• Rick's back from Bangkok - now what?
• Tim's all out of Parker's magic pills
• Zion and Belinda counter GregGary's lowball offer
• Gaitok chooses violence
• Piper chooses comfort
• Are the bitchy girls gone wild . . . actually nice?
• Ratliff family worst group chug ever 
• And we finally learn who ends up floating in the pond 

All of this and so much more.

Trent is back! He and Dan break down the continued slow burn of Season 3. The ratchet continues to turn for all characters as they face the consequences of their actions. 

We get into: 

• Rick finally confronts his nemesis - did it land?
• We need more continuing adventures of Rick and Frank, and we need them now 
• Ratliff family continues to spiral out of control
• Tim dry-swallows more pills as he avoids the inevitable bombshell
• Mook puts pressure on Gaitok to embrace violence
• GregGary finally! makes a lowball offer - and we aren't just talking about the 3way with Saxon. Belinda: make counteroffer and take the damn money girl
• The Girls Gone Wild all suck and we are over them
• Predictions for next week's grand finale 

All of this and so so much more

Today Dan breaks down the shocking episode 6 "Denials" where all characters face the morning-after hangover and the consequences of their actions. 

Holy f-ing crap.

Trent and Dan are back to break down this fever dream of an episode. 

• Belinda closes the deal - go girl
• Piper reveals her spiritual quest
• Victoria is not pleased
• Girls finally go wild - like really wild
• Jaclyn steals Laurie’s dude despite Kate’s Russian cock block
• Saxon and Lachlan enjoy a night of brotherly love
• Saxon doesn't take drugs. Saxon is the drug
• Rick’s trip to Bangkok takes a rather unexpected turn thanks to stunning Sam Rockwell cameo 

All of this and so much more!

• Did the monkey do it?
• What's the deal, Victoria?
• Hitman Rick Hatchet
• Bad girl Mook?
• More Greg/Gary intrigue
• Death Watch

Note: this episode is really fun but super spoilery if you want to remain a White Lotus virgin like at least two of the Ratliff kids.

• Dan's spicy hot take: the show is a grower
• Tsunami coming for everyone - look out
• Tim Ratliff's downward spiral accelerates
• Goggins back to doing Goggins things!  So sexy
• Girls Gone Wild continue to turn on one another - and never talk politics on vacation
• Belinda calls out Gary/Greg
• Lots and lots of snakes 
• Chloe says what we've all been thinking
• Stand up straight Lochlan 

This and so much more.

• More creepiness from the Ratliff kids - ick
• Parker Posey stealing every scene
• Hey we get a smile out of Goggins!
• Gaitok making moves and getting pistol-whipped
• Belinda getting her groove back
• Girls trip getting nasty (shocker)
• Walls closing in on Timothy 
• And who the F is Gary?

Come on in, the water is like perfect.  

• Bitcoin
• Music 
• TV

And what better show to kick start the project than The White Lotus, season 3. 

Join Dan and Trent each week as we break down all the amazing characters, stunning locations and plot twists and turns.  You don't want to miss it.

• Favorite soundtracks
• Best movie scores
• Favorite music scenes in movies 

It's a great rip hope you enjoy.

• Most disappointing record
• Most overrated bands
• Terrible songs
• Records the critics are wrong about

Let's get into it.

• Favorite Grateful Dead studio album
• Favorite reggae
• Most underrated Beatles/Stones
• Favorite hip-hop record
• Guilty pleasure record
• Favorite country
• Favorite girl power record
• Top dinner party music
• Favorite record of last 10 years

Between the ETF launch in January and the election in November, 2024 will go down as the year Bitcoin transitioned to mainstream adoption.  The end of the beginning.  

Trent and Dan break it all down, plus our goals for the new year.

Here is to making 2025 the best year ever.

• Most-obsessed record of our lives
• Favorite 1-2-3 records from any band 

Some bands we get into today:

• Led Zeppelin
• Beastie Boys
• Peral Jam
• LCD Soundsystem 

We have the greatest opportunity in history in Bitcoin right in front of us.  Wealth and self-sovereignty and freedom.  All you have to do is stack and hold.  Yet time and again, people make the same mistakes and end up with less Bitcoin than they should.

Lets reduce those mistakes.  Over time, eliminate them.  Today we get into some of the biggest mistakes people make every single cycle:

1. Buying and trading shitcoins.  
2. Using too much leverage
3. Trying to time the market
4. Buying too much at the top

Hey genius, you are not smarter than the market.  You have no inside information.  But what you do have is the advantage of being in the first 1% of the world to understand Bitcoin - and that is more than enough.  Just focus on what matters you will be much happier (and wealthier).

Not financial advice, just two friends talking Bitcoin and life.

Today we get into the background of this series and the soundtrack of our lives.  

Also the first records we ever bought.   

Enjoy!

In the end, Bitcoin is for anybody.  But its not for everybody.  We can't save everybody. 

Greg also introduces the Heisman Theory of Bitcoin adoption and frankly its brilliant.

We get into that and more - enjoy!

• Quick update on recent events and travels.  The kids are alright.
• Recent Bitcoin action and cabinet appointments.
• Recap of mistake from 1st episode: thinking of Bitcoin as a trade.  We forgot to include an essential piece of Bitcoin wisdom:
• More mistakes:
• 4. Thinking on dollar terms, as opposed to thinking in Bitcoin terms.
• 5. Thinking Bitcoin has no use cases.
• 6.  Don't FOMO in at the top of cycles.   This one is tough to learn because most people will come into Bitcoin during bull runs with all the hype and attention around Bitcoin and not realize they might be near the top.  This is very common and all Bitcoiners went through it at some level, it becomes your tour of duty and you become must smarter and a better stacker going forward.

In the end, we continue to advocate for long view, slow and steady Bitcoin accumulation.   Don't shoot yourself in the foot with these mistakes.  

Not financial advice, do what is right for you.  

Bitcoin tests you.  It forces you to confront your own emotions and convictions, not just during bear markets but even more acutely during bull runs.  

• New all time highs and feeling like you haven't stacked enough
• Serious FOMO over MSTR
• Getting back to North Star of steady Bitcoin accumulation 
• Don't let the perfect be the enemy of the best investment of your life
• In the end, be grateful for this opportunity to be alive at this moment of history at the very beginning of Bitcoin's global adoption

Stay focused on Bitcoin.  Keep stacking.  Learn about self-custody.   We are going to make it.  

Especially if you are new to Bitcoin, learning about these mistakes - and how to avoid them - will be invaluable in helping you smartly grow your Bitcoin stack over time. 

This will be an ongoing conversation over multiple episodes as there are a near endless amount of common mistakes all people make.   Today we start with 3 of the most fundamental ones:

1. Not taking the time to understand Bitcoin.   This is the keystone mistake and in many ways all other mistakes fall downstream of this one.  Its crucially important, so take the time to study and really understand Bitcoin and what makes it so unique.  The more time you spend with Bitcoin the more likely you are to make smarter decisions going forward.  Put in the effort, its worth it.  You will spend 40,000 to 50,000 hours of your life working for money, don't you think its worth it to spend 100 hours to learn about how money works?
2. Sitting on sidelines.  So many people have little or no allocation to Bitcoin.  Trillions upon trillions of dollars sitting on sidelines.  Its natural for people to have hesitation or to hope for a big dip and a lower entry price.  All very natural and understandable.  But Bitcoin has an uncanny way of going up so fast and people remain on the sidelines.  Don't be one of those people.  Get in the game.  Learn about dollar cost averaging, which is one of the solutions to this problem.  And of course refer to #1 above and continue to learn about Bitcoin, it will make it easier to allocate smartly over time.
3. Thinking Bitcoin is a trade.  One of the most common misconceptions about Bitcoin is that it is a trade to make more dollars.  In reality its the opposite: dollars continue to go down in value (as governments continue to make more and more), while Bitcoin goes up in value over time.  If anything, dollars are the short term trade to acquire the best store of value in the world in Bitcoin.   Bitcoin is not a trade.  It is not investing.  It is saving part of your work and your value in the world into the hardest asset in world history with a fixed supply at the very beginning of its global adoption.  And any time you sell your Bitcoin for dollars, you have to understand the price of Bitcoin will be much, much higher in the future.  

Not financial advice, just two friends talking.  Everyone needs to do what's right for them.

There were some clear winners and losers.  One winner is quite clearly Bitcoin.  A big loser is the media and its role in manipulating narratives to drive an agenda has never been more obvious.  The media, like the Fiat system in general, is the definition of trusted third parties with their own agendas, their only real incentives are driving outrage to produce more engagement.

Thinking like Bitcoiner helps you cut through the endless noise and see the real signal, whichever side of the political you are on.  

In the end, we cannot state this enough: elections come and go, but Bitcoin is forever.  

In regards to Bitcoin, the election is incredibly positive.  Today I break down some of the ways the election will impact Bitcoin policy, adoption and price moving forward. 

Not just the presidency, but throughout the administration and Congress, we will have a pro-Bitcoin government for the very first time.

The future for Bitcoin is very, very bright.

Spoiler alert: its going to be OK.  The United States, like Bitcoin, is anti-fragile and has faced much, much worse over the years. Bitcoin teaches you to always zoom out and take the long view.  Don't get distracted by the day to day volatility, over the long run it doesn't matter.

In particular, Bitcoin is going to be just fine no matter who wins.  Bitcoin doesn't know nor care who the president is.  There have been 3 US presidential elections in Bitcoin's history, here is the Bitcoin price at each one:

• 2012: Obama (Dem)  BTC: $12
• 2016: Trump (Rep)  BTC: $720
• 2020: Biden (Dem)  BTC: $14,900
• 2024:  ???   BTC: $68,000

Elections come and go, life will go on.  Focus on what what really matters.  

• Where we are
• Comparison to the previous cycles
• Will they repeat? 
• Learning from cycle mistakes

More than anything, the cycles teach you to take the long view.  Lower your time preference.  Learn from your mistakes.

Your first cycle is your education.  Its your bootcamp.  You will come out the other side so much stronger and smarter about stacking the best asset in world history.  

Not financial advice, just two friends talking Bitcoin.  

Enjoy!

1. First, set up your simple DCA.  There are lots of places to buy Bitcoin, we prefer Bitcoin-only services including:

• River
• Swan Bitcoin
• The Fold Card

2.  Start simple and continue to learn about Bitcoin. There is no substitute for time in the market, you will learn and get a lot smarter over time.

3. Consider earning Bitcoin on your cash savings at River.  This is a game-changing new product where you earn Bitcoin interest in your FDIC-insured bank account.

4. Look into the Fold Card and earn free Bitcoin on your everyday purchases.  This could be the biggest no-brainer in all of Bitcoin, you use your Fold Card on everyday purchases and earn free Bitcoin every day.  Fold has a number of other options like round-ups and recurring buys. 

5. Finally, make it a game.  Reduce stupid expenses on unnecessary crap.  Put some of that into Bitcoin.  Reward yourself instead of wasting money.  Its incredibly healthy and rewarding.

Nobody in world history has wished they has less Bitcoin.  
 

Not financial advice just random musings of some middle-aged guys.

• Bitcoin 200 Week Moving Average 
• Market Value to Realized Value

You will never be able to perfectly time tops and bottoms.  Nobody can.  But by studying Bitcoin and applying metrics like these 2 above, you can get much, much better at knowing when to DCA into Bitcoin and when to DCA into cash and wait for better times to buy.  

Not financial advice, just ways to think about Bitcoin accumulation.

How to effectively grow your Bitcoin stack over time.  

We get into simple and more advanced strategies and issues around them.

DCA is the way.

Dan and Greg break it all down on part 4 of their Holy F*ing Crap series:

• Recent price action and current sentiment in the Bitcoin market
• What impact will the US presidential election have on Bitcoin?  Will it even matter long term?
• Recent election news and insights 
• Where do we go from here

If politics isn't your thing you may want to sit this one out.  If you can handle it, buckle up.  

Dan, Greg and Trent celebrate one year of One Way Ratchet.

• What have we learned
• Life lessons of doing a podcast
• What has worked, where can we improve
• Where do we go from here looking ahead to year two and beyond

You don't want to miss this one.

Focus on what is most important: 

• Time with the people you love
• Meaningful experiences
• Bitcoin

Why does everyone need Bitcoin?  In Part 1, we get into the fundamental first step of getting off zero.  How to think about Bitcoin.  What is it?  What problems does it solve?  How do I even think about it?  

We will go through the entire Bitcoin journey with Matty, get him off zero and explore all the related issues in future episodes.   

Enjoy this journey down the rabbit hole with us.

• BTC: The SEC finally approved options trading for the BlackRock Bitcoin ETF.  This is a watershed change that will bring waves of capital into the Bitcoin space.
• BTC: The SEC also approved Wall Street bluechip bank BNY Mellon to custody Bitcoin.  This is a major step in institutional adoption.
• Only Tradeoffs: We discuss various stores of value and the process of actually selling them and how Bitcoin is such a radical improvement.
• Clown World: Money printer go brrrrrrrr in China!
• On Radar: Two great book recommendations:
  • Lords of Finance
  • The Prize

And go listen to Pearl Jam's new record Dark Matter immediately if not sooner.   Instant classic.  

Live outside of your comfort zone people, that is where life is.  

Enjoy!

Today we get into:

• Bitcoin 4-year cycles and the impact of elections
• Bullish report just published by BlackRock, another example of how early we are
• Fed cuts rates by 0.5%.  Right on cue.  Probably bad for economy but great for Bitcoin
• Exploding pagers and the very real supply chain risk
• The bananas year continues

Enjoy!

• Free speech under attack globally
  • Telegram founder arrested in France, faces 20 years in jail
• US Election Updates
  • Reinventing Kamala
  • Trump building a team
  • What it all means for Bitcoin
• Censorship at Facebook

• Bitcoin: ETFs reach major milestone. Another example that adoption is a one way ratchet.
• Bitcoin: Review of 4-years returns.  Turns out all you have to do is buy and hold.
• Only Tradeoffs: Tipping insanity another indicator our money is broken.
• Clown World: Actual word police in the UK.  Orwell must be rolling over in his grave.
• On Radar:  Will Harris announce her Bitcoin/crypto policy at the DNC next week?

Dan and Greg  break down the latest in this truly bananas year:

• Global financial meltdown
• Brink of WWIII?
• More on this insane presidential election (prepare to be triggered)

Enjoy!

• BTC: Update from the Bitcoin Conference
  • Trump headline speaker
  • Calls for US national Bitcoin reserve 
  • Maturation of Bitcoin as an asset accelerating
• BTC: Introduction of Bitcoin-backed loans
  • Massive upgrade to current lending
  • Will dramatically increase institutional demand
• Only Tradeoffs: as Bitcoin matures, large entities will acquire a ton of Bitcoin.  Its already happening.  There are 2 sides to this coin,
• Clown World.  Abject insanity at the Olympics
• Looking Ahead: pay attention to the Democrats and any signs of warming toward Bitcoin and crypto as election issue

We have lots of questions.  We don't have any answers.  Other than to stack more BTC.  

If you are not paying attention yet you probably should.

• Trump assassination attempt
• 1 or 2 ??
• Theories
• Democratic party coup
• Where we go from here
• The need for Bitcoin has never been greater
• Incredible visual of Bitcoin vs the world 

• Mt. Gox finally selling
• But good news, the ETFs buying 
• Only Trade-offs: the good and potentially negative impact of ETFs long term
• Clown World: Post-debate meltdowns
• On Our Radar: Bitcoin officially on the platform at the RNC Convention next week

• Bitcoin price volatility.   Why its a good thing.
• Fear & Greed.   Get used to counter-trading your emotions.  
  • Fear & Greed Index
• Germany dumping Bitcoin.
• The pendulum swing from the state to the individual.
• Whats on our radar?  The Bear season 3 on Hulu

1. Where to get Bitcoin news?
2. US election: first US election where Bitcoin will play a major role
3. Recent US Supreme Court cases: is the pendulum swinging back to the individual vs. collective?
4. A lesson in diversification
5. Bitcoin & spirituality 

In the end, there are 3 things in life that are truly finite:

• Time with the people you love
• Meaningful experiences
•  Bitcoin

We choose to spend our remaining time on this spinning rock focusing on what truly matters.  

Things do not matter.

3 magical days of Dead & Company at the Sphere in Las Vegas.

Trent and Dan break down one of the truly epic weekends of our lives:

• The build-up
• The experience inside the Sphere
• The music
• The mind-blowing visuals
• 3 days in Sin City 
• Some tips and tricks

You don't want to miss this one. 

And you absolutely, positively do not want to miss this show. Figure out a way to go to Vegas and see it!

3 nights of Dead & Co at the Sphere

Bitcoin Pizza Day

Living with regret of selling Bitcoin

Anticipation of seeing Dead & Co

Reminiscing over final 3 shows of final tour in San Francisco

Game plan for Vegas 

• Trent's quick hit to Vegas
• Gearing up for Sphere shows 
• Recent Bitcoin price volatility and sentiment
• Reminder to zoom out and take the long view.
  • Don't be tricked or distracted by short-term price movements.  They are designed to shake the confidence of inexperiences retail investors.
  • Zoom out and chill
• Case in point: look at price on the day of the 4 Bitcoin Halvings:
  • 2012:  $12
  • 2016:  $650
  • 2020: $8600
  • 2024: $65,000
  • Notice any pattern
• This is true not just of Bitcoin but of life: block out the day to day volatility and take the log view.  
• Song of day: Hot in Herrre by Nelly

First U2, now Phish are creating all kinds of magic and are redefining the live music experience and testing boundaries of full immersion multimedia performances.

Trent joins from car in this spirited discussion.   Spirits are very high for Vegas.

• Dan's travels
• Digital nomad life
• Bitcoin's role in shaping nomadic worldview
• Our mutual love for London
• English soccer 
• Valuing what matters most
• The value of travel and the perspective if gives you 
• Recent updates in Bitcoin:
  • ETFs continue to exceed all expectations.  By bar biggest launch in history of ETFs
  • Next Bitcoin halving only 2 weeks away
• Today's song: London Calling by The Clash

• El Salvador is first country to fully embrace Bitcoin
  • Made Bitcoin legal tender
  • Accumulating Bitcoin for its national treasury 
  • Mining Bitcoin with 100% renewable abundant geothermal energy from its volcano 
  • Issuing bonds backed by its Bitcoin mining operations to fun development projects 
• Less than 3 years and its already a massive success
  • Already $100m in profit on Bitcoin
  • Economy is flourishing
  • Bitcoin businesses and tourism are flocking to El Salvador
  • Crime down dramatically
• El Salvador is boot-strapping its own wealth and prosperity.  Self-sovereignty and independence.  Weening itself off of an endless cycle of extractive IMF loans
  • El Salvador is doing on a national level what Michael Saylor is doing on a company-level
• Showing the world what happens when a country fully embraces Bitcoin
  • Other countries are taking notice
  • El Salvador is the first, but more and more countries will follow the playbook
• In the end, every rational actor (person, company, country) will accumulate Bitcoin
• Song of the day: Lawyers, Guns & Money by Warren Zevon

• Our own discovery and love of the Grateful Dead
• Navigating the post-Jerry music landscape
• Reconnecting with the Grateful Dead universe in Northern California
• Eager anticipation for seeing Dead & Co at the Sphere in Vegas Memorial Day weekend

Welcome to One Way Ratchet: Music.  

We move beyond Bitcoin and launch a deep dive on a mutual passion, the music of the Grateful Dead and its current incarnation as Dead & Company.

We get into the music, what it means to us, the live experience and much more.  

We look back at the Final Tour and the big announcement of their upcoming residency at the Sphere in Vegas.

So tune in, turn out and make yourselves easy.  

• Bitcoin price pumping
• Relentless buying from ETFs
• Seeing what happens when  demand grows and supply is so limited
• Price near all-time highs, is it too late?
• The more you understand Bitcoin you come to realize you are never too late
• Zoom out - look at the price of Bitcoin on Leap Day over time
• Technology adoption curve, we are still at the very beginning before mass adoption
• Because supply is fixed at 21M, you are simply betting on continued global adoption
  • And with the massive success of the ETF launch, that adoption is undeniable
• But much more than Bitcoin, you are never too late to do anything that is important to you
• What do you want to do with your life?
• Song of day: Can't You Hear Me Knocking by The Rolling Stones
   

• Quick recap of ETF launch: biggest launch in history.  Wildly bullish
• Super Bowl: no crypto ads
  • Such a difference from 2 years ago with all the silly crypto ads
  • Industry today on much more solid foundation
• "Stay humble and stack sats" comes from amazing og Bitcoiner Matt Odell
  • Has become guiding principal for both Bitcoin and life
• Stay humble
  • Live within your means.  Spend less than you make
  • Be open to new ideas.  Leave preconceptions and ego at the door
  • Don't trade Bitcoin.  Don't trade shitcoins.  Don't use leverage
• Stack sats
  • Just keep building your stack
  • Little by little over time, anyone can do it.  One step at a time
  • Stacking is work, which lies at the very heart of Bitcoin
• Applies equally to any important goal in your life
• Todays songs (we each have a song today):
  • HUMBLE. by Kendrick Lamar
  • Brick House by Commodores

"Bitcoin isn't true wealth. True wealth is your health, the time you spend with your family, the experiences you enjoy with friends, peace of mind for you and your loved ones, and daily purpose."

• Yes, more ETF news!
• Current leaderboard
• Another new ETF - but this time in Hong Kong?
  • Just 2.5 years after China Mining Ban
  • Now China embracing Bitcoin ETFs and hashrate at all-time highs
• Good news from FTX brankruptcy
  • Creditors being made (kinda) whole
• Recent Bitcoin transaction show how unstoppable the Bitcoin protocol is
• New challenge: 100 pushups a day until Bitcoin above $100k
  • Not gonna lie, this is going to be tough but I'm going to give it a shot.  LFG

Dan and Greg on the night the ETFs are finally approved!

• Mild disbelief
• BlackRock and JPMorgan's involvement
• Still on the flat part of the curve 
• Cycle theory - will returns increase or decrease vs previous cycles
  • As likely we miss to the upside as the downside
• Where we go from here
• All you have to do is hold
• Clever ETF ticker symbols 
• Changing people's minds 
• ESG layoffs at BlackRock
• Leave your ego behind

• Road Trips
• ETF launch
• Huge milestone - the bridge to crossing the chasm to mainstream adoption
• Lack of mainstream awareness
• Parallels to collapse of FTX
• Rock Opera of day:  Gamehendge by Phish

• ETF race is off
• Leaderboard
• Recent price action
• How Bitcoin miners helped Texas deal with cold snap

Today Dan breaks down the big big news of ETF launch:

• All 11 ETFs approved and started trading Thursday Jan 11
• The race is on!
• The amount of buying pressure will increase dramatically.
• The world is going to learn what happens when exponentially increasing demand meets exponentially decreasing supply
• But it will take years to play out.
• Think long term

• New Year vibes
• Florida Man
• Idea of starting before you are ready.  You are never too late to do something important
• Taking risks and living outside of one’s comfort zone
• Looking back at 2023 and reflect on impact of Sam Bankman-Fried and FTX
• BlackRock filing for ETF turning point of year
• Price up almost 3x this year and now at precipice of ETF launch
• Lessons learned on starting the pod and sticking to it
• New year’s resolution: no resolutions.  Just focus on what matters most
• Excited for the year and pods to come
• Song of day: Us v. Them by LCD Soundsystem

• Happy new year
• ETF approval imminent
• Impact on price?  We don’t know.  DCA and chill
• Wealth advisor survey
  • Only 39% expect an ETF approval this year
  • 88% saw ETF approval as a major catalyst
  • Only 19% currently have ability to buy BTC on behalf of clients
  • Takeaway: Still. So. Early.
• US debt now over $34 trillion dollars and it is not stopping
• Means continued money printing so stack BTC and chill

• ETFs look ready to be approved by Jan 10
• MicroStrategy buys another 14,600 Bitcoin
  • They are close to owning 1% of all of the Bitcoin that will ever exist
• New pro-crypto PAC called Fair Shake
  • The Bitcoin lobby will become an incredibly powerful voting block going forward, and it crosses party lines
• Nigeria reverses ban on Bitcoin and crypto
  • Another example of how unstoppable Bitcoin is
• Quick look ahead to 2024 - its going to be an exciting year!

---------------

Summary

In this conversation, Trent and Dan discuss various topics related to art, politics, and the potential for conflict. They explore the absurdity of modern art and the celebration of fiat at events like Art Basel. They also discuss the movie 'Civil War' and the potential for a civil war in the United States. The conversation touches on the role of Bitcoin as an insurance policy and a unifying issue in a divided political landscape. They also highlight Bitcoin's ability to thrive in chaotic times and its potential as a hedge against financial instability. In this episode, Dan and Trent explore the various topics that intersect with Bitcoin, making it a fascinating subject. They discuss the stability of Bitcoin and how it remains a constant presence amidst upheaval and change. Trent shares his excitement for reading during the upcoming vacation time, emphasizing the joy and benefits of immersing oneself in a book. They also touch on the wisdom passed down by elders and the importance of listening to their advice. The episode concludes with a discussion about the freedom and liberating experience of going off script in their conversations.

Takeaways

* Bitcoin is a topic that intersects with various other subjects, making it an interesting and multidimensional subject of discussion.

* Bitcoin provides stability and acts as a constant presence amidst upheaval and change.

* Reading is a valuable and enjoyable activity that allows for relaxation and personal growth.

* Listening to the wisdom of elders can provide valuable insights and guidance.

* Going off script in conversations can lead to liberating and engaging discussions.

Chapters

00:00 Introduction and Setting the Stage

03:02 Art Basel and the Celebration of Fiat

08:13 The Absurdity of Modern Art

12:28 Miami's Opulence and the End of Empire

16:22 The Movie 'Civil War' and the Potential for Conflict

21:08 Bitcoin as an Insurance Policy

23:19 Bitcoin as a Unifying Issue

25:53 The Political Divide and Bitcoin

28:31 Bitcoin Thriving in Chaos

31:08 Bitcoin as a Hedge in Chaotic Times

35:14 Philip Roth and Bitcoin

37:47 Bitcoin's Ability to Send Value Anywhere

38:34 Bitcoin as a Nexus of Topics

39:26 The Stability of Bitcoin

40:03 Upheaval and Change

40:42 What's on Your Radar?

41:33 The Joy of Reading

42:54 Wisdom from Elders

44:26 The Freedom of Going Off Script

---------------

(We recorded the song separately.)  

Today’s song: Life Ain’t Fair and the World Is Mean by Sturgill Simpson  

• the Most Interesting Man in the World supports Bitcoin
• Senator Warren’s anti-crypto crusade introduces bill written by banking lobby trying to keep out competition
• They are coming after self-custody = all the more reason to learn about self custody.  It has never been more important
  • Thankfully its very very unlikely bill will pass in this Congress, but something to keep our eyes on
• Merry Christmas everyone!

• Flurry of activity around ETF applications
• Google updates ad policy to allow Bitcoin ETF ads in January
• Conviction of longterm holders continues to make new all-time highs.  Nobody is selling
• Accounting rule change unlocks companies to finally start acquiring Bitcoin
• El Salvador writing the playbook for Bitcoin adoption for entire countries

Episode #10: Fix The Money, Fix The World

• Hey we made it to #10!
• What have we learned from doing pods.  Gratitude for friendship and actually doing them
• Pods are their own one way ratchets.  Just want to do more of them
• Bitcoin is endlessly interesting
• Summation of the 10 part journey: in the end you get to the overwhelming conclusion that in the fiat system the money is broken and causes so many of the worlds problems.
• To fix those problems you need to fix the money
  • This is our one and only chance to separate money from the hands of government
• Fiat world leads to a “deminishing portfolio of enthusiasms”
• In the fiat world you have to earn your money twice.  With Bitcoin, your money just gets more and more valuable over time, not less.  Gives people time back, time to spend with their families and think long term and build things of lasting value
• Discussion of Charlie Munger’s death and his thoughts on Bitcoin.  Show me the incentives and I’ll show you the outcome
• In the end, Bitcoin is hope
  • A better money for a better world
• Today’s song: Movin’ On Up by Primal Scream
  • The live version absolutely slaps

• Price is up!   Yearly high
• Wisdom of dollar cost average
• Bitcoin now bigger than Tesla, Facebook and Berkshire Hathaway
• Only 6 companies in world are bigger - for now.  We are still are in the era when individual companies are still bigger than Bitcoin
• One day we will look back and laugh
• Jamie Dimon CEO of JPMorgan testimony at congress - where to even begin
• Good thing a good, upstanding bank like JPMorgan has never been involved in any illicit activities.
• Oh wait, turns out they have been involved in quite a few and paid over $39 BILLION in fines since 2000
  • view list of all of their abuses and fines
• This is why we Bitcoin

Episode #9: Network Effects

• Metcalf’s Law: the value of digital networks equal to the square of number of users.  It is an exponential function
• Technology adoption curves.  Start slow then once they gain critical mass they grow rapidly.  Nature of S-curves
• Gradually, then suddenly.   Perfectly describe network effects.  Thankfully we are in the gradually phase of Bitcoin adoption
• Pace of technology adoption has accelerated in the digital age
• Crossing the chasm.  Moving beyond the initial 10% from early innovators to mass adoption.  Social layer.  Humans have a herd mentality
• Bitcoin is money and money is simply a shared idea that something has value
• Bitcoin is the ultimate network effect.  We are only at ~1% real adoption globally
• And unlike all other technologies, you received no economic benefit by being an early adopter. 
  • But Bitcoin incentives early adoption with massive returns to the people who join sooner that others
  • Its pure economic incentives
• When Bitcoin becomes used more and more as a medium of exchange the network effects go parabolic
• Bitcoin being purely digital and built on backs of internet, cellular and social media can scale infinitely to the world
• Today’s song: Crossing the Rubicon by Bob Dylan

Episode #8: Bitcoin and Energy

• In person!
• Major issue for Bitcoin: the criticism it uses too much energy.  One of the very first things people hear about Bitcoin
• Bitcoin is the honey badger: it gives no fucks
• We are going to flip this narrative on its head.  Topsy Turvey.  Bitcoin uses a lot of energy and that is a very good thing for the world.
• Energy usage directly related to human flourishing and always has
• Why does Bitcoin use a lot of energy?  Proof of work
  • You cannot get something from nothing
  • Bitcoin is antidote to Fiat system
  • Proof of work imposes an unforgeable costliness on the production of Bitcoin.  You cannot fake it.
• Why is this a good thing?
  • Bitcoin incentives energy production, in particular renewables
  • Renewable energy is intermittent, Bitcoin is the best buyer the renewable industry has ever seen
  • Bitcoin mining is location-agnostic, it seeks out cheap and excess energy globally
  • Removing methane from atmosphere (which is 80 times worse than CO2)
• Song of day: Beginning To See The Light by The Velvet Underground

• ETF updates!   Lots going on, its all positive.  January 10 remains target date.
• Hash rate at new all-time high.  Confidence in Bitcoin from the people who know most has never been higher.
  • Going parabolic
• Halving update: we are 90% through current halving cycle
  • Next halving in April
• Passing of Charlie Munger, absolute legend
  • Show me the incentives, I'll show you the outcome

• A new hard-money president in Argentina
• Binance settlement 
• The kids are all right
• Gratitude 

Huge day for Argentina and the world.

• Bitcoin price can be volatile over the short term, but over time the volatility is to the upside
• In past 13 years, Bitcoin has been by far the best performing asset class in 10 of the years, and in the other 3 it was the worst 
  • See chart
• In previous cycles the halving has kicked off a massive bull run.  Prices goes up a lot, but then corrects - each time to a much higher low.  The floor keeps rising
• Halving cycles.  Price at halving keep rising
  • See chart
• Big majority of Bitcoin held by strong hands with no intention of selling.  The number of liquid coins is very low.   This also drives large price moves
• It all gets back to time preference and long term thinking
• So many people want get rich quick, to take a short cut, not a long term commitment
• Bitcoin is proof of work - and what you put into learning Bitcoin you will get so much more in return
• Building anything of lasting value takes time and work - always has been
• Today’s song: Good Times Bad Times by Led Zeppelin

• The next Halving is only 5 months away!  
• So few people actually understand the Halvings and how they work - and their implications for Bitcoin price and adoption
• Greg talking to friends about Halvings - the responses are enlightening
  • Conclusion: we are so early
• How does the Halving actually work?
  • Bitcoin come into the world every day through mining
  • Every 10 minutes on average, a minor is awarded the block reward
  • That block reward gets cut in half every 4 years (210,000 blocks)
  • Started at 50,  then 25, then 12.5 and the current block reward is 6.25 BTC awarded to a winning miner, ever 10 minutes on average
  • See chart of Halvings
  • The reduction in daily supply creates a supply shock every 4 years, which in turn leads to big increase in Bitcoin price
• Genius of design choice.  Heavily skewed to early days
• 93% of Bitcoin already mined and in the word, the remaining 7% will be mined over the next 120 years
• Conviction of Bitcoin holders at all-time highs - see chart   
• The 3 Halvings so far have led to massive bull runs - see chart
• Nobody knows if these cycles will continue, but we are not betting against them
• Zoom out.  Given dynamics of Halvings, price goes up over time.  Day to day price movements are boing and meaningless

• Bitcoin longterm holder conviction at all-time high - view chart
  • Supply squeeze coming
• Argentina run-off election on Sunday
• Bitcoin v EV energy mix, guess which one use more renewable energy (by far)? - view graph
• Bitcoin price hit a new all-time high this week - in Turkey
  • Bitcoin price goes up when currency goes down

Episode #6: Not Your Keys Not Your Bitcoin

• Peer to peer digital cash system with no trusted third party   
• Bitcoin is like a giant spreadsheet in the sky.  The private key is the password that lets the owner move their Bitcoin
• The Bitcoin network is permissionless.  If you hold your own private keys, you can transact any amount of your Bitcoin with anyone in the world any time and nobody can stop you
• If you don’t hold your own private key and keep your Bitcoin on an exchange, you don’t actually own Bitcoin.  You have an IOU and hope they give you the Bitcoin one day
• Bitcoin transactions are nearly instant, final settlement and very low cost
• Biggest ratchet moment of all: when you remove Bitcoin from an exchange and send to your own custody.  You are actually using Bitcoin
• Nature of counterparty risk
• FTX blowup is the perfect example.  People gave them billions of dollars to buy Bitcoin and at the end they had no Bitcoin
• With Bitcoin in your self custody you can safely secure your Bitcoin for generations with no counter party risk and no-one can take it from you
• Take the time to learn self custody.  Anyone can. Its easy.  Use best practices
• Today’s song: Safe From Harm by Massive Attack

Episode 5:  Bitcoin.  Not Crypto.  Not Blockchain.  Bitcoin.

• One of the biggest obstacles for Bitcoin understanding is confusing Bitcoin with all the other cryptos
• Bitcoin is simply non-government money for the digital world.   Bitcoin is better money for a better world.
• Crypto is just more and more of the fiat system: printing money out of thin air
• Vast majority of other cryptos are worthless.  They have no value.  Most are outright scams
• Even worse are the ones that seem legitimate but are VC-backed pump and dumps
• If you hear about the hot new crypto it is too late, you are exit liquidity for insiders trying to sell at the top
• Bitcoin’s essential value proposition of hard digital money for billions of people in the world is more than enough
• Africa and Bitcoin adoption
• Bitcoin for the billions, not for the billionaires
• Tough to understand all of this in beginning.  Alt coins may outperform for a short time, but in the long run everything goes to zero against Bitcoin
• Today’s song: Row Jimmy by the Grateful Dead

• Justice prevails: Sam Bankman-Friend in jail, possibly for rest of his life
  • Why are his parents not facing charges?  They appear to be heavily involved
  • Are politicians giving "donations" (stolen money) back??
• US just surpassed over $1 TRILLION in interest payments this year alone, and rising every day
• ETF updates
  • All 12 ETFs could issue soon
  • BlackRock files for Ethereum ETF, seems like they must know something
  • Lending coming to ETFs
• Perspective on where we are in cycle
  • 2 year anniversary of last all-time high
  • Coming out of worst bear market in Bicoin history
  • Had you started DCA at the all-time high and continued through the bear market, you would be up 40%

Episode #4: Digital Gold

• Bitcoin can be tough to explain
• “Digital Gold” is a very effective mental model.  Elevator pitch for Bitcoin
• Why did gold emerge as the dominant monetary asset everywhere in the world 
• Hard money humans cannot corrupt.  Plus it is very durable and also divisible
• Gold worked as a store of value in the analog world, but we now live in digital age
• Demographics: world becoming more and more digital every day
• Now 8 billion people everywhere in the world can own digital gold
• The countries with the fastest growth rates need it the most
• If all Bitcoin does is become digital gold, it is a 20x return
• But Bitcoin is actually 100 times better than gold, so it is not stopping there.  Bitcoin will absorb value from every asset class in the world
• Today’s song: Golden Years by David Bowie

Episode 3: 21 Million Forever

• How to protect yourself in a world of forever more money and inflation?  Buy and hold hard assets. The harder the better
• Hard asset = limited supply, you cannot make more of them easily or cheaply
• What are some hard asset:
  • Unique real estate
  • Fine art ideally from dead artists
  • Sports teams
• Problem is these are all out of reach. You cannot put $100 a week into the Dallas Cowboys.  If you could we would
• So what can you do?
• Here comes Bitcoin.  The hardest asset in the world.  That anyone can buy and hold
• Only 21M will ever exist.  Nobody can make more
• A monetary system with a fixed supply for the digital age.  That no humans can manipulate or inflate away
• Bitcoin is just code.  Rules, but no rulers
• You can buy any amount of Bitcoin.  $20, $200 or $2 billion
• The North Star of Bitcoin: there will forever be more and more dollars chasing 21 million Bitcoin
• Today’s song: Hard to Handle by the Grateful Dead

Episode 2: Inflation Is Theft

• In Part 1 we looked at the Mo Money part of the equation
• Part 2 explores Mo Problems
• Money printing bails politicians out of their terrible decisions.  And we have to pay the cost
• It creates inflation.  More units of money just cause prices of everything to go up.  Your dollars can buy less and less all the time
• Inflation is theft.  It makes you work harder and harder for less.
• Money printing is an insidious game.  It impacts the people the most who can afford it the least
• What else does it do?  Drive up asset prices.  And rich people own all the assets
• This is by design.  Designed by the rich and powerful
• Throughout time, there was very little inflation in places with no money printing
• Societies flourished under a gold standard when governments could not print endlessly
• Today's song: Mo Money Mo Problems by The Notorious B.I.G.

Part 1: The Money Printer

• Meet Trent!
• Brief intro into why we are doing this
• Mo Money Mo Problems
• Basic thesis statement: human beings with a money printer will use it - and never stop
• Picture if you had a money printer.  Would you use it?
• Basic human incentives. Politicians never want to give up proximity to money machine
• Money supply grown over 20x since 1971 - view chart
• We used to be on a gold standard for hundred of year - and society flourished
• Everything changed in 1971 when Nixon took US off the gold standard
• Todays's song: Mo Money Mo Problems by Notorious B.I.G. 

• Happy Birthday Bitcoin!
• Amazing how far we have come
• WSJ issues correction, will Senator Warren?
• Major milestone: 93% of all Bitcoin that will ever exist have been mined
• The remaining 7% will be mined over the next 120 YEARS!
• Increasing scarcity.  Exponential demain.  Not complicated.

• Bitcoin ETFs will be including in countless portfolios, ETFs, mutual funds and new products
• Unlocking a large steady flow of capital into Bitcoin
• New gold/BTC and treasuries/BTC hybrid products?
• But like evrything in life, no solutions only trade-offs
• Bitcoin ETFs are not Bitcoin
• ETFs will be massively bullish to price of Bitcoin, but not necessarily to Bitcoin itself
• Satoshi created Bitcoin exactly 15 years ago as a solution to problems of big traditional finance
• Taking real Bitcoin into your own self custody is the exit ramp from big banks
• Bitcoin gives power to individuals, the ETFs give power to the big banks
• No trusted third parties
• Our one and only chance to separate money from the hands of government and control of the state

• ETFs plug Bitcoin directly into every pension fund, endowment, sovereign wealth fund, high net worth and company buyer
• How the ETF launch will change the narrative around Bitcoin
• BlackRock, Fidelity and other companies will actively promote it
• ESG critique dramatically reduced
• Incentive for wealth managers to allocate 
• BTC boosts performance of every portfolio
• BTC is perfect asset for pension funds and endowments
• Companies will begin to buy as well, take a page out of the Michael Saylor playbook
• All models will be broken.  
• ETFs open the largest pools of capital for the very first time, and available supply keeps getting cut in half

• Why the launch of Bitcoin spot ETFs will be so bullish long term
• Brief explanation of ETFs and how they work
• ETFs will unlock so many access points to Bitcoin
• Every brokerage account people already have can access ETFs
• Institutional custody solutions built right in
• Real Bitcoin in self custody is best, but that is not how we get to mass adoption 
• ETFs will unlock trillions of dollars in retirement accounts
• ETFs will also make Bitcoin inheritance planning much simpler 
• Will enable people to borrow against their Bitcoin ETF or use as collateral 

• Price pump - breakout above 32k
• BlackRock's ETF ticker leak
• All-time high in holder confidence
• Coins not moving
• The Great Decoupling?
• Narrative shift underway

• Great college band name
• Thank you for birthday candle Bitcoin
• Some thoughts on recent price movement
• BlockRock picks a ticker for its ETF - and its perfect
• We are in final days of pre-ETF era.  ETFs mark the beginning of the Wall Street era for Bitcoin
• Moving from horse and buggy and dirt road economy to super highways and Teslas
• Does Bitcoin need the ETFs to reach its potential?
• Reason why price pumps are so important.  Price moves stimulate adoption
• All non-price Bitcoin metrics incredibly bullish regardless of price
• Now factor in impact of money printing to fund 2 wars and hundreds of trillions of unfunded mandates
• BTC is your insurance policy against continued mismanagement by government
• Hearing from Bitcoin skeptics after price pumps
• Looming hit to real estate market will spur a lot of interest in BTC
• Microstrategy investment in the green.  Just the beginning of companies holding BTC in treasuries
• The opportunity cost of every bad decision is priced in Bitcoin

• The fiat system funds perpetual war
• Since advent of central banking and money printing, war has become total - and endless
• Under the gold standard, wars still existed but they were much more limited
• Want to defund war?  Learn about Bitcoin
• The fiat system exists fund war, protect asset values and bail out every bad decision 
• Bitcoin is a peaceful revolution against the financial system
• It took 200 years for the US to accumulate $500 billion in debt.  We just borrowed more than that in the past 2 weeks
• Time preference
• True saving vs investing
• What the worst coaching decision in the history of sports can teach about about Bitcoin

• Update on ETF news.  It's bullish
• Hash rate at all-time highs.  It's bullish
• Sen Warren using crisis in Mideast to pursue her anti-crypto campaign.
• Could the next president of Argentina be a Bitcoiner?

• Updates on the Bitcoin spot ETFs
• Will SEC appeal ruling in Greyscale case (deadline within hours of pod)
• Updates on insanity of the SBF trial.
• Testimony from SBF's ex girlfriend confirm many suspicions about attempted price manipulation by FTX
• Incredible levels of US debt.  200 years worth of debt in 2 weeks.

• What sparked our interest
• Early doubts
• Key ratchet moments along the way
• Lamenting we didn't buy more when we learned about it!!

• Horrors of seeing/hearing yourself on a podcast
• Orange pilling friends
• Advantages of dollar cost averaging (DCA) vs lump sum
• Holding Bitcoin on exchanges vs self custody

• Why Bitcoin
• The insanity of starting a podcast
• The Bitcoin lens and what it means