Join me today for Episode 916 of Bitcoin And . . .
Topics for today:
- Germany Continues is Citizen Sellout
- Denmark No Ban U-Custody
- SEC Sues Defunct Silvergate Bank
- OpenSats 5th Wave of Grants
- Digital Shovel Goes Mission Critical
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https://decrypt.co/237976/sec-sues-silvergate-misleading-statements-ftx-collapse
https://www.coindesk.com/markets/2024/07/02/ethereum-products-see-highest-outflows-since-2022-ahead-of-ether-etfs/
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 10 AM Pacific Daylight Time. It is the 2nd day of July 2024. This is episode 916 of Bitcoin, and boy, are my arms tired. Woo hoo. Just got finished working out.
Literally, I mean, just walked in the door and looked at my watch and I'm like, why did I say 10 AM? Why? Why? Why? For the love of God, why? Well, you know, the show must go on. It doesn't really matter if I worked out or not. I've got the news lined up here. I do not have a Circle p vendor, but I will just, shout out to She She 21m. If you wanna get some confre, go get it from She She 21m. Generally speaking, if I can remember, I will have his in pub in the show notes. Make damn sure that you tell Shishi that you bought your com free roots from, from him because you heard about it from me and the Circle P and he will he will spread the satoshi love. He always he always does. And that's the whole point behind the circle p.
Compre is a plant. He's gonna send you roots and you plant the roots and you're gonna grow Compre and you only have to plant them once. After that, dude, that shit's permanent and it's very useful plant. Now, on to the news. Let's get into this Psalm bitch today. Spot, Bitcoin ETFs saw the largest inflow in a month according to Bitcoin Magazine written by Vivek Sen. The Bitcoin exchange traded funds in the United States saw their largest, largest I say, largest daily inflow in almost a month. On Monday, totaling a $129, 000, 000 based on historical price trends, bit coin appears poised to start July on a bullish note.
I'm going to pause. I'm so sick of the, I'm I'm sick of it. I'm sick of I I mean, I don't like bearish talk, but I kind of I'm kind of over the bullish talk too. Oh, we're gonna be bullish. Oh, it's $250, 000 a coin. Oh, it's this. Oh, it's that. It's just all bullshit. We don't know what's gonna happen so please just just buy bitcoin just buy it you know $25 a week $50 a week a dollar an hour some people are doing that shit on strike now that they've relaxed their DCA stuff but let's continue and see what other little nuggets of bullishness and copishness that we can pull out of this thing today. This marked the 5th straight day of positive flows in the highest daily amount since June 7th.
Much of Monday's inflow went to Fidelity wise or sorry. Excuse me. Fidelity's Wise Origin Bitcoin Trust which saw $65, 000, 000 enter the fund. Bitwise's Bitcoin ETF took in $41, 000, 000 while ARK Invest Fund attracted 13, 000, 000, the 2 largest ETFs, BlackRock's iShares Trust and Grayscales saw no flows. This is the 1 interesting thing about this story that that we can say actually might make a difference is the fact that Grayscale and, Ishares saw nothing. It all went into the, the the bottom of the top 5. Right? Fidelity's, Bitwise's, and Arc Invest. They're the bottom they're the bottom 3 of the top 5.
If for whatever reason you want to get into buying Bitcoin through a ETF, look to the Bitwise because they're the ones that actually tithe 10 or a full tithe, which is 10% of their net is going to go to OpenSats and I think 2 other places to fund, dev and dev operations for the development of free and open source software that has something to do with Bitcoin. The fresh inflows are a welcome sign after a tumultuous June that saw Bitcoin ETFs bleed at nearly $1, 000, 000, 000 in total outflows. The selling pressure mirrored Bitcoin's price which dropped below $20, 000 briefly in June.
But historically, July has started a bullish period for bitcoin. Over the last decade, bitcoin has posted average returns above 11% in July with positive performance 70% of the time. Some analysts think that seasonality could kick in again this July if spot ETF inflows persist. The theory suggests predictable cycles driven by investors selling around tax season and reentering the market later in the year. Starting in July, Bitcoin could also face potential selling pressure from unlocked Mt. Gox coins. Its price trajectory depends on whether bullish seasonality can outweigh the bearish macro landscape. So, there it is. I honestly, Vivek does does a pretty good job in kind of making a bullish case for Bitcoin even though I just kinda took a giant dump all over it. But there is that that whole issue. It's it's called sell in May and go away.
And I kinda always thought that that meant that somewhere around May, you just see, you got April, May. So you've you've figured out what taxes are gonna be. Yeah. You know, everything is done with tax season for for the great guts and feathers of most residential folks in the United States. And then then you can reassess what the hell's gonna how you're gonna start your next year. Right? And that's why you get this, okay, we're gonna reposition everything in May, and that's when you start selling shit. And then you just go into cash so that you can figure out what the hell else the rest of the world actually sold. And when the dust settles and it's all cleared up, you start buying again.
And generally speaking, I kinda think that that is the entire month of May and the entire month of June. That does not mean that everybody is going to go apeshit mad and start buying the living daylights out of Bitcoin. Please, if you are going to buy Bitcoin, do it the sensible way. Daily cost average. Just pick a day, 1 day a month, 1 day a week. Or if you wanna do it every single day, a time every single day that you want to actually buy bitcoin and use something like strike or use something like cash app that actually has the the ability to do that. There's also, oh, God.
Not fold. What am I thinking of? Oh, God. Swan. Swan Bitcoin, you can do that with. You can also do that with River, I think. I know for a fact you can do that with Swan. Pick a day and then pick how much? $5? $10? $25? $2.50? Doesn't really matter. Just daily cost average weather by the day, by the week, by the month, whatever. Now let's move on to the SEC because, honestly, I'm kinda surprised that this is still in the news. Remember the 3 banks that that basically failed right after FTX or during the whole FTX thing? Mhmm. Silvergate was 1 of them, and they're back in the news.
The SEC, Securities and Exchange Commission, because apparently they have nothing better to do with their time, is suing Silvergate over misleading statements following the FDX collapse. Andrew Hayward and Andrei Beganski writing for decrypt, Silvergate Bank, a crypto friendly institution that shut down in March of 2023, was sued by the United States Securities and Exchange Commission on Monday, with the agency alleging in a filing that the firm's leadership misled the public and then failed to properly monitor an estimated 1 trillion, that's trillion with a t, dollars worth of transactions. And among those were some $9, 000, 000, 000 worth of transactions from once prominent cryptocurrency exchange, FTX, which collapsed in November of 2022 following an array of fraudulent actions from cofounder and CEO, Sam Beckman Fried, and his allies.
In addition to suing Silvergate Capital Corporation, the SEC also included former CEO, Alan Lane, COO Kathleen Frahar or Frahir. I can't pronounce it. And CFO Antonio Martino. Each is accused of securities violations. Silvergate agreed to pay a $50, 000, 000 civil penalty to settle the lawsuit without agreeing or denying the regulators' accusations. The same can be said for Lane and Farrar who paid $1, 000, 000 $250, 000 in fine respectively, but not Martino. No no no no no no no no no no no Who is accused of engaging quote in a fraudulent scheme to mislead investors about the bank's dire financial condition? Oh, yeah, baby.
Silvergate Lane and Ferrer made misrepresentations about the bank's compliance programs partly to assuage FTX related concerns according to the SEC. The regulator then accused the bank and its executives of trying to cover up FTX's use of Silvergate accounts for committed misconduct. Silvergate's failure came last year alongside that of several other banks including Signature Bank and Silicon Valley Bank, which represented the 3rd largest bank failure in history when the government stepped in to guarantee SVB's deposits.
Once focused primarily on real estate lending, Silvergate emerged as a go to banker of crypto firms after launching the Silvergate exchange network in 2017. The round the clock service enabled Silvergate's institutional clients to settle large transactions with each other. Silvergate said that it would begin winding down operations last March, citing regulatory headwinds and the bear market as insurmountable forces. That entailed a voluntary liquidation. Still, the bank's failure was highlighted by, guess who, representative Elizabeth Warren, democrat from Massachusetts as evidence of crypto risks. Quote, rather than coming clean to investors about serious deficiencies in its compliance programs in the wake of the collapse of FTX. They doubled down in a way that misled investors. Oh my god. The SEC's director of the division of enforcement, Gurbir Grewal, said in a statement, why does that sound like a character out of Harry Potter?
Silvergate and its then CFO, Martino, allegedly misrepresented losses on securities that it sold to stay afloat after the collapse of FTX. And back then, it disclosed the sale of $5, 200, 000, 000 in debt securities alongside $4, 300, 000, 000 in funds from a loan from the Federal Home Loan Bank. Less than a week after FTX's collapse, Silvergate staff allegedly completed an analysis of over 300 suspicious transactions as well, some of which took place over senator wait. Hold on. Hold on. Some of which took place over SEN.
Silvergate's staff was able to link those transactions to FTX's custodial accounts which contained consumer or rather customer funds. Bankman Fried was sentenced to 25 years. Yes, we know. After becoming aware of the bank's analysis, Lane made allegedly false and misleading statements during an interview on CNBC while speaking about Silvergate's compliance programs, quote, we built this business compliance first, said he said of Silvergate. We satisfy all the regulatory requirements, end quote. Alright. So so the SCC, again, because I guess they don't have anything better to do, is to go railroads these poor people from Silvergate for probably probably trumped up issues.
Right? Because Silvergate, if I remember right, it was Silvergate that was actually running okay and the FDIC just took them over. Because what it really was, it was these other 2 banks that had the major problem. Silicon Valley Bank and Signature Bank. I think I think it was Signature Bank and Silicon Valley Bank that were the guys that had real actual balance sheet issues, but Silvergate did not. Was 1 of the 3. I know Silicon Valley Bank was was definitely defunct. They were having some major major issues. So it was 1 of the other 2, but I'm pretty sure it was Silvergate that was actually okay, And the FDIC just took them over. Just took them over even though that they really didn't need to. So now we get some extra fallout from the f t x debacle which, like Mt. Gox, will probably never go away.
Moving on, Ethereum products like ETFs see highest outflows since 2022 ahead of the ether ETFs, and we're talking about futures ETFs, which they do have, these guys are talking about outflows from those products. We don't have spot or spot ether ETFs yet. Honestly, stay away from them. Stay away from anything that has anything to do with ether. Because here's the issue with that. Bitcoin's whole monetary policy is set in stone. Ether is however Vitalik Buterin decides to wake up that day and they'll just change it. And if you've got products like spot Ethereum or spot ether products that are on the market and being sold and traded and leveraged against and whatnot and this and that. And these guys over at Consensus, I e, Vitalik Buterin's crew of miscreants that started this freaking scam fraud bullshit Ethereum chain in the first place. When they wake up and they decide to change how they do their stuff, which they do almost every single year.
All of those products have direct exposure to those economic policy decisions. Don't do anything with this crap. Professional investors withdrew over $120, 000, 000 from ether tracked exchange traded products in the past 2 weeks. Coinshare said in a Monday report, such products recorded $60, 000, 000 in net outflows each the past 2 weeks. 2 weeks. The most since August of 2022. Elsewhere, multi asset Bitcoin ETPs recorded inflows at $18, 010, 000, 000 respectively suggesting sentiment may be turning. No. What's going on is that people are preempting the sell the news event because that shit doesn't work anymore.
That's what I really think is going on. Now, am I sure? No. Of course not. Of course, I'm not sure. But, you know, it did it is what it is. I think they're just preempting the the announcement of the actual ether or spot ether ETFs because they have been approved. They just haven't started trading yet. Right? So we're in this black hole. But still, even when they do start trading, don't buy this shit. Now, I know what you're gonna say is that, well, here's what's gonna happen, Dave. They're gonna sell sell sell and then the news is gonna drop. The 1st trading day is gonna be announced and all of a sudden everybody's gonna pile back in and you told us to stay out and you lost me a lot of money. I'm going to sue you. Well, this isn't investment advice. This is ethics and morality advice and if you don't want to take my advice on ethics and morality then sure Go ahead and steal from the people that least can afford to lose their money because that's who the Ethereum Foundation, ConsenSys, Vitalik Buterin, and all the rest of those idiots directly targeted.
They knew it. I believe they knew that they were targeting the the the people that could least amount the least afford to lose any amount of money. And they've locked them in to this hellhole that they get to make decisions about whenever they want to make decisions about them. I mean, I'm just saying here. Now hold on for a sec. Let me I gotta look at something because I think I might have missed missed something. I'm not sure. Hold on. Silvergate. Ah, ah, I forgot to put in this 1. That's why that's why I was a little short. No, ladies and gentlemen, Denmark did not propose banning self custody wallets.
According to the Danish Financial Supervisory Authority themselves, because they've made a statement and Helen Parks from Cointelegraph is gonna tell us all about it. Contrary to recent social media reports suggesting that Denmark was about to ban Bitcoin wallets, Danish regulators have not proposed banning self custodial cryptocurrency wallets, the Danish Financial Supervisory Authority has denied reports suggesting that the regulator planned to ban self custodial wallets, also known as non custodial wallets. Quote, we are aware of some misinformation circulating on social media suggesting that the DFSA intends to ban hardware wallets and other non custodial wallets?
Tobias Figuisson, DFSA's director for Fintech Payment Services and Governance, told Cointelegraph. And he stated, quote, that is incorrect, sir. The DFSA has not proposed any such ban, end quote. DFSA's which came into force on June 30th. Published on June 25th, DFSA's assessment provided a set of principles to address challenges in regulating decentralized crypto asset services. And according to Thygesen, Micah explicitly exempted cryptoasset services provided in a fully decentralized manner without enter in any intermediary. As such, for a service to be regulated under Micah, it must not be fully decentralized.
It also should involve 1 of the activities listed in article 316 of Mica such as Crypto Custody Trading and other crypto services. The only regulated activity directly concerning wallets is providing custody and administration of crypto assets on behalf of clients, which involves custody of crypto assets on behalf of clients, in quote. Thigus and told Cointelegraph adding, quote, hardware wallets do not give custody of private keys to the wallet provider and thus are not regulated by Mica. Shit. This is good news. Non custodial wallets by their nature are not subject to my car, which I guess is the Micah regulation. So my car. Anyway, end quote. Mikko Othama, co founder of algorithmic investment protocol trading strategy, incorrectly interpreted the assessment in a Twitter post on June 26th.
He believed that by exempting let's let's see. What are self custodial wallets? I I think you guys are good with that. It just means you hold your own keys and nobody, you don't have to ask permission from anybody to move your coins. If that is the case with you that you don't have to ask permission from anybody to transit, transmit, or vector as such any kind of bitcoin, which essentially just means move it from 1 wallet to another, If you don't have to ask permission, then you're self custodying your wallet. That's what that means. So, let's skip that section. DFSA's assessment aimed to increase awareness of potential regulatory requirements.
Despite not being subject to MICA, some software wallets provide integrated interfaces to fully decentralized services in addition to their wallet services. According to Thygesen, such interactions or rather integrations could potentially be independently regulated by Micah if they are not provided in a fully decentralized manner. For example, a software wallet that directly executes orders on a decentralized exchange on behalf of clients could require authorization if a legal entity has control over the offer and provides this specific activity as a service for clients, The DFSA official said and then he added this quote, these cases are often very complex and would entail a case by case assessment. The intention is to ensure awareness of potential regulatory requirements and underline that the DFSA is open for dialogue for understanding whether specific offers in Denmark are in the scope of Mica or not.
This is amazing. Honestly, this is really really good news. And I'm gonna go back to this paragraph. According to Thygesen, Micah explicitly exempted crypto asset services provided in a fully decentralized manner without any intermediary. Honestly, this is, like, if this is true, if that statement is true, it simply means this. You don't have jack shit to worry about with any of the MICA regulations if you are fully self custodied. That's good news. That can't be anything but good news. I think it's good news and I'm gonna say that it's good news until the day that I die and until that such time we're gonna run the numbers. CNBC Futures and Commodities West Texas Intermediate Oil is up 0.19% today.
That damn thing hit well over $84 early morning trading, but now it's come back down to $83.53. Brent Norsee, pretty much the same action. It's up a 3rd. It is standing at 86.87. Natural gas, however, really feeling the crunch, man. $2 and no. I'm sorry. 2.42 percent to the downside, chilling out at $2.41 per 1, 000 cubic feet. Gasoline is up a third to 2 58 a gallon. Shiny Metal Rock's having a good day except for Peter Schiff's favorite pet rock, which is down a quarter of a percent to $2, 333.30. $33.33. Wow, that's a matching number. Silver is up a 5th of a point. Platinum is up 2.3.
Copper is up. Scant Palladium is up damn near 5%. Ag looking pretty much in the green today. Biggest winner is chocolate again. 5.83% to the upside. Biggest loser, wheat. 1.69 to the down. Live cattle is up a third. Lean hogs are up 1 in a third as well. Feeder cattle up 1 in the third also. Now to the dashboard, that would be dashboard.clarkmoody.com. Price, 61, 900 because people are being dicks. Market cap is $1, 220, 000, 000, 000. You can now only purchase 26.7 ounces of Peter Schiff's favorite pet rock with your 1 bitcoin of which there are 19, 700, 000, 827.37 of. Fees are still low. 0.12 BTC taken in fees on a per block basis on average. So fees are still doing pretty good.
Speaking of fees, let's go over to mempool. A 173 blocks carrying a scant 181, 000 unconfirmed transactions waiting to clear at, get this, 8 satoshis per vbyte. Guys, I have a brand new lightning node. If you want to open some channels to me to provide me some incoming liquidity, Dude, I will open channels back I will open a couple of channels back to you. And I don't I'm not exactly sure why we continuously only look at people with like 5, 000, 000 satoshi lightning channels. What happens eventually when you've got a lightning channel that has 5, 000, 000 sats in it and it's worth, like, $5, 000, 000 because it's a dollar sat parity?
I mean, honestly, can you not have a channel with, like, $1, 000, 000 of liquidity And we just ope start opening channels with each other now that's, like, a million satoshis. Why is this an issue? I don't understand why this shit's an issue. I don't get it, but low priorities are also 8 satoshis per vbyte and anything under 1.6 satoshis per vbyte are being purged from mempools around the world. Hash rate is up today. 615.1 exahashes per second. That's not bad. That's not bad. I'm still kinda wondering about how the fees are that low and hash rate is this high. Probably see some adjustments coming soon.
Now from post debate hangover which was episode 915 of Bitcoin and donations were sucking some swamp water, but not by my friends who actually did step in and step up. Like, people like DeBravco who will sell you black soldier fly larvae because you're gonna want some and he's also 1 of the Circle P vendors. Yeah. 2, 040 sat says, people that are distracted by bullshit? Hey. I resemble that statement. Coinbase Custodying US Fed BTC? That checks out. Quote, the United States Federal Government and its affiliate organizations are proof of stake. End quote.
Wartime with 333 magic number and says, nothing. Pies with a 100 says, thank you sir. No thank you. And the rest of you guys, I'm gonna go clubbing baby seals. And no, that does not mean that I'm gonna take them to a dance club and start dancing with them. Oh, nope, nope, nope, nope, nope. I'm gonna get a Lewisville slugger. I'm gonna go to the arctic or wherever the hell the little baby seals are. And I'm gonna start clubbing me some baby seals until you guys start donating to the show and get off your butt and make sure that this show spreads like wildfire. Because everybody needs a short show about what the hell happened to Bitcoin today. Why? Because this shit changes every day. That's the weather report.
Welcome to part 2 of the news that you can use. What is this 1? Where where are we gonna start today? Oh, 0, yes. Of course. Of course. Because selling your country man's future for a pittance is exactly what you should be doing as regulatory authorities. You know, like Germany. Because the German government has transferred yet another another $52, 000, 000 worth of Bitcoin threatening more BTC selling pressure, and, of course, we actually see that live right as we speak. Because we're at 62, 000, you know, and $3.
Earlier, we were, like, 63, 700. So, yes, the German government is indeed selling their countrymen's future out on the open market like they were fucking tuna fish. The German government labeled cryptocurrency wallet has sold yet another $52, 000, 000 worth of Bitcoin, sparking suspicions that the government is indeed selling the entirety of its BTC holdings. The wallet associated with the German government transferred 832 Bitcoin in 4, count them, 4 individual transactions today to to today, July 2nd. The wallet sent a 100, BTC to Coinbase, a 150 to Bitstamp, and 32.74 to Kraken according to ARCEM Intelligence.
The lion's share, or 5 50 BTC worth over $32, 000, 000 was sent to the wallet, we've come to know as 139 PO or PO, which remains unknown but has previously received funds from the German government including 500 BTC on June 25th and 800 on June 20th. Tracking the selling patterns of large Bitcoin holding entities can give investors valuable clues about the Bitcoin price since large sell orders can create more downward price pressure. The BKA labeled wallet, which holds over 43, 850 BTC worth over $2, 750, 000, 000 could threaten Bitcoin's price due to more potential selling pressure.
The Bitcoin price has been in a downtrend since the beginning of June, falling over 7.3% during the past month. BTC found a local bottom above the 58, 450 or $58, 450 mark on June 24th before bouncing back to the current $62, 000 and change mark according to Bitstamp. Bitcoin is a mass significant support at 6, 1005. Okay. That's TA speaking. We don't need that bullshit. So the question becomes, is the government of Germany actively selling BTC? Well, besides the largest transfer worth $32, 000, 000 the rest of the Bitcoin was transferred to centralized exchanges which signals that Germany's government is potentially looking to sell its Bitcoin.
Cointelegraph has approached Germany's Federal Criminal Police Office for comment. I guess they didn't give 1 because that's the end of the sentence. Oh, for god's sakes. The German government labeled while it first sparked suspicions of potential Bitcoin selling back on June 19th when it executed a 65 100 BTC transfer worth over 425, 000, 000. Before the transfer, the wallet held nearly 50, 000 BTC since February of 2024, and they are believed to have been seized from the website operator movie 2 k in a sting that Germany performed, I guess, a few months back. I don't know. This whole whale watching shit probably is not the best for your health because honestly, you're gonna have 1 side of TA traders saying that it's good, and the other TA traders are saying it's bad and we're all gonna die.
Nobody needs to live in that kind of simplistic dichotomy. So how do you get out of it? You buy Bitcoin, you hold Bitcoin, and you do it on a DCA basis. You don't go all in on a day because you think you're catching the catching the dip. Oh, I caught the knife. Yeah. That song, bitch, is gonna go straight down your throat and right out your ass, and it's gonna do a whole shitload of damage on its way through. Or if you think you're gonna sell the top, you don't know where the top is. Do you know how many times I have driven in the mountains of Colorado and it never it never ceases to amaze me. I'm traveling down a highway and off in the distance I see a big old 14er.
What's a 14er? It's a 14, 000 plus mountain. And you can always know a 13er, a 12er, a 13er, or a 14er because you can see the tree line. So above the tree line, you see nothing but rock, and trees can't grow above the tree line because the air is just too thin. There's just not enough c o 2 for life to actually do anything or become anything other than scrub. Right? But then as I get closer to it, I lose sight of the peak. You know, I'll go like another 10 miles and all of a sudden I can't see that mountain anymore. But I can see the mountain that's in front of it and I can see its peak. And I know that it's not the peak I was looking at because the entire top has trees on it.
All of a sudden my view of the actual 14er peak the highest peak in my local neighborhood is what? Obscured. Think of it like that and you will never ever ever have to worry about doing TA analysis other than just for fun. You're not gonna go trading this crap because it's going to eviscerate you. Just stay as far away from it as you possibly can. Now, bitcoin magazine digital shovel is suing RK Mission Critical for a patent infringement on Bitcoin Mining Containers. This is out of RK Mechanical, LLC, and RK Industries, RK Mechanical LLC, and RK Industries LLC in the United States District Court for the District of Colorado, accusing them of patent infringement according to a press release.
The dispute revolves around digital shovels, V shaped technology designed to increase miner density in crypto mining containers Digital Shovel developed the V shaped technology in 2018, securing patents in 2022, 2023 and 2024. These patents enable a 30% increase in minor density, providing significant operational advantages. According to the complaint, Compute North, a client of RK Mission Critical, initially sought to license this technology from Digital Shovel in 2019 but was refused. Despite this, RK Mission Critical allegedly produced containers strikingly similar to Digital Shovels, with some staff initially mistaking them for their very own products.
Quote, instead of competing fairly, defendants are exploiting innovative technologies that Digital Shovel has worked hard to develop and protect through patents, the complaint stated. Digital Shovel CEO, Scott Johnson, stated that based on RK Mission Critical's marketing, they believe they've sold approximately 850 units, which were sold for over $200, 000 per unit, resulting in sales of $170, 000, 000 worth of product. Quote, a variety of publicly traded mining companies are using the product from RK, Johnson said. However, our focus is not on them or any other end user at this time.
It's on enforcing our intellectual property on the company that is building products using our technology and stealing customers from us, end quote. Despite being aware of the pending patent since 2021, Digital Shovel claims RK Mission Critical continued its production without authorization and their refusal to engage in settlement negotiations has led Digital Shovel to seek legal redress. The company aims to obtain compensation and a court order to prevent further sales on the infringing containers. Bitcoin Magazine will be interviewing Johnson in an upcoming spaces on Twitter later today.
Let's see. Is that actually today? Let's see. Yeah. 4 hours ago, so we'll say today. If you want to sit in on that it's coming up at 1:15 pm Eastern Standard Time, but remember it's actually Eastern Daylight Time. So I don't know why they put EST. It should be EDT, bitcoin magazine. Please get your collective shit together. Anyway, if you want to listen into that, be my guest. But here's my thoughts. You're gonna patent geometry. It's not that big of a of a of a of a stretch that people can figure out that they can put a v in the same spot that they can put stacked e's, and gain, have more efficient space usage.
This is why we have a v 6 engine. So that instead of having all the cylinders in a line, we could take half the engine and move it and put it in a v configuration, and now the block is only like this instead of like this. I mean that length you can do a lot more with a cube than you can do or like more of a cube size than you can do with a long train track size as far as building a car. This isn't this isn't like a discovery. It's I don't care how and it's not that I'm it's not that I hate patents There's a lot of bit corners out there that hate intellectual property. Hate it, hate it, hate it. I do not have a problem with intellectual property.
I honestly do not have that much of a concern with patents. What I do have a concern with is stupid fucking patents And patenting a geometry that, in nature, any idiot can see that there is a more efficient use of space in different patterns than different other patterns. How is that patentable? It's like patenting the alphabet. And it's like those assholes that patent natural genes out in the wild because they found it first? That's not a patent. That's brazen grifting on mother nature. I that I don't agree with whatsoever. This thing, I I honestly, I don't think they're gonna make anything of it. I don't think they're gonna win this dispute. I think somebody's gonna come in and they're gonna destroy these patents by saying, look.
Look. It's geometry. You didn't invent the v shape. You didn't, like, 1 day wake up and and and do a whole bunch of math and discover that there's this shape that looks like this. That is a natural shape. I honestly just shove it. I swear that some of these people are just goddamn babies, and they're bringing their their legacy financial baby bullshit with them, trying to defend things in the same way that they were doing when they lived their lives in fiat land. It's not gonna work very much longer. Okay. OpenSats has announced their 5th wave of Bitcoin grants.
OpenSats, a nonprofit organization that supports the development of free and open source software and projects, has announced its 5th wave of grants. So the grantees are core lightning book bookkeeper dashboard. It provides a graphic user interface to the core lightning back end. Cove is a new single sig mobile wallet optimized for use with hardware signing devices. Fediment on chain gateway and RBF. Crux is an open source firmware that enables anyone to build their own bitcoin signing device There's the crux k r u x installer that got their own grant.
The lightning network protocol test framework got a grant. Macadamia got a grant and it's a native iOS wallet written in Swift and SwiftUI for the cache you chomni and e cash protocol. There's Tor support for BDK and Fedimint as well. Then there's uTreeXO, which utilizes Merkle Tree, to provide an alternate structure for access to Bitcoin data. And then finally is the validating lightning signer. It's an open source project with the explicit goal to improve the security of the lightning network by separating hot bitcoin keys from operational lightning nodes. Now, there is, there is a person, that I'm starting to come to have a bit of respect for, Lassarin, is what she was going by. She, she I think her Noster account has a different name on it now, but it was that whole, oh god. The the out project Alexandria.
Right? And that's, you can hear all about me going on about libraries and Obsidian and note taking and where, you know, the the the ideas that are forming in my head about how we can develop grand ideas together without actually knowing each other, without actually making a decision to collaborate with each other, and a lot of it is being a lot of the infrastructure of that idea is actually being developed by these guys over there at the project Alexandria. And there's an and it's like there's another project that they're working on that's something to do with git, like git repo or GitHub or, you know, git git. She's been kind of calling out OpenSats, and I'm not I'm not on her side. I'm not against her. I'm not on OpenSats' side, not against them.
Thank god for OpenSats, but also thank god for the people that put pressure on open sats. Why? Because without that tension, it's like tug of war. It's just you're you're playing with you're you're out in the yard playing with a rope. Without tension, I. E. Another person that is opposing you pulling on that same rope, now there's an actual game. If you're out there in the backyard playing with a piece of rope all by yourself, your parents looks think you're sad. And, honestly, you're sad. So, when people like Lassarin kinda lash out and kinda bitch slap Matt Odell and the crew over there at Open Sats a little bit, don't be offended because I guarantee you that the crew at Open Sats is not offended.
If they did not have the tension, if they weren't walking around a minefield and every once in a while, they set 1 off, they really don't know where they're at, right? So it's it's people like Lassner and who are asking saying why is it that we don't get a grant? That's a fair question because what what they're saying is that they're not getting a grant but they're not being told why they're not getting a grant Is there, you know, and this is now now here we go into 100% David Bennett's interpretation of what's going on with why it is that they're not getting a grant or what it is that they want on the other side of being refused for a grant. Do they want commentary on their grant application? I don't know, but that would be what I would want. I would say I need to know.
I need to know what it is that we're missing. What is it that that or what is it about the whole idea that you don't think is a valid contender for this grant money? That is that is that's how grants in fiat legacy financial world work. Now while I just got finished lambasting those people that wanna bring over their legacy fiat bullshit the way thing work thing to our world, I will say this about the past granting agencies that I have seen in effect in legacy land, in the past. And generally speaking, they will tell you why you did not get the grant. They will mark up your your grant application. They will say you you you're weak on this. They will tell you that your whole idea sucks, that it has it's better, to be resubmitted through a different granting agency because maybe it's just not what they do and you made a mistake. This is not these are not the droids you're looking for.
Right? So I kind of you know call on open sets if at all possible because it is a small team and and making, you know, making it known exactly why you didn't do a grant for somebody and communicating that those facts figures and, you know, corrected or or marked up application, that takes real work. They've got their Gigi, and they've got they've got a board of people that vote on this stuff, but essentially you're talking about, you know, somewhere between 1 to 5 individuals that actually sits down that can look at this stuff and and make comments and then send it back. That's not they got all kinds of other shit to do. So maybe maybe this.
Maybe OpenSats should hire 1 more individual to collect up the commentary of the board of directors of OpenSats as to why, for 1, why a grantee or a prospective grant applicant did not get the grant. And 2, to physically communicate the reasoning why back to the grant app the applicants. That would really help the grant applicants become much much better at what it is that they you know it maybe it even helps their own idea come along but without that without that feedback without that feedback we are really missing a golden opportunity to make both sides of that tug of war better and stronger and more able to deliver a more entertaining tug of war. Because again, nobody wants to look at a small child in their backyard sitting on the ground playing with a piece of rope.
That's all I got to say about that. Bitcoin Keeper version 1.2.9 cashed transactions health check for keys and more. Bitcoin Keeper is an open source, mobile, multisig Bitcoin wallet with inheritance features available on iOS and Android. Really? Inheritance? Let's see if there's anything more about that. This Keeper release adds cash transactions, health checks for keys, timeline view, and the ability to backup wallet configurations in a PDF file. Oh, that's kinda interesting. So, cash transactions. This allows users to pick up a transaction process right where they left off.
Health check for all keys allows users to receive regular notifications for all the keys that have not been used for a period of time, ensuring that they have access to all of them. Personal cloud backup backup wallet configurations in simple PDF file. Keeper's self sovereign options now allow you to depend less on the platform. Timeline view, you can see the timeline for each key showing its history. I am a big fan of visual timelines. I and that's 1 of the things that I see potential for Noster, by the way. This I'm gonna do a little aside here. News timelines.
Right? For the news. In general, legacy clown world, legacy land, I want the ability for, like, something like Pablo F7z's, like 1 of his DVMs to be built that scrapes the interwebs and brings back all the news on a certain subject. Say, I don't know. How drunk was Nancy Pelosi today? I want you to scrape all of the news articles that have ever been written about that that comes anywhere close to it and for the last 10 years and put every single 1 of those in a timeline so that I can see the change over time through these stories.
And that comes in real that would actually come in really handy for, like, particular news stories that drop. Like, how did the change in this how did changes of the story, the narrative of 9:11, How did that change? You will never see how that that narrative changed unless you were glued to the TV for 24 hours a day or you had a timeline that was able to scrape the internet, right, and get the date and time stamp. Understand that it is a that that is in fact the date and time of the publication of that article. That was the first time the web saw it, and that that becomes a timestamp to put it on to the timeline just an idea maybe we could have it be an entire event kind so that we can all continuously contribute to what we find and, you know, use hashtag labels or something. Say hashtag Trump, and this is what I found today. And I just submitted as an event kind, and it goes into a DVM, and the DVM looks for the timestamp and and puts it right into the time line exactly where the hell we need it to be. And that way, if I want to ever go look at Trump news time line, I can see how things change. Just I'm just saying.
Now, getting back to this 1 time backup for assisted keys plus now includes an additional security step. And that's all that said about it. User warning messages, you can receive prompts when trying to archive a non empty vault or reuse keys, and bitcoin, I'm sorry. BTC sessions has a video on YouTube about using the Bitcoin keeper, and that will be in the show notes because this article is the, URL will be in the show notes. And finally, label base version 2.2.2 integrated QR code scanner. Labelbase is a label management service for Bitcoin transactions and addresses, and it supports BIP 329, a format for unifying label data.
The goal of the project is to offer convenient solutions for managing labels associated with Bitcoin transactions and addresses across wallets and other tools. Yeah, I think that that is it. Let's yeah. Well, hold on for a second. Let's read this 1 part. This new QR scanner feature makes managing your labels more seamless and efficient than ever before, especially if you send Bitcoin to your cold storage setup. You can use it this one's focusing on the or 2.2.1 version release was housekeeping, and it focused on the integration into raspi blitz. So this 1, this label base 2.2.2 looks like its major feature is this integrated QR code scanner. So, there you go. And honestly, if you're not labeling your Bitcoin transactions, you need to label your Bitcoin transactions.
That does not mean that your labels are transmitted out into the wind for anybody to actually look at. No. If you're managing your shit right, only you can see them. And if you know how to do self custody, you're gonna be okay. If you're using something like Spectre desktop or 1 of the other wallets that does labeling, you're gonna be fine. But what it's really more for is so that you know what happened. Like, I always label transact like, I'll I'll label transactions in lightning from, when I'm transferring Satoshis from, my get Albi wallet over to my lightning node, I always put from albie.
And that way I know what day it happened, what time of day it happened, what it was from, and how many satoshis were involved. Because if I just did it without any labels, I have no clue. And look, look, maybe I decide to, you know, not really be all that forthcoming with the IRS, but maybe I do. I if I do, I cannot be forthcoming if I don't actually have the information. And we exist in a world that most CPAs, they're they're not they're they are not equipped. They are not equipped for this. So if you're not labeling your transactions, I highly recommend that you start labeling your transactions and check out label base version 2.2.2.
Okay. So, that is the end of the show. That is all the news that I got. It's all the news that you can use, and I will talk to you and 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.
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