← On The Chain - Blockchain and Cryptocurrency News + Opinion
On The Chain - Blockchain and Cryptocurrency News + Opinion
TRUMP’S AMERICAN BITCOIN | Ripple RLUSD Goes Global | XRP on Fire
01:20:08
Loading summary
Transcript338 lines
- [00:00]
Jeff
Five in one, two. We are live. Welcome to on the Chain.
- [00:07]
Chip
Sorry y but I got a little jumpy on the button.
- [00:09]
Jeff
Little jumpy, little antsy. I'm like, what's going on? Over.
- [00:12]
Chip
I hit it by mistake. I hit my miles and was like already over it. So it like.
- [00:16]
Jeff
Thank you and good night.
- [00:18]
Chip
Thank you. My gosh.
- [00:19]
Jeff
Welcome to on the Chain. This is Jeff here with co host Chip. What is going on, Chip? What's going on? Everybody out there in the XRP bitcoin universe, you know who you are with the big RL USD or whatever it's going by stablecoin crowd. All you guys who love the stable coins, waiting for the big pump of the stable coin, you know who you guys are. Anyhow, Trump's American bitcoin. That's what we're going to talk about tonight. American bitcoin ripple. RL USD going global ripple. Adding it to their entire platform. Say goodbye to xrp. Is XRP still on fire? Some say yes, some say no.
- [01:03]
Chip
Who are these? Some straw man concept. I love it. Let's construct a straw man. You know, they said this.
- [01:12]
Jeff
They. They all say it, Chip.
- [01:14]
Chip
They all alien experts. What is that one they always say on the alien show? Alien theorists. Experts. Alien experts. Theorists say. Who are these expert alien theorists? They say stuff. All right, guys, let's go. Let's go, let's go, let's go. Welcome to on the Chain. Whoa. I see some people have commented where they're coming in from. Like our buddy Chad, which you hung out with a couple weeks ago. Chad from Celebration. Good evening. Justin is in the building. Good evening. Gentle dudes. I love that. Of course, Jim D. We hung out with too. That was amazing. Mike couldn't make it because he was on. He's always on some racing boat or he's like in some racing thing going on. Purple ferrets here in the building. That's weird because we had the brown ferret last week and we had the. The orange ferret the week before. So it's cool that the purple ferret's showing up. I love that. San Miguel, El Salvador. It's so amazing that Mark is everywhere. He's traveling all over the world. That's great. Of course, South Carolina's in the house. Ray Ron. Beautiful. So there's so much to unpack. I mean, you know, I mean, there's so much winning on a daily basis going on, Jeff. I. I just don't think the. The press can't even keep up with it. There's so much freaking winning I can't keep up with it.
- [02:46]
Jeff
Nobody can keep up. Non stop tagging from every angle. You know, it's just, it's super impressive. Just so amazing. Every day it's another beautiful day.
- [02:56]
Chip
It's another beautiful day in your. And people are like, nothing's happening. It's taking forever. I'm like, well let's see, January 20th, February 20th, February had 28 days, March 20th. So we're like just a little over two months in, which means we have three years and 10 months left, which is absolutely phenomenal. There's this clip that was posted by Mickey B. Fresh who we were going to have on the show way back when and we actually were talking to him. We did a whole hour. We're like, that could have been the show. And then something came up and he missed the show and we never got him back on. But he cut together this clip and it's pretty fantastic. So I'm going to play the first two minutes of this. It was a really long video that he put together. Go to Mickey B. Freshes X account. But thank you for putting this. But here's Garlinghouse talking about the Trump effect.
- [03:47]
Jeff
The Trump effect I actually think is so far still underestimated.
- [03:52]
David Sachs
Everyone is calling it the Trump effect. The Trump effect. Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39 year high. Bitcoin has shattered one record high after another.
- [04:11]
Jeff
I think when the largest economy in the world is I think going to shift significantly and I think there is going to be a Trump effect domestically but the pun intended ripple effect of that outside the United States I think is going to be significant also where, you know, just the US has an outsized influence. The business for ripple in the United States has been frozen for four years that the law, they filed a lawsuit in December 2020. And for the last four years our ability to do business in the United States in terms of signing institutions to use our technologies, it's basically been locked out. And that's going to change when the largest economy in the world and the institutions there feel handcuffs off. I think we may have underestimated how those headwinds that we've all experienced are going to shift to tailwinds. And I'm very optimistic about what it's going to look like. Trump promised to make America the capital of crypto. Joining us now is President Trump's AI and crypto czar David Sachs.
- [05:08]
Chip
For the last four years the Biden administration has basically prosecuted and persecuted crypto.
- [05:13]
Jeff
Companies really driving them offshore. I've heard so many outrageous stories by founders, by entrepreneurs. The Biden administration would not tell them.
- [05:20]
Chip
What the rules of the road were, and they would then get prosecuted. And what the industry wants more than anything else is regulatory clarity. They're saying, just tell us what the.
- [05:28]
Jeff
Rules are, we will abide by them.
- [05:30]
Chip
And the Biden administration would never do that. That. And because of that, all the innovation.
- [05:34]
Jeff
Was basically moving offshore.
- [05:35]
Chip
And America was about to lose this technology of the future. And we want that innovation happening here in the United States. And I think it now will happen in the United States because President Trump has declared that the US Must be the crypto capital of the world.
- [05:49]
David Sachs
This country is going to be boomtown.
- [05:56]
Chip
Boomtown. To keep you fresh. Thank you. Thank you for putting this together. It's a big, long video, but that was the beginning of it. Thank you, Mickey, be fresh for putting that video together. Fantastic. Absolutely fantastic. I like this right here. Legendary Trump defect currently should turn around. Well, let's. Why don't we workshop that? Because anybody who understands what a recession looks like, it's called two negative quarters to gdp. Negative quarters. And that happened about a year and a half ago. However, if you're the Biden administration, you change the rules so that you say, oh, there's no recession. So you understand if you got a giant one. Have you ever seen these massive ships? Like these massive. Even like a cruise ship, the big dogs. How long does that ship take to a stop in the ocean and start making a turn? If you've ever seen it, it's dog slow. So that's what we got in the economy. It's going to take a little bit of time to sort of move that thing around. But look, this is still bit Biden's economy. Trump's been president for two months.
- [07:00]
Jeff
Definitely Biden's economy.
- [07:02]
Chip
They were going to flip a switch and it was going to happen. Yeah, it's going to be rocky for three to six. What I'm laughing about the most, though, and I just don't understand it, the people on the tariffs, because Joe buddy said he sold XRP at 213 for stablecoin for a tiny hedge against the tariff news. The tariff news. I'm like, if it goes down to a buck 75, I buy in the XRP a little extra pocket 250. Or I just buy back at 2, 210. A nice strategy. However, what most people fail to realize is the only thing the United States is doing is matching the tariffs. Hey, most of the time we're not even matching it, we're doing less. But that's never communicated in the news. You know, when you have, when you have a mass of 400 tariffs and we're only in 25, you know, 25 tariffs. This is the part that I just don't understand. I wasn't going to go to the segment here, but I think it's important that we do because everybody's. Because if you listen to the mainstream news, they always misunderstand everything. Until 1913, there was no income tax. When the Federal Reserve came into play, all of a sudden the IRS came into play and it was only going to be the top 1 or 2%. And if you've ever checked lately, you know, April 15th's tax day and everybody pays. So that's what we used to be funded by tariffs. But no more, Jeff. No more for the terror. So here we go. Check it out. Let's do this for the people in Rio Linda. The people in Rio Linda, as Rush Limbaugh used to say, let's look at this. Tariffs charged to the United States. Moldova charge 61. The reciprocal one from the US is 31. Now, Jeff, I'll be honest with you. I'm not a big math guy, but I can figure out that we're paying about 50% tariff less. Okay, let's pretend you're the mainstream media and the sky's falling and everything's crashing to earth and everybody is worried. Let's look at Angola, 63. Only 32%. How about Jamaica? 10%. We matched it at 10%. How about Paraguay? 10 and 10. Okay, let's look at Lebanon, 10 and 10. How about Iraq? 78%. See, 39.
- [09:16]
Jeff
They're constantly trying to squeeze us, you know, but yet somehow there, there's this issue out there that at one point we presented something called most favored nation status. And most favored nation status would allow people, you know, to trade into the US Almost terror free.
- [09:37]
Chip
Yeah.
- [09:38]
Jeff
And yet we would go into their countries, which you see there in this list, and there would be all sorts of tariffs levied against our product. And so we went on this long, this, this path for so long, and it becomes, you know, initially it's like, well, these countries need help. Let's allow them to, you know, ship their goods to us. They need to build up, you know, we want the product, whatever it might be. So, you know, they're getting away, away with it. There are a lot of the countries, they're not even pro us, so they do a lot of things that are anti us, you know, from a, you know, on a global stage. And then here we are, you know, looking like the fools at the end of the day, pouring money into their country, allowing them to import product without any type of taxation on their product. And yet when we go to sell into their countries, you know, then we're hit on a regular basis. So now the, the roles, you know, getting ready to, the whole narrative is being flipped on its head. Canada came around real quick.
- [10:42]
Chip
Well, they, they basically collapsed. Legendary. Say they don't cause inflation to make certain things cost more. Yeah, but you know what? People don't have to buy them. And you know what it does to the other place? Destroys them. That's how it works if it goes up in price. Now you don't realize this, but the last Trump ran tariffs on China and they said, my God, an iPhone is going to cost $3,000. And you know what happened to the iPhones? They didn't cost any more money because they knew if they raised the prices, people don't buy them. This is how it works, people. That's called you can, you know, it's called the open market. You can pay for whatever you want. So you're worried about things costing more, Just buy the other version. That's it. China 67%, US 34%. Vietnam charges a 90% tariff. We're only doing 46. Japan 46 to 24. South Korea 50 to 25. Switzerland 61. We charge them 31. The UK 10 and 10. Fair. Even Steven right there. Brazil, 10 and 10. Singapore 10 and 10. You got Australia 10 and 10. Turkey 10 and 10. There it is. And then places like Sri Lanka charging us 88%. We're going to tariff your goods 44%. You know, so this is pretty, my wife's country, Chile, 10 and 10. That's how it works, man. Israel charging us 33%. We're charging him 17. So people flipping out about this has gotta, we, you know, they gotta take that needle out of their hand arms and start using some critical thinking and stop listening to mainstream media. That's like, oh, the sky is falling. It's gonna be horrible. Trump doesn't know what he's doing. And I'm like, you know what, you know what's behind all this? If the tariffs are successful, you know what happens? Bye bye income taxes. Bye bye IRS. It'll start with either 50 or $100,000. You make $100,000 or less, you no longer pay income tax. What? 150 or less, you no longer pay income Taxes. And you know what else comes after that? The Federal Reserve. The Federal Reserve. We don't need to be borrowing money from them to then owe them money. If we can source the money from other locations. There was billions of dollars that we tariff China in the first administration, so. Guys, knock it off. Knock it off. Knuckleheads. About the. Bang your heads together.
- [12:54]
Jeff
Knock it off.
- [12:55]
Chip
Okay, there you go. Israel dropped theirs entirely. Yeah, and also I saw El Salvador on the list too. And you know, we're 10 and 10 there. Will they drop theirs? So just kind of like looking behind all, all of the noise, you know, we're bringing you signals, not noise. There's plenty of noise out there. That's what you're always going to get here, signals. So anyway, Jeff, there you go. I went on, I went on my. I did my rant or I did my rant early. So it was good. But you know, garlic. Speaking about Garlinghouse, he put out this post on X here and he said the largest study ever of crypto in the United States, the National Crypto association, which was founded by ripple 21 of Americans hold crypto. Did you know that, Jeff? 1 in 5 holds crypto.
- [13:39]
Jeff
Interesting. That's getting. The numbers are changing, you know, drastically, which is, you know, pretty amazing. People are waking up to it, but it's still one in five. So let's see what kind of numbers we can get to.
- [13:51]
Chip
Amazing. 76 of them said it has a positive impact on our lives. But they probably didn't do that in a bear market though. They probably. They probably said during the bull market. Did it have a positive impact in your life? No. They're saying that's why orgs like the NCA are so important. Spotlighting the practical, everyday uses. And then they put out this report that you can get in 2025 state of crypto holders. You can download it. Just put all your information, your blood type, which state you're in and then your crypto expertise. I'm gonna go expert. Jeff, what do you think trading using, except not accepting, development.
- [14:30]
Jeff
Can'T read says.
- [14:32]
Chip
What do you use crypto for? Trading, using, accepting or developing.
- [14:37]
Jeff
Use it to be accepted.
- [14:40]
Chip
By signing, you accept our terms and privacy. So if you want to do that, but you're going to find out who owns crypto, the age, income industry. I'll probably sign up for this and probably get spammed. That's fine. Yeah, I'm sure the most common and surprising ways people use it. What's stopping others from getting started? Probably it's Difficult. Maybe we'll download it and we'll show it on the next, the next OTC show and says what crypto holders really think about its risk and benefits in future. I have a feeling that people are really optimistic but this is cool that they're doing this. I'm glad that they founded this because there's a lot of energy being put forth, you know, on things that matter, right? Like these surveys and let's see, let's go to the NCA here. It's just nice to have this. We watched this commercial with this, this dude before. But there it is. There's the inside story, talks about who owns cryptos, some stats and stuff. What is crypto? It's a place where somebody can go and do a little bit of learning. I think it's a great idea.
- [15:47]
Jeff
Let's learn some stuff.
- [15:49]
Chip
Jack McDonald, who is the, what is his official title? He's the CEO of Standard Custody SVP of Stable Coins over there at Ripple. And as promised, RL USD is now integrated into Ripple Payments, our cross border payment solution with near global coverage through 90 plus payout markets. Instant connections to banks, financial institutions, payment service providers, exchanges and many more around the world. Enterprise utility right out of the box. And then Ripple had put this post out about stablecoin should be trusted compliance first built for real world finance. RL USD Ripple USD is setting the standard now Living Ripple Payments. RL USD powers Enterprise Payments. So this is kind of a cool development that's, that's come to pass here.
- [16:37]
Jeff
Very interesting. You think about this whole rollout of the Stable Coin, this development. The growth question I is still unknown. Question is, you know, how does the RL USD impact the xrp? So if you have like a tether that's supposed to be backed up by Bitcoin or a US dc, you know, that's supposed to be backed up by, by something. You know, all of them are supposed to be backed up by something. You know, what is the RL USD? Is it going to be backed up, you know, by. Not backed up by Bitcoin, sorry, backed up to the dollar. So tether was supposed to have, you know, dollars in hand. Their claim was that they had, you know, Bitcoin and other assets in hand and then as we go through them, if it's going to be stable, you're either going to back it up directly, you know, to a dollar or is it going to be backed up with a basket of goods. That's the, the point. So is RL USD going to leverage dollars or a Mix of dollar in assets. Did we ever come to that conclusion? Determined by who?
- [17:55]
Chip
Who's going to determine it?
- [17:57]
Jeff
Yeah. I don't know. I don't.
- [18:00]
Chip
I don't know. They.
- [18:02]
Jeff
They're. They are going alien.
- [18:05]
Chip
Tron says 0.01 of Americans hold XRP. 100 of them say it has a negative impact on their life. Okay. I love. There you go. Mike says I learned everything I need to know. Next otc. There you go. Look at this. Joe, buddy, I rhino. I read 50 million in RL USD just dropped for the XRPL and not eat this time. Did I get that right? I don't know. Find a source. We'll. We'll take a look at it. Swift, five days. Yeah, but Swift's making changes, though. Swift's moving. They. They're going to be moving it and. And in seconds. So Swift is not the old Swift. It's changing. They're making some moves. So that'll be interesting to kind of keep it alive. But nearing 250 million market cap. I mean, it's pretty new. Just rolled out. It's pretty young still. But yeah, before you know it, the end of the year, it'll probably be up to a trillion. And once that, once the Genius act passes, which is the stablecoin legislation, that'll be fantastic. You got 10 billion in trading volume. Amazing. Available on Kraken. That was another one too. Kraken just announced. It's on there. Bullish bit stamp and more cracking. I wonder if it's on uphold. Is it on uphold yet? It seems like it would be. And the amazing Dan Fisher, who is like the community relations manager over at Ripple, started putting these. Awesome. I sometimes don't catch them all, but he puts out these really good posts about, you know, community. He'll like break down the entire month. We can't even go through all this. But on the newly formed tokenized podcast sponsored by Visa, Ripple president Monica Long outlines Ripple's focus on utilizing the XRPL technology through it. So this was the podcast where there you had Simon Taylor. He was interviewing Monica long. XRP Ledger 2.4.0 went live preparing for new features and bug fixes. So that's. That happened. This here's a snapshot of the current amendments being voted on by validators. You've got a bunch of different things here happening. You can see 26, 29. Yeah, it's got a long way to go before it actually gets passed, but not a lot have voted yet. Amendments once on the XRP Ledger, once voted in integrate New features, functions or service directly into the network on this one. Mayuka Vidari introduced the concept of permission domains on XRP Ledger, aiming to enable controlled environments for institutional defi. This builds on the XRP L's identity stack and you've got. She did a whole thing on it that talked about the National Crypto association launch with Stu Alderati. We talked about it right here. We just did a little bit on it. Tickets on sale for XRP L8 packs in Singapore and June 10th and the 12th. Jeff. So join us for keynotes. Cool clip by Ando Finance. There's a lot of news we covered, but it's just amazing how everything's broken down in succinct manner. This was good too. XRP Ledger, Educator, Crypt and Raider. Bless the community with that one. But four educational threads this month. Between his content and the information on xrp. Org you can get oriented around the network. He always puts up good stuff. We read a lot of them here. Big bug. A big Update from Zaman 4.0 went live. The most popular non custodial XRP Ledger wallet. Even better. Bring seamless swaps for any XRPL content plus performance and UI. Does everybody. Did everybody update to 4.0? It is pretty fast and it does have some really cool things. I noticed that the, the performance that whatever they did, it's a lot quicker than it was and you can do swaps on it if you want. So you can go. It utilizes the. The decentralized exchange, the native decks on the xrpl. Yeah, we talked about RWA news Block Works. Franklin Temple followed fight for XRP etf XRP Cafe. Tremendous. Let me tell you folks, tremendous place. Fantastic soul. Nobody does it better. One of the top 10 NFL NFT marketplaces out there. We talked about that too. You see they were number eight. It's amazing how we covered all this.
- [22:23]
Jeff
News, Jeff, man, we covered all this. But you know, it's interesting and you know, no knock on XRP Cafe because you know we love the platform and obviously you can find the badass yetis over there. But the XRPL in general is underutilized. It's under tapped, right? So if you look at the engagement, you look at the 24 hour volume, it's. It's minuscule. The, the 24 hour volume on XRP Cafe it's ranking number eight. But if you compare it to the ordinal, you compare it to Solana, you compare it to ethereum.
- [23:00]
Chip
The.
- [23:01]
Jeff
The 24 hour on the XRP Cafe is like the minute or you know, the, the hour. On any of those other platforms, we're talking about thousands of XRP and maybe 10,000. We can pull it up, we can see what it is current. And on the others, we're talking about millions. It's just like a ridiculous volume, you know, transacting across Solana or, or the Ordinals or Ethereum, you know. And so we're just scratching the surface of the direction that we're moving in, but yet there's still engagement. So it's not huge engagement. The community is pretty tight, but the big money, the big movers, if you're in the NFT space, are over on those other platforms, you know, and it's still happening. Go over and, you know, go see what's going on in ordinals. It's shocking to see the kind of transaction volume that goes on over there.
- [23:55]
Chip
Well, the prices too, by God, they're selling them. These NFTs are selling over there for 12, 1500, $4000 each. So that's, so that's why you have that market cap. That's super high. Less, maybe less transactions. But I mean, and our bad, yes. Yetis are pretty well priced at 12 XRP and 16 XRP. So 12 XRP for the blue tribe, which is limited, and then 16 XRP for the white tribe. And so that's it. Compare that to some of these other ones which look pretty disastrous. And they're like 900, 1300. I mean, Jeff and I go on there, we're like, oh my God, how they charge so much for this. But they do. And then you sell them out. Next story, Jeff, is some big developments with Eric and Don Jr. The Trump sons, the two eldest sons, but they were on mornings with Maria Barcelona.
- [24:50]
Jeff
Welcome back.
- [24:51]
Chip
The Trump family's crypto blitz. Eric Trump and Donald Trump Jr. Announcing their investment in a bitcoin mining company. The Trump's American Data Centers. Merging with American Bitcoin, aiming to create.
- [25:03]
Eric Trump
The world's largest crypto miner and build its own bitcoin reserve.
- [25:08]
Chip
Joining me now is Trump Organization Executive Vice President and the President's son, Eric Trump.
- [25:13]
Jeff
Eric, great to see you.
- [25:15]
Eric Trump
How are you? Maria, Great.
- [25:17]
Chip
Congratulations on this.
- [25:18]
Jeff
Tell us what you're trying to do.
- [25:19]
Chip
And why a bitcoin reserve is needed.
- [25:26]
Eric Trump
Yeah. You know, Maria, I never thought I'd fall into the world of crypto until every bank started canceling us for absolutely no reason whatsoever other than the fact that my father was in politics.
- [25:34]
Chip
Right.
- [25:34]
Eric Trump
I mean, we got canceled by absolutely everybody. They came after us viciously and it wasn't until that time that I realized how important important crypto was, right? Something that's cheaper, faster, more transparent. You can't be canceled. That's global. And it's what made me fall in love with bitcoin. It's what made me fall in love with DeFi and CEFI and stablecoins. And we put a lot of our effort into it. We're building great company World Liberty Financial. Everybody's talking about it. It's doing phenomenally well. We just launched a stablecoin on the other side, American bitcoin. I think it's going to be one of the great companies out there. So I truly believe in it. And really my. My epiphany was, again, cancel culture. And what these financial institutions, controlled by very few at the top, were able to do to people that they didn't like. Even families like ours that had a lot of zeros at the end of their balance sheet.
- [26:27]
Chip
Well, that's. That's incredible.
- [26:28]
Jeff
That.
- [26:28]
Chip
That's. That's one of the catalysts that got you into this.
- [26:33]
Jeff
Which banks canceled you.
- [26:35]
Chip
Here we go.
- [26:37]
Eric Trump
Oh, God, everybody. Capital One being the largest, I've sued them recently canceled us.
- [26:43]
Jeff
Okay, so it was Capital One, because.
- [26:44]
Chip
I know that Capital One also canceled Melania Trump. I understand, as well. So it was Capital One.
- [26:50]
Eric Trump
Who else? Maria, you can't believe when you get those calls, right? And we have properties, commercial buildings have thousands of, you know, literally hundreds and hundreds of of employees, thousands of people that work in those buildings. Every single day, they call you up saying, you know, in two weeks, we're going to need you to, you know, shut down the bank account, otherwise we're going to send. I mean, you know, these, literally, these bank accounts are ecosystems. And they came after us viciously because my father was in the White House and they wanted to punish us, right? It was legal lawfare. It was political lawfare. And that's what opened my eyes. I mean, I'm a hard asset guy. My entire life has been building hotels, golf courses, real estate buildings, right? Commercial buildings, etc. That's what I've done. If there's anybody's eyes who shouldn't have been open to the world of cryptocurrency, it was mine. Other than I realized the power that these banks had, and I realized how they were exerting that power, and they were canceling businesses all over our country. It was political. It was forced. You know, they were targeting people that they didn't like. It wasn't fair. And then you realize that there's not a single thing that those banks do that can't be done better, cheaper, more efficiently, faster on blockchain. I mean, why is it that the modern financial system runs 9 to 5 Monday through Friday? Why is it, Maria, that if you want to go get a loan and you've been banking with a certain bank for 30 years, it would probably take you 100 days to go do it, and you'd be filling out antiquated paper forms. It doesn't make sense. Right. And again, that's why I fell in love with crypto. And I truly believe that bitcoin is one of the greatest, greatest stores of value. Immediately liquid and unbelievable hedge against real estate and something we're really excited about.
- [28:26]
Jeff
That's just incredible, everything that you just said. Do you want to see specific regulation.
- [28:32]
Chip
Clarity in terms of what the boundaries are?
- [28:35]
Eric Trump
The backdrop is in a regulatory front.
- [28:37]
Chip
When it comes to stablecoin. When it comes to bitcoin. What are your thoughts on what that looks like?
- [28:44]
Eric Trump
Yeah, I think everybody in the industry does. I mean, I think everybody wants guidelines. I mean, that's part of the problem in the crypto industry. It's always been so murky that people didn't know the guidelines to follow. And, you know, we have to be the leaders in this country, there's no question, because every other country in the world is doing it and doing it quickly. And I really actually think the US Stablecoin, you know, saves the dollar in a very big way. There was a study done that, you know, in Europe, only about point, you know, half of 1% of Europeans would buy a European stable. Stablecoin. Pretty fascinating stuff. Everybody wants US Stablecoin, and I think that's tremendously good for the US Economy. But listen, crypto is here to stay, right? It's solving so many financial problems. It's bringing parity to the markets. You better believe that when we look out 10 years in this country, the nature of finance, the nature of banking is going to be very, very different than it is today. And banking in this country is going to find finally getting the, you know, the modern age.
- [29:41]
Chip
Yay. That was good, Jeff.
- [29:44]
Jeff
That's. He's so spot on. You know, he is so spot on. You know, we're talking about, you know, massive move in the industry. Nobody wants a stable euro. Nobody wants a stable yet. Nobody wants a stable pound. Nobody wants a stable. You know, any people want the US Dollar? I mean, that's. It's. It's always been that way. It's that way still. You know, if you're going to tie it back to the dollar, the reason why is because of instability on a global scale. I don't get it. You know, the pound is always, you know, always maintains high value. The euro for a long time maintained high value, fluctuates. Why don't we just tie it to the Canadian dollar? You know, why don't we have a stable coin tied to the, you know, Canadian dollar?
- [30:27]
Chip
Or why don't we tie it to the rupee?
- [30:29]
Jeff
The rupee would be awesome. Because then, yeah, everyone's going to be, the whole world's going to be on Flux, Man. It'll be. Talk about a roller coaster ride. But, but that's the reality that, I mean for, for the here and now, you know, people want it tied back to the US dollar, nothing else. He, he was very succinct with that. The other thing is, you know, Ripple is so far ahead. They, they're playing a different game than everybody else. Also. They kind of knew exactly where everything was going and they kind of orchestrated, you know, along those lines, you know, to where they're rolling out the RL USD. They understand what the banks need, they understand what the institutions need. This is from their perspective. You know, I don't know how it's going to impact xrp, but I know if you want a hyper focus on a company that is utilizing blockchain tech and we're talking about stable coins right now, the RL USD, that's going to have a major impact on, on a scale that we've never seen before, you know, because of what they're about to do.
- [31:29]
Chip
Yeah, I agree. Eric is like really super smart. Don Jr. Is pretty cool. Don Jr. Is a little more personality, but Eric, man, that kid is smart as hell. This was them. I'm going to play this little clip too. This is, this is Eric and Don Jr. And they were on coin. I don't know. One of these, one of these platforms.
- [31:47]
Jeff
Release does say that Hut 8 is contributing its bitcoin mining rigs to the new venture. What assets are the Trumps contributing and is there any cash involved on either side of this deal?
- [31:58]
Eric Trump
When Eric and I really talked about.
- [32:00]
Chip
Our ideological philosophy, this is the guy from HUD 8. This is the one that they invested in the bitcoin, you know, the company. So he's from bitcoin in crypto.
- [32:11]
Eric Trump
I asked what are you doing with American data centers? And he gave me the background, what they're doing, what they had planned. I said, let's bring these things together. We'll contribute our rigs into the entity in return for an 80% stake and then we'll go build and scale and build this business together, rather than from kind of a startup, from a scaled operations already. So that's the plan. Today is American Bitcoin is a scaled mining operations day one and we're going to go and build the biggest company in the sector.
- [32:39]
Jeff
Eric, I'd love some more specificity on the ownership here too, because to the point that Asha was making, the 80% goes to their company, 20% to the American data centers. So what percentage stake do Trump family.
- [32:53]
Chip
Members have of this new company?
- [32:56]
Eric Trump
Yeah, they'll be disclosed in time, but, but it's, it's majority stake and we're very proud of it. I mean, this is an industry that I've come to love. Bitcoin is, it's clearly digital gold. It's clearly the currency of the future. It's being embraced all over the world and it's exciting to do this here in America. And when you look at how they, when you look at their data centers, when you look at what they've done, what they've built, their capabilities, it made a whole lot of sense to do this with them. They're pragmatic, they're great guys, they're fast, they, they're able to deliver, they've done a great job. And you take it, you know, and you combine that with an asset that's appreciating 60% year over year over the last 10 years. You take a company that's able to literally mine bitcoin for almost 50% of what it's trading for literally right now, and they're able to bring up the scale based on the pipeline that they have. It's a dynamite combination and I think we're going to take the industry by storm. I've never been more excited about a project and we're doing incredible things together.
- [33:53]
Chip
Now, according to reports, there is a plan to see this company go public.
- [33:57]
Jeff
American Bitcoin Asher, given that you own.
- [34:00]
Chip
80%, what is, what is the plan?
- [34:01]
Jeff
What is the roadmap to seeing that happen?
- [34:05]
Eric Trump
The vision here is to give shareholders a pure play mining company that has the ability to produce bitcoin cheaper than just buying it, and so continuing to build the strategic reserve and be one of the largest bitcoin miners and bitcoin holders out there. For Huddy, this made sense because we have investors that are investing into the infrastructure side of the business, into the AI side of the business, and into the bitcoin side of the business. Now investors can invest directly into the bitcoin exposure, meanwhile investing into the energy exposure on the Hut 8 side for energy infrastructure. So you can see this long term as two sister publicly traded companies. One that's energy infrastructure data centers and then the other one that's bitcoin Asics in the reserve and together they form a vertically integrated company that has some of the best economics out there and is going to be a leader because they're able to synergize together to scale for their individual shareholders.
- [35:03]
Chip
That Asher Ganude's pretty, pretty sharp man. Pretty well done on camera. Has a whole plan. I love how they broke down how the investment strategy can work, you know, based on. It could be AI, it could be the infrastructure, it could also be the mining rigs themselves. So I mean this is going to be a behemoth man. What I like about it is it's in the US and again what Trump promised was, you know, he wants to turn you know, us into the bitcoin mining but also the crypto capital of the world. This is one of the ways you do it. So I thought, you know, absolutely Incredibly amazing.
- [35:37]
Jeff
So hut is traded over there on NASDAQ 2.7 2.17 million. That's massive. What is that?
- [35:50]
Chip
Toronto Stock Exchange.
- [35:52]
Jeff
Is that relevant?
- [35:53]
Chip
Well it is if you're Canadian. Oh yeah, 18, which means it's about 14 bucks.
- [35:58]
Jeff
So yeah, it's right on par right there. Yeah that's the trade. But it was 291000 in volume versus 2, 2 million. But that's interesting.
- [36:11]
Chip
Benchmark. Yeah it's the bench, it's the S P tsx, the composite. There's also a composite index of the two as well. But yeah, so interesting dude. Yeah, interesting.
- [36:23]
Jeff
I mean it's just gotta look into this more.
- [36:25]
Chip
It's good to see. Absolutely 100 chef. This kid right here, I love this kid. I mean we, I love to get this kid on the show. New Brown University Doge student shares his side of the story with pirate wires. Listen to the story Jeff. So at Brown University there's roughly one non faculty administrator for every two undergrads. Tuition, living expenses, fees now amount to about $93,000 a year. The school runs a 46 million dollar annual budget deficit and professors constantly complain they're underpaid. So trying to make sense of the the situation. Brown sophomore. This is this guy Alex. She emailed all three 800+ administrators asking simple questions what do you do all day? So among the Few responses he did get. One person replied fu. Another one told him to stick an entire cactus up his ass. Now she says that the Brown is investigating him for emotional and psychological harm, among other things today.
- [37:28]
Jeff
Well, you know who's gonna suffer? It's not him. No, you, you. This starts happening. This is what it takes. Thank God for this guy, you know, I mean, thank God for this guy because kids are paying $93,000 a year for professors to stand up there in front of a classroom and regurgitate information that they never wrote. They never had an original thought in their brain. They go up and regurgitate information while kids pay $93,000. It's the most pure form of corrupted, you know, Marxist capitalism. You know, it's, it's such a weird form because think about, you go there and pay $93,000 for a piece of paper that says now you're qualified to get a job. That's basically all it is. Forget the education, forget everything else. You're paying for that. And then the reason why I call it Marxist, because the majority of professors in universities for some reason adhere to a leftist Marxist ideology. So it makes no sense whatsoever. Right? The society is so upside down and warped that kids are going to spend that kind of. You know what, you know what? It ends when we say enough's enough. And when the Biden administration said, well, these kids, yes, kids are going broke and they're going in debt to get this four year degree because they're paying these ridiculous schools a hundred thousand dollars a year and then it's backed up by loans that can't be discharged in bankruptcy. So it's like you're tied into this, this loan. The government knows exactly what they're doing. They're indebting the youngest generation. And at the same time, you know, think about the transfer of wealth. So they're transferring wealth in the, into the hands of the leftists that are brainwashing our kids. And yet they have these huge annual budgets and they keep complaining that their budgets go up for what, what in the world does the school have? They're, they're teaching. It's, it's words coming out of somebody's mouth. How much that word cost coming out of someone's mouth that's regurgitated. You know, if it's an original idea, that's the only person I ever want to learn from. I don't want to learn from somebody that's regurgitating information that they've never put into practice a day in their life. Right? This Is like my entire college career. You know, I sought professors out. When I was in school as a young kid, I sought professors out that actually had practical use behind them. You know, it was amazing to me. You know, I was in, in, in economics and, and, and international politics in grad school. And I specifically sought out the professors that actually worked in something else. They weren't professors their entire lives because the ones that were professors, it was very bizarre, but they all adhered to leftist ideology. The ones that actually worked were much different from an economics professor. The ones that worked in, you know, in big automotive or I can remember an undergrad economics professor that owned businesses. And these guys, you, you would have to idolize it, you know, like not idolize them, but go into their class. You're like, oh my God, you actually had a real career, you know, now after your career, now you want to give back and you want to teach other people what you've accomplished. That's the greatest gift, you know, those are the people you want to learn from. That's why, you know, I strongly believe, you know, that kids should be going into some form of a incubator program right out of high school. They should go and, and get a job someplace in the career path they want to work in and get real life, you know, on the job type of experience. That's where you learn. You don't learn in, in a classroom, you know, you learn when you get out in the real world. You know, people go into college and they go to real world, like, what the, you know, what the hell just happened? This stuff, it just kills me, you know, it just kills me. And the, the professors and the people working there have the audacity, you know, to speak up against him because they know their jobs are at stake. That's what's happening. This stuff, man, I, I, I can never rant enough on this stuff and it just drives me crazy.
- [41:36]
Chip
Look at this, Jeff. I used AI to AML3800 Ivy League bureaucrats and there he is right there. Now they're investigating him especially for emotional psychological harm. But think about this. One non faculty administrator for every two undergrads.
- [41:52]
Jeff
That's an insane amount of people for what exactly?
- [41:57]
Chip
My God, what are they doing? You know, it's, it's just the most insane thing you've ever seen in your life. My God, it's kills me.
- [42:03]
Jeff
I'm so glad to see that though. I'm so happy to see this.
- [42:10]
Chip
Yeah. I studied at Brown and taught at Brown while this sophomore initiative needs attitude adjustment. The idea for campus wide work experience accountability systems. Long overdue deficits will lead to job cuts if not addressed. Well, cut them all. What do you need that many administrators for? 1 for every 200 grads? Get rid of them all.
- [42:27]
Jeff
Every one of them. You don't need any of them.
- [42:29]
Chip
It's so ridiculously stupid, Jeff.
- [42:32]
Jeff
Then you Wonder why it's $93,000 for tuition a year.
- [42:37]
Chip
That means, how do you pay off $400,000?
- [42:43]
Jeff
It's for that piece of paper, by the way. If you go to Harvard, you're basically paying for the, for the logo on your piece of paper. Oh, look, my logo. My piece of paper says Harvard on it. What does yours say, Jeff?
- [42:54]
Chip
I remember, I'm always sometimes in rooms with people who, you know, they're always like, they got the. The first thing they want to do is look down at your watch. Hey, I don't wear a watch. But they always try to look at your watch to try to, like, suss you out. They look at your shoes like, like what kind of watch you're wearing, what kind of Rolex, what kind of, like, high end watch you're wearing. Are you wearing any jewelry? They're always like, it's, it's really strange. And then they start talking about, oh, you went to Brown University. I went to Harvard. And then I'm like, yeah, I went to the Art Institute. Yeah, I was a, I was, I was a. I was a hippie, you know, artist, before I got into my, my current career. But. And they look at me and they go, they laugh because I think I'm joking. But then I realized, soon, no, I'm not joking. So you know about AI. This is something that I've often thought, like early days of AI. I would be like, I would say, hey, can you. I would say, can you please? Because, you know, you just used to have a manner. So I would say, can you please write something that does this? Or can you please rewrite this? And then I would be. And I'd be like, thank you. Right. Well, this is interesting because Michael Arrington put out a new. Put out this awesome three questions on do you thank your AI? No, it's not efficient. Yes. Out of habit. And yes, just in case. And you can see that, yes, on this poll, that 38.4 just edged out yes, out of habit. So. So I wrote, I put this. So. Dude. So here. So check this out. Here's the AI taking over the world. They see this, dude, they're like, whoa, whoa, wait, wait, wait. Not that guy.
- [44:24]
Jeff
Oh, my God.
- [44:25]
Chip
So I posted this meme that I saw on this. And. And he goes, no, wait, not that guy. He always said, thank you. And there it is. 10 years ago. Great, Great answer. Thank you. Right? And so Arrington wrote. Exactly, right? He wrote exactly.
- [44:45]
Jeff
Terrified, dude. Terrified, dude. I have a conversation. Have you had a conversation with Chat. GPT with the new one with the. Sometimes with the camera. So I'm walking around the office, right? I'm like, what? You know, hey, you know what's up there? What do you see? Well, I see there are a whole bunch of ideas written on the board. And they said. It starts summarizing them in, like, a split second. I'm like, what the. What the hell? And it just summarized. Yeah, it looks like you were having a conversation about the marketing and sales of this initiative, and here's what you were talking about. And, bud, you want me to put it into a summary for you? I'm like, oh, my God. You just, like, picking stuff up, Jeff.
- [45:28]
Chip
You know, I moved to a new place, and my property has a lot of trees, and I've never seen some of these trees before. They're like. They're different trees. So I'll take a picture of the leaves, or I'll. I'll even do the camera. I'll be like, hey, what is this? And I'll be like, one second. Oh, that's a something, something plant. Blah, blah, blah, Easter origins. I'm like, holy crap. Like, you don't even use. Like, I don't even use Google anymore. Like, I never. I never search for it, I never touch it, I never do anything. Because half the time, it doesn't give me what I'm looking for. Or it gives me that shitty AI answer. Yeah, it's that it's indexed 4,004 million things. And this thing should. I'm like, dude, it's one out of ten that gets it right. I'm like, no, that's not what I'm looking for today. I was asking about iOS and it told me how to fix it on Android. I'm like, dude, I. And I had to go back to my Google search, and I said, no. I said iOS and it gave me the Android freaking thing. I'm like, come on, dude, this is absolutely silly.
- [46:15]
Jeff
Look at. Cash said Alexa does have a bias between the wife and I. You know, it's bizarre. Like, I don't. I don't have Alexa. I don't have anything. Didn't have anything active at all like that. And. But I have Sonos throughout The house, like, all over. We have different Sonos. And so all of a sudden, you know, my son calls me. He goes, how do you shut the Sonos off? Like, what are you talking about? He said, it just came on by itself and started talking. Like, it just came on and started talking. And my wife's in there saying, hey, Google. And I said, no, it's hey, Sonos. Can't you. Can't you give it a different name? I was like, just tell it to shut off. But sometimes it just picks something up and it turns on. I'm like, what?
- [46:57]
Chip
This is weird. My wife's talking. She'll be talking to me, and, like, in the background, I'll be like. And she'd be like, what's what? I'll be like, the TV came. I go, why is it your voice? It always sets off the tv, right? It always comes down with her voice. I don't know what she says, but it'll be. And it'll. It'll start. It'll start talking or asking you questions. I'm like, it doesn't ever react to me, ever. But when she's on that notion, I think it's just to distract me. So I'll get out there and I'll be in trouble for something, right?
- [47:23]
Jeff
I think it's always listening. On that note, we got to go to a commercial break real quick, please.
- [47:28]
Chip
Let's do that. See the commercial. Joe, when a badass yeti from the blue tribe. What's the word of the day? Yeti, get your zomban wallet ready, because this one one's gonna be time to claim your own legendary badass yeti of the blue tribe. This one from the clan Mentest, his name is. He's var on the chain.
- [47:56]
Jeff
Badass yetis.
- [47:58]
Eric Trump
Let's go.
- [48:17]
Chip
Damn. Badass yet ties.
- [48:22]
Jeff
Badass yetis.
- [48:24]
Chip
What I like about what I'm really impressed with the. You know, with the administration and everybody. They don't take from anybody. So this guy starts messing with. Asking Jim Banks questions. Senator Jim Banks. Listen how he responds. This is Great. Worker at HHS.
- [48:41]
Eric Trump
I was fired illegally on February 14th. There are many people who are not.
- [48:46]
Jeff
Getting social service programs, especially people with disabilities.
- [48:51]
Chip
Are you going to do anything to stop what's happening?
- [48:53]
Jeff
You probably deserved it. I deserved it? I deserved it. Wow. Yeah, that's great to hear. Why did I deserve it?
- [49:00]
Eric Trump
Because you seem like a clown.
- [49:02]
Chip
Okay? That's the best ever. Because you seem like a clown. And look at that mic drop when you just see, like, his picture and that Says you seem like a clown. This is great. Okay, sir, you shouldn't have said that. Oh, nobody gives a. Okay. Nobody cares. Because you. Because you seem like a clown. Man, that is some of the best stuff I've seen over this.
- [49:27]
Jeff
So funny.
- [49:28]
Chip
Because. Because you seem like a clown. Dude. You never hear that stuff before. You have to absolutely just love where we're at. If you want to know the Democrats, whatever the Democrats are doing. Oh, no. We're activating Justin's Google in his house. Oh, no.
- [49:46]
Jeff
Hey, Google.
- [49:47]
Chip
Hey, Google. Yeah. Put on some elevator music. Hey, Google loves it.
- [49:53]
Jeff
Hey, how do you. How do you wake up, Alexa? You say, hey, Alexa. Alexa. Alexa, play music.
- [50:00]
Chip
Hey, clown show. Look at that. So whatever the Democrats doing is highly effective, Jeff. It's starting to really pay off. Check this out.
- [50:12]
Jeff
Holy Toledo.
- [50:14]
Chip
Voters, views of the Democrats in Congress. Among all voters, disapprove 68%. And look at the approved number. Just 21%, even lower than the Democratic Party at large. This is the lowest on record for Democrats according to Quinnipiac University polling.
- [50:30]
Jeff
You think these numbers are bad?
- [50:31]
Chip
Let's go to this side of the screen. We'll look how Democratic voters feel.
- [50:35]
Jeff
Get this.
- [50:35]
Chip
The plurality of Democratic voters disapprove of.
- [50:39]
Jeff
Democrats in Congress at 49% and just 40% approve. Horrible, horrible, horrible.
- [50:46]
Chip
Oh, my goodness gracious.
- [50:47]
Jeff
You just can't get worse than these numbers.
- [50:50]
Eric Trump
And this is the number right here.
- [50:51]
Jeff
Really driving all of this. If Democrats have turned. If Democratic voters have turned on Democrats in Congress and the Democratic Party, that.
- [50:59]
Chip
Cnn, by the way, at historic lows.
- [51:01]
Jeff
What is it they want to be seeing these voters?
- [51:03]
Chip
What is going on?
- [51:03]
Jeff
I'll tell you what's going on.
- [51:05]
Chip
They don't tell you what's going on.
- [51:06]
Jeff
Some of those Senate Democrats like Chuck, what's going on?
- [51:09]
Chip
I'll tell you what's going on.
- [51:10]
Jeff
Democratic voters on Democrats in Congress doing.
- [51:13]
Chip
Too little to oppose Donald Trump.
- [51:14]
Jeff
Look at this. 77% should stay principled even if it means nothing gets done in Washington, D.C. 65%.
- [51:22]
Chip
And this 65% is such a difference from where we were in 2017 at.
- [51:26]
Jeff
This point, when just 33% of Democrats.
- [51:29]
Chip
Say this should stay principled, compared to.
- [51:31]
Jeff
59% who said they want to compromise. Democrats do not want compromise at this point.
- [51:35]
Eric Trump
They want a fighter.
- [51:36]
Chip
They want to go into the ring like Muhammad Ali did against Sonny Liston. They want to take down the Republicans.
- [51:42]
Jeff
They do not want this compromise anymore. They want to be more like Republicans.
- [51:45]
Chip
Can get up to that stage and fight. And right now they feel like their.
- [51:48]
Jeff
Leaders in Congress are, simply put, not doing so.
- [51:51]
Chip
I mean. I mean, CNN is like. They're like. They're just. And the reason is they're not doing enough to oppose them. And that's basically everyone. When I. When in reality, that's pretty much all they're doing, man, is like. Is. Is basically opposing them. Right. I find it crazy. Somebody brought up Doge, which I got this clip.
- [52:13]
Jeff
Is Elon Musk actually resigning from Doge?
- [52:15]
Chip
Well, he said he was leaving in May, so I don't know if he's leaving sooner. Dude, if you think Elon Musk is Doge, do you know how deep Doge is? I mean, I have a whole thing here. They've got some of the best, smartest people in the world. He's a face. Hey, Doge. He's the one out there. He's not Doge. They. The people that are getting all this stuff out, it's not Elon, so don't worry about that. I mean, people are like, oh, Elon Musk. Doesn't matter. He doesn't need to be there. He was getting it started, and he's not there. So check out this dude. This. This is great.
- [52:44]
Jeff
Hey, yo.
- [52:45]
David Sachs
Democrats want you to believe that two billionaires got an office so they can steal your money, when in fact, two billionaires got an office. He'll stop the Democrats from stealing your money.
- [52:59]
Chip
Mic drop moment. Love it. And that's why they're so jittery, Jeff. That's why they're a little bit nervous right now. I've never seen anybody, anybody more nervous than Pocahontas. She's like. I mean, it almost feels like she's just ingesting, like, container cracker. She's like a jittery nut job. Oh, this. And we're in education. They're trying to steal your. They're taking away Social Security. They're doing. I mean, it's just all those lies. None of that's happening. And they don't want you to. And so they're gonna find out where the kickbacks are going. And if people are worried about Wisconsin and losing two seats to the House, I'd be more concerned about the Democrat Party existing in two years with all the kickbacks that they find because they always funnel it to. To family members. And also some of the other things, the Social Security numbers and whatnot. Right. Is pretty crazy. Check this out. Immigration activist doesn't know how to react.
- [53:59]
Jeff
The real reason why. The real reason why he's leaving is because Of. Can you hear me?
- [54:05]
Chip
Yeah. Here.
- [54:06]
Jeff
Did I freeze?
- [54:09]
Chip
You froze, but I hear you.
- [54:10]
Jeff
Oh, there we go. I froze for a minute. So the real reason that he's leaving is because a special government employee can only remain at their post for 130 consecutive days.
- [54:22]
Chip
Here you go. Yeah, so it does. I mean, look, it'll. None of that matters. Immigration activist doesn't know how to react.
- [54:31]
Jeff
When Senator Tillis confronts him with reality. How many illegal immigrants being deported by the new administration would you find objectionable, Mr. Melnick?
- [54:40]
Chip
I'll ask you.
- [54:41]
Jeff
A million?
- [54:42]
David Sachs
I think a million would be a disaster.
- [54:44]
Jeff
Two million?
- [54:45]
Chip
I think that is enough.
- [54:46]
David Sachs
That would have severe negative ramifications.
- [54:48]
Jeff
I'm not reading what Trump intends to do. I'm reading exactly what President Barack Obama did. So you said President Obama was immoral and inappropriate to deport those million people. Is that what I heard you say?
- [55:00]
David Sachs
There were many ministry.
- [55:03]
Jeff
I would really appreciate it to say if you would go out and say that the President Obama did a horrible disservice to those people he deported and he's as wrong minded as every other Republican who said we've got to secure the border, deport people because you can't.
- [55:19]
David Sachs
Have one being okay and the other.
- [55:20]
Jeff
One not being okay. That's right. That's the, That's a lopsided argument that they make.
- [55:27]
Chip
Caught him in a lie again, Jeff. It's just, I mean, just so much great stuff like it used to be. They used to get, you know, Republicans would just get abused, taking, you know, just beaten because they were, they were weak. Trump told them how to win. It's just, I mean, I'm just, I'm just blown away by the turn of events that have, you know, transpired. It's insane. Amazing. Watch this, watch this little clip here. So this is Elon Musk with another billionaire on stage. You'll notice there's a strange trend here where how many Social Security numbers were issued? It's. Do you want to.
- [56:03]
Jeff
Yeah. So let me, let me tell you what happened here. We, we started at the top of the system. We started at the top of the system, mapping the whole system of Social Security to understand where all the fraud was. And there's a lot of great people there that showed us really a lot of waste. And so that came up with a big list of stuff they're working on. You've heard some of that already, but this is what jumped out at us when we saw these numbers. We're like, what is this? In 21, you see 270,000 people goes all the way to 2.1 million in 24. These are non citizens that are getting Social Security numbers.
- [56:38]
Chip
Yeah, this. This is a mind blowing chart.
- [56:40]
Jeff
Yeah, just.
- [56:41]
Chip
Okay, Jeff, so who do you think this is going to tie back to exactly that? Non citizens. Illegal aliens were getting. They were getting Social Security numbers and they were also getting aid. They were getting all kinds of free stuff. Who do you think is going to be responsible for this level of fraud? And who do you think authorize it? And where the. Where's the paperwork and where's the flow? And who was part of this? Because this right here is. Is jail time is what that is. By the way, this. This guy right here, you probably don't know him. His name is Antonio Gracias. He's the CEO of Velour Equity Partners and he's a billionaire. Now, there's all kinds of the people like this behind the scenes. This dude is a big baller. And listen, the rest of this.
- [57:23]
Jeff
Jeff, this literally blew us away. Like, we went there to find fraud and we found this by accident. And this isn't political, by the way. My parents. Immigrants. Yeah. This country's been great to us. My brother and sister, all born in Spain. I'm pro legal immigration. This is not political. This is not political. This is about America and the future of America. And there are a lot of good people in the system that pointed us in this direction. I want to honor them right now that work in the government today who took risks to show us these numbers and tell us what's going on. So I want to stop for a minute. I want to. I want to honor those people today. Very good people. Very good people. I have been from D.C. to Social Security offices to the border to track this down. And very good people have helped us along the way. I want to thank them. Yeah, this number, what this is, is when you come in the country, if you're any legal, there's a couple ways to come in. You come in through a port of entry and you can tell them you're afraid you'll get. They'll give you an asylum. Asylum case. You'll get an interview, then you get in. That's one way to do it. Another way to do it is to just go to the border. Literally, this happened. I talked to border patrol myself. Elon was there, too. I went to Laredo and I went to Bronzeville. Elon went to Eagle Pass. You walk up to a board patrol officer and you tell them you want to come in. They have a couple of choices. They could charge you with a misdemeanor or a felony under 1325, or they can make an administrative offense like a parking ticket. Basically, they were told to do that. Make an administrative offense under the last administration, and then you go walk across the border. They do what's called a release from your own recognizance. And they give you an NTA notice to appear, which to appear to judge. The wait times on judges are like average six years. Look at.
- [59:12]
Chip
Well, this is really long. But the bottom line is the massive amount of fraud. Talking about millions of Social Security numbers given out. It's just. I mean, the level of. At this point, like, they weren't even. They were looking for fraud. And some whistleblowers said, hey, can we show you some numbers? And they were just like, blown away. They're like, wait, what? What are you talking about? Just watch the few first minutes of this.
- [59:34]
Jeff
$5 trillion in payments that are untraceable.
- [59:38]
Chip
The budget line is blank and they're.
- [59:41]
Jeff
Worried about your Bitcoin.
- [59:43]
Chip
5 trillion trillion. Untraceable. No idea where it went and how it was spent. A $5 trillion blank check.
- [59:53]
Jeff
Social Security sent out $72 billion in bad checks.
- [59:59]
Eric Trump
Guess who resigned last night?
- [60:01]
Jeff
The head of Social Security.
- [60:03]
Eric Trump
Right.
- [60:03]
Jeff
When Doge asked Michelle King to have a seat because she was about to get canned, she says, you can't fire me because I quit. And the press is acting like this isn't suspicious.
- [60:16]
Eric Trump
You may assert there's no waste in the Pentagon.
- [60:19]
Chip
You may assert, by the way, this guy, Stephen, this guy's a big baller. Watch how he just watch how we take.
- [60:25]
Eric Trump
There's no waste in Treasury.
- [60:26]
Chip
You may assert there's no waste in hhs. Stephen, I don't think anyone.
- [60:30]
Eric Trump
Why are you not celebrating these cuts? If you agree there is waste, if you agree there is abuse, if you agree there is corruption. Why are you not celebrating the cuts, the reforms that are being instituted every day that no action is taken? The entire salaries of American workers that are disappear forever.
- [60:48]
Chip
Stephen, let's calm down.
- [60:49]
Eric Trump
This is not.
- [60:50]
Jeff
This.
- [60:50]
Eric Trump
We're not having a debate, no reason.
- [60:52]
Jeff
About whether there are.
- [60:55]
Eric Trump
You are trying to debate me. And I. I will be as I want to be about the fact that we are saving Americans billions of dollars.
- [61:05]
Jeff
I will be as I want to be. Billion dollars in payments that are untraceable.
- [61:11]
Chip
I mean, it's insane. And he's. I will be the way I want to be. First time I saw him was at a 20. 2015. I mean, it was 2016 Trump rally. He was one of the speakers. I said, holy, this dude. Who is this guy? Because that was the first time I ever saw him. And I was like, damn, this guy's on freaking fire, man. He got up there and he ripped a speech, and it was just like. That was the first time I saw him. I was like, almost nine years ago, Jeff. So if you think about it, it's pretty insane. And all the stuff that's going on with the judges right now. Jeff. Listen to what New Gingrich talked about judges. This is pretty cool.
- [61:45]
David Sachs
The Declaration of Pendants. A very large number of its specific charges against Great Britain involve dictatorial judges. The fact is, the Founding Fathers deeply distrusted judges and thought that the lawyer class was dangerous and that you could not give them unbridled power or they would undermine and destroy free society.
- [62:08]
Chip
That's right.
- [62:09]
Jeff
That's exactly right.
- [62:10]
David Sachs
This is not some marginal position. Thomas Jefferson, asked about judicial supremacy, said, that is an absurdity. That would be an oligarchy. And it's doubly dangerous. Because, you see, if judges think that they are unchallengeable, they are inevitably corrupted. Corrupted in a moral sense. I don't mean taking money, but I mean in a sense of arrogance, in a sense of imposing on the rest of us. Lord Acton warned in the 19th century that power tends to corrupt, and absolute power corrupts absolutely. Notice he dropped the word tends. And the courts in the last 53 years have proven that Lord Acton's right. Because with each passing decade, the judges have become more hostile to the American tradition. They now openly talk about using foreign sources of information, because, after all, the American Constitution is so old and so antiquated, a justice who believes that shouldn't be serving on the American bench. One of the major impediments and threats to democracy today, amazing, is the very behavior of the law schools, which teach a usurpation of power in a way that is utterly unsustainable. Founding Fathers designed our Constitution based on Montesquieu's concept of the balance of power. We're supposed to have three co equal branches. There can be no supremacy if there are three co. Equal branches by definition. Otherwise you'd have a superior branch and two inferior branches. But it's worse than that.
- [63:40]
Chip
If you.
- [63:40]
David Sachs
If you read Hamilton in the Federalist Papers, he says the courts couldn't possibly take on the legislative and executive branch because they would inevitably lose. Jefferson is the most clear example of taking on the judiciary. In the Judicial Reform act of 1802, the Jeffersonians eliminated 18 out of 35 federal judges didn't impeach them, just abolished their offices, told them to go home.
- [64:06]
Chip
You do that again, baby.
- [64:08]
David Sachs
In tackling the bank of the United States, which he said was a overly centralized form of power, think of it as the earlier Bernanke was told, well, the Supreme Court has said that it's constitutional. He said, fine, that's their opinion. He said, I have a different opinion. I'm the President. They're a court. They get their opinion in court. I get my opinion in the White House. Lincoln spends the a large section of his first inaugural address explaining why the Dred Scott decision may be the law of the case, but cannot be the law of the land. And Lincoln refuses to enforce the Dred Scott decision while he's president, period. So people who come in and say, oh, as Nancy Pelosi once said, if the court speaks, it's as though God has spoken. Now, to be fair, having somebody from her branch of the party recognize, recognize God is an important step in the right direction in the question of national security. In the last few years, the courts, I think, have become virtually out of touch with reality. The idea that the courts are now going to take on responsibility for defending the United States is a clear and fundamental violation of the Constitution and a fundamental violation of the executive branch's power. And the Congress should pass a law repudiating every interference. Interference of the courts in national security issues and returning them to the Congress and the President where they rightly belong. In 1942, a group of German saboteurs were landed in Florida and Long Island. They were all picked up within two weeks. Roosevelt brought in his attorney General and said, they will be tried in a military court. They will be executed. It should happen within three weeks. And tell the Supreme Court, if they issue a writ of habeas corpus, I will not honor it. And therefore. Therefore they should not issue it. I am the commander in chief in wartime. They aren't. Congress has the power to limit the appeals I mentioned earlier. Congress can cut budgets. Congress can say, all right, in the future, the ninth Circuit can meet, but it will have no clerks.
- [66:07]
Chip
By the way, this is what the speaker, the current speaker, and of course Newt Gingrich was a speaker during when Bill Clinton was president. One of the greatest speakers we've ever had. And I mean, the amount of nuggets he drops there. Jeff, insane. I mean, it's. It's a cut of his whole speech, but it's phenomenal.
- [66:22]
Jeff
Really amazing. I mean, he did such a. That's probably from what year was that?
- [66:26]
Chip
I'm not sure.
- [66:27]
Jeff
Early 90s?
- [66:27]
Chip
Yeah, I'm not sure, but he looks a lot younger than that. But again, it's amazing. He's talking about judges back then and look at how crazier it's gotten. He talks about it over the ages and it's. It really is remarkable. When I see this big, big hearing stuff. You look at him now, it's a lot older. It's like 20, but it's probably like, probably 90s. That might have been 90s.
- [66:46]
Jeff
Maybe late 90s.
- [66:48]
Chip
Yeah.
- [66:49]
Jeff
Yeah, that's what I was thinking. Was he. I wonder if he was speaker at that point or that was pre.
- [66:56]
Chip
Yeah, I'm not exactly sure. Unfortunately, we'll have to do some research on that. I just saw somebody passing the clip, but we only have 15 entries into the Yeti of a 1 in 15 chance.
- [67:04]
Jeff
What?
- [67:05]
Chip
I cannot believe it. Type in Yeti people to type in Y E T I. This is what you want to type. I can't type it because. And we'll be entered in the contest. We'll win and it'll be fixed. I know, I understand. So we can't have that.
- [67:18]
Jeff
I don't know.
- [67:19]
Chip
I will leave you. This guy, this guy was doing some comedy and he torches Canada. Listen to this. I don't know if this is odd or not, Jeff, but get your feedback from people. You know, Daniel Tosh, he's good. So here we go. Has the greatest fence ever built. America. It is foolproof if you can afford it.
- [67:42]
Jeff
Really easy to be the cool, open.
- [67:44]
Chip
Minded hippie country when there's a Kevlar Snuggie of America draped around your fat frozen asses. Dare in the world to talk. We don't use our military. We know. We got you taken care of. Go back to bed.
- [67:58]
Jeff
We'll wake you in the NHL playoff start.
- [68:02]
Chip
Damn.
- [68:03]
Jeff
Oh my God.
- [68:07]
Chip
Damn. Jeff, he's like. He was.
- [68:09]
Jeff
He was so funny though. He was drunk. But it's true, you know, that's the whole thing, you know, Canada doesn't really have to worry, you know, because we are here. That's the whole point.
- [68:22]
Chip
Well, it's. I mean, I mean we are right here. But that's why Canada, like, you know, I mean, honestly, I understand. They want to like, even Pierre Pollyv, he's like, you know, we're gonna fight. Trump don't fight. You could. All you need to do is remove your 230 tax on butter. That's it. Just say, hey, all the terrorists we've been tariffs you guys, we're gonna bring it down to zero. That's. I. What I don't understand is like, that was it in the border security. Just send people to the border. That's. This is not a hard thing they're running, but this is kind of what happens when there's a problem. Here's the problem. And then you see them going off here doing this thing and all the countries are doing that. And if you just saw what we just showed recently, which was the tariffs contrast, we're only, Basically, when it's 10, we're charging them 10. When it's 30, we're charging them around 15, 16, about half. So it's not a hard thing. Just take your in what a lot of countries will probably be like, we're never gonna drop our tariffs until it starts hurting their country starts, you know, at one point, it's during this administration, I think the Canada will become even more powerful than ever. We'll get the pipeline, we'll get pipeline drilled down and there'll be a lot of interactions. But it's got to be, it's got to be on a level playing field. You can't be texting our dairy and our, in our, in our beef.
- [69:39]
Jeff
Well, we're giving you all this stuff.
- [69:41]
Chip
Yeah, I mean, just. It just level the playing field. Let's just say take all the tariffs off. I get, you know, you want to buy Canadian products, but if we, we have no choice but to do it ourselves. So people talking about the tariffs, like, almost like it's going to crush the country. It's like, how many, how off? How are they going to be able to sell it for more money? Do you think they'd raise the product 25 and people are still going to buy it? No, because they can buy something else. They're not going to care too much.
- [70:06]
Jeff
But I wanted to say Canadian carrots are pretty kick ass.
- [70:09]
Chip
Jeff, There was an incident this weekend with the Yetis, it turns out, and this is really weird. XRP plumber. I wanted to bring this to your attention because turned out to be a plumbing issue. And check this out. Check out who showed up. This is for you. XRP plumber. Just want to show you. That's right. Look at that. A wrench and a plunger. That's. That's the res. The resident yeti. That's the resident yeti plumber. You were asking about it and there you go. Resident yeti plumber. Right on there. Just saying. Ready to go.
- [70:50]
Jeff
Ready to go.
- [70:53]
Chip
Ready to go, man. A plunger in One hand gonna pipe wrench in the other. Oh, boy, that's right. Oh, boy, that's right. Look at that. Badass, huh?
- [71:02]
Jeff
That is pretty badass.
- [71:03]
Chip
And, Jeff, the problem going on right now is that here's an actual Nazi struggling to stand out because everyone's a Nazi. So you can't even be a Nazi. You can't even be a Nazi anymore because, like, everyone's a Nazi these days, so.
- [71:15]
Jeff
Oh, my God.
- [71:16]
Chip
It's just insane. Isn't it crazy? It's crazy how that happens.
- [71:21]
Jeff
They have a plumber crack. It might. Look at the belt. I don't know.
- [71:25]
Chip
Yeah, the belt's pretty skimpy, so I would imagine you're gonna see some crack going on there, but for sure.
- [71:32]
Jeff
Oh, my God.
- [71:33]
Chip
There he is. Yeah, just like that. So that works.
- [71:39]
Jeff
Yep.
- [71:39]
Chip
Look at that.
- [71:40]
Jeff
Beautiful, gorgeous claws, guys. Kick ass.
- [71:45]
Chip
It's a beautiful thing, man.
- [71:47]
Jeff
So hopefully. Hopefully, you guys are getting ready because we got to run this one more time. Get your yetis ready already, because here it goes.
- [71:56]
Chip
We got win a badass yeti from the blue tribe. What's the word of the day? Yeti? Get your salmon wallet ready because this one's gonna be time to claim your.
- [72:10]
Jeff
Own legendary badass yeti of the blue tribe.
- [72:14]
Chip
This one from the clan mentest. His name is is var on the chain.
- [72:23]
Jeff
Badass yetis.
- [72:25]
Eric Trump
Let'.
- [72:43]
Chip
Boom, boom, boom, boom, boom, boom. All right, let's do it. We have 18. That's. You guys have a really. He goes, I just want the plumbing one. How much? It's a one off, dude. We don't have. It's not actually as an nft. How much? He's in xrp. Plumbing's in. How much? He wants to know.
- [73:02]
Jeff
So we roll it out.
- [73:03]
Chip
It's a one off. $4,672. I'm just kidding. It's a one. No, we just. Jeff and I were talking about. Yeah. This last black tribe. Oh, geez. Being released. Oh, we gotta get. Well, first off, we gotta. The blue tribe's almost sold out, and the white tribe's like, a good portion away, so we gotta get rid of those. We gotta sell those guys first. But we will be introducing the. The badass chimps pretty soon, and those will be priced pretty fairly.
- [73:33]
Jeff
So we've been working on 3D.
- [73:37]
Chip
Yeah, we're working on some cool stuff. So we're pretty excited about it. A new clan.
- [73:43]
Jeff
A new clan. Be a new tribe.
- [73:46]
Chip
Yes. You did make it just in time for the drawing. You better type in yeti. Because there's 19, and I'm about ready to pull the trigger. So. Reborn. All right. I did. Zaman wallet is not activated yet. Would that be good enough to receive the. No, no. Osmo, what you have to do is just send. Just send some extra 5XRP to your zombie from an exchange. So that's it. Then you're. Then it's activated.
- [74:07]
Jeff
So just.
- [74:08]
Chip
That's it.
- [74:09]
Jeff
And if you have. If you have XRP there, then what? If you have the XRP already, then all you need to do is connect it to XRP Cafe, and then that's another way of.
- [74:20]
Chip
Yeah, but you have to confirm it. Yeah, the thing is. Right, but the wallet has to be activated before you can even do that. So here we go. You know what? I want to ask my AI to make a plumbing yeti in green and see what pops up. I'm gonna feed it. Go ahead. But it's not going to be a badass yeti. It'll be a yeti, but it won't be a badass yeti. So you can go ahead and do that all you want. Here we go. Ready? Here we go. We got 20 in here. Let's draw. Let's see who's gonna win. Who's gonna win a badass yetai?
- [74:52]
Jeff
Here we go.
- [74:59]
Chip
Boom, boom, boom. Osmond wins. Dude, dude, you had. You had.
- [75:11]
Jeff
I think there's some AI going on within stream yard.
- [75:14]
Chip
They listen to me.
- [75:16]
Jeff
I think they might be.
- [75:17]
Chip
You volunteered. You better activate that wallet pretty quick, my man. He's big. XRP plumbing is making counterfeit yetis. Rigged. I was at rigged. He just said he didn't have a zombie. We're gonna have to rigged. Well, I'll tell you what. Osmond, can you send some XRP over there? Because if you can't, we're gonna have to redraw. Dude. Yeah, I mean, that's just how it works. You've had plenty of opportunities to get that XRP over there, dude. Huzzah. She tells you can't claim it and we'll give it to you.
- [75:53]
Jeff
Exactly.
- [75:54]
Chip
We can. If you don't have your wallet. Wallet done. I just mentioned it was. I have to give someone else's time. All right, we'll redraw.
- [76:00]
Jeff
How's that? That's a redraw. Here we go. Spin again. Someone else say something? They said it was fixed.
- [76:11]
Chip
Who? Ray. Ron wins. Ray want run.
- [76:15]
Jeff
Really strange. That's funny.
- [76:18]
Chip
That's how it works.
- [76:19]
Jeff
Yeah, I said that. I said it was fixed. And then, boom, he wins.
- [76:24]
Chip
You and your fixed stuff. All right, Ray, let's see you got your wallet, my man.
- [76:31]
Jeff
Ah.
- [76:39]
Chip
We'Re gonna rig it so the Yankees lose again. Brett, you lost again. But dude, stay with it, man. Stay with us.
- [76:45]
Jeff
Did it already?
- [76:46]
Chip
Bam.
- [76:46]
Jeff
Look at that.
- [76:48]
Chip
Lose again, but at some point you're gonna win. That's how it works. That's how it works.
- [76:54]
Jeff
Make some cool music.
- [76:57]
Chip
He already sent it to you. So where did you send it?
- [76:59]
Jeff
It?
- [76:59]
Chip
Oh, check the. Check on the.
- [77:02]
Jeff
Yeah, I'm trying to log in.
- [77:05]
Chip
80 terrace on all yetis. That sounds high, man.
- [77:09]
Jeff
It seems really high.
- [77:11]
Chip
Race city looks like a plumbing yeti without a pipe wrench and a plunger. Yeah, that too. It's pretty badass though, that plumber yeti. We could probably issue it as a one off. I don't know how we do that. There's a way to do that.
- [77:28]
Jeff
There's a way to do it somehow.
- [77:33]
Chip
I think we have to do one off.
- [77:35]
Jeff
Oh, now it's connected with a period and a. Thanks. Let me see if I can grab this.
- [77:40]
Chip
What are you saying, Ray?
- [77:43]
Jeff
Put it in there, but with a period at the end of it and thank you. If I can grab it without the periods.
- [77:51]
Chip
Doesn't need to be there. You'll have to copy and paste it into a thing and then.
- [77:54]
Jeff
Yeah, I think I got it.
- [77:56]
Chip
Ray, run. Dude. The most next most important question. Are you going to take that mentalist and replace your. Your white tribe dude there with the blue tribe? What are you thinking? What's going to happen? I don't know, man.
- [78:11]
Jeff
That looks good. Here we go.
- [78:14]
Chip
I'm turning into. Here we go. Yo, there it is. You gave it to you again.
- [78:21]
Jeff
I got it.
- [78:22]
Chip
Okay.
- [78:25]
Jeff
And we're getting ready to transfer it and hit the thing. Scan away. Swipe.
- [78:36]
Chip
Swippity swipes, dude. Swoopity swipes.
- [78:39]
Jeff
Verifying, accepted, submitted, verifying and sent. Ray.
- [78:50]
Chip
Ray.
- [78:52]
Jeff
That's it. You now own a mentalist.
- [78:55]
Chip
Mentalist. I love it.
- [78:57]
Jeff
The list.
- [78:58]
Chip
Well, guys, that's all the show we had went a little bit over 18 minutes over to say this, man. A little bit. A little bit longer than we wanted to go. We had a lot to cover tonight. We covered every bit. I'm pretty happy about it. Jeff had a rant. I had a rant. Everything's good. All is good. We had a yeti win. We had somebody that won a yeti if it wasn't set up yet. But don't worry, you'll get. You get around to getting it. So here we go.
- [79:18]
Jeff
Yay.
- [79:19]
Chip
That was too easy. Says legendary. Zober says, oh, he gave away a blue Yeti. Oh, yeah. Not sure. Okay. Very cool, man. Here we go. That's all we have, guys. We will see you guys on the next one. Chip and Jeff out. As soon as I get this thing. Where is the. Why is this so why is this song metered? It's gone, dude. So you have it. There you go. So we have, guys. We'll see you guys on next one. Chip and Jeff.
- [79:48]
Jeff
Oh, are you down with otc? Please, like, subscribe and click the bell.
- [79:59]
Chip
To be notified when the next video drops.