The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #176 (Bitcoin News Stories) - Markets Rolling Over, Rate Expectations, Turmoil Overseas

Episode Date: August 13, 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. D-Central Technologies - https://d-central.tech/ Your home for all things mining! Whether you need a new unit, a unit repaired, some support with software, or you want to start your own wife-friendly home mining operation, the guys at D-Central Tech are ready to help. With industry leading knowledge and expertise, let the D-Central team help you get started mining the hardest money on Earth.

Friends and enemies, welcome back to the Canadian Bitcoiners podcast, the mighty, mighty CBP. My name is Joey. That's Len. Abbreviated show tonight because Elon and Donald decided they're going to schedule over us at eight o'clock. So we are going to tear through as much quality Bitcoin content as we can and give you the exciting hour and change that you're accustomed to. Buddy, what's going on over there?

How the heck are you? Great to see you. Good. Yeah, everything's great, Joey. It's going to be, like you said, an abbreviated episode. I'm not sure what we're going to be cutting today, but there's going on over there how the heck are you great to see you good yeah everything's great joey it's gonna be like you said an abbreviated episode i'm not sure what we're gonna be cutting today but there's gonna be something that's gonna be lost unfortunately whatever it is what it is how are you joey i'm great and no complaints let's uh not drag this out too long housekeeping from last week had kevin muir on the show awesome awesome show uh i saw we usually do

like i don't know a thousand or two thousand plays on twitter uh over the several accounts or whatever and uh i noticed that just the cpp account had uh close to five thousand views on that kevin muir interview so i appreciate you guys watching that it was really a lot of fun talking to him and he had some very kind words for us and the show afterward. As always, we try and be professional, even when people may disagree with our points of view and Kev,

you know, it was really great to go a little longer than we had scheduled, even though I didn't get to stretch for football, but we'll save that story for another time this week, more births. And I'm going to be talking tomorrow night. Len, he was just retweeted by Elon Musk yesterday.

Yeah. Yesterday, this fella, wow. and I are going to be talking tomorrow night. Len, he was just retweeted by Elon Musk yesterday, this fella. Wow. That's some stuff related to declining birth rates in the Western world. So we're going to have a nice conversation geared on Canada, geared toward Canada, centered on Canada, because he's got some good research and some thoughts

on what's gone wrong here in the great white north. Tonight, as always, three sponsors. Easy DNS, the presenting sponsor of cbp uh mark has been a great friend to the show and actually i had lunch with him today on a separate uh on a on a separate endeavor that um i'm forcing him into that i won't mention here but uh good to see him as always and uh you know no matter what you're doing when it comes to dns mark is your guy he's a friendly neighborhood registrar, security focused, easy to use, best prices, best service in the game. There ain't anybody in the same realm, no one in the ballpark.

Whether you want to do registrar stuff, so you want to get a website, buy a domain, bring a domain over, Mark will help you with that. Whether you want to do virtual private server stuff, Nostra Relays, Bitcoin nodes, the like, or other stuff, Mark is always the guy to go to. He's helped us with a lot over the years and he'll help you too. So if you want to go pay him a visit, CBP Media is the code. Get a discount, half off, whatever you buy your first round.

And make sure you tell him we sent you and say hi to him in the chat and all those good things. He's probably going to be in the chat tonight, although I'm not sure he mentioned that he has some stuff going on. So, yeah, very happy to have a partner like him. Who else we got, Len? Bull Bitcoin.

Right? Bull's on the list, right? Of course they're on the list. Is Bull Bitcoin circling the drain like Swan? No. Are they selling shit coins like Coinbase? We could talk about what's going on with Swan later on, at least the rumors.

Maybe not. Either way, Bull Bitcoin. Let's focus on with swan later on at least the rumors maybe not either way bull bitcoin let's focus on bull bitcoin because that's where we're at so if you're in canada you want to buy bitcoin you want to sell bitcoin bull's got you covered because you could do that you can do that with lightning you do that with on chain look lightning is good when the fees are high on chain is good when fees are low fees are very low right now so my opinion i would say take advantage while they're low and continually buy and sell on chain but i wouldn't really sell that's my opinion but do what you gotta do this is your bitcoin you could do whatever you want lots of different things you could do over there

and i'm not going to be leaving for vm that's the rumor no definitely not the rumor right pull bitcoin let's talk about them so you could start paying your bills with your bitcoin so you have bought a lot of Bitcoin over the years. You have a big stack, small stack, whatever the heck you have. But you want to use that. Well, one way you could use that, Bull Bitcoin could say, well, you could pay your bills with your Bitcoin. So you have, say, an electricity bill you want to pay or car payment, whatever. You could then facilitate that payment with Bull Bitcoin and use your Bitcoin for the payment.

That's really cool stuff. You could also buy gift cards with full Bitcoin. And what would you do with that? Well, you could just start spending your Bitcoin, quote unquote, in the real world. It's hard to spend it right now, Bitcoin in the real world directly, but this is one way you could do it indirectly.

So you could buy like a Home Depot gift card or whatever. So that's one way you can start spending your Bitcoin. If you haven't opened an account, do that. Promo code is below. I know there's been people buying, one person in particular bought a crapload this past week 50k 50k i tweeted it i tweeted it out i said listen we can't see who bought it but i can see the size of the buys that's a big buy if you want to come if you want to come on the show you know open yeah open what i that goes to show you people are bullish on bull bitcoin and people are bullish

on bitcoin so yeah check it out great place to buy your bitcoin sell it a lot of different things you can do there 100 percent decentral tech final sponsor i added the text to the show latin did you see the description of the show i added the decentral text no i did not i basically just went to their website and looked at... Copy and paste. I hope you don't mind. Look, there's a lot going on in Bitcoin mining. We talk on this show all the time about how there's certain things you can do as a Bitcoiner to become part of the network. One is running a node. Of course, I don't do that. I'm an idiot. One is mining. And mining

has become this thing that's been completely industrialized and professionalized, and it's all suits and power purchase agreements and la, la, la, la. Look, it doesn't have to be this way, man. You can get a miner from Jonathan and the Decentral guys, the bid acts. This thing is incredible. Open source, hardware, software, put brains on it, point it to whatever pool you want, have fun with it, impress your wife, impress your friends. Your Tinder date is going to love when you bring her back to your home, apartment, whatever, and she sees the bid ax. She'll be texting your friends right away. Oh my goodness, he's got a bid ax. He's hashing this guy. Not only that, but if you want to get something a little more heavy duty with some more firepower, they got your back there too. You need to repair a board on a miner you have, they got your back. They even do hosting. It's not the focus of their service, but they'll help you with that too. The best in the business, like all our sponsors, the best in the business,

go to Decentral Tech, start your home mining journey today. haven't bought one yet i'm waiting for the hex when the hex comes out and i will both buy one you did the hex with the s21 chip you mean yes there's a hex right now with s19 chips the brand new one okay i'm ready i'm gonna put it up in my house i already told my wife she doesn't care i explained to her her that a small miner, a bid axe, hit a block. Was that two weeks ago? Three weeks ago now? Something like that? Something like that.

You know, she won't even notice if you have it just plugged in somewhere. It's so cool. My bid axe is going to be so small, she won't even notice it. And I'll tell you, Len, there's something to be said about that phrase. But anyway, yeah, Dave Bradley in the chat saying the same thing. Listen, we got the best sponsors. Go patronize them. Spend your hard-earned money with these guys. I mean, yeah, Dave Bradley in the, in the chat saying the same thing. Listen, we got the best sponsors. Go patronize them. Spend your hard-earned money with these guys.

I mean, shit we do. And you know, so far it's been good for us. It'll be good for you too. We wouldn't steer you wrong. Okay. Where do you want to start?

We got lots. I got, you know, the bird, he sends in two different boosts, each 500 stats. And this is with respect to your interview you did last week. So the first one he writes is always a good show.

And the second one he says, great show. I'm going to check out his show out. Yeah. Nice to hear differing perspectives. I like Margaret Huddle. The only perspective he has that's different than the one we have on this show is that Bitcoin is not going to work. And he gives some, you know, there's, again,

guys in the traditional financial space have concerns that I think are framed by their time in the traditional finance space. I disagree with Kev on some of the things he's concerned about in Bitcoin. But if you listen to that hour and 20 minutes, you're going to be nodding your head an awful lot. And he's got some great perspective on stuff

like what's going on in Japan, on stuff like what's going on in Japan, on stuff like what's going on here with Canada and the dollar, housing, why or how Tiff Macklem missed so many different things. It was a really good interview. And he doesn't pull his punches. Why? Because he doesn't need to. He's working for himself. He's earning his own money. He doesn't report to any god. So he's very, very sharp. And I recommend people listen to The Market Huddle. I think it's a good show.

If you like the way me and Len talk to each other, you will like the way that Kevin and Patrick talk to each other. They're very good friends, the same way we are. And it shows in the content. So yeah, I'm glad you enjoyed it. Hope you check them out. DoomDemasm, 521Sats. Thank you for your time.

If only most listeners would throw a loony or two your way thank you you're welcome i appreciate your time the bike sorry the bitcoin viking 1000 sats this is a good one joy he says i'm a manager at a unionized food manufacturing plant and we have used foreign workers. We have a big quote unquote now hiring sign out front for four years and we'll hire pretty much anyone that walks in, but nobody seems to want physical labor jobs. When locals actually show up for their interview, go through all the training, half of them just ghost the next shift never to be heard from again believe me it's easier to use locals than to navigate government

programs but they need to show up yeah that is interesting that's something we didn't take into consideration maybe some things people just don't want to do which is too bad the expectation is tied to a couple things right everyone is trying to keep up with the joneses thanks to stuff like these uh lenna's gonna switch his laundry he told me he's gonna do that uh thanks to these like you know day in the life tiktok videos of like the 22 year old project manager that just fucking sits on the rooftop and eats free oatmeal all day before heading to yoga and going home to her you know soy boy husband or boyfriend fake djing in the kitchen for their tiny dog that can be

killed by a mousetrap. Thanks to videos like that. Everyone thinks they deserve this sort of laptop jockey life. First of all, you may not even want that. Second of all, that's not the first step in your working journey ever, ever, ever, ever. So to expect that I think is wrong. And I, you know, you're right. I think that, uh, I think a lot of people need to start showing up, not just for jobs, but in general, you know, the, the phrase, uh, you know, half of, uh, success is showing up really, you know, has sort of disappeared from the modern day vernacular, but it should be making a comeback in my opinion.

Shirtless summer, 2100 sets. Nice. Great. Another one for you, Joey. Some sats forey's heart meds his heart rate was thumping when talking about companies filing sorry filling jobs that they can't find canadians for don't worry though the next politician will fix this don't be a jamming on us joey we need you don't be a jamming what's that like having a heart attack no i'm not gonna be any i'm not gonna get coincidenced i only got two vaccine shots anyway so um yeah lens shade lens nodding away he's like yeah there goes he's watching the monetization fly out the window no uh whatever any other uh boost or is that it that's the five thank you so much guys i have two spots left in the cbp fantasy football league if you want them, text me, message me, whatever.

No one has my phone number. If you have my phone number somehow and you text me, you would get a spot. But I would assume that most people just DM. Hit me up. I put it in our Discord, the CBP Discord, which you should all be in. So if you want, join that. The link is there. And I'm taking the next two people. 50 Ksats to play, 12 teams, half PPR.

Draft is at the end of August. See you there. Let's go. Where are we starting? One last thing. I just want to say a big thanks to Tom Karadzaj. I was there at his office helping out one of his staff members with a cold card issue.

Just want to give a shout-out to Tom. Not to Nick because he's still in Croatia. I didn't see him, so I can't say very much. But he's still a cool dude. So shout-out to Nick as well, although I didn't. I actually forgot. I'll be on that show on Friday. I'm going to go to Oak go to oakville on friday to record an episode with them so that'll be fun very good yeah nick's back he wasn't when i was there last week i mean tom messaged me so

i don't know i don't have actually i do have nick's number but um yeah there you go yeah to uh to boomers question are we doing a live draft yes we're doing a live draft we may even stream it i don't know i haven't decided yet no way it's streaming i have all the fun and everything that goes along with it no cuts you know just fucking do it live anyways let's talk about what's going on in the bitcoin world oh yeah all right a couple weeks back we talked about marathon buying up 100 million dollars worth of bitcoin and they also mentioned that they're going to be invoking a new hodl strategy for almost all the bitcoin or nearly all the Bitcoin that they mine moving forward. Well, today they announced they're going to be borrowing 250 million more dollars.

And this is going to be used for what they say primarily to acquire Bitcoin and for general corporate purposes. So it's very much the same jargon that was from the last time from that hundred million dollars to now this 250 million dollar purchase this is a massive buy this is mstr strategy but it's being played out by a publicly traded miner yeah and is the question really remains then is look the price of bitcoin is what 60k ish give or take 59 so is this a gamble a good strategy a recipe for disaster like is it what is it right now is one thing when micro strategy did it when bitcoin was you know depressed but then again you know hindsight is 2020 at the time who knows what would happen to the price of bitcoin but now these guys are buying bitcoin a

lot of it when the price is around say sixty thousand dollars i'm not saying that things are going to go wrong but let's look at what happened in the past core scientific for instance they leveraged themselves up to the tits and that was done in a cheap rate environment that was cheap that we had at that time soon after that cheap that was no longer cheap and they file for chapter 11 so i'm not saying that's going to happen here with marathon if anything i suspect debt will likely become cheaper moving forward so there's a chance they could potentially even refinance the existing debt that they announced for more favorable terms in the future so that's a

possibility but you know there's always an element of risk when you're taking on debt in this case look they're using that to buy bitcoin that's even more of a risk but either way i'm wondering why they chose this method taking on debt rather than dilution it seems like dilution may be the least risky method moving forward it might piss off a lot of investors but in terms of having things go sideways it seems like that's less likely going to happen with dilution but then i'm looking at you know through my eyes in the basement so i'm not seeing the whole picture here maybe you want to add some flavor to this joey uh i don't know look there's a lot a lot of companies have embraced this buy bitcoin thing

uh over the last what two years it started with bit farms they were the first to do it they they call this their synthetic hodl strategy uh it's not the same as what mara or marathon is doing but it's basically this idea that you can get bitcoin for cheaper by buying it either through equity dilution or taking a loan. These guys did out the money, or sorry, these guys did a debt offering to get this. I don't know, Len, do you think that there's something to be said for these guys just trying to acquire as much right now as possible in terms of their predictive power? BitFarms did it. These guys are doing it. You have a couple of companies doing it,str meta planet uh there's one other one that was kicking around a little while ago similar

scientific exactly yeah and there's one other i forget it defy technologies defy there's a bunch right and so these guys are all buying buying buying uh you know maybe there's a change in legislation on the horizon i think a lot of this is also a bet that Trump wins in November. There's that to consider. It's a bet on global instability continuing to accelerate. I think there's something to be said for that. There's all sorts of angles you could take on this as to why you'd want it now, even at what could be, I don't want to say apocalyptic cost down the road, but it has been apocalyptic

in the past for certain publicly traded companies, as you mentioned. I don't want to say, you know, apocalyptic cost down the road, but it has been apocalyptic in the past for certain publicly traded companies, as you mentioned. I just think that it's a bet on the next six months, really having a lot of Bitcoin tailwinds as opposed to headwinds. And, you know, I don't love it. I don't hate it. I don't have a marathon stock position, so I don't really care, but it's a data point for people who are buying Bitcoin and people who are buying these companies. Here's what these guys are doing. Here's why. Now, here's a question for you. How would you feel if they told you that we've been doing Slipstream for five months, six months, whatever it's been, out-of-band transactions, and we're taking all the money

we've made on out-of-band transactions and we're buying Bitcoin with it? Now, there's something they should be doing as opposed to whatever this debt offering is. Maybe they're doing both. I don't know. I think so. If they're borrowing money in order to do this, I'm assuming then the money that they're getting from Slipstream is being funneled into one way or another buying some Bitcoin as well, or at least keeping the lights on, which helps them, in this case, borrow the money to buy Bitcoin. So indirectly, Slipstream may be helping them get more Bitcoin. I actually put Mark's comment up there, but I do want to mention it. I said the Bitfarm synthetic hodl thing.

For people who didn't watch the episode with Jeff Lucas, we talked about the synthetic hodl. It's them hodling what they mine, buying, and then also using options to hedge. So they're not quite the same as just buy hold or dilute buy whatever they have some stuff on the back end too that jeff went into detail on so you can go back and watch that episode if you want to learn more and you know that they reported a 27 million dollar loss i'm talking about bit farms in q2 2024 just came out so it's just you know that they're it's every

month is not sorry every quarter is another big loss and and that's significant. And on top of that, we didn't talk about it, but I had in my notes a few weeks back that Riot now has, I think, more than 15% of all the shares of BitFarms. They passed that some time ago. So what's going to happen? You were saying behind the scenes that there could be – I don't want to put words in your mouth, but it's a poison pill situation there is a poison pill provision jeff talked about that too that they'll dilute shareholders uh to get that percentage down so there you go that's there's a they're not they

are not going to give up their operation to riot under any circumstances and why should they you know i it's not that i don't like the guys right like pierre obviously he's been on the show i think pierre's a top five bitcoiner honestly um but it's just it's not an option for them they're not going to give it up and so that that poison pill provision is in there there's a name for it a technical term as well but it's generally referred to as a poison pill yeah why would they why would they give it up that's a that's a company they've they've built an entire like a huge brand around that company and ben has built a brand around himself and around that company and now he's the ceo i mean bullish i guess that's that's what i would say i'm not buying

nor do i recommend that anyone else buy in fact i don't recommend anyone do anything i never give advice on this program but uh just definitely not financial advice yeah relationship advice yes weightlifting advice yes uh financial like it's no no no maybe picking the right pick for fantasy football advice yes yeah an entire show if you're on this stream and you want to see another fantasy football review please let me know because i'm i'm talking to adam azar from cbs he's a big fish pat mayo was a big fish last year this guy's an even bigger fish and i think with just a couple of tweets from you guys we could probably get him to sit down with us for 45 minutes and talk some football anyway go to the next story what else we got so talk about madden no no we'll talk about clean spark this is a potential example as to why one would want to

stay away from this particular company but this is just you know my opinion just you know more tongue-in-cheek more than anything else uh i'm going to preface that this is always solely for fun there's not, not financial advice. This is all satire, blah, blah, blah. Take this as entertainment value. But with that out of the way, CleanSpark, they've been doing the right thing for a very long time, right? Like they didn't leverage themselves up like other companies did in pre-2022.

CleanSpark remained calm during that time. They waited. They bought equipment when the market was depressed. They expanded at a fraction of the cost that others did. So you look at that, and they did the right thing all along. And we talked at length what's going to be moving forward with these pure Bitcoin miners, especially the publicly traded ones. But CleanSpark now may finally have a blemish on the record and it may have taken all

this time before they finally get here and i'll explain why a person by the name of penny ether on x did some analysis on the latest quarter that was reported this is a great account by the way if you're not following this we've talked about this account in the past a few times without even really knowing and so this person created so i did did some analysis on CleanSpark on their latest quarter. And it was reported that, you know, comparing to the previous quarters, expenses are up and they're up considerably. And this could be attributed to some major purchases, perhaps. And I can talk about that in a moment. But they did mention they have a lot of older equipment and that it's less efficient.

They'll be taking offline. So I assume they're going to be selling that and recouping the cost so that's actually a good thing hash rate for clean spark is increasing they added another one extra hash in the month of july that's very good but they have a lot of newer equipment they say and i assume this is going to be s21s it's going to be plugged in so all this is rather good but i think the golden touch has finally come to an end because one of the expenses that is being reported is that they bought a jet, a private jet, Joey. Right? Like a fucking jet. Like what the fuck does a Bitcoin miner have to do with a private jet?

Like $11 million. Maybe, and I'm trying to give them some leeway here. Maybe it's a way to get technicians from a to b quicker because they have locations throughout the united states georgia new york uh mississippi and wyoming so they're geographically that's pretty spread out so maybe there's a case to have a private jet that sends technicians from a to g a to b and it's going to be like much cheaper to do it but i don't know man something doesn't smell right with the sniff test here like a private jet like i don't know hopefully they're

doing the right thing and you're not using this thing for joy rides and you're taking advantage of all the perks that come along with owning a company but fuck man why does they why did they need a private jet like great question you were a shareholder you fucking paid for them to get one are you happy with that maintaining it you know fueling it flying it that's not great is it i i personally don't unless they're mining with it somehow they're using this i don't know how they would they would use it but you know what i mean like it just it to me it just doesn't make sense and i don't know maybe they're using it in a way that it works for them i'm gonna give them the benefit of doubt here i'd love to hear why but until then again i'm scratching this thing i sniffing and it doesn't smell fucking good at all

and i think they finally got a blemish in the record which is too bad well i mean the thing to i think keep in mind is do you trust a company who is in an industry that you must be lean in, must be properly allocating capital in, must be focused on efficiencies in? Do you trust that company after they buy a jet to do all those things properly and put shareholders first? I don't know it's possible that there's some rationale for this as you mentioned um but it's pretty damning like the penny ether review is not great and the jet thing is not great either you and i have spoken over the years especially in the last like six months honestly len about how mining is the kiss of death for companies that are not squarely focused on being as efficiently ruthless in that industry as possible we've seen what happened to swan uh there's clear m&a happening all over the place guys like companies who had huge first mover advantages are being

upended by companies that are a little smaller a little more agile a little more focused think about hut think about marathon think about Core, all these companies, right? And there's competition now that just didn't exist before because people are realizing that there's a lot more to mining than just being able to rack and stack S21s and go from there. And I want to hear an explanation. We've had Matt Schultz on the program before. It was a good interview. We were a year ago or two years ago now. I think he's a competent CEO. I think he's a good guy too, to be honest with you.

I just want to know why the jet. The thing about Penny Ether is that it's a big enough account that he's probably going to see those tweets. Do you have to respond to that? I don't know. You're kind of living in a world where you're constantly in the press arena in Bitcoin, whether you have to respond to that? I don't know. You're kind of living in a world where you're constantly in the press arena in Bitcoin, whether you want to be or not.

And Penny Ether is making a couple of good points here and asking some good questions. Why did you spend this money when your, you know, your bottom line doesn't look that great? What's the rationale here? We got to know, especially for shareholders. This is why, like, I don't know. I think you and me both held positions in minors when we were starting the show but i don't hold any now i don't think you hold any now no yeah so like i don't know why i still have a hard time understanding why you'd buy the stock

and i asked jeff from bit farms that and i i he answered as you know as best as he could i don't think he gave me any spin i don't know if i agree with his answer, but I would love for someone to tell me why. If you need high beta, why not just buy Bitcoin or buy Nvidia or buy Meta or buy whatever? If that's what you want, you're much less at risk. You're much less exposed to these types of things in those companies than you are here. The thing about trillion dollar market cap companies is you can absorb mistakes with cash, but you can't absorb mistakes with cash in Bitcoin mining. In fact, one mistake could knock you out. It's just that ruthless. And as we talked about before, what you're going to see over the next year is a lot of people getting into Bitcoin mining at the nation state level, I think, at the energy producer level.

These small third world countries are going to start getting it. These are entities you don't want to be competing with and having a jet on your balance sheet. It's not a great idea to be doing this. And I think EOS shareholders an answer, quite frankly. Yeah, I totally agree with you there. And that's why i'm giving them the benefit down in terms of them providing an explanation as to why it is they bought it and in what purpose and how it's going to be advancing their company moving forward but like i said man the sniff test just it's it reeks unfortunately indeed dean's d in the chat saying the same thing people want to outperform bitcoin any way they can and it's just they everyone has a favorite derivative but they

just they don't they never work like you know they might work in a month or a year but five years they don't work they just like gambling work yeah it's like you go to the casino you might win once playing poker or blackjack whatever but in the long run the house will always win agreed when we're gonna get the private jet boom dust is asking do yeah i don't know is there any on facebook marketplace my youtube shorts algo has this old man an old man he's probably in his 50s or 60s sharp dress guy who sells private jets i skip i skip a lot of youtube shorts no i usually i usually watch this guys yeah i think they're pretty good he's pretty um he does a good job explaining why and what and how you know private jet sales go pretty neat well you have to go in second maybe that shitty one that they had in major league the cleveland indians jet you think it's open it maybe if

it's still airworthy like it's still we can still fly it maybe we can get a puddle jumper can't we like doesn't boeing have some dead stock i mean they had a pretty rough year don't they have a couple of planes they uh don't they can fly i don't know if they could maintain flight that's the problem we don't need to fly i listen you never said we got to fly in the jet we just need to own the jet i thought that was oh that's that's actually very good very good point could you own the jet yeah yeah all right linkedin joey linkedin so not sure if you heard about this but they're being naughty lately because the first story i came across this this past week was ben justman and you had a chat with him not too long ago about great guy yeah uh pioni lane i think is the name of it either way

i may have mispronounced it well he posted an annex that linkedin removed all his posts that he made about Bitcoin and wine. And he's not the only one noticing this as well. Others are noting the same thing. Post after post about Bitcoin, they're being deleted because it goes against the professional community guidelines as per LinkedIn. I don't understand. The only thing you can say on LinkedIn is how you just gave a homeless guy a penny and here's 50 things it taught you about starting a SaaS business. I fucking hate

LinkedIn. Anyway, go ahead. Continue. Francis from Bull Bitcoin even was saying that Bull Bitcoin has been banned from both LinkedIn and Facebook for what they call arbitrary reasons for promoting their product. Hold on. I got to stop you right here.

Do you see this comment from Twitter? We can't reply to the Twitter comment, but i know you're listening v god bless you buddy that's that's a great great comment i'm glad that uh we were able to help and that we contributed something for you guys that's fantastic so yeah going back to linkedin they're owned by microsoft right like microsoft purchased linked LinkedIn not too long ago. Are they? That's the last I remember, yeah. And Microsoft was one of the first companies out there

that enabled Bitcoin purchases. They were years ago, they allowed people to pay for subscription services like Xbox Live or whatever at the time with Bitcoin. So they at least had knowledge of it they had exposure and they were kind of favorable to it to allow you know accepting it they were on the big first vendors to allow it so something is strange here that they would just arbitrarily go ahead and start banning bitcoin posts this is 2024 it's not 2017 right think of everything that's

transpired in the past never mind the past few years even just this year now you you have etfs that were approved they're not trying to say that that's a good thing that people should invest their money in but look if traditional finance is looking at bitcoin if a future potential future president is talking about bitcoin there's a lot here and that doesn't make sense to me why linkedin just decided to turn their back on bitcoin and say hey we're gonna start deleting all these posts it's kind of bullshit if you ask me i don't understand i don't know what to make of this pablo from bill bitcoin in the chat they're back on linkedin but they stripped all of our followers but they are quote working on it listen linkedin microsoft microsoft's an arm of the government at this point, right? I'm pretty

sure. Teams is malware. Windows is malware, even though I'm on Windows everywhere I look here. I don't know why we expect any of these guys to care about freedom, whether it's of speech or of money at all. They will never care about these things. And one of the reasons they're not going to care about these things is because it's detrimental to not only their bottom line, but their ability to control the narrative. And as an arm of the government, that is your primary responsibility these days. I don't know if you noticed today, Len, but there's an interview between Elon Musk and a presidential candidate that shall not be named on this program lest we get censored. The European Union is writing Elon Musk saying that they need to censor that conversation to avoid misinformation, disinformation. These people fucking hate you. And they hate you because you're learning that everything you see on TV isn't real. And they're going to do whatever it takes to make sure that you don't see any

opposing viewpoints or alternative options when it comes to freedom of speech, when it comes to official narrative, and sure as shit when it comes to money. And the more that the Bitcoin message gets out, the more people embrace it. Like we've talked about before, not everyone goes from fiat to Bitcoin, but nobody goes from Bitcoin back to fiat. Nobody. And that's something that I think really worries the powers that be. And to pretend this is anything else, like a mistake, blah, blah, blah, I don't buy it. I just don't buy it. The same way I don't buy that Google doesn't manipulate the algorithm, the same way I don't buy that Facebook doesn't downregulate things that are controversial during election season, the same way I don't buy that Russia is behind every boogeyman and negative outcome for the the democratic party the last eight years i just don't fucking buy it why should i why should anybody believe these guys just forget it get listen

pablo bull bitcoin i don't know what you guys doing on linkedin i don't know if you have to have linkedin but i just add in facebook by the way it was not just simply linkedin i know this is a linkedin facebook there you go you, like it's everywhere. It's everywhere. These guys, they effing hate you. And the more that you give them your business and engage with them on equal footing, oh, something happened to my account. They know what happened to your account. They know. They don't care. And the only way you're going to get, you know, you're ever going to be on equal footing with them and you know truly equal footing with them is to have them uh disrupted by by sound money we're on that path

but there's going to be bumps along the way right exactly yep celsius yeah about them again because they're going down did you look at the show dms on this i haven't looked at them yet should i pull them up do we want to pull them up what do you mean to show dms someone who wrote us last week during the show uh i saw oh yeah he wrote us an email narwhal tacos an email okay and he even mentioned we could say his name on so yeah so i it's a really cool email he talks about it talks about his uh situation what he went through and but he's not like this is different to what he's going through this is they're suing people for people that were taking their money off celsius before it went tits up this one here they're going after tether and tether is now

receiving end of a lawsuit and it's all for a totally different reason celsius is looking to recoup some 3.5 billion dollars due to misappropriation of assets and the claim is that the amount will make celsius whole and cover the bitcoin and that tether took off the exchange as well as damages of legal fees so anyways this is fucking bullshit because i'm not a tether sit right like i don't give a shit about tether and they don't really give a fuck about them they could you know truthers i don't give a fuck but personally i think they found the cheat code here like you know they're using dollars to buy up that and use that perceived by bitcoin rinse and repeat until something happens but with respect to celsius shame on them for this bullshit not only for going after plebs but i happens but with respect to celsius shame on

them for this bullshit not only for going after plebs but i think for this one because celsius is suing in the amount of a little over 50 57 000 btc or the current market dollar equivalent plus damages and legal fees the gist of this is that tether loaned Celsius some US dollar Tether. And this took place during the bankruptcy stage of Celsius. And the collateral that Tether got in return for lending out the USDT was Bitcoin. So as the Bitcoin dropped in price, because it did afterwards, more collateral was required by Celsius as per the agreement and Celsius is making the claims that they were liquidated at the price point that almost exactly covered a debt without giving it an opportunity to provide additional collateral I don't know how

they had all this money associated all this bitcoin all this everything they were in a bankruptcy situation they weren't able to meet all their obligations now they're going after tether tether has the ability to lawyer up it's not like a pleb that if they get something like this it fucking sucks because they're up against celsius who probably has quite a big legal team behind them tether is going to fucking get a legal team that's going to dwarf celsius it's not going to be jackie from seinfeld representing tether no jackie charles is not going to be part of this so i don't know why they're going like it seems like they're throwing shit on a wall seeing what sticks and then getting whatever they can and using that as a way to pay off their creditors moving forward celsius has

been shitty for years but now it just gets even more shitty the fact that they went bankrupt is pretty fucking bad but now to fucking throw a lawsuit after lawsuit so these i would say are frivolous in my opinion they try to just strike it gold come on guys like i don't know who's giving them legal advice but it's i think they're just barking up the wrong tree over here i don't know i know narwhal said we could share some of this i'm hesitant to share like i have the email up here but i think it's relevant to this tether celsius suit but i'll share it um his story is similar to a whole bunch of others though in terms of yeah the point the point though is in the last paragraph i think there's some value there for what you've been saying uh in the last you know a few minutes uh one of the large legal

um entities that's involved in this is known for involving themselves in large legal situations in a predatory fashion i don't know which entity i I don't know what that means, but for another person in the legal industry to say that about a certain company tells you that maybe there's, like you said, kind of a try everything, see what sticks and try and get back as many assets as you can. It sounds like in Tether's case, they will not be so lucky. And Paolo, the CEO of Tether, Paolo Ardino, whatever his last name is, who i would love to have on this show i should i should really try and make that happen uh you know one degree away from him i i know yeah yeah of course no we definitely are um i would love to get him on and what i would ask him is you know how how are

how do you guys view something like this where you're being painted as a bad guy? It was trendy for a long time to paint them as a bad guy. And if I had to guess, Len, I would say that somewhere in the annals of the Celsius legal strategy shack, there's someone who says, no one likes Tether. We should try and get money from them and paint them as an evil entity in this whole thing. And it'll be a PR hit that they won't want, and they'll settle out of court. I don't think that's actually true anymore. Did you see the tweet by Paolo on Twitter? No, what did he say?

So he was basically defending their actions, and they're not going to fucking settle. Of course not. They're going to fucking take this to court. Of course they should. And they're going to crush them. And again, I'm not a tether sip. I don't give a fuck about them, but just looking at the reality,

justice is justice, and these guys deserve justice to be served. Yeah. I don't think – listen, they're like two years, maybe more, late in terms of being able to get Tether to bend the knee. And they ain't bending the knee on this one, and nor should they. I think they should. If Tether, you know what Tether should do, honestly? Tether should front the legal fee for,

as Narwhal's saying, the 2,500 people that received the same summons he did. They should front the legal fee for all of them and say, you're not going to get away with this. We're not going to allow this to happen. That would be an incredible PR move. I think I would love for them to do it. I don't have the money to

do any of this stuff, so what do I know? We just don't buy the jet. If we skip on the jet and just do some legal support instead, yeah, maybe. If you guys would donate more than 500 sats and a fucking boost, maybe we could support somebody. For now, all we can afford is Jackie. We can only get Jackie. Vinny Boombbox is also available too yeah vinnie boombox that's

his doctor though that's rodney dangerfield's doctor not his lawyer is it yeah yeah who's his lawyer did he mention i don't know i don't know my dad used to say vinnie boombox all the time and i heard it in an instagram thing for dangerfield a little while ago i meant to message him that the jigs up the jigs up fox they broke a story that the democrats they're launching a new campaign called crypto for harris cool yeah and the goal of this is to provide some counterplay to donald trump because you know his recent discussions about bitcoin and all that stuff but to launch this campaign they're going to be holding a virtual town hall sometime this week joey and one of the guest speakers includes mark cuban so all right let's keep moving on to this story because there's a person by the name of jonathan

padilla and he's a ceo of web3 marketing firm snickerdoodle. Great. And he's one of the people behind the group that's the crypto for Harris. And he says, the United States must continue to be a leader in blockchain and crypto. And groups for crypto for Harris are working hard to ensure. What an idiot. What an idiot. To quote the great Kevin Muir, people who say blockchain technology are some of the biggest douchebags on the planet. And Kev was spot on there there he said that unprompted like this is a guy whether he agrees on bitcoin or not he at least understands that these other blockchain guys are con men just well this is a shit point thing right we have uh this web3 dude talking about blockchain

we have mark cuban it's yeah either way uh kamala Harris, she's putting a couple of new folks, or she has put a couple of new folks on her campaign team, one being by the name of David Palouf. He was on the advisory board for finance. Yes. Yep. And another by the name of Gene Sperling. I wonder if there's any relation to Cy.

This is a former board member of ripple cool batting a thousand just let's get packy mccormick on that fucking panel too and then we'll really be shooting for the moon there the bankless guys let's yeah let's get hoffman and uh what's the other guy's name i forget i have no fucking clue sean sean Adams? Sean Ryan Adams or something like that? Sean Hoffman? David Ryan Adams? Yeah. Even with all this, they're getting into this.

It looks like shit coins all around. Fuck, I wonder what Elizabeth Warren is saying about all this. She's got to be just absolutely frothing at the mouth. I know. A hundred percent. And we haven't heard from her, at least within the realm of bitcoin twitter no for quite some time she's been very she's been silent with respect to this she's probably doing other things but yeah man anyways you want to talk any more about this or what is there what

is there to say i have nothing to say i just have these people are are slurred in the absolute worst way they don't get it i will say though it's funny that trump for all the kind of crypto and whatnot he slipped into the bitcoin magazine speech uh his team you know they seem to be at least keen to the bitcoin message i will say that the trump crypto mega token shit that his kids are pushing like the most cringe dumbest thing you could do you will for sure lose votes and money doing that uh but it's better than web 3 and blockchain technology and all these things that these other people are talking about like oh man the they've done a few rounds of nfts the trump kids uh trump in general yeah the mega clan or whatever right stupid oh wait can i say clan and mega i'm probably gonna get on some kind of hate watch list but anyway so remember i think it got you like a dinner date or something with donald trump if you bought one or there was a chance to win a dinner like

there was something alongside what would you talk about on a dinner date with donald trump i have golf i'm guessing i don't know yeah you see hit the pin on a 183-foot par 3 yesterday or something? Well, that's Kim Il-Jong's territory. If you guys remember, that guy and his father. He shot 17 on an 18-hole course. It was incredible. Witnessed by many people. This is incredible stuff.

Anyways, MSTR, I'm not sure you know. They had a stock split recently. Yeah, 10 to 1. I 10x my position in MSTR. It's just like that. That's pretty fucking good. This isn't the first stock split this company experienced in its history. In fact, this is the third time it's been done.

They had a 2 for 1 split back in january 2000 they had a one for ten reverse split in july 2002 now they have this to erase that altogether so in all there are three different splits took place in this history but it's possible but i don't buy into this theory that there may be a psychological impact for this split because the price, you know, is lowered or maybe unit bias amongst some retail investors. Yeah. And you know,

they look at this 140 rather than a $1,400. Oh, you know, I may want to buy this because it's much cheaper, but you know, this is a day of fractional share ownership, right? It's much more easily to get.

And I don't think that this is going to really impact retail investors all that much plus how much power do retail investors have in a market tons of power if you're talking about deep fucking values and gme yeah that's like a once in a lifetime occurrence right i don't think and mstr from what i understand is heavily shorted but i don't think to the same degree it was gME. But given the connection between MSTR and Bitcoin, I thought the story was notable in the end. So I'm not sure if you want to add anything to this. No, not really. Saylor continues to be, I think, a net positive for Bitcoin. I'm waiting to see what his Bitcoin development company does after this 10 to 1 stock split.

My guess is nothing sfa and uh you know until he actually shows me that he cares about bitcoin development you know um he's just he's just another equity like d said earlier another bitcoin derivative on the market although they're doing well like i i dca into mstr hold your tomatoes please um but uh you know i i think that generally you know what what what is there to say about this? It's a stock split. Like you said, there used to be uniplies, but now everyone has fractional. So I don't really – I don't understand exactly why you do these things, but whatever.

This is something for people with a higher pay grade than me. I just don't know. We need SB. Where's SB? We got to get SB. Yeah. He would make an awesome person to talk and give analysis as for the advantage how advantageous it is but anyways joey we're 45 minutes or so in let's end the bitcoin segment let's do some let's

do some notables thanks for stopping by uh if you're on video we're gonna go until trump and elon start so it's scheduled for eight but i don't think it's gonna actually start at eight i meant to pull up the uh feed in another uh window so i could keep an eye on it but uh yeah you're on start it's it starts at eight but i don't think they'll actually start until like a 10 or 8 15 so i think there's gonna be some like yeah i think we have i think we have more than 15 minutes but we'll see um anyway come back if you're on audio we'll see you tomorrow if you're on video stay here don't do anything len sign off don't be a cock