RABBIT HOLE RECAP #420: ACCELERATE

0:00what's up freaks this rep of rhr is brought to you by good friends at strike if you hold bitcoin you shouldn't have to sell it to access liquidity strike offers bitcoin-backed loans with zero origination fees zero early repayment fees and zero liquidation fees your bitcoin is securely held and returned within a business day after your loan is closed a financial institution built by bitcoiners for bitcoiners that's what strike is building you're doing it for you i use it every day. Go download Strike at Strike.me and use code RHR for $500 in fee-free Bitcoin stacking.

0:37Again, that's Strike.me. Use the code RHR. You're going to get $500 in fee-free Bitcoin stacking. This episode, again, is sponsored by Strike. This was also brought to you by our good friends at Stackwork. If you're looking for a great way to make KYC-free sats, Stackwork has bounties. go to stackwork.ai find their bounties page and contribute to the bounties you can make bitcoin kyc free for completing the bounties if you're a developer looking to scoop up some easy sets go check out the bounties contribute to them and stack some sets stackwork.ai this rip was brought to you by our official electrolyte sponsor here at rhr salt of the earth you've been hearing matt and i talk about it quite a bit i drink multiple packets of it a day you got to stay hydrated that's why my face looks so good so i'm getting buff i'm able to get to the gym more because i'm hydrated matt he's looking incredible i'm sure you've all noticed it you want to know why salt of the earth baby go to drinksauté.com use the code rhr you're gonna get 15 off i'm dead serious hasn't made my life way better my wife she's right behind me right now laughing but she's laughing

1:48because she knows it's true she drinks like seven a day i drink a few a day maybe seven a day too Matt, I don't even want to tell you how much he's drinking. It's good. It keeps you hydrated. It keeps you alert. It keeps you ready to go. DrinkSauté.com That's D-R-I-N-K-S-O-T-E dot com. Use the code RHR for 15% off any order. You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts, All the central banks going nuts.

2:25So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor. I mean, that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. Ooh, doggie. Final, final. Have you ever been to that bar in San Francisco? no it sounds familiar though great dive bar great dive bar good name do you know what the origin of the name is it's like you go to the bar and you have a final final it's like where you have your nightcap but but it keeps going yes it's actually one of my dad's favorite uh favorite terms let's have a final final and you have like you wind up having like five final finals last one yeah what a week what do you think about our uh our boy leopold getting taken out behind the woodshed dude this has always been a game of survival i feel like people people don't appreciate it until someone blows the fuck up and then everyone forgets about it and it just always happens you know like if you're like if you're investing in any size you just see people just constantly just blow up around you

3:51right just like they're a boy wonder one sec and then they're losing 40 billion dollars with next 45 selling at the citadel i mean he definitely just got margin hunted by the wall street behemoths they're like they got him just cough it over to us wild i think he's yeah that is the biggest story of the day i think he's doing okay he's probably doing i mean his wife alone is doing great yeah right is she at anthropic yeah well actually like they're they're tracking their the the price of their their private uh private valuation right now on this secondary market trackers it's going down a little bit i'm gonna yeah to people who don't know he was like uh yeah what they were calling him the boy wonder the fund was called situational awareness which is a hilarious name after you get blown the fuck up um and he was able to raise a shit ton of money on the ai trade um so that's like the other Yeah, but people conflate the two, right?

4:59Like part of it was he was up in profit but you know they it it it was it was never clear cut how much was raised versus how much was up Right Yeah You know they like how did he how did he turn at one point I mean, this was earlier, right now he'd lost 40 billion, 40 plus billion. At one, like I was seeing tweets like, Oh, how did he turn 250 million into one and a half billion or 5 billion or whatever? Well, part of that was raising new capital.

5:32Yeah. Is the fund under, or he just sells position, licking his wounds, and getting ready to... I don't think anyone really knows. This is all leaks, right? They're a hedge fund. It's not public information, at least not yet. No. No. Leverage. Forex leverage, they said. Even the Citadel news is... That's a Wall Street Journal exclusive rumor, basically. um like none of that is i mean it probably is what happened but none of that is confirmed but yeah leverage man leverage always kills you feels good on the way up gotta stay stay humble or be humbled uh pouring some out for any korean freaks who started trading when the memory stocks went up it seems like it's a pretty pretty big retail bloodbath over there brutal stay humble stack stats repetitive but true we've been saying it for eight years survive survive it's the name of the game it's the name of the game and supposedly i guess leopold i didn't know this until he blew up but did you know that he was xftx i did it's not uh not something i was always at the top of my mind but yeah but he wasn't like a main character at ftx no it was a gaggle of characters though there wasn't a main character but he was part of the

7:06gaggle of characters the the real winner remains if i can what sam trabuco or whatever yeah he's still just like yachting around right yeah slovenly yawning around the mediterranean you know wild nothing ever happened to him right no he got out like six months before the collapse yeah he's like i'm gonna take some quiet time to myself in reality he's looking at the books like this isn't gonna end well i'm out of here i'll take my cash and buy a yacht speaking of which if you have one bitcoin you're probably not going to be able to buy a yacht yet it's 64 760 cuck bucks we're at 1 544 sats per cuck buck we're at a 1.3 trillion dollar market cap we're looking at block height 960 281 which means we did have a difficulty adjustment between last week's rip and this week rip it was a downward adjustment i believe let me find it here It was down 0.7%.

8:16We're currently 1,351 blocks away from the next difficulty retarget, estimated to be on August 9th. So that'll be a week from Monday, I believe. Looking like a negative 2.2% adjustment right now. Blocks be coming in at 10 minutes and 16 seconds on average. Clark's teeny-weeny mempool is a little endowed this week, looking at 7,600 transactions there. If we go over to mempool.space, we'll see they have 86,317 transactions. And if you're looking to get in the next block, four sats per vbyte.

8:52It's the state of the network. And we've got some corrections to open up with. Matt, we were speaking. He actually technically said I don't have to issue a correction, but I'm going to do it anyway. because why not? I mean, facts are important. So Jonathan Beer, most famously known as BitMEX Research Online, listened to RHR last week. We were talking about BitMEX and Malstrom and Farsight Insights. So this is, here's the facts. He reached out to me on Signal after listening to RHR 419.

9:39The Arthur Hayes family office is called Maelstrom. It is a family office for investments, not specifically for dev funding. Jonathan does not run the family office. He's not involved in those investments. But he does run their Bitcoin grant program that's funded by that family office. So that's the maelstrom.fund slash Bitcoin grant program. Then Farside is Jonathan's own company. That's an investment management company for an equity fund that's unrelated to Arthur Hayes and BitMEX.

10:15That is Jonathan personal Jonathan Beers personal investment fund And so he since it was basically his Twitter account that he was running BitMEX Research he just switched that to Farsight Insights Boom done Those are the facts. Appreciate you, Jonathan. Jonathan's good people. I like him a lot. He's great people. And apparently he's a freak. Listen to RHR every week. So love to see him. We have the highest caliber audience. Only the best. In the world.

10:45Only the best. The writer dies. The true writer dies. Quality over quantity. He co-wrote the Block Size Wars book. Great book. Go read it. More relevant than ever. Yeah. I mean, on that note, it's nine days till activation. Are you excited? I have not, no. Orange Surf made a great situation monitor dashboard, bip110.orange.surf. Live. Should we pull it up? What's going on? Pull it up. bip110.orange.surf. I didn't actually put it in the show notes.

11:25I'm looking forward to getting on the other side of August 9th. Press watch the fork live. There you go. So right now, the trajectory looks like there will be a chain split. Anyone running BIP 110 nodes will be on a minority chain. anyone who doesn't update or doesn't do anything uh will be on the heaviest chain regardless um and we'll see how that all plays out we shall see we'll keep you guys nine days so that'll be next rhr will be probably like two days before it so we can talk is it at the next is it at the next difficulty adjustment or is it just a block height trigger is that the next difficult i think probably the next difficulty adjustment block height 960 282 960 282 oh no that's the current block height no there's 1350 block height 4g expected 961632 961362 no it's not the next difficulty adjustment it's a mid difficulty yes this is mid difficulty epoch interesting could be wrong i'm doing marty math on the go here squinting at clark's dashboard which is on my small small screen um what else do we have here moving down the list we got to keep this tight margie's gotta gotta travel i'm gonna hop on a train at 3 30 which means i gotta leave my house by

13:12245 uh strike launches beneficiary planning for bitcoin inheritance i miss this well that's why we're covering on rabbit hole recap app um i mean it's not the hugest new feature but i think it's one that i've really wanted and uh pretty excited about it it's just um you know historically the majority flow of strike users is self-custody bitcoin so they buy bitcoin and then immediately withdraw myself included since the loan product has been released people are keeping larger and larger balances on strike as collateral for their loans.

13:56You know, there's loans, $10 million loans, right? Where people are keeping $20 million worth of collateral on strike. And we needed a clean way to basically set up for the worst case scenario, right? Which is you go and get hit by a bus. What happens to the money? So now if you update your app, you just go into settings, you go to beneficiary planning, you can set your wife or whoever you want your heir to be. super quick and easy process you sign and then god forbid if something happens to you the account can more gracefully be transferred over to whoever you designate love to see it you love to see if you don't have strike use code rh when you sign up strike.me go download the app freaks uh clarity act protects self-custody bitcoin from abandoned property laws i did but our boy alex thorn highlighted that um many have missed this great section i had to click added to clarity protection for self-custody coin yeah it's a new section lost under abandoned property laws due to on-chain inactivity or dormancy with federal preemption over state laws as well that's important for this noah doe case noah no doe wouldn't like to

15:16I mean, this is specifically a reaction to this may or may not specifically have been added for the Noah Doe case. Yeah. Which may or may not be Screlly on the opposite side of it. The um I mean we talked about this a couple of weeks ago but I feel like the Noah Doe case there so much precedent of people moving coins of that era and proving that they not really dormant and may not be abandoned I feel like it would be hard to win, but who knows with New York?

15:49You don't want to trust the state of New York and their judiciary to rule. You know what I wonder about this? Can you read the wording, the exact wording of the, not a lawyer. But read the exact wording for us. In general, no digital asset lawfully held in self-custody shall be deemed abandoned, unclaimed, or subject to forfeiture, escheat, adverse possession, finder's title, or any similar property claim under any federal, state, or local law solely due to inactivity, dormancy, or lack of indication of interest by the owner.

16:27I think that's pretty short, sweet, and specific. I wonder if this will make life more difficult, by a side effect, make life more difficult for a sailor's desire for a quantum fork that seizes Satoshi's Bitcoin. Obviously, it's not a legal claim. No, I don't think. I mean, I think that would be different, right? If you're technically getting access to the private key in that case. No, you wouldn't. It'd be a soft fork. It'd be a soft fork that says a bunch of UTXOs aren't spendable.

17:10Oh, yeah. Right? That may fall under that. I was assuming you're saying, like, use quantum to break the keys to move and do something with it. No, the whole idea, the early proposals for the quantum forks is any addresses that haven't upgraded get soft fork frozen, which is effectively stealing them in my opinion, right? Because if you remove them from the supply, then everyone else gets an increased percentage. I think it's kind of doublespeak to call it frozen.

17:44I would agree. I would agree there. It's definitely more provocative to call them stolen. I don't know if that's exactly the right word or not. Um, but it's kind of, I mean, I, I think it's just directionally fucked up to, uh, force people to upgrade. Otherwise they'd lose their money. Yeah. I think that's a really bad precedent to set in Bitcoin land. Um, the, you know, the fundamental value of Bitcoin is very strong property rights and that would go against it.

18:22But I digress. I mean, while we're on the subject of the Clarity Act, I'm not sure if you saw this, Matt, but Secretary Scott Bessent came out with a pretty strongly worded tweet. Strongly worded tweet. This day and age. Bersmerching the name of Democrats who are holding this up. But I think it's important because there is this section that pertains to the Blockchain Regulatory Clarity Act here. I'm not sure if you saw this yet. um uh these same democrats many of whom have taken millions of dollars from the crypto industry proclaim he used ai for this look at these m dashes proclaim that clarity lacks safeguards and falls short in counterfeit or excuse me counteracting countering illicit finance nothing can be further from the truth titles two and three materially uplift regulatory and compliance obligations for digital asset intermediaries placing them on similar footing with traditional financial institutions the blockchain regulatory clarity act which washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement does nothing other than codify

19:26long-standing treasury department policy it's remained consistent across administrations non-custodial builders and developers are not and have never been subject to registration obligations under the bank secrecy act and at this point major law enforcement trades that once And suppose the bill, including the Fraternal Order of Police, have now endorsed it. So interesting to see that Secretary Besant felt compelled to include that in his tweet. And if he believes that, I think the samurai devs should be free.

20:00I think Roman Sterlinov's case should be thrown out the window if Clarity Act does pass. pardons and romans uh not roman sterling off excuse me roman storm roman should be free sterling off too yeah that's a sterling off is the one who's being accused of running the centralized bitcoin mixer bitcoin fog the other romans are under fire for tornado cash i mean sterling off's cases is is extra bad and they're all the case of like black box evidence that is well they're claiming he's running the mixer, but after they arrested him, the mixer continued to run.

20:40And the only evidence they have is that he was a potential user of it, in which he admits to that he was a user of it, not that he runs it. Because by design, the way a central as Mixer works is you send Bitcoin and you get someone else's Bitcoin. So obviously every user is connected to it on chain. And then chain analysis used black box and common input ownership heuristics to say, no, this is his Bitcoin. He used this to buy the domain. We have certainty on this and the judge.

21:14Supposedly, like there was, yeah. I mean, he has Bitcoin that went from, I think, cracking into Bitcoin fog. But anyway, they should all be free. A lot of hypocrisy there. Do you think Clarity is going to get passed? A lot of momentum. It seems. I mean, who knows if it's just people making noise to try to create the momentum to get it passed. But what's one of the Polymarket outs at? Let's see. Any big movements? Let's see if Insiders are going to market.

21:49priority act signed into law in 2026 so by end of year 25 by end of year 3.3 million dollars of the volume significant volume track that if there's any jump in probability there's probably some insiders who uh who believe that uh they have the word and they believe it's going to pass it looks like it was as high as 80 at one point that's wild it was as high as 73 in may 80% was February. We got a bunch of zaps in the ride or die chat in Noster, which you can find in your favorite Noster app, Primal, Wisp, Noster, zap.stream. We're all over the place. Primal.net slash RHR.

22:38Mav21, ride or die Freaks app, 21,000 sats. No comment. soap miners app 25 000 sats bitcoin is money use it as such and if you go buy a soap use code rh for a significant discount and i just had soap miner on sitel dispatch definitely check that out that was a fun rip i really enjoyed it i like the soap we have sat signer zapped 21 212 sats palindrome boost stay humble sign sats we have paul in the jungle zapped 420 sats he says happy 420th episode. And we have Hummingbird, which is a film that Paul was instrumental in. And I had the pleasure of meeting the director. Zapped 21,000 stats. Have you watched Hummingbird yet?

23:22I have not yet. It's about Bitcoin jungle. I actually have a small, small role in it. But it's hummingbirdfilm.com. Check it out. You're in it. You haven't even watched the whole thing yet? No, bro. I need to though. It's a good reminder. I'll watch it. I'll watch it this weekend. If you go to hummingbirdfilm.com, you can watch the film there. Really cool, cool story they're telling over there. A lot of people say, a lot of people are excited. This is episode 420.

23:57I didn't even realize, to be honest. Robot drawer in the YouTube chat. Marty in an Irish pub. I like that you're saying that my home office has the aesthetic of an Irish pub. It does have the aesthetic of an Irish pub, especially with the final, final hat on. Thank you, freaks. Thank you, freaks, for contributing. The zaps keep them flowing. moving down the list Ventium announces Ventium announces new Bitcoin fellowship cycle and fellows so Ventium is a Bitcoin accelerator based out of Brazil they focus specifically on Brazilian developers and it's run by Andre and Lucas great people yeah so they're just giving an update on adapting the the fellowship model and their new grantees.

24:57They got Johnny Santos working on P2 pool V2 and does the centralized mining infrastructure. You love to see that. You got Chris G working on Floresta, Utrexo and project sustainability. So those are two very important projects. So you love to see it. I mean, look, look at these stats, right? their second Bitcoin dev launchpad cohort, 322 applications, 23 developers selected for in-person residency, 12 were accepted as fellows and two new grantees. You know, we have, there are so many different funding and support independent organizations focused around Bitcoin right now.

25:42And it's they tend to be grouped together, which makes sense to a degree. But also many of these orgs have completely different goals and structures. Right So like OpenSats for instance we very application led Right We not telling people we not high touch Right it you you apply if your application gets approved you get bitcoin um ventium is is got a lot more structure to just really bring in these brazilian developers and have them mature and become major contributors uh to the project which is fantastic to see i love what they're doing down there and i had the pleasure of going down to Brazil and, uh, for Lucas's conference, SatsConf.

26:27Um, what a vibe. The city is incredibly impressive. Uh, Sao Paulo. Um, how many bum Gs did you throw out when you were there? Dude, it's a huge city. It's like almost like an Asian super city just in South America. And it's a completely different Bitcoin community. Very young, very vibrant, very excited. It's like a whole different world down there. Incredibly bullish. Bitcoin for everyone. We have our perspective over here in the West. Brazil has theirs.

26:59Many others have their perspectives. Also, if you've ever complained about traffic, the traffic there is so bad. I think it took like, we're like in the car for like three hours to get from the hotel to the airport. And it wasn't that far of a drive. Next up on the list, I'm surprised you shared this. Jensen Huang's first ex-post. NVIDIA supports OpenAI models. This was the biggest news of the week. He saw you came back to Twitter and said, you know what, I can't.

27:27You think that's why Jensen did? I need to send my first tweet. What a banger first post. So Jensen came out in support of open-weight, open-source models, and basically brought the entire industry with him, except for Anthropic. I think even OpenAI signed, ultimately signed. Microsoft signed. I don't think they signed, but Sam Altman quote tweeted, like, I support this. But this was going to our earlier conversation that happened right before this post, right?

28:00So this post was Friday after RHR, and we were talking about a potential impending burdensome regulation and bans on open-weight, open-source models. and specifically what we're talking about is the incentive structure is really interesting here because there's a lot of very powerful well-connected people that actually want to see open source open weight models available and flourishing in the united states um and then we just got complete proof of it friday into the weekend it's like a who's who of of heavy hitters came out in support of this elon was supporting it all over the place yeah microsoft like i it's rare you see Google came out in support of it. Rare you see those, those kind of heavy hitters, I think, come out on the side of, of freedom, but it's fantastic to see.

28:56Yeah. John and I talked about it on Arnold Hold recap, uh, on Monday on the 10 31 show. Let me do, if you think about it, I mean, um, open AI and anthropic of all the incentive to keep this close source for, for obvious reasons and the regulatory moat. Yeah. But there's a ton of value to be created from obviously like nvidia people selling the chips but like companies like cloudflare uh salesforce like there's the number of companies that could could um see a massive valuation bump from providing goods and services around the ai build out and the adoption of the technology far exceeds these two companies and so i think it's another uh another interesting way a lens to be this or it's like some people may view uh anthropics and open ai's ultimate success as existential um to to the u.s dominating the ai um the ai adoption wave but there's many other companies that could dominate as well and so it's like just don't succumb to the fear-mongering of i would say anthropic more specifically yeah i mean microsoft owns what 49 of open ai um and even they came out in support of it nvidia obviously is selling a ton of chips to these frontier labs and actually financing a bunch

30:24of it um but i i think um this is just a beautiful example when incentives are just really aligned well on on the freedom side is when we get big wins right and it's part of the reason why i was always so bullish on Bitcoin, right? Because it aligns, if you're greedy, it aligns the stakeholders in the system where they all want to see Bitcoin succeed because it benefits them. And this is, it seems to be the similar, a similar but different situation with open models where if they flourish and proliferate, the powers that be benefit significantly from it.

31:07So it also helps the little guy. Yeah Yeah And I think more and more I mean it existential for individuals and companies too, because I think, again, we've talked about this before, but more and more, I think particularly enterprise companies are becoming aware that giving their workflows and data to Anthropoc and OpenAI is not the wisest decision because they'll just, they'll just incorporate the knowledge and the data that they get from those workflows and the proprietary information. And also just dependence, right?

31:45Even in the least malicious timeline, your company's future has absolutely no agency over it. They can just jack up prices on you and you have no choice but to pay. Yeah, I'm looking for this one tweet I saw yesterday. yeah here it is let me pull this up just to really like highlight this is already a ball that's in motion and something that's happening um old layman it's old layman on x cover ai and robotics said uh should be obvious by now but open ai and anthropic are just going to keep cannibalizing all their biggest customers it's simply too profitable for them to resist and it's already happening figma partnered with anthropic on ai design tools then anthropics product chief quit figma's board and three days later anthropic launched claude designed to compete with figma ceo dylan field said anthropic was not consistently candid novo nordisk which is a a biomedical company and pharma company uses claude to help develop drugs now anthropic is developing drugs of its own microsoft poured billions into open ai now open ai is building a jobs platform to compete with linkedin reportedly a code repository to compete with github

33:03Microsoft owns both. Harvey uses Claude to sell AI contract analysis, due diligence, litigation tools. Now Anthropix sells those same workflows through Claude for legal. Intercom used OpenAI's real-time API to build FinVoice. Now OpenAI sells its own voice and chat support agent through presence of Bridge and Ambience, build clinical documentation products on OpenAI. Now OpenAI sells chat GPT for healthcare directly to hospitals with clinical documentation built in.

33:31benchling uses claude to power its biotech research and development platform now anthropic sells its own scientific workbench through claude science frontier lab playbook is simple sell their models to the world's most valuable businesses help wire them into those companies most valuable and sensitive work map the business from the inside and find where ai can take over turn those capabilities into their own products and become the customer's competitor it's pretty egregious when you read it out loud like that.

34:04Well, it seems like sanity is prevailing. Cautiously optimistic here. Accelerate. Stay bullish, freaks. On that note, we're getting to the Human Rights Foundation story of the week. So before we get to that, we'll read the top boost from last week's episode. Rabbit hole recap. 419, freedom in the digital age. We've got many boosts to read here, or at least a couple. y'all know our girl pringle mac she's going to be here weekend and week out 33 3333 sets we cannot stop laughing at marty's childhood fishing story so funny keep delivering high signal news and of course awesome dads because that's what really counts you two are crushing it r.i.p jcd we have been sad and a little lost this week big love sil and tony hard hard hard big love to you too love it actually we had a lot of uh we don't we don't a lot of cumulative of smaller boosts from people which is good to see too um fishing trip went well i caught a flounder the boys didn't catch anything they got the old dad did you rub it in their face it was like a baby flounder i felt i felt bad for the fish actually i'm gonna throw it back and

35:14it got hooked pretty good but uh yeah the old dad joke they don't call catching they call it fishing son we learned a lot about fishings uh we had a good time good time on the boat Got to lean into the dad jokes. Anything from the NASCAR? No, we got nothing over 21,000 cents. All right, so that will go to the Financial Freedom Report story of the week. Coming from Nigeria, where Tenubu establishes Virtual Asset Council, Nigerian President Bola Tenubu signed an executive order establishing a coordinated framework for the regulation of digital assets.

35:51The new Virtual Asset Council will be chaired by Central Bank of Nigeria. with the Nigerian Securities and Exchange Commission, Nigeria Revenue Service, and other financial and national security officials also involved. The Nigerian SEC will oversee virtual assets classified as securities, while the central bank will register payment, custody, settlement, and other non-security assets. For more stories like this and others, make sure you sign up for the Financial Freedom Report newsletter at financialfreedomreport.org.

36:20it seems like they are they trying to like pave the way to make people use allow people to I don to me this reads like there's a, first of all, Nigeria is a huge country population wise. It's New Jersey of the world. It's the most density populated country. Over 240 million people. If you believe official population numbers, I feel like we just always have to do that caveat now. that my eyes have been opened on the potential fake numbers. And some estimates say that over 20 million Nigerians are using Bitcoin and other cryptocurrencies right now.

37:04It's hard to measure. And so I feel like this is trying to bring in kind of a surveillance and control regime. They know they can't stop people from using it. So if they can regulate it in a way that they can surveil it and track it and control it better and put people in jail. That feels like what's happening here. Yeah. But we'll see. Tag and bag. Tag and bag, baby. People loving Citadel Wire in the YouTube chat. Shout out to Fibba Swanny. Thank you, sir.

37:40I'm glad you find it helpful. Citadelwire.com. Check it out. Calling it badass. Badass. Da, da, da, da. all right on to software update discussion here sparrow wallet version 2.5.3 has been released with era hardware wallet support xdg directories and psbt verification pretty big uh pretty big update there what's an era hardware wallet i think it's a specific hardware wallet it's like a new one that we haven't heard of i mean he supports a ton of hardware And it's not just good ones.

38:20The Aera Hardware Wallet, ERA, never heard of it. But yeah, it's a specific device. It looks like it's got an ink screen. He just, you know, Sparrow is just such a powerful software package. And I think it's important that you have this one open source software wallet that just you can use with almost anything. Mix and match, multi-sig, single-sig, different hardware, hot wallet, cold wallet. Use your own node. Use someone else's node. Smart coin selection.

39:00Remember, freaks, there's no Sparrow Wallet on mobile. There are scam wallets that pretend to be. The only real Sparrow Wallet is at sparrowwallet.com. He has a lot of great guides there, and he shows you how you can verify that you have downloaded the correct version. I think I saw this week that there's some class actions coming to Apple around the fake iOS. It's a real mess. Just third parties or security holes. I see Struggers in the Nostra live chat zapped 21,000 sets.

39:32He says, cheers, gents. Cheers to you, sir. Thank you. Cheers, Struggers. What a name. Love that name. Moving down the list, Vexel version 1.45.1 has been released with performance improvements and BCF contact backup. Check it out if you're using Vexel. Amethyst version 1.13.0 has been released with Naplet slash N-Site browser host Cashew CLI support, NIP22 comments, and Tor Onion location. Pretty big up. A lot of other things. Kitchen sink of a nap.

40:08Huge shout out to Vitter for his work on Amethyst. Dude, Noster's having a week, man. I think Buzz, I'm not sure if you've been watching Vinny, the developer who's done some demos on Buzz. He went on Greg Eisenberg's show. I saw he was with that other AI influencer. I forget his name. It's escaping me right now. Actually, I recorded with him yesterday. It's coming out on Saturday. But he's been doing a good job highlighting the value of Nostra within Buzz, too.

40:43I want to say normie audiences, but audiences that are not aware of Nostra and understand the profound nature of the distributed communications protocol. So as we've said for many years, we said last week, the social media applications of Nostra are just the tip of the iceberg. And there are many ways to build clients, many ways to incorporate the primitives of the protocol to do cool things. And I think Buzz has really proven that. Love to see it. It's all coming together.

41:14Yeah, I mean, the key thing here is it's awesome because it doesn't require fighting an established network effect. Like if you were running a company and your company is currently using Slack and you tell all your employees they have to use Buzz, it's immediately useful. It's just like you don't have to try and convince, you know, 200 million people, 500 million people to switch over to a network. to a new social media yeah and i mean i think it's particularly useful and i mean you pointed out my comments like right now you're pointing your uh your instance at um blocks noster relay with unencrypted messaging so they have access to that but you can easily spin up a relay in the server and point it at that and once you do that you have privacy and then i think I think the big unlock is this context buildup from the cryptographically signed events that it really has access to.

42:15I mean, to be clear, that's not a different trust model than companies that are already using Slack. But, you know, I think if there's credence to there being value in this concept of a company brain, right? So like agents trained on your company's data and building up training over time and getting more competent than I would, it stands to reason that you should protect that by not sharing it with people. Um, this is just how I'm thinking about it right now. Yeah. Have you used it yet?

42:50Um, and briefly, not, not enough to, uh, I think it's, it's a really cool concept. Um, I, I liked, um, someone put it really well, um, that is the first multiplayer harness. and so i'm actually kind of curious in a lot of the ways how like open claw changed how people think about harnesses and then we saw a lot of external development that happened along those lines it should be interesting to see you know what this accelerates because the concept of me talking to your agents or our agents talking together or them all you know working together is is fundamentally different and it makes sense to me, right?

43:31It's like logically makes sense. That's where we're going. Yeah. No, it's been fun. They still have some, they released version 0.5.0. Earlier this week, I updated it and there's still bugs around like, so the tweet that you responded to, like I connected my Hermes agent with our company brain, which is running in a VPS, but like to do that, you run buzz locally on your computer and i had to run hermes desktop locally at my computer but then i had a ssh into my hermes agent in the cloud to my local desktop and then connect it to buzz locally and so like i can talk to my agent and buzz right now but the way that i've set it up since my agents in the cloud nobody else on the team can talk to martin um so they have to fix that bug but like yeah just i created a bunch of agents in there and just was like and so like we do have like a bit of isolation where if i tell martin in buzz like work on a certain thing a certain aspect of the business we'll just bring that context in um but i saw him do like a 45 minute loop with three of the agents like running through something and it was just like

44:44fascinating to watch play out it was actually like a pretty good output too and so i think the the multiplayer harness is a great description for it. Once you get the whole team interacting and their agents interacting, it's going to be incredibly powerful. And then if you can easily out of the box set up your own relay, connect it and have those privacy assurances. And then the shared compute aspect as well. The shared compute aspect is awesome.

45:11By the way, when they first, so I think part of what's cool here is yes, everything is rough around its edges, but I like the idea of shipping in the open and then iterating, right? Just getting it out there and, and then, and then moving forward with it and they're shipping very quickly. They just got the mobile apps out, but when they announced mesh LLM, um, and open source did it first, I looked at it and I was like, this is a cool concept, right?

45:39It's like you have compute and I'm running, let's say I'm running a model on, on, on my local computer. Let's say I'm running like a $10,000 Mac studio. and me and you are coworkers and you want to use my Gemma instance or whatever. MeshLLM uses Noster to authenticate and handle that process. But there was no payment component built into it. And I was like, how is there no payment? Like, I'm going to just, I'm going to spend money, obviously, to run this thing.

46:08Not just energy, but also the actual machine itself. I'm just going to release it out into the public for anyone to connect to. And it made no real sense. but i mean it made it made a little bit of sense but it didn't it felt like there was a missing piece there right but implementing a payment system is is makes the whole thing much more complex but in this situation you actually don't need a payment system because if you're in a like trusted co-worker style environment like of course you're going to share your computer cross right i mean in in a block situation for instance most of those computers are bought by the company They all owned by the same company to begin with So in that situation you can imagine you know maybe some of their top tier engineers have machines And if you like a lowly salesperson you just running a MacBook Air, but you're able to just go into buzz and just hit, hit their model instead of going to a cloud model. Pretty cool. Just all coming together. When you said like the payment's hard to add, but like, couldn't they like incorporate roster or something? Yeah. It just adds a level of

47:16complexity i mean if you wanted to probably the probably the best way to do it would be something with with like locked e-cash um and then someone's running a mint and then you have to have mint ux and whatnot right if if you're in an environment where you want to give it to free it's just strictly simpler system yeah yeah it's a beautiful thing it's so cool to see unfold. And again, a reason to be bullish. The pace of development around these open harnesses that really make open source models and shared compute first class citizens. It's good to see moving in the right direction. Moving on to the next software update, Blitz Wallet, Android version 0.7.14 has been released with faster payments, transaction filtering by description and simplified UI. And I have to admit, I downloaded BlitzWallet for the first time last week. He used it really simple and important. It's so easy.

48:19I forget his name. I should remember. He's a young kid. OpenSats supported him with a grant. I don't know if he's still on a grant. And he did do the pitch competition where I was a judge for in Lugano. It's a Blake Kaufman. yes yes there you go and he's just impressive he's impressive he's thinking about you know just trying to make the ux very user-friendly but still powerful um and i the wallet is great i'm impressed and they ship they ship very quickly yeah let's go check it out if you're using blitz android specifically um big news out of the week cali is becoming a main character have you noticed the story arc of carrie of callie carrie i have noticed i think he's been a main character for a while so i named this episode accelerate and the reason i did was twofold it was the jensen story um and then you know with with all the heavy hitters coming out for open models and then the second piece was what is what has been ongoing with bid shot this week. And it all started with India, which has shown to be a very oppressive government in terms of freedom on the internet, went through GitHub to ban BitChat from GitHub. And so it all started

49:51with a takedown request to GitHub in India specifically for the BitChat project. And if You guys remember the BitChap project was started by Dorsey. I think it was basically like a vibe-coded weekend project on iOS. And then Callie picked up the reins and vibed an Android client that was interoperable. So that was what started all of this. And then since then, I mean, look at the stories I have on the list. It's just back-to-back-to-back, accelerate, make this thing as hard to stop as possible.

50:25Yeah. And so, I mean, looking, you can pull these up in a regimented fashion, but BitChat enabled offline self-transfer to other Android phones this week. So like instead of going to GitHub or finding the app store, you can literally just pass the files along the Android using Bluetooth. So you imagine you're in a protest, you're in a protest and only one person has downloaded BitChat. And at that, because there's a protest, they ban BitChat on the app store.

50:54or they ban it from GitHub. Well, that one person can then just send the APK around through the mesh, and then people can install it. And that obviously isn't using BitChat, because if it was, it wouldn't work, because the person that's receiving it doesn't have BitChat yet. So it uses Android's peer-to-peer share file thing. Dope. Next, BitChat coming to smartwatches as a decentralized mesh walkie-talkie, which is insane and the cool part here by the way is this is not a companion app this is a full-fledged bitchat client on the watch itself so you don't even have to have your phone on you you could just have a watch with bitchat on it yeah and then you don't have it on the list but Logan I'll give this to you Callie shared it earlier this week it is incredible how these attempts to curb these apps just end up being a complete well there's a next one on the list real quick Do you have it there?

51:55Did I put it on the list, right? The LoRa mesh? Biddle open source CSP32 mesh relay for off the chat yeah Yeah it on list Yeah That what you talking about No not that All right so pull up the Biddle So this is, so LoRa is another mesh project that has been around for a while before BitChat, that the whole design of it is low-cost, constant-running relays, effectively. And so now there's a protocol to bridge between the two. so you can imagine people and there's like, I don't know if this looks like an AI generated photo to me, but you could imagine people stringing these up to expand BitChat range so that it's not just bouncing off of phones, it could be bouncing off these low power, low cost devices that are just running effectively 24-7 and expanding range for BitChat, which I think is pretty cool.

52:56Do you think that's AI generated? it kind of looks like it doesn't it i mean all the words are very clear look how like easy it is to view the screen on the phone yeah it's like definitely ai generator maybe ai enhanced out of there um but look and pull it up too and you can go back just like a random tree look at the look at the uh the zip ties yeah but yeah we are definitely reaching we've reached it says on there where you do it's the ai fakes are just so good you just have to assume everything is is ai now yeah and operate accordingly especially anyone who posts something like a really long essay on x or something you just gotta you just assume it's ai even the treasury of uh the secretary of the treasury and dash is secretary percent you know you're gonna get those out um but look and pull the tweet i just put in there like if you just look at the streisand effect wow the growth of uh bitchat android within india once once this new set pretty miraculous the crazy part is this is just i think this is the app store yeah this is like the play store so like india when went to github but they didn't go to google

54:18and take it off the app store, which just reeks of incompetence. Well, shout out to Callie. You told GitHub to fuck off, too. And then a bunch of clones popped on GitHub. What is the distributed GitHub competitor? Reticle, I think it's called. Yeah, Reticle. There's a bunch of them. NGIT is on the Nostra version of GitHub, which Buzz also has integrated. Accelerate. All coming together. Russia looking to accelerate getting access to Telegram. Russia charges Telegram founder Pavel Durov with facilitating terrorism.

55:03Read the whole title. He gives Moscow the finger. He literally... Did you see the Twitter account for Telegram? They literally just... Their response was... Give them the finger. fighting back he just made his first personal post that i saw about it right before he went live um and he says yeah russia has designated me as a terrorist in quotes for refusing its demands for mass surveillance and censorship on telegram under russian law i'm banned from publishing information on the internet russian officials are clearly confused about who can ban whom from the internet. And supposedly this is around the Ukrainian military using, allegedly using telegram to coordinate attacks and Russia asking him to, uh, ban them and him not complying.

56:01No. Um, it's like, and this, these two stories, Callie sticking up the GitHub, Povl and Telegram sticking up to Russia. We are. I mean, this is what you want to call the sovereign individual age, or many people call it the technocrats taking over the reins of control. This is the type of things you will see, where it's like software is stronger than states in many aspects. And the network effect of these softwares is such that the users value the technology that they probably side with the tech founders over the governments.

56:38It's like we're getting to that point. Wild. It is. Accelerate. You live in the best timeline. Last thing we have on the list is Colorado's new restrictive process for buying... Did you see this? Semi-auto firearms. No, I did not. But this has been a growing trend. Look at the top comment. Colorado has fallen. So you want to buy a semi-auto firearm with a detachable magazine? This is a regular gun. It's just a regular gun. Yeah, it's like a Glock.

57:12Yeah After August 1st A gun that you pull the trigger and it fires This is not an automatic detachable magazine That standard It's a normal gun. So here's what you'll need to do. Register in the state's new system. Find and pay a place to conduct a special name-based background check, even though there's no statewide vendor network and many sheriffs do not know where to send you. Bring your results of the background check and your government IDs.

57:41the sheriff pay colorado parks and wildlife 52 currently a 1212 cents pay the sheriff another fee and wait for an eligibility card find a state approved instructor to take a class and pay 200 to 500 give up 12 hours over at least two separate days pass the government's exam with a 90 wait for your result to be entered into the database finally go to a gun store and have the dealer verify you in the database, pay the taxes, including Colorado's 6.5% excise tax, and then wait three days before taking the firearm home. Oh, and did I mention that most of it isn't set up and ready to go yet? I can't tell you how many people are just now finding out about this.

58:24They've asked me what they can do to stop it. My answer is they should have helped us fight last year when we were desperately asking people for help. This is from Ava Flannell, who's a state House representative in Colorado. Damn, Colorado has fallen. Pretty crazy. So they just can't buy guns anymore? That goes into effect in two days. I mean, this is a classic, I mean, in most, most places in the world, you can't buy guns. But America is the exception. It's our, it's our, it's our God given right. But this is a common tactic of the gun grabbers, right? Is you just make it really, really difficult to the point where most people either can't get them or won't get them. And then usually this stuff gets fought in courts. But I will say in general, if you're considering where you might want to raise your family and build your businesses in America, burdensome gun regulation is usually a good canary in the coal mine for where a particular jurisdiction is heading or already at.

59:35And I think this is really, I mean, it's horrible to see this. Like Colorado is, you know, I love Colorado. It's a great state. Great people, beautiful, historically has had pretty good laws, but it's gotten significantly worse. And we have a lot of freaks out there, so. Is it the wokest state in the Midwest or the Rockies? Probably, yeah. Or that'd be, dude, it's just popular. You just go by population. It's like wherever the populations, the densest is usually the worst. Um, but, uh, that's why the Northeast is so fucked. That's why California is so fucked. It's like the core principle is, is population density.

1:00:15But, uh, when the other reason I put this there, even though, you know, it's like kind of, I consider guns freedom tech, so I don't think it's that off topic, but that goes into effect in two days. so uh if you live in colorado plan accordingly load up load up yeah pun intended um all right i gotta get going here soon but getting a little birdie in my dms talking about the effects of the iran war on domestic fertilizer um refineries here in the u.s apparently refineries are beginning to cut hours and delaying the inevitable of having to furlough and lay people off because uh the refineries went from charging two hundred dollars per ton to fourteen hundred per ton since the iran war started and now people are just shipping their fertilizer in from morocco apparently so a little knock on effect of you're actually yeah a lot of knock on effects two weeks to stop the spread war keeps on going over there um on that note that actually reminded me um a story that my clankers at citadel wire picked up this week that is not on a lot of people's radar was this coordinated cyber attack that hit more than 30 minnesota water systems

1:01:42and there's not that many details out on it right now but but but there is speculation that is iranian linked which could be a false flag or it could actually be real i mean i think our systems our infrastructure is incredibly vulnerable um to people that are paying attention that ties into like the the open weight models too like we should be allowing these open weight models we should be unleashing Fable and ChatGBT 5.6 and using them as defensive.

1:02:13Iron sharpens iron. Yeah, get them in the hands of these water systems, the grid systems, have them audit their systems. They'll be like a short-term rough patch, but ultimately we'll be stronger for it. Yeah. Accelerate. Accelerate. Lean in. perfect name for episode 420. There we go. All right. I'm going to shower and then hop on the train. Love your freaks. Stay humble, Stack Sets. Peace and love.