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Dec. 12, 2023 - Freedomain Radio - Stefan Molyneux
01:10:25
Bitcoin Crash!@#
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Good afternoon. Just a wee little live stream here to talk about Itty Bitty Diddy Coin.
And hope you're doing well.
Let me know if the audio is coming in a bit hot here.
Just when I listen to the replays, it sounds a bit harsh.
Is the audio coming through okay?
Are we doing all right?
Ho ho, hi ho silver.
No, goodbye silver. And I hope you guys are doing well.
And I'm here to remind you I'm not an expert.
I'm not an economist. Nothing I say is financial advice.
Don't buy anything or sell anything based upon anything that I say.
I'm just rambling from an amateur standpoint.
Best I did was take an econ course or two at graduate school.
And read an F-ton of it as a teenager.
Well, and in my 20s and in my 30s and so on, right?
Okay, so just wanted to put that up front.
And hey, you know, let's see.
How is our good friend Itty Bitty Diddy Coins doing?
Are we bouncing yet?
Are we bouncing yet?
Yes, we are. So we're back to 56,000.
That is, you know what, I'll do it.
I'll do it in US dollars because a lot of my data is US dollars.
So it's bouncing back up. And so over the last 24 hours, it's gone down $2,600 or almost 6%, almost 6% down.
Now, how's everyone feeling about that?
I know, we're just going to talk about the feelings.
Hello, thank you for the tip.
Listen, honestly, if you only have $2.50, please hang on to it for yourself.
Yeah, please don't send me your last 250.
It's kind of heartbreaking.
Please hang on to it yourself if you need that for ramen noodles.
That would be great. So yeah, how are you guys feeling about it?
How are you guys feeling and doing regarding...
I don't know.
They call it a crash, right?
I mean, it depends how you define it within your own mind.
It's really, really important. To figure out how.
Hyped that more people are getting out of Bitcoin so I can get in, right?
Yeah, that's good, right? That's good.
That's good. So, I want to talk to you a little bit about the emotions of assets.
The emotions of assets.
Still happy about the overall trend.
I've been through this so many times, they don't phase me at all.
Yeah, I mean, obviously, I mean, I don't know if they do or don't.
I mean, you open it up, it's like, oh, it's a bit of a drag or whatever, right?
But I will tell you how it works for me.
Maybe this helps for you.
Let me start off with giving you all a chart.
Let's give you all a chart.
Because if you're unhappy about something, the zoom out is almost always the best way to go.
So I'm going to throw a little chart in the chat here for those of you listening at home.
This is a chart shortly ago about...
Actually, we can do this live, right?
We can just do this live and go back a year.
Let's go back one year.
How are we doing? Ah, so a year ago, Bitcoin was $26,587.
Now it's $41,170.
That means that Bitcoin has gone up 155%, a little over 155% in a year.
It has gone up, in five years, $1,100.
And 71.95%.
So, that's an important thing.
That's an important thing to remember, if you don't mind me saying so.
Gotta zoom out a little bit here.
It's a crash!
It's just not a thing to do.
Somebody says, been through a 50% plus drop before, 6% is just another Monday.
Right. So, here's the thing.
Most people make...
Decisions either electronically or emotionally when it comes to investments, right?
The electronic decisions are you program a computer to, and I've actually worked on these programs back in the beginning of my career as a computer programmer.
I worked on these programs to help you hedge, to do haircuts and shorts and longs and all this kind of stuff.
So you always want to sort of manage and limit your losses, right?
So if people are betting on Bitcoin going up, Then if Bitcoin goes down, they have to sell.
Because otherwise, if they're leveraged or whatever, then they have to sell.
So if you borrow $1,000 and you bet that your 100 shares of a stock are going up $10, well, great.
But if it goes down $10, then you've lost $1,000 and then you have to sell.
Otherwise, you're going to be in the red, not the black.
So people are making decisions either electronically, in general, I think.
I obviously don't have any particular inside information, but my theory is that people are making decisions emotionally and they're making decisions electronically.
The computers are just automatically buying and selling.
There's some ridiculous volume of stock trades or asset trades outside of housing and personal stuff.
That is made electronically.
I mean, it's completely mental. I was reading once about a trading company that moved its entire office to be closer to the hub, even though they had like a T3 line or something, just so that they could get their trades in a millisecond earlier.
So a lot of...
Trading is done electronically, automatically, based upon, like, multi-million line computer programs flashing things forward and backwards and sideways.
Let me just look here. Percentage of stock trades electronic.
But it's important to remember.
It's not necessarily personal.
Let's see here.
So, let's see here.
What percentage of trading is algorithmic?
So, about 60 to 75% of overall trading volume in the U.S. equity market, European financial markets and major Asian capital markets, is generated through algorithmic trading.
So that's kind of important, right?
So algorithmic trading is a method of trading the financial markets using pre-programmed algorithmic trading strategies to monitor the markets and execute trades.
So a trader loads... This is from quantifiedstrategies.com.
A trader loads his server with trading algos with specific instructions for his trading strategies.
The algos monitor the market searching for qualifying trade setups and once they encounter the right setups, they execute the trades And manage them in accordance with the coded instructions.
And in fact, I think, what was it? Some bank in England went toast after hundreds of years because someone fat-fingered the algo.
So in 2003, algo trading accounted for only 15% of the market by 2010.
More than 70% of U.S. equity market trading was through trading algorithms.
In the forex markets, algorithmic trading is measured at about 80% of orders in 2016.
And, uh... So, it's...
When was this written?
They don't give me a date.
They don't give me a date! You're like that girl I couldn't get in high school.
He won't give me a date. What have we got here?
Yeah, so, I mean, it's probably up even since then.
Let's see here. 2023 to 2028...
So it's very high.
I mean, it seems like in many markets the vast majority of the trading is done algorithmically.
So it's not personal.
It's just there to hedge and to limit losses and it's not a personal evaluation on the strength or value of Bitcoin.
So somebody says the majority has to be algorithmic for better liquidity.
I'm not sure that explains a lot to people, but I'm not going to disagree with you.
So with regards to Bitcoin, here's what you don't want to do, in my humble opinion, right?
You don't want to...
The price goes up, and now that's your happiness point.
As the price goes up, you adjust, right?
So the price goes up 10%.
And you're 10% happier, but then that becomes your normal.
And then when it goes down 10%, you're 10% less happy than you were when you were originally at that price, right?
So Bitcoin is at...
$35,000. It goes up to $40,000 and you're 20% happier, right?
But then that normalizes at $40,000.
And then when it goes back down to $35,000, you're now minus 20% happier than you were at $35,000.
Does that make sense? I mean, this isn't just for Bitcoin.
This is for everything. Don't normalize And then be agonized when you return to, right?
So Bitcoin is back where it was, I don't know, a couple of weeks ago or something like that.
And a couple of weeks ago you were thrilled to have it at this price and now you're miserable to have it at this price, right?
So my suggestion is, and I know it's, you know, we have this sort of natural thing where we adjust To every new situation, right?
So if you've ever had a health scare, yeah, the hedonic treadmill.
If you've ever had a health scare, right, you're like, Lord, Lord, please above.
Let this not be anything dangerous.
Lord, please above. Because, you know, if you have something odd with your body and you make the fundamental mistake of, I don't know, checking with the internet, it's like, you're going to die, right?
Because you just scroll down to the bottom where it's like, in rare cases, it could be, right?
And so let's say you go for some test or something like that and then you're like, oh, I'll never be unhappy again if this test comes back and I'm fine, right?
And the test comes back and you're fine and you're like, whew, thank goodness.
And then the next day you stub your toe and your life is horrible again, right?
So I just wanted to sort of mention that.
There is investing, I don't think, at least for me, it doesn't work if I just keep normalizing every time it goes up and then it's agony when it goes down because that would just be Too much of a rollercoaster.
Because people say Bitcoin's unstable.
It's like, no, Bitcoin is just a number.
Bitcoin is not unstable.
People's emotions can be unstable.
Jared says, I show my Bitcoin and Bitcoin, not US dollars, prevents the panicking.
I hear what you're saying. I mean, I think you do need some way of measuring how well or badly it's doing.
I mean, maybe you don't care. Maybe you just wait five years or whatever, right?
But I think in general, you do need to have some sense of where it's going.
So hit me with T if you'd like something more technical or P if you'd like something more passionate.
I'm here to serve you.
And if you would like...
T for technical, what might be going on, and P for passionate, larger perspective, big picture, philosophical.
It could be P for passionate or philosophical, that is.
My happiness related to Bitcoin is tied to the number of extra live streams.
Thanks, Jared. That's very good.
That's very funny. T. You want T? You want P? T. All right.
T. T. All right.
Looks like we're getting some technicals.
Okay, I will do the passionate, but we'll start with the technical.
Okay. So, there is a historic piece.
Okay, let me ask you this. How many Bitcoin addresses hold over $100 US worth of Bitcoin?
How many addresses do you think hold over $100 worth of Bitcoin?
What is your thought about that?
Number of Bitcoin address.
This is pretty wild because you basically peer into all of this stuff on the blockchain, right?
So, how many addresses hold $100 or more worth of Bitcoin?
This is a high T audience.
Quite true. 55%?
No. Number of addresses, not percentage of whatever you're thinking of.
You've got 10,000.
You think 10,000 addresses holds over $100 worth of Bitcoin.
All right? What else have we got? How many addresses?
Holds over $100 worth of Bitcoin.
Well, sorry, somebody else is typing.
Just type faster!
Or, I don't know, we'll stay up on it faster.
One million. Two hundred and fifty thousand.
Right. So you need to adjust, right?
You need to adjust your thoughts about where Bitcoin is and how it's spreading.
There are twenty million addresses holding over a hundred dollars worth of Bitcoin.
There are 20 million addresses.
Now, that doesn't necessarily mean 20 million people because, right, people, there are 20 million addresses.
So you're all on the low side, which, you know, I was a little surprised about it too.
The historic peak of 20 million addresses holding over $100 worth of Bitcoin.
Again, some people will have multiple accounts and so on, but if you don't think that's cool, I can't, I don't know what to tell you.
It's 20 mil.
I just put it in here for those who are reading along.
So that's pretty cool.
Next couple of months, what have we got here?
Yeah, that's a lot more than you thought, right?
So it's getting out there.
It's getting out there. So over the next couple of months, there are five major trends that I would say are important.
We all know the halving in 2024 where the rewards for miners go down by 50%.
The spot ETF isn't priced in.
People are expecting that next month, maybe one, maybe more, probably will be more than one.
Institutional adoption is not priced in to Bitcoin's value and the FASB rules aren't Priced in.
Now, this is from September 6, 2023.
FASB adopts crypto accounting and disclosure rules for companies.
This is from the often shaky but generally accurate Wall Street Journal.
The Financial Accounting Standards Board voted to set a new rule on cryptocurrency accounting and disclosure changes companies holding these assets have argued more accurately reflect their financial condition.
There are no specific accounting or disclosure rules for crypto assets in the U.S. Businesses now classify crypto assets as indefinite-lived intangible assets, similar to intellectual properties such as copyrights.
Companies have to review the value of such assets at least once a year and write it down if it drops below the purchase price.
If the value were to rise, companies can record a gain only when they sell the asset, not if they continue holding it.
The FASB, which sets accounting standards for US public and private companies and non-profits, recently voted unanimously to adopt a new standard that would require businesses to use fair value accounting for Bitcoin and certain other crypto assets.
Companies and accountants have repeatedly rallied for this change as it would allow them to recognize losses and gains immediately and treat digital assets as they would some financial assets instead of as indefinite lived intangible assets.
The rule is set to go into effect for 2025 annual reports for calendar year public and private companies which can adopt the changes.
Early the FASB expects to formally issue the standard by Year end.
So, we can assume...
I'm obviously no accountant and I get maybe 50% of this.
But... What that means is that if companies are lobbying for it, it's because they expect to benefit from it.
So I think it makes them more fluid in buying and selling and realizing gains and losses in the short run.
So that's going to be a plus.
Generally, if the companies that hold it want this rule, it's because it's beneficial to them.
And when these other things, spot ETF, the halving, these FASB rules that are going to make it easier for companies to work with crypto, institutional adoption, when that goes in, there's going to be Well, a panic wrap, right?
Sort of a panic wrap.
I think that's going to be fairly substantial and fairly important.
And we'll see, of course.
No predictions. But, I mean, anybody who tells you, oh, this is the beginning of a big crash or this is a rally, they don't know.
Oh, my gosh. Oh, my gosh.
I hope that you don't.
I mean, I read people for amusement who are like, it's going to go to the moon.
It's not going to go to the moon.
Nobody knows. Nobody knows.
Yeah, and if you're standardizing, you're accepting that it's not going away.
Yeah, that it's a good point, Jared.
Yeah, that it's worth doing all of this stuff to standardize it all and recognizing that it's a real value and so on, right?
So I think that's pretty important.
All right. So just recently, there was a 4% drop in Bitcoin's price of $42,000.
And it's a cooling point.
You could say that it's overheated.
Right? Please, please, please never, ever, ever expect an asset to just continue to go up.
That's not a thing.
That's not going to happen.
Right? I mean, you understand that.
This is praxeological.
The asset price can never just go up.
And do you know why?
Oh, we've got something here.
I will dip into your Twitter thing.
Oh, yeah. Well, Elizabeth Warren was filing a bill to crack down on crypto.
Yeah, we'll say crack down on crypto.
And, yeah, it looks like somebody knew ahead of time that this was going to happen.
But just look up Elizabeth Warren's success rate in getting legislation passed and maybe you'll sleep a little easier, right?
So the reason why an asset can never just go up in price It's that you can't know what the price is if nobody's selling it.
Do you know what I mean? Let's say that Bitcoin goes from $40,000 to $42,000.
Well, how do you know that? The only way that you know that is someone selling it at $42,000.
That's how you know what the price is because people bid up the price until someone sells it.
Otherwise, there's no price.
You get an X, an infinity symbol, a void, a null parameter, as we used to say in the coding world, right?
So it can't possibly go straight up because then there would be no price.
It has to be jagged because it's being bought and sold.
Tell me if this makes sense to you.
I mean, I could be completely talking out of my armpit, but it can't possibly go straight up.
And so once you understand there's a divide by zero error, yes, If nobody is selling the asset, then there's no price for it.
I mean, I know someone's going to sell it.
So somebody has to sell the asset for you to figure out what the price is.
If you're trying to sell a used car for $100,000 and no one bids on it, is the price $100,000?
No. I mean, you can say it, but you can say, is it a billion...
Mike Myers' face, right?
The price could be, it's a trillion dollars, right?
It's not a real... The only price that occurs is when the good changes hands, right?
With the Bitcoin share.
Somebody agrees to a sale.
And now, of course, if fewer people are agreeing to the sale, the price will go up.
Or if people say, well, I'm not going to sell it for less than 42, or the algos say that, then it's going to have to hit 42, right?
But when it hits 42, there's a sale point.
Yeah, similar to when people say there will be zero Bitcoin left on exchanges soon.
Doesn't really make sense, right?
All economics goes to the law of large numbers.
So you're just looking for trends, right?
The idea that not one person in the world is going to sell the Bitcoin, even if you offer a billion, like that's just not a thing, right?
So the only way that the price of Bitcoin goes up is if people are selling along the way, which means it's going to be jagged, right?
It can't ever, like, so it can't ever be a straight line.
It can't ever be a straight line up.
And of course, The more people anticipate the price is going to go up, the more it's going to go down if there's a correction, right?
Because they've got these sell positions when losses occur, right?
So if you buy an asset expecting it to go up, and then it goes down a little bit, there's going to be people heavily leveraged who are going to have to sell a little bit, and then it's going to go down more.
Then people who are medium leveraged are going to have to sell, and then people who just have little leverage are going to have to sell.
So you understand, a correction is always going to escalate when it's significant, right?
In my opinion.
Again, just my opinion. I'm just an amateur outsider who's read a little bit and I guess been around the block a couple of times.
So, and listen, if you want to hit me with questions and all of that, that's obviously, it's a live stream, not a solo show, so I'm sort of happy to do that, right?
So, funding rates for major tokens, including bitcoins, normalizing to below 0.1%, suggesting the exit of over-leveraged bulls, right?
Bulls and bears. Bulls think it's going to go up.
Bears think it's going to go down.
So, I just, I mean, I'm sure you guys know all these terms.
I'll just go over them briefly. So, long position describes what an investor has purchased when they buy a security or derivative with the expectation that it will rise.
In value, right?
That's a bullish attitude.
So, I'm not going to get into all of this technical stuff, but of course, as you know, when When there's a correction, whatever you call it, when there's a dip, then the bitcoins are going to transfer from those who believe the price is going to go up to those who believe the price is going to go down.
You can short it and then make money when it goes down, and so that's generally what's going to happen as a whole.
Again, lots of tons of expletions.
So the swift decline in Bitcoin's value also led to a massive liquidation of positions, with coin glass data showing more than $270 million worth of long positions being liquidated in a brief time.
So, of course, when you see these kinds of things, it's more than a quarter of a billion dollars being liquidated.
I mean, the language is weird to me.
It's like people are saying, or they give this impression that people have taken a $270 million Of dollar bills.
They've taken them out to the front.
They've riddled them with bullets and set fire to them.
And they've just vanished.
Vaporization of $270 million worth of blah.
That's like, that's all nonsense.
In my view, again, I mean, you can look at it this way, but there's this weird addiction to, I don't know, The genocide of value.
There's this weird, hyper-dramatic war-type language that goes on in, wiped out!
You know, it's just...
I'm sorry, it's just kind of funny because it's just a bunch of digits moving around.
It's a lot of drama.
It's a lot of drama. It's like listening to a bipolar girlfriend talk about her issues at work.
It's just a lot of drama for lower management at a McDonald's.
So, what does this mean?
More than $270 million worth of long positions being liquidated in a brief time.
Well, generally, what's happening is the following.
And the following is that Bitcoin is being transferred From those who think it's going to go down to those who think it's going to go up.
That's the important thing to remember.
Dollars have been liquidated, wiped out, erased.
It's like, no, Bitcoin...
It's being transferred from those who think it's going to go down to those who think it's going to go up, right?
Because the people who think it's going to go down are selling it.
I know there's long, short positions and all of that, and hedges, just in general, right?
If you're selling Bitcoin, it's because you think it's going to go down.
If you're buying Bitcoin, it's because you think it's going to go up, right?
So the Bitcoins are just being transferred from pessimists to optimists, which means you're setting the stage for the future growth of the asset, right?
Because if you're going from paper hands to diamond hands, yeah, the percentage of holders increases.
That's right, yeah. So you're going from weak hands to strong hands, from paper hands to diamond hands, right?
I mean, isn't that kind of what you want?
Don't you want Bitcoin to be transferred to the people who think it's going to increase in value from those who think it's going to decrease in value or who are forced to sell because it's going down, right?
So, I mean, when it dips, you're always looking for the bottom, right?
And I'll just go, Trek.
I mean, this is... It's such a lively live show that it's worth checking again.
I don't know why I have...
Movie voice.
Yeah, it's going back up again. 4125.
So... Oh, wait. Sorry.
I zoomed out to a year, didn't I? No, five years.
Oh, gosh. Heaven help me.
But yeah, so it's 4125...
So it's now down 6%, so it's recovering.
Yeah, it's recovering.
Now, whether that recovering is there, it could be another bounce or whatever it is.
But there are people willing to buy it at this rate, which means that there's a floor here, and you've already gone through the liquidations based upon the price going down and the people who were long having to sell and all of the automation.
Like, that's all in the past. So now it's probably more manual trades and so on, right?
So there are people who are willing to buy it, which means that's a viable price.
For it. So, and let me know if what I am, it bounced almost 1% since the posting of the live stream.
Yes! Pick unrelated.
So, there's your thumb.
So, and tell me if what I'm saying makes sense or if it's too obvious or it's not technical enough.
I obviously want to help you as best I can understand, at least from my perspective, what might be going on.
So let me know. Yes, here we go.
The liquidation cascade contributed to a larger sell-off, wiping out significant amounts of open interest across the market, which totaled about $1.2 billion for Bitcoin alone.
So the people who guessed wrong lost money, and the people who guessed right made money.
So people who were more accurately evaluating the future end up with more Bitcoin.
Maybe they were just lucky, but in general.
So to me, it's kind of...
It's kind of strange. It's kind of strange to me.
And I use, in my head, in my head, I use hunting analogies or fishing analogies.
If there are 100 fishermen and there are 10 really fantastic fishermen and the rest are just okay and then 10 of them are really terrible fishermen, Fishing rods have been reallocated to the best fishermen.
Fishing rods have been transferred to those most likely to catch fish.
I mean, that to me is what is always happening in the marketplace.
Spears have moved to those most accurate throwing spears at meat quadrupeds.
That's a good thing, isn't it?
Your technical explanation made sense to me?
Oh, good. I'm glad for that. So, that's a good thing, isn't it?
Isn't that a good thing?
Gym equipment sold to those most likely to actually use it rather than put it under the bed because they bought it in a fit of drunken depression three months ago.
It's gathering dust under the bed.
So you want Bitcoin to transfer to those most accurate in their future evaluations, and that's what the market is constantly doing it.
The market is constantly doing it.
So if all you do is look at the terrible fishermen losing their fishing rods, you'd say, There's a massive net loss in fishing ability because these people used to have fishing rods.
Now they don't have fishing rods.
Okay, so you're just looking at a loss there.
But what you want to do is not look at the people who are bad fishermen who aren't fishing anymore, but the people who are fantastic fishermen who now get more rods or they get a rod for the first time or something like that, right?
So, yeah, net loss.
Oh, oh, Jared's right in there, right?
Yeah. Yeah, so, I mean, this is the old thing I've talked about with regards to land, right?
Some people, you know, people, they just have this completely bizarre green thumb, like they just, everything they touch grows.
I love these memes about plants.
Plants outside are like, concrete!
Fantastic! Plants inside are like, I'm allergic to tap water.
But some people are just fantastic.
My wife in a vegetable patch is a force of nature that summons more calories than spazzing out at a McDonald's drive-thru.
So yes, some people are just fantastic at this kind of stuff and some people just have this amazing ability.
And so if bad farmers lose their crop and then they're forced to sell to fantastic farmers who can weather anything, And you just look at the farmers losing their...
Farmers lost their land.
Farms destroyed.
You know, and so on.
It's like, well, it looks like a net negative.
But if, on the other hand, you say, the best farmers now have the most farmland.
Food production will definitely increase.
I mean, that's... Anyway, so...
But watch out for the ridiculous, hysterical drama language.
Wiped out, liquidated, destroyed.
It's just embarrassing. It's embarrassing.
So the exodus of over-leveraged traders is seen as a market correction following a bullish run.
Yes. Where the momentum halted and funding rates or the costs associated with leverage became unsustainable for many traders, right?
So if you're leveraged, you know, I remember back in the days of leading up to the 07-08 financial crash, a lot of financial institutions were leveraged 30 to 1.
Now, 30 to 1 means if the price goes down 4%, you're wiped out.
I mean, if it goes up 4%, you double your money, but if it goes down like 3% or 4% or whatever, it could be a variety of things, but I mean, it's just wiped out.
The exit of these traders led to a decrease in futures, open interest, particularly in altcoins like XLM, Uni, Link, and XMR, which saw a double-digit percentage decline in open interest over 24 hours.
This shift reflects a broader trend where the markets tend to self-correct after periods of excessive leverage and risk-taking by market participants.
Now, we'll get to the miners because I think the miners are important.
And so following a significant rally in Bitcoin's price on-chain analysis and market indicators have shown signs of an overheated market, which is often a precursor to a correction Phase.
Now, I personally, and I'm just going with the general way that they talk about these things, I really dislike the phrase overheated.
The economy is overheated.
It's like, no, just...
There's a correction.
Overheated. Overheated says that it's inevitable, it's overheated, it has to cool down, and so on.
And I don't really think that's...
And remember, Bitcoin is like nothing else in many ways, because Bitcoin, you can see everything that's going on in the blockchain.
You can't figure out how many bank accounts across the world have more than $1,000 worth of US dollars.
Like, you can't figure that out.
But you can say how many addresses across the entire Bitcoin network globally have over $100 worth of Bitcoin.
So there's a visibility in this asset that is It was completely non-existent, certainly outside of the crypto world in the past.
So, large mining operations which play a crucial role in the Bitcoin ecosystem began to take profits at the market peak.
This behavior is typically a response to market conditions that suggest a near-term price ceiling and potential reversal leading to increased selling pressures.
So, one of the reasons why miners need to take profits, I assume, I don't know, but I assume that one of the reasons why the mining operations need to take profits is because of the halving means Well, I mean, it means that they need twice the hardware to get the same number of Bitcoin.
I mean, I'm sure that's not true, but roughly if it becomes twice as difficult to get Bitcoins.
Now, of course, if the value of Bitcoin has doubled and it's twice as difficult to get it, you kind of even things out, right?
Going to need to build up their Bitcoin operations in order to deal with the halving, so I assume that they're taking some profits based on that.
See, a lot of people who are holdlers don't have any cost of holding, right?
But if you're a mining operation, you have a cost of operation that is really sensitive to the price.
So, sorry, people are just typing.
I want to make sure that... Have you looked into the division of opinion on if Bitcoin ordinals are legit or spam transactions?
I have not. I have not.
But I will make a note of that because that looks like something interesting.
I like ordinals. They're very pretty on my bird feeder.
All right. So, sorry.
I guess everyone is going to chill about my knowledge, which you should have a chill about my knowledge.
All right. The selling by miners was seen as a strategic move to capitalize on the high market prices and may indicate a bearish sentiment among key market participants or a response to particular needs such as operational expenses or risk management.
Operational expenses, of course, the price of electricity in many places is going up.
There was just a massive attack on U.S. infrastructure by apparently Chinese actors or whatever, so there's a lot of really wild stuff going on.
That. All right.
The Bitcoin market is sensitive to both technical trading patterns and broader market dynamics.
The recent price action suggests a confluence where both factors contributed to the downward pressure on Bitcoin's price.
Again, 4% decline.
This was down to 42,000 a little bit earlier in the day, cooling the previously hot funding rates and aligning with the market's anticipatory behavior towards a correction.
The profit taken by miners coincided with a broader market sell-off, exacerbating the downward price movement Leading to a cascade of liquidations that push the price below key support levels.
So we can see, of course, halving once every four years, Moore's Law is 2.5 years.
I figure it's just electricity costs, assuming they update regularly.
No, I don't think it's just electricity costs.
Moore's Law requires that you buy new processes.
Moore's Law isn't that your I3 becomes an I7 just because time has passed.
You still need to rip out your existing computer structure and buy entirely new GPUs, or I assume it's mostly GPUs, some CPUs as well.
Moore's Law is not an automatic.
I'm sorry, you guys all know this, but I just wanted to remind everyone that there's still massive costs.
And all of that. In Finland, some landlords allow for unlimited electricity use at a flat price per month, usually around 20 to 25 euros per month, though this is rarer these days.
Right. And I'm sure that there would be some...
I mean, it's sort of like infinite data on your phone plan, but after a certain amount, it slows down.
I mean, I know they can't slow down electricity, but there usually is some limit on these kinds of things for legal reasons, somewhere in the fine print.
So I'm sure you can't run a giant...
The same goes for electricity companies, too.
I don't know what that means, whether that's a response to something I said or someone else said.
So if it was something I said, if you could clarify it a bit more, I don't want to leave that behind.
So profit-taking by miners.
So again, if you just have a bunch of Bitcoin and you have a job, then the price of Bitcoin is not particularly relevant and you can hodl.
But if you have most of you, let's just say you have 98% of your assets in Bitcoin, there's maybe some mining companies too, I don't know.
Then you have to take your profit because you've got your payroll, you've got your taxes, you've got your hardware costs, you've got your software costs, you've got your heating costs, and maybe not heating with Bitcoin, cooling costs, you've got your cooling costs and your property taxes, right?
So you've just, cash flow is king, so you just need a constant flow of cash, so you can't afford to just hold if you've got a mining operation because you've got to pay for the mining operation, so, right?
So miners selling can significantly impact market sentiment as it can be interpreted as an insider view of market conditions.
When miners sell, it can lead to a domino effect where smaller holders also begin to sell, fearing a more significant downturn.
Right, so people will watch the miners and when they begin to sell, they view that as a sign.
And, of course, when miners sell, it can start to trigger people's liquidation of their long positions, right?
This collective behavior can quickly lead to a substantial price drop, as seen with Bitcoin's tumble below 41,000 today, where the market's reaction to minor selling was likely a contributing factor.
Speculation that the drop is due to front-running news that the state intends to crack down on crypto.
Yes, U.S. Senator Elizabeth Warren introduces a bill to crack down on crypto, and some people are saying, oh, that's going to mean self-custody is not a viable thing, and there's lots of different...
Things that people have.
Google Bitcoin ads.
Google shakes up the crypto scene.
This is from Good Morning Crypto on X. Starting late January.
I can pronounce that word.
I really feel like I can. Starting late January.
Starting late January, crypto trust ads get the green light, aligning with anticipated U.S. approval of spot Bitcoin ETFs.
These trusts unlock the door to trade shares in digital currency pools, paving the way for potential ETF glory.
Google's crypto ad policy update and the expected US approval of Bitcoin ETFs seem to be signaling the kickoff to an unprecedented marketing campaign for crypto in 2024.
Buckle up for a crypto revolution.
So, this is the actual Google notification updates to cryptocurrencies and related products policy December 2023.
In January 2024, Google will update the cryptocurrencies and related products policy to clarify the scope and requirements for the advertisement of cryptocurrency coin trusts.
Beginning January 29, 2024, advertisers offering cryptocurrency coin trusts targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google and blah, blah, blah.
So gold production increased massively post-ETF approval in the 2000s, while it went on to quadruple in price.
So in the 2000s, ETFs, exchange-stranded funds, were allowed to buy gold as a substantial asset.
So they did so, and then the price of gold went up.
Now, of course, when the price of gold goes up, The value of mining marginal gold goes up as well, right?
So there's some gold that if gold is below 1,500, it's not worth mining because you spend more.
If it goes to 2,000, it's worth mining.
So the gold production goes up massively.
So gold production went up massively post-ETF approval in the 2000s and it went up 4x.
Quadruple, sorry, I know 10x, it just sounds a bit investor-nerdy, but gold went on to quadruple in price when gold production was going up massively.
Now, I want you to contrast this with what's going on in the Bitcoin world.
ETF approval for gold increased gold production massively, gold went on to quadruple in price.
However, instead of Bitcoin production going up shortly after the ETF is approved, Bitcoin production will get cut in half.
So I want you to sort of imagine this.
Again, there's no suggestions.
It's just a mind exercise, right?
If gold production went up massively after gold ETFs were approved, and it quadrupled in price, what happens when Bitcoin production doesn't go up, doesn't even stay stable, but gets cut in half shortly after its ETF is approved?
That's really quite something to think about, right?
That's really quite something to think about.
Favoritism.
Bitcoin just doubled in two months with no pullbacks. A correction is not that
surprising.
Says Will on X.
Corrections shake out weak hands and leverage allowing for a stronger
foundation for eventual moves higher.
Bitcoin's volatility is a feature, not a bug.
Chill with... The leverage.
This price action recently has been awesome but friendly reminder that there will be sharp corrections along the way as the market shakes off greedy leveraged longs.
Can't go wrong holding spot in cold storage, according to Will.
Not my advice, but his.
So... Yeah.
The only way you know a price is people are buying and selling.
So that's inevitable, right? Crypto Town Hall says...
Bitcoin saw a sharp 6.5% plunge around 9 p.m.
Eastern Time.
That must have been yesterday, right? It's only 6.04 now.
The sudden drop is not clearly understood yet.
Reports from Coinglass shared by Coindesk show that in 12 hours from Sunday evening, there was a big sell-off in cryptocurrencies.
This led to more than $335 million worth of cryptocurrencies being sold, including about $300 million in longer-term investments.
Specifically, Bitcoin saw more than $85 million in sales.
So again, in some ways you can look at that and say, oh my gosh, that means that there's a wipeout, a drop, and it's like, no, it's only a drop from weak hands to strong hands because the people who are buying it expect it to go up in value, right? People who buy it expect it to go up in In value.
And isn't that a plus as a whole?
Look at that, still holding steady, right?
So, that's my particular thoughts about it.
I find it, I mean, right before this ETF stuff, I find it odd that people would sell.
I think, personally, I think, don't have any facts about this.
Obviously, I can't read minds about what's going on in the marketplace.
But, I will tell you that it's so insane in my view to sell Bitcoin at the moment that it only can be coming about because either you sell it or you get wiped out.
Honestly, that's the only thing.
If you have to cross a massive desert and you're almost out of water, you're only going to sip the water because otherwise you're going to collapse from dehydration.
That's sort of my particular view of it.
Right now, it could be like a month and a change before the ETFs are approved and the halving is a couple of months after that.
The FASB, FASB rules, institutional adoption, all of that's imminent, could be upward pressure.
I mean, I think it's upward pressure, but who does, right?
Meteors could strike the planet, right?
So, to me, it's such an odd time.
It's either because you have to sell...
Like, I could understand the Bitcoin miners selling to upgrade their equipment in anticipation of the value of Bitcoin going up, right?
But you have to sell some Bitcoin now to cover the cost of upgrading your equipment, so when the price of Bitcoin goes up and the halving means your technical requirements for producing the Bitcoins double, then it's a good investment.
In the same way that you don't dig with your fingernails, you buy a shovel.
Well, when you're buying a shovel, you're not digging.
It's like, well, yes, but you get to dig a lot better later on if you buy a shovel.
Now, maybe it's an indication of people on the edge of bankruptcy.
Well, sure, yeah. I mean, if you're leveraged, then it doesn't take much to wipe you out, so you're going to panic and sell.
You have to sell. Otherwise, you lose your house.
I mean, it could be things like that.
Right, the cost of twice the technology is roughly half per Moore's Law cycle, was my point.
Right, right. But, you know, when you have to replace your computer, like let's say you have a decent, fast business computer, and it costs $2,000.
Okay, so let's say you replace it every three years or whatever.
You're still out $3,000.
Now, it's true that you're still out $2,000.
So it is certainly the case that you get a faster computer for the same $2,000.
You get a computer twice as fast as it was, I guess it would be four times as fast as it was three years ago.
Was it two and a half years? Sorry, was it two and a half?
So let's just say you get twice as fast as a computer for $2,000 that you did a couple of years ago, but you still have to pay the $2,000.
Right? Whereas if you don't need to replace your computer, I mean, I will use computers until they're smoking ruins.
Like, I will literally use computers until, like, the end of its life cycle, until the hard drive is coughing up Tutankhamun mummy's dust ghosts or something like that.
I actually use them a bit too long.
I use them longer than I should, and that's just a bad habit, and, you know, I must be half Scottish somewhere.
So they'll get better equipment for sure, but they still have to pay for it and they have to junk their old equipment and buy new equipment.
It's kind of a funny thing. I just think it's sort of this by the by.
It's funny how people think that they're wealthier because the price of their house has gone up.
Isn't that a weird thing? Well, the value of my house has doubled, so I'm wealthier.
And it's like, no.
Maybe I don't understand some complex economics around real estate, but I do find it kind of strange that people think, well, the value of my house is doubled, therefore I'm wealthier.
And it's like, I don't understand that because if you sell your house for double the money, then you have to go buy another house for double the money.
I don't see how you've won.
I don't at all see. To me, it just seems like it's like this boomer delusion of wealth, right?
Now, I guess if you die or whatever, but yeah, it is strange to me that people think they're wealthier because the value of their house is kind of bizarre to me.
So I can sell my house for double the price and then go buy another house for double the price.
It's like, yeah, housing dollars remain kind of constant.
Anyway, it just seems odd to me, but maybe I'm missing something obvious or something like this.
It's always certainly possible in this realm.
All right, so that's really what I wanted to...
Any questions or comments or things you want to share?
Let me just go because I had a couple of other things that I wanted to mention.
I don't care about that.
I do care about that.
Bookmarks. Adam Simeka says, I am predicting 100,000 What does he say?
He says, this is from yesterday, there is a small window of opportunity in which a small
handful of publicly traded companies will be able to disclose profits with guaranteed certainty.
Because of the new FASB rules, dollar MSTR, dollar TSLA,
will probably claim profits on Bitcoin in January of 2024 for their Q4 2023.
MicroStrategy has their Q4 2023 earnings call on the 30th of January 2024 and Tesla's has theirs on the 24th of January 2024.
There are also many other public companies with Bitcoin on their balance sheet with this opportunity in January.
All publicly traded companies were forced to mark their Bitcoin down at a loss.
That means the value of their Bitcoin on the...
Oh gosh, this is like US stuff, right?
This is on... Oh, on...
Yeah, that makes sense. Sorry.
On October 1st.
October, November. Yeah, sorry.
Q4. I'm back.
October 1st, 2023 is the beginning of Q4. So the value was down.
I expect to end the quarter...
With between 70% to 130% growth in Bitcoin.
We are currently at 70% growth rate for the past three months.
So going with our conservative estimate of 70%, this gives MicroStrategy a Q4 profit of about $8 billion and Tesla a profit of $500 million on Bitcoin.
Of course, they aren't forced to adopt the new accounting strategy yet, but if they don't, they will essentially miss out on any gains Bitcoin has had from October to December of this year.
It would be in the best interest of their shareholders for them to do this.
What's going to happen to Wall Street when they realize this?
That is a very, very cool question.
I mean, it's a very cool question.
So, if this is correct, right?
I mean, obviously, MicroStrategy is one of the biggest holders, I think, of Bitcoin, right?
So, Q4 profit about $8 billion, Tesla profit of $500 million on Bitcoin.
That's going to be in all of the earnings stuff, right?
And that's going to be communicated because of these new rules in a very vivid and powerful way.
I guess if your house price doubles and then you downsize, you might extract some wealth value there.
Well, But you're downsizing, so you lose value as well, right?
I mean, it's like saying, well, I'm going from an expensive car to a second-hand car.
It's like, okay, but you've lost some value in the car, right?
The only thing about house valuation is when parents downsize to a stepmother house after they retire, the remainder becomes cost for retirement.
Fun! Well, yes, but all of that, their children simply have to pay more for houses, which means that The inheritance then gets turned into, usually, spent on houses.
So they just lose... I mean, men, they're dead, right?
The inheritance then gets lost in housing prices often, right?
If the kids are upgrading to a house like the parents had when they had kids, then they're...
So they just lose it out on the inheritance, even if that's the case.
All right. So yeah, that could be interesting.
So if on these calls people are saying, yeah, we just made half a billion dollars on Bitcoin, A lot of the shareholders are going to be on there, and what happens then?
What happens then is the shareholders say, where the heck are my Bitcoin profits?
Get some Bitcoin, right? Could be the case, right?
The moment it becomes fiduciary misconduct to not own Bitcoin, everyone's going to have to buy Bitcoin.
Fiduciary misconduct, again, I'm no lawyer, I'm no accountant, but fiduciary misconduct is when you do obvious things that could have made you money.
Like, you don't do obvious things that could have made you money, right?
All right. Jimmy Wales.
Jimmy Wales wrote yesterday, I forgot my bank password and lost my entire net worth.
No, actually that didn't happen because banks work and Bitcoin doesn't.
Right. So that had a lot of views, 711,000 views at one point.
So that's fear, uncertainty, and doubt.
I forgot my bank password and lost my entire net worth.
No, actually, that didn't happen because banks work and Bitcoin doesn't.
Now, what's interesting is that in 2014, Jimmy received 23.5 Bitcoin from kind strangers.
That's more Bitcoin than 99.99% of the world will ever own.
Jimmy sold it. Yesterday, he tried to make a joke about Bitcoin.
The fiat value of Jimmy's Bitcoin would now be over a million dollars.
A million dollars.
Now, I get that. I mean, it's a dispiriting amount of Bitcoin that had been lost to the ether.
But okay, it's just a contribution to everybody else's value.
So the idea that banks will keep your entire net worth, I mean, that's mad.
That's mad. Banks regularly go out of business.
Now, of course, they're bailed out by the government and so on, which is just another way of getting rid of your money through inflation.
But here's the weird thing, like, at, I don't know, 6%, 7% inflation, don't you lose half your money in a couple of years?
So the idea that, like, Bitcoin is going up in value and bank deposits going down in value because inflation, I think real inflation is very high, And so you're losing half your money in, I don't know, seven years or ten years.
You lose half your money and Bitcoin is like going up like crazy 150% this year.
So I don't know.
It's just kind of funny. Do you consider rental real estate strategies as growing wealth?
Oh yeah, you can make good money.
I knew a friend of mine who was an architect ended up buying a house, renting out half of it and had that pay for his mortgage and all of that.
It wasn't the way I chose to live.
I had my fill of roommates.
Having had roommates up until my late 20s, I had my fill of roommates at that point.
You can store your Bitcoin with brokerage so it's similar to banks in recovery.
Yeah. So, I mean, good.
You know, good. That means that people aren't going to buy Bitcoin who don't understand Bitcoin.
And who don't, like, you absolutely, in my view, you absolutely want people who own Bitcoin to understand what it's for.
And if people are like, oh, no, I could lose my password and lose my entire life savings.
Yeah, it could happen. Could happen.
So. All right.
So, I just, yeah, I wanted to mention that scene kind of.
Kind of interesting. So, let's see here.
What else do I have?
Bitcoin just doubled in two months with no pullbacks occurring.
Oh yeah, not that surprising.
Yeah, we did that one. I just mentioned this just wild, right?
The average boy in America spends 45.5 hours a week on screens.
That same boy, on average, will spend less than 30 minutes a week with a male or fatherhood figure one-on-one.
Who is really raising your kids?
Dads, I get it. After work, it's your time.
You're tired. You want to zone out.
Fight that urge. You will never regret inviting your kids to play and spending quality time with them.
Yes, with my daughter, we worked out together, we had lunch, and it was just a wonderful day.
A wonderful day. Let's see here.
What's the funniest nickname you've ever had?
Boy I worked with is called Anthony and is only five foot tall.
Gets called Shetland Tony.
Oh, that's cruel.
That's cruel and cold.
Sorry, I'm just going through my bookmarks and I should probably focus a little bit.
I don't think you can search bookmarks yet, but I might have gone past...
Oh yeah, Jimmy Wales.
I think he's associated with Wikipedia.
Wikipedia hairball.
It's 2.1 million views.
Oh, that's fantastic.
Good job. Good job.
All right. Let me get back to your questions, comments.
We don't need a super long chat.
Let's see here. Remember a password or constantly move countries before the previous one collapses.
I'll take the 12 words. Thank you.
Yeah, yeah. That's average.
My kids don't even have screens.
Yeah, no, that's right. That's right.
I'm sure there's some just completely living on screens.
All right. So why am I not getting the latest messages here?
Any last comments or questions or issues?
You know, I don't want to...
I did... What did I do today?
Yeah, so I finally figured out how to get...
I did a call-in show with a woman yesterday that was pretty wild, and I wanted to figure out a way that I could get transcriptions of me talking and then her talking separated out, so I figured that out technically today.
And I did over an hour on answering locals' questions.
I'm doing this now, so we'll get back to it.
But why are you not giving me my latest messages?
But yeah, if you have any other comments or questions, we can end here.
I know these shows have slightly shorter shelf lives because they're sort of current event stuff.
And of course, if you find what I say valuable or helpful, I would really, really appreciate it.
Tips to, you know, this is 40 years of study coming out and, you know, what is it, 12 years of Bitcoin knowledge.
Okay, well, just while I'm waiting for some tips, I did say I'll do the passionate thing.
Oh, messages came and went.
I know they're doing a lot of upgrades on the platform, so maybe there's something to do with it.
Okay, so listen, there are people who are in Bitcoin to make money and there are people...
In Bitcoin to change the world.
Nothing wrong with having these two camps.
I mean, if people were only in Bitcoin to change the world, it wouldn't have a price, right?
Because you just hold until there'd be no value, right?
So people have to be in it to make money and people have to be in it to change the world.
And There are some people who will buy Bitcoin in order to profit.
Nothing wrong with that. Totally fine.
Not that my opinion would matter, but there's nothing wrong with that.
And then there are people who are in Bitcoin to change the world.
And over time, more and more people will end up in Bitcoin as a mission rather than as a moneymaker.
And that, to me, is when the real rise in price will occur.
When you won't want to give your Bitcoin...
Like, you know, Bitcoin was invented out of the 0708 financial crash out of Satoshi Nakamoto's absolute disgust at the predatory bailouts and the ripping off of the poor that the rich were doing through government bailouts.
We're going to crash the economy if you don't give us money.
It's like, okay, economic hostage-taking doesn't seem to be a very positive thing as a whole, but...
The people who have Bitcoin as a mission hate the finance guys.
Overall, I hate the finance guys because the finance guys rip off the poor through fiat, inflation, bailouts.
They get the money early from the Fed and spend it at full value and then completely screw poor people who get hit with unbelievable levels of inflation and depression and anxiety and frustration and fear and unsustainable living conditions.
Like, all of that happens. So the people who are most passionate about the world changing capacities of Bitcoin They don't anymore want to give Bitcoin to finance guys than they'd want to give an STD to their beloved wife.
No, I'm not giving you my Bitcoin.
It's a hoarding mentality based on finance guys should get punished for their 100-year predation on the body politic through fiat currency and the fascistic enwrapping between finance and the state.
They will hold it as a point of pride to not sell to finance guys.
A lot of them, right? I have no answer to this, just my particular instinct or thought about it, right?
They don't want to give fiat.
Giving fiat to finance guys is like coughing bloody phlegm on their newborn's forehead, like it's just not a thing.
And when that happens, when the finance guys are desperate for Bitcoin, And Bitcoin has gone to diamond hands more.
To me, that's when the real price increase is going to happen.
And that's punishment, right?
That's punishment. Especially if the finance guys try to use the state to undermine crypto, then anybody who gives their crypto to a finance guy is kind of like a traitor to the cause, in my humble opinion, right? As a hodler myself, I absolutely resonate with this.
Yeah. Isn't it like, you know, you half fascist assholes have preyed upon the body politic for as long as I've been alive and more.
You stole from me, you stole from my grandfather, you stole from my great grandfather.
Fuck you, I'm not giving you Bitcoin.
I mean, I think a lot of people have that particular perspective.
A lot of people have that particular perspective.
There's going to be a vengeance element, I think, to the price rise.
There's going to be a vengeance element.
It's going to be a vengeance element.
Right? So like the woman who gave you an STD and cheated on you and stalked you and got you fired from your job that comes crying to you and wants you to lend her money and it's like, sorry, we're closed.
So I think that's going to be a very interesting time.
It's going to be a very interesting time.
And to me, it's a devilish temptation.
I think view people are going to view it as a devilish temptation, right?
Which is like, I know this sounds ridiculous and maybe people don't resonate with this, but the way that I view it, not my view particularly, but the way that I view it among a lot of hodlers is it's going to be like, Jesus being taken to the mountaintop by Satan, and Satan saying, I'll give you the whole world, you just have to bow down to me.
Right? I always thought the price rise would come when fiat collapses, and it kind of is with inflation.
Right. But, if the price rises relative to fiat collapse, it's not an increase in value.
Right? I mean, if a loaf of bread costs $20, whereas it used to cost $2, the value of the bread hasn't gone up 10 times.
The value of the currency has gone down 90%, right?
So the price rise will come when significant portions of the economy are trying to get
to Bitcoin, trying to get into Bitcoin.
Not when there's inflation in the currency.
See you next time.
If the value of Bitcoin doubles because the currency has gone down by 50%, then Bitcoin hasn't gained in value.
Bitcoin will gain in value when Significant portions of the existing economy is trying to get into Bitcoin because it's the lifeboat.
Right? Because the fiat currency system is going down and Bitcoin is the lifeboat.
And significant portions of the economy are going to transfer there.
Now, of course, it's a challenge as well because If the value of Bitcoin is going up considerably in real terms, then financial managers, money managers, the whole financial industry that survives on inflation, right?
I mean, how many people actually want to invest in the stock market?
Not that many, but we all have to because otherwise our money gets eaten by the endless carpenter ants of fiat inflation.
We have to. We don't want to be there for the most part, but we have to.
So if your money is going up, The value of your money, Bitcoin, right?
The value of your money is going up.
Then you don't need money managers.
You don't need hedge fund managers.
you don't need all of this crap.
So, that I think is where the real wild ride is gonna, is gonna start.
Bye.
you You know, when the...
When the assholes who steered the ship into the iceberg and gave an STD to your girlfriend weren't on the lifeboat, that's when the real excitement is going to be, right? When the jerks who set fire to your crops and shot your dog...
Come banging on the door in January because they're out of food and it's winter.
That's when the really interesting times are going to become.
Yeah, but the idea of trading Bitcoin for fiat, I think for a lot of people who really get the mission, it's going to be incomprehensible.
It's gonna be incomprehensible It's like trading a great wife for a handjob
I'm going to go get a job.
Make any sense? All right.
Thanks, everyone, so much.
I really, really appreciate this.
If you find this to be of value, freedomain.com slash donate to help out the show.
Really, really would appreciate it if what I've said over the years has helped you out.
If you could help me out in return, I would really thank you enormously, and I really appreciate you guys coming by.
I hope that this stuff is of help to you.
Just before we end here, just give me a minus 10 not helpful, like negative helpful, I guess you've made it to the end.
So minus 10, not too helpful.
Plus 10, very helpful.
I would appreciate that because, you know, I don't usually do the dip in Bitcoin shows, but let me know what you think in terms of value and I can sort of adjust things accordingly and find out whether it's a value to you or not.
Which is why I know it's a little bit late with the typing.
It's tough.
Thank you, Bryson.
I appreciate that. 9.9.
Damn it. 1% off.
Plus 10. All right.
Good. Well, I appreciate that. Plus 9.
Good. Okay. And if there's things that I can do better, you can almost just drop me a line on the website or you can email me operations at freedomain.com.
Good. Okay, well, I'm glad it's helpful.
If things I can do better, things that I can provide more value, and I would really, really appreciate you letting me know about that.
And if it's not much, can you post this?
As I just came in and gave the full day in front of me, my broom is starting to abuse me.
I'm not sure what that means, Jimmy, but I'm happy to post this right away.
Yeah, of course I'm going to post this right away because it's not going to have much value next week.
Thanks everyone so much.
I'll see you Wednesday night. Have yourself a beautiful evening.
Lots of love from here. I'll talk to you soon.
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