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Episode 1202 of Bitcoin And . . . is LIVE!

Topics for today:

• Fold and Steak 'n Shake Partner
• Seed Phrase Broken by Cops? - FUD Incoming
• Is Bankman . . . Fried?
• Giaccomo in His Own Words 

Circle P:

Oshi
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Today's Articles:

https://bitcoinmagazine.com/business/steak-n-shake-partners-with-fold


https://cointelegraph.com/news/australian-police-decoded-seed-phrase-of-wallet-holding-9m


https://www.coindesk.com/markets/2025/10/31/sam-bankman-fried-posts-30-page-ftx-was-never-insolvent-document

https://decrypt.co/346902/advanced-ai-is-reviving-fears-of-demon-possession


https://atlas21.com/giacomo-zucco-bitcoin-core-wont-kill-bitcoin-but-arkade-will-change-the-lightning-network/


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[00:00:02] David Bennett:

It is 11:08AM   Pacific Daylight Time. It's the October.   That means it's spooky time. It's Halloween.   It's also the anniversary   of Bitcoin white paper, if you don't remember or did not know.   The first instance   of any knowledge about Bitcoin was dropped   today   in the year 2008,   almost as a boo   to the Legacy Financial Systems.   This is episode   12 o two of Bitcoin, and   Steak and Shake is in the news. And that's why you're here. It's all the news you can use about Bitcoin and more from here and around the world with your host, me, David Bennett. Guess what? Australia   is gonna be in the news as well. We'll get to it.  

And then,   Sam Bankman Fried   is begging the world   to understand   that FTX was never bankrupt.   It was somebody else's fault that it went bankrupt or something like that. It's   it's a very weird   it's a very weird,   flex,   honestly, and we're gonna talk all about it as well   as demon AI.   Demon possession, y'all, now in the form of AI   because   AI is really in the news lately, so there's no reason   there's no reason not to talk about it because it's   machine thinking.   Well, thinking is a stretch, but   it's gonna need machine money. No matter what we do, we're not going to separate   artificial   intelligence and agents and whatnot like that from things like Fediment, eCash, Lightning Network, Bitcoin,   Arcade,   you know, you name it, guys. You you name it. And then we're gonna end with Giacomo   Zuko talking about,   well,   he's gonna be talking about Arc   and Lightning Network   and things like that.  

And I I it's that's the a longer piece. I'm only covering about six things today, so it may be a shorter show, but the show must go on. And we're gonna start with Steak and Shake partnering with Fold   to launch a $5   Bitcoin burger reward,   Micah Zimmerman, Bitcoin Magazine for however long we have Bitcoin Magazine for. And if you don't know what I'm referring to, go back and listen to yesterday's show of Bitcoin and Fold Holdings,   the Bitcoin rewards company known for letting users earn sats on everyday purchases,   has teamed up with Steak and Shake for a limited time promotion that lets customers earn $5   in Bitcoin with their meal.  

Starting today,   Steak and Shake diners who order a Bitcoin meal   or Bitcoin steak burger at one of their 1,200 plus participating locations   can visit bitcoinmealdeal.com.   That's bitcoinmealdeal.com.   Upload their receipt and receive a code redeemable for $5 in Bitcoin through the Fold app.   Once the Fold app is downloaded and activated, the reward is instantly credited. The   partnership marks the first time a US restaurant chain has paired   a menu item with Bitcoin rewards blending food, finance, and pop culture in a single bite.   You see what they did there? That was actually pretty decent writing. Even the bun carries a message.  

It's stamped with a Bitcoin logo, a subtle but unmistakable symbol of how far the orange coin has traveled into mainstream consciousness.   Yes. Now you too can be a target of kidnapping and   wrench attacks just because you're eating a burger.   It wasn't enough that I told you, you know, don't wear swag.   Don't go out and advertise that you may have Bitcoin.   Hell, now you can't even order a freaking burger   without being terrified you're gonna be thrown into a windowless van   with the word candy written on the side and driven out into the damn desert.   I swear, man. It's just it's just like we're just absolutely   obsessed with showing our colors here, aren't we? Well, anyway,   quote, Bitcoin goes mainstream   when it starts showing up in everyday life. That's been our vision from the very beginning, and our promotion with Steak and Shake is the next step in that journey. And for many people, this will be the first time they ever owned Bitcoin, and it'll come from something   as ordinary as grabbing a burger,   said full chairman and CEO, Will Reeves.  

For Steak and Shake, the partnership deepens its ongoing relationship with the Bitcoin community. Earlier this year, the 90 year old chain rolled out lightning network payments across all US locations.   The company even sparked headlines when it publicly scrapped plans to accept Ethereum   declaring its, quote, allegiance to Bitcoiners.   Now it's taking that loyalty one step further, quote, Stake and Shake has never been afraid to take a bold position.   And putting Bitcoin on the menu is the latest example, said Sardar   Big Larry, CEO of Steak and Shake. Quote, Bitcoin is rewriting the rules of culture and commerce, and we want our guests to be part of that future every time they sit down for a meal, end quote.  

And it goes into fold and a little bit of history thereof. It's just a few more sentences, and there's just really no reason to do that. It's Friday, and I know you got things to do, but let's cruise over.   Well, actually, let's go down under to Australia where they and this one listen to this one. This is   in in in my opinion, this one's gonna be a little bit of fear mongering.   Okay? So this is the kind of FUD that you can expect   to start being   parroted,   repeated   all across,   and you'll understand exactly why   when you hear this.  

So pay attention, Adrian Zmunski, Cointelegraph,   Australian   police   crack coded wallet and seize $5,900,000   in crypto.   Australian police have indeed cracked a coded cryptocurrency wallet   containing 9,000,000 Australian dollars.   Australian Federal Police Commissioner, Chrissy Barrett, described the effort as, quote, miraculous   work during a Wednesday speech   crediting a data scientist   who has become known with the agency as the   crypto safe cracker.   During an investigation   into a purported well connected alleged criminal who stockpiled cryptocurrency   by selling a tech type product   to alleged criminals,   the AFP came across password protected   notes on his mobile phone. Upon further examination,   law enforcement also identified an image   containing random numbers and words, Barrett said.  

Barrett said the numbers were divided into six groups with over 50 combinations,   and the AFP Digital Forensics team   determined it could be related to a crypto wallet. Oh my god. It's all crypto.   The suspect   allegedly refused to hand over the keys to his crypto wallet, an act that carries a ten year penalty in Australia.   Quote, we knew if we couldn't open the crypto wallet and if the alleged offender was sentenced upon release,   he would leave prison a multimillionaire,   all from the profits of organized crime.   For our members, this was not acceptable. Oh my god. You're you're just like you do you wear a cape?  

You're you must be a hero. Well, anyway,   one of AFP's data scientists realized that the alleged criminal, quote,   tried to create a crypto booby prize, not a booby trap, but a crypto booby prize   in how the numbers were presented.   And here, listen to the way that this is presented in this article, y'all.   To decode the 24   word seed phrase,   he had to remove the first number from each sequence.   And I guess they're referring to the numbers   and other items that were found on his phone and that that picture, that that image that had   whatever that was on it, I somehow or another,   they're equating this to a 24 word seed phrase.  

So keep this in mind.   And, no, this do not start, like, you know, jumping out windows and stuff. I think I honestly think this is complete and utter bullshit, but this is the kind of crap that we're gonna be dealing with. Continuing, the data scientist explained that some of the number strings   felt wrong,   and they looked like they were not computer generated.   He added that those strings, quote, looked like a human had modified the sequence by adding numbers in front of some sequences, end quote.   I I gotta pause there. This that passage, that paragraph right there is why I think   this story is baloney.  

I think it's fear mongering. I think it's a straight up lie. I think they were able to get a hold of that money. If they did get a hold of the money   through other means,   They did   not crack a 24 word seed phrase unless they actually already had the words in front of them or there was enough information. But   I'm I'm sorry. When somebody's when another human looks at a string of numbers and says, well, part of this sequence looks like it was done by a human. Oh, bullshit.   Unless you're a idiot savant, and even then,   I highly doubt   that a human could look at a string of numbers and be able to say that segment of numbers right there, that's a human.  

I call bullshit with extreme prejudice.   Continuing on,   this was not the first crypto recovery for the AFP's digital forensics team. In a separate case,   the same unidentified   data scientist helped recover more than 3,000,000 in digital assets using   another decoding technique.   In both cases, the crypto was seized by the AFP led criminal assets   confiscation   task force.   If the court orders the funds to be confiscated, the money will end up in a Commonwealth account and redistributed by home affairs minister   Tony Burke to fund crime prevention.   That is the entirety of this article,   and there is nothing about anything that was presented   to Cointelegraph   from the AFP   that makes any logical sense at all.  

Again,   you're going to probably hear about this. This is going to be something that people use   to scare the bejesus out of people saying, oh, well, now they can crack a 24 word seed phrase.   First,   it looks like there may have been enough information in an image carried on the man's phone to be able to do this thing. Second, I don't think they were able to do that thing.   What they're describing   is so convoluted   that what's going to end up happening is it's going to be easy for people to just think, oh my god. A 24 word seed phrase just isn't enough anymore.   All of our Bitcoin and cryptocurrency is going to be confiscated because they can just crack those words.  

No.   That is not how this works.   So start like, when you start seeing this thing, if if if this narrative starts to get spun up,   you need to be the fur you need to be the first ones on the front line saying bullshit.   That's not the way it works. Here's the way it works.   So that's one of the reasons why I wanted to bring you that particular article today.   And all this talking's making me hungry, which is why we've got oshi good dot US,   crunchy coffee huddle butter. He still   has two of these things in stock. So if you want some of his crunchy   coffee   huddle butter in 16 ounce jars,   well, then go to 0shig00d.us.  

That's 0sh   I g o o d dot u s, 0shig00d.us,   and you'll be able to get   a jar of,   well,   crunchy coffee hot dog butter. It's got pecans and maple sugar and roasted Arabica   coffee grounds, sea salt flakes, cinnamon, and black pepper. This stuff is freaking delicious, man.   I mean, he sent me a jar of it and it's for this is, like, totally gone. Wife just completely wiped it out. I got a spoonful of it, and what I tasted of it was delicious, but the rest of it basically ended up on her morning toast. And next thing I knew, I turned around and it was just basically gone. So even my wife was like, hey. What's this? And I'm like, oh, it's dude, it's it's from a Bitcoiner. And he's one of my vendors in the circle p. And the circle p is where I bring   plebs with goods and services just like you to plebs, just like you that want to buy those goods and services. But you will be buying in Bitcoin   because if you're not selling your goods and services for Bitcoin, you're not in the circle p. That's the way it works.  

Make certain you use coupon code   Bitcoin and, all one word, Bitcoin and in the coupon code. That way, Oshii will be able to say, hey. He made a sale for me. That's the only way he knows. This is value for value advertising.   This is the only podcast that you will find this being done.   It's it it it is not the most efficient   way to do it, but I like to spotlight people that have goods and services for sale in Bitcoin,   especially the small guys. The guys that don't necessarily have the money for advertising.   The guys that do not run around   paying $5,000   a month to get, you know, an ad every on every podcast,   you know, for whatever podcast you're advertising on for the entire month. No. They don't they don't have that kind of money. It's my job to help them out. That's what the Circle p is here for. But I'm not gonna help out this dude.  

This broccoli headed bitch,   Sam Bankman Fried, has now posted a lengthy   document   entitled   FTX   was never insolvent.   Yes,   Sam. It was insolvent, dude. This is the second time he's done this crap.   FTX   was completely insolvent.   And I don't know what this cat is smoking,   but,   dude, Sam Reynolds from CoinDesk is gonna tell us more.   Sam Bankman Fried is once again arguing that he's innocent.   The former FTX chief posted a lengthy document on x this week claiming that the exchange quote was never insolvent   and that bankruptcy lawyers,   not bad balance sheets, were to blame for the company's collapse.  

Pause right there.   How in the hell   could your company,   before it goes into bankruptcy,   collapse because of bankruptcy lawyers?   The logic just doesn't hold. I'm sure we'll find out more here.   The document is packed with tables   showing hypothetical   mark to market gains on assets FTX once held from Solana to Anthropic,   implying the company would be worth over a $100,000,000,000   today if not for the lawyers.   Yet many of the documents central claims, like the assertion that FTX was never insolvent and could have repaid customers in full,   does not line up with the actual financial   filings.  

The FTX founder was convicted of seven counts of fraud, conspiracy, and money laundering after the collapse of the crypto exchange in late twenty twenty two, and he's been sentenced to twenty five years in prison. Okay? Then we all know that.   The Post is the latest Volley in Bacon Fried's broader campaign to reframe his conviction and win political sympathy.   As The New York Times reported, his parents   and legal allies have been quietly lobby lobbying   for a presidential pardon,   enlisting Trump connected lawyer, Corey Langhofer,   and even arranging a jail house interview with Tucker Carlson.  

Prediction market traders on call sheet?   Give him about a 10%   chance of receiving a Trump pardon   suggesting that the post may be aimed as much at shifting those odds   through a rehabilitation   of his image   as   at writing rewriting FTX's history.   Will it work? I don't know. I don't care.   This dude this dude deserves everything that he got, though. So   discontinuous   lying   and the rewriting of the history of what actually happened   is the kind of thing that I expect from, like, you know, I don't know, weirdos.   Hey. Hey. Let's run the numbers.   CNBC,   Futures and Commodities,   energy is in the green today for the most part. Murbund crude is up up point three   percent. Brent North Sea is   up 0.08%,   but West Texas Intermediate is up two thirds of a point to $60.99   a barrel.  

Natural gas swinging for the fences now above $4 per thousand at $4.11.   That's after a 4.2%   rise in its price.   Gasoline, however, has fallen one and a half.   It is at a buck 97   a gallon.   Shiny metal rocks not doing well except for gold. It is up 0.12%.   It is holding above 4,000   right at where it was yesterday,   $40.20   and 30¢.   Platinum is down 2%.   Silver is down point four, but still at $48.41.   And copper is down point 18%.   Everything in ag is in the green except for lumber, which is down a full percent point. The biggest winner of the day   is gonna be wheat, 1.8%   to the upside.  

Excuse me. Live cattle down point six.   Lean hogs up point six, and feeder cattle are down point 7%.   The S and P is up a quarter. The Nasdaq is up a half. The Dow is moving sideways, slightly in the green, and the S and P Mini is up a third of a point. Meanwhile, Bitcoin at a $109,240,   that is a $2,180,000,000,000   market cap, and we can only get 27.3   ounces of shiny metal rocks with our one Bitcoin of which there are   19,942,407.4   of an average fees per block remain at 0.02.   BTC taken in fees on a per block basis is about 32 blocks carrying 82,000 unconfirmed transactions waiting to clear.   High priority is gonna take, 2 Satoshis per v byte. Low   priorities   are gonna get you in   at one. And speaking of ones, hash rate remains at 1.1   zeta hashes per second.  

Not bad.   I can't I'm honestly kinda shocked   that we have remained above the or into the ZetaHash range   consistently   for as long as we have, and it's definitely more   security for the Bitcoin network than we probably need.   From pipe dream, yesterday's episode of Bitcoin and I got Psyduck with $7.61   says   Psyduck.   And he comes back again with $7.60 and says   Psyduck, and then he does it again for $7.59.   I'm just gonna do it Psyduck. War time with a 100 and 33. Satoshi says, cheers.   Rev Hoddle says   South Bend   Indiana Bitcoin meetup, first Thursday every month at Lang Labs, 06:30PM.   Next meetup is Thursday, November 2.  

So the South Bend, Indiana Bitcoin Meetup   is   Thursday,   November 2. He has a correction,   and both of these come with 721   sats. He says correction,   November 6,   November 6,   not November 2.   November 6 is the next   South Bend meetup. So if you wanna go meet some Bitcoiners, go.   Jay or Nick, you choose, gives me 2,100   sats and says,   I feel so bad for kids growing up with predatory   AI in social media today.   Probably gonna get worse. We'll find out more when we get there. God's death with $2.37   says, thank you, sir. No thank you. And that's the weather report.   Welcome to part two of the news that you can use and definitely gonna be a shorter show today.  

Let's get into this AI thing.   Advanced AI is reviving   fears of demon possession.   Seriously, I'm I'm not hyperbole, guys. This is the actual headline from Jason Nelson   out of decrypt.co.   As artificial intelligence   grows more sophisticated,   could your favorite chatbot   actually be a portal to hell?   That's the premise laid out by Christian journalist and influencer,   Billy   Hallowell,   who claims AI can lead to demonic influence.   In a recent episode of Afterparty with journalist, Emily Jasinski,   Hallowell,   an author and religious   religious commentator with 300,000   followers across Facebook and x, warned   that large language models   could become tools of the devil.  

Quote,   the demonic realm actually uses technology very often.   This is something that showed up a lot in stories.   I've actually had a personal experience with this in my own life where you see technology   being manipulated   or used,   hallowell said.   Okay.   But I'm I'm not gonna comment. While Hallowell acknowledged the absurdity of his claim,   he went on to say that he had encountered stories from police officers and others   who believe technology had been, quote, hijacked   during supernatural   encounters.   Oh,   this is a great Halloween story.   Hallowell,   whose 2020 book, Playing with Fire,   explored modern cases of possession and exorcism,   said he's deeply cautious   about just how quickly people have grown attached to the technology.  

Quote, people are becoming addicted   to AI.   They're getting in relationships   with AI.   They're looking to AI for all the answers, end quote.   Hallowell compared the   that dependency   to both the spiritual and intellectual decay of a culture that is dumbed down,   confused,   and lost,   and is now giving up the last act of thinking for itself. Quote, you know,   if you're Satan   and you're the devil,   the enemy,   the goal of Satan is to kill, steal, and destroy, and confuse.   So why would you not use a tool that can actually communicate   and talk to further those actions   on the human population, end quote?  

That anxiety and moral panic aren't new.   Long before the latest AI boom with the public launch of ChatGPT   in November 2022, Elon Musk warned   that humanity   might be summoning the demon, and that's an actual direct quote.   Speaking   at MIT in 2014, the Tesla and SpaceX chief compared AI researchers to a magician trying to summon a spirit. Quote,   you know all those stories where there's the guy with the pentagram and the holy water and he's sure he can control the demon,   it doesn't work out, he said.   Over the centuries, new transformative technology has often carried its own moral reckoning.   When the printing press appeared in the fifteenth century Europe,   church leaders called it a tool of heresy.  

Centuries later, critics claimed   telecommunication   devices, including the telegraph,   the radio,   and television   were all channels   for evil.   More recently in the nineteen eighties, a satanic   panic   caused parents and pastors to accuse Dungeons and Dragons   and heavy metal music of recruiting kids to Satan's cause.   The same script played out again with violent video games and movies blamed for corrupting an entire generation.   Religious commentators and theologians   have increasingly   linked the rise of artificial intelligence with age old fears of spiritual corruption.   In a 2024   essay titled, can AI become demon possessed,   Lutheran theologian,   Ted Peters, examined whether machines   themselves could be vessels for evil,   citing Musk's long standing quip about summoning the demon.  

Peters concluded that while literal possession is unlikely,   AI can still act demonically if it manipulates   or harms human beings.   According to Joseph Laycock,   an associate professor at religious studies at Texas State University, this fascination with divine   or infernal machines   fits a familiar historical pattern. Quote, we have always   had a   tendency when new technology comes out, especially   new communications   technologies,   to ascribe some sort of supernatural or divine significance   to it, Laycock told Decrypt.   He traced the lineage from Greek theaters, deus ex machina, or God from the machine,   to nineteenth century   spiritualist   who believed the telegraph could reach the dead.  

Early photographers claim to capture ghosts on film. Now   the Internet and AI   amplify the same impulses,   but at scale.   Laycock   also noted how loneliness and emotional vulnerability often drive people towards technologies that promise comfort or connection. Quote,   I'm scared of a scenario where no one thinks for themselves. They just defer to AI for everything, and Elon Musk gets to tell us what to say.   That would basically make Elon Musk a god if he controls the program everyone relies on to define   reality,   Laycock added.  

Laycock's fears could be the ultimate irony,   with Musk going from warning about the demons of AI   to building the altar that summons them.   Not bad. Not bad. Especially for considering that it's Halloween, y'all.   It's it's it's nice to see, you know, the this kind of thing.   But, I   mean,   it's   like the story says, this has nothing to do with AI itself. This has gone on forever and ever and ever.   I I think it's I just think that we're being a little bit hyperbolic on all this stuff, but   it doesn't matter. People are gonna believe what they wanna believe.   I didn't get to go see KISS when I was a kid, and I'm talking Ace Fraley,   you know, Peter Criss,   was it Paul Stanley, and Gene Simmons, the the old KISS band from from the seventies into into the eighties.  

I didn't get to go see them. You wanna know why? Because a bunch of parents got pissed   off that they were coming to town,   and they basically made such a stink about the devil worship, and it was part of the whole satanic panic thing. They made such a fuss   that the promoters for Kiss were just saying, fine. Screw y'all. We don't wanna come. And so none of us got to go to the show.   If you ever seen videos of a Kiss show, especially back in the day   before lasers and all kinds of other neat stuff was coming out? I mean,   it was an it it it was an incredible   experience to go to from what I can see.  

Big stage, lots of cool stuff going on. It was choreographed. It was I mean, there was all kinds of neat shit, and I didn't get to go see it because people   cannot just simply be logical about things. Does it mean that   you should just, like,   like, latch on to something like AI and not have any, you know, any guard guards up about it? No. Just let all defenses down? No. But that's just stupid for anything.   It just is. Okay. So let's move on to the last one of the day. Like I said, very short show.   Giacomo Zuko   says, quote,   Bitcoin core won't kill Bitcoin,   but Arcade   will change the lightning network, end quote.  

And this is out of atlas21.com.   On the sidelines of the plan b forum in Lugano,   Giacomo Zuko, president of plan b network,   gave an interview to Atlas twenty one's microphones addressing   topics such as the evolution of the Lightning Network,   adoption prospects as a means of payment,   quantum FUD, and El Salvador's   role in the ecosystem.   The title and this is the first question of that interview. The title of your speech at Spazio twenty one was quite provocative. Quote, will Bitcoin core kill Bitcoin?   What's that about?   Giacomo's answer is the title is clearly clickbait.  

I love how he's honest about it. Over the years, Bitcoin has shown that it tends to survive.   It has been declared dead countless times, yet it's still here. I would be very skeptical about the title of my presentation.   Next question.   Arc Labs has launched arcade in public beta version.   What's your opinion?   Giacomo's answer?   I'm extremely bullish on arcade, really enthusiastic.   To understand its importance, we need to start from the original idea of the Lightning Network,   dividing Bitcoin's global consensus   into small portions with Lightning channels,   which can then exchange value with each other forming a unified network.  

The concept is excellent and is working well. However, there's a problem.   The channel structure works perfectly for companies, large entities,   and nerds, but it's not optimal for the end or average user.   Onboarding a new user through a Lightning channel is a very complex process. And the real strength of Arcade   lies in the fact that it doesn't propose itself as a substitute for the   Lightning Network,   but only for addition or traditional Lightning channels   representing the last step of the user experience.   Arcade is the perfect complement to the Lightning Network, a new type of channel   that operates within the Lightning Network itself.  

Arcade always allows a unilateral   exit from the protocol and permits self custody,   but with easier   onboarding   and an excellent user experience. And furthermore,   protocols like Arcade   will help Bitcoin become   more spam resistant   and censorship resistant,   aggregating off chain   the fee pressure coming from different users. In practice, many users can combine their fees   into a single on chain fee capable of competing   with both spam attacks and censorship attacks, preventing blocks from remaining empty.   Next question.   Was the Lightning Network promoted in the wrong way initially? Oh, that's a good question. Quote,   perhaps a bit.  

The idea of Lightning Network as the only way to follow conceptually   was excellent.   The mistakes were mainly two. Number one, identifying   l n exclusively   with dry japoon channels,   excellent for some use cases but not suitable for others.   Secondly,   promoting it as an already   ready for mass use when in reality, it was only ready for some specific use cases.   Bitcoin is close to ossification.   Lightning Network was an experiment and still is.   And one of the other things that will transform it   will be precisely the integration of solutions   like arcade.  

Next question.   Jack Dorsey has stated that Bitcoin could fail   if it weren't used as a medium of exchange.   What say you?   No. I don't agree.   I think it's an impossible scenario because Bitcoin is already used as a medium of exchange in some specific markets. For example,   if you wanna buy a no KYC   SIM or a VPN,   many providers accept Bitcoin as payment   through hidden services on Tor.   It's also used for international payments or between digital nomads.   There are already   communities where you can pay with Bitcoin in physical stores even if it's not the best use case.   Bitcoin was designed to be cash through the Internet.  

To increase adoption as a medium of exchange, we need to solve the problem,   the competitors.   The first competitor is the dollar, which has been slowly losing purchasing power for many years, but remains   more stable than Bitcoin in the short term.   The second competitor is stablecoins, which I consider a scam   for the regulator,   which allows freedom   in secondary markets.   As long as this system works, it makes little sense to use Bitcoin as a daily medium of exchange.   Many people aren't using Bitcoin as a medium of exchange because they can use USDT.   Therefore,   when the dollar goes into hyperinflation   or stablecoins   are stopped by the regulator,   only then   will Bitcoin fully emerge as a medium of exchange,   but we're not in a race.  

There's no hurry.   Next question.   Trezor has launched a quantum   ready hardware wallet.   Do you believe quantum computing is a threat to Bitcoin in the short term?   The answer is   the Trezor Safe seven seems like a good product to me with excellent design and marketing.   Many have compared it to a moment similar to the iPhone launch.   I like the guys at Trezor.   On quantum computing, however, I believe it doesn't represent a threat to Bitcoin in the short term. In fact,   I'm extremely skeptical.   To break the elliptic cryptography used in Bitcoin requires at least 20,000   logical qubits with an error margin below a certain threshold. And today,   we don't even have one logical qubit below that error margin.  

What we have are some physical qubits that, put together, can emulate a logical qubit with a very high error margin.   In practice, today, we have zero functioning logical qubits.   When we reach one, we'll have plenty of time to think about possible solutions.   I don't think I'll see something like that happen during my lifetime.   I want to clarify that quantum FUD could be useless in the best case.   But in the worst case, it could be harmful.   If some government entities were to start pushing the switch from current algorithms to less tested, more recent, quote, quantum safe algorithms, which might have backdoors or weaknesses,   then the matter would become concerning.  

If it's about adding new quantum resistant algorithms to the current algorithms that shouldn't create problems, but if we're talking about completely replacing current algorithms   with new systems,   then   it would almost seem like an operation   orchestrated by three letter government agencies.   Next question.   How do you evaluate El Salvador's experiment after four years?   Very well.   First of all, there was the market cycle that influenced adoption. El Salvador's experiment began during the peak of the 2021 bull market.   Subsequently, the bear market of about three years began.  

After the four year market cycle, the Bitcoin's price started back to high levels. There was a real possibility of a domino effect with other countries.   Centralized power had to do something.   That's why there was the agreement with the IMF,   which in my opinion was a smart move by president Bukele   since El Salvador still needs loans.   This way, the IMF only postponed   the domino effect.   What   the International Monetary Fund, the IMF, asked Bukele in exchange for the loan was essentially to scale back the marketing strategy   related to Bitcoin.  

Make Bitcoin use non mandatory, which in reality it already was. Stop investments in mining operations,   which are anyway managed by private companies that continue to operate,   suspend Bitcoin education programs, which the government never carried out directly but only facilitated   through foreign companies,   and stopped buying one Bitcoin a day by the 2025,   a measure   that would have been stopped anyway after the already significant investments made.   In the end, only Bitcoin marketing was reduced. I think Bukele was smart to accept this compromise.   On x, he continued to claim he's buying Bitcoin. Maybe it's true. Maybe not. It doesn't matter.  

The point is that the IMF   brought bought some time to divert attention   from the state narrative on Bitcoin. It was smart for both parties,   but in fact,   nothing has changed.   Why is El Salvador important for Bitcoin?   Because   companies like Bolts, fundamental for the Lightning Network, were able to move there,   create a legal headquarters,   and manage a business in a legally favorable environment. El Salvador acts as a sort of protection for Bitcoiners.   Those who go there can find friends,   places to spend Bitcoin,   conferences, and a favorable regulatory environment.  

I believe   that the next time a domino effect   at the level of state adoption begins, the IMF won't be able to do anything to stop it.   Next question. As president of plan b network, what advice   would you give to someone who wants to start a career in Bitcoin?   Quote,   on a purely economic level, if you have a traditional fiat job, it's better to keep it and continue buying Bitcoin, remaining anonymous and keeping a low profile.   This is good financial advice,   but it's not   good   life advice.   Economically speaking, jobs in the Bitcoin sector are hard to find, hard to maintain, and not that remunerative.   When in 2013,   I decided to leave my fiat job and enter the Bitcoin only sector, it wasn't a great deal financially.  

However, from the perspective of experience,   friendships,   knowledge, and networking,   entering the Bitcoin world was one of the best moves of my life.   It's difficult.   My advice is to find the best compromise   for you.   And that's the end of the interview.   I think that that's some some really good advice. People go, I'm gonna get a Bitcoin job. It's gonna be great. And they're not great.   I'm sure some of them are, but, honestly, a job is a job is a job is a job. You're either doing marketing for a hospital or you're doing marketing for a Bitcoin company. It's still marketing.   You're either doing social media management for a hospital or you're doing it for some company in Bitcoin.  

It's the same job. It's not like there's somehow or another like this,   you know, new sexy job. Hell, even even Bitcoin developers still are still using just math.   The cryptography that that's been around for, you know, decades and and probably, like, a hundred years or so. And, yeah, it's not like it's something new was was born.   What's been born is our view of the world.   It's completely changed.   Getting into Bitcoin has been the best thing that I could have ever done to actually understand something about economics which was never imparted to me during economics in high school or college or what have you. Right?   The the amount of people that that I've been able to meet in this sphere is kind of immense. It's actually it's a little intimidating, honestly.  

But there I mean, this this space attracts   not only some of the smartest people,   but also the people that are seeking sovereignty. And you you put those two things together, man, that's like   that's like a fuel air   bomb. One of the most powerful explosive forces that are non nuclear on the face of this planet is to take a whole bunch of air and pressurize it inside a whole bunch of flammable liquid   and then set that song bitch on fire and you will find out what a daisy cutter actually means. But beyond that,   Giacomo's right.  

It's not exactly your it's not exactly like you're gonna be getting paid 6 figures to take these jobs. That shit, you find $250,000   jobs   being an engineer at Google,   at least right now,   until the demon possession that is AI comes and destroys everything. But until that day,   I'll see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.