The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #181 (Bitcoin News Stories) - Assassins Go O-Fer, Australia Makes Bank Critiques Illegal, Gold Price Flying

Episode Date: September 17, 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.com⁠Discord: 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/cbp⁠⁠The 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 to the Canadian Bitcoiners podcast. Okay, we're starting a little early tonight. Why, Len? We don't want to compete with the orange man launching his shitcoin at 7 o'clock, 8 o'clock, whatever time he's doing that. So we're starting early. I can't believe he's doing it. I mean, who's advising him to go ahead with this?

We could talk about this later on. I'm just a mean. I actually have a source who tells me that there is an advisor behind all this but i can't share it on the air but i will tell you off the air i have an idea who it may be but i don't want to know i'll leave it at that and i don't want you even to share that information well you know it is what it is it's exactly it is what it is it's politics season you know that's what these guys do. They lie, cheat, steal, and airdrop. We have two buy elections today. We'll talk about that today.

Yeah, we will. So let's get into it. Sponsors, as always, first and foremost, EasyDNS. Your friendly neighborhood registrar. Buy a domain, port a domain, email, PGP, GPG, you name it, plus all your favorite Bitcoin-related stuff. On the virtual private server side, you want to do a Bitcoin node, Nostra Relay, BTC pay server. It's all available on EasyDNS.

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and start doing your thing, man. A lot of people out there want to watch a lot of stuff and read a lot of stuff and there know there's a place to do it um on the internet and easy dns help you establish that place who's the next sponsor then bull bitcoin and i just saw my block clock showing the price before it switched over or hair under 58 000 we'll be doing not being a 58k this is a 58k world either Either way, bull Bitcoin, they have you covered. If you're going to buy 58 K or sell it 58 K,

you can do it on chain. You can do a lightning. Uh, fees are still very low. So I would suggest don't take advantage of lightning just yet, but learn a process when it's time to do so. But for the time being continually buy on chain and bull Bitcoin will be happy to sell you or buy your Bitcoin at the on chain.

So foolish, foolish to be selling, foolish to be selling, on-chain. Foolish. Foolish to be selling. Foolish to be selling. Not financial advice. People can do what they want. I'm not explaining what's the best thing to do, but I would say Bull Bitcoin is the greatest place to buy or sell. You can also do other things over there.

If you have a large stack of Bitcoin, you want to pay your bills. You have a hydro bill or something coming up. You want to pay it. You don't want to use your dirty fiat for whatever reason. You can use your Bitcoin. Maybe your Bitcoin went up in value since you bought it and you want to pay it you don't want to use your dirty fiat for whatever reason you can use your bitcoin you know maybe your bitcoin went up in value since you bought it and you want to start using it somehow bull bitcoin will let you use that to pay your bills so pretty cool stuff another thing they have is you can buy gift cards so again if you have bought

bitcoin in the past and you've been holding it for a long time and it's you know gone up in value what are you gonna do with it why not just use that in the real world indirectly buy these gift cards true bull bitcoin and you could indirectly use your bitcoin in the real world so you're living on the bitcoin standard and the last thing use our promo code if you haven't already opened an account by doing so and if you fund your account provide a necessary information 21 will be added to your account check it out is that not great bull bitcoin is the best exchange in the world not just the best exchange in can, not just the best exchange that's called Bull Bitcoin or uses red branding.

It is the best exchange in the world. We're lucky to have those guys here. The third sponsor, I'm going to pull up the website here, Decentral Tech. Now, I would not normally pull up the website of the sponsor during the ad read, but I'm going to do it today, Wylan, because there's been a significant development in in the world of uh decentral technologies these guys are the best okay if you uh want to get into mining there's no better place to do it than with jonathan and

the boys and boy do i have a surprise for you tonight actually some people that haven't even heard about it yeah what the heck yeah there might be people who haven't heard about it you can get there's only going to be 75 of these things made, okay? I can tell you a bunch have already been sold. Same. I know. There's been a bunch of them sold. So tell me, like, if you are a serious fan of this program, okay,

even if you just love to hate this program like some of you do or did in the past, buy this thing. We don't – what do we get? What do we get for every unit sold, Len? Nothing. What do we get for kickbacks? Nothing. This is all about just giving people

who watch the show, listen to the show, a chance to buy something cool and get on the mining side of things for the first time. I know I ordered a few. I'm happy to pay for those. And I'm going to keep them as a neat souvenir of this time you know we've done some great stuff on this podcast are you gonna have it blaring behind you i mean not only blaring for sure for sure for sure i'm just saying where am i gonna keep it

because i got one too but where am i gonna i'm gonna find space on this shelf somewhere and uh it's gonna go there 100 so i'm looking for that if you guys haven't bought one yet 250 bucks basically gets the thing shipped to you uh if you want to get the lower end cooling or like the standard cooling and 300 gets the thing shipped to you if you want like the highest uh the highest quality cooler yeah oh is there something that gets donated here i don't know someone just told me this is something yeah jordan was mentioning that, you're supporting their open source. Okay, so $5 from each sale goes to open source miners united. Very good.

You can't beat this. We get $0 and open source miners united gets $5. This is incredible stuff, man. So shout out to Jonathan and the boys. If you want to get into mining, it's not just the bid acts. They have all the stuff you like about mining, whether you got an S9, S21 at home, you want to heat your house, you s9 s21 at home you want to heat your house you want to cool your house you want to look cool you want to repair a board you

want to get a new board all that stuff they'll do it all for you not only that land but they also will give you support for the products as well not just physical repairs but also helping you with troubleshooting i've seen jonathan actually or someone from decentral tech doing uh troubleshooting on twitter which has been outstanding to see. I will, I will say that I've listened to a lot of podcasts. A lot of the sponsors are like arms length away. You don't really hear much about them outside of the ad reads, not ours. Okay. Mark is in the comment section. The bull guys are in the comment section. Jonathan has not come to the comment section yet, but he will. And if you can't get them in the comment section, you can get them on Twitter. And so we are proud of that we hope you guys patronize decentral tech again we don't get

anything patronize us yeah i mean patronize patronize yeah patronize them i don't i don't want your money uh i want you to spend it there and get on the network get on the mining thing i can't wait i might do a video review of the bid axe have you considered doing that yeah when i you know i did mention to jonathan whenever we get our hands on it because shipping is going to take place in mid-february sorry mid-october yeah mid-october you're about a month away from getting a ship just fyi that's all over the web page so you can't miss that but just in case you do miss it i'm saying it here as well yeah so i told him yeah if i get my hands in it uh when i get my hands and i'm gonna do something

so yeah i mean one of us could do the unboxing, the reveal. Awesome. Give her two cents or whatever, two stats of what it's all about. It's going to be quiet. It's going to be fun. It's a lottery ticket. Every 10 minutes, it's a lottery ticket. You're running solo or are you going to point to a pool?

Solo. Oh, wow. Solo dolo with that guy. True lottery mining. Wow. Yeah, why not? Yeah. The odds the odds aren't i mean they're high but we'll talk about those odds in just a little bit okay so we have uh some housekeeping here tomorrow night i will be talking to a young woman named daniella who i think goes to uvic

i have to look at her twitter profile because i haven't looked yet i just followed her today let me find it here uh and she is going to talk to me about uh learning bitcoin which is a it's an event that's going on in victoria and that's right later this month it's about 12 days away and uh so daniella yeah daniella goes UVic. So I'm looking forward to talking to her about learning Bitcoin, a little bit about her journey. You know, Len, we don't often, I hate to say this, but like, we don't often have like chicks on the show, women on the show. So I'm looking forward to like a different perspective here. And don't get me wrong. There's, it's not because she's a woman that we're having her on. It's because this is a great initiative. And I want to hear more about this the bull bitcoin guys are involved uh and there's another um sort of budding a set i should say of like budding university based or university centric

bitcoin communities popping up around the country i have one that's going to be uh scheduling problems but i have something that's semi-lined up well we need something for next week so um think about doing that we've been i've been trying to email i've emailed a couple of people today to try and get guests uh ben rabid who's going to come on the show in october which is going to be a lot of fun but we're late because you know as as we always do the summer i think both of us are thinking about other things maybe a little bit too much well i could so the schedule is schedule somebody yeah no worries we'll get that filled if not you'll see our faces yeah our voices yeah better

for worse or or i'll call d and tell him to come over for an hour or the other yeah something like that anyway so yeah i'm looking forward to talking to Daniela tomorrow. That's going to be a lot of fun. And yeah, if you guys have ideas for guests, as always, just send me a message. You guys, you know, some of you guys even have my phone number at this point. But, you know, Twitter, Twitter DM preferred, obviously. And let me know who you want to see. We're trying to get Carrie Lutz, who runs the Financial Survival Network. I emailed Gerald Salente today. So we'll see if he replies. I don't even know emailed Gerald Salente today. So we'll see if he replies.

I don't even know who Gerald Salente is. He's a great Italian economic commentator. Runs the Trends Journal. Does not pull punches, Len. Does not pull punches. And then last week we had obviously Mark Javitek, a friend of the show, the bomb thrower, come on. Him and I did about an hour.

Lot of good content from Mark as always. He's always thinking, Len. He's always thinking about what's next. He's always analyzing things through a... He's not the doomer that a lot of our guests trend towards, I think, which is good. He's like the white pill, black pill type, which is a refreshing interview.

And obviously, Mark and i are friends like we've done a number of shows together some live some not live so you guys will enjoy that if you haven't listened yet go back and listen to last week's interview that's all i got for housekeeping i'll do some boost yeah mo btc dick 500 stats he writes in i need that cbp branded bidax by christmas boys so i think it going to happen as long as you placed your order. Shipping starts the middle of November, depending what shipping option you choose. You could get it even,

I believe next day is one of the shipping options. Yeah. So heck you could get it so soon. Well, before Christmas, it could be your Halloween gift. Maybe even your Thanksgiving gift. And we celebrate Thanksgiving. I never thought I did mention to you that I wanted to give a couple out for

Christmas gifts and I didn't order enough. Maybe I should order. I don't want to, I don't want do that i don't want to snatch up all of them so it's a free and open market yeah it's not i don't know it's like when satoshi started mining for bitcoin everybody had the opportunity to do so at that time he just so happened i mean it's presumed that he mined a million dollars nothing is confirmed and that's a heck of a lot but anybody else could have done the same thing so look at it in the same light i'm gonna i'm gonna wait maybe people are waiting for paychecks maybe people are whatever like i'm not i'm not gonna do that maybe if they don't all sell out i think they probably all will sell out but if they don't for some reason then maybe i'll grab uh the leftovers anyway thanks for the boost my btc well joe ronan nnn 1000 sats what a rip really enjoy this content

lfg lfg indeed lfg you got it sir snacks a lot 20 sorry 10 21 sats he says i love len i wouldn't have started listening to the cbp without him but i'll be damned if Mark isn't to joy. What Nico is from simply Bitcoin is to Ben from BTC sessions. Mark is a great as a monthly guest or in this case of the standing guest dude has vision for the future. So I think we finally found my replacement. This could be my last show. Thank you very much. I look forward to,

are you keeping your CBP equity? I clearly, I'm going to keep it. Right. So you guys run with this as much as possible. Keep going as hard as you can, and I'm going to reap the rewards of that. So, yeah, thank you, Mark. And maybe I'll send you a few sats, a couple of boosts. Keep this thing rolling.

So, yeah. Boss Strategies, 1420 sats. So 1,420. I don't understand. Either way, he talks about the TFSA. We were having a conversation about that. He says it's one of the greatest investment tools across the planet. Yeah.

Use it. He says, quote, there is no insurance, quote. I understand. Allocate accordingly. Do what you want. Yep. I like the TFSA. The TFSA is superior to the rsp for sure no doubt

about that um resp also an inferior product in my day trading rrsp by the way you can to an extent the government is kind of narrowing the definition or i should say expanding the definition of day trading right in our rsps are saying you can't okay tfsa is in rsps we have a friend actually lent a mutual acquaintance who received a notification that he was teetering on uh professional trading volume that would uh exempt him from the tax breaks right because if it's income then yeah so i mean does he get to say the same thing then of course not i mean you know that come on you think we should do shitty trades to like make sure just to stick it to the start the shitty trades podcast and exempt yourself from all damages yeah lightning mick 2100 sats i like that number he says he was

going to tip on noster this week but it kept bouncing so he was boosting here again that's on fountain p.s you don't need any fancy stuff to raise kids he has three under teen years and they need food shelter love and support don't need it man booger suckers and fancy plastic toys it's a siphon not a sucker it's depending on how you look at it it's just you know, although wooden blocks are a timeless toy. Cheers. I plan on letting my dog and my young child entertain each other quite a bit. I think it would be good for both of them to build that relationship. My dog is so young.

We didn't know we were going to get pregnant when we got Moose. We just wanted another dog when we moved here. So now they're going to're gonna you know grow up together which will be nice it'll be very nice it's good thing to do especially when they're young they get around they get uh knowledge around animals and stuff as long as the the dog is fine like oh yeah when it snaps back but no no no yeah you've never met my dog i guess say you've never come to the house yeah that's right you my old you knew scoop a little bit yes i did yes i sold this new dog is uh he's got a lot of spunk this guy he's got a lot of spunk anyway we'll talk about the younger version right oh yeah way younger so yeah that's

that um we could go on to the bitcoin news let's hit anything else i got nothing else i'm gonna start off right away i mean we were talking about the bid acts and I was going to do solo mining. Somebody was posting on X that the odds of winning the California lottery is one a 700 gigahash per second BIDAC, Supra, is 1 in 5.9 million. If you go on the website, solochance.com, solochance.com, you can simply just type in gigahash, terahash, pedahash, whatever it is what you're doing. Because this obviously changes and it gives you an idea about what what is your what are your odds per day per block and so forth so i i just typed in the 700 gigahash now it's now one in every six million per day that you're going to get it so i mean it's they are astronomical in size in terms of uh you know finding a block with simply a 700 gigahash bidax but you know it's better than the

lottery in a lot of ways right and so i just like this and just i wanted to point it out for anybody out there that wants to do solo mining check out that website solochance.com i think it's accurate but you may want to just verify that to be true that's good info i i had not heard of this website so that's neat so why don't we plug it in what does does the CBP Bidax do as far as mining power? He's using the S21 chip. I think it was over 1 terahash per second. The exact number, gosh, it escapes me. Okay, let's call it 1.2.

Let's call it 1.2. Let's see. 1 in 500 million. Yeah, 1 in 500 million. one in 500 million one in three million per day and that's not bad i mean that changes over time it's not bad and if you live to be 9600 years old you're going to get a block so yeah yeah just live long you know that guy brian johnson is like injecting his child's blood into himself every week like if we start doing that 9600 years doable who's he i don't know i think he's like some kind of vc but he's trying to like live

forever i don't know why you'd want to live forever i'm already more sore than i've ever been at like 36 i can't imagine what you'd be like at fucking 56 the only johnson i recognize is hal johnson or dwayne the rock johnson or that one too yeah hal johnson one of the greatest under the radar sort of secret love stories him and joanna mcleod did you know that they're an item yeah they're married they've been married a long time and because interracial couples were still sort of taboo back in the day you know i suppose you can't be around the opposite sex and just wear nothing but spandex for that long without having a little, you know, sex.

It makes sense if they were working together and everything. That's pretty cool. Anyways, let's talk about MetaPlanet really quick. And I don't talk about MetaPlanet much these days, but each week, or at least it seemed that each week, they were announcing that they were buying Bitcoin. And this past week, they snagged another 38 and almost a half, so 38.4 Bitcoin. And this brings their total Bitcoin holdings to a very respectable 399 Bitcoin in total.

It surpasses our holding in the CBP treasuries, but we'll have to do something about that um if my math is correct the average buy price is 67 000 because or 9.4 million yen so they bought all their bitcoin at a very high price maybe it's wrong but 9.4 million yen is number that i have here and so just based on this i just saw recently my block clock were just slightly under 58k they're underwater with the average buy-in price. But the stock, though, is performing quite well. If you look at it, the last time they were at this price, at least as per this past weekend for the stock price, it was mid-July.

Yeah. So that's not bad. They started announcing this buy way back when. I'm going to guess April of this year. Could be wrong in my timing, but it was- It's at least that long ago, yeah. And there was a run-up of the stock price since they started buying it.

So clearly investors are liking this buy Bitcoin strategy. And in early August, they secured a loan to buy $6.8 million worth of Bitcoin. And that loan carried a six-month loan, interest rate of 0.1% per year. Very, very low. And that's like almost free money. I don't know how they secured it. But a week later after that, they bought another $3.4 million worth of Bitcoin.

I'm just looking at that. And I'm wondering, that loan value, that loan that they got was very cheap. It could be like a some prime thing, right? Like by the time this comes up for renewal, granted rates are going to be coming down for the next little while. But isn't it seems like that they're going to be renewing this loan at a higher value that they get like some favorable terms at a short period of time and then it's going to ramp up to something higher just like subprime mortgages did i'm just wondering if there's something here to it that i just can't see that just i don't know it's not

that this reeks of there's something wrong here but i'm just trying to see could there be something wrong here i don't know just trying to raise some alarm bells if any alarm bells need to be raised the collateral is what's important right so presumably the collateral is equity in the company i think i don't know i don't know if they use a sailor playbook sailor today by the way you probably saw this i don't know if it's in the notes for today but another 700 million of private convertible uh senior notes that's on top of the 1.1 billion dollars yeah yeah that's almost 2 billion that they've gone ahead which is which brings me to my next point and it's a point you make all the time

very astutely that it doesn't matter if you're underwater now because you're not gonna be underwater for for for a long time you know forever and i think that you're at the point now especially with you know i think about this a lot that guys like Saylor, MetaPlanet, the company and others, and even some really high net worth people who are just buying ETFs. I mean, they see the writing on the wall maybe sooner and more acutely than you or I see it. And so if you and me know that global, you know, global M2 is going up, like global liquidity

is going up and it is, even if US liquidity is kind of stalling, it's trying to make higher highs right now. If you look at a chart, the writing is on the wall that the, like you said, the cycle is turning back to a favorable thing for asset holders. Now, if you're someone who's, you know, munching Cheerios and having a hard time putting food on the table, different story. I wish you the best of luck. You will need it. But I think a lot of people are realizing that the cycle is turning and so meta planet is you know doing whatever it takes to get that money sailors two billion now over the course of about the last two weeks and i i suspect there's going to be many more i can't believe len that the price is not higher and i i think the meeting for the fomc or the comment from

the fomc is thursday right today is what's today the 16th i think Thursday, right? Today is, what's today, the 16th? I think it's the 18th. So maybe it's actually Wednesday. It's this week, Joey. It is this week. Yeah, they're going to get a cut. You know, loser Liz begging for 75 basis points, like literally on her knees,

begging for 75 basis points on Twitter. And she's not alone, by the way. There are other people who, you know, don't forget, called for emergency cuts around August 5th, begged for relief on August 5th. I think a lot of people are looking for 50, they're probably just going to get 25. But not to make this a rate story, I just think that Metaplanet and others are seeing things really for what they're worth. And they have vehicles with which they can buy Bitcoin that retail just doesn't have.

And I would say that if you have to pick between these guys who have not just skin in the game, like it's their entire reputation professionally. We've talked about the reputational risk of buying Bitcoin. It's potentially their equity in companies that they built. Semler is a great example as well. Semler is run by a guy whose last name is Semler. He's not just a VC. It's like his baby. These guys are all in on something that a lot of people still don't understand. And God bless you if you understand it, man, because you're so far ahead of the curve. Meanwhile, you got people saying that, oh man, you got to buy uh whatever nvidia like i i don't

know you can buy nvidia i'm not throwing shade like i know friends of the show uh are big nvidia people my wife and i have nvidia in our joint account but i just think if you're not allocating to bitcoin now at a super high level with all this stuff coming down the pipe i i it's going to be to your detriment long term no doubt about it i don't think not financial advice but no doubt about it senator warren saying that she wants a 75 basis can you believe how pathetic that that woman has become like just begging these people will say all the like whatever it takes to get votes they will fucking say it with no remorse and no introspection none this is supposed to be an independent entity it is maybe the most important independent entity on the planet whether you think they're

competent or not is a different story but they cannot be politically influenced at least not this overtly you know through this kind of uh quote-unquote outreach uh by warren there's these like open letters and it happens here too like premier ford begging for ray cuts our finance minister saying that their policies have led to really this is just not how this is supposed to look and they're representing a bunch of people that if you look at it from a different point of view yeah the cheerio eaters i know i know yeah and they're just simply relaying the thoughts of the masses and bringing them uh an idea and clearly she wants to see for whatever reason that it cuts 75 basis

points but the fact that she's saying 75 basis point cut i think we're gonna have a raise of 25 basis points so consider that maybe a lock so i'll be raising next uh this meeting who knows i wouldn't be surprised if they raise again next year hey everything is on it anything can happen and nothing's gonna faze me tight tyson zone anything is possible now you know you're you're in you're in the uh you're in the event horizon here going circling the black hole right like you don't know what's coming next but it's not gonna be fun i'll tell you that. You were mentioning you were shocked that the price of Bitcoin isn't higher. And last night I saw my block clock was just a little bit under 58K. We'll call it 58K because let's mean this thing back into existence.

It's still 5% interest rates. They haven't in the United States Federal Reserve. They haven't lowered the rates at all since raising it aggressively for the past few years. So it's been sitting there. Granted, gold is going up and silver too. And equities, a lot of equities have gone up. at all since raising it aggressively for the past few years so it's been sitting there granted gold is going up and silver too and equities a lot of equities have gone i mean select equities bitcoin's gonna absolutely rock once they start cutting these rates but everything that i also mentioned is gonna rock as well let's see which is gonna be the the fastest horse in this race

it's crazy like i said to mark the other night I think a lot of people for the first time realized that all they had to do was not sell and wait out the cuts. And I think you see this in retail, right? You see credit expanding for retail, both lines of credit, equity loans, credit cards, you name it, all expanding. I don't think, like there's a huge portion of the population who needs that stuff to live for sure. But I think there's another portion of the population who's sort of in the Goldilocks zone where they don't need that stuff to live. They could sell equities to supplement their income during difficult times or during high rate times or whatever, but they didn't sell. Instead, they looked at what was going on around them and they have some rudimentary understanding of rates high, things hard, rates low, things easy, rates high, assets low, rates low, assets high. And so they just said, okay, well, I'm going to do whatever I have to do and not sell.

And you could say that that's anecdotal, but I would posit to you, listener viewer, gold all-time high, real estate all-time high, Bitcoin near all-time high, S&P near all-time high, NASDAQ near all-time high. It's everywhere. It's everywhere. They're going to cut into an all-time high for the first time ever. And more people than not, institutional and retail, who are competent investors, even if the level of competence is very bare bones, they understood it. And this is the first time that's ever happened. So let's see. I predict that this is going to be a lot of

fun, this, um, this easy cycle for us anyway, but everyone else, but we're going to have fun. Retail for the most part is going to be sitting on the sideline. I don't think they have the ability to buy in given the fact that everything is costing. It's not, it's not about buying. It's not about buying in though. It's about holding in whatever they have, but they, have. But someone has held, right? Because everything is at an all-time high. So it's some, I mean, that's not just institutions. And by the way, when people say, oh, it's institutional money, institutions buy on behalf of retail.

So if you're having your money managed by one of these funds or you're buying an ETF, whether that's the vfv etf the spy whatever like that's institute maybe institutional money but it's not all institutional money do you remember how much of an effort a coordinated effort it required to move gamestop and that was a stock which was shorted heavily and so you know great intelligence and uh great great ability to rally the troops. But that's how much it was required. And granted, it was a short squeeze. It was a different situation. But I think retail has some power.

I don't think they're a big component here. They're just a small variable in the equation, in my opinion. Yeah. I don't know. I don't know. I mean, there's no way to find out there's not enough there's not like a lot of transparency that in that way probably for the best but speaking of that transparency do you buy into the theory and i don't that blackrock and well coinbase no they're not settling on change it's ridiculous so the theory for people that are that are are just tuning in and don't understand,

the theory is that Coinbase, the holder of the ETFs, I mean, they're the one, the custodian of it, a lot of them, they're not settling on chains. There's a lot of paper Bitcoin that's being transacted, and hence the price isn't moving in the direction it should be if there would be a lot of buys or sells of Bitcoin through the ETF. And in one way or another that is either manipulating the price either holding it down or making one either way that's the theory behind it

i don't totally buy into it i actually don't entirely buy into it um but it's made a lot of headways a lot of waves in the bitcoin twitter world i don't buy it at all it's not it's not believable i'm just surprised that the amount of core, I mean, Bitcoiners are so funny, right? On one hand, we will literally dunk on any bolt or screw falling out of any airplane and call it a DEI and say the whole company is rotten to the core because a door fell off a plane. And then on the other hand, you're telling me that all these government agencies, Coinbase, BlackRock, a dozen legal firms, whatever, are all coordinating to what?

Suppress the price of Bitcoin? They don't care that much. They don't care that much. I hate to break it to you, but they don't care that much. And it's extremely illegal and extremely difficult to coordinate. The prisoner's dilemma does not look favorably on this level of coordination, especially when the stakes are this high. So I would say just cool it on the coordinated you know, coordinated effort to suppress price. Are

they settling on chain? I don't know. Like they're doing what is legally required of them. Coinbase is the custodian for all the ETFs. Coinbase is basically an arm of the U S government. You know, like it's, it's hard to break these laws, um, and not, and not be outed by somebody along the way. Can't even even you can't even give the debate questions to the candidate without someone putting an affidavit out like what do you think these guys are they're all just come on give me a break this is in line with like the gold price suppression stuff right i don't buy it there may have been i haven't looked into that gold price stuff so i can't really give an answer there was a fine issued for someone like harming the gold

price or harming the uh what would the term be legitimacy i guess of the like the market price but it's too like i already bitcoin is a bitcoin is a trillion plus dollar asset traded all over the place not just at coinbase you know like there's a million other exchanges a million other countries doing etfs all this like it's so, so difficult to imagine this is going on. But hey, maybe I'm wrong. I don't know. We'll see. Yeah.

So let's move on. We'll talk about Bitcoin Core. For those who follow and run Bitcoin Core, it looks like there's a new release candidate that is being tested right now. And this is Bitcoin Core version 28.0. The latest stable as of right now is 27.1. And they have a roadmap to release a new major version of core every six to eight months. And version 27.0 was released in April of this year. So if you do the math, could be December ish, November ish,

maybe just October before we see version 28.0 release. But either way, some of the goodies in this, there's one of the things is support for TestNet 4 and that's going to be replacing TestNet 3. I don't want to get into that too much, but it's getting rid of something that has, TestNet 3 has some problems with it

with the ability to hack it or attack it, sorry, attack it, not hack it, to attack it with GPU ability to hack it or attack it sorry attack and not hack it to attack it with gpu only mining so that's something else but the good thing that you have here is full rbf that's now included it's set by default that full rbf is replaced by fee for people who don't know yeah that's it took years to get to this point but now it's finally going to be included in a version of core that you don't have to now manually edit your bitcoin.com file to include it it's going to be now included as default so

pretty cool stuff there's other small changes really won't impact the majority of users here um so really the big thing is going to be the uh rbf is going to now be included so i like that that's pretty cool so once that comes out i think that's going to mothball version 24 of core i believe that's the case but um we'll see what happens yeah i think this is neat rbf is way overdue it should be easier for people to use and more accessible i think um is it mempool.space to put in their own version of rbf maybe i mean i think so or or child or child pays for parents something like that they they like did uh they did it was some like you know accelerator to get you into a block after there is an accelerator yeah yeah yeah so i mean this this people are looking for this stuff and as layer one costs go up you're going to find that

more and more people are interested in amending their original request for transaction. So I think this is great. I think this is really good. When are you going to install this on your stuff? I run version 24 point something. So I'm very far behind. Whenever they stop releasing any updates for 24, then I'll move to 25. I'm likely to the oldest one that's still being maintained because that's a safer sort of uh i like something that's

been tested for a little bit longer not to say that 28 whenever it gets released is not i mean it's just being thoroughly tested now but just for my own peace of mind i like to have something older even my version of linux is debian it's notoriously old um very well documented very well tested but in terms of having it the latest and greatest it does not have it it's so they are so old but that's just the way i like it i want stability versus anything else so move on some guy on x called the smart ape posted uh a note that his brother was wrecked and buddy lost some $25,000 in digital assets, AKA mostly shit coins to what he describes as North Korean hackers. And those damn North Korean hackers, they're at it again. Here they are. So buddy's brother was using a ledger, and that is not the weak link.

So as much as we talk about ledger in a negative light, the weak link here, as per the X post, was he had, and I'm quoting this here, like I'm reading what he wrote, he had two copies of his seed phrase, one on paper stored in a locked safe. That's the right way to do it. Great.

Preferably not on paper. But a locked safe that's the right way to do it stored great preferably not on paper could you know but have it somewhere physically yeah yeah and in the lock that's great but a second he had a photo of the paper stored on a secure folder on his phone and the phone was infected with spyware from a tv streaming application. Yeah. He installed some sort of, wait a minute. We, did we not cover this on access of easy last week? We did this particular story.

No, we didn't. This sounds awfully familiar. Oh my God. I'm having a Mandela moment here. Anyway. Okay. Continue. So yeah.

Anybody that could, with a clue that could put two and two together here, I can understand that is not one way you should be secure. Your seed phrase. Don't be taking pictures of it. Use this for everybody out there that is properly or want to properly secure their seed phrase. Use this as a learning tool. Somebody else made the mistake. Learn from that. Don't be learning from your own mistake because it can be very costly this guy twenty five thousand dollars of his mostly shit coins are gone and learn from it so don't store it on a photo on your phone the first thing he did on paper in a lock safe pretty good i would say stamp it on a

metal seat on a metal plate that gives you some protection from fire and water damage. Do stuff like that. Storing on your phone. Hell no. What? Like what? It's like, would you take a picture of like your credit card and put it on your phone? Or like your number?

I think for the Google Pay. I don't know if Apple Pay has Apple Pay. Apple Pay is not a picture. It's like a thing that goes through your bank. I remember when I first had, when I did it a long time ago, I haven't done this in a long time, but it took a picture of my credit card, unless things have changed.

How did you enter your credit card? Through the TD app. Ah, okay. See? Things may have evolved. I would not be taking pictures of anything, man. You're right. Not even years ago. Don't take a picture of that.

No. There's enough pictures of my dangly parts floating around from 15 years ago, I'm sure. But the thing I would say to people is there is no such thing as a secure folder, right? I think that's safe to say. I'll quote a friend of the show, NVK, once again, treat your Bitcoin like it's worth 10 times what it's worth today because people who are going after it are attacking you like it's worth 10 times what it's worth. And again, this is not access of easy, but we say this in access of easy a lot.

Be careful what you download off the app store like how many times have we talked on this show about like different wallets phishing information and stuff like that probably a half dozen or a dozen by now over the years there's other apps that are trying to get your stuff too you know it's not just uh fake wallet apps it's uh you know your funko pop centric streaming service garbage that you, you know, just watch Dragon Ball Z on YouTube or whatever. Go buy the DVD set. DVDs never try and hack your phone, I'll tell you that much. Do you even have a DVD player anymore?

Yeah, I think my PlayStation 5 functions as it. Does it? I was just about to ask. I don't know if it does or not. If not, maybe I have some other. The Wii U, I think, still functions as it is. i was just about to ask i don't know if it does or not if not maybe i have some other the wii u i think still functions as it is so maybe yeah maybe but either way uh that's this guy got wrecked and it's now gone off to kim jung-un's palace over there so he's gonna buy some more basketballs or or the fuck he's gonna buy yeah so since we were on the topic of ledger let's talk about somebody posted a picture of uh the security of ledger and he says basically it says can ledger share your seed phrase with the

state it says uh one of the things legal compliance governments could potentially access your seed phrase via subpoena if you use if you use ledger recover so people that are using ledger and ledger recover god um it's possible through a subpoena that governments could access your seed phrase just want to just throw this out there for people that are still using ledger and also the ledger recover option so yeah be careful that's all i would suggest why would you should not be using ledger recover anyways even if you have an old ledger like i've said this before the old old ledgers the nano is it x or s i forget the original one with like two buttons and the thin screen that

everyone had when you first started everyone had yes yeah those things are so low tech they don't even have recover okay so you're okay but the idea that you would ever give your key to a service which could then be accessed by the government is way too much when you couple this with the news out of australia from earlier this week that they're going to criminalize under penalty of i think fine jail time, probably your assets be at risk too, Anon. So it's not just going to be you behind bars with Jose. It's going to be your assets frozen thanks to Ledger Recover. You're not allowed to say anything online that calls into question the stability of financial markets or the banking system anymore.

And so how many Bitcoiners are tweeting constantly, I am, about the cracks in the foundation of the financial system. They're everywhere. Even traditional finance guys. If you look at Keith Dicker, a friend of the show's Twitter profile, every day he's talking about how weak the Canadian dollar looks and how you got to get out of CAD. He doesn't say it outright, but that's what he means. And he says it on Looney Hour. Len, there's something about preparedness that seems to worry governments. And you don't want to be in a position where you're the enemy of the state over trying to be prepared, especially if someone else has access to your Bitcoin, right? It's not that hard to figure out. The calculus is not that difficult. It's not discrete mathematics. This is long division. It's very simple to think about how that might play out. So I would say,

secure your stuff as best you can and don't let anyone else have any say in that or impact you in any way. Because at some point um you know i said this in the summer too on my panel with francis and madex if you think that you're going to be able to escape the calamity without a target on your back you're fucking nuts and i that target it seems to me is inching ever closer uh sort of day by day here so you don't want to be in a situation where ledger decides whether or not they're going to give up your keys i think that the rule of thumb that i always go by is as long as it's air gapped and you've never exposed that signing device to the internet or and or and those keys

to the internet you're okay yeah so once you start breaking any of those rules yeah be problematic but you just make sure you don't do any of those things. If you keep your keys secure from the internet, never going on there, and if your signing device has never been attached to the internet, you're good. So something like cold card works really well, and you can set it up in an air gaps way. Other devices too can do the same thing. Just do your research, see if anything works for for you and follow those simple rules of thumb.

You should be okay. Yeah. And passphrase too. If you can do passphrase, as Benny says, you should always do. You should always do a passphrase. Yeah.

Passphrase is easy. It just functions as a 25th word. Basically it's, you know, I, you can't go wrong with that. It's a very simple thing to add. See that the kingdom

of bhutan now owns quite a bit of bitcoin now over 13 000 bitcoin in total because they've been mining another place with more than us this is a country though so they have a lot of more resources than we do and they've been using green, energy from hydroelectric dams to excess energy to mine Bitcoin. And there are periods of time where they have excess energy and there are periods of time they're in. They don't have enough. So it just depending on the season. So they've been doing what they can for the past while we talked about this story when it first broke. So up until now, they've been mining whenever they had the

excess energy 13 000 bitcoin in total that's around 750 million dollars that they have in their balance sheet that's more than a lot of companies out there including bitcoin miners that have it um and so they are a bigger player small country but they're doing what they can they're not selling it for the most part. They're mining and holding on to it. They're going to make great gains from this. I mean, as long as Bitcoin continues on this same trajectory where it has been going, they're going to be sitting on a proverbial gold mine.

And what are they going to do with it? Who the hell knows? But it could find a host of things that they could do over there, improve services, healthcare, roads, whatever the fuck they want to do just opens up doors i'm not sure if they're in debt with the imf or anything maybe they could use that to pay down that right just it's more options they have now than they didn't have before and what are they using just simply access energy yeah this is going to be a template that's going to be followed el salvador just said they're not going to use

external like debt financing anymore. Right. Through the IMF. I think they just said that last week. So like they're this week. This week. Yeah. So I mean, the past week.

Sorry. You know what I mean? No, like fairly recently. So to your point there that I, you know, so unceremoniously interrupted. No, it was me interrupting. I would say I would say you're right, Len. It's going to be a template. You're seeing it all over.

Yeah. And by the way, you're not just seeing it with countries. You're seeing it with everyone who holds Bitcoin, right? They're changing the rules of the games and the silos they're in, microstrategy, and the idea of this metric of sats per share, and countries with the idea of this excess energy going into the hardest money, right? These countries, by the way, would do this with gold, I'm sure, if they could. but what they're seeing here is an opportunity to get the the superior digital version uh in a way that makes sense and and i think will insulate them from a lot of trouble down the road you're 100 right think about the countries in the middle east that have all this excess energy for sure have to be doing this and they don't have to

report it at all surprised that they're doing it they're doing this type of reporting in bhutan i guess because they're partnering with bit deer and there has to be some sort of reporting i don't know yeah maybe yeah or their holdings drug holdings or that's their investment arm that's involved maybe there's some requirement then but either way i don't think the same type of bullshit has to be applied in the middle east like in saudi arabia or wherever they can just simply do things on their own mine bitcoin put in a balance sheet you have no idea who the fuck has that where it's going to and who's yeah has ownership of the keys again i can't believe the price isn't going higher just to go with your point because that's a lot of bitcoin that's just probably being mined and held

oh yeah man it's only 450 that's mine no No, it's a huge number. Don't forget. The US is not energy independent at the moment. They've gone through this disastrous policy period. I don't want to say decades because it hasn't been decades, maybe half a decade, where there's no nuclear. They refuse to drill. They import energy from other places, and they refuse to spend any money to fix any of these problems. The thing about a place like the UAE is that they are not only controlling their own energy and can use it for Bitcoin, they're also controlling yours.

They're controlling your energy through the price of oil, through OPEC Plus, through all these things. There's so much going on these days that I think a lot of people are just sort of missing the forest for the trees sometimes. They're looking at one specific thing, right? Like El Salvador is mining Bitcoin. Okay. Bhutan is mining Bitcoin. Okay. But think about the broader repercussions, the broader implications. Energy is the tie to the natural world. And I know someone on Twitter, maybe it was Carlos Sari today talking about how Bitcoin is not energy money. Well, Joe, I think you're wrong.

Here's an example of why. All these energy players, all these energy big players abroad and even domestically here in Canada is a good example too, right? We've done all the wrong things while these guys have just been unrelenting in refusing to bow down to the green nonsense, refusing to bow down to any ESG related garbage when it comes to black gold. And now I think you're probably right, Len. They're going to look at Bitcoin and say, man, it'd be nice even if we don't go all in. We should go a little bit in. We should go a little bit in. Something to be said for all these other countries and institutions, even in the United States, like we've talked about before. If the guys who benefit the most from the Cantillion effect are going into Bitcoin, what does that tell you about the state of the dollar and the currency over there and the US economy? I think the answer for what it tells you is everything you need to know. And other countries are not just going to ignore it. They're paying attention and they're acting

accordingly, I think. And we've talked about this for a long time everything happens slower than you think it's going to happen len but i don't know do you want to have a little fun here like let's put a time frame on this a uae country and an opec country announcing that they're producing bitcoin through mining two years one year two years Two years? Three years? Where do you come down? I think it's already happening in terms of announcing it. I don't know. Do they have to really announce it? Why would they? Couldn't they simply just do it all in-house?

They have the means to secure and get their own equipment. No, I'm not saying they're going to announce it for that reason. But you could deal a death blow to the US dollar at some point, right? Like at some point, the crack and dam would be big enough that you could drop a sledgehammer in there and bring down the Hoover to put a visual on it. But those people that are running the Federal Reserve, they would just simply say, look, these guys are just monetizing excess energy. They're not doing this as a way to cripple the US. Yeah, but I don't think, see, I think 10 years ago that would have worked. Now I think that's like the cry of a scared animal.

I just wrote this on Substack the other day, that I think now you're looking at every time the government down talks Bitcoin, it's viewed as the whimper of a dying sort of animal, as opposed to defending the currency for the good of the people. I don't think anyone believes that anymore. And I, you know, I've said that before, QTR and Lepard and I were saying that back in February, that now anything that looks anti-Bitcoin, either in practice or in, you know, in theory from a government is going to be viewed as they're scared.

For sure. Yeah. And you can see it like Australia banning talk that may imply that the markets are not stable. Like that's crazy. Are they going to start sending short sellers to jail? Like what are they going to do? People who go to the currency exchange to get out of Australian dollars into US dollars, like they're going to take their names.

They're going to get put on a watch list. Like what are they going to do? Put them in the camps the camps did they did they bulldoze the covid camps are they still up over there in prison colony australia i don't know they're shipping them over to nova scotia so they could build a 70 square homes oh boy what what happened to me today i mean i'm going to go on a tangent here at lunch this was actually pretty interesting the first time i've ever encountered a shit corner in a while like this but i go to the tennis club that's near my house now for lunch i go there i hit serves did that today and it was quiet it was just myself on one court and just two other people

on a different court hitting and i just overheard him talking about bitcoin and something like what my you know my ears you know started ringing what the fuck's going on here couldn't help myself i was like and i'm almost going to quote him he's like yeah xrp it's it's going to people are still talking about one of the financial uh things i can't believe there's still people out there that are still talking about xrp as a way to like move the financial world in the future and i i i don't get there's still people that are that are looking at that as they're just you know looking for exit liquidity at this particular moment they're full of shit yeah their bags are talking for them exactly that's exactly i understand like what the fuck do you think the federal reserve is going to give up any sort of party clearly

they're holding on to everything you're not going to go in bed with somebody that was jerome announcing the xrp standard this week, but they were just sued by an arm of the government to fucking the SEC. Right? Like, ah, you know what? We're wrong.

If you can't beat them, we'll join them. Anyways, um, last Bitcoin related story we'll talk about is there's going to be a shit coin. It looks like that's going to be released today. Eight o'clock.

At least that's why we're doing the show early, man. Yeah. Yeah. Surely you're going to get rugged if you. It looks like that's going to be released today, 8 o'clock. That's why we're doing the show early, man. Yeah. Surely you're going to get rugged if you get involved with this, but again, not financial advice. World Liberty Financial, World Liberty Fi, is the ticker or whatever it is on Twitter or X.

And 8 p.m., it's going to be released to the world. Trump is going to be doing one of his one of his uh twitter spaces i guess for mar-a-lago and um yeah rug radio was reporting on this rug radio i love that is that you know what's going to happen it's funny he's doing this at a time when the sec has been sending out these wells notices to all these places. They fucking launched lawsuits against shit like Ripple because they thought it was a security to laws. The courts didn't agree with them.

But why the fuck would you go ahead and go through with this? You're just putting – he already has a mark like a target on him now he's going to get a fucking another target on him but this one is going to be from the secs like i don't understand what's the purpose of this who is he trying to cater to this and what is the strategy to simply get more money for his campaign i i'm just at a loss here but i guess we'll know at 8 p.m like what the fuck's going on mark wrote a piece that ended up on zero hedge about this uh that he was talking to us about i think in the lead up this is the first time i think that a candidate for president has done an illegal securities offering you know two months before the election i'm pretty sure can you think of another time this

happened i haven't followed an election this closely what is going on in the trump camp he's he's unprepared for the debate if you ask me okay don't hold your tomatoes but unprepared for the debate i thought now he's got a security token launching and he's doing a space about it like you your time certainly could be better spent somewhere else couldn't it if you're serious about you know the whole mega thing but i mean neither of these guys neither candidate is serious kamala kamala's not doing a token launch so you know kudos to her i guess that's the first and last time you hear me say that but you know trump these guys are dumb man they're just dumb they're just dumb this is why politics is just a kind of theater sideshow for low IQ

cheerio munchers. What else can you say at this point? I don't know. I can't even wear my mega hat in jest anymore, can I? I got to retire the thing. I can't put it on this program anymore. What could he say with this World 5

bullshit? Do you know what the do you know what the pre-mine is like what's being held by the insiders no 70 70 so it's eth eth 2.0 it's worse it's worse they were 70 were they oh wow that's so bad wow people calling are the eth guys calling this a scam do they realize they're looking in the mirror the call is coming from inside the house are you gonna watch bankless and try to get some intel on that? I haven't listened to Bankless in a few weeks. I used to listen to the weekly roundup because it was good.

It was good for the show. But now I found other sort of more competent people. Let's see what Bankless has on this. I mean, it's assuming. This is all recent, though. Yeah, but they still deal in this stuff uh i mean it's the fact that it's recent would they have released anything you're looking at through their twitter feed or through there i'm looking through the podcast archive no so they probably wouldn't be

there it's too soon if the digital assets had from blackrock today i might listen to that actually that's probably not bad oh my god you know what i fucked up by bringing them up now i brought you back into the fold. I'm back. I tried to quit David. I tried to quit David and Ryan, Sean Adams, or whatever his name is. And I just keep getting sucked back in. Oh, whatever.

Like, go back. I'm not sure what tokenomic he could bring up. I'm talking about Trump. This is going to be fucking great. 70% pre-minus, obviously. Where's Baron? Where's Baron? Baron should be telling him this.

He's a 20-year-old guy or whatever he is, 18. Come on, bro. Unless he's in on it, I don't know. Who knows? But that's it, Joey. We're close to an hour in. Let's do this fucking segment. Let's get over to the notable stories here. Stick with us if you're on video

or on spaces and uh if you're not well we'll see you tomorrow like usual buddy yeah and don't be a