Join me today for Episode 917 of Bitcoin And . . .
Topics for today:
- HODL_FEE Suggested and Rejected
- Germany Rugs US Citizens on July Fourth
- Justin Sun to the Rescue?
- Massive Linux Vulnerability
- Pheonix Gets BOLT12
#Bitcoin #BitcoinAnd
Circle P:
https://primal.net/p/npub1ugnq57hn8va6xqr5zywy2eunem6c624583vkt0dmv40ep7tnnxkqrr898l (faster)
email: [email protected] (slower)
Product: Comfrey
One full root for 20$
Or root cutting for 1$ each
Buyer pays shipping
Episode 726: https://fountain.fm/episode/15491737864
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Articles:
https://bitcoinmagazine.com/technical/bitcoin-hodlers-need-to-pull-their-weight-too
https://decrypt.co/238463/bitcoin-tumbles-as-german-government-moves-another-75-million-to-exchanges
https://cointelegraph.com/news/justin-sun-offers-buy-german-government-bitcoin
- https://www.cnbc.com/futures-and-commodities/
- https://www.cnbc.com/bonds/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
https://www.nobsbitcoin.com/regresshion-vulnerability-in-openssh/
https://www.nobsbitcoin.com/phoenix-wallet-v2-3-1-phoenixd-v0-2-0/
https://www.nobsbitcoin.com/bitcoin-core-introduces-new-security-disclosure-policy/
https://www.nobsbitcoin.com/breez-sdk-core-v0-5-0/
https://www.nobsbitcoin.com/bluewallet-v6-6-8/
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[00:00:00]
Unknown:
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 7:23 AM Pacific Daylight Time. It is the 4th July, 2024.
This is episode 917, the 4th July episode of Bitcoin. And good morning, and happy 4th July. Maybe we should take a moment to figure out why the hell we even celebrate that thing. It shouldn't take very many of you in the United States to figure that out, but I honestly kind of think that we've forgotten exactly what the hell's going on. I'm not going to remind you. If for whatever reason you have a question as to why we celebrate the 4th July, I recommend that you go read the constitution of the United States, including the bill of rights, and then after that, the declaration of independence,
[00:01:34] Unknown:
because we're losing all of that.
[00:01:36] Unknown:
We're going to screw ourselves over, and we're going to lose all of it. So again, just a recommendation. At least if for no if no other reading material hits your, deck today, just the Bill of Rights, just the first 10 amendments of the constitution of the United States should set many questions answered for you. Now, the circle p is open for business, and this is where I give time on the air to the guys that may or may not have a whole bunch of money for marketing of the goods and services that they want to sell to make their life complete because they're doing things that that they would probably rather do for their living rather than what they actually do for a living. And 1 of them is most likely Sheeshi21m who sells comfrey roots.
Not you don't you don't grind them up. Right? The the comfrey roots that you're buying from Shishi 21m, these are the ones that you plant in your garden or flower beds so that you can always have comfrey yourself. And then you harvest that and you grind them up. For what? Well, for all kinds of medicinal purposes. It makes really good compost. It makes a really good chop and drop mulch. Honestly, this this plant is a miracle plant. And if you go back and listen to episode 726 of bitcoin and you will find out why in in-depth why this plant is such an important plant to have. And once you put it in, you have it forever.
And the ones that you're going to buy from She She, he has 2 different varieties. I sold him the root stock for 1 of the varieties, so I can definitely vouch for what's known as the bocking 4. Both of them are sterile, which means that you can propagate them, but they don't propagate themselves. They don't crawl around. They don't take over your flower bed. Wherever you do put it though, it will be permanent. So, please understand that part. But it doesn't set seed. It doesn't send runners. You don't have to worry about it quote unquote taking over your garden. But hell, even if it did, you want this plant.
I have a link directly in the show notes to episode 726. If you want to get comfrey, make damn sure that you contact she she [email protected]. It's slower than if you get a hold of him directly on Noster, His in pub and a direct link to his, Noster account is in the show notes as well. It's $20 for 1 full route, which means that that that thing is going to establish itself very quickly. Or you can buy root cuttings for a buck a piece. Those are slower to start, but they will start. I recommend buying 20 of them so that you'll have 20 separate plants. But instead of coming up in a week, it might take 2 to 7 weeks.
Some of them I've seen come some small root cuttings I've actually seen come up in just a few days. It depends. It just it depends on temperatures outside, how much water, all that kind of stuff. But if you want to know watering requirements, sunlight, where to put them, and what to do with them. Again, episode 726 of bitcoin and make sure that you tell xixi21m that you heard it here. Otherwise, he will not be able to know that I made a sale for him and he will not give me Satoshis for that sale, which is the agreement of all those in the circle p. Oh, and yes. Another agreement in the circle p is that you gotta sell it for Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. Now speaking of Bitcoin, got some got some issues this morning.
We are at 57, 000. 57, 000 and 0¢, in fact, at least according to my little my little,
[00:05:45] Unknown:
my little, what do what do they call it?
[00:05:49] Unknown:
I I got a little portable m 5 stack that just shows me, the charts for, bitcoin. It just flashes and it just flashed. Now it's flashing 56980 what the hell's going on well here's what's going on bitcoin tumbles as the German government moves another $75, 000, 000 to exchanges. Now I'm not sure of the particulars of this, but I have something to say. The United States is probably the it has probably become the largest Bitcoin market in legacy financial terms that there is in the world right now simply because of the launch of the Bitcoin spot ETFs where they actually have to hold the physical Bitcoin in the ETF. So if you buy 1 Bitcoin worth of ETF then they've got to actually buy 1 Bitcoin and put it stick it into the ETF what's going on with the July with July 4th and legacy markets in the United States It's a holiday.
All the markets are closed. So the German government basically screwed over a whole bunch of United States citizenry that is holding the particular asset known as Bitcoin in these legacy financial instruments that are the spot Bitcoin ETFs and a whole bunch of other instruments futures and all kinds of there's all kinds of derivatives and synthetic derivative contracts that are in and around the bitcoin ecosystem and the german government
[00:07:29] Unknown:
basically just rugged your ass
[00:07:32] Unknown:
because it's not like they didn't know that the united states markets were gonna be closed today. They knew full well what they were doing. So not only is the German government responsible for screwing over the future of their own people, the German citizenry, They are now dabbling in screwing over the United States citizenry by doing this move today on July 4th when they knew the markets would be closed. Let's get into this 1. Decrypt, Merce Mention is writing it. The German government has transferred approximately 1300 Bitcoin to major cryptocurrency exchanges contributing to a sharp decline in bitcoin's value and causing ripple effects across the broader crypto landscape. And according to data from ARCEM Intelligence, the German authorities moved approximately $75, 000, 000 to exchanges including, of course, Bitstamp, Coinbase, and Kraken at around 10 AM Central European Time today.
And this article is written and time stamped July 4th. They knew they knew what they were doing. The transfer marks 1 of the largest movements of Bitcoin by the German government to centralized exchanges over the last few weeks. The sell off has contributed to Bitcoin's price dropping below the critical 200 day simple simple moving average or the SMA, a key technical indicator often used by traders to assess long term trends. The German government's Bitcoin portfolio, even after this substantial transfer, is still significant. Currently, the German government holds a Bitcoin portfolio valued at $2, 300, 000, 000 that's with a b, consisting of 40, 359 BTC.
Is that yeah. 4 yeah. 40, 40, 000. Wait a minute. Hold on. Yeah. 40, 359 BTC. However, recent market actions have led to a notable decrease in their portfolio's value, which has now dropped by 100 and 36, 170, 000 over the last 24 hours. But the sell off has not been limited to Bitcoin. But that's gonna limit what we talk about because now they're gonna talk about some other stuff. And I'm doing a short I'm gonna be trying to do a shorter show today because I've got a, July 4th parade that I'm going to go take my children to. Apparently, it's just weird.
There's it's this is a decentralized 4th July parade in 1 of the small farming towns that are around the, Eastern Washington area where I live. And since there's no central authority people just show up with whatever float they want to build. And apparently this has been going on for quite a while and it is a, from what I understand and what I've been told, it is a not to be missed situation. So I'm really looking forward to that. But remember how, in this, in this particular article that we just read, we were talking about the significant drawdown of Germany's own portfolio value due to their own selling pressure.
So, they're kinda shooting themselves in the foot. But notice notice the number here. Valued at $2, 300, 000, 000 consisting of 40, 359 BTC. That's what's left over so far even though they've seen a $136, 000, 000 decrease in their, portfolio value. Guess who is stepping into the spotlight that's right 1 of the only cats to not be indicted as far as I can tell, at least to any substantial degree that has done any actual damage to the man, Justin Sun. Here comes Justin Sun to the rescue because he is offering Germany to buy their entire 2 point $3, 000, 000, 000 Bitcoin stack to minimize market impact. I don't trust this son, bitch, any farther than I can throw him. But it's funny. So Cointelegraph Zolten Vardy writing, TRON founder Justin Sun is offered to buy the German government's Bitcoin holdings worth 2 point $3, 000, 000, 000 Sund announced the offer in a July 4th Twitter post to his 3, 500, 000 followers.
Quote, I'm willing to negotiate with the German government to purchase all BTC off market in order to minimize the impact of the market. Oh my god. The German government labeled while it first raised suspicions of Bitcoin selling on June 19th when it executed a transfer of 65100 valued at over $425, 000, 000 at the time. Market selling the remaining holdings could have a negative effect. So here comes Justin Sun. Let's see if there's anything else where he says anything at all. BKA. Let's see. Hold on for a second. Yeah. There's a statement here from the BKA in the revenue office. The crypto wallet was tagged by the ARCEM intelligence platform as German government BKA, which refers to the country's Federal Criminal Police Office, or the BKA, who seized 50 1, 000 BTC in Dresden in January from the pirate movie website operator Movie 2 ks which is believed to be the origin of the funds.
And while it's not yet clear which authority is selling the BTC, a BKA spokeswoman confirmed that the criminal unit does not hold the seized Bitcoin. In an email to Cointelegraph, Christina Sawaske, a spokesperson of the BKA wrote, In principle, the sale or conversion of seized Bitcoin into Euros is the responsibility of the relevant public prosecutor's office or court. The proceeds of seized assets are paid to the Land Revenue Office of the place where the competent court has its seat in accordance with article 60 of the code of criminal procedure. The BKA only preserves crypto assets seized or confiscated in the course of investigations for the public prosecutor's office.
[00:13:55] Unknown:
Okay. So
[00:13:57] Unknown:
Justin's so that's all they have about Justin's son. Is it is it a valid offer? I don't know. I mean I guess Justin's he's got the money. I'll give him that. He's got the money, but let's say it does happen. Let's say the German government does come to heel and starts talking to Justin Sun, and he actually does tender the money $2, 300, 000, 000 United States dollars and receives that bitcoin do do you trust him any more than the German government to do anything other than sell it? I mean, no. I I don't. I it's just the whole thing is a fucking shit show so that brings me to a point for any of you guys out there that are listening to me that are of the criminal mind if you're going to engage in criminal behavior and you're going to take bitcoin you know, in in trade for whatever goods and services that are illegal that you're selling, do better For the love of God.
Stay like, honestly, just say, like, you get caught, make damn sure that you're unable to spend it. Alright that you're unable to transfer it that you're just not able to do it otherwise could you please just use German marks or euros or United States dollars or I don't know Japanese yen or Chinese renminbi I mean please stop you or do this Take Bitcoin. How however you need to do it, convert it into Euros. Right don't let the governments get a hold of piles of bitcoin that are this large you have a fiduciary you have a fiduciary duty as a criminal not to screw the rest of the world. You just remember, if you're a criminal, the chances are good that you're just going after a certain sector of the population. You know, those that are rubes that you can easily scam or do whatever with. But don't scam the whole world. Right? So, take a little bit of responsibility for God's sakes.
Now, this 1. This 1 is really this one's kind of freaking me out. I've seen some weird shit out of Bitcoin Magazine.
[00:16:17] Unknown:
But this this 1 takes the cake. I I don't know how to really
[00:16:24] Unknown:
describe it or preface it, so we're just gonna read it from Bitcoin Magazine. A guy named Bob is writing. Literally, it just says Bob. Bitcoin HODLers need to pull their weight too. Imagine a scenario where you're heading off for a 100 year vacation and you want your wealth to survive when you return. You decide to bury a safe and it holds some gold bars a bunch of $100 bills your Bitcoin in cold storage What do you expect the outcome to be when you return from your 100 year absence? The gold bars will still be there in good shape. The $100 bills will have physically decayed and the purchasing power will likely have dramatically weakened to the point where the bills are worthless.
But what about the Bitcoin? What is the Bitcoin worth? The answer deepens on how the network operated during your long absence If other people were actively transacting, then the miners were securing the network and your Bitcoin will be safe and valuable If everyone puts their coins in cold storage and joins you in a 100 year absence, then transaction fees will plummet, miners will go out of business, the network will atrophy and the coins will be worthless. In other words, the backbone of the Bitcoin network is an assortment of miners who process transactions and maintain the integrity of the blockchain via expending time and resources.
Since the miners are compensated via transaction fees and predictably declining block rewards, transactions must occur for miners to have the funds to secure the network. From the start, the Bitcoin Ethos is that those who use the network must work at it. Having ownership or stake confers no special privileges. Proof of work versus proof of stake. Unfortunately, HODLers are are not working. HODLers are expecting that others will be compensating miners so that the HODLer stake will remain or maintain its value. In today's design, and perhaps inadvertently, hodlers are not living up to the Bitcoin ethos.
That's right. We all suck here. The question becomes how to secure the network while HODLing? I believe the answer is to implement a HODL fee, which would compensate minors for dormant addresses.
[00:19:01] Unknown:
Yeah. You see where this is going? This is this this is socialism the
[00:19:09] Unknown:
this is I am speaking now from myself I'm pausing because I just this is making my eyes water with just how fucking stupid this is. Especially on a day of all days in the United States for Bitcoin Magazine to allow Bob to release this socialist manifesto is beyond reprehensible. This is bullshit. In keeping with the beef bitcoin ethos the HODL fee would be charged a to any address that had no coins going in or out for the last 52, 500 blocks which is 1 quarter of the having period or approximately 1 year and be in an amount equal to 50% of median transaction fee over the previous 2 weeks. Therefore, the hodl fee would be reset in a similar manner manner as the difficulty adjustment.
The hodl fee is set to 50% MTF for new 2 reasons. 1st, the address could avoid the huddle fee by making a simple transaction, so we want the huddle fee based on current transaction fees. And second, The hodl fee is set to 50% m t f so that miners prioritize current transactions and then conduct hodl fee transactions with the remaining block space. An m t f is the median transaction fee. That's just keep that in mind. Good faith arguments can be made to either increase or decrease the time and amount of the hodl fee but these parameters make intuitive sense. No, they don't. It aligns incentive.
In addition to block rewards and transaction fees, the hollow fee adds another mechanism for miners to be compensated thus encouraging the miners to maintain the network integrity even if transaction volumes plummet. HODLers will benefit the most as their coins will remain an effective store of value. It cleans up the dust. The blockchain is littered with dust addresses that contain amounts of sats that are too small to conduct transactions. And by 1 estimation, there are 120, 000, 000 addresses containing less than 1, 000 satoshis while the median transaction fee for a relatively quiet 24 hour period in May was 3, 100 sats.
With the hodl fee, all 120, 000, 000 addresses would be zeroed out and 310 Bitcoin worth $20, 000, 000 would be paid to miners to help the network. There is another 200, 000, 000 addresses with 1, 000 to 10000 satoshis with another 1, 000 bitcoin that's weird with another 1, 000 bitcoin which would eventually be used to help secure the network That's a lot of network cleanup with only a de minimis increase in circulating supply. It unlocks lost coins. Unfortunately, it's easy for coins to get locked in addresses where the owner dies, becomes disinterested, or forgets their keys. The HODL fee will bring some of these coins back into circulation but at a very slow rate.
If a dormant address holds 1 BTC and the hodl fee is 2, 000 satoshis, it would take 50, 000 years for the dormant address to be zeroed out, which should give the owner plenty of time to wake up from their coma and reclaim the coins. Tests your keys. A nice side benefit of this ridiculous thing, this socialist bullshit of the HODL fee is that it encourages owners to use their own addresses, which means that at least once a year, they can test to see if they remember their keys. This would seem to be especially important in multi sig scenarios.
And finally, it encourages network usage. The hodl fee should increase network usage by encouraging owners to stack sats and or spend their sats. Increasing the network usage helps ensure that miners are compensated properly and that bitcoin remains a store of value. Now here are the arguments against the hodl fee. Well, fucking a. It's stupid. But that's not actually in the whole thing. Let's get to it. Introduces a tax. The huddle fee seems to run counter to the libertarian ethos as it is designed to force individuals to act in a certain way or pay a tax. Nobody likes taxes, and nobody likes the idea of a tax just for existing.
Yet, a quarterly or annual custody fee is very common in bank or brokerage accounts and the hodl fee is similar. Most importantly, the Bitcoin Ethos is about proof of work. You don't get benefits solely from ownership. Bitcoin owners cannot expect others to secure the network and then have Bitcoin remain a stable store of value. It reduces anonymity. Oh, really? The hodl fee can potentially reduce anonymity by encouraging individuals to make transactions, which can be surveilled, to consolidate their holdings into fewer addresses, which are more likely to be linked to an owner, or to keep their coins on exchanges, which won't have to pay the HODL fee because of their high transaction volumes.
However, anonymity always comes at a cost. People can build high fences, move to remote locations, use VPNs, etc. But each of these actions has a cost. For hodlers, the cheapest and easiest way to maintain anonymity while ensuring network integrity is to simply hodl and have the hodl fee withdrawn from their addresses every year the implications I'm pausing the implications of that sentence alone should make you understand that neither Bob nor Bitcoin Magazine truly understands the gravity of what's being proposed here This is a hard fork.
It will it would have to result in a complete overhaul of the consensus rule set for Bitcoin. This is a nonstarter. And if anybody's worried, no. This shit is never going to fucking happen. The market will have to figure out a way for miners to survive and under what configuration they survive. Now back to this thing. Creates unnecessary transactions. The Huddl fee will create 1, 000, 000 of transactions either through the actual hodl fee or by encouraging individuals to stack and spend. The hodl fee transactions will be very lightweight and easy to calculate, and the incentives are designed so that miners process current transactions before hodl fee transactions. And regardless, there will be millions of new transactions and the easiest solution would be to increase the block space.
Here we go again. Increase the block space so that transactions could be processed efficiently and miners would get more revenue to secure the network. And here are the final thoughts of this dipshit. The Bitcoin Ethos is proof of work And hodlers need to work too. The hodl fee is fair. It's intuitive and easy to understand. It's easy to program and calculate. It encourages stacking and spending. It rewards miners for maintaining network integrity and helps ensure Bitcoin maintains its value. Who's ready to write a BIP? Fucking no 1, Bob.
[00:26:54] Unknown:
Oh my, I just
[00:26:58] Unknown:
every word that was written in this article is wrong. That's all I I that's all that really needs to be said, but I I just can't help myself. Nowhere in this piece was it mentioned that what is being suggested here is frightening to its core.
[00:27:18] Unknown:
It also
[00:27:19] Unknown:
is nowhere nowhere in this thing is it written that this would require not a saw this you can't soft fork this in. Sure, I'll bet there's somebody that's smarter than me that says yes it can be soft forked in. No, it can't. No, it can't. I will go I will die on this hill. I will make an argument to any of the Bitcoin developers that there's no way that you could do what's proposed here with anything but an actual hard fork. The other thing that I found mind boggling was that we're entering back into a block size debate. Really? You wanna go there?
And 3rd, this is socialistic or communistic in every aspect that's been presented here. This is this is a you get taxed whether you like it or not and if and here's that there's the thing this is why the thing is so this thing is so frightening is that I would literally have no control over my keys I would have the keys I would be able to to vector bitcoin wherever it is that I wanted but without me doing a single damn thing somebody else would have to be able to have access to my wallet without my permission to be able to do what is suggested here I don't even know why bitcoin magazine put this article up see this is why I'm also I'm partly blaming bitcoin magazine not just Bob the the author of this pile of burning garbage bitcoin magazine themselves are to blame for putting this out into the public. And I'm to blame too because I just read it. Alright? So, I I I get the irony there.
But you guys have to you have to know who potential enemies are in this space. And right now, it's not looking good for Bitcoin Magazine. I I wish I didn't have to say that. I really do. But I just action after action after action just leads me to believe that Bitcoin Magazine is no longer what it what it was when it was taken back over and they announced years ago that they were gonna go bitcoin only. So, understand that everything that's written that I just read to you requires a hard fork, is suggesting a block is suggesting an increase in the block space again, and is communist in nature.
None of which. Oh, and and forces you to lose partial control of your bitcoin wallet address so that people can just steal from you like we just have been used to people stealing from us ever since we've been born through the through taxes please lambast the people that have written this please lambast the people that have published this If you feel the need to say, well, you just opened yourself up and you want to blast me in the in in the comments or the, throw me a boostagram that I gotta read on the air. Do so. Say you're at fault. You you helped. You shouldn't have you shouldn't have put this out there.
I might agree with you, but holy shit. I saw this last it, like, dropped last night, and I was, like, well, I'm gonna have to do it. I'm just gonna have to. Now, let's run the numbers. CNBC Futures and Commodities West Texas Intermediate Oil is down point 15% to 83.75. Brent, North Sea down scant to 87.27. Natural gas is down a whopping 3.2 3 percent to $2.34 a1000 cubic feet and gasoline is down 0.75 percent to $2.58 a gallon. Gold moving to the downside, but by, you know, point 3%. But, I mean, it's chilling out at $2, 368. So congratulations, Peter Schiff, on your shiny pet rock. Silver is down a third. Platinum is up 0.8%.
Copper is up the same. Palladium is down just over a point. Agricultural futures are well, actually, agricultural futures are we're not gonna be doing because markets are generally closed. Even though I do see some price changes, I they they could be holdovers from yesterday. So that's gonna do it for futures and commodities. Let's get over to Clark Moody. $57, 410. We have dropped to a $1, 130, 000, 000, 000 market cap and now we can only get 24.5 ounces of shiny metal rocks with our 1 bitcoin of which there are 19, 720, 667.99 of, and average fees per block are still very low.
0.12 BTC on average in fees per block. And how many blocks are there? Well, there are a 178 of them carrying 200, 000 unconfirmed transactions waiting to clear at high priority rates of, Can you guess? Single digits. 9 satoshis per vbyte and that goes for low priorities as well as medium priorities. No priority is 8 stoci's per per vbyte, and anything under 3 and a half are being purged from mempools around the world, which are apparently being operated by miners that are starving to death. And maybe they won't be able to fly on their their jets and whatnot. Oh my god. I I I'm still reeling from that idiocy that over at Bitcoin Magazine.
577.7 exahashes per second is what the poor miners are generating at this time. Again, just just to reiterate, the market will find itself. I don't have to I don't have to baby the market. I don't have to change the market's diapers. I don't have to go to the store and find, you know, market food and spoon feed my market with, you know, juiced pears or applesauce or some kind of chopped up fucking ham. I I I don't need to bathe my market in the sink. The market is not a baby. The market figures things out for itself. Does it mean that we don't take part of the market's life? Well, of course, we do. But that doesn't mean that I'm going to watch it every single moment.
I trust the market to make its own decisions. If you didn't know that that's how markets worked, then there's a whole load of books. Mises. There's, all there's all there's all manner of Keynesian books that you can read about the market. There's all kinds of Austrian economics books that you can read about what a market is. If you thought that you had to change the market's diapers like 4 or 5 times a day and bottle feed it, you're wrong. You don't have to do that. You really don't. Now, from yesterday or Tuesday's episode, digital shovels of Bitcoin and pies boosted 5, 000 says it gets me fired up when mofos be sleeping on Bitcoin and all these mofos act super tough.
Like they're so self sovereign they get on stage at the Bitcoin conference and suck dick like a bunch of cowards. Talk all the this fuck, the government, but then ride that corporate Bitcoin podcast dick dropping sats to millionaires for what? Fuck out of here. Bitcoin and ungovernable misfits, rock paper Bitcoin, high hash rate. These are the realest podcasts out there. Start showing love. Thank you, Pies. He comes back with yet another 5, 000 sats Pies does and says hopefully this sets a trend for mofos to start boosting LFG. Yeah.
See, Pies knows how to do it. Pies gives a huge boost and he gives me something to read on the air. This is the way to do boostagram. Thank you, Pies. Dobrovco also knows what's going up. 2050 says Fort Bitcoin July meetup dropped today, Tuesday, July 16th at c tapas. C s I tapas. C tapas. Like, yes. Let's have some tapas. Over at Si tapas at 6 PM. I'll buy your first drink. Check out Fort Bitcoin on meetups. And he gives a link. You can always go if you want to see any of the boost, you can always go to my fountain. Fountain. F m, and go over to bitcoin and and you can look at look at the boostograms of any 1 of the episodes. And if you want to get that meet up, link, it's in these, it's it's it's in the booster groups. Dubravco comes back with yet another 2050 says, Jack Spearco reported that Silvergate was the 1 bank that was in very good standing.
The other 2 were in trouble and were closed on Friday and Silvergate was closed on Friday and Saturday as well. Silvergate books or Silvergate's book of business was sold to another bank with a stipulation that they do not continue Silvergate's very profitable crypto on and off rail business. That is why they are being sued right now to keep them quiet. Have a joke for the people in the know. When is a bank not a bank? When the government tells them that they aren't. Dobrovko with a third 2050 boost says, speaking of Assange, the interviewee seems to have the best understanding on the deal and the situation. Great listen. And he provides a fountain.fm link to another podcast or possibly a short clip. So go check out the boostograms in my show down at fountain.fm.
Wartime with 333 says, damn. I forgot what I was gonna say. Cheers anyway. God's death with 237 says, thank you, sir. No. Thank you. He does it again. 237. Thank you, sir. No. Thank you. Axelrod with a 101 says, win dollar sat parity. I don't know, Axelrod. Stacy with a 100 says, nothing in pies finishes us out with a 100 sat says, thank you sir, no thank you. A note about fountain.fm. I'm looking at my boostograms and I am seeing, I'm seeing my notes, like, from Nostr. When when I put out a show announcement that says, you know, title of the show episode 9 16 of bitcoin and is live, topics for today, blah blah blah blah blah. And then I put the fountain.f.fm link in the bottom.
Every time that I put or that I send anything with the link to the actual episode, not the show, the actual episode, it is now showing up in my boostograms. And this is and is somehow or another linked or well I know not somehow or another my my fountain is definitely linked to my nostril end pub so somebody do me a favor do let's do an experiment send a boost you can I think the minimum boost is a hundred sats? I'm not sure. I will reimburse you if you tell me that you did this. Put the today's, link for today's episode from fountain.fm nowhere else it has to come from fountain.fm go find the link you'll well actually I will just go go look at my nostril because I will have a a shown a show announcement and the link to the this particular episode will be in there. Copy it and throw me a boost and put the link in the boost.
I want to see if somebody else's or actually actually don't put the link in the don't boost go to nostril and send a note all by don't don't don't re note 1 of my notes Make your own note and drop the link to this episode from fountain.fm into that note. And see if somehow or another I want to see if somehow or another somebody else comes up in my boostograms on a show because I didn't boost this. I didn't put this I didn't put these in here as a boost. I just put them on Noster. Yet somehow they know exactly where to propagate to in fountain.fm, and it goes directly to the episode where the episode that's represented in the link takes it to. It's it's kind of it's kind of bizarre. It's slick. It's, I mean, it's definitely, like, worthwhile and all that stuff. But, I just want to see if somebody else can do it or if it's only coming from me. Now, that's gonna do it for the weather report.
Welcome to part 2 of the news you can use. Regression vulnerability in OpenSSH is potentially putting 700, 000 Linux boxes at risk. Be aware. The vulnerability, a signal handler race condition in open SSH's server, SSHD, allows for unauthenticated remote code execution as root on GLIBC based Linux system posing a security risk. This issue affects SSHD in its default configuration. Quote, we have identified over 14, 000, 000 potentially vulnerable open SSH server instances exposed to the Internet. Anonymized data from Qalsys CSAM 3 0 with external attack surface management data reveals that approximately 700 1, 000 external internet facing instances are indeed vulnerable.
This accounts for 31% of all internet facing instances with open SSH in our global customer base. If exploited, the vulnerability allows attackers to fully compromise the system. They can execute arbitrary code at the highest of privileges leading to complete system control, malware installation, data manipulation, and creation of backdoors for persistent access. It also enables network propagation, letting attackers use the compromised system to exploit other vulnerabilities within the organization. And somewhere in here is a note about how it affects lightning nodes. Hold on for a sec.
Yeah. Here we go. Bitcoiners running lightning nodes with remote SSH access. You want to patch as soon as possible. So far, the exploit is not trivial, but the risk is huge, said developer Antoine Juan Saut on Twitter. So if you, are aware, you might want to, might want if you're aware of how to fix that for yourself, you might want to go do that. The CVE number has been assigned as CVE 2024-6387. That's 2024-6387 in case you want to, investigate that further. Phoenix Wallet, which is no longer available to me in the United States, which makes me sad because they've installed bolt 12.
Yep. Yep. Yeah. Check it out. Phoenix is a mobile wallet using lightning to send and receive payments. It's available on both Android and Ios. Phoenix d is just like Phoenix for mobile, except it runs on an actual server. Phoenix wallet and server now support Bolt 12. That's b o l t 12. Bolt 12 including reusable non expiring payment requests contact list Android for now iOS is coming soon and you can attach messages on payments. This marks a new step forward in Lightning UX. No need to generate a new QR code for every payment. No need for payer or the receiver to interact.
Phoenix Android and soon iOS also support contacts. Send money with a click and associate payments to your known contacts. Contact said the project Bolt 12 is a proposed upgrade to the Lightning Network. For users, it offers benefits such as reusable payment requests, enhanced privacy for receivers, and improved resistance to censorship. Learn more about [email protected] that's bolt the numbers 12.org bolt12.org. Okay. So bolt 12 allows me to put up 1 QR code or essentially generate 1 address that can be reused over and over and over again, but does not have the problem of address reuse.
And all of that, how that occurs, is beyond my pay grade, and it is sort of not exactly known to me exactly how it works. But everybody's been waiting for bolt 12 and very very few projects have actually integrated it Bolt 12 works there's it's it's very it very clearly works but for whatever reason Bolt 12 has been around forever but it's it's been 1 of the features of lightning network that has taken the longest for integration to occur on every single project and in fact most projects still do not have bolt 12 enabled and to this day there is no implementation of lnd that you can find that can support bolt 12 All of these are on CLN or the core lightning network implementation of the lightning network.
Then there's LND or lightning network developers. I it's it's out of Lightning Labs, or sorry. Lightning Network Damon, LND, Lightning Network Damon. It's out of Lightning Labs. That was the first 1 that dropped. Core Lightning Network, I believe, was, I believe was spearheaded by the guys over at Blockstream. If I'm wrong about that, my apologies. Please correct me. Do it through a boostagram and throw me some sats. Why it's taking Bolt 12 so long to propagate through the places that it can propagate, I e those clients that are using CLN as a back end? I don't know. And but here's my real question.
I I really like LND. CLN has has other problems. Lightning, or the LND implementation does, in my opinion, it's just my opinion, but it it just seems more user friendly. But it looks like they don't even give a shit about bolt 12 somebody please figure out why that is occurring and tell me so I know because I'm confused why lnd just refuses to even look at bolt 12. I I just say it. Anyway, so Bitcoin Core has introduced a new security disclosure policy. So if you're finding a bug, or if you found a bug, this is apparently they've written a new policy on how, they really want you to disclose it.
The project has historically done a very poor job at publicly disclosing security critical bugs whether externally reported or found by contributors. This has led to a situation where a lot of users perceive Bitcoin Core as never having bugs. This perception is dangerous and unfortunately not accurate, writes Antoine Poinsot. Besides a better communication of the risk of running outdated versions, a consistent tracking and standardized disclosure process would set a clear expectation for security researchers, providing them with an incentive to try finding vulnerabilities and to responsibly disclose them making the security bugs available to a wider group of contributors can help prevent future ones. Today, we will disclose all vulnerabilities fixed in Bitcoin core versions 0.21.0 and earlier.
Later in July sorry. Later in July, we will disclose all vulnerabilities fixed in Bitcoin Core version 22.0. In August, all vulnerabilities fixed in Bitcoin Core version 23.0, and so on, until we run out of EOL versions to disclose vulnerabilities for, explained the developer. A new security advisor's page has been added to the Bitcoin Core website. That it look for the page. If you're if you're wanting to go look at this, look for the page security advisors page, and that is bitcoincore.org forward slash en forward slash security hyphen advisers, and you'll find it there. So if you are finding bugs, go look at their new security disclosure, policy. Now Breeze SDK core version 0.5.0 has been released.
Breeze SDK enables developers to integrate lightning and bitcoin payments into their apps. The SDK is an end to end non custodial, drop in solution powered by Greenlight, a built in LSP, on chain operability, 3rd party fiat on ramps, and other services, services users and operators need. The Breeze SDK is free of charge for developers. So what's new? Green light signer upgrade. Keep closed channels in pending state until the sweep. Introduce unregistered webhook API. Support lnurl lightningqueryparameters. Fix chain service error when channel closing transactions couldn't be found on chain. Show open channel fees and invoicepaid event and fix balance update after receiving.
And of course, this is an LND client or implementation. Please figure out how to get bolt 12 into lnd. Guys, please, for the love of God. Finally, blue wallet version 6.6.8 full BIP 47 support and send to silent payment address. Blue Wallet's 1 of the older ones too, by the way. It is a Bitcoin and lightning wallet built with React Native and Electrum. It's available on Ios, Android, and Mac OS. Bit wallet now or blue wallet now supports sending and receiving transactions using bit 47 reusable payment codes or otherwise known as PayNIMs and can also be used send funds to silent payment addresses.
Other recently introduced updates include watch only wallet warnings, ability to clear cache and app settings, and a variety of similar and smaller fixes and improvements. So here's here's a good list here. What's new? Bug fixes. Wallet addresses were not visible. That's been fixed. Send transaction crash number 6751, fixed. And also fixed clearly is bit 47 addresses subscribed to push notifications. There's a whole bunch of other ones too, but that's all we got time for. I'm going to skedaddle. I'm gonna get my kids ready to go to this parade. I'm really hoping that I see people that are weird enough to wear, you know, boots on their head like that that dude. I can't remember his name right now. Somebody remind me of the name either on Nostril or send me a boostagram because boot on head guy, 1 of my favorite guys, and I will 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.
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 7:23 AM Pacific Daylight Time. It is the 4th July, 2024.
This is episode 917, the 4th July episode of Bitcoin. And good morning, and happy 4th July. Maybe we should take a moment to figure out why the hell we even celebrate that thing. It shouldn't take very many of you in the United States to figure that out, but I honestly kind of think that we've forgotten exactly what the hell's going on. I'm not going to remind you. If for whatever reason you have a question as to why we celebrate the 4th July, I recommend that you go read the constitution of the United States, including the bill of rights, and then after that, the declaration of independence,
[00:01:34] Unknown:
because we're losing all of that.
[00:01:36] Unknown:
We're going to screw ourselves over, and we're going to lose all of it. So again, just a recommendation. At least if for no if no other reading material hits your, deck today, just the Bill of Rights, just the first 10 amendments of the constitution of the United States should set many questions answered for you. Now, the circle p is open for business, and this is where I give time on the air to the guys that may or may not have a whole bunch of money for marketing of the goods and services that they want to sell to make their life complete because they're doing things that that they would probably rather do for their living rather than what they actually do for a living. And 1 of them is most likely Sheeshi21m who sells comfrey roots.
Not you don't you don't grind them up. Right? The the comfrey roots that you're buying from Shishi 21m, these are the ones that you plant in your garden or flower beds so that you can always have comfrey yourself. And then you harvest that and you grind them up. For what? Well, for all kinds of medicinal purposes. It makes really good compost. It makes a really good chop and drop mulch. Honestly, this this plant is a miracle plant. And if you go back and listen to episode 726 of bitcoin and you will find out why in in-depth why this plant is such an important plant to have. And once you put it in, you have it forever.
And the ones that you're going to buy from She She, he has 2 different varieties. I sold him the root stock for 1 of the varieties, so I can definitely vouch for what's known as the bocking 4. Both of them are sterile, which means that you can propagate them, but they don't propagate themselves. They don't crawl around. They don't take over your flower bed. Wherever you do put it though, it will be permanent. So, please understand that part. But it doesn't set seed. It doesn't send runners. You don't have to worry about it quote unquote taking over your garden. But hell, even if it did, you want this plant.
I have a link directly in the show notes to episode 726. If you want to get comfrey, make damn sure that you contact she she [email protected]. It's slower than if you get a hold of him directly on Noster, His in pub and a direct link to his, Noster account is in the show notes as well. It's $20 for 1 full route, which means that that that thing is going to establish itself very quickly. Or you can buy root cuttings for a buck a piece. Those are slower to start, but they will start. I recommend buying 20 of them so that you'll have 20 separate plants. But instead of coming up in a week, it might take 2 to 7 weeks.
Some of them I've seen come some small root cuttings I've actually seen come up in just a few days. It depends. It just it depends on temperatures outside, how much water, all that kind of stuff. But if you want to know watering requirements, sunlight, where to put them, and what to do with them. Again, episode 726 of bitcoin and make sure that you tell xixi21m that you heard it here. Otherwise, he will not be able to know that I made a sale for him and he will not give me Satoshis for that sale, which is the agreement of all those in the circle p. Oh, and yes. Another agreement in the circle p is that you gotta sell it for Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. Now speaking of Bitcoin, got some got some issues this morning.
We are at 57, 000. 57, 000 and 0¢, in fact, at least according to my little my little,
[00:05:45] Unknown:
my little, what do what do they call it?
[00:05:49] Unknown:
I I got a little portable m 5 stack that just shows me, the charts for, bitcoin. It just flashes and it just flashed. Now it's flashing 56980 what the hell's going on well here's what's going on bitcoin tumbles as the German government moves another $75, 000, 000 to exchanges. Now I'm not sure of the particulars of this, but I have something to say. The United States is probably the it has probably become the largest Bitcoin market in legacy financial terms that there is in the world right now simply because of the launch of the Bitcoin spot ETFs where they actually have to hold the physical Bitcoin in the ETF. So if you buy 1 Bitcoin worth of ETF then they've got to actually buy 1 Bitcoin and put it stick it into the ETF what's going on with the July with July 4th and legacy markets in the United States It's a holiday.
All the markets are closed. So the German government basically screwed over a whole bunch of United States citizenry that is holding the particular asset known as Bitcoin in these legacy financial instruments that are the spot Bitcoin ETFs and a whole bunch of other instruments futures and all kinds of there's all kinds of derivatives and synthetic derivative contracts that are in and around the bitcoin ecosystem and the german government
[00:07:29] Unknown:
basically just rugged your ass
[00:07:32] Unknown:
because it's not like they didn't know that the united states markets were gonna be closed today. They knew full well what they were doing. So not only is the German government responsible for screwing over the future of their own people, the German citizenry, They are now dabbling in screwing over the United States citizenry by doing this move today on July 4th when they knew the markets would be closed. Let's get into this 1. Decrypt, Merce Mention is writing it. The German government has transferred approximately 1300 Bitcoin to major cryptocurrency exchanges contributing to a sharp decline in bitcoin's value and causing ripple effects across the broader crypto landscape. And according to data from ARCEM Intelligence, the German authorities moved approximately $75, 000, 000 to exchanges including, of course, Bitstamp, Coinbase, and Kraken at around 10 AM Central European Time today.
And this article is written and time stamped July 4th. They knew they knew what they were doing. The transfer marks 1 of the largest movements of Bitcoin by the German government to centralized exchanges over the last few weeks. The sell off has contributed to Bitcoin's price dropping below the critical 200 day simple simple moving average or the SMA, a key technical indicator often used by traders to assess long term trends. The German government's Bitcoin portfolio, even after this substantial transfer, is still significant. Currently, the German government holds a Bitcoin portfolio valued at $2, 300, 000, 000 that's with a b, consisting of 40, 359 BTC.
Is that yeah. 4 yeah. 40, 40, 000. Wait a minute. Hold on. Yeah. 40, 359 BTC. However, recent market actions have led to a notable decrease in their portfolio's value, which has now dropped by 100 and 36, 170, 000 over the last 24 hours. But the sell off has not been limited to Bitcoin. But that's gonna limit what we talk about because now they're gonna talk about some other stuff. And I'm doing a short I'm gonna be trying to do a shorter show today because I've got a, July 4th parade that I'm going to go take my children to. Apparently, it's just weird.
There's it's this is a decentralized 4th July parade in 1 of the small farming towns that are around the, Eastern Washington area where I live. And since there's no central authority people just show up with whatever float they want to build. And apparently this has been going on for quite a while and it is a, from what I understand and what I've been told, it is a not to be missed situation. So I'm really looking forward to that. But remember how, in this, in this particular article that we just read, we were talking about the significant drawdown of Germany's own portfolio value due to their own selling pressure.
So, they're kinda shooting themselves in the foot. But notice notice the number here. Valued at $2, 300, 000, 000 consisting of 40, 359 BTC. That's what's left over so far even though they've seen a $136, 000, 000 decrease in their, portfolio value. Guess who is stepping into the spotlight that's right 1 of the only cats to not be indicted as far as I can tell, at least to any substantial degree that has done any actual damage to the man, Justin Sun. Here comes Justin Sun to the rescue because he is offering Germany to buy their entire 2 point $3, 000, 000, 000 Bitcoin stack to minimize market impact. I don't trust this son, bitch, any farther than I can throw him. But it's funny. So Cointelegraph Zolten Vardy writing, TRON founder Justin Sun is offered to buy the German government's Bitcoin holdings worth 2 point $3, 000, 000, 000 Sund announced the offer in a July 4th Twitter post to his 3, 500, 000 followers.
Quote, I'm willing to negotiate with the German government to purchase all BTC off market in order to minimize the impact of the market. Oh my god. The German government labeled while it first raised suspicions of Bitcoin selling on June 19th when it executed a transfer of 65100 valued at over $425, 000, 000 at the time. Market selling the remaining holdings could have a negative effect. So here comes Justin Sun. Let's see if there's anything else where he says anything at all. BKA. Let's see. Hold on for a second. Yeah. There's a statement here from the BKA in the revenue office. The crypto wallet was tagged by the ARCEM intelligence platform as German government BKA, which refers to the country's Federal Criminal Police Office, or the BKA, who seized 50 1, 000 BTC in Dresden in January from the pirate movie website operator Movie 2 ks which is believed to be the origin of the funds.
And while it's not yet clear which authority is selling the BTC, a BKA spokeswoman confirmed that the criminal unit does not hold the seized Bitcoin. In an email to Cointelegraph, Christina Sawaske, a spokesperson of the BKA wrote, In principle, the sale or conversion of seized Bitcoin into Euros is the responsibility of the relevant public prosecutor's office or court. The proceeds of seized assets are paid to the Land Revenue Office of the place where the competent court has its seat in accordance with article 60 of the code of criminal procedure. The BKA only preserves crypto assets seized or confiscated in the course of investigations for the public prosecutor's office.
[00:13:55] Unknown:
Okay. So
[00:13:57] Unknown:
Justin's so that's all they have about Justin's son. Is it is it a valid offer? I don't know. I mean I guess Justin's he's got the money. I'll give him that. He's got the money, but let's say it does happen. Let's say the German government does come to heel and starts talking to Justin Sun, and he actually does tender the money $2, 300, 000, 000 United States dollars and receives that bitcoin do do you trust him any more than the German government to do anything other than sell it? I mean, no. I I don't. I it's just the whole thing is a fucking shit show so that brings me to a point for any of you guys out there that are listening to me that are of the criminal mind if you're going to engage in criminal behavior and you're going to take bitcoin you know, in in trade for whatever goods and services that are illegal that you're selling, do better For the love of God.
Stay like, honestly, just say, like, you get caught, make damn sure that you're unable to spend it. Alright that you're unable to transfer it that you're just not able to do it otherwise could you please just use German marks or euros or United States dollars or I don't know Japanese yen or Chinese renminbi I mean please stop you or do this Take Bitcoin. How however you need to do it, convert it into Euros. Right don't let the governments get a hold of piles of bitcoin that are this large you have a fiduciary you have a fiduciary duty as a criminal not to screw the rest of the world. You just remember, if you're a criminal, the chances are good that you're just going after a certain sector of the population. You know, those that are rubes that you can easily scam or do whatever with. But don't scam the whole world. Right? So, take a little bit of responsibility for God's sakes.
Now, this 1. This 1 is really this one's kind of freaking me out. I've seen some weird shit out of Bitcoin Magazine.
[00:16:17] Unknown:
But this this 1 takes the cake. I I don't know how to really
[00:16:24] Unknown:
describe it or preface it, so we're just gonna read it from Bitcoin Magazine. A guy named Bob is writing. Literally, it just says Bob. Bitcoin HODLers need to pull their weight too. Imagine a scenario where you're heading off for a 100 year vacation and you want your wealth to survive when you return. You decide to bury a safe and it holds some gold bars a bunch of $100 bills your Bitcoin in cold storage What do you expect the outcome to be when you return from your 100 year absence? The gold bars will still be there in good shape. The $100 bills will have physically decayed and the purchasing power will likely have dramatically weakened to the point where the bills are worthless.
But what about the Bitcoin? What is the Bitcoin worth? The answer deepens on how the network operated during your long absence If other people were actively transacting, then the miners were securing the network and your Bitcoin will be safe and valuable If everyone puts their coins in cold storage and joins you in a 100 year absence, then transaction fees will plummet, miners will go out of business, the network will atrophy and the coins will be worthless. In other words, the backbone of the Bitcoin network is an assortment of miners who process transactions and maintain the integrity of the blockchain via expending time and resources.
Since the miners are compensated via transaction fees and predictably declining block rewards, transactions must occur for miners to have the funds to secure the network. From the start, the Bitcoin Ethos is that those who use the network must work at it. Having ownership or stake confers no special privileges. Proof of work versus proof of stake. Unfortunately, HODLers are are not working. HODLers are expecting that others will be compensating miners so that the HODLer stake will remain or maintain its value. In today's design, and perhaps inadvertently, hodlers are not living up to the Bitcoin ethos.
That's right. We all suck here. The question becomes how to secure the network while HODLing? I believe the answer is to implement a HODL fee, which would compensate minors for dormant addresses.
[00:19:01] Unknown:
Yeah. You see where this is going? This is this this is socialism the
[00:19:09] Unknown:
this is I am speaking now from myself I'm pausing because I just this is making my eyes water with just how fucking stupid this is. Especially on a day of all days in the United States for Bitcoin Magazine to allow Bob to release this socialist manifesto is beyond reprehensible. This is bullshit. In keeping with the beef bitcoin ethos the HODL fee would be charged a to any address that had no coins going in or out for the last 52, 500 blocks which is 1 quarter of the having period or approximately 1 year and be in an amount equal to 50% of median transaction fee over the previous 2 weeks. Therefore, the hodl fee would be reset in a similar manner manner as the difficulty adjustment.
The hodl fee is set to 50% MTF for new 2 reasons. 1st, the address could avoid the huddle fee by making a simple transaction, so we want the huddle fee based on current transaction fees. And second, The hodl fee is set to 50% m t f so that miners prioritize current transactions and then conduct hodl fee transactions with the remaining block space. An m t f is the median transaction fee. That's just keep that in mind. Good faith arguments can be made to either increase or decrease the time and amount of the hodl fee but these parameters make intuitive sense. No, they don't. It aligns incentive.
In addition to block rewards and transaction fees, the hollow fee adds another mechanism for miners to be compensated thus encouraging the miners to maintain the network integrity even if transaction volumes plummet. HODLers will benefit the most as their coins will remain an effective store of value. It cleans up the dust. The blockchain is littered with dust addresses that contain amounts of sats that are too small to conduct transactions. And by 1 estimation, there are 120, 000, 000 addresses containing less than 1, 000 satoshis while the median transaction fee for a relatively quiet 24 hour period in May was 3, 100 sats.
With the hodl fee, all 120, 000, 000 addresses would be zeroed out and 310 Bitcoin worth $20, 000, 000 would be paid to miners to help the network. There is another 200, 000, 000 addresses with 1, 000 to 10000 satoshis with another 1, 000 bitcoin that's weird with another 1, 000 bitcoin which would eventually be used to help secure the network That's a lot of network cleanup with only a de minimis increase in circulating supply. It unlocks lost coins. Unfortunately, it's easy for coins to get locked in addresses where the owner dies, becomes disinterested, or forgets their keys. The HODL fee will bring some of these coins back into circulation but at a very slow rate.
If a dormant address holds 1 BTC and the hodl fee is 2, 000 satoshis, it would take 50, 000 years for the dormant address to be zeroed out, which should give the owner plenty of time to wake up from their coma and reclaim the coins. Tests your keys. A nice side benefit of this ridiculous thing, this socialist bullshit of the HODL fee is that it encourages owners to use their own addresses, which means that at least once a year, they can test to see if they remember their keys. This would seem to be especially important in multi sig scenarios.
And finally, it encourages network usage. The hodl fee should increase network usage by encouraging owners to stack sats and or spend their sats. Increasing the network usage helps ensure that miners are compensated properly and that bitcoin remains a store of value. Now here are the arguments against the hodl fee. Well, fucking a. It's stupid. But that's not actually in the whole thing. Let's get to it. Introduces a tax. The huddle fee seems to run counter to the libertarian ethos as it is designed to force individuals to act in a certain way or pay a tax. Nobody likes taxes, and nobody likes the idea of a tax just for existing.
Yet, a quarterly or annual custody fee is very common in bank or brokerage accounts and the hodl fee is similar. Most importantly, the Bitcoin Ethos is about proof of work. You don't get benefits solely from ownership. Bitcoin owners cannot expect others to secure the network and then have Bitcoin remain a stable store of value. It reduces anonymity. Oh, really? The hodl fee can potentially reduce anonymity by encouraging individuals to make transactions, which can be surveilled, to consolidate their holdings into fewer addresses, which are more likely to be linked to an owner, or to keep their coins on exchanges, which won't have to pay the HODL fee because of their high transaction volumes.
However, anonymity always comes at a cost. People can build high fences, move to remote locations, use VPNs, etc. But each of these actions has a cost. For hodlers, the cheapest and easiest way to maintain anonymity while ensuring network integrity is to simply hodl and have the hodl fee withdrawn from their addresses every year the implications I'm pausing the implications of that sentence alone should make you understand that neither Bob nor Bitcoin Magazine truly understands the gravity of what's being proposed here This is a hard fork.
It will it would have to result in a complete overhaul of the consensus rule set for Bitcoin. This is a nonstarter. And if anybody's worried, no. This shit is never going to fucking happen. The market will have to figure out a way for miners to survive and under what configuration they survive. Now back to this thing. Creates unnecessary transactions. The Huddl fee will create 1, 000, 000 of transactions either through the actual hodl fee or by encouraging individuals to stack and spend. The hodl fee transactions will be very lightweight and easy to calculate, and the incentives are designed so that miners process current transactions before hodl fee transactions. And regardless, there will be millions of new transactions and the easiest solution would be to increase the block space.
Here we go again. Increase the block space so that transactions could be processed efficiently and miners would get more revenue to secure the network. And here are the final thoughts of this dipshit. The Bitcoin Ethos is proof of work And hodlers need to work too. The hodl fee is fair. It's intuitive and easy to understand. It's easy to program and calculate. It encourages stacking and spending. It rewards miners for maintaining network integrity and helps ensure Bitcoin maintains its value. Who's ready to write a BIP? Fucking no 1, Bob.
[00:26:54] Unknown:
Oh my, I just
[00:26:58] Unknown:
every word that was written in this article is wrong. That's all I I that's all that really needs to be said, but I I just can't help myself. Nowhere in this piece was it mentioned that what is being suggested here is frightening to its core.
[00:27:18] Unknown:
It also
[00:27:19] Unknown:
is nowhere nowhere in this thing is it written that this would require not a saw this you can't soft fork this in. Sure, I'll bet there's somebody that's smarter than me that says yes it can be soft forked in. No, it can't. No, it can't. I will go I will die on this hill. I will make an argument to any of the Bitcoin developers that there's no way that you could do what's proposed here with anything but an actual hard fork. The other thing that I found mind boggling was that we're entering back into a block size debate. Really? You wanna go there?
And 3rd, this is socialistic or communistic in every aspect that's been presented here. This is this is a you get taxed whether you like it or not and if and here's that there's the thing this is why the thing is so this thing is so frightening is that I would literally have no control over my keys I would have the keys I would be able to to vector bitcoin wherever it is that I wanted but without me doing a single damn thing somebody else would have to be able to have access to my wallet without my permission to be able to do what is suggested here I don't even know why bitcoin magazine put this article up see this is why I'm also I'm partly blaming bitcoin magazine not just Bob the the author of this pile of burning garbage bitcoin magazine themselves are to blame for putting this out into the public. And I'm to blame too because I just read it. Alright? So, I I I get the irony there.
But you guys have to you have to know who potential enemies are in this space. And right now, it's not looking good for Bitcoin Magazine. I I wish I didn't have to say that. I really do. But I just action after action after action just leads me to believe that Bitcoin Magazine is no longer what it what it was when it was taken back over and they announced years ago that they were gonna go bitcoin only. So, understand that everything that's written that I just read to you requires a hard fork, is suggesting a block is suggesting an increase in the block space again, and is communist in nature.
None of which. Oh, and and forces you to lose partial control of your bitcoin wallet address so that people can just steal from you like we just have been used to people stealing from us ever since we've been born through the through taxes please lambast the people that have written this please lambast the people that have published this If you feel the need to say, well, you just opened yourself up and you want to blast me in the in in the comments or the, throw me a boostagram that I gotta read on the air. Do so. Say you're at fault. You you helped. You shouldn't have you shouldn't have put this out there.
I might agree with you, but holy shit. I saw this last it, like, dropped last night, and I was, like, well, I'm gonna have to do it. I'm just gonna have to. Now, let's run the numbers. CNBC Futures and Commodities West Texas Intermediate Oil is down point 15% to 83.75. Brent, North Sea down scant to 87.27. Natural gas is down a whopping 3.2 3 percent to $2.34 a1000 cubic feet and gasoline is down 0.75 percent to $2.58 a gallon. Gold moving to the downside, but by, you know, point 3%. But, I mean, it's chilling out at $2, 368. So congratulations, Peter Schiff, on your shiny pet rock. Silver is down a third. Platinum is up 0.8%.
Copper is up the same. Palladium is down just over a point. Agricultural futures are well, actually, agricultural futures are we're not gonna be doing because markets are generally closed. Even though I do see some price changes, I they they could be holdovers from yesterday. So that's gonna do it for futures and commodities. Let's get over to Clark Moody. $57, 410. We have dropped to a $1, 130, 000, 000, 000 market cap and now we can only get 24.5 ounces of shiny metal rocks with our 1 bitcoin of which there are 19, 720, 667.99 of, and average fees per block are still very low.
0.12 BTC on average in fees per block. And how many blocks are there? Well, there are a 178 of them carrying 200, 000 unconfirmed transactions waiting to clear at high priority rates of, Can you guess? Single digits. 9 satoshis per vbyte and that goes for low priorities as well as medium priorities. No priority is 8 stoci's per per vbyte, and anything under 3 and a half are being purged from mempools around the world, which are apparently being operated by miners that are starving to death. And maybe they won't be able to fly on their their jets and whatnot. Oh my god. I I I'm still reeling from that idiocy that over at Bitcoin Magazine.
577.7 exahashes per second is what the poor miners are generating at this time. Again, just just to reiterate, the market will find itself. I don't have to I don't have to baby the market. I don't have to change the market's diapers. I don't have to go to the store and find, you know, market food and spoon feed my market with, you know, juiced pears or applesauce or some kind of chopped up fucking ham. I I I don't need to bathe my market in the sink. The market is not a baby. The market figures things out for itself. Does it mean that we don't take part of the market's life? Well, of course, we do. But that doesn't mean that I'm going to watch it every single moment.
I trust the market to make its own decisions. If you didn't know that that's how markets worked, then there's a whole load of books. Mises. There's, all there's all there's all manner of Keynesian books that you can read about the market. There's all kinds of Austrian economics books that you can read about what a market is. If you thought that you had to change the market's diapers like 4 or 5 times a day and bottle feed it, you're wrong. You don't have to do that. You really don't. Now, from yesterday or Tuesday's episode, digital shovels of Bitcoin and pies boosted 5, 000 says it gets me fired up when mofos be sleeping on Bitcoin and all these mofos act super tough.
Like they're so self sovereign they get on stage at the Bitcoin conference and suck dick like a bunch of cowards. Talk all the this fuck, the government, but then ride that corporate Bitcoin podcast dick dropping sats to millionaires for what? Fuck out of here. Bitcoin and ungovernable misfits, rock paper Bitcoin, high hash rate. These are the realest podcasts out there. Start showing love. Thank you, Pies. He comes back with yet another 5, 000 sats Pies does and says hopefully this sets a trend for mofos to start boosting LFG. Yeah.
See, Pies knows how to do it. Pies gives a huge boost and he gives me something to read on the air. This is the way to do boostagram. Thank you, Pies. Dobrovco also knows what's going up. 2050 says Fort Bitcoin July meetup dropped today, Tuesday, July 16th at c tapas. C s I tapas. C tapas. Like, yes. Let's have some tapas. Over at Si tapas at 6 PM. I'll buy your first drink. Check out Fort Bitcoin on meetups. And he gives a link. You can always go if you want to see any of the boost, you can always go to my fountain. Fountain. F m, and go over to bitcoin and and you can look at look at the boostograms of any 1 of the episodes. And if you want to get that meet up, link, it's in these, it's it's it's in the booster groups. Dubravco comes back with yet another 2050 says, Jack Spearco reported that Silvergate was the 1 bank that was in very good standing.
The other 2 were in trouble and were closed on Friday and Silvergate was closed on Friday and Saturday as well. Silvergate books or Silvergate's book of business was sold to another bank with a stipulation that they do not continue Silvergate's very profitable crypto on and off rail business. That is why they are being sued right now to keep them quiet. Have a joke for the people in the know. When is a bank not a bank? When the government tells them that they aren't. Dobrovko with a third 2050 boost says, speaking of Assange, the interviewee seems to have the best understanding on the deal and the situation. Great listen. And he provides a fountain.fm link to another podcast or possibly a short clip. So go check out the boostograms in my show down at fountain.fm.
Wartime with 333 says, damn. I forgot what I was gonna say. Cheers anyway. God's death with 237 says, thank you, sir. No. Thank you. He does it again. 237. Thank you, sir. No. Thank you. Axelrod with a 101 says, win dollar sat parity. I don't know, Axelrod. Stacy with a 100 says, nothing in pies finishes us out with a 100 sat says, thank you sir, no thank you. A note about fountain.fm. I'm looking at my boostograms and I am seeing, I'm seeing my notes, like, from Nostr. When when I put out a show announcement that says, you know, title of the show episode 9 16 of bitcoin and is live, topics for today, blah blah blah blah blah. And then I put the fountain.f.fm link in the bottom.
Every time that I put or that I send anything with the link to the actual episode, not the show, the actual episode, it is now showing up in my boostograms. And this is and is somehow or another linked or well I know not somehow or another my my fountain is definitely linked to my nostril end pub so somebody do me a favor do let's do an experiment send a boost you can I think the minimum boost is a hundred sats? I'm not sure. I will reimburse you if you tell me that you did this. Put the today's, link for today's episode from fountain.fm nowhere else it has to come from fountain.fm go find the link you'll well actually I will just go go look at my nostril because I will have a a shown a show announcement and the link to the this particular episode will be in there. Copy it and throw me a boost and put the link in the boost.
I want to see if somebody else's or actually actually don't put the link in the don't boost go to nostril and send a note all by don't don't don't re note 1 of my notes Make your own note and drop the link to this episode from fountain.fm into that note. And see if somehow or another I want to see if somehow or another somebody else comes up in my boostograms on a show because I didn't boost this. I didn't put this I didn't put these in here as a boost. I just put them on Noster. Yet somehow they know exactly where to propagate to in fountain.fm, and it goes directly to the episode where the episode that's represented in the link takes it to. It's it's kind of it's kind of bizarre. It's slick. It's, I mean, it's definitely, like, worthwhile and all that stuff. But, I just want to see if somebody else can do it or if it's only coming from me. Now, that's gonna do it for the weather report.
Welcome to part 2 of the news you can use. Regression vulnerability in OpenSSH is potentially putting 700, 000 Linux boxes at risk. Be aware. The vulnerability, a signal handler race condition in open SSH's server, SSHD, allows for unauthenticated remote code execution as root on GLIBC based Linux system posing a security risk. This issue affects SSHD in its default configuration. Quote, we have identified over 14, 000, 000 potentially vulnerable open SSH server instances exposed to the Internet. Anonymized data from Qalsys CSAM 3 0 with external attack surface management data reveals that approximately 700 1, 000 external internet facing instances are indeed vulnerable.
This accounts for 31% of all internet facing instances with open SSH in our global customer base. If exploited, the vulnerability allows attackers to fully compromise the system. They can execute arbitrary code at the highest of privileges leading to complete system control, malware installation, data manipulation, and creation of backdoors for persistent access. It also enables network propagation, letting attackers use the compromised system to exploit other vulnerabilities within the organization. And somewhere in here is a note about how it affects lightning nodes. Hold on for a sec.
Yeah. Here we go. Bitcoiners running lightning nodes with remote SSH access. You want to patch as soon as possible. So far, the exploit is not trivial, but the risk is huge, said developer Antoine Juan Saut on Twitter. So if you, are aware, you might want to, might want if you're aware of how to fix that for yourself, you might want to go do that. The CVE number has been assigned as CVE 2024-6387. That's 2024-6387 in case you want to, investigate that further. Phoenix Wallet, which is no longer available to me in the United States, which makes me sad because they've installed bolt 12.
Yep. Yep. Yeah. Check it out. Phoenix is a mobile wallet using lightning to send and receive payments. It's available on both Android and Ios. Phoenix d is just like Phoenix for mobile, except it runs on an actual server. Phoenix wallet and server now support Bolt 12. That's b o l t 12. Bolt 12 including reusable non expiring payment requests contact list Android for now iOS is coming soon and you can attach messages on payments. This marks a new step forward in Lightning UX. No need to generate a new QR code for every payment. No need for payer or the receiver to interact.
Phoenix Android and soon iOS also support contacts. Send money with a click and associate payments to your known contacts. Contact said the project Bolt 12 is a proposed upgrade to the Lightning Network. For users, it offers benefits such as reusable payment requests, enhanced privacy for receivers, and improved resistance to censorship. Learn more about [email protected] that's bolt the numbers 12.org bolt12.org. Okay. So bolt 12 allows me to put up 1 QR code or essentially generate 1 address that can be reused over and over and over again, but does not have the problem of address reuse.
And all of that, how that occurs, is beyond my pay grade, and it is sort of not exactly known to me exactly how it works. But everybody's been waiting for bolt 12 and very very few projects have actually integrated it Bolt 12 works there's it's it's very it very clearly works but for whatever reason Bolt 12 has been around forever but it's it's been 1 of the features of lightning network that has taken the longest for integration to occur on every single project and in fact most projects still do not have bolt 12 enabled and to this day there is no implementation of lnd that you can find that can support bolt 12 All of these are on CLN or the core lightning network implementation of the lightning network.
Then there's LND or lightning network developers. I it's it's out of Lightning Labs, or sorry. Lightning Network Damon, LND, Lightning Network Damon. It's out of Lightning Labs. That was the first 1 that dropped. Core Lightning Network, I believe, was, I believe was spearheaded by the guys over at Blockstream. If I'm wrong about that, my apologies. Please correct me. Do it through a boostagram and throw me some sats. Why it's taking Bolt 12 so long to propagate through the places that it can propagate, I e those clients that are using CLN as a back end? I don't know. And but here's my real question.
I I really like LND. CLN has has other problems. Lightning, or the LND implementation does, in my opinion, it's just my opinion, but it it just seems more user friendly. But it looks like they don't even give a shit about bolt 12 somebody please figure out why that is occurring and tell me so I know because I'm confused why lnd just refuses to even look at bolt 12. I I just say it. Anyway, so Bitcoin Core has introduced a new security disclosure policy. So if you're finding a bug, or if you found a bug, this is apparently they've written a new policy on how, they really want you to disclose it.
The project has historically done a very poor job at publicly disclosing security critical bugs whether externally reported or found by contributors. This has led to a situation where a lot of users perceive Bitcoin Core as never having bugs. This perception is dangerous and unfortunately not accurate, writes Antoine Poinsot. Besides a better communication of the risk of running outdated versions, a consistent tracking and standardized disclosure process would set a clear expectation for security researchers, providing them with an incentive to try finding vulnerabilities and to responsibly disclose them making the security bugs available to a wider group of contributors can help prevent future ones. Today, we will disclose all vulnerabilities fixed in Bitcoin core versions 0.21.0 and earlier.
Later in July sorry. Later in July, we will disclose all vulnerabilities fixed in Bitcoin Core version 22.0. In August, all vulnerabilities fixed in Bitcoin Core version 23.0, and so on, until we run out of EOL versions to disclose vulnerabilities for, explained the developer. A new security advisor's page has been added to the Bitcoin Core website. That it look for the page. If you're if you're wanting to go look at this, look for the page security advisors page, and that is bitcoincore.org forward slash en forward slash security hyphen advisers, and you'll find it there. So if you are finding bugs, go look at their new security disclosure, policy. Now Breeze SDK core version 0.5.0 has been released.
Breeze SDK enables developers to integrate lightning and bitcoin payments into their apps. The SDK is an end to end non custodial, drop in solution powered by Greenlight, a built in LSP, on chain operability, 3rd party fiat on ramps, and other services, services users and operators need. The Breeze SDK is free of charge for developers. So what's new? Green light signer upgrade. Keep closed channels in pending state until the sweep. Introduce unregistered webhook API. Support lnurl lightningqueryparameters. Fix chain service error when channel closing transactions couldn't be found on chain. Show open channel fees and invoicepaid event and fix balance update after receiving.
And of course, this is an LND client or implementation. Please figure out how to get bolt 12 into lnd. Guys, please, for the love of God. Finally, blue wallet version 6.6.8 full BIP 47 support and send to silent payment address. Blue Wallet's 1 of the older ones too, by the way. It is a Bitcoin and lightning wallet built with React Native and Electrum. It's available on Ios, Android, and Mac OS. Bit wallet now or blue wallet now supports sending and receiving transactions using bit 47 reusable payment codes or otherwise known as PayNIMs and can also be used send funds to silent payment addresses.
Other recently introduced updates include watch only wallet warnings, ability to clear cache and app settings, and a variety of similar and smaller fixes and improvements. So here's here's a good list here. What's new? Bug fixes. Wallet addresses were not visible. That's been fixed. Send transaction crash number 6751, fixed. And also fixed clearly is bit 47 addresses subscribed to push notifications. There's a whole bunch of other ones too, but that's all we got time for. I'm going to skedaddle. I'm gonna get my kids ready to go to this parade. I'm really hoping that I see people that are weird enough to wear, you know, boots on their head like that that dude. I can't remember his name right now. Somebody remind me of the name either on Nostril or send me a boostagram because boot on head guy, 1 of my favorite guys, and I will 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.
Independence Day Reflection
Bitcoin Market Update
Market Numbers and Boostagrams
Closing Remarks
