Join me today for Episode 1003 of Bitcoin And . . .
Topics for today:
- France Calls BTC 'Unproductive Wealth'
- Czech Republic to Nix Capital Gains Tax on BTC
- Former Fed President Clueless
- Blackrock and MARA Bought All Your Bitcoin
- Hawk Tueh Girl Probably Going to Prison
#Bitcoin #BitcoinAnd
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https://cryptobriefing.com/btc-tax-exemption-czech-republic/
https://decrypt.co/295247/france-wants-bitcoin-hodlers-to-pay-taxes-on-unproductive-wealth
https://app.notesnook.com/notes#/notes/672f227de8030288954ac1fa/edit
https://primal.net/e/note1h4n69adydmg05l6e3vmwlf8ddqwdqa4xuapw520ay87dule2g4rs4mhulg
https://www.theblock.co/post/329792/former-fed-bank-president-bill-dudley-slams-trumps-federal-bitcoin-reserve-proposal-in-bloomberg-op-ed
https://cointelegraph.com/news/blackrock-mara-holdings-buy-more-bitcoin-amid-price-drop
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https://www.nobsbitcoin.com/ark-v0-4-0/
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[00:00:00]
David Bennett:
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. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:38 AM Pacific Standard Time. It's the 6th day of December 2024.
This is episode 1,003 of Bitcoin, and we got a lot of stuff to cover, so we're gonna jump right into it with the Czech Republic. Remember old Czechoslovakia? Before Czech or Czech Republic and Slovakia, kinda like they kinda disintegrated, that was all part of pre iron wall or or the Berlin wall coming down. We called it Czechoslovakia back in the day. But the Czech Republic has abolished their capital gains tax on Bitcoin held for at least 3 years. So some forward thinking over there in the old Czechoslovakia. Let's get this from crypto briefing written by Vivian Nguyen, I believe is how you pronounce it. The Czech parliament has voted in favor of a proposed amendment that exempts capital gains tax from the sale of Bitcoin and other crypto assets from personal income tax as shared by prominent financial analyst and entrepreneur, Christian Casper, I think is how you pronounce it. I'm not really sure about that one. But according to Pavel Rusnak, cofounder of Satoshi Labs, the company behind the world renowned Trezor hardware wallet, the amendment was passed by 169 votes on December 6th with nearly all parliamentarians backing it.
Wow. That's some strong backing. Under the new policy, individuals will not be required to pay those shitty capital gains taxes on profits from Bitcoin and other assets or crypto assets if they meet 2. 1, 2 conditions. Total gross income from the crypto asset sales in a single tax year must not exceed 100,000 CZK. Let's just call it Czechoslovakian dollars. I or Czech dollars. I don't know what they're actually called. And and the crypto assets must be held for more than 3 years. The exemption is similar to the existing exemption for securities. It has been part of ongoing discussions on comprehensive reforms in crypto taxation in the country.
These reforms are intended to align with EU regulations and could further shape how digital assets are treated under Czech law. The Czech government aims to foster a more favorable environment for crypto investors as well as participation in the crypto market. That's a little odd because that's they why do I say odd? Here, I'm just gonna say it. Right? Read the sentence again. These reforms are intended to align with European Union regulations. How? Because that's not what's going on in France. Because France wants Bitcoin holders to pay taxes on unproductive wealth.
This is out of decrypt written by Adrian Zmunsky, and this sounds a lot like unrealized capital gains tax. Let's find out. Earlier this week, French senator Sylvie Vermiliet proposed classifying bitcoin and other digital assets as, quote, unproductive, arguing that they should be taxed like luxury items and vacant properties. The bill in question clarifies cryptocurrencies as unproductive assets for the 2025 budget, meaning that taxes will be imposed on, you guessed it, unrealized capital gains if they exceed €800,000.
Paris based, Alice Stork, founder of web 3 public relations agency ICL, told Decrypt that a bitcoin tax on unrealized gains is worrying and feels pretty out of touch with how volatile crypto markets are. What happens when the value of your holdings drops after you've already paid taxes on the gains that you never cashed out? According to her, the measure could push innovators and businesses away from France. Yeah. That's exactly what's going to happen. But so far, the proposal has passed the senate in a preliminary vote and has been endorsed by the country's finance minister, Laurent Sainte Martine.
The finance minister claimed that the change to how Bitcoin gains or tax makes the system more balanced. If passed, and I don't know how because their entire government collapsed a couple of days ago, but whatever. If passed, French cryptocurrency holders would have to report for foreign cryptocurrency holdings annually in the SERFA 39/16/bisform. Fines for failing to report crypto holdings abroad would range from 750 to €1500, Sebastian Martin, the CEO and cofounder of French crypto risk management firm, Raidesquare, told Decrypt that because Vermiliot is vice president of the senate, one of the 2 chambers of the French parliament, which again is completely fucking collapsed, He's a heavyweight in the nation's politics.
Oh, well, good for him. Maybe he can fix the completely destroyed French government of the 5th Republic of France. But Martin added that he is also a member of party radical, France's oldest political party and part of the political party supporting the policy led by the French president, Emmanuel Macron. France's interest in levying taxes on Bitcoin holders follows other crypto regulation efforts. As Decrypt reported in early November, France's National Gaming Authority is reportedly planning to block Polymarket. Oh, no. This blockchain based prediction market platform saw $3,500,000,000 in trading volume during the US presidential election. But after receiving scrutiny from regulators there, it has blocked French users.
And this summer, bitcoin exchange Bybit announced that it decided to leave the French market altogether due to regulatory developments following Europe's long awaited Mica crypto legislation being implemented. This follows a major regulator warning citizens citizens that Bybit was operating outside of country regulations and had been blacklisted in 2022. France also recently attracted the ire of privacy advocates after law enforcement arrested Telegram founder Pavel Durov and indicted him on multiple charges. The accusations are that he allowed drug trafficking, organized fraud, and the dissemination of pornographic content involving minors on his company's Telegram app. Of course, because it's always about the children.
You wanna wrap something up in a nice big bow? Well, make sure you use child sex trafficking as the wrapping paper because otherwise, it just doesn't hold any water. Right? Right. Critics suggested the arrest was politically motivated, but French president Emmanuel Moron denied the claims. So, again, going back to the Czech Republic situation, how is it that that comes in line with EU regulations not having any capital gains tax at all on the sale of Bitcoin up to a 100,000 year or, well, a 100,000 check dollars, whatever the all those are. And then we have France that calls the entire asset class an unproductive asset and wants to tax your ass on unrealized gains.
This this something something is not right here about I think I'm gonna say that it's that first story. I I don't know what the hell is going on, but something seems wrong about that story. I don't think not having capital gains tax is aligned with the European Union's communistic and socialistic leanings that we that we are obviously seeing. And we've been seeing this happen to the European Union for, I don't know, 15 years, probably a lot longer, probably since the inception of the EU, which is god only knows when those poor dumb sons of bitches had to go through that. But what for whatever reason, not having capital gains tax is not in alignment with EU policies. I'm just gonna go ahead and state it because that's just the way it looks.
But the circle p is open for business. And today, I'm bringing you the leathermint.com. That's the leathermint.com. Do you need a wallet? Do you need a belt? Do you need are you in need of some kind of leather good that is built from the finest quality grain leathers that you can get? Well, look no further, ladies and gentlemen. The Leathermint dot com. You can get a hold of Leathermint on Noster at Leathermint or on dead birds site or Twitter at the Leathermint, m I n t. And the coupon code is bitcoin and if you put that into the coupon code, you'll get 10% off. And that way, that also lets the owner of Leathermint know that I was able to sell one of his products or maybe you'll buy 4 or 5 for Christmas, from the Bitcoin and podcast and the Circle p. And then maybe he will cut me some satoshis on the back end for giving him a little bit of airtime that he didn't have to pay for upfront. This is a value for value proposition.
It's the circle p. It is here to try to do its part in igniting the Bitcoin circular economy because Leatherman sells all of their goods for Bitcoin. If you don't sell your goods for Bitcoin, you're not in the circle p. Okay. We had just talked about Poly Market being banned in France. Right? Well, so happens, I went over to poly market today to see what the percentage rate or who was betting on whether or not the Federal Reserve was going to raise rates or lower rates on I believe they're meeting the December the FOMAC meeting is December 13th or December 16th. I can't I can't well, look. We're we're back over a 100,000.
Woo hoo. Yay. Let's party until we go back below 99,000. Oh, before I get into this Poly Market thing, there was a guy who was asking me wait a minute. Hold on. I might actually have it. Let me make sure I don't have it. No. I don't have it up here. Somebody was asking me on Noster because I I I made a meme or something like that. I responded to this guy with a meme saying, you know, basically, who's gonna tell him that, we we're we're you know, we may not have to celebrate? Oh, yeah. I think he said, if we hit a $100,000 again, do we have to celebrate one more time?
And I was like, dude, who's gonna tell the guy? And if you've been in the space for long enough, you know what I'm talking about. So when he said, I don't understand what you're talking about, and he probably did. He's just probably egging me on. So I responded with yet another meme. And this was a meme of mister Miyagi showing Daniel san paint the fence. Up, down, up, down, back straight. Up, down. I get the feeling we're gonna go through a $100,000 5 times. I hope I'm wrong. I hope I'm embarrassing myself right now by being so freakishly wrong. I hope we hit $250,000 by the end of the day, but I'm actually gonna make the call. We got we're gonna go below a 100 and above a 100 by full times, which includes the first time. So now we're back above a 100,000 at $100,844.
We're gonna go back below a 100, and then back up, and then back below again, and then back up, and then back below one more time, and then we're gonna get up, and then we're gonna stay up. It's gonna take 5 bitchlaps for us to be able to recognize, hey. It's the best asset in the universe. Now getting back to the polymarket thing, I was unable to find any bets as to whether or not the Fed was going to raise or lower rates or keep them neutral come this next December FOMAC meeting, either on 13th or 16th. But you know what I did find? I did find the bets on which Trump picks will be confirmed.
Now here's the nice thing about Polymarket is that when you go and I don't bet. I don't use it to bet. Don't be degenerate. But I have learned my lesson after the election this cycle. I'm going to start looking at Polymarket as sort of one form of oracle that maybe just maybe that they were so right about a whole bunch of things that maybe I was a little bit shortsighted in thinking that Polymarket serves no purpose but degeneracy. I'm going to eat crow and start looking at Polymarket. But what's nice is that they have sometimes they are able to group in, like, whole sets of bets under, like, one window, and that's what they've done with this one. So this one this one category that is on the front page of Polymarket says, which Trump picks will be confirmed?
And then there's, like, I don't know, 20. Right? There's 20 picks. Like, Pete Hegseth has a 31% chance of being confirmed. He's the only one of Trump's picks under 50%. Tulsi Gabbard, 56%. Kash Patel, 70% chance of being confirmed. RFK Junior, 69%. Lori Chivas de Reamer, 86. Brooke Rollins, 89. John Ratcliffe, 94. Mike Huckabee, 96%. Elise Stefanik, 96, and I'm just gonna read the rest of them. 94%, 93%, 94%, 93%, 93%, 94, 95%, 95%. Every single one of Trump's picks, except for Pete Hegseth, Poly Market is thinking that they're going to be confirmed. And if Polymarket was is even close to being as right as it was all along about Trump winning the presidency, this is gonna be one hell of a wild ride.
So, again, there's only 2 people on this list that don't I don't know. Tulsi Gabbard at 56%. That doesn't seem to be high enough for me to say, yeah. She's probably gonna get in. Pete Hegseth is probably not going to get in, but all the rest of Trump's picks, probably going to be confirmed. So just be aware that who if you have orange man, derangement syndrome. Right? What what would that be? AMDS. If you have AMDS or OMDS, then, you're probably not going to have a good time. I'm just saying. And speaking of, Trump, I got this one from The Block written by Sarah Wynne. Former Federal Reserve Bank president Bill Dudley slams Trump's federal Bitcoin reserve proposal in a Bloomberg op ed. Yay. Let's see what this guy's got to say about it. President-elect Donald Trump's support behind creating a federal Bitcoin reserve is a terrible deal for Americans. Oh my god.
According to former president of the Federal Reserve Bank of New York, Bill Dudley. A Bitcoin reserve could fuel inflation, uh-huh, and wouldn't be of value to the government, Dudley said Friday in an opinion article published on Bloomberg. Dudley was president of the Federal Reserve Bank of New York from 2009 to 2018. Damn. 9 full years, bro. And was previously a chief economist. Oh, no. Goldman Sachs. We should listen to this man. Quote, what's in it though for the government or for the people who don't hold Bitcoin? Nothing good, Dudley wrote. Quote, there's no exit strategy. So the purpose must be to push prices higher, not create value for the government, which would be stuck holding volatile tokens that produce no income.
I I'm sorry. I didn't see anything in the constitution of the United States that says an instrument of any magnitude of any form, fashion, way, or shape has to create value for the government. No. You're here to create value for me. That's your entire existence. Everything about what the United States government is is to create value for me. I'm very selfish this way. I do not give a flying fuck if the United States government has value created for itself. That's not its job. And here we have a chief economist at Goldman Sachs who who then went over to the Federal Reserve. He got all his economic degrees, and he still doesn't understand the basic function of the government of a people.
It's sad, but this is what we're up against, ladies and gentlemen. To buy Bitcoin, the treasury department would have to borrow or the Federal Reserve would need to create money, Dudley added. Yeah. That's the whole point, dipshit. Trump said at a July conference that he would create a national Bitcoin reserve. And since being elected on November 5th, the price of Bitcoin has reached new heights, surpassing a record $100,000 on Thursday and, again, today. Trump is not alone in his endeavors to create a Bitcoin reserve. Republican senator Cynthia Lummis of Wyoming has a draft bill circulating that would direct the US Treasury to buy 1,000,000 Bitcoin over a period of 5 years.
Brian Hughes, a Trump Vance transition spokesperson, pushed back on Dudley's op ed and said that the president-elect would support crypto and other technologies in an emailed statement to the block, quote, there has been an effort in the Washington bureaucratic swamp to stifle innovation with more regulation and higher taxes. Woo hoo. But president Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies, Hughes said. Lummis has said such a reserve would bolster the position of the United States dollar in the financial system, according to a copy of the draft version.
Lummis didn't immediately respond to a request for comment. But instead of creating a Bitcoin reserve, Dudley said the incoming Trump administration should work on regulations and laws for the crypto industry, quote, define legislatively whether tokens are currencies or securities and who regulates them. Set rules to protect consumers and to prohibit use for criminal activities, such as, you guessed it, terrorist financing and illicit drug sales. Jesus. It's like a broken record. Work has been underway in congress to regulate stable coins and crypto at large, and those bills would have to be reintroduced in the new year. Okay. So what I've just lost all respect, any admiration I ever had in any amount of respect for any of these people.
I I really did. I I grew up thinking that there was just no way that I'd be smart enough to understand economics, that I would I I would I'm just some dipshit pleb walking around out there like a fucking zombie who doesn't know anything. And what I finally discovered through through Bitcoin is that I have an inherent power to understand this shit, because it's not rocket science. It's not quantum mechanics. It's not theoretical physics. It's it's it's not, you know, like having to to unplug the mind of Stephen Hawking and shove it into my head so that I can understand what's really going on in a black hole that is the size of an entire galaxy, and what kind of forces are at work. No. It's not that.
It's not that. And they have just they've just hammered it into us that us poor dumb song bitches just don't have the mental prowess to be able to understand these things. And yet, the more I read from these idiots, the more I lose all respect, any admiration. You know, I used to admire these people for going through like, being, you know, given a degree from Harvard in economics, and I'm like, oh my god. He must know so much. Clearly, this is not the case. This person doesn't understand economics at all. The only thing this person and people like him understand are the economics that they have fraudulently created and pushed over on the citizenry of the world to steal their money. It is an entire gangster organization.
It doesn't matter if you're France, the United States, Canada, Mexico. It doesn't fucking matter. It is a criminal organization. It acts like a criminal organization. It smells like a criminal organization, and it does everything that I expect from a criminal organization. And yet, we just bow down to it without thinking once, twice, or thrice. It's sad. And I just I don't know what to do about it, except to buy Bitcoin and hold Bitcoin. Because BlackRock, Mara Holdings are doing just that. Nearly 10,000 Bitcoin scooped up as price retreats by these guys. Braden Lindria, Cointelegraph, Bitcoin stacking firms.
I'm a Bitcoin stacking firm. Anyway, Bitcoin stacking firms BlackRock and Mara Holdings bought a combined 9,173 Bitcoin while an unknown whale scooped up 600 as the cryptocurrency's price fell to 20 oh, I'm sorry. 92,900 and $57 on December 5th. If you got the plug pulled on you, they got your Bitcoin. BlackRock bought a whopping 7750 Bitcoin as buyers scooped up shares of its spot Bitcoin exchange traded fund, taking the firm's total Bitcoin holdings to $48,900,000,000 at current prices. Quote, fastest growing ETF ever, said Thomas Farrar, or Farrar, founder of crypto markets firm Apollo, which tracks the spot Bitcoin ETF market.
Meanwhile, Bitcoin miner Mara Holdings bought 1423 worth a 139,500,000 across 4 transactions between December 5th December 6th. The Bitcoin purchases followed the closing of Mara's second 850,000,000 convertible note offering, which it said it would use to accumulate more Bitcoin. What are the chances the coincidence is beautiful? No. I'm not actually I'm not actually accusing Mara of dumping making sure that the market dumps so that they can buy cheap Bitcoin. I'm not saying that it's not impossible. It very much is it very much is possible, but I don't know. And I'm not I'm not actually suggesting that. Although, honestly, it really wouldn't surprise me one one single bit.
Mara now holds 22,108 Bitcoin worth $2,170,000,000. In the Q3, Mara shifted to a new treasury policy to retain all Bitcoin it mines and adopt a range of capital market instruments to bolster its Bitcoin reserves, similar to MicroStrategy's Bitcoin playbook. But meanwhile, an anonymous crypto whale seems to also have taken advantage of everybody's fear. And on December 5th, snared 600 Bitcoin worth almost 58.9 $1,000,000, Look on Chain noted in a separate x post. No Bitcoin was held in the whale's wallet address, until its first transaction on November 24th.
And just a day earlier, health care tech firm, Semler Scientific, bought another 303 Bitcoin at an average price of 967 $96,779 on December 4th, several hours before Bitcoin surpassed the $100,000 milestone. Wow. Amazing. Governments hold 2,856 Bitcoin, while asset management firms and private firms hold 1,253,410,000 respectively. Bitcoin was trading at 97,000 yeah. Well, we know right now it's at a 100,704, so it's retreating a bit from this last candle that we saw. I'm telling you, it's gonna be we're gonna have to bitch slap this thing 5 times before it holds. I'm just saying, let's run the numbers. CNBC Futures Commodities Oil taking it on the chin this morning.
1.22% to the downside, $67.47. Everybody's worried about this upcoming OPEC meeting where they want to hang on to their production cuts because, I don't know, reasons. They're just well, I know why. Saudi Arabia and the rest of OPEC, they just aren't able they aren't able to get as much money as they want. And if they increase production, it's gonna crash the oil prices even further. There's a sweet spot in oil prices as when you look at West Texas Intermediate, it's somewhere between $68 a barrel and $98 a barrel. Within that window, things actually work. But you get on the downside of that and wells start shutting in, and people get laid off, and all kinds of shit happens. But if you get above that, it causes pressures on shipping, it causes pressures on manufacturing, prices rise everywhere and guess what happens?
You actually end up losing some oil production because some of these guys can't afford to be paid. It's just it's like I'm telling you, I've been I've I grew up in the oil patch. I've seen this shit before. There's always these windows that go going below the low side is bad. Going above the high side is also bad, just in a different way, but it ends up resulting in sort of the same shit. Saudi Arabia and the rest of OPEC, they can't afford to cut anymore because they're not going to make as much money. But they also can't raise their production because if they do, they're gonna crash the price, make the same amount of money, and you're going to see all hell break loose.
So OPEC has found themselves in the middle of the shit, which means that right now, the oil futures traders are actually winning, and they're they're betting short. So Brent Norcia is also down a full point to 71.35, a natural gas in the opposite direction by a half point to $3.9 a1000, and gold is up a 3rd. Silver is sideways. Platinum is down almost a point. Copper also sideways, and palladium down almost a full point. Ag is wow. There's a lot of green in ag today. Coffee futures up 5.22%. That's the biggest winner. The biggest loser is cotton, 1.36% of the downside.
And then you got live cattle up 0.12%, lean hogs up over a point a quarter, and then feeder cattle are up 2 thirds of a point, while the Dow is down a third. The S and P is up 0.11%, Nasdaq is up 0.72, and the S and P mini is down point 16%. Bitcoin at a $101,400, that is just over a $2,000,000,000,000 market cap, and we can get 38.5 ounces of shiny metal rocks with our 1 bitcoin, of which there are 19,792,083.36 of average fees per block are point 1 bitcoin on average per block on and, well, on a per block basis. And there are a 111 blocks carrying 269,000 unconfirmed transactions waiting to clear at high priority rates of 11 satoshis per v byte. Low priority is gonna get you in for 9, and the hash rate looks to be 767.4 exahashes per second on a rolling 1 week average. Now it's value for value time.
I try to do it with everything that I do, the circle p, the way the the fact that I don't have any advertisers. Of course, then again, the show is probably small enough that the advertisers don't really see me. But I'm just going to take the win and say, it's because of my morality. It's because of my ethics that I only wanna do value for value. And that's where you send me your value if you find what I do valuable for you. And there's a couple of people that have done that for the $100,000 bitcoin entitled episode, which was yesterday's episode of bitcoin. And I got BTCB rancher with 500. Satoshi says, congrats on a 1,000 and the first four digit palindrome episode.
You are my number one go to app and the one I recommend to others getting started in BTC. Oh, thank you. Here's to another 1,000 episodes. And by the way, guys, you can help make that happen if you give me boostograms like this and you cut me some satoshis on a per minute basis using any one of a number of podcasting 2.0 enabled apps like fountain app, which is what Pye has used to give me a 100 sats. And he says, thank you, sir. No, thank you. And that's it. I got hosed. I got hosed on donations, probably because you guys came out in force for episode 999, episode 1,000, and episode 1,001, which has put me at the top show on the top show on fountain charts, and I've got 2 shows in the top ten on fountain charts as well, so I guess I really shouldn't bitch all that much. That's the weather report.
Welcome to part 2 of the news you can use. Corn DeLorean, my friend, Don Noster, dropped a meme, and inside that meme, it contains a picture of a screenshot from Simply Bitcoin over on dead bird site. And this it's just a a snapshot of a tweet that Simply Bitcoin put out. And it says that Rumble CEO wants to tip content creators on platform using Bitcoin. And Simply Bitcoin has a screenshot himself inside that tweet that shows the Rumble CEO on Fox Business News, I guess. And it says, rumble to invest up to 20,000,000 in Bitcoin. So I tried to see if there was anything written up about this. I couldn't find it.
But I'm gonna trust Simply Bitcoin. They've always they've never really steered me wrong. But as for breaking news, I guess that kind of I guess that kind of, fits the bill. Of course, we've been doing this shit on Noster and podcasting 2.0 for, like, ever, and it's just now that Rumble's getting into the game or wants to figure out how to do it, jeez, just just use an Oster. Do what do what Fountain did. Do what Oscar Mary did and what Fountain did, and strip out your entire social side of your thing. Actually, you don't even have to strip it out. Just build up a really good bridge. Hire Alex Gleeson. He knows how to build bridges between the social parameter or the social networks of one system to the social networks of another system.
And you don't have to do what Oscar Mayer did. You can simply just get a hold of a whole bunch of Nostra developers. And I guarantee you, you give them enough money, they will figure out how to make zaps work on Rumble. But meanwhile, we've got scammers in our midst. And her name is Haley Welch. She was she may get charged. You might wonder who Haley Welch is. Sometimes you just gotta put some spit on that thing. You know, hock to it. Yeah. The hock to it girl. Well, potential charges for Hailey Welch, if the SEC probes the hawk launch because she actually hawked it up and threw a shitcoin out there. And the disastrous launch of influencer, Hayley Welch's hawk to it, meme coin this week was marred by allegations of sniping and insider trading with the token plunging 91% in just 3 hours.
Welch has denied the claims, obviously. However, however, if if if if if the United States Securities and Exchange Commission or the Department of Justice decide to investigate, Welch and her team, I did not realize that she had a team, could face significant legal scrutiny. According to Jurij Brazov, partner at law firm Digital and Analog Partners, the SEC can pursue civil charges for securities fraud, alleging misrepresentation or deceit in the sales of securities if Haack qualifies as a security under the Howey test. The DOJ might consider criminal charges like wire fraud or money laundering, especially if there's evidence of international deception or intentional, sorry, intentional deception or financial misconduct.
On December 4th, that was just 2 short days ago, Welch launched the hawk meme coin, which briefly surged to a peak value of 490 $1,000,000. That's total market cap, not not per coin. But before plummeting over 90% to $30,000,000 in a few hours. I'm sorry. The launch was marred by allegations of insider trading as well as having a supply allegedly controlled almost entirely by a small number of addresses, fee extortion, and sniping. No. I don't know what sniping is. So if you know what sniping is, throw me a boostogram. Tell me what it is. Brezhov said, whether the allegations, constitute insider trading depends on whether the token is classified as a security.
Quote, insider trading traditionally involves securities based on material, non public information breaching a duty of trust or confidence. In the context of cryptocurrencies, the legal framework is still evolving. If Welch's team possessed non public information about the token's launch or had pre arranged strategies to sell significant portions of the supply leading to the token's price collapse, such actions could be scrutinized under fraud or market manipulation statutes. Welch publicly denied any insider trading activity on behalf of her team or any affiliated key opinion leaders or KOLs.
Key opinion leaders, ladies and gentlemen. Like a KPI with your KOL and your CMI and whatever other alphabet soup we got. Quote, the team hasn't sold one token, and not one k o l was given one free token, she said in December 5th post on Twitter. Quote, we tried to stop snipers as best we could through high fees in the start of launch on Meteora, end quote. However, aggregated data from Dexscreener and Solana Block Explorer Solscan shows a string of more than 80 wallet addresses that had not purchased the token, suggesting that they were allocated tokens before the launch, pre mine, all of which sold their Hawk Holdings for between $10,365,000 in profit.
Joni Perovich, a crypto lawyer at a law firm, Beatas, told Cointelegraph that any evidence of trading on insider knowledge would add to the severity of any future legal repercussions for Welch and her team. Quote, profiting from insider knowledge is a serious legal issue itself. I'm pausing because all I can think of is Nancy Pelosi. That's and and and Elizabeth Warren. I'm I'm I'm sorry. I'm I'm stuck because that instantly pissed me straight the fuck off. You know they're insider trading, yet they get to do it. They're fine. They're fine. But you let a pleb do it. Oh, no. No. We can't have that shit.
Rules for thee, not for me. Anyway, profiting from insider knowledge is such a serious legal issue, but unknowingly lying to or misleading the public adds to the severity of what has occurred and what has been alleged, Perovich said. Liability for a meme coin launch hinges on how the SEC treats crypto assets on US soil. And currently, most crypto tokens are de facto treated as securities by the Gary Gensler led SEC, which means that anyone issuing a token would need to register with the agency beforehand. However, the status of meme coins is not clear.
It's just an altcoin. Just because it's launched with a name that that looks like the hawk you know, Hokktooie, Hock Tui is a meme. I get it. But the coin itself is physically no different than something like Litecoin. It's it's an probably, it's either a sole token or an ERC 20. It's there's it's not it doesn't have a special architecture that makes it a meme coin. It's the same shit. And yet the the regulators are having difficulty seeing this. Again, I'm losing all respect in any admiration I ever had for people in power because they can't see the fucking obvious. It's a ridiculous, ridiculous state of events.
Though meme coins often lack intrinsic value or traditional asset backing, they could be deemed as securities if marketed in a way that leads investors to expect profits from the promoter's efforts, Brisoft said. Now here's here is the definition from the Howey Act, which gave us the Howey test on how you test whether or not something is is a security. And the there's 3 parts to that test. This is one of those parts. Reasonable expectation of profits derived from efforts of others. I'll read it again. If you have a thing and you allow people to believe that they have a reasonable expectation of profits derived from the efforts of my management team, it's it's most likely a security. Now there's 2 other points to this, but this is the one that really brings home the bacon on whether or not something is a security.
Continuing on, Katherine Umi, a junior partner at crypto law firm On Chain Advisors, said that if allegations are proven and the tokens are securities, then a list of potential legal violations may include inadequate disclosure charges, failing to register as a broker, unregistered broker dealer activity, violations of the Investment Advisors Act, and and if the team failed to adhere to AML KYC laws, oh, well, then they could also be charged under the Bank Secrecy Act and the Patriot Act. This is they could destroy this chick's life. This is why you don't ever jack around with this crap.
Umi also said that there's the possibility that the justice department could get involved in any potential criminal charges, noting the recent involvement of the agency in charging the founder of the Bitcoin Fog, Crypto Mixer, to 12.5 years in prison, quote, the SEC can also enforce civil penalties and investors may then file a class action lawsuit, she added. We don't really need anything else out of this story. There's 4 or 5 more paragraphs. But that's this is how serious this shit is. So what so what happened? Drunk chick on the street, hanging out with her drunk ass friend, kinda pretty, actually, probably a little hot, you know, in their twenties, probably, like, early twenties.
Going into bar hopping. That's what it looked like to me. And this dude with a microphone just walks up to him and starts asking this one girl a a question about certain things. And then all of a sudden, this girl who was not asked the question basically photobombed and said, sometimes you just gotta spit on that thing. You know, hawk to it. And a meteoric rise of an influencer was born with this chick named Haley. Now I've never met her. I don't know her. I don't follow her. I don't know any of the other things she said, so I have no sense whatsoever what kind of a person that she is.
But I get the feeling that she started getting contacted by shitcoiners saying, hey. You know you know what we could do? We could we could wrap this or this whole thing into a coin and sell it to people and make a shit ton of money. She's 20 22, maybe 23 years old. I mean, she's I mean, you know, I I doubt seriously that she has the economic education from Princeton or Harvard or something like that. Probably he's never even heard of the Howey test. Doesn't what is a security? Is that like a stock and bond? I mean, most people are are functionally illiterate when it comes to economics and financial legacy markets. It's not our fault.
The only reason I know a damn thing about it is because of bitcoin, and all I can do is say thank you to bitcoin for so that I'm now not a complete moron. But I doubt seriously that this chick knows any of the ramifications that was going on in her mind when she was being talked to by other people about because I guarantee you she probably didn't know how to spin up an ERC 20 token or whatever the hell this thing is. It's probably a soul coin or whatever because it's on Solana. I'm just saying that I don't think this was her machination. I think she got hosed and I think she's gonna go down for it.
This is not a good situation. Please, I'm begging you, stop buying shit like ether. But David, it's going up. It hit 4,000. So what? It's shit. It doesn't do anything but allow people like this poor Hailey chick to get her ass in trouble because somebody started telling her how she was gonna be able to be rich. And now she may end up in fucking prison. See, this is this is why I hate cryptocurrency. Well, you're a Bitcoiner. Yes. I am. But I cannot stand cryptocurrency because it doesn't mean what it's supposed to mean. It means this field, this circus tent filled with gambling instruments that do nothing but destroy people's lives.
It just destroys lives. And it's probably gonna destroy this chick's life too. We'll we'll have to wait and see. But in either event, let's get into a couple of updates here. Olas version 0.1.5, swipe to zap. Functionality has now been introduced by the man who never sleeps, Pablo f seven z. And if you don't know, Olis is an Instagram like Nostril client for iOS and Android. Quote, the ship train doesn't stop at a 100 k. Olis 015 for Android shipped, announced Pablo f 7 z. And the latest update includes Noster Wallet Connect Zaps and introduces a swipe to zap feature. It also enables repost and incorporates various performance optimizations.
Additionally, the swipe to zap functionality is compatible with NIP 60 nutsacks. Think, eCash. Quote, this is massively lowering the barrier to entry to come to Noster. Publish some pics and earn some money. No pairing. No download this other wallet. No set up your l n address to receive Zaps. It just works, said Pablo f seven z. So swipe to zap is gonna be interesting to see. I have yet to try Olis. I'm very sorry, Pablo. I you I'm a huge user of a lot of your stuff, but I have not used Olis, so I can't really report on it. But I've gotta tell you, if it works the way that people are saying it works, this is gonna be kinda this this could be big. It could be a a very big help to the Nostra community.
But Kid Warp, my friend Kid Warp, who always always joins me when I do his app dot stream of this show, he says, wait. What? And then posts a picture on Nostra of a one of these robot dogs, and then the other picture shows these 2 cops bending down next to this very small robot dog. The caption underneath reads, this is not the cyberpunk we expected. Further, in Moscow, police detained a robot dog that worked as a drug courier. It carried an advertisement for a store selling illegal substances and the substances themselves in containers.
After the cops arrived, the robot suddenly turned itself off and turned off all signal lights and then went into a self defense mode by destroying internal information, including the geodata of the route that it had been on. Yeah. So there's a a lot of people are freaked out about drones and these robots. And I I get you. But we're going to open source this thing just like we open source the Internet, and it is not going to take us 35 years to figure out that's what we should be doing before we end up with silos because you don't want drones and robots siloed. So here's my prediction.
That's never going to happen because we're going to open source the living daylights out of robots and drones. Not just the construction, but the operating systems, sensor systems, the way geodata's done, the whole 9 yards, ladies and gentlemen. We're going to have open source everything. Because if we don't, then it's going to be only the cops, only the military, only the city, state, county, and federal authorities of countries around the world that will hold the keys to that tech. We need to start now, right now, by open sourcing robotics and droneage.
Now I'm not advocating for selling illegal drugs. Because, I mean, selling heroin to a 12 year old is not something that I wanna see done. Alright? But, honestly, I don't really think that the majority of humanity is out to sell 12 year olds heroin. I really don't. I think there are some individuals out there that suck ass and they should be dropped in a hole in the ground and have a fucking tree planted on top of their head, and they could sit down there and rot for the rest of their lives for all I give a shit. But that's not the majority of humanity. But I will tell you this. The majority of psychopaths can be found in one place, places of power.
And if they're allowed to be the only people that construct the operating systems and sensory systems, construction methods for drones and robots, then we got ourselves a big problem. And like I said and I've always said this about bitcoin, and now I'm going to start saying it about drones and robots. If it cannot be used to move illegal substances that people think have value, and I'm thinking drugs, hookers, and gambling, even though I don't like well, it's not that I don't like hookers. I mean, I support working moms. I'm just saying I would I don't wanna go visit them. That's I I don't need a hooker. I'm married. I have kids. I I and I don't gamble because I think it's a dumb idea, And I've done my share of drugs. And honestly, ladies and gentlemen, they don't do a whole lot for you except screw up your life. Now I don't include psilocybin and and, like, other, you know, LSD type things. If done right, yes. I I believe they can be mind expansive.
But I'm just saying drugs in in general. Okay? Let's just let's just drugs in general. Now if if my drug dealer if I'm doing drugs and I have a dealer and he takes bitcoin for the drugs, that means Bitcoin has value. If a drug dealer is going to use a robot or a drone to deliver the drugs, then that means that the drug that the drone or the delivery system has an actual value. And that's when you know, that's exactly when you know that robots and drones actually do have value, And they do. And a lot of there's I I hear many people say, we need to get rid of them. We need to make them illegal. Well, that's never gonna happen, so I'm sorry for you. Since that's not going to happen, then we need to figure out how to take it over ourselves like we're doing with Bitcoin for finance, legacy financial markets, the economy, money, like we're doing it with Nostra, which is completely replacing all of legacy media. And now we need to add one more thing. And this time, it's in the physical beat space of robotics, droneage, and Marriott with what we already know best how to do.
Open source coding. Just saying. Now arc version 0.4.0, new address encoding, ARC notes and market hours has been released. ARC is a layer 2 protocol designed to scale Bitcoin transactions. We're pleased to announce the release of ARC version 0.4 and the update brings new features. So what's new? Well, there's new address encoding. And that's a significant update to the address encoding format now encoding the vtxo output script which is also called taprootkey and serverpublickey instead of user and server public keys. This allows users to generate custom addresses offering brand new possibilities.
There are Arc Notes which allow users who are not online often to represent and transfer off chain balances. They can be sent digitally or printed offering both a tangible and flexible transfer method. It kinda works like this. 1, clients can share a Nostra public key profile for each of their v t x o's. 2, when users go offline, the server will print notes worth their unspent swept v t x o's. And 3, users can restore their off chain balances when they come back online in the future. And then there's market hours which are inspired by traditional markets where buyers and sellers meet at scheduled times. Arc Market hours aims to improve network efficiency and reduce costs.
And then there are some server improvements. Ladies and gentlemen, this seems fucking huge. Arc is something that I've been looking forward to ever since I heard it announced. And when I first heard about it, it was marketed sort of as a different way to do lightning that didn't depend on a new lightning user having to fumble the football trying to figure out how to get incoming as well as outgoing liquidity. It just would do it. Right? So now it looks like it's going full gangbusters with new address encoding. I mean, being able to generate your own custom address, this is freaking awesome.
Being able to print your balance out so that you can essentially, like, re enable your wallet when you come back online, that's huge. Market hours, not sure about that one. But, hey, it's not the only thing under the sun because we still have Bitkit version 1.0.7 to get through. And that offers quick pay for faster payments. Bitkit is a self custodial Bitcoin and lightning wallet for Android as well as iOS. Well, we are thrilled to announce that Bitkit quick pay is now available to everyone in our latest release of the Bitkit. This innovative feature takes the speed of the lightning network payments to the next level allowing you to breeze through small transactions instantly, said the project.
Quick pay allows Bitkit users to set a custom threshold between $50. This amount will be paid automatically upon scanning an invoice without the need to swipe or approve the payment. Users can adjust the limit or disable the feature as needed and that looks to be about it for that. And finally, bill pay your way. That's right. And what is that? Well, it's from strike, and they have announced strike bill pay. And I'm going to read this particular section from their blog post about it. It says, pay bills your way. Use your bitcoin or cash balance to pay bills automatically with strike.
Pay your bills directly from strike with your unique account and routing numbers. Choose either bitcoin or cash as your default payment source and let your billers automatically pull funds when payments are due. To get started, tap the account icon and scroll to bill pay. Generate payment details where your unique strike account and routing numbers are automatically generated inside the app. And number 2, you can set your payment source. You can choose cash or bitcoin. Number 3, you add to your biller. In other words, you're entering the account and routing number into your biller's platform.
The name of your bill must match your strike account. Now number 4 is the automatic payments. And this is a pull system, so this is not Bitcoin. Right? You can use Bitcoin, but strike works a different way. It works like a traditional bank or possibly a credit card, depending on how you wanna look at it. Bitcoin is a push system. You don't get it unless I send it to you. Right? A pull system is like a credit card or automatic payments for your bank, where you could be asleep and somebody just takes money from your account because you authorize them to do that. And that's what this kind of shit is. So automatic payments, your bills are paid from your default balance when charged to your biller or by your biller. And you can easily switch between Bitcoin and cash balances.
Strike uses your available balance to pay bills. And since bank deposits can typically take 3 to 5 days to complete, you need to ensure that you have sufficient funds to cover any bills while you wait for funds to deposit. You learn more about bill pay and how to set it up at these two links. So strike, and that's Jack Mallard's outfit, it was used to be called zap long time ago before Noster, before I mean, be like, we're talking, Jesus, 2018, 2017, 2018, Jack Mallor started talking about zap. And that was the name before he changed it to strike. Actually, I think he changed it to something else and then changed that to strike. But now we have strike. But understand, the word zap, when we use we have we're zapping people.
Well, you might wanna thank Jack Mallers for that because he was the one that actually had the word zap going for a business that was all about lightning before most people figured out what the hell lightning even was. Okay. So strike, if you're unaware, is Jack Mallard's outfit. It's it can connect to your bank. You can send Bitcoin or cash instantly to other strike users, and now they've got bill pay. If you are on a Bitcoin standard or want to figure out a way to get on a Bitcoin standard where all you deal with is Bitcoin and you can let the rest of the world deal with whatever fiat bullshit that they wanna deal with, then consider using strike.
I have it. I've used it. It's fine. I have yet to use it for bill pay. So understand that. I'm trying to be transparent. I've used it for buying Bitcoin. I've used it for sending Bitcoin. I've used it for a couple of things, but I've never actually used it for bill pay. But for the things that I have used strike for, works fine. And that's the show, ladies and gentlemen. We are right at an hour. I'm not gonna belabor it. We are at a $101,244.20, and I'll 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. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:38 AM Pacific Standard Time. It's the 6th day of December 2024.
This is episode 1,003 of Bitcoin, and we got a lot of stuff to cover, so we're gonna jump right into it with the Czech Republic. Remember old Czechoslovakia? Before Czech or Czech Republic and Slovakia, kinda like they kinda disintegrated, that was all part of pre iron wall or or the Berlin wall coming down. We called it Czechoslovakia back in the day. But the Czech Republic has abolished their capital gains tax on Bitcoin held for at least 3 years. So some forward thinking over there in the old Czechoslovakia. Let's get this from crypto briefing written by Vivian Nguyen, I believe is how you pronounce it. The Czech parliament has voted in favor of a proposed amendment that exempts capital gains tax from the sale of Bitcoin and other crypto assets from personal income tax as shared by prominent financial analyst and entrepreneur, Christian Casper, I think is how you pronounce it. I'm not really sure about that one. But according to Pavel Rusnak, cofounder of Satoshi Labs, the company behind the world renowned Trezor hardware wallet, the amendment was passed by 169 votes on December 6th with nearly all parliamentarians backing it.
Wow. That's some strong backing. Under the new policy, individuals will not be required to pay those shitty capital gains taxes on profits from Bitcoin and other assets or crypto assets if they meet 2. 1, 2 conditions. Total gross income from the crypto asset sales in a single tax year must not exceed 100,000 CZK. Let's just call it Czechoslovakian dollars. I or Czech dollars. I don't know what they're actually called. And and the crypto assets must be held for more than 3 years. The exemption is similar to the existing exemption for securities. It has been part of ongoing discussions on comprehensive reforms in crypto taxation in the country.
These reforms are intended to align with EU regulations and could further shape how digital assets are treated under Czech law. The Czech government aims to foster a more favorable environment for crypto investors as well as participation in the crypto market. That's a little odd because that's they why do I say odd? Here, I'm just gonna say it. Right? Read the sentence again. These reforms are intended to align with European Union regulations. How? Because that's not what's going on in France. Because France wants Bitcoin holders to pay taxes on unproductive wealth.
This is out of decrypt written by Adrian Zmunsky, and this sounds a lot like unrealized capital gains tax. Let's find out. Earlier this week, French senator Sylvie Vermiliet proposed classifying bitcoin and other digital assets as, quote, unproductive, arguing that they should be taxed like luxury items and vacant properties. The bill in question clarifies cryptocurrencies as unproductive assets for the 2025 budget, meaning that taxes will be imposed on, you guessed it, unrealized capital gains if they exceed €800,000.
Paris based, Alice Stork, founder of web 3 public relations agency ICL, told Decrypt that a bitcoin tax on unrealized gains is worrying and feels pretty out of touch with how volatile crypto markets are. What happens when the value of your holdings drops after you've already paid taxes on the gains that you never cashed out? According to her, the measure could push innovators and businesses away from France. Yeah. That's exactly what's going to happen. But so far, the proposal has passed the senate in a preliminary vote and has been endorsed by the country's finance minister, Laurent Sainte Martine.
The finance minister claimed that the change to how Bitcoin gains or tax makes the system more balanced. If passed, and I don't know how because their entire government collapsed a couple of days ago, but whatever. If passed, French cryptocurrency holders would have to report for foreign cryptocurrency holdings annually in the SERFA 39/16/bisform. Fines for failing to report crypto holdings abroad would range from 750 to €1500, Sebastian Martin, the CEO and cofounder of French crypto risk management firm, Raidesquare, told Decrypt that because Vermiliot is vice president of the senate, one of the 2 chambers of the French parliament, which again is completely fucking collapsed, He's a heavyweight in the nation's politics.
Oh, well, good for him. Maybe he can fix the completely destroyed French government of the 5th Republic of France. But Martin added that he is also a member of party radical, France's oldest political party and part of the political party supporting the policy led by the French president, Emmanuel Macron. France's interest in levying taxes on Bitcoin holders follows other crypto regulation efforts. As Decrypt reported in early November, France's National Gaming Authority is reportedly planning to block Polymarket. Oh, no. This blockchain based prediction market platform saw $3,500,000,000 in trading volume during the US presidential election. But after receiving scrutiny from regulators there, it has blocked French users.
And this summer, bitcoin exchange Bybit announced that it decided to leave the French market altogether due to regulatory developments following Europe's long awaited Mica crypto legislation being implemented. This follows a major regulator warning citizens citizens that Bybit was operating outside of country regulations and had been blacklisted in 2022. France also recently attracted the ire of privacy advocates after law enforcement arrested Telegram founder Pavel Durov and indicted him on multiple charges. The accusations are that he allowed drug trafficking, organized fraud, and the dissemination of pornographic content involving minors on his company's Telegram app. Of course, because it's always about the children.
You wanna wrap something up in a nice big bow? Well, make sure you use child sex trafficking as the wrapping paper because otherwise, it just doesn't hold any water. Right? Right. Critics suggested the arrest was politically motivated, but French president Emmanuel Moron denied the claims. So, again, going back to the Czech Republic situation, how is it that that comes in line with EU regulations not having any capital gains tax at all on the sale of Bitcoin up to a 100,000 year or, well, a 100,000 check dollars, whatever the all those are. And then we have France that calls the entire asset class an unproductive asset and wants to tax your ass on unrealized gains.
This this something something is not right here about I think I'm gonna say that it's that first story. I I don't know what the hell is going on, but something seems wrong about that story. I don't think not having capital gains tax is aligned with the European Union's communistic and socialistic leanings that we that we are obviously seeing. And we've been seeing this happen to the European Union for, I don't know, 15 years, probably a lot longer, probably since the inception of the EU, which is god only knows when those poor dumb sons of bitches had to go through that. But what for whatever reason, not having capital gains tax is not in alignment with EU policies. I'm just gonna go ahead and state it because that's just the way it looks.
But the circle p is open for business. And today, I'm bringing you the leathermint.com. That's the leathermint.com. Do you need a wallet? Do you need a belt? Do you need are you in need of some kind of leather good that is built from the finest quality grain leathers that you can get? Well, look no further, ladies and gentlemen. The Leathermint dot com. You can get a hold of Leathermint on Noster at Leathermint or on dead birds site or Twitter at the Leathermint, m I n t. And the coupon code is bitcoin and if you put that into the coupon code, you'll get 10% off. And that way, that also lets the owner of Leathermint know that I was able to sell one of his products or maybe you'll buy 4 or 5 for Christmas, from the Bitcoin and podcast and the Circle p. And then maybe he will cut me some satoshis on the back end for giving him a little bit of airtime that he didn't have to pay for upfront. This is a value for value proposition.
It's the circle p. It is here to try to do its part in igniting the Bitcoin circular economy because Leatherman sells all of their goods for Bitcoin. If you don't sell your goods for Bitcoin, you're not in the circle p. Okay. We had just talked about Poly Market being banned in France. Right? Well, so happens, I went over to poly market today to see what the percentage rate or who was betting on whether or not the Federal Reserve was going to raise rates or lower rates on I believe they're meeting the December the FOMAC meeting is December 13th or December 16th. I can't I can't well, look. We're we're back over a 100,000.
Woo hoo. Yay. Let's party until we go back below 99,000. Oh, before I get into this Poly Market thing, there was a guy who was asking me wait a minute. Hold on. I might actually have it. Let me make sure I don't have it. No. I don't have it up here. Somebody was asking me on Noster because I I I made a meme or something like that. I responded to this guy with a meme saying, you know, basically, who's gonna tell him that, we we're we're you know, we may not have to celebrate? Oh, yeah. I think he said, if we hit a $100,000 again, do we have to celebrate one more time?
And I was like, dude, who's gonna tell the guy? And if you've been in the space for long enough, you know what I'm talking about. So when he said, I don't understand what you're talking about, and he probably did. He's just probably egging me on. So I responded with yet another meme. And this was a meme of mister Miyagi showing Daniel san paint the fence. Up, down, up, down, back straight. Up, down. I get the feeling we're gonna go through a $100,000 5 times. I hope I'm wrong. I hope I'm embarrassing myself right now by being so freakishly wrong. I hope we hit $250,000 by the end of the day, but I'm actually gonna make the call. We got we're gonna go below a 100 and above a 100 by full times, which includes the first time. So now we're back above a 100,000 at $100,844.
We're gonna go back below a 100, and then back up, and then back below again, and then back up, and then back below one more time, and then we're gonna get up, and then we're gonna stay up. It's gonna take 5 bitchlaps for us to be able to recognize, hey. It's the best asset in the universe. Now getting back to the polymarket thing, I was unable to find any bets as to whether or not the Fed was going to raise or lower rates or keep them neutral come this next December FOMAC meeting, either on 13th or 16th. But you know what I did find? I did find the bets on which Trump picks will be confirmed.
Now here's the nice thing about Polymarket is that when you go and I don't bet. I don't use it to bet. Don't be degenerate. But I have learned my lesson after the election this cycle. I'm going to start looking at Polymarket as sort of one form of oracle that maybe just maybe that they were so right about a whole bunch of things that maybe I was a little bit shortsighted in thinking that Polymarket serves no purpose but degeneracy. I'm going to eat crow and start looking at Polymarket. But what's nice is that they have sometimes they are able to group in, like, whole sets of bets under, like, one window, and that's what they've done with this one. So this one this one category that is on the front page of Polymarket says, which Trump picks will be confirmed?
And then there's, like, I don't know, 20. Right? There's 20 picks. Like, Pete Hegseth has a 31% chance of being confirmed. He's the only one of Trump's picks under 50%. Tulsi Gabbard, 56%. Kash Patel, 70% chance of being confirmed. RFK Junior, 69%. Lori Chivas de Reamer, 86. Brooke Rollins, 89. John Ratcliffe, 94. Mike Huckabee, 96%. Elise Stefanik, 96, and I'm just gonna read the rest of them. 94%, 93%, 94%, 93%, 93%, 94, 95%, 95%. Every single one of Trump's picks, except for Pete Hegseth, Poly Market is thinking that they're going to be confirmed. And if Polymarket was is even close to being as right as it was all along about Trump winning the presidency, this is gonna be one hell of a wild ride.
So, again, there's only 2 people on this list that don't I don't know. Tulsi Gabbard at 56%. That doesn't seem to be high enough for me to say, yeah. She's probably gonna get in. Pete Hegseth is probably not going to get in, but all the rest of Trump's picks, probably going to be confirmed. So just be aware that who if you have orange man, derangement syndrome. Right? What what would that be? AMDS. If you have AMDS or OMDS, then, you're probably not going to have a good time. I'm just saying. And speaking of, Trump, I got this one from The Block written by Sarah Wynne. Former Federal Reserve Bank president Bill Dudley slams Trump's federal Bitcoin reserve proposal in a Bloomberg op ed. Yay. Let's see what this guy's got to say about it. President-elect Donald Trump's support behind creating a federal Bitcoin reserve is a terrible deal for Americans. Oh my god.
According to former president of the Federal Reserve Bank of New York, Bill Dudley. A Bitcoin reserve could fuel inflation, uh-huh, and wouldn't be of value to the government, Dudley said Friday in an opinion article published on Bloomberg. Dudley was president of the Federal Reserve Bank of New York from 2009 to 2018. Damn. 9 full years, bro. And was previously a chief economist. Oh, no. Goldman Sachs. We should listen to this man. Quote, what's in it though for the government or for the people who don't hold Bitcoin? Nothing good, Dudley wrote. Quote, there's no exit strategy. So the purpose must be to push prices higher, not create value for the government, which would be stuck holding volatile tokens that produce no income.
I I'm sorry. I didn't see anything in the constitution of the United States that says an instrument of any magnitude of any form, fashion, way, or shape has to create value for the government. No. You're here to create value for me. That's your entire existence. Everything about what the United States government is is to create value for me. I'm very selfish this way. I do not give a flying fuck if the United States government has value created for itself. That's not its job. And here we have a chief economist at Goldman Sachs who who then went over to the Federal Reserve. He got all his economic degrees, and he still doesn't understand the basic function of the government of a people.
It's sad, but this is what we're up against, ladies and gentlemen. To buy Bitcoin, the treasury department would have to borrow or the Federal Reserve would need to create money, Dudley added. Yeah. That's the whole point, dipshit. Trump said at a July conference that he would create a national Bitcoin reserve. And since being elected on November 5th, the price of Bitcoin has reached new heights, surpassing a record $100,000 on Thursday and, again, today. Trump is not alone in his endeavors to create a Bitcoin reserve. Republican senator Cynthia Lummis of Wyoming has a draft bill circulating that would direct the US Treasury to buy 1,000,000 Bitcoin over a period of 5 years.
Brian Hughes, a Trump Vance transition spokesperson, pushed back on Dudley's op ed and said that the president-elect would support crypto and other technologies in an emailed statement to the block, quote, there has been an effort in the Washington bureaucratic swamp to stifle innovation with more regulation and higher taxes. Woo hoo. But president Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies, Hughes said. Lummis has said such a reserve would bolster the position of the United States dollar in the financial system, according to a copy of the draft version.
Lummis didn't immediately respond to a request for comment. But instead of creating a Bitcoin reserve, Dudley said the incoming Trump administration should work on regulations and laws for the crypto industry, quote, define legislatively whether tokens are currencies or securities and who regulates them. Set rules to protect consumers and to prohibit use for criminal activities, such as, you guessed it, terrorist financing and illicit drug sales. Jesus. It's like a broken record. Work has been underway in congress to regulate stable coins and crypto at large, and those bills would have to be reintroduced in the new year. Okay. So what I've just lost all respect, any admiration I ever had in any amount of respect for any of these people.
I I really did. I I grew up thinking that there was just no way that I'd be smart enough to understand economics, that I would I I would I'm just some dipshit pleb walking around out there like a fucking zombie who doesn't know anything. And what I finally discovered through through Bitcoin is that I have an inherent power to understand this shit, because it's not rocket science. It's not quantum mechanics. It's not theoretical physics. It's it's it's not, you know, like having to to unplug the mind of Stephen Hawking and shove it into my head so that I can understand what's really going on in a black hole that is the size of an entire galaxy, and what kind of forces are at work. No. It's not that.
It's not that. And they have just they've just hammered it into us that us poor dumb song bitches just don't have the mental prowess to be able to understand these things. And yet, the more I read from these idiots, the more I lose all respect, any admiration. You know, I used to admire these people for going through like, being, you know, given a degree from Harvard in economics, and I'm like, oh my god. He must know so much. Clearly, this is not the case. This person doesn't understand economics at all. The only thing this person and people like him understand are the economics that they have fraudulently created and pushed over on the citizenry of the world to steal their money. It is an entire gangster organization.
It doesn't matter if you're France, the United States, Canada, Mexico. It doesn't fucking matter. It is a criminal organization. It acts like a criminal organization. It smells like a criminal organization, and it does everything that I expect from a criminal organization. And yet, we just bow down to it without thinking once, twice, or thrice. It's sad. And I just I don't know what to do about it, except to buy Bitcoin and hold Bitcoin. Because BlackRock, Mara Holdings are doing just that. Nearly 10,000 Bitcoin scooped up as price retreats by these guys. Braden Lindria, Cointelegraph, Bitcoin stacking firms.
I'm a Bitcoin stacking firm. Anyway, Bitcoin stacking firms BlackRock and Mara Holdings bought a combined 9,173 Bitcoin while an unknown whale scooped up 600 as the cryptocurrency's price fell to 20 oh, I'm sorry. 92,900 and $57 on December 5th. If you got the plug pulled on you, they got your Bitcoin. BlackRock bought a whopping 7750 Bitcoin as buyers scooped up shares of its spot Bitcoin exchange traded fund, taking the firm's total Bitcoin holdings to $48,900,000,000 at current prices. Quote, fastest growing ETF ever, said Thomas Farrar, or Farrar, founder of crypto markets firm Apollo, which tracks the spot Bitcoin ETF market.
Meanwhile, Bitcoin miner Mara Holdings bought 1423 worth a 139,500,000 across 4 transactions between December 5th December 6th. The Bitcoin purchases followed the closing of Mara's second 850,000,000 convertible note offering, which it said it would use to accumulate more Bitcoin. What are the chances the coincidence is beautiful? No. I'm not actually I'm not actually accusing Mara of dumping making sure that the market dumps so that they can buy cheap Bitcoin. I'm not saying that it's not impossible. It very much is it very much is possible, but I don't know. And I'm not I'm not actually suggesting that. Although, honestly, it really wouldn't surprise me one one single bit.
Mara now holds 22,108 Bitcoin worth $2,170,000,000. In the Q3, Mara shifted to a new treasury policy to retain all Bitcoin it mines and adopt a range of capital market instruments to bolster its Bitcoin reserves, similar to MicroStrategy's Bitcoin playbook. But meanwhile, an anonymous crypto whale seems to also have taken advantage of everybody's fear. And on December 5th, snared 600 Bitcoin worth almost 58.9 $1,000,000, Look on Chain noted in a separate x post. No Bitcoin was held in the whale's wallet address, until its first transaction on November 24th.
And just a day earlier, health care tech firm, Semler Scientific, bought another 303 Bitcoin at an average price of 967 $96,779 on December 4th, several hours before Bitcoin surpassed the $100,000 milestone. Wow. Amazing. Governments hold 2,856 Bitcoin, while asset management firms and private firms hold 1,253,410,000 respectively. Bitcoin was trading at 97,000 yeah. Well, we know right now it's at a 100,704, so it's retreating a bit from this last candle that we saw. I'm telling you, it's gonna be we're gonna have to bitch slap this thing 5 times before it holds. I'm just saying, let's run the numbers. CNBC Futures Commodities Oil taking it on the chin this morning.
1.22% to the downside, $67.47. Everybody's worried about this upcoming OPEC meeting where they want to hang on to their production cuts because, I don't know, reasons. They're just well, I know why. Saudi Arabia and the rest of OPEC, they just aren't able they aren't able to get as much money as they want. And if they increase production, it's gonna crash the oil prices even further. There's a sweet spot in oil prices as when you look at West Texas Intermediate, it's somewhere between $68 a barrel and $98 a barrel. Within that window, things actually work. But you get on the downside of that and wells start shutting in, and people get laid off, and all kinds of shit happens. But if you get above that, it causes pressures on shipping, it causes pressures on manufacturing, prices rise everywhere and guess what happens?
You actually end up losing some oil production because some of these guys can't afford to be paid. It's just it's like I'm telling you, I've been I've I grew up in the oil patch. I've seen this shit before. There's always these windows that go going below the low side is bad. Going above the high side is also bad, just in a different way, but it ends up resulting in sort of the same shit. Saudi Arabia and the rest of OPEC, they can't afford to cut anymore because they're not going to make as much money. But they also can't raise their production because if they do, they're gonna crash the price, make the same amount of money, and you're going to see all hell break loose.
So OPEC has found themselves in the middle of the shit, which means that right now, the oil futures traders are actually winning, and they're they're betting short. So Brent Norcia is also down a full point to 71.35, a natural gas in the opposite direction by a half point to $3.9 a1000, and gold is up a 3rd. Silver is sideways. Platinum is down almost a point. Copper also sideways, and palladium down almost a full point. Ag is wow. There's a lot of green in ag today. Coffee futures up 5.22%. That's the biggest winner. The biggest loser is cotton, 1.36% of the downside.
And then you got live cattle up 0.12%, lean hogs up over a point a quarter, and then feeder cattle are up 2 thirds of a point, while the Dow is down a third. The S and P is up 0.11%, Nasdaq is up 0.72, and the S and P mini is down point 16%. Bitcoin at a $101,400, that is just over a $2,000,000,000,000 market cap, and we can get 38.5 ounces of shiny metal rocks with our 1 bitcoin, of which there are 19,792,083.36 of average fees per block are point 1 bitcoin on average per block on and, well, on a per block basis. And there are a 111 blocks carrying 269,000 unconfirmed transactions waiting to clear at high priority rates of 11 satoshis per v byte. Low priority is gonna get you in for 9, and the hash rate looks to be 767.4 exahashes per second on a rolling 1 week average. Now it's value for value time.
I try to do it with everything that I do, the circle p, the way the the fact that I don't have any advertisers. Of course, then again, the show is probably small enough that the advertisers don't really see me. But I'm just going to take the win and say, it's because of my morality. It's because of my ethics that I only wanna do value for value. And that's where you send me your value if you find what I do valuable for you. And there's a couple of people that have done that for the $100,000 bitcoin entitled episode, which was yesterday's episode of bitcoin. And I got BTCB rancher with 500. Satoshi says, congrats on a 1,000 and the first four digit palindrome episode.
You are my number one go to app and the one I recommend to others getting started in BTC. Oh, thank you. Here's to another 1,000 episodes. And by the way, guys, you can help make that happen if you give me boostograms like this and you cut me some satoshis on a per minute basis using any one of a number of podcasting 2.0 enabled apps like fountain app, which is what Pye has used to give me a 100 sats. And he says, thank you, sir. No, thank you. And that's it. I got hosed. I got hosed on donations, probably because you guys came out in force for episode 999, episode 1,000, and episode 1,001, which has put me at the top show on the top show on fountain charts, and I've got 2 shows in the top ten on fountain charts as well, so I guess I really shouldn't bitch all that much. That's the weather report.
Welcome to part 2 of the news you can use. Corn DeLorean, my friend, Don Noster, dropped a meme, and inside that meme, it contains a picture of a screenshot from Simply Bitcoin over on dead bird site. And this it's just a a snapshot of a tweet that Simply Bitcoin put out. And it says that Rumble CEO wants to tip content creators on platform using Bitcoin. And Simply Bitcoin has a screenshot himself inside that tweet that shows the Rumble CEO on Fox Business News, I guess. And it says, rumble to invest up to 20,000,000 in Bitcoin. So I tried to see if there was anything written up about this. I couldn't find it.
But I'm gonna trust Simply Bitcoin. They've always they've never really steered me wrong. But as for breaking news, I guess that kind of I guess that kind of, fits the bill. Of course, we've been doing this shit on Noster and podcasting 2.0 for, like, ever, and it's just now that Rumble's getting into the game or wants to figure out how to do it, jeez, just just use an Oster. Do what do what Fountain did. Do what Oscar Mary did and what Fountain did, and strip out your entire social side of your thing. Actually, you don't even have to strip it out. Just build up a really good bridge. Hire Alex Gleeson. He knows how to build bridges between the social parameter or the social networks of one system to the social networks of another system.
And you don't have to do what Oscar Mayer did. You can simply just get a hold of a whole bunch of Nostra developers. And I guarantee you, you give them enough money, they will figure out how to make zaps work on Rumble. But meanwhile, we've got scammers in our midst. And her name is Haley Welch. She was she may get charged. You might wonder who Haley Welch is. Sometimes you just gotta put some spit on that thing. You know, hock to it. Yeah. The hock to it girl. Well, potential charges for Hailey Welch, if the SEC probes the hawk launch because she actually hawked it up and threw a shitcoin out there. And the disastrous launch of influencer, Hayley Welch's hawk to it, meme coin this week was marred by allegations of sniping and insider trading with the token plunging 91% in just 3 hours.
Welch has denied the claims, obviously. However, however, if if if if if the United States Securities and Exchange Commission or the Department of Justice decide to investigate, Welch and her team, I did not realize that she had a team, could face significant legal scrutiny. According to Jurij Brazov, partner at law firm Digital and Analog Partners, the SEC can pursue civil charges for securities fraud, alleging misrepresentation or deceit in the sales of securities if Haack qualifies as a security under the Howey test. The DOJ might consider criminal charges like wire fraud or money laundering, especially if there's evidence of international deception or intentional, sorry, intentional deception or financial misconduct.
On December 4th, that was just 2 short days ago, Welch launched the hawk meme coin, which briefly surged to a peak value of 490 $1,000,000. That's total market cap, not not per coin. But before plummeting over 90% to $30,000,000 in a few hours. I'm sorry. The launch was marred by allegations of insider trading as well as having a supply allegedly controlled almost entirely by a small number of addresses, fee extortion, and sniping. No. I don't know what sniping is. So if you know what sniping is, throw me a boostogram. Tell me what it is. Brezhov said, whether the allegations, constitute insider trading depends on whether the token is classified as a security.
Quote, insider trading traditionally involves securities based on material, non public information breaching a duty of trust or confidence. In the context of cryptocurrencies, the legal framework is still evolving. If Welch's team possessed non public information about the token's launch or had pre arranged strategies to sell significant portions of the supply leading to the token's price collapse, such actions could be scrutinized under fraud or market manipulation statutes. Welch publicly denied any insider trading activity on behalf of her team or any affiliated key opinion leaders or KOLs.
Key opinion leaders, ladies and gentlemen. Like a KPI with your KOL and your CMI and whatever other alphabet soup we got. Quote, the team hasn't sold one token, and not one k o l was given one free token, she said in December 5th post on Twitter. Quote, we tried to stop snipers as best we could through high fees in the start of launch on Meteora, end quote. However, aggregated data from Dexscreener and Solana Block Explorer Solscan shows a string of more than 80 wallet addresses that had not purchased the token, suggesting that they were allocated tokens before the launch, pre mine, all of which sold their Hawk Holdings for between $10,365,000 in profit.
Joni Perovich, a crypto lawyer at a law firm, Beatas, told Cointelegraph that any evidence of trading on insider knowledge would add to the severity of any future legal repercussions for Welch and her team. Quote, profiting from insider knowledge is a serious legal issue itself. I'm pausing because all I can think of is Nancy Pelosi. That's and and and Elizabeth Warren. I'm I'm I'm sorry. I'm I'm stuck because that instantly pissed me straight the fuck off. You know they're insider trading, yet they get to do it. They're fine. They're fine. But you let a pleb do it. Oh, no. No. We can't have that shit.
Rules for thee, not for me. Anyway, profiting from insider knowledge is such a serious legal issue, but unknowingly lying to or misleading the public adds to the severity of what has occurred and what has been alleged, Perovich said. Liability for a meme coin launch hinges on how the SEC treats crypto assets on US soil. And currently, most crypto tokens are de facto treated as securities by the Gary Gensler led SEC, which means that anyone issuing a token would need to register with the agency beforehand. However, the status of meme coins is not clear.
It's just an altcoin. Just because it's launched with a name that that looks like the hawk you know, Hokktooie, Hock Tui is a meme. I get it. But the coin itself is physically no different than something like Litecoin. It's it's an probably, it's either a sole token or an ERC 20. It's there's it's not it doesn't have a special architecture that makes it a meme coin. It's the same shit. And yet the the regulators are having difficulty seeing this. Again, I'm losing all respect in any admiration I ever had for people in power because they can't see the fucking obvious. It's a ridiculous, ridiculous state of events.
Though meme coins often lack intrinsic value or traditional asset backing, they could be deemed as securities if marketed in a way that leads investors to expect profits from the promoter's efforts, Brisoft said. Now here's here is the definition from the Howey Act, which gave us the Howey test on how you test whether or not something is is a security. And the there's 3 parts to that test. This is one of those parts. Reasonable expectation of profits derived from efforts of others. I'll read it again. If you have a thing and you allow people to believe that they have a reasonable expectation of profits derived from the efforts of my management team, it's it's most likely a security. Now there's 2 other points to this, but this is the one that really brings home the bacon on whether or not something is a security.
Continuing on, Katherine Umi, a junior partner at crypto law firm On Chain Advisors, said that if allegations are proven and the tokens are securities, then a list of potential legal violations may include inadequate disclosure charges, failing to register as a broker, unregistered broker dealer activity, violations of the Investment Advisors Act, and and if the team failed to adhere to AML KYC laws, oh, well, then they could also be charged under the Bank Secrecy Act and the Patriot Act. This is they could destroy this chick's life. This is why you don't ever jack around with this crap.
Umi also said that there's the possibility that the justice department could get involved in any potential criminal charges, noting the recent involvement of the agency in charging the founder of the Bitcoin Fog, Crypto Mixer, to 12.5 years in prison, quote, the SEC can also enforce civil penalties and investors may then file a class action lawsuit, she added. We don't really need anything else out of this story. There's 4 or 5 more paragraphs. But that's this is how serious this shit is. So what so what happened? Drunk chick on the street, hanging out with her drunk ass friend, kinda pretty, actually, probably a little hot, you know, in their twenties, probably, like, early twenties.
Going into bar hopping. That's what it looked like to me. And this dude with a microphone just walks up to him and starts asking this one girl a a question about certain things. And then all of a sudden, this girl who was not asked the question basically photobombed and said, sometimes you just gotta spit on that thing. You know, hawk to it. And a meteoric rise of an influencer was born with this chick named Haley. Now I've never met her. I don't know her. I don't follow her. I don't know any of the other things she said, so I have no sense whatsoever what kind of a person that she is.
But I get the feeling that she started getting contacted by shitcoiners saying, hey. You know you know what we could do? We could we could wrap this or this whole thing into a coin and sell it to people and make a shit ton of money. She's 20 22, maybe 23 years old. I mean, she's I mean, you know, I I doubt seriously that she has the economic education from Princeton or Harvard or something like that. Probably he's never even heard of the Howey test. Doesn't what is a security? Is that like a stock and bond? I mean, most people are are functionally illiterate when it comes to economics and financial legacy markets. It's not our fault.
The only reason I know a damn thing about it is because of bitcoin, and all I can do is say thank you to bitcoin for so that I'm now not a complete moron. But I doubt seriously that this chick knows any of the ramifications that was going on in her mind when she was being talked to by other people about because I guarantee you she probably didn't know how to spin up an ERC 20 token or whatever the hell this thing is. It's probably a soul coin or whatever because it's on Solana. I'm just saying that I don't think this was her machination. I think she got hosed and I think she's gonna go down for it.
This is not a good situation. Please, I'm begging you, stop buying shit like ether. But David, it's going up. It hit 4,000. So what? It's shit. It doesn't do anything but allow people like this poor Hailey chick to get her ass in trouble because somebody started telling her how she was gonna be able to be rich. And now she may end up in fucking prison. See, this is this is why I hate cryptocurrency. Well, you're a Bitcoiner. Yes. I am. But I cannot stand cryptocurrency because it doesn't mean what it's supposed to mean. It means this field, this circus tent filled with gambling instruments that do nothing but destroy people's lives.
It just destroys lives. And it's probably gonna destroy this chick's life too. We'll we'll have to wait and see. But in either event, let's get into a couple of updates here. Olas version 0.1.5, swipe to zap. Functionality has now been introduced by the man who never sleeps, Pablo f seven z. And if you don't know, Olis is an Instagram like Nostril client for iOS and Android. Quote, the ship train doesn't stop at a 100 k. Olis 015 for Android shipped, announced Pablo f 7 z. And the latest update includes Noster Wallet Connect Zaps and introduces a swipe to zap feature. It also enables repost and incorporates various performance optimizations.
Additionally, the swipe to zap functionality is compatible with NIP 60 nutsacks. Think, eCash. Quote, this is massively lowering the barrier to entry to come to Noster. Publish some pics and earn some money. No pairing. No download this other wallet. No set up your l n address to receive Zaps. It just works, said Pablo f seven z. So swipe to zap is gonna be interesting to see. I have yet to try Olis. I'm very sorry, Pablo. I you I'm a huge user of a lot of your stuff, but I have not used Olis, so I can't really report on it. But I've gotta tell you, if it works the way that people are saying it works, this is gonna be kinda this this could be big. It could be a a very big help to the Nostra community.
But Kid Warp, my friend Kid Warp, who always always joins me when I do his app dot stream of this show, he says, wait. What? And then posts a picture on Nostra of a one of these robot dogs, and then the other picture shows these 2 cops bending down next to this very small robot dog. The caption underneath reads, this is not the cyberpunk we expected. Further, in Moscow, police detained a robot dog that worked as a drug courier. It carried an advertisement for a store selling illegal substances and the substances themselves in containers.
After the cops arrived, the robot suddenly turned itself off and turned off all signal lights and then went into a self defense mode by destroying internal information, including the geodata of the route that it had been on. Yeah. So there's a a lot of people are freaked out about drones and these robots. And I I get you. But we're going to open source this thing just like we open source the Internet, and it is not going to take us 35 years to figure out that's what we should be doing before we end up with silos because you don't want drones and robots siloed. So here's my prediction.
That's never going to happen because we're going to open source the living daylights out of robots and drones. Not just the construction, but the operating systems, sensor systems, the way geodata's done, the whole 9 yards, ladies and gentlemen. We're going to have open source everything. Because if we don't, then it's going to be only the cops, only the military, only the city, state, county, and federal authorities of countries around the world that will hold the keys to that tech. We need to start now, right now, by open sourcing robotics and droneage.
Now I'm not advocating for selling illegal drugs. Because, I mean, selling heroin to a 12 year old is not something that I wanna see done. Alright? But, honestly, I don't really think that the majority of humanity is out to sell 12 year olds heroin. I really don't. I think there are some individuals out there that suck ass and they should be dropped in a hole in the ground and have a fucking tree planted on top of their head, and they could sit down there and rot for the rest of their lives for all I give a shit. But that's not the majority of humanity. But I will tell you this. The majority of psychopaths can be found in one place, places of power.
And if they're allowed to be the only people that construct the operating systems and sensory systems, construction methods for drones and robots, then we got ourselves a big problem. And like I said and I've always said this about bitcoin, and now I'm going to start saying it about drones and robots. If it cannot be used to move illegal substances that people think have value, and I'm thinking drugs, hookers, and gambling, even though I don't like well, it's not that I don't like hookers. I mean, I support working moms. I'm just saying I would I don't wanna go visit them. That's I I don't need a hooker. I'm married. I have kids. I I and I don't gamble because I think it's a dumb idea, And I've done my share of drugs. And honestly, ladies and gentlemen, they don't do a whole lot for you except screw up your life. Now I don't include psilocybin and and, like, other, you know, LSD type things. If done right, yes. I I believe they can be mind expansive.
But I'm just saying drugs in in general. Okay? Let's just let's just drugs in general. Now if if my drug dealer if I'm doing drugs and I have a dealer and he takes bitcoin for the drugs, that means Bitcoin has value. If a drug dealer is going to use a robot or a drone to deliver the drugs, then that means that the drug that the drone or the delivery system has an actual value. And that's when you know, that's exactly when you know that robots and drones actually do have value, And they do. And a lot of there's I I hear many people say, we need to get rid of them. We need to make them illegal. Well, that's never gonna happen, so I'm sorry for you. Since that's not going to happen, then we need to figure out how to take it over ourselves like we're doing with Bitcoin for finance, legacy financial markets, the economy, money, like we're doing it with Nostra, which is completely replacing all of legacy media. And now we need to add one more thing. And this time, it's in the physical beat space of robotics, droneage, and Marriott with what we already know best how to do.
Open source coding. Just saying. Now arc version 0.4.0, new address encoding, ARC notes and market hours has been released. ARC is a layer 2 protocol designed to scale Bitcoin transactions. We're pleased to announce the release of ARC version 0.4 and the update brings new features. So what's new? Well, there's new address encoding. And that's a significant update to the address encoding format now encoding the vtxo output script which is also called taprootkey and serverpublickey instead of user and server public keys. This allows users to generate custom addresses offering brand new possibilities.
There are Arc Notes which allow users who are not online often to represent and transfer off chain balances. They can be sent digitally or printed offering both a tangible and flexible transfer method. It kinda works like this. 1, clients can share a Nostra public key profile for each of their v t x o's. 2, when users go offline, the server will print notes worth their unspent swept v t x o's. And 3, users can restore their off chain balances when they come back online in the future. And then there's market hours which are inspired by traditional markets where buyers and sellers meet at scheduled times. Arc Market hours aims to improve network efficiency and reduce costs.
And then there are some server improvements. Ladies and gentlemen, this seems fucking huge. Arc is something that I've been looking forward to ever since I heard it announced. And when I first heard about it, it was marketed sort of as a different way to do lightning that didn't depend on a new lightning user having to fumble the football trying to figure out how to get incoming as well as outgoing liquidity. It just would do it. Right? So now it looks like it's going full gangbusters with new address encoding. I mean, being able to generate your own custom address, this is freaking awesome.
Being able to print your balance out so that you can essentially, like, re enable your wallet when you come back online, that's huge. Market hours, not sure about that one. But, hey, it's not the only thing under the sun because we still have Bitkit version 1.0.7 to get through. And that offers quick pay for faster payments. Bitkit is a self custodial Bitcoin and lightning wallet for Android as well as iOS. Well, we are thrilled to announce that Bitkit quick pay is now available to everyone in our latest release of the Bitkit. This innovative feature takes the speed of the lightning network payments to the next level allowing you to breeze through small transactions instantly, said the project.
Quick pay allows Bitkit users to set a custom threshold between $50. This amount will be paid automatically upon scanning an invoice without the need to swipe or approve the payment. Users can adjust the limit or disable the feature as needed and that looks to be about it for that. And finally, bill pay your way. That's right. And what is that? Well, it's from strike, and they have announced strike bill pay. And I'm going to read this particular section from their blog post about it. It says, pay bills your way. Use your bitcoin or cash balance to pay bills automatically with strike.
Pay your bills directly from strike with your unique account and routing numbers. Choose either bitcoin or cash as your default payment source and let your billers automatically pull funds when payments are due. To get started, tap the account icon and scroll to bill pay. Generate payment details where your unique strike account and routing numbers are automatically generated inside the app. And number 2, you can set your payment source. You can choose cash or bitcoin. Number 3, you add to your biller. In other words, you're entering the account and routing number into your biller's platform.
The name of your bill must match your strike account. Now number 4 is the automatic payments. And this is a pull system, so this is not Bitcoin. Right? You can use Bitcoin, but strike works a different way. It works like a traditional bank or possibly a credit card, depending on how you wanna look at it. Bitcoin is a push system. You don't get it unless I send it to you. Right? A pull system is like a credit card or automatic payments for your bank, where you could be asleep and somebody just takes money from your account because you authorize them to do that. And that's what this kind of shit is. So automatic payments, your bills are paid from your default balance when charged to your biller or by your biller. And you can easily switch between Bitcoin and cash balances.
Strike uses your available balance to pay bills. And since bank deposits can typically take 3 to 5 days to complete, you need to ensure that you have sufficient funds to cover any bills while you wait for funds to deposit. You learn more about bill pay and how to set it up at these two links. So strike, and that's Jack Mallard's outfit, it was used to be called zap long time ago before Noster, before I mean, be like, we're talking, Jesus, 2018, 2017, 2018, Jack Mallor started talking about zap. And that was the name before he changed it to strike. Actually, I think he changed it to something else and then changed that to strike. But now we have strike. But understand, the word zap, when we use we have we're zapping people.
Well, you might wanna thank Jack Mallers for that because he was the one that actually had the word zap going for a business that was all about lightning before most people figured out what the hell lightning even was. Okay. So strike, if you're unaware, is Jack Mallard's outfit. It's it can connect to your bank. You can send Bitcoin or cash instantly to other strike users, and now they've got bill pay. If you are on a Bitcoin standard or want to figure out a way to get on a Bitcoin standard where all you deal with is Bitcoin and you can let the rest of the world deal with whatever fiat bullshit that they wanna deal with, then consider using strike.
I have it. I've used it. It's fine. I have yet to use it for bill pay. So understand that. I'm trying to be transparent. I've used it for buying Bitcoin. I've used it for sending Bitcoin. I've used it for a couple of things, but I've never actually used it for bill pay. But for the things that I have used strike for, works fine. And that's the show, ladies and gentlemen. We are right at an hour. I'm not gonna belabor it. We are at a $101,244.20, and I'll 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.
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