1 00:00:02,400 --> 00:00:06,200 A lot of people think digital ID's are only being rolled out 2 00:00:06,200 --> 00:00:10,040 in Europe and the crazy countries like Canada and the 3 00:00:10,040 --> 00:00:14,560 UK. But Twitter went wild embracing 4 00:00:14,560 --> 00:00:19,080 this 34 page report written by the US Treasury that on the 5 00:00:19,080 --> 00:00:22,880 surface does seem to be embracing Bitcoin privacy. 6 00:00:23,320 --> 00:00:27,080 But after spending a few hours reading it, it's clear that not 7 00:00:27,080 --> 00:00:29,640 everyone actually read the full report. 8 00:00:29,640 --> 00:00:33,280 Because there's some very dangerous precedent buried in 9 00:00:33,280 --> 00:00:38,920 this report that could usher in a digital ID in America, or at 10 00:00:38,920 --> 00:00:43,840 very least is engaging and debating whether there should be 11 00:00:43,840 --> 00:00:48,760 a digital ID to protect against scam scams and other criminal 12 00:00:48,760 --> 00:00:53,880 activity with Bitcoin. It it is, you know, it is a very 13 00:00:54,040 --> 00:00:57,280 interesting report. I'm going to give you kind of 14 00:00:57,280 --> 00:01:02,200 the more generous take of what I read and then the more, I guess 15 00:01:02,200 --> 00:01:06,480 you could say, cynical, paranoid view of what is actually in this 16 00:01:06,480 --> 00:01:09,520 report. Now, of course, I am not alone. 17 00:01:09,520 --> 00:01:14,240 I am here today with our boy Kent Halliburton from SAS 18 00:01:14,280 --> 00:01:16,960 Mining. So here's the report, guys. 19 00:01:17,920 --> 00:01:21,200 If you guys saw this on Twitter, you might have saw some very 20 00:01:21,200 --> 00:01:24,960 bullish headlines on this. The report is titled Report to 21 00:01:24,960 --> 00:01:27,840 Congress from the Secretary of the Treasury on innovative 22 00:01:27,840 --> 00:01:31,640 Technologies to counter illicit finance involving digital 23 00:01:31,640 --> 00:01:33,840 assets. So let me do a command F here 24 00:01:34,200 --> 00:01:39,600 and I'll show you guys the kind of very bullish take that 25 00:01:39,600 --> 00:01:42,160 everyone clipped out and put on Twitter. 26 00:01:42,600 --> 00:01:46,240 This sentence in itself does sound very bullish for Bitcoin 27 00:01:46,240 --> 00:01:49,400 privacy in the US. You just take this alone. 28 00:01:49,720 --> 00:01:53,120 It is just it's it's alone a very interesting quote coming 29 00:01:53,120 --> 00:01:56,360 out of the US Treasury. And here's what everyone was 30 00:01:56,360 --> 00:02:00,200 reposting on Twitter. This specific quote, and it is 31 00:02:00,400 --> 00:02:02,720 quote. Lawful uses of digital assets 32 00:02:02,720 --> 00:02:05,680 may leverage mixers to enable financial privacy when 33 00:02:05,680 --> 00:02:08,080 transacting through public blockchains. 34 00:02:08,280 --> 00:02:11,400 For instance, individuals may use mixers to protect sensitive 35 00:02:11,480 --> 00:02:15,000 information on personal wealth, business payments, or charitable 36 00:02:15,000 --> 00:02:17,920 donations from appearing on a public blockchain. 37 00:02:18,200 --> 00:02:21,120 As consumers increase their use of digital assets for payments, 38 00:02:21,400 --> 00:02:24,880 individuals may want to use mixers to maintain more privacy 39 00:02:24,880 --> 00:02:26,760 of their consumer spending habits. 40 00:02:27,200 --> 00:02:29,960 Of course, also in addition, digital asset services that take 41 00:02:29,960 --> 00:02:34,440 custody of user funds and accept and transmit values or value are 42 00:02:34,440 --> 00:02:37,760 currently required to register with Vincent as money services 43 00:02:37,760 --> 00:02:40,920 businesses maintain records and file suspicious activity 44 00:02:40,920 --> 00:02:43,640 reports. This includes custodial mixers. 45 00:02:43,640 --> 00:02:48,400 Now that was basically the clip or the snapshot that was going 46 00:02:48,400 --> 00:02:51,280 around and you know, a lot of our friends, a lot of the 47 00:02:51,280 --> 00:02:54,960 Bitcoin media groups were saying, hey, look, this is a win 48 00:02:54,960 --> 00:02:58,520 for Bitcoin privacy. Now I know Bitcoin privacy isn't 49 00:02:58,520 --> 00:03:02,000 the most sexy topic when it comes to Bitcoin. 50 00:03:02,000 --> 00:03:04,680 Everyone it really, to be honest, everyone likes to talk 51 00:03:04,680 --> 00:03:07,040 about price that it's love it or hate it. 52 00:03:07,040 --> 00:03:08,760 That's what most people like to talk about. 53 00:03:09,200 --> 00:03:12,520 Now again, I'm not going to read the whole page or the whole 54 00:03:12,520 --> 00:03:14,120 report. It is 34 pages, guys. 55 00:03:14,120 --> 00:03:17,080 So I will give you kind of my overview of it and then I did 56 00:03:17,080 --> 00:03:20,800 get a couple of good tweets to kind of breakdown a little bit 57 00:03:20,800 --> 00:03:27,600 of what this report is saying. Now, my more generous take of 58 00:03:27,600 --> 00:03:32,280 this report is you can say that the report, even though it does 59 00:03:32,280 --> 00:03:36,360 talk about scams and criminal activity, criminal cyber 60 00:03:36,360 --> 00:03:41,120 activity, and it lays out a lot of different use cases and of 61 00:03:41,120 --> 00:03:44,880 course ways to fight illicit finance, which is the title of 62 00:03:44,880 --> 00:03:47,120 this article. It does. 63 00:03:47,120 --> 00:03:50,880 If you read it again with a more generous view, it does just lay 64 00:03:50,880 --> 00:03:55,520 out all of the obstacle is that the US Treasury or rather the 65 00:03:56,160 --> 00:03:59,920 Trump administration or just the world at large has to deal with 66 00:03:59,920 --> 00:04:03,920 this new asset class that is of course Bitcoin or digital assets 67 00:04:03,920 --> 00:04:07,680 as they like to call it. And it does basically lay out a 68 00:04:07,680 --> 00:04:11,440 lot of the attack vectors, a lot of the different things going on 69 00:04:11,440 --> 00:04:17,760 where people are able to skirt AML and KYC laws and ways that 70 00:04:17,760 --> 00:04:23,120 they are using mixing illegally. But I think in that in itself, 71 00:04:23,120 --> 00:04:26,840 if you read the whole report, it does bring up a lot of different 72 00:04:26,840 --> 00:04:32,120 questions of OK, well, illegal uses and legal uses, which ones 73 00:04:32,120 --> 00:04:35,640 which? And further, if we see some kind 74 00:04:35,640 --> 00:04:40,280 of dragnet surveillance here, what are the implications? 75 00:04:40,280 --> 00:04:43,920 And the article or rather the report does talk about there are 76 00:04:43,920 --> 00:04:48,160 concerns about this and and therefore they are talking to 77 00:04:48,240 --> 00:04:51,680 the private sector, of course, crypto companies, as they like 78 00:04:51,680 --> 00:04:55,560 to say, you know, stakeholders of a crypto or Bitcoin. 79 00:04:56,240 --> 00:04:59,200 So there is a generous view of this that hey, maybe this 80 00:04:59,200 --> 00:05:03,480 article or this report from the US Treasury is what the title 81 00:05:03,480 --> 00:05:07,160 says. It is that this is them trying 82 00:05:07,160 --> 00:05:11,080 to game theory ways to fight illicit finance. 83 00:05:11,960 --> 00:05:14,120 Again, that's the generous view of this. 84 00:05:14,440 --> 00:05:18,680 Now, when I read this, there was some concerning language in it, 85 00:05:18,960 --> 00:05:23,680 particularly for me was the mentions of digital IDs. 86 00:05:24,160 --> 00:05:28,640 They specifically mention and I'm, I, I didn't bring you the, 87 00:05:28,760 --> 00:05:32,800 the exact quotes of this, so you, you might have to just 88 00:05:32,840 --> 00:05:35,360 trust but verify on this with me. 89 00:05:35,640 --> 00:05:39,960 But they did specifically mention the UK and Europe and 90 00:05:39,960 --> 00:05:43,040 how they're handling illicit finance, particularly with 91 00:05:43,040 --> 00:05:47,360 digital IDs and their digital ID kind of, you know, push their 92 00:05:47,360 --> 00:05:49,760 operations to unleash a digital ID. 93 00:05:50,080 --> 00:05:52,600 And this is where it does get a little worrying. 94 00:05:53,120 --> 00:05:57,600 Further, they do talk about essentially using more chain 95 00:05:57,600 --> 00:06:02,240 analysis and already is being used by institutions to of 96 00:06:02,240 --> 00:06:06,600 course monitor the blockchains and make sure that we're all not 97 00:06:06,600 --> 00:06:08,400 criminals. Though the assumption is 98 00:06:08,400 --> 00:06:11,840 essentially that everyone is everyone that is using 99 00:06:11,840 --> 00:06:15,000 blockchain is a criminal and therefore they have to kind of 100 00:06:15,000 --> 00:06:19,480 stop everyone or rather all of the bad information or all the 101 00:06:19,480 --> 00:06:23,320 bad use cases of of Bitcoin or blockchain activities. 102 00:06:23,720 --> 00:06:27,000 Now, there was one thing, and this is me speculating, guys, 103 00:06:27,000 --> 00:06:29,240 this is me with my tinfoil hat on. 104 00:06:29,760 --> 00:06:36,560 There was specific mentions of AI usage or using AI to monitor 105 00:06:36,560 --> 00:06:39,920 and track all the information on the blockchains from the 106 00:06:39,920 --> 00:06:43,920 financial institutions. And when I was reading this, my 107 00:06:43,920 --> 00:06:49,520 initial thought was this idea of like, OK, so if they're going to 108 00:06:49,520 --> 00:06:54,280 use AI to monitor all of this information, I quote public 109 00:06:54,280 --> 00:06:59,080 private cooperation. It really seemed to me like 110 00:06:59,080 --> 00:07:01,920 they're talking about using Palantir to monitor all of this 111 00:07:01,920 --> 00:07:04,440 information. Now again, hey, maybe I'm a 112 00:07:04,440 --> 00:07:07,240 tinfoil hat guy. I acknowledge that. 113 00:07:07,240 --> 00:07:10,760 But that was the first thing that I kind of popped into my 114 00:07:10,760 --> 00:07:14,200 brain when I read this. So again, the precedent or at 115 00:07:14,200 --> 00:07:17,440 least the the cynical view of this, the more paranoid view of 116 00:07:17,440 --> 00:07:22,920 this report is they are outlining what potentially could 117 00:07:22,920 --> 00:07:27,000 be ways to pretty much tag and bag all the information coming 118 00:07:27,000 --> 00:07:30,360 from Bitcoin and digital assets. And therefore every single one 119 00:07:30,360 --> 00:07:33,800 of us is, you know, guilty until proven otherwise. 120 00:07:33,800 --> 00:07:37,480 And so that's my generous view of it. 121 00:07:37,600 --> 00:07:40,640 My more cynical view of it is some of the implications in this 122 00:07:40,640 --> 00:07:44,640 report aren't as bullish as the headline that, hey, there's 123 00:07:44,640 --> 00:07:50,120 lawful use cases for Bitcoin privacy or lawful use cases for 124 00:07:50,160 --> 00:07:54,280 Bitcoin mixing. I know they said that, but 125 00:07:54,280 --> 00:07:57,320 further on in the article they stopped or sorry, the report, I 126 00:07:57,320 --> 00:08:01,240 keep calling it article, the report, they do mention a lot of 127 00:08:01,240 --> 00:08:04,040 various uses of illicit finance using mixing. 128 00:08:04,040 --> 00:08:08,720 So it's a, it's a little, it's a bit of a grab bag of there's 129 00:08:08,720 --> 00:08:13,080 some positive in it, maybe a less positive than the negative 130 00:08:13,080 --> 00:08:17,600 implications. But reading the report it there 131 00:08:17,600 --> 00:08:22,360 is some worrying kind of wording verbiage sentences in here that 132 00:08:22,360 --> 00:08:24,800 it's like, OK, what is actually happening here? 133 00:08:25,040 --> 00:08:30,040 Is this simply a report to kind of outline the entire playing 134 00:08:30,040 --> 00:08:34,679 field here? Or is this more of a playbook 135 00:08:34,679 --> 00:08:38,640 that they're going to use to essentially tag and bag 136 00:08:38,640 --> 00:08:42,280 everything coming out of digital assets and digital asset 137 00:08:42,280 --> 00:08:45,880 providers and really complicate the process, which is one of the 138 00:08:45,880 --> 00:08:47,600 things I've been saying about the Clarity Act. 139 00:08:48,560 --> 00:08:50,640 It seems like it might do more harm than good. 140 00:08:50,720 --> 00:08:54,560 And again, reading this report, it, it did kind of give me that 141 00:08:54,560 --> 00:08:58,800 idea of like this doesn't sound as bullish as a lot of the 142 00:08:58,800 --> 00:09:01,360 headlines would say. And I'm not the only one that 143 00:09:01,360 --> 00:09:03,720 said that. I will bring up a couple of 144 00:09:03,720 --> 00:09:07,040 tweets from one of my favorite reporters, of course, Lola Leet 145 00:09:07,040 --> 00:09:10,280 from the rage. She's been doing a great job and 146 00:09:10,320 --> 00:09:13,520 this was her take. And and there is some spicy 147 00:09:13,520 --> 00:09:17,880 language in this guy's I'll, I'll you know, I know this is we 148 00:09:17,880 --> 00:09:21,520 try to be a family show, but you know, I, I slip and stumble at 149 00:09:21,520 --> 00:09:24,520 times. So here is Lola Leet's take on 150 00:09:24,520 --> 00:09:26,640 this, of course, from the rage publication. 151 00:09:27,360 --> 00:09:33,160 And she is obviously a lot more cynical and and a lot harsher. 152 00:09:33,480 --> 00:09:37,560 And here's for the official post from the rage and here here she 153 00:09:37,560 --> 00:09:41,520 she does kind of pick some some quotes from the article or sorry 154 00:09:41,520 --> 00:09:46,080 again, the report that are are going to make you kind of see 155 00:09:46,080 --> 00:09:48,160 where this is going. And so she goes. 156 00:09:48,160 --> 00:09:51,120 News outlets are touting a recent report by the US Treasury 157 00:09:51,120 --> 00:09:53,600 on the combating of illicit finance and digital currencies 158 00:09:53,600 --> 00:09:57,560 as a quote win for privacy. This in this is incorrect. 159 00:09:57,560 --> 00:10:00,760 While the report notes that of course, quote lawful use of 160 00:10:00,760 --> 00:10:03,400 digital assets may leverage mixers to enable financial 161 00:10:03,400 --> 00:10:06,320 privacy when transacting through public block chains, the 162 00:10:06,320 --> 00:10:09,120 majority of language on mixers highlights their use in 163 00:10:09,120 --> 00:10:12,280 terrorist financing or other illicit activities, as well as 164 00:10:12,280 --> 00:10:15,720 the challenges mixers introduced to law enforcement, which I can 165 00:10:15,720 --> 00:10:17,800 confirm after reading the whole report. 166 00:10:18,080 --> 00:10:20,800 As the Treasury states, quote, criminals commonly use tools 167 00:10:20,800 --> 00:10:23,800 like mixing to introduce challenges for investigators 168 00:10:24,040 --> 00:10:27,120 attempting to trace illicit digital assets, frustrating law 169 00:10:27,120 --> 00:10:30,400 enforcement investigation as well as digital asset service 170 00:10:30,480 --> 00:10:33,720 providers, transactions, monitoring and tracing efforts. 171 00:10:34,160 --> 00:10:37,000 While the report issues no new recommendations on the future of 172 00:10:37,000 --> 00:10:40,040 mixers, it notes that the Treasury has already proposed a 173 00:10:40,040 --> 00:10:43,200 rule to regulate mixers under the Patriot Act that has been 174 00:10:43,200 --> 00:10:45,000 tasked to finalize by the White House. 175 00:10:45,280 --> 00:10:47,960 According to the report, the Treasurer has additionally 176 00:10:48,120 --> 00:10:49,920 adopted the following recommendations. 177 00:10:50,120 --> 00:10:53,480 Treasury will, quote, incentivize the the development 178 00:10:53,480 --> 00:10:56,640 and integration of digital identity tools aimed at 179 00:10:56,640 --> 00:11:00,360 countering illicit finance. Treasury will also quote explore 180 00:11:00,480 --> 00:11:03,080 working with Congress on ways to better enable third party 181 00:11:03,080 --> 00:11:07,320 services providers to conduct identity identity verifications 182 00:11:07,760 --> 00:11:10,720 and Treasury will quote encourage industry stakeholders 183 00:11:10,720 --> 00:11:14,360 to develop open source and standardized AP is for essential 184 00:11:14,360 --> 00:11:17,720 compliance functions. Regarding defy, the Treasury 185 00:11:17,720 --> 00:11:20,520 further commands that Congress should consider specifying 186 00:11:20,520 --> 00:11:24,080 actors within the decentralized finance ecosystem that should be 187 00:11:24,080 --> 00:11:28,920 subject to a MLCFTC obligations quote, Congress should consider 188 00:11:28,920 --> 00:11:31,440 how to best safeguard the US financial system from money 189 00:11:31,440 --> 00:11:34,200 laundering threats that originate abroad, including 190 00:11:34,200 --> 00:11:37,720 those in D5. That should quote include adding 191 00:11:37,720 --> 00:11:41,960 a six special measure to Section 311 Patriot Act authorizing 192 00:11:41,960 --> 00:11:45,120 Treasury to prohibit or impose conditions upon certain 193 00:11:45,120 --> 00:11:48,160 transmittals of funds that are not tied to corresponding 194 00:11:48,160 --> 00:11:51,120 banking relationships. Congress should consider 195 00:11:51,120 --> 00:11:54,800 creating digital asset specific financial institution types or 196 00:11:54,800 --> 00:11:58,720 subtypes within the Bank Secrecy Act such that the new types of 197 00:11:58,720 --> 00:12:02,760 subtypes would be subject to a MLCFT obligations. 198 00:12:02,760 --> 00:12:06,000 And of course, FinCEN should evaluate whether or how it's 199 00:12:06,000 --> 00:12:09,360 existing guidance related to the digital asset sector, including 200 00:12:09,360 --> 00:12:12,840 guidance issued in 2013 and 2019 should be resigned, it 201 00:12:13,360 --> 00:12:18,040 rescinded, modified or updated to reflect legislative and 202 00:12:18,040 --> 00:12:21,560 regulatory challenge changes. She goes further from her 203 00:12:21,560 --> 00:12:24,640 personal account and this is where she gets a little more 204 00:12:24,640 --> 00:12:27,640 spicy. Okay, so I'll, I'll PG it up a 205 00:12:27,640 --> 00:12:29,920 little bit. She goes, Oh my God, the 206 00:12:29,920 --> 00:12:32,920 treasury said we can use mixers if we promise we won't do crime. 207 00:12:33,160 --> 00:12:37,120 Listen here, you effing idiot. The very notion of quote lawful 208 00:12:37,120 --> 00:12:40,000 uses of digital assets implicates a mechanism to 209 00:12:40,000 --> 00:12:42,720 distinguish between lawful and unlawful uses. 210 00:12:43,080 --> 00:12:46,920 As I mentioned earlier, the report very clearly laid is how 211 00:12:46,920 --> 00:12:49,720 how this will be distinguished, and it isn't a magic and fairy 212 00:12:49,720 --> 00:12:52,000 does. Since no one who claims this 213 00:12:52,000 --> 00:12:55,000 report is a win for privacy seems to have actually read it, 214 00:12:55,320 --> 00:12:58,040 here's some of the recommendations and I I pretty 215 00:12:58,040 --> 00:13:00,880 much read most of them. You know, finalization of the 216 00:13:00,880 --> 00:13:03,680 regulation of mixers under the Patriot Act, the creation of 217 00:13:03,680 --> 00:13:08,760 subtypes under the Bank Secrecy Act, to resign modifier update 218 00:13:08,760 --> 00:13:13,040 2013 and 2019 Fins and guidance to incentivize the the 219 00:13:13,040 --> 00:13:16,520 development and integration of digital identity tools aimed at 220 00:13:16,520 --> 00:13:20,200 countering illicit finance. Nothing, and I mean nothing 221 00:13:20,200 --> 00:13:22,560 about this is good for privacy at all. 222 00:13:23,040 --> 00:13:28,600 So again, the big kind of headline that there is lawful 223 00:13:28,600 --> 00:13:32,680 use cases for mixing, it was a good headline. 224 00:13:32,680 --> 00:13:35,440 It it did kind of perk up all of our ears. 225 00:13:35,800 --> 00:13:39,920 But when you read the report, you're kind of thinking this 226 00:13:39,920 --> 00:13:44,200 doesn't sound that good at all. And you know, shouts at the low 227 00:13:44,200 --> 00:13:48,480 elites and the rage team. I think they're doing very good 228 00:13:48,480 --> 00:13:50,680 journalism, like actually real journalism. 229 00:13:50,680 --> 00:13:54,800 OK, They're they're we're not just engaging or I I'm not going 230 00:13:54,800 --> 00:13:58,840 to say we the rage is not just engaging in, you know, full 231 00:13:58,840 --> 00:14:01,160 engagement plebslop on the timeline. 232 00:14:01,360 --> 00:14:06,040 Yes, that quote in and of itself of lawful uses of mixing does 233 00:14:06,040 --> 00:14:09,280 sound like there is a narrative shift coming out of the the 234 00:14:09,280 --> 00:14:13,120 administration. But again, when you read all of 235 00:14:13,160 --> 00:14:16,960 the report, it, it kind of makes a different case. 236 00:14:16,960 --> 00:14:21,840 Now on top of that, another thing that we saw happening 237 00:14:21,880 --> 00:14:26,960 yesterday, which is very worrying it, it basically is one 238 00:14:26,960 --> 00:14:30,480 of these things of don't watch what they say or don't listen to 239 00:14:30,480 --> 00:14:33,160 just what they say, watch what they do as well. 240 00:14:33,520 --> 00:14:36,240 And this is where you're starting to see, hey, the one 241 00:14:36,240 --> 00:14:40,920 hand is doing one thing, the other hand is kind of doing the 242 00:14:40,920 --> 00:14:45,480 opposite. And as we always say, don't just 243 00:14:45,480 --> 00:14:48,120 follow what they say, follow what they do. 244 00:14:48,120 --> 00:14:50,240 And then you start to see what's going on. 245 00:14:50,240 --> 00:14:54,200 Though there is also the idea that, hey, maybe all the 246 00:14:54,200 --> 00:14:59,960 institutions, all of the, you know, ABC agencies aren't 247 00:14:59,960 --> 00:15:04,360 necessarily on board with the, quote, federal mandate of 248 00:15:04,360 --> 00:15:06,680 becoming the Bitcoin superpower of the world. 249 00:15:07,000 --> 00:15:13,480 But this is where it starts to seem like maybe there is a full 250 00:15:13,480 --> 00:15:16,360 frontal attack on privacy. Now, what am I talking about? 251 00:15:16,360 --> 00:15:19,480 We've been covering this story for a long time now. 252 00:15:19,800 --> 00:15:22,120 And it does have to do with the Tornado Cash. 253 00:15:22,360 --> 00:15:27,840 So here is a tweet here, head of marketing umbrella enthusiasts 254 00:15:27,840 --> 00:15:28,960 at Arkham. I think this guy's a shit 255 00:15:28,960 --> 00:15:30,720 corner. But whatever it is, what it is 256 00:15:30,720 --> 00:15:33,760 it it's still it's still a good tweet. 257 00:15:33,760 --> 00:15:35,200 OK. And he goes, the asymmetry is 258 00:15:35,200 --> 00:15:36,320 wild. U.S. 259 00:15:36,320 --> 00:15:39,440 Treasury openly admits mixers have a legitimate privacy use 260 00:15:39,440 --> 00:15:44,360 case, yet the DOJ wants to retry Roman Storm on 2 counts of money 261 00:15:44,360 --> 00:15:46,480 laundering and sanctions violations. 262 00:15:46,720 --> 00:15:50,120 Developers can't be responsible for 3rd party misuse of neutral 263 00:15:50,120 --> 00:15:53,000 open source software. An appalling turn of events and 264 00:15:53,000 --> 00:15:55,960 makes the update from the US Treasury really bitter. 265 00:15:56,200 --> 00:16:01,040 Free roaming and of course here is kind of the other tweet that 266 00:16:01,040 --> 00:16:04,360 was going around yesterday, United States of Department of 267 00:16:04,360 --> 00:16:05,800 Treasury. Oh, wait, sorry, Rollin. 268 00:16:06,080 --> 00:16:10,400 Here is a post this was from Amanda Tuminelli and she goes 269 00:16:10,400 --> 00:16:13,920 the DOJ has decided it will retry Roman Storm in the fall 270 00:16:14,160 --> 00:16:17,440 despite failing to convince a jury the first time around and 271 00:16:17,440 --> 00:16:20,080 despite making obvious mistakes like calling irrelevant 272 00:16:20,080 --> 00:16:22,800 witnesses and not understanding the forensic analysis of their 273 00:16:22,800 --> 00:16:26,200 own blockchain evidence. And oh, let me, let me, I guess 274 00:16:26,200 --> 00:16:29,320 I'll have to find the, the original tweet here. 275 00:16:29,800 --> 00:16:33,200 But anyways, you're you, you get the, you get the picture here. 276 00:16:33,720 --> 00:16:38,480 They are going to retry the Roman Storm case, the Tornado 277 00:16:38,480 --> 00:16:43,200 Cash case, which we were covering originally because it 278 00:16:43,200 --> 00:16:49,440 did set a a very scary precedent. 279 00:16:50,080 --> 00:16:53,320 And then we saw shortly afterwards they went after the 280 00:16:53,320 --> 00:16:57,240 samurai wallet depths. So there is a continuous attack 281 00:16:57,240 --> 00:17:00,320 on privacy even though we saw a, you know, very interesting 282 00:17:00,320 --> 00:17:02,160 headline coming out of the US Treasury. 283 00:17:02,160 --> 00:17:05,040 At least they kind of embrace, hey, there's some use cases for 284 00:17:05,040 --> 00:17:07,560 Bitcoin mixing and Bitcoin privacy. 285 00:17:07,760 --> 00:17:09,960 But here's the full tweet. Sorry, guys, it goes. 286 00:17:10,200 --> 00:17:13,200 DOJ has decided we'll retry Roman Storm in the fall. 287 00:17:13,200 --> 00:17:15,640 Despite failing to convince a jury the first time around, 288 00:17:15,640 --> 00:17:17,839 despite making obvious mistakes takes like calling irrelevant 289 00:17:17,839 --> 00:17:20,599 witnesses and not understanding the forensic analysis of their 290 00:17:20,599 --> 00:17:23,280 own blockchain evidence, and despite multiple legal and 291 00:17:23,280 --> 00:17:25,920 logical fallacies to their allegations of third party 292 00:17:25,920 --> 00:17:30,760 developer liability, The SDNY will retry Roman Storm on counts 293 00:17:30,760 --> 00:17:34,400 one and three of the indictment. Incredibly disappointing news. 294 00:17:35,240 --> 00:17:40,240 Again, I think we all know that the you know, New York court 295 00:17:40,240 --> 00:17:43,960 system is not very favorable or rather New York itself is not 296 00:17:43,960 --> 00:17:47,160 really favorable for Bitcoin. It's very, you know, with the 297 00:17:47,160 --> 00:17:51,560 bit license in New York, it's not the best jurisdiction for 298 00:17:51,560 --> 00:17:54,600 Bitcoin at large. They really have a bone to pick 299 00:17:54,600 --> 00:18:00,680 with Bitcoin or crypto at large. And here we have a a huge stark 300 00:18:00,680 --> 00:18:04,200 contrast from the official headlines, you know, oh, DOJ 301 00:18:04,200 --> 00:18:07,360 says or sorry, the US Treasury says Bitcoin mixing. 302 00:18:07,360 --> 00:18:09,920 There's awful use cases. You read the report and it's 303 00:18:09,920 --> 00:18:14,160 kind of like, I don't know it. That's I don't I don't think 304 00:18:14,160 --> 00:18:16,560 everyone read the report. I think I think we just got 305 00:18:16,560 --> 00:18:20,080 caught up in in a screenshot and it was like, oh, what a win for 306 00:18:20,080 --> 00:18:23,320 privacy. At the very same time we see 307 00:18:23,320 --> 00:18:27,640 SDNY is retrying Roman Storm because hey, they got what they 308 00:18:27,640 --> 00:18:31,000 wanted with the samurai wallet. Debs, they're in jail currently 309 00:18:31,200 --> 00:18:35,280 for at least five years or at least, you know, at most five 310 00:18:35,280 --> 00:18:36,960 years, probably maybe a little less. 311 00:18:37,360 --> 00:18:41,200 So it's one of these things where the narrative, the idea of 312 00:18:41,200 --> 00:18:43,280 a win for privacy, it sounds really good. 313 00:18:43,280 --> 00:18:46,680 I, I would really have liked to read this report and be like, 314 00:18:46,680 --> 00:18:51,640 OK, you know, this was a win. In reality, as we're seeing, 315 00:18:52,120 --> 00:18:57,200 they are coming after privacy and as we like to say, and all 316 00:18:57,200 --> 00:19:00,240 of us Bitcoiners, I think believe this like privacy is not 317 00:19:00,240 --> 00:19:03,120 a crime. We shouldn't be criminals just 318 00:19:03,120 --> 00:19:06,720 because we want to maintain some kind, some semblance of 319 00:19:06,880 --> 00:19:09,840 financial privacy. It's not that we have something 320 00:19:09,840 --> 00:19:11,520 to hide. You know, that's the, that's the 321 00:19:11,520 --> 00:19:14,560 idea of everyone's like, oh, what, Like I don't have anything 322 00:19:14,560 --> 00:19:16,280 to hide. And it's like, well, you know, 323 00:19:16,280 --> 00:19:17,840 don't we all have curtains on our house? 324 00:19:17,880 --> 00:19:20,480 Don't, don't we like to keep some things to ourselves? 325 00:19:20,520 --> 00:19:23,000 We don't need all of our information blasted on the 326 00:19:23,000 --> 00:19:25,000 Internet. I know we live in the social 327 00:19:25,000 --> 00:19:28,680 media era now where like, we're all OK with posting everything 328 00:19:28,680 --> 00:19:31,920 online, but you know, my mom's always said something. 329 00:19:31,920 --> 00:19:36,160 And maybe this is just some classic traditional, you know, 330 00:19:36,160 --> 00:19:38,800 mom isms here and she's like, hey, you don't have to tell 331 00:19:38,800 --> 00:19:41,320 everything to everyone. Keep some things to yourself. 332 00:19:41,920 --> 00:19:47,920 So again, you could argue this is a win, but it does seem like 333 00:19:47,920 --> 00:19:54,680 we we are seeing a a true true bent or a true attack on privacy 334 00:19:54,680 --> 00:19:57,480 at large. Which does blink bring in the 335 00:19:57,480 --> 00:20:02,600 further implications of well, we know there is some kind of 336 00:20:03,840 --> 00:20:07,840 fights right now around wording and coming out of the the 337 00:20:07,920 --> 00:20:10,680 certain bills. I believe it was the Housing Act 338 00:20:10,760 --> 00:20:16,600 that had a temporary temporary window on a CBDC ban. 339 00:20:17,120 --> 00:20:20,240 That there's an argument about it and you're just like, OK, it, 340 00:20:20,480 --> 00:20:25,640 it really feels like we're just walking into a full panopticon 341 00:20:25,640 --> 00:20:28,360 dystopia where everything's tracked and bagged. 342 00:20:28,760 --> 00:20:30,920 And that's one of the things that Bitcoiners have been saying 343 00:20:30,920 --> 00:20:32,560 forever. That's like, look, Bitcoin is a 344 00:20:32,560 --> 00:20:37,240 tool for freedom, but at the same time, if we're not careful, 345 00:20:37,240 --> 00:20:42,280 if we're not vigilant, it could be a tool for total control of 346 00:20:42,280 --> 00:20:45,600 finances in the world. It's like it is a double edged 347 00:20:45,600 --> 00:20:47,560 sword. I truly believe Bitcoin is for 348 00:20:47,560 --> 00:20:51,000 freedom, but we do have to fight for that. 349 00:20:51,000 --> 00:20:53,960 We are the front line soldiers. This is happening, guys. 350 00:20:53,960 --> 00:20:57,400 This isn't just, you know, me trying to get click bait. 351 00:20:57,440 --> 00:20:59,880 You know, this isn't me just being cynical. 352 00:21:00,880 --> 00:21:04,920 The wording in this report, it's very worrying that oh, wow, 353 00:21:04,920 --> 00:21:09,720 like, OK, we're going back to we're all just criminals and if 354 00:21:09,720 --> 00:21:11,800 you want privacy, you're a criminal. 355 00:21:12,080 --> 00:21:17,040 So I, I, depending on how you want to look at this, could be a 356 00:21:17,040 --> 00:21:19,520 slight win. It could be just a total 357 00:21:19,520 --> 00:21:22,360 abomination. But anyways, Kent, I saw you 358 00:21:22,360 --> 00:21:25,880 shaking your head when you're hearing these kind of sound 359 00:21:25,880 --> 00:21:28,160 bites coming out of the rage. What what's your thoughts? 360 00:21:28,400 --> 00:21:30,680 What does this say? When is the US Treasury 361 00:21:30,680 --> 00:21:35,520 embracing Bitcoin privacy? Is this them just kind of game 362 00:21:35,520 --> 00:21:38,080 planning, illicit finance and how to combat it? 363 00:21:38,480 --> 00:21:43,200 Or is it more of a blueprint to unleash total surveillance AI, 364 00:21:43,560 --> 00:21:45,800 you know, chain analysis on everything? 365 00:21:45,800 --> 00:21:47,440 Like what? What's your take away hearing 366 00:21:47,440 --> 00:21:52,360 all of this? Well, I can tell you had a cup 367 00:21:52,360 --> 00:21:54,560 of coffee. Before you started I. 368 00:21:55,280 --> 00:22:01,160 Have a cup of coffee, OK? No, My, my, my, my take is, you 369 00:22:01,160 --> 00:22:05,520 know, I, I'll land more with Lolita on this one, you know, 370 00:22:05,800 --> 00:22:09,560 and as I'm, as I'm seeing all this language, I have not read 371 00:22:09,560 --> 00:22:12,280 it and I haven't looked at it before jumping on here with you. 372 00:22:12,280 --> 00:22:14,720 But as I'm sitting here sort of reflecting on it, it just 373 00:22:14,720 --> 00:22:18,800 strikes me as this is another, this is rules for for thee but 374 00:22:18,800 --> 00:22:20,920 not for me as sort of a situation. 375 00:22:21,320 --> 00:22:24,640 Like you look at all the corruption in the Congress and 376 00:22:24,640 --> 00:22:28,200 Senate right now, how much the net worth of all those guys has 377 00:22:28,200 --> 00:22:31,040 gone up, guys and gals, once they get elected. 378 00:22:31,360 --> 00:22:33,640 And, and I scratch my head and say, OK, you guys are going to 379 00:22:34,600 --> 00:22:38,000 continue to implement the, the Bank Secrecy Act on us and 380 00:22:38,000 --> 00:22:41,440 continue to lock down on us, us not being able to spend any of 381 00:22:41,440 --> 00:22:47,360 our, our, our validly earned money and going to crack the 382 00:22:47,360 --> 00:22:49,520 whip on all of us. And at the same time, this 383 00:22:49,520 --> 00:22:52,200 oligarchy that we call our, our Congress and Senate is just 384 00:22:52,200 --> 00:22:53,760 going to continue to line their pockets. 385 00:22:53,760 --> 00:22:58,360 And nobody's going to look at that, I guess, just as the, the 386 00:22:58,360 --> 00:23:01,400 hypocritical nature of all of it is just so absurd. 387 00:23:02,400 --> 00:23:06,080 And I think that as Bitcoiners, the best thing that we can do is 388 00:23:06,080 --> 00:23:10,480 just opt out. We can be a self referential 389 00:23:10,480 --> 00:23:12,720 system, right? We don't actually have to use 390 00:23:12,720 --> 00:23:16,680 dollars if we all just agree to buy and purchase goods for goods 391 00:23:16,680 --> 00:23:18,480 and services from one another in Bitcoin. 392 00:23:18,720 --> 00:23:23,080 And by doing that, they actually can't come after us in the way 393 00:23:23,080 --> 00:23:26,880 that this framing looks to be laying itself out, like the idea 394 00:23:26,880 --> 00:23:30,720 of lawful users of Bitcoin, like, I'm sorry, there's just 395 00:23:30,720 --> 00:23:33,800 users, right? That, that, that's kind of an 396 00:23:33,800 --> 00:23:36,520 absurd statement to begin with. So the fact that they're 397 00:23:36,520 --> 00:23:38,320 cracking down on it like that is worrisome. 398 00:23:38,560 --> 00:23:42,600 The fact that they're coming after Roman again, you know, 399 00:23:42,600 --> 00:23:44,200 that Southern District of New York. 400 00:23:44,200 --> 00:23:47,680 I mean, I, I, I would love somebody to go sort of plunge 401 00:23:47,680 --> 00:23:51,440 the, the, the drain there. That just place seems to just 402 00:23:51,440 --> 00:23:55,000 be, you know, the, the enforcement arm of the Federal 403 00:23:55,000 --> 00:23:56,600 Reserve or something. It's pretty crazy. 404 00:23:58,080 --> 00:24:01,880 I don't like it at all. So when I look at all of this, I 405 00:24:01,880 --> 00:24:04,560 think that you know what, there's some statistics that 406 00:24:04,560 --> 00:24:07,920 takes like 3 1/2 percent of a population to resist something 407 00:24:07,920 --> 00:24:10,640 for it to actually not be enacted. 408 00:24:10,640 --> 00:24:13,120 And I think that 3 1/2 percent is a Bitcoin community. 409 00:24:13,400 --> 00:24:16,600 And so really it comes down to us, like if you look at the the 410 00:24:16,600 --> 00:24:20,760 generations before us, right, and what they had to do to 411 00:24:20,760 --> 00:24:24,960 survive and hand us freedom that we've just been born into. 412 00:24:25,440 --> 00:24:28,520 Guys, gals, I'm sorry. I think it's our turn. 413 00:24:29,320 --> 00:24:31,800 I think it's our turn to fight for freedom for the next 414 00:24:31,800 --> 00:24:34,560 generation. And it's coming at us right here 415 00:24:34,560 --> 00:24:36,600 and now. And if we're not fighting for 416 00:24:36,600 --> 00:24:40,120 that freedom with our actions, and we can peacefully do that 417 00:24:40,120 --> 00:24:43,160 with our choice of using Bitcoin, then I think our 418 00:24:43,160 --> 00:24:45,360 descendants are going to be pretty damn embarrassed for us 419 00:24:46,240 --> 00:24:50,680 that we let it slide away. Yeah, no, 100%. 420 00:24:50,680 --> 00:24:55,720 And I really do like the that, that statistic, that number, you 421 00:24:55,720 --> 00:24:58,720 know, 3 1/2 percent is, it's one of the things that us bit 422 00:24:58,720 --> 00:24:59,800 corners have been saying for a while. 423 00:24:59,800 --> 00:25:02,200 You know, the American Revolution was fought by like 424 00:25:02,200 --> 00:25:05,680 that 3% number. And I I really do want to 425 00:25:05,680 --> 00:25:09,920 believe in that number. But one thing that is very 426 00:25:09,920 --> 00:25:14,400 worrying, like you mentioned, it does seem like we are there's 427 00:25:14,400 --> 00:25:18,640 like a stark difference right now where like we we're all kind 428 00:25:18,640 --> 00:25:21,400 of watching and maybe a lot of us don't want to admit it, but 429 00:25:21,400 --> 00:25:25,640 there there does seem to be just unprecedented political 430 00:25:25,640 --> 00:25:29,360 corruption right now. And there does seem to be a 431 00:25:29,400 --> 00:25:34,880 complete severance from what the politicians want to do and what 432 00:25:34,880 --> 00:25:38,200 we want to happen. It's like they don't care what 433 00:25:38,200 --> 00:25:40,680 we think anymore. They're just kind of like, this 434 00:25:40,680 --> 00:25:42,720 is what's going to happen. This is going to push, get 435 00:25:42,720 --> 00:25:44,760 pushed through. Like, don't worry about you 436 00:25:44,760 --> 00:25:47,200 peasants. So I'm like, again, maybe I'm 437 00:25:47,200 --> 00:25:50,560 hedging my own thinking where I'm like, I totally believe in 438 00:25:50,560 --> 00:25:52,480 that 3% number. Like the, you know, the 439 00:25:52,480 --> 00:25:54,640 intolerant minority will always win. 440 00:25:55,320 --> 00:25:56,960 I'm a true believer in that idea. 441 00:25:57,960 --> 00:26:00,640 Then you kind of see what's happening from, you know, the 442 00:26:00,640 --> 00:26:03,920 top down directory, right currently as we speak and you're 443 00:26:03,920 --> 00:26:08,320 like, wow, there's a there's a complete severance from the, you 444 00:26:08,320 --> 00:26:12,040 know, for the people by the people and the politicians are 445 00:26:12,040 --> 00:26:15,560 totally just going rogue. And you know, historically we've 446 00:26:15,560 --> 00:26:18,680 seen these kind of examples. It it I don't want to be the 447 00:26:18,680 --> 00:26:23,080 just classic bitcoiner of like, what's it late empire vibes here 448 00:26:23,080 --> 00:26:26,600 where you know, the people specifically, you know, man 449 00:26:26,600 --> 00:26:28,280 thinks of the Roman Empire. It's like at the end of the 450 00:26:28,280 --> 00:26:31,680 Roman Empire, the people in power just, you know, we're in 451 00:26:31,680 --> 00:26:33,960 for themselves and pillaging as much as they want. 452 00:26:34,280 --> 00:26:39,920 Now I, I do truly believe that we can hopefully turn this 453 00:26:39,920 --> 00:26:43,480 around like they're I got to believe in the hope. 454 00:26:43,560 --> 00:26:46,240 You know, the chat always calls Opti just hope him here. 455 00:26:46,240 --> 00:26:48,800 Like I have to believe in the hope or else, like what's the 456 00:26:48,800 --> 00:26:51,200 point of doing all of this? Like we got to believe in the 457 00:26:51,200 --> 00:26:54,600 good. But it is hard to fight the 458 00:26:54,600 --> 00:26:57,440 black pill and the doomerism when you kind of look at 459 00:26:57,440 --> 00:27:02,000 everything and you're just man, it really, it really is an 460 00:27:02,000 --> 00:27:04,480 uphill battle. I guess that's that's the only I 461 00:27:04,720 --> 00:27:07,560 don't know. Let me let me jump in and just 462 00:27:07,560 --> 00:27:10,840 just say, you know, the the way that I've been framing this is 463 00:27:10,840 --> 00:27:16,160 yeah, it's, it's it's the dawn is darkest right before the sun 464 00:27:16,160 --> 00:27:17,680 comes up. And it sort of feels like that 465 00:27:17,680 --> 00:27:20,440 moment. It sort of feels like like Mr. 466 00:27:20,440 --> 00:27:25,360 Global, to use Castro Catherine Austin Fitz's terminology for 467 00:27:25,360 --> 00:27:29,840 this just Leviathan that seems like we're we're that we're 468 00:27:29,840 --> 00:27:32,680 battling all the time. It seems like we've got Mr. 469 00:27:32,680 --> 00:27:35,200 Global like cornered at this point. 470 00:27:35,440 --> 00:27:37,680 And basically the mask has been ripped off. 471 00:27:37,680 --> 00:27:41,760 And it's kind of like if you have an injured animal cornered, 472 00:27:41,760 --> 00:27:44,480 right? Like it's going to fight until 473 00:27:44,480 --> 00:27:48,000 it's last breath. And it feels like everything is 474 00:27:48,000 --> 00:27:50,480 being accelerated and thrown at us all at once. 475 00:27:50,560 --> 00:27:56,000 And if all we can do is just stand our ground like that, that 476 00:27:56,000 --> 00:27:59,560 phase is going to be over and we'll we'll have turned the 477 00:27:59,560 --> 00:28:01,560 tide. And so I think it's just largely 478 00:28:01,720 --> 00:28:07,360 on us to continue to stand our ground and that Mister Global is 479 00:28:07,360 --> 00:28:09,760 just gonna fade away into the sunset and we'll win. 480 00:28:10,320 --> 00:28:13,080 It doesn't look like it right now, but that's my take. 481 00:28:13,120 --> 00:28:16,760 And you can look at that just by even what's going on in Iran 482 00:28:16,760 --> 00:28:18,880 right now, right? Just like the consumption of 483 00:28:18,880 --> 00:28:22,840 resources to battle that particular war right now. 484 00:28:22,880 --> 00:28:25,440 I think that's one of the reasons why Trump is signaling, 485 00:28:25,440 --> 00:28:27,960 starting to signal like, hey, we won. 486 00:28:28,200 --> 00:28:30,120 You know, it's like, who cares if we won or lost? 487 00:28:30,120 --> 00:28:32,840 Like I don't think we've got the resources to actually put us 488 00:28:32,840 --> 00:28:34,440 through. There is practical limits to 489 00:28:34,440 --> 00:28:36,840 what we can actually accomplish as a nation right now. 490 00:28:36,840 --> 00:28:42,000 And so I think that if the if if the debt based financial system 491 00:28:42,000 --> 00:28:46,680 does not continue to prop that up, it won't continue to exist. 492 00:28:46,680 --> 00:28:48,880 And I think we're at the at the limits of that. 493 00:28:48,880 --> 00:28:53,840 So maybe I'm just like you, an eternal optimist and full of 494 00:28:53,840 --> 00:28:56,000 opium. But I'd like to think that we're 495 00:28:56,000 --> 00:28:58,480 just at that last hour. You know, like the 4:00 AM hour 496 00:28:58,480 --> 00:29:02,440 where it just sucks while you're freezing your our soft waiting 497 00:29:02,440 --> 00:29:04,680 for the sun to come up. But we'll get close. 498 00:29:05,040 --> 00:29:08,600 Yeah, well, I will. I'll give you the credit here, 499 00:29:08,600 --> 00:29:13,080 Kent, because that was a very hopeful like, OK, hey guys. 500 00:29:13,080 --> 00:29:15,800 Like I know it's dark, but we're going to we're going to figure 501 00:29:15,800 --> 00:29:18,400 this out, guys. And maybe it's just because you 502 00:29:18,400 --> 00:29:22,400 got the, you know, the wisdom on, on the, on that beard there 503 00:29:22,400 --> 00:29:25,000 that us young guys. And maybe it's just I drink too 504 00:29:25,000 --> 00:29:27,360 much caffeine this morning. I don't know, maybe I'm just 505 00:29:27,360 --> 00:29:29,360 like jittery in general this morning. 506 00:29:30,240 --> 00:29:34,000 But it it that did, you know, metaphorically walk me off the 507 00:29:34,000 --> 00:29:35,320 Cliff. I'm like, yeah, you know, 508 00:29:35,440 --> 00:29:37,520 actually, what am I saying? We we got this. 509 00:29:37,560 --> 00:29:38,680 We're we're going to figure this out. 510 00:29:38,680 --> 00:29:42,080 And it and it reminds me of the what's the saying? 511 00:29:42,080 --> 00:29:45,320 You know, first they ignore you, then they laugh at you, then 512 00:29:45,320 --> 00:29:49,920 they fight you and then you win. As we can see, you know, it's a 513 00:29:49,920 --> 00:29:54,120 multi front war right now, literally and figuratively, but 514 00:29:54,120 --> 00:29:57,480 we are in the then they fight you stage and no one said it was 515 00:29:57,480 --> 00:29:59,400 going to be easy. No one said it was going to be 516 00:29:59,400 --> 00:30:02,640 quick. Well, depending on which front 517 00:30:02,680 --> 00:30:05,320 we're talking about, because people did say, you know what 518 00:30:05,320 --> 00:30:06,880 was going to happen. The Middle East was going to be 519 00:30:06,880 --> 00:30:11,040 quick and easy, but in terms of this Bitcoin thing, I've been 520 00:30:11,040 --> 00:30:13,520 saying for a while, like I really am convinced this is 521 00:30:13,520 --> 00:30:17,760 going to be, you know, multi decade struggle and it's not 522 00:30:17,760 --> 00:30:19,920 going to happen overnight. I know some friends are like, 523 00:30:19,920 --> 00:30:23,520 now one day, you know, gradually, then suddenly they're 524 00:30:23,520 --> 00:30:25,080 going to bend the knee. And I'm like, I don't know. 525 00:30:25,080 --> 00:30:26,960 I think it's, I think this, I think we're going to be in the 526 00:30:26,960 --> 00:30:29,720 trenches for the next decade minimum. 527 00:30:30,080 --> 00:30:34,120 And we're just going to try to get more people in and try to 528 00:30:34,120 --> 00:30:36,880 make sure, like you said, we stand our ground because that's 529 00:30:36,880 --> 00:30:38,880 really how I think we win as well. 530 00:30:38,880 --> 00:30:41,440 It's like we carved out a little area. 531 00:30:42,280 --> 00:30:45,760 As more people come, it obviously grows, but we can't 532 00:30:45,760 --> 00:30:49,160 budget, you know, from the ground that we've claimed 533 00:30:49,160 --> 00:30:52,640 because that's how we lose. So some wisdom can. 534 00:30:53,360 --> 00:30:55,640 Well, let me let me just throw in a couple of other historical 535 00:30:55,640 --> 00:30:57,920 things that are worth keeping in mind. 536 00:30:57,920 --> 00:31:00,200 Right. Like I was actually old enough 537 00:31:00,200 --> 00:31:01,920 to remember when the Berlin Wall fell. 538 00:31:02,600 --> 00:31:04,920 Now I wasn't old enough to remember what things were like 539 00:31:04,920 --> 00:31:07,800 before that, but you go back in time that what everybody thought 540 00:31:07,800 --> 00:31:10,960 like it was shocking to see the Berlin Wall fall, right? 541 00:31:10,960 --> 00:31:13,760 And that will that largely was like the difference between like 542 00:31:13,760 --> 00:31:17,160 the East and the West. And during that time frame, 543 00:31:17,520 --> 00:31:20,440 nobody, nobody thought within a week or so that that would drop. 544 00:31:20,760 --> 00:31:23,320 But it did, right. And so how radically did 545 00:31:23,320 --> 00:31:25,800 everything shift all at once? And in our lifetime, like I've 546 00:31:25,800 --> 00:31:28,920 seen another historical, this was a negative radical shift, 547 00:31:28,920 --> 00:31:32,480 but was like 911, right? Like that bank and not the bank 548 00:31:32,480 --> 00:31:35,720 secrecy, but the NSA came out and other things. 549 00:31:35,720 --> 00:31:37,680 Uh oh, I'm getting invaded by a little 1 here. 550 00:31:39,360 --> 00:31:41,240 That's my, that's my littlest. But yeah, we'll get them. 551 00:31:41,960 --> 00:31:43,080 Off camera, we'll get them off. Camera. 552 00:31:43,080 --> 00:31:43,640 Yeah. Thank you. 553 00:31:43,720 --> 00:31:45,600 Thank you. And then and then and then the 554 00:31:45,600 --> 00:31:48,440 third one was, you know, like COVID, like another radical 555 00:31:48,440 --> 00:31:49,600 shift. So I'm just saying there's 556 00:31:49,600 --> 00:31:52,800 historical events that can come about that can cause massive 557 00:31:52,800 --> 00:31:55,640 change very quickly. So things may look hopeless 558 00:31:55,640 --> 00:31:59,680 right now, but it doesn't take but for a shift to happen for 559 00:31:59,680 --> 00:32:02,080 everything to change in an instant. 560 00:32:02,080 --> 00:32:03,560 That's all. And the Berlin Wall is probably 561 00:32:03,560 --> 00:32:06,000 the most +1 that I can think of in my lifetime. 562 00:32:06,640 --> 00:32:08,920 Yeah, truly, I was, I was a little too young for the 563 00:32:08,920 --> 00:32:12,240 actually, I wasn't even born yet, but yeah, I'm a little too 564 00:32:12,240 --> 00:32:14,560 young for that one. But you know, I, I I like my 565 00:32:14,560 --> 00:32:16,480 history though. Someone in the chat, someone in 566 00:32:16,480 --> 00:32:20,080 the chat's. Yo, America, 7382 is like 567 00:32:20,200 --> 00:32:22,960 depressing combo. I know, dude, I, I know you. 568 00:32:22,960 --> 00:32:25,080 I I was really telling Cat before we went live. 569 00:32:25,400 --> 00:32:27,400 A lot of you guys are like, hey, I haven't seen, I haven't been 570 00:32:27,400 --> 00:32:28,960 on the show for a little bit. I need some opium. 571 00:32:28,960 --> 00:32:32,240 I'm like this might not be the show for you, bro. 572 00:32:32,400 --> 00:32:35,200 It's hard. There's not much opium on 573 00:32:35,200 --> 00:32:37,680 today's show. It's like we're we're kind of 574 00:32:38,080 --> 00:32:42,880 this is more of like a sober, you know, reality shock moment 575 00:32:42,880 --> 00:32:46,240 right now. But hey, we're you know, we got 576 00:32:46,240 --> 00:32:48,400 Bitcoin, you know, just keep DCA ING. 577 00:32:48,680 --> 00:32:52,480 I know at a certain point I I am truly actually can't. 578 00:32:52,640 --> 00:32:55,280 We are going a little long, but I do want to get your idea on 579 00:32:55,280 --> 00:32:59,720 this. I, I'm truly, I think becoming 580 00:32:59,720 --> 00:33:03,080 to the point and, and maybe a lot of our critics have been 581 00:33:03,080 --> 00:33:06,600 saying this for a long time where like, I don't think it is 582 00:33:06,600 --> 00:33:10,200 just enough for us to completely opt out of the system, just like 583 00:33:10,200 --> 00:33:14,080 stack sats and chill. I, I am starting to view this 584 00:33:14,080 --> 00:33:17,480 like that is just part of the, the equation here. 585 00:33:17,480 --> 00:33:21,280 Like you need to opt out, you need to save in Bitcoin, you 586 00:33:21,280 --> 00:33:25,240 need to stack sats and chill. But I think it's going to, 587 00:33:25,440 --> 00:33:28,200 there's going to be a lot more work for us to do than just 588 00:33:28,200 --> 00:33:32,080 simply saving in Bitcoin. That is like the the initial 589 00:33:32,080 --> 00:33:35,840 kind of domino that you need to save in Bitcoin to obviously 590 00:33:35,840 --> 00:33:38,520 protect yourself. But I think at a certain point 591 00:33:38,840 --> 00:33:43,040 we are going to have to do more as a community or, you know, as 592 00:33:43,040 --> 00:33:44,960 individuals, however you want to look at it. 593 00:33:44,960 --> 00:33:47,240 But I don't know what's your thoughts on that before we move 594 00:33:47,240 --> 00:33:49,360 on? Like is stacking stats and 595 00:33:49,360 --> 00:33:52,720 chilling enough or will is this just the beginning? 596 00:33:53,160 --> 00:33:55,600 Kind of, you know, entree battle. 597 00:33:56,440 --> 00:33:58,560 No, I don't think just stack and stats is enough. 598 00:33:59,040 --> 00:34:01,640 I think, I think it's, it's one level, right? 599 00:34:02,760 --> 00:34:04,920 I think it's one level, but I don't think you're part of the 3 600 00:34:04,920 --> 00:34:07,520 1/2% that's resisting if you're just doing that. 601 00:34:08,520 --> 00:34:12,360 I think, I think we need to actually be active in building. 602 00:34:12,600 --> 00:34:16,120 To me, there's an event horizon between Fiat reality and Bitcoin 603 00:34:16,120 --> 00:34:18,320 reality. And the more that we build 604 00:34:18,400 --> 00:34:23,080 Bitcoin reality, the more that we secure our future, the less 605 00:34:23,080 --> 00:34:26,719 that we build the Bitcoin reality, the more that we are 606 00:34:26,719 --> 00:34:29,320 have an insecure future. That's it's as simple as that 607 00:34:29,320 --> 00:34:32,040 for me. So me building SAS, mining, this 608 00:34:32,040 --> 00:34:35,600 is part of my effort to resist and to create a different way. 609 00:34:35,840 --> 00:34:38,520 And it's, it's my little simple act in the process, right? 610 00:34:38,520 --> 00:34:40,920 This is just the only way you generate Bitcoin is through 611 00:34:40,920 --> 00:34:43,600 mining, right? So customers that come here, 612 00:34:43,760 --> 00:34:46,239 they wind up getting SAS that are generated outside of the 613 00:34:46,239 --> 00:34:48,360 banking system because they're generated by the network. 614 00:34:48,440 --> 00:34:51,880 So it's my little way of of having some form of resistance 615 00:34:51,880 --> 00:34:55,920 and giving people tools to have their own form of resistance. 616 00:34:56,239 --> 00:35:00,040 But I think that all of us have a part to play, whether you're 617 00:35:00,040 --> 00:35:04,200 an entrepreneur and just accept Bitcoin and then spend it, you 618 00:35:04,200 --> 00:35:07,520 know, amongst your friends, family and other vendors that 619 00:35:07,520 --> 00:35:10,240 you might associate with. I think that we have an 620 00:35:10,240 --> 00:35:13,600 obligation here and now to do that level of resistance. 621 00:35:13,600 --> 00:35:15,840 I'm not calling for anything violent or anything. 622 00:35:15,920 --> 00:35:19,360 Yeah, crazy like that. But no, no, no, no, none of 623 00:35:19,360 --> 00:35:21,520 that. But I think just like, you know, 624 00:35:21,520 --> 00:35:24,800 I was inspired by Mahatma Gandhi and like how he resisted the 625 00:35:24,800 --> 00:35:27,640 entire British Empire, right? Like he just checked out, you 626 00:35:27,640 --> 00:35:29,480 know, how he actually resisted the British Empire. 627 00:35:29,640 --> 00:35:31,480 You refused to buy any of their goods and services. 628 00:35:31,720 --> 00:35:34,560 And So what do you do? He made his own clothes, he he 629 00:35:34,560 --> 00:35:38,720 grew his own food and he just stopped using their system. 630 00:35:38,920 --> 00:35:42,240 And I think that we have that opportunity here with Bitcoin to 631 00:35:42,400 --> 00:35:46,400 opt out in a very peaceful way. And by opting out, we vote with 632 00:35:46,400 --> 00:35:49,080 our dollars not to participate in the system. 633 00:35:49,120 --> 00:35:52,720 And that's the way that we actually can change everything 634 00:35:53,200 --> 00:35:57,120 is simply by opting out. So I think it's, it's strength 635 00:35:57,120 --> 00:36:00,520 in numbers, right? It's not just me or you, Opti 636 00:36:00,520 --> 00:36:03,320 that makes that happen, but it's all of us collectively 637 00:36:03,320 --> 00:36:07,320 realizing, oh, this mathematical certainty, money that is 638 00:36:07,360 --> 00:36:15,080 digitally scarce and and protected by electricity is a 639 00:36:15,080 --> 00:36:18,960 better way for us to conduct value between each other. 640 00:36:19,000 --> 00:36:21,640 And let's just embrace that, you know, we can all kind of have 641 00:36:21,640 --> 00:36:25,680 our version of being Amish, so to speak, by building a separate 642 00:36:25,680 --> 00:36:30,040 reality and just continue to live as a sovereign entity 643 00:36:30,280 --> 00:36:34,520 within the, the overarching system and, and do that as a 644 00:36:34,520 --> 00:36:36,880 network state, a Bitcoin network state, so to speak. 645 00:36:37,280 --> 00:36:40,160 Yeah, I I couldn't agree more. Couldn't agree more. 646 00:36:40,160 --> 00:36:43,520 Though I do have to, I do have to read this comment. 647 00:36:43,520 --> 00:36:48,640 This is actually hilarious. Christopher Barber on in the 648 00:36:48,640 --> 00:36:51,120 YouTube tags like our hopium dealer is telling us to go to 649 00:36:51,120 --> 00:36:54,320 rehab. Hey, sometimes we need a reality 650 00:36:54,320 --> 00:36:56,880 check, OK? Sometimes we get a little too 651 00:36:56,880 --> 00:36:59,480 high on our own side. OK, All right, that's all I'm 652 00:36:59,480 --> 00:37:02,080 doing. You know, but that's a funny 653 00:37:02,080 --> 00:37:03,120 comment. That's a funny comment. 654 00:37:03,280 --> 00:37:05,600 All right, Anyways, guys, we are we're going to keep the show 655 00:37:05,600 --> 00:37:07,560 moving. I do have an interesting clip 656 00:37:07,680 --> 00:37:11,640 that was, you know, circulating on Twitter last night in regards 657 00:37:11,640 --> 00:37:15,120 to inflation. And then on the same note, I 658 00:37:15,120 --> 00:37:17,280 don't know if you guys are watching what's going on in the 659 00:37:17,280 --> 00:37:22,040 oil markets, but the it's it's trading like a shit coin. 660 00:37:22,040 --> 00:37:25,480 And I'm really glad to have Kent here, obviously as a Bitcoin 661 00:37:25,480 --> 00:37:30,840 miner to get his take on the rising and and falling prices of 662 00:37:30,840 --> 00:37:34,280 energy currently and what like what exactly is going on? 663 00:37:34,520 --> 00:37:37,520 And then of course, we're going to get an update from Kent a 664 00:37:37,520 --> 00:37:41,600 little later, might have a little bit more contrarian takes 665 00:37:41,600 --> 00:37:44,200 to wrap up today's show. So that's the layout of today's 666 00:37:44,200 --> 00:37:45,480 show. First commercial special break 667 00:37:45,480 --> 00:37:50,200 and we'll be right back. Today's episode is brought to 668 00:37:50,200 --> 00:37:53,680 you by Bitcoin Well Infinite. 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Stamp your seed on Stamp seed 703 00:39:47,240 --> 00:39:52,600 and use promo code simply to get 15% off anything on the Stamp 704 00:39:52,600 --> 00:40:01,680 se-ed.com store. All right guys, all right, the 705 00:40:01,960 --> 00:40:09,400 current Bitcoin price is $71,270 guys, I'm starting to get a 706 00:40:09,400 --> 00:40:11,160 little bullish here. I I know you guys want the 707 00:40:11,160 --> 00:40:14,880 opium, but. I don't know I I'm really 708 00:40:15,000 --> 00:40:17,720 leaning into being a Wick off Maxi right now. 709 00:40:17,720 --> 00:40:20,280 OK, maybe I'll cover that later for you guys on the show if if 710 00:40:20,280 --> 00:40:21,600 it holds on the pattern all right. 711 00:40:22,400 --> 00:40:27,480 Anyways, the discount from all time high is 43.5% the market 712 00:40:27,480 --> 00:40:30,640 cap. Look guys, we have reclaimed the 713 00:40:30,640 --> 00:40:34,320 $1.43 trillion dude, a win's a win as long as we're out of the 714 00:40:34,320 --> 00:40:38,480 $1.3 trillion market caps. Like I, I, it feels a little 715 00:40:38,480 --> 00:40:41,120 better. That 1.3 is just depressing to 716 00:40:41,120 --> 00:40:42,960 me for some reason. I, I can't explain it. 717 00:40:43,440 --> 00:40:45,760 Anyways, it looks like let me actually let me double check 718 00:40:45,760 --> 00:40:49,400 this. It looks like we have yes OK, 719 00:40:50,680 --> 00:40:53,400 Clark Moody's dashboard is updated on the block height. 720 00:40:53,400 --> 00:40:57,840 It is the current block height is currently 940,144. 721 00:40:57,840 --> 00:41:01,160 I I don't know what was going on yesterday guys, but it it was 722 00:41:01,160 --> 00:41:05,320 interesting that on the day that we got the you know 20 million 723 00:41:05,320 --> 00:41:11,480 Bitcoin mined we the Clark Moody dashboard just like wasn't 724 00:41:11,480 --> 00:41:13,200 working for us. So that that was like. 725 00:41:13,200 --> 00:41:14,280 I don't know what's going on here. 726 00:41:14,280 --> 00:41:17,840 I got to go to men pulled out space to confirm what the block 727 00:41:17,840 --> 00:41:22,240 height is currently. But anyways, as I was saying, 728 00:41:22,280 --> 00:41:28,000 there was a clip on CNBC and it is by Ron Baron, of course, of 729 00:41:28,000 --> 00:41:31,240 Baron capital. He's a influential person. 730 00:41:31,240 --> 00:41:36,040 Yes, you know, Boomer, but hey, influential and billionaire 731 00:41:36,040 --> 00:41:39,040 investor. So it's not just bitcoiners 732 00:41:39,040 --> 00:41:42,560 saying these things, which is why I wanted to bring it up is 733 00:41:42,560 --> 00:41:47,400 because he is hitting on not just Bitcoin, but inflation and 734 00:41:47,400 --> 00:41:50,520 further what that does to your purchasing power from a 735 00:41:50,640 --> 00:41:52,920 bitcoiners perspective, from someone that's been here for a 736 00:41:52,920 --> 00:41:55,200 long time, you're probably like, this is nothing new. 737 00:41:55,200 --> 00:41:57,760 I've heard this before, but that's the point. 738 00:41:58,360 --> 00:42:03,120 Now our narratives are getting out on CNBC from people that are 739 00:42:03,120 --> 00:42:05,760 in, you know, higher up positions than we are that 740 00:42:05,760 --> 00:42:08,560 aren't just Youtubers that aren't just an ONS on Twitter. 741 00:42:08,880 --> 00:42:11,080 It's like the signal is spreading guys. 742 00:42:11,080 --> 00:42:15,840 So hopefully, again, maybe this is the, you know, the dawn, what 743 00:42:15,840 --> 00:42:20,720 the darkness before the light, but our, our analysis of the 744 00:42:20,720 --> 00:42:24,720 world is starting to get around and people are sounding a lot 745 00:42:24,720 --> 00:42:29,000 like Bitcoiners from positions that are, you know, very 746 00:42:29,000 --> 00:42:31,600 interesting and and of course powerful. 747 00:42:31,600 --> 00:42:35,960 It's it, it, I'm being reminded right now of that, that Fight 748 00:42:35,960 --> 00:42:38,840 Club meme of like, we run the nodes, we're everywhere, You 749 00:42:38,840 --> 00:42:41,040 know, it's like Bitcoiners are everywhere now. 750 00:42:41,040 --> 00:42:45,160 And it's, it's I guess to say like we're still early in this 751 00:42:45,160 --> 00:42:48,480 game, but we have some, you know, at least some key 752 00:42:48,480 --> 00:42:51,320 understanding from some key players that are seemingly 753 00:42:51,320 --> 00:42:56,160 coming towards the Bitcoin side. So we'll play the clip and let 754 00:42:56,160 --> 00:42:57,440 me know what you guys think in the chat. 755 00:42:58,480 --> 00:43:02,160 What happens if the value for money falls and falls 4 or 5% a 756 00:43:02,160 --> 00:43:04,720 year? That's inflation, both 4 or 5% a 757 00:43:04,720 --> 00:43:07,200 year and the economic growth has been about 2% a year. 758 00:43:07,560 --> 00:43:11,640 So it's about 7% a year growth and that means everything double 759 00:43:11,640 --> 00:43:13,720 s in 10 years. The value of the money falls in 760 00:43:13,720 --> 00:43:16,920 half every 15 years. So you got to make twice what 761 00:43:16,920 --> 00:43:19,840 you're making today in 15 years to stay even. 762 00:43:20,520 --> 00:43:23,920 And so stock market, you know, so bitcoins been amazing. 763 00:43:23,960 --> 00:43:28,200 Obviously, it's absolutely not. I'm sorry, guys. 764 00:43:28,200 --> 00:43:31,800 I I thought it was louder. I usually do my best to, you 765 00:43:31,800 --> 00:43:33,520 know, edit that so it's louder for you guys. 766 00:43:33,520 --> 00:43:37,600 But hey, nonetheless, he's out here saying, you know, the real 767 00:43:37,600 --> 00:43:41,360 cost of inflation, even though, you know, I'll pull up 768 00:43:41,360 --> 00:43:44,840 Trueflation for you guys. And even though the official, 769 00:43:44,840 --> 00:43:49,240 you know, CPI numbers currently are very low inflation, I think 770 00:43:49,240 --> 00:43:54,200 most of us in real life here feel what is going on. 771 00:43:54,200 --> 00:43:59,160 So Trueflation at least CPI is saying it's under around 1%, one 772 00:43:59,160 --> 00:44:03,520 point four, 1.04%. So if you're looking at the 773 00:44:03,520 --> 00:44:06,560 official numbers, you're like, OK, it's, you know, hey, it's 774 00:44:06,560 --> 00:44:13,160 1%, that's not that bad. Even even that is not ideal. 775 00:44:13,160 --> 00:44:18,560 You're losing 1% of your purchasing power currently every 776 00:44:18,560 --> 00:44:22,000 year at least via these numbers. Now if you go into kind of on 777 00:44:22,000 --> 00:44:27,000 average, it's usually around 2%. As you know Ron was saying it's 778 00:44:27,000 --> 00:44:31,840 like add that with the SP500 going up around 5%. 779 00:44:31,840 --> 00:44:35,320 So the real inflation is probably around 7% and then 780 00:44:35,320 --> 00:44:40,680 going further, if you elongate this out for 10-15 years, you 781 00:44:40,680 --> 00:44:45,200 literally need to double your income in 15 years just to stay 782 00:44:45,200 --> 00:44:48,120 even. This is why it's all a scam now. 783 00:44:48,160 --> 00:44:51,280 One of the biggest things that really kind of annoys me when it 784 00:44:51,280 --> 00:44:57,240 comes to oops sorry guys. When it comes to people talking 785 00:44:57,240 --> 00:45:02,240 about inflation, is it always frame it in this idea of hey, 786 00:45:02,240 --> 00:45:05,720 guys, it's only 1% inflation, Like it's going down, guys. 787 00:45:05,720 --> 00:45:08,440 Like inflation's going down, guys, you should be happy. 788 00:45:08,960 --> 00:45:11,440 And you're like, I'm still losing. 789 00:45:11,440 --> 00:45:13,960 Like it, It's not that it's gone forever. 790 00:45:13,960 --> 00:45:16,720 I'm still losing my purchasing power. 791 00:45:16,720 --> 00:45:20,800 Yes, it's going down and I'm losing it at a slow like I'm, 792 00:45:20,840 --> 00:45:24,560 I'm my purchasing power is getting destroyed at a lower 793 00:45:24,560 --> 00:45:27,400 rate, but it's still getting destroyed. 794 00:45:27,400 --> 00:45:28,960 And this is how the system works. 795 00:45:28,960 --> 00:45:32,240 And most people are like a man and you know, inflation, you 796 00:45:32,240 --> 00:45:34,920 know, like the gas prices aren't going up that high, you know, 797 00:45:35,120 --> 00:45:37,480 groceries not costing too much more money. 798 00:45:37,480 --> 00:45:40,560 And you're like, doesn't matter. We're still losing in this in 799 00:45:40,560 --> 00:45:42,720 this system that is designed for us to lose. 800 00:45:42,720 --> 00:45:46,400 And you're just like, I remember the first time I heard this. 801 00:45:46,400 --> 00:45:52,680 Can't this idea that in 15 years you lose half of your stuff just 802 00:45:52,680 --> 00:45:58,080 via normal inflation numbers? And that idea in itself, maybe 803 00:45:58,080 --> 00:46:00,520 it's because I was still kind of young at the time when I first 804 00:46:00,520 --> 00:46:04,080 got into Bitcoin and I was first listening to Bitcoin podcasters. 805 00:46:04,440 --> 00:46:08,320 I was like, yo, in 15 years I lose half of my money that I 806 00:46:08,320 --> 00:46:10,120 save. Like, there's no way I'm going 807 00:46:10,120 --> 00:46:12,280 to get out of this. I'm like, I'm going to be broke, 808 00:46:12,280 --> 00:46:14,120 Sir, forever. Like I'm going to be a peasant 809 00:46:14,120 --> 00:46:15,360 forever. What's going on? 810 00:46:15,720 --> 00:46:17,960 And then that's like the moment where it clicks and I was like, 811 00:46:18,000 --> 00:46:22,280 oh, I need to just stack and save and acquire, accumulate as 812 00:46:22,280 --> 00:46:24,760 much Bitcoin as possible because that's the only escape that I 813 00:46:24,760 --> 00:46:27,960 saw. And in hindsight, I should have 814 00:46:27,960 --> 00:46:30,400 gone harder, You know, I should have gone way harder. 815 00:46:30,800 --> 00:46:33,960 It was the right move, but I could have gone so much harder. 816 00:46:34,360 --> 00:46:37,920 And here we are. But anyways, I'm, I'm too geeked 817 00:46:37,920 --> 00:46:39,640 up on coffee, so I got to pass the mic. 818 00:46:39,640 --> 00:46:44,440 Kent, are you surprised that the Bitcoin narratives are starting 819 00:46:44,440 --> 00:46:47,040 to, or rather posed a different way? 820 00:46:47,800 --> 00:46:52,880 Are you surprised that the average person on CNBC is now 821 00:46:52,880 --> 00:46:55,000 starting to sound like a Bitcoiner? 822 00:46:56,480 --> 00:46:59,760 No, it's, it's, it's just a matter of time, right? 823 00:46:59,800 --> 00:47:05,040 I mean, here's the thing, like I think most of us here through 824 00:47:05,040 --> 00:47:07,640 our own curiosity came to Bitcoin. 825 00:47:07,640 --> 00:47:11,640 I think the big print of 2021 for Covad was like a big like 826 00:47:11,760 --> 00:47:15,000 bat signal that drew a lot of us to to Bitcoin. 827 00:47:15,320 --> 00:47:19,080 But those that came before, you know, were drawn by their own 828 00:47:19,080 --> 00:47:22,000 curiosity. I think that cohorts gone, I 829 00:47:22,040 --> 00:47:25,200 think now the adopters of Bitcoin are getting it not 830 00:47:25,200 --> 00:47:27,880 through the orange fill, but the orange Suppository through pain 831 00:47:28,360 --> 00:47:32,520 and the pain is inflation and the pain of inflation. 832 00:47:32,520 --> 00:47:35,240 I think most people don't actually think this all the way 833 00:47:35,240 --> 00:47:38,520 through, right? If let's say 2% is the number, I 834 00:47:38,520 --> 00:47:41,120 know you just showed 1%, but I like 2% better because that's 835 00:47:41,120 --> 00:47:45,240 what the, the Fed, you know, did neuro linguistic programming on 836 00:47:45,240 --> 00:47:47,920 all of us for the last 30 plus years, right? 837 00:47:48,120 --> 00:47:52,400 But 2% means that 2% of the value of the dollars that you've 838 00:47:52,400 --> 00:47:56,200 stored have disappeared. Well, how do you make up that 2% 839 00:47:56,200 --> 00:47:58,160 the next year? I mean, if you're living 840 00:47:58,160 --> 00:48:00,080 paycheck to paycheck? And the answer is. 841 00:48:00,200 --> 00:48:03,840 You have to work 2% more. So it's not just 2% of your 842 00:48:03,840 --> 00:48:06,360 money that disappeared, it's 2% of your time. 843 00:48:06,560 --> 00:48:09,280 And actually when you start to look at that loss of time across 844 00:48:09,280 --> 00:48:12,560 all of humanity, it's an absolute travesty because it's 845 00:48:12,560 --> 00:48:15,360 literally stealing like our lives away from us. 846 00:48:15,360 --> 00:48:18,080 This, this theft. So to me, this is the most 847 00:48:18,080 --> 00:48:22,120 insidious type of theft that there is because it's hidden and 848 00:48:22,120 --> 00:48:24,400 discreet. It's like a snake entering your 849 00:48:24,400 --> 00:48:25,920 room while you sleep or something. 850 00:48:25,920 --> 00:48:28,200 You just, you don't know it's there and you put your foot down 851 00:48:28,200 --> 00:48:30,960 off the bed and holy shit, like it goes half my life, right? 852 00:48:30,960 --> 00:48:33,800 Or at least half my leg. And it sucks. 853 00:48:33,800 --> 00:48:37,160 It's just horrible. I hate it with every fiber of my 854 00:48:37,160 --> 00:48:40,600 being because it's just so unjust and and not right. 855 00:48:40,600 --> 00:48:43,760 And I think as more people wake up to that, I think the type 856 00:48:43,760 --> 00:48:47,760 will turn and and that natural disposition will just be what 857 00:48:47,760 --> 00:48:49,760 the fuck? We don't have to like with 858 00:48:49,760 --> 00:48:51,800 Bitcoin. We have a choice, right? 859 00:48:51,800 --> 00:48:54,160 You don't have to be a part of that system. 860 00:48:54,320 --> 00:48:57,600 And again, opting out and just building in this other system 861 00:48:57,800 --> 00:49:00,600 allows that reality to come more into focus. 862 00:49:00,600 --> 00:49:03,520 And yeah, I think I saw a chat comment here about Jeff Booth, 863 00:49:03,520 --> 00:49:06,640 and I think Jeff Booth has been the 1st and the best at 864 00:49:06,640 --> 00:49:09,560 describing this phenomena. You don't fight the existing 865 00:49:09,560 --> 00:49:11,560 system, you just build a better one. 866 00:49:12,480 --> 00:49:15,200 And by building the better one, it would just cause the the 867 00:49:15,200 --> 00:49:18,200 existing system to slowly collapse in on itself. 868 00:49:18,560 --> 00:49:23,800 And that's where we are. Yeah, 100% I I truly love that 869 00:49:23,800 --> 00:49:28,800 Jeff Boos comment of and it and it really reminds me of and 870 00:49:28,800 --> 00:49:31,560 other kind of truism. You know, it takes more effort 871 00:49:31,560 --> 00:49:36,920 to combat BS and I think that's kind of where the Jeff booth, I 872 00:49:36,920 --> 00:49:38,240 don't know, heuristic comes from. 873 00:49:38,240 --> 00:49:42,720 It's like it takes a lot more effort to try to stop the 874 00:49:42,720 --> 00:49:45,800 collapse of the old system versus does to just build on a 875 00:49:45,800 --> 00:49:48,720 new system. And I know we're still early in 876 00:49:48,720 --> 00:49:52,760 that process, but it it does again, maybe maybe we're ending 877 00:49:52,760 --> 00:49:56,400 the show a little bit with some, some opium here, with some, with 878 00:49:56,400 --> 00:49:58,600 some, you know, white pills throughout the show. 879 00:49:58,600 --> 00:50:03,680 It's like it is going to take effort, but it, it is seemingly 880 00:50:03,680 --> 00:50:07,560 starting to bud and there, there are things that are going in the 881 00:50:07,560 --> 00:50:10,560 right direction and it, and it might just be one of these 882 00:50:10,560 --> 00:50:14,360 things where what's the, you know, bad times create strong 883 00:50:14,360 --> 00:50:16,800 men. It's like maybe we just have to 884 00:50:16,800 --> 00:50:20,120 rise to the occasion or else like what, what's the other 885 00:50:20,120 --> 00:50:23,040 alternative? It's just, you know, society as 886 00:50:23,040 --> 00:50:25,760 we know it is over. I don't know, I, I can't, I 887 00:50:25,760 --> 00:50:28,520 can't function on, on that, even though you guys know, I'm, I am 888 00:50:28,520 --> 00:50:31,800 kind of an accelerationist. I don't like to be, but I'm 889 00:50:31,800 --> 00:50:33,600 like, hey, dude, that's where it's going. 890 00:50:33,840 --> 00:50:36,800 I'm like, could we just like, you know, get to the end of it 891 00:50:36,800 --> 00:50:40,120 so that we can move on? But it's going to be a slow, 892 00:50:40,920 --> 00:50:43,640 slow process as far as I, as I, I can see. 893 00:50:43,640 --> 00:50:48,440 But we all know the goodwill always win in the end. 894 00:50:48,440 --> 00:50:52,520 So hey, we'll, we'll be OK. Well, maybe not us, maybe our 895 00:50:53,040 --> 00:50:56,560 grandchildren or great, great grandchildren, I don't know. 896 00:50:56,760 --> 00:51:00,720 One day, one day we can look down from the sky and be like, 897 00:51:00,720 --> 00:51:02,560 look, it was all it was all worth it. 898 00:51:04,000 --> 00:51:05,680 That was Duber. All right, anyways, let's keep 899 00:51:05,680 --> 00:51:08,880 it moving. I keep trying to lift you back 900 00:51:08,920 --> 00:51:09,720 up. I'm lifting. 901 00:51:09,720 --> 00:51:10,920 I keep trying. I keep trying. 902 00:51:11,040 --> 00:51:13,840 I you got you got it. You I I'm feeling good. 903 00:51:13,960 --> 00:51:15,960 I'm feeling good. It might just be the schizo 904 00:51:15,960 --> 00:51:19,320 energy of this coffee and this room is so hot. 905 00:51:19,320 --> 00:51:23,680 I'm dying and I'm jittery right now, but we're going to power 906 00:51:23,680 --> 00:51:24,920 through. We're going to power through. 907 00:51:25,200 --> 00:51:28,160 All right, guys. So as I said, because I have 908 00:51:28,160 --> 00:51:31,400 Canton today, I, I would have probably done this in the 909 00:51:31,400 --> 00:51:34,120 culture 'cause this is more of a cultural event, but it is a news 910 00:51:34,120 --> 00:51:37,240 event. And of course, Kent is a Bitcoin 911 00:51:37,240 --> 00:51:39,760 miner. And what we're seeing in oil 912 00:51:39,760 --> 00:51:44,280 right now, or rather yesterday and today, it's absolutely 913 00:51:44,280 --> 00:51:46,560 insane. Oil's literally trading like a 914 00:51:46,560 --> 00:51:51,280 shit coin and no one has any clue like what is going on right 915 00:51:51,280 --> 00:51:53,880 now. So I'm I'm gonna talk about what 916 00:51:53,880 --> 00:51:55,640 happened in the oil markets yesterday. 917 00:51:55,640 --> 00:51:58,320 And again, since I have a Bitcoin miner here, it's going 918 00:51:58,320 --> 00:52:01,840 to, you know, the conversation's gonna evolve into what this 919 00:52:01,840 --> 00:52:05,600 means for energy period around the world and in particular what 920 00:52:05,600 --> 00:52:08,440 it means for Bitcoin miners. So that's gonna be the next 921 00:52:08,440 --> 00:52:10,160 segment. I'll be right back. 922 00:52:11,960 --> 00:52:15,200 I want to give a shout out to our partner Leaden, the leader 923 00:52:15,200 --> 00:52:18,880 in Bitcoin Back Loans unlock the liquidity in your Bitcoin 924 00:52:18,880 --> 00:52:20,960 without having to sell your Bitcoin. 925 00:52:21,160 --> 00:52:25,480 They've issued $9 billion in loans to over 10,000 customers 926 00:52:25,640 --> 00:52:28,560 since 2018. 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One of the best inventions of 963 00:54:28,680 --> 00:54:32,600 2024 get 20% off at bitkey dot world. 964 00:54:32,720 --> 00:54:38,000 That's BITKEY dot world with the code simply. 965 00:54:42,680 --> 00:54:47,280 OK guys, so before I start pulling up charts for you, if 966 00:54:47,280 --> 00:54:52,360 you are falling along on for lack of better terms, the 967 00:54:52,360 --> 00:54:56,480 political circus going on currently in the Middle East, 968 00:54:57,120 --> 00:55:00,800 one of the kind of talking points or rather one of the 969 00:55:00,800 --> 00:55:04,360 arenas that we're seeing this play out is in oil prices. 970 00:55:04,720 --> 00:55:07,200 And if you've been watching, and I think I mentioned this 971 00:55:07,200 --> 00:55:10,840 yesterday, but if you watch over the weekend, we saw oil futures 972 00:55:10,840 --> 00:55:13,280 shoot up to about $120.00 a barrel. 973 00:55:13,800 --> 00:55:17,920 And yesterday the markets were all over the place. 974 00:55:17,920 --> 00:55:21,920 We we saw literally like almost a once in a lifetime event 975 00:55:21,920 --> 00:55:25,880 yesterday in oil prices, if you're unfamiliar with it, 976 00:55:26,080 --> 00:55:29,920 prices where you know, again, around at least people thought 977 00:55:29,920 --> 00:55:32,720 it was going to be at a like $120.00 per barrel where like, 978 00:55:32,720 --> 00:55:37,040 Oh my goodness, prices of oil are going out of control this 979 00:55:37,040 --> 00:55:38,880 war. Because as I mentioned on 980 00:55:38,880 --> 00:55:45,040 Monday, there was, you know, oil refinery field that was Catching 981 00:55:45,040 --> 00:55:46,320 Fire. There's black rain. 982 00:55:46,320 --> 00:55:50,120 It was Armageddon looking videos on Twitter. 983 00:55:50,800 --> 00:55:55,640 And then around 2:00-ish PM, we got an announcement from Trump 984 00:55:55,920 --> 00:56:00,160 that was very, for lack of in terms of little schizo, he's 985 00:56:00,160 --> 00:56:04,040 like, on the one hand stated that we quote are very complete 986 00:56:04,040 --> 00:56:08,400 in the operation in Iran. And then in literally the same 987 00:56:08,400 --> 00:56:10,880 breath, he's like, this is just the beginning. 988 00:56:11,160 --> 00:56:14,680 And the markets were like, wait, how do I kind of digest this 989 00:56:14,680 --> 00:56:18,680 information? And the price of oil dumped all 990 00:56:18,680 --> 00:56:22,960 the way to $84 per barrel. So again, I really like 991 00:56:22,960 --> 00:56:26,520 Kobayashi letter on Twitter. They've been doing a great job. 992 00:56:26,520 --> 00:56:29,600 So this was around the timing when we got that announcement of 993 00:56:29,600 --> 00:56:33,440 Trump that we have one, on the one hand fully completed the 994 00:56:33,440 --> 00:56:37,040 operation and on the other hand, it is not yet over in just the 995 00:56:37,040 --> 00:56:40,800 beginning, but oil prices seem to dump around that 996 00:56:40,800 --> 00:56:43,440 announcement. Later on in the day, in the 997 00:56:43,440 --> 00:56:46,960 evening, we got this announcement from Trump that 998 00:56:46,960 --> 00:56:51,280 said basically once the markets close, we're going to hit Iran 999 00:56:51,280 --> 00:56:54,640 20 times harder. It was like on the one hand to 1000 00:56:54,640 --> 00:56:57,440 kind of persuade the markets like everything's going to be 1001 00:56:57,440 --> 00:57:00,760 good oil production's, you know, going to be going as normal. 1002 00:57:02,320 --> 00:57:04,440 We got another announced. It's like we're going even 1003 00:57:04,440 --> 00:57:07,840 harder on this and the markets are literally whipsawing right 1004 00:57:07,840 --> 00:57:11,120 now in oil, which is like you don't see this happen. 1005 00:57:12,240 --> 00:57:15,160 Look at this chart here. This this is on the daily. 1006 00:57:15,160 --> 00:57:21,360 So you know, open at one O $9 per barrel, it goes as high as 1007 00:57:21,600 --> 00:57:25,840 around $120.00 a barrel. Then it goes as low as 81 1008 00:57:25,840 --> 00:57:29,600 dollars and closes around $84 per barrel. 1009 00:57:29,600 --> 00:57:32,840 Currently it is dumping and we are 81. 1010 00:57:32,920 --> 00:57:36,240 I wouldn't say necessarily dumping, but it's under the low 1011 00:57:36,240 --> 00:57:40,480 from yesterday. It's like where what is going on 1012 00:57:40,480 --> 00:57:42,800 in the oil markets? It literally seems like it's 1013 00:57:42,800 --> 00:57:44,480 it's being traded by shit corners. 1014 00:57:44,480 --> 00:57:46,520 Now. Here's the latest update by 1015 00:57:46,520 --> 00:57:49,680 Kobayashi letter and he goes the oil market is moving at an 1016 00:57:49,680 --> 00:57:52,480 unprecedented pace. Trading volume in the United 1017 00:57:52,480 --> 00:57:57,600 States Oil Fund ETF jumped to a record 12.4 billion on Monday. 1018 00:57:57,920 --> 00:58:02,240 This puts volume up plus 1000% since the start of the year 1019 00:58:02,320 --> 00:58:04,520 here. This also surpasses the previous 1020 00:58:04,520 --> 00:58:08,400 peak seen during the 2020 oil crash, the 2022 Russia Ukraine 1021 00:58:08,400 --> 00:58:12,360 war and the 2025 spike by over 200%. 1022 00:58:12,720 --> 00:58:16,560 By 11:30 AM Eastern Time yesterday, trading volumes were 1023 00:58:16,560 --> 00:58:19,640 already at an all time high at 7.6 billion. 1024 00:58:20,040 --> 00:58:23,160 The surge was driven by a mix of institutional traders and retail 1025 00:58:23,160 --> 00:58:25,360 investors chasing the oil price move. 1026 00:58:25,720 --> 00:58:29,000 Oil is now one of the most traded assets on the planet. 1027 00:58:29,240 --> 00:58:32,840 I saw a lot of bitcoiners basically saying, you know, hey, 1028 00:58:33,160 --> 00:58:38,880 this oil price is too volatile. How is this going to be the, you 1029 00:58:38,880 --> 00:58:41,160 know, the store of energy for the world? 1030 00:58:41,160 --> 00:58:44,040 It's it's a play on what they all say about Bitcoin. 1031 00:58:44,360 --> 00:58:48,240 Anyways, another tweet here. Again, I really enjoying 1032 00:58:48,240 --> 00:58:52,600 Kobayashi's kind of analytics or rather macro framework of what's 1033 00:58:52,600 --> 00:58:55,400 going on. They do have this article that I 1034 00:58:55,400 --> 00:58:58,200 highly suggest you guys go read. It's called the conflict 1035 00:58:58,200 --> 00:59:02,640 playbook. I, you know, it's, it's a good 1036 00:59:02,640 --> 00:59:05,960 read, it's a good framework. It does seem like it's playing 1037 00:59:05,960 --> 00:59:09,680 out currently as we speak. And here they go with a chart. 1038 00:59:09,680 --> 00:59:11,480 It goes. It doesn't get more textbook 1039 00:59:11,480 --> 00:59:13,400 than this. Every step of our March 3rd 1040 00:59:13,400 --> 00:59:16,480 conflict playbook has been outlined on this oil price 1041 00:59:16,480 --> 00:59:20,400 chart. It begins at step one and Step 1042 00:59:20,400 --> 00:59:22,480 2. When Trump sent an Armada to 1043 00:59:22,480 --> 00:59:26,000 Iran and ramped up threats on February 27th, we saw the Friday 1044 00:59:26,000 --> 00:59:29,400 night strike from step number three of our playbook. 1045 00:59:29,800 --> 00:59:33,680 This led to a Step 4 as risk premiums were rapidly priced in. 1046 00:59:34,080 --> 00:59:37,480 On March 3rd, President Trump began saying the war could last 1047 00:59:37,480 --> 00:59:41,800 forever, as expected in Step 5. Here we are right here. 1048 00:59:42,520 --> 00:59:46,360 And then on Friday and last night, markets began pricing in 1049 00:59:46,360 --> 00:59:49,560 step number 6A, prolonged conflict, sending oil prices to 1050 00:59:49,560 --> 00:59:53,400 $120.00 a barrel. Finally today, this was, I 1051 00:59:53,400 --> 00:59:57,320 believe yesterday. Yeah, yesterday at 3:20 PM 1052 00:59:57,320 --> 01:00:01,140 Eastern Time, President Trump hinted at conditional de 1053 01:00:01,140 --> 01:00:03,800 escalation from step seven of our conflict playbook. 1054 01:00:04,040 --> 01:00:08,920 We are now nearing step 8. Keep following along and here 1055 01:00:08,920 --> 01:00:12,000 just to kind of give you a little, you know, wet your beak 1056 01:00:12,000 --> 01:00:17,040 here. Step 8 here is going further. 1057 01:00:17,040 --> 01:00:21,440 Here we go the market and political feedback loop where a 1058 01:00:21,520 --> 01:00:25,400 prolonged conflict that drives oil prices sharply higher would 1059 01:00:25,400 --> 01:00:27,720 directly conflict with three core policy. 1060 01:00:29,520 --> 01:00:31,800 And you're starting to see that in step 9. 1061 01:00:31,880 --> 01:00:36,240 We'll see the deal in narrative framing and then step 10, which 1062 01:00:36,880 --> 01:00:39,320 hopefully this happens in Bitcoin, which is why I'm 1063 01:00:39,320 --> 01:00:41,680 getting a little bullish. I'm becoming a wig off maxi. 1064 01:00:42,000 --> 01:00:46,320 Step 10 is a violent repricing. So I'm hearing Bitcoin go back 1065 01:00:46,320 --> 01:00:50,000 up to 100K hopefully and the political victory lap. 1066 01:00:50,320 --> 01:00:54,760 So we're seeing crazy stuff and and again, here's Adam Kobayashi 1067 01:00:54,880 --> 01:00:57,640 from the Kobayashi letters tweet and he goes there it is. 1068 01:00:57,640 --> 01:01:01,160 Crude oil prices just rose and fell 30% in the same day and 1069 01:01:01,160 --> 01:01:03,240 what appears to be a 5 Sigma event. 1070 01:01:03,240 --> 01:01:07,360 In other words, what happened today or yesterday occurs once 1071 01:01:07,360 --> 01:01:13,080 in a 3.5 million observations. Again, step seven of the 1072 01:01:13,080 --> 01:01:17,920 conflict playbook. So crazy stuff happening in oil 1073 01:01:17,920 --> 01:01:20,280 right now, obviously because of the Middle East. 1074 01:01:21,000 --> 01:01:25,480 I think we are seeing in general markets are trying to understand 1075 01:01:25,480 --> 01:01:28,280 and price what is actually happening in the Middle East, 1076 01:01:28,280 --> 01:01:32,840 hence why literally all the markets are whip sawing right 1077 01:01:32,840 --> 01:01:35,320 now. And at the same time Bitcoin is 1078 01:01:35,320 --> 01:01:39,120 holding up very resilient, which is I think one of the most 1079 01:01:39,160 --> 01:01:42,760 interesting aspects of all this. But there are people that are 1080 01:01:42,760 --> 01:01:49,400 saying, you know, the oil price, oil price reversing, it didn't 1081 01:01:49,400 --> 01:01:52,040 really make a new low. This people were tweeting this 1082 01:01:52,040 --> 01:01:55,080 earlier. Now we fully did get a new low. 1083 01:01:55,520 --> 01:02:01,560 So look, I'm like you guys, I'm trying to fully understand what 1084 01:02:01,560 --> 01:02:03,400 is coming out of the administration. 1085 01:02:03,400 --> 01:02:07,040 But as you can see, there is all kinds of volatility in the 1086 01:02:07,040 --> 01:02:09,400 market. And I really only brought all 1087 01:02:09,400 --> 01:02:13,560 that oil price, you know, energy conversation to 1. 1088 01:02:13,560 --> 01:02:17,320 Compare the price of Bitcoin. We're currently at 701K. 1089 01:02:17,480 --> 01:02:21,360 In the face of the comp conflict in the Middle East, Bitcoin is 1090 01:02:21,360 --> 01:02:23,920 very resilient. And then of course, I have a 1091 01:02:23,920 --> 01:02:28,400 Bitcoin miner here. Bitcoin literally takes energy 1092 01:02:28,400 --> 01:02:31,320 and turns it into precious Bitcoin. 1093 01:02:31,320 --> 01:02:36,760 So Kent, following along that saga, what is your initial 1094 01:02:36,760 --> 01:02:40,320 thoughts from a energy perspective, from a Bitcoin 1095 01:02:40,320 --> 01:02:44,040 mining perspective, like what is your macro view here? 1096 01:02:44,320 --> 01:02:47,000 And then maybe add a little bit of what you think might be 1097 01:02:47,000 --> 01:02:50,200 happening in Bitcoin as or sorry, Bitcoin mining as well, 1098 01:02:51,880 --> 01:02:54,680 boy man. That's that's, that's a tee off. 1099 01:02:54,680 --> 01:02:58,320 Let me let me just yell for before I get going here. 1100 01:02:59,400 --> 01:03:05,280 You know, the, the situation politically like, right, I, I 1101 01:03:05,280 --> 01:03:08,440 hope that Kabayashi is correct and this is following the 1102 01:03:08,440 --> 01:03:10,920 playbook and this is going to wind down soon, right? 1103 01:03:10,920 --> 01:03:15,120 I think it's to nobody's advantage that the conflict in 1104 01:03:15,120 --> 01:03:18,920 Iran right now with the US and Israel and whoever else was 1105 01:03:18,920 --> 01:03:22,520 involved, Russia, China, it's in nobody's interest that that 1106 01:03:22,520 --> 01:03:25,240 escalates. Even where I'm located here in 1107 01:03:25,240 --> 01:03:29,320 South America, I do not want that escalation because it has 1108 01:03:29,360 --> 01:03:32,400 all the hallmarks of World War Three wind up. 1109 01:03:33,040 --> 01:03:36,880 And I say that because as opposed to the other actions, 1110 01:03:36,880 --> 01:03:41,560 military actions that Trump has taken, you know, Iran is a 1111 01:03:41,720 --> 01:03:44,600 civilization. You know, you go back to the 1112 01:03:44,600 --> 01:03:47,800 Persians, it's been there for centuries. 1113 01:03:48,480 --> 01:03:52,200 And that's a different thing to try to eradicate a civilization 1114 01:03:52,240 --> 01:03:55,640 than it is like a Venezuela that's been there for a few 100 1115 01:03:55,640 --> 01:03:59,560 years as a nation state. And so I don't, I don't like the 1116 01:03:59,560 --> 01:04:03,160 odds of us speaking as AUS citizen trying to stick around 1117 01:04:03,160 --> 01:04:06,520 and actually entertain transforming a civilization and 1118 01:04:06,520 --> 01:04:09,040 knocking it over because that seems absolutely insanely 1119 01:04:09,040 --> 01:04:12,000 stupid. That said, you know the oil 1120 01:04:12,000 --> 01:04:14,920 price is being pushed up. It's going to make it more 1121 01:04:14,920 --> 01:04:17,960 expensive for anybody that's mining on fossil fuels, right? 1122 01:04:17,960 --> 01:04:21,800 It is a commodity and commodities will be be repriced 1123 01:04:21,800 --> 01:04:23,760 across the board. It'll make shipping more 1124 01:04:23,760 --> 01:04:26,800 expensive. Who knows what 2nd and 3rd order 1125 01:04:26,800 --> 01:04:29,960 consequences, but anything that's derived from oil will go 1126 01:04:29,960 --> 01:04:33,640 up in price. Electricity that's generated 1127 01:04:33,880 --> 01:04:36,600 based on oil and fossil fuel products will go up in price. 1128 01:04:36,600 --> 01:04:40,640 So that could impact different areas where Bitcoin miners are 1129 01:04:40,640 --> 01:04:43,240 mining. That said, you know, thankfully 1130 01:04:43,240 --> 01:04:47,160 we're kind of with a strategic advantage as a company right now 1131 01:04:47,160 --> 01:04:51,480 because we've chosen to mine on 100% carbon free energy sources. 1132 01:04:51,480 --> 01:04:53,760 So that shouldn't impact us directly. 1133 01:04:53,760 --> 01:04:55,840 But electricity itself is a commodity, right? 1134 01:04:56,080 --> 01:04:59,800 So if the grid power goes up, then the cost electricity across 1135 01:04:59,800 --> 01:05:02,480 the board could go up. So energy is one of the raw 1136 01:05:02,480 --> 01:05:07,080 inputs to the economy period. So if energy costs go up, that 1137 01:05:07,080 --> 01:05:10,800 should lead to, you know, inflation of prices from costs 1138 01:05:10,800 --> 01:05:14,200 increasing and make it just be another inflationary force. 1139 01:05:14,200 --> 01:05:16,320 So it sucks. There's no, there's no good 1140 01:05:17,360 --> 01:05:20,840 situation there. You know, I could try to spin it 1141 01:05:20,840 --> 01:05:23,720 into an angle because we're mine on renewables that it's better. 1142 01:05:23,720 --> 01:05:26,800 But at the end of the day, the rest of life is going to go up 1143 01:05:26,800 --> 01:05:28,800 and be more expensive. So starting to be a Debbie 1144 01:05:28,800 --> 01:05:31,480 Downer on this one. I think the positive silver 1145 01:05:31,480 --> 01:05:34,960 lining on this is, is simply the the Kobayashi playbook is 1146 01:05:34,960 --> 01:05:36,800 playing out and we're close to the end. 1147 01:05:36,800 --> 01:05:40,000 And we're going to wrap it up and say run the victory lap and 1148 01:05:40,000 --> 01:05:43,280 prices come down. But yeah, when you see the 1149 01:05:43,360 --> 01:05:47,320 global energy commodity trading like a shit coin, you know, 1150 01:05:47,320 --> 01:05:50,200 something is really out of whack on the world. 1151 01:05:50,280 --> 01:05:53,200 I mean, we're talking about things that are like the 1152 01:05:53,200 --> 01:05:57,880 financial tectonic plates that relatively move and I don't move 1153 01:05:57,880 --> 01:06:00,160 very often. And to see prices like that is 1154 01:06:00,160 --> 01:06:02,680 kind of like they've collided and now there's a new mountain 1155 01:06:02,680 --> 01:06:04,440 range that suddenly appeared, right? 1156 01:06:04,440 --> 01:06:07,000 Like that's the sort of thing that we just experienced. 1157 01:06:07,000 --> 01:06:10,960 And I don't think any of us can really understand until like 1158 01:06:10,960 --> 01:06:13,920 many years in the future just how seismic these events are. 1159 01:06:13,920 --> 01:06:17,280 But like, our reality is shifting, and I think that it's 1160 01:06:17,280 --> 01:06:21,560 good to have a good moral compass and a good character 1161 01:06:21,560 --> 01:06:24,360 that's very adaptable right now because we all need it. 1162 01:06:25,120 --> 01:06:28,080 Yeah, 100%. I love that taking one interest 1163 01:06:28,080 --> 01:06:32,080 and actually guys, I I dropped it in the Rumble, the article 1164 01:06:32,080 --> 01:06:35,200 the conflict playbook from Kobayashi later I dropped it in 1165 01:06:35,200 --> 01:06:37,520 the chat for you guys. So if you guys are interested 1166 01:06:37,520 --> 01:06:39,920 and want to really get the full breakdown. 1167 01:06:39,920 --> 01:06:42,440 So maybe, maybe it's the framework that's happening. 1168 01:06:42,440 --> 01:06:44,760 It seems that's why it caught my radar. 1169 01:06:44,760 --> 01:06:47,760 It's like it seems to be happening, but on on the other 1170 01:06:47,760 --> 01:06:53,080 side of to kind of add on to what you said, can I think since 1171 01:06:53,080 --> 01:06:57,120 personally, and I'll speak for myself here, what when you watch 1172 01:06:57,120 --> 01:06:59,960 what's when I watch what happened in the oil prices 1173 01:07:00,000 --> 01:07:04,960 yesterday, It it really didn't like set off my radar because I 1174 01:07:04,960 --> 01:07:09,480 am a Bitcoiner and I'm like so used to just Bitcoin going crazy 1175 01:07:09,480 --> 01:07:12,720 or dumping crazy. You know, that's like my 1176 01:07:12,720 --> 01:07:14,320 baseline. I'm just like, yeah, I'm a 1177 01:07:14,320 --> 01:07:17,240 bitcoiner. Like I'm used to the price of 1178 01:07:17,240 --> 01:07:20,480 this Bitcoin thing, this digital commodity thing, just go 1179 01:07:20,480 --> 01:07:23,680 absolutely nuts. And like, that's what I like, 1180 01:07:23,680 --> 01:07:26,040 that's what I'm interested in. That's what gets me excited in 1181 01:07:26,040 --> 01:07:29,800 the morning, right. But when you think about it from 1182 01:07:30,760 --> 01:07:35,400 a building block of the modern society, like the prices 1183 01:07:35,400 --> 01:07:37,920 shouldn't be doing this. And when you hear it's like, oh, 1184 01:07:38,000 --> 01:07:41,960 a once in a three and a half million occurrence events, 1185 01:07:41,960 --> 01:07:45,960 you're just like, Oh yeah, like I forget not everything is as 1186 01:07:45,960 --> 01:07:48,800 volatile and crazy as Bitcoin. Like this thing should not be 1187 01:07:48,800 --> 01:07:52,480 moving like this. Like no traditional financial 1188 01:07:52,480 --> 01:07:56,720 instrument, commodity equity or anything like that should be 1189 01:07:56,720 --> 01:07:59,440 ripping. Like what we've seen gold do 1190 01:07:59,440 --> 01:08:02,680 last year, silver do towards the end of the year, what we're 1191 01:08:02,680 --> 01:08:05,560 seeing oil do. And someone in the chat said 1192 01:08:05,560 --> 01:08:07,680 something funny. It's like we saw oil go 1193 01:08:07,680 --> 01:08:10,960 parabolic before Bitcoin. Like what is going on? 1194 01:08:11,000 --> 01:08:16,000 Like what is going on like literally the, the foundational 1195 01:08:16,040 --> 01:08:20,720 base element input, as you put it, it's going parabolic before 1196 01:08:20,720 --> 01:08:25,000 Bitcoin is it's like we are really truly in the middle of 1197 01:08:25,000 --> 01:08:30,760 seeing like a, a historic monetary reordering, reshifting 1198 01:08:30,760 --> 01:08:35,279 event happen. And that's why it, it is very, I 1199 01:08:35,279 --> 01:08:38,000 think hard for everyone. And that's why I think literally 1200 01:08:38,000 --> 01:08:40,640 everyone is sort of confused about what's going on. 1201 01:08:40,640 --> 01:08:44,200 It's like there is an onslaught of information warfare happening 1202 01:08:44,200 --> 01:08:47,880 right now to, you know, for whatever benefit on each side. 1203 01:08:47,880 --> 01:08:50,800 It's like it's really hard to understand what's going on. 1204 01:08:50,800 --> 01:08:55,200 But when you look at like the charts and the data and, and the 1205 01:08:55,200 --> 01:08:58,800 price of Bitcoin alongside of all this, you're just like, 1206 01:08:58,800 --> 01:09:02,080 whoa, things are getting really crazy right now. 1207 01:09:02,680 --> 01:09:06,160 And I'm just happy I'm in Bitcoin and we didn't dump lower 1208 01:09:06,160 --> 01:09:08,359 than 60K and we're at 70K right now. 1209 01:09:08,359 --> 01:09:11,000 I'm like, OK, hey, maybe there's a silver lining here. 1210 01:09:11,000 --> 01:09:14,680 Maybe as I joke, actually, I've said this already on the show, 1211 01:09:15,120 --> 01:09:19,960 me and Sophie were chatting about the, you know, the 1212 01:09:20,000 --> 01:09:24,399 operation in Iran. And we're like, wait, like I 1213 01:09:24,399 --> 01:09:30,359 know Bitcoin is anti war, but is Bitcoin kind It's like World War 1214 01:09:30,359 --> 01:09:33,160 three kind of good for Bitcoin because we're not jumping right 1215 01:09:33,160 --> 01:09:34,520 now. It's like, wait, what is 1216 01:09:34,520 --> 01:09:37,359 happening? So hey, look, I, I've said it 1217 01:09:37,359 --> 01:09:40,120 before. I, I don't necessarily want to 1218 01:09:40,120 --> 01:09:44,240 be happy that our bags are pumping when there is a lot of 1219 01:09:44,240 --> 01:09:45,960 violence and uncertainty in the world. 1220 01:09:45,960 --> 01:09:49,600 But you know, I feel I, I can feel a little good about it. 1221 01:09:49,600 --> 01:09:52,960 OK, Hey, Bitcoins not dead. We're we're chugging along. 1222 01:09:52,960 --> 01:09:55,720 We're doing exactly as we thought it was going to do and 1223 01:09:55,720 --> 01:09:59,520 actually it it I'm, I'm a little surprised at what Bitcoin has 1224 01:09:59,520 --> 01:10:02,960 done so far and I just hope it continues to go that way. 1225 01:10:02,960 --> 01:10:06,480 So anyway, yeah, exactly right. Anyway me? 1226 01:10:06,480 --> 01:10:09,320 Too it's it's this is this is this is seller's exhaustion, 1227 01:10:09,320 --> 01:10:10,760 guys. I didn't, I didn't get an insert 1228 01:10:10,760 --> 01:10:12,600 at that. So I'm I'm sorry to step on no 1229 01:10:12,600 --> 01:10:13,160 go. Far go. 1230 01:10:13,160 --> 01:10:16,080 Far seller's exhaustion, man. And and I just remember it so 1231 01:10:16,080 --> 01:10:19,640 much from the last cycle where everybody like we were down like 1232 01:10:19,640 --> 01:10:23,640 around like 20 K and everybody was like, Oh no, we're all going 1233 01:10:23,640 --> 01:10:24,720 to die. We're all going to die. 1234 01:10:24,720 --> 01:10:28,600 And yeah, we had one little leg down like 16 K and then we just 1235 01:10:28,600 --> 01:10:30,600 ripped from there. And it was the same sort of 1236 01:10:30,600 --> 01:10:31,920 vibe. And so I just kind of wanted to 1237 01:10:31,920 --> 01:10:34,960 remind everybody that is that, you know, this is what sellers 1238 01:10:34,960 --> 01:10:39,800 exhaustion feels like is when the US bombs a nation state and 1239 01:10:39,800 --> 01:10:42,360 Bitcoin doesn't move. That means there's no sellers 1240 01:10:42,360 --> 01:10:44,880 left in the room. Doesn't mean we go up from here, 1241 01:10:44,880 --> 01:10:47,920 but it means that there's there's not too much further 1242 01:10:47,920 --> 01:10:50,640 down that we can go before we continue to move on. 1243 01:10:51,240 --> 01:10:53,800 So anyway, I just wanted to make sure that everybody knew what 1244 01:10:53,800 --> 01:10:56,080 sellers exhaustion looked like because I missed the last cycle. 1245 01:10:56,680 --> 01:11:00,840 Truly, truly, it's one last one last comment here because the 1246 01:11:00,840 --> 01:11:05,280 chats, the chats buddy, are boy familiar. 1247 01:11:05,280 --> 01:11:09,080 Diaz, you go win BTC repricing because Papa needs a farm. 1248 01:11:12,120 --> 01:11:15,080 You know, when I heard the conflict playbook, and obviously 1249 01:11:15,080 --> 01:11:17,160 I'm biased. I have the Bitcoin lens on 1250 01:11:17,160 --> 01:11:18,760 everything. You know, the orange lenses on 1251 01:11:18,760 --> 01:11:21,640 everything. I'm like, oh man, you know, step 1252 01:11:21,640 --> 01:11:26,560 10 violent repricing, like does that mean we like instantly, you 1253 01:11:26,560 --> 01:11:32,320 know, go to 100K like next week and like, OK, hey, I'm OK with 1254 01:11:32,320 --> 01:11:34,880 this Like, OK, whatever, whatever, We're cool, we're 1255 01:11:34,880 --> 01:11:38,480 cool, we'll be back, You know, like bear market over violent 1256 01:11:38,480 --> 01:11:42,480 repricing to the upside. Honestly, it sounds it sounds 1257 01:11:42,480 --> 01:11:44,840 kind of fun. Maybe maybe my dopamine will 1258 01:11:44,840 --> 01:11:49,200 come back, maybe my life will come back and the all of the 1259 01:11:50,920 --> 01:11:54,280 black pill dumerism is just out the window and I'm just 1260 01:11:54,280 --> 01:11:56,280 extremely bull tarted on the show. 1261 01:11:56,280 --> 01:11:58,520 I, I I'm hoping for it. I'm hoping for it. 1262 01:11:58,520 --> 01:12:01,160 But anyways, let's keep it moving because I do want to chat 1263 01:12:01,160 --> 01:12:03,760 with Kent, pick his brain a little bit. 1264 01:12:04,520 --> 01:12:07,520 I think he's going to have we we chat about it a little bit prep 1265 01:12:07,520 --> 01:12:10,160 before the show a little bit. So I, I think you guys are going 1266 01:12:10,160 --> 01:12:13,520 to really enjoy this. So last commercial quick one and 1267 01:12:13,520 --> 01:12:17,240 we'll be right back with Kent, CEO and Co Founder of SAS 1268 01:12:17,240 --> 01:12:20,200 Mining. I want to give a shout out to 1269 01:12:20,200 --> 01:12:22,720 our partner Hive Digital Technologies. 1270 01:12:22,800 --> 01:12:27,600 Fueled by clean energy, Hive has quadrupled its global Bitcoin 1271 01:12:27,600 --> 01:12:31,520 mining footprint and channels that same scale into high 1272 01:12:31,520 --> 01:12:35,440 performance compute, where their AI cloud is now ranked number 1273 01:12:35,440 --> 01:12:38,040 one in the world for network performance. 1274 01:12:38,240 --> 01:12:42,720 At Hive, you've got dual engines, Bitcoin and AI humming, 1275 01:12:42,920 --> 01:12:45,080 roaring, accelerating and unison. 1276 01:12:45,160 --> 01:12:47,760 They're lean and mean, they're green and clean, and they're 1277 01:12:47,760 --> 01:12:50,840 rewriting the playbook on sustainable digital 1278 01:12:50,920 --> 01:12:53,960 infrastructure. You can catch the latest buzz at 1279 01:12:53,960 --> 01:12:57,240 Hive Digital Tech or at Hive digitaltech.com. 1280 01:13:01,960 --> 01:13:05,160 Wait, can't be. Before we go on our our friend 1281 01:13:05,160 --> 01:13:06,960 in the chat, Doctor Daniel Howell. 1282 01:13:06,960 --> 01:13:10,400 Hey, we could have another God candle, a red 1 going down. 1283 01:13:10,720 --> 01:13:13,520 Yeah, you know, when I heard violent repricing, I I meant to 1284 01:13:13,560 --> 01:13:16,400 the upside. It would be very violent to the 1285 01:13:16,400 --> 01:13:17,520 downside. OK. 1286 01:13:17,520 --> 01:13:21,960 But I heard positive, so I still have some positivity left in me. 1287 01:13:22,280 --> 01:13:27,240 Anyway, it's Kent. Before we get into maybe some 1288 01:13:27,240 --> 01:13:29,680 hope I'm here. You know, you did tell me 1289 01:13:29,680 --> 01:13:32,720 something like a bullish kind of, you know, not necessarily an 1290 01:13:32,720 --> 01:13:35,760 indicator, but some a bullish sentiment shift that you're 1291 01:13:35,760 --> 01:13:38,680 seeing on the back end. And then we'll we'll probably 1292 01:13:38,680 --> 01:13:42,760 talk about the AI public or public codes going public 1293 01:13:42,760 --> 01:13:45,040 companies, Bitcoin miner companies going into AI. 1294 01:13:45,240 --> 01:13:48,520 We covered that last week, but you did just get back from the 1295 01:13:48,520 --> 01:13:51,440 heat punk conference. So anything you want to relay to 1296 01:13:51,440 --> 01:13:54,480 the audience there before we move into maybe some spicier 1297 01:13:54,480 --> 01:13:57,960 conversations? I do there's a couple of things. 1298 01:13:57,960 --> 01:14:01,800 So I was at the space, which is the Citadel in Denver for 1299 01:14:01,800 --> 01:14:04,800 Bitcoiners. And if you've not been amazing, 1300 01:14:04,800 --> 01:14:07,640 amazing location. If you like the vibe of Denver, 1301 01:14:07,640 --> 01:14:09,000 you'll definitely love the space. 1302 01:14:09,840 --> 01:14:13,760 The heat Punk Summit was there as a second annual heat punk 1303 01:14:13,760 --> 01:14:15,640 summit. And I have to say, it's all of 1304 01:14:15,640 --> 01:14:18,880 like probably 200 people that were there, but just all of them 1305 01:14:18,880 --> 01:14:22,760 builders and was very cool to be surrounded by a group of people 1306 01:14:22,760 --> 01:14:26,200 that were just, I mean, the Iran war started. 1307 01:14:26,240 --> 01:14:28,640 And I literally was the only person to bring it up while I 1308 01:14:28,640 --> 01:14:30,240 was in the room to give you an idea. 1309 01:14:30,560 --> 01:14:33,080 So it was pretty, it was pretty, it was pretty radical just how 1310 01:14:33,080 --> 01:14:37,520 focused people are on building a different eco ecosystem here. 1311 01:14:37,640 --> 01:14:39,240 So love that. Want to give a shout out? 1312 01:14:39,240 --> 01:14:41,760 And very cool things being built too, like all sorts of different 1313 01:14:41,760 --> 01:14:44,960 ways to utilize the heat from Bitcoin mining so that hey, 1314 01:14:45,040 --> 01:14:47,560 instead of instead of mining, you're heating and you're just 1315 01:14:47,560 --> 01:14:49,920 getting a discount in sats for doing so. 1316 01:14:50,560 --> 01:14:52,480 So that was pretty rad. The other thing though, that's 1317 01:14:52,760 --> 01:14:56,600 been happening in in Bitcoin mining for us specifically, 1318 01:14:56,600 --> 01:14:58,640 which has been somewhat shocking actually. 1319 01:14:58,680 --> 01:15:01,800 Like, OK, we're used to as a company when the price goes 1320 01:15:01,800 --> 01:15:06,040 down, our customers generally demand follows Bitcoin price. 1321 01:15:06,040 --> 01:15:08,040 We'll put it this way, right? Price is pumping. 1322 01:15:08,040 --> 01:15:09,920 We have a lot of people who want to sign up and get started 1323 01:15:09,920 --> 01:15:11,280 mining. They like the numbers, they want 1324 01:15:11,280 --> 01:15:13,320 to get started, price goes down, fewer people show up. 1325 01:15:13,320 --> 01:15:16,800 That's been a very normal trend. However, this, the first quarter 1326 01:15:16,800 --> 01:15:19,280 of this year has absolutely bucked that trend because what 1327 01:15:19,280 --> 01:15:24,240 we're seeing is that's been true for typical like more onesie 2Z 1328 01:15:24,360 --> 01:15:26,680 up to 10 mining rig torque of orders. 1329 01:15:27,000 --> 01:15:29,920 But we're seeing super large enterprise show up at our 1330 01:15:29,920 --> 01:15:32,640 doorstep and say, no, this is the time to deploy capital. 1331 01:15:32,640 --> 01:15:35,520 There's blood in the street buy in and so we've actually had 1332 01:15:35,520 --> 01:15:38,760 like an amazing quarter here because enterprise and I'm I'm 1333 01:15:38,760 --> 01:15:40,560 starting to think about it as smart. 1334 01:15:40,560 --> 01:15:43,160 The smart money in Bitcoin mining is deploying capital. 1335 01:15:43,160 --> 01:15:46,040 So if you've been thinking about mining, there's like a truism 1336 01:15:46,040 --> 01:15:48,400 that has been accurate over and over. 1337 01:15:48,520 --> 01:15:50,920 Doesn't mean it'll play out this time, but it's been true over 1338 01:15:50,920 --> 01:15:54,240 and over again, which is you deploy capital when the numbers 1339 01:15:54,240 --> 01:15:58,160 look the worst and you reap the rewards afterwards because as 1340 01:15:58,160 --> 01:16:00,760 the price goes up, it goes up faster than hash rate. 1341 01:16:01,600 --> 01:16:05,240 So that's the that's been kind of the interesting insight and 1342 01:16:05,240 --> 01:16:06,920 tidbit. And then I don't know if you 1343 01:16:06,920 --> 01:16:08,360 want me to just jump right into the the. 1344 01:16:08,760 --> 01:16:13,080 Well, yeah, I, I do. I hey, look, I've been ranting. 1345 01:16:13,080 --> 01:16:15,720 I'm jacked up on caffeine, so I will let you rant. 1346 01:16:15,720 --> 01:16:19,200 But I do want to add to what with your point of this. 1347 01:16:19,200 --> 01:16:23,600 Like, you know, institutional buying or smart money as Tradfi 1348 01:16:23,600 --> 01:16:27,480 likes to say. We do also have some data to 1349 01:16:27,480 --> 01:16:29,920 back that up from like on chain metrics. 1350 01:16:29,920 --> 01:16:33,280 It does seem like currently, you know, the quote UN quote whales 1351 01:16:33,280 --> 01:16:35,760 are buying again. Now, obviously we don't have 1352 01:16:35,760 --> 01:16:40,120 data on who these whales are buying this Bitcoin, but you 1353 01:16:40,120 --> 01:16:43,720 connect that data or rather the on chain charge with what you 1354 01:16:43,720 --> 01:16:48,400 are personally experiencing and you're like, oh, OK, maybe, 1355 01:16:48,680 --> 01:16:52,040 maybe, maybe the bottoms in. I know, I know you guys are 1356 01:16:52,040 --> 01:16:54,720 going to yell at me. But if you're seeing the capital 1357 01:16:54,720 --> 01:16:59,360 start to get back into the game currently, it does make you feel 1358 01:16:59,360 --> 01:17:03,080 a little hopeful that OK, maybe maybe the worst is behind us. 1359 01:17:03,080 --> 01:17:05,080 Maybe we are building a bottom right now. 1360 01:17:05,080 --> 01:17:08,360 Not to say it's going to pump overnight, but you build a good 1361 01:17:08,360 --> 01:17:11,080 floor, got to have a good floor to jump off from. 1362 01:17:11,080 --> 01:17:14,000 So a little there. There's your little opium for 1363 01:17:14,000 --> 01:17:17,240 today. But yeah, can't go into the 1364 01:17:17,240 --> 01:17:21,680 public because I did talk about this last week. 1365 01:17:22,160 --> 01:17:26,000 And you know, before you go in, I'll just do the little context 1366 01:17:26,000 --> 01:17:31,000 that we reported on this couple of shows ago that a lot of the 1367 01:17:31,000 --> 01:17:35,120 selling we saw was coming from the public Bitcoin mining 1368 01:17:35,120 --> 01:17:38,840 companies. They sold over 15,000 coins and 1369 01:17:38,840 --> 01:17:41,480 they're pivoting into AI infrastructure. 1370 01:17:42,080 --> 01:17:44,280 And you know, everyone's wondering like, who's selling 1371 01:17:44,280 --> 01:17:48,120 Bitcoin right now? Well, as everyone kind of found 1372 01:17:48,120 --> 01:17:50,880 out, it was the public Bitcoin miners. 1373 01:17:51,240 --> 01:17:56,200 And now Kent coming from the mining space, as we joked, he's 1374 01:17:56,200 --> 01:17:59,200 like, I might not make any friends from the public Bitcoin 1375 01:17:59,200 --> 01:18:02,960 miner companies, but this is my take right now. 1376 01:18:02,960 --> 01:18:05,320 So it is going to be a little AI spicy. 1377 01:18:05,320 --> 01:18:07,600 But yeah, Kent floor is yours. Keep ripping. 1378 01:18:07,600 --> 01:18:10,760 All right. Well, I have a contrarian take 1379 01:18:10,760 --> 01:18:14,880 here and it's basically it came about from watching Open Claw. 1380 01:18:14,880 --> 01:18:19,600 And so if you've heard of that, it's basically an open source AI 1381 01:18:19,600 --> 01:18:22,360 agent that you can put on any device and, and plug in 1382 01:18:22,360 --> 01:18:26,320 different large language models, whether it's, you know, Gemini, 1383 01:18:26,320 --> 01:18:29,920 Claude, Grok, what, whatever. I'm sure most of you guys are, 1384 01:18:30,080 --> 01:18:32,320 are, are poking around with these tools at this point. 1385 01:18:32,320 --> 01:18:38,760 But the interesting thing is this impulse to have a device on 1386 01:18:38,760 --> 01:18:41,600 desk got me to thinking, and this is an original thought. 1387 01:18:42,120 --> 01:18:45,000 The original thought is what happens to Bitcoin miners, but 1388 01:18:45,000 --> 01:18:47,640 it's not an original thought. But it just made me realize 1389 01:18:47,640 --> 01:18:51,920 that, you know, web 2 point O is really everybody sucking all of 1390 01:18:51,920 --> 01:18:55,000 our data from us. And we gave that up and and 1391 01:18:55,000 --> 01:18:58,240 trade for free services, but we lost our privacy. 1392 01:18:58,760 --> 01:19:03,080 And as a result, I love seeing this, this effort that people 1393 01:19:03,080 --> 01:19:05,640 are making right now with the open cloud movement, which let 1394 01:19:05,640 --> 01:19:07,360 me put some numbers around this, right? 1395 01:19:07,360 --> 01:19:11,480 So like Linux, like the longest running like open source 1396 01:19:11,480 --> 01:19:14,720 software that's been on the planet is that runs a lot of 1397 01:19:14,720 --> 01:19:17,800 computer devices, even the backbone of I think most like 1398 01:19:17,840 --> 01:19:23,280 Google devices, that operating system has less stars on GitHub 1399 01:19:23,360 --> 01:19:26,560 than Openclaw does, right? And and that was like 3 weeks 1400 01:19:26,560 --> 01:19:29,000 ago, 4 weeks ago. So the adoption is insane, but 1401 01:19:29,000 --> 01:19:33,040 it shows that there's demand for devices that people can control. 1402 01:19:33,040 --> 01:19:35,560 They want to control their personal AI assistance. 1403 01:19:35,800 --> 01:19:39,920 And the knock on effect for that in my mind is something that has 1404 01:19:39,920 --> 01:19:43,120 played out multiple times throughout history, which is the 1405 01:19:43,120 --> 01:19:48,200 infrastructure providers of the data centers right now may be 1406 01:19:48,200 --> 01:19:51,920 the same victims that the people that built the railroads were, 1407 01:19:51,920 --> 01:19:55,160 the people that built like the the fiber optics. 1408 01:19:56,560 --> 01:19:58,960 You know, if you go back in history, the people that build 1409 01:19:58,960 --> 01:20:02,080 these big infrastructure situations, which right now it's 1410 01:20:02,080 --> 01:20:04,840 all about data centers, right? So the people that built the 1411 01:20:04,840 --> 01:20:08,320 data centers aren't always the ones that get the the fruits of 1412 01:20:08,320 --> 01:20:11,880 that afterwards because of a change in the market. 1413 01:20:11,880 --> 01:20:14,120 So you know the railroad builders. 1414 01:20:14,720 --> 01:20:17,280 The people that built those market changed and it wound up 1415 01:20:17,280 --> 01:20:20,880 being that like JP Morgan sucked up most of the, the the 1416 01:20:20,880 --> 01:20:22,360 railroads for pennies on the dollar. 1417 01:20:22,960 --> 01:20:25,400 There's a similar thing that happened with the fiber optics 1418 01:20:25,400 --> 01:20:28,560 boom wound up like Google and I can't remember a couple other 1419 01:20:28,560 --> 01:20:31,120 companies bought up most of the fiber optic assets and the 1420 01:20:31,120 --> 01:20:32,840 companies have built all that went bust. 1421 01:20:33,000 --> 01:20:35,160 I think we're seeing the same thing play out right now with 1422 01:20:35,160 --> 01:20:37,280 data centers. And I think we're seeing that 1423 01:20:37,520 --> 01:20:40,280 because we're there's an impulse, the market, what they 1424 01:20:40,280 --> 01:20:45,560 really want is not the big cloud based AI, but they want the 1425 01:20:45,560 --> 01:20:48,520 personal AI assistant that's sitting on their desk that they 1426 01:20:48,520 --> 01:20:51,640 can control and manage. Now, whether they understand 1427 01:20:51,640 --> 01:20:54,720 that they're still giving their data away through the LLMS to 1428 01:20:54,720 --> 01:20:58,160 the cloud or not, I think is not the important part here. 1429 01:20:58,400 --> 01:21:00,200 I think the important part is that impulse. 1430 01:21:00,200 --> 01:21:02,400 And I think that the models themselves are getting small 1431 01:21:02,400 --> 01:21:05,600 enough that the agents can actually sit on device. 1432 01:21:05,760 --> 01:21:08,640 So what happens if all the agents are sitting on device and 1433 01:21:08,800 --> 01:21:12,720 we're getting what we want or what the market desires is that 1434 01:21:12,760 --> 01:21:15,880 that inference that's being built right now from the data 1435 01:21:15,880 --> 01:21:19,480 centers is going to be overshot. So getting back to publicly 1436 01:21:19,480 --> 01:21:22,560 traded mining companies, well, they're making a pivot and I 1437 01:21:22,560 --> 01:21:26,480 think the, the earliest one like Hive would probably be fine 1438 01:21:26,480 --> 01:21:28,640 because they got there early and they can navigate it. 1439 01:21:28,840 --> 01:21:32,200 But if you're a late stage Bitcoin miner, publicly traded 1440 01:21:32,200 --> 01:21:35,480 miner making this pivot right now, you may be just hopping out 1441 01:21:35,480 --> 01:21:39,040 of the the the pot and into the fire or hopping out of the 1442 01:21:39,040 --> 01:21:42,520 framing pan and into the fire here because the numbers haven't 1443 01:21:42,520 --> 01:21:45,840 looked good with Bitcoin mining, even though you've had a lock on 1444 01:21:45,840 --> 01:21:48,760 all these resources. But so you think the numbers 1445 01:21:48,760 --> 01:21:53,560 look better over here with the AIHPC data center. 1446 01:21:53,760 --> 01:21:56,760 But if that whole situation starts to collapse, well, now 1447 01:21:56,760 --> 01:21:59,360 you've left behind an entire infrastructure set. 1448 01:21:59,360 --> 01:22:01,440 Do you have the resources to pivot back? 1449 01:22:01,600 --> 01:22:04,360 Can you, you know, that's going to be kind of an open question 1450 01:22:04,360 --> 01:22:06,440 for me now. Could be totally wrong. 1451 01:22:07,000 --> 01:22:08,600 You know, better men than me have been wrong. 1452 01:22:08,880 --> 01:22:12,120 But it just seems to me that AI is not necessarily a bubble, but 1453 01:22:12,160 --> 01:22:17,000 data centers may be a bubble and we're in for an infrastructure 1454 01:22:17,000 --> 01:22:19,560 overshoot, which we've seen many times already. 1455 01:22:20,800 --> 01:22:24,440 Interesting. OK, sorry guys, hopefully you 1456 01:22:24,440 --> 01:22:26,840 don't hear that the AC just got turned back on. 1457 01:22:26,840 --> 01:22:28,920 It's super light. So let me let me try to angle 1458 01:22:28,920 --> 01:22:34,000 this. What's your idea on the kind of 1459 01:22:34,000 --> 01:22:40,360 heuristic that what marks the bottom of a bear market is, you 1460 01:22:40,360 --> 01:22:42,360 know, the idea like we need a huge sacrifice. 1461 01:22:42,360 --> 01:22:46,160 And I've heard a lot of people say that what usually marks a 1462 01:22:46,240 --> 01:22:49,440 bear market, like the bottom of a bear market is we see a lot of 1463 01:22:49,440 --> 01:22:53,160 public Bitcoin miners or, you know, bigger Bitcoin mining 1464 01:22:53,160 --> 01:22:58,200 farms kind of go down and kind of in the past pivot to other 1465 01:22:58,200 --> 01:23:01,200 things. Now it does seem like maybe that 1466 01:23:01,200 --> 01:23:04,880 new pivot is into AI. But do you think there's any 1467 01:23:04,880 --> 01:23:08,560 credence to the idea that there might be potentially some other 1468 01:23:08,560 --> 01:23:12,360 big, like big Bitcoin miners that are going to get in the hot 1469 01:23:12,360 --> 01:23:13,600 water? Because obviously we saw the 1470 01:23:13,600 --> 01:23:17,400 hash rate going extremely volatile over the last couple of 1471 01:23:17,400 --> 01:23:19,600 months. We have been hearing rumors that 1472 01:23:19,600 --> 01:23:23,600 public Bitcoin miners are, you know, if the price gets any 1473 01:23:23,600 --> 01:23:26,320 lower and stays there for a while, there could be some 1474 01:23:26,480 --> 01:23:29,240 trouble. So do you think those rumors, 1475 01:23:29,240 --> 01:23:35,120 have, you know, any validity to them or is it just as Bitcoin is 1476 01:23:35,120 --> 01:23:37,720 hoping for something? You know, we just want the big 1477 01:23:37,720 --> 01:23:39,920 catastrophe. We just want the sacrifice so 1478 01:23:39,920 --> 01:23:43,560 that the Bull Run can come back on and we can all, you know, 1479 01:23:43,560 --> 01:23:48,480 enjoy the ride again. Burn the man right, you know? 1480 01:23:50,000 --> 01:23:52,480 Yeah, we just got our pitchforks like someone. 1481 01:23:52,560 --> 01:23:59,040 Go down, please. Yeah, No, I, I, I think that the 1482 01:23:59,040 --> 01:24:02,800 pivot actually from these Bitcoin pubco's like I mean bit 1483 01:24:02,800 --> 01:24:05,720 farms for instance, like just the CEO came out and straight up 1484 01:24:05,720 --> 01:24:07,200 said we're not a Bitcoin company. 1485 01:24:07,800 --> 01:24:09,800 Anyway, oh wow, I missed that. Yeah. 1486 01:24:09,800 --> 01:24:12,240 I mean just straight up said it in a press release like we are 1487 01:24:12,240 --> 01:24:14,120 no longer a Bitcoin company, right. 1488 01:24:14,800 --> 01:24:19,840 So I think that that is a part of what happened is that if you 1489 01:24:19,840 --> 01:24:23,080 look at the most of the publicly traded Bitcoin miners, they have 1490 01:24:23,080 --> 01:24:26,520 a whole bunch of costs are added on to their balance or just on 1491 01:24:26,520 --> 01:24:31,040 to their P&L from being public, right that a smaller miners we 1492 01:24:31,040 --> 01:24:33,360 don't have. So our cost structure is by 1493 01:24:33,400 --> 01:24:36,520 definition lower and so we can get Bitcoin more cheaply. 1494 01:24:36,680 --> 01:24:40,200 And that is the name of the game as a Bitcoin miner is you can't, 1495 01:24:40,480 --> 01:24:43,200 you can't be the most expensive miner and survive. 1496 01:24:43,440 --> 01:24:45,840 And I think a lot of the publicly traded miners were not 1497 01:24:45,840 --> 01:24:50,080 operationally as efficient as they, as some of the smaller 1498 01:24:50,080 --> 01:24:53,000 guys like us can be. And so I think they were 1499 01:24:53,000 --> 01:24:57,560 hurting, they say saw AI and as a way to pivot to make more 1500 01:24:57,560 --> 01:24:59,280 money. And so, you know, if they're 1501 01:24:59,280 --> 01:25:01,560 jumping out of the frying pan, but I don't think a lot of them 1502 01:25:01,560 --> 01:25:05,360 realize that they're probably jumping into the fire because I 1503 01:25:05,360 --> 01:25:08,480 don't think that the cycle for AI data centers is getting any 1504 01:25:08,480 --> 01:25:10,440 better. So I think it's just a rough 1505 01:25:10,480 --> 01:25:14,360 business model period to be a publicly traded Bitcoin miner. 1506 01:25:14,360 --> 01:25:15,720 And it's not me slagging on them. 1507 01:25:15,720 --> 01:25:18,320 I think if I was the CEO of one of those companies, I may have 1508 01:25:18,320 --> 01:25:21,080 done the same. But by definition, I think one 1509 01:25:21,080 --> 01:25:24,760 of the things that I like about this pivot for the Bitcoin 1510 01:25:24,880 --> 01:25:29,040 ecosystem and for the Bitcoin network is, by definition, they 1511 01:25:29,040 --> 01:25:31,400 have to return dollars to their investors. 1512 01:25:32,040 --> 01:25:34,080 They have a fiduciary responsibility to do that. 1513 01:25:34,200 --> 01:25:37,680 So for them, acquiring Bitcoin was always a stepping stone to 1514 01:25:37,680 --> 01:25:41,280 get more dollars and that doesn't put them In Sync or 1515 01:25:41,280 --> 01:25:42,680 aligned with the Bitcoin network. 1516 01:25:42,680 --> 01:25:46,760 So I actually see this as a wonderful opportunity for us as 1517 01:25:47,160 --> 01:25:51,960 the Bitcoin community to take back more of the network and to 1518 01:25:51,960 --> 01:25:55,680 move more Fiat hashers off so that there's more Bitcoin 1519 01:25:55,680 --> 01:25:57,520 hashers. And I distinguish those too, 1520 01:25:57,520 --> 01:26:00,520 because when you come to Bitcoin mining, you have to choose what 1521 01:26:00,520 --> 01:26:01,960 your money is. And most people do that 1522 01:26:01,960 --> 01:26:04,080 implicitly. But if you choose that Fiat as 1523 01:26:04,080 --> 01:26:06,520 your money, when Bitcoin is just a stepping stone and you don't 1524 01:26:06,520 --> 01:26:08,440 really have long term alignment with the network. 1525 01:26:08,720 --> 01:26:10,920 And I think that's been a massive problem that's led to a 1526 01:26:10,920 --> 01:26:12,920 lot of centralization issues on the network. 1527 01:26:13,160 --> 01:26:17,280 So getting more of us onto the network caching is actually good 1528 01:26:17,280 --> 01:26:20,240 right now when publicly traded mining companies that don't 1529 01:26:20,240 --> 01:26:24,040 represent that level of alignment are are are puts and 1530 01:26:24,040 --> 01:26:27,760 off to go do HPC and AI. Great, wonderful. 1531 01:26:27,920 --> 01:26:32,160 And you know, and I'm, I hope that we're a better on ramp for 1532 01:26:32,160 --> 01:26:35,040 a lot of folks that want to do that because that's what I've 1533 01:26:35,040 --> 01:26:37,800 been working on building for the like the last five years is a 1534 01:26:37,800 --> 01:26:40,640 better on ramp to, to allow people to mine their Bitcoin. 1535 01:26:41,480 --> 01:26:47,240 Yeah, well, Kent, Kent's probably not making too many 1536 01:26:47,240 --> 01:26:49,360 friends right now talking about this. 1537 01:26:49,360 --> 01:26:54,600 So with that in mind, guys, if you like Kent and you like what 1538 01:26:54,600 --> 01:26:58,800 he's building and you want to get some wild SAT, I think now 1539 01:26:58,800 --> 01:27:03,760 would be the time to go to SAT's mining and potentially, you 1540 01:27:03,800 --> 01:27:08,480 know, I'm getting almighty guy as as Kent saying it might be an 1541 01:27:08,480 --> 01:27:10,480 opportunity for the little guy out there. 1542 01:27:10,480 --> 01:27:13,840 So maybe we haven't seen the final sacrifice yet. 1543 01:27:14,480 --> 01:27:20,080 But I think with Kent saying all of that, probably going to, you 1544 01:27:20,080 --> 01:27:23,520 know, get a couple of of angry emails coming soon. 1545 01:27:24,120 --> 01:27:28,720 So sorry about that, Kent, but hey, that's why we bring you on. 1546 01:27:28,840 --> 01:27:31,320 You're the mining expert. You, you keep it real with us 1547 01:27:31,360 --> 01:27:34,800 every time you come on. So I, I, I truly appreciate it. 1548 01:27:35,480 --> 01:27:38,160 Well, hey, hey, I didn't, I didn't come here to make 1549 01:27:38,160 --> 01:27:39,680 friends, just tell the tell the truth. 1550 01:27:39,800 --> 01:27:42,680 And it seems like it's one of those days where it's not a 1551 01:27:42,680 --> 01:27:45,160 making friends day, but hey, it is what it is. 1552 01:27:45,840 --> 01:27:48,000 I, and actually, I mean, there's a ton of people in the publicly 1553 01:27:48,000 --> 01:27:50,400 traded mining companies that I have a ton of respect for and, 1554 01:27:50,480 --> 01:27:53,480 and really like, you know, and are truly into Bitcoin for 1555 01:27:53,480 --> 01:27:58,000 Bitcoin's sake. That said, I I would be remiss 1556 01:27:58,000 --> 01:28:03,440 if I did not say that there is $125 off that you can get for 1557 01:28:03,440 --> 01:28:07,000 using Opti to it's just for you Opti. 1558 01:28:07,640 --> 01:28:08,760 Let's go. I'm glad. 1559 01:28:08,800 --> 01:28:09,360 Mining. Out. 1560 01:28:09,360 --> 01:28:11,960 I'm glad, yeah. Is it just like always running 1561 01:28:11,960 --> 01:28:14,400 or do you guys change it or you know, add it? 1562 01:28:14,400 --> 01:28:16,320 Add it when you come on the show? 1563 01:28:18,080 --> 01:28:20,200 I don't know the answer to that. My marketing guy does. 1564 01:28:20,360 --> 01:28:24,480 Marketing guy, you keep it live. Chaz mining, well, he's he's 1565 01:28:24,480 --> 01:28:26,000 running the SAS mining handle. He can. 1566 01:28:26,160 --> 01:28:28,560 He can answer. OK, you'll see it in the chat. 1567 01:28:29,160 --> 01:28:33,240 But but we also have a fun one for Ethiopia which is going live 1568 01:28:33,240 --> 01:28:34,960 this week. I'm stoked that's finally 1569 01:28:34,960 --> 01:28:37,320 happening. But anybody that buys a mining 1570 01:28:37,360 --> 01:28:41,280 rig there in Ethiopia were given given 100,000 sats afterwards. 1571 01:28:41,280 --> 01:28:45,840 So if you want to stack some sats, we'd we'd glad to. 1572 01:28:46,320 --> 01:28:48,240 We're glad to help you get that going. 1573 01:28:49,720 --> 01:28:52,720 All right, Kent, well, thank you so much for coming on. 1574 01:28:53,960 --> 01:28:56,040 I had a blast. Maybe it's because I had way too 1575 01:28:56,040 --> 01:28:59,000 much caffeine that you guys saw I was jacked up today. 1576 01:28:59,000 --> 01:29:01,320 I was jacked to the gills today, dude. 1577 01:29:01,600 --> 01:29:04,280 I needed a little extra kick after the gym this morning and 1578 01:29:04,280 --> 01:29:08,520 it might have been you know, Mom, I know I I won't drink too 1579 01:29:08,520 --> 01:29:11,040 much coffee tomorrow. She always yells at me that I'm 1580 01:29:11,040 --> 01:29:13,600 drinking too much coffee. I'm like, you don't understand. 1581 01:29:13,600 --> 01:29:17,120 I I got to drink the coffee. But Kent, really appreciate you 1582 01:29:17,240 --> 01:29:20,520 guys go check out sales mining. Actually, Kent, before we go 1583 01:29:21,400 --> 01:29:23,800 give people your your Twitter account again. 1584 01:29:23,800 --> 01:29:26,280 I, I always mess it up. It's K Halliburton. 1585 01:29:26,280 --> 01:29:27,520 Right. That's right. 1586 01:29:27,760 --> 01:29:29,400 Yeah. First, first letter, last name. 1587 01:29:29,720 --> 01:29:31,240 That's it. OK, OK. 1588 01:29:31,240 --> 01:29:35,360 Well, Kent, always a pleasure having you on guys. 1589 01:29:35,360 --> 01:29:38,120 I hope you guys got something from the show today again. 1590 01:29:38,120 --> 01:29:41,160 We will be live tomorrow. I know you're going to yell at 1591 01:29:41,160 --> 01:29:44,840 me. It's we put it at 12:16 on 1592 01:29:44,840 --> 01:29:48,720 YouTube and we go live around 12:40 usually. 1593 01:29:49,040 --> 01:29:51,040 That's the real time we go live guys. 1594 01:29:51,040 --> 01:29:53,920 OK, I saw you guys complaining about it this morning. 1595 01:29:54,920 --> 01:29:57,840 If you're a if you're a, you know, regular you, you already 1596 01:29:57,840 --> 01:29:59,560 know the deal. So I appreciate the guys in the 1597 01:29:59,560 --> 01:30:00,560 chat. They're like, look, they're 1598 01:30:00,560 --> 01:30:03,200 going to start at this time. Thank you guys. 1599 01:30:03,640 --> 01:30:05,920 I'm always appreciative. I love you guys. 1600 01:30:05,920 --> 01:30:07,760 Have a good rest of your day, Kent. 1601 01:30:08,120 --> 01:30:12,240 Again, thank you so much for coming on all that note guys, 1602 01:30:13,120 --> 01:30:15,720 it's your boy Opti. This has been simply Bitcoin 1603 01:30:15,720 --> 01:30:19,600 Live and we'll be back tomorrow for another show later, guys. 1604 01:30:20,160 --> 01:30:23,360 Thanks, Opti. Today's episode was brought to 1605 01:30:23,360 --> 01:30:26,920 you by bitcoinwell.com, a Bitcoin only platform on a 1606 01:30:26,920 --> 01:30:29,240 mission to enable financial independence.