Episode 1169 of Bitcoin And . . . is LIVE!
Topics for today:
Wine
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Website: https://www.peonylanewine.com/bitcoin
https://atlas21.com/synergies-between-bitcoin-and-ai/
https://decrypt.co/339648/senate-confirms-trump-adviser-stephen-miran-to-federal-reserve-board-in-narrow-vote
https://www.theblock.co/post/370819/polymarket-adds-company-earnings-forecasts
https://bitcoinnews.com/adoption/bitcoin-knots-25-percent-all-public-nodes/
https://cointelegraph.com/news/kindlymd-sinks-55-percent-swing-traders-told-exit-volatility-ahead
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Topics for today:
- First in Line to Fall: KindlyMD
- Google Teams With Coinbase For Crypto AI Payments
- Miran Confirmed to FED
- Betting on Corporate Profits: Polymarket's Play
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Today's Articles:
https://www.coindesk.com/business/2025/09/16/google-teams-up-with-coinbase-to-bring-stablecoin-payments-to-ai-appshttps://atlas21.com/synergies-between-bitcoin-and-ai/
https://decrypt.co/339648/senate-confirms-trump-adviser-stephen-miran-to-federal-reserve-board-in-narrow-vote
https://www.theblock.co/post/370819/polymarket-adds-company-earnings-forecasts
https://bitcoinnews.com/adoption/bitcoin-knots-25-percent-all-public-nodes/
https://cointelegraph.com/news/kindlymd-sinks-55-percent-swing-traders-told-exit-volatility-ahead
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[00:00:02]
David Bennett:
It is 08:38AM Pacific Daylight Time. It is the September 2025. This is episode eleven sixty nine of Bitcoin and this is all the news that you can use about Bitcoin and more. It's why you tune in. I'm going to tell you what's going on with Bitcoin today. And first up is going to be Google teaming up with Coinbase. Yeah, our two favorite companies in the world teaming up. That's gonna be fun, isn't it? Yeah. It's gonna be great. It's gonna be about AI and I've got a couple of stories about AI. Well, specifically, the Bitcoin and AI and stablecoin and AI. That's where all that's coming from. The Senate has confirmed Stefan Muren to the Federal Reserve just in time because tomorrow, we're gonna find out what the hell's going on with the Fed rates. And then Polymarket, they're bringing prediction, to something I think is this is just the this is gonna be in indicative of what derivatives actually are, full scale gambling.
And then knots. Yeah. Bitcoin knots. That that fight is very hot right now. Still, in my opinion, nowhere close to as bad as the twenty sixteen, twenty seventeen Bitcoin block wars, but, it is what it is. ZBD is in the news, and we've got our first I it's probably gonna end up being our first full blown Bitcoin treasury company tragedy. It's we're staring right at it. So let's let's begin, shall we? Google teams up with Coinbase to bring stablecoin payments to AI apps. This is Oliver Knight writing for CoinDesk. Google is taking a step towards merging artificial intelligence and digital money, rolling out a new open source protocol that lets AI applications send and receive payments, which includes support for stablecoins, digital tokens pegged to the fiat currencies such as United States dollars according to the press release.
To incorporate stablecoin rails, Google teamed up with US based crypto exchange Coinbase, which has been developing its own AI integrated payments infrastructure. And the company also worked with the Ethereum Foundation and coordinated with more than 60 other organizations including Salesforce, American Express, and Etsy to cover traditional finance use cases. The move builds on Google's earlier work to establish standards for AI agents. These digital agents may eventually handle complex tasks such as negotiating mortgages or shopping for clothes without direct human input.
Pausing to say, then what's the point? What's the point? Dude, what what what is so terrible about going yourself down to a store with, like, a friend or your wife or your husband or your son or daughter or father or mother or whatever and shopping for some clothes? I mean, that's that's part of the human experience. Are are we really trying to get rid of all of that? Because this just doesn't be that just doesn't become the kind of world, I think, really, anybody wants to live in, or if you do, then you don't live in it. And if you finally reach that goal and live in a world like that, you're probably gonna look at it and go, this sucks.
Anyway, in April, Google rolled out a protocol to standardize agent to agent communication and the latest update extends that framework into financial transactions aiming to ensure payments are secure, interoperable, and executed with the human user's intent in mind. Google's experiment demonstrates a growing trend of activity across the stablecoin market. USDC issuer circles oversubscribed IPO indicated investor appetite earlier this year with some suggesting that stablecoins are a monetary revolution in the making. Data from Defi Llama shows $289,000,000,000 worth of stablecoins are in circulation, which is a jump of 205,000,000,000 at the turn of the year. So, yay.
Google and Coinbase teaming up together is bad juju, man. Bad juju. Of course, they didn't, you know, they didn't partner up with Strike or something like that, which would have also been able to do the exact same job. Nope. No. They had to go grab the company that's got probably the worst back end infrastructure that they could possibly find being Coinbase and chilling out with them. But there are other synergies between Bitcoin and AI. This one from Emil Jelinek out of Atlas twenty one. Bitcoin and artificial intelligence are the most talked about technologies of the moment.
Both are at the beginning of the of the exponential phase of their adoption process and are already profoundly changing market equilibria and power relations in society. If Bitcoin has introduced absolute scarcity, moreover, in the digital realm of copy paste, AI has brought abundance and value creation. Maybe. Bitcoin supply rigidity allows perfect value preservation over time, giving anyone the possibility to save in a simple and secure way without having to improvise as Wall Street wolves or turn to financial advisors of dubious reliability. On the contrary, AI, particularly generative AI, allows value production at previously unthinkable rates and scales.
It has drastically reduced cost in times of various processes and is expected to impact almost all productive sectors. Activities like software development have gone from requiring months to just a few days, maintaining high quality. 30% of Google and Microsoft's codebase is is now generated by AI. And both technologies generate a strong deflationary tendency. The first, by positioning itself as an alternative monetary system immune to inflationary pressures induced by central banks. The second, as a tool to increase productivity and reduce costs. In a Bitcoin standard, perhaps, perhaps with the presence of intelligent robots as well, this would lead to a tendency towards strong and continuous increase in purchasing power.
Bitcoin and AI will be two fundamental pillars in an increasingly digital future. The first is establishing itself day by day as a global store of value. Even the big finance players and states are purchasing it. The second is enabling a new economy, that of agents, toward which more and more productive activities will transition initially supervised by humans and then becoming totally autonomous. This technological convergence has been highlighted by various prominent figures in the Bitcoin world such as Jeff Booth, general partner at Ego Death Capital and author of The Price of Tomorrow, and Cathie Wood, founder and CEO of Ark Invest.
Both emphasized the imminent, profound transformation of the world of work. Many tasks will be progressively absorbed by machines while new professions will emerge. And at the same time, they warn that this push towards centralization finds a counterbalance in Bitcoin's decentralized nature considered the currency of artificial intelligence. AI agents will exchange value and information among themselves, manage negotiations, plan trips, and make online purchases. To do this effectively, considering that exchanges will occur frequently and for even very small amounts, they will need a payment system that is always active, permissionless, with minimal waiting times and transaction cost. The Lightning Network fully satisfies this need especially in combination with other protocols like e cash and RGB.
Agents can have their own wallet or share a multi signature wallet with another an agent and or humans. And Bitcoin's programmability allows perfect adaptation to machine needs, even better than what can be achieved by humans. Micropayments through lightning network and other connected protocols allow rewarding users with small amounts of certain activities or for certain activities performed or services offered. It's possible for example to rent out one's compute power contributing to a training model or be part of a BitTorrent style network to share a knowledge base in a decentralized way. Small economic incentives can significantly increase user interactions in an approach that can become gamification.
In this way, data collected on the product or service can be increased, especially for LLMs evaluating response quality and providing useful information for subsequent training. Despite existing for some time with the advent of generative AI, the topic of deep fakes has become public domain. If advanced skills were needed before, today, anyone can create fake photos or videos that are difficult to distinguish from real ones. To guarantee the authenticity of data and prove its existence at a certain moment of time, the blockchain can be used as a noter. Sorry.
Hold on. Hold on. Notor no notorial. Yes. Like notary. Like, you know, like you go to a notary public. A notorial system. Open time stamp is an open source protocol created by developer Peter Todd that allows doing exactly this in just a few clicks. In the future, as on chain fees increase using Bitcoin's blockchain for notarial no. No. I can't pronounce it. Notorial. I I'm just I'm I'm having difficulty with this world with this word. Just like notary purposes could prove increasingly prohibitive. To address this, the side chains or other dedicated protocols could be used or digital signatures could be applied with alternative cryptographic algorithms even without directly resorting to the blockchain.
Despite having no common points at the software architecture or algorithms level, Bitcoin and AI are more connected than one might think. Both require high compute power to operate, obtained through large quantities of energy and performing machinery. The chips used are different. But the structure to house the machines, cool them, and keep them secure, as well as contracts to have energy at good prices, well, those can be shared between actors in both sectors. AI data centers need to operate continuously and consequently need a stable energy source. And, conversely, Bitcoin miners can be turned on and off at will, allowing the plant to cope with fluctuating energy supply.
AI risks becoming a centralization factor in society and probably one of the most serious ones. The enormous amount of data necessary for training and the high cost of infrastructure needed to run large scale models are not within everyone's reach. The concern that a few companies control the artificial intelligence that all individuals will use in various aspects of their lives poses serious questions about social control and information manipulation. And just as Bitcoin returns sovereignty of one's finances to individuals, it's fundamental to have private AI models that work locally and don't share data externally.
Bitcoin's open source and decentralized principles must be brought to the world of AI to give individuals and companies control of their own intelligence. Delegating its control represents a weakness that as AI performed activities grow, will become increasingly intolerable, especially in business environments. While a Bitcoin node currently requires less than one terabyte of memory and very little compute power. Hosting powerful AI models requires much greater performance in addition to the complexity of downloading and running an LLM for a non technical person.
Many are working to reduce model weight, creating SLMs or small language models capable of running and training even on mobile devices. This is the case of QVAC, a project launched a few months ago by Tether. Just as with Bitcoin, it's important to delve into the AI topic to understand its advantages and dangers. Saying it will make us all more stupid and controlled is short sighted as much as the accusation made by library lovers against search engines. On the contrary, these are tools that, if used correctly, can liberate individuals and improve many aspects of daily life. The economic boom generated by these revolutionary technologies will bring greater benefits to those able to understand and control them. Acquiring the awareness necessary to be empowered by by AI instead of subjugated by it is fundamental to prosper in an increasingly digital future, where individuals who master new technologies will be able to reach degrees of productivity and independence once unthinkable.
To guarantee freedom, both money and intelligence, open source and decentralization remain in both cases, the principles to fight for. The that's a pretty good one. I I I rather like this article. It it does make a lot of sense. And AI, if you're, you know, one of those people out there that's like going, oh, it's just going to kill us all. No. It is gonna cause some some short term and medium term problems for people. That is that's for damn sure. But the only way that it that you can have a hope of being at least, you know, not not as much unaffected by it, but not put in as much danger by it as other people is to learn to use it and learn to use it well. And there's, I mean, there's, like, more and more online classes that you can take, online courses, and some of them are very, very good. Jack Spearko's AI course is top notch. I took it. It was well worth it was I can't remember. I paid a $100 for it because it was the first class that he was gonna do. I think he's increased the price. I'm not sure to what, but I think he's gonna do this every quarter, and that class is just gonna get better.
So go check out Jack Spierko's, AI class. You can just either search Jack Spierko or go to the survivalpodcast.com. That's the survivalpodcast.com, and you will find more information about it there. On to senate confirmation of Trump adviser Stefan Muren to the Federal Reserve Board. It was a pretty narrow vote, apparently, and this is all according to Cal and Quinn from decrypt. The US Senate. Wow. Very narrow. The US Senate voted 48 to 47 on Monday to confirm Stefan Muren to the board of governors of the Federal Reserve System, ending months of wrangling over whether his appointment presents a conflict of interest.
Quote, doctor Muren's confirmation is a win for the American people, said senate banking committee chairman Tim Scott. He brings deep experience, proven leadership, and a clear commitment to ensuring the American economy remains strong and competitive. I am confident doctor Mirren will act in an independent manner, end quote. Mirren has voiced some opinions about cryptocurrency telling the layer or the Bitcoin layer in December that crypto has a big role potentially to play in innovation and calling financial deregulation a powerful part of a potential Trump administration economic boom.
I have yet to see it. We'll we'll find out later, I suppose. Mirren's nomination has raised concern among Democrats who argue that his plan to remain chair of the White House's Council of Economic Advisors, albeit on unpaid leave, is incompatible with the Federal Reserve's independence. The appointment comes against the backdrop of president Donald Trump's attempts to wield greater influence over the central bank following his clashes with Fed leadership and his failed bid to oust Federal Reserve Board of Governors, member Lisa Cook.
Senator Elizabeth Warren, the Senate Banking Committee's ranking member, warned ahead of the vote that Trump had run a months long campaign to turn the Fed into his personal piggy bank in a bid to escape accountability for his economic his own economic failures, calling Mirren his puppet. Not very nice, Warren. Other Democrats echoed her concerns. Andy Kim tweeted that the, Federal Reserve cannot remain politically independent with Stephen Mirren serving on its board and Trump's chief economic adviser, senator Ruben Gallego, also claimed Muren was being put on the Fed to do Trump's bidding. Quote, he'll he'll do whatever helps Trump politically and leave all of us with higher prices and a bad jobs market.
Muren will serve out a term ending 01/31/2026, filling the seat vacated by Adrianna Coogler, who resigned in August to return to Georgetown University. Can you spell spook school? A Harvard trained economist, Mirren worked briefly at the Treasury Department during Trump's first term, helping craft the administration's fiscal response to the COVID nineteen recession. He is currently a fellow at the Manhattan Institute and was a senior strategist at Hudson Bay Capital, which traded claims in the FTX bankruptcy. Oh, great. That joyful joyful news unto the world there. Mirren has been also well, he's also been outspoken in favor of deregulation and argued that the treasury department under Janet Yellen had overstepped into the Fed's traditional role.
Well, it like I said, Marin gets appointed at as part of the Fed of Governors just in time for tomorrow's meeting. We'll have to see what the hell happens. In the meantime, you can drink some wine from peonylainewine.com. That's pnepe0nylanewine.com. Our good friend, Justin, or Ben Justman, sorry, not Justin. Ben Justman has collector's cases. He's got, like, like, four twenty twenty one mall buck BECS. You can get, four bottles of Cabernet Sauvignon in that and four bottles of Estate Pinot Noir. You can buy all of this in Bitcoin, by the way. That's why p and elaine wine is in the circle p. If you're not selling your goods and services for Bitcoin, you're not in the circle p. Go to pandelainewine.com.
That's pandelainewine.com. Use the code Bitcoin and so that Ben understands that I made him a sale and in the value for value advertising model. If I make him a sale and you tell him that I made him the sale by using bitcoin and in the coupon code, he can determine whether or not and how many sats that he thinks that that sale was worth. Now, poly market, as is if you thought gambling in the markets couldn't get any worse, hold my beer, says Polymarket, who's bringing prediction markets to company earnings. That's right. Prediction markets to company earnings after United States clearance. This is Timmy Shen out of the block.
Decentralized prediction market platform, Polymarket, has launched a new section of forecasting the earnings of publicly traded companies following its recent regulatory clearance to operate in The United States. In a statement on Monday, PolyMarkets said it had partnered with Stockwits, a social platform for traders to, oh my god, to launch earnings prediction markets for widely followed public companies. The pair stated that the collaboration combines poly markets prediction markets with stock wits trading community, providing users with access to real time crowd price probabilities alongside discussions of earnings, sentiment, and market trends.
On Polymarket, users have begun wagering on the earnings forecast of several companies, including FedEx and crypto exchange Bullish, which I've never heard of that crypto exchange, in the market titled, quote, will bullish beat its quarterly EPS estimates, end quote. Bettors are currently assigning bullish around 56% odds that the company might exceed analyst expect expectations for earnings per share. Bullish is expected to release its second quarter earnings on September 17. Among all prediction markets on poly market, the Fed decision in September market has drawn the most activity with a 139,000,000 in volume, and bet wars currently assign a 91% probability that the Federal Reserve will cut rates by 25 basis points. Quote, prediction markets transform uncertainty into clarity by turning big questions like earnings into simple tradable outcomes with transparent pricing, Matthew Maudeber, chief marketing officer at Polymarket said in a Monday statement.
There I mean, honestly, we're just we're gonna bet on whether or not companies hit their earnings. And that's supposed to tell us what. This is just gambling. It's just gambling, and we've got enough gambling in the markets as it is. In fact, let's run the numbers. CNBC Futures and Commodities. West Texas Intermediate is up almost two full points today to 64.52 a barrel. Brent Norsee is up one and a half to 68.44. Natural gas, again, in the surprise turnaround, it is up two and a quarter percent to $3.11 per thousand cubic feet. Gasoline is up one and a quarter, and Mirbon crude is up one half to $71.38 a barrel.
Gold is slightly sideways, but still all time highs sitting at around 3,722 and 4 dimes. Silver is down a half. Platinum is down one and a quarter. Copper is down a half, and palladium is down 1.8%. Meanwhile, ag is mostly in the green, but the biggest loser today is chocolate, 3.5% to the downside. And the biggest winner is, it's a tie between corn and wheat. They're both up 1.57% today. Livestock live cattle is down a half lean. Hogs are down a third, and feeder cattle are up point 15%. It looks like everybody's waiting on the Fed because the Dow is down a third of a point. The S and P is down point one seven. Nasdaq is down a tenth of a point, and the S and P Mini is down point six.
Everybody's waiting to see what happens tomorrow. A 115. Woo. It's a $115,840. That is a 230 no. $202,310,000,000,000 market cap for Bitcoin, and we can now get 31.2 ounces of shiny metal rocks with our one Bitcoin of which there are 19,921,566.8 of, and average fees per block are, well, average 0.03 BTC taken in fees on a per block basis. There are, man, like, 48 blocks carrying a 129,000 unconfirmed transactions waiting to clear at 4 Satoshis per v byte, and low priorities get you in at 1 Satoshis per v byte. Hash rate dropping just a little bit more 1.01 zeta hashes per second.
You can do with that what you will from reorg this which was yesterday's episode of bitcoin and I got tulips with a thousand says, the European disunion is starting to fight itself and I like it. It is the equivalent of a gridlock in The United States. It promotes unstoppable tech, AKA Bitcoin. More coming from Thailand too. They started to advertise BTC with all the bank shenanigans. Bad news equals good news. It's all tulips and it's all going to zero. Bitcoin for president with 500 says I love the show. Thank you for all that you do. A friendly reminder, don't forget that MSTR split. Oh shit.
Yeah, MSTR did split 10 to one on 08/08/2024. Yes. That's I know. That's that's true. But still still, if you even if you add in all of that, their stock price, like, a long time ago, like, in 2019 versus where their stock price is today, is still pretty performant. Not still, I I don't own any MSTR, and I'm certainly not telling anybody to go buy it. I'm just saying, if you were a shareholder of of MicroStrategy, which is now strategy in 02/2018, 02/2017, 02/2016, would you rather have that stock price? Or would you rather have the price that you see today? I there's only one answer to that. Yodle with five hundred and thirteen sat says 70,000,000 Thai, probably half adults, so 3,000,000 accounts frozen could be in line with 10% of the population.
Yikes. Pies with a 121 sat says thank you, sir. No thank you, and that's the weather report. Welcome to part two of the news that you can use. 25% of all public Bitcoin nodes now reportedly run Bitcoin knots. As if the fight couldn't get any worse, I think it's probably gonna get worse. Alex Larry from Bitcoin News. Tell us more, buddy. The Bitcoin network is in a heated discussion, and it's all about software. A once obscure alternative to Bitcoin core called Bitcoin knots has suddenly taken about 25% of all active Bitcoin nodes. What looks like a technical change is quickly becoming a political and ideological battle over Bitcoin's future.
Just days ago, CoinDance showed Bitcoin knots at 19% of the nodes, and now it's past 24%, surpassing one quarter of the network. How can you surpass one quarter of the network with 24? It's it's you have to be above 25%, like 25.1 or something to surpass one quarter of the network. It's just it's just math. Good lord, people. That's a huge jump, however, compared to Bitcoin Core's tiny increase between September 9 and September 14. Core went up 1.54% while nots went up 47.6 in the same period. Bitcoin knots isn't new. It's developed by long time Bitcoiner Luke Dash Junior or as people will call him Luke Dasher. It's based on Bitcoin Core, but it has stricter rules against what some consider spam transactions.
Supporters say it removes unwanted transfer baggage and helps Bitcoin stay focused on being sound money rather than a platform for experimental data. The timing of Knotts' surge is no coincidence. Bitcoin core developers are working on version 30, which will remove the 80 byte limit on op return data. Op return is a special function in Bitcoin transactions that allow users to embed arbitrary data from digital art to records of documents directly onto the blockchain. BitcoinKnots takes this more seriously and limits the size of the data in opportune to only 42 bytes. Core developers say this will encourage innovation.
Critics fear it will flood the blockchain with junk data. Bitcoin knot supporters argue it will slow down the network, increase fees, float the blockchain with useless data, weaken Bitcoin's role as a monetary system, and open up attacks. Luke Dasher himself warned, quote, what do you think will happen now that core is opening the floodgates to spam and essentially endorsing it, end quote. He added, quote, any chance we have of making Bitcoin a success will go out the window unless the community takes a clear stand and rejects the change. The fight over opportune is not just technical, it is ideological as well.
Bitcoin Core's philosophy is that if a transaction follows the rules and pays a fee, well, it should be included whether it's moving money or embedding artwork. Jamieson Lop, a core advocate, put it bluntly saying, quote, I truly detest politics. Thus, I have little patience for those who try to impose traditional governance models onto Bitcoin. If you don't like anarchy, you are free to leave, end quote. Knott's backers, on the other hand, want stronger controls to keep the blockchain lean and efficient. They see Core's direction as giving up neutrality and potentially turning Bitcoin into a dumping ground for non financial activity.
They believe in the long run, such loose policies will have a strong impact on Bitcoin's decentralization. In 2017, block size wars divided the Bitcoin community resulting in the creation of Bitcoin Cash. Some are now calling this the spam wars with the same vibes as the 2017 debate. We'll see. I I it for me, it has not gotten there yet. The the vibes back in 2017, very, very different. Much darker, much uglier. It felt like a kick in the gut. It was a very painful and honestly kind of a frightening time because unlike today, at least literally, like, right now today, this fight, this opportune fight doesn't come close, does not hold a candle.
If you were there in 2017, then you know exactly what I'm talking about. If you weren't there, you're you're gonna have to trust me. If if you feel like this is a kick in the gut, like you're, like, honestly, like, kind of on the edge of your seat and and anxious and feeling really weird, Honey, you ain't seen nothing. 2016, 2017 was terrible. It was awful. I mean, it was like you had to have nerves of steel to get through that thing unscathed. And it it it was only only because I was listening to who I thought was the kind of podcasters that I needed to be listening to about Bitcoin because they were like, dude, just chill.
Chill. They saw they saw bad things before the 2017 split, and they were just saying, everybody calm down. And that's what I'm telling you to do right now. If you're worried about op return, if you're actually listening to people say things like, if this is allowed to happen, then Bitcoin goes out the window. Stop it. Stop listening to them. No, it won't go out the window. Is it bad or good? It doesn't matter. It honestly, it doesn't matter. Bitcoin's blocks are gonna be mined no matter who does what. Alright? The the the fees are going to happen no matter who does what. Transactions are going to happen no matter who does what. I'm not going to turn off my Bitcoin node because of this bullshit.
So don't. And if you want to run knots, go ahead. If you wanna run core, go ahead. What am I gonna do? Am I am I actually going to upgrade to version 30? No. I'm not. I'm right now, I'm on I think I'm on version 28. It's one of the one of the versions of version 28. I might bump it up to 29 just to get the latest before this whole version 30 comes out. But I'm not going to erase Bitcoin core off my node and go to knots. What if I had another node, would I put knots on it? Probably. I'd probably run both just for whatever reason.
Also, by the way, if you want to get into the config file, you can set your off return data limit however the hell you want on whatever version you want. This is and that's why I I think this entire battle is kind of is just a waste of air. It's just a bunch of hot air blowing around and ain't doing nothing but scaring the noobs. Y'all need to stop scaring the noobs. Continuing with this one, in 2017, block size wars divided the Bitcoin community resulting in the creation of Bitcoin Cash. Some are now calling this the spam wars with the same vibes as 2017 debate. No. It isn't, and we just went through that. Like before, the community is arguing how Bitcoin should scale, who sets the rules, and whether too much diversity in software threatens consensus. And for now, both Core and Knotts follow the very same basic Bitcoin rules, so they are compatible. But the worry is is that if version 30 rolls out and knots doesn't follow, transactions or even blocks could be rejected.
That would create a formal chain split where two different versions of Bitcoin operate in parallel, basically creating another hard fork. As more people switch to knots, it's not just a sign of frustration with core, but also a desire for alternatives. Some see this as decentralization and others see it as fragmentation. The clock is ticking for October when Bitcoin Core version 30 will be released. Until then, the tension between innovation and stability, between openness and restraint will only build. Well, only if we let it. And, yes, it probably will build, but here's here's the other thing.
We've seen chain splits. You know how many airdrops I potentially could have taken possession of back in after especially after 2017? There was Bitcoin Cash, and if I kept Bitcoin Cash, I would have gotten, Bitcoin Satoshi Vision coins. But that was the 2017 split. Right? That was the big one. That was the the the the the elephant in the room split. There was a lot. There was Bitcoin platinum. There was Bitcoin gold. There was Bitcoin this and Bitcoin that. It was just split after split after split after everybody was just taking core, changing a few rules.
And that's how we got shit like litecoin. What chart was it? Yeah, Charlie Lee or whatever his name was. He just took Bitcoin core and said instead of 21,000,000, we're going to multiply that by four. Right. So they'd be like, I don't know, was 81, 84,000,000 coins total in white coin and increase the blocks to like, I don't know, some ridiculous speed. It's like white coin is really fast. It didn't kill Bitcoin. None of the Bitcoin splits have killed Bitcoin. This is going to be just the same shit. It's going to be a group of people that decide that they don't want to deal with core and they go off on their own. And I will I go with them? I'm going to be watching both of these these groups of people.
Right. And if it truly turns into a split, then we're going to have to talk about different kinds of attack vectors where each chain can attack each other. It's you know, it needs a new kind of like, the the somebody's gonna have to adopt a new kind of address style for their wallets and and and where to send money and all. It's all a headache, but it's all been done before, and it will it's all gonna be happening again. It just it's not as dire as people want you to believe. Alright? Just everybody calm right down.
Now we're gonna finish this up with Kindly MD, or also known as Nakamoto. This thing is this thing is going south hard, hard. Kindly, MD sinks 55% as swing traders are told to exit ahead of volatility. Cointelegraph, Jesse Coughlin, has it. Shares in the health care turned Bitcoin holdings company Kindly MD Incorporated halved on Monday as its CEO warned of an upcoming increase in share price volatility and encouraged short term traders to sell if they're only looking for profit. Quote, we expect share price volatility may increase for a period of time, David Bailey said in a shareholder letter on Monday, citing the firm's regulatory filing on Friday, registering a 200,000,000 discounted share sale to private investors, quote, for those shareholders who have come looking for trades, I encourage you to exit, end quote, Kindly MD's deal called a private investment in public equity or pipe offering raised money by offering its shares at a discount, and its filing on Friday allowed those investors to freely trade their shares.
Analysts have aired concerns about the proliferation of so called crypto treasury companies as the value of the crypto holdings of many firms is starting to outpace their market capitalizations. Investors seemingly took Bailey's advice to exit as shares in Kindly MD into trading on Monday at a loss of 55.4% at a buck 24. The stock saw only a slight bump after the bell gaining 4.8%. It's the lowest Kindly MD's share price has been since early February long before it announced a plan or plans to buy and hold Bitcoin for the long term and merge with Bailey's holding company, Nakamoto Holdings, last month.
Bailey said in his letter that while the PIPE deal shares entering the market will increase volatility, he says, or sees it as a critical opportunity for us to establish our base of aligned shareholders who were committed to our long term vision. Quote, this transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers, end quote. Bailey noted on x that KindlyMD shares have seen intense volume but but marked it as a day of transition where the firm was upgrading our shareholder base from short term traders to long term investors.
Quote, almost 80,000,000 shares have traded today, he later added. Quote, once again, I'm humbled by the support and look forward to meeting all of our new shareholders, end quote. Kindly MD share price drop has seen its multiple of net asset value or MNAV fall to 0.7 as the company's market value has fallen below the value of its Bitcoin holdings. Oh, God. The firm holds the firm holds 5,765 Bitcoin, at a total value of over 665,000,000, while its market cap is four hun 466,000,000 according to bitcointreasuries.net. Bailey, however, was undeterred in his letter stating KindlyMD's mission is to create, quote, the leading Bitcoin native financial institution with which he added required a long term strategy, creative thinking, and disciplined yet nimble execution says nothing.
It says it's like it's like any other suit speak that I've that I've read to you on this show. It's it's kinda sad, but this this Kindly MD deal is this is just this is really bad. And this is exactly what I was telling people to look for a couple, you know, like over the last couple of months that at one point or another, we're going to see the tail end of this Bitcoin treasury company fad or phase or whatever you wanna call it really start to take a tumble. And Kindly, MD looks like it's going to show everybody else the way. There will be probably five.
Let's let's be really kind here. 10. There will be 10 Bitcoin treasury companies that survive. I actually don't think there will be that many, but let's let's be nice and say 10 of these survive. They're gonna be the the they're gonna be the ones that were first and the ones that hold the most and the ones that were well managed before they even got into this position in the first freaking place. That's why I'm looking at strategy survives, meta planet survives, similar scientific probably survives, and a a few other ones will survive. But there guys, there's, like, 72 of these things. At least 50 are gonna go south like a duck in winter, and it may actually tumble exactly like, a a row of dominoes. So just just be aware, guys. Be aware.
All of those Bitcoin this whole Bitcoin Treasury company play is well, it's a dangerous time. It's a it's a dangerous time. If for whatever reason you're considering buying shares in one of these companies, I recommend that you take a deep breath, sit back, relax and think deeply about your next moves because you could just buy Bitcoin or you can buy a chance at risk on those who actually buy Bitcoin. So think twice, execute once. I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
It is 08:38AM Pacific Daylight Time. It is the September 2025. This is episode eleven sixty nine of Bitcoin and this is all the news that you can use about Bitcoin and more. It's why you tune in. I'm going to tell you what's going on with Bitcoin today. And first up is going to be Google teaming up with Coinbase. Yeah, our two favorite companies in the world teaming up. That's gonna be fun, isn't it? Yeah. It's gonna be great. It's gonna be about AI and I've got a couple of stories about AI. Well, specifically, the Bitcoin and AI and stablecoin and AI. That's where all that's coming from. The Senate has confirmed Stefan Muren to the Federal Reserve just in time because tomorrow, we're gonna find out what the hell's going on with the Fed rates. And then Polymarket, they're bringing prediction, to something I think is this is just the this is gonna be in indicative of what derivatives actually are, full scale gambling.
And then knots. Yeah. Bitcoin knots. That that fight is very hot right now. Still, in my opinion, nowhere close to as bad as the twenty sixteen, twenty seventeen Bitcoin block wars, but, it is what it is. ZBD is in the news, and we've got our first I it's probably gonna end up being our first full blown Bitcoin treasury company tragedy. It's we're staring right at it. So let's let's begin, shall we? Google teams up with Coinbase to bring stablecoin payments to AI apps. This is Oliver Knight writing for CoinDesk. Google is taking a step towards merging artificial intelligence and digital money, rolling out a new open source protocol that lets AI applications send and receive payments, which includes support for stablecoins, digital tokens pegged to the fiat currencies such as United States dollars according to the press release.
To incorporate stablecoin rails, Google teamed up with US based crypto exchange Coinbase, which has been developing its own AI integrated payments infrastructure. And the company also worked with the Ethereum Foundation and coordinated with more than 60 other organizations including Salesforce, American Express, and Etsy to cover traditional finance use cases. The move builds on Google's earlier work to establish standards for AI agents. These digital agents may eventually handle complex tasks such as negotiating mortgages or shopping for clothes without direct human input.
Pausing to say, then what's the point? What's the point? Dude, what what what is so terrible about going yourself down to a store with, like, a friend or your wife or your husband or your son or daughter or father or mother or whatever and shopping for some clothes? I mean, that's that's part of the human experience. Are are we really trying to get rid of all of that? Because this just doesn't be that just doesn't become the kind of world, I think, really, anybody wants to live in, or if you do, then you don't live in it. And if you finally reach that goal and live in a world like that, you're probably gonna look at it and go, this sucks.
Anyway, in April, Google rolled out a protocol to standardize agent to agent communication and the latest update extends that framework into financial transactions aiming to ensure payments are secure, interoperable, and executed with the human user's intent in mind. Google's experiment demonstrates a growing trend of activity across the stablecoin market. USDC issuer circles oversubscribed IPO indicated investor appetite earlier this year with some suggesting that stablecoins are a monetary revolution in the making. Data from Defi Llama shows $289,000,000,000 worth of stablecoins are in circulation, which is a jump of 205,000,000,000 at the turn of the year. So, yay.
Google and Coinbase teaming up together is bad juju, man. Bad juju. Of course, they didn't, you know, they didn't partner up with Strike or something like that, which would have also been able to do the exact same job. Nope. No. They had to go grab the company that's got probably the worst back end infrastructure that they could possibly find being Coinbase and chilling out with them. But there are other synergies between Bitcoin and AI. This one from Emil Jelinek out of Atlas twenty one. Bitcoin and artificial intelligence are the most talked about technologies of the moment.
Both are at the beginning of the of the exponential phase of their adoption process and are already profoundly changing market equilibria and power relations in society. If Bitcoin has introduced absolute scarcity, moreover, in the digital realm of copy paste, AI has brought abundance and value creation. Maybe. Bitcoin supply rigidity allows perfect value preservation over time, giving anyone the possibility to save in a simple and secure way without having to improvise as Wall Street wolves or turn to financial advisors of dubious reliability. On the contrary, AI, particularly generative AI, allows value production at previously unthinkable rates and scales.
It has drastically reduced cost in times of various processes and is expected to impact almost all productive sectors. Activities like software development have gone from requiring months to just a few days, maintaining high quality. 30% of Google and Microsoft's codebase is is now generated by AI. And both technologies generate a strong deflationary tendency. The first, by positioning itself as an alternative monetary system immune to inflationary pressures induced by central banks. The second, as a tool to increase productivity and reduce costs. In a Bitcoin standard, perhaps, perhaps with the presence of intelligent robots as well, this would lead to a tendency towards strong and continuous increase in purchasing power.
Bitcoin and AI will be two fundamental pillars in an increasingly digital future. The first is establishing itself day by day as a global store of value. Even the big finance players and states are purchasing it. The second is enabling a new economy, that of agents, toward which more and more productive activities will transition initially supervised by humans and then becoming totally autonomous. This technological convergence has been highlighted by various prominent figures in the Bitcoin world such as Jeff Booth, general partner at Ego Death Capital and author of The Price of Tomorrow, and Cathie Wood, founder and CEO of Ark Invest.
Both emphasized the imminent, profound transformation of the world of work. Many tasks will be progressively absorbed by machines while new professions will emerge. And at the same time, they warn that this push towards centralization finds a counterbalance in Bitcoin's decentralized nature considered the currency of artificial intelligence. AI agents will exchange value and information among themselves, manage negotiations, plan trips, and make online purchases. To do this effectively, considering that exchanges will occur frequently and for even very small amounts, they will need a payment system that is always active, permissionless, with minimal waiting times and transaction cost. The Lightning Network fully satisfies this need especially in combination with other protocols like e cash and RGB.
Agents can have their own wallet or share a multi signature wallet with another an agent and or humans. And Bitcoin's programmability allows perfect adaptation to machine needs, even better than what can be achieved by humans. Micropayments through lightning network and other connected protocols allow rewarding users with small amounts of certain activities or for certain activities performed or services offered. It's possible for example to rent out one's compute power contributing to a training model or be part of a BitTorrent style network to share a knowledge base in a decentralized way. Small economic incentives can significantly increase user interactions in an approach that can become gamification.
In this way, data collected on the product or service can be increased, especially for LLMs evaluating response quality and providing useful information for subsequent training. Despite existing for some time with the advent of generative AI, the topic of deep fakes has become public domain. If advanced skills were needed before, today, anyone can create fake photos or videos that are difficult to distinguish from real ones. To guarantee the authenticity of data and prove its existence at a certain moment of time, the blockchain can be used as a noter. Sorry.
Hold on. Hold on. Notor no notorial. Yes. Like notary. Like, you know, like you go to a notary public. A notorial system. Open time stamp is an open source protocol created by developer Peter Todd that allows doing exactly this in just a few clicks. In the future, as on chain fees increase using Bitcoin's blockchain for notarial no. No. I can't pronounce it. Notorial. I I'm just I'm I'm having difficulty with this world with this word. Just like notary purposes could prove increasingly prohibitive. To address this, the side chains or other dedicated protocols could be used or digital signatures could be applied with alternative cryptographic algorithms even without directly resorting to the blockchain.
Despite having no common points at the software architecture or algorithms level, Bitcoin and AI are more connected than one might think. Both require high compute power to operate, obtained through large quantities of energy and performing machinery. The chips used are different. But the structure to house the machines, cool them, and keep them secure, as well as contracts to have energy at good prices, well, those can be shared between actors in both sectors. AI data centers need to operate continuously and consequently need a stable energy source. And, conversely, Bitcoin miners can be turned on and off at will, allowing the plant to cope with fluctuating energy supply.
AI risks becoming a centralization factor in society and probably one of the most serious ones. The enormous amount of data necessary for training and the high cost of infrastructure needed to run large scale models are not within everyone's reach. The concern that a few companies control the artificial intelligence that all individuals will use in various aspects of their lives poses serious questions about social control and information manipulation. And just as Bitcoin returns sovereignty of one's finances to individuals, it's fundamental to have private AI models that work locally and don't share data externally.
Bitcoin's open source and decentralized principles must be brought to the world of AI to give individuals and companies control of their own intelligence. Delegating its control represents a weakness that as AI performed activities grow, will become increasingly intolerable, especially in business environments. While a Bitcoin node currently requires less than one terabyte of memory and very little compute power. Hosting powerful AI models requires much greater performance in addition to the complexity of downloading and running an LLM for a non technical person.
Many are working to reduce model weight, creating SLMs or small language models capable of running and training even on mobile devices. This is the case of QVAC, a project launched a few months ago by Tether. Just as with Bitcoin, it's important to delve into the AI topic to understand its advantages and dangers. Saying it will make us all more stupid and controlled is short sighted as much as the accusation made by library lovers against search engines. On the contrary, these are tools that, if used correctly, can liberate individuals and improve many aspects of daily life. The economic boom generated by these revolutionary technologies will bring greater benefits to those able to understand and control them. Acquiring the awareness necessary to be empowered by by AI instead of subjugated by it is fundamental to prosper in an increasingly digital future, where individuals who master new technologies will be able to reach degrees of productivity and independence once unthinkable.
To guarantee freedom, both money and intelligence, open source and decentralization remain in both cases, the principles to fight for. The that's a pretty good one. I I I rather like this article. It it does make a lot of sense. And AI, if you're, you know, one of those people out there that's like going, oh, it's just going to kill us all. No. It is gonna cause some some short term and medium term problems for people. That is that's for damn sure. But the only way that it that you can have a hope of being at least, you know, not not as much unaffected by it, but not put in as much danger by it as other people is to learn to use it and learn to use it well. And there's, I mean, there's, like, more and more online classes that you can take, online courses, and some of them are very, very good. Jack Spearko's AI course is top notch. I took it. It was well worth it was I can't remember. I paid a $100 for it because it was the first class that he was gonna do. I think he's increased the price. I'm not sure to what, but I think he's gonna do this every quarter, and that class is just gonna get better.
So go check out Jack Spierko's, AI class. You can just either search Jack Spierko or go to the survivalpodcast.com. That's the survivalpodcast.com, and you will find more information about it there. On to senate confirmation of Trump adviser Stefan Muren to the Federal Reserve Board. It was a pretty narrow vote, apparently, and this is all according to Cal and Quinn from decrypt. The US Senate. Wow. Very narrow. The US Senate voted 48 to 47 on Monday to confirm Stefan Muren to the board of governors of the Federal Reserve System, ending months of wrangling over whether his appointment presents a conflict of interest.
Quote, doctor Muren's confirmation is a win for the American people, said senate banking committee chairman Tim Scott. He brings deep experience, proven leadership, and a clear commitment to ensuring the American economy remains strong and competitive. I am confident doctor Mirren will act in an independent manner, end quote. Mirren has voiced some opinions about cryptocurrency telling the layer or the Bitcoin layer in December that crypto has a big role potentially to play in innovation and calling financial deregulation a powerful part of a potential Trump administration economic boom.
I have yet to see it. We'll we'll find out later, I suppose. Mirren's nomination has raised concern among Democrats who argue that his plan to remain chair of the White House's Council of Economic Advisors, albeit on unpaid leave, is incompatible with the Federal Reserve's independence. The appointment comes against the backdrop of president Donald Trump's attempts to wield greater influence over the central bank following his clashes with Fed leadership and his failed bid to oust Federal Reserve Board of Governors, member Lisa Cook.
Senator Elizabeth Warren, the Senate Banking Committee's ranking member, warned ahead of the vote that Trump had run a months long campaign to turn the Fed into his personal piggy bank in a bid to escape accountability for his economic his own economic failures, calling Mirren his puppet. Not very nice, Warren. Other Democrats echoed her concerns. Andy Kim tweeted that the, Federal Reserve cannot remain politically independent with Stephen Mirren serving on its board and Trump's chief economic adviser, senator Ruben Gallego, also claimed Muren was being put on the Fed to do Trump's bidding. Quote, he'll he'll do whatever helps Trump politically and leave all of us with higher prices and a bad jobs market.
Muren will serve out a term ending 01/31/2026, filling the seat vacated by Adrianna Coogler, who resigned in August to return to Georgetown University. Can you spell spook school? A Harvard trained economist, Mirren worked briefly at the Treasury Department during Trump's first term, helping craft the administration's fiscal response to the COVID nineteen recession. He is currently a fellow at the Manhattan Institute and was a senior strategist at Hudson Bay Capital, which traded claims in the FTX bankruptcy. Oh, great. That joyful joyful news unto the world there. Mirren has been also well, he's also been outspoken in favor of deregulation and argued that the treasury department under Janet Yellen had overstepped into the Fed's traditional role.
Well, it like I said, Marin gets appointed at as part of the Fed of Governors just in time for tomorrow's meeting. We'll have to see what the hell happens. In the meantime, you can drink some wine from peonylainewine.com. That's pnepe0nylanewine.com. Our good friend, Justin, or Ben Justman, sorry, not Justin. Ben Justman has collector's cases. He's got, like, like, four twenty twenty one mall buck BECS. You can get, four bottles of Cabernet Sauvignon in that and four bottles of Estate Pinot Noir. You can buy all of this in Bitcoin, by the way. That's why p and elaine wine is in the circle p. If you're not selling your goods and services for Bitcoin, you're not in the circle p. Go to pandelainewine.com.
That's pandelainewine.com. Use the code Bitcoin and so that Ben understands that I made him a sale and in the value for value advertising model. If I make him a sale and you tell him that I made him the sale by using bitcoin and in the coupon code, he can determine whether or not and how many sats that he thinks that that sale was worth. Now, poly market, as is if you thought gambling in the markets couldn't get any worse, hold my beer, says Polymarket, who's bringing prediction markets to company earnings. That's right. Prediction markets to company earnings after United States clearance. This is Timmy Shen out of the block.
Decentralized prediction market platform, Polymarket, has launched a new section of forecasting the earnings of publicly traded companies following its recent regulatory clearance to operate in The United States. In a statement on Monday, PolyMarkets said it had partnered with Stockwits, a social platform for traders to, oh my god, to launch earnings prediction markets for widely followed public companies. The pair stated that the collaboration combines poly markets prediction markets with stock wits trading community, providing users with access to real time crowd price probabilities alongside discussions of earnings, sentiment, and market trends.
On Polymarket, users have begun wagering on the earnings forecast of several companies, including FedEx and crypto exchange Bullish, which I've never heard of that crypto exchange, in the market titled, quote, will bullish beat its quarterly EPS estimates, end quote. Bettors are currently assigning bullish around 56% odds that the company might exceed analyst expect expectations for earnings per share. Bullish is expected to release its second quarter earnings on September 17. Among all prediction markets on poly market, the Fed decision in September market has drawn the most activity with a 139,000,000 in volume, and bet wars currently assign a 91% probability that the Federal Reserve will cut rates by 25 basis points. Quote, prediction markets transform uncertainty into clarity by turning big questions like earnings into simple tradable outcomes with transparent pricing, Matthew Maudeber, chief marketing officer at Polymarket said in a Monday statement.
There I mean, honestly, we're just we're gonna bet on whether or not companies hit their earnings. And that's supposed to tell us what. This is just gambling. It's just gambling, and we've got enough gambling in the markets as it is. In fact, let's run the numbers. CNBC Futures and Commodities. West Texas Intermediate is up almost two full points today to 64.52 a barrel. Brent Norsee is up one and a half to 68.44. Natural gas, again, in the surprise turnaround, it is up two and a quarter percent to $3.11 per thousand cubic feet. Gasoline is up one and a quarter, and Mirbon crude is up one half to $71.38 a barrel.
Gold is slightly sideways, but still all time highs sitting at around 3,722 and 4 dimes. Silver is down a half. Platinum is down one and a quarter. Copper is down a half, and palladium is down 1.8%. Meanwhile, ag is mostly in the green, but the biggest loser today is chocolate, 3.5% to the downside. And the biggest winner is, it's a tie between corn and wheat. They're both up 1.57% today. Livestock live cattle is down a half lean. Hogs are down a third, and feeder cattle are up point 15%. It looks like everybody's waiting on the Fed because the Dow is down a third of a point. The S and P is down point one seven. Nasdaq is down a tenth of a point, and the S and P Mini is down point six.
Everybody's waiting to see what happens tomorrow. A 115. Woo. It's a $115,840. That is a 230 no. $202,310,000,000,000 market cap for Bitcoin, and we can now get 31.2 ounces of shiny metal rocks with our one Bitcoin of which there are 19,921,566.8 of, and average fees per block are, well, average 0.03 BTC taken in fees on a per block basis. There are, man, like, 48 blocks carrying a 129,000 unconfirmed transactions waiting to clear at 4 Satoshis per v byte, and low priorities get you in at 1 Satoshis per v byte. Hash rate dropping just a little bit more 1.01 zeta hashes per second.
You can do with that what you will from reorg this which was yesterday's episode of bitcoin and I got tulips with a thousand says, the European disunion is starting to fight itself and I like it. It is the equivalent of a gridlock in The United States. It promotes unstoppable tech, AKA Bitcoin. More coming from Thailand too. They started to advertise BTC with all the bank shenanigans. Bad news equals good news. It's all tulips and it's all going to zero. Bitcoin for president with 500 says I love the show. Thank you for all that you do. A friendly reminder, don't forget that MSTR split. Oh shit.
Yeah, MSTR did split 10 to one on 08/08/2024. Yes. That's I know. That's that's true. But still still, if you even if you add in all of that, their stock price, like, a long time ago, like, in 2019 versus where their stock price is today, is still pretty performant. Not still, I I don't own any MSTR, and I'm certainly not telling anybody to go buy it. I'm just saying, if you were a shareholder of of MicroStrategy, which is now strategy in 02/2018, 02/2017, 02/2016, would you rather have that stock price? Or would you rather have the price that you see today? I there's only one answer to that. Yodle with five hundred and thirteen sat says 70,000,000 Thai, probably half adults, so 3,000,000 accounts frozen could be in line with 10% of the population.
Yikes. Pies with a 121 sat says thank you, sir. No thank you, and that's the weather report. Welcome to part two of the news that you can use. 25% of all public Bitcoin nodes now reportedly run Bitcoin knots. As if the fight couldn't get any worse, I think it's probably gonna get worse. Alex Larry from Bitcoin News. Tell us more, buddy. The Bitcoin network is in a heated discussion, and it's all about software. A once obscure alternative to Bitcoin core called Bitcoin knots has suddenly taken about 25% of all active Bitcoin nodes. What looks like a technical change is quickly becoming a political and ideological battle over Bitcoin's future.
Just days ago, CoinDance showed Bitcoin knots at 19% of the nodes, and now it's past 24%, surpassing one quarter of the network. How can you surpass one quarter of the network with 24? It's it's you have to be above 25%, like 25.1 or something to surpass one quarter of the network. It's just it's just math. Good lord, people. That's a huge jump, however, compared to Bitcoin Core's tiny increase between September 9 and September 14. Core went up 1.54% while nots went up 47.6 in the same period. Bitcoin knots isn't new. It's developed by long time Bitcoiner Luke Dash Junior or as people will call him Luke Dasher. It's based on Bitcoin Core, but it has stricter rules against what some consider spam transactions.
Supporters say it removes unwanted transfer baggage and helps Bitcoin stay focused on being sound money rather than a platform for experimental data. The timing of Knotts' surge is no coincidence. Bitcoin core developers are working on version 30, which will remove the 80 byte limit on op return data. Op return is a special function in Bitcoin transactions that allow users to embed arbitrary data from digital art to records of documents directly onto the blockchain. BitcoinKnots takes this more seriously and limits the size of the data in opportune to only 42 bytes. Core developers say this will encourage innovation.
Critics fear it will flood the blockchain with junk data. Bitcoin knot supporters argue it will slow down the network, increase fees, float the blockchain with useless data, weaken Bitcoin's role as a monetary system, and open up attacks. Luke Dasher himself warned, quote, what do you think will happen now that core is opening the floodgates to spam and essentially endorsing it, end quote. He added, quote, any chance we have of making Bitcoin a success will go out the window unless the community takes a clear stand and rejects the change. The fight over opportune is not just technical, it is ideological as well.
Bitcoin Core's philosophy is that if a transaction follows the rules and pays a fee, well, it should be included whether it's moving money or embedding artwork. Jamieson Lop, a core advocate, put it bluntly saying, quote, I truly detest politics. Thus, I have little patience for those who try to impose traditional governance models onto Bitcoin. If you don't like anarchy, you are free to leave, end quote. Knott's backers, on the other hand, want stronger controls to keep the blockchain lean and efficient. They see Core's direction as giving up neutrality and potentially turning Bitcoin into a dumping ground for non financial activity.
They believe in the long run, such loose policies will have a strong impact on Bitcoin's decentralization. In 2017, block size wars divided the Bitcoin community resulting in the creation of Bitcoin Cash. Some are now calling this the spam wars with the same vibes as the 2017 debate. We'll see. I I it for me, it has not gotten there yet. The the vibes back in 2017, very, very different. Much darker, much uglier. It felt like a kick in the gut. It was a very painful and honestly kind of a frightening time because unlike today, at least literally, like, right now today, this fight, this opportune fight doesn't come close, does not hold a candle.
If you were there in 2017, then you know exactly what I'm talking about. If you weren't there, you're you're gonna have to trust me. If if you feel like this is a kick in the gut, like you're, like, honestly, like, kind of on the edge of your seat and and anxious and feeling really weird, Honey, you ain't seen nothing. 2016, 2017 was terrible. It was awful. I mean, it was like you had to have nerves of steel to get through that thing unscathed. And it it it was only only because I was listening to who I thought was the kind of podcasters that I needed to be listening to about Bitcoin because they were like, dude, just chill.
Chill. They saw they saw bad things before the 2017 split, and they were just saying, everybody calm down. And that's what I'm telling you to do right now. If you're worried about op return, if you're actually listening to people say things like, if this is allowed to happen, then Bitcoin goes out the window. Stop it. Stop listening to them. No, it won't go out the window. Is it bad or good? It doesn't matter. It honestly, it doesn't matter. Bitcoin's blocks are gonna be mined no matter who does what. Alright? The the the fees are going to happen no matter who does what. Transactions are going to happen no matter who does what. I'm not going to turn off my Bitcoin node because of this bullshit.
So don't. And if you want to run knots, go ahead. If you wanna run core, go ahead. What am I gonna do? Am I am I actually going to upgrade to version 30? No. I'm not. I'm right now, I'm on I think I'm on version 28. It's one of the one of the versions of version 28. I might bump it up to 29 just to get the latest before this whole version 30 comes out. But I'm not going to erase Bitcoin core off my node and go to knots. What if I had another node, would I put knots on it? Probably. I'd probably run both just for whatever reason.
Also, by the way, if you want to get into the config file, you can set your off return data limit however the hell you want on whatever version you want. This is and that's why I I think this entire battle is kind of is just a waste of air. It's just a bunch of hot air blowing around and ain't doing nothing but scaring the noobs. Y'all need to stop scaring the noobs. Continuing with this one, in 2017, block size wars divided the Bitcoin community resulting in the creation of Bitcoin Cash. Some are now calling this the spam wars with the same vibes as 2017 debate. No. It isn't, and we just went through that. Like before, the community is arguing how Bitcoin should scale, who sets the rules, and whether too much diversity in software threatens consensus. And for now, both Core and Knotts follow the very same basic Bitcoin rules, so they are compatible. But the worry is is that if version 30 rolls out and knots doesn't follow, transactions or even blocks could be rejected.
That would create a formal chain split where two different versions of Bitcoin operate in parallel, basically creating another hard fork. As more people switch to knots, it's not just a sign of frustration with core, but also a desire for alternatives. Some see this as decentralization and others see it as fragmentation. The clock is ticking for October when Bitcoin Core version 30 will be released. Until then, the tension between innovation and stability, between openness and restraint will only build. Well, only if we let it. And, yes, it probably will build, but here's here's the other thing.
We've seen chain splits. You know how many airdrops I potentially could have taken possession of back in after especially after 2017? There was Bitcoin Cash, and if I kept Bitcoin Cash, I would have gotten, Bitcoin Satoshi Vision coins. But that was the 2017 split. Right? That was the big one. That was the the the the the elephant in the room split. There was a lot. There was Bitcoin platinum. There was Bitcoin gold. There was Bitcoin this and Bitcoin that. It was just split after split after split after everybody was just taking core, changing a few rules.
And that's how we got shit like litecoin. What chart was it? Yeah, Charlie Lee or whatever his name was. He just took Bitcoin core and said instead of 21,000,000, we're going to multiply that by four. Right. So they'd be like, I don't know, was 81, 84,000,000 coins total in white coin and increase the blocks to like, I don't know, some ridiculous speed. It's like white coin is really fast. It didn't kill Bitcoin. None of the Bitcoin splits have killed Bitcoin. This is going to be just the same shit. It's going to be a group of people that decide that they don't want to deal with core and they go off on their own. And I will I go with them? I'm going to be watching both of these these groups of people.
Right. And if it truly turns into a split, then we're going to have to talk about different kinds of attack vectors where each chain can attack each other. It's you know, it needs a new kind of like, the the somebody's gonna have to adopt a new kind of address style for their wallets and and and where to send money and all. It's all a headache, but it's all been done before, and it will it's all gonna be happening again. It just it's not as dire as people want you to believe. Alright? Just everybody calm right down.
Now we're gonna finish this up with Kindly MD, or also known as Nakamoto. This thing is this thing is going south hard, hard. Kindly, MD sinks 55% as swing traders are told to exit ahead of volatility. Cointelegraph, Jesse Coughlin, has it. Shares in the health care turned Bitcoin holdings company Kindly MD Incorporated halved on Monday as its CEO warned of an upcoming increase in share price volatility and encouraged short term traders to sell if they're only looking for profit. Quote, we expect share price volatility may increase for a period of time, David Bailey said in a shareholder letter on Monday, citing the firm's regulatory filing on Friday, registering a 200,000,000 discounted share sale to private investors, quote, for those shareholders who have come looking for trades, I encourage you to exit, end quote, Kindly MD's deal called a private investment in public equity or pipe offering raised money by offering its shares at a discount, and its filing on Friday allowed those investors to freely trade their shares.
Analysts have aired concerns about the proliferation of so called crypto treasury companies as the value of the crypto holdings of many firms is starting to outpace their market capitalizations. Investors seemingly took Bailey's advice to exit as shares in Kindly MD into trading on Monday at a loss of 55.4% at a buck 24. The stock saw only a slight bump after the bell gaining 4.8%. It's the lowest Kindly MD's share price has been since early February long before it announced a plan or plans to buy and hold Bitcoin for the long term and merge with Bailey's holding company, Nakamoto Holdings, last month.
Bailey said in his letter that while the PIPE deal shares entering the market will increase volatility, he says, or sees it as a critical opportunity for us to establish our base of aligned shareholders who were committed to our long term vision. Quote, this transition may represent a point of uncertainty for investors, and we look forward to emerging on the other side with alignment and conviction amongst our backers, end quote. Bailey noted on x that KindlyMD shares have seen intense volume but but marked it as a day of transition where the firm was upgrading our shareholder base from short term traders to long term investors.
Quote, almost 80,000,000 shares have traded today, he later added. Quote, once again, I'm humbled by the support and look forward to meeting all of our new shareholders, end quote. Kindly MD share price drop has seen its multiple of net asset value or MNAV fall to 0.7 as the company's market value has fallen below the value of its Bitcoin holdings. Oh, God. The firm holds the firm holds 5,765 Bitcoin, at a total value of over 665,000,000, while its market cap is four hun 466,000,000 according to bitcointreasuries.net. Bailey, however, was undeterred in his letter stating KindlyMD's mission is to create, quote, the leading Bitcoin native financial institution with which he added required a long term strategy, creative thinking, and disciplined yet nimble execution says nothing.
It says it's like it's like any other suit speak that I've that I've read to you on this show. It's it's kinda sad, but this this Kindly MD deal is this is just this is really bad. And this is exactly what I was telling people to look for a couple, you know, like over the last couple of months that at one point or another, we're going to see the tail end of this Bitcoin treasury company fad or phase or whatever you wanna call it really start to take a tumble. And Kindly, MD looks like it's going to show everybody else the way. There will be probably five.
Let's let's be really kind here. 10. There will be 10 Bitcoin treasury companies that survive. I actually don't think there will be that many, but let's let's be nice and say 10 of these survive. They're gonna be the the they're gonna be the ones that were first and the ones that hold the most and the ones that were well managed before they even got into this position in the first freaking place. That's why I'm looking at strategy survives, meta planet survives, similar scientific probably survives, and a a few other ones will survive. But there guys, there's, like, 72 of these things. At least 50 are gonna go south like a duck in winter, and it may actually tumble exactly like, a a row of dominoes. So just just be aware, guys. Be aware.
All of those Bitcoin this whole Bitcoin Treasury company play is well, it's a dangerous time. It's a it's a dangerous time. If for whatever reason you're considering buying shares in one of these companies, I recommend that you take a deep breath, sit back, relax and think deeply about your next moves because you could just buy Bitcoin or you can buy a chance at risk on those who actually buy Bitcoin. So think twice, execute once. 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.
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