They’re Lying to You. Again. Stay Humble & Stack Sats.

[0:00] Hello, welcome back to another episode
[0:02] of the Jack Mallers Show. I am your host
[0:06] Jack.
[0:07] You're listening to yet another edition
[0:09] of mailbag Monday episode 111.
[0:14] Ladies and gentlemen, without further
[0:15] ado, let's get this show on the road.
[0:18] I'm talking to you all at a Bitcoin
[0:20] price of $6,770.
[0:24] Bitcoin's market cap sits at about 1.34
[0:28] trillion in size. All-time high, it was
[0:31] made on October 6th, 2025. It remains
[0:34] the same. $126,160.
[0:37] We're about 47% down from that all-time
[0:40] high we made 175 days ago. The last
[0:43] Bitcoin block that was mined since I hit
[0:46] stream was Bitcoin block 942,980.
[0:53] It is March 30th.
[0:55] There's a lot going on in the world.
[0:57] This episode could have been 10 hours
[0:59] long. Um, instead, I'm going to try and
[1:02] keep it to an hour long.
[1:04] Um, but for those of you listening years
[1:08] uh in advance, thinking about what it
[1:10] was like for Bitcoin during Trump's
[1:13] second administration, during the
[1:15] conflict in the Middle East, during the
[1:18] rise in oil prices, welcome. Uh, it is
[1:21] very, very, very chaotic. So, without
[1:24] further ado,
[1:25] let's go.
[1:26] Uh, the title of today is they're lying
[1:29] to you again. Stay humble and stack
[1:33] sats. Uh,
[1:34] so, what do I mean by they're lying to
[1:37] you again? Um,
[1:40] the time we're living through now,
[1:42] I find it very difficult to not be
[1:45] reminded of COVID, Doge. Um, I feel like
[1:51] I'm being gaslit. I feel
[1:54] I feel like I'm being lied to. I feel
[1:56] like I'm being manipulated. And it's
[1:59] funny because
[2:01] I I swear to you, I got people in my
[2:03] YouTube comments are tweeting at me
[2:05] like,
[2:07] Jack
[2:08] Jack might know a thing or two about
[2:10] Bitcoin, but he simply doesn't
[2:12] understand Trump's genius.
[2:15] Jack should just be patient and let the
[2:18] United States develop their 4D chess.
[2:22] Jack is young. He has no idea the
[2:25] profound mastery we're witnessing from
[2:27] the US government.
[2:29] And I'm like,
[2:31] okay. Well, what what is what what have
[2:33] I been saying week after week after week
[2:36] after week? The only thing that matters
[2:38] is the Strait of Hormuz open or closed.
[2:40] That's the only thing that matters. If
[2:42] we cannot open it, we lose.
[2:45] And it doesn't matter like I'll just
[2:47] I'll repeat myself again. It doesn't
[2:49] matter how many people we kill if the
[2:52] head of the former regime is dead.
[2:55] I mean, at least I don't think it
[2:57] matters. What matters is if they can
[3:00] keep the Strait of Hormuz closed,
[3:04] we will suffer a fatal collapse in the
[3:08] United States because we are solely and
[3:10] wholly reliant on people like Iran,
[3:14] Russia, China, the global supply chain,
[3:18] energy markets. We are not
[3:20] self-sufficient. We are the country that
[3:22] runs the deficits. We are the country
[3:24] that lives in perpetual debt that is
[3:27] losing control of its treasury market.
[3:29] And so, we can kill as many people as we
[3:32] want. If they can keep that thing
[3:35] closed, we're going to lose.
[3:38] And I've been super consistent on that.
[3:40] And I'm like, guys,
[3:41] I don't know how this opens. I don't see
[3:44] it opening anytime soon. Every single
[3:47] day that it remains closed, I get more
[3:49] nervous that this is going to escalate,
[3:51] that there's going to be mass amounts of
[3:53] casualties due to this conflict, that
[3:56] energy prices and oil prices are going
[3:58] to get out of control, that markets are
[4:00] going to fall apart, that sovereign debt
[4:02] crisis is going to be greatly
[4:03] exaggerated, that we're not even going
[4:05] to have the luxury of paying attention
[4:08] to the most devastating deflationary
[4:10] technology trend in human history, which
[4:13] is AI. Everyone's totally forgot that
[4:15] we're also facing a unemployment crisis
[4:19] that's also going to drive us into a
[4:22] financial crisis greater than anything
[4:25] anyone has experienced that's alive
[4:27] today. I've been super consistent about
[4:29] that. And week after week after week,
[4:32] oh, you just don't
[4:34] >> [laughter]
[4:34] >> silly kid. You don't understand the 4D
[4:37] chess that's being played. Did you not
[4:40] hear that Trump is a master negotiator?
[4:43] And do you Oh, you must not know the US
[4:45] government is unbelievable
[4:48] at the fog of war. Here we are, week
[4:51] five, and the [ __ ] Hormuz is still
[4:53] closed. Oil's over $100. Global supply
[4:56] chains are breaking down. The S&P 500 is
[4:59] down 10%.
[5:01] Like, hello. And
[5:04] it reminds me of COVID.
[5:08] I kid you not.
[5:10] People are saying,
[5:11] you got to go get a shot. Just one shot
[5:14] though. I say, really? Will it prevent
[5:16] me from getting COVID? Oh, no, no, no,
[5:18] you'll still get sick.
[5:20] Oh, okay. Will it allow me to go back
[5:23] outside and
[5:25] interface with people again and have
[5:26] social experiences and not be trapped in
[5:29] in jail and then on house arrest? No,
[5:31] no, no. You have to get a shot, but
[5:33] you'll still get sick.
[5:35] And you're not allowed to leave your
[5:37] house. Oh, and inside your house, you
[5:39] still have to wear a mask.
[5:41] Well, then why would I get a shot? Oh,
[5:43] no, not Now it's not just one shot, you
[5:44] just got to get two, but then you're
[5:46] fine.
[5:47] No, now it's three shots, but then
[5:48] you're fine. Well, now it's three shots
[5:50] and boosters, but then you're fine. But
[5:53] you still can't go outside, and you're
[5:55] still going to get sick, and you still
[5:57] have to wear a mask.
[5:59] But anytime during COVID, I was like,
[6:01] hold on a second. Sorry, guys, this
[6:03] isn't political. I do the whole spiel.
[6:05] I'm not red or blue, I'm not left or
[6:07] right. I'm Bitcoin, I'm orange, I'm pro
[6:09] distributing networks and open-source
[6:11] software, and this isn't a political
[6:12] statement. This isn't supposed to uh
[6:15] offend you and who you perceive yourself
[6:17] to be or your political alliances. I'm
[6:19] just trying to bring rational common
[6:21] sense to the conversation. Remind me why
[6:24] this why I should inject my body with
[6:27] something that is not provably tested
[6:29] and gone through proper due process and
[6:31] doesn't seem to actually resolve the
[6:33] problem. And people at the time were
[6:35] literally, what are you trying to kill
[6:37] people? You murderer.
[6:39] You murderer, you disgusting pig.
[6:43] You're a murderer, a disgusting pig.
[6:46] You're selfish, you're not thoughtful.
[6:48] You're shameful, you're the worst of
[6:50] society.
[6:52] That is what was happening during COVID.
[6:55] And it was ultimate gaslighting. The
[6:57] government was going to uh employers and
[7:00] saying, fire people that do not get the
[7:03] shot. Fire people. Don't let them in
[7:06] your restaurant. Don't let them fly on
[7:08] your airplanes. Don't let them out the
[7:10] house.
[7:12] They're selfish, they're murderers. Fire
[7:14] them, unemploy them, render them
[7:16] useless, kick them out of society. And
[7:19] it was ultimate gaslighting.
[7:21] It was like, what
[7:23] It was like, what I'm just being lied
[7:26] to. And again, it wasn't political.
[7:29] People say, oh, Jack's such a
[7:30] Republican. No, I'm not. I've never
[7:32] voted Republican. People say, Jack's
[7:34] such a Democrat, he grew up in Chicago.
[7:36] No, I'm not. I've never voted Democrat.
[7:38] How's that possible? I've never voted. I
[7:41] don't believe in how big the US
[7:43] government is or anything about it at
[7:45] all. At all. I vote with my time, my
[7:49] energy, my effort, my labor. I vote with
[7:51] the work I do every day, which is in
[7:53] alternative systems that will provide
[7:56] and support society with something that
[7:58] I believe is more equitable and fair and
[8:00] prosperous. This is not political. Like,
[8:03] you guys are going to be in my YouTube
[8:04] comments saying all sorts of dumbass
[8:06] [ __ ]
[8:08] It just I For those that want a rational
[8:11] sense of what's going on,
[8:13] let me remind you of COVID. Same thing
[8:15] with Doge.
[8:16] Elon said, we're going to cut We We run
[8:18] a $2 trillion deficit. Well,
[8:21] I'm the greatest entrepreneur of all
[8:22] time.
[8:23] Let me cut our our spending by $2
[8:25] trillion. Here, hand me the keys to the
[8:27] balance sheet. It was like, uh Elon, no
[8:30] offense, dude. The fact that you think
[8:32] that this is possible, like, you can't
[8:34] be an expert in everything. I'm sure
[8:35] you're an expert in all sorts of stuff,
[8:37] but like, you clearly don't know. That's
[8:39] how I felt when he was talking about
[8:40] Bitcoin. I was like, come on, dude,
[8:41] you're embarrassing yourself promoting
[8:42] Dogecoin. You don't have to be the main
[8:45] character in everything. Maybe you just
[8:47] don't know what you're talking about
[8:48] when it comes to this topic. No problem.
[8:50] You don't have to pretend though and say
[8:52] you understand Bitcoin and why Dogecoin
[8:54] is better because those of us that
[8:55] actually know what we're talking about,
[8:57] it undermines your credibility. You're
[8:59] just highly embarrassing. You're clearly
[9:01] not that educated. And it was the same
[9:03] thing with Doge. If the United States
[9:05] were to cut $2 trillion of what they
[9:07] were calling waste, the whole Ponzi
[9:09] scheme would have collapsed because so
[9:12] much of the stimulus and GDP growth for
[9:15] the US economy was coming from
[9:17] government spending. So, if they cut
[9:19] that, the whole thing falls apart. And
[9:21] then it was, oh, oh, oh, oh, well, it's
[9:22] not going to be $2 trillion, but it'll
[9:24] be a trillion.
[9:25] Do you guys remember when there was like
[9:26] Vivek Ramaswamy and Elon were going to
[9:29] have like America Day, Doge America Day,
[9:32] July uh 5th, 2026, right? Are we still
[9:35] Is that still on in July? This upcoming
[9:38] July?
[9:39] I was looking forward to that.
[9:42] And then it was,
[9:43] instead of we're cutting $2 trillion,
[9:45] then it was, oh, we're just going to cut
[9:46] a trillion. Then it was, well, we found
[9:48] some fraud, which they did. They found
[9:50] some fraud. Whatever, Minnesota fraud,
[9:51] California fraud. I mean, you guys found
[9:53] fraud. The whole [ __ ] thing is is The
[9:55] whole [ __ ] thing is a Ponzi scheme.
[9:57] The Federal Reserve's never been
[9:59] audited. What do you mean you found
[10:00] fraud? Yes, there's fraud in Minnesota.
[10:03] Should we allow it to happen? No. But,
[10:05] the ultimate fraud is this entire
[10:07] [ __ ] thing. It's the thing that you
[10:10] said you were going to cut the $2
[10:11] trillion that that's all of it's fraud.
[10:14] And then,
[10:16] here we are today, the deficit is now
[10:18] bigger.
[10:19] Trump is spending more money, plans to
[10:21] spend more money, said we weren't going
[10:23] to he was the peace president, we
[10:25] weren't going to be in war. Here we are
[10:27] with a conflict in Iran. I still don't
[10:29] understand why. Is it because the funny
[10:32] thing about the conflict is
[10:34] he goes, "These people are so hostile
[10:38] and dangerous with their nuclear
[10:39] tendencies and the weapons they're
[10:41] building. They can't even be negotiated
[10:44] with. They're too dangerous. If we
[10:46] negotiate with these people, we endanger
[10:49] the American public. Because they're so
[10:51] dangerous, you can't even sit across
[10:53] from a table and negotiate with them.
[10:55] Because they're here to kill us all."
[10:58] Two weeks later, what's the update? I'm
[11:00] negotiating with them. What?
[11:04] You just told me that the reason that we
[11:06] just started bombing them is because
[11:08] they couldn't be negotiated with.
[11:10] Because they were so dangerous, we had
[11:12] to obliterate them over the map. And I
[11:14] talked you told me last year in June
[11:17] that you already took out all their
[11:18] nuclear facilities. But, now we had to
[11:21] go in and skip the negotiating phase and
[11:24] blow out their nuclear facilities. So, I
[11:26] already knew you were lying to me cuz
[11:27] you said you did this last June. And now
[11:30] I know you're lying to me because you're
[11:31] negotiating with people that you said
[11:33] you couldn't be negotiated with. And
[11:35] then every single Monday before markets
[11:37] open, it's we're in talks, we're in
[11:38] talks, we're in talks, it's winding down
[11:40] soon, it's winding down soon, it's
[11:41] winding down soon.
[11:42] It's just like COVID, it's just like
[11:44] Doge. They're [ __ ] lying. This isn't
[11:47] a blue thing, this isn't a red thing,
[11:49] this isn't a left thing, this isn't a
[11:50] right thing. This is government's gotten
[11:53] too big, they've a monopoly on printing
[11:55] money, they can finance these things at
[11:57] the people's expense because they can
[11:59] print. They can steal our wealth through
[12:02] dilution, through inflation. And so, if
[12:05] you want to revolt against this, you got
[12:07] to just pack your bags and get out.
[12:11] Store your wealth in something else,
[12:12] work on things more productive. This is
[12:14] why I don't vote. This is why I don't
[12:17] entertain this nonsense is because it's
[12:19] a waste of time. This country is not
[12:22] missing the right president. The whole
[12:24] system is ridiculous, the whole system
[12:26] is a fraud, the whole system is
[12:28] pathetic, and we're better off building
[12:30] something else, building something new,
[12:32] saving in something else, saving in
[12:33] something new.
[12:35] So, we move on.
[12:37] I mean,
[12:38] this is what the news like, you know, I
[12:42] was over at the gym earlier in the
[12:44] little club I'm belong to and you got
[12:46] the TVs on. These are the headlines I
[12:48] read. Trump pauses attacks on Iran's
[12:50] energy plants, says the talks are going
[12:53] well. Again,
[12:54] the talks with the people that he
[12:56] previously said he shouldn't talk to and
[12:58] should just bomb because they're so
[13:00] dangerous, you shouldn't talk to them.
[13:03] All of it's a a front. And And by the
[13:05] way, it's so disrespectful because how
[13:09] dumb do you think I am?
[13:13] I mean,
[13:14] it the incentives of the system are so
[13:17] broken. The incentives are for the
[13:19] people to be dumb,
[13:22] to be
[13:24] high time preference, short attention
[13:26] span,
[13:28] dumb rocks.
[13:31] How dumb I feel so disrespected reading
[13:34] these headlines. How [ __ ] stupid do
[13:36] you think I am?
[13:38] It's so insulting to all of us. Rubio
[13:41] says Iran war to last weeks, not months,
[13:44] with no US ground troops needed.
[13:48] Okay? Well, then what the [ __ ] is this?
[13:51] What's the letter to the Marines saying
[13:52] prepare your family, we're going to war?
[13:57] The US
[13:58] sent troops to the Middle East to be
[14:02] deployed.
[14:04] So, these are all like in our face lies.
[14:07] Simply to manipulate
[14:09] the bond market, which is the only way
[14:13] this scam can perpetuate is the United
[14:14] States needs to find a way to afford
[14:16] people continuing to lend it money.
[14:20] I've never I'll tell you this, I've
[14:22] never seen a sitting president when
[14:25] trying to calm the public about a war
[14:29] that he, against the voters' interest,
[14:32] he did not campaign on this, against
[14:35] voter interest, he's trying to calm
[14:37] markets getting community noted on
[14:39] Twitter.
[14:41] Trump, 20 large oil tankers to transmit
[14:44] through the Strait of Hormuz under US
[14:46] escort. He's trying to tell the markets
[14:48] we're in good standing with Iran, oil
[14:51] and energy markets will come back down
[14:52] to Earth, we're working on it. And that
[14:55] was a bold-faced lie. The community note
[14:59] says that the 20 tankers were
[15:00] Pakistani-flagged vessels.
[15:03] The US isn't escorting jack [ __ ]
[15:08] It's a lie.
[15:10] And meanwhile, you know what's not a
[15:12] lie? You know what you can't print? You
[15:14] know what you can't manipulate? Time,
[15:16] energy, physical commodities like oil.
[15:18] Gas prices in the United States are
[15:21] through the [ __ ] roof. Southeast Asia
[15:23] is having an energy crisis. I think
[15:25] Australia has like 2 weeks left of oil
[15:28] reserves before they go into crisis.
[15:34] It's so like I was like, should I make
[15:36] this episode 10 hours and explain why
[15:38] the Strait of Hormuz is so important and
[15:40] make a map and a diagram? No. I've been
[15:43] saying the same thing every single week
[15:45] for the last 5 weeks. Guys,
[15:48] here's the other thing.
[15:50] We killed plenty of people in the
[15:51] Vietnam War.
[15:53] Way more than we did in Japan, way more
[15:55] than we did in Germany.
[15:57] We lost.
[16:01] So, what what And And here's a good
[16:03] question, I don't even know the answer
[16:05] for President Trump. What is winning the
[16:07] war mean?
[16:09] Is how many people we kill?
[16:11] Is it getting a regime in place? Like
[16:13] Does anyone know?
[16:15] Because they keep coming out with
[16:16] headlines, "The US has killed another
[16:18] person." Okay, is the Strait of Hormuz
[16:22] opened? Yes or no?
[16:24] China's getting oil from the Strait.
[16:28] You want to talk about projecting power?
[16:31] China has 4 years of oil reserves. We
[16:34] depleted ours during Biden's term. So,
[16:37] China's sitting on 4 years of oil
[16:39] reserves and they're escorting oil from
[16:42] the Strait.
[16:43] That's called power projection.
[16:46] I don't care.
[16:48] Uh
[16:49] Every headline I see, cool story, bro,
[16:52] is the Strait open?
[16:55] If I had a press pass,
[16:57] I would walk into the White House and
[16:58] ask if we are the most powerful nation
[17:01] with the most powerful military, why is
[17:04] the Strait closed?
[17:07] Super simple. Why is the US Treasury
[17:10] Secretary unsanctioning Russian oil and
[17:14] Iranian oil? Mind you, we unsanctioned
[17:17] the oil market from the people we're
[17:20] supposedly in war with.
[17:24] The secretary
[17:25] uh the the Treasury secretary
[17:28] is helping
[17:30] our quote-unquote enemies we're actively
[17:33] in war with.
[17:35] This was all part of the plan? That's
[17:37] the 4D chess you're talking about?
[17:40] No, but please, you know, all the
[17:42] geniuses in the comments are going to
[17:43] tell me I'm young and I'm dead [ __ ]
[17:47] Oh my goodness. So, you guys want my
[17:49] opinion on what's going on, why
[17:51] financial markets? And by the way, who
[17:52] sniffed all of this out? Bitcoin. Mind
[17:55] you, Bitcoin's still ranging in the
[17:57] 60,000s as it has now for months. And
[17:59] what's catching up to it? Every other
[18:01] asset, gold, the S&P 500. Bitcoin
[18:04] remains the king in the freest market
[18:09] that is not subject to manipulation, to
[18:12] central bank interference and coercion.
[18:15] It is a true smoke alarm. You can look
[18:17] at it in its price and you treat its
[18:19] price as an asset independently. It
[18:22] tells you what's going on in the world,
[18:24] what sentiment is like. It's so
[18:26] impressive, it's so cool.
[18:29] I don't clearly I've just had enough
[18:31] with the government. Cuz I I'm I'm a
[18:33] young guy in America. I got pulled out
[18:36] of second grade during 9/11. So, mind
[18:39] you, my entire experience is just full
[18:42] of being lied to. Somehow, no matter
[18:45] who's the president, we're in conflict.
[18:48] Bush, conflict. Obama, conflict. Biden,
[18:53] conflict, Ukraine-Russia.
[18:55] Trump, conflict.
[18:58] Spend, spend, spend, debt, debt, debt,
[19:01] lie, lie, lie, war, war, war.
[19:05] That's my lived experience.
[19:08] Had enough. Had enough. You can't
[19:10] convince me to vote for any of these
[19:13] people. Vote for what?
[19:16] It's a humiliation ritual.
[19:18] I'm going to go stand in line in the
[19:21] cold in Chicago? For what? To humiliate
[19:25] me?
[19:27] I mean, literally.
[19:29] That's like I could never get myself to
[19:31] even convince myself that I was helping
[19:34] anybody.
[19:36] Might as well take those 6 hours of
[19:38] waiting in line and submit a pull
[19:40] request to Bitcoin.
[19:44] Um all right.
[19:46] Let's go through the actual tangibles of
[19:49] why the world is falling apart because
[19:51] the Strait of Hormuz is closed. And I I
[19:53] I told you guys plenty of times um
[19:57] the Iran strategy is very clear. It's
[20:00] not to
[20:02] drop a nuclear bomb on all of us. It's
[20:05] they're going to attack the US where it
[20:07] hurts the most, which is financial
[20:08] markets. We're extremely indebted. We're
[20:11] the debtor nation. We have serious
[20:14] problems in re- trying to
[20:16] re-industrialize this country, not being
[20:19] self-reliant on China, not being
[20:20] self-reliant on global supply chains,
[20:23] and just the littlest bit of volatility
[20:26] in our Treasury market and in the stock
[20:27] market threatens the entire notion that
[20:31] the United States is the Western empire
[20:34] and uh
[20:35] you know, a place for free markets and
[20:38] and for prosperity and for growth and
[20:40] and for property rights. All of it all
[20:42] of it all of it. You just need to sneeze
[20:45] on this thing before the deck of cards
[20:47] comes collapsing down. And so, that's
[20:49] what we're seeing. So, on the left here,
[20:51] you see the 10-year yield. Um
[20:54] I mean, you can tell when the conflict
[20:57] in the Middle East broke out. The
[20:59] 10-year yield had actually gotten below
[21:01] 4%, which I found impressive and a
[21:04] little unreasonable. I don't know who
[21:05] the hell would want despite this
[21:08] conflict, I don't know who would want
[21:10] the the amount of money printing that
[21:12] quite literally has to happen over the
[21:14] next 10 years. But, the conflict
[21:16] happens, the 10-year's now at 4.4%, and
[21:19] every single time the 10-year hits 4.4%
[21:21] or higher, you get a tweet from Trump,
[21:23] you get a new lie, you get a new story,
[21:25] you get a new narrative. And if it gets
[21:27] any higher, they're going to have to
[21:28] print the money. They just don't have a
[21:30] choice. Uh this tweet from Luke, I
[21:32] thought was great. Secretary Bessent in
[21:34] February said, "Judge us by the 10-year
[21:36] US Treasury yield." That's when it just
[21:38] got below four. And it's like I mean,
[21:41] these these things you know, it's almost
[21:42] like they write themselves. Okay, fine.
[21:44] We'll judge you by the US 10-year. So,
[21:46] it's sitting at 4 and 1/2 right now.
[21:48] What about that? Oh, and by the way,
[21:50] it's moving with the price of oil.
[21:53] So, this is a risk-off environment.
[21:56] Oil's going up, conflict in the Middle
[21:58] East, stock market's going down. You
[22:01] would assume that people are risk-off
[22:04] and running to safety into US
[22:06] Treasuries, and they're not. It's the
[22:08] opposite. All of a sudden, all these
[22:10] gray-haired
[22:11] uh boomer farts that are like,
[22:13] "Bitcoin's a risk asset. Bitcoin's a
[22:15] risk asset. Gold and Treasuries are not
[22:18] risk assets. They're safe havens." Well,
[22:20] gold and Treasuries are selling off with
[22:23] Bitcoin, with the stock market, while
[22:25] oil's going the other way. Guess what,
[22:27] [ __ ] When we're living through
[22:29] this giant fiat Ponzi scheme, we're all
[22:32] {quote} {unquote} risk assets. You guys
[22:34] can't escape this pain either. Welcome
[22:37] to the [ __ ] show. Welcome to the
[22:39] show. Risk on risk-off my ass. Guess
[22:43] what? If the Strait of Hormuz remains
[22:46] closed, this whole thing is going into
[22:48] flames. Everything that you think you
[22:52] know and understand goes kaput. This
[22:54] will be the greatest financial crisis
[22:57] for anyone that's been alive, period.
[23:00] Period.
[23:01] Way greater than COVID. Way greater than
[23:04] 2008. It won't be close.
[23:08] They will print the money. They will At
[23:11] this point, the best outcome of this
[23:13] conflict in the Middle East is for the
[23:15] United States to humbly say, "Never
[23:17] mind. We're out."
[23:20] Now, that'll have all sorts of knock-on
[23:22] effects of oh wow, the petrodollar
[23:25] cannot be enforced by guns and weapons
[23:27] and the US military. Wow, what does that
[23:30] mean? Iran is demanding settlement in
[23:33] Chinese currency, and China's not a
[23:35] debtor nation. They don't print more
[23:37] currency than they make, which means the
[23:40] only way to get Chinese currency is
[23:42] through gold. So, it is now a petrogold
[23:45] system, not a petrodollar system. But,
[23:47] that's the best-case scenario for the
[23:50] United States of America
[23:52] at this point.
[23:56] That's the reality. Oh, and by the way,
[23:59] on the far right, let me read you guys
[24:00] this tweet. This is pretty iconic.
[24:02] Goldman Sachs estimates that the US
[24:04] economy will be twice more affected
[24:07] negatively than the Chinese economy by
[24:09] the oil supply shock. These are all the
[24:12] smart geniuses. They're like, "Oh, the
[24:14] 4D chess. We're just starving China's
[24:16] economy." You think we have it bad?
[24:20] Trust me.
[24:21] I read up a lot about China. Guess what?
[24:24] China's oil reserves dwarf ours. China's
[24:27] productivity dwarfs ours. The pain China
[24:30] is feeling is marginal compared to the
[24:32] United States. They don't give a [ __ ]
[24:35] By the way, they're getting oil from the
[24:37] Strait. The only people that aren't
[24:40] getting oil are the US and its allies.
[24:46] So again, it's like And And mind you
[24:48] guys, I'm not a political expert. I'm
[24:51] not [ __ ] For all you guys that you
[24:53] know, I'm not [ __ ] I'm 31. I'm
[24:57] passionate. I want the world to be a
[24:58] better place. I work hard. I care. And
[25:02] I'm here to just try and be reasonable,
[25:05] relatable, honest, not have political
[25:09] biases or corporate biases. I tell you I
[25:11] don't have any ads on this podcast. I'm
[25:14] very transparent about who I am, what I
[25:16] stand for, every metric you want to know
[25:19] about my company or about myself
[25:21] personally. I I expose my personal
[25:23] financial situation.
[25:25] I'm just bringing common sense.
[25:29] Like sh- sue me.
[25:31] What is anyone talking about?
[25:33] So, the Strait's closed for five
[25:35] straight weeks. Our Marines are getting
[25:37] letters that they're being deployed. Our
[25:38] troops are getting letters that they're
[25:40] being deployed. The 10-year yield's
[25:41] sitting at over 4.4%.
[25:46] And
[25:47] China is projecting power.
[25:50] And I'm supposed to be told that this is
[25:53] 4D chess and I just I'm just too young
[25:56] and naive to understand the true genius
[25:59] of the US government?
[26:01] [ __ ] you. I'm not that dumb.
[26:04] [ __ ] off.
[26:05] [ __ ] off. It's the same [ __ ] of here,
[26:09] take all these shots and all these
[26:10] boosters and [ __ ] wrap your face in
[26:13] cloth and lock yourself in your attic.
[26:16] How about no? [ __ ] you. No.
[26:20] All right. Well,
[26:22] this is the position the United States
[26:23] is in, ladies and gentlemen. One, our
[26:25] oil reserves are entirely depleted. We
[26:27] don't have any reserves. So, we are
[26:29] entering a conflict in the Middle East
[26:32] where a massive uh supply chain
[26:35] chokehold is unopenable seemingly, and
[26:38] it's also now
[26:41] public knowledge that even if it is
[26:43] marginally open after a lot of conflict,
[26:46] it's not going to go back to normal for
[26:48] a very, very long time. Everyone's
[26:50] preparing for sustained high energy
[26:52] prices and high oil prices, and we're
[26:55] doing all of this without any real
[26:57] reserves. Our reserves haven't been this
[26:59] low since I think the '70s or the '80s.
[27:02] Um the US deficit-to-GDP ratio is almost
[27:06] 6%. It's the the 50-year average is
[27:09] 3.8%. I know Bessent's target was three.
[27:12] He's going the wrong way. Really,
[27:14] really, really bad. Before a conflict in
[27:17] the Middle East, we were spending like
[27:19] we were in conflict. And it's because
[27:21] we're in so much debt. And then the last
[27:23] one on the right is foreign ownership of
[27:25] US Treasuries. So, foreign lenders to
[27:28] the United States of America is at its
[27:29] lowest percentage in 30 years.
[27:32] So,
[27:33] as I've said before, time and time
[27:35] again,
[27:36] they're going to have to print money to
[27:37] lend to themselves. They don't have a
[27:39] [ __ ] choice. Now, let me bring this
[27:42] back to Bitcoiners, make this about
[27:44] Bitcoin, make this relevant for why
[27:45] we're all here, which is the alternative
[27:47] system we're building. My dad once told
[27:49] me, and I've referenced it on the show a
[27:51] lot, markets either scare you out or
[27:54] they wear you out. That's the psychology
[27:56] of being in this human construct called
[27:59] markets.
[28:00] Okay, scare you out is putting you
[28:02] through this massive dip. Bitcoin down
[28:05] 20, 30, 40% in a day. Bitcoin's going to
[28:08] be banned. China's doing this or that.
[28:11] Exchanges are hacked. Blah, blah, blah.
[28:13] Lots of fud. Lots of fud. Lots of fud
[28:15] scaring you out. Now, in my opinion, the
[28:18] more lethal
[28:20] threat is wearing you out.
[28:22] That's what I call time pain.
[28:26] That's when Bitcoin just grinds you
[28:29] down. The worst wear you out I've ever
[28:32] experienced was the bear market after
[28:35] Mt. Gox fell apart.
[28:37] Cuz Mt. Gox fell apart and Bitcoin
[28:39] grinded down from $1,200 per Bitcoin all
[28:44] the way down to $250 per Bitcoin.
[28:48] Over two years.
[28:51] Grinded.
[28:52] And it sat down there. There was no
[28:54] like, "Oh, that was the bounce." There
[28:56] was no good news. There was no nothing.
[29:00] Mt. Gox got hacked. Silk Road got shut
[29:03] down. Bitcoin was terrorist, drug money,
[29:08] uh for criminals, for the black dark
[29:10] web.
[29:11] And the only like actual exchange that
[29:14] had any liquidity was a [ __ ] joke.
[29:19] There was no bounce, government support
[29:21] ETF, nothing.
[29:24] And it grinded people down. And it wore
[29:27] them out. This thing's over. It's
[29:30] finished. It has no life. I'm bored. I'm
[29:33] sick of this.
[29:35] That's where we're at right now. It's
[29:37] just wearing you down. October 10th
[29:41] happened and it was supposed to be
[29:43] Binance's fault and whatever and Bitcoin
[29:44] was going to bounce. And Trump was
[29:46] strategic Bitcoin reserve in the US
[29:48] government was supposed to do all this
[29:49] stuff.
[29:50] And then now there's a conflict in Iran,
[29:52] but Bitcoin and gold and this and it's
[29:54] just going to wear you down. And it's
[29:57] going to grind and it's going to grind
[29:59] and every bounce is going to get hit
[30:01] with another sell-off.
[30:04] And it's going to quantum. Remember
[30:06] quantum fud? Where did that go?
[30:09] All the fud, all the narratives, and
[30:11] it's going to just pop you in the mouth
[30:13] and pop you in the mouth and pop you in
[30:14] the mouth.
[30:16] And this from I I
[30:18] uh source them all the time, Michael
[30:19] Howell. Um his liquidity indexes, I
[30:22] mean, the Fed has not been really
[30:25] printing money in QE quite some time.
[30:29] Uh and global liquidity is trending
[30:31] down. So, liquidity is not necessarily
[30:34] in our favor and here's some charts. I
[30:36] would recommend check on chain. Uh
[30:39] he's awesome. I'm also a paid subscriber
[30:42] for his work. I love his stuff. And
[30:44] these charts just show you guys what
[30:47] time pain looks like. It just is a
[30:51] grind. You got to let the market puke,
[30:54] play itself out. The coins have to
[30:56] transfer into a home that will actually
[30:59] treat them well.
[31:01] And my message to you guys is one, have
[31:04] self-dignity, have self-respect.
[31:07] Do not let
[31:09] the powers that be lie to you, make you
[31:11] feel worse about yourself, make you feel
[31:12] stupid, make you question your
[31:14] principles, your morals, your ethics,
[31:15] your purpose. I personally am just like,
[31:18] [ __ ] you guys. I don't believe anything
[31:21] anymore. I'm out. This is dumb. It's not
[31:24] even worth putting together a 2-hour
[31:26] episode. I've said the same thing for 5
[31:28] weeks straight. It's been the same
[31:29] headlines. The market doesn't even
[31:31] believe it anymore. [ __ ] off. I'm
[31:33] working on Bitcoin. You can only lie to
[31:36] me so many times. I'm not that stupid. I
[31:40] have self-respect.
[31:42] [ __ ] you, okay? And now for the Bitcoin
[31:45] piece, I'm staying humble, I'm stacking
[31:47] sats. Heads down, working, profitability
[31:50] at strike, working on our efforts at 21.
[31:54] Keep buying Bitcoin. Keep holding a
[31:55] conviction. This is where the legends
[31:58] are made. This is where people get
[32:01] bullied out of Bitcoin.
[32:03] They feel like there's no hope. They
[32:05] feel like
[32:07] uh Bitcoin's going to go lower. They
[32:09] just cannot sustain sideways chop and
[32:13] just ups and downs and just punching you
[32:16] in the mouth for too many consecutive.
[32:18] And
[32:20] so, that's my real advice to all you
[32:23] guys out there that are struggling with
[32:25] this, are frustrated with the conflict,
[32:27] and listen, they have to print the
[32:29] money. I found I mean, this middle
[32:30] screenshot is insane.
[32:33] Powell today, uh he spoke at Harvard and
[32:36] he had a few lines that were very
[32:38] eye-opening. He said, "No sign that past
[32:42] Fed bond buying was inflationary."
[32:45] Uh
[32:47] so, you're saying if the Fed prints
[32:48] money to buy bonds,
[32:51] that like that that's all good and well.
[32:54] And by the way, that's yield curve
[32:55] control.
[32:57] So, it's clearly on their mind. What
[32:59] I've been saying over and over and over,
[33:01] if no one's willing to buy bonds, yields
[33:04] keep going up, they're going to have to
[33:06] print the money out of thin air and buy
[33:07] it themselves. That is literally quite
[33:09] literally money printing. It's the most
[33:11] inflationary thing you can do. This is
[33:13] the same guy, by the way. Speaking of
[33:15] lying and gaslighting and manipulating
[33:17] the public, this is the same guy that
[33:19] said inflation was transitory.
[33:21] Same guy.
[33:23] How How is this guy looking anyone in
[33:25] the eye and telling them what is and
[33:27] isn't inflationary? There's never been
[33:29] anyone more wrong about what's
[33:32] inflationary and how inflationary it is
[33:34] than Jerome Powell.
[33:37] But I kid you not, he gets at Harvard,
[33:39] gets in front of Harvard University and
[33:42] says that the Fed buying bonds, so the
[33:45] central bank of the US dollar lending
[33:48] money to the US government is not
[33:50] inflationary. I mean, these people think
[33:53] you're stupid. These are not serious
[33:56] people.
[33:57] They're literally like, these are not
[34:00] serious people. I do not take these
[34:02] people seriously anymore. I just don't.
[34:06] So, just keep in mind, they have to
[34:08] print the money. Every single day the
[34:10] Strait of Hormuz is closed, the pressure
[34:12] and the amount of money they have to
[34:14] print only amplifies by a lot. Or we're
[34:18] going through I'll tell you guys this,
[34:20] if in 2 to 4 weeks this thing is still
[34:22] closed and they haven't communicated how
[34:24] they're going to print the money, I
[34:25] would say go to the grocery store, get
[34:27] everything you need to kind of be
[34:28] hunkered in
[34:31] and and like living off, you know,
[34:33] rationed food and, you know,
[34:35] self-sustained whatever uh whatever that
[34:38] plan is. Cuz I mean, like the time is of
[34:41] the essence. We're effectively out of
[34:43] time at this point. It seems we're
[34:45] deploying actively into the Middle East.
[34:48] And listen, I I would love to be wrong.
[34:50] I would love if Trump was like, "Hey,
[34:53] here's me and the regime." And the the
[34:56] strait's open and all of a sudden oil
[34:58] prices go back down to $40 and I would
[35:00] love to film that episode and be like,
[35:03] "You know what?
[35:05] This is the one government that wasn't
[35:06] lying."
[35:08] But I just don't have any evidence of
[35:10] that. They have to print gargantuan
[35:13] amounts of money. Look at Bitcoin if you
[35:16] want to see sentiment. Bitcoin will move
[35:19] first and puke if we're going to get a
[35:21] financial collapse and crisis. It will
[35:23] smell it out first. And if they start
[35:25] printing money and finally bailing this
[35:27] thing out, Bitcoin will move first as
[35:29] well. Stay humble, stack sats, be
[35:31] patient, be calm. Just look at Bitcoin.
[35:34] Hold your convictions. Another thing my
[35:36] dad told me My dad is the best. I mean,
[35:38] he had uh some unbelievable one-liners.
[35:41] One of my favorites is, "Trade the
[35:43] position, not the money." And his point
[35:45] was cuz I asked him one time, I'm like,
[35:47] "Man, Dad, how do you stomach when
[35:49] Bitcoin goes down a lot? I mean, our net
[35:51] worth, it's hard to fathom the amount of
[35:54] money that's being either made or lost
[35:56] on a daily basis with this amount of
[35:58] volatility." And he's like, "I I trade
[36:00] the position. I don't trade the money."
[36:02] And my my conviction in Bitcoin doesn't
[36:04] change based on
[36:06] commas and numbers being added like with
[36:09] more zeros or less zeros. Bitcoin is
[36:11] Bitcoin. There's a block every 10
[36:13] minutes. The white paper's the white
[36:14] paper.
[36:15] And my conviction in what it is hasn't
[36:17] changed. Now, I would trade the position
[36:20] differently if
[36:21] Bitcoin
[36:23] hard forked and,
[36:26] you know, showed it wasn't resilient to,
[36:29] you know, changes to the consensus rules
[36:31] or, you know, uncapped itself from 21
[36:33] million or
[36:36] uh for, you know, all the sorts Now,
[36:37] that is when my position would change.
[36:40] But the numbers on the screen don't
[36:41] change my conviction, don't change the
[36:43] properties, don't change the thesis,
[36:44] don't change the idea, don't change the
[36:46] principles.
[36:48] And so, you guys trade
[36:50] the position, not the money.
[36:53] Hold the conviction.
[36:55] Nothing about Bitcoin has changed. It
[36:57] hasn't gotten any more inflationary, it
[36:59] hasn't gotten any weaker, it hasn't
[37:01] gotten any slower, it hasn't gotten
[37:03] anything.
[37:04] All it's doing is reflecting the natural
[37:06] state of the world. The world's [ __ ]
[37:08] up right now.
[37:10] And
[37:11] when they start printing the money,
[37:12] trust me, you'll know. Bitcoin will tell
[37:14] you.
[37:15] And if we need to go through some more
[37:16] pain before they print the money, which
[37:18] typically is what happens. You know,
[37:20] they need a financial crisis to justify
[37:23] the money printing. Bitcoin will tell
[37:25] you that, too. So, they're lying.
[37:29] This the stuff we're living through is
[37:31] absolutely real. Look at the 10-year,
[37:33] look at the price of oil, look at gold.
[37:35] I mean, this is very unique times.
[37:39] Hold your dignity to a high standard.
[37:41] These people think you're stupid. You're
[37:43] not. And stay humble, stack sats. You
[37:45] know, my same advice as always, produce
[37:48] more than you consume, earn more than
[37:50] you're spending.
[37:51] Get rid of useless debt in your life.
[37:54] Stay humble. Um
[37:56] lower your time preference. All of the
[37:59] good things. All of the good things.
[38:01] Um okay.
[38:04] Uh
[38:06] grind my gears
[38:08] um this week. This will be a unique one.
[38:10] So, obviously
[38:13] uh
[38:14] my Blue Devils uh lost last night.
[38:18] Uh tough loss.
[38:20] Um
[38:22] I mean,
[38:25] I think Duke was the best team in
[38:28] college basketball for two straight
[38:31] years now.
[38:32] I mean,
[38:33] Cooper Flagg and Kyle Filipowski are
[38:36] competing for what would be a
[38:38] record-setting Rookie of the Year.
[38:40] Doesn't matter which of them wins it. I
[38:43] mean, Kyle broke every record for
[38:45] three-pointers made by a rookie in a
[38:47] season. I mean, Steph obviously is the
[38:50] most storied shooter in basketball
[38:51] history, but he did not have the start
[38:53] to a career like Kyle has had.
[38:55] And then Cooper is the closest thing
[38:58] we've seen to a generational prospect.
[39:00] Him and Wemby are going to save the NBA.
[39:03] Um and so,
[39:05] I mean, the fact that we didn't win a
[39:07] championship last year, uh that was
[39:09] devastating. And then this, I mean,
[39:12] I Duke
[39:14] Duke
[39:16] this Duke team
[39:18] we lost three times this year. We lost
[39:21] to Texas Tech. We lost to Carolina. And
[39:24] we lost yesterday to UConn.
[39:27] We
[39:30] lost those games by a combined five
[39:33] points. Two of those losses came at the
[39:36] buzzer. And then the Texas Tech loss
[39:38] also came uh with under a minute. It was
[39:41] also you know, like not technically but
[39:44] practically a buzzer-beater. So we our
[39:46] only losses were three buzzer-beaters.
[39:48] By the way, in each game we had a
[39:51] double-digit lead.
[39:54] So we were the better basketball team.
[39:57] Uh we just couldn't close it out. So
[39:59] this is again one of the best Duke
[40:01] teams.
[40:02] Uh it sucks. I
[40:04] I'll get to the basketball part in a
[40:06] second. Um but what this isn't this will
[40:10] be a unique grind my gears. Oh and by
[40:12] the way, like all the people are like
[40:13] don't talk about sports. I don't give a
[40:15] [ __ ] It's my show. You guys don't pay
[40:17] me for this. I don't I don't owe you
[40:18] anything. Um these sections are fun for
[40:20] me. People like them. You can skip it.
[40:22] Feel free to you know, I don't give a
[40:24] [ __ ] Skip skip this part if you don't
[40:25] like it. Um I'm talking about American
[40:27] sports. And and one of the the reasons
[40:30] uh I am Well, there's a few. One, I
[40:33] think I'm probably one of the only CEOs
[40:34] that like
[40:36] also plays basketball and you know, I
[40:39] don't know how many other Bitcoin CEOs
[40:41] uh
[40:42] you know, I I like talking sports and
[40:44] so I that's probably a little bit
[40:46] unique. Um and uh
[40:49] the other is you guys not some of you
[40:52] guys love me. Some of you guys hate me
[40:54] for whatever reason. Uh hate me, love to
[40:57] see me fail. And so the amount of like
[41:01] people I mean as soon as Duke lost, my
[41:02] phone blows up. And it's all you know,
[41:06] Twitter and Noster of like aha, Duke
[41:09] lost, [ __ ] you. How's it feel?
[41:13] Uh
[41:14] loser, you suck. Uh I hate your
[41:17] companies. I hate you. I hate your
[41:18] closet. I hate your hoodies. And I'm I'm
[41:21] actually not here to kind of passively
[41:23] aggressively and defensively refute
[41:25] against that. I actually kind of wanted
[41:28] to philosophically propose some ideas of
[41:31] um
[41:32] you know, what the Duke loss uh
[41:36] kind of has cuz it was it was an epic
[41:38] proportional collapse. I mean and Yukon
[41:40] that was like
[41:41] I mean as a if you're a Yukon fan and
[41:44] Dan Hurley I mean that that is like
[41:45] legend defining stuff. Uh
[41:48] that's cool. It's cool. I got no hate. I
[41:50] mean I think Dan Hurley makes it a
[41:51] little bit too much about himself but on
[41:52] that I like the guy. I really do. I got
[41:54] nothing bad to say about Hurley and
[41:57] Yukon.
[41:58] Um so I'm actually not going to be
[42:00] passive aggressive and cursing people
[42:01] out and reminding people how awesome
[42:04] Duke is or whatever. Um
[42:08] This is a
[42:09] uh just an interesting if I if I have a
[42:12] platform and people are willing to
[42:13] listen, this is just an interesting
[42:14] philosophical thing that I wanted to get
[42:16] out into the ether, get into the public
[42:17] conversation. Curious how people respond
[42:19] to it.
[42:21] So there's there's two things. One is
[42:22] Schadenfreude, which is
[42:24] the idea that people get joy
[42:26] specifically when someone else fails.
[42:30] And you know, I grew up a Duke fan. For
[42:33] those that don't know, my dad went to
[42:35] Duke and I didn't go to college. And so
[42:37] I'm 5 years old. I'm cheering for Duke.
[42:40] And growing up a Duke fan
[42:43] is
[42:45] I mean it's it's war uh
[42:47] because when Duke loses, everyone is in
[42:50] your face about it. And when Duke wins,
[42:52] everyone hates you. So by the time
[42:53] you're 18 years old, you know, being a
[42:55] Duke fan, being a die-hard bleed blue
[42:58] Blue Devils Duke fan
[43:00] is like part of your personality almost
[43:02] by the time you're 18. Like March is a
[43:06] difficult month because all your friends
[43:08] want to see you fail. And if you ever
[43:10] win, no one wants to celebrate with you.
[43:13] I mean people hate Duke that bad. So
[43:16] that's one Schadenfreude is that you
[43:17] know, somehow in society today
[43:20] there's joy in experiencing others
[43:23] failure, which is a fascinating insight
[43:25] I'll get back to in a second. The other
[43:27] is tall poppy syndrome, which is the
[43:30] social impulse to cut down on whoever
[43:33] rises highest.
[43:36] So there's a difference between the two.
[43:38] One is like the internal joy that is
[43:41] experienced during the failure.
[43:43] And then tall poppy syndrome is actually
[43:45] acting on that joy and creating a social
[43:47] norm and a social contract that you can
[43:50] mob mentality and attack people
[43:54] uh that
[43:56] you know, are are successful and and and
[43:58] experience a failure and experience a
[44:00] mistake or experience something um that
[44:02] is bad happening to them. And so
[44:04] anyways, you know, everyone was tweeting
[44:06] at me and posting at me and commenting
[44:07] at me like oh, I want to hear what this
[44:10] uh [ __ ] has to say about Duke losing
[44:12] and like uh this better be the grind my
[44:15] gears and he better and
[44:17] you know,
[44:18] I
[44:20] I feel so bad for Caden Boozer
[44:23] and some of those Duke kids. These kids
[44:25] are 18. Again, some of you guys are
[44:27] going to call me a loser and so and
[44:29] whatever but just let me rant.
[44:31] The that kid's 18 years old. His twin
[44:34] brother is going to be national player
[44:35] of the year and a lottery pick. At best
[44:38] he's number one overall. At worst he's
[44:39] probably the third overall pick.
[44:42] Caden never made this season. He was
[44:45] never insecure about the fact that he's
[44:48] not an NBA talent at least not yet.
[44:51] He wasn't even a starter.
[44:53] The only reason he started is because
[44:55] Duke had serious injury problems. Our
[44:57] starting point guard had a broken foot.
[44:59] Literally wheeling himself into the
[45:00] game, playing a little bit. But if he
[45:03] wasn't on the basketball court, he's
[45:05] [ __ ] on like a medical device.
[45:07] It's the only reason he was starting.
[45:09] So this kid, I watch every Duke game.
[45:11] This kid never made it about himself
[45:13] ever.
[45:15] Our our offense was get the ball to your
[45:18] twin brother and get the [ __ ] out of the
[45:19] way.
[45:20] And let him get national player of the
[45:22] year, all the flowers, all the NBA
[45:24] salary money, all the endorsement deals.
[45:26] He never made it about himself.
[45:27] Unselfish player, stepped up and stepped
[45:30] into a role
[45:31] that was over probably overwhelming for
[45:34] him. Um and
[45:37] I feel so bad for him
[45:40] to carry the weight of of this. And to
[45:43] see the reaction from the public of um
[45:48] just tearing this 18-year-old down.
[45:52] I mean I I went through I went on his
[45:54] Instagram and saw the comments. I mean
[45:56] people are saying he should kill
[45:57] himself. They're going to kill him. His
[45:59] life is worth worthless.
[46:01] And it was interesting because now I am
[46:04] in no way comparing myself to a Duke
[46:06] basketball player, nothing like that. I
[46:09] I swear to God guys, I'm not I'm not.
[46:12] I know I'm going to get [ __ ] It I I was
[46:15] talking to Dylan like how to how to
[46:17] weave through this without sounding like
[46:19] an [ __ ] without um implying that you
[46:23] know, I'm being defensive or passive
[46:24] aggressive. So I just have to be
[46:26] repetitive that I'm none of those
[46:27] things. But I went through something
[46:29] like this in my career that was really
[46:31] change my life.
[46:33] Um in 2021
[46:35] when Strike
[46:37] uh
[46:38] we announced well, not we I announced
[46:40] with President Bukele the El Salvador
[46:42] stuff.
[46:43] Um and that was huge moment for Bitcoin,
[46:45] huge moment for El Salvador. Obviously a
[46:47] really impactful moment in my life and
[46:49] in my career.
[46:50] Shortly after that, we partnered with
[46:53] Twitter and integrated lightning into
[46:54] twitter.com, which is the first time
[46:56] Bitcoin and payments ever achieved
[46:58] anything like vaguely relevant ever at
[47:01] that scale.
[47:03] And around that time
[47:05] uh
[47:06] I I went from like you know, within the
[47:08] Bitcoin circles I don't know if I was a
[47:09] nobody but you know, no one gave a [ __ ]
[47:12] about me, what I had to say, my ideas,
[47:14] my thoughts. And that was like a really
[47:16] high growth period for
[47:18] myself and my career and my network and
[47:21] my businesses.
[47:23] And I went through what ended up being
[47:25] the most difficult time of my life where
[47:28] I uh
[47:30] I was just surrounded by the wrong
[47:31] people.
[47:32] And you know, a lot of people wanted to
[47:34] give me money, wanted to encourage me to
[47:36] do things.
[47:37] And uh I just didn't know any better. I
[47:40] didn't know any better
[47:42] uh and I was too gullible and I was
[47:44] naive and I kind of lost myself and what
[47:47] I stood for and and and uh
[47:49] what I wanted to build. I kind of got
[47:51] lost in all of that. And that bull run
[47:54] was like really distorting for me. And
[47:56] it ended in making an announcement that
[47:57] I thought was real. And we announced you
[47:59] know, NCR and all this stuff.
[48:02] And you know, turns out the people
[48:05] around me didn't necessarily have my
[48:06] best interest uh and I was too
[48:10] wide-eyed, um too hopeful, too naive, um
[48:14] too ambitious, not grounded in who I am
[48:17] as a man and my principles and my
[48:18] purpose. And what followed was I got
[48:22] destroyed for the first time in my
[48:24] career. Like destroyed every single day
[48:27] on Twitter. Jack Mallers is a liar. Jack
[48:30] Mallers is
[48:32] uh
[48:33] only a marketer. He's only successful
[48:35] because his dad. He's only successful
[48:37] cuz his grandfather. Hit and you know,
[48:40] you're reading lies about your family.
[48:41] His dad did this. His grandfather did
[48:43] this. Jack's a CIA plant. Jack did this.
[48:46] Jack did that. And it was devastating
[48:49] for me. Because Bitcoin was my entire
[48:52] life and was the reason for my career.
[48:56] And Bitcoiners meant so much to me. And
[48:58] to see Bitcoiners turn on me and to see
[49:02] even like
[49:03] people competing with Strike cheering on
[49:06] my downfall. Like there are entire CEOs
[49:09] of other Bitcoin companies that are you
[49:11] know, to this day like tweeting you
[49:13] know, like implying I'm a criminal. I'm
[49:16] a liar. That Strike uh is misleading.
[49:19] That we're this. That we're that. Like
[49:21] so many marketing departments out there
[49:23] are just trying to convince people that
[49:26] we suck. Like use our platform because
[49:28] like Jack sucks. And you know, he's
[49:30] egotistic and his closet is this way and
[49:32] he dresses this way and he looks a
[49:34] certain way and he sounds a certain way.
[49:36] And back then, it hurt me so bad. It was
[49:39] so difficult. And um
[49:43] I just there's a few things I want want
[49:46] to say. Um
[49:48] one is
[49:49] on this concept of Schadenfreude and
[49:52] tall poppy syndrome, I've I did some
[49:54] research cuz you know, I've ended up
[49:56] growing through that. And what I will
[49:57] say is
[49:58] it is the most
[50:01] valuable chapter of my life.
[50:04] Um I would not trade anything for the
[50:06] world. And the way I think about it is I
[50:08] acquired such valuable lessons. I treat
[50:11] these lessons and these experiences as
[50:13] if they're physical assets.
[50:15] And I acquired such valuable assets
[50:18] for so cheap.
[50:20] I mean, I got dinged up and went through
[50:22] some really extreme lows. My companies
[50:24] got dinged up and we went through
[50:26] through some extreme lows. I had to lay
[50:28] people off. I had to make decisions that
[50:30] I didn't want to make. I mean, it was
[50:32] painful. But in hindsight I still have
[50:35] my health. I still have my family. I
[50:37] still have my companies. I still have my
[50:39] Bitcoins. And I think I I couldn't have
[50:42] acquired
[50:44] the true assets
[50:46] um that is growth and life and
[50:48] experiences and and lessons any cheaper
[50:51] than I did. So, I wouldn't trade it for
[50:52] the world. Um
[50:55] and I've grown tremendously through
[50:56] them. Um but in that growth, I was
[51:00] curious of like what an interesting
[51:02] relationship that I have with the
[51:05] internet and with the public and uh with
[51:08] people online who are saying hurtful
[51:11] things to me. Um and I looked into this
[51:14] Schadenfreude and tall poppy syndrome
[51:16] concepts and I was just genuinely
[51:18] curious like, is this always been a
[51:20] societal norm? And I find it fascinating
[51:24] because
[51:25] I
[51:26] in you know, ancient human history, we
[51:29] actually used to celebrate um our best.
[51:32] And again, I was talking to Dylan like,
[51:34] how do I say all this without implying
[51:37] I'm the best and like I'm not saying
[51:39] that. In some ways, I think I'm pretty
[51:41] good. In other ways, I think I'm god
[51:43] awful. And so, you know, I have enough
[51:46] self-awareness. Hopefully, those that
[51:47] are frequent listeners know that like,
[51:50] you know, this isn't Bitcoin's not about
[51:51] anyone. No one's the main character. I'm
[51:54] an idiot. I'm not a professional
[51:55] podcaster. So, take it all with a grain
[51:57] of salt. But the point is that
[52:01] society used to celebrate
[52:05] be- because
[52:06] because
[52:08] like your local community, like your
[52:11] warriors, your best hunters benefited
[52:13] you.
[52:14] Like the the wise and elderly, the
[52:17] person that found a way to live to 90
[52:19] years old was celebrated and sought
[52:21] after because they have such a wealth of
[52:23] knowledge, you know?
[52:25] And somewhere in society
[52:28] it changed where those that achieved and
[52:34] those that found success, unlocked
[52:37] something new, built something valuable,
[52:40] went from being celebrated, like the
[52:43] Elon Musks of the world to being
[52:46] demonized. And these ideas were like
[52:49] people would see joy in them failing and
[52:51] people created a social contract that
[52:54] whenever they encountered anything
[52:56] challenging
[52:57] to socially like mob them and tear them
[53:00] down.
[53:02] And uh
[53:04] I really truly believe that this has a
[53:06] lot to do with the money.
[53:08] Because
[53:09] and and and people are going to discount
[53:11] this and call me crazy for it. But, you
[53:13] know, society
[53:15] and and all of us, whether it's a local
[53:17] town or a tribe or a country or a
[53:19] species, we're when you can prioritize
[53:23] the future, have a low time preference,
[53:25] and you're all incentivized and aligned
[53:27] and everything's equitable and fair
[53:30] then
[53:31] everyone's on the same team.
[53:33] We benefit from someone innovating in
[53:36] getting rockets to space. We benefit
[53:39] from someone building Facebook. We
[53:41] benefit from innovations from
[53:43] technology. Every time someone builds
[53:45] something valuable, it actually it's
[53:48] deflationary. It makes our lives
[53:50] cheaper. It makes our lives better. And
[53:52] we all benefit from the greatest
[53:55] producers in society, whether they're
[53:57] athletes, innovators, businessmen,
[54:00] doctors, whatever the case is. But when
[54:04] the money gets printed and reality gets
[54:06] distorted in that way, where those that
[54:09] work the hardest don't necessarily win.
[54:13] There aren't necessarily consequences
[54:15] that are fair.
[54:17] The universe isn't gov- society isn't
[54:19] governed by the universe, by the laws of
[54:21] mother nature, by things that are real.
[54:24] It's governed by, you know, unelected
[54:27] uh leaders, central bankers,
[54:29] politicians.
[54:31] Then all of a sudden, you know, people
[54:34] project
[54:36] that, you know, they're
[54:39] where like they project that like my
[54:42] problem like I feel better about the
[54:45] position I'm in by watching, you know,
[54:48] someone else
[54:50] fail.
[54:54] And I do think that this is like a
[54:55] societal and social media obviously
[54:57] exacerbates this because you're not even
[55:00] comparing yourself to, you know, the
[55:02] kids in your high school class. You're
[55:03] comparing yourself to the whole world.
[55:06] Like you you have access to all
[55:08] information, all people, all
[55:10] performance.
[55:12] So
[55:13] I I I genuinely think that
[55:17] I don't know why I was so inspired to
[55:19] kind of rant about this, but
[55:21] when everyone was [ __ ] on me last
[55:23] night my girlfriend was like, "Hey, you
[55:26] okay? Like, you know,
[55:28] people are posting at you telling you
[55:31] [ __ ] you, you're a loser, Duke sucks."
[55:34] And I was like, "I'm fine. I mean, my
[55:35] sports team lost." And we'll we'll talk
[55:37] for all my basketball heads out there.
[55:38] We'll talk basketball in a second.
[55:41] But whatever. My sports team lost. It's
[55:44] I've been through far worse in my life.
[55:45] I'm fine. But it was funny because it
[55:47] just I I went on this rant with her. I
[55:49] was like, "You know, this reminds me of
[55:50] like the personal growth I experienced."
[55:53] And uh this really interesting societal
[55:56] trend where we talk about fix the money,
[55:58] fix the world. I don't know if I'm
[55:59] landing this plane at all, but it it
[56:02] really does I think that there's a lot
[56:05] of hate and anger embedded in society
[56:08] because people feel dispositioned
[56:11] um because of the inequality with money
[56:15] printing and we know, when your time and
[56:17] energy and effort and labor and time
[56:18] preference aren't respected and governed
[56:21] by free markets and by the laws of
[56:23] mother nature. And instead, there's, you
[56:26] know, selected winners despite hard
[56:30] work, despite ethics, despite
[56:32] principles, despite anything. Um people
[56:35] are angry.
[56:37] And I think Schadenfreude and tall poppy
[56:39] syndrome are a function of fiat. I find
[56:42] it just weird that people get such joy
[56:46] from others' failures and that there's a
[56:48] societal norm to tear down those that
[56:51] rise.
[56:53] And um
[56:54] anyway yeah, like
[56:57] at Strike, I think it's the same in
[56:59] Bitcoin. Like why are people so pissed
[57:02] when, you know, as a Bitcoiner, I think
[57:04] we all feel as if we're trying to do
[57:06] what's right for the world. We're trying
[57:07] to build money for all of our future
[57:09] children. We're trying to fix some of
[57:11] the world's hardest problems. And for
[57:13] people to tear down Michael Saylor, for
[57:15] people to tear down Bitcoin and hate us
[57:19] and fud us and it's just like it's the
[57:21] same thing. It's like why And why are
[57:23] people so upset when Bitcoin goes up?
[57:27] It's the same thing. It's like they're
[57:29] projecting onto us. It's like they
[57:32] wanted to achieve wealth. They wanted to
[57:34] hedge inflation. They wanted to be able
[57:36] to afford the house. They want this
[57:38] empty closet. They're mad that they
[57:40] don't have the empty closet. And so,
[57:42] they see they see great joy in watching
[57:45] Bitcoin crash.
[57:47] And it's a societal norm to [ __ ] on
[57:49] Bitcoiners. We're druggies. We're
[57:51] hackers. We're blah blah blah. So
[57:54] anyway, something about the Duke loss
[57:56] just made me
[57:58] wanted to turn this into a philosophical
[58:00] insight. Um
[58:02] cuz if I have a platform, I have no idea
[58:04] who watches this. I've never looked at
[58:06] really the analytics. If anyone that
[58:08] even watches college basketball watches
[58:10] this show, I think so cuz I saw in the
[58:12] live chat before I hit stream, everyone
[58:13] was [ __ ] on me because of Duke cuz
[58:16] these 18-year-olds lost a basketball
[58:18] game. But, you know
[58:20] my message to anyone like my message to
[58:23] the Duke basketball team and Cayden
[58:25] Boozer.
[58:26] But even to just like young kids out
[58:30] there that are building, they're
[58:31] inevitably going to face things like
[58:34] this.
[58:35] You know, the reality is the trap isn't
[58:39] the hate.
[58:40] The hate you'll learn comes with any
[58:44] version of success.
[58:46] The trap is optimizing for the love.
[58:50] Cuz I'll tell you guys what I went
[58:51] through.
[58:52] When I realized, "Oh, wait a second.
[58:54] These people that follow me on Twitter
[58:58] they don't love me.
[59:01] They don't. They love Bitcoin. And they
[59:03] love other things about their own lives.
[59:06] They don't know me. They don't care
[59:07] about me. And one day they're really
[59:10] nice and complimentary and the next day
[59:12] they're as evil as possible and sending
[59:14] me into like bouts of depression.
[59:17] And so, you go through this really
[59:18] interesting thing where you're like,
[59:19] well, what these people
[59:22] say don't define me
[59:24] and my worth. And so, you what you you
[59:26] look internally and you say, "Well, who
[59:28] does love me? Who is family? Who are the
[59:30] relationships in my life?"
[59:32] And, you know, my
[59:33] relationship with my girlfriend is
[59:35] unbelievable and so much growth and
[59:38] strength for me as a boyfriend and as a
[59:40] man came from those moments in realizing
[59:43] that there are people in my life that
[59:44] love me unequivocally. And and and all
[59:47] of you listening, there's people in your
[59:48] lives that love you no matter what and
[59:51] that's family and that's relationship
[59:53] and that's the most valuable. And so you
[59:55] go through, you know, it's not the hate
[59:57] that's the trap. It's the optimizing for
[59:59] the love. It's making your self-worth
[60:01] about that. And so my message to Caden
[60:03] Boozer is like this is going to be
[60:05] such an incredible moment for you to
[60:08] unfortunately, but fortunately grow and
[60:11] realize who family and relationship is
[60:13] in your life and you're going to find so
[60:15] much value and growth from that and
[60:18] you'll realize that, you know, the
[60:19] people on the other side of the TV
[60:21] screens, they're not your family. They
[60:24] don't necessarily love you. The same
[60:26] people that were complimenting you 2
[60:27] weeks ago are saying you should kill
[60:29] yourself today. And I think that's an
[60:32] unfortunate function of the society
[60:35] that's sitting on top of piles of debt
[60:37] where people are disproportionately
[60:39] disadvantaged
[60:40] and have the have the desire to project
[60:44] that onto others because they feel it's
[60:46] unfair and it is unfair. That's that's
[60:49] also the truth. I'm not even [ __ ] on
[60:52] it is unfair. The money printing and the
[60:54] debasement and the wealth inequality is
[60:57] unfair. And this is like really dark
[61:00] societal projection of a [ __ ] up
[61:03] system. And so I just feel so bad for
[61:06] these 18-year-old kids. I feel so bad
[61:10] for Caden Boozer.
[61:11] And
[61:12] I don't know. Some of it reminds me of
[61:14] my own experiences, my own journey,
[61:17] which is mine to own and totally unique.
[61:20] But just interesting like it I was in
[61:22] the deepest, darkest pits
[61:25] at some points in my life
[61:27] uh
[61:28] when
[61:29] investors turned on me, you know, the
[61:32] Bitcoin community. And in By the way,
[61:35] guys, like the Bitcoiners were right.
[61:37] I'm not complaining.
[61:38] I made a shitty announcement. I made a
[61:40] huge mistake. I was gullible. I [ __ ]
[61:43] up. I own that wholeheartedly,
[61:46] wholeheartedly. Bitcoiners did what
[61:49] Bitcoiners are supposed to do, protect
[61:51] the asset.
[61:52] Like be harsh critics. Make me a better
[61:54] entrepreneur. Make me a better
[61:55] Bitcoiner.
[61:57] But those were just dark, dark, dark
[61:59] times.
[62:01] And it's just interesting. It's just
[62:03] interesting. So, anyway, like when I say
[62:06] I I say you guys write in the comments,
[62:08] you can't hurt my feelings.
[62:10] You really can't at this point. You
[62:12] know, I have my corner. I have my
[62:14] family. I have my relationships in my
[62:16] life.
[62:17] And uh I've been through the experiences
[62:20] that, you know, make a a Duke loss,
[62:22] whatever. A funny story, when I was in
[62:25] elementary school, I created a t-shirt.
[62:28] I bought a big white t-shirt and I wrote
[62:31] with a Sharpie, "Please don't
[62:33] uh it was please no crap about Duke." If
[62:36] I find the picture, I'll post it online.
[62:38] And I and I would wear it every time we
[62:40] got knocked out of the tournament. And
[62:42] so these losses used to weigh on me so
[62:44] heavily and it was so, you know, people
[62:46] just love watching others fail. Love
[62:49] watching Bitcoin go down. Love say A
[62:51] strike comes out with a lending product.
[62:53] Oh, they're rehypothecating. Jack's
[62:55] lying. Jack's a criminal. Jack's
[62:57] charging too much. Jack It's it's all
[62:59] Jack's dad. Jack's being manipulated by
[63:02] Tether. The watching people get mad at
[63:05] Tether. It's all projection. People love
[63:08] talking about Tether because they're
[63:09] jealous that they didn't invent Tether.
[63:12] That's why if you zoom out, what has
[63:15] Tether ever done wrong, ever?
[63:18] Turns out they are full reserved. Turns
[63:20] out they built a great business. Turns
[63:22] out they've changed the world. Turns out
[63:24] they're good guys. Turns out Paolo's a
[63:26] really sweet guy. Turns out he's an
[63:28] incredible engineer. Turns out all of
[63:30] those things are not true. Why do people
[63:33] seek out their failure? Why do people
[63:36] derive so much joy from every bit of
[63:38] FUD? Why is there societal norm to [ __ ]
[63:41] on them, to lie about them, to attack
[63:43] them?
[63:44] It's a fascinating philosophical
[63:47] exercise.
[63:48] And so, yeah, you know, why are people
[63:51] so happy Duke lost? I don't know. Iowa
[63:54] also lost. Tennessee lost. No one seems
[63:57] to care.
[63:58] Um
[63:59] I don't know.
[64:00] You know, Duke is Duke is Duke. It's a
[64:03] hard one to explain. I don't understand.
[64:07] Interesting philosophical. Um I went
[64:09] through this journey on my own and I
[64:11] don't know. I'm sure I'm going to get
[64:12] [ __ ] on for this rant, but
[64:14] I thought it'd be an interesting grind
[64:16] my gears. Now, as for the actual
[64:18] basketball, my thoughts, I mean, hats
[64:21] off to UConn, obviously.
[64:23] Um
[64:25] I mean, like I said, I think Duke
[64:28] is the best college basketball team. It
[64:31] sucks. We ran into some health problems
[64:33] towards the end of the year. Two
[64:34] starters have have broken feet. I mean,
[64:36] they both played yesterday, but, you
[64:38] know, very limited minutes. Um
[64:41] Like Caden Boozer probably isn't out on
[64:43] the floor if uh Caleb Foster's healthy
[64:47] um in the on that last play, but just in
[64:50] general. So, you know, like I said,
[64:53] there's if Duke was healthy the entire
[64:55] year and a few buzzer-beater attempts
[64:57] bounce out of the rim,
[64:58] you're talking about a team that is
[65:00] undefeated going into the Final Four. I
[65:02] mean, combined losses of five points.
[65:06] What more can you ask for from a group
[65:09] of kids
[65:10] um that, you know, two starters, 40% of
[65:12] our starting lineup had a fracture in
[65:15] their foot. Um so,
[65:18] tough.
[65:20] Uh
[65:20] credit to UConn. That's what March is
[65:22] all about. I actually like Dan Hurley.
[65:24] And then, yeah, I thought in the actual
[65:26] game for all the basketball heads out
[65:27] there, um
[65:30] you know, Duke
[65:32] a few things. One,
[65:34] uh when we have issues, it's always
[65:37] because of turnovers.
[65:39] So, I think we lost the points off
[65:40] turnovers in the second half, 16 to
[65:42] zero. I you know, you can't turn the
[65:45] ball over at that level. I think we also
[65:47] got outrebounded. They had way too many
[65:50] offensive rebounds. So, they were
[65:52] winning loose balls. They were turning
[65:53] us over. They also sped us up. Duke is a
[65:56] half-court team both offensively and
[65:58] defensively. I think there was a stat
[66:00] that in the last 5 minutes, UConn did
[66:02] not score outside of points off
[66:04] turnovers and from the free-throw line.
[66:06] And so, Duke is by far and away the best
[66:09] defensive team in college basketball. It
[66:11] wasn't close. And efficient We were the
[66:14] most efficient offensive team as well in
[66:16] the half-court. And so, in the first
[66:18] half, it was a clinic because we played
[66:20] at our own pace. We were the more
[66:22] physical team. We ran offensive sets. Uh
[66:25] on the offensive side of the ball, we
[66:27] got any shot we wanted and on the
[66:28] defensive side of the ball, I mean,
[66:30] UConn couldn't score. For a Dan
[66:32] Hurley-coached team, I mean, they
[66:34] couldn't get a good look outside of that
[66:36] Jaylen Reed kid. And so, in the second
[66:39] half, they found a way to speed us up.
[66:41] Uh which, you know, you got to slow the
[66:43] game down. You got to limit turnovers
[66:46] and you got to rebound. And that's what
[66:48] got them back in the game.
[66:49] Listen, what won them the game?
[66:52] I mean, as a basketball player, you're
[66:55] caught when breaking a press. You catch
[66:57] a ball and you square up and you keep
[66:59] your three-point stance. Three-point is,
[67:02] well, you know, he's sitting at
[67:03] half-court, but it's I can dribble, I
[67:05] can pass, I can shoot. You do not You
[67:07] absolutely do not ever ever ever ever
[67:11] take a dribble and then pick up your
[67:12] dribble. You lose your dribble, you're
[67:15] going to get trapped and people weren't
[67:17] talking about this enough. UConn had the
[67:20] possession arrow. And so, people say,
[67:22] "Why was Duke passing it? Why didn't
[67:23] they just hold the ball?" Well, if UConn
[67:25] caused a jump ball, then they would have
[67:28] gotten a turnover. They had the
[67:29] possession arrow. So, actually passing
[67:31] and breaking the press was phenomenal
[67:33] basketball. Broke the press very easily.
[67:35] Caden Boozer took a dribble, picked it
[67:37] up, and then was forced to try and throw
[67:40] a pass over two defenders. If he keeps
[67:43] if if he catches the ball, turns and
[67:44] faces, he can pump fake. He can use his
[67:47] dribble again. If if he he gets them up
[67:49] in the air, he can use his dribble. He
[67:51] could have thrown a bounce pass. So,
[67:52] that's just, you know, that's not how
[67:54] you're coached. The kid made a mistake.
[67:56] They hit an unbelievable shot.
[67:59] Other things, you know, this is going to
[68:00] be classic people accusing me as a Duke
[68:03] fan of complaining.
[68:04] This is going to be classic, but, you
[68:06] know, what wasn't talked about enough is
[68:08] the whistle changed in the second half.
[68:10] I mean, people talk about Duke getting a
[68:12] whistle. I mean, we were we were in foul
[68:14] trouble 3 minutes into the second half.
[68:16] The whistle changed. I don't know why.
[68:18] That's not going to be talked about cuz
[68:20] Scheyer and Duke fans can't possibly
[68:23] bring that up given all that transpired,
[68:25] but I mean, the whistle changed. They
[68:27] were in the bonus with like 15 minutes
[68:30] left to go and they were in the double
[68:32] bonus at the end of the game. So, the
[68:33] kid that got fouled that ended up
[68:35] putting them down two, he missed the
[68:37] first free throw. If that's a
[68:39] one-and-one, he doesn't even put them
[68:41] within two. So, the three actually sends
[68:43] them to overtime and doesn't win the
[68:45] game. So, the whistle changed. You know,
[68:48] I think Duke got a bad draw because
[68:50] we're Duke. We draw ratings and so, they
[68:52] wanted us to play UConn, St. John's,
[68:54] Jamie Dixon and and Jerry McNamara in
[68:57] the first round. I mean, that's an
[68:58] impossible draw. Other teams made it to
[69:00] the Final Four by playing Iowa, by
[69:02] playing Tennessee, by playing an injured
[69:04] Iowa State. I mean, it's just [ __ ]
[69:07] it's frustrating, right? Like it's
[69:09] obviously
[69:11] Duke had the hardest road, although we
[69:13] were the best team in the country. We're
[69:14] the number one overall seed.
[69:16] The whistle changed. I think they wanted
[69:18] to make it a game. It became a game. So,
[69:20] those are some other things. And then on
[69:22] the Jon Scheyer topic,
[69:23] I mean, Scheyer's the most achieved
[69:25] coach under 40 in the history of the
[69:27] sport. He's been to the Elite Eight
[69:30] every single year.
[69:32] Been to the Final Four already in his
[69:34] career.
[69:35] Um
[69:36] I mean, in the last 2 years Duke has
[69:38] lost seven times. That's
[69:41] outrageous. I think we're like 70 and
[69:43] seven
[69:44] in like almost a thousand years or
[69:48] thousand days. That's outrageous. I
[69:51] mean,
[69:52] he's had two of the highest Ken Palm
[69:54] ratings in the history of the sport in
[69:55] back-to-back years. And people say, "Oh,
[69:57] you got to do more with talent." It's
[69:59] like, yeah. Like, well, first of all,
[70:01] it's a single single elimination
[70:02] tournament. That's why this is not the
[70:04] NBA. The NBA champion is usually almost
[70:07] always the best team in basketball cuz
[70:09] you can't, you know, seven-game series
[70:12] is hard to win on on flukes. The better
[70:15] team prevails. Single elimination,
[70:17] that's what makes the sport great. The
[70:18] best team doesn't always win. Um and so,
[70:21] single elimination tournament, Elite
[70:24] Eight every single year is a [ __ ]
[70:26] hell of an achievement. Final Four
[70:27] already, hell of an achievement. And by
[70:29] the way, he's responsible for getting
[70:31] the talent. I mean, in this new
[70:34] Scheyer's first year as a coach was the
[70:36] NIL. Imagine taking over for Coach K and
[70:38] the first year you take over, welcome to
[70:40] the NIL, where kid it's not about
[70:43] getting recruited anymore. It's about
[70:44] donors and payment and transfer portals
[70:47] and, you know, Duke played a Houston
[70:49] team where everyone, you know, Yaak
[70:51] Lederberg's 24 years old. Yaak Lederberg
[70:54] was in the same class as Jalen Green.
[70:57] That kid's been in the NBA for like 6
[70:59] years.
[71:00] So, I mean, Scheyer's done an
[71:02] unbelievable job. Um and yeah, I don't
[71:06] know. I mean, tough loss. My butt I
[71:08] don't know. My sports team lost. For the
[71:10] There's people that just like seeing me
[71:11] fail, I guess. Like, I don't know. They
[71:14] They tweet at me that the price that the
[71:16] the price of my company's stock and Duke
[71:19] losing
[71:20] sucks. I appreciate it though. When I
[71:22] say at the end of these episodes, like I
[71:24] genuinely appreciate you guys. I do.
[71:26] I've grown into the relationship. But, I
[71:28] know that's what everyone wanted. A
[71:30] 20-minute segment on Duke choking and
[71:32] losing that game and my
[71:35] philosophical journey through being a
[71:38] semi-public figure and
[71:41] my message to the Duke kids is
[71:43] these are incredibly valuable moments,
[71:45] man. Um trust me.
[71:48] I will I I would not trade anything for
[71:51] the experiences I went through. How
[71:52] deeply I feel and uh bond with my
[71:56] girlfriend, with my best friends, with
[71:58] guys in my life like Dylan who are are
[72:00] there for me no matter what. Those Those
[72:02] are the people in my wedding that I'm
[72:04] going to build a family with. It's
[72:06] invaluable to to learn how meaningful
[72:09] those relationships are and how to care
[72:11] for them and how to grow them and how to
[72:13] grow as a man and as a leader and as a
[72:15] CEO. I mean, wouldn't trade it for the
[72:17] world. And so, I think these kids are
[72:19] going to go through that. And in
[72:21] hindsight, they'll feel similarly. And
[72:24] and in this weird fiat world of
[72:25] Schadenfreude and and tall poppy
[72:27] syndrome, the trick is not It's not the
[72:31] hate. It's that you don't optimize your
[72:33] life for the love. You'll be truly free
[72:36] when you speak your mind, have ideas,
[72:38] you aren't afraid to afraid to fail,
[72:39] you're ambitious. Like, that's when
[72:41] you're truly free. I mean, since then
[72:43] I've been on a tear in my career. I
[72:45] started 21, Strike turned into this
[72:47] profitable Bitcoin bank. I started these
[72:49] shows. I'm wrong all the time. I [ __ ] up
[72:52] all the time. You guys let me hear it
[72:54] every single day. I open my phone and
[72:57] there's really mean lies and rumors
[72:59] about me. Um but I found a a way to grow
[73:03] through it. Um and it makes me a better
[73:05] man. So,
[73:07] that's my grind my gears segment today.
[73:10] Um okay.
[73:12] Strike um
[73:15] Let's see. I don't have too much Oops. I
[73:17] don't have too much today. Um just a
[73:19] reminder that we
[73:21] exploded the expansion of the line of
[73:23] credit product. So, the line of credit
[73:24] product is now in 42 states for
[73:27] businesses, 21 for individuals. We're
[73:29] just going to keep expanding it the more
[73:30] comfortable we get and the more boxes we
[73:32] check. So, just be on the lookout. Um
[73:35] and then Thursday's a really big day. Uh
[73:37] we plan on turning our credit products
[73:39] and our lending products on for New
[73:41] York.
[73:42] So, uh
[73:43] we're going to keep shipping. Uh this
[73:45] week is about turning on for New York.
[73:47] Uh also completing our Q2 planning. So,
[73:50] I don't know. I might share some of that
[73:51] roadmap with you guys. We got some
[73:53] really exciting stuff coming. Um but we
[73:55] keep expanding the line of credit
[73:56] product, uh which is really exciting.
[73:58] And this week we plan on getting that
[74:01] live for you in New York.
[74:04] Uh and then for 21,
[74:06] yeah, I mean, you know, we had the goal
[74:08] or I had the goal of hopefully telling
[74:11] you guys all that we're working on in
[74:12] Q1. Obviously, Q1 is There's 36 hours
[74:15] left in it. Um I don't think we're going
[74:17] to be able to hit that. Um which sucks,
[74:20] obviously. I own it. I'm the CEO. All
[74:22] the mean tweets, you can point them at
[74:24] me.
[74:25] Uh but the work continues. The thesis
[74:27] continues. Nothing's changed. And this
[74:29] business is just uh you know, Tether and
[74:31] I share that low time preference of uh
[74:34] trying to build something incredible.
[74:36] Uh I would say, you know, people are
[74:37] going to ask, "Why? What the fuck?" Um I
[74:40] would say uh
[74:41] you just in the in the public markets,
[74:43] things uh tend tend to go a bit slower.
[74:46] Um and so,
[74:48] you know, uh
[74:49] building building Strike and building 21
[74:51] are worlds of difference. There's all
[74:53] sorts of uh filings and rules and
[74:55] conditions that need to be met operating
[74:57] in the public markets. And that just
[74:59] changes uh
[75:00] changes uh timelines and our ability to
[75:03] get things done. Uh or I take that back.
[75:06] Not get the done work done internally,
[75:09] but externally talking about it. It
[75:11] changes those timelines and when we can
[75:13] like launch things and talk about
[75:14] things. So, I own it. Um all the
[75:18] feedback can come to me. All the
[75:19] questions can come to me.
[75:20] Um but it's still a sooner rather than
[75:22] later thing. And uh
[75:26] Yeah, that I don't know. You guys will
[75:28] have questions, I'm sure. So, with that,
[75:30] let's get into Q&A.
[75:36] Okay.
[75:40] Let me blow up my camera real quick.
[75:44] It is cool though that uh so many of you
[75:47] guys want to talk college basketball. I
[75:49] know a lot of my audience
[75:51] is not American. So, I was a little
[75:54] nervous doing a grind my gears about a
[75:56] sport that people might not give a [ __ ]
[75:58] about.
[75:59] Who knows? Maybe you guys will hate that
[76:01] segment and I'll just never do it again.
[76:03] But,
[76:05] I don't know. There's not a lot of
[76:05] overlap in
[76:07] sports and like financial markets. I
[76:11] think I mean, I was making a joke with
[76:13] Dylan. I'm like one of the
[76:16] It feels [clears throat] rare to be a
[76:17] CEO of public company that like wants to
[76:22] get married and have kids and like, you
[76:24] know, it's So, I don't know.
[76:28] It's my whole personality. It is the
[76:29] Jack Mallers show.
[76:31] Whatever.
[76:33] Uh okay.
[76:35] >> [sighs]
[76:35] >> How do you know you're seeing enough
[76:38] unbiased or at least both sides of the
[76:40] Iran coverage? TV news is all garbage.
[76:44] Um
[76:47] I guess that's a good point. I I read
[76:49] all coverage. Um I find the most signal
[76:53] on
[76:54] uh like public forums like Reddit,
[76:58] Twitter, Noster.
[77:00] Um but
[77:02] uh and I derive most of my opinions from
[77:04] data.
[77:06] Uh you know, I'm obsessed with things
[77:08] that aren't printable, aren't
[77:10] manipulatable, that you cannot bullface
[77:13] lie about. Like, where's the oil? Is the
[77:15] strait open or closed? What's the
[77:17] 10-year yield at?
[77:19] Um so, anyway, that's kind of
[77:23] I try and get But, also you have to have
[77:24] the open mind that I'm also wrong. I
[77:26] could be wrong. I've said that a few
[77:28] times. I just feel confidently enough
[77:30] that they're trying to manipulate my
[77:32] opinion and lie to me. And I've lived
[77:35] through that. We all have. And so, I'm
[77:37] skeptical at best and at worst, yeah,
[77:41] everything I'm saying is true and
[77:43] they're going to have to print a ton of
[77:44] money. This conflict in the Middle East
[77:45] is going to last longer than we're all
[77:47] being told. And
[77:48] uh things are ugly out there.
[77:50] Jack, are you concerned that the
[77:51] government, through the Clarity Act,
[77:52] will have the power to quarantine
[77:54] {slash} freeze your self-custody wallet
[77:56] if they deem you a threat, similar to
[77:58] how City debanked people?
[78:01] Well, the cool thing is they cannot
[78:02] freeze my self-custody wallet because
[78:04] it's technically impossible. Um
[78:08] I'm not concerned about that. Uh and
[78:11] then, no, I don't have a concern. You
[78:13] know, everyone's always worried about uh
[78:16] you know, what if they do
[78:18] um
[78:19] uh
[78:21] what they did to gold and season gold um
[78:24] from the American people and making it
[78:25] illegal. What if they do the same to
[78:26] Bitcoin? I'm not a believer there uh
[78:29] because it'd be such a violation of
[78:31] property rights. And to, you know, why
[78:34] did Trump, in large part, win the
[78:35] election? He won it cuz he had the
[78:38] donating base, donating base, and the
[78:40] voting base of tech.
[78:43] You know, Bitcoiners are now also Wall
[78:46] Street, are now also Silicon Valley, are
[78:49] now also Big Tech.
[78:51] So, we are,
[78:53] you know, part of this new wealth class
[78:55] and the class that's innovating. And
[78:57] we're the CEOs of companies.
[79:00] Um we're the leaders of industries.
[79:02] Bitcoin's matured to that point. And so,
[79:03] it'd be such a violation of core
[79:05] property rights of those of the very
[79:08] people that help finance the things that
[79:11] matter and help vote you in. And so, I
[79:15] think it's just too far gone at this
[79:18] point. Um
[79:20] But, you know, obviously, we'll see.
[79:22] But, no, I I I That's not a concern of
[79:24] mine. And by the way, just to remind you
[79:27] guys, that's not practically That's not
[79:29] physically possible. They can come after
[79:32] a public figure like me and say, "Hey
[79:33] Jack, we know you have Bitcoin in cold
[79:35] storage, and we're going to come put a
[79:37] gun to your head in your house."
[79:40] That's a risk that I take You know,
[79:42] that's part of the social contract I
[79:43] signed up for when I
[79:45] um was like, "Fuck it. I'm a public
[79:47] figure. I'm going to go down this road."
[79:50] That's it You know, it's one of the
[79:51] things that comes with my territory, but
[79:53] that's not a threat to you guys. Um
[79:57] That's, you know, no No one It's
[79:59] impossible to know who has Bitcoin in
[80:00] cold storage and who uh is And and like
[80:05] they can't physically spend that, freeze
[80:07] that. There's no such thing. Uh
[80:08] physically impossible. Um It's why Bit-
[80:11] Bitcoin protected by math in that way.
[80:13] Question for Jack. It's 2028. President
[80:16] Gavin Newsom signs a 10% wealth tax into
[80:19] law. Are you parting with 10% of your
[80:21] Bitcoin or are you bailing out El
[80:22] Salvador? Yeah, I'm out of here or I'm
[80:25] not paying that.
[80:26] My dad once told me, you know, taxes are
[80:29] ultimately set by what the people are
[80:31] willing to stomach before they find a
[80:33] way not to.
[80:35] So, that's the problem. You can try and
[80:37] set taxes to 90%. I guarantee you we
[80:40] either put our wealth in holding
[80:42] companies offshore, we all move. I mean,
[80:45] no one like
[80:47] no one No human or society is going to
[80:50] reasonably
[80:52] let 90% or 10 a 10% Well, 10% of their
[80:56] time and energy, not that they're
[80:58] continuingly producing even, but all
[81:00] stored effort of their past life go to
[81:03] government that's proven to just waste
[81:06] it, debase it, uh finance war with it.
[81:09] So, no, personally,
[81:11] um I'd be violently against that in
[81:14] every way. I mean, I might run into this
[81:15] issue here in Chicago. I mean, how are
[81:17] these guys going to get out of the
[81:18] fiscal situation here in Chicago?
[81:21] Who do you think's paying for all that?
[81:23] Probably guys like me. At least that's
[81:25] going to be their proposal. The money's
[81:26] not going to fall out of the sky. So,
[81:29] when push comes to shove and bills need
[81:30] to be paid, what's the proposal going to
[81:32] be? Will the people with the property,
[81:34] with the time, energy, effort, and
[81:36] labor, will they pay for it? My answer's
[81:38] going to be absolutely [ __ ] not. [ __ ]
[81:40] you. So, I don't know. I'm a firm
[81:42] believer in free markets, property
[81:44] rights. Um you know, the whole campaign
[81:46] of everyone needs to pay their fair
[81:48] share. It's such disrespect. Um what is
[81:53] fair mean?
[81:54] Um
[81:56] Uh I just taxes and all that stuff is
[81:58] just such a a violation of property
[82:00] rights, in my opinion. So, uh I I'd be
[82:03] against I'm I'm against taxes just
[82:05] period, honestly. You know, on a If you
[82:08] If you think more philosophically about
[82:10] it,
[82:11] what we In my opinion, what we want is
[82:14] our greatest producers in society to be
[82:17] building the things that matter the
[82:19] most. So, right now, you have people
[82:22] like you know, Elon Musk getting taxed
[82:25] out the ass, giving the money to the
[82:27] government, where people like senators
[82:29] and congresspeople are tasked with
[82:32] building railroads and building new new
[82:35] city infrastructure, and they're clearly
[82:37] really bad at it. And And if you think
[82:39] philosophically for a second, why
[82:40] wouldn't I want Elon building new roads
[82:43] or building new bridges or building new
[82:46] transportation mechanisms? Why don't we
[82:48] let the most the biggest net producers
[82:51] The net producers, the people that are
[82:52] producing the most profit, the most
[82:53] value to society, why don't we just let
[82:55] those people who are clearly very
[82:57] productive people, why don't we let them
[82:59] build all the infrastructure? Why are we
[83:00] giving their production to people who
[83:03] aren't productive, who have never been
[83:04] really productive in their life, which
[83:06] are politicians, and just letting them
[83:08] squander it and be idiots? Like, think
[83:11] about what El Salvador is doing. El
[83:12] Salvador is saying, "No taxes." So,
[83:15] who's building El Salvador's
[83:16] infrastructure? People like Tether.
[83:18] Tether's building the Tether Tower and
[83:21] helping build the airport. You know who
[83:23] I Who would you rather build El
[83:25] Salvador's infrastructure? Guys like
[83:27] Paolo, who are engineers, incredibly
[83:29] successful businessmen, super bright, or
[83:33] Salvadoran politicians?
[83:35] It's not even [ __ ] close. So, I'm
[83:38] against just like handing over net
[83:41] productivity from those that are
[83:43] productive to people who are
[83:45] unproductive charlatans that just find
[83:47] ways to squander it historically.
[83:50] It's crazy.
[83:52] If you have productive people in
[83:53] society, don't punish them.
[83:56] Support them.
[83:57] That's what I think what El Salvador's
[83:58] doing in regards to taxes is brilliant.
[84:01] Hey, if you're productive, you build
[84:02] productive things, you have net
[84:04] productivity, feel free to come here.
[84:06] We're not going to tax you on it at all,
[84:08] but we'd really appreciate if you help
[84:09] support the country.
[84:11] Yeah, look at the new Look at the new
[84:13] infrastructure that's being built there.
[84:15] Look at the new city town hall, the new
[84:16] airport, the new Tether Tower, the new
[84:19] restaurants. Why is that happening?
[84:21] Because all of the productive people are
[84:24] the ones building. All the builders.
[84:27] It's super simple logic. So much of my
[84:30] opinions, I believe, are just common
[84:32] sense. They're not like genius novel
[84:33] insights.
[84:35] Jack, what happens when all the mining
[84:37] companies, like they are right now,
[84:38] switch over from mining Bitcoin to
[84:40] dedicating AI? Google and AWS are going
[84:43] to take them all from us.
[84:45] Um it doesn't really matter. One of the
[84:48] One of the
[84:50] Listen, I guess it matters in that,
[84:51] obviously, the more hash rate, the
[84:53] better. Of course. But,
[84:55] one of the most genius parts about
[84:58] Bitcoin is the difficulty adjustment.
[85:01] That might be Satoshi's most genius
[85:03] insight was the fact that if everyone is
[85:07] trying to mine Bitcoin, Bitcoin gets
[85:10] more difficult to mine.
[85:12] If no one is mining Bitcoin, Bitcoin
[85:14] gets easier to mine. And the software is
[85:17] targeting a block to be found, on
[85:20] average, every 10 minutes. But, for that
[85:23] reason, the system is self-reinforcing
[85:26] and it's stable and reliable, no matter
[85:28] what. So, if a bunch of people leave to
[85:30] go to AI,
[85:31] well, Bitcoin will be easier to mine.
[85:33] So, that means other energy sources that
[85:37] are too expensive for AI or that AI
[85:39] doesn't give a [ __ ] about now have an
[85:40] opportunity to to mine Bitcoin. So,
[85:42] there's always a market for energy,
[85:45] always. That's the currency of the
[85:46] universe. And Bitcoin is constantly
[85:49] repricing a bounty to get energy to
[85:51] dedicate itself to it. That's all. And
[85:54] so, like
[85:56] if people leave and go mine for AI, then
[85:59] Bitcoin will be easier to mine. Maybe
[86:01] it'll be so easy to mine, all of us can
[86:03] mine it on our laptops. Wouldn't that be
[86:04] great? And surely Google and Amazon
[86:08] aren't going to want my laptop for their
[86:11] large language models. But, the Bitcoin
[86:14] network might. It depends. But, I assume
[86:17] Bitcoin's so valuable and people aren't
[86:19] that silly that there is a market for
[86:22] some level of energy to be dedicated to
[86:24] the Bitcoin network, and so we'll figure
[86:26] that out. But, the difficulty adjustment
[86:28] is the most brilliant design. Bitcoin is
[86:31] so defensible, no matter what the
[86:33] outside environment does. It It isn't
[86:36] wholly and solely reliant on a specific
[86:38] amount or cuz then it would be subject
[86:40] to a specific group. Um Bitcoin is
[86:44] unbelievable. That is probably Satoshi's
[86:47] greatest insight is the difficulty
[86:48] adjustment, cuz it also guarantees a
[86:51] fixed issuance of supply. Bitcoin would
[86:53] be highly inflationary otherwise, if
[86:55] someone just jacked a ton of of hash
[86:57] rate into the network and there was a
[86:58] block found every second until all the
[87:00] Bitcoins were gone. Bitcoin would have
[87:02] been highly inflationary and all all the
[87:04] Bitcoin supply would have gone to the
[87:05] one person that just like super mined it
[87:08] all.
[87:09] But, because Bitcoin's issuance is stuck
[87:11] in time, in order to get more Bitcoins,
[87:14] you got to travel into the future. You
[87:16] got to travel into 10 minutes into the
[87:18] future to get them. They're stuck in
[87:19] time because of the difficulty
[87:21] adjustment.
[87:23] Um question, is there a way that the US
[87:25] could weaponize the BTC infrastructure
[87:27] the same way it did with SWIFT? Um
[87:31] I doubt it. And I love that I doubt it
[87:33] because
[87:34] it's open source, neutral. I mean,
[87:38] what's going to How can we weaponize the
[87:40] Bitcoin network when anyone can download
[87:43] Bitcoin
[87:44] anywhere in the world and run it on
[87:45] their phone?
[87:47] So, it's not ours to monetize, which is
[87:50] the point. Money or time or our energy,
[87:52] our labor, our effort should not be
[87:54] subject to trust and manipulation and
[87:57] control from
[87:59] a country, a government, a regime, none
[88:03] of that [ __ ] So, no, I hope not. If we
[88:06] build Bitcoin the right way, they That's
[88:08] not an option.
[88:11] My question is for those who are
[88:12] concerned regarding the network side of
[88:14] Bitcoin. Given that the base layer can
[88:15] only handle five transactions per
[88:17] second, and the Lightning Network hasn't
[88:19] seen widespread adoption, isn't
[88:20] Bitcoin's throughput fundamentally
[88:22] insufficient to support global daily
[88:24] value exchange? And if so, doesn't that
[88:26] mean Bitcoin mining design, the very
[88:29] thing that makes Bitcoin both secure and
[88:30] scarce, is also what both limits and
[88:32] destines Bitcoin to be a stagnant,
[88:34] hold-in-place expression of money,
[88:36] rather than a true money? No.
[88:39] Bitcoin hasn't been adopted for payments
[88:41] because there isn't enough demand for
[88:43] Bitcoin to be used in payments. The
[88:45] problem is people get paid to use their
[88:47] credit card in the form of rewards. Let
[88:50] me explain to you guys how payments work
[88:52] in modern-day
[88:54] uh Main Street.
[88:56] The merchant foots the bill. The
[88:57] merchant is paying 2, 3, 4, 5% to
[89:00] process payments. And that 2, 3, 4, 5%
[89:04] is, in large part, split between the
[89:06] banks and the consumer. So, who's paying
[89:09] for your airport lounges, your Napa
[89:11] Valley wine, your free flights, your
[89:14] cash back? Who's paying for that? The
[89:16] merchant is paying for that. And so
[89:17] somehow Visa, MasterCard, and the big
[89:20] banks have put a chokehold on the
[89:22] merchants where the merchants have to
[89:24] accept these payments cuz there's no
[89:25] other way to accept money. If you don't
[89:27] accept cards, you lose a lot of
[89:29] business. So you don't want to lose the
[89:30] sale, so they have to pay it. And there
[89:34] the the banks are basically bribing
[89:37] people to keep using this payment method
[89:39] because why wouldn't you? I get to fly
[89:42] to Europe for free if I just swipe this
[89:45] card versus paying in cash? [ __ ] yeah,
[89:47] I'm swiping the card. I'm getting cash
[89:49] back. I'm getting free [ __ ] I'm
[89:50] traveling for free. When I do travel, I
[89:52] sit in first class. I get a access to
[89:55] the lounge. And so it's like an
[89:57] incredibly monopolistic bribed system.
[90:00] And so why isn't there demand to use
[90:02] Bitcoin at the grocery store? Because
[90:04] nobody's paying for people's flights to
[90:06] use Bitcoin. Also, by the way, it's
[90:09] potentially a tax headache. It's
[90:10] potentially an accounting headache. So
[90:12] there's just not demand. On top of that,
[90:14] there's not demand because Bitcoin goes
[90:17] up and the dollar goes down. So people
[90:19] innately don't want to spend their
[90:20] Bitcoin because they'd rather save their
[90:22] Bitcoin. That's Gresham's law. Spend the
[90:25] bad money, save the good money. And so
[90:27] there's all sorts of practical reasons
[90:29] Bitcoin hasn't gotten adopted in
[90:30] payments and has nothing to do people
[90:33] like to spread fud like oh it has
[90:35] everything to do with the technology.
[90:36] No, it doesn't. It doesn't. Trust me.
[90:40] I integrated
[90:42] lightning into twitter.com.
[90:44] Not a lot of people used it. No one
[90:47] cared enough.
[90:49] Facing debasement and inflation and
[90:51] having your future life eroded no matter
[90:54] how hard you work is a far more pressing
[90:56] problem people want to solve. Apple Pay
[90:58] works. It works.
[91:01] No No one is No one is revolting online
[91:04] and creating a community because Apple
[91:06] Pay is ruining their family and their
[91:08] country and their lives and their morals
[91:10] and their health. Apple Pay is [ __ ]
[91:13] great product.
[91:15] Now I believe that value transfer should
[91:17] live on an open distributed protocol.
[91:20] I'm super happy with Dorsey and Block
[91:23] and all they're doing. I continue to
[91:25] fight the fight in my best capacity at
[91:27] Strike. I've been a one-man wrecking
[91:29] ball and I think Bitcoin's time in
[91:32] payments will come. I'll leave that for
[91:34] a separate rant, but please don't
[91:36] conflate Bitcoin's technical design with
[91:38] any lack of adoption. It's a load of
[91:40] horse [ __ ] It's [ __ ] The people
[91:43] that perpetuate this by the way are the
[91:44] same people they're saying Bitcoin
[91:46] failed in this way. Buy my shitcoin. Buy
[91:49] the coin that I printed out of thin air.
[91:51] It's always a selling point for
[91:52] something that's in their self-interest.
[91:55] It's a nonsensical narrative. It's
[91:57] [ __ ] stupid. Now, on Bitcoin can only
[92:00] process five transactions per second.
[92:03] You realize
[92:04] Bitcoin is competing with the speed of
[92:06] light in its protocol design. This is
[92:08] the depth in which Satoshi had to build
[92:10] this that laymans on the internet can't
[92:12] comprehend. It reminds me of people that
[92:15] hoop at LA Fitness that are talking to
[92:18] Duke basketball players on Instagram
[92:19] comments. Like you guys have no place to
[92:24] be telling Jon Scheyer how to coach
[92:26] 18-year-old superstars that are going to
[92:28] be in the NBA. You play at [ __ ] LA
[92:32] Fitness. It's the same thing. You got
[92:33] these people on Twitter like Bitcoin can
[92:35] only process five transactions per
[92:37] second. I can't believe Satoshi didn't
[92:38] think of upping that. You literally
[92:41] think the greatest invention arguably of
[92:43] our lifetime that you had a novel
[92:46] insight? You You egotistical [ __ ]
[92:51] Seriously?
[92:53] That's it? It's the LA Fitness guy
[92:55] telling Caden Boozer how to break a
[92:57] press? Really?
[93:00] Really? The reason that Bitcoin has
[93:03] 10-minute blocks is because
[93:07] you you need to you need to
[93:12] take into account how fast information
[93:15] can travel. If a block is found every
[93:18] second, let's say,
[93:20] then that means let's say someone on the
[93:22] other side of the world, their
[93:24] interpretation of what the ledger is,
[93:26] what the Bitcoin blockchain is, is going
[93:27] to be different than yours.
[93:29] You need to give information enough time
[93:32] to propagate and be validated because
[93:34] the whole point is that everyone
[93:36] maintains a universal account of
[93:39] Bitcoin.
[93:40] There isn't 77 different versions of
[93:42] what the ledger is. We all have the same
[93:46] one.
[93:48] And so the speed of light needs to be
[93:50] accounted for because how fast can
[93:53] information propagate? Because if
[93:56] information is physically limited to
[93:58] something like the speed of light,
[94:00] well then we have to at least account
[94:03] for that. Now the question is, well, how
[94:06] much buffer do you build in?
[94:10] Let me do the math now for you guys. For
[94:12] all you LA Fitness hoopers out there.
[94:16] [ __ ] crazy.
[94:17] Speed of light.
[94:22] So
[94:34] speed of light in
[94:43] Yeah, so
[94:44] the moon to earth is about a second.
[94:49] So the question is
[94:51] how much time do you buffer to allow the
[94:54] information to propagate for the network
[94:56] to achieve consensus?
[94:59] This is what makes Bitcoin important. By
[95:00] the way, there's no unlimited scale. You
[95:02] can only scale in layers. It doesn't
[95:04] matter if Bitcoin was five transactions
[95:06] a second, 50 transactions per second
[95:08] wouldn't be enough. 500 wouldn't be
[95:10] enough. You optimize to build the base
[95:12] layer
[95:14] as secure and reliable as possible so
[95:16] that you can build scaling layers on top
[95:17] of it. By the way, Visa is a second
[95:20] layer to the banking system. Nothing in
[95:23] the world, it doesn't even matter if
[95:24] it's a distributed network, can scale
[95:27] universally. The internet is seven
[95:29] layers.
[95:31] So this is all just like very well-known
[95:34] common engineering and design uh
[95:36] knowledge. Very well-known. So Satoshi
[95:38] opted for 10 minutes cuz 10 minutes
[95:41] isn't an unlimited amount of time, but
[95:43] it's way it's plenty of time for the
[95:47] network to be reliable in achieving
[95:50] consensus that can support the global
[95:52] economy.
[95:53] Cuz the scale is in the price of the
[95:55] unit.
[95:56] The scale is in how much is one Bitcoin
[95:58] worth. What's absolutely impressive? You
[96:01] want to know how well Satoshi scaled
[96:03] Bitcoin? There are people that are
[96:05] credible out there that think Bitcoin's
[96:06] going to hit $10 million
[96:08] in the next decade.
[96:10] That's what analysts at Fidelity are
[96:12] saying.
[96:13] That's scale, [ __ ] And we scale
[96:16] it in the at the transactional thing
[96:18] transactional sense in layers.
[96:21] And Bitcoin will achieve adoption when
[96:24] there's demand for it. It has to solve a
[96:26] problem people have. Right now people
[96:28] are tap to pay Apple Pay and flying for
[96:31] free.
[96:32] So why would they use Bitcoin and give
[96:34] up hard money?
[96:36] Rant over.
[96:38] All these LA hoopers out here.
[96:41] I can't believe Satoshi Nakamoto hadn't
[96:44] considered Dude, Satoshi Nakamoto is the
[96:47] greatest inventor maybe in human
[96:49] history. Did you think for a second that
[96:52] you might not understand certain
[96:54] principles of network design,
[96:56] distributed systems, cryptography? Like
[96:59] the lack of self-awareness from some
[97:01] people on the internet is honestly
[97:03] astounding. It's impressive.
[97:07] Hey Jack, when the US dollar fails, how
[97:09] do you see that playing out? Do we shift
[97:11] to gold which will be Bitcoin's final
[97:13] hurdle hurdle? Cheers Cheers from
[97:15] Australia.
[97:16] So uh I've talked about this before.
[97:19] I'll try and be brief. I think that
[97:22] uh
[97:23] gold is the only neutral reserve
[97:27] candidate that can
[97:30] absorb the required size that the world
[97:33] demands today. We're talking about tens
[97:35] of trillions, hundreds of trillions of
[97:37] dollars. Bitcoin's only 1.37 trillion as
[97:40] the introduction of this show so an hour
[97:42] and a half ago. That's just not big
[97:44] enough. So I think gold will play some
[97:46] role. It's unclear to me the split in
[97:49] the near immediate between Bitcoin and
[97:51] gold, but gold will likely have the
[97:53] larger share. It's market cap will
[97:55] remain larger for whatever the near to
[97:57] medium term. Uh I think Bitcoin will win
[98:00] out over the long term simply because
[98:02] it's better money. Again, that's that
[98:04] trade the position not the money. My
[98:06] conviction and my thesis hasn't changed.
[98:08] Bitcoin's scarcer. It's easier to store.
[98:11] It's It's more divisible. It's easier to
[98:12] verify. It's easier to transport. Like
[98:15] all the things that you would actually
[98:17] care about for money and monetary
[98:19] properties and how these things compete,
[98:21] it's better pound for pound no matter
[98:23] what. And every single ounce of fud or
[98:26] Ray Dalio says it's not private enough.
[98:28] It's software. We're going to continue
[98:30] to improve it. So Bitcoin like gold you
[98:33] can't submit a pull request to gold.
[98:35] Gold can't get a new feature.
[98:38] It It's It's It's It's so Bitcoin is the
[98:42] better money. It's a matter of when it
[98:44] wins, not if it wins.
[98:46] I think gold has its place today cuz
[98:48] it's the only neutral asset that could
[98:51] replace US Treasuries while the system
[98:54] fails. How will the system fail? It will
[98:57] just be a um
[98:59] a soft default. So they'll default
[99:02] through inflation. So it'll get to a
[99:04] point where
[99:06] fiat currency is just so worthless
[99:07] you're wheeling it around like you're in
[99:09] Venezuela. And so that will likely take
[99:11] time, but they will default via
[99:14] inflation.
[99:15] And yeah, the losers will be those that
[99:18] don't have real wealth, which is thing
[99:20] like gold, Bitcoin, uh land, real
[99:23] estate, uh good health, you know, all
[99:26] that stuff.
[99:27] So, that's my personal That's my
[99:29] expectation.
[99:31] Question, Jack, do you expect Oh, how do
[99:33] you expect Bitcoin to become a media of
[99:35] exchange if the base layer one
[99:36] transactions are so inexpensive? I kind
[99:39] of already explained that. Um and I feel
[99:42] like that'd be repetitive. If I didn't
[99:45] though, you guys can ask next time.
[99:47] Dylan, question for Jack, what is the
[99:48] most number of Bitcoin purchases on
[99:50] Strike by a single person? I'm pushing
[99:52] 20,000 individual hourly purses. That's
[99:55] [ __ ] awesome. Thank you for being a
[99:57] customer. Really appreciate that.
[100:00] Uh
[100:00] according to our president, who's in the
[100:02] chat here with me,
[100:04] the record is 48,732,
[100:09] which is insane. Shout out to whoever
[100:11] that is, but thank you for the support.
[100:13] Really means a lot. Um okay, other
[100:15] questions. So, these are Look, these
[100:19] probably do questions. Question for
[100:21] Jack, do you think Duke basketball needs
[100:22] to lower their time preference? New team
[100:24] every year. Yukon has a mix of seniors
[100:26] and freshmen. Yukon has six
[100:28] championships in a smaller time span
[100:30] than Duke.
[100:32] Uh no, I don't.
[100:35] Um
[100:36] I mean, we also started a senior last
[100:39] year. Our starting point guard, who has
[100:41] a broken foot, was a junior. Uh Isaiah
[100:45] uh Slim
[100:47] Isaiah Evans, he was a sophomore. So, I
[100:51] mean,
[100:52] it's just the hip The hypocrisy is
[100:54] crazy. Like, the kid that hit the
[100:57] 40-footer to send Yukon to the Final
[100:58] Four is a freshman.
[101:01] Should he be on the floor? Like So, we
[101:04] had a mix of upperclassmen and freshmen.
[101:08] It's a great roster. And in modern-day
[101:10] college basketball, it's not about
[101:12] building a team that doesn't change over
[101:15] every year. Now you're dealing in the NI
[101:17] NIL and the transfer portal. That's the
[101:19] sport. The sport is you have to replace
[101:21] your roster every single year. Uh if
[101:24] you're not doing that,
[101:25] you know, that that Yukon team was
[101:29] replaced just like Duke was. I mean, we
[101:31] had people return. I mean, Big Pat,
[101:35] Isaiah, Malik, Caleb. I mean, half the
[101:39] team, five guys returned.
[101:41] We had five five incoming freshmen and
[101:43] five returns that went to the Final
[101:46] Four.
[101:47] So, no. I don't I don't think so. Um and
[101:50] yeah, Yukon having six championships in
[101:52] a smaller time span, congrats. That's
[101:54] awesome.
[101:57] Uh I don't know.
[101:59] Yeah, I I I personally think people hate
[102:02] Duke
[102:04] because Duke is everything they're not.
[102:08] These kids are going to the NBA. Duke's
[102:11] an incredible university. Co-founder of
[102:14] Coinbase went to Duke. Tim Cook is a
[102:16] Duke fan. Like uh
[102:19] And and even the way they handled
[102:21] themselves, I mean, the kid Caden last
[102:23] night after that turnover sat in front
[102:25] of the media and owned it, wore it on
[102:27] his face. Said, "I made a mistake. I let
[102:30] I let the program down." I mean, that's
[102:31] such a leader. I mean, you got Dan
[102:34] Hurley headbutting refs. You got Yaxel
[102:36] Landenborg of Michigan,
[102:38] you know, holding his follow-through and
[102:40] talking [ __ ] in every press conference
[102:43] uh that freshmen are guarding him, that
[102:45] no one else is 24 playing college
[102:47] basketball. It's a It's I mean, Duke is
[102:50] just high-class, exactly what you would
[102:53] want out of a program, out of kids. Um
[102:57] and so, I think people hate that. It's
[102:59] You know, they don't hate Caden Boozer.
[103:01] It's a It's a mirror.
[103:04] I don't know. If If Yukon's a more
[103:05] successful program,
[103:07] what's the hate?
[103:09] You guys should be plenty secure in
[103:11] yourselves.
[103:12] Uh question for Jack, how did the event
[103:14] go in New York?
[103:16] Uh
[103:18] The event uh it was awesome. Had an
[103:20] opportunity to I spent Yeah, I I feel
[103:24] bad cuz I didn't hang out with my
[103:26] employees and my team as much as I would
[103:27] have liked, but it was because I spent 3
[103:29] hours uh just meeting everyone that was
[103:33] waiting in line. I spent uh it was
[103:36] awesome hanging out with you guys. Um
[103:39] Now that you know like the personal
[103:42] story that I shared of my career and
[103:44] some of those hardships and stuff,
[103:46] the people that do wait in line to ask
[103:49] me a question or that support the show
[103:51] or that are customers, I mean, I've
[103:53] never ever ever turned anyone down that
[103:57] wants a picture, that has a question,
[103:59] that needs some advice. Anytime uh we
[104:01] host an event like that, I wait until
[104:04] the line is totally cleared. So, it was
[104:07] overwhelming in the amount of support. I
[104:09] think it was 4 minutes into opening the
[104:11] bar, we were at capacity, where the
[104:14] security couldn't let anybody in or else
[104:17] it would have been a hazard to the city.
[104:19] So, it was I mean, the support was
[104:22] unbelievable and uh just spending time
[104:24] with you guys and that personal
[104:26] connection uh is just so cool. It's so
[104:30] valuable to me. Um so meaningful to us
[104:33] as a company. So, it was great. You guys
[104:35] showed out. And uh just really genuinely
[104:38] appreciate the relationship that we have
[104:41] with the community and that I have with
[104:42] you guys and the support you give me and
[104:44] uh
[104:45] Yeah, cuz the other thing, when I go
[104:47] through these hardships,
[104:48] the support Like, there's people that
[104:50] have consistently supported me
[104:52] throughout my whole career and it just
[104:53] like
[104:54] means the world. Like, it really truly
[104:57] Like, sometimes this job is really hard
[105:00] and uh I just wouldn't be able to do it
[105:02] without you guys. So, um I just never
[105:06] take those moments for granted and uh
[105:08] I just always um try and reciprocate uh
[105:12] the support that I feel from you guys um
[105:15] in the small opportunities that I have a
[105:17] chance to meet you in person. So, it was
[105:19] really cool. I'm glad we did it.
[105:22] Jack, do you think Jon Scheyer should
[105:23] get fired? He has top recruits every
[105:25] year and blows huge leads in the
[105:27] tourney. Unlike Yukon, who gets decent
[105:29] but not the best recruits and has a lot
[105:31] of success.
[105:32] No. Dan Hurley's been coaching college
[105:35] basketball for over 20 years.
[105:38] How many years do you think it took him
[105:39] to win his first national championship?
[105:42] I'm pretty sure the answer isn't four.
[105:45] Right?
[105:46] Let me put it to you this way. How many
[105:47] championships do you think Jon Scheyer's
[105:50] going to have
[105:51] coaching 25 years of basketball? That
[105:53] was his fourth year. Do you think he'll
[105:54] have more than Dan Hurley?
[105:56] I'd say the Vegas odds on that are
[105:58] pretty high.
[105:59] By the way, he doesn't get recruits. He
[106:02] is the recruiter. He also recruited for
[106:04] Coach K. I I can't stand that. I can't
[106:07] stand people dismissing that level of
[106:11] accomplishment for Jon. People want to
[106:13] play for Duke. They want to play for
[106:15] Jon. Jon won a championship at Duke. You
[106:18] can't take that from him.
[106:21] Uh so, he's the one that gets the
[106:24] talent. Cooper Flag wanted to play for
[106:26] Jon Scheyer. The Boozer brothers wanted
[106:28] to play for Jon Scheyer. Kon Knepel
[106:31] wanted to play for Jon Scheyer. There's
[106:33] a reason they don't want to play for
[106:35] Yukon.
[106:36] And this is before and after they were
[106:39] getting NIL money. It was before and
[106:41] after all of it. Again, it's because
[106:45] the CEO of Apple
[106:48] is sitting in the stands. It's cuz the
[106:50] greatest coach of all time
[106:52] is who built this program.
[106:54] It's a level of success that drives
[106:57] people nuts.
[107:00] It brings out everyone else's
[107:02] insecurities. So, do I think that
[107:04] Listen, uh Jon will figure it out.
[107:07] Again, he's lost seven games in 2 years.
[107:10] He's broken every single record as a
[107:13] head coach outside of obviously winning
[107:15] the national championship. Now, I I
[107:17] think he should have won these last 2
[107:19] years. I think Duke was the best team in
[107:21] college basketball these last 2 years.
[107:23] But like I said, single-elimination
[107:25] tournament, it's brutal. It's a brutal
[107:27] sport. But I mean, fire Jon Scheyer and
[107:31] hire who?
[107:33] I mean, we mopped the floor in the ACC.
[107:36] Back-to-back ACC tournament champs. I
[107:39] mean, it's not close.
[107:41] The ACC is a joke relative to Duke
[107:45] basketball. This year we beat Kentucky.
[107:48] We beat Kansas. We beat Michigan, who
[107:50] everyone's all up in arms about. We beat
[107:52] Michigan.
[107:54] We beat Florida. I mean, we beat
[107:56] everybody and we were the better team
[107:58] yesterday. I mean, no sane college
[108:00] basketball fan's going to take that away
[108:01] from us. It's not any disrespect to
[108:03] Yukon. Yukon won the game and Dan
[108:05] Hurley's unbelievable. The generational
[108:07] run that program's on is unbelievable.
[108:09] But I mean, we were the better
[108:11] basketball team.
[108:13] So, I just outrageous. 4 years into his
[108:16] career, Scheyer's broken every record uh
[108:20] and lost seven times in 2 years. Lost
[108:23] three times this year by a combined five
[108:25] points, twice at the buzzer, the other
[108:26] one in under a minute. I mean,
[108:28] literally, like there's a version of the
[108:30] universe Duke is heading to Indy in the
[108:32] Final Four undefeated. And that's like
[108:35] not an unreasonable thing to say.
[108:37] That's actually like statistically what
[108:39] should have happened.
[108:41] So, it's tough, but I just I like
[108:45] Again, it's crazy to me. And people just
[108:47] don't I I see another one of the
[108:49] questions here like, "Why didn't Duke
[108:50] just hold the ball?" You know what's
[108:51] crazy is if Caden Boozer gets fouled,
[108:55] which by the way, when they went to trap
[108:56] him, there were 6 seconds on the clock,
[108:58] which is a lot of time. He gets fouled.
[109:00] Let's say he misses the front end of the
[109:01] one-on-one one and one.
[109:03] They 6 seconds left, you think they
[109:05] couldn't get off a shot just past half
[109:07] court? That's where that kid hit that
[109:08] from.
[109:09] So, let's say the reverse plays out.
[109:12] Then the blame is why didn't he pass it?
[109:15] There were two guys unguarded. All you
[109:17] had to do was get the ball across half
[109:20] court and they win the game.
[109:23] All of these [ __ ] It was the slides
[109:27] that I made in in my presentation. Let
[109:30] me pull the definitions back up.
[109:32] Schadenfreude and tall poppy syndrome.
[109:35] It's a fiat generated societal norm and
[109:38] contract that's new. You used to
[109:41] celebrate the best of your tribe cuz
[109:44] that guy that was unbelievable at
[109:46] hunter-gathering benefited you. The guy
[109:49] that was
[109:50] successful enough to live long and
[109:52] accumulate a wealth of knowledge
[109:54] benefited you to educate the small town,
[109:57] to give wisdom to the youth. Nowadays,
[110:00] it's the opposite.
[110:01] People being successful reinforce
[110:05] the decisions you made and the success
[110:08] that you aren't. And there's a natural
[110:12] There's a natural sense of inequality
[110:13] felt because of the money printer. And
[110:16] so, instead of cheering these people on,
[110:18] it's projecting.
[110:20] Like when Scheyer got hired to replace
[110:23] K,
[110:24] if you would have told me
[110:25] the four years he would have had after
[110:27] taking over the greatest success story
[110:30] arguably in the history of the the sport
[110:33] of basketball.
[110:35] But, let's just say college hoops for
[110:37] now.
[110:39] I would have taken it a million out of a
[110:41] million times.
[110:42] Duke's been the dominant program in
[110:44] college basketball since.
[110:47] And guess what? We have all the best
[110:49] recruits next year, too.
[110:52] It's crazy
[110:55] how deep fix the money fix the world
[110:56] goes
[110:57] where
[110:59] so much of society finds joy in the
[111:02] failure of others and like
[111:06] you get these keyboard warriors. And
[111:07] that's also just
[111:09] it's interesting how technology greatly
[111:11] exaggerates this. Like social media like
[111:14] turns every everyone now has an opinion
[111:16] worth publishing. Which, you know,
[111:18] that's freedom of speech. I appreciate
[111:20] that, but holy hell, these basketball
[111:22] takes are so bad.
[111:24] Uh
[111:25] but some of you your guys' Bitcoin takes
[111:28] are also really bad.
[111:29] Question, would love to hear how you
[111:31] managed to be such a young and
[111:32] successful CEO of two companies. Do you
[111:34] have a system or use any tools/products
[111:36] to stay on top of things?
[111:38] Oh, I very much appreciate that. Thank
[111:40] you.
[111:40] I would say
[111:42] not very successful at all though
[111:45] relative to where I want to be and some
[111:47] of my other peers like Dorsey and stuff.
[111:49] I haven't achieved jack [ __ ]
[111:51] Uh look at my stock price.
[111:53] Um I have to see it every day. Damn.
[111:56] We'll get there.
[111:57] Um
[111:59] What do I use? Um I kind of referenced
[112:01] this earlier. The relationships in my
[112:03] life are invaluable. Dylan
[112:06] uh who you guys know, you guys haven't
[112:08] met and I don't ever plan to introduce
[112:10] you to my girlfriend. That part of my
[112:12] life is for me and me only, but um
[112:15] Megan is the best.
[112:17] Um so, uh the relationships that um
[112:21] are meaningful and real
[112:23] uh
[112:24] are a critical piece of infrastructure,
[112:27] you can call it, to my life.
[112:29] Um Exercise and health, I think is
[112:33] as critical a piece to success as any.
[112:36] So, I really take care of my body. I use
[112:39] Oura and other ways like, you know,
[112:41] blood draws to to capture data. I
[112:44] optimize through diet and through
[112:45] exercise and through things like sun and
[112:48] grounding. Uh And then
[112:52] I don't know what else. Like also,
[112:55] you know,
[112:56] the skill of humility. I think there's a
[112:58] lot of humility in surrounding yourself
[113:00] with incredible talent. So, the people
[113:02] that work with me on all of these things
[113:05] are way more talented and way smarter
[113:07] than I am and uh
[113:10] I think it requires a level of humility
[113:12] and self-awareness to understand what
[113:15] you're not good at, which is probably
[113:18] everything but like a few skills, and
[113:20] finding the best people you possibly can
[113:23] to do those things and giving them,
[113:25] whether it's your equity or profits or
[113:28] whatever you can to make their dreams
[113:29] come true. So, uh I give so much the
[113:32] credit to them, too. So, those are some
[113:34] of the things that come to mind.
[113:36] My uh family, my my friends, my
[113:40] colleagues,
[113:41] my health.
[113:44] And And um
[113:46] in these really dark times, by the way,
[113:49] you're extremely challenged to uh find
[113:53] who you are. I was really challenged
[113:55] like I was running a high-growth startup
[113:58] that was not focused on revenue or
[114:00] profits. I mean, Strike didn't give a
[114:01] [ __ ] about any of that back in the day.
[114:03] I was just a kid and I thought, "Oh, VCs
[114:05] just are the ones that pay my payroll."
[114:08] And like I don't need to worry about
[114:09] making money.
[114:10] And, you know, when you get challenged
[114:12] in such really harsh ways,
[114:14] you know, it's a focus of like what do
[114:16] you believe in? Who are you? Uh what do
[114:18] you stand for?
[114:19] And um I would say that's a critical
[114:21] piece as well as always having a really
[114:23] grounded sense of self.
[114:25] So, I was able to find that again
[114:29] uh in the last bear market and uh that's
[114:31] been able to stay with me. And that's an
[114:34] another really key ingredient to to just
[114:37] being who I am. And some people are
[114:39] going to look at me and say, "Hey, I
[114:41] could, you know, take a thing or two
[114:43] from that guy." And some people want
[114:44] nothing to do with who I am, but that's
[114:46] kind of like the cocktail that is uh
[114:49] that is me.
[114:51] Uh You grew up with that sports
[114:53] mentality, Jack, or is it recent that
[114:54] you became that way? No, I grew up I
[114:57] joke with uh
[115:00] my dad and my friends that Satoshi
[115:02] Nakamoto made me 5'8" and 150 lb or else
[115:06] if I was 6'4", I would have worn the
[115:08] Duke uniform and I'd be on the Chicago
[115:09] Bulls. I mean, I was a hooper. I know
[115:12] this, nobody in Bitcoin can guard me. I
[115:15] know that for a fact.
[115:17] Uh So, no, I grew up as a three-sport
[115:20] athlete and a chess champion. I was
[115:22] you know, like when people judge me uh
[115:25] on my skill set, I want to be known if I
[115:28] could choose to be known for any like
[115:31] skill um when my time is is gone and I
[115:34] meet my maker, it will be uh like Jack
[115:37] was the greatest competitor. Whether it
[115:40] was basketball or chess or building
[115:42] companies or fighting for Bitcoin,
[115:45] you just were better off on that guy's
[115:46] team than standing in his way. That guy
[115:48] was just a Michael Jordan level
[115:50] competitor, a Kobe Bryant level
[115:52] competitor. And so, I was that long
[115:55] before I knew what Bitcoin was or before
[115:57] I dropped out of college. I was that as
[115:58] a kid. I was an athlete. I just um I
[116:02] mean, I'm small, so I just couldn't hoop
[116:04] at a high level. I could have played D2,
[116:06] D3 college basketball.
[116:09] Um but
[116:10] I just, you know, it was time to hang it
[116:13] up and uh I always had the ambition to,
[116:15] you know, have an a meaningful impact on
[116:18] the world in a way that I, you know,
[116:20] felt was relevant. So, at first I wanted
[116:23] to be a uh the world chess champion. So,
[116:26] I went to university initially to pursue
[116:28] a chess career in New York. And very
[116:30] quickly realized [ __ ] this, this is
[116:32] stupid and chess people don't make any
[116:33] money.
[116:34] And that's when my dad taught me about
[116:36] Bitcoin and financial markets and stuff.
[116:38] So, I don't know. I was destined to
[116:40] compete in something.
[116:42] I would say I'm the furthest personality
[116:44] from like being a yoga instructor. Not
[116:46] that there's anything wrong in with
[116:47] that, but
[116:49] I I run my companies like a basketball
[116:51] program.
[116:53] Very intense. I would say I'm much more
[116:55] like Dan Hurley than Jon Scheyer. I
[116:58] mean, I'm definitely not like Dan
[117:00] Hurley, but in regards to like how my
[117:02] companies are run internally, it's
[117:04] intense, it's fast-paced, it's work
[117:05] hard, play hard, it's true ownership. Uh
[117:10] It is It is ultimate competitive nature.
[117:13] And that's what,
[117:14] you know,
[117:15] some people like that, some people hate
[117:17] that. I don't really care. That's my way
[117:19] of doing things. That's all I know. That
[117:21] Midwestern pit trader
[117:24] uh basketball like One of my greatest
[117:26] teachers in life outside of guys like my
[117:28] father was my high school basketball
[117:30] coach.
[117:31] Um I take taken a lot from just being
[117:34] part of that program and that basketball
[117:36] team.
[117:37] So, yeah, always been a part of me. Um
[117:40] my dad was raised as a pit trader here
[117:43] in Chicago. Midwest grit, salt of the
[117:46] earth, selfless. I was taught, you know,
[117:49] dive on the on the floor for loose
[117:51] balls, take a charge, others before
[117:53] yourself. Um you know, etc. etc. Uh be a
[117:58] a man a a man's true resume is his work
[118:00] ethic. Like no one outworks me. Uh
[118:03] nobody cares more. You'll never find a
[118:06] better teammate. You're You'll never
[118:07] find a more loyal friend. Like those are
[118:09] That's how I was raised. That's how I
[118:11] run my businesses. It's been that way
[118:13] long before I was CEO and long before I
[118:16] found Bitcoin.
[118:19] Okay, with that
[118:21] that's 2 hours almost on the dot. Um
[118:24] Appreciate you guys. Thanks for tuning
[118:26] in as always. Comments, questions,
[118:28] feedback, leave it in uh
[118:30] the comment section. A lot of college
[118:32] basketball, but it's the Jack Mallers
[118:34] show. It's kind of cool that uh we can
[118:37] relate on interests that aren't war and
[118:39] murder and government lying and
[118:41] inflation and debasement. But, there was
[118:43] plenty of that, too. The straight
[118:44] remains closed. Hopefully, a week from
[118:47] today we can all celebrate that it's
[118:49] open.
[118:50] Doesn't look like that's going to happen
[118:52] now. So, the money printer is going to
[118:54] turn on at some point. Markets try and
[118:56] scare you out and wear you out. Hold
[118:58] your ground, stay humble, stack sats,
[119:01] lower your time preference. This is
[119:02] where heroes are made. Um, but be warned
[119:05] that [ __ ] is getting real out there.
[119:09] Okay. Love you guys. Talk soon. Take
[119:11] care.
[119:13] Peace.
[119:14] Go Duke.