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Episode 1127 of Bitcoin And . . . is LIVE!

Topics for today:

• Whale-song Drives People Stupid
• University of Austin, Texas: A Profile
• Circle P Pre-contest
• Lummis Introduces Nothing

Circle P:

Sovereignty in Style
https://theleathermint.com/
Nostr: @LeatherMint
Twitter: @TheLeatherMint
Coupon code is BitcoinAnd for 10% off.
Better leather than never.

Articles:

https://cointelegraph.com/news/bitcoin-loses-108k-14-year-old-btc-sparks-satoshi-rumors
https://bitcoinmagazine.com/business/bitcoin-at-uatx-a-new-era-of-intellectual-sovereignty

• https://www.cnbc.com/futures-and-commodities/
• https://dashboard.clarkmoody.com/
• https://mempool.space/
• https://www.bitcoinandshow.com/
• https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI

https://www.coindesk.com/policy/2025/07/04/jdcom-ant-group-push-for-yuan-based-stablecoins-to-counter-dollar-rule-reuters
https://atlas21.com/lummis-introduces-new-tax-relief-bill-for-bitcoin/
https://lightning.news/trump-claims-bitcoin-eases-us-dollar-pressure/

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Music by:
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Licensed under Creative Commons: By Attribution 3.0 License
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[00:00:02] David Bennett:

It is 09:22AM   Pacific Daylight Time. It's the July 4. Y'all happy Independence Day for those of us   enjoying the country that is The United States Of America.   Mai Tai reminds you that in the preamble of   the declaration of independence signed this day in 1776   or at least as as the theory goes, there's there's some   there there are,   scholars who don't think it was actually signed on this day. It doesn't really matter because in the preamble of the declaration of independence,   it says,   at such time that a government   starts to destroy   certain things like life, liberty, and the pursuit of happiness,   it is the right   of the citizenry   to install a new government or change the existing government.  

I'm just saying that because it's actually   what we   did when we   wiped the floor with   Great Britain.   I'm just I'm just saying. Alright? So   it looks to me,   just to get into this for just a little bit,   that a lot of life, liberty, and pursuit of happiness   has actually been destroyed   by our very own federal government.   Not by the people of The United States, although we are fairly complicit in it because we keep voting for the same kinds of people.   But   remember,   it's our right. It's written in the preamble   of the declaration of independence   that we have the right   to change   our existing government, and I don't think the preamble is saying vote harder. I think they're actually saying change it in a different way, and I won't get into   how I speculate   any further than that,   or replace   the government. And I'm not sure if there's any way that you can speculate,   very many different ways that you would be able to do that.  

Just just keep it in mind   because this is these are the things that we've lost.   Yet we   we   decided to go our own way   when they were taxing   tea   and paper at 3%.   And it was it was just the you didn't have to buy tea.   You didn't have to buy it. You had the choice.   You didn't have to use paper of of and, of course, they were going to buy tea and paper. I'm just saying,   at least there was a chance that you could say, you know what? I I don't like the 3% tax on tea.   I'm gonna drink coffee or or whatever. You you get it. Right?   Some of these some of our our citizenry,   our brethren here in The United States are being taxed at 40% and it's not a choice.  

That's income tax.   Your employer just pulls it out of your check and sends it to the government. You have no say about it whatsoever.   You can't opt out.   You can't opt out of social security. You can't opt out of a whole bunch of shit.   The only thing that you can opt out of really is to actually not   take part of your company's four zero one k. That's about it. But when it comes to federal taxes   and payroll taxes and Social Security taxes,   you have no choice, and we just sit here   thinking   we're free.   You know, millions of us are are off today.   We're going to go out and we're going to barbecue. We're going to celebrate our independence.  

Are we really independent?   Do we really have freedom?   Is that what today is about? Is it celebrating something that actually doesn't exist?   It's just food for thought.   Okay? It's it's it's just food for thought.   Anyway, this is episode   11 d 27 of Bitcoin, and   Bitcoin loses a 108,000   k or a 108,000   handle   as 14 year old BTC sparks Satoshi rumors.   Before we   before I read a single word   of this article,   I want everybody to understand why it is that I do this show.   It's because of crap like this.   So everybody's social media feed on x is blowing up with this story.   14 a four oh my god. A 14 year old wallet moved Bitcoin. It must be linked to Satoshi. Satoshi is alive. So what happens immediately? The price drops.  

It's   bullshit.   That's what this is.   Every   single   crypto news outlet   is running this story.   Why?   It's it is a huge nothing burger.   It means   nothing.   If I wanted to put my tinfoil hat on, I'd say that it was a concerted effort to depress the price of Bitcoin because it's just it was just getting too high yesterday.   My god. We we we crossed a 110,000.   We were just chilling out, like, slightly above a 109,000   for a while. And then all of a sudden,   we get news stories and and social media posts about a whale   moving Bitcoin that's 14 years old.   As if we haven't seen this   several times a year   every single year   ever since at least I've been in Bitcoin and that was September of twenty fifteen.  

This is nothing new,   and everybody is losing their ever loving mind about it. The reason I do this show   is so that we can run through these particular pieces of news and that you can hopefully walk away and go, I don't really need to care about this.   So let let's go through this one from William Sueberg, Cointelegraph.   Bitcoin loses a 108 k   as 14 year old Bitcoin sparks Satoshi rumors. It's just complete crap.   So Bitcoin slipped beneath the key $108,000   level on July   as transactions involving long dormant coins   settled or startled markets. Let's stop right there.  

Why is a 108,000   key? They don't explain it in Cointelegraph's   news article. William Sueberg doesn't point out why a 108 k is something that we should be concerned about.   When   when you heard   slipped beneath the key $108,000   level on July 4, did you immediately   start questioning why   108 k is key?   And and I   I want to take you through these particular ways that people cause fear. And I'm not blaming William Sueberg   in particular because this news story is everywhere. It's clickbait. It's getting eyeballs. And, yes,   your eyeballs or your earballs are being drawn toward it because I'm talking about it, and my eyeballs are drawn toward it. But I want to debunk everything in this because none of this shit is important.  

The fact that it was 14 year old coin doesn't matter.   The fact that there's this   mystical $108,000   technical analysis level is bullshit. We don't need to worry about it.   It's all rumors. Right?   Data from Cointelegraph Markets Pro and TradingView showed BTC visiting a 107,500.   Ah, the humanity. Oh my god. We're all gonna die.   It's down 1.6%   on the day.   Bitcoin built on weakness that followed a fresh rejection at $110,000   a day prior.   The latest BTC price action, which occurred in the absence of Wall Street trading, thanks to US Independence Day holiday, coincided with a giant tranche   of 80,000   Bitcoin reawakening after fourteen years. Oh my god.  

Good lord. The transactions were linked to a single whale entity   with monitoring resource Lookonchain confirming   a total of eight wallets.   The transfers were ongoing at the time of writing, with markets clearly nervous of the implications   of such old coins suddenly moving on chain potentially as part of a sale. Again, let's stop.   The markets were clearly nervous.   Okay. Because of the price?   Is the is are there are there other telltale signs that the markets are nervous?   And how are they clearly   nervous? Is it just because the price? A couple you know, a few days ago, we saw prices drop, and it wasn't because of coin movement.   Were were the markets clearly nervous then? No.  

This this is clickbait.   That's what this is, and it's everywhere. That's why I'm visiting this today.   This story is in every single   news outlet I looked at as I did my morning curation for the show.   It's everywhere. It's on Noster.   It's on LinkedIn.   It's   all over x. Oh my god. I mean, it's like everybody's losing their mind.   Even rumors   rumors on social media abounded. Oh my god. It they abounded.   With popular trader, Crypto Beast, who   chances are good, how many of you have even heard of Crypto Beast? How do we know he's popular? I mean, I could go look at his account. Yeah. Sure. He's probably got $1,300,000   dollars   followers. Who cares? Have you heard of Crypto Beast?  

Is that somebody that you follow?   Just because he's popular, does that make Crypto Beast right?   No. No. No. But but Crypto Beast   linked the transactions   to none other than Satoshi Nakamoto himself because you know I trust crypto beast knows exactly how to do that right   what if crypto beast is wrong well commenting   popular x trading account the kingfisher   observed a spike in so called toxic order flow,   transactions which result in losses for market makers.   Quote, I'd expect it to retrace,   maybe liquidate those high leverage shorts. Part of a post   suggested referring   to a buildup of BTC short liquidity   on exchange order books.  

Well,   data from monitoring resource, CoinGlass,   show BTC eating through long liquidity levels   while overhead   resistance, especially above a $110,000   increased.   Continuing on Bitcoin price action, popular trader and risk analyst,   Rekt Capital,   flagged a potential risk to bull market upside.   A daily chart uploaded to x showed BTC   USD undoing the resistance   slash support   flip of a key trend line. Oh, another key trend line, which has been in place since the current all time highs of a 112,000.   Quote, Bitcoin is losing the diagonal   for the moment.  

But if price daily   closes above the diagonal, then this will have ended as a downside wick as part of a volatile retest.   Upcoming daily close will be pivotal. Will it be pivotal? Will it? Will it really?   Previously,   other crypto market participants had repeatedly highlighted a 108,000   as a level that bulls need to hold going forward. Why?   Why?   Crypto market participants,   who are they?   Why a 108?   Should I believe any of this? And the answer to that is no.   Once these coins and this is this is from a couple of other articles. Once these coins went into, to new wallets,   which are not linked   to going to exchanges,   at least as far as the experts can tell us,   They just went they went silent. There's no more movement of these coins.  

It was to shake the market, and it worked because   everybody lost their mind. Every news outlet picked it up, and I'm here telling you, do nothing.   Buy Bitcoin.   Hold Bitcoin. It's just that easy.   This is why I do the show, to give you guys some sanity, to get especially if if if you're a newcomer to this space,   man, strap in because this shit never stops.   I've been in this game since 2015.   This shit is daily occurrence.   There's nothing special about 80,000 Bitcoin suddenly waking up and moving.   Who cares?   Every time it does, it has the exact same effect.  

It gets into the news cycle. It gets into the social media cycle.   It freaks people out. They sell their coins,   and the whales buy them for cheap.   It works every single time,   and it will continue to work every single time until such time   I and people like me can get my message across to stop listening to the bullshit.   Maybe a new university will teach people to stop listening to the bullshit.   I'm talking about University of Austin at Texas.   Well, actually,   University of Austin,   Texas is sort of like the real name. It's not the University of Texas.   This is a small   private university   in Austin   named UATX.  

I've talked about them before,   but there's a write up here that I want to get into with John or what's John? Juan Gault from Bitcoin Magazine that says Bitcoin at UATX,   a new era in intellectual sovereignty.   UATX,   the University of Austin, Texas, is rediscovering and redefining academic pursuit. Founded in 2021,   the startup university stands as a protest   to the intellectual dogma and the woke radicalization   of major universities in recent years, focusing instead   on entrepreneurship   and preparing students for a technologically and culturally   complex future.  

These old values rekindled   by the chaos of modernity   have led UATX   to Bitcoin. Quote, the first principles of this institution share the same space,   language, and ethos as the first principles behind Bitcoin, freedom of speech, freedom to transact,   individual and institutional sovereignty,   distributed,   decentralized   governing structure,   Anthony J. Rosario, Major Gifts and Bitcoin Endowment Officer at UATX, told Bitcoin magazine.   UATX   has been making waves in recent weeks and months with a variety of Bitcoin related announcements,   among them the publication of The Satoshi Papers,   a book   comprising   a collection of political, social, and economic essays debating   the impact and nature of Bitcoin, echoing the Federalist Papers   popularized during the founding of The United States.  

They also   announced a Bitcoin endowment fund, one of the first in the country, and they boast a Bitcoin and cryptocurrency   curriculum   led by doctor Thomas Hogan, which gives students hands on experience with the technology and industry.   So much so   that Brian Armstrong, CEO of Coinbase, recently tweeted that he will be recruiting new college graduates   from UATX,   saying, quote, it aligns well with our apolitical culture.   Let's hope we see more apolitical universities emerge over time. I gotta pause   because we're gonna talk about Brian Armstrong, who I do not like. I don't have a whole lot of respect for Brian Armstrong.   He was on the wrong side of many things, and he continues to be on the wrong side of many things.  

However,   I'm not a moron.   The guy drives the market or he's one he's definitely one of the people that drives the market. Coinbase,   even though I cannot stand its mere existence,   is the largest exchange of Bitcoin in The United States.   Clearly,   they also dabble in shitcoins which is one of the reasons why I don't like Coinbase nor do I like Brian Armstrong.   He also was on the wrong side of the,   Segwit two x movement.   He was definitely on the wrong side,   but   I'm not a moron   and neither are you. We can't escape this guy. He's not going away.   And he is going to hire graduates from this very small, I think their I think their first graduating class is like 27 graduates. We're talking a very small college. It's a start up.  

Right? And it's it's it's very dangerous time to be in higher education right now anyway.   And yet here we have   Brian Armstrong   with the largest   cryptocurrency   exchange probably in the world if you think about it.   And he's   saying UATX   directly by name. That's going to boost enrollment of UATX.   It just is.   Like I said, love him or hate him,   he's throwing his weight behind UATX. And for that, I gotta I gotta give credit where credit is due. Congratulations,   Brian, for being on the right side of something   for once.   Let's continue.  

Quote, a lot of our faculty and staff   came to UATX   because they were tired of the intellectual rigidity and cancel culture of their previous institutions,   Maggie Kelly, chief advancement officer at UATX, told Bitcoin magazine.   She added, quote, we're really trying to create a place where people can come and think freely   and explore ideas without fear of being canceled or silenced,   which is a huge problem in academia today.   UATX was founded by journalist Barry Weiss, historian   Niall Ferguson, venture capitalist Joe Lonsdale,   at the time, the president of Saint John's College,   and Pano Canelos,   who had criticized the illiberal   nature of traditional universities   in modern times.  

Canelos,   founding president and now chancellor of the university, put it best in a free press article in 2021,   quote, nearly a quarter of American academics in the social sciences   or humanities endorse ousting a colleague   for having a wrong opinion about hot button issues such as immigration or gender differences.   Citing a report by the Center for the Study of Partnership and Ideology,   Kallanos   pointed out that, quote, over a third of conservative academics and PhD students said that they had been threatened with disciplinary action   for their views, and four out of five American PhD students are willing to discriminate against right leaning scholars, end quote.  

Daring to think differently and forced to take   on a start up mindset   despite being a five zero one c three nonprofit, the UATX has a strong focus on entrepreneurship,   history, economics, and classical western philosophical   thought, powerful and fundamental ideas that inevitably   led them to Bitcoin.   The Bitcoin and the cryptocurrency   curriculum at the University of Austin   is led by associate   professor of economics, doctor Hogan, who has deep experience   in economics and academia. He was formerly the chief economist of the United States Senate Committee on Banking, Housing, and Urban Affairs and has worked at the American Institute for Economic Research, the Cato Institute, God forbid the World Bank, and Merrill Lynch's   Commodity Trading Group, among others.  

Quote, our introductory course   is a combination of knowledge acquisition and practical skills.   Students study the origins of Bitcoin, the mechanics of the network, and how Bitcoin helps protect human rights. At the same time,   they get to install a wallet, make trades on Bitcoin and Lightning, and spin up their own Bitcoin miner, doctor Hogan told Bitcoin magazine.   Unlike   other online resources and educational materials, UATX   leans into its close connections with the Bitcoin industry in Texas,   unlocking a personal and hands on experience with the technology.   Jack Platts from Hypersphere Ventures   donated Bitcoin to the students while Chola Incorporated,   Gideon Powell, and,   Brad Cuddy   donated Antminer s nine miners to so that the students could set up their own dorms or, well, set them up in their own dorms, which they use to join a mining pool.  

Pierre Rochard has given guest lectures guiding students through lightning network transactions.   The class even had a field trip to Riot's mining facility in Rockdale, Texas, where an old aluminum smelting facility has been turned   by Riot into a Bitcoin mine.   Students received books like Gradually Then Suddenly, The Satoshi Papers, Resistance Money, and The Genesis Block.   While the Bitcoin curriculum has not been advertised much, Rosario revealed   that the course, quote, was the second most popular course that students bid on using our free market bidding system where they use points to select their courses. Oh, this is awesome. The only course that beat it out was a special elective by Niall Ferguson.   Quote, beyond Bitcoin, the students learn about the unique aspects of other tokens and blockchains. Yeah. Just leave it. Leave it alone. Stop doing that.  

Just that wasn't a sign. They program   and deploy basic smart contracts and explore how these tools can be used to build systems for decentralized finance and decentralized physical infrastructure.   DPEN,   decentralized   physical infrastructure. I like that.   Doctor Hogan believes the public and verifiable nature of cryptographic finance has the potential to phase out fraud and corruption found in legacy finance.   Let's hope so.   When asked about the novel risks of crypto scams and Ponzi schemes, meme coins, rug pulls, and so on, especially   how the university deals with those topics from an educational perspective, Rosario addressed the concern by saying that, quote,   the best way we teach students about fraud, not just in digital assets, but in their careers and lives, is by providing an intellectual   foundation at the core of our curriculum that builds their mind and character.  

Our students are highly agentic,   here to build an institution, not just attend a university. Our tagline is the fearless pursuit of truth,   teaching the intellectual foundations of the western tradition from ancient Greeks to modern philosophers and economists.   When teaching half of Bitcoin and half on cryptocurrency,   UATX is ecumenical.   To build the life of the mind, students must be introduced to different ideas.   Doctor. Hogan emphasized the transparency   and reliability of blockchains   as compared to traditional financial networks.   Unlike an opaque financial company,   the funds in a smart contract   can easily be verified on the blockchain. Unlike a bank transfer or stock trade that might take days to clear,   transaction on the blockchain can be verified within minutes, he explained.  

Quote, in contrast,   failed companies like FTX and the Celsius network were not decentralized companies built on blockchain technology.   They were, in fact, traditional financial companies that failed for the same old reasons   excessive risk and outright fraud.   Moving to blockchain based systems   will help prevent such collapses in the future.   Doctor Hogan shared the schedule of classes and guest lectures with Bitcoin magazine   as seen below. So they're talking about his   essentially, this is sort of like the   curriculum,   the curriculum,   on a per week basis.  

So week one, intro to Bitcoin and blockchains, and then the Bitcoin and Lightning Networks with Pierre   Rochard,   then Bitcoin and human rights with Craig Warmke,   bitcoin mining and energy economics,   the future of bitcoin with will coal and parker lewis,   and then part two is cryptocurrency and blockchain technology, and week six   cryptocurrency and smart contracts, then decentralized finance, then webpage and blockchain interactions with Phil Greenwald,   and utility tokens and decentralized physical infrastructure with Kyle Samani   ending off week 10 the future of crypto and blockchains.  

Beyond teaching Bitcoin to their students, UATX has led a conversation about the societal meaning and impact of Bitcoin in academic circles.   In February of twenty twenty five, the university hosted the Satoshi Paper Symposium,   a day of academic lectures celebrating the launch of the book by the Texas Bitcoin Foundation.   The Satoshi Papers, published by the Bitcoin Policy Institute and edited   by Texas Bitcoin Foundation executive director and BPI fellow Natalie Smolensky, quote,   draws inspiration from the eighteenth century American debate   between the federalists   and the anti federalists about the role of government   in preserving the liberties of individuals   and communities, end quote.  

The   book features a series of essays from a variety of scholars, including economists, historians,   anthropologists,   and other social scientists   discussing the relationship between money and state in a post Bitcoin world.   In addition to their educational and academic contributions to Bitcoin,   UATX   also hold the asset in a custom designed Bitcoin endowment   and unlike many other universities who also carry Bitcoin exposure via ETFs,   This university has a strong belief in self custody,   securing the funds in multi signature wallets in collaboration with Unchained Capital, which is also in Austin, an instrumental partner in the university's foray into bitcoin.   Joe Kelly, CEO and cofounder of Unchained,   donated to bitcoin   to the endowment to kick start it, and the university is actively raising   a $5,000,000   fund in bitcoin, which they have committed to holding in cold storage for at least five years.  

During the announcement made in June 2024, Kelly said,   Both UATX   and the Bitcoin community are building innovative institutions for the future.   By choosing Unchained as a partner, the university is signing or signaling its assessment   of Bitcoin's function as a freedom preserving technology   with our custody model helping to ensure   there is no single point of failure to u a t x's long term Bitcoin holdings.   So there you go. I know. It's a, like, like, a longer article, but it gives you a good sense   of what the University of Austin, Texas actually is.   And   I I've like I said, I've covered this this university   at least three times on this show   since it came out.  

I'm really excited that there are institutions that are popping up because   academia, the way it looks right now, and this has, honestly,   this has absolutely   nothing to do with the wokeness   or anything else.   All that exists,   yes, it exists in traditional academia, but that's not what academia's   problem is, although I will say it's not helping.   No. No. No. No. They always knew. And when I mean they, I mean   chancellors,   university presidents,   university   board of directors,   boards of regents. They all knew   that   an enrollment cliff was on the way,   that there was going to be a time, and we are here,   where there was going to be much less people enrolling in college for reasons I won't get into, but the demographics were very, very clear.  

There was no way there was not going to be an enrollment cliff.   And now these universities   have been sucking on government money in the form of student loans   for so long that university presidents that used to get paid   $80,000   a year when I was in college   now get paid   multiple six figures,   $2.03,   $4,700,000   a year. At places like UT, you're talking into the millions.   At even at Texas Tech,   I think I think my alma mater president gets paid   over a million dollars. I'd have to look into it, but it wouldn't surprise me.   They're overweight. They're like everything else that's ever happened with anything government subsidies has ever touched. And if you don't think student loans were nothing but a government subsidy   without   simply just by transferring   who actually owed the money from, you know, from the university over to the student.  

It was it's essentially a loan to the universities   by the United States government,   except they use the student as an intermediary   and put all the weight on the student's shoulders to essentially give their friends at university levels   massive paychecks.   By the time I got out of Texas Tech and I stopped working there, I went from seeing Chevy Chevelle's   in the administrative   building's parking lot to fucking Jaguars   and huge BMWs,   like the big bad boy models,   Mercedes Benz.   Man, it wouldn't have surprised me if I had ever seen a Bentley at that point.   It got ridiculous.  

We need   people like the University of Austin, Texas.   We   need other things as well like Leathermint wallets. Hey. Do you need a new wallet? You need sovereignty and style from my friend   over at Leathermint   Wallet. That's the leathermint.com.   Go over to the leathermint.com.   Shop for their wallets, dude. They're good wallets. They're handmade. They're literally built   out of some of the finest leather that you're ever gonna see, and it's not thin leather either. It's nice and thick.   It's stout leather, but that's not the point.   The point   is the stitching, guys. The point is the stitching because without good stitching,   your wallet, your belt, your watch, whatever it is that you've got without good stitching, it's gonna fall apart. And it won't matter how good the leather is, and this is really, really, really good leather. Go over to the leathermint.com   and get yourself a hand built, hand stitched, well stitched, well built   wallet,   and you can pay for it in Bitcoin. Because if you don't take Bitcoin for your goods and services, you're not in the circle p. The circle p is where I bring plebs just like you with goods and services   to sell to plebs just like you who might actually want to buy their goods and services.  

Last time I put Leathermint up,   I sold one of his Max wallets, which is a beautiful white and orange leather   wallet that that it it it it just oozes Max Keiser. It's that's why it's named Max.   But he's got so much other stuff over at the leathermint.com.   The leathermint dot com. Use coupon code bitcoin and and you will get 10% off of your entire purchase.   So buy a belt, buy a wallet, buy a watch band, buy all kinds of stuff and get 10% off. Use the code bitcoin and at the leathermint.com.   That's the leathermint.com.   I mean,   hey. Better leather   than never.  

Okay. I wanna pause. I'm I'm definitely gonna pause before we run the numbers because I wanna talk a little bit more about   the circle p.   This and I wanna talk specifically about something that happened last night.   So my wife   my wife,   I'd we were talking about we were talking about, soap miner soaps because they were we were eating dinner, and the I had had yet to put up the the soap miner soap so they were sort of at on the edge of the dining room table and I think my son said something about it and I don't know. My wife,   she started musing about soap miner. She loves this soap by the way.  

So she says,   would you would you lather   pay later?   And she just it just it literally just fell out. I looked at her and I go, what? She's like, sounds kinda cool, doesn't it? I'm like, going, yeah, it does. Would you lather   pay later? You know, it's a pun.   And then all of a sudden,   Justin Tokyo   if you're listening, Justin, thank you for this because, you you set something in motion here, pal.   He comes back and well, what literally, but   I I wrote that.   I wrote would you lather pay later on Noster. And then I tagged SoapMiner, and SoapMiner,   you know, I I just wanna make sure that that he understands that we're talking about it behind his back in a good way. But Justin Tokyo comes back on Nostra, and he replies to that, and he says, better leather than never.  

I'm like, well, that's Leathermint right there. So I I tagged Leathermint   right in there. So Leathermint writes back   to that and replies to that and basically says   well, if I can get to it. Oh, my   my,   nope. It's not gonna do it. My primal's acting weird today for whatever reason. Oh, no. Here it is. Leathermint writes back and says, I'm gonna start saying this.   It's   better leather than never.   Would you lather   pay later?   So my wife comes up with lather.   Justin comes up with better leather than never.   Leathermint loves it. He wants to start using it. And I'll all of all of a sudden, I start thinking about   the the five great vendors that I've got in rotation,   which is SoapMiner,   Leathermint,   Peony Lane Wines. I got,   Oshi, and I got Great Ghee. I got like these five vendors.  

And I got people, like, starting to actually   form marketing copy   for for these people.   I do value for value advertising. I I hope I'm the the person that has started this. I I don't want to actually   get people into the circle p and say, hey. You gotta pay me, I don't know, x amount of dollars a month, and I'll run your ad this many times. That's the standard podcast advertising model.   We gotta stop doing shit like this.   We've gotta be able to support the people and the products that we love.   We've gotta start getting the circular economy   circular Bitcoin economy going. And that's one of the reasons why I did the circle piece to promote the people with the products that I love the most   and have them just pay me what they think the sale was worth. No contracts.  

Just a handshake, a digital handshake, just an agreement. This is the way that my this is the way my daddy used to do business in the oil field.   Most deals back in the eighties were handshake deals. You're talking about millions of dollars on a handshake.   No paper.   No nothing. And everybody honored their shit. Okay? So there's that. But then all of a sudden so my wife comes up with, would you lather pay later?   Justin comes up with better leather than never.   These are great these are great marketing lines. So what I wanna do is I wanna run a contest. And I don't know how this is gonna structure, so I'm not running the contest yet.   I'm actually going to outsource this to you guys.  

I want ideas.   How can we support Great Ghee,   Peony Lane wine,   Oshi,   at Leathermint   and,   soap miner and all, like, you know, all and I've got more. I've got Shishi. There's   I've over the over the, you know, past few months or over the year, I've got several people that that I could put in rotation.   Right now, I'm just dealing with with these five for for various reasons, not not for anything bad. I'm just saying I wanna crowdsource some ideas. Because when Justin Tokyo   played on would you lather pay later by coming up with better leather than never, I realized that you guys are really good at this stuff.   So I wanna run a contest. It was something like, I don't know, 10,000, a 100,000   Satoshis to the winner, and I don't know how this is gonna be structured. So how do you think I should structure something like this where essentially what we're trying to do is one up each other   on marketing copy,   especially these one liners   for people   for the five vendors that are in my circle p rotation right now,   which you can go find on bitcoin and or, you know, bitcoinand.com/circlep.  

Because I've got all those vendors. There there's a button to their websites or their shop shop fronts   right on that page.   How can we structure a fun contest   that somebody,   a single person can actually win   that generates   one line   marketing tags like better leather than never   or would you lather pay later?   Let me know.   Either you can DM me on Noster,   you can give me a boost to gram through the show. I don't care. I don't care how you do it. However you do it,   come up with some ideas. Let me know. I wanna run this contest. I think this would be good. This is a see, this is the thing. I don't wanna just do a giveaway,   like, where I I don't know, partner up with soap miner and and give somebody a box of soap. Because once the thing is once the contest is done,   everybody forgets it ever happened. But what if we have a contest where we produce something?  

We produce these taglines that are actually useful   for the Circle P vendors later on in their career.   That sounds like a contest   that doesn't make me sick to my stomach, that actually makes me excited about running a fucking contest because this is the reason I don't run contests. I hate contests that are like, tag my shit and   give me, like, every light gets a 10.   I don't I don't like that. There there's something so ephemeral about that. It's not lasting. It doesn't have any effect. It doesn't make any impression. It just goes away,   and it's all done for marketing.  

What if we turn marketing this kind of marketing for the Bitcoin and show to get some attention   to the Bitcoin and show because God knows I need it. Numbers numbers suck right now. They always do in the summer.   What if we do something that produces something?   So I'm going to leave it there.   You roll it around in that head of yours, people like Justin Tokyo.   Come up with something and let me know what you come up with. Meanwhile, I'll run the numbers.   Futures and commodities, West Texas Intermediate is down almost a point.   Price per barrel of oil of West Texas is $66.39.  

Britton, North Sea oil is down point 8% to $68.24.   Natural gas is down over a half $0.3.38   per thousand, and gasoline is down point 16%   to $2.11.   Gold, silver, and platinum are in the green today. Everything else is in the red.   Gold is up point 12% to $33.46   and 8 dime. Silver is up point 18%, and platinum is up 1.7%.   Meanwhile, copper is down two, and palladium is crab walking in the red.   Oh, what do we got in ag?   Looks like, pretty mixed today. Biggest winner is gonna be sugar, four and a half percent to the upside.   Biggest loser is wheat, 1.29.  

Nope. I take that back. Chocolate   is sucking swamp water again. 1.6%   to the downside. Meanwhile, live cattle is up three quarters of a point, while lean hogs are diving 1.7%   in the red, and feeder cattle are up one quarter of a point.   Legacy   Financial, all in the red today, half point down for the Dow,   point 6% down for the Nasdaq   as is the same for the S and P, and the S and P Mini is down almost over a full point.   Price of Bitcoin is 107,800.   That is a $2,140,000,000,000   market cap. You can only get 32.3   ounces of shiny metal rocks with your one Bitcoin of which there are 19,887,297.7   of, and average fees per block are very, very low. Why? Because the mempool is damn near empty.  

Yeah. It's yes.   That   god. I hate seeing it this way.   One single block carrying 1,500   transactions   waiting to clear at high priority rates of one satoshi per v byte. Low priority is clearly one satoshis per v byte.   Hash rate is still dropping 886.1   exahashes per second.   It's because of the heat bubble going on in The United States. I I guarantee it.   From lord of the froth,   which was yesterday's   episode of Bitcoin and   Psyduck is like machine   gunning   the boosts.   With seven 27, he says Psyduck.   With 726, he says 726 for Tether Gets Chilled.   725   for and he says $7.25 for Easy Breezy.  

Seven twenty four for Rip NYC. Seven twenty three for Node Wars Redo. Seven twenty two for The Middle Feast. $7.21   for Ho or four from HODL with Lore. $7.20   for Spain In the ass. LOL, great name. Yeah. I know. That was actually probably the best name I've ever come up with.   Pies with four twenty says, always bringing the heat. None of your business   is always pushing pleb. Businesses,   true underrated   OG. Thank you, Pies. I appreciate that. I I appreciate that. Much respect, brother.   BTC on board   says three with 300,   four emojis that I can't read because literally my operating system is that old. I know it's embarrassing, but, hey, I don't wanna pay for all this software again. I just don't. That's the weather report.  

Welcome to part two of the news that you can use.   Jd.com   and Ant Group push for a wand based stablecoins   to counter   dollar rule according to Reuters. And this is interesting that this actually is coming out of Reuters.   I'm reading it from CoinDesk, but   the the news story was grabbed from Reuters.   So this is   kinda interesting that this is mainstream media news when it comes to stablecoins, and China's jd.com   and Ant Group are pressing their central bank to permit yuan based stablecoins to counter the rise of US dollar linked digital currencies, Reuters reported on Friday.   They proposed launching stablecoins in Hong Kong backed by the offshore yuan   aiming to boost the Chinese currency's global role. I think y'all are too late. This may have been the only thing   that stood in the way of China owning the rest of the world was the fact that The United States jumped all over stablecoin.  

I I I know. It's it's it's not what you wanna hear. It's not what anybody wants to hear, but I'm not gonna lie to you either. This is actually what I think. Both firms   already plan to issue Hong Kong dollar backed stablecoins once local legislation begins on August.   However,   jd.com   is advocating for offshore yuan stablecoins   as a strategic move to support yuan internationalization.   The push reflects China's broader ambitions   to challenge US dominance in digital finance and expand the reach of its global,   or its currency globally.  

China has a long standing ban on cryptocurrency   transactions, which extends   to most private stablecoins.   This ban particularly   intensified in 2021   and was motivated by concerns over financial crime, capital flight, and potential threats to financial stability.   As a counter, China poured resources in developing and pilot piloting its own digital yuan, the e CNY.   This central bank digital currency is seen as a way to modernize its payment system and exert greater control over its financial landscape. China killed themselves   in more ways than one. But as far as moving into the future, China ham not only hamstrung themselves, they jumped off a cliff without a parachute.  

They base jumped   and face planted directly into the rocks below without   any parachute whatsoever   because they banned Bitcoin,   which meant that they put a ban on intellectual   thought throughout the country of people thinking, how can they move the the   yuan   further into the global world? They had the Belt Road   shit going on,   the the the new Silk Road action stuff. They they they were poised.   And what happened? Oh, they banned Bitcoin mining in 2021.   All the miners moved to Kazakhstan,   and then they got kinda screwed. And then the guys out of Kazakhstan moved over to Texas, and Texas is basically still welcoming them with open arms.   Right? So so now   everybody in China wasn't thinking about how to use this technology, but you know who was was fucking Tether   and clearly the United States federal government.  

I'm sorry, China, but you really screwed up when you banned   not only   cryptocurrency   transactions   and Bitcoin mining, but when you did that,   you stopped people thinking about how to use it   to further   Chinese goals and ambitions.   Congratulations,   sirs and madams.   Have fun staying irrelevant.   On to Lummis introducing the new tax relief bill for Bitcoin Atlas 21 on July,   which was yesterday.   Senator Cynthia Lummis introduced a bill to amend the tax treatment of digital   assets. The new legislative initiative represents a renewed attempt to bring regulatory clarity to the industry and emphasize the urgency of updating US tax policies to remain competitive in the global economy.   The proposed bill   contains provisions that are nearly identical to those she tried to include in the broader One Big Beautiful Bill Act earlier this week. The tax reform seeks to remove several burdens currently weighing on American taxpayers.  

Quote, we cannot allow our archaic tax policies to stifle American innovation,   and my legislation ensures Americans can participate in the digital economy   without inadvertent tax violations.   One of the provisions   introduces a $300   tax exemption threshold for cryptocurrency   transactions with a $5,000   yearly cap and inflation adjustment starting in 2026.   The fact that pausing. The fact that she has to include   inflation inflation adjustments   should send up a huge massive red flag.   That means that she expects inflation to be running hot forever.   Anyway, quote,   this $300   threshold strikes a reasonable balance between tax compliance and the practical usability of digital assets as a medium of exchange,   the official statement   read.  

Another cornerstone of the tax reform addresses the elimination of double taxation for miners and stakers.   For mining and staking activities.   Income recognition would be   deferred until the produced assets are sold or exchanged   rather than at the time that they are first received.   This provision represents a significant shift in how cryptocurrency   production activities are taxed.   Okay.   So yay for $300?   No. Not really.   Yay for a $5,000   yearly cap. Dude,   a refrigerator   of any decent   decent quality   is a thousand dollars. And I'm talking a full size refrigerator for a family.   I'm not talking about the one with the ice dispenser and the double chrome doors. I'm talking about a Frigidaire   with a freezer on top and the refrigerator on bottom   that stands about right at six foot tall.  

Right? You know, right around there. A thousand dollars.   $5,000   is fucking nothing.   $300   on for tax exemptions   on a single cryptocurrency   transaction is bullshit.   Everybody   for anybody out there that's like, yay. You sent the alumnus. No. It should have been $3,000   on a single transaction   and $300,000   yearly cap.   We need to get rid of this onerous tax bullshit.   Nobody I mean, the only people that can start businesses are people that already have businesses, and I'm talking about large companies.   Hey. I'd like to be able to start a, you know, a barbecue joint here in, like, Eastern Washington. Why? Because they ain't got no barbecue.   It's a perfect market. Do you think I'm gonna do it?  

I might, but, dude, if I do it, I'm gonna center it out of out of Western Idaho.   I would no more start a business in the state of Washington   for various reasons, and most of them are are essentially about the way the state taxes shit. And then you got federal taxes on top of that. But even if I do it in Idaho,   I mean, the the amount of crap that you gotta go through, it's onerous every step of the way. Sure.   If it was easy, everybody would do it, but it doesn't have to be this freaking hard.   This this is all of this is wrong. And the fact that we don't have the amount of money that we could have to do the things that we wanna do,   I blame squarely on the federal income tax and state income taxes.  

They just keep stealing our money so that we can't actually build the life that we want to build.   Screw them all. Let's move on. Trump claims Bitcoin eases US dollar pressure.   In a White House press conference on June   2025,   by the way, this is from lightning.news   written by Taheeb Koolaid,   President Donald Trump said that Bitcoin tooks or takes a lot of pressure off of the United States dollar claiming   it is good for The United States economy.   The president made the statement following discussions on digital currency legislation and his family's digital asset   ties, revealing his growing support for digital assets.  

At a June 27   press conference,   president Trump, in response to questions about his family's digital currency investment, democratic policies on digital asset regulation,   praised he praised   Bitcoin's economic influence. Quote,   I notice more and more of you paying Bitcoin.   People are saying it takes a lot of pressure off the dollar, and it is a great thing for our country, he said.   The president emphasized Bitcoin's resilience,   saying it outperformed equities during recent market declines. The remarks came after a Supreme Court victory for his administration providing support to promote digital currency.   Trump's pro crypto stance is in line with his policy actions,   including a 03/06/2025   executive order to establish the Bitcoin strategic reserve.  

Trump's claims that the Bitcoin   that Bitcoin relieves pressure on the dollar comes at a time of increased economic   challenges.   The US debt stands at approximately 37,000,000,000,000   as confirmed by US Debt Clock,   which projected growth to 40,000,000,000,000 over the next decade. Oh, it's gonna hit it's gonna hit a hell of a lot faster than that. Oh my god, dude. Like, next year, the Federal Reserve's m two money supply   is increasing   with year over year gains since November of twenty twenty three contributing to dollar dilution.   The dollar currency index   also reached a three year low on June   2025   following   high bond yields revealing investor confidence weakening.  

Trump's remarks reference the Triffin dilemma. Oh my god. I can't believe he used the Triffin dilemma where The United States run runs trade deficits   to meet global dollar demand, which is financed   through money printing.   The president has speculated that Bitcoin has the ability to diversify reserve assets,   reducing dollar reliance. However,   Bitcoin's market capitalization   standing at 2,150,000,000,000   is insufficient to offset   $37,000,000,000,000   of debt, showing the claims complexity.   Although economist Peter Schiff wait. Since when is Peter Schiff an economist?   Sure. I mean,   that's not his claim. That's not   he's not an economist.  

He wants you to buy his gold. He's not he he knows about economics, but he's not an economist.   This is the third time I've seen Peter Schiff   referenced as an economist. He's not. But he argues that promoting Bitcoin could destabilize the dollar at the cost of risking a collapse. Oh my god.   Trump's endorsement   has raised controversy   about Bitcoin's role in The United States economy while Bitcoin's price is stable,   stable, kind of,   according to or rather, it experienced volatility earlier in the year, dropping below $78,000   in April of twenty twenty five.  

Economist views are divided.   Some see Bitcoin as a hedge against dollar dilution. Others warn about a potential dollar crisis if digital asset adoption undermines monetary policy. President Trump's claim that Bitcoin removes pressure on The United States   reveals his strong Bitcoin advocacy following   economic challenges.   While Bitcoin's market strength is evident, its precise   pricing fluctuates and its impact on the dollar remains contested.   So who knows what the hell orange man means by taking pressure off the dollar?   What'll   what'll probably take pressure off the dollar is also the addition of stablecoin. I don't wanna get into that. What I really wanna end with today   is   twice   in this   article,   they mentioned something specific,   the dilution of the dollar. What does that mean?  

It's inflation.   That's all it means.   I like the fact that they're using the term dilution because it makes complete sense when trying to explain what inflation is.   Let's say that that I I'm gonna give this to you so that you can   try to tell people   in your own way,   you have another tool, you know, another tool in your toolkit to tell people   how it is that inflation basically steals their money because there's a lot of people that still don't believe that.   So   I work for dollars.   I get dollars. I get a certain amount of dollars per year.   That means I can look at it this way.  

For that year, I earned a certain amount of shares   in The United States, not the government,   but the   whole kit and caboodle,   all of The United States,   I have a like, let's say I earned a $100,000   that I could look at that very easily by saying I have a 100,000 shares   in The United States.   And if we add up all of the, quote, unquote, outstanding shares and owned shares, we come up with, let's say, we'll just say all the money in The United States,   savings, checking,   debt, how much money is in your mattress,   how much you buried outside. It doesn't matter. All the money. I have a 100,000 shares.  

That's my percentage of all the money of The United States.   Right?   So The United States prints more money.   Okay. Now the percentage that I have of all the money in the world actually shrinks.   I have less money. I have the same $100,000,   but it's not worth as much as it was   before money printer go br because they printed more shares.   That's that's they diluted me as a shareholder in The United States.   That's how that works.   Lit and and the reason I think it's important for us to understand   inflation in terms of dilution of shareholders   is we have this shit going on with treasury companies,   and it's not just limited to Bitcoin treasury companies. Okay? This this this was done in the early days of Facebook.  

Right? They all had, like, the the founders, there were, like, four of them.   Mark Zuckerberg is the most well known, but he's not the only one that founded Facebook. There were, like, four or five founders.   So how did they get rid how did Mark Zuckerberg get rid of one of at least one of the founders   that he just that just wasn't cottoning with his vision?   He diluted   the shareholder   to the point that that shareholder   literally could not vote   and have any effect   in the direction of Facebook.   This happened.   This actually happened. They basically printed so many shares of Facebook   that the guy with his 93,000   shares that actually   helped him guide the company through the way that he voted because he had enough shares to make an   effect when they went to   vote on certain things,   no longer was that the case.  

His 93,000   shares never changed, but his percentage   of influence   in the company   did.   And he basically bailed out. He said, fine. Sayonora, motherfuckers. I mean, he was still rich. I mean, don't get me wrong. He wasn't hurting for cash, but he was not going to be able to dictate   or at least have any influence whatsoever into the direction of Facebook.   It's the same thing with money.   When you print money,   the people that have   the money already,   their influence in the economy   shrinks   just like if   Michael Saylor,   when he prints micro strategy   or rather new strategy shares, and I'm talking about the class a common stock,   the stock that was already held by shareholders,   when he prints more so that he can sell more shares   to buy Bitcoin with,   he dilutes   the effectiveness   of the previous   shareholders.  

Their value decreases.   It's the exact same thing with fiat currency. There's no difference between the United States dollar   and shares of MicroStrategy   or strategy   except for what they're backed by   the rule, you know, the rule set that they're under. There are some differences. But in the grand scheme of things from first principles,   a dollar bill is a share of the company that is The United States. And when you print more dollars as the company of The United States is want to do,   the people that previously owned US dollars basically get diluted   just like a strategy shareholder   every time Michael Saylor decides to go to the stock   certificate printer and that printer go brrr.  

Even if he does buy Bitcoin with it, he's still diluting shareholders.   So that's just   food for thought   as we move forward into this fourth of July holiday here in The United States.   Remember,   it is our right to replace governments   that become evil,   corrupt, and destroy   our futures.   With that,   have a good one, and I'll see you on the other side.  

[01:01:37] Unknown:

This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.