Share on social media:

Episode 1215 of Bitcoin And . . . is LIVE! 

Topics for today: 

• 1 in 3 Young Investors Ditch BTC Hating Advisors
• Samourai's Hill Gets 4 Years
• US Econ Numbers Caused This
• Metaplanet Not Backing Down

Circle P:

 
GreatGhee
 
Product: 100% Pasture-Raised, Grass-Fed, Jersey Cow Ghee sourced and produced in SW Virginia
 
Put BitcoinAnd in the order comments section
 
https://greatghee.com/

nostr Profile: https://ditto.pub/@[email protected]

 

Today's Articles:

 
https://bitcoinmagazine.com/technical/brink-funds-first-third-party-security-audit-of-bitcoin-core-by-quarkslab

https://cointelegraph.com/news/young-investors-switching-advisers-crypto-access-survey

https://decrypt.co/349305/samourai-wallet-cto-william-hill-sentenced-four-years-prison

https://www.theblock.co/post/379698/bitcoin-attempts-fragile-lift-as-fed-signals-patience-on-rate-cuts

https://www.coindesk.com/markets/2025/11/20/u-s-added-stronger-than-forecast-119k-jobs-in-september-but-unemployment-rate-rose-to-4-4

https://bitcoinmagazine.com/markets/bitcoin-selloff-whales-keep-holding

https://bitcoinmagazine.com/bitcoin-for-corporations/new-shareholder-tools-make-bitcoin-activism-easy-to-launch-hard-to-ignore

https://atlas21.com/auradine-brings-native-stratum-v2-to-its-new-teraflux-miners/

https://cointelegraph.com/news/metaplanet-class-b-raise-bitcoin-treasury-mercury-program

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/

[00:00:03] Unknown:

It is 09:14AM   Pacific Standard Time. It is the November   2025,   and this is episode   twelve fifteen of Bitcoin.   And a security audit of Bitcoin Core has been performed.   I'm gonna tell you all about what we know, anyway, about that.   It was funded by Brink,   so this should be interesting.   And according to this, it's the first time this has ever been done. However,   honestly, this is open source software. So   it's kinda been audited   ever since it it dropped.   So we'll we'll find out more because that's why you're here. It's all the news you can use about Bitcoin and more going on around the world.   And in fact, there is more going on around the world.  

One in three young investors   switched their advisors because of Bitcoin.   One in three.   33%   just said, no. I'm done with you telling me crap.   William Hill from Samurai Wallet   has been   sentenced. So we'll talk about that one too.   The Fed minutes came out yesterday, and it's it's rocking markets pretty much everywhere.   And we'll talk about that one right before we end up in the middle segment   where we run the numbers. And then coming out of that,   we're gonna talk about some long term whales, apparently, are still holding.   Van Eck has some kind of analysis on that. And then   shareholder   tools   for Bitcoin activism,   that's gonna be kind of an interesting one. I'm looking forward to that one myself.  

And then Stratum v two,   goes to   Teraflux miners.   Erudyne seems to be,   installing the Stratum v two directly   into firmware.   So thank God,   we've been needing Stratum v two for a long time.   We've had it out in production for a while, and now it looks like   miners are stepping up to the plate. And then we're gonna talk a little bit about Meta Planet because they don't seem to be finished.   Promise you, we'll figure it all out together. At first, we're gonna start with this audit   From Bitcoin Magazine, Shinobi,   Brink funds the first third party security audit of Bitcoin Core by QuarksLab.   I've never heard of QuarksLab, but we'll find out. Brink,   the Bitcoin Development Organization   recently funded the first   ever   independent   security   audit of Bitcoin Core   conducted by a third party, and the full report is available here. And, of course, that is a link.  

The audit was conducted by QuarksLab,   a software security firm with the help of the open source technology improvement fund   in collaboration with Bitcoin core developers,   Nicholas Gogier   or Gogier. I cannot pronounce his name. Gogier, I I think is how it's pronounced. But,   they're from Brink, and then Antoine   Poinsat from Chaincode Labs.   The security audit marks a milestone in the development history of Bitcoin Core,   the most widely adopted and referenced client   of the Bitcoin network and protocol.   While Bitcoin Core security policies and practices   have been steadily hardened   and revised to be more thorough and comprehensive over the last few years, an external audit by a third party specialized in security review is a new bar to meet,   and it was met.  

The audit involved manual code review, static and dynamic analysis with automated tools,   advanced fuzz testing as well, which takes automatically generated input and runs it through different code paths attempting to reveal unexpected or detrimental behaviors.   No critical   high or medium severity bugs were discovered in the audit.   There were, however,   two low severity issues.   They were different.   And then there were 13   other issues that are not classified as vulnerabilities   under Bitcoin Core's vulnerability   classification   criteria.  

The entire process also resulted in improvements in Bitcoin Core's testing infrastructure,   including new fuzz testing infrastructure for block connection   and chain reorganization   scenarios,   a new area to be covered by testing,   file system improvements speeding up and improving fuzz testing in general,   new utilities for testing backsliding code performance,   and suggestions for improving code readability   for reviewers and new developers.   Some of these improvements are already being worked on for eventual review   and merging into the Bitcoin Core repository.  

The results of this independent security audit have reinforced that Bitcoin Core's improvements   over recent years in security policy,   testing, and overall quality review have had a meaningful impact   on the project.   So   I   I don't really know what to say about this because I   I'm pretty much sure that fuzz testing has been been   part of Bitcoin core testing for a while.   The only thing that this the only thing about this that looks like it's any kind of different   is that it was done by a third party that has,   well,   not as much to do with Bitcoin as the actual Bitcoin Core development group.  

Still though, I I I think it's   I think it's important for us to understand that this isn't the first time Bitcoin Core has been tested,   has been audited,   has been looked at from   every possible direction that you can look at it from. It's been live in production since 01/03/2009,   and it is a free open source software protocol.   Anybody can look at the code,   and   anybody has looked at the code   several times.   So I I wish Shinobi would have put something about   about that in there because it almost sounds like to an to a newbie,   it almost sounds like, holy shit, this has never been tested before? Yes. Bitcoin Core has been   tested eight ways from Sunday.  

It's always been fine.   It's interesting that they've performed a third party audit, but   please understand,   this thing's been audited many, many, many times before.   Okay. Moving on.   Jesse Coughlin from Cointelegraph,   one in three investors   switched advisers   over crypto access according to a survey.   Alright. Well, I I I can totally believe it.   Money managers   may need to rethink their approach to digital assets with over a third of young wealthy investors in a recent   US survey indicating they had moved on from advisors   who don't offer crypto exposure.  

Crypto payments provider, Zero Hash's survey of 500   US investors   between the ages of 18 and 40 years old,   released on Wednesday, found that thirty five percent of them had moved money away from advisors   who didn't offer access to crypto.   Those surveyed   had incomes between $100,000   and $1,000,000,   and more than half of those who moved money due to an adviser's lack of crypto offering said they had moved between 200 and 50,001   million dollars.   Crypto has only recently enjoyed an ultra friendly policy environment in The US, and some wealth advisers are still playing catch up as younger investors are less risk averse compared to past generations.   Zerohash said that over four fifths   of those surveyed said their confidence in crypto was boosted due to its adoption by major finance institutions such as BlackRock,   Fidelity, and Morgan Stanley.  

Zero Hash found that respondents   with incomes of 500,000   and up were leading the exodus with half moving   or rather, with half   having moved from advisers   over crypto access.   The survey also found that 84%   of all the respondents plan to increase their crypto holdings in this next year, with nearly half saying that they would increase their allocation significantly.   Zero Hash said the findings show that crypto has become essential to modern portfolio strategy, and many wealthy investors are just not waiting for their private wealth managers to catch up. Quote,   advisors who adapt early can strengthen client loyalty and capture new growth,   while those who delay   are risking falling behind,   end quote. They added   that investors were clear with their expectations and wanted insured compliant crypto access.  

Zerohash said based on its survey results, its playbook for advisors to win investors is to offer crypto on the same dashboard as traditional assets   with insured   custody.   Quote, investors expect more than Bitcoin and shitcoin number one.   92%   say access to a broader range of digital assets   is important.   Meanwhile, asset managers have begun offering exchange traded products with exposure to a wide range of shitcoins   with products tied to altcoins including and then they list a bunch of shitcoins.   Then there's more novel products featuring staking,   which rewards users for locking up tokens to secure a blockchain. Yeah. That's that's what they tell you it's therefore,   that's that's a bold faced lie.  

Staking is is   it's just a form of of grift. I'm sorry.   If you're out there thinking that you're staking your Solana or your Ethereum and and it's, you know, because you're securing the blockchain,   you're not.   That blockchain is secured in a completely different manner than what anybody's being told.   It just is.   Only only proof of work matters. I'm sorry, but that's just the way it is. So there's a couple of takeaways here.   One   is that, you know, traditional wealth managers are starting to lose their clients   over refusing   to understand what these products are.  

Two,   and more importantly,   this is exactly why shitcoins will always be with us.   Do you hear that that freaking sentence?   Investors expect more than Bitcoin and shitcoin number one.   92%   of these people that have been surveyed   say they want access to a broader range of digital assets and that that's important.   Honey, a broader range of digital assets just means a whole   slew of half baked shit coin projects   that are   purpose built to steal your money.   Don't get into all this, please, for the love of all that is holy and and right and good in the world,   which the following is not right and good in the world because samurai wallet CTO William Hill   has been sentenced to four years in prison. Vismayev v from decrypt.c0   is gonna tell us about it. A New York judge on Wednesday   sentenced samurai wallet cofounder William Longergan   Hill to four years in prison,   the second conviction in a case crypto advocates say threaten software development freedom.  

Judge Denise Coates   sentenced the 67 year old I didn't realize he was 67.   67 year old developer to three years of supervised release and imposed   a quarter million dollar fine according to a statement with the US Attorney's Office of the Southern District of New York.   That sentence comes two weeks after Samurai Wallet's cofounder, Keone Rodriguez or Keone Rodriguez,   was handed a five year prison sentence   and a similar fine.   Rodriguez and Hill plead guilty in July to conspiring   to operate an unlicensed money transmitter after prosecutors agreed to drop more serious money laundering charges.   The sentences the defendants received said they clear message, this is a quote, a clear message   that laundering   known criminal proceeds, regardless of the technology used or whether the proceeds are in the form of fiat or cryptocurrency,   will face serious   consequences,   US attorney Nicholas Roos said in a statement.  

I'm pausing just to say Nicholas should probably go read the Blanche memo again, which stated that the DOJ under Trump was not going to prosecute anything like this.   Please understand that what we have is a giant hypocrisy.   It doesn't matter   if you like Trump.   It doesn't matter if you hate him. It doesn't matter if you're neutral. The facts are this.   The Blanche memo stated clearly that the DOJ was not going to prosecute   this type of shit anymore.   And here we are   with a massive prosecution of samurai developers and both of them sentenced   to five year and four year prison   sentences   respectively.  

It's hip it's a hypocrisy.   There's no sugarcoating it.   There's no painting this little this little child's picture in different colors to make it say anything other than what it is, hypocrisy.   It was a bold faced lie   that the Department of Justice handed us, and we bought it hook, line, and sinker because we were blinded by what?   Oh, we're gonna do a strategic Bitcoin reserve.   Oh, we're not gonna do things the way the Biden administration did it because those guys sucked.   No. No. And we got what?   Lied to again.   You   know, different guy,   same shit.  

It's   ridiculous. But continuing on,   authorities also said samurai wallet users relied on its Whirlpool mixing service and ricochet,   a hop adding tool to obscure Bitcoin transactions, moving more than 80,000 Bitcoin worth over $2,000,000,000 and generating   $6,000,000   in fees.   Prosecutors also presented evidence that Hill promoted   samurai on the dark net forum   dread   as a way to clean dirty BTC while Rodriguez encouraged Twitter hackers in 2020 to use Whirlpool and describe mixing   in messenger   WhatsApp   as money laundering for Bitcoin. Yeah. That was not   a   that was not a smart move.  

That was just dumb. Oh, shit. There's an autism defense. Oh, oh, interesting.   Hill's defense attorney   argued his clients recently   recently diagnosed   autism   impairs his judgment, giving him a quote, magical thinking autistic view   that non custodial tools insulated him from legal liability according to the Rages report. Oh, shit.   They're using an autism,   defense.   Interesting. While judge Coate acknowledged the diagnosis would make prison more difficult for Hill, she rejected flat out claims   that minimize the crime stating people should be deterred from such actions.   She then reduced his sentence from the prosecution's requested sixty months to forty eight months. So the autism defense bottom a year. That's what that did and, you know, hey, a year is a year. Hill will start start his sentence January,   while Rodriguez   must surrender to law enforcement custody December 19.  

Privacy advocates earlier told Decrypt the case would carry sweeping implications on developers' ability to write open source software   while being free from fear of persecution.   Kadan Stadelman, chief technology officer at Komodo Platform,   told Decrypt that the samurai ruling points to a double standard in financial enforcement   and that targeting privacy tools is a two tier justice system.   US authorities   have quote made it clear that they do not want crypto users to enjoy privacy.   He said calling the ruling a chilling moment that treats samurai's cash like privacy tools as criminal.   Stadelman   noted the United States government is making an example   of the samurai samurai founders   and said the industry must push for presidential pardons while continuing to build decentralized tools   to fight back against the surveillance   state.  

Rodriguez   has launched a petition calling on the president or president Donald Trump   to pardon both developers,   quote, developers shouldn't be liable for the actions of bad actors using their software,   Rodriguez tweeted on Wednesday.   You   know, and I agree with that   wholeheartedly.   If you are going to develop privacy tools   in the monetary context,   please don't go on Twitter and say this is this is like money laundering for Bitcoin.   That's not helpful for you. It's also not helpful for the wider ecosystem, but it's certainly not helpful for the developer.   And and as always, my second piece of advice here, don't use your own name.  

Why do   that is always the question. In free and open source software   and   it's not like you gotta pay for samurai. I can go get it right now.   I can go get Whirlpool. I can spin one up right now. They didn't close it down. They can't because it's free and open source software, and it's running everywhere.   If you're a developer, free and open source software, why is it critical to use your own name?   Can anybody answer that question for me?   Because it doesn't seem   it seems odd. It almost seems like   I I mean, I can see you using your own name if you're developing a piece of software that you're gonna copyright   and you're gonna sell, and you need to make sure that, you know, you're the one that gets the money for the sales because it is your intellectual property, and you've got the copyright on it, and you've got sales rights and all that kind of stuff. Yeah. You're gonna need to use your own name. I get it.  

But if you're not planning on doing any of that and you're gonna release it out into the wind for everybody to use as free and open source software, then   why put your name on it if not for   being able to tell people, see what I did?   You know, in a way, there's, like, there's a way of, I guess, maybe building   reputation   or some kind of   networking wealth, not money wealth, not monetarily, but, like, networking wealth because you're using your name. Why not just use a nim?   I mean, I'm not even sure   if, like, some of the names that I know in this space,   if they're actually the real names of people. You know, there's a couple that we've already found out. Aren't there real names? That's fine.  

Do that.   Or or people like Shinobi. I know his name is Brian Trolls, but I don't know I don't even think that's his real name. And that's okay. I don't wanna know his real name. I don't need to know who the hell Shinobi is because I know who Shinobi is.   Shinobi presented himself as Shinobi or as Brian Trolls   on, like, one of the very early Bitcoin podcasts.   Now he's, you know, he's, like, I guess, editor in chief over at Bitcoin Magazine. I mean, I guess. I'm not exactly sure about that, but I know he works for Bitcoin   Magazine. I don't need to know his real name.  

I know who he is.   So, again, I I implore you, please educate me   why,   in the context of developing free and open source software,   people find it necessary to use their real God given legal name.   It doesn't make any sense to me. I don't like it. But you know what I do like is great ghee. Greatghee.com.   Over at greatghee.com,   you can get the greatest of ghee's from greatghee.com   is clarified butter, yo.   And you make it by simmering butter to remove all the water,   all the milk solids, of which there is quite a bit left,   and any impurities   because, yes, there are impurities in butter like little bits of dust. I mean, hey.  

Food is food,   especially with animals that that, you know, eat hay and stuff. You're you're gonna it's gonna happen. It's just gonna happen. And the way that you get rid of all that crap is you clarify   it by simmering the butter for quite a while   until you get a clear   golden lactose free oil with a nutty flavor and a high smoke point. And unlike regular butter,   ghee is shelf stable, which means at room temperature, you can keep it on the shelf.   After, like, after you open a jar, you can still keep it on the shelf. If you're going to be using it for a very long time, like, you're you're planning on keeping it around for months,   you might wanna refrigerate it. But if you're just if you haven't opened it yet, you can keep it at room temperature for years, and it will be fine.  

It's part of the food preservation stuff. Right? So Great Ghee is the one that does it, and he makes his ghee by hand   from some of the   best milk that you can find.   I mean, it's like let me see. Where does it say   oh, I can't   did it's not where I I remember it, but it's like a 100%   grass fed   milk. It it's he's starting with the best of ingredients to make ghee over at greatghee.com.   Make damn sure that you use the code Bitcoin, and that way, you get   to tell Great Guy that I made a sale for him, and Great Guy needs to be able to know that so he can figure out whether or not and how much and how many   Satoshis he sends me   given the value of the sale that I've made for him. Use Bitcoin and, the code Bitcoin and, over at greatg.g.com.  

Get yourself some ghee.   Do it now.   Do it now.   Do it now. That's greatghee.com.   Alright.   Bitcoin attempts fragile lift, which didn't work, by the way. This is this is old enough to to no longer be relevant, but   it does have some other news here.   Bitcoin attempts a fragile lift as the Fed   signals patience   on rate cuts,   and that's why you're seeing the dump this morning.   It wasn't a dump when this came out, but it's a it's a dump now.   So let's find out a little bit more about what's going on here. Hold on. I need to check something here.   Yeah.  

So I'm not gonna read all of it. I wanna read this particular part before we, break to run the numbers.   Fed   keeps conditional stance.   That's   hawkish language.   It's not exactly hawkish, but it sure as shit ain't dovish.   So how does that break down? Well, the Fed's minutes   offered very little clarity   for traders hoping for a December rate cut. While inflation is improving,   officials emphasized, quote, confirmation before cuts   signaling that easing remains possible.   It's possible. Oh my god. It's possible, but it's not guaranteed.   And nobody wanted to hear those last two words. Not guaranteed.  

That's why you're getting   everything is bleeding to death today. It ain't just Bitcoin. So just understand that.   BRN's   Nasir said that the conditional messaging   has weighed on broader risk sentiment,   preventing markets from building a one way trade around intimate or rather imminent policy support.   NVIDIA's earnings, however, delivered the opposite effect, boosting sentiment   in tech and giving risk markets a short term lift.   The chipmaker reported   fiscal third quarter revenues of around $57,000,000,000   with guidance towards 65,000,000,000   for the next quarter, helping stabilize risk assets after Tuesday's crypto led drawdown.  

Quote, Bitcoin has been all over the place in the last twenty four hours, pulled at different directions by conflicting news,   said Nick Puckrin. I love that name. Puckrin,   cofounder of the coin bureau. Quote,   if the positive mood in tech continues into the weekend,   Bitcoin will likely follow.   Bitcoin has been down for over seven days.   So today's move higher   could mark the start of a reversal.   Narrator,   it didn't.   It's okay.   Nobody jump off a cliff.   We've been here many, many, many, many, many, many, many, many times before. In fact, a lot of you guys that are out there   have actually already seen this just at different price levels, so you don't recognize   it. But if you look at a percentage on a percentage drop   over the last, like, what, four weeks or however long we've been going through this garbage,   you'll look at it and go, wait a minute. I've I've seen   I've seen those same drawdowns before.  

Yeah. Not at when they're starting at 26 or a $126,000   you haven't.   That's why it feels different.   But if you look at it from a percentage drawdown,   most of you listening to my voice have already been through this, and you don't even know it.   That's amazing. Anyway,   Puckren highlighted a 107,500   as the next   resistance level if upside momentum builds in 75 k as a strong downside support zone should macro jitters   intensify.   And, you know, honestly,   freaking who knows?   But there's   more to the story   before we run the numbers.   Something old,   something new,   September payrolls, jobless claims, and home sales,   according to the Philly Fed,   have actually finally   dropped.  

So this is not helping.   Right? Because this is like old data that we should have already gotten, but   due to the shutdown, we didn't get. And now that the government's back open for business,   here they come. And what does it look like? Well,   starting with the Labor Department's   history report on September payrolls,   The US economy   added a 119,000   jobs.   Oh, well, that's good news. And that was more than double analyst expectations.   Okay. Well,   that's also good news,   except   it   basically feeds the Federal Reserve's decision   on if and when they make any more rate cuts,   and that didn't help.  

Because, again, and I've said this many times before, Jerome Powell can stand firm and say, see, it's working.   We're getting jobs.   Except we all know those numbers are a fucking lie. Right? Because   the number stands in the shadow of downwardly revised   August   data, which now shows a loss of 4,000 jobs   rather than the 22,000   added jobs originally reported.   Can anybody   trust these numbers at all?   So we've got a report in our hands that say we added a 119,000   jobs, more than double analyst expectations. Yet the month before,   instead of adding a mere pissing 4,000 jobs, we actually lost 22,000.  

Nobody should believe any of these numbers.   And that's gotta make Jerome Powell's job and all the rest of the Fed governors' jobs   very, very difficult.   How do you know what the hell is going on? How do you even know what's working? How would Jerome Powell be able to stand in front of Trump and say, see? It's working   When you've had to downgrade   by a lot   an entire jobs report, I see   just   everything is a lie. Everything is a lie. Everything is a lie, but it also marks   only the fourth upside surprise for the last twelve months.   Digging beneath the headline, the service sector was responsible for 89.7%   of private sector job ads.  

What we're seeing here   is the first glimpse of a jobs report since the government shutdown,   and it certainly is not reflecting what may have happened in the month of October   and what's presently happening now in November, Peter Cardillo,   chief market   economist at Spartan Capital Securities tells Reuters.   The report also gave markets a second glimpse at September inflation showing   average hourly wages rose by point 2% on a month over month basis,   a cool down from, you know, August upwardly revised point 8% growth.   Year over year wages increased 3.8%.  

Quote, we are monitoring the impact of immigration policies   to those industries like construction and leisure and states like Texas that are the most exposed.   These dynamics are likely to pressure wages and keep inflation higher than target.   The jobless rate unexpectedly inched higher   to 4.4%,   while the labor market participation rate improved to 62.4%.   That makes sense because when workers jump back into the labor pool and start looking for work, they are then counted among the unemployed.   Quote, this leaves a December   easing still in play with payrolls rising briskly,   but the unemployment rate picking up and matching our above consensus   forecast, said Samuel Toombs,   chief US economist economist   at Pantheon Macroeconomics,   quote, we think September's payroll estimate greatly overstates   the strength of labor demand.  

Alright. So this   this is what happened   yesterday   when the Fed minutes dropped. This is what we were given.   It's not just the Fed minutes, but all these other things   just came all out of the woodwork. It was like a punch to the face of markets around the world. Bitcoin caught it square on the chin,   but, dude, it's not like it's the only thing that's having issues today because of these numbers.   What really disturbs me is the fact that we keep   thinking   or we keep listening   to the Fed when they give us labor statistics, and then they turn right around and say, yeah. Yeah. None of that shit was true.   I'm sorry.  

A 26,000   job   adjustment   in a month   from somebody who has the toolset   of the United States government   to bring to bear on putting these reports together   is   reprehensible.   You either knew   or you should have known   exactly how many jobs we had,   and you didn't.   Let's run the other numbers.   CNBC   Futures and Commodities, Brent North Sea is down   point 6% to sixty three thirteen a barrel. West Texas Intermediate Oil is down point 79%.   Back to $58.97,   you go.   Natural   gas is the hedge,   and it's green. Right? Point 79%   to the upside,   $4.58   per thousand cubic feet. Gasoline   is down one and a third to a buck 90 a gallon, and Murbaughn crude is down point 4 to $64.61   a barrel.  

No escape for shiny metal rocks either. Palladium down one and a half, gold down point eight. Still holding above 4,000, but barely   4,050.   Platinum is down 2.8%,   getting kicked in the crotch there. Silver down 1.6,   and copper is down point 74%.   Meanwhile, ag is mostly in the red, but there are some green ones here. Chocolate is up 2.8%.   It's our winner. Our biggest loser of the day is wheat,   1.14%   to the downside.   Live cattle is down another 1.17%   today, but lean hogs is up another point 8%.   Feeder cattle down two points.   And here we go.  

Legacy   equity markets starting with the S and P, down point 8%.   Nasdaq is down one and a third.   The Dow is down two thirds of a point, and the S and P Mini is down just over a full point. I'm telling you, nobody's   nobody is surviving these numbers.   And Bitcoin is having problems too. 86,680.   Wow. Was that a palindrome? Almost.   $1,730,000,000,000   market cap. We can only get 21.5   ounces of shiny metal rocks with our one Bitcoin of which there are 19,951,182.41   of.   And average fees per block are normal, 0.03.   BTC taken in fees on a per block basis. It's about 25 blocks carrying 37,000   unconfirmed transactions waiting to clear at high priority rates of one. Satoshi per v byte, low priorities are the same.  

Still in Zetahash territory for hash rate on the Bitcoin network, 1.05.   It's down a little bit from yesterday, but it is still Zetahash.   Miners are still plugged in, 1.05   zetahashes per second. It's the hash rate on the Bitcoin network.   From Cracking Up Kenya,   yesterday's   episode of Bitcoin and I got oh, wow. Daniel. It's Daniel.   Hold on for a sec. My apologies. I got a phone call that I just had to take, so I kinda interrupted me. So where was I?   Oh, yes.   Cracking up Kenya. Yesterday's episode of Bitcoin and I got boostograms, and I got one from my good friend, Daniel Prince.   Daniel Prince says, with a thousand sat says,   do y'all know Cantor Fitzgerald   merged with the company that specializes in tokenization.  

Right?   Right, guys?   They are called securitized.   Yes. The same Cantor Fitzgerald   backing a Bitcoin treasury company, and that's he's got that in quotes.   Yes. The same Cantor Fitzgerald,   whose CEO is also the sitting secretary of commerce.   Wake the fuck up, people.   They want your Bitcoin.   Stay humble. Stack stats, self custody, opt out of this fiat hellscape.   Great work as always, Dave. Thank you, Daniel. I appreciate that. If you don't know who Daniel Prince is, he's host of the Once Bitten podcast. Again, that's the Once Bitten podcast.   Daniel Prince does a really good job with that podcast. It's one of my favorites. I I I love it. I've been on that show,   I think, three times,   I think.  

He's always great to talk to, and he has had   many,   many guests on his show over   I think he's been doing it for as long as I've been doing this one. So we're we're sort of in this together. So hats off to you there, Daniel. Paul Cerny with five hundred says, thanks again for another insightful episode.   Tokenization   is a much bigger topic than generally understood.   If David Rogers Webb is correct,   it will fundamentally   change property rights and by this,   transform society globally.   Keep watching this issue.   If I may suggest, maybe you could do a special episode on this and keep up your good work, which is always greatly appreciated. I'm still looking forward to your next cathedral episode. Till then, I will always hear you on the other side.  

Paul,   much appreciated,   the 500 sats. Also, I will   I keep meaning   to turn out this particular episode of the cathedral series, but it's very it's it's much more difficult than I imagine.   I can see it clearly in my head,   but it's very difficult to articulate   verbally.   You know? And it's like it's one of those things where it's like that's   that's where the rubber meets the road. Being able to translate what you see in your head that you see plainly   to somebody else who can't see it at all,   that's   there's a real talent in that,   and   I'm on a lifelong   journey to hone that talent. I'm I'm okay at it, but I gotta get much better at it. I promise, Paul, it it's coming out. I just gotta I just gotta bust it out, man. Nick Dose with a 106 SAT says cheers.  

Jason High with three sixteen SAT says John three sixteen.   That it's the book of John in the bible in the New Testament   chapter three verse 16.   You might wanna go read that one. Tulips with 500 says, tulips,   dude,   banks are coming for our savings either through tokenization,   CBDCs, or stablecoins,   which we will just call dollars eventually.   In Europe, the population is totally docile and domesticated,   but their leaders are fucking tyrants.   Slow erosion.   In Latin America and Africa, shit, is wild and the people unruly.   The contrast will provide the best social experiment ever devised once Bitcoin takes hold,   and we have the best seats to watch it play out. The status quo is just tulips,   and it's going to zero.  

Nikaz eighteen with two ten says, great show. Live Aloha. Pies with one twenty one says, thank you, sir. No thank you.   Is that it? Yep. That's it. That's the weather report.   Welcome to part two of the news that you can use Van Eck   mid cycle traders driving Bitcoin sell off while long term whales   keep on a holding.   Micah Zimmerman writing for Bitcoin Magazine.   Bitcoin's recent decline,   excuse me,   is being driven by mid cycle huddlers,   not long term whales according to   new on chain research from VanEck analysts. The firm noted in a recent report   that long term HODLers   continued to accumulate,   while short term futures markets show deeply oversold conditions following tariff driven liquidations.  

Despite widespread speculation that early Bitcoin whales triggered the sell off, on chain data shows that   coins held for five years or more continue to rise.   These older cohorts increased their holdings by roughly 278,000   Bitcoin over the past two years, signaling limited turnover among wallets with the longest histories.   In contrast,   supply among wallets that last moved their coins three to five years ago has dropped for every measurement window.   Over the past two years,   this particular tranche fell by 32%   as coins were transferred to new addresses.  

The VanEck analyst   view these sellers as cycle driven traders rather than long term investors.   The past month delivered a negative 13%   drawdown,   driven in part   by outflows from Bitcoin exchange traded products. Since October 10,   Bitcoin ETP balances have fallen by 49,300   Bitcoin, which is about 2%   of total assets under management as recent buyers exited positions during rate cut uncertainty   and the shifting AI market sentiment.   Sentiment indicators also show rising fear among retail participants.   Bitcoin's fear and greed index index fell to its lowest reading since March, aligning with the onset of tariff related volatility.   Whale holdings are shifting in a more nuanced pattern   than outright distribution.  

Large hodlers with 10,000   to a 100,000 BTC have reduced supply over the longer term,   down 6% over six months and 11%   over twelve, while mid size hodlers   in the one hundred to one thousand BTC   range   absorbed this supply and increased their balances by 923%   respectively over the same periods.   More recently,   some large cohorts   have turned into net buyers.   The ten thousand to a hundred thousand BTC Group increased holdings over the past thirty, sixty, and ninety days,   coinciding with a sharp drop in futures market open interest during tariff driven liquidations.   While the analyst   stopped short of making directional predictions   well, duh.  

The data shows that the longest term Bitcoin holders   remain largely in place.   Mid cycle traders are driving the selling, and the futures markets have undergone a significant reset. After a month of pronounced liquidations,   the analysts characterize current conditions   as, quote, aligned with prior periods of tactile reentry for some investors   when analyzing coins by age rather than wallet size, selling pressure is most concentrated among holders   who last moved their Bitcoin within the past six months to five years.   These groups saw significant outflows over the past month.  

Holders in the six month to two year band   have rotated   into the market as sellers,   while the three to five year cohort continues to shrink across all periods. Reviews,   analysts   connect this behavior to traders who entered during   prior down cycles   and are now exiting on price weakness.   So they bought in at the same time that they're selling out.   Good job.   Excellent work for being   neutral   this entire time.   You you   get   nothing.   You win nothing.   Nothing, nothing, nothing.   Good lord. By comparison,   coins that moved or last moved more than five years ago,   those show minimal churn, reinforcing the idea that long term holders are are not the ones driving this sell off.  

So   you can do with that what you   will. Alright. We talked a little bit about that yesterday. This is a little bit more   detailed of a report of what's going on. But, yeah,   this tracks   with pretty much every single other time that we've seen a 35%   drawdown.   People that got in at the top are like they they don't know how to hold.   They don't have the patience. They don't have the long term view. They're still programmed   by all the the toxic bullshit programming   that we've all come to know and love   that was our childhood,   our parents' childhoods,   and their parents' childhoods   as well.  

Yeah. Their company's gonna take care of you. You have a retirement plan. You got a four zero one k. You gotta have life insurance because everything bad in the world is gonna happen to you. And you gotta do this, and you gotta do that, and you gotta you can't take a breath.   And every single thing that we've been told is actually a lie. So   it doesn't surprise me that these people,   which basically represent the exact same cohorts   as every other time that we've seen a drawdown like this, are the first people to cut and run because, honestly, they're just,   they don't know how to do it. I was about to say spineless, but that's not it. Right? That's being derogatory, and that's that's not fair. I don't know if they're spineless. I'm sure that there are some spineless people in there, but there   there's gotta be other people in there who just don't care the way that you and I care.  

You know, the the the world that they see isn't as bad   as the world we see. Maybe they're the guys that are sitting on the sunny side of the bus in that meme, and we're the ones that are looking at the rock wall. I don't know.   One thing I do know though, I I am and I am just as as clear in my own soul about this as I can be.   This fiat system needs to die   because we have absolutely wrecked the money.   But how many of us understand it that way?   The answer is, I don't know. There's no way to know.   But there is some activism going on in the Bitcoin space, and apparently we got tools for them. Bitcoin magazine's Nick Ward is writing this one. These new   shareholder   tools   make Bitcoin   activism   easy to launch   and hard to ignore.  

Now I stumbled several times with what the hell are shareholder   tools   when it comes to the context of Bitcoin activism.   I finally figured it out, and so will you, by reading this for most of my life.   The limiting factor in bringing my ideas to life has been code.   I've always had a clear vision for the tools I wanted to build, but the execution gap was real.   The ideas stayed on whiteboards,   in notebooks,   and in half finished Photoshop mock ups. That barrier no longer exists.   AI   has collapsed it.   In just nine days, I built two fully functioning consumer applications designed to equip   shareholders   with the leverage that they've never had,   the ability to advocate   cleanly,   credibly,   and at scale   for Bitcoin   on the corporate balance sheet.  

These tools weren't commissioned. No one told me to build them. They are not fancy, intricate, or technically complicated.   They came from simple observations.   One,   corporations   control the majority of global capital. And two,   shareholders deserve a frictionless way to push those corporations towards strategic   long term Bitcoin   adoption.   So first up is the Bitcoin Treasury Simulator.   The Bitcoin Treasury Simulator answers a question that should be trivial but wasn't.   How would a company have performed if it had allocated even a portion of its treasury to Bitcoin?   Retail investors can now enter a ticker,   choose a time frame, and instantly see the opportunity cost of holding cash instead of Bitcoin   expressed in clear   defensible terms that anyone can understand.  

For the first time,   shareholders   have a factual data driven tool that they can bring to corporate boards,   IR teams, and fellow investors to show exactly   what's at stake. And you can try that simulator at simulator.bitcoinforcorporations.com,   simulator.bitcoinforcorporations.com.   The next is the Bitcoin Treasury shareholder   activism kit.   The shareholder   activism   kit has always been powerful,   but it's been inaccessible to most investors.   The rules are complex. The legalese is intimidating.   The entire process feels like a wall you only get past if you're a lawyer on a billion dollar fund. So I built a generator that removes all of that friction.   The Bitcoin Treasury Shareholder Activism Kit walks any verified shareholders   step by step   through generating a legitimate   SEC   compliant proposal asking a company   to evaluate or adopt a Bitcoin treasury strategy.  

It produces the documentation,   all of the language,   the filing structure, and the instructions needed to get the proposal included   in the company's proxy.   Something that once felt like it required attorneys and institutional resources can now be completed within two minutes.   Why do these tools   exist?   Corporate Bitcoin adoption does not happen by accident. It happens because someone,   inside or outside the company, pushes for it with clarity, precision, and persistence.   These tools are built for the people willing to make that push. They give shareholders clear data,   a credible filing pathway,   a structured way to change corporate behaviors,   and the confidence to take action without needing   permission.  

What comes next?   Because this is just the beginning,   both tools will evolve,   expand,   and integrate more deeply into the broader Bitcoin for corporations   ecosystem. But the important part is this,   AI has made technical hurdles of these projects much easier to overcome.   And if enough people decide to build the future they want, one tool at a time,   we accelerate   corporate Bitcoin adoption far faster than anyone expects.   Okay. Given what we've been seeing   over, like, all these Bitcoin treasury companies,   the decline in the price,   all the stuff, and we're gonna get into Meta Planet at the end of this show. Alright?  

I understand that you're going no more Bitcoin for corporations.   And all I can say is, well, too bad, because if they wanna buy it, they get to buy it.   And there's not a damn thing we can do about it. But now   now there's a couple of actual tools that this guy has written   where you can do that. The Bitcoin Treasury Simulator and the Bitcoin Treasury Shareholder Activism Kit.   And whether or not you you love the idea or you hate it,   this is   this is just one of the kinds of tools   that people are using artificial intelligence to build. Have I used it? The the answer is no. So I don't know I and not only have I not used it, I haven't even looked at it yet. I haven't even gone to simulator.bitcoinforcorporations.com.   I I haven't looked at kit. Sorry. I forgot to say this one. Kit.bitcoinforcorporations.com.  

So there's   kit@bitcoinforcorporations,   and then there's simulator.bitcoinforcorporations.   And I haven't looked at either one of them. And I haven't generated documents out of either one of these things to send to my sister, who is pretty steeped in corporate law, to see, is this all bullshit?   Because she would know.   She's seen these documents before. I mean, she was, you know, mergers and acquisitions   for a lot of different companies. So she's been in that in that churn   for a lot of her professional life. And   I very well if I get the time, I'm I'm gonna do this. But still,   you can build whatever you want.  

In fact, if you hate   Bitcoin for corporations   so much,   than use AI to build your own tool to talk people out of buying Bitcoin for corporations.   Talk corporations   out of it. You know? I mean, it's like we don't know what we don't know the nuts and bolts of these particular applications that have been built.   You know? So we don't know exactly how these things are structured.   I'm not saying anything bad about this guy. I'm sure it's completely above board. But I am saying that I know that there's people out there that are so tired of the Bitcoin Treasury company strategy bullshit   that they don't want anybody else doing anything to make it easier for people like Michael Saylor to get even more Bitcoin.  

Because yes. And and I agree. It is a dangerous situation.   So if that's your bent,   then you too can use AI,   just like this guy did, to build the antithesis   applications   for this.   And that's not even the point. I don't want, I'm not saying this the the that you guys can go throw down on the battlefield. I'm just saying   this is one of the things that AI is useful for.   We don't have to be terrified of these things all the time.   We don't have to be terrified of AI. We don't have to be terrified of robots. We don't have to be terrified of anything   that is going to end up being inevitable anyway.  

The faster we learn how to embrace it,   the more graceful we are at our use of it.   We can probably do some really great things. I don't think it's pie in the sky like Elon Musk saying yesterday that AI robotics is gonna wipe out poverty.   I don't believe that shit for a second.   How do I know? Because Jesus told me, the poor will always be with you.   I don't I I I'm pretty much going with that one.   Right? But   that said,   you don't have to be scared of AI. And if you hate the thought of corporations buying more Bitcoin,   then then build the opposite of these tools.  

You can do it. This guy did it.   Well, let's talk about Aradyne or Aradyne.   They've brought native Stratum v two to its new TeraFlux miners, Atlas 21.   Let's go. Aradyne has announced native support native   support   for Stratum v two, which is now fully integrated into its new line of original equipment manufacturer,   TeraFlux miners.   Stratum v two represents the evolution of communication   in the mining industry.   The protocol,   featuring a modern,   binary, and encrypted architecture, delivers improvements in performance,   resilience, and reliability   while addressing   the long standing vulnerabilities of Stratum version one, With Stratum v two implemented directly into FluxOS,   Aradyne's proprietary   operating system   operators   no longer need custom   modifications   of risky third party software   interventions.  

Sanjay Gupta, chief strategy officer of Auradyne, stated, quote, our native Stratum v two integration   sets a new benchmark for the mining industry.   Sorry about that. My cat's deciding to play with something on the stove.   Our native Stratum v two integration sets a new benchmark for the mining industry, providing unparalleled   security and efficiency built directly into every system. No other manufacturer is delivering protocol level protection at this scale, end quote.   To bring this integration to market, Auradyne worked closely with the teams at Stratum v two,   DMND,   and brains.  

So there you go. We've got somebody who's done a full integration   of Stratum v two directly into their miners.   You don't even have to upgrade anymore. Now, onto the last   piece of the day,   Meta Planet.   Yes. I know.   But you've gotta be aware of what's going on here. Meta Planet   eyes a $135,000,000   raise   via new class b shares   to fuel more Bitcoin buying.   Amen. Asquanis   from Cointelegraph.   Meta Planet is preparing yet another major capital raise through the issuance of its new class b perpetual   preferred   shares to expand its Bitcoin focused treasury strategy.   According to filings submitted to the Tokyo Stock Exchange, the firm plans to issue 23,600,000.0   shares of class b at 900 yen or $5.71   apiece,   bringing the total raise to 21,200,000,000.0   yen or a $135,000,000.  

The offering will be executed through a third party allotment of overseas investors pending approval   at an extraordinary   shareholder meeting set for 12/22/2025.   It just means that's not a normal shareholder meeting. It's not like it's, oh my god. This is awesome. The chicks are so hot. The charcuterie   board is so well no. It's not extraordinary that way. It's just not as you not at the usual time.   The new class b shares come with a fixed annual dividend of 4.9%   on a $6.34   notional amount,   translating to about 7.8¢   per quarter   once regulator pay regular payments begin. And hodlers hodlers   will have the right to convert the preferred shares into common stock at $6.34   conversion price. However,   the company retains a market price call option   that can be exercised   if the stock trades above a 130%   of its liquidation preference for twenty consecutive trading days.  

The shares are nonvoting but carry redemption rights under specific events.   The capital raise is paired with a broader restructuring of Meta Planet's financing instrument.   Let's let's   read it again.   The capital raise is paired with a broader   restructuring   of Meta Planet's financing   instruments.   That didn't take long, did it? The company plans to cancel its twentieth   through twenty second stock acquisition rights and issue new twenty third and twenty fourth series rights to Cayman Islands based investment fund, Evo Fund, subject to regulatory approval. In an accompanying post on x,   Meta Planet CEO, Simon Gurevich,   revealed that the company's new class b perpetual preferred equity program is now called Mercury.  

Ah, the Mercury program.   It was just how do we get men into space?   Not to the moon, that was Apollo and stuff like that. Not to the moon, but just just to orbit the Earth. That was the Mercury program, and NASA and Meta Planet seems to have pilfered   that name for their   own own uses.   Anyway,   quote, 4.9%   fixed dividend,   1,000 yield conversion price, a new step in scaling Meta Planet's Bitcoin treasury strategy,   Simon Gurevich wrote. And he's got a cute cute little post here with some AI   obvious art,   that announces the Mercury program.   Meta Planet convertible for return and yield. Yep. Well, where's the yield coming from? Anyway, Meta Planet shares   ended the day up by 3.2%,   gaining 12 points. However,   the company's stock is down by over 60% over the past six months according to data from Google   Finance. Meta Planet, which is the fourth largest public company globally in Bitcoin holdings,   now holds 30,823   Bitcoin worth only $2,800,000,000   at the time.  

The company acquired its stash at an average purchase price of 108,000.   So they're 100%   underwater   on their Bitcoin.   I wish it wasn't so, but I'm not gonna sugarcoat it anyway. I mean, it's like, you know but except to say, we've been here before. We've done this before. We've done this several times.   And it doesn't mean that you can't be sad about what's going on out there in the world of Bitcoin.   But,   you know, if you'd if if you   if you get emotional   about money remember what what Gordon Gekko said. Never get emotional about money. Yeah? Don't.   That's when people make their worst mistakes ever because   somehow or another, your entire   history of Bitcoin is being compressed into just a few days.  

I'm not talking in in terms of value. I'm talking in terms of   experience.   Your entire experience in Bitcoin is being crushed into just a few days. K? I'll give it to you a couple of weeks. You know?   But usually   generally speaking, it's more like   every hour.   Every hour that ticks by your   entire   experience   of any market. It doesn't matter if it's Bitcoin or not. Here, it's Bitcoin, so we'll just say that. Your entire you know, like, let's say you've been in since 2015.   Let's just let's just put it 2015, like, where where where I got in. Right? My entire experience   is compressed,   and I feel   everything that happened to me in that in in the years in the ten years that I've been in Bitcoin,   every single second that things like this happen.  

You know? It it that's where people make their worst mistakes because they're not making a decision on the fifteen years of experience. No.   They're executing decisions   that are made by the compression   of that fifteen years of experience.   They think it's valid experience, but not when it's compressed like that. It takes on a completely different format.   And pressures like this   screw that up, and you can't make good decisions. You could say, well, I've been here before. I've been here for ten years. I know exactly what I'm doing. Yeah. You you know exactly what you're doing if everything is calm.   And right now, things are not calm.  

So what do you do?   I don't know. Go on a hike. If it's not cold where you are or cold enough to where you you'll be miserable, go on a nice hike in a park or a forest or something like that. Go touch grass.   Cook yourself a nice lunch.   Better yet, you know, cook dinner for your family.   Go out, like, you know, find a recipe,   go hunt down all the stuff that you need need for it, and cook that son of a bitch.   Do something else,   and 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.