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Episode 1163 of Bitcoin And . . . is LIVE!

Topics for today:

• Nasdaq Rule Change For Tokenized Assets
• Treasury Co.s May See Trouble
• Core Knots Fight Spins Into Grifter Realm
• Solana Chain to Die Soon?

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Peony Lane
Wine
nostr: https://primal.net/BenJustman
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Today's Articles:

https://bitcoinmagazine.com/legal/new-clarity-act-draft-could-shield-bitcoin-and-crypto-developers-from-past-liability
https://cointelegraph.com/news/nasdaq-asks-sec-for-rule-change-to-trade-tokenized-stocks
https://decrypt.co/338437/strategy-buys-217-million-more-in-bitcoin-after-sp-500-snub
https://atlas21.com/bitcoin-treasury-companies-in-trouble-nydig-forecasts-market-turbulence/
https://cointelegraph.com/news/ordinals-leader-threatens-bitcoin-core-fork
https://www.theblock.co/post/369838/lucky-solo-bitcoin-miner-beats-odds-to-win-full-block-reward
https://jumble.social/notes/d29a3d1d61970231af1d60124f6915e23dd100a97d207681dc48d36e90566829
https://bitcoinnews.com/mining/bitcoin-mining-difficulty-new-high/

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It is 09:01AM   Pacific Daylight Time. It is the September   2025,   and this is episode eleven   sixty three   of Bitcoin and a new clarity act draft is on the table. We'll we'll get to that in a whole lot more   here at the place where I bring you the news that you could use about Bitcoin and more.   Nasdaq,   they're looking for a rule change here. Looking for a rule change. Not gonna be pretty.   Don't worry. It's about something that's dumb anyway, but still not gonna be pretty.   Yes.   Strategy did buy more Bitcoin.   And then we've got a piece out of,   a outfit called Atlas twenty one   that talks about the possibility that that treasury companies   might be in trouble. I I don't know if they're talking about all treasury companies or just some of the treasury companies, but   we'll we'll get to it. And ordinals   ordinals is back in the news   and not not in the best way possible, but honestly, I I I think it's just a I think it's gonna end up being a paper tiger.  

It it it locks in with this whole knots versus core fight that's going on,   which   I'm getting getting real bored with this. I'm getting really, really bored with this.   We've got what else is here oh yeah yeah solo mining is in the news   and the Bitcoin mining difficulty   miners just don't seem to give shit one about what the price is   Let's get into it. From Bitcoin Magazine,   Frank Korva,   our good buddy, starts us off with   new clarity act draft   could shield Bitcoin and crypto developers   from past   liability.   Not just liability in the present and in the future, but now past liability.   Let's get into it. On Friday,   the US Senate Banking Committee   released its latest draft of the Clarity Act, in which it proposes an amendment   to 18 US code nineteen sixty a   stipulates that only crypto developers or providers that quote knowingly   exercise control over currency, funds, or other value   that substitutes for currency   be treated as money transmitting   businesses.  

What's more,   this amendment would not only protect Bitcoin and crypto developers in the wake of a bill with this language including   included in its passing,   but it would also protect said developers   retroactively.   A   little bit of a grandfather clause there.   In section five zero one   of section title five of the draft entitled Protecting Software Developers and Software Innovation,   it states that,   quote, this section   and the amendments   made by this section   shall apply to conduct   occurring before,   on, or after the date of enactment   of this act.  

If this language   is included in a version of the bill that is enacted into law,   Tornado Cash developer Roman Storm,   who was found guilty of operating an unlicensed money transmitting business last month, stands to benefit.   Storm has alluded to the notion that he plans to appeal the guilty verdict   as per reporting by Eleanor Tarrant.   If clarity becomes   law and the language regarding retroactive   developer protection is included in the draft of the bill that passes,   Storm's legal team should theoretically have no issue winning at the appellate level.   Unfortunately,   if Clarity passes with the retroactive   protections included, this will not help the samurai wallet developers   who accepted a plea deal   for operating an unlicensed money transmitting business in July.  

Hold on. Okay.   Frank doesn't really   talk about why the difference is. So here here's here's the difference. Why would it help Roman Storm   but not samurai wallet developers?   Roman Storm was found guilty.   The samurai wallet developers   took a plea.   They're not going to be included   in this retroactive   language because they made a deal.   Roman Storm   made no deal.   He was found guilty. So now   there's no question that if this act were to pass,   Roman Storm would most likely get out. I don't see if this act with retroactive language passes, I don't see any way that they would be able to keep Roman Storm behind bars.   However, the same is not going to be able   to extend itself to the samurai wallet developers sadly   because they took a plea deal.  

I don't know man. This is like it's just the whole it's just a big mess.   Okay, so moving on.   This most recent draft of clarity also stipulates that developers   or providers of non controlling or non custodial crypto technology shall not be treated as money transmitting businesses   under 31   US Code fifty three thirty.   This would also be applied retroactively.   Non controlling developers are defined as those who create or work on distributed ledger services that in the regular course of operations   does not have the legal right of the unilateral and independent ability to control,   initiate upon demand,   or effectuate transactions involving digital assets to which users are entitled   without the approval, consent, or direction of any other third party.  

The definition applies to developers of crypto services,   software, or hardware that helps customers facilitate the self custody   and safekeeping of digital assets.   Congress   is back in session as of 09/02/2025,   and the United States Senate Banking Committee plans to continue   to prioritize the Clarity Act after accepting input on the bill   from many members of the crypto industry. Quote, this legislative draft   reflects feedback from hundreds of stakeholders on a wide range of questions as part of the request for information   on the July discussion draft, a spokesperson from the senate banking committee told Bitcoin magazine,   quote, chairman Scott, senator Lummis, and their colleagues   will continue working in a bipartisan   way   to deliver a final product that will protect investors, foster innovation, and keep the future of digital finance   anchored in America.  

No hearings regarding the bill are currently on the senate banking committee's calendar.   Why, why why not?   I you better get it on the calendar pretty quick before their calendar fills up, but, you know, whatever. It's good that they're going to include retroactive language in the bill. Will it pass? Who the hell knows? That's that's not for me to conjecture on. But at least somebody is thinking, you know, proactively here   because this is   I mean, if if this stands,   there is all manner of precedent that could start seeping into other aspects of non monetary   software development   liabilities, and you don't want that. You really don't want that. And then the question becomes,   well,   was any code developed with ChatGPT   or Claude   or any number of other AI companies,   are they liable?  

I mean, do would they would they be found to be, like, have some kind of partial liability in the deployment of code   that   somehow or another either   acted as a money transmitting business   or under precedent,   like the Roman storm thing and the, and the the samurai wallet developer thing,   under precedent   seep into other industries where liability and partial liabilities could become a factor.   See, that   that has yet to be discovered because it's already it's already the case that   Chatt GPT has been in well, kind of indicted   at this point. There's a whole there's at least a at least one lawsuit from a family   because a 16 year old boy decided to off himself and it was very clear that ChatGPT   and the chat logs that were still on his computer,   ChatGPT was telling him that he should go kill himself.  

And now those parents are suing,   was it OpenAI or whatever Sam Bankman or not Sam Altman fried   Sam Altman guy.   His company, I think it's OpenAI.   They're being sued because of it.   I mean and and if it's found that they do have liability, even though it's a civil suit and not a criminal case, at least as far as I can tell because the parents are suing and not the district attorney,   You'd find some you we might find some serious,   serious,   interesting situations arise   in   liability   and artificial intelligence when it comes to drafting code.   Who knows? That's pure conjecture on my part. We've got other fish to fry, and his name is Nasdaq.  

The Nasdaq has asked the SEC for a rule change   to trade tokenized   stocks.   Here it comes, ladies and gentlemen. Your twenty four hour stock market is right over the horizon. You can see the sail masts   coming up over the ocean, and Helen Parts from Cointelegraph   is gonna tell us all about it.   NASDAQ,   the world's second largest stock exchange by market capitalization,   is seeking regulatory approval from The US securities regulator to list   tokenized   stocks.   Nasdaq filed a request Monday with the   US Securities and Exchange Commission asking for a rule change that would allow the company to list said prioritized   or   tokenized   stocks.  

The exchange operator specifically asked to amend certain rules, including the definition   of a security,   to trade tokenized stocks under the same execution and documentation rules as traditional securities,   provided the tokenized versions are deemed equivalent.   According to a report by Bloomberg, Nasdaq's request for the SEC would go beyond a technical rule change as it relates   to the very foundations of how stocks are issued and settled.   One of the changes sought by Nasdaq is that tokenized assets should be clearly labeled to ensure that all participants, including those responsible for clearing and settlement, like the depository trust company,   properly process these trades. Quote,   a security may be traded in the Nasdaq market center in either traditional format, like a digital representation of ownership and rights, but without utilizing distributed ledger or blockchain technology,   or in tokenized form, a digital representation of ownership and rights which does utilize blockchain technology, the company stated in the filing.  

Additionally,   NASDAQ   also said that tokenized assets would have the same priority in which the exchange executes that order as it does with traditional stocks and if approved.   US regulated exchanges,   including NASDAQ,   would be authorized to list tokenized shares on their platforms which could boost liquidity   for blockchain based versions of traditional securities.   It's gonna be like Chevron   or Royal Dutch Shell on the blockchain.   Yay.   In the filing,   Nasdaq emphasized the importance of putting tokenized securities under the purview of established securities markets players,   opposing it to listing on silo trading venues where investors would have no consolidated   sense of best market wide prices.  

Quote, although tokenization   technology presents   novel capabilities by which to record evidence of securities ownership and transactions,   the trading of tokenized securities can, and it must occur largely as congress prescribed   when it enacted   the subsequently   amended   the act,   the company said,   adding, that is a terrible sentence, by the way, and it doesn't make sense, but I've   I can't read it any other way. That's literally what they said.   Anyway,   quote, such trading must occur in regulated markets, namely   national securities exchanges, alternative trading systems, and at FINRA, the Financial Industry Regulatory Authority,   regulated broker dealers, end quote.  

Nasdaq also advocated for tokenized securities to be traded within the context   of an interconnected   national market system.   Oh, interconnected   national market system. In addition   to pursuing or pushing regulators to bring tokenization   under the purview of established market players,   Nasdaq expressed concerns about the growing number of offerings providing exposure   to United States tokenized stocks in Europe.   Quote, a few trading platforms are purporting   to offer investors access to tokenized US equities, but they are not providing investors with actual shares in US companies.   Wow.  

They added Nasdaq added, quote, instead,   they are providing investors   with digitally tradable rights   to traditional digital shares   that the platform   themselves   purchase and hold in their own accounts. These digital rights do not comprise the full extent of the rights to which owners of traditional digital shares are entitled,   including voting rights.   So   it's an IOU on a share   of stock.   This is ridiculous. Nasdaq's proposal came amid a growing trend for real world assets globally   with many platforms choosing to list   tokenized versions of US investment products like Tesla shares or exchange traded funds for users in jurisdictions like Europe.  

Quote, the reality is   that users in The United States already have already   have relatively seamless access to traditional equities like stocks and ETFs   through well established brokerage platforms.   Alchemy pays Alona   Syslik   told CoinTelegraph   in June while commenting on the platform's partnership with back end's equity tokenization   platform called XStox.   Quote, our mission with this product   is to bridge the gap for users outside The US, especially in regions where direct access to such assets   has traditionally been limited   or unavailable,   the executive said.  

So it's stocks on the blockchain, y'all. We had been you know, we went through a whole time of bananas on the blockchain, but   here's the thing. Stocks on the blockchain actually make a hell of a lot more sense than bananas or strawberries on the blockchain.   It's just not possible   to put the proof of anything about physical goods   like bananas. Like, they if you don't know, there was bananas on the blockchain was kind of a meme about five years ago. And it was around the time that it was it was blockchain,   not Bitcoin. You heard suits all over the world talking about how they were gonna tokenize everything.  

And one of the one of the more   idiotic   manifestations of this idea was bananas on the blockchain. There was, like, a company, and I I don't   it may have actually been Chiquita. I'm not I'm not exactly sure if it wasn't, but it was some banana company who was say going to say or that was saying that they were going to put   the proof of origin   of where the bananas were picked   on the blockchain. And not only that,   when they were boxed,   when they were shipped,   when they arrived,   when they were distributed,   all kinds of other information about a banana crop were going to go on the blockchain. The problem is is that   you're simply trusting somebody to enter in   the correct information into, for lack of a better term, a transaction   that is coded or, I guess, hashed or something like that   to the particular product, like a a lot number, say, of of these Chiquita bananas   that came from, I don't know, Guatemala or something like that.  

It's impossible.   Gold, same way. Silver, same way. Papayas,   same way. Celery, nope. Yeah. None of this. You're   you can't digitize   this mass, this physical   mass that you can hold in your hands that that has weight. You cannot digitize that and put it on the blockchain.   However, with stocks, that becomes very much different.   That you can do.   You very much can do that. And it is coming,   and we are looking square in the face what will eventually become   twenty four hour, seven day a week   markets   on everything,   on all stocks, on all equities, on all derivatives, everything, everything, everything, everything will be traded   twenty four seven. And if you think people were destroying their health as being a derivatives trader now,   oh, Nelly, you ain't seen nothing yet.  

And it will probably be the guys trading strategy stock   because strategy just bought another $217,000,000   more of Bitcoin   after the S and P five hundred   gave him the heave ho.   Yep. S and P five hundred said no   to strategy being listed   on   that. Oh, god. You know, everybody was gonna go, oh, yeah, man. They're gonna get listed. They're gonna get listed.   Nobody really knew if they were gonna get listed or not. I kinda thought they they would. I mean, they had all the they had all the chops, but I I think where Mike might have messed up   is that very last decision to go ahead and change that rule   that they weren't going to sell any more common stock   unless their m nav to Bitcoin   was 2.5   or above.  

And then they came out like last week or the week before and said, you know what? We're we're just going to change that so that we can sell, you know, some more we're gonna print some more common stock, and we're gonna dilute our existing shareholders, and we're gonna buy more Bitcoin with it. I I actually think that that the s and p S and P probably looked at that and said, no.   We can't just have our the companies that are listed on our platform, we just can't have them change in, you know, internal rules that they set for themselves just a couple of months prior. Now I don't know if that's why, if or if that was taken into consideration   at all.  

But if it had been me that was looking at like as an evaluator or somebody that was asking my opinion, I would be like, no, man, that's too unstable.   I,   I try not to wade into the whole Michael Saylor, you know, strategy   argument and whether or not he's a grifter or he works for the CIA. I don't care.   What I do care about is what I see. And when I see somebody who is, like, at the top of a company make a rule and then two to three months later break that rule,   I I don't look at that as something stable. But Vismaya v is writing this one for decrypt. Let's see what she has to say.   Michael Saylor's Strategy Incorporated announced on Monday   that it had acquired 1,955   Bitcoin for $217,400,000   at an average price of 111,196   per coin   days, just days after being passed over for s and p 500 inclusion.  

The Virginia based company formerly known as MicroStrategy now holds   638,460   Bitcoin   worth approximately 71,500,000,000.0   at current prices maintaining its spot as the world's largest   public corporate Bitcoin holder.   The purchase came just days after strategy was snubbed, I tell you, snubbed   from the S and P 500 index despite strong results in the second quarter while Robinhood   took   that spot. Oh, I bet that's gonna cause some bad blood. With the stock jumping 7%   as strategy fell nearly 3%   in after hours trading on Friday.   QCP Capital noted in its latest report that Bitcoin's ability to maintain levels above a 110,000   despite strategy's   exclusion   from the S and P 500   demonstrates   resilience.  

That's just   that's a really that's a really bad comparison,   but I I won't get into it. Bitcoin is trading at around a 112,000   gaining   point 9% in the past twenty four hours. Strategy's latest purchase has delivered a BTC yield   of 25.8%   year to date for 2025   for shareholders   according to a form eight k   filing. And the company funded Monday's purchase   through its at the market offering   programs   selling 591,606   common shares   for 205,000,000   in net proceeds,   as well as   preferred stock sales totaling   a measly 16,900,000.0   during the September   '2 through September 7 period. Gonna pause.  

They sold 591,000   common   shares, which means that all the people that already owned those common shares   just got diluted   collectively   to the tune of $200,500,000.   And who knows if there's a multiple on that when you actually go and and do, you know, internal company analytics.   I'm just gonna say they all got dilute. They got robbed by 200   $200,500,000   collectively, the shareholders,   because of the rule change.   And I'm not talking about a Nasdaq rule change here. I'm talking about strategy's own internal rule   saying that they would not sell common shares unless the MNAV   on their Bitcoin   was at 2.5   or above.  

And then just months later, like I just said, Saylor said, you know what? I changed my mind. And what did they do? They immediately diluted their shareholders by over $200,000,000   in value.   I don't think this is a good practice.   I do not think that Michael Saylor is making any friends   among his common stock shareholders.   Also to note,   he sold $200,000,000   worth of common shares   and only 16,900,000.0   of these preferred stock like Stride, Strike, Strife, and that other fourth one. I can't remember what it is. Doesn't matter.   It the 200,000,000   of common share sale dwarfs   the preferred stock sale.  

We should keep we need to keep an eye on that. Continuing on the move   follows similar acquisitions   by other major corporate Bitcoin holders with Japan's Meta Planet announcing on Monday,   that would be today,   that it purchased a 136   Bitcoin for 15,200,000.0,   bringing its own total holdings to 20,136   Bitcoin.   And here's my favorite part of the story.   Meanwhile,   El Salvador marked the fourth anniversary of its now defunct Bitcoin legal tender law   by purchasing   21   Bitcoin   on Sunday,   continuing its daily Bitcoin accumulation   strategy. Quote, Bitcoin treasury companies have now accumulated over a million BTC,   and as they continue to buy and grow, it will provide a very strong buying base for the asset,   Pranav   Agarwal. I can't pronounce the name. Independent director of JetKing Infotrain   India,   the country's first listed Bitcoin treasury company previously told Decrypt.  

Strategy stock closed today   at wait. Closed today? No. No. No. That's must be   must be this must have been a story done on Friday. Anyway, closed, I guess, on Friday at the end of the market at $335.87,   which was up 2.53%.   Let's get back to this El Salvador bid.   How come we still, at this point, do not know   what the hell's going on with El Salvador?   Are they   there's there's several questions here. One,   are they really buying the Bitcoin?   I I don't know. I mean, all all evidence seems to point that way that they are actually doing it, but transparency   is still   not as transparent as it needs to be.  

Two,   I thought the the IMF   told the world that El Salvador had stopped buying Bitcoin   not once, not twice, but on many, many, many occasions.   Yet, we have no clarity   about that either.   El Salvador   themselves   has not said a thing   at all about the IMF   telling the world that El Salvador has stopped buying Bitcoin.   They do tongue in cheek, like, they jab a little bit.   They make innuendo a little bit, but they don't have a strong statement as to   the like, I just want Boo Kelly to come out and make this statement   or or something like this.   We understand that the IMF is telling the world that El Salvador is no longer purchasing Bitcoin.  

I can tell you with all my heart that that is   insanely untrue.   We are indeed buying Bitcoin. This is how much we're buying.   And the reason that   the reason that we think the IMF is telling you this is, I don't know, x y z. But we don't get these statements.   This entire relationship between Bitcoin, El Salvador, and the IMF is so murky   as to have me going,   until somebody makes a statement,   I don't know what to think about this.   I do know that I probably wanna do it with if I am gonna think about it, I'm gonna do it with a glass of wine from Peony Lane Vineyards.   Circle p is open for business. The circle p is where I bring plebs with goods and services   to other plebs just like you who might want to buy said goods and services with Bitcoin.  

And you can buy your wine from Peony Lane Vineyards   with Bitcoin. Just go to peonylanewine.com.   That's peonylanewine.com,   pe0nylanewine.com.   And you can buy Bitcoin boxes. You can buy, like, the c box, which has four Malbecs, four Cabernet Sauvignons, and four Estate Pinot Noirs. Now chef Tommy on Noster   gave one of the most incredible reviews of that Estate Pinot Noir I've ever seen.   And   I I have a tendency to trust chefs when it comes to taste. Even though they're not tasting food, they're tasting wine, a chef knows. You're gonna you're gonna pair wine with food. And if chef Tommy is saying these things about Peony Lane's,   estate Pinot Noir,   you could probably take that to the bank. So go ahead. Go to peonylanewine.com.  

Use the code Bitcoin. And in the coupon code box, you won't get a discount, but it will allow Ben Jessamine,   the purveyor of these fine wines, to understand that I was able to make him a sale. And it will be up to Ben   as to whether or not he wants to engage in value for value and cut me in on some of that sweet sweet Satoshi on those sales. Because, again, you you can buy it with Bitcoin. If you're not buy if you're not selling your goods and services in Bitcoin, you ain't in the circle p.   Now   Bitcoin treasury companies are in trouble.   NYDIG   forecasts   market turbulence, and this is out of atlas21.com.  

According to an analysis by the New York Digital Investment Group, or NYDIG,   the Bitcoin Treasury Company sector   could face a particularly   turbulent   period in the coming months.   Greg Cipollaro,   NIDIG's global head of research, highlighted how the gap between the stock prices   and the net asset value, or the NAV, of major Bitcoin accumulating companies such as Meta Planet and Strategy continues to narrow   despite   the asset reaching new all time highs.   Cipollaro   noted that the causes for this compression   are multiple.   Investor anxiety   over upcoming   share unlocks that will increase market supply,   you can read that as dilution,   changes in corporate objectives by management teams, you can read that as Michael Saylor changing the rules that he set for himself not more than a quarter ago,   changes in corporate objectives by management teams, tangible increases in share issuance,   investor profit taking, and limited differentiation   across treasury strategies.  

Read that one again.   There is limited differentiation   across treasury strategies.   Everybody is just doing what Michael Saylor's doing. There's no real   differentiation.   There's no everybody's just saying, we'll we'll we'll sell share we'll we'll take our cash, we'll buy Bitcoin. Then we'll say, okay. Now we've got this Bitcoin on our balance sheet. We're gonna make, we're gonna make up a new debt instrument, and we're gonna call it strike. And we're gonna sell that as a preferred stock with a coupon attached or something that makes it seem like, you know, really nice and nice and shiny, and the people will buy that and will buy more Bitcoin. And then now you've got a cycle.   Right?  

The only only company that I know of, and I can't so it's a Bitcoin mining company. I talked about it either last week or at the end of the week before,   is a mining company that is able to mine Bitcoin   and use that Bitcoin as   essentially already on their balance sheet and then   actually   generate these   debt instruments   so that they can use that cash as they sell it to buy more Bitcoin. So they would have two inflows of Bitcoin. One from actual production of Bitcoin and two   from the, you know, taking Michael Saylor's playbook. That   is different than what Just Strategy or Meta Planet or twenty one or any of these other guys are doing.  

So this market differentiator,   that's that's gonna come up because people want excitement in their lives, and they don't wanna do what they could do with 15 other different companies. Anyway, it doesn't matter.   According   to NYDIG's global head of research, a bumpy ride may be ahead for corporate treasuries   as many are awaiting managers or financing   deals or sorry, not managers, awaiting mergers   or financing deals to go public, which could trigger a substantial wave of sales from existing shareholders.   The expert emphasized   that many companies in the sector, including KindlyMD   and twenty one Capital,   are trading at prices equal to or below their recent fundraising values.  

For Cipollaro, a drop in stock prices could accelerate sales once the shares become freely tradable.   When the shares of a treasury company trade below their NAV,   the most direct course of action would be a share buyback, Cipollaro said, a strategy aimed at boosting stock prices by reducing supply.   Corporate Bitcoin treasuries have become the latest Wall Street trend. Yeah. It's a freaking fad at this point, raising billions of dollars over the past year.   The market has witnessed exponential growth in these companies, which have attracted significant capital by betting on Bitcoin's price growth as a corporate store of value.   Holdings of Bitcoin accumulating companies peaked this year at around   84   no. 80 840,000   Bitcoin, and strategy holds 76%   of that or 635   636,505   Bitcoin,   while the rest is distributed amongst 32   other companies.  

So we have 33   companies. And if I remember right, 33 is a magic number.   So there you go. Now this get I wanna get back to, to this.   A substantial   wave of sales if some certain mergers or financing goes through. Who knows?   One and I what I'm gonna do here is I'm gonna restate what I think is gonna happen. I I think strategy will be fine. I don't know that for sure, though.   If any I'm saying that from the standpoint of if anybody's got the best shot of survivability   of something really bad happening, it's probably strategy, but that doesn't make it so.   What I'm more concerned about is, like, about   20 there's about 25   of the 33   Bitcoin treasury companies   that,   honestly, I I don't think they're really interested. I think this is the this is a hail Mary   to save a dying company. Actually, in this case, like, 25 dying companies.  

That shit could be enough to really suck, but   we don't know. It it was just pure conjecture at this point,   but what isn't is real numbers, and we're gonna run them right now.   West Texas Intermediate Oil is up 70 no. I'm sorry. Point 73%   to sixty two thirty one. Brent Norsey up point eight four to six six zero five. Natural gas up one and a half percent   back above 3 to $3.00 9   per thousand cubic feet. Gasoline is down almost a half to,   dollar and 95¢   a gallon. Murbaughn Crude, everybody's favorite. Crude oil,   light and sweet as it is, 1.37   to the upside,   $69.01.  

Gold and all of its brethren are all in the green today.   $3,681   and 9 dimes after a point 7% increase for gold. Silver is up almost a full point.   Platinum is up a quarter. Copper is up almost a half. Palladium is up two and one   third.   Most of ag is in the green today too. The biggest loser is is chocolate, 3% to the downside. Biggest winner is coffee, which is 3% to the upside.   Live cattle is up a third. Lean hogs up point 17%.   Feeder cattle up point eight three.   Meanwhile, the Dow is in the red, but only slightly. It's basically moving sideways, 20 points to the downside.   S and P is up point 2%, Nasdaq is up point six, and the S and P Mini is down a third of a point. And Bitcoin is chilling out at a $112,340   a coin. That's a $2,240,000,000,000   market cap.  

You can only purchase 30.8   ounces of shiny metal rocks with your one Bitcoin of which there are 19,917,785   and 1 half of.   Average fees per block are super low right now.   We had basically nothing in mempools around the world all weekend long. Now it's kinda filled up, but 0.02   BTC taken in fees   on a per block basis. There are 30 blocks,   carrying 80,000 unconfirmed transactions   around the world waiting to clear at high priority rates of 2 Satoshis per vByte.   You can get locked in at low priority for one.   980   exahashes,   so we are still way, way up there   as far as security for the Bitcoin network.  

Now from,   let's see. Let's see. Okay. I've got a I got a couple of boosts here from people that are supporting the Bitcoin and podcast.   Paul Cernine 500 says fascinating episode. Keep up the good work. And that was from Cathedral   four.   I named it Life Raft. If you're not following the Cathedral series and you wanna know more about things like silvopasture   and like an ag an agricultural design science and stuff like that,   go check out the Cathedral   series. It's on my,   website bitcoinandshow.com.   That's bitcoinandshow.com.   Up on the top, you'll see a tab called   cathedral. You just hit that one and   get it going on.  

Wartime with a 133 says, get deep down inside my text files, baby.   Seventeen seventy six with seventeen seventy six SAT says, fun episode, and this is from Black Hole Sun.   That was Friday's episode of Bitcoin and made me laugh out loud a couple of times on my way back from a distant worksite.   Sun's letter was hilarious.   And the ECB story gave me a real pimpy in my.   Have a good weekend, Dave. Yeah. I did, man. Thank you. I appreciate that. Evan from Black Hole Sun with one thousand eight hundred and eleven sets says another potential item for the weather report.   Knots nodes currently at 18.11%   as of this recording.  

Don't have to take a side. Just reporting the facts. Appreciate the daily news.   Pies with one twenty one says thank you, sir. No thank you. Bitcoin Sandy, 5,000   sats. And that was from Black Hole Sun as well.   Bitcoin Sandy says always a great listen.   Jubjub with a thousand from Black Hole Sun says, tell your cat I said   freaking cat.   That seems to be it from the from the, boost.   Getting back to what Evan said about, knots nodes currently at 18.11%,   and he's right. You don't have to take a side.   What in fact,   what I'm doing after this episode is I'm going to get into one of, you know, a couple of my favorite Nostra clients,   and I'm now going to mute the words core   and knots   because I'm done.  

I and, again, don't take it out on Evan. He's right. I mean, he's he's reporting he's just reporting the numbers. 18.11%   is I mean, you're talking about a fifth of the nodes almost being not nodes versus core nodes.   I'm I'm tired of the discussion.   I'm tired of the fight.   You know, I I went to Twitter this morning and all it was with was the was the   Coronados   and the Nazis   talking over each other and slandering each other and saying really vile shit to each other, and I'm just done. I went through this crap in 2017.   Somebody asked me, hey, is this   is this as bad as the fork wars   from 2017?  

This this whole filter war thing? No. It's not.   It has the potential to get really bad, but   I just it's it's nothing.   This is nothing like the fork wars of twenty seventeen. So at least we got that going for us.   That's the weather report.   Welcome to part two, the news that you could use and whoop dee doo   as if we didn't just get finished talking about me mutant core   and not because of this ridiculous   filter war thing going on.   We've got this one, and this is this is just a special kind of graft, man.   This is a special kind of stupid.   It's nefarious.  

I I think it's something completely different than what the headline says. I I I I'll get into that.   But Braden Lindria brings us this raft of crap from Cointelegraph.   Ordinals developer   floats   forking Bitcoin   core   amid censorship   concerns.   Oh, really?   A Bitcoin ordinals developer has threatened   to fund the development, oh my god, of an open source fork of Bitcoin core   if core developers attempt   to censor ordinals,   runes, and other non financial   transactions   on the network.   I'm gonna pause right now to just go ahead and say, do it.   Do it.  

Fork core.   We haven't had a good fork in a long time. And if you're gonna, you know, if you want a fork, fork your mother. That's   yeah.   This is ridiculous. The open letter on x from Leonidas,   host of the ordinal show, on Saturday   comes amid a war, a war, a hot war between members of the Bitcoin community as to whether Bitcoin node validators   should prioritize   peer to peer financial transactions   and censor   or at least ignore   large data transactions   such as pictures, videos, or documents   which critics claim to be spam.   Leonidas   or Leonidas   warned   of a dangerous precedent   and said that any tightening of policy rules or censorship of ordinals and ruins transactions would trigger   decisive action. Oh   oh oh oh my god. Decisive action. I I I I I I   love this. This is great. Quote, if necessary,   the dog army, d o g, I don't exact I guess that's like a digital ordinals   god. I whatever. The dog army   will fund the development   and maintenance of an open source fork of Bitcoin core that strips out nearly all policy rules   and that thousands of people will run to make it abundantly clear   that Bitcoin is and must always remain censorship   resistant.  

He got his comments   followed remarks from Blockstream CEO, Adam Back, who is one of many Bitcoiners who believe these transactions are spam   and should have, quote, no place in the time chain, end quote.   Bitcoin knots,   an alternative to Bitcoin Core, has been growing in popularity   over the past year. It went from 70 or 67 nodes in March   2024   to over 4,380   today,   representing more than 18% of the network.   The rise has come ahead of Bitcoin Core's version three release scheduled for October 30,   which   will remove   the 80 byte limit on the opportune function   allowing for significantly   more   media   fill.  

What? Filled filed? Wait. This is a weird sentence. Allowing for significantly more media filed   to be stored on chain.   The letter from Leonidas came from fears that they may overturn the update.   Those   those siding with Adam Back include   Ocean Mining creator, Luke Dash Junior, and Satoshi Action Fund CEO, Dennis Porter.   Leonidas argue that the Ordinals and Rune's ecosystem have contributed over $500,000,000   in transaction fees   to strengthen Bitcoin's security,   something which has become an increasing concern as the Bitcoin mining block subsidy continues to have every four or so years.   He added that he's spoken with Bitcoin miners representing over 50% of Bitcoin's hash rate and said that they would continue to accept any transaction provided the fees are competitive.  

Relying on fees from ordinals transactions has proven to be tough, however, with activity showing clear seasonality.   On on August   31,   Bitcoin miners made just $3,060   from ordinals,   a tiny fraction of the daily record $9,990,000   that it raked in on 12/16/2023   according to Dune Analytics.   Even in 2025,   the strongest daily total hasn't even topped 1,000,000   suggesting ordinals aren't taking up as much block space as they used to. Yeah. Because essentially, ordinals are dead. And this   article is now over, but   I'm not done talking about it because this is all bullshit.   First of all, there is no credible evidence that Bitcoin Core   is thinking about   reneging on their promise to remove   that opportune,   size limit.  

I have heard nothing   nothing out of Core or people arguing for Core   that they have any intention to say, wow, we're really scared of this knots thing.   Maybe we should rethink our stance on this opportune issue   and take it back down to 80   so that we filter out what we considered what Adam Back would consider to be spam.   There is no   credible   evidence that that is actually occurring. So, therefore,   my theory is   that this particular Leonidas guy   is using the rift   and is fear mongering.   He's just adding fuel to the fire.   I don't think that he has any intention of actually funding   a fork of Bitcoin Core. I think that his statement is 100%   b s.  

I don't think he's serious.   I think he's trying to put   even more material   into the rift   that has grown   between certain camps of Bitcoin   developers   and to try to wedge that even further apart.   You see what I'm what I'm getting at is I I don't think he actually cares.   Ordinals and runes are spam.   Do they belong on the blockchain?   No. Not they don't. But because Bitcoin   because the Bitcoin protocol   allows it,   and by the way,   we've had ordinals   in some way, shape, form, or fashion   on Bitcoin   well before Taproot   and Taproot assets   and ordinals   and runes.  

We we had rare Pepes   back in what was it? 02/2012,   2000 and maybe even well, maybe, like, I know that they were alive at least in 2015   because here in a couple of days, I will be celebrating my tenth year   down this rabbit hole. I've been in Bitcoin for ten years now come September 11. I know it's a weird date to start. That was actually my first Bitcoin purchase was on the anniversary   of of when they those idiots decided to do whatever they did in New York City. I'm just I but what I'm getting at here is that do does the protocol allow it?   If the protocol allows it, then   the the protocol allows it. I I don't have anything to say about it other than an opinion.  

It is my opinion that ordinals are b s. It is my opinion   that runes kinda suck. It is my opinion that if you buy these things, you're wasting your money,   which is   kinda coming up next, in fact.   You're you're wasting your money.   Buying a pitcher   just because it's secured on the blockchain   is the same thing as saying, I know this banana came from Guatemala because   they put the banana on the blockchain. It it's all stupid.   I can right click and save   any NFT I want. I can right click and save any Ethereum rock that I want. I can right click and save   anything. If it if it renders on my screen, I can right click and save it, or I can take a screenshot of it. This   entire idea   is   a colossal   waste of time,   but they're allowed on the blockchain. They're allowed in the Bitcoin protocol.  

I got nothing but opinion,   which seems to be what it nobody else has anything but opinion,   and it's causing problems. I'm I'm that's why I'm muting this whole thing. I'm done with it. I'm   Solana has its   own problems.   And this isn't gonna be an article. I just I caught this over on x or Twitter or what dead bird or whatever you wanna call it over the weekend and posted it to Noster immediately.   And it's from, I don't know, Camel, c a m o l n f t guy over there on on Twitter says,   Solana is literally running out of memory.   Every token launched   takes up space on chain.  

With all the validators   running, the network is able to survive for now.   As more tokens are launched, which is about 12,000,000 a day,   where is that data stored?   Users are not using Soul Incinerator   fast enough, hence, they're not they're they're not burning the tokens. Right? Hence, recent network issues and price decreases.   The only solution is removing some of that data. Either the foundation will have to physically delete it or Solana risk total collapse.   Insane to think about.   You should've just listened to us.   You literally should've just listened to us instead of pointing your finger at laughing at Bitcoin maximalist for telling you that your   Solana chain is just is is   a pure pipe dream   and is bullshit,   this is why.  

You should have listened to us   because all these here's what's happening. All these people, they come to Salon and they're like, hey, man. I can spin up my own I can spin up my own coin, and   millions are being spun up.   And then the developer gets, you know, tired of the project or, I don't know, it didn't get as much market cap as they thought. They didn't they didn't have as many rubes   to steal money from.   And so they just walked away.   They're just walking away, and they're leaving their BS project on Solana, and it's taking up space.   Now here's the here here's one of the fascinating things about this passage that Camel said.  

The only solution is removing   some of that data.   Is is that possible?   Can you remove the data from Solana blockchain? Because if you can remove   any   data from the so called blockchain,   then it is completely   mutable.   Right? You can change anything you want. You can delete any data that you want.   He says either the foundation will have to physically delete   it or Solana risks total collapse.   Physically   deleting   data from Bitcoin is impossible.   But clearly, it is very possible   for Solana or at least in this particular person's mind it is, and I don't know who Camel is. Got a blue check, though, so I guess he's okay. Whatever. It it doesn't matter.   But then I saw then I saw another   another post on Twitter, and it was a guy explaining a story about him buying one of those,   Bored Ape Yacht Club   NFTs back in the day. I don't know if you're if you're new to Bitcoin, you may not have known, but these these are the non fungible token things that that I was talking about earlier. I can right click and save them.  

He bought a Bored   Ape or   Bored Ape Yacht Club   Ape   for I think it was 200 and was it $257,000?   He finally sold it   for $37,000,   basically   eating, you know, $22,020,000   dollars. I mean, it's just gone, just evaporated.   Yeah. His wealth was transferred to the bored ape ape yacht club crew   who have, as far as I know, have yet to be indicted on anything.   And he was bemoaning the loss of his ape,   but he also remember he also started going into how stupid he was.   He is realizing only now   that this was stupid.   We tried to tell people   on several occasions that all this was just dumb and nobody listened to us. We were called foolish. We were called Luddites. We were called Bitcoin maximalists.  

We were called every name that you could possibly come up with, and yet one thing is always true.   We were right.   They were wrong.   Sorry for you.   They were unlucky. But this guy is lucky because a lucky solo Bitcoin miner   beats   one in one hundred year odds to win a $350,000   block reward. Ladies and gentlemen, it has happened again. James Hunt from theblock.co.   A solo Bitcoin miner beat   monumental   odds to solve a block and take home the full subsidy   and transaction fee rewarded on Sunday.   The miner collected a total of 3.129   BTC   worth $347,980   for mining block ninety one three   five ninety three using solo Bitcoin mining software from c k pool according to the Bitcoin explorer mempool.  

This comprised 3.125   in block subsidy rewards   and a mere $471   in transaction fees. Quote, congratulations   to miner b c one q and a whole bunch of numbers and letters for solving the three hundred and seventh the   three hundred and seventh solo block at solo.ckpool.org   with only   200 terahashes.   That hash rate is equivalent to just one   twenty twenty four   Bitmain Antminer s 21 air cooled mining machine, for example.   The solo miner's hash power represents   0.00002%   of the Bitcoin   network's total estimated hash rate of 1.04   Zeta hashes on September 8 per mempool data. And for comparison, leading public Bitcoin miners Mara and Eiran, manage a hash rate of approximately 59.4   exahashes and 50 exahashes per second respectively   according to the latest documentations.  

So   there you go. Yeah. I mean, three hundred and seven   Three hundred and seven solo blocks.   People keep saying it's impossible to mine a block all by yourself. Well, not for 307   instances of it happening.   So maybe the BitX isn't quite such a well, it I've heard people call it a scam. I don't know why you would call it a scam. I know what I was buying.   When I bought when I bought my my little miner, it was more about learning how to, you know, I don't know, change mempool or mempools,   how to run you know, get it to to attach to my own node,   have my own wallet attached to whatever, you know, mining pool that I want to attach to or or or just go flat solo. It it it it as long as I've got   a a Bitcoin address that is that the miners linked to to drop a subsidy. And if I were to win a block, then it's I can mine solo.  

And yet I saw a lot of people   talk about bit acts like it was just this giant scam. No, it's not. They they actually sell you what they tell you they're going to sell you. They sell you a little minor   with   not a whole lot of horsepower.   And yet some people,   you know, get have won a block off of a bid ax.   This guy, you know, won a block off of something, you know, much larger than a bid ax. But still,   solo mining,   it seems to work.   You know, I'm just saying.   Speaking of Bitcoin mining, the difficulty   has hit a new high as fees shrink   to record lows. Oh my god. It's a bitcoin mining spiral. It's the death spiral. It's all about us.  

Alex Larry from bitcoin news dot com says,   bitcoin's mining industry   is still at a tough spot and profitability is taking yet another hit.   The network's mining difficulty   has reached new all time highs even as the hash rate briefly touched one Zeta hash before retreating.   Miners are facing a tough situation.   Mining costs are up and fees are sitting at record lows, while competition is at an all time high.   That raises real concerns about how profitable mining still is and what lies ahead   for Bitcoin mining as a whole. Pausing to say one word,   decentralization.  

That's   and or commoditization   of mining equipment.   Hot tubs,   water heaters,   home heating,   heating of greenhouses,   you name it, buddy. Bitcoin mining ain't going nowhere.   And when and when it when the inevitable happens and you start seeing Bitcoin miners convert fully into   AI,   the the death of Bitcoin stories will start piling up. Bitcoin obituaries.com   or whatever that website is will start adding more Bitcoin obituary stories to its site. I haven't had one added in quite a while.   It'll it'll happen at one point or another. There will be major auctions of all this mining equipment,   and people will start buying it. And and I it's gonna start heating homes.  

This is going to happen.   You're going to see Bitcoin mining go from these huge centralized hubs   into three or four miners at somebody's house that's using to heat their house in the winter   or heat their hot tub outside in the summer.   That's what's going to happen. But continuing in simple terms, mining difficulty   tells us how much compute power is required to mine Bitcoin, and it adjusts   every two weeks to keep block times at around ten minutes.   The latest adjustment saw difficulty rise   to about 5% or rise   rise about 5%   to around a 136,000,000,000,000,   which is the highest it's ever been.  

Just before the adjustment, Bitcoin's hash rate, the combined compute power securing the network, hit one zeta hash per second, a milestone itself that shows the scale of modern mining.   But the party was short lived.   After peaking, hash rate dropped to around 961   exahashes   per second and block time stretched to over eleven minutes. This ebb and flow is actually part of Bitcoin's built in self correcting mechanism   that balances block production with network security.   On the surface, a high hash rate means strength. The network is, you know, harder to attack and more secure.   But the distribution   of that hash rate is   sparking debate.  

Mining pools, which allow thousands of smaller miles miners to combine forces, are the backbone of the industry, but they also raise   concerns about centralization.   As of yesterday, Foundry USA controlled   29.92%   of hash rate. Antpool,   17.83%.   ViaBTC,   12.49%.   And together,   those three control more than 60%   of the network's hash power.   Analyst Jacob King said on x that this concentration   means   a 51%   attack is possible.   Others are more sanguine. Rich Rines, a core DAO contributor,   said while centralization is valid   concern in theory,   in practice, the industry is more robust.  

Mining is mobile, and if one pool turns malicious,   others could quickly move resources elsewhere. Quote, all of these forces act to push back against   long term dominance by any single actor, Rines said.   Record high difficulty isn't just a technical milestone.   It's got real world consequences for miners.   In past bull runs, high Bitcoin prices meant big profits for mining companies, but today,   not today, it's more complicated.   Even with Bitcoin above a $110,000,   miners, they just aren't seeing the windfalls of 2017   and 2021.  

Halved block rewards amid rising cost and relentless competition are the main reasons.   According to analysts, transaction fees,   which are used as a source of income, have been low since 2022. And now, they've reached their lowest levels in over a decade.   That leaves block rewards as the only reliable revenue source, and miners have to constantly upgrade to the latest and greatest hardware   just to stay competitive.   That's the end of the article. Again, I reiterate my prediction that we're going to see mass commoditization   of the Bitcoin   mining   ASIC chips   into things like   heating industrial spaces,   heating homes,   heating greenhouses,   heating hot tubs. Hell, I could I could run an aquaponics system and use that that mining heat to to heat the water to make sure that the fish don't freeze in the wintertime.  

If if aquaponics is   marrying fish and using the the fish poop and waste in the water   to,   send nutrition to to plants that are that are sort of in that same water. It's actually kind of fascinating. It's one of the things that got me into regen agriculture   and permaculture,   which led me directly to Bitcoin.   And, wow, what a what a road it's been in in the last   ten to fifteen years because I was really, really looking at possibly opening up an aquaponics thing,   you know, for, like, selling selling   lettuce and whatnot like that and growing it in an aquaponics   kind of style thing about three or four years before I found out about Bitcoin.  

And now I'm doing things like I I've got that whole cathedral,   series about   regenerative agriculture silvopasture.   I'm coming I'm coming sort of getting back to my roots,   but I'm carrying with it all the stuff that I've learned about from Bitcoin. It's it's been   it's been an interesting ten years. I will I will say that. And for almost eight of them, I have been bringing you The Bitcoin and Show   almost every day, Monday through Friday. When I first started the podcast, I was only doing Monday, Wednesday, Friday and decided to start doing it every single day,   and I really haven't looked back. So if you   if you enjoy the show,   if you want to help support the show,   help support me do what I do,   you know, sort of takes take some of the anxiety off me for doing this every day, then   throw me some fat heavy zaps over on fountain or any of the podcasting two point o   applications that support streaming sats or boostograms   or you can throw me some fat zaps over there on nostr.  

You know, I mean, I've got I've got a I've got a a geyser account. I've got a let's see what I get a patreon account.   You can get you can if you really wanna support the show,   you buy an annual subscription to my website, bitcoinandshow.com.   That's bitcoinandshow.com.   It's $50, man. I do this five times a day all year long,   but for the most part,   I'm here sitting right next to you as your copilot   as you're going to work, coming home from work,   hanging around the garden,   washing dishes.   I'm in your ear, man. I'm in your   ear. Throw me some sats.  

Throw me some sats. 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.