The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #196 (Bitcoin News) - FUDding Family, MSTR Dilution, Key Management (Bitcoin Podcast)

Episode Date: December 31, 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.

friends and enemies merry christmas happy new year welcome back canadian bitcoiners podcast where we have yet to be replaced by h1b visa holders my name is joey that's len what's going on buddy did you have a good christmas family's good everyone's happy saying it was good to you yeah i don't know what's wrong on my camera though oh no they're just gonna be at the entire show yeah i'm gonna stay like this it is what it is who the fuck cares joey who the fuck here it is what it is but yeah everything is good everything okay over there it's great man um little one is good had a great christmas over here her first one which has been a lot of fun a lot of interesting gifts i don't know about you you have a little girl too obviously but

you know people can hit me in the comments here if they have a similar experience everyone wants to get my daughter something pink and my wife and i are just like flabbergasted that this pink flood of clothes keeps coming to the house so i don't know if uh if you're experiencing the same thing or did experience that but uh you can let me know i don't even know if you're still there are you still there oh i'm still here oh i don't know what's wrong there's something wrong with my camera what well you know what it's okay i mean it's probably for the best given the fact i got that reddish tint because i'm wearing this shirt this is not the first uh this happened before too it's very strange yeah i don't remember i don't give a fuck yeah it's all right let's uh let's hit the sponsors here

and then i'm back there you go what the heck happened i don't know i don't know let's let's do sponsors and we'll get into uh the usual stuff. I don't know how long we'll go tonight since it is a sort of in-between holiday, but there is some stuff to talk about. So EZDNS, lead sponsor, banner sponsor, Mark and the team, our friends, our colleagues, our conciliaries, and our partners here at CBP.

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patronize them, no promo code, no nothing. Tell them we sent you if you want. And you know, whatever your thing is when it comes to mining, when it to uh board repairs and all this stuff they got you covered best in the business and uh check them out if you haven't yet easy to get started len i'm you know again embarrassing myself here by having a miner running before a node it is that easy to do

joy there may be a point in time in the not too distant future that I may be setting up nodes for sale. It may happen. I'm going through the process to look at if this is possible and if there's any interest, I could set up everything. And I'll do the IBD. I'll do the whole nine yards and I'll be ready for people just to plug and play. Maybe you could purchase one of those. Joey, I'll set one up for you. Take your Bitcoin.

Why don't you sponsor the show and then send me one for free? That's a really good idea. I'll do a segment. I'll come on every so often to talk about it, if you'll so allow me to come on the show. I have to check with the other shareholders. Okay. Hopefully they're in agreeance.

But yeah, Joey, your Christmas, aside from getting a lot of those pink stuff for the little one how was your christmas it was great um pretty busy but i think that's to be expected with a newborn everyone wants to come see the little one and we let some people come by gotta keep it you know as tight as you can she's still pretty young and vulnerable so we enjoyed that um you know i have to say that in Bitcoin, I tweeted this yesterday, it's often easy to be blackpilled

and God knows we're guilty of that on this show sometimes, especially recently. But man, you got to look around at Christmas time and New Year's and, you know, be thankful for your friends, family, your health, your wellness. You know, even if you're not 100% and God knows the older we get,

the further we get from 100%. It's still a beautiful thing, man, to have all these great people around you, like-minded people. You know, I even think about us doing the show. You know, we have regular, like, you know, when we started the show, we didn't have any regular listeners. Now we got tons of regular listeners, tons of sponsors who we've become friends with. It's not just that they help us pay the bills and keep the lights on. We chat with those guys every day. Mark, guys decentral like you can't beat this and boomer and and boomer and and guys who've been affiliated with the show over the years and like

it's incredible man like the little community we've built here in the in the live chat on twitter in the discord um it's you know if if you're not thankful for that i don't know what you're thankful for um and so you know i'm thankful for all you guys and girls and it's you know if if you're not thankful for that i don't know what you're thankful for um and so i you know i'm thankful for all you guys and girls and it's just been such a pleasure another great year jordan uh yeah jordan out there saying you know there's so many people i wasn't gonna say any listeners okay but i had to mention boomer did book us a lot of guests over the years um but yeah like you know it's it's interesting to see how this has grown.

And it's a reminder that no matter how dark things seem, sometimes when you look outward, you know, if you look to your small community and what you're building in your community, lots of positives, lots of white pills to be had. And another great year. And I'm looking forward to a big 25. Len, how about you? What are you feeling like? Well, whatever happens with respect to the price i don't care because i have zero impact on that aside from the massive buys i do on a daily

basis other than that you know let's just have fun write it out and yeah my wife ended up getting me this book and i i look forward to reading it the book of satoshi for people listening and man oh man i just look forward to diving into that thank you to my lovely wife for that did you talk bitcoin this uh christmas because i sure did well i mean we could we can talk about this as a story if you want no let's talk about it now sure i mean how much how much how many questions did you get over the break about bitcoin i mean more than anything it's just pointing out, not that I'm right, not that, just that, look, things are changing. There's alternatives that are in front of us.

And, you know, even yesterday, I mean, I could go on to a little bit into a tangent here, because yesterday I helped out another dude get on to and set up a Sparrow for his cold card. There's lots of new Bitcoiners. There's lots of pre-coiners out there. And I don't know about you, but I have ample time for people like that, maybe to a fault. But I'll be happy to chat with those folks all day long. And the no-coiners out there, the problem with them is you don't know they're no-coiners until you chat with them it's not like they have something slapped in their forehead and

say i have no fucking clue what's going on you got to dive deep and it's at that point you've invested time and then you figure shit out and then it's like oh man now it's like, oh man, now it's like... Uh-oh, lost Len. Len just bought a new router. Sorry, did you hear me? Yeah, I can hear you now. Where's that router? Get that router hooked up. You guys in the chat can tell me if it's me or Len.

I think it's Len. But it's funny, to Len's point here about this discussion heading now in a different direction and the direction is not, oh, this thing is a scam. The direction is more, have you thought about this other way it could fail, this other way it could fail, blah, blah, blah. It's frustrating, man, because people, especially in your personal life, my friends and family know that I'm a Bitcoiner. My family's very supportive now. But my friends are still, I don't want to say haters. They're not, you know, we're, we're all sort of, you know,

we're a rising tide bunch, my really tight knit, tight knit group of friends. But I will say that my friends on sort of the peripheral still don't really get the Bitcoin thing and still think there's a, you know, outside chance that it goes to zero or whatever. And maybe that's true, maybe it's not, but it's just like over and over again, the same kind of lame FUD. And I mean, from the perspective of someone who considers himself to be informed, you might think about the person who comes to your Christmas dinner or your New Year's party and listens to All In, for example, right? They consider themselves to be this sort of business savvy. I got this entrepreneur podcast.

I know about Chamath and Saks and all this. And he's going to come to your Christmas party and give you quantum breaking the Bitcoin encryption algo. That's not good fun. And you got to kind of keep a straight face with that guy, even though he's not as well as well informed as he thinks i think bitcoiners are dealing with that more and more i don't know how much we're dealing with it with grace i'll say that i know for me they have no clue joey none of these guys yeah i i know they don't but like i i still think it's

like you know hard it's hard to like stay don't you think it's hard to like stay sane is the wrong word to stay diplomatic in those conversations like this is why i just don't care anymore i am done i'm done at this particular moment joy i i'm finished with with that diplomatic shit you know people you give them information right like you give them enough information and it's not like you're obtuse with what's going on around us you could fucking just see the garbage that we're experiencing everybody's experiencing it and what's the reason well money's broken and blah blah like and so what are the alternatives well here's one that exists and here's the fundamentals and it just it's tiring to like do this over and over again and it doesn't click.

You know, you're trying to give them what they need and then they just, they can't cross that gap and it's just, it's too bad. And the reality is they're stuck in this mindset of this Fiat environment and there's going to be saved by Fiat and something is going to be there to, to propel them and push them on new policy, less tax change, whatever it is and what will happen is eventually all their financial dreams their

hopes their dreams the plans for retirement paying for kids funding vacations and all that all that shit is going to die it's going to have its last rights administered to that. And then what are you going to do? You have to then bury it. Who's the Bitcoin priest, Len? Are you going to be sent past the door and do the last rites or what? Come there and I'll fucking tell. And when it's finally buried, I will piss on their financial ruins.

And I'll say, I was fucking right. And I will spray paint. I'll let NWO Bitcoin fixes this. Yeah. On the tombstone. And you have every fucking opportunity to learn this. And you choose not to. Like it says over there, I have no more fucks left to give.

I just don't. And that's the sad thing is, you know, I don't know who the hell's a no-coiner and who's not. You got to talk to them. And then by the time you figure it out, it's too you invest the time and you've gone through this is it you're just a fucking idiot and there's nothing to stop to protect you have fun do what you got to do nobody's going to be there to protect you it's up to you to fucking protect yourself how could you do it there's a multitude of ways but bitcoin is one of them

and you're gonna spend all this time after you work nine to five yeah and you're gonna spend all this time afterwards to try to invest it to protect your wealth and bitcoin's the most simplest thing you don't have to study any fucking chart you don't have to look at any company just fucking buy it sit in a hole that's it nothing you have to do but people don't understand they don't get it they don't want to and i'll just make a comment on some of the things i see in the chat here because the chat's humming um i think it was p-man maybe yeah p-man who said i'll put in the video here does anyone in here as soon as it hits new all-time high say are you going to sell i think i talked about this last week or the week before about how people who don't own Bitcoin still think of it as a thing that you sell back to the inferior currency,

the inferior store of value. It's very bizarre, but it tells you that people just don't get it. And I do hear that every single time. I'm sure many of you guys do. And then Boomer, also, I felt some jealousy from family over Christmas. I've been telling them to study this since 20K and now they're jealous that they didn't buy. I don't know. I don't know if I feel like my, my family, my family's not jealous. My family's, you know, they're, they're doing fine.

Supportive I would imagine. Yeah. And, and they're, and they're doing fine. Like they don't care if I make a little bit of money doing the Bitcoin dance. But the thing that I think is most frustrating is that the people I told, the people I really like spent time with and on trying to get them to buy that didn't do it. I'm just like, I'm not beside myself, but I was for a long time. Like you guys, you don't get it.

Like, and you know, sometimes I think, especially when it comes to like my brother or like my best friends, I think to myself, I've been told this when I give people fitness advice, sometimes it's a bit abrasive, maybe. But I think it's this idea that I have to change my approach to encourage people to adopt a certain way of thinking, I think is wrong. You can say to me that maybe if I was a little less abrasive or less doomer when talking to people about Bitcoin, they might embrace it more and I might get more friends adopting it. You could say the same thing about the way that I approach telling my family members and my friends that they should be trying to get to a 225 pound squat or whatever.

And I've heard from more people than not, honestly, over the years that I could change the way I talk about that kind of stuff and be more convincing through softening the message. And there's an Isaiah's job angle here too, that I won't touch, but you guys know that, that, that story already. And if you don't, you should. Isaiah's job. And like the, the, the thing that I would say to people is, look, I wouldn't soften my approach if I was telling someone that they had to drink water to survive. And it's, it's not because I think the approach is, you know, the most effective, but it's because I'm, I know I'm right. And I know the consequences of, of anything other than what I'm saying are significant. You either become overweight and diabetic and, you know, unattractive to the opposite

sex. And you wind up with all these other problems. If you can't squat two and a quarter, you wind up wondering why you can't get off the hamster wheel, the fiat hamster wheel. If you don't own Bitcoin and you think to yourself like, yeah, I'll just vote harder the next time. And I'm sure that this other politician will bail me out or whatever. Or you get mad over the visas thing. There's all sorts of things every day. There's a new thing to get mad about. And no one ever looks inward and says, man, maybe I should be reflecting on this other

information I'm getting. And Bitcoin is much the same way. I just don't think that I should have to convince people anymore. And so I think that the have fun staying poor meme isn't necessarily a mean thing. I think it just becomes an attitude for people that have been in Bitcoin a long time and have fun staying poor is not laughing at people over Christmas turkey. It's just not caring if they don't get it. And I, you know, that's, it's almost worse, you know, like, you know, at least laughing at people, you continue to engage with them and it may not be pleasant for them, but it gives them another thing to think about.

Um, but as soon as you start talking about, you know, just ignoring them and it may not be pleasant for them, but it gives them another thing to think about. But as soon as you start talking about just ignoring them and letting them kind of wallow in the current state of affairs, it's sad, but there's a lot of fatties out there who refuse to go to the gym. There's a lot of many kinds of people out there who don't take care of themselves and don't do the right things even though they know they should. One other thing I'll mention here, I'll pass back to you. I see people all the time talk about how they don't want to spend money on it because it could go to zero and it's something that they view as volatile or speculative. And I just think all the time, you're literally buying stuff every single day that's completely worthless, whether it's your Starbucks coffee for $7 or Monster Energy drinks

the gas station for $6 or another pair of shoes or some designer brand, whatever. You're not getting anything out of those things. And in time, those things by design go to zero. And by the way, that speed at which they decline to zero value is accelerating every day, again, by design, to push this consumption monster that drives GDP and other fake and unimportant data in the quest for continued, unabetted, rudderless growth for the sake of growth. And people will say, well, I like those things. Well, it's like a little bit of a change for you to maybe like downsize your coffee to a small from a medium put that other two bucks every day in

bitcoin um it's a it's a moderate to small change for you to instead of order out friday and saturday uh which i'm guilty doing if my wife goes to the cottage or something with their girlfriends like you know i'm getting pizza two days in a row there's no doubt about that just get one large big ass pizza and then you gotta get a few days in a row i don't fuck around i see in the chat too like it's crazy and literally anything you could do to just downsize a bit like if you have one less dart a day is that one or two like two less darts a day is that a pack at the end of the month is that 30 bucks like what's a pack of cigarettes is it 30 bucks is it 3030 that you could put into Bitcoin? I don't know.

And I think a lot of people now are starting to realize that the strategy they've been using, whether it's my savings account, whether it's hoping for my pension, whether it's, you know, using the index, it's not like a 20 on Canada costs $14 Canadian.

That's a lot. That's a lot. You know, like you might go through a pack a day if you're a heavy smoker. But how many cigarettes? Is that like a big pack of small packs? Shit, I don't know.

I've smoked, but I've never bought a pack of cigarettes. So I don't know. But, you know, I'll just finish with saying, like whatever you think you can't do in terms of putting a little bit of money into Bitcoin, you can, I guarantee you can. And whatever you think you can't learn when it comes to stuff about hard money or the into Bitcoin, you can, I guarantee you can. And whatever you think you can't learn when it comes to stuff about hard money or the difficulty adjustment, you can, I guarantee you can.

And whatever you think you're missing out on and have no chance to get because you're in a difficult situation, thanks to the fiat hamster wheel, you can get out of it. I guarantee you can, if you just start thinking about this thing with a rational mind. I can't wait for everything to play play out there's a destiny here i think we all kind of agree where it's going to go the timing i think a lot of us are still trying to figure out when it's going to happen but the end result i don't think any of us are in dispute here. And once we get there, I think it's going to be party time for a lot of people, but a lot, a lot of other people that missed a boat and continually will miss the boat.

They could just fuck right off. Yeah. I don't know. I don't, I don't want to say that. I don't want to say it like that. I can't take that fucking horse to the water every time. And then they're thirsty and they choose not to drink. Eventually that horse, Because I can't take that fucking horse to the water every time.

And then they're thirsty and they choose not to drink. Eventually, that horse is just a dumb piece of shit and is totally regarded. And there's nothing you can do about that. You can say retarded now. We're so back in 2024. You can say retarded now. Yeah. I've been saying it on the show for several weeks now. Yeah.

I know you have. Yeah. I know you have. Listen, we both got to get on board with that. The, the, um, the, the thing that I think drives me the most nuts is still, and it's becoming more and more rare, but the people who just think no matter how big it gets, it's a scam, no matter how much legitimacy gains to scam, no matter how many people in other countries are looking to this as a savings technology, it's a Ponzi. It's a, you know,

it's bound the flop. It's all these a, you know, it's found the flop. It's all these things, you know, Rich Diaz and Keith Dicker and Sretzky there on the loony hour, you know, say what you want about those guys. I like all those guys. They've been on the show and I plan on getting Rich and Keith back soon. Maybe Steve too, if we have like a real estate thing to discuss, but say what you want about those guys. But those guys now are being forced to discuss Bitcoin. They may not like it as much as we do, but the fact that two guys who make

their living investing in traditional financial markets are forced to discuss the price of Bitcoin and the performance of Bitcoin, signpost. The fact that CNBC almost every day has to have a Bitcoin segment, signpost. The fact that the all-in guys, Jason specifically, who has no Bitcoin and lies about his positioning in almost everything, I think, except probably Uber, is forced to tell people that he thinks MSTR is a fraud and Tether is a fraud. This guy is so stupid that he doesn't realize we talked about this three years ago, especially the Tether stuff. It's a signpost. And every cycle, you know, I think I said this on Ben's show one time on Why Are We

Bullish? My reason for being bullish was that the quality of our enemies was increasing. Their stature, their profile, their net worth, their visibility, their influence, always increasing, right? It's no longer Roger Ver and Craig Wright. You know, it's much bigger players now who are looking into this thing and trying to find holes and trying to do all this stuff and blah, blah, blah, blah, blah. It's a good sign. And it may seem difficult sometimes. And people in your life, like I said, when Len was away there,

who view themselves as informed for listening to these other shows, they may come to may come to you with stuff that they think is new and, you know, you may have to entertain it with a straight face or don't do whatever you want, but I think it's rational to do, um, to do it with people who you care about. You know, it's, it's going to be harder and harder to, um, to bring those people on board because I think a lot of people are invested in some of these voices. One of the reasons I don't argue about politics with people in my life on the left more often than not. I know. I don't really argue. We had a good out and out this past week in politics.

And I wish I could bring up the specifics regarding that. But holy fuck, there are some people that are just. There's no point, right? The thing about arguing with people. No, there is a point. Well, I disagree. Because when you're arguing with right? The thing about arguing, there is a point. Well, I just, I disagree.

Cause you're not, cause when you're arguing with people, then you're never actually arguing with them. You're arguing with the last people, the last person they saw on TV. I don't care. I'm not going to let them just run round shot over me. I'm going to just drop a fucking line.

Just fight. I just, I just don't care. Like at some point, actually, Mark said this to me one time that, uh, the best, you know, it's, it's not really applicable directly to this,

but the sentiment is the best revenge is living well. I don't necessarily care about people who think Bitcoin is a scam and a fraud. My living situation compared to yours should tell you a story. I don't care if people say that lifting weights is not important and it's vain to try and do all these things. My athletic performance tells a different story compared to yours. You can't get out of bed and I'm already on the bike or under the bar by 7am. At some point, it's no longer worth the time because my time has become valuable. And, you know, like I mentioned earlier, the approach is no longer one that I think needs to be softened so you can convince people. It's binary now. You either get it or you don't. You take the high road?

Good for you, Joey. Yeah. I don't view it as the high road. Fucking loser out there just fucking fighting everybody that stands in front of my way. I don't view it as the high road, though. i don't view it as a high road though i don't i don't view it as a high road then i view it as like that's sort of the most derogatory thing you can do to somebody is just like you know walk by them the same way you see an ant on the sidewalk toiling away on a blade of grass i don't think of the ant it doesn't bother me the ant is living a different life than me it's got a different set of you know

it's got a different set of uh important tasks, it's got a different set of important tasks in its own mind. It doesn't get it right. And so there's no point in engaging with the ant. Has a lot of the same rights that you do and goes out there and says stuff in the forums that potentially could get picked up. And so you have to slay these stupid ideas before they proliferate any further. Who are you talking about? Why are you so passionate about this?

I'm just saying if somebody's stupid somebody's stupid. Period. Period. That's it. And they have to be told they're stupid. Shown. And over time we will be proven to be correct. And I love it.

Yeah, I think so. That's's it let's move on joy because we have lots to talk about and get because there's so much like let's talk about this mstr thing which i find to i don't totally understand it i'll be honest but i i i'm sitting on the sidelines watching this thing play out it's a fiat game within the Fiat world by a Fiat company. And right now it's a vote that's being proposed by, a vote that's being proposed to shareholders of MSTR. So I assume if you are an MSTR shareholder, you're going to be subjected to submitting a vote on this.

But keep in mind that Michael Saylor holds a great deal of the voting shares out there so uh he will steer this ship whichever way he wants they're voting on with respect to increasing number of shares for both class a and preferred stock not increasing the number increasing the maximum number they're not doing it now but they can the potential road yeah the potential of doing it and the reason for that would be would for raising capital to buy some more bitcoin right now there's around 330 million shares of class a and around 5 million of the preferred stock and they want to increase this to 10.33 billion for the first one that's around a 30x increase yeah and 1 billion for the second one which is around a 20x increase

um this is in addition to the plans that they have well that's actually more than 20x but either way it's in addition to the the plans they have right now 21 billion is being raised in two separate streams total of 42 billion dollars they bought more bitcoin today from one of that 42 billion dollars they're raising so there's a lot of moving parts here but the end result is they may want to exercise options to start raising tons of capital to buy a lot of bitcoin they want to buy i don't know what the supply is in terms of percentage they're sitting right now with like over two percent of everything that's going to be mined period yeah and could that be 10 when they're all said and done this i don't know but certainly you can't look at this and say, this is nothing.

This is, this is a news that shouldn't be talked about. This is very interesting. Anybody could buy Bitcoin and I don't care if micro strategy buys all the Bitcoin. This is a free market. And if they want to raise capital to buy it, all the more power to them.

And if they don't, I get all the more power to them, but that's less corn for you and I and it's certainly going to make it more scarce for you and I what are they going to do with it I don't think they're going to dump it I think they're probably going to borrow against it moving forward they see the value of Bitcoin moving

forward I think this is a very interesting play how it's going to play out I don't fucking know and to be honest I don't fucking care I have no skin in the game I don't have any say in this I'm not going to vote on it because I don't fucking know and to be honest i don't fucking care i have no skin in the game i don't have any say in this i'm not gonna vote on it because i don't have any shares in micro strategy joey you must have some opinion on this because you're a micro strategy shareholder and yeah i think you seem to like the story from what i gather yeah i peeled off a huge chunk of my mstr

at like 396 which I feel pretty good about. Not bragging. That's not the top. But let's talk about this. Mark actually had a good tweet about this. So I'll just pull from his Twitter account here. One of the reasons they might be doing this, and again, Boomer's noting here that it's just a formality. I think that's also the case.

As I mentioned earlier, it's increasing the max number of shares. And right now, if they were to do a stock split, they'd have a hard time under the current bylaws, as Mark points out. The maximum shares authorized right now are 330 million. There are 210 million shares outstanding now. So if he wants that equity and the shareholders want the equity, then the at-the-money offerings, I should say, the equity offerings, then he needs more shares to be able to do it.

And if he wants to do a split down the road, like the 10 to 1 he just did last year, I think, or earlier this year, God, time is flying, then he needs to have those shares available. He has to be able to do it. Other thing I'll just note for people who are getting their panties in a bunch here, do you know how many shares outstanding Microsoft has?

Preston Pyshko 07.00 Don't even have a clue. Jeff Bullas 07.00 Yeah, it's 7 billion. Okay. So quite a bit. Then you can go to Google, 12.29 billion shares of that. Then you can go to Meta. Meta's got, let me just pull it up here. Meta has two and a half billion. And then NVIDIA, darling of the market now, 24.49 billion shares. What's the market cap of each one of those compared to? They're high, but I knew you were going to say that. As the FASB rules start to come into play in Q1, the market cap of MSTR is going to rise significantly too in in like by magnitudes of

tens of billions of dollars if not more i can't remember exactly what it is what's your market cap now roughly i couldn't tell you i'm not sure 100 billion is it more than that i mean let's let's check i'll pull it up quick mstr market cap to be on par with the other companies you mentioned. And Microsoft is $2 or $3 trillion. So multiply that by – so there's a huge difference between the two of them. Granted, they have a lot of shares outstanding. There's not. Okay, but I would suggest to people that there is actually not that big a difference in market cap if the Bitcoin price continues to rise because it'll be accounted for differently starting in Q1.

And so if he's got 500 billion or 400 billion or whatever he's got in the next three years or four years or five years, is his market cap going to grow faster than Microsoft's is? It's probably a safe bet. And so maybe he's getting ahead of it a little bit and saying, look, I think this is going to grow faster than Microsoft's is? It's probably a safe bet. And so maybe he's getting ahead of it a little bit and saying, look, I think this is going to happen. I think I'm going to want these shares available for splits, for equity offerings, whatever. And I think that more people are going to look at that stock soon because it'll start to show up in screeners as the market cap rises with the FASB rules change. I'm okay with this.

I don't really think it's something for the short term, honestly. I think it's something for the long term. And I don't really think that this idea that he's going to lose his voting share, he technically already has less than 50%. This is a one-way street now with MSTR. It's Bitcoin and that's it. And so people who are buying the stock want that. They're going to vote for it. Their board is going to stay with this strategy. And the market who has driven the price up to, I think, close to 500 at the top, likes the strategy too. The question is, can you keep the premium? I don't know. That's a different story entirely. But for now, mean let's let's

rip it let's see what let's see what happens and may i suggest the alternative which is simply don't play these games simply buy bitcoin store it and whatever happens in the market happens in the market if capital is lost capital is locked capital is whatever it happens for the people that have their capital in there you have the opportunity to lock away your capital in a in a way that you can control it i think that you know running uh like using your own node for instance to broadcast your transactions and to verify that you have your bitcoin that far exceeds rolling the dice and playing with mstr that's just my humble opinion but if people want

to try to play the game all the more power to them hopefully it works out for you but if it don't again just like i said at the beginning i'll be happy to pass by your financial grave and piss all over that as well and say i was fucking right yet again yeah what do we got next well we hear about the story all the fucking time is that somebody posted on the bitcoin subreddit that he was using his ledger to deal with his bitcoin and he accumulated about 1.5 bitcoin in total which is a decent amount right it's a potentially life-changing amount of wealth that this the way bitcoin's going right and it so happened he was trying to move 1.15 worth of his bitcoin out of his wallet and well he wasn't so lucky because uh it was sent somewhere else it

looks like he reported this to the fbi because he was somehow hacked uh through this whole process and it's not a ledger issue and it wasn't't normally the ledger. I could piss on them all day long, but today I'm not going to. The problem was it's the way he stored his keys. And, well, he exposed them online. Yep. He used his phone manager. Unbelievable. Just so easy to not do.

I cannot. How does this keep happening? And it's for somebody to accumulate over one Bitcoin and to have that one point of failure in your phone, which I would say is probably less secure than a laptop or a desktop. And I don't even think that those are very secure. This guy was rolling the dice every day of his life while he had those keys available online not only that i would suggest for people out there well number one don't use ledger use something like a cold card that's my opinion but uh number two those keys that you have generated and hopefully you generated them offline you generated in a way that was never exposed to the internet i would suggest make sure you do that in a room that has no cameras.

Make sure there's no computers there. There's no phone there. Take away every opportunity that that wealth could be taken away from you. And if you do that, there's no way with barring a $5 wrench attack or $7.50 nowadays because of inflation. That's it. But then maybe you go time lock your Bitcoin and do a whole bunch of other things. What I'm trying to get at is don't expose your keys online. You're a dumbass if you are.

And this guy is a dumbass for doing this. Everybody should learn for people's mistakes. More so for other people's costly mistake this guy lost what 115 000 110 000 usd crazy that that could be worth way more in the future and he lost it all he'll you know what i could say this he probably will never be able to recoup that amount of bitcoin which is too bad yeah it does suck man like explain to me again how people are still doing this i think there was also a bit of the story he was dealing with some other offshoots right he was dealing with uh nfts maybe and some other

stuff i remember well if you have a ledger most likely you don't know you're gonna do tons of stuff on a ledger now right ledger live or whatever on your phone i'm pretty sure has like integrations with damn near every every hackable surface in the crypto native realm right like it's got everything from metamask to eth swaps to defy to whatever right you know it's all the stuff jim bianco talks about every day whatever yeah ledger live is pushing is a problem yeah you shouldn't yeah you can hook up yeah you could put yeah you're like that's i still think if you have a first generation ledger and you took care of your keys you're fine but the question is to have like the fucking like the the the what was that that service recover or whatever where like they take your keys

uh yeah and and you can like be they can be a key for your key stuff like that so with the ledger even the early ones yeah how does it connect how does the information get transacted to you like your sparrow for instance how do you digitally sell a good question yeah good question i could tell you how it's done it's connected yeah you have a you have a wire that's connected from your oh yeah sure sure sure yeah so i will go to say that it is not secure in every respect you can't upgrade a firmware without that wire being connected you can't do anything like something like a no i think i think you're right about that i think i'm what i'm suggesting is

more like your keys. If you have an old ledger, I said this at the time too, when we talked about like this, this like recover story, I still think you don't have to freak out if you have an old ledger and have protected your keys properly. You didn't put them online. You didn't take a picture of them. Like all the stuff that you know you're not supposed to do.

As long as you're not dabbling with that device, like you said, connecting it to a computer and doing all the stuff you know you shouldn't be doing or using Ledger Live on your phone with it, at some point you should sweep those keys to a new wallet. But you can do more than... It seems to me like all these stories, people are doing less than the bare minimum with this stuff. All you have to do is write down the keys in the paper. I'm pretty sure it's ledger. Give you a piece of paper. It does. Yeah, it definitely does. You write down the keys on your paper or, or, or stamp them or whatever, and then forget about it. Like, like you should never pull those keys out. You definitely never have to put them into a computer. You definitely never have to put them into a computer. You definitely never have to put them into a phone.

If you want to sign a transaction that desperately, you could plug the thing into your computer, probably without being connected to the internet. I don't know exactly. No, you have to. It has to be broadcasted. And that's what I'm trying to get at. Signing is not the same as broadcasting. Signing is different than,

signing is not the same as broadcasting, right? Correct. But it's not like- You can sign and then broadcast later without the device being connected to the internet it will have to eventually it will have to be connected there's going to be a physical connection to something and that's just turn your just turn your wi-fi off or whatever like there's ways to do it that are safer than what this guy did you know i get what you're saying like you're like you're like you are like up here you're like a 10 10 out of 10 max and the people i teach to yeah people i teach even yesterday

everybody learns how to do an air gap the process is not rocket science it's you do it this way the device is never connected never interacting with a computer that is connected that's it period and somebody's asking do we trust air gap closed source software like i coin hardware well i never i think i was doing an ad read for that on twitter one time where his eyes kept on going to the script instead of looking at the i can't comment on that i I like open source. Cold card isn't open source. It is source verifiable. But at least you could verify the source code. That's a huge thing. It's Bitcoin only.

Positive. You could look at the source code. Positive. It's air gap. Positive. There's a lot of positives. And there's other ones that are positive as well. I'm not going to say cold card is the only one out there.

You do your own research. There could be tons out there. But it's the one say cold cart is the only one out there you do your own research there could be tons out there but it's the one that i use no one that i recommend because i use it and i use that to secure my corn yeah but yeah yeah anything else you want to talk about this one or yeah i just want to point out dare i agree with darren darren honeyset in the chat saying bitcoin ledger security issues are from opt-in features knowingly or unknowingly with other apps. I totally agree with that. You cannot, like if you have a ledger and you are dead set on using it, you absolutely must not download integrations, web integrations, ledger live, and you absolutely must not. That is rule number one. Rule number one is actually get off the ledger if you can. Rule number 1A is if you're

going to use it, you must not interact with these other ecosystems with your Bitcoin wallet. You just should never do that. The stakes are so high. These stories have been going on. We've been doing the show for what, three years, four years now? We have a story like this almost every week, every two weeks. The stakes were high when this first started happening two or three years ago. People were getting nicked trying to play around with Ethereum related stuff and DeFi stuff on their ledger because of opt-ins and MetaMask hacks and whatnot. That was when the price was 10,000. Now it's 100,000. So do you think that the likelihood of these hacks increasing is significant? Yeah, of course. The honeypot is

bigger. I would just stay away from all that stuff, man. And we preach this all the time. Even though Len and I might not see exactly eye to eye on what the best security profile is for the average Bitcoin user, we sure as shit agree that if you use anything besides Bitcoin, you are asking for trouble. Whether it's because the network has issues, whether it's because there's insiders rugging, whether it's because it's a scam token, or whether it's because you're going to download something in your browser so that you can display your NFT on a necklace or something, and you're going to lose a hundred grand in the process. It's just so dangerous. You never see

stories about Bitcoin getting taken from people who manage their keys properly. That's the end of the story. You just don't hear it. There is no stories like that. So like that, that is just that is just painful to me. This is still going on. And like you mentioned, for a guy to have accumulated that much, he's probably been around. He's not new. He's just a moment of weakness or what.

He was lazy. That was really it. If he's relying on his password manager on his phone, that's just sheer laziness. Anyways, let's move to a scary story, Joey, because there's one that could potentially be coming to an exchange near you. MICA rules came into effect in Europe today, December 30th, 2024. Kraken is adhering to these rules, and they are asking for wallet verification to take place. And it started today, December 30th, 2024. And so it's for folks in the EU only.

And they say this step is required for what they described as the EU broader regulation of crypto assets. And any move that involves moving a thousand Euro in value or more, then you have to, or if you're using a new wallet address, then you'll be prompted to verify the wallet ownership. So anytime you move something to a new wallet or anything in excess of 1000 Euro, you have to verify the wallet ownership. So essentially you're tying that to you because you are claiming it's yours you're not gonna we do that here we do that here too

yeah well over a thousand yeah really i i'm about to pay out for the cbp fantasy league uh tonight or tomorrow whenever i get around this is news to me you have to indulge in this because shake pay which i used for the fantasy league i always use shake pay for the fantasy league not because they're better than bull but because they absorb the fees for small sends so if i want to send 100 bucks to the third place guy i don't wind up paying eight bucks in fees right during a high high time frame period or high fee period um so i buy it there and then send it out bull batches it by the way and they can still send 100 you can't send you can't send 100 you have to send you have to buy 200 minimum yeah yeah so i'm not doing that um

but the but the point is that when i send out uh bitcoin they want to know where it came from len we just did a transaction you and i and i told you to use that wallet for the receipt and when i received the bitcoin the first thing the app asks you is where did this come from that's incredible and you know the funny thing is i have yet to encounter this here yeah So make that for what it's worth. Once this is verified in the EU for Kraken, you're able to use the same wallet address over and over again without doing the verification. Isn't that convenient?

Second time. But remember, Bitcoin gives you the option, and it's highly recommended to use a new address for receiving. Don't use the same address over and over again because that's obviously a no-no. Tell people why. Tell people why. Because I think people view this as like a sort of niche privacy thing, but it's actually a public key disclosure thing i i don't want to give up any information that ties multiple transactions to the same address especially later on when you start spending it from it

it doesn't it's not ethereum we're gonna run out of totally addresses bitcoin gives you the opportunity to generate new addresses and almost infinite amount almost there's obviously there's a limit to this but either way like this stuff i guess it has reached the shores of north america i didn't realize that it was here in canada that was required and by the way that's a thousand thousand euro yeah it's way yeah that's exactly what it's gonna say so like that's like 250 cat that's like 250 euro i don't know what the value is but yeah 600 probably 700 wow i did not know that super low right like i just think about the fantasy

league tonight or tomorrow when i send out the money um i will i will tell you how it goes funny story actually not funny story talking about key management i was obviously busy over the last few months with my newborn and I reset an old CBP laptop that I gave to my brother. And on the laptop, I had the lazily stored Sparrow generated keys to the fantasy football wallet and lost them. So I got to pay out the fantasy football um winnings from my own sats fucking brutal i know so there's no way to recover that information i don't know i could like look

maybe and see if i put it somewhere else but i honestly doubt it i just think i'm gonna eat it i don't have time i i have so unless if you see if you see an expense on the show account for marketing and it's about 700 bucks, you'll know what happened. So breaking news, there is a gentleman based out of the Dundas area, lost around $1,000 of Bitcoin, didn't secure his keys properly. I actually also didn't receive payment from all the players either. And I'm going to call out Brandon Green Candle owes me 50,000 sats for his entry fee for sure. And one other person does too. I don't know who. But next year, I'm either not going to do the league at all or I'm going to find another way to do the entries because no one's fucking paying. And I don't want to keep giving away money.

To participate, you have to pay to play. And by a certain date, if you don't pay, you're not going to participate. You have to pay, pay to play. Yeah. And by a certain date, if you don't pay, you're not going to be part of it. That's it. That's what I have to do. I have to like,

I think next year I'll just post the address to like a small group of people who've been playing, you know, a couple of guys have been in the league both years. And I'll just say, look, if you want to play, send a transaction,

tell me what transaction is yours and I'll give you the password to the league. But until then, nah, you don't get in you don't get in usdt was delisted in europe i have nothing to say about that i'm gonna leave it at that unless you want it doesn't matter yeah exactly don't care don't care perfect so we have three different etf news stories that came out uh yeah this is gonna to be interesting for those fiat loving investors out there. Strive Assets Management or Strive Asset Management.

Sorry. This is a company that was co-founded by Vivek Ramaswamy. Well, they submitted a proposal for something called the Bitcoin Bond ETF. And this ETF is going to prioritize Bitcoin bonds, securities like swaps, options, derivatives, and they'll be

connected to organizations that are heavily invested into Bitcoin. So companies like MSTR, Riot, Hut8, Mera, similar scientifics, those are the ones that are going to be targeted for this. And so they're going to be all captured within this one etf more options for people that want to play and roll the dice so let's see if

this gets approved probably will be one one thing i want to mention boomer i actually brought it up uh the usdt thing that i don't know if you have it in the story or in another i have nothing to say is i have they gave rumble a ton of money yeah bitcoin the largest they gave rumble the largest investment they've ever made outside of bitcoin and treasuries and rumble's now investing in bitcoin too yeah they're they're they're doing so is that related to them being delisted in europe i don't know we'll wait and see on that but i wanted to mention that remember thank you for the reminder um in terms of the etfs, yeah, I don't really care about this. I'd rather just buy the underlying stock.

Also, this is much, to me anyway, a little bit in the same vein as the miners, AI, Bitcoin, where's your beta, where's your risk investment, three-man weave there. If I was going to buy this ETF, why would I not just buy MSTR instead? There's no reason. And if you're going to buy this ETF, why would I not just buy MSTR instead? There's no reason.

And if you're going to buy MSTR, why not buy Bitcoin instead? You just wind up going down the same path, right? 100%. What are you doing? Again, it's not for me. There are people that listen in and they like this kind of shit. And all the more power to them, if they want to buy in there's another option for them to get yeah something a lot of choices lots of choices bitwise they filed something called

the standard corporations etf and this is going to be targeting companies out there that hold a thousand plus bitcoin in your treasury and so there's a few different criteria aside from simply owning a thousand bitcoin the firms will need to have a market cap of $100 million and a minimum average daily liquidity of at least $1 million and a public free float of under 10%. And there you go. So I think the CBP is going to be excluded because our market cap is not going to be 100 million dollars usd by the time this gets released hopefully we could pump it up to get there but either way bitwise fund they're going to be assigning weight on the holdings based on the market value uh versus how much bitcoin it owns like for example tesla they're like a 1.4 trillion dollar market cap company they would be weighed less because

they only have 83 million dollars of bitcoin compared to say microstrategy that has uh 404 like tons like many many billions right so um they're going to look at how much bitcoin you have versus the market cap and that's going to help decide how much it is you're going to look at how much Bitcoin you have versus the market cap. And that's going to help decide how much it is you're going to invest in the ETF and the maximum cap, it's going to be weighted at 25%. So again, there's gonna be more options for fiat loving investors. A thousand Bitcoin is 92 million us dollars right now. So we have that in the cbp that's easy yeah so but the thing is like every company at 100k every single company who has a thousand bitcoin qualifies by market cap once the new accounting rules come into play okay so like i like i think that there's like

you know again like i i still don't really understand why, like why buy this ETF instead of. Investors want options and they, these companies that are offering these things, they want to make one thing profit. They want to provide as many different options available to their customers. And so they can reap the rewards of not only capturing the customer and keeping them within the house, but also the management fees that go along with it. Yeah, yeah, of course.

So it makes sense to have as many different offerings as possible to appease their customers or entice new customers to come in. Totally. ProShares is another one that wants to get in on this action. And they filed for ETFs that track the S&P 500, NASDAQ 100, and gold price in Bitcoin. Yeah. Yeah. So these ETFs, they're going to use Bitcoin futures

to achieve Bitcoin-denominated returns rather than directly investing in Bitcoin. And it's interesting to see how it's going to be done so again they're not going to be directly investing in bitcoin you're going to be using futures to achieve it so bitcoin denominated returns is this a new way of looking at things i don't know new for new for tradfi maybe but not new for Bitcoiners. Yeah. I know. And there's just more options out there. We're just, we are eating up TradFi at a speed that I didn't think we would, honestly.

I think, again, like MSTR investing aside, they're going to set a bar when the new accounting rules come into play on what the expected real value of a treasury is. Then you have these other ETFs now measuring in Bitcoin terms and, you know, how about it's a bit,

gotta be a bit of a kick in the pants for the gold people to have gold in there just as a tracking mechanism in Bitcoin terms. Like that's gotta be tough. You know, they, they have one thing they could hang their hat on for at least a little while. in Bitcoin terms. That's got to be a tough one to swallow. They have one thing they can hang their hat on for at least a little while is the market cap. I guess.

It's getting eroded. It's going to run out. It's only a matter of time. The thing that gold bugs don't realize is that Bitcoin at $200K, $ 300k like you're talking about gold at max 3000 and then at like five and 600k i think you're talking about gold at 2500 like i think you're talking about going back down losing the monetary weight you're gonna have exactly that a

lot of the the capital that's parked in gold is going to shift towards bitcoin totally and it won't be just a slow like it would just be like quick because then you're going to have a lot of it moving over and it's going to drug a lot of sell pressure for gold a lot of buy pressure for bitcoin yeah and i think that's true i think that's exactly right excuse me i think it's exactly saying that there's a rumor that gamestop might be buying yeah i heard that yeah we heard that years ago too i don't buy it and even if they know i don't care if they do yeah but that's actually bad i view that as bad for bitcoin if gamestop does that i i hate the gamestop thing it's just who cares

anybody could buy it and anybody doesn't have to buy it. It's beautiful. And if you buy it, call them a power to you. And you can do whatever you want with it. You can hold it. You can sell it. You can play with it. Play with your Bitcoin.

You can. I don't know how, but yeah. Joey, that's it for the Bitcoin stuff. Let's move on to the rest of the news. We're out of time. Sure. Sure. Yeah.

Let's go to the retard hour. Okay. So if you're on audio see you tomorrow if you're on video hang in uh we got lots more to go take care of yourselves until then happy new year we'll see you uh in 2025 and don't be a cock