Share on social media:

Episode 1183 of Bitcoin And . . . is LIVE!

Topics for today:

• UK Drooling Over 61,000 BTC
• A7A5 Ruble Backed Stablecoin
• AMD/OpenAI Deal Smells Like Market Manipulation
• What is Wealth As We Move Forward?

Circle P:

SoapMiner
 Product: Tallow Soap
 Website: https://soapminer.com/
nostr Profile: https://nostrudel.ninja/#/u/npub1zzmxvr9sw49lhzfx236aweurt8h5tmzjw7x3gfsazlgd8j64ql0sexw5wy
Twitter Profile: https://x.com/soapminer1
Discount code: Use "BITCOINAND" in the Cart's Coupon Code box for 10% off total purchase

Today's Articles:

https://cointelegraph.com/news/crypto-funds-record-5-95-billion-inflows-amid-shutdown-concerns

https://decrypt.co/343048/vietnam-pilot-five-licensed-crypto-exchanges

https://atlas21.com/russia-central-bank-prepares-national-audit-on-bitcoin-and-cryptocurrencies/


https://cointelegraph.com/news/sanctioned-a7a5-largest-non-us-dollar-stablecoin

https://decrypt.co/342803/what-next-for-the-uks-7-billion-in-seized-bitcoin

https://bitcoinnews.com/interviews/open-dialogue-foundation-kozlovska/

https://www.coindesk.com/markets/2025/10/06/ai-hpc-bitcoin-miners-rally-as-amd-soars-30-on-openai-deal

Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/

Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088

Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)

Twitter:
https://twitter.com/DavidB84567

StackerNews:
stacker.news/NunyaBidness

Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI

Apple Podcasts:
tinyurl.com/unm35bjh

Mastodon:
https://noauthority.social/@NunyaBidness

Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast

Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)

Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/

[00:00:02] David Bennett:

It is 09:57AM   on this Monday, 10/06/2025,   and this is episode eleven eighty three   of Bitcoin. And it's all the news you can use about Bitcoin and more.   We've got   record inflows.   Record   inflows. Yes. I know we're all flying high on a 125   k.   Don't break your arm patting yourself on the back here because we got all kinds of other stuff going on.   Vietnam   is limiting   the amount of,   god, I hate saying the word, crypto exchanges.   We'll see how much that stabs them in the their own eye.   Standard Charter,   some of their analysts have have,   put out some some rather   disturbing   potential   news for,   for emerging markets,   third world countries.  

Hell, this probably even is going to affect the EU, but they're talking about how much   outflows   of money   could be going to United States backed stablecoins   and then Russia.   We're gonna have a a couple of things on Russia.   The central bank is preparing an audit   on Bitcoin, so we'll see where that one goes. But then   there is the first   ruble backed stablecoin,   and   it's not in Russia.   It's in Kazakhstan.   But, apparently, it's doing very, very well   even though it's sanctioned.   I don't even know how the hell that works, but   we'll get into that one.  

And then we're gonna go back and talk about The UK   one   more   time when it comes to the 61,000   Bitcoin that was seized.   Then we've got   we'll have a story about a lady   who,   her fight   against financial repression,   and she's like, I don't know. She could actually become a poster child for what happens when you get your bank account shut down for no apparent fault of your own. And then finally,   today, we're gonna talk about   AI   and the AI   high performance compute Bitcoin   miners.   The the companies,   they're rallying.   Well, we'll   see how long that lasts. It in my estimation,   Bitcoin mining and AI are gonna coexist for a very, very, very long time.  

A very long time. AI,   if you even if you hate it, even if you think it's the downfall of all that is good and holy for humanity,   it's not going away,   which means that if you don't want it to be the downfall of all that is good and holy in humanity, then you might want to figure out how to take these tools and   humanity, then you might wanna figure out how to take these tools   and use them for good. But first,   crypto funds   smash records with   $6,000,000,000   inflows   amid shutdown   concerns. So Helen Parts,   Cointelegraph,   we're gonna talk about the effect of the shutdown and what it seems to be doing   to,   well, crypto, for lack of a better term, cryptocurrency investment products recorded   their highest   ever   inflows   last week. Please say that again.  

Cryptocurrency   investment products recorded their highest ever   inflows last week as The US Government shutdown fueled a rally in spot crypto markets.   Global crypto exchange traded products recorded $5,950,000,000   in inflows in the week ending Friday,   and it is indeed   the largest inflows   ever seen according to CoinShares, quote, we believe   this was due to a delayed response to the FOMAC, the Federal Open Market Committee.   Their interest rate cut   compounded by very weak employment data and concerns over US government stability   following the shutdown,   Coinshares head of research James Butterfield said.  

You know, the record inflows came amid an overall bullish trend in crypto markets, which led Bitcoin to,   registering a new historic high above a $125,000   on Saturday.   With inflows reaching   $5,900,000,000,   crypto ETPs   surpassed the previous $4,400,000,000   record,   which was from mid July   by 35%.   That's one hell of an increase.   Unlike   the previous record inflows,   which were almost equally distributed between Bitcoin and Ether, the latest gains were heavily dominated by Bitcoin   with Bitcoin funds attracting a record breaking $3,600,000,000,   quote,   despite prices closing   prices, not prices. Despite prices closing in on all time highs during the week, investors did not choose to buy short term   investment   products.  

K. Ether, ETP saw inflows totaling $1.1500000000.0,   pushing year to date inflows to another record of $13,700,000,000,   which was close to triple of that last year, Butterfield said. And then they talk about Solana, and I shouldn't have even said anything about ether, but in line with the new record for inflows,   total assets under management and crypto funds surged past a quarter of a trillion   dollars   for the first time, reaching a new high of $254,400,000,000.   A quarter   of a trillion   dollars.   Just let that kinda sink in there.   Crypto ETP's   historic inflow records   came amid the US Securities and Exchange Commission shutting down operations last week,   sparking concerns over potential delays of highly anticipated exchange traded fund approvals this October.  

According to the crypto in America's   Eleanor Tarrant,   the SEC   can still act on fraud and market emergencies, but the shutdown is widely expected to introduce   routine work delays. It's it's like a rain delay, said Bloomberg senior ETF analyst Eric Balchunas.   A rain delay.   Despite   the anticipated slowdown, Grayscale Investments,   the second largest US crypto ETF provider after BlackRock,   debuted the first US listed spot crypto ETPs   enabling staking   today,   Monday. The new staking focused products, which is Grayscale Ethereum Mini Trust and Grayscale Ethereum Trust,   both ETFs, by the way, now allow investors to receive   additional staking rewards   in addition to gains on the funds market performance.  

So   I don't   necessarily   understand what grayscale is doing here   other than dabbling in shit coinery, which is obvious, but   what's new? It's Grayscale. They've always done this.   It seems to me   that the minute that you buy an Ethereum mini or an Ethereum trust ETF from Grayscale,   it's automatically   staked.   I think   and I don't know this. I'm not sure if you have a choice to say, well, no, I just want the fund. I just want the fund performance.   Don't stake it. Just just, you know,   give me the shares and and and do that. But I have a very sneaky suspicion   that if you buy grayscale   Ethereum mini or the grayscale Ethereum trust,   you don't have a choice. Now if I'm wrong and somebody out there knows,   like, in detail about this, please, you know, give me a boost to gram or, you know, contact me on Nostr or hell if you want to. You can contact me on Twitter. It's David   Bennett n b, as in David Bennett none you bidness   on Twitter. And let me know what the hell's going on with that in detail.  

Meanwhile,   in Southeast Asia,   Vietnam caps crypto pilot   at only five   licensed exchanges.   Vismayev v from decrypt.ceo   says it,   Vietnam is planning to limit its crypto exchange pilot program to   five licensed operators only,   pointing to a cautious regulatory approach despite the country's status as a global crypto adoption leader.   The framework would allow for only five licensed exchanges to operate during the pilot as the Ministry of Finance develops   detailed   regulations for taxation,   compliance,   and operational standards,   deputy finance minister   Wen Duc Chee said at a government presser   on Monday according to   VN   Economy   Report,   a local media publication.  

Chee revealed the Ministry of Finance   has not yet received formal proposals from businesses to participate in the pilot, though several companies   are preparing technical systems and conducting preliminary discussions with ministry officials   according to a Vietnam plus report.   The announcement comes less than a month   after the government issued a resolution last month to authorize the pilot implementation of a crypto asset market in the country of Vietnam or Vietnam, however you wanna pronounce that. Under the framework,   the ministry would finalize licensing procedures through coordination with the Ministry of Public Security   and the State Bank of Vietnam   according   wait. Oh, sorry. Among other agencies according to Chi.  

The Ministry of Finance is establishing regulations covering taxation,   accounting policies, and operational frameworks with Chi expressing hope to license at least one enterprise before 2026,   though he cautioned the timeline depends on business readiness.   Vitali   Shurkin,   CPO at b two b n pay, told Decrypt that, quote,   the clear entry bar is so high   that most potential applicants can't clear it, end quote.   Shurkin said the five license cap turns the initiative from a sandbox into a closed compound   favoring large financial groups over fintech in in innovators   and that Vietnam must lower the barriers and be much more open if it hopes to attract crypto liquidity onshore. Quote, otherwise,   liquidity   and innovation   will stay offshore, and the country's pilot will remain stuck in an experiment.  

You know, the move comes as Vietnam ranks among the top three countries globally   for crypto adoption according to Chainalysis 2025   Global Adoption Index with APAC regional transaction volume growing from $1,400,000,000,000   to 2,360,000,000,000.00.   That's   that's a lot of money for just that region. But Lionel Uhrick,   senior adviser to Navmarkets and managing partner at Empire Legal, told Decrypt that, quote,   the absence of early applicants doesn't suggest a lack of interest,   but rather hesitation   amid regulatory uncertainty and stringent readiness requirements.   Capping the pilot at five enterprises   is understandable   as a risk management measure, but it may limit competition and slow   knowledge transfer.  

Well, the pilot program operates under the digital technology industry law passed by Vietnam's,   national assembly in June with overwhelming   support.   441   votes   out of 445   lawmakers.   Wow. That's   all but four.   All but four wanted it, and they've kneecapped themselves   coming right out of the gate. Good job, Vietnam.   This legislation   takes effect next January and makes Vietnam one of the first countries to comprehensively   regulate digital assets through dedicated   legislation.   Yeah. Well, you know, you can just you regulate yourself right into the ground by blowing off both your kneecaps with the largest 12 gauge shotgun you can find   because that's exactly what's happening here. It seems odd   that such overwhelming   political   support at the federal level of Vietnam   has resulted in a mind blowing,   mind numbing,   incapacity   for any kind of vision whatsoever.  

Yes. It's mostly shit coinery because the minute that you just say crypto,   I I get it.   However, capping this shit at five   companies to be able to be registered exchanges in the pilot program   and then setting the bar so high   that they've only got one potential   applicant right now. That that's the that's the way that I'm reading it. Their   the your ability to get into this pilot program   is barred tooth and nail   right from the get go.   So chances of them filling all five slots unless they come back and say, you know what?   Maybe,   just just maybe,   we were a little harsh.  

Maybe we should relax our stance on this pilot program   so that we can actually fill all five slots because it's it's bad enough that they only want five people in there. And I guess, you know, homeboy saying that, hey, risk management, dude. Yeah. Okay. Okay. I get it. But if you can't even fill the five slots that you have available,   yeah,   that's not good.   That's not good for you. So just   be aware and understand that Vietnam is   being kinda stupid.   And if it makes your brain feel   scuzzy and dirty and maybe even a little bit smelly after listening to what Vietnam is doing, you might wanna go over to soapminer.com   and get yourself some brain scrub.  

[email protected]   has cedarwood tallow soap, pine tar tallow soap, goat's milk tallow soap, lemongrass tallow soap. Man, he's got so many flavors. It's just it it's it's this thing is awesome.   And you can buy it all in Bitcoin because this is the circle p. And if you're not selling your goods and services to other plebs   for Bitcoin, you're not in the circle p. And guess what?   Soap miner has new products online. They have finally made it to his store. He's got body balm.   Tallow body balm.   Four ounces. You can get that for $25   worth of Bitcoin. You can get   cedarwood  

[00:15:32] Unknown:

is a scent of their towel of his tallow body balm. The other one is unscented. And then he's got tallow body balm in lavender flavor. Well,   flavor scent. It's not a flavor. You don't eat it. You slather it all over your body. And he's also got deodorant. So if you are stinky and smelly, he's got a couple of different kinds. He has an unscented one. He's got a lavender one, and he has a cedarwood one. But don't forget, SoapMiner also has lip balm. He's got one in peppermint, and he's got one that is unscented.  

[00:16:05] David Bennett:

So if you don't know much about SoapMiner, it's all 100%   beef tallow soap. And all of his products are made this way. Minimal,   minimal ingredients like like his base soap that he works with,   which you can actually get. It's called rough rough cuts tallow. It's the first bar of soap that I used from Soap Miner. It has three ingredients.   It's got lye. It's got 100%   grass fed tallow   from beef. Right. In like tallow is beef fat and distilled water.   That's it. That's soap. If you'd ever knew what soap was when your grandparents and great grandparents were making it themselves and many of them were, well,   that's the way it was made. So go to soapminer.com.  

Use Bitcoin and in the coupon code for 10% off of your entire purchase. Soapminer.com.   Get yourself clean. Get away clean with soap miner.   Brand soaps.   Russia.   Oh, the rescues are coming over the hill. They're gonna kill us all. No. Probably not.   Although,   Europeans probably have something to worry about if they continuously   piss off their neighbor. I'm just look. I'm just saying.   It looks to me it looks to me   that the European Union,   the entire   economic block   is done for.   They don't have any more money.   They're screwed.   Economically, the entire EU bloc is screwed.  

Right. So what do you do when you run out of money   or your circumstances are so dire that   you've run out of money and you can't print any money because you're not the world reserve currency. The euro is not the world reserve currency. Only the United States dollar has that distinction, so we can print   ad infinitum, but the European Union can't. So what do you do?   You go to war.   They've been hammering this drum   for freaking never.   And then out of nowhere,   even though I know I'm going to switch over to talking about stable coin, but out of nowhere.   Out of freaking nowhere.  

There is a stable coin coming out of   Kyrgyzstan.   So   Helen Partch from Cointelegraph   sanctioned   a 7 a 5 becomes largest non US dollar stablecoin   according to, well, data.   A 7 a 5   is the name of the Russian ruble backed stablecoin   issued in Kyrgyzstan,   and it has just now become the world's biggest   non   US dollar stablecoin   despite facing multiple sanctions.   A seven a five's market capitalization   stood at almost $500,000,000   on Monday,   which is about 43%   of the total $1,200,000,000   market cap of all non US stablecoins   according   to data from CoinMarketCap   and DefiLama,   quote, we have already proven   that a national digital currency   can be not only an alternative to the dollar,   but also a driver of global change, a seven a five wrote on its Telegram channel on Saturday.  

The statement came as the project drew attention   at token $20.49,   a major crypto industry event in Singapore where its presence raised questions   about sanctions compliance   and the project's growing international exposure.   The a 7 a 5 stablecoin was launched in February   as a token backed by a diversified portfolio   of fiat deposits   held in reliable banks   within the Kyrgyzstan   network, end quote.   Peg one to one   to Russia's national fiat currency, the ruble,   a 7 a 5 promised to distribute a daily passive income   equal to half of the interest on deposits. Oh, for god's sakes, the grift.   Well, I guess if humans are in charge, they will figure out a way to screw somebody out of their money by telling them, well,   lies and giving them hopium to smoke. But the token   was initially issued on two blockchain networks,   Ethereum and Tron.  

Soon after its debut, blockchain analyst links a 7 a 5 to Grynix,   a crypto exchange widely seen as the successor   to the sanctioned Russian Garantex   exchange.   In mid August,   the US Treasury announced sanctions against Garantex and related entities,   highlighting   Moldovan   oligarch Ilian   Shore as the owner of a seven a five's issuer,   the sanctioned Russian bank   oh, there's no way I can pronounce this.   Proms   bank PSB?   Proms   I   s v y a z is unpronounceable   to me.   PromsvizBank   PSB.   Anyway,   The United Kingdom   also promptly imposed sanctions on several banks inside Kyrgyzstan reporting   that Russia used   a seven a five to bypass Western financial restrictions.  

Despite broad sanctions,   a seven a five's market value has held steady between a 120,000,000   and a $140,000,000.   On September 25, a seven a five's market cap surged by $350,000,000,   which is a 250%   jump in one day, making it the largest non US dollar stablecoin by value   ahead of Circle's   euro pegged,   EURC   coin, which stood at $252,000,000   at the time of writing.   The sharp rise in a 7 a five's market cap came just days before the project's appearance   at Token twenty forty nine, where it hosted a booth and executive Olag Ojhenko   took the stage.  

A seven a five's presence at the conference sparked controversy within the crypto community with many calling for compliance   and closing regulatory loopholes   at industry events.   I thought we were supposed to be free and open.   I guess not. Well, some investigators have linked a seven a five's growth to ties with China.   Oh, China.   Quote, trade with China has emerged as the as the dominant focus   of a seven a five's activities to date, nonprofit organization,   Center for Information Resilience, said in a report on Monday.   The Center for Information Resilience reported that 78%   of a 7 a 5 transactions   went through Chinese jurisdictions   according to figures shared by the company in August   2025,   adding that the stablecoin   has also been heavily expanding into Africa with offices in both Nigeria and Zimbabwe, quote,   further research will be needed to comprehensively   understand   how funding flows through the organization's network, the potential role of financial institutions   in enabling its operations,   and any linkages to Russian political interference   schemes the CIR   added.  

Cointelegraph   approached a seven a five for comment regarding the stablecoin's growth, but, of course, did not receive a response by publication. Let's go back up here for a second. I wanna I wanna I wanna see this thing. There's two things that are that are obviously a problem for me right here is this notion of of of having a stablecoin produce a yield.   Yeah. I know. I get it. Back in the day when banks used to be kinda cool in The United States, you could get you could deposit   US dollars into your check or, well, into your savings account   and get a pretty decent yield. You know? But that was dude, we're talking the seventies.  

We're talking the seventies into, like, the early eighties, and then shit just went tits up. It just   started getting messy. And you're you're good to get, like, 1%,   you know, yield on on your bank accounts. And the,   the whole thing with yield was back in the day, we were told,   What being lied to straight to our face,   we were told   that when we deposit money into a bank, that bank then uses that money, our deposits, to make loans   to other people. And the yield generated came from the interest   of the coupon   that they attached   to those loans.  

Well, then it turns out that none of that shit was true.   And I guess once the cat was out of the bag, they just decided to say, hey, screw it, screw you. We're going to make loans. We're going to do 7% on those loans. And we're not using your money anyway because we're just printing it out of thin air. Because if you did not know, this is how it actually works.   So we're just going to give you, you know, point 95%   on your Wells Fargo   savings account.   Well, here we come with the stable coins.   And these guys are saying that it's, hey, we're going to give you half of the half of the interest that it earns.   Where   does   the yield   come from?  

That's always the question. You always ask that. The second somebody says earn interest on your whatever it is,   your first job   is to ask,   where does that yield   come from? And if you can't answer that question,   the yield is coming from you.   Right? And so if you're not if you're getting it for free on the Internet,   you're not the customer.   You're the product.   It's the same deal.   It's the exact same thing. So this is my first issue here with this particular token is that they're all already talking about   interest earned on holding this thing. The second is, you know, what they were saying about   all the people in the at this token twenty forty nine conference going, oh my god. They're they just   they shit the bed, then they wet their panties   because Russia and it's not even Russia, by the way. It's Kyrgyzstan.  

But the fact that there is a Russian ruble based stablecoin   is   kind of a big deal because it's sitting right next to Europe.   And Europe wants to go to war with Russia because it's the only way they're going to survive because their economy is in shambles.   It's in shambles. And the and every country does this, and The United States is no exception.   Hey. We ran out of money. Hey. I know. We'll go to war. We'll figure it out. We'll just go to war, and all of a sudden, we'll crank all the machines on, and everything will be just fine. And, no,   you're just kicking the can down the road there. But this Russian   backed stablecoin   is sitting right there.  

In Eastern Europe,   you never know.   They may they may actually want to hold some of this stuff as well as something like Tether or Circle or something that's backed by the US dollar.   Either way, Europe as a whole is kind of in danger   both from the West and from their eastern flank   of having money, the what whatever money is left in the European block   just   completely vacuumed away.   Right? Completely   freaking   vacuumed away from them   because that that could happen.   That that very much that very well could happen. So just   understand   Europe's not in a good place right now. The European Union   is just not in a good place. Let's run the numbers.  

CNBC   Futures and Commodities   Energy getting a little bit of relief to this morning. Brenton, North Sea is up 1.19%   to $65.30.   West Texas Intermediate is up a point   to $61.52.   Natural gas is not but is is well, it's not going down. It's in the green, two and a third percent to the upside to $3.40   per thousand cubic feet. Gasoline is up almost two points   to a buck 89 a gallon. Murbaughn crude, everybody's favorite light sweet crude is up 1.87%   to $66.92.   Gold   and all of its brethren   are doing   very well this morning.   Palladium   knocking it out of the park four and a third percent of the upside. Gold,   damn near two full points. We're looking straight in the eyes of another all time high for Shiny Metal Rocks.  

$3,980   and 5 dimes. Platinum is up a point,   and silver is up point 89%   to $48.39   an ounce. Holy crap.   And ag is fully mixed today. It looks like the biggest loser is gonna be coffee, two and a half percent of the downside.   Biggest winner is chocolate, one and a third to the upside. Meanwhile, live cattle is up a point, lean hogs up a third, feeder cattle up 1.6.   Oh.   Paying a lot to feed you're paying a lot to get the right to feed those cows.   That's these these prices   are the highest cattle prices.   Beef prices, I saw, like, there's an index. Beef prices,   from what I saw yesterday, crossed   another all time high   sometime during the weekend or or at end close of business commodities on Friday, I I guess.  

Not exactly sure how   the beef price index works, but according to what I saw yesterday,   beef now stands at yet another all time high.   This is what you get   from seven dollar corn.   See, with with commodity producers on corn, we're getting $7   a bushel on their corn, which is what?   Used to finish   grain fed cattle in confined animal feeding operations.   The guys at confined animal feeding operations and and other ranchers were just like, I can't afford I can't afford the grain bill   at $7   a bushel on corn. Can't do it.   So they basically decimated. Well, they did worse than decimate their their herds. They they sent a whole bunch of cows off to slaughter.  

And now we are down to record lows on The United States   cattle herd.   I mean, we haven't seen this. It I think   I've heard two stories. One,   cattle herds haven't been this low in the number of head   ever.   I've also heard   this low   in decades. Either way,   we're screwed.   But now, ah,   see, now you know what what corn's going for now a bushel?   $3 a bushel.   Corn farmers are getting freaking slammed. They're getting   hosed.   But now   now   now you can fit now you can grain finish cattle at the CAFO except what's going on.   There's no cattle at the CAFO. Well, there's there is cattle at CAFO. You drive by one, I guarantee you see thousands ahead of cattle, but it's not like it was.   Right?  

So   even though   cattle   ranchers and and producers,   they can afford to to grain finished cattle, there's no cattle to finish, or at least not not in the numbers that there was.   So now the guys that were producing the grain at seven selling it all   are producing the same grain for $3 a bushel and can't get rid of it, which will probably may may push the prices down even further if we can't offload this shit to other countries.   So just, yeah, watch meet prices over the next few months and see what see what you see about it.   Alright. A $125,680   a coin is a, well, I guess, a new all time high for Bitcoin because we stand at a 2 and a half   trillion dollar market cap. You could get 31.7   ounces of shiny metal rocks with your one Bitcoin of which there are 19,930,810   and 1 half of. And through all of it,   average fees per block are low,   really low. 0.02   BTC taken at fees on a per block basis.  

There are 30 blocks carrying a meager 55,000   unconfirmed transactions   waiting to clear at high priority rates of three sets per v byte. Low priorities get you in at the same.   A 104   no.   A 104.   1.04   Zeta Hash is per second. Again, we are still above the Zeta Hash threshold.   1.04   Zeta Hash is per second is the hash rate   of the Bitcoin network. So we've got plenty   of digital security   securing our Bitcoin   from   Ankh Morpuk,   500 sats.   He says, keep doing what you're doing. And that was from   toryan   totality, Friday's episode of Bitcoin. And also got tulips with a thousand says, tulips.   I keep an eye   on the auction market of a few countries I have access to. And let me tell you,   Rolex watches are bid like crazy.  

They are highly liquid and a good way to transport money around for those who are not familiar with Bitcoin, which is 96%   of the world.   The world is dangerous.   Especially in The UK lately, I still do not know how to survive the digital shit they are throwing at everybody everywhere.   Short of violence, I see no solution but to fly away and let those places just be tulips   and go to   zero.   So that answers my question about Rolex watches.   Hey. Why not?   Shit. Prisoners bid on you know, they they they trade cigarettes   in in prison for as a currency. The cans of sardines,   probably cans of tuna. You'd if it comes in a can and it can be saved and not spoil,   it's probably used as money in prisons.  

But here,   we're using Rolex watches.   Now but my here's my here's my question about that, though.   They're so easy to steal. If you can't get caught out by yourself at night and somebody knows you're wearing 250,000   on your wrist,   it's they're and they're and they want it and you're by yourself,   unless you got a gun and are willing to, like, shoot a couple of people,   then they're gonna take it. And if they've got more than six or seven people on your ass,   you probably aren't gonna be able to clear that field   with your firearm. So they're gonna take that shit.  

So that that's what oh, that I think that's the the one question that I'm always gonna have remaining is that, sure.   Yes. It makes sense to use a Rolex as being able to have, you know,   portable wealth as it were. But unlike diamonds, which you can swallow   and shit out on the other end of your destination,   a Rolex   kind of flashes wealth the minute somebody sees it. So I if it was me,   I would not do that. But I also don't wanna eat a bunch of rocks and pick through human fecal matter at the end of it because that just sounds dehumanizing.   Paul Cernine with five hundred says, thanks for another worthwhile   episode   bringing us all the news we can use include   including the circle p. When it comes to a remedy for decoupling from the broken system and healing,   there's currently nothing better than Bitcoin in my humble opinion.  

But we'll see where this is all going. I certainly hope to be able to invite you for a beer someday and hear your take on this topic. Until then,   I'll always see you or more precisely listen to you on the other side. Thank you. I appreciate that. Joe Nakamoto says good morning. Good morning.   Where do you wait. Wait. Where and how do you keep up with Bitcoin news nowadays?   Now Joe didn't actually give me any Satoshis,   but Reid wrote back to him, which is why I'm seeing this in my fountain.fm   feed. And he says, Noster and a few podcast,   at rabbit hole recap,   Bitcoin and and then one other one. And I'm not sure because it kinda cuts off here. But,   thank you, sir,   with 500 sat says,   make tar and feathers great again. Yes, please. And thank you, sir. No. Thank you. Wartime with a 133   says, cheers.  

Bitcoin no. I'm sorry. BTC   onboard with a 100.   Damn it. Gives me a bunch of emojis I can't read. Pies with a 121   says, thank you, sir. No thank you. God's death with two thirty seven says, thank you, sir. No thank you. And that is the weather report.   Welcome to part two of the news that you can use. Let's do Russia   part two.   Russia,   central bank prepares national audit on Bitcoin and cryptocurrencies.   This is out of   atlas21.com.   The Russian central bank   is preparing   to carry out an extensive inspection   of the country's cryptocurrency   market   involving both businesses and private individuals.  

Oh, boy. The initiative   officially announced by the Monetary Authority will begin   within the first two months of 2026   and represents an attempt to map Russia's crypto ecosystem,   probably   right before they try to steal it all from   law abiding citizens. Oh, well, according   to the Russian newspaper, Izvetzia,   the Bank of Russia will launch a detailed investigation to examine cryptocurrency   investments   and lending volumes   to companies operating in the digital sector. The monetary institution   also plans to   analyze   individual   investments in digital financial products whose returns are linked to the price of digital assets.  

This likely includes cryptocurrency   derivatives   and similar financial instruments,   many of which were introduced this year on the Moscow Exchange   and other Russian trading platforms.   The Russian Central Bank justifies this audit by citing the need to monitor   the, quote,   risks and opportunities   that the digital asset sector poses not only on global markets,   but specifically to the national economy. Bank officials stated   that the survey's goal is to, quote, assess the volume of cryptocurrency   investments   made by regulated entities, including for risk hedging purposes, end quote. I call bullshit. But in parallel with the general investigation,   the central bank has ordered the Moscow Exchange   and commercial banks offering crypto derivatives   to provide monthly reports on transactions   and trading volumes.  

The decision to conduct this audit comes amid growing tensions   between the central bank and the Russian Ministry of Finance over digital asset policy.   While the ministry   is pushing to regulate and tax the industry,   bringing it out of the gray zone, and that's in quotes,   the bank   favors measures that would keep cryptocurrencies   at the fringes of Russia's economic system.   Kirill Karpov,   senior lecturer in the Department of Financial Law at the Moscow State University of Law, commented, quote,   the bank and the government will use the information from the survey to help   form regulatory   policy.  

They will look to legalize the market to generate   tax revenue,   end quote.   Currently, Russian legislation legally recognizes   only officially registered Bitcoin miners and participants   in the central bank's sandbox   project.   This sandbox allows Russian companies to use cryptocurrencies   as a means of payment   in cross border trade transactions.   Beyond the sandbox,   several companies are believed to be conducting direct commercial exchanges   with international partners   using cryptocurrencies.   So make no mistake, Russia is just as bad as any other federal government on the face of the planet. They wanna know what their citizenry owns,   and they wanna cut   because it's just like the mob.  

They can't figure out a way to do anything constructive on their own that people will pay the money for, so they instead do what? Steal it.   Sure. Why not? Let's let them too, by the way, because humans are good at basically just being able to roll over and take it on the chin.   So what's next for The UK's $7,000,000,000   and seized Bitcoin?   Probably theft.   Simon Chandler from Decrypt will tell me whether I'm right or wrong.   Trade associations   representing the British crypto industry have mixed views   on whether the UK government should use $7,000,000,000   in seized Bitcoin as the basis   of a Bitcoin strategic reserve.  

The UK government is reportedly aiming to keep most of the 61,000   BTC   that it seized back in 2018   with civil recovery proceedings currently determining   how much should be returned to victims of a large scale Chinese investment fraud.   Again, if you did not listen to me report on this already,   the the UK government seized these coins back in 2018,   61,000   of them.   They are   almost guaranteed   to only give back the fiat value of those coins   at the 2018   value.   Alright?   I had a rant about this, and I'm I I may engage in one again because it pisses me off.   If you if if somebody steals my car, because these coins were stolen. These are stolen Bitcoin.  

Right? They were   like, I think it was, like, a quarter of a million people were defrauded   in total out of 61,000   Bitcoin.   That's the property.   Not the value of the property,   but the actual property itself. And if somebody steals my car   and the police recover it, they don't auction the car and then give me the money for the car. They actually give me the car back. Now that's in The United States, and I'm honestly   surprised   that it's still that way. But no. They   they want me to come get the car. They wanna come they want me to come to the impound lot. They want me to put my keys in the ignition, and they want me to get my car out of their hair.   They have no intention of engaging in selling my car and then giving me a check for the money, which would not be as valuable as having a working automobile itself   unless it was a brand new car, like, that day, then maybe, possibly, but probably not.  

In this case, they're like, no. No. No. No. We don't wanna get you we don't wanna give you the actual Bitcoin back. No. We're gonna give you the fiat value of that coinage   in 2018   terms.   Go look up what the price of Bitcoin was in 2018. It is nowhere close   to where we are today.   This   is theft   by the United Kingdom government,   plain and simple,   against citizenry   of The UK.   There's there's no other way to slice that bitch.   It just it's it is straight up your government.   If you're listening to me and you're in The UK, and this was these are some of your coins,   you're getting ripped off by your own government.  

And we will do exactly what?   Nothing. The legal question of how much victims should be compensated   comes at a time when the UK government is looking for ways to fill a gigantic hole   in their public finances,   which is worth up to $67,000,000,000.   However, some crypto industry representatives are skeptical that the government will hold the frozen Bitcoin for the long term assuming that civil proceedings determine its right to retain most of the seizure.   Thieves, again, thievery.   Speaking to Decrypt,   British Blockchain Association president professor Nassim   Nachibi, MBE,   said that The UK's approach to criminal assets is ultimately set by the Proceeds of Crime Act or POLKA,   meaning that the objective of British policy in this area is the recovery of criminal proceeds   and not long term investment holdings. Quote,   recent ministerial   answers   have reaffirmed that seized assets are managed and realized under poker   and that The UK's official reserves   policy does not contemplate   adding Bitcoin.  

There are no plans to change this or to consider Bitcoin as a reserve asset, he explained.   Well, not only does UK law point away from the long term holding of the frozen BTC,   NACV   suggests that hold such holding would also contradict current UK fiscal policy.   He goes on to say, quote, from a public finance   perspective,   Taking on price volatility risk with confiscated   assets would run counter to established UK Treasury and Bank of England reserve management principles and could set a precedent that blurs the line between asset recovery   and investment policy.  

Okay. I gotta pause here again because   this sentence,   this last part of this sentence,   it   would run counter   to established UK Treasury   and the Bank of England Reserve Management principles,   it could set a precedent that blurs the line between   asset recovery, you know, recovering assets that were stolen from British citizens,   and investment policy.   The fact that those two phrases, those two ideas,   asset recovery   and investment policy,   are so close together in this sentence   should make the hackles on your neck stand up.   Continuing these views   aren't shared by the British crypto industry as a whole, however, with a spokesperson   for Crypto UK, which counts the likes of Gemini,   OKX,   Input Out, Bitwise, socios.com, and Nexo as members,   arguing that plans to immediately sell the frozen Bitcoin   would run contrary to the UK government's recent moves to boost the industry. They said, quote,   we would urge the government to take a long term view on the holding of crypto and deeply consider what message what message   offloading these digital assets would send   to UK's very own crypto industry.  

The Crypto UK spokesperson also highlighted the fact   that other jurisdictions   are taking steps toward maintaining strategic cryptocurrency   reserves   as are a growing number of publicly listed companies, like, you know, MicroStrategy.   Despite highlighting legal arguments that could or will prevent the UK government   from holding on to the 61,000   BTC for the longer term,   professor Nakhvi   acknowledged that the establishment   of a British Bitcoin reserve would be a powerful signal to the industry.   Quote, it would be symbolically   potent,   but policy   inconsistent in this context, he said, quote, a government wallet visibly   huddling   could be read by markets as a vote of confidence   and might be welcomed by some industry voices, end quote.  

But because long term holding would conflict with poker's   victim focused recovery aims   and with recent affirmations that the UK government is not planning a crypto reserve,   NOCV proposed a more practical,   realistic option. He explained, quote, if courts   under or rather, if courts order forfeiture,   the government   could choose a phased and transparent   disposal like auction windows   to reduce market impact consistent with international practice while keeping within Poca's purpose, end quote. And in such a context,   he affirmed that The UK should concentrate on providing leadership to the British crypto industry by, quote,   finalizing   high quality   evidence based crypto regimes   and ensuring consistent enforcement.  

Selling off the frozen Bitcoin as quickly as realistically possible may carry the risks of repeating one of the most controversial   fiscal acts in recent British history,   namely   the sale of 401   tons   of gold, which was more than half of all British reserves of gold between the years 1999   and 02/2002.   The those gold sales raised $3,500,000,000   for the UK Treasury, yet they occurred at a time when the average gold price was $275   an ounce with the price of the precious metal having risen over the years to its current level of 3,850   an ounce.  

However, NOCCV and the British Blockchain Association   do advocate for the UK government to consider studying   the feasibility of Bitcoin and crypto reserves while even undertaking a pilot allocation   between   point   10.5%   of total assets. Quote, from the BBA's   perspective,   The UK should not hold confiscated   BTC   as a de facto reserve,   but it should explore through research pilots and international dialogue   whether Bitcoin could play a measured strategic role in The UK's future reserve policy,   he said.   Now that's the end of the article, but it is not the end of how pissed off this entire article gets me.   None of these people   are saying what is out there in the open.  

This is not your property.   It is not your property.   You know where this BTC came from. It didn't just magically appear on your fucking doorstep like some baby in a goddamn milk crate and out front on the steps of a orphanage at late at night with rainstorms and shit going off. No. You know exactly where the Bitcoin came from. You know that it is not your Bitcoin,   and you are going to get away with absolute freaking murder if you're able to sell some of that Bitcoin   at 2,018   prices   to be able to make the people that   you stole the coin from. They got stolen from twice. You're gonna make them quote unquote whole with fiat money back in 2018   prices of Bitcoin, and then you're gonna do what?  

Given given the language   of this article, they're gonna sell it. They're gonna do the same boneheaded maneuver   that Germany did. They're gonna repeat their own boneheaded maneuver of selling off their gold at $250   an ounce when it's now 3,850.   None of these people need to be in charge of any country's money.   It is becoming evident that none of these people know what they're doing, or or   that's the non tinfoil   hat version.   If I put on my tinfoil hat, my nice crispy   tinfoil hat that looks very much like, I don't know, a sailor's cap,   then I could say this. They do know what they're doing, and they're doing this shit on purpose.  

If they were to release the 61,000   Bitcoin back into the hands of The UK citizenry that they took it from,   then they would have a bunch of wealth   out there in the wind.   And it would probably you know, it it would stay in The UK for at least a little bit   at least a little bit. But   no.   No. No. No. No. No. No. No. And if any of these coins   are from   international   citizens, like, from other countries,   how the hell do you rectify that shit?   You're just gonna steal an American's   property and and auction it off and then   what?  

See, this is this is state level depart or state department level shit right here between nations.   So if any of those coins are not the the property originally of British citizenry,   you've got an international in   issue on your hands.   So   I but I don't think that this is going to turn out good for these coins. It is certainly, no matter what happens, going to turn out good for the people that lost those coins. They've had their property stolen twice,   once by a scammer and once by bigger scammers.   The United Kingdom   government.  

Open dialogue foundation.   Bitcoin   in fight against financial repression.   This is from Connor Chepinek out of Bitcoin news.   Now be aware, I'm not going to be able to pronounce this woman's name. I will try,   but it's not gonna be pretty. When banks shut her out,   Lyudmila   Koslovska   kept going anyway. She grew up in Sevastopol,   Crimea.   As a teenager,   her family faced political persecution.   Stranger showed up to help. When she asked why, the answer stuck for life,   quote, because your family was doing a lot of good things and other people asked us to come, end quote.   That moment set her on a path to start the Open Dialogue Foundation and defend people crushed by bad governments,   of which we just talked about one. Years later, after work on Ukraine's Orange Revolution and a PhD   moved to Poland,   she founded the organization and went to work across Ukraine, Central Asia, Russia Russia, Moldova, Belarus, and the European Union.  

The idea was simple.   You do not   have peace at home if your neighbors are at war   at war.   Then came the   hit. She calls it transnational   financial repression.   Authoritarian   regimes use international agreements,   AML, and counterterrorism   rules, travel databases,   and cyber laws   to flag people as threats and cut them off from their money. In 2018,   she lived it.   Even with all my connections in European parliaments, I could not protect my financial data, she said.   They weaponized   anti money laundering and counterterrorism   regulations to label me as a security threat with no legal grounds   just because of my human rights work, end quote.  

The result was ugly.   Quote, my family, my organization, company donors, partners, even our cleaning lady,   everyone   around us was financially   excluded from western   institutions.   Everything stops when a bank pulls the plug, salaries,   rent,   legal help, humanitarian   aid.   So   she reached for the only tool still within reach.   Quote, I didn't have access to other tools.   What you have in your hands is Bitcoin, peer to peer, end quote.   That was the entry point.   No exchange account,   no gate to beg at,   just direct settlement and money that you can hold yourself. Bitcoin in self custody meant   she could still move   aid to political   prisoners, refugees, and families on the run.  

It meant donors could still help without waiting for a compliance department in another country   to feel brave that week. Back then, it was easier to find local traders in Europe. Today,   she argues, EU rules treat much of Bitcoin in self custody   as suspicious   when you touch regulated institutions.   Belgium even passed a right to a bank account, but global banks still obey the FATF   first, the FATF.   If a Belgian bank wants to keep its worldwide licenses,   it follows   Washington's   standard.   That is why a lot of her advocacy now points   to The United States. Yeah. We probably need more help than most third world countries at this point. And I'm talking about humanitarian   aid insofar as our rights are being completely demolished right in front of us. The UK,   gone. The EU, gone. United States and Canada, damn near well, Canada's gone.  

United States is the last place   this exists, which is probably why she's focusing her shit here. And in fact,   why The US matters   is next up, quote,   The US is a key jurisdiction which sets standards on financial regulation   and privacy, travel data privacy, communications data, and cybersecurity.   She said, label a privacy tool as criminal,   and you kill investment.   Kill investment, and you lose the freedom tech that keeps people alive when regimes come knocking.   Her group helped launch the Building True Change Coalition to explain exactly how Bitcoin supports human rights and fast humanitarian aid.   They push back on rules that punish donors who want to help. They teach the difference between targeting   or targeted policing and surveillance that treats every citizen like a suspect.  

She is blunt about the stakes, quote, with the spread of technology right now.   If we do not build privacy protecting tools,   there will be nothing to discuss   in five years,   end quote. A lot of citizens in safe countries assume   that this will never touch them.   Kozlovska   shakes her head.   There are quiet tools that never make the news.   She mentions Interpol purple notices and cross border data requests that can be abused to hoover up your travel, communications, and financial history. Quote, your business can be destroyed by a simple request   you will never know about. How many start ups and prominent people in Western countries were destroyed by third country competitors,   and they were not aware how it was possible?  

End quote,   that is not an activist problem. That is a national security problem, and it is one reason she keeps repeating   the same basic advice. Learn privacy,   use privacy.   Have the fire escape   before the fire.   Kozlovska sees a split future.   Centralized   AI   can become a dragnet. Open tools can become a shield. She is not romantic about it. She is, well, recruiting.   Quote, AI can be used against us, but it can also be used by us   to protect us.   If we build a coalition in the next five years,   we can change reality. We can say, oh, it's dangerous, or we can build an army of our tech developers   who will be on the side of privacy and who will protect us, who will help us build our secure digital space   with the most advanced technology,   end quote.  

That coalition is technical   and political.   Developers, donors, victims willing to testify,   lawyers who can teach law enforcement   on how to spot financial repression   instead of becoming part of it, and, yes,   regulators who are willing to hear real stories instead of just side decks,   quote, institutions or people, she said.   You have to spend time to educate them.   They also work on practical innovations that get lost in policy talk. One example she raised was bionic hand programs   for Ukrainian veterans.   You cannot do that if every cross border payment raises some red flag.   You need fast money that settles. You need donors who are not punished for caring.  

You need   Bitcoin.   Kozlovska   is not shy about help. Quote, without American philanthropists   and donors, democracy will not survive, she said. The request is simple.   Support the work. Lend time and expertise. If you are a victim of this kind of repression and your lawyer told you to stay quiet, talk to them anyway.   Your case may be the example that fixes the rule. And for anyone still wondering whether this is their fight,   she offers a reminder from her own life.   She did not know the names of the people who helped her family in Crimea.   They showed up because someone asked them to.  

That is how networks of care actually work.   Quiet hands,   real money,   no permission slips.   We are not just victims,   Koslovska   said.   We are overcoming it and building the future.   The future   needs money you can hold, not just money you are allowed to touch. It needs Bitcoin and Bitcoin in self custody   for the moment the bank says no. It needs coders   who ship privacy by default. It needs donors who refuse to be scared off by bad labels, and it needs readers who could spot the difference between safety   and control.   And if you want to help, you start here.  

And that is, by the way, the en.0dfoundation.eu/howyou   can help. Again, en.0dfoundation.eu/howyou   can help.   Again, all the stories that I read in these in it, for Bitcoin and the URLs will be in the show notes.   So this one   is from bitcoinnews.com,   Open Dialogue Foundation.   You you'll you'll find it. It'll be in the list. Click it. Scroll all the way down to the bottom, and there is a link under well, start there is a link at the very end of the article. If you click it, it will take you right to that foundation   if you want to help.  

She said many things that I've been thinking about for a long time.   It's   a lot of this has to do with   God. I hate to say it.   We're going to have to be brave.   It's   nothing about Bitcoin   is has been easy.   It's not easy today. Sure. You you're lucky. You got all time highs. Dude, is if that's all you think Bitcoin is, is yet another all time high, then you are sorely undereducated   about what Bitcoin actually is. And I am sorely undereducated   about what Bitcoin is. All of us are.   Even people who   I I'll make this argument. Even people who are like life well, at least the lifetime of Bitcoin, life long developers of Bitcoin, they don't even know exactly what Bitcoin is. I guarantee it. And if you get them in if if you put them in front of me and we start talking, I'll bet you they admit it.   Nobody knows   the extent of the beast that we are either building   or using   or   admiring.  

We don't know the extent of it.   We only see the side that we look at. If all you look at is price action, then you are looking at only the beast head on.   You don't know what the side of it looks like. You don't know how long it is.   Right? If you're only looking at the left side of this beast that we call Bitcoin, you don't know what the face of it is, and you don't know what the other side of it looks like.   How wide is it? And we know how you know how long it is. You can't see its face. You all you know is how long it is, but you don't know how wide it is. For that, you'd have to go back and look at the face so that you could determine how wide it is, but then you wouldn't see either one of the sides. And if you're looking at the ass end of this creature,   then you're probably looking at the direction that it's going,   and you probably know where it's been. And in my view,   looking at the ass end of Bitcoin is probably the best vantage point to at least   have a hope in hell of determining where this thing goes in the future.  

All the rest of it, though,   is all important.   Privacy.   The ability to have privacy shipped by developers   by default   without the developers getting thrown in a goddamn hole somewhere in freaking Southeast Asia and then fed, I don't know, Cobra meat all damn day. That's what needs to happen.   If the developers,   I've been begging the developers,   stop   developing   Bitcoin   under your legal name.   Stop doing that.   If you're going if we're going to develop   privacy by default,   then two things have to happen.   One,   give up on the thought of being rich.   Just give it up. Find wealth in other places.  

Big family, good food,   being happy,   not being anxious, not being depressed,   not having an alcohol or some other weird drug habit.   Find wealth   somewhere   else.   We've been told that a shit ton of money is wealth. That's a fucking lie.   That is not wealth.   I can go back to the old testament. Yes. I've   I I I used this example   many times. I'm gonna use it again, so, yes, here it comes.   It was, like,   not I think his name is Aesop.   Not exactly sure. He was afraid of his brother, except Aesop got really wealthy,   and he decides to send a present   ahead of him because he's gonna go meet his brother, and he's scared to death of his brother. He doesn't he's like, oh, shit, man. He's even though Aesop is a badass or whatever this guy's name is, even though he's a badass and has made   shit   tons of money, he's terrified of his brother. So he sends   a greeting present, a welcoming present, if you were, out in front of him.  

And the description of this well of this this welcoming present is   phenomenal.   In fact,   I wonder if I can even find it.   Hold on for a sec.   Okay. I'm thinking of Jacob, not not   Esop because it's not Esop. The the name of the brother is Esau or if that if that's how you pronounce it. But check this out. So Jacob is the guy who's given the gift and he says, Jacob stayed   where he was for the night, then he selected   these gifts from his possessions to present to his brother.   200 female goats, 20 male goats 200 ewes, 20 rams   30 female camels and their young 40 cows 10 bulls 10 female donkeys and 10 male donkeys. He divided these animals into herds and assigned each to a different servant and told his servants, go ahead of me with the animals, but keep some difference or distance between the herds.  

That's a lot of animal.   If you were to buy those animals today,   you would be spending tens of thousands of dollars, if not   well over a $100,000,   probably $200,000.   This is wealth   in the form of animals. The wealth is kept in the animal. Ask any rancher what their animals are worth to them.   That is a form of wealth.   We've we've been we've been pigeonholed into thinking that only money is wealth.   Only a house is wealth. Only the BMW   that announces your status and only the Rolex watch, which announces your status. Only that and gold and jewels and all that shit and Chanel number five clothes and whatever. That's wealth. No. That's a form of something that could be considered wealth   depending on what your needs are at the time.  

What do we need right now?   We need privacy.   We need all the shit that's going on in the world right now to stop.   And the way one of the ways that they have kept us leashed   and caged   is through what they've told us wealth is.   Meanwhile, they've destroyed the family. They destroyed the extended family with the depression   or or, well, coming out of the depression. But extended families, even before the depression, that was the thing. You had grandparents and parents and children. You had, like, three or four generations living,   if not under the same roof, under roofs that were very close to each other so that that each family could take care of each other, where all the members of the family could basically be a functional family unit and not be too far from each other. But now we've scattered them to the four winds, so you can kiss the extended family goodbye. And now it is the destruction of the nuclear family, and that's been going on since the fucking seventies.  

Right?   Divorce rates really ramped up in the late sixties to seventies and just shot the hell up through the eighties and the nineties. It's kinda leveled off now, I think, but it's the destruction of family. That's where real wealth is.   That's your that's your blood network.   Getting rid of that and telling us a Rolex,   that's what you need. You need to work fifty years at a job so that you can get a gold watch on your retirement. That's what was told to people in the forties and the fifties. Well, you freakin' kiss that shit goodbye. So apparently, that wasn't real wealth. Right? So now it's just a whole bunch of money in a BMW or a Lambo or some other supercar, five houses on the South Of France. It's all bullshit.   It's all crap. I think a lot about Sailor and his five yachts or whatever. You know what I see?  

A management nightmare.   He's like, oh, you're just jealous that he's got yachts and you don't. I would like to go on a yacht once. Maybe one of these days, one of my rich ass Bitcoin friends will invite me on their yacht.   That's all I   need. Oh, you just you're you're just jealous because you don't have a Lambo. Where the hell would I drive it? Hell, I need to be I need to have access to the Autobahn in Germany   to actually drive that car the way it's meant to be driven.   Right?   It   it's just it it astounds me   how easy it was   for the people at the highest levels of society   to imprison   the citizenry   under their own ideals   that they imparted to that citizenry. Not their own ideals, the ideals that they wanted projected onto us.  

Robin Leach   and Lifestyles of the Rich and Famous, when that show came out, I didn't realize it then, but that was that was programming.   You don't have this. This is what wealth is. Therefore, you suck. And I guarantee you that it like, in the background,   it it runs a program to this day to anybody that saw that show.   You don't have this.   That's what real wealth is. So, therefore, you are a failure. So you need to keep striving to get these things so that you will be a good upstanding member of society, and it's   all a lie.  

It's just all a lie,   and it's been that way for hundreds of years.   But it's getting got really bad in the seventies. It doesn't matter.   If we can break out of that thought process   and we can start saying,   what is it that I have   that could be considered wealth?   And let me   stand upon the shoulders of that wealth   to be happy, healthy, and constructive.   And then that way, you start stop trying to figure out how to build a piece of fucking software that you can offload for $5,000,000,000   and have everybody know exactly who you are and risk prison   if, however, some of that product or whatever happened to be something somebody could use to cover their tracks.  

We can't do that.   Bitcoiners   are the only people on this planet   that are able to actually   understand what it means   to have fun staying poor.   Let's move on to the last one of the day.   AI   and HPC   Bitcoin miners rally as AMD sores 30%   on the OpenAI   deal. This is James Van Stratten from CoinDesk.   The wave of massive contracts   in the artificial intelligence and high performance compute sector continues with the latest coming from OpenAI,   which has agreed to buy   tens of billions of dollars worth of chips from advanced micro devices.   I guess we can kiss Intel goodbye.  

The deal, according to the Financial Times, could also see OpenAI acquire up to a 10% stake in AMD over time.   AMD shares surged around 30%, currently changing hands at about $225,   share. And the chips purchased under this agreement will provide a total compute power capacity of six gigawatts.   OpenAI executives estimate that one gigawatt of capacity cost roughly $50,000,000,000   to develop including chips and   the necessary supporting infrastructure,   think electrical grid, according to the article.   As a result,   shares of AI and HPC focused miners   often rally on the back of such large scale deals and infrastructure build outs.  

So during Monday's   US open, Bitfarms gained 8%.   Iron gained 12.   Hive Digital,   they gained 12%. Cypher Mining climbed seven. CleanSpark   added 5%, and Terrawolf was also up 5%.   That's like most of The US miners, if not all of them. Galaxy Digital has emerged as a key beneficiary   of the rapid repricing of the AI and HPC infrastructure sector   having converted its Helios campus   into a large scale AI slash HPC data center.   In August, the company secured 1,400,000,000   in project financing to retrofit the facility and signed a long term lease with CoreWeave   covering up to 800 megawatts of compute capacity.  

Its shares were also higher by 5% on Monday as the AMD news combined with the company's launch of Galaxy One, a new wealth management platform offering   4%   yield on FDIC   insured cash   and seamless auto investment into crypto and US equities.   Galaxy shares are now up a 116%   year to date. I don't know why they ended with Galaxy because we really need to focus more on this whole deal.   All of these deals   are essentially   incest.   What do I mean?   Well,   okay. So   so   open   AI has agreed to buy tens of billions of dollars worth of chips from AMD.   They also see open   AI acquiring up to a 10% stake in AMD over time. So   if you compress that timescale,   then   how is it open? AI isn't buying chips from themselves   at like, you know, I'm just I'm just saying and that's not the only that's not the only evidence. There's like three or four different   deals that have been have gone on over the last two weeks   where it's essentially   a company   saying that they're going to spend I don't know. Let's say $50,000,000,000   to buy product of company x.  

But company x ends up being folded into the company that originally wanted to buy it   or the the wanted to buy the the stock. It's   there's something about this, and I can't quite put my finger on it, but it's almost as if it's ghost money.   Like, oh, well, we're gonna buy these chips, but what they're really buying is AMD.   That that's what I think is actually going on here. Now so they they say they announce, well, we're gonna buy all these chips from AMD, and then the newswires gets a hold of it. Dow Jones newswire gets a hold of it, and Bloomberg terminals start, you know, puking it up, you know, all over every trader that that is sitting in front of one of those terminals. And everybody goes haywire.   Right? But I think what's really going on is that   OpenAI is really just gonna buy 10% of AMD.  

The chips come along for the ride.   See   see how this works?   There's   really nothing here except for   OpenAI   wanting to buy 10% of AMD. That that's all I see.   In any other world, that's exactly how the news would be announced. But now we've got a stopgap maneuver. Hey, instead of saying it what instead of actually saying what we're gonna do, let's first say what we're that we're   we're gonna buy these chips   and   then we're gonna maybe buy the company.   And that sends everybody's valuation   freaking   screaming.   And, again, this is not the only deal that's been done this way. I think it's a shitty way   to operate.  

I don't think it's above board. I I do think that there is a fair amount of chicanery going on behind the scenes of all these companies.   And and I'm not gonna call for it, but I would be very not surprised   if we don't see   some kind of internal collapse in AI sector and even high performance compute sector   akin to the 2000.com   crash.   Because there was a lot of bullshit going on there too. Alright. So just be aware.   Everything needs to be read   from many different angles. Like, again, like looking at Bitcoin. Are you looking at it in the face? Are you looking at it up the ass? Are you looking at it from the left side, from the right side? You are you on the ground being stepped on the son of a bitch and all you can see is up underneath it, or are you a drone flying over the top? There are many, many ways to observe the same phenomenon or the same object.   This is another   one to look at. Which way are we looking at this? Are we looking at it as a chip buy, or are we looking at it as   what I think it is? They wanna buy 10% of AMD, but they're announcing this so that valuations go through the roof first.  

Again,   we come back to what   is   wealth?   What is it?   Yeah. I just all I can think of every time I ask that question, all I see is the dude   in the scene of The Big Short. It's at the front of the movie where they're in the strip club   and homeboy is sitting there at the bar with a couple of strippers and he's holding an open bottle of Dom Perignon   champagne.   And it was like was it Bennett, I think, is the last name of the the character that ends up,   getting like the huge check at the end of the at the end of the movie saying that he was not a hero. Nobody was a hero.   And he's saying, I would never hang out with these guys. Is that whole scene,   That entire scene, these these, you know, and I can even look at I can even look at American Psycho.  

I can look at,   margin call and I can look at the big short and kind of take little pieces from all of it and just compile   this picture of what we're supposed to think wealth is. And that's not what it is.   There are other forms of wealth. It doesn't always have to be. Man, I made such a big bonus that I can go hang out with strippers and whores and snort cocaine off of their ass and drink bottles of Dom Perignon.   I don't think that that's wealth.   In fact, I think that's a poverty.   Look. I got enough money to go buy a Lambo. Poverty.   Go yeah. Every two years, you gotta change the timing chains on that. It costs, like, $50,000   or something like that. I can't remember what it is. Plus, the chances of you burning your Lamborghini to the ground before that even happens in The United States is really high because we've got nowhere to drive a supercar   whose engine is air cooled and needs air flowing over the actual heat exchanger,   which means that you need to be moving fast.  

Why? Because it's a fast car.   We've got I mean, our maximum   the the maximum speed limit of The United States is, like, 85 miles an hour, and that's just in a couple of states. Idaho is one of them. It always freaks me out when I'm driving through Idaho, and I can do 85 miles an hour on the interstate. I'm like, oh, holy shit.   The supercars   like Bugattis   and Ferraris and Lamborghinis and all that shit. They're mostly they're always almost always air cooled.   They need speed to be able to cool their engines off.   The amount of burned out husks   of Lamborghinis   that I've seen in pictures on the Internet,   where where are they always?  

At the gas station   because they've been cruising slowly, showing off their, quote, unquote, wealth,   and then watch it all go up in flames next to a gas pump   because they were going so slow, they weren't able to cool the engine down, and the engine caught fire.   Happens.   That's what happens when you don't understand what it is that you have.   And if we don't understand what what we have, like, we some of us have family.   If we're still if we're ignoring our family because we're reaching out for wealth,   you don't want your family burning to the ground in front of you.   Them just going away because you're fixated on money and 12 houses in the South Of France and five Lambos and a goddamn Bugatti and they take off, then you're the poor one. Even if you can afford all that shit.  

Yeah.   Human rights activist that we were talking about,   we need privacy.   And the only way that privacy is shipped with Bitcoin by default is to stop attaching   the name of the developer to the development.   We cannot do this shit anymore.   We have every tool under the sun to be completely anonymous.   And yet, somehow or another, I know Rusty Russell's name.   Somehow or another, I know Nick Szabo's name. I shouldn't know any of their names.   Going forward, this is how developers are gonna need to operate.   Somehow or another, we're gonna have to have to figure out a way to make sure that they're fed and that they have some kind of wealth.   I don't know how to do that. I wish I did.  

But I I'm not sure if we can continue on this way because the evidence is very clear   that the forces are gathering against us, and they have armies.   They have police forces. They have local police force. They have state police force. They have federal police force. They have federal armies. They have state armies.   Through apathy, we have allowed it all to occur,   and we may pay the ultimate price.   Privacy   in our financial dealings and our messaging   is the only way that we can move forward.   Please, for the love of God, if you're a developer,   start developing   completely pseudonymously.  

I I   I wish I could just throw you thousands and thousands of dollars. I can't.   But there it is, and I'll see you on the other side.  

[01:25:31] Unknown:

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.