A highlight from Store of Value and Proof of Work with Ben Justman, Founder of 'Peony Lane Wine' - September 18th, 2023
Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. All right, all right. Good morning to all of you Cafe Bitcoiners. Happy Monday. It is time for another awesome week in Bitcoin. Man. It is so cool getting up on a Monday morning. You know, most people are like, oh, God, it's another Monday. They don't even want to get out of bed. They're dragging ass. They're like, oh, but Bitcoiners are like, let's go. All right. Good morning to all of you, Lisa. Good morning, Peter. Good morning, Mickey. Morning. Good morning. Don Bay Terrence. Good morning to all of you. Shout outs to my cobart in the audience. Joe Carla. Sorry. Hi, guys. Alex, the other Alex, there is another Alex. Alex talks tweets. She works at Swan. Shout out to you. You're welcome to come up. She does some amazing stuff. I'm not there's other people in the audience here who work for Swan. I'm not going to talk to you because you guys have some semi names. I don't know. Anyway, morning, Jacob as well. Welcome back from your golf excursion or the weekend. Tone vase morning there on you an invite. I just found out I'm on a panel with tone vase for Pacific Bitcoin. I'm moderating tone vase and Pierre Richard and Jimmy song. That's awesome. And I guess our mission is to talk about shit coins. So for whatever that's worth. All right. Welcome to Cafe Bitcoin episode four hundred and thirty six. Shout outs to our supporters on Fountain and Noster Nests. Our mission for this show is to provide the signal in a sea of noise, teach the other seven billion people on this planet why there's hope because of this bright orange feature we call Bitcoin. Today's show, we're going to be discussing BTC performance versus other assets. There's a tweet Saylor put out with a really interesting chart. We'll be talking about that. United States interest payments are at insane levels and the near perfect energy arbitrage of Bitcoin later today. We have Ben Justman from Penny Lane Wine coming on the show. Very excited. He's an example of the Bitcoin circular economy. So you've got people who are craftsmen making really fine high end things and they're selling them directly to big winners. And man, I love to see it because this is the future. Like we're moving away from this entire consumer rush, rush, rush, get on the hamster wheel, make money that is constantly devaluing and then spend it on shit that you're going to replace one month or one year from now because it's garbage. But that's the entire consumer economy system. It's insane. But Bitcoin is switching that. I think we're going to flip this thing completely on its head. How long will it take? I have no idea. But I think it's coming. Anybody have any opening comments you want to make before we start digging in here? Just that the coffee and the Bitcoin charts are hitting hard this morning. So let's go. Yeah, what's up with that? I saw there was something like, I don't remember the exact stat, but the open interest has is skyrocketing, I guess. We went from twenty six, what is this, five ish to twenty seven thousand two hundred and thirty ish per Bitcoin right as of right now this morning. Lisa Huff, what did you do? You know, I missed the days when Bitcoin was actually volatile, like I am excited to see that it moved and I was also excited to see that it moved down last week. But as for me personally, Alex, what you said is correct. Bitcoiners were ready to get up and do it. And in the last several months, I have, because of Bob Burnett's lovely wife, Lola, I heard a comment that she said she made about health and fitness. She said you have to approach it like it is your lifestyle. Yeah, kind of kind of changes things up. I'm raring to go at like five o 'clock in the morning. Start workout, just went to Pilates. That's my whole life story, guys. Now you know it. Nice. I like it. I think it's awesome. Like I've shifted also because now I'm on the East Coast. So the showtime starts differently for me now. And I have time first thing in the morning, get up and go do physical things. And man, it's it's been amazing. It's been awesome. You've got to exercise for life to keep your life long and healthy. It is a lifetime thing. And finding something that you enjoy doing while you exercise is critical to that. Personally, since I'm on the West Coast, I make my bed and it's a successful day before Cafe Bitcoin. And I am not qualified to discuss anything, just so everybody knows. It's all good. Shout out to Mike Germano in the audience, throwing you an invite if you would like to come up here and obligation to do so. Alex, good morning. Welcome. I think this is the first time you've been up here now. Hey, good morning, everybody. Yeah. Thanks for inviting me up. This is a lot of fun. I'm always listening while changing diapers in the morning and doing the whole mom thing before I clock in. So thanks for having me. Yeah. What are you excited about in Bitcoin and with Swan and with everything? What are you excited about? Wow. That's a loaded question. But I mean, short term, I am stoked on Pacific Bitcoin coming up. I sent out an email blast this weekend. Hopefully many of you guys received it. And I heard you mention your panel, Alex. And the description in the email of that panel is... So the title is Shitcoin Slayers, but that's pretty awesome. And basically, shitcoiners are shaking in their boots and stand no chance against Alex, Tone Vays, Jimmy, Pierre. There'll definitely be some fighting words and not some subtle jabs. It's going to be an awesome talk. Yeah, just a lot of good stuff in the pipeline for PB. Hope to see you guys there. Tone Vays, good morning. We're on a panel together. Good morning. Yeah, I saw that in the email that you were sending that over. Yeah, so that's great. Do you guys know which day that would be? That first day or second day? I have no idea. I just literally just found out myself because I got the email just like everybody else. It's funny, right? They're like, they don't even tell me. Yeah, no, it's good. I actually tweeted out just last night. Ethereum had a brand new weekly low 12 -month close against Bitcoin. And that is a very weak TA symbol for Ethereum. And it's already going down a little bit today as well. So I think, yeah, shitcoins are in a bit of trouble. But the weird thing is, though, have you guys seen what is going on over in Singapore right now with token 2049, which pretty much has become the biggest shitcoin conference in the world? It is crazy. That conference is so scary to me. It tells me that shitcoiners still have an unreasonable amount of money. And maybe the bear market's not over yet. I don't know if anyone's seen the party videos from there. No. What I wonder about is, in this next cycle, are they tapping Asia? Are you going to see a lot of shitcoin conferences over in Asia? And are they going to be gigantic? Oh, I was going to just say probably. But the scary thing is that that conference was massive. And they're renting out sweets with the best views of the... Let's get some context. Let's get some context. What do you mean by massive? What does this mean? What does massive mean to you? Numbers? Do you have an idea of a number of attendees kind of thing? I don't. I'm assuming 5 ,000 to 10 ,000 people. I wasn't going to watch that much. But it was like the after party, right? Like renting out the most expensive restaurant in Singapore. Getting front row seats or the best views of F1, a race that was happening the day after the event. If you just do the hashtag token2049 and just look at their after parties, I don't think anyone really cares. It seemed like a borderline Bitcoin 2022 or one of their older ones. It was insane. And based on how well the shitcoin community is doing, I'm like, man, this bear market may not be over yet. Well, Tone, they're long on other people's fiat, but that tells me they're short on their own tokens. That's why they're spending so hard. It's possible. Is Ethereum ever going to make new highs against Bitcoin? Nope. No, no way. And I said that on a show. I was on Ben Cohen's podcast and a lot of his audience is apparently shitcoiners. And I said that no shitcoin has ever made a new high versus Bitcoin in the following bull market of Bitcoin. Like it's never happened. Actually, I did find one exception. That exception was Doge. But that's because of Elon Musk. It's not because of anything Doge did. And BNB, right? No, BNB never really pumped in the 2017 market because it was just launching then. So BNB's high is the 2021 bull market, and that will never be surpassed. In the case of Ethereum, it's the 2017 bull market. In the case of Litecoin, it's the 2013 bull market. So if a token has been around for like a full year before the bull market, that is its ultimate high. Like it never breaches it. Ethereum will never break its 2017 high. No way.