The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP - Boomer, The Greatest Fill In Guest (Bitcoin Podcast)

Episode Date: October 17, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. This week BOOMER THE BROKEN RULER comes off the top ropes as a late fill in. You’ll love the chat, Boomer is a show (and fan) favourite. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord: https://discord.com/invite/YgPJVbGCZX A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis 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. So here we go a little bit late. Apologies for that. But we have had a last minute substitution. I want to give a big shout out to Boomdust all the way from Hollywood, California. Thank you for coming on, Boomer. Love having you on standby.

What's up, guys? Yeah, man. What's up? Yeah. I'm here anytime. Anytime. I like your name. It's just not Sly Goomba.

Yeah. I'll have this then as my... and then we can pretend I'm him. And then, yeah, so we can go from there. You can call me Jim the Anvil Neinhardt. You know what I mean? I love being front of him, man. Come in with the hot tag. So before we go any further, I just want to state for the people in the audio,

I have a little stuffy Goomba I'm just showing to the camera. So here he is. And so I got to do the ad reads because that's something that it's uh has to be done because we have three great companies that are sponsoring the cbp and all three of them number one boom dust is wearing the shirt the easy dns shirt he's now running away from the camera either way easy dns it's a great place to register your domain name. I know somebody that may have done one very recently. I don't want to say who or what it was about.

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No names. No names. We'll erase that from the – that's too late. No, no. Yeah, they're good guys. They're over a bowl of Bitcoin. Easy DNS too. Mark and T Tim are fantastic.

So, yeah, thank you for being a walking billboard for the CBP. That's awesome. We just got to get some personal over you for Decentral Tech. Go from there. I don't know, man. Let's talk a few things here. We'll try to dance around this subject as best as possible because we don't want to get our bank accounts frozen just in case, but not sure if you've heard in Canada, and we'll talk a little bit of politics here. So for people

that are outside of Canada, my apologies, but it's a good time to talk about it. Justin Trudeau has come back from his overseas trip. And while he was away, there have been a number of MPs allegedly in a number of around 20 to 30 have signed a pact that they want to see him step down. And on top of that, one MP from, gosh, I'm going to say New Brunswick. I forget his name. He came out publicly. I'm not sure if you saw this yesterday on CBC. And he said publicly, this guy's a longtime liberal, elected liberal, too. He's not just a has-been. He's still a current guy there. He said he wants to see Trudeau go. It's incredible to see that there's this reaction,

both behind the scenes, but now also at the forefront. I'm not sure if there's any way Trudeau could still stay in power, given the fact you have all this infighting, you have the Bloc Québécois giving them an October 30th deadline to increase the old age security. I think it is by 10%. It's number that comes to my head. I could be wrong.

And that's going to be a very costly addition to the budget. So they're very, they're cautiously trying to move ahead, but it looks like that's not going to be possible if they want to be fiscally responsible is you can add, you know, two, three,

$4 billion onto the, onto the tab and say, you know, we're being fiscally responsible. It's hard to do. So not sure if you're following this at all, but I find this to be rather fascinating and it's quite possible there could be a new prime minister in the not too distant future. Thoughts on that?

Maybe. I'm not one to really follow politics that much. I know that nine years, he's been in power nine, 10 years now? Yeah, since 2015. So nine years almost to the day. That's a long time for anyone, right? In any developed democracy, someone to be a leader of a major party for almost a decade,

usually around that time, you would expect a little bit of change, right? There's a shelf life. There's a shelf, in Canada especially, for people who are unaware, I know in the United States you have a two-term limit. In Canada, you could have unlimited. Theoretically, you could go in for as many periods, as many times as possible.

But there is fatigue. It's happened in the past. Kretchen, there was fatigue with him. Harper, there was fatigue with him. Mulrooney, there was fatigue there's it's happened in the past crechen there was fatigue with him harper there was fatigue with him mulrooney there was fatigue with him um pier elliot trudeau there was fatigue with him so it seems to be three terms ish in a row maybe four depending if it's minorities around 10 year mark that seems to be the the shelf life of a prime minister so there is a lot of change going on in the world right now yeah we we are in the middle of change so here we are as canadians like we're seeing all this political change everywhere else and i think it's only

natural that we would kind of want that too right yeah it's what happens it swings one way and then it swings the other and then back and forth and for people that are thinking that you know this might be the end of the liberal party or whatever now there's only two parties in canada that's ever governed it's either going to be the liberals or whatever rendition to the conservative party there's been no other party that parties that ever led canada so it's a matter of time before the current group of people get voted out for the next group and then back to the other group so it's going to be swinging back and forth so there will be a you know the conservatives look like they're going to be forming government next election unless things drastically change but whenever they do form government they have the five to ten year

window and then it's probably going to go back to the liberals right like historically it's been like that i can't see why this is going to change yeah and no different in the united states or in england or in france or anywhere else right like that's kind of i think japan is probably the one exception in the western world where the ruling party there has been in power a pretty long time. Oh, really? Yeah. The gentleman that was assassinated,

the previous prime minister, he was part of the governing party that's still there? Yeah. Did he not resign and then his successor kind of took over? I think so. The Japanese political podcast. then his his successor kind of took over i think all of a sudden this is the japanese political podcast hey well we'll do singapore next the aponomics right is that what it was called yeah something like that i can't pronounce his name apologies my japanese is terrible

but yeah what i don't know i'm just looking at the way politics is going and you're right it's just there's it's the end it looks like of this cycle and uh cbp yeah ben is uh i met ben a very nice guy i met ben a couple of times ben's awesome yeah he certainly is and he's not only a bitcoiner but he understands hard assets my japanese should be better my japanese is terrible i agree konnichiwa and i should watch sly goomba is the japan expert and he's not here so he is no i don't think so he would have been our mr fuji we lost him now here's the fuji the barbarians what did mr fuji managed a tag team a ton of them like a barbarian and ming did he know i don't know i can't team. A ton of them, like Barbarian and Ming.

Did he know? I don't know. I can't remember, but a ton of teams. Yokozuna was the one I remember mostly. But yeah, not sure if you saw this. It's a CBC article. I know you live in La Belle Provence, and it's talking about Quebec malls scrapping family doctors for healthy patients.

Have you seen this article floating around? I did. I did. It's come up in conversation a couple of times in my life. Do you mind giving your idea about this? Because this seems pretty interesting at the very least, considering that everybody's paying into the system. And if they're trying to steer away healthy individuals from getting a family doctor,

it doesn't seem like it's the best path forward. But maybe their services are stretched to limits and this might be the only way to make do. Like, what are your thoughts? Well, a few personal thoughts I have. Like, I don't have a family doctor. I've been living in Quebec now quite a few years and I've been on a list to get a family doctor and I don't have one. And I'm one of these healthy people. That being said, the few times that I've needed to see a doctor when I've been in Quebec, it hasn't been a problem. Like I've, I've been able to use like the app to make an appointment and see one and it's been a good experience. But I realized that I'm not the, that's kind of the

exception, I think, from, you know, people talking that it's actually quite hard, just like everywhere else to kind of see a doctor. But demolition. that was the one yeah i totally forgot about that and also powers of pain remember they did this yes yeah yeah but it it's it's a sign of the times really when you start seeing that you know healthy people can't get a family doctor it really kind of shows that we're kind of sick care and not health care right so if you really wanted a healthy populace, I think you would kind of be focusing on the healthy people. But we're at the point now where it's stretched so thin that there are so few doctors for so many people.

And there's a lot of sick people. And it's an older province. Quebec is one of the older provinces. So there's more people relying on these services. So that kind of leaves younger, healthy people kind of out in the cold. So I don't know exactly the makeup in terms of the budget in Quebec, how much the healthcare system takes up. But I'm assuming it's the same as Ontario. And I think in Ontario, between health and education, that's half the provincial budget. So I would assume Quebec is kind of around the same boat, probably maybe a little bit higher on health, just the demographics,

but yeah. Okay, so let's use that as the guiding light here that they're spending a lot on just their overall budget on health. And now you have more people have come in either through temporary foreign workers or claiming asylum or just even immigrating through the old-fashioned way of just coming in through as a skilled worker or being sponsored as a family member the population of Quebec has grown quite a bit and the services to well the amount of availability services is obviously having a difficult time to meet the demand so what's the option moving forward? Because you're a Quebec resident, what would you do to try to rectify this problem if there is a way to fix it? I think we need more doctors, right? So

we should incentivize doctors to come here. I don't know what that means. Does that mean do we pay them more or do we give them, you know, do we make it a little bit easier for foreign doctors to transfer their certifications and their degrees? I'm not sure. But we definitely need more doctors. It's kind of like housing, right? You can worry about the supply or the demand. So if you're increasing the amount of people, you're increasing the demand for doctors. Well, you need to increase the supply of doctors. And one way to do that would be to incentivize people from

other countries to come and move here. In Quebec, it's hard because there's not that many French speaking countries. There's a handful of them, right? So if you go by, you need to speak French to become a, to be a doctor in Quebec, which is, makes sense, unless you're, unless you're living in some of the very Anglophone neighborhoods, and there's not that many of them in Quebec, there's a handful, you have to speak French. So you're, it's kind of slim pickings. There's not a whole lot of countries to choose from. What we could be doing is doing a better job training doctors, or maybe we could be getting nurses to do some of the jobs that doctors can do.

Maybe if you just have a cold and you need to go in there and get a prescription for some cold medication, well, maybe you'd – and I'm not a doctor, and I'm not a healthcare professional, but maybe you don't need a doctor for that. Maybe a nurse practitioner would be good enough. I don't know. I don't have the answer, but Quebec isn't the only province that's going through this. We just might be going through it the worst. So I, in Italy, if you guys, I read the news over there, I'll tell you what's going on, how they're tackling their issue is they start allowing students to enter medical school without having to pass a particular test.

So there's no entry exam. Well, that's dangerous when you start going down that road, for sure. After a few years, once they graduate through the system, set up their practice, if they don't have the basic need, the competency required to provide medical attention, and it's not something that you're like framing a house and that's through the whole process. Oh, this doesn't make any sense. Let's take a few pieces out and fix it. You're dealing with a person. There's no coming back. You screwed up.

That person could potentially be impacted coming back. You screwed up. That person could potentially be impacted for the rest of their lives. Plus, their faith in the system is going to be totally lost. And also the people that are surrounding them. It's just, it's brutal. But that's what's being done over there. I hope we don't follow that same path over here

to try to open up doors to that extent, just because they have to try to fill a gap. And even when you do see a doctor nowadays, you're not seeing them for a long time. You're only getting a few minutes with them, right? It's tough. So how do you do it? How do you make it better? We need more doctors.

And incentives rule the day, right? So maybe we should incentivize them. Yeah, Bitcoin Blitz says hereitz they're not doctors they're pharma pushers and that i mean there is something to say about that because there's incentive to do that as sick care it's sick care it's not health care right it's the problem is it's not going to get any better and this is something that's really going to impact productivity and also it's going to be even more costly for the province and canada as a whole so it's it's a you know what the the more i read about this and see about this and it's i'm just wondering man we're still trending in the

wrong direction and i say accelerate for shits and giggles at times but people are going to be impacted pretty heavily as a result for sure but what we can do as individuals is try to maybe be as healthy as possible so that you're not relying on the system right so that means fixing your fixing up your diet getting some rest getting enough sunshine you know enough sleep all these things and that's all you can do but i mean there's sometimes you know you fall you break your arm yeah you know like you need to go to the hospital right like it's it's going to happen and especially you know people that have paid into the system their entire lives you know friend of the show mike campbell you know like he talks about it on his show about how you know he's a he's an older guy and he's been paying into the system his entire life out in bc and he has an accident he breaks his arm and he's in the emergency room for 12 14 hours

trying to see a doctor and that's his like that's a real life example because he suffered some injury right that's what it is yeah yeah he fell he fell he broke his arm of some yeah i don't want to just in case yeah yeah it's it's pathetic but know what, they're going through an election right now. And it looks like the people over there are going to be turfing the party that's currently in. one party over the other party here and there like yeah maybe maybe it's change but i don't know i don't know if if we're vote harder voting is vote harder yeah right but still in the i don't know like for me i truly enjoy following canadian politics and to a lesser extent american politics just it's i've been watching it for a long time i understand there may be i mean the people like you're talking about just you know voting doesn't really change much in the end it seems but for whatever reason um you know i like the fall it does make sense

because you do like wrestling so like wwe and politics there's a lot in common they already script they both scripted, though. I would say one is not and one is. Well, I don't know. I don't know which one's which. We're not going to go there. Bank of Canada. I'm not sure if you've been following this,

but they might cut rates as much as 100 basis points by the end of the year. Did you hear about this? Yeah, yeah. There's some people talking about 75 basis points coming up at the next meeting. Yeah. And that's this month in October. Yeah. So that's going to be in a massive drop if they decide to do it. Yeah. What's your prediction? I'm going to put you in a spot. If you had to place your money on something, what do you think you're going to be doing this month? Okay, for the people listening a little bit back, back information, Canadian inflation numbers came out this week, and they came in at 1.6%, which is lower than the government of the government, the banks of

Canada's target rate of 2%. So that gives does give them potentially a little bit of room to lower rates uh but if you kind of dig into the numbers a little bit you see that it's it's not great like it's it's housing is still expensive food is still expensive um if I had to bet, you're putting me on the spot and saying a prediction. I would say 50 basis points at the next meeting and then maybe another 25 later on in the year if those inflation numbers come in kind of as they're coming in. But manufacturing numbers came out today and they were also a little bit weak. Wholesale came out yesterday.. But manufacturing numbers came out today and they were also a little bit weak. Wholesale came out yesterday. Wholesale numbers came out yesterday.

They weren't very strong either. Yeah, there's a lot of signs out there that things are not going great. So maybe a 50 basis points cut and then another 25 to maybe 50 at the end of the year i think that would be the base case for me but 50 at the next one for sure i think that would give a an injection to the economy because liquidity would be easier capital would be easier to get through borrowing and so there's potential this could spur um don't want to say recovery but just elevating everything as a whole as for what

cost you know this is up for debate. I'm not going to sit here and talk about it, but we know. I've been in the camp that I think inflation is coming back. I've been on that bandwagon. I've kind of said that, like, I actually was kind of surprised that central banks were able to keep rates as high as they did for as long as they did. I'm shocked.

But I think now that we're going into a rate cutting cycle now, I'm not sure that we're not going to see inflation kick back up because inflation tends, it never seems to go away in just one burst. We tend to have secondary pulses of inflation. And Joey talked about it really well on Monday, I thought, when he was trying to explain inflation and interest rates as cars. And you're kind of just bouncing from one side to the other when you're going really fast. And that's kind of what monetary policy kind of is right now.

So I wouldn't be shocked to see a burst in 2025 of more inflation. Wow. I didn't realize that soon because yeah, it is the levers are pulling from the central banks. It's always a delayed effect because they're reacting to data that for the previous 12 months or longer created whatever environment they're in. And then, so they're just trying to change it. It's,

and it's a slow moving ship. it takes time. It takes time when you, when you cut or raise rates, it takes time for the effects of those rate cuts or those rate increases to be felt. Right. So even Ryan's thinking,

he's saying in the chats, right. That you think 50, then 25, then 50. So he's saying 125 basis points before the end of the year and it would signal things are quite bad for the canadian economy but it's also trying to another way to look at it is they're trying to get to the point where they were before 2020

so rates were very low before 2020 so maybe there's an appetite to get back to that point and maybe have the economy almost reset itself to where it was. But now we have the added impact of prices of everything being much higher because of the last four years and their decisions. Real estate, too. I don't really follow real estate that much. But I did see a couple of things that real estate listings in Toronto are up. Is that right condo market last i saw and i thought i saw something today is we're back down to the prices of january 2021

so prices have dropped steadily for the condo market over here i don't know it seemed like i mean just anecdotally through my neighborhood it seems like for sale signs are staying up far longer than they were in previous years, but they've already lowered rates quite a few times, two or three times. I think the bank of Canada did. And with more to come, it's just going to spur more buyers.

And as we get into springtime, which gets to be the heavy buying season or selling season, depending on how you look at it, I think you're going to see a lot of inventory move come that time because the environment is going to be great. People are going to be wanting to move. It's springtime. So there's going to be a lot of real estate that's going to be exchanging hands

early next year, I think, for better or for worse. I saw today there was an article by ctv news talking about food prices being much higher than inflation and in fact like frozen frozen or fresh beef is up 9.2 year over year yeah i didn't know that edible fats and oils 7.8 eggs five percent fresh fresh vegetables 4.4 and it goes down from there seafood Seafood down 4.9%. For whatever reason, seafood is a deflationary environment. It must be a boom for...

Seasonal effects and stuff like that. I guess. There's a snippet of just one segment of what we're buying. Food. It went up quite a bit. The food professor had a really good tweet last night i tagged joey but i didn't tag you on it i wouldn't want to chat with he's a no yeah i know

you don't like him but whatever i i'm a fan and i know joey i don't know maybe joey is neutral but and the food professor talked about how it's a little bit concerning that a lot of these foods that are seemingly still above inflation are foods that we make here um that that's concerning so what's going to happen with that will eventually come down because all the costs to grow slaughter or whatever and then ship it out to the consumer, won't those eventually come down if everything else remains kind of low in a lower inflationary environment? Or do you think it's going to stay very high? There's a lot. There's a lot of factors, right? And then that also the Canadian dollar as well, right? So as the Canadian dollar goes down, are the things that we make here becomes more attractive in other places.

So let's just say, and generally speaking, this is the case when interest rates go down, so does the currency. So if we cut interest rates more aggressively than the US, then the Canadian dollar will devalue against the US dollar. And that will make the food that we produce here a little bit more attractive for US consumers. Right? So that would increase demand for Canadian food. So that would, that's not a great sign if you're a Canadian that's it's trying to buy food here, right? So that would increase competition, right? But it also is not a bad sign if you're a food producer. Like if you're a farmer, then that raises your income, right?

Are they doing – for Alberta beef, is there some sort of stoppage of having that go over to the States? I know there's always something that sometimes they're allowing it to go there. Yeah, I'm not up to date on that stuff. In a previous life, I kind of was. That's something I really follow closely, but I don't do that anymore. Now, these days, you're probably following the World Liberty Financial, right? You're neck deep in that shit, right?

Oh, my God. Oh, yeah. Yeah, yeah. Don't shitcoin, ladies and gentlemen. Of course. Well, apparently, a lot of people aren't. From what I gather, only 4% of the total float has been sold so far, which is much lower than they thought. From what I gather, 75% of the sales of all these shit coins these world liberty tokens

what the fuck it's called is going to be going to trump and his team like talk about pre-mined and then taking advantage of it like what a fucking joke but the market they're speaking only four percent sold that's a good sign it's a good sign i saw max kaiser tweet about this a couple hours ago uh you know just like smiley face emojis and just laughing about how it was a disaster. Hopefully Trump learns. I don't know. I don't know if it's Trump or his team or whoever. I hope whoever is involved in this, hopefully they see that this thing is a colossal failure. Whatever headway they made in the Bitcoin community with, you know, certain

Bitcoiners, like relatively prominent Bitcoiners coming up and stepping up for Trump. Hopefully, they're pushing back a little bit and saying, look, we didn't sign up for this. Like this, this is not what we want. So maybe it'll be a sign. I mean, look, you listen to a Bitcoin podcast, you're probably a Bitcoiner. Shitcoining is... You'd be surprised. Yeah. You'd be fucking surprised. People listen to everything for whatever reason.

It's definitely the charm of the host, right? Like you guys, it's the banter and the charm. But shitcoining is a relatively natural part of the bitcoin journey right like most people that are into bitcoin they they at some point they dabble into these shit coins and most of them get burnt and they take a step back and they realize that oh well that was wrong it's it's a learning experience for a lot of people. Now, luckily, I kind of avoided that stage of my Bitcoin journey. Like I wasn't much of a shit coiner. Like I admittedly, I think I bought like $200 worth of Ethereum and then sold it at a loss.

So like, and it wasn't that much of a loss. I still am carrying on that law, my capital gains law for CRA. So if CRA is listening, they know that I got a $40 tax loss that I claimed. So I'm looking to cash that in. But that was it for me and my shitcoin, right? So but for most of us, and this is kind of normal, you kind of think that you can fast track your Bitcoin journey by dipping into these altcoins. And time and time again, people get burnt. The problem is people look at it and unit bias comes into play. And right away they look at this is only 30 cents a token or where the fuck it is if it only goes to a dollar i'll be able to make a killing but no i didn't even i didn't even look at this trump token like

what the the unit i have you do i have no idea i have no clue i don't give it a shit to be perfectly honest but it's a defy thing too right so there's going to be some generating of new tokens or maybe existing tokens you get the i don't know if it's staked or i don't know what the fuck the thing is either way the fact are people going to learn land when are people going to learn they well they have to get burned i have to get burnt right like they come into this they look at bitcoin and today 67 000 still my block clock it doesn't change a stupid thing not saying that it's a stupid thing the price is not changing the stupid price they're looking at that and saying

it's damn expensive right the people that that made bank got in years ago it's now that ship is sale there's no reason there's no reason for me to get in now and they think what's going to be the next big one that's going to make like ethereum probably not because it's it's pretty mature it's got a large market cap they look at they keep going down the list to try to find the next one and that's what happens they look at this thing if it just goes up 10x or 3x or whatever and it's so cheap it probably can't there's no fucking case use for this thing and i can't believe i'm fucking even saying this word but tokenomics i can't believe i'm fucking seeing it there is none where is the fucking

supply come from? What is the maximum supply? Could you verify anything? There's nothing good out of this. And you've got a centralized body that's dealing with this thing. Theoretically, they could get Wells noticed by the SEC. Things that can't happen cannot happen with Bitcoin. You are the

yield. Right. You are the yield. You are the yield you are the equity exactly that and people don't fucking realize it and it time and time again people come into space fucking look at that and say i'm gonna make big on there and they get fucking wrecked in the process and you know what if that happened and if that's the the price you have to pay to finally realize that bitcoin is your savior all the more power to you but hopefully people learn from others that's what something i've been doing i've been trying to do a lot is i'm looking for other people's mistakes and i'm trying to learn from that because that way it's going to be less costly to me i don't i'm not perfect i still

make mistakes but i'm trying to learn from others as much as possible. And every cycle, every Bitcoin cycle has its version of this. Right. And it always changes. And now that the ordinal stuff seems to be behind us now, I don't know, it might come back somehow. But the shitcoin stuff, the ICO stuff is over the NFT stuff that seems to be almost over. But these shitcoins are going to keep popping up. They're just going to be different. Every time, they're a little bit different. The new scam. I'm concerned that the next one might not be as easy to spot. I'm concerned about

the financialization of Bitcoin. I have my concerns that it might be there, like something that's in the stock market. I'm packed on that. I'm curious to hear your thoughts on this. I'm concerned. I'm concerned. Look, I'm sure you've been reading

the Twitter posts. Plenty of friends of the show are on one side or the other on the micro strategy stuff and the etf stuff but that has nothing to do with bitcoin i mean for the most part maybe in terms of where who holds what or the quantity of tokens or coins are held but in terms of bitcoin itself it changes nothing right it changes nothing it changes nothing it but what i'm saying is every cycle has its own version of this shit coinery, right? Like the ICOs, the NFTs, all that stuff.

What if this cycle's version of that is these publicly traded companies? And I'm not pointing out any one in particular. And again, never give financial advice. This is just, I'm just talking. What if this cycle's version of shit coining is on wall street and and is and is done that way it's very possible one can make an argument one can make a very strong argument that doing and i don't want it to to like talk about it too too much in terms of like this side of the argument but it's,

it is indeed shit pointing. And I've mentioned it many times. So you and I think are in the same fence, same side of the fence. So I don't want to, to, you know, we'll be sucking each other's cock on this stuff.

Like really, we have nobody that. That's not what I signed up for when I subbed in for sly. I did not. You never know because there's always a bonus. So, but that's the reality. I said,

you know, dealing with TFSAsa's or any sort of tax uh account that provides you some sort of tax advantages it's you know it's good i guess for now until it's not and then whenever it's not then at that point what are you going to do it's everybody's going to be trying to get the same capital out of the market and you don't want to be left in that in that crowd of people you want to be long gone at that time bitcoin the beauty of bitcoin once you have it and you have it in cool crowd of people. You want to be long gone at that time. Bitcoin, the beauty of Bitcoin, once you have it and you have it in cool storage

and you're the only one who has access to those keys, nobody else could take it away from you as long as the network is still being, is in operation, which should, unless the internet totally dies, which then we're a bigger problem then. But as long as there's one miner out there building blocks, you can theoretically move your bitcoin around so like that's what i look at it that's it's a wonderful fundamental that bitcoin has that all these other things don't because you're dealing with the tradfi markets you're dealing with banks you're dealing with with clearing

houses you're dealing with all this bullshit there's so many layers and the more i read into it i just how complex it is too when you're dealing with markets it's not just a simple you just buy it and your brokerage buys it for you there's a there's a lot to it bitcoin it simplifies a thing significantly it's just set a transaction broadcast it and it gets built in the next block and it's it's a beautiful thing and i don't know why we're just trying to go into these more complex things just to get tax advantages i understand there is an incentive there and people are drawn to it like a moth to a flame but eventually it keeps hanging around that flame you're gonna get fucking burned man

but it's a lot of the same things that shitcoiners say, right? Yes. I've read it multiple times in the past couple of weeks about microstrategy people posting. It's like, well, I'm just into microstrategy so I can sell it and then buy more Bitcoin. Well, that sounds an awful lot like what people were saying about fill in the blank. Yes. Token, fill in the blank yes token fill in the blank cryptocurrency over the past little while brian's saying the bitcoin miners and bitcoin miners yeah yeah i got well look full disclosure like and i i got you to thank for this land not just

you you and bob burnett because like the the series of interviews that you had with Bob are really what changed my mind about holding the Bitcoin miners in my tax-exempt accounts. Look, again, what people do with their money... Bob's a gem. Yeah, Bob's a gem. What people do with their own money, that's on them as long as they're following the laws and following the rules. And there's obviously nothing illegal about buying a Bitcoin miner and putting it in your TFSA.

There's nothing legally wrong with that. I was doing it. I had some of those. But I took some time because of those interviews that you did with Bob. And it really changed my mind about that. And I'm no longer in them. They don't seem to be a good play in terms of if you want to have a strong correlation to the price of Bitcoin. It's I don't know for whatever. I think this year the miners have been

on a tear for the most part. But just for the past few years, it seems like there was a decoupling between the price of Bitcoin and the price of the miners plus you always have the counterparty risk of them potentially the miner they could they could um issue more shares so they could dilute they could do some risky play like marathon for instance just this week i think yesterday they announced that they took on another 200 million dollar line of credit and they're collateralizing this with their bitcoin holdings now as long as the price of bitcoin goes up that's a good play but if it doesn't if it starts going down we've seen bitcoin go down you know a number of different times what happens to this line of credit they take that they have to put something else or they get wiped off and they have to give up the Bitcoin that they've put up as collateral?

I don't know. That's what I'm trying to say. When you're dealing with a Bitcoin miner, you're dealing with the CEO, the board, and you've got to hope they make the right decisions. If they don't, it could impact the valuation of what money you put into their company. At the end of the day, you're investing in a company that's short Bitcoin. Like you're investing in a company that they will sell Bitcoin.

Yes, they will sell Bitcoin because they have to sell Bitcoin. That is what they do. I mean, I know now with AI play, there's stuff with the AI stuff now. It's a whole other... So much to learn, Len. Like there's so much to learn about all there's so much to learn like about all that

stuff and then the difference between all these individual miners like if you're going to put your money in there you have to understand all this stuff or you could just buy bitcoin yeah so i mean i don't want that's just our opinions ryan again not financial advice but yeah i would stay away from the minor if you have to do tfsa i can't even i mean i'm gonna have to suggest this but like the etfs that are directly correlating to the price of bitcoin minus the management fees i think that's probably a better play if you have to do that you're dealing with less yeah i would say you're dealing with some less risk the keys itself you're not holding on to it somebody has to hold on to it but there's no free lunch here that's the problem no there's no

free lunch and and if it's if you're not holding the keys it's not your bitcoin yeah that's why to go back if you could take your money out put it by bitcoin that's the best course of action is again if your keys and i set up many a cold card and I hope people up there when they set up their cold card or whatever device they used, they did it in a way that the keys never touched the Internet. Also, cameras were off. You had no devices, nothing that's recording or potentially record either the sound or the video you've done in a room that's secure. So you're rolling your dice. You're doing all that fucking shit. So that way the keys are secure. or potentially record either the sound or the video you've done in a room that's secure so you're rolling your dice you're doing all that fucking shit so that way the keys are secure so if you do that nobody can touch your bitcoin the only way they could do it is with a five dollar or

i guess now it's 750 with inflation wrench attack that's the only way they could do it even then you could time lock your stuff so you could protect it. There's lots of different options. Dummy wallets. If you don't know that stuff, go push pause and go listen to BTC Sessions, his two or three hour long tutorial on how to use a cold card. My daughter did one.

I'm not sure if you saw that tutorial. It was 10 to 15 minutes. She was 10 years old at the time and she was able to do it. If a 10 year old can set up a cold card properly you could do it and if you don't have the knowledge you don't know how to do it reach out to me we'll go through the process i don't charge i'll show you the whole process it's not that hard so yeah the average bitcoin or getting into bitcoin is much better off spending a couple of hours learning that stuff than trying to figure out micro strategies, stock issuance schedule and how much net asset value or whatever. Right. Like you're going to spend so much energy and time learning that stuff. That I don't know if you're gonna get a ton of value and then

or you could learn self-custody and it's not gonna be that hard it's gonna be a couple hours I think that's a better bang for your brain the real uphill battle though is people are so wrapped up in traditional finance it's hard to have them unplug from that so they're dealing with a bank who stores their money. And if you're trying to teach them that you could, you know, that we say be your own bank,

it's a foreign concept to have total control of your finances. And the onus is on you to fucking control it. Yeah, not Sly Goomba, laugh out loud. But I do have my Goomba here. We do have one Goomba that's here. So here he is.

But if you're new to Bitcoin, don't despair. Just go at your own pace. Keep learning. Keep studying. And do that stuff. And if setting up a cold card is intimidating for you, then watch a couple of videos. Or reach out to me, man.

Reach out to Len. Reach out to me. Reach out to anybody from D or anybody else from the cold card team. You can do it. Just spend a little bit of time and go at your own pace. Run a node. It's not that hard. Get a bid axe.

Now, I'm not sure if you saw, like, holy shit, in the past couple hours, the fees on the Bitcoin on-chain, it was two hours ago, they fucking started spiking as high as 376 sats per V-byte. It's now down to 194, the last block that was mined. Yeah, yeah, I didn't see that. I did see, the last time I checked,

they were at like 40 or 50, and I was like, oh. Yeah, and I saw, but fuck, it's now four times, five times that. Fuck, what happened? I don't know. How many blocks? How many blocks were that high?

One, two, three, four, five, six, eight. And one just mined right now, 231 sats. Somebody really wanted to move their Bitcoin, right? That's the beautiful thing about Bitcoin. It's a free market. If it's really important for you to be in the next block, then you have to pay more fees. If you're doing it the right way, like what I think is the right way, you're stacking regularly. You're not that worried. You're just sending it to yourself. So you're not that worried. And you can just put your transaction out there, put it at a lower price. You're not that worried if it clears tomorrow or the next day.

I'm not going to tell you where to put that, but what fees to put it at. But maybe something around 20. If you're moving 20 sats for V-Bite, if you're only moving a couple of UTXOs, it's not that bad. It's only going to be a couple of dollars. Have you consolidated your UTXOs? it's not that bad. It's only going to be a couple of dollars. Have you consolidated your UTXOs? Yeah, I'm pretty good. I keep up with that pretty well. I can't say I'm 100%. But if you're the majority of that. Yeah, the vast, vast, vast majority. I literally have two or three. What's your ideal UTXO size?

I have a few out of million. I have a way, way larger than that. A few are way, way larger than that. And I think that may be not to my advantage in the long run, but I can just simply mix it, I think, before I start doing anything. But yeah, my lowest of the ones that I have consolidated is 1 million UTXO. And I only have a few of those. That seems like the consensus is like a million is kind of, so if you're new,

if you're new build up to a million sats and put it on one to UTXO. And by the time you get to a million sats, you're probably have enough Bitcoin there that you want to take care of that. So then you get a million sats, then get your cold card, one UTXO. I'm, I'm a big fan of one million is the minimum.

Yes. But your target should be your stack size divided by 20. So you should never have more than 20 UTXOs. Are you a lightning normie? I've heard that term a bunch of times. I don't run my own lightning node. I don't do that. I've heard that term a bunch of times. So I want to throw it out finally.

I don't run my own lightning node. Like I don't do that. It's not easy. Yeah, I know a couple of guys that do. And every time I talk to them about it, it kind of just goes over my head. So I don't do it. I have been dabbling a little bit with Bull Bitcoin's new wallet,

the liquid wallet, just playing around with it. I played around with a couple of the non-custodial lightning wallets in the past. And to be honest, I didn't have very good experience with any of them. Like Phoenix or something or? Yeah. I played around with Phoenix, Breeze, a couple of other ones. The only one I really liked honestly was blue wallet. I thought blue wallet was incredibly good. And they got rid of it.

And they got rid of it. I played around with a few of them. I didn't like any of them. People talk shit about Wallet of Satoshi, but goddammit, it works. And it's really good. I know, I know, but it works. Unless you're in the States.

Yeah, you can't even ask. You can't use it. Wallet of Satoshi is custodial, so it's not yours. But for onboarding people, Wallet of Satoshi is easy. I have been recently keep a very small amount on Wallet of Satoshi just for showing people at the meetups and stuff, like how it works and just very, very light. But I've been putting all my lightning stuff actually on Liquid now with Bull Bitcoin's app. Not your keys, not your coin.

And on Bull Bitcoin, on the Liquid, it is your keys. So it is – you do hold the keys. Yeah, I know, Liquid. It's an IOU. The arrangement is you give your Bitcoin, they give you the equivalent in liquid bitcoin and your bitcoin is then held with the federation yeah or i think it's a federated but the federation is the one that manages it i guess that in some way shape or form so the bitcoin no

longer is yours and you you have to trade the iou back for your bitcoin to date there has been no rug pulling but if you are a disciple of the not your keys, not your coin, if it ain't Bitcoin, it ain't Bitcoin. I'm of the mind that never have more on your liquid or your lightning wallet in dollars

than you would have in your own wallet. You know, like your fiat wallet. If you're okay carrying around five $20 bills in your wallet when you go to work or whatever, in your back pocket, and your fiat wallet. Like if you're okay carrying around five $20 bills in your wallet when you go to work or whatever, in your back pocket, and that's your limit. A hundred bucks is your limit. Then your goal on your lightning wallet

should never be to have more than $100 worth of Bitcoin on your lightning wallet. And the only reason I have X amount of my wallet is in case my card, for whatever reason, is not usable when I fill up my car and I have to pay with cash at that point. This has happened. My card card for whatever reason is not usable when i fill up my car and i have to i pay with cash at that point this has happened my card for whatever reason has been compromised so i don't want to sit there and wait for my wife to come pay so i just rather have i have enough cash to fill my car that's it that's that's what my rule of thumb because

it's the only thing i need cash for in a pinch everything else i don't give a fuck then that should probably tell you how much you should have on your Lightning Wallet. Right around that amount. Now, if you're running your own Lightning Node, then I would say you can have a little bit more on your Lightning Wallet. But if you're

using Wallet of Satoshi or you're using one of these apps, never hold more on Lightning than you would hold in your wallet. Yeah, agreed. Boomer, we're up 51 minutes. I think that's a good enough time to call our quits because my wash

is going to be finished and I want to start doing the rest of my laundry. You know, over here in Ontario, 7pm is when the cheap electricity rates kick in. I'm not sure if the same applies in Quebec. So all the big items, the big heavy-duty items we do here at our house, we try to do it after 7 p.m. to take advantage of the cheap rates.

That way you could stack sats. Speaking of cheap rates, have you started to turn on the miners to keep the place warm yet? I will. No, because mining at home is not good for me. Others could do it because I don't want CRE knocking on my door saying, hey, you're mining Bitcoin.

No, no. I will set up other people's miners. Not mining. That is wrong, but you should do it. Unless you're buying it from Decentral. Yes, yes. That's perfectly okay. Then join a pool and then, you know, those pools,

because there's so low probability of winning if you're using a bidax, you're not using that in a pool where you're going to be getting paid, like, on a daily basis, like a la Brains or an Ocean or whatever. You're trying to go for the big enchilada and get one big block and share it amongst the pool. Anyways, Boomer, thanks for coming on. Where can people find you if they want to reach you? Because you've been a gem.

Monday nights in the chat. I'm always there. Wednesdays, I'm probably like 50-50 on Wednesdays. It's hard. Why aren't you doing your thing today? Yeah, yeah. Ottawa Bitcoin Meetup, you can find that, search on

meetup.com or Google or whatever. We usually do it on Wednesdays, but we don't do them every Wednesday. So that's why I'm able to be here today. And sometimes I go to the Montreal meetups as well, like I live in Ottawa, so I drive up for the Montreal meetups, and they're often on Wednesdays or Thursdays, so that's why

I don't do it. So yeah, check me out over there. Yeah, I'm on Twitter too, but not for long maybe. And you'll be back on the show next month-ish. Is that correct? Yeah, I guess that's if I'm allowed to say that. I don't know. Yeah, so I'll announce that because Joey, he said his wife is giving birth soon. The specific date obviously is unknown right now, but she's eighth month-ish.

So when she does give birth, obviously Joey's going to have no time for the show to come on and do this research and all that shit. First child is for everybody that's been a parent understands what I'm saying. So we have arranged for three guests hosts, uh, one in each particular three consecutive weeks that should give Joey enough time to recuperate. Boomer is one of the guest hosts. The other two,

I don't want to say just yet, but they'll be fine. But boomer. Thanks. I won't be able to make it on the 28th. And if you're in Ottawa on the 28th, look, check us out.

We're going to do a, we're doing a bit devs type of meetup so yeah a lightning slash e cashew developer is coming in and he's done some work in Madeira he's coming into Ottawa to give a presentation of the stuff

no it's the 28th it's a Monday that's 20th of October October yeah that's the only Monday that I won't be available because like I'll be at that it's a Monday. That's 20th of November, October, October. Yeah. Ah, okay. That's the only Monday that I won't, won't be available because like I'll be at that,

that meetup. So if you're in the Ottawa area, you're interested in lightning development, you're just interested in Bitcoin, uh, reach out, uh, the capital Bitcoiners on Twitter and get information about that meetup

coming up. Check it out. Boomer. Appreciate you coming on on such short notice. This has been awesome. And you'll be back again very soon. And for everybody listening and watching, appreciate you listening and watching.

We'll be back at this on Monday. And until then take care and don't be a cock. Just.