Join me today for Episode 923 of Bitcoin And . . .
Topics for today:
- topic
#Bitcoin #BitcoinAnd
Circle P:
https://nostree.me/cabanasnamata
Cabanas na Mata: npub1s9hq0h6cx746dukuearpgrn9g4lu4kzsuashcq70uzw9tahuun8sd6c0ky
DeFiYoGi: https://primal.net/p/npub1fzt42gur6pajttz3frndpwa3yqw3e9523uw8006f9pau7h8djygqv2q2jq
"Escape to a magical 'Hobbit Hut' nestled in the lush landscapes of Moeda, Brazil. Immerse yourself in an enchanting getaway where fantasy meets comfort for a mear $174 per night. Perfect for adventurers seeking a unique stay, this cozy cabin promises an unforgettable experience. Book your journey to Middle-earth today and let the adventure begin. Your story awaits at the 'Hobbit Hut'. Be sure to tell them you heard about it here on the Bitcoin And Podcast"
The King Ranch Donation Page:
https://www.givesendgo.com/Kingranch
Articles:
https://cointelegraph.com/news/blackrock-10-6-trillion-record-aum-etf-inflows
https://decrypt.co/239768/former-bitconnect-promoter-john-bigatton-convicted-in-australia
https://www.nobsbitcoin.com/zeus-wallet-v0-8-5-and-v0-9-0-beta-released/
- https://www.cnbc.com/futures-and-commodities/
- https://www.cnbc.com/bonds/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
Freedom of Identity
Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)
Twitter:
https://twitter.com/DavidB84567
StackerNews:
stacker.news/NunyaBidness
Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI
Apple Podcasts:
tinyurl.com/unm35bjh
Mastodon:
https://noauthority.social/@NunyaBidness
Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast
Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)
Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/
[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 8:38 AM Pacific Daylight Time. It is the middle of July, 15th in fact, of 2024.
Good lord. I just we're already halfway through the damn year. Already halfway through the damn year. It's just it's it's messing me up. This is episode 923 of Bitcoin and the Circle P is open for business. My friend, Defy Yogi, over there on Nostur, has some cabins for rent if you're anywhere close to, you know, Moeda, Brazil, where you can escape to a magical Hobbit hut nestled in the lush landscape of Brazil. Immerse yourself in an enchanting getaway where fantasy meets comfort for a mere about right around $174 a night. Perfect for adventure seeking, a unique stay. This cozy cabin promises an unforgettable experience and book your journey to Middle Earth today and let the adventure begin. Your story awaits at the Hobbit Hut. Be sure to tell them that you heard it about it here on the Bitcoin and podcast in the circle p. Because, you know, if you do that and he gets, some rentals, he will cut me some Bitcoin for getting him on the air because that's what we do at the Circle P. If you're not selling your goods and services for Bitcoin, you're not in the Circle P. Okay, so what do we got on tap for today?
I'm going to talk a little bit about BlackRock, a little bit about BitConnect, remember that one? And a little bit about the Zeus wallet, and then we'll run numbers. But then I'm going to present to you freedom of identity for the second part of the show. Right? And you'll understand what that is when we get to the second part of the show. But let's not waste any time. BlackRock surpassed $10,600,000,000,000 which is a record of assets under management boosted by the ETF inflows, Zoltan, Vardy, Cointelegraph. BlackRock has reached a record of over $10,600,000,000,000 worth of assets under management, securing a 1,200,000,000,000 year over year growth.
These guys just become more scary every single day. The world's largest asset manager said that surpassing the $10,000,000,000,000 mark was partly attributed to the growing inflows into their exchange traded funds. And they have more than just Bitcoin exchange traded funds, but we'll see how those played out. According to Larry Fink, the CEO of BlackRock, the firm's ETFs received record inflows at the beginning of 2024. Fink wrote in the asset manager's quarterly earnings report, organic growth was driven by private markets, retail active fixed income and surging flows into our ETFs, which had their best start to a year on record.
BlackRock is the issuer of the world's largest spot Bitcoin ETF, the Ishares Bitcoin Trust, which holds over $19,400,000,000 worth of Bitcoin and has a leading 35.2% market share among all United States Bitcoin ETFs, according to Dune. Due to their substantial purchasing power, the buying and selling behavior of asset management giants and ETF issuers such as BlackRock can significantly influence Bitcoin's price. Investors bought $83,000,000,000 worth of BlackRock ETF shares during the Q2 of 2024, pushing this year's total to over $150,000,000,000 year to date.
The asset manager recorded an 8% revenue increase year over year and an 11% increase in operating income. THINK attributes part of BlackRock's growth to its long standing relationship with corporates and governments. Fink wrote quote. These relationships differentiate BlackRock as a capital partner in private markets, driving unique deal flow for clients. We have strong sourcing capabilities and we are transforming our private market platform to bring even more benefits of scale and technology to our clients. Put a tie on that suit speak, bitch. Meanwhile, spot Bitcoin ETF inflows have turned positive after 3 consecutive weeks of outflows, helping Bitcoin's price recover above the $60,000 mark. The US Spot Bitcoin ETFs recorded their 2nd consecutive week of net positive inflows totaling over $414,000,000 according to Dune data.
Last week, Bitcoin experienced its 5th largest weekly inflow on record, amounting to over $1,350,000,000 While short Bitcoin related investments products re experienced their largest weekly outflows since April of 2024, totaling over 8 point $6,000,000 So the short sellers kinda look like they're seeing the writing on the wall. Now, this kinda dovetails just a little bit of what I wanna say about Germany. If you haven't heard, Germany no longer has any Bitcoin. Their wallet is at 0. Oh, no. Wait. That's not true. They actually have about $330 worth of Bitcoin in their wallets.
Probably unspendable amounts of dust at this point because people are trolling the German government's wallet. And one of the first trolls that I saw was was made I was made aware of this by Jack Spierko who caught this somewhere, probably on Twitter and sent it over to Noster. And it was a snapshot of the German government's wallet holding this transaction for like a buck 80 7. And we'll get to that in a sec. But it had in the op return line, which is where you can write a little message with your transactions if you so choose. And you will pay for that message because it makes the transaction just that much larger. But it says, Have fun staying poor, German government. Since that time, everybody and their dog looks like they were piling on, at least in the short term. There are many inflowing transactions to the German government.
And some of them are from, vanity addresses that just say, fuck you, in the in the first part of the actual address for the wallet the dust transaction, the Bitcoin. There are other op return messages, but all of them all of them are trolling the German government's wallet. I this is it's not that it's unprecedented, but every time something like this happens, it reminds me of where we are in modern society and I am totally here for it. Now, let's move on. Former Bitconnect promoter John Bigoten has been convicted in Australia. This is out of Decrypt, Sebastian Sinclair writing, John Bigoten, the Australian promoter of the now defunct crypto exchange platform, BitConnect, has been convicted by the Sydney District Court for for providing unlicensed financial advice.
Bigaton was sentenced to a 3 year recognizance of good behavior and disqualified from managing corporations for 5 years on Friday, according to court records and a statement from the country's corporate regulator on Sunday. Between August of 2017 and January of 2018, Bigoten promoted BitConnect through seminars and social media, providing financial advice without proper authorization. Crypto Ponzi scheme BitConnect which required investors to acquire Bit Connect coin or BCC to participate in its quote unquote investment opportunities, was marketed by Bigaton with promises of high returns.
Investors could invest or loan BCC for set periods of time in return for promised high interest rates. Once invested, they had no control over their loans and could not withdraw any of their capital until the lending period ended, a statement from the Australian Securities and Investment Commission reads. At one seminar, Biggerton claimed BCC would increase its value to at least $1,000 from $253 over 1 year and described the investment as superior to traditional term deposits. The court highlighted Biggerton's disclaimers, which stated that his advice was not financial. Instead, the court determined that the substance of his actions constituted financial advice, pausing to give warning.
Sometimes you'll even hear me say it on this podcast. This is not financial advice. But when I say buy Bitcoin and hold Bitcoin, that disclaimer according to these guys is not going to hold any water because I'm actually saying buy this thing and don't sell this thing. And honestly, that's financial advice. However, you only get your ass handed to you in the courts if people lose a shit ton of money. And since I've been saying this for 5 years, well you've seen what the price has done in 5 years. Let's move on. Providing unlicensed financial advice denies Australian investors key access to protections and undermines trust and confidence in Australia's financial services industry, ASIC Deputy Chair Sarah Court, said in a statement on Sunday.
In 2018, ASIC successfully applied to the federal court to freeze Bigginton's assets, including his crypto holdings, marking a first for the regulator involving digital assets. These proceedings, now overseen by the Australian Federal Police under the Proceeds of Crime Act, remain ongoing in the Supreme Court of New South Wales. Bigoten had been previously banned by ASEC in 2020 from providing financial services for 7 years. He pleaded guilty to one count of providing unlicensed financial advice in May. So that BitConnect, like the zombies that we are used to, you know, Mt. Gox is a zombie, FTX is a zombie walking around, there's all kinds of zombie companies that can come back to bite us. This one is coming back to bite the people that promoted it and there were several people that promoted BitConnect.
And it looks like not all of them are gonna go down, but they're not done with these people is what I'm getting at. So take the warning. Just because you say this is not financial advice does not mean that a court of law is going to say I don't care what you said. It's you, your actions have determined that you were indeed giving financial advice. And do I have financial advice? Yeah. Sure. Buy Bitcoin. Hold Bitcoin. Now, Zeus, Zeus wallet version 0.8.5 and version 0.9.5 beta have been released. Zeus is a mobile Bitcoin and lightning wallet, and a remote node manager app for LND as well as Core Lightning.
It's available on both Android and iOS. Good morning. Zeus version 0.8.5 and Zeus 0.9.0beta1 are now available, announced the project. The stable release 0.8.5 comes with bolt 12 offers. 12.cache BIP353 Lightning Addresses and embedded node performance enhancements. Zeus 090 Beta 1 features new Olympus purchase channels in advanced LSP service, hardware wallet slash external signer support, watch only support, batch channel opens and transactions, a new layout as well as camera and other improvements. So what people are jumping up and down about is this, the fact that bolt 12 has now come to Zeus with this these offers.
12 dot cachebip353lightningaddresses. Those two things are making people go, oh hell yes. Now, I'm not a Zeus user, and I don't know if I can even get Zeus in the United States. I honestly, it's like I don't know what I can as an American CNBC Futures and Commodities. West Texas Intermediate Oil is down 0.13% to $82.10. Brent North Sea is unchanged to $85.1. Natural gas, however, doing what natural gas does and taking a swing for the sewers at a staunch 4% downside drop, $2.23 per 1,000 cubic feet there. Gasoline has dropped substantially as well.
80 0.86 percent to the downside, giving us a price of $2.49 a gallon. Shiny metal rocks are mixed. Gold doing well. 0.77 percent to the upside. $2,439.40 per ounce. Silver is up, 0.12%. Platinum is up over a half. But copper is down 1 and a third and palladium is down 1 and a half. Agricultural futures are fully mixed. I got a big winner today with chocolate, 3.14% to the upside. Biggest loser today is wheat, 2.68% to the downside. Live cattle are down 0.04%. Lean hogs, unchanged. Feeder cattle is up 0.07%. The Dow and all of your legacy equity markets are doing well this morning.
0.8 percent to the upside for the Dow. We've set a new record on, the price for the Dow. 40,624. So, yeah, we've we've hit a record there. S and P is up 0.79%, Nasdaq is up almost a full point, and the S and P Mini is up 1.22%. Going over to Clark Moody dashboard, I got a price of $63,000 and well, right at $63,000. That is a $1,240,000,000,000 market cap. And we can now purchase 26 ounces of shiny metal rocks with our 1 bitcoin, of which there are 19,725,796.12 of. And fees are remaining low, 0.08btc4feesonaverageonaperblockbasis.Andhowmanyblocks you ask?But a measly 128, carrying 168,000 unconfirmed transactions, waiting to clear at high priority cost of, oh, double digits, all of 11 satoshis per vbyte.
Low priorities, 7 satoshis per vbyte. Still a good consolidation or opening of Lightning Channel, prices right there. Let's see, what's the mining doing? Because I saw highest. Oh, it's high again today. 666.8 exahashes per second. So a lot of these miners are coming back online. There you go. Now from Network Collision, which was episode 922 of Bitcoin. And you guys came out swinging for the baby seals. You saved the baby seals. Congratulations. Excellent work, ladies and gentlemen. Beginning with no waste BTC signs with 50,000 sats coming in with the bulk of that episode's support. Thank you. I really appreciate it. No waste BTC signs. He says, what does it take to get in the circle p?
Write me an email, david.bennett.c as in Charlie atgmail.com. Bennett is spelled b e n n e t t. That's [email protected]. Contact me there. Put, circle p in the regarding line so that I'll see it and I'll get back to you that way. Dobrovco with 6,921 says emergency boost. Trump has the opportunity to do the funniest thing ever. Later on in the election, when a slightly hostile journalist or anchor asks, I'd like to ask you a question. Trump can say, shoot or fire away. That would be hilarious, says wartime. Golf winch with 6 1,777 says I'm a huge fan of this show.
Please show your support by boosting. Trump sucks and Biden sucks more. Bitcoin puts them both in check. We have to get back the control of our own money. This will subvert their power. Taxes should be voluntary. Agreed, sir. Lee Lee Lee with, 5,000 says, regarding Chevron deference, please go for the throat of CAFE, CAFE, fuel efficiency standards which basically robbed farmers, ranchers and small businesses of the opportunity to buy affordable, smaller, less fuel efficient, 2 door pickup trucks for work. Oh, and I want a 19 nineties Toyota Hilux 4 by 4 to build my own technical too. Agreed.
Let's I'm gonna skip down because there are so many of you guys that came out of the woodwork. And I really want to get to the 2nd part of this show. And then me and my wife gotta go work out. And we're leaving on Saturday for Colorado for like 2 weeks or two and a half weeks, somewhere around there. I won't be back until August like 6th or August 7th or something like that. I will be taking my rig with me, so I'm hoping to cut some shows while I'm there. But I gotta get other stuff ready. But I will say thank you to Pies for a 100 sats who says thank you sir.
No, thank you. And that's the weather report. Welcome to part 2 of the news you can use. Today's, back half of the show, I want to talk about Nostra again. And you've heard me talk about it before. And if you're on Nostra, then you know what you know a lot of the things about what I'm about to say. But I wanna do it in a different way. Now, there are some of you that listen to the show that aren't on that have just refused to get on Nostra and I don't know why. So I hope maybe this this will be the final piece of the puzzle for you. But I gave a 5 to 7 minute speech at Toastmasters this morning. I'm part of Toastmasters.
If you want to learn leadership skills and how to get over your fear of public speaking, then go join your local Toastmasters because that's what it's there for. Right? 100 years old this year means it started in 1924. And since that time these guys have been coming together practicing, writing speeches, giving speeches, evaluating speeches, how to run meetings that don't go over time. Do you have you ever been in a meeting where you're like shut the fuck fuck up please, for the love of God, let us go do our actual work. Stop droning on and on and on. Well that's because the person running the meeting does not know how to run a meeting. Doesn't even know why they called for a meeting.
It's almost as if they just want to be social. Well, if you want to learn how to not be that person and and and actually respect the time of the people that work with you and work for you, then you need to go down to Toastmasters and and and spend like that 1 hour or 2 hours once a week, which is generally how this works, to learn these leadership skills, just how to run a meeting. But moreover, it's about getting over fear of public speaking. So this is the speech that I gave today. And it dovetails in to what I was talking about Monday of last week, which was the liability of identity.
But that was last week. This week, I wanna talk about the freedom
[00:21:45] Unknown:
of identity. Well why?
[00:21:48] Unknown:
Well, if I can nutshell how we're handling our identities, I can say it this way. We've been outsourcing our identity, who we are. Like all these numbers, like your social security number, your bank account number, your home mortgage account number, your retirement account number, your payroll number, your employee ID. We are outsourcing all of these numbers of identity to third parties for management, that's not a good that's not a good way to go. Ladies and gentlemen, it's just it's just not. And if you're going to outsource the management of your identity to a third party, then I can assure you what will happen is not the management of your identity, It's the management of you.
You will be managed. Because you refuse to manage your identity yourself. Somebody will just say, well hell, I'll manage it for you. I'll manage your identity. Like AT and T, how they managed our identity. Because according to, it was either last Thursday or Friday when we found out that nearly every customer, and that's a direct quote from AT and T, got their phone and text records absconded with. All of them. Here's how you read nearly every customer. All of you. And me because I'm an AT and T customer as well. What the hell does that mean?
Okay. So they don't know the substance of your phone call. They also, according to AT and T and some of the people that are, you know, doing the audit of that particular hack, they couldn't read the text messages. But they've got enough. How? Well, your phone, well before computers, well before social media, was a social media device. And still is. It's even more so now. But even in the eighties, you know, the late eighties and very early nineties, just when AT and T was holding digital records of your phone numbers. They also knew who you called.
[00:24:05] Unknown:
They knew things like how long that call happened. They knew when it started. They knew who you called.
[00:24:13] Unknown:
And they had the same records on the person that you called. They know who they called. And who they called, and who they called, and who they called, and who they called. And in a very real way, even back in the late eighties, with the amount of data that was kept by AT and T, you could piece together a social graph just by phone numbers. And since those phone numbers went back to your billing address, they knew your name, and they knew your where you lived. They knew what your business name was and where it was located. They knew all kinds of stuff. But now, now all of that information between the dates of May and the month of October of 2022 has been taken. And you might think, oh dude, that was like, you know, that was like a year and a half ago. Doesn't matter.
[00:25:01] Unknown:
Because that's enough time to get a snapshot of your social graph. Who you called. Who called you?
[00:25:10] Unknown:
How how long did it how long did those phone conversations last? What's the duration? Who texted you? What was the kilobyte load? They know that. They don't know what was said, but they know was it a long text? Was it a short text? That's easy to tell in the text records. They know who texted you and they knew how big those texts were. When you combine all this shit together you get a pretty solid picture of who I'm friends with, who my friends are friends with, and how we interact with each other. Like for instance, there's 2 phone calls. One last 4 minutes, one last 4 hours.
Chances are really good that the 4 hour phone call was placed between people who know each other very, very well, Whereas, the 4 minute phone call was probably placed between 2 parties that don't know each other very well. How can I say that? Are you really gonna spend 4 hours on the phone with someone you don't like? Now before you say, well, yeah. Customer service at AT and T. I've been on the phone with them for over an hour on hold. Okay. How many times did you spend an hour to 4 hours on the phone from your telephone number to AT and T customer service line?
[00:26:29] Unknown:
Once a year? Maybe twice?
[00:26:33] Unknown:
But let's say that I'm calling I don't know. If my dad was still alive and and I was calling my dad like I used to and spend time with the phone on the phone with him, I would call him and talk to him for an hour, you know, like, at least once a week if not twice a week. That's an easy now I've got copies of the same two numbers are communicating and they usually last about an hour. That's a friend or a loved one. That's not customer service at at Bob's backyard Ford factory or whatever. Right? That's that we we you can tell the difference just with that those simple pieces of information.
Now, expand that to all the people that you call. And all the people that they call, and all the people that they call, and they text, and who text them. And after a while with just trivial software, I can run full scale statistical analysis and pretty much determine who is friends with who. That's not the information you want to let slip. And because we outsourced our communication identity number, I. E. Your phone number to a third party we all just got managed And I'm going to leave it there. You might say, well, I wish you'd expand on how how we got managed. I'll say this. I'll say this. If for whatever reason you're one of the people that got your information absconded with you and you end up getting I don't know, several text messages from like, I don't know, like those pig slaughter guys over there in China or Bangladesh or something like that. Then you've been managed because now you have to spend your time that you only have a scant little of during your life on this planet in blocking that call. Sure, it seems trivial, but what if somehow your network ended up being so big on a statistical analysis of the social graph that is now out in the wind to twist of all your phone conversations in May through October of 2022, that you end up getting 100 of these.
Now your time is really being drained away from you. Because we did not do the work to manage our own identities so how do we fix this We do it with public key cryptography. Now for those of you who know what that is, I'm going to describe it in a different way for the people that don't know what it is because it involves terrible amounts of mathematics. And I don't wanna get into the math of cryptography. But if you were ever a kid and got like, I don't know, a decoder ring or a wristwatch out of a Happy Beal or something like that and you were using it to decode messages. Well you were engaging in cryptography. Not at the scale that we're talking about with key cryptography, but you were engaged in cryptography.
So, how to explain this without using math and what a private key and a public key is? Well, let's do it this way. I can use a piece a small piece of software to generate two numbers. We're already used to being identified by our numbers, are we not? Yes, we are. We just got finished with that discussion. But I'll say it again. Your bank records, that's an account number. It was assigned to you. You didn't get to choose it. Your Social Security was assigned to you by a third party. Your employer ID or employee ID was assigned to you by a third party. Everything about your identity in the modern world is based around a number. What's 2 more numbers?
Except this time you generate the numbers, not a third party. And if you're smart about it, you won't let anybody manage your identity through these numbers that's generated by public key cryptography. Just you manage it. You won't let anybody else actually manage it for you. Or you will seek ways to have people that can help you manage it, but cannot actually abscond with it permanently, and we'll get to that. But for right now, we have a number generator that generates 2 random numbers that cannot be regenerated. They could, but it'd be like just happening to pick up the same grain of sand on a beach in Hawaii twice.
The chances of that happening, it's just not going to happen. So I end up with a private key, That's one number. And it's numbers and letters, and they're all it's it's human. It it's illegible if you look at it. It's just a bunch of gobbledygook. So I get a private key number and I get a public key number. Okay. So how to describe what these keys do? Some people use a lockbox analogy. Other people say, well, your public key is like your username when you're logging into Twitter and your private key is like your password. Okay. They both kind of work.
But I like the analogy of a house. Let's say I got a house, and it's filled with with all manner of wonderful and very expensive things like Louis the 16th furniture, odd marketable securities, massive television sets, DVD players, stereos, and an extensive guitar collection. And some bitcoin. I don't know. So I need to go on vacation like I'm going on like I'm going to Colorado. I need somebody to come take care of my cats. If I don't have somebody take care of my cats by the time I'm gone, the poor deers are gonna starve. They can't last two and a half weeks. Maybe, but I'm not that's just cruel. So I gotta go find somebody. So let's say I live at this house and all my neighbors are also on vacation, except for fucking Fred. That son of a bitch just moved in yesterday and I don't know a damn thing about Fred. I know Fred's name. I've met him once, and he lives just across the street.
[00:32:37] Unknown:
Okay. Well,
[00:32:39] Unknown:
I know he bought his house. Maybe he's not a complete scumbag. Maybe I can trust Fred. But with public key cryptography, I don't have to trust Fred. I can just walk my happy ass right across the street and I can go Fred. Hey, Fred. I need your help. I know you just moved in yesterday and we don't know each other very well, but I I'm going on vacation tomorrow. The person that I had that was gonna take care of my cats, I don't know, fell off of a cliff and can't take care of my cats. Will you, Fred, please? Even though we don't know each other, will you take care of the cats? Fred says sure. I'll do that.
And I give Fred my public key. That public key, Fred takes to my house the next day to feed my cats and he puts it in the doorknob and he turns the lock and it unlocks the door and he walks right into my house. And I don't have to trust him to not steal anything. Why? Because the amount of permissions that are given by the public key that I give to anybody, it with with no fear, only unlocks the door. You can see what I own. You can see where I put my Louis the 16th furniture. You can walk into my recording studio and you can see the guitars on the wall. Now let's make the assumption that Fred is a complete dick.
And he says, you know, that that that gold top Les Paul, that's a 1958 reissue. I'll be able to sell that down there at the powwowong shop. So he goes to the Les Paul and he pulls it off the wall except it doesn't move. It's frozen in place. And there's no amount of prayer or leverage or tool work that Fred can use to pry that thing off the wall. It is like stuck in time. As is everything else in my house. Fred can see where I put it. He can see what I own. He can see what my tastes are. He can kind of surmise part of my personality from what I own, but he can't delete anything that I own.
He can't move or change anything that I own. He can't damage anything that I own. All he can do is feed the cat and leave, and hopefully lock the door behind him. If he doesn't, the door was unlocked with a public key. Anybody else that gets in sees the same thing. They see what I've done. They can't do anything about it. Now I come home for vacation and I use my private key and I go put it in the exact same doorknob, I turn it the exact same direction, and the lock unlocks. And I walk into my house but this time the permissions are for everything I can move furniture I can go and grab my odd marketable securities and go sell them I can take that Les Paul down off the wall and I can practice. I can play it. And if I want to, I can sell it down at the pawn shop if I wanted to. I have full permission okay let's take that analogy and let's move it on over to social media because most of the time social media is what everybody wants to talk about or at least what everybody is aware of in our modern world as probably the giant elephant in the room.
And I walk my happy ass over to Twitter and I start looking at Twitter and say, well, how do I get into this thing? How do I get into this house? How do I how do I interact with people and all of their houses on this client. And that's what Twitter is. When you look when you open up Twitter, you're not opening up anything other than a client. And the client is the interface and the things that are behind the interface that looks like Twitter. That you recognize it as Twitter. But underneath is Twitter's protocol, not the algorithm. Their own messaging protocol. And what a protocol is is just a way to send messages in a certain way that's that another thing that's connected to that protocol when it receives that message, it says you followed protocol.
I understand exactly what's in this message. That's a tweet or a direct message or any of the other internal ways that you communicate inside the client and walled garden that is Twitter. But that that protocol talks to yet another protocol. And that protocol is the Internet Protocol TCPIP Facebook TikTok Instagram, all the rest of the social media sites exactly the same way. They but they manage your identity for you. They say, I we need your phone number, we need your address, we need your, I don't know, we need a credit card number. We need your full name. We need a copy of your ID. We need all these things and now you can choose. Now, you can choose a username and you can choose a password.
But everything about that identity is almost, they might as well have just created my identity for those numbers for me. Or they might as well just say, you know what? We're not we don't even care. We're gonna give you your password and you're gonna like it or leave. And we're gonna give you your username, you're gonna like it or leave. But that's not really good customer service. However, we don't control that identity because the identity is set in the background. Right? That's set at their protocol. And if they don't like something I say, then they can delete me from that protocol and therefore from the client. And when I say their protocol, I mean the Twitter protocol
[00:38:17] Unknown:
of internal messaging for their client.
[00:38:20] Unknown:
But I can still get on Facebook. How? Well and I can still send email. How does that work? What way they but I I got deleted off of Twitter. Shouldn't I be deleted deleted off of the entire Internet? Well some people might think so, but that's impossible. Because I can't be deleted from a protocol. I can be deleted from a client. Hell, even Will or Will Cesaran, Cesaran, the guy from Domus. He can identify me by my IP number and my NPUB number and decide he doesn't like me and kick me off of Domus. We'll get to that. Let's go back to Twitter.
[00:38:57] Unknown:
I get kicked off of Twitter but I can go to Facebook.
[00:39:00] Unknown:
I can still communicate at the Internet level. And I can still communicate at the Facebook level through their client and through their messaging protocol, which then talks to the Internet. I can send an email. So with the Internet, I'm good. I can't be deleted off the Internet, but I can certainly be deleted off of several different platforms. And I've been I've been banned from Twitter 3, 4 Yeah. 3 times now. Something like that. Labra HODL been banned like 22 times. American HODL been banned, I don't know, 9 or 10 times, something something around there. But they're not banning us from the Internet. We just can't interact on Twitter.
Right? So, but with something like a private public key pair, now enter the Nostril protocol. Right? So let's let's just kinda back up a little bit and say we've got Twitter, we got Facebook, we've got TikTok. They have their clients that you interact with, and then those clients interact with their own internal protocols, and then those protocols actually interact directly with the Internet layer, the Internet protocol. So enter Domus. This is a new messaging protocol. It's not a client. It's not a platform. It's not a walled garden. It's simply a communications protocol.
But, this protocol generates and recognizes private public key pairs. It recognizes identity at the protocol layer. Whereas, Twitter's protocol doesn't give a shit about who I am. The client does. And as long as I'm into the client, I have access to their internal messaging protocol. With Domus, I'm Identified at the protocol layer, not the client layer. And this is why this affords me freedom of identity. How does that work? Okay. So I go to Domus and and I use Domus on Ios. And I've been trying out in Oster, looks very nice, but I, you know, I'm I'm still fundamentally using damas.
Let's say Will really doesn't like me one day. And he says, okay. You know what? I'm going to I'm going to ban this in pub from any communications on the Domus client. He can do that if he wants. I don't think he will, but he could. That's the point. And let's say that maybe he gets in, you know, and and I hope nothing like this ever happens. But let's say he bumps his head and for like a month he's just not quiet himself. A little bit of neurological damage happened when he bumped his head. And it's gotta repair itself before he's, you know, before he's completely good again. But during that time that he's kind of slightly a different person, he decides I just don't like I just don't like this guy. I'm deleting I'm blacklisting his in pub. That part of that portion of my identity can no longer interact with Domus.
And I'm done, right? No. Wrong. Because I can go: okay Will, I'll wait till you get better. In the meantime, I'm going to take my private and my public key pair and I'm going to walk my happy ass over to nostur. N o s t u r is another iOS, nostur client. And I plug my private and public key pair into nostr on my iPhone and turn those keys and guess what I'm live on nostr again this time through a different client But the client is not necessary for the recognition of my digital identity. That's the point. The client allows me to interact in a graphic user interface way with the with the Nostra protocol and that's the way that I truly like to interact with this stuff. I I don't want to do this command line through command line stuff. I want a nice pretty interface. That's the way that I work.
But when I say something on n o s t u r or nos dir and that pisses that developer off, off. They say the same thing. They go, you know what? Will was right. This guy's an asshole. I don't want him anywhere close to my client. And they look and say, hey. Well, there's his public key. Let's blacklist him from the ability to use the client. And all of a sudden, I try to log in to Nostra and the big evil message comes up and says, you're not wanted. We don't like you. So I take my private and my public key pair and I move over to a desktop client like Korkle dot social, and I plug those keys into there.
I turn those keys and all of the people that I started following on Domus, and all of the people that I started following on Nostr before I got deleted, And all the people that follow me, and all of the messages that I ever wrote, long form, short form, all of the pictures of cats that I posted, they're all still there on coracle. Social. But that's not where they're at, that's not where the messages live. The messages live on the relays and they talk to each other via the Nostra protocol, and that's what recognizes my identity.
These clients that we're interacting with daily, they're not necessary. It doesn't mean that I don't love them, and it doesn't mean that they don't bring real solid value to the ecosystem, but they're not necessary for me to interact in a messaging way with other people on Nostra. They're not required for for Nostra to remember who followed me and who I followed. They are not required. The clients are not required for them to pick up the messages. The messages live on the relays. The messages themselves have the identity of me.
They know that I use my private key to sign these messages. And if I want to sign more messages at the protocol layer and I use a, I don't know, command line interface, I can do that or I can build my own client. But this is just in the social media realm. Nostra is so much more than that. It's not a social media platform and this is where where I get really pissed off at people like Naval Ravikant who came in a couple of days ago after a years long or, you know, months long hiatus from Nostr. Starting spouting stuff about how Nostr is your backup plan to Twitter. It's not a back up plan. It needs to be your first line of defense. You need to use Twitter as some kind of backup.
And the reason is this, because my identity is at the protocol level, I'm free, I am portable, my identity is a free identity. It is not a chained identity. It is not a numerical identity that is controlled by everybody else but me. And that's why this protocol is important. But Naval only catches this as social media. We've tried to correct him. I think at one point or another he's smart enough he will get it, but this is not social media. This is almost the entirety of the modern internet re represented with your identity at the protocol level that all of these things that are replacing legacy web apps can talk to.
And understand how that identity flows through the protocol level, and not the client level. And that's how we get stuff like Twitter clones, Facebook clones, TikTok clones, YouTube clones, Twitch clones, Zoom. We've already got a we we we've got a complete replacement that's Nostra based for Zoom. We've got stores where I can sell stuff. It looks just like we've got Shopster, right? That works on the on on the nostril protocol, except it's not social media. Not really. I mean, not in the way that we're thinking about it with Twitter. It's just I wanna sell t shirts with, I don't know, pictures of cats drinking coffee on it. And I use Shopster to sell it. It it because that transaction is a message.
And what better way to send a message than through a messaging protocol? And what better way to do it than a protocol that knows who you are across any client or anything that connects to the protocol? My identity is at the protocol layer. I can't say it enough. Whereas, where we live right now, our identities do not exist at that layer our identities exist in clients and they can be shut off or we can be shut off from them with no recourse, but if our identities live on a protocol layer then we are free. Our identity is free.
And when I go and I find a brand new Nostra client that does something that nobody's thought of before and I plug in my private and public key pair, guess what? My identity is already known by that client interface. I don't have to set up my bio. I'm depending on how the client is built, but generally speaking what I found is when when I find a new nostril client there always seems to be a banner. There always seems to be some kind of avatar involved there always seems to be some kind of bio and all of that information I put in years ago and all of it lives as messages at the protocol layer so when a client is built and the person that builds it say, I want to include a banner, I want to include an avatar, I want to include a bio, and I want to include, I don't know, a lightning address. I don't have to set any of that shit up on the client. It's already there because it's part of my identity that is free and lives on the protocol layer.
[00:49:09] Unknown:
I hope that I'm getting this through your head
[00:49:12] Unknown:
because getting banned from a platform or a client is more than possible. It's happened. I watch it all the time. But getting banned from a protocol is next to impossible. Right now, the Nostra messaging protocol has like a 100 clients. Some of them are shops, some of them are video stuff, some of them are just audio chat rooms, some of them are Twitter clones. We don't even know what what I mean, there's dtan.xyz, which is on the nostril protocol, but it's it's like torrent.
[00:49:50] Unknown:
It doesn't even look like this stuff, like like social media. It looks like the old torrent website where you can download movies,
[00:49:59] Unknown:
but it works on the Nostra protocol. What else do we have? We have HiveTalk. That's replacing Zoom. Let's see. What do we have anything? I'm looking at I'm just scanning to look at my list of stuff that I use. Not much more than that. But like, you know, damus, coracle.social, satellite.earth, primal.net amethyst no stir all these things they can all be different what so that if you're a developer, all you have to do is say how is is basically say the thing that I want to do on the Internet, how do I reduce that down to messages? Or how do I look at the fact that what I'm the information I'm sending is a message? How do I use the Nostra Protocol to do that? And all of a sudden, everything that we have to have on the Internet today is now on Nostra Protocol, and the Nostra Protocol holds our identity and we can never be deleted from a protocol.
[00:51:02] Unknown:
Okay. So now we get really funky. This is where it gets really, really fun. Is
[00:51:13] Unknown:
I'm gonna use fountain the the fountain app. That's my daily driver when I'm using podcasting and and I want podcasting 2.0, I'm reaching for fountain fountain. App first. Go to fountain. If you want a modern podcast, you say you can support this show, go to fountain.app and you can stream me satoshis, you can give me boostgrams, you do all kinds of stuff. But when they built that, few years ago, it it did 2 things, like almost every podcast app does. It does 2 major things. 1, is it downloads and plays podcasts. That is its major reason for being.
But if you have a podcast app that allows you to make comments, that is a second layer. That's a that is a second thing, not a layer. That's a second thing that that app does. That is the social layer. I've got the thing that it does. It plays audio, allows me to rewind and fast forward and do all kinds of stuff. That's the thing that it does, but the other thing that it does is allow people to make comments. That means you gotta drag in a social layer and they built one from scratch. They built a social media layer for fountain, and they built it all the way from the ground up. That's not easy to do.
We take that shit for granted. But recently, I talked to Oscar Mary on the phone, or we had a well, we had a Zoom Google Meet or something like that. And that was because I was signing up for the beta of the new fountain. App protocol, which well, not really protocol, but their their app has changed. And what they've done is they're testing the complete doing away with the social layer that they built because they dragged in nostril they dragged in and they essentially, in a very modular way, plugged their system, their podcast app.
They replaced their social media layer with something that was pre built. No. Twitter would never do that. Facebook would never do that. But now, we've got a situation where we can look at Nostra and say, I've got this thing. This is my website and it does this thing x. Whatever that x is. But I also noticed that I'm going to have to allow people to interact with each other as they interact with this thing that my website does. I don't wanna build a social network layer on top or underneath, my app. I don't have time. So I'll just plug in Nostr and your identity comes along for the ride. All of a sudden, everything becomes easier. Let's say that there's a completely different person that has a website. It does a completely different thing. Their application does something that doesn't even look like this other guy.
And but they need a social layer, too. And they don't want to build it either. It takes too much time. It costs too much to do. So what did they do now? They just look at Nostra and go, well I'll just plug your ass in. And boom, they just dropped in an entire social network With everybody's identity at the protocol layer, with everybody's relationships always intact no matter who gets in trouble where, All of us exist at the protocol layer and no longer at the client layer. So, now all these people that have a necessity to build a thing that has a social element to it, they just plug in Nostra.
[00:54:53] Unknown:
We're at the almost the edge of what we can fathom, except I got one more for you. Money.
[00:55:05] Unknown:
Sure, Dave. This is all about social media. I don't care I don't care what you say. It's all social media, and it doesn't matter. It's all bullshit. Okay. Your phone was social media before social media existed. Was that bullshit? The phone calls that you made that were absconded with in this latest AT and T hack being linked to every single AT and T customer ever, was is that bullshit? No, it's not. But here's what's really not bullshit. My money. If I have $10,000 in Wells Fargo sitting in a savings account and for some reason Wells Fargo decides that I was at the wrong protest, and I call them and say I want, you know, $1,000, I gotta go do something. They say no, we're closing your account but we're holding your money for 90 days, so you can't have access for 3 months to your $10,000.
Now in the world of looking at looking at the situation through the lens of Noster, I would be able to go, okay, and I take my public and my private key over to Bank of America, And I earn insert the key those keys into Bank of America, turn them, and all of a sudden that teller says, oh, I see you have $10,000 in this account. I don't know where this account is, but because you have presented proper identification, here's your $1,000. Oh, and by the way, if, you're having problems with where this money is coming from, you're more than free to do business with us. And I just transferred the entire account over to Bank of America. Now, both these places suck and I would never do that. But do you see the power inherent in a public private key pair rather than your Wells Fargo account number, which will make absolutely no sense to the Bank of America Computer Systems account numbering system.
I just bring my keys with me. And because Bank of America's protocol talks Nostra identity, they know where my money is. And you say, yeah, but you can't put you can't do that with Nostra. Yes, you can. Kind of. Not with Wells Fargo and Bank of America, but I can do it with money. Because it just so happens that Pablo, f seven z, pretty much with a proof of concept that is slicker and snot, and I saw it like yesterday and the day before and the day before that, he posted a video of essentially, he did this. He took my nostril private and public key pair.
He's doing that well, he didn't do it with mine, but the the system is going to allow any of us to do this. And it took he took a private and a public key pair, and he turned them into an ecash wallet. Now for those of you who don't let's say let's back up. I'm not talking about the chammin mint e cash. I'm talking about it in a more general way for those people who are not knowing, don't know what e cash is, you know, for whatever reason don't think that this is gonna happen. But it's like a PayPal account. Okay? Let's just say say e cash is like PayPal or like Apple Pay or any of the other electronic transfer protocols.
Because this is they're all protocols. They transmit messages. That message is how much money do you have and how much do you want to transmit that's the message he turned my public private key pair into that on Noster. So now, in a very real way, and I guess I'm guessing he'll be releasing this as a BIP or or, I mean, a nip. I don't know exactly what Pablo is doing. I'm I'm hoping I get to talk to him about this really soon for the show. But the way that I'm looking at it is the following. Not only can I go to any client that I so choose, regardless of whether clients before have been mad at me and all the people that I got relationships with on that client, those relationships, when the client decides to delete me, will never be deleted because my relationship is not a permissioned relationship with all the people that I now know even though that the original client I was on kicked me off? So all those relationships comes with me, and that's because of my public private key pair.
[00:59:24] Unknown:
But thanks to Pablo f7z, now I have the potential for all my money to come with me. Because now the blurring of the lines
[00:59:35] Unknown:
becomes evident. Am I me, David Bennett, host of the Bitcoin and podcast, or am I a private public key pair? I'm both. I am both. And because I am going to do the work to manage my private key, keep it safe, to the best of my ability. And sure, catastrophe can always happen, but catastrophe can happen on a plane. You could just flaming plane wreck into the Pacific Ocean. That's a catastrophe for you. There's no recovery for you on that one. Right? So yes, I understand, but that's where the work comes in. And we've been outsourcing the work of our identities for decades to third parties that are really shitty at security and when breaches do happen there's no recompense they're not gonna compensate you for this loss they don't care about you And in a very real way, the Nostra Protocol has no ability to care about you.
So therefore, the only real way to hold your identity the way that I think God wants us to hold our identity is to actually put the work into our identity and controlling who gets to, I don't know, who gets to interact with us, in what ways they get to interact with us, and in what format they get to interact with us. And that's by doing the work of holding and making sure that your private key is as safe as can be. And you might say, David, I don't wanna do that work. I understand that there are people out there that they're just too used to doing this.
They're too used to having their account number given to them by Bank of America. They're too used to giving anybody who asks their Social Security number. I understand that there's going to be a large section of humanity that just too lazy to do it themselves. I'm sorry for those people, but I cannot help those people. I'm not going to pray upon those people, but I certainly I'll try to help them, but I know that I'm not going to allow my heart to be broken when they just say you're full of shit. I don't wanna do that work. Kiss off. Bye bye. Pound sand. I'm not gonna my feelings are not gonna be hurt. Because what I found out today, after giving this entire spiel in a very compressed 5 to 7 minute speech, I'm able to expand on it naturally here, But half of the people in that room are what would be classified as boomers. I'm gen x, and then there's some millennia or millennials in there. And then there's actually what gen z. I can't remember what's after millennials, but there's a pretty good mix. But half of them can be considered boomers.
[01:02:37] Unknown:
And after I gave this speech today,
[01:02:41] Unknown:
the oldest member of that group came up to me with his Android phone and asked me, what's a client that I can get to interact with Noster?
[01:02:50] Unknown:
He was purple pilled.
[01:02:53] Unknown:
I had after I discussed it with him for about 5 minutes, I had a second gentleman who was also classified as a boomer come up to me and say, what what clients can I get so that I can play around with this? What what did you call it? Nostr? Yes. And I I I gave him coracle.social because he wants to be on, like, desktop. Right? So I gave him coracle.social. I gave him primal.net, I got gave him satellite.earth, and I'm like, there's 100 of them, and you'll you'll find them, but just figure it out. I did it in 5 to 7 minutes to a room full of boomers.
If I can do it to those guys as a gen xer, then anybody listening to my voice can go out there and give a credible, understandable argument to why you cannot sleep on Nostr. If you do, you do it only at your peril. Because I'm no longer in peril. My identity is free. My identity is portable. And now, my identity is also my bank account. 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
[01:04:23] Unknown:
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 8:38 AM Pacific Daylight Time. It is the middle of July, 15th in fact, of 2024.
Good lord. I just we're already halfway through the damn year. Already halfway through the damn year. It's just it's it's messing me up. This is episode 923 of Bitcoin and the Circle P is open for business. My friend, Defy Yogi, over there on Nostur, has some cabins for rent if you're anywhere close to, you know, Moeda, Brazil, where you can escape to a magical Hobbit hut nestled in the lush landscape of Brazil. Immerse yourself in an enchanting getaway where fantasy meets comfort for a mere about right around $174 a night. Perfect for adventure seeking, a unique stay. This cozy cabin promises an unforgettable experience and book your journey to Middle Earth today and let the adventure begin. Your story awaits at the Hobbit Hut. Be sure to tell them that you heard it about it here on the Bitcoin and podcast in the circle p. Because, you know, if you do that and he gets, some rentals, he will cut me some Bitcoin for getting him on the air because that's what we do at the Circle P. If you're not selling your goods and services for Bitcoin, you're not in the Circle P. Okay, so what do we got on tap for today?
I'm going to talk a little bit about BlackRock, a little bit about BitConnect, remember that one? And a little bit about the Zeus wallet, and then we'll run numbers. But then I'm going to present to you freedom of identity for the second part of the show. Right? And you'll understand what that is when we get to the second part of the show. But let's not waste any time. BlackRock surpassed $10,600,000,000,000 which is a record of assets under management boosted by the ETF inflows, Zoltan, Vardy, Cointelegraph. BlackRock has reached a record of over $10,600,000,000,000 worth of assets under management, securing a 1,200,000,000,000 year over year growth.
These guys just become more scary every single day. The world's largest asset manager said that surpassing the $10,000,000,000,000 mark was partly attributed to the growing inflows into their exchange traded funds. And they have more than just Bitcoin exchange traded funds, but we'll see how those played out. According to Larry Fink, the CEO of BlackRock, the firm's ETFs received record inflows at the beginning of 2024. Fink wrote in the asset manager's quarterly earnings report, organic growth was driven by private markets, retail active fixed income and surging flows into our ETFs, which had their best start to a year on record.
BlackRock is the issuer of the world's largest spot Bitcoin ETF, the Ishares Bitcoin Trust, which holds over $19,400,000,000 worth of Bitcoin and has a leading 35.2% market share among all United States Bitcoin ETFs, according to Dune. Due to their substantial purchasing power, the buying and selling behavior of asset management giants and ETF issuers such as BlackRock can significantly influence Bitcoin's price. Investors bought $83,000,000,000 worth of BlackRock ETF shares during the Q2 of 2024, pushing this year's total to over $150,000,000,000 year to date.
The asset manager recorded an 8% revenue increase year over year and an 11% increase in operating income. THINK attributes part of BlackRock's growth to its long standing relationship with corporates and governments. Fink wrote quote. These relationships differentiate BlackRock as a capital partner in private markets, driving unique deal flow for clients. We have strong sourcing capabilities and we are transforming our private market platform to bring even more benefits of scale and technology to our clients. Put a tie on that suit speak, bitch. Meanwhile, spot Bitcoin ETF inflows have turned positive after 3 consecutive weeks of outflows, helping Bitcoin's price recover above the $60,000 mark. The US Spot Bitcoin ETFs recorded their 2nd consecutive week of net positive inflows totaling over $414,000,000 according to Dune data.
Last week, Bitcoin experienced its 5th largest weekly inflow on record, amounting to over $1,350,000,000 While short Bitcoin related investments products re experienced their largest weekly outflows since April of 2024, totaling over 8 point $6,000,000 So the short sellers kinda look like they're seeing the writing on the wall. Now, this kinda dovetails just a little bit of what I wanna say about Germany. If you haven't heard, Germany no longer has any Bitcoin. Their wallet is at 0. Oh, no. Wait. That's not true. They actually have about $330 worth of Bitcoin in their wallets.
Probably unspendable amounts of dust at this point because people are trolling the German government's wallet. And one of the first trolls that I saw was was made I was made aware of this by Jack Spierko who caught this somewhere, probably on Twitter and sent it over to Noster. And it was a snapshot of the German government's wallet holding this transaction for like a buck 80 7. And we'll get to that in a sec. But it had in the op return line, which is where you can write a little message with your transactions if you so choose. And you will pay for that message because it makes the transaction just that much larger. But it says, Have fun staying poor, German government. Since that time, everybody and their dog looks like they were piling on, at least in the short term. There are many inflowing transactions to the German government.
And some of them are from, vanity addresses that just say, fuck you, in the in the first part of the actual address for the wallet the dust transaction, the Bitcoin. There are other op return messages, but all of them all of them are trolling the German government's wallet. I this is it's not that it's unprecedented, but every time something like this happens, it reminds me of where we are in modern society and I am totally here for it. Now, let's move on. Former Bitconnect promoter John Bigoten has been convicted in Australia. This is out of Decrypt, Sebastian Sinclair writing, John Bigoten, the Australian promoter of the now defunct crypto exchange platform, BitConnect, has been convicted by the Sydney District Court for for providing unlicensed financial advice.
Bigaton was sentenced to a 3 year recognizance of good behavior and disqualified from managing corporations for 5 years on Friday, according to court records and a statement from the country's corporate regulator on Sunday. Between August of 2017 and January of 2018, Bigoten promoted BitConnect through seminars and social media, providing financial advice without proper authorization. Crypto Ponzi scheme BitConnect which required investors to acquire Bit Connect coin or BCC to participate in its quote unquote investment opportunities, was marketed by Bigaton with promises of high returns.
Investors could invest or loan BCC for set periods of time in return for promised high interest rates. Once invested, they had no control over their loans and could not withdraw any of their capital until the lending period ended, a statement from the Australian Securities and Investment Commission reads. At one seminar, Biggerton claimed BCC would increase its value to at least $1,000 from $253 over 1 year and described the investment as superior to traditional term deposits. The court highlighted Biggerton's disclaimers, which stated that his advice was not financial. Instead, the court determined that the substance of his actions constituted financial advice, pausing to give warning.
Sometimes you'll even hear me say it on this podcast. This is not financial advice. But when I say buy Bitcoin and hold Bitcoin, that disclaimer according to these guys is not going to hold any water because I'm actually saying buy this thing and don't sell this thing. And honestly, that's financial advice. However, you only get your ass handed to you in the courts if people lose a shit ton of money. And since I've been saying this for 5 years, well you've seen what the price has done in 5 years. Let's move on. Providing unlicensed financial advice denies Australian investors key access to protections and undermines trust and confidence in Australia's financial services industry, ASIC Deputy Chair Sarah Court, said in a statement on Sunday.
In 2018, ASIC successfully applied to the federal court to freeze Bigginton's assets, including his crypto holdings, marking a first for the regulator involving digital assets. These proceedings, now overseen by the Australian Federal Police under the Proceeds of Crime Act, remain ongoing in the Supreme Court of New South Wales. Bigoten had been previously banned by ASEC in 2020 from providing financial services for 7 years. He pleaded guilty to one count of providing unlicensed financial advice in May. So that BitConnect, like the zombies that we are used to, you know, Mt. Gox is a zombie, FTX is a zombie walking around, there's all kinds of zombie companies that can come back to bite us. This one is coming back to bite the people that promoted it and there were several people that promoted BitConnect.
And it looks like not all of them are gonna go down, but they're not done with these people is what I'm getting at. So take the warning. Just because you say this is not financial advice does not mean that a court of law is going to say I don't care what you said. It's you, your actions have determined that you were indeed giving financial advice. And do I have financial advice? Yeah. Sure. Buy Bitcoin. Hold Bitcoin. Now, Zeus, Zeus wallet version 0.8.5 and version 0.9.5 beta have been released. Zeus is a mobile Bitcoin and lightning wallet, and a remote node manager app for LND as well as Core Lightning.
It's available on both Android and iOS. Good morning. Zeus version 0.8.5 and Zeus 0.9.0beta1 are now available, announced the project. The stable release 0.8.5 comes with bolt 12 offers. 12.cache BIP353 Lightning Addresses and embedded node performance enhancements. Zeus 090 Beta 1 features new Olympus purchase channels in advanced LSP service, hardware wallet slash external signer support, watch only support, batch channel opens and transactions, a new layout as well as camera and other improvements. So what people are jumping up and down about is this, the fact that bolt 12 has now come to Zeus with this these offers.
12 dot cachebip353lightningaddresses. Those two things are making people go, oh hell yes. Now, I'm not a Zeus user, and I don't know if I can even get Zeus in the United States. I honestly, it's like I don't know what I can as an American CNBC Futures and Commodities. West Texas Intermediate Oil is down 0.13% to $82.10. Brent North Sea is unchanged to $85.1. Natural gas, however, doing what natural gas does and taking a swing for the sewers at a staunch 4% downside drop, $2.23 per 1,000 cubic feet there. Gasoline has dropped substantially as well.
80 0.86 percent to the downside, giving us a price of $2.49 a gallon. Shiny metal rocks are mixed. Gold doing well. 0.77 percent to the upside. $2,439.40 per ounce. Silver is up, 0.12%. Platinum is up over a half. But copper is down 1 and a third and palladium is down 1 and a half. Agricultural futures are fully mixed. I got a big winner today with chocolate, 3.14% to the upside. Biggest loser today is wheat, 2.68% to the downside. Live cattle are down 0.04%. Lean hogs, unchanged. Feeder cattle is up 0.07%. The Dow and all of your legacy equity markets are doing well this morning.
0.8 percent to the upside for the Dow. We've set a new record on, the price for the Dow. 40,624. So, yeah, we've we've hit a record there. S and P is up 0.79%, Nasdaq is up almost a full point, and the S and P Mini is up 1.22%. Going over to Clark Moody dashboard, I got a price of $63,000 and well, right at $63,000. That is a $1,240,000,000,000 market cap. And we can now purchase 26 ounces of shiny metal rocks with our 1 bitcoin, of which there are 19,725,796.12 of. And fees are remaining low, 0.08btc4feesonaverageonaperblockbasis.Andhowmanyblocks you ask?But a measly 128, carrying 168,000 unconfirmed transactions, waiting to clear at high priority cost of, oh, double digits, all of 11 satoshis per vbyte.
Low priorities, 7 satoshis per vbyte. Still a good consolidation or opening of Lightning Channel, prices right there. Let's see, what's the mining doing? Because I saw highest. Oh, it's high again today. 666.8 exahashes per second. So a lot of these miners are coming back online. There you go. Now from Network Collision, which was episode 922 of Bitcoin. And you guys came out swinging for the baby seals. You saved the baby seals. Congratulations. Excellent work, ladies and gentlemen. Beginning with no waste BTC signs with 50,000 sats coming in with the bulk of that episode's support. Thank you. I really appreciate it. No waste BTC signs. He says, what does it take to get in the circle p?
Write me an email, david.bennett.c as in Charlie atgmail.com. Bennett is spelled b e n n e t t. That's [email protected]. Contact me there. Put, circle p in the regarding line so that I'll see it and I'll get back to you that way. Dobrovco with 6,921 says emergency boost. Trump has the opportunity to do the funniest thing ever. Later on in the election, when a slightly hostile journalist or anchor asks, I'd like to ask you a question. Trump can say, shoot or fire away. That would be hilarious, says wartime. Golf winch with 6 1,777 says I'm a huge fan of this show.
Please show your support by boosting. Trump sucks and Biden sucks more. Bitcoin puts them both in check. We have to get back the control of our own money. This will subvert their power. Taxes should be voluntary. Agreed, sir. Lee Lee Lee with, 5,000 says, regarding Chevron deference, please go for the throat of CAFE, CAFE, fuel efficiency standards which basically robbed farmers, ranchers and small businesses of the opportunity to buy affordable, smaller, less fuel efficient, 2 door pickup trucks for work. Oh, and I want a 19 nineties Toyota Hilux 4 by 4 to build my own technical too. Agreed.
Let's I'm gonna skip down because there are so many of you guys that came out of the woodwork. And I really want to get to the 2nd part of this show. And then me and my wife gotta go work out. And we're leaving on Saturday for Colorado for like 2 weeks or two and a half weeks, somewhere around there. I won't be back until August like 6th or August 7th or something like that. I will be taking my rig with me, so I'm hoping to cut some shows while I'm there. But I gotta get other stuff ready. But I will say thank you to Pies for a 100 sats who says thank you sir.
No, thank you. And that's the weather report. Welcome to part 2 of the news you can use. Today's, back half of the show, I want to talk about Nostra again. And you've heard me talk about it before. And if you're on Nostra, then you know what you know a lot of the things about what I'm about to say. But I wanna do it in a different way. Now, there are some of you that listen to the show that aren't on that have just refused to get on Nostra and I don't know why. So I hope maybe this this will be the final piece of the puzzle for you. But I gave a 5 to 7 minute speech at Toastmasters this morning. I'm part of Toastmasters.
If you want to learn leadership skills and how to get over your fear of public speaking, then go join your local Toastmasters because that's what it's there for. Right? 100 years old this year means it started in 1924. And since that time these guys have been coming together practicing, writing speeches, giving speeches, evaluating speeches, how to run meetings that don't go over time. Do you have you ever been in a meeting where you're like shut the fuck fuck up please, for the love of God, let us go do our actual work. Stop droning on and on and on. Well that's because the person running the meeting does not know how to run a meeting. Doesn't even know why they called for a meeting.
It's almost as if they just want to be social. Well, if you want to learn how to not be that person and and and actually respect the time of the people that work with you and work for you, then you need to go down to Toastmasters and and and spend like that 1 hour or 2 hours once a week, which is generally how this works, to learn these leadership skills, just how to run a meeting. But moreover, it's about getting over fear of public speaking. So this is the speech that I gave today. And it dovetails in to what I was talking about Monday of last week, which was the liability of identity.
But that was last week. This week, I wanna talk about the freedom
[00:21:45] Unknown:
of identity. Well why?
[00:21:48] Unknown:
Well, if I can nutshell how we're handling our identities, I can say it this way. We've been outsourcing our identity, who we are. Like all these numbers, like your social security number, your bank account number, your home mortgage account number, your retirement account number, your payroll number, your employee ID. We are outsourcing all of these numbers of identity to third parties for management, that's not a good that's not a good way to go. Ladies and gentlemen, it's just it's just not. And if you're going to outsource the management of your identity to a third party, then I can assure you what will happen is not the management of your identity, It's the management of you.
You will be managed. Because you refuse to manage your identity yourself. Somebody will just say, well hell, I'll manage it for you. I'll manage your identity. Like AT and T, how they managed our identity. Because according to, it was either last Thursday or Friday when we found out that nearly every customer, and that's a direct quote from AT and T, got their phone and text records absconded with. All of them. Here's how you read nearly every customer. All of you. And me because I'm an AT and T customer as well. What the hell does that mean?
Okay. So they don't know the substance of your phone call. They also, according to AT and T and some of the people that are, you know, doing the audit of that particular hack, they couldn't read the text messages. But they've got enough. How? Well, your phone, well before computers, well before social media, was a social media device. And still is. It's even more so now. But even in the eighties, you know, the late eighties and very early nineties, just when AT and T was holding digital records of your phone numbers. They also knew who you called.
[00:24:05] Unknown:
They knew things like how long that call happened. They knew when it started. They knew who you called.
[00:24:13] Unknown:
And they had the same records on the person that you called. They know who they called. And who they called, and who they called, and who they called, and who they called. And in a very real way, even back in the late eighties, with the amount of data that was kept by AT and T, you could piece together a social graph just by phone numbers. And since those phone numbers went back to your billing address, they knew your name, and they knew your where you lived. They knew what your business name was and where it was located. They knew all kinds of stuff. But now, now all of that information between the dates of May and the month of October of 2022 has been taken. And you might think, oh dude, that was like, you know, that was like a year and a half ago. Doesn't matter.
[00:25:01] Unknown:
Because that's enough time to get a snapshot of your social graph. Who you called. Who called you?
[00:25:10] Unknown:
How how long did it how long did those phone conversations last? What's the duration? Who texted you? What was the kilobyte load? They know that. They don't know what was said, but they know was it a long text? Was it a short text? That's easy to tell in the text records. They know who texted you and they knew how big those texts were. When you combine all this shit together you get a pretty solid picture of who I'm friends with, who my friends are friends with, and how we interact with each other. Like for instance, there's 2 phone calls. One last 4 minutes, one last 4 hours.
Chances are really good that the 4 hour phone call was placed between people who know each other very, very well, Whereas, the 4 minute phone call was probably placed between 2 parties that don't know each other very well. How can I say that? Are you really gonna spend 4 hours on the phone with someone you don't like? Now before you say, well, yeah. Customer service at AT and T. I've been on the phone with them for over an hour on hold. Okay. How many times did you spend an hour to 4 hours on the phone from your telephone number to AT and T customer service line?
[00:26:29] Unknown:
Once a year? Maybe twice?
[00:26:33] Unknown:
But let's say that I'm calling I don't know. If my dad was still alive and and I was calling my dad like I used to and spend time with the phone on the phone with him, I would call him and talk to him for an hour, you know, like, at least once a week if not twice a week. That's an easy now I've got copies of the same two numbers are communicating and they usually last about an hour. That's a friend or a loved one. That's not customer service at at Bob's backyard Ford factory or whatever. Right? That's that we we you can tell the difference just with that those simple pieces of information.
Now, expand that to all the people that you call. And all the people that they call, and all the people that they call, and they text, and who text them. And after a while with just trivial software, I can run full scale statistical analysis and pretty much determine who is friends with who. That's not the information you want to let slip. And because we outsourced our communication identity number, I. E. Your phone number to a third party we all just got managed And I'm going to leave it there. You might say, well, I wish you'd expand on how how we got managed. I'll say this. I'll say this. If for whatever reason you're one of the people that got your information absconded with you and you end up getting I don't know, several text messages from like, I don't know, like those pig slaughter guys over there in China or Bangladesh or something like that. Then you've been managed because now you have to spend your time that you only have a scant little of during your life on this planet in blocking that call. Sure, it seems trivial, but what if somehow your network ended up being so big on a statistical analysis of the social graph that is now out in the wind to twist of all your phone conversations in May through October of 2022, that you end up getting 100 of these.
Now your time is really being drained away from you. Because we did not do the work to manage our own identities so how do we fix this We do it with public key cryptography. Now for those of you who know what that is, I'm going to describe it in a different way for the people that don't know what it is because it involves terrible amounts of mathematics. And I don't wanna get into the math of cryptography. But if you were ever a kid and got like, I don't know, a decoder ring or a wristwatch out of a Happy Beal or something like that and you were using it to decode messages. Well you were engaging in cryptography. Not at the scale that we're talking about with key cryptography, but you were engaged in cryptography.
So, how to explain this without using math and what a private key and a public key is? Well, let's do it this way. I can use a piece a small piece of software to generate two numbers. We're already used to being identified by our numbers, are we not? Yes, we are. We just got finished with that discussion. But I'll say it again. Your bank records, that's an account number. It was assigned to you. You didn't get to choose it. Your Social Security was assigned to you by a third party. Your employer ID or employee ID was assigned to you by a third party. Everything about your identity in the modern world is based around a number. What's 2 more numbers?
Except this time you generate the numbers, not a third party. And if you're smart about it, you won't let anybody manage your identity through these numbers that's generated by public key cryptography. Just you manage it. You won't let anybody else actually manage it for you. Or you will seek ways to have people that can help you manage it, but cannot actually abscond with it permanently, and we'll get to that. But for right now, we have a number generator that generates 2 random numbers that cannot be regenerated. They could, but it'd be like just happening to pick up the same grain of sand on a beach in Hawaii twice.
The chances of that happening, it's just not going to happen. So I end up with a private key, That's one number. And it's numbers and letters, and they're all it's it's human. It it's illegible if you look at it. It's just a bunch of gobbledygook. So I get a private key number and I get a public key number. Okay. So how to describe what these keys do? Some people use a lockbox analogy. Other people say, well, your public key is like your username when you're logging into Twitter and your private key is like your password. Okay. They both kind of work.
But I like the analogy of a house. Let's say I got a house, and it's filled with with all manner of wonderful and very expensive things like Louis the 16th furniture, odd marketable securities, massive television sets, DVD players, stereos, and an extensive guitar collection. And some bitcoin. I don't know. So I need to go on vacation like I'm going on like I'm going to Colorado. I need somebody to come take care of my cats. If I don't have somebody take care of my cats by the time I'm gone, the poor deers are gonna starve. They can't last two and a half weeks. Maybe, but I'm not that's just cruel. So I gotta go find somebody. So let's say I live at this house and all my neighbors are also on vacation, except for fucking Fred. That son of a bitch just moved in yesterday and I don't know a damn thing about Fred. I know Fred's name. I've met him once, and he lives just across the street.
[00:32:37] Unknown:
Okay. Well,
[00:32:39] Unknown:
I know he bought his house. Maybe he's not a complete scumbag. Maybe I can trust Fred. But with public key cryptography, I don't have to trust Fred. I can just walk my happy ass right across the street and I can go Fred. Hey, Fred. I need your help. I know you just moved in yesterday and we don't know each other very well, but I I'm going on vacation tomorrow. The person that I had that was gonna take care of my cats, I don't know, fell off of a cliff and can't take care of my cats. Will you, Fred, please? Even though we don't know each other, will you take care of the cats? Fred says sure. I'll do that.
And I give Fred my public key. That public key, Fred takes to my house the next day to feed my cats and he puts it in the doorknob and he turns the lock and it unlocks the door and he walks right into my house. And I don't have to trust him to not steal anything. Why? Because the amount of permissions that are given by the public key that I give to anybody, it with with no fear, only unlocks the door. You can see what I own. You can see where I put my Louis the 16th furniture. You can walk into my recording studio and you can see the guitars on the wall. Now let's make the assumption that Fred is a complete dick.
And he says, you know, that that that gold top Les Paul, that's a 1958 reissue. I'll be able to sell that down there at the powwowong shop. So he goes to the Les Paul and he pulls it off the wall except it doesn't move. It's frozen in place. And there's no amount of prayer or leverage or tool work that Fred can use to pry that thing off the wall. It is like stuck in time. As is everything else in my house. Fred can see where I put it. He can see what I own. He can see what my tastes are. He can kind of surmise part of my personality from what I own, but he can't delete anything that I own.
He can't move or change anything that I own. He can't damage anything that I own. All he can do is feed the cat and leave, and hopefully lock the door behind him. If he doesn't, the door was unlocked with a public key. Anybody else that gets in sees the same thing. They see what I've done. They can't do anything about it. Now I come home for vacation and I use my private key and I go put it in the exact same doorknob, I turn it the exact same direction, and the lock unlocks. And I walk into my house but this time the permissions are for everything I can move furniture I can go and grab my odd marketable securities and go sell them I can take that Les Paul down off the wall and I can practice. I can play it. And if I want to, I can sell it down at the pawn shop if I wanted to. I have full permission okay let's take that analogy and let's move it on over to social media because most of the time social media is what everybody wants to talk about or at least what everybody is aware of in our modern world as probably the giant elephant in the room.
And I walk my happy ass over to Twitter and I start looking at Twitter and say, well, how do I get into this thing? How do I get into this house? How do I how do I interact with people and all of their houses on this client. And that's what Twitter is. When you look when you open up Twitter, you're not opening up anything other than a client. And the client is the interface and the things that are behind the interface that looks like Twitter. That you recognize it as Twitter. But underneath is Twitter's protocol, not the algorithm. Their own messaging protocol. And what a protocol is is just a way to send messages in a certain way that's that another thing that's connected to that protocol when it receives that message, it says you followed protocol.
I understand exactly what's in this message. That's a tweet or a direct message or any of the other internal ways that you communicate inside the client and walled garden that is Twitter. But that that protocol talks to yet another protocol. And that protocol is the Internet Protocol TCPIP Facebook TikTok Instagram, all the rest of the social media sites exactly the same way. They but they manage your identity for you. They say, I we need your phone number, we need your address, we need your, I don't know, we need a credit card number. We need your full name. We need a copy of your ID. We need all these things and now you can choose. Now, you can choose a username and you can choose a password.
But everything about that identity is almost, they might as well have just created my identity for those numbers for me. Or they might as well just say, you know what? We're not we don't even care. We're gonna give you your password and you're gonna like it or leave. And we're gonna give you your username, you're gonna like it or leave. But that's not really good customer service. However, we don't control that identity because the identity is set in the background. Right? That's set at their protocol. And if they don't like something I say, then they can delete me from that protocol and therefore from the client. And when I say their protocol, I mean the Twitter protocol
[00:38:17] Unknown:
of internal messaging for their client.
[00:38:20] Unknown:
But I can still get on Facebook. How? Well and I can still send email. How does that work? What way they but I I got deleted off of Twitter. Shouldn't I be deleted deleted off of the entire Internet? Well some people might think so, but that's impossible. Because I can't be deleted from a protocol. I can be deleted from a client. Hell, even Will or Will Cesaran, Cesaran, the guy from Domus. He can identify me by my IP number and my NPUB number and decide he doesn't like me and kick me off of Domus. We'll get to that. Let's go back to Twitter.
[00:38:57] Unknown:
I get kicked off of Twitter but I can go to Facebook.
[00:39:00] Unknown:
I can still communicate at the Internet level. And I can still communicate at the Facebook level through their client and through their messaging protocol, which then talks to the Internet. I can send an email. So with the Internet, I'm good. I can't be deleted off the Internet, but I can certainly be deleted off of several different platforms. And I've been I've been banned from Twitter 3, 4 Yeah. 3 times now. Something like that. Labra HODL been banned like 22 times. American HODL been banned, I don't know, 9 or 10 times, something something around there. But they're not banning us from the Internet. We just can't interact on Twitter.
Right? So, but with something like a private public key pair, now enter the Nostril protocol. Right? So let's let's just kinda back up a little bit and say we've got Twitter, we got Facebook, we've got TikTok. They have their clients that you interact with, and then those clients interact with their own internal protocols, and then those protocols actually interact directly with the Internet layer, the Internet protocol. So enter Domus. This is a new messaging protocol. It's not a client. It's not a platform. It's not a walled garden. It's simply a communications protocol.
But, this protocol generates and recognizes private public key pairs. It recognizes identity at the protocol layer. Whereas, Twitter's protocol doesn't give a shit about who I am. The client does. And as long as I'm into the client, I have access to their internal messaging protocol. With Domus, I'm Identified at the protocol layer, not the client layer. And this is why this affords me freedom of identity. How does that work? Okay. So I go to Domus and and I use Domus on Ios. And I've been trying out in Oster, looks very nice, but I, you know, I'm I'm still fundamentally using damas.
Let's say Will really doesn't like me one day. And he says, okay. You know what? I'm going to I'm going to ban this in pub from any communications on the Domus client. He can do that if he wants. I don't think he will, but he could. That's the point. And let's say that maybe he gets in, you know, and and I hope nothing like this ever happens. But let's say he bumps his head and for like a month he's just not quiet himself. A little bit of neurological damage happened when he bumped his head. And it's gotta repair itself before he's, you know, before he's completely good again. But during that time that he's kind of slightly a different person, he decides I just don't like I just don't like this guy. I'm deleting I'm blacklisting his in pub. That part of that portion of my identity can no longer interact with Domus.
And I'm done, right? No. Wrong. Because I can go: okay Will, I'll wait till you get better. In the meantime, I'm going to take my private and my public key pair and I'm going to walk my happy ass over to nostur. N o s t u r is another iOS, nostur client. And I plug my private and public key pair into nostr on my iPhone and turn those keys and guess what I'm live on nostr again this time through a different client But the client is not necessary for the recognition of my digital identity. That's the point. The client allows me to interact in a graphic user interface way with the with the Nostra protocol and that's the way that I truly like to interact with this stuff. I I don't want to do this command line through command line stuff. I want a nice pretty interface. That's the way that I work.
But when I say something on n o s t u r or nos dir and that pisses that developer off, off. They say the same thing. They go, you know what? Will was right. This guy's an asshole. I don't want him anywhere close to my client. And they look and say, hey. Well, there's his public key. Let's blacklist him from the ability to use the client. And all of a sudden, I try to log in to Nostra and the big evil message comes up and says, you're not wanted. We don't like you. So I take my private and my public key pair and I move over to a desktop client like Korkle dot social, and I plug those keys into there.
I turn those keys and all of the people that I started following on Domus, and all of the people that I started following on Nostr before I got deleted, And all the people that follow me, and all of the messages that I ever wrote, long form, short form, all of the pictures of cats that I posted, they're all still there on coracle. Social. But that's not where they're at, that's not where the messages live. The messages live on the relays and they talk to each other via the Nostra protocol, and that's what recognizes my identity.
These clients that we're interacting with daily, they're not necessary. It doesn't mean that I don't love them, and it doesn't mean that they don't bring real solid value to the ecosystem, but they're not necessary for me to interact in a messaging way with other people on Nostra. They're not required for for Nostra to remember who followed me and who I followed. They are not required. The clients are not required for them to pick up the messages. The messages live on the relays. The messages themselves have the identity of me.
They know that I use my private key to sign these messages. And if I want to sign more messages at the protocol layer and I use a, I don't know, command line interface, I can do that or I can build my own client. But this is just in the social media realm. Nostra is so much more than that. It's not a social media platform and this is where where I get really pissed off at people like Naval Ravikant who came in a couple of days ago after a years long or, you know, months long hiatus from Nostr. Starting spouting stuff about how Nostr is your backup plan to Twitter. It's not a back up plan. It needs to be your first line of defense. You need to use Twitter as some kind of backup.
And the reason is this, because my identity is at the protocol level, I'm free, I am portable, my identity is a free identity. It is not a chained identity. It is not a numerical identity that is controlled by everybody else but me. And that's why this protocol is important. But Naval only catches this as social media. We've tried to correct him. I think at one point or another he's smart enough he will get it, but this is not social media. This is almost the entirety of the modern internet re represented with your identity at the protocol level that all of these things that are replacing legacy web apps can talk to.
And understand how that identity flows through the protocol level, and not the client level. And that's how we get stuff like Twitter clones, Facebook clones, TikTok clones, YouTube clones, Twitch clones, Zoom. We've already got a we we we've got a complete replacement that's Nostra based for Zoom. We've got stores where I can sell stuff. It looks just like we've got Shopster, right? That works on the on on the nostril protocol, except it's not social media. Not really. I mean, not in the way that we're thinking about it with Twitter. It's just I wanna sell t shirts with, I don't know, pictures of cats drinking coffee on it. And I use Shopster to sell it. It it because that transaction is a message.
And what better way to send a message than through a messaging protocol? And what better way to do it than a protocol that knows who you are across any client or anything that connects to the protocol? My identity is at the protocol layer. I can't say it enough. Whereas, where we live right now, our identities do not exist at that layer our identities exist in clients and they can be shut off or we can be shut off from them with no recourse, but if our identities live on a protocol layer then we are free. Our identity is free.
And when I go and I find a brand new Nostra client that does something that nobody's thought of before and I plug in my private and public key pair, guess what? My identity is already known by that client interface. I don't have to set up my bio. I'm depending on how the client is built, but generally speaking what I found is when when I find a new nostril client there always seems to be a banner. There always seems to be some kind of avatar involved there always seems to be some kind of bio and all of that information I put in years ago and all of it lives as messages at the protocol layer so when a client is built and the person that builds it say, I want to include a banner, I want to include an avatar, I want to include a bio, and I want to include, I don't know, a lightning address. I don't have to set any of that shit up on the client. It's already there because it's part of my identity that is free and lives on the protocol layer.
[00:49:09] Unknown:
I hope that I'm getting this through your head
[00:49:12] Unknown:
because getting banned from a platform or a client is more than possible. It's happened. I watch it all the time. But getting banned from a protocol is next to impossible. Right now, the Nostra messaging protocol has like a 100 clients. Some of them are shops, some of them are video stuff, some of them are just audio chat rooms, some of them are Twitter clones. We don't even know what what I mean, there's dtan.xyz, which is on the nostril protocol, but it's it's like torrent.
[00:49:50] Unknown:
It doesn't even look like this stuff, like like social media. It looks like the old torrent website where you can download movies,
[00:49:59] Unknown:
but it works on the Nostra protocol. What else do we have? We have HiveTalk. That's replacing Zoom. Let's see. What do we have anything? I'm looking at I'm just scanning to look at my list of stuff that I use. Not much more than that. But like, you know, damus, coracle.social, satellite.earth, primal.net amethyst no stir all these things they can all be different what so that if you're a developer, all you have to do is say how is is basically say the thing that I want to do on the Internet, how do I reduce that down to messages? Or how do I look at the fact that what I'm the information I'm sending is a message? How do I use the Nostra Protocol to do that? And all of a sudden, everything that we have to have on the Internet today is now on Nostra Protocol, and the Nostra Protocol holds our identity and we can never be deleted from a protocol.
[00:51:02] Unknown:
Okay. So now we get really funky. This is where it gets really, really fun. Is
[00:51:13] Unknown:
I'm gonna use fountain the the fountain app. That's my daily driver when I'm using podcasting and and I want podcasting 2.0, I'm reaching for fountain fountain. App first. Go to fountain. If you want a modern podcast, you say you can support this show, go to fountain.app and you can stream me satoshis, you can give me boostgrams, you do all kinds of stuff. But when they built that, few years ago, it it did 2 things, like almost every podcast app does. It does 2 major things. 1, is it downloads and plays podcasts. That is its major reason for being.
But if you have a podcast app that allows you to make comments, that is a second layer. That's a that is a second thing, not a layer. That's a second thing that that app does. That is the social layer. I've got the thing that it does. It plays audio, allows me to rewind and fast forward and do all kinds of stuff. That's the thing that it does, but the other thing that it does is allow people to make comments. That means you gotta drag in a social layer and they built one from scratch. They built a social media layer for fountain, and they built it all the way from the ground up. That's not easy to do.
We take that shit for granted. But recently, I talked to Oscar Mary on the phone, or we had a well, we had a Zoom Google Meet or something like that. And that was because I was signing up for the beta of the new fountain. App protocol, which well, not really protocol, but their their app has changed. And what they've done is they're testing the complete doing away with the social layer that they built because they dragged in nostril they dragged in and they essentially, in a very modular way, plugged their system, their podcast app.
They replaced their social media layer with something that was pre built. No. Twitter would never do that. Facebook would never do that. But now, we've got a situation where we can look at Nostra and say, I've got this thing. This is my website and it does this thing x. Whatever that x is. But I also noticed that I'm going to have to allow people to interact with each other as they interact with this thing that my website does. I don't wanna build a social network layer on top or underneath, my app. I don't have time. So I'll just plug in Nostr and your identity comes along for the ride. All of a sudden, everything becomes easier. Let's say that there's a completely different person that has a website. It does a completely different thing. Their application does something that doesn't even look like this other guy.
And but they need a social layer, too. And they don't want to build it either. It takes too much time. It costs too much to do. So what did they do now? They just look at Nostra and go, well I'll just plug your ass in. And boom, they just dropped in an entire social network With everybody's identity at the protocol layer, with everybody's relationships always intact no matter who gets in trouble where, All of us exist at the protocol layer and no longer at the client layer. So, now all these people that have a necessity to build a thing that has a social element to it, they just plug in Nostra.
[00:54:53] Unknown:
We're at the almost the edge of what we can fathom, except I got one more for you. Money.
[00:55:05] Unknown:
Sure, Dave. This is all about social media. I don't care I don't care what you say. It's all social media, and it doesn't matter. It's all bullshit. Okay. Your phone was social media before social media existed. Was that bullshit? The phone calls that you made that were absconded with in this latest AT and T hack being linked to every single AT and T customer ever, was is that bullshit? No, it's not. But here's what's really not bullshit. My money. If I have $10,000 in Wells Fargo sitting in a savings account and for some reason Wells Fargo decides that I was at the wrong protest, and I call them and say I want, you know, $1,000, I gotta go do something. They say no, we're closing your account but we're holding your money for 90 days, so you can't have access for 3 months to your $10,000.
Now in the world of looking at looking at the situation through the lens of Noster, I would be able to go, okay, and I take my public and my private key over to Bank of America, And I earn insert the key those keys into Bank of America, turn them, and all of a sudden that teller says, oh, I see you have $10,000 in this account. I don't know where this account is, but because you have presented proper identification, here's your $1,000. Oh, and by the way, if, you're having problems with where this money is coming from, you're more than free to do business with us. And I just transferred the entire account over to Bank of America. Now, both these places suck and I would never do that. But do you see the power inherent in a public private key pair rather than your Wells Fargo account number, which will make absolutely no sense to the Bank of America Computer Systems account numbering system.
I just bring my keys with me. And because Bank of America's protocol talks Nostra identity, they know where my money is. And you say, yeah, but you can't put you can't do that with Nostra. Yes, you can. Kind of. Not with Wells Fargo and Bank of America, but I can do it with money. Because it just so happens that Pablo, f seven z, pretty much with a proof of concept that is slicker and snot, and I saw it like yesterday and the day before and the day before that, he posted a video of essentially, he did this. He took my nostril private and public key pair.
He's doing that well, he didn't do it with mine, but the the system is going to allow any of us to do this. And it took he took a private and a public key pair, and he turned them into an ecash wallet. Now for those of you who don't let's say let's back up. I'm not talking about the chammin mint e cash. I'm talking about it in a more general way for those people who are not knowing, don't know what e cash is, you know, for whatever reason don't think that this is gonna happen. But it's like a PayPal account. Okay? Let's just say say e cash is like PayPal or like Apple Pay or any of the other electronic transfer protocols.
Because this is they're all protocols. They transmit messages. That message is how much money do you have and how much do you want to transmit that's the message he turned my public private key pair into that on Noster. So now, in a very real way, and I guess I'm guessing he'll be releasing this as a BIP or or, I mean, a nip. I don't know exactly what Pablo is doing. I'm I'm hoping I get to talk to him about this really soon for the show. But the way that I'm looking at it is the following. Not only can I go to any client that I so choose, regardless of whether clients before have been mad at me and all the people that I got relationships with on that client, those relationships, when the client decides to delete me, will never be deleted because my relationship is not a permissioned relationship with all the people that I now know even though that the original client I was on kicked me off? So all those relationships comes with me, and that's because of my public private key pair.
[00:59:24] Unknown:
But thanks to Pablo f7z, now I have the potential for all my money to come with me. Because now the blurring of the lines
[00:59:35] Unknown:
becomes evident. Am I me, David Bennett, host of the Bitcoin and podcast, or am I a private public key pair? I'm both. I am both. And because I am going to do the work to manage my private key, keep it safe, to the best of my ability. And sure, catastrophe can always happen, but catastrophe can happen on a plane. You could just flaming plane wreck into the Pacific Ocean. That's a catastrophe for you. There's no recovery for you on that one. Right? So yes, I understand, but that's where the work comes in. And we've been outsourcing the work of our identities for decades to third parties that are really shitty at security and when breaches do happen there's no recompense they're not gonna compensate you for this loss they don't care about you And in a very real way, the Nostra Protocol has no ability to care about you.
So therefore, the only real way to hold your identity the way that I think God wants us to hold our identity is to actually put the work into our identity and controlling who gets to, I don't know, who gets to interact with us, in what ways they get to interact with us, and in what format they get to interact with us. And that's by doing the work of holding and making sure that your private key is as safe as can be. And you might say, David, I don't wanna do that work. I understand that there are people out there that they're just too used to doing this.
They're too used to having their account number given to them by Bank of America. They're too used to giving anybody who asks their Social Security number. I understand that there's going to be a large section of humanity that just too lazy to do it themselves. I'm sorry for those people, but I cannot help those people. I'm not going to pray upon those people, but I certainly I'll try to help them, but I know that I'm not going to allow my heart to be broken when they just say you're full of shit. I don't wanna do that work. Kiss off. Bye bye. Pound sand. I'm not gonna my feelings are not gonna be hurt. Because what I found out today, after giving this entire spiel in a very compressed 5 to 7 minute speech, I'm able to expand on it naturally here, But half of the people in that room are what would be classified as boomers. I'm gen x, and then there's some millennia or millennials in there. And then there's actually what gen z. I can't remember what's after millennials, but there's a pretty good mix. But half of them can be considered boomers.
[01:02:37] Unknown:
And after I gave this speech today,
[01:02:41] Unknown:
the oldest member of that group came up to me with his Android phone and asked me, what's a client that I can get to interact with Noster?
[01:02:50] Unknown:
He was purple pilled.
[01:02:53] Unknown:
I had after I discussed it with him for about 5 minutes, I had a second gentleman who was also classified as a boomer come up to me and say, what what clients can I get so that I can play around with this? What what did you call it? Nostr? Yes. And I I I gave him coracle.social because he wants to be on, like, desktop. Right? So I gave him coracle.social. I gave him primal.net, I got gave him satellite.earth, and I'm like, there's 100 of them, and you'll you'll find them, but just figure it out. I did it in 5 to 7 minutes to a room full of boomers.
If I can do it to those guys as a gen xer, then anybody listening to my voice can go out there and give a credible, understandable argument to why you cannot sleep on Nostr. If you do, you do it only at your peril. Because I'm no longer in peril. My identity is free. My identity is portable. And now, my identity is also my bank account. 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
[01:04:23] Unknown:
great day.
Germany's Bitcoin Holdings
Market Updates and Financial News
Listener Boosts and Support
Toastmasters Speech: Freedom of Identity
Nostr Protocol and Its Implications
The Future of Money and Identity
Conclusion and Final Thoughts
