Episode 1205 of Bitcoin And . . . is LIVE!
Topics for today:
Freeze Dried Fruits and Herbs
Comfrey Salve
2.1% off with BitcoinAnd
https://sats4snacks.com/
https://primal.net/p/nprofile1qqspqxs39j9dctnfuqqrz98lrswnddlumcrdsn28j689n824susmphcfxudsz
https://cointelegraph.com/news/coinbase-urges-treasury-preserve-stablecoin-yields-non-issuers
https://decrypt.co/347537/appeals-court-rejects-lawsuit-alleged-354m-bitcoin-loss
https://cointelegraph.com/news/undp-prepares-new-blockchain-push-for-global-governments
https://www.coindesk.com/markets/2025/11/06/the-fed-s-turning-hawkish-as-this-u-s-employment-indicator-flashes-red
https://cointelegraph.com/news/bitcoincom-concordium-age-verified-stablecoin-payments
https://cointelegraph.com/news/bitcoin-faces-insane-sell-wall-above-105k-stocks-eye-tariff-ruling
https://atlas21.com/poland-560-copies-of-the-bitcoin-standard-for-parliament/
https://www.theblock.co/post/377863/balancer-identifies-rounding-error-as-root-cause-of-multi-chain-defi-exploit
Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/
Topics for today:
- Tampa Bay's Bitcoin Economy
- Court Denies Criminal's Plea to Recover BTC
- UN to "Teach Blockchain" To Governments
- Poland's MPs Get 560 Copise of Bitcoin Standard.
Circle P:
PermanerdFreeze Dried Fruits and Herbs
Comfrey Salve
2.1% off with BitcoinAnd
https://sats4snacks.com/
https://primal.net/p/nprofile1qqspqxs39j9dctnfuqqrz98lrswnddlumcrdsn28j689n824susmphcfxudsz
Today's Articles:
https://bitcoinmagazine.com/business/tampa-bays-bitcoin-community-builds-circular-economy-momentum-after-1-btc-windfallhttps://cointelegraph.com/news/coinbase-urges-treasury-preserve-stablecoin-yields-non-issuers
https://decrypt.co/347537/appeals-court-rejects-lawsuit-alleged-354m-bitcoin-loss
https://cointelegraph.com/news/undp-prepares-new-blockchain-push-for-global-governments
https://www.coindesk.com/markets/2025/11/06/the-fed-s-turning-hawkish-as-this-u-s-employment-indicator-flashes-red
https://cointelegraph.com/news/bitcoincom-concordium-age-verified-stablecoin-payments
https://cointelegraph.com/news/bitcoin-faces-insane-sell-wall-above-105k-stocks-eye-tariff-ruling
https://atlas21.com/poland-560-copies-of-the-bitcoin-standard-for-parliament/
https://www.theblock.co/post/377863/balancer-identifies-rounding-error-as-root-cause-of-multi-chain-defi-exploit
Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/
Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088
Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)
Twitter:
https://twitter.com/DavidB84567
StackerNews:
stacker.news/NunyaBidness
Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI
Apple Podcasts:
tinyurl.com/unm35bjh
Mastodon:
https://noauthority.social/@NunyaBidness
Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast
Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)
Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/
[00:00:02]
David Bennett:
It is 08:43AM Pacific Standard Time. It's the November 2025, and this is episode 11 o five of Bitcoin and Tampa Bay is in the news as well as well, the treasury is being lobbied by US banks about stablecoins, and it's it's just more confirmation of the fear that they feel. Hello. This is your host, David Bennett. You're here for all the news you can use and more about Bitcoin and the rest of the world as it relates mostly to Bitcoin, of course. We've got some other things here. We've got a guy who swears to God that as he was being either arrested or his home searched, that the authorities destroyed a hard drive with Bitcoin on it, and he wants it back.
I I'll I'll bet you he's lying. And then the UN is well, being the UN, and then we will have a little bit of, economic report just right before we run the numbers. And then we'll be back to Bitcoin. With bitcoin.com, I don't it depends on when you got into Bitcoin. If you know or or have even heard of or if you have heard of had ever given shit one about bitcoin.com, then that that's that's going to that's that's gonna impact whether or not this makes sense to you. But let me just kind of fill it out here. Bitcoin.com was Roger Ver's website.
Back in the day when he still cared about actual Bitcoin, he got bitcoin.com, and he when he got over to BCH and Bitcoin Cash and did all that stuff, he really wrecked it. And then I think he sold it, And then so it got sold again. I it's kind of a storied thing, but now bitcoin.com is back in a way that I would have never thought before. It's not shit, but it's it's probably not good. And then there's a sell wall on Bitcoin, which is not helping with the price. So if you're wondering what's going on, we'll talk a little bit about price just just, you know, just so. And then we'll go to Poland. And then if I have time, we'll talk about the balancer hack, which I told you about yesterday. But first, we're gonna run on down to the sunny side of Florida, Tampa Bay.
Tampa Bay's Bitcoin community builds a circular economy momentum after they got one Bitcoin. And Juan Gault from Bitcoin Magazine is gonna tell us more about it here. Two years after clinching one Bitcoin in a national competition of Bitcoin meetups at Bitcoin twenty twenty three, the Tampa Bay Bitcoin meetup, now formalized as the nonprofit Bitcoin Bay Foundation, has channeled the prize into a thriving local ecosystem. Valued at roughly $25,000 to $30,000 at the time, that Bitcoin has now appreciated to over a $100,000 amid Bitcoin's bull run, strapping bootstrapping workshops, conferences, and community events that onboard businesses to the Bitcoin standard.
The group's president, Thomas Schlemmer, credits the win with supercharging efforts to create a Bitcoin circular economy in the Bitcoin or in the Tampa Bay area, quote, the Tampa Bay Bitcoin meetup is the longest active running meetup, at least in The United States. Some are saying the world. It's been going on for fourteen years, Schlemmer told Bitcoin Magazine, tracing the meeting's roots to 2011. What began as monthly social meetups eventually introduced developer focused bit devs type sessions supporting the growing international movement of high-tech Bitcoin developer events.
Bitcoin Bay Foundation hosts a dynamic lineup of events tailored to foster education and community in the Tampa Bay Bitcoin scene with weekly meetups serving as the backbone. These include core recurring formats like beginner friendly Bitcoin one zero one sessions, social gatherings, and advanced bit dev developer like discussions. Usually, small groups dividing into technical topics, hands on workshops rotate monthly or as requested, covering practical skills such as privacy in the digital age, peer to peer Bitcoin purchases, de googled phones, Bitcoin mining, node setup, and seed signer hardware builds.
In these workshops, participants can expect interactive step by step guidance from local experts to build confidence in self custody and privacy tools, the recent Sound Money Soiree gala drew around a 100 people for a black tie fundraiser hosted in a historic bank vault complete with silent auctions of products from all kinds of Bitcoin companies like Start Nine and Seed Signer raising $50,000 in a single night, which goes to fund their various educational events. Quote, it's just kind of an excuse for people to get dressed up and have fun and show the local leaders that there's over a 100 people here, Schlemmer said of the gala, which brought in Bitcoin leaders from across the country. Of course, the gala almost did not take place. Quote, our bank froze our account, like, literally a week and a half before the event, end quote, as banks seem to do, you know, when you need the most. Quote, we were actually able to pay the blackjack dealer, the DJ, and the photographer in Bitcoin, Schlemmer recalled, an omen like reminder of the power of Bitcoin.
Earlier this summer, they also co hosted the Bitcoin Day Tampa conference with the Bitcoin Day team, which brought in a 150 attendees and had a full day of panels on policy. So if you guys are anywhere close to the Tampa Bay area and you don't know about this meetup, then look for is Bitcoin Bay Foundation is what it's now named. It was the, what, Tampa Bay Bitcoin meetup, and now it is known as the Bitcoin Bay, as in b a y, it's like Baywatch, Bitcoin Bay Foundation. So if you're in the Tampa Bay, Florida area, you know, go on down there.
They'll probably love to see your face. Speaking of banks, banks are lobbying the US Treasury for blanket stable coin yield ban, and Coinbase, of course, is gonna push back. Helen Parks, CoinTelegraph, the US Department of Treasury is facing conflicting feedback from crypto companies and traditional banking groups over how to implement the Genius Act. In a letter on Tuesday, Coinbase urged the Treasury to limit a ban on stablecoin interest payments exclusively to pay stablecoin issuers while allowing it for nonissuers such as crypto exchanges.
Coinbase said its proposal aligns with congress intent when passing that legislation. At the same time, several banking groups led by the Bank Policy Institute, also known as the BPI, have pressed the treasury to extend the prohibition to non issuers advocating for a blanket ban on all stablecoin interest payments. The recommendations were submitted in response to the treasury's advanced notice of proposed rulemaking marking the second round of public comments on the implementation of the Genius Act, which concluded on Tuesday. In a joint announcement on Wednesday, the banking, what was it? Banking, Policy Institute, BPI, and several banking groups said they urged the treasury to extend the ban on stablecoin interest payments to digital asset service providers, including exchanges as well as affiliates, quote, implement the Genius Acts prohibition on the payment of interest or yield on payment stablecoins, whether paid directly by an issuer or indirectly by an issuer's affiliates or partners, BPI said in a separate statement on Tuesday.
That same group previously opposed the exact same issue in August, arguing that stablecoin interest payments may potentially trigger $6,600,000,000,000 in deposit outflows from the traditional banking system. Pausing to remind you that I brought you that particular piece of news a couple of months ago. Anyway, according to Coinbase, Treasury has to follow the congressional intent in implementing the Genius Act, including preserving the right of nonissuers to offer interest on stablecoin holdings, quote, congress went no further. It declined to include non issuer third parties within the prohibition because banning other types of payments on stablecoins across the board would have inhibited growth and innovation in the stablecoin market contrary to the Genius Act's core purposes, Coinbase said.
Treasury has no authority to second guess congress's work. That was an additional quote by Coinbase. In addition to advocating for stablecoin yields, Coinbase called for excluding non financial software, blockchain validators, and open source protocols from the Genius Act. It also recommended treating payment stablecoins as cash equivalents for tax and accounting purposes. Signed into law in July, the Genius Act is expected to take effect either eighteen months after enactment or one hundred and twenty days after relevant federal regulators issue final implementing regulations, likely landing in late twenty twenty six or January 2027.
So why would you think the banking, lobby would not which is the BPI, that's the banking lobby, or probably the good greatest guts and feathers of the banking lobby. Why do you think they'd want to make sure that if I had stable coins that I couldn't generate interest on, holding them? Oh, that's right. Because it competes directly with what banks were supposed to do in the first damn place. Well, along with some other stuff. But, essentially, you know, I when you grow up as a kid in The United States, you just think of a bank as a place where you have a savings account and a checking account. And, honestly, that's really all you need to know as a kid, young adult, and whatnot. It's not until you get into needing a house and a car that you start look looking at banks as as loans. But that that ability to save technically, to save money at a bank is basically it's burned into our subconscious.
Right? That's where you put your money, and it used to be the case where you had interest on it, but that hasn't been really the case in so long, or at least not any appreciable interest in so long that all of a sudden, all you need to do is be able to beat the interest rate of a bank on saving dollars, and that bank's gonna lose customers. This is nothing but self protectionism. So here's what comes next. Every bank will wanna issue their own stablecoin. We we're already seeing this, but it's get it's gonna get to the point where this entire BPI trying to stifle yield payments on stablecoins is simply to buy them time.
They know they cannot squelch this permanently. They cannot cut its legs off. It's just it's running too fast. It's too big. It's got too much momentum. It's gonna happen whether they like it or not. And they know that. They're not dumb. BPI isn't gonna be able to, you know, crush this. What they can do is buy themselves enough time to figure out how they can play the game, because this is the folly of what they were doing when they were pointing at all of us and laughing when they should have been actually figuring out how this shit works, and then they wouldn't be so damn far behind. And they are years behind. They are over a decade behind the curve on this.
I don't see it ending well for them. I'm just saying that new banks that will probably be started by Bitcoiners and God knows tether will probably be in there too. They're just gonna start their own banks. And at that point, it's it's game over for at least that part of the legacy financial system, at least at the retail level. It's not gonna crush Goldman Sachs. It's not gonna kill Bank of America. It's not gonna kill Wells Fargo. It will kill, like, these other smaller banks that are basically designed for retail. But they're all they're they they see the writing on the wall, and they're all part of BPI. So let the carnage begin, brothers and sisters.
Now let's let's go to more of a justice situation where the appeals court has rejected a prisoner's lawsuit over alleged $354,000,000 Bitcoin loss, Vince De Aquino, lit the tears flow from decrypt. A federal appeals court has rejected a Florida man's attempt to recover more than $350,000,000 worth of Bitcoin he claimed was lost when authorities destroyed a hard drive seized during his 2019 arrest for counterfeiting and identity theft in a ruling published on Tuesday. The eleventh circuit upheld a lower court's decision denying Michael Prime's motion for the return of property, saying he waited too long to make his claim and that the delay left the government unable to return the destroyed hard drive, quote, four years.
Prime denied that he had much Bitcoin at all, and Bitcoin was not on the list when he sought to recover missing assets after his release from prison according to circuit judges. It was only later that Prime claimed to be a Bitcoin tycoon. The court said Prime had repeatedly told investigator, investigators and pro probation officers as well as a sentencing judge that he owned little or no crypto, contradicting later claims that he held close to 3,443 Bitcoin. Federal agents, relying on his early statements, ended their search for Bitcoin and later destroyed the seized devices, including the orange hard drive at the center of the case.
He may have had the Bitcoin. Who knows? Prime, who was sentenced in 2020 to more than five years in prison for access device fraud, aggravated identity theft, and illegal firearm possession, claimed after his release that his hard drive contained the cryptographic keys to his lost Bitcoin. Always back up your keys to some other place. Just do it. Swear. It it it's a big help. It'll you'll sleep better. Anyway, he filed a motion under rule 41 g, and that lets defendant seek the return of seized property after a case ends. A district court denied it in 2024, ruling the devices were, quote, properly destroyed, and that Prime's years of denial made his claim too late.
The eleventh circuit agreed in the ruling saying Prime's inexcusable delay and had prejudiced the government, and that compensation would be inequitable even if the Bitcoin existed. Bitcoin itself isn't stored on a hard drive. It exists on the blockchain, but the keys are in fact stored on the hard drive. That's the issue. Lost coins make everyone else's coins worth slightly more. Think of it as a donation to everyone, Satoshi Nakamoto said back in the old Bitcoin forum, bit bit yeah. Bitcoin talk yeah. Bitcoin talk forums. This I don't know whether to believe this guy or not.
But if I assume that he did have the Bitcoin because it wasn't orange hard drive, I've I've I feel bad for the guy. I really do. So let it be an abject lesson or rather an object lesson. Back up your keys. You can as long as you have one of your keys, one of your backups, if if it's a single sig key, it's like a single private key that you generate wallets from and that's those wallets are basically the holders of your Bitcoin. As long as you got the private key, dude, you could be in Tim buck too. If you've got Internet access, you've got your Bitcoin. So even if if he had had a copy of his private key and there was 3,500 Bitcoin on that orange hard drive and they still destroyed that hard drive, he wouldn't have to even ask.
He wouldn't have even had to bring it up to the court. Because essentially, now what he's done is he's gone to prison, and he's now saying, oh, by the way, I perjured myself in federal court when we were doing the first trial. That's what he's essentially saying. He's lucky he's lucky that somehow they're not prosecuting for that because he's basically admitting to another crime. Perjury is an actual crime. You can do real jail time for that shit. So please, please, for the love of God, back up your keys. SATS for snacks.
That's SATS and the number 4snacks.com. Go to sats4snacks.com. You're gonna be able to leverage my friend, Perma Nerd, who's gonna be sending and he only sells, by the way. He only sells his goods and services for Bitcoin. He doesn't take cash, at least not that I'm aware of. I'm looking at sats4snacks.com right now. The only prices he has is in sats. He doesn't have a dollar price attached to it. So what does he sell? He sells two things that I love, freeze dried fruit. Not not dehydrated. It's not fruit leather. It's not that gummy, nasty, crappy stuff. It's freeze dried fruit.
So when you pop one of these little freeze dried cubes of peaches, it it literally explodes. I know. I know. It's like the the the hyperbole that you hear in any other commercial, but I was, honestly, man, I was singularly impressed with just how tasty these things actually are. His other product that he sells, though, is this proof of healing comfrey salve. If you've heard me talk about comfrey, you know that it is a medicine. It is great for abrasions, scratches, light surface cuts, bee stings, wasp stings, itching, rashes, bruising, you name it, man. And this stuff works. It's amazing, and he's got tons of it for sale. And, again, you're gonna buy it in Bitcoin because he doesn't take fiat currency.
So fruit. He's got freeze dried banana. He's got freeze dried peaches. He's got freeze dried mangoes, which is my wife's favorite. He's got freeze dried pineapple. And then he's got, like, a, a sweet stack medley, and it's got mango, strawberries, pineapples, and peaches all in it. They're all freeze dried. I've had it. He sent me some. It's gorgeous. Make sure you use the coupon code Bitcoin and for a 2.1% discount on everything that you see over there at SaaS four snacks. Bitcoin and use it in the coupon code. That way, my friend, Perma Nerd, knows that I made him a sale, and then he can give me sats because I only want sats too. Now Adrian Zmudsky from Cointelegraph, UN agency to launch blockchain education advisory programs for governments.
Yeah. I trust the UN with absolutely nothing, much less the education of foreign governments around the world about what blockchain is and how to use it. But here we go. The United Nations Development Program plans to launch not one but two initiatives aimed at helping countries adopt blockchain technology. Robert Pesico, the leader of UNDP's financial technology team, Altfin Lab, told Cointelegraph at the UN city offices in Copenhagen, Denmark that the organization plans to launch a blockchain education program for government officials alongside a blockchain advisory body.
What could possibly go wrong? The initiative builds on UNDP's existing blockchain academy for UN staff now aimed at helping governments implement blockchain in real world applications. Pesico said that in a few weeks, the new academy will begin operations and select four governments to work with. Count them. Four. One, two, three, four. He expects formal approval of the initiative within, you know, one or two weeks. Quote, training is just a part of it, Pesikko said, noting that the organization will also help initiatives move further through project development.
He said that research conducted by the UNDP found 300 potential use cases for governments who are willing to adopt blockchain technology. Pesico said that the idea of a UNDP led blockchain advisory organization was discussed during a UN General Assembly in New York attended by 25 of the top blockchain companies, including the Ethereum Foundation, the Stellar Foundation, and, oh, let's not leave out Polygon Labs. They're all scams. Oh, they're all scams. That's who they're they didn't even I I wonder if b if Bitcoin Policy Institute was there. You know? I'd like I'd like to hear that because Ethereum, Polygon, and Stellar. Dude, really?
Anyway, quote, if everything goes well, the project could live or go live in two to three months, he said. Pesico noted that the UNDP already has pilots in 20 countries aimed at improving financial inclusion through blockchain technology, one partner is Decaf, a crypto powered payment system that helps individuals access financial services without the need for banks. Quote, how much longer do you need ordinary banks if you can bypass them with such apps? Pesico said. Sure, that's not making the Banking Policy Institute very happy. Anyway, Pesico compared the evolution of banking infrastructure to the decline of public phone booths, pointing out how those pieces of infrastructure are no longer needed for their original purpose.
He noted that in some countries, they have evolved. And in Japan, they serve as Wi Fi hotspots, quote, the same question is, do you need ATMs or automated teller machines in a few years? I don't think so, he said. When asked whether this change will be of of consequence to cryptocurrencies, Or rather, a change will be a consequence of cryptocurrencies, private stablecoins, or central bank digital currencies, Pesicco said he would instead expect a combination of all three. He explained that different jurisdictions will likely favor different solutions, but technology makes intermediaries obsolete. Quote, you need an Internet connection.
You need your smartphone. There is nothing else you need for these transactions, he said. Still, Pesico pointed out that, quote, those who are in charge today are trying their best to stay in charge, end quote. He highlighted that technologies can be used for good or bad, noting that fire can warm people when they need or burn their villages to the ground. According to him, blockchain is the same. He said that depending on how the technology is deployed, it can either widen the divide between the rich and powerful and the rest or it can serve the masses. Yeah. Right. Okay. So when he when he says this that's the end of the article. When he says this following sentence, I have to say I'm in 100% agreement, and this goes back to the Banking Policy Institute story about trying to block yield on stablecoin holdings.
Those who are in charge today are trying their best to stay in charge. That is a true statement. It's always been a true statement. It will always be a true statement. That's the battlefront. By being able to identify those who will lose power, even if they're rich, they don't seem to give a shit. Nancy Pelosi is 85 years old. Dick Cheney died, what, the day before yesterday? He was 82, and that dude was already the undead. If you don't know what I'm talking about, he turn he was waiting for a heart transplant, so he had a blood pump. And it sat on his belt.
Dude, it was pumping his blood. The belt the actual motor and battery set or the the least the battery set that ran the motor that was, like, pumping the blood inside of his body was on his belt, and he could turn it off. And he did during a segment with David Letterman. And the minute that he turned off his flowing blood in his body, by definition, and any technical structure you can imagine, Dick Cheney became the undead. Alive, yet no blood flowing in his veins, It's it's sick. So back to Nancy Pelosi who's 85, she just announced yesterday or the day before alongside Dick Cheney dying, she wasn't gonna run again.
She's 85. Who in their right mind with the amount of sheer money she has, which should have never been able to be, you know, gotten through her paycheck because she's been representing San Francisco for over forty years. Dude, really? Really? It's not about the money. Everybody thinks if you've got money, you've got power. Dude, nothing could be further from the truth. If you've got a shit ton of money, then you can fix a shitload of problems. Some of those problems, if you've got enough, can be so big that they actually impact a large amount of area around you, but do not fool yourself into believing that you have power.
That, my friend, is a completely different structure altogether. Power and money do not equal each other, although power will get you money. And and it is the case that money can, in some cases, can buy you a certain degree of power. Power exists in a different in a different light, a different way. It's it's clothed differently than just oodles and oodles of cash. Nancy Pelosi has and had, for years, oodles and oodles of cash, and yet she stayed in. Many people think it's because she's addicted to power. I have another theory.
Not just for her, but for all these people like Mitch McConnell, who's so fucking old that they need to be playing with their grandchildren, or in in Mitch's case, probably his great grandchildren, and that's probably the case for Nancy Pelosi as well. Why are they staying? I think people are ask actually telling them if they don't stay, if they don't do the bidding, if they don't use their power and their influence and their history in the senate and, you know, house of representatives in in any place else at the highest echelons of power, then the truth will come out.
Not blackmailing them for money. They're blackmailing them for influence. Mitch, if you quit, if you retire, all the Epstein stuff comes out. I'm just conjecturing. I don't know if he was at Epstein Island, but you see what I'm saying? Power's different. It works differently than money. Find who will lose power given a certain thing, and you will know who the true enemy is to that thing. Alright. Last up, Jerome Powell. Where is it? Oh, here it is. The feds turning hawkish as this United States employment indicator flashes red. Well, it's a government shutdown, so that's causing problems. Here we go, CoinDesk.
With the federal government continuing in shutdown mode, there continues to be a dearth of official economic statistics, including the all important monthly nonfarm payrolls report, which plays a large role in informing the Federal Reserve's monetary policy. It's thus elevated the status of some other lesser followed reports, and at least one of those is flashing a major red signal for the labor market. Now I know this isn't directly relate. Actually, it is directly related to Bitcoin. I'll get to it. Just hold on to your horses. This report would be the monthly job cuts report from outplacement firm Challenger Gray in Christmas.
The October data released on Thursday morning showed a 153,000 layoffs last month alone. That is triple the amount seen in October the year before, and the very highest print for any October going all the way back to 2003. That's how far back this shit goes. That's there's more to this story. That's all we need to say. Why am I telling you about this? When Jerome Powell said, hey. We've we've cut a quarter point at the last FOMAC, the the Fed meeting, where they decide, you know, like, decide, yes. We're all in agreement. We're gonna cut interest rates. And they cut it by a quarter point, a quarter percentage point. Jerome Powell makes remarks later on that day, and he says, yes. We've cut a quarter. Do not expect a quarter another quarter cut in December.
Right? And that's the that's this hawkish tone. But they're one of the other Fed governors is saying that and I can't remember his name right now, but one of the other people that make helps make these decisions as to federal rate cuts, He said the day before yesterday or maybe the day before that, he I he said, I'm voting for another rate cut in December because of the labor market. He's like, I'm concerned we're losing jobs. We need more jobs. That is a major mandate of the Federal Reserve is full employment. And and this report, this loss of a 153,000 jobs, the highest amount of layoffs in an October month since 2003, is concerning.
This might end up being the key that needs to click in place for the Fed to start making their decision to lower rates another quarter point in December. So just be aware, I do not believe that the December rate cut is completely off the table. Right? So, you know, take that with whatever grain of salt you wanna take it with. Let's run the numbers. CNBC Futures and Commodities. Oh, Wicked for Good is coming out no November 21. It's a big old ad up here. I just I figured I'd let you know in case you're, like, a fan of Wicked. Anyway, Brent Norsey down point 71% a barrel. $63.07 a barrel. In fact, West Texas Intermediate is down worse point 87% to $59.00 8.
Natural gas, naturally hedging, 1.13% to the upside up to 4 and a quarter per thousand, and gasoline is up one and a half to, whoo, a buck 93 a gallon. Nice. Bourbon crude is down 1 and a third to $64.87. Shiny Metal Rocks, along with a whole bunch of other shit, is being hammered. Palladium is down four. Gold, however, is crawling sideways, still under 4,000. It's $3,990.90. Platinum is down 2.12. Silver is down a half. Copper is down a half as well. Ag is mostly in the red today, not terribly, but still, our biggest loser is coffee, 3.26% to the downside. Actually, we've got a lot.
Wheat is down three and a quarter. Coffee is down three and a quarter. Cocoa is down almost three points, and soybeans are down two and a third. So there's a lot of full single digit, price percentage action going on in ag today. Live cattle, not faring much better than yesterday, point 65% to the downside. Lean hogs getting clobbered point 87% to the downside, and feeder cattle in the red by 1.63%. If you thought you were gonna get saved with equities and in the sea the indices, you're not. They're not having a good day either. S and P is down one and a quarter. Nasdaq is down two full points.
The Dow down over one full point. S and P Mini is down 1.15%. Bitcoin not escaping either. A $101,040, that is a $2,020,000,000,000 market cap. We can get 25.3 ounces of shiny metal rocks with our one Bitcoin of which there are 19,945,076.16 of average fees per block remain low at 0.02 BTC taken in fees on a per block basis. Right now, we've got, I don't know, 25 blocks carrying 39,000 unconfirmed transactions waiting to clear at high priority rates of four. Satoshis per v byte, low priority is gonna get you in at three. Hash rate, unaffected, 1.12 zeta hashes per second is the amount of hash rate on the Bitcoin network at this particular time. And from Swiss Cheese, which was yesterday's episode of Bitcoin and I got KT with 2,300 sat says, thanks for getting worked up about the suit speak. I share your disdain for word salads that say nothing.
Also, nearly spit out my coffee on wouldn't touch that with a 10 foot pole with a dead cat on the end. Thank you, sir. Psyduck with $7.63 says, Psyduck. KT comes back with 2,300 sats. So, Shengpeng Zhao gets a full pardon, but samurai wallet guys get the maximum? Make it make sense. I can't, KT. I can't. I dude, I don't know. Mhmm. My gut feeling is that c z can do something for Trump and the samurai wallet guys can't. That I I I don't I mean, do I know that? Hell no. It's simply, my my first reaction spitballing gut feeling. So you take it with a grain of salt, I suppose. Yoda with 500 says nothing.
Damn, dude. Kano with 8,888 sats. Thank you, Kano, says suit speaks segment surely satisfied Satoshi somewhere. Nick Dos, 101 sats says, cheers. Cheers, my brother. See where else we, oh, Pies. 121 SATs. Thank you, sir. No. Thank you. And here here and gone with no SATs says, it looks like I'm fixing the last guy's fuck ups at work today. Happy hump day. Yeah. If you can if you can manage not fixing somebody else's mistakes, that's that would be advisable. That's that's about the report. Welcome to part two of the news that you can use. Bitcoin.com and Concordium have partnered on age verified crypto payments.
Let that sit with you for a second. Age verification being helped by bitcoin.com. How low we have fallen. I blame Roger Ver, honestly. Sam Borgie, Cointelegraph, tell me more. Crypto media and wallet platform bitcoin.com has partnered with Concordium, a privacy focused layer one blockchain, oh god, to enable age verified stable coin payments across more than 75,000,000 wallets on bitcoin.com's network. I don't believe there's that many active wallets on bitcoin.com. I just take this entire thing with a grain of salt, but the reason I'm bringing it to you is this whole age verification thing. It's been announced on Thursday, which is today, that the integration will allow wallet users to verify specific identity attributes such as age or jurisdiction without revealing personal details.
Verification occurs off chain through independent third party providers, and no personal data is stored. Where? On the blockchain. Oh, god. This is awful. This isn't gonna work the way they think it that they think it works. Each transaction utilizes zero knowledge proof technology to verify compliance requirements while maintaining user privacy. Oh my god. Corbin Frasier, CEO of bitcoin.com, said that the ability to make age verified payments helps balance user anonymity with regulatory compliance, an important consideration as the crypto sector develops. The integration has been described as a possible response to new safety and age verification laws introduced in parts of Europe as well as several US states. And in The United Kingdom, the government has reported that around 5,000,000 online age checks are carried out each day under recent implemented regulations.
The companies said that the absence of effective verification measures has limited the stablecoin sector's ability to gain broader adoption as a mainstream method of payment. While crypto adoption continues to expand, particularly in the stablecoin market, industry observers say stronger verification standards are needed as stablecoins now process more annual transfers than Visa and Mastercard combined. New standards are becoming more urgent as more institutional capital moves on chain as Cointelegraph has reported. The corporate stablecoin race is intensifying with Citigroup and Western Union now joining the fray. Efforts are also growing on the retail side, particularly in emerging markets where stablecoins offer faster transactions and protections against local currency inflation.
Recently, Nigerian fintech Flutterware or Flutterwave announced a partnership with Polygon Labs. They're in the news again. To launch a stable coin based cross border payment network spanning 34 African countries. So age verification being pushed with zero knowledge proofs, but relies on a third party, not on the blockchain, by through bitcoin.com and some other company. Yeah. It's just it's it's bullshit. It it it I mean, even if it's real, even if they got their white paper and they've got the tech, why use zero knowledge proofs for age verification, but rely on a third party vendor to do it?
Man, none of this shit store it that's what zero knowledge proofs are for. So, you don't know a whole bunch of stuff about a transaction, and a transaction could could say, I'm very this I'm I'm David. I verify that I'm this old, and here's the proof or whatever. And then all that's wrapped up in a zero knowledge proof. And then at that point or another, however, it the the above my pay grade. But at that point, the zero knowledge proof basically says, dude, we've already done the identification. Anything coming out of here is just fine. You're good. Alright. Why do you need a third party vendor for it? See what I'm saying?
That's the that's very confusing. And the fact that it's dropping out of bitcoin dot com raises the hackles on the back of my neck because they are, at this point, I consider bitcoin.com and have for quite a while, anti bitcoin. Ever since the 2017 block block size wars, bitcoin.com has been anti Bitcoin, an enemy of Bitcoin. It is not to be trusted. So whatever they say, just be aware and move on about your day. But William Sueberg is gonna continue, with Cointelegraph saying that Bitcoin faces an insane sell wall above a $105,000 as stocks eye tariff ruling.
Let's see what this is about. Bitcoin kept traders nervous on Thursday as sellers lay and wait at a $105,000. Data from Cointelegraph Markets Pro and TradingView showed the BTC price rebound flagging after the daily open. Bulls face an uphill struggle throughout Wednesday's, Wall Street trading session, and exchange order book data confirmed a wall of asks positioned directly above price. Quote, pretty clear price has been capped with a cluster of sell orders, otherwise known as asks, above a $105,000, trader SKU said, calling the situation not surprising.
SKU warned that there were signs of sell side pressure increasing as the price attempted to come back. Quote, often this tactic is used to drive prices lower during Asia hours, he added about the $105,000 asks. Trading resource material indicators raised the stakes, arguing that it was interesting that the ask liquidity had not already caused a new market flush. The owner of the positions it suggested could be trying to suppress prices down to the 98 to $93,000 range. Quote, if price hits a 105,000, I'd expect part, if not all of those asks, to get pulled.
An ex post forecast. I I okay. Whatever. Quote, before you panic sell, remember, we have a bounce from the fifty week SMA, which if it holds has macro bullish implications, whatever, end quote. Commentator, exit pump, called the ask wall insane and likewise implied that the liquidity may not be genuine. Exit Pump's tweet says, BTC, what the hell is going on in order book on Binance Spot? Insane amount of asks were added above price. This can be, these could be spoof orders. So fake orders. Who we don't know. And I normally don't do price action, but, you know, it is what it is. But moving on to tariffs, Bitcoin OG Kyle Chase saw the potential for another BTC price trip thanks to bid liquidity during, building below the price.
Quote, confidence could get wiped in a heartbeat, he told ex followers alongside monitoring resource, Coin Glass. With US stocks cooling their ascent to their fresh new all time highs, the potential for the Supreme Court to strike down blanket international trade tariffs is of key importance. Rumors began circulating that such a scenario would give equities across the board a major boost. Prediction markets have little faith in tariffs remaining after mainstream media reports that judges were, quote, skeptical of their legality.
Alright. So if you did not know, the Supreme Court is looking. Or well, is it the Supreme Court? It's could it could be, like, the other like, it could just be federal courts, but it might be the Supreme Court, is definitely looking at Trump's tariffs. And the question on everyone's mind for though for the legislator or the, judicial branches, are these tariffs legal? And for the fur and they've been looking at this for a while. It's not just like the last couple of days. They've been looking at this for, well, ever since they got implemented. But yesterday was the first day that a couple of these, federal judges said we're kinda skeptical that these are legal.
That is all the freaking market needs to hear. It doesn't and that that's why we got, like, you know, some some boosting yesterday. Not sure what's going on with equities this morning because they are getting ravaged pretty pretty soundly along with gold, along with Bitcoin, along with all precious metals. Essentially, anything that has value is losing its value, and I still don't know where the cash is going. I I'm trying to figure out what's being bought. Are you I mean, I I just Fiat seems so icky at this point that I just can't imagine wanting to be in cash. It's just too volatile. So if you guys know what people are actually buying, let me know. You know? I mean, it's like I mean, I buy Bitcoin, but still, what else is being bought? Because I don't see anything actually being purchased at this point. You know, I said this yesterday at the end of the show, but we shall move on to Poland where 560 copies of the Bitcoin standard have been delivered to the Polish parliament.
Nice. Atlas21.com. Tell me more. The Polish Bitcoin community has decided to gift a copy of the Bitcoin standard to every single member of parliament. The goal is to ensure that those legislating on Bitcoin and digital assets truly understand what they are regulating. The initiative involves sending 560 copies of Saifedean Amas' work to all deputies of the Shem, the lower house, and all senators of the upper house of the Polish parliament. The announcement was made on November 4 through bitcoin.pl, which explained the reasoning behind the move. Quote, if if someone is gonna regulate the industry, they should at least know what they are actually regulating, end quote.
The operation is being funded through a crowd funding campaign on Geyser, a platform that supports various Bitcoin related causes. Each copy of the book will be accompanied by an open letter meant as an invitation to dialogue, not a political statement. According to the organizers, lawmakers must have a clear understanding of the technological foundations they are attempting to control before deciding the future of Bitcoin and digital assets in the country. In 2025, Polish authorities sought to adopt legislation to implement the latest European cryptocurrency regulations into national law.
A bill presented by the Ministry of Finance in Warsaw was approved by the SCEM at the September, but still awaits the Senate's approval. I know I'm pronouncing SCEM wrong. It's s e j m. Any if any of my listeners are Polish, help me out. Help your brother out here. The proposal is drawn criticism because some of the provisions allegedly go beyond the requirements of the European Union's markets and crypto assets Regulation or MICA, industry representatives warned that if adopted as it stands, the law will threaten the survival of domestic companies and could force them to leave the country.
The last hope lies with the nation's new head of state, president Carol Norwalki, who took office in August and is reportedly preparing to veto the law proposed by prime minister Donald Tusk's government. According to the newspaper, there's no way I can pronounce this name. It's Polish, and it's long. I'm giving up already. However, deputy finance minister, Jaron Dropp, has stressed that without the proposed legislation, it will be impossible for companies to operate legally in Poland. Giving somebody the gift of a book is always actually a good idea, unless you give them something that they're just completely not interested in.
Saifedean is a good author. And maybe, just maybe, the translation into Polish will at the if the first few sentences can reach out and really grab whoever's reading it, whether they're interested in Bitcoin or not, then they might be able to go all the way through it because that is a good read. It it is a very good read. I I highly recommend it. Last on the list for today, Balancer. I brought it to you yesterday, but they have identified a rounding error as the root cause of multichain DeFi exploit. The math in the in the code was wrong. That's what this boils down to.
By the way, this is written by Naga Avan Namoyo from the block. DeFi protocol balancers published its preliminary incident report on the November 3 exploit that drained tens of millions from its composable stable pools across multiple networks, including Ethereum based, Avalanche Arbitrum, Optimism, Gnosis, Polygon, Barachain, and Sonic. All of these are shit chains. Anyway, The Block previously reported that the decentralized automated market maker and liquidity platform suffered massive outflows from its vault. Initial estimates of the loss quickly rose from 70,000,000 to over a $126,000,000 within just a few hours.
According to Balancer, the security partner hyper initiative or, sorry, HyperNative first detected the suspicious activity on Monday. In its preliminary report, Balancer attributed the exploit to a rounding error in the upscale function for a function named exact out swaps within the version two volts batch swap feature. This function allows users to combine multiple swap operations into a single transaction to save gas. Attackers exploited how deferred settlement was implemented in composable pools, which allowed liquidity to fall below minimum thresholds, the team explained. Specifically, the bug, and it is a bug, occurred when non integer scaling factors caused the system to round down during specific calculations creating small discrepancies that the attacker leveraged to manipulate balances and drain vaults.
In many instances, funds were first redirected into the balancers vaults internal balances before being withdrawn through follow-up transactions. The bug primarily affected composable stable v five or version five pools with expired pause windows, while HyperNatives emergency automation, automatically paused v six tools. The incident was limited to composable stable pools on balancer v two. That's really all we need from this. It's it it was a bug that had bad math in a function, and it was discovered by somebody, except it's so deep in the heart of that code, it makes me wonder if it wasn't put there on purpose to be exploited later. This is why I never shit coin.
It is shit like this and this defy crap. Disney this has been the bane of people's existence since the what was it? The summer of what was it? 2019? Or maybe the 2020 when SushiSwap first came alive and the whole birth of DeFi, and it's just been hack after hack after hack after hack. Do yourself a favor. Just buy Bitcoin. Just hold Bitcoin. If you're worried about price volatility in Bitcoin, then just buy it once a week Or every or or take up like, let's say you're gonna, you're gonna spend $35 on Bitcoin every week. What if you spent what if you just bought $5 every day?
That's $35 a week, but you level out the price volatility throughout the week because you're buying $5 every single day. You're gonna spend the $35 no matter what you do because you said, I wanna buy $35 per week in Bitcoin. Well, do it this way. Right? And that way, you're not, like, looking at when should when should I pull the trigger and buy a whole Bitcoin? Don't. Just dollar cost average in, dude. It is literally the way that I did it all those starting all those years ago. This is the way, you know, one of at least one of the companies that's in my family's, you know, group of companies, which they're not big companies. It's not like we're making million dollars, you know, a month. That's that that's not it. It's just more about preserving my father's memory and not having to have a fire sale on a bunch of property that we don't wanna do, so we basically turned him into company. So when I say that, don't think that I'm sitting here with a monocle and a fucking top hat and a cigarette and one of those cigarette holders going, twisting my mustache.
No. No. No. No. No. No. No. No. But that company also buys Bitcoin on the weekly, and that's how it's been doing it for years. So do the same. You don't have to just plop down a whole bunch of money on Bitcoin if you don't want to. If you do, great. Good. Dude, knock yourself out. But if you don't, if you're really worried about the volatility, just dollar cost average, it evens it all out. Alright. So it's Thursday. That's the end of the show. I got nothing left to say, so I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.
It is 08:43AM Pacific Standard Time. It's the November 2025, and this is episode 11 o five of Bitcoin and Tampa Bay is in the news as well as well, the treasury is being lobbied by US banks about stablecoins, and it's it's just more confirmation of the fear that they feel. Hello. This is your host, David Bennett. You're here for all the news you can use and more about Bitcoin and the rest of the world as it relates mostly to Bitcoin, of course. We've got some other things here. We've got a guy who swears to God that as he was being either arrested or his home searched, that the authorities destroyed a hard drive with Bitcoin on it, and he wants it back.
I I'll I'll bet you he's lying. And then the UN is well, being the UN, and then we will have a little bit of, economic report just right before we run the numbers. And then we'll be back to Bitcoin. With bitcoin.com, I don't it depends on when you got into Bitcoin. If you know or or have even heard of or if you have heard of had ever given shit one about bitcoin.com, then that that's that's going to that's that's gonna impact whether or not this makes sense to you. But let me just kind of fill it out here. Bitcoin.com was Roger Ver's website.
Back in the day when he still cared about actual Bitcoin, he got bitcoin.com, and he when he got over to BCH and Bitcoin Cash and did all that stuff, he really wrecked it. And then I think he sold it, And then so it got sold again. I it's kind of a storied thing, but now bitcoin.com is back in a way that I would have never thought before. It's not shit, but it's it's probably not good. And then there's a sell wall on Bitcoin, which is not helping with the price. So if you're wondering what's going on, we'll talk a little bit about price just just, you know, just so. And then we'll go to Poland. And then if I have time, we'll talk about the balancer hack, which I told you about yesterday. But first, we're gonna run on down to the sunny side of Florida, Tampa Bay.
Tampa Bay's Bitcoin community builds a circular economy momentum after they got one Bitcoin. And Juan Gault from Bitcoin Magazine is gonna tell us more about it here. Two years after clinching one Bitcoin in a national competition of Bitcoin meetups at Bitcoin twenty twenty three, the Tampa Bay Bitcoin meetup, now formalized as the nonprofit Bitcoin Bay Foundation, has channeled the prize into a thriving local ecosystem. Valued at roughly $25,000 to $30,000 at the time, that Bitcoin has now appreciated to over a $100,000 amid Bitcoin's bull run, strapping bootstrapping workshops, conferences, and community events that onboard businesses to the Bitcoin standard.
The group's president, Thomas Schlemmer, credits the win with supercharging efforts to create a Bitcoin circular economy in the Bitcoin or in the Tampa Bay area, quote, the Tampa Bay Bitcoin meetup is the longest active running meetup, at least in The United States. Some are saying the world. It's been going on for fourteen years, Schlemmer told Bitcoin Magazine, tracing the meeting's roots to 2011. What began as monthly social meetups eventually introduced developer focused bit devs type sessions supporting the growing international movement of high-tech Bitcoin developer events.
Bitcoin Bay Foundation hosts a dynamic lineup of events tailored to foster education and community in the Tampa Bay Bitcoin scene with weekly meetups serving as the backbone. These include core recurring formats like beginner friendly Bitcoin one zero one sessions, social gatherings, and advanced bit dev developer like discussions. Usually, small groups dividing into technical topics, hands on workshops rotate monthly or as requested, covering practical skills such as privacy in the digital age, peer to peer Bitcoin purchases, de googled phones, Bitcoin mining, node setup, and seed signer hardware builds.
In these workshops, participants can expect interactive step by step guidance from local experts to build confidence in self custody and privacy tools, the recent Sound Money Soiree gala drew around a 100 people for a black tie fundraiser hosted in a historic bank vault complete with silent auctions of products from all kinds of Bitcoin companies like Start Nine and Seed Signer raising $50,000 in a single night, which goes to fund their various educational events. Quote, it's just kind of an excuse for people to get dressed up and have fun and show the local leaders that there's over a 100 people here, Schlemmer said of the gala, which brought in Bitcoin leaders from across the country. Of course, the gala almost did not take place. Quote, our bank froze our account, like, literally a week and a half before the event, end quote, as banks seem to do, you know, when you need the most. Quote, we were actually able to pay the blackjack dealer, the DJ, and the photographer in Bitcoin, Schlemmer recalled, an omen like reminder of the power of Bitcoin.
Earlier this summer, they also co hosted the Bitcoin Day Tampa conference with the Bitcoin Day team, which brought in a 150 attendees and had a full day of panels on policy. So if you guys are anywhere close to the Tampa Bay area and you don't know about this meetup, then look for is Bitcoin Bay Foundation is what it's now named. It was the, what, Tampa Bay Bitcoin meetup, and now it is known as the Bitcoin Bay, as in b a y, it's like Baywatch, Bitcoin Bay Foundation. So if you're in the Tampa Bay, Florida area, you know, go on down there.
They'll probably love to see your face. Speaking of banks, banks are lobbying the US Treasury for blanket stable coin yield ban, and Coinbase, of course, is gonna push back. Helen Parks, CoinTelegraph, the US Department of Treasury is facing conflicting feedback from crypto companies and traditional banking groups over how to implement the Genius Act. In a letter on Tuesday, Coinbase urged the Treasury to limit a ban on stablecoin interest payments exclusively to pay stablecoin issuers while allowing it for nonissuers such as crypto exchanges.
Coinbase said its proposal aligns with congress intent when passing that legislation. At the same time, several banking groups led by the Bank Policy Institute, also known as the BPI, have pressed the treasury to extend the prohibition to non issuers advocating for a blanket ban on all stablecoin interest payments. The recommendations were submitted in response to the treasury's advanced notice of proposed rulemaking marking the second round of public comments on the implementation of the Genius Act, which concluded on Tuesday. In a joint announcement on Wednesday, the banking, what was it? Banking, Policy Institute, BPI, and several banking groups said they urged the treasury to extend the ban on stablecoin interest payments to digital asset service providers, including exchanges as well as affiliates, quote, implement the Genius Acts prohibition on the payment of interest or yield on payment stablecoins, whether paid directly by an issuer or indirectly by an issuer's affiliates or partners, BPI said in a separate statement on Tuesday.
That same group previously opposed the exact same issue in August, arguing that stablecoin interest payments may potentially trigger $6,600,000,000,000 in deposit outflows from the traditional banking system. Pausing to remind you that I brought you that particular piece of news a couple of months ago. Anyway, according to Coinbase, Treasury has to follow the congressional intent in implementing the Genius Act, including preserving the right of nonissuers to offer interest on stablecoin holdings, quote, congress went no further. It declined to include non issuer third parties within the prohibition because banning other types of payments on stablecoins across the board would have inhibited growth and innovation in the stablecoin market contrary to the Genius Act's core purposes, Coinbase said.
Treasury has no authority to second guess congress's work. That was an additional quote by Coinbase. In addition to advocating for stablecoin yields, Coinbase called for excluding non financial software, blockchain validators, and open source protocols from the Genius Act. It also recommended treating payment stablecoins as cash equivalents for tax and accounting purposes. Signed into law in July, the Genius Act is expected to take effect either eighteen months after enactment or one hundred and twenty days after relevant federal regulators issue final implementing regulations, likely landing in late twenty twenty six or January 2027.
So why would you think the banking, lobby would not which is the BPI, that's the banking lobby, or probably the good greatest guts and feathers of the banking lobby. Why do you think they'd want to make sure that if I had stable coins that I couldn't generate interest on, holding them? Oh, that's right. Because it competes directly with what banks were supposed to do in the first damn place. Well, along with some other stuff. But, essentially, you know, I when you grow up as a kid in The United States, you just think of a bank as a place where you have a savings account and a checking account. And, honestly, that's really all you need to know as a kid, young adult, and whatnot. It's not until you get into needing a house and a car that you start look looking at banks as as loans. But that that ability to save technically, to save money at a bank is basically it's burned into our subconscious.
Right? That's where you put your money, and it used to be the case where you had interest on it, but that hasn't been really the case in so long, or at least not any appreciable interest in so long that all of a sudden, all you need to do is be able to beat the interest rate of a bank on saving dollars, and that bank's gonna lose customers. This is nothing but self protectionism. So here's what comes next. Every bank will wanna issue their own stablecoin. We we're already seeing this, but it's get it's gonna get to the point where this entire BPI trying to stifle yield payments on stablecoins is simply to buy them time.
They know they cannot squelch this permanently. They cannot cut its legs off. It's just it's running too fast. It's too big. It's got too much momentum. It's gonna happen whether they like it or not. And they know that. They're not dumb. BPI isn't gonna be able to, you know, crush this. What they can do is buy themselves enough time to figure out how they can play the game, because this is the folly of what they were doing when they were pointing at all of us and laughing when they should have been actually figuring out how this shit works, and then they wouldn't be so damn far behind. And they are years behind. They are over a decade behind the curve on this.
I don't see it ending well for them. I'm just saying that new banks that will probably be started by Bitcoiners and God knows tether will probably be in there too. They're just gonna start their own banks. And at that point, it's it's game over for at least that part of the legacy financial system, at least at the retail level. It's not gonna crush Goldman Sachs. It's not gonna kill Bank of America. It's not gonna kill Wells Fargo. It will kill, like, these other smaller banks that are basically designed for retail. But they're all they're they they see the writing on the wall, and they're all part of BPI. So let the carnage begin, brothers and sisters.
Now let's let's go to more of a justice situation where the appeals court has rejected a prisoner's lawsuit over alleged $354,000,000 Bitcoin loss, Vince De Aquino, lit the tears flow from decrypt. A federal appeals court has rejected a Florida man's attempt to recover more than $350,000,000 worth of Bitcoin he claimed was lost when authorities destroyed a hard drive seized during his 2019 arrest for counterfeiting and identity theft in a ruling published on Tuesday. The eleventh circuit upheld a lower court's decision denying Michael Prime's motion for the return of property, saying he waited too long to make his claim and that the delay left the government unable to return the destroyed hard drive, quote, four years.
Prime denied that he had much Bitcoin at all, and Bitcoin was not on the list when he sought to recover missing assets after his release from prison according to circuit judges. It was only later that Prime claimed to be a Bitcoin tycoon. The court said Prime had repeatedly told investigator, investigators and pro probation officers as well as a sentencing judge that he owned little or no crypto, contradicting later claims that he held close to 3,443 Bitcoin. Federal agents, relying on his early statements, ended their search for Bitcoin and later destroyed the seized devices, including the orange hard drive at the center of the case.
He may have had the Bitcoin. Who knows? Prime, who was sentenced in 2020 to more than five years in prison for access device fraud, aggravated identity theft, and illegal firearm possession, claimed after his release that his hard drive contained the cryptographic keys to his lost Bitcoin. Always back up your keys to some other place. Just do it. Swear. It it it's a big help. It'll you'll sleep better. Anyway, he filed a motion under rule 41 g, and that lets defendant seek the return of seized property after a case ends. A district court denied it in 2024, ruling the devices were, quote, properly destroyed, and that Prime's years of denial made his claim too late.
The eleventh circuit agreed in the ruling saying Prime's inexcusable delay and had prejudiced the government, and that compensation would be inequitable even if the Bitcoin existed. Bitcoin itself isn't stored on a hard drive. It exists on the blockchain, but the keys are in fact stored on the hard drive. That's the issue. Lost coins make everyone else's coins worth slightly more. Think of it as a donation to everyone, Satoshi Nakamoto said back in the old Bitcoin forum, bit bit yeah. Bitcoin talk yeah. Bitcoin talk forums. This I don't know whether to believe this guy or not.
But if I assume that he did have the Bitcoin because it wasn't orange hard drive, I've I've I feel bad for the guy. I really do. So let it be an abject lesson or rather an object lesson. Back up your keys. You can as long as you have one of your keys, one of your backups, if if it's a single sig key, it's like a single private key that you generate wallets from and that's those wallets are basically the holders of your Bitcoin. As long as you got the private key, dude, you could be in Tim buck too. If you've got Internet access, you've got your Bitcoin. So even if if he had had a copy of his private key and there was 3,500 Bitcoin on that orange hard drive and they still destroyed that hard drive, he wouldn't have to even ask.
He wouldn't have even had to bring it up to the court. Because essentially, now what he's done is he's gone to prison, and he's now saying, oh, by the way, I perjured myself in federal court when we were doing the first trial. That's what he's essentially saying. He's lucky he's lucky that somehow they're not prosecuting for that because he's basically admitting to another crime. Perjury is an actual crime. You can do real jail time for that shit. So please, please, for the love of God, back up your keys. SATS for snacks.
That's SATS and the number 4snacks.com. Go to sats4snacks.com. You're gonna be able to leverage my friend, Perma Nerd, who's gonna be sending and he only sells, by the way. He only sells his goods and services for Bitcoin. He doesn't take cash, at least not that I'm aware of. I'm looking at sats4snacks.com right now. The only prices he has is in sats. He doesn't have a dollar price attached to it. So what does he sell? He sells two things that I love, freeze dried fruit. Not not dehydrated. It's not fruit leather. It's not that gummy, nasty, crappy stuff. It's freeze dried fruit.
So when you pop one of these little freeze dried cubes of peaches, it it literally explodes. I know. I know. It's like the the the hyperbole that you hear in any other commercial, but I was, honestly, man, I was singularly impressed with just how tasty these things actually are. His other product that he sells, though, is this proof of healing comfrey salve. If you've heard me talk about comfrey, you know that it is a medicine. It is great for abrasions, scratches, light surface cuts, bee stings, wasp stings, itching, rashes, bruising, you name it, man. And this stuff works. It's amazing, and he's got tons of it for sale. And, again, you're gonna buy it in Bitcoin because he doesn't take fiat currency.
So fruit. He's got freeze dried banana. He's got freeze dried peaches. He's got freeze dried mangoes, which is my wife's favorite. He's got freeze dried pineapple. And then he's got, like, a, a sweet stack medley, and it's got mango, strawberries, pineapples, and peaches all in it. They're all freeze dried. I've had it. He sent me some. It's gorgeous. Make sure you use the coupon code Bitcoin and for a 2.1% discount on everything that you see over there at SaaS four snacks. Bitcoin and use it in the coupon code. That way, my friend, Perma Nerd, knows that I made him a sale, and then he can give me sats because I only want sats too. Now Adrian Zmudsky from Cointelegraph, UN agency to launch blockchain education advisory programs for governments.
Yeah. I trust the UN with absolutely nothing, much less the education of foreign governments around the world about what blockchain is and how to use it. But here we go. The United Nations Development Program plans to launch not one but two initiatives aimed at helping countries adopt blockchain technology. Robert Pesico, the leader of UNDP's financial technology team, Altfin Lab, told Cointelegraph at the UN city offices in Copenhagen, Denmark that the organization plans to launch a blockchain education program for government officials alongside a blockchain advisory body.
What could possibly go wrong? The initiative builds on UNDP's existing blockchain academy for UN staff now aimed at helping governments implement blockchain in real world applications. Pesico said that in a few weeks, the new academy will begin operations and select four governments to work with. Count them. Four. One, two, three, four. He expects formal approval of the initiative within, you know, one or two weeks. Quote, training is just a part of it, Pesikko said, noting that the organization will also help initiatives move further through project development.
He said that research conducted by the UNDP found 300 potential use cases for governments who are willing to adopt blockchain technology. Pesico said that the idea of a UNDP led blockchain advisory organization was discussed during a UN General Assembly in New York attended by 25 of the top blockchain companies, including the Ethereum Foundation, the Stellar Foundation, and, oh, let's not leave out Polygon Labs. They're all scams. Oh, they're all scams. That's who they're they didn't even I I wonder if b if Bitcoin Policy Institute was there. You know? I'd like I'd like to hear that because Ethereum, Polygon, and Stellar. Dude, really?
Anyway, quote, if everything goes well, the project could live or go live in two to three months, he said. Pesico noted that the UNDP already has pilots in 20 countries aimed at improving financial inclusion through blockchain technology, one partner is Decaf, a crypto powered payment system that helps individuals access financial services without the need for banks. Quote, how much longer do you need ordinary banks if you can bypass them with such apps? Pesico said. Sure, that's not making the Banking Policy Institute very happy. Anyway, Pesico compared the evolution of banking infrastructure to the decline of public phone booths, pointing out how those pieces of infrastructure are no longer needed for their original purpose.
He noted that in some countries, they have evolved. And in Japan, they serve as Wi Fi hotspots, quote, the same question is, do you need ATMs or automated teller machines in a few years? I don't think so, he said. When asked whether this change will be of of consequence to cryptocurrencies, Or rather, a change will be a consequence of cryptocurrencies, private stablecoins, or central bank digital currencies, Pesicco said he would instead expect a combination of all three. He explained that different jurisdictions will likely favor different solutions, but technology makes intermediaries obsolete. Quote, you need an Internet connection.
You need your smartphone. There is nothing else you need for these transactions, he said. Still, Pesico pointed out that, quote, those who are in charge today are trying their best to stay in charge, end quote. He highlighted that technologies can be used for good or bad, noting that fire can warm people when they need or burn their villages to the ground. According to him, blockchain is the same. He said that depending on how the technology is deployed, it can either widen the divide between the rich and powerful and the rest or it can serve the masses. Yeah. Right. Okay. So when he when he says this that's the end of the article. When he says this following sentence, I have to say I'm in 100% agreement, and this goes back to the Banking Policy Institute story about trying to block yield on stablecoin holdings.
Those who are in charge today are trying their best to stay in charge. That is a true statement. It's always been a true statement. It will always be a true statement. That's the battlefront. By being able to identify those who will lose power, even if they're rich, they don't seem to give a shit. Nancy Pelosi is 85 years old. Dick Cheney died, what, the day before yesterday? He was 82, and that dude was already the undead. If you don't know what I'm talking about, he turn he was waiting for a heart transplant, so he had a blood pump. And it sat on his belt.
Dude, it was pumping his blood. The belt the actual motor and battery set or the the least the battery set that ran the motor that was, like, pumping the blood inside of his body was on his belt, and he could turn it off. And he did during a segment with David Letterman. And the minute that he turned off his flowing blood in his body, by definition, and any technical structure you can imagine, Dick Cheney became the undead. Alive, yet no blood flowing in his veins, It's it's sick. So back to Nancy Pelosi who's 85, she just announced yesterday or the day before alongside Dick Cheney dying, she wasn't gonna run again.
She's 85. Who in their right mind with the amount of sheer money she has, which should have never been able to be, you know, gotten through her paycheck because she's been representing San Francisco for over forty years. Dude, really? Really? It's not about the money. Everybody thinks if you've got money, you've got power. Dude, nothing could be further from the truth. If you've got a shit ton of money, then you can fix a shitload of problems. Some of those problems, if you've got enough, can be so big that they actually impact a large amount of area around you, but do not fool yourself into believing that you have power.
That, my friend, is a completely different structure altogether. Power and money do not equal each other, although power will get you money. And and it is the case that money can, in some cases, can buy you a certain degree of power. Power exists in a different in a different light, a different way. It's it's clothed differently than just oodles and oodles of cash. Nancy Pelosi has and had, for years, oodles and oodles of cash, and yet she stayed in. Many people think it's because she's addicted to power. I have another theory.
Not just for her, but for all these people like Mitch McConnell, who's so fucking old that they need to be playing with their grandchildren, or in in Mitch's case, probably his great grandchildren, and that's probably the case for Nancy Pelosi as well. Why are they staying? I think people are ask actually telling them if they don't stay, if they don't do the bidding, if they don't use their power and their influence and their history in the senate and, you know, house of representatives in in any place else at the highest echelons of power, then the truth will come out.
Not blackmailing them for money. They're blackmailing them for influence. Mitch, if you quit, if you retire, all the Epstein stuff comes out. I'm just conjecturing. I don't know if he was at Epstein Island, but you see what I'm saying? Power's different. It works differently than money. Find who will lose power given a certain thing, and you will know who the true enemy is to that thing. Alright. Last up, Jerome Powell. Where is it? Oh, here it is. The feds turning hawkish as this United States employment indicator flashes red. Well, it's a government shutdown, so that's causing problems. Here we go, CoinDesk.
With the federal government continuing in shutdown mode, there continues to be a dearth of official economic statistics, including the all important monthly nonfarm payrolls report, which plays a large role in informing the Federal Reserve's monetary policy. It's thus elevated the status of some other lesser followed reports, and at least one of those is flashing a major red signal for the labor market. Now I know this isn't directly relate. Actually, it is directly related to Bitcoin. I'll get to it. Just hold on to your horses. This report would be the monthly job cuts report from outplacement firm Challenger Gray in Christmas.
The October data released on Thursday morning showed a 153,000 layoffs last month alone. That is triple the amount seen in October the year before, and the very highest print for any October going all the way back to 2003. That's how far back this shit goes. That's there's more to this story. That's all we need to say. Why am I telling you about this? When Jerome Powell said, hey. We've we've cut a quarter point at the last FOMAC, the the Fed meeting, where they decide, you know, like, decide, yes. We're all in agreement. We're gonna cut interest rates. And they cut it by a quarter point, a quarter percentage point. Jerome Powell makes remarks later on that day, and he says, yes. We've cut a quarter. Do not expect a quarter another quarter cut in December.
Right? And that's the that's this hawkish tone. But they're one of the other Fed governors is saying that and I can't remember his name right now, but one of the other people that make helps make these decisions as to federal rate cuts, He said the day before yesterday or maybe the day before that, he I he said, I'm voting for another rate cut in December because of the labor market. He's like, I'm concerned we're losing jobs. We need more jobs. That is a major mandate of the Federal Reserve is full employment. And and this report, this loss of a 153,000 jobs, the highest amount of layoffs in an October month since 2003, is concerning.
This might end up being the key that needs to click in place for the Fed to start making their decision to lower rates another quarter point in December. So just be aware, I do not believe that the December rate cut is completely off the table. Right? So, you know, take that with whatever grain of salt you wanna take it with. Let's run the numbers. CNBC Futures and Commodities. Oh, Wicked for Good is coming out no November 21. It's a big old ad up here. I just I figured I'd let you know in case you're, like, a fan of Wicked. Anyway, Brent Norsey down point 71% a barrel. $63.07 a barrel. In fact, West Texas Intermediate is down worse point 87% to $59.00 8.
Natural gas, naturally hedging, 1.13% to the upside up to 4 and a quarter per thousand, and gasoline is up one and a half to, whoo, a buck 93 a gallon. Nice. Bourbon crude is down 1 and a third to $64.87. Shiny Metal Rocks, along with a whole bunch of other shit, is being hammered. Palladium is down four. Gold, however, is crawling sideways, still under 4,000. It's $3,990.90. Platinum is down 2.12. Silver is down a half. Copper is down a half as well. Ag is mostly in the red today, not terribly, but still, our biggest loser is coffee, 3.26% to the downside. Actually, we've got a lot.
Wheat is down three and a quarter. Coffee is down three and a quarter. Cocoa is down almost three points, and soybeans are down two and a third. So there's a lot of full single digit, price percentage action going on in ag today. Live cattle, not faring much better than yesterday, point 65% to the downside. Lean hogs getting clobbered point 87% to the downside, and feeder cattle in the red by 1.63%. If you thought you were gonna get saved with equities and in the sea the indices, you're not. They're not having a good day either. S and P is down one and a quarter. Nasdaq is down two full points.
The Dow down over one full point. S and P Mini is down 1.15%. Bitcoin not escaping either. A $101,040, that is a $2,020,000,000,000 market cap. We can get 25.3 ounces of shiny metal rocks with our one Bitcoin of which there are 19,945,076.16 of average fees per block remain low at 0.02 BTC taken in fees on a per block basis. Right now, we've got, I don't know, 25 blocks carrying 39,000 unconfirmed transactions waiting to clear at high priority rates of four. Satoshis per v byte, low priority is gonna get you in at three. Hash rate, unaffected, 1.12 zeta hashes per second is the amount of hash rate on the Bitcoin network at this particular time. And from Swiss Cheese, which was yesterday's episode of Bitcoin and I got KT with 2,300 sat says, thanks for getting worked up about the suit speak. I share your disdain for word salads that say nothing.
Also, nearly spit out my coffee on wouldn't touch that with a 10 foot pole with a dead cat on the end. Thank you, sir. Psyduck with $7.63 says, Psyduck. KT comes back with 2,300 sats. So, Shengpeng Zhao gets a full pardon, but samurai wallet guys get the maximum? Make it make sense. I can't, KT. I can't. I dude, I don't know. Mhmm. My gut feeling is that c z can do something for Trump and the samurai wallet guys can't. That I I I don't I mean, do I know that? Hell no. It's simply, my my first reaction spitballing gut feeling. So you take it with a grain of salt, I suppose. Yoda with 500 says nothing.
Damn, dude. Kano with 8,888 sats. Thank you, Kano, says suit speaks segment surely satisfied Satoshi somewhere. Nick Dos, 101 sats says, cheers. Cheers, my brother. See where else we, oh, Pies. 121 SATs. Thank you, sir. No. Thank you. And here here and gone with no SATs says, it looks like I'm fixing the last guy's fuck ups at work today. Happy hump day. Yeah. If you can if you can manage not fixing somebody else's mistakes, that's that would be advisable. That's that's about the report. Welcome to part two of the news that you can use. Bitcoin.com and Concordium have partnered on age verified crypto payments.
Let that sit with you for a second. Age verification being helped by bitcoin.com. How low we have fallen. I blame Roger Ver, honestly. Sam Borgie, Cointelegraph, tell me more. Crypto media and wallet platform bitcoin.com has partnered with Concordium, a privacy focused layer one blockchain, oh god, to enable age verified stable coin payments across more than 75,000,000 wallets on bitcoin.com's network. I don't believe there's that many active wallets on bitcoin.com. I just take this entire thing with a grain of salt, but the reason I'm bringing it to you is this whole age verification thing. It's been announced on Thursday, which is today, that the integration will allow wallet users to verify specific identity attributes such as age or jurisdiction without revealing personal details.
Verification occurs off chain through independent third party providers, and no personal data is stored. Where? On the blockchain. Oh, god. This is awful. This isn't gonna work the way they think it that they think it works. Each transaction utilizes zero knowledge proof technology to verify compliance requirements while maintaining user privacy. Oh my god. Corbin Frasier, CEO of bitcoin.com, said that the ability to make age verified payments helps balance user anonymity with regulatory compliance, an important consideration as the crypto sector develops. The integration has been described as a possible response to new safety and age verification laws introduced in parts of Europe as well as several US states. And in The United Kingdom, the government has reported that around 5,000,000 online age checks are carried out each day under recent implemented regulations.
The companies said that the absence of effective verification measures has limited the stablecoin sector's ability to gain broader adoption as a mainstream method of payment. While crypto adoption continues to expand, particularly in the stablecoin market, industry observers say stronger verification standards are needed as stablecoins now process more annual transfers than Visa and Mastercard combined. New standards are becoming more urgent as more institutional capital moves on chain as Cointelegraph has reported. The corporate stablecoin race is intensifying with Citigroup and Western Union now joining the fray. Efforts are also growing on the retail side, particularly in emerging markets where stablecoins offer faster transactions and protections against local currency inflation.
Recently, Nigerian fintech Flutterware or Flutterwave announced a partnership with Polygon Labs. They're in the news again. To launch a stable coin based cross border payment network spanning 34 African countries. So age verification being pushed with zero knowledge proofs, but relies on a third party, not on the blockchain, by through bitcoin.com and some other company. Yeah. It's just it's it's bullshit. It it it I mean, even if it's real, even if they got their white paper and they've got the tech, why use zero knowledge proofs for age verification, but rely on a third party vendor to do it?
Man, none of this shit store it that's what zero knowledge proofs are for. So, you don't know a whole bunch of stuff about a transaction, and a transaction could could say, I'm very this I'm I'm David. I verify that I'm this old, and here's the proof or whatever. And then all that's wrapped up in a zero knowledge proof. And then at that point or another, however, it the the above my pay grade. But at that point, the zero knowledge proof basically says, dude, we've already done the identification. Anything coming out of here is just fine. You're good. Alright. Why do you need a third party vendor for it? See what I'm saying?
That's the that's very confusing. And the fact that it's dropping out of bitcoin dot com raises the hackles on the back of my neck because they are, at this point, I consider bitcoin.com and have for quite a while, anti bitcoin. Ever since the 2017 block block size wars, bitcoin.com has been anti Bitcoin, an enemy of Bitcoin. It is not to be trusted. So whatever they say, just be aware and move on about your day. But William Sueberg is gonna continue, with Cointelegraph saying that Bitcoin faces an insane sell wall above a $105,000 as stocks eye tariff ruling.
Let's see what this is about. Bitcoin kept traders nervous on Thursday as sellers lay and wait at a $105,000. Data from Cointelegraph Markets Pro and TradingView showed the BTC price rebound flagging after the daily open. Bulls face an uphill struggle throughout Wednesday's, Wall Street trading session, and exchange order book data confirmed a wall of asks positioned directly above price. Quote, pretty clear price has been capped with a cluster of sell orders, otherwise known as asks, above a $105,000, trader SKU said, calling the situation not surprising.
SKU warned that there were signs of sell side pressure increasing as the price attempted to come back. Quote, often this tactic is used to drive prices lower during Asia hours, he added about the $105,000 asks. Trading resource material indicators raised the stakes, arguing that it was interesting that the ask liquidity had not already caused a new market flush. The owner of the positions it suggested could be trying to suppress prices down to the 98 to $93,000 range. Quote, if price hits a 105,000, I'd expect part, if not all of those asks, to get pulled.
An ex post forecast. I I okay. Whatever. Quote, before you panic sell, remember, we have a bounce from the fifty week SMA, which if it holds has macro bullish implications, whatever, end quote. Commentator, exit pump, called the ask wall insane and likewise implied that the liquidity may not be genuine. Exit Pump's tweet says, BTC, what the hell is going on in order book on Binance Spot? Insane amount of asks were added above price. This can be, these could be spoof orders. So fake orders. Who we don't know. And I normally don't do price action, but, you know, it is what it is. But moving on to tariffs, Bitcoin OG Kyle Chase saw the potential for another BTC price trip thanks to bid liquidity during, building below the price.
Quote, confidence could get wiped in a heartbeat, he told ex followers alongside monitoring resource, Coin Glass. With US stocks cooling their ascent to their fresh new all time highs, the potential for the Supreme Court to strike down blanket international trade tariffs is of key importance. Rumors began circulating that such a scenario would give equities across the board a major boost. Prediction markets have little faith in tariffs remaining after mainstream media reports that judges were, quote, skeptical of their legality.
Alright. So if you did not know, the Supreme Court is looking. Or well, is it the Supreme Court? It's could it could be, like, the other like, it could just be federal courts, but it might be the Supreme Court, is definitely looking at Trump's tariffs. And the question on everyone's mind for though for the legislator or the, judicial branches, are these tariffs legal? And for the fur and they've been looking at this for a while. It's not just like the last couple of days. They've been looking at this for, well, ever since they got implemented. But yesterday was the first day that a couple of these, federal judges said we're kinda skeptical that these are legal.
That is all the freaking market needs to hear. It doesn't and that that's why we got, like, you know, some some boosting yesterday. Not sure what's going on with equities this morning because they are getting ravaged pretty pretty soundly along with gold, along with Bitcoin, along with all precious metals. Essentially, anything that has value is losing its value, and I still don't know where the cash is going. I I'm trying to figure out what's being bought. Are you I mean, I I just Fiat seems so icky at this point that I just can't imagine wanting to be in cash. It's just too volatile. So if you guys know what people are actually buying, let me know. You know? I mean, it's like I mean, I buy Bitcoin, but still, what else is being bought? Because I don't see anything actually being purchased at this point. You know, I said this yesterday at the end of the show, but we shall move on to Poland where 560 copies of the Bitcoin standard have been delivered to the Polish parliament.
Nice. Atlas21.com. Tell me more. The Polish Bitcoin community has decided to gift a copy of the Bitcoin standard to every single member of parliament. The goal is to ensure that those legislating on Bitcoin and digital assets truly understand what they are regulating. The initiative involves sending 560 copies of Saifedean Amas' work to all deputies of the Shem, the lower house, and all senators of the upper house of the Polish parliament. The announcement was made on November 4 through bitcoin.pl, which explained the reasoning behind the move. Quote, if if someone is gonna regulate the industry, they should at least know what they are actually regulating, end quote.
The operation is being funded through a crowd funding campaign on Geyser, a platform that supports various Bitcoin related causes. Each copy of the book will be accompanied by an open letter meant as an invitation to dialogue, not a political statement. According to the organizers, lawmakers must have a clear understanding of the technological foundations they are attempting to control before deciding the future of Bitcoin and digital assets in the country. In 2025, Polish authorities sought to adopt legislation to implement the latest European cryptocurrency regulations into national law.
A bill presented by the Ministry of Finance in Warsaw was approved by the SCEM at the September, but still awaits the Senate's approval. I know I'm pronouncing SCEM wrong. It's s e j m. Any if any of my listeners are Polish, help me out. Help your brother out here. The proposal is drawn criticism because some of the provisions allegedly go beyond the requirements of the European Union's markets and crypto assets Regulation or MICA, industry representatives warned that if adopted as it stands, the law will threaten the survival of domestic companies and could force them to leave the country.
The last hope lies with the nation's new head of state, president Carol Norwalki, who took office in August and is reportedly preparing to veto the law proposed by prime minister Donald Tusk's government. According to the newspaper, there's no way I can pronounce this name. It's Polish, and it's long. I'm giving up already. However, deputy finance minister, Jaron Dropp, has stressed that without the proposed legislation, it will be impossible for companies to operate legally in Poland. Giving somebody the gift of a book is always actually a good idea, unless you give them something that they're just completely not interested in.
Saifedean is a good author. And maybe, just maybe, the translation into Polish will at the if the first few sentences can reach out and really grab whoever's reading it, whether they're interested in Bitcoin or not, then they might be able to go all the way through it because that is a good read. It it is a very good read. I I highly recommend it. Last on the list for today, Balancer. I brought it to you yesterday, but they have identified a rounding error as the root cause of multichain DeFi exploit. The math in the in the code was wrong. That's what this boils down to.
By the way, this is written by Naga Avan Namoyo from the block. DeFi protocol balancers published its preliminary incident report on the November 3 exploit that drained tens of millions from its composable stable pools across multiple networks, including Ethereum based, Avalanche Arbitrum, Optimism, Gnosis, Polygon, Barachain, and Sonic. All of these are shit chains. Anyway, The Block previously reported that the decentralized automated market maker and liquidity platform suffered massive outflows from its vault. Initial estimates of the loss quickly rose from 70,000,000 to over a $126,000,000 within just a few hours.
According to Balancer, the security partner hyper initiative or, sorry, HyperNative first detected the suspicious activity on Monday. In its preliminary report, Balancer attributed the exploit to a rounding error in the upscale function for a function named exact out swaps within the version two volts batch swap feature. This function allows users to combine multiple swap operations into a single transaction to save gas. Attackers exploited how deferred settlement was implemented in composable pools, which allowed liquidity to fall below minimum thresholds, the team explained. Specifically, the bug, and it is a bug, occurred when non integer scaling factors caused the system to round down during specific calculations creating small discrepancies that the attacker leveraged to manipulate balances and drain vaults.
In many instances, funds were first redirected into the balancers vaults internal balances before being withdrawn through follow-up transactions. The bug primarily affected composable stable v five or version five pools with expired pause windows, while HyperNatives emergency automation, automatically paused v six tools. The incident was limited to composable stable pools on balancer v two. That's really all we need from this. It's it it was a bug that had bad math in a function, and it was discovered by somebody, except it's so deep in the heart of that code, it makes me wonder if it wasn't put there on purpose to be exploited later. This is why I never shit coin.
It is shit like this and this defy crap. Disney this has been the bane of people's existence since the what was it? The summer of what was it? 2019? Or maybe the 2020 when SushiSwap first came alive and the whole birth of DeFi, and it's just been hack after hack after hack after hack. Do yourself a favor. Just buy Bitcoin. Just hold Bitcoin. If you're worried about price volatility in Bitcoin, then just buy it once a week Or every or or take up like, let's say you're gonna, you're gonna spend $35 on Bitcoin every week. What if you spent what if you just bought $5 every day?
That's $35 a week, but you level out the price volatility throughout the week because you're buying $5 every single day. You're gonna spend the $35 no matter what you do because you said, I wanna buy $35 per week in Bitcoin. Well, do it this way. Right? And that way, you're not, like, looking at when should when should I pull the trigger and buy a whole Bitcoin? Don't. Just dollar cost average in, dude. It is literally the way that I did it all those starting all those years ago. This is the way, you know, one of at least one of the companies that's in my family's, you know, group of companies, which they're not big companies. It's not like we're making million dollars, you know, a month. That's that that's not it. It's just more about preserving my father's memory and not having to have a fire sale on a bunch of property that we don't wanna do, so we basically turned him into company. So when I say that, don't think that I'm sitting here with a monocle and a fucking top hat and a cigarette and one of those cigarette holders going, twisting my mustache.
No. No. No. No. No. No. No. No. But that company also buys Bitcoin on the weekly, and that's how it's been doing it for years. So do the same. You don't have to just plop down a whole bunch of money on Bitcoin if you don't want to. If you do, great. Good. Dude, knock yourself out. But if you don't, if you're really worried about the volatility, just dollar cost average, it evens it all out. Alright. So it's Thursday. That's the end of the show. I got nothing left to say, so 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.
Opening, show setup, and headlines preview
History of Bitcoin.com and Roger Vers BCH pivot
Market notes: sell wall, price talk, Poland, and Balancer tease
Tampa Bay Bitcoin wins 1 BTC and builds a circular economy
Call to locals: find the Bitcoin Bay Foundation meetup
Banks vs. Coinbase: lobbying Treasury over stablecoin yields
Bankings delay game and the future of retail banks
Appeals court rejects prisoners $354M Bitcoin hard drive claim
PSA: back up your keys or risk losing everything
UNDP eyes blockchain advisory and training for governments
Power vs. money: who resists change and why
Fed watch: hawkish tone vs. weakening labor market
Run the numbers: commodities, metals, ag, equities, and BTC
News part two intro
Bitcoin.com partners with Concordium on age-verified payments
Order books show an insane ask wall near $105k BTC
Tariff rulings and potential market impact
Poland sends The Bitcoin Standard to all MPs and senators
Balancer exploit root cause: rounding error in DeFi math
Closing thoughts: just buy and DCA; sign-off
