The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #187 (Bitcoin News Stories) - Potential Bank Failures, Bitcoin About to Pop, Canada Pivots (Bitcoin Podcast)

Episode Date: October 29, 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 - ⁠⁠www.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.

There we go. Oh, wait. Did it work? Yeah, it did work. Okay. Oh, we're live. Yeah, thanks for the show. Friends and enemies, this is the Canadian Bitcoiners podcast. It's a little bit of a snafu. Not our fault. It's my fault. It's blame me. But no, no.

It's just some software issue. That's weird. So the CBP Media Network account on Twitter doesn't work. Neither does... I don't know. Yeah, CBP Media account or the Canadian Bitcoiners one. Both of them didn't work. i don't know yeah cvp media account or the canadian big corners on both of them didn't work i don't know try again let's put them on let's see if we can get it to go again here it says it's live now yeah people are live but like it should be live on twitter anyways friends and enemies god bless you all um welcome to the show a little bit of a hiccup there. My name is Joey. That's Len.

Big day today, 70K. What do you think? Feeling good? How are you feeling? Another day, another dollar. It doesn't matter where it is, to be honest. I'm just more happy that I could still buy and it's not like to the moon, right? When are you not going to be happy?

You say this all the time. I can still buy. It's still cheap. are you not going to be happy? You say this all the time. I can still buy. It's still cheap. When are you going to be sure? It's hard for me to say. I'll know when I know. I don't have a specific number. But when I have to spend four digits to fill up my grocery cart, like when I go to

Walmart and get groceries and it's going to cost me a thousand or more, I think I'm in a pissed off mood. And I think that's the point of time where I'm pissed off that I can't exchange that for a lot of Bitcoin. Now you could exchange $1,000 Canadian for a decent amount of Bitcoin. You're getting 30,000 sats.

Wouldn't it be good? I'm happy. This is good. We're at $69.9. It was $70K a little earlier. I'm sure we'll get back there 69.9 it was 70k a little earlier i'm sure we'll get back there market's starting to price in a little bit of a trump victory which is nice we'll talk about all that though yellows says happy it is happy 69 420 yeah we did cross 69 420 my wife took a picture of her block clock and just random she didn't this was not like she was like doing this on purpose but if you can see here the number, it's darn close.

69,400. I was laughing when I saw that. I was like, oh, it's so close. Strong. Strong effort from Mrs. Len there. She didn't try it, though. She just did it. It's just random shots.

No, it's good. You love to see it. She loves her block clock, by the way. We'll talk about all that. We got a lot to discuss tonight. We got a chock full slate. A slate chock full? Something like that. Anyway. Sponsors, EZDNS, best place for you to host your content. Mark is the friendly neighborhood about EasyDNS? That's a long list. They got lots of stuff going on over there. If you're a Bitcoin enthusiast, you can do Bitcoin nodes, Nostra relays, all these good things. We talk about it every week. Outstanding opportunity there. If you want to get into stuff like that, Mark will help you. If you want to buy a domain, Mark will help you. If you already own

a domain like Sailor and want to bring your domain over there, Mark will help you with that. You can set up an email server to go with your domain. You can set up a website to go with your domain. There's a pretty easy plugin we use. I think it's like a WordPress spin-off. It is WordPress. Yeah. And we use it. The times that I've actually written something for the website, it's so bloody easy to do. There's really no reason not to be doing it. And I've really, really enjoyed the times that I've used it although i use it very rarely if at all these days unfortunately because i'm too busy and only about to get busier and uh as well you don't worry about your content being taken down unless you are running a racist

spin-off group which mark did tell me to say he had to take someone down for the first time in a long time last week from easy dns not allowed to do that which uh we understand we support that no big deal you're not immune from being taken down no but you're not going to be taken down for saying something that is unpopular to the regime is that fair that's fair right and if you have three consecutive letters maybe yeah probably not probably uh so we're happy to be uh partnered with mark and the team over there at easy dns don't forget protecting your domain also important mark has domain share on board there at easy dns which we've been learning a lot about over the

last little while it is a great service and one that you will appreciate if you own a domain i promise you that so go to easy dns.com 50 off your first round of buys. So load the cart boys and girls and yeah, go support the sponsors. Len second sponsor who we got Bitcoin load up on some Bitcoin using bull Bitcoin. Why not? Because the price as we're looking at it is going up. So yeah,

you may want to buy now and tomorrow will be worth more next month. It'll be worth even more next year, a heck of a lot more, but whatever you do, bull Bitcoin has you covered when you want to buy now and tomorrow will be worth more next month will be worth even more next year a heck of a lot more but whatever you do bull bitcoin has you covered when you want to buy on chain and lightning you can sell also on on chain and lightning now as for the fees i just took a look at my node right now it's uh four sats per v byte was the last mine sorry the last block that was mine so still very cheap to use on chain totally recommend people to still do all your buys and sells on on chain for at least for

the moment and then uh build up your lightning stash on the side when it's time but it's not quite ready yet either way bull bitcoin you could do your buys and sells with on chain and with lightning also you could pay your bills look the price of bitcoin is now approaching 70k it hit 70 i think earlier today it just just touched it. Why not start spending it? It's there now. There you go. Pay some of those bills, right? You've been not paying off those credit cards. Why?

Because you've been stacking corn. I get it. Everybody wants to do that. But now it's time to pay it back, right? So you don't want to get liquidated. And yeah, well, Bitcoin will help you pay your bills with all that Bitcoin you have stacked over the years. Also, you can buy gift cards. What's cool about this is because right now in Canada, it's very difficult to start spending your Bitcoin in the real world.

In fact, most of the world is very difficult to do so. So they give you the opportunity to buy gift cards. So you could use your Bitcoin to buy gift cards and then spend those gift cards in the real world. Look, people have been buying Bitcoin for the past while. Hopefully, price has been going up. So you made decent money on it. This is an opportunity to start spending it if you want to have a circular economy style.

If not, just buy and stack. You're good to go with bull Bitcoin. Use the promo code if you do that and you fund your account, set it up, $21 will be added and they're non-custodial. This is what you want in exchange're non-custodial this is what you want in exchange non-custodial you have to provide your bitcoin address once you buy if not they're not going to execute the buy because they don't hold your bitcoin only you do totally uh third sponsor decentral technologies len we got word from jonathan that the bid axes should be shipping this month or November, I think.

November. November. So tiny, tiny delay because you guys are overwhelming them with orders. So, you know, the good and bad about being a CBP sponsor is that you'll get a ton of business. The bad is that it will push all your dates out on the curve. No problem. If you ordered a CBP bid axe, you will get it.

If you haven't, you should order one soon because they're going quickly. I don't even know if there's any left. I'm not sure. I didn't ask, but we love the central tech. Why? You can do the CBP. You can do the bidax. You can do the whatever.

But if you want to go hard in the paint, like Waka Flocka used to say back in the day, get an actual S19 minor, set it up in your garage, heat your house with it, dry your clothes with it, annoy your caring neighbors with it, they got your back. You want to get some stuff repaired, they got your back. You want to do some simple mining, they got it. They even do some hosting, not their bread and butter, but they'll help you with that too. Basically, anything you need to do with mining at your house,

John and the boys can help you out. These guys are best in the business best in class like all the cbp sponsors we hope you go over there buy a minor support the cause decentralize the hash rate man that's what we're about over here and uh keep your wife happy while you do it can't beat that kenya so sponsors out of the way uh do you want to do housekeeping we should do some housekeeping why don't we do a little housekeeping here last week on the show i talked to our good friend mike campbell what a show mike's always such a treat to talk to and uh len you know this from having guests on oftentimes you'll stay and talk for five or ten minutes afterwards just to you know

tie a bow on things and say some stuff that you'd want to say on the show but couldn't for whatever reason the guests often do that i know i often do. Mike and I were talking for close to half an hour after we wrapped up about a lot of things that are going on for both of us these days. And I got to say, without going into too much detail, he's really become one of my favorite people in terms of my online comrades. That's kind of a dirty word, but you know what i mean and uh i want to thank him once again for everything he's doing over in uh his world there at mike's money talks and for coming on the show last week and then wednesday this week last last time we spoke i said this was on tuesday it's actually on wednesday this week ben rabidu coming on seven o'clock uh

him and i will be discussing all the latest and greatest in immigration, housing, Canadian economics, and I'm going to push him into Bitcoin. I have to. I have to ask him. I mean, he's, I think, pretty young. He's got to be in his 30s, maybe early 40s. So I'm interested in hearing what Ben has to say about all these things going on. We've seen a lot of, dare I use the P word, Len, pivots from the regime in terms of immigration, in terms of economics, in terms of a number of things over the last month, two months, as it seems like they're ramping up for an election. And Ben was early on a lot of issues in terms of calling them, in terms of pointing to the shortcomings of some of the policies. And so I am positive that we will have a productive and interesting conversation on wednesday night next week joey if we can we can if we can't we won't we won't but there's going to be an election on tuesday evening we can if there's interest maybe do an election day show

i doubt it do you really want to why not i don't know i don't really want to but i can ask you guys yeah i don't really want to look at that folks he's the one that doesn't want to do it there you go no election day special too bad we don't have anyone booked next week do we do we not yet okay not yet so it could have been a duel because we have both the dc election going on. It may take years. It's over. Officially? That's what Global's saying. Global's saying it's NDP. Oh, that's hot off the press.

I was not aware of that. Yeah, maybe like half an hour ago I saw it. Okay, well, there you go. Are you shocked? Come on. I don't know. I still, though, BC is the hotbed of all the piss-poor policies that the progressive left has been championing for a decade or more at this point.

And you would think that the stove is hot enough that these people are tired of touching it. But I guess they have to burn themselves down to the bone before they make a change. So, you know, let's go another four years, I guess. Like, here we go. There's more bones, so it's keep burning. The reality is it's the way winds blow over there.

The BC is a left-leaning province, and so they have elected another left-leaning government, but it's a minority government at that. So there's going to be the balance of power will be held with the Green Party. So they're going to have a lot of say of what's going gonna happen moving forward depending oh well sorry i i say that i i'm assuming it's a one seat difference between

the ndp and conservative is that correct i'm not sure i'm not sure if that's still the case then of course the green party has the balance and whatever it is what it is have fun staying poor over there liam liam in the chat saying eight days to resolve the election and somehow the gov pulls out a surprise win no comment but yeah interesting interesting times interesting times let's put a sat let's go to the to boosts because we got a few boosts we got wartime 333 sats he's consistent same amount of sats and same message of just a couple of beer mugs banging each other so cheers so cheers to you too buddy cheers mo btc dick 500 sats he says i really think sailor is just saying whatever keeps him out of the establishment's eye

he's going for compliance for sure i think we might see his future actions go against what he's saying now time will tell time will tell indeed i uh i'm not 100 sure but let's see somebody by the name of user 685 and a bunch of numbers i i wish i could officially like quote your name but it's not there anyways Anyways, 500 sats. He says, you've done yourself a disservice by conflating criticisms of Israel and anti-Semitism. Canadians are separate from the actions of Trudeau's government, and you could criticize one without criticizing the other.

Similarly, one could criticize the actions of the Israeli state without being anti-Semitic or pro-Hamas. If you search some of the criticsraeli state without being anti-semitic or pro-hamas if you search some of the critics are actually jewish is that about mike's interview maybe so yeah it was respect to that um yeah i mean i i don't know i just listen i don't care what your bronze age legend is i don't want to fucking see it on the streets how's that sound is that fair enough that's that's what i think keep it in your fucking church or keep it in your fucking house and get it off the fucking street.

How's that? Is that strong enough? Is that even balanced enough? Pretty sure. Rander555 says that. Guys, when you say who you vote for is irrelevant in terms of the fiat dollar economy crumbling, you're right. But for freedom of speech and freedom of movement, there's one clear choice. you vote for is irrelevant in terms of the fiat dollar economy crumbling you're right but for freedom and of speech and freedom of movement there's one clear choice vax mandates vax passports

and social media bans made me realize that my personal freedom of speech and freedom of movement are above all else and yes i put those two things above bitcoin interesting Interesting point, Brander. Yeah, for sure. I mean, I am with you on that. And also, I think that the elected or to be elected or potentially elected officials who support one often lend support the other, right? Freedom of movement, freedom of speech, freedom of, you know, I hate to say it, but I think we're going to be approaching a time here where freedom of capital formation also takes center stage for a lot of people and those people support bitcoin so i think that you can vote for one and get the other more times than not which uh is nice i but i agree with the sentiment broadly for sure i i'm of the camp you could do acceleration or deceleration those are the two options for the most part anyways lightning mick 2100 stats

i could feel the fomo coming people will call and comment in five years i've only one half orange peeled three people and i feel helpless as the next bull run starts forget it friends and families will be left behind what can you do what do? Like, I don't even bother anymore. I have people in my life who, like, literally, I was saying this on Twitter today, at 100,000 US per Bitcoin, people will message me or see me out or be getting beers with me or whatever. Or like, you know what I can't wait for? I can't wait for my kid being in school and talking to parents about this when the price of Bitcoin is 200,000,300,000 or more per coin and people going, oh, it looks like lots more people are joining in

on the scam now. You're a fucking idiot. I love my family, my friends. I don't try and convince them, but they're also not hostile towards it. I think they're just a little gun shy. But the people who are so butthurt about missing bull run after bull run even though the evidence that this thing is real is right in their face all the time like you're dumb and uh you shouldn't be allowed to vote that's you know let's go hard i'm going hard today i am in a good mood i've had a good day i had a good weekend i'm ready to go hard and get some scalps tonight i think well two more things i want to knock off mark covalchchis, I think, is his name. He sends us a super chat. Super chat for $2.

That's good. Better us than Tim Hortons, I'll tell you that. We'll definitely make better use of that money than Tim is. Well, I appreciate the donation. That's awesome. And the last thing, I did meet up with two people that are going to be, well, they're pre-coiners. One's a pre-coiner. One's got just a little bit already.

And you met well we missed meeting him he was at the rockstar real estate uh event in october ah he was there his name is jay i'll just say jay and cool guy uh and his buddy i don't want to say what are um it was really good to talk bitcoin so you know you know, we are winning. One conversation at a time. For sure. A hundred percent, man. A hundred percent. No doubt about it.

Jay listens to the show every so often. Jay, what's up, man? Good to talk to you. So yeah, we'll go from there. I guess anyways, on behalf of Len, it was good to talk to you. I didn't talk to you, but all the same. And that's it from my side of things.

I'm not sure if you have anything else you want to just... I will tell you guys now since i may forget on monday i'm going to be taking a hiatus from the show for about a month uh at the beginning of november for reasons that i i'm not going to disclose but you can probably figure it out so you won't see me for a while um but uh len will hold it down we'll have some very special guests friends of the show coming on to do some co-hosting, do some interviews, all that stuff.

Um, and then in December, if all goes well, I will return probably with a little bit more fatigue and maybe a few more gray hairs. And, uh, we'll get this thing rolling again. Just make sure you don't have the bags under you. That's all I want to make sure you see. Did you see StreamYard? StreamYard added a bunch of new features today and i noticed that in the video section i think i can probably still do it in the video section uh yeah you can there's a touch up my appearance button let's see

if it works okay we'll try it out right now for the video for video only uh oh no i have to do it on that computer it's too far away oh do it. But yeah, they have like touch up your appearance. They have like- That is so fucking like- I know, I know. I know. It's great though. Like you can truly do anything.

So listen, next time you see an e-girl talking about Bitcoin on Twitter, just know that she could be using the touch up your appearance feature and have that thing turned all the way up to 100. So stay away from that. Oh, one other thing, Dan wedge. If you're listening to this program, send me an email.

Okay. Because I, I talked to Len. I want to set it up. The thing that you've discussed. I'm happy to do that, but you have to send me an email. You have my email, use it. And we'll talk this week about that. Awesome.

Okay. Let's go into the show yeah microsoft love it i'm hyped on this this is great i well yeah i'm not sure which one of you dj's is the one that proposed this thing but it's uh they're saying looking sorry an assessment of investing in bitcoin that's what's being proposed and it's going to be voted on in the next a while this shit is fucking great but even though this is being proposed the board is rejecting this they are they are they are suggesting that shareholders yes oh no yeah yes so if you want to look at the list of no coiners of the week just simply go look on the list of the board of directors for microsoft and there you go that's a wonderful list of no coiners of the week and for those wondering microsoft as of june of this year cash at hand joey they had 75 billion dollars from what

i gathered a lot 75 so if they decided to move that all into corn according to len math that's around 1.1 million btc that's at 70 67 000 per coin i did that math yesterday things change it's now 70 000 ish so it's obviously get less they should have bought yesterday but they're not going to move all of that and the fact you're going to move none of that this shit's not going to pass but at the very least this thing is being discussed and that's that's the thing why do you say it's not going to pass why would it well you know how much okay there's the big argument that i've seen online okay you know you give it to me you know what it is i don't give a shit even if it passes this is just an assessment yeah so the assessment

it's mean it means nothing i know they're gonna look at they understand bitcoin they've been accepting bitcoin for a long time and for payment. So they understand the properties. In fact, the company's management has said past evaluations have included Bitcoin and other cryptocurrencies amongst the options considered. And Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision making. They've been looking at this for a little while. Furthermore, Michael Saylor, not sure if you saw this one. He trolled them, I think. Oh, yeah, I saw. He was recommending that the CEO of Microsoft get in touch with him for advice on potential investment.

He says, if you want to make the next trillion dollars from Microsoft shareholders, call him. Pretty funny stuff. I think that this is at least the beginning of something big for Microsoft. If you think that Bitcoin investing is big, this is potentially the beginning of something big. Two reasons for this. Number one, Microsoft, yeah, they're in their rationale for telling the shareholders to vote no. They're basically saying, look, it's not about this is only a suggestion, as you mentioned, to review this possibility. We should be investing in this stuff.

Should we not invest in this stuff? Fine. But the thing is that the shareholders are not just average people all the time right you know who owns about eight percent of microsoft it's mentioned in a chat is it yeah i think that's the one you're referring to if not liam's uh blackrock yeah blackrock owns i think it's seven and seven and seven and three quarters something like that quite a bit and so so, you know, if BlackRock owns some, Fidelity owns some, all these other issuers own some, you know, suddenly you're at 14 or 15% and those people are active voters, right? You know, the proxy vote is there. Those guys are not going to miss an opportunity to

guide the board and they may have members sitting on the board, right? They may have proxy directors. And so I think that you're heading this direction. Now, the question for me isn't about, you know, are they going to review it earnestly? As I mentioned, they say they've already reviewed it. They're always looking at different vehicles, blah, blah, blah. The last time they reviewed it probably was before the ETFs, if I had to guess. It was probably less than $50,000, if not even fewer than that per Bitcoin in terms of US dollars. And it would be, I think, an interesting sort of shift in terms of, if I think about a SWOT analysis, the weaknesses and threats, the two pieces of that analysis, there's not a lot of bullet points there now.

The legal framework is kind of clearing up. Assuming you get a Trump presidency in a week or a week and a half, whenever that election is, and then you kind of start seeing the winds shifting this way. Not to mention that the long bond is telling you inflation is going to return in the United States. There's real money now telling you that interest rates are going to go up here, the US, all over the place. And I think people are looking for ways to invest in stuff. You got guys like Chamath on All In. He's talking his book a little bit because he's a Bitcoin guy,

an investor, I should say, maybe not a Bitcoin guy like you and I would be, but this idea that people are just going to take 6% in the S&P or try and do VC deals or try and do real estate or try and just use the... It's not going to work anymore. It's not. And new market participants are coming in. New companies are looking to get into Bitcoin. You're seeing the Bitcoin balance sheet strategy work now at a level that probably wasn't active the same way that it was the last time these guys reviewed it. And I think this is the beginning of something. Don't forget too, anecdotally, there's a picture of Satya, the Microsoft CEO, having a meeting with Adam Back and Samson Mao, who I think is a con man, but Adam back is on a con man. Like these guys talk about Bitcoin and Microsoft is always looking like every company to maximize his treasury. And so, yeah, you can do buybacks. Yeah.

You can do R and D. Yeah. You can do all these things, but at some point, you know, that invitation, the water is just a little too nice to stay out of it for much longer. Right. And maybe at 70K, it's warm. But fuck, it's going to be real warm at 100K, 120K, whatever. Right. If they wait another six months. We'll see. But I think this is a bigger deal than Bitcoin is making it out to be. And it's easy to say they're not going to do it.

It's easy to say they're never going to get it. But at some point, they're going to get it. And these companies have made a living off getting it first. You know? And so while they're not first, the front of the line is still pretty close to where they are. And I would expect to see one of these guys figure this out and make an allocation soon. Soon, TM.

They have to obviously appease the board shareholders and so forth it's it's a huge hill to climb on the microsoft board i'm going to look this up keep talking i took a look at the i just briefly took a look it led me to a 2013 page where bill gates was still on and i just closed it at that point because i wanted to see the no-coiners of the week and if i just gave i at that point i gave up but the thing with microsoft should this assessment go through and then you know whatever amount of time it takes for them to actually purchase it okay anybody could buy bitcoin anybody could sell bitcoin i can't do anything and nobody could do anything for preventing anybody from buying selling moving it whatever this is a decentralized thing but man like if you want to

see a company fail microsoft might be one of the top for me because if they somehow get bitcoin now before everybody else does it just solidifies the fact that users are still going to be stuck with using shitty products for the next 100 years is you know my windows is not going to go anywhere but it should go somewhere fucking down the toilet but you know what if they get a bitcoin now or rather soon you know that windows is going to stick around and we're going to be using the subpar product for at least some time. Fucking thing sucks. Every time I fucking turn on Windows, because I have to do it for fucking work, holy fuck,

it sucks shit. And I can't believe how fucking backwards it is compared to, say, at Linux. I know Linux isn't easy to use, but the fucking thing works so much better. It's like Bitcoin is harder to use but it's fucking superior in so many ways fuck windows fuck fiat and i hope they don't buy any bitcoin let's let them rot in hell yeah so i'm looking at their board uh i'm not particularly um hopeful this group will vote for it on their own but they you know maybe need a nudge you want to get some galaxy smith klein reed hoffman's on the board uh who else i mean reed hoffman is

you know is he silicon valley maybe he he was at the very least um who's this guy i don't know adp they're all jabronis you know they're jabronis but you're looking for links to like like high-flying you know new money when they get in the city bank the cfo from city is on the board like that's probably not good for bitcoin uh who else the gap the gap uh cfo is on the board probably not good for bitcoin um get independent directors who's mr scharf yeah president of wells fargo listen larry larry larry fink larry fink i want to speak directly to you you will need to get somebody on this board and you will need to get nudes of all these people if you want to get this fast but i think if anybody can do it larry it's you no they had to travel to some island i think that's the really well what's his face musk thinks

he uh reid hoffman's worried about epstein's island but anyway we'll talk about that i didn't say it was that island anyways oh okay let's talk about some breaking news from Dennis Porter this past week. Breaking, breaking, breaking. He's managed to convince lawmakers over there in the state of Pennsylvania to pass what is called the Bitcoin rights. Not sure if you saw this Bitcoin rights thing. Yeah. It allows people the right to self-custody Bitcoin and rights to use Bitcoin as a payment, a method of payment. I mean, do you have any thoughts on this?

I like it because people give Porter a hard time, but he's doing a lot of good work getting legislation in front of people who can actually sign things into law. And I think at this point, there's two kinds of Bitcoiners, right? There's the true anarcho-capitalist Bitcoiner who doesn't care about the law and actively disparages lawmakers and whatnot. And then there's the Bitcoiner who doesn't think that lawmakers understand or care, but still has a desire for the correct laws to be implemented. And Porter does a good job in terms of... There's a kinder way to put this than what I was going to say, because I don't mean to be insulting Dennis. He's been on the show.

I really like what he's doing. The bills are kind of vague and soft, and they're not really specific in a lot of cases. And they give codified rights in a way that kind of is redundant in some cases to things that are already codified. But what you're getting is lawmakers talking about, debating about, writing about, and signing laws about Bitcoin. Now, I know there's some crypto stuff in there too, whatever. These are the breaks. This is us taking the good with the bad from time to time still. If we're going to say that we're early, then we have to take some of these lumps from time to time

with lawmakers. That said, the alternative is that someone else who has more pull will be more pointed, who has more money, deeper pockets than Satoshi Action Fund, like Wells Fargo, like Citi, like one of the banks, like JP Morgan, whoever, right? These guys would go in there and say, instead of codifying Bitcoin custody as a law, we actually want you to make it difficult for people to hold and use Bitcoin because it's affecting our bottom line. They've tried to do this already a few times. States seem to be, I don't know, a little bit resilient to those attacks, to be

honest with you, more resilient than I would have told you five years ago. But all the same, it's hard for me to say anything negative about this. It's great, I think. And you can say all you want that lawmakers are not going to engage us in good faith. I say that all the time. I don't need them to engage in good faith. I need them to sign legislation that's good for us. This is an example of that. Perfect. Now we can move the ball forward. The same way that companies will sue on the lowest rung of the ladder, individuals or

other companies that they view as threatening or harmful or bottom line or infringing on IP or whatever to set precedents. I think Satoshi Action Fund is doing something similar. Start low and just keep chipping away at the legislative body and get greater and greater impact, greater and greater influence. It's hard to go from no legislation to Bitcoin is legal tender, but it's easier to go from Bitcoin self-custody is a right to everyone should be allowed to buy and hold Bitcoin without being taxed on realized gains to blah, blah, blah. And you chip away going up the ladder, right? There's no doubt that that's easier.

That's what Dennis and social action fund strategy seems to be. So I don't know. I'm good with this. What do you think? Are you of the same opinion? Where do you come down? No, it's a nothing burger. This gives us the ability to do nothing more than we did before i mean i can now self-custody

bitcoin now like it's kind of like giving me they sign a bill and say i could take a shit on my house like i've been taking a shit in the fucking woods like a fucking peasant yeah no i've been shitting in my house i don't need permission to do it i don't need permission to run a node this is a decentralized network and the fact that they signed this, the next government could easily come in and unsign this. It's fucking, it's totally meaningless. In fact, those are almost direct words from your mouth previously where you said that.

Because this says absolutely nothing in terms of advancing Bitcoin. Don't get me wrong. I do think that there's a case to be made that legislation like this is like just a headline grab in the Bitcoin world. I get that. I'm not necessarily saying that that's an irrational thing to say. What I am saying is that they're going to sign something about Bitcoin as the price rises, as it gains popularity, as it gains

traction. There's no way they're just going to do nothing with it. And so, yeah, I do agree that they could take this off the books as quickly, potentially, as they put it on. But you're starting to add friction going against Bitcoin, right? That's what you want now. The network is going to be fine. It's going to propagate. But ultimately, if the government tells you you can't run a node, you're not going to do it. Period. End of story. If the government tells you you can't custody and all your Bitcoin has to be on exchanges, you're going to be a criminal. And you can do that if you want, but that changes your calculus. Everyone knows this. Bitcoiners pretend that this is not the

case, but it absolutely is the case. I've seen a bunch of you guys at conferences. You're not intimidating. You're not up for challenging the state. You're not even up for doing 50 pushups in a lot of cases. So this idea that the government tells you something is illegal and you're just going to keep doing it anyway, I think you're full of shit. And so what you want is governments telling you that they're at least going to entertain this idea. If you don't get that, the alternative is that there's much less friction going the other way. And then you get into trouble, right? Then you start thinking about, well, I got to move my

family. I got to quit my job. I got to do this. I got to do that. Overall, this is better than nothing. And it means that if we get a negative government, then a government negative toward Bitcoin or state government negative toward Bitcoin, it'll be harder for them to roll everything back to zero and start going the other way against you. There's no doubt about that, I don't think. Do you remember Napster? Yeah, of course. And that was easy to shut down, right?

Yeah. You know what's difficult to shut down? What? Torrance. They don't need to shut down Torrance. They cannot shut it down because it's a peer-to-peer fucking exchange. Here's the best thing. You're actually speaking to my point because every fucking music cuck out there instead pays 10 bucks for spotify and when

they could get everything for free because there's a tiny bit more friction to get it on torrents and find a way to put it on your phone so instead you watch spotify fuck your wife and you pay the 10 bucks and you get any song you want the idea that people are going to disobey the government if they really come down on Bitcoin is laughable. I don't care about the masses. Yeah, they should. Well, the masses is who this stuff is for. It's not for you and me. It's for the masses.

You want extra adoption. You want more traction. You want all that stuff. This is how you start to get it. All this is fluff. Oh, man. I don't know about that. I don't know about that.

It advances absolutely nothing. And they could say and do whatever they want. The one that would may really hurt is the on ramps. If they could shut down ramps on Bitcoin. But even that, there's still 19.5 ish million Bitcoin that has been mined, and it's in people's wallets. And they can, as long as they have less- Maybe the question for you is, what legislation do you want to see, or would you admit had meaning? Is if legal tender, or the ability to transact without paying taxes.

So then, isn't it natural to say that the legislation right now that doesn't allow those things is negative? Like you want this legislation. You can't have the opposite. So neutral or opposite is against you all the time in Bitcoin. You need it to be in your favor. Otherwise, it's a friction. It's meaningless to me. To me, it's actually meaningless.

I don't think it me it's i don't think it is i really don't the only ones that aren't meaningless like i said is if they could shut down on ramps because that does have a negative impact for purchasing bitcoin for bitcoiners it's not going to say you shut it down entirely yeah because peer-to-peer will then take over but right now for the most part people people want to exchange their Canadian dollars, us dollars and exchange it for fiat. Sorry for Bitcoin through an exchange and do it easily. Once that is done through legislation,

then it becomes more difficult to use anything else. Good luck. You know, it's, it's a decentralized network and some people may decide to say, I'm going to just leave it alone. But there's always going to be people up there that will use it. And you know what?

People will even pick up and leave to other places where it is being used. And it's something that is valuable over there. And it's not being debased. Yeah, maybe. Honestly, I doubt it. For a lot of people, I doubt it. And you know what? them enjoy because there's more to the world than just where you are i should note that i pay for spotify before we move on to the next story see and see another like with bitcoin if you compare bitcoin to fiat using fiat is so much easier yeah you can tap you can do to use bitcoin comparatively

is difficult but we buy it and hodl it for a reason fuck it being hard there's something more to it sometimes you look at something it may be more difficult to fuck using linux is more difficult than using windows but fuck windows i'm not going to use that so i choose to use linux and there may be more as you call friction to use it i don't care there's something that i value more than the amount of time i have to make to invest to make this worthwhile to make this that i can make it use easily like you know we just got to value stuff we got to prioritize things differently and when we do we're in a better better position i think we'll see i agree with you what's next what else we got river baby river because they're offering a new product and for people yeah yield so people who

are willing to deposit their usd into river this is only for u.s customers from what i gather customers are then going to be getting uh yield in bitcoin 3.8 apy for the time being this rate will adjust moving forward up or down deposits are fdic insured up to 250 000 and this is through river's banking partner lead bank or lead bank i don't know either way we'll call it lead bank. No hidden fees or minimum requirements to get interest for this type of account. So you can just even put $5 and you'll be able to get your 3.8% APY moving forward. So I guess the question we have is where does the yield come from, I guess. But I think this is kind of like a traditional bank where they're backed by, you know, there's bonds that they're purchasing and whatever they collect in yield from those bonds, they give a portion of it to their customers.

I'm guessing. That's exactly right. So all traditional banks work and they pocket the spread. So you can go, yeah, if you go on, yeah, all these are above. What'd you say their yield was? 3%? Something like that? 3.8% as of right now. The lowest bond yield is 4.08 right now that's on a three-year

yeah so as the bonds yield changes i'm sure that for sure wise so the the cash is not locked up it could be withdrawn at any time and so i'm looking at this this could be a decent product for folks out there that have need cash in hand and want to collect some Bitcoin on the side, I guess, because the $250,000 FDIC insured, it's got to bit more difficult than withdrawing from a traditional bank because the process, according to the River website, for withdrawing money, you need to cash out first. So you have to ask for it to be cashed out. It goes to your bank account, and at that time, you're able to withdraw it from your bank. So there's one extra step to withdraw

your money, and it takes one to two business days for that step to complete. So is this a great thing? Cash isn't as readily available when it's on River as compared to your traditional bank, but you are collecting some

Bitcoin as a result, and it's FDIC insured up to 250K. So there's some good, there's some bad, but it is what it is. I like that you're not depositing Bitcoin. That's a huge plus for me um i i mean where else do you get this kind of return without locking up basically nowhere

so you gotta kind of like that i mean the the like other side of that coin is uh you could just put this in mstr and get like five six percent a day and uh take it out whenever you want. This is guaranteed. 3.8%. MSCR guaranteed 7% a day. It would be nice if that was the case. Listen, I think this is a good idea. Because it's clear what they're doing.

It's just an arbitrage trade. They're obviously getting some kind of pretty decent deal on treasury notes or other guaranteed certificates and just taking a bit for themselves. It's pretty good. This is the question though. Why wouldn't you just do the same as an investor? Like,

couldn't you get a three month treasury? I'm pretty sure you could. That's a good idea. Right. I think you can. Can individuals buy? I know they can. We talked about liquid.

That's right. Yeah. No lockup. Right. Yeah. Yeah. That's right. So you can you can go yeah you can definitely buy your own i mean yeah the lockup is the big thing it's not it's not a bad vehicle i'm okay with

this river's a pretty reputable company too good bitcoin company i think i think people are going to use that and i say why not let people do it because let's move over to europe denmark and they could be entering into a territory that's kind of scary for bitcoiners because a new bill has been introduced that would tax unrealized gains on bitcoin and other digital assets and the tax rate would be 42 and would take effect in january 2026 sound familiar familiar? Yeah, Italy. But that's not taxed on unrealized gains, from what I gather.

There's more to it. And I want to... There's an idea or there's a thought to why they're doing this. Because they say if this is approved, this is going to impose on people that they have to pay taxes under Bitcoin from the day of acquisition, regardless if they sold their assets. And if passed into law, it's a three pronged strategy because Bitcoiners would have to pay taxes on your entire portfolio portfolio by a specific date each year, even if they don't sell. That's insane.

Investors. This is interesting, though. Investors could write off losses on gains from these digital assets, similar to traditional investments. So this can make Denmark the Mecca for shit pointers, because if people are losing, you just might as well go there and just write shit off. And the third is they said they're going to impose a 42% capital gains tax on

unrealized profits bringing. This is the part that I just want to stress their digital asset taxation in line with its approach with traditional assets because traditional assets are currently being taxed unrealized gains right now this is just basically bringing it up to where it is right now so it may suck for bitcoiners but right now within denmark from what i understand they're not being taxed as per traditional assets. It's just putting it in line with other traditional assets. Don't like it? Great.

But you know what? If you are in Denmark and you're just an investor, you're subjected to this anyway. So rather than giving some benefit to Bitcoin, it's treated the exact same. I can understand that. It does suck, though. Get out of Europe is the answer europe is a total joke um yeah all caps in the in the chat saying portugal obviously there's like certain european locations that are not bad but the eu is just such a fucking

joke they're so desperate for tax money and so desperate to stop people from leaving and amassing any wealth that they are just so obviously showing all their cards. The number of places in Europe that are now, what is the best way to put this? People are concerned about the exit taxes in these jurisdictions, right? We've talked about California doing it like a state in the United States. The US has an exit tax. Canada has an exit tax that's going to become more abrasive and harmful, I think, over the next year or two, if I had to guess. And so all these places have exit taxes and everyone's saying, oh, you don't want to be part of this. It's a wealth tax, this and that. Man, you really got to look at the taxes that

are being levied against your earnings and your investing and all these things. You don't have to worry about the exit tax. If everything you take, everything you make gets cut in half before it even makes it to your pocket, don't worry about the exit tax. You'll be fine. You're not going to have anything left to take anyway. It won't matter. And so this idea that like, and all caps in the chat saying never sell. No, man, these guys, they're not going to wait for you to sell. They're not going to wait. They're not stupid. They know that the inflationary game is pumping your fucking bags. No matter what your bag is,

it's everything from fucking Pokemon cards to mansions and they know it. And so they're not going to wait for you to sell your shit. They're going to ask you to declare. And even late, I lost it all. I gambled it away. It's good luck. Good luck with that too.

You know, like I wish I gambled it. It's gone. I wish everyone who does that the best. But again, you think the state is oppressive now. Wait until there's a real problem with currency. Wait until there's a real problem with stability. Wait until there's a real problem with war. Then you're going to see what an oppressive state looks like. And this is why we talk about on the show. This is why Bitcoin is important.

If you don't understand that you need a stateless money because the state is just massaging your feet enough that you're comfortable, you're never going to be ready for when the state eventually becomes hostile. And Len, on a long enough time horizon, the state always becomes hostile. This always happens. Why? Because the state always fails. There's no two ways about this. And so your home, your equity portfolio, your first edition shadowless Charizard PSA 10,

they're coming for all that shit because anything of value is going to make their lives easier and your life harder. And that's how this goes. And so don't wait for them to say, oh, we're coming for unrealized gains now, right? Don't wait for them to say, oh, we're coming for unrealized gains now, right? Don't wait for them to say, we're raising the exit tax to 80%. Take note when they say, there's going to be a tax coming on unrealized gains above a million. Take note when they say, we're no longer going to exempt your primary residence from tax. So would you say we should be investing in MSTR then as an example? I'm a big MSTR guy, as you know. But I would say, you don't know what my timeline is on MSTR. It could be tomorrow. Who knows, right? It could be tomorrow. That's a risk

that I'm taking for sure. But I'm also amassing a sizable Bitcoin position that is not going to be MSTR. I'm not going to have to worry about Mike Saylor with another black satin shirt with one too many buttons undone on MSNBC talking about his fucking stock. I'm not going to have to worry about that. Now, with all that being said, you don't know what the future holds. It could be something, a black swan event that just changes everything moving forward. Why even bother risking it at all? Just for the picking up the nickels in front of the steamroller, just buy corn, put it on,

on the cold storage. You're laughing at that. That must be our versus corn is in all my group chats right now. We are, I am not going to do it with you. I will. I'm not, I will shut this fucking thing up for me.

I will go pour another chocolate milk and I will watch LeBron on TV. Just to spite you. You should watch Brawny in the G League or whatever the fuck they call it. The fact that that boy couldn't make it. Me and Alex from Bull Bitcoin How old is he? He's like 19.

Me and Alex from Bull have an ongoing chat. We have a signal DM. It's all sports basically. We both are hyped on on brawny having to go to the g league he fucking sucks like i love it whatever listen listen on the in terms of this tax though just like don't and like you use the term black swan it's not going to be a black swan it's going to be a regular swan there's going to be a gaggle of swans marching across the street and eventually you're not going to be able to move your car

anymore you know like it's you're watching one swan cross then the gaggle comes okay it's a parliament of swans whatever the fucking term is for a group of swans and like you're not gonna be able to move your car and then what do you do well after that like it's too late you know like then you're done so you gotta be ready for this stuff and that you know it's not about waiting for the fucking swans yeah prepare for what's what's coming he is it's easy to see that it's trending in one direction and when it gets to a point you're fucked so don't get don't put yourself in a position that you're gonna be fucked be the person that's laughing at the max out your mstr position 100 just fucking glue falls deep into that sell everything

leverage yourself up to the i have some hilarious like dgen bitcoin adjacent stocks in my tfsa the more just fucking going just oh yeah did you see see? Remind me after the show to talk to you about an old favorite of ours that had like a 25% day-to-day. I don't know if you saw that or not. No. The only one I just saw is because it shows up in our group chat is MicroStrategy was up like what? 70% today or something?

Yeah, 10, I think. 10, okay. It's just that there was a picture. They were just showing it off. Really nice. Core Lightning, use this to talkLightning just for a second because there's a bug for people that use this. In case you are a user and you haven't noticed,

but it's preventing people from making transactions, at least certain type of transactions. And I want to thank a friend of the show and CoreLightning guy, Mike. You know Mike. Shout out to Mike. Yeah, he's the one that alerted me of this and he is a core lightning user and he noticed that he couldn't do transactions small transactions were okay like 100 sats but when he got to a point of a thousand sats or larger it tended to fail

and for reference a thousand sats is going to be like 60 something cents us dollars so like that's sorry 60 something us that's pretty fucking cheap so anyway um from what i gather the people that are using core lightning version 24 are impacted so if you're 23 or before that you seem to be okay and for those running it um there is going to be a patch coming out, a new pay version called XPay that's going to help resolve this issue, but it's currently being worked on. But also, Mike has mentioned that you can, gosh, I've got to pull that

up as notes, you could use a new default method payment called RENEPAY, R-E-N-E pay, one word. And you could find this, if you need some more information at github.com slash lagrang, L-A-G-R-A-N-G 3 slash default dash Rene Pay,

R-E-N-E P-A-Y. And I'll just post this in the chat for people that are, that want to see this because you can just, in the audio, you Google back. So if you change the default payment to the ReniPay, it does work. So core Lightning users, which is, you know, it makes up a decent amount of Lightning users out there. You should be using this or wait for the new XPay payment to come out.

And that's going to make your seed Lightning working if you're version 24 or, well, version 24. So you know what? Lightning is just not ready yet. It's just too bad. so sad, but the reality is there's so many stumbling blocks that need to be overcome here, and this is another one. Lightning is

just not ready. How come he's not running corn lightning instead of core lightning? We should get a petition for a name change. How do we submit this to the board? We got to get on the board! Exactly! We should start recommending it at that point let's see what else we have about a solo miner actually a couple of solo

miners this week they hit peter and that's crazy this is nuts this should not be happening at this point in the game but we're getting this more and more so the one that came out earlier this week i know for sure it was not a bidax user the second one that came out i think today i'm not sure it may be a bidax user probably not though given but either way a couple of them hit paydirt and yeah like it just goes to show you if you're a bidax user or a solo miner out there there's hope for you doesn't mean it's gonna happen but there's always this hope right like every time every on average 10 minutes there's a chance you could

win that that'd be fucking cool there's always hope man you should be solo mining i'm telling you if you don't have a bid axe you should be getting one get one with our branding on it jonathan will hook you up that aside though i love this like decentralizing the hash that's what it's all about man take back the power take back the hash rate and get the bitcoin wall street journal ran a hit piece on tether did you see this i did i did so the wall street journal was saying that the federal government is investigating tether because they're saying that the use of tether in criminal people are using this in a criminal manner to fund illicit activities such as money laundering and other illegal activities and according to the wall street journal an investigation

has been undergoing for several years but the tether came out their ceo came right up the fucking air quotes well that's what i i don't know what that means several years because it could be three it could be 15 i don't know it can't be 15 because tether's not that old either way ceo of tether came out and said this is all bullshit this is unsubstantiated so it seems like it was a hit piece on it i don't know what's the rationale uh maybe there's truth i don't fucking know you know i'll be perfect honest i don't fucking care but the one thing i i do know for certain if there something happens that fucks up tether the price of bitcoin is going to take a hit for sure temporary it may be like a week or two for sure then it's a good buying opportunity

not financial advice but yeah um why are they raising this i don't know it just seems fucked up that this is coming up because they're running out of ammunition like there's not there's not many negative stories negative price pressures now gbtc is at a zero outflow at this point there's not much talk about you know collapsing exchanges or collapsing services or bitcoin hacks you know. The HBO special didn't really knock down the price at all. So what's next? I don't know. We got to see what Polo's doing. Let's get Polo into some shit. What are they going to do? The US government's investigating them. Maybe you should have investigated them before they bought $100 billion worth of treasury

notes. You ever think about that? Maybe that's something you should have thought about. Maybe that was when the investigation should have taken place before you did a fire sale of your worthless paper debt. That'd be something. The stops are all going to come out soon, right? They're going to pull out everything they can to try and knock this thing down. I think the journey to 100K may be a little bumpier than any of us are willing to admit right now. We'll get there. But think about the last year, Len, since the ETFs, right? We're on month nine, I guess, the ETFs. There's like a negative story or a negative flow or an unlock or something basically every month, knocking the price back or holding the price below a certain threshold, like a technical level or whatever. And seeing this over and over again, only recently did we really break out of a

multi-year cup and handle, multi-month wedge, all these things on the technical side. Only now did we break out of this GBTC unlock and seeing the ETF flow start again, seeing institutionals support and people discussing this outside of just Bitcoin Twitter, the government is not interested in letting this thing just rip to 100,000. They want it to be a difficult ride, right? Shake out the weak hands. Like Mark said to us the other day on a different topic, it is a big club and you ain't in it.

The problem now is there's a key out there that everyone can get. And so they are scrambling to make sure that as few people get that key as possible, even if they have to let a few new people into the club. I think that's the stage that Wall Street, government, banks, that's where they are now, I think. That's it for Bitcoin related news. We're up to an hour. Great. Good. That was fantastic um transition to yeah notable sure let's transition a lot of fucking notables today i was gonna be very notable tonight we're going over to the other half of the podcast uh if you're on twitter

if you're on youtube if you're on whatever platform you're watching on stay here and if you're listening on audio on the podcast feed the rest of the show will come out tomorrow until then take care of yourself and don't be a cock