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Episode 1188 of Bitcoin And . . . is LIVE!

Topics for today:

• Nobel Peace Prize Awarded to Bitcoiner
• $2 Trillion Wiped Out in Hours
• Insider Trade?
• Core V30 is Here

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Today's Articles:

https://bitcoinmagazine.com/news/maria-corina-machado-wins-nobel-peace-prize-could-she-become-the-first-bitcoin-nobel-winner


https://cointelegraph.com/news/centralized-crypto-exchanges-undrerreport-liquidadations-even-100x-hyperliquid-ceo


https://www.theblock.co/post/374324/crypto-investment-products-log-3-17-billion-in-weekly-inflows-despite-historic-liquidation-event-coinshares


https://x.com/unusual_whales/status/1976973805999603795


https://www.coindesk.com/markets/2025/10/13/trader-who-made-usd192m-shorting-the-crypto-crash-is-betting-against-bitcoin-again


https://www.theblock.co/post/374306/hyperliquid-activate-hip-3-upgrade

https://atlas21.com/bitcoin-core-v30-is-here-the-op_return-issue-splits-the-community/


https://decrypt.co/343896/presidential-pardon-binance-founder-cz-report


https://atlas21.com/india-over-400-traders-investigated-for-tax-evasion-through-binance/


https://cointelegraph.com/news/steak-n-shake-u-turns-eth-payments


https://cointelegraph.com/news/strategy-acquires-220-bitcoin-27-2-million-crash-week


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[00:00:02] David Bennett:

It is 09:20AM   Pacific Daylight Time. It's the October   2025,   and this is episode eleven eighty eight   of Bitcoin. And it's not quite a palindrome, but that'll do, pig. That'll do. Okay. So what's what's going on for today? Because this is where you come for all the news that you can use about Bitcoin and more. Gonna talk about the Nobel Peace Prize.   It seems that a Bitcoiner may have won   it. We're I don't know. There's there's some confusion on this headline, but, we'll we'll we'll we'll suss it out. Don't worry.   And then we're gonna do a relatively deep dive into the massive liquidations that occurred over Friday and Saturday.  

It was ugly.   Everybody got hurt.   Trillions were wiped out across all markets. So every everything was affected   except for gold. Gold apparently did okay. But everything else was affected. I mean, energy, equities,   everything   just just tanked.   And it seems to have all been due to   possibly   there's a rumor that this is possibly all due to a misinterpretation   of language   between both Trump and president Xi in China.   But I'm more interested in   the wipe out that occurred clearly in Bitcoin.   And there's some unusual there was something very unusual about that. And I I didn't say it Friday when I was doing the show because I didn't realize the extent   that we were gonna dive down. I think I I foolishly said that we'd see $17.05.  

We did   on its way down to $1.00 2. I think somebody has actually said that one of the exchanges   saw a price of $1.00 2.   I know somebody   got a order filled at a 104,000,   so I know at least it got there on an exchange.   But, that's what I wanna focus on   is what happened   and this unusual activity that occurred   right before Trump made his truth social post,   which started the cascade failure   across equities and all legacy markets, and then took Bitcoin and the rest of it with it.   And let's see here. What else is going on today? Oh,   v 30. Bitcoin Core v 30 was released on Friday   as well.  

And so we're gonna get it dig into that. No.   It was not the release of Bitcoin v 30 that caused liquidation. This was all about Trump and the tariffs. And honestly,   honestly, I I actually think that that was   that it was kinda good. Well,   okay. Let's I'm being relative here. In a relative way,   I'm glad that the release of v 30   was completely   overshadowed   by the carnage   going on in the markets.   I'm not excited about v 30. I'm running 29.   That that's gonna be   the last core update that I do to my Bitcoin core node   until   all these people settle down   and figure out a better path forward.  

And I don't really need to run 30.   I don't need to run the new Bitcoin   core   software. And even if even if there was nothing in v 30 that was questionable,   I still would wait six months, if not even a whole year, to upgrade. Hell, it's taken me a year to upgrade from '28 to '29. Well, somewhere around I don't know. Somewhere around a year, I guess.   Whatever year '28 was released in, I   upgraded, like, after that, and then now I've upgraded to '29.   That's it.   I'm I'm I'm done for a good long while, and that's the beauty of the Bitcoin network.   I literally would be able to run 25   if I wanted to. Sure. I wouldn't have some lights, whistles, and bells,   but I can run it and I would be able to execute valid transactions on the network   with 25. And I'd honestly,   I'd be able to execute value valid   transactions on the Bitcoin network   from a long time ago because that's the way that this stuff is built. Right? So,   for all the people that are pulling their hair hair out over version 30,   it's not worth your time.  

It I mean,   stop worrying about it. It is not worth you worrying about.   And then is there a pardon   in the works for   Changpeng Zhao, founder of Binance?   I don't know exactly why he would need one because I from what I understand, he's not in jail. I don't know. Maybe they'll   maybe I got that wrong, and we'll figure it out later. India is getting some people into trouble through tax evasion,   charges and calls.   Stake and Shake does something stupid,   and strategy buys more Bitcoin, but they did so at a price that they probably wish that they hadn't have done.   They should've waited, I guess. Alright. So Peace Prize. Nobel Peace Prize has been awarded   to Maria Carino Machado.  

Could she become   the first   Bitcoin   Nobel winner?   And there's where I'm having some confusion.   I don't really know what this headline is trying to say, but it's written by Micah Zimmerman as is the rest of the piece   found in Bitcoin magazine. Venezuelan   opposition leader, Maria Corino Machado,   has been awarded the twenty twenty five Nobel Peace Prize   recognized for what the Norwegian Nobel Committee called her, quote, tireless work promoting democratic rights for the people of Venezuela.   But for many in the Bitcoin community, the wind carries another layer of meaning because Machado   isn't just a democracy activist. She's also one of the few but growing global political figures   who has openly embraced Bitcoin as a tool of resistance   against authoritarianism.  

The Nobel Committee described Machado, who is 58 years old, as a woman who keeps the flame of democracy   growing going   against a growing darkness,   end quote.   It's a description that fits not just her fight against the current regime, but her larger vision of how technology and decentralized money   can empower citizens when governments fail them.   And she does not look like she's 58 years old.   If she's 58 years old, then she is taking marvelous care of herself. I'm just saying. I'm in shock,   Machado said after the announcement.   I am just one person. I certainly do not deserve this. I dedicate this prize to the suffering people of Venezuela   and to president Trump   for his decisive support   of our cause,   she wrote on x.  

That's an interesting shout out. I was not expecting that one. Machado's   political story is one of persistence under threat.   Barred from running in last year's presidential   election, which international observers widely dismissed as rigged,   she was forced into hiding but refused to leave Venezuela. The Nobel Committee praised her as a   key unifying figure in a brutal   authoritarian state that is now suffering a humanitarian   and economic crisis.   That crisis is something Machado has long tried to explain in global forums.   Venezuela's   economic collapse, she argues, was not an accident, but a predictable outcome of financial repression and the state control of money.  

And it's here that her views intersect   directly with Bitcoin.   In an interview first aired by Bitcoin Magazine last year,   Machado spoke at length about Venezuela's economic collapse and the role Bitcoin has played in helping citizens survive it. Quote,   the Venezuelan Boulevard has lost   14 zeros, she said, recalling   how inflation once hit 1700000.0%.   Quote,   this financial repression   rooted in state sponsored looting, theft, and unchecked money printing   has destroyed our economy despite   our vast oil wealth, end quote.   For many Venezuelans,   Bitcoin became the only alternative.  

It has allowed families to store value outside the collapsing boulevard,   receive remittances without confiscation, and even fund their escapes from the country.   Machado called Bitcoin a lifeline for Venezuelans,   a way to bypass government controlled exchange rate. She proposed including Bitcoin in Venezuela's   future national reserves as the country seeks to recover its stolen wealth and rebuild from the dictatorship.   Machado also proposed   including Bitcoin in Venezuela's   future national reserves   as part of the country's post dictatorship   recovery. Quote, we envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole, she told Bitcoin magazine.  

Machado's emphasis on transparency echoes one of Bitcoin's core principles,   a public ledger that is incorruptible by design.   It's an idea that resonates with freedom and justice.  

[00:09:30] Unknown:

Okay. Well, so  

[00:09:34] David Bennett:

it so happens   that she   talks about Bitcoin in a positive light.   It so happens that she's suggesting that the country of Venezuela   include Bitcoin in a strategic national reserve of of some sort or another,   But she was not   and this is just me trying to to be clear.   She was not given the Nobel Prize because she's a Bitcoiner.   She was given a Nobel Prize   for her work   as an activist   defending the citizenry of Venezuela and trying to promote the ideals that's going to make that country great. This had nothing to do with her being a Bitcoiner. So for anybody   who's who's promulgating   that idea   out there,   please don't listen to them. And for God's sakes,   don't don't take it any further. Alright? She was given a Nobel Peace Prize for something completely unrelated to Bitcoin.  

It so happens, and this is the good part,   that her ideals   completely resonate with Bitcoin, which is why she is also gravitating towards that. She sees it as the freedom tool that it is.   But, again, that was not why she was given the Nobel Prize,   so she didn't get the Nobel Prize because she is a Bitcoiner.   Just I just wanna be clear about that. But it's good news. I I mean, it's it's honestly, it's good news because that story is now going to resonate   across the world considering that, well, I mean,   it's a Nobel Peace Prize. And you can say what you want about the Nobel Foundation and all that and and, you know, maybe it's a little captive, maybe not. I I don't know. But,   you know, they've made some questionable calls. I'll I'll say it. But sometimes   they make the right call, and, honestly, I think they probably gave the peace prize to the right person this time.  

So  

[00:11:32] Unknown:

now   now it's time to talk about   the massive liquidations.  

[00:11:39] David Bennett:

And it seems as if they may have been underreported.   So Adrian Zmunsky from Cointelegraph   is writing this,   Centralized exchanges   face claims   of massive liquidation   undercounts.   Uh-oh.   Hyperliquid.   And keep Hyperliquid in mind because we're gonna talk about them a couple more times.   Hyperliquid   cofounder and CEO, Jeff Yahn,   claimed that the way centralized crypto exchanges and Binance, specifically,   report liquidation data   likely underrepresents   the true scale of losses during major market sell offs.   Bitcoin fell to a $102,000   on Friday   after United States president Donald Trump announced sweeping tariffs on China, and then they give the prices of a couple of shit coins.  

According to data from Coin Glass, 16,700,000,000.0,   that's with a b,   billion dollars worth of long positions   and 2,460,000,000.00   in short positions   were liquidated   on Friday,   marking the largest   liquidation   event   in crypto history.   If you didn't if you were not aware,   Friday   marked the largest   liquidation   event in cryptocurrency   ever.   In a Monday ex post, Jan pointed to a documentation page on the world's top crypto exchange, Binance,   explaining the platform   will only include the latest liquidation happening in each second interval in the order snapshot stream.   The stream provides real time updates on forced liquidations,   while batching liquidations   this way helps performance. Jan said that the system likely results in major under reporting   during periods   of heavy volatility   when there can be more than 100 liquidations per pair   per second.  

Quote, because liquidations   happen in bursts,   this could easily be 100 x under reporting   under some conditions, Jan wrote.   Jan's statement echoed   a Saturday expo from crypto from CoinDesk.   The platform said   that, quote, the actual liquidated   amount   was likely much higher   since Binance only reports one liquidation order per second.   Jan's comments follows   or follow   over 1,000   hyperliquid wallets being completely wiped out in the market crash on Friday.   According to Look On Chain data,   over 6,300   wallets are in the red with combined losses exceeding $1,230,000,000.   Centralized crypto trading platforms run into numerous issues during the flash crash or ran into numerous issues. The world's top crypto exchange, Binance, in particular, has attracted considerable criticism   over multiple reported issues.  

In a Sunday x post,   Binance CEO Yee Hee   said Binance's core contract and spot matching engines, as well as API trading,   remain stable throughout the event. She admitted, however, that, quote, some individual   functional modules of the platform   did experience brief flags and certain wealth management products   experienced some depegging, end quote.   Yeah. Still, she claimed that depegging events   did not cause the market crash and that the peg happened because of and after the downturn itself.   She also said that Binance initiated and completed compensation for users affected by the depegging,   which amounted to over $280,000,000.  

Widespread reports indicate that the price of some major altcoins reached $0   on Binance at the time of the mass liquidation event. Pseudonymous   crypto influencer, Hanzo, shared his experience during the damn time, quote,   on   Binance, buttons stopped working,   stop orders froze,   limit orders hung,   only liquidations   were executed perfectly.   Binance later said that the anomaly   was a display issue caused by changes to minimum price decimals for pairs such   as IOTX   USDT and not actual market data. Quote, certain trading pairs, such as the two aforementioned,   recently   reduced the number of decimal places allowed for minimum price movement causing the displayed prices in the user interface to be zero,   which is a display issue   and not due to an actual price of $0,   end quote.  

The the Athena USD stablecoin   maintained its pay on the decentralized finance protocol curve, but it went severely off peg on Binance and competing exchange Bybit.   In a Saturday ex post, Hasib Quarshie,   a managing partner at crypto venture capital fund Dragonfly, pointed out that the USDE   hit 95¢   on Bybit   and well under 70¢   on Binance, but did not lose its peg on curve.   Oh, well, Guy Young,   the founder of Athena Labs, said that   USDE minting and redeeming worked perfectly during Friday's flash crash.   Data he shared showed that $2,000,000,000   in USDE   was redeemed during twenty four hours   across crypto exchanging, including Curve, Fluid, and Uniswap.  

Tom Cohen,   head of investment and trading at quantitative   crypto asset management firm, Algos,   told Cointelegraph   that, quote, the start can be traced to roughly 60 to $90,000,000,000   of USDE   simultaneously   dumped onto Binance   to exploit a mispricing,   and this triggered a series of large sell offs.   This sell off, he said, moved thinly traded marks markets very quickly.   Hyperliquid also pat itself on the back following   the reported centralized exchange outages.   The platform wrote in a Saturday x post that, quote, during the recent market volatility,   the Hyperliquid blockchain had zero downtime or latency issues despite record traffic and volumes.  

This was an important stress test proving that Hyper Liquid's decentralized   and fully on chain financial system can be robust   and scalable.   So the the extent   of the liquidations   may actually not be   as,  

[00:18:29] Unknown:

well,   our   maybe worse.  

[00:18:33] David Bennett:

Maybe worse.   And,   will will we know?   Oh, I'm sure eventually some   sleuths out there will will figure it all out. I I still haven't seen an updated number, but   it still is.   Even if it's underreported,   Friday was the largest liquidation event in the history of this entire industry. So just   be careful out there. You know what to do, man. Just buy Bitcoin and hold Bitcoin.   But despite all this,   despite   the Friday crash,   crypto investment products logged a $3,170,000,000   of weekly inflows despite historic liquidation event   according to CoinShares, and this is from James Hunt   writing for The Block.  

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and twenty one shares   generated net inflows   of $3,170,000,000   last week according to CoinShares. And as a result,   year to date inflows have now surpassed   last year's record tally, totaling 48,700,000,000.0   so far in 2025,   notwithstanding   the chaotic end to last week when cascading liquidations   wiped billions of dollars in value from the crypto sector.   Quote, despite the significant price correction caused by the China tariff threat by The US,   Friday actually saw little reaction   with a paltry $159,000,000   of outflows,   Coinshares head of research James Butterfield wrote.  

Weekly trading volumes in digital asset exchange traded fund products   or rather just exchange traded products also surged to a record 53,000,000,000,   while Friday alone saw an all time high of 15,300,000,000.0   in daily turnover.   However, following president Trump's tariff announcement,   total assets under management   slipped only 7%   from last week's peak of $242,000,000,000,   though James Butterfield's comments were later walked back to, well, some extent.   At least $20,000,000,000   of positions were wiped out on Friday   as some cryptocurrencies   briefly fell literally to zero,   the largest crypto liquidation event in the history   in history in US dollar terms.  

However,   as liquidation data is imperfect with Bybit publishing in full, but Binance and OKX still under reporting   in incomplete burst, for example,   the true figure is likely   far higher.   But the real point about this story is is that even though Friday   was a bloodbath   across markets,   somehow,   crypto investment products ended the week $3,170,000,000   in the black.   So   this is a very   confusing time for everybody.   Right? So don't, you know,   it if you were somebody   who doesn't trade   because because it's confusing,   that's fine.   Stay that way.  

Don't trade, man.   There is no reason to go to this casino.   The girls aren't that pretty. The drinks are watered down. There's   the the carpet's got stains on it. You don't want anything to do with this casino.   Just   please, because you're betting against people like this.   Unusual   whales   on Twitter   threw up a Twitter post that says, breaking. Look at this.   A new crypto account was opened yesterday morning.   Thirty minutes before Trump's announcement of 100%   tariffs on China, it added a huge   multimillion   dollar leveraged Bitcoin short position.   The market dumped.  

The trader made a profit of a $192,000,000   in two hours.   Unusual.   No. It's not. It's not unusual at all. And I'm going to let   Sharra   Malwa   tell you more about it from CoinDesk.   Trader who made a $192,000,000   short in crypto cash   is betting against Bitcoin again.   So there's another short that's been open, so just be aware.   A trader   who pocketed a $192,000,000   shorting Bitcoin ahead of last week's crypto wipeout has reloaded with a large bearish position as markets attempt to recover from the Trump tariff shock.   The wallet identified as OXB317   on the decentralized derivatives platform,   Hyper Liquid, remember we're just talking about that, opened a new   $163,000,000   short position on Bitcoin late Sunday,   data from Hyperscan   shows.  

The position   is 10 x leveraged   and already $3,500,000   in profit in Asian afternoon hours with a liquidation level of a 125,500.   So the only way this dude gets wiped out is if the price of Bitcoin goes to a $125,500.   That's kinda what that means. Anyway, the same trader now here, listen up.   The same trader first drew attention on Friday   when it opened a massive short   roughly thirty minutes before former president Donald Trump's surprise announcement. They call him former president Trump.   He's the actual president.   He was also the former that's weird language. I don't know, man. Smelling some bias there, but let's let's try it again.  

The same trader first drew attention on Friday when it opened a massive short roughly thirty minutes before former president Donald Trump's surprise announcement   of a 100% tariffs on Chinese imports,   a move that erased over $19,000,000,000   in crypto market value and triggered the largest ever day of liquidations in the market.   The   again,   listen carefully.   The perfectly   timed bet   led to a gain of nearly $200,000,000,   sparking speculation that the entity   may have had advanced knowledge of the policy shift.   No. I'm shocked that there's gambling going on in here. On chain analysts and traders have since dubbed the address an insider whale.   Some even argue that the position itself could have accelerated the crash.  

This hyper liquid whale opened shorts just thirty minutes before Trump announced the tariffs on China. He closed the trades for a $192,000,000   in profit. These accounts were open today, and he has already withdrawn most of the money. Lucky whale or insider,   and that was a tweet from, I I don't know, Marty Party Music?   And it's it's hard to tell. Anyway, continuing, Hyper Liquid is the biggest decentralized perpetuals exchange that lets traders   open high leverage futures positions directly on chain without relying   on centralized intermediaries like Binance or OKX.  

It has become a favorite   among high frequency traders in Wales because of its deep liquidity,   transparent order book, and lightning fast execution, making it one of the few DeFi platforms capable   of handling   institutional   size flow.   The platform also features auto deleveraging   or a built in safety mechanism that prevents bad debt during extreme volatility.   When insurance funds are drained,   ADL forcibly closes profitable positions to cover losses from bankrupt accounts.   It ensures solvency,   but it can also worsen sell offs as profitable traders get liquidated to balance the system.   Over 6,000 wallets were hit during the weekend's ADL triggered flush according to the hypertracker data, wiping out more than $1,200,000,000   in trader capital on hyper liquid alone.  

The new short adds intrigue to the market already on edge as participants   continue to assess contagion effects   following the weekend slide. Look, man. At a 125,500,   this cat really doesn't have much to worry about, at least in the short term.   Right?   And even if we continuously   build to the position of a like, maybe a 122, a 123,   something like that. He at this point, this guy's got almost nothing to lose   unless we hit a hundred and twenty five five because he's got 10 x leverage on this, what, $163,000,000   short.  

And if if he's 10 x, then he's you know, it's gonna be painful, but he already made $200,000,000.   I didn't think this would just be I you know, this is just him, like, going, I don't know, man. Maybe I can get some icing on my cake for this one. But, honestly, if the this particular trader plays it right, it's not gonna be all that painful   unless   a hundred and twenty five five hits. And like I said, I don't see that coming in the short term. But it makes me feel dirty, which is why I'm glad I'm buddies with SoapMiner at soapminer.com.   Are your hands dirty? Is your soul dirty? Is your mind dirty? You you you are are are you, like, nose deep   into things that smell bad,   like crypto trading, well, SoapMiner's gonna help you out. Handmade tallow soap with 100%   beef tallow.  

In fact,   let's just look at   his basic soap. It's called rough cut tallow soap. It's a five ounce bar of the finest rough cut tallow soap you can get, and it's made with   100%   pure grass fed beef tallow,   lye, which is sodium hydroxide,   and distilled water.   That's what goes in to soap miner soap at the base. But then he'll put   sense in like cedarwood, pine tar. He'll well, actually, this I pine tar actually has some pine tar in it, I believe. Let's see. Where is it?   No. Let's   see. Made with,   100% pure yeah. A 100% beef tallow,   100%   pure pine tar, and lye and distilled water. This is the this is the most simple   hand soap you're ever going to find. He's got goat's milk tallow. He's got lemongrass. He's got orange cloves. He's got lavender. He's got tea tree, peppermint,   Earl Grey, which is one of my favorite ones, and redacted tallow because it's got carbon in it.  

I love this soap.   I I   like, it is like literally one of my favorite soaps from him, and I have yet to try his comfrey soap. And if you're like digging in the garden, if you're a gardener, if you get like, cuts and scratches and, like, little bitty kind of wounds and stuff and bee stings, you're you're gonna want to have a bar of comp free tallow soap. Make sure that you use the code Bitcoin and for 10% off at soapminer.com.   That's soapminer.com.   Let them know Bitcoin and sent you. Now onto the last story of this half. We're going back to hyperliquid. I told you we were gonna be taking a little bit of a deep dive.   Remember, we were just talking about what hyperliquid is. It's this defy   exchange that that offers all these lights, whistles, and bells and is the only thing, apparently, according to the last story we we read, that is capable of institutional   sized flow.  

Well,   I've   found it interesting that I've got this out of the block. Timmy Shen is writing it.   Hyper liquid to activate HIP three upgrade   enabling permissionless   perpetual market creation.   Oh, joy. Now we can just create a market out of thin air. Hyper liquid is expected to activate HIP three, a major protocol upgrade that will enable the permissionless   creation   of perpetual futures markets   later today.   A hyperliquid administrator announced in the protocol's Discord channel that the network upgrade on October 13   will include enabling   HIP three.  

Quote, HIP three will be enabled during this network upgrade. There is no immediate change for users.   Deployers meeting the on chain requirements will be able to deploy perpetuals   for trading once they are ready, said the administrator,   end quote.   The project said in a previously disclosed document that HIP   three will support builder deployed perpetuals,   marking, quote, a key milestone toward fully decentralizing   the perpetual listing process, end quote.   With HIP three in place,   the deployers will be able to permissionlessly   launch a perpetual   decentralized   exchange on Hypercore   by staking some shitcoin   integrated with Hyper EVM for smart contracts and governance.  

H I p three includes safeguards like validator slashing and open interest caps according to the document.   So   this just screams   danger.   Danger, Will Robinson. Danger. I'm serious, man.   The it's this kind of crap   that makes this casino   the filthy,   stinky,   crappy mess that it is.   You why people are so attracted to this kind of gambling   has always eluded me. But then again,   I don't even bet on games.   I don't bet on I don't bet on football or baseball or basketball.   I don't have a sports bookie.   You know? I have I have   zero interest in going to Vegas and and playing cards or rolling dice or getting on a roulette wheel.  

It's just I'd I'd rather take that money and put it in a brown paper bag and burn it for warmth   before I would go gamble it.   This this kind of crap, it's almost as if   I could have an AI agent spin up a perpetuals   market,   bet on it, and and and lose on it, and win on it, and have and and have liquidations across the board and cause cascading liquidations   all in my sleep.   And at that point, you gotta ask yourself, what's the point?   It's it's all stupid. Let's run the numbers.   CNBC   Futures and Commodities, Brit North Sea Oil up a point   to $63.40.  

West Texas Intermediate up 1.19%   to $59.60.   So we're still below 60 on that one. Natural gas is up point one three. Gasoline is up one and a quarter, and Murbaughn crude is up one and a third. And, of course, all your shiny metal rocks are doing extremely well today. Palladium is up four and a quarter.   Gold is up 3.12   to smash through   $4,100   to end up right now at $4,125.70   per troy ounce.   Yes. Peter Schiff is gonna take a victory lap. That's okay. It'll let him go. He's been waiting for a long time for this. Okay? Just let him have his thing. Platinum is up 4.13%.   Silver is up 6.7,   cruising through $50.43   per ounce.  

Copper is up five and a quarter.   And ag is fully mixed.   Just as much green as there is red, biggest winner today. Coffee up three. Biggest loser is sugar, 3.23%   to the downside.   Live cattle is up, oh god,   point 7%.   Lean hogs are up 1.2%,   and feeder cattle up 0.12%.   S and P is up 1.5.   Nasdaq is up two full points.   Not a bad recovery for the, legacy markets.   Dow is up 1.3.   That is a 596,   gain on that particular   that particular board, and S and P Mini is up 1.99%.   So   the recovery is underway, y'all. It's gonna be fine.   Meanwhile, Bitcoin at a $114,760   were clearly being left out of the fund.  

We could only borrow purchase   27.8   ounces   of shiny metal rocks with our one Bitcoin of which there are 19,933,816.79   of an average fees per block are low 0.02   BTC taken in fees on a per block basis.   Looks to be about 20 blocks carrying 40,000 unconfirmed transactions waiting to clear at high   priorities of four Satoshis per v byte. Low priority gets you in at one. We are still in Zeta Hash territory on the hash rate.   1.03   Zeta Hash's per second.   It's all the security   I need. And from oh, man. It never loaded up. Really?   Let's see if I can get my get these, comments to load up from,   fountain.fm.  

It's being buggy today for some reason or another.   And you know what? This may just not work. I'll give it one more shot here   and see if it'll actually spin up. Come on. You can do it.   You can do it. Alright. There is something very wrong with, fountain.fm,   so I am unable to get to any of the, any of the boosts that you guys gave me. So I will hold those over until   fountain gets their little red wagon fixed. That's the weather report.   Welcome to part two of the news that you can use Bitcoin Core v 30 is here. The op return issue splits the community.   And this is from atlas21.com.  

The Bitcoin community finds itself divided   again   after the official launch of the Bitcoin Core v 30 update.   The release,   which introduces changes to node architecture, performance, and security has sparked mixed reactions among developers, miners, and users.   The key updates.   The Bitcoin Core development team has implemented several new features designed to enhance the user experience on the network.   One   notable addition is optional   encrypted node to node connections   aimed at ensuring greater privacy for users.   The official announcement on October 12   also clarified that with the release of this new major version, all versions prior to '27   dot x have reached   end of life   and will no longer receive security or maintenance   updates.  

Dude. Gotta pause right there to say bad move.  

[00:38:14] Unknown:

That's that's  

[00:38:17] David Bennett:

that's not depressing. It's unfortunate is what this is.   Because it's like it's   yeah. The the more that core makes moves like this, the more   I'm not gonna run look. I I'm not gonna run knots, and I don't really wanna engage in in in this kind   of chicanery here   or or talking well, not chicanery. Talking bad behind, you know, core's back because core that's why that's why Bitcoin is what it is.   So when I read stuff like this, it makes it all the harder   because I'm becoming a little bit more and more disappointed   with with Bitcoin Core as a group of developers.  

It I feel that they may have lost their way.   And yet I am still unaffected   emotionally   by, like, well, is this does that mean it's the end of Bitcoin? No, of course not.  

[00:39:10] Unknown:

I mean,   that  

[00:39:13] David Bennett:

that's not the way Bitcoin actually works. Alright? I feel absolutely nothing about this.   Absolutely nothing. But continuing on,   one of the other main changes is the reduction of default transaction fees.   Nodes can relay transactions with fees as low as 0.1   sat per vbyte while miners will be able to include them in the next block with a minimum fee of 0.001   sats per vbyte.   The most hotly debated chain, however, concerns the expansion   of the op return limit, which is increased from   about 80 bytes to a 100,000   bytes. Holy shit. This adjustment   allows for much larger amounts of non financial data to be stored within Bitcoin transactions.  

Although the update also includes bug fixes and performance improvements,   it is the opportune limit increase that has captured most of the attention and divided the community.   What are the reactions? Well, Alex Bergeron,   ecosystem   lead at Arc Labs, expressed excitement   about Bitcoin Core v 30 on x stating his intention to use all of the additional op return space and will use it to make Bitcoin more like Ethereum,   except better. Oh, joy. Pavel Rusnak,   cofounder of Satoshi Labs, said he chose Bitcoin Core v 30 for its great development team, peer reviewed code,   and sane engineering   decisions,   end quote.  

Critics of the update argue that this change violates Bitcoin's   core principles   as a peer to peer electronic cash system.   Concerns include the potential growth of the blockchain size,   higher operational cost for nodes, and legal risks.   Last week, Nick Szabo, a well known cypherpunk, recommended on x, quote, as a hopefully temporary temporary measure,   run knots.   I strongly recommend not upgrading to core v 30.   Dude, you can upgrade to v 28.   If you're on if you're on, like, below 27,   right, which they've they've said they're not your core said we're not gonna we're not gonna do security updates for any of that crap anymore. Then go to 28   or go to 29   or go to 29.1.  

You don't have to do 30. Right?   So everybody should be a little bit more careful about this. Anyway, earlier in October,   Szabo had already raised concerns about the legal implications of increasing the op return limit. According to him, node operators risk hosting illegal data   for which they could be held criminally liable.   In recent months, in response to Bitcoin Core's decisions, a significant number of node operators   have adopted the alternative implementation   Bitcoin knots, which allows for strict data size limits to be applied.   Data from Clark Moody Bitcoin shows that there are currently nearly 5,000   active knots nodes representing about 20% of all nodes. So if   the argument   here is that increasing   the byte size of op return from 80 bytes, which is very low indeed,   not a whole lot of information can be stored in 80 bytes of data,   to a 100,000   bytes of data. And at that point, you can store data. I mean, that's that's   I mean, it's not massive, but still   yeah. You can put a picture in there. And the argument is is that immediately picture, pictures of child porn are going to be put on the blockchain.  

That that's the general argument.   And because   my node will be hosting that   CSAM,   then I'm criminally liable for it,   except I can't ever really see that because my notes software doesn't allow me to   look at pictures.   It will tell me things about the the the blocks. It'll tell me things about transactions.   It will tell me other things, but it doesn't have a   a picture viewer   as part of its its onboard complement.   I would have to do some   first of all, I'd have to know the block number, and I would have to know the transaction ID.   Right? Actually, I I I really wouldn't have to know the block number, but I would have to know the transaction ID   to be able to identify   which of the   hundreds of millions of transactions that I wanna go decode a picture from. And then I gotta scrape that data and then I gotta send it to a view. I'm not I don't care.  

I don't care.   Okay. So here's the here's the other thing is like   we're getting to a point   where   and this has always been kind of always been an argument   where   many people have said a long time ago that   for node runners like me that just have a, like, a very small server, you know, with, like, minimal compute power. Although my start nine is actually pretty beefy when when when you get right down to it. But they're talking about, like, later on, this block size grows   and that compute power is enough and the memory storage isn't enough that maybe we can just go to looking at block header data, which is   perfectly viable.  

Right? You will it will not actually it would not actually represent   a full accounting of every single transaction   because you would need all the transaction data   for every transaction, and all we would have would be the headers that said, yes.   At at the time, this was a valid and you can already do that. It's called a pruned node. Right? Where and from that standpoint, it just doesn't include a whole bunch of transactions from way, way, way back in time.   Mine is a full archive. Right? I've got I've got the Genesis block and all the well, the all the transaction   that was included in the genesis block and every transaction since. I've got it on my note. I've got every piece of data that's ever been generated by the Bitcoin network since 01/03/2009.  

That's the way that it works.   But there's another way to do this where you can just hold the headers because we already know that these transactions were valid. They've been revalidated   millions of times. There's always a full audit. Every ten minutes, the whole blockchain gets audited.   And for everybody that does an initial,   blockchain download,   the computer that's running or the the   the processing unit that's   running that node has to actually revalidate   all of the transactions.   It doesn't remind them. It just revalidates them to make sure that, yes,   this this transaction comes after this transaction, and they tell you can tell all that just through the header data.  

You don't need to to rifle through every single bit and byte of every transaction.   So if that were to occur, if that was a a switch that I could throw right now, I might consider doing it because that means   that this   evil child porn shit that everybody is is   thinking that is going to automatically   be stuffed into the Bitcoin blockchain,   it wouldn't be present on my node.   Guys, there's there's fixes.   There's so many ways to skin a particular cat   that everybody that's losing their mind about all this right now,   you're just wasting your your energy.  

It's not worth it. It really is not worth it.   So let's move on.   Is a presidential pardon   in the works for Binance founder, CZ,   Josh Quitner, has this one for decrypt?   Is the Trump administration   seriously weighing a pardon for Binance's   Shengpeng Zhao?   Crypto Twitter is all a flutter   after Fox business reporter Charles Garaspino   tweeted a scoop,   claiming White House insiders say discussions are heating up and Trump is leaning toward a pardon.   Gasparino   is a veteran financial and political journalist.   His tweet lands atop a complex backdrop in May.   CZ confirmed that his legal team formally applied for clemency.  

In earlier reports, the Trump family was said to have explored investment deals involving Binance's   US arm linking   business incentives   to political favors.   Zhao denied   that speculation.   CZ and Binance   have previously denied that a pardon   has been granted.   Media reports of a pardon allegedly issued were retracted, and Binance's founder, Yi Hee,   dismissed the rumors. DOJ records show no official clemency in his name. Still,   the path from rumor to pardon isn't closed.   If a clemency   is issued, then it could ease regulatory constraints on Zhao's future involvement in crypto,   rewire power dynamics of Binance, and reintroduce political entanglements   in US crypto legislation.  

And Zhao did not deny   Gasparino's   report. In fact, he welcomed the outcome, quote, thank you, Charles.   Great news if true,   Zhao wrote while correcting a detail from his post   before thanking the journalist, quote, for the coverage.   CZ resigned   his position as Binance's   CEO in 2023   as part of a plea bargain that sent him to jail for four months at a minimum security prison in Lompoc, California.   As part of the deal, he was allowed to maintain his ownership stake in Binance, but could no longer hold an executive role at the exchange.   He remains Binance's largest shareholder and one of crypto's most influential figures. And since his return from jail, he's focused on global crypto advocacy,   advising governments on digital asset policy and investing in blockchain startups through private ventures.  

He founded Binance in July 2017 following an initial coin offering that raised   a paltry $15,000,000.   God, he's been around for a long time. Is there gonna be a pardon?   Who knows? I kinda don't care.   But Indians will be caring about this in India. Over 400   traders are investigated   for tax evasion   through Binance   continuing with the little Binance thread here, Atlas twenty one   has this one   India's tax authorities   have opened a wide reaching probe into more than 400 wealthy individuals   suspected of avoiding taxes on crypto transactions conducted through Binance.   According to the Economic Times,   the inquiry focuses on traders who operated on the platform between 2022   and 2025.  

The Central Board of Direct Taxes has issued an internal notice to local tax departments across several cities requesting   a detailed report on actions taken by October 17.   The investigation covers the fiscal years from 2022   through 2023   and 2024   through 2025,   during which the traders in question   allegedly bypass tax regulations and the probe goes beyond standard exchange activity,   also examining peer to peer transactions   facilitated by the platform in India and settled through domestic bank accounts,   Google Pay, or Cash.   India's tax system for cryptocurrencies   is among the most burdensome in the world.  

Market participants face a 1% tax deducted at source on every transaction coupled with a 30% tax on on profits.   And for top income taxpayers,   the effective tax rate can reach 42.7%.   It's just I just want half of your money. Just give me half.   When including surcharges   and the 4%   cess.   I I don't know what s e s s means. An additional levy used to fund targeted programs such as education and   health care.   CES. I've never seen that used before. Anyway, the government's stance toward digital assets remains focused on strict control and taxation.   Union minister   Goyal   recently reiterated the administration's   intention   to intensify efforts on developing a CBDC   while maintaining   high tax rates on cryptocurrencies.  

Yeah. That's not gonna work. I don't think India's ever going to be able to get a CBDC.   I I I wouldn't hold my breath on that one, and thank God for the people of India. Although,   it's not like it's not just as as   terrible as it can be. I mean, I remember when they recalled the 100 rupee notes,   and people were standing outside their banks forever   to try to get the new the newly issued paper currency in India, and it was just it was an absolute fiasco. And I do believe people died because I think it was, like, in the middle of the hottest part of the year in India, and it was just   it was brutal.  

But but not not like this kind of brutality.   Steak and Shake feels the ire   of the Bitcoiner.   Stake and Shake quickly u turns   as ether poll angers   Bitcoiners. Oh, we're so angry. Braden Lindria, Cointelegraph.   Stake and Shake has reversed course on a potential plan to accept ether payments   after several Bitcoiners balked at the idea of the fast food chain expanding beyond Bitcoin.   Steak and Shake asked its 468,000   ex followers whether it should accept Ether on Saturday,   promising to abide by the result of the poll.   The poll saw 53%   of voters say yes,   but   the fast food chain suspended it around four hours later due to backlash.  

Quote,   poll suspended.   Our allegiance is with Bitcoiners.   You have spoken. Who even allowed this? I'm back at my desk.   Steak Toshi.   Whatever.   Okay. Fine. Steak and Shake started accepting Bitcoin as payments on May 16 in all of its locations   where permitted by law, including The US, France, Monaco, and Spain.   It's odd I'm just pausing to say that I find it very odd   that Steak and Shake has restaurants in Monaco.   France and Spain, I can almost see, but Monaco?   Okay. In the third quarter, Steak and Shake announced its same store sales rose by 15%   year on year, partially attributing the rise to Bitcoin or supporting the chain. So it made sense as several Bitcoiners criticized Steak and Shake for even considering   expanding its crypto payment options beyond Bitcoin.  

Quote, I promise   if you accept ETH, I will never eat at your restaurant again, said Adam   Simica, builder of Bitcoin self custody wallet, Mana.   Quote, the fact that you even created the ETH poll   is disappointing,   added a user named Colleen,   also known as the Bitcoin gal. While Bitcoin developer, Carmen,   was one of the many who said the poll harms Steak and Shake's reputation.   And then Ben Justman, our favorite   circle pier,   with Peony Lane wine or Peony Lane vineyard says,   would you destroy your credibility   and no one would even pay an ETH?   Sad to see.  

As a reminder that Bitcoin and crypto tribalism   remains alive and well, many Bitcoiners view Bitcoin as the best form of money. Michael Saylor once famously said, there is no second best crypto asset. There's   crypto assets,   and it's there's only one crypto asset and it's called Bitcoin, end quote. While some criticized   Stake and Shake's quick change of heart,   interestingly, the decision was praised by one of the biggest names in the Ethereum community,   Vitalik Buterin himself,   who suggested that crypto adopting businesses should stick to a crypto tribe instead of trying to appeal to as many customers as possible, quote,   we need the stubborn ones who believe in their cause   and their tribe   and see their work as a labor of love to it, end quote.  

Last week, Steak and Shake also announced   that it is launching the Bitcoin stake burger   on October 16 to celebrate the company's adoption of Bitcoin.   I I missed that announcement.   I don't know what that's about, but   it took mere months.   It was just back just back in, like, what, in in May?   Say, was it May 16?   Yeah.   May I march in for May? Yeah. Yeah. It was back in May   that they started, taking Bitcoin and it took mere months for them to start considering a,   alternative cryptocurrency.   And this just goes to show   why it's so difficult in this field.  

There's so there's so much noise that's been introduced since the release of Bitcoin.   Just a bunch of screaming,   diaper wearing morons going, me too. Me too. We're better than Bitcoin. We're Bitcoin two point o. Remember how there was Betamax and VHS?   Yeah. And all the other arguments.   And it's all   crap.   It's just it's it's all crap.   So   steak and shake is no different   than almost everybody else in this field.   Maybe maybe we should consider an alternative cryptocurrency as well. No. Don't. Stop. Just I mean, honestly,   the whole reason we're not where we should be is because of all the me too's   out there.  

It's   it is what it is. Just ignore the noise if you can.   And finally, for the day, strategy added 220   Bitcoin   for $27,200,000   last week,   right as Bitcoin was posting new highs.   Michael Saylor's strategy,   acquired 220   Bitcoin for 27,200,000.0   in its later latest purchase,   Sailor announced on x on a post on Monday   as the related filing had yet to appear on the US Securities and Exchange Commission website.   The purchase was made at an average price   of a $123,561   per coin   as Bitcoin reached an all time high above a 126,200   October 6 before dipping to a 107,000   in Friday's   flash crash according to Coinbase data.  

God.   Talk about ill timed.   So,   but   sailors still bought Bitcoin, but although he should have done it last week, you know, or or the week before last. That was the week that he didn't buy Bitcoin,   and he should have bought Bitcoin that week because he'd probably still be okay at this point, but he's down quite a bit on this particular purchase. It doesn't matter.   His liquidation price is so low at this point. It's not even funny. I don't even I don't even worry about it anymore.   The only thing that I worry about is, well, will Sailor pull a stake and shake and start talking about some shit coin? You never know.   I doubt it, but you never know. He'd get hit in the head.  

And, oh, oh my god. We should buy Solana. And, I mean, like I said, I doubt it, but you never know. So   let's   end this back on what happened on Friday.  

[00:58:49] Unknown:

You   got a guy  

[00:58:53] David Bennett:

that opens a massive short   thirty minutes before   Trump made an announcement that was sure,   100%   guaranteed   to send the stock market and all the rest of everything   spiraling downwards.   Does that sound like it was a mere coincidence   to you? No.   And here here's the thing.   Am I saying that it is clearly a Trump insider? I don't know.   I mean, I I'm   a, I'm not saying that. B, I'm not saying that because I don't know. I'm not there.   I don't know any of these people personally. I don't hang out with them. I don't shake hands with them. I don't drink beer with them. I I don't live in Washington, DC, so I don't know any of these people. So, therefore,   for me to conjecture on that is is would be wildly speculative   as well as, well, unethical.  

But   this is what we know.   The short that was opened on on Friday morning was $600,000,000.   What does that preclude?   Well,   probably,   it precludes   somebody   like a staffer   overhearing   Trump maybe talking to one of his people or one of Trump's people talking to another person saying, yeah, here in about here in about forty five minutes, Trump's gonna lower the boom on China. He's gonna announce another tariff.   It's not likely that a staffer   or some, you know, guy that's just kinda walking around within earshot or somehow or another   gets that information second or third hand is gonna have   the ability to leverage $600,000,000   on a short on freaking hyper liquid.  

Okay. So there's that.   So that that takes care of a lot of the underlings   and and the the the possibility that somebody gathered this information out of earshot, which brings me to somebody   who could   open a $600,000,000   short on hyperliquid.   And I'm not I mean, I I have   I I was about to say I'm not gonna name names because I I I don't even know where to begin. Some people are posting pictures of Barron Trump.   Doubtful, but okay. Maybe.   What I'm getting at   is that I I do believe that this is some kind of ins insider   play.  

Now was it on Trump's camp?   Well, not necessarily, because people outside of Trump's camp may also somehow or another get information   that Trump's about to make some kind of announcement that is going to send markets into a tailspin.   But so we don't know.   But the chances of this being completely organic   is probably   zero.   Thirty minutes?   Are you kidding me?   So here's what will be very interesting in my opinion.   Will somebody   try to figure out   who it was?   And will they be successful in being able to prove it was that person? And if so,   will we find out   that that person is deeply connected   into the inner chambers of Washington DC policymakers and   economists and administrators,   you know, the guys that are, like, you know, close to   Trump or the upper echelons of the United States government. Because if we do,   we have some may somebody should should end up in prison for that one.  



[01:02:25] Unknown:

And  

[01:02:28] David Bennett:

you gotta remember that it wasn't just the crypto markets and Bitcoin that was affected.  

[01:02:34] Unknown:

Everything got wasted.   Energy,  

[01:02:37] David Bennett:

equities,   I don't think the bonds had a very good day,   everything   sold off. Agriculture   was in the toilet,   everything was just it   was a Black Friday.   I mean, it was like somebody is saying that in total,   some somewhere around   $2,000,000,000,000   with a t,   2,000,000,000,000   of wealth was evaporated   over the course of four hours  

[01:03:08] Unknown:

because he made a post   about putting tariffs back on China. Okay.  

[01:03:15] David Bennett:

And somebody,   thirty minutes before, opens up a $600,000,000   short on Bitcoin on hyper liquid.   I'm I'm sorry, but I got a call bullshit.   Somewhere,   there is an insider.   And this person that opened that short   knew something was about to happen and probably knew more than, quote, something was about to happen.   Probably knew   a lot more.   And it was a they made a $192,000,000   in that four hours   as $2,000,000,000,000   were being liquidated across all markets around the world.   That's this is the kind   this also demonstrates the weakness   of the markets and not not because there's   it's not because the the markets are weak because, I don't know, trading goes down or there's not enough throughput on the Internet. That's not what I'm talking about. I'm not talking about infrastructure.  

I'm talking about   structurally   weak.   And it also does not help that people around the world   have   almost no clue where to put their money.   And this is the kind of crap that demonstrates just how deeply   the idea of I don't know where to put my money to keep it safe   runs throughout the world. Everybody is affected by the government's printing money   because it's done the same damage   everywhere in the world.   Nobody is safe. Oh, well, it's just The United States printing money.   Yeah. That affects everybody.   It affects Canada.   It affects the countries that aren't printing their own money, which are few,   if any.  

But even   if those countries aren't printing as much of their own currency as The United States is printing of ours and China's, you know, not exactly not printing their money,   it demonstrates just how powerful our decision making over here is. And the fact that two or three sentences   on a social media platform   can evaporate $2,000,000,000,000   of wealth in four hours   should demonstrate just how structurally   weak everything is.   And the question remains,   where do you put your money?   I put my money in Bitcoin.   I'll see you on the other side.  



[01:05:37] 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  

[01:05:50] David Bennett:

great  

[01:05:53] Unknown:

day.