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    BTC185: AI Compute with Bitcoin Mining w/ Andrew Edstrom and Jesse Myers (Bitcoin Podcast)

    enJune 05, 2024

    Podcast Summary

    • Political Shift, Bitcoin ETFsPolitical shift towards crypto-friendly stance leads to increased institutional investment in Bitcoin via ETFs, driving up demand and price.

      The political landscape towards cryptocurrencies, specifically Bitcoin, has shifted significantly, making an anti-crypto stance a losing proposition for major political parties. This realization has significant implications for the Bitcoin landscape, as institutions and investors continue to pour money into Bitcoin through ETFs, driving up demand and price. The latest development in this trend is the unexpected approval of the Ethereum ETF, although it doesn't offer yield or staking, making it a less compelling alternative to Bitcoin for many investors. The discussion also touched upon the impact of AI and Nvidia results on Bitcoin mining. Overall, the podcast highlights the growing acceptance and adoption of Bitcoin by institutions and the role of ETFs in driving demand and price appreciation.

    • Crypto market cycles, Ethereum ETFsNew investors enter crypto market without proper understanding, Ethereum ETFs approved despite legal uncertainties, Do due diligence before investing

      The cryptocurrency market, particularly Ethereum, is experiencing a repetition of past cycles with new investors jumping in without proper understanding of the underlying technology and potential risks. The lack of transparency around token supply and the potential involvement of TradFi giants in the space, despite their past missteps, are concerns. The recent shift in political attitude towards crypto, driven by electioneering and the recognition of its importance to younger voters, has led to the approval of Ethereum ETFs. However, the legal question of whether ETF issuers can collect yield from validators without passing it on to investors remains unanswered. Overall, the market's growth and the entry of new players bring both opportunities and challenges, and it's crucial for investors to do their due diligence before making any investment decisions.

    • Institutions and CryptoTraditional financial institutions are exploring ways to participate in the crypto market, including supporting stablecoins and crypto ETFs, to adapt to the changing financial landscape and potential opportunities in crypto

      Traditional financial institutions are recognizing the need to adapt to the changing financial landscape, specifically in relation to cryptocurrencies like Bitcoin. Preston Pysh explains that these institutions are looking for ways to participate in the crypto market and support stablecoins as a potential solution to buy up large amounts of treasury debt. Additionally, the approval of crypto ETFs could act as a distraction from the massive inflows into Bitcoin, preventing a potential "ungodly amount" of flows directly into Bitcoin and potentially destabilizing the traditional fiat system. Another perspective comes from the bank CEOs' perspective, who see the potential in crypto but are hesitant to take on more debt without capital charges. The recent partnership between miners and foreign governments also highlights the strategic importance of crypto for sovereigns looking to transact outside the dollar system. Overall, these institutions are recognizing the incentives and opportunities in the crypto market and are looking for ways to participate.

    • Bitcoin Mining vs Traditional Data CentersThe Bitcoin mining sector offers more opportunities due to its ability to mine anywhere with an internet connection and the shorter block time, making it more flexible and opportunistic compared to traditional data centers.

      River Financial offers an easy and secure way to buy Bitcoin with no fees, peace of mind through multisig cold storage, full US licensing and regulation, and US-based relationship managers. River also has its own infrastructure and a unique feature called River Link for sending Bitcoin via text messages. Meanwhile, Makea is a free AI-powered stock research assistant with real-time data. For countries looking to attract foreign investment, establishing legal structures to protect investors' interests is crucial. In the mining industry, consultants with experience in traditional commodities extraction in developing countries may have an opportunity to apply their skills to Bitcoin mining. Nvidia's growth in the tech industry is significant, but it's important to consider various factors when investing. In the Bitcoin mining sector, the ability to mine anywhere with an internet connection due to the 10-minute block time makes it more opportunistic compared to traditional data centers.

    • Bitcoin mining and AI trainingBitcoin mining and AI training are becoming interconnected, with potential for competition and complementarity. Data centers need to be located near population hubs for low latency during inference, driving potential synergy between Bitcoin mining and AI training.

      The relationship between Bitcoin mining and AI training is becoming increasingly interconnected, with potential for both competition and complementarity. Bitcoin miners and AI trainers are competing for data site capacity, but the requirements for low latency during inference make it necessary for data centers to move closer to users. Large language models, which require vast amounts of data and computing power, are pushing the need for data centers to be located near population hubs. However, there may also be opportunities for synergy between Bitcoin mining and AI training. For instance, a data center could have excess capacity for Bitcoin mining during periods when AI models don't require as much power. This symbiosis is a reflection of the ongoing digitization of various functions, including money and thought processing. The internet is no longer just a platform for call and response information; it's also the foundation for the digitization of money and advanced AI capabilities. This is an exciting time, as we continue to explore the potential of these technologies and the ways they can complement and enhance each other.

    • Brain and AIUnderstanding the brain's role in making sense of the world is crucial for AI development, and the neocortex's modeling capacity is a key focus. Neuroscience is still a vast field with much to learn, and every region is unique and fascinating.

      The evolution of the human brain and its role in understanding the world, particularly in relation to artificial intelligence, is a fascinating and complex topic. During a discussion, the group shared their thoughts on various books and neuroscience concepts, with a particular emphasis on the importance of the neocortex and its modeling capacity. Joe Carlasare mentioned how a book on super intelligence put him into his first bout of depression related to AI. Robert Leonard expressed his love for learning about the physiology of behavior. Joshua Peterson reminded the group that the brain is the lens through which we make sense of the world. In the context of AI, Preston Pysh was curious about what region of the brain Jesse had studied that blew his mind. Jason Brett responded that neuroscience is still a field with much to learn, and that every region of the brain is unique and fascinating in its own way. The conversation then shifted to OnRamp, a multi sig, multi institution custody company that allows end users to maintain control of their Bitcoin while relying on multiple institutions to hold the keys. This solution addresses the issue of not having to become proficient in setting up and maintaining one's own keys while still maintaining control. Overall, the discussion highlighted the importance of understanding the brain and its role in making sense of the world, as well as the ongoing advancements in the field of AI and Bitcoin custody.

    • Cryptocurrency access in unforeseen circumstancesMulti-institution custody offers a seamless transition for accessing cryptocurrency funds in unforeseen circumstances, while considering various investment options and their potential risks and rewards is essential.

      Ensuring access to cryptocurrency funds for beneficiaries in case of unforeseen circumstances involves addressing both technological and institutional aspects. While self-custody through hardware wallets may not be accessible in such situations, multi-institution custody offers a seamless transition. Josh McCallen emphasized the importance of having a portion of one's Bitcoin stack in multi-institution custody for peace of mind, especially for those with significant holdings. Additionally, Jake Harris highlighted the potential risks of holding bonds due to increasing sovereign debt levels and potential inflation outpacing nominal yields. This competition among asset classes underscores the importance of considering various investment options and their potential risks and rewards.

    • Bitcoin's scarcityBitcoin's scarcity sets it apart as a superior store of value asset compared to gold and bonds due to its built-in halving mechanism, making it a more attractive long-term investment with potential to surpass bond market size

      Bitcoin's increasing scarcity sets it apart as a superior store of value asset compared to both gold and bonds. With its built-in halving mechanism, Bitcoin's annual supply growth rate has dropped below gold's, making it a more attractive long-term investment. While bonds currently offer negative real returns, and gold is a better alternative, Bitcoin's scarcity and potential appreciation make it a potential game-changer in the global asset landscape. This shift could lead to Bitcoin surpassing the size of the bond market and eventually becoming a significant portion of the total global asset value. Additionally, the discussion hinted at the potential impact on real estate as well.

    • Productive assets valuationProductive assets like real estate, art, and equities can be valued using multiples and exceed Bitcoin's 21 million supply, but Bitcoin remains significant as part of a diversified portfolio.

      While Bitcoin functions as a unit of account and can be used to value assets, it doesn't become everything. Productive assets like real estate, art, and equities still hold value and can be valued using multiples of earnings or revenue. The valuation of these assets may exceed the 21 million Bitcoin supply, but this doesn't mean that Bitcoin becomes insignificant. Instead, it highlights the importance of understanding the role of money and credit in the economy and recognizing the value of productive assets. For investors, this means that there is a growing universe of investable assets that meet certain criteria and can generate returns in excess of Bitcoin holdings. It's essential to be open to investing in these assets while continuing to hold Bitcoin as part of a diversified portfolio.

    • Bitcoin information sourcesStay informed about Bitcoin through reputable sources like The Investor's Podcast Network and Bitcoin Fundamentals. Listen, learn, and consult professionals before making investment decisions.

      Staying informed about Bitcoin through reputable sources like The Investor's Podcast Network and Bitcoin Fundamentals is essential for those interested in the cryptocurrency. Listeners are encouraged to follow the podcast on their preferred platform and make use of the show notes, transcripts, and courses available on investorspodcast.com. However, it's important to remember that this show is for entertainment purposes only and should not be considered as financial advice. Always consult a professional before making any investment decisions. Lastly, remember that the content of this podcast is copyrighted and requires written permission for syndication or rebroadcasting.

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    TIP635: Deep Diving Into The Warren Buffett Way w/ Robert Hagstrom

    TIP635: Deep Diving Into The Warren Buffett Way w/ Robert Hagstrom
    Kyle Grieve chats with Robert Hagstrom about reflections from Warren Buffett’s early investing mistakes, why GEICO’s insurance float has been setup so perfectly for use by Warren Buffett, why low turnover portfolio’s outperform other options, why looking at stocks as abstractions is such a powerful mental model, how Warren Buffett has made thinking long-term into his own competitive advantage, a detailed history on modern portfolio theory, and why it’s so pervasive today, why investors should focus on certainties in their investing strategy, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:30 - Details on Warren's mistakes on Berkshire Hathaway (textile mill) and subsequent mistakes with the Dexter Shoe acquisition. 08:44 - Why low turnover portfolios tend to outperform. 16:20 - Why you can outperform the market over the long term while underperforming the market 50% of the time. 18:29 - The importance of thinking of stocks as abstractions. 27:55 - How Warren Buffett has evolved his investing methods while staying true to his deeply held principles. 43:07 - Benjamin Graham's two most influential concepts Warren still abides by today. 43:07 - The history of modern portfolio theory and why it's so pervasive today. 54:28 - The single most important characteristic that has produced so much of Warren Buffett's success. 59:36 - The characteristics required to outperform the market. 01:08:09 - Why we should spend our investing time thinking about business rather than macroeconomics. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy The Warren Buffett Way here. Read more of Robert Hagstrom’s articles here. Related Episode: TIP360: Inside The Money Mind Of Warren Buffett w/ Robert Hagstrom | YouTube video. Related Episode: MI307: Unpacking The Money Mind w/ Robert Hagstrom | YouTube video. Related Episode: MI222: How To Invest Like Warren Buffett w/ Robert Hagstrom | YouTube video. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life AFR The Bitcoin Way AT&T Sound Advisory Industrious Range Rover iFlex Stretch Studios Meyka Yahoo! Finance Vacasa Briggs & Riley Public American Express USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    TIP634: Value Investing Fundamentals w/ John Huber

    TIP634: Value Investing Fundamentals w/ John Huber
    On today’s episode, Clay is joined by John Huber to discuss value investing fundamentals and the current market conditions. John Huber is the Managing Partner of Saber Capital Management, LLC. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:44 - What John would include in his own personal MBA program 07:50 - What base hit investing is. 09:01 - The three sources of returns for a stock. 14:40 - Why Costco’s stock may be in a bubble. 20:39 - The three types of companies that John looks to invest in. 32:21 - John’s view on today’s current market and where he is finding opportunities. 42:57 - How John manages highly concentrated positions in his fund. 47:09 - Why investing has a long feedback loop in assessing decisions. 54:16 - John’s process for writing out his investment thesis. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out Saber Capital Management. John Huber’s blog: Base Hit Investing. Check out Journalytic. Related Episode: MI165: Is FAANG the New Value w/ John Huber | YouTube Video. Follow John on Twitter.  Follow Clay on Twitter.  Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life AFR The Bitcoin Way AT&T Sound Advisory Industrious Range Rover iFlex Stretch Studios Meyka Yahoo! Finance Vacasa Briggs & Riley Public American Express USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm