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Episode 1143 of Bitcoin And . . . is LIVE!

Topics for today:

• Trump Tariffs Shiny Metal Rocks
• Bitchat + eCash Explained
• Block Makes Money AND Stacks Sats
• Exchanges Moving To Bank Custodians

Circle P:

Oshi
 Artisan pecan butter, date bars and chocolates
 Website: https://www.oshigood.us/products
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Today's Articles:

https://archive.ph/GrsLN
https://archive.ph/NAf40
https://cointelegraph.com/news/memecoin-trend-sex-toys-thrown-wnba-games-2-arrests
https://decrypt.co/334182/jack-dorsey-block-108-bitcoin-q2-higher-revenue-profit
https://www.theblock.co/post/366135/binance-bbva-client-assets-off-exchange
https://atlas21.com/ukraine-central-bank-opens-up-to-cryptocurrencies-but-not-as-a-medium-of-exchange/
https://bitcoinnews.com/adoption/bitcoin-indonesia-national-reserves/


Once Bitten! With Larry Lepard: https://fountain.fm/episode/rcRwFoaELjpvv3ywi2fo

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6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)

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Licensed under Creative Commons: By Attribution 3.0 License
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[00:00:02] David Bennett:

It is 08:16AM   Pacific Daylight Time.   It is the eighth day of the eighth month of twenty twenty five, and this is episode   eleven forty three of Bitcoin,   and the Comfrey owner's manual is just about to be dropped.   I'm gonna do that on my website which is @bitcoinandshow.com.   That's bitcoinandshow.com.   What?   What,   you may ask,   is the Comfrey owner's manual?   Well,   if you've ever heard Comfrey being mentioned before but   still don't know what it is,   never planted it, well,   this manual was made for you.   It's pretty simple. It's it's beginner friendly,   and it's a it's a man it's like an owner's manual. If you get a car, it comes with an owner's manual.  

It tells you what like, if you're how to change a tire, how to change your oil, that that kind of stuff. I kind of I kind of designed it to be like that, except it's about   comfrey. So it explains what comfrey is. And by the way, it's a plant that you're going to want   in your garden or in on your property   because it does all kinds of neat stuff and this manual tells you what all that neat stuff is   it tells you where to get your comfrey from I've got a couple of sources   it's step by step planting and care and how to harvest it because   it is quite prolific and you you're going to want it   because it can be a mulch.  

It it brings minerals from deep within the soil. It brings it up to the surface   so that it's a fertilizer.   Right? You can make liquid fertilizers. I tell you how to do that. I tell you what you need.   This is what oh oh, how to scale it up,   how you can make more comfrey plants from the comfrey that you already have.   It's non invasive,   but   it is permanent. Right? So wherever you plant it, that's where it's going to stay forever and ever and ever because   this thing doesn't really have   any natural predators.   I've never seen one get sick with the disease. I've never seen one get mold or powdery mildew.  

I it it's like indestructible,   and it becomes drought tolerant because its roots go deep deep deep deep deep deep into the soil. We're talking like anywhere between six feet and 10 feet   when that plant is fully mature, which means it's tapping into moisture, sir,   moisture.   What am I trying to say?   Good lord. I I I'm sorry, guys. My brain is, for whatever reason, just, like, fogged up this morning.   But it it taps into to sources of moisture that   are so deep in the soil that it's always there because when you get 10 feet into the soil, I'm sorry dude,   you're it's gonna find moisture even in drought   times, which makes this plant drought tolerant.  

So I will be announcing this probably   early next week. I've gotta finalize something with one of my vendors as to how you're going to be able to get, this comfrey.   But the comfrey owner's manual   will be dropping soon. So now that that's out of the way,   we can get on with the rest of the story as to why you're here, and that is so that you   don't have to scroll through   15 different news sources to find out what the hell is going on with Bitcoin today.   That's what Bitcoin NAND brings you.   I do the work.   You can listen while you're driving to work or doing dishes or   cleaning up around the house, something that you need both your hands for. I'm going to read you the news,   maybe make a joke or two. Let's get on with it. Can bit chat   build a free Internet with Bitcoin?  

Dave Birnbaum   writing this one from Forbes.   Jack Dorsey   has spent the last decade searching for ways to strip intermediaries   out of communications   and finance.   He has maintained that Twitter would have been better conceived as a protocol   than an app.   Since then, he has supported the development   of Nostr,   an open source, permissionless, and censorship resistant social network.   Now   he and a team of collaborators have developed   BitChat,   a Bluetooth only messaging app that quietly appeared in the Apple App Store earlier this month, and the software knits   phones that are within close range of each other into a low energy mesh network   so that text   can hop from one device   to another device   without ever touching a cell tower, a router, or remote server.  

It works like an offline version of signal,   and that alone would be newsworthy, but the real breakthrough emerges when BitChat pairs its mesh with e cash,   a recently resurrected concept that would allow Bitcoin   to be transmitted from phone to phone in the same way.   Bluetooth itself was not designed for payments,   but by combining it with BitChat and eCash,   an offline   digital bearer instrument can be created.   A Bitcoin developer known as Cali,   best known for Cashew, an open source implementation   of eCash,   recently filmed two phones beaming Satoshis back and forth over a bit chat mesh network.   No internet connection was required for this transaction to take place.  

Later,   the e cash tokens can be finally settled when they are converted to on chain Bitcoin.   ECash dates from David Chom's 1982   paper on blind signatures   which is a cryptographic   primitive   that lets a bank vouch for a coin   without learning who spends it.   It was a solution to maintaining the privacy of cash while solving the double spending problem of digital money.   David Chom launched the idea commercially in the nineteen nineties, but it had failed to achieve traction.   Bitcoin solved   the double spending problem with a global ledger that is independently verified   by all nodes on the network. However, to achieve this,   Satoshi's solution traded off of the speed and privacy   offered by physical cash.  

Chaumny and eCash grafted onto Bitcoin reserves   that,   sorry, reverses that trade off.   An eCash mint handles double spend detection   while users regain instant local finality along with the option to collapse the token back into money   whenever connectivity to the internet returns.   So many who hear about Xiaomi and eCash for the first time might might assume   It must be an altcoin because the tokens circulate outside of the public Bitcoin ledger.   In fact,   every token is a bearer claim on real Bitcoin held inside a mint   that offers one for one redemption.  

The mint cannot create more claims than the Bitcoin it controls,   so the eCash tokens inherit   Bitcoin's fixed 21,000,000   supply.   Everything in digital money is a tradeoff.   By providing speed,   eCash introduces counterparty risk at the layer of the mint.   In other words, eCash trades   off   self custody of the underlying coins in order to gain the ability   to move a digital bearer token instantly.   BitChat shows that this can be done without devices   ever touching the Internet.   To further illustrate how eCash differs from Bitcoin,   we can draw upon the distinction between clearing and settlement   in conventional finance.  

Clearing   is the provisional accounting step that records who owns what, while settlement is the latter,   irreversible   transfer of reserves.   One payment network called the Clearing House Interbank Payment System, or CHIPS, clears dollar wires,   like when you wire dollars,   during the business day. Another payment network, Fedwire,   settles the net positions at the Federal Reserve.   Ownership can change during clearing, but finality   arrives only with settlement.   BitChat's Bluetooth mesh plays the role of chips.   When two phones trade an eCash token offline, the sender relinquishes the claim and the receiver can immediately spend it again.   The local ledger has now cleared.  

True settlement happens only when the current holder   reconnects to the internet and redeems that note with the mint,   which then burns the token and pushes the corresponding Bitcoin onto the base layer of the network,   bitcoin's time chain   wow I gotta pause   well done forbes for actually not using the term blockchain   bitcoin's time chain is the term used here which is indeed the correct terminology.   But continuing,   until that redemption,   the payment is cleared, but not settled.   Once the mint writes to the time chain, it enjoys the same global,   irreversible finality as any on chain transfer.  

The BitChat plus eCash model widens Bitcoin's surface area without tampering with its monetary policy showing that hard money   can be used in contexts   where payment speed is important and Internet connectivity may or may not be available. All the while,   the eCash tokens used for payment are bearer instruments that remain anchored to an incorruptible base.   To get there,   Mint implementations   need rigorous reputation   management features and proof of reserves functionality   so that users can understand   how much counterparty   risk is introduced by that particular mint.  

The end user app itself must present e cash payments in a familiar interface, turning e cash payments and Bitcoin redemptions into ordinary taps and swipes.   If the user experience of this technology can be developed to the degree   that it can be readily used by non experts,   it could do for payments what Nostra aims to do for speech,   extend the reach of permissionless systems all the way to the physical edges   of daily life.   So we talk about BitChat.   And if you don't know what BitChat is, hopefully, that was sort of at least a primer   for you to understand kind of what's going on. But think of it this way.  

I'm at a protest,   and I get spatially   scanned by some camera on the street.   It is a protest that the government   of the country that I'm in really doesn't like and understands   immediately from my facial scan that I am a resident of that country.   They call Central Bank, Central Bank calls all the other banks, and they find the bank that I have banking access to, and they shut it down.   Doesn't really matter   because now I can use Bitcoin. So let let me back up just a little bit.   Let's say that I'm at this protest and I wanna give $20 to one of the other protesters because they've gotta, I don't know, go do whatever protesters do,   Buy a sign to walk around with and maybe things will change. Doesn't really matter.  

If I've lost access to the bank because a camera saw my face and then my face was used to identify who I was,   yada yada yada. All of a sudden, I get my bank closed down. I'm not being I'm not able to I'm not gonna Venmo be able to Venmo my my buddy protester over here. Right? That my bank is shut down. Venmo's gonna go, dude,   as far as we're concerned, you don't have a bank account.   So there there's nothing there.   Now let's say, but I have Bitcoin,   and I have BitChat,   and I have eCash.   Well, now   I can just give this protester, who maybe was smarter and, you know, wore, like, a a full face hood or something and keep their identity out of out of prying eyes,   they're able   to take that e cash payment that I give them from my phone without ever touching the Internet.  

And then maybe they, I don't know,   go to a coffee shop that has Internet access,   redeems that money, is able to cash that money out into fiat   to do because they've got to go buy a sign at the Fiat   protest sign store,   and then they're able to actually complete whatever it is that they need to do. If I was solely reliant   upon a bank   that was able to get a phone call   from somebody that's telling them to shut my shit down,   well, that entire transaction won't happen.   Now it's gonna take your imagination   to figure out different scenarios that actually make sense to you because maybe you're somebody who's, like, going, dude, I would never actually end up at a protest.   Okay. I I get that. I I totally understand that. That's why I'm saying,   what in your imagination   spark what what sparked your imagination when we talk about the ability to send   money and   informational   messages   to another person   that is in your proximity   okay that that's that's a key key thing here in your proximity   without   a cell tower or Wi Fi or any sort of internet access whatsoever   right I think it won't take very long for you to figure that one out But bit chat is just a little bit more. If there's like 10,000   people in a crowd,   Bluetooth only travels about 150   feet. Right? Let's just I somewhere around there. It's   it it it runs out of juice pretty pretty fast.  

But if I've got BitChat and a whole bunch of other people in that 10,000 people's got BitChat,   that message   is going to go to the person that I sent it to by bouncing off of these different phones.   But each holder of the phones that's being used as a proxy to bounce my message will never know that that message actually went through their phone. They can't read it. They can't see it. They don't have the encryption keys.   Only me and the other guy.   Right?   That's what makes this powerful in crowds, in local crowds. That's why I'm using the that's why I'm using the example of a protest.   But in what other ways are there crowds that gather?  

Natural disasters?   Concerts?   What in what other places   do crowds occur? And in what   situations   do crowds occur that you might need to be able to send money   and information to each other without access to cell phone towers or the Internet?   And that's when we start talking about why BitChat is so important.   And for all all the people that are saying, well, bit I never have anybody on my BitChat.   Why is it that we expect everything   to be   perfect out of the box?   Have we been programmed that way from mass marketing for the last fifty years? My answer to that question is absolutely we have. And it causes   real problems in adoption of anything new.  

Just because the the you've got bitch out on your phone and nobody is is around you does not make it any less important.   If you want   to have other people on your BitChat, then it's up to you to tell people about BitChat   so that your friends will get it on their phone. And then all of a sudden,   the network starts to grow.   Just just saying.   Okay. So we've had we're going to switch gears here   and we're going to talk a little bit about gold because something happened yesterday to gold, which is a very interesting situation.   We tariffed it.  

Yes.   Trump tariffed gold. Not all gold,   specifically, like, one kilogram bars, but let I got this piece from the Financial Times here. It's written by Leslie Hook. Headline,   US hits one kilo gold bars with tariffs in blow to   refining hub in Switzerland.   The US has slapped tariffs on imports of one kilo gold bars in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland,   the world's largest refining hub.   The Customs Border Protection Agency said now that one kilo   and 100 ounce gold bars should be classified under a custom code   subject to levies according to a so called ruling letter dated July 31, which was seen by the Financial Times.  

Ruling letters are used by The US to clarify its trade policy.   Now the CBP's   decision stands in sharp contrast with the industry's previous expectations   that these types of gold bars should be classified using a different customs code that is exempt from Trump's countrywide tariffs.   One kilo bars are the most common form traded on Comex,   the world's largest gold futures market, and comprises the bulk of Switzerland's bullion exports to The United States.   Relations between Washington and Bern   have deteriorated   after The US last week announced a 39%   tariff on imports from the country.  

Gold   is one of Switzerland's biggest exports to The United States, according to customs data.   The tariff ruling dealt another blow to the Swiss gold trade with The US,   said Christopher Wilde, president of the Swiss Association of Manufacturers and Traders of Precious Metals.   Wilde added   that the gold tariff would make it difficult to meet its demand for the yellow metal. Oh, because everybody wants their yellow metal rocks.   Anyway, earlier this year, traders   rushed to bring gold into The US ahead of Trump's Liberation Day tariffs,   building up a record stockpile on COMEX and leading to a temporary shortage of gold in London.  

However, when those tariffs were announced,   they included exemptions for many commodities, including a certain classification of bullion,   which was widely interpreted to cover   large gold bars.   The global trade flow for bullion is normally triangular.   Large gold bars travel between London and New York via Switzerland,   where they are recast   into different sized bars.   The two markets use different sized bars with London using a 400 troy ounce bar which is about the size of a brick,   while the kilo bar, roughly the size of a smartphone,   is preferred in New York.  

Bullion has been on a historic rally this year, rising 27%   since the 2024   and briefly touching $3,500   per troy ounce. Fears over inflation,   concerns over government debt levels, and the decline of the US dollar as reserve currency have all contributed   to gold's surge.   Switzerland exported $61,500,000,000   of gold to The US over the twelve months ending in June.   That same volume would now be subject to an additional   $24,000,000,000   in tariffs   under Switzerland's   39%   tariff   rate, which went into effect on Thursday.   That was just yesterday.  

And the prevailing view   was that precious metals   remelted by Swiss refineries and exported to The US could be shipped tariff free,   said Wilde.   However,   the custom code classification for different gold products is not always precise.   Several Swiss gold refineries said that they had spent months   with lawyers to determine what types of gold products might be exempt or not.   Two refineries told the Financial Times that they had temporarily   reduced   or halted   shipments of gold to The US as a result of that uncertainty.   The ruling letter, which was a response to a formal request for clarification from a Swiss refinery,   said one kilo and 100 ounce bars   fell under the classification   code seven thousand one hundred and eight point one three point five five zero zero and stated   that they did not fall under a different code number, which is the only code exempt from duties.  

So we've tariffed   effectively   tariffed gold   as of yesterday.   And since most of the gold is refined in Switzerland and Switzerland has damn near a 40% tariff, it's going to be much more expensive for people in The United States to buy gold, especially if that gold   comes directly from Switzerland, but the entire gold market is clearly being effective   because   at $3,500   at an ounce,   gold has now hit an all time high.   It's fallen since then,   but it's going to be interesting because my   one of the things that I'm thinking about at this point is   what happens.  

We've got   as far as we're being told, we've got a lot of gold in Fort Knox.   I don't know if I believe that. I I think I actually side with the fact that the or the the theory that Fort Knox is essentially empty.   That said,   what if it's not? Right? So what we've been told is that we have billions of ounces of gold,   and it's all valued by The United States at roughly $42   an ounce. I think it's $42.22.   $42.22,   I think. I'm not sure, but it's around there.   What happens?   Because we had news yesterday   that there was the possibility   that Trump and some other people in the administration were thinking about selling gold,   using the profits   to buy Bitcoin.  

Now we've been we've had that smoke blown up our ass for weeks and weeks and months and months. I'm not saying it's true. I'm just saying just   think about it for a sec.   It's sort of like that South Park meme   where you, one, steal underpants.   Two, question mark. Three, profit. You know? What what if it's like this?   One,   tariff the ever living shit out of gold from from the place where most of the gold is actually refined, Switzerland.   Wait for the price to rocket   to $3,500   an ounce and beyond.   Three,   revalue   all the gold in The United States coffers from $42   an ounce to whatever the spot price is.  

Sell   all the profit that you make off of that   and shove it into bitcoin   there are some serious problematics   with that particular logic I will admit   but it does make me wonder if this might not be a play   to   start   setting the stage to revalue gold at 42 from $42 an ounce to maybe something closer to the spot price.   Will it happen? Hell, ladies and gentlemen, I have no idea.   It just seems very odd that The United States   is actually going through   with a 39%   tariff on Switzerland   and not exempting gold.   It's it's odd.   And it had an immediate effect yesterday   and early on into the the morning hours when gold spiked to $3,500   an ounce.  

I don't know.   If you want a different kind of gold,   the kind of gold that tastes really, really good because you can actually eat it, you need to go visit my friend Oshi at oshi good .us.   That's oshi good dot u s. Once again,   o s h I g o o d dot u s, and get yourself some huddle butter.   Currently,   the man is out of stock. Why? Because his huddle butter is really good. Why? Well, what's it made out of?   Well, it's made out of pecans,   maple sugar, sea salt flakes,   cinnamon, and black pepper.   Now his jars are coming right now at about 8.3   ounces of hot butter.  

He is thinking about   jacking it up to 16 ounces   a jar, but he you know, we have   yet to be seen.   But he's getting enough orders at this point that he might do that. And we've seen that because, as I said, he's out of stock of his huddle butter,   his   maple syrup huddle butter,   and his like, I mean, he's out of stock of all kinds of stuff. Why? Because it's all tasty.   Man, his his his huddle bars are freaking awesome, especially the banana chocolate chip huddle bar. He's also got a mint cookie huddle bar, but they're all he's out of stock on pretty much all of this stuff at the moment.   And it's because people are buying it hand over fist.  

And, hopefully, I'm having something to do with that because he is the   featured vendor of the Circle p. Circle p is open for business. Circle p is where I bring plebs with goods and services for sale   to you, other plebs who might actually want to support   their fellow plebs and buy from them instead of going and getting some kind of crappy Skippy peanut butter down at the supermarket   so that you can support,   I don't know, Lever   or Lever products or whoever makes soap and and and food stuffs. I know it's it's bizarre.   If you were to actually look at the product list of Lever   Corporation,   you'd be astounded as to how much they sell that is not cleaning products because that's how they started.  

That's not what oshigood.us   does.   It's pleb made.   It's built for plebs. It's built by plebs. It's,   honestly,   if if the huddle butter is anything like his huddle bars,   dude, you're gonna wanna get some. And make sure you use the code Bitcoin. And why? Well, because   it tells Oshie   that I made a sale for him. And if he knows that, then in a value for value proposition,   this is value for value advertising,   if he finds value   in the sale that I made for him, then Oshii gets to determine   how much he pays me for the advertisement.   I do not charge   upfront   for people advertising, and I also don't charge for people that I don't believe in or products that I don't believe in. I believe in Oshii.  

You should too. Now on to meme coins.   Yes.   But but in a in a fun a Friday fun kind of way, Cointelegraph   Braden Lindria has this headline.   Two arrested after sex toys thrown at WNBA   games in meme coin prank.   So if you've been wondering where the whole dildo memes have been coming from,   It's clearly connected to   women's basketball.   Honestly,   guys, come on.   I mean, I don't like WNBA   either, but I'm not gonna go buy a ticket to their game so I can throw a dildo at them. That's just juvenile. But these two guys   have reportedly been arrested for allegedly throwing sex toys during women's national basketball association games, a controversial prank for which a meme coin group has taken responsibility.  

Five incidents of sex toys, mainly green in color,   being thrown onto the court during WNBA   matches have occurred in the past two weeks.   Speaking to USA Today on Thursday, a spokesperson for the group behind the recently launched green dildo coin,   yes, and the ticker symbol is literally dildo,   who goes by   Daldo Rain,   oh, for god's sakes, Daldo Rain on x, said he and other crypto enthusiasts were behind the stunts,   which have drawn criticism   from WNBA   players and coaches as the already polarizing and niche meme coin culture   looks to make their bet stand out by any means in a crowded market that struggled to maintain steam.  

Daldo Raine,   Jesus,   said that the token was created as a lighthearted protest against what he described as a toxic environment dominated by influencers and scammers   within the meme coin space.   Pausing to just ask a small question.   So your solution was to throw green dildos at women playing sports   in public.   That   really?   That that was your solution because you're angry that that your meme coin sucks ass.   Okay. Well, quote, we knew that in order to get a voice in the space,   we had to go out and do some viral stunts to save us from having to pay that influencer cabal.   We want to shift the culture in crypto, and we want to be the 1,000   against the one. Oh, it's David versus Goliath   with a dildo.  

Okay. To make the project stand out,   he said the dildos were green as an homage to crypto slang for upward price action   on trading charts while also being an attempt   to spark curiosity from onlookers.   He suggested   the meme coin group would pivot towards lighter and more tasteful pranks to continue gaining attention.   Two men, Caden Lopez and Delbert Carver,   have been arrested for allegedly taking part in the sex toy throwing stunts,   though Daldo Rain told USA that neither was part of the meme coin group. Fox ten of Phoenix reported on Wednesday citing court documents   that 18 year old Lopez told police that he saw the viral trend on social media and purchased a sex toy   to participate.  

USA Today reported that Carver was arrested in Georgia on Saturday,   with authorities accusing him of throwing a sex toy onto a basketball court in Atlanta.   He reportedly faces charges related to disorderly conduct,   public indecency,   and criminal trespass.   The stunts have drawn,   of course,   sharp criticism from WNBA   players and coaches who said the stunts pose a safety risk and show a lack of respect for the game. Quote, it's ridiculous. It's dumb. It's stupid.   Los Angeles Sparks coach Lynn Roberts said after an incident   at the crypto.com   arena on Tuesday.  

According to the WNBA's   code of conduct page, any fan caught throwing objects onto the court is to be tossed from the stadium   and may face possible criminal charges. Dal Doh Rain reportedly shrugged shrugged off suggestions   that the stunt was meant as a sign of disrespect towards the women athletes,   though others said the stunt has misogynistic   roots.   Similar pranks have cropped up in other sports, including   a 2,018   between the Patriots and the Bills when a sex toy landed   in the end zone.   The meme coin market is currently at a market cap of $70,600,000,000,   and they I don't know why they're going to technical analysis at the end of this, but whatever.  

Stop throwing dildos at women. I'm just I I don't know why I have to tell people this.   This is it's a, it's juvenile.   AF.   Right? It's an it it is an embarrassment.   And the only thing that I can hope from this entire debacle is the fact that people see meme coins for what they really are,   absolutely stupid.   Let's run the numbers.   Futures and commodities oil peaking its head back up above $64   a barrel after a quarter point move.   That's for West Texas Intermediate. Brent Norsee is up almost a half point to $66.73.   Natural gas is down two points   hovering right at $3 per thousand cubic feet, and gasoline is up a half to $2.08   a gallon. Meanwhile, the shiny metal rocks, as reported, gold is doing well. 1.14%   to the upside.  

It is chilling out just below $3,500   an ounce. Silver is up a half.   Platinum is down one. Copper is up one and a half, and palladium is down two and a half.   In ag, mostly in the green, biggest winner is coffee, three points to the upside. Biggest loser today looks to be chocolate,   half a percent to the downside. Meanwhile,   live cattle taking a big dip three sorry, not three.   2.31%   to the downside.   Lean hogs down a half, and feeder cattle are down two and a half.   Dow is up point 14%.   S and P is up almost a half. Nasdaq is up over a half, and the S and P Mini   is treading water slightly in the red,   and now to Bitcoin, which is at   a $116,120.  

That is a $2,310,000,000,000   market cap. You can get only 34.2   ounces of shiny metal rocks with your one Bitcoin of which there are 19,903,513   and 1 third of.   Average fees per block are low, 0.03   BTC, taken at fees on a per block basis. There look to be about 25 blocks carrying a 105,000   unconfirmed transactions,   hoping to clear at 3 Satoshis per v byte,   both in high priority and low priority. So it's threes across the board. And mining   is at holding at 964   exahashes   per second.   No   gains. No losses there.   From   Rootin' Tootin' Rant, yesterday's episode of Bitcoin, and I've got Chef Tommy.  

I think this is the first time Chef Tommy   has actually commented on one of my   episodes.   Howdy, chef.   And he says, we chef with this is 800 sats, by the way. We chef, this was a great episode.   I really enjoyed your rootin' tootin' rant,   which was needed.   Thanks for your insight, and keep up the cooking. Nourishing yourself and family is worth its weight in SATs. Eat some hatch chilies for me.   Signed,   chef   Tommy.   If I can find some hatch red chilies up here, I I will. They had them last summer   or at least they said they were hatch.   I don't know. The only real place to get hatch red chile   is in New Mexico.  

That that   that and and,   Southwestern Colorado.   Excellent,   excellent chilies. If you've   there's green chilies and then there's hatch green chilies.   And if you don't know the difference, then you've never tried side by side comparisons.   I don't need to anymore.   I'll   I I just know if something is a hatch green chile or not. Anyway, progressively worse 500 says, here's a boost with your name all over it. I hope your Friday is great, but may your weekend be even better. You know what? I might actually cook some ribs. Who knows?   User forty two seventy five two four four five with five eleven says, hello, fellow boosters.  

Perma nerd with two ten says, sigh.   No. Hold on. I gotta do this right.   Psyduck.   God's death. 237   says, thank you, sir. No. Thank you. Turkey five hundred says, nothing.   Psyduck   with 742   says,   Psyduck.   That's the weather report.   Welcome to part two of the news that you can use.   Ben Jessman   is also a Circle p vendor like Oshi, like SoapMiner.   Leathermint is sort of out of the picture right now simply because Leathermint is taking a break from making leather goods and whatnot.   But Ben   is the owner of Peony Lane Wines,   which is out of Peony Lane Vineyards. No. I'm he's not this is not a circle p,   segment.  

He's he's got a note here that that sort of made made me start to think about something that I always think about. And generally speaking, the the   one of my overriding questions   is what is wealth?   I mean, what is it really? Is it cars? Is it a massive house? Is it a 100,000 acres of land?   Is it a building in Manhattan? Is it gobs and gobs of money in your bank account?   Everybody seems to have a different   a different view of what   real wealth is.   And Ben has this note here on Nostr, And if you're not on Nostr,   ask yourself your question,   why?  

It says,   it frustrates me to no end that my dad doesn't understand Bitcoin, but he sure did know how to establish a legacy.   He worked his ass off to buy the land and plant the grapes that I am building on top of.   I would have little if not for him.   My goal is to create something on top of what he started that will inspire my children   to take it even further.   He won with real estate. I am going to win with Bitcoin.   But the generational   wealth   is found in the land   and the memories created while stewarding   and enjoying it.   Alright. So that might   maybe that doesn't mean much to you, like, right up front. Maybe you're just kinda like going, well, okay.  

Yeah.   He won with real estate and okay. I I I get it.   I think what I'm what I'm trying to say   is starting with the destruction of multigenerational   households,   which was pretty much done in the like, after we came out of the depression era in at least in The United States. I'm not I can't speak for any other country.   But at least in The United States coming out of the great depression in the thirties,   what you saw was a massive exodus   of rural folk   into the cities because, quote, unquote, that's where the jobs were.   And we still labor under this lie today.  

Now at the time, it wasn't a lie. Dust Bowl was ravaging everything. Farms were failing because they simply couldn't grow anything.   But before   the great depression,   out in the countryside   where the majority   of the population of The United States lived at the time, and, yes, that isn't that is a fact, the majority of the population of The United States   pre great depression   were rural, and they were, generally speaking,   agriculturally   involved.   Right?   You had multi generational households.   And that doesn't necessarily mean that everybody's living in one house. It just meant that the kids might be on the same piece of land and built   the the son built his own house   and got his own wife and had their own kids.  

But they were part of the same agricultural   endeavor.   You know, still working with her dad.   And then the kids grew up a little bit, got to the point where they could take care of animals and whatnot. And you've got   three,   maybe four generations   living on the same piece of land   or at least working the same piece of land and are very very close together so that they can each help take care of each other   like babysitting duties. And when you get old, the people, like, you know, will will help take care of you as you pass on to into the next life. We don't have any well, you know, what we replace that shit with is daycare   and old folks' homes.  

There's no legacy   that doesn't fucking exist. We've destroyed it.   And now they're going after the nuclear family, and people think that that's a problem. That is not the problem.   Nuclear family destruction,   which is in fact it like, there is a war on the nuclear family, the father,   the wife,   and mother, the children.   You know, that's a nuclear family.   One man, one woman.   All you mean is for the people that like there's a couple of people that are listening to the show that are gay. I'm not just like excluding you. I'm just saying that from a traditional standpoint,   you got a mother, you got a father, and you've got maybe,   hopefully, three kids, four, five, but   let's   2.3 kids. That's that I that's sort of what's going on. Right? You got 2.3 kids.  

Don't worry about the third of a kid. It's   just statistics.   In either event,   that's the nuclear family, and it's being it's being destroyed.   We saw it like the African American communities in in urban centers   were   really, really smacked around.   You got, like, a lot of single mothers   raising one, two kids. Father's not in the picture.   It has done nothing but damage.   But it's not just African Americans. Honestly, it's like everybody.   It's like they don't want the nuclear family around. Who are they?   People that want to control you. I mean, do you really at this point, do you really need to ask who they are?   Will you know who they are? They are all the people that are not you that don't like you that control the money.  

And they and they sure as shit wanna control you. They wanna control your access to the Internet. They wanna control your access to your bank. They wanna control access to food. They wanna control access to   the kinds of food that you eat if you do get access to food. That all that's the they.   CEO of Lever Corporation   in conjunction with the Trump administration, in conjunction with the Biden administration, in conjunction with the assholes that run Europe.   That's the they. So let's stop asking. When somebody says they,   that's who you should be thinking of.  

So they want the rest of the nuclear family completely blown apart. But that's not the problem. That is simply a mop up operation   of what the destruction   actually was.   The destruction   of multigenerational   households   that did not live in cities.   That was the absolute   death knell   to legacy in The at least in The United States. And that's why Ben's words here   hit me so hard.   He's building on the legacy that his father built.   Now think of yourself. Think about what what it is that you do for a living. Right? Will your art   is what you do for a living   a legacy that's being built? And it doesn't matter if it's not.  

I'm not saying that you suck because maybe you have an office job and there's no way that an office unless it's your office that you built, that's different. But if you're working for, like, a university,   you're not really building a legacy, but that that's okay. We all got tricked.   Like, before we were born, we were lied to.   You have to go somewhere else to get the job.   And entrepreneurship's   too damn hard, so don't do that. Even my dad was like, oh, you might. He's like, I I work for myself, and it's just too damn hard. Go just go work for somebody else.   My dad actually said that shit to me.  

Right? He got he got suckered into it. We all got suckered into not building legacy.   But how would you build a legacy on an office job?   Like, I mean, if if I own a cleaners,   do I really expect my kid to get excited about   being a cleaner?   Well, I don't know. But   what I still what I think is that there's something about land.   There's something about the agricultural   endeavor   that speaks to the human heart that makes it much, much easier   for legacies to be passed down, like Ben's dad passing down the legacy he built to Ben and Ben planning on passing it down to his kids. What will his kids be able to build on top of what Ben builds   on top of what his he's built on what his father built?  

What what if Ben's father   had been building on what the grandfather built, which is not the case. But how how many generations down can we go? And   when we pass these legacies on,   how deep can we dig the well   of wealth?   Because the wealth,   in this particular case,   is the land,   but it's also the vines that are being planted on the land.   It's gonna be the knowledge that is passed down to be able to continuously   make a profit.   Even if you're not buying Lambos and   and 50,000   jet airplanes or whatever it is that we think wealth is that we've been told by what I said yesterday,   Robin Leach in that bullshit hour long program rubbing your face into how you were poor and how you sucked.  

Right? There was no ever, ever any mention   of wealth being   a farmer, of wealth and I'm not talking a commodity farmer either, guys. I'm not talking about just, like, farming thousand acres of wheat. Talking about the way farms used to be.   Animals,   multiple different kinds of plants,   things you grew that were actually food.   Right? In this case, it's fine wine from P and E Lane Wine.   But   the wealth   isn't in the resale value of the land, which is probably worth quite a bit.   In monetary fiat terms, it is.   Is that actual wealth?   Is it the excitement or is wealth rather the excitement of the future that Ben has   for getting his kids to take over his position? And you'll ask, what if the kids don't wanna make wine?  

I don't know.   I I I can't answer that particular question.   But one thing that I do know   is that if we continuously   strip off our family members, our next generations,   from the from the previous generation   and from the generation that stands right now, sends them out into the void in some other far flung place geographically,   well, then legacy has no hope.   And if legacy has no hope, then what hope have we?   So, Ben, I I appreciate you bringing this to light. I hope you got something out of that one, but we're going to move on. Jack Dorsey   back in the news.  

This isn't about BitChat, though.   Jack Dorsey's block has added a 108 Bitcoin in the second quarter and   and   actually has a higher revenue and profit   as opposed to a lot of Bitcoin treasury companies, which are zombie companies   that just hold Bitcoin as a hail Mary for survivability.   Block is actually   making money   and holding Bitcoin.   So this is out of Decrypt.   Jack Dorsey's Block Incorporated   continued its Bitcoin acquisition, adding a 108 BTC, bringing its holdings to 8,692   Bitcoin.   The company reported total revenues   of $6,000,000,000   in the second quarter, which is a 1.5%   rise from the 5,960,000,000.00   in the first quarter, while gross profit rose 8.2%   to $2,500,000,000,   which is up from 2,300,000,000.0   according to the company's latest 10 q form.  

Of the total revenue, 2,140,000,000.00   came from Bitcoin sales via Cash App,   generating a gross profit of $66,000,000   from the world's largest cryptocurrency.   The Bitcoin purchase, which cost has a cost basis of $11,000,000,   continues   the company's steady accumulation strategy and brings the total Bitcoin investment   to $1,150,000,000   at current market prices that are nearing a 117,000.   Block recognized   a $212,200,000   gain from the remeasurement   of its Bitcoin investment during the quarter compared   to a $70,100,000   loss in the same period last year according to the filing.  

The second quarter purchase continues the pattern of steady Bitcoin buying that has characterized   Block's approach under current CEO Jack Dorsey. Quote, while MicroStrategy's   strategy is a high conviction model   for a Bitcoin first company,   Block's measured approach is a far more sustainable and realistic blueprint for mainstream corporate adoption,   Charmaine Tam, head of OTC trading at HexTrust, told Decrypt.   The company has accumulated approximately 207   BTC in the first quarter with a combined cost basis of 20,600,000.0   for both quarters.  

Block has integrated crypto across multiple business lines, including plans to enable Bitcoin payments through its Square merchant network   and development of Bitcoin mining hardware through its Proto division, which this is the first I've heard of Proto.   Tam said that Block's incremental accumulation alongside its operational business   demonstrates, quote, how a company can prudently   integrate the asset into its treasury   without taking on the same level of capital risk.   Block shares jumped 6% in after hours trading following the report's release,   quote, while treasury adoption is a valuable first step,   creating   tangible utility   through real world products is the most powerful and sustainable driver of long term success for the ecosystem, Tam added. I cannot agree more.  

If you're not pulling in revenue,   it really doesn't matter   how much Bitcoin you hold as a treasury company.   You have to have income   that is over   and well above   an increase in price on Bitcoin. It doesn't mean that it's dumb to have a Bitcoin treasury.   I just think that it's dumb to only   have a Bitcoin treasury.   You need products. You need service. You need revenue.   And it needs to come from those products and services. It's just I don't know why this is such a difficult concept, but   Larry Leppard probably knows.   And Larry Leppard   on episode number 556   of Once Bitten, a Bitcoin podcast,   Well, that's what this is. This is about Once Bitten, a Bitcoin podcast. This Daniel Prince's   podcast,   his last one is interviewing Larry Lapard. I think it's Lapard, not Leopard, but Lapard.  

And he says that,   let's see. Let's see. What young memories shaped Larry's thoughts and attitudes towards money? Why couldn't Larry hold back his emotions   at a high net worth gathering event with ex central bankers and Wall Street executives   on stage giving a speech. What made him fall into the Bitcoin rabbit hole, and how have his peers treated him since?   So if you want those questions answered, you're gonna need to go to Once Bitten a Bitcoin podcast.   I will have, I promise, I will have   the URL directly to this episode   in today's show notes. So go listen to Daniel Prince of Once Bitten interview Larry Leppard or Lapard.  

Again, Once Bitten is more about interviews.   I do the news. This is the product that I bring you so that you can figure out what the hell happened in Bitcoin today. But if you wanna hear an interview with Larry Lapard,   you need to go over to Once Bitten and check out Daniel Prince. Now Binance   is working with banking giant BBVA   to enable its customers to hold assets   off exchange.   This is the block written by James Hunt. Now if you remember, I brought you news a few weeks back about Spain's   bank,   BBVA.   It's a huge   bank.  

And now they're teaming up with Binance,   who is working with BBVA   to allow customers to hold their assets off exchange according to the Financial Times.   Spanish and Latin American bank BBVA   has recently taken on a role as one of the very few independent custodians for clients of the world's largest crypto exchange.   The Financial Times reported on Friday.   The move is reportedly designed to help reassure investors   following Binance's   record $4,000,000,000   fine by US authorities in November 2023 for failing to prevent alleged money laundering fraud and sanctions violations.   Crypto traders have been seeking to mitigate the risk of holding assets on crypto trading platforms in general   following the FTX debacle in 2022,   which left billions of dollars trapped in bankruptcy proceedings.  

The BBVA custody setup   keeps traders funds in US treasuries.   Oh,   yes. Let's bolster The United States bond market, Shelley,   at the bank,   which Binance then accepts as trading margin, one of the people said, adding that the arrangement helps mitigate a hypothetical FTX two point o situation.   It creates a barrier   between trading and custody that is standard practice in traditional finance to reduce counterparty risk.   The collaboration   may also signal a growing readiness among traditional lenders   to strengthen ties with the crypto sector boosted by the Trump administration's   strong backing of the industry.  

One source said the Spanish bank carries greater   name recognition than Binance's current partners.   If you say BBVA,   people are like box tick next.   The person added, and this is, I guess, somebody familiar with the situation,   referring to the due diligence process when deciding whether to use an exchange.   In January   2024,   Binance began letting its larger clients hold their assets at independent custodians,   custodians like Signum and Flowbank   to cut counterparty risk. Binance traders had previously been restricted to keeping their assets on the exchange   or via Binance's custody partner,   SIFU,   which the Securities and Exchange Commission described as a rebranded   Binance entity.  

BBVA has been expanding its crypto activity in recent months, announcing the rollout of Bitcoin and shitcoin number one trading and custody services in July, and the bank has also advised its wealth clients to invest   three to 7% of their portfolios in cryptocurrencies.   Wow.   Not bad.   Not bad. There's a little couple of more, things about it, but I I don't need to get into it because what I'm wondering so here's what's really going on.   We always say get your coins off the exchange.   Now it's gonna be a little bit more murkier   because there's two things about keeping your coins on the exchange. One, it's a signal to the market.  

If people are looking at Binance's wallets, like, let's say, Arkham Intelligence   and seeing a vast inflow of Bitcoin into those wallets, all of a sudden,   you get news stories by shitty outlets   that say, oh my god. Bitcoin's gonna die because all this Bitcoin's moving to exchanges,   which means that it clearly is immediately going to be sold, which is not actually the case. But   it doesn't matter. As long as you can generate FUD to cause fear and get people to sell their Bitcoin,   you can pick up Bitcoin at a discount. That's what that shit's all about. But now it's gonna be different, isn't it?   You're not gonna be holding, and this this is going to be a trend.  

See? Because Binance is instead of holding the coins themselves,   they're going to allow BBVA   to hold it. And I guess there's gonna be some kind of conversion of that shit into US treasuries.   It doesn't really matter.   Instead of going directly to FTX, we're gonna start seeing a shift   to where coins, instead of going to exchanges, are going to go to   custodians   that those exchanges are working with. So how will that change the landscape of FUD? Will we see news stories like   Binance BBVA   custodian   sees massive inflow of Bitcoin. Therefore, Bitcoin's gonna die. Everybody's gonna sell their Bitcoin. But those numbers are gonna be larger because BBVA   is going to have   a lot more customers that are not   exchanges.  

So the FUD is has the potential   to be ramped up. So we really gotta watch for this and see which way this is going.   I predict that every single   cryptocurrency   exchange will have   a high power,   highly   recognized   name bank   be their custodians.   And we're gonna need see a new format of FUD   when it comes to, oh, we're seeing an inflow of Bitcoin into this entity, so therefore Bitcoin's going to die. I   I honestly, it's it's it's all so tiresome.   And so is Ukraine,   whose central bank opens up to cryptocurrency,   but not as a medium of exchange according to atlas21.com.   The governor of the National Bank of Ukraine,   Andrei   Prznik, whatever his name is, recently clarified the central bank's stance on the regulation of   digital assets. In an interview with RBC Ukraine,   the monetary chief drew a clear line between legalization   and use as a means of payment.  

According to his statements, Bitcoin and other digital assets can never replace the national currency as legal tender.   Quote, it is essential that our nonnegotiable   boundaries   are clearly respected.   Virtual assets cannot   be a means of payment,   cannot   in any way undermine the effectiveness   of our monetary instruments, end quote.   Sounds like he's a little scared.   Ukraine's approach aims to prevent any transfer of monetary authority or weakening of the   cryptocurrencies in Ukraine must comply with,   of   course, international   FATF   standards, the FATF,   and relevant European regulations,   ensuring the effectiveness   of national finance   monitoring.  

Peshevny   stressed   the importance of bringing greater transparency to the digital asset market.   And alongside   the regulation of digital assets,   the National Bank of Ukraine is testing   architectural models for a potential central bank digital currency.   The eHervinia   or however you pronounce that. It looks like hymen to me. But pilot project   is progressing   in collaboration with selected   technology partners, and the governor explained, quote, we want this pilot to give us as much information as possible to decide on a large scale issue. At the same time, we are looking very closely at how the CBDC   process is developing   in other central banks,   end quote.  

The NBU is actively cooperating with the European Central Bank, the Bundesbank,   the National Bank of Belgium, and the Bank of France,   and the Monetary Authority of Singapore   as well to develop its digital   ecosystem, special attention is being given to the digital euro project.   Talk about putting your eggs in the wrong basket.   It's considered a strategic   move for Ukraine's monetary future. For god's sakes, the the e your digital euro is   it's dead. They just don't know it yet. I never.   Last June, Ukrainian lawmakers proposed a bill that could allow the NBU to include Bitcoin and other cryptocurrencies   in the country's national reserves.  

So this entire story is all about Ukraine basically   blocking   any potential use of Bitcoin or any digital currency   other than those fully sanctioned   by they.   And I mean, the they, the they that I've been talking about. They are fully controlled   by the they.   If you don't believe me, I just don't have time to explain it to you. Just a final parting shot here.   Indonesia is considering Bitcoin mining   as well as building a BTC   reserve.   Just a few here.   Indonesia is considering adding Bitcoin to its national reserves.   And recently,   Bitcoin Indonesia, the country's largest Bitcoin advocacy group, met with top officials   from the vice president's office,   including representative   representatives   of vice president   Gibran   to present a detailed proposal on how Bitcoin could support Indonesia's long term economic goals. Quote,   we were invited   to the vice president's office to present how Bitcoin could benefit the country,   Bitcoin Indonesia wrote on x. We explored a bold idea   using Bitcoin mining   as a national reserve   strategy.  

Now   will   Indonesia do it? There's no way to know.   It depends on how polluted Indonesia's   government's minds are by the they.   How how   strapped into Europe and the FATF and the IMF and the World Bank are is your country   because that determines   that determines   how willingly   your government is actually going to, you know,   adopt any kind of Bitcoin measures whatsoever.   But   it's Friday. We got better fish to fry.   Might have to do a couple of racks of ribs this weekend. Now that I'm thinking about it, I think I'm I think I'm gonna have to definitely do that. I hope you figure out something that you can cook as well. If you do,   make sure that you tag chef Tommy   in Nostril notes and take a picture of every meal you make.  

Inundate chef Tommy.   If if you're not following chef Tommy on Nostr, you you got to because he actually is   pretty, as far as I can tell, pro chef,   very good at it,   understands food, understands cooking, understands wine.   He's a good follow, and he will he always every single time I put up a a a picture of some something that I've cooked,   he he will chime in on it. So and he also makes some comments that that that I can include in in future cooking endeavors.   So follow chef Tommy   and post all of your meals this weekend, and make sure you tag chef Tommy in it, and I will see you on the other side.   This has been Bitcoin, and and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.  

Have   a   great   day.