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Join me today for Episode 1106 of Bitcoin And . . . 

Topics for today:

• Amboss Yield Product on Lightning
• $100 Million Liquidation For Degenerate
• Nigel Farage Promises Strategic Bitcoin Reserve
• Panama Canal to Charge Bitcoin For Faster Passage?

#Bitcoin #BitcoinAnd 

Circle P:

Oshi
 Artisan pecan butter, date bars and chocolates
 Website: https://www.oshigood.us/products
nostr Profile: https://primal.net/p/nprofile1qqswp94gnm4epqsgjkndl4lnd8krzdj5u4mzuppdtxksdymkty63g7gdurlfc

Articles:

https://decrypt.co/322938/hyperliquid-trader-liquidated-100-million-bitcoin-bet-unravels
https://cointelegraph.com/news/digital-euro-not-mica-control-crypto-risks-bank-italy
https://www.theblock.co/post/356180/amboss-rails-self-custodial-bitcoin-lightning-network-yield-service
https://www.theblock.co/post/356273/tether-holds-over-100000-bitcoin-and-50-tons-of-gold-ceo-says

• https://www.cnbc.com/futures-and-commodities/
• https://dashboard.clarkmoody.com/
• https://mempool.space/
• https://www.bitcoinandshow.com/
• https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI

https://www.theblock.co/post/356366/nigel-farage-uk-bitcoin-reserve-capital-gains-tax-cut-crypto-revolution-reform
https://www.theblock.co/post/356306/premier-football-club-paris-saint-germain-announces-bitcoin-treasury
https://cointelegraph.com/news/panama-city-mayor-floats-panama-canal-bitcoin-payments
https://atlas21.com/bitmain-unveils-the-antminer-s23-hydro-unprecedented-efficiency/


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[00:00:02] David Bennett:

It is 09:05AM   Pacific Daylight Time. It is the May   2025.   Man, couple more days and we'll be into   the second half of the year.   Well,   technically, it'll still be the first half, but I'm just saying, you know, it'll be the sixth month   of twenty twenty five. I mean, my God almighty. And, this is   episode 11 o six. Is it 11:06 or is it 11:05?   Let's   let's find out. No. I was right. It's $11.00 6, Bitcoin.   And how would you like to be liquidated for a hundred million dollars   We'll talk   about we'll talk about it. I I promise. And then the digital euro is back in the news.   Amboss   is the name of the lightning,   the way that you can find people's lightning nodes.  

Like, you can find mine.   It is the Bitcoin and no. Actually, I changed the name of it. It's the Red Raiders.   Look for look for Red Raiders   on Amboss,   and that would be like I think it's like amboss.com   or something like that. We're but they've got a new product out, and it seems a little odd that they're well, not odd, but it seems apropos at least that they are releasing this news after we had news of   the SQL node making 10% APR on routing lightning   network transactions.   What do we oh, Tether.   Tether has released some numbers on their reserves, and they're honestly   kind of interesting. And then   Nigel Farage   over in The UK is making promises if he's elected.  

You know how that shit goes.   We've got a football club that's putting Bitcoin on their balance sheet.   The Panama,   city in the country of Panama   has an interesting proposal including   how ships   and Bitcoin might   mix. And then Bitmain   has unveiled   their well, what may be their best miner yet.   I'm sure it won't be their last, but it I mean, say what you want about Bitmain. They make some some pretty good equipment. They they just do. And it was probably   on some Bitmain equipment that caused the hyper liquid trader   to get liquidated   for a hundred   million   dollars.  

You know, before we begin this, let me just say something.   If you lose   a hundred million dollars,   do you think that you would be in a bad mood?   And and is it possible   that other people around you who did not make that bet might be affected by being in your presence   with you being in a bad mood?   Because I'm pretty sure you would be in a bad mood if you lost a hundred million dollars.   Whose fucking fault is that?   Whose fault is that? Is that the market's fault?   Is it Bitcoin's fault?   Is it some dude in a suit walking around the stage at a   particular Bitcoin conference saying X, Y and Z? Is it is it his fault?  

No.   It's the fault of the person that gambled,   because that's what this is.   This isn't about price discovery.   It's not about   helping the market.   I don't know. Figure something out. No. It's just straight up gambling.   And this dude, this mister Wynne guy,   had his ass handed to him. Now I'm sure he's not broke and gonna live in a cardboard box for the rest of his life.   But when you go around making bets and then you get your ass handed to you,   you should probably   make two decisions or at least make make one of two decisions that you're just gonna continue to be the degenerate gambler that you are or you're going to stop.   If you're one of these people that are out there, and I I don't think much of my audience actually does this, but if you are   one of these people that just is a degenerate gambler,   stop.  

Find some help   for the love of God   and for the love of the people around you. A crypto trader   has reportedly been liquidated   for over a hundred million dollars   following an initial   1,000,000,000,   that's billion with a b,   $1,000,000,000   leveraged Bitcoin position   on the decentralized derivatives platform known as hyper hyperliquid.   The trade   is   is belong belonging   to a guy named James   Wynne,   and this is according to ARCEM Intelligence, who will also be in the news here in a little bit. They've been closely   watching   after Wynn built a   40 x   leveraged long position last week, betting Bitcoin's price would continue to climb.  

However,   that was not the case on Thursday because the bet completely unraveled   despite a lack of volatility in the Bitcoin price, and that's kind of important.   Bitcoin is currently trading at about a hundred and $6,020,   down 1.9%   over the last twenty four hours according to CoinGecko.   Another pseudonymous trading account belonging to someone known as Pentoshi   noted   that the liquidation was somewhat different from those of other highly leveraged traders that they saw blowed up.   Quote, the Bitcoin price   really   never   changed.  

Period.   It's been in, like, a 2% range.   And this guy just kept trading poorly,   getting chopped to zero,   Pintoshi said on Twitter. Quote, he was super loud on the timeline and yapped a lot, which probably brought a lot of attention that he didn't need.   It's best to trade large positions quietly.   We'll come back to that.   The trader,   believed to operate under the x handle   James Wynne Real, has built a reputation as a high risk leverage trader and meme coin enthusiast.   The account gained notoriety in 2023 after correctly predicting the rise of the Pepe meme coin to a $4,200,000,000   market cap, a call they claimed   earned him over 8 figures in profits. Wow.  

That's, like, $10,000,000   minimum. Right? Yeah.   Pepe later peaked at a market cap of over $11,000,000,000   in December of twenty twenty four.   And since then, their trades have been closely followed by crypto speculators.   Last week, win's Bitcoin bet reached an average entry price of $108,000   with their positions at one point   enduring a 32,000,000   drawdown   as prices whipsawed.   The account thought to belong to Wynn responded to the liquidation by posting   a still from the matrix   with the protagonist, Neo,   stopping a flurry of bullets with his hand.   Hyperliquid, a decentralized exchange built on Arbitrum   or whatever, has drawn attention for its high speed trading features   and the transparency of wallet activity.  

Wynn's wallet   first interacted with HyperLiquid two months ago when it deposited $3,000,000   worth of stablecoin   according to HyperScan,   per as in the kitty per. The James Wynn account   has also regularly promoted a meme coin called Moonpig   and its related game Moonrush.   Wynne was recently accused of dumping Moonpig cope tokens   by investors in the coin, which, of course,   when denied, quote, that top wallet was never mine. I don't usually entertain such FUD, but I haven't sold a single cent of Moonpig,   they said on Twitter. I don't know why they went into this in this article because that's not what's important. First of all, the guy got his ass handed to him. But here's the most important part.   Quote,   I'm gonna read this whole thing again.  

The Bitcoin price never really changed. It's been, like, in a 2% range, and this guy just kept trading poorly,   getting chopped to zero, Pentoshi said. He was super loud on the timeline and yapped a lot, which probably brought a lot of attention he didn't need. It's best to trade large positions   quietly.   Now why do I bring this back up?   Most of you guys are, you know, most of you guys out there are brilliant. You've already figured this shit out.   This is just a different kind of operational security.   I I talk about being safe at conferences and not wearing swag around town.   That's that's another kind of operational security. Alright? You just you just don't wanna operate out in the field and and let people know what you're doing because you don't wanna be kidnapped and you don't want your family to go through what happens when you get your pinky chopped off. Right? So, you know, but there are other kinds of operational security, like, you don't tell people how far you're into something,   like a trade.  

And you don't continuously   announce it. And I I'm not a trader yet. This is really good advice from this Pentoshi guy saying,   you should shut up   because you've just telegraphed your position   several times   and that kind of intelligence   can, you know, earn somebody else a lot of money from your misery   by washing your ass out. He knows how much Bitcoin you've got in on this trade.   He knows what your strike price is. He knows all kinds of shit about your trade because you won't shut the fuck up.   And and and it looks to me like a couple of people probably got together,   most likely on Telegram,   and decided to put all of their shit together, and they just wiped   this Wynn guy out. And he did not win. Wynn did not win. Wynn, in fact, lost. And please, for the love of god, don't let it be you.  

Just don't even trade this shit. Just buy your Bitcoin and hold your Bitcoin. It's not all that hard   unless you're the euro,   in which case it's gonna be really hard for you. Helen Parks, Cointelegraph,   digital euro,   and not   Mica   is the key to managing crypto risks according to the Bank of Italy chief,   former European Central Bank official,   and   the present governor of the Bank of Italy, Fabio Panetta,   touted the digital euro as a key tool   for controlling the risks of increasing cryptocurrency   adoption. Yeah. They don't like this shit, man. The Bank of Italy on May   released an annual report with the governor,   concluding   his concluding remarks on the state of the economy.  

And Panetta said that the European Union must move forward   with the central bank digital currency project to maintain financial stability   and meet demand for secure digital payments, quote, we would be remiss.   We would be remiss   to think that the evolution of crypto assets can could be controlled   only through rules and restrictions, Panetta said, warning   that crypto regulation alone cannot address the systemic risks posed by   crypto   and that the digital euro would be key to addressing them.   Panetta also addressed   the impact of the EU's crypto regulatory framework,   the MICA   or Markets and Crypto Assets Regulation,   which entered into full force in late twenty twenty four. Since MICA   came into force,   only some electronic money tokens   such as stablecoins   have been issued in the EU and their circulation is limited so far, the governor stated.  

He also said, Micah has not fueled any significant   stablecoin   developments in Italy. Quote,   in Italy, there has been far wait. In Italy, there has so far, oh, so far been little interest   in the issuance of crypto assets by supervised intermediaries and other operators, while a growing focus on custodial and trading services   has been observed, end quote.   Micah has encouraged businesses to report if they plan to launch crypto asset services   or intend to apply for authorization to do so.   While offering some protection to European investors, Micah   has not fully safeguarded savers from the risks associated with heterogeneity   in regulatory   approaches globally,   Panetta argued, quote,   EU citizens   might be exposed to failures or of platforms or issuers based in other jurisdictions   that lack adequate controls or the necessary transparency and operational safeguards.  

He called for stronger international cooperation and urged the EU   to lead on establishing global regulatory standards.   Panetta said that only a digital euro backed by the central bank could offer the necessary trust and functionality in a changing payment landscape. Quote, what is needed   is a response   that matches   the ongoing technological transformation,   one that is capable of meeting the demand for secure,   efficient, and accessible digital payment instruments,   all while preserving the role of central bank money, he said. The digital euro project stems precisely from this need.   Panetta's remarks echo the agenda promoted by ECB executive board member   Piero   Cipollone,   who has advocated for the launch of a digital euro, citing the growing popularity of United States dollar stablecoins,   which now make up 97%   of the entire stablecoin market.  

Previously, a member of the ECB's   executive board, Panetta, resigned in October of twenty twenty three with his position subsequently   filled   by Cipoll Leone, or however you pronounce this guy's name.   Panetta's report came weeks after Tether, the issuer of the world's largest   US dollar peg stablecoin,   defended its decision to skip Mica registration   for USDT in early May.   Quote, MICA license is very dangerous when it comes to stablecoins, and I believe   that is even more dangerous for the small medium banking system in Europe, Tether CEO Paolo Ordano said at the time.   Okay.  

So we have yet another high powered central bank guy   begging the EU   to go forward as fast as they possibly can with the development of the digital euro, which would be their version of a CBDC.   And it's because The United States Stablecoin market   is a monster with so many heads, they do not have enough people and enough swords and enough cauterization   material   to chop all the heads off to make sure that none grow back.   Right? If you don't like, if you know the the myth or the story of the hydra or the whatever, the seven headed dragon, you had to chop its head off, but it would grow a new one. And I can't remember what Greek or Roman or probably Greek hero it was that took care of this creature, figured out,   he chop a head off and then use a hot piece of steel to cauterize the wound so that the head couldn't grow back.  

This US stable coins   is like a hydra of which none has ever seen.   I've told you my theory before.   I'm just gonna reiterate it. It's it the US stablecoins,   whether circle's gonna be inside The United States proper,   you know, like the territories,   Alaska, Hawaii, and the Continental United States.   Tether is designed to go after everything else,   the rest of the world. And what they're gonna do is they're gonna buy United States treasuries, and they're gonna export that debt   through the instrumentation of Tether. So the Fed, Federal Reserve of the United States no longer is the buyer of last resort. They will still buy treasuries,   but what'll happen is you'll have these stablecoin companies also buying treasuries, and The United States will have   no end to the amount of treasuries that they can print and then sell in auction   to these guys. And they're gonna immediately convert that debt into actual monetary units called Tether and inside inside The United States called Circle,   that's how they're going to get rid of that's how they're going to export this debt. Circle may not actually be as much of a debt consumer   as Tether will be. That's that's my guess. But   Saifedean Ammis gave a talk at Bitcoin conference twenty twenty five,   and he echoes   the first part of my thesis. But he goes so far as to say   that that's not all   that's not all they're actually doing.  

That's not all Tether is going to actually be because they've got backing   in a different way. And that instead   of, like, my full thesis is that this   will be the the lifeblood   of The United States Dollar for years to come. And I still hold that, but I've always said that it will come to an end because you it doesn't matter.   If you print a shit ton of money, even if you are able to export it to other countries and make their life miserable first, it will boomerang back to the people that issued the money because printing money is bad for anybody in a closed system.   And if if you just say, hey. We'll see United States as a closed system,   and you're but we're exporting that money, so we're exporting we're not in a closed system. Yes. We are. We all live on a planet.  

And unless there was one other habitable planet that we have trading relations with,   then we do not live in an open system. We still, in fact, live on a closed system. It's just that those filters   that are we also call barriers   create friction, so it will slow that velocity down.   But safe goes so far as to say   that this is not going to ultimately be good for the United States dollar, that Tether is putting themselves in a position and stablecoins in general in a position to replace the United States dollar.   And he's got   an interesting reason why as far as an example of Tether goes,   and here it is, except this isn't this isn't safe talking,   this is   an article from the block that talks about what Tether is holding in reserve.  

And according to their CEO, Paolo Ardoino, they hold   100,000   Bitcoin   and 50 tons of gold.   Let's get into this one. Perhaps the most profitable company in the crypto industry has stockpiled billions of dollars worth of Bitcoin and gold.   Taking the stage at Bitcoin twenty twenty five in Vegas, Tether CEO Paolo Ordano presented a slide   showing that the company, the world's largest issuer of US dollar pegged stablecoin,   currently holds more than a hundred thousand Bitcoin, which is about $10,000,000,000,   and over 50 tons of gold. USDT is the stablecoin   issued by Tether.  

On the same slide,   Ardoino showed how Tether generated a profit of approximately   $13,000,000,000,   that's billion with a b, in a single year, twenty twenty four, making it almost certainly the most financially successful enterprise in the entire crypto industry.   Given that Tether has accumulated gold, Ardoino attempted to justify the decision before the conference crowd, which was full of Bitcoin enthusiasts.   Quote,   many Bitcoiners don't like talking about gold as if gold would take away something from Bitcoin.   There is no   way. Bitcoin is perfect.  

Gold is imperfect.   Gold is not competing with Bitcoin. Gold is competing with fiat,   and that's why we like a little bit of gold,   end quote. In Tether's latest report detailing its reserves,   as of the end of the first fiscal quarter of twenty twenty five, Tether said that it had over $7,000,000,000   worth of Bitcoin and more than $6,000,000,000   of standard physical   bars.   Its Bitcoin holdings were based on a price of $83,000   according to the report.   And as dozens of companies stockpile Bitcoin,   while others such as strategy appear to have made acquiring the cryptocurrency their, you know, number one and sole focus, BTC's price has been holding steady as of late,   including a recent surge to a new all time high of well over a hundred and $9,000.  

Earlier on Thursday, Cantor Fitzgerald   Asset Management announced plans for a fund   that will offer direct exposure to Bitcoin while simultaneously   providing   one to one downside protection based on the price of gold.   Alongside Tether and SoftBank, Kantor is linked to Twenty One Capital,   a Bitcoin Treasury firm that recently acquired   $458,000,000   worth of Bitcoin, and Twenty One Capital is about to show you their wallets.   That was an announcement made either late yesterday or earlier this morning by Jack Mallers.   He's talking about   a complete transparency of their reserves   of Bitcoin,   which is putting pressure directly on   Michael Saylor.  

And it looks to me like maybe Jack Mallers is a little pissed off that he was not going to be able to get STRK   as the ticker symbol for his company's strike because Michael Saylor got it first,   and   maybe Jack Mallers took that a little personally   because, you know, as I was saying yesterday, it was very evident that Michael Saylor didn't want anybody to know anything about his wallets.   He just said that was dangerous for anybody to know what their wallet addresses was and what their yeah. How much those wallets held and blah blah blah. And Jack Mallers this morning or late   yesterday evening said, well, we're gonna do it.  

Seems like there might be a little bit of a battle going on there. Well, that's fine. It doesn't really matter because   Arkham Intelligence   has doxed Michael Saylor's wallets again.   Yes. I told you about it yesterday. Well, they did it again because yesterday,   they figured that they had about 85%   of what strategy held   by being able to identify the wallets   that strategy   supposedly holds.   That's ARCEM intelligence business.   I'm not gonna defend whether or not they're right. Okay? Because I don't know how they're doing it. I can only assume they're using heuristics and they're tracking   stuff back and they've figured it out. It doesn't matter because this morning, Arcum Intelligence   has now said that they have   further doxed   MicroStrategy or rather,   strategy's wallets.  

And now they say, Archimatelligence   claims,   that they know where 97%   of Strategies   Bitcoin   is held.   I mean, at this point, do they even need to go further?   So, Michael Saylor see, again, this is like the dude this is like that James Wynne guy that got liquidated for a hundred million dollars.   You don't talk about your trade. Because somebody out there   this is why   honestly, this is why in photographs,   people try to mask out,   like, license plate numbers.   Or if they show a billboard and there's a telephone number on it, it's fogged out.   Because some people are just   psycho, man.  

You know, like the song eight six seven five three zero nine. Do you have any idea   in Southern California   how many times that number   that number literally had to be disconnected.   I don't think anybody owns that number anymore because psychos will just call that number if they're listening to the song 867-5309.   And if you're in   a band in in Southern California or at least, you know, everybody was in Southern California in the seventies when they were recording shit. So they were all in LA, so it was a pretty much an LA number.   Even if it wasn't an LA number from the songwriter,   everybody assumed that they were in LA, so they were just calling that LA number.  

No.   That what I'm saying like, if you had if you show somebody's license plate, somebody   will figure out a way. They'll just they're bored. They'll call the DMV and say, hey. I need a they'll lie their way and say, hey. I'm a cop working on this case. I need this license plate number. They'll just do it to see, a, if they can do it or, b, they already know they can do it and they got nothing better to do with their day. In in the case of James Wynne, he was talking about exactly how he was trading and a couple of people got together and said, let's screw this guy just because we're bored and we want a lot of money, and you've just basically set us up to make a lot of money off of you.   This is the same shit.  

Michael Saylor comes out and basically says nobody's ever gonna know how much we own, and Arkham Intelligence said, I'm bored. I think I'm going to tell everybody exactly what you own because we're gonna be able to do it.   See,   this is all operational security.   If you don't want somebody to know something,   you should probably not say anything about it at all and shove your mouth full of a nice,   meaty,   beefy, delicious   huddle bar from Oshi.   Oshi good dot us. This is the circle p by the way. Circle p is where I bring plebs just like you that have goods and services for sale to plebs just like you who want to buy those goods and services. And a huddle bar sampler pack sounds   good right now. Two and a half ounces   of   datey,   chocolaty,   minty,   vanilla y, and banana y goodness. These things are exactly what you want   in your backpack when you're on a hike and you figure out, oh, you know what?  

We forgot to eat lunch before we went on this hike and now we're starving because we're burning through freaking calories.   And I've got two bars. I've got one I've got this   granola bar from Quaker Oats or I've got this delicious Oshi bar that is made of some of the finest ingredients   ever. These things are awesome. He also has something called huddle butter,   which is like peanut butter, and he's got three of them left in stock.   And it has,   or rather, this is made from pecans and maple sugar   and sea salt flakes, as well as a little bit of cinnamon and black pepper   just to round it out.  

This stuff looks fantastic. Now, I haven't had this, but I have had the huddle bars. And the huddle bars are awesome   because this one, the huddle bar sampler pack, it comes with banana chocolate chip   or the banana chocolate chip bar comes with dates and pecan butter, which I just described to you, dark chocolate chips, peanut flour,   chocolate powder, cinnamon,   vanilla extract, and sea salt. Do you see any protein powder in there? No.   Do you see any, like, preservatives in there? No.   Do you know why? Because the plebs that I bring you   make clean products. And when you support them, you they support me so I can support you so you can support them so they could see how there's   very many ways that a Bitcoin circular economy works.  

And that's what the circle p is here for. That's why it's a circle. It's a circular economy   made for plebs.   Buy plebs, four plebs.   Go to 0shig00d.us,   0 s h I g 0 0 d U s, 0 s h I good U s, and order a HODL bar sampler pack.   11,000   satoshis.   Right? They'll get you, it's a two pack. They'll get you one mint cookie   and one banana chocolate chip.   And they're both 2.5   or 2.4   ounces.   They will they will do the trick when you're on that hike, man. And make sure that you put Bitcoin and   into   the coupon code box on checkout   so that Oshi knows   where to send the sats because if he made a sale, he's gonna wanna say, where did I make the sale from? This is how he knows. Put Bitcoin and into the coupon code. Bitcoin and into the coupon code, and Oshii will get me on the other side with Satoshis for making a sale for him.  

Get a Huddle bar. These things are awesome.   Now Amboss, I've talked about them a little bit earlier today. We're gonna get into it.   Amboss introduces a self custodial   Bitcoin yield product on the Lightning Network.   James Hunt from the block is writing this one.   Amboss,   which is an AI driven solutions provider for the Bitcoin Lightning Network, has unveiled   a self custodial   yield generation service called Rails,   tapping into the earnings potential   of Lightning Network.   Rails is designed for users to earn yield on their Bitcoin by acting as liquidity providers while maintaining full custody and bolstering the Lightning Network's performance and scalability   according   to a statement shared with the block.  

Though returns are not guaranteed,   yield can be generated from activities such as payment routing and liquidity leasing, the firm said.   Built on Amboss'   AI infrastructure,   Rails also helps improve the speed, reliability, and capacity of lightning transactions.   The service includes Rails LP   aimed at companies   with Bitcoin treasuries, custodians, and high net worth individuals with a minimum commitment of 1 BTC   for one full year and liquidity subscriptions tailored for businesses that accept Bitcoin payments with fees starting at point 5%.   Quote,   Rails   is a transformative force for the Lightning Network and Boss cofounder and CEO, Jesse Schrader said.  

It's not just about yield.   It's about enabling businesses to strengthen the network while earning on their Bitcoin.   It's a critical step in Bitcoin's evolution as a global medium of exchange.   Amboss   has partnered with Bitcoin exchange, CoinCorner, and Flux, a joint venture between Axiom and CoinCorner, to launch Rails.   CoinCorner   has integrated the service into its exchange and payment systems, while Flux aims to use it to expand Lightning's role in global payments.   Quote, Rails offers a practical way for businesses like ours to participate in the Lightning Network's growth.   CoinCorner CFO David Boylan said, quote, we've been using the lightning network for years, and Rails provides a structured approach   to engaging with its economy, particularly through liquidity leasing and payment routing.  

The this aligns with our goal of making Bitcoin more accessible and practical for everyday use, end quote.   And then they go into a description of the Lightning Network, which and I'm just gonna scan through here.   Yeah. That's honestly, this is all we really need to know. Okay.   So Amboss   has been around for years,   and I've not really technically used any of their products per se, but I do use Amboss   when I'm looking for, you know, like, I don't know, like another lightning partner or something like that because I can find out how many channels they have, I can find out, you know, how much,   Bitcoin they've got in their node. I can tell how long their node has been up. It's actually a really good tool because if you're gonna get a Lightning partner, you're gonna want it somebody who's not just on and off the network and has, like, almost no liquidity.  

But   here's here's the thing.   What they're talking about is, like, if I've got like, let's say I got $1.01 Bitcoin and I wanna make some yield on that Bitcoin,   and I'm providing routing services. Now I'm always railing   about the fact that, hey. Where does the yield come from?   Because the yield needs to come from something that is actually doing something. Either you're   selling product   for your business and you're generating yield that way because you're generating profit.   And I've   helped fund you to make that profit, so I wanna cut that profit. That's yield. That's an actual   honest to God   positive yield that I can wrap my head around. That I understand.  

Or if you're providing a service, like, I don't know, a subscription service or something like that,   you're generating a profit. And if I've helped you by investing in your company to generate that profit, I wanna cut. That's   real yield.   Amboss is providing a service. They're providing   liquidity   because the network,   the Lightning Network, kinda lives and breathes and dies on liquidity or the lack thereof in the latter case.   So if I've got a Bitcoin   and I wanna get actual yield that I understand where the yield comes from, I might go over to Amboss and I might give them my Bitcoin, but they're gonna do it in a self custodial way, which pretty much to me that kinda means multisig,   where I, you know,   there's an argument as to who owns the Bitcoin under certain circumstances,   but they don't have total control. And I don't have total control, so we would probably end up on an argument go to arbitrage and have a third not arbitrar arbitration   and let a third party listen to both sides of but that's not important here.  

Because if that can be done, if I can start out with a whole Bitcoin,   what if I've already got a lightning node?   Or what if I'm already renting somebody else's lightning node for my business and I'm getting paid in Satoshis for my goods and services on that lightning node?   I'm thinking Steak and Shake   because they've already made their and I haven't said the numbers, but they've already probably made quite a few Satoshis.   What if   Steak and Shake works a deal with Amboss and says, hey. We'll move our lightning node over to you guys if they haven't already. I know nothing about the back end infrastructure,   what Steak and Shake is doing other than they are using Lightning.  

That's all I know. I don't know if they cell phones their own node. I don't know if somebody else does it for them. It's not the point. Let's say they call up Amboss and say, hey, Jesse. Mister Schrader,   let's walk a deal.   We'll   port   we'll we'll basically let you handle all of our lightning activity,   and we're just gonna stack those sats.   And after, like, every month over month, whatever sats that we've made on the business,   instead of immediately converting it to   actual fiat dollars, we're gonna keep it as sats, but we're gonna want you to help us   make a yield on that. And if that goes on a day over day, week over week, month over month basis for an entire year,   what could happen? Especially if more and more Bitcoiners actually are going to Steak and Shake and using the Lightning Network to buy   burgers and   fries.  

Now multiply that by anybody else's, you know, self hosting their own note or renting a note from somebody else that are actually using their, you know, that thing for business. And they're saying, you know what?   If I just peel off 10% of the Satoshis that I'm making on a month over month basis and just stack them   with Amboss,   and right now, yes, it's a minimum of one b t c. But what what if this is a success rails is so successful that they say, well, now we'll do it on a hundred thousand Satoshis.   That's kind of a pipe dream right now, but bear with me.  

What if in real time,   I'm changing the amount of yield I can earn by stacking more Satoshis   with Amboss   on their product,   their service of   providing liquidity to the Lightning Network. And I'm Steak and Shake. And I'm, like, stacking   hundreds of thousands of Satoshis per day, day over day.   I get to, like, a million within a week. I get to, like, 2,000,000 in a week and a half.   What happens   when you get 10 businesses doing that? What happens when you have a hundred and a thousand?   What happens to Amboss?   What happens to the Lightning Network?   What happens to the people that say they can generate you yield, but it's a shitcoin?  

Let your imagination   fly.   And meanwhile, I will run the numbers.   Woah. Oil is getting kicked in the crotch one and a half points to the downside.   We are just at $60   a barrel for, West Texas Intermediate. Brent Norsey   is down a half to $63.81   a barrel, and natural gas is down 1.6%   to $3.46   per thousand, and gasoline is down   1.7%   to $2.02   a gallon.   All of your shiny metal rocks are sucking swamp water.   Gold is down point 86%   back down to $32.88   and 6 dimes. Silver is down one and a half. Platinum is down two and a half. Copper is down a quarter, and palladium is down one and a third.   Ag is fully mixed today. Biggest winner is chocolate.  

Devil number coming up. 6.66%   to the upside for the dark brown shit.   Get it? You see what I did there? And the biggest loser today is coffee, the other dark brown shit, down 1.65%.   And then we've got live cattle, which is down a quarter. Lean hogs are up 2.1%,   and feeder cattle are down a third. Meanwhile,   all of your equity legacy markets are also sucking swamp water. This is because, by the way,   Trump has accused of China of violating   the preliminary   trade deal already   and the fact that the international trade court for the United States is basically saying all of Trump's tariffs are illegal.   So now the market doesn't know what the fuck it's doing, and it's shitting the bed. Dow is down point 6%.  

S and P is down over a point.   The Nasdaq is down a point and third, and the S and P Mini is down a point and a quarter.   And, well, we're getting we're getting kicked in the nuts on Bitcoin too. We're all the way down to a hundred and $4,360.   That is a $2,070,000,000,000   market cap, and we can only scavenge 31.7   ounces of shiny metal rocks with our one Bitcoin of which there are 19,871,932.09   of.   Average fees per block are insanely low, 0.03   BTC   taken in fees on a per block basis, and there are five   blocks   carrying 4,600   transactions   waiting to clear at high priority rates of 2 Satoshis per v byte. Low priority is gonna get you in at the same.  

Hash rate, however, is rising.   Oh,   20 points since yesterday.   922   exahashes per second. So no matter what the hell is going on,   there is no minor capitulation.   This is your reminder to go over to bitcoinandshow.com.   Bitcoin   and show, all 1 word, Com and sign up. It's not a newsletter, not yet anyway,   but you will get at least well, actually,   maximum. You're probably only gonna get one   email a day, and that's just to announce that I've released another episode,   which I do Monday through Friday here at the Bitcoin and show where I try to get you all the news that you can use.   From yesterday's   episode of Bitcoin and my doxxing   strategy,   I've got only one donation. Really guys?  

Turkey   is making y'all look like turkeys.   500 sats and still says nothing. Oh my God.   Really? Is I mean, is the Bitcoin   conference really sucking the life out of my show?   Do I really have to attribute this to the Bitcoin conference?   You know, if it was the Oslo Freedom Forum, okay. I got that. I like the Oslo Freedom Forum. In fact, that's the the one that's actually one of the only other conferences that I really wanna go to. And it's not really even a Bitcoin conference. It's the Oslo Freedom Forum.   That's the weather report.  

Welcome to part two of the news that you can use, and Nigel Farage   out there making promises   because he's pledging to The UK   that they will have their very own Bitcoin reserve and capital gains tax cut   in a crypto revolution   if the reform party comes to power James Hunt from the block.   At the Bitcoin twenty twenty five conference in Vegas on Thursday evening, the leader of reform,   Nigel Farage,   pledged to introduce a crypto assets and digital finance bill   if he becomes prime minister.   Farage said reform will campaign for the bill and put in its place   if the party wins the next UK general election, which is to be held no later than August the fifteenth of twenty twenty nine. My god almighty.  

That's Nigel? How old is Nigel?   Anyway, I hope he makes hope he makes   though there's this is still a few years away,   if the party is successful and the legislation is enacted, it would mean the creation of a Bitcoin digital reserve in the Bank of England,   a reduction in capital gains tax from 24%,   holy shit, to 10%   and making it illegal   for any bank to close customer accounts simply because they send or receive funds   from crypto exchanges or trade legal cryptocurrencies,   Farage explained.   Recent   aggregated   polling data from Statista   has reform on 29%   of voting intention for the next general election in the current Labour government, trailing on 22%.  

The Conservatives are on 17%, the Liberal Democrats, sixteen, and the Green Party commands 10.   The UK already has a third largest known Bitcoin holding   among all sovereign nations with 61,245   Bitcoin   worth about $6,400,000,000   just behind China and The United States   with a hundred and 90 and a hundred and 98,000   BTC   respectively   according to Bitcoin treasuries.   Quote, 7,000,000 people in Britain have got crypto assets, Farage said.   One in four people 30 have got crypto assets, and yet our outdated labor and conservative governments have done nothing,   nothing in this space at all. And what I want to do when we win the next election election   is   bring us into the twenty first century. I guess they're   maybe still in, like, Victorian England or something like that. I don't know what he's talking about. We're going to make London One of the major trading centers of the world. We're deadly serious.  

Sounds like, Mayor Adams up there in New York City. They're gonna make New York City the the the center of,   y'all these promises, guys. Farage acknowledged   that the Trump administration's   embrace of the crypto industry in The United States is part of being the impetus for reforms policy, calling it fantastic   and suggesting that The UK tends to be a little bit behind,   Referring   to the emergence of the globalist structures like the European Union in the nineties and his pivotal role in The UK's Brexit vote to leave the European Union in 2016,   Farage said that he believed in national sovereignty, but also worried that governments across the Western world had become too big.  

Quote, it interferes   and tries to control virtually every aspect of our lives, so I believe in individual sovereignty as well, and Bitcoin is the ultimate freedom from big government, end quote.   The current center left Labour government   and center right conservative parties   have traditionally dominated UK elections.   Reform is a relatively new political entity that emerged from key figures previously involved with the UK Independence Party, or UKIP,   including Nigel Farage.   It was established in 2018   under the name the Brexit Party and later rebranded as Reform UK in 2021.   Despite Reform success in success in recent local and mayoral elections dominating the results, voters   have historically reverted to Labour or Conservatives   come general elections regardless of any surge in popularity   of other parties.  

Farage acknowledged   it is not going to be easy, but believes if reform can build on that recent success,   grow its party membership, and establish its credibility,   it can win.   Wow.   Additionally,   The UK has been exploring a potential central bank digital currency through the Bank of England,   and the Treasury Department remains undecided on its necessity. Quote,   this would be the ultimate form of tyranny,   Farage said on Thursday, echoing similar remarks from president Trump. Quote,   I can tell you, as I go around the country, people have woken up to what's going on here.   When we win the next election, there there will be a CBDC   over my dead body,   end quote.  

Farage also reflected on an issue particularly close to his own heart as one of the most high profile figures in The UK to have previously been   debanked.   Quote,   it was, I've got to be honest, a very, very, very scary experience.   I went to 10 banks,   all of whom refused me an account. It's like they're trying to force me out of the country. But I fought back. I fought back publicly, and I won. But I was able   through my media contacts and my profile to have that fight and win it, and most folks aren't. I mean,   even last year in The United Kingdom, Four Hundred Thousand people were debanked.  

400,000,   and that's just in The E The UK.   While an influential   figure, Farage,   would only be able to implement these policies if he were to become prime minister, but he stressed the importance of starting the debate now.   Excuse me.   Quote,   what is in my power now is to change the whole debate.   My appearance with you on stage is going to spark a massive national debate.   There are many people now watching this in The United Kingdom. I'm sure the labor and conservative parties will say, oh, dear. Why didn't we think of that?   So I think in the short term, we could change at least the national argument. In government,   you have to have a majority in the House of Commons, Farage continued.  

You have to have a majority of MPs by winning the individual district's constituencies.   And once you've done that, you have a mandate   that you can pretty much do within reason what you want.   So this   isn't going to happen overnight. I wish the election was sooner than 2029, but it gives us a long time to build up the activist base,   what I call the people's army.   The people's army of folk who want real fundamental change. The people's army who say we want politicians   not who just want to be prime minister or have a ministerial   car,   but actually want to affect real, genuine,   radical   change.  

So there you go.   Nigel Farage seems like he's figured out   how Trump won this election, and he's gonna do exactly the same thing.   Does that mean he's full of shit? I don't know. We'll have to see.   But I I quite honestly, man, I mean, even if you think he's a complete nut bag, he pretty much does what he says he's gonna do. And he all kinda always has.   So   I don't know. We're we're just gonna have to to see if   if they go get it all the way to 2029   because the way things are looking, there seems to be, like, a lot of people in The UK that are not happy with their new prime minister.   And they've it's happened before   where I mean, I can't remember that lady's name. She was prime minister for, what, like, nine months?  

And she got ousted, and they had to hold new elections.   And I'm not sure how The UK handles   this kind of thing. It seems very confusing,   but we may not have to wait till 2029.   I'm I'm just saying. Okay.   Enough of that. Let's get on down south to Panama where the Panama City   Mayor says that the Panama Canal   should give Bitcoin   paying ships   faster access, Braden Lindria from Cointelegraph.   Panama City mayor,   which is named mayor, literally.   The Panama City Mayor   named mayor   Miserachi   has floated the idea   of allowing ships transiting the Panama Canal to pay a Bitcoin for faster passage.   Miserachi   proposed during a panel discussion at, of course, the Bitcoin twenty twenty five conference in Vegas on May   that cargo ships could cut the line   on waiting for their passage to the key shipping channel by paying in Bitcoin.  

Quote, we have a canal.   What what if   you get a perk for paying in Bitcoin? You know, like, get your ship to go quicker if you pay in Bitcoin,   he suggested   while speaking with two l El Salvador Bitcoin Policy Leaders, of course, Max Keiser and Stacy Herbert. The director of Bitcoin Beach in El Salvador, Mike Peterson,   moderated that panel.   The Panama Canal is a man made waterway linking the Caribbean   and Pacific Oceans. Essentially,   it's not the Caribbean Ocean.   Yes. Technically, they they call it that. It links the Atlantic Ocean and all Atlantic shipping   to the Pacific Ocean and all Pacific and the rest of the world's oceans.  

It is a   strategic   infrastructure.   I've been saying this for a long time.   Allow   the ships or in my case, what I've said in the past is   make the ships pay in Bitcoin. You we'd no longer we don't take Panamanian money. We don't take US dollars. We don't take   yen. We don't take freaking rubles. We don't whatever it is that your shitty fiat currency is, we don't take it. You wanna get your shit and all of its stuff through the the   the Panama Canal,   you best pay in Bitcoin.   I honestly think this is a great idea   because ships pay to transit through that canal   with Panama earning about 5,000,000,000,   that's billion with the b dollars in revenue from the canal,   and that was just in the last full fiscal year between August of twenty twenty three and September of twenty twenty four according to the Panama Canal website. That is a lot of money.  

10,000   ships transited through the canal during that time frame, transporting   four   twenty three million tons worth of goods.   The Panama Canal became controversial topic in December 2024 as Trump announced plans for The US to reclaim control of the canal, which I believe that we actually should. I'm just   we built it. We paid for it.   I I I have no idea why we decided to let it go back into to the control of the Panama   Panamanese   or Panamanians. Yeah. Panamanians.   No idea why we did that,   but it was done.   Still,   even the mayor of Panama City,   even he knows how to make some money off of this thing.  

I I honestly think it's a really good idea, personally. Now onto   the premier football club,   Paris Saint Germain.   Well,   they have announced that they've got a Bitcoin treasury.   Paris Saint Germain FC, which is facing off in the Champions League soccer finals this weekend,   is the latest brand to announce a Bitcoin treasury strategy. The Premier Football Club reportedly started buying Bitcoin last year   and has held on to them,   par hell Goshen, head of PSG   Labs,   said at the Bitcoin twenty twenty five conference in Vegas on Thursday,   PSG is far from the only sports team to explore the world of crypto during the pandemic era bull market. Dozens of teams across sports issued so called fan tokens and, of course, NFTs,   blah blah blah. However, it appears PSG, an early experimenter with crypto, is now the very first to reveal   that it is a long term Bitcoin holder.  

Quote, we put Bitcoin on our books.   We took our fiat reserves, and we actually allocated Bitcoin.   We still have it in our books. And as one of the largest clubs in the world,   we're the largest player in the sports ecosystem   to do that,   end quote.   Crypto treasuries, a phenomenon that largely kicked off and died down during the last pandemic era market cycle, have lately come back in vogue, and then they talk about all these companies that are making, you know, moves into the into making treasuries, and we already know about all of them. But this is actually the first one,   the first sports team that I've heard of since the pandemic. There was a lot of them during the pandemic, and I think a lot of that kicked off because of,   because of Peter   from the old what Bitcoin did podcast.  

He his football team was one of the very if it wasn't the first one, was one of the very first ones   to have a Bitcoin treasury and all of that was basically during the pandemic.   Right? And then it kinda died down.   And now it looks like it may be coming back in vogue for sports teams to have their own Bitcoin treasury.   Now more power to them. Hope they win. I I don't follow   I don't follow football   unless it's in The United States   and played by a certain college named Texas Tech University. Other than that, they can all go to hell with your bread and circus. But Bitmain   Bitmain has unveiled the Antminer   s 23   hydro.  

Apparently, it has unprecedented   efficiency, Atlas twenty one tells us more. During   the World Digital Mining Summit,   Bitmain introduced its latest Bitcoin mining device,   the Antminer S23 Hydro.   The new miner promises an energy efficiency of 9.5   joules per terahash,   setting new industry standards   According to Bitmain's presentation,   the Antminer S23 Hydro delivers up to five   eighty terahashes per second   with a power consumption of 5,510   watts   Scheduled for release in early twenty twenty six, the Ampminer S23 Hydro marks a major leap forward   compared to the first ASIC devices dedicated to mining.  

To put it in perspective,   the first specialized miners launched   in 2013,   and they consumed around 1,200   joules per terahash.   Holy shit.   Bitmain's latest device therefore represents   a more than 99%   improvement in efficiency.   So it 2013,   the efficiency was 1,200   joules per terahash.   This one is 9.5   joules per terahash.   Do the math, you get 99%   improvement.   In recent months,   the hash price   has remained relatively low, dropping below $39   per petahash per second during the year. As of now,   hash price stands at around $55   per petahash per second according to data from Hashrate Index.  

This scenario has pushed several companies   in the sector to rethink their expansion strategies.   Instead of increasing hashing capacity, many are choosing to upgrade their existing fleets,   focusing on efficiency rather than sheer scale.   The introduction of the Antminer S23 hydro could catalyze a transformation   within the mining ecosystem,   the gradual replacement of outdated devices with more efficient technology   could lead to a significant reduction in the Bitcoin network's overall energy consumption.   Yes. And it's going to go that way.   It's gonna get more and more efficient. And this is what I've been saying is, like,   every time you see this efficiency number, this joules per terahash,   as that number drops,   like, we start getting to 8.5   joules per terra hash and then 7.5 joules per terra hash because that's going to happen.  

What at at that point, what is actually happening?   You're providing less heat   on the output of these machines.   And we've seen a lot of people say, hey, man. I've I've installed this, you know, these miners into my home heating system for my house, and it works brilliantly.   There are people that heat their hot tubs with it. There are people that make hot water heaters out of these old miners.   Right?   But the more and more of these new miners that come online, the less and less heat   is actually going to be wasted.   So what does that mean for all these old miners?  

They're going to be   in so they're gonna be in demand. This is what I love about these old miners.   And there was a time when you couldn't give them away for free. And there is still, like,   people paying pennies on the dollars for these things. But I suspect   that as more and more greenhouses,   large industrial scale operations that need to heat their places efficiently   are going to say, well, let's just buy banks of these old miners.   Because they've gotta heat their shit anyway.   And a lot of people I mean, depending on where you are, if you especially if you don't have natural gas   and a lot of places there's a lot of places in mountainous regions.  

It's impossible to lay natural gas lines, so they basically operate on electricity.   Right? If you're going to waste the electricity to just to plug it into a heater and all that you're doing is using resistance to generate a shit ton of heat,   why not get a little other work done along the way,   run the miners, and let the inefficient miners, their waste heat stream,   also heat your stuff? Because at least you have a chance   to do the same job that you were gonna do anyway and have the mining portion of it pay for it. And that's one of the reasons why I think   I'm kind of bullish   on the used ASIC miner   industry.  

I think there's already an industry about around it, but I think I honestly think that   people that are able to stockpile,   you know, buy low and sell high on these particular old units, I honestly think there's a real business model there   for people going forward into the future. Maybe not today,   but I really do think in the next couple of years, you're gonna find people going, fuck. I want a 50 of these things. I wanna install them as like a bank.   A huge bank of mining,   you know, and and I wanna put it in my greenhouse because I'm, I don't know, growing chrysanthemums.   Anyway,   that's my 2¢ on that. It is Friday. It is now starting the weekend.  

I do hope that you guys have a great one, and I will see you on the other side.   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.