stands to make here is immaterial.
So I would get it more from a rationale point of view if the scam was going to enrich him, if he was trying to feather his own nest.
But to me, it doesn't even look like he's doing that.
Well, there's a connection between.
I just don't get it.
Look at the people that you're going to be inviting to come on our show next week, much to my chagrin.
They are pushing some of this garbage.
And they are enriching
themselves so there should be some way that they're enriching the people that are involved
in it too so let's be honest you look at it there is a trail of money if one really wants to go down
this path they could find it and they could see who are the motherfuckers involved and the
motherfuckers that are trying to profit from this at the expense of these degents coming in that?
Let's be honest.
They're shit coiners.
And now they're talking about going into the weeds here.
They're talking about forcing CTV and doing a user activated software.
Give me a fucking break.
You know, these are the people that you're dealing with, and they're doing nothing, nothing good for Bitcoin.
We're trying to modernize the monetary system and now try to have names out there.
I don't know what the fucking these names on ruins are.
I didn't even look into it, but I know that Satoshi Nakamoto is one.
I think that it's fucking stupid.
There's no value in that aside from look at me i'm playing around
maybe i'll flip it for a great sum of money later on that is doing nothing for modernizing the
monetary system and trying to improve life for a whole bunch of people it's just spam and scams
you know and on the spam side of things it's making it more difficult for people that want
to make a transaction sure it's in consensus i'm gonna i'll i'll fucking agree with everybody of course yeah yeah but it doesn't
mean it's a valid packet times a billion yeah so that's a valid there's there's something to be
said like sometimes i know we've talked about this before we may agree to disagree on this but like
sometimes i think that the fee the fees we've been enjoying on Bitcoin are like,
they were so low for so long. I'm not sure what the quote unquote correct fee is, but you're right.
It's something that pumps the fees up. On the bright side, I mean, at the end of all this,
we talk about this a lot on this show because it's become sort of this thing that won't go away.
But from the fee structure side of
things it always does go it dies down so i'm thankful for that i mean i don't think a lot
of this stuff has legs any more than nfts had legs for example right it's just going to die
out at some point so my my figure fortunate the people that are involved they run an annual
conference under the good name of bitcoin right that's what they do i mean i mean they're
they're in i don't know that they're as culpable for the runes thing as rodimer is but you're right
there's something to be said about that it's painting them all with the same fucking brush
because you know what his uh their actions have proven they are out them out there for themselves.
And I'm not trying to say that you should,
you know,
you shouldn't be out for number one.
Absolutely should be out for number one,
but come on,
man,
there comes a point in time.
You have to look in the mirror and say,
I'm fucking a scammer.
And that's what somebody could say about these guys.
Yeah,
maybe.
Yeah,
that's too bad.
It is fucking too bad.
I think there's.
Yeah, go ahead.
Go ahead.
And we're just we're all fucking dealing with it with these high transactions.
Like I said before, the silver lining from this, though, is it's I think it's it just gives us an opportunity to realize what it's like to live in a high fee environment is eventually we will get to that point. So people will have to adapt to adapt to that,
to learn,
to use something else that enables you to move Bitcoin on a cheap.
So take this as a learning opportunity,
because this will come again through just on its own merit through,
through just organic growth.
So it's now a time we should start funding projects to make bitcoin work on a global level
that's it boomer in the chat asking a good question are you in this to make money or to fix
money me or i mean in general in general like i don't know i would say for me both like i would
like to enjoy some i'd like to enjoy some wealth along the way.
This show took sponsors. It's not a mystery. We're making money doing this, but I don't know.
We also try and pick our sponsors carefully. I think the broader ideological question is,
should you sacrifice making money to do something
you think fixes the money on the way?
Yeah, probably.
Honestly, if you think it's worth it.
And some people don't seem to be doing that again.
I have my own set of questions for Dave and Mark next week that I think, you know, most
people who listen to the show will be happy about. But I think for Casey, again, I know we disagree on the Bitcoin Magazine thing,
but at least in the background of that, there's something that needs funding. Again, with Casey,
I don't get it because the guy seems... And someone in the chat mentioned here too,
when he talked about ordinals a year ago, it was like, yeah, I really like collecting stuff and I wanted people to collect stuff on Bitcoin. It was like a kid
having an imagination type explanation for why he did it. And now it's degens. And again, I do not
understand why you would put yourself in the crosshairs like this if you didn't have to.
And again, like like and maybe i'm
missing something but i just i would like for all caps to chime in because he's always got his ear
to the ground a little bit and he's in the chat i i don't see how rodimer is making any money off
of this that would be significant to his you know future or well-being or anything that's that is
the thing that drives me nuts that's the the thing I don't understand. This project could have been something on the drawing room board.
And then somebody got wind of it, decided, you know what?
I like this because this is going to disrupt.
Oh, you think you got funding?
Maybe.
And there's enough adversaries towards Bitcoin that it's hard to pinpoint who would be responsible for funding this.
But I can see there's a number of different people potential groups that could want to fund it and it's not to say that this is going to bring
down bitcoin let's be honest if you could and we've talked about at the top of the show you
could have governments fucking ban mining in their jurisdiction you could have governments
ban on ramps exchanges and bitcoin will still function it will function just fine
so i'm not to say that somebody is trying to really fuck over bitcoin but who knows like
there's enough people out there that don't want to see bitcoin succeed that have funding that may
decide you know what let's fund this project and a whole bunch of others and make life difficult
for these bitcoiners just you know just an idea i could be totally wrong no obviously real thinking is good though
you're right you're making a point there yeah it's just why would anybody do something like this
for just shits and shits for shits and giggles exactly ah maybe but maybe there's something
encouraging them to go to an extra mile.
You know, you just grease palms and yeah, you know, I'll spend a few weekends instead of partying with my friends.
I'll just sit down and do some coding instead.
So you can encourage people to do that.
Who knows?
Who the fuck?
I don't know.
I honestly, I honestly don't know.
Bitcoin all caps is checking on uh relationships because i i want to know like i it's like it's like you're not a rational actor
that's the thing that anyway whatever we spent basically the whole first hour talking about this
so 2016 was it 2016 that it was or 2017 there was a a lot of a lot of spam on bitcoin too like not a spam but in terms of transaction fees
fees were high yeah yeah somebody was funding or some things were funding it why can't
even potentially the same group of losers be funding this as well i don't know it's possible
anything is possible but it could be even bigger entities i'm not trying to say are you like where where do you rank uh
try and just take your take your angry hat off for a sec where do you where do you put the uh the three prime evils here first second and third place the ordinals guys the taproot wizards guys
and uh now the rune boys where who's who's the worst who's the least bad is the taproot wizards and the
ordinals guy aren't they kind of the same yeah kind of i would put the taproot wizards on their
own because they're just so full of shit and annoying so i don't want to i i even feel bad
lumping them in with the ordinals guys like d is like an ordinal enjoyer i don't think he's like
a taproot wizard loser you know he's just like changed i don't know but like i like d you know
he's a reasonable guy i gave him a hug when i saw but but ud on the other hand is like not he's just like changed i don't know but like i like d you know he's a reasonable guy i gave him a hug when i saw but ud on the other hand is like not he's not a reasonable guy it's
like a fucking weirdo so i don't know i don't know where do you put it what's your what's your
uh your your metal stand uh look like no comment i don't even want to commit any mental energy towards that. I'll just leave it alone.
I just want to see.
Did you see all caps was able to get Swan,
their mining operations to move and direct all their,
yeah, towards Ocean just until the having.
That was pretty damn fucking cool.
Great.
Because from what they have,
I think it's around 1% of the overall hash rate,
just simply under Swan.
So that was pretty cool that he was able to do that and they were able to oblige.
Now, it's too bad Ocean wasn't able to mine a block even after the halving.
It was a dry spell for them for some time.
But anyways.
Good discussion as always.
Good discussion as always.
A few other topics.
Let's just dive right into it.
Bitcoin Core version 27.0
has been released okay we're doing software updates on this show now when was the last
time we did a software update there's a reason why i want to bring this up because the there is
one big change i would say big that's in this particular release so it's version 27.0 of core
and so this is the inclusion of BIP 324. And this is
by default, this is enabled, you can disable it if you want. But it's enabled. And the question
is, what is BIP 324? It's a new peer to peer transport protocol. And the protocol enables
a node to talk to another node. And with this, it's going to be a small reduction in bandwidth. So in that case, it's
good for people that have bandwidth issues. But the real gem here is that there is an encryption
that's built into this. So this enables nodes out there, the ability to protect themselves from
specific attacks. And it's namely the tampering of data data which can happen right now at a relatively low
cost not because the encryption is enabled it makes it more expensive and takes more resources
required by a bad actor in order to fuck around with nodes and this encryption only applies from what I understand to Bitcoin core 27. So if you have core earlier
version or knots or umbrella or whatever, if it's not running this type of BIP three
to four, it's doesn't have the encryption enabled. So I guess over time, this is going
to be propagated. More people are going to have this as enabled on their node, which
is really cool. I like seeing this stuff put out there, but one thing I would suggest
is don't rush to upgrade. I'm a
big fan of waiting to
wait a few months or maybe
a little bit longer before you upgrade
and you know that it works fine. There's
no bugs with it.
If you want to do it, it's not that this is like bleeding
edge. It's been put
through the paces, but it's still the newest
of the newest
so i would suggest if you want to get it just wait a little while then execute it and then go from
there but yeah pretty cool stuff is this going to be uh widely used by the technically inclined
node runners fairly i think it's going to be widely used by everybody because if it's enabled
by default even people that have no fucking clue i have it yeah okay yeah yeah yeah okay yeah fair point i again uh wouldn't know because i
refuse to run a node it's like a bit now uh at this point but um at some point i will buy a
computer that will run a node i'll just take it behind the camera there or something and
take a picture of it to prove it yeah mine is right there it's like three feet from me it's
no tom and nick tom and Nick have the,
uh,
Ronan dojo,
right?
I think that running at,
uh,
or they have a raspberry pie.
Our buddy,
Manny Manero,
I think has a Ronan dojo.
I probably,
I know for sure.
Tom and Nick have a raspberry pie and they've mentioned it running
umbrella.
Nice.
They're,
they're doing that.
It's yeah.
When you sit on,
uh,
when you sit next to him on their desk, it's right there.
If you see it on our side, it's the right side.
And they're just left.
Anyways, Brains Pool.
Let's talk about Brains Pool quickly because they started rolling out lightning payments to the masses.
Until now, it was only available to a select few who signed up.
And now everybody has access to lightning payments.
And this comes with instant daily payments with no minimum or fees well
there is a minimum but i'll explain it in just a second so this is going to be a godsend out
there for people who are heating their homes with very inefficient equipment like s9 for instance
and when you're you know if you are using an s9 and you had to reach the minimum payment threshold
where you don't have to pay a fee it would take forever especially now after the having but using this
gives you a steady stream of stats on a daily sure it won't be a lot but you know it's better
than waiting fucking couple years before you withdraw your money your bitcoin so really cool
stuff the payment limits though are the minimum payment is one satoshi so that is the
minimum but the maximum payment is 500 000 sats so that's the range in which you're dealing with
i'm you know if you're using an s9 good luck you're not going to get the 500 by 2030 you
might have half of that you know you might be doing okay there you go i like this and i there's going to be a lot more of this rolling out to a whole bunch
other pools out there and it's yeah it makes sense and if another way if you could take
some of the strain not that it's a huge strain on on-chain but it's just one less transaction
that has to be dealt with on-chain and using lightning this is the way we have to working moving forward so really cool agreed yeah i really like this we
talked about this before when they enabled lightning withdrawals the first like when they
first did it these guys are innovating at a rate that almost no other pool is when it comes to
adding these sort of l2 solutions and making things easier for the people who direct their hash
to that pool i'm not sure why. Well,
actually I am sure why, because the other pools aren't really Bitcoin focused as much as they are
fiat gain focused, but Brains, I mean, they've been crushing it, man. I don't know what else
to say except that I'm glad to see this. And I think as fees continue to go up and all these,
people want to take their winnings and hold them themselves.
Having no minimum is just it's fantastic.
It's fantastic.
And it goes to show you that those guys really are mission focused people, which is what
we like on CBP.
So good for them.
Happy to see that.
I'll throw a little bit of mud here.
Oh, no.
Oh, no.
From somebody was telling me, and I don't know if he was mentioned on air
or not so i'm not going to mention his name just in case but apparently brains and a few others
as well a few other smaller ones as well are pointing their hash rate to a larger pool out
there like foundry for instance and proxy mining i think was the term that was used and yeah there was i have to
dive deep into this but receipts have been shared so stuff like that makes me concerned receipts
len what receipts i don't want to share just yet because i did i still have to dive into this so
just looking at this um i'm a little bit concerned in terms of centralization in mining in that respect.
Where, you know, if I am pointing my hash rate to brains, I want brains to be the ones that are mine.
I don't want them to redirect it somewhere else.
And it's not like they're doing it all the time.
From what I understand, it's just done on and off.
So I don't know the purpose of this i really want to dive deep into this but i don't
have enough information to say this is definitively the case so it's just all here say it could be
fun but you know what the guy the dude brought receipts so that's that's all i gotta say is
there's there's there could be some uh more than just smoke here and i think there's a fire looming
let's figure it out let's've figured out i've figured i
look forward to hearing more about this one last story i guess we got time for sure binance they
did something interesting this past week and they announced that their secure asset fund for users
that's a safu it's not snafu it's safu This is an emergency insurance fund. This was created back in 2018. That gives some sort of protection to its users. And a fund tries to stay around the $1 billion US in value. Well, this value, this $1 billion, some of it is held, a portion of it has been held by bitcoin and shit coins like
bnb and so forth predominantly it was a stable coin busd at least as of 2022 i don't have anything
more recent than that so around 70 at that time was held by busd busd and bnb and remainder was
like bitcoin and other what other whatever whatever yeah it was really wasn't
100 stable coin but it was a lot of it was but now they're deciding to convert everything to
usdc so instead of having a source of bitcoin and other digital assets they're going just 100
the stable coin route and they're choosing usdc they have not been very friendly with tether so it
makes sense for them to get cozy with usdc also usdc is at least they are are accepted by regulators
at least the united states so it might be you know by doing this might give binance a nod for
being re-enabled to do business united states but the question is why go 100 into a stable coin
aren't they bullish on bitcoin right because like if say bitcoin runs up hard right and even if
there's an event that requires to tap into the one billion dollar reserves that they have here
and it gets drained significantly
because it's 100% tied to the melting ice cube
that is the US dollar.
So if Bitcoin runs up,
it could really cause a massive strain into this
if there's a requirement to draw from this.
And it's not like it's outside the realm of possibility.
I mean, we're expecting rates to be cut within the next year.
And what happens to the
price of bitcoin if that happens well number goes up significantly so i'm looking at this move by
binance it seems a little odd that you're doing this and i i can't put my finger in it as to why
i'm cautious or concerned about it but again there's another one when i'm smelling smoke here
and i think there's a fire somewhere that needs to be uncovered
but where it is and what it is i don't know but something's fucked up with this whole situation
i'm not sure either um i i've been thinking a little bit more about stables and what they mean
as far as surveillance and like i mean this is a it's a deep subject and I know it's a bit, you know, a bit far
afield from where we were just, we're talking about like the Binance thing, but I'm starting
to get a bad feeling about stables that I didn't have like two weeks ago.
And I don't know, I know, you know, we've already talked about David Bailey a lot.
We'll talk about the other Bitcoin magazine, Mark Goodwin, who is the editor of Bitcoin
magazine, the magazine that produces Bitcoin culture stories, okay? Not Bitcoin magazine, the company. There's a, you know,
whatever wall between them. We'll talk about that next week. But Mark has been putting out a lot of
stuff about the dangers of stables as they relate to CBDCs. And when I hear Binance hopping on this,
Binance is a company that was in a boatload of trouble, like what, eight months ago?
And suddenly they don't seem to be in the crosshairs at all anymore.
Moving to stables to me tells me that someone is pressuring them to get out of these other
tokens and into something that's easy to track, easy to stop, easy to freeze and influence
and all these other things.
Doesn't that seem like the direction this is going to you?
Or am I reading too much into that?
Like there's something,
there's something not in the crosshairs.
This guy was fucking talking about,
there was like prison floating around for CZ,
you know,
a year ago.
And now I haven't heard his name in six months.
What happened?
Yeah.
But like Len,
the company,
the company is no longer,
no one's concerned about this anymore.
No one's like, I don't, how no longer... No one's concerned about this anymore? No one's like...
How did this happen so fast?
And now you're telling me that these guys are moving out of quote-unquote crypto into...
What else could be done?
Because they've been sued already.
I guess.
By what entity?
They've been sued.
They've been shut down in the United States.
What else?
And CZ has been jailed.
What other news could come out from this?
They,
you know,
they jailed their CEO.
They kicked them out of the country.
Right.
The fuck.
And not just that.
Right.
Like what's left here.
And you always hear another country that says you can't do,
you can't have Binance do business over there.
And it's just,
you know, these just smaller countries.
They're a black sheep, for sure.
Yeah.
Yeah.
So I don't know.
Maybe you're onto something with that.
I think I am, because as far as protecting your company's assets,
why would you go into a stable?
It just doesn't make sense.
It doesn't make sense.
Unless you're being forced to. And if you're being
forced to, presumably the reason they're forcing it is because they exert some level of control
over it. And Mark is talking about that a lot. And I've been thinking about this, reading his
posts. I actually ordered his book, The Bitcoin Dollar, which I don't think touches on that too
much. But I want to learn more about this. And Whitney Webb has talked about this too. And her and Mark are doing a lot of shows together
now for this reason. I think there's a lot of overlap in this control state apparatus, CBDCs,
and stables. And the relationship is not super clear yet, but it's getting more clear by the day.
It's not pretty. And this is another, to me, it's another sign clear by the day it's not pretty and this is another to me it's
another signpost like you're being forced to just it doesn't make sense doesn't make nothing it
doesn't smell right you know it doesn't smell right i think you and i agree there's something
fishy here i think we're looking at from different angles but either way something's fucked up and
i wouldn't be surprised if some news comes out and we could tie it to this event and say,
like,
what?
Like what?
Give me an example.
No,
I don't.
Again,
like I have no clue,
but there's something fishy here that I just,
I cannot put my finger on exactly what the fuck it is,
but there's something that just doesn't jive right with me.
But no,
same with you.
Anyways,
Joey,
I think that's it.
We're an hour in.
We're done.
We're Bitcoin stories,
I guess for now. Sure. Yeah. Let's talk about in the notable news oh man tons of notable stuff happening
in the north and uh internationally this week so hang out if you're on youtube just hang in there
i see there's 159 people on youtube and spaces spaces land has become a very popular place to
watch this show i think there's like more than 100 people watching on this basis. Oh yeah, definitely.
If you're live with us,
hang in. If you're
not, stay tuned for the second half of the episode
tomorrow.
And don't be a fucking cuck.
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