Transcript+
All right, everyone, welcome to part 24 of the broadcast. This is where we catch up on news, tweets, videos, charts, trends and any other Bitcoin related content that stood out to us in the past two weeks. Usually I do this with Brian and Michael, but Brian's wife is having a baby. I think so or almost so we have Marty back on, man. Dude, the last time you were on, that was probably the most viewed episode ever. So I'm happy you're back. I'm happy to be back and shout out to you, Brian and Brian's wife. Congrats on the on the child. They're great. I. Don't know if the baby's already here, but. I don't even know if he would, if he would if people were allowed to know, but you know, if people know now, so. Oh, sorry. It's yellow. I docked the baby. Sorry. Sorry, bro. OK, yeah. So Marty, you kind of know how this goes, but we all shared our links and we're just going to go through them, chat about them, see what our ideas are, and yeah, that's hopefully have a fun conversation. So first thing I wanted to bring up, I saw this Hans Hermann Hopper and I wanted to just play it and then ask you guys a question. And all central banks, the second source of funding for the ruling elites, besides the money extorted from the public in the form of taxes, comes from the central banks. Central banks are allowed to create paper money out of thin air. This reduces the purchasing power of money and destroys the savings of average people. It does not and cannot make society as a whole richer, but it redistributes income and wealth within society. The earliest receiver of the newly created money, that is usually the ruling elites, are thereby made richer, and the later and latest receiver, that is the average citizen are made poorer. The central bank's manipulation of interest rates is a cause of boom bust cycles. The central bank permits the accumulation of ever greater public debt that is shifted as a burden onto unknown future taxpayers or is simply inflated the way. And as a facilitator of public debt, the central banks are also the facilitators of wars. This monstrosity must end and be replaced by a system of free competitive banking built on the foundation of a genuine commodity money such as gold and silver. First off, I thought this was very well articulated in just one one minute. Actually very well. Like amazingly done. One of my conclusions has has been, you know, after almost three years doing a podcast that, you know, it's really nice talking about Bitcoin, but talking about the problem is just way more important, right? If people don't understand the problem that we have, they obviously won't see the solution as well. So I just want to share this because again, I think it's a good summary. But at the end, you know, he says built on a foundation of a genuine commodity money such as gold and silver. What do you guys think is is the biggest challenge not only in having people see the issue that he is perfectly describing here, but actually that Bitcoin IN2025262030 whatever in this digital age is actually the solution and not gold and silver? Like why? Why are people still stuck on this on this gold, gold and silver where when we are talking about Bitcoin for like 15-17 years now, which objectively I would say is a better solution? I think familiarity, Lindy, as many people like to call, it's just it's something that I don't think we should get perturbed about. It makes sense. It's natural gold, silver, commodity money has been around for millennia. It would make sense particularly like some of the currents, Hans Herman Hopper, who's been like on the cutting edge tip of the spear of Austrian economic and political theory for decades. And the Austrians of the Seventies, 80s and 90s were really pushing gold and silver sound money for. So for him particularly to put forth the solution to the ills of centrally controlled monetary policy on a Fiat system, you're going to make sense. But I think as we the three of us know, Bitcoin is superior and beyond the familiarity of gold and silver. I think something structurally that we have to admit and recognize is that if we are in this period where the Fiat system, particularly the dollar reserve system is losing its its its power and people are looking for alternatives and they need to diversify their reserve assets outside of U.S., Treasuries, dollars and other foreign exchange currencies. Like that's a ton of flow. They need to reallocate a ton of value. And if we're just being objective, Bitcoin sitting at a what is it one point, $1.35 trillion market cap. It can't keeps going lower. Yeah. Whereas like gold and silver collectively, I think over 35 trillion market cap or at least recently they were like, you can actually do that. But, and we've been pretty consistent about this on rabbit hole recap, Matt and I, the transition to a Bitcoin standard is going to be Fiat chaos as the multi polar world increases and they print too many dollars. The governments and central banks will fall back to gold temporarily, but then the restrictions and the the pitfalls of the gold standard will people become reintroduced with that particularly centralizing supply in vaults that that few people can access and the inability to actually use it as a day-to-day currency. Maybe tether gold solve that problem, but I find it hard to believe that you'll be able to fully trust that the gold is actually in the vault. People will reintroduce themselves with the pitfalls of the gold standard, particularly in the digital age, and eventually come to recognize I got Bitcoin is a solution in in parallel too. All these lessons and all these transitions, Bitcoin will continue to go up in purchasing power and market cap and liquidity. It'll be more conducive for the transition to the Bitcoin standard down the line. Yeah, I think that's exactly right. I mean, this this pod's fun, Marty, because Brahm is living in the Bitcoin world full time and I'm just stuck getting punched in the face, you know, by Trapfi and people thinking we're crazy. And even the firms will talk about going into the space in digital assets, they still don't even understand that Bitcoin's money. And so how to your point, the Lindy, the liquidity profile or the one that I like to point to is hardcore Bitcoiners per SE can't even get that quantum relevance or what timeline it is. So how can we expect normies or people that are just finding out about this to park all their capital in something that they perceive they don't even understand, like different levels of it all the way to quantum. So it just makes sense. It's a it's a it's going to take a function of time. But the thing that sticks out, I've always thought about, and I know it's come up a lot of like when Bitcoin really monetizes and gets to seven figures and beyond, it's always been understood that the world would be chaotic and we're like getting into that place, right? Like that notion of the zeitgeist in like the atmosphere would fundamentally change and it's happening before our eyes. Like you think about whether it's geopolitics or just AI and the notion of work and dissolving like these rails and these borders that have historically existed. Like those things are going to be the backdrop of seven figure Bitcoin where people are just going to understand that the world's changed and that's going to help accelerate that adoption. Versus like imagine the world was static and you try to get more people into BTC. It's hard for them to wrap their heads around going from this commodity money that was money for thousands of years to something that's physical in nature. But as everything starts to go digital or digital in nature, but as everything goes digital, the world starts to become more fast-paced. You need AI agents to run all this stuff. It's just going to be at the backdrop of like, well, of course we'd have to like there's going to be a new form of money. And I think we're getting set up for that. Yeah. I think what is what I take away from this is that it's going to take way longer than many people anticipate. I would say, you know, especially when you're really interested in Bitcoin and you understand that it's objectively superior, you want or think, you know, all the other people that should know, you know, also know. But I think like, like Mike said, there's still a lot of people that view this as just an investment. You know, when, when they hear people like us talk about Bitcoin, they think we are talking about an investment and they are judging it as such. So, yeah, I, I, I think it is I, I, I think your replies are interesting, but also sobering, right? I think, I think it's going to take longer. And like you said, Marty, like when this whole discussion around, you know, should we go back to gold, hard money, what is hard money, etcetera When that when that comes, I think that is probably where Bitcoin enters the the bigger picture again, I would, I would say. Well, I think another way to frame it too is multiple paths you can go down, and I like to. I think you got to have expectations for two specific routes and hold them in your mind at the same point. The one at which we just laid out where it's going to take more time. Information needs to be distilled and needs to permeate, and understanding of Bitcoin and how it compares to things like gold and silver and Fiat currencies needs to take hold that knowledge and that understanding. That's the view that we just laid out. But the other one is like, we live in a time of acceleration. So who's to say that the proliferation of AI and its ability to basically help people better understand things if it's used the right way, sort of accelerates that process. And who knows, maybe we get to AGIASI, the agentic world sort of adopts Bitcoin as, as its currency of choice and it doesn't even matter what humans think about it. So you have to hold the it's going to take longer than you expect in your mind, that idea and that thought and that realization alongside in parallel to we live in acceleration, a time of acceleration. And who knows, maybe it could happen much faster and just prepare accordingly. Yeah, yeah, I agree. If if AI accelerates even more than you know, the the whole money, money printing, making sure you know, everyone who's getting fired doesn't, doesn't, doesn't die, etcetera. The collapse of the economy. I think that comes along with that is is going to make is going to turn the money printer on right. There's, there's going to be, you know, not, not a collapse in productivity because the computers are going to do that, right? But it's more collapse in the, the ability for people to, to create wealth, income, stuff like that. So I, I, I'm also very interested to see where that's going to go. And I wanted to say like, this is a tiny bridge to a link that you brought. But then I read, I read further, but we're talking about AI. But I, I, I thought it was really, really interesting how, how this article talks about this whole AI supply chain. Can you tell a bit more about that? Yeah, I mean, this is superior. Next, I'm sure you've seen this, but I had my had my little bot do some more research on this. But it is pretty crazy to think obviously the discussion around AI, particularly with the data centers and the hyperscalers is the supply chain from the energy part of the equation and more specifically to the chip part of the equation. And when people talk about the chip side of the AI equation, they're really focused on NVIDIA and some of the other some TSMC, Samsung, the wafer chip producers. And I just thought these stories that that sort of emerged this week out of Japan or just not even stories, but facts that are emerging is that this supply chain is much more intricate and has different actors that one wouldn't expect. So for those who are unaware and haven't heard this yet, apparently Toto, which is the Japanese toilet company is an integral part of the AI chip supply chain because of a certain type of ceramic that they have a Patent and Trademark on. And so they, they like, they use the ceramics for their toilets, I believe, and their, their sinks. But it can also, it is also used when, when you're building the GPU chips for, for NVIDIA and another AIGPU producers. And then that not only that, there's another Japanese company called Ajinomoto that they make bullion cubes in umami seasoning, but in the 1970s, they found via their amino acid research for MSG production that it generated a chemical byproduct. And I think they wound up patenting that. And it creates this film that is also integral to the chip production and say it's like lay this film and many people in 2021, we're talking about the supply chain disruption for chips, specifically in the auto industry. Many people thought it was the foundries and the producers of the computers, but it was actually this angina Moto seasoning company that that couldn't produce enough of the film when the supply chains were disrupted back then. So I think it's just fascinating. I thought it was a funny story. And this stock went up like crazy right there because it's. Toto, yeah, big hedge fund basically bought a bunch of the stock and then said, hey, you should buy this. I think it's been up like 30% in the last couple of months, 60% last year. Yeah, I, I, I thought this was a really fascinating story and I'm also interested to see, you know, we, we, we, we hear Jeff Booth talk about, you know, technological progression and innovation is, is deflationary, talks about creative destruction and stuff like that. I, I wonder if like this could make this company now also the, the king of toilets, basically, right? Like if this becomes the richest toilet manufacturer in the world, maybe they become a toilet manufacturing monopoly, right? Because they, they will just have the most money. And I think it's just very interesting to see what other types of industries AI can touch, but also the other example you have, right? Like like any byproducts or just the, the, the forcing of innovation because the growth of AI is going to go so quick that there's also going to be like new needs in whatever data centers or connectivity or, you know, whatever energy, what you know what, whatever topic, right? It's going to force this innovation because the AI train by itself cannot really stop, right? Eventually becomes this this competitive advantage for I think countries, nations, you know, blocks whatever. So they are forced to innovate and kind of having to find that in all these different places. So I think super interesting. Yeah, it's fascinating. The main thing I've, I've taken away and then thinking about, and I know you guys probably have as well as like memory shortages and figuring out how to stock up and have like hardware. Because we've seen the reflexive loop of like paper, paper towels or toilet paper from COVID. And then we obviously know of scarcity. And like you see what happens with Bitcoin when there's high demand, Then you can just see when this narrative of memory and, and owning your hardware running, a lot of this stuff takes off. There's just going to be shortages across the board. And so that's what that's what that made me think of. When it comes to holding Bitcoin securely, Peace of Mind starts with architecture on ramps. Multi Institution Custody distributes control across three independent regulated key holders in a two of three quorum. No single point of failure, no pooled or omnibus exposure. Segregated client titled faults. You retain full legal ownership while on Ramp coordinates security, compliance and operational workflows behind the scenes. It's strength of money delivered through the simplicity of 1. Multi Institution Custody is the foundation for everything. We build sound infrastructure that distributes counterparty risk and provides fault tolerant resilience with clear audits and institutional controls. And now On Ramp is piloting flat, predictable pricing, making best in class Bitcoin custody and financial services more accessible now than ever. On Ramp strengthen many simplicity in one. To learn more, check out on rampbitcoin.com. Yeah, there's one of the other links I shared is from a newsletter we wrote earlier this week. And apparently Sony is pushing back the production of PlayStation 6 by the year out there talking about building its own FOB because they can't build the chips that he needs for XAI fast enough. And I think that honestly, as it pertains to Bitcoin, something we have to keep on our radars, because if you have these AI hyperscalers sucking up all the compute and components around, you know, the computers that are needed to train and run inference on these models. Like if they can successfully get a TSMC and Samsung and say, hey, like, we will pay well beyond what your other other clients would just to focus on building these chips and you get something like bit main micro BT Canon can't even get space on the foundry floor to build their Bitcoin mining ASICS like that could disrupt the the Bitcoin network in a way. But I'm a big believer in the solution to high prices is high prices. And I think the incentive to spin up more of these fobs, I mean, we've been told for many years, particularly in Bitcoin, that it's way too expensive, it takes too long. But I think AI is going to be a forcing function for us to figure out the supply chains and make them more robust. Yeah, yeah. But this is this is, this is what I mean, right. Like there's going to be, there's a certain force that's going to drive innovation. Even even today I saw there was a guy, I need to write it, share it with you correctly. Yeah, here there was a guy who had an LLM hardwired directly into silicon. So it runs 10X faster, 20 * 20 times cheaper. So what I also really like is there that there are also people are tinkering with stuff, right? Like just did like AI also gives this democratization of of, of, of productivity. Basically. I, I, I follow a guy who made a cursor for hardware basically. And it's so funny that this, this is it. I want I want to show the whole video. But it it. You just say what you want to build, it tells you what to buy, you buy it and then it just gives you the whole schematic. It says how you need to. To plug everything together, etcetera. And when, when he published this, two days later, I saw three or four more of these products, right? And it's just going to go quicker and quicker and quicker because the, the kind of like the age of, of ideas, right? Like in, in this, in this kind of like startup age, let's say, you know, 20, like 2008 or 2010 to 2020, right? It was all about like, oh, you know, I have this idea and I need to build it out. I have to go to market very quickly, etcetera. Now ideas are just extremely abundant, right? So whenever someone builds some ideas were already abundant, but now like you can just copy it. So you need a real Moat if you if you want to survive as a new company and if if it's just a great idea and you don't have a Moat. Yeah. Thousands or millions of people are going to copy it, which I think is a good thing. Like that is the actual acceleration I would say. You know, that just made me think of is I think like, you know, you've been far down this rabbit hole on what's going on in O Marty as well, but about like robots in the same way. We're going to be close to like thinking things and then the application will be developed. We're not that far from like outside having our robots and you're thinking of that schematic and the drone's going to drop off the materials and it's just going to build the like house or whatever because that's effective. What you're describing. This is just like the early stages of your computer hooked up to your 3D printer. It makes it for you. How far before the robots just out there on your land just building whatever you want and how long before they say this is my land now? Well, that's where Cam duty I catch. You with a brick behind the shed. The one of the the firms, I I forget their name. I need to remember it. But Ecamm duty that I think's working out of them is like, what is it the Iron Dome stuff or like consumer grade. So you can just effectively like put these around your land and you know, any drones that come up, they're just kind of cheating out of the sky. Sovereign individual thesis coming true right before our eyes. But no, it is, I mean, I'd be interested to get your thoughts on this brand, Michael. Like I think there's it's what is the note? Like I'm happy, I I'm happy I stumbled into creating a media company. Didn't even intend to when I started writing the newsletters 9 years ago. But Fast forward to today. I think having distribution, having audience is a Moat to an extent. The other thing too is like these things, like they do automate things, but it's like the Jevons paradox comes into play too. Like I've had more one AM, 3:00 AM nights. Yeah. So God to a nightmare. Oh, I thought that was me. I was like, holy shit. I thought that was. I think I. Think that was me. Someone sent me something on on Twitter and I clicked. I didn't. It made a song with. Marty's having late night, late night dreams about. I thought my wife's car connected to my Bluetooth. I was like, what's going on here? Yeah, no, but I've had more like Jevons paradox like it's certainly helps us automate a bunch of stuff at TFTC, but it's also like the idea guy in me is like going wild right now. I'm more productive and. I mean, I feel 1516 again when I was just tinkering on the computer. I, I have one or two AM nights now. It's just, it is just so incredibly much. And I think when, when you, when, when you are curious and and a bit of a computer nerd, not even a coder, this is really the time to, to dive in. So I fully, fully recognize that because I have, I have exactly the same it, it, it, it's so it's like, it's like, it's like new ground, right? Just this whole, I have a friend of mine who has an office here above me and he is one of these people that bought a Mac mini, right? And he's running this open flaw on it. And we were just sitting there and just thinking about it like it's just so crazy that there's a there's like an intelligence that has its own computer, but the intelligence we, we were watching a few weeks ago, we had this evening session. We were watching, you know, videos and stuff and just, you know, just tinkering and and we saw Eric Schmidt say you can now say to an agent read all of. Chemistry and we were looking at each other like read all of chemistry. What the fuck like that? Like how? How do you even interpret that, right? And then we were thinking like, this is what you can do inside of the computer, right? So you can tell the intelligence in the computer, read all of chemistry and then use all this computing power in in this box that you're in, right, to just figure shit out. And then we were realizing, OK, if we have five of these agents that read all of chemistry and you give them a certain creative direction to do Discovery or you know, whatever, it is arguably better than 5 pH DS who read less than the agent that read all of chemistry, right? And they have all their human attributes and whatever. And that is so mind blowing to me that. So it isn't it isn't it is ties into like my clip before you pull it up, though, because I know it gets a lot of shit, but it was a it's a great pod and we have a marketing person that's trying to help me do more marketing. So I have a like tweet thread and it's set up for maybe drop it over the weekend. But it was in a ball pod that came out yesterday about AI, this one. And well, yeah, this is where it's going to relate to the the tweet. This was kind of inspired by tinkering, but then also a conversation Marty and I had. But going back to a couple of notes, 1 is like in all businesses, like in anything we're talking about, liquidity is the mode, right? So more news, newsletter distribution is what matters. But everything we're talking about here is actually already existed. Like the AI is just a mirror of yourself. So the inputs you're giving it are going to be the things that you already had. And then to your point, yes, people can code, but at the end of the day, engineers will always code better because they have the substrate and understanding below that. So they can back into it in the same way that you're describing. Yes, we can go and do chemistry, but the pH DS that can do that are going to fundamentally come out with better things. Because a couple notes that I was taking that relate to this is 1 is so I was looking at like at the other day, like human creativity. That's the alpha. But then also the self-directed, like the desire to learn is actually scarce. So just the people playing with this stuff is there. But then the other one is there's this notion that Steve Jobs says creativity is just putting things together. And what of all is saying, and I agree with this, he disagrees. He says that he doesn't think it's correct. Creativity is coming up with answers from questions that are out of the bounds of thinking because that's ultimately what we're talking about is that like the models of these things aren't going to come up with anything interesting. You're going to have to be able to start to think about these other deals. So the the tweet I had was effectively about to your point that I also feel like a kid. It feels even crazier than Bitcoin, to be honest. Or maybe right up there because everything is possible. I've always thought everything's possible. Like now it's actually true that it's just the limits of like your work, your curiosity, but then you still need the basis of some like underlying experience frame of reference to help underpin it. Because if everyone has access to this, theoretically everyone can come up with similar things. But what is your ultimate like edge or where do you come up with that creativity that's out of the balance of people questioning it? And I tied this back to Bitcoin because after that, you know, thousands of people on board and working with people in custody, there's a realization that the delta between somebody parking all their wealth and Bitcoin and not is literally like tinkering. Because if you didn't tinker, how could you ever get to the understanding of parking large amounts of wealth in 12 words or hardware device. But once you do that, it builds upon everything else that we're doing here today. We've all had the, you know, past 10 years playing with this stuff in the same way of like just the notion of talking about outside in the robots building, people will think that's crazy. We know it's not crazy because of everything that's happened, including with like Muskie's doing. So you can't even come to those conclusions unless you're already messing around with this and seeing how fast it's progressing. And so the encouragement was just start playing with this stuff because there's no choice. Like the only when he move is to really play or to tinker. Yeah, well, this is what I wanted to to say to, to, to finish my sentences. You know, when you, I think it's Einstein, Newton and some other of these well known guy, even even I think it's as a Mozart, you know, like all these people say, like all my biggest ideas, my biggest inventions, the things that that people still remember, all came from periods where I was really playing right, playing as a kid, having like this new mind, just understanding that I'm, you know, and, and we all are just, you know, a manifestation vehicle. We are, we are the, the, the creators. And if you allow, you know, the download or however you want to call it to just come true you and do the thing, you know, you can, you can have really big breakthroughs. So I, I fully agree with what you're saying. And the point I wanted to make is that I think there's going to be randos that are going to be in their attic or their garage, like, you know, fucking nerds that no one knows that are going to have really big breakthroughs. Like, like people that are not in academic circles have no, you know, no publications or, or whatever. They're just going to tinker. They're, they're going to be curious. They're going to buy, you know, you know, this hardware stuff that I just mentioned or whatever, just off the shelf stuff. And you're going to have breakthroughs say same as that, I think. And well, I've been tweeting it for almost 2 years now. I've been saying like within 12 to 18 months, it's, it's a bit slower. But I, I think there's going to be a fully AI created movie by some creative guy or group or whatever. Fully fully AI, every everything AI that's going to have like I don't know 100 or 150 million views or whatever on on YouTube or X and they're going to make 50 million of donations or whatever like I'm I'm waiting for that moment where it's going to show that if you are a creative person and you're like properly creative right, you, you create something novel using the technology of AI, you're going to reach a lot of people and you're going to be rewarded for it right like that that eventually the biggest movie ever to be watched on this planet. It's going to be a fully a movie fully made with AI eventually is what I think. Marty, I see you not a little 1 of what you think. Yeah. I mean, I think it's a no brighter Yeah, I'm sure you guys have seen and we've experimented with the AI generated videos Yeah, at TFTC in like 2 minute clips, one got like across all platforms got like 30 million views. The Federal Reserve creation of the Federal Reserve video that we made and that was we made that in October, so like four months ago. And it was like the Bay of three and you can only do like 8 second clips at a time. And the voice, the 11 labs voice is like still a little robotic. But if we can do that, I'm sure there's somebody is much more creative and understands cinematography and screen setting and like literally the language that goes into that would go into prompting that way better than I do. And our team does that is going to do that. And yeah, I mean, I think that's that's the most exciting part to me. It's not that like I think that's a foregone conclusion that's going to happen, but stories that Hollywood and the gatekeepers would never tell are going to get told. And it's going to be just odd. It's just going to be an explosion of creativity and an exploration of ideas that have been gate kept for for quite some time. Like the history of the Federal Reserve, like we literally just took the creature from Jackal Island and like broke it down into pieces and created like a scene and create a bunch of scenes and a script out of it. And we've repurposed somebody else's work. And it was just like a creature from Jackal Island's like a book that Bitcoiners and Austrian economist and conspiracy theorists that you need to read. And to my knowledge it never broken into the format that we put it in with the AI generated video and went crazy viral. Still to this day, there's just people reposting it on Instagram, on X, all that. Yeah, I love that. I think maybe like 15 years ago, maybe a bit longer, I saw a video of a guy and I, I remember the name on YouTube because it was so fascinating. It's his name on YouTube is CGP Gray. I hope the channel still exists and he has, I think a three or four, four part series that is called Everything is a Remix. And so if you're, if you're a creative person and I have to think about it now because of what you said, Marty, you should check out those videos. I will try to to put it on the screen because it it, it, it, it, it will, it'll actually help you to, I think also be more be more creative and use AI in these ways that you just mentioned. There is so much information in the world, right that a lot of people already found, you know, years ago and agree is valid, etcetera. But it didn't reach any bigger audiences. And I think AI is a way to reach way more outlook. This guy's still making video, but it's very it's quite it's it's pretty cool. It's all like animated. Everything's a remix. Oh yeah. So it's gone here. But if you look for Everything's a remix, CGP Grey, you should find it somewhere. I always thought it was very, very interesting. All right, next one. I really wonder what you guys think of this. I saw Anthony Scaramucci tweet. Is the clarity Act already Clarity act passing already baked into the Bitcoin price? And I looked on on Poly market and it said, Oh no, 71% it was like 1782 be before. And I also saw that there is now a March 1 deadline on this. And so I saw Scaramucci tweet like, is this already baked in? You know, I think it's a dumb question because I replied like, is, is is full knowledge of Bitcoin already, you know, implemented in the brains of 99% of people? I don't think so. But yeah, I mean, I'm not in America. I just wanted to get your guys take on not only this deadline, but also this this whole idea of the clarity act. Is this a good thing, a bad thing? Do you see it happening? You know, we see it shoot up on Poly market. So I just, I just wonder what you guys think and, and what your prediction also is and, and maybe also why, why do we now see this, this deadline? I think, I think we're like efficient market hypothesis like comes in is there's like different time scales, like is the ETF price standard clarity or whatever. It's like, well, no, because Bitcoin's reflexive in demand. So like obviously that to your point is true. But I can see how there's certain things baked in into like ETF approvals or the Trump administration. We saw the price do certain things and they kind of, you know, reversed back. I don't think it's baked in in that respect here because when you think about institutional investors, regulatory administration, like there's a lot of people that have capital that would like to invest in venture funds into institutional on behalf of their balance sheet that do want regulatory clarity. The easy example is like banks, most people don't want to move their money from a bank to a crypto native firm or a Bitcoin native firm. They'd rather just buy it through their bank. And so if the administration there's clarity and they can offer it, that will offer more flows. But what I do think is somewhat baked into bitcoins price, it's kind of off the question, but I'd be curious your guys thoughts. It's just like the geopolitical situation, like something, you know, we know is either broken and then like traditional crypto regular markets, or there's like an impending war that's kind of like built into this price. And maybe you know, if there's something kinetic that happens, you see a little bit of a draw down, but I think that's something that's baked into this price is like a foreground conclusion. There's going to be some like risk off move in Bitcoin potentially was one of the first assets to move before that happens. Yeah, I mean, I think Jack Mahler's was talking about it on to show earlier this week. We covered it in the newsletter I think this morning. But if you just look at the divergent of the Bitcoin price from like NASDAQ and other stocks that it was heavily correlated with just six months ago, it's definitely fallen significantly. To your point, Michael, it seems like this liquidity alarm bell function of Bitcoin may be coming into play here. And so I want to be surprised if something does happen like they're everybody's meeting in the Strait of hem ruse right now to see if we're going to World War three. That would definitely be risk off moment if you look at the. Position to to to for alien disclosure. They're doing it all together. They're just having a picnic. There. Here's the Epstein files. We go to World War three. The aliens are here. Just bombard people. Beware plot project Blue Beam freaks could be upon us, but if you. Look at Michael just went away and we're diverting. So I could see, I could see markets taking a turn obviously like the GDP numbers in the US came back or he picked for today Supreme Court shot down this terrorist. But it seems like Trump's immediately routing around them long winded way of saying like, yeah, there could be some turmoil. We had a private equity fund here in the United States basically gate redemptions because they had so many people calling for their money. Many people are looking at that being like, oh, is there a contagion risk? And private equity which has blown up in the last five years and is pushing a bunch of cash into non performing loans? Who knows, I could definitely see a downturn coming. If you look at all the positioning by like the major funds are all getting short now, which the contrarian means like all right, everybody's short, Maybe they get caught offsides when it comes to clarity act as a price in, I don't know. I don't think anything's priced in fully yet. To your point earlier, like if it were, if anything was priced in, Bitcoin would be like $10 million already. So I think we're just waiting for that. Why the deadline? Just to answer, make sure we're answering all your questions because Trump ran on this and we're in a mid year election cycle here in the United States and he needs to put some wins on the board in terms of promises made, promises delivered. And so Clarity Act being one of those. I don't know what the guy actually don't know what the current form of the Clarity Act is in the languages but as long as it has protections for open source developers and self custody that's all we care is bitcoiners. But in reality most the clarity act is for shit coiners who want to dump tokens on retailers and share stablecoin yield with with their customers. I I I think it will pass and will pass soon and I could see it actually being a windfall for the Bitcoin price because you just have a bunch of institutions who don't understand any of this and they just say clarity. I pass. Good for crypto, good for Bitcoin. Throw the money in. Agreed. I mean, it comes up to, I don't know, Brown, if you want it, this relates to mine was just the Wells Fargo. I think it's pretty crazy knowing what we know about Wells Fargo going heavy across everything tokenized related digital assets, I would believe Bitcoins embedded in there. And then also Charles Schwab, I think they're rolling out their own stablecoin. Morgan Stanley really going heavy. It came out a few weeks ago until like building their own wallet infrastructure and then obviously Fidelity launched their stablecoin. I think a lot of that is built in to the knowledge, to your point that this stuff is going to get passed. Like there's a natural thing we all know about U.S. Treasury demand and you need these stable coins to proliferate. And so I think this is the thing, you know, we keeps talking about week over week, but like this is somewhat of the signal in the sense that the largest institutions, these are like combined the three that we were four, we just talked about manage like 20 to $30 trillion in capital. Like that's an insane number that they're all turning on exposure to Bitcoin and stable coins. So I think to that point, like they know that this is going to get the green light from the administration and they need to have a plan or they're just going to get caught off sides. Yeah, yeah, I fully agree on this. I mean, this is the biggest, the, the biggest point of contention, right? Is a yield on stable coins or something, something like that, right? So the, in that sense, it's a threat for for banks. I do think it's very interesting, Michael and I have talked about this before and I wonder what do you think, Marty? But I once had American Holder say, like, you know, Bitcoiners are 8 years ahead of everyone. So I just think Tratfy is having its 2017 crypto type moment, right? We're going to tokenize all, all the things, not not understanding that, you know, those are all permissions block chains. Someone has to be in control of the thing that is tokenized to put it on the chain. And then, you know, literally a chain of trust in order to, to, to do all these things. But then next to that parallel to that, what Mike said, if this gets passed and, and there's some sort of free market of currencies, monies, whatever stable coin, free markets starting in, in the US and anyone, well, not anyone, right? Because you have to be a bank, right? Like any, any bank can, can start their own coins where you're going to get Schwab coin and Morgan coin and, and all these things. I, I, I think it's, it's a, it's a big threat to them. So I agree, like they, they really have to act. And I also agree that they won't. They're not acting if they're not confident it's going to to pass. What do you think, Party? Yeah, I would cosign that. And to your point about American hotels comment on everybody being eight years behind, I think it's funny, I think Vlad from Robin Hood was tweeting out earlier today or this week about their testing. They're like on chain equity instruments and he just ran with the bride Armstrong quote every the future is on chain. It's like completely nonsensical and retarded. And I think that would be a signal that yeah, the incumbent trat 5 fintech world is 8 years behind their enamored by tokenization all that. And I think there certainly is there can be a case, there is a case to be made that tokenization of some things may make sense, but I don't think it needs to run on a blockchain to be on chain like on base or if Robin Hood spinning up their own L2 that's centrally controlled. It's like, why introduce blockchain functionality to this thing that could be a simple database. I I yeah, I I I fully agree. But even even just this is probably well, it could be a 5 minute or it could be a 2 hour conversation just explaining why my tokenization on a permission blockchain is well, eight years ago, I was walking around in, in a, in a bank and they were talking about tokenization. And they followed this shipment of grain on some ship and everyone involved was updated in real time with IBM, whatever that they that they built, right. And I just think like tennis and Armstrong, same as when Sailor was sitting in a table and talking about crypto. They're just playing the game to stay at the table. And eventually I think also The funny thing is that that even, you know, Bitcoin is, is the ultimate transparency and, and, and like tool that shines the light on all the abstraction and obscurity and, and, and, and corruption and whatever. But even even putting a permission blockchain with some tokens is, is going to showcase that there are certain processes, I think contratify that they don't want to have uncovered, right. So I, I think it's going to be, there's also going to be some rollback of stuff that they're going to introduce because it's just. It's like, I remember Vlad this summer like was tweeting and talking about it. Like I think their investor meeting last summer, last fall, that like we're going to give retail investors access to commercial real estate, commercial real estate properties. We're going to tokenize these properties. And going back to like the Blue Owl Fund that just gated access to one of their institutional private equity funds. They did that because it was marketed towards retail and a bunch of retail money flew into that, that fund that traded on public markets. And retail money is fickle. So like the the first sniff of volatility, a bunch of retail traders took their money out and like you had a redemption sort of cascade because the retail traders aren't institutional investors like family offices or or pensions that have much more capital and a much longer time horizon. So this idea that you're going to tokenize things like commercial real estate properties and give the common man access to it. I mean, I think on its face, yeah, it sounds good. But there's a reality of how capital is is formed, particularly for specific endeavors like a long term endeavor like a commercial real estate property or a 30 year mortgage. And you need long term patient capital to do that. And so, like, you can tokenize all these things, give them access to retail, but I think what you're going to find, it just creates a bunch of chaos because you have somebody or a fund that owns properties and you just have retail traders. Like you have meme corners coming in and trying to like pump, yeah, first. And it doesn't even make sense. It's the end of the day. It's perfect. You're, you're touching upon this because Mike and I talked about this before, but I want to get your take. My idea of a 24/7 tokenized stock market is brutal chaos, right? Because all the, all the nerds on the Internet, all the sluts, all the, all the crazy degenerates are going to be on Reddit and X and Discord and whatever at 1:00 AM when the CEO is sleeping. And they're, they can just come together like they did with the, with GameStop or whatever and just devise a fucking plan on any stock, right? And then in the morning, the CEO wakes up and, and his stock danked or it's just fucked or, or whatever. I just think it's going to be if the degeneracy of crypto comes to 24/7, 365 stock trading, I think it's not going to be a good thing to be. Yeah, and it's. I think we're estimating. It's a complete step in the direction that I truly believe Bitcoin is trying to lead us towards. It's like we shouldn't have to do any of this. Like none of this. These things should be hyper financialized and we shouldn't have to give retail investors more access to this stuff. Like this is shit that people shouldn't have to think about. Unless you're actually buying a building and operating it. Yeah. I mean, there's two aspects of this. One is what you were relating to Brahm is in that future world. Ideally, to Marty's point, you don't have to do that because you're not going to have an edge because you're a bots in your AI just would be running rampant like doing all that. But what we're talking about here, I, I believe is a, a feature, not a bug of what they're trying to do. Meaning if you go, we don't have to go down it. But like if you go to the inner Kabal, like Davos versus technocracy, there is a version of low, slow legacy assets, inflation, money creation. And then the opposite of that is fast movement. What's happening now with crypto? And yes, like it's not permission list, it's permission, but that's actually a feature because if you think about like an example is if you're running a stablecoin and it's a closed end system, somebody hacked your account, you can just burn that token and there's all the stuff from like equities. You can see you're basically bypassing the old system, but just creating a new system in parallel. And I think that's by design. But at the end of the day, you go back to like the 1920s and you think about what you guys are talking about in the speculative nature, SVB and 21, that velocity that exists is going to go 10 to 100 X and just cause an insane collapse. Like that's I'd put any money on that, whether it's two years, three years, five years, like that's what this is going to what's going to happen. Well, it's like, how do we get this? And these people don't. It's like, I do not see these. It's a feature like this is by design. This I don't think it's I think they want chaos. They want the permanent underclass, but. I think a lot of. People are meant to lose their money, basically. Happy Marty is also confused because this is what I've been saying to Michael for months. I'm so bewildered that these people haven't figured it out. Like figuring out the the the whole perverse incentive structure of of Fiat money, trad fi and literally the liberation of your mind through self custody and sovereignty with with Bitcoin is a the the ultimate self-interest test. I would say, right? The ultimate rational self-interest interested action that you can take. So I'm I'm also just surprised that that people don't don't figure that out. At least at least the one thing is that field money is a path dependent thing and and and the end of the path is down 0 right? So. Yeah, another way to view these things are just another form of bailout, right? Like you, yeah, you had gated access and you, you give the retail investors access and you just dumped your bags on them. I think look at the Trump administration, a lot of people were cheering, myself included, because I don't think they should really be involved in this. But like the institutional, the banning of institutional funds like BlackRock and Blackstone for buying single family real estate properties in America than dropping it up. Everybody's like, yes, get them out because they're driving up prices. But really at the end of the day, I think that was just a what that's going to manifest. It is a BTFP like bailout where they go to the private equity funds. They say, all right, we banned you from buying these properties. But really behind the scenes they saw like, hey, they got over their skis. They built too many new builds that nobody wants to buy, and they own a bunch of real estate that looks like it's turning over. And we can't have these systemically important financial institutions go under. So we're going to ban them. And then to basically smooth out the the back end of that, we're going to go to them, say, Hey, we're going to buy your assets at par so you don't have to eat a loss. What you're describing is exactly, I know you get this a lot already where like people will talk about, well, why would people go to sell custody or some version of custody that's outside of an ETF? And often, you know, would go down this like rabbit hole of explaining different versions. You may want to use Bitcoin, But the easiest explanation is it's a contradictory move to park this asset into a system that's basically tied to too much money or too much debt and not enough dollars. Because whether it's BlackRock, whoever is managing those assets, they're embedded into the system. And so you're just throwing it in there. And from a economic, economically rational thing to do once somebody has enough exposure, because most people in ETFs don't have material exposure. Once they get there, they're like, wait, what do I have? And why is it in the system? It's bound to leave or you're going to have different assurances where you're not tied into that because you're effectively just parking that money back into what's ultimately not going to work out real quick from if you can pull this up, because this ties into like the fat what we just talked about in the kind of precursor prelude to what's going to happen. This came out where official Trump and. Can you zoom in a bit? Yeah, official, official Trump and Melania coin have collapsed 92 and 99% from their all time highs. But it was saying that retails lost $4.3 billion, two million wallets currently underwater. But then I think the insider tokens, I don't know, I think it's close to 1.2 bill and have made off of that launch. But this is just an example of like where we're going to see and who knows where those one that $1.2 billion went. But just think about $4.3 billion in economic value just wiped off. And like these people have no idea what they bought. It's completely it's a it's a shit. And then you see like. This is crazy. The stuff with the Lutnicks today, like like the yeah, the tariffs are the tariffs like the as soon as Liberation Day happened and the tariffs were put on everybody around this time last year, Howard Lutnick, son via Cantor Fitzgerald just basically went and bought puts that the the tariffs would would be reversed. And there's, I guess there's some financial instrument that lets you profit or take a risk on on that bet. And they they did like to the tunes of 10s of billions of dollars or something crazy. It's not even like it's so. Agreed, he made like a 4X. He paid like $0.25 on the dollar or $0.30 on the dollar or something. Yeah, this is also why it's scary where the time we're in because the the the looting, Yeah, the looting is so egregious that it's like half of humiliation ritual, half just like, what are you going to do? Like it's all over the. You know, Matt, Matt and I always joke about this like, why maybe we should just scam people. Everybody's done. It's it is, I mean, and it does. I mean, you heard it here first. Mad we're going to scam people. We'll joke again. It seems much easier to just scam people and it's it is hard trying to live a virtuous and moral life and doing what you believe to do the right thing, doing what you believe is the right thing and you just see just egregious looting all around you. It is as God's testing you. I mean, yeah, it's scary, but I think it's also a confirmation like this is something that has been written about as in something that has happened before many times, right? Just the, the, the, the term looting the treasury is, is a well written about term, right? And you're actually seeing it happening, which I, I think it just underpins the thesis, but that doesn't really make it less scary because it gives us a certain direction of where we are right in fourth turning pendulum swing and of empire and of, you know, world reserve currency, whatever, however you want to define it. This is ends end stages, right? Yeah. I mean, and this shift, we've just been like the last seven months, it's like every week it's like 70. Dollars. Somalis are Somalis are taking Medicaid for $90 billion in Minnesota alone. Oh, look over here in Maine, they're doing the same thing. Oh, look over here, Epstein has Apollo and a bunch of other funds giving him hundreds of millions of dollars to influence politicians. So look over there. The Trump's just rubbed their meme meme coin holders. Oh, turn the corner. The Lutnicks are are basically buying up claims for tariff. Tariff I guess reparations for $0.20 on the dollar. Yeah, it's. We laugh, but we, we like, and I know, we know we're just, you know, it's we have you can only, you can only laugh, but it actually is really sick and sad because there's a lot of pieces struggling and you just see this and what are you supposed to do? Like, they don't even have the time to reflect on it because they're just trying to, you know, stay alive. It's messed up. That's the thing with the acceleration. Like, the news cycles accelerate. Like, they literally hit us with Epstein files. We're going to World War Three. And by the way, the aliens are here like in the fucking 72 hour period and we shut down El Paso airspace in the middle of that and a bunch of other things that just completely got, you know, memory hold. Yeah. Crazy. All right, guys. I'm looking at, I'm looking at the time I want to move on to this one. Here's what keeps bitcoiners awake. You're still securing millions of dollars the same way you secured thousands. That hardware wallet in your drawer. Your family's entire future depends on you not losing it for getting the PIN or something happening to you on ramps. Multi institution custody removes that burden. Three independent institutions hold your keys. No single point of failure. No seed phrases to protect, no explaining complex recovery processes to your spouse. And now we're offering flat tier pricing, one predictable monthly fee starting at $250. Whether Bitcoin is at 100K or 500K plus with on rate buyer raise, you get the same institutional security with tax advantage growth. This is how smart investors protect generational wealth without the weight on their shoulders, there's strength in many. Learn more at on rampbitcoin.com. Mark. Here's another thing that happened this week. It's like a the the the surveillance pan out the cons we go down. I think there was a white hat hacker group, I forget what the name of the group is but essentially they got pissed off about discords new KYC verification biometric system that they're thrusting on their users. I believe next week they began sleuthing to figure out how it actually worked. And they came upon I think an exposed IP ports that had a connection to Open AI. And then they went into that port and went into that. I guess that code base with Open AI discovered that Open AI was taking that information and sending it straight to the government. And so you have this, this company, I think it's called Purpose or something like that, that's doing the KYC AM L PII slash biometric verification on behalf of Discord. They've got a partnership with Open AI and a bunch of other platforms as well. And they're just basically any time you use these apps with this verification software embedded in it, it's just like picking the government, like here's here's what people are doing. So this is like the sly roundabout way that you can get dragnet surveillance without technically being illegal. The government just contracts third parties to do it for them. And then both Discord and open AI had to be like caught with their Dick in their hands. Like we're we got to take some time to figure out how to respond to this. Well, this is this ties into that first tweet we had shared or I'd shared about, you know, you look at land guns, your money and you're probably your own servers and Rackspace because you're going to want to own your own data where we're going and, and even hardware, because it kind of ties into this is speculative, but where the open claw stuff feels like a little bit of an OP with open AI, because ultimately you have this fervor. They do this acquisition and I look at open AI as almost like AOL, where is the 1st and like everyone's that's boomer normally just going to use it and they're just going to Get full access to like root access to their computers and it's going to tie even more all that. And then the last piece is it just reminds me of like Minority report. I went and watched it like, you know, you know, the frame of reference from years versus like months and all the new information. You watch it, you're just like, Oh my God, like you can see how it's already happening. And in Europe, like where they're, you know, pre crime or when you mentioned something on social media that if you're feeding these prompts and data and it's triangulating based on other things you're putting out. And it's like this graph is you have a high probability of maybe doing something just like, hey, we got to go like get this guy off the streets. And we're not that far from that. Well, I saw, I saw this someone build an AI red team that maps your entire tech service as a knowledge graph, finds every vulnerability, then exploits them to the root access autonomously. So, you know, I wonder, I wonder where all of this is going to go, right? There's, there's, there's white, white hats, you know, Black Hat we have. I just really wonder where this is going to go. I thought this was very, very, very scary. That's why you run this at AVPS. Don't ever put it on your computer that has all the other information. What I'm doing OK. Next one brand. Come on dude. So come on. All right, I got this one from Michael. I don't even remember what this is about. Oh yeah, this is basically in a world full of chaos. Bitcoins, the signal. I I found this. It was DC can't coherent. They don't have a coherent crypto agenda. It was actually less relevant to this. It was it was Bitcoin only immutable blockchain. What really tied into it is this is like obvious for us, but it's really pretty crazy. Like the notion that I don't have a billion dollars, but if I did, I could send a billion dollars to Marty or Brahm right now with no intermediary. And in this world that we're talking about, that's insane. And that trust is breaking down the ability to not only take delivery of that underline, own it, move with it, but then send it somewhere else in a world that is becoming increasingly chaotic into this tweets point. It's like the only immutable blockchain. It's just going to be more important now than ever. And so we look at the price and it's all kind of like socks right now. We're sitting at 1.3 versus 2 that I keep still quoting trillion dollars. And you just can't like really fathom that empowerment. And it always goes back to like this mental model that I tried to. I would mean we already talked with us years ago about like this when Silicon Valley was breaking down. It's like, would you rather have $500,000 in BTC or $1,000,000 in a bank? And like most of us rather have the BTC, like if you had to keep it there for a year or two years because you have no power and they're never going to let you take that amount out. And obviously most of the other people would rather have the $2,000,000. But that level of Zen of just knowing because you don't need 500K or $2,000,000 to rest easy at night, but you do need the Peace of Mind that you own your money or we're heading to. And I don't, I think that's lost on those people. They have no idea. Just imagine just getting turned off like tomorrow, like how many years you slept knowing that you can just like you at least are in control of your destiny where most people can't fathom even like people like talk to them all the time that hold hundreds of millions of dollars on different custodial exchanges across the world. And you're like, look, you don't have to use our services, but just rethink, at least for a percentage of that. Because I could never go to sleep at night knowing that the next day they're just like, hey, we don't necessarily like you anymore. Or you did something, said something, your phone's hacked, the server's hacked, everything's wiped away. Like what world would you like? Especially with an AI increased world with agents running rapid like it's just insanity. Yeah. I mean almost as brilliant as Hans Hermann Hoppa what you just said. But this use case is so basic, right? This is why I'm so bewildered constantly say it is just extremely basic and it's all it's all in in this good faith fairy tale type of way. And it's funny actually, Oh, funny. There's there's guys in the chat. Actually, there's this guy who said why you guys in the Bitcoin? Have you actually verified the code for yourself or line by line or just trust me bro, you know, like for me, it's the, it's, it's Marty's looking for something. It's it. It is, I think. He's trolling, he says. Paradigm minor with a big. Oh yeah, so maybe he's into Bitcoin. They're all just trust me, bro, someone else says. They're in the biggest sigh up known to man. You know that is OK. Maybe, maybe, maybe. Epstein is Satoshi and it's. Epstein is Satoshi. You cannot. You cannot spell. That I'm looking around. I'm looking around because I actually did read Bitcoin line by line. There was a coffee table book of the original source code and I had it. It's not in this library. It's my other. You're not gonna pull up Bitcoin for Dummies like Epstein's book. Well, my, my point is more that, you know, the entire world is a trust is a trust me bro, you know, and I think, I think once you see that you just you cannot Unsee. And it's trust minimized is the point. There's nothing, there's nothing. It's trustless. It's trust minimized across the board. You never, I think we've talked about this like trust is not going to go away. Like you just want trust minimization. Like to the point of what I was saying earlier, like tokenized real estate. Like I don't, I don't want 1000 retail investors if I'm a real estate developer, like investing in a project, like I want a banker or a private credit fund that I can go shake their hand. We can have a long term relationship where it's like, you give me money, I'll do this thing, I'll get tenants, I'll get revenue, I'll pay you back. Like I don't want to have to not trust anybody and just open up the the gates to anybody who wants a piece of this commercial real estate property. Yeah. I mean, I I agree, but it's also people. People are. Yeah. I think it all ties together what we talked about before. This is such a long game, and the distractions along the way are all very tempting. Being bored is easy, right? Losing the bigger picture is easy. Like huddling is just incredibly hard. So I I mean, I have. I have empathy for that and I I also understand that that is just how it how it goes. So you. Have to develop interests outside of Bitcoin. You can't like, I mean, it's yeah, well, that's what we were talking about. Sorry, Brian, tinker with that. Bitcoin's boring. Bitcoin is boring. Like the literal protocol. That's the point. Like how it works. It's like exactly. That's what we were talking about earlier. Like the name of the game is there's like 3 aspects. If you're in the industry, you don't want to soil your reputation like 1 because it's a long game so that that doesn't go away. 2 is you don't want to use leverage or, you know, mix up in counterparty risk because it's generally how people lose their assets stay alive. But then to Marty's point is like most people should not have to do any of that. They should just go back to producing value stacking and a money that can be taken and then they benefit. But with the key point is a price cut in half, which is a blessing for most people if they were doing that, these are producing value. So now their dollar goes twice as far in the amount of stats they can stack. And especially in a AI world, now they can go and create any amount of value and go save that in a harder form of money and just thrive in this new world. It's actually fairly straightforward. But for whatever reason, we got the mind virus and people just always want to continue to listen to podcasts. So we'll continue to do them. Can you stop listening, Brandon? Yeah, but like, it's just the reality. We do need you. But I mean, the, the, I think why podcasts are good and they proliferate is because ultimately this stuff is so crazy. And so you need the you need the affirmations. Back in the day, there was no Bitcoin podcast. So I met Marty and Matt. I was listening to their podcast. Because you're alone. You can't talk to anybody. So you need to listen to somebody to tell you that you're in this together and you're also not crazy. So these are valuable. But the point is like to a certain level, they're they start to become but once your foundation salt is just go back to the world. Like if you need that foundation, get it. But not, you know, bips that are going like all the crazy shit, like you actually, it's going to be OK. You can go back to the world. There's people working on this stuff. And it's funny, right? Like you need to, I still don't know. There's this, there's another guy in the chat. I don't know if he's a troll or real, but you know, it is early and you need to do the work because you know, Bitcoin is a Bitcoin is an NSA created system. We are turning our hats to that right. SHA 256 isn't used anywhere else in the world. Guys, you know, call your bank, ask them what COBOL is right if if they if they are working on implementing or improving that like you know. The Internet was created by DARPA and like we all have to use it. I don't know. You know, it doesn't take away from. Anyway. You should go off the Internet. You should go off the Internet if that's the the thing, did you know criminals use knives and carves to You should stop using that too. Anyway, last thing I want to get Marty's thoughts on this. We saw this new research by by River and I think it's very interesting in this kind of like stage where you know, price goes down. Some people say, you know, this is psychological, like 4 year cycle people are selling or there is more like stuff happening in the market. It's it's a Hong Kong fund or whatever. It doesn't really matter, right? But every time we have a drawdown like this, we we see this shift and to extend on what I said about huddling is hard. This is this is when you're tested right? And when we see that it is moving from individuals to well, non, non individuals, right companies, governments, whatever. I've. I think we're still early, but again, also, you know, there's a long way to go. I think This is why Marty and I have a podcast. We just want to tell other people like badly like figure this out, Please figure this out, you know, and I do want to add one other thing that is connected to this. I think it's probably from the same report, this picture, but you know, they're still most is still in the hands of of individuals, which I think is good. But because this is a long and bumpy Rd. you know, you need to do you need to do the work. This is a very big and new and very profound technological discovery that you don't just understand easily. So this is kind of what I wanted to wrap up with is, is these numbers and and I I wonder what you guys think about this and the fact that we see this every time basically when the price goes. Down I mean I'm I think I'm actually well suited to speak on this considering I just spoke with Alex Leishman, who is the CEO of River, which put out this report and this is what we talked about for an hour. Many ways to look at this many ways to understand this yes far right 2024. I think it was 525,000 Bitcoin negative for individuals this year 696. So over 1.2 million Bitcoin have flown out of the wallets of individuals towards businesses, funds and ETFs and governments and many people will look at that be like Oh my gosh, what's happening? We're we're losing Bitcoin ethos. It's not happening, but this is always how it was going to play out. But Bitcoin is as as valuable and as as as useful and has the utility that we believe and that we know that it has like more entities outside of individuals are going to recognize that, including businesses and through my conversation with Alex, I think one of the encouraging things is people will see the businesses side of the chart. They'll immediately take a micro strategy metaplanet, somewhat scientific 21, whatever it may be be like all those dats are sucking up the Bitcoin. But in reality, there's a ton of Main Street, a small, medium sized businesses. They're run by Bitcoiners who want Bitcoin on their their business balance sheet as well. So that's contributing their funds in ETFs. Like, yeah, it's obvious they're going to get in, but you have to recognize that those funds and ETFs manage money on behalf of millions of people. So it's individuals getting exposure in a different way. And then governments. That's a whole other can of worms. I think it's been pretty clear since beginning that once people understand Bitcoin and there's mad dash for it, governments are going to get in the game as well. And I said it with Alex, and I'll say it here. I think when you look at that chart, you just have to reframe it. And the last two years have seen this sort of explosion of the type of investor expanding beyond individuals and OG selling their coins to, to lock in some games, I guess, and retire. But I think the reframe is we were incredibly fortunate to have the 14 year, 15 year run that we did as individuals to be able to accumulate and bootstrap this network. We were the crazy ones that proved it works, that it has value and and got it to a a market structure point where it made sense for all these other actors to get in. And I hate to break it to you, but the trend on that chart is going to continue in the direction that's been going in the last two years. And that's just the nature of Bitcoin succeeding. That's not to say that individuals should give up on trying to accumulate Bitcoin, but just looking at the math like these businesses, institutions and governments have way more money than than individuals. Any any one individual can. If every individual were to wake up tomorrow and smash, buy some Bitcoin, yeah, I could go in the other direction. But as we've been describing throughout this conversation, like the information isn't fully distilled and people are going to come to those conclusions independently. So you're not going to have a Saturday, February 21st smashed by by billions of people around the world. It's going to happen slowly but shortly. And while that's happening, you're going to have much larger actors independently come to the same conclusion, but able to deploy way more money into it at a single point in time. Yeah, it's really well put. I mean, you talked about this a lot. There's an order of operations to all of this. And what you just described was always going to happen, and it's going to accelerate. And the kicker is it's good for Bitcoin. This is something that took me a while to learn because I came in very ideological, trying to help individuals that didn't have wealth. But the reality is, as more people park large amounts of wealth, it permeates throughout the entire system. And there's more liquidity and there's more ability for people to hold their wealth without the volatility. And the reality is just the law of the universe's prior to distribution, there's always going to have, yes, the network's decentralized, but there's large pockets of capital that will move. The price will come in. And even like as Marty mentioned, if everyone tomorrow that was an individual smash bought Bitcoin, yes, the price would shoot up, but then the people with all the money would go and pick up the rest. They would just accelerate it like so either way, this is the way it was going to go. But at the end of the day, the system is egalitarian. It's equitable in the sense that your bitcoins, your Bitcoin, your purchasing power increases the same way as everyone else's. And that's the main idea here is it's a, it's a get rich slow scheme dressed up as a get rich quick scheme is that you just have to stack your money and it's in personal power increases in value, and then you can just do more with your life versus getting sucked away via inflation. That's the the guiding principle. It's not like who gets in early, who gets in late. Everyone gets the benefit from the properties of it. Yeah, yeah, I agree. So let's let's wrap up. I want to wrap up with one thing that I just saw that ties back to our AI conversation. I don't know if you guys saw, I'm a noob here. Wait, give me one SEC. There was a blog post by Entropic and they are introducing cloud code security. It's against code basis for vulnerabilities and suggests targeted software patches for human review, allowing teams to find and fix issues. Right. So we were talking about the disruption of AI like this acceleration, the fact that you should tinker with it, think about the implications, you know, if everything is abundant, what, what is, you know, the scarcest thing and how, what is the impact on yourself? But we have this. And then I saw this post that says 21 billion got wiped from cybersecurity stocks in one afternoon after, after and Tropic post to this, right? So crowd strike -8 cloud flare -8 Octa, you know, golden child stock, by the way -9 cybersecurity ETF closed at its lowest since November 23. So, you know, you, you can hear AI doesn't need to replace your industry needs to make Wall Street believe it might. So it's super interesting to see what the impact is even on the possibility of, you know, this, this also creative destruction that that we talked about and actually having these new capabilities baked into a cloud is also going to give creative people, you know, the ideas to build on that again. So that's what I mean, you know, like it is, it is just accelerating. Are these anthropic guys just banking like shorting stocks when they release features like they have to be, if not like they're, they're going to be after this because they did it a couple weeks ago and then just right here. I didn't, I had it crazy. Well, they need to actually make money somehow. They're not doing it by letting us drill their drill, their inference. I don't know I'm. Sending them two. 100 bucks a month so there's. Something, I mean, dude, I'm getting don't, don't change your pricing, Anthropic, but I'm definitely spending probably more than $200 in electricity a month. Well it's it's only because I had the API before and I'm like fuck I need to try to plan and see if I can. That's like, I mean, that's another question many people have been asking. Like, what would you be willing to pay? Like I think I'd easily pay thousand $1500 a month. Oh hell yeah, I'm getting out of it. Sure. If you have a good setup, that is. That is nothing in that sense. Yeah. All right, guys. Well, Marty, I'm happy we're here again. This is our biggest live count today. That's probably because you were here so. Thanks for being here. I think it's your Reg glasses, but we'll we'll count it on. It is. Yeah, you got? Dude, you're swagged out right now, brother. I need to, I need to put up an affiliate shop here somewhere. Got to make money somewhere. All right, guys. Thanks for putting, Marty. Thank you for having me, gentlemen. It's always a pleasure. Cheers. All right guys. Thanks everyone for watching and see you next time.
Transcript source: fountain