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Episode 1196 of Bitcoin And . . . is LIVE!

Topics for today:

• USDA Drops Bomb on Ranchers
• Schiff copies Tether Gold
• Coinbase Hooks AI to Auto-Payments
• Strategy Releases a Real, Actual Product!

Circle P:

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

Today's Articles:

https://x.com/DavidBCollum/status/1981362227564208601

https://www.strategysoftware.com/blog/october-2025-release-work-smarter-and-move-faster-with-strategy

https://decrypt.co/345575/coinbase-ai-crypto-payments-new-protocol-autonomous-transactions

https://cointelegraph.com/news/cz-calls-peter-schiffs-tokenized-gold-trust-me-bro-asset

https://bitcoinmagazine.com/politics/bitcoin-transcends-the-left-right-political-divide-its-a-tool-for-human-rights

https://www.usda.gov/about-usda/news/press-releases/2025/10/22/secretary-rollins-announces-plan-american-ranchers-and-consumers

https://cointelegraph.com/news/latin-america-crypto-stablecoins-financial-access

https://www.theblock.co/post/375874/tether-joins-39-million-funding-round-in-programmable-pave-bank

https://bitcoinmagazine.com/business/bitcoin-on-a-prepaid-card-moon-inc-raises-8-8m-to-make-it-happen-in-asia

https://www.coindesk.com/business/2025/10/23/polymarket-seeks-investment-at-valuation-of-usd12b-usd15b-bloomberg

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[00:00:02] David Bennett:

It is 08:52AM   Pacific Daylight Time. It's the October   2025,   and this is   episode eleven ninety six of Bitcoin. And I had a thought   a couple of minutes ago.   And it boils around it boils down to,   this this notion of   money is the root of all evil.   And people will say, no. That's not true.   It's the love of money   is the root of all evil.   I'm contending that even that's not true.   That's not what's evil.   It's our blind trust   and apathetic approach   to what money is,   what does it cost,   who controls it,   and where does it come from   that is the actual   root   of all evil.  

Even when money was private, I can almost   guarantee you   that the people using that money   were also apathetic,   probably not to the degree   that we are, at least in the West. You know? I'm sure that there's some   a lot of people in Africa and Latin America who do ask these questions   at a scale much larger than in The United States or The UK or Europe or any place else that's considered the West.   But the fact remains the same.   Money is not evil. The love of money is not evil. Although that feeds into it,   It it's it's our   apathy,   not only to everything, but especially   to what what is money.  

We don't know what money is. We don't know what wealth is. We don't know what legacy is. We've   been   it's like we've been given a forget everything drug by somebody, and I'm not even gonna conjecture who, that's made us literally forget   all of these questions that we should be asking   ourselves on a continual   daily   basis.   What is money? Where does it come from? What does it cost?   What is actual wealth? What does it look like? What does it mean? And when it comes to legacy,   how do we pass wealth down? What is legacy? Is it just passing wealth down? No. There's a lot more to legacy than that, and we know nothing about it. That's what is evil.   The love of apathy   is the root of all evil. And I'm starting you off that way this morning because I want to read right out of the bag this post   from David Collum   over there on x. He says,   Diamond   may not fully appreciate the scale of the threat.  

The collapse of auto parts maker First Brands   has revealed an enormous fraud at the center   of the $2,000,000,000,000   market   for leveraged   loans.   Based on losses reported so far and the numerous acts of fraud emerging,   half of the leverage loan market   may end up being lost   to investors.   And it seems he's saying that that is a quote from somebody on Twitter or x or whatever named,   or handle of at r c whalen,   w   h a l e n. Why am I even talking about that?   This is directly attached   to the tricolor   collapse   and the well, I I can't remember the name of it right now, but I brought you a story about another   auto loan maker.  

We've got a major   issue brewing   in the auto industry in The United States   that has now has   now   gone beyond   people making auto loans   to auto parts makers.   It's now   officially   a contagion.   Be very,   very careful   about everything at this point. And, of course, I know that you always are. I'm just saying,   be aware of this.   First brands   makes   parts for cars,   and they have gone bankrupt.   And that was actually announced on October 14, so quite quite a few days ago.   But now after some audits have been done,   it seems that they've gotten their hands   or they've gotten caught with their hands in   the auto industry   loan making   infrastructure   cookie jar.  

Again, be careful.   Now   you're here because it's all the news that you can use and more about Bitcoin.   So we're gonna talk about strategy, but not in the way that you think.   Finally,   some manna from heaven   about these people. And then I want to touch just a few   just a few bits   about,   what am I talking about? Oh, yeah. Yeah. Coinbase,   and their crypto payments   and AI. You know, what could possibly go wrong?   Peter Schiff is making waves with a gold backed credit card. Again, what could possibly go wrong? And then we're gonna talk about the political divide between left and right and where Bitcoin stands   between those two groups.  

The USDA   secretary Rollins came out yesterday   and basically put a steaming pile of crap in front of all the ranchers   who have been just wanting   any kind of direction   in The United States for   cattle prices,   ranching in general,   competition with Argentina and Brazil and their beef industry.   And what secretary Rollins handed down   looked like it was good.   It's kinda not.   But we're gonna hang out in LatAm for a little bit more. We'll talk about Latin American banks using stablecoin   and why.   And then speaking of stablecoin,   Tether is funding,   well,   a bank.  

We'll get to it. Promise.   And then due to oh, yes. Yeah. Yeah. Yeah. Yeah.   Moon Incorporated   is raising $8,800,000   for a prepaid   card with Bitcoin involved in it. And then Polymarket,   we'll we'll we'll get to it. We'll we'll we'll get to that. But first, let's get into the strategy business.   Am I gonna be talking about strategy and a new debt instrumentation?   No.   No.   I'm not. I'm actually not.   They've released a product called Mosaic,   or at least it seems.   This was actually released on strategy's website October 17.   Mosaic,   seamless modeling,   connected   insights.  

Now, this is not really the blog post that I that I should be reading to you. So I ran it through   AI.   Yes.   AI to get a little smattering   of what's going on here   because strategy just rolled out something called   Mosaic.   It's a product.   It's an honest to God product. It's something that they can sell   or or at least rent   to somebody to make revenue. So what the hell does it do?   Think of it as an AI powered data mechanic,   I guess,   a system that actually understands what you're trying to do. Instead of writing code   or hunting through dashboards,   you just tell it what you wanna know, and Mosaic connects the dots for you. It builds the model. It grabs the right data,   even writes the SQL behind the scenes.  

It also keeps everything consistent when you're jumping between tools like their   something called Power BI   or your own company's dashboards.   The numbers line up, the look stays clean, and everything loads a lot faster.   Mosaic takes is taking the grunt work out of working with data. You spend less time wrestling with setup and more time actually thinking, exploring, and deciding.   It's like giving your data team their own AI shop foreman   who keeps the engine humming while you focus on driving.   Okay. So that was sort of like a rundown   by AI   when I gave it the blog post and a couple of other items out of strategy.  

What's important to note   is that   Michael Saylor had been talking about   that they were gonna be doing something   at strategy   with AI, and it looks like this product called Mosaic is it. I actually don't give a shit if what I just said   is being met by you guys on the other end of this microphone   saying, dude, I we could just do that with with chat g p t or   or perplexity or whatever. I get it.   I get it. It kinda sounds that way to me too.   All I care about is the fact that lo and behold,   after me bitching, wailing, moaning and crying and curled up in a fetal position   about   the only revenue that strategy is being been able to make over the last, what, three years   is just selling debt instruments to rubes on the street.  

This is something they will be able to sell to businesses.   Somebody somewhere is gonna buy this thing and somebody somewhere is gonna give the money for it. And that means that strategy   has a revenue stream   for the first time in God knows how long.   So, yay. I'm actually happy. I I know   I   I'm not a strategy fanboy. I'm just saying that   you got a company like strategy that holds that much Bitcoin and has no revenue whatsoever   could easily   cross over into the land of the undead and just be a zombie company,   but it looks like they have something in the pipeline.  

I don't want them to be zombies   with over 640,000   Bitcoin chilling out on their balance sheet. I want them to actually be making money,   and it looks like they figured out a way to make some money. We'll see how it goes, but at least at least we're in a position where we can say, dude, all is not lost   until we go over to Coinbase   because   everything at Coinbase is a steaming pile. And this one is too, and it also involves AI.   Wait for it. So we take a deep breath here.   Zen masters. Zen.   Coinbase   links   artificial intelligence   to crypto payments   with new protocol for autonomous   transactions.  

Again, what could possibly go wrong?   Maybe Jason Nelson from,   decrypt.c0   will be able to tell us.   Coinbase is linking artificial intelligence   directly   to crypto payments with a new system   built on the model context protocol,   otherwise known as MCP,   that lets AI agents hold wallets,   send stablecoin payments, and interact with online services.   The launch of, quote, payments MPC   connects AI to on chain value transfer at scale, giving machines the ability to transact autonomously through a standardized protocol.   Payments MCP   builds on x four zero two, Coinbase's open payment standard based on the long unused   HTTP   four zero two payment required code. It works with Anthropics Claude,   Google's Gemini,   OpenAI's   Codex,   and Cherry Studio allowing agents   to create wallets,   on ramp funds,   and send stablecoin payments directly from a prompt.  

Oh, joy.   Quote,   crypto is uniquely suited to machines,   Eric Rapel, Coinbase's   head of engineering for its developer platform, told Decrypt.   It is the only open digital native standard for payment that any program can use, end quote. Rappel   said, the naming of x four zero two was intentional and rooted in a long running effort to build an Internet native payment standard, quote, people   have been trying to create   an Internet native payment standard since the nineteen nineties, he said.   Continuing, Marc Andreessen   and the team at Netscape explored it while navigating credit card systems and trying to build true Internet payments, end quote. When   HTTPS arrived,   Rappel explained,   people finally felt safe sending credit cards online and payments modernized. Still, as standard had yet to reemerge,   every merchant handles credit card data differently.  

The forms look similar, but the processes between computers   are always unique. Quote, AI agents are just smarter programs,   and they work best with programmatic   interfaces instead   of human optimized systems.   Now oh my god. Now with AI agents needing to exchange value programmatically,   we finally have the tailwinds to make an open standard possible, a technology   10 times better and more accessible than before.   Coinbase says payments m p or MCP   makes it simple for users to experiment with AI driven transactions without writing any code.   A built in interface lets users create and fund wallets with only an email address.  

No developer setup or API keys required.   Through the x four zero two Bazar Explorer, and Bazar is spelled b a z a a r, like marketplace in Turkey.   Bazaar Explorer,   agents can browse APIs and services they can pay for directly inside the app. And at the same time, an integrated on ramp and guest checkout   lets them begin transacting almost instantly in supported regions.   Users can also set spending limits and manage approvals   through an easy configuration panel for privacy and speed the systems run locally. Oh, joy.   Coinbase describes it as a bridge between developer tools   and mainstream use, making   agentic   commerce, and that's in quotes, agentic commerce,   accessible beyond the coding crowd.  

The initial release integrates with Claw, Gemini, codecs, and Cherry Studios.   ChatGPT   is not included   because the current transport method used by payments   MCP   is incompatible   with the streaming variant that OpenAI's   chat product currently uses. However,   support is planned for the future.   Each agent wallet has configurable funding limits, approval thresholds, and session caps, quote, the quality of safeguards depends on how programmable the money is. With payments MCP,   you can set limits for your agent. They have dedicated funds you explicitly give them. They don't have access to your main wallet. It's impossible for an agent to rack up a credit card bill that you're responsible for, end quote.   That was mister Rappel.  

He added   that developers can build rules engines   on top of x four zero two to manage permissions. Quote, you could, for example,   let an agent spend up to 10¢ freely, but require approval for anything higher.   It's all about what the tools and technology allow developers to build in.   Repel said Coinbase's compliance framework mirrors its technical safeguards with checks built into every layer of the system, quote,   Coinbase follows all relevant KYC regulations   at the points where users enter and exit the system. We handle this under the hood, so it doesn't affect the user experience.   That's part of the value of using   CDP   tools.  

We build as much compliance as possible directly into the products, end quote.   Coinbase and CloudFlare   are backing the x four zero two foundation   to maintain the protocol as company neutral infrastructure.   Quote, companies want to build on open protocols that remain usable   whether or not Coinbase exists in two years, Raquel said.   He predicted   2026   will be the, quote,   year of agentic payments, end quote, where AI systems   programmatically   buy services like compute and data, quote, most people will not even know they're using crypto.   They will see an AI balance go down $5, and the payment settles instantly with stablecoins   behind the scenes.  

Alright. So that's that's it for   this little tidbit.   There's two things here.   One,   this was going to happen   regardless of who did it.   There's people there's people that are Nostril developers that are that are working on this.   Right?   Coinbase is very well funded.   It does not surprise me that it was Coinbase   that is probably going to have a stranglehold   on this at least in the near term.   Second thing is is that it's Coinbase,   one of the most   despicable,   detestable   companies   in this space.   And I might add, on the face of the planet,   infecting   with   complete disgust   the face of God's creation.  

I'm serious. I'm not being hyperbolic.   Coinbase is a terrible company.   And it's not just because that they have problems on the back end when volume spikes. That's dude, that's anybody. No. I'm talking about their their dear leader,   mister Baldy,   who signed   his name   to the New York agreement thinking that he was going to change Bitcoin.   This is not a man   who likes Bitcoin   at all.   It just it just made him his billions of dollars, but he hates it.   And anybody who thinks that he doesn't is really fooling themselves.   He's like all he's he is just nothing but a very, very wealthy shit coiner. That's all he is. And the fact   that it's his company   that has seemingly and I don't know this because, again, what could possibly go wrong,   But until that happens, seemingly   succeeded   in machine to machine payments   in an automated way.  

Because that was always going to happen.   I   I can only hope that this fails miserably and is an is a complete black eye to Coinbase,   and somebody else picks up the ball and does it actually correctly. But my fear is   because Coinbase is so well funded   that they may have broken the first crack into the ice that is   automated   machine to machine payments on the Internet,   and it's sad to see.   And Peter Schiff   is just   unrelenting   in his onslaught.   In fact, he's released a,   a credit card   or is about to release a credit card that the money is backed by gold. It allows you to spend your gold and can do all the things that only Bitcoin ever wished it could do.   Well,   Shengpeng Zhao, otherwise known as CZ,   calls Peter Schiff's tokenized gold a trust me, bro   asset.  

Amen. Asquanis from Cointelegraph,   tell me more, brother.   Binance cofounder and former CEO, Shengpeng Zhao,   dismissed   crypto critic Peter Schiff's plan to launch a tokenized gold product,   calling it a trust me bro asset,   in a Thursday post on x.   CZ said tokenized gold is not on chain gold, but a promise   dependent on third party custody.   Quote, it's tokenizing   that you trust some third party will give you gold at some later date   even after their management changes, maybe decades later, during a war, he wrote.   CZ's comments come after Schiff, a longtime Bitcoin critic and gold advocate, announced plans   on the Thread Guy podcast to roll out a gold backed token.  

According to Schiff,   users will be able to buy and store gold in a vault via an app,   transfer ownership through a blockchain,   or redeem it for physical gold.   He describes it as an easier way to spend gold digitally   complete with debit cards linked to gold holdings. Okay. So not credit card, but but debit card. But   whatever. Whatever. It doesn't matter.   Schiff also maintained his long   decade or decades long stance that Bitcoin has no intrinsic value and will go to zero.   He's gigantic pump and dump driven by early adopters, yada yada. Quote, I I still think it's going to zero, he said. Quote, what I underestimated   was the gullibility of the public   and the marketing savvy of those promoting it, end quote.  

Schiff also warned of a looming sovereign debt crisis that he believes will dwarf 02/2008,   predicting hyperinflation,   a collapse in the US Treasury bond market, and gold prices rising well be   beyond $4,000   per ounce.   He said the US dollar's dominance as the world's reserve currency is nearing its end,   predicting that the global financial system will inevitably return to gold.   Foreign central banks are already divesting from US treasuries   and quietly replacing their reserves with physical gold,   marking a monetary reset similar to the post Nixon nineteen seventies   shift added.  

And then they talk about gold losing 2,500,000,000,000.0   in market cap. It it doesn't matter.   Here's the thing.   There's already a gold backed token,   and I can't remember the name of it, but it's Tether.   It's it's a version of Tether, but it's backed by physical gold. And the guys over at tether own a lot of physical gold. They also own a shit ton of Bitcoin. They also own a lot of land. They also own   agricultural stuff. And and as we'll see, they're getting into to banking, but we'll we'll get to that one later.   What I'm trying to say here is that Schiff   is just   he's didn't invent anything new.  

We've already got a gold backed stable coin, and if you need to use it, just go use the one from Tether.   You know, Schiff has introduced a lot of products   over the years, and some of the last few   have been essentially targeted   at replacing Bitcoin, and none of them have worked.   You   know, I I don't I still I just don't get Schiff.   The only thing that I can surmise at this point is that he's just engagement farming,   that he doesn't really hate Bitcoin the way that that he lits on.   And the reason I say that is is not wishful thinking because Schiff is just one guy.   Yeah. He's got a he's got a decent audience, but it's not like sick you know, it's not like   a billion people are hanging on his every word.  

Most people in the world do not know who Peter Schiff is.   But be that as it may, he still has a sizable audience.   And every time that he tweets something out about how bad Bitcoin is, the amount of engagement that he receives   is so far beyond his normal engagement   that I think he's become addicted to the dopamine   and and he's not he he doesn't realize he's addicted to the dopamine hits on Twitter.   That he doesn't understand that that's what he's addicted to.   What he all he sees is that every time I shit on Bitcoin, I get engagement.   He's a junkie.  

He's he's a junkie.   Most Bitcoiners believe the exact same thing Schiff believes,   except   they differ on the mechanism. In this case, gold versus Bitcoin is one or the other.   All the people that are in the Bitcoin space that I truly respect   actually like Bitcoin   and gold.   Bitcoin and gold. I I don't need to choose one or over the other.   I do not own any physical gold   for various reasons.   I personally   don't think that I can use it. I don't think that I can   It will not provide me the utility that Bitcoin provides me.   You know? And but that's my life. Now   that could change. What if I moved to some small rural town and there's a whole bunch of other people there   that also like gold.  

It would not   surprise me that a town starts using physical gold   as a local currency much like,   Galt's Gulch   in Ayn Rand's   Atlas Shrugged,   where they use nothing but gold.   The problem is I'm going to be reaching digitally   outside of that town.   I wouldn't mind carrying gold with me, like small gold coins that are worth, like, you know, $5, $10, $20,   whatever, you know, pick your denomination,   and paying for, you know, physical eggs and meat and milk, you know, from local farmers and whatnot like that. I wouldn't mind it one bit.   You know, but how much gold do I have to carry if I wanna buy a house there?  

Maybe then Bitcoin becomes   my optimal   route.   So this this is why I I literally don't mind both. And   if I wanna buy something way out of town, like in another state and get it delivered to me, I'm not driving my happy ass over to that state to pick it up so that I could physically deliver gold. No. That's where I use Bitcoin.   It it   these things solve certain problems.   And I'm not saying I'm not saying rush out and buy gold. I'm just saying that I don't hate it. It doesn't make me sick.   Going back to what got me to this little rabbit hole in the first place was that   all the Bitcoiners that I know   agree with Peter Schiff. Like, when he says,   wait. Oh,   let's see.  

He says something about   what was it?   I'm I'm looking okay. I missed it. But he was basically saying that he believes that the bond market   for US treasuries is gonna gonna collapse, probably.   It's probably gonna get to the point where the only people that want to buy it   is the is the the Federal Reserve,   and they'll just print money to do it.   He's right. He's   Schiff is right about lots of things.   There's only one thing that we disagree on, and that's why I got a sneaky suspicion   that he doesn't actually hate Bitcoin   and   that he's addicted he's a an addicted junkie to x.  

He needs the attention.   He is an attention whore,   but   he's right about a great many things.   I I still have hope for Peter. I don't think he'll   start buying Bitcoin and a lot of people already think he's got a shit ton of Bitcoin. He may.   But I don't expect him to just turn over and start saying rah rah, but   my god.   Just watching him spend all his time trying to get attention   by bashing Bitcoin is just it's a little sad, honestly.   And it makes me hungry when I see sad. So I'm gonna go over to 0shig00d.us.   0shig00d.us. 0shig00d.us.   Products page is a little scant because he keeps selling out of everything. Why?  

Well, because, a, he takes, Bitcoin for his goods and services,   and he's got the best crunchy coffee huddle butter in the business. And you can get 16 ounce jars of this stuff,   which I never really got a taste of. I I mean, I got a taste of it when I first got it, and then all of a sudden, next thing I know, my wife absconds with it for her morning toast.   And lo and behold, I I I have no more. So I'm gonna have to get some more.   But you can go to oshiegood.us,   use the code Bitcoin and to get   crunchy   coffee   huddle butter. What's in it? Well, let me tell you.  

Pecans,   maple sugar, roasted   arabica,   coffee grounds,   sea salt flakes, cinnamon, and black pepper. Dude, it is the it is not sweet.   It is not like overpowering,   you know, coffee tones.   It it's like a flawless   sea   of flavor   all wrapped up in a beautiful glass jar,   spread it on toast. I've seen people spread it on cooked steaks and swear up and down. It is amazing.   That one I haven't tried yet, but one of these days.   So go to oshigood.us.   Get yourself a couple of jars   of crunchy coffee huddle butter. Make sure you use the code Bitcoin and so you're telling Oshi that you heard about it here on the circle p   because if you're not taking Bitcoin for your goods and products, you're not in the circle p or goods and services. You're not in the circle p.  

It's where I bring plebs like you that have goods and services for sale in Bitcoin   to plebs just like you who want to buy it in Bitcoin.   Again, you gotta be using Bitcoin to be in the circle p, and Oshi over at oshigood.us   does it. Be sure to use   coupon code Bitcoin and.   Alright.   Bitcoin transcends the left right political divide.   It's a tool   for human rights.   This is out of Bitcoin magazine written by Frank Korva.   One month ago,   Hash,   an alumni of the MIT Bitcoin Club and an organizer   for the MIT Freedom Tech Expo, told me in an interview about how a friend of his who is a social working worker in DePaul   and who was on the ground during the recent protests in the country   doesn't like Bitcoin. Quote, there's a lot of people   with left leaning ideology   who still think Bitcoin is a capitalistic   tool,   and they're not very comfortable with it yet, explained Hash.  

Well, I've been thinking a lot about this point that he made since we spoke.   As someone who was formerly more politically liberal,   I still have a lot of friends and acquaintances   who seemingly shudder at the mere thought of my writing about Bitcoin for a living. I get the feeling that they think I've become some right wing fanatic   who only cares about money.   I can see why they might think that despite it not being true.   In The US, Bitcoin has very much become synonymous with the Trump administration, and most of what the average person sees about it in the mainstream media is reporting on its price going up or down. Put another   way, if you're not intentionally searching for stories about how bitcoin facilitates financial inclusion,   the freedom to transact,   and protection from inflation and currency debasement,   then you aren't likely to find them, which means that the average person hardly,   if ever,   gets exposure to the human rights side   of the Bitcoin story.  

And so if you're looking for some examples   or thoughts to share with friends of yours who may be on the political left and don't like Bitcoin as a result,   well, I've included a few below.   So financial inclusion.   One of the most powerful stories in Bitcoin   enabling financial inclusion is the story playing out in the informal settlement   or   slum of Kenya's   Kibera   right now. Kibera is   the largest   informal settlement in Africa. And thanks to the hands on work   that Afrobit Kybera is doing to educate members of the Kybera community about how to use Bitcoin,   more and more of Kenya's poorest and most financially vulnerable have been brought into the digital economy and are saving for the first time in their lives.  

The story of the work   Afribit   is doing was highlighted in a recent segment by the BBC.   One of the points that was not mentioned in that segment, though,   is that many of the residents of Kibera are refugees from other African nations and are currently ineligible   for a national ID.   And without that, these residents cannot use M Pesa, a digital payment system   that is ubiquitous in Kenya.   However, with a Bitcoin lightning wallet and Tando, a homegrown Kenyan app that enables   payment in Bitcoin and settlement in Kenyan   shillings.  

These members of the community can take part in the digital economy   as neither   require know your customer checks.   Yes. I know some custodial Lightning wallets require varying degrees of KYC,   but non custodial Lightning wallets don't.   Then we have freedom to transact.   Most of us in the West take for granted our freedom to transact over digital payment rails like PayPal,   Cash App, or Revolut,   which means we haven't had much reason to think about how devastating it would be   if our accounts via those services or our bank accounts were frozen or shut down. However,   activists and dissidents around the world, especially those living under authoritarian   regimes, see their accounts closed often   when they speak out against the powers that be.  

Debanking people or organizations   that challenge the power of authoritarian rulers has become one of the first moves   in the dictator's playbook.   One of the most flagrant cases of this is when the Putin regime   shut down the bank accounts of opposition leader, Alexei Navalny's   anti corruption foundation.   With that said, we also saw a wave of debanking in The United States under the Biden administration.   During operation choke point two point o,   the Biden administration   debanked a number of Bitcoin and crypto companies seemingly for no reason other than that they were politically out of favor.   This proves that while the banking system and fintech companies are technically still private institutions,   it only takes a certain amount of pressure   from these powers that be, even democratically   elected officials to stop people and companies from being able   to freely transact.  

In her book, Broken Money,   Lynn Alden highlights the importance of Bitcoin   as it pertains to this issue.   She states that self custodial financial services force governments to actually charge people with a crime   before they can use pressure to freeze their accounts.   Alden   added that Bitcoin is bigger than political ideology in this regard. Quote, Bitcoin is not a right or left issue   because one merely needs to imagine their least favorite politician winning the next election   or two   or three elections from now, she wrote.   Many who are familiar or unfamiliar   with Bitcoin   do not understand the significance of its cap supply.  

There will only ever be 21,000,000   Bitcoin.   A perfectly   finite supply of money   contrasts starkly with fiat currencies, which have no supply cap.   Fiat currencies can be printed to no end, which devalues the time and labor of the users to these currencies or of these currencies.   Those of us living in The United States have felt the pain of this currency debasement   as inflation levels have been notably higher here. However, it's important to note that the US dollar is essentially the prettiest pig in the pen   when it comes to fiat currencies,   or or also known as the the fastest   horse at the glue factory.  

Most other currencies are being debased   at a more alarming rate,   with the most severe instances of this being what has happened in countries such as Venezuela,   Lebanon,   Argentina,   and Turkey.   This is why when Sabina   Wathira,   one of the cofounders of the aforementioned   Tandoh, teaches university students in Kenya about Bitcoin,   she highlights that it offers   freedom   from inflation.   Bitcoin itself   is politically neutral.   Since Bitcoin is an open protocol and isn't governed by one person or institution,   it isn't and cannot be inherently political.   Sure, the Trump administration has taken a pro Bitcoin stance, which may be off putting to those on the political left,   but that doesn't mean Bitcoin doesn't facilitate notions like financial inclusion,   an issue that liberal politicians tend to support. So   if your politics   are more aligned with liberal ideology,   be sure to check out the work of the Progressive Bitcoiner nonprofit as well as Jason Mayer's A Progressive Case for Bitcoin.  

And if you find yourself politically homeless,   but still a proponent for human rights   as they're enabled by Bitcoin, be sure to learn more about what the Human Rights Foundation is doing via the Financial Freedom Division   and subscribe to its Financial Freedom newsletter,   Bitcoin is a tool for all human beings,   those across the spectrum of the political right and left.   And it's high time   that this message   becomes more widespread.   Let's run the numbers.   CNBC,   Futures and Commodities, I got oil. All the energy sector is   doing really well today. In fact,   the energy sector is doing better than the   let's see, where where where are they? Where's my shiny metal rocks?  

Oh, there they are. They're right there.   Doing way better than shiny metal rocks.   I don't know what happened today, but Brenton North Sea Oil is up 5.5%   to $66.04   a barrel. West Texas Intermediate   itself is beating it 5.79%   to the upside,   puts it back above 60   at $61.89   a barrel. Natural gas being the natural hedge that it is is down a half point   to $3.42.   Gasoline is up 3.3%   to a buck 92 a gallon, and Murbond crude is up 7.1%   to $69.28.   Meanwhile,   gold is only up 2.22%   to,   we'll see. 4,155   and 50¢.   Palladium is up 1.8. Platinum is up two and a third,   as is silver, and copper is up 2.15%.  

Most of ag is in the green today.   I guess everybody's having a good day.   Wheat is the biggest winner, one and a half to the upside. Biggest loser is coffee, 2.6 to the downside.   Live cattle   up point 84%.   Lean hogs down a half. Feeder cattle down a third.   S and P is up point four. Nasdaq is up point six seven.   Nasdaq. Sorry. I just said it. Dow. The Dow is up point 14%,   and the S and P Mini is up almost   almost a full point.   Well, good for you.   Bitcoin is up to a $109,760.   That is a $2,190,000,000,000   market cap. We can only purchase 26.5   ounces of shiny metal rocks with our one Bitcoin of which there are 19,938,582.41   of. An average fees per block are low again.  

0.02   BTC   taken in fees on a per block basis.   Looks to be about 20 blocks carrying 51,000   unconfirmed transactions   waiting to clear at high priority rates of three sets per v byte, low priority gets you in at one.   We are at holding at exactly a 1.1   zeta hash   per second hash rate. That is all of the protection that Bitcoin could ever need and much,   much   more.   Alright. From Yo Soy Bitcoin,   where Brent Kearney with 20 one hundred sat says,   on BC Hydro,   yes, it's crappy that the state is now picking who gets electricity,   but the unmentioned   context is that there are many independent generators who sell power to BC Hydro   and are free to make their own decisions.  

The government just set up a mega dam called Site C,   and as a result,   no longer needs to buy from many of those smaller generators. So   they are seeking new customers.   Also, there are many off grid miners   operating in the province   with their own generation such as Ayrin.   Okay.   Thank you for the context. I   I appreciate that.   The only way that I can get news or especially,   you know, like the context of particular news stories is people like Brent taking the time to write me to say, hey.   You you didn't mention this. Let me detail it for you. I will read it. I don't mind being wrong. I don't. If if anybody thought that I was gonna get my feelings hurt or my panties all in a little odd because I'm clearly wrong about something,   I do not operate that way. I am not here for me. I am here for you. So, Brent, thank you for bringing that to my attention.  

Psyduck with seven fifty five says   Psyduck.   I think that might be all. Is that all that I got today?   It is.   It's all that I got. Oh my god. I am sucking so much swamp water here, ladies and gentlemen. Need some more donations.   You know? It's like, I might not need to,   self soothe myself with always being right,   but I wouldn't mind taking a big old luxurious   bath in a lot of sats. So keep them coming, guys. Keep them coming. That's the weather report.   Welcome to part two of the news that you can use from Washington,   D.  

C. Yesterday, October   22,   secretary   of agriculture, Brooke l Rawlins,   secretary of the interior,   Doug Burgum,   secretary of health and human services, Robert f Kennedy junior, and small business administrator   Kelly Loeffler   announced a suite of actions to strengthen   the American beef industry,   reinforcing   and prioritizing   the American   ranchers' critical role in the national security of The United States.   And they go on in this official   release. This this is the press release from,   USDA.   All the ranchers   have been sitting on pins and needles for weeks.   And you might be asking yourself, oh, but but cattle and beef prices are at all time highs.  

You know, what why would they be sitting on pins and needles? Well,   admittedly,   some cattle ranchers are doing just fine.   Others, not so much. Herd size   hasn't been this small for,   in my opinion,   forever. I don't I don't think there's ever been a time that the herd size has been this small. But   other people that probably know a shit ton more about it than I do say it hasn't been this small in seventy years, and there's various reasons why.   So even at high prices,   if you don't have very many cattle to sell, you really don't get that much money. Let's just keep it real plain and simple.   So these guys have been waiting because, like,   yesterday   and the day before,   we've had news about Trump saying they were just gonna buy cheap meat from Argentina.  

Well,   like I said, this is one of the things that I don't like about Orange Ban.   Why Argentina?   Why don't we do some things here at home that could alleviate the pressures on American ranching,   American cattle slaughter,   American   meatpacking.   You know, people think that Tyson   is an American company. Why do I mention Tyson? It's one of the four major meatpackers, and, yes, they do pack beef,   not just chicken. Most people say, oh, well, it's just chicken and turkey. Well, no. They they they pack it all, Betty.   It's it's not an American company. It's listed as an American company.  

Go look who owns Tyson.   Go look at who owns Tyson.   Not an American company. We have four meatpackers in The United States, and none of them   are fully,   wholly   owned   by The United States or an entity within it, an a straight up American company. You got JBS's,   definitely Brazil, 100%.   You got all these other companies. They're not.   All they do   is set the prices. And when Trump said,   and he did say this, by the way,   American ranchers have to figure out a way to get their meat prices and cattle prices down. How?   How?  

How would you do that?   That's not the way this works,   which demonstrates a fundamental misunderstanding of the way the fucking cattle market works.   And I don't even know it. I'm not even gonna pretend to know it, but I do know that it's not the cattle rancher setting the prices. I know it's the meatpackers.   And you know what else doesn't help? Chicago,   the CME, where beef futures are traded and cattle futures are traded.   The futures traders have a little bit of say as to what things cost. This is why I don't like futures. I don't like derivatives.   It is noise.  

But even without those guys,   the cattle ranchers have gotta take their shit to a sale barn, and they're going to get whatever it is that they're offered.   And that price is generally set   by   who's going to ultimately   buy the cattle, is the meatpackers.   And there's four of them, and none of them are owned by The United States. So yesterday   yesterday, in all the glory and fanfare that you could possibly imagine,   secretary Rollins   rolls out the USDA   plan   for the beef industry.   What it's supposed to do   is protect and improve   the business of ranching.  

Two, it's supposed to expand   meat processing,   consumer   transparency,   and market access. Three,   it's to build demand alongside   building   the domestic   supply.   Oh, well,   okay.   Gee, that's great. That's that's just that's just   awesome.   So I I simply started looking at at the announcement and and the other materials that the USDA laid down, and they say things like, oh,   they're gonna have labeling where you know, because a lot of the ranchers have been talking about m cool, m c o o l. It's like mandatory   country of origin labeling.   Mandatory.  

Right? So if you raised it in The United States, it was, you know, it was born in The US, it was raised in The US, and it was slaughtered in The US, and the meat was packed in The US, you would be able to get a label that says product of USA.   And not you wouldn't be able to. You'd have to. Yeah. I know. We don't like being told what to do, but in this case, the ranchers want this. So let's give people what they actually want   and give them the label.   If it comes from Argentina, it does not get product of USA. That's what the ranchers wanted with m cool.   Here's what they got.  

Voluntary   labeling as product of The US.   Voluntary, which means the meatpackers can we don't have to put it on there.   And they might, you know, they might put something on there that if they can, you know we got some of these cows here from The US. Well, sure, we'll throw you a bone. But 95   of the meat's gonna be Argentina.   We're not gonna label it because you're gonna buy it anyway. It doesn't matter.   So   right there,   this whole deal is is all bullshit.   I wish it wasn't,   but it is.   And none of the ranchers   are happy.  

I've been   one of the reasons why I got back on Twitter wasn't because I don't like Nostr. I love Nostr.   And it's not because I wanted to get back with my Bitcoin guys, because most of those guys are compromised.   Very, very compromised.   Very,   very,   very   compromised. Bitcoin Twitter is a shithole, but you know what is fun?   Ag Twitter.   Agricultural   Twitter, ranching Twitter, cattle Twitter. If it has something to do with ag, it's on Ag Twitter.   These guys are what the old Bitcoin Twitter used to look like,   and they are not   happy   about this.  

They got posed,   and they are   up in arms about it. So   what can you do about it? You can go find   your local   rancher and get to know that person.   Shake that person's hand.   Ask them to tell you about their operation. They would I guarantee you, they they would love to hear from you. I remember when I first went moved up here to Eastern Washington, I met some ranchers,   and I went out to their place. And one of the first questions I asked them is, how many people come out to meet you?   And they looked at me and they said,   aside from you,   who actually wants to know how we do things and wants to look around, the only other people that darken this door of our ranch are people that hate us.  

Show your rancher that they are not hated.   Go buy their beef. Go shake their hand. Thank them for feeding you. Thank them for bringing you nutritious food.   We've got to figure out a way to put the hurt from the consumer side   onto Tyson,   onto JBS,   onto American Meat if even though it's not gonna be an American company. It's bullshit.   All four of them are foreign owned. And whatever that fourth whatever the fourth meatpacker is, don't care. We gotta stop doing it. We gotta stop doing it, man. That's the only way this works. We got no help from the USDA   yesterday when this dropped.  

Speaking of Latin America,   Zoltan Vardai from Cointelegraph   says it,   as inflation bites,   Latin American banks on stablecoins   instead of bankers.   The Latin American region is tapping into blockchain based services for payments and access to financial services,   signaling that the crypto industry serves more than just financial speculators chasing the next meme coin pump.   Latin American citizens are increasingly using cryptocurrency   to replace the region's inadequate   banking infrastructure, allowing them to facilitate   digital payments   and create stablecoin   based savings accounts. Quote,   LatAm adoption is quite high.  

People are using stablecoins for daily life, so it's a whole different market, said Patricio Mezzari,   co CEO of cryptocurrency   exchange Bybit's   Latin American division, quote,   crypto is actually changing the lives of people.   You see adoption in Argentina,   Venezuela,   Bolivia, Mexico   increasing   rapidly,   he told Cointelegraph during an interview. Some of the most interesting   use cases include stablecoin payments to circumvent the high remittance fees of the swift banking network   and taking up crypto based loans for major purchases such as cars and homes.   Countries like Argentina with annual inflation   surpassing a 100%   have seen a surge in demand for US dollar backed stablecoins including USDC   and USDT.  

On local crypto exchange, Bitso, stablecoin transactions accounted for 39% of total purchases   in 2024   as the most sought after digital assets,   CoinTelegraph   reported.   The lack of banking access has also created systemic inefficiencies   in the region,   including technological   barriers and high start up cost, which are slowing the flow of investment into LatAm capital markets.   Still, the region's liquidity latency issues may be improved by adopting blockchain based instrumentation   such as real world asset tokenization,   oh my god, according to an August report from Bitfinex Securities.  

And then they describe   tokenized products.   None of that matters.   What matters is a rapid adoption,   even if it's the use of stablecoins.   It doesn't matter. Sorry for the pause there.   I'm I'm I'm thinking because it's like, I know what I should say is that it's all shitcoin and it's all going to zero, but stable coins are not going anywhere.   All coins are actually themselves not gonna go anywhere.   They're worthless.   Oh, yeah.   Definitely.   But stablecoins   have   product   market   fit.   That means, oh my god, David. You're saying that Bitcoin's gonna go away. No.   Uh-uh. You need a backing   for all of this crap.  

Tether this is one of the reasons why I don't hate tether.   Get the God is just the amount of hate that I see tether get   on a   on a daily basis   is amazing.   Maybe they're right and I'm wrong. Maybe I should hate Tether, but you know what? For right now, I don't.   I've I've actually seen them build a product that has product market fit.   They've backed it the right way with Bitcoin, gold, land, and agricultural   endeavors in in Latin America.   They've got 75 people that generate billions of dollars in net revenue   every quarter, which is freaking phenomenal. That's why I know this thing's got product market fit.  

So they're backing it the right way. They've got a good product.   I'd I'm not angry at them.   In fact, I think they're actually greasing the wheels for Bitcoin,   not just as a backing,   but with what we see   occurring   with things like eCash,   Fediment.   The the wallet that I talked about,   was it was it yesterday or the day before   that allows liquid and lightning network and Bitcoin to basically all be interchangeable   all within one device?   You when you add Nostra into all this,   what what you're going to end up with   is this   interchange between   tether stable coin   and Bitcoin.  

And while tether is going to back with physical Bitcoin,   physical Bitcoin is also going to be present as a swappable asset   for stable coin in the form of at least in the form of tether.   And I honestly don't   find this   unappealing.   Do I use Tether? No. I do not. I have never used Tether. I've never had a need for Tether. I just use Bitcoin.   And there's a lot of people like me, but there's also a lot of people that are gonna start using Tether. But they're gonna be at that point, they're gonna be trained   how to use   this technology.  

And it's not gonna be very far away. It's not a big step   to go to Bitcoin.   But the truth is that both are going to be used.   That's the hard truth.   Bitcoin is not going to supplant Tether. Tether is not going to supplant Bitcoin. They're actually going to work in concert with each other, and it's probably gonna be pretty cool. And I I understand if you hate me right now, I get it. I understand.   I may be fully wrong   about the guys behind Tether.   They may end up with the most gigantic rug pull on the face of the planet. But because I don't know if that's going to happen or not,   I can only go with what I know.  

And when they buy the amount of Bitcoin that they buy, they clearly have some conviction.   They're also the same kind of people I was talking about earlier. They're also not   get they don't get nauseous when they talk about gold.   What we really need to do is stop worrying about each other as the enemy and focus on the real enemy, and that's fiat currencies and central banks and the regulations   that force us   to be apathetic   about the questions   that we need to be asking,   what is money?   What does it cost? Where does it come from? What is wealth and what is legacy?   That's it.  

That's it.   That's the enemy.   Not asking those questions   daily   to anybody who will listen,   that's the evil.   We don't need to be worrying about each other right now.   And and by the way, I group altcoins in with all that because they don't know what it is.   Tether bridges the evil   because it's still, like, you know, backed one to one with the with the evil infrastructure over there.   But I guarantee you   that we're gonna have to bridge the good and the evil so that we can win. Because right now, the rift between the two is so great,   and we don't have the weaponry on our side like ICBMs   to launch a full scale attack against them, or at least we haven't had   until now.  

Until now.   But Tether's gonna remain being that bridge between the fiat currency world   and our world,   but they're backing it the right way.   They got physical gold. They got physical Bitcoin. They got physical land. They're not stupid.   Until they become stupid,   I'm not going to hate them just because,   you know, it's kinda dumb.   Now   speaking about Tether again,   Tether joins a $39,000,000   funding round in, quote, programmable   Pave Bank.   Pave is spelled p a v e as in pave it with asphalt r t Watson from the block.   Tether Investments   has invested in a $39,000,000   series a funding round, which will be used to scale   Pave Bank, the world's first programmable bank built for digital assets   and the   AI era. Oh, this sounds like they might be   swimming in the same pool as Brian Armstrong in Coinbase, which we just covered in the first half of the show.  

Quote, the global financial system is moving towards   regulated   on chain finance and institutions   needs a trusted bridge between the old and the new.   Pave Bank cofounder and CEO Saleem Dhatiani,   I can't pronounce it, said in a statement, quote, we have built a multi asset bank that merges   the stability and prudential oversight of traditional finance with the automation,   speed, and intelligence   of digital assets, end quote.   Pave Bank bills itself as a commercial bank   designed to service clients who have needs across both fiat and digital assets.   The bank, which has a license in Georgia,   said it will use the capital to expand its regulatory footprint,   accelerate product development, continue to build institutional grade infrastructure,   and scale its client coverage   across global markets.  

Tether, which is   cash rich, thanks to its overwhelmingly   profitable stablecoin business, has a diverse investment portfolio that includes, quote, payment infrastructure,   renewable energy, Bitcoin,   agriculture,   artificial intelligence,   and tokenization,   end quote. Pave Bank series a   was led by Excel and also included the participation of Wintermute,   Quanta Capital, Helios Digital Ventures, among others. Quote,   Pave's programmable   full reserve approach combines the best of traditional banking and digital assets   and   has the potential to catalyze widespread adoption of stablecoins   deepening financial inclusion across markets,   said Kuona   Capital's   Ganesh   Raghaswamy,   I think is how you pronounce it.  

So it's yeah. It sounds to me like this, bank is definitely swimming in the same waters   as   as Brian Armstrong.   My only problem is   I hate it when they say it's registered in Georgia.   The country   or the state in The United States? It's not clear. It was not made clear, and I'm, you know, not gonna go find it. So it looks like Tether is entering into the banking game.   They're they're not gonna stop, y'all.   They're not gonna stop. At least,   Paolo Ardoino's   name was never on the New York agreement.   At least he can say that. Now   Bitcoin on a prepaid card,   Moon Incorporated raises 8,800,000.0   to make that happen   in Asia.  

So we'll have to wait. Micah Zimmermann, Bitcoin Magazine.   Moon Incorporated has raised 8,800,000.0   to launch a Bitcoin   prepaid card in Thailand and South Korea   with plans to expand across Asia.   The company, a leader in prepaid connectivity and digital asset solutions, confirmed the successful   65,500,000.0   Hong Kong dollar   fundraising earlier today, and the round was supported by a consortium of Bitcoin miners and investors   through the issuance of,   yes, you guessed it, brand spanking new shares and convertible notes. According to a note shared with Bitcoin Magazine, quote, the successful completion   of this private placement marks yet another critical milestone in Moon Incorporated's   growth, and we are grateful for the confidence   our new and existing investors have shown in our long term vision, said John Riggins, CEO of Moon Incorporated.  

Suit speak. Just you know, that was pure suit speak.   According to a filing with the Hong Kong Stock Exchange, the proceeds will support Moon Incorporated's   Pan Asian expansion,   starting with Thailand and South Korea alongside the launch of its Bitcoin enabled prepaid card. The cards   enable users to acquire,   store, and transfer Bitcoin without the complexity of traditional wallets merging Moon Incorporated's   prepaid telecom   expertise   with   innovative digital   asset functionality.   In other words,   the cards are gonna let people buy and send Bitcoin easily without needing a separate crypto wallet, basically like a prepaid phone card.   Looking ahead, Moon Incorporated is evaluating Taiwan, Japan, and Vietnam   for future growth opportunities.  

Riggins   framed the fundraise   and new prepaid card as a step toward bringing traditional capital markets   within the Bitcoin economy, leveraging Moon Incorporated's   existing   wholesale   telecom   distribution   networks.   Quote, we see this as more than a fundraise. It's a vote of confidence   in Hong Kong's role   as a gateway for regulated digital asset innovation, yada yada yada, more suits speak, more suits speak. Back in March,   the company became the first publicly traded company in Greater China to adopt a Bitcoin treasury strategy,   integrating Bitcoin into both its balance sheet and retail business model.  

The fundraising follows Moon's   Moon Incorporated's   made majority acquisition by Sora Ventures and UTXO Management earlier this year, a move that accelerated the company's strategic initiatives   and broadened its digital asset offerings.   In addition   to the prepaid card, Moon Incorporated   also announced   they were named one of Hong Kong's 10 most innovative companies by Capital Magazine, quote, were honored   to be recognized for driving Bitcoin adoption in a in Asia,   particularly   through our prepaid Bitcoin   card,   Riggins said. So   is it bad or good? I don't know. Depends on if it works or not. What's odd is that it's very clear that Moon   is a telecom distribution company first.  

They're actually in a catbird seat when it comes   to being able to do stuff like this.   It's one to watch, boys and girls. Definitely   one to watch.   And finally,   Polymarket   seeks investment   now at a valuation of two no. 12   to $15,000,000,000.   Oh my god.   Alright. So we talked about PolyMarkets the other day. It looks like they're good they want more money.   So prediction market, PolyMarkets is an early talks with investors for a new investment   at a valuation between 12 and 15,000,000,000,   Bloomberg reported.   That level would mark more than a tenfold increase from its 1,000,000,000 valuation back in June   when it raised 200,000,000   in a round led by Peter Thiel's Founders Fund.  

So that's   then it goes into the history of Polymarket, which we don't we don't need. We know what Polymarket is. It's prediction market. It's just that not just a couple of days ago, Polymarket was in the news that I was telling you about   was somewhere around an 8 to $9,000,000,000   raise, and it looks like so many people wanna get in that they're going, let's do 12 to 15.   People are looking for exits.   They wanna get their cash into something,   anything.   Your housing market is too overblown right now.   I mean, that that's what that's what's going on. It's not   it's not that I'm saying that there's gonna be a blow off top in real estate. There needs to be   these houses are not worth what they're worth,   but they are   as they remain worth what they are right now or at least what they're valued at right now, which in my opinion is too damn   high,   people don't wanna put their money into it because they're probably worried   that the housing market is gonna crash.  

So   they don't wanna go into housing. They're looking for any place in the world that they can put their money, and so am I. Thankfully,   I've got Bitcoin.   How about you?   Have a good day, and I'll see you on the other side.  

[01:10:57] 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.