Join me today for Episode 922 of Bitcoin And . . .
Topics for today:
- Bitcoin Rewards Programs
- Chevron Deference
- Germany Down to 4.9K Bitcoin
- US House Fails to Overturn Biden Veto
- Nostr Based Bitcoin Taproot Addresses
#Bitcoin #BitcoinAnd
Circle P:
If you (pleb) want to own some cows, have them rotationally grazed, be able to pick them up if you get your own farm, get a portion of their offspring, and get a prime spot to fish and camp near Kansas City and a several wineries, hit me up.
Buying a herd of bred heifers in June. $3-4k in bitcoin per head and no ongoing maintenance cost. 8 accounted for so far, 17 head left.
https://primal.net/p/npub16ux4qzg4qjue95vr3q327fzata4n594c9kgh4jmeyn80v8k54nhqg6lra7
The King Ranch Donation Page:
https://www.givesendgo.com/Kingranch
Articles:
https://bitcoinmagazine.com/business/merchant-loyalty-competitive-advantage-reimagined-through-bitcoin
https://cointelegraph.com/news/supreme-court-us-crypto-chevron
https://www.coindesk.com/markets/2024/07/11/germany-almost-done-selling-bitcoin-holding-less-than-5k-tokens-after-latest-moves/
https://decrypt.co/239439/house-fails-overturn-biden-veto-pro-crypto-banking-bill
- 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://nostrapps.github.io/taproot/
https://www.nobsbitcoin.com/mempool-accelerator-is-now-live/
https://www.nobsbitcoin.com/boltz-client-v2-1-0/
https://www.nobsbitcoin.com/phoenix-wallet-v2-3-3-and-server-v0-3-0/
Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)
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Music by:
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Licensed under Creative Commons: By Attribution 3.0 License
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 11:22 AM Pacific Daylight Time. It is the 12th day of July 2024, and this is episode 922 of Bitcoin and Inkblot Farms is the newest member of the Circle P.
No, they're not gonna sell you cabbages. That's not that kind of farm. This is gonna be a little bit interesting. Hello, Pablo. F 7 z just jumped into the Zapdot dream. I hope you have gotten some manner of sleep, my good friend. Alright. So Ink Blot Farms. Have you ever wanted to own some cows? A cow, make 2 cows. You ain't got nowhere to put them. Right? Especially if you live inside of a city. You ain't buying no livestock. Right? Maybe a chicken or 2. But you sure as shit ain't getting no cow. They need a lot of room. So, if you have thought though that, you know, I don't know man, there's some I'd like to put my wealth into something like, you know, meat or the promise of future meat, that kind of thing. Well, you can have these guys rotationally grazed for you, so inkblot farms will buy you will buy the cow, they will take care of the cow.
You don't even have to go look for the cow. They have the cows to sell you, so they will, you know, you can buy that in Bitcoin and they will rotationally graze those things. You can pick them up one day if you do get a piece of property that you want to put these cows on after you've purchased them. Well, you can go pick them up. You got to go to Kansas City to go get them, so be aware. But you can also get a portion of the cow's offspring. Okay, so that's the promise of future meat. And you can also go over there to inkblot farms and pet your cow, I guess, while you go and look for some prime fishing spots or even camp. Like I said, you got to be kind of closer to Kansas City, but there are several wineries out there. So hit this guy up.
He has the cows. We're talking about 3,000 to $4,000 USD worth, but you can buy it in Bitcoin because if you're not buying or selling your stuff in Bitcoin you're not in the Circle P. There's also no ongoing maintenance cost. It's a one time fee. Alright? So, he's got like I think, 7 like the note that I've got is he's got 17 head available for purchase left, and when he wrote this note there was 8 that had already been purchased. So, if you want to get into this thing, hit my guy up at inkblockfarm. Now, his link to his N0stor will be in the show note. You just got to click the link and it will take you over to I'm using Primal for this one. You can it'll take you right over to Primal and you could work everything out all the details with him, but make damn sure that you told him that you heard it about here on the Bitcoin and podcast. Now on to the news, merchant loyalty competitive advantage, a reimagined as reimagined through Bitcoin.
John McCabe is writing this one for Bitcoin Magazine. I worked at Mastercard for the last 10 years in the San Francisco office building card linked offer solutions to drive merchant loyalty. It's a fascinating business where cardholders receive merchant offers delivered via their bank, providing them with a discount if they make a qualifying spend at some participating merchants. Below is an example of the samples of these offers and deals from my personal Wells Fargo bank account and there's a screenshot. The offer these sorry, excuse me. The offers drive new customer acquisition, reactivate lapsed customers and drive higher spend frequency and basket size from existing customers.
Overall, the marketing solution is very effective at driving incremental spend behavior mainly through credit card and some debit card payment channels. Enter Bitcoin. Now, Bitcoin as a medium of exchange doesn't get much attention as Bitcoiners are supposed to hodl their Bitcoin and there is understandable anxiety about incurring taxable events from spending. But setting these concerns aside for just a minute, let's examine the business opportunity for driving merchant loyalty on Bitcoin rails instead of the Fiat rails. What changes?
It's no exact exaggeration to say that Bitcoin utterly transforms the value proposition to deliver outsized economic surplus never before seen with efficiency and use cases that fiat can never match costs. The provision of any fiat merchant offers programs is an expensive undertaking requiring a significant and complex tech stack and a team of people to credentialize participating merchants, confirm merchant contract, assign offers to cardholder subjects to forecasted marketing budgets, detect qualifying spend events, reward redeeming cardholders with statement credits, compile reporting for merchants to show program efficacy, and reconcile billing.
Most importantly, all of the consumer spending is driven on the most expensive payment channel, to the merchant, which is a credit card. Bitcoin rails drop a significant number of steps in the process. Merchants could participate in a model more akin to Google AdWords via a self-service portal credentializing via commitment of Bitcoin to fund the marketing budget in real time, which can also be deprecated in real time too. Never possible in fiat offer programs. The bank and card processor are no longer involved as gatekeepers in the end to end solution. They, and their associated costs and fees are dropped from the value chain altogether.
Most importantly, the redeeming transactions are all now driven on low cost Lightning Network Rails, stripping out not just the direct credit card fee cost, typically 3% or higher, but also the indirect cost of chargebacks and fraud. Fiat rails means the consumer who participates in their bank's merchant offer program typically do not receive any notification at the point of sale that they successfully got their discount. And the discount itself doesn't show up as a statement credit until days later. A bank can invest in a real time notification offer redemption solution, but it's prohibitively expensive and very complex to do so, and has to be done on a bank by bank basis.
Very few do this and there is no universal protocol to be leveraged. Merchant funding of the fiat offers has to happen in advance via pre funding of a committed budget. Or payment is chased down with a typical 30 days type credit agreement supported by contractual obligations. Bitcoin rails completely upend these legacy frameworks. Consumers can not only receive notification in real time at the point of sale when they take advantage of a Bitcoin native offer to get the visceral peace of mind, but they receive the discount in real time too. Not only that, but split payments is supported by technology like LNbits and Bolt 12, where the Bitcoin native offer provider company can also get paid in real time at the same point of sale event.
This essentially makes the fiat billing step obsolete. Merchants can also charge the offer values minimum spend thresholds and most importantly the inventory of remaining offers and discounts, the marketing budget essentially, that they want to commit to, in real time. Such changes are impossible via the fiat channels which requires budget commitment weeks in advance. I'm only scratching the surface of a long list of unfair advantages Bitcoin brings to the table in the provisioning of a merchant offer program, but I'll leave it there for now. Okay, so there are some caveats, like reach.
An offer program is essentially a two sided market and it's important to have a large audience of consumers as possible to make merchant participation worthwhile. The Bitcoiner audience and what I call the Bitcoin curious audience is still relatively small segments, but it is growing. Targeting, there's a problem here. Fiat merchant offer programs have a silver bullet that is currently unavailable on Bitcoin, at least directly transaction history of the consumer. This history enables the merchant to carefully spend their marketing budget on specific consumer segments like new, lapsed and loyal groups.
This is an invaluable tool to ensure highest return on advertising spend and also enables insightful before versus after test versus control incrementality reporting proving spend lift of the marketing campaign that is highly convincing and useful to merchants who need to justify spending money on the offer campaigns. That said, I'd argue that these caveats are mitigated by the potential for merchants to attract the Bitcoiner segment, even broadly and in an untargeted way, as the segment is so valuable, skewing affluent, influential, and maniacally loyal to Bitcoiner friendly merchants.
There is a first mover advantage for any merchant in their vertical or category to attract this invaluable segment first. The above is an example of how Bitcoin strips out costs from the legacy system like never before, unlocking much higher margins for merchants and delivering a more immediate, visceral and satisfying consumer experience. This long list of unfair advantages delivered by Bitcoin Native Merchant offers cannot be copied by any competitor operating on fiat rails. This is based on my last 10 years of experience working on CLO merchant loyalty programs. Michael Saylor says to buy Bitcoin and wait. For many of us Bitcoiners, we have the opportunity to not just wait, but to proactively help drive hyper Bitcoinization.
I'm taking this step with merchant offers leveraging my expertise and experience to bring Bitcoin native offers to life. I'm curious about what dramatic cost savings and new, unique use cases other Bitcoiners can uncover by reflecting on their fiat mining job experience and expertise, reimagining it through the lens of Bitcoin. So, okay. So, that's the end of the article. An interesting way of looking at it. In fact, yes. He's correct about pretty much all of that. It does strip away a whole bunch of problematic, issues that go on when you're trying to offer like, hey, if you, you know, if you use our card or you you you you know, you you shop at these vendors that are affiliate vendors and you use Bitcoin, you're going to be able to cut out a whole shit ton of middlemen.
But that caveat about the size of the audience, I think is a much bigger problem. I really do. I think it's a much much bigger problem because it is a small audience and it is growing, at least he acknowledges that, but I think there's going to be a lot of false starts on this. Remember when we were trying to do like people like Roger Ver and the rest of us were trying to onboard merchants to Bitcoin back in 2016, 2015, 2017, and it was just way too early. Way too early. And I still think we're a little bit little bit early. I mean, there's definitely I definitely think that merchant onboarding is its time is ripe. It's still early, but its time is ripening in the sun as we speak, and and that should definitely be pursued.
But, only after that are we going to really be able to get into these merchant and affiliate vendor reward type situations. But, but the rails are there and we can pick those sons of bitches up at any time that we so please. Now, moving on to the next story today. The Supreme Court ruling. The Chevron deference thing? Yeah. Well, it changes the game for US crypto firms. This is Cointelegraph Andrew Singer is writing. The impact of the United States Supreme Court's Lauper, Bright versus Ramondo decision is potentially profound for the cryptocurrency industry. At the highest level, it may nudge the balance of power between the judicial and executive branches of the US government. As a result of the six three decision, United States courts will no longer be required to defer to federal agencies when interpreting ambiguous statutes as has been the case since the High Court's Chevron USA Inc. Versus Natural Resources Defense Counsel ruling back in 1984.
Chevron is overruled, declared the court on June 28th. The decision's scope is broad. This ruling has impacts all across the administrative state, not just technology, but also finance, healthcare, the environment, etcetera. Jim Lundy, securities enforcement and litigation partner at Foley Lardner and a former senior regulatory counsel at the US Securities and Exchange Commission told Cointelegraph adding, The Supreme Court did the appropriate thing with this ruling because the Chevron deference has started to stretch too far for certain agencies. Loper Bright's impact will be enormous in the long run, according to Joshua Simmons, partner at Wiley Raine and adjunct professor at the University of Virginia School of Law.
Simmons acknowledged the ruling was a game changer for the crypto and blockchain sector in particular. The decision takes away the deference that agencies had, Simmons told Cointelegraph, but on a more practical level, it means that more companies will now bring challenges against the agencies and when they do, and they will, they will enjoy a more level playing field. Joanna Wasick, a litigation partner in the New York office of BakerHostetler, referenced the oral arguments made before the Supreme Court telling Court Telegraph, quote: Lauperbright's attorney Paul Clement pointed directly to crypto as an example of how the SEC oversteps its authority.
Obviously, crypto was not an issue for the Supreme Court to decide in Lauper Breit, but the same winning arguments made there may have similar sway when the day comes. The Supreme Court's decision should further prod Congress to pass crypto reform legislation suggested Simmons, and also encourage crypto and blockchain related companies to bring lawsuits. It also validates a number of challenges the United States Court of Appeals for the 3rd Circuit, Wiley Rein did author an amicus brief on behalf of Coinbase. And the ruling may boost crypto software firm consensus in its struggles with the SEC.
To the last point, Peter Van Valkenburg recently wrote in a CoinCenter blog Without Chevron, a judge in SEC versus Consensus need not defer to the SEC's own understanding of what exactly a broker is and whether it includes the developers of a wallet like Metamask. The judge can interpret the law itself. Ah! See, there we go. That's where the real meat is. Is that now the judge doesn't have to defer to these agencies. They can say: no, I'm calling it right now. We'll have to see how they call it, but they'll be able to call it for themselves on the spot. Uniswap Labs also referenced Lauperbright in a July 9th letter, urging the SEC to drop its proposal to rule over decentralized finance.
The commission drafted the proposed amendments against a legal backdrop that no longer exists. Other federal agencies, not just the SEC, may soon feel the weight of Lauper too. Custodia, a state chartered crypto bank, was refused entry into the Federal Reserve System and it recently appealed the decision to deny it a Fed master account. According to Axios, recent Supreme Court rulings including Lauper, which narrow agency discretion could help Custodia's case. Not surprisingly, many technology luminaries were exulting in the aftermath of the June 28th ruling. Kathryn Hahn called it the most significant court case for technology policy in the United States in years.
Its effect on frontier tech industries like AI, biotech, crypto, clean energy and beyond cannot be overstated. But, maybe this is going too far. Importantly, the ruling does not do away with the rule making capabilities and oversight of regulatory agencies, Lundy told Cointelegraph. What it does do is remove the Chevron deference to these agencies when the rulemaking is ambiguous. This constraint limits its applicability. Moreover, there has not been much in the way of rulemaking in the crypto and blockchain industry, so historically, this is not a game changer, commented Lundy as well. That said, policymakers at the SEC and the CFTC will want to be mindful of this Supreme Court decision when crafting proposed rules for the cryptocurrency industry and blockchain industry, Lundy added.
How is LauperBryte seen in Europe, which recently implemented the forward looking markets in crypto assets regulation also known as MICA framework, a comprehensive approach to technology policy in the crypto space. Quote: The potential impact of LauperBrite on the cryptocurrency and blockchain industry could be substantial if it reduces regulatory barriers by limiting the SEC's broad interpretive powers. Annabelle Rowe, a lawyer at McDermott, Will and Emery based in Cologne, Germany told Cointelegraph. Micah, for instance, aims to facilitate the tokenization of digital assets and the provisioning of crypto services by providing a clear regulatory framework that balances innovation with oversight.
A similar reduction in regulatory barriers in the United States post LauperBryte could encourage innovation in digital assets tokenization, said Rao, especially if it led to a more predictable regulatory landscape through consistent judicial rulings rather than variable agency interpretations. Still, a positive regulatory framework also depends on how uniformly these rules are interpreted by the courts. Quote: A challenge the EU seeks to address with detailed legislation is to ensure coherence, added Rowe. Does the ruling decide the game? Well, not necessarily, said Wasek when asked about the decision's impact on US crypto firms.
Does Lauper Bright change the game? Well, yes. The industry has long contended that the SEC has misinterpreted the statutory term quote investment contract, thereby pulling the entire crypto sector under the agency's authority but now, Wasek says, Lauper Bright confirms that courts have final say on what an investment contract is without tipping the scales in the SEC's favor. None of the District Court cases in which the court agreed with the SEC's investment contract interpretation turned on Chevron deference, Wausau continued. So those decisions are still good law. But Lauper and other recent administrative high court cases signal that the Supreme Court thinks that federal agencies have overstepped their authority.
Quote, and that suggests a certain receptivity to the argument that Congress, not an agency, should decide if and how to regulate Web 3, she added. Wiley's Simmons cautioned that it will take time before Lawpersville impact is felt because the agencies are not going to change their approach in the short term. More test cases and litigation will probably be required before they alter their processes, and for that reason it behooves the industry to be proactive. Lundy agreed that more challenges lay ahead. This ruling will be studied by the defense bar for new and creative ways to challenge the SEC and CFTC rule making for the cryptocurrency and blockchain industries.
So, there is another interpretation of what it means to have the Chevron deference upended by the Supreme Court. Now, here at the end, let's find it again, where it says we're talking about, Simmons cautioning that it will take time before the impact of all this is felt, because the agencies are not going to change their approach in the short term and it would behoove the industry to be proactive. What that means is that people that have the companies in the space that have the money need to start suing the living shit out of these agencies so that we can get all this stuff into court. It doesn't mean that they win and it doesn't mean that I mean you know sue them for their money. That's not what this that's not what I'm referring to in this particular case when I mean lawsuit. It just means that we've got to put all this stuff back on the desks of all these regulatory agencies so that the courts can now become involved and since the courts do not have to defer to the regulatory authorities, then we might have a completely different landscape when we're trying to reimagine all of the bullshit that got stacked onto us by the SEC, the CFTC, and others.
So again, I don't think we fully realize nor do we fully appreciate the depth of what happened with Chevron deference. But we do understand the depth of which the wallet of Germany has plunged to, because they are almost done. Now, they're holding less than 5,000 tokens after their very latest moves. Yesterday, we were talking about, I think, 9,000. Well, they've sold some more and they're probably going to sell the rest today. I just I have the sneaky suspicion. But we don't really need to get into it. It's just that this is the new number, right? So, Germany has about 5,000 Bitcoin left.
What did they start with? What? 50,000 BTC. They started selling right around mid June and they have already completely almost wiped out their entire BTC balance. And yet, still people are blaming Saxony, the state of Saxony in Germany, rather than the German Federal Government. I still maintain that that is 100% and complete bullshit. It is Germany's fault. It is not Saxony's fault. Saxony was told by the German government years ago that whenever something like this happens, they've got to sell the assets. That's not just Saxony's decision. That was a long time in the making, and it was done at the federal level, not the state level.
I just I'm I'm sick of people trying to say, oh, it's not the it's not the German. It's not their fault. Yes. Yes, it is. Yes, it is. Okay, so we've got one more piece of news, before we hit numbers. Before though, I want to say Pablo, or not Pablo, locksmith. Yes, dude. Running Windows 7. I know it's It's sad, but if I move to Windows 10 or God forbid Windows 11, the amount of software that I'm going to have to replace to do this show is almost kind of is a little bit eye watering. And that doesn't include the amount of software that I have to replace that I use for other things. I'm not and like for instance just Photoshop.
I still have a copy of CS6. What does that mean? It means it's old and you're an old fogy and you need to man up and get modern. No. Because you're not buying Photoshop anymore. You're renting it. And if I lose that's why the next machine that I get doesn't mean that I replace this machine. I'm still going to be using this machine because I am never ever ever going to pay Adobe rent. If they want to sell me the package, I will consider it. But I'm never going to rent and have to be under the new EULA that Adobe has. So when people ask me, bro, still Windows 7? The answer is: Locksmith, yes. I'm still running Windows 7.
Anyway, okay. Okay. Let's do this one. The House of Representatives has failed to overturn the Biden veto on the pro crypto banking bill. Remember the SAB 21 or 121? I told you about it a while back and Biden vetoed it when it came across his desk. He said he was gonna veto it. He waffled on it for a couple of weeks and then he stamped that son of a bitch no and sent it back down to the house. The house has failed to overturn the veto. This is it kind of sucks. It's decrypt and it's Sander Lutz. Let's figure this one out. The House of Representatives failed in a bipartisan effort to allow the American banks to hold customers' cryptocurrencies.
They failed to overturn the veto. It's really sad, but it is what it is. The bill would have required a 2 third super majority to pass the House, after which it would have required yet another 2 thirds vote of approval in the Senate. While it passed with a healthy majority today, it did not come close to approaching the level of support from Democrats that needed to rebuke Biden. In fact, House members voted today in exactly the same numbers as they did when the bill, a repeal of the SEC rule SAB 121, first came up for a vote in May. Exactly 207 Republicans and 21 Democrats voted for the measure then and the same voted for them today. And ultimately, 182 Democrats voted against the repeal in May, while 183 voted against it this morning.
Crypto policy experts were not exactly holding their breath, expecting that this would be overturned. But, they were surprised before, in late May, a framework for crypto regulation, fit 21, passed the house with support from 71 Democrats. On the right day, that number of votes could constitute a super majority in the chamber. Before SAB 121 came to a second vote on the House floor on Thursday, it briefly appeared as if private negotiations between the banking lobby and the SEC were poised to score the crypto industry some sort of preemptive victory, though details were murky. Quote, I understand that the SEC may be close to reaching an agreement on these modifications which would ensure that well regulated entities like custody banks can offer cryptocurrency custody services consistent with SAB 121, Representative Maxine Waters said on Wednesday.
Advocates like House Financial Service Committee Chair Representative Patrick McHenry, however, decried any attempts to prevent Congress from having the final word on what the SEC's crypto policy should be. Quote, the idea that Congress has got to wait because you have banks trying to get a special carve out for themselves from Gary Gensler and the SEC, that's not sound public policy. And the idea that congress is going to wait and pause on overriding the president's veto of really bad policy that harms consumers just because of a rumor, that's not the way a great nation like the United States should do business, end quote.
Ultimately, McHenry got his way despite the vote's result. It remains unclear whether the SEC has reached any sort of agreement to alter its policies on banks holding crypto. Decrypt reached out to the agency, but did not immediately receive a response. That's the end of the article, but remember, Chevron deference is now overturned. I think what you're going to see, coming into fall of this year, you're going to see all of this put back onto the table, not just SAB 121, not in but everything. Everything. What it like all the way to what even constitutes an investment contract and custodians like you know fighting to get the Fed master account.
All of that shit's going to be put back onto the regulators desks, but this time there will be no Chevron deference. So, essentially what I'm talking about is this is going to be take 2. Everything that we saw come before, it's all coming back. Except this time, the tables really have changed. This time, it really is different. Let's run the numbers. Oil. West Texas Intermediate is down half a point to $82.18. Brent, North Sea down likewise 0.44 percent, 8502. Natural gas is doing what it does. When oil falls, natural gas goes up 2.65 percent to the upside.
Gasoline itself is down 0.17 $2.51 a gallon. Most of your shiny metal rocks are having a bad day. Gold is down to down by 0.12%, but still chilling out at $24100 man. Peter Schiff, I'll bet, is happy happy happy. Silver is down almost 2 points. Platinum is down a quarter of a point. Copper, however, is up almost 2 points. Palladium down 2 and a half. Lumber, or rather ag, is completely mixed. Biggest winner today is coffee. No, 1.74 to the upside. Biggest loser is wheat. 3.5 to the downside. Live cattle is up 0.4. Lean hogs up 1.3 and feeder cattle up just over a point. Legacy index numbers are such, looks like okay.
Since the CPI numbers finally dropped, people are actually trading on Wall Street again. So, we're not moving sideways. Everything's in the green for legacy markets. 1% to the upside for the Dow. S and P is up 1.11. NASDAQ is up 1 a quarter percent as is S and P Mini. It's up 1 a quarter percent. Now, on to Clark Moody, 58,340. 58 k gang going bonkers again. $1,150,000,000,000 is the market capitalization and we can purchase 24.3 ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,000,000 724,380 and a half of and fees have dropped again.
0.08 BTC taken in fees on average on a per block basis. And how many blocks are there you ask? Well, there are in fact a 177 blocks holding 210,000 unconfirmed transactions waiting to clear at high priority rates of 8 satoshis per Vbyte. Low priority you're going to get in at 7 and anything under 4 and a half is going to be deleted from memples around the world. Hash rate stands at 607.5 exahashes per second from a schnitzel pickle, which was episode 921 of Bitcoin and mangy pigeon boosted 5,000 sats. Correct send. Arceres, 2,718 sat says happy to move the channel DM sent. And, he has closed down his channel with my previous lightning channel or my lightning node and has reopened the same channel at the same funding rate with my second node, which is a start on a start 9 machine. Thank you very much, arcerusbtbtc.
I appreciate that. Pies with a 1000 says glad to hear you had a well boosted episode. I hope this one's well boosted too. Otherwise, I'm gonna go club some baby seals. Mangypigeon with another 500 says spend and replace. I have to remind myself to send sats. Thanks for the show. Wartime with 444 says, glad to hear my sats are living in a safe home with you. Yes, they are. They are. They're probably going to migrate over to my new node, but they are still in my possession. Pies with 420 says, thank you, sir. No. Thank you. God's death, 237. Thank you, sir. No. Thank you. And Noster Gang with a 100 says, the only positive outcome I see regarding Trump embracing Bitcoin is perhaps some of his fans getting orange pills along the way. Now, I can't really I can't really say anything bad about that because that hopefully that will happen. I hope it does.
Now, user 706-85960 hung me out to dry. No, not really. But he basically is like, I love the dissenters. Instead of agreeing with me, I love it when people say, you know what? You're wrong. And this guy is getting tired He's writing now. Getting tired of hearing your negative opinions on orange man. Maybe there's a timing concern that he didn't talk much about Bitcoin until now. There's a peaceful revolution going on worldwide and not everyone understands it. Love your show, but I don't think you know what you're talking about in that regard. Just stack sats and pray.
And that's for a 100 sats. I get it. I'm a little harsh on Orange Man, but I'm really harsh on Biden too. The man can't find a bathroom, and that man needs to find a bathroom more than any other son of a bitch on this planet. I simply just don't trust any of them. Right? So I don't have good things to say about most of these people that want to be in government. I I think it attracts the wrong sort of element which is why I maybe we should just have lotteries where you just like like voting or going to do jury duty. Oh shit. I have to be senator for 6 years. And then go do it and then you're won and done and get the hell out.
Probably would never work, but at least it would it it may help with corruption because A) you don't know what you're doing B) you're only really gonna give a shit about the shit that you really care about because you ain't got time to you're not in there for 40 years. Right? You're not like Maxine Waters. You're not like, you know, any of these other people that have been in there for, like, time and time again, and they forge these these alliances and shit like they don't wanna get voted off the island. But in either event, something's gotta be done because most of the people that migrate to Washington kind of suck.
And, you know, but I I hear what this I hear what this listener is saying. I understand user 706. I get it. I get it. I'm still I'm still, like, really skeptical about does he really like Bitcoin? Or is he just saying it to get votes? Alright? It it doesn't I'm not trying to say anything bad about the person. I'm just saying that Trump is a politician is a politician. And politicians have this nasty habit of time and again saying they're going to do something or saying that they're embracing something, but turns out they don't really give a shit. Once they get into office, all of a sudden you find out, they didn't care and it doesn't matter because they're in. That's what I'm taught. That's there. That's what I mean.
Let's see. Is there anything else on board here? Nope. That is it, and that is it for the weather report. Welcome to part 2 of the news. You can use Melvin Carvalho. He has a note over on Nostr, which leads me to something that I found is very very interesting. Bear with me. Quote: My favorite thing in Bitcoin right now is testnet4. It's like Bitcoin was in 2010, young and honest and full of so many possibilities. And then he gives 3 links. 1 is to the Explorer, so you can go explore testnet4. One is a faucet, which will give you testnet4 tokens.
But the last one is my favorite. It is the Nostr Taproot addresses. This is not that it's just amazing or mind blowing, but here's what it does. And I'm going to throw this over into the Zap. Stream chat so people can see it. What it does is it uses my NostraNPUB to generate a Bitcoin testnet4 Taproot wallet address. Let me say that again. Not only is Freedom of Identity me being able to take my NPUB and my insect to any client that I so choose to be able to freely interact with the Nostra protocol, but now I can take that very same NPUB and throw it into this thing and get a Bitcoin Taproot address and a testnet address.
And what's neat about it is that they essentially just replace like inpub 1 with BC 1, and then the rest of my npub is essentially the same until just almost at the end some of the characters are changed around. And the same the same is true for both the Bitcoin address and the testnet address. So now I'm carrying my in pub and almost 90% of 95% of my inpub is the exact same in pub that I would use anywhere else. And now it's a Bitcoin address. Specifically, it is a Bitcoin Taproot address. It's where we're going, we don't need legacy anything.
All of this is being built right before our eyes, so you need to keep up. And that's one of the things that I wanted to bring this to you was that it's really hard to keep up what's going on with Nostr. And what I see happening is that the entire already fully formed network of people that are the Bitcoiners are fully becoming enmeshed with all of these people that are nostriches. Now, most of the nostriches are Bitcoiners, I admit. However, it is a different network. It's a different protocol. But as you see these protocols collide with each other and start talking to each other and start figuring out ways to translate each other's language into some kind of either common tongue, or just translate between the two networks, you start seeing explosions of things happening.
I always talk about the edge effect. And if you don't listen to the first part of the show because it's like, you know, 45 second lead in time. If it was me, I'd probably hit the 30, you know, scroll up 30 seconds too. If I'm a regular listener and there's a long lead in time on somebody's podcast that I'm listening to for like 10 years, I hit the button a couple of times. It's not gonna hurt my feelings. But, Edge effect is this: let's say that I've got an ecosystem of a forest and I have another ecosystem of a pasture.
No trees in one, the pasture, and nothing but trees in the other, the forest. Where those two ecosystems meet, there's an edge. And right there at that edge you will find more species of shrubs, grasses, forbs, legumes, earthworms, other insects, shredders, flying insects, crawling insects, little little mammals like mice and voles and shit, and just the amount of shrubbery and small trees that you cannot find inside the forest and cannot grow out in full sun is amazing. In fact, the amount of if you were to just do a species count, whether it's insect, animal, vegetable, whatever, if you were to take all those and just count the different species at the edge of the forest where it meets the pasture, there will be 90% more species than in any one of the ecosystems, like when you get like all the way out into the pasture or all the way into the deep forest, you will not see any of the shit that's going on at the actual edge.
So there might I mean, you might look at a forest and go, wow it's way more lush than the edge is, but if you actually count species, the amount of different species at the edge will blow away the amount of species inside the forest and inside the pasture. Look at Bitcoin as an ecosystem look at noster as a different kind of ecosystem where they're colliding together you're getting more species then can be found in either system by themselves. This isn't going to stop. And if you spend too much time on just the edge, it will drive you crazy trying to find something useful.
Right? Because there's so many experiments going on at the edge where 2 systems are hooking up that, like, I have forgotten. I literally forgotten about more NostrBitcoin projects than are actually working right now and still with us because some of these projects just died. Most of the in most that's what you'll also find. Most of these things are just going to die. That's okay because the things that do fall out will start breeding with other entities that also survived and you will get evolution, you will get differences, you will get offspring, you will get all manner of stuff. But where these two systems collide is the most important space for either one of the systems. I don't think we really appreciate that.
Oh, the forest is the forest is more necessary than the pasture, or the pasture is more necessary than the forest. Bullshit. What's necessary is for these two ecosystems to have a line in between them and where that line is all manner of life just explodes and that's where we get stuff like using my Nostra NPUB to generate a Bitcoin Taproot address. That's what I mean by that. It's just it is not only is it never going to go away, not only is it going to accelerate, we are going to see some of the most fascinating developments in the next 5 years than we've seen over the last 5 years. That's guaranteed. Now, the Bolt's client version 2.1.0 now has liquid rebalancing triangle.
Let's see if we can kind of get that down a little bit. Bolt's client connects to CLN or LND nodes and allows for fully unattended channel rebalancing using Bolt's API. Yay. This release implements the liquid rebalancing triangle in an automated fashion, meaning, for the very popular use case to maintain inbound liquidity, it rebalances into liquid and then, based on your settings, automatically moves Bitcoin from liquid back to the main chain announced the project. Check out this step by step guide, and of course they provide a link, to walk you through hooking up Bolt's client with your CLN or LND node and configuring auto swap to manage lightning liquidity on your behalf using liquid swaps. And I might just have to do that, so I'm not going to close this tab.
I have been trying to use LNDG for rebalancing channels on my new node, and it has not rebalanced a single channel, which probably means that I'm doing it wrong. But if you've ever looked at the LNDG interface, it's not intuitive. Right? And I'm a real visual person and I also need like things explained to me and there's a lot of stuff that like switches and dials and knobs on LNDG to affect this quote unquote auto rebalancing stuff that I just it just not explained what's going on. So I've asked for help. I'll go ahead and ask for it here. If you guys know of any good, really good, solid LNDG guides for auto rebalancing and auto fee setting on LNDG.
Please, please, please throw me either a DM or just hook me up directly in the public chats in Nostr and let me know. Like, give me a link or to a video or a guide or something so that I can learn how to use this. However, I am going to be looking at this Boltz client and that is Boltz client version 2.1.0 is now using liquid to rebalance lightning channels. So, that should be fun. We'll find out and I will report. Phoenix Wallet version 2.3.3 and server version 0.3.0 both support BIP 353 DNS addresses. Nice. Phoenix now supports the BIP 535 LN addresses.
Phoenix can all send to both BIP 353 and LNURL addresses. The BIP353 DNS addresses enables a user to save their offers as DNS TXT records on a domain. A wallet can then perform a DNS lookup on that domain and retrieve the offer for a given user without directly contacting the domain. Quote, it allows the users to have a user at domain email like handle, which are much easier to share with friends or on social networks than a bolt 12 offer as was explained in the release notes. If you lose a no. Is there anything else about that? No, not really. That's just that's the main thing is that the BIP353 Lightning Network addresses are now live on both Phoenix Wallet and their server version 0.3.0.
And honestly, if I'm reading this right, this sort of means you don't have to be online. Your lightning network or lightning node doesn't have to be online or your lightning wallet on your phone doesn't have to be online to receive a request that you've made from that very same wallet. It just lives basically on the internet until somebody interacts with it and it looks to me like the next time you open up your wallet the the wallet that is BIP, 353 enabled will say I need to go out and look to see if any of my requests got filled. And if they got filled, then all the rest of the magic happens on the backside. Like I said, you're going to see more shit happen in the next 5 years than you saw happen in the last 5 years.
A lot more. Like 2, 3, 4, maybe even 5x. This is going to be insane. And this is one of the reasons why I'm glad that I never got into shit coinery, because if I was distracted looking at Ethereum, or if I was distracted looking at Saul or Luna or whatever the hell else was, is going on out there, I'd be missing the nuances of what's going on here. Just between Bitcoin and Lightning Network and e cash and noster. Those four elements coming together, it's going to cause lightning strikes and it's going to be amazing. I hope you're along for the ride and I also hope you have a good weekend. I'll see you on the other side.
This has been Bitcoin and and I'm your host David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
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