Join me today for Episode 926 of Bitcoin And . . .
Topics for today:
- Trump's "Eyes Open to Bitcoin"
- UK to Liquidate $4 Billion in Bitcoin?
- Learn Me A Bitcoin Guide
- LightningPub and Shock Wallet
- A Search Engine For Bitcoin Tech
#Bitcoin #BitcoinAnd
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Articles:
https://www.youtube.com/watch?v=M2p4XZwb1Zw
https://bitcoinmagazine.com/business/trump-calls-bitcoin-experience-eye-opening-its-not-going-away
https://cointelegraph.com/news/uk-labour-government-liquidate-bitcoin-holdings
https://www.coindesk.com/tech/2024/07/19/galaxy-buys-almost-all-of-cryptomanufakturs-ethereum-assets-to-expand-staking-portfolio/
https://learnmeabitcoin.com/beginners/
- https://www.cnbc.com/futures-and-commodities/
- https://www.cnbc.com/bonds/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
https://www.nobsbitcoin.com/lightning-pub-shockwallet-nostr-based-account-system-for-lightning/
https://www.nobsbitcoin.com/bitcoinsearch-xyz-search-engine-for-bitcoin-tech/
https://www.nobsbitcoin.com/nutsack-v0-1/
https://github.com/nostr-protocol/nips/pull/1369
https://primal.net/e/note1r3y62h8ddfu8z6ncht4wh39p3sw0cm8pay73ccne4983k0408lrssy3xkt
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Licensed under Creative Commons: By Attribution 3.0 License
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[00:00:00]
Unknown:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:29 AM Pacific Daylight Time. It is the god. What? The 19th July 2024.
This is episode 926 of Bitcoin, and that is 74 episodes away from show number 1,000. And I was reminded by Carr over at Pleb Lab in Austin that I'm coming up on show 1,000. And he asked me what I was gonna do for it. And honestly, I didn't have an answer for him, which is I don't think that that's terribly a good attitude for me to have because Show 1,000, if anything, is a pretty big deal. And I need to recognize that, but I'm kind of not coming up with anything that that I would want to be able to do that I could afford to do. Let's put it that way. I mean, if I had all the money in the world, y'all, I would I would rent a venue at a cattle ranch in the middle of the Palouse out here in Eastern Washington, or hell, I might even take it on the road and have a party down on the, like, the river walk in San Antonio and invite everybody to come out. It might even, you know, pop for some for some plane tickets for people that can't afford to come. But I am there's just no way. There's not that much cash laying around my house for me to do such a thing.
So and it's not because I'm a cheapskate. It's because I've got to work within the confines of, you know, anything that I have to be able to do something that recognizes the fact that the Bitcoin and podcast will do a 1 thousandth show. And like I said, if I don't recognize that that's a big deal, then I'm kind of doing myself and y'all a disservice because the only reason this show exists is because of you guys that listen. That that's the only reason that I do this thing. So if you have any ideas that I could pull off, I would love to hear them. Like I said, you guys are the reason this show exists.
I can't imagine asking anybody better to give advice on on what would be a good way to celebrate the 1,000th, episode of Bitcoin, and I just can't I just I just don't think that there's anybody more qualified than you guys to answer that question now the circle p is open for business and the circle P is where I bring plebs like you to plebs like you. But these plebs have goods and services for sale and they are they are selling it for Bitcoin. If they're not selling it for bitcoin, they're not in the circle p. Today is the leathermint.com.
That is the leathermint.com. They make really really nice wallets, and passport holders, and belts. And for a long time they were making, some pocketed large wallets that you could hold, signing devices and stuff in. I don't I think they discontinued those, but it doesn't matter because anything that you get out of the leathermint.com is gonna be of the highest quality that you can imagine. And like the leathermint.com says, like, its description is in the name, they are purveyors of fine leather goods. They're hand stitched, and the stitching is what makes the thing hold together. I don't care how expensive the leather is. If you have a wallet and it is not stitched properly, it doesn't matter how good the leather is. The leather is going to end up just being flaps of leather that don't hold anything because it's the stitching that makes it all come together.
And the Leathermint stitching is absolutely out of this world. You can just go to the website theleathermint, all one word, dot com. You can contact them on nostr@leathermint. And, you can contact them on deadbird@theleathermint. And, for 10% off, use the coupon code Bitcoin and just make sure well, actually, the the since they gave me a coupon code, you don't need to tell them that you heard it from the circle p because that's the whole deal that I worked out with the guys over at Leatherman is just just put in bitcoin and all one word. You'll get 10% off. They will know that I made the sale for them, and then they will get me on the back end with some of those Satoshis. Now, into the news, Trump, well, he called the Bitcoin experience an as eye opening.
It's and it's not going away y'all it's just it's not it's not going away Vivek Sin writing for Bitcoin Magazine former US President Donald Trump has become a vocal supporter of Bitcoin, a stark reversal from his previous skepticism of Bitcoin and crypto. In a recent interview with Bloomberg Businessweek, Trump asserted that Bitcoin is not going away and wants the U. S. To lead in Bitcoin and crypto innovation before China or any other country. This embrace of Bitcoin represents a major shift for Trump. His turnaround comes after delving into crypto and accepting Bitcoin lightning donations during his 2024 campaign. Quote, my experience with it has been amazing, Trump said about his Bitcoin and crypto experience. Quote, I've seen how it works.
It's really been eye opening, end quote. Trump cited China's advance in Bitcoin and crypto as a key reason the United States must secure a leading position. China is very much into it. If we don't do it, China is going to pick it up. I don't want to be responsible for allowing another country to take over this sphere, he said. The former president wants to see Bitcoin mining thrive in America, saying, we want all the remaining Bitcoin to be mined in the USA. He also opposes a digital dollar arguing that it would take away the importance of the dollar. With Bitcoin supporter JD Vance now his running mate, Trump seems intent on making Bitcoin and crypto a signature issue. He is scheduled to give a keynote speech at the upcoming Bitcoin 2024 Conference in Nashville next week. Trump's embrace of Bitcoin indicates how far Bitcoin has come in gaining mainstream acceptance.
And with his odds of retaking the presidency rising, Trump may soon be in a position to implement major pro Bitcoin policies. Alright. So that's that's another example of the misunderstanding of Bitcoin and China's role in Bitcoin as of today. China's not I I China had a chance. In fact, they had 2 chances, and they took neither of them. And when they took a dump on their second chance to become the world leader, the world leader in Bitcoin, Bitcoin mining manufacturing, and Bitcoin mining itself. They basically scared everybody off and most of them went up to what Turkmenistan or Armenia or somewhere around there, and then they started filtering over into the United States.
That ship has sailed. The miners will never trust China again, and Trump doesn't seem to understand that. That's worrisome to me. But I don't expect any of these guys to actually understand Bitcoin at all. So it's not not really me just bitching about Trump. No. No. None of those guys care enough to do the work to understand that China took a shit on Bitcoin twice. It's for those of us that are in the in the know because we've been do we we eat, live and breathe this stuff. That's an easy one. But for the politicians, they need a full research team. They they should probably start hiring some actual bitcoiners to come and do their, those sections of speech writing.
That needs to be, like, advised upon by somebody who actually knows what's going on because otherwise, Trump would have never said that he's worried that China's gonna get a foothold. No, they're not. They're they're they're not. Not anytime soon, anyway. In either event, the other thing about this Trump going to speak at, the at the conference, Nashville 2024. If any of you guys are going, you need to be aware of something. This conference is now an international target. And people will say, well, it probably always has been. Yeah. But now it's a great big target. You've got a guy that would had an attempted assassination done on him in a field in Pennsylvania, survives it by millimeters.
It ignites an entire shit storm around the FBI the Department of Justice the Social Secret Service which is a branch of the United States Treasury Department. I mean, these this this is some heavy shit right here. And it's it's a fiasco. It is a circus. I mean, it's like you thought the clown show was was kinda like not gonna get worse. It just got worse. And now that clown show is going to follow Trump all the way over to Nashville, where there's going to be a whole bunch of people that are wearing Bitcoin swag. Right.
Don't mess around with this. I'm not saying don't go. I'm just saying if you go and it's okay to be just a little paranoid. Just a little. Just because you're paranoid doesn't mean that they're not following you. In that vein, know where your exits are. Don't just walk into a building and go, oh blah blah blah blah and all you care about is where to go get a beer and a hot dog. In this particular case, when you're at the main venue, when you go in, take some time to familiarize yourself with the layout of the floor. I know I'm sounding paranoid, but honestly, this shit will get you out of trouble.
And this goes for anywhere, honestly. Nobody does operational security anymore. But not knowing where the exits are is kind of stupid. In fact, every time you get on a plane, they got a whole crew of people that are telling you exactly where the exits are. It's not because you should be paranoid. It's not because they're paranoid. It's because you should know where your exits are. In case something happens, you need and you need to get out. You need to know where to go to be able to get out. So if you're going to the conference just assume something's going to happen and you can find your way to outside where you can get to safety. I'm not saying anything is going to happen I'm just saying it that the odds would be better of something happening as of you know, now rather than before the assassination attempt on Trump or Trump deciding not saying that he's not going to go to the conference. Like like, nobody invited him or if they would like let's say that they the conference guys invited him and he just said, no. You know what? I I got I've got other engagements.
It wouldn't it wouldn't be as big of a deal, but you would still need to know where your exits are. So please do yourself a favor and at least take a look around the venue if you're going to go. Now, exits. Who might else exit? The UK. I don't like bringing you this news, but, I don't want anybody to be caught unawares. Remember how I was saying what other gotchas for Bitcoin are on the horizon that we don't know about or that we may have forgotten about? Well, it turns out that the United Kingdom has 61,245 BTC. And the question on everybody's tongue is are they gonna pull a Germany?
We'll find out Turner Wright, Coin Telegraph. The transition from a government in the United Kingdom run by the conservative party to 1 under labor has some asking what prime minister Keir Starmer may do with the country's Bitcoin holdings. According to data from crypto intelligence platform ARCEM, the UK government held roughly 61,245 Bitcoin as of July 19th worth more than $4,000,000,000 Now remember, Germany's hoard was 45,000 and it was about 2,900,000,000 So this is this is 25% more. Actually, a little bit more than 25%. Let's see here. The recently appointed UK chancellor of the Exchequer, Rachel Reeves, likely has the discretion to allocate the funds, most of which had been seized as part of a money laundering case against hospitality worker Jianwen.
Though there may be some bureaucratic hurdles to overcome, M. P. Reeves may have the option of liquidating the Bitcoin holdings as part of the Labor government's plan to promote economic stability and growth. God, the irony right there. A policy statement read by King Charles the 3rd on July 17th suggested labor would prioritize building affordable housing and improving the nation's rail system. Prime Minister Starmer has largely been silent on crypto as a labor policy objective but his government introduced 40 bills on July 17th as part of the king's speech.
As shadow city minister and shadow economic secretary before the July 4th election, MP Tulip Siddiq suggested that she intended to crack down on crypto regulations. With more than 61,000 BTC, the UK has one of the largest stockpiles of Bitcoin among world governments, second only to the United States. The German government liquidated its 49,858 BTC holdings over several transactions in June July, netting roughly $2,800,000,000 but it's unclear what Germany intends to do with those funds. The timing of bullish and bearish events in the crypto space could impact when MP Reeves considers selling, if at all.
Analysts have suggested that the lead up to the presidential election in the United States could favor crypto markets, but payouts from BTC Holdings previously frozen at Mt. Gox could similar similarly similarly cause the Bitcoin price to fall. So that is one that I'm not even sure if I forgot about the UK holdings. I'm my gut feeling is I never knew that the UK had such extensive BTC holdings. So Germany's done unless they nab some more. United States is sitting on a massive stockpile. Now I'm I'm I am learning that the UK is sitting on a massive stockpile. We've got Mt. Gox going on and nobody's really we keep tending to forget that FTX is on the horizon because they're in bankruptcy.
And I never can tell whether or not they actually had BTC or they didn't have BTC. It's very confusing. But I'm going to go with the assumption that there is a lot of bitcoin underneath the umbrella held by FTX that will have to be somehow disseminated to the creditors, Whether it's liquidated and disseminated or given directly to, I guess at this point is is is up in the air. So there's there's more stuff on the horizon. And my feeling is this. This may be the only way. This may be the only way that the rest of the people of the world are able to get a hold of any amount of Bitcoin at all is through governments continually doing the stupid and selling their Bitcoin hoard on the open market.
Who knows? But just please be aware that this is not over. Now, this nowhere in here did it say that they were going to sell. That they had somebody in the, you know, in with the the inside baseball saying they knew a person with, you know, a person familiar with the matter says that they are definitely going to sell. That is not the case. We don't know anything other than the fact of 2 things. The UK government has over 61,000 Bitcoin. 2, the party has switched from conservative to the labor camp as of these last elections. That's all we really know. Okay? So just understand we might be in for some chop.
Now, Galaxy buys almost all of crypto manufacturers' assets expanding Ethereum staking portfolio. I know you're screaming I don't want to hear about Ethereum, but this one is important. Not for Ethereum, but for why it is important not to ever hold ethereum galaxy digital the publicly traded crypto firm led by Michael Novogratz has acquired substantially all of the assets of blockchain node operator Crypto Manufacture LLC, in a deal that will increase the company's Ethereum assets under stake by about 43%. And that's really the meat and potatoes of this whole thing. They're going to have a shit ton more Ethereum under staking, which means what?
They've got more voting power of what is a valid transaction in the Ethereum ecosystem than they did. The agreement with the company, known as CMF, was announced in a press release provided exclusively to CoinDesk. According to a spokesperson, Galaxy is acquiring the operations and engineering teams and the operations that come with those. CMF founder Thorsten Behrens, as part of a 3 person engineering team will join Galaxy's blockchain infrastructure team, which provides staking and blockchain validator services to qualified investors, protocols and digital asset platforms, according to the press release.
Galaxy has been expanding into blockchain infrastructure, adding to its primary business lines of trading and investment management. Novogratz is closely followed figure in crypto and on business TV networks like CNBC, partly because of his deep background on Wall Street. He was as he was an executive at Goldman Sachs and Hedge Fund Fortress Investment Group. This is really all we need to know. And this is the whole reason I brought this to you is that you're going to see consolidation in the Ethereum ecosystem, especially when it comes to the infrastructure behind it. Because that infrastructure automatically comes with staked ethereum and this doesn't happen in bitcoin now people can hoard bitcoin people can go buy Bitcoin but that affects the open market but with staking there's way more insidious shit yeah sure you got to buy this stuff on the open market or or private auctions to get a hold of it. And if you're buying it on the open market, it does it, you know, it will affect the price. But once it's bought, the people that are doing all this, they they have a tendency to stake their Ethereum. And when they stake their Ethereum, they're doing it because they want to produce a yield. And, of course, the question always is, where does the yield come from? Well, it comes from rubes that think that the staking situation is superior in quality to the security of the Bitcoin time chain.
This is not true. All this staking really does is give people like Michael Novogratz the ability to validate transactions as they see fit. Which means that the Ethereum chain is 100% cut. And has been for a while, but if you needed a reminder: This is the way it's going to go. Michael is not going to stop here. Galaxy Digital is not going to stop here. They're going to buy more and more and more infrastructure that includes staked Ethereum until nobody can do anything without these guys' permission. And if that's the way you wanna live, then by all means, go buy some freaking Ethereum. I don't care because if you're going to do that I cannot help you. But this can.
Learn me a bitcoin dot com. That's learn me a bitcoin dot com. Learn me a bitcoin dot com. You can learn me a Bitcoin over here at learn me a Bitcoin dot com. It's a website that was put together by who was hold on for a sec. Let me get back to the main page. And it was started by a gentleman named Greg Walker. And he put has put together a really nice looking website that has a beginner section. And we kind of need better onboarding and I have kind of I think I've heard of Learn Me a Bitcoin but it came back up on my radar today and I wanted to make sure that I told everybody that if you've got a newbie in your midst and they're interested, you might consider sending them to learn me a bitcoin dot com.
Like, I'm looking at the beginner section. So it's learn me at bitcoin.com/beginners. And it's got a getting started section, which includes descriptions of what are wallets, how do they work, where can you get them, Exchanges. Sending Bitcoin. The security of Bitcoin. And then he's got a full guide about the Bitcoin network, nodes, mining, blockchain, blocks, difficulty transactions, outputs, locks, keys and addresses, private keys, public keys, digital signatures, SegWit. Then he's got an entire technical section that gets into the deeper parts of all of these same things.
So it kind of takes people on a ride all the way down the Bitcoin technical rabbit hole and finally he ends up with tools. He's got a full list of all of the web based Bitcoin tools available on this site and it's a toolbox for Bitcoin programmers. So he takes people from the very beginning of their journey what's a wallet? What's a time chain? What is an actual Bitcoin? Because most of us, we don't talk about this a lot anymore. We, you know, many of us have been here long enough feel comfortable enough that we kind of stopped talking about it. But when we stop talking about it, we're kind of leaving some of the newbies out in the wind to twist. So, if you've got a newbie on your hands, send him to learn meabitcoin.com and let them roam free.
Let's run the numbers. CNBC Futures and Commodities breaking. The stock making the biggest move today on the stock market is Crowdstrike. In fact, the trending 5 it looks like 5 of the trending or 4 of the trending, top five stories on cnbc.com right now is largest IT outage in history. How a software update from cyber firm CrowdStrike caused one of the biggest IT blackouts. Crowd strike issues cause a major outage affecting businesses around the world, and fight flights are grounded, and passengers have been warned of delays amid global IT outage. Yeah. This CrowdStrike thing is is really really really bad. It's being said that it is the largest, most, I was about to say lethal but it's not lethal yet as far as I know.
Really destructive. This is really destructive. But you know what's not jacked up by this CrowdStrike thing that went to all these Windows machines a, my computer. Because my computer runs on Windows 7. Actually, that's not the reason why, but I just thought I'd I'd throw that out there to all the people that still make fun of me for running something that doesn't get updates anymore. Thank god I didn't get the CrowdStrike up up, update. Bitcoin, Lightning Network, e cash, none of those are down. None of those are down. Linux? Just fine.
Windows? Screwed. From one end of the world to the other. Top to bottom, side to side, through and through. And hopefully they get their little red wagon fixed. But in the meantime, oil and energy futures are taking it on the chin. Oil, West Texas Intermediate is down 2 and a half points. $80.70. Brenton Norsese down 2 and a third. Natural gas down a full point. Gasoline down almost a point and a half to $2.47 a gallon. Shiny metal rocks are having a bad day. Gold having a bad day. 2.15 percent to the downside. $2,403.50.
Silver is over 3 points to the downside. Platinum is down 1.17%. Copper is down just under a point, and palladium is down 2.71%. Agricultural futures, gold and all its brethren are down today having actually a really bad day. In fact, gold down 2.15 percent to $2,403.50 Silver is down almost 3 full points. Platinum is down 1 a quarter. Copper is down just over 1%. Palladium is down 2.77%. Ag is mostly in the red today, led by chocolate, 4.5% to the downside. Biggest winner is lumber, 1.8 to the upside. Live cattle is up a quarter of a point. Lean hogs up 3 quarters of a point. Feeder cattle down a quarter. Legacy financial guys are having a bad day as well. Dow is down over a point.
S and P is down, oh, 3 quarters of a point. Nasdaq down almost a full point, and the S and P Mini is down 0.76%. Clark Moody's dashboard showing a price of Bitcoin at $66,460. That is $1,310,000,000,000 of market cap, and you can get 27.8 ounces of shiny metal rocks with your 1 Bitcoin of which there are 19,727,600 and 11 point 4 of and fees are relatively low on average 0.08 BTC in fees on a per block basis how many blocks are there? Let's go to mempool. 145 blocks carrying 191,000 transactions clearing at high priorities of 9 satoshis per vbyte. Low priority gonna get you in at 7, and anything, under 1 satoshi per vbyte is going to be purged from mempools around the world.
Hash rate looks to be hanging at 55 no. I'm sorry. 553 point 5 exahashes per second. A little low, but I'm unconcerned because that's a lot of security. Now from Bitcoin and Nutzapped, That was episode 925. I've got a couple of booths here that I need to read and as soon as those things load back up because I had to refresh, I will get them to you. Letter 6173 with 5,001 sat says, god is amazing and should be considered for a more fulfilling life. I agree. PIES, 1,000. Thank you, sir. No. Thank you. God's death with 537. Thank you sir no thank you pies with a 100 sat says this is the way what way pies what way What what way to what? For me to go clubbing some baby seals?
4 Boost on Nutzapped. I brought you Pablo. I brought you I brought you the whole thought of philosophy of the fact that we are now our money and we cannot be separated from it. We're not chained to a wallet. A wallet isn't chained to our identity. There are no cables or pipes or anything between us and a wallet. No. Pablo gave us nutsaps yesterday and that means that our private public key is a wallet. It's the money. It's not even a wallet. It's the actual freaking money on relays. Remember we said notes and other stuff on relays? Well, we never thought that the other stuff might actually include money. And I get 4? 4?
4? I am clubbing some baby seals this weekend. That's the weather report. Welcome to part 2 of the news that you can use lightning. Pub and shock wallet, a nostr based accounting system for Lightning. Lightning. Pub is a Nostr native account system designed to make running Lightning infrastructure for your family and customers easier than previously thought possible. Shock Wallet is the first wallet to use Nostr based accounts for Lightning Network connections. I can't keep up with this shit anymore, guys. Lightning. Pub is a Nostr based Lightning node system for sharing access and connecting from apps.
Pub is for the first time, a turnkey solution for node runners to share their nodes with friends, families, customers and power apps over Nostr. Pub provides Lightning with a third layer that enables Node Runners and Uncle Jims to more easily bring their personal network into Bitcoin's permissionless economy. In doing so, pub runners can keep the Lightning Network decentralized with custodial scaling that is free of fiat rails, large banks and other forms of high time preference shit coinery, states the project's repository. Quote, Shock Wallet is the reference wallet client that you can use to manage your node and invite guests.
Users can also add multiple accounts from LNURLServices or other pubs. Shock Wallet features node multi sourcing. Hold on. I'm going to do that again. Shock wallet features node multi sourcing and is pushing the boundaries of automation. It allows users to connect to multiple accounts including legacy lnurl ones to manage their balances through a single interface. As an Austrenative Wallet, Shock Wallet also provides multi device sync abilities via NIP 78 enabling, for example, a shared wallet state between a desktop and phone. For God's sakes. Wallet and pub uses nostr.
Let's do it again. Because I'm kinda freaking out. That's why I'm stumbling around my words as I'm reading this I'm reading this cold. I haven't read through this entire thing and it's kind of freaking me out a little bit. Wallet and Pub users. Nope. Users. God. Wallet and Pub uses Nostr to speak a protocol of kind 21,000, which are methods defined in a proto file that is used to auto generate Nostra RPC clients for both the wallet and pub server. Pub is a TypeScript project that we use the iconic framework with React for creating a cross platform interface in Shock Wallet.
We're working towards distribution on Umbrel and Start9 like appliances and integrating product sales hooks. We will then solidify a client library for static payment codes over Nostr and Nostr native Lightning addresses using NIP 0 5 handles, said the developer. You can support the project here. Where is that? Geyser. Fun/project/lightningpub. Okay. So if you didn't get that I'm going to explain it in a different way. And I'm not even going to explain what they're doing. I'm going to explain what this represents. And this is it's not just this. When I look at what I just read and I look at what Pablo did yesterday, I go back to something that I've been talking about for a very long time and that is the fusion of 2 genetically distinct and very different networks.
And I'm going to use mycelium like fungus, you know, that grows in the soil. I talk about it all the time and how important it is for the health of plants and whole forests. But generally speaking, I know that a mycelium or that an organism that has basically the same genetics can breed with each other. We call those species. Humans can breed with other humans and have human babies. That's a species. Humans, well, like I'm not gonna get into bestiality. So human or, dogs and cats cannot breed. They are distinct different species, and the reason they can't breed a I mean, let let's just call it, physiological differences like in anatomy, sizing, and all that stuff. But even if you could, the genetics don't work. The genetics of a dog don't fuse with the genetics of cat when, you know, sperm meets egg.
Like it does in in like, you know, 2 individuals from the same type of species. I've always wondered if I had a huge network of mycelium in the soil that does all the wonderful things that I've talked about and I have another completely different genetically different species that is just as big of a network that does all of its wonderful things but in a slightly different way what happens when those two networks fuse? Because one of the things that's a hallmark about many different kinds, especially of soil bacteria like mycorrhizae, is that whole nuclei containing all of the genetic information of those of the fungus is free to flow throughout the entirety of the network.
Generally speaking, in higher order organisms like us, and we are our cells are eukaryotic. Right? We've got a nucleus and inside that nucleus is where the, you know, where all the DNA is and then we've got machinery outside the nucleus and those compartments are kept separate, unlike a bacterial cell where everything is all just kind of mixed up. So, we are higher order organisms and fungus is no different. But my question the minute that I saw that in many different species of fungus that the that the, nucleus is free to move from cell to cell, and which is not the case in mammals and not the case in trees and grass and plants and shrubs and shit like that but in fungus the whole nucleus containing all of the information, and that's a lot of information, is free to move. And not only is it free to move, they do.
The nucleus or the nuclei in these organisms are it's like a highway. It's like looking at a freeway or an interstate system at the organismal level. Now what happens when 2 different or genetically different networks meet and fuse because I know networks of the same genetics confuse but I don't know if we really do know whether or not 2 networks of completely different genetics confuse because if they did now that information is passing through not the first network but also through the fusion pipes and into the second network So, that's what's going on here.
The Doster is an organism that does not have an allergic reaction or any type of immune response at all to the Bitcoin ecosystem Bitcoin has been infiltrating the nostril ecosystem and nostril is starting to infiltrate the Bitcoin ecosystem and I'm talking about at the technical level not the social layer I'm not worried that I'm not even worried about that. Just at the the fundamental technical level, we've got 2 organisms that look on the surface like they're genetically different. My contention is that they're not. That the people that have designed both systems have designed it coming out of a single type of thought pattern That thought pattern being censorship resistance.
Bitcoin is censorship resistant money. Nasr censorship resistant information from individuals. And when those two networks meet, and they are meeting I'm not saying when, as in if it's a possibility this shit is already happening. I just read you that. That's proof right there. This whole Lightning Pub and Shock Wallet thing is going to be very important. Nutzaps that was released by Pablo is already very important. Bitcoin clearly important. Lightning Network clearly important and now we've got not 1, not 2, not 3, not 1, not 2, not 3, but 4 networks that are that are colliding together and they're going to start figuring out that they can share information natively It won't be that hard to get to to tweak that a little bit by the developers on all in all 4 of these projects. But then we got the 5th project, which is that whole Project Alexandria.
So now it's game on is what I'm saying. It's game on. And if you're not watching or if you're one of the people that say lightning will never work, e cash will never work, but you're still a Bitcoiner or Nostra will never work, you're missing the whole point. It is starting to encompass everything. It's like it's like walking into your basement and seeing just a little bit of mold and go oh god Probably need to do something about that. And then you get high and wander off like tally in South South Park and forget all about that shit. And then you come back a week later and it's fucking everywhere. It's everywhere. And now you've got no hope. No hope to get rid of it. You can't even fumigate it with chlorine gas and have a hope in hell of getting rid of all the mold that's in your basement because it grew at an exponential rate. And when these networks meet, and they are meeting, the the exponential explosion becomes like it's almost like a geometric expansion raised to the exponential power.
It becomes stupid real fast. And if you're not watching how this is moving you're going to be left behind. I feel like I'm hanging on by my fingernails and I look at this stuff every day. I can't imagine somebody who goes for, like, you know, is is an actual Bitcoiner and goes for a week and doesn't understand what the hell happened that week. I don't know how you come back from that but maybe Bitcoin search.xyz will help you because it's a search engine for Bitcoin tech. Bitcoin search is a search engine for exploring the depths of Bitcoin's technical ecosystem.
Want to find that one specific technical Bitcoin nugget? Well, you're in luck. There's only one place that allows you to search the depths of Bitcoin's technical ecosystem and retrieve the highest signal info about Bitcoin Tech. Introducing Bitcoin Search Version 2 announced Bitcoin Dev Project Bitcoin Search is built to get you highly relevant search results For your most specific Bitcoin tech needs, when you want to dive into the depths of technical Bitcoin knowledge, give Bitcoin search a try. The scope is laser focused. Bitcoin tech.
Users can suggest sources deeper in the product. This bolsters our repo of Bitcoin tech sources we build pathways to scrape the data, which grows our library of Bitcoin Tech Literature and Resources added the project. Key Features Elastic Search Integration Directly interfaces with Elasticsearch, leveraging the dataset curated and indexed by the scraper. This integration facilitates robust, full text search capabilities supporting complex queries, filters, and sorting options. URL driven search state. This bandages the search state through URL parameters using Next. Js's router, enabling shareable search URLs and intuitive user navigation. And finally, proxy server for security.
It implements a server side proxy layer for Elasticsearch queries, abstracting away direct access to the Elasticsearch cluster and enriching queries and necessary filters and parameters. Alright. So this is I'm going to file Bitcoin search along over there with project Alexandria right and I'm going to not say anything more about that if you understand if you know, you know. But I will say this. When I was doing a lot of, 3 d modeling, And this goes for like just Photoshop work, too. Some of the hardest things that I had to do in either one of those camps was simply making a selection of an object or pieces of an object that I either needed to delete or or or define in a different way. But it was the selection process that was really tedious.
And if you like, I would spend I I've done it. I've spent an entire hour selecting just the vertices like hundreds of vertices of a singular model and then accidentally hit a keyboard and wipe away my entire selection process? Because selecting things that are different from the other things in your view is actually quite difficult, even for a human. So a search engine is sort of an automated process of doing that with information. And that's why these things are so important. That's why Project Alexandria is going to be critical. It's not just a search engine by the way, but it will what they're doing will enable search engines to crawl it in ways that we have yet to even understand and make selections for us and bring us the relevant information in a sea of information.
And this is this Bitcoin search looks like it's part of that entire ecosystem as well. Going to remind you remind you that nutsack version 0.1 was released. It is a wallet that lives inside Nostr. Okay. Not going to get into this too much until well, actually actually I am. I'm sorry. I lied to you just now. I am going to get into this but I just want to give a small refresher. It's very very small on this whole nutsack thing. Nutzaps are opt in And if you don't opt in to nutzaps, a NIP 60/61 client that zaps you would just do a LNNIP 57 payment.
It would just be paying from e cash, but you would receive it on your lightning network wallet, said Pablo. And the key features again are unified balances across your apps, pocket change that follows you around new users are immediately zappable on Nostr verifiable nutzaps, fasterzaps, and zaps that can't go missing. So I talked about this, on yesterday's, I was on, the meme factory yesterday and I threw a note up there this morning. They they released the episode on YouTube. So I've got put out that link, and I will I think I've got that link somewhere in the, setup for the show notes today. Actually, let me look.
Do I have that? Yes. I do have that. It will be the the link to that particular show is already in the show notes as we speak. But I was talking about the releasing the friction of of new users to Nostr. Like, we'll entice people and say and I was talking about this last night in the meme factory. We'll entice people and say, come on over to Nostr and and and see how easy it is to monetize your content and get zaps and and have money running just right underneath your your quote, unquote social media even though I believe Nostra is social media at all. It's a different beast altogether. But, hey, we gotta start somewhere with newbies. Okay. So newbie comes in and says, okay. I believe you. And goes to a client, goes to coracle.social and spins up a public private key pair. Okay. Already there's there's gonna be some friction there.
This isn't exactly something that I mean, just because it's easy for us doesn't mean that it's easy for them even though it's just a one click process because they're processing what the hell is a private key? What the hell is a public key? Why are there 2 fucking keys? What do I need to keep both keys? Automatically, the friction is in their brain. They're trying to process information and that's a friction. And then after all that said and done and we get them feeling good again, then we tell them this. Okay. Now go set up a lightning network wallet. Wait. What?
Yeah. You gotta go set up if you want the money that I was telling you about, you you gotta do this extra step. Oh, that's not cool. Okay. So then they go and do that, and then automatically their brain is processing what the hell they're looking at. It may be easy to go sign to go get mutiny wallet or or whatever. Whatever, you know, Bitcoin slash Lightning Network wallet you can get your hands on. It they're not that hard, but I'm looking at it from, you know, almost 10 years of experience. So, it's not easy for a newbie. Even if it's just a couple of push buttons, they still have to process what they're looking at.
So, the friction isn't necessarily in the user interface. The friction is getting them to look at what they're looking at and try to understand it at a some kind of first principles fundamental layer. That's hard. And then and then we've got to get that lightning network's wallet or that lightning address lightning wallet address that they just set up and tell them to go back to Nasr, into the client in Coracle, and put it into their bio in, like, you know, NIP name the number and they're like, what the hell is this? That's a lot of friction. What Pablo did was take most of that friction away.
At this point, all I really have to do is get somebody to spin up public private key pair, crunch the numbers in their head as to what they're looking at, and boom, they're zappable. And they can zap other people. They don't need a lightning network wallet. Is it new and fresh? Yes. Does that mean that there's going to be problems? Absolutely. Pablo's going to have to fit Pablo just bought himself an entire year of no sleep. That's what Pablo did. And maybe I'm I'm coming to find out that maybe it's the case that Pablo doesn't need sleep. I don't know. Maybe he's a vampire. Maybe he's just a freaking insomniac, But I guarantee you, he's going to have to start fixing stuff as it breaks.
That's just the way of the developer. But he lifted that friction point and that was a 2 pronged friction point because a you got to get the wallet and then you got to go back to Nasr and put the wallet address somewhere in your bio that says something confusing like your nippo 5 or your nippo 7 or whatever the hell it is. And every single time you do this to a newbie, they're less likely to to give a shit. But if you can just get them to get on Noster, Pablo took care of the rest of it. And I want now what I want to do is just simply say that when Pablo says that this is a NIP sixtysixty one thing, I want to tell you what those are.
And this is from his Github Nostra or Nostra protocol, and from his pull request. He says, and this is from a pull request on nutzaps, but it says: This PR introduces 2 independent but highly related NIPS or Noster Improvement Proposals. I think is what that is. I know definitely Noster Improvement, but I don't know if it's protocol or proposal. I can't remember. But that's how we build stuff into Nostr. Like a new feature, there's a NIP. Sort of like a BIP in Bitcoin. So, either NIP can be implemented separately and has independent benefits.
The NIP 60 is the cashew wallets. Store cashew proofs in relays, so that the wallet balance can follow you around Nostr and can be easily spent from any client. Just like you load a client and you follow your follow list is there, so can your pocket money. Okay. So that's what this NIP sixty part of this protocol of this specification does. And this is the specification for the whole nut zap thing. Now, nip61 is the nutzaps themselves. It is a scheme to send nutzaps. These are p 2 p k locked cashew transfers that are not encrypted, but require a signature from a private key to be redeemed.
Anyone can see the payload, but only the holder of the private key can spend them. Later on I'll add dleq proofs I don't know what that is to the nutzaps to make it possible to validate the validity of the proofs without talking to the mints. And the mints are like you have to have like a mint, on the back end to make a bunch of this work. And it looks like he wants to take that little nugget out, too. Nutzaps have no zapper pub key, where a third party has to sign off on a zap that occurred. NIP 60, the previous Cashew wallet specification money, can be used to send NIP 57 zaps by instructing the Mint to pay the recipients BOLT 11 or NIP61 nutzaps. And here are the important considerations: Because e cash is such a contentious topic here's a TLDR you must opt in to receive NIP61 nutzaps.
If you don't signal with a bunch of mints that you want to receive nutzaps on them, people will not be able to nutzap you. And then 2, nut zaps can provide a way around the issues that Huddl invoices, e g zaps to Zeus users, Cause with cause with force closures, a Zeus user could use a NutZap as a temporary hold while they are offline and the moment they come online, sweep everything into their Zeus wallet. So, that's the the definition of the specifications between the NIP on the NIP 60 and the NIP 60 1 in both of them. You kinda need for this whole nut zaps thing to to actually work.
But it's the NIP 60 that causes the philosophy of what we're talking about when it comes to my identity being connected to a wallet to to flip. Now I am the wallet. I'm I mean it's like it is so shortened the the the distance between me and my wallet as to put my wallet actually inside my body is is another way to look at it. And that is a complete paradigm shift. It's not That's like 12 words in your head walking over the border with $50,000,000,000 and not a another penny to your name. Right? That that's what this is. Now, you're no one's gonna put $50,000,000,000 into nutzaps, at least not today. And if you want to, then you're insane. It's experimental.
It is dangerous. Please understand when I started using it the the first thing I did was put in like a 100, 100 or no. I put in 10 and then I put in like, I don't know, another 420. So that I could do the artwork, the album art for the show yesterday. I'm not going to put in like 10,000. I'm not going to put in a 100,000. I'm going to keep it low. I'm going to be responsible. I'm not going to be reckless. Hashtag reckless. And I recommend that you do the same. Let's let's shake that let's shake this crap out. Let's see what falls off as we get up to 60 miles an hour before we do anything else. Now, finally, Zach has well, he's done something.
Trust minimized insect bunker with frost keys. And he says in this note, and I'm not gonna play the video to it, but, here's a demo of my new InsectBunker implementation. Insect Bunker, also Pablo, was a way to keep your private keys somewhere else. Sort of like I use git albi, InsectBunker is the same thing and it can sign into all these Nostr clients for you. Alright. So, here's a demo of my new InsectBunker implementation with frost signatures. This works by creating a 2 of 2 frost signature scheme which means means this means that unless both a malicious client and Bunker conspired to rug you at the same time, you are safe.
So this is a key scheme to be able to sign into all these clients that gives you yet another layer of sign in safety, good feels when it comes to, am I really safe doing this? And this looks to me like what it's doing is saying you need 2 signatures, Right? Not 2 private keys. You you spin up one private key, but that private key is used to make up some other things. And that's where you get this 2 of 2 signature. So that they work in concert, like the Insect Bunker works in concert with another type of client with these frost signatures to say are both are are you good with are both of y'all good that this is the dude And if that is if that is in fact the case, then those two signatures are, like, those two keys are turned and you've logged into, I don't know, like primal or coracle.social or something like that. Whatever the, you know, many hundreds of clients that you can use Insect Bunker with. Again, probably experimental, probably not, you know, ready for prime time, but the amount of development that's going on in Noster right now reminds me of the amount of develop development that we used to see in Bitcoin and people go, yeah, dude, no, but development in Bitcoin.
I think that we need to understand that to take a census on where are we at in Bitcoin security wise? Do we need more features? Because just out in Nostra by itself, there's a lot of stuff that people were bitching about wanting to be able to do at the Bitcoin protocol level that has ultimately gone over to Noster and works just fine over there. It doesn't mean that it has the security of Bitcoin, but again if you're running around with like some kind of, you know, nutzap wallet with a $100,000,000 in it, you deserve to lose all your money because that's stupid. So, do we need that much more protocol based development on on Bitcoin protocol itself. And I'm not calling for straight up ossification, although it is in the back of my mind.
But I am saying I think we probably need to to say at one point or another, how much more development can you do? You know, it's like people seem to need to be excited about the Bitcoin protocol development. Aren't we aren't we far enough along that we can start doing some other things without going, look, it's stagnant. Nobody's doing shit over there. Do we really need that? And that's only a question you can answer. And you have to only be able to answer it for yourself. You can't answer it for anybody. But if I'm answering that question for myself, I'm saying I think they can slow down. I and I I don't think that is not it's not that they can slow down or that I'm giving them permission to slow down.
If they start saying we need to have the type of development that we used to have 5 years ago then they are going to be making mistakes. There's only so good that you can get something. And if you're just developing for development's sake you're going to screw up the very thing that actually worked that you developed first. That's probably not a good idea. So, again, going back to the question is it okay that development on Bitcoin appears to have slowed down? My answer to that for me is I am unaffected by it. I'm totally okay with it. I'm not worried about that. It doesn't make sense for me to worry about that because I'm watching all of this stuff go on on nuts apps and noster and lightning dot pub and all this stuff that I just gave you today.
That's I mean, just the information that I gave you today is enough to set your mind afire for a month, of which this will be the last show that I do for here at home base in Eastern Washington. Okay. So that said, I am planning on taking my mobile recording, podcasting rig with me. That does not mean that it's going to work the way that I think it's going to work. Right? So bear with me because I'm going to be gone for at least until I think I'm going to say the 7th August. Now, I'm going to very much try. In fact, I'm going to force myself to figure out how to get shows to you while I'm up there, because I've always wanted to do that. And now I have the means to do that.
The only thing that will stop me is things like upload speed from the house the house Wi Fi and other other particular items like temperature of the day because the place that I'm planning on doing it may get too hot. And if I'm not do if I'm not out there by 5 in the morning, it may not be doable. So we'll just have to see, and I'm asking you, my friends, my listeners to bear with me over the next, you know, little over 2 weeks. But I will be back at home base in August 7th And no matter what happens with the show while I'm up there in Colorado or down there in Colorado nowadays, I will be back. So I will see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:29 AM Pacific Daylight Time. It is the god. What? The 19th July 2024.
This is episode 926 of Bitcoin, and that is 74 episodes away from show number 1,000. And I was reminded by Carr over at Pleb Lab in Austin that I'm coming up on show 1,000. And he asked me what I was gonna do for it. And honestly, I didn't have an answer for him, which is I don't think that that's terribly a good attitude for me to have because Show 1,000, if anything, is a pretty big deal. And I need to recognize that, but I'm kind of not coming up with anything that that I would want to be able to do that I could afford to do. Let's put it that way. I mean, if I had all the money in the world, y'all, I would I would rent a venue at a cattle ranch in the middle of the Palouse out here in Eastern Washington, or hell, I might even take it on the road and have a party down on the, like, the river walk in San Antonio and invite everybody to come out. It might even, you know, pop for some for some plane tickets for people that can't afford to come. But I am there's just no way. There's not that much cash laying around my house for me to do such a thing.
So and it's not because I'm a cheapskate. It's because I've got to work within the confines of, you know, anything that I have to be able to do something that recognizes the fact that the Bitcoin and podcast will do a 1 thousandth show. And like I said, if I don't recognize that that's a big deal, then I'm kind of doing myself and y'all a disservice because the only reason this show exists is because of you guys that listen. That that's the only reason that I do this thing. So if you have any ideas that I could pull off, I would love to hear them. Like I said, you guys are the reason this show exists.
I can't imagine asking anybody better to give advice on on what would be a good way to celebrate the 1,000th, episode of Bitcoin, and I just can't I just I just don't think that there's anybody more qualified than you guys to answer that question now the circle p is open for business and the circle P is where I bring plebs like you to plebs like you. But these plebs have goods and services for sale and they are they are selling it for Bitcoin. If they're not selling it for bitcoin, they're not in the circle p. Today is the leathermint.com.
That is the leathermint.com. They make really really nice wallets, and passport holders, and belts. And for a long time they were making, some pocketed large wallets that you could hold, signing devices and stuff in. I don't I think they discontinued those, but it doesn't matter because anything that you get out of the leathermint.com is gonna be of the highest quality that you can imagine. And like the leathermint.com says, like, its description is in the name, they are purveyors of fine leather goods. They're hand stitched, and the stitching is what makes the thing hold together. I don't care how expensive the leather is. If you have a wallet and it is not stitched properly, it doesn't matter how good the leather is. The leather is going to end up just being flaps of leather that don't hold anything because it's the stitching that makes it all come together.
And the Leathermint stitching is absolutely out of this world. You can just go to the website theleathermint, all one word, dot com. You can contact them on nostr@leathermint. And, you can contact them on deadbird@theleathermint. And, for 10% off, use the coupon code Bitcoin and just make sure well, actually, the the since they gave me a coupon code, you don't need to tell them that you heard it from the circle p because that's the whole deal that I worked out with the guys over at Leatherman is just just put in bitcoin and all one word. You'll get 10% off. They will know that I made the sale for them, and then they will get me on the back end with some of those Satoshis. Now, into the news, Trump, well, he called the Bitcoin experience an as eye opening.
It's and it's not going away y'all it's just it's not it's not going away Vivek Sin writing for Bitcoin Magazine former US President Donald Trump has become a vocal supporter of Bitcoin, a stark reversal from his previous skepticism of Bitcoin and crypto. In a recent interview with Bloomberg Businessweek, Trump asserted that Bitcoin is not going away and wants the U. S. To lead in Bitcoin and crypto innovation before China or any other country. This embrace of Bitcoin represents a major shift for Trump. His turnaround comes after delving into crypto and accepting Bitcoin lightning donations during his 2024 campaign. Quote, my experience with it has been amazing, Trump said about his Bitcoin and crypto experience. Quote, I've seen how it works.
It's really been eye opening, end quote. Trump cited China's advance in Bitcoin and crypto as a key reason the United States must secure a leading position. China is very much into it. If we don't do it, China is going to pick it up. I don't want to be responsible for allowing another country to take over this sphere, he said. The former president wants to see Bitcoin mining thrive in America, saying, we want all the remaining Bitcoin to be mined in the USA. He also opposes a digital dollar arguing that it would take away the importance of the dollar. With Bitcoin supporter JD Vance now his running mate, Trump seems intent on making Bitcoin and crypto a signature issue. He is scheduled to give a keynote speech at the upcoming Bitcoin 2024 Conference in Nashville next week. Trump's embrace of Bitcoin indicates how far Bitcoin has come in gaining mainstream acceptance.
And with his odds of retaking the presidency rising, Trump may soon be in a position to implement major pro Bitcoin policies. Alright. So that's that's another example of the misunderstanding of Bitcoin and China's role in Bitcoin as of today. China's not I I China had a chance. In fact, they had 2 chances, and they took neither of them. And when they took a dump on their second chance to become the world leader, the world leader in Bitcoin, Bitcoin mining manufacturing, and Bitcoin mining itself. They basically scared everybody off and most of them went up to what Turkmenistan or Armenia or somewhere around there, and then they started filtering over into the United States.
That ship has sailed. The miners will never trust China again, and Trump doesn't seem to understand that. That's worrisome to me. But I don't expect any of these guys to actually understand Bitcoin at all. So it's not not really me just bitching about Trump. No. No. None of those guys care enough to do the work to understand that China took a shit on Bitcoin twice. It's for those of us that are in the in the know because we've been do we we eat, live and breathe this stuff. That's an easy one. But for the politicians, they need a full research team. They they should probably start hiring some actual bitcoiners to come and do their, those sections of speech writing.
That needs to be, like, advised upon by somebody who actually knows what's going on because otherwise, Trump would have never said that he's worried that China's gonna get a foothold. No, they're not. They're they're they're not. Not anytime soon, anyway. In either event, the other thing about this Trump going to speak at, the at the conference, Nashville 2024. If any of you guys are going, you need to be aware of something. This conference is now an international target. And people will say, well, it probably always has been. Yeah. But now it's a great big target. You've got a guy that would had an attempted assassination done on him in a field in Pennsylvania, survives it by millimeters.
It ignites an entire shit storm around the FBI the Department of Justice the Social Secret Service which is a branch of the United States Treasury Department. I mean, these this this is some heavy shit right here. And it's it's a fiasco. It is a circus. I mean, it's like you thought the clown show was was kinda like not gonna get worse. It just got worse. And now that clown show is going to follow Trump all the way over to Nashville, where there's going to be a whole bunch of people that are wearing Bitcoin swag. Right.
Don't mess around with this. I'm not saying don't go. I'm just saying if you go and it's okay to be just a little paranoid. Just a little. Just because you're paranoid doesn't mean that they're not following you. In that vein, know where your exits are. Don't just walk into a building and go, oh blah blah blah blah and all you care about is where to go get a beer and a hot dog. In this particular case, when you're at the main venue, when you go in, take some time to familiarize yourself with the layout of the floor. I know I'm sounding paranoid, but honestly, this shit will get you out of trouble.
And this goes for anywhere, honestly. Nobody does operational security anymore. But not knowing where the exits are is kind of stupid. In fact, every time you get on a plane, they got a whole crew of people that are telling you exactly where the exits are. It's not because you should be paranoid. It's not because they're paranoid. It's because you should know where your exits are. In case something happens, you need and you need to get out. You need to know where to go to be able to get out. So if you're going to the conference just assume something's going to happen and you can find your way to outside where you can get to safety. I'm not saying anything is going to happen I'm just saying it that the odds would be better of something happening as of you know, now rather than before the assassination attempt on Trump or Trump deciding not saying that he's not going to go to the conference. Like like, nobody invited him or if they would like let's say that they the conference guys invited him and he just said, no. You know what? I I got I've got other engagements.
It wouldn't it wouldn't be as big of a deal, but you would still need to know where your exits are. So please do yourself a favor and at least take a look around the venue if you're going to go. Now, exits. Who might else exit? The UK. I don't like bringing you this news, but, I don't want anybody to be caught unawares. Remember how I was saying what other gotchas for Bitcoin are on the horizon that we don't know about or that we may have forgotten about? Well, it turns out that the United Kingdom has 61,245 BTC. And the question on everybody's tongue is are they gonna pull a Germany?
We'll find out Turner Wright, Coin Telegraph. The transition from a government in the United Kingdom run by the conservative party to 1 under labor has some asking what prime minister Keir Starmer may do with the country's Bitcoin holdings. According to data from crypto intelligence platform ARCEM, the UK government held roughly 61,245 Bitcoin as of July 19th worth more than $4,000,000,000 Now remember, Germany's hoard was 45,000 and it was about 2,900,000,000 So this is this is 25% more. Actually, a little bit more than 25%. Let's see here. The recently appointed UK chancellor of the Exchequer, Rachel Reeves, likely has the discretion to allocate the funds, most of which had been seized as part of a money laundering case against hospitality worker Jianwen.
Though there may be some bureaucratic hurdles to overcome, M. P. Reeves may have the option of liquidating the Bitcoin holdings as part of the Labor government's plan to promote economic stability and growth. God, the irony right there. A policy statement read by King Charles the 3rd on July 17th suggested labor would prioritize building affordable housing and improving the nation's rail system. Prime Minister Starmer has largely been silent on crypto as a labor policy objective but his government introduced 40 bills on July 17th as part of the king's speech.
As shadow city minister and shadow economic secretary before the July 4th election, MP Tulip Siddiq suggested that she intended to crack down on crypto regulations. With more than 61,000 BTC, the UK has one of the largest stockpiles of Bitcoin among world governments, second only to the United States. The German government liquidated its 49,858 BTC holdings over several transactions in June July, netting roughly $2,800,000,000 but it's unclear what Germany intends to do with those funds. The timing of bullish and bearish events in the crypto space could impact when MP Reeves considers selling, if at all.
Analysts have suggested that the lead up to the presidential election in the United States could favor crypto markets, but payouts from BTC Holdings previously frozen at Mt. Gox could similar similarly similarly cause the Bitcoin price to fall. So that is one that I'm not even sure if I forgot about the UK holdings. I'm my gut feeling is I never knew that the UK had such extensive BTC holdings. So Germany's done unless they nab some more. United States is sitting on a massive stockpile. Now I'm I'm I am learning that the UK is sitting on a massive stockpile. We've got Mt. Gox going on and nobody's really we keep tending to forget that FTX is on the horizon because they're in bankruptcy.
And I never can tell whether or not they actually had BTC or they didn't have BTC. It's very confusing. But I'm going to go with the assumption that there is a lot of bitcoin underneath the umbrella held by FTX that will have to be somehow disseminated to the creditors, Whether it's liquidated and disseminated or given directly to, I guess at this point is is is up in the air. So there's there's more stuff on the horizon. And my feeling is this. This may be the only way. This may be the only way that the rest of the people of the world are able to get a hold of any amount of Bitcoin at all is through governments continually doing the stupid and selling their Bitcoin hoard on the open market.
Who knows? But just please be aware that this is not over. Now, this nowhere in here did it say that they were going to sell. That they had somebody in the, you know, in with the the inside baseball saying they knew a person with, you know, a person familiar with the matter says that they are definitely going to sell. That is not the case. We don't know anything other than the fact of 2 things. The UK government has over 61,000 Bitcoin. 2, the party has switched from conservative to the labor camp as of these last elections. That's all we really know. Okay? So just understand we might be in for some chop.
Now, Galaxy buys almost all of crypto manufacturers' assets expanding Ethereum staking portfolio. I know you're screaming I don't want to hear about Ethereum, but this one is important. Not for Ethereum, but for why it is important not to ever hold ethereum galaxy digital the publicly traded crypto firm led by Michael Novogratz has acquired substantially all of the assets of blockchain node operator Crypto Manufacture LLC, in a deal that will increase the company's Ethereum assets under stake by about 43%. And that's really the meat and potatoes of this whole thing. They're going to have a shit ton more Ethereum under staking, which means what?
They've got more voting power of what is a valid transaction in the Ethereum ecosystem than they did. The agreement with the company, known as CMF, was announced in a press release provided exclusively to CoinDesk. According to a spokesperson, Galaxy is acquiring the operations and engineering teams and the operations that come with those. CMF founder Thorsten Behrens, as part of a 3 person engineering team will join Galaxy's blockchain infrastructure team, which provides staking and blockchain validator services to qualified investors, protocols and digital asset platforms, according to the press release.
Galaxy has been expanding into blockchain infrastructure, adding to its primary business lines of trading and investment management. Novogratz is closely followed figure in crypto and on business TV networks like CNBC, partly because of his deep background on Wall Street. He was as he was an executive at Goldman Sachs and Hedge Fund Fortress Investment Group. This is really all we need to know. And this is the whole reason I brought this to you is that you're going to see consolidation in the Ethereum ecosystem, especially when it comes to the infrastructure behind it. Because that infrastructure automatically comes with staked ethereum and this doesn't happen in bitcoin now people can hoard bitcoin people can go buy Bitcoin but that affects the open market but with staking there's way more insidious shit yeah sure you got to buy this stuff on the open market or or private auctions to get a hold of it. And if you're buying it on the open market, it does it, you know, it will affect the price. But once it's bought, the people that are doing all this, they they have a tendency to stake their Ethereum. And when they stake their Ethereum, they're doing it because they want to produce a yield. And, of course, the question always is, where does the yield come from? Well, it comes from rubes that think that the staking situation is superior in quality to the security of the Bitcoin time chain.
This is not true. All this staking really does is give people like Michael Novogratz the ability to validate transactions as they see fit. Which means that the Ethereum chain is 100% cut. And has been for a while, but if you needed a reminder: This is the way it's going to go. Michael is not going to stop here. Galaxy Digital is not going to stop here. They're going to buy more and more and more infrastructure that includes staked Ethereum until nobody can do anything without these guys' permission. And if that's the way you wanna live, then by all means, go buy some freaking Ethereum. I don't care because if you're going to do that I cannot help you. But this can.
Learn me a bitcoin dot com. That's learn me a bitcoin dot com. Learn me a bitcoin dot com. You can learn me a Bitcoin over here at learn me a Bitcoin dot com. It's a website that was put together by who was hold on for a sec. Let me get back to the main page. And it was started by a gentleman named Greg Walker. And he put has put together a really nice looking website that has a beginner section. And we kind of need better onboarding and I have kind of I think I've heard of Learn Me a Bitcoin but it came back up on my radar today and I wanted to make sure that I told everybody that if you've got a newbie in your midst and they're interested, you might consider sending them to learn me a bitcoin dot com.
Like, I'm looking at the beginner section. So it's learn me at bitcoin.com/beginners. And it's got a getting started section, which includes descriptions of what are wallets, how do they work, where can you get them, Exchanges. Sending Bitcoin. The security of Bitcoin. And then he's got a full guide about the Bitcoin network, nodes, mining, blockchain, blocks, difficulty transactions, outputs, locks, keys and addresses, private keys, public keys, digital signatures, SegWit. Then he's got an entire technical section that gets into the deeper parts of all of these same things.
So it kind of takes people on a ride all the way down the Bitcoin technical rabbit hole and finally he ends up with tools. He's got a full list of all of the web based Bitcoin tools available on this site and it's a toolbox for Bitcoin programmers. So he takes people from the very beginning of their journey what's a wallet? What's a time chain? What is an actual Bitcoin? Because most of us, we don't talk about this a lot anymore. We, you know, many of us have been here long enough feel comfortable enough that we kind of stopped talking about it. But when we stop talking about it, we're kind of leaving some of the newbies out in the wind to twist. So, if you've got a newbie on your hands, send him to learn meabitcoin.com and let them roam free.
Let's run the numbers. CNBC Futures and Commodities breaking. The stock making the biggest move today on the stock market is Crowdstrike. In fact, the trending 5 it looks like 5 of the trending or 4 of the trending, top five stories on cnbc.com right now is largest IT outage in history. How a software update from cyber firm CrowdStrike caused one of the biggest IT blackouts. Crowd strike issues cause a major outage affecting businesses around the world, and fight flights are grounded, and passengers have been warned of delays amid global IT outage. Yeah. This CrowdStrike thing is is really really really bad. It's being said that it is the largest, most, I was about to say lethal but it's not lethal yet as far as I know.
Really destructive. This is really destructive. But you know what's not jacked up by this CrowdStrike thing that went to all these Windows machines a, my computer. Because my computer runs on Windows 7. Actually, that's not the reason why, but I just thought I'd I'd throw that out there to all the people that still make fun of me for running something that doesn't get updates anymore. Thank god I didn't get the CrowdStrike up up, update. Bitcoin, Lightning Network, e cash, none of those are down. None of those are down. Linux? Just fine.
Windows? Screwed. From one end of the world to the other. Top to bottom, side to side, through and through. And hopefully they get their little red wagon fixed. But in the meantime, oil and energy futures are taking it on the chin. Oil, West Texas Intermediate is down 2 and a half points. $80.70. Brenton Norsese down 2 and a third. Natural gas down a full point. Gasoline down almost a point and a half to $2.47 a gallon. Shiny metal rocks are having a bad day. Gold having a bad day. 2.15 percent to the downside. $2,403.50.
Silver is over 3 points to the downside. Platinum is down 1.17%. Copper is down just under a point, and palladium is down 2.71%. Agricultural futures, gold and all its brethren are down today having actually a really bad day. In fact, gold down 2.15 percent to $2,403.50 Silver is down almost 3 full points. Platinum is down 1 a quarter. Copper is down just over 1%. Palladium is down 2.77%. Ag is mostly in the red today, led by chocolate, 4.5% to the downside. Biggest winner is lumber, 1.8 to the upside. Live cattle is up a quarter of a point. Lean hogs up 3 quarters of a point. Feeder cattle down a quarter. Legacy financial guys are having a bad day as well. Dow is down over a point.
S and P is down, oh, 3 quarters of a point. Nasdaq down almost a full point, and the S and P Mini is down 0.76%. Clark Moody's dashboard showing a price of Bitcoin at $66,460. That is $1,310,000,000,000 of market cap, and you can get 27.8 ounces of shiny metal rocks with your 1 Bitcoin of which there are 19,727,600 and 11 point 4 of and fees are relatively low on average 0.08 BTC in fees on a per block basis how many blocks are there? Let's go to mempool. 145 blocks carrying 191,000 transactions clearing at high priorities of 9 satoshis per vbyte. Low priority gonna get you in at 7, and anything, under 1 satoshi per vbyte is going to be purged from mempools around the world.
Hash rate looks to be hanging at 55 no. I'm sorry. 553 point 5 exahashes per second. A little low, but I'm unconcerned because that's a lot of security. Now from Bitcoin and Nutzapped, That was episode 925. I've got a couple of booths here that I need to read and as soon as those things load back up because I had to refresh, I will get them to you. Letter 6173 with 5,001 sat says, god is amazing and should be considered for a more fulfilling life. I agree. PIES, 1,000. Thank you, sir. No. Thank you. God's death with 537. Thank you sir no thank you pies with a 100 sat says this is the way what way pies what way What what way to what? For me to go clubbing some baby seals?
4 Boost on Nutzapped. I brought you Pablo. I brought you I brought you the whole thought of philosophy of the fact that we are now our money and we cannot be separated from it. We're not chained to a wallet. A wallet isn't chained to our identity. There are no cables or pipes or anything between us and a wallet. No. Pablo gave us nutsaps yesterday and that means that our private public key is a wallet. It's the money. It's not even a wallet. It's the actual freaking money on relays. Remember we said notes and other stuff on relays? Well, we never thought that the other stuff might actually include money. And I get 4? 4?
4? I am clubbing some baby seals this weekend. That's the weather report. Welcome to part 2 of the news that you can use lightning. Pub and shock wallet, a nostr based accounting system for Lightning. Lightning. Pub is a Nostr native account system designed to make running Lightning infrastructure for your family and customers easier than previously thought possible. Shock Wallet is the first wallet to use Nostr based accounts for Lightning Network connections. I can't keep up with this shit anymore, guys. Lightning. Pub is a Nostr based Lightning node system for sharing access and connecting from apps.
Pub is for the first time, a turnkey solution for node runners to share their nodes with friends, families, customers and power apps over Nostr. Pub provides Lightning with a third layer that enables Node Runners and Uncle Jims to more easily bring their personal network into Bitcoin's permissionless economy. In doing so, pub runners can keep the Lightning Network decentralized with custodial scaling that is free of fiat rails, large banks and other forms of high time preference shit coinery, states the project's repository. Quote, Shock Wallet is the reference wallet client that you can use to manage your node and invite guests.
Users can also add multiple accounts from LNURLServices or other pubs. Shock Wallet features node multi sourcing. Hold on. I'm going to do that again. Shock wallet features node multi sourcing and is pushing the boundaries of automation. It allows users to connect to multiple accounts including legacy lnurl ones to manage their balances through a single interface. As an Austrenative Wallet, Shock Wallet also provides multi device sync abilities via NIP 78 enabling, for example, a shared wallet state between a desktop and phone. For God's sakes. Wallet and pub uses nostr.
Let's do it again. Because I'm kinda freaking out. That's why I'm stumbling around my words as I'm reading this I'm reading this cold. I haven't read through this entire thing and it's kind of freaking me out a little bit. Wallet and Pub users. Nope. Users. God. Wallet and Pub uses Nostr to speak a protocol of kind 21,000, which are methods defined in a proto file that is used to auto generate Nostra RPC clients for both the wallet and pub server. Pub is a TypeScript project that we use the iconic framework with React for creating a cross platform interface in Shock Wallet.
We're working towards distribution on Umbrel and Start9 like appliances and integrating product sales hooks. We will then solidify a client library for static payment codes over Nostr and Nostr native Lightning addresses using NIP 0 5 handles, said the developer. You can support the project here. Where is that? Geyser. Fun/project/lightningpub. Okay. So if you didn't get that I'm going to explain it in a different way. And I'm not even going to explain what they're doing. I'm going to explain what this represents. And this is it's not just this. When I look at what I just read and I look at what Pablo did yesterday, I go back to something that I've been talking about for a very long time and that is the fusion of 2 genetically distinct and very different networks.
And I'm going to use mycelium like fungus, you know, that grows in the soil. I talk about it all the time and how important it is for the health of plants and whole forests. But generally speaking, I know that a mycelium or that an organism that has basically the same genetics can breed with each other. We call those species. Humans can breed with other humans and have human babies. That's a species. Humans, well, like I'm not gonna get into bestiality. So human or, dogs and cats cannot breed. They are distinct different species, and the reason they can't breed a I mean, let let's just call it, physiological differences like in anatomy, sizing, and all that stuff. But even if you could, the genetics don't work. The genetics of a dog don't fuse with the genetics of cat when, you know, sperm meets egg.
Like it does in in like, you know, 2 individuals from the same type of species. I've always wondered if I had a huge network of mycelium in the soil that does all the wonderful things that I've talked about and I have another completely different genetically different species that is just as big of a network that does all of its wonderful things but in a slightly different way what happens when those two networks fuse? Because one of the things that's a hallmark about many different kinds, especially of soil bacteria like mycorrhizae, is that whole nuclei containing all of the genetic information of those of the fungus is free to flow throughout the entirety of the network.
Generally speaking, in higher order organisms like us, and we are our cells are eukaryotic. Right? We've got a nucleus and inside that nucleus is where the, you know, where all the DNA is and then we've got machinery outside the nucleus and those compartments are kept separate, unlike a bacterial cell where everything is all just kind of mixed up. So, we are higher order organisms and fungus is no different. But my question the minute that I saw that in many different species of fungus that the that the, nucleus is free to move from cell to cell, and which is not the case in mammals and not the case in trees and grass and plants and shrubs and shit like that but in fungus the whole nucleus containing all of the information, and that's a lot of information, is free to move. And not only is it free to move, they do.
The nucleus or the nuclei in these organisms are it's like a highway. It's like looking at a freeway or an interstate system at the organismal level. Now what happens when 2 different or genetically different networks meet and fuse because I know networks of the same genetics confuse but I don't know if we really do know whether or not 2 networks of completely different genetics confuse because if they did now that information is passing through not the first network but also through the fusion pipes and into the second network So, that's what's going on here.
The Doster is an organism that does not have an allergic reaction or any type of immune response at all to the Bitcoin ecosystem Bitcoin has been infiltrating the nostril ecosystem and nostril is starting to infiltrate the Bitcoin ecosystem and I'm talking about at the technical level not the social layer I'm not worried that I'm not even worried about that. Just at the the fundamental technical level, we've got 2 organisms that look on the surface like they're genetically different. My contention is that they're not. That the people that have designed both systems have designed it coming out of a single type of thought pattern That thought pattern being censorship resistance.
Bitcoin is censorship resistant money. Nasr censorship resistant information from individuals. And when those two networks meet, and they are meeting I'm not saying when, as in if it's a possibility this shit is already happening. I just read you that. That's proof right there. This whole Lightning Pub and Shock Wallet thing is going to be very important. Nutzaps that was released by Pablo is already very important. Bitcoin clearly important. Lightning Network clearly important and now we've got not 1, not 2, not 3, not 1, not 2, not 3, but 4 networks that are that are colliding together and they're going to start figuring out that they can share information natively It won't be that hard to get to to tweak that a little bit by the developers on all in all 4 of these projects. But then we got the 5th project, which is that whole Project Alexandria.
So now it's game on is what I'm saying. It's game on. And if you're not watching or if you're one of the people that say lightning will never work, e cash will never work, but you're still a Bitcoiner or Nostra will never work, you're missing the whole point. It is starting to encompass everything. It's like it's like walking into your basement and seeing just a little bit of mold and go oh god Probably need to do something about that. And then you get high and wander off like tally in South South Park and forget all about that shit. And then you come back a week later and it's fucking everywhere. It's everywhere. And now you've got no hope. No hope to get rid of it. You can't even fumigate it with chlorine gas and have a hope in hell of getting rid of all the mold that's in your basement because it grew at an exponential rate. And when these networks meet, and they are meeting, the the exponential explosion becomes like it's almost like a geometric expansion raised to the exponential power.
It becomes stupid real fast. And if you're not watching how this is moving you're going to be left behind. I feel like I'm hanging on by my fingernails and I look at this stuff every day. I can't imagine somebody who goes for, like, you know, is is an actual Bitcoiner and goes for a week and doesn't understand what the hell happened that week. I don't know how you come back from that but maybe Bitcoin search.xyz will help you because it's a search engine for Bitcoin tech. Bitcoin search is a search engine for exploring the depths of Bitcoin's technical ecosystem.
Want to find that one specific technical Bitcoin nugget? Well, you're in luck. There's only one place that allows you to search the depths of Bitcoin's technical ecosystem and retrieve the highest signal info about Bitcoin Tech. Introducing Bitcoin Search Version 2 announced Bitcoin Dev Project Bitcoin Search is built to get you highly relevant search results For your most specific Bitcoin tech needs, when you want to dive into the depths of technical Bitcoin knowledge, give Bitcoin search a try. The scope is laser focused. Bitcoin tech.
Users can suggest sources deeper in the product. This bolsters our repo of Bitcoin tech sources we build pathways to scrape the data, which grows our library of Bitcoin Tech Literature and Resources added the project. Key Features Elastic Search Integration Directly interfaces with Elasticsearch, leveraging the dataset curated and indexed by the scraper. This integration facilitates robust, full text search capabilities supporting complex queries, filters, and sorting options. URL driven search state. This bandages the search state through URL parameters using Next. Js's router, enabling shareable search URLs and intuitive user navigation. And finally, proxy server for security.
It implements a server side proxy layer for Elasticsearch queries, abstracting away direct access to the Elasticsearch cluster and enriching queries and necessary filters and parameters. Alright. So this is I'm going to file Bitcoin search along over there with project Alexandria right and I'm going to not say anything more about that if you understand if you know, you know. But I will say this. When I was doing a lot of, 3 d modeling, And this goes for like just Photoshop work, too. Some of the hardest things that I had to do in either one of those camps was simply making a selection of an object or pieces of an object that I either needed to delete or or or define in a different way. But it was the selection process that was really tedious.
And if you like, I would spend I I've done it. I've spent an entire hour selecting just the vertices like hundreds of vertices of a singular model and then accidentally hit a keyboard and wipe away my entire selection process? Because selecting things that are different from the other things in your view is actually quite difficult, even for a human. So a search engine is sort of an automated process of doing that with information. And that's why these things are so important. That's why Project Alexandria is going to be critical. It's not just a search engine by the way, but it will what they're doing will enable search engines to crawl it in ways that we have yet to even understand and make selections for us and bring us the relevant information in a sea of information.
And this is this Bitcoin search looks like it's part of that entire ecosystem as well. Going to remind you remind you that nutsack version 0.1 was released. It is a wallet that lives inside Nostr. Okay. Not going to get into this too much until well, actually actually I am. I'm sorry. I lied to you just now. I am going to get into this but I just want to give a small refresher. It's very very small on this whole nutsack thing. Nutzaps are opt in And if you don't opt in to nutzaps, a NIP 60/61 client that zaps you would just do a LNNIP 57 payment.
It would just be paying from e cash, but you would receive it on your lightning network wallet, said Pablo. And the key features again are unified balances across your apps, pocket change that follows you around new users are immediately zappable on Nostr verifiable nutzaps, fasterzaps, and zaps that can't go missing. So I talked about this, on yesterday's, I was on, the meme factory yesterday and I threw a note up there this morning. They they released the episode on YouTube. So I've got put out that link, and I will I think I've got that link somewhere in the, setup for the show notes today. Actually, let me look.
Do I have that? Yes. I do have that. It will be the the link to that particular show is already in the show notes as we speak. But I was talking about the releasing the friction of of new users to Nostr. Like, we'll entice people and say and I was talking about this last night in the meme factory. We'll entice people and say, come on over to Nostr and and and see how easy it is to monetize your content and get zaps and and have money running just right underneath your your quote, unquote social media even though I believe Nostra is social media at all. It's a different beast altogether. But, hey, we gotta start somewhere with newbies. Okay. So newbie comes in and says, okay. I believe you. And goes to a client, goes to coracle.social and spins up a public private key pair. Okay. Already there's there's gonna be some friction there.
This isn't exactly something that I mean, just because it's easy for us doesn't mean that it's easy for them even though it's just a one click process because they're processing what the hell is a private key? What the hell is a public key? Why are there 2 fucking keys? What do I need to keep both keys? Automatically, the friction is in their brain. They're trying to process information and that's a friction. And then after all that said and done and we get them feeling good again, then we tell them this. Okay. Now go set up a lightning network wallet. Wait. What?
Yeah. You gotta go set up if you want the money that I was telling you about, you you gotta do this extra step. Oh, that's not cool. Okay. So then they go and do that, and then automatically their brain is processing what the hell they're looking at. It may be easy to go sign to go get mutiny wallet or or whatever. Whatever, you know, Bitcoin slash Lightning Network wallet you can get your hands on. It they're not that hard, but I'm looking at it from, you know, almost 10 years of experience. So, it's not easy for a newbie. Even if it's just a couple of push buttons, they still have to process what they're looking at.
So, the friction isn't necessarily in the user interface. The friction is getting them to look at what they're looking at and try to understand it at a some kind of first principles fundamental layer. That's hard. And then and then we've got to get that lightning network's wallet or that lightning address lightning wallet address that they just set up and tell them to go back to Nasr, into the client in Coracle, and put it into their bio in, like, you know, NIP name the number and they're like, what the hell is this? That's a lot of friction. What Pablo did was take most of that friction away.
At this point, all I really have to do is get somebody to spin up public private key pair, crunch the numbers in their head as to what they're looking at, and boom, they're zappable. And they can zap other people. They don't need a lightning network wallet. Is it new and fresh? Yes. Does that mean that there's going to be problems? Absolutely. Pablo's going to have to fit Pablo just bought himself an entire year of no sleep. That's what Pablo did. And maybe I'm I'm coming to find out that maybe it's the case that Pablo doesn't need sleep. I don't know. Maybe he's a vampire. Maybe he's just a freaking insomniac, But I guarantee you, he's going to have to start fixing stuff as it breaks.
That's just the way of the developer. But he lifted that friction point and that was a 2 pronged friction point because a you got to get the wallet and then you got to go back to Nasr and put the wallet address somewhere in your bio that says something confusing like your nippo 5 or your nippo 7 or whatever the hell it is. And every single time you do this to a newbie, they're less likely to to give a shit. But if you can just get them to get on Noster, Pablo took care of the rest of it. And I want now what I want to do is just simply say that when Pablo says that this is a NIP sixtysixty one thing, I want to tell you what those are.
And this is from his Github Nostra or Nostra protocol, and from his pull request. He says, and this is from a pull request on nutzaps, but it says: This PR introduces 2 independent but highly related NIPS or Noster Improvement Proposals. I think is what that is. I know definitely Noster Improvement, but I don't know if it's protocol or proposal. I can't remember. But that's how we build stuff into Nostr. Like a new feature, there's a NIP. Sort of like a BIP in Bitcoin. So, either NIP can be implemented separately and has independent benefits.
The NIP 60 is the cashew wallets. Store cashew proofs in relays, so that the wallet balance can follow you around Nostr and can be easily spent from any client. Just like you load a client and you follow your follow list is there, so can your pocket money. Okay. So that's what this NIP sixty part of this protocol of this specification does. And this is the specification for the whole nut zap thing. Now, nip61 is the nutzaps themselves. It is a scheme to send nutzaps. These are p 2 p k locked cashew transfers that are not encrypted, but require a signature from a private key to be redeemed.
Anyone can see the payload, but only the holder of the private key can spend them. Later on I'll add dleq proofs I don't know what that is to the nutzaps to make it possible to validate the validity of the proofs without talking to the mints. And the mints are like you have to have like a mint, on the back end to make a bunch of this work. And it looks like he wants to take that little nugget out, too. Nutzaps have no zapper pub key, where a third party has to sign off on a zap that occurred. NIP 60, the previous Cashew wallet specification money, can be used to send NIP 57 zaps by instructing the Mint to pay the recipients BOLT 11 or NIP61 nutzaps. And here are the important considerations: Because e cash is such a contentious topic here's a TLDR you must opt in to receive NIP61 nutzaps.
If you don't signal with a bunch of mints that you want to receive nutzaps on them, people will not be able to nutzap you. And then 2, nut zaps can provide a way around the issues that Huddl invoices, e g zaps to Zeus users, Cause with cause with force closures, a Zeus user could use a NutZap as a temporary hold while they are offline and the moment they come online, sweep everything into their Zeus wallet. So, that's the the definition of the specifications between the NIP on the NIP 60 and the NIP 60 1 in both of them. You kinda need for this whole nut zaps thing to to actually work.
But it's the NIP 60 that causes the philosophy of what we're talking about when it comes to my identity being connected to a wallet to to flip. Now I am the wallet. I'm I mean it's like it is so shortened the the the distance between me and my wallet as to put my wallet actually inside my body is is another way to look at it. And that is a complete paradigm shift. It's not That's like 12 words in your head walking over the border with $50,000,000,000 and not a another penny to your name. Right? That that's what this is. Now, you're no one's gonna put $50,000,000,000 into nutzaps, at least not today. And if you want to, then you're insane. It's experimental.
It is dangerous. Please understand when I started using it the the first thing I did was put in like a 100, 100 or no. I put in 10 and then I put in like, I don't know, another 420. So that I could do the artwork, the album art for the show yesterday. I'm not going to put in like 10,000. I'm not going to put in a 100,000. I'm going to keep it low. I'm going to be responsible. I'm not going to be reckless. Hashtag reckless. And I recommend that you do the same. Let's let's shake that let's shake this crap out. Let's see what falls off as we get up to 60 miles an hour before we do anything else. Now, finally, Zach has well, he's done something.
Trust minimized insect bunker with frost keys. And he says in this note, and I'm not gonna play the video to it, but, here's a demo of my new InsectBunker implementation. Insect Bunker, also Pablo, was a way to keep your private keys somewhere else. Sort of like I use git albi, InsectBunker is the same thing and it can sign into all these Nostr clients for you. Alright. So, here's a demo of my new InsectBunker implementation with frost signatures. This works by creating a 2 of 2 frost signature scheme which means means this means that unless both a malicious client and Bunker conspired to rug you at the same time, you are safe.
So this is a key scheme to be able to sign into all these clients that gives you yet another layer of sign in safety, good feels when it comes to, am I really safe doing this? And this looks to me like what it's doing is saying you need 2 signatures, Right? Not 2 private keys. You you spin up one private key, but that private key is used to make up some other things. And that's where you get this 2 of 2 signature. So that they work in concert, like the Insect Bunker works in concert with another type of client with these frost signatures to say are both are are you good with are both of y'all good that this is the dude And if that is if that is in fact the case, then those two signatures are, like, those two keys are turned and you've logged into, I don't know, like primal or coracle.social or something like that. Whatever the, you know, many hundreds of clients that you can use Insect Bunker with. Again, probably experimental, probably not, you know, ready for prime time, but the amount of development that's going on in Noster right now reminds me of the amount of develop development that we used to see in Bitcoin and people go, yeah, dude, no, but development in Bitcoin.
I think that we need to understand that to take a census on where are we at in Bitcoin security wise? Do we need more features? Because just out in Nostra by itself, there's a lot of stuff that people were bitching about wanting to be able to do at the Bitcoin protocol level that has ultimately gone over to Noster and works just fine over there. It doesn't mean that it has the security of Bitcoin, but again if you're running around with like some kind of, you know, nutzap wallet with a $100,000,000 in it, you deserve to lose all your money because that's stupid. So, do we need that much more protocol based development on on Bitcoin protocol itself. And I'm not calling for straight up ossification, although it is in the back of my mind.
But I am saying I think we probably need to to say at one point or another, how much more development can you do? You know, it's like people seem to need to be excited about the Bitcoin protocol development. Aren't we aren't we far enough along that we can start doing some other things without going, look, it's stagnant. Nobody's doing shit over there. Do we really need that? And that's only a question you can answer. And you have to only be able to answer it for yourself. You can't answer it for anybody. But if I'm answering that question for myself, I'm saying I think they can slow down. I and I I don't think that is not it's not that they can slow down or that I'm giving them permission to slow down.
If they start saying we need to have the type of development that we used to have 5 years ago then they are going to be making mistakes. There's only so good that you can get something. And if you're just developing for development's sake you're going to screw up the very thing that actually worked that you developed first. That's probably not a good idea. So, again, going back to the question is it okay that development on Bitcoin appears to have slowed down? My answer to that for me is I am unaffected by it. I'm totally okay with it. I'm not worried about that. It doesn't make sense for me to worry about that because I'm watching all of this stuff go on on nuts apps and noster and lightning dot pub and all this stuff that I just gave you today.
That's I mean, just the information that I gave you today is enough to set your mind afire for a month, of which this will be the last show that I do for here at home base in Eastern Washington. Okay. So that said, I am planning on taking my mobile recording, podcasting rig with me. That does not mean that it's going to work the way that I think it's going to work. Right? So bear with me because I'm going to be gone for at least until I think I'm going to say the 7th August. Now, I'm going to very much try. In fact, I'm going to force myself to figure out how to get shows to you while I'm up there, because I've always wanted to do that. And now I have the means to do that.
The only thing that will stop me is things like upload speed from the house the house Wi Fi and other other particular items like temperature of the day because the place that I'm planning on doing it may get too hot. And if I'm not do if I'm not out there by 5 in the morning, it may not be doable. So we'll just have to see, and I'm asking you, my friends, my listeners to bear with me over the next, you know, little over 2 weeks. But I will be back at home base in August 7th And no matter what happens with the show while I'm up there in Colorado or down there in Colorado nowadays, I will be back. So I will see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Approaching Episode 1000: Reflections and Plans
Security Concerns at Bitcoin 2024 Conference
Market Updates and Financial News
Fusion of Bitcoin and Nostr Networks
Closing Remarks and Future Plans
