The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #170 (Bitcoin News Stories) - Canada Day Price (and vibe) PUMP

Episode Date: July 2, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.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. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for $20 bones, and take advantage of all Bull Bitcoin has to offer.

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 mighty CBP on the mighty and getting mightier CBP media. My name is Joey, that's Len. Happy Canada Day to you and to all your friends and your family. The true north strong and free.

Are we, you know, what does Marty Ben always say? Are we living in a free country, Len? Freer than a lot of others. Let's be perfectly honest. You could be in different parts of the world and you'd be wondering, it's so bad here. We got to do, this land is your land song, Joey. We got to sit down and start.

I don't talk about land. The only O'Canada song I remember is God's i can't remember what it's called but i know the lyrics like one little two little three canadian now we are 20 million canada yeah it's actually higher than that no one actually knows population anyway this is anyways uh good to be back len i was just talking to you about, I did a 36-hour fast, my first ever this weekend. Why, you might ask? I was bored. My wife was away at the cottage with her mom and a few other daughters and mothers and whatnot. So I was at home and decided on Saturday night that I was going to try and do a fast. It went fine, except I told Len earlier that

you're supposed to reintroduce food slowly after a fast i didn't do that and uh i have been paying the price and may pay the price once or twice more before i go to sleep but anyway that's neither here nor there we're talking about bitcoin tonight and uh we're glad you guys are here on a holiday jorda madman monroe i see you guys in the chat people on twitter the smallest audience i think smallest shortest show. The sponsors get their read regardless though. ECDNS, Mark has been with us for more than a year now. Great sponsor. We're bringing him on in the next little while. He's

going to be here in studio as I fart. He's going to be here in studio coming up in a few weeks, I think. I got to schedule with him. ECDNS has been a great partner for us. Why? Well, we built a website. We post on there every so often. We put up our weekly roundups there. Len does whenever he gets a chance, if it's not a holiday or if he's not busy playing tennis or golf. And you can do it too. You can

build a website, bring a domain over, buy a domain, whatever. Mark is the best registrar in the land. On top of that, Len, all the virtual private server needs met. Email needs met. Privacy needs met. Anti-phishing, anti-everything met. This guy takes care of your website, your business, and whatever it is for you that you want to use EZDNS for. So head over to EZDNS.com. The code is CBPmedia. Or you can just tell them we sent you. Mark will take care of you.

We know you guys are using that promo code. We know you guys are doing business over there. We like it. We hope you continue. And, yeah,. We like it. We hope you continue. And yeah, we're looking forward to see what you build. Len, we've got one other sponsor. Who is it? It's Bull Bitcoin.

I'll be honest. I have no idea what the price is, so I can't say it's a good time to buy or sell, but it probably is one or the other or both. Bull Bitcoin has you covered with that. What is the price, Joey? $62.99, I see on my clock here. It's been hovering in the 60s for quite some time if you asked us this a year ago we'd be very happy right now it's ho-hum 58 gang we're waiting for them to celebrate once more again i guess but either way bull bitcoin that's a sponsor i want

to talk about them so you could buy on chain you could buy with lightning on chain fees are rather cheap right now at least last time i checked and if they still are you know less than 50 sats per v-byte i would suggest continually buy on chain. That's my advice. Do your own research to see what's best for you. But if fees go up, you have the option to buy with lightning. So still, you could buy your Bitcoin even in a high fee environment, and you won't get suckered in with paying high fees for that transaction. Other things you could do with bull Bitcoin, you could pay your bills with bull bitcoin so if you have a you know hydro bill you got a uh mortgage payment whatever you got to pay a bill well you could use bull

bitcoin to facilitate the payment of that so you're kind of using your bitcoin to pay your way through life but another way you could pay your way through life is to spend it in a real world how can you do that with bull bitcoin well they give you the option to buy gift cards with your bitcoin you can so if you want to go to starbucks you want to go home depot whatever the heck you want to do you can buy these gift cards because they're spending them in the real world but how did you buy it use your bitcoin to do that so you're living on the bitcoin standard indirectly though but this is the way you could do it right now check them out if you haven't yet opened an account use our promo code below if you do and you fund your account and provide the necessary

information 21 is going to be added to your account no questions asked can't beat it just check out the bull bitcoin fee multiple here brought to you by bull bitcoin uh it's refreshing low land very low things looking good if you want to do a little consolidation you got some hundred thousand sat transactions you want to uh stick together so that you can use them in the future and not just look at them on your screen now is the time so uh boost what do we got yeah so top w cone sends in a hundred sats and he says he actually posts a news article for louisiana he's like uh notable notes not cbp but maybe the lbp for louisiana bitcoiners. We'll talk about the story later on. I don't want to talk about it right now.

I just want to say thank you very much for providing us this story. We'll give you kudos once we read it later on. Wartime boosts two times, each time 333 sats. First time, he says, I can't tip 3333 every time. Sorry, laugh aloud. So I appreciate that. I appreciate the 333 sats twice and the second time he sends it he says the two beer mugs means cheers laugh out loud

because he sent us that last week yeah man thank you very much so mo btc dick 500 sats god love seeing the liberals get embarrassed the other day extremely normal i guess we'll talk about that a lot of politics today we could talk about but anyway yeah keep going yeah we'll talk about both actually it's in the notes here and checkpoint jeff 5000 sats he says thanks for answering my question you guys are doing great work the question he asked which we answered is doing with bitcoin and spending it and especially with businesses how they could deal with it so yeah hopefully we stirred you in the right direction remember document document document

report everything to cra once you sell that is the way to do things if you don't you're just asking for trouble bow down to the mighty cra bow down okay len uh yeah we want to we're planning on doing an abbreviated show today i understand where do you want to start okay let's do meta planet right away meta planet is number one on the things i think we should talk about which is pretty funny because remember i again i'm gonna eat crow on this i said we should have commit this name to memory but here we are committing it yet again so this past week they announced meta planet did that they are going to be setting up a subsidiary

company in the british virgin islands and this is a way to what they say to enhance and manage its bitcoin and i guess there must be some laws in japan that make it unfavorable to hold bitcoin or at least manage it under a corporation i don't know maybe it's the tax advantages that they get from the british virgin isles either way they went ahead with setting up this offshore company you know what joint maybe the cbp should do the same thing we should set one up which which other which like foreign island do you want to establish a corporate entity on i'm thinking maybe somewhere warm somewhere where we have like a nice beach access dock or marina. I don't know.

What do you suggest? It's not really an island, but let's go with Singapore because we've been talking with the Singapore dollar quite a bit. It's a very nice country, fantastic weather, safe, clean. Sure.

It checks a lot of boxes, extremely expensive. Do you see, by the way, the people on the, on the chat from Twitch giving us shit right now i guess a bunch of people just stumbled into this stream on twitch listen if you want to talk to other people in the chat youtube is the place i don't know why we stream it too much but

if you want to talk to other people youtube is the place to go anyway twitter or x anyways either way so this new offshore company set up by MetaPlanet is going to be called, or it is already called, MetaPlanet Capital Limited. To put this company to good use, they decided this past week, in fact, just today, they bought another 20 Bitcoin valued at around 200 million yen. This brings up their holdings, their total Bitcoin holdings,

to a little bit over 160 BTC. And for people that are wondering what happened to the stock price this past week, it went up a cool 10%. Yeah. Not too shabby. It just goes up. Like they buy and it goes up. I don't know. It's almost like people like this strategy.

Like you said, like months ago, any small cap company is not doing this. You got to answer to your shareholders for this. Why? Even if you don't believe in what you're doing, do you not want the stock price to go up? Isn't that their responsibilities for their shareholders? It's a legal responsibility as far as I know. Yeah, it's illegal to do something else. To say that this is a legal obligation for them to go ahead and buy Bitcoin, that's probably a stretch.

But if there's enough evidence to show that by doing so is there's a chance it's going to very good chance. It's going to pump up the price. Yeah. Company. Yeah. It's either you guys are going to do it. You're going to get turfed for somebody else that will do it.

Right. So you should, as you should. Yeah. Let's, let's get all these companies start buying and huddling Bitcoin and put on a balance sheet. Don't,

don't use custodian services. Do it themselves. Set up an offshore company. Copy these these guys and as the cbp as well copy us who do we talk to about setting up an offshore is mark maybe the guy talked to he seems like he might know how to do that or he's like maybe he's thought about it i don't know i feel like as a japanese maybe we could talk to somebody at meta planet not good not good i know a guy who speaks uh one of those foreign languages maybe korean or chinese i don't know if japanese or nothing right there's your cvp like sneakily uh uh politically incorrect moment there i can't tell the difference between those uh foreign languages anyway

well that's it okay unless you want me to be more politically correct i could be hey do me a favor right now. Insert your favorite way to say the Jack Maulers yo. I know we have one person in our chat. Yo. Thank you. Thank you. I love it.

I hate that guy. Anyway, go ahead. I love the way our friend does it. I don't want to call him. It's Brandon from Green Candle. Brandon. Cool guy. I love the way he does it.

I fucking laugh every time he does this anyway jack maulers has come out this past week to say that strike announced that they're going to be expanding operations and they have done so into the uk strike uk is now in operations and as per strikes announcement uk customers are now able to buy bitcoin with free on-chain withdrawals. And they also get access to the Lightning Wallet. But I'm pretty sure that's custodial in nature. So keep that in mind if you're going to be doing that. Either way, remember in early March, they announced and they expanded into Africa. Strike Africa went live.

Several African nations were able to take advantage of this. That was their first expansion out of the United States. they launched strike europe in april of this year now they're in the uk so i think it's just a matter of time before they break loose and come into canada right i mean it's no it's it's they're never going to come here and i'll tell you what yeah i'll tell you why okay so uh i think that they're officially a muddy transmitter, right? So it's not just that you can buy Bitcoin, sell Bitcoin. So as Francis says, and guys from ShakePay say, and other guys say, when you're doing little sort of narrow scope stuff, like buy and sell Bitcoin, not that bad, easy to do. But anything more than that, it's very difficult. Canada makes it very difficult

because anything that's viewed as competing with banks is completely frowned upon. And it's funny, Mark and I are talking about Ledin in the chat. Ledin's a good example. This Maurizio has said to me before that he wants to operate in Canada, but he can't. It's just not worth it to go through all this. Same thing with Strike, I would guess. I would guess same thing for stuff, even Lend, like Venmo and other offshoots of these companies that want to do payments or money transmission, quote unquote,

money transmission. Do they operate in Canada? They don't. They're not allowed. To send people money here is an absolute joke. Well, Simple tried to put together this thing that made it easier to send people money. It doesn't really work, although I have a sick tag for that. Same thing with ShakePay. They tried to their credit to do that shake tag thing and be be able to send people money it's good in the app yeah it's good in the app but like not everyone has shake pay and so like there's all these shortcomings the only way really reliably to send people money is still e-transfer if you can believe it well you know like just just an on-chain bitcoin yeah you could send on-chain bitcoin but like e-transfer is the one that everyone sort of relies on and it's dog shit it is a dog shit experience well then explain to me

how then all that differs from what shake pay offers in terms of sending somebody with their shake pay tag you're sending them money you still have to you have to stay in the ecosystem so i think that actually what's happening there is shake pay is just moving ones and zeros which is probably allowed. But still pulling it off, you have to go through the e-transfer system. It sucks. Why wouldn't then Strike operate it in the same manner? It's a good question.

Because they could then operate moving ones and zeros and then coming off of the e-transfer. This I don't know. I'm sure that I'm missing some detail there. But I'd be curious. So I'm sure if someone in the chat knows, they'll tell us. But there's some... Just boosted us two bucks. Thank you so much. Happy Canada Day to both of you. How much of that two bucks did we get? Like 30 cents?

I don't know. Google takes a huge... Still very much appreciated. Anyway, the strike thing. I'm curious. I don't know what the problem is with this country and banks except that it's monopoly and these guys are doing everything to kind of protect the ecosystem that they're operating in. Because let's face it, we joke about this all the time, right? These guys haven't innovated in a decade at least. I'm still using the same shitty TD app that I was using on my

BlackBerry, basically. The interface is more or less the same. E-transfer still sucks uh you know even when like when i send you money at the end of the month uh when we get paid by the advertisers okay like when i send that money out it should be instant it's never instant it feels like anything over 200 bucks takes fucking 20 minutes i'm still waiting for a payment that you sent me from 2023 in july so yeah it's behind it has an equivalent to the next block so like this is what i'm talking about you know like it really the the whole thing kind of sucks and you know when i hear strike explaining the uk like wicked that's really good but does uk have the same monopoly bank problem that we have here that i'm not sure about i don't know and they also entered into europe and they're tight-fed when it comes to

having control over where money goes and control over privacy or at least infringing on privacy. So there's a lot of questions here. I just don't know the answer to, but the fact that strike is expanding, they want to go more global and good for them. And that's why I'm just wondering, is there going to be a chance that they're going

to enter canada but it seems like as per your um i don't think it's gonna happen i don't think i don't think it's gonna happen look at all the other stuff that's come and gone in terms of like payment and stuff that we never even saw we never saw it you know what stuck around though is inflation even let even like apple pay like apple pay has i'm pretty sure in the states they have like all these buy now pay later stuff on your card uh you know canadian credit cards couldn't use apple pay even tap to pay up until a few years ago like like we're just so far behind in every respect under the guise of i guess consumer protection but everyone knows what that means it's monopoly power or i guess you know all the gobbledy power in our case but um you get it it sucks you know it sucks now let's talk about a bitcoin note in

your pocket at least a possibility of this because it's possible now as someone with the username epic underscore curious on twitter or we have we have talked about this guy before i think maybe pretty sure anyway go ahead yeah well he released a beta version of an apk that will allow android users to run a bitcoin node on their phone and of course there's going to be space limitations because let's be honest we don't have spare one terabyte on our phones. A lot of us don't. I don't. Either way, so it's going to be a pruned Bitcoin node. That's fine. So this opens the door, though, for people out there to run Bitcoin Core, at least in a beta form, on an older phone

that's just sitting there idly doing nothing. But keep in mind, as he mentioned, this is all beta, so I wouldn't expect people out there to use this to broadcast any meaningful transaction because you don't know what's going to happen as a result it could fuck up and just get lost in the sauce but either way epic curious mentions that the default prunes it to two gigabytes but you could customize it to whatever set you want after that and also of, because this is going to be using the internal storage of the phone, it's going to cause a lot more wear on it.

And it could potentially have it wear out much sooner and cause it to break or at least make that. Is that how internal storage on phones works now? Well, there's only a limited amount of reads and writes on anything. Okay. There's not unlimited. And if you're going to be constantly doing reads and writes on... I'd be more worried about battery health on phones.

Because I know if your battery is hot all the time, it doesn't stay high capacity for a long time. Apple has somehow skated on this. If you use the conductive charging on the back of the phone, like if you just sit it on a... Actually, mine is sitting across the room right now. Instead of using the Q key or whatever charging, if you use that mechanism, your battery actually heats up a lot faster and a lot more than it does if you use the wire.

This is my understanding. And so your battery health will decline over time. Like you're saying, if you're running hot, thanks to the read rights of something like this, of a in your pocket yeah it's gonna be a problem i think for a phone phones are not they're not this is this is the other thing i don't understand we we're talking about like lightning nodes in your pocket my question would be why this is a sorry yeah bitcoin note i should say but other people have talked about lighting nodes in your pocket because that's sort of the payment you know intended l2 payment rail

but we'll stick to the regular nodes for now why do we need this who's asking for this nobody's asking for it is this another option out there for you can potentially run this on an old phone yeah and it just goes to show you that it is a truly decentralized network you're not forced to use some expensive hardware to run a node and to verify transactions. You could do it on very modest hardware. So I like this. I wouldn't recommend it. And I wouldn't use this on my daily phone.

Not only would it just potentially wear it out, as I mentioned earlier, but I'm going to imagine it's going to consume a lot more battery compared to not running it. So why would I do it? But if I had a shitty phone, it's just sitting there doing nothing. I'd try it out for fun. I wouldn't keep it running forever. But just to try it out to see what it's like and just check off a box.

Yeah, it does work. What's the end game from all this? I don't know. But Luke piped in. He says, you know, you should actually do also one for Bitcoin knots, too. So, you know, options are good. Options are available. People can do it.

It's free open source if there's a will there's a way and like i said you don't need a lot of horsepower to do this if people are doing it some fucking phones that's a lot better than a lot of these shit coins where you need a lot more than that just to start validating transactions we were making a good point in the chat too that old phones are getting better and better he's right actually you know now you can keep a phone for probably three four or five cycles without really feeling the pinch um unless you're on uh the apple ecosystem in which case you have to have the newest one at all times otherwise they hold they restrict you from certain features but i know people that run

very old apple phones they are and they work great and they work yeah they they hold the features back on purpose right they they it's part of the planned obsolescence thing in in that you know environment but anyway that's neither here nor there julian assange yeah no free man he sure is and that's just following a plea deal with the department of justice and bitcoin of all things played a part in his return home his wife was going through the process to try to raise some money, some $500,000, I think $520,000 was the number that was being thrown out there. This was about trying to secure passage

on a private jet that was arranged by the Australian government because he couldn't fly commercial. So in order to pay for this and have him fly home to Australia, well, some anonymous person came up and gifted some eight Bitcoin. And that was the majority of the money needed to pay for this $500,000 flight. So that's really cool that Bitcoin-

Sounds like Dorsey, by the way, was the one who did it. Is that- He tweeted at the same time the transaction confirmed safe passage. Ah, so maybe it was him you know it could be you know that guy continues to uh do the right things i think so just let's go through this i want to go into the weeds here though five hundred thousand dollars for a private jet from the uk to australia that's a pricey now let's go even further here and i'm gonna go away from the julian assange maybe what if there was a requirement or sorry a um increase in the need for private jets see like cop 29 or the fuck is

going on and you know there's more people that need private jets what do you think the cost would be to rent one of these i don't think it'd be five hundred thousand dollars think of all the fucking money people are spending including the 200k in food or i don't understand i don't know if that's i don't think they're gonna get people you know either way like this goes to show you how fucking costly it is to fly private uh on a private jet i have obviously never done the thing okay that's that's the i think that's a fine framing but isn't it more accurate to say that's the cost to stay away from like illegitimate government intervention?

What type of intervention is, well, I think that safe passage thing was that he just didn't want to land in the States. He wanted to land somewhere else first to make sure that everything, he wasn't able to fly commercial. I think there must've been some, I don't know. I,

I have my doubts about that. I have to look, why would he go to the States? He'd be going from the UK direct or there may be a stopover to Australia but it would be going southeast, not west. My understanding is that he landed on some parcel of land

or in some airport where he was able to conduct the business of this release and finish it without actually landing on the continental US. He couldn't just go to US embassy and take care of this? I don't know. I don't know.

I don't know. But yeah, there's more to this story, I think. People in the chat. Can people in the chat just do all the research for us so that, you know, we start the show? I honestly think that was the case. I have to look into it. I think, who was it talking about this? Or maybe I saw it on like a musk retweet or something

like that i have to look into it more but i'm pretty sure there's a little more to that story in their rationale behind the private jet hence the tweet safe passage right maybe he's not talking about staying away from photo ops on a fucking delta flight like he's talking about why like the reason it would be spirit air or ryan and they have to go budget and he's gonna either way let's i just want to say boom does that just clicked into why are you in the chat i thought you'd be on the beach today like you did mention that what are you doing cvp regulars who claim that they're all off doing fun shit on long weekend are actually all here so what is going on anyways block stream

let's talk about them because they've mentioned this past week that they're going to be releasing their new asic to the world in q3 2024 so now we have a company that has ties to united states that is going to be releasing bitcoin hardware. And something that's forgotten, we talked about this the first year of the CBP. They bought, what is it, Spoon Doolies? Is that what it's called? I don't know. That was in 2021. That was an Israeli company.

Spoon Doolies sounds like a bad captcha that Google would give me if I try signing from a new device. Type these words, Spoon Doolies. It's tough to do. It's an Israeli company that it was in the mining game, and they bought them up three years ago, in fact, 2021. And Blockstream was hoping to launch something in 2022, but something caused a delay.

Now here we are in 2024, two years later, and they're thinking about doing it. But either way, last january block stream we'll talk in january 2023 they raised 125 million dollars to expand mining operations so not much is known about that raise but looks like there's going to be something released later this year i have no idea what the specs are hopes are high but i think that my expectations are going to be rather low and also not just that one block is also jack dorsey's block are going is going to be releasing a new a new uh asic and the when i was talking to the wilson mining last week they

mentioned that they had an nda with them so they couldn't speak very much but it sounds like to me that the release of block's new ASIC is rather imminent so you're going to have both block stream and block each releasing something in the next little while and overall I think this is a really good thing I've mentioned this we've mentioned this in the past having bitmain being the the biggest player the biggest fish in this pond it's probably the the least likely scenario we want to have more of a decentralized system in terms even with the bitcoin mining hardware and also with that you want to have companies that have stronger ties with western nations because let's be honest if you're going to deal with a company one that's set up in the united states canada whatever probably you're going to have better relations with them than one set up

in china so with that being all said i'm i'm hopeful that this is actually going to come out to be something really good but still in the end all the money that was put into r&d by bitmain they have a huge head start with anyone going to catch up to them who the hell knows no the answer is no uh when are these guys going to start putting out stuff that retail wants to buy that you and me want to buy i realize that like it's hard to imagine a world where pleb miners take over but it seems to me like everyone wants this to be the case and so maybe everyone's just waiting for a sort of you know retail friendly hardware hardware drop from one of these companies i'm just cruising amazon here because uh that's a place where everyone goes to buy shit if i type in bitcoin miners you get a few options there's

something called a gold shell ka box 1.6 terahash 600 watts how much do you think it costs 550 it's 3900 i don't know why anybody would even consider that that's don't know but like like that's what i'm saying like there's options here there's some nerd miners on here on here too but yeah decentral sells on amazon uh there's a few other kind of cool little little things here bid axes on amazon but like there's there's clearly here a missed market opportunity i think because i if i could find a miner and i should i say this all the time if I could find a miner, and I say this all the time, I should just buy a BidX and get it over with. I haven't done it yet. But there's people who want to start mining. And I think a lot of Bitcoiners, especially guys of our vintage

land, who have seen a little bit of the ebb and flow of the network and the need and the attack vectors, there's a certain subset of Bitcoiners who would plug something in at home if they could get it. And I just keep seeing these companies talking about building ASICs for what? You're never going to overtake Bitmain as far as industrial. You're never going to start your own data center. So what's the plan? Who are they going to sell to? Are they just trying to do it because they want stuff manufactured on American soil? Is that the angle? angle i don't know what do you think if it's going to be just that and their equipment is subpar it's not enough it's not enough because somebody's not going to buy just simply because it's made you know of course not why would you it's such a high stakes game so what do you do and then on top of that len like now you know this is the other thing we talked about this on the show last week we talked about it with sp and we talked about with other guests all the industrial miners are going to move away from anything that's not Bitmain because it sounds like Bitmain is going to start cooperating with them

on the HPC side. I think there's a lot to say here. It doesn't seem to me like starting an ASIC farm now or starting an ASIC manufacturing farm now is a good idea. That's a little worrying to me. If I was like a Block shareholder, I'd be asking like, what are you doing? Why are you doing this? Like the share price is in the tank and this is what you're spending your time on? There's got to be better stuff than this to do. Let's see what Boom does this thing. Block has more capital behind them than anyone else in this space, even the big Chinese incumbents. I don't know if they care enough, though. Capital doesn't matter.

That's the whole thing. Capital doesn't matter. What matters is, do you have the logistical base to be able to produce hardware and ship it around the world? Bitmain has it. But so far, Len, it doesn't seem like anyone else does. Well, capital could certainly reduce that gap quite a bit. Well, we'll see. It depends how much you want to throw at it.

Yeah, if it could, someone else would be doing it, right? But so far, no one's doing it. Think about how slim the margins here are. They're tight, for sure. It's not like Bitmain is making hand over fist in terms of money, but also in terms of that, who's buying this? It's not like everyone has. I know.

You're talking a very small segment of the world population that will want to buy one of these things. So, yeah, it's not high volume. It's high volume, I guess, to a degree, when you're talking about big companies like Core Scientific. But then even then, they reach a saturation point. We're not going to buy any more. In fact, we could talk about them next core scientific that's the large bitcoin mining company they came up with some news

this past week and they have a new contract that they've established with cornweave i'm gonna call them cornweave from now on anyways core weave or cornweave as i call them that's the high performance computing or hpc company and there seems to be some sort of convergence as you mentioned between these two industries and this deal is going to deliver an additional 70 megawatts of infrastructure to coreweave and this is part of a larger get this joey 12 year 200 megawatt agreement between the two companies yeah so they're in it for the long term and looks like core we've sorry core scientific is going to be allocating some of what they have over there to this hpc company and if it's lucrative enough why wouldn't they do more of this it only makes sense but is this going to

be something that's going to be available long term is this something that's going to dry up who the fuck knows i don't i have no idea i still have my suspicions about core weave i talked a bit about this with sb um as far as their investment in nvidia he assures me that the bear case is not as sound as it may seem on podcasts and makes a pretty good case that some of the strategic investment they're doing in core weave is pretty standard now these other companies i don't know i'm not sure honestly what the nature of the agreements are i guess we'll just have to wait and see right i mean how how else can you describe stuff like this you and me are not uh sort of on the finance side we like to talk about

the stories but this is a bit over my head uh in terms of like available information so i don't know i guess we'll just find out i continue to to say, though, Len, mining as a business is not a good business. And so the more times these guys get into HPC, the more I think that thesis becomes more of a reality. Mining is a good side business, I think. Yes. Mining is not a good main. It just doesn't work because I keep on hearing. Okay, without going too long here because I know I want to do a short show too, but...

No, no. Go on. I'm curious. The thing I keep hearing is that these companies are actually... And I talked about this with SB, right? They're actually power producers and power allocators and the PPA is where the value is.

The thing is that the reason that Bitcoin mining companies have such great PPAs, power purchase agreements, is because, like you've mentioned many times on the show, the power is what? It's available if it's cheap. It's fucking stranded. It's stranded power a lot of the time. In some way or another. Oil and gas are the ones that are.

Sure. Right. But they have. That is the freest of energy. Yeah. The freest. That's why bitcoin mining really works right and the thing is that bitcoin mining as far as like you know the case we've made on the show and i think it's a good case for miners that it's uh demand responsive on a grid it helps you build out base you can turn the base uh you can turn the demand down when the grid needs more power, hot day, cold day,

emergencies, whatever, right? Great. The thing about these Bitcoin miners who are moving to HPC is that HPC is not demand response. It's if someone queues up, draw me a picture of 10 gorillas fighting over the same banana in the jungle. You can't just say, well, we're not doing it right now because there's an emergency and power supplies low to the facility because the grid wants us to scale back. No. If the token comes in, you got to produce. And so this is the other thing I don't get. Bitcoin miners have made the case for years that, oh, this is something that's going to be important for grid safety and grid stability. HPC is not like that. So these things to me, again, I've made this case before, not around those terms, but they're

going to be doing one or the other. And I see that CoreWeave is not in it for the mining from the chat there. I know. Well, I think there's a question here that miners need to answer. Are you going to be demand response and grid support, grid stability focused, which was the case in a lot of these pitch decks and a lot of these podcasts. This is something we can do for the grids. Pierre Rochard talking all the time about Riot and how they're good for the Texas grid. HPC is not the same animal. So what's the plan? You can't do both and you can't make the pitch to be one and then be the other. I'm again, waiting anxiously to see how these

things turn out in a year or two. As you said, maybe then you regret going the HPC route because it becomes oversaturated. Everyone realizes that these things can't even write essays at the grade 10 level. And Bitcoin mining becomes the sort of soup du jour again. But for now, we're waiting and seeing. We're seeing the things develop. We're waiting and seeing to see how things turn out. I think this really is more applicable to the publicly traded miners more than anything else

yeah yeah one that is privately held and well they can do whatever they want who cares exactly and if they if they want to just simply mine bitcoin you know it's it's their money they could do whatever they want with it so so the publicly traded miners what do they make up i think the last estimate i saw is around one-third of the overall hash rate. And I think that numbers will continually get smaller and smaller as more different companies and countries get involved with Bitcoin mining. Let's talk about Mara. I guess this last story we'll talk about before finishing off Bitcoin side. They're doing something for what they call diversification.

And what does this mean? They're going to be mining a shit coin, Joey. They're going to be mining a shit coin called Caspa. Never heard of this shit coin before the story. And I don't know too much about it. I didn't really care about reading it. But either way, Mara, remember, they're going to be sponsoring. They're one of the major sponsors of the Bitcoin in Name Only conference that's coming up soon.

They're one of the big sponsors there and according to this press release they've been looking at this shit coin since may 2023 that's when they started looking into particular potentially mining this and they initially started mining it in september of 2023 so they've been at this not just looking at it but they actually put their money where their mouth is and they bought the particular to mine this apparently it's a different type of mining equipment it's not simply you go to bitmain and get a s21 there's something else you need to do to mine caspa whatever they did they bought it and today today they said that they've mined 93 million caspa tokens worth around 15 million dollars where the fuck it is good luck on them but um why like i i don't know it just doesn't make sense but how's this how's here's the question right uh you we've given mara a bit of shit on the show for slipstream in the past right the

out-of-band transaction uh otc desk basically that they have there. And now we're giving them shit for Casper. Is this better or worse than moving some of your resources to HPC? Isn't it kind of the equivalent of it? Pragmatically it's the same. I think it's the same. Yeah. I think it's the same. You're chasing profits that are not named Bitcoin. Yeah, exactly. And I think a lot of people have been getting shit for that. Uh, like I said, rightfully so in some cases. And I think, I don't know how long that model is going to work for, but I would say that for now, I can't really fault them for this because they're trying to keep up with HPC. They're trying to find new revenue streams.

This is why, you know, a lot of miners did Ethereum and Bitcoin when Ethereum was proof of work. And I think that you're going to find more miners start to dabble in this other shit and again like there you said it earlier public miners have to make money and their shareholders don't care about network hash rate and network security and ethos they care about the bottom line and if casp was going to get in there they'll do it you know or whatever the shit coin is who knows this is not going to be the first story like or not going to get in there, they'll do it. Or whatever the shitcoin is. Who knows? This is not going to be the first story, or not going to be the last story we hear like this. You know what they should do? I just came to this realization.

They should liquidate everything and purchase Bitcoin. If you look at MetaPlanet, the price of the company went up after they bought some Bitcoin. They should sell all the ASICs they have, just buy Bitcoin and just dilute, dilute, dilute. It's a strategy that works, at least for now.

But it probably won't for very long. That's it. Come back. Stay here. We're going to the notable stories. Then you guys can get back to your Coors Lights on the beach. Stay here if you're on video, if you're on audio. See you tomorrow.

Yeah, don't be a cock. Are you a fan of the old school NHL 94 game on the Genesis or SNES? Why not check out my show, the NHL 94 podcast from tournaments and tactics to the people who make up this community. Check it out wherever you listen to podcasts or find it on YouTube.