Join me today for Episode 921 of Bitcoin And . . .
Topics for today:
- Orange Man to Shill Orange Coin at Orange Conference
- Coinbase wants to KYC Your Wallet
- Pour One Out For Germany
- Geyser Introduces Affiliate Links
- Goodbye Relai
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https://bitcoinmagazine.com/business/donald-trump-to-speak-at-bitcoin-2024-conference-in-nashville
https://cointelegraph.com/news/coinbase-unified-onchain-monitoring-new-wallet-app
https://decrypt.co/239452/germany-holds-less-than-300-million-bitcoin
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https://guide.geyser.fund/geyser-docs/product-features/project-features/add-project-affiliates
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https://www.nobsbitcoin.com/block-to-supply-core-scientific-with-3nm-asics/
https://www.nobsbitcoin.com/bitmex-pleads-guilty-to-bank-secrecy-act-offense-2/
https://www.nobsbitcoin.com/relai-app-users-must-verify-accounts-by-october-31/
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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 11 AM on the dot.
It is the 11th day of, well, July. That would be 711 2024, and this is episode 921. Wow. There's a lot of numerology going on in here today of Bitcoin and, not doing a Circle Pete today, but I will give you a rundown of what we're gonna talk about. The orange man shills the orange coin at the orange conference. If you don't know what I'm talking about, I will tell you about it. Coinbase launches something that's just absolutely stupid and nobody should have anything at all to do with it. Germany has become even less poor. And then we'll do a little bit of, commodity stuff and, you know, legacy market, just to keep you abreast of what the hell is going on. Donations are much better today. In fact, I was actually really surprised that my threat to club baby seals, actually worked. So I might have to go around clubbing baby seals all the time.
The wild hustle with a 1, 000 satoshis, dude. Thank you, my brother. Now, Geyser has added something really cool if you're not sure what Geyser is. You can log in with your Nostra account and it's like a Patreon or a GoFundMe or things of that nature. Okay? So we're gonna talk about their new situation. Marty Bent wrote something about the whole orange coin guy. We're gonna talk about that, but it's he's gonna temper the orange coin guy with some agricultural commodities talk. You're gonna wanna you're gonna wanna know this 1. Let's see. Oh. 0. Block is, going to supply some Core Scientific with some miners.
BitMEX has plead guilty to yet something else. What they really should have plead guilty to was, turning people into absolute degenerates with their 100 x trading ability on futures in their old platform, BitMEX. So that's what they really that's what they're guilty of is is just outright freaking degeneracy. Now, oh, and Relay is gonna finish us out with doing, well, what I expect is going to be the way of the dodo for many of the legacy Bitcoin platforms that we have out there to, buy Bitcoin with. They're not going away. No. No. They're not gonna go away. But they are going to be, well, fundamentally changed, I guess is a good way to put it. So let's, you know, without further ado, this has gotta be fast because I had to turn off the air conditioner, and it's getting it's already hot outside where I'm at, so I don't have the the clock is ticking on how much heat I can allow to build up in this room. Alright. So orange man and chill in the orange coin.
If you haven't heard, Donald j Trump will be speaking at the Bitcoin 2024 conference in Nashville. That would be the Orange conference. President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world's largest Bitcoin conference, which is taking place in Nashville, Tennessee, on the dates of July 25th through 27th. The announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements, as well as few other things. Okay? Bitcoin 2024 is set to build on the success of previous 3 conferences, which were held in Miami.
We won't get into the history of that because it's not important. But this year, the conference's move from Miami to Nashville reflects its growing, growing, growing prominence with 2 US presidential candidates, both Robert F Kennedy Junior and Donald Trump himself, both slated to speak at Bitcoin 2024, and is poised to be a pivotal event potentially shaping the future of Bitcoin and the cryptocurrency policy in the United States. The inclusion of Orange Man as a speaker is particularly notable given his recent commitments to the Bitcoin community. Last month, Trump met with major US Bitcoin miners, including representatives from CleanSpark Riot Platforms and more, pledging his support for Bitcoin mining, both on the global stage and in Washington DC. In May, Trump said that he would ensure that the future of Bitcoin and crypto will be made in the United States while also promising to protect the right to self custody to the nation's 50, 000, 000 crypto holders if he is elected president.
Now as Trump, vice for the presidency, his backing of Bitcoin contrast sharply with the stance of his opponent, President Joe Biden, who has been less than favorable towards the cryptocurrency industry. With Biden yet to confirm his participation at Bitcoin 2024. Yeah. I wouldn't hold my breath, brothers. The event may highlight the stark differences in the candidate's approach to Bitcoin. For further information on the conference, visit the, the events website below and get 10% off tickets using code BM10. Okay. So, orange man's gonna go and talk to a whole bunch of people who are desperately looking for anything, anything of a political nature that is going to fortify their bags and make them give them the ability to buy stupid shit like Bugattis and Lamborghinis.
Right? If you're 1 of those people, you don't understand Bitcoin and you never did, and potentially you never will. This is pandering. Now, okay, it's kinda cool that orange man cleared his schedule so that he could go to a conference in Nashville, Tennessee. It would have probably been easier had had it been in Miami because, you know, he also has got a, like, a lot of places down there in Florida. But be that as it may, we're looking at Orange Man at Orange Conference, shilling the orange coin, July 25th through 27th. And if you wanna go see this thing, you know, be my guest. But honestly, I don't I really don't think anybody should make anything at all about this. Right? This is just for your information.
I'm not excited about it. I I don't think it's going to do anything. I think what he's he's just after quit he's just after votes, man. He doesn't give a shit about you. He doesn't give a shit about your bags. He doesn't give a shit about the orange coin. I guarantee it. He's just saying it for votes. And here's what I here's what, I will project what happens. Orange coin wins. Orange man wins because orange coin wins. The orange bag holders, which is us, vote for the orange man and he wins. He not only does Orange Coin win, but President Trump becomes president for his second and final term. And he will not actually uphold any of the promises that he made about Bitcoin at all. In fact, it wouldn't surprise me 1 stinking bit if we saw CBDCs being pushed almost immediately in his 1st year as president because he just I just don't think he's gonna be able to put up much of a fight. Remember, first term, he said he was gonna drain the swamp? He drained absolutely nothing. He was probably in shock and horror at just how bad Washington DC is and just how minimal abilities a president of the United States has to actually move the needle on anything whatsoever unless you're very good friends with the media.
Because, you know, well that's the way that things work. It's all propaganda. CNBC hasn't been media, well, newsworthy or actually on the side of truthful news in decades and neither has any of the rest of them. Whether it's CNBC, CNN, ABC, Fox News, Fox Business. None of them. None of them. You trust none of them. Why? Because, well, that's my suggestion. And don't trust these naked mole rats down at Coinbase either because this bullshit is just flat stupid. Coinbase is launching a unified on chain monitoring through a new wallet app.
Yeah. Cointelegraph, Anna Paula Perera. Yeah. I cannot pronounce her name. Coinbase is releasing a brand spanking new version of its crypto wallet that will allow users to access their portfolios from multiple platforms in a single place. Oh, joy. The company said in a July 11th statement that the new wallet will be available through a website on a desktop and for mobile devices. Users will be able to connect any now pay attention. This is where the crux of the biscuit is. Users will be able to connect any self custodial wallet supported by WalletConnect including MetaMask and Phantom Wallets to have an aggregated view of assets across applications.
Users don't need to have a Coinbase wallet to use the service. Did you hear what I said? In in essence, I can use any 1 of my self custodial wallets and connect it to Coinbase and have an aggregated view of all of my shit? Do I need to say the word? No? Well, I'm gonna say it anyway. No. Don't do this. That's dumb. That's linking the 1 thing that you got, self custody, to identity. Now I don't know if you listened to the liability of identity show that I did on Monday. But if you're wondering why I'm kind of like not all rah rah about it, go listen to last Monday show. I think it was episode, 9 19. Yeah. Go listen to liability of identity and see if you think it's a real good idea for you to take your 1 thing that actually isn't all that connected to your identity, and then connect it to identity via Coinbase.
No. Please, for the love of God, don't. Now, the rest of this crap, the rest of this entire story here is all about what? Shit coins, NFTs, and all manner of garbage. So that's all you needed to know, is that Coinbase is rolling out the ability for you to essentially KYC your self custodial wallet. I am begging you to not do that. Please don't do that. That is a bad idea. Okay? Don't. Just don't. If for whatever reason you know what? No. Just just say no. I was about to give you an out for whatever reason that you might wanna do that but if you do it, you you you deserve the absolute hell that it will bring you. Okay? So just stop. Now, speaking of stopping, we're probably almost at a stopping point with this Germany business. Germany now holds less than $300, 000, 000 worth of Bitcoin as its sell off accelerates. Andrew Thorvallis out of Decrypt tells us more about the boondewale.
After weeks of sale pressure and crypto community dread, the German government is approaching the end of its multibillion dollar Bitcoin market dumping campaign. And back in June, Europe's economic powerhouse held 50, 000 BTC, which was worth $2, 800, 000, 000 at today's price in its government wallets. It seized all that from the proprietors of film pry piracy site movie2k in January. But as of today, Blockchain sleuths say that the government has moved the vast majority of those funds out of its digital wallet. But as of this writing, on chain data from ARCEM Intelligence points to just 4, 925 BTC remaining in the German government's wallets, which is about $284, 000, 000 worth at the current price.
Good job, dudes. German officials made a number of transfers to exchanges and market makers early on Thursday. These venues, to which the government has sent 1, 000, 000, 000 of dollars in since June 20th include the biggest crypto industry names like Kraken and Shitbase and Bitstamp alongside Wealth Management, Cumberland Cumberland and other addresses suspected of being over the counter or institutional trading desks. Outflows began at a relatively moderate pace but started ramping up earlier this week as the government sent out $900, 000, 000 from its wallet on Monday alone.
Just Monday. Just on Monday, almost $1, 000, 000, 000 Wow. I just it's sad watching this happen to the German people. Given that those coins have been directed towards play trading platforms, most analysts assume that they're being dumped on the market, contributing to a wave of sell pressure that stifled Bitcoin's price in recent weeks, Trading for 57, 660 on Thursday, BTC is down 13% over the last month. Simply transferring bitcoin from its wallets to exchanges doesn't necessarily indicate that the funds were then ultimately liquidated, however. The government has at times had bitcoin returned to its wallet after sending those funds to an exchange such as Kraken. Nevertheless, the state's net balance on its fast track is on a fast track to 0.
0. Gonna be worth 0. Signaling that the government's looming threat to crash the market may soon be. History, sayonora, motherfucker. And some bullish Bitcoin investors believe Germany is missing out on potential future gains by liquidating these assets now. No, you freaking think. Quote, in a few years this will be looked back on as 1 of the biggest geopolitical blunders of all time, tweeted Capriole Investments founder Charles Edwards, quote, it will be studied in universities. Yeah, he's probably not not wrong. Okay. Hats off in a moment of silence to the people of Germany.
If I had a 40, I would literally pour that son of a bitch out. This is ridiculous. So what's even more ridiculous is I've seen not 1, but 2 or at least 2, but there's probably more, people on Twitter or dead bird sites shilling the fact that Germany has nothing to do with this. The German government in particular, has nothing to do with this. It is it's not their fault. They had to do this, or specifically, the state of Saxon was they had to do this, and it had nothing at all to do with the German government. Well, bullshit.
Bullshit. Because the state of Saxony in Germany is regulated by the German government. And whatever mandate that these people that are trying to defend the German governments and saying that they're not stupid, it's just not their fault, That regulation that Saxony has to follow to sell these coins was not developed by Saxony. It was developed by the German government at a federal level. I don't know what these people are smoking, but it is the German government's fault. It is their decision. They could have picked up the phone and said, hey, Saxony. You know what? What we should probably do, we should probably not sell a Bitcoin.
And if that had hit the news and we could approve that phone call or communication had actually happened, and Saxony did it anyway, then and only then would we be able to say that it wasn't Germany's fault. But it is Germany's fault. Germany sold their entire population down the river. And I don't think it was to make a fast buck. I think they actually thought that by coordinating with the United States government and both of those entities coordinating at the timescale or at the time that the Mt. Gox repayment was going to actually occur, that they were going to destroy Bitcoin. It didn't work. It was like watching 3 bear whales all at once.
Not working. It's not working, ladies and gentlemen. The market soaked up those coins like a dry sponge in a rainstorm. It was just like it just fell into the sponge. What's the sponge? People buying bitcoin. I heard that BitMex bought like 40, 000 Bitcoin over the last couple of days. It's just, I mean, it's it's it's like watching the old bear whale and I can't remember what what when the I think it was 2011. I'm not sure. Somebody go fact check me on it. Easy, thank you for 420 over there on zap.stream. Slayer was 69. Yeah. That's dumb. I I totally agree. Dat's dumb and he's probably talking about the Coinbase thing.
Excuse me. A little out of it today. We went to a water park yesterday and I stayed, a good long time in the wave pool. You wanna work out? Try to stand up in a wave pool for an hour. You you will get I am sore from tip to toe, side to side, and and I've also probably suffered a mild case of heat stroke. I'm not exactly sure. But if I if I seem off, that's probably why. Getting back to Germany being stupid, it is their fault. They sold their people down the river. They did it for all the wrong reasons, And it didn't work. Congratulations, Germany.
You should win a Darwin award. I just it's just insane. Let's run the numbers. CNBC Futures and Commodities Oil. West Texas Intermediate up a half point. Back up to 82.50. Brent Norcia is up a quarter $85.30. Oh. 0. The Delta is, decreasing between those 2. That's interesting. Natural gas is down 2 and a half to $2.26, a 1, 000. And gasoline is up almost a half. Summer driving season is definitely in swing. Although, I expected prices to be higher than $2.51 a gallon. Shiny Metal Rocks doing well. All except for copper. It was the only 1 in the red and it's down by 2 points. Gold is up almost 2 points. Silver is up well over 2 points. Platinum is up 1 point. And palladium is up 0.75%. Ag, biggest loser today. Sugar, 2 points to the downside. Biggest winner today is chocolate, 5.74% to the upside. They listed as cocoa.
Live cattle up, scant. Lean hogs up 1 and a half points. Feeder cattle up 3 quarters of a point. Over to Clark Moody's dashboard, $57, 840. That is 1.1 $4, 000, 000, 000, 000 in market cap. You can now purchase 24.1 ounces of shiny metal rocks with your 1 bitcoin, of which there are 19, 720, 382.99 of. And average fees have increased a bit. We're back up to double digits. 0.1 BTC is the average fees per block. Yeager, thank you for a 121 sats. I appreciate it, my brother. Speaking of blocks, let's see how many blocks there are. A 170 blocks carrying 222, 000 unconfirmed transactions waiting to clear at high priorities of 8 satoshis per vbyte. Hey, I got a brand new lightning note. If you wanted to fire me off some incoming liquidity, hit me up on Nasser and I'll get you the onion address to that. Low priority is going for 7 satoshis per vbite. And by the way, it's consolidation season, ladies and gentlemen, so you might want to consider doing that. Anything under 3 satoshis per vbyte being purged from mempools around the world, and we what the?
Oh, I've read the wrong number. Ice could I I for some reason, I saw 1, 052 and thought it was exahashes. No. No. No. No. Wouldn't be that lucky. 527.1 exahashes per second is the mining rate at the time. So there you go for that 1. Now from clubbing baby seals, Bitcoin and episode was at 920? Yeah. Was it 920? We've got Tarmac Matt with 20, 000 sats. See, that's the shit that I'm talking about. That that would yes yes that I love the 5 5 figure boost are massive and I love them. I wouldn't I wouldn't sneer at a 6 figure boost either. But right now, we've got he says save the seals. You have helped save a baby seal today, sir.
I I need a somebody make me a noster badge so that I can say I saved a baby seal today. Anyway, mangy pigeon with 5, 000 says nothing. Joeydd with a row of threes. 3333 says summer doldrums. Thank you, sir. Missed a couple of episodes. Hey. I'm here all the time. You can miss a couple. Arceres, BTC with 2718 says, just as long as you're not clubbing to Derude. I don't know what that means. I don't know what that means. I'm gonna admit it. Was it north north to huddle 2121 says 2121 appreciate your work, my man. I agree. I rather I thank user. Vake with 1500 baby seals deserve to party at clubs. Yes, they do. Henry gqj with a1000 says, a piece of advice. Here's an idea that might help. Give us another boosting target and tell us what you are going to do with it. Like you did with the microphone. Eg, you need gas to get somewhere to cover something which will become part of the show. If we get feedback on what our boosts are doing, it just gets easier to part with the sats.
Also, if you like this idea, keep mentioning the target or the pesky squirrels with their shiny tinfoil will distract us and we will forget to boost. I like yes, Henry. I like this idea, and I'm going to see about, integrating that. I'm going to be going on vacation, by the way. July 20th, I think. The last show will be July 19th, and I will be gone, gone, gone. I do have since I do have a mobile recording rig, I'm gonna try some experiments and take the whole thing up with me to, Colorado and see if I can, do some stuff over there. But can't promise anything because I I really if I don't get back to the San Juan Mountains soon, I'm going to lose my ever loving mind. Wartime with a1000 says, I'm also that guy who was using Sphinx chat a couple of years ago and it drained my note and tips to you during a single episode.
I contacted you to see if you actually got it and you did and said and I said just to keep it. Probably worth like 500 dollars now. Reminder to people, be careful what you authorize your node to pay. Good advice. A blanket bank blank authorization is dangerous. If it were to if it were my main node, that could that could have been very, very bad. Thank you for your hard work, Dave. At wartime, I remember this. I remember this. I remember this because I remember reaching out to you and saying, I have no problem giving that back. And and I think it was me that I can't remember if I reached out to you first or you reached out to me first, but I do remember that event occurring, and I really felt bad about that, so I immediately offered offered to return it. And wartime, he's not lying. He literally said, no. Keep it.
I did. And I think those those satoshis are still on my main node, which I am which by the way, I'm trying to get the the channels. So, Arceus, if you're listening to this, me and you have a channel on my old node. I want to close that channel and I want to reopen that channel over on my new start 9 node. Please DM me, because I want to get I want to start converting the rest of these channels. I've already converted a couple, but I need to I don't want to do it like just blanket cut everybody off. So just be aware. Wartime with another 1000 says, I would love to zap more, but I listen to so many podcasts that it adds up, but I'm doing my part. I I you're fine, man. Pies with a 1000 says it drives me fucking crazy when I see clowns boosting Bitcoin podcasts that the podcaster never interacts with them. None of your business is fully engaged in the world of and Bitcoin and you stupid mofos still want to boost some clown you have a Twitter crush on like fucking schoolgirl.
Stop dick riding you damn pussies. Show my bro some love. Damn. Pies just bitch slapping the the the whole world with that 1. And Pies comes back with another 1, 000 says, let's fucking go. Show none your business and love. Thank you, Pies. Bitcoin Boas 721. Hashtag all sats matter at allsatsmatter.com. Saints and sats with 500 says nothing. Bob carpet boosted 500 says love the show. Thank you. Appreciate it. Wartime with 44 4 says, don't club me daddy. Pies with 420 says, let's go. Let's go. Let's go. If y'all don't want to part with sats, trade some fiat for sats and show our bros some love. God's death with 237 says thank you sir, no thank you. He says it again, thank you sir. Nostra Gang with a 100, gives me an emoji. Nostra Gang with a 100 says save the baby seals.
User 386 44922 with a 100 says nothing in pies. Finishes us out with a 100 satoshis. Thank you, sir. No, thank you. And that's the weather report. Welcome to part 2 of the news you can use. Geyser, remember I was telling you about Geyser. They have added project affiliates. Let's see here. What does it say about this? Learn how to add project affiliates. This is right from their guide. Creating affiliates is easy. You only need to email and lightning, give lightning address of the affiliate to start incentivizing them to share your project. Why add affiliates?
Affiliates aligns incentives between creators who want to increase funding for their projects and shares who can increase the reach of projects that they share. Through the automated affiliate payouts, shares can feel incentivized to use their network to extend the reach of projects and monetize from it. Okay. So essentially what Geyser is doing, is they are allowing you to build your own like if you've got a Geyser project, you can build an affiliate link and you can send those links to people who are part of your project or people that you think might, you know, shield your project for you. And I'm probably going to do this with Bitcoin and now I will say this, I understand that there is a general malaise, about, affiliate links. I I get it. I understand.
But for those of us that don't have a hope in hell of ever getting, like, mainstream sponsors. And some of us like me, I kind of don't want them. I don't want to sit in weekly meetings about how many CPMs was caused by me saying something or or or or was I brand safe or honestly dude I fucking don't care. I I don't. I just I want to be able to give the show the way that I've been giving the show to the people who want the the information, and not be told, you know, you really shouldn't talk about vaccinations, or you really shouldn't talk about orange man so much, or you really shouldn't you really shouldn't be hating on Biden. Dude, I will I will say whatever the fuck I wanna say.
And I will say it whenever the fuck I wanna say it. And if you guys wanna help me come for the ride, then you might actually have to deal with the fact that I do some affiliate links. And it's it's nothing personal. I'm just trying to figure out a way to fund the damn show. So but with that said, this is gonna be interesting to see. I I I'm I'm I'm a big fan of of Geyser anyway. They're, Go Go Go is g e y s e r. If you can't get to it directly because you'll get to a definition in Yosemite or something like that, what you'll do is you'll type in geyserspacenoster. You will find it. Guarantee it. Now, from Marty Bent.
He's gonna start with the orange man and he's gonna go into something. Well, we'll, let's just bear with me. Don't get too pumped about Trump speaking at this year's Bitcoin conference. There are forces in motion that could severely impact the Bitcoin industry if people don't begin making noise. Earlier today, there was a Senate Agricultural Committee hearing on the oversight of digital commodities with the head of the CFTC that everyone should watch. If the legislation that is inevitably going to come out of this hearing gets passed, it won't matter if Trump gets into office.
The industry will be hindered for years. There is a bipartisan support at that at this moment as Democrats are moving quickly to react to the buzz Republicans have received due to their embrace of Bitcoin. Long story short, this committee is pushing to give the CFTC regulatory oversight over spot Bitcoin markets, which is an unprecedented expansion of CFTC authority into retail commodities, trades, commodities trades. Whereas in the past, they have exclusively held jurisdiction over only commodities derivatives markets.
If the CFTC is granted the expansion of this authority, it would mean that they are likely going to require any Bitcoin company to register with the federal government and have enhanced KYC AML requirements. To be clear, this won't only affect exchanges, but any any any company that touches spot Bitcoin. These efforts are being spearheaded on the crypto side via lobbying effort efforts by Kraken, Coinbase and Ripple. And this is should not shock you because this would likely enable them to trivially erect regulatory moats.
It looks like the bipartisan effort will be looking to pass something through the house and into law rather quickly, likely before this election. That's okay. We're looking at November, by the way, for those of you not in the United States. It is imperative that you speak out against this, and it would increase the regulatory and compliance burdens on US Bitcoin companies considerably. The best move right now is no action. And he's talking about from their side. We need to take action, but their side, they need to do nothing. The best move right now is no action. We need less regulation, not more. As we've seen time and time again throughout the 1st 15 years of Bitcoin, these regulations, put users in harm's way and make it unreasonably difficult for companies to operate operate cheaply and effectively.
Call your representative and tell them to reject any bill that would give the CFTC oversight over spot Bitcoin markets. This is a full on attack, and I agree with Marty. This is an attack. This is important. I don't know how much reaching out to your representatives. I don't know what that's going to do, because I I I I don't think these people care. And I'm not saying not to do it. I'm just saying I don't think they care. I don't think they give a shit. I think we're gonna we're going to need to enter into a completely different line of thinking when it comes to, responsibly.
What do I want to say here? To responsibly tell the government to go fuck off through our actions. Right? Civil disobedience taken to a 2.0 level, where they can't. They they don't Where we leave them with no evidence that we've done a thing. That's the only thing I can think of. Because this shit, this shit, this shit is coming back to bite us really really quick. But before we move on, I want to say: Yes. Agriculture. There's people out there that are going, I don't understand why this how Bitcoin has anything to do with agriculture. It doesn't. It's just that it's been called a a commodity by the CFTC, the Commodities Futures Trading Commission, which is oversighted by the senate agricultural committee.
Alright? So they've got oversight. Why would they have oversight over Bitcoin trading? Because it's a commodity and they have oversight over commodity trading. What are commodities? Well, when this shit first happened, I I wanted to say that it was back in the twenties, but it pair I I I'm guessing that I'm wrong. That it was more between the, years of 1955 and somewhere around 1974. Remember, 9 summer of 1974, it was either that or summer of 1973 was when Earl Butz, the then agriculture secretary, told farmers to plow fence row to fence row and the that's where the whole go big or go home thing came out. And that's why we have fields and fields and fields of nothing but wheat and corn. That's all commodities. Right?
And I remember a story from why it is still illegal today to trade onions on the open market. But it's possible that I may be wrong about this and that this is just an urban legend. But way back when, when onions futures were being traded as a commodity, and that the agriculture committee had nothing to do with it, right? But at this time, and I can't remember exactly when it was, the futures price on onions caused the price of onions that farmers were getting on their hard earned work to go so low that they couldn't afford to actually well, they I mean, if if they sold every single onion that they had, they still wouldn't have been able to continue farming. It was a it was a tragedy, right?
So, lots of farmers and again, somebody fact check this for me because I can't find it anymore. I used to be able to find the story, but I can't find it anymore. It's like it disappeared. So maybe I'm having a Mandela moment. I don't or, you know, Mandela effect moment. Whatever. These guys drove their harvest, raw onions, to wherever they were trading these onion futures at. The act physical trade the building that they were physically trading this shit in at the time whenever it happened. And they dumped the onions.
Because most people don't take they don't take delivery of the physical the physical underlying value asset, right? In this case, it would be the onions. Like when you trade oil futures, if you win, you don't take possession of barrels of oil. And the futures commodities guys, basically they take any any efficiency discovered by the people that actually produce the thing and they commoditize that into the actual price of the thing and then they force everybody who's not doing the thing to either figure out how to do the thing and do it well or go out of business. Welcome to agriculture, in the least in the United States and probably most of the West.
But that I'm hoping that that answers the question as to why it is that the agricultural committee or CFTC is why the CFTC is being run under the the committee of agriculture in the United States Senate and House of Representatives. And it's because after those dudes dumped all those onions, it created a massive mess. And then, later on in the fifties, some other guys cornered the onion market and caused such tremendous, you know, valuation fluctuations in the price of onions, that it is now, to this day, illegal to trade onion futures.
It is. It's it's it's by law you cannot trade onions as a commodity. It's illegal. You can't do it. But anything that's traded as a commodity falls under the purview of the committee of the agriculture committee. That's why this is here. So I'm I'm hoping that that clears that up. Now, what Marty was saying is really important. And even if we, I will contact my representative and tell him, hey, I don't expect nothing out of it but I'm going to do it anyway because if we don't make some noise, if we don't rattle some cages, then what's happening in Switzerland is going to come over here. And it already is, but it's just gonna we'll we'll allow it to be worse. The relay app, r e l a I, maybe it's pronounced Rely.
Well, the users must verify their accounts by October 31st or stop using the service. Relay or Relay, a Swiss based app for buying Bitcoin directly to self custody, announced that all of its users must verify their accounts. That means they're KYC ing all their existing customer base or you can't use the service. Welcome to hell. Starting now, all unverified Reli users must complete a quick verification process by October 31, 2024. After that, only verified users can use Reli. Unverified users will need to complete the verification step to access all app features including buy orders and wallet functions. However, you can always retrieve your 12 word backup phrase and your Bitcoin will remain safely in your own self custody. So getting down to the very bottom of this, it says the following.
And this is from at rely underscore app over on dead birdsite, and it just says, we tried our best, but if we want to stay in business, this is the only way. So Switzerland and probably from the the guys from FATF, the Financial Action Task Force, and FinCEN, and all the rest of the regulatory agencies in Europe and the United States are forcing everybody's hand. This is what this goes back to what I was saying. There's we have to figure out a way that they can't know that we did something. You cannot I this is teaching me that having a company is the worst thing that you can possibly do. You you just can't start 1 and own 1.
And I I I there's this nagging thing in the back of my head and it keeps coming up. There's this old saying that says poor people want to own things. Rich people want to control things. I'm starting to understand what that actually means. That this is what this means. We've gotta figure out a way to make money from something that no that we control, but a, can't be taken away from us because we don't physically own it and therefore we can't be prosecuted for it because we don't physically own it. But we also have to make sure that we we do the things that make money from a thing that cannot be tracked back to us at all in any way, shape, or form. And that means this to me, it means like a fusion, a free open source software development world colliding with I don't wanna starve to death world. And then those 2 colliding together with a, please don't tase me bro.
I don't know if that makes sense, but that's the big chunky feeling that I have right now. Block, Jack Dorsey's company, Block is going to supply Core Scientific with 15 exahash per second worth of 3 nanometer ASICs. Block announced the agreement to supply Core Scientific with its mining ASICs representing approximately 15 exahashes per second in hash rate. Today, we are announcing an agreement to supply Core Scientific blah blah blah. Core Scientific will become our 1st customer to leverage our ASIC in a unique mining solution. Cool.
Quote. Our strategic agreement with Core Scientific is about more than just supplying and demand or supply and demand. It's about exchanging expertise and collaboration. We are already actively developing the new system, which will be operational from our outset, using an older generation ASIC to verify the system design. The modular design flexibility will allow straightforward upgrades to our 3 nanometer ASICs via its swappable hash board. So mining is becoming modular. This is good. This ensures the system will easily adapt to newer generations of ASICs as they become available.
So Core Scientific gotta hang out very tightly with Block. I highly recommend watching this. Now finally, BitMEX pleads guilty to Bank Secrecy Act offense. Quote, as BitMEX founders and long time employee admitted in federal court in 2022, the company, 1 of the leading cryptocurrency derivative platforms in the world from 2015 to 2020 operated in the United States without any meaningful anti money laundering program at all as is required by federal law. Damian Williams, US attorney for, you guessed it, the Southern District of New York said, quote, BitMex opened itself up as a vehicle for large scale money laundering and sanctions evasion schemes posing a serious threat to the integrity of the financial system. Today's guilty plea in indicates again the need for cryptocurrency companies to comply with U. S. Law.
And he didn't say, this is a quote. The need for cryptocurrency companies to comply with U. S. Law if they take advantage of the U. S. Market. So that means that they're they don't give a shit if what country you're from. If you are attached at all to the US market, then you need to comply with US law. Even if you're a German company or a French company or a Yugoslavian company or a whatever company. I whatever. The BSA charge is old news. This is the same charge brought in our 2020, against our founders relating to BitMex's operations up to September 2020. Our founders accepted this and were sentenced back in 2022.
Bitmex has long since fully remediated its operations and there is nothing new in this charge, Bitmex said in a blog post. So if you thought Bitmex was out of the news, it's like a zombie. It's coming back like everything else. Like Mt. Gox just it just never went away. Bitmex is never going away. And but Bitmex still has Bitmex research, which is a very interesting outfit all by itself. But man, gone are the days of watching people just get fundamentally financially fucking wrecked. Going 100 x long or short on Bitcoin on the BitMex platform. You wanna talk about watching people get wiped out in real time for all time?
Man, look at a bit Mex was it's I mean, some people laughed. Others others just cried when they watched people lose their entire, you know, all of their wealth in seconds. Going 100 x long against Bitcoin or a 100 x short against Bitcoin or, god forbid, any of the other shit coins that were available to to get wrecked on on that platform. But that's pretty much that pretty much wraps up today's news. So what have we learned, ladies and gentlemen? The shit show never stops. Orange man is going to shill orange coin at an orange conference, and honestly you probably shouldn't give a shit. Oh, and the guys over at the, Senate Agricultural Committee are going to do their damndest to make sure that, you know, orange man shilling orange coin at orange conference doesn't matter.
The whole world's in a mess and the only way out, in in my opinion, is what I had stated earlier. We need 3 worlds to collide and form a brand new planet that circles this beautiful, gorgeous, life giving son of ours. Free and open source development. Don't tase me bro, and the ability to not starve by providing goods and services that human being is really want and will take responsibility for if it doesn't go their way. Those 3 worlds colliding essentially means people like Elizabeth Warren just are not going to be able to have any straws to grab at when they want to, I don't know, put somebody in prison because they don't like them.
We we just cannot operate the way that we've been operating for 1000 of years, which is a stretch by any stretch of the imagination, but I don't see any other way out. If we are not willing to pull these motherfuckers out in the street and pour, you know, hot tar and put feathers on them, then we're just going to have to watch this continue. Or we're going to have to develop something where they just can't see us. We're gonna have to develop some type of cloaking technology. And none of us I will not there's gonna be some in the space that wanna do dastardly things. There always are assholes out there. But most of the people that I know in this space don't want to traffic children. We don't want to fund terrorism.
We just wanna have a home for our families. And we wanna stop paying taxes. And we want to stop funding wars that people that have no connection whatsoever to reality any longer because of the oodles of mountains of money that they stand upon have forgotten what it is like to live as a human being. I don't wanna have any connection with these people. The the the type of people that want to go to Washington DC is exactly the kind of people I will never go to their parties. I don't want to be seen in the same room with them. I don't want to have drinks with them. I don't want to discuss anything with them. I don't like these people. These are not my people.
We need cloaking technology, and we need it now. We needed it yesterday. So any of you guys who are Star Trek nerds and want to figure out a way to get don't tase me bro. I want to feed my family, but I can't have a company. And free and open source development. If we can get those worlds to collide and then cloak that son of a bitch, then I don't have to worry about orange man or Elizabeth warren, 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 11 AM on the dot.
It is the 11th day of, well, July. That would be 711 2024, and this is episode 921. Wow. There's a lot of numerology going on in here today of Bitcoin and, not doing a Circle Pete today, but I will give you a rundown of what we're gonna talk about. The orange man shills the orange coin at the orange conference. If you don't know what I'm talking about, I will tell you about it. Coinbase launches something that's just absolutely stupid and nobody should have anything at all to do with it. Germany has become even less poor. And then we'll do a little bit of, commodity stuff and, you know, legacy market, just to keep you abreast of what the hell is going on. Donations are much better today. In fact, I was actually really surprised that my threat to club baby seals, actually worked. So I might have to go around clubbing baby seals all the time.
The wild hustle with a 1, 000 satoshis, dude. Thank you, my brother. Now, Geyser has added something really cool if you're not sure what Geyser is. You can log in with your Nostra account and it's like a Patreon or a GoFundMe or things of that nature. Okay? So we're gonna talk about their new situation. Marty Bent wrote something about the whole orange coin guy. We're gonna talk about that, but it's he's gonna temper the orange coin guy with some agricultural commodities talk. You're gonna wanna you're gonna wanna know this 1. Let's see. Oh. 0. Block is, going to supply some Core Scientific with some miners.
BitMEX has plead guilty to yet something else. What they really should have plead guilty to was, turning people into absolute degenerates with their 100 x trading ability on futures in their old platform, BitMEX. So that's what they really that's what they're guilty of is is just outright freaking degeneracy. Now, oh, and Relay is gonna finish us out with doing, well, what I expect is going to be the way of the dodo for many of the legacy Bitcoin platforms that we have out there to, buy Bitcoin with. They're not going away. No. No. They're not gonna go away. But they are going to be, well, fundamentally changed, I guess is a good way to put it. So let's, you know, without further ado, this has gotta be fast because I had to turn off the air conditioner, and it's getting it's already hot outside where I'm at, so I don't have the the clock is ticking on how much heat I can allow to build up in this room. Alright. So orange man and chill in the orange coin.
If you haven't heard, Donald j Trump will be speaking at the Bitcoin 2024 conference in Nashville. That would be the Orange conference. President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world's largest Bitcoin conference, which is taking place in Nashville, Tennessee, on the dates of July 25th through 27th. The announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements, as well as few other things. Okay? Bitcoin 2024 is set to build on the success of previous 3 conferences, which were held in Miami.
We won't get into the history of that because it's not important. But this year, the conference's move from Miami to Nashville reflects its growing, growing, growing prominence with 2 US presidential candidates, both Robert F Kennedy Junior and Donald Trump himself, both slated to speak at Bitcoin 2024, and is poised to be a pivotal event potentially shaping the future of Bitcoin and the cryptocurrency policy in the United States. The inclusion of Orange Man as a speaker is particularly notable given his recent commitments to the Bitcoin community. Last month, Trump met with major US Bitcoin miners, including representatives from CleanSpark Riot Platforms and more, pledging his support for Bitcoin mining, both on the global stage and in Washington DC. In May, Trump said that he would ensure that the future of Bitcoin and crypto will be made in the United States while also promising to protect the right to self custody to the nation's 50, 000, 000 crypto holders if he is elected president.
Now as Trump, vice for the presidency, his backing of Bitcoin contrast sharply with the stance of his opponent, President Joe Biden, who has been less than favorable towards the cryptocurrency industry. With Biden yet to confirm his participation at Bitcoin 2024. Yeah. I wouldn't hold my breath, brothers. The event may highlight the stark differences in the candidate's approach to Bitcoin. For further information on the conference, visit the, the events website below and get 10% off tickets using code BM10. Okay. So, orange man's gonna go and talk to a whole bunch of people who are desperately looking for anything, anything of a political nature that is going to fortify their bags and make them give them the ability to buy stupid shit like Bugattis and Lamborghinis.
Right? If you're 1 of those people, you don't understand Bitcoin and you never did, and potentially you never will. This is pandering. Now, okay, it's kinda cool that orange man cleared his schedule so that he could go to a conference in Nashville, Tennessee. It would have probably been easier had had it been in Miami because, you know, he also has got a, like, a lot of places down there in Florida. But be that as it may, we're looking at Orange Man at Orange Conference, shilling the orange coin, July 25th through 27th. And if you wanna go see this thing, you know, be my guest. But honestly, I don't I really don't think anybody should make anything at all about this. Right? This is just for your information.
I'm not excited about it. I I don't think it's going to do anything. I think what he's he's just after quit he's just after votes, man. He doesn't give a shit about you. He doesn't give a shit about your bags. He doesn't give a shit about the orange coin. I guarantee it. He's just saying it for votes. And here's what I here's what, I will project what happens. Orange coin wins. Orange man wins because orange coin wins. The orange bag holders, which is us, vote for the orange man and he wins. He not only does Orange Coin win, but President Trump becomes president for his second and final term. And he will not actually uphold any of the promises that he made about Bitcoin at all. In fact, it wouldn't surprise me 1 stinking bit if we saw CBDCs being pushed almost immediately in his 1st year as president because he just I just don't think he's gonna be able to put up much of a fight. Remember, first term, he said he was gonna drain the swamp? He drained absolutely nothing. He was probably in shock and horror at just how bad Washington DC is and just how minimal abilities a president of the United States has to actually move the needle on anything whatsoever unless you're very good friends with the media.
Because, you know, well that's the way that things work. It's all propaganda. CNBC hasn't been media, well, newsworthy or actually on the side of truthful news in decades and neither has any of the rest of them. Whether it's CNBC, CNN, ABC, Fox News, Fox Business. None of them. None of them. You trust none of them. Why? Because, well, that's my suggestion. And don't trust these naked mole rats down at Coinbase either because this bullshit is just flat stupid. Coinbase is launching a unified on chain monitoring through a new wallet app.
Yeah. Cointelegraph, Anna Paula Perera. Yeah. I cannot pronounce her name. Coinbase is releasing a brand spanking new version of its crypto wallet that will allow users to access their portfolios from multiple platforms in a single place. Oh, joy. The company said in a July 11th statement that the new wallet will be available through a website on a desktop and for mobile devices. Users will be able to connect any now pay attention. This is where the crux of the biscuit is. Users will be able to connect any self custodial wallet supported by WalletConnect including MetaMask and Phantom Wallets to have an aggregated view of assets across applications.
Users don't need to have a Coinbase wallet to use the service. Did you hear what I said? In in essence, I can use any 1 of my self custodial wallets and connect it to Coinbase and have an aggregated view of all of my shit? Do I need to say the word? No? Well, I'm gonna say it anyway. No. Don't do this. That's dumb. That's linking the 1 thing that you got, self custody, to identity. Now I don't know if you listened to the liability of identity show that I did on Monday. But if you're wondering why I'm kind of like not all rah rah about it, go listen to last Monday show. I think it was episode, 9 19. Yeah. Go listen to liability of identity and see if you think it's a real good idea for you to take your 1 thing that actually isn't all that connected to your identity, and then connect it to identity via Coinbase.
No. Please, for the love of God, don't. Now, the rest of this crap, the rest of this entire story here is all about what? Shit coins, NFTs, and all manner of garbage. So that's all you needed to know, is that Coinbase is rolling out the ability for you to essentially KYC your self custodial wallet. I am begging you to not do that. Please don't do that. That is a bad idea. Okay? Don't. Just don't. If for whatever reason you know what? No. Just just say no. I was about to give you an out for whatever reason that you might wanna do that but if you do it, you you you deserve the absolute hell that it will bring you. Okay? So just stop. Now, speaking of stopping, we're probably almost at a stopping point with this Germany business. Germany now holds less than $300, 000, 000 worth of Bitcoin as its sell off accelerates. Andrew Thorvallis out of Decrypt tells us more about the boondewale.
After weeks of sale pressure and crypto community dread, the German government is approaching the end of its multibillion dollar Bitcoin market dumping campaign. And back in June, Europe's economic powerhouse held 50, 000 BTC, which was worth $2, 800, 000, 000 at today's price in its government wallets. It seized all that from the proprietors of film pry piracy site movie2k in January. But as of today, Blockchain sleuths say that the government has moved the vast majority of those funds out of its digital wallet. But as of this writing, on chain data from ARCEM Intelligence points to just 4, 925 BTC remaining in the German government's wallets, which is about $284, 000, 000 worth at the current price.
Good job, dudes. German officials made a number of transfers to exchanges and market makers early on Thursday. These venues, to which the government has sent 1, 000, 000, 000 of dollars in since June 20th include the biggest crypto industry names like Kraken and Shitbase and Bitstamp alongside Wealth Management, Cumberland Cumberland and other addresses suspected of being over the counter or institutional trading desks. Outflows began at a relatively moderate pace but started ramping up earlier this week as the government sent out $900, 000, 000 from its wallet on Monday alone.
Just Monday. Just on Monday, almost $1, 000, 000, 000 Wow. I just it's sad watching this happen to the German people. Given that those coins have been directed towards play trading platforms, most analysts assume that they're being dumped on the market, contributing to a wave of sell pressure that stifled Bitcoin's price in recent weeks, Trading for 57, 660 on Thursday, BTC is down 13% over the last month. Simply transferring bitcoin from its wallets to exchanges doesn't necessarily indicate that the funds were then ultimately liquidated, however. The government has at times had bitcoin returned to its wallet after sending those funds to an exchange such as Kraken. Nevertheless, the state's net balance on its fast track is on a fast track to 0.
0. Gonna be worth 0. Signaling that the government's looming threat to crash the market may soon be. History, sayonora, motherfucker. And some bullish Bitcoin investors believe Germany is missing out on potential future gains by liquidating these assets now. No, you freaking think. Quote, in a few years this will be looked back on as 1 of the biggest geopolitical blunders of all time, tweeted Capriole Investments founder Charles Edwards, quote, it will be studied in universities. Yeah, he's probably not not wrong. Okay. Hats off in a moment of silence to the people of Germany.
If I had a 40, I would literally pour that son of a bitch out. This is ridiculous. So what's even more ridiculous is I've seen not 1, but 2 or at least 2, but there's probably more, people on Twitter or dead bird sites shilling the fact that Germany has nothing to do with this. The German government in particular, has nothing to do with this. It is it's not their fault. They had to do this, or specifically, the state of Saxon was they had to do this, and it had nothing at all to do with the German government. Well, bullshit.
Bullshit. Because the state of Saxony in Germany is regulated by the German government. And whatever mandate that these people that are trying to defend the German governments and saying that they're not stupid, it's just not their fault, That regulation that Saxony has to follow to sell these coins was not developed by Saxony. It was developed by the German government at a federal level. I don't know what these people are smoking, but it is the German government's fault. It is their decision. They could have picked up the phone and said, hey, Saxony. You know what? What we should probably do, we should probably not sell a Bitcoin.
And if that had hit the news and we could approve that phone call or communication had actually happened, and Saxony did it anyway, then and only then would we be able to say that it wasn't Germany's fault. But it is Germany's fault. Germany sold their entire population down the river. And I don't think it was to make a fast buck. I think they actually thought that by coordinating with the United States government and both of those entities coordinating at the timescale or at the time that the Mt. Gox repayment was going to actually occur, that they were going to destroy Bitcoin. It didn't work. It was like watching 3 bear whales all at once.
Not working. It's not working, ladies and gentlemen. The market soaked up those coins like a dry sponge in a rainstorm. It was just like it just fell into the sponge. What's the sponge? People buying bitcoin. I heard that BitMex bought like 40, 000 Bitcoin over the last couple of days. It's just, I mean, it's it's it's like watching the old bear whale and I can't remember what what when the I think it was 2011. I'm not sure. Somebody go fact check me on it. Easy, thank you for 420 over there on zap.stream. Slayer was 69. Yeah. That's dumb. I I totally agree. Dat's dumb and he's probably talking about the Coinbase thing.
Excuse me. A little out of it today. We went to a water park yesterday and I stayed, a good long time in the wave pool. You wanna work out? Try to stand up in a wave pool for an hour. You you will get I am sore from tip to toe, side to side, and and I've also probably suffered a mild case of heat stroke. I'm not exactly sure. But if I if I seem off, that's probably why. Getting back to Germany being stupid, it is their fault. They sold their people down the river. They did it for all the wrong reasons, And it didn't work. Congratulations, Germany.
You should win a Darwin award. I just it's just insane. Let's run the numbers. CNBC Futures and Commodities Oil. West Texas Intermediate up a half point. Back up to 82.50. Brent Norcia is up a quarter $85.30. Oh. 0. The Delta is, decreasing between those 2. That's interesting. Natural gas is down 2 and a half to $2.26, a 1, 000. And gasoline is up almost a half. Summer driving season is definitely in swing. Although, I expected prices to be higher than $2.51 a gallon. Shiny Metal Rocks doing well. All except for copper. It was the only 1 in the red and it's down by 2 points. Gold is up almost 2 points. Silver is up well over 2 points. Platinum is up 1 point. And palladium is up 0.75%. Ag, biggest loser today. Sugar, 2 points to the downside. Biggest winner today is chocolate, 5.74% to the upside. They listed as cocoa.
Live cattle up, scant. Lean hogs up 1 and a half points. Feeder cattle up 3 quarters of a point. Over to Clark Moody's dashboard, $57, 840. That is 1.1 $4, 000, 000, 000, 000 in market cap. You can now purchase 24.1 ounces of shiny metal rocks with your 1 bitcoin, of which there are 19, 720, 382.99 of. And average fees have increased a bit. We're back up to double digits. 0.1 BTC is the average fees per block. Yeager, thank you for a 121 sats. I appreciate it, my brother. Speaking of blocks, let's see how many blocks there are. A 170 blocks carrying 222, 000 unconfirmed transactions waiting to clear at high priorities of 8 satoshis per vbyte. Hey, I got a brand new lightning note. If you wanted to fire me off some incoming liquidity, hit me up on Nasser and I'll get you the onion address to that. Low priority is going for 7 satoshis per vbite. And by the way, it's consolidation season, ladies and gentlemen, so you might want to consider doing that. Anything under 3 satoshis per vbyte being purged from mempools around the world, and we what the?
Oh, I've read the wrong number. Ice could I I for some reason, I saw 1, 052 and thought it was exahashes. No. No. No. No. Wouldn't be that lucky. 527.1 exahashes per second is the mining rate at the time. So there you go for that 1. Now from clubbing baby seals, Bitcoin and episode was at 920? Yeah. Was it 920? We've got Tarmac Matt with 20, 000 sats. See, that's the shit that I'm talking about. That that would yes yes that I love the 5 5 figure boost are massive and I love them. I wouldn't I wouldn't sneer at a 6 figure boost either. But right now, we've got he says save the seals. You have helped save a baby seal today, sir.
I I need a somebody make me a noster badge so that I can say I saved a baby seal today. Anyway, mangy pigeon with 5, 000 says nothing. Joeydd with a row of threes. 3333 says summer doldrums. Thank you, sir. Missed a couple of episodes. Hey. I'm here all the time. You can miss a couple. Arceres, BTC with 2718 says, just as long as you're not clubbing to Derude. I don't know what that means. I don't know what that means. I'm gonna admit it. Was it north north to huddle 2121 says 2121 appreciate your work, my man. I agree. I rather I thank user. Vake with 1500 baby seals deserve to party at clubs. Yes, they do. Henry gqj with a1000 says, a piece of advice. Here's an idea that might help. Give us another boosting target and tell us what you are going to do with it. Like you did with the microphone. Eg, you need gas to get somewhere to cover something which will become part of the show. If we get feedback on what our boosts are doing, it just gets easier to part with the sats.
Also, if you like this idea, keep mentioning the target or the pesky squirrels with their shiny tinfoil will distract us and we will forget to boost. I like yes, Henry. I like this idea, and I'm going to see about, integrating that. I'm going to be going on vacation, by the way. July 20th, I think. The last show will be July 19th, and I will be gone, gone, gone. I do have since I do have a mobile recording rig, I'm gonna try some experiments and take the whole thing up with me to, Colorado and see if I can, do some stuff over there. But can't promise anything because I I really if I don't get back to the San Juan Mountains soon, I'm going to lose my ever loving mind. Wartime with a1000 says, I'm also that guy who was using Sphinx chat a couple of years ago and it drained my note and tips to you during a single episode.
I contacted you to see if you actually got it and you did and said and I said just to keep it. Probably worth like 500 dollars now. Reminder to people, be careful what you authorize your node to pay. Good advice. A blanket bank blank authorization is dangerous. If it were to if it were my main node, that could that could have been very, very bad. Thank you for your hard work, Dave. At wartime, I remember this. I remember this. I remember this because I remember reaching out to you and saying, I have no problem giving that back. And and I think it was me that I can't remember if I reached out to you first or you reached out to me first, but I do remember that event occurring, and I really felt bad about that, so I immediately offered offered to return it. And wartime, he's not lying. He literally said, no. Keep it.
I did. And I think those those satoshis are still on my main node, which I am which by the way, I'm trying to get the the channels. So, Arceus, if you're listening to this, me and you have a channel on my old node. I want to close that channel and I want to reopen that channel over on my new start 9 node. Please DM me, because I want to get I want to start converting the rest of these channels. I've already converted a couple, but I need to I don't want to do it like just blanket cut everybody off. So just be aware. Wartime with another 1000 says, I would love to zap more, but I listen to so many podcasts that it adds up, but I'm doing my part. I I you're fine, man. Pies with a 1000 says it drives me fucking crazy when I see clowns boosting Bitcoin podcasts that the podcaster never interacts with them. None of your business is fully engaged in the world of and Bitcoin and you stupid mofos still want to boost some clown you have a Twitter crush on like fucking schoolgirl.
Stop dick riding you damn pussies. Show my bro some love. Damn. Pies just bitch slapping the the the whole world with that 1. And Pies comes back with another 1, 000 says, let's fucking go. Show none your business and love. Thank you, Pies. Bitcoin Boas 721. Hashtag all sats matter at allsatsmatter.com. Saints and sats with 500 says nothing. Bob carpet boosted 500 says love the show. Thank you. Appreciate it. Wartime with 44 4 says, don't club me daddy. Pies with 420 says, let's go. Let's go. Let's go. If y'all don't want to part with sats, trade some fiat for sats and show our bros some love. God's death with 237 says thank you sir, no thank you. He says it again, thank you sir. Nostra Gang with a 100, gives me an emoji. Nostra Gang with a 100 says save the baby seals.
User 386 44922 with a 100 says nothing in pies. Finishes us out with a 100 satoshis. Thank you, sir. No, thank you. And that's the weather report. Welcome to part 2 of the news you can use. Geyser, remember I was telling you about Geyser. They have added project affiliates. Let's see here. What does it say about this? Learn how to add project affiliates. This is right from their guide. Creating affiliates is easy. You only need to email and lightning, give lightning address of the affiliate to start incentivizing them to share your project. Why add affiliates?
Affiliates aligns incentives between creators who want to increase funding for their projects and shares who can increase the reach of projects that they share. Through the automated affiliate payouts, shares can feel incentivized to use their network to extend the reach of projects and monetize from it. Okay. So essentially what Geyser is doing, is they are allowing you to build your own like if you've got a Geyser project, you can build an affiliate link and you can send those links to people who are part of your project or people that you think might, you know, shield your project for you. And I'm probably going to do this with Bitcoin and now I will say this, I understand that there is a general malaise, about, affiliate links. I I get it. I understand.
But for those of us that don't have a hope in hell of ever getting, like, mainstream sponsors. And some of us like me, I kind of don't want them. I don't want to sit in weekly meetings about how many CPMs was caused by me saying something or or or or was I brand safe or honestly dude I fucking don't care. I I don't. I just I want to be able to give the show the way that I've been giving the show to the people who want the the information, and not be told, you know, you really shouldn't talk about vaccinations, or you really shouldn't talk about orange man so much, or you really shouldn't you really shouldn't be hating on Biden. Dude, I will I will say whatever the fuck I wanna say.
And I will say it whenever the fuck I wanna say it. And if you guys wanna help me come for the ride, then you might actually have to deal with the fact that I do some affiliate links. And it's it's nothing personal. I'm just trying to figure out a way to fund the damn show. So but with that said, this is gonna be interesting to see. I I I'm I'm I'm a big fan of of Geyser anyway. They're, Go Go Go is g e y s e r. If you can't get to it directly because you'll get to a definition in Yosemite or something like that, what you'll do is you'll type in geyserspacenoster. You will find it. Guarantee it. Now, from Marty Bent.
He's gonna start with the orange man and he's gonna go into something. Well, we'll, let's just bear with me. Don't get too pumped about Trump speaking at this year's Bitcoin conference. There are forces in motion that could severely impact the Bitcoin industry if people don't begin making noise. Earlier today, there was a Senate Agricultural Committee hearing on the oversight of digital commodities with the head of the CFTC that everyone should watch. If the legislation that is inevitably going to come out of this hearing gets passed, it won't matter if Trump gets into office.
The industry will be hindered for years. There is a bipartisan support at that at this moment as Democrats are moving quickly to react to the buzz Republicans have received due to their embrace of Bitcoin. Long story short, this committee is pushing to give the CFTC regulatory oversight over spot Bitcoin markets, which is an unprecedented expansion of CFTC authority into retail commodities, trades, commodities trades. Whereas in the past, they have exclusively held jurisdiction over only commodities derivatives markets.
If the CFTC is granted the expansion of this authority, it would mean that they are likely going to require any Bitcoin company to register with the federal government and have enhanced KYC AML requirements. To be clear, this won't only affect exchanges, but any any any company that touches spot Bitcoin. These efforts are being spearheaded on the crypto side via lobbying effort efforts by Kraken, Coinbase and Ripple. And this is should not shock you because this would likely enable them to trivially erect regulatory moats.
It looks like the bipartisan effort will be looking to pass something through the house and into law rather quickly, likely before this election. That's okay. We're looking at November, by the way, for those of you not in the United States. It is imperative that you speak out against this, and it would increase the regulatory and compliance burdens on US Bitcoin companies considerably. The best move right now is no action. And he's talking about from their side. We need to take action, but their side, they need to do nothing. The best move right now is no action. We need less regulation, not more. As we've seen time and time again throughout the 1st 15 years of Bitcoin, these regulations, put users in harm's way and make it unreasonably difficult for companies to operate operate cheaply and effectively.
Call your representative and tell them to reject any bill that would give the CFTC oversight over spot Bitcoin markets. This is a full on attack, and I agree with Marty. This is an attack. This is important. I don't know how much reaching out to your representatives. I don't know what that's going to do, because I I I I don't think these people care. And I'm not saying not to do it. I'm just saying I don't think they care. I don't think they give a shit. I think we're gonna we're going to need to enter into a completely different line of thinking when it comes to, responsibly.
What do I want to say here? To responsibly tell the government to go fuck off through our actions. Right? Civil disobedience taken to a 2.0 level, where they can't. They they don't Where we leave them with no evidence that we've done a thing. That's the only thing I can think of. Because this shit, this shit, this shit is coming back to bite us really really quick. But before we move on, I want to say: Yes. Agriculture. There's people out there that are going, I don't understand why this how Bitcoin has anything to do with agriculture. It doesn't. It's just that it's been called a a commodity by the CFTC, the Commodities Futures Trading Commission, which is oversighted by the senate agricultural committee.
Alright? So they've got oversight. Why would they have oversight over Bitcoin trading? Because it's a commodity and they have oversight over commodity trading. What are commodities? Well, when this shit first happened, I I wanted to say that it was back in the twenties, but it pair I I I'm guessing that I'm wrong. That it was more between the, years of 1955 and somewhere around 1974. Remember, 9 summer of 1974, it was either that or summer of 1973 was when Earl Butz, the then agriculture secretary, told farmers to plow fence row to fence row and the that's where the whole go big or go home thing came out. And that's why we have fields and fields and fields of nothing but wheat and corn. That's all commodities. Right?
And I remember a story from why it is still illegal today to trade onions on the open market. But it's possible that I may be wrong about this and that this is just an urban legend. But way back when, when onions futures were being traded as a commodity, and that the agriculture committee had nothing to do with it, right? But at this time, and I can't remember exactly when it was, the futures price on onions caused the price of onions that farmers were getting on their hard earned work to go so low that they couldn't afford to actually well, they I mean, if if they sold every single onion that they had, they still wouldn't have been able to continue farming. It was a it was a tragedy, right?
So, lots of farmers and again, somebody fact check this for me because I can't find it anymore. I used to be able to find the story, but I can't find it anymore. It's like it disappeared. So maybe I'm having a Mandela moment. I don't or, you know, Mandela effect moment. Whatever. These guys drove their harvest, raw onions, to wherever they were trading these onion futures at. The act physical trade the building that they were physically trading this shit in at the time whenever it happened. And they dumped the onions.
Because most people don't take they don't take delivery of the physical the physical underlying value asset, right? In this case, it would be the onions. Like when you trade oil futures, if you win, you don't take possession of barrels of oil. And the futures commodities guys, basically they take any any efficiency discovered by the people that actually produce the thing and they commoditize that into the actual price of the thing and then they force everybody who's not doing the thing to either figure out how to do the thing and do it well or go out of business. Welcome to agriculture, in the least in the United States and probably most of the West.
But that I'm hoping that that answers the question as to why it is that the agricultural committee or CFTC is why the CFTC is being run under the the committee of agriculture in the United States Senate and House of Representatives. And it's because after those dudes dumped all those onions, it created a massive mess. And then, later on in the fifties, some other guys cornered the onion market and caused such tremendous, you know, valuation fluctuations in the price of onions, that it is now, to this day, illegal to trade onion futures.
It is. It's it's it's by law you cannot trade onions as a commodity. It's illegal. You can't do it. But anything that's traded as a commodity falls under the purview of the committee of the agriculture committee. That's why this is here. So I'm I'm hoping that that clears that up. Now, what Marty was saying is really important. And even if we, I will contact my representative and tell him, hey, I don't expect nothing out of it but I'm going to do it anyway because if we don't make some noise, if we don't rattle some cages, then what's happening in Switzerland is going to come over here. And it already is, but it's just gonna we'll we'll allow it to be worse. The relay app, r e l a I, maybe it's pronounced Rely.
Well, the users must verify their accounts by October 31st or stop using the service. Relay or Relay, a Swiss based app for buying Bitcoin directly to self custody, announced that all of its users must verify their accounts. That means they're KYC ing all their existing customer base or you can't use the service. Welcome to hell. Starting now, all unverified Reli users must complete a quick verification process by October 31, 2024. After that, only verified users can use Reli. Unverified users will need to complete the verification step to access all app features including buy orders and wallet functions. However, you can always retrieve your 12 word backup phrase and your Bitcoin will remain safely in your own self custody. So getting down to the very bottom of this, it says the following.
And this is from at rely underscore app over on dead birdsite, and it just says, we tried our best, but if we want to stay in business, this is the only way. So Switzerland and probably from the the guys from FATF, the Financial Action Task Force, and FinCEN, and all the rest of the regulatory agencies in Europe and the United States are forcing everybody's hand. This is what this goes back to what I was saying. There's we have to figure out a way that they can't know that we did something. You cannot I this is teaching me that having a company is the worst thing that you can possibly do. You you just can't start 1 and own 1.
And I I I there's this nagging thing in the back of my head and it keeps coming up. There's this old saying that says poor people want to own things. Rich people want to control things. I'm starting to understand what that actually means. That this is what this means. We've gotta figure out a way to make money from something that no that we control, but a, can't be taken away from us because we don't physically own it and therefore we can't be prosecuted for it because we don't physically own it. But we also have to make sure that we we do the things that make money from a thing that cannot be tracked back to us at all in any way, shape, or form. And that means this to me, it means like a fusion, a free open source software development world colliding with I don't wanna starve to death world. And then those 2 colliding together with a, please don't tase me bro.
I don't know if that makes sense, but that's the big chunky feeling that I have right now. Block, Jack Dorsey's company, Block is going to supply Core Scientific with 15 exahash per second worth of 3 nanometer ASICs. Block announced the agreement to supply Core Scientific with its mining ASICs representing approximately 15 exahashes per second in hash rate. Today, we are announcing an agreement to supply Core Scientific blah blah blah. Core Scientific will become our 1st customer to leverage our ASIC in a unique mining solution. Cool.
Quote. Our strategic agreement with Core Scientific is about more than just supplying and demand or supply and demand. It's about exchanging expertise and collaboration. We are already actively developing the new system, which will be operational from our outset, using an older generation ASIC to verify the system design. The modular design flexibility will allow straightforward upgrades to our 3 nanometer ASICs via its swappable hash board. So mining is becoming modular. This is good. This ensures the system will easily adapt to newer generations of ASICs as they become available.
So Core Scientific gotta hang out very tightly with Block. I highly recommend watching this. Now finally, BitMEX pleads guilty to Bank Secrecy Act offense. Quote, as BitMEX founders and long time employee admitted in federal court in 2022, the company, 1 of the leading cryptocurrency derivative platforms in the world from 2015 to 2020 operated in the United States without any meaningful anti money laundering program at all as is required by federal law. Damian Williams, US attorney for, you guessed it, the Southern District of New York said, quote, BitMex opened itself up as a vehicle for large scale money laundering and sanctions evasion schemes posing a serious threat to the integrity of the financial system. Today's guilty plea in indicates again the need for cryptocurrency companies to comply with U. S. Law.
And he didn't say, this is a quote. The need for cryptocurrency companies to comply with U. S. Law if they take advantage of the U. S. Market. So that means that they're they don't give a shit if what country you're from. If you are attached at all to the US market, then you need to comply with US law. Even if you're a German company or a French company or a Yugoslavian company or a whatever company. I whatever. The BSA charge is old news. This is the same charge brought in our 2020, against our founders relating to BitMex's operations up to September 2020. Our founders accepted this and were sentenced back in 2022.
Bitmex has long since fully remediated its operations and there is nothing new in this charge, Bitmex said in a blog post. So if you thought Bitmex was out of the news, it's like a zombie. It's coming back like everything else. Like Mt. Gox just it just never went away. Bitmex is never going away. And but Bitmex still has Bitmex research, which is a very interesting outfit all by itself. But man, gone are the days of watching people just get fundamentally financially fucking wrecked. Going 100 x long or short on Bitcoin on the BitMex platform. You wanna talk about watching people get wiped out in real time for all time?
Man, look at a bit Mex was it's I mean, some people laughed. Others others just cried when they watched people lose their entire, you know, all of their wealth in seconds. Going 100 x long against Bitcoin or a 100 x short against Bitcoin or, god forbid, any of the other shit coins that were available to to get wrecked on on that platform. But that's pretty much that pretty much wraps up today's news. So what have we learned, ladies and gentlemen? The shit show never stops. Orange man is going to shill orange coin at an orange conference, and honestly you probably shouldn't give a shit. Oh, and the guys over at the, Senate Agricultural Committee are going to do their damndest to make sure that, you know, orange man shilling orange coin at orange conference doesn't matter.
The whole world's in a mess and the only way out, in in my opinion, is what I had stated earlier. We need 3 worlds to collide and form a brand new planet that circles this beautiful, gorgeous, life giving son of ours. Free and open source development. Don't tase me bro, and the ability to not starve by providing goods and services that human being is really want and will take responsibility for if it doesn't go their way. Those 3 worlds colliding essentially means people like Elizabeth Warren just are not going to be able to have any straws to grab at when they want to, I don't know, put somebody in prison because they don't like them.
We we just cannot operate the way that we've been operating for 1000 of years, which is a stretch by any stretch of the imagination, but I don't see any other way out. If we are not willing to pull these motherfuckers out in the street and pour, you know, hot tar and put feathers on them, then we're just going to have to watch this continue. Or we're going to have to develop something where they just can't see us. We're gonna have to develop some type of cloaking technology. And none of us I will not there's gonna be some in the space that wanna do dastardly things. There always are assholes out there. But most of the people that I know in this space don't want to traffic children. We don't want to fund terrorism.
We just wanna have a home for our families. And we wanna stop paying taxes. And we want to stop funding wars that people that have no connection whatsoever to reality any longer because of the oodles of mountains of money that they stand upon have forgotten what it is like to live as a human being. I don't wanna have any connection with these people. The the the type of people that want to go to Washington DC is exactly the kind of people I will never go to their parties. I don't want to be seen in the same room with them. I don't want to have drinks with them. I don't want to discuss anything with them. I don't like these people. These are not my people.
We need cloaking technology, and we need it now. We needed it yesterday. So any of you guys who are Star Trek nerds and want to figure out a way to get don't tase me bro. I want to feed my family, but I can't have a company. And free and open source development. If we can get those worlds to collide and then cloak that son of a bitch, then I don't have to worry about orange man or Elizabeth warren, 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.
Market Updates and Analysis
Conclusion and Final Thoughts
