The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Vancouver's Filth Crisis and Alberta's Escape Plan | The CBP 214 Pt 1

Episode Date: May 13, 2025

FRIENDS AND ENEMIESIn this episode of The CBP, we're discussing the surprising city health issues plaguing Vancouver, and how it's affecting the local economy. With feces on the streets, it's no wonder residents are looking for alternative solutions, from bitcoin and op_return to mainstream adoption. But amidst the chaos, Alberta is making headlines with its secession from Canada. We dive into the world of alberta politics and explore the implications for canada news and updates. From coinbase and deribit to btc strategies and insights, we're covering it all. Join us as we delve into the complexities of canada politics and the potential for a brighter future.#bitcoin #BTC #Vancouver #spain #investing #carney #trump #finance #canadianpolitics #canadianeconomyJoin us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord:   / discord   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. With DomainSure and EasyMail, you'll sleep soundly knowing your domain, email and information are private and protected. 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 25% off fees FOR LIFE, and start stacking today.

Friends and enemies, welcome back to the Canadian Bitcoiners podcast. Happy Mother's Day to all of you who celebrate and certainly to the wives of people listening to and watching this program. God knows they need all the support they can get because all we do is talk about Bitcoin. My name is Joey. That's Len. Busy week in Bitcoin. Len, did you see the Coinbase stock news after work today? see the Coinbase stock news after work today? Yeah, you posted in one of the chats. Now, did that have any bearing with their stock price? 10% after hours, 4% during trading hours today. So it's significant jump.

I'm very happy about my bags. We'll talk about Coinbase today just for you. We'll give a little bit. No, it won't be this. I will discuss Coinbase and I'm going to have to move it to this. I've seen the topic. I'm gonna have to slide it over to this during the conversation. Please because we have to discuss Coinbase right. There's lots to talk about over there given what they're doing. I can't believe

well let's not discuss it just yet. We don't want to spoil the fun. We don't spoil the fun. We can yeah we'll do the sponsors. EasyDNS the best place for you to host a website, buy a website, port a website. Mark will help you with all that stuff. He's your friendly neighborhood domain registrar. Lots of good stuff over there, Len. Mark is always adding to the suite of available services. So you get the, obviously, the standard, you know, you buy a website, Mark will help you out. You get email services and you can add stuff like blogs and other sort of features that we use on the CBP website, for example. We have a lot of stuff linked blogs and other sort of features that we use on the CBP website

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that. You can't beat that. Money back guarantee. Pay in Bitcoin if you like. Mark the original Bitcoin treasury company. And obviously he's been a partner and friend to the show for a long time. So go over, use the code and start your website, man. Feel good about what you're doing and get it out there with easy DNS. Who's the other sponsor? you're doing and get it out there with easyDNS. Who's the other sponsor? Bull Bitcoin. You know what? People are using Bitcoin all over the world. Even in Costa Rica, Jody. Even in Costa Rica, they're using Bull Bitcoin, which is phenomenal because they're located there. But they're also located in Canada. So if you're in Canada, you're looking for an exchange, a good one, non-custodial. Bull Bitcoin is the way to go. Why? Like I mentioned,

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Let's do some boosts and then we'll switch over to housekeeping. We'll talk about what's coming up on the show. OK, so Jare writes in Jared and a few times this week. Thank you, Jare. And 2000 Sats. He said, I really enjoy this episode. Geez, I got to figure out which one you wrote that for. That was one of our episodes from Monday, Tuesday last week. The ones we split up in half.

Chair. Love you. Business cat writes in 5000 sets. CBP is rapidly becoming an important part of my 40 hours. I like the fact that still people are doing the 40 hours or you know, maybe 40 is a little low. If you're looking at you, boom dust. Maybe it's time to How many should you get? What is the food pyramid recommendation for Bitcoin podcast hours per week?

You're talking to the wrong guy. I know you don't like it. I can't believe it. Well, if I'm at three hours, that's a ton for me for so per week. So you could tell me what's the proper spread? I think I don't know. I listen to a lot of podcasts, but like listening intently is different So I want to know from the 40 HPW crowd Do I just have to have the podcast running or do I have to be able to tell you the Coles notes of the podcast? This is an important distinction. So I'm going to refrain from commenting any further until I know exactly what listening means to these guys. Just noise for the most part?

It's not just noise. I listen to a lot of stuff and I don't necessarily retain all of it, but it helps me form opinions and sort of gather the direction of what people are thinking in the broader Bitcoin slash market slash finance space. Hold your tomatoes. I listen to stuff that's not Bitcoin too. So there's that to consider as well. What is that? Hold your tomatoes.

Hold your tomatoes. What? That's the name of a podcast. No, hold your tomatoes is what you say when you're about to say something unpopular. Like I don't know. Only Bitcoin podcasts. Yeah. Don't throw tomatoes at me.

OK, sorry. That would have been it. That's a great name. Hold it. Save it. Yeah. Yeah. Jer again. 1000 sorry. 10,000 sets. Not too bad. Thanks. Great conversation. Super respectful. Learned a bunch. And that's, you know what? That was with Mr. Arnone and Mr. Bitcoin All Caps. Give them both the Mr's. That was a banger episode. You know what? That's the first time Mr. All Caps has been on a podcast. He's been on Spaces before many, many, many times. So it's, but it's the first time he's come on a podcast. So it's awesome to have him come on. Was a banger. Was a banger. Those two guys are smart as all hell and have been around and understand what's at risk with the filters thing. So very strong opportunity.

Still a hot topic this week. Yeah. Talk about it a bit. Maybe resolve business cat again, 10,000 sats, powerful fundamentals. I like that very well done as a, as a way to give homage to mr. fundamentals giving him the mr. title as well.

Yeah. And last but not least, we have mr. Rod Palmer and another 10,000 sats comes in and just writes in hashtag 40 HPW hours per week. And that's it. That's all he writes. Thank you, Mr. Palmer. Great stuff. Great stuff. Yeah, man. Great. Great episodes last you last week from you.

Two bangers obviously with fundees and then with the boys from Bitcoin CA and the Bitcoin discord. I mean, those guys are heavies. And like I said, I've been around, understand the development of Bitcoin, the development of the social layer and where those two things I mean, those guys are heavies. And like I said, I've been around to understand the development of Bitcoin, the development of the social layer and where those two things collide is on something like Operturn, honestly. And there's been other examples, but this one I think is a little bit more consequential than the ones before it. They're very opinionated. Right? Yeah. Well, why shouldn't they be? Why shouldn't they be? Right? This is, you know, when you think about not to like, I don't know how much these guys

have riding on Bitcoin, but I think the answer is more than we do. And you know, I would be opinionated to I would, I would care a lot about that. I think I care a lot about Bitcoin, but I can't imagine how much these guys care. They probably care a whole bunch more and have been around a whole lot longer. So yeah, I, when they speak, I want to listen, I want to hear what they say. And I hope you guys felt the same way way And the good thing is I think that mr Arnone was gonna come back again in the not-too-distant future as for mr All caps I can't say for certain the doors always open for him to come back

But really I'm not sure if he wants to it's really dependent I guess in the time of day and how he feels that morning. So yeah, we may hear at least one Very near future, but two would be awesome. Once again, I know Mr. Arnone said he'd like to come back again at any time. So whenever there's a hot topic that comes up, I'm gonna think of him as one of the top guests to invite. Definitely. Whether you like it or not people, he's gonna come on again. Yeah, and Fundamentals and those two guys are welcome anytime. They're favorites of the listeners, favorites of you and I, and I recommend people listen to them whenever fundamental was almost a year to the day that he last was on the show. Like almost crazy.

It's funny that it's like every year he comes on. He's just getting, he's getting ready for his next appearance. Next May should be good. Should we get this week? Tomorrow. Yeah, go ahead. I'm going to be interviewing a gentleman by name of Shane or site Shay, sorry Shay and he is a resident of El Salvador very Up to speed with respect to Bitcoin and technology and and he hasn't yet been around on the podcasting circuit Joey But I think we are

at Joey, but I think we are the first to have him come on. So this is going to be a lot of fun to introduce him to the podcasting world. And I look forward to chatting with him because apparently he's got a lot of bright ideas and I'm going to see if I can tap into that and get him to speak his mind. Comes highly recommended from someone we trust. And so he is welcome on the program. And if you guys have ideas for next week, I haven't booked anybody because I've been busy and Len has taken the interviews for the last two weeks. I'm going to jump back on next week. If you have any ideas for people to discuss something with Bitcoin or otherwise, let me know and I'll reach out other, otherwise I'll dip into the stable of CBP favorites

and we'll go from there. Where do you want to start tonight? We got like, this is an interesting, interesting week of news. I'm not reading this. I can't. But yeah, I can't do anything with it. Yeah, just trying.

Spotify, Toby, Toby, no, that's Shopify. What's the Spotify guy's name again? Dan Ack, Dan Ack is about to shut this podcast down if we read that comment. Is he the CEO of Spotify? Yeah. Yeah. I don't know. I'm not off to speed with that.

Anyways, let's hit it. Where do you want to start? We got some bangers, man. Opperturn is back. It makes another return. Opperturn does. It's still in the news. And so there's really just two things, two points I want to bring up because I don't

want to beat a dead horse even further but one thing of note is the I guess we'll call it the bitcoin core dominance for lack of a better term It's slowly it's being chopped up and last I saw knots was running at around eight plus percent of all reported nodes out there so people are making a decision with their CPU power. And as a result of all this, because there's been a lot of backlash and people changing their Bitcoin node client of choice,

the Bitcoin core team has decided to say, well, we're gonna hold off on this. And maybe hold off is not the wrong word. They're not gonna go ahead with this up return removal change. So it was a good thing they have been able to digest this properly. They made the right decision right now. Unfortunately, I think a lot of a lot has been lost with trust within their team. Talk to me about it. Let's hear. Let's hear about it. Well Well people are upset with them

right and they were arbitrarily making a move without real discussion without having people participate and it seems like it was a step in the wrong direction. At the very least you could probably raise it to a higher number. Removal might be a little bit a bridge too far to cross. But you know what? They did, I think, the right move right now. But it just could be just damage control more than anything. And that's what I fear. If that's the case, if you're doing this just to save face,

then it's like, what's the? I don't know. And I'll have to say that everybody should run knots. Run whatever the fuck you want to do. This is the beautiful thing about it. In fact, I was was gonna fork core i'm not sure if you saw this but i was gonna fork core and on version 30 i was just gonna copy the code that was removed with respect to the op return and just

put it back in as 83 bytes and that would have been it so if you still wanted to run core you could have still ran core in my fork that I was going to put proposed but it's no longer it's not needed so it's all right. Fork yourself if you want to fork as the old saying goes right? Yeah I like options but I don't really have much else to say. I discussed a lot about this in the past seven days so really what more can I say about this? You probably have a lot that you'll want to get off your chest because there's been a lot of movement. But for me, I'm up for turnout. Let me ask you. So some criticisms of the core dev team and the nots,

quote unquote, dev team, Luke, basically, over the last seven days that I think needs to be addressed. And again, I'm not technical. I don't run a node. Everyone knows this. So I'm really just shooting my mouth off here. But you will And again, I'm not technical. I don't run a node. Everyone knows this, okay? So I'm really just shooting my mouth off here, but- You will one day. I will one day.

I know, you gave me the laptop. I have to put a Mint, Linux Mint thing on there. But the thing I want to know from you, since you're more connected, you can tell me if I'm off base on this. The criticisms about Core being run by a team of devs and going through many different sets of eyes and having proper review and a more thorough review because of the number of people working on this

thing as opposed to nots, which is, you know, according to the critics, a one-man show and you're going to have problems because it's not being reviewed by one guy. I don't think that's a good criticism. And I think that the guys who are supporting core on that crutch are kind of giving away the game. That they can't win on quality and so they're trying to win with attacks that only make sense if you're not really paying attention to how development works in the two clients. It sounds to me like Knot is basically just plus, you know, depending on how you look at it, more features. And the code review is done more or less 95, 96%, maybe more,

as you mentioned there, it's, you know, a couple lines of code on core. And then the NOTS guys, whether it's Luke or one of his buddies, just make the changes for the filters. And you know, when I saw that criticism I thought that really tells me something about the case these guys think they have on the sort of quality, the qualitative side. They don't think they have a winning case. They know that the people who are talking about knots and running their own version of the Bitcoin software are correct and they're trying to paint paint it as dangerous,

as not reviewed, as things that they should know are not true. And I suspect they do know are not true, of course. And they're trying to attack the sort of mid-curve majority node runners and saying, look, you can't run this, blah, blah, blah. This is better for you. I really think that gave away the game.

I'm curious if you feel the same way or if that even crossed your radar. For me, as someone who doesn't run an ode and doesn't think much about this stuff, when I started seeing that a few days ago, I thought this is really, it's telling to me that they've gone this direction, that that camp has seen, seems to have embraced, yeah, like P-Man is saying in the chat, the trusty experts type thing. I really thought that was the end of the road for them. What do you think? They've been doing this for a while though with releasing the criticizing knots for being a one man show that doesn't get properly reviewed when 99% of the

code comes from core and their review team. I had never seen that attack before. Not to spend targeted, not this, not this, you know, exclusively or, or, or with this much focus, but it's been targeted in the past. I've never heard that criticism before, but I heard it a lot the last few days. Oh, they have always had this parental way of dealing with things. Look at when it comes with releasing information for the CVEs, the, any sort of bugs within core. They've released this information way after the fact and they're releasing information for clients that are haven't been maintained for years many many many years

and so why are they doing this because they know what's best for us and this is a doing by doing this move i mean before this recent change about them shelving the OpReturn removal idea, it was for our best interest in that they believe. They're- Allegedly. Right, like that's, come on. I wanna have it as, if there was an option out there, like if there was hypothetically a slider

that you had on there and the end user, when they load up their Bitcoin core and they could adjust the slider and how much they want their OpReturn limit to be either not there so it's unlimited in terms of like one megabyte or up to save or as low as 40 kilobytes like the way Luke has it like give people the option to do whatever they want don't force things down our throat but like I said when I was talking about strategic potentially doing

a fork of core and just putting that back that code because this is open source we have the ability to make changes ourselves. We're not forced to follow one particular client. We can do whatever we want. I just there seems to be a lack of clients so to speak even though there's just about a 10 or a dozen or so it's really just two big ones. Yeah, no it's only two. I mean look at the you mentioned that you mentioned the spread there right 10, a dozen or so. It's really just two big ones. Yeah. No, it's only two. I mean, look at the, you mentioned that you mentioned the spread there, right? The 4% is the major second player in the ecosystem, you know? Now, I will say that the version, I can't remember if you said this during your breakdown, the version

before the most recent version also started to gain quote unquote market share against the other versions, which also tells you that even if people were not running knots, they were unwilling to run the newer versions of core as a message. No, but to see it gain strength like that, I think that was off of what you normally see in terms of the adoption pattern. That's my understanding. Again, I've only been looking at this for the last like three weeks because it's been topical for the show. Otherwise, I would never look at this, but that seemed to me to be

a message as well. It's not like it's Windows where it's forcing you to download. Yes. Yes. Um, but by that, by that same token, guys who are going backwards in the software. That's, that's a huge move. Right? Yeah. Yeah. That's a huge a huge but one thing to consider too is the newest version and it supplies to everything It seems to lag in terms of getting adoption like Windows 11 when it came out I don't even know if it has the majority of the market share for Microsoft operating system I know but Windows 10 had a huge and it just took time to slowly chop away that I have no idea what it is Now, but that's just always the case it just because the old one people have used it They're familiar with it already. Just don't give a fucking don't want to update it. Yeah, I'll be perfectly honest

I'm using an older version of core that I still have to update. This one is no longer maintained I fucking just compiled the one that is still being maintained just this weekend I just have to type make install to finalize this. I just been fucking busy with shit lately. But so I'm even I'm, you know, I'm behind the curve. Yeah, yeah, yeah. It's interesting. This is a I said before last week or two weeks ago.

I remember camera when we started talking about this, but the social layer is proving itself to be a target for people who want to change Bitcoin and I think this time has proven itself to be a formidable target for those people who want to attack the way that this thing works which I was happy about and you know the other thing I'll note and we can leave it on this or you can add a comment after but I think a lot of people now take interest in the way that Bitcoin Core operates compared to stuff like Knot and they're looking at stuff it on this or you can add a comment after. when did it merge, who was the dev, who was the, you know, who were the stakeholders, who supported it, who didn't, stuff like that, right? I would never have known, for example, that Luke Dash,

Luke Deshear, Dash Jr., whatever the guy's name is, you know, who's now super against stuff in, you know, whatever, what is the term he uses, arbitrary data, you know, he's super against arbitrary data, but in 2011 and 12, like I said last week, he was pumping a lot of Bible verses into the blocks and he wasn't against that. Now you could say it's different than pictures and I would agree, but the principle of what arbitrary data is, it should be consistent.

And I enjoyed kind of learning a bit more about, you know, his past and Peter Todd's past and seeing some of the guys who, you know, who you kind of like know as Bitcoiners they have opinions on a lot of things and you might follow them from your you know first foray into Bitcoin Twitter and maybe haven't heard from them in a while or forgot why you followed them. You're starting to look at those guys now and think like okay well what are your motivations? Who do you

work with? Who do you work for? What are you what are you pro? What are you against? And I think a lot of people are gonna be paying attention to that now. That's one thing it did. I think more than anything it I think a lot of people are going to be paying attention to that now. That's one thing it did. I think more than anything, it turned on a lot of what would have been lay people not paying attention to development, may start paying attention now, which is great. Although some dads will say I shouldn't have an opinion because I've never merged a poll request, but fuck you. How's that?

Yeah, a lot of people haven't. So that would negate just about everybody's opinion if you listen to that type. And that's a lop thing, isn't there? I mean, sure, sure. It is lop, right? We'll talk about him. He's a clown.

We can talk about him if you want. He's a clown. But before we even go down that path, I just well, fuck it. Let's just end this topic. I'll tell you. We'll just keep going down. We did like 40 minutes on this last week. We're already at 15. Yeah, I think it's burnt out in my opinion this New Hampshire news that came out and I

Don't know about you Joey. I don't know. What's it with me, but I don't give a flying fuck about it I don't know why but this is Seems like low energy and it's's almost in the same realm of Jeb Bush when you're talking about low energy. New Hampshire said that, and they didn't say, they actually did, they passed a law for a strategic Bitcoin reserve, and that's now been signed off by their governor.

And it allows the state to buy precious metals and Bitcoin and potentially shitcoins, but I'm gonna give some information on that. The shit coins, in order for them to purchase it, they must have a market cap of at least 500 billion dollars. If you do a look on coinmarketcap.com, you will see only one digital asset is above that threshold. That's Bitcoin.

The second closest is ETH and that's around 300 billion so based on what I see now they can only buy precious metals and Bitcoin and add it to their sheet their balance sheet I just don't know what it but for whatever reason I don't seem to give a fuck about it I don't know why maybe because it's a small state they're the live free or die state so they're at least living by that motto. But one last thing I just have to say, according to the bill, they're not gonna custody. They're a Bitcoin.

They're gonna use somebody else to do that. And somebody that has insurance, they say in all this fucking bullshit, more of this crap that shouldn't be done. But either way, I don't know if you're in the same camp as me, like of not giving a fuck about this because I certainly don't Okay, two things one the law itself

Shout out to DP Dennis Porter doing good work. I think you may disagree with the The dilution of of the bill, crypto, Bitcoin, precious metals, blah blah blah. But there's no doubt that Porter is doing good work. I feel like I could give him a shout out because he takes a lot of shit on the bugle and it takes a lot of shit on Twitter, but I think he's good. I'd love to have him back on the show again at some point because I think he's doing a

lot of good work and introducing people to this stuff in a way that they may otherwise not have been introduced. It's a friendly introduction. It's a friendly introduction, it's a low-risk introduction, and I get the feeling that he's going to keep stacking up wins, which is good. I'm going to be on Mike Campbell's money talks in a few weeks, and you know, my plan is to talk about this slow money thesis that I outlined on Why Are We bullish a few weeks back and you know I'll talk about it a bit here too. I want to see more of this for one reason and one reason only not because I think that state adoption is gonna trigger the

marginal buyers of Bitcoin you know the ones that are just off the chart to send the price to a million overnight I don't think that's gonna happen but what I want to see is volatility on the downside reduced by entities buying and holding either through ETFs or through spot in vehicles and for purposes that are not easy to sell back into the market. So endowments, state pensions, state treasuries, stuff like that. That's what I want to see. This is a good example of that. That's what I want to see. This is a good example of that. The other thing

that I think is important is on a broader, you know, this is not, New Hampshire is not global in nature necessarily, but the idea that a US state who probably gets preferred US bond rates is choosing to go through the process, even if it's just a kind of a dog and pony show, to sign a bill that allows them to invest in metals, Bitcoin, and crypto instead of short-term debt. When short-term debt seems to be the place everybody wants to go now on the nation-state level, that's good. That's a signpost. I think that that's important, and I think that the more that other countries, other nation-states, provinces, you know, pensions like Opsu or the

teachers pension whatever right here in Ontario, the more they look at that and they say, you know what, these guys who could get bonds in the reserve currency at a preferred rate in the most liquid market in the world at any duration they want really are going through this process and thinking about buying Bitcoin. Why? It's an introduction that those types of slow money vehicles need and they don't want to be the first. We've talked about that before. The career risk that exists investing in something like Bitcoin when the volatility is what it is is significant and it's not something you

could easily recover from as an investment advisor. Certainly not one that's responsible for a pension or the like or a state treasury. So you need people to plow some snow for you and this is what's happening in New Hampshire. So I like it. I don't know if it's as significant as maybe the breaking boys and the clickbait boys want you to think, but it's not a nothing. It's not a nothing announcement. And you're going to see more and more of these, you know, part of the reason I think you may view it as boring is because it's happened a bunch over the last year. Is that part of it?

You think it's like no longer as it happened as an another state. This is the first state from what I understand that has done this. There's yeah, but I'm more talking about like pasta announcements of this nature, right? Like maybe not states, but we've seen like pensions looking at endowments. You've seen people buying MSTR and the ETFs at that level. And I'm at the point. I don't care who buys. I think it's now because enough water has flown under their bridge and whoever buys it, all the more power to you and whoever doesn't buy it, have fun staying poor. And if you do buy it, hopefully you do the right thing. If not not again just do whatever you want with your

Bitcoin there is no rules to follow with it you want to burn it be my guest you want to hold on to it be my guest I honestly just don't give a fuck yeah do whatever you want and they could do whatever to fuck yeah yeah I know what I'm doing mm-hmm so if the state wants to do it, great. I'm at this point, whatever. Real question. You talk a lot of good game about making sure you have more Satoshis the day after than the day before. Do you want to tell people that you're actually full of shit and you spent 700 bucks on a Switch 2 pre-order instead of buying Sats? Should we talk about that? How was that for your treasury?

Has Dennis Porter reached out to you to tell you how bad a mistake that was? No, but it's there's, you're telling a half story though. No, I would never do that. So yeah. So if I were to do this, I would allegedly purchase more than one, which I may have already done. And with the intention of scalping and earning even more Sats as a result, people in the past allegedly

did very well with other consoles, like PlayStations and Xboxes and so forth. So given an opportunity in hypothetical world, I wouldn't want to miss out again. We're actually made up make gains. So yeah. So yeah, to be perfectly honest, Joey, zero and I spoke to two people about this today, still have zero intention of keeping any. It's either one of two things. It's if it can't be scalped for more, it's gonna be returned to the vendor for. Wow! Zero fucking... normally I'm first in line

forgetting this thing, but this time fuck it. I have zero fucking interest in this. Absolutely none. I have no time and will still be keeping the unit that I pre-ordered and hoping that Zelda comes out or Pokemon or something. So if so if a Zelda came out I would change my it's right if a proper Zelda came a new Zelda a new there's a Hyrule Warriors yeah no it's bullshit flagship or bust flagship or die yeah exactly so that's what so in the meantime I'll be happy just to sit on the sidelines and wait for Sats to continue to rise in price and hopefully and then buy the Switch 2 at a later price. Two things I'm hoping for. One, I get them in time for July, sorry June 5th. Well, this is all alleged by the way. And two, I'm hoping that there is exceeding demand than there is supply. So

and if that's the case. It's a move, okay. Yeah. So I mean I'm in the same boat. I'm buying footballs off Amazon, putting mud on them and selling them for you know 50% yeah, that's but this is Strictly the scalp I you know what the PlayStation 5 That was the equivalent of being a central bank and printing money that time whoever had Playstations 5 when it first came out, you had the ability just to print fucking money. Similarly, the same thing happened when the Switch first came out in March of 2017.

The demand was so high, it was hard to find a Switch. You were printing money at that time. I'm having doubts that it's going to be a repeat of that with the Switch 2. Keep your head up high, buddy. Keep your head up high. My hopes are high, but I think realistically, it's going to be a repeat of that with the switch to keep your head up high buddy. Keep your head up high I my hopes are high, but I think realistically it's gonna be I don't think people have any money I mean, there's no one's got 700 bucks for the unit plus mario kart these days. So people are Willing just to pay whatever for video games. They'll they'll borrow those steals or whatever

It you know, it's it just seems to be like they don't give a fuck Yeah, and and I want to be there to capitalize on that. Let's do it. So some more capitalization on stuff We've got this strive asset management joy. You heard about this one, right? Oh go ahead co-founded by your buddy Vivek on really strive assets management and they're a assets management and they're a company they plan to do a publicly traded asset management, sorry, the first publicly traded assets management company that does a Bitcoin treasury strategy, a Bitcoin treasury company. So they're going to accumulate Bitcoin.

Can we just talk about, I don't want to cut you off, but this is just a dumb fucking, I'm going to pull up the tweet. We're at the point of the cycle. You may remember, listeners and viewers, that Len, five years ago, when people were trying to upset Bitcoin and become the new Bitcoin, what were they all saying? This is the better Bitcoin. This is the evolution of Bitcoin. This is the Bitcoin Bitcoin. This is the evolution of Bitcoin. This is you know, the Bitcoin 2.0

They say the best way to describe it was solving a problem that didn't exist. Yeah. Yeah, that's the best way I could describe it. I think you I think you're right and these guys use this sort of terminology now Here's what they're saying about strive asset management See if I can zoom in on this. Yeah, maybe, I don't know, hold on, bear with me here. It is the evolution of the MSTR model. So that's- What stage of the fucking cycle are we at here? Where we gotta have the evolution of the MSTR is doing the most exotic financialization

of an equity that is financializing another asset that anyone has ever seen. Okay. Even the people who love sailor are asking themselves, what the fuck is Bitcoin torque and how is this going to make me any money? Now this guy's telling me he's going with an evolution of the, I don't, I don't need this. I don't need this. No one needs this. I don't need this. No one needs this. We don't need any more. There's a lot of this going around. It's popping up everywhere. I know. I think this is, don't, don't throw, hold your tomatoes. This to me reeks of cycle high. It has to stop. It has to stop. Somebody said this. I'm not taking

credit for this whatsoever. So what I'm saying, I'm paraphrasing what I read on X and I wish I could give the dude credit, but the way he said it or she, whatever, said in like 2017 is I'm a Bitcoiner by my ICO. Yeah. And in 2021, it's I'm a Bitcoiner by my defi. That sounds like something D would say, honestly. We're not going to get to that. He says, next one is 2023 is I'm a Bitcoiner by my NFT. And then the next one by my JPEG. But now it's I'm a Bitcoiner by my stocks in my company. Yeah, by my stock.

And by the way, like, it's not just it's not just sailor. Like there's a lot of companies doing this, right? Yeah. Brian friend of the show, but like he's he gets on spaces. Sometimes he wants you to buy his stock instead of buying Bitcoin. Um, it's Coinbase. Same thing, right? Adam O'Brien Bitcoin. Well, oh, well, they're doing and others, right? Yeah. Version of it. I'm not trying to say it's good or bad. It's just like, whatever it just, it's, it's, it is the flavor de jour, right? Everyone's doing this. Yeah. yeah. And I you know I talked about it with you I guess last week or

the week before the easiest Bitcoin is easiest investment strategy because you just have to do really just one thing you just buy and hold right there's nothing else you have to do just buy and hold and just continue to do that. You're okay and Another thing like that came to me is like Bitcoin They talk about it as being risky volatile all this stuff But in reality, it's none of that stuff. It's the total opposite. It's the safest fucking thing you could buy Especially if you zoom out long enough. There's there's no rug that could happen.

There's nobody that's going to stop you from accessing your bank account, which we've seen people get shut out. You have your Bitcoin. That's it. There is the risk. I will say. And this is just my own words. I mean, I think it's virtually not there as long as you're able to secure correctly. Right? Like that's that's almost what was the there was like a podcast or something that TFTC or 1031 or whatever came out with it was called the last trade right? Like there's no sell point. It's just a buy and hold trade. And anyone who's done that, it's

at $102,000. What is that right there on your block? $103,000. How many people are underwater on $103,000 Bitcoin? Is it 5%, 4% or less? Yeah. And if you are, just wait four years. I would imagine somewhere within a four-year period of time, it's going gonna go above whatever you bought it at I think the high was 108 109 I have a few sneaky suspicion will get above that number even by a buck So you got an opportunity to sell if you want your winner your winner you are certainly a winner And why like now I'm not I don't want it to shill MSTR

I I wouldn't but if you have an opportunity to buy this Strv that's a ticker or MST. Which one are you gonna at least mstr? To their credit. It's a profitable company, right? Like they have a product to sell The only thing I can say about strv given the fact that they have evac running it I would imagine their operating expenses for paying people is quite low It's only that I think is hiring H1Bs. I would imagine this is driving down that expense. Other than that, what sort of advantage do they have?

I don't know. I don't know. I don't think any. I'm with you. If you're going to buy a Bitcoin treasury company, I'll level with you. I still DCA into MSTR and Coinbase and a few other things. Like I said before, at rates that are much lower than they were a few years ago because I prefer to just grow my stack.

Actually, I've mentioned on this show that in years past, my strategy on dips was to increase my DCA across everything that I invest in. But now, the DCA on the equity side always stays low. If there's ever dips, I just roll it all into Bitcoin at spot through bull, right? But I think if you're gonna do that, I would agree with your sentiment that MSTR clearly the best company of the lot Bitcoin aside and then if you're talking about Bitcoin Treasury Who's doing it better than them? You can disagree with the strategy. You can disagree with you're doing it better than them Sure, but you are you know what? I guarantee you know what I mean than them. You can disagree with the strategy, you can disagree with... You're doing it better than them.

Sure, but... You are. You know what I mean. I can guarantee you. You know what I mean. If you're going to buy an equity, if you're one of these guys who just wants an equity, wants something that you perceive to be high beta, then this is the thing to buy. It's not... It's funny, like it's been alt coins in the past, NFTs, you know, you could make the case even that it was ordinals a few years ago if you wanted to beat Bitcoin or try and beat Bitcoin. But now, like people are waiting for alt season and I'm starting to see more and more people who I watch out of curiosity as opposed to because I respect them come to the same realization that a lot of Bitcoiners have come to over the last year or so that the alt season already started it's you know's more than halfway through

and it's actually in MSTR and the Treasury companies and not in these garbage utility tokens, the Rube Goldberg token ecosystem. I think that that's probably true and I think, Len, that I don't know if the air is going to come out from MSTR. I don't know if it's going to come out from SemSTR. I don't know if it's gonna come out from Semler or metaplanet or you know any of these other companies but There's a part of me that thinks it's at least possible that these guys just run a flywheel that works because People want Bitcoin more and more and more and more and more people start buying spot buying those equities buying those. And the money just flows in and keeps flowing in perpetuity.

Not to say there won't be down, down, you know, down drafts or crashes or whatever. But you know, you and I have talked about this before. Are we done with the 50% crash from the top? No, you don't think I really think it's possible that the more we see these companies buy Bitcoin with no intention to sell and accumulate to the tune of a million almost, say between Sailor, Personal and MSTR, is he going to be at a million by the end of next year? By the end of this year?

Like you're telling me a million Bitcoin are not moving no matter what the price is. Satoshi's coins are not moving no matter what the price is. The HODLOR base gets stronger and won't sell no matter what the price is. I just want to know like, I know, but I'm saying like, where does the 50% drop come from? Well, if something happens to I'll give you an example. Where is a lot of this being held in custodial services, right? Fidelity Coinbase. If ever there is a hint and these are not

held in one fucking wallet. These things are spread out in many, many things. So it's divided. So if somehow one gets compromised, the whole thing's not lost. But as soon as you get the hint because North Korea, for one, you could tell they're like, this is a honeypot. They're fucking going to nail this as much as they can. As soon as you get wind that just one of these accounts, these wallets, even with just a fraction of a Bitcoin, even if it's like 0.25 Bitcoin gets fucking nabbed, the level of trust people have in these companies,

not just Coinbase and Fidelity, but also the companies which use their services, it's going to fucking tank. And then as a result, that's just one scenario I could think of. And that's a plausible scenario that could happen at any time. Definitely. So what happens if the United States becomes adversarial against something like Bitcoin and MSTR, which probably won't happen under this regime, but there may be a change. And if they do,

because Trump has hitched his wagon to Bitcoin, so to speak, if there's somebody else that's not in Trump, and they want to be an anti-Trump or so to speak, then they could easily go against Bitcoin. And what happens to the price of Bitcoin? What happens to the price of MSTR? That's a different story. I'm more thinking of like the sort of Bitcoin? What happens to the price of MSTR? That's a different story. I'm more thinking of the sort of natural blow off tops we've seen in the past, right? These cycles that hit their highs and then basically vanish over the course of 72 hours, you drop 20%, 30%. We've seen this in every cycle.

Was not natural. You had Terra Luna blow up because of, they would just share stupidity. Yeah. It's like re-hypothecation. Okay. Is that natural or not? Yeah. I see the point. I don't know. So like, so a lot of this is just forces external or internal that are just creating this. I, it's just, it's hard to say that it's, I can't say for a certain it's never going to happen again. And even a 50% drawdown brings us to 50 K at this point, which you know, like, yeah, laughing at that. And that's a wonderful buying opportunity, man. People that sitting on dry powder.

Truly, truly. Yeah, you're absolutely right. I still remember doing the why Bitcoin podcast with Jeff and Doug. Now Sly Goomba, I guess, back in 2021. It's probably the same summer. It was the same summer I got married. So we were just starting our show. And the price of Bitcoin was like, it couldn't have been more than, I don't know, 20K-ish. And I remember talking to those guys and telling them

that you and I did a, I don't know how much of a chunk of your buys were done at 3,000 or less, but I had a lot. don't know how much of a chunk of your buys were done at 3000 or less, but you know, I had a lot and those guys are going, man, I wish we would have been around at that time. You're always with me. I know, but I cannot emphasize enough that like you're in that time right now for, for the you five years from now. Yeah.

You're always there. You just have to be like, you have to be confident that this is going to work and you have to be confident and, and you know, making enough money making enough money being a net producer like Preston Pitch says and putting it into this. It's the opportunity of a lifetime and you're watching things unfold around you that tell you more and more that the digital financial system is not going to be that friendly to a lot of things you may enjoy and you're going to need something like this. And you may need something like this to be agile, to be a true, you know, multinational individual, to be a true, true jet setter, you know, to move your family or to pay for a proper school or pay for proper food, all these things.

I can't, I can't stress it enough, man. The opportunities are there right now and you have to know that they're there and not worry that they not worry that you missed it five years ago right. It's the old planting the tree adage the best time is is now as opposed to you know yesterday. So keep that in mind. Keep that in mind and yeah Metro good point but you know buy for your kids if not yourself. I think about that all the time now every time I buy you know it's good for good for my little one, good for my wife, good for you know if something happens to me, I want everyone to be taken care of. And that's something you got to keep in mind, too. This is there's no better way to do any of this stuff. Bitcoin serves so many purposes that not having any at this point is irresponsible

is where I would come down. That not just to end it on this drive one, let's move on to a very close story. Did you hear about this Nakamoto Holdings by David Bailey. Yeah, it's today. It's the same, right? It's the same fucking shit. They're doing another one. They're doing a, or going ahead with a SPAC

with a kindly MDKDLY. And so that's, they're getting their foot into the public trading forum. And again, it's another one that's sort of they're getting their foot into the public trading forum and again, it's another one that's gonna try doing the same thing like We just basically outlined everything good thing bad thing. The question is why would anybody want to buy? But whatever if you do all the more power to you Yeah, I Bitcoin just sitting there just buy it hold it don't even think about it it's just such an easy fucking thing to do and if something happens you can always get access to

your bitcoin right as long as you have access to your your keys and internet of course but even then you don't even need internet i mean there's people are finding ways creative ways by using relaying off with ham radios and shit like that. So like, fuck man. I'm even more bullish now on Bitcoin than I was two minutes ago. There's so many different ways you could fuck all this bullshit. It's just to backtrack on some of the stuff I said about the treasury companies. I don't think a lot of them are going to work, work the same way that MSDR does. It sounds like you're the same. It does make you more bullish to see them popping up, doesn't it?

Does it not make you more bullish to see companies realizing that you have to have Bitcoin on your balance sheet? And actually it's as a treasury strategy for a publicly traded ticker, this is maybe a one trick pony that works to draw in failing fiat dollars and transmute them into valuable Bitcoin equity. If you took me back a week, my level of bullishness really hasn't changed even though I said it went up it's it hasn't changed and a week ago we didn't have MSTR buying another I don't know much day in a billion and change yeah and we didn't have this Nakamoto merger we didn't have this drive but still my level of bullishness was the exact same it always is gonna be the same I don't care who fucking buy I honestly anyone take out New Hampshire I don't give a fuck

who the hell is buying it who the heck I just don't because of the fact that I could own it and I could just control it That is such a powerful fucking tool that's available and you don't have that in traditional With fiat right like what the fuck you gonna do just stuff dollar bills up your ass and travel across the world You can't do that. So Bitcoin gives you so much more freedom than does f*****g fiat. I don't want to, whatever. Let's just talk about your buddy, Mishinsky. Sure. Right. Like 12 years. Yeah. Yeah. Yeah. 12 years crypto fraud, right? This is the former CEO of Celsius. Deserved easily, right? I think that's well, brainer. Is it light like SPF got 25 years?

CZ got a Summer at the club fed doe kwan is facing up to 130 years Right, like there's there seems to be the 2022 purge of the ceos Is happening of the shit coin ceos is going through but to go back with celsius They were offering like people what the fuck is this if you're late to this game they're wondering what celsius was they were offering this exchange and they're giving people rewards for depositing their assets they claimed to be this is the wonderful thing safest place for your crypto and they filed for bankruptcy in july 2022 and they also paid a hefty fine to the SEC of $4.7 billion.

That's one of the largest fines in history. Where they had that money, I have no idea. And still with all this being said, they still have, that's floating around, the token that it is Celsius, this CEL token, and there's still value to that. I cannot fucking believe people still have value and it's still being traded out there

because that is their token and they're fucking bankrupt. But you know what? If somebody's willing to pay for it, there's gonna be value for something for this. What the fuck? I have no idea. Do you remember the Celsius? Like the, it was like a database of leaked names of people who held cell token. You could just like search in a very simple

GUI. Oh yeah. And the number of people who actually owned Celsius token was like fucking so high. People. So like, yeah, big quarters, really good big exactly, exactly. And you know, when when people like when I wish I could still find that I was looking for it the other day, and couldn't pull it up. Well, to give them I'm going to give them a little bit of a pass here because remember that was in 2022. I'll be honest, I was using lead in at that time, they were sponsor of our show. Not the same. Not the same. No token, right? Okay Yeah, but I mean I was obvious flywheel scam uh

I you know, I I don't I I can't believe still that people watched that debate with shif Safedin and maschinsky and shif and safedin lining up like two planets that had never lined up before. And both there's looking at this guy like, you can't give fucking 7% or 17% or whatever the number was in perpetuity to everyone. Like what the fuck are you talking about? And Maszynski sat there with a straight face and tried to spin it. And now he's going to be sitting with a straight face in a prison cell. So sucking on something that's not a pina colada.

I guarantee you that. I wish him all the best. I wonder if he's gonna get early 25 years and he's not a young guy. I'm gonna guess he's in his late 50s or early 60s. He's probably in his 50s. He missed his kids graduation and broke down in tears the day of his sentencing. Fucking idiot. He's a crime. Yeah. Good time. Coinbase. Coinbase. Ding, ding, ding. And yeah. So let's just figure out where their heads are at.

Like Bitcoin, price of Bitcoin is doing pretty good. So people are buying Bitcoin. People are talking about Bitcoin. We've got these companies talking about Bitcoin strategies. We've got states talking about Bitcoin reserves. And what do they do? Well, Coinbase scooped up a new asset this past week and it is the crypto options exchange company called Deribit.

I love this. $2.9 billion. They're focused on Bitcoin and Ether options and Bloomberg was reporting that Deribit's value is in a range of four to five billion dollars. So based off that looks like Coinbase got a steal almost half off. And they it seems like they were forced to make this move because Kraken bought up one of their bits competitors in the options world. And that was called Ninja Trader. That what they bought that for one point five billion dollars.

These fucking names. We got to spin something up. How can we not spin something up and sell it for a billion? How hard can it be? Look at this graphic I made with AI. We can make a friggin derivatives market, can't we? I'm sure we can. SEC, cover your ears. We're going to spin up a derivatives market and sell it for a billion dollars by the end of next year. Put it in the book. Write it down. It's going to be easy to code. Just go to chat GPT, could you please code this? Yeah.

I wanted to say, right? Also tell me how to avoid the FCC's enforcement arm. Well, it's going to be, what countries up there are friendly towards that? Is it Bermuda? We could ask, I feel asset management, if they have any rooms in that building in the Caymans, we can maybe just grab a couple computers in a server rack in there,

see if we can spin something up. But you know, we need a good frontman, a good PR guy. I'm thinking about that baby king that used to work for or probably still works for what's the Luxfolio? What's the Luxfolio? What's that? Baby. You'd be good, right? Sometimes Len sends me stuff from like, you know, years, eras past. He sent me a screenshot of a friend of the show. Larry King Jr. talking to.

Yeah, I can't remember the guy's name, but yeah, truly like interview. Autist. Yeah, we should get that guy. What's he doing these days? Does he want to do a show on the network? Put a black background. Some like lights, just copy that. I gotta find that guy. But anyway, keep talking. We have connections. We could talk. We could talk to Dean. They get this done, right? And he's been interviewed by him. Anyways, there's

nothing more I got to say about this. Like Coin. They're going into like I don't know man. It's like Just fucking deal with Bitcoin. I don't know why why are you surprised by this? I'm not surprised I'm just like okay giving them some suggestions just fucking deal with Bitcoin. Don't deal with this garbage here and Whatever fuck them. Okay. Okay. I like the acquisition. The way I see this is I know the way I see this playing out is Coinbase is going to get into all sorts of degenerate gambling behavior. And right now it's thinly veiled behind this curtain of derivatives trading in the two most liquid crypto markets that are regulated by the SEC and CFTC and the American government

and it's on shoring and it's going to be monitored and surveilled and all these good things that the government loves and all the seals are clapping in Congress, except Liz Warren, who will tell you, of course, that this will bankrupt you if you don't submit to the state, whatever. But I expect land to see Coinbase doing sports gambling by the end of next year, two years from now and everything in between in the meantime. People with crypto have a fuck ton of money now because as long as you didn't sell at some stupid time, you've made a boatload in terms of the actual value of your portfolio.

And let's face it, there is a certain sect of the Bitcoin realm and it's an even bigger part of the crypto realm of people who want to gamble. They like the rush, they like the feeling, they think they got an edge and whether it's a real or perceived edge matters very little to Coinbase. They will take your money, take your scalp and your fees, and they will take your account and make sure that they expose you to as much of their other products as they can while you venture around their platform trying to make a couple of bucks gambling. So I think this is great. I think it's a no brainer, the derivatives market and Bitcoin getting deeper by the day, Ethereum, I don't know.

I think the Ethereum flows are basically dead. Like I think they had a negative week last week on ETFs again, even with their big update. So, you know, whatever. We don't need to bring Fiat to Bitcoin. Bitcoin in its purest sense. We don't need to do any of this stuff. Listen, I totally agree.

I'm not disagreeing with you. But I'm saying that if you're a Coinbase bag holder, me, you like this. It's because you're going to get money from people who are otherwise playing with NFTs and other bullshit that takes fucking 10 extra steps. Why not just send your ETH or whatever token to Coinbase? You could also be buying it there already. Coinbase probably sells are they are they selling 300 tokens at this point more? Way way more probably more so, you know, you can buy anything there and then gamble with it. Perfect play in the derivatives market Perfect. I'm all in no problem By the way derivatives gives you like derivatives on a market the size of Coinbase a user base the size of Coinbase

Gives you a better data point for price predictions in Bitcoin and Ethereum too, which is also fun. It's another interesting wrinkle to all this. So Len just shaking his head. And even I could say that Coinbase's, their ability to stay afloat impacts my bag's value. If something happens to coinbase The value of everybody's for sure it's gonna go down So, you know, I say this that there is indirect linkage to my value my portfolio and coinbase doing well They can fuck right off. They could just fuck that all these products is just more fiat trash Like I say Bitcoin in its purest sense is perfect it is you just have Bitcoin use Bitcoin you don't have what the fuck buy some more somehow earn

some more right like it's beautiful right like if you that's that's perfect and can't get rugged in that environment ups and downs happen on their own not because of some stupid thing that you introduced and then it just blew up and then it just topples the whole market by its big. Fuck it. This is Bitcoin and this one is wonderful. Let's not introduce more garbage. Fiat's crash because of all this garbage.

I don't think we have a ton of notable stories. So I want to tell you. No, we do. Oh, do we? Okay. I believe we should talk about this though. Boomer saying in the chat something that I'm hearing more and more. We'll never get to hyper Bitcoinization without the fiat games. Yes or no.

So hyper Bitcoinization define that for me. That's, so that everything's priced in sats. Is that what it is? I've not considered what the definition of that might be, but it's gotta be something close to that, right? Hyper Bitcoinization is something like that. Kind of look at it. And I don't know if it's going to happen in my lifetime. I think there's always going to be some fucking bullshit associated with it. Somebody is going to print something. And maybe like going back in time when there was the US dollar that was backed by gold.

You know, you had something else that was gold. And I think we'll always think that's what's gonna happen with Bitcoin. Eventually, there's gonna be some other bullshit they're gonna introduce for us. Maybe that's Bitcoin adjacent Bitcoin backed. Oh, did I lose you or did I lose? I think you're you're kind of lagging on my side. I don't know how it looks people in the chat, but I mean, I can still make out everything you're saying I don't necessarily agree or disagree. I just think it's an interesting question that there's a number of people in Bitcoin who are like, you know, it's sort of the purity test types who, you know, don't seem to understand that global reserve asset does not come by, Bitcoin for t-shirts at conferences. You need more than that. And I don't know what more than that means. I don't know where the line is, but it's definitely way past local marketplaces. I'm not sure if it's trillion dollar derivatives markets, but it might be.

I'm not sure. What's the goal here? I am very selfish in my goal. Is that I just want to ensure that my wealth is not whittled away due to stupidity. Okay. And I have total access to that wherever I am. That's a very selfish way of looking at it, but that's what I want. And to me, as long as that's achieved and I'm nearly there, I believe total success, everything else I could deal with, I could deal with the Fiat shit because I could always come in and out and I don't care about. So it's that success to me with Bitcoin is when you're able to use it in that regard. That's a huge success. Okay. I mean, there's no right or wrong answer.

It's an interesting thought experiment. We should talk to somebody about that. I'm not sure. Energy traded in Bitcoin. You're talking to me about this. No, I mean, we talked to someone who thinks we need all the fiat games. Then you just create some more problems that don't need to be introduced. Yeah. Yeah. I think you're right. Let's go to notable stories. We got plenty of those.

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