The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Where's the Bull Market? Elbows Up is Done? Knots vs Core Drama | The CBP 229 Pt 1

Episode Date: August 26, 2025

FRIENDS AND ENEMIESJoin us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. The Knots vs Core drama is going to another level. Who is to blame? Jack Dorsey's new American made ASIC solution. Defending your home is a crime? Bank for International Settlements has no idea how to deal with bitcoin and so much more.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 - https://easydns.com EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. 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.256Heat -⁠ https://256heat.com/ ⁠GET PAID TO HEAT YOUR HOUSE with 256 Heat. Whether you're heating your home, garage, office or rental, use a 256Heat unit and get paid MORE BITCOIN than it costs to run the unit. Book a call with a hashrate heating consultant today.The Canadian Bitcoin Conference - https://canadianbitcoinconf.com/The PREMIER Bitcoin Conference, held annually in the great white North, where Bitcoiners come together to share stories, build momentum and have a great time while doing so. Whether your a pleb, business, newcomer or OG, the Canadian Bitcoin Conference wants to see you in Montreal, October 16-18 2025. Don't miss this one!

That can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view. It's not a good idea. And by the way, that'll hit MSTR too. It'll probably hit other stuff as well. Friends and Enemies, welcome back, Canadian Bitcoiners podcast.

Friends and enemies, welcome to the CBP. Want to be better informed. Listen to Levinjoie. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS, the media is feeding a slop. It doesn't matter what topics discussed. Quality entertainment and information you can trust. That's being planned or at least discussed.

You know, we're not going to allow people to buy us. You can trust. Send the guys in value, boost them with some stats. Bitcoin is the scarcity, acid. I mean, it's just a fact. Geopolitical national down to the local cloud. Friends and enemies, welcome to another edition of the Canadian Bitcoiners podcast. I'm Len.

And as you obviously are listening to my voice, that means Joey's not here because he is getting operation done to his knee. He blew out his knee not too long ago. And he was able to get under the knife. And he did that today. So hope all is well with him. I haven't talked to him since he went for surgery. But I'm not going to do this alone.

I have two knees. And I want to make sure my co-host also has two knees. And with me, I have Dan from the Canadian Bitcoin Conference. How are you, Dan? Good. Are you, Lan? Not too bad. This is your second time on the show in a matter of two weeks, I believe.

and a half give a second time in a week nearly yeah we so hope you're not getting too much of us we're not getting enough of you obviously that's why not at all so no it's awesome that you're able to step in for joey because as i said you know he's uh on the mend but he should be back next week and uh well this week too at wednesday i believe i have nobody carebu that's nick and i'll be chatting with him and we'll be discussing a few things but That's beside the point. That's our schedule for the week. I want to just introduce you to our audience because people who are unaware of who you are, what you do,

maybe you give us a little bit of rundown because, you know, I want to make sure people are aware who the heck is my co-host. I just want to introduce you to the CBP world. Maybe you just give a quick presser of yourself. Go ahead. Sure. My name's Dan, CBC. Dan, I'm founder of the Canadian Bitcoin Conference, started by, in 2020 to 2 i'm irish as probably most people can hear from my my accent um i'm irish

canadian so i've uh you know i've got the passport and i've been here long enough so they can't throw me out that's for sure so um but yeah i uh big corner since kind of 20 2017 uh joy on the last podcast actually called me an o g which i was really a bit uh you know but weirded out a a little bit that's the first time that's happened but i guess i don't know um but yeah that's that's it that's my my background so people who are going to be attending the canadian bitcoin conference or have any questions i mean you can pose those questions in the chat and dan will hopefully be able to answer them i'll try to direct them his way but we'll talk about the canadian bitcoin conference in just a moment i want to just check off these things of my list of things to do sponsors

a trio of them. I've got to read off right now. Easy DNS is our number one sponsor. Been with us for a number of years. They are a fabulous Mark and his team. They are awesome at providing a shepherd viewing in to become a net citizen, so to speak. So if you want to set up a web hosting, email hosting from scratch or migrate something over, they could do that. If you want to, well, sit on any domains, right? Like that's a very popular thing. People do they purchase domains instead of them. They'll be happy to facilitate those buys for you. If you want to set up any, say, nostril relays or even Bitcoin nodes remotely, they could do that. They have lots of different options over there.

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So if you want to pay somebody in Bitcoin, you can just do it on-chain transfer. Or if you want to pay somebody in Fiat, you could use Bult Bitcoin to facilitate that. You could through them, send them your Bitcoin, and Fiat ends up in. your destinations account, their bank accounts. So check them out. They've been around for a number of different years. Because as I mentioned, non-custodial, the private, the coin join their stuff, and they send it over to you.

Like, what the heck? That's great stuff. Open an account if you haven't done so yet, use our code below. And it will make your buys a little bit cheaper moving forward. Third sponsor, I want you to talk about it because it's the Canadian Bitcoin Conference, Dan. Maybe you can give us a rundown and what the heck we'll be talking about with that.

Yeah, well, I'll read you what Joy emailed to me. I'd live it, man. I'd live it. Well, he says here, the premier Bitcoin conference held annually in the Great White North, where Bitcoiners come together to share stories, build momentum,

and have a great time while doing. So whether you're a Pleb, business, newcomer or OG, the Canadian Bitcoin Conference, wants to see you in Montreal, October 16th, to 18, 2025. Don't miss this one.

I'd agree with that. So I'll keep it at that. I don't need that anything. So Boom Dust does have a question for you. He says, has he connected with PodConf to make sure the conference is compliant? That's kind of an inside joke. Have you heard of the PodCon?

I was introduced to it at the last, my last appearance on the show. And I understand it. No, I understand. and what it means. I think there's some people that will be at the conference that will be PodConf approved.

There will be some that won't. I don't know. I think we're going to have to put in an independent arbitrator that will, that will, you know, see who's compliant or not. But I don't know what the requirements are.

Maybe Boomdust can put up a list of requirements to be approved. To be honest, I think they're rather low. It's more just in a tongue-in-jure. cheek thing. I think if they're going to exclude anybody, man, you really got to like, I don't know, you must have been a murder or something in the past. You must have really pissed off somebody in a previous life, something like that. So, uh, all right. I do want it to rhyme off some boosts because we got some boosts this past week in boostograms and we'll make sure

everybody gets their notes heard. So if you want to send us a note, the top five, get read on this show. So here we go. Number one, 121 sats come from Owen. And he says, shit, now I got the FOMO. And I'm not sure if you got it last week or if you got it more so today. Because we did have a little bit of a dip. Like my block clock is showing 110K USD. What does that mean? It means, well, Bitcoin's always on sale, at least in my opinion.

So you're buying for the future, buy it today's price, which is always on sale. So the FOMO is always real. It's always live. Wartime, 133 SATs. And he says, Custodial. exchange so dan what happened last week i was talking about bull bitcoin being a non-custodial exchange and i kind of slip it's it's non-custodial or something like that and uh so yeah it definitely is a non-custodian slip it's like yeah they they are like stuff is like custodial exchanges and non-custodial exchange so

like coinbase is a custodial exchange uh you don't want to do with them because you've heard of all that the rug pulls that happened in the past einstein quadriga um gosh there's there's a big one that came recent whatever fuck if somebody's going to hold your bitcoin fuck don't do that you you can store your own bitcoin property you got your 12 24 words you can do multi-sig you could do the 25th word if you want so many different options you know custod your fucking bitcoin don't be a cock all right bitcoin jim 1000 sats he says keep up the good work fellas yes i agree we will do that Jair, 2,000 sats, now we're getting up to some big ones. Great to have the band back together.

Jair is only for one show, though the band has been broken up yet again. So here I am playing second fiddle to Dan this week. And last but not least, we have Business Cat 5555-5-sats amped for this event. Is this the event for the Canadian Bitcoin Conference? I'd love to see if he's attending. So how many people are going to be going to the Canadian Bitcoin? conference what's the number you have capped hopefully uh well it's capped at like 1,200 or or or so that's what the venue's rated for but hopefully this year 6 to 700 and we're we got a lot of good

good ticket sales out of the out of the gate so i think we're going to hit that so that's canadian bitcoin comp dot com yeah um Montreal October 16 17 18 the big day is going to be the 17th is that right that's typically where you have the most action taking place yeah pretty much so it's uh that's where where the big panels are um that's when you know it's almost like like uh going away for a weekend with the boys it's friday night you know that's where uh people get together and and you know uh make those connections and and then that's when the big big parties are on the friday night usually i think by the saturday people are a little bit tired or maybe you know they they don't have as much energy

if they've been there for a couple of days. So Friday's the big one. It really depends on how high the price is. If it's near all-time high, I think the energy is going to be at an all-time high as well. And you've held that conference a couple of years ago in Toronto,

and the price was not really that. So great conference, but I think people's opinion of what Bitcoin was, it's changed to what it is now, at least a Normie's opinion of it. My opinion hasn't changed one bit. I'm always going to keep buying, never selling.

Screw you all. This is my Bitcoin. Do you have a keynote speaker that you have announced yet or no? We don't have one announced yet, but we have lots of really, really good, you know, good speakers for the conference. I think this year, I'm really excited for Lawrence Lepard. He's been there the last few years. he uh you know he's his book has but has uh performed really well um and it's an excellent book and so timely in terms of what what's what we're kind of seeing i mean uh most i think one of

the carrads has posted something the other day about the m2 money supply is up in canada i think it's eight percent or something um and yeah it's it's it's a timely book and he's getting a lot of attention so that it's brilliant to have him and he's just he's he's one of those like amazing guy so it's great to have him back but yeah we have um you know some other people who i'm interested in seeing i like seeing tomer coming back he was there the first year he wasn't there last year he couldn't make it so this year again really cool guy um you know francis will be there bradmills dave bradley all the kind of uh local guys adam abryan uh will be talking a few times then maybe a few other of the american side as well we have likes of jeff walton who uh is

is part of the strategy team so he's coming uh and um i think you know probably a lot of the a lot of the the plebs and the bitcoins maybe aren't that that came to see him but he he really explains the the bitcoin strategy um approach really well i don't know if you saw he he did a podcast recently with danny knolls from um oh that's what bitcoin did yeah yeah and he he explained that you know, amazingly, you know, all the different products and what they're trying to do and, you know, it's really interesting. So, yeah, I'm excited to hear from him as well.

Straight Shooter poses a question. He's planned to do one in Western Canada. I know there's the Bitcoin rodeo that goes on in Calgary roughly around July 1st. Yeah. Yeah, yeah. Dave, we talk to Dave quite a lot and no plans at this point. I think we'll see how, and then obviously learning Bitcoin happened.

in Vancouver a few weeks ago. Yes. And I've talked to Tristan after that as well. And, you know, as far as I'm where it was an excellent event. And maybe there's some collaboration can be done because it's kind of different events that, you know, he's more more on the grassroots side. We're kind of more general. So, yeah, we'll see what happens. We'd like to go to Vancouver.

But the other issue is, you know, space and. venues venues are crazy expensive once you go into vancouver and even Toronto Montreal is a bit cheaper so it's not too bad you're saying yes no confat the Minnesota border yet doesn't sound like it yeah and if I could make a suggestion you don't have to even reply to this or anything no Peter Todd man that guy does not deserve to be put on stage that's my opinion um do what you wish yeah it's uh you don't have to say anything else you can just leave it at that

I guess that's putting you in a spot and, you know, we can just leave it at that. It's not putting me in a spot. It's not putting me in a spot. I see what he posts online. Okay. I mean, like I, yeah, obviously. And to be honest, the first year we had him, I kind of didn't, I, you know, I did my research and he's obviously a big part of the, you know, he's an OG and he's part of the developers and we had him. the second year actually didn't want them and he reached out to us and uh and he wanted to come because he's he's originally from mississauga or somewhere yeah um so uh but yeah i don't know the thing is you don't have to say too much just in case you know the one of burn bridges too i i'm not going to burn bridges like i uh i try to be an open book as much as possible but like if people want to see him you know we're trying to be an open forum as well you know no matter what

his opinion is but yeah it's once you start censoring people it's a slippery slope as well so but yeah i i i hear we're coming from yeah all right i think we could just dive deep because there's a few stories that i want to talk about on the bitcoin side of things and the first story i want to discuss is there's this core versus not this drama. It's taken, seems to have taken a darker turn this past week. And it was revealed in a Twitter space, X spaces, Portland Hoddle was talking on stage. And give some background here. He's an employee of Marathon Digital Holdings that very large Bitcoin mining company that does stuff under, not really under the table. They have that slipstream where you're able to do shit that's not, um,

Not broadcasted. So they have their own MO, Marathon Digital does, and so does Portland Hoddle as well. But anyways, he was saying in X spaces that there is the potential to do a pseudo-denial service attack to Nott's users. And the attack would essentially make it that Nott's users would be pushing out more data than they would normally push out. And that would put a strain on the user's ISP. A lot of people have unlimited bandwidth, unlimited transactions they could do. Some people don't. It's a reality of it.

But from what I gather, this type of attack is not specific to just knots, right? It's simply targeting knots that are on clear net. Those are that are not hiding on tour. And those clients, like all clients, they broadcast their identity, who they are. Notts clients does that. Bink coin core clients do that. They all do that. So somebody is going out there and they can make a database of all the nots clients out there and a particular IP and then have a list.

And from there, they could use that and to take advantage of this list. So by doing that, they could then have those knots relays, those knots people. They're just sent up more data than they normally would. so it just make it more costly for them to have a node running. They're saying there's a way to stop this excessive data usage, though. And if you're a Nott's user, you could do this under the GUI interface, under the options slash and under the network tab. It's called the Max Upload target option.

And from that, you could then limit how much information will be sent out from your node. And this is fine if you're running knots on Windows, Mac, or Linux. But if you're running on a variant like StartOS or Umbrell, from what I understand, those are pre-built OSs that you can include knots. In those systems, the Start OS and Umbrel, you don't have the ability to do the max upload targets. So you are then potentially at the mercy of these people if they want to attack you. Really, all this is is childish play. That's the way I look at it. It's all childish.

Instead of explaining to people out there that there's an attack that could potentially be done. in this manner and trying to fix it, they're using this as a method to potentially, they haven't yet done so, to potentially make it more difficult for not runners out there. And the people are gloating about it, saying, look, we could do this. To me, it's just a fucking joke. So people need to be aware that if you have limited internet resources, and if you do have that, you may want to consider including in your node configuration to change to listen to equal to, I think to Zernernerner.

zero in your Bitcoin confid if you do that listen equal zero then you are just simply going to be receiving not sending stuff out but either way just do your own research in this i i just came across this just in my uh quick overview of this story there are ways to prevent you from sending out data if indeed you do have limited internet resources so i see this whole fucking thing this whole drama that's all it is it's just fucking drama it's two camps just going at it and it's almost like I'm going to throw shit at you, you're going to throw shit at me. It's too bad considering what's the stake here, Bitcoin, you know, it's trying to knock off the monetary system that's been established for centuries.

And here we are, we're fighting over it. It's like, it seems like bullshit. I'm not sure if you have any insight in this whole saga here. No, I don't have a lot of insight. You're saying a lot of words there that are going right over my head. But, I mean, when I was looking into the, and I did see it online, and I did see it online, and saw actually um i think it was rob hamilton from anchor watch i think he got a little bit of of uh he got a hard time because he was he was laughing at it and he was kind of uh playing along i guess

but um i mean do you think this is is is mara or you think it's portland hoddle or who do you know uh do you think there's a bigger bigger issue here i don't know if it's run if there's one particular entity that's trying to spearhead this or just a particular camp because the core camp they seem to have this idea where they want to push out this idea where you're able to store data on the blockchain and if you go back to the beginning to the ops op return when that first came out it wasn't the intention of storing data on on bitcoin bitcoin is is a terrible way of storing data you can do it historically you can do it but it just it doesn't make sense to do it it's very costly it's not the most efficient there are better ways to do

it. What Bitcoin is, it is just a monetary system that it's really just tokens that have, there's a limited amount out there that you could trade it. I can send it to you, you can send it to me, we could verify it. So Corr's idea that they want to make this more of a database. That's the thing. That's the way I'm looking at. There's not one particular person, not one particular entity. It seems like it's a group effort, but maybe somebody could be funding it. I don't know. Marathon did do donation to Core not too long ago. I think it was like, it was a five or six figures uh donation so there was some money that was sent over from marathon to the core people um what was the rationale for that i'll be honest i even donated

in the past two core so you know is does that make me a bad person the bad judge of character i'm not going to do it any further but at the time i thought it was the right thing to do and maybe marathon thinks it's the right thing to do right then for them so i don't know i'm just looking this. It's just like these two camps that just each have their own ideas. It's a financial system versus a database. Yeah, but is there a financial benefit for Mara for doing that? Yeah, absolutely. Because if you're storing data on it, then it becomes you're storing more shit. You're filling blocks and they're getting all the fees that are associating with that. Yeah. So yeah, through that lens, yeah, they want to see this because it would be advantageous for

them as a business to have it done like that in the short term one can make an argument is good for bitcoin in the long run and if not then marathon potentially is just shooting themselves in the foot so it really is like is this the right course of action that should they be doing this i'd argue no but i more than anything i just look at this story here i look at what's going on and it's just it's a lot of just people that are just yelling at clouds kind of speak there is like some validity

to what we're doing but people are just upset for the sake of being upset sometimes you know what I mean like fuck like we should just get together we're bitcoiners let's just fucking hammer us out let's not do these fucking denial of service attacks let's fucking deal with the issue here we have a common enemy

that's central banks and shit like that not us we shouldn't be doing an infight we should be like collectively one unit and it pisses me up the only thing I think from an individual or a business perspective is if there's financial benefit

for them to do this to stay alive or not to stay alive but to maximize their profits and you know push their business further I don't think the long term they're thinking about

you know the benefit of Bitcoin is a monetary store of value and a network But, yeah, I don't know. Yeah, it just, if it's not, in a long run, it's not good. Sorry, if one can make an argument, it's not good for the long run of Bitcoin, then it's not good for the long run of their business. Is their business is 100% tied?

Or a lot of it is tied to Bitcoin itself. They could pivot to AI and shit like that. But the reality is, I'm not sure it's going to be as lucrative. Or at least it doesn't give them an option in case like Bitcoin isn't doing that well. When you have AI as a fallback, when the price of Bitcoin tanks, then you could, you have something else you could divert your power to. But if you don't have that something else to fall back, you're basically hitching your wagon to one horse. And if that horse doesn't start, it doesn't keep running, you're fucked. And as an investor, I want to do with this.

But I think AI or sorry, Mara are starting to pivot into AI. Yeah, they are. Yeah, yeah. It makes sense. It's a Bitcoin miner. you have the ability to quickly move the, not the hash rate, that the power that you're using.

Yeah, computing power. Yeah. So it makes sense. Whatever's more lucrative, they should do it. But having Bitcoin is an option. It's a nice ballback, or at least, you know, sorry. Yeah, well, from what my understanding was that

with the explosion of AI and AI data centers and processing power, they're going to, they're going to run AI, you know, processing during the day maybe and then run Bitcoin mining at night and, you know, when it's kind of off peak or when, you know, to flatten the curve of processing power and make themselves more, you know, and it's all but for those miners, it's maximizing efficiency, you know. Yeah. And profits. Right. Because those two, they mostly go hand and end, but ultimately it's profits because they're not, they're not in this for giving out.

giving way money they're they're not charities right yeah anyways let's move on story i found to be interesting i'm not sure if you saw this jack dorsey proto rig that came out not too long ago and uh for people wondering what the fuck is a proto rig uh i'll give some background here it's a modular bitcoin miner and this is being developed by block and what is this then we have an american firm getting into Bitcoin mining, interesting, because not too long ago, we had Intel try to do this. They gave up. But imagine if they didn't. And if they did stick with it, Intel did stick with it. And now with the U.S. government owning 10% of the company, for a very fun what if, but enough about Intel. We'll talk about them later. Back to the block proto rate.

And I mentioned that this is a modular Bitcoin miner, which means that when you upgrade a equipment with it. When you upgrade the unit, the upgrades will then potentially cost less and there's less waste alongside with it. Right now when you upgrade a unit, you basically have to take the old one out, put a new one in, and the old one is you either got a scrap or you got to sell, do something with it. But there's no pieces you're reusing. In this modular unit, you are reusing pieces. But the pieces that typically get upgraded is the most costly part. It's the hashboards. You know, the stuff like the housing unit, the control board. Those, I presume, are going to be reused. They generally don't cost much in the end

of the cost of the ASIC unit. But either way, this initiative, I like it. I like the fact that you're trying a modular design. I don't know if it's going to work, but I want to see options. I want to see people have the ability to try something and see if it works and it doesn't work. Block suggests that their proter rigs will deliver 1.5 times the power per foot of rack space compared to traditional mining hardware. So that means it's going to be using less space to provide the same hash rate or using the same space to provide more hash rate. Interesting.

I wonder, though, with this, how are they going to deal with the heat that's generated? Because you're now using a smaller footprint and A6, they generate tons of heat. Somehow you have to deal with that heat. I'm wondering how this is going to do with it. Now, if people want to know what are the specs, 14.1 joules per. terahash. Each unit is going to be around 800 terahash per seconds, 12,000 watts of electricity. These are very beefy units. They're very interesting. They compare to the S-21 XPs by Bitmain. Those are around 13.5 terahash. So the S-21 is a little bit more efficient. But let's remember

that Bitmain, they've been in this business for a long time. So they've had a head start. Block is now getting in. And now they're able to produce this unit, which is comparable to that. I find that very interesting, very good. A little skeptical, though, because I want to see ultimately when the product lands in people's hands, what are the real life statistics, because they could be much different in what's being published. And I want to see what people say in real life. Plus, the scale of which they could produce this, this is the big thing. Mining companies out there, they are hungry for units.

They want hundreds, thousands, tens of thousands, maybe more. So is Block able to scale production out to continually feed these hungry, hungry operations that need a lot of equipment. Let's see. Either way, I'm cheering for this. Why? Because we need competition in this field. Also, more than specifically, we need American designed equipment and hopefully

American produced equipment. I'm not sure if this is going to be produced on American soil. But I do like this, skeptical, cheering for it. I'm not sure if you have any more, any flavor on this, anything that you want to talk about. Yeah, like I love Jack Dorsey. We tried to get him actually to the. conference this year, but I think he's tied up, but he, you know, the feedback we got was that

we need to be more Noster focused or more, more developer focused than just a regular Bitcoin conference. So I don't think he was, he, he was planning to make it. But yeah, you know, from, so these are open source as well. So does this mean that anybody can take the designs and reproduce them? I don't know if the actual ASICs are open source. I know that the software to run the fleet, that is open source. Fleet management software.

Yeah. So they, yeah, and that's, I love the intent of this where, again, it's coming down to that efficiency and they have, you know, the software is, you know, brings together power, scaling, monitoring, diagnostics, and maintenance tools in a single utilitive platform, or sorry, intuitive program, platform, sorry. But, yeah, I'm not sure if the existing, I'm sure the existing mining operations have one platform for all their, you know, dials and all the efficiencies and all

that stuff online. but yeah this i think jack dorsay always seems to have his heart in the right place from from ragancy and he's you know really trying to push push mining forward and if this decentralizes it a bit i think it'll help a lot too and then and the other thing is i was thinking you know they've this now changed it from it used to be mining rigs were a three to five year disposable asset now it goes into a 10 year infrastructure asset so does that um you know Does that help with the cycling or the four-year cycles where miners would, you know, sell a lot of their assets or have to, you know, de-leverage and then, you know, to upgrade

their miners, you know, does that kind of help with that cycle? I hope so. I think so. Yeah, there'd be less ways to be less shit to deal with down the road and to make it easier to operate the business. The one thing that might be concerning to me that was just thinking about it, because what happened with Intel, and we'll talk about Intel, and we'll talk about Intel. Intel more in depth later on where now the U.S. owns 10% of the stake of Intel.

I do want these operations to be set up on American soil. But I'm wondering if that leads to the potential for the U.S. government kind of getting their way in and getting a little bit of percentage of that, then do you want the U.S. government to be owning one of these companies that are producing Bitcoin mining equipment? It's just more food for thought. I don't know if it's ever going to become ever become to this. type of reality, but if it does, that is probably going in the wrong direction, right?

Do you, I mean, would you agree? Do you want to see U.S. anywhere near mining whatsoever, even ownership of a company? Is it possible? You know, just something I'm wondering when I just more than anything is, it's a scary time to be alive when you see the government get involved with ownership of companies. What's your concern with that?

They, you know, they start to... Who knows? I don't want... I don't want them owning Intel. I don't want them owning anybody. This is not capitalism. Right? Capitalism is you let the market work on its own without any intervention whatsoever.

And this is now you're getting involved, heavily involved. So I don't want... But, I mean, they're already heavily involved. I'm sure they're already had it. Like, you know, they... they provide funding to a lot of these companies. I'm sure they trade stocks on a lot of these companies. Like, they know for the big ones,

they know what the movers and shakers are anyway. And Boobnuss is saying, if you're worried that the U.S. government getting their beque wet, you should be terrified of what China is doing with the status quo. Right. China is basically the shining light as to why it is you should be worried about such a thing. And that's why I'm looking at what's going on there is like with the United States doing this. This is obviously stepping a wrong direction.

And whatever. I mean, I want to talk more about Intel later on. I don't want to blow my load just yet. We could talk about something else. There was another story that came up this past week in Ethiopia. We don't talk about Ethiopia a heck of a lot on this show, but periodically we do because Ethiopia and Bitcoin mining tend to, well, there has been a connection between the two for some time.

And I'll give some backstory. The country of Ethiopia intended to start Bitcoin mining. not too long ago. And they were leveraging electricity that was generated by a recently built dam. It was called the Grand Ethiopian Renaissance Dam. And it was a massive dam that was producing a lot of electricity that far exceeded the demands of the country. So they had excess electricity. What did they do with this excess electricity? Well, they use it to mine Bitcoin. And they had set up deals with numerous Bitcoin mining companies. And deals were signed and mining operations were established and you know it just seemed to work right and this all transpired in the last two

the three years now let's fast forward to today and so news came out in the past week or two their plan to wind down the bitcoin mining due to the energy consumption that is required by these mining operations they say that no further mining contracts will be signed and the country also intends to discontinue existing agreements essentially it's a mining rug And this is the risk with Bitcoin mining when you're entering into a new jurisdiction. You've got to have a friendly relationship with the government because if you don't, well, the government, they could just yank the approvals and, well, your operations are no longer running. Bitcoin mining in the country of Ethiopia earned them 220 million USD over the last year.

I hope they find a way to offset this loss revenue moving forward because obviously it's going to come from somewhere. And funny enough, the country of Ethiopia, they had a mining ban operation that was in place since 2022. And they also have a ban on domestic Bitcoin trading since then. So they haven't been all that favorable towards Bitcoin trading, Bitcoin mining on a private scale, on a smaller scale. It was basically they wanted, the government wanted their hands in that. So as per law, the Ethiopian Burr, love the fucking name, the Ethiopian Burr, is the country's only legal tender. And they say all financial transactions must be conducted in. Not in Bitcoin, fucking the Burr.

So this latest shift in Bitcoin mining sucks, but whatever. I can say to them, have fun, staying poor. And the Ethiopian Burr could just go fucking burr. Fuck them. Any thoughts? No, no thoughts. I mean, they obviously a country like that. I mean, they don't want, you know, Bitcoin taking, you know, growing in the country.

I'm sure they want to keep the U.S. door and keep the Ethiopian burr as long as possible and kick the can down the road. But I'm not sure. Do you think it's a monetary thing or do you think it's, you know, maybe like I'm thinking from an energy perspective, you know, yeah, if you, if you've planned a dam and, you know, it's, it's. It's providing energy to Bitcoin mining, but you now discover that industry or growth or housing starts to take over as a demand, then you have to wind down Bitcoin operations. So, you know, do you think it's... No.

The reason why I don't think that's the case. The dam was set up in the past two to three years, and Bitcoin mining was taking a third of that electricity. So somehow they would have to have doubled their consumption to match what... I don't see that happening in that short period of time. possible, but I can't see industry being developed that quickly. Now, MixPix is saying in a chat is the IMF involved. Nothing officially that I've seen, but that brings, it's a very interesting point because

maybe they are come out. Because surely, like you said, if you're making $220 million a year from this, USD, and I'm sure they like to see foreign currency, the USDA coming into the country, they, you know, there's a backhand play where the IMF go, okay, we'll give you a $20, 50 million if you just quit bitcoin mining you know well so boom does the saying that the Singapore burr is something we should make the uh official currency of the CVP now I have the Singapore dollar here as uh this is the unofficial currency of the show and um yeah we could do we can make the the the burr if somebody wants to send it over to me I'd love to see it but uh mix

picks is saying that he just asked AI and they do get some IMF love I that makes a lot of sense that they are a developing nation i would imagine just about every developing nation is on the iMF books but yeah some uh some money hungry dictator maybe i don't want to get into that you know maybe you should invite somebody from uh ethiopia to come over to the conference and talk about the burr and why that's a better fucking currency than fucking bitcoin that's funny yeah when you we were i don't know you were going to talk about uh melee and argentina but before i i you know before the show i was looking just at the argentine argentinean peso and uh it's it's gone to shit it's just uh it's it's like

a like a ski slope all the way down the bottom well which iteration of the peso we're talking about because that's failed how many times this century four or five times i don't know and yet Bitcoin is a fucking problem, right? You look at this thing, scarcity. You could track where it is. You can guarantee that you have ownership, but fuck the Argentinian peso, that's the fucking...

I make a point, but I think, you know, everybody's got their orange-pilling stories, but my orange-pilling story is, you know, I get on Google and I show people the decline of their local currency, usually. And, you know, you look at Turkey, you look at South Africa,

you look at Argentina, you look at Egypt those are and they're even the Russian Rubo I think hasn't been great in the last of the while but you look at all those currencies and you know it's like a ski slope over 5, 10, 20 years and it's an easy one

and I remember I worked with the guy from South Africa and you're trying to explain Bitcoin to him and then you kind of go on okay you put the USD to I can't remember what the currency is in South Africa but it's from South African Rand Rand yeah And it's, you know, it's a clear picture.

And they know it themselves, but it just needs to be spelled out a little bit. You do a lot of traveling through the world, right? Because of your Fiat mining gig. Yeah. And so when you talk to people, you know, especially in the last few years, since not just, I mean, COVID more than anything, accelerated everything, but even leading up to it, a lot of these currencies were just on the way to zero. I mean, just chatting with them,

even just briefly, people must be talking about their lives being much more difficult nowadays than it was in a few years ago. And it's not like they have to really look back to the 90s. It's just in the past five years, things have really gotten bad in a lot of these countries that you're traveling.

Like, they must be talking just openly. Like, this thing fucking sucks, right? Yeah. One place I know for sure, even more recently, i've talked to people as turkey turkey um their currency i i remember i you know i do some work with some people designers and things across the world and um you know there are designers and you'd be talking to them one month and they would say well we you know they have to change jobs every kind of two

three months because the currency is devaluing so quickly you know it's better for them to go somewhere else and other other companies are offering more attractive salaries and it's within like two three two, three months and there's a lot of volatility there. And they all want, you know, they want stronger currencies like they want to be paid in pounds and they're all starting to work online and work for American or, you know, European

countries that don't have devaluing currencies. And yeah, it's kind of the same. You go to like Egypt and they don't want, just for a laugh, sometimes I'll go and I'll try to pay and, you know, there's the Egyptian pound and you'll try to pay in the, pay in the,

paying their own currency and they laugh at you like they you know they're like no no we want we want dollars like that's you know that's that's that's the sad thing so most people know they just and you know when you when you when you try to show them bitcoin and they kind of but some people have tried it but it's almost like they try it and then they kind of just it dies off or they you know they they feel or they don't go down the rabbit hole like some of other people and it's almost seemingly overnight it happened with the Egyptian pound I know there's a few events, but if you, and that in Libya is another one where just, you know, because of decisions by the central bank, if you had money, an excessive amount of savings in the bank,

gone, just like that wiped out. If you didn't have exposure to a different currency that quote-unquote held its value like the U.S. dollar and even the U.S. dollars getting wrecked over time, you had no chance. And it's sad. There's people all through the world that are suffering through this, but let's talk about a couple of guys that aren't suffering. and it's the Winklevoss twins and I want to bring this up and this might be a sign that we're at the top

right because why Gemini trust company that's the company that the twins are dealing with they plan to go and file for an IPO they actually they're doing the process right now Gemini what are they they say they are quote a cryptocurrency

and exchange and bank that's what they claim to be and so really with this IPO way I look at it is they need exit liquidity. And they were hoping that you, the investor, will be that. And I really thought a few years ago back in 2022, when the whole defy bubble burst,

I thought Gemini was going to go down to at that time. For whatever reason, got to give them credit, they kept their ship from sinking. But for those out there, okay, this is a potential win, we're going to get the IPO, I'll get it as soon as it comes out. These guys, they offer up Bitcoin, shitcoins.

They have something called active trader platform. That's for experienced traders. This is all just trash. And they say they have these real-time charts, order books, all this bullshit. And they also provide custodial services for Bitcoin, just the same way Coinbase does and Fidelity does for larger corporations, larger companies. And even that, Gemini says they have their own stable coin, never fucking heard of it before. the G-USD, the Gemini dollar.

Anyways, they also have staking, you know what a scam that is, Gemini credit card, Gemini wallet. This thing is just, it reminds me of just a huge fucking scam. And if you want to buy it, good to fucking luck. G-E-M-I is going to be a ticker. Oh, by the way, the first half of 2025, they lost almost $300 million. Why would anyone want to buy into this business? These guys, they want exit liquidity.

That's what this is. It's a sign that we're at the fucking. top that's what this is it's we are the fucking top any thoughts yeah i mean i just looked up how much how much bitcoin they have it looks like they have 77 000 bitcoin from from from a quick google search or 70 000 uh which is what about seven billion um i mean exit liquidity that's uh i think these guys really yeah they're uh i mean and and yeah i see a few articles there about x And they're, you know, working with the, uh, the founders of XRP and I don't know. Yeah, it's, it's, it's a lot of shit coinery too much.

It is. It really is. So I would, I would stay away from it because it's absolutely trash. Um, but people out there, they want to get involved. The only one that I think that did really well circle. I'm not sure if you followed that IPO, but as soon as it IPOed and they have the, their own, uh, stable coin, the US DC, US dollar circle. or something this is called us dc and that's the only one i believe that has the blessing of the u.s government so when circle went to public CRCL i think is a ticker on nasdaq it went bonkers

i think it almost doubled within like a week or two of their IPO and still even after a couple of months after i think it's above what the IPO price was that's the only one i know that's done well in this generally when there's an IPO it's just like i i i would you know i'd recommend stay away from it I'd recommend to stay away from all fucking this. Just buy Bitcoin and it sleep well at night. But I know there's people out there they want to do something with their RRSP, TFSA, 401Ks, shit like that.

All the more power to you, but you're going to get wrecked in the end. You never get access to it. Just my thoughts. Yeah. And the only one that seems to be, yeah. Yeah. Go ahead.

No, those are just my thoughts. That's all. Go ahead. No, I agree. It's not really, it's not for me. And usually there's, you know, there's someone in before you that, you know, has more information than you. And that's, and like you say, you're their, you're their, their exit liquidity.

So yeah. That Bitcoin that you said that they have, I'm wondering how much of that is customers. Like, is that that's not Bitcoin they own, right? That's actually like what they have under custodial services, what customers purchase and left on the exchange. I'm, that's probably what that number equates to. Am I right? No, I think it's, that's personal. So in 2013, they reportedly purchased around 70,000 Bitcoin.

Oh, right. Yeah. Ah, fuck there. I'm not going to. All right. Last story, the Bank of International Settlements. We can talk about this interesting story. The BIS, they're part of the Fiat three stooges along with the IMF and the World Bank.

And the BIS, they recently proposed a new thing that they wanted to deal with anti-money laundering. And also KYC, know your customer. So they want to have compliance with that. And they want this in the world of cryptocurrencies. And specifically non-custodial wallets. So you got to think right, BAS, right? The central banks are in this club here, like the Federal Reserve, European Central Bank. Like, you know, it's a very tight-knit group here that they want to make sure that they keep the power.

So typically AML and KYC, these KYC rules, they are a, applied to banks and other centralized financial companies. And those rules, they require them, the banks and so forth, to know their customers and to report on any suspicious activities. But something like a non-custodial wallet where you, you know, or myself, I'm the user. I have full control. You have full control of your funds.

You can do whatever you want. That falls outside that KYC AML system. There's no centralized entity over there to regulate. it's difficult for authorities to track and if there's any illegal transactions or money laundering will happen and it's very difficult to identify and stop that the b i s they propose a new self kyc system so instead of forcing you to give up your information to a company the system itself would create a compliance score for each cryptocurrency unit or wallet so the score will be based on a wallet's transaction history so if your digital money like bitcoin comes from wallets that have already been identified through a KYC process, then your score would be high. But if your Bitcoin comes from an unknown

or a flagged wallet, your score would be low. And the goal for this is for everybody to basically deal with a system that is involved with clean money. It's easier to identify. And they want to make it so when you're converting Bitcoin to regular money,

these off-ramps, you have to have a high compliance score. good fucking luck i like how they're trying to do this now it's like it's the end game of fiat and you're trying to put this bullshit on us fuck off but they they already put that bullshit on it that you go to any other country you got to i know revolution in the uk and you try to buy bitcoin and then take it out from there and you know it's a bad bad place to to buy large amounts of Bitcoin and, you know, try to move it into cold storage. But they ask you the stupidest questions.

And they have to do that because the regulators in the UK have told them, we'll not give you a license until you put all these barriers in place, make sure people aren't, you know, being defrauded. It's like, you know, about 30 questions, 30 questions to say, you know, are you sure, is anybody forcing you? You know, all this sort of bullshit. And it happens in every country. probably seen them.

Oh, yeah, yeah. So like it. Oh, sorry, go ahead. No, I was going to say, this is another, there's another, you know, social credit score or CBDC or whatever you want to call it. I mean, that's, that's what it is. And funny, you know, when I was reading through that article before and I was like, who, who's involved in this?

And when you look at the BIS and who they are the central bank of central banks, apparently and they you know are governed by three names that came up is Mario Draghi, Jerome Powell and Christine Lagarde and that's you know they're making the decisions they're the governors for

the BIS but also there's another guy involved that's closely associated as Mark Carney so he was yeah there's a there's an organization called the FSB which stands for

financial stability board and they're like an adjacent body to the BIS and he was head of that in between um it was appointed chairman of the financial stability board in November 2011 for three-year term so i mean like like my my predecessor or my uh my connection george carrollin says it's a big club and you ain't fucking in it and that's what we're dealing with and even what mix picks is saying in the chat system of control now what i would suggest too is the type of control they're trying to impose is when you're moving from bitcoin to fiat if you're not doing that if you're staying from bitcoin to bitcoin there's no way to impose this type of pressure this type of control so for example if i send you bitcoin and now to do that you know you'd have to have a big heart there's nothing

that could stop that there's nothing that they could do but if i were if you were to sell me a service or a good and I pay you in Bitcoin, then I can see how they would say, okay, let's try to stop this, but really they have no authority. There's nothing they could do. So, like, they're trying to impose these Fiat rules, these Fiat regulations in a Bitcoin world, which doesn't quite work. And another thing, too, is this whole AML stuff, and Fiat is fucking riddled with it. Like, fucking banks get fined all the time because they're not compliant with AML.

And yet, Bitcoin is the one as dealing with the underground economy and all. Like, fuck that. Like, the reality is Fiat is far more involved in just in terms of overall numbers, like overall value that's involved in crime and dealing with shadiness, way more than Bitcoin. Like, Bitcoin is just, it's a fraction of it. I'm not going to say that there's no people aren't buying drugs and shit like that with Bitcoin. For sure, people are doing that. But cash is being used way more for shit like this, for buying guns, for buying weapons,

for fuck man like these guys it's like they're trying to paint bitcoin as the enemy but they're the ones that created the fucking problem and they can't solve it and now they're trying to use that same system that doesn't solve their problems and apply to bitcoin come on get the fuck out of here i have nothing else to say about this shit yeah no i know i know that's when i when you see those guys that are involved drachie jerome pow and uh christine legar i mean that's that's the mafia of you know talking was the

former prime minister of Italy he came into technocrat because it was just it was an absolute fucking disaster and it still is but yeah

it's funny when you when you start digging when you start digging into you know like this web of you know IMF and Goldman Sachs and and you kind of start

and you know even decision makers in the European Union and you know even America as well and it's It's, it's all, it's like this incestuous club of, you know, like, okay, you, you were here and now you're going here and now you're going here and, you know, just, you know, just move over and take over this and we'll do what we did before, you know, it's, it's so, it's just awful. Boomdust is saying that Europe isn't doing so well. Capital controls incoming, and given your connection to Europe, you're right now in Ireland, part of the EU, do you have any thoughts on this comment from Boomdust? yeah i mean to be honest i think europe isn't doing so well but i mean there's other countries

that aren't doing so well either you know i don't think it's just uh you know the same as europe i mean Canada is is is going to have a hard road ahead in the next number of years um but yeah it's well publicized i think in europe that uh the immigration problem you know inflation problems you know currency problems unemployment problems all these types of things

and even you know before the and you and I talked about this a little bit but you know there was pension problems a few years ago where they had to pinch out or be out the pension funds when they were like

hours away from pension funds collapsing and the stuff yeah like it's it's slowly Slowly, you know, slowly, slowly just, you know, it's called death by a thousand cuts. And it is like it's death by, you know, it's just every day at a time. You know, and I think Jordan Peterson one time I was listening to him and he said, you know, they push and push and push you back, you know, an inch at a time.

And next thing you know, you're, you know, you're a mile away. And that's true. I fucking remember you hold that whole pension fiasco. you're right when they billed them out like the 11th hour that happened just a few years ago and yeah i totally forgot about that holy that was going to be a fucking disaster it is a fucking disaster it is a disaster but they the uh you know everyone knew it was coming and they you know they threw liz truss if you remember her she was the prime minister at the time and they threw her under the bus and we're like yeah for about a month and this other guy

who was the finance minister i can't remember what his name was it wasn't a lamb me it was somebody else but um it was and it was the perfect scapegoat it was a female prime minister and i think her um her uh finance minister was a black guy and they were like okay we'll throw these people under the bus this is time to do it and uh and she got the blame but i mean this has been you know it wasn't her at all like she was uh there for a minute even warmed a seat up i mean yeah she was part of a party that created the problem but i not her direct action. So anyways.

I think I said for a big quick. Oh, sorry. No, I was going to say it's so common. I listened to Peter McCormack there last couple of days. And he's he's moved on from Bitcoin now and he's trying to do do something in his town of Bedford. And it's just the towns are dying. But you know, you can see some of it in Canadian towns as well where, you know, you got 10.

cities and you get high drug use and all that all those kind of social problems so i mean it's it's it's not immune to just europe no peter recormac's in a war path these days he's pissed off about the regulations and red tape and bureaucracy you do with on a local level because uh well just not too long ago he was very fond of the governments now he's seen to us change his tune yeah you're right and i and some things i kind of think that i take his opinion with a bit of salt but he's he's totally right things are overregulated i was you know even you you you go to build a house in in ontario and you have to get 20 20 something reports before you can build a house in you know environmental like that's that's red tape coming out your the ying yang like it's too much

all right that's it for the bitcoin side we'll use this as a jumping point to go to the rest of the stories for people are listening we'll be back tomorrow for people watching there's no change we just transition over so don't leave dan because we're just going to stay on but with that do you have any last words for the bitcoin side no thanks very much for for watching everybody and yeah we'll see you in a bit and don't be a cuck so