Most People Still Don't Believe In This Bitcoin Rally.

0:00I'm a street from the ground I'm a street from the ground I'm a street from the ground Where's Said? That's right guys, welcome back to the pleb underground I hope everybody is doing great I apologize if the setup is looking kind of wonky Of course, Murphy's Law My laptop screen broke this morning So anyways, I'm going to do the show Like this because guess what? Nothing stops this train And hopefully you guys can hear me And of course I look like I'm staring off into nowhere Alright, so let's dive into what we're going to cover Most people, you know what? Maybe this is turning out to be a hated rally Right? So that's the rally of disbelief

1:00Where are we right now anyways? I don't even know where we are right now 75-8? Damn it Damn it, what happened there? Okay, anyways, what are we going to cover today? Bitcoin Bottom Building, of course it is Bitcoin is still playing out Incredibly similar to the previous bear market bottom I don't know guys I've already looked at enough charts that show four Or against this Picker poison Halfway through September We're in line with the traditional red month I don't know how much importance people place on that stuff But you know, it's just how it goes Anyways, was this whole move just a fake out? Right? We got right below 80k It's just the giant fake out maybe I don't know Anyways, maybe Bitcoin is being tested by the system It was built, it was scape Maybe that's what's happening I mean obviously it's what's happening But anyways, we're going to show some data around that

2:00That makes it a lot more interesting Most people don't believe in this rally And it's true that you know the rallies of this belief In fairness are often where the best dry powder come from Because people get really upset Right? It didn't meet their magic number And then that's it It's just now it's I'm going to revenge By this thing I'm going to revenge trade this thing You know, I'm going to do all of that stuff And that is just not the case Not a good idea Not a good idea Alright, what else are we taking a look at? Smarter web company Right? The Bitcoin Treasury companies Interesting stuff looks like they're going to be following in line with With Metaplanet and with MSTR It's Drive Drive is buying more Bitcoin We talked about Strive last night actually Clarity Act, Fails to Advance in the Senate Oh my gosh, we're so surprised

3:01We're so surprised anyways Look, I covered this all yesterday as I said It doesn't even make a difference The SEC and the CFTC are already drawing up regulations Like I said guys, when the legislative process fails The regulation process steps in That's all there is to it Yeah, liquid update It's been like five days guys No wait, it's like six days since they gave their last update You know, anyways, there's a bug in Fediment I don't think too many of the viewers or listeners actually use this product yet It's like a layer two type of product for Bitcoin That involves a federation Anyways, what else? Ah, also a really strange issue that happened to somebody They think their node possibly got hacked We're going to dive into it And as well, Foundation devices A lot of people are talking about this open software platform that they've incorporated

4:01We're going to dive into this Is this like this 4D chess? It really could be, could be 4D chess Anyways, alright, now we're going to get to the fun part here And I am going to attempt to To go through the numbers All using the exact same screen And let's see how this goes Don't worry, I'm going to have this all fixed up for tomorrow I do apologize Murphys Law, guys It's just the way it works Okay, let's see Looks terrible Okay, you know what? No, we're not doing it this way We're going to do it the other way I am just going to read them off Because it just looks way too terrible

5:01So, anyways, okay, before I dive into the numbers, of course It goes to a good morning to everybody Right? Yeah, everything is host Good morning, Salty Crayon Yes, indeed, another day in Bitcoin land No name extra, what is happening? Good morning, good morning Yeah, is it low res filled today? I can't tell Unfortunately, man, it's just, it's the day it's turning out to be And that's okay, right? This is how it works Sometimes the universe just throws a bunch of slop in your way And sludge, and you just got to muddle through it Good morning, Clean Your Machine Phil, what is up? We Satoshi, let's frickin go plastic Yeah, I know, right? We're so surprised by the Clarity Act failing I know, it really is Clarity's not, it's DCA to BTC, my friend Yeah, sorry guys, I do apologize I don't know why it's blurry

6:01It's probably just a whole lot of fun once again Oh, I appreciate it, hard-hottles It's not about the pixels, it's the signal that matters No, no, this is ACP, that's correct Liquid users still can't withdraw the peg Okay, hold on, hold on, let's just go take a look at liquid networks Twitter Just for the sake of it because this is where they're going to post it Did anything change since last night? No, absolutely nothing has changed since last night So I know, right? Horrible, horrible Okay, anyways, yeah, let's dive into the numbers and then don't worry At least my slides are going to show up So at the very least, all right, so guys, Bitcoin, Fiat, Exchange, 75,700 and 9, say it ain't So new all-time high on the block height, 967,298

7:01This is fee 2,000, it's per V by total public lightning capacity We're just ping ponging back and forth here, but now, anyways, 3,753, Bitcoin, 75, Bitcoin For an iPhone Sorry, 75 iPhones per Bitcoin, my bad, my bad, I hate when I do that And 19% of a house per BTC Yep It's not enough It is not enough guys Okay, so let's dive into it right away Titan, that's right, Washa Goria, the Bitcoin bottom building Bitcoin is still nearing the 2022-2023 sequence surprisingly well Death cross, lost the Kumo, ranged, reclaimed tankin and keyjume, bullish, decay cross If the sequence keeps rhyming, a pullback retest here before continuation higher Would make sense, you know, as much as people don't like these guys

8:01They're kind of making sense sometimes Right, because look at what we are experiencing right now We are indeed experiencing a little bit of a pull Right, just a bit I don't think we're going to see the 60Ks or anything like that Now, one thing I will say is this, okay You can see here that the move that we're making right now And again, not saying that this necessarily means, you know, it's It's going to be some type of exponential blowup going higher But what I am saying is that we're doing a broader move Okay, and to me, that means more support and a stronger base So, you know what? I'll take it, Washa Goria, I will take it Alright, jelly, let's freaking do it Bitcoin is still playing out incredibly similar to the previous bear market bottom Sailor soul and the market started pushing Damn, sailor, it's so funny, right? All these people that cheer for him and then there's people like me that criticize him

9:02And at the end of the day, the dude happens to like look, guys, you can see it right here All the way back, he sold, we got out of the bear market Sailor sells again, is it over? Is this, is it the same? Is sailor selling the bottom signal? Say that five times fast, not going to work Not going to work. Alright, more crypto jelly stuff, let's do it Halfway through September, we're in line for the traditional red month We are guys, but look, still live like 15 days Okay, they're 14 days anyways The next days likely dictate the rest of the month Make it through the Clarity Act vote and FOMC, which by the way, today we're also getting that They're going to mark up the ARMA, that ARMA Act, which it has to do with the SBR I talked about all of this yesterday And look, it's the same type of rhetoric It's going to be a giant nothing burger Nothing is going to come of it and we're just waiting watching the show

10:04But either way, either way BTC has a shot at Green this month It does, close red and the month will likely to And there it is, here it is, guys, September 2026 Now, let's just take a look at the previous times we had the September And you can see September being a red month is actually the norm But we can see there's really no rhyme or reason It doesn't mean just because we have a red month that we're going to have some massive blowup Or in Green month in October I remember last year I was all excited for it And you know what, let's take a look at 2025 Look at what we had guys, look in 2025 Get up to it, we had a Green month And then everyone was like, oh, it's Green September, but then we're going to have October No, we didn't, we did not get October as you can see It was just red anyways So all I'm trying to say is you take this with the grain of salt

11:05Okay, I'm taking it with the grain of salt It's helping me, it's helping me cope Yeah, anyways, here we go, super Bitcoin bro Let's do it, four hour chart, boom! This was the easy part of the move And this is one of the few hopeyum dealers that I do agree with He does a good job May need to consolidate a bit now Imagine the panic buying if we're cruising towards 100k During the historic cycle low-timing window when everyone hoped to buy 50k And guys, that is what I was talking about with the revenge trading Or the revenge buying, right? You end up having to chase And there it is such a terrible feeling It's an awful feeling when you're chasing And it's interesting because really, okay? While you're buying an asset as it continues to drop That feels terrible, like you do at some point start to feel like a fool I've talked about this in the past I myself, especially after we had the pump to the first pump to 20k back in 2018 or early 2019

12:10I don't remember my timelines anymore As we were going down to the 3k, I genuinely, at some point when we got really close to that $3,500 range I said to myself Did I just become this massive exit liquidity sucker? Right? So it's during that time where actually that is the best time to buy But then instead people are afraid in some cases and they wait for these better entries And then they end up chasing it. It's like a revenge chase You're mad! You're mad that Bitcoin's doing what it's doing Don't do that, okay? Don't do that We did do a nice clean break guys We did do a nice clean break However, we do need to show some support If we can freaking bounce off this level, it could be good It could be good Just saying Just saying And there we go, Sminston with inserting the doubt was this whole thing a fake out Before I even read this whole thing, I'm going to tell you no

13:10I don't think it was a fake out Reminder that in 2022, 2023, Bitcoin's recovery from the price bottom Wasn't a clean path to the moon In fact, over the two months after the bounce, there was a minus 10% drop I don't consider that a fake out guys Recovery, then an 18% drop to recovery Okay, well the 18% is kind of close to 20% so that's not so good Anyway, since the recent bounce in 2026, we've only seen a correction of 6.5% Like look, there's a good possibility guys that we don't end up seeing these massive spikes down anymore You know, the other thing is this and again, I'm not praising the businesses But I'm just at the same time recognizing, right? There are certain businesses that simply don't need to sell their Bitcoin Right? It's the same thing as individuals, right? If you are a person with cash flow and revenue and you're accumulating Bitcoin There's no reason to sell All there is is reason to accumulate

14:12So as we get more individuals like this and now we have businesses Again, I'm not talking about the Bitcoin Treasury companies that make fun of all the time That essentially have to sell at the bottom of this bear market I'm talking about the real businesses that have revenue, that have products and services That are able to accumulate That creates a bottom, right? That creates a base All of this, all of this activity creates a base So there you go guys, you know, he plotted it on the graph, right? And we're taking a look at this Do I think that we necessarily see this 18% that like really 20k? Really dude? You're gonna sell a whole bunch of hope to him And then you're gonna pull this, this is like a turd in the punch bowl That's what that is

15:13Big time turd in the punch bowl Hey Bangarang, sorry, I'm gonna go over to the comments Normally I have both of my screens up guys so I'm stuck swapping back and forth Yeah, I'm gonna apologize forever Hey, J. Dub, good morning, sorry Yeah, now we're always doing the chart astrology, male astrology, it's okay I talked about this last night's My moral hypocrisy is that male astrology is not evil But other astrology is Oh, it's good times, it's good times Monthly candles, what's going on zoom out, fill the century candle Okay, you know what? It's so funny, have you ever done like a three month or a six month candle on Bitcoin? There's like, you know, there's not that many candles, right? It's pretty funny and it's like yes, if you take a look at it on a big enough time frame It's just a giant green candle Up until the right That's great

16:13What is it? It took 10 years of listening to the Bitcoin ETF gonna pass any minute now, the clarity Yeah, dude, I, Rorck, I think you hit the nail on the head And I mean, it's also something I've been saying as well, so of course I agree with this I don't see how it isn't, right? And now and not only that, but now there's multiple carrots with multiple sticks You've got the clarity act carrot, you've got the armor act Hey, it's okay, you know, we're gonna let all these businesses earn yield And then also at the same time look the US government's gonna buy Bitcoin I've talked about this a thousand times, I don't care, and again, I will totally admit If I'm wrong about this, I don't see the US government buying penny of Bitcoin They don't need to Only countries that cannot effectively enforce violence are stuck paying for Bitcoin Cry harder Anyways, let's do it David ENG hope he um...

17:13Yes, we will take the punchball away Once all the turds are in there Gotta gather up all the turds and get them out of there All right, what is it people with dollars? Yeah, people with dollars dominated that sell Yeah, man What is it? It's the ETF cost basis, which is good, 84K We always needed for those nubes to suffer before we can do another bull Yeah, hey look, you know, this is what happens, right? This is what happens and you don't want to be the bear market sacrifice Okay, like you just don't want to do that, it's not fun, it's not a good look Okay, crashing out and becoming the bear market sacrifice? Bad, bad All right, let's do it David ENG, Bitcoin is being tested by the system, it was built to escape I always feel like it's like a movie voice when he does his posts Anyways, 10-year treasury, about 5% oil, $100 a barrel approximately Fed tightening, holding, hurts Bitcoin now Maybe, I mean, think of all this bad... think of this bad macro environment

18:15And we're sitting at 75K High rates make 40 trillion debt expansive end game Higher rates, fiscal stress Lower rates, more liquidity Bitcoin is built for lower rates and more liquidity Oh, dude, there are... you know what is so funny, because you know that there's people, right? There's people who accumulated a shitload of Bitcoin But unfortunately, they spent most of their time listening to fools on Twitter And all of the hopium dealers that work for the Bitcoin treasury companies And you know these guys, they did not have the conviction to hold through the fud You know it and you know that they just sold that shit Yeah, you know what? Maybe they were the bear market sacrifice we were waiting for all along Metaphorical sacrifice, metaphorical, right? Not advocating for any of that, just bad stuff Okay, Mike Sullivan, in here to... you know what? This guy puts out some really interesting stats and graphs

19:16Let's dive into it, not sure who needs to hear this, but Bitcoiners are still more bored and checked out than they were at the end of 2020 That's right guys, somehow people are seeing this particular bear market as... as worse, as tougher Like, are you kidding me? This is my third one Like, it's the meme, right? Of James Franco with the frickin' noose? Like, first time? Like, this is nothing Like, I'm grateful, I wish that my first bear market... no, not my first one Happy the first one, sound like a stone I wish my second one did what this one is doing right now Anyways, most people still don't believe in this rally You just love to see it and take a look at that guys It's okay to be bored, just do not fud yourself out of Bitcoin Okay? Bitcoin has died, I think at this point close to 500 times And it is still not dead

20:18Exactly Matt, you're here to taunt me with your hair Every day is a great day to DCA, it's true, it's true Yep, exactly, Rork, this is... that's why, right? I'm talking to you guys because you know, I don't want you guys crashing out But we'll let other people crash out, right? Bring us the bull run we deserve Okay All right, let's dive into the smarter webslop Here we go, smarter web company and keep in mind, you guys may remember last week I covered that Jesse Myers, right? The BTC Crosius that he Had left his role at smarter web company or had been fired and if I'm not mistaken There was a few people that they all hired at once that all were a part of the Crafting the Bitcoin Treasury narrative for this company and implementing it and all of those guys are gone Okay? All of those guys are gone It's interesting and Jesse when I read to you guys what he said last week he specifically said that the company wants to go in a different direction

21:23And now all of a sudden is he maybe one of the few opium dealers that does not support Companies just Issuing stock to buy Bitcoin. I don't know interesting Anyways, so here we go The smarter web company plans to float perpetual preferred shares on the London Stock Exchange the fund more Bitcoin buying start getting 15 million to 25 under ticker more With a 10 million floor Three market makers required for admission. Okay, you got some liquidity holders would get a few Militiv weekly dividend and liquidation preference but no vote and the company can redeem The smarter web company holds 2878 Bitcoin as of mid-2026 After a high court capital reduction left 132.5 million in distributable reserves for payouts Interesting

22:25Very very interesting I'm going to go take a look through Through Jesse's profile to see if he has anything to say about this because that I don't know I think is it is it at all possible that he thought That he was hired by a real company with real products and services and now in the end it's come to light that like their real business is dwindling So really all that's happening Is that they're They're just going to sit there and create a share structure so they can buy Bitcoin into perpetuity Yeah, I agree, Rorck, I agree. I think there's still something to be said for legitimate Economic activity and bringing value to people But that's just I'm just an old person who doesn't understand Bitcoin Anyways, anyways speaking of old people who don't understand Bitcoin let's continue on right a lot of people like to shit on me for not liking strive but I don't care I don't care. I have something against the CEO who fakes phone calls

23:28Anyways strive buys another 469 Bitcoin taking the Treasury to 25,000 good job good job Right even if I don't even if I don't agree with you I still think it's a good job that they're stacking the corn The bid was funded entirely with SATA which is not too bad right this is their preferred share vehicle so they did not dilute their shareholders in order to make these Bitcoin purchases Okay The firm also raised its amplification ratio to 53.5 and that is essentially the amplification ratio guys because I had to go look this up I've never even heard of what this was It's strives term for financing Bitcoin purchases with perpetual preferred stock instead of common equity the amplification ratio is a specific metric for that mix Strive defines it as notional preferred outstanding plus debt plus market value of Bitcoin held now something very interesting about this is

24:29They don't actually have any debt and they do actually have cash Drive like I get that I get what they're doing right now and I know that they merged with similar right they bought over similar If this company actually were to get a real product and service and or service This could be cool. Yeah Mike. I don't know if you remember the I showed this so many times Unfortunately, I can't show it today because of my setup. I do apologize Essentially it was Matt Cole pretending right the CEO of strife he was pretending to talk he was essentially pretending to orange pill mark Zuckerberg But you can clearly tell that he was just talking to an answering machine And this was like somehow something to be promoted so sad Yeah, Rarson let's see. I'm not a fan of any of these companies But wouldn't it be funny if strife actually ended up doing yeah, you know what I was it's funny that you say that I was thinking about that right because look at the end of the day

25:34I don't you know I know that I come across as incredibly critical of this stuff I don't want these businesses to fail right I'm a Bitcoin hotler that that would be completely hypocritical right I don't want them to fail So therefore I want them to succeed in a way that they don't collapse massively further down the line and again It's because I hold Bitcoin line centives are aligned with Bitcoin. So yeah I do I do want to see great businesses that don't have to sell Bitcoin when the market goes down I want to see them accumulate Bitcoin There's nothing wrong with that right I can't because at the end of the day Bitcoin is for anyone It's for anyone that wants to purchase it and hodle it you know so it is there you go moral hypocrisy tonight It's not the same thing ACP you have to be specific it's moral hypocrisy. Ah yeah the phone call memories anyways sorry

26:34We continue guys we continue Okay, oh yeah guys the clarity slop let's do the clarity slop Does anybody surprise that this didn't go through I'm not Oh what is that pumps company sold the stack of Bitcoin today? I know you're surprised work you're always like the most surprised by this type of stuff I'll never forget block by and I'll never forget something else right a lot of people that weren't around for this he made this overpriced crappy minor Bitcoin minor anyway I think it wasn't even a Bitcoin minor is like a shit coin minor and it was like super expensive that thing totally disappeared and shot the bit anyways Alright so as you guys know clarity slop died right clarity act fails to advance in the Senate falling short of the 60 votes needed

27:36Yeah, we know we thank you. Yes coin minor. Thank you. I remember this piece of crap over price where I was very pie So how did it it's almost like I knew that I wasn't going to be able to use my setup properly today so I was like you know what last night I took a screen shot of the candle we did as soon as the news came out. Okay so this is the 30 minute candle okay for when the news came out that clarity had failed okay now the signal here you'll notice we went flat that's all we did Think about what this kind of news and again I'm not saying that clarity actually man matters for Bitcoin doesn't I'm talking about public perception Do you know what have happened if the same thing would have occurred in like 2018 this would have been like buildings on fire right this would have been like oh my gosh the markets dead bitcoins over no one cared

28:50This happened no one care that's bullish bullish a f okay bullish a f now during that whole entire meeting though there was some very colorful comments that were made right and and Lola from rage tech caught it best since saying the quiet part out loud Just don't forget guys while they talk about all of this you know this wonderful free markets open markets regulations helping the little guy they just can't help themselves. Systems accountability rest with identifiable people and institutions yet many defi protocols and decentralized stablecoin arrangements operate through decentralized governance autonomous mechanisms that lack accountability. Given the record of the number of defi exploits reported in the first half of this year and the use of AI and exploiting code are you concerned that a growing share of global financial activity could migrate to systems where there's no accountable party and no no your customer requirements what implications with this have for our efforts again still listed finance and what effect would it have on the integrity of the international financial system.

30:15Well that's why I'm pushing the passage of the clarity act because it gives treasury more authorities the to seek out this evasion. I yeah that's right that's what they want guys all about that control it's all about that moat all about that monitoring and don't forget right. It's for our safety it's for you and me keeping us the little peons safe from the hardened criminals out there you know the ones that own the rails. That the criminals use. Imagine talking about a lack of accountability while continually spending money you don't have using a system of legal I do this is okay you know what we're going to give another applaud to to rod Palmer this is K Fabe okay this is K Fabe is exactly what it is guys another term I like to use not K Fabe but it's just larping right we're watching a show this is the exactly it.

31:22What is it ACP people praise best and but I think he's a horrible public speaker yeah I mean I I personally all these guys are trained to a certain extent when it comes to the public speaking but yeah I just don't. These guys are going to say whatever they're compelled to say right like at the end of the day there's a whole bunch of people pulling their strings and they have to sit there and walk on egg shells to. To make sure that. Keep all the string pullers happy. Congress is the one place you can watch rep 1000 suits it's true probably accurate. All right so so what the stuff this is the stuff that Bitcoiners actually care about okay this is the stuff that Bitcoiners care about when asked about the administration's promise to protect non controlling developers from being defined as intermediaries to ensure that the US would remain the crypto. Capital of the world best and told Congress that the treasury has received a lot of guidance on this issue this is all that matters for Bitcoiners guys about the devs but a specific commitment to protect developers was not issued by the treasury secretary today and I'm going to call it now I'm not the only one I'm not trying to you know like.

32:40It's obvious that the developers are not going to get the protections that they need and it is obvious that the government right i.e. the senate Congress whoever the hell it is. They're not looking out for their best interest they don't actually care about freedom of speech everything is moat retention and. Power retention simple okay. All about their power their control their monitoring their moat that's it all right speaking of moats talked about this earlier absolutely nothing guys six days nobody can do pegouts like I mean look no my problem I don't use this stuff but in fairness even if there's no updates you should be providing an update guys. I worked for a giant corporation with massive customers right the likes of Google Facebook Twitter right and hey.

33:45You got to provide you got to provide updates this is people's livelihood in some cases this is their business this is their money it doesn't even make a difference if you've done nothing you can just simply put status unchanged and what your current plan of action is. Anyways liquid still on hold boys liquid still on hold okay fed him it. I mean look I don't know too many people that use this but it looks like they found a bug in their legacy lightning integration and are contacting public gateway operators just goes to show you how small it is they're able to manually reach out to the operators user funds federations and e cash are not affected gateways using L.D.K. code our newer L.N.V. to protocol are also not affected. So if you are affected though right and if they haven't reached out to you please update the version zero dot 12 dot one ASAP or shutdown your lightning gateway and.

34:47You an idea right of of people that are of people that are affected by this hold on a second. That I not actually save that screen shot probably not okay anyways the what I wanted to show you guys was that the majority of the nodes on the lightning network are L.N.D. 90% approximately of the lightning nodes. They're L.N.D. okay that other 10% is kind of shared between a sink CLN and. I think rust or sorry a clear anyways. That it's really a small number and I'm not trying to say hey it's not as important what I'm trying to say is is it's a frame of reference right where you can see that this is this affects a very small number of people right a very small number of people but still got a pay attention.

35:49What is it all these people at PR coaches and they spend time rehearsing all their answers all the possible yeah it's hey they bet it's finest right. What happened to the bull Bitcoin wallet users I didn't see what happened. Okay so here we go talking about more core lightning stuff right if you're running core lightning with the experimental dual funding feature you probably want to disable it right now. So here it is guys I'm not sure that my node was hacked or not. I run core lightning 26.06.7 someone open a channel with me then drained most of my liquidity on my node after this node be after this the node became offline I looked at the channel state and the and checked funding transaction of this channel to mempool the TX ID is not found.

36:53Then I find that the node ID in amboss that this is what got me I'm like oh I use amboss so of course I went to go check that you know I want to go check my node in my liquidity and I was like okay it's it's all still there. But yes it does it does appear that there was a bug there was a bug in this and yeah if you are running this dual funding feature you might want to turn off your node or at the very very long time. Turn off your node or at the very least turn off that feature temporarily. So okay and there it is there's a screenshot I was looking for three slides ago. But yeah so you could see here right this is this affects stuff that's written in LDK which which again is a very very small percentage of the actual nodes that are out there right so you could see here LND is using 90% and the 10% that is left is all. It's all there by core lightning a clear and the game.

37:57Interesting stuff very interesting stuff. You got to go bang or you got to go look it up but K Fabe essentially just means. It's it's it's just like larping right it's like live action role play but it's specific to wrestling right the WWE because you can call it the world wrestling federation anymore even though that's its real name. But yeah the WWE right essentially that that is exactly what K Fabe is right these these people that you see they pretend to be enemies right in front of you and they know that they're acting and yet the people who are watching also know that they're acting but yet everybody plays along. So yeah it's it's good stuff. No roar I know it's care what they say it's the WWF okay I'm a gen Xer the world wrestling federation. Alright let's dive into the the foundation stuff guys so it's time for a new foundation not a new start legacy mode is live on passport keep every account you already have on code anyone can expect switch to open source yes ACP K Fabe equals staying in

39:12character yes switching to open source hardware and software while keeping your existing accounts for supported assets and look guys we even we even little movie. Over half a trillion dollars in crypto held up by that can we inspect the code no sir it's close source. Then how the hell are we supposed to trust this thing we're going to have to switch it to what every other option means starting over it's untenable so what do we do there is one team make the call. We have an impossible problem we need to swap the foundation from close source to open source without making everyone start over oh we've been working on just the thing. Wow. What the hell is happening here.

40:12What the vault is collapsing we need to make the switch now. We only have a few seconds and the passport. It's going to collapse. It's mining. What? When we're watching a bad version of this thing. Yes we can see all of the code now the foundation is open source you know that's that right. I don't know what to say. Anyways let's dive into it let's dive into the the sauce right according to ledger's own press releases around 20% of all crypto sits. Oh sorry I don't even know what to tell you guys I don't know what to say. Anyways let's dive into it let's dive into the sauce right according to ledger's own press releases around 20% of all crypto sits on their devices that's estimated what is that five trillion secured.

41:22That enough zeros for trillion yeah okay by an operating or is that 500 billion sorry 500 billion by an operating system added too many zeros. So me by by an operating system nobody outside the company can inspect okay fine so I can't count big whoop want to fight about it ledger's developer community built an extensive library of open source apps they normally run on an OS that includes proprietary code yeah. We re implemented the interfaces that those apps used to talk to bullows cryptographic operations screen rendering and usb now they can run on key OS. This is where it gets not so good a theory of insulana are the first supported apps chosen for their broad adoption beta users have tested. Rabby for a theory and EVM networks and phantom for salana both over usb I don't know what any of that is more open source ledger apps will follow of course because yeah dude shit coins dude because it's ledger right and ledger is just a house of shit coin.

42:27But I'm going to explain this after so what does switching actually involve you enter your existing recovery phrase on the device your accounts come across exactly as they are same address the same balance same transaction history nothing moves on chain nothing gets sent to the nothing gets sent anyway. As ledger faces out the original nano s you can leave without moving. Just quickly okay. I worked for a business that did something very similar to this actually one of the competition one of the competitors did this and what they did was was that they created a. A software wrapper for our hardware okay the hardware that we would manufacture of course we had software that we manufactured that would communicate with our hardware right for configuration and what not and and this competitor who also did an integration.

43:27Realized that hey. The customer doesn't know what's actually running in the field they only see the software in front of their face so in fairness right I think this is actually a pretty interesting move on foundations part not cheering them for supporting shit coins that's garbage okay. But what I am saying is that they're putting their software and their hardware in front of these customers so at some point these people don't even know right they they won't even remember that they were using this other device this other thing and all they're going to remember is that they're using foundation well played guys I got to tell you this is well played. All right speaking of well played Rob Hamilton exciting news for Bitcoin core wallet oh no nobody wants to hear the good things are coming a Bitcoin core we're inch and closer and closer to getting a full general multi six support natively supported in the wall it so imagine that guys imagine being able to install Bitcoin core on several laptops you know kind of like JW weatherman solution but without the 10 CDs or whatever the fuck that is.

44:39And and essentially each one of those installs is a part of your multi-sig I gotta tell you that's slightly more interesting to me than a signing device that is slightly more interesting to me. Yeah it is. Multisig wizard tracking I like that's called and yeah that's the other thing too right that they're working on an interface within the Bitcoin core wallet software right so it's not a bunch of manual processes it's an actual process that is part of the UI. It's good stuff it's good stuff you know it's also good stuff signing the petition and helping to get these guys out of prison let's free samurai if you feel so inclined please donate guys I really appreciate all of you for sticking through this episode with me. Yeah thank you so much definitely definitely not fun to do it with technical challenges but you guys you make it all worth it and you didn't punish me so I really appreciate it yeah so look you guys have a great rest of the day I am going to figure out how to fix my damn setup for tomorrow but yeah I'm going to be back 12 10 PM Eastern have a great rest of the day and I'll catch you all that.