Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
It is 09:15AM
Pacific Daylight Time.
It is the June
2025.
This is episode
1,113.
And we've got a pretty
stacked show for you today. We've got some, House Agricultural and Financial Services Committees,

(00:26):
take on The US Crypto Market Structure Bill. That's coming up.
Marty Bent has released a,
well, a plug in. Or not actually a plug in. Whatever it is that you put on your browser extension, that's what I'm calling. He's
released a browser extension called Opportunity Cost. I wanna get into that one.

(00:46):
Ukraine's parliament is looking at a crypto asset reserve bill
and then economic Bitcoin nodes.
Why there's a difference,
and why you may want to use one.
Bitcoin climbs slightly
because inflation slowed in May.

(01:08):
That's not my take on it. We'll we'll get into that.
Strategy might be causing problems.
The the whole buying of the Bitcoin and stocking of the Bitcoin and
debting of the Bitcoin, you know what I'm getting at. We'll we'll get into that one.
US House Financial Services Committee,

(01:29):
is doing something else
with crypto. I've not heard of this one yet.
The clarity act is in play. And then Connecticut decides
to pull out
a
a a 1911
semi automatic pistol,
throw one in the chamber,

(01:51):
draw back the hammer,
point it to their head,
and pull the trigger. Yes. They did. Yes. They did. They probably will not survive this. I would like to see Connecticut as a state be subsumed by one of their neighbors at this point. Maybe something like I don't know. Is New Hampshire New Hampshire's close of, you know, close to Connecticut. I don't know if they share a border or not. You know why? Because I'm an American. God damn it. That means I don't know geography.

(02:19):
We're finally
finally seeing
quantum
biopharma
companies buy Bitcoin. That will be the last up for the day. But
and foremost,
let's hit the list
with this one.
Crypto market structure bill has moved
out of the house of committees,

(02:41):
or rather the house committees, and the stablecoin
action is now pending.
This is about the market structure bill.
And, by the way, it is written by Jesse Hamilton
for the good people at CoinDesk,
if
that's what you think.
The house agricultural and financial financial services committee sent a major

(03:03):
major bipartisan
message
after advancing The United States crypto market structure bill on Tuesday marking the of several expected developments
in the advancement of digital assets legislation expected this week.
The KAUST financial services committee was hashing out,
I hope they weren't smoking it. Hashing out some of the final details in a marathon hearing on Tuesday on the bill to set up digital asset market oversight before voting to advance it

(03:32):
32 to 19
even as the agriculture
committee vetoed the advance bill,
47 to six.
At the same time,
the senate's legislation
to regulate stablecoin
issuers
was was rolling towards a final vote.
This year's effort to finally set The United States stage for crypto trading oh, here we go. This is it. We'll we'll do the clarity act right here.

(03:59):
Known as the digital asset market clarity act was the focus of markups, special hearings in which
congressional panels consider amendments and put a final polish on legislation
before
advancing it to the chamber floor.
In this case, two house committees were considering the Clarity Act
at the same time on Tuesday,

(04:21):
and the agriculture panel finished
Oh, they were across the finish line. Congratulations.
You win, quote, the clarity act provides
certainty
on digital assets to market participants,
fills regulatory gaps at the commodities
future trading commission
and the securities and exchange commission. It bolsters American innovation

(04:45):
and brings needed customer protections to digital asset related activities and intermediaries, said the agriculture
panel's chairman, Glenn
Thompson,
as he opened his committee hearing.
The panel's ranking Democrat,
representative
Angie
Craig, noted that, quote, this is not a perfect bill, but

(05:06):
also said that tens of millions of Americans using cryptocurrency
will continue to grow whether congress acts or not.
But if we don't act, it will grow without the consumer protections
that retail investors need and deserve.
You know, protections like those that govern
other corners of the American financial system.

(05:28):
Pausing just to say this,
and look where that's gotten us.
Moving on, the house bill outlines the jurisdictional borders
between the two US market regulators
and establishes a new leading role for the CFTC,
commodities futures trading commission,
over the trading of digital commodities,

(05:49):
which represents the bulk of crypto activity.
Because
the two congressional committees
each oversees different elements of the crypto market, commodities, and
securities.
Each has a piece of the relevant jurisdiction so the panels work to amend the legislation
will have to be melded together.

(06:11):
Staffers said that the products of successful markups from each committee
would then be combined into a unified
committee report
to be considered by the wider house of representatives.
The legislation has been continually overhauled
right up to the markups with Republicans hoping to keep enough Democrats on board that a bipartisan support can influence

(06:33):
how much the senate embraces the bill if it passes the house.
But
Democrats in the house financial services committee were still meeting to examine points of the bill they have concerned with as recently as late Monday.
Representative David Scott, one of the Democrats
who serves on both committees, expressed

(06:54):
the discontent
of some of his party,
quote, the bill allows crypto firms to bypass proper oversight and ignore investor protections,
as I have outlined on multiple occasions here and in the finance committee, he said, arguing
that the bill does not
properly fund the commodities regulator. Quote, the CFTC,

(07:16):
though essential,
is not
designed
to oversee retail facing investment products.
Pausing to say he's correct. He's absolutely correct about that. Scott added, this is a gift to the worst actors in the industry.
Others remain concerned
that the legislation doesn't directly block senior government officials, most notably president Donald Trump, the orange man himself, from personally benefiting

(07:44):
from crypto business interest.
Again, pausing to say a name,
Elizabeth Warren.
Let's do another one.
Nancy Pelosi.
I'm just gonna go ahead and throw Mitch McConnell in there. I don't know
if he's rich as snot,
but I'm pretty sure he's got a shit ton of money. Why do I even bring these names up?

(08:07):
Because none of them have any business
having the amount of money they have
on the salaries they make
unless they know something that nobody else in markets knows.
I'm talking about insider freaking trading here ladies and gentlemen.
Let's not give these people a pass. Whether they're blue or red, it doesn't matter. I don't give a shit.

(08:33):
You're
there's no way Nancy Pelosi could have the amount of money she has.
She is a better trader than Warren Buffett.
She does not have the training Warren Buffett has.
There's no way
she's insider trading
on information that's privy to her only

(08:54):
before most other people, especially plebs and retail, ever get that information and therefore is able to completely capitalize on it and yet tell
me and you that we're breathing too much carbon dioxide out of our lungs. I
It's maddening to watch these people succeed
every single thing in every single thing that they do

(09:17):
and the rest of us are just sucking swamp water and yet we still vote these assholes in. I include Mitch McConnell just because I I assume
that he is probably a scumbag just like the other two. Right? And but I just need to make sure that everybody understands. I'm trying to remain neutral here. They all suck.
Maxine Waters, who also sucks by the way, the top Democrat on the House Financial Services Committee, raised similar concerns

(09:44):
while she introduced an amendment Tuesday to the HUD, h u d, transparency act of 2025
that would direct its inspector general to investigate
a suggestion
that the Department of Housing and Urban Development
might evaluate
crypto or stablecoins for payments. Quote,

(10:06):
unfortunately,
Trump
and his administration are trying to force crypto down the throats of people living in HUD assisted housing.
Wow. That is one hell of a statement there, lady. Quote,
I, for one, would want to know if HUD is using Trump's stablecoin,
how they choose the stablecoin,

(10:26):
and what fees are being paid into the president's pocket, end quote.
Pandering.
That's just pandering. She literally knows nothing about the structure of what's going on. Doesn't mean that I do,
but it's very clear she's talking out of the side of her mouth. Anyway, during Tuesday's markup,
Democrats of the Financial Services Committee offered dozens of amendments

(10:49):
to do everything from block Trump,
from profiting off of or engaging in crypto ventures to setting requirements
for the minimum number of commissioners, the the Securities and Exchange Commission and Commodity Futures Trading Commission
must have before engaging in any rule making.
These amendments
all failed along party lines.

(11:11):
And then we have the Genius Act. So where are we on the Genius Act?
While the house moved forward with the Clarity Act, the senate is nearing a potential final vote this week
on the guiding and establishing
national innovation for US stablecoins of 2025,
also known as the Genius Act, which would
erect guardrails for the issuance of US stablecoins,

(11:34):
the dollar based tokens that underpinned a wide swath of crypto trading.
Majority leader John Thune,
the senate's top Republican, who has recently joined the effort to push forward the stablecoin legislation, made a procedural move on Monday
to soon advance to a final vote.

(11:54):
Industry insiders are preparing for a vote as soon as well, today,
Wednesday,
Jared Seberg, a policy analyst at TD Cowan,
said in a note to clients that Thune's movement meant,
quote, a limit
what amendments can be considered before a final vote on the package, including

(12:15):
making it difficult for backers of unrelated credit card legislation to use stablecoin bill
as leverage to force consideration of their own efforts.
That was one of the final potential roadblocks to senate advancement of that bill, which has already drawn strong
bipartisan votes as it moved
through the process in that chamber of congress. And the legislation sponsor, senator Bill Hagerty,

(12:41):
had made it clear that the bill faces a very tight window for adoption this year,
considering what else is on the senate's plate. The Genius Act was on the senate's floor agenda for Tuesday with a 02:30PM
amendment
deadline.
If the Genius Act passes the senate,
it'll then head to the house

(13:02):
where a similar stablecoin bill already awaits, having cleared its own committee's hurdles.
At that point, lawmakers will have to decide their strategy on how to proceed, whether to include the stablecoin matter alongside the market structure bill as a single package,
whether the house can just take up the senate's bill as written, or whether or not

(13:25):
the house will seek to hash out its very own version.
So in my opinion, that's the end of the article, this bill is kinda far from the finish line. Just
be aware.
We're just now through the house
or getting to the very end of the house.
Then we've got a whole other thing going on in the senate. And if they pass it or something

(13:48):
like it, then
some version of both of these things will end up at the president's desk
for signing. I do not see that happening
anytime very soon,
but maybe sooner than I foresee.
I don't know. Let's move on
to talk about opportunity cost.
Marty Bent from,

(14:10):
well, TFTC,
the
used to be called Tales from the Crypt, but they,
rebranded
themselves,
Truth for the Commoner,
long time long time podcast in the Bitcoin space,
very well loved. I love the guy myself,
have yet to be able to meet the guy. I've I've had two opportunities

(14:34):
and thought it's like I was in the middle of talking to somebody else, and I was like, oh, well, I'll go go talk to him later. One was at the, inaugural
beef initiative,
thing in Texas,
and, I thought he'd be there all day long, but he did, like, one talk in the morning and then bailed out. I looked around. I go, oh, wait a minute. I was gonna go talk to Marty. Where is he? And they're like, dude, his wife is pregnant.

(14:55):
He went home.
So
the other time was a bit block boom, and I didn't get a chance I did I did get a chance to talk to Matt O'Dell, though, for quite a while,
but, dad didn't get a chance to talk to, mister Bent. However,
mister Bent speaks to us through this,
opportunitycost.app

(15:15):
is the website.
And, essentially, what it does, it's a,
it's an extension for your web browser. It's Chrome. Okay? So I don't you know, if you're using Firefox,
I I don't know what to tell you other than that makes me sad because I last few times I've tried to use Firefox. It's oh my god. It's so awful. Anyway, so if you've got a Chrome based bow browser,

(15:37):
this will be an extension for your browser. What it will do is it will sense
the cost in US dollars of any website
and
reframe that website to include that same cost
at that particular moment of the day's
price of bitcoin.
So like if you're going like for instance if you're going to Zillow

(15:59):
and it shows the price of a house at like you know $1,095,000
oh my god for a four bedroom
six bath
four bedrooms six bathrooms why Why do you need six bathrooms if you've only got four bedrooms? What the f is wrong with everybody?
I mean, three bathrooms is fine for a four bedroom house, man.

(16:22):
That's just weird. Anyway, I I digress.
Let's say you go to Zillow, you see this house listed for over a million dollars.
It automatically
adds right next to it. This extension automatically adds on the website itself, mind you,
the price of that house
in today's price of Bitcoin at that particular moment.

(16:43):
I think that this is good. So you could go to Amazon and it would do the same thing.
You could go to any any place that's that's showing you the price of something.
This this
extension will sense that and say, ah, you need to put in,
drop in this frame right here, right next to that price,

(17:03):
at what that would actually cost in Bitcoin.
So
it sounds easy, but that kind of thing is hard to execute because you're basically dealing
with everybody else's website and websites you don't even know about.
And somehow or another, this extension is able to slip the price of BTC

(17:23):
alongside
the USD.
I think it's a great idea. He's been talking about it for a while. It looks like it's finally dropped. It's opportunitycost.app,
opportunitycost.app.
That's opportunitycost.app,
and you can extend it or, install it as an extension to your Chrome browser.

(17:44):
Now onto the land of milk and honey that we also call Ukraine,
crypto asset reserve bill has landed in Ukraine's parliament. Helen Parks from Cointelegraph
says Ukrainian lawmakers
have introduced a draft bill, it's a draft,
that would allow the National Bank of Ukraine to include cryptocurrencies like Bitcoin.

(18:07):
It was submitted to Ukraine's parliament, the Verkhomelradha,
I can't pronounce any of this crap, on Tuesday
and is entitled bill number thirteen three fifty six, and it proposes amendments to the law,
quote,
on the National Bank of Ukraine, end quote, regarding the inclusion of crypto assets alongside gold and foreign currencies.

(18:31):
While authorizing
the central bank to acquire cryptocurrencies like Bitcoin as part of the state reserves,
the bill would not require
the authority to do so according to
Yarslav
Zlensnigak,
a member of parliament,
who confirmed the introduction of the bill on his Telegram channel. The central bank

(18:52):
would retain full discretion over whether to allocate
any portion of its reserves to crypto,
how much to allocate and when to do so, quote, how, when, and how much should be the decision of the regulator itself,
Zelensnyak
said.
Although leaving the final decision for the National Bank of Ukraine,

(19:14):
the lawmakers support the creation of a potential state crypto asset reserve as a step that will integrate the country into global financial innovations. Quote,
proper management of crypto reserves will help strengthen macroeconomic
stability
and create new opportunities for the development of the digital economy.
The man whose name I can't pronounce wrote in a statement on Telegram.

(19:37):
Okay.
So using Telegram. Well, at least it wasn't a tweet. Right? Anyway, he discussed the potential state crypto reserve in a video commentary with Binance's regional head of Central and Eastern European countries in Central Asia,
Karolyov
Komikov. I

(19:57):
these names.
Who helped the lawmakers
write the draft bill.
Okay. Additionally, contributors to the bill include
Peter Bilyuk,
head of artificial intelligence practice at the local law firm,
Just Khatum
Legal Engineering, and a member of Ukraine's expert committee on AI

(20:17):
development.
So AI is collapsing into crypto in the eyes of
Ukrainian
parliament as to how they're stitching this together. That's actually kinda interesting, honestly,
because I'm pretty sure that
AI agents
and,
you know, in the future like, you know, agent

(20:38):
type robots that are actually doing stuff,
probably gonna have to use machine money for certain things like charging their batteries or getting repaired or something like that. It sounds like science fiction, ladies and gentlemen, but it's it's not going to be because either
look. Here's the way this works. This is that's the end of the article. I'm just gonna say this.

(21:01):
People kind of pooh pooh the the the thought that
AI agents are going to use Bitcoin
for their monetary unit.
And if we extend that into robotics,
like, you know, machines,
you know, like like, why would we pay these machines?
And no. We're not paying
the the machines. We're not really paying the AI agents, although that that could be a thing because if it's a if it's a service,

(21:28):
or, you know, a service as a subscription or subscription to cert whatever you wanna call it. If you've got a subscription for something that's doing you good, like a robot that's, I don't know, cleaning your house all day or AI that's helping you book plane tickets, whatever it is,
If that if it has value to you, then you might be paying it money or paying the people that built it the money.

(21:51):
So that's where a lot of people get confused as they say, well,
you're not gonna be paying the robot itself and you're not gonna be paying the AI agent yours itself. You're going to be paying the people that built it.
Yes. This is true.
However, think of it from a management standpoint.
If I have
a servant like, let's say that I have a service of robots that comes and, I don't know, cleans your house like a robotic maid service.

(22:18):
You pay me
and I have to keep up the maintenance on the robots and and do all the stuff to make sure that they can get to your house and clean your house.
What if I don't want to do that management?
What if I just say, you
know, why don't you just install a module into,
you know, the computers

(22:38):
the central computer core of this robot that basically says, hey, buddy. You need to take care of yourself. Here's your weekly allowance.
And that allowance is in machine money, and it's probably going to be Bitcoin
and probably Stablecoin.
I I I I'm not a fan of Stablecoin, but it's I'm not going to get rid of it all by myself, so there you go.
If you

(22:59):
if you have a situation
that is unmanaged,
like the maintenance of a robot, then the robot is going to die. It's going to fall apart, and it won't be able to complete its mission. Right? So it's not gonna be making you any money. So therefore, it has to be managed. So the question becomes, who manages it? Are you going to manage it by fixing it yourself,

(23:20):
or are you going to enable that robot to manage its maintenance
all by itself? And if you do,
then who's gonna do that work for free? The answer is no one.
So
unless you wanna manage its accounts
as well as
well, like, let's say, you program it to go to the

(23:40):
robot shop to get fixed up or get its, like, six month tune up or whatever it is you do,
then you've gotta manage the finances.
Okay? You're not managing the maintenance. You you've offshored that to somebody else because you don't wanna do it, but somebody has to manage the maintenance. So you're still you're still stuck with the money management part. You've got to, you know, you've got to do the transaction with the guy that's fixing your robots.

(24:07):
If you don't want to do that management,
then you have to offshore that into the robot itself see how this works
so I think that AI and crypto are going to become very very very close cousins
to each other
And I'm not the only one that thinks so. Just
saying. Let's move on to economic Bitcoin nodes,

(24:30):
why you need to use your node for it to matter.
This is Shinobi from Bitcoin Magazine.
What
is an economic node?
To understand that, you need to conceptually understand how a user interacts with the Bitcoin network in the place.
Bitcoin is a database,

(24:51):
and a network to facilitate the updating and synchronization of updates to that database
used for the primary purpose of people transacting Bitcoin,
which is entries
in the database.
The primary concern of a user making use of Bitcoin for this purpose is the validity of the transactions that are sent to them. For example,

(25:14):
is the money they have received valid in the sense that when they go forward in the future to spend it somewhere else,
that other people will also widely accept it as valid.
If that is not the case, then it is useless as money.
This is the purpose of a node,
to verify
these transactions.

(25:34):
In order to do so, your node must have a complete set of all the existing coins or unspent transaction outputs, also known as UTXOs,
in order to check
every proposed transaction
against.
When a transaction is broadcast, your node verifies that the coins it is spending are in this UTXO

(25:56):
set
meaning that they have not been spent
yet.
When that transaction is confirmed in a block, those individual UTXOs
are then removed
from the UTXO
set and the new ones created by the transaction are added
in order to compute that UTXO set in the place a node must parse through the entire historical record of all past transactions contained in the blockchain, going through the process

(26:23):
of adding each newly mined UTXO to the set and removing slash adding all
the consumed and newly created UTXOs
processed in each individual block
without doing this, there is no way to be certain that the current UTXO
set stored
in your node is actually accurate and valid

(26:44):
In the future, zero knowledge proofs may obviate the need for this by replacing the historical blockchain with the succinct cryptographic
proof
that any given UTXO set is valid for a specific block height.
Your node
is simply an agent for you as an economic actor, in the sense of automated AI agents that many LLM

(27:07):
advocates speak about.
It is an autonomous program acting on your behalf,
in a certain context,
in this case guaranteeing the validity of Bitcoin transactions to ensure
that when you are the recipient of one of those transactions the chain of transactions that created the coin spent to you is actually valid.

(27:29):
An economic node is simply a node that is actually being used by someone engaging
in economic
activity
to ensure the validity of the coins they are receiving.
Why is that so important?
Why do only these nodes matter?
Think about what make makes Bitcoin function in the place.

(27:49):
People running the same consensus rules.
The only reason there is a coherent singular network is because everyone is running the same consensus rules.
When miners produce blocks,
every individual node arrives at the same conclusion as to whether or not it is valid.
Every individual node will follow whatever is the blockchain composed of valid blocks that has the most proof of work attached to it.

(28:16):
There is only a singular coherent Bitcoin network
because
each individual actor chooses to enforce the same set of consensus rules against blocks that miners produce.
It is purely voluntary association,
voluntary subjugation of oneself
to a certain set of consensus
rules.

(28:38):
So to illustrate the point, let's imagine
three different scenarios of nodes deviating from the existing set of rules.
In the
imagine
a few major exchanges like Kraken, Coinbase, etcetera, all alter their consensus rules from the rest of the network.
These nodes represent the economic platforms where Bitcoin is traded and its price established in fiat terms.

(29:03):
Nodes running conflicting rules from them or making transactions that will not be recognized as valid by their nodes, to be more specific,
now cannot engage in that market.
Those exchange nodes will not recognize
user deposits as valid, and as such they will not be able to deposit coins and participate in those marketplaces

(29:27):
Other nodes can band together, but they cannot capture the economic power of those exchanges.
Ultimately,
short of the value of the coin created by the rule set they are enforcing crashing to nothing,
other nodes on the network will have no choice but to adopt their rule set in order to interact with them.
Otherwise, the exchanges

(29:47):
will simply ignore and honor deposits
their nodes consider invalid.
In the scenario,
let's imagine a group of much smaller businesses and users that regularly receive transactions.
Maybe all of them together amount to the economic activity of a single exchange like Coinbase.

(30:08):
These users
choosing to alter their consensus rules is not as inescapable as a number of large exchanges in concert, but it's still significant.
Here, other users can still access
marketplaces like exchanges to ensure that Bitcoin is being priced by the market. The majority of the network will still accept everyone else's coins in receipt for goods or as deposits

(30:32):
to trade on marketplaces,
but
they still represent a sizable portion of economic activity withdrawing from the rest of the network. This is leverage they can use.
Even as a minority of the network,
the likelihood is extremely high
that there are sufficient levels of economic activity crossing between this minority of nodes and the rest of the network. This is not a clear case of leaving the rest of the network

(30:58):
no option but to adopt the new rules,
But it definitely creates pressure for large portions of the network who interact
across that gap.
From there, the more users that choose to cross the gap because of who they economically
in or economically interact
with, that pressure grows larger for the rest of the remaining network.

(31:20):
Then in the last scenario, let's imagine a group of nodes representing a small set of users generating very little
or no economic activity at all, and these users choose to alter their rule set.
They receive almost no payments.
They represent a rounding error in terms of economic value on the network.
They're irrelevant

(31:41):
to the rest of the network.
Large businesses, exchanges, other economic actors, they will not care if a handful of people stop patronizing them or sending them Bitcoin for different reasons.
This set of nodes altering their consensus rules
doesn't matter.
They create no pressure.
They create no opportunity cost that matters for the rest of the network.

(32:06):
An economic node's influence on the overall consensus of the Bitcoin network is proportional to the amount of economic activity involving
that node and its owner.
A node that is not being used for this purpose is completely
irrelevant to the consensus
rules of the Bitcoin network at large.

(32:27):
It creates no economic pressure, imposes no opportunity cost on the rest of the network when it alters its consensus rules.
It is indistinguishable
from a participant in a Sybil attack
There might be other reasons to run a node besides
verifying your own transactions, such as direct access to blockchain data for research or analysis purposes, but ultimately,

(32:50):
that node is irrelevant
to consensus.
This dynamic is why Bitcoin cannot be civil attacked.
It's why some malicious actors can spin up a million nodes on Amazon Web Services running different consensus rules, and it will have zero effect on the actual Bitcoin network
your node doesn't matter

(33:11):
unless you use it
so use it
it's the end of the article by Shinobi out of Bitcoin Magazine and he makes a lot of sense
For a recap, I run a full Bitcoin node.
My full Bitcoin node is indeed an economic node.
Why?

(33:31):
Because
I make when I make transactions,
I literally use my node for everything about that transaction.
I have a Specter wallet.
I create a transaction.
That Specter wallet is actually on my start nine node. It is directly connected to my Bitcoin full node. That's how it's able to do all of the things that a wallet does. It can read the blockchain.

(33:58):
It is follow it knows what consensus rules are in play. And when it makes a transaction, it follows those consensus rules so that that transaction will be considered valid by the rest of the network.
Then
when I make the transaction,
if I want to follow it on mempool dot space,
I have mempool dot space so I can see where my transaction is, has it been confirmed,

(34:21):
where is it in the block, you know, where is it in the block, is it like 15 blocks from now before it gets mined, is it in the next block, I don't know. I have to go look at the actual transaction in mempool. Space to figure that shit out. My mempool. Space instance
is running right next to my Bitcoin full node again on my start nine.

(34:42):
And the reason it knows exactly where it is in the blockchain is because it's querying
the blockchain
that I have a full copy of on my node to find out where in the chain it is.
How many how much fees did I pay? Is it following the consensus rules?
That's what an economic node is. At the at at the level of a single user

(35:07):
who is, I don't know,
buying
a a a gift card from from Bull Bitcoin or something like that.
Right?
Or if I'm sending,
you know, Bitcoin to, you know, if I'm sending Bitcoin to an exchange
because I gotta sell it because I I don't know. I gotta pay a power bill or something like that. I'm using my node.

(35:28):
So my node does matter.
For a long time, my node
didn't matter. I was running a Bitcoin full node, but you know how much economic activity I was actually leveraging it for?
Zero.
So therefore, it was not an economic node. I used to be of the mind that as long as we just spin up a whole bunch of nodes that we were going to protect the Bitcoin network.

(35:52):
That is not the case and it is certainly not what Shinobi is saying here.
When I say that you should run a full node
it means you should also use your full node.
I recommend
myNodeBTC,
and I also recommend
Start9.
I decommissioned
my old Bitcoin full node, which was a myNodeBTC.

(36:15):
I loved it. It was great. It worked fine.
I'm really in love with my start nine,
server pure.
I love this thing because it does a bunch of stuff other than just Bitcoin, but it is where all of my Bitcoin and Lightning and mempool and wallet stuff, that's where it all occurs.
I have an economic node.

(36:36):
You should too.
Economic
nodes are sweet, just like Oshi products are sweet. They're awesome. They're totally awesome. In fact, www.oshigood.us.
Oshi good, 0shig00d.us
is where you're gonna go to pick up your jars of huddle butter. Your

(36:58):
b t h
c node candies that have t h c in it. You're gonna be able to get oshi stickers. You're gonna be able to get chocolate
mint chocolate chip no no I'm sorry banana chocolate chip huddle bars.
His huddle butter is just pecan butter and it's it's it I everybody that tastes this stuff says that it's astounding. I have yet to taste it, but what I have tasted

(37:24):
is the huddle bar.
It's just chock full of dates and all kinds of good stuff, man. I mean, it's like some like, right now, he's actually out of stock on that, but the ingredients are this, dates,
pecan butter, which is that hot old butter that he talked about, dark chocolate chips, banana powder, peanut flour,
chocolate powder or cacao powder, vanilla extract, cinnamon and sea salt.

(37:49):
I mean, it's a two and a half or a 2.4 ounce bar, but I gotta tell you, man, this stuff
packs so much,
like, instant energy. Like, if you're on a trail, hiking,
or running, or doing something and
you're, like, hungry and you need some energy,
this is where you need to go. Oshigood.us.
Oshigood dot u s.

(38:10):
Use the term Bitcoin and in the coupon code.
He's not given a discount.
Right?
Just be aware. There's no 10% discount for using Bitcoin and. But this is the circle p. And if you support Oshi and you tell him, hey, I heard about your stuff on the circle p from the Bitcoin and podcast, then Oshii knows I made a sale for him.

(38:34):
Oshii gets to determine how much that sale is worth to Oshii.
And then he sends me that value
in sats.
This is value for value advertising.
I do not have sponsors. I do not have promoters.
I do not have I don't I don't get a big fat check from cold or from CoinKite or Coinbase or any of, you know, any of like these these larger companies.

(38:58):
Right?
I
everybody else has those sponsors.
They don't need me. They don't need me selling their products. You know who does? People like Oshi,
you know, people like SoapMiner.
That's what the Circle p is about. It's about giving the plebs
a a place to put their products in front of people,

(39:19):
to try it out because they love making this stuff. Maybe I get I can almost guarantee you that almost all of the people in the Circle p would rather be making the stuff that they sell in the circle p as their main
form of income than to go to any fiat job that they actually have. I can guarantee you that.
So when you support them, they can support me. And then I can support you by bringing you the Bitcoin news that you can use.

(39:50):
Last up, Bitcoin climbs slightly as The United States report on inflation
says that inflation slowed in May. This is James Rubin out of, dcrypt.co.
Bitcoin
gained
half a percentage point after the May consumer price index
showed that prices rose
2.4%

(40:11):
in May,
showing that US president Donald Trump's trade war has had
limited impact on prices.
The 2.4
increase is lower
than all 73
forecasters predicted.
The largest cryptocurrency by market capitalization was recently hovering just below a 109,000,
but has now risen closer to a 110,000.

(40:34):
Alright. That's all that we need to know from this particular story.
When there talk about this this is causing the the price of Bitcoin to rise,
that sort of kinda counterintuitive
to what this actually means,
unless
more and more institutional and retail people are not looking at Bitcoin as a risk asset anymore. Here's why.

(41:02):
Trump has been trying to get Jerome Powell to lower the federal fund rate so that we can get cheap money so that we could do things like buy houses.
Jerome Powell is not budging.
He is recalcitrant.
He is remaining in place.
He is not moving. He's not budging. He's been telling verbally everybody that he has no reason whatsoever to lower the fed funds rate, so therefore, there's no cheap money so that you can go buy risk assets.

(41:28):
Generally speaking, what happens when we get news that confirms that he's not going to lower rates yet one more freaking time
is that we see a price drop in risk assets,
and that would include Bitcoin
unless
sentiment is starting to change across the globe, or at least in The United States.

(41:50):
Why?
This news
that inflation really didn't rise as much as possible as as 73 forecasters thought it would
gives Jerome Powell all the ammunition
he needs
to go into June and July and say no
yet one more time.
He doesn't need to lower the federal fund rate. He is going to say, see, it's working.

(42:15):
By not lowering the Fed funds rate, we are not accelerating
anything. But if we lower the Fed funds rate, we might see a bump in inflation.
And since inflation is clearly coming down to the chagrin of '73
probably Nobel laureate, Keynesian
economist,
he's right.
He doesn't wanna screw with that. And therefore, you are not going to see Fed funds rate drop,

(42:39):
not unless something bad happens to Jerome Powell.
And I don't want anything bad to happen to anybody.
I'm just saying
this story seems a bit or the the price action on Bitcoin seems a bit counterintuitive
to what I've seen in the past.
But like I said,
what if
what if

(43:00):
sentiment is changing on Bitcoin as a risk asset?
That could be interesting. Meanwhile, we will run the numbers.
Futures and commodities,
energy sector kicking ass today. Hell, even natural gas is up even though it's crawling sideways. But oil, West Texas Intermediate,

(43:28):
is up two and a half points
to sixty six fifty nine. Britton, North Sea is up
2.15%
to sixty eight thirty one.
Natural gas is just switched to unchanged, and gasoline
is up two and a to $2.13
per gallon.
Of course, the gasoline price is more, you know, more in tune with summer driving season

(43:51):
than it is with actual gas and
or rather oil and natural gas prices. But gold
is up a quarter of a point to $33.51
in four dimes. Silver is down a point. Platinum is up four points. Copper is down 1.6%.
Palladium is up one and a quarter.
Ag is mostly in the green today. Biggest winner?

(44:12):
Lumber
is the winner. 1.66%
to the upside and the biggest loser is coffee, one and a quarter to the downside.
Meanwhile, live cattle crawling sideways slightly in the green. Lean hogs up a quarter, feeder cattle down a half.
The Dow is up a S and P is crawling sideways in the green, Nasdaq is up a of a point while the S and P Mini is down

(44:36):
0.07%.
Meanwhile, Bitcoin chilling out at a $109,004.20.
No. Literally, it's $4.20.
$2,180,000,000,000
of market cap. We can get 32.6
ounces of shiny metal rocks with our 1 Bitcoin of which there are $19,000,008,877,310
and a quarter of. Average fees per block are really, really, really low.

(45:00):
And we have
five, yep, five blocks carrying 6,400
transactions waiting
to clear at high priority rates of three satoshas per v byte. Low priority is gonna get you into three satoshas per v byte and the hash rate
has
is banging
916.9

(45:21):
exa hashes per second. Whoop dee freak can do.
Flop return,
which was yesterday's episode of Bitcoin and I got Bitcoin arborist gave me 5,000
sats. Thank you, brother. He says, great episode.
Thanks for elaborating
some in this opportune bullshit. Confusing bullshit like this makes me sometimes think that BTC is over my head

(45:46):
as a lowly, hardworking fiat mining plaid.
Tried listening to the opera turn debate and can't help but think I'm over my head in this asset and spiral into paranoia
that clearly I must not know enough to even sit on my cold storage
stash
without fucking that up when the moment comes when I wanna borrow against it or whatever I'm gonna do.

(46:09):
Too much shit to follow. This opportune shit reminds me of after I fell in love, after reading the Bitcoin stand standard,
and then read Mastering Bitcoin and thought, or read Mastering Bitcoin and thought, quote, who the hell you kidding with this shit above your pay grade? End quote.
Your pod helps me get back to the fucking meat and potatoes of stay humble and stack sats. Fuck opporturn,

(46:34):
I I think,
maybe.
Bitcoin arborist.
Thank you, sir. I appreciate that.
The whole goal
of this of this podcast
is to kinda comb through all the news
on a daily basis and to keep people calm.

(46:54):
Man, I've seen all this shit before. I've seen it before. I've seen it before. I've seen it before. And guess what?
I get to see it all again.
I've seen all of the shit that you're if you're new to Bitcoin and you're wondering about this opportune stuff
or ordinals or whatever
fight of the day is going on, not only have I seen it before,

(47:17):
I've seen it before three different times
wearing three different dresses in three different colors
on three different chicks.
It's the same shit,
different girl, different color, different dress, but it's still
a chick wearing a dress.
Everybody calm down. We don't need to get all all

(47:38):
all up in a tizzy. And it looks like Bitcoin arborist gave me another 2,100
sats but didn't say anything. Thank you, sir. Jubjubs with a thousand
says Bitcoin and is quickly becoming my most anticipated podcast.
I think this is the beginning of a beautiful friendship. Dude, thank you. I appreciate that.
Joe oh, wait. Hold on. Psyduck

(47:59):
with 714
says
Psyduck.
Yodle 511.
Pampeat.
Turkey with 500 says nothing. I like it better when you say something, turkey. Perminer with two ten says thank you, sir, no thank you. And I think that's the weather report.

(48:28):
Welcome to part two of the news you can use.
Remember what Bitcoin arborist was saying back there during the weather report
about being confused,
not thinking he's out of his depth because of all the bullshit that's going on, not quite sure if he's gonna screw something up.
Yeah. Here we go. Strategies, rising holdings,

(48:49):
risk making Bitcoin
inappropriate for central bank reserves,
Signum
warns.
Now before we get into this from James Hunt out of the block, let me just say this. I've been seeing this for the last two days, not the Signum report.
Well, it's probably all falling out of the signum report, but
different
pundits,

(49:10):
different infiduences
over there on the Twitters,
all saying, you know, all of a sudden I start seeing this narrative pop up. Oh my God, they're buying too much Bitcoin.
I've seen all this before.
I'll see it again.
Let me just say this.
Bitcoin is for enemies.

(49:31):
Nobody,
not you, not me, not anybody else
can stop strategy from buying more Bitcoin
if they want it. We cannot stop other institutions
and banks, whether they want to or not, to buy Bitcoin.
We cannot force the hand of anyone
to either buy or not buy

(49:51):
the corn.
This is good.
Why?
Because if we could stop somebody from buying Bitcoin,
then Bitcoin
failed. It is simply
that easy.
If you don't understand that
if you don't understand that,
then this is the wrong space for you.

(50:12):
The whole point of Bitcoin
was freedom of economic activity
that is
unhindered
by government
and other institutional
irrationalizations
on what they think money is.
It's about the best I can put it. So let's get into why everybody's freaking out about this bullshit.

(50:37):
Bitcoin acquisition
vehicles like strategy have significantly amplified institutional demand for Bitcoin, but
their increasingly
aggressive
and leveraged approach to accumulating Bitcoin risks undermining the asset's credibility
as a central bank reserve according to a report

(50:57):
from regulated digital asset bank, Signum.
That's spelled s y g n u m, by the way.
On Monday,
strategy announced it had purchased
yet more Bitcoin,
taking its total holdings to 582,000
Bitcoin.
There are now a 144
companies that have adopted some form of Bitcoin Treasury, a 114 of which are publicly traded

(51:22):
with Tether backed twenty one, Nakamoto,
Trump Media, GameStop, and k thirty three recently joining the fray
with the likes of Meta Planet, Similar Scientific, and KULR,
which sounds like a radio station I would like to own, but
they're all adopting the model pioneered by strategy cofounder Michael Saylor.

(51:43):
Analyst at Bernstein predicts strategy and its corporate copycats
could add $330,000,000,000
to their Bitcoin treasuries over the next five years,
driven by the more pro crypto Trump administration in The United States.
With strategies plans to expand these holdings further over time through various multimillion dollar financial programs,

(52:04):
Signum warned
that such concentration
introduces
systemic fragility
potentially deterring
central banks from adopting Bitcoin due to concerns over liquidity, volatility, and centralized influence quote,
large concentrated holdings are a risk
for any asset, and at that point, strategies holdings are approaching a point where they become problematic.

(52:28):
With the company holding close to 3% of the total Bitcoin ever issued,
but a much higher share of the actual liquid supply,
the Signum analyst said, quote, their goal of acquiring 5%
of the total issued Bitcoin raises concerns,
not least because these vehicles amassing
too much of the supply undermines Bitcoin safe haven properties.

(52:52):
A private corporation controlling a large portion of the existing supply would make Bitcoin
inappropriate
for central banks to hold as a reserve asset.
What began in 2020 as a corporate treasury strategy to hedge inflation has transformed into a speculative investment vehicle model. Signum continued with companies like strategy and newcomers such as twenty one Capital or Nakamoto Holdings now using debt, you know, convertible bonds,

(53:21):
preferred stocks, and even perpetual instrumentation
to leverage Bitcoin purchases beyond the scale of their underlying business operations.
These firms now function more like closed end funds than corporations,
raising doubts about the appropriateness
of framing such activity as treasury management,
the digital asset bank said.

(53:43):
They added
they added this, quote, the steep drop
in the liquid supply can also reverse the structural trends of declining Bitcoin volatility
and rising liquidity.
Both of which has been cited by institutions and central banks
as
key
preconditions for adopting Bitcoin as a reserve asset.

(54:05):
These effects, the analysts argue, are now being distorted by leveraged acquisition vehicles crowding out organic demand.
Beyond niche cases like El Salvador, very few central banks are currently even considering
adding Bitcoin to their reserves and even fewer are enacting such plans. However, in March,
president Trump did sign the executive order to establish the strategic Bitcoin reserve.

(54:30):
Commerce or rather sorry. Hold on. Hold on. We're we're I kinda lost it again.
Good lord. I can't even read anymore.
There we go. Signum argues that these leverage Bitcoin strategies,
while initially benefiting from strong bullish sentiment and helping reduce liquid supply, are unsustainable in the long term.
Share price premiums

(54:52):
over BTC holdings are already at risk of eroding or flipping into discounts, especially
as much more or rather as more such vehicles launch and investor demand plateaus, the analyst said.
Bear markets or fundraising difficulties could force these companies to sell Bitcoin,
amplifying price downturns and further damaging sentiment they added.

(55:15):
The trend also may crowd out more measured corporate Bitcoin allocations in Signum's view. Unlike speculative accumulation plays,
small Bitcoin positions can serve as prudent hedges
in a volatile global financial system. However,
these vehicles risk giving the impression that Bitcoin is inherently tied to leverage speculation,

(55:36):
potentially
undermining
thoughtful
adoption by institutions,
they added.
Quote,
these vehicles have catalyzed demand for Bitcoin that cannot
or cannot yet
access the crypto market. In this regard, they have made a contribution similar to the impact of the Bitcoin ETFs.

(55:56):
They have also tremendously
benefited shareholders of these companies by investing funds into a safe haven asset instead of into a flagging business,
the analyst concluded.
Quote, however,
as demand levels off
and is saturated by increased supply,
the valuation of these shares relative to their Bitcoin holdings

(56:19):
becomes at risk.
Additionally, these strategies also create certain risk for the crypto market as a whole, end quote
So
what are they saying?
Sounds to me like Signum. I'm gonna say a couple of ways. Signum has some good points here

(56:40):
and a really bad take. And their really bad take is that, oh, Bitcoin's not gonna be adopted by central banks. Good.
I'm glad.
I need all the central banks to die in their own filthy water
and drown in the scum sucking pool of sewage that they've created for themselves.

(57:00):
That's what I want.
And how do they die in their scum sucking pool of sewage that they've created themselves? Well, they don't buy Bitcoin.
It's that simple.
They end up filling their own nest
with their own fecal matter
because they can't stop shitting in the water,
and essentially, they just poison themselves. And I'm talking about fiat creation, and central banks are part of that particular machine.

(57:29):
If they don't buy Bitcoin,
I feel good about that.
In fact,
maybe that's the plan of Saylor. Who knows? I I I actually don't think it is. I I think he's he's not that,
you know, mechanistic about, you know, his four d chess playing, but maybe
he's not dumb.
But they do have a good point.

(57:51):
He is buying an awful lot of Bitcoin.
A lot of institutions are buying an awful lot of Bitcoin.
The more Bitcoin they buy, the less there is on the street for the common pleb like you and me.
That's kinda bad.
But then they go back and make another bad point
that this accumulation is going to crash the price of Bitcoin.

(58:13):
I've seen
I've seen crashes of Bitcoin before. You know what happened to me? Nothing.
I didn't die.
I didn't stop feeding myself. I was still able to locate the bathroom in the middle of the night when I woke up having to pee. So, honestly, it really didn't change much for me.
So this seems

(58:34):
like a report that's more based in, you know, in progenitive
being a progenitor of fear, and I don't like that shit.
In fact, I don't like this report at all because it did
absolutely nothing to be well balanced. It's very, very concerned with whether or not central banks and massive institutions
have an appetite for Bitcoin, and therefore, Bitcoin's gonna die. It brings up the point that

(59:00):
as these as the institutions that are buying Bitcoin,
they're buying too much Bitcoin and that's going to cause Bitcoin to die.
There's there's really not a whole lot in this particular report
that
is balanced
and neutral.
So, in my opinion,
this is simple fear mongering.
For whatever purposes,

(59:21):
I don't know.
That's that's
the real question here. If I'm correct and this report is more about generating fear than it is about telling the truth,
then the question becomes,
who benefits?
And I do not have an answer for that.
So we're going to move on, in fact. To Connecticut,
who has decided to kill themselves

(59:43):
for some dumbass reason. Atlas twenty one
is writing this one,
Connecticut
says no to Bitcoin law.
They didn't just say no. Let's talk about it. Connecticut
has taken a firm stance
against digital assets
by approving legislation that categorically

(01:00:06):
bans
all levels of state and local governments from investing in Bitcoin and other cryptocurrencies.
So they didn't just say no,
they banned it.
They banned Bitcoin in Connecticut. This is an effective
state,
municipal,
county,
city
level

(01:00:27):
ban on holding Bitcoin.
Now, you as a as the citizen can do it, but no state agency,
no municipal
agency, no county agency
will be able to touch
Bitcoin or any other digital asset
for life.
That is an effective way to blow your brains out with

(01:00:52):
a nineteen eleven gun. Now on June, the Connecticut General Assembly published the final text of house bill seventy eighty two, which has now become public act number 25 through 66,
or rather, public act number 25 dash 66.
The legislation was passed
unanimously

(01:01:12):
by both the house and the senate,
which signaled
bipartisan bipartisan
agreement on the need to keep public finances away from the cryptocurrency market.
Unanimous
votes in both the house and the senate.
I could probably count on one hand

(01:01:33):
the amount of times that that has happened
ever no matter the state or even at the federal government level.
Unanimous.
They unanimously
banned the holding of Bitcoin by any agency in the state or city
in both the House
and the Senate.
Let that sink in. Let the bells

(01:01:56):
of tyranny
ring throughout your head.
This is Connecticut basically saying,
you know what?
We all wanna live in a teepee, out on the plains, and we're just gonna make our own clothes by skinning animals.
Oh my god, dude. This is
even the Quakers have better sense than you guys.

(01:02:19):
And, well, actually, that's that's
that's,
an insult to the Quakers, honestly, because they actually live a pretty good life. I'm just saying. The new law
establishes an outright ban on government entities purchasing,
holding,
or investing in Bitcoin and other cryptocurrencies, and it also prohibits the creation of any virtual currency reserve

(01:02:41):
and the acceptance of crypto payments in addition to restrictions on the public sector.
The state's legislation introduces consumer protection measures for private individuals. Oh, they get to tell their citizenry
how to live.
Crypto businesses operating as money service businesses
will now be required to disclose all material risks associated with cryptocurrencies

(01:03:03):
through clear, conspicuous, and legible writing
in the English language.
This is a temper tantrum
from Connecticut.
That's what this is.
This is not legislation.
This is a temper tantrum.
Clear, conspicuous, and legible writing in the English
language.

(01:03:24):
So I guess I guess we don't have to put it in Spanish.
I'm I'm sure there's no
Mexicans,
no El Salvadorans,
no Hispanics,
Latinas, Latinos of any kind, way, shape, or form that live fucking Connecticut
that you know, they they don't maybe they don't read English.
You don't say you you gotta write it in Spanish too and you you have to write it in Mandarin?

(01:03:47):
No. No. No. No. This is how I know this is a fucking temper tantrum.
This state
this state is screwed. I'm sorry, but you guys in Connecticut are just fucked. Another provision addresses the protection of minors. Oh my god. Think of the children. The new law mandates legal guardian verification
for all users of cryptocurrency

(01:04:08):
under the age of 18.
Oh,
god.
It's like reading something out of Eastern Europe. While Connecticut
adopts a restrictive position towards digital asset, several other US states are mount moving in the opposite direction. And we already know about all that even though some of these dumbasses have hosed their future because they voted down a bunch of bills. And I haven't heard about any new bills coming in. It's late in the legislative session for states, so it doesn't surprise me.

(01:04:42):
If you live in Connecticut, get out, get out, get out.
And it's not because you need them to adopt Bitcoin that nobody needs to adopt Bitcoin.
They need to stop adopting restrictive measures that they put on themselves and then go further and place it on their citizenry.
Anybody that does that will do it with other things too.
The unanimous
nature of this vote is what's the most concerning.

(01:05:05):
Holy
shit.
In this clear, conspicuous,
legible writing in the English language bit,
yes. Because only people in the the the people in Connecticut, they only speak English.
Never mind. I was gonna go on a rant. I'm not gonna do it. Quantum BioPharma

(01:05:26):
boost digital asset holdings
to $5,000,000
with yet a new Bitcoin purchase.
This is out of Bitcoin magazine written by Jenna Montgomery.
Jenna,
take us for a ride in an expansion
of its digital asset portfolio, Quantum Biopharma Limited,
Quantum.
I love it. Quantum

(01:05:46):
Biopharma
has announced
the purchase of an additional $500,000
in Bitcoin
and other cryptocurrencies,
read that as, yes, they're shitcoiners,
bringing its total holdings to $5,000,000
USD. The Canadian biopharmaceutical
company
made the move after securing approval from its board of directors.

(01:06:07):
Quantum Biopharma Limited is pleased
to announce that after receiving approval from the board of directors, the company has purchased additional Bitcoin and other shitcoins
as part sorry. I put that in there. As part of its strategic efforts. This brings the total amount of BTC and other cryptocurrencies purchased to $5,000,000.
This investment marks another step in the company's growth reinforcing its broader strategy to include Bitcoin in its long term financial planning.

(01:06:35):
If you don't know what Quantum Biopharma
is and what they do, and I think it's important to start asking ourselves questions about
when a company becomes
a Bitcoin holder,
what is their underlying revenue model?
And I'm not this is sort of a callback to this to the argument that was made in Signum.
Right. But I've always made this argument when it came to strategy. It is and was a zombie company.

(01:07:00):
They weren't really providing anything new. They were just servicing their old clients.
They weren't really doesn't seem to me like they were coming up with anything new or innovative. They just had this business intelligence
software
suite. And I can't believe that, you know,
SAS and Oracle hasn't just completely
ripped apart their market share.
So of course, they were going to pivot to something else. It's either that or just close-up shop and send everybody home. And no leader of a company wants to do that. Right? But

(01:07:29):
it doesn't mean that I can't be,
you know, at least interested in what the business model of a company that decides to adopt Bitcoin is.
Steak and Shake isn't really adopting Bitcoin. They're just allowing payment in it. But I know what they do. They sell burgers and shakes and fries.
Okay. That's a simple revenue model. I'm hungry. I got money. I walk into Steak and Shake. I want a burger, fries, and a shake. They give it to me and I give them money. That's the revenue model. It's clean, it's simple, it doesn't it's not complicated.

(01:08:01):
But what does Quantum BioPharma
do?
Well, what we know is that they're known
for their work in the biotech space,
particularly
through its subsidiary,
Lucid
Psychosceuticals.
Psycheceuticals.
That's a hell of a name. Lucid Psychaceuticles

(01:08:23):
Incorporated,
and they focus on neurological treatments like Lucid MS.
With this latest Bitcoin investment, the company joins a growing list of firms hedging traditional finance strategies with Bitcoin.
So what is LucidMS?
I'm almost guaranteed that it has something to do with the treatment for multiple sclerosis.

(01:08:44):
But let's just see.
Lucid MS is a patented
neuroprotective
compound that is demonstrated in preclinical
models
to prevent and reverse
myelian degradation,
a cause for multiple sclerosis.
So myelian, if you wanna know, is this insulatory

(01:09:05):
sheath that runs the length of the neurons
in your brain,
spinal cord, and the rest of your neuro
system. Right?
Think of two wires that are crossing together. If they don't have insulation on themselves, they're going to short the wires are going to short out against each other because the copper is directly against each other and electrons are gonna jump from one wire to another and it causes problems.

(01:09:30):
You gotta keep your wires separate. That's why when you pull wires out of out of the wall to do some electrical work or whatever, they're covered with rubber. They're insulated.
That's what Mylion does. So when you get multiple sclerosis,
the myelian sheath starts to degrade from the neurons and you get what's called crosstalk,

(01:09:52):
and it causes all kinds of fucking problems.
Hence, multiple sclerosis. And if you've never seen anybody with multiple sclerosis,
you might wanna look that up. So at least we have
a product.
And multiple sclerosis is, you know, it's it's a thing.
It's not it's not unusual

(01:10:13):
it's not widespread
but it's also not unusual and it is a painful
miserable
looking existence
so at least these guys they do something
And they're stacking Bitcoin so that they can hopefully, they're stacking it because they want to be able to continue to do the thing that they do.

(01:10:33):
And that's when Bitcoin becomes simple.
I keep thinking about it. I was listening to,
untapped growth
on the Acres USA podcast.
Is it Joel? I think his name is Joel Hollingsworth,
but it's Joel untapped growth on Twitter

(01:10:54):
and on Noster. He's he's found his way to Noster. So good for you, Joel.
An hour and a half of talking about pasture,
soil health,
cows, genetics,
how all this interacts with each other. And then he brings up how screwed the financial system is and why that's causing problems in ranching like it is

(01:11:16):
and affecting beef prices, which it is.
And he mentions Bitcoin several times. And it dawned on me while listening
that Bitcoin becomes very simple
if you let it actually complete the mission that it was designed for. So what is Bitcoin?
The several people have several different definitions, and I started thinking about, well, what's mine?

(01:11:38):
It's simply hard money
that's not controlled by a single entity. That's the important part.
It takes care of the hard money thing.
The fact that it's not controlled by an institution or a government or a group a small group of people and don't say fucking core. I'm tired of this argument about op return.
Core doesn't control Bitcoin. I do not have to upgrade

(01:12:01):
to version 20 or to version 30.
I can stay at version 29.
There was a guy that was in, a guy in my,
that I think it was,
was yes. No. It was, Anoster
We had listened to yesterday's show where I said something about this. And he said, yeah. But you don't get, you know, bug updates. Okay.

(01:12:23):
And and I I don't disagree with that. That is understandable.
But I have to push back a little bit and say, how many people
running versions
one
through 28
have been hacked for their Bitcoin
off a cold storage?
I I have not heard of a single news story. I guarantee you if that has ever happened,

(01:12:45):
if that has ever happened, you would hear nothing
you would hear nothing else by the mainstream media because they would be able to finally kill Bitcoin once and for all, see it got hacked.
The other bugs,
I I also understand.
Right? But it's
it's not it's not as big of a deal as people make it out to be.

(01:13:06):
I don't have to upgrade to to 30.
I can stay at 29, and I can dispense with this entire opportune bullshit.
Right? Because all Bitcoin is is actual money that performs the
the need that we have for money.
The fact that it's not controlled by anyone,

(01:13:27):
Except go back to the shinobi piece about running your own economic node. If you wanna have if you wanna help protect the network, you need to have a node and use your node in an economic fashion. Other than that, ladies and gentlemen, that's it. Bitcoin is not complicated.
It it is it's not a god. It's not a cult. It's not anything other than this this software

(01:13:49):
that finally said we're gonna take money and we're gonna turn it into pure math like it was always meant to be
without the ability for some
idiot,
two idiots,
a group of idiots, or a very large section of the world trying to fuck it up.
And all you have to do is use it as money. Use it as savings. Use it as what money is intended to do.

(01:14:11):
We could finally have something that can't be broken.
And that's all it has to do. And that's what I loved about Joel on the The U acres USA podcast,
which I'm going to actually have to listen to twice.
Not because of the Bitcoin aspect,
because of the ranching,
cattle nutrition,
soil stuff. I am gonna fight to get Joel back on. I interviewed him

(01:14:36):
years ago before he did
the project that he's working on now. And it is clear to me that that man in the last four years since I've talked to him, and it may have even been five years, in fact. Actually, yeah.
Five years since I've since I've interviewed,
Untapped Growth on this show.
He has clearly learned more about genetics and his relationship

(01:14:59):
to animal health, soil health, and all this stuff
than
he knew when I interviewed him. This guy seems to be like a machine.
I'm definitely gonna try to get him on, but the most important part
about what Joel was saying is that simply
Bitcoin fixes

(01:15:19):
the underlying problems
of ranching
meat prices
and why things are in ranching
the way they are.
And if we would just start looking at the fact that it does fix these things,
then a whole new

(01:15:40):
future for ranching opens up in front of us.
I'll try to if I remember right and I've got, like, three brain cells clicking together, I will try to include
the, interview,
that Joel gave on, Acres USA in the show notes of today's show. That's it for today, in fact, and I will see you on the other side.

(01:16:02):
This has been Bitcoin and and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.

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