Bitcoin Today Recast

Darkside does the math Michael Saylor leaves out: Strategy owes $1 billion in September 2027 if MSTR closes below $183, $2 billion in March 2028 below $433, and $3.5 billion more by 2029, while roughly $1 billion every five weeks goes into buying back STRC. Tomer Strolight shows how Grok's reverse-split error made Strive (ASST) look up 200 percent while it fell 83 percent, and Fred Krueger notes ASST is down about 80 percent since Matt Cole took over. TC explains why a permissionless purchase from an Indian pharmacy during COVID mattered more than price, and Jethro, Scott Wolfe, and Pursuing Freedom preview El Salvador's Bitcoin month, with 1,400 merchants accepting Bitcoin and Historico at the National Palace. Plus election day in the room: John Deaton's Senate shot in Massachusetts, and why a midterm flip most likely means gridlock, not a crackdown.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl @proofofmoney

Chapters:

0:00:07.22 Opening: the I sold my Bitcoin joke
0:03:09.14 131 Bitcoin books in a coffee shop
0:06:00.70 The Binance hack was a job interview
0:07:37.12 The Zoom link that empties your wallet
0:09:50.28 Liquid repegged, users made whole
0:12:06.36 Fred's Strive post broke brains
0:13:19.32 Grok was wrong about the reverse split
0:14:49.18 Down 80 percent is not outperformance
0:19:14.36 The $4.7 billion Saylor does not have
0:19:32.86 Strategy owes $1B below $183 a share
0:20:25.24 The cash runs out in March 2028
0:21:02.14 Bitcoin per share fell 3 percent
0:27:55.30 The win is plebs holding their own keys
0:29:41.66 House: Strategy has been transparent
0:30:58.68 Pete presses Darkside on the timeline
0:31:53.80 $200 million a week buying back STRC
0:33:03.94 The C corp tax problem for Strategy
0:36:40.40 Should Strategy sell 100,000 Bitcoin
0:37:02.38 Retire STRC and retire the converts
0:41:07.80 Amplification is only 1.6 to 1.7x
0:43:26.96 A year of downside cover barely exists
0:44:27.98 Deaton has a real shot in Massachusetts
0:45:27.96 Democrats win: gridlock, not a crackdown
0:47:21.08 You never vote on how much they print
0:48:42.02 What has to come before stacking sats
0:50:49.46 Most people never get past step one
0:52:33.92 Inflation taxes the people who miss it
0:55:26.18 Telling people to buy backfires
0:57:19.24 Orange-pilling is a worldview teardown
1:00:35.56 Late to Bitcoin means admitting error
1:03:25.12 Passive indexing to Bitcoin is coming
1:06:34.35 People learn through pain, then Bitcoin
1:09:07.61 Permissionless beats purchasing power
1:15:06.38 Lead with the use case, not the pitch
1:21:02.58 Did you really sell all your Bitcoin
1:24:36.38 Binance covered the hole in 24 hours
1:26:23.20 On balance sheet means creditors first
1:27:17.40 Grant: you can build anything now
1:29:37.08 Make friends with your clanker
1:31:09.98 El Salvador's Bitcoin month is coming
1:31:54.58 Historico, a capital summit, MIT on AI
1:33:04.98 Pursuing Freedom heads to Historico
1:36:31.26 A trade group for circular economies
1:39:37.86 Why do some vendors refuse Bitcoin
1:40:45.56 Bitcoin use beats credit cards there
1:44:06.66 The biggest grocery chain takes Bitcoin
1:46:50.68 Bukele tweeted the central bank in 2017
1:49:15.86 Ricardo Salinas is coming to Historico
1:50:01.88 Bitcoin on TV at 23 cents in 2010
1:54:14.30 The 2001 dollar switch still stings
1:54:58.98 Chivo was a terrible first impression
1:58:09.74 Dom: nobody in Hawaii talks Bitcoin

dotoshy and Joe Carlasare say the Binance story is not finished: outflows have passed $7 billion since withdrawals reopened, CZ is publicly denying that Binance borrowed money, sold assets, or raised capital to fill a $6 billion hole, and accounts holding $100 million or more still cannot withdraw while smaller accounts get out. Terence Michael explains why a snapshot of coins is not a proof of reserves, and what a real one would have to show. Fred Krueger runs the recovery math, Matt McDonagh argues the biggest hack in history inoculated Bitcoin, and Darkside breaks down Strategy's new 8-K: $164 million of stock sold, 811 bitcoin bought, and $208 million of STRC preferred bought back. Plus Scott Wolfe on El Salvador, a plan for a Bitcoin museum in Santa Monica, and Joe Carlasare on prediction markets and the gamblers they eat.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

YouTube: https://youtube.com/@lorenhodl
X: @lorenhodl @ProofOfMoney @dotkrueger @JoeCarlasare @dotoshy

Chapters:
0:00:00.54 Opening: X changed the audience order
0:00:48.86 Calacanis named Grant, Fred, Terence
0:01:55.36 Fred: Binance replaced 95 percent
0:02:53.88 Proof of reserves should be standard
0:03:59.20 Hot versus cold: what cold really means
0:05:29.14 BlueWallet: 100 gift wallets, zero lost
0:06:34.32 Grant returns: the million dollar bet
0:09:39.00 Matt: the hack inoculated Bitcoin
0:11:00.02 Daniel: the 5 percent tip, hack fatigue
0:12:24.20 Joe Nakamoto versus El Salvador
0:13:36.60 Mars: I only cheerlead for America
0:15:33.20 Scott: Bitcoin is a voluntary money
0:25:05.21 Jason sells millions, will not bet
0:25:47.59 A bigger attack, and Europe is freezing
0:26:58.95 The airplane photo in the nest
0:30:58.78 BIP110: how do you unstack fork coins
0:33:59.08 Told Bitcoin Cash was the real Bitcoin
0:34:36.24 Break a rule, you made a new coin
0:38:00.04 Terence: a snapshot is not proof
0:39:25.82 Loren: are the pockets that deep?
0:45:08.52 White paper day at Steak and Shake
0:46:43.96 Chances ETH transfers reverse: zero
0:48:42.10 Hackers are stuck with 15,000 Bitcoin
0:51:47.46 Plan for the worst case, every angle
0:54:07.28 Physical cold storage is hacked too
0:57:54.42 A Bitcoin library meetup in WeHo
0:59:47.34 Georgia shelves empty before midterms
1:01:08.06 How much is timed for the midterms
1:02:37.28 Library, gallery, or museum of money
1:05:35.18 Arizona skips daylight saving time
1:08:38.01 Shopping for a museum for the shark
1:13:51.29 Would the museum include BIP110
1:15:13.92 Darkside: Strategy sold $164M of stock
1:16:16.70 Fred: amplification is calibration now
1:18:19.28 Put it all in one Strategy ticker
1:21:49.20 The squawk box nuclear question
1:23:51.58 Or just buy Bitcoin, self custody
1:24:47.08 Joe arrives to the end of the world
1:28:42.96 Boomers hold 60 percent of the wealth
1:30:56.88 He lost $2M and his wedding money
1:33:07.34 Ban the lottery while we are at it
1:35:10.96 Polymarket shows you the whole book
1:38:13.16 Schwab makes you prove competence
1:41:15.46 dotoshy and Joe: $100M accounts cannot withdraw
1:44:34.94 Loren: Joe scared everybody, fairly
1:46:24.64 Betting on hacks at four to one
1:48:00.08 Campaign cash moves prediction odds
1:51:00.28 Around the horn: Terence runs to books
1:51:40.76 Thomas: guardrails versus free choice
1:52:33.80 Keep dry powder dry for the chaos
1:54:36.10 Darkside does Dylan on chaos
1:55:26.22 Dentist Wednesday, maybe swap a day
1:56:35.12 Closing tape: 1929 crash, Nixon, Bitcoin

Mr HODL argues the $6.3 billion Binance hack was not a custody failure but a hot wallet failure: your UTXOs should be cold no matter who holds them. Terence Michael opens with the multisig case and the Mt. Gox lesson, the room audits CZ's promise to cover the hole against the cash a company like Coinbase actually holds, and Bruce Fenton closes with the case for tokenization. Bitcoin held $77,000 through the largest exchange hack in history.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl

Chapters:

0:00:00.00 Opening: the sky is falling

0:02:16.36 Terence: custody gets challenged this year

0:03:55.94 Terence: everything points to multisig

0:05:51.14 Terence: Bitcoin itself was never hacked

0:07:03.00 Mt. Gox fell to a penny and lived

0:08:36.72 Exchanges will catch no break

0:10:23.02 A laptop and an Ethereum upgrade

0:11:49.70 Institutions split keys worldwide

0:13:03.02 Lorenzo: Binance is trust me bro

0:14:25.58 Gloria: protection of assets is power

0:15:52.08 Start cold storage with a few sats

0:19:52.50 The hole is triple the headline

0:22:57.24 Ozzy: every October, Binance rugs us

0:24:33.88 The stolen Bitcoin was wrapped Bitcoin

0:26:22.12 Grant: covering it is self-interest

0:29:25.56 ETF holders are underwater at $82K

0:31:50.16 Treasury yields are rolling over

0:33:09.88 Anything can be hacked, even banks

0:34:46.04 Split your Bitcoin four ways

0:36:00.44 A custodian who loses it covers it

0:38:33.14 Should Strategy custody its own coins?

0:39:58.26 Fred: frozen Tether strands Aave

0:43:12.02 Elvis: Binance is the biggest exchange

0:44:55.32 BitMEX never got hacked: no hot wallets

0:47:43.80 Cold keys do not get hacked

0:53:49.38 Scott: CZ is not in charge anymore

0:54:57.60 Binance is buying back the Bitcoin

0:59:51.64 CZ: it hurts, but we survive

1:03:25.40 Your balance is an IOU, not coins

1:05:52.08 Fidelity and IBIT are two custodians

1:09:52.02 You cannot freeze Bitcoin

1:11:00.48 Bitcoin is horrible to steal

1:14:35.10 You cannot Tornado Cash 18,000 Bitcoin

1:18:27.88 Withdrawals are paused until Monday

1:19:08.32 Made whole argues against self-custody

1:23:27.54 Someone has to custody the Bitcoin

1:24:14.68 An exchange hack is not a hardware flaw

1:26:44.34 A lawyer asked: is Bitcoin broken?

1:29:20.22 Mr HODL: not custody, hot versus cold

1:31:42.54 PHP runs 60 percent of the web

1:34:33.86 Crypto is hit because it is final

1:35:43.26 AI agents need attested authorization

1:39:06.78 Mr HODL: fraud runs through exchanges

1:42:59.72 CFTC wants federal registration

1:45:11.94 Mr HODL: your UTXO should be cold

1:48:44.46 Sign while completely cold

1:50:27.96 Darkside: TradFi chose convenience

1:54:27.08 Speed is the enemy of security

1:56:31.92 Mr HODL: keep keys off software

1:59:47.48 Blockchain was a marketing term

2:00:32.86 TradFi runs on time to fix mistakes

2:02:13.30 None of the other chains work

2:03:47.72 One laptop should never move a billion

2:05:53.36 Tico: peace of mind has a price

2:07:13.36 Ownership is law, Bitcoin is possession

2:09:32.44 Ozzy: Bitcoin is the only chain that works

2:10:44.08 Darkside: Strategy CFO quit in a week

2:14:24.50 Mr HODL: keep your Bitcoin cold

2:17:49.66 Bruce Fenton: tokenization is winning

2:19:44.74 The chain enforces nothing

Mike Schmidt, who funds core developers through Brink and runs the Bitcoin Security Consortium's quantum work, explains why Bitcoin Core skipped version 32 for 32.1 after an AI scanner caught a medium-severity bug, and why the BIP110 fight turned on the difference between consensus and policy. TC reads the day's difficulty adjustment, set to jump close to 6% for the second time in two weeks, as proof miners are not bearish. Wicked explains why he is leaving multisig behind now that EntropyLab can verify a hardware wallet before it signs. Dave Weisberger argues AI is about to expose every crack in digital finance, passkeys or not.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl

Chapters:

0:00:00.00 Opening banter, Mike joins the stage

0:01:25.56 $17.7M says Bitcoin never tops its high

0:02:20.48 Difficulty adjustment day, near 6%

0:04:07.02 TC: miners are not bearish at all

0:05:01.32 Public miners exit to AI, solo miners rise

0:08:37.46 Natalie asks: are difficulty highs bullish?

0:10:53.08 Water heaters are mining Bitcoin now

0:11:34.90 Meet Mike Schmidt, Core's inside guy

0:13:01.00 Mike: Optech, Brink, quantum break-glass

0:14:52.30 Quantum has two fronts: inform and fund

0:15:49.06 Lorenzo: quantum FUD cries sky is falling

0:17:24.40 FUD recycles: quantum, AI, wallet hacks

0:19:18.42 One fake phone call stole 185 Bitcoin

0:19:48.28 Terence: guard every account you own

0:21:11.54 Dave: send a test transaction first

0:23:46.06 Dave: AI shows all the cracks in security

0:26:50.14 Dave: TradFi only talks about AI now

0:28:31.56 Mike: two levers, FOMO and a scary event

0:30:26.88 Mr HODL: AI pays its bills in dollars

0:31:44.08 Terence: nobody wants to spend Bitcoin

0:33:05.46 What is big Bitcoin?

0:34:22.04 Mike: the donors are not pulling strings

0:37:23.82 Asanoha: big Bitcoin is real, like pharma

0:39:28.02 Lorenzo presses Asanoha on BIP110

0:41:01.26 Mike: never give the consortium one voice

0:43:38.60 Lorenzo: has your BIP110 view changed?

0:47:00.22 Asanoha: 715 Core fixes make better money

0:50:05.94 Consensus is not policy, Taproot was last

0:51:01.40 Mike: permissionless means users you dislike

0:56:23.96 Lorenzo: the mudslinging was the saddest part

0:59:04.45 TC: use it daily, it just works

1:01:27.66 Mike: misunderstanding fueled the attacks

1:03:47.14 Mike: fight about quantum, but fight better

1:05:45.28 Timechain Art Magazine opens pre-orders

1:07:02.88 Core skipped 32: an LLM found the bug

1:13:48.74 Dom drops a vibe-coded project

1:14:23.82 Watch Duty and the fire map tangent

1:18:02.74 Wicked: the hack made me redo my setup

1:22:52.78 Multisig was a stopgap all along

1:29:08.54 Import the WIF, not the whole seed

1:31:58.30 Mr HODL: a WIF in a wallet is hot

1:34:51.80 Seed words physical, wallet.dat digital

1:37:17.18 Dice rolls changed the words live

1:40:13.18 Terence: most people need a 2-of-3

1:46:11.52 Two companies can hold two keys

1:47:38.30 EntropyLab checks the PSBT for you

1:52:50.72 Mr HODL: go play with it, offline

1:53:17.10 Around the horn, closing the show

Segment: https://youtu.be/L7GMwS2ySK4

Joe Carlasare, an attorney, walks the room through AI copyright: whether AI output is a tool's product or a principal author's work decides if it can be protected at all, and why anonymous accounts offer no shelter from false-light judgments. Lorenzo opens on the Fed meeting with a simpler frame: he does not save in dollars, so he follows issuance, halvings, and difficulty instead of the rate decision. TC warns that AI can now read and write code better than humans, so every bug in every system is open season, and the room closes on a bet against Jason Calacanis that grows past $4 million.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl

Chapters:

0:00:01.06 Opening banter, King James, sing-along

0:00:57.54 Fed preview: I don't save in dollars

0:01:43.88 Coinbase, Keystone hacks, trust no one

0:02:44.92 Mad World, Halloween, and a sick room

0:05:19.90 The $1M bet against Calacanis

0:08:09.16 Cathie Wood's fund sold $16M Bitcoin

0:08:50.38 Difficulty, hash rate, halvings

0:09:57.24 Simply Bitcoin's 500K-sat meme contest

0:12:06.12 Canada raised rates, EU revoked invite

0:12:51.11 TC: AI finds every bug now

0:16:10.14 Security wake-up: 2FA, password managers

0:18:39.68 Google's sharded institutional custody

0:21:48.40 AI bots, email access, privacy is gone

0:25:20.49 Interactive Bitcoin white paper

0:26:39.35 Mr. HODL: Grok, Gmail, privacy is gone

0:32:14.16 One API key connects every model

0:35:48.42 EntropyLab tonight, Chef's AI emails

0:38:25.36 Law firm AI, stack Bitcoin exposure

0:39:41.68 Built a game with AI, UI is dead

0:41:34.74 AI emails to bad managers

0:44:02.00 Wine advice: person vs prompt

0:49:09.32 AI replaces the dumb and mediocre

0:50:29.80 Harness, MCP, LLM: three pillars

0:53:01.44 UI is dead, roles changed

0:57:23.30 Pilot to control tower, experts matter

1:02:09.50 Joe: AI copyright, tool vs author

1:06:12.74 Memes, false light, $1M judgment

1:10:01.37 Digital discovery, LLM confidentiality

1:12:56.75 Joe: judgment can't be automated

1:19:35.14 The bet grows to $4M against Calacanis

1:21:24.68 Joe: slow down, emotional IQ

1:24:57.10 Struggle, proof of work, think yourself

1:33:36.50 Jimmy's flipped truck and community

1:36:27.88 AI in Netflix writers' rooms, slop TV

1:41:44.56 The bet hits $5M, closing the show

Watch the full segment: https://youtu.be/fqBeQV2hzsY

Terence Michael hosts an open-floor Bitcoin Today room that starts with the simplest question in personal finance: what actually preserves savings when bonds sit doing nothing for decades and the 401k is supposed to be fine? The room builds a working elevator pitch for Bitcoin, from 17 years of persistence to self-custody, the circle of trust, and why a crisis is what finally makes people question everything. The throughline is practical: stop cherry-picking timeframes, keep your own keys, and judge money by what it preserves, not what it promises.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl, @proofofmoney

Chapters:

0:00:00 Information overload opens the show

0:12:34 Bonds sat doing nothing for decades

0:15:00 How do you save? The simple question

0:15:39 Quantum hacks Bitcoin in ten years?

0:16:17 Dollars are great, your 401k is fine

0:25:48 Build an elevator pitch for Bitcoin

0:33:05 A bridge to bring people in

0:35:43 Bitcoin: lubricant for capitalism

0:38:15 Bitcoin solves a real problem

0:40:50 Wall Street billions in Bitcoin

0:44:19 Stop cherry-picking timeframes

0:48:04 A gallon of milk measures the money

0:53:35 Coldcard security and self-custody

0:57:43 The circle of trust

1:04:47 Say the wrong thing, lose groceries

1:06:04 Blockchain is instant and transparent

1:10:50 An Austrian economist all along

1:21:36 More debt, better credit score

1:25:17 Bitcoin is hope, they laugh at us

1:32:34 The mainstream story is false

1:33:37 A second job to keep up

1:35:53 The pitch depends on the person

1:37:01 A crisis makes you question all

1:49:56 Sign-off and closing banter

Watch the segment: https://youtu.be/wmvvQhkFFjg

Loren Hodl and the Bitcoin Today room work through the quantum FUD cycle, paper Bitcoin, and what actually secures a blockchain, from hacked-coin scenarios to the nominal amounts that matter. The room debates whether any other chain can ever reach Bitcoin's decentralization, why the top 10 from 2016 looks nothing like today, and what evidence would change their minds. The show closes on the gold flip: at least 10 years out, against a $30 trillion market cap, and what a $15 trillion Ethereum would mean for the thesis.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl and @proofofmoney

YouTube segment: https://youtu.be/iUl5bUCXGgg

Chapters:

00:00 Paper Bitcoin fears open the show

10:39 Paper Bitcoin ends Bitcoin?

24:05 Quantum: hacked coins spent today

33:00 Quantum fix is 3 to 5 years out

39:07 The wheel of fortune of FUD

48:04 Quantum: look at the nominal amount

54:00 Exchange inflows: the real resource

1:03:00 What counts as a shitcoin

1:06:08 Venmo vs blockchain settlement

1:12:01 What is a blockchain?

1:12:48 No other chain reaches decentralization

1:13:20 Decentralization is a spectrum

1:33:01 Minted Bitcoin just cease to exist

1:45:00 Bitcoin outlives a 40-year horizon

1:49:02 Top 10 from 2016 looks way different

1:51:00 When Bitcoin flips gold: 10 years

1:51:54 Gold's market cap is $30 trillion

1:58:31 Closer: All We Do Is Win

Roberto argues Japan is the monetary experiment lab for the West: thirty years of QE, QQE, and yield curve control that never created growth, with yield curve control next for the United States if a bond market crisis hits. He calls the BIS the head of the Medusa and makes the finale case that Bitcoin solves the Triffin dilemma, because a reserve asset with no host country cannot break one, unlocking $20 to $40 trillion in daily trade liquidity and forced nation-state adoption. Terence Michael opens the show as Bitcoin's hash rate returns to one zettahash, one sextillion computations per second.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

Full video on YouTube: https://www.youtube.com/watch?v=sCqfUdMDAHc | X: @lorenhodl and @proofofmoney

00:00 Show open, 1929 to the moon

02:13 Hash rate back at one zettahash

04:35 The October 1929 anniversary

05:25 SpaceX bonds are yielding 8 percent

05:51 A massive shortage of capital

15:00 Boiling down an investment philosophy

24:25 JPMorgan says Bitcoin performs best

26:52 Natalie on the advisor business

27:32 A Bitcoin Alpha inheritance talk

29:17 Why The Bitcoin Standard still lands

32:14 Homes should not be stores of value

35:00 Which Bitcoin ETF for an allocation

45:00 Off-balance sheet manipulation

50:05 The morality play was never needed

50:55 BIP110, Bitcoin's latest civil war

1:05:01 Will they take over the mining pools

1:10:00 House, credit card debt, or Bitcoin

1:12:35 Hold until the thesis is invalidated

1:17:33 How to actually monitor adoption

1:18:31 Dan and Robert take the stage

1:24:45 Japan's domestic carry trade

1:33:09 Why the room follows Roberto

1:35:03 Talking Japan with Roberto

1:42:48 The financial repression playbook

1:50:03 Can you just delete the debt

2:03:25 Winding down for the weekend

2:05:19 Japan is the West's experiment lab

2:09:01 Bitcoin has no host country

The builder of EntropyLab, a single-file offline Bitcoin key and wallet calculator, argues your seed words are only as trustworthy as the entropy that created them, and that after the Coldcard failure no hardware wallet should generate your 24 words in secret. TC lays out the contradiction at the heart of Bitcoin security and the fix: roll your own entropy, create your own words, verify everything yourself. Fred Krueger answers the latest quantum panic, and Harry explains how one certificate authority's broken keys could have forged any website on Earth.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl and @proofofmoney

00:00 Show open

04:09 UgaBoogaLand teaches Bitcoin as a game

04:29 Who funds Bitcoin education?

09:27 EntropyLab: a calculator, not a wallet

13:40 The file only works offline, on purpose

19:59 TC: create your own 24 words

24:17 Did your wallet use enough entropy?

29:02 The PSBT inspector checks your signer

34:23 Cold storage means rare on-chain moves

37:14 Done with hardware wallets

40:42 Trust it, or verify it yourself

41:14 Paranoid is the whole framework

46:06 Coldcard was a fork in the road

54:42 Online features defeat the purpose

1:00:28 Fred Krueger joins the room

1:02:25 Chamath's quantum FUD, answered

1:06:51 The PHP and Node.js certificate scare

1:11:20 A forged cert could fake any website

1:15:51 Point your own agent at your machine

1:18:37 Rocio: custody is a family decision

1:23:05 Self-custody is learning to drive

1:27:52 Sovereignty starts as a mind shift

1:29:07 Credential vaults at the OS level

1:31:41 A UTXO is a chunk of Bitcoin

1:37:34 A PSBT is a check missing a signature

1:41:10 Driving daily is riskier than Bitcoin

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT. The daily show on Bitcoin, money and the incentives behind the headlines. Follow so you never miss an episode.

Attorney Joe Carlasare argues proof of reserves proves nothing about a Bitcoin treasury company's solvency, because FTX showed addresses for Bitcoin it never had. Fred Krueger runs the math on a Tesla-SpaceX merger putting 30,000 BTC on one balance sheet, Matt McDonagh maps the three portals driving adoption, and Tomer Strolight explains why hash rate follows price instead of leading it.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.

X: @lorenhodl and @proofofmoney

00:00 Bitcoin Today, Oct 21 lineup

04:40 Fred: digital credit is a sideshow

07:48 How much buying gets Bitcoin to $1M?

08:40 Tesla-SpaceX merger: 30,000 BTC

15:32 Proof of reserves: the debate opens

19:23 FTX showed reserves it never had

20:45 Joe: only a full audit proves solvency

23:26 Enough negativity, get bullish

24:09 Bitcoin $300K to $400K in 18 months

29:30 Slow your roll on the power law

31:52 Triple-entry bookkeeping changes audits

33:20 Matt: three portals drive adoption

35:50 AI agents will choose Bitcoin

36:34 Shadow banking runs on handshakes

37:40 Are LLMs eating Google search?

39:42 Bitcoin takes patience, not euphoria

44:41 The world is hooked on fixed income

46:07 PHP flaw put millions of sites at risk

1:02:13 A hacked site can steal your data

1:15:07 A live lesson in mining difficulty

1:19:31 Difficulty adjusts so no one takes over

1:20:54 Tomer: difficulty cuts both ways

1:26:24 20+ power laws surround Bitcoin

1:30:30 Mining cost tends to equal price

1:32:02 Hash rate follows price, not reverse

1:38:15 Tomorrow: onboarding, scams, adoption

1:51:34 Companies can sign to prove reserves

1:52:11 Tomer: proof of assets beats claims

1:59:03 Treasury companies down 87% to 90%

Jeff Walton of Strive walks through the $700M SATS placement and defends the fixed coupon against STRC's floating rate. The room presses him on SATA versus SATS, what happens if yields fall, and whether anything in the structure can force a sale of the bitcoin. Cut from today's full Bitcoin Today Space.

Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.
Full episode: https://open.spotify.com/episode/0cCuLZuzCBOV4jWmTft0a7
Follow on X: @lorenhodl and @proofofmoney

CHAPTERS
0:00 Strive's $700M SATS raise
2:25 SATA vs SATS explained
4:00 What if yields fall?
8:00 Fixed coupon beats STRC floating
10:00 Building the capital stack
12:00 Nothing forces selling the Bitcoin
16:00 Pricing the raise: 90 vs 95
20:00 Matching investors to credit quality
22:16 If SATA depegs, who gets sacrificed?

Bitcoin is now calmer than 57% of the S&P 500, and the Bitcoin Today room digs into what that means. Loren and Terence host today's live Bitcoin Today Space with the community. Searching for daily Bitcoin news, Bitcoin volatility, Bitcoin vs stocks or self-custody? This episode covers it in a live, unscripted community conversation recorded Tuesday morning PT.

CHAPTERS
00:00 Show open: Bitcoin is now calmer than 57% of the S&P 500
05:07 Conference recap: Fred's astronaut outfit
28:48 Jeff Walton joins the Space
33:00 Strive's $700M SATS placement: pulling new money into Bitcoin
35:25 SATA vs SATS: building a stable senior instrument
37:00 The variable-rate fear: what if yields fall?
41:00 Why a fixed coupon beats STRC's floating rate
43:00 Designing the capital stack from the top down
45:00 Nothing in the structure forces selling the Bitcoin
49:00 Pricing the raise: capacity at 90, demand at 95
53:00 Aligning credit investors with credit quality
55:16 Darkside's question: if SATA depegs, who gets sacrificed?
59:00 Watching every data point
1:01:02 The "paper Bitcoin" question from Bitcoiners
1:03:00 Building trust for the 99% who won't self-custody
1:09:00 A transparent capital structure for everyone
1:11:00 Reconstructing capital markets on Bitcoin
1:13:25 The $4B fraudulent letters of credit story
1:25:07 mNAV vs price-to-book: the insurance comparison
1:31:16 Jeff signs off
1:35:14 After the interview: tough questions and the wrap sheet
1:40:00 ICOs, rugs, and honest criticism
1:43:00 Margin, rug pulls, and market timing
1:45:00 Midterms: are elections already decided?
1:47:00 The AI trade correction and Bitcoin's breakout pattern
1:49:00 Buy the fear, sell the greed
1:57:00 Banter: cash, jujitsu, and Best Buy
2:01:12 Housing: does owning a home still make sense?
2:03:05 Signoff

What’s happening in the Bitcoin market—and what are Bitcoiners talking about after Bitcoin Alpha in Santa Monica? From MicroStrategy (MSTR) to the bigger questions shaping Bitcoin, this episode brings the community conversation back to the forefront.

Today on Bitcoin Today, we revisit the energy surrounding last week’s Bitcoin Alpha conference in Santa Monica and dive into general Bitcoin topics, market perspectives, and the latest conversations across the Bitcoin community.

We also discuss MicroStrategy (MSTR) and its place in the Bitcoin ecosystem, alongside broader questions about Bitcoin, market sentiment, and the different ways people think about gaining and holding Bitcoin exposure.

Bitcoin is about more than price. It’s about ideas, conviction, community, and the future of money. This episode brings those themes together in an open, unscripted conversation about where Bitcoin stands and what could lie ahead.

Whether you attended Bitcoin Alpha in Santa Monica or are catching up from elsewhere, tune in for a community-driven discussion covering Bitcoin, MSTR, market outlooks, and the ideas shaping the Bitcoin conversation.

It’s a market-focused Space covering Bitcoin, Bitcoin Alpha, MicroStrategy (MSTR), Bitcoin market sentiment, Bitcoin investing, and the people and ideas shaping the future of money.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself. We’re live on X every weekday at 8:30 AM PT.

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X Money: @LorenHodl

Charles Schwab is moving deeper into Bitcoin. Is this the next major step toward mainstream adoption—and what does it mean for Bitcoin holders? From Bitcoin ETFs and financial advisors to self-custody, multi-sig, and a spirited debate about Tesla and Elon Musk, this episode explores the forces shaping Bitcoin’s future.

Today on Bitcoin Today, Loren and Terence host a live community conversation featuring Aztec, Natalie, Michael, Omar, and others. We start by catching up with the community and discussing the day's events before diving into Tesla, the Roadster, and the Cybertruck. Is the excitement around Tesla's next moves justified, and how should we separate the company's technology from the politics and personality surrounding Elon Musk?

Then we turn to the big Bitcoin story: Charles Schwab and its growing role in Bitcoin investing. We discuss what this means for financial advisors, registered investment advisor (RIA) platforms, and investors looking for exposure through Bitcoin ETFs.

The conversation goes deeper into ETF adoption and market dynamics. Does ETF selling pressure influence Bitcoin's price? How does Bitcoin differ from traditional investments like an S&P 500 ETF when its supply is capped at 21 million? And could growing demand for financial products that represent Bitcoin create a bigger divide between paper exposure and holding actual Bitcoin?

That leads to one of the episode's most important themes: self-custody still matters. We discuss multi-signature security, the difference between owning Bitcoin through an ETF and controlling your own bitcoin, and why wider institutional adoption makes it even more important to understand custody. We also touch on Bitcoin ADRs, spending and replacing Bitcoin, and the long-term implications of how people choose to hold their wealth.

From Schwab's Bitcoin ambitions to Tesla's next chapter, this is a wide-ranging conversation about institutional adoption, market structure, financial access, and the principles that make Bitcoin different.

It’s a market-focused Space covering Bitcoin news, Charles Schwab, Bitcoin ETFs, RIA platforms, institutional adoption, Bitcoin price dynamics, the 21 million supply cap, self-custody, multi-sig security, paper Bitcoin, Tesla, and Elon Musk.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself. We’re live on X every weekday at 8:30 AM PT.

📍 FOLLOW BITCOIN TODAY
Follow @BitcoinToday__ on X for daily Bitcoin conversations and new episode replays.

🎧 FOLLOW ON SPOTIFY
Follow Bitcoin Today Recast for new episodes and more conversations about Bitcoin, markets, and the technology shaping the future of money.

⚡ SUPPORT BITCOIN TODAY
Enjoy the show? Support Bitcoin Today and help us keep the daily conversation going.

X Money: @LorenHodl

Bitcoin price, hot inflation data, rising bond yields, and a potential AI data center bubble—is the market overlooking important risks? This Bitcoin Today replay explores the latest macroeconomic signals, Bitcoin market sentiment, artificial intelligence, and the question of who to trust in a world of competing narratives.

Hosted by Eric Rice, with Loren joining as co-host, this live Bitcoin community discussion brings together Jeff, Michael, Corey, Tico, G Money, Aztec, Sean, and others to debate Bitcoin, markets, politics, and technology.

BITCOIN, PPI INFLATION & THE MACRO OUTLOOK

We discuss the hotter-than-expected Producer Price Index (PPI), sticky inflation, bond yields, gold, and Bitcoin's price action—including the market reaction as Bitcoin fell below $80,000 during the conversation. The panel considers the difference between short-term volatility and Bitcoin's long-term fundamentals.

AI DATA CENTERS: BOOM OR BUBBLE?

Are AI hyperscalers and data center companies building the infrastructure of the future, or could the AI investment boom be heading for a correction? We explore data center energy and water demands, infrastructure spending, regulation, and the potential implications for markets and Bitcoin mining.

TRUST, ARTIFICIAL INTELLIGENCE & BITCOIN

Who can you trust when politics, media, and AI-generated narratives compete for attention? The discussion explores language models (LLMs), centralized AI, credibility, and Bitcoin's ability to operate without a third party approving transactions.

We also touch on Bitcoin treasury companies, including Strategy and Strive, Bitcoin forks such as BCH and BSV, market psychology, and why long-term conviction matters when headlines create uncertainty.

If you're interested in Bitcoin news, Bitcoin price analysis, macroeconomics, inflation, AI infrastructure, hyperscalers, Bitcoin mining, and the future of money, catch the full conversation.

🎙️ MISSED THE LIVE SPACE?

Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Today's Space was hosted by Eric Rice, with Loren joining as co-host. Catch the full replay.

📍 FOLLOW BITCOIN TODAY
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X Money: @LorenHodl

Are Strategy’s rising preferred stock yields a warning sign—or an opportunity for Bitcoin investors? From Bitcoin OGs who moved to altcoins to a heated debate over Boomers, Gen Z, and a potential market reset, this episode explores the risks, opportunities, and convictions shaping the Bitcoin market.

Today on Bitcoin Today, we start with some lighthearted community banter before diving into Bitcoin forks and the early Bitcoin figures who went in different directions. We discuss BSV, BCH, their ETFs, and why Bitcoin’s core fundamentals remain central to the debate.

Then we tackle the generational divide. Why are so many young people frustrated with the current system? How did we get here, and what could happen as wealth shifts from one generation to the next?

Next, we turn to Strategy, Strive, and preferred stock yields. We examine products like STRC, the high rates they offer, what they could signal about access to capital, and the risks that emerge when companies rely on continued market access.

Finally, the conversation turns to preparing for a possible market reset. We discuss hedging, keeping dry powder, the upcoming election, and why the group refuses to bet against America. We close with Bitcoin conviction, opportunity, and the importance of making decisions you can live with—without unnecessary regrets.

It’s a market-focused Space covering Bitcoin, Strategy, Strive, preferred stock yields, Bitcoin forks, BSV, BCH, generational wealth, market risk, hedging, the election, and the long-term case for Bitcoin.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself. We’re live on X every weekday at 8:30 AM PT.

📍 FOLLOW BITCOIN TODAY
Follow @BitcoinToday__ on X for daily Bitcoin conversations and new episode replays.

🎧 FOLLOW ON SPOTIFY
Follow Bitcoin Today Recast for new episodes and more conversations about Bitcoin, markets, and the technology shaping the future of money.

⚡ SUPPORT BITCOIN TODAY
Enjoy the show? Support Bitcoin Today and help us keep the daily conversation going.

X Money: @LorenHodl

What happens to your Bitcoin if your signing device is compromised—or your family needs to inherit it? From the Ledger hack and Bitcoin security to Fidelity’s Bitcoin options and a heated debate over MicroStrategy, this episode tackles some of the biggest decisions facing Bitcoin holders.

Today on Bitcoin Today, we start with the Ledger hack and signing devices, discussing Bitcoin security and the importance of understanding how transactions are authorized and protected.

Then we turn to Fidelity and Bitcoin. We explore its spot Bitcoin ETF, custodial options, and the implications of choosing how to hold Bitcoin—including a critical question many investors overlook: what happens to your Bitcoin when it’s time to pass it on to your heirs?

Finally, we get into MicroStrategy, now known as Strategy, and spend some time debating the pros and cons. What makes it an attractive way to gain Bitcoin exposure? What are the risks of using a company and its financial structure as a route to Bitcoin? We dig into the arguments on both sides.

From signing devices and self-custody to Bitcoin ETFs, institutional custody, inheritance planning, and Strategy’s Bitcoin model, this episode explores the trade-offs between convenience, control, and risk.

It’s a market-focused Space covering Bitcoin security, the Ledger hack, signing devices, Fidelity, spot Bitcoin ETFs, custody, inheritance planning, MicroStrategy, and the risks and rewards of Bitcoin exposure through public companies.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself.

📍 FOLLOW BITCOIN TODAY
Follow @BitcoinToday__ on X for daily Bitcoin conversations and new episode replays.

🎧 FOLLOW ON SPOTIFY
Follow Bitcoin Today Recast for new episodes and more conversations about Bitcoin, markets, and the technology shaping the future of money.

⚡ SUPPORT BITCOIN TODAY
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X Money: @LorenHodl

AI: The Good, the Bad & the Ugly — What Does It Mean for Bitcoin and the World?

Can AI make the world better—or will its unintended consequences change everything? From the importance of community and positivity to the opportunities and risks of artificial intelligence, this episode of Bitcoin Today explores a technology that could reshape our future.

Today on Bitcoin Today, we start with a conversation about community, staying positive, and why the people around us matter. Then we turn to AI: the good, the bad, and the ugly.

We explore how artificial intelligence could impact Bitcoin, the global economy, technology, and everyday life. What opportunities does AI create? What risks should we be paying attention to? And how might the relationship between AI and Bitcoin evolve as both technologies continue to develop?

It’s a wide-ranging conversation about innovation, uncertainty, and the forces shaping the future. Whether you’re a Bitcoiner, an AI enthusiast, or simply trying to understand where the world is headed, this discussion tackles questions worth thinking about.

It’s a market-focused Space covering Bitcoin, artificial intelligence, AI risks and opportunities, emerging technology, community, and the future of money.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself.

📍 FOLLOW BITCOIN TODAY
Follow @BitcoinToday__ on X for daily Bitcoin conversations and new episode replays.

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X Money: @LorenHodl

Is your Bitcoin really safe? The Ledger hack, seed phrase security, and Bitcoin’s power law raise important questions about protecting your Bitcoin and understanding where the market could go next.

Today on Bitcoin Today, Matt McDonagh, a financial services professional, joins the conversation to discuss his industry, AI, Bitcoin security, and the forces shaping the future of money.

We dig into the Ledger hack and why taking control of your Bitcoin security matters. The discussion explores the importance of “rolling your own” seed phrase, self-custody, and understanding how your Bitcoin is protected.

Then we go deep on Bitcoin’s power law and what it can—and cannot—tell us about Bitcoin’s long-term trajectory. With market sentiment shifting, we discuss how Bitcoiners can think about the road ahead without losing sight of the bigger picture.

From AI and financial services to wallet security and long-term market trends, this episode connects the practical decisions Bitcoin holders face today with the larger questions surrounding Bitcoin’s future. And we finish on a positive note.

It’s a market-focused Space covering Bitcoin, the Ledger hack, seed phrase security, self-custody, AI, Bitcoin’s power law, market sentiment, and the outlook for the Bitcoin market.

🎙️ MISSED THE LIVE SPACE?
Bitcoin Today is a daily Bitcoin conversation hosted by founding member Loren and co-host Terence, featuring community members and special guests. Catch the full replay and hear the discussion for yourself.

📍 FOLLOW BITCOIN TODAY
Follow @BitcoinToday__ on X for daily Bitcoin conversations and new episode replays.

🎧 FOLLOW ON SPOTIFY
Follow Bitcoin Today Recast for new episodes and more conversations about Bitcoin, markets, and the technology shaping the future of money.

⚡ SUPPORT BITCOIN TODAY
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X Money: @LorenHodl