Bitcoin Veterans
Bitcoin Veterans SITREP: Global Shifts - How Bitcoin is Empowering Nations and Communities
In this episode, we dive into the purpose of our show: to defend the values our nation was founded upon and to champion decentralized, trustless systems that empower individuals and communities. We explore the recent Bitcoin Veterans live video podcast featuring Randy Kelly, where he shares insights on geopolitics and the transformative power of Bitcoin.
Additionally, we analyze a recent report from BlackRock that emphasizes Bitcoin's unique role as a hard asset and its advantages over traditional financial systems. The conversation touches on the implications of Bitcoin adoption for countries like El Salvador and Bhutan, and how these nations are paving the way for a new economic paradigm.
Timestamps:
00:00:00 - Introduction to Bitcoin Veterans Spaces
00:01:00 - Purpose of the Show
00:02:00 - Recap of Last Night's Podcast
00:03:30 - Ethereum Discussion
00:06:30 - BlackRock's Bitcoin Report
00:10:30 - Randy Kelly on Bitcoin and Geopolitics
00:15:00 - El Salvador and Bhutan's Adoption
00:36:00 - Upcoming Bitcoin Conference
Sponsors:
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- Broadcast on:
- 18 Sep 2024
- Audio Format:
- other
(upbeat music) - Good morning, everyone. And welcome to episode 22 of the Bitcoin veterans spaces. My name is Coleman and I will be your host. And I am joined this morning by Shane Hazel, Bob van Kirk. I see Jordan on the Operation Libertaz handle. I see Lisa Huff in the audience, Wade, Steve, good morning, everybody. - Good morning. - Morning, everybody. - While everyone's still joining the space and getting settled in to listen to today's episode, I'm gonna go over the purpose of this show and why we do this every single day, one day through Friday at nine o'clock central standard time. And the purpose of this show is to defend the values that defend our, to defend the nate, I'm sorry, I can't speak this morning, defend the values that our nation has founded upon. We wanna champion decentralized trustless systems that empower individuals, communities and small businesses and eliminate a central authority so we can advance the cause of a free and open society. We do this by harnessing the power of Bitcoin and promoting a world where every individual has the undeniable right to control their own destiny, their own assets and their own privacy. And we don't support tyranny in any of its forms. And we will continue our combined experience and passion to ensure that the promise of liberty thrives. Together, we will continue our oaths to safeguard the ideals that do define us. We are veterans, we are Bitcoiners, and we are for freedom. Hu Ra. (mouse clicking) In case y'all missed it last night, we had the Bitcoin veterans live video podcast. And we had Randy Kelly, I'm sorry, Randy Kelly joined the show. I only caught the first couple minutes live and then I was able to tune in at the end where I heard the Turkey story and the bear story, which is a pretty good one to hear. But I did have a chance to listen to the whole thing this morning. It was really, really good. So if you get a chance, definitely go check it out on YouTube, on Spotify, or we have a post back there on Noster and Twitter. But it was a really good conversation. I really enjoy hearing what Randy has to say about everything, so I highly encourage that. I wanna start off with this video that was posted. I believe it was from the Singapore Crypto Convention and it's a video of Vittelek Viv, I can't even say his name this morning. Guys, I do apologize. But let's go ahead, Jacob, and let's roll this video. ♪ And his properties are from that event ♪ ♪ All the rest of them is mathematical ♪ ♪ No more no more than most than his principal ♪ ♪ It was your question, no brain or his hair evolved ♪ ♪ A new form of wealth begins ♪ - So I think that pretty much some's Ethereum in a nutshell, quite positive, that's everything. It's definitely, it doesn't look very promising at the moment, so anyone have any thoughts on that? - What the hell was that? - You know, I love it because it just makes it so easy to send that to folks who enjoy Ethereum. It's just, it's fun to share with them how the brilliance is, it's almost like there's no words. I was just saying earlier this morning that the race for Bitcoin salesmen of the year is gonna be tight this year. I think Elizabeth Warren and Schiff and the rest of those guys, they've got stiff competition to be the next thing in there. - It's just a farce, and so there's another video I definitely wanna show that's a little bit more serious, and that was the video from Safedine's podcast with Sailor. He just came in and spoke. I haven't had a chance to watch the whole, or listen to the whole podcast, but Jacob, if you could, go ahead and roll into the standard video for me. - Like a rational world is Amazon, Microsoft, Meta, Apple, they all buy Bitcoin with their cash flows. I mean, Apple would be worth an extra trillion dollars, right? If Apple basically started buying $20, $30 billion a year of Bitcoin, you know, they spent 500 billion on their stock. Where would Apple be if they bought 500 billion worth of Bitcoin right now? I mean, granted it was over a 10 year time period, but if you look at that, right? How do you increase the market cap of Apple or Meta by a trillion? And the answer is you start to take your cash flows and your treasury, and then you buy a capital asset that's plus 40% a year instead of one that's minus 4% a year. And when that happens, you can see in our macro model, the equity market's gonna look good, right? That's gonna put a boost in the S&P and the NASDAQ and the Magnificent Seven. So it's not, you know, I guess my point is I don't wanna be a doomer like Bitcoin, good, everything else bad. Because the truth is you could say Bitcoin, good, pretty bad, and bonds bad. But if I actually backed the bonds with Bitcoin and if I backed the currency with Bitcoin and if I backed the equity of Bitcoin, then they're all going up, right? So it's like just Bitcoin better. And everything else is actually gonna grow. And that's the argument for Bitcoin just makes the world a better place, right? It's the constructive, cheerful, progressive, grow out of your own problems with a good technology, you know, vision, as opposed to, you know, this nation is gonna melt down its currency and its banks are gonna melt down and we're all just gonna jump on a lifeboat. So it's... - Did anyone up here this morning get a chance to listen to that full interview with Safe and Sailor? - Only parts of a Coleman, really, really fascinating, you know, when they're going back and forth, you know, talking about sustainability and earning yields and all that, I think it's probably a bit over my head in some cases, but really interesting to watch two of these Titans and Bitcoin have these conversations. And I think that's a, you know, one of the things about Bitcoin that's really pretty amazing is there are a lot of open minds here. And so it doesn't devolve into, you know, what we typically see out there, you know, in legacy media where the name calling and the tribalism starts and all that fun stuff. This is more of a talk-through of ideas where you're starting to see people explore some of the, you know, ideas and narratives of where we're heading and where we're going. And I don't think anybody's really got it all, you know, pinned down, this is absolutely new. But nonetheless, fascinating conversation. - Yes, and I think anytime Sailor speaks, it's definitely what we're tuning in for. And that is so smart and so in tune with everything going on. This leads to a good little segue with BlackRock and how they just put out a report. And I'm not sure if you all saw it or not, but they published a report yesterday afternoon and it was why Bitcoin? And they pushed this to all of their clients and that document highlighted several key points about Bitcoin's role as a unique asset for its investors. And the highlighted points that they had were Bitcoin's hard-coded supply cap of 21 million units means it cannot be easily debased. Its global digital native nature means it can be transported anywhere in the world at near real time and at zero cost, transcending the frictions, long inherent and moving value across political borders. And its decentralized, permissionless nature made it the world's first truly open access monetary system. And I think this is really important. We definitely need to spend some time on this as this is a lot of the issues people have and if you're trying to move money anywhere or trying to do anything with banks, it's so infuriating when we have this technology and it can be done instantaneously and yet we have to use this archaic system. And it's fascinating to me that BlackRock is probably putting this out there for all of his clients showing him. There's definitely alternative to this. It can't be debased and this is what we need to start lending into. At a time where the Fed is going to start supposedly cutting rates this afternoon. Does anyone have any thoughts on the BlackRock article that came out? - I didn't leave it, but I think we're going to see a lot more from them and others who are obviously have something to gain from the adoption of Bitcoin. I do think it's interesting from the standpoint, like just based on your description about the fact that you can move money pretty cheaply with less friction and, you know, pointing, highlighting the fact that it doesn't need counter-parties or intermediaries. - I think the system is on such a dorinko collapse and it's kind of been, the can's been kicked down the road for so long because of these like little incremental gains that they can kind of act like they're getting. Even though a lot of it is just like shell games and inflation and manipulation. But the thing is like, as much as these people really need to learn a lesson and like have a very hard reset or whatever you want to call it, Bitcoin is most likely to allow for a smoother transition. And this is just one way where they could start cutting a lot of costs and act like, oh, they're still doing everything so great. Even though it's just, they're really just changing a very fundamental thing and cutting a lot of waste in the process. It's just, you'd hope that they would see the benefits in that and do it, but they're also so used to just getting free money that do they really care about cutting some of these costs. - And they think that Randy Kelly talked about this last night on the podcast, where he believes that Bitcoin does that outlet for us, how we can help preserve and have a smoother transition out of this. Not saying that it's going to be smooth sailing, but it was really interesting to hear Randy talk about that. And Shane, I don't know if you can touch on that a little bit more on Randy's comments. - Yeah, really, I mean, if you guys haven't seen the show from last night, it's fantastic. Randy is just a force of nature when it comes to geopolitics and understanding how forces are trying to move to capitalize on the changing hegemony right now from a unipolar to a multipolar world and kind of the narratives that have been shoved down our throat. I think one of the big things that he brought up last night is as we're moving through this period of change and renaissance, if you will, the ability for us to communicate over vast differences with being free, I think obviously acts as a honeypot for a lot of us. But at the same time, there is something to it right now where the amount of communication and the amount of people looking at it, where it is somewhat free, is able to short circuit a lot of what's happening in this world in terms of major power players trying to deceive people and then take action, whether through force or coercion, like we see all over the place right now, the ability to short circuit that with freedom tech and to call out the lies in real time, that's one of the things that Bitcoin is behind and we talked about it specifically as Bitcoin veteran. This was, I think, the key piece kind of the takeaway is this group has such a different relationship within its own members in the way it's organized. It's a completely decentralized group and I think most of Randy's point is these decentralized groups that are in Bitcoin especially are going to be forces that state powers are going to have to consider in the future. And that's because as we move on and Bitcoin gains more and more value or more purchasing power over time and it's concentrated in hands like Bitcoin veteran. That is a decentralized network that can communicate through freedom tech all over the place. You've got a group of guys and gals for that matter and civilians all coming together to say, all right, we can not only do this, but we have a kind of an oath that we swore to each other a long time ago, this bond where we want to provide, we want to work and we will go in and we will put in the proof of work without even being paid to progress this mission. That is something I don't think that you find in a lot of other groups, the decentralization and the camaraderie and this idea of doing this selflessness that they don't have, like the rest of the world doesn't have what Bitcoin veteran does. And that piece is something that is going to gain more and more and more traction as Bitcoin is reinvested into this parallel economy. So yeah, like I said, if you want to dive into it, that show last night with Randy was absolutely 10 out of 10. - It definitely was 10 out of 10 and I'd encourage everyone to go back and listen to it as Randy points out a lot of points, there are a lot of issues going on and solutions to get out of it. It's really easy to go down the doom and gloom route, but Randy definitely went over it and talked about how the solution's out of it. It didn't say it was going to be smooth sailing, but there's definitely solutions. And it's starting with those communities, local communities get involved. Again, if you're a veteran out there, reach out to us that we have a large community and we're constantly growing. So go check us out at the Bitcoin Veterans website or just send us a DM and we'll get you hooked up with one of our community members. Jordan, did you have anything as you wanted to say on that? - Actually, well, I don't think she's up on the stage, but I think Lisa had post made a tweet about the show and I was kind of, it sounded like she had watched it. I was hoping that she would give her opinion on it 'cause I think we'd just have a different perspective being the absolute boss that Lisa is as opposed to just veteran's takes on it, but I don't know if Lisa's available to talk. - I'm not sure if she'll be able to jump on, but Lisa, if you're able to just hop on and just go ahead and interrupt me while I just continue kind of moving through this. The freedom tech on this aspect of Bitcoin is we're in the beginning stages of this and it'll be a couple more years still before we really see the implications of what is going to be able to do for these countries. We can look at El Salvador. We can see how they're just got financial independence. They stated that earlier this week, they don't need the IMF help anymore. And you can look at the country of Bhutan. Their government is mining their own Bitcoin through their green energy. And now they're the fourth largest government that has Bitcoin. They hold roughly about $750 million worth of Bitcoin or 13,000 Bitcoin. And it's very not surprising, but it's good to see that these countries are taking these risks 'cause they don't really have much else to lose. They're at the bottom of the barrel. They're getting walked all over. And if they see a way out of the current system and they're taking it and it looks like it's, we all know the outcome for this is going to be superior, but it's nice to see that these countries taking these risks. And sorry, I'm just kind of rambling on here. If anyone else has anything else they'd like to mention on this, please go ahead. - I was just going to hop on and comment. Your show with Randy was, in fact, one of the best. I mean, you guys, I'm not quite sure what the metrics were, but there were times when y'all had almost a thousand people. I'm sure I wasn't watching the whole time what the metrics were, but I mean, you guys had a lot of people that were in that space last night listening to Randy. I mean, you know, I love it. Ditch all flatter me so much and call me a boss, but like that dude is really a boss, right? Like seal, commander, all sorts of like weird in the woods, training with bears. I mean, it was a great show, but what an incredible life he's had. And yeah, I did tweet because he said that, you know, Bitcoin is, I can't remember if he said is or could be, nevertheless, Bitcoin is divine intervention, which there are many of us who have thought that for a long time. And really, every time I say anything related to God on Twitter, I lose like 200 followers immediately, which I find hilariously funny. But. - That's a good thing. - God, yes. You see, I said it again. But to tie into what you were just speaking about, you know, what I find really troubling perhaps is, so the work that I'm doing now is speaking. So I have a, actually I spend a lot of time on LinkedIn and for any of y'all that don't spend time on LinkedIn and maybe you think it's horrible. I do spend a lot of time there because I feel like there are a lot of people that don't live on Bitcoin Twitter that perhaps we can bring to our side of thinking. So I do post quite a bit and some of the benefit of that is that people from all over the world, energy companies, from all over the world are reaching out to me going, "Hey, you know, can you help me hook up with a miner? "Here's what my energy source is." And then they'll proceed to lay out what they have in mind for a mining facility in their country. And, you know, while I personally think that that's perhaps great for the Bitcoin network, it also just makes me really effing mad for the United States of America that we've had the mainstream mafia and Elizabeth Warren and Jamie Diamond out just doing center's work saying that this is a terrible technology because we're pushing technology offshore. I mean, and I've said it for a long time, it's my opinion that us sanctioning Russia was one of the biggest blenders that the US has ever will ever make because we pushed Russia into the arms of China. And I mean, it's just so incredible to me that a middle-aged woman who went to public school can see this and yet you have all these people in the world with Harvard degrees and Stanford degrees and PhDs and economics. And they're all just denying the technology. I do think that Elizabeth Warren is the biggest threat to national security and anyone that goes along with her way of thinking in the Bitcoin space is a threat to national security. So it is no surprise to me that your organization is gaining hundreds of members each week and that you are a really powerful voice for Bitcoin in this space. And really, you speak for all of us. Lots of people just don't know it yet. - Thank you, Visa, for those kind words and you're right, Elizabeth Warren is just completely evil. The Harvard, PhD, sell the economists out there. They all have the same agenda though. They're next to the money printer. They're used to just being directly involved. And that's what that Black Rock article kind of talks about. It's decentralized, it's permissionless. It's open access to everybody. And it doesn't matter how much Bitcoin you have, you're not in control. It's for the people. And we need to just make sure that we're spreading that message. And there's another video that we can roll into really quick where Tom Emmer talks about this exact thing. So just give me a thumbs up, Jacob, when you're ready. And we'll just roll right into this video. - That applies to not just Bitcoin, but everyone in the digital space. The government is like a legalized form of the mob, right? In order for you to be safe and secure, you got to pay the vague. In order for you to do the things you want in this country, you got to pay the vague. Hacks is whatever that might be. They are scared to death. And this is where the Elizabeth Warren attitude comes from of decentralization, because you know what it changes? It restores what this country was built on, which it's by the people from the ground up, not from political nightmares like the Senator from Massachusetts who will now not be named, that literally wants the top down. That's not what this country is based on. That's not our value. We need to make sure that we open this up, permitting reform, bureaucratic reforms. You're going to have to reduce some of these agencies. And you're going to have to bring the financial legislation that's on the books. You're going to have to bring it into the 21st century. Why do we keep trying to shoehorn this new thing into something that we wrote starting in the 30s? This is a new world. We got to get caught up and we got to get into the 21st century. (indistinct) - That we need to get caught up into the 21st century and we have to stop using these archaic systems just because they benefit a select few. So Tom Emmer summed that up perfectly. And I think it's important that we just continue to keep spreading this message. ACSC joined up here and sacrificed the poll. Good morning, gentlemen. - Morning Coleman. Hey, I just wanted to circle back to the kingdom of Bhutan. I threw a quick picture up that I pulled from LinkedIn, actually, just like Lisa was mentioning earlier. And I think this is a metric that's going to start to resonate more with people. We see micro strategy talk about Bitcoin per share for all of their shareholders. And Lou, keep put up this really kind of eye-opening picture for me on the kingdom of Bhutan and how much Bitcoin they have versus their population. And as countries start to accumulate, we're looking at nation-state adoption. And this is going to be the metric that I think people will look back on and start to see a shift in world powers based on how much Bitcoin they have per person or per capita. - AC, do you want to go over those numbers just for people who can't view it or are just listening in the background? - Yeah, yeah. So like for the US as an example, roughly 333 million people, Bitcoin holdings at 207,000. And so he did the conversion, at least in the picture of back to USD. So that's roughly $37, $38 in Bitcoin per person. But then you compare that to like the country or the kingdom of Bhutan, the population is only 782,000 but they hold 13,000. So the conversion from yesterday's prices is roughly $1,000 worth of Bitcoin per person. And so those are just the two. He also lays out China, Great Britain and a couple of other, or end to El Salvador especially. And even El Salvador, per capita, they're at roughly $55 in Bitcoin per person versus the US in 38. So we're starting to see a shift in what Shane was talking about earlier in economic power of the future and having that voice to be able to shift the narrative and shift the direction of not just the people within that particular country, but globally as well as the greater society and having a larger voice in the direction that we move in the future. - AC, those numbers of holdings were what the government of each country is holding, correct? - Yeah, yeah, that's correct. And I mean, I did the calculation last night, so don't quote me on it. But this is also an incentive for the plebs like us because when you do the math, it's an amount that is affordable for most people in Western nations today and it's getting to the point now where it's also potentially affordable for people in the global south. And so the biggest takeaway for me was twofold. Number one, stay humble and stack sats so that your position provides you a greater voice, but then also consider different jurisdictions that are gonna be friendlier to Bitcoiners in the future. Or if you're not willing to vote with your feet and I get that, I know a lot of us Bitcoin veterans are willing to, we still believe in America and we're still willing to fight for America, but accumulate to the point where if you're not willing to move to a jurisdiction, empower yourself with that economic power to be able to make that change in the future. - Yeah, so nobody's scared to vote with your feet if things aren't going well. That was the thesis on the sovereign individual. And so just make sure that you're out there. And AC, I definitely wanna thank you for throwing that out there. It's really interesting. And I would have liked to have known what the debt per citizen in El Salvador was four years ago. That would be very interesting to see the drastic change because I know that they were deeply indebted to the IMF and now they're debt-free and independent. So that would have been really interesting to be able to pull that up. - And what does that signal for? - I'll throw all these, go ahead, Ace. - Sorry, Jordan. I'll throw a link in the nest as well. But he also goes through and does the analysis of this versus GDP. And that's another interesting one as far as, what is the GDP of the country versus the countries or the government's current Bitcoin holdings? So I'll just add that as another one for your folks to look at. Go ahead, Jordan. - What an absolute signal to all the other underdeveloped and developed nations to see how the IMF has kept them in states of poverty since its creation and here's now an example of a country coming out of it and becoming independent in an economic sense and how that will have ramifications across the developing world. And then you couple that with at a bigger macro level, the US sanctioning Russia and basically taking its dollar reserves off the table. And that's a signal to all the developed countries that the dollar is not something to be held onto. - And to kind of spin off that, Jordan, the IMF was really harping down and trying to blast across every avenue they could that El Salvador was doomed because they were trying to get off of this debt cycle and they embraced Bitcoin. So it's definitely a rallying cry for every nation that's just kind of the underneath the thumb of all of these imperial states. - Hey, what's up everyone? - Good morning, sacrifice of all, how are you doing? - Yeah, I'm scared, it'sifiable. - I'm sorry. - No worries, brother, no worries, please. Man, first I'm up in here. I heard about it for a while now. I have no idea why this is my first time. I guess I'm going to start a little bit with introducing. I'm from the Netherlands, X maybe, XMP. Super great conversation. I just would love to tap into a few things that I've learned along the way. You know, throw up a few balls because there's a shitload of reason to be very positive about a lot of things that are happening today. - We regard to the IMF in World Bank. It is like, listen, the data is in our favor. I'm not like some of y'all heard about like Africa where there's this like solid fucking rock. Data is showing how the countries that have the least amount of IMF World Bank shit type of involvement in these countries. They're the ones who are doing the best as we speak. Obviously, El Salvador is working for us. You know, we're like three years in, like two weeks ago. You know, that's just going to be, it's going to be one way street. That's only going to go up with, you know, probably doesn't matter which metric you are trying to poo poo on. It's going to be a very positive news there because there are too much reasons to be positive. We have at the northern part of South America, we have a country that not a lot of people heard of. It's a former Dutch colony. It's called Surinam. Right there we have Maya Parabu. Maya Parabu is going for the presidency. This election takes place in May 2025. I know her. You know, she is Bitcoiner first and doesn't want to have anything to do with politics, but it was people like Samson Mao who kind of like persuade her to go for this. And I think that's the most pure, let me call it strongest approach for trying to change the country within the political realm is Bitcoiner first and don't want to be a fucking politician, but still go for it. So that's happening in May 2025, a shitload of reasons to be positive about that. And what else we got, man? In the global south, we have like Samson Mao's doing a shitload of stuffs. There are so many global south countries who are realizing that the resources that they have are like beautifully are tapping into the renewable opportunities in terms of getting their energy sector up into second gear. So there are so many things to be positive about the many projects that are going around worldwide. It's an interesting development where most of it we see a global south where culturally speaking, Bitcoin is more of a need than I want. The interesting, as someone said earlier about sovereign individual, I think this ACU said it. I think that is an enormously underestimated, powerful development that devoting with your feet. I think as shit is going to be more shitty, the more important devoting with your feet element is going to be. And I think it is absolutely inevitable. If you're freedom of speech, money is information. So if you want your life energy to be as valuable to you as possible, and maybe not just to you, but if not to you, then to your kids and their future, this path is absolutely inevitable. And I think it's going to prove a lot of people, maybe not in the next five years, but in the next 10 years you'll see countries like El Salvador and others will follow where you see that there's going to be an impact to fuck this fucking GDP metric. We're going to find new metrics that are going to show people that things are going to change in a positive manner, and it's going to be Bitcoin that's going to make these things happen. So I'm very positive. Yeah, I love being here, guys, and yeah, I'll be SpongeBob from here. Thank you. Hey, well, thank you so much for tuning in and finding us, and I really appreciate those insights. It does mean a lot to us when we get new perspective on things and new speakers. So thank you so much for joining us. I see uppercase Terrence and lowercase Terrence joining, and I see Greg Foss in the audience. Good morning, everybody. Great to see you. And he's going to touch it. Oops, sorry, I didn't mean to cut you off. Go ahead. No problem. I just came from the Daniel DeMartino space with Truflation and was able to ask my question. So how do Magoo, who's slightly regarded, he pointed out or he claimed that the Fed purposely wanted to have the, I don't know if you guys talked about this, but have the rate cut the market be split on whether the market, the Fed was going to do 25 or 50. And she basically said that was BS. They screwed up because they wrote out their Fed Whisper, Nick Terrence or whatever from the Wall Street Journal on Friday, pushing 50 basis points, the market kind of liked it, but not enough. And so they had to kind of walk it back when he issued another kind of article on Monday. So maybe I got the sense he's thinking he's probably 25, but regardless, it's screwed up because usually when you have these bigger cuts, like when the Fed raised 75 basis points, 75% of the market, meaning much of Wall Street and stuff are pushing for a 75 basis point increase when inflation was very in its inevitable ugly head. So now that the market is basically 64, 55, 45 or whatever it is, it's not, there's no consensus and that's not good. - I think that, Jordan, go ahead. - I just wanted to piggyback on that a little bit. What a stupid fucking system where the market start reacting to whispers of what the government or what the Fed might do. Like, I know this makes sense to everybody here, but like, what a stupid fucking system we live under, where that is what moves the market and not like real market fundamentals. It's just absolutely, I don't know why it just hit me when you said that, Terrence, but like, God damn is that stupid. - I love that reminder. - And I don't know, someone always posts the meme where we're going to look back or children are going to look back and we're thinking that the whole world sat on edge because everyone is talking about it this morning, waiting for one man to decide on what the future is going to be like. You're right, it's idiocracy. It's an archaic system and we need to have the change. Remember, the change is slow. It can't be quick at the system. There's too embedded in everything. We just make sure we're Bitcoiners. We have a low time preference. It's going to take a little while, but we can already see the momentum taking off. Right now, we're just a little snowball falling off the top of the mountain, but we're getting a lot of traction and once that avalanche happens, everything gets cleared out. - What, a uppercase, what did, what break did she think they were going to go with? Did she think 25 or 50? - She made it, so I caught her program late because it started at 9.30 a.m. Eastern and went for an hour, so she might have said that, but I missed that part, but at least to my question, she just basically went off because she's a former journalist and very colorful commentator. She's very compelling when you're listening to her live. Her main point was they screwed up and she didn't say either way. I think she's thinking they wanted to get 50. They can't, they can't get it. Maybe they'll do it anyway, but twisting that Nick kind of walked it back, the Fed Westbrook guy from the Wall Street Journal walked it back sort of on Monday because they couldn't get to the 75 base at this point. They can get it to consensus. And then also the numbers that came out were pretty strong for the economy. So yeah, I don't know. - Hey, Terrence. - Terrence, we're losing you to the Matrix, sir. You're coming all in and out. Good morning, Greg Foss. Welcome, sir. - Hey, guys. Good morning. I'm on a train, so sorry about the background noise, but I'm just going to throw something out for you. First of all, the administered rates from the Fed are secondary of secondary importance to the two-year bond, and there's a huge spread there, over 160 basis points between the two-year and the Fed funds. And then I'll throw this out from Canada with love. Why not 3/8 of a point? 37.5 basis points. Think outside the box, Mr. Fed. You can move in eights. You don't have to move in quarters, and you can move into meeting, and you can actually be proactive rather than reactive over and out. - Thank you for coming out here, Foss. We always appreciate it. You're welcome back anytime, and I hope you know that. A.C., do you have your hand up, sir? - Yeah, uppercase, Terrence. Quick question for you. A post from the Kobayisi letter up in the nest, and it kind of goes through some analysis on starting with a 50 basis point cut, and how that has kind of turned out badly for the S&P 500. I was wondering if that was discussed at all, or if you or anyone else has any other insights into the starting of a cut and starting with a 50 versus a 25 basis point cut. - So do Martina Booth seem to imply that any time the Fed is doing a bigger move than normal, like 50 or 75, they want to get overwhelming market consensus to not royal markets, and they fail to do that here. But TBD, if they're still going to do 50 or 25. But on Friday, it seemed like they unleashed the Fed whisper to very strongly push for 50, because that seemed to not be on the table. It's not really clear. But the other thing that I read from someone else who's kind of so-called expert made sense to me, one of the keys will be the Fed's or Jerome Powell's remarks at I believe it's 2.30 p.m. Eastern time. So they make the rate cut announcement and release their whatever and then Jay Powell makes his prepared speech and then takes questions and it'll be interesting to see how much he talks about what the forecast is and if they kind of are making room to make a lot more cuts, which is what everybody's expecting in the future, just kind of gradually as the economy weakens and inflation comes down and people lose their jobs and so forth to try to prevent a recession. So yeah, a number of cuts that they hint at and the outlook will be very interesting. And I think Foss and I think Joe also said it yesterday. They have to try and make some big cuts. They screwed up not cutting sooner. So I wouldn't be surprised if it's 50 today and then I expect that Jerome just to talk about it for an hour and just kind of covering his butt and saying they should have cut a little sooner. There's nothing wrong in the horizon. But we need to try and get back down to what the market's telling us the rate should be at. Sorry, can I just briefly help in? I don't know if there's a glitch, but is Foss still on stage? Is he still on here or Greg? Brother, is he there guys or is he going already? He's showing. He's still up here, but he said he was going to hop off. So are you still there, Greg? Greg. He appears to be on stage. He's got a purple circle around him, but maybe. Yeah, I don't trust him. I don't trust Sweden, man. We don't trust the purple circle. Oh, man. I'll question some others. Yeah, definitely. Yeah, he's been doing pretty good about jumping up here. So just send us some questions, but again, I appreciate it. Really quick. Well, I have everybody's attention. I want to give a quick. Thank you to our partners. Black Sheep ammo on my notes. I have donated 6,000 rounds to us for a Bitcoin range day in Nashville. Check them out at black sheep ammo.com solo Satoshi. Check them out at solo Satoshi.com open source Bitcoin mining. Punch plate. I think I saw you in the audience earlier this morning. Put your seed phrase not in your fridge like Terrence, but on metal plate. This way it will last forever. And last but not least. Paladine tower tactical. Check them out at paladine tower tactics.com. And really quick. I want to hit on July clear calendars out for next year. The rumors are really coming in strong that the big there's going to be a Bitcoin conference in Juneau. And it sounds amazing. And I'm not sure if there's anybody up here that can speak on it a little bit further. But I'm getting really excited. I plan to go into Alaska next summer anyways. And this is just giving me a bigger excuse to spend more time up there. Are there any preliminary dates for that? Because I have a client who'd love to go. Wait. So right now it's. We're pretty locked in for July 5th and 6th. We've got some. We just want to make sure that we can secure enough lodging for everybody coming up. So July 5th and 6th. We've also tentatively instead of a whale pass. Have a more of a reception cruise going up trace the arms so we can be on a. 150 passenger boat catered going up looking at the. Watching the hydro flow off the mountain size while we talk Bitcoin. It's a little bit bigger. Bigger journey than just a party. Also looking at maybe having a range day in a. Bitcoin vets run. There's a lot of a lot of trails up here to do that in locking down. We've already locked down Centennial Hall downtown for additional housing. We've turned to the university. We may be able to house a couple hundred people out there as well as a local. Hotels and Airbnb's. So it's going to be pretty amazing. There's still preliminary, but we've locked down the location and we're just we're just going through all the hurdles of trying to put on a conference. There's a lot of nuts and bolts that go into this, but July 5th and 6th is tentatively what we're what we're looking at. And the satellite events leading up to it should be pretty epic. And the events will be helped before the conference. Correct. Correct. We have a pretty incredible 4th of July here. You've got high mountains and the the booms bounce off the mountainsides and the fireworks are shot over the channel. So we'd be coupling it over the 4th of July. I figure, you know. Well, what better place to be for the 4th of July than here anyway with the way we celebrate. We have the parade on the 4th, but the fireworks are shut off on the 3rd. So those who do opt for the cruise. You take the cruise. It's an eight hour cruise down to Tracy Arm. And then come back in and I shot an email off also requesting a quote for what it would take to maintain the vessel throughout the fireworks. Just dock there in the harbor so people wouldn't have to go find a place to to be. And then the 4th is the parade. And then the 5th and 6th being the conference. What time do you all shoot fireworks in general on the 4th of July? Do you all shoot them around midnight? Yeah. Yeah, it's June. June is pretty light here. So when we hit solstice, so when the 4th walls around, we shoot them off pretty late. So then technically is it done on the 3rd bend and launched right at the beginning of the 4th or is it done on the 4th launched into the 5th? It is the 3rd launched into the 4th. It's about 11, 15, 11, 30 is when they start shooting them off. Oh, sorry, 11, 59. I stand corrected. So, yeah. You older veterans are going to have to pace yourself. Yeah, not if you're coming from the east coast. That's a 4 hour difference too. So you're, you're already awake for the morning. Just put some cots up on the in the boat and they'll be good to go. Take a little cat nap. No, but don't let this deteriorates. I've been up to Alaska in the summer. It is amazing. I've never been to Juneau, but I am really looking forward to this. This is going to be an amazing time. Wade, I can say that it is going to be kid friendly, correct? A family friendly? Yeah, we're actually, that's part of our planning is for the conference. People have struggled with different conferences to struggle with bringing kids in and how to keep them occupied. We're considering something more long lines of field trips out to like the Men and Hall Glacier Visitor Center, out to die pack, the fish hash tree, things that they'd be more interested in. Sure, they can talk Bitcoin and they can play games, but I don't know if they can handle it at the same level that us adults can handle Bitcoin conversations. So, to be able to break it up and get them out to do some Alaska things in field trips in a bus with some adults and supervision, I think that would be a better adventure for them. So, we're going that direction. We've got a couple people planning that, all of those events, strictly, and they're focused on that. So, yeah, very kid friendly. So, bring your kids. I'd also add, as a lot of these things get more solidified, I would imagine that there's going to be a lot of pre and post conference type events that start springing up where there's opportunities to take your family and go do some really cool stuff in Southeast Alaska. I'm just going to hit on this really quick as I just saw it post up on my news feed. There's breaking news coming out of Lebanon. It looks like the Hezbollah walkie talkies they're using at the funeral for everybody that was injured and killed. Yesterday, I've just started exploding. I don't want to add none of that, but I just saw that come through and thought we should just make everybody aware of what's going on. Whether that's serious or tongue in cheek. No, I don't want to end on a bad note, but the news is serious. Everybody open up your bow fangs and check for a pet. Yeah, everybody's going to be afraid of their cell phones pretty soon. It might actually be a good thing for society even long enough. Yeah, cell phones are going to be left on the counters and away from everybody. So it might end up being a good thing, but this is just insane what's going on. But I definitely want to hit on some better things. I don't want to end out end of the day off on this. So does anybody have anything else they'd like to mention about the Bitcoin Alaska or the Fed rates right now? I'm going to take that as a hard note for everybody. So real quick, the Fed rates, so they're going to borrow from the future. It's just a matter of what rate. So we're just, we've conceded that they are going to borrow from our future. It's just a matter of how expensive it's going to be. 100%. Is it going to be 25 basis points cheaper or 50 basis points? And James Lavish, I definitely like following him. If you guys aren't following him, we need to check him out. He just posted a very interesting fact. I'm just pulling it up right now with an annual spending of $6.95 trillion and taxes bringing in $4.91 trillion. The US government is currently overspending by $233 million per hour. That is just a crazy number. We all do not have enough Bitcoin. I'd be interested to know, how do you bring this up to your no-coiner friends? When I bring this up, their mind, I can just see them. They can't comprehend these numbers. They don't find it believable. I'm wondering if anyone has a specific way. They like to preach this topic and just kind of make it so they understand there's literally no way out of this. I like the whole breaking seconds down or not comparing dollars to seconds. I think a million seconds is like seven days. A billion seconds is like 30 days and a trillion seconds is 30,000 years. To see how quickly, if you were to put every dollar towards one second, how quickly those numbers go up. A trillion dollars is just so unfathomable. It's hard to comprehend, but you can comprehend 30,000 years as a ridiculous amount of time. I think one issue is people do not stop to think. This is just something that they've lived with their whole lives and they think they know. Breaking it down and giving people little tidbits of information is okay, but I found that asking people questions is better, like lead them. Do you see that mathematically this is not possible or what do you think about the national debt crisis or a sovereign debt crisis and just get their thoughts? If they're not going to give you the time of day or they're too busy or their minds on picking up their kids or whatever it is, they're just not in tune. You spouting off a bunch of facts about seconds or per second debt and all that stuff is probably a waste of your time. I think just trying to figure out if you can ask good leading questions and see if you can get a conversation going where you ask them what they think about it. Yeah, absolutely Bob. And meeting people where they're at as well. When you meet people where they're at, you tell them a story of how you became a Bitcoiner. That's one of the most powerful testimonies you can give, especially if those guys out there that were like a man, this seems like funny money. It's ones and zeros and obviously ones and zeros can be hacked. If that's where you came from and you can kind of say, "Hey man, I was tired of my money being eviscerated by a central control and then just plant the seed." We're all on that journey. We're still on that journey. And to recognize that they've got a long, painful way to go in terms of swallowing that first orange bill, man. I think the recognition that you can share your humanity there in terms of where you started and where you are now and how it's changed your life or the life of your family or maybe even your community at this point. That is extremely powerful in planting a seed that maybe you can nurture. I always like giving people a book. If you can give people a book, it's something tangible. They almost feel like they owe you a little bit in terms of, "Hey, maybe I should crack this open and take a read on it." Especially if you're in normal contact with them. I know Jordan is part of F3 as well. I've got to jiu-jitsu gym around here and just start to have those conversations with the people that you're close to. And by a month, two months, three months down the road, sometimes they'll come back to you and say, "You know what? I'm really happy you gave me that, man. I'm starting to think a little bit differently and I've got some questions for you now." Shane, what book do you pass out? Oh, I'm very much in the camp of the fiat standard and then the Bitcoin standard. It depends on who I'm talking to. Down here in the South, Brian Dementz book, Bitcoin Evangelism is quite a hit. It's one of those things where I think you just kind of judge it by who you're dealing with and maybe regionally it might be a little bit different. I think I bought about two dozen of the Bitcoin standards and only have one copy with me. That's my go-to one. I pass it out to everybody. It's just like 15 bucks on Amazon. That's where I get them from. I just order them in three or four at a time and I just always have one with me just pass it out. So I agree with what Shane said. I always just have it on there. Well, we were at the top of the hour. Does anyone have any final comments or closing remarks they would like to make before we start wrapping up? Yeah, one last time I'll just plug Randy's interview last night on Bitcoin Veterans. Absolutely phenomenal. Don't mess it. It's worth every second. Thank you, Shane. Yes, it's definitely worth it. Again, I listened to it in full this morning. Randy hits a lot of good points. It's definitely one you want to go back and listen to. And so if no one else has anything, I want to thank y'all for joining. Everybody who joined up on the panel today, AC, Texas Toast, Upper and Lowercase Terrence, Bob van Kirk, Wade, Jordan, Shane, Jacob for doing everything in the background. I really do appreciate it, guys. That means a lot to me. And all of you in the audience, Tom Tabor, Alex, I see you out there. Death in Bitcoin. Thank you all for joining us and tuning in. We'll do this again tomorrow morning at nine o'clock central time and we do it every day one day through Friday. So make sure you tune in. Get on the mission. It's really simple. We need to find Bitcoin or we're going to be stuck with tyranny and check out the Bitcoin Veteran podcast. We find that on YouTube. We find a noster. We find on our Twitter handle page, so go check that out at Bitcoin, Bitcoin Veterans. And I love y'all. And you guys have a great day. And let's see where the Fed puts us.