The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #184 (Bitcoin News) - Hurricanes, Jobs, Bitcoin Chop Continues (Bitcoin Podcast)

Episode Date: October 8, 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:   / discord   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 in bitcoin's podcast my name is joey that's land this is number 184 buddy uh lots going on in the world of bitcoin in the world of uh extreme weather but um before we start i'm getting yeah yeah it's getting warm over here must be the reason why that's uh what's going on how are you i am man joy after a great weekend i mean what an event day totally yeah uh you you were there just for the dinner but man oh man uh tom and nick the rock star people your life your terms event they're always like incredible they're well run i have to say one thing too like just before we go any further um my wife mentioned to nick when we first got there there was not a seat available yeah nick right away he's like oh my god i'm like no this is a testament to you guys that people

show up and want to listen to you guys yeah it was amazing it was incredible man the the event i heard was really outstanding tom and nick i mean, they go balls to the wall with those events all the time. I talked to Tom after my last year of Life Returns podcast appearance about the cost and the time. It really is a huge undertaking. And for those guys to be able to put one on basically once a quarter-ish, twice a year maybe, something like that. Twice a year.

Yeah, so for them to do that really is a testament to how much they care about their client base. They don't make any money off of that. I don't know if Tom and Nick told you that it's, it's like not a moneymaker for them. It's expensive to rent the conference, um,

hollow. And then they basically just try and backfill the cost of that with the booths. And they don't even, you know, if I had to guess, they probably don't make it all back. Uh,

once you factor in like paying for people's travel, if they do that, there were some people coming from pretty far to give talks and do a bit of content during that conference there. Can you call it a conference? What is it? Is it a symposium if it's only one day? I don't know. But it is what it is, and I think they do a good job.

To their credit, they had a small group of us for dinner afterwards, which I really appreciated. It was good to see you and your wife. I know Kenzie was happy to see the Bull Bitcoin guys again, see you again, and Mark, and meet Tom and Nick for the first time, among others. Good to see Ben Perrin there. I won't name names.

I talked to a few good bitcoiners who are i will because they came down ben was a great guy not ben uh btc sessions but another ben yeah it's good to meet and there was a few guys that came to listen to the show just came up yeah btc mentor i won't say the name uh a few other people who like you know i don't want to say their fans say that's a name well i don't know if he is or not but uh he runs that account and like i don't again like i again i hate calling people fans of the show you listen to the show you enjoy the show but being a fan i don't know i never liked the way that sounded i think you guys are as much a part of this whole thing as we are and it's great to talk to you guys

and then len the bull guys the bull guys never disappoint. I'm sitting with Guillaume and talking to him about a number of things. There was one particular event, though, Joy. When I got there, I went to go say hello to Tom. He was busy. I just wanted to say hi and give him a hug. Very nice to say hello to him.

As I'm walking back, unbelievable, there was a group of individuals there, unhinged corn lords taking up a fucking rope i had no idea they were going to show like what the fuck is this they just appeared it's amazing they somehow got wind of this event they must be one of them has to be on your life returns mailing list so they get wind of the event they they i don't want to say beg they ask tom if they could come tom and nick tom said sure and so they come to the event. They, they, I don't want to say beg. They asked Tom if they could come Tom and Nick Tom said, sure.

And so they come to the event and they're very cordial. They're they thank Tom afterwards, which I, you know, I, you'd love to see that. Not that I'm like responsible for the corn Lords, but.

Oh my God. Yeah. My daughter was recognized by a few people from the video that she did on a cold car. Nice. Nice. And yeah, it was good.

It was a good event all around. I mean, I thank you, Mr. mr carrazas plural for inviting us that was yes very very very very gracious um and like yeah again the bull guys kev pablo guillaume like good talking to you guys it's just like tom said it and and i'll i'll echo here. Being with that group of people is incredible. And it's not just because they're affiliated with CBP or because you get a dinner out of it. But it's rather because that's a group of like-minded people who really are putting rubber on the road in a lot of ways. Whether it's our little thing with the podcast or Your Life, Your Terms. Realty-turned-Bitcoin uh, you know, outfit in the desert, uh, Ben Perrin there doing his thing as always, you know, the, the educator extraordinaire, uh, the

bull guys showing up and showing out like always. It's, it's just such a great group of guys, man. And he says the same thing to me every time we get together with that group, that the conversation just gets going and it just doesn't stop once once everyone's seated and talking it just flows man and there's not many people you can do that with even people who you know and are like really good you know tight buddies with you know there's still lulls in the conversation but you sit with those guys and there's just so much to say i i really appreciate that about everybody and i was really really glad that i uh yeah and they'll show up even it's not like you have to supply free pizza for them to show up

they will show up regardless you know what i mean so like that's good man i like to hear totally totally anyway let's uh let's get into the sponsors easy dns mark was at the dinner uh he was telling some good stories about uh some of the stuff he's been up to over the last little while. I got to say, Mark has been a great partner to the show. EZDNS is probably the best place out there to get a website, take care of any registrar domain stuff that you need for a number of reasons. We talked about them a bunch on the show. DomainShare is this thing that's come to our interview for us, Len and I, in a big way over the last few weeks,

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Who's the second sponsor? Bull Bitcoin. I'm not going to be squatting on that domain name because it's taken and nor would I try to even try to make a spoof of that because obviously it would be snatched up and caught by the good people at EZDNS. Bull Bitcoin. Look, the price of Bitcoin, $64,000 and change went up today right like we're down again sad like under 63 i'm pretty sure yeah damn well whatever the heck it is it is what it is uh buy buy sell you have different options i'm gonna

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boosts let's do it all right so we have top five boosts but i'm gonna call six because same guy did two so i'm gonna throw him in which is wartime he did twice 333 sats first time he writes in friends and enemies that's it i love it second time gm with a couple of beer mugs good morning the good morning beer interesting yeah where we on vacation when is the good morning beer appropriate it's only appropriate i think if you're wearing an all-inclusive bracelet if you're getting ready to go to a music festival and saint patrick's day are those only three times you can have a beer before 12 i I think so.

I might be the wrong guy to ask, but I think that's about it. Maybe there's other ones. I don't know. I'm the wrong guy to ask. Yeah. I don't know. I don't know when the other times would be, but I think that's about as long as my list is.

And by the way, I think probably two of those things I've probably aged out of. So I'm down to one time and it's the vacation all-inclusive morning beer. But that's it for me. Thanks for the boost. Maybe morning when you drink, but somewhere in the world it's going to be afternoon, evening, and night. Is that the trick?

Is that the trick? I remember when somebody was practicing Ramadan and he was eating during the day. He's like, it's night somewhere. Wait a minute. So yeah. baba maleka 500 sats he says interesting deep dive into hyperinflation with david saint on dave's the best man yeah i really enjoyed it his book is behind me there bitcoin for beginners i replaced uh bill simmons

or shea serrano i should say, basketball and other things. Dave was a great guest. And I've been meaning to talk to him since the summertime. We tried to book one during the conference and couldn't get it done because of my logistical error. But he's a guy who's done a lot of research land. And if you listen to that show, it's not just a mile wide and an inch deep, it's in depth. The things that cause currency inflation, the idea that governments who have US dollar denominated debt, including European countries, I shouldn't say US dollar denominated debts in European countries, but rather debts with currencies in which they cannot print, It's very problematic because the loans become burdensome

and it's just this real crazy spiral. As well as stuff like substitution theory, like currency substitution. It was a really good interview. I'm glad I spoke with him. If you guys haven't seen his presentation, you can go on his website, which I think I put in the show notes.

Maybe I did, maybe I didn't. If not, go to him on Twitter and you'll see a lot of the stuff he's done, written, spoken about. You should have some understanding of this because as a Bitcoiner, you're going to take questions on this all the time. Well, the currency is not hyperinflating. There's no hyperinflation. And I think Dave and I were talking about this during the show. The powers that be sort you know, sort of put these three or four check boxes on what makes hyperinflation. And we basically got all of them except for this 50% in a month thing. So make of that what you will. It's possible that the goalposts are not quite as

important as the powers that be want you to believe as it pertains to hyperinflationary outcomes in modern economies. So yeah, good interview. I'm glad he came on. And thanks once again to him for, I think, doing it on somewhat short notice, but also staying a little longer because we got, not off the rails,

but he had a couple of good things to say at the end that I didn't want to cut it at an hour. MoeBTCDick, 500 sats. God, I'm stoked on my bidax. Hope to have a small army of M1 day. I would suggest if you're going to do that, maybe just go get a bigger, beefier option, maybe like an S21 or S19.

Do both. Why not do both? Or do both. It'll be noisier, but I think for a bang for the buck, you probably would benefit from just getting from one of those. Also, you could get like an S19 that could plug into one of your regular 110 volts and it'll be much quieter too so that's another option my suggestion and either way be uh decentral tech will have you covered with all those suggestions boomer aka the broken ruler 1000 sats great interview david is one of those guys who makes the canadian bitcoin

community special he always has a smile on his face contributes a ton to the montreal meetups and is always out there orange pilling but keeps a low profile online and isn't interested in being an influencer in quotes he's a real one and someone i've looked up to it too in a space for a while it was awesome to hear joey speak with him i appreciate that boomer uh i forgot to mention you know that in the interview dave had a bid axe running next to him the entire time couldn't hear it couldn't hear it yeah pretty sick he lives like 20 minutes from decentral and so i think the story he told me after i don't want to give up actually you know what fuck it i'll give up the whole thing he went there looking for a bid axe they didn't have one ready so they built him one in like half an hour that's awesome how great is that is that not

awesome like the what company does that for you that's great lightning mick 2100 sats i hear it might be a len who is satoshi find out tuesday what a jackass this cullen hbo director is is it coming out tomorrow is that the date for the yeah yeah i mean i'm not gonna watch it but whatever but no we'll talk about that momentarily because that's certainly it's making headways um one last thing i've done with the boost i've interviewed yesterday evening matthew from the laurier bitcoin club matt i guess we're gonna pull guess right that guy i didn't say his last name just matthew that's all oh he's on twitter i think that's him maybe it's not though um yeah i don't know if that would be either way a very cool guy and i think it's going to go live

wednesday i'm guessing is that right yeah so there you go so unfortunately it's not going to go live and the reason being he has class so right he's a student he's a second year student at laurier and he come on see we're in different ends of the spectrum he and i so he has commitments that couldn't do it on a weekday night so here we are we did on the weekend we'll still release it so hope you enjoy it bless him yeah thanks for reminding me i should have if i had known that was it was probably there last night i should have just done the audio yesterday and save myself the work later but that's okay um yeah looking forward to that yeah who who do we have next week is goomba right i have goomba next week okay and week after i might have somebody lined up i'm gonna try and get mike campbell for

the week after okay so let me let me reach out to'm going to try and get Mike Campbell for the week after. Okay. So let me reach out to Mike. He's back doing his show, so I wanted to wait. But I'll reach out to Mike and the team there and see if he wants to come on Tuesday or Wednesday that week. And I'll save you. I don't want you doing too much because you're going to be carrying the load for probably three weeks or so. I think it's going to be longer than that.

Maybe. I don't know. Maybe. I have a feeling it's going to be a six month endeavor, but it's okay, Aaron. My hope is that it's three weeks, but we'll see. Yeah, Kenzie's on the other side of the door, right beside me, putting a couch together. We just bought a couch. So yeah, we're getting ready for, you know,

I don't know, what's the word? A growing family? I don't know. It makes you feel weird to say that. Blessed, but weird all the same. Anyway, should we get to the Bitcoin stuff? It's been 20 minutes here almost let's do it yeah okay so let's start off with a story that uh i mean it's kind of flew under the radar when it was initially released was bitcoin core 28 it came out with not much fanfare because if you look at the

x account that normally handles bitcoin core information announced nothing until a few days after. You actually got on Twitter and was that a pointed tweet toward that account? It was. Yeah. Yeah. I mean, I was curious. I don't tend to do this very often, but for that, it seemed it was appropriate. But they didn't release that information until days later.

I mean, it seems odd that Bitcoin Core version 28.0 has been released. Either way, I mean, for those wondering what goodies are included in this release, it's supporting Testnet 4, which is going to replace eventually Testnet 3. It has something called Pay to Anchor, which may allow for more efficiencies when using witness output spending. So this can make it more efficient for opening lightning channels which can be good rbf is now enabled by default so it's there on version 28 which is cool but there's some things that are wrong with it with bitcoin for bitcoin core version 28 lnd so if you're running the version of that type of Lightning Node LND,

every version up to 0.18.3, which is essentially every version, seems to be incompatible with Bitcoin Core version 28. So you are shit out of luck. Also, if you're running a local version of Mempool, ElectRS is incompatible with Bitcoin core 28 from what i understand it basically the processes kill each other so if you want to have a functioning node with lightning support and also having the ability to have a mempool bitcoin core 28 doesn't seem to be the right

version for you um so i mean that's obviously the value which just seems to be odd you know shouldn't they be testing this shit out beforehand but whatever it is what it is with this release made bitcoin core version 25.x and everything before that obsolete because as of the release of this it's bitcoin core 25.x and below will not receive any critical security fixes moving forward. That's the way it operates. It's basically it's the version minus two. So version 28, 27, and 26 are getting all the critical security releases moving forward, which is, you know, cool. So I had mine version 25.2, I think it was.

I had moved over to 26.2. I'm always a few behind for obvious reasons. I can see why I obvious reasons. Good practice. Also with version 20 comes a new mempool filter. I don't know too much about this, but this is supposedly, hopefully, I'm not sure exactly without really saying too much, it could

stop spam. I don't know. But there is a new mempool filter included in this. But really, with all this being said, we have 28 released, has issues. Would you want to upgrade to it? I would say no. I gave you a few reasons why not.

And it's basically, like you mentioned, good practice. Stay a few versions behind if you're going to run core. Don't go on, I don't want to say this is bleeding edge, but don't go at the tip of the spear here stay for as far away as possible we're still getting critical updates it's my opinion or run a competing version knots maybe one there's not there's lots of different options out there we'll talk about that just a bit but yeah 28.0 seems to be a dud right now until there is going to be some patches released which i assume will be soon what should i add to this i don't know i mean

we've talked about this on this show i think twice or three times now in the last two months these sort of maybe not issues with core releases but rather issues with communication from the core team right and uh this is another example man i i was watching um to give you an idea of like how sort of far ahead we are as far as like you know our race with traditional finance and adoption in terms of adoption i should say i watched that black rock presentation on bitcoin uh that was given at uh token 24 or whatever it's called or digital asset 24 i forget what the conference is and there's a couple of q&A segments at the end where they talk about what are the challenges for Bitcoin?

What are the challenges as far as potential disruptions? And everyone talks about the same thing. They talk about government intervention. They talk about global EMP. It's nonsense, but it's a concern for Bitcoin among other financial networks, of course. But no one ever talks about the core team. And I think, Len, as this thing gains momentum, Bitcoin, the asset class, I think there's going to be more eyes on the core team and more solid, steady, and transparent expectations of that group in terms of communication in terms of when to update the core software in terms of what uh you know what a round number update i'm probably

not using that term right but like 28 for example um you know what what should that look like as opposed to the iterations you might do in between versions I think that this is becoming big enough that it warrants another look at the requirements around updating the software. Doesn't it? Chris Bounds Great. Yeah. There's a lot at stake here. Jason Lowery They fucked this up. Not the software itself. Well, maybe the software itself in this case, but they fucked this up three times now in the last three months,

something like that. Right. That's about the cadence, I think. Well, I want to say the release of the communication, the communication. They talked about the old, the old software having problems. Right.

And now this issue with the, with the brand new version, this is a, you know, how, how does, and not that, not,

we need, not that we need to like cater to black rock first and foremost, but how does a trillion dollar asset manager say to its client base, oh yeah, okay, but can you do anything about this communication? What's BlackRock going to say? Well, no, we can't. That's not going to stand for that much longer. Whether that's good or bad, I don't know.

But I think it's inevitable that we see changes in the way these things are communicated. And there will be Bitcoiners who say, well, this is why there's no open source developers anymore because everyone has a target on them and the expectations have changed and it's not fair and wah, wah, wah. Well, guys, maybe you're not cut out to manage the trillion dollar Bitcoin. Maybe you were only cut out to manage the $500 Bitcoin. Many of you are still from that era. God bless you for sticking around, right? But things change and the demands of the people who are holding the asset change. It's a very fluid situation, I think now more than ever, and it requires a new set of standards that right now, in my opinion, are not being met. And all this really is, is they're

providing users like you and I and everybody else is the ability to run a particular software, Node software. That's all it really is. It's competing software. There already is some. And anybody can simply make a new one as well. As long as the software is in consensus with the network rules, people can start using that new software and go with it. So that's the one beauty about this whole thing is there is no intellectual property we're dealing with.

We don't have to ask for permission or give people money to, to make software that's going to be used on the network. Anybody can do it. I'm not saying it's an easy thing to do. And I don't recommend you try either. This is not the time to try. Yeah. Learn,

learn first. I just, it just is that the ability is there. If there's a hole in the ecosystem and you want to fill that void, you can do it. With enough time, effort, energy, and money, you could take care of that and do it because there's nothing stopping anybody or a group of individuals or a company or whatever from doing it. And you know what? It's also good to have competing products. Having more of these products out there

gives users an opportunity to pick and choose whatever they want. They might have a particular flavor that they want to run for whatever reason. That's great. If it runs in consensus with the rules of the network, a lot more power to everybody, man. I don't give a fuck. Open source is the way right we've you know

been you know promoting it i guess is the wrong word but we've been advocates of open source development we support open source software on this show um you know just there's ups and downs right so this mstr fight that's going on here and we haven't even talked about it then in our chat in the corner that i'm still going on i don't know what's going on here, and we haven't even talked about it, then in our chat in the Corn Lords, it's still going on. I don't know what's going on. There's something in the water, and I'm not going to talk about this.

Are we talking about MSTR today? Hell no. No, no. I'm entertained. It's in the chat now. It's in the chat. Ben Schmidt, who was at the dinner, I see these guys going.

Ben's not in the Corn Lords chat, or is he? I don't know. Maybe he is. No. The Twitter stuff today. Everyone's taking the MSTR bait, the master bait on Twitter and fighting each other. Guys in the Corn Lord's going after Ben, going after a few others.

My opinion on – I know you said we're not going to talk about MSTR. My opinion on MSTR is great, and Ben had a great point today. When everyone else – I'm not saying you want or don't want MSTR. You do whatever you want. But if you have some fiat exposure to Bitcoin through MSTR, when everyone else is selling Bitcoin for services and goods, you will be selling MSTR for those services and goods first, I think. And some people say that in 2026, you might run into a problem because some of those bonds mature.'d have to get sb on to talk about that uh or josh olschewitz talks about that or maybe punter jeff if you have a response to my fucking twitter messages um but anyway we don't have to talk about it it's fine whatever i am entertained joy just like i like i can sense the car rack and

once it happens i'm gonna drive by so as for alternative nodes out there because we were chatting about bitcoin core there's one node software that people can run it's called btcd btcd that's an alternate node bitcoin or that was written in go and unfortunately this has a consensus bug and people using this well the main scenario the people maintaining it suggest you should be upgrading it the latest version right now is 0.24.2 that was released in june as of october 6th yesterday i don't see a newer version that could be upgraded so they may be suggesting to upgrade to a newer version i don't see it on their GitHub. Well, for people wondering what's the difference between, say, BTCD and, say, something like Bitcoin Core, BTCD does not have software, a wallet software built in it.

Unlike Core, where you can function as a wallet as well as a node, it's not recommended, in my opinion, to run the wallet on your Bitcoin Core. But either way, BTCD does not give you that option it's just strictly the node so they're you know with that there's no ability to generate a receive address or broadcast a transaction like you can on core but there's going to be a pending security update and people at btcd note that transparency key. And they will disclose information in a week after making this announcement. So that means October 10th and a few days from now, they're going to reveal why. And hopefully the reason why people should be upgrading their software.

Because it's taking a week to release this information. So a lot of people are using this. Apparently not. It looks like around 36 people in total are running these nodes it's not a heck of a lot of people but in a grand scheme of things but either way uh yeah uh this is an alternative but this is an alternative that has issues but even providing information a week after the fact they're telling people upgrade and i couldn't find where to upgrade to at least on the github maybe there's someone else this sounds all really cool

and very cash money that's for sure yeah so there you go here's an alternative but it's so what is so what do you like what do you do you just run knots i guess like what like that's great for yeah like i don't run if you don't want to run just regular If you don't want to run just regular core, you don't want to run BTCD. I run core. I mean, full disclosure, I run core. Mine is 26 point something. Notch is fine. Very good from what I understand.

I run a, mine has a filter on it. So through the bitcoin.com file, I put in some specific commands provided by bitcoin all caps thank you to him for that information so it's filtering out that from my mempool which is great yeah but i run core what option you're gonna have whatever you want a lot of different options btcd based on what i see that try it out it's good to have options. Give it a shot. See what happens. I ain't. Recommended by CBP Len. No, man. You know what?

To spin up a new mode. Try it out. It's a commitment. You know, like it's a several day commitment. Yeah. I mean, you don't have to sit there and watch it. But yeah, it takes several days to sync up. It's brutal, man.

Yeah. But you have to every once in a while go peek on it to see if something has happened. Maybe it lost an internet connection and it never reestablished it. It stuck 32% into the process and you got to try to babysit it through the rest of the way. I've been through it many times

and I don't want to go through it again. Just a heads up for people that do, if you already synced it, you can back up everything. It's in the chain folder or something like that. There's two folders you could essentially back up, and you don't have to go through the whole painful process of doing an IBD. It's going to be like 600 gigabytes, 700 gigabytes in total.

So you have to have a beefy drive that has a lot of spare capacity. I usually get IBD after I have a piece of cheese but anyway let's move on man let's move on ocean mining they launched they launched datum when this came out last week we could have talked about it was late in the game it was the same day i think that we did the show right yeah yeah and my mondays are generally really busy so there's not much i could do to pick up anything that's recent datum what it stands for is decentralized alternative template for universal mining that's what it stands for so to give some context what datum is i first have to explain what is the process for bitcoin mining what it currently works right now so you have these miners you know either large corporations with a lot of equipment

that's racked or simple nerd miner, either one, they'll have to connect to a pool, something like foundry brains or whatever. And so once a block is found within a pool, it's up to the company that's maintaining the pool, like foundry or Brains or whatever, to build a block by selecting whatever transactions they want to include into the next block. So with a few big mining pools out there, you can make a case that there could be some centralization within the world of building blocks. Well, here comes something called Stratum V2,

and this was developed by Brains. And what this is, it has one big improvement aside from a few others. And one of the big improvements is to help with decentralized mining allows for individual miners to select the transactions they want to include in the next block. So they basically will be building it and so this helps reduce the risk of censorship rather than letting the pool decide which blocks so which transactions to include the miners can do that very task and so you're not going to have potentially something censored out of not being out of the next block ocean did some analysis and came to the conclusion that stratum v2 is not quite ready yet. And so in the interim, they released something called Datum. And it enables then miners to build their own blocks using their own block template, very similar to what

Stratum V2 does. And Datum is currently in public beta. And as a way to incentivize users to adopt it, they're offering a 50% discount on pool fees. This is a way to help encourage miners to not only go to brains, but also use the Datum public, the beta release that's going on right now. And if people are wondering if this is going to be a long-term solution to replace Stratum V2, probably not because Stratum V2 offers a few other goodies like enhanced communications and further efficiencies, which Datum does not provide. Maybe it will in the future, but for the time being, Datum does not provide that. So the roadmap is this is just a stepping stone to eventually get to Stratum V2 whenever that is ready for prime time.

So interesting decision by Ocean to release this. Yeah, we should get Bob on the show to talk about this. Be curious to hear some of his rationale that he maybe didn't share on Twitter. And also, this is, I understand, the way for something like CBP pool to exist, right? Narwal in the chat last week saying that it sounds to him like this is a way you could create your own kind of custom you know maybe not maybe custom is wrong word bespoke let's say um mining pool bespoke blocks as you mentioned there uh through the new template option it's kind of neat and you know this is i think it's it's a testament to one of the bigger names in the mining space understanding that there's a need for

decentralization and to get away from the stuff that we've been doing in mining, which is great. And Bob is an ocean proponent. You know, you're an ocean proponent, I think as well. I don't want to speak for you, but that's a pool you'd like in a setup you think is beneficial to the network. So I see, I'm all for this. Now, the one thing is like, why does, how did Stratum B2 catch a stray in all this? People really like Stratum B2.

I don't really hear much negative talk about that from brains. Yeah, and Boomer's even asking that. Why, instead of using it, they build their own thing? From what I gather, it's just not ready yet. It's simply, I'm going to equate it to lightning in a way. Maybe I'm just oversimplifying things. Is lightning not ready, or is simply i'm gonna equate it to lightning in a way maybe i'm just oversimplifying is lighting not ready or is it just not adopted like that's no i don't think it's ready i mean not only the fact that it can't be scaled out to every citizen so every person on this globe

it's still there's still some um user issues when using it in terms of sometimes things don't go through you have to manage your balances if you run your own node that the channel you know the balances and so forth so it's not the easiest thing to use and even then when you think you have the right amount that could you know the for right amount for um outgoing and in coin and you do a transaction doesn't go through like what the fuck like just i don't know it just it's great but not perfect it's getting better but that's what i'm going to relate stratum v2 when you're talking about something with you're expending a great deal of cost you want to have it work and get paid right away if you're a miner you don't give a fuck who if they're building a block

no it doesn't matter you just want to get paid yep so until in a lot of cases your shareholders demand it right like there's a whole set of requirements for those guys yeah and they could be all jpegs or they could be all like whatever yeah no one cares they're happy the shareholders are happy in the end because they're getting paid so totally that's the reality yeah um yeah so hbo let's move on to the hbo thing why why are we talking about like what this is this is retarded this is a documentary it's regarded i agree very regarded yeah highly highly regarded yeah yes i heard a g yeah um yeah so like the reason why i'm bringing this up is for whatever reason on bitcoin twitter is taken it is a lot of people talking about it and so heck

i mean if people are talking about it i might as well at least bring it up i don't have much to say aside from the fact where people are wondering this is something called electric money the bitcoin mystery set to be released on october 8th that's tomorrow 9 p.m eastern on hbo and the documentary claims to reveal the identity of satoshi nakamoto yeah right uh the documentary you know think about it though this does raise one question and i've thought about this at length is for a group of people bitcoiners where we have the don't trust verify we we're always trying to find a truth we for whatever reason this whole satoshi identity we just kind of let it be because we don't have the ability to look into it we don't have the resources or maybe it's just impossible to find out who the dude or dudette was or the

group of people i have no idea but either way it just seems odd that like you know as bitcoiners that we just kind of accept it. Does it matter, though? Like, doesn't it matter who Satoshi is at this point? It doesn't even matter if Satoshi is, like, an agent at the CIA at this point. It doesn't really matter. That ship has sailed. The ship has sailed.

But still, I mean, that's the person that started it all. It would be nice to have that knowledge, I guess. This documentary, there's no fucking way this is going to solve anything nobody's it's very regarded in here but definitely there's no way this is going to be found through this simple documentary i think that this ship has sailed and we will probably never know that's my opinion i could be totally wrong i should i should i share wrong. I share that view. I share that view.

Also, as an aside, um, as an aside, like Netflix doesn't do anything. Well, really? So what makes them think that they could figure out who Satoshi is?

Do you remember when this show was? Oh yeah. I'm sorry. HBO, HBO. Do you remember when, uh, uh,

this show was in its infancy we did a len sassman bitcoin or the week yes and you picked him you did it someone recommended to me on twitter that person shit it could have even been boomer honestly it was an early episode i don't know if boomer was listening yet but somebody recommended that i do let's not go back in the archives to see if you i'd have to find it i'd have to find it. I'd have to find it. But I mean, it's like way back. Yeah. But you know, yeah.

A lot of people are saying him. He's not a bad guess. But like the thing is. He's gone. Exactly. And everyone who thinks that they have the name, right, is always pointing to some guy who's dead or Adam back. Sometimes it's Adam back.

Sometimes it's Nick Sabo, but like these guys, you know, if they didn't move the coins yet, you know, like these guys are not waiting for the 2024 Bitcoin bull run. There's a million coins, man. The Satoshi coins, they're a great many, you know, if you want to live on a yacht the rest of your life and, you know, ensure that your entire bloodline for a thousand generations is taken care of, you could have done it already. You don't need to wait for 75K or whatever. There's no laser eyes on this guy until 100K. He doesn't care that much. So I think – here's a question for you, just a little fun aside.

Satoshi, alive or dead? I'm guessing dead you figure through the history of him leaving he would have moved one i don't know those coins so but the fact that it's stupid what happens first second coming of jesus christ or satoshi moving the coins i don't fucking know i'm just saying this segment sponsored by fan duel uh plus plus or minus here's a better one this is this is what you're gonna like the toronto maple leafs winning the stanley cup or satoshi nakamoto moving a coin i see the coins i see the coins so i think that's a better analogy i say the coins for sure no question sorry but yeah um there we go i'm not sure if you're gonna watch we both said that we're not gonna watch but now i'm kind of reconsidering it is it is it like a docu-series just one documentary

i think it's one i gotta watch the vince mcmahon documentary i have to finish that i gotta finish love is blind uh i gotta what else did i want to watch i put i put in like another oh elon on The Vince McMahon documentary, I have to finish that. I got to finish Love is Blind. I got to... What else did I want to watch? I put in like another... Oh, Elon on Tucker I have to listen to. And now I have to do this too. I could make time. I could make time.

You'll have a lot of downtime very soon. I'll be at home at least. Yeah. Yeah. You're tired, but you'll have downtime. Yeah, yeah, yeah. Sure. Coin base. i'll be at home at least so yeah yeah you're tired but you'll have downtime yeah yeah sure coin base um we should chat about them quickly and i'm not trying to say anything bad about them or anything i want to pump your bags if possible joy let's get you to the easy street but they're

going to be or they are going to be bowing down to the wishes of the eu and they have announced that due to the markets in crypto assets regulation micah i think is yeah we talked about micah before on the show yeah and it's pronounced micah right yeah yeah so these rules come into effect december 31st this year and it says that unauthorized stable coins such as tether um will need to be delisted from Coinbase. And so Coinbase is going to be honoring that. So bogus, man. So bogus. So Micah is requiring issuers of stable coins to meet strict transparency, liquidity, and consumer protection standards.

For which Tether doesn't meet any of these if uh according to their standards we talked about like tether quite a bit in the past little while um looking at this this might make it harder for people to onboard into tether because it looks like they're gonna be closing on ramps and off ramps in the eu you know operation choke point 2.0 but for stable coins either way if you don't, you know, USDT, I don't think this is being heavily used in the EU, let's be honest. The euro is still relatively stable

compared to the USD, in my opinion. I suspect the people that are using something like USDT are people in developing nations. Maybe people are buying it and purchasing it in the EU and sending it to people abroad. I don't know, but I can understand why people in developing nations wanting to use it, USDT, to try to avoid using the local currency, which tends to be, you know, in comparison to the US dollar, not too good. But people in the EU will still have options if they want to get hold of a stablecoin. USDC is still going to be there.

But these are the guys that also blacklisted some addresses it's kind of very much centralized remember for non-compliance they blacklisted so yeah yeah there you go um is this going to be the way that governments worldwide are going to try to get and go against usdt i know one government that's not going to i know one government that's not going to which one the u.s government for usdt yeah explain the bonds the treasury notes do you think they need the the sales of them anyone i think i think i think they're intertwined now i still want to get mark goodwin back on the show to talk about this um but yeah i think that they're presumably if you look at choke point in the states they've done basically everything but go after tether even though tether was really at the center of a lot of discussion about you know fake price movement and artificially inflating the price of bitcoin they didn't have the things

that tether back one-to-one and then tether had to start talking about well they're not it's not one-to-one cash it's one-to-one cash and cash equivalents and that's when the whole treasury note story started to come out like here's what we actually have oh it's you know a hundred billion in fucking 90-day paper um yeah so i don't know as far as like the coinbase story i don't really care about this like coinbase is coinbase you cannot care about coinbase it's coinbase does coinbase's stable coin really matter in the grand scheme is basically what i'm asking yeah like i'm not sure that it does i'm not sure that it does tether is the one everyone uses that's the one where do they make most of your fees it's uh i guess yeah trading fees uh sb was

saying that uh it was trading fees yeah so usdc might or usdt or dc it's a fun side project and like maybe it helps with does it help people get liquidity maybe if they need it and they don't want it in their local currency like i don't know was the intention that you become sort of this walled garden they've tried this already, right? With the Bitcoin stuff. So you can only like use or send Bitcoin to other Coinbase addresses on chain.

Is that, what was the story a few months ago? I forget now. So I'm speaking out of turn here for sure. But the point is that they've tried to do this walled garden thing in the past. And I think USDC was part of that playbook.

But it just doesn't, you know, it doesn't make a lot of sense to use that if Tether is out there, right? We should do our own. CBPT? U.S. CBPT? I think you can only do four letters on the ticker. Oh, really?

Pretty sure, yeah. No, man. Some shit coins probably have longer tickers. Oh, maybe like okay we'll do yeah cb cbpt or c or whatever something like that um good rest assured it's going to be backed one-to-one by us dollars can you know where the fuck it is and so you could use that to buy whatever you want so definitely buy it once we release it boomer got the ticker in there for us cuck cuck yeah we'll do it on the woo network what about the whiff network dog with hat or whatever uh fuck that shit all right let's keep

talking about these shit coins because bitwise they made some news this past week they have filed with the sec for a bitcoin's treasury rotation etf ticker b-i-t-c and they wish to convert their existing etfs into new products so they have three different ones i'm going to focus on the bitcoin one because they got one with uh ethereum and one for a combination of bitcoin and ethereum so the bitcoin one is going to become the bitcoin strategy optimum role etf and it's you know this is going to be renamed as the trend wise bitcoin and treasury's rotation strategy etf what a fucking name so the strategy here yeah okay go ahead yeah strategy here is to use this is fucked up joey they're is to use... This is fucked up, Joey. They're going to use an exponential moving average

to decide on a safer investment. If the 10-day EMA is higher than the 20-day EMA, the fund will focus on Bitcoin. Right. If the 20-day EMA overtakes the 10-day EMA, the fund will shift to US.S. treasuries. Yeah, okay. And the goal of this is to reduce volatility.

Just fucking take my money and burn it. That's the way I'm looking at it. Well, that's like a pretty standard technical indicator, right? The EMA is crossing. So overtake is just a way to say crossing down or crossing up. That's not the the right time frame for death crossing golden cross but generally if you buy on a golden cross you know when the price is trending upward or about to trend upward on the moving averages you're in for a pretty high

probability upswing you know length of time tbd depth and breadth tbd but an upswing and then on the way down generally if you sell at that time you know you get a pretty decent likelihood that you're going to be in the same boat i i honestly have half a mind here to just pull out the crayons and do this right now um with this they're hoping that it's going to be if you type in if you type in bitcoin and uh trading view the first thing that comes up is bitwise strategy there you go so they're hoping that it's going to be approved by the sec and ready for trading by december early december aren't we all aren't we all i'm gonna add these i'm gonna add these lines here hold on i'm gonna do this what they have right now is the existing futures right

i think that's what they want to transfer over yeah right so like good for them that's ema he's using that's yeah the 10 day compared to the 20 day that's gonna so the comparable between the two is going to decide if you're focusing on bitcoin okay or us treasuries oh yeah treasuries baby i let me see it geez i wish i'd done this in advance go to trading view and you just use the ema it's I think TradingView actually calls it moving average exponential, not exponential moving average. And so go there and just have a look and see when those lines cross each other and see how the price moves shortly after. It's pretty reliable, but it's just like, you know, there's fees associated with strategies like this. You could do this on your own if you really wanted to, right?

You could sell certain points. I know that in the past, like again, when the show was in its infancy, we used to talk about these crosses once in a while. And I used to tweet before I was like rolling, deleting my tweets that on these crosses, it takes away some of the emotion in the buying. If you're planning on buying a big chunk, just wait for the next cross and you'll feel pretty good about it. And if you want to sell a chunk or you want to use a chunk or whatever, you feel pretty good when those things cross down that you're going to get a

significant downward price move. Again, the depth and breadth and length or whatever, it's up in the air, but there's some reasonable expectation that the outcome will be good on the one side bad on the other i don't know why you need a strategy for this though i guess the treasury is really the other side of the strategy is what the selling point is but why the fuck would you mean yeah i don't know like it's not really worth it i mean it's other options there's the fibb the fuck it buy bitcoin strategy i do like that ticker. It's a strategy. If you're able to trade your local currency for Bitcoin,

then the FIBB takes into effect. You do that until you can no longer trade your local currency for Bitcoin. Then the FIBB is no longer applicable. You can't use that strategy anymore. The fuck it, buy Bitcoin? That's all you got to do. Joey, I guess we could take one last quick story.

MetaPlanet, they just keep buying more and more Bitcoin. I don't know how the fuck... Did they buy again? I didn't know that. It's like every fucking day they buy. Every day of the month they buy. It's something like three Bitcoin a month. No, more than that. Sorry. 35 Bitcoin a day or something. They're buying something crazy. They stop fucking these guys.

These guys are like good for them. I like it. Yeah. What's not to like about that? These guys are putting their money where their mouth is. Right. That's what we want to see around here. Yeah.

Everyone should be doing this kind of thing and good for them. But I guess that's it for Bitcoin. That's for me. Unless you want to, and good for them. But I guess that's it for Bitcoin for me. Unless you want to talk about any other Bitcoin-related story. No, I don't think so. I think we're good. Let's go to the notable news. If you're on audio, see you tomorrow.

If you're on video, Twitter, YouTube, whatever, stick around. We got another, I don't know, 50, 45, whatever minutes to go. So strap in. Don't be a cuck.