DO THE F***ING MATH | BITCOIN AFTER DARK EP 1 (BAD001) - THE Bitcoin Podcast

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Right now, to me, it feels like the most bullish time ever.

(00:04):
But the price doesn't match up with that.
We're not at new all-time highs.
We're not ripping higher.
And to me, that mismatch between the insanely bullish feeling I have based on all of the incredible stuff that's happening
and the contrastingly kind of like, quote, bearish price action.
We're still hovering right around.

(00:25):
We're a rounding error away from $100K, right?
So it's not like Bitcoin's not dead.
like zoom out guys chill but there is a contrast there's a mismatch there there's a sentiment
mismatch and so to me that just screams like opportunity this is when you need to be stacking
as hard as you possibly can because for some reason people just aren't seeing what is obvious

(00:47):
to some of us and if it is obvious to you right now and you're looking at this like how the hell
could you be bearish right now how the hell could you not be stacking as much as you can right now
then you're in the minority.
Congratulations.
You're awake right now,
but you have an opportunity.
There is an information asymmetry right now
that you can take advantage of
because Bitcoin will continue to go higher.

(01:08):
It just, it will.
Because, and it's not even Bitcoin going higher.
Bitcoin's just staying the same.
Fiat's just being debased everywhere,
always, all the time, forever,
until they go to zero.
You know that's going to happen.
And if you know that that's going to happen
and you're aware of Bitcoin,
You are doing yourself a disservice if you are not stacking right.

(01:54):
who was not up late enough to catch the live streams.
Because while everyone else seems to be bearish right now,
I am insanely bullish,
and I hope these rants make you a little bullish too.
I've had guests for each of these rants so far,
and we'll have more guests and more rants in the future,
so make sure to head to the show notes to check out the guest links and give them a follow.

(02:14):
And while you're there, check out my sponsor links and referral codes
that I can keep making the Bitcoin podcast.
This episode is brought to you by Blockware.
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(02:35):
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Without further ado, let's get into this Bitcoin After Dark emergency broadcast.

(03:06):
And it's like pretty bad right now, huh?
What are we at right now?
What's the fiat cuck buck price of Bitcoin?
We are at about 95,918 infinitely printable, warmongering, petroleum fiat cuck bucks per Bitcoin.
And that is really bearish, apparently.

(03:28):
I'm not sure. That's what I've been told.
That is what I've been told.
Let's see if this is also streaming live on other platforms.
Did I? Apparently I made it to Noster.
Let's see.
For those of you who aren't yet on Noster, you probably should be.
Because if you were on there, honestly, you wouldn't even know that Bitcoin was, quote, crashing right now.

(03:53):
You would just be living your life and having a wonderful time.
But sadly, you're not on Noster, and so you don't know that.
Let's see.
Let's see what's happening.
I clearly need to update the label of this on Noster.
I wonder if this is live on YouTube right now.
I'm honestly not sure.
It says no, but, well, I thought I did.

(04:16):
Hmm.
Well, fuck YouTube anyway.
So, that's that.
How's everybody doing?
You guys feeling fearful?
Anxious?
Is there blood in the streets?
Is some of it your own?
I don't know.
I'm feeling okay right now, honestly.
What I realized is the amount of fear or potential anxiety, whatever you want to call it, that I have when Bitcoin dips, it kind of just went away.

(04:52):
The longer that I have been just DCAing into Bitcoin, the less of any sort of worry I feel anytime Bitcoin dips.
I did a fantastic rip with Nico from Simply Bitcoin the other day on the Bitcoin podcast.
He was talking about this idea of Bitcoin Zen.

(05:13):
And I really loved it because it's this idea that, you know, once you've been DCing for long enough, you just really look at any Bitcoin dip as like, well, this is just a, what a gift, right?
What an amazing gift.
I get, yeah, Bitcoin's down, but that's fantastic.
Like my infinitely printable US dollars are going to go farther now.
I'm going to get more Bitcoin for each of my infinitely printable dollars.

(05:36):
Like this is a very undeniably good thing.
And I feel like the reason the sentiment is so broadly bad right now,
I mean, granted, like not just Bitcoin is dipping, right?
Like equities are dipping too.
I don't know if you look at like the S&P and that kind of shit,
which apparently some people do.

(05:57):
Apparently that's not like doing super well either.
But like, who fucking cares?
You know?
Like at the end of the day, here we sit.
The year is 2025.
Bitcoin is still a teenager.
Hasn't really been around that long.

(06:19):
You had incredible news this past week
with Square announcing Bitcoin being available
to 4 million plus merchants to accept Bitcoin payments.
The fact that they're using Bitcoin rails as well,
even to process USD payments, which is super cool.
You have Cash App also, another one of Jack Dorsey's

(06:41):
within that block umbrella doing really cool shit.
You had all this incredible news.
You had even like the Czech fucking central bank.
announced that they had bought Bitcoin as part of some like experiment, right?
And I don't think it was just Bitcoin.
They did some weird like stable coin deposit thing.
I don't know.
I didn't look into it that much,

(07:02):
but I know that they bought like a little bit of Bitcoin, right?
Not a crazy amount, but a little bit.
And it's like, that's a fucking central bank doing that.
It appears the Czech central bank is like quite a lot more based
than most central banks also, which is kind of, I guess, cool.
Like they're still central bankers, but like, I don't know.
They're the skinniest kid at fat camp, I guess, in terms of central bankers.
So that's kind of neat.

(07:23):
But yeah, I don't know.
I figured I would come on here right now.
You know, my beautiful wife is asleep.
Our son is asleep.
So I'm like, well, it's Friday.
I'm not even drunk this time, guys.
Like I'm sober as a bird right now.
Usually if I was hopping on a live stream like this late at night,
I would probably have the excuse of being a bit inebriated.
But I don't have, I don't even have that right now.

(07:45):
I'm quite well hydrated, actually.
Not even drunk at all.
So that's, that's fantastic.
It just felt like the right time to come on here.
and chat with you guys.
And I hope that this is actually streaming various places.
Maybe it is.
It looks like it's on X.
I think it's on Noster.
I should probably blast that out farther afield on Noster
so that people actually see it and hop in here.

(08:07):
But yeah, it felt like it was the time to come on here
because I see so much incredibly bearish sentiment.
And I think a lot of it comes from people,
like a lot of the bearish sentiment that you see generally on on on x a lot of that is from
quote crypto people who are way underexposed to bitcoin and way overexposed to whatever shit coins

(08:37):
they happen to be trading that particular day and like that's that's 100 on them you know like
maybe you just shouldn't be trading shit coins i don't know like call it crazy you could just have
been stacking Bitcoin and not been a fucking degenerate. But unfortunately you decided that
like Bitcoin wasn't, uh, it wasn't, you know, it wasn't good enough. The 55% CAGR wasn't,
wasn't good enough for you. You needed a, you needed something better than that. You know,

(09:00):
you needed, you needed something more. And that's just kind of like, kind of,
kind of pathetic right at the end of the day, because it's like,
what else do you need besides Bitcoin when it comes like for the average person from an
investment standpoint, like you really, you really just don't need anything else, right?

(09:21):
You have this incredible asset that also happens to be like an unstoppable, unfuckable medium of
exchange, right? Nobody, nobody can, nobody can screw you over. Nobody can stop you from using
Bitcoin. And it's also a pristine store of value, right? But ultimately, like it is also
peer-to-peer electronic cash in the sense that you can give it to somebody else pseudonymously

(09:46):
or anonymously if you protect yourself well enough.
And nobody knows.
And more importantly, nobody can stop you from doing it.
Like we have this incredible, incredible tool.
And some of you are out there being degenerates with shit coins.
And I understand because when I, you know, I ignored Bitcoin for the first time in,
I've ignored Bitcoin also, I should say, I've ignored Bitcoin longer than I've been stacking

(10:09):
Bitcoin.
I ignored Bitcoin for the first time in 2014.
a buddy was buying something off the
off the Silk Road you may have heard of it
and he was like hey
Walker have you like I'm getting
things
off of this website
have you heard of these like bitcoins
I have to buy these bitcoins to
transact on this website

(10:31):
like you know anything about this
I'm like I don't fucking know what you're talking about dude
like whatever nerd
you know back to whatever fiat shit I was doing
so that was the first time I ignored it and then
2017 rolls around it's like the height of the blow-off top like i managed to just time the top
absolutely perfectly just bought like the pico top but i didn't buy bitcoin even which would

(10:51):
have been fine like now you know like if i would have bought bitcoin then but i didn't have much
much cash and so i was like well i don't have very much cash i'll just buy it buy a few of these
litecoins because they're less expensive than bitcoin and maybe they'll be worth as much as
bitcoin someday and it's like litecoin still has not even made it back to that 2017 top which is
just at least i don't think they have i don't know i haven't checked the price in a while
just pathetic right so that's why i have a lot of empathy for people who

(11:14):
start uh or who look at bitcoin and say well i can't afford a full bitcoin and they don't do any
more research than that they just think i can't i can't buy a fraction of bitcoin whatever they
don't even know that that that exists i don't know satoshi's exists or or bits however you'd
like to call them these days so i empathize with that but the point being that the people who do
know that the people who do know that you can just buy a fraction of bitcoin the people that

(11:36):
have been actually paying attention to Bitcoin for a while. But instead of just, to paraphrase
Adele, staying humble and stacking sats, trying to focus on their craft and create value and stack
Bitcoin on the side to eventually retire their bloodline. And by retiring, I think retire your
bloodline, this is a sidebar, but retire your bloodline is kind of like an interesting thing.

(11:58):
Like you don't want to just have a bunch of retired people, right? Like retiring is what
makes you like slow and lazy. Like you want people to have the option within your bloodline to do
what they want, but still be productive members of society. I digress. The point being, if you're
aware of Bitcoin, like you're steeped in this, you've been on, you know, crypto, Twitter, crypto

(12:19):
X, whatever for a while. And you just still decide to be a degenerate and trade these shit coins and
get absolutely wrecked at times like these. Like if you, if you own spot Bitcoin right now,
and let's say you just started stacking spot Bitcoin at the all-time high, right at the
all-time high. That's when you decided to finally pull the trigger and start stacking Bitcoin. Like

(12:39):
I feel for you because you're, you're down a little bit right now, right? We've gone from
whatever 125 or 126,000 infinitely printable fiat cut bucks per Bitcoin down to like, let's see
right now, 96,000. So that's a decent little haircut, right? But you still don't spot Bitcoin.
I mean, at least like hopefully you get a UTXO that's big enough, transfer it to your cold storage, and you actually own Bitcoin.

(13:06):
You own something that nobody can take away from you.
You own something.
Once you have those 12 or 24 words, you have something that nobody can take from you no matter how much force they try to exert.
There's a great quote from Julian Assange.
It's like no amount of violence can solve a math problem.
And I just think that's beautiful.
um also just sidebar here uh we're gonna do a lot of sidebars uh thanks everyone who i see that we

(13:32):
now have some people live on various chats i'm going to share this out on no stir as well if
you're not on no stir like i i highly encourage you to uh to check out no stir um this is right
now streaming on no stir apparently it's only streaming via the titcoin account um
I don't know. I don't know why. Sometimes things just don't exactly work the way they're supposed

(13:55):
to in Noster. I don't make the rules. Moral of the story being, you should check out Noster.
But if you're not a Noster, that's okay too. I'll forgive you. You'll be there eventually,
hopefully before you desperately need it. But thank you to everybody who's joining on other
mediums. I see some of you have said this is working. I see somebody else said, nice,
I'm a retard. That's, that's, that's sweet. I'm, I'm a retard too. Uh, obviously I said so right at

(14:20):
the beginning. If you are watching this, I wonder how many times you can say retard before, before
YouTube kicks you off. Should we find out? I think we're probably going to, I think we just might.
They will probably kick me off soon enough. If you're watching this, wherever you're watching
this, go ahead and give it a share. I, you do not have to like, and subscribe. I think that's only a

(14:43):
on YouTube. So feel free to not like and not subscribe unless you want to. Bitcoin doesn't
really care. I don't really care either. Honestly, I kind of fucking hate YouTube.
How many times can you say retard and I hate YouTube and YouTube's retarded before YouTube
will just cut your live stream? We are going to find out tonight, guys. Again, I digress. But if

(15:04):
you do want to share the stream, feel free to. That'd be neat, I guess. If you want to subscribe
on YouTube so that more normies see this show.
That's cool too.
I recommend you check out this show on Fountain.
They do not pay me to say that.
Fountain is a Bitcoin and Noster podcasting app.
They do not pay me to say that.

(15:25):
I actually pay them to host my show on Fountain.
So you know that I mean it when I say
you should check out Fountain.
Point being, YouTube's a bit retarded.
But you know what?
YouTube's also top of the funnel.
And the reason that I have a podcast in the first place
and the reason that you should probably start a podcast too
that you can actually reach outside of the echo chamber a little bit,
but that's really hard to do
because YouTube's algorithm is a fickle bitch, apparently.

(15:49):
And I am just terrible at catering to that algorithm,
but it is what it is, right?
Okay, back to shitcoiners.
And I want to, maybe something else,
I'm just going to keep digressing,
then we're eventually going to bring it back full circle.
This is the weave, as Trump calls it, you know, the weave.
Not nearly as good at weaving as him.
He's quite a master at that.

(16:09):
but your fellow Bitcoiners are not shit coiners.
I'd like to clarify that with all of this fucking drama going on about core
knots.
I'd like to clarify that your fellow Bitcoiners are not shit coiners because
they run a different node implementation than you,
right?
I think that all the Bitcoiners that I know,
no matter what node implementation they run,

(16:30):
there are people that I think are just awesome humans and glad to,
glad to be in these Bitcoin trenches, pushing back against this fiat panopticon that we find
ourselves in together. So when I say shitcoiners, I don't mean a Bitcoiner who's running a different
node implementation than you. I just want to be very clear there. What I mean is people who've

(16:55):
decided to just be degenerates. And honestly, people who just buy shitcoins, I don't even view
them as like the true shitcoiners. Like you're only a shitcoiner if you're pumping shitcoins.
And especially if you're an insider pumping shit coins, like those are the real fucking just lowest of the low people, the people who decide that they're going to essentially do the most fiat thing possible, which is just create their own, their own little shit, you know, fiat shit coin.

(17:22):
Pretend that it has some sort of, some sort of value or it does something better than Bitcoin, you know, blockchain, not Bitcoin, right?
and you know you're gonna pretend that lightning doesn't exist pretend that e-cash doesn't exist
pretend of all these things just basically remain you know purposefully ignorant of all the reasons
why your shitcoin is completely obsolete and you're gonna try to pump it to unsuspecting retail like

(17:44):
the i think the xrp people are the fucking worst of the worst when it comes to this like they are
just the absolute fucking worst and they're just everywhere right and they're just literally like
central banker cucks like oh i swear this time bro jp you know jp morgan's gonna integrate xrp
and it's just gonna be fucking awesome dude it's gonna go to a hundred and it's like no it's not

(18:04):
you fucking idiot like you're just literally buying brad garlinghouse's bags but whatever
i digress yet again okay bring this back on topic i swear i'm coming back now
people who are down bad on shit coins are super bearish right now
If you're underexposed to Bitcoin, you are super, super bearish right now.

(18:25):
Understandably so.
Like I would be bearish if I was underexposed to Bitcoin.
But I'm like very, you know, like, you know, that group irresponsibly long MSTR.
Like I'm responsibly long Bitcoin because being responsibly long Bitcoin means having as much fucking Bitcoin as you possibly can.
Like and as little fiat as you can.
Like that's the responsible thing to do.

(18:46):
Like, yeah, you should keep a little bit of fiat like in case you need stuff.
and so like if you're me like you know your your wife is not like hey why is our checking account
at zero again and i'm like sorry baby luckily she's very understanding and she will literally
be the one who's like did you like set limit orders for the you know in case it dips even
further and i'm like yeah i totally did babe like let me just do that right now it's so good she's

(19:08):
not watching this right now she's peacefully asleep as is our son but if you are underexposed
to Bitcoin, I can understand why you'd be a little freaked out right now. If you are viewing this
as a stacking opportunity, an opportunity to get a little bit more Bitcoin right now for your
dollars, like your dollar right now goes farther than it did yesterday. And like, I think Bitcoin's

(19:33):
been down for like 12 straight days or something, just been like chopping right down. And you know
what? Every day my DCA buys just a little bit more. I think that's kind of a kind of an awesome
thing. Honestly, it's like I like when my infinitely printable fiat cuck bucks buy me a little bit more

(19:57):
Bitcoin. That's like, that's a good day for me. And I'm reminded of the, the why am I hodling?
And yes, for anyone listening, it is hodling, not hodling.
And you can literally watch a video of the guy who inadvertently created one of the most epic Bitcoin memes saying it.

(20:17):
And even he says hodling, like, because he's literally talking about holding, but he misspelled it as hodling.
So, like, I just don't understand.
And I get that American hodl identifies as hodl.
That's totally fine.
I respect that.
But it is hodling.
Case closed.
but maybe it's worthwhile just reading that for those who aren't aware or think that,

(20:38):
first of all, a hodol does not mean hold on for dear life.
I don't know who told you that.
It was probably like CNBC, but they're wrong.
But the actual meme, and maybe I'll just pop this on screen.
Let's see.
Let's see here.
Can I get this up on screen?
I need my producer, Jamie.
Where are you at?
Can we pull that up?

(20:59):
No?
Okay, we'll see.
We'll see.
But this guy really just, I mean, there's a reason it became one of the most epic memes ever, right?
Like he captured the zeitgeist.
Okay, let's see.
Here it is.
I am hodling.
I type it that title twice because I knew it was wrong the first time.

(21:22):
Still wrong.
Whatever.
GF's out at a lesbian bar.
I don't have a GF.
I do have a beautiful wife who is currently snugly asleep in our bed.
Our little son is asleep in our crib.
but and maybe i wonder if this guy married his girlfriend again i digress btc crashing why am
i hodling holding actually said holding this time why am i holding i'll tell you why it's because

(21:44):
i'm a bad trader and i know i'm a bad trader yeah you good traders can spot the highs and the lows
pit pat piffy wing wong wang just like that and make a million bucks no problem bro likewise the
weak hands are like oh no it's going down i'm gonna sell hey and then they're like oh god my
asshole when the smart traders who know what the fuck they're doing buy back in but you know what

(22:10):
i'm not part of that group when the traders buy back in i'm already part of the market capital
so guess who you're cheating day traders not me exclamation point those taunt threads saying oh
you should have sold yeah no shit no shit i should have sold i should have sold moments before every
sell and bought moments before every buy but you know what not everybody is as cool as you

(22:32):
you only sell in a bear market if you're a good day trader or an illusioned noob. The people in
between hold. In a zero-sum game such as this, traders can only take your money if you sell.
So I've had some whiskey. Actually, in the bottle it's spelled whiskey. Whatever. Sue me. But only
if it's payable in BTC. What a fucking legend. And also, like, this is kind of like, the reason

(22:58):
this is so beautiful is because it just, it still rings true. Like everybody has felt this, like
I'm a terrible trader, right? I dabble in some of the, like, like with like a inconsequential
amount of money dabble in some of the, you know, the Bitcoin treasury companies and whatnot,
because I like to remind myself of what a shitty trader I am. Like I like to get wrecked just a

(23:18):
little bit. So it's like, Oh, you know what? I should have just bought Bitcoin. Or if I do
outperform like a little bit over a low timeframe and manage to convert something into Bitcoin,
And it's like, wow, I just spent way much, like so much more time than I should have paying attention to the charts of things that aren't Bitcoin when I could have just been like living my life or doing something productive or focusing my craft or spending time with my family.
But instead, I like wasted all this time trying to eke out a couple extra percentage points on top of the best performing asset in the like the fucking history of the world.

(23:48):
And I was like, oh, you know, I'll just I'll just I'll just beat I'll just beat Bitcoin.
Like, no, you're just not going to be Bitcoin.
Like some people will.
Some people are good traders, like some just super autists.
Like I'm not autistic enough to be a truly good trader.
I'm a bad trader.
And so are you most likely.
I'm sorry if that hurts.
And if you're listening to this right now, you're like, I'm not a bad trader.

(24:08):
I'm a fucking good trader.
I can spot the highs and lows, pit-poch, fiffy, wing-wang-wang.
Like you're probably not.
You're probably not.
You're probably going to get wrecked.
And even if you do well, like did you do well in dollar terms?
or did you do well in Bitcoin terms?
Because they're very different things.
And if you're not beating out Bitcoin,

(24:30):
like what is the fucking point?
Like literally, what is the point?
There is no point.
And like, if you're not beating Bitcoin
by a ridiculous margin,
there's very much no point.
You would need to be absolutely crushing Bitcoin's returns
for it to be worth your time.

(24:50):
But the reality is that you probably won't.
And also, like, I don't know, man.
It's like, what's the point of that?
Like, you can just set a DCA for Bitcoin.
You can just set an hourly, a daily, a weekly, or all three.
Hell, why not?
Multiple of all three.
I don't know.

(25:12):
You can save in Bitcoin.
You can focus on creating value in some way.
Hopefully, that's by starting a podcast.
As we all know, starting a podcast is the highest form of value creation one could ever attain.
and you should be starting a Bitcoin podcast.
If you're listening to this right now,
if you're up at, for me, it's 11.30 p.m.
on a Friday night,

(25:32):
listening to me rant on a live stream,
you should be starting a podcast.
You should be hosting a competing live stream right now.
Maybe we should be live streaming together.
I don't know.
But you could be creating value that way.
And in the background,
you could just be automatically DCAing Bitcoin.
And I think a lot of you are.
Like if you are one of the psychopaths

(25:52):
who is listening to this right now, first of all, cheers for being here. Thank you for being here.
I'm really glad that you are. I'm really glad that you are. And what's up, Nathan? I see you.
I see you in the comments there. How you doing, man? But yeah, if you are listening to this right
now, you are probably one of the psychopaths who has just been DC-ing in the background.

(26:14):
You're probably one of the psychopaths who has just been silently, quietly accumulating Bitcoin.
and going about your life, spending time with your family.
That is a beautiful, beautiful thing.
Also, Nathan, I'm about to just send you,
I'm about to drop you the link for this, man.
You can jump in here if you want to.

(26:35):
Why not? Let's just open it.
Let's open it right up.
But that's all you have to do.
You should look at this as a beautiful opportunity
to stack more corn.
you should not be viewing it as like oh this is the fucking end of the world i was promised
valhalla like this year you know all my favorite caps lock moon boys told me bitcoin was going to

(27:00):
at least 444 000 and all i got was bit 444 now man it's going to be okay it's going to be just fine
bitcoin is going to do what bitcoin is going to do at the moment that this is the funny thing about
human psychology and I don't pretend to understand fucking human psychology.

(27:20):
I don't, you know, I try to, I don't pretend to really understand the moment that you think
you've got it figured out.
The moment that you're like, you know what?
I just need, maybe I just need to sell and I'll buy back lower, man.
That is the moment where Bitcoin just takes your face, rips it off and wears it and puts
it on its face.
You know, it puts your face on Bitcoin, puts your face on Bitcoin's face.
And it's like, you see, motherfucker, I fucking got you.

(27:43):
And that's going to happen every single time.
like that very moment,
you know,
it a good reminder It a good reminder that like you know know the cliches about investing or trading or whatever like the
it's not about timing the market.
It's about time in the market.

(28:05):
Like they're cliches for a reason.
They're cliches because they're true.
They're cliches because it's really good advice.
Like you shouldn't try to out trade.
You shouldn't try to,
you know,
figure out the market.
You shouldn't try to,
to,
to,
to time this thing.
You should just stack spot Bitcoin via dollar cost average and fucking live your life.

(28:29):
That is the best thing that you could ever do.
And that is the beauty of Bitcoin too, because you shouldn't have to be fucking watching charts all the time.
You shouldn't have to be a master investor just to get by.
That is like the biggest fucking biggest like con that fiat has pulled on us.
the biggest like just honestly rip off is that somehow fiat has convinced everyone that you need

(28:53):
to be not only you know do you need to like you need to work and your wife needs to work and maybe
you know like you need to work like multiple jobs and like you need to work jobs just like
at least one you know both of you need to work just that one of your salaries can go entirely
just to spending you know spending on your kids child care like which just doesn't make any
fucking sense like you know but okay i digress so many digressions i apologize guys but like the

(29:18):
biggest con that fiat has pulled is that everyone needs to be like to have two jobs right you need
to have your your job stacking fiat which is always depreciating but because it's always
depreciating because you're constantly getting debased by a fucking cartel a cabal of central
bankers who have absolute control over the monetary system because you're constantly being debased

(29:40):
you have to have a second job or maybe it's your third because you already have two maybe it's your
fourth because you already have three i don't know but you need to have another job which is
trying to invest to beat the rate of inflation right you you have to spend so much time an
inordinate amount of time just trying to keep pace with or beat inflation just trying to keep

(30:01):
your head above water so the fruits of your labor are not debased to oblivion are not inflated to
oblivion. Bitcoin completely changes that paradigm because you no longer have to spend all this time
trying to figure out how you're going to beat the fiat debasement. It's Bitcoin. That's the answer.
You just stack Bitcoin. You just set a DCA. And when Bitcoin dips a little bit, maybe you smash

(30:27):
buy a little bit, you know, get a little crazy. But that's all you have to do. That's it. Like,
you don't you don't have to do anything crazy you don't have to be a genius trader
you you don't you don't have to do anything besides just stack bitcoin and that's like
that's really hard i think for a lot of people it's hard because we've been told that

(30:48):
you you have to do all these things that you that you have to be this this expert trader right
that you have to be this somehow this this this genius you know who's able to
Oh, and what's, hold on, we've got Nathan in the lobby right now.
I love this.
An impromptu live stream that turns into a Bitcoin podcasting party.

(31:10):
We're letting Nathan in here.
Nathan, what's up, dude?
I was in the middle of cleaning and I was like, oh, Walker's live.
Oh my goodness.
Let's check this out.
Let's see what's going on here.
And I got to say.
Let me throw my wired, my sick wired headphones.
How many extra?
Do it up.
Oh, thank God.
My MacBook Pro has some extra ports here.
Let's throw these in there.
I've been trying to use wired headphones so I don't get baked by Bluetooth as much.

(31:33):
Nah, fair enough.
I'm too bad with my earbuds all the time.
They're basically 24-7.
Well, you know what?
Oh, we'll make them more.
We'll find our way there.
I'm just happy to see that you're hanging out live.
Goddamn equipment.
This is it.
Fuck it.
We'll do it live, right?
We'll do it fucking live.
You hearing extra reverb on my side?
No, you sound clear as day to me.
You sound absolutely gorgeous, wonderful, that deep baritone voice.

(31:54):
I'm so envious of your mic.
I still have not upgraded mine yet, and I've just been eyeing yours this whole time.
Wait, are you talking microphones or voices?
Microphone.
Well, both.
Both are actually absolutely wonderful.
But that SM, was it SM7B?
Yeah, it's sick.
Every time I go to buy one, it's like, no, I got to do other things.
I got to put it in Bitcoin.
I'm hoping Christmas will be nice to me.
You know, I believe that it will.

(32:14):
I believe that it will.
And let's see if I can get this hooked up.
If not, as long as you're not hearing reverb, then honestly, it's all good by me.
I just want to make sure that I'm not giving you a little double.
So, you know, I decided, again, I'm not a live streamer, right?
It's like, it's not my thing.
But tonight, the wife was in bed.
The kid was in bed.

(32:36):
And I was like, let me just pop on here and just see what happens.
And now look at this.
Now we've got a little pod comp going on.
And great, I'm hearing you through the AirPod.
I'm baking my noodle a little bit with this Bluetooth.
It's fantastic.
It's fantastic.
I don't know, man.
How are you doing?
So the reason I wanted to hop on here is because I figured there were probably some other, you know, psychopaths like me.
Who are up late on a Friday night.

(32:57):
Yep.
Who are not out at the bar doing something like that.
Who are like, you know what, just thinking about Bitcoin.
And maybe scrolling on X or scrolling on Noster.
And thinking, man, everybody's super bearish right now.
But I'll be honest, I'm like, I'm just really weirdly bullish right now.
I don't know about you.
Like, you feel that?

(33:17):
I'm kind of with you in the same sense that just like something doesn't feel quite right.
And it feels so anticlimactic as well, too.
Also, just the mood and the tenor for where we are, it's like, guys, it was so much worse in 2022.
There's nothing to be upset about.
Be patient.
Be calm.
And you know what it is?
It's like I'm unbelievably bullish on Bitcoin.
I wrote a newsletter about this actually this morning as well, too.

(33:38):
I'm temporarily – I think this is a phase.
I'm temporarily actually bearish on Bitcoin culture, which is why I was so excited to see that you were live streaming.
It's like, yes, this is exactly what I needed right now.
where I almost get the sense that from the ETFs and the derivatives and the treasury companies and all these things too,
that we kind of got soft from our own victory in the sense that when I came into Bitcoin,
it got wrapped up in my identity very quickly.

(34:00):
I identified with the people and the culture and everything that was going on there.
There was this monetary revolution of basically like cypherpunk pirates.
I was like, oh, I want to be on their team.
I'm here to change the world.
This sounds absolutely amazing to me.
But with the success over maybe like the last year with the institutional adoption,
it just became another asset in people's portfolios it didn't it's it's no one no one
identifies or has like a a culture behind s&p 500 right or commodities futures like it doesn't it

(34:26):
doesn't matter and so i like i found myself wondering why did retail not get in here and
i mean james check had some great um great insight and we both talked to him with regards to
there were other alternatives in terms of like number go up technology but i think a part of it
is it's just like the inspiring characters that we have in bitcoin that like sense of freedom and
hope and optimism it was kind of like winning the mainstream and the institutional side kind of

(34:49):
i think took the let's say we got we got soft in our victory and then additionally to with the
favorable conditions in the trump administration the way things are kind of going as well too
it's almost like we needed an adversary to be that inspirational kind of like underdog story
and i think that's why it feels like it feels like a weird bear market but i think it's just
because we don't have our people here necessarily rallying or the newcomers.

(35:10):
I don't really think I've met anybody that's like a class of 2025.
Dude, honestly, that's a really great point.
And also I'd just like to point out that apparently X has,
I don't know if X kicked me off the live stream or if the live stream just died,
but it looks like it's still live on YouTube, which is.
Definitely still live on YouTube.
Okay, which is good.
You know, man, I'm just not good at this live streaming thing.
I like clearly, I like, I don't, I swear I didn't do anything though.

(35:32):
I didn't, I swear I didn't piss off the X gods.
I just uh I don't know I guess apparently maybe I don't know what I did I don't know what I did
Nathan but you're absolutely right like something there's just a weird there's a weird vibe to
things right now yeah and it's like I I think a lot of it is the institutional side of things
where it's like everybody thought like wow these bitcoin treasury companies everything they're

(35:54):
buying so much bitcoin and it's like but then it's like one og whale sells 80,000 coins and
that just like wipes out every Bitcoin treasury company buy except for strategy.
Right.
Like,
which is like people,
I think,
I think that people don't entirely realize.
And like,
also OG whales selling is like a good thing.
Like the distribution of coins is a very good thing.
Like that is a healthy thing.
That's what's going to naturally happen.

(36:17):
But it's,
it's uncomfortable for people because they're like,
why number not go up faster?
And it's like,
well,
because there's guys with tens of thousands of coins who have held them for,
you know,
15 years who are selling now.
and they're selling way more coins than the treasury companies are buying.
And yeah, plebs like you and I are having our DCA buy us a few more sats,

(36:38):
and we're like, yeah, but for a lot of people,
it's an interesting point about not knowing about class of 2025 people,
but I'm wondering also, it's like maybe class 2025 people,
they're not an X or they're not a Noster or whatever.
They're not as vocal.
Maybe they're just silently stacking,
and right now maybe they're feeling some pain.
I don't know.
Maybe they are here on YouTube.

(36:58):
Maybe they're here watching this stream right now because they can't be watching it on X anymore, apparently, because X just kicked me off.
These sons of bitches.
But yeah, I don't know.
The vibes are weird, but I'm just feeling bullish.
Like, I can't help it.
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Now, back to the show.
I agree. It's funny how it's for the longest time, like coins being centralized, like, oh, it's only controlled by a handful of people, was the FUD.

(40:49):
And now that those are being distributed, which is like the wonderful free market in action, now that's the new FUD, right?
The whales are selling. It's like the whales are holding or the whales are selling.
Pick one, guys. What's the issue here?
This is always going to be the natural progression.
For me, I think actually one of the most bullish things about this is the death of the four-year cycle narrative
because I think things just don't become exciting again until they're not predictable.

(41:11):
If everyone feels like they know what's going to happen and we're going to get the same rally into the end of the year,
it loses its mystery.
People have to feel like there's a chance that it's going to rocket up.
They don't know what's necessarily going to happen next for it to get exciting again.
It has to be adventurous.
i kind of like that like people are like i uh who is i think it was uh i forget for this i was

(41:34):
talking to american hodl but he was like or maybe it was nico i don't remember multiple people said
this to me but like like look we're listen we're we're all just addicted to dopamine like yeah that
that that's what it comes down to like every everyone here is is addicted to dopamine and
you know what that's like when your dopamine doesn't hit hard enough that's that's why like

(41:55):
like or like bitcoin is not pumping hard enough for you it's somehow boring to you even though
it's sitting at 95 000 fiat cuck bucks per coin and and it's like you're just addicted to dopamine
like you you just want that hard hitting that insanely hard hitting rally right but you're just
not getting it and so you're like well fuck this like i don't know i'm i'm bored with this i'm now
embarrassed like all of a sudden but it's like nothing has changed like this is actually like

(42:19):
such an insanely bullish week with just everything happening with with with square uh i mean like
Like Square and Cash App, like for medium of exchange-wise, this was an insanely, insanely bullish week.
But here people are just like more bearish than ever, which is just – I don't know.
I don't know, man.
It's like –

(42:39):
The volatility was always supposed to be the – yes.
The volatility was always supposed to be the icing, the cherry on top.
It was a nice thing that came with it.
But there was all this meaning in this mission behind it.
And it goes back to like that idea kind of around culture in the sense that you're right.
It's like they only came for the sugar, right?
It's like no, no, no.
Like that's the fun part.
That's fun.
We love the dopamine.
We love the giant crash.
We love the giant rally up as well, too.
But you're right.
What Jack Dorsey and Square and Cash App did this week is massive.

(43:02):
And not even just from medium of exchange.
The cultural significance, the psychological significance of seeing that Bitcoin logo on every fucking terminal.
Sorry.
All the way through.
You can swear.
You can say fucking.
Thank you.
I was just sure.
I was like, oh, crap.
I got to pull my punches.
I was saying retard a lot earlier.
And I was like, oh, I'm so glad that we're back.
And I was like, oh, if I say YouTube's retarded, is that going to get me kicked off?
Like, I don't know.

(43:22):
I guess we'll see.
Like, we'll find out.
But yeah, continue.
No, you're right in the sense that we're absolutely winning on some of the most critical points, too.
And you can look at the reverse side of the coin, too.
Like the whole issue with the 50-year mortgages and Canada's looking at UBI.
It's like you can look at the positives of what Bitcoin's going to do, and you can look at the negatives of what fiat's about to do.
And either way, it's kind of a win.
So being bearish here, it's just you're not getting your dopamine fixed.

(43:45):
But there's so much more that's available, too, right?
And you've got great builders in the space coming out with awesome stuff all the time as well, too.
right like there's i've got tech to report on every week because somebody's building something
phenomenal right it's it's it's it's a weird time it's a weird vibe but i think it's just because
you're right we have a maybe we're maybe we were a dopamine addicted crowd and we we lost our fix

(44:07):
there for a little bit so everyone's just kind of hurting and um finding their new finding their
new base we might have to get some withdraw go through some withdrawals on this one maybe it is
like post gold ETF, right?
Where it's just this kind of slow grind up over the next 10 years, which would not be
exciting, which would be totally appropriate and kind of normal as well, too.
So maybe we just got to adjust to a different sort of different sort of lifestyle.

(44:29):
I think that's OK.
I think checkmate is someone who talks about this a lot, like the idea that like Bitcoin
just can like bore you to a million.
You know, it's just like you're just you're going to be bored the whole time that all of
a sudden it's going to be like, well, oh, shit.
That's like, I guess we're at a million right now.
Okay, well, okay, there we go.
We're there.

(44:49):
Fine.
And I feel like that is kind of like the vibe of what's happening right now.
It's just everyone is kind of getting a little complacent, getting a little bit like, okay, well, I guess this was the worst bull run in history.
And it's like, I just don't think the bull run has even started yet.
You know?
Like, I just don't even think we're there yet.

(45:10):
I think that we're just right in the early innings.
And it's interesting what you brought about the four-year cycle
because there's been so much debate about this, right?
It's honestly become almost its own cliche at this point.
The four-year cycles are dead, but are they dead?
But did they ever exist? I don't know.
And I don't know.

(45:31):
I'm a little torn on this.
Part of me just thinks that, yes, obviously,
the halvings have an impact on new supply entering.
But they also have a diminishing impact, right?
Halvings will like necessarily have a diminishing impact.
But by the same token, like the fiat price of Bitcoin at each having like keeps going up.
So like, OK, they have like a diminishing Bitcoin impact, but they have like also an increasing fiat impact.

(45:55):
Like that's like that's tough to quantify, right?
Like the block reward now of 3.125 Bitcoin is worth so much more than the 50 Bitcoin block reward back in the day.
But, you know, it's still a diminishing impact in terms of the Bitcoin and exponentially so.
But I don't know.
It just it feels like in prior or like in the prior cycles, first of all, they happen to line up with elections.

(46:22):
I don't know if that's purposeful or not.
Yeah, agreed.
Like U.S. elections at least and like a lot of world elections.
But they happen to line up with elections.
They've happened to coincide with kind of fiat liquidity cycles as well.
Okay.
And then, but as we go forward, it's like, but what if those like, okay, elections are going to keep going, right?

(46:42):
We're going to keep kind of lining up with elections.
But like fiat liquidity cycles, I don't know, man.
Like we were, we were, Bitcoin was pumping during Biden as they had the, went into like the Fed went into some of the biggest monetary tightening, relatively speaking, in history.
So like that kind of breaks a little bit of the paradigm there.
Like monetary conditions were tightening and yet Bitcoin was pumping.
So like how does that work?

(47:04):
And now it's like they're loosening and Bitcoin's dipping.
So like, okay.
But then it's like, again, I just come back to like on a long enough timeframe, Bitcoin is just going to beat the pants off of absolutely everything else.
And that's why I feel this just general sense of Zen right now because it's like, yes, am I watching the fiat value of my stack fluctuate wildly?

(47:25):
Sure.
But I know what I hold.
Like I know that I have Bitcoin.
Like I have real Bitcoin.
I have it in self-custody.
I have it in multi-sig, right?
Like I can't even spend it if I want it to without doing a lot of traveling.
Like let's just say that.
Like I've got to do a lot of work to be able to spend any Bitcoin.

(47:45):
Like maybe too much work, honestly.
It's really difficult.
But I was like I want to make it so that if somebody ever comes and tries to put a gun to my head, like there's nothing I can do.
There's nothing I can do.
It'll take a long time.
Also, I'll have a gun to your head first, motherfucker.
Is this the kind of stuff that gets me kicked off of YouTube?
I just – I don't even know.
I hope not.
No, you're totally fine.

(48:06):
Metaphorically also or figuratively.
In Minecraft.
I remember with Tom Luongo, he was always like, we're going to kill the politicians in Minecraft.
Not a game.
It's a game, not real life.
He always threw that little prefix at the end there too.
The only thing I ever got in trouble from was actually someone telling their previous stories of abuse.
And I think there was a little bit of a touch of stories of self-harm as well too without using those words particularly.
That was the only one that I think ever saw I got flagged on the back end for me.

(48:28):
But no, I think you're absolutely right.
It's funny because this is my idiot pleb opinion.
But as you were talking, the thing kind of struck me, and I forget what this effect is called, but it's something regarding having perceived value because it had value yesterday.
Like the reason that you think your money is going to have value tomorrow or people accept that money has value tomorrow is because it had money yesterday.
It's always this kind of rear-facing effect.
And so it can decline slowly over time.
But like $100 is good today.

(48:49):
It's probably going to be somewhat close to that tomorrow just based on recent memory of it too.
And I wonder how much of the four-year cycle was just an echo of the early days.
Because you're right, in the early days, the mining subsidy meant a lot more in terms of the – again, stock to flow, right?
Again, stupid model, but the idea is still there in terms of the available supply, what's coming on, and who the big sellers are.
The sellers are coming from miners.
Miners are the ones that are mostly selling, I think, at that point in time.

(49:10):
And so I wonder how much of like it had an effect.
Maybe cycle one, maybe cycle two as well too.
But it was almost like just a psychological echo of just like it happened for the early people for the first point.
So they just continued to – it was like a self-fulfilling prophecy.
It was just a psychological effect, and that's why it's dwindling over time, even more so than the subsidy decreasing or in tandem with it, that it was just – that was the expectations.

(49:32):
And as we go forward, that just declines and declines and declines until it's no longer the expectation.
Yeah, I mean what's the – what's that one saying?
It's like happiness is like expectations minus reality or something to that effect.
And I think that kind of like that plays into the psychology here where if you think that you were really sure that Bitcoin was just going to melt faces like it was going to be, you know, it was going to be October and Moonvember and all of these things.

(50:06):
And now it's like Bitcoin is like Bitcoin's down from when Trump got in from Trump's inauguration, I think, which is kind of like kind of wild.
Right.
Back to the beginning.
But really, like, you know, I'm looking at like I opened an account on River, I think just before Trump's just before Trump got elected.

(50:27):
By the way, I'm not sponsored by River, just like their product.
It's a solid product.
If they'd like to, if they're listening, I'm sure you take it.
Yeah.
But if you're listening to this, yeah, please.
I will take some sats, especially right now.
you know um but but i you know i started stacking then and it's like i look at the like my bitcoin
return it's like it's like flat or like even like down a little bit now because i was also like when

(50:49):
bitcoin like popped up and then starts like you know to like 126 and like it dropped down to 110
i'm like yeah smash buy and now it's like with drop down to you know 95 and i'm like i'm really
low on fiat like i do not have very much fiat like there is uh you know it's i like not having
a lot of fiat uh that said it's like damn when when you know when the dip keeps dipping you're

(51:13):
like i wish i had a little bit more fiat but at the same time again like where you get hurt is not
where it's like oh you know what i yeah i wish i had a little bit more fiat i'm like you know i'm
quote overexposed to bitcoin right now it's like no no that's that's not really like where you get
where you get wrecked where you get wrecked is if you were underexposed to bitcoin and you were
overexposed to non-Bitcoin things or some sort of synthetic Bitcoin. And now you're like,

(51:39):
shit, I'm down in dollar terms and I'm down in Bitcoin terms even more. That's the dangerous
position to be in. If your Bitcoin stack is down a little bit in dollar terms, it's okay. They're
going to keep printing dollars. There's 21 million Bitcoin. That's it. There's literally infinite
dollars and it's not just infinite dollars there's infinite euros there's really infinite there's

(52:03):
double infinity turkish lira and argentinian pesos and all these others like you know the dollar sucks
uh you know like it's the dollar's the worst except for all the rest um and it's a you know
skinniest kid at fat camp prettiest horse of the glue factory whatever you want to say
but like where you get hurt is when you are underexposed to bitcoin overexposed to other
shit and so not only do you not have any sort of quote dry powder uh but you also just are down bad

(52:28):
in dollar terms, you're down really bad in Bitcoin terms.
And I think that's where like clearly like one thing that this,
I haven't been around Bitcoin that long,
like it's just been since 2020 that I started stacking.
But like one thing that I've realized this kind of cycle time around
is that man, the like quote crypto people are super short Bitcoin.
Like they are way long, all of their shit coins

(52:49):
and they are way short Bitcoin and they're freaking out
because that's the worst position to be in.
It's like you've got big shit coin bags and nobody's coming to buy a man like that.
That party's just that party's just over.
Like there's not going to be any giant alt season.
Like I'm sorry to break it to you.
Like you're you're wrecked right now.

(53:11):
Like you may as well cut your losses, sell whatever shit coins you happen to have and try to get as much Bitcoin as you possibly can.
Because that that is what like that's the only thing that's going to save you at this point.
Like it's not going to be your your fart coin or your other shit coin.
Like it's going to be Bitcoin.
But a lot of people just like you – they got to learn the hard way, right?
And that sucks.
But I'm sorry.

(53:32):
It's the reality.
I completely agree.
The unfortunate thing there too, and it's the – it kind of goes back to the culture a little bit too, is that at least from what I can see from the brief times that I float through like crypto Twitter or some of the shitcoin stuff that's going on there, they do – there tends to be – because the toxic Bitcoin maximalists, there is kind of like an anti-Bitcoin stack, which unfortunately is just letting their ego get in the way.

(53:52):
And then you're right.
They're super – it's kind of like they're taking these crypto positions and having a stack of Bitcoin.
They're doing short Bitcoin and going along all these crypto things thinking it's going to die.
And it's going to get out of the wreck.
But I wanted to ask you, Walker, because for me this time around – so if you would have asked me in September particularly if I thought that it was going to be up at the end of the year, I absolutely would have told you.
It's like, yeah, I bet you were finishing up at the end of the year.

(54:13):
I wouldn't be surprised to see a little run.
But here's the thing, and I'll see if I can articulate it.
I would have logically told you that.
Like, yeah, if I was betting, that's what I expect.
I did not have an emotional swing
the cycle at all
I emotionally felt like
I knew that it was going to run up
or I felt excitement about going into November
and these things too
this end of year

(54:34):
I would have logically
deduced that it was going to be up
but I don't even feel surprised or shocked that it's down
I'm wondering if you had the same sort of response
whereas back in the 2021 run
I was pumped
I used line of credit at the top of that fucking thing
my wife thought I was an idiot
Eventually, we found our way back to that one, but I was ready to go.
This time, I was like, yeah, I think it's going to be up.

(54:55):
You couldn't have talked me into taking a 2% loan.
I was like, no, no, I'm good.
I'll just keep stacking the old-fashioned way.
I had no excitement going into the end of the year, despite thinking logically it would go up.
I feel exactly that.
I also thought, I was like, yeah, we're probably going to – this feels like we're going to kind of keep pumping into the end of the year and continue going.

(55:16):
but I just, I don't know, something felt like off a little bit.
Like did my behavior change drastically? Like, no, like I just,
I kept DCAing like, because that's, that's what I do again.
Like I'm not good at buying. If I saw a little bit of a dip, I,
if I had some spare Fiat, I did a little smash buy, you know, but like,
I love my DCA just does it without me having to do anything.

(55:37):
Like it's fantastic. And, and just kind of kept that going. And like now,
now where we're at though, where it's like, Oh wow. I didn't, you know,
didn't necessarily think we were gonna drop down here,
but like since we are okay I gonna kind of redouble my efforts try to like cut you know cut expenses as I can in my life and like try to stack a little bit of extra Bitcoin

(55:57):
Because if they're, again, I've really, I guess, only been around if we're going by the cycle theory.
Like I started stacking like during COVID, right?
Yeah.
That was, you know, when I started stacking.
I didn't have like a giant mountain of cash that I dumped into Bitcoin.
It was like I started just DCAing then too, right?
Yeah.
But, man, when Bitcoin went down to like $16K, I was like, I got to try and get as many sats as I can.

(56:24):
And that's kind of what it feels like right now a little bit.
This feels to me more like, oh, wow, we took a bigger dip than people thought we would.
and that means because everyone else is super fucking bearish right now or just like not even
bearish just like maybe not even paying attention like still that's the other thing like most of the

(56:45):
world still isn't even paying attention nathan like most of it i just looked at google trends
it's like all-time low for the year most people just don't care right like but that's the other
thing it's like that that meme of like you know the the two uh the two stands right and it's like
you know bitcoin at like whatever low number than bitcoin at all-time highs and it's like
everybody's lined up to buy it when it's at, you know, all the time.
Like it's true.

(57:06):
Like something about human psychology is like, you don't,
people don't want to buy Bitcoin when they definitely should.
And they really want to buy Bitcoin when it's melting everyone's faces off.
Cause that's when it pops up in the news again. But when it's,
when it's bearish, everyone who doesn't own Bitcoin is like, well,
it's a good thing I didn't buy, you know, again, you know,
like I'm glad I've ignored that since it was $10,000 or, or, you know,

(57:30):
worse but like it just feels right now and again like maybe we go lower maybe we go back to 58k
gang because i was gonna say i don't know maybe like honestly like as rough as that would be
like and that would be rough that would be an incredible stacking opportunity because that's
like if you know it's gonna keep going up it is like there's 21 million guys there's 21 million

(57:55):
bitcoin there's infinite fiat currencies not just infinite dollars infinite other fiat
currencies there's infinite shit coins there's infinite all of these fucking made up fucking
things but there is 21 million bitcoin like you don't have to be a genius to work this out like
you can be far left curve or far you know right side of the bell curve like as long as you're not

(58:17):
mid-curving it you're going to be okay just like more bitcoin good like that is like that that is
what you need you know but again it's like maybe like this is kind of the opportunity too like for
for the psychopaths who are out there watching this stream right now for the people who are out
there watching their dcas hit and trying to figure out how they can maybe cut some expenses around
around the house to to you know be able to stack a few more sats like you will be rewarded for this

(58:41):
you will be rewarded for this and it may suck right now but you know fast forward a little bit
fast forward a year fast forward four years fast forward 20 years and boy like you will be thanking
yourself you know your your your children and your grandchildren will be like wow you know
fucking legend like you you you know you doubled down you didn't get that extra avocado toast and

(59:03):
you stacked the extra sats with it and now what could have been avocado toast now buys us a french
villa like fantastic grandpapa like that's that's where you're gonna be at right now uh like probably
legitimately like i bet if you the price of an avocado toast right now if you go forward 50 years
i bet that buys you a modest french villa in sats it's gonna be insane nominated in sats

(59:24):
yep it's going to be absolutely insane it's funny there's there's a couple things you hit on there
that i want to i want to get your thoughts on um one was i was trying to think back something um
you're talking about 58k and that's what it reminded me of the last time i had an emotional
response in bitcoin and again i'm a very level person by my very nature not very high very low
like don't get stressed out i'm very very comfortable here the last time i was like oh

(59:45):
this feels good was the final don't stop believing when we hit 100k and yellow's final like spaces
I just remember being like I actually like hit the heartstrings a little bit I was like man
he did this the entire way through so going back to like 58k and going back to those times I would
not have an issue with that was a lot of fun on Twitter for sure and then the other thing that
struck me that I'm curious your thoughts on was you mentioned COVID I wonder if that's kind of a

(01:00:09):
little bit what's going on here in the sense like um that is like borrowing from the future and
pulling forward demand too right I wonder if COVID was such a shock to the system and to people as
Well, we talked about how it would wake up a lot of people.
It did wake up a ton, right?
I wonder if we almost like pulled forward Bitcoin or demand.
Like we had a greater influx of Bitcoiners because of the extremes of COVID, but it meant there wasn't really a new class to come in later on.

(01:00:33):
Do you kind of get what I'm saying?
No, go ahead.
good that's especially the idea that like i wonder if if you were going to wake up to it with it if
you weren't going to wake up to it with how bad things were over covid you really weren't going
to wake up to it unless something worse comes along later or something else kicks you in the
teeth so it was almost like we reached forward in time and grabbed a whole bunch of bitcoiners but

(01:00:55):
that might have been the vast majority of those that were possible to unplug over the next five
years which is why it feels different now where i'm feeling like we're not getting this new cohort
coming in, we might have already scooped them up because that was such a terrible wake-up call
for people across the world. Okay, so that's interesting. And I feel that sentiment,

(01:01:16):
but to play devil's advocate there, it's also like we're still at such an early stage of adoption.
We're still so incredibly early. Now, I think that the argument is fair that perhaps that woke up
more like hardcore toxic bitcoin maximalist early adopters uh innovators i think we're like we're
technically like still at the like the innovator phase right like we're because we're barely at

(01:01:39):
like maybe i don't know like you could say we're at like a percent adoption maybe like i of like
probably not even and like total addressable market wise like there's the you know uh jesse
meyers crocius has that great chart that's been shared everywhere a thousand trillion in global
asset value, $2 trillion or less than $2 trillion now, you know, in Bitcoin, just under $2 trillion.

(01:02:00):
So it's like 0.2% of total addressable asset value. That's nothing. And like total adoption
wise in terms of like globally, like, I don't know, probably not even a percent, like maybe
a half a percent of like, and probably even less than that of people who actually like
hold their own keys.
Yeah. I think James said he estimated like 2 million. It's like that, that sounds about
right to me. And that's like an 8 billion. Yeah. That sounds about right.

(01:02:22):
Like, which is just crazy. But I think that's your statement is fair in the sense that perhaps COVID woke, like it certainly did for me, like speaking from personal experience, like very much woke me up. And like, that's what made me decide to actually go down the Bitcoin rabbit hole and figure out because they started sending out checks to people. I'm like, what, what is this? Where does this money come from? And you know, you start asking the right questions.

(01:02:45):
but but but maybe yeah what how and it's like we just just like that we just make it we just
print it digitally it's amazing but maybe that did bring out a lot more of the hardcore toxic
bitcoin maximalist plebs that we're going to come out eventually but just like they we just all kind

(01:03:06):
of a lot of us just came out at once and now there's just a little bit more of a trickle and
maybe the you know the rest of the adoption curve just looks a bit different it can just look and
And it's also like I was talking to Alex Vetsky about this and he brought the fact that he's like, look, like when it comes to adoption curves, like Bitcoin is not the iPhone.
Like it's not like it's not a consumer product.
You know, it's like it's different.

(01:03:27):
Like it's money.
And he made the point that when it's the iPhone, it's like your potential, you know, loss there with, you know, buying an iPhone.
It's like, it's like, you know, whatever, a couple hundred, five hundred, a thousand, whatever dollars.
With Bitcoin, it's like it's like everything for you.
And for most of us, the cost of being wrong is much, much higher.

(01:03:48):
The cost of being wrong about an iPhone is pretty low, pretty low, relatively speaking.
You'll recover.
So the adoption curve, maybe it just, like, we don't know what the adoption curve looks like.
We know what technology adoption curves generally look like, that classic-ass curve.
But we've never had something like Bitcoin.
like you know what is the what is the adoption curve of a digital gold that's also way better

(01:04:11):
than gold because you can transfer it instantly 24 7 365 and no one can stop you to anyone around
the world and there's a absolutely completely programmatically uh enforced finite supply to it
like what does that adoption curve look like i don't know because we've never seen it how could
we know so like you know maybe it's just one of those things like all your models are broken

(01:04:32):
we have no fucking clue and the best thing we can do is i mean odell hits the nail right on the head
like stay humble stack sats and focus on your craft start a bitcoin podcast you know absolutely
whatever you want to do but yeah like this thing like maybe all of our priors just don't really
work that well like bitcoin is repricing the entire world yeah we've never had anything like

(01:04:55):
this before how like how how much hubris do we have to have to assume that we can figure out
exactly what this is going to look like.
We can't. We can guess, but
we're probably going to be wrong.
Directionally, we're right.
We know Bitcoin goes up
into the right. Bitcoin is repricing everything.
Everything else is trending to zero
in terms of Bitcoin. The marginal cost of production is trending

(01:05:16):
to zero in terms of Bitcoin for everything.
But
what does the timescale of that look like?
I don't know. How long
does it take for the masses
to wake up to this?
Or do they? That's the other thought process too.
Or does it just become the water they swim in, the air that they breathe eventually?
They don't even know it.
It's just the rails they use, but they never actually wake up to it.

(01:05:39):
It just becomes part of their life.
I don't think it's unreasonable to think.
It is the base layer.
So it's not an unreasonable adoption strategy to have it at some point in time, some kind of monetary breakdown,
where just like treasuries move between commercial banks, that Bitcoin is moving between commercial banks.
And that sort of sense, like, you know, hundreds of thousands of people, their transactions are being settled in Bitcoin between banks around the world, but they're not directly sending UTXOs.

(01:06:05):
Like, I actually think reasonably, I think it's reasonable in 10 years time, the fact that we actually did on-chain transactions will probably be a rarity.
Like, we'll be one of those weirdos that have like a phone they're putting on a modem to connect to the internet, right?
I don't think that most people are going to interact on base layer.
And so that really opens up a lot of possibilities in terms of what adoption is going to look like.

(01:06:26):
Like even right now with what Square and Cash App are doing, right, are people – like I would not be surprised for a long time.
People are still thinking in fiat terms.
They're still using like the dollar as the unit of account.
But it's going over lightning rails in between because there's better infrastructure, right?
It's just got that final settlement aspect.
We might see adoption from the producer side, from the provider side, but it really is being used as the value communication network for larger sums of value, right?

(01:06:54):
Most people might not ever hold on to direct Bitcoin.
They really might not.
And it's not the situation that I want people to be in, right?
And I'm very excited about like ARK and Spark and Lightning and everything that we've got going off these layer twos to scale it out there.
But at least transitionally, I do think it'll be a long time before that because the psychological importance of a unit of account is really hard to get past, right, to actually start pricing in something else.

(01:07:18):
And we're already starting to see it, but you see it in the large-scale buys.
Like particularly I hear people talk about it comparing to real estate, right?
And that makes sense.
Like for most people, their home is like the biggest asset that they'll ever own.
So comparing the largest asset you own to your Bitcoin stack, that makes sense.
My house is going down in Bitcoin terms.
but I think it'll be quite a while before people really start thinking about like
the classic cup of coffee in that sort of sense so you're right we have no idea what adoption is

(01:07:42):
going to look like and I think it's it's too simplistic and kind of naive to think it's going
to look like it is right now but for everybody if that kind of makes sense like it's it's most
people will probably start using it and not even like it like the ETF or it's like in some sort of
like mutual fund or something or some sort of investment vehicle they'll probably start using
it, not necessarily knowing that they're using it.

(01:08:03):
How many people are using the internet but have no
idea what they're using it? But they use it all the time, right?
But as far as they know, they're just going to Facebook.
Yeah, what's TCP IP? I have no idea.
Exactly. They don't know.
And that's okay. They don't necessarily
need to know. Again, it's the air they breathe,
it's the water they swim in.
I think that's fair, and that's why some of these,
again, you mentioned it as well,

(01:08:23):
but these incredibly bullish
developments with
Square and with Cash App, and I know
a lot of people seen a lot of like negativity about this too being like why are you you know
why are you you know why are people sucking cash apps dick about this like this is you know like
this isn't as good as it should be or something it's like guys like like zoom out a little bit
like yeah four million plus merchants just got the potential to turn on bitcoin acceptance

(01:08:50):
really easily without them downloading anything else without them doing anything else
they got the ability to be able to convert proceeds into Bitcoin.
Yep.
Like it's just like this is insanely, insanely bullish.
And at the same time, it's like price action doesn't seem to match up with that.

(01:09:12):
Like, you know, if you think I feel like back in like 2020, 2021,
if something like this would have happened, if Square was like,
we just turned on Bitcoin for 4 million merchants and Cash App's like,
yeah, we're just using Bitcoin as like to settle Bitcoin or USD.
like fuck it it would have just been like people would have been losing their minds and as it is
now people are like okay like i don't remember tesla right like elon could move the press price

(01:09:34):
up or down yeah yeah well exactly and it's like that's that's the crazy thing it's like now
the the czech national bank's like yeah we bought some bitcoin because we're trying this out and
people like yeah okay big deal it's like that's kind of like but that's like a good sign too right
it's like these insanely bullish narratives don't actually like don't actually materially
impact the price at all and like but neither do potentially bearish narrative like there are no

(01:09:58):
bearish narratives realistically like that's just like like there's nothing you could tell me that
would make me bearish on bitcoin long term like they're like nothing like uh like literally you
know nothing unless like again you were like we just like quantum's already been cracked all your
coins but it's like no it's just like not happening like everyone everyone wants to quantum fud

(01:10:19):
and it's like yeah like okay like eventually but like we're gonna you know that's the that's the
beauty is like we have time to prepare for that yep but i can send you a new wallet i'll be fine
yeah exactly and but like right now to me it's like one of the most it's it feels like the most
bullish time ever but the price doesn't match up with that we're not at new all-time highs we're

(01:10:43):
not ripping higher. And to me, that mismatch between the insanely bullish feeling I have based
on all of the incredible stuff that's happening and the contrastingly kind of like, quote,
bearish price action, like we're still hovering like right around, like we're a rounding error
away from 100K, right? So it's not like Bitcoin's not dead, like zoom out guys, chill. But there is

(01:11:08):
a contrast. There's a mismatch there. There's a sentiment mismatch. And so to me, that just
screams like opportunity. Like this is when you need to be stacking as hard as you possibly can,
because for some reason people just aren't seeing what is obvious to some of us. And if it is obvious
to you right now, and you're looking at this, like, how the hell could you be bearish right now?

(01:11:28):
How the hell could you not be stacking as much as you can right now? Then like you're in the minority.
Congratulations. You're awake right now. You are, uh, and you're like literally awake listening to
the stream, so even better. But you have an opportunity. There is an information asymmetry
right now that you can take advantage of because Bitcoin will continue to go higher. It just,

(01:11:50):
it will. And it's not even Bitcoin going higher. Bitcoin's just staying the same.
Fiat's just being debased everywhere, always, all the time, forever, until they go to zero.
You know that's going to happen. And if you know that that's going to happen
and you're aware of Bitcoin, you are doing yourself a disservice if you are not stacking
right now. Like I'm just happy whenever I like see the DC, you know, DCA went off. I'm like,

(01:12:13):
huzzah. Like, there we go. Okay. More, more sats for me. Like what, what a great day. You know,
like, I don't know. It's wild. It just, it seems like an opportunity right now. That's what it
feels like to me. And again, maybe we go lower. I'd like not financial advice. Like I don't give
financial advice. I give monetary advice, right? This is monetary advice. Like Bitcoin is the best
money that humanity has ever invented, discovered, whatever you want to say. There's 21 million

(01:12:36):
forever. There's infinite fiat forever. Do the fucking math. This isn't that complicated. You
just have to stack sats. You just have to keep stacking sats and it's all going to be okay.
And if you don't do that, you're going to, everything's going to get more expensive for
you forever. And if you do stack sats, everything's going to get cheaper for you forever. That's it.

(01:12:56):
That's the whole thing. Case closed. Like, I don't know. I don't, I think there's no reason
over complicated that's just like this is just reality it's the um there's a few wonderful things
to pull in there one the information asymmetry i completely agree so like first and foremost i
would say like if you walk into a room a thousand people and ask them if they've heard of bitcoin

(01:13:17):
probably everybody has heard of bitcoin if you ask them to explain the difficulty judgment and
it's not a bitcoin event probably nobody can right they are aware of it the brand name is out there
but they still have no idea what it necessarily is and it's kind of like unfortunate catch-22
too, where people are so, like I heard you ranting about a bit earlier, too, like, we're so far
removed from where we should be. We have one, you know, one person out there working, one person

(01:13:38):
taking care of the home, you have some free time on the weekends, you can study, you can read,
you can better yourselves. People are so trapped in the fiat minds, they don't have time to learn
or think about anything else. They're so short sighted, that even the idea of trying to like,
hold on to something for four years seems unattainable, or like away from them right now,
right? And as Bitcoin fixes things slowly under the surface, they might have that opportunity,
they might have their chance.

(01:13:59):
There's a couple of things there.
One is this idea, like I like the,
have you ever heard the idea of a preference cascade?
It sounds vaguely familiar, but please re-educate me.
Put me in a re-education camp.
I will absolutely put you in a re-education camp.
It's like an explanation of what happened
with like the Soviet Union and the fall of the Soviet Union
in the sense that like-
So re-education camp was a spot on comment there.
It was a very good, very good comment.

(01:14:20):
It's the idea that basically like
you'll have an entire population of people
that will voice one thing publicly,
but think something else privately, right?
And they're not aware that they can socially come out and say the truth.
And as soon as it's like socially acceptable, it looks like everybody changed their mind overnight.
But really what happened was they all started speaking what they really thought.
And so as the fiat system continues to get worse, as things continue to accelerate as – or decelerate, I mean I want to put it.

(01:14:43):
You're going to start to see that kind of stack up in the background as well too.
Like we're still very tribal, both in Canada and the US, right?
It's like Democrat, Republican, like conservative, liberal.
And people are very stuck in their tribes.
But as neither one can fix things going forward, as things only get worse, you'll have that discontent kind of sitting in the background that there's something wrong with the system.
And I think it's like those kind of watershed moments, like going even go back to COVID, where you have a large people go like, hold up, regardless of what's going on here, someone's lying to me.

(01:15:08):
This isn't right. And you'll get the kind of public shift where people are comfortable talking about like, yeah, why am I being debased like this?
Why can't I afford anything? And they'll actually have that hunger to learn, to understand.
And you'll see that it's it's a lot of people are going to need to be socially acceptable.
And I think that's why we got the euphoria in previous cycles too, right?
Because all the hype.
There's all the hype going on.
If there's no hype, it's not socially acceptable or cool or interesting to be into Bitcoin right now.

(01:15:31):
It's just not, right?
Exactly your point.
I'm seeing co-host Gary on Twitter.
They're arguing with people that are dunking on him.
He's like, yeah, no worries, buddy.
If you want to learn about it, I'm happy to teach you about it, and I'll see you in a couple years, right?
We're currently not the cool kids at the table.
It's AI.
And therefore, even where your money goes to some extent is a popularity contest.
We just don't have that social – we don't have the low enough social barrier for unfortunately the mass majority of people to be interested or into it.

(01:15:59):
That's – it's a really good point around AI specifically.
And the irony there, of course, is that AI is an incredibly deflationary force.
Oh my god, yeah.
Like it's the most deflationary technological industrial revolution.

(01:16:19):
Like the industrial revolution was insanely deflationary, right?
Yep.
And like every technological revolution is super deflationary.
That's a good thing, right?
Like that's a good thing for people.
Deflation is not the boogeyman.
Deflation is like is a good thing when it's technologically driven in the natural state of a free market is deflation.
As you've read Jeff Booth's Price to Tomorrow, which you should, you would know that.

(01:16:42):
But AI is just that on steroids, right?
And the irony being for the people that are so focused on AI but ignoring Bitcoin is it's like, what kind of money do you think is going to actually work in a deflationary world?

(01:17:04):
You need a deflationary money, right?
You need a money with fixed supply.
fiat inflation does not like it it it does not work with technologically driven hyper deflation
right yep those two don't those two don't match up because that just means for fiat to continue

(01:17:25):
working you have to keep printing this is like lynn alden's you know nothing stops this train
right fiscal diamonds like you have to keep printing and if you like if technology is driving
costs down even faster than you can print that's not a good situation like then the whole house of

(01:17:45):
cards collapses yep like you need bitcoin in this situation but like so many of them don't see it and
so again like even the people who are at the forefront who see what's happening with ai so
many of them still are so hyper focused on that that they don't see like what is necessarily
going to need to be the new bedrock, the new base layer of this system, which is Bitcoin.

(01:18:10):
Like there's just nothing else. And like, it's certainly not going to be gold, right? Gold has
done super well for like 5,000 years. Gold's been on a tear recently, but it's like gold,
there's a reason that gold, you know, we got off the gold center and all these things.
It's like gold doesn't work in the information age. It just doesn't. It like, it can't.

(01:18:30):
it's been great for 5,000 years, but it's like, it's the money of the past, not the money of the
future, right? It's sound money. Yes. Uh, feel free to buy gold if you want to gold is still,
you know, a heck of a lot better than fiat or anything else out there, but in a hyper deflationary
technologically driven deflationary world, you need Bitcoin. And also it's like very obvious,

(01:18:52):
like what are AI agents going to want? Like if we achieve artificial general intelligence, like,
hmm, what's an AGI going to want in exchange for its compute?
Well, it's going to want Bitcoin because everything else is just credit, right?
But again, information asymmetry there.
Most people just still don't get that.
They don't realize that productivity is going to destroy the system.

(01:19:13):
That's the whole issue there in the sense that because most people don't realize that the money is a debt-based money,
meaning that if you pay back the loan or you default on the loan because AI put you out of business, that is destruction, right?
They're destroying currency units that are currently in the system.
And the other thing I think people really sleep on that too, and again, like you, with the Industrial Revolution, like I would make the – this is a fun topic.

(01:19:36):
I would make the argument that slavery held back the Industrial Revolution because why would you invest in labor-saving devices when you have free labor, right?
In that same sort of vein, like it was still a very net positive that people like lost jobs to Industrial Revolution and new technologies moving forward.
We gain more productivity.
And again, your wealth is never – your wealth isn't Bitcoin.
I think people forget this as well, too.
You don't actually want Bitcoin.

(01:19:57):
It's just the best money to give you the things that you do want in the future, right?
It's the medium to get there.
It's not the thing that you actually consume.
But even looking at the AI thing, there are so many jobs, in particular, in the managerial
class that are on the table, that are on the chopping block.
And the reason being is that the way that I kind of have it framed up is if you're an
employee for a business, you're kind of working in the present.

(01:20:17):
If you're an entrepreneur, right, or like kind of that C-suite level, you tend to be
looking at the future, right?
And that's kind of creativity.
It's things that may not exist yet.
So it's not something that AI can use because it doesn't have rear-facing data.
But if you're in a managerial role, that tends to be looking at the past, looking at your past data, whether it's logistics or distributions or sales or whatever it is, and then making plans or stocking up for the future.
You can take an extreme example of someone who's like a distribution manager, right?

(01:20:41):
Well, historically, you have to look at the data and go like, okay, I think these stores are going to need these items come the Christmas season.
Those jobs are all gone.
If you have rear-facing data-focused jobs, that's the kind of stuff that the large language models of the AI can really power through.
But as hard as that transition is going to be and as deflationary as that transition is going to be, think of how much intelligence, like human capital, is currently fucking around on Wall Street trying to make trades just a fraction of a second faster, offering no value to anybody else because that's the money spigot.

(01:21:12):
that's where their energy is being put.
If you take those people
and you unleash that entrepreneurial force on the world,
like, my God, I was promised flying cars
and Fiat has fucking taken them away from me.
And I just know that if we can get this thing
on the right path, they're coming.
It's such a good point.
Like so many of the brightest minds have,
instead of going into engineering or medicine

(01:21:33):
or like things that actually matter,
they've just gone into finance.
And like, not that there aren't valuable things
that you can do in the financial world.
Obviously there are.
But the over-financialization of everything
based on the broken incentives of fiat
is what is the problem.
Like just so much time and energy

(01:21:54):
and so much brain power
that could be focused on really important problems
is just focused on financial engineering
that's not actually creating any real value.
And there is financial engineering
that can create value, right?
Not saying that.
Again, this is not like a binary thing.
it's just that i think any reasonable person can admit that we have way way way uh let's say there's

(01:22:16):
the incentives being broken has forced or caused so many more people to go and pursue careers in
basically just financial vaporware right instead of actually doing something that is for the
betterment of of humanity and not that you know like not that you need to have like some high and

(01:22:40):
mighty goal like you're like not everyone's an elon musk who's trying to make us an interplanetary
species right but like generally doing something that is in if the incentives are aligned if the
money is sound doing something that is in your best interest that provides value and that other
people want to pay you for is going to be in everyone's best interest but like when the
incentives are broken because the money is broken doing something that's your best in your best

(01:23:01):
interest is not necessarily in everyone's interest, like because you're just playing
these weird financial financialized games.
Right.
And like, I don't know, it's a shame, but it's one of the things that gives me so much
hope about about Bitcoin is like also some of these financial engineering jobs are just
going to be obsolete by AI.
Right.
You already have sailor being like, I just invented new financial products by vibe by
by vibe coding basically with AI.

(01:23:23):
Right.
Like, you know, like doing the work of a whole team of, of, you know, you know, investment
bankers that are you know fresh out of fresh out of college making you know half a million dollars
a year like nope just sailor and his ai like yep it's absolutely beautiful like to that point it's
the um when the incentives are aligned on a wonderful sound money standard the way that you become like stinking fucking rich is by offering value to the most amount of people The only way in that system that you come out on top is by scaling and offering value to as many people as possible

(01:23:56):
Even on the flip side, I was thinking too of the like the brainpower that's being sucked away into basically nonproductive aspects, we'll say, of finance and just playing fiat contillionaire games.
There's also the other side too where how many potentially like it's the scene versus the unseen, the classic Austrian stuff, right?
how many people in a sound money system would have gone on to great,
great invention or great business or great service,

(01:24:17):
but they're so stuck in the daily grind and so trapped by having to make their
existing payments.
You got it in the other flip side as well,
too,
where the other people that are struggling that can't save and get ahead and
therefore now have that opportunity to start that great idea that they actually
had.
That actually was a great idea,
right?
We know there's so much that gets lost because everyone's just trying to stay
afloat or get close to the money printer.
And it's actually like,

(01:24:37):
it's,
it's such a sad thing.
And I think actually like Seyfedeen's new book is The Gold Standard is kind of an exploration.
I've not read it yet.
I imagine it's probably pretty darn good.
But I believe it's like a bit of a novel as well.
Like, right, it's like the idea is like what would have happened?
Yeah, like what would have happened if we didn't leave the gold standard, right?

(01:25:00):
Like if we figured that out.
And it is kind of crazy to think about.
Like what does the world look like on a sound money standard for an extended period of time in the digital age?
Again, we don't know yet because we don't have one.
Like some people, the future is here.
We're living in the future right now.

(01:25:21):
Those who are listening to this right now are living in the future.
If you're saving in Bitcoin, you're already on a sound money standard.
So you know what it's like for you, but what does that look like at scale?
What does that look like for everyone?
What does that look like when the whole world is operating in that way?
And again, that's going to take a lot of time.
That's going to take a long time.
I don't know if we even see that.
I think maybe our kids do.

(01:25:41):
I'd say we might touch it.
Yeah, it might be like grandkids or something.
Yeah, and we'll be like 90-some years.
We'll be like, I fucking told you so.
We were right.
But I don't know.
It's wild to think about.
And it gives me a lot of hope for the future.
And so, yes, even when Bitcoin is crashing down to now 96,431 fiat cuck bucks,

(01:26:02):
infinitely printable fiat cuck bucks per Bitcoin.
I'm still just so incredibly bullish on the future
because it's like we don't even know how good things could get.
And they're going to get really messy in between.
Transition?
It's not going to be pretty, undeniably.
But what comes out on the other side,

(01:26:25):
we're not building right now for ourselves.
We're building for the next generations.
and that's I think something that like fiat forces you to be so high time preference that
like so much I mean and I don't mean I know a lot of really good boomers right I know a lot of
great bitcoin boomers it's a cliche for a reason but the the boomers like it's kind of just like a

(01:26:48):
they just basically it's just like oh well fuck the younger generation you know pull yourself up
by your bootstraps just buy your house for a couple of bushels of raspberries like I did and
It'll be worth $5 million.
You know, like it was so much worse than that because it was hypocritical as well, too.
It was like they took the lessons of the greatest generation and like you got to save, you got to work hard and these things, too.

(01:27:08):
But then they didn't apply them to themselves, but they gave us the gave the rules to us.
Like we're just going to have like pensions we've been paying into, but we're getting paid out of right away.
And we're going to get all this entitlement spending and everything, too.
But you guys, you guys are the issue that aren't working hard.
There's a reason that it stings so much more.
One thing if they were just like kind of hippies and like, no, let's just go full socialism.
But they preach one thing and then have enacted another as a collective.

(01:27:29):
Couldn't judge people as a collective.
I'm well aware, but there's a reason that cliché exists for a reason.
And there's still a problem in terms of a voting demographic.
Like in Canada, my god, it's awful.
You can actually see that the younger generations have skewed conservative, which again, voting is not going to save you.
Vote harder.
We already know this.
But just to get a read of the room, the only reason that we have the twice central banker once I think was in the running for head of the IMF, running our current country and now into the fucking ground for the benefit of Europe,

(01:27:53):
is because it's all the boomers.
You can see it's like 50 plus is all that's voting for him
and me in the one-day free state of Alberta here.
The election is decided before it gets to us.
Our vote does not matter at all.
Yeah.
I am all about a free Alberta.
The more I've learned about Alberta

(01:28:13):
because of all the base Bitcoiners I know from Alberta,
I'm like, fuck yeah, Alberta.
Like, yeah.
Like you, yeah, get out of the rest of Canada.
Like, you know, like they're not doing you any favors, clearly.
No, it's not a non-zero chance to even saw just today.
So we had the so to give you a quick idea.
The last budget that came out was 60 billion, which, again, is just pocket change for the U.S.

(01:28:35):
But it was basically 50 percent higher than what it was supposed to be.
And the previous finance minister resigned hours before because she was not going to present it.
Now, in all fairness, she's a terrible like Davos, like hangs out with George Soros type.
So she's not a good person either. But she resigned and refused to present it.
the bill that they just dropped the budget they just dropped and it's for this year by the way
we're in november but the budget just came out now was 78 billion going up to 79 billion but the

(01:28:59):
thing that i saw this evening was that there's a whole bunch of like infrastructure projects
because of course there are we're gonna do a bunch of infrastructure projects they're everywhere
except alberta there's not a single one in alberta there's a bunch from bc and ontario and quebec
not a fucking project for alberta we are the red-headed stepchild even though like it's alberta's
resources that are basically like funding everything, which is just a source of U.S.

(01:29:21):
dollars coming in. Yep. Yep. I mean, again, just like in insane. And that's the thing,
like the solution to our woes, whether wherever you are in the world, whether it be the United
States or Canada or the soon to be free state of Alberta or in Europe or in Asia or South America
or Africa, it doesn't matter where it is. Like government is not going to solve your problems.

(01:29:43):
if government could solve your problems, we wouldn't have problems, right?
Our problem is not that, that, oh, well, if we just give government a little more power, right?
If we just let them govern us a bit harder, daddy, then, then it'll all be fixed.
No, because if that worked, if giving the government more power would fix our problems,
then there wouldn't be problems.

(01:30:05):
Like this is not like a complicated thing, but, but that's not the case because giving
the government more power makes things worse.
It distorts the free market more and more and more. Everything the government does is extractive. They're not a productive institution. They're necessarily not. Everything they do is based on extraction through the threat of violence. And so, no, government is not going to save you. It can't. It cannot save you.

(01:30:28):
It is up to us to take the freedoms that we want to have because, again, the government can't give us any freedoms.
They can enshrine rights.
They can legally protect freedoms, but they can't give them to us.
We already have the freedoms.
We just have to take them.
And so how do we do that?
Well, we do it by building parallel systems, right?

(01:30:50):
Bitcoiners are already doing that.
We're already doing that just by the simple act of taking your infinitely printable fiat
cuck bucks that you get in exchange for your time and energy and converting those to Bitcoin.
You are already engaging in peaceful revolution against the state.
Like you are subverting the state in the most peaceful, cooperative, voluntary way possible.

(01:31:13):
And that's through Bitcoin.
And also thank God that we have all these other tools like Noster, like eCash, like
Like all of BitChat, all of these incredible like technologies that are out there, like Keat and Whole Punch, all these different peer-to-peer technologies that make me so bullish because we have the tools available to us.
Like to reclaim our freedoms in the digital age.

(01:31:37):
We have the tools available to us to step outside of the Fiat Panopticon, right?
But you have to use them.
It doesn't work unless you use them.
Agreed.
most people are still asleep there
I completely agree and I think they will be
until it hurts enough unfortunately
I think that's the route that most people are going to go down
and on that note too we just had Matt Hill on the show

(01:31:59):
and holy shit the stuff that he's building
you've got to get him on
unbelievable like he's going straight for that sovereign computing
and subverting the state it's unbelievably exciting
but I want to go down that rabbit hole for a second
the thing I do want to touch on because we're talking about like
why am I so bullish and why are you so bullish
and I kind of had the realization we're at an unfair advantage
we are really at an unfair advantage here
being that we are Bitcoin podcasters
and everyone should become a Bitcoin podcaster

(01:32:19):
because the reason that I'm so unbelievably bullish
is the people that I get to talk to in this space.
Like if I'm ever having a moment of feeling down,
like hanging out with you right now in the stream,
I feel great.
I'm energized.
I'm good to go.
Hanging out with the sessions team.
We just went to the YYC meetup and had a BitDevs
and had one of the guys from Lightning Labs in there.
Like you cannot be bullish
if you're hanging around other Bitcoiners.

(01:32:39):
If you're feeling down right now,
if the price is bothering you,
that just means you're not spending enough time
with Bitcoiners, find the local meetup
because these are the most inspiring,
energetic they're the people that you want on your team and my god do they lift you up i was
hanging out uh i was having a nice guys night evening with some fantastic bitcoiners one of
which another beautiful alberta bitcoiner was was made x too right and awesome dude awesome dude

(01:33:05):
you can't not feel inspired by these people i'm hanging around with people that um they give me
like okay i gotta do better i can contribute more i can go harder here and in that sort of way when
you see everything that's being built, when you're being, when you're around the people
that are building it, when you're around people that see it, this will not phase you at all.
96.434 will not phase you whatsoever.

(01:33:28):
Amen to that.
The more time I spend with Bitcoiners, like in the meat space, especially like when, when
you're like, that's, that's one thing that people, you know, will say like, oh, there's
too many Bitcoin podcasts, too many Bitcoin conferences.
It's like, I don't know.
I think we need more of both.
Like, I think it's, I think it's good.
I think people need as many opportunities as possible to be around and engage with other Bitcoiners, whether that be passively through listening to podcasts or actively through starting your own Bitcoin podcast, which you should, or actively through being around Bitcoiners at your local meetup or at a conference in the meet space.

(01:34:00):
Like there is nothing better than that.
And when you're around people that are like you said, like you want to be better, right?
You want to do more.
You want to contribute more in whatever way we can because we all have different skill sets, right?
Like you and I aren't writing code, right?
But those who can't code, podcast.
Like this is, you know, as the old saying goes.
But it's impossible to be bearish when you're exposed to all the incredible things that are going on.

(01:34:27):
When you're exposed to all the incredible people.
And that's one of the things that I realized as I started going to Bitcoin conferences was just like, holy shit.
This is just the most inspiring group of individuals I've ever come across.
And it's so concentrated too.
It's not just like, oh, here's the random inspiring individual amongst the crowd of Bitcoiners.
It's like, no, no, no.

(01:34:47):
Like just about every Bitcoiner you meet, you will find some way to get inspired by them.
And that's just, that's a really cool thing.
And it's, we're going to look back, you know, I don't know if you watched The Office, but there's, you know, there's that quote in there.
Like, I wish there was a way to know you were in the good old days when you're in them.
And it's like, we're in them right now.
Like, we're going to look back at this and be like, holy shit.
Like, that was kind of wild, huh?

(01:35:09):
We're around these people that are building the future that we're all going to live in or podcasting the future about the future that we're all going to live in.
I don't know.
It's cool.
And again, if you're feeling bearish right now, start a Bitcoin podcast.
Start talking to more Bitcoiners.
Go to your local meetup.
Go to BitcoinPodcast.net slash gear.

(01:35:31):
That's BitcoinPodcast.net slash gear to get the full list of everything that you need to start a Bitcoin podcast today.
and you will feel so much better.
Because if nothing else,
if nothing else,
it doesn't matter if it amounts to anything financially.
What it will do is give you a chance
to meet other Bitcoiners,
talk to the most interesting people in the world,
have a fun, non-destructive hobby.
You're going to absolutely love it
and you should do it.
And on that note too,
I want to even point out that like,

(01:35:53):
I was just at the Canadian Bitcoin Conference
a couple of weeks ago.
And funny enough that like we're here now
because at that conference,
I was saying that like,
it felt like a bear market conference.
Like it was really like,
it was,
I was hanging out with the most amazing people.
There was no Bitcoin curious.
Everyone there was already the converted.
So it was a fun time, but it felt very odd for where we were too.

(01:36:13):
But it gave me the chance.
I got to meet Brandon Gentile, and we had the most amazing time hanging out.
He gave a talk on homeschooling.
I was sitting there taking notes.
I'm like, oh, this dude's nailed it.
Four kids, and they're just the most polite children.
I'm like just writing everything down as fast as I can.
And it's those things that sustain you, that grow you as a person, that you learn something else new.
Fuck, I was hanging out.
I was out late too often.

(01:36:34):
I got up every morning.
I was there every morning for sure.
But like I was hanging out late at a cigar lounge to close with Hoddle Dee, Steve Barber, and Mr. Dave Bradley conspiring on how we can have Alberta independence, right?
And those are the wonderful times.
That's what resets the clock and makes you feel amazing.
Dude, that sounds like a good time.

(01:36:56):
I need to make it to a Canadian Bitcoin conference.
It's on my list.
The timing has not worked out yet, but I need to make it there.
I've got to say before Bitcoin, I knew like the Canadians, I knew I could count like on one hand, you know, even I'm from like, like northern Wisconsin.
So I'm like pretty close to Canada.
But I still just like I knew very, very few Canadians like through Bitcoin.

(01:37:18):
I was like, holy shit.
Like I like Canadians are way more Bitcoin Canadian, you know, Canadian Bitcoiners are like super based.
Like this is awesome.
Now I know more.
I know more, you know, Canadians I can shake a stick at now.
And they're all super based, which is which is amazing.
but no it is like uh the other thing about the vibes like when when it's a quote bear market or

(01:37:40):
just when when sentiment generally is bad and you're at a conference a bitcoin conference
you'd have no idea that sentiment outside of that was bad because the sentiment's never bad at the
because the talk isn't about price like and that's when you like that's actually when it's good when
it's not just all of the like macro moon boy opium stuff right when it's like actually like hey here's

(01:38:04):
what we're building here's the fucking cool shit we're doing like the price doesn't even come up
because we all know where it's going and it's just it's irrelevant right it's just about hey what are
we doing what are we building how can we work together like that's the shit that like gets you
fired up to dude to come back and podcast another day i gotta tell you so at the conference there

(01:38:25):
There was one speech, and I often find myself – we look back on history and wonder how these atrocities in 1945 could ever occur.
How could everyone follow mean old Mr. Mustache?
So Francis Pulliat from Bull Bitcoin got on stage and gave a presentation that was what he's doing to take over the world.
He literally gave a presentation on Bull Bitcoin's world domination plan.

(01:38:45):
And absolutely, I was in the crowd just – yes, I totally get how people can be sucked into one of those people because he's a Canadian-based motherfucker and unbelievably inspirational.
You just want to follow him into battle.
He's an awesome dude.
Yeah.
And that's the thing.
It's like, man, it's hard to be bearish.
Like, I can't be bearish knowing the Bitcoiners that I know.

(01:39:09):
Like, okay, yeah, like, Bitcoin's immutable properties aside,
like, what makes me really bullish is, like, our fellow Bitcoiners.
That's what makes me super fucking bullish.
And it's, so, you know, again, if you're feeling bearish,
try to spend some more time with other bitcoiners because it can be isolating like when you go down
the bitcoin rabbit hole i'm lucky enough that my wife uh carla was was going down the rabbit hole

(01:39:31):
with me right so we we had somebody because it was during covid too so it was already isolating
but at least like we had each other so that was that was amazing and we had the internet you know
yeah thank goodness but it can be really isolating if you don't have somebody in the real world to
talk to and like probably for a lot of us like a lot of our let's say uh you know quote normie
friends. Maybe like we've orange-pilled

(01:39:52):
some of them and they're going down the rabbit
hole, but that's a slow process.
It's tough. It's not
immediately easy.
It's going to take them a while to get them to listen
to your Bitcoin podcast. They will eventually, and it'll
be very rewarding.
But you just got to go
and meet some actual Bitcoiners.
It's just the best

(01:40:12):
thing you can do for your own sanity like you need
to. I can believe it.
I was so isolated and alone for
years too. So to keep
in mind before i landed this wonderful job again become a bitcoin podcaster um i was working in a
canadian university so you can't really get more kind of left liberal than that right so i was the
ancap libertarian eventual bitcoiner in a canadian university and then going through the kobe times

(01:40:36):
as well too i had fucking no one and i was miserable there and it was because of that
isolation it's almost the like you start to wonder if you're going crazy at times too i was chain
smoking like a motherfucker because again it was like what am i gonna do i'll get my work done for
lunch i'm just gonna go smoke listen to some spaces and then go back in because i hated it
and i had no one to bounce ideas off of i had no one to talk to no one to share with and also

(01:40:57):
there's that again canadian university i was well aware that if my opinions got out there that's why
i had an n on a handle for so long was that i would there's a good chance i'd get canned for
my actual opinions right and i rose through the ranks way higher than i ever should have
and so i the first time i went to any sort of bitcoin event i remember leaving there
and thinking like how energized I was,
like how like pumped up I was.

(01:41:18):
But I later realized it wasn't that.
It wasn't that I got in there
and these people gave me a bunch of energy.
It's I got in there and I,
because of value alignment and understanding,
I got to shed all the chains.
I was just unrestricted for the first time.
I wasn't having to worry about what I was saying
or what I was thinking or how it would be received.
I could just freely be me.
And once I got a taste of that,

(01:41:38):
there was no fucking going back.
I was looking for the exits
and I was getting out of that job.
man that must have been uh that's like a quite a a hotbed of like oh my communism like i can i can
only imagine that must have been like stepping out of that and then into the bitcoin space like
that's that's about as like a it's quite a quite a polar opposite there in terms of uh

(01:42:00):
in terms of vibe man and and how does it feel oh my god it's you have no idea i've um it's a little
bit harder my wife right now and explain why in the sense that um i've never worked as hard as i
am between the two companies but i've never been this happy like i was absolutely and on paper it
was a great job on paper it was the like best job benefits and vacation and paying all these things

(01:42:23):
too but like i remember talking i had a good relationship with one of our providers and i was
explaining it to him it's like the thing that i need is not money the thing that i need is just
respect and to be able to talk like that was my issue right i was just oh this is you know token
libertarian guy ignore his points and never give him any don't give him more responsibility it was
the best thing i did for myself and actually i heard ray dalio talking about this on a podcast

(01:42:46):
and if you're young this is particularly good advice um don't don't follow the money um follow
the people you want to work with and particularly mentor under that'll be the biggest roi in terms
of your career path and i 100 agree i have just like everything for me has accelerated working
with Ben over at BT Sessions and him and Mike
over at Bitcoin Mentor.
I've never been this happy because I have meaning.

(01:43:08):
I enjoy what I'm doing.
I don't feel like I'm just wasting time.
Fucking hell. I'm sure you're
mildly aware, but they literally waste money
at the universities. They literally purposely
waste money. No.
Yes, they do. They do, Walker.
I'm shocked.
If you get a grant and you don't
spend it all, you will get less
money next year. So the only way

(01:43:29):
and also if you don't spend it, it's not like you get to keep it.
It's not like you can save grant money, which is fucking retarded.
It means that you have to burn it by the end of the grant in order to get the same or more the next year.
And if you don't spend it, you will get less.
You don't get to save it or keep it for it.
So they would purposely dump money on the dumbest shit.
And it was – again, I worked specifically in research, and it's such a – you meet people with a very narrow scope of focus.

(01:43:52):
And they're very brilliant in their one particular field.
But if you've – everybody should have like a service job or work in the trades.
I'm a big believer in that.
If you can, when you're young, start getting jobs.
There's an important lesson in kind of being bottom of the totem pole and having those kind of those skill sets and kind of working your way up to.
Because I would work with or work for people that had only ever been in academia, never been in like a for-profit company.

(01:44:15):
And trying to communicate or plan with them or even just like the leadership skills is unbelievably frustrating.
It's like you guys would die in the free market in a second.
You're only here because you're subsidized by the government because you suck their dick.
yeah yeah i want to read uh btc dharma in the chat i'm a tenured uh psychological science professor
who feels similarly outcast stop giving a fuck about it a year ago and preach freely to the libs

(01:44:40):
btc dharma good for you good for you man you're you're you're not alone um you know that that's
the thing that's the beautiful thing about i think bitcoiners generally it's like you realize there
are other people that are like just as crazy and like a lot of them are even crazier than you are
Like you thought you were hardcore.
It's like you go around Bitcoin and you're like, fuck, I need to step up my game.
I'm kind of a little bitch right now.

(01:45:01):
You know, but like it is an incredibly, it's a freeing thing, I think.
And that's the beauty of Bitcoin generally is like that it gives you the option to like,
like it's fuck you money.
Like you don't even need to have, you don't need to have billions of dollars worth of Bitcoin
for Bitcoin to be fuck you money.
Like Bitcoin just is fuck you money.
Right.
And because it's the first form of money they can't fuck with.

(01:45:24):
They can't fuck with it.
No, they can't.
They can't take it from you and they can't debase it.
And that's everything.
That's everything.
Because even a little bit of it gives you more freedom than a giant stack of fiat.
And that's a beautiful thing, right?
That's that like the optionality that Bitcoin gives people.
And Bitcoin gives people over time too, because your optionality only increases.

(01:45:48):
And that's kind of the incredible thing is like, I'm very excited to see something I've
talked with with american huddle and eric casein about extensively i'll have them on for just like
regular uh rips together because i just love getting the two of those guys together and
bouncing ideas around huddle is my spirit animal i love them dude they're just awesome dudes like
just like respect the hell out of those guys and one thing we've talked about a lot is just this

(01:46:12):
this idea and huddle breaks it down more eloquently than i ever could but it's like
yeah bitcoin's gonna go to millions of dollars a coin and then what like what are you going to do
because we are going to be the capital allocators
of the new world order
and not like the new world order,
but like the real, the orange world order.
Actually impressive elites.
Yeah, exactly.

(01:46:32):
Like elite in a good way, right?
Yep.
In the way that it actually literally means,
not in the way that it's come to mean.
Like what are you going to do?
And I'm excited to see what Bitcoiners do
because we're going to have an incredible amount
of economic energy.
We have low time preferences.
we generally the bitcoiners who are around now generally want to either have or want to build

(01:46:54):
families to build legacy within those families to build strong families uh a lot of homeschooling
watching them sleep right now amazing amazing and i yeah i love it and we we should wrap soon
because both of us should probably uh you know get get get to bed uh at some point soon but i
you know maybe i'll leave it i'll leave it with this is just that like if you're okay we're sitting

(01:47:15):
right now we've been hovering right now at you know nine around 96 000 uh i don't know how much
it is in uh in canadian moose knuckles uh but i'm dead it's probably pretty bad yeah yeah but
134 8 wow it sounds it sounds so nice in canadian 100k guys yeah you're talking about there you go
yeah we're man how can you be bearish you know because that's the thing like man you want to be

(01:47:38):
really bullish look at the price in turkish lira like it's nuts um and i've some a lot of turkish
friends were very happy they own Bitcoin, understandably so. But like, there's just no
reason to be bearish right now. There's an opportunity right now because when other people
are really bearish, personally, that's when I'm the most bullish. It's like, that's when there's

(01:48:00):
an information asymmetry. That is when, if you understand Bitcoin, you really understand Bitcoin,
you've really thought about the game theory of this. You've really thought about what is going
to happen in the coming decades, right? And you're thinking about this long-term, you're thinking
about it in terms of not just yourself, but outside of yourself, your family, right? The future
generations. If you are thinking in that timescale, you need to look at this as a generational

(01:48:25):
opportunity. And that's not to say that it may not, it's like Bitcoin is volatile, but it's volatile
up and to the right with some, some, you know, yeah, it's going to, it's going to dip. It's
taking a little dip right now. Dips are meant for buying, right? There's always going to be more
dollars. There's never going to be more than 21 million Bitcoin. There's always going to be more
Canadian moose shekels and Turkish lira and pesos and whether they be Argentinian or Mexican or

(01:48:49):
whatever, there's just 21 million Bitcoin. That's it. And boy, if you understand that right now,
you are in a very, very small and privileged minority and you have an opportunity. You have
an opportunity right now, but it's up to you to take it. Nobody can, you know, you can, uh, like
the orange pill must be taken willingly. Right. And if you've already taken it willingly,

(01:49:14):
you're in the small minority, but realize that like eventually more people will wake up out of
necessity. But right now, most of them are still asleep, but that's your opportunity. Take it.
I agree. I really liked that. There's something that you kind of like hit on there from Hottle's
point that I thought was actually very beautiful. It's this idea that this is your opportunity to

(01:49:35):
stack more Bitcoin. And the next thing that you should do is not figure out what you're going to
buy when it's a million dollars or multiple millions of dollars, but figure out what you're
going to do. That is incredibly profound. It gives you the chance to actually dictate the terms of
your life. Because if you're stacking stats right now, you will get to have the life that you want.
So what do you want? What do you want to do? Where are you going to contribute? What's meaningful

(01:49:57):
and important to you.
Amen to that.
Nathan, I'm glad you jumped on here, man.
I was not expecting that.
Yeah, me too.
If I was just ranting solo this whole time,
it would have been way more boring,
at least for me.
I don't know if it would have been better or worse
for the crowd out there,
but I'm glad we got a chance to do this, man.
Folks should check out your shows.

(01:50:17):
I mean, most folks are probably following
BTC Sessions already,
but you've got a fantastic show on there.
Yeah, I don't know.
And if you're listening to this right now,
if you're one of these people who is up late at night right now at, you know, one in the morning
or whatever time it is for you listening to this, maybe start your own Bitcoin podcast.
Like, I know we'll, we'll, we'll both come on your show. I'm, you know, I'm sure like we'll,

(01:50:40):
we'll be happy to. And like, we need more Bitcoin podcasts until we have more Bitcoin podcasts
than shitty fiat finance podcasts. We're still lacking in Bitcoin podcasts. So consider this
your sign to go start your own.
And yeah, I don't know, man.
Glad you jumped on here. This was a good time.
Me too. This is way better than finishing cleaning.
I'm even more bullish now. I'm even more bullish than who it was

(01:51:01):
at the start of this. Fuck yeah, man. Damn straight, Walker.
Damn straight, sir.
Shall we go be with our sleeping
families? We probably
should. But before we do, just a reminder, everybody, go to
bitcoinpodcast.net slash gear
to get that full list of everything you need for the Bitcoin
podcast. Bam. Love it.
Alright, I'm going to cut this stream, and then we're going
to see if we're both uploaded and then we're going to go to bed.

(01:51:22):
Thank you to everybody who tuned in and listened to this.
Stay bullish.
Go meet Bitcoiners.
Start a Bitcoin podcast.
Raise a family.
Homeschool your kids.
Subbirth the state.
And have a great night.
Cheers.
Cheers, everyone.

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DO THE F***ING MATH | BITCOIN AFTER DARK EP 1 (BAD001)

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