Topics for today:
- Fold and Steak 'n Shake Partner
 - Seed Phrase Broken by Cops? - FUD Incoming
 - Is Bankman . . . Fried?
 - Giaccomo in His Own Words
 
Circle P:
OshiArtisan pecan butter, date bars and chocolates
Website: https://www.oshigood.us/products
nostr Profile: https://primal.net/p/nprofile1qqswp94gnm4epqsgjkndl4lnd8krzdj5u4mzuppdtxksdymkty63g7gdurlfc
Today's Articles:
https://bitcoinmagazine.com/business/steak-n-shake-partners-with-foldhttps://cointelegraph.com/news/australian-police-decoded-seed-phrase-of-wallet-holding-9m
https://www.coindesk.com/markets/2025/10/31/sam-bankman-fried-posts-30-page-ftx-was-never-insolvent-document
https://decrypt.co/346902/advanced-ai-is-reviving-fears-of-demon-possession
https://atlas21.com/giacomo-zucco-bitcoin-core-wont-kill-bitcoin-but-arkade-will-change-the-lightning-network/
Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/
Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088
Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)
Twitter:
https://twitter.com/DavidB84567
StackerNews:
stacker.news/NunyaBidness
Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI
Apple Podcasts:
tinyurl.com/unm35bjh 
Mastodon:
https://noauthority.social/@NunyaBidness
Support Bitcoin And . . . on Patreon: 
patreon.com/BitcoinAndPodcast
Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)
Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/
It is 11:08AM Pacific Daylight Time. It's the October. That means it's spooky time. It's Halloween. It's also the anniversary of Bitcoin white paper, if you don't remember or did not know. The first instance of any knowledge about Bitcoin was dropped today in the year 2008, almost as a boo to the Legacy Financial Systems. This is episode 12 o two of Bitcoin, and Steak and Shake is in the news. And that's why you're here. It's all the news you can use about Bitcoin and more from here and around the world with your host, me, David Bennett. Guess what? Australia is gonna be in the news as well. We'll get to it.
And then, Sam Bankman Fried is begging the world to understand that FTX was never bankrupt. It was somebody else's fault that it went bankrupt or something like that. It's it's a very weird it's a very weird, flex, honestly, and we're gonna talk all about it as well as demon AI. Demon possession, y'all, now in the form of AI because AI is really in the news lately, so there's no reason there's no reason not to talk about it because it's machine thinking. Well, thinking is a stretch, but it's gonna need machine money. No matter what we do, we're not going to separate artificial intelligence and agents and whatnot like that from things like Fediment, eCash, Lightning Network, Bitcoin, Arcade, you know, you name it, guys. You you name it. And then we're gonna end with Giacomo Zuko talking about, well, he's gonna be talking about Arc and Lightning Network and things like that.
And I I it's that's the a longer piece. I'm only covering about six things today, so it may be a shorter show, but the show must go on. And we're gonna start with Steak and Shake partnering with Fold to launch a $5 Bitcoin burger reward, Micah Zimmerman, Bitcoin Magazine for however long we have Bitcoin Magazine for. And if you don't know what I'm referring to, go back and listen to yesterday's show of Bitcoin and Fold Holdings, the Bitcoin rewards company known for letting users earn sats on everyday purchases, has teamed up with Steak and Shake for a limited time promotion that lets customers earn $5 in Bitcoin with their meal.
Starting today, Steak and Shake diners who order a Bitcoin meal or Bitcoin steak burger at one of their 1,200 plus participating locations can visit bitcoinmealdeal.com. That's bitcoinmealdeal.com. Upload their receipt and receive a code redeemable for $5 in Bitcoin through the Fold app. Once the Fold app is downloaded and activated, the reward is instantly credited. The partnership marks the first time a US restaurant chain has paired a menu item with Bitcoin rewards blending food, finance, and pop culture in a single bite. You see what they did there? That was actually pretty decent writing. Even the bun carries a message.
It's stamped with a Bitcoin logo, a subtle but unmistakable symbol of how far the orange coin has traveled into mainstream consciousness. Yes. Now you too can be a target of kidnapping and wrench attacks just because you're eating a burger. It wasn't enough that I told you, you know, don't wear swag. Don't go out and advertise that you may have Bitcoin. Hell, now you can't even order a freaking burger without being terrified you're gonna be thrown into a windowless van with the word candy written on the side and driven out into the damn desert. I swear, man. It's just it's just like we're just absolutely obsessed with showing our colors here, aren't we? Well, anyway, quote, Bitcoin goes mainstream when it starts showing up in everyday life. That's been our vision from the very beginning, and our promotion with Steak and Shake is the next step in that journey. And for many people, this will be the first time they ever owned Bitcoin, and it'll come from something as ordinary as grabbing a burger, said full chairman and CEO, Will Reeves.
For Steak and Shake, the partnership deepens its ongoing relationship with the Bitcoin community. Earlier this year, the 90 year old chain rolled out lightning network payments across all US locations. The company even sparked headlines when it publicly scrapped plans to accept Ethereum declaring its, quote, allegiance to Bitcoiners. Now it's taking that loyalty one step further, quote, Stake and Shake has never been afraid to take a bold position. And putting Bitcoin on the menu is the latest example, said Sardar Big Larry, CEO of Steak and Shake. Quote, Bitcoin is rewriting the rules of culture and commerce, and we want our guests to be part of that future every time they sit down for a meal, end quote.
And it goes into fold and a little bit of history thereof. It's just a few more sentences, and there's just really no reason to do that. It's Friday, and I know you got things to do, but let's cruise over. Well, actually, let's go down under to Australia where they and this one listen to this one. This is in in in my opinion, this one's gonna be a little bit of fear mongering. Okay? So this is the kind of FUD that you can expect to start being parroted, repeated all across, and you'll understand exactly why when you hear this.
So pay attention, Adrian Zmunski, Cointelegraph, Australian police crack coded wallet and seize $5,900,000 in crypto. Australian police have indeed cracked a coded cryptocurrency wallet containing 9,000,000 Australian dollars. Australian Federal Police Commissioner, Chrissy Barrett, described the effort as, quote, miraculous work during a Wednesday speech crediting a data scientist who has become known with the agency as the crypto safe cracker. During an investigation into a purported well connected alleged criminal who stockpiled cryptocurrency by selling a tech type product to alleged criminals, the AFP came across password protected notes on his mobile phone. Upon further examination, law enforcement also identified an image containing random numbers and words, Barrett said.
Barrett said the numbers were divided into six groups with over 50 combinations, and the AFP Digital Forensics team determined it could be related to a crypto wallet. Oh my god. It's all crypto. The suspect allegedly refused to hand over the keys to his crypto wallet, an act that carries a ten year penalty in Australia. Quote, we knew if we couldn't open the crypto wallet and if the alleged offender was sentenced upon release, he would leave prison a multimillionaire, all from the profits of organized crime. For our members, this was not acceptable. Oh my god. You're you're just like you do you wear a cape?
You're you must be a hero. Well, anyway, one of AFP's data scientists realized that the alleged criminal, quote, tried to create a crypto booby prize, not a booby trap, but a crypto booby prize in how the numbers were presented. And here, listen to the way that this is presented in this article, y'all. To decode the 24 word seed phrase, he had to remove the first number from each sequence. And I guess they're referring to the numbers and other items that were found on his phone and that that picture, that that image that had whatever that was on it, I somehow or another, they're equating this to a 24 word seed phrase.
So keep this in mind. And, no, this do not start, like, you know, jumping out windows and stuff. I think I honestly think this is complete and utter bullshit, but this is the kind of crap that we're gonna be dealing with. Continuing, the data scientist explained that some of the number strings felt wrong, and they looked like they were not computer generated. He added that those strings, quote, looked like a human had modified the sequence by adding numbers in front of some sequences, end quote. I I gotta pause there. This that passage, that paragraph right there is why I think this story is baloney.
I think it's fear mongering. I think it's a straight up lie. I think they were able to get a hold of that money. If they did get a hold of the money through other means, They did not crack a 24 word seed phrase unless they actually already had the words in front of them or there was enough information. But I'm I'm sorry. When somebody's when another human looks at a string of numbers and says, well, part of this sequence looks like it was done by a human. Oh, bullshit. Unless you're a idiot savant, and even then, I highly doubt that a human could look at a string of numbers and be able to say that segment of numbers right there, that's a human.
I call bullshit with extreme prejudice. Continuing on, this was not the first crypto recovery for the AFP's digital forensics team. In a separate case, the same unidentified data scientist helped recover more than 3,000,000 in digital assets using another decoding technique. In both cases, the crypto was seized by the AFP led criminal assets confiscation task force. If the court orders the funds to be confiscated, the money will end up in a Commonwealth account and redistributed by home affairs minister Tony Burke to fund crime prevention. That is the entirety of this article, and there is nothing about anything that was presented to Cointelegraph from the AFP that makes any logical sense at all.
Again, you're going to probably hear about this. This is going to be something that people use to scare the bejesus out of people saying, oh, well, now they can crack a 24 word seed phrase. First, it looks like there may have been enough information in an image carried on the man's phone to be able to do this thing. Second, I don't think they were able to do that thing. What they're describing is so convoluted that what's going to end up happening is it's going to be easy for people to just think, oh my god. A 24 word seed phrase just isn't enough anymore. All of our Bitcoin and cryptocurrency is going to be confiscated because they can just crack those words.
No. That is not how this works. So start like, when you start seeing this thing, if if if this narrative starts to get spun up, you need to be the fur you need to be the first ones on the front line saying bullshit. That's not the way it works. Here's the way it works. So that's one of the reasons why I wanted to bring you that particular article today. And all this talking's making me hungry, which is why we've got oshi good dot US, crunchy coffee huddle butter. He still has two of these things in stock. So if you want some of his crunchy coffee huddle butter in 16 ounce jars, well, then go to 0shig00d.us.
That's 0sh I g o o d dot u s, 0shig00d.us, and you'll be able to get a jar of, well, crunchy coffee hot dog butter. It's got pecans and maple sugar and roasted Arabica coffee grounds, sea salt flakes, cinnamon, and black pepper. This stuff is freaking delicious, man. I mean, he sent me a jar of it and it's for this is, like, totally gone. Wife just completely wiped it out. I got a spoonful of it, and what I tasted of it was delicious, but the rest of it basically ended up on her morning toast. And next thing I knew, I turned around and it was just basically gone. So even my wife was like, hey. What's this? And I'm like, oh, it's dude, it's it's from a Bitcoiner. And he's one of my vendors in the circle p. And the circle p is where I bring plebs with goods and services just like you to plebs, just like you that want to buy those goods and services. But you will be buying in Bitcoin because if you're not selling your goods and services for Bitcoin, you're not in the circle p. That's the way it works.
Make certain you use coupon code Bitcoin and, all one word, Bitcoin and in the coupon code. That way, Oshii will be able to say, hey. He made a sale for me. That's the only way he knows. This is value for value advertising. This is the only podcast that you will find this being done. It's it it it is not the most efficient way to do it, but I like to spotlight people that have goods and services for sale in Bitcoin, especially the small guys. The guys that don't necessarily have the money for advertising. The guys that do not run around paying $5,000 a month to get, you know, an ad every on every podcast, you know, for whatever podcast you're advertising on for the entire month. No. They don't they don't have that kind of money. It's my job to help them out. That's what the Circle p is here for. But I'm not gonna help out this dude.
This broccoli headed bitch, Sam Bankman Fried, has now posted a lengthy document entitled FTX was never insolvent. Yes, Sam. It was insolvent, dude. This is the second time he's done this crap. FTX was completely insolvent. And I don't know what this cat is smoking, but, dude, Sam Reynolds from CoinDesk is gonna tell us more. Sam Bankman Fried is once again arguing that he's innocent. The former FTX chief posted a lengthy document on x this week claiming that the exchange quote was never insolvent and that bankruptcy lawyers, not bad balance sheets, were to blame for the company's collapse.
Pause right there. How in the hell could your company, before it goes into bankruptcy, collapse because of bankruptcy lawyers? The logic just doesn't hold. I'm sure we'll find out more here. The document is packed with tables showing hypothetical mark to market gains on assets FTX once held from Solana to Anthropic, implying the company would be worth over a $100,000,000,000 today if not for the lawyers. Yet many of the documents central claims, like the assertion that FTX was never insolvent and could have repaid customers in full, does not line up with the actual financial filings.
The FTX founder was convicted of seven counts of fraud, conspiracy, and money laundering after the collapse of the crypto exchange in late twenty twenty two, and he's been sentenced to twenty five years in prison. Okay? Then we all know that. The Post is the latest Volley in Bacon Fried's broader campaign to reframe his conviction and win political sympathy. As The New York Times reported, his parents and legal allies have been quietly lobby lobbying for a presidential pardon, enlisting Trump connected lawyer, Corey Langhofer, and even arranging a jail house interview with Tucker Carlson.
Prediction market traders on call sheet? Give him about a 10% chance of receiving a Trump pardon suggesting that the post may be aimed as much at shifting those odds through a rehabilitation of his image as at writing rewriting FTX's history. Will it work? I don't know. I don't care. This dude this dude deserves everything that he got, though. So discontinuous lying and the rewriting of the history of what actually happened is the kind of thing that I expect from, like, you know, I don't know, weirdos. Hey. Hey. Let's run the numbers. CNBC, Futures and Commodities, energy is in the green today for the most part. Murbund crude is up up point three percent. Brent North Sea is up 0.08%, but West Texas Intermediate is up two thirds of a point to $60.99 a barrel.
Natural gas swinging for the fences now above $4 per thousand at $4.11. That's after a 4.2% rise in its price. Gasoline, however, has fallen one and a half. It is at a buck 97 a gallon. Shiny metal rocks not doing well except for gold. It is up 0.12%. It is holding above 4,000 right at where it was yesterday, $40.20 and 30¢. Platinum is down 2%. Silver is down point four, but still at $48.41. And copper is down point 18%. Everything in ag is in the green except for lumber, which is down a full percent point. The biggest winner of the day is gonna be wheat, 1.8% to the upside.
Excuse me. Live cattle down point six. Lean hogs up point six, and feeder cattle are down point 7%. The S and P is up a quarter. The Nasdaq is up a half. The Dow is moving sideways, slightly in the green, and the S and P Mini is up a third of a point. Meanwhile, Bitcoin at a $109,240, that is a $2,180,000,000,000 market cap, and we can only get 27.3 ounces of shiny metal rocks with our one Bitcoin of which there are 19,942,407.4 of an average fees per block remain at 0.02. BTC taken in fees on a per block basis is about 32 blocks carrying 82,000 unconfirmed transactions waiting to clear. High priority is gonna take, 2 Satoshis per v byte. Low priorities are gonna get you in at one. And speaking of ones, hash rate remains at 1.1 zeta hashes per second.
Not bad. I can't I'm honestly kinda shocked that we have remained above the or into the ZetaHash range consistently for as long as we have, and it's definitely more security for the Bitcoin network than we probably need. From pipe dream, yesterday's episode of Bitcoin and I got Psyduck with $7.61 says Psyduck. And he comes back again with $7.60 and says Psyduck, and then he does it again for $7.59. I'm just gonna do it Psyduck. War time with a 100 and 33. Satoshi says, cheers. Rev Hoddle says South Bend Indiana Bitcoin meetup, first Thursday every month at Lang Labs, 06:30PM. Next meetup is Thursday, November 2.
So the South Bend, Indiana Bitcoin Meetup is Thursday, November 2. He has a correction, and both of these come with 721 sats. He says correction, November 6, November 6, not November 2. November 6 is the next South Bend meetup. So if you wanna go meet some Bitcoiners, go. Jay or Nick, you choose, gives me 2,100 sats and says, I feel so bad for kids growing up with predatory AI in social media today. Probably gonna get worse. We'll find out more when we get there. God's death with $2.37 says, thank you, sir. No thank you. And that's the weather report. Welcome to part two of the news that you can use and definitely gonna be a shorter show today.
Let's get into this AI thing. Advanced AI is reviving fears of demon possession. Seriously, I'm I'm not hyperbole, guys. This is the actual headline from Jason Nelson out of decrypt.co. As artificial intelligence grows more sophisticated, could your favorite chatbot actually be a portal to hell? That's the premise laid out by Christian journalist and influencer, Billy Hallowell, who claims AI can lead to demonic influence. In a recent episode of Afterparty with journalist, Emily Jasinski, Hallowell, an author and religious religious commentator with 300,000 followers across Facebook and x, warned that large language models could become tools of the devil.
Quote, the demonic realm actually uses technology very often. This is something that showed up a lot in stories. I've actually had a personal experience with this in my own life where you see technology being manipulated or used, hallowell said. Okay. But I'm I'm not gonna comment. While Hallowell acknowledged the absurdity of his claim, he went on to say that he had encountered stories from police officers and others who believe technology had been, quote, hijacked during supernatural encounters. Oh, this is a great Halloween story. Hallowell, whose 2020 book, Playing with Fire, explored modern cases of possession and exorcism, said he's deeply cautious about just how quickly people have grown attached to the technology.
Quote, people are becoming addicted to AI. They're getting in relationships with AI. They're looking to AI for all the answers, end quote. Hallowell compared the that dependency to both the spiritual and intellectual decay of a culture that is dumbed down, confused, and lost, and is now giving up the last act of thinking for itself. Quote, you know, if you're Satan and you're the devil, the enemy, the goal of Satan is to kill, steal, and destroy, and confuse. So why would you not use a tool that can actually communicate and talk to further those actions on the human population, end quote?
That anxiety and moral panic aren't new. Long before the latest AI boom with the public launch of ChatGPT in November 2022, Elon Musk warned that humanity might be summoning the demon, and that's an actual direct quote. Speaking at MIT in 2014, the Tesla and SpaceX chief compared AI researchers to a magician trying to summon a spirit. Quote, you know all those stories where there's the guy with the pentagram and the holy water and he's sure he can control the demon, it doesn't work out, he said. Over the centuries, new transformative technology has often carried its own moral reckoning. When the printing press appeared in the fifteenth century Europe, church leaders called it a tool of heresy.
Centuries later, critics claimed telecommunication devices, including the telegraph, the radio, and television were all channels for evil. More recently in the nineteen eighties, a satanic panic caused parents and pastors to accuse Dungeons and Dragons and heavy metal music of recruiting kids to Satan's cause. The same script played out again with violent video games and movies blamed for corrupting an entire generation. Religious commentators and theologians have increasingly linked the rise of artificial intelligence with age old fears of spiritual corruption. In a 2024 essay titled, can AI become demon possessed, Lutheran theologian, Ted Peters, examined whether machines themselves could be vessels for evil, citing Musk's long standing quip about summoning the demon.
Peters concluded that while literal possession is unlikely, AI can still act demonically if it manipulates or harms human beings. According to Joseph Laycock, an associate professor at religious studies at Texas State University, this fascination with divine or infernal machines fits a familiar historical pattern. Quote, we have always had a tendency when new technology comes out, especially new communications technologies, to ascribe some sort of supernatural or divine significance to it, Laycock told Decrypt. He traced the lineage from Greek theaters, deus ex machina, or God from the machine, to nineteenth century spiritualist who believed the telegraph could reach the dead.
Early photographers claim to capture ghosts on film. Now the Internet and AI amplify the same impulses, but at scale. Laycock also noted how loneliness and emotional vulnerability often drive people towards technologies that promise comfort or connection. Quote, I'm scared of a scenario where no one thinks for themselves. They just defer to AI for everything, and Elon Musk gets to tell us what to say. That would basically make Elon Musk a god if he controls the program everyone relies on to define reality, Laycock added.
Laycock's fears could be the ultimate irony, with Musk going from warning about the demons of AI to building the altar that summons them. Not bad. Not bad. Especially for considering that it's Halloween, y'all. It's it's it's nice to see, you know, the this kind of thing. But, I mean, it's like the story says, this has nothing to do with AI itself. This has gone on forever and ever and ever. I I think it's I just think that we're being a little bit hyperbolic on all this stuff, but it doesn't matter. People are gonna believe what they wanna believe. I didn't get to go see KISS when I was a kid, and I'm talking Ace Fraley, you know, Peter Criss, was it Paul Stanley, and Gene Simmons, the the old KISS band from from the seventies into into the eighties.
I didn't get to go see them. You wanna know why? Because a bunch of parents got pissed off that they were coming to town, and they basically made such a stink about the devil worship, and it was part of the whole satanic panic thing. They made such a fuss that the promoters for Kiss were just saying, fine. Screw y'all. We don't wanna come. And so none of us got to go to the show. If you ever seen videos of a Kiss show, especially back in the day before lasers and all kinds of other neat stuff was coming out? I mean, it was an it it it was an incredible experience to go to from what I can see.
Big stage, lots of cool stuff going on. It was choreographed. It was I mean, there was all kinds of neat shit, and I didn't get to go see it because people cannot just simply be logical about things. Does it mean that you should just, like, like, latch on to something like AI and not have any, you know, any guard guards up about it? No. Just let all defenses down? No. But that's just stupid for anything. It just is. Okay. So let's move on to the last one of the day. Like I said, very short show. Giacomo Zuko says, quote, Bitcoin core won't kill Bitcoin, but Arcade will change the lightning network, end quote.
And this is out of atlas21.com. On the sidelines of the plan b forum in Lugano, Giacomo Zuko, president of plan b network, gave an interview to Atlas twenty one's microphones addressing topics such as the evolution of the Lightning Network, adoption prospects as a means of payment, quantum FUD, and El Salvador's role in the ecosystem. The title and this is the first question of that interview. The title of your speech at Spazio twenty one was quite provocative. Quote, will Bitcoin core kill Bitcoin? What's that about? Giacomo's answer is the title is clearly clickbait.
I love how he's honest about it. Over the years, Bitcoin has shown that it tends to survive. It has been declared dead countless times, yet it's still here. I would be very skeptical about the title of my presentation. Next question. Arc Labs has launched arcade in public beta version. What's your opinion? Giacomo's answer? I'm extremely bullish on arcade, really enthusiastic. To understand its importance, we need to start from the original idea of the Lightning Network, dividing Bitcoin's global consensus into small portions with Lightning channels, which can then exchange value with each other forming a unified network.
The concept is excellent and is working well. However, there's a problem. The channel structure works perfectly for companies, large entities, and nerds, but it's not optimal for the end or average user. Onboarding a new user through a Lightning channel is a very complex process. And the real strength of Arcade lies in the fact that it doesn't propose itself as a substitute for the Lightning Network, but only for addition or traditional Lightning channels representing the last step of the user experience. Arcade is the perfect complement to the Lightning Network, a new type of channel that operates within the Lightning Network itself.
Arcade always allows a unilateral exit from the protocol and permits self custody, but with easier onboarding and an excellent user experience. And furthermore, protocols like Arcade will help Bitcoin become more spam resistant and censorship resistant, aggregating off chain the fee pressure coming from different users. In practice, many users can combine their fees into a single on chain fee capable of competing with both spam attacks and censorship attacks, preventing blocks from remaining empty. Next question. Was the Lightning Network promoted in the wrong way initially? Oh, that's a good question. Quote, perhaps a bit.
The idea of Lightning Network as the only way to follow conceptually was excellent. The mistakes were mainly two. Number one, identifying l n exclusively with dry japoon channels, excellent for some use cases but not suitable for others. Secondly, promoting it as an already ready for mass use when in reality, it was only ready for some specific use cases. Bitcoin is close to ossification. Lightning Network was an experiment and still is. And one of the other things that will transform it will be precisely the integration of solutions like arcade.
Next question. Jack Dorsey has stated that Bitcoin could fail if it weren't used as a medium of exchange. What say you? No. I don't agree. I think it's an impossible scenario because Bitcoin is already used as a medium of exchange in some specific markets. For example, if you wanna buy a no KYC SIM or a VPN, many providers accept Bitcoin as payment through hidden services on Tor. It's also used for international payments or between digital nomads. There are already communities where you can pay with Bitcoin in physical stores even if it's not the best use case. Bitcoin was designed to be cash through the Internet.
To increase adoption as a medium of exchange, we need to solve the problem, the competitors. The first competitor is the dollar, which has been slowly losing purchasing power for many years, but remains more stable than Bitcoin in the short term. The second competitor is stablecoins, which I consider a scam for the regulator, which allows freedom in secondary markets. As long as this system works, it makes little sense to use Bitcoin as a daily medium of exchange. Many people aren't using Bitcoin as a medium of exchange because they can use USDT. Therefore, when the dollar goes into hyperinflation or stablecoins are stopped by the regulator, only then will Bitcoin fully emerge as a medium of exchange, but we're not in a race.
There's no hurry. Next question. Trezor has launched a quantum ready hardware wallet. Do you believe quantum computing is a threat to Bitcoin in the short term? The answer is the Trezor Safe seven seems like a good product to me with excellent design and marketing. Many have compared it to a moment similar to the iPhone launch. I like the guys at Trezor. On quantum computing, however, I believe it doesn't represent a threat to Bitcoin in the short term. In fact, I'm extremely skeptical. To break the elliptic cryptography used in Bitcoin requires at least 20,000 logical qubits with an error margin below a certain threshold. And today, we don't even have one logical qubit below that error margin.
What we have are some physical qubits that, put together, can emulate a logical qubit with a very high error margin. In practice, today, we have zero functioning logical qubits. When we reach one, we'll have plenty of time to think about possible solutions. I don't think I'll see something like that happen during my lifetime. I want to clarify that quantum FUD could be useless in the best case. But in the worst case, it could be harmful. If some government entities were to start pushing the switch from current algorithms to less tested, more recent, quote, quantum safe algorithms, which might have backdoors or weaknesses, then the matter would become concerning.
If it's about adding new quantum resistant algorithms to the current algorithms that shouldn't create problems, but if we're talking about completely replacing current algorithms with new systems, then it would almost seem like an operation orchestrated by three letter government agencies. Next question. How do you evaluate El Salvador's experiment after four years? Very well. First of all, there was the market cycle that influenced adoption. El Salvador's experiment began during the peak of the 2021 bull market. Subsequently, the bear market of about three years began.
After the four year market cycle, the Bitcoin's price started back to high levels. There was a real possibility of a domino effect with other countries. Centralized power had to do something. That's why there was the agreement with the IMF, which in my opinion was a smart move by president Bukele since El Salvador still needs loans. This way, the IMF only postponed the domino effect. What the International Monetary Fund, the IMF, asked Bukele in exchange for the loan was essentially to scale back the marketing strategy related to Bitcoin.
Make Bitcoin use non mandatory, which in reality it already was. Stop investments in mining operations, which are anyway managed by private companies that continue to operate, suspend Bitcoin education programs, which the government never carried out directly but only facilitated through foreign companies, and stopped buying one Bitcoin a day by the 2025, a measure that would have been stopped anyway after the already significant investments made. In the end, only Bitcoin marketing was reduced. I think Bukele was smart to accept this compromise. On x, he continued to claim he's buying Bitcoin. Maybe it's true. Maybe not. It doesn't matter.
The point is that the IMF brought bought some time to divert attention from the state narrative on Bitcoin. It was smart for both parties, but in fact, nothing has changed. Why is El Salvador important for Bitcoin? Because companies like Bolts, fundamental for the Lightning Network, were able to move there, create a legal headquarters, and manage a business in a legally favorable environment. El Salvador acts as a sort of protection for Bitcoiners. Those who go there can find friends, places to spend Bitcoin, conferences, and a favorable regulatory environment.
I believe that the next time a domino effect at the level of state adoption begins, the IMF won't be able to do anything to stop it. Next question. As president of plan b network, what advice would you give to someone who wants to start a career in Bitcoin? Quote, on a purely economic level, if you have a traditional fiat job, it's better to keep it and continue buying Bitcoin, remaining anonymous and keeping a low profile. This is good financial advice, but it's not good life advice. Economically speaking, jobs in the Bitcoin sector are hard to find, hard to maintain, and not that remunerative. When in 2013, I decided to leave my fiat job and enter the Bitcoin only sector, it wasn't a great deal financially.
However, from the perspective of experience, friendships, knowledge, and networking, entering the Bitcoin world was one of the best moves of my life. It's difficult. My advice is to find the best compromise for you. And that's the end of the interview. I think that that's some some really good advice. People go, I'm gonna get a Bitcoin job. It's gonna be great. And they're not great. I'm sure some of them are, but, honestly, a job is a job is a job is a job. You're either doing marketing for a hospital or you're doing marketing for a Bitcoin company. It's still marketing. You're either doing social media management for a hospital or you're doing it for some company in Bitcoin.
It's the same job. It's not like there's somehow or another like this, you know, new sexy job. Hell, even even Bitcoin developers still are still using just math. The cryptography that that's been around for, you know, decades and and probably, like, a hundred years or so. And, yeah, it's not like it's something new was was born. What's been born is our view of the world. It's completely changed. Getting into Bitcoin has been the best thing that I could have ever done to actually understand something about economics which was never imparted to me during economics in high school or college or what have you. Right? The the amount of people that that I've been able to meet in this sphere is kind of immense. It's actually it's a little intimidating, honestly.
But there I mean, this this space attracts not only some of the smartest people, but also the people that are seeking sovereignty. And you you put those two things together, man, that's like that's like a fuel air bomb. One of the most powerful explosive forces that are non nuclear on the face of this planet is to take a whole bunch of air and pressurize it inside a whole bunch of flammable liquid and then set that song bitch on fire and you will find out what a daisy cutter actually means. But beyond that, Giacomo's right.
It's not exactly your it's not exactly like you're gonna be getting paid 6 figures to take these jobs. That shit, you find $250,000 jobs being an engineer at Google, at least right now, until the demon possession that is AI comes and destroys everything. But until that day, I'll see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Cold open: Halloween, Bitcoin white paper anniversary, and show setup
How seed phrases actually work and why the scare story falls apart
Market check: energy, metals, ag, equities, and Bitcoin metrics
Value-for-value boosts, meetups, and listener shout‑outs
Payments vs. savings: LN adoption, stablecoins, and timing
Quantum FUD: why it’s not a near‑term Bitcoin threat
El Salvador, IMF dynamics, and state‑level adoption outlook
Careers in Bitcoin: pragmatic advice and expectations
Wrap‑up: sovereignty, community, and sign‑off