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Episode 1164 of Bitcoin And . . . is LIVE!

Topics for today:

• Tether Din Not Sell BTC For GLD
• Christie's Shuts Down NFT Department
• Jobs Report Revised Down 911,000
• Stablecoin Yield Terrifies Banks

Circle P:

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

Today's Articles:

https://bitcoinmagazine.com/technical/npm-attack-javascript-library-compromise-goes-after-bitcoin-wallets
https://www.theblock.co/post/369984/npm-supply-chain-attack-on-crypto-contained-with-almost-no-victims-ledger-cto-says
https://bitcoinnews.com/adoption/tether-denies-bitcoin-sell-off-gold-btc/
https://cointelegraph.com/news/auction-christies-shuts-digital-art-nft-division
https://www.cnbc.com/2025/09/09/jobs-report-revisions-september-2025-.html
https://www.theblock.co/post/370018/senate-democrats-crypto-market-structure-framework
https://decrypt.co/338610/stablecoins-must-offer-yield-to-compete-former-standard-chartered-tokenization-head
https://atlas21.com/kazakhstan-aims-for-a-strategic-cryptocurrency-reserve-by-2026/
https://decrypt.co/338536/eightco-jumps-5000-worldcoin-treasury-bitmine-investment

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[00:00:02] David Bennett:

It is 08:37AM   Pacific Daylight Time. It is the ninth day of the ninth month of twenty twenty five, and when you add those all together,   you end up with 999   because two plus two plus five equals,   well, nine.   Yeah, I I dude, I know. My numerology   sucks. Good morning.   This is episode eleven sixty four   of Bitcoin and NPM attack. Oh my god. We're all gonna die.   Apparently, they've only been able to steal $50. If you have no idea what I'm talking about,   you will because this is the Bitcoin and podcast. It's where you come to get all the news that you can use about Bitcoin,   economics, and more.  

I got all kinds of stuff today. We got the NPN   stuff. We got   oh oh the tether selling Bitcoin for gold controversy.   We'll do it. I promise. And you will get some answers or at least,   well, we'll rely on the answers of of   who is it? Who's this? Bitcoin news. Yes. Bitcoin news.   And Christie's   winding down an entire segment of their auction house.   And it's really funny because, well, we we told you so. We told you so. Now senate Democrats   gonna unveil their own crypto market structure framework.   We'll see how that one differs from the, Clarity Act, which is, you know, basically Republican supported.   And, stablecoins,   will they offer yield? I don't care. Oh my god. I don't care. But a lot of people do.  

And by the way, even if I don't care about stablecoins or whether or not they offer yield,   there's still some good stuff in in this particular story.   Kazakhstan will be next up, and   Aitko   will finish us out for the day show.   But first,   we're gonna do the   NPM   attack.   Everybody   collectively   lost their minds yesterday   when it was made known   that this massive,   what's known as a supply chain attack   occurred. It is not supply chain as in we can't get steel to build cars or we the plastic   spigot has been cut off or or or the bananas on the blockchain aren't being shipped. It's not that kind of supply chain.   Dude, this is about JavaScript   libraries.  

Alright? So, Shinobi,   who is quite technical   but does a pretty good job in this particular piece from Bitcoin Magazine,   is gonna kinda tell us what the hell the NPM attack that everybody was   collectively,   crying about yesterday   was or rather is.   A major   NPM   developer,   QIX, q I x,   has had their account compromised.   It was used to push malware that targets   and searches for Bitcoin and cryptocurrency   wallets on users' devices.   And if detected,   the malware would patch the code functions used to coordinate   transaction   signing   and replace the address a user is trying to send money to   with one of the malware creator's   own addresses   this should mostly be a concern for web wallet users also known as hot wallets. K. Web if you're using a web wallet, which honestly   you you kinda shouldn't be unless you're just using it for, like, play money, like, $20, a $100, something like that. If you've got any kind of real   actual wealth   built up in Bitcoin   and it's on a hot wallet,   you don't need to be doing that. It needs to be on a cold wallet,   like a cold card,   also known as a hardware wallet.  

Anyway, this should mostly be a concern for web wallet users. So in the Bitcoin ecosystem,   ordinals or runes and other token users   as unless   an update for your normal software wallet happened to be pushed just earlier today with a compromised dependency   or if your wallet dynamically   loads code directly from the wallet back end   bypassing the app store, well then you should be fine. So what did he just say about all that? Well,   he's basically saying software wallets, which are also hard hard   hot wallets,   which are web wallets as well. Well, not really. Web wallets could be like MetaMask or something like that that is a browser extension wallet. But there are people with non browser extension wallets, and those would be software wallets. So they're on your computer, and your computer is connected to the Internet, and it's getting updates from, you know, a back end or something like that. Yes. That's a problem. This is a problem with the NPM attack.   And and and by the the,   the wallets that dynamically loads code,   Ledger comes to mind.  

Trezor comes to mind. Now, Trezor has always been, from what I understand, I everybody loves Trezor.   A lot of people use Ledger, and I still don't know why.   I've been through three Ledger wallets, and two of them have been bricked.   The third $100   Ledger Nano s that I bought was specifically so   that I could actually get all of my shit off   of my ledger, which doesn't   technically, it's never really on the ledger. It's just a signing device.   And I realized later that all I really had to do was just get my my 24 words and use Electrum, and and I could have done it that way. But   we all come to understand how Bitcoin works when we come to understand how Bitcoin works. So that was the only reason why I bought my third ledger was to get it off,   and I put it directly onto a CoinKite cold card,   hardware wallet, which that's why I'm not worried about this particular attack.  

If I was still using ledger, I would be worried about this attack.   Now, as we'll see later,   the attack is probably over and we're probably good, but but but but but that does not mean that you need   to check your send addresses.   If you have a web wallet, if you've got a software wallet, or if you've got a ledger or a Trezor and it's like updating the code on the back end because it's like you like ledger, you have to plug it in and and it uses ledger's web interface and all that, then you need to double and triple check   for the for the time being.  

You've got to double and triple check   the the wallet address that you're sending to.   Alright? So please don't don't   let your guard down.   Not anytime soon because this this shit could still be all over the place.   Anyway,   npm,   if you wanna know what the hell it is, it's a package manager for Node. Js,   a popular JavaScript framework.   This means it is used to grab large sets of pre written code   used for common functionality   to be integrated into different programs without the developer   having to rewrite these basic functions themselves   the targeted packages were not cryptocurrency specific   but they were packages used by countless numbers of normal applications   that are built with Node. Js,   not just cryptocurrency   wallets. If you were using a hardware wallet in combination with your web wallet,   take extra care to verify on the device itself   that the destination address that you were sending to   is correct before signing   anything.  

If you are using software keys in a web wallet itself, it would be advisable   to not open them or transact until you are certain you are not running a vulnerable version of the wallet. The safest course of action would be waiting for an announcement   from the team that develops the wallet that you use   that everything is now safe. And this is me talking.   Even then,   be   double and triple check your addresses. And you should do that when when when everybody thinks everything is all clear.   I always check, like, I always take, like, three sections of the address wallet that that was generated by my wallet   or or well, yeah, or generated by the place that I'm sending to. Like like, let's say I want to send Bitcoin to strike.  

Right? That generates me a an address,   and it's always different. It's different every time that I do it with strike.   I I will just pick, like, like, the first, you know, or after the b c one or or the like the first three or four four letters, I'll pick like four letters or five letters, and then I'll pick another five letters in the middle, and then I'll pick the last five letters at the end. And if all of those match up   to this what's being given to me on my signing device,   then I'm like, I'm pretty sure because being able to spoof something like that,   probably not gonna happen in anybody's lifetime. But we've got a little bit more about this NPM supply chain attack.  

NPM supply chain attack on crypto has been contained with almost no victims   according to the ledger CTO   or chief technical officer. This is Naga   Evan Nomayo from The Block.   Ledger's chief technology officer said Tuesday   that a widely watched supply chain attack on the node package manager ecosystem   fortunately failed   with almost no victims after a phishing campaign   led attackers,   to publish malicious updates to popular JavaScript packages before the compromise was detected and shut down.   Charles Guillemot,   I guess that's how you pronounce it, Ledger CTO stated the incident began with emails   from a spoofed NPM support domain that harvested developer credentials.  

This allowed hackers   to push tainted,   package versions that hook web crypto activity across Ethereum, Solana, and other chains by swapping destination addresses inside network responses.   He added that implementation mistakes caused CICD   pipelines   to crash,   triggering rapid discovery and limited   the impact size. Quote, the immediate danger   may have passed, but the threat hasn't,   Ledger CTO wrote on x, urging users to favor hardware wallets and clear signing protections.   The attackers also netted about $500   in crypto according to on chain analytics firm, Arkham,   which said the funds went to addresses cited by Guillermo   in his initial alert. The updates follows Monday's industry wide as reported by the block. Wait. Wait. Wait. What?  

The update follows   Monday's   industry wide, comma, as reported by the block.   Industry wide what? Attack?   Guys, editing. Edit. You gotta edit your shit. Security   experts urge developers and users to pause on chain activity amid a massive NPM supply chain event targeting web three projects.   By early on Tuesday,   multiple crypto teams including Uniswap, Morpho, MetaMask, OKX,   Wallet Sui, Ava, Trezor, and Lido   reported that they were not affected.   Securitycollectivesealorg   called the outcome lucky, noting a compromised account with packages downloaded billions   of times.  

This this compromised package was downloaded   billions,   not millions, but billions with a b of times   weekly   every week billions of times and it could have yielded untold   riches   had the, you know, payload been a little bit stealthier.   While the take was minimal, this time, industry veterans like Guillemot   warned that software supply chain compromises remain a powerful malware vector and are becoming increasingly targeted.   The block recently covered investigative work showing attackers embedding command and control instructions behind Ethereum smart contracts   to steer NPM distributed malware,   a sign that adversaries   are blending on chain and open source   tactics   to dodge detection.  

So   what what what's happening here?   I wanna write a wallet, a Bitcoin wallet, and I for whatever reason, I want it to be a web wallet.   I don't   I I I know how to write, you know, most of the code to for the wallet functionality itself, to be able to generate a wallet address,   to be able to sign the thing, blah blah blah. But I don't know how to write a lot of the other stuff that is just   general housekeeping on how things might display,   how things might, you know, like general maybe user experience issues or user interface issues. So I depend on already written or or rather   pre built libraries   of JavaScript   to actually get that done and I link to that. I say, I'm gonna take that package. I'm gonna use it in my project.  

That's called a dependency.   My project is dependent   upon a third party project. What do we always say in Bitcoin?   Third parties are security holes.   This is a direct   explanation of what that means.   If you're depending on a third party for anything, whether it's custody   or helping you write   software,   It is an attack   surface.   It's an attack vector,   and we need to be watching this shit very, very,   very carefully.   So that's that's pretty much it for the NPM attack. Please do not think that it is over.   Please do not think that because the dude from Ledger comes out and says, hey, man. Only $500 was stolen.   That does not mean that sometime today,   we don't get a a news story saying that $10,000,000,000   in,   I don't know,   ether was was was heisted.  

Because this shit, this NPM attack,   this compromised package, that's still out in the wind.   Do you we don't know   if every single developer has updated their project   to make sure that that package has been stripped out and replaced with the actual dependency package that they really want. So by no means   go, you know, softly into that good night saying, oh, everything's gonna be just fine because you can still get taken. Alright? You can still get taken.   There's been   let's shift gears here.   There's been some controversy about Tether selling Bitcoin for gold.   Well,   Paolo Ardoino   has actually made a statement. Thank God somebody somewhere is like, you know, we should probably clear this up and make a statement. So   Tether denies   selling Bitcoin and reaffirms   BTC   and gold strategy. This is Alex Larry writing for Bitcoin news.  

Tether,   the largest stablecoin issuer, has now shut down rumors   that it has been quietly selling off its Bitcoin for gold.   The speculation, which spread across Bitcoin circles over the last few weeks, claimed   that the company had reduced its Bitcoin stash to build up gold reserves.   But Tether CEO, Paolo Ordano,   has denied the claims calling them false and reaffirming that the company's strategy of investing profits into Bitcoin,   gold, and land remains firm.   The controversy began when independent analysis   and or analyst rather and YouTuber Clive   Thumpson   looked at Tether's quarterly reports from accounting firm BDO,   and the video is now available below, and they've got a link to it. We're not gonna play it.  

According to Thompson   or Thompson because it's   t h o m p, Thompson,   The company's Bitcoin holdings went from 92,650   Bitcoin in quarter one twenty twenty five to, oh, 83,274   in the second quarter. And to some, that looked like a massive sell off.   Thompson   agreed that that the decrease meant the stablecoin issuer had liquidated part of its position to buy gold   I gotta pause here   All you can say about that data is that   they might have liquidated it. They might have sold it,   but they might   have done something else with it. They might have given it   as, I don't know, a loan. They I mean, it or or they might have transferred it to an internal another internal wallet   in Tether.  

You can't say anything. You can make no conjecture   at all.   This is 100%   bullshit   that somebody   like Clive Thompson   would would say anything like this. It's it's odd. It's almost as if,   well, you know what? Let's just read.   This   set off a wave of speculation online. Bitcoin Twitter, always skeptical of Tether, was quick to assume the worst, but other industry figures quickly jumped in to clarify the numbers.   Samson Moe, CEO of Bitcoin focused company Jan three, explained that the company didn't sell its Bitcoin but transferred   19,800   BTC   to the new investment vehicle, which is named twenty one Capital.  

That's Jack Mallard's   new outfit if you didn't know.   Let's see here. Do do do there's oh, yeah. 06/02/2025,   14,000   BTC was transferred to XXI   or twenty one.   In July 2025, an additional 5,800   BTC was transferred to XXI or twenty one. Quote, that means   that at the end of the 2025,   Tether would have had 4,624   BTC   more than at the end of the 2025.   And if you combine it with the July transfer,   then Tether has at least a net increase   of Bitcoin holdings of 10,424.   Mao added bluntly, quote, Tether is mega bullish on Bitcoin and   on all metrics.  

Mega bullish on Bitcoin   on all metrics. End quote. Ardoino   backed up the explanation saying the company didn't sell any Bitcoin   but allocated part of its holdings   to 21.   Arduinos said that the company is not abandoning Bitcoin but strengthening its BTC position as of the latest data. Tether now holds over 100,521   Bitcoin worth around $11,170,000,000,   making it one of the largest institutional Bitcoin holders in the world.   At the same time,   the company is, in fact, gradually expanding its gold or rather into gold as part of what are doing now calls a hybrid reserve model.   Reports say Tether holds around $8,700,000,000   worth of gold, nearly 80 tons. Holy   shit.  

Wow. It apparently, they hold this gold   in secure   Zurich   vaults.   Just saying.   Zurich. Be a a nice reason to go over to Zurich.   Go go inspect my gold   and get some schnitzel. Anyway, the, company   has also launched a gold backed token called x a u t, which recently surpassed 1,300,000,000   market cap and entered into the top 100   digital assets. Quote, while the world continues to get darker,   Tether will continue   to invest part of its profits into safe assets like   Bitcoin,   gold,   and land, Arduinos said.   This is not about replacing Bitcoin, but about being resilient in uncertain times, Arduinos says, while Bitcoin is at the core of his company's reserve strategy,   gold and land provide   diversification.  

So   all we really have to go on here   is Paulo Ardoino's word. He's   he said   what has occurred.   Now   do I automatically believe him?   I tend to believe him, but I don't fully believe anybody who says anything anymore because, well,   I grew up the better part of my life being flat ass lied to and   just accepting it, just believing it. Hey. They these guys flew they flew planes into these buildings so that we found out that they're we found their passports in the rubble within thirty minutes of this disaster and, well, we're we figured out that they're from,   Saudi Arabia. So we're gonna bomb Iraq   and Afghanistan   because, you know, bin Laden.  

It   it doesn't matter. Right? I've been told that inflation is good for me. No. It's not. That's a lie.   I've been told that the nuclear family is racist. No. It's not. That that's a lie.   It's just it   you need to put all of your money into the four zero one k plan. Oh my god, dude. I just wanna buy Bitcoin.   So   for what Paolo says, it makes sense. Bitcoin, golden land.   Honestly,   it's not a bad it's not bad. And for though there are a lot of people out there that say,   if you hold land,   somebody can just, you know, men with guns can just come take it from you. Yes. This is true. And if you hold gold, men with guns can come and take it from you if they know where you are and the gold is. Yes. That that's true as well. But the same is true for Bitcoin.   Men with guns   can come take your shit.  

Before guns existed, men with bows and arrows could come and take your stuff.   Before that, in caveman times, if you figured out that you could hold a animal femur   in your hand, you know, the the big thigh bone   and beat somebody around the head and shoulders, you could take their stuff too, even though it might have been a leather pouch full of, you know, psychedelic mushrooms or something like that. In in either event,   there's always been somebody stronger who has weak moral sets   and will use violence to take your stuff.   So   with that aside,   I have no problem with what Paolo said.  

I'm I'm not against gold.   I'm certainly not against land. Anybody who's been listening to the cathedral series, well, shit, you know that.   I love land. I would love to steward a whole bunch of land.   You know? I'm I'm not as excited about gold. I guess, like, if I were to say it, it would be Bitcoin land and gold for me in in that order of importance.   But there's nothing here   that tells me that Paolo is just straight up lying to people.   This dude, on the other hand, this   Clive Thompson,   immediately leaping to because   this wallet address doesn't have the amount of Bitcoin that it has, then Tether must have sold the Bitcoin   Honestly, even if Tether was selling their Bitcoin,   dude, you remain unaffected.  

Would you see a would you see a short term price dip? Yes. And we're seeing it today   from other reasons which I will get into. But first, the circle p is open for business. And the circle p is where I bring plebs just like you with goods and services to plebs just like you who want to buy said goods and services.   I do it for free. This is value for value advertising.   Oshi.   Oshi is our Circle p vendor of the day.   Of course, as usual, Oshi is out of stock on everything.   Why would I bring you somebody who doesn't have any goods and services for sale?   Because it demonstrates   that people want   Oshii's products. What are they? He's got huddle bars, but his main seller   is this stuff   called huddle butter. And he has it in an eight ounce jar, and now he has been selling 16 ounce jars.  

Here are the ingredients. It's like peanut butter except first first ingredient   is pecans,   not peanuts.   This is made with pecans and maple sugar and sea salt flakes   and just a little bit of cinnamon and black pepper to give it that   what am I trying to say? That flavor. You gotta get the flavor. It's the   you you gotta go to oshigood.us.   Go to oshigood.us.   Go and buy some some some huddle butter when he gets it back into stock   because he's always generating this stuff and he's always selling out. That's oshigood.us.   Oshigood.us   use coupon code   Bitcoin and use the coupon code Bitcoin and because that way, Oshigood will know   Oshigood will know   that I made a sale for him, and that's where the value for value advertising model   turns on. That's where we turn the key to the engine of the circle p because Oshie then gets to make a determination.  

Was the sale   worth it?   Enough for me to go and cut mister Bennett   some Satoshis   for the work that he did putting me in the circle p. If he decides he does that or I did that for him, then he sends me Satoshis.   We don't have a contract.   It is a handshake deal.   Why?   Two reasons. One, there's a lot of plebs with a lot of really good products.   I'm trying to put more into the circle p, and more will be coming online in the coming weeks.   Two,   when you're first starting out, you know what you really need?   Help   from somebody else.   Whether you ask for it or they just give it.  

When I first started the circle p, I didn't ask permission to put people's products into the circle p. I knew that they did probably didn't have an advertising budget.   They probably are making this stuff because this is what they might rather be doing. They might rather dream of having a big facility that makes a whole bunch of this stuff.   Maybe that's what they wanna do.   Who am I to not try to help them out? That's what the circle p is all about. So go to oshigood.us,   0shig00d,0shig00d.0s.   Make sure you tell them Bitcoin and sent you so he will know who made the sale.   On to Christie's   who is no longer making a sale   of NFTs.  

Told you.   Steven Cottey from Cointelegraph   says, auction giant, Christie's   winds down NFT department.   You're all fired. Why?   Because NFTs, like what we told you, are worthless.   UK auction giant, Christie's, reportedly closing its department that handles non fungible token sales, putting it under a broader department amid a global decline in the art market.   The strategic decision   will see the 258   year old British auction house continue to sell   digital art such as NFTs, but now within the larger twentieth and twenty first century art category   according to a report on Monday   from Now Media that cited a statement from Christie's spokesperson. So   they're not quite   quitting selling the NFTs, but, hey.  

It's clickbait, man. Even I gotta do the clickbait. Gotta keep you interested. But they are winding down the the actual department. And it really it it it is important   because the more that this NFT garbage starts to decline, the more the fad just dims   the light of its life down, and it starts to flatline, and we can we can all let go of this   this poor, dumbass,   dear loved one that that, you know, just didn't survive,   then we could all go about our lives   just a little bit better   unless you're looking for a job. Because the jobs report came out today and, woah,   Nelly. Oh my   god.  

Job growth revised down   by 911,000   through the month of March,   signaling that the economy is on much shakier footing than first realized Jeff Cox.   CNBC is writing this one. The labor market created far fewer jobs than previously thought according to a labor department   report on Tuesday that added to concerns   about the health of the economy in the state of data collection. Oh, they're they're worried they're getting bad data now.   Annual revisions to non farm payrolls data for the year.   This isn't a monthly report by the way,   for the year prior to March 2025 showed a drop   of 911,000   from the initial estimates.  

It's almost a million people.   How can you be off   by a factor of six?   Oh, okay. A factor of five. You know? It's like a a, you know, a number with five zeros behind it.   That's what this is. That's how bad of a mistake this is.   It's   it's   freaking   inexcusable.   Anyway, initial estimates.   According to a preliminary report from the Bureau of Labor statistics and statistics,   the total revision   was on the high end of Wall Street expectations, which ranged from a low around 600,000   to as many as a million. The reverse revisions   were more than 50% higher than last year's adjustment.  

Oh, oh, oh, there's apparently, that's good news. And the largest on record going back to 02/2002.   And on a monthly basis, they suggest average job growth of 76,000   less than initially reported.   The numbers, which are adjusted from data in the quarterly census and reflect   updated information on business openings and closings, add to evidence that the employment picture in The United States is weakening.   Most of the time span for the report   came before Donald president or president sorry. President Donald Trump took office indicating the jobs picture was deteriorating   well before he began levying tariffs against   US trading partners.  

I'm pausing to say it's odd that CNBC   is extending this this rare   positive moment in their view of Donald Trump.   I'm I'm actually shocked. Quote, the BLS's preliminary benchmark revisions to to non farm payrolls   show a much weaker labor market over most of 2024 and early twenty twenty five than previously estimated.   Importantly,   the slower job creation implies   income growth was also on a softer footing even prior to the recent rise in policy uncertainty and economic slowdowns that we've seen since the spring. This should give the Fed more impetus   to restart its   cutting cycle.  

And there's there's the rub.   There's the that so what so now that we know   that the jobs picture is way less than we oh, my god. It's really it's much worse than we thought.   And the Federal Reserve   is gonna do what? Well, they were already on track to set they Jerome Powell gave dovish comments   in the September,   September his his September speech and said,   we're thinking about a cut. We're we might do it. We might do it. Well, the weakening jobs report even gives gives them much more fuel   to say, yeah, we probably need to cut because the Federal Reserve has   two mandates.  

One is control of the interest rates, which is a huge lever.   The other one is called full employment.   And interest rates is like they're targeting 2%. That's really kind of their mandate.   But,   essentially,   you know, the mandate is keep it at 2% inflation, but what they do is they they jack with the interest rates to try to do that.   But the other mandate is full employment.   And a long time ago, and I can't remember who it was,   they sort of have a third mandate which says,   if you have to choose   between   making job making the jobs market where everybody   has as much employment as possible   or jacking with interest rates because inflation is out of control,   you need to choose jobs.  

And you need to do whatever it is you need to do with the interest rates to make sure that jobs,   jobs, jobs, and jobs.   Right?   In my opinion, we are looking square in the face of anywhere between a point 25%   and a point 5% rate cut   this next Fed meeting   because of this report.   What did Bitcoin do?   It lost a thousand dollars. Let's run the numbers.   Yeehaw.   Oil is up 1.11.   Oh, a nice little row of sticks   to $62.95.   Brent Norcey up just over a point or a percentage point to $66.70,   and natural gas is down point 8%.   Gasoline, however, is up 1.7%.  

And Merban crudes, everybody's   light sweet crude oil is up almost one and a half percent, back up to $69.88   a barrel.   Gold is up a quarter of a point to $36.85   and a dime.   Silver and the rest of the metal rock brethren are all in the red. 1.3%   to the downside for silver, but still   trading at $41.   $41   for an ounce of silver.   It was not that long ago you could pick that shit up for $22.   I'm just saying I'm not saying go buy it. I'm just saying wow. Wow. Platinum, however,   is down a full percentage point. Copper is moving sideways. Palladium is down a point.   Ag looking mostly in the red today. Biggest loser.  

Coffee,   half a point to the downside. Chocolate,   biggest winner, 1.8 to the upside. Meanwhile, live cattle down two points.   Lean hogs down a half, and feeder cattle   down two and a half points. I don't know what's going on in the cattle industry right now, but I'm sure that that did not,   that did not help. Well,   I take that back. Cattle prices are still   still   at all time highs   even after these percentage point drops.   But people get recency bias, and they're saying, hey. Well, it was up two points yesterday,   and now it's down two points. Oh my god. We're all gonna die.  

It'll be it'll be fine, y'all. It'll be fine.   Dow is moving sideways.   S and P is moving sideways. Nasdaq moving sideways.   The S and P Mini is down 1.13%.   Everybody is probably waiting on the fact that we have   well, we've got three or four more inflation   and or employment   and or producer price index numbers coming out   because it's like this every month. Yo.   I wish Bitcoin was more detached   from all this crap than it is, but right now, it isn't.   Alright. So let's see what let me see what is going on here. Let me get in my trading view. I should have had it already up, but I didn't because, you know, bad host. Bad, bad, bad host.   Dude, let me see where the numbers are. Let's see where is at one point or another, it will give me these little markers. Okay. Here we go.  

Ready?   On September 10, tomorrow, we will get the producer price index month over month.   After that,   on September 11 oh, god. We're gonna have to do this.   The September 11 anniversary   just right around the quarter. And then it will also be my tenth year into Bitcoin, so yay me. We'll get core inflation rate year over year, inflation rate year over year, inflation rate month over month, and the core inflation rate month over month. And then   because it's not over yet,   the Michigan consumer sentiment   report will come out on September 12.   Oh, yay. Joy. So we've got   we've got a couple more days of this crap. We this all it's it's one of those it's it's the inflation week, which we get every single month   right around this time.  

It's not anything that I like, but, hey, you know, we're gonna have to do it. So, again,   we were   we touched   a $113,000   last night. We are now at   $111,120.   That is a $2,210,000,000,000   market cap, and we can only purchase 30.1   ounces of shiny metal rocks with our one Bitcoin of which there are 19,918,273.05   of. Average fees per block are relatively stable,   yeah, relatively stable.   There are let's see. It's 0.03   BTC   per block on a per block bay or on a per block basis in fees.   Right now,   high priority rates are going at 7 Satoshis per vbyte, so a little expensive. Low priorities get you in at four.   Mining.  

We're at nine   seventy nine x the hashes per second,   so we're still under the Zeta hash mark. It'll be okay.   Everything's fine. You'll be fine.   Don't worry about it. I don't know why people freak out about all this stuff. Okay. From,   Black Hole Sun and Naughty Core, the last couple of episodes that I released, I got Reid who gave me 2,100   sats says, dude,   you do this every day? How do you find this much Bitcoin relevant news?   Great takes, great show, I'll be listening on the regular,   gotta get my 40 h p w.   Oh, by the way,   Reid, thank you.  

I appreciate that. I did get the SATs. They're the I mean, I'm staring at them right here. So thank you. Thank you. Thank you. Appreciate it. Also, thank you to progressively worse with $2.22   SAT says thank you. No thank you permanerd   with 210   sat says thank you sir no thank you and perma I'll be getting back to you,   on messaging later today   Pies with a 121   says thank you sir no thank you and here's   Chef Tommy.   21,000,   dude.   He says, this is for the Cathedral series and the shout out you did for the Circle P about Ben Jessman, P and E Lane wine tasting notes that I did.   Bitcoin is money. Let's treat it as such.  

Ben's wine   is an opportunity   to own   generational wealth. Make sure you join his wine club to take advantage of the discounts   and secure your place in each harvest.   Thank you, sir. No. Thank you, chef Tommy. I appreciate that. And by the way, chef Tommy, I have I've totally forgot to read your wine review   of his 20 of Ben Justman and Peony Lane wine 2022   vintage   of the Estate Pinot Noir.   I have that copied   when, p when Peony Lane comes back up in the circle p rotation, I'm going to read   that review   because I I think it's important. I I think these reviews and   and and and stuff like that are important. If you don't know who Chef Tommy is, go follow him on Noster,   because he I just I love the guy. I love his content.  

Hearn eighty eight with a 100 says you are tired of the decentralized argument discussion about how best to use the Bitcoin network, but seems super excited to read more and more decrees from big government tyranny   and Wall Street scams to each his own.   I'm not sure if I'm being reprimanded   or not.   Hearn eighty eight. I do thank you for the Satoshis, though. And that's it for the weather report.   Welcome to part two of the news that you can use.   Senate Democrats unveiled their own   market structure framework setting the stage for bipartisan   talks.  

Well, to me, that sounds like an exciting way to get into a fistfight, but   we'll see. James Hunt from the block   has it, and he says a group of 12 senate Democrats   introduced a detailed   seven pillar framework on Tuesday   for regulating United States crypto markets, marking the party's most comprehensive proposal to date.   While the plan signals Democrats' readiness to negotiate with Republicans on long stalled market structure legislation,   it also sharpens the dividing lines over ethics   and enforcement.   The group, including senators   Ruben Gallego,   Mark Warner, Kristen Gillibrand, and Cory Booker,   framed the nearly $4,000,000,000,000   global crypto market as too large   to remain in regulatory limbo.  

Their blueprint emphasizes investor protections.   You're right. Closing regulatory gaps and curbing what they describe as potential corruption   linked to president Trump and his family's various crypto ventures.   I'm shocked.   I'm shocked that there's gambling going on in here.   No. I I act   for those of you who think I'm defending Trump, I don't honestly, the orange guy, I don't I just I he's gonna do what he's gonna do. And by the way, he's president of The United States, so there's not much I can it's not like I can call him on the phone and say, hey hey, quit it. But I can say this,   it's a conflict of interest   that him and his family have so much to do with crypto, and he's the president of The United States, and is saying that he's the crypto president, we've got all this crypto shit going on, and it's just   it the optics are terrible.  

It's a it is definitely a conflict of interest,   and nobody's gonna be able to do anything about it. So   I don't know, man. It's it's bizarre. So I kinda I I kinda don't blame the Democrats for slipping this in here,   but   good luck. Quote,   digital asset technology has the potential to unlock new businesses and spur American   innovation.   But questions about digital assets   is hold   on. Questions   about digital assets'   place in The United States regulatory framework have hobbled both innovation   and consumer protection, the senators wrote, positioning their proposal as a solution to both.   At its core, the framework would give the Commodity Futures Trading Commission new powers, oh, joy,   over spot markets for non security tokens while creating a process to determine whether a digital asset falls under the Securities and Exchange Commission's jurisdiction as a well security.  

It also outlines   disclosure requirements for token issuers,   crypto specific rulemaking for exchanges,   and   custody providers,   and strict   anti manipulation   and consumer protection standards. Notably,   digital asset platforms serving United States users would be required to register with, of course, FinCEN   as financial institutions bringing exchanges, custodians, and other intermediaries   further into the orbit of the Bank Secrecy Act, AML rules, and sanctions enforcement.   Yes. Because   you're   basically   essentially turning   private enterprises   into an enforcement arm of the United States federal government.  

I'm pretty sure that the constitution   says that that's not allowed, but you know what? Not a lawyer. Certainly not a constitutional lawyer. Let's let let let's go on. The framework   also flags DeFi as a key vector for illicit finance,   calling for new oversight tools to prevent its misuse. However,   it is unclear if it intends to enforce the same registration   mandate   on protocol level software teams, whereas the Republicans have outlined explicit protections   for DeFi developers contributing to decentralized   protocols.  

The framework also seeks a prohibition   on interest   or yield paid by stablecoin   issuers,   including indirectly or through affiliates with non direct reward style programs still prevalent   following president Trump's recent signing of the Genius Act into law.   One of the most politically charged sections   targets ethics,   barring elected officials and their families from launching or profiting from crypto projects while in office and mandating disclosure of their holdings.   The Democrats alleged president Trump has turned to digital asset projects to enrich himself and his family,   abusing his office for corruption   with no modern precedent,   undermining confidence in the broader digital asset industry.  

They also   call for increased funding for financial regulators and a guarantee of bipartisan representation   of their rulemaking or in their rulemaking,   warning against one-sided control   of agencies.   The Democrats' proposal arrives against the backdrop   of the Clarity Act.   That's the Republicans' preferred market structure vehicle,   the latest draft of which was updated by Senate Banking Committee Republicans on Friday.   The House of Representatives   previously voted 294   to 134   in favor of passing the Clarity Act in July.   The Clarity Act is also centered on defining tokens,   assigning regulatory authority, and streamlining compliance pathways.  

However,   while overlapping   in goals, the Democrats' ethics provisions and stricter treatment of DeFi marks notable departures.   Also,   though Republicans have passed or pressed,   for   speed in passing legislation, Democrats insist a bipartisan   outcome   cannot be rushed. That means they're gonna take freaking forever.   With both parties now circulating   detailed legislative frameworks, bipartisan negotiations   in the Senate Banking Committee are set to intensify   in the coming weeks.   Whether Democrats and Republicans can reconcile differences over timing ethics and DeFi oversight   will help determine if The US can finally establish comprehensive   crypto market rules after years of gridlock. And my answer to that question is no.  

No.   This sounds like an exciting way   to filibuster.   This sounds like an exciting way to just   go into the chambers and sit there and argue for   hours and days and weeks and months and inevitably   years.   I would not expect anything out of the clarity act   anytime   soon.   In fact, your children may be out of diapers by the time that shit happens.   Now let's get back to the stable coin and the the notion of yield.   Yield.   Stable coins must   offer yield to compete.   Former   Standard Chartered tokenization   head says,   and this is Callan Quinn writing for Decrypt.   Yield.  

The clash between Wall Street and the crypto sector over yield bearing stablecoins   is intensifying in Washington   as if it wasn't intense enough.   The stablecoin industry needs more options for offering yield to users according to Will Beeson, founder and CEO of RWA Liquidity Layer Multiliquid   and Uniform Labs   and former head of tokenized asset infrastructure at Standard Chartered.   Quote,   in a competitive market with others issuing their own stablecoins, you end up in a situation   where you're looking for ways to incentivize users to use your stablecoin,   Beeson told Decrypt.  

Quote, the ability to pay yield would be an important way to do that.   Sorry. I'm I'm pausing here just because I'm I'm trying to ingest the fact that   well, never mind.   Let's just continue. B, since comments come as the federal government implements the Genius Act,   legislation signed by Trump in July to create the first formal   US framework for stablecoin issuance and trading.   While the law bars issuers from paying yield,   it stops short in banning third parties,   such as exchanges,   from offering interest or rewards on stablecoin holdings.   For instance,   crypto exchange Coinbase   does indeed pay interest   on USDC balances   held on its platform in Circle Stablecoin   USDC,   effectively offering yield   through a third party.  

Quote, what what's prohibited under Genius is the ability for the stablecoin issuers themselves   to pay interest or yield directly to holders.   The bill does not prevent   intermediaries   or third parties   from paying incentives,   end quote.   That gap   has become the flashpoint for a lobbying battle. Quote, my understanding is that it has to do with requests by the banking lobby as the regulation was structured and fears about yield bearing stablecoins   effectively providing a much more attractive savings tool than lower yielding bank deposits.   Banks have pressed congress to close the door completely.  

In an August 12 letter, the   Institute and four other major trade groups warned lawmakers   that leaving the so called loophole intact   could drain as much as $6,600,000,000,000,   that's trillion with a t,   from The United States deposit system.   Quote, without an explicit prohibition   applying to exchanges which act as a distribution channel for stablecoin issuers or business affiliates,   the requirements in the Genius Act can be easily evaded and undermined by allowing payment of interest indirectly to holders of stablecoins,   quote, the result will be greater deposit flight risk,   especially in times of stress that will undermine credit creation throughout the economy, the BPI's letter argued, adding that the resulting reduction in credit supply   would lead to, quote, higher interest rates,   fewer loans,   and increased costs for Main Street businesses and households.  

Mhmm. Right. Crypto groups have fought back.   On August 20, the Blockchain Association and the Crypto Council for Innovation   sent their very own letter   urging regulators to resist bank pressure and disputing   the $6,600,000,000,000   claim. Quote, this claim does not hold up to scrutiny,   the letter read.   Cutting   off yield, they warned, would freeze innovation and leave US firms at a disadvantage   internationally,   quote, allowing   responsible,   robustly   regulated platforms to share benefits with customers is not a loophole.   It is a feature that promotes financial inclusion,   fosters innovation, and ensures American leadership in the next generation of payments, they said.  

Still, Beeson   further said that expectations   for any near term change to the law should be tempered. Quote,   I think realistically it's less than a 50% chance, he said, pointing to Washington's   legislative gridlock.   Oh, yeah. Yeah. Okay. So what did what what did we just read?   If you don't let us offer yield on stable coin deposits,   we're going to lit we're going to lose $6,600,000,000,000.   That's what it should have said.   Because the the language that's coming out of the banking sector is is this,   you cannot let these people   offer yield on stablecoins   because if you do,   we will see capital flight, not out of the country,   but out of The United States banking industry   into the stablecoin   industry,   and that will result in $6,600,000,000,000   of loss.  

Okay.   Fine. I can see that. You know what we should have we we always   hold up the, the buggy whip maker   when it comes to the innovation of automobiles.   The buggy whip guy,   you know, the the guy that built horse drawn carriages, the guy that built saddles, the guy that built bridles,   you know, all that all that stuff when the when the cars first came up, those were the people that lobbied   United States Congress and and the federal government in in in toto   to come up with a way to curb   the production of or not the production, but the deployment of automobiles. They had, like, things like red flag laws, which I won't get into, but it made driving a car   really stupid. I mean, it's like it all they were trying to do was get in the way of the innovation of the automobile.  

What should the buggy maker and the carriage maker done instead?   What should they have   leaned into   instead of leaning against?   They should have started making cars.   The saddle maker should have started making car seats that were comfortable.   The buggy whip guy, I that one, I don't know what the buggy whip guy does, but somehow or another probably would have been able to build something for a car.   That's what they should have done, but they didn't, and they all died.   Banking sector, no different.   The legacy banking structure that we have right now, as far as just regular banks that   offer almost 0%   interest on your deposits,   if they don't find a way to stifle   yield bearing accounts on stablecoin deposits, they're going to lose their ass. So what should they do instead?  

You yeah. You guessed   it. They should become state they should say, we we want we want to be able to   we want the stablecoins.   We want our customers to be able to deposit stablecoins, and we want to hold them. And we're gonna offer better interest rates, and there's the rub.   Maybe they know that they can't.   Maybe they understand that there's no way   that the way legacy banking is run right now with all the expectations of pay and benefits and and the perks of the job like strippers and blow and whatever it is that that that investment bankers get, that there's just no way that they'll be able to compete   on offering   high   or high enough yields   to become attractive enough to be competitive   against   what has now been   fifteen   years, sixteen year let's give it I'll be conservative and say fourteen years of Bitcoin exchanges.  

They've had fourteen years   to figure out how to do all this stuff.   Tether   themselves,   while not being an actual exchange,   they have like eight like, I don't can't remember what their employee count is. It's like 20 people.   They're making   billions of dollars in net revenue a year with a fraction of a fraction   of what of what a single you know, what wells what Wells Fargo has.   They can offer yield out the wazoo.   That's what the banking sector is actually afraid of.   They know they cannot compete.   They know they   have to   kill yield bearing accounts   on US based exchanges   because they know they will see. It may not be $6,600,000,000,000,   but they definitely will see capital flight from their depository accounts   to US based exchanges.  

They will convert that shit in from US dollars into stablecoins,   and they will get better yields than keeping it in a bank.   Maybe it is the case that the saddle maker had no hope in being able to learn how to build   a comfortable   chair for a car.   That's what we're looking at right now.   Moving over to Kazakhstan   because, you know, Kazakhstan,   they're aiming for their own strategic cryptocurrency   reserve by the year 2026.   This is Atlas '21.   According   to Accordi Press, Kazakhstan   aims to become a global pioneer in institutional adoption for digital assets.   During his annual address on September 8, the Kazakh president   presented a clear vision for the country's digital future.  

The main   goal is the creation of a comprehensive   digital asset ecosystem to maximize the economic return   of national banking resources.   The proposal includes the establishment of a state fund for digital assets   based on the National Bank Investment Company. This entity will be responsible for building a strategic cryptocurrency reserve composed of, quote, promising assets from the new   digital financial system.   Promising assets.   You spelled shitcoin wrong, but that's okay. The Kazakh government has already initiated the legislative process to formalize the initiative, and the agency for regulation and development of the financial market   will draft a specific law expected to be approved before the year 2026.  

According to previous reports,   Kazakhstan's   strategic reserve   could also be funded through digital assets   seized by authorities because governments always rely on theft.   I'll say it again,   governments, not just ours,   all governments   rely upon theft.   It's been that way since before Roman times, guys.   Sad, but we just keep thinking   that that's okay, and we keep defending these people, and yet they steal and they steal and they steal and they steal from this very citizens   that put them into power in the first place. It is a sick relationship.   We really gotta get out of it, and I don't think Kazakhstan   is taking the high road here. Let's just get out of that and into 8co.  

8co   stock jumps 3000%.   Why?   Because they want a world coin treasury strategy   and like a bit mine investment of God see   the   the I'm bringing it to you so that you understand   just how stupid the market still is, just how immature it is, just how juvenile it is, because people are still trying to get sick gains   by investing money in tragedies   like Worldcoin   and Bitmine investments.   This this one is out of decrypt from Jason Nelson.   Eight Cohle Holdings Incorporated   shares surged   more than 3000%   on Monday   after the obscure   ecommerce firm announced plans to build a treasury around Worldcoin   and secured a 20,000,000 investment   from the crypto miner, Bitmine.  

Pausing to say that BitMine   is Tom Lee's outfit who's been making headlines   by buying ether   and has the largest, quote, ether treasury   going on right now with BitMine.   That's why. It's a derivative.   This is a derivative play.   Buying stock in Aitco Holdings   is a derivative play   because you'll get   ancillary or tangential   exposure   to Bitmain,   which means that you believe that Ether has a future.   It doesn't.   But anyway, the stock hewed to its Friday closing price of a buck 43 in pre market hours and closed at $45   It surged as high as $83.   Remember,   $1.43   stock price going to $83   and settling at 45,   more than that, the 83 number is 5000%.  

That's a 5000%   gain in a day   on a stock   nobody knows about.   That's how bad this is. Quote, everything the foundation   and tools for humanity have built   has enabled us to be in this position, Dan Ives, managing director at Webbush Securities, told the crypt. Quote, we believe that world   is significantly undervalued   relative to the potential opportunity, end quote. Aitko also raised $250,000,000   in private placement   to buy Worldcoin   tokens.   And if you did not know, pausing, if you did not know, Worldcoin is Sam Altman's project,   and you have to have your iris   and retina scanned in order to get a wallet filled with this   b s Worldcoin   token crap. Okay? This is Sam Altman,   if you did not know. So, anyway, this is we're calling it   the first corporate treasury strategy built around the controversial digital identity project.  

AITCO also plans to charge or change its Nasdaq ticker from Okto   to Orbs   on September 11. That's tomorrow, 2025.   Orbs from Okto,   because that that's the the the ticker for eight co,   to orbs. Why orbs?   Because the device that scans your iris and your retina   for digital identity   is called the orb. It's a silver globe, and you look into it, and it takes a snapshot of your iris and your retina.   And that data is forever.   You have completely doxxed yourself.   And any camera   that ever sees that again, your iris or and or your retina,   they can see it at a distance and don't think that that won't happen if it's not already here,   will know exactly who you are if they tapped into Worldcoin.  

Right? So   don't don't mess around with Worldcoin, people.   Worldcoin rose 49%   on Monday to a buck 50, reaching a seven month high according to CoinGecko.   Bitmind, which recently boosted its Ethereum holdings to more than 2,000,000 ETH, which is worth roughly 9,000,000,000,   described the 8CO deal as its first moonshot   investment.   Ives, who was also newly appointed chairman of 8CO,   told Decrypt that the move aligns with the company's focus on digital identity,   artificial intelligence, and Worldcoin's   quote proof of personhood technology. Quote,   I see Worldcoin   as a tech infrastructure play,   not a crypto investment.  

It's the intersection   of artificial intelligence and crypto.   I wouldn't be involved if this were just a token strategy.   A key part of the AI revolution will be the authentication   and trust layer, and that's what world provides.   While the treasury   while the treasury's focus is on Worldcoin, Aiko acknowledged that it may also hold cash and Ethereum as secondary reserve assets. Blah blah blah, at this point, I don't care.   I just   it's this is just dumb.   It's proving   now.   Because Tom here comes Tom Lee a couple of weeks ago and it starts   running his mouth about ether and that Bitcoin was gonna go away and that the only real treasury play was ether. It's all marketing.  

Because they know they have enough rubes over on Twitter that believe what they say that if like, now we've got ether back up against   a multiyear   low against Bitcoin, but not by much. It's actually still trending   down,   over the last five years even after this massive bump against Bitcoin. And I'm not talking about the the price of ether. You have to look at ether against Bitcoin.   How many ether does it take to buy Bitcoin?   That ratio. That's the important ratio. And if you look at that chart, you see a completely different picture   than if you compare ether against the United States dollar.  

It's completely   different.   It just goes down   and down and down, and then it had a hell of a dip way, way, way down last year, and it just stayed there until Tom Lee   got on CNBC   and said, Ether's great. I'm buying a whole shit ton of it because I've got a lot of   cash. And he basically faked the market out and made Ether look like it actually has value. It's just grift   because now people are are pumping his bags by buying Ether.   And now we have this play,   this eight co,   who's gonna   be the world's first world coin treasury strategy, but that's   I don't think that's what they're betting on.  

I think they're betting on this relationship   with   Tom Lee   and Tom Lee's ether treasury strategy because Tom Lee is directly investing into this b s derivative project.   Don't be fooled.   Please, for the love of god, don't don't be fooled.   These people are out for one thing and one thing only,   to steal your money   and have fun with your money, which means that you don't get to have fun with your money because you gave your money to somebody who bought ether,   because they're trying to get other people to buy ether to pump their bags. Don't let it be you. 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.