Bitcoin Today 4/9/26 Pt. 2 Private Credit Trouble?

0:00This is a big point today, not big, not against the boys, this is a big point today, You can't just pretend that didn't happen, you can't, you don't get to play the music twice. You have one job to do and I'm putting in my notice, I can't work like this. This is, let's blame this on Elon Musk, everybody. A lot of people have been chiming in that the fire in the nightclub that punch keeps referring to is not white snake, but great white. So maybe that was why that was the Lord. That was the inner being too, the doomer alarm.

1:02There goes your doomer alarm, punch, sorry, oh man, ex what a piece of crap there, punch, sorry. You know, it's okay to be accountable and take responsibility. What did I do? He robbed us. Okay. Now, I, you know, I want it, I really want it to hear that young gentleman because, you know, they say the same thing every time. It's like, that can't happen here. Well, why, what do you mean, what do you mean it can't happen here? I'm showing you the fragility and the scammory, if true, and again, we'll take all comers up here. If you think that what Nick Nemith is putting out is bullshit, please jump up here and explain why we are mistaken. But if not, the idea that, well, this can't happen here, and he's a smart dude. He's a marine, simplify. He saw what I saw. You don't want to be in that long line of refugees or in that country where you have no optionality. Bitcoin gives you optionality.

2:03And Marines are taught to adapt and overcome. Well, it's a whole lot easier to adapt and overcome when you can get on an airplane naked with a couple seed phrases in your head and go anywhere in the world to what could be relative safety. If it gets to that, I don't want it to get to that, just like Thomas. Now I'm picturing you getting on a plane naked, country. Why did you do that? Oh, it's sublime. Believe it or not. How does that make you feel? How does that make you feel? I would just say the funny downstairs thing that he's overlooking and many people overlooking with normal, what I call normalcy biases, they don't think it can happen again. They think that somehow, because it's not happened at that level, although it did come damn close in 2008, that it can't happen again. And there's a lot of people who think that even discussing this is a pathology that's not normal, the tropes where they say it's dumerism.

3:06You know, I am ultimately not a mystic person about where this is going to go. I'm only saying that a storm is coming, a reset is coming, the system we have is not sustainable, and a system will reset, and look, as a society, we will overcome, we will adapt to this, but it will be very different. And the thing that I, again, I'll just give another Bitcoin commercial, Bitcoin will help you survive the storm and it will be well positioned for whatever system emerges next. All right, let's get. All right, I don't know which hands were up first of these three. I think, I think, I think we have Blanca, if he comes up, we'll get head of line, which is good. Tico, Sam and 100 in that order. Yeah, I'll be brief, puncher, I think it's all about growth, innovation, and freedom at the political level, because growth is a metric that they use for their existing

4:11innovation actually ends up providing value in the form of solving a problem, and freedom gets the government out of the way, whether it's the regulation or the taxation. But those three things equivilate to new basically opportunities, and that's it, is when you're sitting on piles of paper that are worthless, and you're trying to figure out when the musical chairs are kind of stop. You're not going to go out there and start screaming, hey, let's grow, let's innovate, and let's be more free because at the end of the day, whether it's the insurance companies or the ratings companies or the bankers themselves, they're all basically holding assets that are probably 40% to 50% less valuable than what they either owe on them or what they've borrowed on. Yeah, what they're claiming and what they're taking fees on. They want to take fees on par, even if it's worth 10 cents. So they're just eating, like the snake is eating its own tail in a lot of different ways,

5:17and Tiko, I'm all about, look, I'm with Thomas, like I'm optimistic about what comes after this, but really, you need to be in the pain mitigation business for what's between now and what will be. And I have no idea how long that lasts, but I can tell you, in the innovation space Tiko, with AI and what I'm seeing, and I'm just, I don't know about it, I'm just seeing what I'm seeing, it's going to wreck, it's going to just be so disintermediating for the majority of people in the middle. And it's going to be disintermediating for people who thought they were untouchable. White collar guys making $300,000 a year, who've got the country club, and got the kids in private school, and all that kind of stuff, and I get that they don't want to look at this, and I get that they don't want to admit that it might happen. But you are the one with the bullseye on your back. Pushing papers around on Wall Street isn't going to be a thing soon. What are you going to do?

6:17That's the question. Yeah, I'd not only agree, that's the question, but how do we apply the new innovations without the government stifling everybody's opportunity, because in today's world, you're absolutely right. If the growth, the innovation and the freedom are all allowed, distributed equally, will actually come up with a lot of value in the form of solutions. And pushing paper, or perhaps even the $300,000 a year job, isn't part of that future. So yeah, the rest of the world is going to get hungrier. The United States might get a little poorer, but it allows basically people who do, are optimistic to really outperform. Isn't that what the capitalists and the free market guys say, you know, less government, more freedom? Yeah, well, of course, but look, it allows you to survive the intermediate stage that's

7:24painful, and it allows you to be a player, like Thomas says, in the next system. And your ability to become a player, if you go into the intermediate stage where it's painful, you're just going to be living hand to mouth if you don't already have Bitcoin. You will not be a player in the next thing to come. Let's go to Sam then 100. Hey guys, how are you doing? I'm going to preface the space saying I joined a little bit yesterday's discussion. So the range of options that people were talking about, you know, the grid taking the big print, the resets. If I'm mentioning something that was discussed yesterday, then shut me up, I'm sure, but as far as I'm aware, and I went back and listened to a bit of the recording last night, there's another option that's on spoken in the United States that may be an option.

8:25It's kind of contorted, bear with me while I play in this. So to the guy, hey yield, I think his name was hey yield. I kind of feel sorry for these guys that they're not old enough to remember because 2008 was real. It happened, you know, very quickly at that time, I was living in Ireland, I just finished a master's at borrowed the money to do it. In Ireland, we don't have a straight forward student loan system, you basically take a personal loan. So I borrowed money at the outset of it in the first payment with do the first month that I was actually doing my master's. So very quickly, I got behind in payments right after I finished the master's 2008 happened. I was a rogue pulled banker on top of me by that stage, I had started a PhD. So on the one side of my life, things were going rosy. Now if you compare that to the United States and second property, third properties, commercial

9:26properties, whatever, everything was going rosy on one side, but on the other side, you know, I had debt and under the old sort of system in the head and the sand where everything is fine, my life was going on a good direction. But 2008 happened, I got rogue pulled within three months, I was in court with the bank. So the hey yield guy, look, don't underestimate how quickly this can happen. The other option that I wanted to mention is what happened in Ireland at that time, I fully understand that the two systems are completely different. But just bear with me while I explain what happened in Ireland at that time. Government couldn't manage its debt, there was a property bubble and a similar to the United States, there was a lot of sub-prime stuff, there was 100% mortgages. There was people actually, there was banks giving people, if your house was 500,000, there was a bank giving you 500,000, so 100% mortgage and they were saying to you, hey, you need

10:32new care. Why don't you roll the care into the mortgage? So people were financing what should have been a four or five year loan on a care into a 30 year mortgage, it was ridiculous. Money was being forced out. Restoration mismatch. Yeah, interest rates, the ECB interest rate at that time was effectively zero. So the banks were literally, like they were literally canvassing people, calling you up. If you went into the bank to make the line, to deposit a check or whatever, there was a sales guy canvassing people in the line to take debt. So anyway, when 2008 happened and the rug got pulled, the government, they tried different things, but the game was up because their entire model was based on a tax intake that came from the construction bubble with this borrowed money. Anyway, when the government realized they couldn't balance the books that they couldn't pay

11:33their obligations, whatever, an entity called the Troika came into Ireland and they basically went into every government department and said, sir, step away from the computer and that Troika was the European Commission, the European Central Bank and the IMF. They looked, it was effectively a national audit and they came in and they said, okay, here are the new national asset management company, anyone who's in foreclosure, this national asset management company is seizing control of those assets, give the keys back to the bank, the bank then gives the keys to this national asset management company. They went to each department and said, you need to cut by 60%, you need to cut by 55%. And it was extreme austerity. Now, I realize that austerity is not a word that's very common or very understood in the United States and I believe the reason for that is the money printer.

12:34We've never got to the stage where we have to implement austerity and you can see that last year when Elon Musk, I believe Doge was a very honorable effort but look what happened at the end of Elon's payment in Washington, both parties, not just the Democrats, both parties, ran him out of town and he literally left Washington with a black A. So there's no appetite here for austerity but I'm just throwing out this scenario where it's applied that the powers that be pulled, they set up a new entity, there's a new entity set up by the Fed, they bring in the people who are in the lane that are owed that $39 million and they set up this bullshit entity and the entity comes in and gives a press release and says, okay, there's going to be a reset, here's what's going to happen, anyone with a 401k over the age of 65 who is more than $10 million, we're going to do a bill

13:35and you're going to give up part of that and the national interest. And so to the high yielded guy or anyone else listening, I would say Larry LePard said it yesterday and maybe Ponscher said it as well, these people who control this fiat system will do anything, anything that it requires to keep their system afloat. So don't rule out the possibility that something akin to how 2008 went going in Ireland, who didn't happen in the United States. Now there's going to be people who will push back against me and say, we're the United States, like who the hell is this guy trying to tell us that the same thing will happen in Ireland. Well, look, a lot of people got blindsided in 2008 in the United States, they didn't think it was possible that a rugpole of that magnitude could happen. But look, in this fiat system, I would say to people, don't rule out any coercive action and these bastards will do anything they can to reboot that system, put a sticky plaster

14:36over it so that it can keep going and that's effectively what 2008 was in the United States. The system did break. It was in fact, there were sticky plaster, put over it. And here we are, what, 17 years later, don't rule out the possibility that they could do the same thing again, but the sticky plaster could be much more serious this time in terms of billions in terms of seizure of assets. So look, that's not scare mongering, that's not dooming. That's just know your enemy, know this fiat system, know what they're capable of. And I wouldn't rule out any possibility in terms of, because look, to high yield, I would say the system has broken, to say, like, this isn't a scenario that we're talking about that could happen in the future. The system is broken, we're never going to pay $39 trillion, anyone who thinks that we're going to pay $39 trillion in debt obligations back, you're living in Kuku land. So at some point, this, the rug is going to pull.

15:40And what haven't said that, I don't want to sound too critical to how you yield. This is just a generational thing. These things tend to happen at a distance apart with a younger generation, don't understand what it felt like. And the guy said it himself, he's too young, he didn't understand 2008, but don't rule out that there could be scary times ahead of my message. Thanks Sam. Hey, Bitblanket came up, let's go Bitblanket, 100, then tip top. Hey guys, yeah, just building on that, Sam, and this is probably just a question to the old folks in the room. When 2008 was happening, I mean, I know there was a lot of geopolitical stuff going on. I'm wondering what was the feeling, like, did you look at the market melting down and then kind of look at the geopolitical stuff happening and consider that it was going to get a lot worse on the geopolitical side? Because I mean, what I'm looking at now is if we are coming up to some sort of 2008 type situation and we have all these clouds on the geopolitical horizon, I mean,

16:43the conclusion would be that if the economy falls apart, the labor sink is going to be, you know, war, but I don't know if that was kind of a similar thing, playing out in 2008, and trying to get some perspectives. Thanks. It was very opaque in a way. There were early indications, like, I would say David Einhorn in 2008, he was the principal like Greenlight Capital. He wrote a book called Bullying Some of the People All of the Time. Now he would go out and point out some of these things. There were other people who were less high profile, like Michael Burry and Steve Leesman and the some of the other guys that are featured in the movie The Big Short. Einhorn was, would get on TV quite a bit and start pointing some of these things out. And the system, the CNBC Procyclical Bulls would simply mock him, but they'd mock him personally.

17:44They'd say, you don't know what you're talking about. They never really addressed the substance of what he was saying. And so if you get back to that, he would do his homework and look, he shorted Lehman and made hundreds of millions of dollars on that. Now, it got so bad while this was coming undone that it caught basically everybody off guard. They changed the rules where you couldn't, you couldn't short. They did everything to protect the system. And, you know, at some level, whether you like him or you hate him, you had Hank Paulson, who was the former chairman of Goldman Sachs as the Treasury Secretary. So you had the ultimate insider as a Treasury Secretary. I think you have a, a, a, best and probably a similar cut. But I would say, Paulson was in a position where he could pull these Wall Street heads together and have a peer-to-peer relationship with them and really pull this thing out.

18:48I mean, if, if Paulson wasn't there, I don't know how this would have played out. You know, he wrote a book called On the Brank, which is a good book to read if you're interested in this history. You get a sense of how, we were, we were damn close to the collapse of the system. And because what happens is the credit market froze and, and the, the credit markets, you know, in a modern economy really requires that for a, a, a, a dozen reasons. But I remember like, at the time, we thought we, we didn't know, we didn't know where the bottom was, where this was going to play out. You guys like, punch it, just sell the story. He's in the middle of a project and all of a sudden, the accounting changes had nothing to do with what he was doing. All of a sudden, he's upside down and, and bust. He's tits up on that project. Thomas and other people in the same way. I guess the question is, you know, based on the conversation yesterday, great taking a big print, you know, if, if the other option is just, you know, it all crashes and burns. We have unemployment

19:50that goes to the roof. I mean, historical precedent would say that war follows. So I'm wondering, you know, is that kind of the similar feeling that was happening during that 08 period, or was the geopolitical scenario much, much, much lower of intensity than, you know, from a perspective standpoint? Does that make sense? I think we did the war up front. And I think, I think the, quote unquote, war, and the next one is to shift the block. I'll remind yourself there was eight years of war by George W. George W got elected in 2000. And don't forget the hanging chats in the Supreme Court vote, you guys. And then two things made, Blancas, is whether it was Afghanistan or Iraq, what ended up really occurring politically is that W drove the bus into the ditch. And by doing that, it gave Obama an opportunity, because this country would have never elected Obama,

20:52if Bush actually did a halfway decent job. And also remind yourself that Donald Rundsell was at the podium talking about a $3 trillion Pentagon audit three days before September 11th. So, and, and I was actually there for 2007, 8 and 9-bit Blancan. I'll give you at the politics level with respect to Obama. I was an innovator, right? I was a reformist. I gave Obama money because of one issue. And he said he was going to keep the federal government out of marijuana, a medical marijuana states by doing that, by directing that one policy position, and by directing the coal memo and Mr. Holder to keep the feds out of the state programs. I watched Colorado grow and my businesses grow 2009, 2010, 2011, 2012, which is when we legalized the actual product. And then more growth came in. And the reason why I say this is because,

21:57for two reasons, which is a single issue can actually be the catalyst, which is what I see Bitcoin being. But at the end of the day, all of the growth in my business and all of the growth that I saw the industry, which now employs over 750,000 people and doesn't even have access to financial services, it was innovation, freedom, and growth that won the day, not political partisanship, war, or law. 100. Yeah, thank you. Some solid conversation in the last 24 hours, between all these space calls. I just wanted to impress upon everyone who was listening, how close we are to a credit crisis. Four days ago, the reverse repo fluctuation was 12 billion. Three days ago, it was 200 million. Two days ago, it was 15 billion. Yesterday, it was 177 million.

23:00The lowest it's been since 2021. So the fluctuation of all that emergency cash in the financial system was between four to 22 counter parties in the Federal Reserve system. Once that number goes, the lower it goes, the higher the risk is, the more volatility in the system, the more burnout. That's how close we are to systemic global counter party crisis. And I just wanted to also add that whenever you have any individual coming onto a space that didn't live through 2008, have them watch inside job by Sony Pictures and then have them look at the economists, writing these research papers that discussed that layered risk. Similar, very similar to what Thomas was bringing up in regards to mark to model. The high profile

24:06individuals that were interviewed, the questions that were asked, and the unconstitutional regulations that were passed into law with the individuals in government that allowed it to happen. For example, the aftermath of what do you call it? Dan, I'll just point it out. Quantitative reason? No, it's what separated the accounts. It broke the Chinese wall. Dan, what was it called? Robins, actually? Not Sarbanes. Sarbanes was after. It was before Dodd Frank. It's what Larry Pulse, not Larry Pulse, it was Larry Summers. Glass-Steagall. Glass-Steagall, thank you. So when Glass-Steagall was brought up and it broke that Chinese wall and the documentary focuses on how insurance was used in weaponized,

25:11securitizing synthetic assets in the system, and when you combine that knowledge with what you learn in the big short, then you'll truly understand how this massive counter-party system works. Now, what's the counter to all of this? Yeah, Bitcoin is certainly part of that conversation. It's a major part of the conversation, but I do believe from a national security perspective, Bitcoin is positioned to be being positioned by the U.S. government to seize assets, but also to address forfeiture in assets. So what does that mean when you're dealing with a $39 trillion deficit that I agree with what Sam was talking about, that it won't be paid back, it won't. What will happen is a lot of it will be classified as unlawful debt, a lot of it will be canceled out, and there might be even some printing that's going on at the same time,

26:13but there's no way that $39 trillion that was artificially created in the system by multiple foreign actors that are attacking the U.S. dollar and the U.S. Treasury bond market, which is the most important liquid vehicle in the world, it becomes obvious that the reserves and keyword put that in parentheses, the reserves that are being created strategically are being put into position so a new trust model can be determined, and Bitcoin is certainly a major part of that conversation. So we're living in it, and we're about to experience what 2008 showed a glimpse of. That's it. 100, tell everybody how old you are. I'm younger. I'm younger. I'm younger. 40s, yeah. Got it. Awesome. Thank you. Hey, pivoting just a little bit, guys. Simon, I want to get your thoughts

27:19here. So BB says they're now pursuing a real Lebanon ceasefire, despite the old ceasefire that wasn't a ceasefire with over 250 killed, a thousand plus wounded in a can only be described as an unbelievable attack on a hundred different targets within 10 minutes of high value targets, which just shows me just a complete and overwhelming intelligence capability on behalf of Israel, which probably thanks to Palantir and others. So Vance is going to lead Kushner and Wichkov delegation in Pakistan. Trump warns of more military action if Iran doesn't uphold a quote-unquote real ceasefire deal as opposed to the other one that was fake while Israel just kept bombing Iran and they were supposed to take it and Lebanon. But we're serious this time. And then I'm Beirut apparently is being evacuated because that's on the target list for whatever reason.

28:21So can you give us a little heads up what's going on here, Simon, for real? Yeah, sure. Firstly, the action in Lebanon is almost identical to what we've seen in Gaza, sheer civilian targets, crimes against humanity. I know people that have died as a result of it, like lots of mass evacuations. So, you know, but of course some targeting of Esplanar as well. But this is Israel doing what Israel does. When you need to change something you kill children and civilians because it creates the outrage and escalation that's needed. Like we've been seeing this for like three years now, anyone has been following it. So that aside, the humanitarian part of sides, putting on the analytical hat. The way that I see the game theory now is that I think US absolutely wants the straight open

29:26and there's no military solution to get it open. There's only a diplomatic solution. And every time the price of oil reaches $115 WTI, Trump needs to pull a new rabbit out of the hat. And the last one that we saw when it went above $115 was effectively a 48-hour narrative on true social towards a nuclear escalation and in the final hours. Simon, Simon, sorry. I want to get your thoughts on this. And Dave Smith brought this to my attention and I just want to get your thoughts. So, Trump being just Trump saying, hey, we're going to bomb you into oblivion. If I'm Iran, I say, well, I got a Trump card on that, so to speak. If you do that, then we're going to start targeting the GCC infrastructure and the Salonation Plants. As is our right to do. So, you're not going to do that. You're bluffing. We know you're bluffing.

30:26And you know that we know you're bluffing. And then at that point, Trump just goes crazy like a psychopath texting what he did on Easter and all these crazy tweets because he had to make them believe that he was crazy, crazy enough to do it. And they're like, I don't know, he might just do it. What do you think about that? Yeah, no, I don't believe they think that he would do it. And I don't believe they take the threat series. It was all market management. So, you create an narrative that gets the price of oil up, which gets to the critical moment. Because Iran knows that whenever the oil gets to above $115, Trump has to capitulate every single time. It's happened the fourth time now. And they know that. And you can see that even in their Lego, like PR, they're kind of, they really understand the market dynamics. So, that narrative got it up to $115. US had the 15 point plan, which effectively didn't

31:31mean any of the six strategic objectives other than getting the straight open. Then Iran said, well, here's the 10 points that we want. And then we had the bluff up to the 48 hours. And then in the last hour, we got, okay, it was, look, if you're signing an actual agreement, there would be no, there would be no objection over the points. You'd sign a letter of intent. You'd sign, you'd have signatures on it. You'd have a communication strategy of exactly what each side does allowed to say. And you wouldn't have, oh, we thought Lebanon was included. We didn't think Lebanon was included. Impossible. If you're doing a real deal. So, both sides were engaging in theatrics around that 10 point plan and that ceasefire. Having said that, Trump accepted the most Iran-friendly deal that I think could ever be possible.

32:33But he puts strategic ambiguity in his posts. He was just saying, we've got the 10-week framework. We got two weeks to figure out the details. It is China that's negotiating. We got the 14th of May as the Xi Jinping and Trump meeting. Everything has to be wrapped up by them by my assessment. And so, you know, now we've got the 10 point framework. There may be meeting on Friday in Pakistan. Pakistan's just the host country China's setting terms. And that's how I see it. Now, what I think the game theory, and this is pretty brutal right now, is the net in your, so in order for US, I think US, if US and Iran were the only ones negotiating, I think he'd have a deal now. You just figure out how to get black crooks. I'm shares in the port, change international law where international waters can be JV shared between Iran and probably DP world or something in

33:37Dubai or something like that. And then you share the trade route, which would hold everything together. But obviously, Israel doesn't want that because they're, you know, the outpost for military profits for the US military. So, how do the question number comes? How do you get Israel to agree? Now, if you look at the dynamics within Israel, Israel has an identity crisis because they were traditionally the justification for the war. If IRGC is no longer a hardliner and you've got pragmatists, then Israel's purpose ceases to exist, which is the problem that Israel wants to prevent because they always were useful to military contractors and the Israeli lobby and all that Lindsey Graham type of stuff. So, net, you have to co-opt net in Yahi. Net in Yahi is about to go to prison as soon as the war ends. He's got his internal corruption case. He's got the genocide case.

34:44He's got all of the different things that came up. So, he needs an exit. And obviously, everyone, all the media has been setting up for Net in Yahi who is the full guy. So, you've had all the narrative that's led up to telling Americans, yeah, Israel's like a prior state and all that type of narrative that they're pushing. So, now you've got who actually gets to the side. Well, Net in Yahi who has to stay out of prison, he needs an exit strategy. So, I think he's leveraging his negotiation. And so, what he always does throughout the last three years, whenever you need to leverage your negotiation, you just kill a bunch of civilians. So, he did it in Gaza every time it was about to get to cease fire and end. And so, he did it in Lebanon, did the outrage campaign at the same time as having the right amount of, yeah, we're targeting Hezbollah. And so, what I think is happening here is, I think the more pragmatic element of Iran

35:50is in power, but there's still parts of the IRGC that are kind of trying to push the negotiations in their favor as well. But when I look around the map, so if US has to get the straight open, the price of oil every time it hits 115 US has to capitulate. And Iran knows that. And they know the terms and they've already got the 10 terms and it's been agreed. How do you get Israel to agree? And I think the way to do that is you have to create a narrative where Israel gets its war for the rest of the year. And so, I think what's happening is IRGC effectively is going to leave Hezbollah and Israel to degrade each other. You have Hezbollah continually fighting Israel and Israel coming at Hezbollah or maybe they get some additional land is what I think they're calculus is. And then they create a buffer zone to get some a bit of Lebanon. So Lebanon has become

36:57the issue. And really, if you're Iran and you're trying to close the deal, you leave something in the negotiation that you can give up in order to try and get something else. And I think the real thing is the straight obviously the economics of the straight. And I think Black Rock wants a piece like they did in Panama and the other 40 ports around the world. And then once you set that, you've effectively reset the world order because now you've changed international law where US doesn't guard the ports. And then everyone starts moving towards some kind of tariff or trade route policy based upon controller ports because you've set the new framework that sets up the new world order. What do you see as the negotiated settlement on opening the street? What does that look like? I think it looks identical to the 10 points, but you take out Lebanon in the end. And you effectively Iran needs a way. And so you notice that in the media, everything's become about Lebanon.

38:00And so people in Iran are saying we will not do a deal unless Lebanon is protected. You've got the media saying we're taking out Hezbollah on the American side, on the Israeli side. You've got to give Israel some kind of victory because it's an absolute loss. The 10 point deal. And America needs something it can bring back and say that it won. So it can say, yeah, we took out we regime changed when they didn't. We took out the nuclear program when it didn't. But they need a mechanism for dropping the narrative that justifies the war in the first place. And I think if you could say, yeah, we ought to the deal. It will be framed as America gets a piece of the trade, but it will just be given someone like one of the black, portfolio companies or something. Just like all the energy contracts that just go into Qatari and US energy contracts, but it frames it as US winning. Well, the end doesn't matter if it's America. Extricate itself from the GCC and all the

39:01security agreements as well. And then what does that do? I don't think so, but I think they're going to be renegotiated with, I mean, the gold countries are absolutely because they've been, you know, their economics have been absolutely hit. So I don't think they're going to want to renegotiate with America anyway. They're going to pull the funding most likely and then they'll renegotiate on very, you know, very pissed off terms. What about their investments in the United States? Well, I mean, they pivoted from the petriot dollar ages ago. They stopped buying US treasuries and started buying US equities ages ago. So they're basically just buying up as much equities in US. Well, what about, but I don't think they're going to continue to invest. I think the whole, yeah, I mean, I think they'll do whatever is in their strategic interest, but I think China's got all the leverage now and China's just going to do all the rebuild contracts.

40:05I mean, they've got, you know, I mean, everybody has had to turn to China and Russia or basically gold. The companies that are winning is Shenyeh Energy, which is a US LNG and then gold and pass, which is 70% Katara in 30% owned by Exxon. And then Chevron Exxon and maybe Halliburton will get some rebuild contracts, but I think most of them are going to be done by China's Belt and Road Initiative. And then there'll be alternative local regional security packs as well. So I think Turkey, Egypt, Pakistan, Saudi. Saudi is going to be king of the GCC, but there's going to be a pain point. Iran, I think, will be highly normalized with GCC at the end of this. I know that because the largest trading partner, there's a lot of theatrics involved, but the largest trading partner for Iran as UAE was the one that gave Iran all their sanction

41:07relief. So although you're getting a lot of wear enemies, we're trying to kill each other, they're effectively just blowing up local infrastructure that's connected to the US and replacing it with Belt and Road Initiative. I think they're working together. It's good cop back up, I think. I don't know if I can see hands. I got a non and that's the only hand I see. The coin and on. Yeah, Simon, I just wanted to ask you a similar question I asked earlier. What's your read on the Jack Mowler's thesis of getting the debt socialized by forcing citizens to buy and use stable coins, kind of a Latinic tether play? The debt's already socialized, but the benefit goes to the bondholders. So I don't see why it makes a difference if you're replacing it with a stable coin. All you're doing is you're removing fractional reserve bank and replacing it with full reserve and financial institutions control America so they'll never let it

42:10happen. We saw that with clarity act, the banks are going to win. I don't see how that happens. No one wants to pay off the debt. The banks are just going to asset strip for as long as they can and start building their alternative rails outside the dollar dominated system. That's what they're doing. And they don't, they want as long as treasury still workers collateral, they'll keep it. Maybe there'll be some kind of replacement, but you can't pay down the debt. That's the point. If you pay down the debt, you've just effectively wiped out the entire U.S. economy and sent the world into a depression. It can only be rolled over. So I think it's more likely the big print inflate away. And if that breaks, great taking. But more likely, they'll just keep, it would just like Britain, I think, where you just have just the debt just cripples

43:14and you just carry on and you just make sure the corporates capture the whole economy. I mean, that's what you'll see in that. Effectively, the Americans are paying the debt while a couple of companies, military contractors and oil companies and LNG companies are getting all the benefit. The financial institutions are consolidating black rocks up to $14 trillion from $12 trillion as a result of this. Now they've got $25 trillion under their Aladdin technology. The banks are lovin' us. Like the financial institutions are clean and up there. Shan, blah, blah. Yeah, I find myself agreeing with a lot of what Simon just said. Simon, whatever else they might be, the Iranians, the people who are controlling around are not stupid.

44:14And I'm just wondering if there are other points on the plan that none of us are saying. And I'm kind of alluding to the fact, you know, your thesis that it's the central banks ultimately who control things. I'm just wondering if there's a point in that plan that says, you can't have alluded to it a second ago. There has to be some point in that plan that said, look, if we get a deal, if we get peace, you guys have to stop doing what you're doing here. You guys have to stop funding money out of thin air to fund Israel to cause mayhem in the Middle East. That would be remiss of any Iranian going to negotiate without bringing that to the table. But what that looks like, that's way over my head. Yeah, I think that's Netanyahu's role. I think he's flit. He used to work for the military industrial complex and that he works for the financial industrial complex. I think as much as I hate that guy, if this was meant to turn to military

45:20industrial complex, he'd assassinate him and put Ben Gavir and Smoltrich and George. The fact that he's still alive means that he switched allegiance, I think. And so if he's switching allegiances, that means get us as much land as possible. And then when we do a deal for regional stability, we'll give you a couple of other war zones, maybe take it to Europe and central and Latin America. But the Middle East is going to be stable after this. There's no doubt that's what we're witnessing. So my opinion on that, Simon, I am completely in agreement with you. I think Netanyahu is a war criminal. I think the reason that Netanyahu is still alive is is very public dressing down after a deal is done and sort of conviction on a number of things is going to be what enforces peace in the region. They need that guy perp, if he's assassinated beforehand, that doesn't happen. And that'll go on over, you know, I don't know what age Netanyahu is, he's probably

46:22late 60, 70. That could drag on over years, like a kid's going on against him and he appears in the news every night again, as a sort of a PR exercise to the Middle East that, yeah, we're changing our ways. Netanyahu is the full guy. But yeah, back to my original point. Yeah, I think just on that, I think my best guess would be the political process kicks in in November. So he needs the Hezbollah operation to be dragged out, but the Iran war can't continue because of the street. So that's why I think Lebanon will be something that IRGC caves on. And that will be just pragmatic out of preservation, but also if the pragmatists and reformists are taking over, then they don't need Hezbollah because Hezbollah was only needed. Hezbollah Israel as a

47:24Mick proxy and Iran as a justification, like the whole death to America, death to Israel narrative. That was all the military industrial complex forever war model. They're cleansing it of all three, which is why I think it ends in regional stability. So if you need to, after you've got a deal, you need to give Netanyahu a victory, which is we're still coming after Hezbollah. And then he needs to rebuild his credibility within Israel. And then come November, I think he'll be regime changed. He'll hand over to a leftist government that said, hey Netanyahu, we think you did it. He'll probably get exile in Argentina and he's probably negotiated his exit. And then Israel will be rebranded as someone that will be financially distressed, but integrated into the GCC, I think. I'm in a follow-up question. I'm kind of pivoting a little bit. I'm pivoting towards a possible

48:28escalation. So it kind of surprised me a couple of days ago when I sat down and I read a bit a lot of this stuff, Azerbaijan, largest supplier of oil at Israel. The possibility of this thing escalates that Iran would start striking Azerbaijan. And apparently I didn't know this until I read it a few days ago, the Turks and Azerbaijan see themselves as one on the same. They would effectively treat and attack on one as an attack on the other. Could Iran, do you see a scenario where if we don't get a deal anytime soon that Iran would beat Azerbaijan into this, which wouldn't turn beat? It's okay into this, which wouldn't turn be a major, major escalation. I just wanted to hear your thoughts on that. I think the point is the bosses in the room, which is China, and there will be a deal. There has to be a deal. Yeah, if, well, look, China is aligned with the pragmatists

49:29in Iran, because they want regional stability, and they will get it, however they want, however they need to get it. If the IRGC defies China, and there is a hardliner faction that benefits from forever war continuing, then they could try and do that, but they'll probably, that would be the escalation cycle, but I don't think it will happen, because I think we're in the final acts. And, you know, any escalation I think is escalate to de-escalate at this stage, unless there are a hardliner elements that are trying to derail, derail what China wants, and it may still be some of that, but everything I'm seeing right now is leading to a perfect story where everyone can claim a three-way victory, and everyone thinks they want. Oh, good. And let's get to a tip top. Sorry, I don't know what happened to top, but

50:32No worries. Thank you for having me up. Love the conversation. So Simon, I want to dovetail on kind of what you were saying with Palantir, and if you guys can't hear me apologies, I'm outside working, but on your kind of conversations around, you know, Palantir, the military industrial complex, if this war to a degree kind of calms down, there's a quote-unquote win-win win, and that military industrial complex is turned effectively, like the Patriot Act, etc. back on to the American people. Also, pulling in the conversation we were having before you came up around something like Bitcoin, you know, being a, and I'm paraphrasing your words puncher, but like a life raft for, you know, middle America, whomever owns it, to get through whatever this forth-turning brings. My question for kind of the panel, not to derail the conversation, but just realizing that that military industrial complex will turn its view and it's gazed back on to the citizens, like a Palantir, like a Google, etc. In the system that we're moving into,

51:35right, tax season being, you know, coming shortly, the US jurisdiction has said, hey, have you held digital assets, right? If you check to know, but you have owned them, you've essentially committed fraud. In the sense of onboarding these assets and puncher to your earlier comment, if individuals start to try to take a loan out on Bitcoin when things are chaotic, not sell the asset, but take a loan out on it, there has to be cost basis that comes into it, ownership that comes into it. Effectively, does that create like a dark web and a known web, so to speak, for financial, you know, assets that middle America owns or doesn't own, as they try to take loans out on a bit, you know, Bitcoin or some digital asset that they own, they're going to have to prove that they've owned that and for how long, you know, for tax reasons, etc. How does all of that start wrapping in to kind of create a digital wall as, I don't know,

52:36citizens try to protect their wealth long term with this store value in Bitcoin. Anybody want to take a shot at that sign? Yeah, I'm just like, I'm trying to, because the message, and let me just one final thing, the message is, hey, Bitcoin is a life raft, I love that. I do own Bitcoin, amongst others. My point is, is that when you own it, at some point, when you want to take a loan out or a draw on it, maybe you exchange it, maybe you do sell it, I don't know what people do. But when you do do that tip top, you're entering their system. The whole point is, but you've got to live off of that, right? At some point, you've got to extract, well, I mean, unless you hold it in perpetuity, which is an option. Well, right. Well, no, I can, I can send it to Simon and, you know, no one knows, no one's an idolizer. I mean, for the record, all my Bitcoin was wrenched attacked last week. It was horrible. It's, I'm sorry. Yeah, it's a bummer. But, um, look, but it's become the media crazy. At some point, the governor, this system is going

53:39to come after us personally about Bitcoin. I don't see that as avoidable. And the point is, you can extricate yourself and go somewhere where you're not a target, potentially. I don't know, Simon, what are your thoughts? But, but to do that, to do that, for example, I've, I've looked into that, right? At some point, you're going to raise your hands and say, look, I want to exit this system. There's a exit tax on that. You can't just exit the, the amount. I'll be an El Salvador, bring guns. Yeah. No, hey, I love, I love all that, right? But I have my wealth, right? I mean, 2008, for me, again, dovetailing of the previous conversation, I did not know. I'm not incredibly technical, but that was my first buy the debt moment, right? I was coming in, bought a first house, moved out, rented it out. And as individuals were losing their, their shit, I was buying the debt, effectively, not realizing what I was doing in the housing side, right? So as you, you mentioned, you had a building, it went from nine to 4.5 million. You know, I was picking up residential, single family homes, where I was. And that was a buy the, buy the debt. That's where I first kind

54:44of heard that. So, you know, that was a time for me to double down throughout 2008, 19, and 11. And you wrote, you wrote with the flow when they put money in the system and, and these not traditional stores of values, doubled and tripled in value. Yeah, like, right. But where you, where you have a system, though, that effectively opts in, it's citizenry and says, look, if you want to tap into this, maybe it is a tokenized IRA or whatever it might be in order to opt in and realize its full value. Yeah, you've got a, you've got a KYC, right? You've got to understand, I've got to understand the assets you ever don't have to tap into its full potential. If not, then that's the quote unquote black market. There's a whole other system being built on tap a Bitcoin, but go ahead, Simon, then dark then to go. It's such a massive conversation. Honestly, I started preparing for these types of scenarios 10 years ago, but you just got to put together a plan. And just in simple terms, you live somewhere, you have citizenship and residency in other

55:53places or options. And most of your self-custody Bitcoin should be owned by corporate shelves that are also diversified around a bunch of other jurisdictions. And so, look, it's such a big topic and effectively, you know, there's a whole industry of wealth management around it. There's no way you get a simple answer, but put it this way. Bitcoin gives you ownership, but then you need to live in a jurisdiction where the ownership where you live allows you to own it through other corporate structures. And then those corporate structures are in diversified havens where you and in the key effectively belongs to those jurisdictions so that if your government comes after them, you're able to take your wealth. And then you have personal spending, whether you've got the income or you don't have the income, and then you're like, optimite. Like, there's just so much

56:55to that conversation. But in a nutshell, if you haven't been working on your sovereign individual strategies, like it takes 10 years and you need to start today and don't get overwhelmed. But with Palantir, with something like Palantir where you've got, you know, known quantities have been, I mean, it's whole mission is to understand who the enemy is. Once that turns onto its citizens, yeah, so you want to do everything legally is your answer. And there are legal ways of doing everything, but it just takes time, wealth and patience. I think dark has something to add to this because your hand went up on the stop. Yeah, I don't think you're going to like what I have to say here, but at this point, Bitcoin is not pristine collateral. Look, good collateral is not marked to market. You think about the way our system is built. Real estate is not marked to market. You don't mark your house to market every day. If you did, you'd be defaulting on your mortgage

58:00probably, depending on different moves and interest rates and all that kind of crap. So the problem with using collateral that's marked to market in a fiat system is that you're leveraged on both sides. If your collateral goes down, that's bad. If your interest rate goes up, that's bad. So at this point in time, Bitcoin's not good collateral. It's just not. We want, I like to talk about it as pristine collateral because that's the future I see, but the future as, but the present as it exists today, Bitcoin's really pretty crappy collateral. It's too volatile. At least in dollar terms, in Bitcoin terms, it's great. So yeah, I just think taking loans against Bitcoin at this point is asking to lose your Bitcoin. Yeah, definitely. I agree with that. So if you do, if you do do it, make sure it's not all your Bitcoin like, you know, some

59:04you just have only borrow against Bitcoin you're willing to lose is a name of the game really. I think I'm right in your house. I'm going to, I'm going to have to jump off guys. I just wanted to come in for a bit, but I did want to just say, I did just want to say the straight-of-a-moose is open to anybody that wants to pay for a shipment priced in dollar Chinese you want, but paid for with Bitcoin. So the straight-of-a-moose is open to Bitcoin as if you want some shipments through. Awesome. Tiko and then Justin, good to see you buddy. Yeah, at the Simon's point, look at that exchange. You have physical oil passing through, being exchanged for Bitcoin, which basically increases the value, provides a solution to a sovereign, and to be perfectly frank everybody, the purpose is settlement. They get it settled quick, and in that settlement reduces the risk,

1:00:11but to tip top to your point about... Sorry guys, just, sorry, I really didn't want to interrupt, but just before I do that, I don't want to leave it on the space. Buying sanction goods is illegal, so that's not legal advice, and you should follow the law in all sanctions and various other things. But my understanding is that right now Iran has sanction relief on their oil sales, and you can pay with Bitcoin, and that's perfectly legal. But I just wanted to put that there, so in case I'm not suggesting you do anything illegal. It's not a small deal, go ahead Tiko. Thanks Simon. Yeah, once again, suggest what is legal versus illegal to tip top's point, yesterday's laws or today's whatever, to be honest with you, and physical goods, right? Physical goods in exchange for passage through a straight, and we're going to use Bitcoin, because why? Because it's lower risk, it settles immediately, and it retains value. To tip top, the most valuable asset you have is your

1:01:16conviction and your effort and your creativity. So the reason why I say that is because the less the government extracts off of that, the more you get to keep, the better off you're going to be, and in order to remove yourself from this system, via sovereignty is spend less. That's it. That's really all you have to do to suck this system dry, because this system actually operates on over expenditures, as we can all see, because that's where the borrowing and spending our way to prosperity comes from, the benevolent creatures of the ivory towers. Thanks, Tico. Justin, how you doing? Good to see you, buddy. And Lauren, I'm going to have to hop in about five if you want to make a shanning or somebody else the same coast, and then go around the horn, but that's up. Justin, how are you, my friend? Good, bunch of men. I'm devastated here about your loss of the Bitcoin. It was tragic. It was tragic, but I will rebuild.

1:02:19That's devastating, but you know, I mean, the only good thing is there are tax implications that are favorable, so just make sure your tax attorney lets the IRS know. Be more careful. Hopefully, it doesn't happen again. It might happen again, but I know you're going to start stacking right now, and we'll just wish for the best, but that's a huge loss, but definite favorable tax implications. So, I mean, from that standpoint, it's good timing on that, but hey, listen, Bitcoin checks every single box. So, I mean, the inevitability of Bitcoin and the gradually and suddenly movement, we just took a big step in that regard. So, if, as Simon said, central bankers are really running the world, which we believe they are, and they're very, very smart, they're smart enough to run the world to get to that point, then are they stacking the best performing asset in world history? Of course they are. So, the logic is simple, and I posted up when I went on breed love,

1:03:22I said this, certainly not the first, not the last, but Bitcoin checks every box for bricks nations. It can't be frozen like Russia has already suffered that. In 22, it can't be printed into oblivion like every other fiat currency. It's already settling energy contracts between China and Russia. We know that Iran is now demanding payment to transit the straight-of-war moves. So, directly or indirectly, Bitcoin is tied to how much of the global energy flows in the world right now, Bolivia's importing electricity with Bitcoin. So, the infrastructure's live, the precedents are set outside of our bubble, who it really is talking about it. But once Russia and Iran are accumulating Bitcoin through energy production, which apparently they already are. They're accepting it for full collection. They're never ever going to sell it back for the base fiat. Why would they do that? They've already learned their lesson. So, dollar reserves

1:04:26get frozen. Gold is impossible to move. Bitcoin's the first asset in history that ascensionation can hold, move, defend without asking anybody for permission through it. It doesn't require violence. So, when, not if Bitcoin formally adopts what they've already been doing quietly, and when central bankers who've been accumulating it for years reveal their hand, then think about that gradually, then suddenly moment. I mean, if you sit down and close your eyes and think about this, how shocking and how fast that can happen, then you're buying Bitcoin. And I think the math was always inevitable. At some point, as soon as the central banker started accumulating, then Bitcoin became inevitable. So, the only question is when the rest of the world is going to stop pretending otherwise, but we're one tenth of one percent who know this. And, man, I think we're going to look back on this period and say, I cannot believe in the year 2026, we were buying Bitcoin for less than $70,000. You could buy $121 million, which probably

1:05:32more like $115 million, of all the accumulated value in the universe for less than $70,000. But, I mean, it's been theory up to this point in hypothetical, but we know that the BRICS is using Bitcoin and what they accumulate, they're not selling back for paper. They're not trading it for gold that they can't move. So, it checks every single box. And I'm not seeing any holes in the argument that Bitcoin, that BRICS is going to adopt Bitcoin as a reserve currency. And when that happens, the gradually then suddenly moment is going to be shocking. Can I add something on to that with respect to the institutions and government? If, if, if, if it's, look at El Salvador, if institutions start to adopt it with respect to government, and that transparency correlates to value and strength to the citizens, now all of

1:06:34the, it's the sudden the citizens have more leverage on how their government spend the money. Well, it's up Justin. I just want to add one thing. I think we've hit all of the potential FUD that could have been hurled at Bitcoin now, right? We had the quantum FUD. We had the Epstein FUD. We had the war now with a million ridiculous tweets about ending civilization. What is next? They don't have any more FUD to throw at us. So, I think as of yesterday, I've never been more bullish in this cycle. So, listen, in the last one, 12, 150 days, what has Bitcoin not was stood? And I mean, the world is throwing haymakers at Bitcoin and landed jabs and uppercuts and everything else, literally saying, I mean, a lot of people actually believe that Jeffrey Epstein was Satoshi. I mean, the media has done their part and Bitcoin has been rock solid. Still bouncing around $70,000 after everything.

1:07:39Yeah, so I don't know what else. How can it get any worse than that? Other than they say that Satan is Satoshi. So, yeah, I don't know what else they can throw at Bitcoin at this point and we can still buy it at $70,000 I'm buying. Yeah, you forgot about the other part of the FUD. Sorry, I'm not sure I jumped in. We went through a couple of weeks where people were spewing nonsense that Bitcoin was a CAA, CAA say up. People actually believed that for a number of weeks as well. We had the pedo coin. Man, that period I grieved the previous speaker. Every type of mud was thrown over the past five or six months, late November, December, January, February and I'm an agreement with

1:08:41I forget I didn't see who spoke but I'm an agreement. I'm more bullish now at where we are today than probably a wall's last July, August, September. Yeah, and on the quantum FUD, if the best they can do is knit Carter, which I just wrote about him yesterday, it's just absolutely no business model. It's just selling fear. There's nothing there. The developers who are actually working on this and looking for simple solutions aren't shouting from the rooftops like he's been doing. He went six years without saying one word about quantum had no no concerns whatsoever about it didn't know anything about it. This is a guy who who said that the new human society would be built in the metaverse and now suddenly he's a quantum computing expert and he's the one who's going to fix this problem. The guy who years ago said we are in a multi-chain future but now suddenly he's concerned about Bitcoin and oh by the way, within hours of becoming

1:09:44interested in quantum computing, we find out he claims that he divulged this, he never divulged it, that he's also main actor in a basically shitcoin VC startup, $120 million valuation. So far, he's the best they have to throw at us on that so if that's the best then there's nothing there. The developers who are actually working on solutions not raising money, they're not shrinking from the rooftops, they're just working on it. So my recommendation on that after what I've looked into it is completely dismiss that. If if Nick Carter is pushing it, it's bullshit. When the status quo uses fear as a tool, it's an indicator of failure. The people who censor

1:10:47others have never been on the right side of history. Maybe a good time to close or down. Who's left up here? Thomas, for you here? Tiko, are you here? Shannon? Let's go around the hall. Let's horn it. Shannon, go ahead, see your hand. Hey there, I wanted to go back to something Simon was talking about which is developing a sovereign strategy. He had cited having to have a certain amount of wealth in order to do that in a 10-year plan. But I would be extremely interested in an episode that zeros in on that a little bit more. Is there a sovereign strategy people can deploy at different financial investment levels? Like, okay, overwhelming wealth. Surely there's some bronze or silver tier for lack of a better way to put it, things that we can implement.

1:11:54I don't know if other people relate to this, but I feel like I do everything right. I run a node. I have my Bitcoin in a multi-sick, et cetera, et cetera. But there's this insistent pervasive thing that runs in the background, which is we don't know what's coming. We know they can't technically take our Bitcoin, but is there a legal framework that will come down the pike where we're not as protected as we think we are? I mean, I don't know what it is, but it feels, or maybe it's just a general gray film, merciness of fun that's seeping in. But I can't help but think, is there a way that a better way for me to protect myself generally speaking? And then what is the sovereign plan? Because I have passports for Canada and the UK as well as the U.S. I don't think either of those are going to help me. So anyway, so two thoughts, like an episode on sovereign strategy. And what else the hell can we do to protect ourselves? And am I being silly or over-concerned and I'm doing everything right?

1:12:59Curious what people think. Shannon, I think you're bang on. Pale face came in the other day and was talking about, I think he's in the Netherlands or something. And talking about his jurisdictional potential issues where they're going to charge some insane amount for Bitcoin. It was like, it was 60% or just some crazy thing. At a certain point, I think you wake up and perhaps do a G-Money type scenario, depending on when. I mean, there's got to be a line where you say enough is enough and you just say no. I think we heard Simon before he left do a disclaimer saying, hey, you know what, obey your laws, etc. Which is also true. But at what point do you say no, flip him the middle finger and say, I'm going to remain sovereign. You're not going to steal my value any longer. And I think thank God that if we properly stow Bitcoin, that is a tool to enable

1:14:03you to keep that sovereignty. One of the things that Pale face brought up in our discussion was the fact that unless there are parallel economies or jurisdictions where we can actually spend our Bitcoin for goods and services, we would have some problems. So all of these are great questions. And I think that ties, you know, right in with what you're saying, Shannon, where it's like, hey, if these jurisdictional issues become so intense that they're infringing on our rights, which in a lot of cases they already are. And I agree with you, Shannon, when it comes to Canada and Britain, like some of the things going on there are insane. In my opinion, the state you and I live is also getting to that point where it's like, do I really own this property? Do I really, you know, it's insane. I have to ask big daddy if I can, you know, dig a hole here or do this thing and blah, blah, blah, blah, blah, not to mention all the taxes and everything else. So yeah, I totally agree. Thank God Bitcoin exists. And that's another reason to add to the list of

1:15:05reasons you should hold Bitcoin and self-custody and hold your own keys because there's no way Uncle Sam or anybody else can reach in your back pocket and steal your value. So well said, does anybody else want to jump in and tag in on answering Shannon's question? Yeah, I would suggest that there's one other thing that a lot of people haven't considered, which is kind of becoming more popular and just to speak to it too, is a personal security budget of, you know, considering almost like a benefit that you're, you know, you're allocating some of your worth to every day of, you know, hashing and contributing money to what you see as kind of an insurance policy for your stack. Yeah, if anybody is interested in doing that, I had to hear about that about a dozen times that the concept of, shall we say, renting hash and how easy that is to do. So far, I have not been KYC'd. I'm doing that. And what I'm doing is sending Bitcoin and setting up bids on an open market to buy hash and direct it at my node. And it's incredibly

1:16:13fun and at virtually break even so far, I'm actually slightly profitable and not really good ideal conditions, but what I'm trading is Bitcoin and what I'm getting, I'm sending in KYC Bitcoin from an exchange. What I'm getting back is pristine Bitcoin almost break even, but I also have the opportunity to get a block reward. And also I get to signal however I want on my node. You know, in my case, that's not some, and BIF 110 because Bitcoin is money. So if anybody is interested in doing that, I posted about that and DMs lit up with people who are really interested in and kept hearing about it, but it's really easy and it's a lot of fun and very, very satisfying. So yeah, that's like a personal security budget. If all of us did that and everybody allocated a small percentage of their Bitcoin to doing that, what we'd really be doing is taking

1:17:15hash power away from, we'd be decentralizing Bitcoin mining and the network. So it's a really neat, fun way at very little cost, very, very little risk high reward. And if anybody's interested, let me know. Love it. Tico. Justin, growth, innovation, and freedom, that sounded like I want to ask you in that model and that sounds so, yeah, it's amazing because you can hear it. Is that model growing and as it's growing, do you see perhaps that growth being kind of the marketing, if you will, in order to encourage more people to actually do it, which rewards the decentralization in Senate? Absolutely. And it's infinitely scalable within our ecosystem. So if you look at memple.guide and you see how 70% of blocks are going to

1:18:17ant-cool foundry, I mean, that's extremely concerning. It should be to anybody. The centralization of mining is a big, big problem. So again, I felt like I was fairly motivated and I kept having to hear from the same people over and over again that you can be doing this too. And I had all these fears in my mind of how difficult it would be. Super, super easy. There was no KYC at all. I sent Bitcoin in in minutes. I had an account opened up and was bidding on an open market for hash and setting up my gateway. It was easy. You don't even have to do that if you don't want to. So yeah, it's very scalable. It's growing. And as other providers come on, I hear a lot boom that there's some background discussions going on of some big miners who want to start doing this because it's profitable for them. So it works out well for everybody to, you know, the concept is called renting hash. And so there's no

1:19:24ownership of any hardware. You have none of the concerns that the providers do. They're really good at managing that stuff. So again, at very, very little costs right now, I'm actually slightly profitable, which I'm shocked at. You can rent hash and do whatever you want to with it. And so again, very low risk, very high reward. And it's very scalable. Sam. Yeah, um, to Shannon. First of all, let's look at this little go over most people's heads, but uh, Shannon and I are very bullish on something else, uh, starting this again. Right, Shannon? The mighty spurs. Uh, come on, deserve it. Keep us up. Come on, deserve it. Yeah. So to Shannon's question, I don't believe we talk about this enough. And um, the reason I say that is I don't think there's a definitive answer. Um, I, I think that this plan or plans that we should have, uh, you

1:20:32know, it's, it's in constant flux. So I'm around two and a half years. My, my plan when I came around, first was, you know, there was Gary Gendler, there was Elizabeth Warren at that time. My plan was, we just get the hell out of here and go to Ireland. And uh, in those two and a half years, um, Ireland is probably the last place that I would want to be with, with my wealth, shortened Bitcoin. And those two and a half years, you have Christine Lagarde getting very, very vocal mentioning Bitcoin quite often in a derogatory way. And also pushing CBDCs, um, the move towards social scorers and, and yaddy, yaddy, yaddy. So the point I'm trying to make is, I think it's good practice every, I don't know, I would suggest every four or five, six months, kind of sit down and review. If you think you've arrived at a place where you're, you're happy with your plan. I would suggest go back to your plan and, and play your own

1:21:37devil's advocate, like, like do a stress test on your own plan every few months because things change. And I'm right now we have what was built as a crypto friendly administration. Um, yeah, who believes that anymore? So point being made two years ago, we were thinking, yeah, this is great. Yeah, there's gone with the ones not around anymore. We have crypto friendly administration. And here we are and that has changed and we could have another change come November. We could have someone very, very anti, anti Bitcoin in 2028. You could even see a scenario where the parties flip. I could see a scenario in the future where the Democrats become pro Bitcoin because this Republican charge towards Bitcoin was led mostly by people who had been debanked since the Alamos Trump has family. So yeah, constant review, that's that's the point I'm trying to

1:22:38make. My wife and I sat down two nights ago and reviewed things and you know, there were some new things to consider. So I don't think there's a definitive answer as one I'm trying to say and constantly review and you know, you have to keep your head in a swivel because as we go through these changes, I would imagine the attack vectors become more real. So yeah, I'm rambling, but constant review, I would say, is the best advice. There is no definitive place that you can get to where you're fully immune. So stand on your toes and stand smart about what's going on as good advice. So I would think, stand on your toes. I agree, Sam. I think problem is I don't always know what the attack vectors are. So how do you sort of protect yourself against an enemy you can't see? I mean, to put it in a very baseline way. Some of the things we know, some of the things we can anticipate based on things that are happening in other parts of

1:23:38the world, right, legislation that's being passed or floated certainly theoretically because you know if it's there, it's eventually probably going to come here. Yeah, it's just it's hard to know, but but I appreciate the I appreciate the thinking. Go ahead Tico, we're going to wrap it soon, but I want to say hi to Dave and see what his thoughts are today. Go ahead Tico. Shannon, I was going to mention health, mental, physical, spiritual, that's what you can truly control and that's what stays sovereign. Your health is the ultimate storage of wealth. And then just as a shameless plug, look to the soil for the physical world. So if you're looking at integrating Bitcoin and its values and principles into the physical world, look towards permaculture, look towards the soil, look towards biology because that provides a lot of the answers. Could not agree more. Good stuff. What's up, Dave? How are you? Good to see you. All right. Well, I'm looking for to go into Italy next week so I could actually eat food. So you're

1:24:43not going to be in Vegas? No, I'm not going to be in well with it. Yeah, I think I would miss that I might get back just in time for the beginning of it or the end of it, but I don't care. I'm not going to Vegas. And if I was even thinking of going to Vegas, what I saw yesterday would convince me to not even go anywhere near Vegas. So, you know, well, I'd rather not go there. Those who know, no, if you don't know, don't know and don't worry about it because frankly, I don't want to spew bile because it's not worth it. I'm glad to see you. No, let's spew bile. And let's name call. It's super fun, Dave. Of course, there is powers that I've been that I've been set up. My poker career would have been a lot more successful. I can tell you how many times I've lost races, you know, you know, going all in that if I were truly a Talmudic Sorcerer, believe me, I'd be worth billions right now because I would know how to make those magic powers count. I think that if I were the kind of person who believed that everyone who wasn't of the same, you know, same genetics as me

1:25:47were animals, I think I probably would have failed in my career. So, I mean, I look, when people start making statements like that, they're not, it's not that they're not serious because he's very serious. He's just a terrible human being. And he's exactly the opposite. I, you know, I've seen a few Bitcoiners said, oh, well, we don't want you in the Bitcoin community. It's like the entire point of the Bitcoin community as far as I'm concerned is to democratize finance. So, everybody can be in the Bitcoin community. So everybody. Hey, Dave. You know, do you know who's in the Bitcoin community right now? I'll give you a hint. It's crazy, huh? I guess Bitcoin is for everybody. That's the point. No, it's so, you know, that's my feeling. I don't really want to spend my time on X or anything else talking about politics, but I'm not going to allow someone to defame me and an entire people because they think that that's okay. But I didn't want to talk about that.

1:26:48I really want to talk about the market because I think it's very interesting, you know, how, you know, there are people out there have been making claims about charts and the this is and the that's and they're just missing the forest for the trees. When you see markets like the last week, which there are quants, so the quants would never do this, but there are pundits out there saying, well, this is unique and this could never happen by this. They mean gold trading with that with a very high correlation to the stocks with a very high correlation to Bitcoin. All trading the same way, people say, well, that can't happen. And the answer is, well, of course, it can happen because they're all reacting to the same thing, the specter of printing money. Now, some stocks will not do as well in that scenario. Some stocks will do very well, right, etc. And that's what's going on. I mean, you know, look, the war is is is all wars are tragic. I wish people could get along. There's lots of you can talk about, but there's only one thing we know for sure, Lauren, we know

1:27:48that at some point there will be lots of reconstruction reconstruction, believe it or not, of military capabilities, which kind of sucks, but true. And we know that they're going to also spend on rebuilding all the shit that's been destroyed because that's what they do. And they don't have the money from taxes to do it. So they have to print it. And that's true throughout for everywhere, right. And so if you don't realize that the fiat system is going to have a massive another massive print, whether it's the big print that Larry LePard talks about or just a slightly less than the big print, but still a lot of money, you're just you're not paying attention. And if you don't realize that that Bitcoin, you know, the fact that I ran wants to take Bitcoin is because it's liquid, right. It has it's it's a value proposition. And within crypto, all the people who are the shit coiners, and look, there are a few sit coins that I own as diversification and, you know, playing bets, but those are lottery tickets, you know, some better than others, but not a whole lot of them.

1:28:52But there are shit coiners who are died in the wool who who look at this and they don't know what to make of it. They don't understand it. It's them as well. Why would they pick something that can only do seven TPS or whatever the hell it is. And I just find it funny. They don't understand that value is about who accepts value. And regardless of whether we like it or not, it's actually important. So that's what I that's what I wanted to say today. Other than that, I hope everyone's having a wonderful day. And that and those who are going to Vegas, you can enjoy it despite the fact that the person running it has his head up as fucking ass. Dave, I've got good news for you. Dave, the bad news is you suffer. You had a brush with evil and probably the worst person and that hangs around Bitcoin is not a Bitcoin or pretends to be, but you suffered the abuse and you survived and you took the high road. So kudos to you, sir. I told Lauren and Terrence that I'd like to be back on the show more often. So on days that

1:29:52it's people like us around, I will be. So for what that's worth. Two counts because I thought I was following you and I just maybe was my old account was following you, but I thought I was following you already. And so anyway, that's strange. Oh, well, whatever. This this app is weird. I followed you back. But thank you, Justin. I appreciate that. I'm the guy who you called a total idiot or I mean, shiphead or something with Scott back when I, if you remember, the strategic Bitcoin reserve stuff. So remember what I said, I really, I really say the idea is stupid and moronic. No, Justin's a shithead. It's true. I will tell you, I am more than capable of saying really stupid shit from time to time. And I apologize if I did. I am more than capable of that. But that's not the same thing. I try not to insult the human and keep it to the idea. So if I did that, I am truly sorry because that was non intentional. It's all right, Dave. I can take it from decent people. It's the the evil ones

1:30:57that I block and protect myself from. You know, I've never blocked anyone. I do mute them so I don't have to listen to them. But I don't block anymore because frankly, I think it's more important to engage. I mean, the thing, the reason I am a free speech like diehard is because the fact is is really bad ideas can't survive debate. And you'll notice when people do engage with me very, very rarely do they actually engage with the logic of the reasons most of the, all the ones who do are actually that's fine. But I mean in this, on the topic we were talking about yesterday, because they won't engage because they just like to spew their shit and then walk away. And that's the difference. Whereas it was Lauren and Terrence and frankly, dark and puncture and other people who are up here all want to engage. Eric, all want to engage on the ideas. And I have huge respect for that. I mean, we may not always agree, but we can engage and we can come to a position. That to me is good. As I said, I don't believe I'm right all the time. I know

1:32:01that I make mistakes. I don't give a crap. But what I do want to do is learn. What I can't say are the people who basically just dismiss and go to ad hominems. That makes me crazy, right? And it's just because the only way you can actually ever get anywhere is let people say stupid shit. And then people could say, oh, wait a minute, that doesn't make any sense. And then it lose credibility. But if all they do is they don't have to expose it or defend it, then nobody ever knows. So that's one of the things I like about free speech. Here here, Dave, yes. Now the reason I was asking about Vegas wasn't about the conference doubtful all step foot in it. If I do, it's probably just to walk the floor one time and leave. But no, we had a great meal together in Vegas last year. And so I first met you. Yeah. So I was wondering if we were going to do that again, but apparently not. Well, I mean, when is it what's the date the conference starts or when are people around? I'm going from the 25th to the 28th, leaving the morning of the 28th and have no plans to go to

1:33:01the conference. I'll still be in Italy. We're going we had a we have a friend who invited us to their their kids wedding and it gave us a perfect opportunity. And then we kept extending it and extending it and said, okay, you know what? Why not? Yeah. Do it. Oh, you know, sounds great. I'm jealous. I finished my draft manuscript and just getting us a little bit of feedback before we submit it to the publisher. So I've been furiously working on that. So that's okay. I'll definitely come on here and talk a little bit about that at some point to the next few months, but I'll wait until it's closer. Sounds good. Sam. It'll be fun. Thanks. Thanks, Dave. Yeah. Yeah, Lauren. I just wanted to say good to see Dave. Good to hear him. Dave, don't stop at night those videos. I came under fire in December. As far as I know, my biggest crime was I remained bullish on Bitcoin and through when everyone was cheerleading the price down. And that was

1:34:02caused to hit me. And it snowballs because of one person comes after you. Their followers then come after you and it suddenly turns out that everything you say is wrong. Your DMs fill up. And what I did at that time, Dave, I didn't react well. I actually try to explain it to you. I think that you know, the thing is is that you have to you have to have a thick skin. I mean, it's like like Mike McLean is a good example. I know you can't stand him. I know the guy much better than you guys do. I will tell you that I think he has a few misconceptions and that's where he comes to it. But I think he has some valuable insights also. It's just they're not in the headlines. The headlines are generally bullshit clickbait. And people all have their own reasons for doing what they're doing. But I don't like the clickbait stuff. I can't stand it. It's not clickbaited to say we're in a distribution phase. I don't know where the bottom is going to be. I just know that at some point in the future it's going to be way higher. I'm training it that way. And that's

1:35:04your point of view too. I know that is. Yeah. The point that I was trying to get there was I reacted badly or retaliated against some people. But I also stopped putting out content. So my message to you is like I really enjoy those yard sharp videos that you put out. They're very, very informative. You're very knowledgeable in the markets. I enjoy watching those. I share them. Please don't stop putting them out because of a couple of bad players coming after you. That's that's my message. And I would also say on the topic of Vegas, I'm not going to trash talk anyone's conference. But I'm not going to Vegas. I don't see that I'll ever go to that conference. I was in Prague last year. Hopefully, hopefully, it's going to be hard to do because I'm going to Ireland next week for three week. But I'm hoping to go to Prague again in June. And I would say to anyone on the call, if you have reasons for not going to Vegas and you're looking for a conference

1:36:05that sort of offers what Vegas doesn't. Prague is ideal. There's no shit-coining, there's no massive crowds. It's all Bitcoin. There's really, really good signal there, good people, beautiful city. So Dave, if you're not going to Vegas, if it's a, if it's on a matter of principle, yeah, have a look at Prague. You get all the theme speakers. There's maybe only about 2000 attendees. You'll be standing waiting for coffee and you'll look around and there's Samsung Mau in the lane behind you. Like it's, there's no errors or greases. Everyone's equal. I highly recommend it. And I'm not getting paid to say that. I am. I'm wife would like to go to Prague also. I have a hard time justifying it is not if I'm not speaking or have no business reason to go. But I might. I have talked to Jesse has, you know, put me in touch with the conference organizer. And if he has a cancellation or if he has a spot for me, then I'll definitely jump on it and go because it does sound good. It's like I enjoyed of all of Bayley's conferences that I've been to.

1:37:07I enjoyed BTC Amsterdam more than I've ever enjoyed the Vegas conferences or the, well, that's not true. The first Miami one because it was right at the end of the pandemic was unbelievable because it was so great to be able to get out and actually see people in real life. But, you know, I do think that the European ones are generally better for the reason that you mentioned. But that's just my. Yeah, that's all. Oh, mirror exactly what Sam said. I see my buddy Oz down there in London was the one who told me about. You're a bunch of fucking Rita, don't even know what the fuck I'm doing. It's a fuel. I didn't even see you. He was up here speaking. Yeah. Oz told me to go to Prague and I did and it exceeded all my expectations. I had been to the city before. And it's probably my favorite European city. If that's not London or Budapest. And Prague is, I cannot recommend it enough. I love the place. I love the, the value you get there, the history, the people are all friendly and not the same problems.

1:38:10You're going to see in Paris and London as far as who's allowed to go there. If I can speak frankly, the food is absolutely fabulous. World class beer. Again, people cannot be more friendly and happy to have you there. The incredible history. But then the conference itself is so much more laid back. There's not an atmosphere of competition. It's friendly. And so when I was there, yeah, Samson, I mean, you're going to look around and see mallards and sailor walking around. And it's so nice and secure and small that these guys feel comfortable. And so I just can't say enough good about it. My expectations were, were an 80. It was, it was a clear 100. I don't know how I could possibly ding it. And you've got craft, the European beer right outside. I mean, I need to say inside, actually, extremely comfortable. If you're concerned about being docksed or seen there, I've heard the rumors about all of the biometric scanning cameras that are going to

1:39:13be in Vegas. Why that is? I don't know. You will not see that in Prague. It's dark in there. You could go in there and completely hide if you want to. The food on site is great. The public transportation in Prague is amazing. So you guys need to shut me up because I will just keep going on and on. But daily non stops to Prague from London are all the major cities. And then I'm not sure if there's one non stop back to the US from Prague. There might be the New York. But extremely accessible. And then the trains from Prague, if you want to go to Germany and and over to Bratislava and Poland. I mean, so you are you you want the Prague trip? Dave's going to shut you up, Justin. I better stop. I could keep going. But if anybody knows, you're convincing me that it might that would be worth the trip. Your wife would love it, Dave. And if you guys need an Airbnb tip, I got that for you too. There's right across the river. Incredible views, restaurants all over the place and just astounding value. When you book it, you'll say this isn't, it can't be any good

1:40:13because it's so cheap, but it's good. Do me a favor, can you DM that to me? Yeah, by sure, well, your wife will love it. Should we wind this baby down? Maybe go around the horn. Start with Tiko. Tiko, any parting words? Yeah, Lauren, thank you. Lots of alpha on these spaces. So I think the learning curve is parabolic for everybody. But to Justin's point, this is about culture. And if you look at the Prague culture versus the Vegas culture, it's pretty yin and yang. And now asking ourselves, I say this all the time, but there is no immunity without community. And what we're trying to do here is build value, growth, innovation and freedom. So I appreciate you having me up here. Thanks, Lauren. Thanks to you, Tiko. Bitcoin and on, he's still around. Yeah, I'm here. I'll keep it short and simple. Inflation's kind of thing about six months from now. I think we all know it. So I'm bullish to

1:41:16start buying Bitcoin today. Yeah, I think Dave talked about the big print. And in my opinion, I think it's the same as the great taking because the big print just screws the middle class and down. But that's another topic for another day. And was yesterday's topic. Did you guys do that to bathe the other day? Yeah, it was yesterday. Yeah, it was laparred and dark. So it actually wasn't more a debate at more of a like a gentleman's agreement on both parties agreeing with whatever the other was saying. So yeah, I mean, look, the re my final words are, don't ever expect those in power to do anything that doesn't enrich those in power, right? That's obvious. And unfortunately, for lack of a better word, not unfortunately, fortunately, the best way for the people in power to enrich themselves is to either funnel money to them or have their investments go up. And investments go up mean that me is more toward printing than causing a recession that recessions don't help them. They lose power.

1:42:18So they always want to try to kick the can down the road. And so I just look at at life very simply. I mean, I don't trust those people in power to do anything other than act in their own self-interest. And to the extent that we can know what their self-interest is and take advantage of it ourselves, that's what we should do. Ideally, we'd get rid of the bullshit system, but the bullshit system can't be gotten rid of yet. I wish it could, but I just don't see any method to doing it. I mean, that's my closing thoughts. Here here, Shannon. Or are you still there? Shannon's gone. Thomas is usually gone too. Thomas, are you there? Thomas or Shannon? Shout out to you one of you guys. If not, we'll shoot it over to Sam. They're Shannon. Shannon just came off mute. There you are. Well, I will be in Vegas. See you there. So we'll see you there. How good you'll rest for the week, everyone. Thomas is probably gone. And Sam, closing thoughts, remarks? Yeah, another good space. Lauren, I'll probably conclude the way I did yesterday.

1:43:26Good speakers, good topics, good discussion. You don't get to hear that when there are people around calling names and shouting over each other. So another job well done from the hosts. And just finally, on the Prague thing, there are direct flights from the East Coast. Excuse me, they sell out fast. But last year, I left a two-letter book and I flew into Berlin. So because historically, in Berlin and the US, there's a lot of flights. I flew Delta $750. And from Berlin, it's an absolutely beautiful train ride through a river valley. And the Prague took about two hours. So yeah, enjoy the rest of your day, everyone. Have a good weekend. I'm hoping to make the meetup tonight in Jersey City. If anyone's going out to that. Oh, yeah, you're going to get your bed-axe, don't you? Yeah, I don't think you had the bed-axe. I don't think they arrived on time.

1:44:31But I'm just looking forward to, Lauren, I haven't done. You guys have a good thing going out west. I haven't done the meetups in New York City. Just security concerns and different things. But I'm looking forward to this one in Jersey City. Yeah, we do. I'm way north, but yeah, we have a great little Bitcoin group here. At least one of them is listening now and came by during the space to buy eggs from me in Bitcoin. So yeah, we've got a cool, cool group here. Justin, I think you are the last one. Okay, coming back from Prague, I think I took the train to Munich, but from there, Iceland air, you can actually go and stop in Iceland halfway back across. It cuts the trip up and the Iceland air flights are so cheap that you can actually stay there. The difference in price and tickets, I actually stayed in Iceland for three nights and broke the trip up and saved money.

1:45:35So that's another tip. But listen, you know what keeps me going all the time? What changed everything for me is when I read the Bitcoin standard chapter for government money. And if you like history, if you look less than 100 years ago, the government completely took from us the right to determine the supply of money. So monetary nationalism and the end of the free world. So my username is 1914 AD and that's when everything changed. They took that. We never gave it to them. They took it from us and Bitcoin is a way to get it back. So if that doesn't get you fired up, what they stole from us and what the Federal Reserve has been doing since the year 1913 to everybody in your family should absolutely outrage you to the core. So the most effective protest is buying Bitcoin and owning it in cold storage. And I think what's happening in the Middle East right now, it's all been hypothetical up to this point, but we know for a fact

1:46:37that at least Russia and Iran are settling energy contracts on time, the flow of energy throughout the world directly to Bitcoin. So I think the gradually and suddenly moment is much, much closer when that happens is you're going to have to sit down and catch your breath. So again, chapter four, I don't know how many new people are here, but if you haven't read it, chapter four Bitcoin standard, which Safadine has made that book free to everybody as a PDF download. I highly recommend reading that when you understand that, you'll be hooked on sound anti-government money for the rest of your life. Well said. Great job, Justin. Oh, Puntra just hopped up on stage. Puntra, do you have any closing remarks? Most people are stupid. Oh, okay. Anything else? Trying to put my tongue in your ass, but whoa, whoa, whoa, Puntra, it's a family show. Okay, I think that's enough for Puntra today. I'll just say what I usually say, which is just love one

1:47:38another. Life's short. Enjoy. I just wish we lived in a world where everybody had a nice warm place to sleep at night, food to eat, but yeah, enjoy your lives. Love one another. That's the magic gate you're going. This is it. This is a big point. It makes it adult now, but Bitcoin is on fire. This thing is, I can't cure it. You have to find something that you can do about it. Trust us.