Episode 1149 of Bitcoin And . . . is LIVE!
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https://cointelegraph.com/news/south-korea-jeju-city-targets-crypto-holdings-alleged-tax-dodgers
https://decrypt.co/335501/new-york-crypto-tax-could-generate-158-million-lawmaker
https://www.theblock.co/post/367207/thailand-crypto-baht-payment-pilot-foreign-tourists
https://decrypt.co/335607/short-seller-strategy-bitcoin-buy-weak-demand-offering
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https://cointelegraph.com/news/japan-approves-first-yen-stablecoin-jpyc
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Topics for today:
- Bitcoin Heating Up
- S. Korea to Steal Money . . . Twice
- Mob Bosses in NY Want "Transaction Fees"
- Strategy Didn't Buy Enough BTC, People Saddened
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https://bitcoinmagazine.com/business/home-bitcoin-mining-is-heating-up-europehttps://cointelegraph.com/news/south-korea-jeju-city-targets-crypto-holdings-alleged-tax-dodgers
https://decrypt.co/335501/new-york-crypto-tax-could-generate-158-million-lawmaker
https://www.theblock.co/post/367207/thailand-crypto-baht-payment-pilot-foreign-tourists
https://decrypt.co/335607/short-seller-strategy-bitcoin-buy-weak-demand-offering
https://x.com/PharaohX33/status/1957219347149066511
https://cointelegraph.com/news/japan-approves-first-yen-stablecoin-jpyc
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[00:00:02]
David Bennett:
It is 10:31AM Pacific Daylight Time. It is the August 2025, and this is episode eleven forty nine of Bitcoin. And today is world I don't never give up day or something like that. No, it's an actual thing. It's like Earth Day, but it's world I think it's called world never give up day or something like that. And here I am once again making almost no money with the Bitcoin and podcast because I just freaking refuse to give up. I'm never gonna give up. I'm never gonna do it. I'm never gonna do it. I cannot capitulate. It's not within my nature. Well, that said, I'm going to never give up by talking to you about heating homes in Europe with Bitcoin mining.
This is going to be kind of interesting yes we've we've this is a known thing I've talked about it before but energy is getting weird now that AI is here You know how everybody said that Bitcoin mining was going to boil the oceans? Well, it never really did anything. Hell, it basically did nothing but help grids like the grids in Texas or ERCOT's grid, it helped there actually keep prices low. And in anywhere else that they weren't doing the kinds of things that Bitcoin mining companies have have agreed to do with ERCOT, the the demand response activity.
Even countries that that aren't doing that, nobody really ever saw, oh, Liz, it's eating so much power. But now now that AI is here, holy shit. That that is tearing up the landscape, and it's really going after the people in Europe really, really hard. So we'll see how Bitcoin mining and heating homes in the colder climbs might help, probably can't hurt anyway. And then we're gonna go to South Korea where a city is targeting holdings of tax dodgers, and it's gonna be interesting to see how they get a hold of it if they're trying to get somebody's crypto without their private key.
Clearly, we're taught they're gonna be targeting people that are on exchanges, but what about those tax dodgers that have that are holding their private keys like you should and then we're gonna go back across the pond over here to New York, they're talking about a tax too. We're talking literally about the whole state, so not just New York City. The whole state's being stupid again. And then I wanna talk a little bit about adaptation in noster in routing around governments. It was an interesting, chain of of noster notes here that I wanna go through, and then we're gonna run right on over to Thailand. That's gonna be interesting. And then and then and then and then, short sellers on, Bitcoin buy signals from strategy.
They're they're not happy. They're not happy that that Saylor bought some more Bitcoin. And then there's this dude on Twitter who ranted in a vlog and, yes, we're all we're all about vlogs now on on Noster, but there's this dude who did a vlog over on x and he basically accused micro strategy of chicanery and it looks like he might have gotten a phone call from some lawyers. We'll show you how how he backtracks that one. And then Japan, yen backed stable coins could happen this fall, but first let's get it hot, baby. Bitcoin heating up.
Home Bitcoin mining is going to heat Europe. This is Joaquin Book Bitcoin Magazine. Maximilian Abwexer has a problem. He was heating his home in Austria with conventional heating oil, and it was expensive. A tinkerer by nature and a former engineer having worked on hydropower plants, he was trying to find a better way to heat his home. After many rounds of experimentation and having delved down the Bitcoin mining rabbit hole three years ago, he founded a company devoted to that effort. His company named twenty one Energy makes well balanced, sturdy, and incredibly beautiful and quiet miners for home use. The early models of Ofin one posted up to 10 terahashes per second, while the premium model could reach at top speed and making plenty of noise 40 terahashes per second. Having scaled up production, hiring 12 new employees only this year, and launching the new Ofin two, which is between thirty five and forty two terahashes per second, the Bitcoin heater comes in the style of a conventional radiator powered by Bitcoin. And, yes, you can solo mine with this Bitcoin heater or join whichever pool you think is best. Quote, Bitcoin heaters are decentralized grid balancing at home, proclaimed on stage in Helsinki or he proclaimed on stage in Helsinki on Friday before hundreds of curious faces in the audience at the inaugural Nordic Bitcoin conference BTCHL or, I guess, BTC hell.
I don't know. Referring just I don't know. Hell and just because Helsinki starts with hell doesn't mean that's a good word. Just it's a bad connotation. Refreshingly though, he spent most of his presentation not selling his excellent products nor explaining historian Bitcoin, but on the many troubles afflicting the European energy grid. Europeans are beholden to foreigners for importing energy. Its current supply or rather current electricity producers, legacy coal, gas, and hydroelectric are increasingly asked to turn off their supply to the grid in favor of the more present wind turbines and solar panels.
Fossil fuel based generation produces c o two emissions as well as particles in the immediate environment, but its proposed replacement push dynamic and uncontrollable electricity generation onto the grid. At peak supply, even renewable energy providers are asked by grid management to curtail or wind down production. There is simply nobody to take the excess electricity, nowhere to put it. This is obviously bad in that it wastes potential electricity that could have been used. But even worse is that it makes the investment calculations for renewable energy investors worse. Not unrelated, households in Europe pay exorbitant rates for their electricity.
On top of that, heating in general is quite expensive. When you put all those aspects together, it's like the old world is screaming out for Bitcoin mining. Bob Wexer agrees, quote, it's a no brainer even even if you don't like or understand Bitcoin, he tells me standing next to a shiny green booth and radiators keeping the expo hall in Helsinki real toasty. Indeed, a large portion of his client base are solar guys, devoted climate change activists wanting to do something, hands on to defossilize their own energy use. While it's not exactly the first group you think about being interested in Bitcoin, quote, the economics, they just make sense, Ab Wexer tells me.
In a recent podcast interview with Knut Swanholm and Luke DeWolf, two of the co organizers of BTC Hell, obwegs Abwexer remarked that, quote, Finland is really at the forefront of Bitcoin heating and Bitcoin district heating. Quote, Europe needs Bitcoin mining so badly. With the high volatility in the electricity grids, we don't have to fear the politicians too much because they already wrote it down. They just don't see that they wrote Bitcoin mining everywhere. End quote. On stage in Helsinki, he showed one of the two most important graphs in the entire economics and energy debate, which underlines precisely how crucial energy is for the well-being and flourishing of society.
If, quote, if you want a clean, rich, healthy society, you need a lot of power, end quote. Up next for Abwexer and his team at twenty one Energy is contributing to flexible load shedding on a grid level. Putting mobile miners in a truck and take production pressure off like hydro plants is a perfect use case for Bitcoin mining. Instead of being asked to ramp down production because of the overloaded grid, they can divert the electricity stemming from their water flow to Bitcoin miners which also changes their response time from minutes to seconds. In general, using purpose built or rebuilt Bitcoin miners for heating your home is the most obvious way to decentralize mining, especially since home miners are much less susceptible to the cutthroat economics of Bitcoin mining that, like, you know, large mining farms are.
And while solving several real world energy problems all at once, Abwexer and his team at twenty one Energy are doing precisely that. Quote, I am super bullish on Bitcoin mining in Europe, Obwexer concluded. Okay. So they don't talk directly here about AI data centers sucking up energy. But that's going to happen. If not in the short to medium term, which I do not expect, eventually it will. And at this point, Europe is so energy poor that they're starting to enter into what could only be termed a second world country? I don't wanna say third world country because they're not clearly. But I mean, you're looking directly at the face of energy poverty.
And energy poverty poverty is is happen is exploding. It's freaking everywhere. I just saw yesterday, last night, I saw a news report about it's a town in Missouri. I think no. It wasn't a news report. It was my friend Texas Slim from the beef initiative tweeted it out and said, because I can't get him to go over to Noster, so I gotta follow him on Twitter. But he's he had he basically put down the news story that shows in Missouri that there was, like, a I think it was, like, 420 acres of prime farmland, and they're gonna pave it and put an AI data center there. And furthermore, the residents of the town, which border this particular farm field, knew nothing about it. They were not consulted. They were not warned. They were not nothing. Everything about this deal with all the city officials, with with the city council, with probably the county commissioners, everybody that was involved in this deal had to sign non disclosure agreements.
They couldn't tell the public that this thing was going in. And now that they find out that this deal is done, these people are pissed for two reasons. One, because it's it literally butts up right next to the residential areas of the town. It's not at it's not like a mile away. It's right there in town. And, you know, I'm sure it will get better. But right now, Bitcoin mines are rather loud. But here's the big one. Number two, their electricity rates are gonna double. Because this is the pattern. Everywhere one of these data centers gets dropped, the nearby residents that are connected to that grid, their energy prices at least go up.
And in many cases, those energy prices actually double. This is one of the arguments they told us that it was Bitcoin was gonna do this, and it was gonna kill all the birds in the sky, and it was gonna boil all the oceans so we would live basically in a in a gigantic, you know, like, sauna. You know, it was and then none of that came true. But now people's other utilities are going up because the water needs of these AI data centers to keep them cool is exorbitant. So now their water utility bills are going up. Their electricity utility bills are going up. And here, if we go back to Europe where they've done shit like closed down nuclear power plants, except for France. France, for all the things that we say about France, at least they weren't dumb enough to do that, but Germany did. And I don't know what Britain and The UK is doing, but, I mean, that these guys are energy poor, and it's just gonna freaking get worse and worse and worse and and worse and worse.
So while I am a user of artificial intelligence, I am I am cognizant that it's like this this is not good. If you want to do AI, then you damn well better start increasing your energy generation. And, of course, along with that is gonna be what? Your grid infrastructure is gonna have to not only be updated, but probably doubled in capacity. I I mean, like, not double the capacity, what I'm trying to say. Beefed up so it can carry more volts, more watts, more amperage, because we're gonna be sucking it down like like a kid with a freaking Coca Cola, man. It's just gonna be sick. But first, let's go to South Korea where we can talk about this idiocy.
Jeju City is targeting crypto holdings of tax dodgers. You're dodging your you're not letting us steal from you. We're gonna take your money anyway. Anyway, this is by the way, this is CoinTelegraph. Stephen Cottey is writing it. Tax officials in Jeju City, the capital of the South Korean island province of Jeju, have reportedly started the process of freezing and seizing the crypto of those it believes to be dodging tax requirements. The move is part of a broader operation that saw authorities investigate 3,000 individuals in arrears for a total of 19,700,000,000.0 won, just about $14,000,000 US, to confirm if they had crypto holdings that could be seized.
Seize this, honkis. To settle the outstanding balance owed according to a report on Saturday by local media news outlet, Noesis. During the investigation, tax officials combed through data from major South Korean crypto exchanges, Bithumb, Dunamu's Upbit, CoinOne, and Corbit finding 49 of the alleged tax dodgers had combined crypto holdings valued at a $166,000. Not a not a whole lot. 49 people with a $166,000. That probably tells us more than we really wanna know, but continuing on, Jeju City's tax division has designated the exchanges as third party debtors to start seizing and securing the coins to help pay some of the debt owed by the alleged tax evaders. Oh, man. Dude, McGruff, take a bite out of crime for us, pal. Jeju is South Korea's largest island and a tourist hotspot. It has a history with crypto initiatives, yada yada yada, COVID nineteen contact tracing.
They put that shit on the blockchain, by the way, if you didn't know. But then Jeju's city tax division chief, Hwang Tae hoon, said that the city will continue to strengthen our response to tax delinquency using new assets, such as virtual assets, to thoroughly uncover hidden tax sources. These people are fucking just evil. It's just they will just thieve from you and thieve from you, and it doesn't matter if you're South Korean. It doesn't matter if you live in a city, a county. It doesn't matter what country. Doesn't matter what kind style of government. It doesn't matter if you're communist or socialist or Marxist or Leninist or capitalist. It does not matter. All these people are just thieves, and they're this is just a protection racket.
Pay us, and we won't beat the shit out of you. Pay us, we won't throw you in jail. Pay us, we won't take all the rest of your shit. That's all this is. But this little wannabe dictator here, Hwang Tae hoon, added that the tax division will also continue to collect high value tax delinquents. What? Collect hold on. They will collect high value tax delinquents through AI based information analysis, striving to secure substantial tax revenue and foster a culture of honest tax payment. You know, I'll bet you the mafia in New York and Chicago, I'll bet they loved it when they got no lip from the store owner that they were shaken down.
I'll I'll bet they you know, that that's an honest Joe right there. He didn't even make us fight him for his money. You know, we didn't even have to beat his ass with a baseball bat and a couple of nails bent around it. No. No. No. No. He just gave up the goat right there. That's our kind of Joe right there, pal, man. You're you're a good guy. You're a good guy. But crypto exchange users in South Korea have now surpassed 16,000,000 people or more than 30% of the country's population. And they've all flocked to the crypto market after it saw a boost from US president Donald Trump and his election win in November. South Korean government enacted laws allowing regulators to seize cryptocurrencies like Bitcoin from tax delinquents in 2021, and authorities in the South Korean city of Paju, northeast of the capital, Seoul, announced plans to seize and sell the crypto holdings of citizens with unpaid taxes in November.
Okay. Yay. If you needed any other reason not to hold your coins on an exchange, this is it This is it Because let's just let's just back up and say that you're let's just say you're one of these people that say, but the taxes the taxes necessary for us to live in a civilized society. First of all, oh, bullshit. Second, they'll just create new taxes that you can't pay. And then they'll have a reason to take your Bitcoin because they understand what that Bitcoin means. I I I see some countries going that way. All of them? No. I don't think all of them will, but you will start to be able to define the kind of country that you're talking about by the kind of taxes that they start impinging on people or impinging people with in order to get their Bitcoin.
And South Korea, I used to think of South Korea as pretty much a free nation. No. This is clearly, clearly a signal that they are anything but a free society, just like the state of New York and The United States isn't. New York crypto tax could generate $158,000,000 a year, says lawmaker. So you'll be able to pay what, dollars 158,000,000 salaries to your highest bureaucratic chiefs? I mean, it's a waste of money. It's a waste of money already. They're not gonna be able to I mean, there's nothing that they could spend a $158,000,000 on that would fix anything in that state except to just pay their friends a shit ton of money.
In any event, Andrei Bogansky has it for decrypt. New York assembly member Phil Stack. Stack. I love that name. It's Stack. Put the give him the Stack. Introduced legislation on Wednesday that would generate sweeping tax revenues from cryptocurrency transactions across the state. This is about trans this is about taxing a transaction in cryptocurrency. So I want to buy a book from you and I've got my, cold card wallet on me and I generate a you generate an invoice and I use my cold card queue or something like that to pay it and well that New York State wants wants a cut of that. Good luck. Because you'll never know what happened.
Unless we're dumb and tell you that it happened voluntarily, but I think we're coming to the limit of which we are going to allow ourselves to to do. I I really do. I think people are like, I'm fucking done. He's like, you guys are not honest. I'm not gonna be honest with you. There's no way you can prove it. I'm sorry. I bought a book. You're not getting a 2% transaction fee on it, but whatever. Bill a o nine six six, the Empire State, would immediately impose a point 2% excise tax on all crypto transactions using the proceeds, of course, to help schools combat substance abuse in Upstate New York where the opioid epidemic has severely impacted communities for years. Well, stop stealing all the goddamn money and maybe they won't form a fucking drug habit. Anyway, in a bill memo shared with Decrypt on Friday, Stik estimated that the levy would generate a 158,000,000 in annual revenue from, quote, crypto investors that are driven by a single motive, the desire for quick and instant wealth.
So he doesn't really understand the the constituency here. Quote, the funding shall be used to expand the substance abuse prevention and intervention program in schools in Upstate New York, a separate description of the bill states. Let's go back to this sentence. They wanna generate a 158,000,000 annual revenue from, quote, crypto investors that are driven by a single motive, the desire for quick and instant wealth. How do they know that everybody fits that? How are they going to determine that? That sounds like a qualitative. Actually, no. That actually sounds like a potentially quantitative thing that you would be able to measure maybe with a survey.
So are you prepared, New York State, to throw a survey to everybody in the state so that they can, for whatever reason, voluntarily and dutifully declare that they're in Bitcoin just for quick and instant wealth. You you see you see how this shit works? These definitions matter. These definitions matter. Anyway, Steck, a democrat, of course, chairs New York's standing committee on alcoholism and drug abuse, and the group oversees the state's office of addiction service and supports, which serves over a 100 no. 730,000 individuals per year according to an annual report.
Thirty three out of every one hundred thousand New Yorkers lost their lives to drug overdoses, the report notes. And the legislation comes as some states push forward with other crypto related initiatives to assist schools. Of course, it's about the children, isn't it? Like Wyoming, where cash generated by the reserves of its soon to be released stablecoin will get swept into the Cowboy States Education Fund. As of 2023, cryptocurrencies like Bitcoin were treated as cash equivalents for tax purposes in New York among seven other states including California according to Bloomberg tax. And I was then like, is Bloomberg tax just a yeah. Bloombergtax.com.
I guess it's a magazine from Bloomberg about tax. Oh, well. A more recent tax guide from crypto accounting software firm Bitwave says that digital assets are already subject, like other assets, to capital gains tax, gift tax, and estate tax in New York. In its initial form, the scope of Stex's bill is pretty broad with tax implications for NFTs, digital assets obtained through mining and staking, as well as stablecoins based on the text of the bill. The New York Department of Financial Services, which regulates crypto firms through its bit license regime, would not provide Steck with data on the volume of crypto transactions, his memo notes. That's interesting.
In a quarterly report, the regulator said it supervised 845,000,000 transactions across 20 total institutions in 2024, but did not include the dollar amount. The data likely doesn't capture residents' crypto transactions as well, so Steck found a workaround. He took the dollar value of cryptocurrency that crypto analytics firm Chainalysis said was sent to The United States between July 2022 and June 2023, which was roughly $1,000,000,000,000, that's trillion with a t, and adjusted that based on New York share of US GDP in 2024 yielding $79,000,000,000.
That number could be higher with New York City serving as the epicenter of the financial world, not for long, and home to a growing number of crypto native firms like stablecoin issuer Circle, crypto exchange Gemini, and institutional firm Galaxy Digital. STEC highlights scrutiny that the digital asset industry faced following the collapse of the crypto exchange FTX in 2022 saying that it has been vulnerable to fraud and scams. The memo lists Gemini, among other firms, as companies that were accused of defrauding clients.
So they they want you to pay them some money up in New York if you transact with Bitcoin. So how are they going to do that in a p2p fashion? They're not. Okay? They're not. Again, your second reason today to get all of your coins off of exchanges. At least get them off of the exchange before you intend to use them in a peer to peer fashion because otherwise, if you send your coins directly from Coinbase to another New York resident, if that New York resident has sent you another Coinbase address and you are you're a New Yorker, the other guy's a New Yorker, y'all both use Coinbase, y'all are both AML KYC'd out the wazoo, then New York state is gonna come after their point to present on that transaction.
Just be aware. This is filthy work that all South Korea, New York state is just filthy bullshit that they're engaged with, and they might need to get themselves cleaned up with my friend, SoapMiner, at soapminer dot com with Earl Grey Tallow Soap, Goat's Milk Tallow Soap, Lemongrass, Orange Clove, redacted, which is a nice black bar of carbon rich material, gets you clean, gets you deodorized, rough cut tallow bars. There's he's even got tallow lip balm unscented and in peppermint. I mean, all of these bars of soap will get you clean. They're right around about 7 anywhere between $7 and, you know, $7.50 a pop. But if you keep them dry, like after you use them, you put them up on a pet little soap pedestal that's specifically designed to drain the water away from it. And it's all it is, is just a couple of things that hold the soap up above the actual, you know, little the little dish the the water collects in. This bar of soap will do a family of four for a month.
I am sorry, man. It's when you start looking at it that way, $7.50 for this quality of soap is par excellence, man. Plus, he doesn't use any weird ingredients like parabens and shit. He uses water. He uses beef tallow a 100%, and he uses lye, which is sodium hydroxide. That's it, man. I will unless you get a flavored one or, like, redacted. It's got charcoal in it because that's part of the deal. Tea tree's got tea tree oil in it. But, man, dude, that's oh, and there's, you know, he colors some and he uses like like a a little bit of like does not colored sand. It's actually like ground up minerals that there's like I I don't know which ones he uses, but he's got green bars. He's got brown bars. He's got, like, a yellow bar. He's got, like, a nice orange bar. And some of these things do contain, like, some ground up mineral. But, man, I mean, dude, so what? Have you looked at the ingredients of your bar of soap?
You might want to do that next time you're at Walmart and you're going, I wonder about soap miner. Just pick up a bar of Irish Spring and read the ingredient list. Tell me if you wouldn't rather wash your hair, your hands, your body, shave with I use it for, like, almost I I don't I don't have shampoo. I don't have conditioner. I don't have hand lotion anymore. I don't have shaving cream anymore. I just use SoapMiner brand soaps from soapminer.com, mention Bitcoin, and get 10% off of your purchase. Onto this one. Gonna call this little segment Borg Adaptation.
So I run across this note on Nostr. It was either Saturday I think it was Saturday. And it's seven f q x says the following. So listen closely. This is about the the future of Nostr. I still don't know how Nostr would avoid government interference. Let's say The United Kingdom or some other government cared about Noster not complying with their laws, that they would go after the clients. Right? These clients would more than likely comply, which I don't blame them for well, he says for obviously, but let's say I don't blame them for obvious reasons. Considering the structure of Noster, would they also go after relays?
What is the workaround for this? More clients? This would just mean more places to be taken down? And these are all questions. Could you have a website that instantly forked Domus or Amethyst so that it would, on the fly, make a new client clone from these as a new client APK each time like it was a new client each time. Okay. That got me thinking. But he goes on to also say, I'm use this is another note that seven f q x says. I'm using vibe code here, but I barely understand and it may be the wrong term, LOL. Ryan comes back and replies and says, it's actually pretty easy to vibe code a simple master app these days, and it will only get easier. The government is fucked.
Now, Mark comes back to all this with this reply. Great insight. We live in interesting times. The phrase code is speech is axiomatic now. Anyone with 21,000 sats, a smartphone, and the ability to write an English paragraph can build a Nostra client. That's not easy to shut down. I have something to say about all this. So I I basically screenshot that whole deal and include Ryan's the the end event, or essentially the the link directly to his note. And I reply to that with the following. The best way to combat Borg adaptation is by rotating phasor frequencies. Now, let's think of a Nostra client with Alex Gleeson's shakespeare.
DIY as part of its architecture. It constantly rebuilds itself while keeping the client's front end intact so that the user has no idea it's rerouting its build to give a constant middle finger to any government dumb enough to waste its resources trying to shut down free speech. You may laugh, but this or something like this will be how we consistently and constantly reroute around the government. Those poor dumb bastards have walked right into a horn's nest, and they haven't even realized it yet. What I'm getting at here is that if you were to watch any demonstration of Alex Gleeson's, you can find him at at Alex on Noster and his last name is Gleeson so that it'll come up.
This guy has furiously been designing, MKStack, and then what came out one of the things that came out of MKStack was something called Shakespeare DIY, which is specifically designed to just build a website by you putting in a paragraph. I've used it, and it works. It builds a whole website. Yes. We are in early days. Yes. Vibe coding something if you don't know, I think it would be better to vibe code if you have experience being a software engineer, software developer, somebody who's worked with code, somebody who understands that there's many things that happen behind the scenes when you build a website.
But what I'm getting at is that as we move through that, and we will, then something like Shakespeare as that that can just build a new website on the fly would be able to do the thing that I'm describing, which is all of a sudden something gets taken down on your browser because you live in The UK, it just rebuilds itself. It may just chooses like it maybe it even has an embed like somehow or another an embedded VPN. Something that's constantly spoofing the United or not United States government, but any government. And and and I'm coming at this from a very naive standpoint, and I understand that. So anybody who's a coder out there, try try to work with me on a on a on a higher level.
The fact that we could embed, and I know we would be able to do this, we would be able to build a client. One client, a Nostra client. Maybe it's just for me. Only I I build this Nostra client. And then I tell Shakespeare that I want Shakespeare embedded permanently in that client. And its entire job from then on out is to completely rebuild the back end every single time. Maybe I'm like like I get a notification. Your website has been not website, but your whatever has been taken down and we're not letting you through. You're blocked from Internet access, fine. Cut build rebuild the back end a little bit, see if we can reconnect and have that just cycle.
That's that's what I mean by rotating phaser frequencies. If you're a Star Trek nerd, you get the reference. If you don't, I don't have time to explain it to you. But I get the feeling that we're we're on the precipice of something I don't think and I say this a lot because we're at this weird time in in in human history where all of us that are alive, we're witnessing something that you rarely as a human, as part of the human species, rarely get to witness. We we read books about the Renaissance in school. We're in one.
Well, this is what living in the Renaissance looked like. And I guarantee you there's just as many people in the Renaissance that did not realize they were in the Renaissance until either way later, which meant that they were way younger when the Renaissance was actually happening around them, or it was their children or their children's children looking at what happened in the Renaissance from afar, just like we do now with the history books. We're here. We're we're not kind of coming up to a Renaissance. We're not on the back half of the Renaissance.
We're the early adopters of Renaissance two point o. And if you don't understand that, you're gonna miss out on so much. But you're not gonna miss out on the numbers, which I'm gonna run right now. Futures and commodities. West Texas Intermediate Oil is up one full point probably because a Russian pipeline feeding hungry oil, the country hungry, got drone attacked by Ukraine either yesterday or sometime early this morning. And Britney, likewise, is up over a full point. It's at $66.54. Natural gas is crawling sideways in the red, and gasoline is up over a point, two dollars and nine cents a gallon.
Gold is crawling sideways in the red, $33.79 and 4 dimes. Silver is up a quarter of a point. Platinum is down a half. Copper is up one third no. Down one third. And palladium is up 1.18. Ag, biggest loser is lumber. Two full points to the downside. Mostly in the red today. I got four green ones and the biggest winner out of those is coffee, almost a full point to the upside. Meanwhile, live cattle up a quarter, lean hogs crawling sideways, but in the green. Feeder cattle up almost a full point. The Dow is down point 2%. S and P is down point one six. Nasdaq is down point two two. S and P Mini is up 0.11%.
Onto the dashboard, a 116,440. So we've had some pressure. We'll explain why later. We've had some sell pressure. Market cap is $2,320,000,000,000, and you can only purchase 34.7 ounces of your shiny metal rock with your one Bitcoin of which there are 19,908,019.57 of an average fees per block are really low. Really low. 0.02 BTC taken in fees on a per block basis. There are roughly about 28 blocks carrying 89,000 unconfirmed transactions waiting to clear at high priority rates of 5 Satoshis per vBuy. Low priority is gonna get you in at three. Hash rate has risen again. We're back up to 959 exahashes per second. You can do with that what you will. From Burger Meister Meister Burger, that was Friday's episode of Bitcoin, and I got Axelrod with a thousand sats says, love the civil disobedience rant. Cheers.
GodsDeath two thirty seven says, thank you, sir. No. Thank you. Perma Nerd says, with 210 thou or 210,000. 210 sats. Show me on the doll where bitcoin touched you. Yeah. No kidding, man. Czechoslovakia must be a fish and chips joint near you. Yeah. I know. I screwed that up, Aggie. With a 100 sats, by the way. Pies with a 121 says, thank you, sir. No. Thank you. Bitcoin for president with 500 says, I'm a huge fan of the show. Thank you for everything you do. Well, thank you, Bitcoin for president, for listening. I will vote for you in the next election. Psyduck with $7.46 says, Psyduck, 2,200 sats from I don't know who.
But he says, thank you, sir. No. Thank you. Reverend Hoddle says, with a 100 nope. 1,121 SATs. Thank you, sir. A message to all the local Bitcoiners out there. Come hang with me at the South Bend, Indiana Bitcoin meetup, the first Thursday of every month at Lang Lab, l a n g Lab, 06:30PM. Learn something, earn something, share something, buy something, build relationships and resilience with local Bitcoiners. Again, every first Thursday of every month at LangLab 06:30PM, the South Bend, Indiana Bitcoin meetup from Reverend Hoddle. Turkey with a thousand says nothing, and Yodl with one, two, three, four SAT says great ways. And that's the weather report.
Welcome to part two of the news that you can use. Thailand starts us off by rolling out a pilot program aimed at tourists for converting their crypto into bot for spending in their country. Timmy Shen from the block tells us about how Thailand wants you to sell your Bitcoin. It's rolled out a pilot program allowing foreigners to convert crypto assets into Thai bot for everyday spending. In a statement released on Monday, Deputy Prime Minister and Finance Minister Pichai Chhunjhavajira said that the new initiative, called Tourist DigiPay, will run for an initial eighteen months under a regulatory sandbox overseen by the Ministry of Finance, the Securities and Exchange Commission, the Anti Money Laundering Office, and the Ministry of Tourism and Sports.
The Tourist Digi Pay product or project enables tourists to exchange crypto assets for local currency through regulated platforms which can then be used at merchants across the country, according to the translated statement. The SEC concluded a public consultation on August 13 on the use of crypto assets to support tourism growth, local news outlet The Nation reported. Officials said the project reflects changes in travel behavior as tourists increasingly rely on electronic payments and show growing interest in digital assets. However, the officials noted that the project is not intended to promote crypto assets as a direct means of payment. Of course not, because you can't control it. Participants will be required to comply with strict anti money laundering and customer verification rules under Thai law, including know your customer requirements, the statement said.
Thailand is one of the earliest countries to establish clear legal and tax frameworks for crypto assets. Last month, the cabinet approved a finance ministry proposal to exempt crypto transactions from capital gains tax effective but up until 12/31/2029, which I in which I guess it collapses. Just here's the thing. They don't want you using Bitcoin in their country. They want you to sell it. And I'm I'm sure that they're the ones buying it from the exchanges. Don't fall for this shit. Just, you know, unless you just I mean, if you want to, hey, you know, knock yourself out. Honestly, I I just think it's a bunch of bullshit. But what it does telegraph to me is that the fear in countries at all government levels are starting to rise in ways that I thought would take a little bit longer, but whatever. Here we are. And we're also here with famed short seller warning that strategy's pissant measly ass $51,000,000 Bitcoin buy signals weak demand for strategy's latest offering.
Vismayah v from Decrypt. James Janos, who's best known for shorting Enron right before its implosion in 02/2007, is calling out Strategy for its modest $51,000,000 Bitcoin purchase and loosening a key safeguard to get shareholder dilution. Shano said that the company's latest Bitcoin purchase points to weak demand for its preferred stock offerings and accused Michael Saylor of lowering a key shareholder safeguard in a tweet on Monday. In its second quarter twenty twenty five earnings report strategy said it would only issue stock below 2.5 multiple of MNAV to service debt interest or fund dividends on preferred shares, not buy more BTC.
MNAV or market to net asset value is calculated, but by dividing strategies market cap by the sum of its Bitcoin holdings and operating assets. A reading of 2.5 signals that the stock trades at a 150% premium to its underlying assets. But the recent investor slide added the phrase, quote, when otherwise deemed advantageous. That's language that critics like Channels interpret as giving the company more leeway to issue equity even at lower multiples. Saylor announced the purchase of 430 BTC worth 40, sorry, 51,400,000.0 on Monday and revealed that the firm paid roughly a 119,666, per Bitcoin in the transaction.
With the latest buy, the Virginia company, formerly known as MicroStrategy, has pushed its total Bitcoin holdings to a massive 629,376 BTC worth $72,000,000,000 at the time. Now here's the deal. This just feeds in to another issue here. Specifically, over the last, I'm gonna say four weeks, there's been a lot of heat on strategy insofar as people making really potentially legally libelous accusations about a couple of slides that Michael Saylor uses in his, for lack of a better term, pitch deck as to, you know, why you wanna buy strike or strife or one whatever his other preferred stock is. There's this guy.
There's this dude at chooserich on Twitter. He go his handle that's his handle, but his name, if we can believe that his real name is this, Nick O'Neil. He seems to have stepped into a massive pile of legal shit because over the weekend, he released a vlog of him on his balcony. It is, I guess, multimillion dollar penthouse or whatever it is overlooking some beautiful bay, and he was basically just putting the screws to Saylor, calling him out directly as lying to his investors about certain things. And there's essentially, it's like the some of the language in his pitch deck seems to suggest to Nick O'Neil that what Saylor is saying about his preferred and when he decides to sell it and what he's gonna do with it is a 100% lie. And therefore, the entirety of MicroStrategy or, well, formally MicroStrategy and now Strategy is a fraud.
It is he is accusing the entire company's existence at this point of being a fraud machine. Well, this morning or late last night, I guess, it's twenty hours ago is what I'm seeing on Twitter. So late last night, this dude releases another vlog. And if you ever saw the Roger Ver video from 2000 was it 02/2015? It was a right before Mt. Gox, released the news that they had been terribly hacked for, like, I don't know, 800,000 Bitcoin or whatever it was. He reads this statement, and it sounds like a hostage statement. He, Roger Verr sounds like he's being held hostage and that he's reading a prepared statement from somebody who gave it to him, and he's on video. And he he it just looks like a hostage situation.
I'm getting the same vibes. This dude's like, what does he say? Hold on. I'm just gonna watch it again. Yeah. I'd I'd like to make this video as a follow-up to the videos I made over the past forty eight hours. And then he goes on and on and on until he finally says, regarding MicroStrategy, I have an official statement that I'd like to read here, so please give me a moment. And you know what he's about to read. So he holds up this piece of paper, and he starts reading the essentially everything about this is not true. Everything about what I said is not true. This is not good. I'm sorry. Mea culpa, mea culpa, mea culpa.
It was a complete, complete one eighty. And it's most likely because strategies lawyers got a hold of this guy and said, we are going to sue you into the sewer system unless you make amends and do it on Twitter. Stop listening to these assholes on Twitter. Twitter is not good for you guys. It's not good for you. But I wanna go back and I wanna say something about strategy. Because we were talking about this investor, the short seller, who is basically saying that the $51,000,000 buy just didn't really excite them all that much and that means that nobody wants strategies preferred stocks anymore.
And a lot of people are looking at that, and they're always using it as a reason for why Bitcoin dipped to right below a $115,000 this morning. I'm going to tell you why Bitcoin dipped, and I'm right. I'm 100% right. It has nothing to do with James Chanos. It has nothing to do at all with Michael Saylor and some kind of, you know, alleged pissant buy of Bitcoin signaling something. No. No. No. No. No. Ladies and gentlemen, this week is a very special week for all the the markets, Bitcoin and legacy markets alike. Do you know what week that is? It's Fed Week.
That's right. It's Fed Week. Because later on today at about 05:30 my time and on Pacific, we get housing starts and building permit numbers. Yay. Yay. That's that's gonna be lovely when everybody is betting against like, they're hedging against the bad news that is probably going to be coming. But wait, there's more. That's today. Or no. Wait. Is that is that today or is that tomorrow? That's no. That's tomorrow. Yeah. We haven't even got there yet. We haven't even got to 05:30 tomorrow. I thought it was today, but no. No. No. No. But after that, on the August 20, guess what happens?
The FOMAC minutes. Oh, we get to hear the minutes from the last Fed meeting. And that's that's when people will start really analyzing sentence structure and and word choice and and all of a sudden, we're probably gonna find out that they have no interest in lowering interest rates. And then as if not not to be outdone, continuing for the for Fed week, existing home sales numbers is gonna come out on August 21. Yay. But but there's more. Wait. There's more. Fed chair pal speech happens August 22 And August 22 is Friday right before the markets close. And that's when it'll probably reiterate that they have no intention whatsoever of lowering the Fed funds rate.
And that's going to cause problems. But people are hedging themselves against what they look at as a slew of bad news. And they're probably right. The housing numbers are probably gonna suck. The building numbers and the housing starts are probably gonna suck. The FOMAC minutes are gonna be interpreted in a negative light and it's gonna be framed as hawkish language. And then fed chair Powell will come out and doozle song and dance behind the podium, and they'll say hawkish hawkish hawkish. That's what happened. And it's like this is gonna be a rough week, guys.
You honestly, just shut down TradingView. Do yourself a favor. Shut down TradingView right now, and you won't have to worry about it. But before I let you go today, we're gonna go to Japan, who has approved the very first yen backed stablecoin. They're coming this fall, ladies and gentlemen. Ahmed Hasquinas has it for Cointelegraph. Japan's final final financial services agency is preparing to approve the issuance of Japanese yen denominated stablecoins as early as this fall, marking the first time the country will allow a domestic fiat peg digital currency.
Tokyo based fintech JPYC will register as a money transfer business within the month and will lead the rollout. JPYC is designed to maintain a fixed value of 1 Japanese yen or 1 rather 1 JPY which I guess is the name of the stable coin to 1 yen backed by highly liquid assets such as bank deposits Whose bank deposits? The Japanese citizenry's bank deposits? Holy crap. Highly liquid assets, such as bank deposits and Japanese government bonds. After purchase applications from individuals or corporations, the tokens are issued via bank transfer to digital wallets. The approval comes as the global stablecoin market dominated by Tether and circles USDC has expanded to more than $286,000,000,000 while US dollar stablecoins already have a foothold in Japan. This will be the country's first yen based offering. Well, pausing to say, you're too late.
It's over. You just don't know it yet. I have my reasons for saying that. Continuing, in a recent post on x Okabe, a representative of the JPYC issuing company said Yen Stablecoin could have a significant effect on Japan's bond market. Well, of course, he noted that in The US, leading stablecoin issuers have become major buyers of United States treasuries, holding them as collateral for circulating tokens. It's a mined virus. The disease is spreading. Japan has figured it out. They've cracked the nut. Hey, man. We we'll get a private company to issue this this essentially private currency.
We'll let them handle it, but they gotta buy our bullshit that we just print out a thin air in the form of debt instrumentation that looks like a Japanese treasury bond. We'll do exactly what The United States is doing. And so Japan Japan, they maybe they're not too late. If they really lean in to printing the living ever living crap out of the yen by using dead instrumentation and exporting it to any other country other than their own, they may actually survive it. A similar trend in Japan, he suggested, could boost demand for Japanese government bonds if JPYC gains widespread adoption.
Quote, JPYC will likely start buying up Japanese government bonds in large quantities going forward. Okabe also noted that countries lagging in stablecoin development risk higher government bond interest rates as they miss out on a brand new class of institutional demand. He argued that monetary policy considerations are now driving governments, including Japan, to accelerate stable coin frameworks. Oh my god. The framework. As reported, Circle officially launched USDC in Japan back in March following regulatory approval from its listing on SBI VC Trade, a crypto exchange operated under a joint venture between SBI Holdings and Circle Japan. I guess that's their Japanese subsidiary called KK.
The approval granted on March 4 marked the first time the country's financial services agency cleared a foreign issued stable coin under its very own regulatory framework. And at the time, Circle said that it plans to expand USDC listings to Binance Japan, BitBank, and BitFlyer, two of which rank among Japan's largest exchanges, each processing over $25,000,000 in daily volume and drawing more than 1,850,000 monthly visits. So Japan is on deck to issue government bonds, have a private company buy them, turn them into currency that they can export to probably the poorest nations of the planet. But I honestly, I'm I'm my gut feeling is I think it's too late.
I really do. I mean, I said that maybe Japan survives, and of course the country will survive. I'm just talking about is are people gonna give a shit about the yen for very much longer? But we could ask that about any fiat currency, including the dollar, except this whole stablecoin thing and and the buying of the government bonds wherever your issue for the country that you're issuing your stablecoin in in, ends only one way. The dollar becoming the singular currency of the planet before it itself collapses into Bitcoin.
That's the way I see it. It's the Bitcoin milkshake theory. It's just one step away from the dollar milkshake theory, which is simply that the dollar basically just it just ends up absorbing all of the value from all of the fiat currencies because nobody's currency is backed by anything real anymore. And even the stablecoins are not backed by anything real, not when they can just print money. And at one point, humanity may actually get freaking tired of this and just decide if only we had a currency that had, like, let's say, a 21,000,000 coin cap and nobody could print any more of it. And we all had to be in agreement on its rules. Otherwise, the transaction we make under a different set of rules are not acceptable to the network.
Oh, wait. We already have that. It's it's called Bitcoin. Maybe humanity finally wakes up. Maybe they'll do it in my lifetime. Maybe that will be the culmination of Renaissance two point o. Here here's to hoping. That that's all I can say. Here's to hoping. I'll 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.
It is 10:31AM Pacific Daylight Time. It is the August 2025, and this is episode eleven forty nine of Bitcoin. And today is world I don't never give up day or something like that. No, it's an actual thing. It's like Earth Day, but it's world I think it's called world never give up day or something like that. And here I am once again making almost no money with the Bitcoin and podcast because I just freaking refuse to give up. I'm never gonna give up. I'm never gonna do it. I'm never gonna do it. I cannot capitulate. It's not within my nature. Well, that said, I'm going to never give up by talking to you about heating homes in Europe with Bitcoin mining.
This is going to be kind of interesting yes we've we've this is a known thing I've talked about it before but energy is getting weird now that AI is here You know how everybody said that Bitcoin mining was going to boil the oceans? Well, it never really did anything. Hell, it basically did nothing but help grids like the grids in Texas or ERCOT's grid, it helped there actually keep prices low. And in anywhere else that they weren't doing the kinds of things that Bitcoin mining companies have have agreed to do with ERCOT, the the demand response activity.
Even countries that that aren't doing that, nobody really ever saw, oh, Liz, it's eating so much power. But now now that AI is here, holy shit. That that is tearing up the landscape, and it's really going after the people in Europe really, really hard. So we'll see how Bitcoin mining and heating homes in the colder climbs might help, probably can't hurt anyway. And then we're gonna go to South Korea where a city is targeting holdings of tax dodgers, and it's gonna be interesting to see how they get a hold of it if they're trying to get somebody's crypto without their private key.
Clearly, we're taught they're gonna be targeting people that are on exchanges, but what about those tax dodgers that have that are holding their private keys like you should and then we're gonna go back across the pond over here to New York, they're talking about a tax too. We're talking literally about the whole state, so not just New York City. The whole state's being stupid again. And then I wanna talk a little bit about adaptation in noster in routing around governments. It was an interesting, chain of of noster notes here that I wanna go through, and then we're gonna run right on over to Thailand. That's gonna be interesting. And then and then and then and then, short sellers on, Bitcoin buy signals from strategy.
They're they're not happy. They're not happy that that Saylor bought some more Bitcoin. And then there's this dude on Twitter who ranted in a vlog and, yes, we're all we're all about vlogs now on on Noster, but there's this dude who did a vlog over on x and he basically accused micro strategy of chicanery and it looks like he might have gotten a phone call from some lawyers. We'll show you how how he backtracks that one. And then Japan, yen backed stable coins could happen this fall, but first let's get it hot, baby. Bitcoin heating up.
Home Bitcoin mining is going to heat Europe. This is Joaquin Book Bitcoin Magazine. Maximilian Abwexer has a problem. He was heating his home in Austria with conventional heating oil, and it was expensive. A tinkerer by nature and a former engineer having worked on hydropower plants, he was trying to find a better way to heat his home. After many rounds of experimentation and having delved down the Bitcoin mining rabbit hole three years ago, he founded a company devoted to that effort. His company named twenty one Energy makes well balanced, sturdy, and incredibly beautiful and quiet miners for home use. The early models of Ofin one posted up to 10 terahashes per second, while the premium model could reach at top speed and making plenty of noise 40 terahashes per second. Having scaled up production, hiring 12 new employees only this year, and launching the new Ofin two, which is between thirty five and forty two terahashes per second, the Bitcoin heater comes in the style of a conventional radiator powered by Bitcoin. And, yes, you can solo mine with this Bitcoin heater or join whichever pool you think is best. Quote, Bitcoin heaters are decentralized grid balancing at home, proclaimed on stage in Helsinki or he proclaimed on stage in Helsinki on Friday before hundreds of curious faces in the audience at the inaugural Nordic Bitcoin conference BTCHL or, I guess, BTC hell.
I don't know. Referring just I don't know. Hell and just because Helsinki starts with hell doesn't mean that's a good word. Just it's a bad connotation. Refreshingly though, he spent most of his presentation not selling his excellent products nor explaining historian Bitcoin, but on the many troubles afflicting the European energy grid. Europeans are beholden to foreigners for importing energy. Its current supply or rather current electricity producers, legacy coal, gas, and hydroelectric are increasingly asked to turn off their supply to the grid in favor of the more present wind turbines and solar panels.
Fossil fuel based generation produces c o two emissions as well as particles in the immediate environment, but its proposed replacement push dynamic and uncontrollable electricity generation onto the grid. At peak supply, even renewable energy providers are asked by grid management to curtail or wind down production. There is simply nobody to take the excess electricity, nowhere to put it. This is obviously bad in that it wastes potential electricity that could have been used. But even worse is that it makes the investment calculations for renewable energy investors worse. Not unrelated, households in Europe pay exorbitant rates for their electricity.
On top of that, heating in general is quite expensive. When you put all those aspects together, it's like the old world is screaming out for Bitcoin mining. Bob Wexer agrees, quote, it's a no brainer even even if you don't like or understand Bitcoin, he tells me standing next to a shiny green booth and radiators keeping the expo hall in Helsinki real toasty. Indeed, a large portion of his client base are solar guys, devoted climate change activists wanting to do something, hands on to defossilize their own energy use. While it's not exactly the first group you think about being interested in Bitcoin, quote, the economics, they just make sense, Ab Wexer tells me.
In a recent podcast interview with Knut Swanholm and Luke DeWolf, two of the co organizers of BTC Hell, obwegs Abwexer remarked that, quote, Finland is really at the forefront of Bitcoin heating and Bitcoin district heating. Quote, Europe needs Bitcoin mining so badly. With the high volatility in the electricity grids, we don't have to fear the politicians too much because they already wrote it down. They just don't see that they wrote Bitcoin mining everywhere. End quote. On stage in Helsinki, he showed one of the two most important graphs in the entire economics and energy debate, which underlines precisely how crucial energy is for the well-being and flourishing of society.
If, quote, if you want a clean, rich, healthy society, you need a lot of power, end quote. Up next for Abwexer and his team at twenty one Energy is contributing to flexible load shedding on a grid level. Putting mobile miners in a truck and take production pressure off like hydro plants is a perfect use case for Bitcoin mining. Instead of being asked to ramp down production because of the overloaded grid, they can divert the electricity stemming from their water flow to Bitcoin miners which also changes their response time from minutes to seconds. In general, using purpose built or rebuilt Bitcoin miners for heating your home is the most obvious way to decentralize mining, especially since home miners are much less susceptible to the cutthroat economics of Bitcoin mining that, like, you know, large mining farms are.
And while solving several real world energy problems all at once, Abwexer and his team at twenty one Energy are doing precisely that. Quote, I am super bullish on Bitcoin mining in Europe, Obwexer concluded. Okay. So they don't talk directly here about AI data centers sucking up energy. But that's going to happen. If not in the short to medium term, which I do not expect, eventually it will. And at this point, Europe is so energy poor that they're starting to enter into what could only be termed a second world country? I don't wanna say third world country because they're not clearly. But I mean, you're looking directly at the face of energy poverty.
And energy poverty poverty is is happen is exploding. It's freaking everywhere. I just saw yesterday, last night, I saw a news report about it's a town in Missouri. I think no. It wasn't a news report. It was my friend Texas Slim from the beef initiative tweeted it out and said, because I can't get him to go over to Noster, so I gotta follow him on Twitter. But he's he had he basically put down the news story that shows in Missouri that there was, like, a I think it was, like, 420 acres of prime farmland, and they're gonna pave it and put an AI data center there. And furthermore, the residents of the town, which border this particular farm field, knew nothing about it. They were not consulted. They were not warned. They were not nothing. Everything about this deal with all the city officials, with with the city council, with probably the county commissioners, everybody that was involved in this deal had to sign non disclosure agreements.
They couldn't tell the public that this thing was going in. And now that they find out that this deal is done, these people are pissed for two reasons. One, because it's it literally butts up right next to the residential areas of the town. It's not at it's not like a mile away. It's right there in town. And, you know, I'm sure it will get better. But right now, Bitcoin mines are rather loud. But here's the big one. Number two, their electricity rates are gonna double. Because this is the pattern. Everywhere one of these data centers gets dropped, the nearby residents that are connected to that grid, their energy prices at least go up.
And in many cases, those energy prices actually double. This is one of the arguments they told us that it was Bitcoin was gonna do this, and it was gonna kill all the birds in the sky, and it was gonna boil all the oceans so we would live basically in a in a gigantic, you know, like, sauna. You know, it was and then none of that came true. But now people's other utilities are going up because the water needs of these AI data centers to keep them cool is exorbitant. So now their water utility bills are going up. Their electricity utility bills are going up. And here, if we go back to Europe where they've done shit like closed down nuclear power plants, except for France. France, for all the things that we say about France, at least they weren't dumb enough to do that, but Germany did. And I don't know what Britain and The UK is doing, but, I mean, that these guys are energy poor, and it's just gonna freaking get worse and worse and worse and and worse and worse.
So while I am a user of artificial intelligence, I am I am cognizant that it's like this this is not good. If you want to do AI, then you damn well better start increasing your energy generation. And, of course, along with that is gonna be what? Your grid infrastructure is gonna have to not only be updated, but probably doubled in capacity. I I mean, like, not double the capacity, what I'm trying to say. Beefed up so it can carry more volts, more watts, more amperage, because we're gonna be sucking it down like like a kid with a freaking Coca Cola, man. It's just gonna be sick. But first, let's go to South Korea where we can talk about this idiocy.
Jeju City is targeting crypto holdings of tax dodgers. You're dodging your you're not letting us steal from you. We're gonna take your money anyway. Anyway, this is by the way, this is CoinTelegraph. Stephen Cottey is writing it. Tax officials in Jeju City, the capital of the South Korean island province of Jeju, have reportedly started the process of freezing and seizing the crypto of those it believes to be dodging tax requirements. The move is part of a broader operation that saw authorities investigate 3,000 individuals in arrears for a total of 19,700,000,000.0 won, just about $14,000,000 US, to confirm if they had crypto holdings that could be seized.
Seize this, honkis. To settle the outstanding balance owed according to a report on Saturday by local media news outlet, Noesis. During the investigation, tax officials combed through data from major South Korean crypto exchanges, Bithumb, Dunamu's Upbit, CoinOne, and Corbit finding 49 of the alleged tax dodgers had combined crypto holdings valued at a $166,000. Not a not a whole lot. 49 people with a $166,000. That probably tells us more than we really wanna know, but continuing on, Jeju City's tax division has designated the exchanges as third party debtors to start seizing and securing the coins to help pay some of the debt owed by the alleged tax evaders. Oh, man. Dude, McGruff, take a bite out of crime for us, pal. Jeju is South Korea's largest island and a tourist hotspot. It has a history with crypto initiatives, yada yada yada, COVID nineteen contact tracing.
They put that shit on the blockchain, by the way, if you didn't know. But then Jeju's city tax division chief, Hwang Tae hoon, said that the city will continue to strengthen our response to tax delinquency using new assets, such as virtual assets, to thoroughly uncover hidden tax sources. These people are fucking just evil. It's just they will just thieve from you and thieve from you, and it doesn't matter if you're South Korean. It doesn't matter if you live in a city, a county. It doesn't matter what country. Doesn't matter what kind style of government. It doesn't matter if you're communist or socialist or Marxist or Leninist or capitalist. It does not matter. All these people are just thieves, and they're this is just a protection racket.
Pay us, and we won't beat the shit out of you. Pay us, we won't throw you in jail. Pay us, we won't take all the rest of your shit. That's all this is. But this little wannabe dictator here, Hwang Tae hoon, added that the tax division will also continue to collect high value tax delinquents. What? Collect hold on. They will collect high value tax delinquents through AI based information analysis, striving to secure substantial tax revenue and foster a culture of honest tax payment. You know, I'll bet you the mafia in New York and Chicago, I'll bet they loved it when they got no lip from the store owner that they were shaken down.
I'll I'll bet they you know, that that's an honest Joe right there. He didn't even make us fight him for his money. You know, we didn't even have to beat his ass with a baseball bat and a couple of nails bent around it. No. No. No. No. He just gave up the goat right there. That's our kind of Joe right there, pal, man. You're you're a good guy. You're a good guy. But crypto exchange users in South Korea have now surpassed 16,000,000 people or more than 30% of the country's population. And they've all flocked to the crypto market after it saw a boost from US president Donald Trump and his election win in November. South Korean government enacted laws allowing regulators to seize cryptocurrencies like Bitcoin from tax delinquents in 2021, and authorities in the South Korean city of Paju, northeast of the capital, Seoul, announced plans to seize and sell the crypto holdings of citizens with unpaid taxes in November.
Okay. Yay. If you needed any other reason not to hold your coins on an exchange, this is it This is it Because let's just let's just back up and say that you're let's just say you're one of these people that say, but the taxes the taxes necessary for us to live in a civilized society. First of all, oh, bullshit. Second, they'll just create new taxes that you can't pay. And then they'll have a reason to take your Bitcoin because they understand what that Bitcoin means. I I I see some countries going that way. All of them? No. I don't think all of them will, but you will start to be able to define the kind of country that you're talking about by the kind of taxes that they start impinging on people or impinging people with in order to get their Bitcoin.
And South Korea, I used to think of South Korea as pretty much a free nation. No. This is clearly, clearly a signal that they are anything but a free society, just like the state of New York and The United States isn't. New York crypto tax could generate $158,000,000 a year, says lawmaker. So you'll be able to pay what, dollars 158,000,000 salaries to your highest bureaucratic chiefs? I mean, it's a waste of money. It's a waste of money already. They're not gonna be able to I mean, there's nothing that they could spend a $158,000,000 on that would fix anything in that state except to just pay their friends a shit ton of money.
In any event, Andrei Bogansky has it for decrypt. New York assembly member Phil Stack. Stack. I love that name. It's Stack. Put the give him the Stack. Introduced legislation on Wednesday that would generate sweeping tax revenues from cryptocurrency transactions across the state. This is about trans this is about taxing a transaction in cryptocurrency. So I want to buy a book from you and I've got my, cold card wallet on me and I generate a you generate an invoice and I use my cold card queue or something like that to pay it and well that New York State wants wants a cut of that. Good luck. Because you'll never know what happened.
Unless we're dumb and tell you that it happened voluntarily, but I think we're coming to the limit of which we are going to allow ourselves to to do. I I really do. I think people are like, I'm fucking done. He's like, you guys are not honest. I'm not gonna be honest with you. There's no way you can prove it. I'm sorry. I bought a book. You're not getting a 2% transaction fee on it, but whatever. Bill a o nine six six, the Empire State, would immediately impose a point 2% excise tax on all crypto transactions using the proceeds, of course, to help schools combat substance abuse in Upstate New York where the opioid epidemic has severely impacted communities for years. Well, stop stealing all the goddamn money and maybe they won't form a fucking drug habit. Anyway, in a bill memo shared with Decrypt on Friday, Stik estimated that the levy would generate a 158,000,000 in annual revenue from, quote, crypto investors that are driven by a single motive, the desire for quick and instant wealth.
So he doesn't really understand the the constituency here. Quote, the funding shall be used to expand the substance abuse prevention and intervention program in schools in Upstate New York, a separate description of the bill states. Let's go back to this sentence. They wanna generate a 158,000,000 annual revenue from, quote, crypto investors that are driven by a single motive, the desire for quick and instant wealth. How do they know that everybody fits that? How are they going to determine that? That sounds like a qualitative. Actually, no. That actually sounds like a potentially quantitative thing that you would be able to measure maybe with a survey.
So are you prepared, New York State, to throw a survey to everybody in the state so that they can, for whatever reason, voluntarily and dutifully declare that they're in Bitcoin just for quick and instant wealth. You you see you see how this shit works? These definitions matter. These definitions matter. Anyway, Steck, a democrat, of course, chairs New York's standing committee on alcoholism and drug abuse, and the group oversees the state's office of addiction service and supports, which serves over a 100 no. 730,000 individuals per year according to an annual report.
Thirty three out of every one hundred thousand New Yorkers lost their lives to drug overdoses, the report notes. And the legislation comes as some states push forward with other crypto related initiatives to assist schools. Of course, it's about the children, isn't it? Like Wyoming, where cash generated by the reserves of its soon to be released stablecoin will get swept into the Cowboy States Education Fund. As of 2023, cryptocurrencies like Bitcoin were treated as cash equivalents for tax purposes in New York among seven other states including California according to Bloomberg tax. And I was then like, is Bloomberg tax just a yeah. Bloombergtax.com.
I guess it's a magazine from Bloomberg about tax. Oh, well. A more recent tax guide from crypto accounting software firm Bitwave says that digital assets are already subject, like other assets, to capital gains tax, gift tax, and estate tax in New York. In its initial form, the scope of Stex's bill is pretty broad with tax implications for NFTs, digital assets obtained through mining and staking, as well as stablecoins based on the text of the bill. The New York Department of Financial Services, which regulates crypto firms through its bit license regime, would not provide Steck with data on the volume of crypto transactions, his memo notes. That's interesting.
In a quarterly report, the regulator said it supervised 845,000,000 transactions across 20 total institutions in 2024, but did not include the dollar amount. The data likely doesn't capture residents' crypto transactions as well, so Steck found a workaround. He took the dollar value of cryptocurrency that crypto analytics firm Chainalysis said was sent to The United States between July 2022 and June 2023, which was roughly $1,000,000,000,000, that's trillion with a t, and adjusted that based on New York share of US GDP in 2024 yielding $79,000,000,000.
That number could be higher with New York City serving as the epicenter of the financial world, not for long, and home to a growing number of crypto native firms like stablecoin issuer Circle, crypto exchange Gemini, and institutional firm Galaxy Digital. STEC highlights scrutiny that the digital asset industry faced following the collapse of the crypto exchange FTX in 2022 saying that it has been vulnerable to fraud and scams. The memo lists Gemini, among other firms, as companies that were accused of defrauding clients.
So they they want you to pay them some money up in New York if you transact with Bitcoin. So how are they going to do that in a p2p fashion? They're not. Okay? They're not. Again, your second reason today to get all of your coins off of exchanges. At least get them off of the exchange before you intend to use them in a peer to peer fashion because otherwise, if you send your coins directly from Coinbase to another New York resident, if that New York resident has sent you another Coinbase address and you are you're a New Yorker, the other guy's a New Yorker, y'all both use Coinbase, y'all are both AML KYC'd out the wazoo, then New York state is gonna come after their point to present on that transaction.
Just be aware. This is filthy work that all South Korea, New York state is just filthy bullshit that they're engaged with, and they might need to get themselves cleaned up with my friend, SoapMiner, at soapminer dot com with Earl Grey Tallow Soap, Goat's Milk Tallow Soap, Lemongrass, Orange Clove, redacted, which is a nice black bar of carbon rich material, gets you clean, gets you deodorized, rough cut tallow bars. There's he's even got tallow lip balm unscented and in peppermint. I mean, all of these bars of soap will get you clean. They're right around about 7 anywhere between $7 and, you know, $7.50 a pop. But if you keep them dry, like after you use them, you put them up on a pet little soap pedestal that's specifically designed to drain the water away from it. And it's all it is, is just a couple of things that hold the soap up above the actual, you know, little the little dish the the water collects in. This bar of soap will do a family of four for a month.
I am sorry, man. It's when you start looking at it that way, $7.50 for this quality of soap is par excellence, man. Plus, he doesn't use any weird ingredients like parabens and shit. He uses water. He uses beef tallow a 100%, and he uses lye, which is sodium hydroxide. That's it, man. I will unless you get a flavored one or, like, redacted. It's got charcoal in it because that's part of the deal. Tea tree's got tea tree oil in it. But, man, dude, that's oh, and there's, you know, he colors some and he uses like like a a little bit of like does not colored sand. It's actually like ground up minerals that there's like I I don't know which ones he uses, but he's got green bars. He's got brown bars. He's got, like, a yellow bar. He's got, like, a nice orange bar. And some of these things do contain, like, some ground up mineral. But, man, I mean, dude, so what? Have you looked at the ingredients of your bar of soap?
You might want to do that next time you're at Walmart and you're going, I wonder about soap miner. Just pick up a bar of Irish Spring and read the ingredient list. Tell me if you wouldn't rather wash your hair, your hands, your body, shave with I use it for, like, almost I I don't I don't have shampoo. I don't have conditioner. I don't have hand lotion anymore. I don't have shaving cream anymore. I just use SoapMiner brand soaps from soapminer.com, mention Bitcoin, and get 10% off of your purchase. Onto this one. Gonna call this little segment Borg Adaptation.
So I run across this note on Nostr. It was either Saturday I think it was Saturday. And it's seven f q x says the following. So listen closely. This is about the the future of Nostr. I still don't know how Nostr would avoid government interference. Let's say The United Kingdom or some other government cared about Noster not complying with their laws, that they would go after the clients. Right? These clients would more than likely comply, which I don't blame them for well, he says for obviously, but let's say I don't blame them for obvious reasons. Considering the structure of Noster, would they also go after relays?
What is the workaround for this? More clients? This would just mean more places to be taken down? And these are all questions. Could you have a website that instantly forked Domus or Amethyst so that it would, on the fly, make a new client clone from these as a new client APK each time like it was a new client each time. Okay. That got me thinking. But he goes on to also say, I'm use this is another note that seven f q x says. I'm using vibe code here, but I barely understand and it may be the wrong term, LOL. Ryan comes back and replies and says, it's actually pretty easy to vibe code a simple master app these days, and it will only get easier. The government is fucked.
Now, Mark comes back to all this with this reply. Great insight. We live in interesting times. The phrase code is speech is axiomatic now. Anyone with 21,000 sats, a smartphone, and the ability to write an English paragraph can build a Nostra client. That's not easy to shut down. I have something to say about all this. So I I basically screenshot that whole deal and include Ryan's the the end event, or essentially the the link directly to his note. And I reply to that with the following. The best way to combat Borg adaptation is by rotating phasor frequencies. Now, let's think of a Nostra client with Alex Gleeson's shakespeare.
DIY as part of its architecture. It constantly rebuilds itself while keeping the client's front end intact so that the user has no idea it's rerouting its build to give a constant middle finger to any government dumb enough to waste its resources trying to shut down free speech. You may laugh, but this or something like this will be how we consistently and constantly reroute around the government. Those poor dumb bastards have walked right into a horn's nest, and they haven't even realized it yet. What I'm getting at here is that if you were to watch any demonstration of Alex Gleeson's, you can find him at at Alex on Noster and his last name is Gleeson so that it'll come up.
This guy has furiously been designing, MKStack, and then what came out one of the things that came out of MKStack was something called Shakespeare DIY, which is specifically designed to just build a website by you putting in a paragraph. I've used it, and it works. It builds a whole website. Yes. We are in early days. Yes. Vibe coding something if you don't know, I think it would be better to vibe code if you have experience being a software engineer, software developer, somebody who's worked with code, somebody who understands that there's many things that happen behind the scenes when you build a website.
But what I'm getting at is that as we move through that, and we will, then something like Shakespeare as that that can just build a new website on the fly would be able to do the thing that I'm describing, which is all of a sudden something gets taken down on your browser because you live in The UK, it just rebuilds itself. It may just chooses like it maybe it even has an embed like somehow or another an embedded VPN. Something that's constantly spoofing the United or not United States government, but any government. And and and I'm coming at this from a very naive standpoint, and I understand that. So anybody who's a coder out there, try try to work with me on a on a on a higher level.
The fact that we could embed, and I know we would be able to do this, we would be able to build a client. One client, a Nostra client. Maybe it's just for me. Only I I build this Nostra client. And then I tell Shakespeare that I want Shakespeare embedded permanently in that client. And its entire job from then on out is to completely rebuild the back end every single time. Maybe I'm like like I get a notification. Your website has been not website, but your whatever has been taken down and we're not letting you through. You're blocked from Internet access, fine. Cut build rebuild the back end a little bit, see if we can reconnect and have that just cycle.
That's that's what I mean by rotating phaser frequencies. If you're a Star Trek nerd, you get the reference. If you don't, I don't have time to explain it to you. But I get the feeling that we're we're on the precipice of something I don't think and I say this a lot because we're at this weird time in in in human history where all of us that are alive, we're witnessing something that you rarely as a human, as part of the human species, rarely get to witness. We we read books about the Renaissance in school. We're in one.
Well, this is what living in the Renaissance looked like. And I guarantee you there's just as many people in the Renaissance that did not realize they were in the Renaissance until either way later, which meant that they were way younger when the Renaissance was actually happening around them, or it was their children or their children's children looking at what happened in the Renaissance from afar, just like we do now with the history books. We're here. We're we're not kind of coming up to a Renaissance. We're not on the back half of the Renaissance.
We're the early adopters of Renaissance two point o. And if you don't understand that, you're gonna miss out on so much. But you're not gonna miss out on the numbers, which I'm gonna run right now. Futures and commodities. West Texas Intermediate Oil is up one full point probably because a Russian pipeline feeding hungry oil, the country hungry, got drone attacked by Ukraine either yesterday or sometime early this morning. And Britney, likewise, is up over a full point. It's at $66.54. Natural gas is crawling sideways in the red, and gasoline is up over a point, two dollars and nine cents a gallon.
Gold is crawling sideways in the red, $33.79 and 4 dimes. Silver is up a quarter of a point. Platinum is down a half. Copper is up one third no. Down one third. And palladium is up 1.18. Ag, biggest loser is lumber. Two full points to the downside. Mostly in the red today. I got four green ones and the biggest winner out of those is coffee, almost a full point to the upside. Meanwhile, live cattle up a quarter, lean hogs crawling sideways, but in the green. Feeder cattle up almost a full point. The Dow is down point 2%. S and P is down point one six. Nasdaq is down point two two. S and P Mini is up 0.11%.
Onto the dashboard, a 116,440. So we've had some pressure. We'll explain why later. We've had some sell pressure. Market cap is $2,320,000,000,000, and you can only purchase 34.7 ounces of your shiny metal rock with your one Bitcoin of which there are 19,908,019.57 of an average fees per block are really low. Really low. 0.02 BTC taken in fees on a per block basis. There are roughly about 28 blocks carrying 89,000 unconfirmed transactions waiting to clear at high priority rates of 5 Satoshis per vBuy. Low priority is gonna get you in at three. Hash rate has risen again. We're back up to 959 exahashes per second. You can do with that what you will. From Burger Meister Meister Burger, that was Friday's episode of Bitcoin, and I got Axelrod with a thousand sats says, love the civil disobedience rant. Cheers.
GodsDeath two thirty seven says, thank you, sir. No. Thank you. Perma Nerd says, with 210 thou or 210,000. 210 sats. Show me on the doll where bitcoin touched you. Yeah. No kidding, man. Czechoslovakia must be a fish and chips joint near you. Yeah. I know. I screwed that up, Aggie. With a 100 sats, by the way. Pies with a 121 says, thank you, sir. No. Thank you. Bitcoin for president with 500 says, I'm a huge fan of the show. Thank you for everything you do. Well, thank you, Bitcoin for president, for listening. I will vote for you in the next election. Psyduck with $7.46 says, Psyduck, 2,200 sats from I don't know who.
But he says, thank you, sir. No. Thank you. Reverend Hoddle says, with a 100 nope. 1,121 SATs. Thank you, sir. A message to all the local Bitcoiners out there. Come hang with me at the South Bend, Indiana Bitcoin meetup, the first Thursday of every month at Lang Lab, l a n g Lab, 06:30PM. Learn something, earn something, share something, buy something, build relationships and resilience with local Bitcoiners. Again, every first Thursday of every month at LangLab 06:30PM, the South Bend, Indiana Bitcoin meetup from Reverend Hoddle. Turkey with a thousand says nothing, and Yodl with one, two, three, four SAT says great ways. And that's the weather report.
Welcome to part two of the news that you can use. Thailand starts us off by rolling out a pilot program aimed at tourists for converting their crypto into bot for spending in their country. Timmy Shen from the block tells us about how Thailand wants you to sell your Bitcoin. It's rolled out a pilot program allowing foreigners to convert crypto assets into Thai bot for everyday spending. In a statement released on Monday, Deputy Prime Minister and Finance Minister Pichai Chhunjhavajira said that the new initiative, called Tourist DigiPay, will run for an initial eighteen months under a regulatory sandbox overseen by the Ministry of Finance, the Securities and Exchange Commission, the Anti Money Laundering Office, and the Ministry of Tourism and Sports.
The Tourist Digi Pay product or project enables tourists to exchange crypto assets for local currency through regulated platforms which can then be used at merchants across the country, according to the translated statement. The SEC concluded a public consultation on August 13 on the use of crypto assets to support tourism growth, local news outlet The Nation reported. Officials said the project reflects changes in travel behavior as tourists increasingly rely on electronic payments and show growing interest in digital assets. However, the officials noted that the project is not intended to promote crypto assets as a direct means of payment. Of course not, because you can't control it. Participants will be required to comply with strict anti money laundering and customer verification rules under Thai law, including know your customer requirements, the statement said.
Thailand is one of the earliest countries to establish clear legal and tax frameworks for crypto assets. Last month, the cabinet approved a finance ministry proposal to exempt crypto transactions from capital gains tax effective but up until 12/31/2029, which I in which I guess it collapses. Just here's the thing. They don't want you using Bitcoin in their country. They want you to sell it. And I'm I'm sure that they're the ones buying it from the exchanges. Don't fall for this shit. Just, you know, unless you just I mean, if you want to, hey, you know, knock yourself out. Honestly, I I just think it's a bunch of bullshit. But what it does telegraph to me is that the fear in countries at all government levels are starting to rise in ways that I thought would take a little bit longer, but whatever. Here we are. And we're also here with famed short seller warning that strategy's pissant measly ass $51,000,000 Bitcoin buy signals weak demand for strategy's latest offering.
Vismayah v from Decrypt. James Janos, who's best known for shorting Enron right before its implosion in 02/2007, is calling out Strategy for its modest $51,000,000 Bitcoin purchase and loosening a key safeguard to get shareholder dilution. Shano said that the company's latest Bitcoin purchase points to weak demand for its preferred stock offerings and accused Michael Saylor of lowering a key shareholder safeguard in a tweet on Monday. In its second quarter twenty twenty five earnings report strategy said it would only issue stock below 2.5 multiple of MNAV to service debt interest or fund dividends on preferred shares, not buy more BTC.
MNAV or market to net asset value is calculated, but by dividing strategies market cap by the sum of its Bitcoin holdings and operating assets. A reading of 2.5 signals that the stock trades at a 150% premium to its underlying assets. But the recent investor slide added the phrase, quote, when otherwise deemed advantageous. That's language that critics like Channels interpret as giving the company more leeway to issue equity even at lower multiples. Saylor announced the purchase of 430 BTC worth 40, sorry, 51,400,000.0 on Monday and revealed that the firm paid roughly a 119,666, per Bitcoin in the transaction.
With the latest buy, the Virginia company, formerly known as MicroStrategy, has pushed its total Bitcoin holdings to a massive 629,376 BTC worth $72,000,000,000 at the time. Now here's the deal. This just feeds in to another issue here. Specifically, over the last, I'm gonna say four weeks, there's been a lot of heat on strategy insofar as people making really potentially legally libelous accusations about a couple of slides that Michael Saylor uses in his, for lack of a better term, pitch deck as to, you know, why you wanna buy strike or strife or one whatever his other preferred stock is. There's this guy.
There's this dude at chooserich on Twitter. He go his handle that's his handle, but his name, if we can believe that his real name is this, Nick O'Neil. He seems to have stepped into a massive pile of legal shit because over the weekend, he released a vlog of him on his balcony. It is, I guess, multimillion dollar penthouse or whatever it is overlooking some beautiful bay, and he was basically just putting the screws to Saylor, calling him out directly as lying to his investors about certain things. And there's essentially, it's like the some of the language in his pitch deck seems to suggest to Nick O'Neil that what Saylor is saying about his preferred and when he decides to sell it and what he's gonna do with it is a 100% lie. And therefore, the entirety of MicroStrategy or, well, formally MicroStrategy and now Strategy is a fraud.
It is he is accusing the entire company's existence at this point of being a fraud machine. Well, this morning or late last night, I guess, it's twenty hours ago is what I'm seeing on Twitter. So late last night, this dude releases another vlog. And if you ever saw the Roger Ver video from 2000 was it 02/2015? It was a right before Mt. Gox, released the news that they had been terribly hacked for, like, I don't know, 800,000 Bitcoin or whatever it was. He reads this statement, and it sounds like a hostage statement. He, Roger Verr sounds like he's being held hostage and that he's reading a prepared statement from somebody who gave it to him, and he's on video. And he he it just looks like a hostage situation.
I'm getting the same vibes. This dude's like, what does he say? Hold on. I'm just gonna watch it again. Yeah. I'd I'd like to make this video as a follow-up to the videos I made over the past forty eight hours. And then he goes on and on and on until he finally says, regarding MicroStrategy, I have an official statement that I'd like to read here, so please give me a moment. And you know what he's about to read. So he holds up this piece of paper, and he starts reading the essentially everything about this is not true. Everything about what I said is not true. This is not good. I'm sorry. Mea culpa, mea culpa, mea culpa.
It was a complete, complete one eighty. And it's most likely because strategies lawyers got a hold of this guy and said, we are going to sue you into the sewer system unless you make amends and do it on Twitter. Stop listening to these assholes on Twitter. Twitter is not good for you guys. It's not good for you. But I wanna go back and I wanna say something about strategy. Because we were talking about this investor, the short seller, who is basically saying that the $51,000,000 buy just didn't really excite them all that much and that means that nobody wants strategies preferred stocks anymore.
And a lot of people are looking at that, and they're always using it as a reason for why Bitcoin dipped to right below a $115,000 this morning. I'm going to tell you why Bitcoin dipped, and I'm right. I'm 100% right. It has nothing to do with James Chanos. It has nothing to do at all with Michael Saylor and some kind of, you know, alleged pissant buy of Bitcoin signaling something. No. No. No. No. No. Ladies and gentlemen, this week is a very special week for all the the markets, Bitcoin and legacy markets alike. Do you know what week that is? It's Fed Week.
That's right. It's Fed Week. Because later on today at about 05:30 my time and on Pacific, we get housing starts and building permit numbers. Yay. Yay. That's that's gonna be lovely when everybody is betting against like, they're hedging against the bad news that is probably going to be coming. But wait, there's more. That's today. Or no. Wait. Is that is that today or is that tomorrow? That's no. That's tomorrow. Yeah. We haven't even got there yet. We haven't even got to 05:30 tomorrow. I thought it was today, but no. No. No. No. But after that, on the August 20, guess what happens?
The FOMAC minutes. Oh, we get to hear the minutes from the last Fed meeting. And that's that's when people will start really analyzing sentence structure and and word choice and and all of a sudden, we're probably gonna find out that they have no interest in lowering interest rates. And then as if not not to be outdone, continuing for the for Fed week, existing home sales numbers is gonna come out on August 21. Yay. But but there's more. Wait. There's more. Fed chair pal speech happens August 22 And August 22 is Friday right before the markets close. And that's when it'll probably reiterate that they have no intention whatsoever of lowering the Fed funds rate.
And that's going to cause problems. But people are hedging themselves against what they look at as a slew of bad news. And they're probably right. The housing numbers are probably gonna suck. The building numbers and the housing starts are probably gonna suck. The FOMAC minutes are gonna be interpreted in a negative light and it's gonna be framed as hawkish language. And then fed chair Powell will come out and doozle song and dance behind the podium, and they'll say hawkish hawkish hawkish. That's what happened. And it's like this is gonna be a rough week, guys.
You honestly, just shut down TradingView. Do yourself a favor. Shut down TradingView right now, and you won't have to worry about it. But before I let you go today, we're gonna go to Japan, who has approved the very first yen backed stablecoin. They're coming this fall, ladies and gentlemen. Ahmed Hasquinas has it for Cointelegraph. Japan's final final financial services agency is preparing to approve the issuance of Japanese yen denominated stablecoins as early as this fall, marking the first time the country will allow a domestic fiat peg digital currency.
Tokyo based fintech JPYC will register as a money transfer business within the month and will lead the rollout. JPYC is designed to maintain a fixed value of 1 Japanese yen or 1 rather 1 JPY which I guess is the name of the stable coin to 1 yen backed by highly liquid assets such as bank deposits Whose bank deposits? The Japanese citizenry's bank deposits? Holy crap. Highly liquid assets, such as bank deposits and Japanese government bonds. After purchase applications from individuals or corporations, the tokens are issued via bank transfer to digital wallets. The approval comes as the global stablecoin market dominated by Tether and circles USDC has expanded to more than $286,000,000,000 while US dollar stablecoins already have a foothold in Japan. This will be the country's first yen based offering. Well, pausing to say, you're too late.
It's over. You just don't know it yet. I have my reasons for saying that. Continuing, in a recent post on x Okabe, a representative of the JPYC issuing company said Yen Stablecoin could have a significant effect on Japan's bond market. Well, of course, he noted that in The US, leading stablecoin issuers have become major buyers of United States treasuries, holding them as collateral for circulating tokens. It's a mined virus. The disease is spreading. Japan has figured it out. They've cracked the nut. Hey, man. We we'll get a private company to issue this this essentially private currency.
We'll let them handle it, but they gotta buy our bullshit that we just print out a thin air in the form of debt instrumentation that looks like a Japanese treasury bond. We'll do exactly what The United States is doing. And so Japan Japan, they maybe they're not too late. If they really lean in to printing the living ever living crap out of the yen by using dead instrumentation and exporting it to any other country other than their own, they may actually survive it. A similar trend in Japan, he suggested, could boost demand for Japanese government bonds if JPYC gains widespread adoption.
Quote, JPYC will likely start buying up Japanese government bonds in large quantities going forward. Okabe also noted that countries lagging in stablecoin development risk higher government bond interest rates as they miss out on a brand new class of institutional demand. He argued that monetary policy considerations are now driving governments, including Japan, to accelerate stable coin frameworks. Oh my god. The framework. As reported, Circle officially launched USDC in Japan back in March following regulatory approval from its listing on SBI VC Trade, a crypto exchange operated under a joint venture between SBI Holdings and Circle Japan. I guess that's their Japanese subsidiary called KK.
The approval granted on March 4 marked the first time the country's financial services agency cleared a foreign issued stable coin under its very own regulatory framework. And at the time, Circle said that it plans to expand USDC listings to Binance Japan, BitBank, and BitFlyer, two of which rank among Japan's largest exchanges, each processing over $25,000,000 in daily volume and drawing more than 1,850,000 monthly visits. So Japan is on deck to issue government bonds, have a private company buy them, turn them into currency that they can export to probably the poorest nations of the planet. But I honestly, I'm I'm my gut feeling is I think it's too late.
I really do. I mean, I said that maybe Japan survives, and of course the country will survive. I'm just talking about is are people gonna give a shit about the yen for very much longer? But we could ask that about any fiat currency, including the dollar, except this whole stablecoin thing and and the buying of the government bonds wherever your issue for the country that you're issuing your stablecoin in in, ends only one way. The dollar becoming the singular currency of the planet before it itself collapses into Bitcoin.
That's the way I see it. It's the Bitcoin milkshake theory. It's just one step away from the dollar milkshake theory, which is simply that the dollar basically just it just ends up absorbing all of the value from all of the fiat currencies because nobody's currency is backed by anything real anymore. And even the stablecoins are not backed by anything real, not when they can just print money. And at one point, humanity may actually get freaking tired of this and just decide if only we had a currency that had, like, let's say, a 21,000,000 coin cap and nobody could print any more of it. And we all had to be in agreement on its rules. Otherwise, the transaction we make under a different set of rules are not acceptable to the network.
Oh, wait. We already have that. It's it's called Bitcoin. Maybe humanity finally wakes up. Maybe they'll do it in my lifetime. Maybe that will be the culmination of Renaissance two point o. Here here's to hoping. That that's all I can say. Here's to hoping. I'll 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.
Introduction and Never Give Up Day
Heating Homes in Europe with Bitcoin Mining
South Korea's Crypto Tax Evasion Crackdown
New York's Proposed Crypto Transaction Tax
AI Data Centers and Energy Consumption
Nostr and Government Interference
