We discuss the ongoing legal battle faced by King Ranch in Central Washington State and the importance of supporting local ranchers. Stay tuned for an upcoming interview with their lawyer to get an in-depth understanding of the case.
In the news, we cover Donald Trump's surprising commitment to championing Bitcoin mining in the USA, despite his apparent lack of understanding of Bitcoin's fundamentals. We also discuss Brazil's largest bank, Itau, opening Bitcoin and crypto trading to its 60 million customers, and the implications of this move for mainstream adoption.
Additionally, we delve into the recent price surge of Bitcoin following the latest CPI data and the market's anticipation of the Federal Reserve's interest rate decisions. We also touch on the significant outflows from Bitcoin ETFs and the strategic moves by companies like Meta Planet, which continues to buy Bitcoin and see its stock price soar.
Finally, we discuss the hostile takeover attempt by Riot Platforms on Bitfarms and the adoption of a poison pill strategy by Bitfarms to fend off the takeover. We also highlight the importance of commoditizing Bitcoin mining hardware to prevent centralization and regulatory crackdowns.
Topics for today:
- Trump Likes the Corn
- CPI Data sends Bitcoin Back Up
- Riot and Bitfarms Meet on the Battlefield
- Brazil's Largest Bank Opens to Bitcoin
- Core Scientific Next in Line for Hostile Takeover
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The King Ranch Donation Page:
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Articles:
https://bitcoinmagazine.com/business/donald-trump-commits-to-championing-bitcoin-mining-in-dc
https://bitcoinmagazine.com/business/brazils-largest-bank-ita%C3%BA-opens-bitcoin-and-crypto-trading-to-all-users
https://cointelegraph.com/news/btc-price-shoots-up-1-5-k-us-cpi-shows-inflation-slowing
https://www.coindesk.com/markets/2024/06/12/bitcoin-etfs-see-200m-net-outflows-in-fed-cpi-jitters/
https://decrypt.co/234851/metaplanet-japan-stock-microstrategy-bitcoin-buy
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https://notesnook.com/
https://www.reuters.com/business/finance/bitfarms-adopt-poison-pill-amid-riot-takeover-attempt-2024-06-10/
https://www.nobsbitcoin.com/core-scientific-declines-1-billion-buyout-offer/
https://www.nobsbitcoin.com/peach-bitcoin-v0-5-0/
https://www.nobsbitcoin.com/joinstr-electrum-plugin-v0-1-0-pre-alpha/
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Licensed under Creative Commons: By Attribution 3.0 License
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[00:00:00]
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:30 AM Pacific Daylight Time. It is the 12th day of June 2024.
This is episode 907 of Bitcoin, and the circle p is open for business. The circle p is my way of trying to generate Bitcoin Circular Economies simply by getting people to buy goods and services from other people or plebs with Bitcoin because if you're not selling it in Bitcoin you're not in the Circle P and today's Circle P vendor is the Leathermint who has released a new wallet. And this thing is this thing is is is really, really pretty. In fact, for the guys over there in ZapStream or Zap dot stream, I am putting up a picture of this thing into the live chat so that you guys can see it along with me. The Leathermint.
Sovereign T in style. If you want to get some high quality leather goods like wallets, passport holders, key rings I mean, belts. They've got all kinds of stuff, but this one this one is special. This is called the Cordovan crossover, and it's black with a tobacco interior. It's got let's see. What does this thing got? It's got it's got 8 pockets for credit cards, and then it's got 2 underpockets like the the the pockets that are underneath the credit card pockets. And then it's got your regular, you know, folder for for bills. But but but but this thing's got a Sats chip in it, which is your private key, a customizable NFC chip.
So not only is it a leather wallet, it just it looks like a leather wallet. It's hand stitched. It's made out of some of the highest quality leather that you're going to find with some of the highest quality stitching that you're going to find. And, if you've ever heard me talk about the Leathermint at theleathermint.com, you'll know that stitching is the most important part of almost every garment, any wallet, any belt, any suit. If the stitching comes apart, it doesn't matter what it's made out of. It's garbage. This These goods from the Leather Mint?
Definitely not garbage. Step into the world of the Leather Mint, where luxury meets everyday essentials. Discover our latest collection of stylish, functional, and high quality leather goods from sleek signing device apparel to elegant belts, wallets, passport holders. Each piece is hand crafted for those who appreciate sovereignty in style don't just wear accessories make a statement with the leatherment visit us now and embrace the craftsmanship that sets you apart you can find them at the leathermint dot com that's where you'll go order stuff You can find them on noster at leathermint m I n t.
On dead bird's site it is at the leathermint and the coupon code is bitcoin and you will get 10% off if you use that coupon code and if if this if you tell them, if you give them that coupon code and you're buying something, then they're going to send me SATS back as basically an affiliate. This is part of the deal that I do with the circle p. If you have goods and services and would like to be considered for the circle p, just let me know. Email is [email protected]. That is basically what I'm using nowadays for anything that is really not personal.
Again the Leathermint, you've got to go see this wallet. I have the link to this particular wallet. It is on sale for, point 006 bitcoin. This is a preorder. So depending, like, the the however many he is going to make is going to depend on how many of these things actually get preordered. This thing is beautiful. I'd highly consider going and looking at it. So I am including the link to this particular wallet in the show notes. So just click on it and and go see for yourself what what this thing is all about. Now, let's get on with the show. Oh, before I do that, the King Ranch donation page. For those of you that are following, what I've been saying about the King Ranch in Central Washington State and the attack that they are under by the state of Washington.
If you want to help ranchers, you know, not go away like tumbleweeds and blow away like dust in the wind, you might consider donating to the King Ranch, Multi generational, family operated cow calf beef operation, it is under an unprecedented legal attack by the state of Washington. I am going to interview their lawyer, the King Ranch, guys. They have a lawyer. I have a scheduled interview with her next Wednesday. So a week from today, I'm going to be going out there. I'm going portable. I'm I'm going mobile. I'm taking the mobile rig. Gonna go out there and I'm gonna set up and we'll see how all that works. But, really what we're gonna get into on that particular interview is exactly what's going on, what's happened, the timeline of the events, that's occurred, and why it is that this kind of this is this case is important for all ranchers in the United States, not just Washington state ranchers. And it's not that the state of Washington itself would be able to set a precedent, you know, for other states, because that's interpreted state by state. But there are factions in the rest of the states that would love to do this. What's being done to these ranchers?
If they win, there's other states that would love to do the same thing to their own ranchers. So in a way, it could kinda set precedent. So just saying. So be looking for that one next week. Now on to the news. Orange man, Donald Trump has committed to championing Bitcoin mining in Washington, DC. Yeah. You don't hate politicians enough. You don't. You think you do? You don't. You really don't. Today, Donald Trump met with Bitcoin Magazine CEO David Bailey and several prominent US Bitcoin Miners. The meeting saw Trump commit to championing Bitcoin Mining both in Washington DC and on the global stage. Among the attendees were representatives from leading Bitcoin mining firms including CleanSpark, Riot Platforms, who's engaged in a hostile takeover. We'll I think I've got something about that here later on. Marathon Digital and other notable industry players.
Key figures present included s Matthew Schultz from CleanSpark, Jason Less and Brian Morgenstern from Riot Platform, Samuel Khan from, Marathon Digital, and Amanda Fabiano of Fabiano Consulting, formerly head of mining at Galaxy and director of Bitcoin Mining at Fidelity. After the meeting, Donald Trump posted on his Truth Social saying that he wants quote, get this shit, all remaining Bitcoin to be made in the USA. And that it would help us be energy dominant. So here's the actual truth social tweet or whatever the hell they call them. It says vote for Trump. Bitcoin mining may be our last line of defense against the CBDC.
Biden's hatred of Bitcoin only helps China, Russia, and the radical communist left. We want all the remaining Bitcoin to be made in the USA. It will help us be energy dominant. Trump's supportive stance on Bitcoin is in stark contrast to his competitor, Joe Biden. The current administration under Biden has taken a hostile approach towards the industry, including reluctance to embrace Bitcoin and other cryptocurrencies. Biden's administration has been seen as less supportive of Bitcoin and more supportive of a central bank digital currency. A couple of weeks ago, Donald Trump historically became the 1st president in the United States to accept Bitcoin Lightning Network donations, following comments he made recently saying that he wants the future of crypto to be in America and not driven overseas due to harsh regulations.
Trump also said, quote, he will support the right of self custody to the nation's 50,000,000 crypto holders, end quote. As Trump leads in the presidential race, his support for Bitcoin and cryptocurrency is earning him substantial backing from the crypto community. With over 50,000,000 Bitcoin and cryptocurrency holders in the United States. Trump's commitment to the industry could play a pivotal role in securing a win in November, and I call complete bullshit on all of this. That, I'm sorry. And it really doesn't matter if you think that I hate orange man or love orange man or neutral and orange man. All I'm doing is I'm looking at the factual things that he's saying, and none of them are true.
None of them are true. You don't, a, you don't Bitcoin isn't made. It's just not. It is a terrible analogy. Right? He wants to he what he's doing is he's analogizing made in the USA to be something like, I don't know, akin to, like, when we made cars in the United States, when we made Levi's in the United States, when, you know back when we actually had manufacturing and we were proud that we were buying items that were made in the USA that's not this this bitcoin has nothing to do with with that entire landscape of thought Therefore, it becomes extremely evident that this man has no idea what Bitcoin actually is.
He's just trumpeting what you want to hear to get votes. Now, don't get me wrong. The other side is just as bad. Okay? Now given what you know, this is sort of, as far as Bitcoin is concerned, definitely the lesser of 2 evils, Most certainly. But I can't not see the fact that he doesn't know what he's talking about. He does not understand the underlying tech and I get it. How could he? He's running for president. He's a real estate guy. He doesn't he he's in his seventies. He doesn't have time. He's not going to put in the effort. It's never going to happen. He's never going to sit down and read the Bitcoin standard. He's just not. And anybody who thinks that you're gonna send him, you know, Saifedean's book, he's not gonna read it. Okay? So just get that out of your head. But the real problem is that his staff, who does have the time, they are the people that are tasked to go out into the world and find the things that voters want to vote on and bring them in a consolidated way back to the man himself and say, this is what you wanna say. Even they can't get it right.
Even even they can't be bothered to figure out what mining actually is. And the whole notion, if we get past the analogy of made in the USA part, and we go really to the heart of the matter to say that all remaining Bitcoin to be made, quote, unquote, in the USA is a fundamental misunderstanding of this entire thing. And honestly, it's kind of embarrassing. You you don't you don't mistrust politicians enough. You don't hate politicians enough. You don't hate or mistrust journalists enough. You think you do, but you do not. And even I'm guilty of it. I think that I I really don't like these people enough, and I get the feeling that that's not true. I I really do. But that's what's going on right now.
And we have this situation where these big miners are cozying up to the political side, not right side, left side or libertarian side, that doesn't matter. It's the fact that they're cozying up to the political class, and that does not bode well at all, which is one of the reasons why it I hope that Bitcoin mining becomes so ridiculously commoditized that there will be no such thing as a mining farm, that it will not occur, that there will be enough mining in refrigerators and television sets and Roku boxes and my node and my other node and the 3rd node that I'm thinking about buying. That's what I'm talking about.
Heaters to heat your hot tub. Heaters to, you know, miners to heat your saunas, to heat greenhouses. Anything to get mining out of the hands of these freaking people is the best thing that we could possibly do for Bitcoin. I'm just I'm just saying this it's not good. None nothing that I read you in this story is even remotely palatable to me. So just understand that when you start seeing people go, oh, look, Trump's for Bitcoin. No, he's not. He's for your vote. He wants your vote. And if you're gonna vote for him so simply on this, I'm not gonna fault you for it. I'm just saying understand that he does not understand how any of this works. Mining the remaining Bitcoin solely in the United States is not how this works.
He would literally have to take armed forces into every other country in the world and usurp their mining facilities, physically unplug all of the miners, if he could find them all, and then bring them all back to the United States. And even then, it's not gonna work. So that is a completely empty that's an empty ideology. Just please don't get suckered into believing that he actually gives a shit because I don't think he does. He he definitely gives a shit about your vote, but that's it. Now, again and that was, by the way, from Bitcoin Magazine. This is also from Bitcoin Magazine. This one is written by Vivek Sin.
Brazil's largest bank, Itau, opens Bitcoin and crypto trading to all of its users. Brazil is nothing to sneeze at, guys. Brazil and Latin America's largest bank has opened Bitcoin and crypto trading to over 60,000,000 customers. The bank's investment app, Ion, now allows users to buy and sell Bitcoin and shitcoin number 1 after initially offering crypto trading to only select clients back in December of 2023. In an interview, Itau Digital Assets head, Guto Antunes, said the move followed weekly surveys with initial users showing strong demand for Bitcoin and crypto services while not disclosing user numbers. Atunes said that the Ion app has surpassed 3,500,000 downloads, which is significant for Bitcoin and crypto in Brazil.
The bank opted to build its custody solution for clients' wallets rather than using third parties. Each user gets a separate wallet to ensure asset segregation. As Brazil's largest bank with extensive reach, opening bitcoin access will boost mainstream adoption. With bitcoin's popularity in Brazil, the bank aims to be their preferred gateway into the new asset class, of course. The embrace of Bitcoin and crypto by a conservatively regulated institution like etao also further validates Bitcoin as an investable innovation that is here to stay. More banks in the region may follow suit. Well, duh.
For Bitcoiners in Brazil, buying and selling through their existing bank provides accessibility and removes adoption hurdles. Itau opening the floodgates marks a milestone in Bitcoin's financial mainstreaming in a major Latin American economy. Okay. Now, here's here's the the good news about this. Is that unlike how Trump is grasping how this works, this bank actually they really do seem to understand at least a segment of how this shit works. It is given in this sentence. The bank has opted to build its custody solution for clients' wallets rather than using third parties.
Each user gets a separate wallet to ensure asset segregation. That actually makes sense. You don't want a giant pool of Bitcoin chilling out. And it looks to me like the Itau Bank has actually created individual separate wallets that users have control over. I there is nothing said about it being private keys, and I doubt that very seriously. But at least they understand that, we really don't want a pool of this stuff. We really don't want that big of a honeypot. Now, is it true? Did they really do that? Is it possible that there's still a pool of Bitcoin that's in one, you know, single wallet address? I don't know.
However, if we take it at face value, it looks like that that is not the case. So at least somebody, even even if the language is just language and it's not true at all, at least they know what to say. Okay? So so there's that. Holy shit. Brazil, again, Brazil is not anything to sneeze at. You're talking about a huge economy, talking about a major section of the entire continent that is South America. It's the largest country that's there. It has the most people as far as I can tell. Talking 60 what would they say? 60,000,000 people?
Yeah. 60,000,000 customers in Brazil and some of the other countries in Latin America. So, again, nothing to sneeze at. And but the the last part of this is kind of ridiculous. This notion that we continuously talk about further validating Bitcoin as an investable innovation, I think we're kinda done with that. I I I the idea here is, well, duh. I mean, honestly, duh. Of course, it is. We don't need that anymore. So moving on. Okay. So the BTC price we're looking at we're looking at a pretty good green candle. The BTC price has shot up $1,500 within seconds as the United States CPI shows inflation slowing. So, William Sueberg gonna tell us why green candle from Cointelegraph.
Data from Cointelegraph Markets Pro and TradingView captured a snap BTC price surge to 69,636 on Bitstamp. It gained $1500 within seconds as the May print of the Consumer Price Index or CPI showed inflation cooling faster than expected. No. It's not faster than expected, but I'll go with your language. Month on month CPI was unchanged from last month while the year on year tally was 3.3%. Both 0.1% lower than forecast, quote, the all terms index rose 3.3% for the 12 months ending May. A smaller increase than the 3.4% increase for the 12 months ending April.
The all items, which is less food and energy index, rose 3.4% over the last 12 months, according to a press release from the US Bureau of Labor Statistics. The result was a boon for risk assets, including crypto, which had suffered from the run up to CPI in what had become classic behavior for Bitcoin and Altcoins. Now markets embraced or rather braced for the June meeting of the Federal Reserve's Federal Open Market Committee or the FOMAC due later on in the day. Here, the decision on interest rate changes, as well as commentary on the economy by Jerome Powell, the Fed chair, would be of key importance to sentiment.
Reacting to the latest events, financial commentator TED Talks Macro was optimistic. CPI, he suggested, had given Powell the green light to entertain an overall easing of tight financial policy in the form of high rates. The stage is set for Jay Powell to talk easing. Let's go, he summarized on Twitter. Michael Van de Popp, founder and CEO of trading firm, MT Trading, or sorry, MN Trading, focused on falling US dollar strength in the wake of the data, quote, the dollar and treasury yields are dropping significantly as the markets are expecting rate cuts to be happening, he noted. This could be the massive sign for altcoins and bitcoin bitcoin thus erased the losses which had come courtesy of US employment data the week prior Further, such figures were due at the end of the week, leaving the door open for further BTC price volatility. The latest estimates from CME's groups or CME Group's FedWatch tool, meanwhile, showing showing shifting market bets on when rate cuts could come with the September FOMAC meeting now at over 70%.
Okay. So CPI came in cooler than expected. Everybody's making a big deal of it. And everybody is waiting for Jerome Powell sometime around 11 30 Pacific, daylight time, is gonna stand in front of a podium and they're waiting for him to open his mouth and judge the tone of his comments and the language and the vocabulary of his comments. And we will be writing for the rest of the day as to whether or not the Fed is going to be hawkish or dovish. If they're hawkish, it means that the language will reflect that Jerome Powell says we're not going to change rates or, and this is not even in the realm of possibility as a gut feeling for me, raising the rates.
So it's either going the rates are either going to stay the same or they're going to say we're going to drop rates by, I don't know, a quarter percent, half a percent, which I doubt. I think in June, this month's meeting, these rates are going to stay the same. And it will not even occur to them or anybody else until September's FOMAC meeting that there could possibly be a change in the language from hawkish to dovish. Of course, I could be wrong. I don't know. But I I don't see them immediately saying, yes. We're going to lower rates. I think what's going to happen is that they're going to keep rates exactly the same, and they're going to see if we have another round of cooling inflation for the month ending September or the month ending June, and then in September, then maybe.
But I'm not I'm not pinning my hopes on it because everybody in the world, all of the economic journalists and Paul Krugman and every everybody is, like, going, they're going to have to to lower rates soon. We cannot continue. Oh, bullshit. We certainly can continue because nobody at the fed gives a shit about the common person on the street that is spending most of their paycheck on groceries. They don't care about you. They never have. They never will. Please stop fooling yourself. Moving on. CoinDesk. Sharra Malwa. Damn, DeFi Yogi. 2,100 satoshis, an impub, and you're not it's not your your your impub is not resolving to a name. So impub 1d7hszpd with a 1,000 Satoshis. Thank you. And, also, thank you for the 121 satoshis. I appreciate that. Now, again, getting back to CoinDesk and Shahro Malwa, we have this one.
The Bitcoin ETFs see a $200,000,000 net outflow in the fed and CPI jitters. So if you wondered what the hell happened, right, this is this was right before the CPI came out. Starting yesterday, we saw giant red candles. Right? Well, everybody was waiting for the CPI numbers to come out. This behavior is going to continue. So here's if you're if you're looking for a time that you actually want to buy Bitcoin at at a dip, I would start looking at what is the date of the next FOMAC meeting, and then I would set a buy for the, like, I don't know, 2 AM, you know, central daylight time in the United States. 2 AM of the day of, like, I don't know, like, let's say the that Wednesday, because it's always a Tuesday and Wednesday meeting. Right? So on that Wednesday, you set you set to buy. You either, you know, set your alarm clock or you set an automatic buy on something like Cash App to buy at that particular time because almost every time that we've had a a Fed meeting, we see massive dumps all the way. But not I mean, not just this. Legacy markets got hit too.
Everybody is just they're just programmed. We have to know what inflation is doing we have to know what inflation is doing we are slaves to the CPI and they keep changing what the CPI CPI means. But that's why we were seeing nothing but red yesterday and that well, yeah, mostly yesterday. And that's why we're seeing green today because CPI came out slightly cooler. But it's not because CPI came out cooler. It's because what does that mean for the Fed and lowering rates? And what does that mean? The lower the rate, the cheaper you can borrow money. And what does that mean? The cheaper you can borrow money means the more equities and shit you can buy.
That's what it boils down to. It's that simple. But let's see what they're saying about this one. US listed spot Bitcoin exchange traded fund saw a second straight day of outflows as traders likely derisked ahead of key macroeconomic reports scheduled for later on Wednesday. Data from So So Value shows that the 11 ETFs recorded $200,000,000 in net outflows on Tuesday, the highest since May 1st figures of $580,000,000 net outflows. Redemptions came amid a BTC sell off during which the asset briefly tumbled to 66,200 before recovering.
Grayscale GBTC accounted for most of the $120,000,000 in outflows leading among its counterparts. GBTC continues its infamous run of being the worst performing ETF by outflows since going live in January, racking up a cumulative $18,000,000,000 in outflows. Okay. So the rest of it is just a report on what what the other, you know, 10 ETFs did on their outflows. But, essentially, all that happened was that everybody waited until the day before today and sold. And, again, it wasn't just Bitcoin outflows. It was the Dow the Dow Jones, the S and P, the Nasdaq. Even Berkshire Hathaway got hit. Everybody got hit. The only thing that actually wasn't getting hit the hardest was energy markets.
So, again, if you're looking for a good time to buy Bitcoin at a discount, look to the day before the Wednesday fed meeting because they meet on Tuesday and Wednesday but until only after the the last part of the meeting, the the when the meeting is finally over, the Tuesday, Wednesday meeting, because they like I said, they meet on 2 days. It's only after the meeting is over that fed chairman Jay Powell will stand in front of a podium and people start interpreting his language and vocabulary. So it's that it's that Wednesday morning or, you know, early Wednesday morning, like 1, 2 AM, or very late Tuesday night, like 11 PM, 11:59 PM, that may be when you wanna start buying because it's almost guaranteed almost guaranteed that there will be a drop in Bitcoin prices. So I'm just saying, man. Just just keep an keep an eye out for that. Now, the micro strategy of Japan, decrypt, Andrew Thorvallis is writing, they have just bought more Bitcoin and, predictably, it's stock price punted.
Japanese investment firm, Meta Planet, has added another 23.5 Bitcoin to its balance sheet bought for a total of 250,000,000 yen or about 1.6 $1,000,000 US. Following the news, Meta Planet's stock on the Tokyo Stock Exchange pumped 10%, despite the price of Bitcoin itself falling more than 3% over the past 24 hours. Quote, as of June 11th, Meta Planet holds about a 141.07 Bitcoin acquired for $9,200,000 US at an average price of $65,426 per BTC, wrote Dylan Leclerc, Meta Planet's director of Bitcoin strategy to Twitter on Tuesday.
That's a total Bitcoin treasury worth about 9 point $5,000,000 US. Leclerc's tweet is reminiscent of those from MicroStrategy executive chairman Michael Saylor who has tweeted his company's Bitcoin holdings and average purchase price following each one of its buys for the past 4 years. Since adopting Bitcoin as its core treasury asset in April, Meta Planet's top brass have willingly referred to the company as Asia's First MicroStrategy. MetaPlanet previously told Decrypt that it plans to use capital markets to acquire more BTC with a deliberate attempt to mimic MicroStrategy's role within the American capital markets. The branding has certainly been effective.
Meta Planet stock has ripped 456 percent, Jesus, year to date since announcing its Bitcoin plan, outpacing the already impressive growth of MicroStrategy stock, which is up 127% this year. MicroStrategy is the world's largest corporate Bitcoin holder so far. Yeah, we know. On 2 consecutive occasions last month, Meta Planet stock maxed out the total daily gains of 50% allowed by the Tokyo Stock Exchange. So they put the they put the brakes on that shit twice. Other public companies around the world have also adopted a Bitcoin standard for their corporate treasuries this year and have received similar blessings. Canadian firm, crypto firm, DeFi Technologies ripped 25% on Monday after announcing that it purchased 110 Bitcoin.
Late last month, Similar Scientific declared Bitcoin that its primary treasury reserve asset was Bitcoin and it was preferable to gold, and its stock is up 72%. Do you see a pattern? Do you see a pattern? Chris Cooper, director of research at Fidelity Digital Assets, believes that the latest Bitcoin adoption wave may be a sign that the assets game theory is starting to play out. Quote, while these small companies, well, sorry, while these are small companies, it makes sense to me that small and micro cap companies would be the first to adopt companies at the periphery that have more to lose than large cash flowing companies, he tweeted.
So there you go. Will this last? In in other words, will will the will will the stock price blasting through the stratosphere effect last on into the future? In the short term, most definitely. In the medium term, that's where it starts to get fuzzy for me. And of course, this is all gut feeling. I don't have some kind of weird calculator going on. I'm just using my gut feelings here. We're going to see this a lot, at least in the short term. However, there's a lot of companies out there. Now think about it. It could be a cascade effect.
It could be a like like, the opposite of a cascade failure. It could be a cascade success for the for the USD price of Bitcoin. Every other company is looking at what these companies are doing. Nobody's heard of these companies. Nobody knows who Similar Scientific is, except the guys that work at Similar Scientific. Nobody knows who Meta Planet is, or we didn't know. You know, and DeFi Technologies, they rip 25% on a single day on their stock price. I've never heard of DeFi Technologies. Yet, their stock price is making news and their stock price is only doing this because they are declaring publicly that they are buying Bitcoin, and it looks to me that they are indeed actually buying Bitcoin.
Okay? So if they're lying about it, that's one thing. But these guys are not lying about it. They are actually holding this shit on their balance sheet. So now you've got this this peripheral way of boosting your company's value, which is, by the way, a fiduciary commitment that the CEO of any of these public companies has to their share shareholders. They they have to take every opportunity to boost the shareholder share price and that's by law, at least in the United States. Otherwise, you're gonna get your ass sued. So now we've got these dual pressures. 1, the CEO sees, you know, of a company, sees all these other companies getting rocketing stock prices just because they're they're simply using some some cash that they know is losing value because of inflation to buy Bitcoin with. And second, if they don't if they don't and this trend continues to the upside, CEOs could find themselves being replaced and sued by their own board of directors.
That is a dual amount of pressure that seems to me like at least in the short term, you're gonna see a cascade effect of this. And this has nothing to do with ETFs. This has nothing to do with Wisconsin buying this shit and putting it into their, you know, their their IRAs and and their pension plans for all their state workers. This is completely separate. This is a completely different phenomenon. Every single time one of these companies do this, their stock price increases. And all the CEO of another company that's not doing this sees is a simple announcement the conversion of liquid assets into bitcoin and boom 25% in a day how can you not see that and once you see it you're not going to unsee it So I expect this trend to not only continue, I expect this trend to continuously increase. Let's run some other numbers.
CNBC Futures and Commodities. They got oil. West Texas Intermediate is up just over a full percent to $78.72. Brent Norsey is up a point on its own, $82.75. Natural gas, the only loser today, 3.32% to the downside, but it's still holding at over $3 per 1,000 cubic feet, which is getting back up there. It's getting I mean, the highest price that natural gas has ever seen was, like, $10.50 per 1,000. We're a third of the way back up. And it looks like it's gonna be a hot summer, or at least that's what they keep saying. Gasoline is down a little bit, but it's at $2.40 a gallon.
All of your shiny metal rocks are back in action. Green to the upside. Gold is not leading the pack, but it's up there 1 and a quarter percent to the upside. $2,355 an ounce. Silver is kicking everybody's butt. 3 and a half percent to the upside at $30.23. Platinum is up 1a half. Copper is up 1a quarter. Palladium up 1a quarter. Agricultural futures fully mixed. Cocoa, biggest winner today, 7.22% to the upside. The biggest loser is wheat, almost 2 points to the downside. Live cattle is down a quarter of a point. Lean hogs are up almost a full point. Feeder cattle are up point 4%.
The Dow is up point well, a 10th of a percent, and the S and P is up over 1%. The Nasdaq is up 1 and a third. Holy shit. And the S and P is up almost 2 full points. Everybody's having a party on Wall Street because Fed chairman Jerome Powell speaks. Okay. The price of Bitcoin, $69,520. That is a $1,370,000,000,000 market cap. And if you so choose, you can purchase 29.9 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,701,174 and a quarter of and average fees per block, 0.32 BTC taken in fees on average per block. And speaking of blocks, how many blocks do we have?
It was a heavy MIM pool sort of weekend and Monday. 246 blocks are carrying 289 1,000 transactions waiting to clear at high priorities of 58 satoshis per v byte and low priorities at 39. Anything under 7.8 satoshis per v byte are being kicked out of mempools around the world. Hash rate is flashing 638.4 exahashes per second, so we're back up there on that one. Now, podcasting 2.0 and value for value. I have thoughts. And my thoughts are this. It's not going as fast as I want it to. It just it's it's just not. You know? I mean, I put out I put out, an episode, and I work hard on these episodes, but I put out an episode and it gets, you know, a couple of boost off of Fountain. And and the people that boost, I appreciate. Don't don't get me wrong. It's the guys that are boosting, I appreciate. But there's not a whole lot of them.
And sure, you know, people could say, well, your show sucks. Okay. Well, then don't listen to it, I guess. I I mean, I'm I'm doing what I can here. I'm trying to get you guys, you know, on your morning ride to work or what you know, your ride after work. What the hell happened today so that you ain't gotta read it, so you don't crash your car into a tree, but there's just not enough people boosting. And I think a lot of that actually has to do with, we're doing a really piss poor job on getting people to convert over from this notion of legacy anything, whether it's legacy social media, legacy podcasting apps, Legacy Banking, but let's stay with, you know, podcasting apps here, which is why I want to tell you that if you are still listening on Apple Podcasts or Google Podcasts, even though I think they've taken that away, or SoundCloud Podcasting app or any of these things, They don't have any of the cool features.
You're missing out if you're not using Trufans. If you're not using Podverse. If you're not using Podcast Guru, or Fountain App, or LN Beats, or CurioCaster, or Cast O Matic or Breeze. These are all value for value enabled podcasting 2.0 apps. And I'm not trying to get you into these things just so you can boost me. If you're if you have a podcasting app that doesn't show you album art, that doesn't show you chapters, that doesn't allow you to skip ahead using chapter chapters or relisten to another chapter so that you don't have to fast forward or rewind through an hour and a half long podcast.
You can just go right to the chapters if you have a podcasting 2.0 app. You can stream me Satoshis live. You can give me boostograms and tell me, hey. I want you to do this on your show. Or, hey. Here's something that you didn't cover or here's how you got this wrong or thank you for being alive. Whatever you wanna boost me for. But this is the way value for value works. If you think that I've given you any kind of value at all today, then please show me that value back by boosting the show on one of these podcast apps and if you want to know where you can go to find these podcast apps because you forgot what I just said podcastindex.org/appsapps podcasting I'm sorry. Podcastindex.org.
That's Adam Curry's group. Right? He's been working on this for years. He's the guy that brought you podcasting in the first place, and even he's looking at old legacy podcasting apps, and he's, like, going, these are no good. They're just no good. And why are they no good? Well, because from Bitcoin and Jawad Doshdi, when I interviewed Jawad Doshdi, you know, the guy that had made that Facebook post about housing prices crashing against Bitcoin. Yeah. You guys, Bubba, in fact, boosted 2,000 satoshis. He says, great info. Thanks, man. And near the end, he said the quiet part out loud. Yeah. He did. He was talking about how his entire business of real estate could go away because Bitcoin just eats everything, and he would be just fine with that. That was the quiet part out loud.
Dobrovko with 1810. Satoshi says, great flipping interview. Very interesting. Please pass on to Jawad that the Fort Bitcoin beat up has a warm place for him. I'll buy his drinks while I'm attending. I was curious if he holds notes and what he thinks that notes in BTC would look like. Dabravco also replied back to that one, says case in point, Fort Bitcoin released their June meetup yesterday. Come on down. I'll buy you a drink. Meet me at fort bitcoin number 33, and then he gives the meetup, URL, which I need to put in the show notes right now so that I don't forget it. Hold on for a second. Let me just find a spot to shove it in there.
Alright. There we go. Bitcoin Boaz with 621 says hashtag all stats matter at hashtag sorry. God. I screwed that up. Hashtag [email protected]. Pies with 420 says thank you, sir. No. Thank you. God's death with 237. Thank you, sir. No. Thank you. And o two z x boosted 210 sats, says absolutely nothing. And from you know what? I think I already did that one. So I'm gonna I'm gonna leave that alone, and that will do it for the weather report. Welcome to part 2 of the news that you can use. Hold on. Let me see. Okay. There we go. Alright. Bitfarms to adopt poison pill amid the Riot takeover attempt. Remember I told you about this? Riot is trying to take over Bitfarms, and now Bitfarms has adopted a poison pill. This is out of Reuters.
It was written yesterday by is there anybody? Nope. It's just by Reuters. Bitcoin miner, Bitfarms, said on Monday that it has approved the adoption of a poison pill to fend off a potential hostile takeover attempt by rival Riot Platforms. The move comes just days after Riot Platforms disclosed that it had built a 12% stake in Bitfarms as it pursues a takeover attempt. Riot had initially made a private proposal to buy Bitfarms in April. The proposal was rejected by Bitfarms' board after it concluded that the offer significantly undervalued the company. Colorado based Riot went public with its proposal in May to buy the Bitcoin miner for about $950,000,000 and said that it intends to request a special shareholder meeting to add independent directors to Bitfarms board of directors.
United States listed shares of Bitfarms were down 2.5% in pre market trading. Under Bitfarms plan, if an entity accumulates more than 15% of Bitfarms' stake after June 20th and up to September 10th, the company would issue fresh shares, diluting the entity's stake. Stake. Yeah. That's not all you're gonna be diluting. We'll get to that. After September 10th, the threshold would be relaxed to 20% as long as any takeover attempt meets certain conditions. Shareholder rights plans known as a poison pill are used by corporate boards to thwart hostile takeover bids. Bitfarms said that the shareholder rights plans plan aimed to preserve the integrity of its previously announced strategic alternatives review process.
The Bitcoin miner stated or started conducting a strategic alternatives review last month after receiving rights proposal. The review includes a possible merger or sale of the company. The rights plan is subject to shareholder ratification within 6 months of its adoption, failing which it will terminate, Bitfarms said. Okay. So what what is happening? Okay. So Riot Riot Platforms wants Bitfarms. A while back, they basically said, hey. We'll we'll buy you for $950,000,000, which I think is kinda undervalued personally, but that's just me.
Bitfarms said no. They did not wanna be taken over. Almost immediately after the rejection of the proposal, Riot buys 11% of Bitfarm stock on the open market. Okay. So number 1, the peril of being a publicly traded company means that this shit can happen. Somebody can just buy the crap out of your stock and push you out. So be aware that, like, you know, this whole can't wait for the company to IPO. Yeah. That brings in certain dangers. Okay. Well, so after that, Riot kept buying and now they're up at 12% of their shares Alright. So so then, you know, like, bit farms decides, okay, we're gonna dilute our shares.
If you if if certain conditions are met, we're going to issue new shares. They're not going to split their shares, They're going to issue brand new shares, which not only dilutes the shares that Riot already owns, it dilutes the shares of the shareholders they already have. So everybody gets screwed. No one's gonna be happy about this shit. Right? So what are they doing? Why? Bitfarms wants a better price. That's all this is. They don't give a shit if they get taken over by Riot. This has nothing to do with, oh, Riot's bad, and we're good, and we're we're on the side of light. And they're like the evil empire that they don't give a shit. They're all the evil empire. Why? Because they're playing the same legacy financial bullshit games that has brought us to the impasse that we find ourselves in now. I don't like either one of them because of it. They're not adhering to any kind of ethic, to any kind of we they've learned nothing out of Bitcoin is what I'm trying to say. Neither one of these guys.
They've learned nothing. They're taking their same corporate bullshit that they've pulled out of Wall Street because they keep hiring the same fucking people day after day after day after day that brings the same fucking ideas in day after day after day and nothing changes. Just because it's Bitcoin mining doesn't make it new and shiny, not when it's plagued by the same idiotic crap that has brought us to where we are today. And if you don't think it's gonna get worse, you think again. Yes. It's going to get worse. It's going to be the same shit that we see where regulators are passing themselves off through revolving doors into CEO positions of mining firms and other, like, soft Bitcoin development software companies, and then rotating right back out, you know, to the small business administration.
It's the same thing we see with Tyson Foods. It's the same thing we see with Pfizer Pharmaceuticals. It's the same playbook. We're not learning anything, and that's the most dangerous part about this entire thing illustrated by Riot platforms and bit farms. We've learned fucking nothing. I Hope that I have personally but as a group, it looks like we're not learning anything. We're just gonna fall back in the same bullshit patterns IPOs, hostile takeovers. Bitfarms' CEOs and board of directors really doesn't give a shit. They just want a better price for their shareholders because that's their fiduciary commitment. Because if they don't, they're gonna get sued. They're certainly gonna be replaced, and they'd be replaced anyway if if the hostile takeover occurs. But they at this point, they're just fighting for a better price.
That part is the only part about this thing that makes sense. This is the only thing that I can look at to say, well, there's no reason for them not to do that because they've steeped themselves in the t of legacy financial thinking. As long as you do that, you're going to have to operate the same way that everybody has operated for years years decades decades centuries centuries. It's all bullshit. Right? So all they want is a better price. They want $2,000,000,000. They don't want 950,000,000. And they're probably going to settle at $1,250,000,000 somewhere between there and $1,500,000,000.
And that that and it's going to happen. Bitfarms is going to be taken over by Riot. That's my prediction. Okay. So, I thought I'd throw this in here just as a little break. Notes Nook, n o t e s, Nook, n o o k. Notesnook.com. It's a note taking app, but it's open source And it's end to end encrypted, so that makes it private. And it is open source because they have the project on GitHub. You can see the source code. You can compile it yourself or you can just, you know, install it directly from their website which is notesnook.com. That's notesnook.com.
This was brought to my attention on Nostr yesterday. No. It is not a Nostr enabled note taking application. But it does have it is free and and it's syncing. It will sync between devices for free. I love Obsidian. If you guys have ever heard me talk about note taking and all that kind of stuff, you know that I love Obsidian. I'm not going to stop using Obsidian. But even though Obsidian is fully free, and I highly recommend anybody that wants to start, you know, transcribing what they're reading or not transcribing, but taking the like, when you're highlighting something in a book that you've read and you wanna keep that thought. If you just highlight the thing or underline it or something and then close the book and put it back on your bookshelf, that shit's not gonna do you any good. You've got to do something with the note that you took. So that's why note taking apps. Right? So I use Obsidian. But even then, I'd have to pay to sync my Obsidian app on my phone to my Obsidian desktop.
Okay? And I really don't wanna do that. And I haven't necessarily found it necessary, but it would be nice. I'm not gonna pay the $20 a month. I don't wanna do that just yet. Right? Because I'm not using it all that much. But this one, this notes Nook, it will sync between your phone and your desktop web app. It's not an actual installation on your computer. Okay? So just be aware. It can be because they have the GitHub repository so you can do with that part what you will, but if you just wanna use it out of the bag and test it like I'm testing it, I gotta say it looks really nice it is a it's it's fantastic in fact so notesnook.com.
If you're looking for end to end encrypted, syncable, note taking app, well then you wanna go look at notesnook.com now on to Core Scientific which has declined a $1,000,000,000 buyout offer from CoreWeave. CoreWeave Incorporated a privately held cloud computing provider, has proposed to acquire Bitcoin miner Core Scientific Incorporated for $5.75 cents a share according to a source familiar with the matter as reported by Bloomberg. So last Monday and this is this is another thing. This is not riot and bit Farms. This is Core Scientific and CoreWeave. Do you see the pattern?
We have learned nothing. Last Monday, the companies announced that they signed a series of 12 year contracts under which Core Scientific will provide approximately 200 megawatts of infrastructure to host CoreWeave's operations. Quote, under the terms of the agreements, Core Scientific will deliver 200 megawatts of infrastructure to host CoreWeave's high performance compute operations Core Scientific will modify multiple existing owned sites to host CoreWeave's NVIDIA GPUs. The site modifications are expected to commence early in the second half of twenty twenty four and achieve operational status in the first half of twenty twenty five, as was said in the press release.
The hosting agreement is one of the largest for the Bitcoin miner. The contracts with Coreweave are expected to generate $3,500,000,000 in revenue positioning the company as a significant infrastructure provider. Estimated average annual revenue from the contracts is expected to be approximately $290,000,000 The only question that I have is that is that net revenue or is that gross revenue they don't say. Okay. So here's a little bit of confusion about this. And this is out of no bs bitcoin.com. The headline is that Core Scientific declined a $1,000,000,000 buyout offer from CoreWeave, yet all were talked all that's talked about in the story itself is the operational agreements and 12 year contracts that these two entities have between each other.
So here's what I think has happened. These agreements came down the pipe and once they were signed, you know, Core Scientific got this offer from CoreWeave saying, hey, you know what? We just wanna buy you. And Core Scientific's like, no. No, dude. So, what do you think will happen? Okay. Well, Core Scientific is a publicly traded company. How do I know? Because it has a share price of $5.75 a share. It's not the price that matters, it's the price that they have shares. That means they're publicly traded. That means they're a public company, and that means that CoreWeave could start buying their shares and pull a Riot Platform's maneuver and start down the road of what's going to be a hostile takeover.
Will they do it? I don't know. But this is how it began with the Riot platforms and bitforms thing. I fully expect to see this shit happen. We are going to see massive minor consolidations for the rest of this year and on into well into 2025. And this, in my opinion, is not good for Bitcoin. It doesn't mean that Bitcoin's going to die, but it does mean that here's the thing. This is the opportunity for somebody who wants to get into Bitcoin mining that understands that unless they have 1,000,000,000 of dollars of or at least purchasable infrastructure and the money to buy it with which means VC but they don't want to do that then look at bitax Look at what's going on with bitaxe. If you haven't looked at bitaxe, it's a very small miner.
And if you look at it on the surface, you go, that's stupid. Nobody's gonna be able to mine a Bitcoin out of that. That's not the point. It's directionally, functionally the best way we can go. Very small miners performing en mass together over the network as I believe things were intended to be the function of Bitcoin mining and therefore block the the security of the blockchain I e time chain. Let's actually call it a time chain. Let's just do that. But have these they're tiny units. They're like the size of a raspberry pie Right? They don't mind much You know, it's not but if you put a lot of them together, you know, like 1 in each house on, like, let's say, you know, 5,000 houses How's one operating just like behind the television set somewhere?
Well, that starts to become substantial. Now, we get into the situation where we can't really use bid access. What we might as well do is buy old s nines to heat our greenhouses. See where this goes? This what I'm describing is the commodification of Bitcoin mining hardware. And if we can successfully do that, then we won't have to worry about Core Scientific getting bought out by CoreWeave. We don't have to worry about Bitfarms being bought out by Riot. We don't have to worry about any of that shit. Because the bigger those guys get through conglomeration and consolidation, the harder they're gonna fall when daddy comes to regulate the shit out of their ass.
Because that will happen. This is the perfect time for somebody that wants to get into mining, but wants to to hold dear to the values of Bitcoin. This is this is this is it. This is your time. There's not going to be a better time to do it. I can't do it, so might as well be you. Now peach Bitcoin 50 or sorry, 5. Peach Bitcoin version 0.5. 0, a group hug for everyone. Peach Bitcoin is a secure peer to peer Bitcoin marketplace available on Android and iOS. After some time and a lot of work, we're stoked to bring you the new release with many quality of life improvements and one big systemic change, announced peach bitcoin with this release.
We hope to make the peach experience smoother and cheaper for everyone by making Group hug the default. GroupHug is a transaction batching service that allows users to save on Bitcoin transaction fees. It does not require coordination between users in order to work. So if you've been looking looking for you know something for your Android or iOS that is a Bitcoin marketplace that's outside of huddle huddle or any of the other ones then go look at peach Bitcoin Now with batch transactions called Group Hug, Joinster, the Joinster Electrum plugin version 0.1.
Pre alpha has been released. What is Joinster? Well, it's a free and open source coin join implementation using Nostril relays to coordinate the CoinJoin rounds. I'm very excited about seeing how this one works out. Hi, Bitcoin devs. A pre alpha release for Electrum plug in to try Joinster protocol is now available. Joinster is a protocol for coin join using Noster, announced, FDO or well, it's a developer FDO to the Bitcoin mailing list. I have also updated documents and websites. Feel free to share your feedback after reviewing the code. Learn more about civil resistance in Joinster here, and they give you clearly that as a link. The NIP for coin joins on Noster can be found here and that is, a gitlab.com, site.
Again, if you want to go to these sites because I'm not going to read you like the URLs of these. You've got to go to the show notes because if all you have to do is go to the the URL that has this story and they're all the stories that I cover in a show are all in the show notes. All you have to do is click on that son of a bitch and then you can read it for yourself and then you can go and look more about it. I am not here to tell you everything that's going on with Joinster, but I will tell you this. I am in love with Nostra.
And I woke up yesterday to somebody, yet one more person bitching and whining about Noster. How are you helping? Seriously. How are you helping a goddamn thing? Oh, Nostr doesn't do this and it doesn't. Okay. Well, then fuck you. Learn how to code and do it for yourself. I'm sorry. I'm not here to hold your hand. Jb 55 is not here to hold your hand. Huddl bot is not here to hold your hand. None of these developers are here to hold your hand. They are doing their level best at bottom basement prices, as far as pay is concerned, to try and change the world. And you've got nothing better to do than to sit in your dirty diapers and bitch and moan and whine about how something works on Twitter but doesn't on Nostar. Well, fuck you.
If you don't like it, then you can go back and you can cuddle with Elon. This is not for you. What is for you if you're whining about this shit? Here's what's for you. To go back to Facebook. To go back to Twitter. And you sit there and you be the product that is sold to millions of other people without your knowledge, without your consent and without giving shit won about you. You want to be the producer? You go to Noster. You wanna be the product? Then by all means, whine on Noster then shut down your account, which you can't, and then go and and and beg Elon that maybe if you say something that he gets mad at you, that he won't kick you off his platform.
I'm done I'm done with the whining. If you're somebody that whines about Noster, then at least do this. Do your whine and then pause it a constructive alternative, and that alternative does not include going back to Twitter. Just go. If that's your alternative, then just go. But if you wanna pause it something that, hey, I don't know how to code, but if we had this, maybe it could work this way. At least do that. At least, you know, instead of spending all your day bitching and whining about shit that you can't affect because you refuse to learn how to affect it. I I don't know what to tell you, man.
But please stop whining. It's, honestly, it's unbecoming of an ostrich. Now, Zeus version 0.9.0 alpha 8 has layout changes, pending HTLCs view, and more. It's a mobile Bitcoin and lightning wallet. That's Zeus, by the way, mobile Bitcoin and lightning wallet, and a remote node manager for LND as well as CLN, otherwise known as Core Lightning. It is available for both Android and iOS. If you want to join the test group, support Zeus and become a community sponsor here. And what what do they give? They give Zeus ln.comforward/about.
That is Zeus ln, all one word, dot com forward slash about, and you can go check it out. Now, Evan Kaludis has posted something on Twitter. Apple announced that iOS 18 is going to feature tap to pay payments. I had a chance to try it out today and it's groundbreaking. But what he's showing is the tap to pay, ability of iOS using Zeus Wallet that because of Zeus Wallet already allows you to do tap to pay. We're we're first. We're first. Well, not we. I'm I'm not part of Zeus. They're first. You know I mean we we see this with these developers that are in our crowd all the time they are ahead of the curve yet they are doing it for pennies on the dollar. They could go work for Google for $250,000 a year. They could go work for Google for $90,000 a year working remote at somewhere that $50,000 a year is a king's ransom.
Right? They could go they could go do this. They elect to not do this. Please don't whine about what they do. If you're going to whine about what they do, then pay them the $180,000 that they could be getting somewhere else. Otherwise, you ain't got right to bitch. So what's new in Zeus? Well, layout changes. Our settings menu is now split into 3 brand new views, including a new tools view. You have a pending HTLCs view there's Neutrino and auto select peers on wallet creation BCUR, parsecrypto account data. I don't know what that means, and I'm not gonna print pretend that I do. And then there's more features that are going to be released throughout the closed alpha program, so they got some stuff waiting to release in their back pocket. Y'all go try out Zeus.
Honestly, it it looks pretty cool. Obviously, there's people out there that hate it. There's always people that hate everything no matter what anybody does. But I I'm becoming more and more used to the idea of getting Zeus back onto my, my iPhone and starting to use it now that Wallet of Satoshi is probably never coming back. And I loved Wallet of Satoshi, but it's never coming back to the United States because citizens of the United States are apparently toxic individuals that nobody wants to do business with if they're in any other country. So just with that said, that's gonna do it for the morning roundup.
Alright. Dad says jokes. Excuse me, let me get prepared for this one I should never have glued a piranha to my boomerang I just know it's going to come back to bite me. Alright. There you go. So Wednesday's episode 907 is in the bag. Please use a podcasting 2.0 app. After this, please go to to podcastindex.org/apps and just go try one. Right? They all have wallets that are embedded in them. You use them to those their embedded wallets directly. It's almost there's almost like there's almost no friction there, and you can stream me satoshis to help support what it is that I do. I mean, I gotta get some support. I mean, it's going to cost gas money to drive the 2 hours so that I can, like, take a mobile recording studio that I built using the Satoshis that I have gotten from this show so that I can sit down with with, Tony and talk to her about what's going on with the Kings Ranch.
Right? And it's gonna cost me gasoline money to get back. And if you're using podcasting 2.0, you can just support the show directly by zapping me satoshis or streaming me satoshis or boosting me satoshis. And if you're gonna boost, please leave a message. I'll read it on air. I mean, unless you say something that is just horrific, I'm not going to do that. But, you know, you'll understand what what I'm going to say and what I'm not going to say. And sometimes I might get a little edgy and read something that that is a little edgy, but I'm not gonna read, like, some insane crap. Right?
But this is the way that you support the show. Because this is the way to do it without advertising. It's the only way forward. The advertising models are broken. Value for value is the only thing that we have left and we're not embracing it enough. We're we are so used to everything on the Internet being free and open and, you know, blah blah blah that we don't wanna pay for anything. Right? But, I mean, I told shit. I there was there's a there's a a woman, and I can't remember her name right now, who wrote a piece about Bitcoin for Bloomberg. For for blue no. For Forbes crypto, I think. She was writing for Forbes.
And I go and I look. And and sure enough, that's all she writes about for Forbes is about Bitcoin. She doesn't expound anything about how great Ripple is. Right? So I don't have to worry about that stupid shit. But, wow, there's a whole bus that's coming down a residential street. How interesting. I asked her, would she please get in touch with her editor and ask their editor to consider passing it up the chain of command to have Forbes put in a Lightning Network paywall. I will pay a quarter or even 50¢ sometimes to read an individual an individual story instead of taking their URL and having it ripped through archive.ph, which is what I do when I wanna read a story, I'm not going to pay for a subscription.
I'm not going to use the United States dollars to do it either. Alright? I'm not going to use a dollar or $2 to to buy a single article. If they were to provide me that, I wouldn't do it. All I what I told her is that what I'm going to do wow. Weird. I got a I got a I got a weird I got I got a weird thing. I just got a weird, note on my phone. Everything is conspiring against me to send my 4 remaining neurons off into space. She actually wrote me back and she said that she would do that. She would get in touch with her editor or somebody that's up the chain to at least start the discussion of, like, look, man, just put it's so easy. And all they have to do is ask for help. If Forbes came to Noster or even Twitter and asked people in the Bitcoin community and Lightning Network community to help them build a lightning network compatible paywall for their individual articles that their people would come running out of the woodwork to help them.
So that we could start saying, look, I will pay you for your shit. I will pay you for your work. I don't want to do this. I don't wanna just take your shit. I don't wanna pass every article that this woman writes over to archive.ph because her bosses are too short sighted to put a lightning pay wall in. It ain't even that hard. Sure. I can't do it, but I know the people that can. And what they tell me is if you know what you're doing, it ain't hard. I know people would help. I would help where I could. But we've got to start doing this shit value for value because Pfizer can only be, you know, a, an advertiser for so many podcasts and news organizations.
There's there's only so much money that they are going to to pass around. You see? Get my drift? That's they're the only people that sponsor media at this point anymore, or at least mainstream media. So the creators in this space, we're depending on you guys that are listening to help us out. Help us build help us not come to the microphone and wonder how much longer you can do this because you're just not getting paid. I literally could go get paid more working at Sonic, at a Sonic drive thru, than what I get paid doing this show. The reason I continue to do it is because I love it, and I can't seem to stop doing it.
This is the life that I really do want, and this is the life that so many other content creators want. And we're trying to do the right thing by not giving stupid contest or shilling shit that we don't actually believe in. We want to adhere to the values of Bitcoin. We're gonna need your help to do that. Strengthen numbers ladies and gentlemen. Value for value podcasting 2.0. If you can remember those, well, we're all gonna have a much better day, and I will see you on the other side of it. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:30 AM Pacific Daylight Time. It is the 12th day of June 2024.
This is episode 907 of Bitcoin, and the circle p is open for business. The circle p is my way of trying to generate Bitcoin Circular Economies simply by getting people to buy goods and services from other people or plebs with Bitcoin because if you're not selling it in Bitcoin you're not in the Circle P and today's Circle P vendor is the Leathermint who has released a new wallet. And this thing is this thing is is is really, really pretty. In fact, for the guys over there in ZapStream or Zap dot stream, I am putting up a picture of this thing into the live chat so that you guys can see it along with me. The Leathermint.
Sovereign T in style. If you want to get some high quality leather goods like wallets, passport holders, key rings I mean, belts. They've got all kinds of stuff, but this one this one is special. This is called the Cordovan crossover, and it's black with a tobacco interior. It's got let's see. What does this thing got? It's got it's got 8 pockets for credit cards, and then it's got 2 underpockets like the the the pockets that are underneath the credit card pockets. And then it's got your regular, you know, folder for for bills. But but but but this thing's got a Sats chip in it, which is your private key, a customizable NFC chip.
So not only is it a leather wallet, it just it looks like a leather wallet. It's hand stitched. It's made out of some of the highest quality leather that you're going to find with some of the highest quality stitching that you're going to find. And, if you've ever heard me talk about the Leathermint at theleathermint.com, you'll know that stitching is the most important part of almost every garment, any wallet, any belt, any suit. If the stitching comes apart, it doesn't matter what it's made out of. It's garbage. This These goods from the Leather Mint?
Definitely not garbage. Step into the world of the Leather Mint, where luxury meets everyday essentials. Discover our latest collection of stylish, functional, and high quality leather goods from sleek signing device apparel to elegant belts, wallets, passport holders. Each piece is hand crafted for those who appreciate sovereignty in style don't just wear accessories make a statement with the leatherment visit us now and embrace the craftsmanship that sets you apart you can find them at the leathermint dot com that's where you'll go order stuff You can find them on noster at leathermint m I n t.
On dead bird's site it is at the leathermint and the coupon code is bitcoin and you will get 10% off if you use that coupon code and if if this if you tell them, if you give them that coupon code and you're buying something, then they're going to send me SATS back as basically an affiliate. This is part of the deal that I do with the circle p. If you have goods and services and would like to be considered for the circle p, just let me know. Email is [email protected]. That is basically what I'm using nowadays for anything that is really not personal.
Again the Leathermint, you've got to go see this wallet. I have the link to this particular wallet. It is on sale for, point 006 bitcoin. This is a preorder. So depending, like, the the however many he is going to make is going to depend on how many of these things actually get preordered. This thing is beautiful. I'd highly consider going and looking at it. So I am including the link to this particular wallet in the show notes. So just click on it and and go see for yourself what what this thing is all about. Now, let's get on with the show. Oh, before I do that, the King Ranch donation page. For those of you that are following, what I've been saying about the King Ranch in Central Washington State and the attack that they are under by the state of Washington.
If you want to help ranchers, you know, not go away like tumbleweeds and blow away like dust in the wind, you might consider donating to the King Ranch, Multi generational, family operated cow calf beef operation, it is under an unprecedented legal attack by the state of Washington. I am going to interview their lawyer, the King Ranch, guys. They have a lawyer. I have a scheduled interview with her next Wednesday. So a week from today, I'm going to be going out there. I'm going portable. I'm I'm going mobile. I'm taking the mobile rig. Gonna go out there and I'm gonna set up and we'll see how all that works. But, really what we're gonna get into on that particular interview is exactly what's going on, what's happened, the timeline of the events, that's occurred, and why it is that this kind of this is this case is important for all ranchers in the United States, not just Washington state ranchers. And it's not that the state of Washington itself would be able to set a precedent, you know, for other states, because that's interpreted state by state. But there are factions in the rest of the states that would love to do this. What's being done to these ranchers?
If they win, there's other states that would love to do the same thing to their own ranchers. So in a way, it could kinda set precedent. So just saying. So be looking for that one next week. Now on to the news. Orange man, Donald Trump has committed to championing Bitcoin mining in Washington, DC. Yeah. You don't hate politicians enough. You don't. You think you do? You don't. You really don't. Today, Donald Trump met with Bitcoin Magazine CEO David Bailey and several prominent US Bitcoin Miners. The meeting saw Trump commit to championing Bitcoin Mining both in Washington DC and on the global stage. Among the attendees were representatives from leading Bitcoin mining firms including CleanSpark, Riot Platforms, who's engaged in a hostile takeover. We'll I think I've got something about that here later on. Marathon Digital and other notable industry players.
Key figures present included s Matthew Schultz from CleanSpark, Jason Less and Brian Morgenstern from Riot Platform, Samuel Khan from, Marathon Digital, and Amanda Fabiano of Fabiano Consulting, formerly head of mining at Galaxy and director of Bitcoin Mining at Fidelity. After the meeting, Donald Trump posted on his Truth Social saying that he wants quote, get this shit, all remaining Bitcoin to be made in the USA. And that it would help us be energy dominant. So here's the actual truth social tweet or whatever the hell they call them. It says vote for Trump. Bitcoin mining may be our last line of defense against the CBDC.
Biden's hatred of Bitcoin only helps China, Russia, and the radical communist left. We want all the remaining Bitcoin to be made in the USA. It will help us be energy dominant. Trump's supportive stance on Bitcoin is in stark contrast to his competitor, Joe Biden. The current administration under Biden has taken a hostile approach towards the industry, including reluctance to embrace Bitcoin and other cryptocurrencies. Biden's administration has been seen as less supportive of Bitcoin and more supportive of a central bank digital currency. A couple of weeks ago, Donald Trump historically became the 1st president in the United States to accept Bitcoin Lightning Network donations, following comments he made recently saying that he wants the future of crypto to be in America and not driven overseas due to harsh regulations.
Trump also said, quote, he will support the right of self custody to the nation's 50,000,000 crypto holders, end quote. As Trump leads in the presidential race, his support for Bitcoin and cryptocurrency is earning him substantial backing from the crypto community. With over 50,000,000 Bitcoin and cryptocurrency holders in the United States. Trump's commitment to the industry could play a pivotal role in securing a win in November, and I call complete bullshit on all of this. That, I'm sorry. And it really doesn't matter if you think that I hate orange man or love orange man or neutral and orange man. All I'm doing is I'm looking at the factual things that he's saying, and none of them are true.
None of them are true. You don't, a, you don't Bitcoin isn't made. It's just not. It is a terrible analogy. Right? He wants to he what he's doing is he's analogizing made in the USA to be something like, I don't know, akin to, like, when we made cars in the United States, when we made Levi's in the United States, when, you know back when we actually had manufacturing and we were proud that we were buying items that were made in the USA that's not this this bitcoin has nothing to do with with that entire landscape of thought Therefore, it becomes extremely evident that this man has no idea what Bitcoin actually is.
He's just trumpeting what you want to hear to get votes. Now, don't get me wrong. The other side is just as bad. Okay? Now given what you know, this is sort of, as far as Bitcoin is concerned, definitely the lesser of 2 evils, Most certainly. But I can't not see the fact that he doesn't know what he's talking about. He does not understand the underlying tech and I get it. How could he? He's running for president. He's a real estate guy. He doesn't he he's in his seventies. He doesn't have time. He's not going to put in the effort. It's never going to happen. He's never going to sit down and read the Bitcoin standard. He's just not. And anybody who thinks that you're gonna send him, you know, Saifedean's book, he's not gonna read it. Okay? So just get that out of your head. But the real problem is that his staff, who does have the time, they are the people that are tasked to go out into the world and find the things that voters want to vote on and bring them in a consolidated way back to the man himself and say, this is what you wanna say. Even they can't get it right.
Even even they can't be bothered to figure out what mining actually is. And the whole notion, if we get past the analogy of made in the USA part, and we go really to the heart of the matter to say that all remaining Bitcoin to be made, quote, unquote, in the USA is a fundamental misunderstanding of this entire thing. And honestly, it's kind of embarrassing. You you don't you don't mistrust politicians enough. You don't hate politicians enough. You don't hate or mistrust journalists enough. You think you do, but you do not. And even I'm guilty of it. I think that I I really don't like these people enough, and I get the feeling that that's not true. I I really do. But that's what's going on right now.
And we have this situation where these big miners are cozying up to the political side, not right side, left side or libertarian side, that doesn't matter. It's the fact that they're cozying up to the political class, and that does not bode well at all, which is one of the reasons why it I hope that Bitcoin mining becomes so ridiculously commoditized that there will be no such thing as a mining farm, that it will not occur, that there will be enough mining in refrigerators and television sets and Roku boxes and my node and my other node and the 3rd node that I'm thinking about buying. That's what I'm talking about.
Heaters to heat your hot tub. Heaters to, you know, miners to heat your saunas, to heat greenhouses. Anything to get mining out of the hands of these freaking people is the best thing that we could possibly do for Bitcoin. I'm just I'm just saying this it's not good. None nothing that I read you in this story is even remotely palatable to me. So just understand that when you start seeing people go, oh, look, Trump's for Bitcoin. No, he's not. He's for your vote. He wants your vote. And if you're gonna vote for him so simply on this, I'm not gonna fault you for it. I'm just saying understand that he does not understand how any of this works. Mining the remaining Bitcoin solely in the United States is not how this works.
He would literally have to take armed forces into every other country in the world and usurp their mining facilities, physically unplug all of the miners, if he could find them all, and then bring them all back to the United States. And even then, it's not gonna work. So that is a completely empty that's an empty ideology. Just please don't get suckered into believing that he actually gives a shit because I don't think he does. He he definitely gives a shit about your vote, but that's it. Now, again and that was, by the way, from Bitcoin Magazine. This is also from Bitcoin Magazine. This one is written by Vivek Sin.
Brazil's largest bank, Itau, opens Bitcoin and crypto trading to all of its users. Brazil is nothing to sneeze at, guys. Brazil and Latin America's largest bank has opened Bitcoin and crypto trading to over 60,000,000 customers. The bank's investment app, Ion, now allows users to buy and sell Bitcoin and shitcoin number 1 after initially offering crypto trading to only select clients back in December of 2023. In an interview, Itau Digital Assets head, Guto Antunes, said the move followed weekly surveys with initial users showing strong demand for Bitcoin and crypto services while not disclosing user numbers. Atunes said that the Ion app has surpassed 3,500,000 downloads, which is significant for Bitcoin and crypto in Brazil.
The bank opted to build its custody solution for clients' wallets rather than using third parties. Each user gets a separate wallet to ensure asset segregation. As Brazil's largest bank with extensive reach, opening bitcoin access will boost mainstream adoption. With bitcoin's popularity in Brazil, the bank aims to be their preferred gateway into the new asset class, of course. The embrace of Bitcoin and crypto by a conservatively regulated institution like etao also further validates Bitcoin as an investable innovation that is here to stay. More banks in the region may follow suit. Well, duh.
For Bitcoiners in Brazil, buying and selling through their existing bank provides accessibility and removes adoption hurdles. Itau opening the floodgates marks a milestone in Bitcoin's financial mainstreaming in a major Latin American economy. Okay. Now, here's here's the the good news about this. Is that unlike how Trump is grasping how this works, this bank actually they really do seem to understand at least a segment of how this shit works. It is given in this sentence. The bank has opted to build its custody solution for clients' wallets rather than using third parties.
Each user gets a separate wallet to ensure asset segregation. That actually makes sense. You don't want a giant pool of Bitcoin chilling out. And it looks to me like the Itau Bank has actually created individual separate wallets that users have control over. I there is nothing said about it being private keys, and I doubt that very seriously. But at least they understand that, we really don't want a pool of this stuff. We really don't want that big of a honeypot. Now, is it true? Did they really do that? Is it possible that there's still a pool of Bitcoin that's in one, you know, single wallet address? I don't know.
However, if we take it at face value, it looks like that that is not the case. So at least somebody, even even if the language is just language and it's not true at all, at least they know what to say. Okay? So so there's that. Holy shit. Brazil, again, Brazil is not anything to sneeze at. You're talking about a huge economy, talking about a major section of the entire continent that is South America. It's the largest country that's there. It has the most people as far as I can tell. Talking 60 what would they say? 60,000,000 people?
Yeah. 60,000,000 customers in Brazil and some of the other countries in Latin America. So, again, nothing to sneeze at. And but the the last part of this is kind of ridiculous. This notion that we continuously talk about further validating Bitcoin as an investable innovation, I think we're kinda done with that. I I I the idea here is, well, duh. I mean, honestly, duh. Of course, it is. We don't need that anymore. So moving on. Okay. So the BTC price we're looking at we're looking at a pretty good green candle. The BTC price has shot up $1,500 within seconds as the United States CPI shows inflation slowing. So, William Sueberg gonna tell us why green candle from Cointelegraph.
Data from Cointelegraph Markets Pro and TradingView captured a snap BTC price surge to 69,636 on Bitstamp. It gained $1500 within seconds as the May print of the Consumer Price Index or CPI showed inflation cooling faster than expected. No. It's not faster than expected, but I'll go with your language. Month on month CPI was unchanged from last month while the year on year tally was 3.3%. Both 0.1% lower than forecast, quote, the all terms index rose 3.3% for the 12 months ending May. A smaller increase than the 3.4% increase for the 12 months ending April.
The all items, which is less food and energy index, rose 3.4% over the last 12 months, according to a press release from the US Bureau of Labor Statistics. The result was a boon for risk assets, including crypto, which had suffered from the run up to CPI in what had become classic behavior for Bitcoin and Altcoins. Now markets embraced or rather braced for the June meeting of the Federal Reserve's Federal Open Market Committee or the FOMAC due later on in the day. Here, the decision on interest rate changes, as well as commentary on the economy by Jerome Powell, the Fed chair, would be of key importance to sentiment.
Reacting to the latest events, financial commentator TED Talks Macro was optimistic. CPI, he suggested, had given Powell the green light to entertain an overall easing of tight financial policy in the form of high rates. The stage is set for Jay Powell to talk easing. Let's go, he summarized on Twitter. Michael Van de Popp, founder and CEO of trading firm, MT Trading, or sorry, MN Trading, focused on falling US dollar strength in the wake of the data, quote, the dollar and treasury yields are dropping significantly as the markets are expecting rate cuts to be happening, he noted. This could be the massive sign for altcoins and bitcoin bitcoin thus erased the losses which had come courtesy of US employment data the week prior Further, such figures were due at the end of the week, leaving the door open for further BTC price volatility. The latest estimates from CME's groups or CME Group's FedWatch tool, meanwhile, showing showing shifting market bets on when rate cuts could come with the September FOMAC meeting now at over 70%.
Okay. So CPI came in cooler than expected. Everybody's making a big deal of it. And everybody is waiting for Jerome Powell sometime around 11 30 Pacific, daylight time, is gonna stand in front of a podium and they're waiting for him to open his mouth and judge the tone of his comments and the language and the vocabulary of his comments. And we will be writing for the rest of the day as to whether or not the Fed is going to be hawkish or dovish. If they're hawkish, it means that the language will reflect that Jerome Powell says we're not going to change rates or, and this is not even in the realm of possibility as a gut feeling for me, raising the rates.
So it's either going the rates are either going to stay the same or they're going to say we're going to drop rates by, I don't know, a quarter percent, half a percent, which I doubt. I think in June, this month's meeting, these rates are going to stay the same. And it will not even occur to them or anybody else until September's FOMAC meeting that there could possibly be a change in the language from hawkish to dovish. Of course, I could be wrong. I don't know. But I I don't see them immediately saying, yes. We're going to lower rates. I think what's going to happen is that they're going to keep rates exactly the same, and they're going to see if we have another round of cooling inflation for the month ending September or the month ending June, and then in September, then maybe.
But I'm not I'm not pinning my hopes on it because everybody in the world, all of the economic journalists and Paul Krugman and every everybody is, like, going, they're going to have to to lower rates soon. We cannot continue. Oh, bullshit. We certainly can continue because nobody at the fed gives a shit about the common person on the street that is spending most of their paycheck on groceries. They don't care about you. They never have. They never will. Please stop fooling yourself. Moving on. CoinDesk. Sharra Malwa. Damn, DeFi Yogi. 2,100 satoshis, an impub, and you're not it's not your your your impub is not resolving to a name. So impub 1d7hszpd with a 1,000 Satoshis. Thank you. And, also, thank you for the 121 satoshis. I appreciate that. Now, again, getting back to CoinDesk and Shahro Malwa, we have this one.
The Bitcoin ETFs see a $200,000,000 net outflow in the fed and CPI jitters. So if you wondered what the hell happened, right, this is this was right before the CPI came out. Starting yesterday, we saw giant red candles. Right? Well, everybody was waiting for the CPI numbers to come out. This behavior is going to continue. So here's if you're if you're looking for a time that you actually want to buy Bitcoin at at a dip, I would start looking at what is the date of the next FOMAC meeting, and then I would set a buy for the, like, I don't know, 2 AM, you know, central daylight time in the United States. 2 AM of the day of, like, I don't know, like, let's say the that Wednesday, because it's always a Tuesday and Wednesday meeting. Right? So on that Wednesday, you set you set to buy. You either, you know, set your alarm clock or you set an automatic buy on something like Cash App to buy at that particular time because almost every time that we've had a a Fed meeting, we see massive dumps all the way. But not I mean, not just this. Legacy markets got hit too.
Everybody is just they're just programmed. We have to know what inflation is doing we have to know what inflation is doing we are slaves to the CPI and they keep changing what the CPI CPI means. But that's why we were seeing nothing but red yesterday and that well, yeah, mostly yesterday. And that's why we're seeing green today because CPI came out slightly cooler. But it's not because CPI came out cooler. It's because what does that mean for the Fed and lowering rates? And what does that mean? The lower the rate, the cheaper you can borrow money. And what does that mean? The cheaper you can borrow money means the more equities and shit you can buy.
That's what it boils down to. It's that simple. But let's see what they're saying about this one. US listed spot Bitcoin exchange traded fund saw a second straight day of outflows as traders likely derisked ahead of key macroeconomic reports scheduled for later on Wednesday. Data from So So Value shows that the 11 ETFs recorded $200,000,000 in net outflows on Tuesday, the highest since May 1st figures of $580,000,000 net outflows. Redemptions came amid a BTC sell off during which the asset briefly tumbled to 66,200 before recovering.
Grayscale GBTC accounted for most of the $120,000,000 in outflows leading among its counterparts. GBTC continues its infamous run of being the worst performing ETF by outflows since going live in January, racking up a cumulative $18,000,000,000 in outflows. Okay. So the rest of it is just a report on what what the other, you know, 10 ETFs did on their outflows. But, essentially, all that happened was that everybody waited until the day before today and sold. And, again, it wasn't just Bitcoin outflows. It was the Dow the Dow Jones, the S and P, the Nasdaq. Even Berkshire Hathaway got hit. Everybody got hit. The only thing that actually wasn't getting hit the hardest was energy markets.
So, again, if you're looking for a good time to buy Bitcoin at a discount, look to the day before the Wednesday fed meeting because they meet on Tuesday and Wednesday but until only after the the last part of the meeting, the the when the meeting is finally over, the Tuesday, Wednesday meeting, because they like I said, they meet on 2 days. It's only after the meeting is over that fed chairman Jay Powell will stand in front of a podium and people start interpreting his language and vocabulary. So it's that it's that Wednesday morning or, you know, early Wednesday morning, like 1, 2 AM, or very late Tuesday night, like 11 PM, 11:59 PM, that may be when you wanna start buying because it's almost guaranteed almost guaranteed that there will be a drop in Bitcoin prices. So I'm just saying, man. Just just keep an keep an eye out for that. Now, the micro strategy of Japan, decrypt, Andrew Thorvallis is writing, they have just bought more Bitcoin and, predictably, it's stock price punted.
Japanese investment firm, Meta Planet, has added another 23.5 Bitcoin to its balance sheet bought for a total of 250,000,000 yen or about 1.6 $1,000,000 US. Following the news, Meta Planet's stock on the Tokyo Stock Exchange pumped 10%, despite the price of Bitcoin itself falling more than 3% over the past 24 hours. Quote, as of June 11th, Meta Planet holds about a 141.07 Bitcoin acquired for $9,200,000 US at an average price of $65,426 per BTC, wrote Dylan Leclerc, Meta Planet's director of Bitcoin strategy to Twitter on Tuesday.
That's a total Bitcoin treasury worth about 9 point $5,000,000 US. Leclerc's tweet is reminiscent of those from MicroStrategy executive chairman Michael Saylor who has tweeted his company's Bitcoin holdings and average purchase price following each one of its buys for the past 4 years. Since adopting Bitcoin as its core treasury asset in April, Meta Planet's top brass have willingly referred to the company as Asia's First MicroStrategy. MetaPlanet previously told Decrypt that it plans to use capital markets to acquire more BTC with a deliberate attempt to mimic MicroStrategy's role within the American capital markets. The branding has certainly been effective.
Meta Planet stock has ripped 456 percent, Jesus, year to date since announcing its Bitcoin plan, outpacing the already impressive growth of MicroStrategy stock, which is up 127% this year. MicroStrategy is the world's largest corporate Bitcoin holder so far. Yeah, we know. On 2 consecutive occasions last month, Meta Planet stock maxed out the total daily gains of 50% allowed by the Tokyo Stock Exchange. So they put the they put the brakes on that shit twice. Other public companies around the world have also adopted a Bitcoin standard for their corporate treasuries this year and have received similar blessings. Canadian firm, crypto firm, DeFi Technologies ripped 25% on Monday after announcing that it purchased 110 Bitcoin.
Late last month, Similar Scientific declared Bitcoin that its primary treasury reserve asset was Bitcoin and it was preferable to gold, and its stock is up 72%. Do you see a pattern? Do you see a pattern? Chris Cooper, director of research at Fidelity Digital Assets, believes that the latest Bitcoin adoption wave may be a sign that the assets game theory is starting to play out. Quote, while these small companies, well, sorry, while these are small companies, it makes sense to me that small and micro cap companies would be the first to adopt companies at the periphery that have more to lose than large cash flowing companies, he tweeted.
So there you go. Will this last? In in other words, will will the will will the stock price blasting through the stratosphere effect last on into the future? In the short term, most definitely. In the medium term, that's where it starts to get fuzzy for me. And of course, this is all gut feeling. I don't have some kind of weird calculator going on. I'm just using my gut feelings here. We're going to see this a lot, at least in the short term. However, there's a lot of companies out there. Now think about it. It could be a cascade effect.
It could be a like like, the opposite of a cascade failure. It could be a cascade success for the for the USD price of Bitcoin. Every other company is looking at what these companies are doing. Nobody's heard of these companies. Nobody knows who Similar Scientific is, except the guys that work at Similar Scientific. Nobody knows who Meta Planet is, or we didn't know. You know, and DeFi Technologies, they rip 25% on a single day on their stock price. I've never heard of DeFi Technologies. Yet, their stock price is making news and their stock price is only doing this because they are declaring publicly that they are buying Bitcoin, and it looks to me that they are indeed actually buying Bitcoin.
Okay? So if they're lying about it, that's one thing. But these guys are not lying about it. They are actually holding this shit on their balance sheet. So now you've got this this peripheral way of boosting your company's value, which is, by the way, a fiduciary commitment that the CEO of any of these public companies has to their share shareholders. They they have to take every opportunity to boost the shareholder share price and that's by law, at least in the United States. Otherwise, you're gonna get your ass sued. So now we've got these dual pressures. 1, the CEO sees, you know, of a company, sees all these other companies getting rocketing stock prices just because they're they're simply using some some cash that they know is losing value because of inflation to buy Bitcoin with. And second, if they don't if they don't and this trend continues to the upside, CEOs could find themselves being replaced and sued by their own board of directors.
That is a dual amount of pressure that seems to me like at least in the short term, you're gonna see a cascade effect of this. And this has nothing to do with ETFs. This has nothing to do with Wisconsin buying this shit and putting it into their, you know, their their IRAs and and their pension plans for all their state workers. This is completely separate. This is a completely different phenomenon. Every single time one of these companies do this, their stock price increases. And all the CEO of another company that's not doing this sees is a simple announcement the conversion of liquid assets into bitcoin and boom 25% in a day how can you not see that and once you see it you're not going to unsee it So I expect this trend to not only continue, I expect this trend to continuously increase. Let's run some other numbers.
CNBC Futures and Commodities. They got oil. West Texas Intermediate is up just over a full percent to $78.72. Brent Norsey is up a point on its own, $82.75. Natural gas, the only loser today, 3.32% to the downside, but it's still holding at over $3 per 1,000 cubic feet, which is getting back up there. It's getting I mean, the highest price that natural gas has ever seen was, like, $10.50 per 1,000. We're a third of the way back up. And it looks like it's gonna be a hot summer, or at least that's what they keep saying. Gasoline is down a little bit, but it's at $2.40 a gallon.
All of your shiny metal rocks are back in action. Green to the upside. Gold is not leading the pack, but it's up there 1 and a quarter percent to the upside. $2,355 an ounce. Silver is kicking everybody's butt. 3 and a half percent to the upside at $30.23. Platinum is up 1a half. Copper is up 1a quarter. Palladium up 1a quarter. Agricultural futures fully mixed. Cocoa, biggest winner today, 7.22% to the upside. The biggest loser is wheat, almost 2 points to the downside. Live cattle is down a quarter of a point. Lean hogs are up almost a full point. Feeder cattle are up point 4%.
The Dow is up point well, a 10th of a percent, and the S and P is up over 1%. The Nasdaq is up 1 and a third. Holy shit. And the S and P is up almost 2 full points. Everybody's having a party on Wall Street because Fed chairman Jerome Powell speaks. Okay. The price of Bitcoin, $69,520. That is a $1,370,000,000,000 market cap. And if you so choose, you can purchase 29.9 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,701,174 and a quarter of and average fees per block, 0.32 BTC taken in fees on average per block. And speaking of blocks, how many blocks do we have?
It was a heavy MIM pool sort of weekend and Monday. 246 blocks are carrying 289 1,000 transactions waiting to clear at high priorities of 58 satoshis per v byte and low priorities at 39. Anything under 7.8 satoshis per v byte are being kicked out of mempools around the world. Hash rate is flashing 638.4 exahashes per second, so we're back up there on that one. Now, podcasting 2.0 and value for value. I have thoughts. And my thoughts are this. It's not going as fast as I want it to. It just it's it's just not. You know? I mean, I put out I put out, an episode, and I work hard on these episodes, but I put out an episode and it gets, you know, a couple of boost off of Fountain. And and the people that boost, I appreciate. Don't don't get me wrong. It's the guys that are boosting, I appreciate. But there's not a whole lot of them.
And sure, you know, people could say, well, your show sucks. Okay. Well, then don't listen to it, I guess. I I mean, I'm I'm doing what I can here. I'm trying to get you guys, you know, on your morning ride to work or what you know, your ride after work. What the hell happened today so that you ain't gotta read it, so you don't crash your car into a tree, but there's just not enough people boosting. And I think a lot of that actually has to do with, we're doing a really piss poor job on getting people to convert over from this notion of legacy anything, whether it's legacy social media, legacy podcasting apps, Legacy Banking, but let's stay with, you know, podcasting apps here, which is why I want to tell you that if you are still listening on Apple Podcasts or Google Podcasts, even though I think they've taken that away, or SoundCloud Podcasting app or any of these things, They don't have any of the cool features.
You're missing out if you're not using Trufans. If you're not using Podverse. If you're not using Podcast Guru, or Fountain App, or LN Beats, or CurioCaster, or Cast O Matic or Breeze. These are all value for value enabled podcasting 2.0 apps. And I'm not trying to get you into these things just so you can boost me. If you're if you have a podcasting app that doesn't show you album art, that doesn't show you chapters, that doesn't allow you to skip ahead using chapter chapters or relisten to another chapter so that you don't have to fast forward or rewind through an hour and a half long podcast.
You can just go right to the chapters if you have a podcasting 2.0 app. You can stream me Satoshis live. You can give me boostograms and tell me, hey. I want you to do this on your show. Or, hey. Here's something that you didn't cover or here's how you got this wrong or thank you for being alive. Whatever you wanna boost me for. But this is the way value for value works. If you think that I've given you any kind of value at all today, then please show me that value back by boosting the show on one of these podcast apps and if you want to know where you can go to find these podcast apps because you forgot what I just said podcastindex.org/appsapps podcasting I'm sorry. Podcastindex.org.
That's Adam Curry's group. Right? He's been working on this for years. He's the guy that brought you podcasting in the first place, and even he's looking at old legacy podcasting apps, and he's, like, going, these are no good. They're just no good. And why are they no good? Well, because from Bitcoin and Jawad Doshdi, when I interviewed Jawad Doshdi, you know, the guy that had made that Facebook post about housing prices crashing against Bitcoin. Yeah. You guys, Bubba, in fact, boosted 2,000 satoshis. He says, great info. Thanks, man. And near the end, he said the quiet part out loud. Yeah. He did. He was talking about how his entire business of real estate could go away because Bitcoin just eats everything, and he would be just fine with that. That was the quiet part out loud.
Dobrovko with 1810. Satoshi says, great flipping interview. Very interesting. Please pass on to Jawad that the Fort Bitcoin beat up has a warm place for him. I'll buy his drinks while I'm attending. I was curious if he holds notes and what he thinks that notes in BTC would look like. Dabravco also replied back to that one, says case in point, Fort Bitcoin released their June meetup yesterday. Come on down. I'll buy you a drink. Meet me at fort bitcoin number 33, and then he gives the meetup, URL, which I need to put in the show notes right now so that I don't forget it. Hold on for a second. Let me just find a spot to shove it in there.
Alright. There we go. Bitcoin Boaz with 621 says hashtag all stats matter at hashtag sorry. God. I screwed that up. Hashtag [email protected]. Pies with 420 says thank you, sir. No. Thank you. God's death with 237. Thank you, sir. No. Thank you. And o two z x boosted 210 sats, says absolutely nothing. And from you know what? I think I already did that one. So I'm gonna I'm gonna leave that alone, and that will do it for the weather report. Welcome to part 2 of the news that you can use. Hold on. Let me see. Okay. There we go. Alright. Bitfarms to adopt poison pill amid the Riot takeover attempt. Remember I told you about this? Riot is trying to take over Bitfarms, and now Bitfarms has adopted a poison pill. This is out of Reuters.
It was written yesterday by is there anybody? Nope. It's just by Reuters. Bitcoin miner, Bitfarms, said on Monday that it has approved the adoption of a poison pill to fend off a potential hostile takeover attempt by rival Riot Platforms. The move comes just days after Riot Platforms disclosed that it had built a 12% stake in Bitfarms as it pursues a takeover attempt. Riot had initially made a private proposal to buy Bitfarms in April. The proposal was rejected by Bitfarms' board after it concluded that the offer significantly undervalued the company. Colorado based Riot went public with its proposal in May to buy the Bitcoin miner for about $950,000,000 and said that it intends to request a special shareholder meeting to add independent directors to Bitfarms board of directors.
United States listed shares of Bitfarms were down 2.5% in pre market trading. Under Bitfarms plan, if an entity accumulates more than 15% of Bitfarms' stake after June 20th and up to September 10th, the company would issue fresh shares, diluting the entity's stake. Stake. Yeah. That's not all you're gonna be diluting. We'll get to that. After September 10th, the threshold would be relaxed to 20% as long as any takeover attempt meets certain conditions. Shareholder rights plans known as a poison pill are used by corporate boards to thwart hostile takeover bids. Bitfarms said that the shareholder rights plans plan aimed to preserve the integrity of its previously announced strategic alternatives review process.
The Bitcoin miner stated or started conducting a strategic alternatives review last month after receiving rights proposal. The review includes a possible merger or sale of the company. The rights plan is subject to shareholder ratification within 6 months of its adoption, failing which it will terminate, Bitfarms said. Okay. So what what is happening? Okay. So Riot Riot Platforms wants Bitfarms. A while back, they basically said, hey. We'll we'll buy you for $950,000,000, which I think is kinda undervalued personally, but that's just me.
Bitfarms said no. They did not wanna be taken over. Almost immediately after the rejection of the proposal, Riot buys 11% of Bitfarm stock on the open market. Okay. So number 1, the peril of being a publicly traded company means that this shit can happen. Somebody can just buy the crap out of your stock and push you out. So be aware that, like, you know, this whole can't wait for the company to IPO. Yeah. That brings in certain dangers. Okay. Well, so after that, Riot kept buying and now they're up at 12% of their shares Alright. So so then, you know, like, bit farms decides, okay, we're gonna dilute our shares.
If you if if certain conditions are met, we're going to issue new shares. They're not going to split their shares, They're going to issue brand new shares, which not only dilutes the shares that Riot already owns, it dilutes the shares of the shareholders they already have. So everybody gets screwed. No one's gonna be happy about this shit. Right? So what are they doing? Why? Bitfarms wants a better price. That's all this is. They don't give a shit if they get taken over by Riot. This has nothing to do with, oh, Riot's bad, and we're good, and we're we're on the side of light. And they're like the evil empire that they don't give a shit. They're all the evil empire. Why? Because they're playing the same legacy financial bullshit games that has brought us to the impasse that we find ourselves in now. I don't like either one of them because of it. They're not adhering to any kind of ethic, to any kind of we they've learned nothing out of Bitcoin is what I'm trying to say. Neither one of these guys.
They've learned nothing. They're taking their same corporate bullshit that they've pulled out of Wall Street because they keep hiring the same fucking people day after day after day after day that brings the same fucking ideas in day after day after day and nothing changes. Just because it's Bitcoin mining doesn't make it new and shiny, not when it's plagued by the same idiotic crap that has brought us to where we are today. And if you don't think it's gonna get worse, you think again. Yes. It's going to get worse. It's going to be the same shit that we see where regulators are passing themselves off through revolving doors into CEO positions of mining firms and other, like, soft Bitcoin development software companies, and then rotating right back out, you know, to the small business administration.
It's the same thing we see with Tyson Foods. It's the same thing we see with Pfizer Pharmaceuticals. It's the same playbook. We're not learning anything, and that's the most dangerous part about this entire thing illustrated by Riot platforms and bit farms. We've learned fucking nothing. I Hope that I have personally but as a group, it looks like we're not learning anything. We're just gonna fall back in the same bullshit patterns IPOs, hostile takeovers. Bitfarms' CEOs and board of directors really doesn't give a shit. They just want a better price for their shareholders because that's their fiduciary commitment. Because if they don't, they're gonna get sued. They're certainly gonna be replaced, and they'd be replaced anyway if if the hostile takeover occurs. But they at this point, they're just fighting for a better price.
That part is the only part about this thing that makes sense. This is the only thing that I can look at to say, well, there's no reason for them not to do that because they've steeped themselves in the t of legacy financial thinking. As long as you do that, you're going to have to operate the same way that everybody has operated for years years decades decades centuries centuries. It's all bullshit. Right? So all they want is a better price. They want $2,000,000,000. They don't want 950,000,000. And they're probably going to settle at $1,250,000,000 somewhere between there and $1,500,000,000.
And that that and it's going to happen. Bitfarms is going to be taken over by Riot. That's my prediction. Okay. So, I thought I'd throw this in here just as a little break. Notes Nook, n o t e s, Nook, n o o k. Notesnook.com. It's a note taking app, but it's open source And it's end to end encrypted, so that makes it private. And it is open source because they have the project on GitHub. You can see the source code. You can compile it yourself or you can just, you know, install it directly from their website which is notesnook.com. That's notesnook.com.
This was brought to my attention on Nostr yesterday. No. It is not a Nostr enabled note taking application. But it does have it is free and and it's syncing. It will sync between devices for free. I love Obsidian. If you guys have ever heard me talk about note taking and all that kind of stuff, you know that I love Obsidian. I'm not going to stop using Obsidian. But even though Obsidian is fully free, and I highly recommend anybody that wants to start, you know, transcribing what they're reading or not transcribing, but taking the like, when you're highlighting something in a book that you've read and you wanna keep that thought. If you just highlight the thing or underline it or something and then close the book and put it back on your bookshelf, that shit's not gonna do you any good. You've got to do something with the note that you took. So that's why note taking apps. Right? So I use Obsidian. But even then, I'd have to pay to sync my Obsidian app on my phone to my Obsidian desktop.
Okay? And I really don't wanna do that. And I haven't necessarily found it necessary, but it would be nice. I'm not gonna pay the $20 a month. I don't wanna do that just yet. Right? Because I'm not using it all that much. But this one, this notes Nook, it will sync between your phone and your desktop web app. It's not an actual installation on your computer. Okay? So just be aware. It can be because they have the GitHub repository so you can do with that part what you will, but if you just wanna use it out of the bag and test it like I'm testing it, I gotta say it looks really nice it is a it's it's fantastic in fact so notesnook.com.
If you're looking for end to end encrypted, syncable, note taking app, well then you wanna go look at notesnook.com now on to Core Scientific which has declined a $1,000,000,000 buyout offer from CoreWeave. CoreWeave Incorporated a privately held cloud computing provider, has proposed to acquire Bitcoin miner Core Scientific Incorporated for $5.75 cents a share according to a source familiar with the matter as reported by Bloomberg. So last Monday and this is this is another thing. This is not riot and bit Farms. This is Core Scientific and CoreWeave. Do you see the pattern?
We have learned nothing. Last Monday, the companies announced that they signed a series of 12 year contracts under which Core Scientific will provide approximately 200 megawatts of infrastructure to host CoreWeave's operations. Quote, under the terms of the agreements, Core Scientific will deliver 200 megawatts of infrastructure to host CoreWeave's high performance compute operations Core Scientific will modify multiple existing owned sites to host CoreWeave's NVIDIA GPUs. The site modifications are expected to commence early in the second half of twenty twenty four and achieve operational status in the first half of twenty twenty five, as was said in the press release.
The hosting agreement is one of the largest for the Bitcoin miner. The contracts with Coreweave are expected to generate $3,500,000,000 in revenue positioning the company as a significant infrastructure provider. Estimated average annual revenue from the contracts is expected to be approximately $290,000,000 The only question that I have is that is that net revenue or is that gross revenue they don't say. Okay. So here's a little bit of confusion about this. And this is out of no bs bitcoin.com. The headline is that Core Scientific declined a $1,000,000,000 buyout offer from CoreWeave, yet all were talked all that's talked about in the story itself is the operational agreements and 12 year contracts that these two entities have between each other.
So here's what I think has happened. These agreements came down the pipe and once they were signed, you know, Core Scientific got this offer from CoreWeave saying, hey, you know what? We just wanna buy you. And Core Scientific's like, no. No, dude. So, what do you think will happen? Okay. Well, Core Scientific is a publicly traded company. How do I know? Because it has a share price of $5.75 a share. It's not the price that matters, it's the price that they have shares. That means they're publicly traded. That means they're a public company, and that means that CoreWeave could start buying their shares and pull a Riot Platform's maneuver and start down the road of what's going to be a hostile takeover.
Will they do it? I don't know. But this is how it began with the Riot platforms and bitforms thing. I fully expect to see this shit happen. We are going to see massive minor consolidations for the rest of this year and on into well into 2025. And this, in my opinion, is not good for Bitcoin. It doesn't mean that Bitcoin's going to die, but it does mean that here's the thing. This is the opportunity for somebody who wants to get into Bitcoin mining that understands that unless they have 1,000,000,000 of dollars of or at least purchasable infrastructure and the money to buy it with which means VC but they don't want to do that then look at bitax Look at what's going on with bitaxe. If you haven't looked at bitaxe, it's a very small miner.
And if you look at it on the surface, you go, that's stupid. Nobody's gonna be able to mine a Bitcoin out of that. That's not the point. It's directionally, functionally the best way we can go. Very small miners performing en mass together over the network as I believe things were intended to be the function of Bitcoin mining and therefore block the the security of the blockchain I e time chain. Let's actually call it a time chain. Let's just do that. But have these they're tiny units. They're like the size of a raspberry pie Right? They don't mind much You know, it's not but if you put a lot of them together, you know, like 1 in each house on, like, let's say, you know, 5,000 houses How's one operating just like behind the television set somewhere?
Well, that starts to become substantial. Now, we get into the situation where we can't really use bid access. What we might as well do is buy old s nines to heat our greenhouses. See where this goes? This what I'm describing is the commodification of Bitcoin mining hardware. And if we can successfully do that, then we won't have to worry about Core Scientific getting bought out by CoreWeave. We don't have to worry about Bitfarms being bought out by Riot. We don't have to worry about any of that shit. Because the bigger those guys get through conglomeration and consolidation, the harder they're gonna fall when daddy comes to regulate the shit out of their ass.
Because that will happen. This is the perfect time for somebody that wants to get into mining, but wants to to hold dear to the values of Bitcoin. This is this is this is it. This is your time. There's not going to be a better time to do it. I can't do it, so might as well be you. Now peach Bitcoin 50 or sorry, 5. Peach Bitcoin version 0.5. 0, a group hug for everyone. Peach Bitcoin is a secure peer to peer Bitcoin marketplace available on Android and iOS. After some time and a lot of work, we're stoked to bring you the new release with many quality of life improvements and one big systemic change, announced peach bitcoin with this release.
We hope to make the peach experience smoother and cheaper for everyone by making Group hug the default. GroupHug is a transaction batching service that allows users to save on Bitcoin transaction fees. It does not require coordination between users in order to work. So if you've been looking looking for you know something for your Android or iOS that is a Bitcoin marketplace that's outside of huddle huddle or any of the other ones then go look at peach Bitcoin Now with batch transactions called Group Hug, Joinster, the Joinster Electrum plugin version 0.1.
Pre alpha has been released. What is Joinster? Well, it's a free and open source coin join implementation using Nostril relays to coordinate the CoinJoin rounds. I'm very excited about seeing how this one works out. Hi, Bitcoin devs. A pre alpha release for Electrum plug in to try Joinster protocol is now available. Joinster is a protocol for coin join using Noster, announced, FDO or well, it's a developer FDO to the Bitcoin mailing list. I have also updated documents and websites. Feel free to share your feedback after reviewing the code. Learn more about civil resistance in Joinster here, and they give you clearly that as a link. The NIP for coin joins on Noster can be found here and that is, a gitlab.com, site.
Again, if you want to go to these sites because I'm not going to read you like the URLs of these. You've got to go to the show notes because if all you have to do is go to the the URL that has this story and they're all the stories that I cover in a show are all in the show notes. All you have to do is click on that son of a bitch and then you can read it for yourself and then you can go and look more about it. I am not here to tell you everything that's going on with Joinster, but I will tell you this. I am in love with Nostra.
And I woke up yesterday to somebody, yet one more person bitching and whining about Noster. How are you helping? Seriously. How are you helping a goddamn thing? Oh, Nostr doesn't do this and it doesn't. Okay. Well, then fuck you. Learn how to code and do it for yourself. I'm sorry. I'm not here to hold your hand. Jb 55 is not here to hold your hand. Huddl bot is not here to hold your hand. None of these developers are here to hold your hand. They are doing their level best at bottom basement prices, as far as pay is concerned, to try and change the world. And you've got nothing better to do than to sit in your dirty diapers and bitch and moan and whine about how something works on Twitter but doesn't on Nostar. Well, fuck you.
If you don't like it, then you can go back and you can cuddle with Elon. This is not for you. What is for you if you're whining about this shit? Here's what's for you. To go back to Facebook. To go back to Twitter. And you sit there and you be the product that is sold to millions of other people without your knowledge, without your consent and without giving shit won about you. You want to be the producer? You go to Noster. You wanna be the product? Then by all means, whine on Noster then shut down your account, which you can't, and then go and and and beg Elon that maybe if you say something that he gets mad at you, that he won't kick you off his platform.
I'm done I'm done with the whining. If you're somebody that whines about Noster, then at least do this. Do your whine and then pause it a constructive alternative, and that alternative does not include going back to Twitter. Just go. If that's your alternative, then just go. But if you wanna pause it something that, hey, I don't know how to code, but if we had this, maybe it could work this way. At least do that. At least, you know, instead of spending all your day bitching and whining about shit that you can't affect because you refuse to learn how to affect it. I I don't know what to tell you, man.
But please stop whining. It's, honestly, it's unbecoming of an ostrich. Now, Zeus version 0.9.0 alpha 8 has layout changes, pending HTLCs view, and more. It's a mobile Bitcoin and lightning wallet. That's Zeus, by the way, mobile Bitcoin and lightning wallet, and a remote node manager for LND as well as CLN, otherwise known as Core Lightning. It is available for both Android and iOS. If you want to join the test group, support Zeus and become a community sponsor here. And what what do they give? They give Zeus ln.comforward/about.
That is Zeus ln, all one word, dot com forward slash about, and you can go check it out. Now, Evan Kaludis has posted something on Twitter. Apple announced that iOS 18 is going to feature tap to pay payments. I had a chance to try it out today and it's groundbreaking. But what he's showing is the tap to pay, ability of iOS using Zeus Wallet that because of Zeus Wallet already allows you to do tap to pay. We're we're first. We're first. Well, not we. I'm I'm not part of Zeus. They're first. You know I mean we we see this with these developers that are in our crowd all the time they are ahead of the curve yet they are doing it for pennies on the dollar. They could go work for Google for $250,000 a year. They could go work for Google for $90,000 a year working remote at somewhere that $50,000 a year is a king's ransom.
Right? They could go they could go do this. They elect to not do this. Please don't whine about what they do. If you're going to whine about what they do, then pay them the $180,000 that they could be getting somewhere else. Otherwise, you ain't got right to bitch. So what's new in Zeus? Well, layout changes. Our settings menu is now split into 3 brand new views, including a new tools view. You have a pending HTLCs view there's Neutrino and auto select peers on wallet creation BCUR, parsecrypto account data. I don't know what that means, and I'm not gonna print pretend that I do. And then there's more features that are going to be released throughout the closed alpha program, so they got some stuff waiting to release in their back pocket. Y'all go try out Zeus.
Honestly, it it looks pretty cool. Obviously, there's people out there that hate it. There's always people that hate everything no matter what anybody does. But I I'm becoming more and more used to the idea of getting Zeus back onto my, my iPhone and starting to use it now that Wallet of Satoshi is probably never coming back. And I loved Wallet of Satoshi, but it's never coming back to the United States because citizens of the United States are apparently toxic individuals that nobody wants to do business with if they're in any other country. So just with that said, that's gonna do it for the morning roundup.
Alright. Dad says jokes. Excuse me, let me get prepared for this one I should never have glued a piranha to my boomerang I just know it's going to come back to bite me. Alright. There you go. So Wednesday's episode 907 is in the bag. Please use a podcasting 2.0 app. After this, please go to to podcastindex.org/apps and just go try one. Right? They all have wallets that are embedded in them. You use them to those their embedded wallets directly. It's almost there's almost like there's almost no friction there, and you can stream me satoshis to help support what it is that I do. I mean, I gotta get some support. I mean, it's going to cost gas money to drive the 2 hours so that I can, like, take a mobile recording studio that I built using the Satoshis that I have gotten from this show so that I can sit down with with, Tony and talk to her about what's going on with the Kings Ranch.
Right? And it's gonna cost me gasoline money to get back. And if you're using podcasting 2.0, you can just support the show directly by zapping me satoshis or streaming me satoshis or boosting me satoshis. And if you're gonna boost, please leave a message. I'll read it on air. I mean, unless you say something that is just horrific, I'm not going to do that. But, you know, you'll understand what what I'm going to say and what I'm not going to say. And sometimes I might get a little edgy and read something that that is a little edgy, but I'm not gonna read, like, some insane crap. Right?
But this is the way that you support the show. Because this is the way to do it without advertising. It's the only way forward. The advertising models are broken. Value for value is the only thing that we have left and we're not embracing it enough. We're we are so used to everything on the Internet being free and open and, you know, blah blah blah that we don't wanna pay for anything. Right? But, I mean, I told shit. I there was there's a there's a a woman, and I can't remember her name right now, who wrote a piece about Bitcoin for Bloomberg. For for blue no. For Forbes crypto, I think. She was writing for Forbes.
And I go and I look. And and sure enough, that's all she writes about for Forbes is about Bitcoin. She doesn't expound anything about how great Ripple is. Right? So I don't have to worry about that stupid shit. But, wow, there's a whole bus that's coming down a residential street. How interesting. I asked her, would she please get in touch with her editor and ask their editor to consider passing it up the chain of command to have Forbes put in a Lightning Network paywall. I will pay a quarter or even 50¢ sometimes to read an individual an individual story instead of taking their URL and having it ripped through archive.ph, which is what I do when I wanna read a story, I'm not going to pay for a subscription.
I'm not going to use the United States dollars to do it either. Alright? I'm not going to use a dollar or $2 to to buy a single article. If they were to provide me that, I wouldn't do it. All I what I told her is that what I'm going to do wow. Weird. I got a I got a I got a weird I got I got a weird thing. I just got a weird, note on my phone. Everything is conspiring against me to send my 4 remaining neurons off into space. She actually wrote me back and she said that she would do that. She would get in touch with her editor or somebody that's up the chain to at least start the discussion of, like, look, man, just put it's so easy. And all they have to do is ask for help. If Forbes came to Noster or even Twitter and asked people in the Bitcoin community and Lightning Network community to help them build a lightning network compatible paywall for their individual articles that their people would come running out of the woodwork to help them.
So that we could start saying, look, I will pay you for your shit. I will pay you for your work. I don't want to do this. I don't wanna just take your shit. I don't wanna pass every article that this woman writes over to archive.ph because her bosses are too short sighted to put a lightning pay wall in. It ain't even that hard. Sure. I can't do it, but I know the people that can. And what they tell me is if you know what you're doing, it ain't hard. I know people would help. I would help where I could. But we've got to start doing this shit value for value because Pfizer can only be, you know, a, an advertiser for so many podcasts and news organizations.
There's there's only so much money that they are going to to pass around. You see? Get my drift? That's they're the only people that sponsor media at this point anymore, or at least mainstream media. So the creators in this space, we're depending on you guys that are listening to help us out. Help us build help us not come to the microphone and wonder how much longer you can do this because you're just not getting paid. I literally could go get paid more working at Sonic, at a Sonic drive thru, than what I get paid doing this show. The reason I continue to do it is because I love it, and I can't seem to stop doing it.
This is the life that I really do want, and this is the life that so many other content creators want. And we're trying to do the right thing by not giving stupid contest or shilling shit that we don't actually believe in. We want to adhere to the values of Bitcoin. We're gonna need your help to do that. Strengthen numbers ladies and gentlemen. Value for value podcasting 2.0. If you can remember those, well, we're all gonna have a much better day, and I will see you on the other side of it. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Market Updates and Analysis
Closing Remarks and Value for Value
