Bitcoin Tonight 013

There are endless Bitcoin podcasts.

Most of them pretend they're always right.

We don't.

Bitcoin tonight live every Monday,

8.30 p.m. eastern time on Club Underground.

No scripts, no influence or hierarchy.

No mercy for bad ideas.

Some takes land and some don't.

Some sentences.

Should've stayed in our heads.

You'll hear all of it live with us.

Humble warrior, Mr. Ulrich and Phil.

Plus a chat that makes sure we know when we're wrong.

If you're not here live, you're missing the point.

And yes, you're missing the best part.

Monday nights, 8.30 p.m. eastern time,

Bitcoin tonight catches live.

The replay, it's not going to hit the same.

Oof, a whole lot has happened in the last 72 hours, right?

It's been pretty crazy.

Welcome back, Bitcoin tonight.

That's right.

Gonna have some fun.

Time to reframe pivots.

We're going to look at other stuff, right?

Maybe it's AI tonight.

Maybe we're going to take a look at some updates from the state.

Some Bitcoin adoption.

Some Jane.

He needs help.

That's right, ACP.

We're going to do some better for cross these stuff.

You know, we're going to stick Bitcoin in a box and we're going to keep it there.

Yeah, we're going to take a look at the Jane Street stuff.

And we're going to take a look at some engagement farming.

That's probably going to be fun.

That's going to be spicy.

And Tucker talks CBDCs.

That's right.

I don't know if you guys saw that podcast with Tucker and Catherine Fitts

from Salary Report.

Interesting stuff.

Interesting stuff.

All right.

You know the deal, guys.

We're going to dive into it.

But first, but first.

How's it going, Ulrich?

What's up, man?

I'm.

I'm.

I thought I was going to the ad.

You tricked me, but yeah, no, I mean, you set me.

You said you set the stage, man.

I mean, we're in a wild weekend.

But my lights are green in the background.

So that means Bitcoin must be better off than it was the day before.

So I'm okay.

And I think we're going to be okay.

All right.

You're okay.

I'm okay.

We're okay.

Let's freaking do it.

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Oh, man.

Well, what are you doing?

Huh?

I was going to say we're already getting the comments.

Oh, yeah.

I got to say, we're all going to die.

That is true.

We are all going to die.

And we have to remember that.

So we don't go down that that influencer path.

That's that will lead us to stray.

Also, this, this, this fits woman.

Look, I didn't say it, but maybe the energy that comes out of me at the end of this,

at the end of this show will probably have me agreeing with Rourke right here.

Yeah.

I was stressed.

Needless to say, I was stressed out listening to that, but we'll talk about when we talk about it.

Look, look, look, and good morning, are we rich yet?

Look, I think we're going to start being rich, starting tomorrow.

Look, I brought this one last week or two weeks ago.

It's the blood moon is here, guys.

And if you guys don't recall, the next blood moon is on March 3rd.

And the next one will be two and a half years later.

It'll be the largest gap in Bitcoin history.

And just so you guys know, this is, this is the chart for every blood moon.

Those red lines.

So this is, this is astrology, opium tonight, guys.

This is astrology, opium tonight.

And I promise you, every time there's a blood moon, something happens with the Bitcoin price.

And maybe, just maybe, we've already experienced a precursor of that this weekend.

And as you can see, this guy, doge crew talked about the last blood moon,

which was 11, 8, 2022, which coincided with FTX.

So these are the next blood moons in the future.

So set your, set your trades, set your buys, set your cells.

I think we're going to make it as long as we prescribe to the blood moon trading cycles, man.

Phil, do you not believe?

I mean, you were green lights in the back.

We were 65 a few days ago.

We're 69 now.

I think it's time to admit the blood moon trading strategies are real thing.

This is not a part of the scheduled program.

No script, guys, right?

Just like Humphle says.

Exactly.

Exactly.

And we don't know anything.

But look, when it comes to the astrology for Bitcoin and the astrology for any assets, right?

I've seen some people nail it.

Right?

I've seen that there's some people who claim to live by this and apparently trade by this.

And what's really interesting is that there's even some really wealthy traders on, you know, even on Wall Street that swear by this.

Maybe not publicly in every forum, but secretly they swear by it.

So look, I don't know what to tell you, but I will take this opium considering the last.

What have we, what is it?

Five months?

Is it just, are we, are we look, is it like a month?

Hold on.

No, nuts.

So I mean, let's go to the actual chart.

So the last one was pretty much calling the top, which was, I guess, in, in October sometime.

So the next one will be in March, will be tomorrow.

And you got to admit those last four have really called, I mean, which one is not calling something?

I'm just, I'm trying to figure out.

I'm not talking about the, the, the blood moon stuff.

It's just all of it, right?

I'm talking about all the astrology because there's more than just the, the, the blood moon astrology, the other.

It doesn't all hit, right?

No, there's a, there's a crypto girl.

That's, there's this, there's this real like, like this girl.

She was very, she looks very pagan.

And she was always pointing to like, something's in retrograde.

And people loved her.

Yeah.

This was back in 21.

I'm like, what the hell are people looking at?

Like, this is what, this is because some skinny girl in a, in a, you know, some sort of like vampiric costume is telling you about, you know, some retro grades.

And she likes crypto.

So all of a sudden she gets, you know, you know, 50,000 likes or, or 5,000 likes.

Yeah.

You know, it was weird.

She disappeared.

Um, obviously she lives somewhere nearby.

She made her millions.

That's it.

You know, but she made her millions.

But it's the, I believe it's mercury and retrograde.

And that stuff is real.

Okay.

That, see, this is where I'm getting into the magical thinking.

For me, that stuff is totally real.

That every time it happens, there's, there's like a pattern to it.

Right?

Like this particular mercury and retrograde.

You can't do any financial transactions.

This particular mercury and retrograde.

Don't do anything that has to do with like mechanical work.

Look, I don't make the rules, man.

I'm just trying to, I'm just trying to get through this.

Hey, 11-11 has been following me around for two years.

And I don't know what to make of it because it's not giving me any richer, huh?

The ones are good.

Don't worry.

The ones are good, but it's not making me any richer.

But maybe it's making me less poor.

That's what I have to remember.

Hello.

We're going to keep going.

We have so much to talk about.

AI tonight.

Just a public service announcement.

You know, we don't want to stick to this one too long.

Thank you for the adjustment, Phil.

But we want to talk about, guess what?

Yeah.

AI is real.

And these mega companies are treating as real.

At least for the moment, they're going to say, hey, we're,

we've invested in this.

We're going to make it work.

You see a bunch of layoff announcements.

Thousands of thousands of employees from multiple companies.

And this is obviously a subset of all the people that have been impacted by AI,

including, I don't know if Doge was really impacted by AI.

Look, we know, we know they're using it.

But really that was, they were inefficient anyways,

whether AI was there or not.

But we see, we see Amazon laying off five figures,

UPS laying off five figures, Intel city group.

And we're just at the beginning.

Look, we're going to get more efficient as we grow as a human,

as a human species.

And this is just par for the course.

This hasn't.

Maybe it's a little more.

What would you say?

Accelerated them before.

But.

This is, this is real.

Phil, your thoughts on this side before we move on.

Yeah, did I'm looking to see.

Block block block block was miscounted.

This counted.

That was 100 in the reply.

They said 40,000.

41,000.

41,000.

Yeah, they're there.

I mean, look, it's, it's a double edged sword.

Some of those, I mean, look, I think a small,

because I was thinking about this, a small,

I think a very small percentage of those jobs actually do end up coming back.

And the reason why I say this is because oftentimes at the beginning of trends like this,

you see this over exuberance, right?

People are trying to kind of, you know, pile in.

And even corporations, right?

Like they're, they're not immune to that type of behavior.

You know, they're going to do the same type of thing.

Because also at the same time, keep in mind that they're dealing with the public.

They've got a public persona to keep up.

Right?

So it, look, it shows, right?

They're cutting edge.

They're moving quickly, right?

You know, we're, we're nimble.

Yeah, exactly.

We're nimble.

People will be saying, we have Bitcoin too though.

That will be when we want guys, not yet.

Better, better companies will say that.

That's right.

Better companies than the ones that are saying that.

Not the, not the skeleton companies.

Yeah, not the, with the no income.

It's okay.

We're not going to go down that road.

Right.

But the point I'm trying to make is that, you know,

there's going to be a very small number of these,

these jobs that are going to come back.

However, I think, yeah, we're going to see these massive job losses.

But maybe that gets more people to reassess what the point

of our existence really is.

Right?

Like, I know it's like a deeper philosophical issue.

We're obviously not going to be solving that on this show

or anytime soon, I think, necessarily in human history.

But it's a conversation that's, that's beginning.

I think like it has to, it has to start happening.

Right?

Because I, I don't know necessarily that going forward

we're really going to necessarily be these kind of automotons

that just go to work nine to five,

like when you just don't need to, right?

So life is maybe going to be a little bit more about living, right?

So maybe we end up seeing that.

But in terms of disruption, we're 100% going to see the disruption.

We are seeing the disruption.

I mean, look, I don't think we get to where we're going

in terms of humanity without disruption.

You know, there's that right as cheesy as it is, right?

It's, it's pressure that makes coal into the diamond

and unfortunately, you know, human, you know, human kinds

so to speak, you know, must pass through the eye of the needle.

So it's, it's not cheesy at all.

I mean, Phil, it's actually biblical.

I mean, at church this Sunday referencing, referencing analogies

in scripture about refiner's fire and that, you know,

gold is refined by fire.

So gold melts and all the dirt rises up to the top

so that can be sloshed off and gold becomes more pure.

Gold is purified because of heat, which is,

guess what?

If you can't stand the heat, you get out of the kitchen.

We understand all of those analogies and what they mean.

This is a, this is a heating moment for humanity

and certain industries.

And I want to segue to this next chart where AI is

for the first time or AI data centers are being built

more rapidly or at least more money is being spilled on these

AI data centers than commercial offices.

And this was projected by zero hedge.

Maybe they said it's trending towards that maybe six months ago

and now it's past it for the first time.

Look, this is a, another disruptive force where we've

seen commercial real estate, we've seen office buildings

go, go empty because of the COVID work from home stuff.

Even as people are trying to bring people back to work,

my company is trying to bring people back to work.

It's like pulling teeth.

Maybe those people get fired because they refuse to,

to basically abide by the rules of the company.

But they're calling, employees are calling bluffs.

Companies are trying to put their foot down.

But meanwhile, the money is going to where computers

can run faster, smarter, harder, stronger.

This is another, this is a chart that represents that.

I don't think that's just going to turn over any time soon

just because people want to have white collar jobs,

archaic, obsolete white collar jobs.

So it's happening, right, Phil?

Yeah, it definitely is.

And all of this, all of this AI stuff, right,

got me, got me thinking as well.

It obviously requires massive amounts of energy, right?

And when we took it, we take a look at the,

I forget who was that put up this chart,

but showing essentially the energy generation, you know,

bike country, right?

By, by the most powerful nations.

And of course, you see, you know, you see China going all the way up

into the right for just sticking.

Per capita, they just passed Germany.

So we talk about Germany, the center of engineering development,

the center of engineering ingenuity,

and per capita people in China have more electricity generated

than people in Germany.

So, you know, and then you see the US kind of,

you know, kind of stagnant, right?

You see the, you know, the EU also similar stagnant down.

So AI is also going to, I think, as well,

force us as with, I think, all of our technologies to date

have forced us to figure out how to either create more energy

or at least how to create devices that use energy more efficiently

or extract more out of the energy.

So this is, you know, I mean, that this is,

I think it's just par for the course, right?

And when we go back and we look,

these buildings are empty anyways, right?

Like, let's, let's, let's be honest.

You know, if you're, if you're driving around and you're paying attention,

like you realize how many for sale signs and rent signs

and all of that is going on, like this is not, you know,

this is not like some conspiracy, you know,

this is actually happening.

So if we are moving towards this future and these businesses

are able to afford to, you know,

how's their data centers there?

And also, let's be, you know,

they're going to be paying for security services,

they're going to be paying for services around those businesses.

That's going to bring money back to the local economies there.

So I don't, you know, again, I just think,

I think a lot of times, like, you know,

people focus on all the terrible things that are destroyed

and we don't necessarily realize, unfortunately,

this is the path of existence, right?

Creation and destruction, you know,

it's just, yes, corny as it is, right?

You take a tree and you make furniture out of it.

Yeah, you destroyed the tree, you know,

you made furniture out of it.

Sounds terrible,

but sometimes you got to explain that stuff for whatever reason.

Yeah, people don't have multiple order thinking, you know,

that's why, you know, that's why,

that's why we have podcasts sometimes, you know.

And like, so we're going to, we're going to talk about

how this adoption, this,

this technological adoption has impacted Bitcoin.

There's several slides that River put up.

I figured, Phil, we'd go through them a little bit,

touch on, touch on them, like, figure out what's real,

what's not, try to be a filter that we,

that we are as a pleb underground.

We have to remember that, you know, river is a business

and sometimes they're marketing their wares or services.

And so we have to take whatever they're saying

with the grain of salt, you know, there's not,

there's no, no one is, is ever purely objective.

You know, everyone has their incentives.

And of course, river wants to be profitable.

But look, let's go through these institutions

are buying records amounts of Bitcoin.

Sounds, I mean, in my opinion, Phil,

that's at the same time is people are individuals

are selling records amount of Bitcoin.

We know that the, the, the OGs,

they saw 100,000 is pretty much their finish line.

A lot of them dumped for treasuries,

lava dump for cash, basically right off in the sunset.

The institutions have picked up those bags.

I'm not saying it's necessarily a bad thing

because someone wants a Bitcoin.

But at the same time, you see that, you know,

it's potentially more centralized.

We see that these institutions,

like we'll talk about with Jane Street when they have Bitcoin.

They say, hey, we have hundreds of thousands of Bitcoin.

By the way, we're shorting half of it.

But we don't want to tell you that.

So, you know, there's, it's not just,

they're taking up as a store of value per se.

They're financializing it, utilizing ways to create arbitrage.

What are your thoughts?

Yeah.

Yeah, I think, you know,

a BTC boom guy, record amounts,

isn't that almost nothing?

Yeah, exactly, right?

It's, it's pretty much, it's relative.

And as we're going to talk about later with Jane Street

to a certain extent,

you can just,

you can just do shenanigans

without actually needing to hold the Bitcoin.

Why?

Because you're an authorized participant.

So, you know, this, and again,

I, I try to balance,

I try to balance my, my realism

with, with, with my hopium as well.

So, of course,

seeing institutions want to buy shares

that give them exposure to Bitcoin,

yeah, that's the good thing.

It's not a bad thing, right?

It's not, it's, it's not something that I'm going to sit there

and frown upon.

However,

I would like to see businesses

that want to store their cash

that they're not using

by buying Bitcoin.

If that's what they intend to do.

Right, right?

Like, like, to me,

like that, that just seems much more,

it's all of these derivative products,

all of this paper shenanigans.

I know that there's a whole bunch of people out there

that seem to believe that this is necessary

for Bitcoin to succeed.

It's not.

This is just the bullshit that were fed

by people who are incentivized

to feed us this.

That's, it's, it's plain and simple.

Right?

And, and, and again,

anytime you see the Bitcoin price go up

or something like that,

based on one of these announcements,

you say, you know,

you've got people that sit there

and you say, you see?

Look at that, right?

Because of main street.

Well, Wall Street's accepting it.

So, that's why it's going up.

If it wasn't for Wall Street,

that's a load of nonsense.

Bitcoin's qualities,

as you know,

don't depend on Wall Street.

Wall Street has a completely

and I have said this a thousand times.

Wall Street does a completely different product.

It's not Bitcoin.

That product that they have,

that is a, a wrapper.

It's just like WBTC.

It's just like the stupid buck token.

It's just like all of that crap.

It's all the same stuff.

It's just derivative wrappers.

Not Bitcoin.

That's right.

They don't, they don't even look at it the same way.

They don't care about the Bitcoin network.

They don't think about any of this stuff.

Yeah.

Additionally, you know,

we, we see these large institutions.

Investment, investment advisors have been net buying

for eight quarters in a row.

Also, 60% of top,

60% of top US banks are building Bitcoin products.

And one more.

Yeah.

Let's, let's talk about those because look,

the focus of Bitcoin is successful here.

It's investment advisors and top banks.

So Bitcoin's supposed to be the,

the escape from the banking institution,

from the banking problem that,

that created Bitcoin in the first place.

An investment advisor,

like, in my opinion,

just like Phil said,

like, these people don't really care about,

are we,

are we saving the savings?

And we're we saving the,

the freedom to act in the economy for the individuals,

not the,

not the authorized participants or the,

what do they call it the,

the high,

the highly,

the highly valued and,

talking about the accredited investors.

The accredited investors.

Yes.

Like, these types of people have advantages

that Bitcoin wasn't created to help.

So,

these types of things,

saying Bitcoin is better because of this,

I think in my opinion,

Bitcoin is flat,

from a valuation standpoint,

because of this.

And I think it lead,

I think a lot of this has led to

the Jane Street fiasco

that where Jane Street is,

honestly,

reared its ugly head into different cycles.

Phil, what are your thoughts?

Yeah.

No, I was just talking with Rourke here

about Wall Street only caring about collecting fees.

Can you go back to,

there was another slide

that you just showed,

yeah, this,

this, right?

So, yeah.

So, so again, right?

Obviously, they're building,

they're building Bitcoin products,

right?

And,

okay,

if you take a look at the Bitcoin talk.org forum,

you'll see messaging

from Satoshi that indicates that,

of course,

at some point in the future

should Bitcoin continue to grow,

that banks will eventually

use it for,

for settlement.

And of course,

right, Bitcoin is voluntary network.

So,

right, it,

it can't be,

can't wait.

I can't stop anybody

in Bitcoin,

I'm using it.

So, they're gonna do it, right?

They're gonna use it.

They're gonna do all of these,

all of these things, right?

But make no mistake.

Again, this goes back

to my previous point,

and the Rourke's points,

right,

they're Wall Street's

business,

and the bank's business is fees.

Right?

Like this is their whole,

like that,

that that's their,

like their bread and butter.

So,

anything they do,

it doesn't matter

what the messaging is,

is it's always going to be about maintaining their own

mode and ensuring their fee revenue.

So it's a very interesting scenario that we're in because,

essentially, what we've learned in Bitcoin to date, right?

You can create Bitcoin-related products.

But from what we've seen, unless you're

the first mover, it's going to be a little slow, right?

It's going to be a little slow.

You're going to have to build trust.

It doesn't.

It's not just automatically conducive to success.

Whereas when you build a shitcoin product out of thin air,

you could just pay for all the hype and pay for all the marketing.

As we've seen with Bitcoin, there's no marketing department.

There's no company that's going to cut you a check

for talking about Bitcoin.

So either your product or service is valuable,

and it gets accepted by the market and embraced,

or it's not.

And that's it.

So that puts these institutions, I think,

in a much tougher place.

I do think so because they're not used to having to,

in my eyes, they're not used to having to figure out how

to create something of value.

You had no choice but to use them.

I mean, look, for example, in Canada,

you've got five national banks.

Like out here, you have credit unions and stuff like that.

Maybe there's a slightly more competition in the US,

but in Canada, you have five national banks.

None of the banks give a shit.

How you're treated.

You're not going to go to us.

You're going to go to the one and the other four,

but at some point, you're going to end up back at us.

So what you're just going to do is you're told, okay?

And this is what happens, right?

You leave enough of your assets with a bank

and you become hostage.

And this is exactly what they want.

So of course, they're going to build all of these services.

They're going to build all of these services.

They're going to say all the magic words.

But at the end of the day, it's got nothing to do with you.

That's right.

Adoption by public companies grew by 2.5% in 2025.

Look, we've talked about Bitcoin Treasury companies

so much over the last 12 to 15 months

that I think that we know what type of public companies

are buying Bitcoin as the ones that went down 80%

in what was supposed to be the bull cycle.

All of those publicly traded companies

are basically bleeding in the streets.

And anyone who had cash laying around

during the entire 2025 can buy them

at the same price that they had before Bitcoin

that they have while they have thousands of Bitcoin.

So this doesn't really benefit anyone per se.

I think it's just Bitcoin shifting colors of owners.

Do you agree?

Yeah, but I'm sorry, or backup.

I just wanted to see, I'm sorry,

I thought it actually had the names of the companies.

I'm like, no, it doesn't even say anything.

Not this one, no.

No, not this one, okay.

No, but as you can see, known businesses

are losing Bitcoin, Bitcoin Treasury companies.

Again, like conventional businesses,

they have, we have to admit, they have grown.

So that is good.

Yeah.

That the Bitcoin Treasury companies have grown.

Of course, we see that vertical

during the 2025 timeframe

that where my picture cuts it off slightly.

You can see, yeah, that's probably the OGs trading

their Bitcoin at 100,000 or shares in these Treasury companies.

And then the OGs dumping the shares on the market,

therefore getting their gains

in a very seamless, financialized legal sort of way.

But this doesn't really bring about,

I don't feel like Bitcoin is,

we're closer to Bitcoin hyper, hyper Bitcoinization

because these companies are holding Bitcoin,

because these companies are skeleton companies,

they're SPACs, they're, they're, they're,

they're ICOs to be, to be frank.

To your point, somebody actually made this comment

and it is kind of, it is kind of worrying, right?

You see businesses like XXI,

right, 21, Jack Moller's vehicle,

they don't even put out press releases, like nothing.

You know, I mean, let, do they have much to say, right?

If we're trying to drink about it,

do they really have much to say, most likely not?

I was hoping there'll be the go-win.

Yeah, me too.

I mean, look, you know, in, okay, so how about this, right?

The ones that I had hoped for, okay?

These are the ones, these are the ones that I had hoped for.

XXI, and when I did a little more digging

into meta-planet, I realized

that they are not kicking their shareholders

in the nuts as hard as other businesses were.

So, because they make a lot of their money

from selling call options.

So it's, it's interesting.

I mean, they should be making more of their money off

of their hotel business, of course, right?

They should be able to show revenue,

but that's okay.

We're not even gonna get into that.

So yeah, you know, like for me,

but it was really, I was sitting there thinking XXI,

you know, they've got, you know,

strike, which I know they don't own strike yet,

but mark my words, okay?

That business XXI itself has no revenue.

So they are absolutely going to bolt strike

onto XXI.

It's just gonna become an immediate revenue stream.

All of a sudden, now they're a business

that does Bitcoin loans, that has an exchange, right?

All of a sudden, it's, I just don't see,

I don't see that going any other way.

But to me, the Bitcoin treasuries as a whole,

that whole idea has been a massive disappointment.

And I mean, anybody who's paid attention

to our show long enough knows that.

I'm surprised you know, right?

I asked Jimmy Song that like,

hey, do you think the treasury companies

were the ICOs, the NFTs of 2025?

And I, you know, I think Jimmy who's not tied

to any treasury, like he's not tied

to any explicit Bitcoin shell,

except for his own books or his software program,

software teaching programs.

It's like, I thought that he would be willing

to like, just go out and say that.

And maybe he's not as edgy as the pleb underground,

but I do feel like that treasury company blow up,

especially when people like the, you know,

BTC ink started doing it and had him back started doing it.

Like just everyone started getting

their own treasury company.

I'm like, you know, this, this, what should,

what should have been a novelty or what,

if it was novel, maybe it was profitable,

you know, it was only one or two meta plan

and micro strategy, it's starting to get a little bit saturated.

I feel like this is going to boil over real fast.

And I mean, we were right on top of that.

Yeah, yeah, it's a, hey, look, you know,

sometimes we gotta take, sometimes we gotta take a lap, right?

Sometimes we gotta pat ourselves on the shoulders

for forgetting something, right?

Right, you know, forgetting, forgetting something's right.

But it's, we hope that you all change course, you know?

Yeah.

That's all it is, right?

And that's the, that's kind of the point of it, right?

It's not about, ha ha, they, they're, they're bad

and they failed.

Like that's stupid.

Obviously, I don't want these businesses to fail.

I want them to go, I want them all to go to the moon.

But guess what, if you, if you're going to do that,

you got to play by certain rules, which I know isn't always fun.

But guess what, Wall Street doesn't give a shit

about your, your Bitcoin, hotler mentality, right?

They don't care about my Bitcoin, hotler mentality, right?

Wall Street cares about boring stuff,

like the numbers, like revenue, like free cash flow,

like earnings per share, all of these stupid boring things.

And yes, one day it will, it may in fact change, right?

Because like these things have not always been steady.

They've, Wall Street has added some new metrics

that they found useful, right?

In determining a business's health or wellness

or whatever the hell it is, but we're not there, right?

So trying to shoehorn this like, you know, stuff like the,

the Bitcoin per share and the creative dilution,

all this crap, like nobody was buying it clearly.

Nobody was buying it.

Yeah, I mean, they, they took the proof of work

out of the proof of work coin.

Let's just be fair, but let's just be honest.

Merchant adoption, again, merchants who are proof of work,

look, I, I create, you know, I create a good,

I sell you a good, I create a service, I sell you a service,

that grew by 74% in 2020 and 2025,

according to, according to River, highlighting stake

and shake, of course, as one of the more popular merchants

that were adopting Bitcoin.

And in this other slide over here that I don't want to,

you know, we all need to go into the nitty gritty details

what it shows the industry break down by businesses

on River, I guess, maybe companies that work with them.

So good for them.

And then, like, we don't want it,

we already talked about lightning last time,

so I don't want to have to repeat that,

but lightning is growing.

We talked about that last week.

Yeah.

And I'll touch on this to fight the nation state adoption.

Let me clear this so we can see it.

Nation state adoption has grown.

I mean, in terms of that last,

that year, Brazil, Czech Republic, Luxembourg, Saudi Arabia,

in Taiwan, allegedly have some bags of Bitcoin now.

And the regulatory changes in Bitcoin since 2020 have,

I guess, softened.

We see a lot of legalization of Bitcoin

where it wasn't before.

So good on the world leaders,

not being so oppressive to ownership,

but again, at what cost?

And we have to realize that Bitcoin really is,

because it's so, because it's native to the internet,

because it's native to TCP IP.

Imagine making the internet legal.

Now, take one step up, Bitcoin protocol on top of TCP IP.

That's how legal Bitcoin is.

Just do it, man.

And you'll be surprised how far you can go.

Phil, your thoughts.

Do we have to, do we have to copy right?

Because you said just do it,

and that is a Nike trademark.

Are we going to get, no, I'm kidding.

I'm totally messing with you.

I'm totally messing with you.

I wear all your stuff.

I promise.

Come on!

I like you.

I like you, though.

So, I'll be right there.

I think we do that all the time.

I'm not just messing around, though.

Because you said just do it.

So I'm like, are we allowed to say that?

I don't know that we're allowed to actually say that.

But look, there's so many things

that are copy right now.

Days is crazy.

We got to be careful.

We got to be careful saying anything.

But going back to the, this particular slide over here,

hold on, let me, I'm adding it to the slide.

Okay, you got it?

Okay, yeah.

You got it.

Yeah, the merchant adoption, right?

That, to me, is a good thing.

That, to me, is some solid signal.

And the reason is, is that Bitcoin actually is meant to be used,

and again, used doesn't only mean hodling.

I do consider hodling using Bitcoin.

But I'm talking about actually using it to transact as well.

And the reality is,

how do you exchange unit of account?

Can we just get back to the fundamentals

so we don't have to play all this financial engineering stuff?

Exactly.

And if more people used Bitcoin as money, right?

That would be a bigger bulk of the transactions

on the Bitcoin network, right?

So, so again, to me, that's the signal, right?

The signal is the merchant adoption.

The signal is also lightning growing the way that it is.

Again, I'm not pretending like, oh my gosh, guys,

it's the silver bullet.

This is the greatest thing since sliced bread.

There's trade-offs.

There's trade-offs to everything, right?

Lightning for the most part on a massive scale is centralized, right?

When I say a massive scale,

I'm talking about the big lightning providers, right?

The liquidity providers.

That is centralized, absolutely.

Does it mean that you can't run your own node

and provide your own lightning liquidity

and connect to them and be able to benefit from their channels?

Yes, you can, right?

So it's just like, it's not going to be one solution.

It's going to be multiple solutions.

And I think we're seeing it play out.

And these numbers, I think, are a reflection of that.

We'll say it.

We'll say it.

Thank you.

So we're going to get some rough stuff.

Guys, are we going to start drama?

Guys, I'm just going to say right here,

I believe that these people are the reasons that I'm not semi-retired.

Are we saying that they were manipulating the market?

I don't agree with that, by the way.

I don't think so.

Right.

So we're going to talk about James.

Yeah, we'll talk about James Street.

We're going to talk about what they did in our pleb underground way.

We're going to summarize some of the events.

And we're going to talk about the byproducts and people,

and also other people summarizing events.

So look, did Wall Street ignite the blow up?

You can see that Duquan was arrested because of his, because of Tara Luna.

And the funny thing about this is, you can see the, how I say it.

So there was a, there was a young employee that worked with Tara Luna,

that moved on it.

Am I going to explain this?

Yeah, I think I'm actually going to explain this in the next slide.

So by the way, James Street, deleting all their tweets, James Street,

they are known as the, they, they were known for the 10 a.m. dumps.

And when the lawsuit came in, the 10 a.m. dumps stopped,

all by it, after the lawsuit kind of was made public a few days later,

the 10 a.m. dumps started again.

Is that another, is that another authorized participant pulling the James Street strategy?

I don't know, but they didn't just go away because of the James Street court lawsuit.

So I think this guy summarized the story pretty well.

Let me see if I could find something.

There's a look at the top on the right side of former Tara Luna intern named Bryce,

later joined James Street as a trader, set up a private group chat called Bryce's secret

with Tara Form, with the Tara Form team.

And then on May 7th, 2022, Tara Form quietly pulled $150 million in US Treasuries from

Curve, or is that, yes, US Treasuries from Curve within 10 minutes before anyone,

you a wallet, a wallet link to James Street dumped $85 million in US Tre,

tether, I guess.

What is UST?

Oh, Tara, Tara.

I'm sorry.

I'm at US Tara.

And so basically, James Street was involved directly and directly with the Tara Luna fiasco.

And then you fast forward to them being an authorized participant with the Bitcoin ETFs.

I think they were authorized participant with the BlackRock ETF, what you have is they seemingly

were doing some trading, utilizing the information that they get from the buyers of the ETF during

the market to short sell the ETFs.

And so consequently, you have this selling pressure that they kind of did around the same time

during the day.

Phil, like, did I capture that pretty accurately?

Is there anything you want to add on before I go on?

I guess I can also talk about Jeff Park before we talk about it collectively.

Jeff Park had his own spin, and he dropped this word soup, if you will, that people are

complaining, it was too small, but to summarize this little last paragraph, the short answer

is that no authorized participant explicitly suppresses the Bitcoin price.

What the authorized participant structure can suppress is the integrity of the price,

price discovery mechanism itself.

Those are not the same thing.

So, I mean, Phil, go ahead.

That's the, okay, because I talked about this during my daily show, absolutely that's

price suppression.

No, you have a shit what words you're using, okay, like it doesn't matter that he goes

and he found himself a thesaurus, you know, like, it's the same thing.

Like, oh, we're suppressing, they're suppressing price discovery.

Okay, yeah, that's the price, okay, it's even worse because what he's saying there, and

this is, I think my grand theory about it is that all authorized participants can be

complicit or guilty, or basically, they hold the keys to the car to suppress any time

they want to, which is why if Jane Street isn't continuing this, the next, the next authorized

participant of any of the ETFs could be doing the exact same thing.

So maybe it's the, what do you call it?

The regulatory constraints that enable them to profit off of this arbitrage opportunity.

Oh, it, it absolutely is because, uh, reg, what is it, um, is 13F, or I think it's

SHO or something like that, but anyways, essentially, what it, what it is is that these

businesses, okay, because they are authorized participants and because they are allowed

to, um, because they are allowed to create or remove shares from the market, they do not

fall under that, uh, regulation where they have to own or purchase the shares before

short selling them.

And it's not just Jane Street, it's Jane Street, Goldman Sachs, JP Morgan, Macquarie

Capital, and like 10 or 15 others, okay?

So it's like, how does that make any sense that you create a rule for essentially no one

that is going to fall under that category, okay?

Or let's just say people who can't actually cause any real harm that are going to fall

under that category.

Instead, the businesses who are most susceptible to playing these games, which really require

that, that regulation, they don't have to follow it because they can create or remove

share.

Like, this is the levels of, of like, excuse my language of mind fuckery that we go through

the fact that nobody stood up and said anything at any point there.

Like it just goes to show that everybody's got their hand in the cookie jar.

They made too much money to say, this is, it's like, I need to get money printing.

Hey, Verhovedi, this is money printing to say it's purely, purely, but the ETF, no, I

mean that just, just to conversation, the ETF, like there are people who are coming out

saying that ETF is going to ruin Bitcoin, the ETF or price discovery, the, the, the, the

NGU part.

I can't disagree.

In fact, I, I'm sorry, once the ETF came out, it was, it acted differently, it acted

weird, it acted controlled.

And you know, Michael Saylor, you say this volatility is vitality, you know, when you

have the volatility, it shows how alive an asset is.

And he doesn't say that anymore, by the way.

He actually says like, and even River said, like, I didn't even show this slide, but it's

becoming more stable when it becomes more stable, it becomes, it's more acceptable.

It means it's establishing its presence in the market.

Uh, I'm sorry, but I got into Bitcoin for its volatility.

So the ETF is killing it over to you.

I, uh, I can't, I can't disagree.

I, I was much more hopeful for the ETFs because of the authorized participants and because

of the, the fact that they had to purchase, well, because of the fact that they were supposed

to purchase Bitcoin before creating shares.

That's right.

Right.

Um, I didn't realize and that's my own naivete that they were going to be equally if not

more crappy than, you know, than other, other businesses, you know, like the Bitcoin Treasury

companies.

Right.

I mean, it's, it's pretty sad, right, that this is, they, they just, Wall Street just

did what Wall Street does, right?

So we, I guess I shouldn't have been disappointed.

I, because before the ETFs came out, I remember saying, this is going to be nonsense.

It's going to be bullshit.

They're going to do what they always do.

And then I started to read the prospectus of the ETFs and, yeah, I said, okay.

These guys are not doing, they're not going to play these games entirely.

And then when I saw the in kind of redemption get passed, right, that that got approved.

I was, okay, then I was going, oh, this is going to happen.

It's like almost like a true layer to we're going to find out who wants to take custody

of Bitcoin.

Right.

Yeah.

Yeah.

None of that.

Obviously, none of that.

The weird part about this and it goes back to ACP's general criticism of ETFs is that

I was looking at some of these rules and there's this rule that's categorized under 13F,

which talks about, it's not ETFs.

It's more like just publicly traded companies, they're divulging the assets that they have

bought on a quarterly basis, on an annual basis, what if probably more quarterly?

Because that gives people, hey, this is what I did so people can say, can track your progress

as a public company.

The problem is is that if a company authorized participant buys 100,000 shares of a Bitcoin

ETF, which, you know, add 100,000, you know, whatever, whatever that means in Bitcoin terms,

but 100,000 shares in Bitcoin ETFs, they don't have to say what they're doing with it.

And the reason why is because this 13F, basically, if you're shorting, you don't have to divulge

that.

So you buy 100,000 shares, if you're long 50,000, long 50,000, let's just say you're long

48 and short 52, you can say, hey, I bought 100,000 shares, however, you are net bearish.

You don't ever have to divulge that.

So when the Bitcoin podcast come out and say, that company bought 100,000 Bitcoin, that

company bought 50,000 Bitcoin, you don't know exactly what they're doing with it.

That 13F is there to protect companies for their trading strategies, because that can

be proprietary.

And a bunch of other reasons why they wouldn't, they're not obligated to divulge basically

what side of the market they're playing on.

Now here's a solution to this, because guess what?

You have to kind of plug these holes, otherwise, there is just, I mean, in my opinion, I would

think lawsuits need to come start coming out from people who may have understood what

the Bitcoin ETF was doing in a different way, mind you, maybe guess what, maybe you just

need to read the fine print and just deal with it.

But I'll say that if that divulgence was made mandatory, where it's like, you have to

say, hey, this is what I'm doing with these shares, and you just don't get to purport

yourself as bullish, so you can guess what?

Get a bunch of people to buy, buy in after you, and then you can front-run the market.

What that ends up doing is, that gives people a little more clarity into, hey, maybe I

want to buy this because I see that the market is generally 70-30.

My financial advisor is 70-30.

The people that I follow financially speaking is generally bullish, or guess what?

Maybe I want to stay away because all my favorite financial institutions are shorty.

I don't want to touch it at all, but that information ain't out there.

Again, I think what it boils down to, Phil, is that we keep on running into these roadblocks

of clarity.

Oh, I didn't know that we didn't have this information.

Oh, I didn't know that we had that information.

Those walls need to get torn down.

We start figuring out ways that Bitcoin can actually get captured.

Well, we're...

We're...

We're moderately standpointing.

Yeah.

We're definitely seeing it.

We're seeing it play out to ACP's point about the ETF suppressing price discovery.

I probably...

I wouldn't have said this a year ago, but we can look back at hindsight and say, yeah,

I think that we got a muted bull run because of these paper products.

Truthfully, I understand that some OGs got to divulge their Bitcoin at 100K and higher,

right?

But they're also walking away from...

But they also sell in a thousand.

When you're selling 2,000, 3,000 Bitcoin, it really doesn't matter if you're divulged.

You're going to...

They want you.

There's a...

Oh, sir, this way.

Exactly.

Exactly.

Something has to make a product out of thin air, you know, so it's...

Yeah.

I definitely think that, you know, so last cycle, we got robbed with the China Mining Band,

and then we got robbed with FTX.

And again, this is just market dynamics, right?

Right.

I'm not talking about FTX.

So I just want to...

Yeah.

And I just want to say, like, there's no grand conspiracy, okay?

There's businesses incentivized to extract as much value as they possibly can in a short

of a time as they possibly can.

That's all there is.

Truly, that really is what is happening.

So...

But I can still, you know, I can still say it that, hey, you know, that market was muted

as a result of that activity.

I can also assume that the current market that we went through to 127 also got muted by

an increase in that type of activity.

You granted me better.

No, it didn't.

It didn't actually get any better.

I mean, look, you know, Jane Street leaning on Tara Luna, right?

Sure, you can say that that was maybe unethical.

You could say that maybe Jane Street did something immoral.

However, to a certain extent, you know, like they're going to have to battle it out in court.

Yeah.

They're going to have to battle it out in court.

And then what they did this time, right, with the ETFs, again, they are an authorized

participant who is excluded specifically from having to actually own the asset that they

are shorting against.

So, you know, like, who do we have to blame, right?

Who do we have to blame for that?

It's just, look, this is the market and you got to roll with the punches.

Yeah.

We can only hope that hopefully there's enough powerful people who have the incentive to

have bullish for Bitcoin and that they clean that up so that this type of thing wouldn't

happen in the future.

And in my opinion, I think right now it's still happening because there's, it's, from my

perspective, it looks like they're printing money for free.

I mean, they're writing a charge wave.

They may, I think they said 250 million in three months.

I forgot the number, but it was a massive amount for them.

And it's like, oh, 20, I'm sorry, they made 24 billion in a single quarter in 2025.

They're rolling.

And why, why wouldn't they just not AP who's, they're all friends say, hey, we can get a little

cut of this.

And even though they're, they're, they got the lawsuit.

Let's just do this right now until it's, until it's no longer legal.

Yeah, it's, it's definitely going to be, it's going to be an uphill battle.

There's, there's no question there.

Yeah.

There really isn't.

And also not only that, but we're also seeing some other, some other weird type of stuff,

right, where we're seeing different states, right, they obviously like most recently

Indiana, right, they passed their, their strategic Bitcoin reserve, there's, there's also

Arizona.

I forget who it was, it, it might actually be Indiana, but on one end, they're, they're

saying, hey, you know, you can, the state, the state can own Bitcoin or the state can

own ETFs, however, by that same token, we're going to make sure that all the, all Bitcoin

ATMs are banned, you know, or all Bitcoin ATMs now require KYC specifically, right?

That's, I think it, I don't know if it's the HODL depot or it might be them, it might,

or the Bitcoin depot, but one of those ATM providers now, they don't have, they don't

have a choice, right, 9,000, 9,000, like, 8,500 locations, boom, every single one of them,

well, the majority of them in the states, well, they all have to be KYC now.

So it's, you, you can see the capture forming, right, the regulatory capture forming.

And in, in my opinion, there is this race that no one or very few people are talking about

and it is essentially the race between Bitcoin's parallel economy, right, the, the lightning

network, the Bitcoin peer to peer network, all of these different merchants, right, there

is that happening.

And then on the other side, there is the regulations as well.

So again, this, this goes back to the whole sticking Bitcoin in the box.

And that is, to me, exactly what they're trying to do.

And when you, when you do that, right, you, you can't make it look obvious.

So you have to give people, you got to give people, write the carrot on the end of the

stick.

So it's, it's done in this very methodical way.

And I feel like we're just going through it.

So, and again, I, I don't think that that destroys Bitcoin or anything like that because

they can't truly capture the network, however, we could be dealing with a whole lot of

fun.

A whole lot of food, a whole lot of food, a whole lot of, a whole lot of hoops and hills

to climb.

You know, so let's, let's talk about the, you know, the, the engagement, engagement tonight,

if you want to call it, you know, we talk about how people engage in the, in the space

with regards to what, what stories they tell and how they tell them what the incentives

are behind it.

Look, this Jane street thing wasn't without people that saw this as an opportunity to show

their wares, show their services.

And we have to be cautious of who we're listening to and what we're listening to.

And I, and I said this myself and pletator echoed it as well.

I don't, he probably said it around the same time as me, but as I watch, I said, watch

out for AI generated Twitter essays out there, not saying that they can't be factually

correct, of course, they can, but LLM's aggregating ideas in a captivating way is as simple

as saying good morning, nowadays, you know, so, and here's the funny thing, like if you

just dump, you know, some of these essays that you see on Twitter into an LLM, guess what,

they're going to recognize if they themselves wrote it, AI knows its own signature.

So what you're seeing a lot of nowadays is again, this future Elon news world is that

a lot of people are utilizing AI to not really tell an, an organic story or a real story

from their point of view, they're using these AI tools to turn out regurgitated, basically

clone AI slop type of material. And, you know, that comes with a little bit of, I mean,

Phil, I would say disingenuity, a little bit of a, you have to wonder where the, where

the baseline knowledge base is coming from, where the baseline knowledge is coming from.

And so that's, can it all be coming from the same rock or same chat GPT? And I just

feel like it's, I feel like it's generally bad for people who would trust something

for on a platform to say, oh, yeah, like because I trust this platform, you know, obviously,

this is good, this is good material, but this material is, is redundant, cloned AI slop

and we just have to be cautious of it. I mean, do you feel a, that's kind of like the

bad part of AI coming out? Oh, yeah. Oh, yeah, 100%. That is definitely the, one of the

worst things I've seen come out of AI so far. I'm obviously it's, I believe it gets worse.

You know, I just think that as AI becomes more and more capable, or as we continue to train

it to become more capable to sound like a human, right? The worst the slop will get. And

I, you know, are you surprised? I don't think you are. I'm personally, I'm not surprised.

You know, should, should we say, okay, are you disappointed? Are you disappointed that people

are doing that instead of actually trying instead of attempting to put together something

that they verified themselves? We talk about incentives. Yeah, you know, like, I mean, look,

engagement pays, right? Like I can tell you, you know, like I, I can tell you from, you know,

from experience, right? When you don't get engagement, it doesn't pay, right? Now, whether or not,

you know, whatever your goals or intentions are, that's a whole different story. But clearly,

it does. And none of us are better than our incentives. So if we come to a platform, and our

incentive is to grow our, you know, the, you know, our presence as much as possible, and to

maximize as much value extraction as possible, then we aren't going to look over any of those tools.

We aren't good, sorry, we aren't going to look past any of those tools. We're going to engage

in using every single one of those tools to their maximum, whether it's rage baiting with AI

slop, whatever it takes, right? And that's just the nature of the beast, you know, so unfortunately,

now you spend more of your time instead of actually, instead of actually getting informed,

you spend more of your time trying to figure out if what you're reading is information. Is it,

I mean, is it credible information? Is it not? And by the way, it goes, it goes in line,

it falls in line with the don't trust verify. I mean, you pick up the LA times and, or the New

York times, and nowadays, you can't, we've learned to not believe any of that, whereas maybe 20 years

ago, that was the, that was the way, this was just the way you understood how the world works with

20, 30 years ago. So it's like, we learn to don't trust verify them. At some point, we're going to

learn how to don't trust verify these essays on Twitter, because we're going to say, and we're

going to learn, we're all going to learn how it's like, hey, you know, my AI tool, does this look

like AI to you? Oh, yeah, this is surely AI. And here's why this. And then here's a trick that I

learned on one of the essays. Look, something about dates in AI right now is that they don't seem to

understand when something happened like a day or two ago, sometimes AI has this phenomenon,

where they just assume that it happened a year and two days ago. So when we're talking about

chain street stuff, let's just say some, the lawsuit came out on February 23rd. Let's just say

an essay comes out on February 25th or 26th. The essay, if it's not, if the essay is the person

using the chat, the chat GPT or Grocker, whatever, is not careful. The AI will spit out February 23rd,

2025. However, and they'll say, oh, yeah, that came out last year. And I'm like, oh, no, it didn't.

And it's not, I realized that because why? Because I was punching through queries and

working with my AI. And it did the same thing with something I was looking probably out of Bitcoin

rice at this point 24 hours ago. And it was telling me it happened a year ago and a day.

So those are the kind of things where we are going to learn to interact with this tool and to

verify people's trustworthiness and validity and organic nature by learning more about what makes

these tools tick. It's an interesting world that we're entering that we've already entered.

And it's, I was actually talking with one of my, probably my best friend, childhood friend,

we were talking earlier, right? And he was talking about his kids. And he was telling me how his

daughter was just, you know, talking with, you know, their AI at home, right? Like Alexa or whatever it

is. And it was just, you know, this normal conversation, right? That she's having with the AI.

And it's me being a Gen X or a zenial or whatever the hell category you want to put me in,

you know, growing up in the, growing up in an analog generation and having privacy,

having all of these things, being able to have your memories and your history just disappear,

right? Like you have this different relationship with privacy. And to me, it's like,

I look at these things and I see them just as tools. I don't think of them as friends. I don't

feed them information that I quote unquote don't want them knowing. But these kids that growing,

that are growing up with this that have seen it from day one, it's, it's like natural.

It's completely natural to just talk to the AI to, you know, be branded and all this stuff. So

yeah, we were in for some really interesting times. Now they called, they called the babies that are

which would be alpha's maybe nicknamed them for a moment, the touch screen generation.

But we'll see what they actually, but guess what AI came soon after that? Maybe they'll be the

AI slop generation who knows what's going to happen. But look, you know, we're talking about

incentives. I think it's a good segue to the to more engagement warnings. Look, we've seen when

yearbooks, Bitcoin yearbooks come out like, hey, be a part of this yearbook and it's like,

camaraderie and the community and we're all in this together. The modern day yearbooks just aren't

the same as the ones that were around back in like 2019, 2020, not that I was around 2019,

but the ones from back in the day or 2022. I see this yearbook and I have to, I have to give it

a little criticism. Sponsorship, panties, Bitcoin, but follow Onyx AW Bitcoin mining to be included

in the next one. Now, here's the funny thing. Like, why do I need to follow a company, a mining

company to be included in this camaraderie Bitcoin thing? It just feels disingenuous. It's like,

oh, yeah, you know, well, as long as you give us your engagement, we'll put you on this yearbook

so you can feel special. On top of that, you know, you have to, one thing I do like about X is that,

you know, it gives a little color of who's on the other side of these Twitter accounts.

And whatever this company, whatever this Twitter profile was, this mining company that's

from the Philippines, they've had seven username changes. And the last one was this month, basically,

February, 2026. So they've only been a mining company profile for four weeks. It's just a little

weird that, hey, they're using this Bitcoin yearbook thing as a cheap engagement show so they can

establish a foundational following so they can sell their wares. Look, being a part of the Bitcoin

world has taught me to trust, don't trust verify it more so than ever. And that's not even enough.

Being a part of the pleb underground really helps you learn to do your homework and to be cautious

of who wants your attention, who wants your time, energy, and money. Built Bitcoin yearbook

pictures, profile, things on Twitter, just think the same as they used to be.

No, they sure aren't. So the only real one so far to date is soala, right?

Yes, I believe he's out of Australia. This guy just does it out of the goodness of his heart.

He does every year, you know, like any new people that join Bitcoin Twitter. So look, I was just

going over this, they claimed to be a mining company. But yet their profile says track or account.

Bitcoin yearbook. Okay, that's the first thing. The second thing, which I mean, they don't even have

a website. So how do you request? Like, what kind of mining company? Let me see.

No, but how do you mine with them? Super weird. Like, where like, this is just sketchy as hell.

Not only that, the account's been around since 2021 and it has 15 posts.

And if they have half, they have half of that in name changes.

And all of the posts are them retweeting the updated Bitcoin yearbook.

Now they could. So they probably deleted some old posts, though. That's the thing.

They probably then they probably cleared out all their posts and they

rebranded their their profile to whatever they're doing now, which is why it's like,

which is so weird. Like, if they changed your name two years ago, okay. But to change your name,

this month, all of a sudden, you're so charged to be in the community that you're going to go ahead and

make a Bitcoin yearbook. And then, oh, by the way, you're sponsored by Panney's Bitcoin.

It's like, who's like bringing all the people to obviously a very popular account.

It's just super weird. It stood out to me and I'm like, huh, I think we need to talk about this

on the pleb underground because people, you know, you just, we get complacent when we're in our

Bitcoin community. And we, I think we just we have to be on guard with this within this environment

as much so as in the fiat environment. I think we're learning every day. It's not that it's not that

different. Sorry, Bitcoin, boom guy. Just said, I don't see myself in the yearbook WTF. I'm like,

yeah, well, we didn't retweet the scan mining account. So that's that's why we're not there.

Sorry, bro. I'm just looking at this. I think that, anyways, for whatever reason,

I think it's this ghost of Max, you know, accounts that actually

owns it because essentially, all that account does is retweet this guy. Now, granted,

they may have deleted a whole bunch of stuff. I have no idea. But that is just,

there's just so many, there's just so many scammers, man. It's nice. Nice find though. Nice find.

It's, and like, that's the other thing too, right? Like, many, many times, you know, we will get,

we'll get either you'll get emails from quote unquote Bitcoin businesses,

right? That want to promote us or something like that. And at this point, I just don't try,

like, unless I know you, unless like we've had serious interactions, I just delete that stuff.

I don't even, I just, I don't even care. Like, there's, there's no point because really,

you know, everyone's a scammer. And I'm not saying that I'm not a scammer. I'm just saying,

I don't want to get scammed by those scammers in that way, okay? I want to get scammed by

my own narratives. That's right. Anyways, yeah, it's, and speaking of, you know, narratives,

like David Bailey is, you know, shifting his narrative to say, hey, we all have to

get into AI. AI is the digital industrialization. Look, he's super powerful, super influential.

It's not surprising that he would get, he would have some people that have to sell, have

AI data farms that need investing, need investors. And David Bailey says it's a good idea.

We saw a lot of that with the Bitcoin Treasury companies. He didn't do too good with regards to

saying, hey, this is a great idea by us. He didn't tell, he's not, he's not telling you to buy

them right now when they're 98% down. He told you to buy them when they were, when you didn't lose

your money 50 times over. So it's just a very, it's a very disingenuous account that the CEO of

the BTC ink is. And, you know, when he changes his narratives, we have to be, you know, we,

we should be purking our ears up from a defensive standpoint, not saying, oh, what's the next big

scheme? What's the next big money move? Because you're probably not a part of it.

Yeah. You're most likely not. Before I comment on this, BTC moon guy is asking, is there an

update? Are we going to talk about the wealth tax? So here's the funny thing. I'm sorry that,

I'm sorry to say that the wealth tax update that I thought was there was actually fake news that

in general, before we get to our final topic to just talk about that, it's passing through their,

their house of reps. And I think they get to their next body of Congress, whether it's parliament,

I don't know what the hell Netherlands does, but it's passed the first step of actually being

adopted. So that post that we had in our in our summary actually ended up being fact checked.

But I just want to add to that because essentially, so they can't, the whole cancelling

was the misframing, right? The way that it was worded was that they canceled it after pushback,

which is totally not true. What's really going to happen, what's really going to happen is it's

still going to pass through, like you said, it's going to pass through the house, it's still going

to go through. But now based on the pushback, they're going to be modifying it, right? And this is

exactly what you were talking about. Exactly. This is one don't move. Always, they find the mean

18% unrealized capital gains. That's still a shit ton that's going to be, they're going to hurt you.

They get you having the discussion. This is how they trap. This is how it happens all the time.

It is a bullshit tactic to rope people into making decisions. And then, and then having to own

up to those decisions for things they never even wanted. Because think about it, nobody,

there's not a single person in the street over there in the EU that was like, man, you know,

we really need this 36% well tax, right? And the guy next door is like, you know what? I need to

pay more taxes. I need to pay unrealized capital gains, right? The average guy, he's totally thinking

not a chance, not a chance, right? It's just a bunch of, it's just a bunch of regulators, a bunch

of people that for some reason, as soon as they become part of the government, they check their

brain out the window and decide to implant this group brain that somehow decides, oh, it's for

the greater good. But the reality is nobody's asking for that shit. So the second one of these

policy makers puts this crap out there, well, now all of a sudden, you have to argue with it.

Well, the second you start to argue against it, well, now we can come to an agreement. Oh, now all

of a sudden, I'm paying tax for something I never agreed. Like, it is, it's just, it is such

operation mind-fuck, it's not even funny. And it's like, we fall for it. I genuinely wish that we

had, and of course, it'll never happen because those people will never end up in those positions

to be in those situations to say, I'm calling bullshit on you, you know, this is insane,

right? Like, and it's just not going to happen. So, but anyways, going back to the the David

Bailey thing and the AI stuff, I mean, look, it doesn't, you know, it doesn't really surprise me,

you know, that to a certain extent, he's possibly attempting to steer and I use this word very loosely

the community. It's, think of it like this also, right? You've got a bunch of Bitcoin hotlers

that have a lot of resources, right? 50% less. 50% less, but still, but still, right? Bitcoin

hotlers have a lot of resources. And if you can direct some of those more, I guess those more

resourceful Bitcoin hotlers into building out AI businesses or AI infrastructure,

I mean, maybe it's not the worst thing, you know, he's obviously pushing towards some kind of

end. In my eyes, he's had some type of a conversation, or somebody has had a conversation with him,

and, you know, they've, they've put together some type of a, some type of a plan.

Right? The problem is he has, he doesn't have a good track record of his tweets. I mean, he's,

he's starting to be like, um, what's his name? Cramer. He's like the Bitcoin Cramer.

Is that the right guy? What's his name? Yeah. Yeah. Absolutely. Jim Cramer. Yeah. Jim Cramer.

Like, I mean, prove, get a better track record before people start trusting you. I mean, you're,

I'm sure he's doing well for himself, but when he, oh yeah, he's got to stuff out and no one

post the date that he, that he makes this tweet post February 26, 2026. Okay. Now, whatever data farm

you're alluding to, is it, is it going to be profitable for the first movers for the secondary

movers? Or are you just looking for exit liquidity for the people who already have shares or ownership

of that, of that set asset? So we, I don't mind. Look, I don't, like I say, I don't mind microstrategy.

I don't mind meta-planage or AI data farms or Tesla, but when you're showing it,

you don't get to just have a free ride just because you say it unless, guess what? You're actually

just a commercial for the exit liquidity because people are asking you to say something so we can have

someone to sell our, our shares to that we no longer want. We want to cash out. That's the scary part.

That's what we're calling out. Let's watch them to see what happens. Um, yeah. So,

I, do you think, okay, so hold on, do you think Bitcoin is going to be used by agents? Do you

actually think so? I mean, like, look, I know we reported it on the open cloth or thing and,

you know, that they said that, you know, we, we saw that whole agent conversation. But

no, I don't think Bitcoin is reflective. I mean, I'm sorry, AI is, is reflective of their human

authors. And right now, human authors want stable coins and dollars. That's just what, what,

what a boils down to. They want things that are considered reliable. Bitcoin has been made to appear

unreliable from the definition of what reliability is. Stability is, yeah, I mean, in short,

I think that Bitcoin will be an interesting investment. And I think a lot of GROC will say that,

yeah, you know, I think it's a, it's a digital goal that will, that will likely grow in value

over time. But that's not going to make the AI economy any time so over.

I mean, it has to be some horrible. Like, the dollar has to, why would they, again, if the dollar is

strong and it's getting stronger, you know, with all the things that are happening, or more reliable,

or the best option out there for all, if the dollar doesn't die 25% in a day, the AI is thinking,

you're good. The AI is led to, the AI is Keynesian by default. Inflation isn't intrinsically bad.

We think that inflation is intrinsically bad. Zero percent inflation. That's what we think.

Or money should have deflationary properties. That's what all the Bitcoiners around me think,

if they don't, then I weed them out. But AI doesn't think like that. They think 3% is okay.

So until AI changes its framing, that inflation is actually, it's intrinsically bad. That's intrinsically

theft. It's going to continue to choose a stable state-sponsored unit of exchange.

Yeah, no, BTC boom guy saying the dollar is not strong.

I agree. I totally, I mean, I agree. There's a reason why we're seeing, to a certain extent,

shows a force out there in the world as well, right? That's a part of it's that strength.

Exactly, right? It means it's sovereignty. So the euro, yeah, the euro is,

oh, I can buy more euro than my dollar, but guess what? The people are also getting paid

less euros. It's all a general, like people in Europe aren't getting paid more than people in

in the United States, generally speaking. So it's like, if you have a dollar and you have a euro,

okay, now where can I go buy something all over the world? And can I buy an apple in Indonesia with

a euro or a dollar was more likely? And it's probably more likely the dollar than the euro. That's

what it's meant by strength, because it's a stable coin, like its market cap is based on how much

they print. That's regard, that's beside the point. Yeah. ACP was saying that he could see AI agents

using lightning. Yeah, I mean, again, right? This goes back to Rorx points. AI is going to generate

fees for its master. So I think it all depends on what you tell the AI to go and do.

So, so do we put, I don't accept that answer, bro, we want to see you in the live viewers,

and we can tell when you're not here, because it takes us, he doesn't say hi. He's not here,

he doesn't say hi, he's not here. Okay, we appreciate you Phil, don't worry about it. I'm just

not worried. But yeah. So look, I want to get us to our final topic, which should talk,

which should cover us for a while, and it's Tucker Carlson show talking to this woman

after and fit. And look, I'm just going to say, I'm just going to give my spin real quick,

and then first of all, it's one of the first Tucker episodes I've ever listened to holistically.

Normally, I get sound bites. Look, I'm generally conservative, but I've never cared about the Tucker

guy. I've never cared about Joe Rogan. I just don't listen to these podcasters. I know they're

commercials. Even when he talked about Bitcoin, like Michael Saylor and Max Kaiser, like, okay,

it's a paid advertisement. Like, I, that's how I see these types of things. Although I generally

think Tucker wants things to be better in the world, I also think, yeah, hey, he's the new

Oprah Winfrey. He understands his worth, and he's going to make sure that he is compensated for

the time, or he's going to talk about things that will compensate him because it's viral or

et cetera, et cetera. So this woman, 10 minutes in, she sounded like Whitney Webb. I'm like, why

does she sound like Whitney Webb? I go to her website. What's this? So Larry? What's so

like? Then it took me 20 seconds to find that Whitney Webb and Mark Goodman have, have had a

works on her website back in 2024. It didn't take me that much longer because guess what,

the one of the major things people were saying, did she talk about Bitcoin? It said zero times.

So people were saying, never talked about Bitcoin. I listened to it all the way through. Turned

my stomach. Stuff I've already heard before. It's not preaching to the choir, but it almost

purposefully excluded Bitcoin. I'm like, why? I look at the website. I'm like, oh, wow. Who's

this Patterson guy? Forget his name. Frank Patterson, Steve Patterson. What?

Katherine not fits. Yeah. Be nice. Be nice. But it's like Steve Patterson has a presence on her page

along with them showing the book, hijacking Bitcoin by Roger Vare. Now,

you have Roger Vare on there. You have Whitney Webb who stopped liking Bitcoin like in 2022.

And I just feel like this is another avenue of attack on Bitcoin. Everything she said,

the solution, the surveillance state, the digital money, the technology, blah, blah, blah. Everything

she said, there's a parallel to Bitcoin can kind of fix this or at least combat it. But when you

have Roger Vare on your website, you don't want Bitcoin to succeed. Roger Vare is probably funding her,

is probably giving her some money. Steve Patterson is obviously in bed with her,

figuratively, you know, paused. Or Steve. Or to her. I wish they all on either of them.

Both bad actors, in my opinion. And look, I think she's a beacuse, she's a low-key beacassure,

she will appear, say, in public. Yeah. So when I saw this, when I saw this, because I watched

this whole interview, I did not know when I watched this whole interview. And I did find it

interesting that she didn't say Bitcoin once throughout the entire episode, right? Just strictly

referring to it as programmable money. Okay? Always referring to it as programmable money. And

then you did that awesome research and you found all the good stuff there. Crazy. I learned my

research for you, bro. Yeah, I appreciate it. And it was like, damn, I'm like the Salari report.

And right away, I went, I checked. I said that I was going to get, I was going to get feedback

from the audience. I'm sorry. I'm trying to keep things PG. And here I am, like, you know,

guys, don't worry. It's an adult show. I said it 18 years and over because I know that we

can't control anything. So it is. But you know, it was, it was really interesting that she didn't say

Bitcoin the whole entire time. And then of course, right? She's got the hijacking Bitcoin

an ad for the book on, on her site. So I mean, I thought that that episode though,

and that was the tweet that I put out. I'm like, it was a two hour long ad for Bitcoin.

And it's funny because she made every effort possible, not to say Bitcoin. And the other

interesting thing is that, obviously, she spent an ex, like a, like, sizeable amount of time,

just discussing Epstein's connection to two Bitcoin and omitting the most, I shouldn't say

the most important people, but some pretty important people in like Joy Eto and like the guy who

was essentially the middle man for MIT. And also the fact that Jeffrey Epstein, although he had

encounters with like two or three devs, he wasn't in any way actually instrumental in anything

that had to do with Bitcoin. And then on top of that, the hypocrisy to be shilling Bitcoin cash,

which is just a fork of Bitcoin with a couple of, with a couple of changes. Again, it's just,

it's totally nonsensical. Okay. And it just, these people don't even realize the self-own that is

occurring. You know, what's, what's, what's, what's, what's very good that, because I got worried

him like, oh my gosh, you know, Mark Goodwin, you know, he's wrapped up with the B cashers blah,

blah, blah. But then of course, it's so funny, like he starts putting out these tweets around the

same time this Catherine woman comes on the, the Tucker show and is basically kind of separating

himself from anyone who would even think that, you know, Roger Verne is, is on the straight and narrow.

So it's like, again, he wrote some stuff with them back in 2024. I don't think he's affiliated

with them anymore, because they have more publications and he's not in them. So good on him for, for

moving on. And, and I, I get it, you know, that she has a website with all the, like, hey,

just how you farm your vet, you grow your own food and you, you protect yourself from, you know,

digital, uh, from, you know, digital apocalypse and digital dystopia, I get it. But I just feel like

these types of companies think tanks, they want to be a think tank for like a president one day.

So they have to get funding. And I just feel like Roger with his deep bags, I wouldn't be surprised

if, yeah, I'll fund you, but, you know, make sure you show my book and don't promote Bitcoin,

because that would make me look bad. And that's what he cares about. He cares about his Bitcoin cash

project. It's very, very discomforting that we understand it, but Tucker's audience and his

millions of people, they say, oh my gosh, there's no hope. We have to go back to an analog and

gold and coin clipping and, and, and, and, and pliers like last episode, but we don't have, but

they don't even consider, oh yeah, Bitcoin is the Epstein coin or, or it's captured by the government

or Trump. And they, they miss out on opportunities. These are the people that could give them opportunities

and they've taken the, the quick and easy cash. Yeah. She also wrote this other book called Narco

Dollar. I think it is that I download it. It's like it's a drug dollar. Yeah. Yeah. Which I,

I mean, it kind of makes sense if you, there's another book along the same lines called dope ink

and, and essentially, I mean, it's just, you see, this is the issue, right? With a lot of these

people is that obviously she's extremely knowledgeable, right? Obviously she's well spoken.

And, and so what happens is is that when you're, when you're able to pepper in real, right facts,

right, verifiable facts, you give, you give a person enough verifiable facts and believe it or not,

they'll pretty much start to take almost everything else you say at, at, at face value as a given.

So it's, that, that's part of a trust building exercise. So it's like, hey, this person's been

right about like 70 things, you know, like chances are they're going to be right about number 71.

That's right. Right? They, they've been accurate about 70. So why would you have a reason to doubt

them, right? Why would you have, you know, so it's like, so she was correct. Let's say in expressing

how the Narco dollars move around the world. Well, obviously Bitcoin is hijack.

Well, you know, it's funny. What you're saying is like, that's, that's right. She did work at

the Fed Reserve. That's right. No, she, again, that's credibility building too. How would this person,

right? They, why would they mislead you? Sorry, what are you going to say? Oh, no, it's fine.

No, but what, what you were saying about how you, you're right about 70 things. You know,

why wouldn't you be right about 71? That's actually a biblical concept, not to get too high

for spiritual, but Satan himself understands truth and facts. And he presents them to you,

but he'll twist something at the end to take away, to make his incentives, to turn, to turn you

towards his incentives. So it's like that, that was, that was Jesus being tempted in the wilderness

by Satan. Satan was quoting the Bible to Christ while he was fasting for 40 days in the wilderness.

And it's like, and Christ was rebuking him with the scripture that he left out. So it's like,

not to make this a church service for what I'm saying. It's like, the devil will take

the truth, real things, present them to you, just like Phil said. And they'll leave out the fine

print. That's the critical part. So with this person, I can't, I'm not going to call her the devil,

but is definitely a deceiver in that she is presenting to you a problem and a serious problem.

And all of these problems are real and, and, and near. However, by omitting what Bitcoin could

possibly do, because it hasn't, hasn't overtly won yet. But what it could possibly do for her to

purposefully omit that is disingenuous and it's honestly living a lot. Yeah. Yeah, I'm sorry.

I mean, good. Don't apologize every Sunday. You're going to get Jesus and maybe that's not

a big issue every other night, you know. There's not enough spirituality out there in the world.

Trust me. If there was more, if there was more God, we'd probably have a lot less problems.

Bitcoin, you know, maybe we would have, maybe the bull market wouldn't have been muted.

Maybe we wouldn't have done it on 27th. In the first place. Sorry. Maybe we would never

have needed Bitcoin in the first place. That's there you go. That's the signals, right?

I think that people also forget, even though we're cheering for Bitcoin to a certain extent,

we're cheering for it out of necessity. Exactly. You know, so we'd, we'd love it if,

if the system, if the people that were entrusted to run the government finances weren't scumbags

and weren't printing money out of thin air and robbing the future to buy all of their fancy little

trinkets today. But unfortunately, very difficult to, and it's interesting because Bitcoin was

supposed to hijack incentives. And as we've learned, especially in the last bull market, Bitcoin

actually doesn't hijack incentives. It just gives people more, more reason to, to fulfill them.

Because we just saw a whole bunch of fiat shenanigans, right? All that paper Bitcoin,

all those derivatives, all that, the Bitcoin treasury stuff, guys, all that stuff is just crap.

It's a new form of pristine credit, right? So it's just more things to take loans out against,

leverage against. Hopefully, it blows up in people's face at some point when Bitcoin

goes hyperbolic, goes up 30% in a day or two. We've seen it. Excuse me, we've seen it.

Trump elected ETFs launched. We can only hope that, you know, some people get wrecked by playing

those stupid games. And if anything's going to do it, it will be Bitcoin because it can be,

it can be controlled until it's not, and when it, when it's not, those are some damn fireworks.

I miss the fireworks to the upside. I'm tired of the fireworks to the downside.

Rorx says we should blame Adam and Eve. If Adam and Eve didn't do it, one of us would have.

You know, there was obviously a shit pointer there in the garden. Somehow a shit pointer got

into paradise. It was up there. We're going the woman we are. Well, I'm not, I'm saying there was,

there was a shit pointer up there. Okay, Adam and Eve were just hanging out and all of a sudden,

you know, shows up and is like, hey, I want to buy this token. You know, like that's what happened.

No, I'm kidding. I'm kidding. But yeah. All right. I think, I think that does it.

Does that does it for us for tonight for Bitcoin tonight?

AI tonight, night, Christ tonight, Jesus, night, we got a lot of tonight's. What else?

I'm having tonight's every night. Oh, unrealized cap gains. That's a horrible night. Yeah,

that over 10 window. There's such fuckers. Anyways, anyways, sorry, excuse my language. Okay.

All right, guys, that's going to do it for us for tonight. Thank you very much for joining us.

And don't forget, I am back tomorrow 12 10 PM Eastern. I already got some hope.

I'm lined up and we are back. Hopefully next week, humble warrior will join us. We miss her.

Hopefully she will be joining us and it will be the trio again. Next week, 8 30 PM Eastern.

Love you guys. Take it easy.